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TRANSCRIPT
INVESTOR & ANALYST UPDATE
11th May 2012
1Q12 results and comments
1
DISCLAIMER
The views expressed here contain information derived from publicly available sources that have not been independently verified NoThe views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu Public Company Limited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
2
1. Focus: long term coal market analysis
2. Coal operations
3. Coal marketing
4. Power business
5. Financial summary
Appendices
3
1. Focus: long term coal market analysis
4
Thermal coal demand outlook
Unit: MtSEABORNE THERMAL COAL DEMAND 2011 – 2020 ASSUMPTIONS
Mt
1 300
1,400
1,500
1,600
SE Asia
Others
• Growth driven by China and India
• In Europe, coal stagnates due to competition from gas and
Mt
1,000
1,100
1,200
1,300
+750 Mt(approx.100%)
North Asia
Europe renewable energy except Germany, Turkey and Eastern Europe
• Share of electric generation in
600
700
800
900
India
gdeveloping countries remains high due availability and low cost.
• Long term competition with gas
200
300
400
500
China
Long term competition with gas in developed countries will be strong, especially if carbon costs are included.
• Nuclear generation has been
0
100
2020201920182017201620152014201320122011
Source: Wood Mackenzie (Feb 2012)
• Nuclear generation has been injured, but not mortally, and will recover in time.
5
Source: Wood Mackenzie (Feb 2012)
Future dynamics (focus on Asia)
GOVT DEMAND NUCLEAR GAS FREIGHTECONOMY GOVT.POLICY
DEMAND ELASTICITY
NUCLEAR GAS FREIGHTECONOMY
• Growth from developing countriesEU debt
• China – coal price cap• India - nuclear policy,
coal tax, environmental policy
• Demand-side management and new technologiesJapan Target to
• Japan – closed, approx.90 mtce*or 26%, how much will come
• US – low gas price, availability of domestic coalChina
• Low freight rates now
• Will rise and limit Columbia
ISS
UE
S
• EU debt concern
• Exchange rate• Credit issues
policy• Indonesian – Domestic
Market Obligation (DMO), coal reference price, low rank coal export ban?,
t t ? f i
• Japan – Target to reduce energy consumption by 7% by 2030
• China – Target to d
much will come back?
• Taiwan –capped?
• China and India –di ifi ti
• China –development of shale gas, pipeline from Russia and Myanmar
limit Columbia, USA and some South Africa exports to Asia
export tax?, foreign ownership limit
• Australia – Mineral Resource Rent Tax (MRRT), Carbon tax
reduce energy intensity by 16% and carbon intensity by17% by 2015 vs 2010
diversification and supply security?
• Aftereffect from Fukushima
Myanmar• Gas price in Asia
link to oil price -uncompetitive to coal. Will this delink for LNG?• South Africa – Mining law
and tax policy
• Development time lags • Medium term
incident
• Time lags if recover
delink for LNG?
• Time lags • Short to medium term+ recover term+
++
--
-
++
--
IMPA
CT
+
6
-
Note: * mtce means million ton coal equivalent
Long term thermal demand and supply outlook 2011 – 2015Total Change +230Mt
+40NORTHEAST
ASIACHINA
EUROPE
+112+75
+65 +15
+15REST OF SOUTHEAST ASIA
INDIA
COLOMBIA
+20
+15WORLD+40
+80- 5
INDONESIA
+90+25
SOUTH AFRICA AUSTRALIA
Change in supply (Mt)
Change in demand (Mt)
7Source: Wood Mackenzie, Banpu
(Mt)(Mt)
Long term thermal demand and supply outlook 2011 – 2020Total change +750Mt
+320 +45 NORTHEAST ASIA
+45
CHINA
+65
+30
+30+245
ASIA
SOUTHEAST ASIA+65
REST OF WORLD
EUROPE
- 10
USA
30
INDIA
+290
+265
+20
+6010
INDONESIA
MOZAMBIQUECOLOMBIA
+290+30
AUSTRALIASOUTH AFRICA
Change in supply (Mt)
Change in demand (Mt)
8
(Mt)(Mt)
Source: Wood Mackenzie, Banpu
Considerations for new supply
QUALITY: Downward shift in coal quality. LRC* is forecast to have the fastest production growth and
INFRASTRUCTURE: Require major logistic infrastructure improvement and commitments (esp from growth fastest production growth and
accounts for 50% of Indonesia’s marketable reserves.
INFRASTRUCTURE: Required rail in the longer term (Sumatra, Central Kalimantan)
commitments (esp. from growth markets like China and India)
COST: Cannot out compete Indonesian margins
FREIGHT: Low competitiveness in Asia f t t Kalimantan)
POLICY: Tax, DMO, etc.esp. from east coast
POLICY: EnvironmentCHINA: New replacement production lower CV while costs rising relatively quickly
FREIGHT: Low titi i A i d
INFRASTRUCTURE: Require commitment of
competitiveness in Asia due to substantial freight disadvantage to Australia and Indonesia.
Source: Wood Mackenzie Banpu
Change in supply (Mt)
INFRASTRUCTURE: Require commitment of production and infrastructure expansion (Surat, Galilee)
POLICY: Policy constraints delay timetables* Low Rank Coal (CV less than 4,500 kcal/kg GAR) while Indonesian government defines as coal with CV less than 4,200 kcal/kg GAR)
9
Source: Wood Mackenzie, Banpu
More capacity is required to support growing demandAUSTRALIA (40% of supply growth 2011 – 2020) INDONESIA (35% of supply growth 2011 – 2020)
Mt Mt
200
250
Potential 200
250
Potential
100
150
GunnedahOthers
100
150
Others
Potential
0
50
Surat
SydneyGalilee
0
50
BaritoE. KaliMahakamSumatra
Identified supplyRequired supply growth
Source: Wood Mackenzie, Banpu
Identified supplyRequired supply growth
Source: Wood Mackenzie, Banpu
• Require additional supply for medium and long term need • Limited large scale project in pipeline• Rely on Sydney basin in the short term and Surat in the
longer term• Surat and Galilee require new infrastructure• Environmental sensitivities and challenges
• More than half of identified supply is LRC• Environmental and policy constraints• Off-Spec coal (low CV or high sulphur) becomes attractive
10
• Off-Spec coal (high ash) becomes attractive
Seaborne thermal coal cost curve2012 CV ADJUSTED COST CURVE (6,322 GAR) LONG TERM COST CURVE?
