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Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
 COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-reviewed financial statements for the first half ended June 30th, 2012 on 30th August.
According to Adaro’s financial statement reported to Indonesia stock Exchange, Adaro's net revenue increased 9.1% to US$ 1,931 million as average selling price (ASP) improved year over year (y-o-y).
EBITDA grew 4.4% to US$ 667.5 million y-o-y and EBITDA margin remained robust at 34.6%. However net income declined slightly, 3.0%, to US$ 260.1 million, while Adaro's gross profit margin stayed relatively flat at approximately 33%.
During the current commodity down cycle, according to company, Adaro continues to focus on cost control and improving operational efficiencies.
Adaro Energy’s President Director, Mr. Garibaldi Thohir said, “We are pleased with our first half results amid the difficult market conditions. We are not immune to cyclical downturns; however, we will not lose focus on our core business and will continue to improve our efficiency, reduce costs, and maintain a strong balance sheet. At times like this we need to get back to the basics. We remain on track to achieve our main goal of creating long-term sustainable value from Indonesian coal by building a better and more efficient Adaro Energy.”
Our production and sales volumes for 1H12 were virtually flat y-o-y at 23.01 million tonnes (Mt) and 23.69 Mt, respectively, the company said in the statement.
During the first half, Adaro produced 3.73 Mt of E4000 (Wara) coal, an increase of 47% over 1H11. Additionally, we introduced a new product, E4500, which is a blend between E5000 (Tutupan) and E4000 (Wara), according to company. The company further said, we sold 0.69 million tonnes of E4500 during 1H12. We revised down our production guidance for 2012 to 48 to 51 million tonnes from 50 to 53 million tonnes due to challenging market conditions.
The average selling price for Adaro Indonesia’s coal improved 10.2% y-o-y, benefiting from strong coal prices at the end of 2011 and the beginning of 2012. Adaro Energy’s coal cash cost (excluding royalty) increased 10.4% to US$ 38.03 per tonne, largely due to a higher planned stripping ratio, longer overburden hauling distances and higher fuel costs. According to statement, Originally, adaro's guidance for the full year 2012 was US$ 40 to US$ 45 per tonne; however, now guiding US$ 39 to US$42 due to below-budget fuel prices from our fuel swap and cost reduction initiatives.
In the first half of 2012, Adaro's EBITDA grew 4.4% y-o-y to US$667.5 million, while EBITDA margin remained robust at 34.6%.
"In relation to our other guidance revisions, we are now projecting EBITDA of US$1.0 to US$1.3 billion for 2012," the company said.
Adaro’s 1H12 net income slightly decreased 3.0% y-o-y to US$ 260.1 million due to increased costs; however, during the current commodity down cycle we continue to focus on reducing expenses and improving operational efficiencies.
Net Revenue
Adaro Energy’s revenue for the first half 2012 increased 9.1% y-o-y to US$1,931 million because of better pricing for our coal versus last year.
Coal production and sales volume in 1H12 stayed relatively flat y-o-y, reaching 23.01Mt and 23.69Mt, respectively.
Adaro has revised production guidance down for 2012 to 48 to 51 million tonnes from 50 to 53 million tonnes due to challenging market conditions.
According to statement, Adaro’s all sales volume for this year has been contracted and the bulk of it has already been priced based on fixed price and index-linked contracts. “ We continued to maintain good relationships with our customers and none of our coal shipments have been deferred. We are on track to achieve our overburden removal target of 321.15 million bank cubic meter (Mbcm) for 2012 due to good operational performance in 1H12 as overburden removal increased 11% y-o-y to 156.83 Mbcm,” the statement further said.
Production of the E4000 (Wara) mine increased 47% y-o-y to 3.73 million tonnes and is on track to reach our production goal of 8 Mt to 10 Mt for the year. Despite the weakness in index coal prices, we continue to have solid demand for E4000 with attractive pricing, company said in its statement. Adaro introduces a new product, E4500, which is a blended between E5000 (Tutupan) and E4000 (Wara).
According to company, In 1H12, Adaro sold 0.69 million tonnes of E4500 to two customers, one in Korea and one in Indonesia. The average selling price for Adaro Indonesia’s coal in 1H12 increased 10.2% y-o-y, benefiting from strong coal prices at the end of 2011 and the beginning of 2012.
Mining Services: SIS
PT Saptaindra Sejati (SIS), Adaro’s mining services division, 1H12 net revenues also increased 25.7% y-o-y to US$110.1 million because of higher overburden removal and coal getting volumes.
