Monday, January 24, 2011

KNM ... Jan11

It has received another four years’ extension until February 2015 for its term loan facility secured from Maybank. The loan’s principal balance outstanding as at Jan 7, 2011 was at RM351.33 million.

The term loan was for the purpose of refinancing the bridging loan that was secured for the high-profile acquisition of German-based Borsig BmbH, which was completed on June 6, 2008.

KNM had on Oct 15, 2008 accepted the three-year term loan facility of €150 million (RM614.4 million) to fully settle the balance bridging loan facility granted by Maybank for the acquisition of Borsig.

The term loan extension should come as a relief to KNM, which has short and long term borrowings of RM1.06 billion as at Sept 30, 2010. Based on its shareholders fund of RM1.76 billion and cash of RM296.29 million, its net gearing is at 0.43 times.

KNM posted a net loss of RM227.02 million in the nine-month period ended Sept 30, 2010 mainly due to a loss on hedge of its investment in foreign subsidiaries. Net operating cash flow from operations was positive at RM19.62 million, but had shrunk from RM298.5 million in the previous corresponding period.

Meanwhile, its cash and cash equivalents had also been reduced to RM296.3 million, from RM571.7 million a year ago.

Nonetheless, it is worth noting that KNM’s job orders are increasing, with the latest win being the RM2.2 billion (£450 million) contract secured from Peterborough Renewable Energy Ltd late 2010. The contract raised its order book to over RM4 billion, its all-time high.

Furthermore, the company is expected to secure some RM3 billion worth of jobs in 2011 from its current RM16 billion tenders.

The extension of loan tenure came as a boon to KNM as it will have more flexibility in terms of cash flow to undertake these new projects.

Industry observers say KNM plans to tap into the potential US$11 billion (RM33.7 billion) worth of local jobs over the next four years, which includes process equipment for enhanced oil recovery projects that would create demand for its process equipment services.

Meanwhile KNM is moving its product mix towards more turnkey contracts, which is understood to have margins in the range of 20% to 30% as there are less competitive pressures. 23% of KNM’s current order book consists of such contracts.

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