US200 2020
2020DEMAND
CV ADJUSTED COST CURVES (6,322 GAR)
$/t FOB Vessel$/t FOB Vessel
70
80
90
IndonesiaS.Africa Australia
RussiaChina
US
1502012~$6/t
30
40
50
60
Vietnam
Colombia100 ???
~$5/t
0
10
20
3050
0 200 400 600 800
CUMULATIVE SUPPLY (Mt)Source: Wood Mackenzie, Banpu
Hi h t i i ti / l lit / d l ti fI d i ti t b titi i A i
CUMULATIVE SUPPLY (Mt)
0 100 200 300 400 500 600 700 800 9001,000 1,500
Source: Wood Mackenzie, Banpu
• Higher stripping ratio / lower quality / depleting reserves for current capacity
• Lower quality / higher-cost production for future capacity
• Some existing and new producers prefer higher impurity, to
• Indonesia continues to be competitive in Asian
• Australia less competitive due to stronger A$
• Columbia / US to Asia depends on low freight rate
11
g p p g p ylower delivered costs
Prices must rise to support cost of new capacity
• All new projects are
ILLUSTRATIVE INCENTIVE PRICES FOR NEW COAL PROJECTS ($/t)INCENTIVE COAL PRICES FOR NEW COAL PROJECTS COMMENTS
CV ADJUSTED FOB CASH COST2012$/t • All new projects are yesterday’s “undesirable projects” due to:
• Poorer quality120
130
140
Max
CV ADJUSTED FOB CASH COST2012$/t
Poorer quality
• Costly and difficult logistics
M h ll i li80
90
100
110Avg.*
CAPITAL FOR RAIL,
PORT?CAPITAL
FOR LOGISTICS?
QUALITY, FREIGHT
DIFFERENTIAL?
CAPITAL
• More challenging policy issues
• Prices will have to be high enough to incentivize
50
60
70
80Min
enough to incentivize development of these projects
10
20
30
40
* Capacity weighted averageSo rce Wood Macken ie AWR Llo d anal sis
0US
APPALACHIASURATUS ILLINOISINDONESIA
LRCGALILEE
12
Source: Wood Mackenzie, AWR Lloyd analysis
Trend of coal quality – lower energy
ESTIMATED PORTION OF INDONESIAN LOW RANK COAL COMMENTS
SUPPLY
LRC* Potential LRC*
2012 2020SUPPLY
• New capacity is likely to be of lower CV
• Esp. in Indonesia – flat output
15% 25%LRC
26%for high/mid CV and significant portion of new capacity could be LRC
• More blending of mid CV with LRC to impro e attracti eness
85%
LRC to improve attractiveness of LRC
BUYER85%
49%• Need to be flexible and can be
more flexible
• Blending for cost and quality
Hi h CV t ti ht300Mt 570 Mt
REQUIRED CAPACITY
S W d M k i B
• High CV segment tighter requiring adjustments to purchase policy / coal handling
* Low Rank Coal (CV less than 4,500 kcal/kg GAR) while Indonesian government defines as coal with CV less than 4,200 kcal/kg GAR)
13
Source: Wood Mackenzie, Banpu
Banpu position – preferred high energy
PORTFOLIO OF HIGH CV ASSETSCV adb (kcal/kg)
COMMENTS
INDONESIA
6,500
7,000
AustraliaIndonesia
INDONESIA
• Established low cost logistics
• Higher grade products
L h
6,000
• Low ash
• Moderate to high sulphur, but blendable
5 000
5,500AUSTRALIA
• Typical New South Wales product
4,500
5,000• Low sulphur
• Very high Ash Fusion Temperature, makes high ash blendable
4,0000.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2
Sulphur (adb)
Bubble size represents reserves size (equity basis)
Value upside for higher sulphur / higher ash products due unique package of higher CV
14
Well positioned for different scenarios
Demand may or may not be there
… but Banpu is well positioned for
Banpu position –preferred high may not be there… well-positioned for
different scenariospreferred high
energy
• Higher energy coal portfolio
• Competitive
CLOSE TO FORECAST Exceptionally well-positioned
• Competitive margins
• Any negative quality features are
NOT TO SUCH EXTENT Still attractive
+ 750Mt(Approx. 100%
increase)
blendable
• Integrated logistics in place REALLY WRONG • Few new developments
2011 – 2020 DEMAND GROWTH
FORECAST*p
• Other supply (US / Russia) to fall off the cost curve before Banpu
* Wood Mackenzie (as of Feb 2012) Banpu neither challenges nor endorses this forecast
15
challenges nor endorses this forecast.
