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IKA BETHARI
CFO & Director of Corporate Planning
PT Mitrabahtera Segara Sejati Tbk (MBSS)
Linkedin @Ika Bethari
BRIEF BIOGRAPHY
PROFESSIONAL ACHIEVEMENTS
1. Awarded Ranked#1 Indonesia BEST CFO 2014 by SWA Magazine Indonesia
2. Awarded as Inspirational Woman 2012 in Mining and Logistics Industry by Anugerah
Perempuan Indonesia
3. Awarded as Executive Woman 2004 Dewi Magazine Indonesia
4. One of the Technical Interviewer for Selecting a Director of KPK 2004
Born in Salatiga, 21 September 1969
Ika graduated from the University of Indonesia (UI), considered as the most
prestigious university in Indonesia and the oldest tertiary-level educational
institution in the country.
A brief background about the company MBSS (PT Mitrabahtera Segara
Sejati Tbk). MBSS is a leading Indonesian provider of integrated one-stop
sea logistics and transportation solutions for bulk materials particularly coal.
Drawing on 20 years of experience in the business, MBSS has earned a
reputation for high quality, reliable service. MBSS’ clients comprise top tier
coal producers and end-users in Indonesia. The Company was found in
1994 in Jakarta, Indonesia as a shipping company. Over time, it expanded
its facilities, fleet and overall services to become a premier provider capable
of consistently meeting client requirements.
2012 – present Chief Financial Officer and Corporate Planning Director of MBSS
2010 – 2012 Director of Corporate Planning, Pricing Strategy and Investor Relations MBSS
2008 – 2011 Member of the Risk Management Committee of PT Petrosea Tbk
2008 – 2010 Senior Vice President Corporate Planning of PT Indika Energy Tbk
2005 – 2010 Member of the Audit Committee of PT PP London Sumatera Tbk
2006 – 2008 Vice President Risk Management and Corporate Control of
PT Surya Citra Televisi and PT Surya Citra Media Tbk
2005 – 2006 Chief Audit Executive and Vice President Research and Development of PT
Surya Citra Televisi
2004 – 2006 Independent Commissioner and Chairman of the Audit Committee of
PT Courts Indonesia Tbk
2001 – 2004 Senior Manager Business Risk Consulting at Ernst & Young, Jakarta
1998 – 2001 Senior Manager Global Risk Consulting Management Solutions,
Price Waterhouse Coopers, Jakarta
1996 - 1997 Assistant Manager Business Advisory and Assurance at Price Waterhouse,
Australia
1993 – 1996 Financial Auditor at Arthur Andersen, Jakarta

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SUMMARY OF ROLES AND RESPONSIBLITIES, EXPERIENCE AND ACHIEVEMENTS
CFO and Corporate Planning Director of PT Mitrabahtera Segara Sejati Tbk (MBSS)
Ika was appointed as CFO and Corporate Planning Director of the Company in the 2012 MBSS
annual shareholders meeting. Prior to the above Ika was responsible for corporate planning,
strategic pricing and investor relations during her tenor as Director for MBSS 2010-2011. Since
joining MBSS in 2010, the Company performance has been improved significantly. With her roles
she has contributed positively to the Company’s performance improvement as shown in detailed
italics below.
As a result of prudent business and pricing strategy
implementation, MBSS has recorded significant continuous
growth since the company went listed in 2011.
As shown in the Revenue graph, after it went public in 2011 and
Indika group took 51% of its shares, the company’s revenue grew
almost to 58% from USD 76.7m to USD 121.6m.
The coal price has plunged since 2012 and has not yet come
back until now; nevertheless MBSS continue to record revenue
growth. In 2013, the revenue has almost doubled the amount
compared to the time it went public in 2011.
Aligned with the growth in revenue, the Company’s EBITDA also
grew significantly to 55% increase from 2010 to 2011. In terms of
EBITDA margin, it kept improving from 45% in 2010 to 47% in
2013.
This is a result of strategic pricing initiated by the new
management that took over MBSS after it went public. The
contracts were structured in a way that MBSS was still able to
offer competitive pricing while maintaining better margin. In
addition, management implemented an operational performance
improvement initiative that has improved the overall company
cost structure.
MBSS net income grew almost 50% between 2010 to 2011, and
continues to grow until 2013. This was aligned with the growth in
revenue and EBITDA.
In 2013 almost 30% of MBSS contract has expired whilst the
gloomy coal market put a price pressure in all coal related
industry including the logistic industry. To be able to renew
contracts MBSS had to offer lower pricing which consequently
margin become thinner.
It is a great blessing that MBSS management took refinancing
activities in 2013 that lowered down the interest expense, this has
helped the overall of MBSS performance and enable MBSS to
record growth in 2013 net income at a level of USD 38.3m.

