Post on 05-Dec-2014
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EBITDA & EV Kajian Kasus: TPI
Minggu ke-6 MANAJEMEN KEUANGAN
STASIUN TELEVISI
Amelia H. Day, SS, ME14 Maret 2011
Sejarah & Aksi Korporasi
Kasus: PT MNC Tbk
PT Bimantara Citra Tbk Est. 1981
PT MNC (PT Media Nusantara Citra)
Est. 1997
PT Global Mediacom TbkEst. 2007
PT Bhakti Investama TbkEst. 1982
PT MNC, Tbk Est. 2007
Divisi Mediahttp://id.wikipedia.org/wiki/Media_Nusantara_Citra
PT Bimantara Citra Tbk
PT MNC (PT Media Nusantara
Citra)
Divisi Jaringan
Penyiaran TV(TV NETWORK)
Divisi Radio Divisi Cetak
Divisi Saluran Program
(PROGRAM CHANNEL)
Divisi Online
Divisi Media
Divisi Transportasi
Divisi Properti
PT Bhakti Investama Tbk
PT MNC (PT Media Nusantara
Citra)
PT GLOBAL INFORMASI BERMUTU
PT CITRA TELEVISI
INDONESIA
PT RAJAWALICITRA
TELEVISI
Divisi Jaringan Penyiaran TV Divisi Radio
Divisi Cetak
Divisi Saluran Program
Divisi Online
dan lainnya…
PT MNC (PT Media Nusantara
Citra)
PT GLOBAL INFORMASI BERMUTU
PT CITRA TELEVISI
INDONESIA
PT RAJAWALICITRA
TELEVISI
Divisi Jaringan Penyiaran TV
PT MNC (PT Media Nusantara
Citra)
PT CITRA TELEVISI
INDONESIA
Divisi Jaringan Penyiaran TV
2004
Menurut William Eduart, kurator pailit TPI, sebagian besar tagihan tersebut berasal dari supplier dengan jumlah tagihan yang terbilang kecil.
Tagihan besar:1. Kantor Pelayanan Pajak (KPP) Besar 1, JakPus Rp 5,597
miliar2. PT Crown Capital Global Limited Rp 498,7 miliar,3. Asia Venture Finance Rp 97,1 miliar4. Maestro Venture Limited sebesar Rp 41,9 miliar5. PT Straba Advisindo sebesar Rp 5 miliar6. PT Media Nusantara Citra (MNC) sebesar Rp 158 miliar
Tagihan Utang TPI Mencapai Rp 2,1 Triliun,
KOMPAS, Kamis, 12 November 2009 | 21:50 WIB
DEBTS…
PT MNC (PT Media Nusantara
Citra)
PT CITRA TELEVISI
INDONESIA
2006
PT MNC (PT Media Nusantara
Citra)
PT CITRA TELEVISI
INDONESIA
75%US$ 55 juta (utang TPI)
=
PT MNC (PT Media Nusantara
Citra)
PT CITRA TELEVISI
INDONESIA
75%
25%
PT BKB(PT Berkah
Karya Bersama)
UTANGUS$55 juta
Rp360 miliar & USD 10 juta
+Biaya Ops TPI?
MNCN Bantah TPI Rekayasa Laporan Keuangan
Inilah.com, Susan Silaban, Senin, 25 Januari 2010 | 14:43 WIB
• Sebelumnya, Bapepam-LK sedang mendalami dugaan manipulasi laporan keuangan anak usaha MNC, yaitu TPI. Pemeriksaan otoritas pasar modal terhadap dugaan manipulasi laporan keuangan Media Nusantara Citra (MNC) didasarkan kepada laporan Crown Capital Global. Sebab, TPI diduga mengurangi utang, menghapus bunga, dan denda-denda.
• Perusahaan juga ditengarai menukar utang dengan saham-saham baru seri C melalui PT Berkah Karya Bersama.
• Selain itu, MNC juga ditengarai menerbitkan surat utang baru kepada Santoro Corporation senilai US$ 30 juta. Atas tindakan ini, menurut dia, Crown Capital selaku kreditur atau pemegang surat utang TPI senilai US$ 53 juta dirugikan.
• Crown Capital Global merupakan perusahaan yang terdaftar di British Virgin Island menuding TPI gagal membayar surat utang senilai US$ 53 juta yang jatuh tempo 24 Desember 2006. Obligasi yang dipegang Crown Capital itu merupakan hasil pembelian dari tangan ketiga, Fillago Limited, melalui perjanjian jual-beli utang (debt sale and purchase) pada 27 Desember 2004. Fillago sendiri membeli obligasi itu dari Peregrine Fixed.
EBITDA &Enterprise Value
SAHAM 75%RESTRUKTURISASI
UTANG TPI
VIDEO(EBITDA BY KHANACADEMY.ORG)
Definisi - 1
• EBITDA first came to prominence in the mid-1980s as leveraged buyout investors examined distressed companies that needed financial restructuring. They used EBITDA to calculate quickly whether these companies could pay back the interest on these financed deals.
• http://www.investopedia.com/articles/06/ebitda.asp
Definisi - 2
• Leveraged buyout bankers promoted EBITDA as a tool to determine whether a company could service its debt in the near term, say over a year or two.
• http://www.investopedia.com/articles/06/ebitda.asp
Definisi - 3
• At least in theory, looking at the company's EBITDA-to-interest coverage ratio would give investors a sense of whether a company could meet the heavier interest payments it would face after restructuring.
• For instance, bankers might argue that a company with EBITDA of $5 million and interest charges of $2.5 million had interest coverage of 2 - more than enough to pay off debt.
• http://www.investopedia.com/articles/06/ebitda.asp
Definisi – 4
• Normally, investors focus on cash flow, net income and revenue as the basic measures of corporate health and value. But in recent years, another measure has crept into quarterly reports and accounts: earnings before interest, taxes, depreciation and amortization (EBITDA). While EBITDA can be used to analyze and compare profitability between companies and industries, investors should understand that there are serious limits to what the metric can tell them about a company. Here we look at why this measure has become so popular and why, in many cases, it should be treated with caution.
• http://www.investopedia.com/articles/06/ebitda.asp
• Factoring out interest, taxes, depreciation and amortization can make even completely unprofitable firms appear to be fiscally healthy.
• EBITDA numbers are easy to manipulate. If fraudulent accounting techniques are used to inflate revenues and interest, taxes, depreciation and amortization are factored out of the equation, almost any company will look great.
• Of course, when the truth comes out about the sales figures, the house of cards will tumble and investors will be in trouble.
• http://www.investopedia.com/articles/analyst/020602.asp