PT Adaro Energy Tbk Announces Consolidated Unaudited Earnings and Production Results for the Six Months Ended June 30, 2014; Provides Capital Expenditure Guidance for the Year 2014
August 26, 2014
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PT Adaro Energy Tbk announced consolidated unaudited earnings result for the six months ended June 30, 2014. For the period, the company reported revenue of $1,693,140,000 against $1,579,372,000 a year ago, increased on the back of higher sales volume of 13% while its average selling price (ASP) declined 5%. Operational EBITDA which excluded non-operational accounting items increased 31% to $513 million compared to for the same period a year ago. Operating income was $361,094,000 against $397,958,000 a year ago. Profit before income tax was $305,615,000 against $341,861,000 a year ago. Profit for the period was $171,769,000 against $248,721,000 a year ago, mainly due to the inclusion of a gain from the Balangan acquisition in 2013. Earnings per diluted share were $0.00489 against $0.00721 a year ago. Net cash flows provided from operating activities was $364,339,000 against $360,858,000 a year ago. Purchase of fixed assets was $35,309,000 against $78,508,000 a year ago. Payment for addition of mining properties was $31,879,000 against $26,691,000 a year ago. Payment for addition of exploration and evaluation assets was $57,000 against $68,000 a year ago. Net capital expenditure decreased by 31% to $67 million compared to for the same period a year ago. Net debt was $1,310 million. Core earnings were $210 million against $132 million a year ago. The company posted EBITDA of $513 million up 31% compared to a year ago driven by a lower strip ratio, cost reduction initiatives and robust sales volume.
The company announced that it is on track to achieve its capital expenditure guidance of $200 million to $250 million for the year 2014 and EBITDA guidance for 2014 of $750 million to $1 billion.
The company announced production volume of 27.8 Mt against 24.9 Mt for the same period a year ago, due to solid demand for its coal.
PT Adaro Energy Indonesia Tbk is engaged in mining, quarrying, mining support services, trading, transportation, warehousing and transportation support services, cargo handling (stevedoring), sea-port service activities, agriculture, construction, repair and installation of machines, power supply, water treatment, and forestry and industry. The Companyâs businesses include mining, services, power, logistics, land, water, capital, and foundation. The Company, through its subsidiary, PT Adaro Indonesia (AI), is involved in coal mining operations and produces its flagship thermal coal product, Envirocoal, a sub-bituminous coal with medium calorific value (CV) and ultra-low pollutant content. Its PT Saptaindra Sejati (SIS), provides a range of services for the coal mining industry, which covers many aspects from contract mining services, civil works, and infrastructure development to land logistics. Its PT Indonesia Bulk Terminal provides services for coal and fuel handling.
PT Adaro Energy Tbk Announces Consolidated Unaudited Earnings and Production Results for the Six Months Ended June 30, 2014; Provides Capital Expenditure Guidance for the Year 2014