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Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
 COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s second largest coal producer, Adaro Energy has recorded lower production, lower strip ratio, lower than expected fuel costs, lower freight and handling costs and continue to implement cost efficiency measures to challenge the current world’s low coal price trend for the nine months period to September 2015.
The world’s low coal prices affected the company’s core earnings. According to company’s press release, the Adaro’s core earnings decline 21% to US$228 Million year over year for the nine months period to September 2015.
The report further noted that, Adaro is still anticipating market conditions to continue to be difficult for the rest of the year and demand growth will remain sluggish and prices will continue to be in a descending mode for the rest of the year.
The miner’s coal cash cost (excluding royalties) declined 13% to US$28.61 per tonne, which is below company’s guidance of US$31 – 33 per tonne. In the meantime, the fuel cost, a significant component of company’s coal cash cost, decreased by 39% to the low US$0.50s per liter, the report says.
The company has also hedged about one third of company’s annual fuel requirements through fuel swaps at prices below the budget company set for 2015, which helps the company to keep the coal cash cost under control.
The company also said, the royalties paid to the Government of Indonesia in 9M15 decreased 18% to US$217 million, in-line with the lower revenue. Royalties accounted for 13% of the company’s total cost of revenue in 9M15.
According to press release, the Adaro has booked 19% lower Operational EBITDA at US$568 million in 9M15 due to the lower revenue. However, the company said, “We maintained a solid Operational EBITDA margin of 27% in 9M15. Our Operational EBITDA excludes a US$7 million reversal of provision for other receivables related to a non-coal investment. We are on track to achieve our 2015 Operational EBITDA guidance of US$550 million to US$800 million.”
According to press release, the prolonged cyclical downturn of coal further supports company’s strategy of developing its non-coal mining businesses and moving downstream into power. Coal mining, mining services and logistics, and power form the three engines of growth for Adaro.
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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Kumho Petrochemical, South Korea
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- SMG Consultants - Indonesia
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- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
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- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
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- Vedanta Resources Plc - India
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- Planning Commission, India
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- Eastern Coal Council - USA
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- Independent Power Producers Association of India
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- Economic Council, Georgia
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- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
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- Bangladesh Power Developement Board
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- India Bulls Power Limited - India
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- New Zealand Coal & Carbon
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- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
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- European Bulk Services B.V. - Netherlands
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- Cigading International Bulk Terminal - Indonesia
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- Australian Coal Association
- PTC India Limited - India
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- Grasim Industreis Ltd - India
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- Mintek Dendrill Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Pendopo Energi Batubara - Indonesia
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- Indian Oil Corporation Limited
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- Minerals Council of Australia
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- Larsen & Toubro Limited - India
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- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
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- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
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- Toyota Tsusho Corporation, Japan
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- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
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- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
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- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
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- Deloitte Consulting - India
- Thiess Contractors Indonesia
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- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
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- ICICI Bank Limited - India
- Trasteel International SA, Italy
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- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
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- Ministry of Mines - Canada
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