Highlights of Bumi's 6 mo performance results
Thursday, October 1 2009 - 12:49 AM WIB
PT BUMI RESOURCES Tbk - Jan - Jun 2009 vs Jan - Jun 2008 : Performance at a Glance
FINANCIALS
Revenue: $ 1,535 million vs $ $1.493 million or an increase of 2.8 %
Gross Margin: $ 720 million vs $ 614 million or an increase of 17.3%
Gross Margin (%: Revenue): 46.9% vs 41.1%
Operating income: $ 506 million vs $ 423 millio or an increase of 19.5%
Operating Income (% to revenue): 32.9% vs 28.3%
Income before tax: $ 444 million vs $ 402 million or anincrease of 10.5%
Income before tax (after minority): $ 339 million vs $ 267 million or an increase of 27.1%
Net tax paid (earned): $ 87 million paid vs ($35million) tax credit earned
Net income (after minority adjustment): $ 252 million vs $302 million
EBITDA: $ 551 million vs $ 455 million or an increase of 21.1%
OPERATIONS
OB Removed: 315.3 bcm vs 247.1 bcm or an increase of 27.6%
Production: 27.0 m tons vs 25.7 m tons or an increase of 5.1%
Sales Volume: 25.7 m tons vs 25.4 m tons or an increase of 1.3%
Production Cash Cost: $27.51/ ton vs $ 33.10/ton or a reduction of 16.9%
FOB Price: $ 66.94/ ton vs $ 64.88/ton or an increase of 3.2%
Closing Inventory: 3.6 m tons vs 2.9m tons or an increase of 26.1%
COMMENTS
* Record breaking operating performance on every parameter.
* Gross and Operating margins at record levels
* Production cash costs sharply drop in view of lower fuel prices and efficiencies
* Operating Income at $ 506 million 21.9% higher
* Profit before tax at $339 million, higher by 30%
* Tax paid $ 87 million compares with tax credit earned of $ 35 million - net change - $ 122 million
Operating parameters very, very sound
Q309 Prospects
* Prospects again record breaking on production and sales
FY 2009 OUTLOOK
- Sales 58 million tons vs 51.5 m tons or 12.6% higher
- Production 59 million tons vs 52,8 m tons or 11% higher
- Production Cash Costs $ 28/ ton vs $ 33.1/ton or lower by 15.4%
- FOB Price expectation - $ 61 to $ 62/ ton vs $73.3/ ton or lower by 16% because of soft market conditions - 2007 price of $ 43.95/ton.
- Comfortable inventory
- Excellent prospects
RECENT CORPORATE ACTIONS
- Successful $375 million Convertible Bond issue, oversubscribed, with pathbreaking equity swap and capped call option.
- China Investment Corporation and Bumi enter into a landmark strategic partnership in a $1.9 billion deal.(end of highlights)