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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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Tuesday, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
Saturday, 11 August 12
INDONESIAN COAL REFERENCE PRICE HAS LOST 27.78 PERCENT YOY
COALspot.com - Indonesian HBA fell again in August.
The monthly coal reference price for coal sales this month fell 3.32 percent. HBA fell ...
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- PTC India Limited - India
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- Wood Mackenzie - Singapore
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- Global Business Power Corporation, Philippines
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- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
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- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
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- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
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- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
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- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- The University of Queensland
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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