9M23 RESULT

ANALYST BRIEFING

26th October 2023

Forward Looking Statement
No representations and warranties shall be made in relation to the reasonableness, accuracy, completeness
or correctness of the information or opinions contained in this presentation. PT AKR Corporindo Tbk (the
"Company) together with members of the Board of Directors and Board of Commissioners or respective
affiliates have no liability whatsoever (whether negligent or otherwise) Any loss arising, directly or indirectly,
for the use, belief or distribution of this presentation or its content or due to any reason arising in connection
with this presentation.

The information and statistical data of third parties in this presentation is obtained from sources which the
Company believes to be reliable but there is no guarantee of the accuracy or completeness of the information.
This presentation does not cover all material information relating to the Company and the information
contained in this material is subject to change without notice.

This presentation may contain an estimate statement that includes risk, uncertainty and other factors. The
actual results, pro forma or achievements of the Company may differ materially with the results, pro forma or
future achievements expressed or implied by such statements. The forecast statement is based on
assumptions relating to the Company's current and future business strategy and future circumstances in
which it will operate and should be read in conjunction with those assumptions.

Predictions, projections or economic forecasts or economic trends over markets may not necessarily indicate
the probability of pro forma or pro forma of the Company in the future. The former pro forma may not
necessarily indicate pro forma in the future. The Company's future financial future is not guaranteed. Investors
should not rely solely on the forecast statement.

These materials are intended to serve as information only and not constitute or become part of an offer,
request or invitation from the purchase offer of the Company's securities. This information material has no
legal basis whatsoever, and can not be the basis for contracting, commitment, or investment decisions. Any
decision to purchase or subscribe to any Company securities must be based on the advice of appropriate
professionals.
Presenters

Haryanto Adikoesoemo
Suresh Vembu Ignatius Teguh Prayoga
President Director
Director & Corporate Secretary Head of Investor Relations
Majority Shareholder
CEO Message &
Business Analysis
9M 2023 Result Highlights – Continuing strong performance

9M23 performance highlights Sustained growth in 9M Net Profit

1,564 1,710

IDR bn
797
665
565

9M19 9M20 9M21 9M22 9M23

Consistently recording earnings
3.0 3,000 • AKR continues to deliver sustainable growth on yearly basis
2.5 2,403 2,500 with earnings growth of 9%yoy resulting ROE of 21% with
2.0 2,000 high cash position of IDR 6.8 trillion.
1.5 1,500
1,112 • Diversification of business has been the main key aspect of
925
1.0 717 1,000
AKR performance to maintain consistent delivery with high
0.5 500 ROE and ensuring the return to investors in the form of
119
- - Dividend Payment

AKR Core Net Profit Petroleum Volume (in Mn KL)

5
JIIPE: Land Sales and Commitments are Accelerating

JIIPE Cumulative Land Sales & Commitment Large land bank is still available (%of Saleable Land)
Land Leased
8%

Total Land
Sold and
Commitment
23%

313 342
268
Total Land
163 172 Bank*
24 *Including land bank
52 52 69%
needs to be acquired
2016 2017 2018 2019 2020 2021 2022 9M23

Land Sold and Leased Commitment

Total Monetization Value of Remaining Land Bank
IDR 19-20 Tn**
**Disclaimer on
Expecting future recurring income from utilities • PT BKMS has booked 10 HA land sales in 3Q23 from US Chemical
BKMS Gross Profit Projection from Land sales and Utilities Company.
100%

80% • On 31st August, Sichuan Hebang Biotechnology Co. (Hebang) leading

Chinese listed company which integrates chemical, photovoltaic and
60%
mineral products has signed binding agreement (CSPA), plans to
40% invest USD 800 million in the project, to build a chemical plant on the
20%
land measuring 67 hectares in JIIPE-SEZ.
0%
2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F
• On 13th October, BKMS signed a Letter of Commitment with
-20% Hongkong based Investor to order large parcels of land to develop
Land Sales Utilities Lease
new energy. 6
Strong Cash Generation and Solid Balance Sheet
0.50
ROE and ROA Improving cash position
0.40 8,000.00
25%
21.3% 6,481 7,000.00
19% 0.27 0.30
20% 6,000.00
17%
15% 15% 0.23 4,338 5,000.00
0.20
15%

