Jakarta, April 26th, 2012 – PT Adaro Energy Tbk (IDX: ADRO) announced today unaudited financial statements for the first quarter ended March 31st, 2012. Our net revenue increased 21.0% to US$916 million as sales volume and the average selling price (ASP) improved year over year (y-o-y). Net income grew 11.8% to US$122 million, while our gross profit margin stayed relatively flat at approximately 33%. Adaro Energy’s President Director, Mr. Garibaldi Thohir said, “Our first quarter provided us with a solid start for 2012 in order to reach our financial and operational objectives. We will continue our efforts to deliver another strong performance this year, while also doing our part to contribute to our communities and country.”
We recorded production growth of 3.4% y-o-y to 10.96 million tonnes (Mt) and sales volume increased 3.1% to 11.25 Mt. During the first quarter, Adaro produced 1.7 Mt of E4000 (Wara) coal. We remain on-track and confident in achieving our annual production guidance. Please refer to our 1Q12 Quarterly Activities Report for more details of our operations.
The average selling price for Adaro Indonesia’s coal improved 17.9% y-o-y due to higher international thermal coal prices. Adaro Energy’s coal
cash cost (excluding royalty) increased 16.6% to US$38.46 per tonne, largely due to a higher planned stripping ratio, longer overburden hauling distances and higher fuel costs. Our EBITDA climbed 21.3% to US$319 million, although our EBITDA margin remained robust at 34.8%. Adaro’s 1Q12 net income rose 11.8% y-o-y to US$122 million, due to sales volume growth, robust average selling prices, and cost control. We incurred income tax expense of US$104.4 million in 1Q12, a 16.2% increase over 1Q11.
Our balance sheet remained strong during 1Q12. Our net debt to last twelve months EBITDA improved to 1.02x from 1.08x in 1Q11 and net debt to equity was 0.61x. Our liquidity was excellent with access to cash of more than US$1.2 billion (including US$700 million of unutilized committed funding from two long-term bank facilities). This allows Adaro to maintain ample liquidity, while paying large cash dividends and pursing strategic investments.