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Investor PresentationPGAS Business UpdatesMandiri Investment Forum 2020February 6, 2020
www.pgn.co.id
1
2
3
Company OverviewThe Milestones | The Sub-Holding Co | Leadership | Business Portfolio | Business Structure | Gas Infrastructure 6M – 2019 Highlights
9M2019 Operational Performance Distribution | Transmission | Other Downstream | Upstream Lifting
9M2019 Financial Performance Income Statement | Balance Sheet | Cashflow | Financial Ratios | Debt Maturity Profile
Table ofContents
2
About PGAS
4
Operation Highlight & Projection 2020Dec 19 Operation Highlight | Operation Projection | Capex Projection
3
Disclaimer & Cautionary Statement
This document is not, and nothing in it should be construed as, an offer, invitation or recommendation inrespect of the Company’s credit facilities or any of the Company’s securities. Neither this presentation noranything in it shall form the basis of any contract or commitment. This document is not intended to be reliedupon as advice to investors or potential investors and does not take into account the investment objectives,financial situation or needs of any investor.The Company has prepared this document based on information available to it that have not beenindependently verified. No representation or warranty, expressed or implied, is provided in relation to thefairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusionsexpressed herein. The information included in this presentation is preliminary, unaudited and subject torevision upon completion of the Company’s closing and audit process.
This document may include forward-looking statements concerning the Company’s plans, objectives, goals,strategies, future events, future performance, capital expenditures, business trend, and other informationthat is not historical. When used in this document, the words “estimates”, “expects”, “anticipates”, “projects”,“plans”, “intends”, “believes”, “predicts”, “forecasts”, or future or conditional verbs, such as “will”, “should”,“could”, or “may” and variations of such words or similar expressions are intended to identify forward-lookingstatements. All forward-looking statements, including, without limitation, management’s examination ofhistorical operating trends and data are based upon the Company’s expectation and variousassumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements.All forward-looking statements attributable to the Company or persons acting on its behalf apply only as ofthe date of this document. The Company undertakes no obligation to update or revise forward-lookingstatements to reflect events or circumstances that arise after the date made or to reflect the occurrence ofunanticipated events.
December 2019 Operational UpdatesVolumes Jan – Nov 2019 Jan – Dec 2019 Δ YoY % FY 2019 Targets
Distribution* (BBTUD)
987 988 2.84 970 – 990
Transmission(MMSCFD)
2,044 2,046 -2.64 2,070 – 2,100
Upstream Lifting(MMBOE)
9.35 10.41** -27.33 10.50 – 11.00
Regasification(BBTUD)
121 120 -3.81 125 – 130
LPG Processing(TPD)
722 716 -9.05 740-770
Oil Transportation(Barrel)
3,401,539 3,746,265 0.89 4,361,069
* Incl. Processed Gas Volume of 39 BBTUD** Lifting Vol. based on estimation
PGN and Pertagas recorded distribution volume of 837BBTUD and 143 BBTUD, respectively, in Dec. vs. 911 and160 BBTUD, respectively, in the prior month (or declined by8.12% for PGN and 10.62% for Pertagas, respectively, MoM).These declined were mainly contributed from lower gasconsumption from power and industrial customers as a resultof pipeline maintenance works that delivered gas to TanjungPriok power plant in Dec. as well as Christmas and NewYear’s holidays.
Lower transportation volumes declined MoM by 0.26% to2,059 MMSCFD in Dec. mainly due to lower Pertagas’volumes MoM from 1,299 MMSCFD in Nov. to 1,293MMSCFD in Dec.
O&G lifting in Dec. stood at 1.05 MMBOE or higher by50.29% compared to the prior month mainly driven by higheroil lifting volume in Dec. by 189.86% MoM to 8,255 bbl perday mainly driven from Ketapang and Muara Bakau blocks.
Other segments reflect Pertagas business contributions:- Regasification volumes MoM increased by 24.25% to 116
BBTUD in Dec. due to higher gas consumption by PLN.- LPG processing dropped by 3.38% from 673 TPD in Nov.
to 651 TPD in Dec. due to lowering production both in PertaSamtan Gas and and MKS LPG plant.
- Oil transportation from Pertamina EP oil field in CentralRamba, South Sumatra, to Plaju refinery unit in SouthSumatra recorded higher oil volumes 12.79% MoM to344,726 BOEPD.