IDR bn
12% 12% 4,000.00
11%

x
9% 9% 2,600 0.10 3,000.00
10% 7%
8% 7.9% 1,861
6% 6% 1,549 2,000.00
5% 5% 5%
4%
3% 0.02 - 1,000.00
5%
-
0% (0.10)
(0.12) (1,000.00)
2014 2015 2016 2017 2018 2019 2020 2021 2022 9M23 2019 2020 2021 2022 9M23
(0.20)
ROE W/O Extraordinary Gain ROA W/O Extraordinary Gain (0.17)
(0.30)
Asset is dominated by Cash and Industrial Asset 2019 2020 2021 2022 9M23
• The Company continued to maintain a strong balance sheet
Others - Non Cash with very good liquidity and low debt levels
Current 22%
23% • Cash position as of 30th September 2023 is IDR 6,841bn or
22% to total asset resulting in Net Gearing of the company:
-0.17x (NET CASH)

• The effective working capital management coupled with

strong performance leading the ROE of 9M23 to reach
Industrial 21.3% and ROA of 7.9%
Others - Estate
Current 24%
31%
7
Consistent Track record of Dividend payouts

Dividend per Total Second Interim Dividend 9M 2023

Dividend payout
Year share DPR (%) Div.
(IDR Bn)
(IDR/share) Yield Second Interim Dividend
2019 22 442 62% 9%
2020 25 494 53% 8% IDR 25/share; IDR 986.9bn
2021 29 572 52% 7%
2022 75 1,480 62% 6% Total Interim Dividend
1st 2023
2nd 2023
50
25
987
493
5% IDR 75/share; IDR 1,480bn
Cumulative
9M 2023 Dividend Schedule
Total 4,465
*incl. extraordinary gain Description Date
Cum Dividend in Regular &
• Total declared Interim Dividend for 2023 is IDR 75 per share November 2, 2023
Negotiable
amounting to IDR 1,480bn
Ex Dividend in Regular Market &
November 3, 2023
Negotiable Market
• With consistent strong cash generation, AKR has provided a total
cash dividend distributed of IDR 4.46tn in the last 5 years Cum Dividend in Cash Market November 6, 2023
(including the 9M23 interim dividend) with an average dividend Ex Dividend in Cash Market November 7, 2023
payout ratio of more than 50%.
Recording Date for the dividend
November 6, 2023
interim
Payment of Dividend Interim November 15, 2023
8
Financial Analysis
Ignatius T. Prayoga
Highlight of Profit and Loss – 9 Months ended 30th September 2023
9M 2023 Income Statement (IDR bn)
9M23 9M22 % Remarks
Total Revenue 29,977 34,582 -13%
Lower ASP of Petroleum and Chemical Products
Cost of Sales and Revenue (27,106) (31,861) -15%
Higher Contribution of Industrial Estate Segment
Gross Profit 2,872 2,721 +6% with additional 10HA land sales in 3Q23 and
Steady Trading and Distribution performance
Continuous Improvement of Efficiency with %Sales
Operating Expense (674) (799) -16%
reaching 2.2% in 9M23 vs 2.3% in 9M22
Operating Profit 2,198 1,922 +14%
Higher Finance Income (+332%yoy) due to larger
Finance Income 106 25 +332%
cash position
Final Tax Related to Finance Income -19 -5 -
Finance Costs -55 -48 +15%
Share in Income of associates 23 9 +155% Performance improvement in the Port Area of JIIPE
Profit Before Final Income Tax 2,253 1,903 18%
Income Tax & Final Tax (440) (395) 12%
Net Profit for the year before Non-Controlling Interest 1,813 1,509 20%
Non-controlling Interest (103) 55 nm
Net Profit for the year attributable to Shareholders 1,710 1,564 9%

Earnings Per Share (Rp/sh) 86.65 79.23 9%

EBITDA 2,552 2,252 13%

10
Higher contribution from Industrial Estate

Industrial
Estate
9M23 Logistic and Industrial 9M22 Logistic and
Manufacturing Estate Manufacturing
Revenue Breakdown
3%
4% 0% 4%

