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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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- Global Business Power Corporation, Philippines
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- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
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- Renaissance Capital - South Africa
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- The Treasury - Australian Government
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- Planning Commission, India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
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- Bhatia International Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
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- Economic Council, Georgia
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- Eastern Energy - Thailand
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- New Zealand Coal & Carbon
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- Trasteel International SA, Italy
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
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- Indonesian Coal Mining Association
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- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
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- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
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- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
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- Bhoruka Overseas - Indonesia
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- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
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- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
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- Madhucon Powers Ltd - India
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- Bharathi Cement Corporation - India
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- Romanian Commodities Exchange
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
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- Electricity Generating Authority of Thailand
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- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
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