2. Coal operations
16
2. Coal divisions2. Coal operations
(a) Australia Coal
(b) Indonesia Coal
(c) China Coal
(d) Mongolia Coal
17
Australia Coal: operational and financial summary2012 OUTPUT TARGETS (EQUITY BASIS) KEY UPDATES: Q1 2012
● Production: equity ROM output of 3.9 Mt, 9% up YoY
Charbon Newstan Extension
NewcastleIngle-nook
q y p , p
● 1Q12 ASP : A$78/t (up from A$77/t in 4Q11), Australian GAAP basis
S l i d ti 59% t 41% ( f 39% i
Ivanhoe
Airly
Neubecks Angus Place Mandalong
Mannering Myuna
Awaba
PWCS
NCIG ● Sales mix: domestic 59%, export 41% (up from 39% in 4Q11)
North
Clarence
SpringvaleNORTHERN OPERATIONS:
8.4 Mt FINANCIAL SUMMARY: Q1 2012
Sales revenue A$273m 0% YoY
EBITDA A$78 14%Sydney
Open-cut mine
WESTERN OPERATIONS: 7.6 Mt
EBITDA A$78m ▼ 14%
NPAT A$39m ▼ 30%
CAPEX A$86m ▲ 62%
Wollongong
PKCT
ProjectUnderground mine
Port
Power station
RoadRail
Gearing: ND / Equity(Net debt to book value of equity) 0.32x
18
Rail
Note: NCIG = Newcastle Coal Infrastructure Group; PWCS = Port Waratah Coal Services; PKCT = Port Kembla Coal Terminal
Australia Coal: Northern Operations quarterly outputOTHER OPERATIONSMANDALONG NEWSTAN EXTENSION
COAL OUTPUT (Mt)* COAL OUTPUT (Mt)*COAL OUTPUT (Mt)*
CV: 6,700 kcal/kg** CV: 6,700 kcal/kg**CV: 6,700 kcal/kg**
1.2 1.41.8
1.21.8
0.50.7 0.7 0.9 0.8 0.5 0.7
Under construction
● Record quarter of 1.82 Mt ROM at LW MOVE SCHEDULE
2 3
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
LW MOVE SCHEDULE
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
Mandalong
● Newstan Extension approved
● Mannering and Myuna impacted by
wks wks
6 wks
Mth 1
Mth 2
Mth 3
Mth 1
Mth 2
Mth 3equipment delays and mining conditions in the quarter
● Awaba ceased production
1 wk
Mth 3
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
Mth 3
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
19Note: *Output figures are ROM output (equity basis)
**CV figures are air-dried basis
Australia Coal: Western Operations quarterly outputOTHER OPERATIONSANGUS PLACE SPRINGVALE
COAL OUTPUT (Mt)* COAL OUTPUT (Mt)* COAL OUTPUT (Mt)*
CV: 6,700 kcal/kg** CV: 6,700 kcal/kg** CV: 6,700 kcal/kg**
0.3 0.5 0.5 0.2 0.10.50.5 0.4 0.2 0.5 0.5 0.5 0.8 0.7 1.0 0.9 0.9 1.0
● Angus Place produced 0.5 Mt ROM LW MOVE SCHEDULE
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
LW MOVE SCHEDULE
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
(equity) in accordance with expectations
● Springvale recommenced production in mid-March after lengthy regulatory delay
Mth 1
Mth 2
Mth 3
6 wks
10 wks
Mth 1
Mth 2
Mth 3
7 wks
4 regulatory delay
● PKCT strike action reduced export capability, partly offset by flexibility provided by own train fleet taking coal to Newcastle
Mth 3
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
Mth 3
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
wks
20Note: *Output figures are ROM output (equity basis)
**CV figures are air-dried basis
coal to Newcastle
Australia Coal: key development projects
DEVELOPMENTS ORGANIC GROWTH LOGISTICS PORTS
Banpu Board Approval for development of Newstan Extension obtained
All locomotives and wagons now delivered - reducing distribution costs and enabling greater control of export
NCIG Stage 2AA will be completed 3 months ahead of schedule and budget -providing additional port
CAPEX TIMELINES (INDICATIVE ONLY)
g ea e co o o e pologistics
p o d g add o a pocapacity to boost export sales
PROJECT NAME PROGRESSTotal CAPEX
2012 – 15 only (c A$m)
2012 2013 2014 2015(c.A$m)
Western infrastructure Feasibility Study 55
Newstan extension and C t tiNewstan extension and Northern washeryupgrade
Construction stage 480
Angus Place extension Pre-Feasibility Study 90
21
Study2016
2. Coal divisions2. Coal operations
(a) Australia Coal
(b) Indonesia Coal
(c) China Coal
(d) Mongolia Coal
22
Indonesia Coal: operational and financial summary
KITADINTANDUNG MAYANG
2012 OUTPUT TARGETS (100% BASIS) KEY UPDATES: Q1 2012
● Production: Bharinto commenced operation since early May 12
East Kalimantan
INDOMINCO 15.0 Mt Bontang Coal Terminal
TANDUNG MAYANG2.7 Mt
- Bharinto commenced operation since early May 12
- 1Q12 output was lower than planned due to rainfalls, but Trubaindo drew on additional stocks from ROM stockyard.
- ITM production 1Q12 : 5.7mt, up 5% YoY
Bunyut Port
KITADIN
TRUBAINDO 7.0 Mt Samarinda
Captive coal-fired power
project
● ASP: 1Q12 : $101.1/t up from $87.3/t (1Q11), down from $103.1/t (4Q11)
BalikpapanCentral Kalimantan
KITADIN-EMBALUT 0.7 MtBHARINTO
0.7 MtFINANCIAL SUMMARY: Q1 2012
Sales revenue $575m ▲ 23% YoYPalangkaraya
Banjarmasin
South Kalimantan EBITDA $184m ▲ 40%
NPAT $125m ▲ 32%
JORONG 1.0 MtJorong Port
OperationProject
OperationProject
POWER
COAL
CAPEX $18m ▲ 6%
Gearing: ND / Equity(Net debt to book value of equity) -0.64x from
– 0.49x
23
Project
Indonesia Coal: quarterly outputTRUBAINDO - BHARINTO OTHER OPERATIONSINDOMINCO - BONTANG
COAL OUTPUT (Mt)*
CV: 6050 - 6500 kcal/kg**
COAL OUTPUT (Mt)*
CV: 6250 - 7200 kcal/kg**
COAL OUTPUT (Mt)*
CV: 5750 kcal/kg**
TDM
YC
K
TO
KIT
