Monday, August 27, 2012

KNM ... Aug12


Nearly two years after announcing its proposed rm2.2 billion waste to energy project in the UK , it is close to securing financials for the job that is crucial to regain investor confidence in the process equipment manufacturer. Exim Bank is the lead arranger for a syndicated loan for the project. and expected to complete the syndication soon.

The project, which will generate electricity from a biomass and waste cycle facility within the Peterborough enclave in the UK , makes up some 43% of KNM’s rm5.1 billion order book. If successfully implemented, it will provide KNM with recurring cash flow, giving some comfort for the company whose earnings are driven by contracts.

The financing facility involves a loan amounting to rm921 million that is expected to be finalized by Oct 2012.

It will capitalize on the expertise of its wholly owned unit Borsig GmbH, which is based on Germany to undertake the UK project. It is expecting a steady recurring income thereafter.

KNM acquired Borsig for rm1.7 billion cash in 2008. Incidentally, it was the acquisition of Borsig in early 2008 that casued KNM to fall off the radar screen of many institutional screen. The purchase increased KNM’s debt levels to rm1.4 billion as at end 2008. The company undertake a rm726 million rights issue in mid 2008 to reduce debts. But the fund raising exercise in the midst of the liquidity crisis in 2008 was difficult because oil prices tumbled.

KNM has 80% in the project to develop an 80MW renewable energy plant while the remaining 20% is held by Peterborough Renewable Energy Ltd.

However, market observers remain cautious on the Peterborough project given the current weak economic conditions in Europe . Many had already removed the Peterborough contract from their 2012 earnings in Nov 2011. Nonetheless, further developments that imply the project would take off would prompt them to revisit their earnings forecast. A key re rating catalyst would be the confirmed take off of its Peterborough project.

KNM’s agreements for its proposed downstream oil and gas project in Teluk Ramunia had lapsed without any financial closure.

It had submitted tenders for rm16 billion worth of projects. However it declined to elaborate on its soil sands project in Canada .

Its primary driver of growth will still come from its core process equipment manufacturing operations.

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