investor & analyst update 4 june 2010...first step into australia banpu has acquired 14.9% stake...
Post on 27-Jan-2020
0 Views
Preview:
TRANSCRIPT
1Q10 l d1Q10 results and commentsINVESTOR & ANALYST UPDATE
4 June 2010
1
DISCLAIMER
The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Banpu plc. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
22
1. Introduction
2. Focus: Bontang Coal Terminal
3. Operational review
4. Commercial review
5. Financial review
3
1. Introduction
Virach MakaranithirojHead of Investor RelationsHead of Investor Relations
4
Banpu in 1Q10: the figures
Coal sales
6.16 Mt Unit: Bt. million
Down 1 0 MtCoal Power Total Q-Q
Down 1.0 Mt14% Q-Q Y-Y
13,828
1,045
1,423
997
Revenue
Equity income
15,251
2,042
-12%
190%
12%
-1%,0 5
3,452
1 452
99
1,463
1 265
qu ty co e
EBIT
Net income
2,042
4,915
2 717
90%
57%
66%
%
-25%
43%1,452 1,265Net income 2,717 66%-43%
5
First step into Australia
Banpu has acquired 14.9% stake in Centennial for c.A$280M at average price A$4 8 per share
Largest independent coalmining company in Australia (16Mt in 2009)
price A$4.8 per share
Banpu’s first strategic step into the Australian coal sector: objective to go
9 mines in New South Wales: mainly underground (longwall)
Australian coal sector: objective to go up ‘learning curve’ (similar to first steps in Indo in 1990s and China 2003-05)
Reserves 420 Mt, Resources 2,351 Mt
Sells over two-thirds of output domestically (contracts up for renewal
Discussion has already taken place between the CEOs
domestically (contracts up for renewal over next few years)
Nearly one-third sales to export market
Banpu will explore the potential for co-operation at different levels
CEO: Robert Cameron (founder, 1989)
Centennial Ebitda in 2009: A$220M
6
Centennial Ebitda in 2009: A$220M
2. Focus: Bontang Coal Terminal
Philip GasteenHead of Marketing & LogisticsHead of Marketing & Logistics
77
BoCT expansion in summary
Expansion and upgrades BenefitsShip-loading capacity
from 11.0 to 20 Mtpa* Reduce logistics costs (e.g. bringing Trubaindo coal through Bontang reduction of rehandling and fine
Reduce logistics costs (e.g. bringing Trubaindo coal through Bontang reduction of rehandling and fine
Barge unloading capacity
Truck in-loading capacity
from 1,500 to 2,000 tph
Bontang, reduction of rehandling and fine coal losses, faster loading rates…)
Enable blending upgrades (improving pricing margins)
Bontang, reduction of rehandling and fine coal losses, faster loading rates…)
Enable blending upgrades (improving pricing margins)Barge unloading capacity
from 2 to 12 Mtpa
Port stockyard capacity
(improving pricing margins)
Reduce dependence on third-party ports (synergies)
(improving pricing margins)
Reduce dependence on third-party ports (synergies)
from 0.35 to 0.65 Mt
Barge loading capacity
from 0 to 2 Mtpa
p y p
Target domestic and niche markets
p y p
Target domestic and niche markets
from 0 to 2 Mtpa
* Currently 18.5Mtpa, will be 20Mtpa by end 2010
8
ITM owns the second largest coal terminal in Kalimantan
East Kalimantan Ship-loading
capacityMax vessel
42
20
Tj. Bara
180,000 DWT
Max vessel size
Distance to Japan 20
BoCT (ITM)BCT
95,000 DWT2,504 nautical miles
NSW to Japan Note: ITM has significantCentral