AD
IN
2 1 2 0
0.4
0.6
0.6
3.13.4
4.24.5
3.6
4.4
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
0.3 0.3 0.3 0.4 0.3 0.3
CV: 5300 kcal/kg**
BLO
CK
WB
LO
BA
IND
OB
HA
RIN
T
RO
NG
1 8 1 7 2.1 2.1 2 0
1.3 1.7
2.1 2.0
1.4
1.7 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
1 7 1 8 2.1 1 8 1 8
0.11.9
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
E B
TRU
B
JOR
STRIP RATIOS (b /t) STRIP RATIOS (b /t) STRIP RATIOS (b /t)
1.8 1.7 2.1 2.11.6 2.0
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
0.3 0.4 0.4 0.3 0.3 0.31.5 1.7 1.8 2.1 1.8 1.8
STRIP RATIOS (bcm/t) STRIP RATIOS (bcm/t) STRIP RATIOS (bcm/t)
13.1 13.315.8
12.5
WB
LOC
K
11.58.9 8.7
11.2
KIT
AD
IN
12.011.4
14.0 15.1
10.9 10.910.1 10.9
E B
LOC
K
TRU
BA
IND
O
8.68.6 8.6 8.6JOR
ON
G
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
10.011.9 14.1 12.4
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
13.4 13.6
8.6 8.6
12.511.6
24Note: *Output figures are 100% basis
**CV figures are air-dried basis
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e
Indonesia Coal: key development projects
IPCC Systems* Bontang Port ExpansionEast Block Wash Plant
PIT
SPREADER STOCKPILE
DEVELOPMENTS
100 m
50 m
BENCHES
BACKHOEEXCAVATOR
TRUCK
IN-PITCRUSHER
IN-PITCONVEYORS 100 m
50 m
On process of importing the crusher and conveyer unit and expected to be completed by end of the year
Conducted an external study to expand existing port capacity and mine-stock capacity at Bontang
Prepared a pre-feasibility study for washing plant in the East Block area
y p y g
CAPEX TIMELINES (INDICATIVE ONLY) PROJECT NAME PROGRESS
Total CAPEX 2012 – 15 only
(c.US$m)2012 2013 2014 2015
(c.US$m)
Bharinto Production stage 100
IMM - East block IPCC System
FeasibilityStudy 185System Study
BoCT expansion to 30 Mtpa
FeasibilityStudy 40
Bunyut port expansion FeasibilityStudy 20
25Note: IPCC System = In Pit Coal Crusher and Conveyor System
Study
2. Coal divisions2. Coal operations
(a) Australia Coal
(b) Indonesia Coal
(c) China Coal
(d) Mongolia Coal
26
China Coal: operational and financial summaryCHINA COAL 2012 PRODUCTION TARGETS* OPERATIONAL UPDATES
GAOHE
● Six of eight required inspections passed at Gaohe in 1Q.
● Remaining inspections: Verification of Water and Soil Conservation and Safety Facility Acceptance. BEIJING
Gaohe(45%),Shanxi
● Final acceptance inspection expected within Q2, then apply for Production and Safety Licenses.
● Gaohe has finished the preliminary design of railway spur Hebi
(40%),
3.8 Mt
about 8 km and worked on land acquisition.
● Gaohe began to build another 6 raw coal silos (Phase 2), capacity of 10,000 tonnes each.2012 COAL OUTPUT (Mt ROM)
( ),Henan1.2 Mt
OperationProjectOperationProject
POWERCOAL
HEBI
● Hebi conducting 10 exploration drill holes in a new mining
Pre-production stage
0.61.0
0.90.5
0.30.2
0.30.50.4 0.4 0.4 0.5
area, to check geology and coal quality.
GaoheCV: 6500-8000 Kcal/kg**
HebiCV: 5300-6800 Kcal/kg**
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
27Note: *Output figures are ROM output (equity basis)
**CV figures are air-dried basis
2. Coal divisions2. Coal operations
(a) Australia Coal
(b) Indonesia Coal
(c) China Coal
(d) Mongolia Coal
28
Mongolia Coal: project developmentTSANT UUL PROJECT UPDATES
● Exploration area: 69,000 Ha
MONGOLIA COAL
● Location: South Gobi (approximately 200 km from Gants Mod border checkpoint)
● Resources (JORC as of August 2011) for Tsant Uul only Measured 40.9 MtIndicated 52.9 MtInferred 73.3 MtTotal 167.1 Mt
● Coal type: Thermal coal, CV 6,000 - 6,500 kcal/kg**
CAPEX TIMELINE
yp , , , g● Status: Mining license granted until 2041
2012 COAL OUTPUT TARGET* : c. 1 Mt.
PROJECTNAME PROGRESS
CAPEX 2012 – 15 only
(US$m)2012 2013 2014 2015
Tsant Uul Productionstage
2000.0Mt
0.3Mt 0.3Mt 0.4Mt
stage
Altai Nuurs Exploration and early stage dev.
200Tsant UulCV: 6,000 - 6,500 kcal/kg **
1Q12 2Q12 3Q12 4Q12
(INDICATIVE ONLY)
29
Note: * Output figures are ROM output (100% basis)
** CV figures are NAR basis, from latest samples
*** Capex for mine development and necessary infrastructure, with own equipment
Banpu group indicative five-year plan output targets*
INDONESIA COAL (ITM): SALEABLE COAL 100% BASIS AUSTRALIA COAL (CENTENNIAL): ROM EQUITY BASIS35 35
Bharinto
15
20
25
30
15
20
25
30Bharinto Jorong
Embalut
Trubaindo Others - WestSpringvale (50%)
Tandung Mayan
0
5
10
15
2011 2012 2013 2014 20150
5
10
15
2011 2012 2013 2014 2015
Indominco
Springvale (50%)Angus Place (50%)Others - NorthNewstan Ext (100%)
Mandalong (100%)
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
35
CHINA COAL: ROM EQUITY BASIS MONGOLIA COAL (HUNNU): ROM 100% BASIS
35
15
20
25
30
15
20
25
30
0
5
10
2011 2012 2013 2014 20150
5
10
2011 2012 2013 2014 2015
Gaohe (45%)Hebi (40%)
*Disclaimer: These output targets are indicative only and are subject to change.30
2. Coal divisions3. Coal marketing
(a) Coal market
(b) Banpu coal sales
31
1Q 2012 Update - seaborne thermal coal market drivers
WEATHER CHINESE DEMAND OTHER DRIVERS
• Downward trend in sentiment.