44%
48%
52%
FY2019 CAPEX Dec-19***
56%
USD 200 - 250 Million ~USD 219Million -3%
Upstream
Downstream, Midstream & Supporting
Upstream
*** Based on Estimation
YTD capex spending as of December 2019reached US$218 million, US$121 million ofwhich was spent on upstream activitiesand the remaining was spent ondownstream midstream and supportingbusinesses.
Development of Infrastructures:• Distribution Pipeline in Java and Sumatra• Completion of Gas Transmission pipeline• Oil Transportation pipeline
Distribution expansion in key markets:• Greater Medan Area • Dumai-Riau• Java (Centra Java, East Java, & West Java)
Business Projections 2020*Refocusing Core Business
5
Financial Indicator Operating Metrics
949
FY19 FY20 Target
950-
980
Dist
ribut
ion
(BBT
UD)
**
+3%
1,36
9-1,
377
1,36
9
FY19 FY20 Target
Tran
smiss
ion
(MM
SCFD
)***
+1%
120
FY19 FY20 Target
120-
126
Rega
sific
atio
n (B
BTU
D)
+5%
64
Proc
esse
d G
as (T
hous
and
Ton
)***
*
65 -
67
FY19 FY20 Target
+5%
3.74
FY19 FY20 Target
3.50
-3.6
5
Oil
Tran
spor
t (M
MBO
E)
-2%
10.4
10.5
-11.
0FY19 FY20
Target
Ups
trea
m Li
ftin
g (M
MBO
E)
+6%
** Excl. Processed Gas *** Excl. TGI & KJG
Macro Impacts Key Assumptions
CAPEX PLAN ($US Million) Projects/Programs Years
Upstream ~200 Developing Pangkah, Muara Bakauand Ketapang
2020-2021
Midstream ~80 LNG Infrastructures• LNG Carrier/Vessel• LNG Trucking• Revitalised Arun Tank
2020-2021
Downstream ~360 • Java & Sumatra Distribution• Customer Attachment• Gressik – Semarang
Transmission• Rokan Oil Pipeline
2020-2021
Supporting ~35 2020
Notes: * May be reviewed in anticipation of implementing new industrial gas pricing
• Exchange Rate USD/IDR : 14,400 • Inflations : 3.1% • Oil Price (ICP): USD 63/barrel • Industries Growth 2% - 3%• Stable Power Consumption
• Weakening US Dollar against Rupiah • Lower electricity & industries consumption• Tightening Government Policy
FY 2020E
FY2019
Business Focus
37%
62%
1%
Power (PLN/IPP/PPU)Industries/CommercialsCity Gas
Sales Volume Target (Based on Customer Segment)
42%58%
1%
29%
56%
5%
Dec. 2019
32%3%
10%
11%
55%
FY20 Target
219
500-700
UpstreamMidstreamDownstreamSupporting
CAPEX($US Million)
Actual Dec. ‘19 capex yet to be determined
**** Excl. Perta Samtan
www.pgn.co.id
Company OverviewThe Milestones | The Sub-Holding Co |Leadership | Business Portfolio | Business Structure | Gas Infrastructure | 6M – 2019 Highlights
About PGASPT Perusahaan Gas Negara Tbk (PGAS:IJ) the leading natural gas distribution and transportation player in Indonesia. PGAS continues to strengthen its position in themarket by gradually transforming into an integrated energy solution company, encouraging the use of natural gas.PGAS is engaged in upstream oil and gas, midstream and downstream fields across the Indonesian peninsula. PGAS owns and operates natural gas pipelines in excess of morethan 10,000km in total length, covering c. 96% of the national natural gas pipeline network. PGAS’ upstream portfolio consist of 11 oil and gas blocks across the country, and 1shale gas in Houston, US. PGAS has 2 FSRU’s (Lampung & West Java) and land based regasification facility in Arun. PGAS, through its downstream entities, serves more than2,000 industrial and commercial customers.PGAS become subsidiary of PT Pertamina (Persero) since 11 March 2018 as part of Government of Indonesia’s Oil & Gas Holding initiatives. With the acquisition of 51% stakein PT Pertamina Gas (and its subsidiaries) on 28 December 2018, PGAS has officially been the Gas Sub-holding Company.