SIS continued to prioritize AI, and was responsible for 34% of AI’s coal extraction and 37% of AI’s overburden removal in 1H12. Therefore, AI accounted for 59% of SIS’s total overburden removal or 56.68 Mbcm and 65% of total coal getting or 7.69 Mt. SIS is the second largest contributor to Adaro’s overall revenue, accounting for 6% of net revenue after elimination of sales to Adaro Indonesia.
Coal Terminal, Barging, Ship Loading and Dredging
Adaro’s other business segments include AE’s subsidiaries PT Alam Tri Abadi (ATA), coal port operator PT Indonesia Bulk Terminal (IBT), the barging and ship loading division PT Maritim Barito Perkasa (MBP) and water toll contractor PT Sarana Daya Mandiri (SDM). Total revenue in 1H12 from these business segments, net eliminations, was US$42.6 million, a decrease of 9.1% over the same period last year due to lower fuel sales to third party barging companies by ATA.
MBP increased total coal barged 22% y-o-y to 8.60 Mt due to higher coal production, additional barges and tugs purchased, and shorter cycle times at the Taboneo Anchorage. Total coal loaded to ships for 1H12 increased 31% y-o-y to 7.23 Mt. Nearly all tonnage that MBP handles is for Adaro.
IBT, loaded 36 vessels and 2.43 Mt of coal for 1H12, an increase of 20% and 18% y-o-y, respectively. Third party coal loaded increased 28% to 1.33 Mt and accounts for 54.7% of total coal loaded at IBT.
Cost of Revenue and Cash Cost
Cost of revenue in 1H12 grew 10.7% y-o-y to US$1,298 million, in-line with our increase in revenue. Company said in its statement. Adaro Energy coal cash cost (excluding royalty) per tonne increased 10.4% y-o-y to US$38.03 per tonne.
“We manage and procure the fuel for all of our mining contractors. To mitigate risks associated with oil price fluctuations, we enter a portion of our fuel needs into hedging agreements. In April 2012, we hedged 85% of our second quarter and approximately 50% of third and fourth quarter fuel needs in the low US$ 0.90’s per liter. Our hedged fuel prices are below budget and we are on track to achieving our fuel price goal. Coal mining accounted for 66.5% of our coal cash cost,” the company said in its statement.
Coal Processing
Coal processing costs in 1H12 increased 6.6% to US$71.3 million over the same period last year. Coal processing costs consist of the cost to crush the coal at the Kelanis River Terminal and other costs not borne by mining contractors, including the cost for repair and maintenance of the hauling road. Coal processing accounted for 7.9% of our coal cash cost.
Royalties to Government
Adaro’s royalties to the Government of Indonesia increased 10.5% y-o-y to US$196.8 million, in-line with higher revenue. Royalties accounted for 15.2% of our total cost of revenue.
Operating Expenses and Operating Income
Operating expenses during 1H12 increased 25.0% y-o-y to US$ 76.9 million primarily due to higher employee costs. Selling and marketing expenses stayed flat at US$28.7 million. Employee costs increased 21.3% to US$24.6 million due to more employee benefits and as we enlarged our permanent workforce, company said.
Operating income stayed flat at US$551.4 million. Operating margins remained relatively flat q-o-q at 28.6% and contracted slightly y-o-y from 31.1%. In 2Q12, The Capital Market and Financial Institution Supervisory Board (Bapepam) revised its regulation on the presentation of financial statements, causing operating income to include “other expenses,” which for Adaro consists mainly of foreign exchange gain/loss. Previously, this line item was a non-operating expense.
EBITDA
Adaro’s EBITDA increased 4.4% to US$667.5 million from US$639.2 million in 1H11. “ we maintained a strong EBITDA margin of 34.6% and we still expect to have an industry leading EBITDA margin, as pricing pressure has been industry wide and we continue to focus on cost discipline, “company said in its statement.
Net Income
Adaro’s 1H12 net income slightly decreased 3.0% to US$260.1 million.
The decrease in net income mostly was due to higher costs; however, during the current commodity down cycle we continue to focus on our reducing expenses and improving operational efficiencies. We incurred income tax expense of US$ 226.1 million in 1H12, a 3.7% increase y-o-y, company said in its statement.
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Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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Showing 4566 to 4570 news of total 6871 |
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- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Minerals Council of Australia
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