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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, 11 August 12
SUB-BIT INDONESIA COAL SWAPS SEEN MOVING IN THE RIGHT DIRECTION
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.29 percent W-o-W on Friday (10 August 2012) closing but lost 1 ...
Friday, 10 August 12
DRY BULK MARKET DROWNING FROM TONNAGE OVERSUPPLY - HELLENIC SHIPPING
The dry bulk market has been overflowing with new building vessels, despite the fact that demand is more or less (and minus the seasonal factors) ri ...
Thursday, 09 August 12
3RD ANNUAL SHALE GAS
Press Release - With the North American shale gas boom, IBC’s 3rd Annual Shale Gas explores optimal strategies to monetize Asia’s domest ...
Wednesday, 08 August 12
EXPLOITASI AIMS TO RAISE RP 2.7T FOR ACQUISITION - THE JAKARTA POST
The Jakarta Post reported that, publicly listed coal miner PT Exploitasi Energi Indonesia (CNKO) is seeking to raise Rp 2.7 trillion (US$286.2 milli ...
Tuesday, 07 August 12
2ND ANNUAL FLOATING TERMINALS
Press Release - After a ground breaking and successful launch in 2011, the 2nd Annual Floating Terminals conferenceis back to address innovation, co ...
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- Vedanta Resources Plc - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Australian Coal Association
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
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