Trading and
Distribution Trading and
93% Distribution
96%

9M23 Logistic and Industrial 9M22 Logistic and

Gross Profit Breakdown

Manufacturing Estate Manufacturing

Industrial
6% 5% 8%
Estate
16%

Trading and
Trading and Distribution
Distribution 87%
78%
Operating expenses

General Administration Expenses 9M23 9M22

Salaries and employees’ benefits 408 448
Office Expenses 31 31
Professional Fees 29 27
Depreciation 29 28
Travelling and transportation 28 27
Utilization and telecommunication 11 10
Taxes and licenses 11 10
Repairs and maintenance 8 7
Miscellanous 96 139
Total General Administration Expenses 650 727

Selling Expenses 59 57

Total Opex 709 785

% sales 2.4% 2.3%
Maintaining Effective Working Capital to Ensure Cash Generation

Effective Working Capital Management Cash Flow Generation

-14
2,723 2,212
--
Trade Payables 9,381 Positive Net
Working
Capital

Industrial estate land inventory 2,194

Inventories 2,354
214
297
Trade Receivables 6,194
-
CFO -
CFI -
CFF Free Cash Flow

The 9M23 net working capital shows positive figure with
CCC reached -14 days indicating the company sells its
inventory and receives cash faster than paying the
payables which demonstrates excellent cash flow and
working capital management.
AKR ensuring cash generation in every sales delivered.
Currently the FCF-to-EBITDA is now reaching 86%,
enabling the company to consistently reward shareholders
through Cash Dividend.
Stronger Working Capital and Cash Position
Improving Current Ratio ROE and ROA ➢ AKRA applies lean balance sheet
strategy forming a stronger
25%
21.3% working capital to be resilient
1.5 facing interest rate uncertainty in
19%
1.4 20%
17% the future.
15% 15%
1.3 1.3 1.3 15%
12% 12%
1.3 11% ➢ AKR Current ratio shows
9% 9%
10%
7%
8% 7.9% consistent improvement over years
6% 6%
5% 5% 5% from 1.3x in 4Q21 to 1.5x 1H23.
4%
5% 3%

0% ➢ Balance sheet position of AKR in

4Q21 1Q22 2Q22 3Q22 4Q22 9M23
2014 2015 2016 2017 2018 2019 2020 2021 2022 9M23 9M23 consisting of 22% cash and
ROE W/O Extraordinary Gain ROA W/O Extraordinary Gain 24% JIIPE’s asset related to land.

Asset is dominated by Cash and Industrial Asset Improving cash position ➢ AKR ensures the cash generation
7,000 0.50
0.30
where the cash has reached IDR
Others - Non Cash 6.5tn with net gearing ratio of
0.25
Current 22% 6,000
0.40
0.20 9M23 reached -0.17x indicating a
23% 5,000 0.15 net cash position.
0.27 0.30
0.10
4,000
IDR bn

0.23 0.05 ➢ The strong balance sheet

x
3,000 0.20
-
combined with excellent
2,000 (0.05)
0.10 performance, leading ROE and
(0.10)
1,000 ROA to reach 21.3% and 7.9%
Industrial 0.02 -
(0.15)
Others - respectively
Estate 0 (0.20)
Current 24%
2019 2020 2021 2022 9M23
(0.10)
(0.12)
31%
(0.17)
(0.20) 14
Key Ratios

UOM 9M23 9M22

Profitability
Gross Margin % 9.6% 7.9%
Operating Margin % 7.3% 5.6%
Net Margin % 5.7% 4.5%

Asset Management
Return on Asset % 7.9% 7.8%
Return on Equity % 21.3% 20.6%
Total Asset Turnover x 1.4 1.7
Receivable Period Days 57 52
Inventory Period Days 24 12
Payable Period Days 95 83

Leverage Sep-23 Dec-22

Current Ratio x 1.5 1.4
Debt/equity x 0.3 0.2
Net Gearing x (0.17) (0.12)
Business Prospects

Suresh Vembu
FY23 outlook and onwards
4Q23 Outlook
• Continuing strong sales volume with
economic growth and margins improvement
Petroleum through efficiency
Industrial • Expecting land sales recognition from the
commitments of clients exceeding our
Estate target of 70-75 HA
• Positive sales volume growth with higher
Chemicals demand from smelter and obtaining
additional surplus from overseas
Long Term Outlook
• 1) Development of downstream and mining
development of Indonesia may bolster the
sales volume and 2) higher contribution
from retail Petroleum business
• Expecting higher land sales as the
manufacturing ecosystem develops with
improving recurring income from utilities
that can be expected starting May 2024
as the copper smelter will be operational
• Expecting tailwind from rising mineral
smelters, especially for Caustic Soda Liquid
and Sulfuric Acid
17
Petroleum Segment Outlook

