Wisma Bakrie 2, 7th floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta, INDONESIA 12920 Website: www.bumiresources.com
Corporate Information
BUMI ANNOUNCES FIRST QUARTER 2008 RESULTS - STRONGEST
EVER DURING CHALLENGING OPERATING CONDITIONS
Jakarta, 30 May 2008
NET INCOME
q
Net Income on 100% basis increased 89% to a record $151.9 million (compared with $80.4
million in Q107)
q
Net Income after 30% minority adjustment increased 29% to $103.3 million (compared with
$80.2 million in Q107)
q
Minority interest is $48.6 million in Q108 (compared with $0.2 million in Q107)
GROSS REVENUE
q
Gross Revenue increased by 18% to $750.4 million (compared with $637.2 million in Q107)
FOB REVENUE
q
FOB Revenue increased 20% to $726.4 million on a sales volume of 12.5 million tons
(compared with $604.5 million on a sales volume of 14.5 million tons in Q107)
UNIT FOB PRICE
q
FOB price increased 39% to $57.95/ton (compared with $41.69/ton in Q107)
OPERATING INCOME
q
Operating income increased 43% to $160.9 million (compared with $112.3 million in Q107)
OPERATING EXPENSES
q
Total Operating expenses decreased 7% to $89.3 million or by $6.7 million (compared with
$96.0 million in Q107)
q
Marketing commissions increased 10% to $36.2 million (compared with $32.9 million in
Q107) reflecting the 39% higher price realized.
q
Freight costs reduced by 42% to $19.0 million (compared with $32.8 million in Q107)
reflecting higher FOB contracts.
q
Marketing expenses reduced by 20% to $9.3 million (compared with $11.6 million in Q107)
by optimising transhipments
q
General and Administration expenses increased 33% to $16.9 million (compared with $12.7
million in Q107) mainly on account of general inflation and expansion related activities.
OPERATING METRICS
OVERBURDEN REMOVAL
q
Overburden removed increased 13% to 118.7 million tons (compared with 105.5 million tons
in Q107) reflecting improved productivity
STRIP RATIO
q
Strip ratio increased 5% to 9.3 (compared with 8.8 in Q107) reflecting the trending to the
longer term average of 9.5.
q
Guidance for FY08 is 9.5
COAL MINED
q
Coal mined increased 3% to 12.8 million tons (compared with 12.4 million tons in Q107) in
spite of challenging weather conditions
COAL SOLD
q
Coal sold is 98% of coal mined (compared with 117% or 2.1 million tons from inventory in
Q107 )
q
Sales volume from fresh production increased 1% to 12.5 million tons (compared with 12.4
million tons in Q107)
q
Total sales volume reduced by 14% to 12.5 million tons (compared with 14.5 million tons in
Q107) because of negligible opening inventory in 2008.
q
Guidance for FY 2008 is 61 million tons
PRODUCTION CASH COSTS INFLUENCED BY ESCALATING FUEL PRICES
q
Production cash costs increased 32% to $30.7/ton mined (compared with $23.3/ton in Q107)
or an increased by 18% compared with $25.9/ ton in FY07
q
Fuel cost increased to 29% of production cash cost (compared with 22% in Q107 and 24% in
FY07)
q
Diesel oil price increased 62% to $0.81/litre (compared with $0.50/ litre in Q107 and
$0.58/litre in FY07).
GUIDANCE FOR FY 2008 - NO CHANGE
Production - 64 million tons
(compared with 54.2 million tons FY07)
Sales - 61 million tons
(compared with 55.4 million tons FY07)
Price - $70/ ton
(compared with $44.0/ton FY07)
We will provide a 4th update on expected FY08 price next month once the Japanese settlements
are concluded.
MEDIUM TERM PRODUCTION RAMP UP AND COST REDUCTION PLANS
q
100 million tons from 2011 onwards, target commissioning in Q4 10.
q
Build additional 100 km of conveyors and switch 100% to captive coal fired power plants -
implementation plan on target for Q4 2010 commissioning.
q
Hence, reduce production cash cost by $3/ ton in 2011.
