Solusi Bersih TBS
Waste Management
Growth Strategy
April 2025
Acknowledgement
Case Developers
TBS Sustainability Team
Nafi Sentausa - SVP Corporate Strategy and Investor Relation
Triana Krisandini - SVP Sustainability
Albert Phanama - Sustainability Associate
Ahmad Rizki Fauzan - Corporate Strategy Associate
Special thanks to
BCC Officers,
Ivonne Qiu, Mentor of the GBCC Officers
Nayla Yasmin Iskandar, Managing Director of Gandeng Foundation
Yvonne Jacqueline Eugenia, Project Officer GBCC
Nicolas Fabiano Hosea Ginting, Director of Event
Alpha Novrigian, Director of Marketing
Helena Sophia Evangelica, Director of Sponsorship
Stella Seraphine, Director of Partnership
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Table of Contents
Laying out The Groundwork 3 Waste Management Business 16
Letter from TBS SVP Sustainability 6 Ames & ARAH Acquisition 17
About TBS Energi 8 Waste Management Ambitions 18
Core Business Pillars 9 Leveraging Assets and Operational 19
Track Record 10 Experience
Waste Management Business 13 Innovative Solutions 20
Growth Potential 14 Coverage Services Area 21
Case Study 22
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By: Rivaldo Gere Gurky
Founder of Gandeng Foundation & Galfa Capital.
Indonesia Gelap? Market Crash? These are just some of the trending
hashtags and campaigns circulating among the youth, especially
KaburAjaDulu.
But why? Everything can actually be explained. Take this, for example: other
countries’ capital markets are thriving while ours struggles. The reason is
simple, our economy is less integrated globally. But KaburAjaDulu? That
won’t solve anything. Smart, talented people like you should stay in
Indonesia. Together, we learn, grow, and fight for a better country.
And learning? I have no doubt. Today, university students are more
ambitious than ever. I once asked a freshman, "How many competitions have
you participated in?" She answered, "Twelve." Maybe she’s in this
competition too, this could even be her 100th. And let me guess, most of
them were business cases or business plan competitions. It seems like
everyone wants to be a business consultant now, and I get it. The prestige,
the brand recognition, the monetary value, it all makes sense.
3
But here’s the thing, I’ve rarely come across a local, truly competitive business case
competition that pushes participants to engage in high-level problem-solving and strategic
thinking. This is exactly why Gandeng created this competition, to bridge that gap and provide
an experience that mirrors the rigor and depth of MBA-level case competitions worldwide.
More than just a challenge, this is a gateway for future business leaders to sharpen their
critical thinking, problem solving, and communication skills. You’ll tackle real world business
dilemmas, engage with top level executives, and refine your ability to develop actionable,
data-driven recommendations.
What Sets Winners Apart?
To stand out, you’ll need to go beyond conventional solutions. Winning isn’t just about
answering the case, it’s about anticipating the client’s unspoken needs and delivering
insights they haven’t even considered. Success in this competition requires:
Iterative Thinking – Back in the day, I believed that if I could come up with an idea the
company hadn’t executed yet, it must be a brilliant idea. But here’s the reality: the company
has likely already thought of it, and decided not to pursue it for a reason. When
brainstorming with your team, it’s normal to have that "Jirr, this is the best idea!" moment.
Trust me, the company has had that moment too. Go deeper.
Engagement with Experts, Not Just Google – How do you shortcut the learning curve?
The best solutions come from those who seek perspectives beyond secondary research.
Find experts on LinkedIn, send them a message, and ask for a quick call. A one-hour
conversation with the right person can be worth more than hours of Googling.
4
Quantitative Rigor – Bold ideas need strong evidence. Numbers matter. The best ideas are
always:
a. The easiest to execute
b. The ones that generate the highest impact (monetary and non-monetary)
c. The lowest in risk
d. These three factors are non-negotiable. And the only way to make your argument
objective? Quantify everything. And please-no bullshit. Random primary survey,
inflated markups. We can see right through it.
