PT Adaro Energy Tbk : Financial Press Release 1Q20

generate excess cash flow from our business operations.

1

NEWS RELEASE

Jakarta, May 14, 2020

For further information please contact:

Mahardika Putranto, Head of Corporate Secretary & Investor Relations Division [e-mail]

Febriati Nadira, Head of Corporate Communication Division [e-mail]

Solid Start in a Challenging Coal Market

Global Pandemic to Adversely Impact the Industry

Jakarta, May 14, 2020 - PT Adaro Energy Tbk (IDX: ADRO) (AE) today released its financial performance for the period ended March 31, 2020. AE booked a 5% increase in coal production volume year-over-year(y-o-y) in 1Q20, as demand at the beginning of the quarter was solid despite the challenging coal market. The already weakening coal market was further hit by Covid- 19 as global industrial and business activities slowed down to curb the virus spread.

Our President Director and Chief Executive Officer, Mr. Garibaldi Thohir, said:

"Our performance in 1Q20 reflects the operational excellence of our core coal assets as we recorded solid production volume amid the difficult market condition. In this challenging time for the global economy and the coal market, we continue to improve our efficiency, ensure discipline in spending and maintain a solid balance sheet. At the same time we need to safeguard the health and safety of our people to ensure safe, reliable operations. This is an unexpected challenge for all of us, and I would like to acknowledge the effort from our employees who have stepped up to the challenge. Adaro Energy is well- positioned to weather this near-term challenges supported by our solid operations and financial position. Our efficient integrated business model has been proven to withstand coal cycles and the non-coal mining pillars will continue to provide stable contribution to Adaro Energy and balance the volatility of coal."

Highlights of 1Q20 performance:

• We achieved production of 14.41 Mt, a 5% increase from 1Q19, supported by solid demand for our coal in the quarter.
• We recorded an operational EBITDA of US$265 million, and core earnings of US$136 million in the quarter. These results reflect the quality performance of our core business and operational excellence.
• Our net capital expenditure in the quarter was US$56 million.
• We generated a solid free cash flow of US$96 million in 1Q20, demonstrating our ability to

Financial Performance

(US$ Million, except otherwise stated)	1Q20	1Q19	% Change
	Net Revenue	750	846	-11%
	Cost of Revenue
	(552)	(582)	-5%
	Gross Profit	198	265	-25%
	Operating Income	128	199	-36%
	Core Earnings1	136	166	-19%
	Operational EBITDA2	265	323	-18%
	Total Assets	6,924	7,028	-1%
	Total Liabilities	2,946	2,609	13%
	Stockholders' Equity	3,978	4,419	-10%
	Interest Bearing Debt	1,904	1,369	39%
	Cash		1,251	813	54%
	Net Debt3		550	460	20%
	Capital Expenditure4	56	106	-47%
	Free Cash Flow5	96	115	-17%
	Basic Earnings Per Share (EPS) in US$	0.00307	0.00371	-17%
		Financial Ratios
			1Q20	1Q19	Change
	Gross Profit Margin (%)	26.4%	31.3%	-5%
	Operating Margin (%)
	17.1%	23.5%	-6%
	Operational EBITDA Margin (%)	35.3%	38.2%	-3%
	Net Debt	to Equity (x)	0.14	0.10	0.04
	Net Debt	to last 12 months Operational EBITDA (x)	0.48	0.32	0,16
	Cash from Operations to Capex (x)	2.56	2.63	-0.07

1. Profit for the period, excluding non-operational items net of tax (amortization of mining properties, prior year tax assessment, and recovered allowance for receivable).
2. EBITDA excluding prior year tax assessment, and recovered allowance for receivables.
3. Cash including the current portion of other investments.
4. Capex spending defined as: purchase of fixed assets - proceed from disposal of fixed assets + payment for addition of mining properties + addition of lease liabilities.
5. Operational EBITDA - taxes - change in net working capital - capital expenditure excluding lease liabilities.

2

		Operating Segment
		Revenue		Profit for the period
(US$ Million)	1Q20	1Q19	% Change	1Q20	1Q19	% Change
Coal mining & trading	694	773	-10%	45	92	-51%
Mining services	40	55	-26%	(14)	3	-577%
Others	16	18	-14%	41	57	-28%
Elimination	-	-	-	33	(21)	-258%
Adaro Energy Group	750	846	-11%	106	131	-20%

FINANCIAL PERFORMANCE ANALYSIS FOR 1Q20

Revenue, Average Selling Price and Production

We recorded revenue of US$750 million in 1Q20, declined by 11% compared to the same period in 2019, mainly due to 17% lower average selling price (ASP). The already subdued coal price was further pressured by slower demand as global economies slowed down due to Covid-19 imposed lockdown. Both thermal coal and metallurgical coal segment of our coal mining operations were adversely impacted as global coal prices declined. Despite the challenging coal market, our production volume increased 5% y-o-y to 14.41 Mt and sales volume increased 8% y-o-y to 14.39 Mt in 1Q20 supported by solid demand and operations.