The Milestones
789 789 797 733
802 802 803 772
960 971
2,10
1
20172014
2,03
6
20162015 9M-20192018
1,591 1,591 1,600 1,505
3,061 3,007
951 807 725
3,253
1,115
20172014 2016
2,935
2015
3,0693,571
1,085
3,870
1,201
2018
2,812
9M-2019
4,7373,472
3,278
2,814
2,875
2014
3,023
2015
3,664
3,170
2016
3,873
4,310
2017
3,202
2018
4,044
9M-2019
Tota
l Lia
bilit
ies
Tota
l Equ
ity
Distribution (BBTUD)Transmission (MMSCFD )
Revenue & EBITDA(USD Million)
Capitalization(USD Million)
1998
2003
2007
2009
2017
2018
• Completion of Grissik –Duri transmission pipeline
• Establishment of PT Transportasi Gas Indonesia (TGI) in 2002
• Completion of Grissik-Batam-Singapore transmission pipeline
• Batam Distribution Network in 2004
• Listed Company (“PGAS”)
• Completion of SSWJ transmission pipeline
• Establishment of PT PGAS Telekomunikasi Nusantara (PGASCOM)
Establishment of O&M subsidiary, PT PGASSolution
Muara Bakau Block started production and meet the target of natural gas lifting of 580 MMscfd to increasedomestic gas supply
Establishment of Oil & Gas Holding
Establishment of a JV between Pertamina and PGN: PT Nusantara Regas
Establishement of upstream subsidiary, PT Saka Energi Indonesia and downstream subsidiary PT Gagas Energi Indonesia
2010
2011
Establishment of PT PGN LNG Indonesia
• Estabalishment of PT Permata Graha Nusantara, a subsidiary in property
• Operation of FSRU Lampung
2012
2014
Completion of Kalija transmission pipeline by KJG
2015
2016
Development of gas distribution pipeline in MusiBanyuasin, Bandar Lampung, DKI Jakarta and Mojokerto.
7
The Sub-Holding Co.
VisionTo be World Leading National Gas Company for a SustainableFuture and National Energy Sovereignty.
MissionConducting gas business in Midstream, Downstream, and Othersupporting businesses that committed to increasing value for allstakeholders through:
1. Providing gas and developing infrastructure to utilize gas asenergy and raw materials to create optimum value for thebenefit of customers and society;
2. Creating added value for shareholders and employees,environmentally sound, has the advantage and prioritizesafety;
3. Carry out the principles of professional, responsible andsustainable management of the Company;
4. Organizing other businesses to support gas utilization andsustainable business management.
56.96%
43.04%Public
1 Serie A
8
Indonesia
Pertamina
PGN
Baa2 (Stable) BBB (Stable) BBB (Stable)
Baa2 (Stable) BBB (Stable) BBB (Stable)
Baa2 (Stable) BBB- (Stable) BBB- (Stable)
Credit Rating FitchS&PMoody’s
Director Infrastructure & Technology
Redy Ferryanto
Director of Human Capital & General Services
Desima Equalita Siahaan
President DirectorGigih Prakoso
Director of Finance Arie Nobelta Kaban
Director of CommerceDilo Seno Widagdo
Director of Strategy & Business Development
Syahrial Mukhtar
LeadershipBoard of Directors Board of Commissioners
Independent Commissioner Christian H. Siboro
Independent Commissioner Paiman Raharjo
Independent Commissioner Kiswodarmawan
President Commissioner Arcandra Tahar
Commissioner Luky Alfirman
CommissionerMas’ud Khamid
• Previously served as Director ofInvestment Planning and RiskManagement of PT Pertamina(Persero)
• A PhD from the University ofKentucky, Lexington, USA
• Master and Ph.D. of OceanEngineering – Texas A&M University
• Serves as President Commissionersince 21 January 2020. Previouslyserved as Vice Minister Energy andMineral Resources of Republic ofIndonesia (2016 –2019)
9
• Holds a Bachelor and Masterdegree from University of GajahMada.
• Previously served as Team LeaderInvestigation in CorruptionEradication Commission (KPK)
• Holds a Master degree inInternational Management fromUniversity of Prasetya Mulya.
• Serves as a Director of Commercesince 30 August, 2019. Previouslyserved as Director of Infrastructure& Technology PT PGN Tbk
• Holds a Bachelor of Managementfrom University of PadjajaranBandung and Master of Marketingat Oklahoma City University, USA.
• Served as HR and General Directorsince May 4, 2017.
• Holds a Master degree in InternationalManagement from University of PelitaHarapan/UPH (Harvard UniversityClass).