Kalimantan15
BCT
N.Pulau Laut
60,000 DWT
4,324 nautical milesNote: ITM has significant economic advantage in using BoCT over third party ports for its coal exports
South Kalimantan
17
N.Pulau Laut
IBT
150,000 DWT
10IBT
80,000 DWT
CAPACITY FIGURES FOR OTHER TERMINALS ARE INDICATIVE ESTIMATES ONLY : PLEASE REFER TO COMPANY DATA
9
BoCT development timeline
2002 5.6
Shiploading capacity (Mtpa)Year
2004 8.02004
2006
8.0
11 4BoCT Expansion & Upgrade Programme 2007 2010 2006 11.4
Stage 1Jun 07
Feb 07
Jul 07
BoCT Expansion & Upgrade Programme 2007-2010
2008• 6 new stockpiles• Skyline stack
conveyor • Conveyor from
11.8Jun 08
gJan 08
Oct 09 Jan 10
Stage 2AStage 2B
Stage 2CJan 09
2010conveyor
• Reclaim system + 4 new feeders
• Truck dump pad• Alternative road
ybarge unloader to stockpile/ship
• Surge bin
• Barge Loader• Shiploading: surge
barge + conveyor• Shiploading: no
• New stockpiles• Tunnel feeders
• Continuous Barge Unloader
20.0Oct 09 - Jan 10 Feb 10 Mar 10
Sep 10 Stage 3
10
p gsurge barge
• New pulley for conveyor system
BoCT expansion budget vs actual (Stage 1 and 2)
Actual 2007-10BOD budget 2006
Stage 1$27M*
Stage 1$26M
$73M** Inclusive of
VAT (or $67M pre-VAT) $101M
Stage 2$46M* Stage 2
$75M$75M
Higher actual expenditure due to:
• Additions and changes to scope (e.g. alternative road, shiploading tph increase, new pulley for conveyor system,
other capacity increases…)
11
• Raw materials (e.g. steel prices) and other cost increases
Stage 3 to be completed by Q4 2010
Expansion and upgrades Benefits
Dumping stationSupport high volume of inland coal from IMMSupport high volume of inland coal from IMM
p pg
New stockpile 62b with 30 000 ton capacity coal from IMM
Increase product diversification
coal from IMM
Increase product diversification
New stockpile 62b with 30,000 ton capacity
New stockpile 62a with 50,000 ton capacity
Decrease turnover rate of stock pileDecrease turnover rate of stock pile
New tower conveyor system to stack coal
2 new reclaimer systems with 2,000 tphcapacity to connect existing reclaim belts
Solve bottleneck problemSolve bottleneck problemp y g
Reclaim using chain feeder
12
BoCT Expansion & Upgrade Program Stage 1
Port StockyardBelt pulling preparation
Barge Island AreaDump bin 2 Dump bin 1
Ship
Stockpiles
150Kt
170Kt
300Kt
Expansion Stage
300Kt
Stage 1
New stockpile, skyline tripper reclaim conveyor Overhead conveyor Transfer conveyor
New stockpile 300 Kt
13
tripper, reclaim conveyor Overhead conveyor Transfer conveyor300 Kt
BoCT Expansion & Upgrade Program Stage 2
Barge Crane Unloader 2007
Continuous Barge Unloader 2010
Floating Terminal Station* 2009Port Stockyard
Barge Island AreaDump bin 2 Dump bin 1
ShipCBU
Increased 150Kt
Barge Loader
FTScapacity
170Kt
300Kt
Upgrade to 3,700 tph 2009
Expansion Stage
300Kt
Stage 1
Stage 2
Barge Loader 2009
14* Completed 2009 but not officially part of ‘BoCT Expansion & Upgrade Programme’
BoCT Expansion & Upgrade Program Stage 3
New Stockpiles and Truck DumpPort Stockyard
Barge Island AreaDump bin 2 Dump bin 1Dump bin 3
30 KtCBU
Barge Loader
FTS50 Kt
Expansion Stage
Stage 1
Stage 2
Stage 3
T l F d
15
Tunnel Feeders
3. Operational review
Somyot RuchirawatHead of Indonesian CoalHead of Indonesian Coal
