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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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Tuesday, 04 December 12
JATENERGY SIGNS MOU FOR INDONESIAN COAL ASSET
COALspot.com - Jatenergy Limited has announced that its fully-owned Indonesian subsidiary, PT Barata Energy (BE), has signed an exclusive, non-bindi ...
Tuesday, 04 December 12
NEWCASTLE PORT SHIPPED 55.88 PERCENT MORE COAL W/E 3 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 2,796,341 MT of thermal and coking coal for week ended 0700 hours 3 December 2012, Newca ...
Sunday, 02 December 12
YEAR 2013, YEAR OF SUPPLY OR DEMAND?
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1 2013 delivery gained 2.87 & 0.83 percent MoM and WoW respectively ...
Saturday, 01 December 12
TIGHT SUPPLY, DEMAND PUSH INDO-INDIA SUPRAMAX FREIGHT RATES HIGHER - VISTAAR
COALspot.com - The freight market was mixed this week as cape and Panamax indices are closing softer.
The BDI was down 0.37 pct closing at 1,086 ...
Friday, 30 November 12
FUTURE TREND OF SECOND HAND SHIP VALUES PUZZLING SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the major challenges that ship owners are facing today is whether or not to invest in a second hand vessel at any given time. For instance, i ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- The University of Queensland
- Planning Commission, India
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- Kartika Selabumi Mining - Indonesia
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- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
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- Marubeni Corporation - India
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- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- MS Steel International - UAE
- Parliament of New Zealand
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- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
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- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
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- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
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- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
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- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
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