Toba Bara?s 2013 output up 16.8%
Thursday, April 3 2014 - 03:43 AM WIB
IDX-listed coal mining firm PT Toba Bara Sejahtera Tbk said that coal production volume grew 16.8 percent in 2013 to 6.5 million tons from 5.6 million tons in the previous year.
The company said in a presentation materials on Wednesday that the 2013 production volume was derived from all three operating subsidiaries in East Kalimantan with the following respective contributions: 4.2 million tons from PT Adimitra Baratama Nusantara (ABN), 1.4 million tons from PT Indomining ( IM), and 0.9 million tons from PT Trisensa Mineral Utama (TMU).
?The company?s y-o-y production growth of 16.8 percent was predominantly attributable to TMU?s significant production ramp up post the earlier-than-expected completion of its hauling road connecting TMU and IM via ABN,? Toba Bara said, pointing out that the hauling road was completed in the second quarter of 2013.
IM and TMU, the company?s main volume contributors in 2013, posted production volume growth of around 40 percent and 200 percent y-o-y respectively.
The company said that construction of coal processing plant (CPP) was in finalization stage. Construction of CPP is expected to boost coal production capacity at IM from 3 million tons per year to 6 million tons per year.
The company?s average selling price (ASP) only decreased by 7.8 percent y-o-y from US$ 72.2/ton in 2012 to US$ 66.6/ton in 2013, which compared favorably with NEWC Index price that declined 12.0 percent over the same period.
Financial and Operational Highlights
| All figures are in million US$ unless otherwise stated | 2012 | 2013 | Changes | |
Operational |
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| Sales Volume | Mn ton | 5.5 | 6.3 | 15.2% |
| Production Volume | Mn ton | 5.6 | 6.5 | 16.8% |
| Stripping Ratio (SR) | x | 14.9 | 13.4 | (10.1%) |
| FOB Vessel Cash Cost* | US$/ton | 62.5 | 52.8 | (15.5%) |
| Average Selling Price (ASP) | US$/ton | 72.2 | 66.6 | (7.8%) |
Financial Performance |
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| Revenue | US$ Mn | 396.7 | 421.8 | 6.3% |
| Cost of Goods Sold | US$ Mn | 348.5 | 342.3 | (1.8%) |
| Gross Profit | US$ Mn | 48.2 | 79.6 | 65.0% |
| EBITDA** | US$ Mn | 22.5 | 58.6 | 160.7% |
Total Comprehensive Income For the Periods |
US$ Mn | 12.0 | 36.1 | 201.1% |
| Free Cash Flow*** | US$ Mn | (47.3) | 45.6 | 196.4% |
| Capex | US$ Mn | 15.4 | 23.3 | 51.4% |
| Notes:
*FOB Vessel Cash Cost = COGS including royalty and selling expense ? depreciation and amortization **EBITDA = Gross Profit ? selling expenses ? G&A + depreciation and amortization *** Free Cash Flow = Cash Flow from Operation ? Cash flow for Capex |
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Editing by Reiner Simanjuntak