COAL RESERVE UPDATE
q
Coal reserve and resource is 8,132 million tons
q
Coal reserve 1,402 million tons
q
Coal Resource 6,730 million tons.
Additional drilling in progress, coal reserve expected to rise significantly by year end 2008.
INHOUSE VALUATION OF COAL RESERVES
q
International valuation is $25/reserve ton or $5/ton for combined reserves and resources for
thermal coal trades
q
Intrinsic present KPC/Arutmin valuation by this measure on its reserves of 1.4 billion tons @
$25/ ton amounting to $35 billion (with KPC mined to extent of only 45%).
q
Intrinsic KPC/Arutmin present value of its combined coal reserves and resources of 8 billion
tons at $5/ ton amounts to $40.6 billion
q
KPC/Arutmin's intrinsic valuation is between $35 billion to $40.6 billion by coal reserves and
combined reserve & resources respectively.
PUBLIC RECOGNITION
FORBES MAGAZINE
q
Ranked 2nd out of Forbes Global 2000 winners with a total 1 year return of 361%.
q
Ranked 1633 overall in the world
PLATTS
q
Nominated Asia's fastest growing amongst Top 250 Energy companies and the world's
second fastest globally by Platts.
q
Nominated as the most popular listed company in Indonesia by Investor Magazine
SAFETY
q
Zero accident award for Arutmin by Indonesian Ministry of labour and transmigration
INCREASING WEIGHTAGE ON INDONESIAN STOCK INDEX
q
2nd largest by market value on the Indonesian Stock exchange and highest weight on MSCI
JOINT ANALYST CUM STAKEHOLDER BRIEFING FOLLOWED BY MEDIA
CONFERENCE
Details will be advised shortly.
FINANCIALS Q108
Statement to Regulators enclosed.
LIMITED REVIEW REPORT Q108
Being posted on our web site.
FURTHER INFORMATION
For further information, please contact:
Dileep Srivastava
Senior Vice President, Investor Relations
Corporate Communications
Company Secretary
PT Bumi Resources Tbk.
Tel
(62-21) 5794 2080
Fax
(62-21) 5794 2070
[email protected]
www.bumiresources.com
SUMMARY OF OPERATING PERFORMANCE
Financial 1Q08
1Q08
1Q07
Chg %
Overburden Removed (Mbcm)
118.7
105.5
+12.6%
Coal Mined (MT)
*12.8
12.4
+3.3%
Coal Conveyed (MT)
*12.5
13.9
-9.5%
Coal Sales (MT)
*12.5
14.5
-13.5%
Strip Ratio
9.3
8.8
-5.2%
Production Cash Costs ($/ton mined)
30.7
23.3
-32.0%
Average FOB Price ($/ton)
57.95
41.69
+39.0%
*
includes government entitlement of 13.5%Metrics 1Q08
in US$ million
1Q08
1Q07
Chg %
FOB Revenue
726.4
604.5
+20.2%
Sales
**663.6
577.9
+14.8%
Gross Profit
250.2
208.3
+20.1%
Operating Income
160.9
112.3
+43.3%
EBITDA (operations)
175.9
131.8
+33.4%
Net Income (100% basis, unadjusted)
151.9
80.4
+88.9%
Net Income (adj. minority interest)
103.3
80.2
+28.8%
PT BUMI RESOURCES Tbk
DAN ANAK PERUSAHAAN
NERACA KONSOLIDASI
31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)
(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT BUMI RESOURCES Tbk
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2008 AND 2007 (UNAUDITED)
(Figures in table are expressed in United States Dollar, unless otherwise stated)A K T I V A
ASSETS
Catatan/
Notes 2008 2007
AKTIVA LANCAR CURRENT ASSETS
Kas dan bank 2d,4 42.030.819 65.153.223 Cash on hand and in banks
