Mining contractor Barminco says an initial public offering is off the agenda until at least 2014, as it aims to re-finance its debts over the current financial year.
The Gresham Private Equity-owned Barminco lodged its financial accounts with the Australian Securities and Investments Commission on Friday, reporting a $32.3 million loss that was driven by net financing costs of $78.6 million.
According to the accounts, $45.8 million of the financing costs was cash interest, with the remaining balance non-cash interest on redeemable preference shares held by Gresham.
A spokesperson for Barminco said if the company goes ahead with its long-awaited plans to list on the ASX, the shares would be redeemed and classified as equity.
After paying all interest, Barminco produced operating cash flow of $96.1 million.
The contractor reported that revenue increased to $885 million, from $684 million the previous year.
The spokesperson said listing on the ASX would not be considered again until 2014, while the company has short term approval to extend its current $341 million bank facilities to October, with a view to refinancing to longer term debt facilities in FY2013.
Barminco put off its $600 million-plus IPO plan in June last year, due to volatile market conditions
At the time, it was seeking to raise the funds at an issue price between $2.10 and $2.52.
Meanwhile, Barminco today appointed a new chief executive, with former Linfox chief operating officer Peter Stokes set to commence in the role in February.
Chairman Jock Muir said Mr Stokes’ 20 years of experience in resources and mining services made him an excellent fit for the role.
“We selected Peter after an extensive executive search process for the best candidate and I am delighted to welcome him to the role,” Mr Muir said.
“Under Peter’s leadership, I strongly believe we will build on the ongoing strong improvement in our financial performance over the 2012 calendar year.
“This growth strategy will be funded through Barminco’s cash flows from operations, which continues to adequately cover our capital expenditure programs and financing costs.”
