JAKARTA, INDONESIA, July 30, 2012 - (ACN Newswire) - PT Timah (Persero) Tbk reported today its Company performance on the first half 2012.
OPERATION:
-- Tin ore production volume by the end of June 2012 was 16,839 ton sn, while ore production from last year same period was 17,701 ton sn or 5% lower.
-- Refined tin production by the end of June 2012 is 14,984 mton or 19% decreased from refined tin production on first semester 2011 of 18,455 mton.
-- Refined tin sales on the first half 2012 is 17,236 mton, while sales from same period in 2011 was 17,457 mton.
-- Refined tin price average received by the company during the first half 2012 is US$ 22,565 which is 24% lower than the same period in 2011 of US$29,541. The highest refined tin price in LME on the first semester 2012 was US$ 25,650/mt and the lowest was US$ 18,375/mt with the average price of US$ 21,791/mt, or 25% lower than that on the same period in 2011 of US$ 29,337/mt. Meanwhile, foreign exchange rate for period ended is Rp 9,480 per US dollar or 10% higher than that of last year same period which was Rp 8,597 per US dollar.
-- Company seek to boost offshore mining production by modifying new type of dredge called Bucket Wheel Dredge (BWD) with better technology that able to mine deeper compare to our existing Bucket Line Dredge (BLD) in order to support company management strategic plan to go offshore go deeper. One unit of BWD will be ready to support the offshore operation by August 2012.
-- Washing plant technology development is also implemented to enhance ore processing recovery to 99.5% in order to optimizing associated minerals that have higher added value such as monazite, zircone and ilminate.
FINANCIAL:
-- Company consolidation income on first semester 2012 is Rp 4,130 billion or 15% higher than the same period on 2011 of Rp4,830 billion. Gross profit and net income on first semester 2012 is Rp 790 billion and Rp 336 billion respectively. While gross profit and net income on first half 2011 was Rp 1,253 billion and Rp 689 billion respectively.
-- The company balance sheet for period ended of 30 June 2012, amount of total assets Rp 6,437 billion or 2% smaller, compared to the position on 31 December 2011 which was Rp 6,570 billion. Total Liabilities on 30 June 2012 is Rp 1,978 billion and the same value of debt on 31 December 2011 is Rp 1,972 billion.
ANNUAL GENERAL MEETING OF SHAREHOLDER:
-- On April 2012, the corporate conduct AGMS and one result on its decisions is the determination of devidend, 50% of the net profit or Rp 89.09 per share. Total cash dividends is Rp. 448,390,000,000.- paid in cash on 30 May 2012.
-- 65% from the dividend of Rp. 291,453,500,000.- is paid to Republic of Indonesia government and 35% is paid to public shareholder which is Rp. 156,936,500,000.-
-- AGMS also set a new company Directors and add one new post i.e. Directorate of Planning and Business Development to support company strategic plan on expanding business
TINS SHARES [ tins ]:
On the first semester 2012, tin shares price fluctuated on the highest position at Rp 2,025 and the lowest Rp 1,240 per share. On 30 June 2012 the closing price was Rp 1,380 pretty much decreased compared to the opening price on 2 January 2012 of Rp 1,680.-
Note: Consolidated Financial Statement of PT Timah (Persero) Tbk and subsidiaries for period ended 30 June 2012 and 2011 is available 30 July 2012 at Capital Market Reference Center (KNPM) Indonesia Stock Exchange Building (BEI).