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For the past four years at MBSS here are some points of strategies and initiatives that Ika has
contributed to MBSS in the achievement shown in the previous page.
I. Improvement of the overall finance structure.
Working Capital and
Cash Management
Commercial Aspect
of Financial Structure
In her first 3 months as the CFO, Ika focused her effort in improving
the company cash flow by way of improving the billing and
collection process, structuring the capital expenditures and bank
refinancing for better operational/internal cash position. As a result,
the first half of 2012 cash position was doubled compare to the year
beginning balance.
At the end of year 2012 MBSS cash balance was at USD 17.7m.
This had increased significantly compared to the balance amount of
USD 6.3m in 2011 and in 2010 of USD 3.6m. With persistent effort,
Ika led the team to continuous improvement of the company’s cash
management and was able to achieve the cash balance of USD
43.9m at the end of year 2013.
Ika had to ensure in 2013 onward the company would be able to
service its debt repayment and continue to offer competitive pricing
to its client.
Under the current prolonged bearish coal industry and overall world
economic slowdown, MBSS revenue/sales in the next few years
might not be as good as in 2012 and it would affect the ability of the
company to service its debt as well as to continue to offer a
competitive pricing scheme. Ika took initiative to undergo the
refinancing as part of the liability management in addition to the
objective of lowering down the overall cost of fund.
She led the Finance team to evaluate the risks profile, identifying its
strength and explored it as a negotiation factors when dealing with
the lenders. With her risk management background she was able to
point out the key strength of MBSS amongst others are:
a. MBSS only deals with first and second tier coal producers
with proven track record. They tend to be less fragile under
this coal bearish condition compared to smaller scale coal
producers.
b. Almost 90% of MBSS’ fleet is working under long-term
contract; this provides revenue stream and cash flow
assurance as a source of loan repayment.
c. MBSS contract has a minimum volume guarantee; this
would provide a ”floor” or minimum revenue per annum
from each client. Again, this provides revenue stream and
cash flow assurance as a source of loan repayment.
d. MBSS contract has a “pass through mechanism” on fuel
price fluctuation risk, thus MBSS is not exposed to any fuel
price risks.
e. Almost 100% MBSS’ contract and revenue is in USD, whilst
the loan as well as almost all expenses is also in USD, this
provides a natural hedging for the foreign exchange rate
exposure.
f. MBSS’ has a strong backlog when refinancing was done.

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Investment Strategy
and Initiatives
II. Strategic Pricing and
Business Development
Strategic Pricing
MBSS successfully completed the refinancing initiative with two
International banks: ANZ and Standard Chartered Banks; they
recognized MBSS’ solid performance and risks profile. This refinancing
has brought MBSS cost of fund from previously at 5.75% - 6% down to
3.25%+ LIBOR for the term loan and 3%+ LIBOR for the demand loan.
MBSS was very proud of this achievement especially under the
depressed coal market condition and world economic slow down that
the company was still able to convince the International financial market
of its robust overall risk management and operational performance.
With refinancing MBSS would benefit from:
a. Lower interest rate: This would lead to a better financial performance
as the interest expense is much lower compared to before it was
refinanced.
b. Lower cost of fund: Translated from lower interest rate from the
commercial point of view, lower cost of funds compared to competitors
made MBSS to have efficient cost structure and enable MBSS to offer
more competitive pricing scheme.
c. More efficient banking administration: From managing more than 10
loan facilities in the past to only one facility under syndication loan of
ANZ and SCB.
d. More flexible cash position: With ballooning or semi bullet payment
scheme, this would free up cash in the first few years and give MBSS
more cash flexibility and preservation. Should the overall economic
conditions improve and coal industry picked up, MBSS would then have
sufficient internal cash to expand its business.
In addition, through this refinancing strategy, MBSS was able to
optimize its funds placement in 2013 by successfully placing funds in
investments with higher yields than the cost of funds (positive carry).
More structured working capital management in which the composition
of the funds placed was aligned with working capital needs and the
excess was invested at higher yields.
With her background and experience in Merger and Acquisition she
gained during her time as Finance and Corporate Planning at The Indika
Energy Group, Ika has obtained comprehensive knowledge in strategizing
for any investments made for MBSS, translated into pricing and return
that would ensure the expected investment rate of return and pay back
period is achieved.
However, to be able to compete within more fierce market, Ika has to be
more innovative in preparing for attractive pricing scheme and contract
structure that would provide a win-win situation for both MBSS and client.
Ika is responsible to strategize, prepare and review pricing scheme for
each and every client that enters into any term contract with MBSS, whilst
for the spot market, the Marketing Director is responsible for the pricing
based on criteria that have been set out by Board of Directors.

