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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, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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