Dear Capital Market Participants,
Adaro Energy has today lodged to the Indonesia Stock Exchange and OJK our Quarterly Activities Report for the fourth quarter of 2013.
Highlights of the quarter:
- We achieved our second best quarterly coal production of 13.59 million tonnes (Mt) to reach a record production of 52.27 Mt in 2013, an 11% increase year-over-year (y-o-y), and delivered on our guidance of 50 to 53 Mt of production.
- We attained record quarterly sales of 14.36 Mt due to strong demand for our coal. We sold 53.47 Mt of our coal in 2013, a 10% increase y-o-y.
- We removed 294.86 million bank cubic meters (Mbcm) of overburden in 2013, an 11% decrease y-o-y. We were able to lower our strip ratio without harming our long-term mine plan due to the investment we made in overburden removal during a higher coal price environment.
- Our mining contracting subsidiary, PT Saptaindra Sejati (SIS), achieved its highest quarter of mining and hauling with 19.7 Mt and the second most in overburden removal with 103.2 Mbcm at PT Adaro Indonesia (AI) mining operations in 2013.
- Japan Credit Rating Agency, Ltd. (JCR) assigned a BBB- rating on AI, while Fitch and Moody’s affirmed their rating on AI of BB+ and Ba1, respectively.
- Our focus in 2014 is to maintain reliability of supply to our customers, continue to improve operational efficiencies and preserve our solid balance sheet.
Our guidance for 2014:
- Production volume: 54 to 56 million tonnes (pending government approval)
- Coal cash cost (excluding royalty): US$35 to US$38/tonne
- Planned Stripping Ratio: 5.78x
- EBITDA: US$750 million to US$1 billion
- Capital Expenditure: US$200 million to US$250 million
Please do not hesitate to email us or visit our homepage at www.adaro.com should you have questions or require additional information.
Cameron Tough
Head of Investor Relations & Corporate Secretary
PT Adaro Energy, Tbk.
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