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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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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
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- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
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