CLSA Adaro Energy (ADRO IJ) in line

· Adaro FY 2009 results – in-line with expectation.
· Revenue increased by 49% YoY to Rp26.9tn, in-line with our forecast and market consensus.
· Operating profit rose by 136% YoY to Rp9.9tn, also in-line with forecast and consensus, respectively.
· Net income increased by 392% to Rp4.4tn, 98% and 97% of our forecast and consensus, respectively.