16
3. Operational review
i) Coal business
17
Indonesian coal operations in 1Q10
Coal output :East Kalimantan
ITM OPERATIONS & PROJECTS (2010 saleable output targets)
1Q10 : 6.0 Mt2010e : 23 Mt
Kalimantan
Bunyut Port
INDOMINCO 13.2 Mt
Bontang Coal Terminal
Project update:
BoCT Expansion: CBU is fully
y
KITADIN-
TRUBAINDO 6 Mt Samarinda
Captive Coal-fired power project
p ycommissioned; implementing Stage 3 expansion
Bontang Po er Plant Commissioning is
Balikpapan
Palangkaraya
Central Kalimantan
KITADINEMBALUT
1.6 MtBHARINTO
0.2 Mt(Commissioning at
end 2010)
Bontang Power Plant: Commissioning is expected by mid 2010
Indominco Underground: Preparing to
g y
Banjarmasin
South Kalimantan
JORONG g p gseek operation approval from government
Bharinto: Procuring materials for crushing plant and building construction
JORONG 2 Mt
Jorong Port
OperationProject
OperationProject
POWER
COAL
plant and building construction
18
Indonesian quarterly output and SR analysis
STRIP RATIO (bcm/t) STRIP RATIO (bcm/t) STRIP RATIO (bcm/t)
15 3
STRIP RATIO (bcm/t)
W Block
COAL OUTPUT (Mt) COAL OUTPUT (Mt) COAL OUTPUT (Mt)
15.3
11.010.0
6.6 6.614.5
11.7
2Q09 3Q09 4Q09 1Q10
11.0 6.6
2Q09 3Q09 4Q09 1Q10 2Q09 3Q09 4Q09 1Q10
COAL OUTPUT (Mt)
7.6
3Q09
8.2
W Block
E Block
7.6
4Q09
9.0
14.56.9
7.3
14.5 8.8
1Q10
3.4Mt
COAL OUTPUT (Mt) COAL OUTPUT (Mt) COAL OUTPUT (Mt)
2.6Mt
3.3Mt
COAL OUTPUT (Mt)
0.6
3.7Mt
0.9
4.1Mt
3 1
1.0
1.4Mt1.3Mt
0.7Mt
1.3Mt
0.8Mt
0 4Mt0 3Mt
2.7 2.81.6Mt
0.8Mt
0 4Mt
3.1
1.3Mt
0 4Mt 0 4Mt
Indominco-Bontang
2Q09 3Q09 4Q09 1Q10 2Q10e
Trubaindo Jorong Kitadin Embalut
3Q09 4Q09 1Q10 2Q10e2Q09 3Q09 4Q09 1Q10 2Q10e
2Q09 3Q09 4Q09 1Q10
0.4Mt0.3Mt 0.4Mt0.4Mt 0.4Mt
Indominco-Bontang
CV: 6050 - 6500 kcal/kg
W Block production slightly higher than plan
Trubaindo
CV: 6550 - 7200 kcal/kg
Washing plant was completed and under
Jorong
CV: 5300 kcal/kg
Expect lower production in 2010
Kitadin - Embalut
CV: 5750 kcal/kg
Smooth production from good mine
Note: output figures are saleable coal
commissioning planningEast blockWest block 19
China coal operations in 1Q10
BANPU CHINA 2010 COAL PRODUCTION TARGETS*PRICE vs. COST (RMB/ t)
AVERAGE COAL PRICE
AVERAGE COAL PRICE
PRICE vs. COST (RMB/ t)644 667
622603
PRODUCTION COST
PRICE
PRODUCTION COST
PRICE
418285
499
505408
565
BEIJING
Gaohe (45%),Shanxi
6 MtCOAL OUTPUT (Mt ROM) COAL OUTPUT (Mt ROM)
279
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
285251
Daning (56%),Shanxi
4 Mt
1.16Mt
0.88Mt1.33Mt
0.32Mt0.34Mt0.36Mt 0.34Mt
0.98Mt
Daning
CV 6800 7300 K l/k
Hebi Zhong Tai Mining
CV 5300 6800 K l/k
Hebi (40%),Henan1.5 Mt
1Q09 4Q09 1Q10 2Q10e 1Q09 4Q09 1Q10 2Q10e
CV: 6800-7300 Kcal/kg
Banpu 56%
The railroad commenced operation and SAADEC began
l l th il d i
CV: 5300-6800 Kcal/kg
Banpu 40%
High average coal price in 1Q10 due to higher
t f PCI l l
OperationProject
OperationProject
POWER
COAL
* ROM productioncoal sales on the railroad in March 2010
percentage of PCI coal salesp
2020
3. Operational review
ii) Power business
21
Power Thailand : BLCP
1Q10 Q-QUnits: Bt. Million(100% b i ) 4Q091Q09 Y-Y
Total revenue
A il bilit P t (AP)
1Q10
5,022
2 482
Q-Q
56%
61%
(100% basis) 4Q09
3,214
1 538
1Q09
5,445
2 975
Y-Y
-8%
17%Availability Payment (AP)
