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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, 22 November 12
HANDY: INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 12500 - FEARNRESEARCH
Handy
The north Continent is seeing plenty of tonnages but lack of cargoes. TA business are around 11k and fronthaul is around 17k.Tonnages has tig ...
Thursday, 22 November 12
DRY BULK MARKET RISE, BUT OUTLOOK SEEN DIM ON THE BACK OF RECORD NEW BUILDING DELIVERIES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been under hefty pressure since the start of the year, as a result of record newbuilding deliveries and below-par demand for ...
Wednesday, 21 November 12
LITTLE IMPACT FROM DISSOLUTION OF BP MIGAS ON INDONESIAN OIL & GAS COMPANIES - FITCH
Fitch Ratings has said that the recent court order to abolish the Indonesian upstream oil and gas regulator, BP Migas, has minimal immediate impact ...
Wednesday, 21 November 12
ORPHEUS ENERGY SECURES FIRST COAL OFF TAKE CONTRACT
COALspot.com - Orpheus Energy Limited (ASX:OEG) has announced that it has signed a coal sales contract with an Indonesian steel manufacturing compan ...
Tuesday, 20 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 13.18 PERCENT LESS COAL W-W
COALspot.com - Newcastle port in Australia has loaded 2,691,731 MT of thermal and coking coal for week ended 0700 hours 19 November 2012, Newc ...
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- Australian Coal Association
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Posco Energy - South Korea
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
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