• Uncertainty impacting forecasts due to European debt concerns, Middle
• Indonesia wet season was normal. Stocks starting to build as rains lessen.
• GDP growth declining but still relatively good at 8.2%*
pEast/N. Africa unrest, and exchange rate trends.
• Rate/timing of Chinese import increase – a question?
• Chinese winter was normal followed by water shortages.
• Coal production increased beyond demand increase, but again levels vary by region.
• Can U.S.A. continue to sell below cost?
• Gas prices reverse to coal’s disadvantage, while short term USA
• Australian storms/floods damage has been limited.
• Imports in 1Q, double 1Q 2011, but 75% of 4Q 2011.
g ,diverts coal to export.
• 2012 world growth forecast 2.2%* (Prev. 2.0%**) ; Asian growth forecast 6.5%* (Prev. 6.0%**)
• Policy uncertainty affecting confidence.
( )
* Banpu Macroeconomic Assumptions as of April 2012** Country Forecast February 2012 from The Economist Intelligence Unit Limited 2012 32
Banpu average selling prices in 3Q10Banpu Indonesia ASPs vs thermal coal benchmark prices
BANPU ASP VS BENCHMARK PRICES COMMENTS
Unit: $/t
ASP held up well in 1Q 2012.
Some pressure from weaker market prices and product mix may cap ASP160
180
200
Monthly BJIQuarterly Banpu Indonesia ASP
prices and product mix, may cap ASP improvement 2Q-4Q 2012.
Banpu remains protected by relatively hi h ‘ ld ith i ’ t t ( 62%)
100
120
140
high ‘sold with price’ status (+62%)
Also protected by hedge status (+7%), and Centennial’s domestic contract 40
60
80
stability and linkage of sales usually to JPU.
0
20
ar-0
7un
-07
ep-0
7ec
-07
ar-0
8un
-08
ep-0
8ec
-08
ar-0
9un
-09
ep-0
9ec
-09
ar-1
0un
-10
ep-1
0ec
-10
ar-1
1un
-11
ep-1
1ec
-11
ar-1
2
ASP 1Q12 $100.51 (-2% QoQ))
BJI* May 3, 2012 $101.00
Ma
Ju Se
De Ma
Ju Se
De Ma
Ju Se
De Ma
Ju Se
De Ma
Ju Se
De Ma
3333* Barlow Jonker Index: benchmark NSW FOB thermal coal index
China thermal coal market reviewChina thermal coal market review
Unit: RMB
CHINA DOMESTIC COAL PRICES CHINA THERMAL COAL IMPORTS/EXPORTS ANNUALIZED ACTUAL IMPORT 2011 & 1Q12 ESTIMATE
Unit: Mt Unit: Mt
1,000
128
143
116103
> 5,800 kcal/kg
> 5,500 kcal/kg
> 5,000 kcal/kg ?
800
900
,
78565
73
93103
N t
Net importc.135
840 +6 from
prev. est.??
600
700
6558
18 14
Net import96 Mt
Mt ?685 ?
400
500
1Q11 2Q11 3Q11 4Q11 1Q12 Act.
14 7 5
2009 2010 2011 2012
Import ExportImport Export
Source: www.sxcoal.com/cn 7 May 2012 Sources: China Coal Report April 2012, Banpu MS&L Estimates
3434
2. Coal divisions3. Coal marketing
(a) Coal market
(b) Banpu coal sales
35
Banpu group coal sales outlook analysis: 2012e
COAL SALES* BREAKDOWN BY DESTINATION 2012e (Mt) BANPU GROUP TOTAL GLOBAL COAL SALES* 2012e
2 2 21%4%1% 6% AustraliaThailand
PhilippinesHong Kong
Others
S KOREA2 6 Mt
CHINA8 8 Mt
ITALY1.6 Mt
2.2
1.8
4.4
5.9 1.5
1.1 21%
5%
4%4%
4%Italy
Thailand
India
JAPAN6.2 Mt
INDIA OTHERSHK
0.6 Mt
2.6 Mt8.8 Mt
TAIWAN4.1 Mt
1.8
2.02.30.42.3
20%7%
6%
5%
China
S Korea
PHILIPPINES1.6 Mt
INDONESIA3 0 Mt
THAILAND2.0 Mt
INDIA2.3 Mt
OTHERS2.7 Mt
14%9%
7%
Taiwan
Indonesia
Australia CoalChina Coal
Indonesia Coal Total: 44.8Mt* (Sales from Indonesia are included on 100% basis,
sales from Australia and China are included on equity basis )
3.0 Mt
AUSTRALIA8.9Mt
Japan
36
* Excluding Mongolia coal
Indicative 2012 Banpu coal sales pricing status
AUSTRALIA COAL INDONESIA COAL
Fixed
Unpriced
Unsold
4% 10%14%
6%Unpriced
Unsold
Indexed62%
24%57%19%
4%Indexed FixedDomestic
Fixed Export
TARGET SALES 2012 (equity basis): c.16 MtAs of 9 May 2012
TARGET SALES 2012: c. 27 MtAs of 3 May 2012As of 9 May 2012
All Unpriced traditionally linked to JPU
As of 3 May 2012
Mostly insulated from market weakness (including hedged tonnes 70% of sales)
Can still be relatively selective in Unsold sales, due to lower volume
hedged tonnes, 70% of sales)
37
* Contracted tonnage
4. Power business
38
Thailand Power: BLCP in 1Q12 (100% basis)Bt. million
Q-Q: 40%Y-Y: -10%
Q-Q: 21%Y-Y: 2%
Q-Q: 127%
Y-Y: -8%
2,2151,420
1,988
4,5853,868
4,672
594548
Q-Q: 10%Y-Y: 12%
1Q11 4Q11 1Q12
Availability Payment (AP)
Q-Q: 22%Y-Y: -26%
1Q11 4Q11 1Q12Total revenue
615
122 FX gain
Y Y: 12%
2,154 2,206 2,420
Y Y: 26%
1,539
9301,137
241
426308
95% 90% 97%
1Q11 4Q11 1Q12Energy Payment (EP)
Q-Q: 14%Y Y 19%
1Q11 4Q11 1Q12
EBIT-67 FX
(loss)-21
Y-Y: -19%
2,044
1,455 1,659 Based on Banpu’s 50% interest
1Q11 4Q11 1Q12
Equity income
1Q11 4Q11 1Q12
Dispatch (%)1Q11 4Q11 1Q12
EBITDA 39
Thailand Power: Hongsa project in LaosHONGSA PROJECT PROJECT PROGRESS UPDATES 1Q12
● Project progress at end 1Q was 14%.j p g
● Main road from Thai border to the project site has been constructed and ready for transporting the main equipments. q p
● Foundation work of power plant was completed and will continue on installation of main structure.
