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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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Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Planning Commission, India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Australian Coal Association
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
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