150511 ITM Analyst Presentation 1Q15 final revised · No representation or warranty is made as to...
Transcript of 150511 ITM Analyst Presentation 1Q15 final revised · No representation or warranty is made as to...
2
The views expressed here contain information derived from publicly available sources that have not been independentlyverified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Anyforward looking information in this presentation has been prepared on the basis of a number of assumptions which mayprove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by PT. IndoTambangraya Megah Tbk. Nothing in this release should be construed as either an offer to buy or sell or a solicitation ofan offer to buy or sell shares in any jurisdiction
4
Unit: US$M
Total revenue
Gross profit margin
EBIT
EBITDA
Net income
ASP (US$/t)
Highlights of 1Q15 results
4Q14*
455
21%
43
56
32
$62.6
Q-Q
-6%
+2%
+37%
+32%
+20%
-3%
1Q15
428
23%
59
74
38
$60.5
Y-Y
-15%
-3%
-32%
-28%
-61%
-15%
1Q14*
504
26%
87
102
96
$70.8
Coal Sales: 7.1 MtDown 0.2 Mt
-3% Q-Q
Flat y-y
*) Restated due to PSAK No.24
2013 2014 2015e 2016e 2017e
2015 operational summary
2Q14 3Q14 4Q14 1Q15 2Q15
Unit: Mt
Indominco
Trubaindo
Bharinto
KitadinJorong
INDICATIVE OUTPUT TARGETS*
*Not including inorganic growth.Note: These output targets are indicative only and are subject to change.
2Q14
QUARTERLY OUTPUT
3Q14
7.0
Unit: Mt
Trubaindo
KitadinJorongBharinto
Indominco
31-3229.4 29.1 29.5
4Q14
7.7
1Q15
30-31
2Q15e
7.46.9
East Kalimantan
Bunyut Port
Balikpapan
Palangkaraya
Banjarmasin
Central Kalimantan
South Kalimantan
KITADIN-EMBALUT
1.2 Mt
INDOMINCO 15.0 Mt
TRUBAINDO 7.0 Mt
BHARINTO3.0 Mt
JORONG 1.3 Mt
Samarinda
Jorong Port
Bontang Coal Terminal
2015 Target: 29.5 mt
2015 OUTPUT TARGET
KITADIN-TD.MAYANG
2.0 Mt
7.1
5
2015 cost reduction plan
6
MINING & OPERATION
Lower strip ratio to reduce production cost further
Continue on fuel pooling to get better discount from fuel supplier
Reduce OB distance by 9% as compared to last year
Optimize overhaul parts through re-useable and repairable method
Review design of pre-production drilling by expanding drilling spacing
Further optimization in capex spending
OVERHEADLOGISTICS
Reduce overhead cost at all sites and Jakarta office
Decrease ship loading cycle time
Reserves Updates
7
Unit: MtITM RESERVES AND RESOURCES
2013
Resources1,762
317Reserves
2014
Resources1,617
252Reserves
Note: Updated Coal Resources and Reserves as of 31 Dec 2014 based on estimates prepared by Competent Persons (consider suitably experienced under the JORC Code) on 30 April 2015.
8
Factors affecting coal reserves
RESERVES
RESOURCESEXPLORATION
Identify new resourcesUpgrade inferred resources to measured and indicated
FACTORS IMPACT EXAMPLES
MINING & LOGISTICS
TECHNOLOGY
Ability to mine previously unmineablecoal (technical, economic constraints)– Auger mining– Underground– Overland conveyor system
Improve coal quality and obtain better marginsPotential to blend with 3rd party coal for value addedMaximize coal reserves value
BLENDING
EC
ON
OM
ICS ECONOMIC
ASSUMPTION Change in economic parameters (e.g. coal prices) impact margins and optimal level of reserves
RE
SER
VE
S U
PG
RA
DE
INIT
IAT
IVE
S
9
Highlight of 1Q15
Annual General Meeting of Shareholders conducted on 31 March 2015 declared total final dividend of USD 160,174,400 or 80% of the Company’s 2014 Net Profit after tax, which payment are as follows:
In the amount of USD 103,686,000 or equal to IDR 1,100 per share has been distributed as interim dividend on 14 Nov 2014
The remaining amount of USD 56,488,400 or equivalent to IDR 645 per share was paid on 24 Apr 2015
Edward ManurungDirector
A.H Bramantya PutraDirector
Pongsak ThongampaiPresident Director
Stephanus Demo WawinDirector (New Member)
Leksono PoerantoDirector
Jusnan RuslanDirector (New Member)
BOARD OF DIRECTORSANNUAL GENERAL MEETING OF SHAREHOLDERS
11
1Q15 production output was slightly lower than target due to rainy days affecting mine production.