Cost of Revenue

Cost of revenue in 1Q20 declined 5% y-o-y to US$552 million, as strip ratio was lower, in line with our guidance. We had anticipated for a challenging coal market and had lowered our annual strip ratio guidance to 4.3x. Coal cash cost per tonne (excluding royalty) decreased by 12% y-o-y as we recorded higher production, lower strip ratio, and lower fuel cost y-o-y. Total fuel consumption declined 11% as a result of lower strip ratio hence lower activities, while fuel price per liter increased 3% y-o-y. Our focus in this difficult time is to control cost and maintain efficient operations along our vertically integrated coal supply chain.

Royalties to Government and Corporate Income Taxes

Royalties to the Government of Indonesia decreased by 13% y-o-y to US$80 million, in-line with the lower revenue recorded in 1Q20 as a result of lower ASP y-o-y.

Operating Expenses

We posted lower operating expenses of US$62 million, 9% lower y-o-y, primarily due to lower selling and marketing expenses as well as lower general and administrative costs (G&A). Selling

3

and marketing expenses decreased 35% to US$7 million while G&A costs decreased 4% to US$55 million.

Operational EBITDA

Operational EBITDA in 1Q20 was US$265 million, an 18% decline y-o-y driven by lower ASP, while operational EBITDA margin remained healthy at 35% as we continued to improve operational efficiency and cost control amid the declining coal price environment.

Core Earnings

Our underlying core earnings in 1Q20 was US$136 million, 19% lower y-o-y. Core earnings excludes non-operational accounting items net of tax, and reflects the quality performance of our core business and operational excellence.

Total Assets

Total assets of US$6,924 million in 1Q20 were 1% lower as compared to the same period in 2019. Current assets increased by 24% to US$1,831 million, while non-current assets decreased by 8% to US$5,093 million. We maintained a strong cash balance at the end of 1Q20 of US$1,251 million.

Fixed Assets

Fixed assets as at the end of 1Q20 increased 4% y-o-y to US$1,719 million. Fixed assets accounted for 25% of total assets.

Mining Properties

At the end of 1Q20, our mining properties decreased by 34% y-o-y to US$1,506 million from US$2,281 million, mainly due to deconsolidation of one of our coal mining assets in East Kalimantan that we concluded at the end of 2019.

Total Liabilities

Total liabilities increased 14% y-o-y to US$2,946 million. Current liabilities increased 39% to US$1,020 million mainly due to higher current maturity of long-term borrowings as portions of our bank loans are maturing. Non-current liabilities slightly increased by 3% y-o-y to US$1,926 million.

Current Maturity of Long-Term Borrowings

The current portion of long-term borrowings in 1Q20 increased more than two-folds as compared to the same period last year to US$525 million as some of our bank loans are maturing.

4

Long-term Borrowings, net of Current Maturity

The non-current portion of long-term borrowings in 1Q20 increased 22% y-o-y to US$1,379 million compared to the same period last year as a result of our bonds issuance.

Debt Management and Liquidity

At the end of 1Q20, our liquidity level remained robust at US$1,683 million, consisting of US$1,251 million in cash, including the net proceeds of our bond issuance, US$104 million in other investments, and US$329 million in undrawn committed loan facilities.

Our bank loans were US$1,010 million, 14% lower y-o-y as we continued to make regular loan payments. We maintained a solid balance sheet with net debt of US$550 million, net debt to last 12 months operational EBITDA of 0.48x and net debt to equity of 0.14x.

Equity

Equity level at the end of 1Q20 declined 10% to US$3,978 million as compared to the same period in 2019. The decrease was driven by lower non-controlling interest as we ceased consolidating one of our coal mining subsidiaries in East Kalimantan in 4Q19.

Cash Flows from Operating Activities

Cash flows from operating activities in 1Q20 decreased 28% to US$142 million mainly driven by 11% lower receipts from customers due to lower ASP.

Cash Flows used in Investing Activities

We recorded US$222 million in net cash flows used in investing activities in 1Q20, 78% higher as compared to the same period in 2019 mainly due to purchase of other investments.

Capital Expenditure and Free Cash Flow

Our net capital expenditure in 1Q20 was US$56 million, 25% lower compared to 1Q19, in line with our guidance of lower capital expenditure this year. The capital expenditure was mainly for purchase and replacement of heavy equipment and development of AMC. We generated a solid free cash flow of US$96 million in the quarter, 16% lower y-o-y.

Cash Flows used in Financing Activities

Net cash flow used in financing activities in 1Q20 was US$223 million, as a result of higher dividend payment. We paid interim dividend on January 15, 2020 of US$150 million.

5

1Q20 QUARTERLY ACTIVITIES REPORT

REVIEW OF THERMAL COAL MARKET

The beginning of 2020 saw a relatively positive start to the global seaborne thermal market trade and prices amidst restocking activities in China prior to the Lunar New Year. However, market condition changed as Covid-19 cases grew significantly in China, followed by other countries across the globe towards the end of 1Q20. Governments started to take measures to control the outbreak, which resulted in the slowing down of industrial and business activities. This in turn challenged the thermal coal market as power demand was affected. In China, for example, thermal coal power generation saw a y-o-y decline of 7% in 1Q20. Governments in many countries provided stimulus to boost economic growth, however, global coal demand remained weak and caused market imbalance. Macro headwinds, tepid demand, declines in oil and gas prices, put the seaborne prices under pressure. The globalCoal Newcastle (gCN) price in 1Q20 averaged at $67.70 per tonne, down from $95.67 per tonne from the same period in 2019.

