di Q3 Debt-Like Instrument CIC memang blum kelihatan masuk di laporan arus
kas pendanaan, karena di hutang tambahan juga belum masuk neraca. transaksi
pelunasan fajar bumi + pendopo juga belum. kalo Obligasi Konversi sama
fasilitas Credit Suisse sudah masuk.

yang saya penasaran apakah tambahan Pelunasan Pajak 2.1 T yg disebut2 masih
akan masuk di Q4. kalo iya berarti Operating CF BUMI atau minimal Pretax
Income khusus Q4 tambahan BUMI kudu diatas 250 Juta Dollar supaya Q4 nya
laba final tetap diatas 360 Juta Dollar dengan tambahan perhitungan SBB ;

Tambahan beban bunga 1 quarter dr Debt-Like instrument CIC sekitar 47-50
Juta Dollar

kalo disebut-sebut masih ada sisa tunggakan tahun sebelumnya 211 Juta dollar
(kemudian dikatakan sudah diselesaikan di bulan desember 2009) maka nanti
akan ada tax charges tambahan yang akan keluar diQ4.

ada skenario lain yaitu debt-like instrument CIC akan dikonversi jadi
equity. nah kalo itu kasusnya interest charge tambahan gak akan jadi
permanen. Namun konsekuensinya. pemegang saham existing akan mengalami
dilusi kepemilikan. kuncinya dalah konversi hutang ke ekuitas akan
dieksekusi di harga berapa. kalo di harga tinggi minimal setara Requred Rate
Of Return dibawah 19% tentunya gakan terlalu jadi masalah buat pemegang
saham existing. hanya kalo CIC minta lagi minumum IRR setara 19% asumsi
Required Return 19% maka harga eksekusi konversi akan berada di kisaran Rp
1580. win-win nya kalo konversi Debt-like instrument ke equity dieksekusi di
Required Return sekitar 12.5-13% atau setara Rp 2076-2160.

mudah2an sih manajemen ambil kebijakan yang terbaik buat semua pemegang
saham perseroan. (terutama pemegang saham publik)



On Wed, Jan 6, 2010 at 1:08 PM, <ruzli...@gmail.com> wrote:

