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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, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
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- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
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- Economic Council, Georgia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
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- Deloitte Consulting - India
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- Planning Commission, India
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- Chamber of Mines of South Africa
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- PTC India Limited - India
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- IEA Clean Coal Centre - UK
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- Larsen & Toubro Limited - India
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- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
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- AsiaOL BioFuels Corp., Philippines
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- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- The University of Queensland
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
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- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
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- The State Trading Corporation of India Ltd
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- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
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- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
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- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
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- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
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- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
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- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
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- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
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- Romanian Commodities Exchange
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- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
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- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
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- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
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