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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, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
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- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- GMR Energy Limited - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
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