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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, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
Friday, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
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- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- White Energy Company Limited
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
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- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
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- Global Business Power Corporation, Philippines
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- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
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- Thiess Contractors Indonesia
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- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
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- Central Electricity Authority - India
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