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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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Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
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- Binh Thuan Hamico - Vietnam
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- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
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- Wood Mackenzie - Singapore
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- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
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- Thiess Contractors Indonesia
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- Commonwealth Bank - Australia
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- Eastern Coal Council - USA
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- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
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- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- London Commodity Brokers - England
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- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
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- Chettinad Cement Corporation Ltd - India
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- Mjunction Services Limited - India
- Minerals Council of Australia
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- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- MS Steel International - UAE
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- Gujarat Mineral Development Corp Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
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- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
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- PNOC Exploration Corporation - Philippines
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- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
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- Kaltim Prima Coal - Indonesia
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- Sindya Power Generating Company Private Ltd
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- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Planning Commission, India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
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- SMC Global Power, Philippines
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- Georgia Ports Authority, United States
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- Deloitte Consulting - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
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- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
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