Monday, 18/10/2010 19:22:15 AM
CP Prima projected revenues fell 13.56%
By: Irvin Avriano A.
JAKARTA: A fisheries emitters, PT Central Proteinaprima Tbk (CP Prima), is projecting revenues decreased by 13.65% this full year to IDR5.9 trillion compared with last year revenue that booked at IDR6.83 trillion level, optimistically. The decline was still affected by the IMNV, a shrimp virus, problem that occurs in their ponds.
In the disclosure to Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia) today, the management company explained that revenue projection is based on the four main factors.
First, the speed of the Lampung-based company to fix IMNV viruses which have suffered in the company's ponds since 2009. Second, the continuation of the pond recovery and areas infected with the virus.
Third, the needs for the utilization of operating cash flow to fulfill the requirements from company's working capital lenders. Fourth, timing and amount of funding available for plasma farmers, capital expenditures, and general usage of corporate funds.
CP Prima Director Gunawan Taslim says the company also has three factors of uncertainty are likely to continue. First, the speed improvement and expansion of IMNV viral contamination in the PT Central Pertiwi Bahari ponds.
"Second, the impact of the IMNV virus in PT Wahyuni Mandira ponds. And third, the possibility of outbreak in PT Aruna Wijaya Sakti ponds. All three companies are subsidiaries of CP Prima," he said today.
The company also predict their revenues to grow by 25.42% to IDR7.4 trillion in 2011 and increased to IDR9.4 trillion in 2015.
In addition, the company also predicted gross profit was down by 8.26% at the end of this year to IDR767 billion compared to IDR836.11 billion at the end of last year. However, gross profit next year is predicted could increase by 30.37% to IDR1 trillion, compared with gross profit at this year end, and could increase to IDR1.5 trillion in 2015.
Their earnings before interest, taxes, depreciation, and amortization (EBITDA) is also predicted to grow to IDR60 billion in 2010, IDR311 billion in 2011, and amounted to IDR538 billion in 2015.
There are als0 assumptions that added those company optimistic predictions for the next years. First is the the company's ability to mitigate the impact of shrimp IMNV viruses in Central Pertiwi Bahari. Second, the revitalization of Aruna Wijaya Sakti's ponds, and the third Wahyuni Mandira operational performance that started to affected by IMNV even in a small scale.
Company also predicted with the conservative assumption in smaller values.
Currently, Gunawan said the company was still trying to persuade investors to extend a standstill agreement that has been terminated due to limited time that just have been passed, but the approval haven't obtained yet.
The agreement related to CP Prima US dollar denominated bond that coupons haven't paid yet.
The agreement limits the bond investors to file a bankruptcy lawsuit and other actions which may harm the issuers, but that agreement expired in June this year.
The dollar bonds was issued through CP Prima subsidiary, Blue Ocean Resources Pte Ltd, worth US$325 million and will mature in 2012. However, the company has default in coupon payment of the bond.
The companies stock price that coded CPRO was stagnant at IDR53 level at the stock market today. (Yus)
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