• Serves as a Director since August 30,2019. Previously served as the Directorof Operational & Development PTEnergi Management Indonesia
• A Bachelor of Industrial EngineeringITB, Magister of ManagementUniversity of Gajah Mada and Doctor ofManagement Strategic University ofIndonesia
• Previously served as CorporateSecretary PT. Pertamina (Persero)
• A Master of EconomicAdministration from the Universityof Prof. Dr. Moestopo and Doctor ofAdministrative Sciences fromPadjajaran University
• Having no affiliation with membersof the Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A Master of Business Administration &Management from PPM GraduateSchool of Management and ParisSchool of Business.
• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.
• A MA and PhD in Economic, Universityof Colorado
• Having an affiliation with the Republicof Indonesia as the controllingshareholder, in his position as GeneralDirector of Funding & Risk in Ministryof Finance
• A Bachelor in Physics from ITSSurabaya
• Having an affiliation with PTPertamina (Persero) as the controllingshareholder, in his position as Directorof Retail PT Pertamina (Persero).
• Previously served as Director ofConsumer Service PT Telkom(Persero) Tbk
• A Bachelor of Civil Engineering fromITS, Surabaya. Previously served asManaging Director of Adhi Karya(Persero) Tbk
• Having no affiliation with othermembers of the Board of Directors andthe Board of Commissioners, as well asmajority and/or controllingshareholders
Business Portfolio Sub Holding Gas
1010
DOWNSTREAM
0
UPSTREAM
Oil and Gas ProductionNatural gas reserves in Indonesia are larger than oil. Saka Energi Indonesia is subsidiary of PGN that has business activities in the upstream business
MIDSTREAM
Through TGI, KJG and Pertagas, PGN maintain a very high reliability and operational infrastructure security. FSRU converts LNG into high-quality natural gas. PGN has 2 (two) FSRUs namely FSRU lampung and FSRU West Java and also land base regasification facility in Arun through Pertagas
Gas Transport Module (Gas Link) Gas Link is a solution for chanelling natural gas to location that are not connected to a gas pipeline
Commercial Customers MRU is the solution for natural gas filling station for trantation using CNG technology
> > > >
Power PlantsPower plant made from gas fuel is more environment friendly compared to oil fuel or coal
Commercial Customer Efficiency and reliability are important factor in distributing energy to commercial customers. PGN in this case can fulfil these needs
Household CustomerPGN has distributed gas to more that 300,000 household customers in 52 cities/regencies all over Indonesia
Gas Filling Station (SPBG) and Mobile Refueling Unit (MRU) Subsidiary, Gagas Energi Indonesia operates 16 SPBG at 11 cities in Java and Sumatra
Industrial SectorIndonesia’s growth is driven by the growth of its industrial sector. PGN continues trying to encourage fuel usage efficiency by distributing natural gas to various industrial area in Indonesia
Business Structure PGN Group
1111
Gas InfrastructureMarket Development
Reliability : 99.88%
Distribution Pipeline ±5,376 km Transmission Pipeline ±4,818 km LNG Infrastructure 2 FSRUs, 1 Land-based Regas Facility CNG Infrastructure 12 SPBG, 4 MRUs LPG Infrastructure 3 Processing Plants
9M–2019
Highlights
13
971
FY2019 Target
Guideline
970-
990
DISTRIBUTION VOLUME
BBTU
D0%
2,03
6
FY2019 Target
Guideline
2,07
0-2,
100
TRANSMISSION VOLUME
MM
SCFD
-2%
118
125-
130
FY 2019 Target
Guideline
REGASIFICATION
BBTU
D
-6%
731
740-
770
PROCESSED GAS
FY 2019 Target
Guideline
TPD
-1%
4,36
1,06
9
FY 2019 Target
Guideline
2,78
0,95
6
OIL TRANSPORTATION
Barr
el
-36%
MM
BOE
10.5
-11.
