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      Kaltim Prima Coal Arutmin Indonesia Gallo Oil Pendopo Energi Batubara Bumi Resources Minerals
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Bumi Resources Logo
  • About us+

    • Vision & Mission
    • Our Philosophy
    • Milestones
    • Ownership Structure
    • Shareholder Structure
    • Subsidiaries +

      Kaltim Prima Coal Arutmin Indonesia Gallo Oil Pendopo Energi Batubara Bumi Resources Minerals
    • Management +

      BOC BOD View The Organization Report From President Commissioner Report From President Director
    • Supporting Profession
    • AOA
    • Investment Policy
    • Dividend Policy
    • Contact Us
  • Investor Relations+

    • Financial Statements
    • Annual Reports
    • Stock Performance & Analysis
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    • Credit & Analyst Report
  • Governance+

    • Committees
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  • Business Info+

    • Operation Map
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  • Sustainability+

    • Policy
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  • Media+

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About us
COMMITTEES

MESSAGE FROM PRESIDENT COMMISSIONER

“With stronger fundamentals, Bumi continuously improves its performance growth. The year 2017 marked a turning point for the Company towards a sustainable growth”.

 

Dear Shareholders,

In 2017, Bumi continued the strategic initiatives implemented in the previous year and pursued business growth by strengthening capital structure and implementing good corporate governance. Our decisions positively impacted financial performance and we recorded stronger results compared to the previous year. We would say that our 2017 results constituted a turning point towards sustainable growth for Bumi.
 
Our achievements in 2017 were boosted by export market expansion, increased operational efficiency, and enhanced people competencies. Meanwhile, Bumi remained dedicated to focus on coal and non-coal/minerals sectors.
 

Economic Overview

Globally, during 2017 the world economy was consolidated with higher growth rate compared to 2016. This was highly influenced by the recovering process in both developed and emerging markets on the back of thriving investments, business and consumption activities.
  
As the world economy picked up, prices of key commodities such as CPO, crude oil, and coal also rose. Crude oil in particular was driven by higher demands as oil exporting countries decided to curb their production.
  
Meanwhile, US Dollar gained against other currencies following the US government’s decision to normalize its monetary policy starting October 2017.
 
The development in the global economy certainly affected domestic economy, which was especially visible from growing export and import activities. For Indonesia, this was made possible by the country’s improved ease of doing business rank and debt rating to become stable. Public spending was also increased especially that into such productive sectors as infrastructure.
 
Other macroeconomic indicators, such as foreign exchange reserves, capital and other financial transactions also indicated positive growth. Inflation rate was kept low and within the expected level.
 

How We Performed

Bumi continued to increase production capacity and coal sales volume amid selling price increase momentum in the global market. In 2017, Bumi’s coal extraction reached 83.7 million tons, down 3.2% compared to 86.5 million tons in 2016 due to high rainfall in areas where Bumi’s open-pit mines are located. In terms of sales volume, Bumi sold a total of 83.9 million tons of coal, a 4.3% decrease compared to 87.7 million tons in 2016. Combined strip ratio increased to 7.1 up by 3% compared to 6.9 in 2016. Overburden removal volume stood at 592.7 million bcm, an uptick compared to 592.6 million bcm in 2016.
 
The non-coal/minerals business operated by subsidiary PT Bumi Resources Minerals Tbk (BRMS) continued to develop the commercial production of zinc, gold, bronze, and copper from primary metal ores. BRMS exercised stock issuance in 2017, which resulted in considerable decrease of its liabilities, making the company ready to explore strategic partnership possibilities and improve the company value.
 

Our View on BoD's Performance

In 2017, Bumi’s sales revenue reached US$17.4 million, down 26% compared to US$23.4 million in 2016. Net Income (after adjustment for non-controlling interest) amounted to US$242.8 million, or grew 102% compared to US$120.3 million in 2016. Aligned with its profit growth, Bumi recorded positive equity of USD286.4 million, from negative USD2,784.8 million in 2016.
 
Based on 2017 results, the Board of Commissioners considers that the Board of Directors managed Bumi’s operations in consistency with the Company’s strategies and directives, thereby delivered satisfying results.
 

Good Corporate Governance and Whistleblowing System

The Company applies GCG comprehensively to all operational aspects to support sustainable business growth. GCG is implemented based on internal policies and executed by the Company’s organs, committees, and supporting functions.
  
In our view, Bumi’s GCG is implemented in reference to the best practices. This is shown by, among others, the appointment of a consultant as Cash Monitoring Agent. Further, all committees under the Board of Commissioners have also carried out their roles accordingly to support GCG implementation.
 
 In terms of whistleblowing system, in accordance with GCG implementation, the Board of Commissioners has performed its oversight roles and provided relevant recommendations and input to the Board of Directors so as to ensure that GCG application and reports of violation are addressed according to the laws and regulations.
 

