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Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
 PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the period Jan-Jun 2012, based on a limited audit review.
According to company’s announcement, Bumi books $322.1 million net loss compared with a net income of $231.7 million in the same period last year. This is in spite of a sales revenue increase by 8.6 percent to $1,946.4 million in H1’12 vs $1,792.4 million in H1’11.
Sales volume of BUMI increased by 10.4 percent to 32.3 million tons vs 29.3 million tons in H1’11. The figures exclude 30 percent of coal sales attributable to Tata Power as per the new accounting policy adopted wef 1 Jan’11, the announcement said.
The sales volume constitutes 99.4 percent of 32.5 m tons of coal mined in H1’12 compared with 98 percent of coal mined of 29.9 m tons in the same period last year.
The announcement further said that, the higher throughput ratio this year implies that sales growth exceeded H1’11 growth in production and we consider this crucial to achieve higher efficiency and lower inventory. It also underscores the company’s ability to meet market demand at the right time, with the appropriate mix and at a price above market average.
The average selling price of BUMI realized in H1’12 is $88.45/ton. This price is 3.2 percent lower than the average price of $91.26/ton realized in H1’11 but still higher than the level expected by the market and significantly above the price we realized of $71.0/ton in 2010, $63.1 in 2009, $73.3 in 2008 and $44.0 in 2007.
Gross margin declined because we fully amortized stripping expenses based on the H1’12 stripping ratio of 11. Company said in its announcement. We expect the strip ratio to fall to level of ca 10 by this year end. This would enable us improve margins significantly in the second half of this year.
BUMI’s production cash costs rose by 9.2 percent to $48.7/ton compared with $44.6/ton in H1’11. According to company, production cash costs rose mainly due to increase in fuel, maintenance and equipment leasing.
In the meantime, the operating expenses of company increased by 48 percent to $314.9 million compared with $188.0 million in H1’11 mainly due to full amortization of project development expenditure in line with the additional accounting standard (PSAK 16) implemented from 1 Jan’2012, the report said.
The announcement further said that, there is also an increase in 3rd party outsourcing expenses. To partially offset the price decline, Bumi was able to reduce selling expenses by 6.2 percent to $131.4 million in the first half of 2012 compared with $139.6 million in H1’11. This was possible mainly due to a reduction in Glencore’s commission to 2.5 percent (from 4 percent) on Arutmin sales through them wef Oct’11. Consequentially, the operating income declined by 48.2 percent to $239.2 million compared with $461.4 million in H1’11.
According to company, a pre-tax loss of $269.3 million was, however, recorded because of the following key factors:-
1) Equity in Net Income from NNT sharply declined due to lower copper and gold outputs in relation to the on-going phase 6 development in the Batu Hijau mine site.
2) A forex loss of $50.3 million was booked (compared with a forex gain of $80.9 million in H1’11 or a negative swing of $131.2 million) arising mainly from the quarterly revaluation of VAT refundable from the Government of Indonesia due to the weakening Rupiah.
3) Earlier recorded derivative gains of $212.3 million in H1’11 reversed into a loss of $145.8 million in H1’12, a negative swing of $358.1 million.
Company’s target over the next 2 years
Deleveraging, to a debt to EBITDA level of ca 1x over the next 2 years
Settle CIC's tranche 2 ($600 million) and tranche 3 ($700 million) at the earliest
Crossing 100 million tons per annum coal production in 2014 leading to significant rise in EBITDA reinforcing the deleveraging process
Monetising additional assets to strengthen cash flow and accelerate their development and accelerate developing process
Reducing interest charges on existing loans expeditiously
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Thursday, 13 December 12
HANDY : WCI-CHINA RATES AROUND $ 6000 AND ECI-CHINA AROUND $ 4000 - FEARNLEYS
Handy
Atlantic market remained unchanged. Rates from USG to Feast were around USD 18k and Black Sea to Feast about USD 10k. USG-Skaw-Passero rates ...
Wednesday, 12 December 12
69.23 PERCENT OF END-USERS ARE BELIEVE, COAL PRICES ARE IN UPWARD TREND
COALspot.com - The Indonesian government’s declared coal reference price for December’ 12 has gained US cents 31 per MT M-o- ...
Wednesday, 12 December 12
CAPESIZE FREIGHT RATES TO RANGE BETWEEN $9,000 - 16,000/DAY IN THE COMING WEEKS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its regular update on the dry bulk market, BIMCO forecasted yesterday, that Capesize time-charter rates are expected to stay elevated in the foll ...
Tuesday, 11 December 12
NEWCASTLE PORT IN AUSTRALIA HAS LOADED 2,720,205 MT OF COAL W/E 10 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 2,720,205 MT of thermal and coking coal for week ended 0700 hours 10 December 2012, Newc ...
Sunday, 09 December 12
COAL SWAPS HAVE LOST DIRECTION DUE TO LACK OF ASIAN INTEREST
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 2.43 percent M-M but lost WoW by 0.54 percent and 0.62 ...
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- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
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