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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, 06 November 12
NOVEMBER 2012 HBA $35.21 LOWER THAN A YEAR AGO
COALspot.com - The Indonesian government’s declared coal reference price for November’ 12 has lost US$ 4.60 per MT M-o-M.
...
Sunday, 04 November 12
SUB-BIT INDONESIA COAL SWAPS FOR DECEMBER' 12 DELIVERY FALLS TO $ 59.78
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery fell -1.02 percent on WoW but gained 0.08 percent on D-D on Friday, 2 ...
Saturday, 03 November 12
THE SUPRAMAX FREIGHT EXPECTED TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - This week the market remained soft with all the sectors soft.
The BDI and was down by 6 pct closing at 986 points. The cape index ...
Saturday, 03 November 12
DEMOLITION IS THE KEY FOR DRY BULK SHIPPING'S RECOVERY SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the number of new building deliveries so far in 2012 already having surpassed the total of 2011, it's more than clear that the dry bulk sector ...
Thursday, 01 November 12
INDONESIA HAS REVISED DOWN ITS 2012 DOMESTIC MARKET OBLIGATION REQUIREMENT FOR COAL
COALspot.com - Minister of Energy and Mineral Resources of Indonesia has revised down its 2012 domestic market obligation requirement due to lower d ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Australian Coal Association
- The University of Queensland
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
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