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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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Monday, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
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- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- White Energy Company Limited
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
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