Company Profile of Debt-Ridden Bumi Resources: Indonesian Coal Miner
Indonesia Investments updated the company profile of Bumi Resources, a leading Indonesian natural resources group focused primarily on coal mining. The company is Indonesia's largest coal miner by production volume and the world's largest thermal coal exporter. However, due to weak global demand and weak corporate management, the company is at risk of default in the near future due to maturity of its debts. Moody’s has downgraded Bumi’s corporate rating from Caa1 to Ca.
Last week, Bumi Resources (Bumi) announced that is had entered into an agreement to settle a USD $1.3 billion debt with the China Investment Corporation (CIC). The agreement involves a portion of CIC's existing debt balance to be swapped by 42 percent of Bumi's holdings in Bumi Resources Minerals, 19 percent of Bumi's holdings each in Kaltim Prima Coal, Indocoal Resources and Indocoal Kaltim Resources, as well as up to USD $150 million in new shares of Bumi. The residual amount will convert into a three-year loan at a competitive market rate.
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Financial Highlights Bumi Resources:
| 2008 | 2009 | 2010 | 2011 | 2012 |
|
| Revenue | 3,840.58 | 3,665.02 | 2,926.93 | 4,001.06 | 3,775.52 |
| Gross Profit |
1,622.40 | 1,115.69 | 964.43 | 1,594.20 | 997.24 |
| Operating Income | 1,102.21 | 638.25 | 651.57 | 1,101.10 | 428.55 |
| Net Income (loss) |
254.47 | 190.45 | 207.11 | 214.97 | (705.62) |
| EBITDA | 1,198.77 | 1,055.90 | 1,017.98 | 1,365.22 | 824.03 |
| Total Assets | 5,177.85 | 7,353.87 | 7,047.45 | 7,368.12 | 7,354.33 |
| Total Liabilities |
3,776.74 | 5,874.43 | 5,728.68 | 6,191.72 | 6,962,18 |
| Earnings per 1000 shares¹ | 13.26 | 10.06 | 10.75 | 10.86 | (32.82) |
in million USD, unless otherwise stated
¹ in USD
Source: Bumi Resources, Annual Report 2012