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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, 04 October 12
CAPESIZE : IN SPITE OF THE HOLIDAYS IN CHINA, RATES ARE CLIMBING UP - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Continent to east Med were around USD 13k and Black ...
Wednesday, 03 October 12
BARCLAYS'S PRICE FORECAST FOR NEWCASTLE COAL HAS BEEN WRITTEN DOWN
“ The main story in the global coal markets has been the growth in supply, with all of the major exporters adding volumes into a market which ...
Sunday, 30 September 12
SUB-BIT INDONESIA COAL SWAPS: MIXED TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 0.73 percent w-o-w but gained 0.41 percent d-o-d on Friday, 28 Se ...
Sunday, 30 September 12
INDONESIA HAS NO PLAN TO CAP COAL PRODUCTION
COALspot.com - “The current low coal prices were mainly due to a global oversupply condition, spurred by numerous mining exploitations in the ...
Sunday, 30 September 12
FREIGHT MARKET UNDER PRESSURE; OVERALL SENTIMENTS ARE STILL BEARISH
COALspot.com - The freight market seemed to have lost steam and all indices were down except for cape index.
The BDI was slightly down by 6 point ...
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- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
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