Highlights of Bumi's 3mo performance results
Thursday, June 3 2010 - 01:44 AM WIB
KEY HIGHLIGHTS
Bumi has announced its Q1?10 financials and is pleased to report that its Q1?10 net income of $96.81million has already reached 51% of FY?09 net income of $190.45million and 38% higher than adjusted Q1?09 net income of $70.14million - as explained in the attachment.
Gross Revenue
$1,016.84 million vs $832.66 million ? increases by $184.18 million or up by 22.1%
Royalty
$122.79 million vs $79.74 million - increases by $43.05 million or up by 54.0%. This underscores Bumi?s increasing contribution to the exchequer
Net Revenue (Less Royalty)
$894.05 million vs $752.92 million ? increases by $141.13 million or up by 18.74%. The increase is due to a record high sales volume of 16 M Tonnes (+41.0%) which offset lower coal price (-16.4%)
Gross Margin
$344.81 million vs $392.55 million ? reduced by $47.74 million or down by 12.2% Due to lower coal price and higher fuel costs offset partially by higher volume
Operating Income
$218.81 million vs $283.30 million ? reduced by $64.49 million or down by 22.8% Also due to commission on higher sales revenue
EBITDA (operation ? 100%) ? A Record
$377.38 million in Q1?10 vs $265.97 million in Q1?09 ? increases by $111.41 million or up by 41.9% This is a record high and based on CIC debt covenants of adjusted debt: adjusted EBITDA
Profit Before Tax
$228.61 million vs $212.52 million ? increases by $16.09 million or up by 7.6%. This has increased and also due to other income ? forex gains, equity in net income of associate companies (NNT), investment sale, interest income
Net Income (on 100% basis ? without minority adjustment)
$141.34 million vs $109.35 million ? increases by $31.99 million or up by 29.3%. Corporate tax rate guidance for FY10 is 40%
Net Income (after minority adjustment) ? already 51% of FY?09 and 38% higher yoy
$96.81 million vs adjusted $70.14million ? increases by $26.67 million or up by 38.0% Q1?10 net income is already 51% above FY?09 net income of $190.45 M
OPERATING PARAMETERS
Overburden Removal
154.9 bcm in Q1?10 vs 148.6 bcm in Q1?09 ? increases by 6.3 bcm or up by 4.3%
Strip Ratio
10.3 in Q1?10 vs 12.2 in Q1?09 ? reduced by 1.9 or down by 16.0%. Due to higher coal production and opening inventory
Coal Mined
15.1 mt in Q1?10 vs 12.2 mt in Q1?09 ? increases by 2.9 mt or up by 24.0%
Coal Conveyed
16.5 mt in Q1?10 vs 11.7 mt in Q1?09 ? increases by 4.8 mt or up by 41.5%
Sales Volume
16.0 mt in Q1?10 vs 11.3 mt in Q1?09 ? increases by 4.7 mt or up by 41.6%. This is highest ever Q1 sales achieved in any year - well on track on achieving guidance of 64 M Tonnes in FY?10
Production Cash Costs
$33.36/ ton in Q1?10 vs $27.46/ton in Q1?09 or increases by 21.5%
− Production cash cost without fuel is $25.78/ton vs $22.67/ton FY?09. Fuel cost is $7.58/ton vs $5.65/ton FY?09
− FY?10 guidance of total production cash cost remains unchanged at $30/ton because of softer oil prices from Q2?10
Average FOB Selling Price of Coal - RISING
$62.88/ ton in Q1?10 vs $75.21/ton in Q1?09 ? reduced by $12.33/ton or down by 16.4%
The impact of lower price and higher fuel cost was largely offset by higher sales volume.
Q1?10 average price of $62.88/ton indicates a hardening of price of price compared with Q4?09 of $58/ton.
FY?10 price guidance is minimum $67/ton compared with FY?09 of $63.1/ton.
Contracts with Japan for Apr?10 / Mar?11 are being finalized at $104/ton FOB for benchmark quality. This should reflect in our financials for the remainder of the year.
Coal Inventories
4.3 mt on 31 Mar?10 vs 3.9 mt on 31 Mar?09 or up by 10.8%. Now at comfortable level.
Guidance Full Year 2010
Sales Volume 64 million tons
Production 67 million tons
Price (FOB average) Minimum $67/ton
Production Cash Cost $30/ton
Corporate Tax 40%
Corporate Developments
? Bumi now controls 24% ownership in Newmont Nusa Tenggara with a Board seat at NNT level
? A new subsidiary Bumi Resources Minerals was formed to develop as non energy assets
? Bumi is holding its next AGM/EGM on 24 June 2010 in Jakarta
COMPANY INFORMATION SHARING POLICY
The Company categorically and consistently denies any intent to conduct a rights issue as per irresponsible rumors.
Once again we draw your attention to our media release dated 27 January 2010 reiterating our information sharing policy to eliminate rumors and protect shareholders interest.
Only official announcement equals credibility. (end of edited highlights)