● All resettlement houses, schools, temples, and other infrastructure will be completed by end 2Q2012.
● COD of first unit will be on June 2015.
CAPEX TIMELINE
PROJECTNAME
PROGRESS CAPEX ($m)
CAPEX TIMELINE
2011 2012 2013 2014 2015
HongsaPower
14% 343*2016
40
Note: *Banpu’s equity injection
China Power: BIC* in 1Q12 (100% basis)
Sales**
(USD m)
EBITDA
(USD m)
Utilization
(hours)
Power tariff
(RMB/kwh)
Coal price***
(RMB/t)BIC* 1Q11 4Q11 1Q12
LuannanHebei Province
Power 100MW;
Steam 128tph
Higher sales both power and peak seasonal heat sold h l d i d
0.430.44 0.44
671 6536752,033
1,654 1,75814.412.6
14.5
2 5 1 72.6
Steam 128tph
(Banpu 100% )helped improved EBITDA
ZhengdingHi h l b th
2,069 1 98113 5
2.5 1.7
Hebei Province
Power 48MW;
Steam 180tph
(Banpu 100%)
Higher sales both power and peak seasonal heat sold helped improved EBITDA
1,8531,981
0.38 0.39 0.40
12.7 13.213.5
3.6 3.33.9
667821680
( p )
ZoupingShandong Province High coal price but
19.6
26.522.8
1,8871 532 885
927939
Power 100MW;
Steam 430tph
(Banpu 70%)
High coal price but lower steam demand from steam customer reduced EBITDA in Q1 2.5
4.0 3.7
1,6211,532
0.36
8850.42 0.43
Note: *BIC = Banpu Investment China (formerly BPIC), **Unaudited figures, *** Including transportation41
5. Financial summary
42
Key external and corporate events
Italy debt crisis? Downgrade 9 Greece passes austerity plan China’sT
EVEN
TS
Thai flood crisis
Greece referendum
yeuro zone
nations
Ban Iranian oil?
BoT cuts interest rate
to 3%
austerity plan China s disappointing Q1 GDP growth
European elections sent shockwave
IND
IRE
CT
EXTE
RN
AL
Indonesia exportEC
T
Mahakam Bridge collapse
Indonesia foreign
ownership limit
Aust Senate passes MRRT
Indonesia export tax on minerals
Request for contract review
DIR
EEV
ENTS
27 Oct18 Jan 11 May
4Q11 May 12Apr 121Q12
OR
POR
ATE
10 NovBanpu 3Q11 results
27 OctUS$225M
private placement
Completion of
Announcement of special Bt 3 dividend to be paid on 10 Feb
28 Dec
• Banpu 2011 results• 2H11 Bt 9 dividend
to be paid on 30 Apr• R&R upgrades
24 Feb
Banpu AGM 2012
Banpu 1Q12 results
5 Apr
43
CO Completion of
Hunnuacquisition
Approved Annual Dividend 21 Baht/share (incl. special dividend 3 Baht/share)
Approved Bond issue
20,000 Mil Baht
Banpu group revenue analysis: coal operationsIndonesia Coal (ITM) Australia Coal (Centennial)
SALES (Mt) SALES (Mt)
China Coal
SALES (Mt)DomesticExport
Equity basis Equity basis100% basis DomesticExport
DomesticExport
2.1 2.3 2.7 2.1 2.1
3.7 3.7 4.1 3.4 3.5
1Q11 2Q11 3Q11 4Q11 1Q12
0.3 0.4 0.4 0.4 0.5
1Q11 2Q11 3Q11 4Q11 1Q12
5.3 4.7 6.1 6.5 5.2
5.5 5.26.9 7.1
5.8
1Q11 2Q11 3Q11 4Q11 1Q12
AVERAGE SELLING PRICE (US$/t) AVERAGE SELLING PRICE (A$/t)**
NE
X*
1Q11 2Q11 3Q11 4Q11 1Q12
AVERAGE SELLING PRICE (US$/t) excl. VAT
1Q11 2Q11 3Q11 4Q11 1Q121Q11 2Q11 3Q11 4Q11 1Q12
125118 122
110 110 NE
X* 125
118 122110 110 N
EX
* 125118 122
110 110NA
SP 87 97 98 103 101
1Q11 2Q11 3Q11 4Q11 1Q12
AS
P75 73 70 77 78
1Q11 2Q11 3Q11 4Q11 1Q12
N
AS
P
90 91 96 92107
1Q11 2Q11 3Q11 4Q11 1Q12
N
REVENUE ($M) REVENUE (A$M)
468 502678 733
578
REVENUE ($M)100% basis Equity basis 100% basis
Note: ITM revenue is consolidated in Banpu income Note: Centennial’s revenue is consolidated in Banpu
468 502
1Q11 2Q11 3Q11 4Q11 1Q12
279 266 287 261 273
1Q11 2Q11 3Q11 4Q11 1Q12
Note: Hebi and Gaohe revenues are not consolidated in
72 77 92 81 123
1Q11 2Q11 3Q11 4Q11 1Q12
44
o e e e ue s co so da ed a pu co estatement.
o e Ce e a s e e ue s co so da ed a puincome statement.