However, there are still pockets of growth in Southeast Asia, with Vietnam expected to lead growth in 2020. We remain firm with the long term fundamentals of the thermal coal market as regions such as Southeast Asia and South Asia continue to pursue improvements in their power sector.

REVIEW OF METALLURGICAL COAL MARKET

Covid-19 have also impacted metallurgical coal prices. Price of Premium Low Vol Hard Coking Coal (PLV HCC) declined to $147.50 as of end of March 2020, from $204.50 at the same period in 2019 as demand slowed in 1Q20. Similarly to the thermal coal market, there have been response and adjustment from the supply side due to the slower demand. Australia's metallurgical coal export fell by 15% y-o-y in March as steel manufacturer continued to reduce capacity in response to decline in global steel demand, particularly from the automotive industry.

REVIEW OF PT ADARO ENERGY TBK (AE) OPERATIONS

In 1Q20, we produced 14.41 million tonne (Mt) of coal from PT Adaro Indonesia (AI), Balangan Coal Companies, Adaro MetCoal Companies and PT Mustika Indah Permai (MIP). This production figure is 5% higher compared to 1Q19, mainly driven by higher coal production from AI. We were able to achieve solid production and maintain operational excellence in a higher than normal wet season. We removed 49.77 million bank cubic meter (Mbcm) of overburden in 1Q20, 19% drop y-o-y, in line with our guidance to lower strip ratio this year.

We sold 14.39 Mt of coal in 1Q20, including 0.31 Mt of hard coking coal from AMC's Lampunut mine and 0.16 Mt of thermal coal from MIP. Our E4700 and E4900 product dominated our sales portfolio as demand for these coal continued to be solid.

6

	Units	1Q20	4Q19	1Q20 vs.	1Q19	1Q20 vs.
				4Q19		1Q19
Coal Production	Mt	14.41	13.91	4%	13.75	5%
Sales Volume	Mt	14.39	14.52	-1%	13.35	8%
Overburden Removal	Mbcm	49.77	62.07	-20%	61.50	-19%

Southeast Asia region continued to top our sales destination and accounted for 47% of our sales volume in 1Q20. Indonesia and Malaysia were our two biggest markets in Southeast Asia. Customers continue to favor the low-pollutant content of Envirocoal on top of the reliable supply that we offer.

Sales volume breakdown 1Q20 by region	%
Southeast Asia	47%
East Asia	22%
India	19%
China	10%
Others	2%

*Others include New Zealand, Pakistan, and Europe

Covid-19 Impact on AE

The Covid-19 pandemic presents an unexpected challenge globally. During this difficult time our focus is to safeguard the health and safety of our people. Our health, safety and environment (HSE) teams on site and in Jakarta have implemented preventive measures and health procedures that every employee must adhere to, including enhanced hygiene measures, banning non-essential travels, application of physical distancing at work areas, identification of high risk group within the Adaro Group, and remote working for employees that are not directly involved with production activities, if possible. We follow government's directives in places where we operate and are working closely with health organizations. We have not revised any of our 2020 guidance and will inform the market when there is change to said guidance as a result of the Covid-19 pandemic.

ADARO MINING

PT Adaro Indonesia (AI)

AI, our main coal mining operations, produced 12.75 Mt and sold 13.77 Mt of coal, 4% and 5% higher as compared to 1Q19, respectively. Total overburden removal from AI's three pits was

45.58 Mbcm, 18% lower than 1Q19 as AI experienced higher than normal wet season during the quarter which resulted in strip ratio of 3.57x.

7

Balangan Coal Companies

Balangan Coal Companies produced 1.16 Mt of coal in 1Q20, a 3% increase y-o-y. Strip ratio in 1Q20 was 2.83x as total overburden removal in 1Q20 reached 3.28 Mbcm, 1% lower y-o-y.

Adaro MetCoal Companies (AMC)

In 1Q20, AMC produced 0.30 Mt of coal 9% lower than 1Q19 production as we just commenced operation from Maruwai. Total sales volume in 1Q20 was 0.31 Mt, 10% higher y-o-y. AMC removed 0.73 Mbcm of overburden in 1Q20, 68% decline y-o-y and strip ratio in the period was 2.43x.

AMC commenced operation activities from Lampunut mine in the Maruwai concession in the quarter. Maruwai produces medium-volatile hard coking coal of premium quality with ultra-low ash and phosphorus content. We were able to sell first shipment of coal from Maruwai to customers in Japan in May 2020. AMC's coal sales in 1Q20 consisted of semi-soft coking coal from the Haju mine in Lahai concession.

Kestrel Coal Mine (Kestrel)

During the quarter, Kestrel produced 1.89 Mt and sold 1.98 Mt of hard coking coal. Kestrel's coal was predominantly sold to customers in the Asian markets, led by India. The aforementioned production and sales data represent 100% interest where AE has 47.99% shareholding in Kestrel Coal Resources Pty. Ltd. which has 80% interest in Kestrel Coal Joint Venture.