Energy Payment (EP)
2,482
2,312
61%
62%
1,538
1,424
2,975
2,322
-17%
0%
Dispatch (%)
Operating cost
97%
2,523 21%
94%
2,079
94%
2,475 2%
EBIT
EBITDA
2,002
2,498
213%
120%Equity income
639
1,135
2,496
2,970
-20%
-16%Equity income
1Q10
Bt 997 m** Based on Banpu’s 50% interest;
including FX gain Bt172millionBt 997 m including FX gain Bt172million
22
Power China : BPIC in 1Q10
Sales* (USD m)
EBITDA (USD m)
Utilization (Hours)
Power tariff (RMB/kwh)
Coal price**(RMB/t)
LuannanHebei Province, PRCPower 100MW;
1Q09 12.1 4.2 1,676 0.45 577
4Q09 12.6 3.9 1,787 0.45 565
Higher sales from both power and steam helped
offset the higher coal priceSteam 128tph(Banpu 100% )
Zhengding
1Q10 15.3 4.7 2,156 0.45 59412.6 3.9 1,787 565offset the higher coal price
and raised EBITDA earning
Higher sales from both ZhengdingHebei Province, PRCPower 48MW;Steam 180tph(100%)
1Q09 10.1 3.5 1,894 0.37 597
4Q09 10.0 3.6 1,876 0.37 535
1Q10 11.8 4.0 2,072 0.38 627
Higher sales from both power and steam helped
offset the higher coal price and raised EBITDA
earning
ZoupingShandong Province, PRCPower 100MW;
1Q09 13.7 3.2 1,366 0.36 633
4Q09 21 8 5 3 2 369 0 36 673
EBITDA earning was dropped due to much
hi h l i hil t
earning
* Unaudited figures
Power 100MW;Steam 430tph(70%) 1Q10 16.2 3.0 1,557 0.36 801
4Q09 21.8 5.3 2,369 0.36 673higher coal price whilst lower revenue caused by
plant maintenance
Unaudited figures
** Including transportation (100% basis)
23
4. Commercial review
Philip GasteenHead of Marketing & LogisticsHead of Marketing & Logistics
24
Banpu average selling prices in 1Q10
Coal vs oil price relativityBanpu ASP
Rebased to 100
190
Monthly BJI
Monthly ASPUSD per tonne
Quarterly 400
WTI spot priceAPI#4 FOB Richards Bay
150
170
190 BJI
250
300
350 FOB Newcastle
$96 8 (+88%)As at May 28th
90
110
130Quarterly
ASP150
200
250$92.9 (+88%)$96.8 (+88%)
50
7050
100 $64.8 (+15%)
30Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10
ASP 1Q10 $66.3/t (+2% QoQ) BJI* May 27, 2010$97.5
0Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10
25
Thermal coal market analysis – 2Q 2010 update
RUSSIA
EAST ASIAJapan still down, but steel mills strong;Korea &Taiwan strong
Minor recovery of weakened Ruble
CHINAFaster import pace expected
ATLANTIC
Exceptionally depressed, gas prices rising
USAThermal supply remains very low
Korea &Taiwan strong recovery
REST OF ASIAC ti d th
COLOMBIADiverts coal to Asia, +/- 7mt already sold
Continued growth
INDONESIAM i l 2Q
INDIA
SOUTH AFRICAContinuing problems with rail
AUSTRALIAAvailability increasingly tight
y More rain early 2Q
High demand to ease as monsoon comes Jun-Sep
with rail
= Demand/Supply
= Demand
= Supply
26
Indicative 2010 coal sales
Coal sales contract and pricing status Comment Coal sales contract and pricing status
Of 2H tonnes, about 50% without fixed prices.
Contract Status Price Status
94%
Index linked sales is higher than in previous years. Of 2H tonnes, 32%.
Due to introduction of East Block and72%
Contracted Fixed
6%
Due to introduction of East Block and return of Kitadin Embalut, proportion of lower CV for 2010 rises
Cannot compare meaningfully 20096%6% Cannot compare meaningfully 2009 ASP with 2010 ASP, as composition changed.
