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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, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
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- London Commodity Brokers - England
- Mjunction Services Limited - India
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- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
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- Malabar Cements Ltd - India
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- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
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- Commonwealth Bank - Australia
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- The University of Queensland
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- Australian Coal Association
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- Anglo American - United Kingdom
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- Economic Council, Georgia
- Baramulti Group, Indonesia
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- Energy Development Corp, Philippines
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- Coal and Oil Company - UAE
- Parliament of New Zealand
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- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
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- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
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- South Luzon Thermal Energy Corporation
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- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
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- SMC Global Power, Philippines
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- Ministry of Transport, Egypt
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- Romanian Commodities Exchange
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- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
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- New Zealand Coal & Carbon
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- Rio Tinto Coal - Australia
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- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
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- Thai Mozambique Logistica
- Central Electricity Authority - India
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- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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- Leighton Contractors Pty Ltd - Australia
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- Power Finance Corporation Ltd., India
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- Pipit Mutiara Jaya. PT, Indonesia
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- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
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- Bulk Trading Sa - Switzerland
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- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
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