b'FINANCIAL AND OPERATIONAL PERFORMANCE 2019FinanceIn the past fiscal year, Staatsolie: Prepared to enter the international capital markets in 2020 and thereafter. Anticipated the need to issue bonds and expects to float part of the shares in the future, andthus, focused on putting in place improved internal controls and making process improvements necessary to meet the highest reporting requirements of our industry.2019 KEY FOCUS 2020 KEY FOCUS Transitioning to a world-class financeCompleting the transition.organization, a 24-months process.Thestrengtheningandreadinessofourfinanceorganization as we enter the international capital marketsare the major themes of both 2019 and the year ahead.A. Moensi-SokowikromoFinance DirectorFinancial StrengthStaatsolie is financially sound and stronger than ever. The integrated and low-cost nature of Staatsolies oil business combined with investments in gold and power generation creates a diversified revenue base that mitigates cash flow volatility across the commodity price cycle, and results in a financial resilience that is rather unique in the industry. In 2019 Staatsolie recorded consolidated revenues of US$ 500 million, an EBITDA of US$ 368 million, an EBITDA margin of 73%, a profit before tax of US$ 180 million, a net profit of US$ 120 million, a consolidated year-end balance sheet total of US$ 2.4 billion with equity of US$ 1.3 billion. For 2019 the following credit metrics are recorded: a DSCR of 4.1, Debt/EBITDA leverage ratio of 1.9 and a Debt/Capital ratio of 35%.US$ 5001.9milliongross revenues atyear end 2019 US$ratio of debt to 368 million EBITDAEBITDA at year 10 STAATSOLIE 2019 ANNUAL REPORT end 2019'