20%2%
6%
UncontractedPrice under negotiation
UnpricedIndex
TARGET SALES 2010: c.23 Mt
27
Coal sales by geographic destination (ITM and Thai)
JAPANCoal sales 1Q10 (total 6 16Mt)
CHINA HONG KONG S.KOREA4 2Mt2 6Mt 1 3 Mt
2010 201020102010
(total 6.16Mt)
3M 09 6M 09 9M 09 2009 3M 10
0.1Mt0.4Mt
2.1Mt
0 1Mt 0.4Mt0.5Mt
ITALY
1.0Mt
0.6Mt
0.5Mt
3.2Mt4.2Mt2.6Mt 1.3 Mt
0.6Mt
1.5Mt 0.3Mt
0.3Mt 1.4Mt
3M 09 6M 09 9M 09 2009 3M 10
3M 09 6M 09 9M 09 2009 3M 103M 09 6M 09 9M 09 2009 3M 09
1.1Mt
INDIA
0.1MtITALY
0 3Mt0.5Mt
0.7Mt
1.4Mt
2010
20100.5Mt
3M 09 6M 09 9M 09 2009 3M 10
0.9Mt1.4Mt
1.7Mt TAIWAN
OTHERS*
0.3Mt
1 7Mt
2.6Mt
2.2Mt
2010
0.5Mt
0.1Mt
3M 09 6M 09 9M 09 2009 3M 10
3M 09 6M 09 9M 09 2009 3M 10
INDONESIA PHILIPPINES0.3Mt
0.9Mt
0.2MtTHAILAND
1.7Mt
0.6Mt1.0Mt
201020102010
0.5Mt
0.4Mt
*Includes small, non-regular purchasers
Mid-to-High CV
Low-to-Mid CV
3M 09 6M 09 9M 09 2009 3M 10
3M 09 6M 09 9M 09 2009 3M 10
0 3Mt0.6Mt
0.2Mt
0 4Mt
0.9Mt
0 3Mt
1.0Mt1.4Mt
1.0Mt1.5Mt
1.8Mt1.3Mt
2.1Mt
0.6Mt0.5Mt
283M 09 6M 09 9M 09 2009 3M 10 3M 09 6M 09 9M 09 2009 3M 103M 09 6M 09 9M 09 2009 3M 10
0.3Mt 0.4Mt0.3Mt2010 trend expectation
0.1Mt
China thermal coal market review
Comment Datong super mixed coal
End Mar 31 MayRMB
One-month maintenance of Datong-Qinhuangdao Railway since Apr. 1, suppressing domestic coal supply as the government launched a two-
1,025
1,000
1,200g p
(6,000 kcal/kg)
Shanxi super mixed coal
(5,500 kcal/kg)
(RMB) (RMB)
Datong 730 790
Shanxi 670 760
Common 418 478g
month safety inspection on coal production of all coal mines, which would affect output of operational coalmines and postpone production f l b ilt l i
762787
714
608
734
648 741
952
698 635
800
Common mixed coal
(4,000 kcal/kg)
of newly built coalmines
Severe drought in southwest China increasing demand for thermal power, power plants will soon start
608602605530
495485514
676
577567571
678698
598
485453445469
474458
381358361
427
635
453
425
344400
600
p , p ptheir power coal reserve for the peak season in the summer
Decreasing supply and increasing d d ld h l i
358361344330319329
200
400
demand would push up coal prices
01Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q102Q10e
29Source: www.sxcoal.com/cn 31 May 2010
5. Financial review
Somruedee SomphongChief Financial OfficerChief Financial Officer
30
Sales revenues
Units: Bt. million
(951)17,428(510)
(951)
(400)+6 (23) 15,251(54)
17,428
(245)
13,624
-12%Q Q
+12%Y on Y
Q on QTemporary suspension of Jorong mine
Lower selling price
Lower sale volume b 11% Q Q
Lower selling price by 6% QoQ
1Q09 Indominco JorongTrubaindo Coal Thailand
4Q09 1Q10BPIC
by 11% QoQ
OthersKitadinEmbalut Thailand-Embalut
31
Average gross margin for coal in 1Q10: 45%
Bt 9,117 M
Bt 8 166 M Coal sales
Bt 7,891 M
Bt 8,166 M Coal sales (Bt millions)
Bt 3,813 M
Bt 4,506 M
Bt 3,996 M
55%42%
60%54%
51%Bt 1,091 M Gross
41%
Bt 977 M
Bt 605 M
%36%
Bt 691 M
38%Bt 35 M Bt 21 M Bt 27M
margin (%)
47%
Bt 733 M
49%
1Q09 4Q09 1Q10
Indominco1Q09 4Q09 1Q10
Trubaindo1Q09 4Q09 1Q10
Jorong
35% 38%
1Q09 4Q09 1Q10
Thai mines
-28% 7%
4Q09
Kitadin1Q10
3%
3232
Consolidated EBITDA
Units: Bt. million
7,0807,080
3,686