IPCC project: The system is already in full operation.
QUARTERLY UPDATES
Indominco Mandiri
SCHEMATIC
East Block
Santan RiverPort stock
yard
Bontang City
Asphalt haul road
2.5Km
35Km
Sea conveyor
Mine stockyard
Inland conveyor 4km
0 106 82 km4
West Block
Operations
Stockpile
Ports
Hauling
Crusher
ROM stockpile
Post Panamax
95,000DWT
2015 target: 15.0Mt
E B
LOC
KW
BLO
CK
E B
LOC
KW
BLO
CK
Unit: Mt
Unit: Bcm/t
QUARTERLY OUTPUT
Avg.SR:
3.2 3.0 3.4 3.2 3.2 3.3
0.4 0.60.6 0.6 0.2 0.2
3.6 3.6 4.0 3.8 3.4 3.5
17.5
7.0
8.7
13.3
8.3
8.7
19.9
8.3
9.4
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
18.0
7.9
9.4
**SR FY14 IMM: 9.7 , WB: 18.9 , EB: 8.2
20.6
9.6
11.1
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
14.0
8.3
8.7
*SR based on FC coal
12
Trubaindo: 1Q15 production was higher than plan due to exposed coal inventory from end of 2014.Bunyut port expansion: Continue assembly of steel structure, erection at crushing station, civil works and electrical installations.
Bharinto: 1Q15 production slightly lower than target due to unfavorable weather condition.
QUARTERLY UPDATES
Trubaindo and Bharinto
SCHEMATIC
Mahakam River
South Block 1(Dayak Besar)
North Block
40kmMine to port
KedangpahuRiver
ROM stockpile
BunyutPort
0 10 2515 205 km
Product coal conveyor, stacking,
stockpile
East Kalimantan
Bharinto 60km south west of
Trubaindo North Block
South Block 2(Biangan)
PT. Bharinto
PT. Trubaindo
Operations
Stockpile
Hauling
Barge Port
2015 target: TCM: 7.0Mt BEK: 3.0Mt
TRUBAINDO
TRUBAINDO
BHARINTO
Unit: Mt
Unit: Bcm/t
BHARINTO
QUARTERLY OUTPUT
1.7 1.8 1.8 1.9 1.8 1.8
0.5 0.5 0.7 0.8 0.5 0.62.2 2.3 2.5 2.7
2.3 2.4
9.9
8.9
8.5
6.3
10.6
9.8
8.0
9.1
1Q14 2Q14 3Q14 4Q14 1Q15 2Q14e
**SR FY14 TCM: 10.0 , BEK: 8.9
11.4
8.0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
8.8
6.7
*SR based on FC coal
13
Bunyut Port Expansion
Erection secondary crusher Crushing plant structure
Material for steel structure genset & MCC house
Bunyut Port capacity will be increased gradually from 9 Mt to 15 Mt by 2016.
Overall project progress 81% completed.
Continue steel structure assembly and erection at Crushing Station and Transfer Tower.
Continue civil works and electrical installations.
13
14
Kitadin Embalut: 1Q15 production achieved as according to plan.
Kitadin Tandung Mayang:1Q15 production achieved as according to plan.Lower strip ratio in 2015 due to ROM stock utilization.Last coal extraction will be completed by 3Q15 and continue with mine closure activities.
