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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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Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Tamil Nadu electricity Board
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- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
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- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
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- Australian Coal Association
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
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- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
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- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
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- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
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- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
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- Savvy Resources Ltd - HongKong
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
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- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
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- Planning Commission, India
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- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
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- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- White Energy Company Limited
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
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- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
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- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
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- Interocean Group of Companies - India
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- Miang Besar Coal Terminal - Indonesia
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- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
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- Kaltim Prima Coal - Indonesia
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- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
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- Makarim & Taira - Indonesia
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- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
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- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
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- Eastern Energy - Thailand
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
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- Indian Oil Corporation Limited
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- Siam City Cement PLC, Thailand
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