Analyst briefing1Q15 performance results

13 May 2015

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

3

Financial review

Commercial review

Operational review

Introduction

3

4

2

1

Agenda

Appendices

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

10

Financial review

Commercial review

Operational review

Introduction

3

4

2

1

Agenda

Appendices

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

16

Financial review

Commercial review

Operational review

Introduction

3

4

2

1

Agenda

Appendices

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

23

Financial review

Commercial review

Operational review

Introduction

3

4

2

1

Agenda

Appendices

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

31

Appendices

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%