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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, 27 November 12
NEWCASTLE PORT HAS SHIPPED 1.79 MILLION TONS OF COAL W/E 26 NOVEMBER
COALspot.com - Newcastle port in Australia has loaded 1,793,841 MT of thermal and coking coal for week ended 0700 hours 26 November 2012, Newc ...
Sunday, 25 November 12
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO BE FIRM - VISTAAR
COALspot.com - The freight market was buoyant this week with all sectors up except for the Cape size index. The BDI was up by 5.21 pct closing at 10 ...
Sunday, 25 November 12
INDONESIAN SUB BITUMINOUS COAL SWAP CONTRACTS SLIDE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for February 2013 delivery lost 0.76percent WoW but gained 0.16 percent DoD on Friday ...
Saturday, 24 November 12
DELTA DUNIA MAKMUR PRODUCES 3.2 MILLION TONS OF COAL IN OCTOBER
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 31.1 million bcm* (-4.0% YoY) of Overburden in October 2012 totaled while coal production was ...
Friday, 23 November 12
CHOOSING THE RIGHT TIME TO INVEST IN NEW VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Shipping is all about timing, a process often rising to the height of artform, as ship owners are having to pick the exact moment of selling most of ...
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- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
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