Rekening bank yang dibatasi penggunaannya 2d,5 134.658.959 108.020.955 Restricted cash in banks
Investasi jangka pendek 2e,39v 118.312.375 - Short-term investment
Piutang usaha Trade receivables
Pihak ketiga - setelah dikurangi Third parties - net of allowance
penyisihan piutang tak tertagih for doubtful accounts of
AS$ 161.834 pada tahun 2008 US$ 161,834 in 2008
dan 2007 2f,6 218.573.770 150.694.465 and 2007
Piutang lain-lain - setelah dikurangi Other receivables - net of
penyisihan piutang tak tertagih allowance for doubtful
AS$ 2.164.646 tahun 2008 accounts of US$ 2,164,646
dan 2007 2f,7 95.708.543 126.280.116 in 2008 and 2007
Persediaan - setelah dikurangi penyisihan Inventories - net of provision for
persediaan usang AS$ 2.793.678 pada obsolescence of US$ 2,793,678
tahun 2008 dan 2007 2h,8 97.421.294 138.447.438 in 2008 and 2007
Tagihan PPN 35a 407.125.560 299.987.826 VAT recoverable
Biaya dibayar dimuka dan jaminan 2i,9 18.363.182 26.540.839 Prepaid expenses and deposit
Pajak dibayar dimuka 2i,35b 21.085.499 14.988.538 Prepaid tax
Aktiva lancar lainnya 35d 32.948.468 5.734.470 Other current assets
Jumlah Aktiva Lancar 1.186.228.469 935.847.870 Total Current Assets
AKTIVA TIDAK LANCAR NON-CURRENT ASSETS
Piutang pihak hubungan istimewa 2g,36a 3.129.941 129.941 Due from related parties
Aktiva pajak tangguhan 2v,35f 39.941.505 36.477.486 Deferred tax assets
Aktiva tetap - setelah dikurangi akumulasi Fixed assets - net of
penyusutan AS$ 967.878.382 pada accumulated depreciation of
tahun 2008 dan AS$ 904.894.732 US$ 967,878,382 in 2008 and
pada tahun 2007 2k,2m,2n,11 659.461.936 695.403.128 US$ 904,894,732 in 2007
Aktiva minyak dan gas bumi 2l,12 123.234.064 87.524.605 Oil and gas properties
Biaya eksplorasi tangguhan 2o,13 106.832.891 530.331 Deferred exploration cost
Biaya eksplorasi dan pengembangan Deferred exploration and
tangguhan - bersih 2o,14 89.525.652 94.002.792 development cost - net
Investasi pada perusahaan asosiasi 2b,2j,10 101.909.773 12.323.834 Investment in associates
Biaya pengupasan ditangguhkan 2p,15 187.048.196 75.184.749 Deferred stripping cost
Taksiran tagihan pajak 2v,35c 18.501.975 22.156.578 Claim for tax refund
Goodwill 2c,16 272.189.434 435.595.268 Goodwill
Uang muka dan deposito 71.090.026 11.959.692 Advances and deposits
Aktiva tidak lancar lainnya 17 111.955.690 9.744.084 Other non-current assets
Jumlah Aktiva Tidak Lancar 1.784.821.083 1.481.032.488 Total Non-Current Assets
JUMLAH AKTIVA 2.971.049.552 2.416.880.358 TOTAL ASSETS
PT BUMI RESOURCES Tbk
DAN ANAK PERUSAHAAN
NERACA KONSOLIDASI
31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)
(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT BUMI RESOURCES Tbk
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2008 AND 2007 (UNAUDITED)
(Figures in table are expressed in United States Dollar, unless otherwise stated)KEWAJIBAN DAN
EKUITAS
STOCKHOLDERS’ EQUITY
LIABILITIES AND
Catatan/
Notes 2008 2007
KEWAJIBAN LANCAR CURRENT LIABILITIES
Pinjaman jangka pendek 18 110.000.000 29.692.682 Short-term loans
