Bakrie Tower, 12th floor
Komplek Rasuna Epicentrum
Jl. H.R. Rasuna Said
Jakarta, INDONESIA 12960
Website: www.bumiresources.com
Corporate Information
BUMI Books Highest 2011 First Half Performance – Exceeds Consensus –
Record High Price and Margins
Jakarta, 22 August 2011
After adjustment to the new accounting principles under Indo GAAP, PT Bumi Resources,
Tbk (BUMI) ended the first half of 2011 with 24 percent increase in sales revenue to
US$1.79 billion (compared with US$1.44 billion yoy), a 42 percent increase in operating
income to US$549 million (from US$386 million yoy) and a 9 percent increase in net income
to US$274 million in the same period last year. Under the new Indo GAAP accounting, the
revenue and costs from subsidiary companies are booked proportionately based on the
shareholding.
However, if we use the old Indo GAAP accounting principle, the First Half 2011 figures (on
100% basis) are even higher. With 100% of subsidiaries' net income consolidated into
BUMI's book, the increase in total sales revenue would be 26 percent higher to
US$2.69 billion (from US$2.14 billion yoy), increase in operating income would have been
20 percent at US$795 million, and increase in net income would have been 103 percent
higher at US$274 million from just US$135 million in the previous year.
This first half 2011 net income of US$274 million for 2011 beats analysts consensus reported
by Bloomberg and after adjustment to the new Indo GAAP Standards. This augurs very well
for FY 2011 as market conditions continue to be robust for coal.
A highest ever realized fob price of US$91/ton (vs US$67/ton last year) was recorded by the
company - this has resulted in an exponential increase of ca 50% increase in cash margin
(price less production cash cost) which has overcompensated for the rise in input costs,
opening out new mines and impact of rain.
"Consistent with our published Q1’11 results in June’11, the improved financial performance
of the company proves our seriousness and capability in meeting the international best
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practices in accounting, governance and operation in line with our new significant
shareholder, Bumi, Plc," said BUMI Director for Investor Relations Dileep Srivastava.
Higher global coal price and demand as well as derivative gains have played a major role in
boosting BUMI's first half performance.
"Coal demand has remained strong in spite of current global economic uncertainty. The
company took various derivative instruments when it leveraged to acquire non coal assets in
2009 - these are now showing gains below the operating income line," added Dileep.
Dileep also stated that BUMI remains focused on deleveraging the company's balance sheet
including divesting BRMS in the 4th Quarter of this year..
"Our focus remains unchanged including divesting non coal assets and deleveraging our
balance sheet as announced last year. And we are on the right track," Dileep said.
For ease of reference by our investment community we attach details of the 5 accounting
principles implemented from 1 Jan 2011 and comparison of First Half 2011 financials based
on the new & previous Indo GAAP.
The operating metrics are shown on 100% basis.
For further information, please contact:
Dileep Srivastava
Director – Corporate Secretary
PT Bumi Resources Tbk.
Tel
(62-21) 5794 2080
Fax
(62-21) 5794 2070
email
[email protected]
www.bumiresources.com
Enclosed
: - Major Accounting Standard Changes Implemented 1 Jan 2011
- Comparison H1 2011 vs H1 2010, Previous vs New Indo GAAP
- Consolidated – Key Operating Metrics – Jan/Jun 2011
Page 2 of 5
PT Bumi Resources Tbk.
MAJOR ACCOUNTING STANDARD CHANGES IMPLEMENTED 1 JAN 2011
Page 3 of 5
PT Bumi Resources Tbk.
Comparison
Previous
INDO
GAAP
Comparation
IFRSVS
VSNew
INDO
GAAP
in million US$
1H-10
PREV
GAAP
1H-11
PREV
GAAP
Var
+/-
%
1H-10
NEW
GAAP
Var
1H-11
NEW
GAAP
+/-
%
REVENUE
2.139
2.688
549
26%
1.441
1.792
352
24%
COST OF REVENUE
1.348
1.583
234
17%
900
1.052
152
17%
790
1.105
314
40%
541
740
200
37%
OPERATING EXPENSE
259
310
51
20%
154
191
37
24%
OPERATING INCOME
532
795
263
50%
386
549
162
42%
GROSS PROFIT
OTHER INCOME (EXPENSES)
(75)
34
110
-145%
76
INCOME BEFORE TAX
456
829
373
82%
462
548
86
19%
(222)
(388)
(166)
75%
(191)
(270)
(79)
41%
279
TAX BENEFIT (EXPENSES)
NET INCOME BEF MINORITY INTERESET
234
442
207
88%
271
MINORITY INTEREST
(100)
(168)
(68)
68%
(19)
NET INCOME
135
274
OTHER COMPERHENSIVE INCOME
Exchange differences due to FS translation
Increase in fair value of AFSF
NET COMPERHENSIVE INCOME
NET INCOME ATTRIBUATABLE TO:
Owners of the parent
Non controlling interest
NET INCOME
139
103%
252
(0)
(4)
274
(76)
Remarks
PSAK 12 Jointly
Controlled Entities
PSAK 22 Business
Combination
-101%
8
3%
15
-78%
22
9%
-95%
(22)
(1)
21
4
6
2
59%
234
279
45
19%
252
274
22
19
271
4
279
(15)
8
PSAK 50/55 Financial
Instrument Presentation
PSAK 1 Rev 2009
Presentation of FS
9%
-78%
3%
Page 4 of 5
PT Bumi Resources Tbk.
Consolidated – Key Operating Metrics
Period : Jan - Jun 2011
Q1 2011
Var
Q2 2011
Var
1H 2011
1H 2010
Var
COMBINED
Overburden
Strip Ratio
Coal Mined
Coal Production
Coal Sales
FOB Prices*
Coal Inventory
mbcm
bcm/t mined
mt
mt
mt
$/t
mt
170,2
11,94
14,3
14,7
13,9
87,67
3,6
9,9%
18,3%
-7,1%
-11,0%
-12,7%
39,4%
-16,2%
189,8
12,15
15,6
15,2
15,3
94,65
4,0
16,5%
15,1%
1,2%
4,3%
1,2%
32,0%
-11,9%
360,0
12,05
29,9
30,0
29,3
91,33
4,0
317,9
10,40
30,6
31,2
31,1
67,19
4,6
13,3%
15,9%
-2,3%
-3,8%
-5,9%
35,9%
-11,9%
Page 5 of 5