- BUMI REPORTS USD 263.8 MILLION PROFIT TILL 3rd SEMESTER
- POSITIVE PROFIT SWING BY USD 190 MILLION YOY
- CONSOLIDATED REVENUE INCREASES TO USDS 3,599 MILLION
- COAL PRICE ALMOST 40 % HIGHER
- $2.6 BILLION DEBT REDUCTION ACHIEVED
- EQUITY TURNS POSITIVE
Jakarta, 5 December 2017
The Company has published its Semester III Financials on IDX Website on 30 Nov’2017 after a limited review audit.
BUSINESS TURN AROUND
The Company has reported a net income (attributable to owners of parent) of $263.8 million in 09’17 compared with a net income of $73.0 million in 09’16, or a positive profit swing by $190.8 million, year on year.
Based on 09’17 EPS Rp54 FY’17, EPS is Rp72 and P/E of 3.8 Net equity turned positive by $207.5 million on PSAK 66 Basis and by $552.9 million on Full Consolidation Basis.
The Company has reported its 09’17 financials based on PSAK 66 of Indonesia Accounting Standard (IAI) on Joint Venture Agreements and, hence, does not consolidate KPC and Arutmin. 51% KPC and 70% Arutmin stakes that Bumi holds is equity accounted.
However, for ease of understanding, the company also provides internal estimates of the full consolidated figures including 100% contribution from KPC and Arutmin for comparison.
Your attention is invited to para 41, Supplementary Financial Information (page 149) in notes to the Company's 09'17 financials for detailed explanation please refer to Appendix 2.
FINANCIAL HIGHLIGHTS ON FULL CONSOLIDATION BASIS
09'17 financial highlights on full consolidation basis (including 100% KPC & Arutmin)
Bumi has attended several credit and equity investor forums in Indonesia and abroad with quality international and local brokering houses to highlight its turnaround story.
The credit community has responded positively to the debt composition agreement and the residual debt is reportedly trading at a premium and MCBs at a deemed value above the present share price.
A major effort is being made starting Jan ’18 to promote Bumi’s undervalued equity to global and local investors. The expected share and MCB exchange has already been announced for 11 Dec’17.
Bumi expects to recommence production of high ranked coal from Arutmin of 8 million tonnes in 2018.
Hence, we plan a coal production of at least 10% above FY’17 levels.
Coal sector conditions continue to be buoyant and Bumi expects a further coal price increase of 5% compared with present realized levels.
Enc. : - Operational Summary (ON FULL BASIS) - Unaudited – 9M – 2017
- 09’17 Summarised Financials – PSAK 66 and Fully Consolidated