JAKARTA: The plan of PT Energi Mega Persada Tbk to secure asset backed external fund is delayed as Energi Megas shareholders meeting disapproved such notion.The company has US$200 million debt, maturing in October 2013. The debt granted by Credit Suisse must be refinanced following a high interest expense, reaching 12%.Energy Mega has not yet planned to raise external funds through bonds issuance in the near future since the companys cash inflow is still sufficient to realize this years spending, said Energy Mega President Director Imam Agustino.Yes, we once planned to hold bonds issuance, yet, we will first review our needs and what strategic financing to be taken. We have alternatives, yet we have not decided anything yet. We allocate IDR1.7 trillion of capital expenditure along with IDR1.4 trillion operating spending from internal cash, he said in Jakarta yesterday.Based on Bisniss data, Energy Mega cash and cash equivalent was only IDR1.1 trillion as per December 2010. Such phenomenon makes the company needs external financing when its debt to equity ratio is relatively solid at 0.6 times.Initially, such extraordinary shareholders meeting aimed to earn an approval toward the plan to guarantee all or half of Energy Mega assets and subsidiaries, said Energi Mega Director Amir Balfas.Ideally, there should be extraordinary shareholders meeting after the annual shareholders meeting merely to discuss a plan to place assets as collateral. Yet, the shareholders attending such meeting only reached 75%, it does not meet the required quorum, he said.With 0.6 times DER, as a matter of fact, Energy Mega may easily secure external funds to refinance its debt maturing over the next two years.We have no obligation to refinance such debt, yet, if we are able to secure another debt employing 10% interest rate, certainly we will prefer to have rather than our current 12% of interest rate, Head of Investor Relation Energi Mega Herwin Hidayat said.Responding to Energy Megas modest cash amidst huge need of capital expenditure, Herwin said that the company shall attempt to cover this up from the current cash. Last year, it only reached IDR1.1 trillion, yet it was higher in the first quarter of 2011, he said.Herwin added that this year, Energy Mega eyes US$80 million-US$100 million or around IDR720 billion-IDR900 billion earnings before interest, taxes, depreciation and amortization.Steel listed companyDifferent from PT Krakatau Steel Tbks poor performance in the first quarter of 2011, three listed steel producers reported outstanding financial statements.Those three companies include PT Betonjaya Manunggal Tbk, PT Gunawan Dianjaya Steel Tbk and PT Jaya Pari Steel Tbk with net income growth of 50.34%, 55.7% and 100.6% respectively, significantly surpassing Krakatau. The net income of Krakatau Steel slumped by 69.68%.Betonjaya recorded IDR2.85 billion net income or soared by 50.34% compared to the same period last year. Such net income growth is in line with 12.63% sale jump, amounting to IDR32.36 billion.Gunawan Steel also booked 55.7% net income jump from IDR40.4 billion. Such accomplishment is also in line with 48.49% sale growth, amounting to IDR552.27 billion.Jaya Pari also recorded 100.6% net income growth to IDR23.93 billion along with 168.55% revenue jump to IDR234.86 billion.On the other hand, Krakatau whose net income slumped by 69.68% to IDR141.89 billion also booked 4% revenue drop from IDR4.41 trillion in 1Q/2011 to IDR4.24 trillion in first quarter of 2011.The prospect of steel industry is relatively vigorous following numerous infrastructure development initiated by government. He is confident that the performance of steel producers will improve even more in the second and third quarter. (t02)

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