Industrial Petroleum Retail Petroleum

Large Market for Retail Gas Businesss
RON 90 FUEL
Mining Industries Still Growing 23mn RON 92/95/98
11mn

AVTUR/KEROSENE
3mn
FUEL OIL
2mn B2B diesel B35
SUBSIDIZED 18mn
BIODIESEL
15mn
Source: MEMR
Shifting from subsidized to non-subsidized gas
40.0
Source: MEMR
30.0

Mn KL
Indonesia Coal Production 20.0
800 800 10.0
2023 Target:
600 600 -
694.5 Mn Tonnes 2014 2015 2016 2017 2018 2019 2020 2021
400 400
606.28 685.67 612.68
565.69 Non subsidised Mogas Subsidised Mogas Source: MEMR
200 200

0 0
Source: Minerba One Data
• Retail fuel market in Indonesia is moving towards cleaner and non-
2020 2021 2022 9M2023
Indonesia subsidized fuel that provides room for growth for private player.
COAL PRODUCTION TARGET COAL PRODUCTION

• B2B Petroleum demand still strong driven by mineral down-streaming policy
and demand of commodities
• Coal Production expected to exceed 2023 coal production target of 694.5 Mn
Tones
• Retail gasoline market is the largest petroleum market in Indonesia
with size of 34mn KL in a year with private participation around 2%.
• As AKR has the vital asset of retail fuel business, integrated storage,
AKR can leverage the asset to grow faster than other private players
Expansion of Petroleum Retail Network with bp
- World Class fuel & non-fuel offers boosting volumes

Significant
Providing high
change
quality
on Mogas
fuel and
landscape
user experience Significant Growth in sales over past 9 months
Compact Concept to Accelerate Growth
One-stop-shop with front store parking Additional income from nonfuel business
Volume Growth Retail 9M23: 315%yoy

Ron Ron
92 95

Network Expansion Plan Increasing Contribution from retail

Indonesia is still underpumped Plan to open 50 outlets per year starting in 2024
2023F 2028F
100
Target Retail Retail
350 6% 15%

43
50 Outlets
36
(2028) Industrial
Fuel
Industrial
94% Fuel
2 85%

Source: Statista 2018 2022 9M23 2023B 2024B* • bp AKR will continue to expand as the mobility has been
improving post pandemic with target to operate 50 gas station
in EOY 2023 and target of 350 outlets in 2030 using
combination of COCO and DOCO schemes.
19
Land sales prospects - discussions ongoing with large companies

Land balance Pipeline of Land Inquiries & Utilities

(in HA) Total Foreseeable electricity and land requirement in each industry
1,761
405 Petrochemical 200 HA 200 MW
500- 600 MW
1,014 Steel 100 HA 200 MW Potential Power
Base Metal Refinery 60 HA 147 MW Requirement
Copper Manufacturer 60 HA 70 MW
EV Battery 100 HA 100 MW >600 HA
342
Potential Land
Ferro Nickel Refinery 52 HA 80 MW
Enquiries
Solar Panel Glass 62 HA 100 MW
(2023-2027)
Two Significant Inquiries under Pipeline On course to realising our Targets
2022 9M23 2027*
Industrial Industrial
• Sichuan Hebang Biotechnology Co. (Hebang) signed CSPA to estate, 14%
Estate
18%
invest USD 800 million in the project building a chemical plant on
the land with total land requirement of 67 hectares
Industrial
Trading and estate, 33%
Trading and
• Signed a Letter of Commitment with Hongkong based Investor to distribution,
86% Distribution Trading and
distribution,
order large parcels of parcels of land to develop new energy 82% 67%

which will soon be booked

20
 Building base for sustained recurring income

Projected Power Requirement Projected Water Requirement Projected Gas Requirement

900 800
70,000
800
700
60,000
700
600
600
50,000
500
500 40,000
MW

400
400 30,000
300
300
20,000
200
200
10,000
100 100
0
0 0 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
2021 2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
pln Internal Powerplant

