Bumi {Ticker: BUMI.JK, Closing Price: 2,300.00 IDR, Target Price: 2,100.00 IDR, Recommendation: Sell}
Bumi's FY09 NP reached US$190.5mn, -49%yoy vs Restated FY08 NP of US$372mn. One-off charges incl. the US$275mn related to mining stripping expenses under COGS. Adjusting for this item, EBIT was 6-7% lower than DB & consensus. Sales vol (58mT, +13%yoy) and ASP of US$63/t was in-line with expectation.
Other new non-operating charges in FY09 included US$63mn in loss on derivative transactions and US$42mn on late tax payment interest expense. In addition, Bumi's FY09 effective tax rate was also about 45%, higher than company's guidance of 30%, and appears to be moving closer to KPC & Arutmin's official corp tax rate of 45%.
FY08 NP was also restated from US$657mn previously to US$372mn, due to a significant restatement in tax expense from US$90mn to US$489mn (c.US$400mn increase), resulting in a restated effective tax rate of 47% in FY08 - though we've yet to get more clarity on timing of the actual cash outflow on this item.
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