Hutang usaha - pihak ketiga 19 92.826.871 115.242.648 Trade payables - third parties
Hutang lain-lain - pihak ketiga 20 469.570.966 359.429.221 Other payables - third parties
Biaya yang masih harus dibayar 21 178.743.433 122.502.007 Accrued expenses
Hutang pajak 2v,35e 14.184.815 75.688.537 Tax payable
Kewajiban jangka panjang yang jatuh Current maturities of
tempo dalam waktu satu tahun long-term liabilities
Pinjaman jangka panjang 22 - 8.692.000 Long-term loans
Hutang sewa guna usaha 2m,24 32.475.576 29.972.031 Obligation under capital leases
Taksiran kewajiban restorasi dan Estimated liability for
rehabilitasi lingkungan 2t,25 9.071.288 3.070.633 restoration and rehabilitation
Jumlah Kewajiban Lancar 906.872.949 744.289.759 Total Current Liabilities
KEWAJIBAN TIDAK NON-CURRENT
LANCAR LIABILITIES
Hutang pihak hubungan istimewa 2g,36b 1.587.134 5.042.346 Due to related parties
Kewajiban pajak tangguhan 2v,35f 149.336.637 152.320.722 Deferred tax liabilities
Kewajiban manfaat karyawan 2y,37 23.481.978 16.180.445 Employee benefits obligation
Pendapatan ditangguhkan 26 16.838.216 26.076.452 Deferred revenue
Kewajiban jangka panjang setelah
dikurangi bagian yang jatuh tempo Long-term liabilities - net of
dalam waktu satu tahun current maturities
Pinjaman jangka panjang 22 7.979.733 929.838.057 Long-term loans
Hutang sewa guna usaha 2m,24 31.696.736 55.821.895 Obligation under capital leases
Taksiran kewajiban restorasi dan Estimated liability for
rehabilitasi lingkungan 2t,25 156.709.137 101.027.413 restoration and rehabilitation
Obligasi konversi 2q,23 124.857.744 - Convertible bonds
Jumlah Kewajiban Tidak Lancar 512.487.315 1.286.307.330 Total Non-Current Liabilities
HAK MINORITAS ATAS MINORITY INTEREST
AKTIVA BERSIH IN NET ASSETS OF
ANAK PERUSAHAAN 2b 273.108.433 10.460.426 SUBSIDIARIES
PT BUMI RESOURCES Tbk
DAN ANAK PERUSAHAAN
NERACA KONSOLIDASI
31 MARET 2008 DAN 2007 (TIDAK DIAUDIT)
(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT BUMI RESOURCES Tbk
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2008 AND 2007 (UNAUDITED)
(Figures in table are expressed in United States Dollar, unless otherwise stated)Catatan/
Notes 2008 2007
EKUITAS STOCKHOLDERS’ EQUITY
Modal saham - nominal Rp 500 Capital stock - Rp 500 (equivalent
(setara dengan AS$ 0,07) to US$ 0.07) par value
Modal dasar - 20.000.000.000 saham Authorized - 20,000,000,000 shares
Modal ditempatkan dan disetor Issued and fully paid
penuh 19.404.000.000 saham 27 1.400.714.922 1.400.714.922 19,404,000,000 shares
Tambahan modal disetor 23 255.314.794 - Additional paid-in capital
Saham beredar yang diperoleh kembali 2r,28 (11.032.390 ) (97.666.443 ) Treasury stock
Biaya emisi saham 2s (1.830.367 ) (1.830.367 ) Share issuance cost
Selisih kurs penjabaran laporan keuangan 2w 18.775.401 (4.554.296 ) Translation adjustments
Selisih penilaian kembali aktiva tetap 14.518 14.518 Revaluation increment in fixed assets
Difference in value from
Selisih nilai transaksi restrukturisasi restructuring transactions of
