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Friday, 02 May 14
ADARO ENERGY STARTS YEAR 2014 WELL DESPITE CURRENT MARKET CONDITIONS
 COALspot.com: Adaro Energy, the second largest Indonesian coal miner's revenue increased 14% to US$ 845 million due to higher sales volume, the company said in a statement.
The company further said, "our average selling price (ASP) declined 7%, cost of revenue declined 1% to US$599 million while EBITDA increased 81% to US$306 million resulting in an EBITDA margin of 36%". Company's net income for 1Q14 increased 344% to US$131 million mainly due to higher sales volume and lower costs, the company's recently issued statement said.
In the meantime, Adaro's 1Q14 operational EBITDA and core earnings, which excluded non-operational accounting items, increased 74% to US$294 million and 221% to US$137 million, respectively. Operational EBITDA was lower than the reported EBITDA due to a one-time gain.
Adaro also lowered its coal cash cost (excluding royalty) 24% to US$29.82 per tonne in 1Q14, mostly due to the seasonally lower strip ratio, although overburden volumes increased 10%, as well as lower freight and handling, lower fuel cost, and other cost reduction initiatives. We started reporting stripping costs in 2014 on an actual cost basis, the company's statement said.
Adaro increased production volume 22% in 1Q14 to 14.0 Mt and sales volume by 23% to 13.9 Mt due to strong demand for its coal, Adaro claimed in its statement. According to its statement, Adaro's coal volumes slightly exceeded the plan for 1Q14, while overburden volumes were 95% of the plan.
Adaro's net capital expenditure during 1Q14 has decreased by 62% to US$18 million due to delays. "We are on track to achieve our capital expenditure guidance of US$200 million to US$250 million", said company.
Adaro also declared that, the company has generated strong positive free cash flow of US$84 million. Company claimed in its statement that, Company's capital structure improved as the company has reduced debt by 6% and increased company's cash position 48% to $828 million, resulting in net debt to last 12 months EBITDA of 1.48x and net debt to equity of 0.43x as of the end of 1Q14.
"Liquidity was strong with access to cash of approximately US$1.2 billion, allowing us to weather the current cyclical downturn and continue to execute on our business model" the company said in its statement.
"We will continue to preserve cash, strengthen our capital structure and extend the maturity profiles of our borrowings", Adaro has concluded in its latest statement.
According to local media reports, Adaro is controlled by five businessmen — Edwin Soeryadjaya, Theodore Permadi Rachmat, Garibaldi Thohir, Subianto and Sandiaga S. Uno — who collectively own 64.55 percent of its shares.
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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- Vizag Seaport Private Limited - India
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- Banpu Public Company Limited - Thailand
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- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
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- Singapore Mercantile Exchange
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- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
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- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Australian Coal Association
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- Power Finance Corporation Ltd., India
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- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
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- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
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- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
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- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
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- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
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- Central Electricity Authority - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
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- Chamber of Mines of South Africa
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- Minerals Council of Australia
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- The University of Queensland
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