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Business Developments
III. Corporate Planning
MBSS Plan and Budget
Monitoring and
Reforecast
To respond the depressed coal industry and slow down in global
economy, MBSS has set out couples Business Development Strategy:
A. Oversell Marketing Strategy
To sell 150% from MBSS total capacity, Ika believed the overselling
implementation strategy is very crucial under the current bearish market
conditions. In 2014 almost 30% of MBSS contract will expire, although
MBSS is confident that they would be able to renew their contract, but
with Ika’s risk management background she was able to convince the
BOD to do the overselling. This to protect MBSS from the downside risks
if some contracts cannot be renewed. Should MBSS able to renew the
entire expiring contract and sell more than 100% of its capacity; any
excess requests could be catered by renting out from a third party.
B. Diversification Strategy
To reduce dependency to coal market/sector and domestic market, a
diversification strategy has been one of the Key strategic priorities in 2013
for years to come.
Diversification includes:
i. More varied client portfolio comprising coal producer and end users,
which have different fleet utilization profiles. As such, the decrease in
demand from producers was offset by increased demand from coal end
users and vice versa.
ii. Diversifying cargo away from coal producers and end-users to other
natural resource cargos such as: iron ore, bauxite, cement clinker, as well
as pipes for the oil and gas industry. MBSS has also made preparations
to transport CNG starting in 2014.
iii. Diversifying its “operational areas” to include transportation to
expanding Asian countries.
C. Brokering Strategy
To grow revenues through more aggressive brokering of third party
managed vessels.
D. Contract Portfolio
Maintaining the most optimal composition of long term versus spot
contracts. Long term contracts with minimum tonnage clauses provides
certainty of more stable and continuous income, while spot contracts have
the potential to generate more margin and improve flexibility of the fleet
allocation despite lower income stability compared to long term contracts.
Ika is responsible to lead the Corporate Planning team for the preparation
of MBSS’ Annual and long term Plan and Budget.
This requires an overall understanding of clients industry as well as the
shipping industry itself.
She also is responsible to monitor the actual performance and adjust the
budget accordingly to reflect the most recent and relevant assumptions
underlying the Budget.

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Capital Expenditures
Performance
Improvement
IV. Investors Relations
V. Accounting and Taxation
SUMMARY OF OTHER EXPERIENCE AND BACKGROUND
Corporate Planning Head of PT Indika Energy Tbk and Risk Management Committee of PT
Petrosea Tbk.
Ika joined PT Indika Energy Tbk – the holding company in 2008 and became Senior Vice
President of corporate planning and M&A. She has 3 years experience as Corporate Planning
and MNA at Indika Group and 2 years experience as Risk management committee at Petrosea.
Head of Corporate
Planning
Merger & Acquisition
Ika is responsible in reviewing the capital expenditures plan and
strategy, as well as the commercial aspect and pricing strategy of new
project.
Together with her team, Ika is responsible for reviewing financial and
operational performance and to identify any potential improvements.
She is also responsible in encouraging the relevant team to do
improvements based on the corporate performance evaluation.
Responsible to communicating the Company’s performance to the
investors, analyst and shareholders.
Responsible for the company’s book and reporting to regulators.
Ika responsibilities amongst others:
a. Worked together with BOD of Indika subsidiaries in preparing the
annual and long term plan as well as budget.
b. Prepared group general assumptions, discussed and agreed the
subsidiaries operational assumptions
c. Assisted the subsidiaries aligning their plan and budget with the
group.
d. Reviewed and aligned the group and subsidiaries capital
expenditures plan and prioritized capital allocation/distributions
within the group based on the commercial values and risk
profiles.
Her responsibilities covered:
a. Managed due diligence process: financial, technical and legal
aspects include conducted site visit and assets evaluation.
b. Lead the target valuation modeling, analyzed the due diligence
result and factored it into the valuation (pricing).
c. Managed the transaction structuring process.
d. Involved in negotiation of the price transaction.

