Obtain Dividends, Inalum is Ready to Pay Bond Installments
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After becoming the holding company (holding) of Mining BUMN, PT Indonesia Asahan Aluminum (Inalum) received a blessing: getting a large share of dividends.
In fiscal year 2018, Inalum received dividends totaling Rp 2.76 trillion from its three subsidiaries. The value of the dividend does not include part of PT Freeport Indonesia, which has not been long enough for the acquisition.
The largest portion of dividends comes from a subsidiary of PT Bukit Asam Tbk (PTBA), which is Rp. 2.44 trillion. PT Aneka Tambang Tbk (ANTM) and PT Timah Tbk (TINS) each paid dividends of Rp 198.93 billion and Rp 120.88 billion (see table).
Inalum management will utilize the dividend for three purposes. First, deposit dividends to the government. However, the Corporate Secretary of Inalum, Rendi A. Witular, was reluctant to specify the amount of dividend payments to the government.
Only, at the joint Hearing Meeting (RDP) Indonesian House of Representatives (DPR) September 2018 last year, President Director of Inalum Budi Gunadi Sadikin proposed the value of dividend payments for the country in 2019 to Rp 1 trillion, down from the previous year which reached Rp 1.9 trillion.
The reason is that Inalum needs funds for a number of expansions, such as supporting downstream projects and repaying global bond payments. However, according to Rendi, the dividend deposit amount can still change.
"This is still being reviewed," he said.
Second, Inalum will use dividends for downstream projects. There are three projects that are the focus of the Mining BUMN Holding.
"What is clear, dividends will be used for projects in Mempawah Kalimantan Barat, gasification projects and upgrading smelters in Kuala Tanjung, North Sumatra," said Rendi.
The downstream projects do require jumbo funds (see table). Third, Inalum will use dividends to pay global bond coupon installments. Last year, Inalum released US $ 4 billion in global bonds, most of which were used to take over 51.2% of Freeport's shares.
This year, Inalum is required to pay installments totaling US $ 300 million. The installment will be paid twice, ie in May and November 2019 this. The exchange rate used uses the most competitive exchange rate from the comparison of the exchange rate at the time of issuance and the current value.
"Within a year, the point is US $ 300 million, (paid) in May and November," said Rendi.
Binaartha analyst Annuity, Muhammad Nafan Aji, said that the rising dividend deposit indicates the fundamental performance of state-owned mining companies such as ANTM, PTBA and TINS has increased, "As a result, the opportunity to book positive performance is wide open in the future," he said.
Commodity Observer PT Garuda Berjangka, Ibrahim said, the prospect of Inalum's performance will grow further, triggered by the acquisition of Freeport Indonesia shares. If the demand for the mining sector is maintained, many investors will glance at Inalum and his children.
Many want to do business with Inalum or buy the shares of their subsidiary, "he said.
IN INDONESIA
Peroleh Dividen, Inalum Siap Membayar Cicilan Obligasi
Setelah menjadi induk usaha (holding) BUMN Pertambangan, PT Indonesia Asahan Aluminium (Inalum) mendapatkan berkah: mendapat bagian dividen berjumlah besar. Pada tahun buku 2018, Inalum menerima dividen senilai total Rp 2,76 triliun dari tiga anak usahanya. Nilai dividen itu belum termasuk bagian dari PT Freeport Indonesia, yang belun lama mereka akuisisi.
Porsi dividen terbesar berasal dari anak usaha PT Bukit Asam Tbk (PTBA), yakni Rp 2,44 triliun. Adapun PT Aneka Tambang Tbk (ANTM) dan PT Timah Tbk (TIN S) masing-masing menyetor dividen Rp 198,93 miliar dan Rp 120,88 miliar (lihat tabel).
Manajemen Inalum akan memanfaatkan dividen tersebut untuk tiga keperluan. Pertama, menyetor dividen ke pemerintah. Namun Sekretaris Perusahaan Inalum, Rendi A. Witular enggan memerinci besaran setoran dividen ke pemerintah.
Hanya, dalam Rapat Dengar Pendapat (RDP) bersama Dewan Perwakilan Rakyat (DPR) Indonesia September 2018 tahun lalu, Direktur Utama Inalum Budi Gunadi Sadikin mengusulkan nilai setoran dividen untuk negara tahun 2019 menjadi Rp 1 triliun, turun dibandingkan tahun sebelumnya yang mencapai Rp 1,9 triliun.
Alasannya, Inalum memerlukan dana untuk sejumlah ekspansi, seperti mendukung proyek hilirisasi serta mencicil pembayaran global bond. Namun, menurut Rendi, besaran setoran dividen itu masih bisa berubah.
"Ini masih dikaji kembali," katanya.
Kedua, Inalum akan menggunakan dividen untuk proyek-proyek hilirisasi. Ada tiga proyek yang menjadi fokus Holding BUMN Pertambangan.
"Yang jelas, dividen akan dipakai untuk proyek di Mempawah Kalimatan Barat, proyek gasifikasi dan upgrade smelter di Kuala Tanjung Sumatera Utara," ungkap Rendi.
Proyek-proyek hilirisasi tersebut memang membutuhkan dana yang jumbo (lihat tabel). Ketiga, Inalum akan memakai dividen untuk membayar cicilan kupon global bond. Pada tahun lalu, Inalum merilis global bond US$ 4 miliar, yang sebagian besar dananya digunakan untuk mengambilalih 51,2% saham Freeport.
Tahun ini, Inalum wajib membayar cicilan dengan total senilai US$ 300 juta. Cicilan itu akan dibayar sebanyak dua kali, yakni pada bulan Mei dan November tahun 2019 ini. Nilai tukar yang digunakan menggunakan kurs yang paling kompetitif dari perbandingan nilai kurs saat penerbitan dan nilai saat ini.
"Dalam setahun, intinya US$ 300 juta, (dibayarkan) Mei dan November," ucap Rendi.
Analis Binaartha Sektuitas, Muhammad Nafan Aji menilai, setoran dividen yang naik menandakan kinerja fundamental perusahaan tambang milik pemerintah seperti ANTM, PTBA dan TINS mengalami peningkatan, "Alhasil, peluang untuk membukukan kinerja positif terbuka lebar di masa mendatang," kata dia.
Pengamat Komoditas PT Garuda Berjangka, Ibrahim mengatakan, prospek kinerja Inalum akan semakin bertumbuh, dipicu akuisisi saham Freeport Indonesia. Jika permintaan sektor pertambangan terjaga, maka banyak investor akan melirik Inalum dan anak-nya. Banyak yang ingin berbisnis dengan Inalum atau membeli saham-saham anak usahanya," kata dia.
Kontan, Page-1, Monday, April 29, 2019
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