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Wednesday, September 28, 2011

Atlas IPO 25%. What story behind Hanson Energy?

Irvin Avriano A.

Atlas IPO 25%. What story behind Hanson Energy?

JAKARTA: PT Atlas Resources Tbk plan to loads 25% of their new shares to investors in the capital market related to their IPO, with funds tergeted above IDR2 trillion. But there is an interesting name behind, PT Hanson Energy, which ring something behind the head. What is the Hanson Energy relation to Atlas Resources?

As we -as public- know, Atlas Resources already appoint two underwriters to handle the 783.33 million new shares issuance, PT Indo Premier Securities and PT UBS Securities Indonesia. When we still assumed the fund will raised IDR2 trio, nontheless the price per share couldn't be under IDR2,553 per shares.

Despite only eyeing local investors, the future shares emitter also intend to gather institutional global investors, especially from US, as much as 4.96% portion. To offer the private placement, the company need to comply to 144a rules.

The company commandeered by Abdi Andre already held a mini expose in front of stock market authority management (Indonesia Stock Exchange/Bursa Efek Indonesia) in the late June and will listed their shares on Oktober 31th.

Rights now, the company owns 18 direct and indirect subsidiaries which operated thermal and metallurgy coal mines in Papua, Berau, West Kutai, and South Sumatra.

In South Sumatra, the company owns two activity hub, which is hub Muba in Musi Rawas-Musi Banyuasin and hub Oku in Oku District (Kabupaten Oku).

The company's mine which already operates are PT Berau Bara Energy, PT Diva Kencana Borneo, and PT Hanson Energy Martapura.

Berau Bara Energy is the first mine that already have 335,702 tonnes output since 2008 and much improving to 1.06 million tonnes in 2009, and also become 1.25 million tonnes last year.

Diva Kencana Borneo already have output in several months last year, as much as 64,532 tonnes, and grow to 78,720 tonnes only since this early year to April. Hanson Energy have already began their production 18,782 tonnes until April.

Based on Runge and Britmindo report, displays in the company's IPO prospectus, Atlas' reserve reached 83.5 million tonnes which include of proven reserve 76.3 mio tonnes and probable reserve 7.2 mio tonnes.

Nonetheless, the value of coal resources calculated 330.7 mio tonnes which came from measurable resources 136.2 mio tonnes, designated resources 49.7 mio tonnes, and their inferred resources 144.8 mio tonnes.

Since 2008 Atlas Resources, which incorporated as PT Energi Kaltim Persada back in 2007, already use funds worth IDR221.74 billion for their capital expenditure.

In the end of March, the company acquired PT Optima Persada Energi, a holding company from seven subsidiaries namely Diva Kencana Borneo, PT Banyan Koalindo Lestari, PT Cipta Wanadana, PT Karya Manunggal, Hanson Energy, PT Sriwijaya Bara Logistic, and PT Musi Mitra Jaya.

Atlas already acquired 50.3% PT Optima Coal's shares which is holding company for PT Anugrah Energi, together in the end of March.

Not only right there, the company's expansion will widened to majority stakes acquisition for PT Karya Borneo Agung and PT Bara Karya Agung. The plan is started with signing of conditional sales purchase agreement (CSPA) on April 27th through Optima Persada Energi.

The assignment will takes time until the next 12 months and already been started with purchasing 20% shares of the two targeted companies.

It is quite interesting because there are a name that familiar to capital market participant, Hanson Energy. Hanson Energy's minority shares, as much as 10%, used to be owned by PT Hanson International, back in 2008.

Hanson International also show interest to add their capital and boosted their shareholder portion in Hanson Energy because of great potential they have, even they intend to sell their core business, textile and garment, and shift their main business to coal segment.

The plan was to buy Hanson Energy's shares from Optima Persada Energi in October 2007. Hanson International now commandeered by R Agus Santosa, with assistance from Inggrid Suria and Irwan Suria as other directors.

Surprisingly, Hanson International feel the stakes wouldn't give profit to them and then decide to sell 10% of the stake, showed in 2010 financial statement. Of course, the selling transaction planned to happen between Hanson International and Optima Persada Energi and PT Dika Karya Lintas Nusa, the owner of 77.5% and 12.5% of Hanson Energy's shares.

Even after Hanson Energy -led by Harus Setiawan Boedi- already pocketed contract from State Electricity Company (PT PLN) to supply coal for its six future power plants back in 2008.

The Hanson Energy selling transaction was not recorded directly and in detailed in the Hanson International's 1H2011 financial statement.

Surprisingly, but also unfortunately for Hanson International, Hanson Energy start to operate early this year and give a bit and fair revenue for Atlas Resources, for sure through Optima Persada Energi.

The company's April financial statement showed they have IDR835.27 bio liabilities and IDR534.157 bio equity. The two of the account formed debt to equity ratio (DER) 1.56 times.

The company's balanced sheet also displays their revenue reach IDR303.5 bio with attributed net profit IDR33.51 bio, which formed its net profit margin to 11.04%.

Along with the first semester, the company's revenue booked IDR401.51 bio with attributed net profit IDR45.96 bio, which formed net profit margin 11.44%.

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