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Vice President Risks Management & Corporate Control PT Surya Citra Media Tbk & PT
Surya Citra Television
After gaining numerous experience from being in financial audit & operational audit as well as
strategic consulting in risk management, corporate governance and business process
reengineering. With her wide range of skills and experience she was entrusted to become an
Independent Commissioner in PT Courts Indonesia Tbk from 2003 until she decided to leave the
position in 2007. From 2005 up to 2008, Ika was entrusted to handle some positions in SCM &
SCTV group as well as its sister company PT PP London Sumatra Indonesia Tbk.
5 Years experience as Audit Committee Member of PT PP London Sumatra Indonesia Tbk
From October 2005 to August 2010, Ika was a member of audit committee of PT London Sumatra
Tbk (a palm oil plantation company).
3 Years experience as Independent Commissioner & Head of Audit Committee PT Courts
Indonesia Tbk.
From November 2004 to September 2007, Ika was an Independent Commissioners of PT Courts
Indonesia Tbk (“Courts Indonesia”) and was the Chairman of the Audit Committee. Courts
Indonesia is a retail company with more than 300 outlets spread in Bali, Java & Kalimantan that
sells electronics, home appliances & furniture. It is a subsidiary of Courts Mammot Berhad
Malaysia (listed) & Courts UK. In 2007, Ika was requested by SCTV and London Sumatra group
to be more focus in their groups that she tendered her resignation to Courts Indonesia
Shareholders.
5 Years Career as a Strategic and Risk Management Consultant
In 1999, PWC Jakarta established its consulting division called: Global Risk Management
Solutions - PricewaterhouseCoopers. Ika who has extensive audit experience in various
industries was considered as one of the best candidate. Her experience in various assignments
and industries has broadened Ika’s knowledge and give her an ability to view things from many
perspectives. Those qualities amongst of many others are needed to become a consultant. In the
early phase of Global Risk Management Solutions (GRMS) establishment, the focus areas were
Corporate Governance and Risk Management.
Almost 3 years tenor as head of corporate planning and M&A, Ika had
successfully managed due diligence and M&A process of PT Petrosea Tbk
(2009), PT Mitrabahtera Segara Sejati Tbk (2011) and conducted due diligence
and transaction structuring for several others companies/assets (M&A target)
mostly coal companies.
Following the successful acquisition of PT Petrosea Tbk (Petrosea) in 2009, Ika
was entrusted as the Risk Management Committee at Petrosea. Petrosea, a
mining contractor company that heavily spend capital expenditures for mining
equipment purchasing. Ika was responsible to review the economic of the project
and any proposal tendered by Petrosea. This included reviewing contract pricing
capital expenditures plan and strategy.
Ika closed her involvement in M&A activities after successfully managed
acquisition of PT Mitrabahtera Segara Sejati Tbk. She was entrusted as the
Corporate Planning Director and Investor relationship for PT Mitrabahtera Segara
Sejati Tbk.

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Ika was involved in the first project of Indonesian Corporate Governance movement; a combine
effort project of ASIC- Australia and Bapepam. Following that project, Ika was entrusted as a
manager in assisting 10 recapitalized bank under IBRA in assessing and improving their
Corporate Governance Practices.
Being recognized as one of the consultant who has extensive and hands on experience on
Corporate Governance, Ika was entrusted as a regular speaker in Corporate Governance
classes/ seminars /workshops conducted by CLDI, LKDI, IIA, IAI etc.
In 2001 Ika resigned from GRMS PricewaterhouseCoopers and joined Business Risk Consulting -
Ernst & Young as a Senior Manager in Corporate Governance and Internal Audit areas. Her
desire to always improve her capabilities and skills lead her to undertake Certified Internal
Auditors’ exams (an international certification for Internal Auditors) and holds the CIA certification
in 2003.
Ika was entrusted by Departemen Perhubungan to sit as Steering Committee on PSO project of
PT KAI & PT Pelni. Ika developed & introduced “PSO Governance” framework & concept as a
practical & holistic solutions for SOE with PSO functions. This framework then adopted by Asian
Development Bank in assisting Ministry of SOEs in privatization & business process re-
engineering program.
Her last assignment with EY is as technical advisor for KAI & PELNI Performance Audit where
she introduced the concept of “ strategic in-efficiency vs operational in-efficiency”. With that
concept she was able to isolate problems caused by government/ regulators and the one caused
by SOE at entity and operational level.
5 years Career as Operational as well as Financial Auditor
Ika started her career with Arthur Andersen as an auditor in 1993 and was involved in liquidation
processes of one of the big bank: Bank Summa (Astra Group) and financial audit of Tira Group
(manufacturing industry).
In 1996; she moved to Pricewaterhouse (which merged with Cooper Lybrand in 1998) and was
seconded to PricewaterhouseCoopers Sydney (PWC) office for about one year. During her stay
in Sydney office, she developed her expertise in auditing insurance and financial institutions.
Back to PWC Jakarta Ika was entrusted to lead audit group of insurance industry where she
managed audit, due diligence and special review of major multinational and local insurance
companies.