Leverage AI, But Don’t Rely on It – Tools like ChatGPT can help refine your ideas, but
human expertise is irreplaceable. A practical tip? When using AI, frame your prompt like
this: "Imagine you’re the owner of this company and also the SVP of sustainability. What
challenges would you pose to us? Specifically regarding practicality, risk, and reward." AI is
great, but real-world practicality matters more.
A Compelling Executive Summary – Your executive summary should hook the reader
immediately. The best strategies are the ones that get remembered. With hundreds of
applicants, do you really think we’ll go through every idea in detail? No way and you
already know this. Start with an intriguing hook in your deck title, then deliver a concise,
high impact one pager outlining your solution.
At the end of the day, winning isn’t just about answering the case, it’s about owning it. That
means truly putting yourself in the company’s shoes and thinking like a decision maker.
“Think like a consultant, innovate like a scientist, execute like a startup.”
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Letter from SVP Sustainability
Dear Students,
Welcome to the 2025 Gandeng Business Case Competition.
PT TBS Energi Utama Tbk is proud to be this year's case company. We're excited
to have you with us, bringing fresh ideas and perspectives to an important
challenge. PT TBS Energi Utama Tbk ("TBS") today is a manifestation of our
sustainable business transformation process. We began in the mining industry,
and as time passed, we gained more knowledge about the importance of
sustainability from a profitability standpoint and how TBS as a business entity can
significantly improve the quality of community life and the environment.
TBS has always been a company that evolves with time. We began as a coal
company, then expanded into the broader energy sector. Today, we are proud to
be transitioning into a low-carbon business, focusing on waste management,
electric vehicles (EV), and renewable energy. This transformation is not just a
business strategy—it is our commitment to a sustainable future.
The world is changing, and so are the expectations for businesses. Sustainability
is no longer optional; it is a responsibility. That is why we have set an ambitious
goal: TBS 2030. Our vision is to become a carbon-neutral company by 2030,
ensuring that while we continue to grow, we do so responsibly, with a clear focus
on reducing our environmental impact. 6
At TBS, we believe that businesses must not choose between sustainability and profitability
—both can and must go hand in hand. We are committed to driving innovation, fostering
responsible business practices, and leading the transition to a greener economy. This is not
just about compliance; it is about ensuring a better future for generations to come.
We recognize that this journey is not easy, but we are prepared to take bold steps. Our
investments in waste management, EV, and renewable energy are just the beginning. We
are determined to create a business that thrives while making a positive impact on the
world.
Your Task is :
How can ARAH expand its medical waste management business in Indonesia, and what
innovative products and services can accelerate its financial growth? Additionally, how
can TBS position itself as a pioneer in industrial transformation, leveraging its reputation
as a well-known waste management company to transition from a brown industry to a
green industry and establish itself as the first mover in the low-carbon sector?
We encourage you to think beyond the obvious. The transition to a low-carbon economy is a
complex challenge that requires innovative thinking and collaboration. As we move forward,
we must explore new ways to ensure business growth while prioritizing sustainability. How
can we drive change, create long-term value, and remain at the forefront of the industry?
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About TBS Energi Utama
Indonesia’s Integrated Energy Company
in Transition towards Sustainability
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4 core business pillars
TBS Energi Utama is an integrated energy company in Indonesia,
focusing on four core business pillars: coal mining and trading,
plantation, power generation, and sustainability-centered business.
The company holds approximately 14 million tons of coal reserves,
supporting a coal mining and trading operation that produces 3 to 4
million tons per year. TBS also operates a plantation business with
Total Equity in US$ M
2,738 hectares of land, yielding 111,000 tons of Fresh Fruit Bunches
(FFB) annually. In power generation, TBS runs over 200 MW of coal-
fired power plants, with plans for further growth.