Note: ‘$’ in this presentation denotes US dollar only, otherwise stated *NEX = Newcastle Export Index (formerly Barlow Jonker Index or BJI)
It is relevant but not linked to China Coal’s ASP**Australian GAAP
o e eb a d Gao e e e ues a e o co so da edBanpu income statement.
Banpu consolidated sales revenues
Bt. millionUSD
1,046 m USD 913 m
1,489 +17% Y –Y Power
Bt 32,653 M Bt 28,310 M USD
791 m
7,858
8,3521,427
1,573 Power+6% Q – Q+10% Y - YBt 24,178 M
Coal Australia
*Australian GAAP (AUD Million)
261 273
10* Gain
from18
-13% Q – Q
8,145
C l I d i
+6% Q- Q+3% Y - Y
10 from forward
251255
14,606
23,306
18,385
Coal Indonesia
-21% Q – Q+26% Y - YPower
Coal Australia
4Q11 1Q12
1Q11 4Q11 1Q12
Coal Indonesia
45
1Q11 4Q11 1Q12
Note: USD exchange rate is the average exchange rate of the corresponding period, Revenue from other is included in Coal.* Under Thai GAAP, this is not included in the revenue.
Banpu consolidated coal gross margin 1Q12 : 44%
AUSTRALIA COAL INDONESIA COAL
Indonesia CoalIndonesia Coal gross margin: 49%
23,170
A t li i 37%
Bt million
A t li i 33%
Thai GAAP Australian GAAPAUD million
18,268
14,562 Australia gross margin: 37%Australia gross margin: 33%
8 352 279 27326152%
8,145 8,3527,858 279 273261
49%
47%
1Q11 4Q11 1Q12
33%38%38%
1Q11 4Q11 1Q12
37%40%41%
1Q11 4Q11 1Q12
46Note: AUD exchange rate – Bt31.92/A$ (as of 30 March 2012)
Coal sales Gross margin
Banpu consolidated EBITDA and NPATUnit: Bt. million
EBITDA NET PROFIT AFTER TAX
9,163 8,439
+14% Y – Y
6,308 Exceptional gain from divestment
2,231
183
4776,299
7,174 Power +161% Q-Q-16% Y-YCoal Australia
-15% Q – Q
3,528
2,78528
187 2,145
1,671570
Coal - Australia -25% Q-Q-22% Y-Y
-21% Q - Q70% Y Y
Coal - China
2,98528 1871,176
1,050
828
334 306
2,785
Coal - Australia -21% Q-Q-30% Y-Y
3,556
6,489
4,839
28 Coal - Indonesia -25% Q-Q+36% Y-Y
Coal - China
-70% Y - Y
Power
1,317 1,464
-464-43
1Q11 4Q11 1Q12
Coal - Indonesia -51% Q-Q+11% Y-Y(464)
1Q11 4Q11 1Q12
Coal - China
47
Q Q Q
Power Coal - Australia Coal - China Coal - Indonesia
Banpu gearing and foreign exchange structure
DEBT FX STRUCTURE GEARING RATIOS
1 06Net debt / Equity1 (x)
0.140.36
0.16
1.06
0.74 0.69
Net debt / Equity1 (x)
THB Float
THB Fixed16% 2007 2008 2009 2010 2011 1Q12
51%42% 41%
Net market gearing2 (%)
USD Float51%AUD
Fixed5%
THB Float10%
12%26%
14%
42% 41%
USD Fixed16%
AUD Float2%
5%2007 2008 2009 2010 2011 1Q12
3.35
2 06
Net debt / EBITDA (x)
0.500.86
0.38
2.06
2007 2008 2009 2010 2011 1Q12
TOTAL DEBT: $3 BillionAs of 9 May 2012
1Q12
48Note: 1 Net debt to book value of shareholders' equity
2 Net debt to enterprise value (enterprise value = net debt + market capitalization as at 30 March 2012)
2007 2008 2009 2010 2011 1Q121Q12
Appendices
49
Indonesia Coal gross margin 1Q12 : 49%
23,170
18,268
14,562
12,893
49%
52%8,700 8,661
6 4006,688
47%49%
45% 46% 53%53%
52%
4,614
6,400
53%53%
52%519855 576 47%
53%53%
52%7291,130 1,250
56% 46%
1,604 1,380 74% 65%
1Q11 4Q11 1Q121Q11 4Q11 1Q12Indonesia CoalIndominco
1Q11 4Q11 1Q12
53%
Trubaindo1Q11 4Q11 1Q12
53%
Jorong
30% 47% 36%
1Q11 4Q11 1Q12
53%45% 56%
Kitadin4Q11 1Q12TandungM
50Coal sales Gross margin
Mayang
Banpu group EBITDA breakdown
& holding companies
Unit: $M
2Q11 3Q11 4Q11 1Q12
231 318 267 233
Power & New energy65%
AACI OVERHEAD
-5 -7 -2 -5
100%
69 86 82 78165 233 235 191
-1 -2Began consolidated in 4Q11
Unit: AUD Mil
50%
45%
Gaohe
BLCP
Indominco
2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
2Q11 3Q11 4Q11 1Q12102 151 126 9311 25
-750
Began consolidated in 4Q11
72 66 15 54
2Q11 3Q11 4Q11 1Q12
All figures are 100% basis except for Centennial which is
40%
40%
Hebi
HONGSA
Trubaindo
2Q11 3Q11 4Q11 1Q12
2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
51 61 65 66 7 5 -17 -7
-2 -4 -4 -1
equity basis
BIC*4Q11Kitadin
2Q11 3Q11 4Q11 1Q12
2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
9 16 44 356 4 5 9
70%
Zouping
2 2 3 3
Zhengding
1 1 2 3
Luannan
1 1 3 4
Jorong
Q 3Q Q Q2Q11 3Q11 4Q11 1Q12
4 4 4 3
51Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC) Consolidated NOT consolidated
2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
Banpu group net debt breakdown
& holding
2,045 2,051 2,403 2,412
Unit: $M
companies
2Q11 3Q11 4Q11 1Q12