ADARO SERVICES

PT Saptaindra Sejati (SIS)

In 1Q20, SIS recorded total coal production volume of 10.99 Mt, 3% lower y-o-y while overburden removal volume in the quarter was 41.69 Mbcm, 23% lower y-o-y. Overburden removal and coal production volume from the Adaro Group were 57% and 91% of SIS's total volume in 1Q20, respectively.

	Units	1Q20	4Q19	1Q20 vs.	1Q19	1Q20 vs.
				4Q19		1Q19
Overburden Removal	Mbcm	41.69	56.24	-25%	54.10	-23%
Coal Production	Mt	10.99	12.07	-8%	11.36	-3%

8

ADARO LOGISTICS

PT Maritim Barito Perkasa (MBP)

MBP's total coal barging volume in 1Q20 was 11.97 Mt, 2% increase from 1Q19. Volume from its sister companies in the Adaro Group accounted for 96% of MBP's total coal barging volume in 1Q20, as MBP continues to prioritize volume from the Adaro Group.

ADARO POWER

Our power plants achieved solid performance in 1Q20. PT Makmur Sejahtera Wisesa (MSW) reached actual availability factors (AF) of 84.9% on average up to the end of 1Q20. Meanwhile, PT Tanjung Power Indonesia (TPI) continued its promising operations performance and reached 96.72% of actual AF on average up to the end of 1Q20, which was higher than projected AF target under the Power Purchase Agreement. PT Bhimasena Power Indonesia has reached more than 93.6% of construction progress at its 2x1,000 MW power plant in Batang, Central Java, though certain critical path items remain outstanding. Furthermore, Adaro Power is also in the process of expanding the capacity of its Solar PV in Kelanis Dedicated Coal Terminal with additional 467 kWp on top the 130 kWp already in operation.

ADARO WATER

PT Dumai Tirta Persada (DTP), a joint venture company formed by PT Adaro Tirta Mandiri (49%) and PT Adhi Karya Tbk (51%), is currently developing first phase of the project with a capacity of 50 liters per second (lps) out of the total capacity of 450lps. DTP has signed a co-operation agreement with Perusahaan Daerah Air Minum (PDAM) Dumai, the regional-owned drinking water company, for a water treatment facility located in Dumai, Riau.

ATM's project in Kotawaringin Timur, Central Kalimantan, through PT Adaro Tirta Mentaya (ATMe) is progressing well. From previous capacity of 100 liters per second, ATMe is currently completing its uprating facility to become 320lps and has achieved 77.30% construction progress at the end of 1Q20.

HEALTH, SAFETY AND ENVIRONMENT

In 1Q20, we experienced two lost time injuries (LTI) throughout Adaro Group's operations and recorded lost time injury frequency rate (LTIFR) of 0.07 for the period as compared to one LTI and LTIFR of 0.03 in 1Q19. Severity rate in 1Q20 was 3.05 and total man-hours worked in the quarter were 29,164,459.

9

CORPORATE ACTIVITIES

January 2020

AI received the 2019 Gold PROPER Award from the Ministry of Environment and Forestry on 8th January 2020. The Gold Award is the second one received by the company. The companies that are awarded the Gold Award are companies that have consistently demonstrated environmental excellence in the production process, ethically conducted business operations, and social responsibility.

March 2020

Adaro Energy donated Rp20 billion to assist in the fight against Covid-19. The assistance was handed over to the National Disaster Mitigation Agency (BNPB). The donation is part of the company's Adaro Berjuang Untuk Indonesia (Adaro Fights for Indonesia) initiative, which includes a campaign aimed at raising awareness about COVID-19 and the importance of self-quarantining.

SHAREHOLDER INFORMATION

AE's share price closed at Rp990 at the end of 1Q20, 26% lower compared to the end of 1Q19. AE's market capitalization at the end of 2019 was US$1.94 billion, down 36% from US$3.02 billion at the end of 1Q19. At the end of 1Q20, total public shareholders were 36% out of AE's total shares. Of the public shareholders, 43% were domestic holders, and the rest were foreign holders. Analyst consensus rating for ADRO at the end of 1Q20 was 3.56, from 11 buys, 10 holds, and 4 sells.

