BRMS reports Rp 664 billions net profit for 2011
Friday, March 30 2012 - 11:53 AM WIB
PT Bumi Resources Minerals Tbk (BRMS) has released its 2011 consolidated financial report today stating that the company managed to book Rp 182 billions of revenue and Rp 1,006 billions of equity in net income of associated company, all resulting in Rp 664 billions of net profit throughout the year.
Despite over 47 percent drop in copper and gold outputs by its associated company, PT Newmont Nusa Tenggara (Newmont), BRMS managed to book positive financial results thanks to increased commodity selling prices and reduced interest cost. In year 2011, BRMS' copper and gold selling prices went up by 3 percent and 28 percent respectively, while its interest costs dropped by 64 percent from the previous year. The company has also successfully deleveraged its balance sheet, which consequently strengthen the company's net debt to equity ratio to 0.1x.
"The temporary production drop by Newmont has been anticipated due to the on-going phase 6 development in the Batu Hijau mine site. Once phase 6 is completed by end of this year, Newmont is expected to increase its copper and gold outputs significantly in year 2013. We are also on track to commence production from our iron ore project in Mauritania in the first semester of this year, while the exploration drilling activities in our Gorontalo Minerals and Citra Palu Minerals' copper and gold prospects are to be completed by end of this year," said company CEO Ken Farrell.
(in Rp thousands) |
FYE 2010 | FYE 2011 |
| Revenue | 148,509,144 | 182,962,894 |
| Equity in Net Income of Assoc. Company (Newmont Nusa Tenggara) | 2,132,402,109 | 1,006,794,845 |
| Interest & finance charges | 1,082,562,349 | 390,333,670 |
| Net Income Attributable to Owners of the Parent | 826,021,467 | 664,702,698 |
(in Rp thousands) |
FYE 2010 | FYE 2011 |
| Cash and cash equivalent | 913,750,630 |
129,195,775 |
| Short term investment | 1,000,362,016 | 994,985,117 |
| Current Maturities of long term loan | 79,391,466 | 82,419,401 |
| Long term loans (net of current maturities) | 2,182,255,564 | 2,541,115,318 |
| Due to related parties | 460,679,583 | 458,267,119 |
| Equity* | 13,495,387,699 | 14,065,681,976 |
| FYE 2010 | FYE 2011 | |
| Debt to Equity** | 0.2x | 0.2x |
| Net Debt to Equity*** | 0.06x | 0.1x |
| FYE 2010 | FYE 2011 | |
| NNT Copper Realized Price | US$ 3.43/lb | US$ 3.54/lb |
| NNT Gold Realized Price | US$ 1,222/oz | US$ 1,562/oz |
| NNT Copper Production (100%) | 542 millions lb | 283 millions lb |
| NNT Gold Production (100%) | 737 thousand oz | 318 thousand oz |
*Total Equity in 2010 includes Capital Reserves of Rp 4.8 Tn which represents a Mandatory Convertible Note (MCN) of $546 Mn to BUMI which was treated as an equity instrument by Indo GAAP No. 50/paragraph 12. The MCN was converted into equity in BRMS in March 2011
**Debt to Equity = (Current Maturities + Long Term Loans + Due to Related Parties) / Equity
***Net Debt to Equity = [ (Current Maturities + Long Term Loans + Due to Related Parties) ? (Cash + Short Term Investment) ] / Equity
Editing by Er Audy Zandri