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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, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
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- Indonesian Coal Mining Association
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- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
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- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
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- Commonwealth Bank - Australia
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- Therma Luzon, Inc, Philippines
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- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
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- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
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- Petron Corporation, Philippines
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- SN Aboitiz Power Inc, Philippines
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- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- GMR Energy Limited - India
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- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
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- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
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- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
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- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
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- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
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- Kepco SPC Power Corporation, Philippines
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- Medco Energi Mining Internasional
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- Directorate Of Revenue Intelligence - India
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- Power Finance Corporation Ltd., India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Economic Council, Georgia
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- Ministry of Finance - Indonesia
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- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
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- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
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