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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, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
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- PTC India Limited - India
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- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
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- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
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- Electricity Authority, New Zealand
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- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
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- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
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- Bulk Trading Sa - Switzerland
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- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
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- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
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- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
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- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- White Energy Company Limited
- Minerals Council of Australia
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- Thiess Contractors Indonesia
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- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Electricity Generating Authority of Thailand
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- Banpu Public Company Limited - Thailand
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- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
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- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ministry of Mines - Canada
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- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
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- The State Trading Corporation of India Ltd
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- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
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- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
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- Bukit Asam (Persero) Tbk - Indonesia
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- Indian Oil Corporation Limited
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- Thai Mozambique Logistica
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- GMR Energy Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
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- Romanian Commodities Exchange
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
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- Chettinad Cement Corporation Ltd - India
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- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
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- The Treasury - Australian Government
- Tamil Nadu electricity Board
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