As cited from Annual Report 2014,
Firstly we would like to congratulate the Board of Directors of the Company for displaying the discipline and precision in carrying out its strategies that have allowed the Company to record the second consecutive year with a positive net income since 2013. In light of the difficult situation in the global coal market in 2014, this was truly an impressive feat. In particular we also appreciate the Board of Directors for its success in carrying out the Rights Issue II with Preemptive Rights, aimed to support the Company’s endeavor to directly invest in PT Mega Alam Sejahtera (“MAS”), where the proceeds will subsequently be used by MAS to purchase coal mining assets.
We appreciate such success as this has certainly enhanced the public trust, in particular that of the shareholders, and transformed the Company’s selfsufficiency status. This is because now the Company has become a mining company that has the ability to mine its own coal, in accordance with prevailing mining regulations in Indonesia. In line with this achievement, the Board of Commissioners here hopes that the Company’s management will continue to manage its human resources, financial resources, and natural resources, so as to achieve its goals, by emphasizing on the principles of profitability, sustainability, and development, which the Company espouses.
The Board of Commissioners believe that the Company’s corporate social responsibility programs, which are now ongoing on the subsidiary level, have been adequate and in keeping with the prevailing conditions in the communities surrounding our mines. We also laud the achievement of Green Proper rating by MAS, a designation that shows the Company’s care and responsibility for maintaining the environment after mining activities, in accordance with prevailing regulations.
It is our view that the Company’s production volume and sales target of 3 million tons per year, as planned by the Board of Directors for the coming years, is rational, measured, and most importantly achievable. In evaluating the Company’s targets, we take into consideration the current installed capacity of production, demand for low calorie coal in India, and the Company’s business strategy to become an energy company and to process low calorie coal in the long term. In closing, we express our utmost gratitude for the hard work and dedication shown by the management and employees of the Company, the support from all stakeholders especially from the shareholders, and the guidance from the regulators. All of which have made the Company attain a better shape, more poised for overcoming future challenges. May in 2015 the Company achieve even more excellent achievements and thus bring greater satisfaction to all stakeholders.