Tambang Batubara Bukit Asam: A Leading Indonesian Coal Miner
Indonesia Investments has updated the company profile of Tambang Batubara Bukit Asam. This state controlled company is one of the largest coal mining companies in Indonesia and has vast coal mines in South Sumatra, West Sumatra and East Kalimantan. The company feels the impact of global economic turmoil as can be seen from the 44.2 percent fall in net income over the first six months of 2013 compared to the same period in 2012. A weakening coal price in combination with higher costs of sales were the underlying reasons.
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Financial Highlights of Bukit Asam
| 2008 | 2009 | 2010 | 2011 | 2012 | |
| Revenue | 7.22 | 8.95 | 7.91 | 10.58 | 11.59 |
| Gross Profit |
3.53 | 4.84 | 3.65 | 5.28 | 5.09 |
| EBITDA | 2.62 | 3.84 | 2.67 | 4.13 | 4.01 |
| Net Income | 1.71 | 2.73 | 2.01 | 3.09 | 2.91 |
| Total Assets | 6.11 | 8.08 | 8.72 | 11.51 | 12.73 |
| Total Liabilities |
2.03 | 2.29 | 2.28 | 3.34 | 4.22 |
| Earnings per share¹ | 741 | 1,184 | 872 | 1,339 | 1,262 |
| Dividend per Share¹ | 371 | 533 | 453 | 804 | 711 |
| P/E Ratio (x) | – | – | – | 11,58 | 12,22 |
in trillion IDR (Rupiah), except stated otherwise
¹ in IDR (Rupiah)
Source: Tambang Batubara Bukit Asam, Annual Report 2012
Future Projection Financial Performance Bukit Asam:
| 2011 | 2012 | 2013F | 2014F | 2015F | |
| Revenue | 10.58 | 11.59 | 12.12 | 15.61 | 18.26 |
| EBITDA | 4.13 | 4.01 | 2.75 | 3.88 | 4.68 |
| Net Profit |
3.09 | 2.90 | 2.17 | 2.93 | 3.49 |
| P/E Ratio (x) |
11.6 | 12.2 | 11.4 | 8.4 | 7.1 |
in trillion IDR (Rupiah), except stated otherwise
¹ in IDR (Rupiah)
Sources: Tambang Batubara Bukit Asam, Annual Report 2012, Investor Daily & Danareksa Sekuritas