thx buat koreksinya pak bagus.
To: obrolan-bandar@yahoogroups.com
From: disclosure....@gmail.com
Date: Thu, 24 Sep 2009 17:59:19 +0700
Subject: Re: [ob] bumi
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
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