10

PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES

		Lampiran 1/1 Schedule
LAPORAN POSISI KEUANGAN					INTERIM CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN INTERIM PADA TANGGAL					FINANCIAL POSITION
31 MARET 2020 DAN 31 DESEMBER 2019				AS AT 31 MARCH 2020 AND 31 DECEMBER 2019
(Dinyatakan dalam ribuan Dolar AS,					(Expressed in thousands of US Dollars,
kecuali nilai nominal dan data saham)				except for par value and share data)
	Catatan/		31 Maret/		31 Desember/
	Notes		March 2020		December 2019
ASET						ASSETS
ASET LANCAR						CURRENT ASSETS
Kas dan setara kas	4	1,250,673	1,576,191	Cash and cash equivalents
Piutang usaha	7	302,599	310,324	Trade receivables
Persediaan	9	104,732	121,030	Inventories
Investasi lain-lain -						Other investments -
bagian lancar	6	103,608	6,291	current portion
Pajak dibayar dimuka -						Prepaid taxes -
bagian lancar	33a	22,600	38,654	current portion
Pajak yang bisa dipulihkan
kembali	33b	9,462	26,552	Recoverable taxes
Piutang lain-lain		12,420	9,118	Other receivables
Uang muka dan biaya dibayar						Advances and prepayments -
dimuka - bagian lancar	8	23,012	21,418	current portion
Aset lancar lain-lain			1,974		346	Other current assets
Total aset lancar		1,831,080	2,109,924	Total current assets
ASET TIDAK LANCAR						NON-CURRENT ASSETS
Deposito berjangka yang dibatasi
penggunaannya -						Restricted time deposits -
bagian tidak lancar	5	35,800	24,999	non-current portion
Investasi pada ventura bersama	11	636,689	685,226	Investments in joint ventures
Investasi lain-lain -						Other investments -
bagian tidak lancar	6	78,481	45,351	non-current portion
Pinjaman untuk pihak ketiga	39x	125,000	100,000	Loan to third parties
Pinjaman untuk pihak berelasi	34b	108,525	107,525	Loan to a related party
Uang muka dan biaya dibayar						Advances and prepayments -
dimuka - bagian tidak lancar	8	37,398	35,395	non-current portion
Pajak dibayar dimuka -						Prepaid taxes -
bagian tidak lancar	33a	7,090	8,280	non-current portion
Properti pertambangan	12	1,506,321	1,534,233	Mining properties
Aset tetap	10	1,718,710	1,722,413	Fixed assets
Goodwill	13	776,943	776,943	Goodwill
Aset pajak tangguhan	33e	31,000	33,212	Deferred tax assets
Aset tidak lancar lain-lain			30,957		33,604	Other non-current assets
Total aset tidak lancar			5,092,914		5,107,181	Total non-current assets
TOTAL ASET		6,923,994	7,217,105	TOTAL ASSETS

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

	PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES
			Lampiran 1/2 Schedule
LAPORAN POSISI KEUANGAN					INTERIM CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN INTERIM PADA TANGGAL						FINANCIAL POSITION
31 MARET 2020 DAN 31 DESEMBER 2019				AS AT 31 MARCH 2020 AND 31 DECEMBER 2019
(Dinyatakan dalam ribuan Dolar AS,					(Expressed in thousands of US Dollars,
kecuali nilai nominal dan data saham)				except for par value and share data)
		Catatan/		31 Maret/	31 Desember/
		Notes		March 2020	December 2019
LIABILITAS DAN EKUITAS							LIABILITIES AND EQUITY
LIABILITAS							LIABILITIES
LIABILITAS JANGKA PENDEK							CURRENT LIABILITIES
Utang usaha	14	227,401		335,521		Trade payables
Utang dividen	27	15,213		158,374		Dividends payable
Beban yang masih harus dibayar	16	74,331		60,713		Accrued expenses
Liabilitas imbalan kerja jangka							Short-term employee benefits
pendek		3,736		4,997		liabilities
Utang pajak	33c	80,777		58,643		Taxes payable
Utang royalti	15	59,753		39,641		Royalties payable
Bagian lancar atas pinjaman							Current maturity of long-term
jangka panjang:							borrowings:
-	Liabilitas sewa	19	51,612		42,883		Lease liabilities	-
-	Utang bank	20	479,065		506,060		Bank loans	-
Instrumen keuangan derivatif -							Derivative financial instruments -
jangka pendek	18	12,810		5,936		current portion
Bagian lancar atas pinjaman dari							Current maturity of loans from
pihak ketiga	17	1,926		1,926		a third party
Utang lain-lain			13,356		17,907		Other liabilities
Total liabilitas jangka pendek		1,019,980		1,232,601		Total current liabilities
LIABILITAS JANGKA PANJANG							NON-CURRENT LIABILITIES
Pinjaman dari pihak ketiga setelah
dikurangi bagian yang akan							Loans from a third party, net of
jatuh tempo dalam satu tahun	17	9,046		9,046		current maturities
Pinjaman jangka panjang setelah
dikurangi bagian yang akan							Long-term borrowings, net of
jatuh tempo dalam satu tahun:							current maturities:
-	Liabilitas sewa	19	114,124		111,015		Lease liabilities	-
-	Utang bank	20	531,394		551,602		Bank loans	-
Senior Notes	21	734,735		734,014		Senior Notes
Instrumen keuangan derivatif -							Derivative financial instruments -
jangka panjang	18	30,873		28,857		non-current portion
Liabilitas pajak tangguhan	33e	286,544		337,202		Deferred tax liabilities
Liabilitas imbalan pasca kerja	22	72,272		81,664		Post-employment benefits
		liabilities
Provisi pembongkaran, rehabilitasi,							Provision for decommissioning,
reklamasi dan penutupan							mine rehabilitation,
tambang	23		146,588		147,709		reclamation and closure
Total liabilitas jangka panjang			1,925,576	2,001,109	Total non-current liabilities
TOTAL LIABILITAS			2,945,556		3,233,710		TOTAL LIABILITIES

