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Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
 PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned subsidiary, PT Bukit Makmur Mandiri Utama (“BUMA”).
The Company recorded an improved volume of 25% QoQ to 65.0 million bcm and revenue increased by 49% QoQ to US$160 million on the back of coal price recovery that continued to strengthen at the beginning of 2021.
According to the report, overburden removal volume for 1Q 2021 was 65.0 million bcm, 25% higher from 52.1 million bcm recorded in 4Q 2020. Coal production was 12.7 million tonnes in 1Q 2021, 10% higher compared to 11.4 million tonnes in 4Q 2020. Volume recovery was visible in 1Q 2021, despite being affected by heavier rainfall and ramp up challenges. The Company is on track to meet volume target for the year.
The report further noted that, Net revenues for 1Q 2021 was US$160 million, 49% higher QoQ than US$108 million recorded in 4Q 2020. EBITDA was US$31 million for 1Q 2021, a 149% increase compared to US$13 million in 4Q 2020. Coal price recovery has led to higher rates despite volume not fully recovered yet. However, the Company incurred upfront costs related to recovery ramp up efforts and higher costs due to certain challenging work area. Therefore, EBITDA margin was impacted at 21.8%.
Net loss of US$26 million was recorded for 1Q 2021 compared to US$19 million net loss in previous quarter, given the Company incurred certain refinancing cost in 1Q 2021.
th report says, free cash flows generation was at US$13 million and operating cash flows was at US$27 million in 1Q 2021. This is mainly the result of ramp up activities that require upfront expenditures and transaction costs related to refinancing. Total capital expenditure spent was US$14 million for 1Q 2021. The Company expects higher capex spending for the year as we prepare for incremental volumes. Net debt5) was US$452 million as of March 31st, 2021 and the Company’s consolidated net debt to EBITDA ratio was 3.4x.
Given the strong recovery in coal price at the beginning of 2021, gradual volume recovery is expected for the rest of 2021 on the back of coal market improvement. The Company shall remain focused on securing new contracts, liquidity preservation, optimization of existing assets and cost reduction to gain momentum and seize opportunities as market recovers.
In January 2021, BUMA entered into an extension agreement with IPR on its mine located in Tabang, the Kutai Kartanegara Regency, Province of East Kalimantan. The agreement extends the existing contract to December 2031, and includes a significant expansion of the work entailed, providing additional volume of over 650 million bcm of overburden removal, over 210 million tonnes of coal to be extracted and over 75 million tonnes of coal to be hauled.
In June 2021, BUMA also signed a new contract with Adaro for its Tutupan Mine Operation, located in Tabalong Districts, South Kalimantan and Barito Selatan Districts, Central Kalimantan. The term of the contract is until December 2025. Total volume of the contract is over 234 million bcm of overburden removal and over 44 million tonnes of coal to be extracted. Average annual production is expected to be within the range of 30- 70 million bcm of overburden removal and 5.0 – 12.0 million tonnes of coal.
On 10 February 2021, BUMA successfully issued a US$400 million 7.75% 5NC2 Senior Notes due 2026 (“Senior Notes 2026”). Concurrently, a tender offer and consent solicitation were completed in order to align terms of BUMA’s US$350 million 7.75% Senior Notes due 2022 (“Senior Notes 2022”) with that of Senior Notes 2026. Following transactions above, bank loans were fully settled, and full redemption of Senior Notes 2022 were completed by 31 March 2021.
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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
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- IHS Mccloskey Coal Group - USA
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- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
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- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
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- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
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- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
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- Aboitiz Power Corporation - Philippines
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- Sical Logistics Limited - India
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- Romanian Commodities Exchange
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- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
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- Ministry of Finance - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
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- Indian Energy Exchange, India
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- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
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- TeaM Sual Corporation - Philippines
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- Global Coal Blending Company Limited - Australia
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- Goldman Sachs - Singapore
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- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
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- Vedanta Resources Plc - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
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- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
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- Wilmar Investment Holdings
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- Price Waterhouse Coopers - Russia
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- London Commodity Brokers - England
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- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
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- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- PTC India Limited - India
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- Economic Council, Georgia
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- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
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- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
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- Indonesian Coal Mining Association
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