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Corporate Info Message From President Commissioner
Corporate Info Message From President Commissioner | Message From Chairman |
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“BUMI successfully booked a solid performance in the midst of relatively difficult economic conditions. BUMI has, through its compliance with various prevailing regulations, become a substantial contributor towards national economic development as well as a significant global business entity.” Such conditions had a significant impact in the prices of various commodities in the international market, with no exception to coal as its price suffered a subsector reduction in 2009. Although an increase in price occurred, the movement was considered to be slow. Throughout 2009, the average global price for coal in the international spot market, as per Newscastle index, ranged between US$ 60 – US$ 86 per ton, which was far below the previous year. Such conditions, worsened by a high rainfall rate, became great obstacles in coal mining, which was unfavorable for all business players within the coal subsector, in terms of projecting their profit. However, amidst such turmoil, BUMI continued to grow solidly. Through the various efforts made, the Company’s management was able to restore the investors’ trust. As a result, BUMI’s stock performance went up sharply by 157% from Rp 940 in the beginning of the year to Rp 2,425 per share at the end of 2009. Operational Report of 2009 The Company managed to improve its operation performance. In 2009, the Company improved both the production and sales of coal. Through the solid performance of two business units; PT Arutmin Indonesia and PT Kaltim Prima Coal; the coal mined production increased to 63.1 million tonnes. However, the relatively high fluctuation of coal price has brought an increase in the Company’s net revenue to US$ 3.22 billion. At the end of 2009, the Company posted a US$ 190.45 million of net profit. From the above-mentioned performances, the Company has recorded a 41.57% in asset increment in contrast to 2008 to US$ 7.41 billion at the end of 2009. This asset growth was also followed by the equity growth which by the end of 2009 had reached US$ 1.47 billion or equivalent to a 26.21% increase in contrast to the same period in 2008. Meanwhile, the Return on Asset and Return on Equity had each increased by 2.57% and 12.95% respectively. In the same period, the Company had recorded a profit per share (US$ per 1000 share) of US$ 10.06. The ability to improve our performance has convinced the Board of Commissioners that BUMI will be able to realize the Company’s vision to become an International operator in the energy and mining sector. To support this belief, we have formulated a theme for our Company’s 2009 performance, “Seizing Growth Opportunities through Business Expansion”. We hope that all of these achievements will be stepping stones and continue to grow in the future, so that BUMI will be able to become the national mining company that plays a significant role world-wide and becomes a benchmark to other companies. Board of Commissioners Activities in 2009 On this auspicious occasion, the Board of Commissioners would also like to report their activities throughout the year 2009. It is significant for us to do so as evidence of BUMI’s commitment in implementing the GCG. After the resignation of one of the Board of Commissioners, Mr. Samuel Rumende in January 2009, BUMI appointed Mr. Anton Setianto in an Extraordinary General Meeting of Shareholders in 26 June 2009. In accordance to the established guidelines, the Board of Commissioners carried-out the orientation/introductory program for Mr. Anton Setianto. The purpose of this program is to equip each new member of the Board of Commissioners with a comprehensive understanding on the Company’s business. In addition, through the existing committee, the Board of Commissioners paid field visits to ensure that the guidelines – both behavioral and standards of operation – are being well-implemented by the management and the employees. As a result, a number of issues mainly related to cost efficiency and internalization as well as the implementation of behavioral guidelines are expected to improve in the future. The Board of Commissioners also continued to monitor the Directors on the implementation of CSR programs. The Triple Bottom Line concept as the reference in the CSR implementation is perceived as being successful. In several CSR targeted areas, the Company had successfully nurtured a number of new entrepreneurs. This success is supportive of the government’s program of entrepreneurship development through the involvement of the private sector. Appreciation and Future Outlook The Company’s 2009 annual report presents a number of achievements. For these achievements, the Board of Commissioners would like to express its deepest gratitude to the Board of Directors, Management and Employees for all their dedication and performance. However, there many things we yet need to achieve. It is crucial to all employees of BUMI that they continuously develop to their full potential through innovation and creativity. In line with our business development goals and policies, the Board of Commissioners hopes that all employees continue to professionally enhance their integrity, dedication, competence and skills for the benefit of BUMI’s growth. Most importantly, the Board of Commissioners hopes that all employees will have enhanced understanding and share the vision of our leadership to achieve optimum results. We also would like to thank all of our shareholders for their trust in BUMI. In every step of the way, the Board of Commissioners will continue to monitor various operational activities of the Company, both marketing and investment, to ensure they are carried out professionally, in accordance to established procedures and in compliance with various provisions from the regulator. These activities are aimed to position BUMI as an influential energy and mining company world-wide. |
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