Kang, Ini harusnya masuk ke lap-keu BUMI Sep 09 kan?
Thanks, On Thu, 2009-09-24 at 17:59 +0700, Bagus Putra Perdana wrote: > > 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. > > > > > > ______________________________________________________________ > Share your memories online with anyone you want anyone you > want. > > > > > > > -- > 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 > > > >
