Ann: Quarterly Activities and Cashflow Report, page-12

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adrian1964

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02/11/18

05:30

Post #: 36360825
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Originally posted by Muad'Dib ↑

All amounts are US$m
298 * 0.33 = 98 (for all costs excluding the 280 EPC plant cost) as stated by Iggy (total financing, contingency and working capital costs to aggregate at up to one third of total capital costs.)
Total (Debt + Equity required) = 298+98 = 396
Assuming debt equity ratio is 70/30 then:
Debt = 0.7*396 = 277.2
Equity = 0.3*396 = 118.8

Stage 1 already raised ~ $US$6m + Johor and Meckering land already paid for ~ US$5m (Land was always part of the 298).
I’m ignoring current cash on hand.

So equity required = 118.8 – 11 = 107.8

Now let’s assume finance is Mezz 90 and Stream 60, so potential max debt is $US340m (190+90+60)
That is 340-277.2 = 62.8 more debt than the 70/30 split allows.

Now assume the debt will be 340 and debt equity ratio is locked at 70/30 then:
340 = 0.7T
Total = 340/0.7 = 485
Equity = 0.3*485 = 145.5
Debt = 340

But this would give us 485-396 = 89 more than we need!

I am confused. Why are we targeting excess debt if the 70/30 ratio limits us?
Do we need a lot more than the 33% of 298 quoted by Iggy?
Capital costs already paid for such as the Johor and Meckering land were included in the 298. Can other capital costs already paid for such as the plant design costs also be included? These would reduce the amount of new equity required increasing the debt component to maintain the 70/30 ratio.

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That's not how i read it. The cost of the project has two components, debt and equity.
Debt is represented by 298 mil. (70%) and equity supposed to be raised through joint-venture and shares, the rest.
Anyway we'll find out sooner or later.

ATC Price at posting: 10.5¢ Sentiment: Hold Disclosure: Not Held
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