5,405+1,087
(855) +234+303 +523 (27)
+577 (123)
+47%Q on Q
, (855) 234303 523
-24%Y on Y
Q on Q
Power Bt1,562m+229% Q on Q+7% Y on Y
• Higher equity income from
Coal Bt3,843m+20% Q on Q-32% Y on Y
Coal sales revenue d d 13% Q Q
Higher equity income from China Coal
BLCP• Dividend
from Ratch
Gross profit
SG&A Equity OtherIncome
D&A 1Q10RoyaltyI
EBITDAOtherexpenses
4Q091Q09
decreased 13% QoQ
profit Income coalIncomeChina Coal
Powerexpenses
33
Consolidated net profit
Units: Bt. million
4,798
2,717+387
+754+76
(913)
(276)
+1,041+7
+66%Q on Q
Loss from financial
1,641-43%Y on Y
Q on Q
Power Bt1,265m+464% Q on Q+11% Y on Y
derivatives, mainly coal swaps
Strengthening of THB against USD
Coal Bt1,452m+2% Q on Q-60% Y on Y
THB against USD
• Higher equity income from BLCP
• Dividend from Ratch
EBIT4Q091Q09 1Q10FXFinancial Non-Tax Net ProfitMinority
Dividend from Ratch
charges recurring PowerMinority
34
Capital expenditure plans 2010-2015 (total c.$466 M)
INDICATIVE ONLYHebi
$ 5 MUnits: USD million
CHINA: $22 M
Gaohe $ 17 M
CHINA: $22 M
Tandung Mayang
$
Others$14 MHong Sa
$ 255 M
Trubaindo UG $ 11 M
Embalut$ 11 M
$ 8 M $14 M$ 255 M
E BlockBharinto$ 38 M
$ 11 MLAOS: $255 M**Note: $255M is for 2014-15 only and is part of total estimated E Block
Conveyor $ 96 MIndominco UG
$ 11 M
$ 38 Mand is part of total estimated Banpu capex on Hongsa project of approx. $400 M
35The capital expenditure figures shown above do not include estimates for maintenance or sustaining capital expenditure.
INDONESIA: $189 M
35
Balance sheet
Debt structureNet D/E (Times)
Net gearing (%)
0.66 Fixed 36%
0 130.16
0.36
0 14
0.34Floating 64%
0.130.14
2005 2006 2007 2008 2009 1Q10 As end of March 2010
25%
40%
12%26%
12%14%
2005 2006 2007 2008 2009 1Q10
91
As end of March 2010
* Net gearing = ND / (ND+E)
3636
Dividend payments
Dividend per share (Bt)
5
8
5
812
8 5
(Special) (2H09)
88.57.57.55.5
(1H09)
2004 2005 2006 2007 2008 2009
3737
Questions & AnswersQuestions & Answers
3838
APPENDICES
3939
Operating profit
Units: Bt. million 1Q10 QoQ% YoY%
15,251 -12% 12%Total sales revenues*
1Q09
13,624
4Q09
17,428
Sales revenues – Power (BPIC) 1,423Cost of sales (8,759)
Sales revenues – Coal 13,613 -13% 10%-4% 12%1,269
(6,451)
12,3441,477
(10,051)
15,713
Gross profit* 6,492 -12% -9%Gross profit - Coal 6,125 -12% -10%Gross profit – Power (BPIC) 338 -8%
7,1736,835
329 3%
7,3766,979
367
GPM 43%Gross profit Power (BPIC) 338
GPM P (BPIC) 24%GPM - Coal 45%
8%53%
26%55%
3%42%367
2 %44%
Note: * Including other business
GPM – Power (BPIC) 24% 26%25%
4040
Operating profit
Units: Bt million 1Q10 QoQ% YoY%1Q094Q09Units: Bt. million
Gross profit 6,492 -12% -9%GPM 43%
1Q10 QoQ% YoY%
7,17353%
1Q09
7,37642%
4Q09
SG&A (1,515)Royalty (1,647)
Di id d i C l & P 250Income from associates 2,042
(1,148)(1,548)
2392,057
(1,820)(1,881)
703Dividend income – Coal & Power 250 Other income 71
EBIT 4 915 57% 25%Other expenses - Operations (778)
239 86
6 558(300)
-98
3 121(1,355)
EBIT 4,915 57% -25%
EBITDA 5 405 47% 24%
EBIT - Coal 3,452 28% -34%EBIT - Power 1,463 245% 8%
6,558
7 080
5,2071,351
3,121
3 686
2,697424
EBITDA 5,405 47% -24%EBITDA - Coal 3,843 20% -32%EBITDA - Power 1,562 229% 7%