entitas sepengendali 2c,29 (1.233.700.656 ) (1.233.700.656 ) of entities under common control
Saldo laba 850.324.633 312.845.165 Retained earnings
Jumlah Ekuitas 1.278.580.855 375.822.843 Total Stockholders’ Equity
JUMLAH KEWAJIBAN DAN TOTAL LIABILITIES AND
EKUITAS 2.971.049.552 2.416.880.358 STOCKHOLDERS’ EQUITY
PT BUMI RESOURCES Tbk
DAN ANAK PERUSAHAAN
LAPORAN LABA RUGI KONSOLIDASI
UNTUK PERIODE TIGA BULAN YANG
BERAKHIR PADA TANGGAL 31 MARET 2008
DAN 2007 (TIDAK DIAUDIT)
(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT BUMI RESOURCES Tbk
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED
MARCH 31, 2008 AND 2007 (UNAUDITED)
(Figures in table are expressed in United States Dollar, unless otherwise stated)Catatan/
Notes 2008 2007
PENJUALAN 2u,31 663.590.916 577.911.710 SALES
HARGA POKOK PENJUALAN 2u,32 413.392.024 369.622.088 COSTS OF SALES
LABA KOTOR 250.198.892 208.289.622 GROSS PROFIT
BEBAN USAHA 2u,33 OPERATING EXPENSES
Penjualan 72.334.230 83.273.687 Selling
Umum dan administrasi 16.932.375 12.742.413 General and administrative
Jumlah Beban Usaha 89.266.605 96.016.100 Total Operating Expenses
LABA USAHA 160.932.287 112.273.522 OPERATING INCOME
PENDAPATAN (BEBAN) OTHER INCOME
LAIN-LAIN (EXPENSES)
Penghasilan dari pelabuhan 1.352.400 1.282.125 Port facility fee
Bagian atas laba bersih Equity interest in net income
perusahaan asosiasi 10 1.790.656 - of Associates
Rugi selisih kurs - bersih 2w (1.118.155 ) (168.908 ) Loss on foreign exchange - net
Beban amortisasi 2o,16 (7.945.029 ) (8.064.074 ) Amortization expenses
Beban bunga - bersih 18,22 (4.507.014 ) (23.480.342 ) Interest expenses - net
Amortisasi atas pendapatan yang
ditangguhkan 26 - 4.164.000 Amortization of deferred revenue
Lain-lain - bersih (3.071.820 ) 174.977 Others - net
Jumlah Beban Lain-lain - Bersih (13.498.962 ) (26.092.222 ) Total Other Expenses - Net
INCOME BEFORE TAX
LABA SEBELUM BEBAN PAJAK 147.433.325 86.181.300 EXPENSES
MANFAAT (BEBAN) PAJAK 2v,35f TAX BENEFIT (EXPENSES)
Kini (18.387 ) (8.397.818 ) Current
Tangguhan 4.471.466 2.639.260 Deferred
Jumlah Manfaat (Beban) Pajak - Bersih 4.453.079 (5.758.558 ) Total Tax Benefit (Expenses) - Net
PT BUMI RESOURCES Tbk
DAN ANAK PERUSAHAAN
LAPORAN LABA RUGI KONSOLIDASI
UNTUK PERIODE TIGA BULAN YANG
BERAKHIR PADA TANGGAL 31 MARET 2008
DAN 2007 (TIDAK DIAUDIT)
(Angka dalam tabel disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT BUMI RESOURCES Tbk
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED
MARCH 31, 2008 AND 2007 (UNAUDITED)
(Figures in table are expressed in United States Dollar, unless otherwise stated)Catatan/
Notes 2008 2007
NET INCOME BEFORE
LABA BERSIH SEBELUM MINORITY INTEREST
HAK MINORITAS ATAS LABA IN NET INCOME OF
BERSIH ANAK PERUSAHAAN 151.886.404 80.422.742 SUBSIDIARIES
HAK MINORITAS MINORITY INTEREST
ATAS LABA BERSIH IN NET INCOME OF
ANAK PERUSAHAAN 2b (48.618.705 ) (216.783 ) SUBSIDIARIES
LABA BERSIH 103.267.699 80.205.959 NET INCOME
BASIC EARNINGS
LABA PER 1.000 LEMBAR SAHAM 2aa,34 5,38 4,13 PER 1,000 SHARE
LABA PER 1.000 LEMBAR SAHAM DILUTED EARNINGS
DILUSIAN 2aa,34 5,34 - PER 1,000 SHARE
