False Logic Brother. Liabilities itu bagian dari Aset jg. Liabilities nambah maka Aset jg nambah, 1.9 Bio USD ini akan bertransformasi dr bentuk kas ke modal kerja atau ke fixed asset atau ke akuisisi non hard-assets yg menambah intangibles.
unik juga sebenernya manuver ini, sayang belon ada detail yg dikasih ke Publik. Sitting and existing credit fascilities yg dipegang BUMI saat ini rata2 LIBOR + 2,5 - 3.5 %. clearly pergantian ke 12 % coupon gak akan banyak restrukturisasi keuangan BUMI. paling enggak dr sisi profitabilitas. Buat TATA gak akan ada masalah sih krn mereka masuk lewat KPC dan Arutminnya, sementara CIC kasih debt ke BUMI. buat exisiting shareholder harusnya ada keterangan yg dikasih dulu krn 1.9 Bio USD ini jumlahnya material baik dr sisi balance dan P & L. ini akan makan Earning Before Taxes yg jadi jatah pemegang ekuitas, lagipula biasanya kreditur selalu maen aman dan minta jaminan, fasilitas credit suisse dulu minta jaminannya aset terlancar dari BUMI yaitu Piutang Usaha BUMI. Aset BUMI jadi terkesan rada artificial, Kas dan Aset akan meningkat di akhir tahun signifikan, tapi datangnya mostly dari debt addition yg tranche pembayaran pokoknya 4-6 tahun dr skrg. Interest Expense pada tahun keuangan 2008 adalah 43 Juta USD (Net stlh Interest Paid Dari Akun kas Bank) dgn total outstanding debt sekitar 1,3 Bio USD, sebagian debt baru masuk di semester akhir sih. tapi acuan dr q1 09 aja beban bunga sekitar 21 Juta dari outstanding 1,3 Bio kalo di annualized kira2 100 Juta USD untuk 1,3 Bio. clearly below 12 % interest Coupon payment. so where goes the Restructuring Part of the deal?. 1,9 Bio Is A Huge Amount, Damocles Sword Must Be Placed On BUMI's board management Office. if they can use it properly, it'd surely unleash some good story. come to think of it, wont be such easy tasks to do so. 12 % Cost of 1.9 Bio equal 230 Mn P/A, applying Operating Margin Of 35 %, they needed to booked a minimum extra 650 Mn Revenue To Neutralized the effect of the debt payment to the shareholders bottom-line. At Current Coal Price outlook, a 650 Mn extra Revenue would be a roughly equal to minimumm addition 8-9 Mn Tonne P/A Production starts from 1st coupon payment schedule Thats Quite ThroatGasping. Or Perhaps only this kind of burden on Management's weigh could push the management go faster on production-addition related decision?!. surely put more pressure on it. They SHOULD mainly use the Cash For Production related Decision. If They Can Assure Us Its Going to be used for Good ROIC generator, it would be a mind relievin. surely. Public Shareholder Should Placed An Officer in the management to ensured this would be done properly. if not, hefty consequences, BUMI's Financial quality would be deteriorating and cash burn will likely to shows upcoming years what do u say El? this CIC Inception? Pro or Cons? i wish they'll use the money not for another acquisitions and market-related actions... On Thu, Sep 24, 2009 at 9:09 AM, Peter Alimin <milis...@live.com> wrote: > > > > ini ada analisa dari warung sebelah, cmiiw.. > > Warrant Bumi yang dipegang CIC = U$ 1,9 Milliar X Rp. 10.000,- = Rp. > 19.000.000.000.000,-. > Pada harga Executeable Share BUMI-W Rp. 4.000,- yang dipegang harus ada > underlying share sebanyak = 4.750.000.000 Lembar > atau sebanyak 24% dari Total saham BUMI yang ada sekarang ini= > 20.000.000.000 lembar > Kalau BUMI belum punya Treasury Stock sebanyak 4.750.000.000 lembar pada > saat akan dieksekusi oleh CIC dan baru akan menerbitkan saham baru sebanyak > 4.750.000.000 lembar maka pemegang saham BUMI lama saat itu nilainya bakal > TERDILUSI sebesar +/- 25% > > Mr. Dillep. apakah BUMI sudah punya saham Treasury sebagai underlying > warrant CIC ??? I DON'T KNOW !!!! > > Bunga yang harus dibayar untuk HUTANG ini 19% X Rp. 19.000.000.000.000,- = > Rp. 3.610.000.000.000,-/tahun dibagi jumlah saham 20.000.000.000 lembar > equivalen > Rp. 180,5/ saham > > 1Q09 BUMI : > > Total Asset = US$ 5,5 M > > Total Kewajiban = US$ 3,4 M + Hutang dari CIC China = US$ 1,9 M , sekarang > jadi = US$ 5,3 M > > Hanya ada sisa nilai sebesar US$ 0,2 M atau US$ 200 Juta dari Asset BUMI > untuk 20 M lembar pemegang saham sekarang ini atau senilai cuma RP. 100,- > /Lembar saham > > > ?? > ------------------------------ > To: obrolan-bandar@yahoogroups.com > From: milis...@live.com > Date: Wed, 23 Sep 2009 22:14:20 +0700 > Subject: [ob] bumi > > PT Bumi Resources Tbk (“Bumi”) announced that China Investment > Corporation (“CIC”) has invested US$1.9 billion in Bumi in the form of a > debt-like instrument. The US$1.9 billion investment consists of US$600 > million repayable in year 4, US$600 million in year 5, and remaining > US$700 million in year 6. The investment attracts a 12% annual cash coupon > with a total IRR of 19%, the balance payable at the time of final > maturities. The funds will be used for debt restructuring and capital > expenditure. “We are honored by this historic and transformational > investment by CIC, the leading sovereign fund in the world. The investment > will enable Bumi to implement its growth strategies quickly and provide a > stable capital structure. More importantly, the partnership creates the > platform for CIC and Bumi to pursue investment opportunities jointly”, > remarked Ari Hudaya, President Director and CEO of Bumi, one of the leading > natural resources companies in Asia with world-class coal assets. CIC, > wholly-owned by the People’s Republic of China, is one of the largest and > reputable investment institutions in the world. Bumi is Indonesia's largest > producer and one of the world’s largest exporter of thermal coal with strong > practices in community development, corporate social responsibility > and corporate governance. PT Samuel Sekuritas Indonesia acted as arranger > and financial advisor, and Jones Day acted as legal advisor to Bumi. > Deutsche Bank and China International Capital Corporation (CICC) acted > as financial advisors and Davis Polk & Wardwell acted as legal advisor to > CIC in this transaction. - just announced 2 hours ago,,, > > CMIIW > > > ------------------------------ > With Windows Live, you can organize, edit, and share your > photos.<http://www.microsoft.com/indonesia/windows/windowslive/products/photo-gallery-edit.aspx> > > ------------------------------ > Share your memories online with anyone you want anyone you > want.<http://www.microsoft.com/indonesia/windows/windowslive/products/photos-share.aspx?tab=1> > > > -- Each piece, or part, of the whole nature is always an approximation to the complete truth, or the complete truth so far as we know it. In fact, everything we know is only some kind of approximation, because we know that we do not know all the laws as yet. Therefore, things must be learned only to be unlearned again or, more likely, to be corrected.......The test of all knowledge is experiment. Experiment is the sole judge of scientific “truth”. - Richard Feynman