QUARTERLY UPDATES
Kitadin Embalut and Tandung Mayang
QUARTERLY OUTPUT
Balikpapan
MahakamRiver
Samarindato Muara Berau
Bontang city
Embalut
Embalut Port
to MuaraJawa
ROM stockpile
Operations
Stockpile
Ports
Hauling
Crusher0 106 82 km4
5km Mine to port
TD. Mayang
East Kalimantan
IMM EBIMM WB
BontangPort
TDM: 2.0Mt
TDM
EM
BE
MB
TDM
Unit: Mt
Unit: Bcm/t
2015 target: EMB: 1.2Mt
0.3 0.3 0.4 0.3 0.3 0.3
0.6 0.5 0.4 0.3 0.6 0.6
0.9 0.8 0.8 0.60.9 0.9
11.3
24.6
10.7
8.2
10.1
16.0
11.6
13.8
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
**SR FY14 EMB: 10.8, TDM: 16.8
10.2
16.0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
SCHEMATIC
10.9
10.4
*SR based on FC coal
Coal terminal
Jorong
Pelaihari
Pacific Ocean
Haul road
0 10 2515 205 km
20km
Operations
Stockpile
Hauling
Barge Port
2015 target: 1.3Mt
15
Jorong
• 1Q15 production achieved as according to target.
• Mine reserves will be depleted by mid 2017.
SCHEMATIC
QUARTERLY OUTPUT
Unit: Mt
Unit: Bcm/t
0.3 0.3 0.4 0.3 0.3 0.3
7.0
5.54.1
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
***SR FY14 JBG: 5.6
6.1
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15e
5.5 5.4
*SR based on FC coal
MAJOR QUARTERLY UPDATES
Global thermal coal market trends: 2015 vs 2014
SUPPLY TRENDS DEMAND TRENDS
-5 Mt+4 Mt+2 Mt+5 Mt
+9 Mt+5 Mt
-7 Mt
+20 Mt+10 Mt
-15 Mt
USA : uncompetitivein export market; high cost, strengthened US$
Russia : Roubledepreciation; export close to capacity
Indonesia : Lower Chinese import hit Indonesian export, new LC regulation
slower export
Australia : bad weather hit export in short term, take-or-
pay continues encourages coal
export
Colombia : night coal railing ban will limit export growth, new port increases export capacity; government drives growth
South Africa : continuedpolitical and social issues;
limited rail capacity; uncertain expansion; high
competition in India market
Indonesia Australia RussiaColumbia S.Africa USA India Others OtherN.Asia
EuropeChina*
Europe : coal disadvantages in UK due
to higher carbon price; high renewable energy will reduce coal burn;
power plant retirement; high stockpiles
China : Producers cut coal price
dramatically to protect market
share, weak power demand, high
hydro and nuclear, slower import
N.Asia : coal remains
competitive; uncertainty of
nuclear power in Japan; Japanese
power deregulation on the way
India : increased power demand;
insufficient domestic coal supply;
increased imports; focus on LCV; infrastructure
constraint
Others : other Asian and South Americas
drive demand growth
Cost cutting will continue. Production cuts are starting to look sizable but still insufficient to balance the market. A bit tighter supply on high CV products
but extremely oversupply on low CV products.
Demand continues to grow with India leading the growth
+3 Mt
-10 Mt
Note: * Steam coal import only-10 Mt
-20 Mt
17
China thermal coal market review
CHINA THERMAL COAL IMPORTS/EXPORTS*
93 103
147135
120
14 7 5 4 2 ?
2010 2011 2012 2013 2014 2015F
Import
Export
* Does not include anthracite and lignite importsSources: IHS McCloskey, ITM Estimates
Unit: Mt
152
CHINA
Falling imports continued due to
Weak demand and oversupply
Aggressive lowering coal prices from large domestic coal producers to protect market share
Anti-pollution measures and domestic protectionism continues
Hydro and nuclear substitution.
Government seems to step in to support domestic coal producers in 2H 2015.
New power reform announced in March 2015
Aim to increase competition in the power market and accelerate the growth of renewable sources in energy mix – frees import constraint.
Longer term an indirect impact on coal production and use through Water Conservation initiatives may favor imports.
COMMENTS
Social stability, market reform and environmental protection co-existSix distinct policies/edicts affecting Chinese and global coal markets, with
VAT relief and Water-APPCAP being rolled out next.
