Adaro posts 124% net income increase
Wednesday, March 28 2012 - 02:33 AM WIB
Indonesia-listed giant coal miner PT Adaro Energy Tbk reported that the company recorded a 124 percent net income increase to US$552 million for the fiscal year ended December 31, 2011, mainly attributed to production volume growth, robust average selling price and continued cost control.
It said that the company?s coal production increased 13 percent to 47.67 million tons in 2011 from the previous year of 42.20 million tons with the sales volume increased 16 percent to 50.78 million tons compared to 43.84 million tons in 2010.
Adaro posted the average selling price climbed 27.6 percent due to the higher thermal coal prices.
?With our strong performance in 2011, we moved one step closer to achieving our vision to be a leading Indonesian mining and energy group, while also making a record contribution to our country and regional communities,? Adaro Energy?s President Director, Garibaldi Thohir said in a statement submitted to the IDX.
?We delivered on our targets, while also executing on our strategic objectives of making acquisitions of coal deposits in South Sumatra and moving downstream into power generation in Central Java. We are more convinced our proven business model is the right one to create maximum sustainable value from Indonesian coal to create a bigger and better Adaro Energy and also to help build the nation.?
The company added that net revenue increased 47 percent to $3.99 billion last year with the gross domestic profit margins improved to 35.8 percent from 30.5 percent over the same period in 2010.
The company said that it made three acquisitions in South Sumatra as the company?s efforts to increase reserves through inorganic growth. The three acquisitions are 75 percent stake in PT Mustika Indah Permai for $22.5 million with the JORC compliant coal reserves of 272.6 million tons; 35 percent interest in an integrated coal logistics services provider in South Sumatra, PT Servo Meda Sejahtera for Rp 200 billion and 61.04% stake in PT Bukit Enim Energi at US$67 million for a greenfield coal project in South Sumatra.
Summary of Fiscal Year End 2011 Operational Performance(in million tonnes) |
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| YE 2011 | YE 2010 | % Change | |
| Production volume | 47.67 | 42.20 | 13,0% |
| Sales volume | 50.78 | 43.84 | 15,8% |
| Overburden removal | 299.27 | 225.87 | 32,5% |
Summary of Fiscal Year End 2011 Operational Performance(in milion USD) |
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| YE 2011 | YE 2010 | %Change | |
| Net revenue | 3.987 | 2.718 | 46.7% |
| Cost of revenue | (2.559) | (1.889) | 35.5% |
| Gross profit | 1.428 | 829 | 72.4% |
| Gross profit margin | 35.8% | 30.5% | 5.3% |
| Operating income | 1.284 | 711 | 80.4% |
| Operating margin | 32.2% | 26.2% | 6.0% |
| Net income | 552 | 247 | 123.7% |
| EBITDA | 1.472 | 894 | 73.4% |
| EBITDA margin | 36.9% | 31.2% | 5.7% |
| Total assets | 5.659 | 4.470 | 26.6% |
| Total liabilities | 3.217 | 2.438 | 31.9% |
| Stockholders equity | 2.442 | 2.032 | 20.2% |
| Intereset bearing debt | 2.105 | 1,592 | 32.2% |
| Cash and cash equivalents | 559 | 607 | -8.0% |
| Net debt | 1.546 | 985 | 56.9% |
| Net debt to equit(x) | 0.63 | 0.48 | - |
| Net debt to EBITA(x) | 1.05 | 1.16 | - |
| Free Cash Flow (EBITA-Capex | 874 | 604 | 40.2% |
Editing by David Mustakim