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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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Monday, 10 September 12
TNPL, AN INDIAN PAPER MAKER IS SEEKING FOR 300K MT OF IMPORTED NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 6 Shipments about 50,0 ...
Monday, 10 September 12
DRY BULK MARKET SLOWLY BUT SURELY REACHING CRITICAL STATUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The radical consequences of the shifts in dry bulk demand and prices, especially for the most sought after commodity, concerning the industry, i.e. ...
Monday, 10 September 12
ORPHEUS ENERGY SECURES INDONESIAN COAL TRADING LICENSE
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced today that the Indonesian Ministry of Energy and Mineral Resources h ...
Monday, 10 September 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY / HELLENIC SHIPPING
The European Central Bank left its interest rate unchanged at 0.75% focusing on pushing down borrowing costs in troubled economies, Spain and Italy. ...
Sunday, 09 September 12
H213 SUB-BIT FOB INDONESIA COAL SWAPS ARE TRADING HIGHER
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 0.14 percent W-O-W on 7 September 2012, Friday closing but gained ...
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- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
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