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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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Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
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