Note : NDRC = National Development and Reform CommissionAPPCAP = Air Pollution Prevention and Control Action Plan
Sources: Wood Mackenzie
Domestic production
reform
NDRC import
cuts
Import Tariffs -
FTA
Coal Quality
Standard
APPCAP evolution
Water -
APPCAP
Trace elements
Export
tax
reduction
VAT
relief
Domestic ProtectionismEnvironmental Policy
18
India thermal coal market review
INDIA THERMAL COAL IMPORTS*
INDIA ANNUALIZED ACTUAL IMPORT 1Q12-1Q15
Sources:: Salva Report India, Banpu MS&L Estimates
94 97 104133 131
159135 120 126
163 168197
171
1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15
Unit: Mt
Unit: Mt
Easing GDP and slow pace of domestic market reforms held back rapid power market growth in recent years.
Continued insufficient domestic coal supply with ~50% of thermal production at >35% ash levels and lack of new wash plants, costs will be a major challenge.
Infrastructure bottlenecks still constrain import growth.
Re-allocation of cancelled domestic coal blocks taking time and high bidding cost – will these compete with imports?
~40 GW capacity added in past 3 years but running at low utilization levels, 23 GW coming soon and longer term prospects robust.
INDIA
*Includes lignite grade imports
COMMENTS
6887
107136
163
2010 2011 2012 2013 2014 2015F
184
19
ASP vs thermal coal benchmark prices
● ITM ASP eased due to general market weakness.● 1Q15 ASP was 3% down Q-o-Q
● NEX benchmark prices remains fundamentally weak.
ITM ASP VS BENCHMARK PRICES
*The Newcastle Export Index (previously known as the Barlow Jonker Index – BJI)
ITM ASP 1Q15 $60.5/ton
NEX* May 07, 2015 $61.6/ton
Unit: $/t
COMMENTS
-
20
40
60
80
100
120
140
160
180
200
Jan-
07A
pr-0
7Ju
l-07
Oct
-07
Jan-
08A
pr-0
8Ju
l-08
Oct
-08
Jan-
09A
pr-0
9Ju
l-09
Oct
-09
Jan-
10A
pr-1
0Ju
l-10
Oct
-10
Jan-
11A
pr-1
1Ju
l-11
Oct
-11
Jan-
12A
pr-1
2Ju
l-12
Oct
-12
Jan-
13A
pr-1
3Ju
l-13
Oct
-13
Jan-
14A
pr-1
4Ju
l-14
Oct
-14
Jan-
15A
pr-1
5
Monthly NEX
Quarterly ITM ASP
20
ITM coal sales 1Q15
COAL SALES 1Q15 COAL SALES BREAKDOWN BY DESTINATION
JAPAN1.2 Mt
PHILIPPINES 0.4 Mt
THAILAND0.6 Mt
INDIA1.1 Mt
HK0.1 Mt
KOREA0.2 MtCHINA
1.6 Mt
TAIWAN0.3 Mt
ITALY0.3 Mt
1.5
INDONESIA0.9 Mt
MALAYSIA0.1 Mt
23%
17%
16%
13%
9%
5%
4%4%
3%3%
1%
Total Coal Sales 1Q15: 7.1 Mt
Japan
ChinaTaiwan
Korea
Italy
Thailand
Philippines
Hong Kong
India
Indonesia
MalaysiaUSA
USA0.2 Mt
21
22
Indicative coal sales 2015
COAL SALES CONTRACT AND PRICING STATUS
TARGET SALES 2015: 30.0 Mt
61%15%
Contract Status Price Status
Fixed
Indexed
86%
14%
Contracted
Unpriced
Unsold
10%
14%Uncontracted
Sales revenue
Note : Total consolidated revenue after elimination
USD million
1Q14 4Q14 1Q15
455428
272
151
60
3611
243
154
40
4716
-6% QoQ
Jorong
Kitadin
Bharinto
Trubaindo
Indominco
-15% YoY
Indominco-11% (QoQ) ; -26%(YoY)
Trubaindo+2% (QoQ) ; 0% (YoY)
Bharinto-33% (QoQ) ; -13% (YoY)
Kitadin+31% (QoQ) ; -27% (YoY)
Jorong+45% (QoQ) ; -11% (YoY)
ASP1Q15 : $60.5 /ton4Q14 : $62.6 /ton1Q14 : $70.8 /ton
FY13 : $74.9 /tonFY14 : $67.1 /ton
504
327
154
46
6418
24
Revenue
GPM** (%)
Units: US$M
Indominco Trubaindo Kitadin Jorong
39%
28%
Bharinto
272
16%
4Q14*
151
23%
36
18%
16
12%
60
46
ITM Consolidated
1Q15
428
23%
4Q14*
455
21%
4Q14* 4Q14* 4Q14*1Q14* 4Q14*
20%
1Q14*
504
26%
