Jakarta, 4 May 2017
The Company has published its unaudited First Quarter Financials on 28 April 2017.
BUSINESS TURNAROUND
The Company has reported a net income of $88.05 million in Q1'17 compared with $22.48 million in Q1'16, or a four fold increase.
In FY'16, the Company turned around to a net income of $67.69 million.
FINANCIAL REPORTING
The Company has reported its Q1’17 financials based on PSAK 66 of IAI on Joint Venture Agreements and, hence, excludes 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 full contribution from KPC and Arutmin for comparison.
Your attention is invited to para 40 (page 176 - 177) in notes to the Company's unaudited Q1'17 financials for detailed explanation and the estimated consolidated figures.
FINANCIAL HIGHLIGHTS
Q1'17 financial highlights on full consolidation basis (including 100% KPC & Arutmin) compared with Q1'16 are:
- Operating Income jumps sharply to $227.3 million (from $2.8 million in Q1'16)
- Profit Before Tax rises eleven fold to $308.6 million ( from $27.2 million in Q1'16)
- Consolidated Net Income increases by 230.8% to $134.3 million (from $40.6 million in Q1'16)
- Net Income (after non controlling interest) increases fourfold to $88.05million (from $22.8 million in Q1'16)
- EPS increases four fold to Rp 32 (from Rp 8 in Q1'16)
The consolidated numbers are internal estimates of the Company and subject to reconciliation processes.
OPERATING HIGHLIGHTS ON FULL BASIS
Appendix 1 provides the operating metrics for Q1'17 vs Q1'16 on full consolidation basis (100% KPC & Arutmin) subject to reconciliation.
- Coal mined flat at 20.2 million tons in Q1'17 and Q1'16 due unusually heavy rainfall
- Coal sales relatively flat at 21.0 million tons in Q1'17 compared with 21.4 million tons in Q1'16
- Combined Strip Ratio reduced by 1.9% to 7.1 in Q1'17 compared with 7.2 in Q1'16.
- Arutmin strip ratio rose to 4.0 compared with 2. 5 in Q1'16 as it produced more high ranked coal.
- Combined Production Cash Cost increased to $30.5/tonne in Q1’17 from $27.2/tonne in Q1’16 due mainly to higher CV coal production in Arutmin.
OUTLOOK FOR 2017
There is no change in our FY'17 guidance of 5% - 7% increase in volumes and > 30% increase in coal price compared with FY'16
CORPORATE UPDATES
- Held its Annual General & Extraordinary Meeting of Shareholders in Jakarta on 7 Feb ’17. 99.6% shareholders voted in favour of the debt composition plan to exchange $2.6 billion of debt for equity at Rp 926.16/ share. The prospectus has been submitted to our regulator for consideration and company is hopeful of issuing the new shares and MCB’s in June 2017
INVESTOR AND MEDIA PROGRAMS
- Conducted a Media Expose on 23 Feb’17 providing company update under auspices of the Indonesian Stock Exchange.
- Attended the JPMorgan Emerging Markets Conerence in Miami on 1 & 2 March 2017.
- Attended the Credit-Suisse Asia Investment Conference, Hong Kong on 29 & 30 March 2017.
- Presented at the Indonesian Corporate Action Forum held under auspices of the Indonesian Stock Exchange on 22 March 2017 – ‘Company Dialogue – Mining Companies & Coal Mining Services’.
- Presented at the Indonesian Stock Community Gathering for Rising Stars in Surabaya on 9 April ’17.
NEXT ANNUAL GENERAL MEETING OF SHAREHOLDERS – JUNE’17
- The Company plans to hold its Annual General Meeting 2016 in June ’17 and will announce the date shortly. An agenda is to strengthen the Company’s management boards to visibly improve perception of governance.
Prospects are bright for FY 17 and it is the Company’s objective to showcase its plans to the investment community, highlight the forward valuation potential and provide regular updates.
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PT. BUMI RESOURCES Tbk.
Bakrie Tower Lt. 12
Komplek Rasuna Epicentrum
Jl. H. R. Rasuna Said
Karet Kuningan, Setiabudi
DKI Jakarta 12940
©2024 PT. BUMI RESOURCES Tbk.