Changes in the BoC Composition

The Extraordinary General Meeting of Shareholders on 16 June 2017 approved the changes of the Board of Commissioners as follows:

Board of Commissioners
 Eddie Junianto Subari  President Commissioner
 Anton Setianto Soedarsono  Independent Commissioner
 Nalinkant Amratlal Rathod  Commissioner
 Kanaka Puradiredja  Independent Commissioner
 Y.A. Didik Cahyanto  Independent Commissioner
 Jinping Ma  Commissioner
 Benjamin Bao  Commissioner
 Thomas M. Kearney  Commissioner



Business Outlook

As energy sources, coal and non-coal commodities are needed for business activities and life in general. As global growth is predicted to increase, energy demand will also follow. We realize that the call for the use of renewable energy sources is increasing, however the actual implementation will take time and lengthy exploration process until those sources can reach the desired economies of scale. For this reason, we believe coal will still be needed in the future.
  
As the largest thermal coal producer in Indonesia, Bumi is in the leading position to optimize future opportunities. Bumi expects to again begin producing high calorie coal from Arutmin, targeting 8 million tons in 2018. With respect to this target, Bumi plans to produce coal at least 10% higher than the realized production in 2017.
 

Awards

Throughout 2017, Bumi received several awards for its financial performance and good corporate governance practices, as follows:
 

  • Bumi received the Indonesia Most Powerful Companies Award (MPCA) 2017 in Mining Company category from Warta Ekonomi Indonesia.

  • Bumi received the Top 5 GCG Issues in Mining Sector Indonesia Corporate Secretary Award 2017 from Warta Ekonomi based on the media coverage on the Company’s Good Corporate Governance.

  • Bumi through its subsidiary, PT Kaltim Prima Coal (KPC) became the largest payer of PNBP or royalty in the last two years for non-oil natural resource company category from the Ministry of Finance of the Republic of Indonesia. This was based on the EITI (Extractive Industries Transparency Initiative) Indonesia report by the Ministry of Finance.

  • Through KPC, Bumi received an award as Best Contributor of Export Foreign Exchange in 2017 from Bank Indonesia.

  • Through KPC, Bumi successfully achieved 13 Indonesian CSR Awards (ICA) 2017 under Mining and Energy Companies category.

  • Bumi Subsidiary, Kaltim Prima Coal (KPC) Receives Appreciation Award From Finance Minister – As Indonesia’s Largest Payer of Mining Royalties

  • Bumi Subsidiary, Kaltim Prima Coal (KPC) Receives Appreciation Award From Finance Minister – One of Indonesia’s 31 Largest Tax Payers


Appreciation

In concluding remarks, on behalf of the Board of Commissioners, we wish to express our appreciation to the Board of Directors, management, and all employees for their contribution to the Company. We would also like to convey our appreciation to all committees for their performance and support.
 
We affirm that Bumi’s business will continue to grow and positively impact the economy as a whole, society, and environment.
 
 
Jakarta, April 2018
On Behalf of the Board of Commissioners
 
 

Eddie J. Subari

President Commissioner

  • About us+

    • Vision & Mission
    • Our Philosophy
    • Milestones
    • Ownership Structure
    • Shareholder Structure
    • Subsidiaries +

      Kaltim Prima Coal Arutmin Indonesia Gallo Oil Pendopo Energi Batubara Bumi Resources Minerals
    • Management +

      BOC BOD View The Organization Report From President Commissioner Report From President Director
    • Supporting Profession
    • AOA
    • Investment Policy
    • Dividend Policy
    • Contact Us
  • Investor Relations+

    • Financial Statements
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  • Governance+

    • Committees
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  • Business Info+

    • Operation Map
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  • Sustainability+

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  • Media+

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  • Career+

    • Why You Join Us?
    • Job Vacancy Bumi Group
    • Internship Program
    • Recruitment Flowchart
    • Warning Fake Vacancy
  • About us

  • Vision & Mission
  • Our Philosophy
  • Milestones
  • Ownership Structure
  • Shareholder Structure
  • Subsidiaries +

    Kaltim Prima Coal Arutmin Indonesia Gallo Oil Pendopo Energi Batubara Bumi Resources Minerals
  • Management +

    BOC BOD View The Organization Report From President Commissioner Report From President Director
  • Supporting Profession
  • AOA
  • Investment Policy
  • Dividend Policy
  • Contact Us
  • Investor Relations

  • Financial Statements
  • Annual Reports
  • Stock Performance & Analysis
  • Corporate Action
  • Credit & Analyst Report
  • Governance

  • Committees
  • Corporate Secretary
  • Supporting Documents
  • Speak Up
  • Business Info

  • Operation Map
  • Our Customers
  • Coal Quality
  • Reserves & Resources
  • Sustainability

  • Policy
  • Sustainability Reports
  • Human Resource Development
  • Community Development
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  • Our Occupational Safety And Health
  • Media

  • UPCOMING EGMS
  • Upcoming Public Expose
  • Announcement
  • Company's Disclosure Information
  • Slideshows
  • Presentations
  • News & Press Release
  • Career

  • Why You Join Us?
  • Job Vacancy Bumi Group
  • Internship Program
  • Recruitment Flowchart
  • Warning Fake Vacancy

PT. BUMI RESOURCES Tbk.

Bakrie Tower Lt. 12
Komplek Rasuna Epicentrum
Jl. H. R. Rasuna Said
Karet Kuningan, Setiabudi
DKI Jakarta 12940

Telp: (021) 5794 2080 Fax: (021) 5794 2070

©2019 PT. BUMI RESOURCES Tbk.

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