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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, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
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- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
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