Delivering on our goals with a clear strategy going forward
Transforming into a world class, thermal coal business
One of the largest ever expansions in thermal coal production on schedule
Successfully met 2011 production targets
Major review underway to optimise operating efficiencies
Substantial progress made in reducing the Wider Group’s1 cost of capital
FTSE index inclusion attained in December 2011
Financial highlights
Group1 operating profit2 of $280 million, driven by higher production & stronger thermal coal prices
Underlying earnings3 of $33 million and underlying earnings per share of $0.17
- Reported loss from PT Bumi impacted by early stage project costs expensed in line with Bumi plc
policy ($41m Bumi plc share) and purchase price amortisation of $24m
Underlying EBITDA of $427m and net debt of $222 million
Strong operational performance
Strong operating performances across all coal businesses
Production volumes at PT Berau and PT Bumi increased by 9% to 85 million tonnes4
Production cost of sales at PT Berau and PT Bumi driven by higher stripping ratios and higher fuel
prices
Realised price (FOB) for the Wider Group 2011 of $90.5/tonne, an increase of 32% over 2010
Industry leading growth
Major coal expansion phase in execution
PT Berau on track to increase production from 19m tpa to 23m tpa in 20125
PT Bumi set to increase output from 66m tpa to 75m tpa in 20124
Bumi plc appoints new Chairman, CEO, CFO on 26 March 2012:
Samin Tan appointed Chairman
Nalin Rathod appointed CEO
Scott Merrillees appointed CFO
New management have extensive Indonesian coal mining experience, spanning 20 years
Transforming into a world class, thermal coal business
One of the largest ever expansions in thermal coal production on schedule
Successfully met 2011 production targets
Major review underway to optimise operating efficiencies
Substantial progress made in reducing the Wider Group’s1 cost of capital
FTSE index inclusion attained in December 2011
Financial highlights
Group1 operating profit2 of $280 million, driven by higher production & stronger thermal coal prices
Underlying earnings3 of $33 million and underlying earnings per share of $0.17
- Reported loss from PT Bumi impacted by early stage project costs expensed in line with Bumi plc
policy ($41m Bumi plc share) and purchase price amortisation of $24m
Underlying EBITDA of $427m and net debt of $222 million
Strong operational performance
Strong operating performances across all coal businesses
Production volumes at PT Berau and PT Bumi increased by 9% to 85 million tonnes4
Production cost of sales at PT Berau and PT Bumi driven by higher stripping ratios and higher fuel
prices
Realised price (FOB) for the Wider Group 2011 of $90.5/tonne, an increase of 32% over 2010
Industry leading growth
Major coal expansion phase in execution
PT Berau on track to increase production from 19m tpa to 23m tpa in 20125
PT Bumi set to increase output from 66m tpa to 75m tpa in 20124
Bumi plc appoints new Chairman, CEO, CFO on 26 March 2012:
Samin Tan appointed Chairman
Nalin Rathod appointed CEO
Scott Merrillees appointed CFO
New management have extensive Indonesian coal mining experience, spanning 20 years
Samin Tan, Chairman of Bumi plc said:
“I would like to assure all of our stakeholders that as Chairman of Bumi plc, together with the Board and executive team, we will work tirelessly to deliver on the achievement of our key objectives and drive increased shareholder value as well as rolling out best practice corporate governance. The management changes will strengthen our team and also increase the presence of key executives in London. I have every confidence that we have the capacity to deliver on our stated goal of becoming the leading FTSE thermal coal company.”
“I would like to assure all of our stakeholders that as Chairman of Bumi plc, together with the Board and executive team, we will work tirelessly to deliver on the achievement of our key objectives and drive increased shareholder value as well as rolling out best practice corporate governance. The management changes will strengthen our team and also increase the presence of key executives in London. I have every confidence that we have the capacity to deliver on our stated goal of becoming the leading FTSE thermal coal company.”
Nalin Rathod, Chief Executive of Bumi plc said:
“We have met our production targets for the year, despite high levels of rainfall in the first quarter, which impacted output. Costs have been well maintained, with fuel being the major pressure point but this was more than offset by higher coal prices. We are implementing a number of new initiatives across the Group to optimise productivity. In terms of our expansion plans I am pleased to report that we have made excellent progress and are on track to deliver 23 million tonnes of production from PT Berau and 75 million tonnes for PT Bumi in 2012, a significant increase.”
“We have met our production targets for the year, despite high levels of rainfall in the first quarter, which impacted output. Costs have been well maintained, with fuel being the major pressure point but this was more than offset by higher coal prices. We are implementing a number of new initiatives across the Group to optimise productivity. In terms of our expansion plans I am pleased to report that we have made excellent progress and are on track to deliver 23 million tonnes of production from PT Berau and 75 million tonnes for PT Bumi in 2012, a significant increase.”
Financial information for the year ended 31 December 2011
