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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, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Planning Commission, India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
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- London Commodity Brokers - England
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- Mercator Lines Limited - India
- Medco Energi Mining Internasional
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- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
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- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
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- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
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- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
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- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
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- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
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- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
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