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES

		Lampiran 1/3 Schedule
LAPORAN POSISI KEUANGAN					INTERIM CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN INTERIM PADA TANGGAL						FINANCIAL POSITION
31 MARET 2020 DAN 31 DESEMBER 2019				AS AT 31 MARCH 2020 AND 31 DECEMBER 2019
(Dinyatakan dalam ribuan Dolar AS,					(Expressed in thousands of US Dollars,
kecuali nilai nominal dan data saham)				except for par value and share data)
	Catatan/		31 Maret/	31 Desember/
	Notes		March 2020	December 2019
LIABILITAS DAN EKUITAS							LIABILITIES AND EQUITY
EKUITAS							EQUITY
Ekuitas yang diatribusikan							Equity attributable to
kepada pemilik entitas induk							owners of the parent entity
Modal saham - modal dasar							Share capital - authorised
80.000.000.000 lembar;							80,000,000,000 shares;
ditempatkan dan disetor penuh							issued and fully paid
31.985.962.000 lembar dengan							31,985,962,000 shares at
nilai nominal Rp100 per saham	24	342,940		342,940		par value of Rp100 per share
Tambahan modal disetor, neto	25	1,154,494		1,154,494		Additional paid-in capital, net
Selisih transaksi dengan							Difference in value from
						transactions with
pihak non-pengendali		626		626		non-controlling interests
Saldo laba	26	2,383,959		2,288,597		Retained earnings
Kerugian komprehensif lain	2h, 2i	(145,398)	(56,585)	Other comprehensive loss
Total ekuitas yang diatribusikan							Total equity attributable to
kepada pemilik entitas induk			3,736,621		3,730,072		owners of the parent entity
Kepentingan non-pengendali	28		241,817		253,323		Non-controlling interests
TOTAL EKUITAS		3,978,438		3,983,395		TOTAL EQUITY
TOTAL LIABILITAS DAN							TOTAL LIABILITIES AND
EKUITAS		6,923,994		7,217,105		EQUITY

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES

			Lampiran 2/1 Schedule
LAPORAN LABA RUGI DAN PENGHASILAN	INTERIM CONSOLIDATED STATEMENTS OF PROFIT
KOMPREHENSIF LAIN KONSOLIDASIAN INTERIM				OR LOSS AND OTHER COMPREHENSIVE INCOME
UNTUK PERIODE TIGA BULAN YANG BERAKHIR					FOR THE THREE-MONTH PERIODS ENDED
PADA TANGGAL 31 MARET 2020 DAN 2019							31 MARCH 2020 AND 2019
(Dinyatakan dalam ribuan Dolar AS,								(Expressed in thousands of US Dollars,
kecuali laba bersih per saham dasar dan dilusian)					except for basic and diluted earnings per share)
					31 Maret/March
		Catatan/		2020				2019
		Notes
Pendapatan usaha	29			750,465		846,482		Revenue
Beban pokok pendapatan	30			(552,067)	(581,750)	Cost of revenue
Laba bruto				198,398			264,732		Gross profit
Beban usaha	31			(61,959)	(68,331)	Operating expenses
(Beban)/pendapatan lain-lain, neto	32			(8,742)	2,954		Other (expenses)/income, net
Laba usaha				127,697			199,355		Operating income
Biaya keuangan				(23,823)	(19,810)	Finance costs
Penghasilan keuangan				10,400		5,749		Finance income
Bagian atas keuntungan neto										Share in net profit of
ventura bersama	11			18,445			32,716		joint ventures
					5,022			18,655
Laba sebelum pajak penghasilan				132,719		218,010		Profit before income tax
Beban pajak penghasilan	33d		(27,094)	(86,349)	Income tax expense
Laba periode berjalan				105,625			131,661		Profit for the period
Penghasilan/(kerugian) komprehensif							Other comprehensive
lain periode berjalan:										income/(loss) for the period:
Pos-pos yang akan direklasifikasi										Items that will be reclassified
ke laba rugi:										to profit or loss:
Perubahan nilai wajar aset										Changes in fair value of
									financial assets at
keuangan pada nilai wajar melalui										fair value through
penghasilan komprehensif lain	6			(1,193)	6,484		other comprehensive income
Selisih kurs karena penjabaran										Exchange difference due to
									financial statements
laporan keuangan				(16,506)	412		translation
Bagian atas kerugian
komprehensif lain dari entitas										Share of other comprehensive
ventura bersama	11			(66,982)	(24,711)	loss of joint ventures
Perubahan atas nilai wajar										Changes in fair value of
lindung nilai arus kas	18			(9,433)	9,748		cash flow hedges
Pajak penghasilan terkait pos-pos ini	33d		4,245			(4,387) Income tax relating to these items
					(89,869)	(12,454)
Total penghasilan komprehensif				15,756			119,207		Total comprehensive income
periode berjalan, setelah pajak						for the period, net of tax

