EBITDA & RV: Kajian Kasus TPI

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


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…


Citra)

PT GLOBAL INFORMASI BERMUTU

PT CITRA TELEVISI

INDONESIA

PT RAJAWALICITRA

TELEVISI

Divisi Jaringan Penyiaran TV


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…


Citra)

PT CITRA TELEVISI

INDONESIA

2006


Citra)

PT CITRA TELEVISI

INDONESIA

75%US$ 55 juta (utang TPI)

=


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.


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.


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.


• 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

EBITDA & RV: Kajian Kasus TPI

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