0
UPSTREAM LIFTING
FY2019 Target
Guideline
8.1
-23%
FY2019 CAPEX
48%
52%
9M-2019
71%
29%
200 - 250
131
-42%
FINANCIAL INDICATORS(USD Million)
Revenue
EBITDA
Total Asset
Equity
2,812
725
7,322
3,278 UpstreamDownstream, Midstream & Supporting
OPERATING METRICS
www.pgn.co.id
9M2019 Operational PerformanceDistribution | Transmission |Other Downstream | Upstream Lifting
39,72%
13,51%
8,37%
8,34%
6,41%
5,35%
4,00%
3,88%
2,57%
1,53%
1,16%
0,30%
0,25%
0,02%
Power Plant
Chemical
Food
Ceramic
Others
Fabricated Metal
Glass
Paper
Basic Metal
Textile
CNG
Cement
Lifting Oil
Wood
5 Biggest Segment
Industrial Consumtption to Total Sales Volume
502473 469 479
567 560 541
357324 327
286
345 351386
Trend of Industrial Consumption(BBTUD)
Retail (Non-Power) Power
Distribution Volume (BBTUD)
9M–2019 Operational Highlights:Distribution
865 42 42 39
2014 30-Sep-192015 2016 2018
803
2017 30-Sep-18
802 772
960 958 971
+1%
634
585
583
542 61
4
604
136
130
130
133
130
129
89 81 84 90 98 100
119
139
9M-20192014 2015 2016 2017 2018
15
768
724
751
770
777
845
859
2,52
8
2014
2,98
41,
007
2015
3,05
2
20172016
1,17
2
1,22
1
3,18
4
9M-2019
1,20
9
3,27
0
82018
3,27
81,
232
8
Length of Distribution Pipeline (KM)
PertagasRD 3RD 2RD 1
Regional Distribution
Jakarta, Bogor, Bekasi, Karawang, Tangerang, Cilegon,Lampung, Palembang, and Cirebon
: Surabaya, Sidoarjo, Pasuruan, Semarang, Tarakan, and Sorong
: Medan, Batam, Pekanbaru, and Dumai.
:
Distribution Volume (BBTUD)
Industries & Commercials
Small Businesses
Households
MFO
MDF/IDO (Diesel)
Kerosene
RON 88
LPG - 50 kg
LPG - 3 kg
Coal
8.50
2.62
19.74
Natural Gas (PGN’s Avg.)
LPG - 12 kg
HSD (Solar) 25.16
19.14
22.39
23.47
23.32
22.39
9.16
-69%
+163%
+132%
+196%
+163%
+125%
+174%
+176%
USD/IDR : 14,245 As of 30 Sep 2019
367,9651,508
2,468
TOTAL371,941
Number of CustomersPGN’s ASP vs Other Energy
Processed Gas
Other Downstream
9M–2019 Operational Highlights:Transmission
Oil Transportation (BPD) Regasification (BBTUD) Gas Processing (TPD)
10,246 10,187
9M-2018 9M-2019
-1%
122 118
9M-2018 9M-2019
-3%
205171
538546
299M-2018
149M-2019
773731
-5%
Transmission Volume (MMSCFD)
654 641 657
47 51 2625 25 15
1,375
2,101
2014 20182015 2016 30-Sep-182017
797
1,377 1,338
30-Sep-19
2,094
851 789 733
2,036
-3%
Total Length: ± 200 km Off-taker : PLN Finance Lease Revenue
Total Length: ± 1,000 km Off-taker: CPI, Gas Supply Pvt. Ltd., PGN, PLN Profit from JV
Total Length: ± 2,466 km Transmission Revenue
Total Length: ±1,145 km (incl. SSWJ) Off-taker: PLN, BBG Transmission Revenue
TGI
KJGPGN
Pertagas
16
LPG Perta Samtan (Pertagas’ shares 66%)
LPG MKS (60%)
LPG Pondok Tengah
9M–2019 Operational Highlights:Upstream Lifting
Crude Oil (MMBBL)
8,232
40,552
10,113
21,138
8,499
1,0699M-2018
14,918
5,309
8969M-2019
29,622
-27%
Oil
LNGLPG
Gas
0.7
9M-2018 9M-2019
0.8
0.4
0.4
0.8
0.7
2.2
1.5
-35%
5,724
9,367
1,097
2,533
14,716
1,991
9M-2018
2,383
23,621
13,413
1,8911,293
1,382
9M-2019
33,470
1,299
-29%
PangkahMuriah
FaskenSES
Ketapang
Bangkanai
Sanga-Sanga
9M-2018 9M-2019
16,013
13,457
1,979
14,034
-16%
Muara Bakau
Gas (BBTU) LNG (BBTU) LPG (MT)
23,260
9M-2018
1,909
9M-2019
25,169
21,095
-16%
Oil Gas Lifting (BOEPD)
17
www.pgn.co.id
