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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, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
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- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Planning Commission, India
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- Anglo American - United Kingdom
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- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
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- Merrill Lynch Commodities Europe
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- Global Coal Blending Company Limited - Australia
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- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Minerals Council of Australia
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- Wood Mackenzie - Singapore
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- Metalloyd Limited - United Kingdom
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- Eastern Coal Council - USA
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- Ministry of Transport, Egypt
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- Latin American Coal - Colombia
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- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
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- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
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- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
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- PTC India Limited - India
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- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
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- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
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- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
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- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
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- Formosa Plastics Group - Taiwan
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- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
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- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
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- Parliament of New Zealand
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- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
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- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
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