AUSTRALIA COAL INDONESIA COAL CHINA COAL MONGOLIA COAL
Gaohe Hebi
100% 65% 45% 40% 100%
2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
316 380 324 424 -394 -579 -612 -771235 254 269 265
-24 -38 -29 -9 -3 -9Unit: AUD Mil
THAILAND POWER LAOS POWER CHINA POWER
HONGSABLCP BIC*
50% 40% 100%
Consolidated
NOT consolidated
Net debt
Net cash2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12 2Q11 3Q11 4Q11 1Q12
738 680 700 501 385 460 538 609 -1 -3
21
-6
52Note: all ownership 100% unless otherwise shown.*BIC = Banpu Investment China (formerly BPIC)
Net cash
Banpu consolidated : Operating profit
Units: Bt. million 1Q12 QoQ% YoY%
28,310 -13% 17%Total sales revenues*
4Q11
32,653
1Q11
24,178
Sales revenues – Power (BIC) 1,573Cost of sales (16,314)
Sales revenues – Coal 26,623 -14% 17%6% 10%1,489
(17,580)
31,0341,427
(14,069)
22,716
Gross profit* 11,996 -20% 19%Gross profit - Coal 11,689 -22% 18%Gross profit – Power (BIC) 277 203% 23%
15,07314,998
91
10,1109,870
225
GPM 42%Gross profit Power (BIC)
GPM P (BIC) 18%GPM - Coal 44%
203% 23%46%
91
%48%
42%5
%43%
GPM – Power (BIC) 18% 6% 16%
Note: * Including other business 53
Banpu consolidated : Operating profit
Units: Bt. million
Gross profit 11,996 -20% 19%GPM 42%
1Q12 QoQ% YoY%
15,07346%
4Q11
10,11042%
1Q11
GPM 42%SG&A (3,421)Royalty (2,753)Income from associates 567
46%(4,550)(3,438)
(207)
42%(3,359)(2,305)
503Other income 272
EBIT 5,764 -14% 19%
567
Other expenses - Operations (898)394
6,717
(207)
(554)160
4,854
503
(254)5,764 14% 19%
EBITDA 7,174 -15% 14%
EBIT - Coal 5,400 -19% 23%EBIT - Power 364 435% -24%
6,717
8,439
6,64968
4,854
6,299
4,377477
EBITDA 7,174 15% 14%EBITDA - Coal 6,697 -19% 17%EBITDA - Power 477 161% -16%
8,4398,256
183
6,2995,729
570
54
Banpu consolidated : Net profit
Units: Bt. million
EBITInterest expenses (824)
YoY%1Q12 QoQ%
5,764 -14% 19%(817)
4Q11
6,717(698)
1Q11
4,854Interest expenses (824)Financial expenses (88)Income tax (core business) (1,724)Minorities (1 193)
(817)(117)
(1,897)(1 691)
(698)(71)
(1,247)(810)Minorities (1,193)
Net profit before extra items 1,934Non-recurring items* 282
-5%-12%(1,691)2,194
347
(810)2,0278,058
Net profit before FX 2,216 -73%FX translations 569
-13%2,540988
8,1441,019
(1,941)Income tax (non- core business)
a s a o s 569Net profit 2,785 -70%EPS (Bt/share) 10.25
-21%988
3,52812.98
1,0199,16333.72
Note: * Income from non-core assets and other non-operating expenses
55
Centennial : Income Statement
Units: Bt million (THAI GAAP) 1Q12 QoQ%1Q11 YoY%4Q11
Cost of sales (5,593) (5,079)
3,496 3%Sales revenue
Sales volume (k tonnes)
8,352 6%3,7038,145
-6%3%
(4,869)
3,3957,858
Gross profit 2,759 -8%3,066GPM 33% 38%SG&A (1,439) 5%(1,285)
-10%
12%
2,98938%
(1,376)Royalty (577)SG&A (1,439) 5%
5% (529)(1,285)
810 -29%EBIT 1 343Other income 67 -13% 91
12%9%
-40%-26%
(550)(1,376)
1 14077
810 29%EBIT 1,343Interest expenses (202)Financial expenses (39)Gain (loss) on exchange rate 113
(186)(27)128
40%1,140(211)(72)83Gain (loss) on exchange rate 113
Corporate income tax -N t fit
128
(138)Gain (loss) on derivative 582 437
83
1381 426
348
56
Net profit 1,264 -11%1,557 -19%1,426
Banpu group coal sales 1Q12
COAL SALES BREAKDOWN BY DESTINATION 1Q12 (Mt) BANPU GROUP TOTAL GLOBAL COAL SALES 1Q12
India
21%4%3%
2%2%2%
Australia
ItalyPhilippines
Hong Kong Others
21%
6%
6%
4%Thailand
IndonesiaS KOREA0 7 Mt
CHINA2.3 Mt
ITALY0.3 Mt
0.5
0 9
1.80.40.3
0.5
24%
7%
6%
S Korea
JAPAN1.4 Mt
INDIA OTHERSHK
0.2 Mt
0.7 Mt
TAIWAN0.9 Mt
0.9
24%
14%
9% China
TaiwanPHILIPPINES0.4 Mt
THAILAND0.6 Mt
INDIA0.1 Mt
OTHERS0.2 Mt
INDONESIA0 6 Mt
Total: 9.8Mt (Sales from Indonesia are included on 100% basis,
sales from Australia and China are included on equity basis )Australia CoalChina Coal
Indonesia Coal
Japan
AUSTRALIA2.1 Mt
0.6 Mt
57
Quarterly equity ROM output
3.9
4.8
4.1 4.04.5 4.4
4.14 04.55.0
Total equity ROM (Mt)ACTUAL PLANNED (INDICATIVE ONLY)
2.4 1.2
2.5
2.3 2.22.5 2.1
2.03.2
2.02.53.03.54.0
NO
RTH
ER
N
1.52.0 2.3
1.8 1.8 2.0 2.3 2.1
0.00.51.01.5
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
WE
STE
RN
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Normal production Bolt-up/commissioning LW relocation
58Note: Bar width is indicative of the equity production contributions to Centennial