EBITDA & EVKajian Kasus: TPI       Minggu ke-6  MANAJEMEN KEUANGAN    STASIUN TELEVISI   Amelia H. Day, SS, ME      14 Mar...
Sejarah & Aksi Korporasi    Kasus: PT MNC Tbk
PT Bhakti Investama Tbk                                Est. 1982PT Bimantara Citra Tbk   PT Global Mediacom Tbk      Est. ...
Divisi Media                                   PT                               Bimantara                               Ci...
PT MNC (PT Media Nusantara   Citra)                                                    Divisi Online                      ...
PT MNC (PT Media Nusantara   Citra)      Divisi Jaringan Penyiaran TVPT GLOBAL      PT CITRA      PT RAJAWALIINFORMASI    ...
PT MNC(PT MediaNusantara                                   2004  Citra)    Divisi Jaringan Penyiaran TV             PT CIT...
DEBTS…Menurut William Eduart, kurator pailit TPI, sebagian besartagihan tersebut berasal dari supplier dengan jumlah tagih...
PT MNC(PT MediaNusantara            2006  Citra) PT CITRA TELEVISIINDONESIA
PT MNC(PT MediaNusantara  Citra)                US$ 55 juta (utang TPI)75%            = PT CITRA TELEVISIINDONESIA
PT MNC      (PT Media      Nusantara        Citra)       PT BKB75%   (PT Berkah        Karya       Bersama)               ...
MNCN Bantah TPI Rekayasa        Laporan Keuangan                  Inilah.com, Susan Silaban, Senin, 25 Januari 2010 | 14:4...
EBITDA &      Enterprise ValueSAHAM 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  compani...
Definisi - 2• Leveraged buyout bankers promoted EBITDA as a tool  to determine whether a company could service its  debt i...
Definisi - 3• At least in theory, looking at the companys EBITDA-to-  interest coverage ratio would give investors a sense...
Definisi – 4• Normally, investors focus on cash flow, net income and  revenue as the basic measures of corporate health an...
• Factoring out interest, taxes, depreciation and  amortization can make even completely unprofitable  firms appear to be ...
EBITDA & RV: Kajian Kasus TPI
EBITDA & RV: Kajian Kasus TPI
EBITDA & RV: Kajian Kasus TPI
EBITDA & RV: Kajian Kasus TPI
EBITDA & RV: Kajian Kasus TPI
EBITDA & RV: Kajian Kasus TPI
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EBITDA & RV: Kajian Kasus TPI

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Departemen Ilmu Komunikasi, FISIP UI

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EBITDA & RV: Kajian Kasus TPI

  1. 1. EBITDA & EVKajian Kasus: TPI Minggu ke-6 MANAJEMEN KEUANGAN STASIUN TELEVISI Amelia H. Day, SS, ME 14 Maret 2011
  2. 2. Sejarah & Aksi Korporasi Kasus: PT MNC Tbk
  3. 3. PT Bhakti Investama Tbk Est. 1982PT Bimantara Citra Tbk PT Global Mediacom Tbk Est. 1981 Est. 2007 PT MNC PT MNC, Tbk (PT Media Nusantara Citra) Est. 2007 Est. 1997 Divisi Media http://id.wikipedia.org/wiki/ Media_Nusantara_Citra
  4. 4. Divisi Media PT Bimantara Citra Tbk Divisi Transportasi Divisi Properti PT MNC PT Bhakti (PT MediaInvestama Tbk Nusantara Citra) Divisi Divisi Jaringan Saluran Penyiaran TV Program (TV NETWORK) (PROGRAM CHANNEL)Divisi Radio Divisi Online Divisi Cetak
  5. 5. PT MNC (PT Media Nusantara Citra) Divisi Online Divisi Saluran Program Divisi Cetak Divisi Jaringan Penyiaran TV Divisi RadioPT GLOBAL PT CITRA PT RAJAWALIINFORMASI TELEVISI CITRA BERMUTU INDONESIA TELEVISI dan lainnya…
  6. 6. PT MNC (PT Media Nusantara Citra) Divisi Jaringan Penyiaran TVPT GLOBAL PT CITRA PT RAJAWALIINFORMASI TELEVISI CITRA BERMUTU INDONESIA TELEVISI
  7. 7. PT MNC(PT MediaNusantara 2004 Citra) Divisi Jaringan Penyiaran TV PT CITRA TELEVISI INDONESIA
  8. 8. DEBTS…Menurut William Eduart, kurator pailit TPI, sebagian besartagihan tersebut berasal dari supplier dengan jumlah tagihanyang 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
  9. 9. PT MNC(PT MediaNusantara 2006 Citra) PT CITRA TELEVISIINDONESIA
  10. 10. PT MNC(PT MediaNusantara Citra) US$ 55 juta (utang TPI)75% = PT CITRA TELEVISIINDONESIA
  11. 11. PT MNC (PT Media Nusantara Citra) PT BKB75% (PT Berkah Karya Bersama) Biay + a Op s TP I? PT CITRA TELEVISI INDONESIA 25% Rp360 miliar & USD 10 juta UTANG US$55 juta
  12. 12. MNCN Bantah TPI Rekayasa Laporan Keuangan Inilah.com, Susan Silaban, Senin, 25 Januari 2010 | 14:43 WIB• Sebelumnya, Bapepam-LK sedang mendalami dugaan manipulasi laporan keuangan anak usaha MNC, yaitu TPI. Pemeriksaan otoritas pasar modal terhadap dugaan manipulasi laporan keuangan Media Nusantara Citra (MNC) didasarkan kepada laporan Crown Capital Global. Sebab, TPI diduga mengurangi utang, menghapus bunga, dan denda-denda.• Perusahaan juga ditengarai menukar utang dengan saham-saham baru seri C melalui PT Berkah Karya Bersama.• Selain itu, MNC juga ditengarai menerbitkan surat utang baru kepada Santoro Corporation senilai US$ 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.
  13. 13. EBITDA & Enterprise ValueSAHAM 75% RESTRUKTURISASI UTANG TPI
  14. 14. VIDEO(EBITDA BY KHANACADEMY.ORG)
  15. 15. 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
  16. 16. 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
  17. 17. Definisi - 3• At least in theory, looking at the companys 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
  18. 18. 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
  19. 19. • 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

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