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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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Saturday, 25 August 12
INDONESIAN COAL SWAP REMAINS STABLE AT LOW LEVEL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery gain 0.804 percent W-o-W on Friday (24 August 2012) closing but lost 0. ...
Thursday, 23 August 12
INDONESIA-INDIA, LARGE ECO SUPRA FIXED AT USD 6K FOR DELIVERY SOUTH CHINA - FEARNLEYS AS
Handy
The market continued the same trend as last week, low activity and holidays in some countries.
Rate wise unchanged, with US Gulf/Continent ...
Thursday, 23 August 12
EGCO GROUP EXPANDS TOWARDS INTEGRATED ENERGY BUSINESS WITH INVESTMENT IN INDONESIAS COAL MINE
Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer has continually invaded foreign m ...
Thursday, 23 August 12
EGCO GROUP ANNOUNCES 2 BILLION BAHT PROFITS IN Q2/2012
Successfully Establishes Integrated Energy Business and Strengthen Investments in ASEAN
Mr. Sahust Pratuknukul, President of Electri ...
Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
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- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Agrawal Coal Company - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- The University of Queensland
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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