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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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Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
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- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
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