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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, 30 October 12
NEW BUILDING ORDERING ACTIVITY KEEPS ON RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have refrained from placing any new orders of vessels during the course of the past few days, according to shipbroker reports. According ...
Monday, 29 October 12
US COAL EXPORTS ARE EXPECTED TO REACH 125 MILLION TONS THIS YEAR - EIA
COALspot.com - US coal exports are expected to reach 125 million tons this year, surpassing the old record of about 113 million tons set in 1981, sa ...
Sunday, 28 October 12
SUB-BIT INDONESIA COAL SWAPS (FOB ) FOR DECEMBER 2012 DELIVERY STAYED FLAT D-D
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery flat on D-D but gained 0.38 percent on W-W on Friday, 26 October 2012, ...
Sunday, 28 October 12
INDONESIA TO INDIA SUPRAMAX FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - The Cape size sector continued to remain active with iron ore movement being steady. All other sectors were down.
The BDI was up b ...
Friday, 26 October 12
SHIPPING MARKETS HEADING FOR DIVISION AND MULTI-TIER WILL BECOME THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It seems that something is expected to be fundamentally different in the way that the shipping markets will be operating in the future, according to ...
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- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
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