327
21%
1Q14*
154
21%
1Q14*
64
24%
1Q14*
18
27%1Q14*
243
20%
154
23%
47
14%
11
16%
40
18%
1Q15 1Q15 1Q15 1Q151Q15
16%
*) Restated due to PSAK No.24
Average gross margin
**) Gross profit after royalty expense
25
26
Cash cost
1Q14 2Q14 3Q14 4Q14 1Q15
Unit: US$/Ltr
1Q14 2Q14 3Q14 4Q14 1Q15
Unit: Bcm/t
1Q14 2Q14 3Q14 4Q14 1Q15
Unit: US$/t
WEIGHTED AVERAGE STRIP RATIO CASH PRODUCTION COST
FUEL PRICE
Avg. FY13: 11.2Avg. FY14: 10.0
Avg. FY13: $45.2/tAvg. FY14: $43.6/t
Avg. FY13: $1.02/ltrAvg. FY14: $1.02/ltr
10.19.2
44.4
1.06
10.9
1.10
42.39.8
1.11
47.3
0.82
40.4
1Q14 2Q14 3Q14 4Q14 1Q15
Unit: US$/t
TOTAL CASH COST*
58.1
* Cash production cost + royalty + SG&A
56.861.1
54.9
Avg. FY13: $60.3/tAvg. FY14: $57.7/t
8.7
0.57
33.5
47.0
27
EBITDA
USD million
56
74
35
16
(1)
62
44
20
351
Jorong
Kitadin
Bharinto
Trubaindo
Indominco
1Q14* 4Q14* 1Q15
+32% QoQ-28% YoY
Indominco+26% (QoQ) ; -28(YoY)
Trubaindo+25% (QoQ) ; -5% (YoY)
Bharinto-50 (QoQ) ; 0% (YoY)
Kitadin+150% (QoQ) ; -67% (YoY)
Jorong+200% (QoQ) ; -67% (YoY)
*) Restated due to PSAK No.24
103
61
21
3
15
3
28
Net Income
USD million
3238
11
14
(1)
11
26
1013
Jorong
Kitadin
Bharinto
Trubaindo
Indominco
1Q14* 4Q14* 1Q15
+20% QoQ-61% YoY
Indominco+136% (QoQ) ; -57(YoY)
Trubaindo-29% (QoQ) ; -52% (YoY)
Bharinton.a (QoQ) ; -50% (YoY)
Kitadin-73% (QoQ) ; -70% (YoY)
Jorongn.a (QoQ) ; n.a (YoY)
*) Restated due to PSAK No.24
96
61
21
2
10
(1)(0.5)
5
1Q15
(0.32)
(32%)
29
CASH POSITION
Net Gearing (%)
Net D/E (times)
(0.57)
(57%)
2011 2012
(0.46)
(46%)
Balance Sheet
KEY RATIOS
Unit: US$M
2011
612
1Q152012
461
Unit: US$M
0
2011
0 0
2012 2013
0
2013
289
2013
(0.32)
(32%)
2014
(0.26)
(26%)
2014
0
2014
226
DEBT POSITION
273
1Q15
30
2015 Capital Expenditure Plan
Note: Total capex plan including Jakarta office and PT. TRUST (Mining Contractor Business) after elimination
Units: USD million
Indominco
Trubaindo
Bharinto
Kitadin
Jorong
ITM Consolidated
3.0
Realized up to Mar’15
2015 Capex plan
11.1
45.3
4.6
64.4
0.8
6.8
0.9
0.1
0.1
3.2
0.1
32
Brief Resume of Mr. Jusnan Ruslan
Dateofbirth :04August1966
Education :BachelorDegreemajoringinEconomyPancasila University,Jakarta
Experiences :2014– PresentSales&LogisticHeadPTIndoTambangraya Megah,Tbk.2011– 2014 VicePresident– SalesSouthAsia,Domectic &Compliance2009– 2011 AssistantVicePresident– MarketingIndonesia,Philippines
&CommercialAdministrationPTIndoTambangraya Megah,Tbk
1998– 2009 MarketingManagerPTKitadin1991– 1998 AssistantMarketingManagerPTKitadin1989– 1991 RepresentativeofBranchOfficeofPTSiak RayaTimber
33
Brief Resume of Mr. Stephanus Demo Wawin
Dateofbirth :15September1971
Education :BachelorDegreemajoringinComputerEngineeringGunadarma University,Jakarta
Experiences :2014– PresentCorporateServiceHeadofPTIndoTambangraya Megah,Tbk.2011– 2014 ITHeadofPTIndoTambangraya Megah,Tbk2006– 2011 ITInfrastructure&SecurityManagerPTIndoTambangraya
Megah,Tbk2004– 2006 MISHeadofJatis Solutions2000– 2004 ITInfrastructureConsultantofJatis Solutions1999– 2000 NetworkEngineerofBankBali1994– 1999 DataCentreSupervisorofBankBali
ITM structure
34
ITMG
65.06%
PT Indominco Mandiri
(CCOW Gen I)
PT Trubaindo Coal Mining
(CCOW Gen II)
PT Kitadin-Embalut
(IUP)
PT JorongBarutama Greston
(CCOW Gen II)
50.00%
PT Indo Tambangraya Megah Tbk.
