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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, 28 February 14
PTBA TO INCREASE ITS COAL TERMINAL'S LOADING CAPACITY TO 25 MILLION TONS PER ANNUM BY JULY 2014
COALspot.com: PT. Bukit Asam (PTBA), the Indonesian government owned coal miner operates several coal mining units in Sumatera as well as in Kaliman ...
Friday, 28 February 14
U.S PRODUCED 1.9% LESS COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from ...
Thursday, 27 February 14
PANAMAX : MARKET CONTINUED TO DECLINE IN THE ATLANTIC
Handy
The Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead b ...
Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
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- Tata Chemicals Ltd - India
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- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Economic Council, Georgia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
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- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
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- Maharashtra Electricity Regulatory Commission - India
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- Semirara Mining Corp, Philippines
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- Ministry of Finance - Indonesia
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- Sinarmas Energy and Mining - Indonesia
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- Australian Coal Association
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- Oldendorff Carriers - Singapore
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- Jindal Steel & Power Ltd - India
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- Wilmar Investment Holdings
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- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
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- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
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- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
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- Posco Energy - South Korea
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- PowerSource Philippines DevCo
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- Anglo American - United Kingdom
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- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Bhatia International Limited - India
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- Indonesian Coal Mining Association
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- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
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- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
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- SMC Global Power, Philippines
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