Jakarta – March 10th, 2014 – PT Adaro Energy Tbk has today lodged to the Indonesia Stock Exchange and OJK our FY13 Financial Statements and Notes along with our FY13 Financial Press Release. The key points included:
Resilient Business Model Generated Operational EBITDA of US$860 million and Core Earnings of US$284 million
• We posted revenue of US$3,285 million and cost of revenue of US$2,546 million. We hit our FY13 EBITDA guidance of US$750 million to US$900 million, recording EBITDA of US$822 million, a decline of 25%, and EBITDA margin of 25%.
• Our FY13 Operational EBITDA, which excludes non-operational accounting items, declined by 23% to US$860 million, reflecting the resiliency of the business model and the earning power of the firm.
• We beat our FY13 coal cash cost (excluding royalty) target of US$35 to US$38 per tonne for FY13 posting coal cash cost of US$34.86 per tonne, down 11% due to cost reduction initiatives and lower than expected fuel prices.
• Our net income for FY13 decreased 40% to US$229 million mainly driven by lower revenue from softer ASP.
• Our FY13 core earnings, which excludes non-operational accounting items, declined by 36% to US$284 million, representing our quality after tax earnings.
Solid Growth, Low Capital Expenditure and Strong Free Cash Flow
• We achieved record annual production and delivered on the higher end of our guidance of 50 Mt to 53 Mt, growing by 11% y-o-y to 52.3 Mt from 47.2 Mt. Our 4Q13 production of 13.59 Mt was our second highest quarterly production.
• Capital expenditure decreased 66% to US$165 million in-line with our target of US$150 million to US$200 million. We achieved record annual production without spending for heavy equipment.
• On the back of strong cash flow from operating activities and reduced capital expenditure, our FY13 free cash flow increased by 141% to US$568 million.
Maintained Strong Financial Position for Long Term Growth
• Our liquidity remained solid with access to cash of approximately US$1.1 billion, allowing us to weather the current cyclical downturn and continue to execute on our business model.
• We continued to reduce our debt position and lowered our interest bearing debt by 9% to US$2,221 million, resulting in net debt to EBITDA of 1.87x and net debt to equity of 0.48x as of the end of FY13.
• We will continue to preserve cash, strengthen our capital structure and extend the maturity profiles of our borrowings.
Please do not hesitate to email us or visit our homepage at www.adaro.com should you have questions or require additional information.
Financial Media:
For further information, please contact:
Cameron Tough, Head of Investor Relations & Corporate Secretary
cameron.tough@ptadaro.com
General Media:
For further information, please contact:
Devindra Ratzarwin, Corporate Secretary
corsec@ptadaro.com