Banpu Minerals (Singapore) Pte Ltd
99.99% 99.99% 99.99% 99.99%
Banpu Minerals Co.Ltd
BMS
99.99%
BMC
Banpu PCLBanpu
Public34.94%
PT Kitadin-Td.Mayang
(IUP)
BCI50.00%
100.00%Banpu Coal
Investment Co.Ltd
East Kalimantan East Kalimantan South KalimantanEast Kalimantan
INDONESIAN STOCK EXCHANGEIPO 18th Dec 2007
6,500-7,300 kcal/kg6,000-6,300 kcal/kg 5,800 kcal/kg 6,700 kcal/kg 5,300 kcal/kg
Output 1Q15: 3.5 Mt 1.8 Mt 0.3 Mt 0.3 Mt
PT Bharinto Ekatama
(CCOW Gen III)
99.00%
East /
Central Kalimantan
6,400-6,800 kcal/kg
0.5 Mt
East Kalimantan
720 Mt
84 Mt
Resources
Reserves
390 Mt
51 Mt
146 Mt
6 Mt
216 Mt
99 Mt140 Mt5 Mt
2Mt
99.99%
Jakarta Office
PT Tambang Raya Usaha Tama
Mining Services
99.99%
Jakarta Office
PT ITM IndonesiaCoal Trading
Exp: Oct 2030 Exp: Feb 2035 Exp: May 2035Exp: May 2018Exp: Jun 2041 Exp: Feb 2022
PT ITM EnergiUtama
Power Investment
PT ITM Batubara UtamaCoal Investment
99.99%
99.99%
Jakarta Office
Jakarta Office 3 Mt
ITMI
TRUST
Indominco Trubaindo KitadinBharinto Jorong
IEU
IBU
0.6 Mt
Note: Updated Coal Resources and Reserves as of 31 Dec 2014 based on estimates prepared by Competent Persons (consider suitably experienced under the JORC Code) in 30 Apr 2015 and deducted from coal sales volume in 1Q15.
35
Income statement
*) Restated due to PSAK No.24
Unit: US$ thousand 1Q15 4Q14* 1Q14* QoQ% YoY%
Net Sales 427 ,7 07 455,042 503,593 -6% -15%Gross Profit 99,005 93,07 4 130,07 5 6% -24%GPM 23% 20% 26%SG&A (39,7 18) (49,660) (42,806) EBIT 59,287 43,414 87 ,269 37 % -32%EBIT Margin 14% 10% 17 %EBIT DA 7 4,268 56,124 102,529 32% -28%EBIT DA Margin 17 % 12% 20%Net Interest Income / (Expenses) 990 1 ,213 1 ,313 Derivative Gain / (Loss) 2,153 (26,252) 37 ,468 Others (655) 12,266 2,835 Profit Before T ax 61,7 7 5 30,641 128,885 102% -52%Income Tax (23,982) 917 (32,7 33) Net Incom e 37 ,7 93 31,558 96,152 20% -61%Net Incom e Margin 9% 7 % 19%