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Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
 PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the period Jan-Jun 2012, based on a limited audit review.
According to company’s announcement, Bumi books $322.1 million net loss compared with a net income of $231.7 million in the same period last year. This is in spite of a sales revenue increase by 8.6 percent to $1,946.4 million in H1’12 vs $1,792.4 million in H1’11.
Sales volume of BUMI increased by 10.4 percent to 32.3 million tons vs 29.3 million tons in H1’11. The figures exclude 30 percent of coal sales attributable to Tata Power as per the new accounting policy adopted wef 1 Jan’11, the announcement said.
The sales volume constitutes 99.4 percent of 32.5 m tons of coal mined in H1’12 compared with 98 percent of coal mined of 29.9 m tons in the same period last year.
The announcement further said that, the higher throughput ratio this year implies that sales growth exceeded H1’11 growth in production and we consider this crucial to achieve higher efficiency and lower inventory. It also underscores the company’s ability to meet market demand at the right time, with the appropriate mix and at a price above market average.
The average selling price of BUMI realized in H1’12 is $88.45/ton. This price is 3.2 percent lower than the average price of $91.26/ton realized in H1’11 but still higher than the level expected by the market and significantly above the price we realized of $71.0/ton in 2010, $63.1 in 2009, $73.3 in 2008 and $44.0 in 2007.
Gross margin declined because we fully amortized stripping expenses based on the H1’12 stripping ratio of 11. Company said in its announcement. We expect the strip ratio to fall to level of ca 10 by this year end. This would enable us improve margins significantly in the second half of this year.
BUMI’s production cash costs rose by 9.2 percent to $48.7/ton compared with $44.6/ton in H1’11. According to company, production cash costs rose mainly due to increase in fuel, maintenance and equipment leasing.
In the meantime, the operating expenses of company increased by 48 percent to $314.9 million compared with $188.0 million in H1’11 mainly due to full amortization of project development expenditure in line with the additional accounting standard (PSAK 16) implemented from 1 Jan’2012, the report said.
The announcement further said that, there is also an increase in 3rd party outsourcing expenses. To partially offset the price decline, Bumi was able to reduce selling expenses by 6.2 percent to $131.4 million in the first half of 2012 compared with $139.6 million in H1’11. This was possible mainly due to a reduction in Glencore’s commission to 2.5 percent (from 4 percent) on Arutmin sales through them wef Oct’11. Consequentially, the operating income declined by 48.2 percent to $239.2 million compared with $461.4 million in H1’11.
According to company, a pre-tax loss of $269.3 million was, however, recorded because of the following key factors:-
1) Equity in Net Income from NNT sharply declined due to lower copper and gold outputs in relation to the on-going phase 6 development in the Batu Hijau mine site.
2) A forex loss of $50.3 million was booked (compared with a forex gain of $80.9 million in H1’11 or a negative swing of $131.2 million) arising mainly from the quarterly revaluation of VAT refundable from the Government of Indonesia due to the weakening Rupiah.
3) Earlier recorded derivative gains of $212.3 million in H1’11 reversed into a loss of $145.8 million in H1’12, a negative swing of $358.1 million.
Company’s target over the next 2 years
Deleveraging, to a debt to EBITDA level of ca 1x over the next 2 years
Settle CIC's tranche 2 ($600 million) and tranche 3 ($700 million) at the earliest
Crossing 100 million tons per annum coal production in 2014 leading to significant rise in EBITDA reinforcing the deleveraging process
Monetising additional assets to strengthen cash flow and accelerate their development and accelerate developing process
Reducing interest charges on existing loans expeditiously
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Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- The University of Queensland
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
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