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

	PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES
				Lampiran 2/2 Schedule
LAPORAN LABA RUGI DAN PENGHASILAN	INTERIM CONSOLIDATED STATEMENTS OF PROFIT
KOMPREHENSIF LAIN KONSOLIDASIAN INTERIM			OR LOSS AND OTHER COMPREHENSIVE INCOME
UNTUK PERIODE TIGA BULAN YANG BERAKHIR				FOR THE THREE-MONTH PERIODS ENDED
PADA TANGGAL 31 MARET 2020 DAN 2019					31 MARCH 2020 AND 2019
(Dinyatakan dalam ribuan Dolar AS,							(Expressed in thousands of US Dollars,
kecuali laba bersih per saham dasar dan dilusian)				except for basic and diluted earnings per share)
						31 Maret/March
			Catatan/		2020			2019
			Notes
Laba periode berjalan yang dapat								Profit for the period
diatribusikan kepada:								attributable to:
Pemilik entitas induk				98,177	118,799	Owners of the parent entity
Kepentingan non-pengendali	28			7,448		12,862	Non-controlling interests
Laba periode berjalan				105,625	131,661	Profit for the period
Total penghasilan komprehensif								Total comprehensive
periode berjalan yang dapat								income for the period
diatribusikan kepada:								attributable to:
Pemilik entitas induk				9,364	105,070	Owners of the parent entity
Kepentingan non-pengendali	28			6,392	14,137	Non-controlling interests
Total penghasilan komprehensif								Total comprehensive income
periode berjalan, setelah pajak				15,756	119,207	for the period, net of tax
Laba bersih per saham								Earnings per share
diatribusikan kepada								attributable to owners
pemilik entitas induk	35							of the parent entity
-	Dasar (nilai penuh)				0.00307	0.00371	Basic (full amount) -
-	Dilusian (nilai penuh)				0.00286	0.00346	Diluted (full amount) -

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

							PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES
												Lampiran 3/1 Schedule
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN INTERIM									INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK PERIODE TIGA BULAN YANG BERAKHIR PADA TANGGAL													FOR THE THREE-MONTH PERIODS ENDED
31 MARET 2020 DAN 2019																						31 MARCH 2020 AND 2019
(Dinyatakan dalam ribuan Dolar AS)																				(Expressed in thousands of US Dollars)
					Diatribusikan kepada pemilik entitas induk/Attributable to owners of the parent entity
												(Kerugian)/penghasilan komprehensif lain/
														Other comprehensive (loss)/income
																		Cadangan
																		perubahan
																		nilai wajar
																		aset keuangan
																		pada nilai wajar
																		melalui
																		penghasilan
																Bagian	komprehensif
														Cadangan	penghasilan/	lain/
					Selisih transaksi								atas perubahan	(lkerugian)	Reserve for
					dengan pihak								nilai wajar	komprehensif	changes in
			Tambahan	non-pengendali/								lindung	lain dari entitas	fair value of
			modal	Difference								nilai arus kas/	ventura bersama/	financial assets
	Modal	disetor, neto/	in value from	Saldo laba/Retained earnings	Translasi mata	Reserve for	Share of other	at fair value				Kepentingan
	saham/	Additional	transactions with				Belum		uang asing/	changes in fair	comprehensive	through other				non-pengendali/	Total
	Share	paid-in	non-controlling	Dicadangkan/	dicadangkan/	Foreign currency	value of cash	income/(loss)	comprehensive		Total	Non-controlling	ekuitas/
	capital	capital, net	interests	Appropriated	Unappropriated	translation	flow hedges	of joint ventures	income		interests	Total equity
Saldo pada																												Balance as at
1 Januari 2019	342,940	1,154,494	532	60,886		2,100,391	(21,470)	(9,627)	31,585	(9,332)	3,650,399	652,293	4,302,692	1 January 2019
Total penghasilan																												Total comprehensive
komprehensif																												income for the
periode berjalan	-		-		-		-		118,799		74		4,743		(24,595)	6,049			105,070		14,137		119,207	period
Dividen																												Dividends
(Catatan 27																												(Notes 27
dan 28)	-		-	-	-		-	-	-	-	-		-	(2,604)	(2,604)	and 28)
Saldo pada																												Balance as at
31 Maret 2019	342,940		1,154,494	532	60,886		2,219,190	(21,396)	(4,884)	6,990	(3,283)	3,755,469	663,826	4,419,295	31 March 2019
Saldo pada																												Balance as at
1 Januari 2020	342,940	1,154,494	626	65,063		2,223,534	(17,314)	(4,497)	(37,568)	2,794		3,730,072	253,323	3,983,395	1 January 2020
Penyesuaian																												Adjustments
atas penerapan																												upon application
PSAK 71	-		-	-	-		(2,815)	-	-	-	-		(2,815)	-	(2,815)	of SFAS 71
Total penghasilan																												Total comprehensive
komprehensif																												income for the
periode berjalan	-		-		-		-		98,177		(16,322)	(4,590)	(66,771)	(1,130)	9,364		6,392		15,756		period
Dividen																												Dividends
(Catatan 27																												(Notes 27
dan 28)	-		-	-	-		-	-	-	-	-		-	(17,898)	(17,898)	and 28)
Saldo pada																												Balance as at
31 Maret 2020	342,940		1,154,494	626	65,063		2,318,896	(33,636)	(9,087)	(104,339)	1,664		3,736,621	241,817	3,978,438	31 March 2020

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim secara keseluruhan.

