We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
|
|
|
Showing 4596 to 4600 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- White Energy Company Limited
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
|
| |
| |
|