Looking towards the future, TBS is expanding its sustainability-centered
business by targeting more than 100 MW of installed renewable energy
With proven historical track record of growth capacity by 2025 and engaging in joint ventures with Gojek to develop
electric vehicle (EV) infrastructure.
Additionally, TBS is integrating medical waste management as part of its
sustainable growth strategy. The company has demonstrated a strong
track record of growth, with its total assets increasing at a 14%
compound annual growth rate (CAGR) from 2018 to 2023, while total
equity grew at a 15% CAGR over the same period. This proven growth
trajectory positions TBS for continued success as it transitions towards
Total Assets in US$ M more sustainable business practices. 9
Track Record
TBS has a proven track record of transitioning from a coal-based energy company to a sustainability-focused integrated energy company.
TBS Future
Green
Growth Frontier
Financing Facility SPA for Sembcorp Financial Close & Reservoir agreement ARAH Acquisition Launch of the Inaugural Product &
from the Asian Environment Signed PPA with off- with BP Batam for Solar (Dec 2023) COD Electrum (Nov 2023)
Development Bank Acquisition (Nov 2024) taker PLN Batam for 46 PV (Dec 2023)
(ADB) (Dec 2024) MWp (Oct 2024)
Energy Generation (CFPP) AMES-Medical Waste
Management
JV with GoTo for EV
Acquisition (Aug 2023)
MCL Divestment Ecosystem
PPA Subagut-1 (GLP) PPA Sulut-3 (MCL) Paiton Energi COD Sulut-3 (MCL) Closing (Mar 2025) (Nov 2021)
(Jul 2016) (Apr 2017) Acquisition 5% (2018) & Sulbagut-1 (GLP)
& Divestment (2021) 2021
ABN
, IM
Gre &T
enfi MU
eld
IPO
(Jul 2
012)
Energy Resources
10
Leveraging market upsides to recycle our
earnings into green businesses
11
Market The company plans to recycle the earnings from these traditional
energy sources into renewable energy initiatives and electric
Price vehicle (EV) technologies. The steady cash flow from its coal-fired
power plants and market price upsides in coal mining provide the
Upsides financial foundation to invest in renewable energy projects,
including wind and solar power, as well as carbon credit
generation.
Additionally, TBS is venturing into the electric vehicle space with
Electrum, a project aimed at promoting electric motorcycles as part
of the push towards eco-friendly transportation. This move is in line
with the company’s broader commitment to sustainability, as it
Transitioning from Fossil Fuels helps reduce carbon emissions while promoting clean mobility
solutions. TBS is also expanding into waste management, offering
to Sustainable Solutions integrated solutions for waste disposal and recycling to support the
transition to a circular economy.
TBS is focusing on transitioning from fossil fuel-based
industries to more sustainable practices by leveraging its These initiatives showcase TBS’s strategy to shift from reliance on
assets in coal mining and coal-fired power generation. fossil fuels to a more diversified, environmentally conscious
business model.
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Waste Management Business
To be at the forefront in solving waste management challenges in the Region
Rapidly Escalating Medical Overpopulated Landfill as Neglected Hazardous Inadequate EV Battery
Waste Generation 1st Choice of Waste Waste Solutions Waste Disposal
Destination
Social Health Insurance (BPJS) Rising population and lifestyle Electronic waste (“e-waste”) and Rise of electric vehicles and
and urbanization give increased choices lead to higher waste hazardous waste from Hybrid cars ownership leads to
access to healthcare, while an generation with only 2% of 5bn commercial properties are not improper EV battery waste
aging population in increases PET bottles produced is from properly managed disposal that poses a threat to
healthcare demand recycled materials and 40% human health and environment
ended up in landfill
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The growth potential in
the medical waste market
Aging Population, Waste Regulation & Increased focus
on sustainability as key drivers of growth
Projecting an annual growth rate of approximately 7%. The global medical
Aging Enforcement of Increased focus on
waste market is expected to reach $23.6 billion by 2030, with the Asia-Pacific
Population Waste Regulation Sustainability (APAC) region being the largest contributor to this growth. .