The accompanying notes to the interim consolidated financial statements form an

integral part of these interim consolidated financial statements.

PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES

		Lampiran 4/1 Schedule
LAPORAN ARUS KAS KONSOLIDASIAN INTERIM	INTERIM CONSOLIDATED STATEMENTS OF
UNTUK PERIODE TIGA BULAN YANG BERAKHIR			CASH FLOWS
PADA TANGGAL 31 MARET 2020 DAN 2019			FOR THE THREE-MONTH PERIODS ENDED
(Dinyatakan dalam ribuan Dolar AS)					31 MARCH 2020 AND 2019
						(Expressed in thousands of US Dollars)
		31 Maret/March
		2020		2019
Arus kas dari aktivitas operasi					Cash flows from operating activities
Penerimaan dari pelanggan	754,228		851,976		Receipts from customers
Pembayaran kepada pemasok	(424,515)	(412,848)	Payments to suppliers
Pembayaran kepada karyawan	(84,057)	(73,612)	Payments to employees
Penerimaan penghasilan bunga	7,287		6,722		Receipts of finance income
Pembayaran royalti	(38,370)	(79,492)	Payments of royalties
Pembayaran pajak penghasilan badan					Payments of corporate income tax
dan pajak penghasilan final	(60,263)	(80,680)	and final income tax
Penerimaan restitusi pajak penghasilan	1,712		1,823		Receipts of income tax refunds
Pembayaran biaya keuangan	(13,473)	(16,878)	Payments of finance costs
Pembayaran pajak penjualan	(2,359)	(2,173)	Payments of sales tax
Penerimaan lain-lain, neto		2,130		1,632		Other receipts, net
Arus kas bersih yang diperoleh dari					Net cash flows provided
aktivitas operasi		142,320		196,470		from operating activities
Arus kas dari aktivitas investasi					Cash flows from investing activities
Pembelian investasi lain-lain	(133,576)	(7,618)	Purchase of other investments
Penerimaan hasil penjualan					Proceeds from sales of
investasi lain-lain	3,083		280		other investments
Transfer ke deposito berjangka yang
dibatasi penggunaannya	(10,801)	(8,668)	Transfer to restricted time deposits
Pembelian aset tetap	(47,915)	(64,181)	Purchase of fixed assets
Penerimaan hasil penjualan aset tetap	3,603		1,411		Proceeds from disposal of fixed assets
Pembayaran atas penambahan properti					Payment for addition of mining
pertambangan	(11,345)	(11,952)	properties
Pemberian pinjaman ke pihak ketiga	(25,000)	-		Loan given to a third party
Pembayaran atas penambahan					Payments for additional investment
investasi pada ventura bersama		-		(42,978)	in joint ventures
Arus kas bersih yang digunakan						Net cash flows used in
untuk aktivitas investasi		(221,951)	(133,706)	investing activities
Arus kas dari aktivitas pendanaan						Cash flows from financing activities
Penerimaan utang bank	40,000		-		Proceeds from bank loans
Pembayaran utang bank	(89,193)	(85,695)	Repayments of bank loans
Pembayaran dividen kepada					Payments of dividends to
pemegang saham Perusahaan	(150,014)	(75,167)	the Company's shareholders
Pembayaran dividen kepada					Payments of dividends to
kepentingan non-pengendali	(8,360)	(10,516)	non-controlling interests
Pembayaran liabilitas sewa		(15,532)	(9,856)	Payments of lease liabilities
Arus kas bersih yang digunakan						Net cash flows used in
untuk aktivitas pendanaan		(223,099)	(181,234)	financing activities

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.

PT ADARO ENERGY Tbk DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARIES

		Lampiran 4/2 Schedule
LAPORAN ARUS KAS KONSOLIDASIAN INTERIM	INTERIM CONSOLIDATED STATEMENTS OF
UNTUK PERIODE TIGA BULAN YANG BERAKHIR			CASH FLOWS
PADA TANGGAL 31 MARET 2020 DAN 2019			FOR THE THREE-MONTH PERIODS ENDED
(Dinyatakan dalam ribuan Dolar AS)					31 MARCH 2020 AND 2019
						(Expressed in thousands of US Dollars)
		31 Maret/March
		2020		2019
Penurunan bersih					Net decrease in cash
kas dan setara kas	(302,730)	(118,470)	and cash equivalents
Kas dan setara kas					Cash and cash equivalents at
pada awal periode	1,576,191		927,896		the beginning of the period
Efek perubahan nilai kurs pada					Effect of exchange rate changes on
kas dan setara kas		(22,788)	3,945		cash and cash equivalents
Kas dan setara kas pada akhir						Cash and cash equivalents at the end
periode	1,250,673		813,371		of the period

Lihat Catatan 37 untuk penyajian informasi arus kas Grup.

Refer to Note 37 for presentation of the Group's cash flow information.

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan	The accompanying notes to the interim consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian interim	form an integral part of these interim consolidated financial statements.
secara keseluruhan.