7,0805,6231,457
3,6863,211
475
414141
Net profit
U it Bt illi YoY%1Q10 QoQ%1Q094Q09Units: Bt. million
EBITInterest expenses (272)
YoY%1Q10 QoQ%
4,915 57% -25%(348)
1Q09
6,558(289)
4Q09
3,121p ( )
Financial expenses (52)Income tax (core business) (864)Minorities (527)
( )(31)
(1,591)(937)
( )(55)
(927)(914)( )
Net profit before extra items 3,201
Non-recurring items* (117)N t fit b f FX 3 083 30%
-12%
78%
242%
( )3,650
4 411
( )935
7961 731
760Net profit before FX 3,083 -30%
FX translations (366)Net profit 2,717 -43%
78%
66%
4,411
3874,798
1,731(90)
1,641EPS (Bt/share) 10.00
Note: * Income from non-core assets and other non-operating expenses
17.656.04
4242
Banpu’s Resources & Reserves statement (100% basis)
Mine operation and
j t
Interest(%)
As at 31 March 2010 As at 31 December 2009
Measured Indicated Total Proved Probable Total Total Totalproject Measured Resources
Indicated Resources
Total Resources
Proved Reserves
Probable Reserves
Total Reserves
Total Resources
Total Reserves
Mine operationJorong 73.48 133.85 12.4 146.3 7.8 - 7.8 146.6 8.2Indominco 73.71 584.14 155.3 739.4 94.5 37.3 131.8 743.1 135.5Kitadin 73.71 114.2 51.5 165.7 7.8 18.0 25.8 166.1 26.1Trubaindo 73.71 216.0 78.9 294.9 53.8 22.9 76.7 296.5 78.3Lampang 100.00 1.2 - 1.2 - - - 1.2 -Payao 100.00 0.2 - 0.2 - - - 0.2 -Daning 56.00 147.4 45.7 193.1 44.4 47.3 91.7 194.1 92.7Hebi* 40.00 61.4 - 61.4 28.5 - 28.5 61.8 28.8ProjectBharinto 72.98 183.5 114.5 298.0 9.8 36.5 46.3 298.0 46.3Gaohe 45.00 255.7 116.9 372.6 71.5 119.1 190.6 372.6 190.6
Total 1,697.6 575.22 2,272.8 318.1 281.1 599.2 2,280.2 606.5
4343
Note: figures have been estimated in accordance to JORC Code unless otherwise stated* Figures have been estimated in accordance to Chinese reporting standard
43
Coal reserves by operation and project (100% basis)
44 47Daning Proved reserves
Probable reserves
R (M d & I di t d)
193CHINA
Unit: Mt
28
72 119
Hebi
Gaohe
Resources (Measured & Indicated)
61
373
Resources: 627Reserves: 310
0
Lampang
Payao
1
0
THAILANDResources: 1
0
94
54
37
23
y
Indominco
Trubaindo
739
29554
8
23Trubaindo
Jorong
295
146INDONESIA
Resources: 1,644Reserves: 289
8
10
18
37
Kitadin
Bharinto
166
298
4444As at 31 March 2010
44
Banpu Coal Resources & Reserves Statement
100% basis As at 31 March 2010
575 MtNotes: Reporting generally in accordance with JORC Code plus some internal estimates. Major changes audited by independent experts.
INDICATED
381 Mt Equity tonnage
100% basis As at 31 March 2010
* Only Measured and Indicated Coal Resources
1,698 MtMEASURED
PROBABLE164 Mt 281 Mt
PROVED318 Mt
1,130 Mt
196 Mt
164 Mt
RESOURCES*2,273 Mt (100% basis)
RESERVES599 Mt (100% basis)
454545
Coal reserves by operation and project (equity basis)
25 26Daning Proved reserves
Probable reserves
R (M d & I di t d)
108CHINA
Unit: Mt
11
32 54
Hebi
Gaohe
Resources (Measured & Indicated)
25
168
Resources: 300Reserves: 149
Lampang
Payao
THAILAND
70
39
27
17
y
Indominco
Trubaindo
545
217INDONESIA 39
6
17Trubaindo
Jorong
217
108
Resources: 1,210Reserves: 212
6
7
13
27
Kitadin
Bharinto
122
218
4646As at 31 March 2010
46
top related