Aging population, particularly those 65 and older, increases
healthcare consumption, driving higher demand for
healthcare services and medical waste.
Enforcement of waste regulations. Increased scrutiny and
stronger enforcement of waste management regulations
Growth in the global waste management market
have made it imperative for businesses to comply with
from 2019 to 2024
proper waste disposal practices.
The APAC region exhibits the highest growth rates, offering a significant market
opportunity for medical waste management and recycling. This growth is fueled by
Increased focus on sustainability reflects pressures from
expanding healthcare infrastructure and greater awareness of proper medical waste
both society and businesses to adopt more environmentally
disposal. While other regions also show growth, it is at a slower pace compared to
sustainable practices.
APAC.
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Promising Growth Potential
Industrial waste sector, driven by rapid industrialization, the expansion of key industries, and
increasing pressure from Environmental, Social, and Governance (ESG) factors. These elements
are contributing to the growing generation of industrial waste, which presents a significant
opportunity for waste management services.
Rapid Industrialization
Growing economies, driving infra and industrial developments.
Growth of key industries
Robust growth from key industries including Semiconductor, Pharma, Pethrochemicals.
Focus on ESG
Pressures from wider community to business with regards to environmental sustainability.
... With key industrial segments to have steady growth going forward
Semicondutcor Pharmaceuticals Semicondutcor
7% 14% 3-5%
CAGR until 2030 CAGR until 2030 CAGR until 2030
Global Market Size Growth 15
Overview – TBS embarked on its Waste Management
business through AMES & ARAH acquisition
16
TBS continued on its growth through the Singapore Based Medical Waste Management
Acquisition of Asia Medical Enviro
Services (AMES) 75%
Market Share
>30
Years of experience
TBS operates in several industries, including mining, palm oil plantations,
coal-fired power plant, and renewable energy & electric vehicles (EV). >5,000 ~60%
Tons of waste EBITDA Margin
processed
Waste management is a significant part of their operations,
Indonesian Based Medical Waste Management
with a dedicated focus on both Singapore based and Indonesian based
In Indonesia, TBS continues to manage medical waste
medical waste management.
across various sectors, including hospital, clinics, office
buildings, commercial building, factories, and residential
areas.
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Waste Management Ambitions
TBS Waste Management Business is focused on expanding its services in
medical, commercial, industrial, and recycling sectors, with an emphasis
on building an integrated waste management platform.
In the medical sector, TBS serves hospitals, clinics, and research
institutions, providing waste collection, processing, and disposal services.
For the commercial sector, the company offers waste management
services to office buildings, malls, and residential complexes, focusing on
both hazardous and non-hazardous waste.
In the industrial sector, TBS caters to industries like semiconductor,
pharmaceuticals, and petrochemicals, offering waste processing, recycling,
and treatment services. Additionally, TBS is investing in the recycling
market, with a focus on plastics, batteries, and electronic waste. With a
growth strategy targeting underrepresented markets in Indonesia,
especially Greater Jakarta, TBS is committed to expanding its footprint in
the region and acquiring key partnerships for continued success.
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Leveraging our well established
assets and SG operations experience
TBS leverages its well-established assets and operational
experience in both Indonesia and Singapore to strengthen its
waste management capabilities.
In Singapore, TBS operates the Singapore Incineration Plant in
Tuas, which is equipped with two incinerator units and has an
installed capacity of 14 tons/day.
In Indonesia, TBS operates the Sukoharjo Incineration Plant in
Polokarto, which consists of three incinerator units with an
installed capacity of 21 tons/day. Additionally, the Bogor
Incineration Plant in Cibugis operates one incineration unit with
an installed capacity of 18 tons/day.
