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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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Friday, 30 November 12
IS INDONESIAN COAL INDUSTRY DEPENDS HEAVILY ON INDIA AND CHINA?
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 35,143,587* tons of coal in October 2012. October exports are 19 ...
Thursday, 29 November 12
BUMI TO PRODUCE 100 MILLION TONS OF COAL BY 2014
COALspot.com - Expansions on both BUMI’ s subsidiaries, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia ( Arutmin) , are ...
Thursday, 29 November 12
PANAMAX : A FAIRLY STEADY MARKET WITH USD 8.5-9K/DAY FOR 2 LADEN LEGS IN ATLANTIC - FEARNLEYS
Handy
The Atlantic market continues to remain quiet due to more supply of ships. Rates from USG to Far East were around USD 18k and Black Sea to Fa ...
Thursday, 29 November 12
DRY BULK MARKET SLIGHTLY HIGHER DESPITE LULL ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market was marginally higher yesterday, according to the industry's benchmark, the Baltic Dry Index (BDI), which rose by 7 points to 1 ...
Wednesday, 28 November 12
NEWBUILDING ORDERING PICKS UP AS SHIP OWNERS LOOK TO CLOSE DEALS BEFORE THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are active once again in the newbuilding ordering market, as they look to clinch deals ahead of the end of the year. Once again their fo ...
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- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- The University of Queensland
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
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