PT TIMAH (PERSERO) Tbk AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
2nd Quarter and 1st Semester 2012 and 2011 -
(In Billion Rupiah, unless otherwise stated)
Quarter II Semester I
2012 2011 2012 2011
Unaudited Unaudited Unaudited Unaudited
Sales 1,957 2,581 4,130 4,830
Cost of Good Sold 1,400 1,809 2,913 3,468
Gross Profit 337 608 790 1,253
Sales Expenses 13 15 28 30
General and Admin. Expense 143 131 281 288
Total operating expenses 156 154 308 318
Operating profit 181 454 481 935
Interest Income 6 10 13 20
Interest expense (7) (6) (13) (12)
Profit (loss) for exch, nett 3 (11) 8 (32)
Others (1) (4) 3 (1)
Exploration expenses - - - -
Profit (loss) ass. companies - 8 13 21
Profit before tax 182 458 479 930
Tax burden (54) (123) 143 (241)
Current Period Profit 128 334 336 689
Other comprehensive income after tax
Foreign currency translation
adjustments (1) (4) 1 (4)
Increase (decrease) on
available for securities 0 (1) (0.3) (1)
Difference due to chgs in
equity of associated companies - - - -
Total Comprehensive Income
for the period 129 330 337 685
Income Attributable to:
Owners of the Entities 0 0 0 0
Non-controling Interest 129 334 336 689
Comprehensive Income Attributable to:
Owners of the Entities 129 330 337 685
Non-controling Interest 0 0 0 0
Earning per shares and diluted 264 506 648 1,045
EBITDA 25 66 66 137
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
30 June 2012 and 31 December 2011 - (In Billion Rupiah)
30 June 2012 31 December 2011
Current Asset
Cash and cash equivalent 552 660
Temporary investment 52 45
Trade account receivables 675 505
Other account receivables 74 78
Inventories - net 2,154 2,447
Prepaid taxes 940 889
Other current asset 8 9
Total Current Asset 4,455 4,631
Non-Current Asset
Account payable related parties 1 1
Account payable third parties 1 1
Investment in associates 115 127
Deferred tax assets 50 50
Price of fixed asset 3,973 3,791
Accumulated depreciation (2,418) (2,272)
Allowance for loan on decline in value (3) (2,6)
Non Current Asset 1,553 1,516
Investment Properties 30 30
Total Non Current Asset 232 214
TOTAL ASSET 6,437 6,570
Short term bank loan 603 644
Trade account payables:
- Related parties 7 2
- Third parties 401 300
Taxes and Royalties 38 89
Other liabilities 374 387
Total Current Liabilities 1,426 1,422
Non Current Liabilities
Deferred tax liabilities 3 3
Post-employment benefit obligation 287 291
Provis. for environment rehab - non current 262 256
Total Non-Current Liabilities 552 550
Equity attributable to owners of company 4,459 4,598
Non-controlling interest 0.3 0.3
Total Equity 4,459 4,598
Total Liabilities and Equities 6,437 6,570
CONSOLIDATED STATEMENTS OF CASH FLOWS
2nd Quarter and 1st Semester 2012 and 2011 - (In Billion Rupiah)
Quarter II Semester I
2012 2011 2012 2011
Cashflow from operating activities:
Cash received from customer 1,953 2,494 4,065 4,846
Cash paid to: - -
Suppliers (1,369) (1,528) (2,497) (3,148)
Employees (274) (216) (467) (384)
Cash from operation 310 658 1,102 1,313
Tax refund 209 15 9 17
Interest received 5 8 219 49
Pension Contribution paid (18) (16) (35) (31)
Taxes and royalties paid (428) (479) (722) (772)
Net Cash provide by
Operating Activities (362) 186 134 572
Investing Activities:
Received from Current Asset (138) (20) (182) (112)
Investment to associated company:
Cash used in Invest Activities (138) (20) (182) (112)
Cashflow from Financing Activities:
Payment of bank loans 61 (35) (400) (325)
Proceed of bank loans (6) (6) (14) (10)
Interest paid - -
Net Cash Used in Fin Activs 325 (40) (51) (335)
Net cash increase/(decre)
cash&cash equivalent (175) 124 (99) 127
Cash&cash equivalent at
begining year 738 844 660 844
Efect on foreign exchange
rate fluctuation (10) (2) (9) (4)
Cash & Cash Equivalent at
End of Year 552 966 552 966
Contact:
Agung Nugroho
Corporate Secretary,
PT Timah (Persero) Tbk.
tel: +62 2352 8000
fax: +62 21 3444012
email: corsec@pttimah.co.id
www.timah.com
Topic: Earnings
Source: PT TIMAH (Persero) Tbk
Sectors: Metals & Mining, Daily Finance
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