kemungkinan iya pak. blon akan ke-reflect di laporan H1. kalo jadi di proposed dan dinyatakan wajar maka deal ini baru akan kita lihat jelasnya di laporan Q3 ato malah di annual 09 kalo finalisasinya dilakukan setelah bulan september.
things about bakrie group, talkin bout their marvelous acrobatic maneuver, it'd been always a slight twist to judge whether they were boldly brilliant or uncarefully sloppy with their moves. there is some element of strategical decision on the deal if the money would be used properly ; I.E. Increasing A Production Level is One Thing, Selling it at a good price is another, by making a partnering deal with CIC. they could use some doors to increase penetration to China Proxy, a major coal consumer these days and on the future. at a rough elaboration, i can picture some good moves to the usage of 1.9 Bn to these kind of moves. * 1.9 Bn Cash Receipt. - 240 Mn Annual Payment Spend Some 500-700 Mn For Fixed Assets Spending on coal such as port extension and heavyweight equipment. another 500-600 Mn spend on fieldworks related to ensure Contractors would be able to meet the expansion production level delivered on target. some 700-800 Mn would be sitting on Riskless Investment that Yield some 6-8 % and would be steadily prepared for payment of the interest debt coupon of 250 Mn P/A (only for meeting the coupon payment liabilities), (of course they can use some part of it at some investment yielding even more than 12 % but that wont be Riskless that would be Reckless.) there will be 4 Years before the 1st tranche principal payment of 600 Mn part of the 1.9 Bio. assuming the coupon is secured by those 700Mn reserves. They have to ensure the 1.2 Bio Spending On Production Related assets could be executed to enhance production level to atleast 100 Mn Tonne Production P/A before the 4 years time period come. If They Can do that, they would later Re-Sell Their Equities (or having their debt converted to equities) at a larger value from today. hence they will be able to atleast meet the principal payment for the 1st tranche of the debt. But That Can Only Happen IF THEY REALLY SPEND THE 1.9 BIO For Coal Production Related Action and deliver it with a good timeliness. that is only my rough mind guessin. too bad we public shareholders cant be rest assured the management would do so. things would be awful if management use the money for another reckless acquisition or market-price related action. Public Shareholders should have reliable controllers on the board to ensure decision would always be taken on shareholders best intersets behalf. just my 2 cents. On Thu, Sep 24, 2009 at 7:27 PM, Ferry <ferry.wachj...@gmail.com> wrote: > > > 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<milis222%40live.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 <obrolan-bandar%40yahoogroups.com> > > From: milis...@live.com <milis222%40live.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 > > > > > > > > > > > -- 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
