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Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
 COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 billion for the year 2013.
According to the note posted on the company's website, the company has achieved their FY13 EBITDA guidance of US$750 million to US$900 million, recorded EBITDA of US$822 million, a decline of 25%, and EBITDA margin of 25%.
"Our FY13 Operational EBITDA, which excludes non-operational accounting items, declined by 23% to US$860 million, reflecting the resiliency of our business model and the earning power of the firm" the company said in its report.
The company has also beats company's FY13 coal cash cost (excluding royalty) target of US$35 to US$38 per tonne for FY13 posting coal cash cost of US$34.86 per tonne, down 11% due to cost reduction initiatives and lower than expected fuel prices. For the twelve months ended December 31, 2013, Adaro booked a 12% lower revenue y-o-y of US$3,285 million. The decrease was attributed to lower average selling price (ASP), which was 19% lower y-o-y.
The company's net income for FY13 decreased 40% to US$229 million mainly driven by lower revenue from softer average selling price of coal during 2013, the company claimed.
"We achieved record annual production and delivered on the higher end of our guidance of 50 Mt to 53 Mt, growing by 11% y-o-y to 52.3 Mt from 47.2 Mt. Our 4Q13 production of 13.59 Mt was our second highest quarterly production" said Adaro.
The company further said the capital expenditure in 2013 decreased 66% to US$165 million in-line with the company's target of US$150 million to US$200 million. We achieved record annual production without spending for heavy equipment.
According to company, on the back of strong cash flow from operating activities and reduced capital expenditure, company's FY13 free cash flow increased by 141% to US$568 million.
"Our liquidity remained solid with access to cash of approximately US$1.1 billion, allowing us to weather the current cyclical downturn and continue to execute on our business model", company said.
Garibaldi Thohir, the president director and CEO of Adaro Energy said, we delivered on our 2013 targets, despite macro headwinds. Our operations are running well and we had a record year of production with 52.3 Million MT.
According to Garibaldi Thohir, we believe the fundamentals for the coal industry remain strong supported by increasing demand for energy. ASEAN countries together with China and India will play a major role in energy demand due to large population base, robust economic growth and current low levels of electrification. He believes, Indonesian coal will remain competitive due to its low cost of production and close proximity to major export destinations.
According to Adaro, coal prices in 2013 were under pressure mainly due to an oversupply in the coal market and softer domestic prices in China.
However, for Adaro, the effects of such macro challenges were offset by the strong performance of the company's core business. CEO of Adaro further said, we continue to work together with our contractors, improve the business process and productivity along the coal supply chain, further instill a culture of cost discipline throughout the company, and provide reliable coal supply to our customers.
As for Adaro, we will keep doing what we do best: maintain reliability of coal supply to our customers, continue to improve operational efficiency and strengthen our capital structure. It all boils down to creating maximum value from Indonesian coal and giving our maximum contribution to national development, Garibaldi Thohir, the president director and CEO Adaro Energy concluded, in his note.
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Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
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