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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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Sunday, 23 September 12
AN ANOTHER UNSTABLE WEEK FOR INDONESIAN COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.10 percent and 0.916 percent WOW and DOD respectively ...
Sunday, 23 September 12
INDIA IMPORTED 11.40 PERCENT MORE INDONESIAN COAL IN AUGUST
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 26,451,565* tons of coal in August 2012, compared to 27.88* mill ...
Saturday, 22 September 12
SOFT BUNKER PRICES KEEP INDONESIA TO INDIA FREIGHTS STABLE - VISTAAR
COALspot.com - The freight market overall remained buoyant with all indices up except for Panamax index. The main effect seems to be increased shipm ...
Friday, 21 September 12
SHIP BREAKING ACTIVITY REACHES NEW RECORDS, AS ALREADY 2012 LEVELS HAVE SURPASSED THE WHOLE OF 2011 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The vast oversupply of vessels, most notably in the dry bulk shipping sector, has forced ship owners to intensify their efforts towards recycling th ...
Thursday, 20 September 12
SUPRAMAX : INDO-INDIA ROUNDS WERE AROUND USD 12K - FEARNLEYS
Handy
Not a bad week for Supramax tonnage, if we compare Supramax developments to the bigger size tonnage. The rates have basically remained unchan ...
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- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
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