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Innovative solutions as an integrated
waste player
The company serves a wide range pf waste producers, including hospital,
clinics, offices, commercial buildings, factories, and residential areas. TBS
utilizes a technology-based interface to manage and track waste, ensuring
efficient waste collection and processing.
TBS operated a licensed fleet to handle various types of waste, including medical waste,
general hazardous waste (incl. batteries), domestic waste, and electronic waste. The
fleet is equipped to transport waste to licensed processing facilities in both countries.
These facilities include medical waste processing plants in Singapore, general hazardous
waste processing in Indonesia, and recycling facilities for organic and inorganic waste.
TBS also focuses on scrap electronic trading and recycling, contributing to the
sustainable management of electronic waste.
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Current Services Coverage
TBS, through ARAH & Ames, operates across two countries, covering
15 provinces in Indonesia and 4 densely populated islands. The
company’s services span provinces such as DKI Jakarta, Banten, West
Java, Central Java, D.I. Yogyakarta, East Java, North Sumatra, South
Sumatra, Lampung, Bali, and East Kalimantan.
TBS is also active in Singapore. Their operations include more than
5,000 waste collection points, and they are involved in incinerating
approximately 10,000 tons of waste annually by 2023.
The company has 10 licensed waste storage sites, which are located
in key cities including Medan, Pekanbaru, Palembang, Bogor, Bandung,
Semarang, Gresik, Banyuwangi, Makassar, and Balikpapan.
These facilities cater to hazardous storage, hazardous processing,
domestic waste, and electronics warehousing, supporting a sustainable
approach to waste management. TBS also operates a fleet of 55 trucks
to manage the transportation and processing of waste efficiently,
ensuring services across regions with varying population densities. This
strategic coverage enables TBS to handle diverse waste management
needs throughout Indonesia and Singapore.
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Case Study
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Semifinal Round
Case Objectives: TBS aims to achieve a 2025 EBITDA target of $1.5 million for ARAH, with further growth projected to reach a 2026
EBITDA of $2.5 million.
Key Questions:
How can ARAH achieve its 2025 EBITDA target?
How can TBS leverage its reputation in waste management to lead industrial transformation, transitioning from a brown to a green
industry and establishing itself as a first mover in the low-carbon sector?
Main Content (10 Pages Deck - PPT) Requirements
Market & Competitive Analysis Cover Page: Must include Gandeng + TBS logos, team
Market size, positioning, strengths, and weaknesses name and team member’s name
Growth Strategy Logo can be accessed here: Logo
Target segmentation, geographic expansion, partnerships, and Submit in a PDF file (Team Name_GBCC2025)
product/service differentiation Example: Team Gandeng_GBCC2025
Feasibility Study Submit your file to the Google Classroom
a. Financial analysis (profitability forecast, ROI, IRR, and other key
metrics)
b. Implementation timeline for recommended strategies
Submission Deadline: Wednesday, 30th April 2025,
Innovation & Acceleration 11:59PM
New products/services to boost financial targets
Appendix (including references)
Semifinal Round Scoring Criteria
Criteria Weights
Problem Breakdown 25%
Solution 30%
Usage of Data 20%
Storyline 15%
Design 5%
Proper Writing using Business English 5%
Disclaimer:
These materials have been prepared by PT TBS Energi Utama Tbk (the “Company”). These materials may contain statements that constitute forward-looking
statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the
consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plan,”
“will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The
Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.
These materials do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any
jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision
whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice regarding
legal, tax, investment and other matters. This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into
account the investment objectives, financial situation or needs of any investor.
The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been
independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or
reliability of the information, opinions or conclusions expressed herein. Finally, these materials may include financial information that are preliminary,
unaudited and/or subject to revision upon completion of the Company’s closing and audit processes.
This material is strictly confidential and must not be copied, reproduced, distributed or passed (in whole or in part) to any other person at any time without the
prior written consent of the Company.