9M2019 Financial PerformanceIncome Statement | Balance Sheet | Cashflow | Financial Ratios
Revenue (USD Million)
30 September 2018
30 September 2019
Total 2,890 2,812
9M–2019 Financial Highlights:Consolidated Income Statement
Gas Distribution
Gas Transmission
Oil Transportation
E & P
Fiber Optic
Gas Processing
Finance Lease
Others
2,182
181
15
292
16
12
81
32
2,103
167
20
442
31
10
98
19
19
972
495
244
903887
407
129
725
EBITDAGross ProfitRevenue Net IncomeCost of Revenue
2,812
Operating Income
2,890
1,9251,917
30 Sep 2018 (As restated)30 Sep 2019 (Unaudited) 84%
10%6%
Others
Distribution & Transmission
Upstream
77%
23%
Distribution, Transmission & Others
Upstream
Revenue Contribution EBITDA Contribution
(USD Million)
9M–2019 Financial Highlights:Consolidated Balance Sheet Consolidated Cashflow
20
Cash Flow(ÙSD Million)
30 Sep 2018(As restated)
30 Sep 2019(Unaudited)
Beginning Balance 1,140 1,315
Cash flow from operating 727 867
Cash flow from investment (81) (879)
Cash flow from financing 32 (345)
Foreign Exchange Impact (42) 5
Ending Balance 1.776 964
Financial Ratios 31 Dec 2018 30 Sep 2019
EBITDA Margin 26% 26%
EBITDA /Interest Expense (x) 6.7 5.7
Debt-to-Equity (x) 1.1 0.8
Net Debt/EBITDA (x) 2.1 2.5
Gross Debt/EBITDA (x) 3.4 3.8Non Current
AssetsTotal
Liabilities
3,278
1,083
Current Assets
Total Assets
2,474
Current Liabilities
5,188
Non Current Liabilities
Total Equity
5,466
2,134
7,939
7,322
1,605
3,133 2,961
4,737
4,044
3,202
31 Dec 2018 (Audited)30 Sep 2019 (Unaudited)
(USD Million)
9M–2019 Debt Profile
Total LoanUSD 2.76 Billion
Weighted Average Interest Rate 4.36%(Excl. Tax)
87%
13% USD JPY
85%
15% FixedFloat
21
2023E
26
821
70
71
2020E2019E
179
19
71
2021E
19
2022E
21
19
44
16
1,975
2024E
328
8
>2025E**
Commercial & Multilateral Loan
Shareholder Loan
Bonds
25
19
2022E
117
2019E
9
31
2020E
5
117117
621
117
2021E
512
2
117
2023E
117
4 52
2024E
35
>2025E**
Debt Maturity Profile*(USD Million)
Interest Payment* (USD Million)
Entities PGN SAKA Pertagas*** PGAS Solution
Lender EIB JBIC IBRD Bank Mandiri Bond Bond SHL Bank Mandiri
Loan Amount (USD)
70,000,000 JPY 49,088,000,000 69,381,312 350,000,000 1,350,000,000 625,000,000 549,106,589 7,055,171(IDR 100,000,000,000)
Outstanding (USD)
4,750,674 346,520,470 31,848,896 150,000,000 246,207,747 7,055,171
Maturity 2020 2043 2026 2020 2024 2024 2028 2020
*) The amount stated above may differ due to loan prepayment and/or withdrawal, currency and rate volatility **) PGN’s Long Term Loan (JBIC, Maturity 2043), Pertagas Shareholder Loan (Maturity 2028)***) Pertagas Shareholder Loan is lended by PT Pertamina (Persero)
(Source: Bloomberg & Moving Average Forecast)
100
101
102
103
104
105
106
13,800
14,200
13,400
13,600
14,600
14,000
14,400
2019E 2020E 2021E 2022E 2024E2023E >2025E
USD-IDR USD-JPY
7.00
5.60
6.60
5.80
6.80
6.006.206.40
1.50
1.55
1.60
1.65
1.70
2024E2019E 2020E 2021E 2022E 2023E >2025E
LIBOR-3M LIBOR-6M JIBOR-6M
Currency Forecast Interest Rate Forecast (%)
Investor Relations:PT Perusahaan Gas Negara TbkMid Tower Manhattan 26th FloorJl. TB Simatupang Kav. 1-S, Jakarta, IndonesiaEmail: [email protected]: +62 21 8064 1111
HEADQUARTERJl. K.H. Zainul Arifin No. 20, Jakarta, Indonesia
www.pgn.co.id