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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$1.2 billion, allowing us to weather the current cyclical downturn and continue to execute on our business model" the company said in its statement.
"We will continue to preserve cash, strengthen our capital structure and extend the maturity profiles of our borrowings", Adaro has concluded in its latest statement.
According to local media reports, Adaro is controlled by five businessmen — Edwin Soeryadjaya, Theodore Permadi Rachmat, Garibaldi Thohir, Subianto and Sandiaga S. Uno — who collectively own 64.55 percent of its shares.
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Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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