1. EBITDA was originally used by leveraged buyout investors in the 1980s to quickly assess if distressed companies could pay back interest on financed deals. 2. It examines a company's earnings before interest, taxes, depreciation, and amortization to determine if their EBITDA can cover interest payments and allow the company to service its debt. 3. While EBITDA can be used to analyze profitability between companies, it should be treated with caution as it can make unprofitable firms appear healthy and is easy to manipulate through accounting techniques. Cash flow, net income and revenue are better measures of corporate health and value.

1. EBITDA & EV
Kajian Kasus: TPI
Minggu ke-6
MANAJEMEN KEUANGAN
STASIUN TELEVISI
Amelia H. Day, SS, ME
14 Maret 2011

2. Sejarah & Aksi Korporasi
Kasus: PT MNC Tbk

3. PT Bhakti Investama Tbk
Est. 1982
PT 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. Divisi Media
PT
Bimantara
Citra Tbk Divisi Transportasi
Divisi Properti
PT MNC
PT Bhakti (PT Media
Investama Tbk Nusantara
Citra)
Divisi Divisi
Jaringan Saluran
Penyiaran TV Program
(TV NETWORK) (PROGRAM CHANNEL)
Divisi Radio Divisi Online Divisi Cetak

5. PT MNC
(PT Media
Nusantara
Citra)
Divisi Online
Divisi Saluran Program
Divisi Cetak
Divisi Jaringan Penyiaran TV Divisi Radio
PT GLOBAL PT CITRA PT RAJAWALI
INFORMASI TELEVISI CITRA
BERMUTU INDONESIA TELEVISI
dan lainnya…

6. PT MNC
(PT Media
Nusantara
Citra)
Divisi Jaringan Penyiaran TV
PT GLOBAL PT CITRA PT RAJAWALI
INFORMASI TELEVISI CITRA
BERMUTU INDONESIA TELEVISI

7. PT MNC
(PT Media
Nusantara
2004
Citra)
Divisi Jaringan Penyiaran TV
PT CITRA
TELEVISI
INDONESIA

9. DEBTS…
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
miliar
2. PT Crown Capital Global Limited Rp 498,7 miliar,
3. Asia Venture Finance Rp 97,1 miliar
4. Maestro Venture Limited sebesar Rp 41,9 miliar
5. PT Straba Advisindo sebesar Rp 5 miliar
6. 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

10. PT MNC
(PT Media
Nusantara
2006
Citra)
PT CITRA
TELEVISI
INDONESIA

11. PT MNC
(PT Media
Nusantara
Citra)
US$ 55 juta (utang TPI)
75%
=
PT CITRA
TELEVISI
INDONESIA

12. PT MNC
(PT Media
Nusantara
Citra)
PT BKB
75% (PT Berkah
Karya
Bersama)
Biay
+
a Op
s TP
I?
PT CITRA
TELEVISI
INDONESIA
25%
Rp360 miliar
& USD 10 juta
UTANG
US$55 juta

13. 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.

19. EBITDA &
Enterprise Value
SAHAM 75%
RESTRUKTURISASI
UTANG TPI

20. VIDEO
(EBITDA BY KHANACADEMY.ORG)

21. 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

22. 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

23. 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

24. 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

25. • 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