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BANPU expects 2012 performance the same level as 2011

BANPU expects 2012 performance the same level as 2011

Banpu expects performance in 2012 to be as good as last year. Sale volumes from both Indonesian and Australian operations are expected to be increased. The Company is confident about this year’s coal production and sales volume to reach the target set while relating mining regulations in Indonesia and Australia will not have a significant impact on its operational performance.

Mr. Chanin Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited (BANPU), said it is expected that the sales revenue this year will increase from last year due to higher coal production and sales volume. The Company’s total coal sales volume in 2012 is targeted at around 47- 48 million tonnes from 42 million tonnes in 2011. Coal sales from Indonesia and Australia will increase 8 percent to 27 and 16 million tonnes, respectively this year, while the rest will be from China and Mongolia.

The 2012 average selling price is likely to be better than that of 2011. A selling price of the Indonesian coal will be higher than last year of USD 97 per tonne. Similarly, the Australian coal sales price will also increase from last year level of AUD 75 per tonne. The majority of this year’s coal sales contracts from both countries have already been priced.

“Sales revenue is expected to grow this year. The coal business which is our main revenue source will benefit from higher sales volume and favorable selling prices. Moreover, the power business recorded a smooth operation in the first quarter and is expected to maintain its consistent performance,” added Mr. Chanin.

In the first quarter of this year, Banpu recorded a total coal sales volume of 9.2 million tonnes, an increase of 2 percent from the same period of the previous year, consisting of 5.7 million tonnes of coal from Indonesian mines and 3.5 million tonnes from Australian coal operations, an increase of 7 percent and a decline of 3 percent from last year, respectively. An average selling price from Indonesian and Australian operations in the first quarter were USD 100.63 per tonne and AUD 73.02 per tonne, respectively. Total sales revenue was THB 28,310 million, an increase of THB 4,132 million or 17 percent higher than the same quarter last year due to higher coal sales volume and selling price. Coal sales revenue was THB 26,522 million (representing 94 percent of a total revenue). Sales of power and steam from the three combined heat and power plants in China and other revenues were THB 1,789 million (accountable for 6 percent of total sales revenue).

A net profit in 1Q/12 was recorded at THB 2,785 million, 70 percent lower than the same period last year and 21 percent less than the fourth quarter of a previous year. No divestment gain was recorded in the first quarter of 2012 when compared with the 1Q/11 when the Company realized a gain after tax of THB 6,308 million on disposal of Daning Mine in China.

“Exclusion of divestment gain, the net profit in 1Q/12 rose two times (or 204 percent) from 1Q/11. This included THB 2, 283 million from coal business, which increased 3.3 times (or 330 percent) from 1Q/11 and THB 477 million from power business, which was 21 percent higher than the same period last year. BLCP’s operation ran smoothly in the last quarter and will continue to proceed its power generation throughout the year since the coal supply contract in 2012 has already been committed,” said Mr. Chanin.

Banpu Public Company Limited is an energetic Asian energy company managing coal and related business in five countries including Thailand, Indonesia, China, Australia and Mongolia. As of 31 March 2012, Banpu assets totaled THB 222,635 million, a decline of 1 percent compared to 31 December 2011. Total liabilities were THB 131,527 million, a decrease of THB 4,827 million or 4 percent from that of 31 December 2011. Net Debt to Equity ratio as of 31 March 2012 was 0.69 times compared to 0.74 times as of 31 December 2011. The Earnings Per Share (EPS) for the first quarter of 2012 was reported at THB 10.25 a share, compared to THB 33.72 per share the same quarter a year earlier.

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