BKMS Revenue Projection from Land sales and Utilities BKMS Gross profit Projection from Land sales and Utilities Potential Utility Requirements

16,000 100% 1.1-1.3 GW

14,000
80% Electricity
12,000
10,000 60%
IDR bn

8,000
40%
6,000 800-850 LPS
4,000 20% Water
2,000
0%
- 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F
2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F -20% 65-75 MMSCFD
Land Sales Utilities Lease Gas
Land sales + lease Utilities

21
ESG initiatives and
Strategies
AKR ESG Purpose & Goal
Vision
The Leading Provider of Logistic Services and Supply Chain Solutions for Bulk Chemical & Energy Distribution in Indonesia
→ To be the leading company, AKR must continuously improve, adjust, can anticipate changes, do innovation to win competition

Mission
Optimizing Our Potential to Build Sustainable Stakeholders Value
→ Our stakeholder expand from supplier, customer, employee, regulator, communities, business partner

SUSTAINABILITY HOUSE
(Umbrella for Sustainability Commitment Statement)

PROGRESSING WITH PURPOSE

Through our business we touch millions of people and stakeholders. Therefore, we must do
what we do in a sense that can benefit the economy, environment, people and society

30-Oct-23
23
Focus of AKR Supply Chain towards a Sustainable Future
Improve CO2 Reporting
• Data Collection
• Data Analysis of Supply Chain
Emission
• Accuracy of Reports
Championing Industry
• Ease of Doing Business
• 3 modes of transportation
• Utility Center
➢To help industry in improving
efficiency
➢To make industry more competitive
Supply Chain Innovation &
Sustainable Fuel Offering
Optimization
• Improvements to Supply Chain • Cleaner Fuel for Greener
• Reduction of Carbon Footprint Transition
• Transition Energy:
• IT Innovation to optimize Supply
Chain ➢Biofuel
➢ to Improve Efficiency ➢Gas
➢To reduce cost
➢To improve service
➢To reduce risks
KEK JIIPE GRESIK
Sustainable Economic
Green Industrial Estate
Development
• Industrial Estate with zero water run off • Create big local employment
design opportunity
• Provides cleaner and renewable • Boost regional economy in East Java
energy • Facilitating growth of export, import,
manufacture, and mineral processing
24
Recognition of Our Sustainability Initiatives
Proud to receive prestigious
Emission Intensity ESG Rating & Indices
Recognitions
0.044
“PLATINUM Grade for
0.036
Emission Disclosure
(kgCO2 eq/Rp

2023” from Bumi Global

Karbon and Investor
0.02 Daily from B Universe

“Indonesia Best
Business
2020 2021 2022
AKR is currently part of the index:
Transformation Award
✓ TOP 8 IDX ESG Star 2023”
” from SWA Magazine
Truck Fleet Emission Reduction Listed Company
✓ IDX LQ45 Low
Carbon Leaders
8,241 ✓ IDX ESG Leader
Index (30 comp)
✓ ESG Sector Leaders “TOP 50 big
-41% IDX KEHATI (56 capitalization public
kgCO2eq

comp)
4,587
✓ ESG Quality 45 IDX
listed company-IICD
KEHATI (45 comp) Award 2023”
By Indonesia Institute for
AKRA is also included as Corporate Directorship
constituent stock of
✓ IDX 30
✓ Investor 33
2021 2022

25
 9M23 performance is still solid driven by higher contribution from Industrial Estate Segment

Chemical and Petroleum Segment will grow align with government push to manufacturing & Mineral
Downstreaming

1H23 Result Championing Manufacturing investments by developing World class Integrated Industrial and

Key
Port Estate - JIIPE SEZ

Takeaways Retail Fuel Division will speed up the roll out of gas stations to gain more market share

Land Sales will improve as ecosystem for downstream, EV and heavy industries starts to form which
will require immense of utilities usage which can be converted to recurring income.

AKR sustainability strategy focuses not only on carbon efficiencies but also providing cleaner & greener
energy and delivering recurring income growth

26
 THANK
YOU
Contact Details:
Corporate Secretary
corporate.secretary@akr.co.id
Investor Relation
ir@akr.co.id

AKR Tower
Jl. Panjang No.5 Kebon Jeruk
Jakarta Barat 11530
Indonesia
http://www.akr.co.id/