Calculation on Per and Pbv on Pt Smart

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Company Overview
PT Bumi Resources Tbk. was established in the Republic of Indonesia on June 26th, 1973 based on Notarial Deeds No. 130 and No. 103 dated November 28th, 1973, both made by Djoko Soepadmo, S.H., notary in Surabaya and approved by the Ministry of Justice of the Republic of Indonesia in Decision Letter No. Y.A.5/433/12 on December 12th, 1973, registered in the Registry Book of Court of Justice in Surabaya No. 1822/1973, No. 1823/1973, No. 1824/1973 dated December 27th, 1973, and published in the State Gazette of the Republic of Indonesia No. 1, Supplement No. 7, dated January 2nd, 1974. The Company commenced its commercial operation on December 17th, 1979.

According to the Company’s Articles of Association, its scope of activities comprise exploration and exploitation of coal deposits (including coal mining and selling) and oil exploration. The Company’s head office is located at Bakrie tower Building, 12th Floor, Rasuna Epicentrum, Jln. H.R. Rasuna Said, Jakarta Selatan 12940.

About Coal and Mining Industry in Indonesia
Between 2000 and 2009, domestic investors, with government of Indonesia support, gained majority ownership of Indonesia‘s largest coal producers. During this same time period, the coal industry was subjected to greater regulatory control by provincial and regency governments. Despite these changes in ownership and regulatory control, Indonesia‘s coal industry expanded during the Localization period at a still impressive, albeit slower, growth rate of 12 percent per year. In 2005, against all odds, Indonesia became the world‘s largest exporter of steam coal with total coal exports of 117 mt of steam coal against ―runner-up‖ Australia‘s 115 mt. In 2009, Indonesia‘s exports of steam coal had increased to 176.39 mt while Australia‘s steam coal exports increased at much slower pace to 138.83 mt due to chronic transport infrastructure constraints.

Sales and Income
REVENUES In 2010, the Company booked US$ 4,369.9 million in revenues, up by 19.2 % from 2009 performance, driven primarily by higher average selling price for coals that reached US$71.03 per ton from US$63.14 per ton a year earlier. Sales volume increased by 3.9% to 60.7 million tonnes from 58.4 million tonnes in 2009 despite very challenging operating condition due to prolonged rainfalls in 2010. In 2010, the Company’s operating income grew by 72.1% to US$1,098.7 million from US$638.2 million in 2009 driven by higher sales prices and volumes, resulting in higher operating profit margins of 25.14% compared to 17.41% in 2009. As of 31 December 2010, net income reached US$311.2 million, or 63.4% higher compared to US$190.4 million in 2009. As a result, net profit margin improved from 5.2% in 2009 to 7.1% in 2010. By the end of 2010, BUMI booked US$ 1,625.6 million in gross profit, a 45.7% increase compared to US$1,115.7 million in 2009, driven by strong revenue growth. As a result, gross profit margin also improved from 30.4% to 37.2% in 2010.

Solvability
ASSETS In 2010, total assets stood at US$8,773.2 million, comprised 36% current assets and 64% non-current assets. This total asset value represented a US$1,419.3 million or 19.3% increase from US$7,353.9 million in 2009.

As of 31 December 2010, total liabilities stood at US$6,560.8 million comprising 31.2% of current liabilities and 68.8% of non-current liabilities. In comparison, total liabilities in 2009 was US$5,874.4 million comprising US$2,204.2 million in current liabilities and US$3,670.2 million in non-current liabilities. The 11.7% increase in total liabilities was mainly due to higher long-term loans in its non-current liabilities account, from US$2,305.4 million in 2009 to US$3,563.3 million in 2010.

Cash Flow
Net cash provided by operating activities grew by 26.3% to US$310.7 million from US$246.0 million in 2009, mainly due higher receipts from customers. Net cash used in investing activities amounted to...
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