>
>
> Boss, Beban Bunga CIC belum dimasukin ke Lap Keu Q3...
>
> ------------------------------
> *From: *Bagus Putra Perdana <disclosure....@gmail.com>
> *Date: *Wed, 6 Jan 2010 11:04:48 +0700
>   *To: *<obrolan-bandar@yahoogroups.com>
> *Subject: *Re: [ob] Laba bersih BUMI melampaui konsensus
>
>
>
> Mudah2an sih tuduhan penggelapan pajak engga terbukti. tapi untuk ke
> depannya kita expect TaxRate BUMI akan berada di level "wajar" sekitar
> 28-30% an lah. sebagaimana tercermin di Q3 09. jadi comply sesuai peraturan
> yang berlaku.
>
> On Wed, Jan 6, 2010 at 11:01 AM, simon bolenang 
> <simon_bolen...@yahoo.com>wrote:
>
>>
>>
>>   Jadi BUMI bakal kena bayar Rp 10 trilyun ( hutang pajak + denda )
>>
>> --- On *Tue, 1/5/10, Jacob Oen <oenja...@yahoo.com>* wrote:
>>
>>
>> From: Jacob Oen <oenja...@yahoo.com>
>>
>> Subject: Re: [ob] Laba bersih BUMI melampaui konsensus
>> To: obrolan-bandar@yahoogroups.com
>> Date: Tuesday, January 5, 2010, 10:54 PM
>>
>>
>>
>>
>>  Jadi selama ini Coal Miners yang paling *bermanfaat bagi Negara* ( in
>> term of effective tax rate percentage) sesuai urutan adalah:
>>
>> I.    ADRO
>>
>> II.    ITMG
>>
>> III.   PTBA
>>
>> iv.    BUMI
>>
>>
>>
>>
>>  ------------------------------
>> *From:* Bagus Putra Perdana <disclosure.inc@ gmail.com>
>> *To:* obrolan-bandar@ yahoogroups. com
>> *Sent:* Wed, January 6, 2010 10:27:09 AM
>> *Subject:* Re: [ob] Laba bersih BUMI melampaui konsensus
>>
>>
>>
>> Yang Paling Menarik dari hasil rilisan data keuangan Q3 2009 ini adalah
>> Effective TaxRate BUMI inevitably kini jadi sama kayak temen2 coal
>> minersnya... , mungkin karena tekanan Kasus kemarin. the tricks no longer
>> played aloud.
>>
>> PreTax Income BUMI hingga Q3 2009 adalah 666,56 Juta Dollar
>> Tax Paid Nya 173,5 Juta Dollar
>> Effective Tax Rate Q3 09 BUMI 26 %
>>
>> Profil Historikal Tax Rate BUMI sebelumnya "unik" dan agak beda dengan
>> Coal Miners lainnya
>>
>> PreTax Inc BUMI 2007 854,9 Juta Dollar
>> Tax Paid 2007 14.6 Juta Dollar
>> Effective Tax Rate BUMI 2007 1.7%
>>
>> PreTax Inc BUMI 2008 1032,7 Juta Dollar
>> Tax Paid 2008 90 Juta Dollar
>> Effective Tax Rate BUMI 2008 8.7%
>>
>> sementara profil taxrate Coal Miners lain rata2 sekitar 28-30% sama sesuai
>> taxrate kebanyakan perusahaan.
>>
>> Bukit Asam PreTax 2007 1009 Milyar Rupiah
>> Bukit Asam Tax Paid 2007 282.75 Milyar Rupiah
>> Effective Tax Rate Bukit Asam 2007 28%
>>
>> Bukit Asam PreTax 2008 2552 Milyar Rupiah
>> Bukit Asam Tax Paid 2008 837.06 Milyar Rupiah
>> Effective Tax Rate Bukit Asam 2008 32.8%
>>
>> Indo Tambang Raya PreTax 2007 88 Juta Dollar
>> Indo Tambang Raya Tax Paid 2007 31.62 Juta Dollar
>> Effective Tax Rate IndoTambangRaya 2007 35.9%
>>
>> Indo Tambang Raya PreTax 2008 345.68 Juta Dollar
>> Indo Tambang Raya TaxPaid 2008 110.75 Juta Dollar
>> Effective Tax Rate IndoTambangRaya 2008 32%
>>
>> Adaro Energy Pretax 2007 947 Milyar Rupiah
>> Adaro Energy Tax Paid 2007 657 Milyar Rupiah
>> Effective Tax Rate Adaro Energy 2007 69.3%
>>
>> Adaro Energy Pretax 2008 2925 Milyar Rupiah
>> Adaro Energy Tax Paid 2008 1601 Milyar Rupiah
>> Effective Tax Rate Adaro Energy 2008 54.7%
>>
>>
>>
>> asumsi treatment akuntansi dan model bisnis serta industri yang serupa.
>> pada jangka panjang mungkin semua coal-miners yang sudah terbuka taxratenya
>> akan berkisar 28-30%.
>>
>>
>> On Wed, Jan 6, 2010 at 9:29 AM, Jacob Oen <oenja...@yahoo. 
>> com<http://mc/compose?to=oenja...@yahoo.com>
>> > wrote:
>>
>>>
>>>
>>>  Based on RTI report, the following were BUMI's EPS (in US$) trend:
>>>
>>> Q3-2007, => 0.0436
>>>
>>> Q3-2008, => 0,0254
>>>
>>> Q3-2009, => 0,0190
>>>
>>> what is the conclusion?? ?......Kemampuan BUMI mencetak laba dari tahun
>>> ke tahun menurun, belum lagi ditambah HUTANG (debt) yang menggunung untuk
>>> tahun-tahun ke depan.
>>>
>>>
>>>
>>>   ------------------------------
>>> *From:* robbie fowler <fowlerid500@ 
>>> yahoo.com<http://mc/compose?to=fowlerid...@yahoo.com>
>>> >
>>> *To:* obrolan-bandar@ yahoogroups. 
>>> com<http://mc/compose?to=obrolan-ban...@yahoogroups.com>
>>> *Sent:* Wed, January 6, 2010 8:53:24 AM
>>> *Subject:* Re: [ob] Laba bersih BUMI melampaui konsensus
>>>
>>>
>>>
>>>   0.019 us$(eps)
>>>
>>> --- On *Tue, 1/5/10, Matt Nowo <inf...@gmail. com>* wrote:
>>>
>>>
>>> From: Matt Nowo <inf...@gmail. com>
>>> Subject: Re: [ob] Laba bersih BUMI melampaui konsensus
>>> To: obrolan-bandar@ yahoogroups. com
>>> Date: Tuesday, January 5, 2010, 5:28 PM
>>>
>>>
>>>
>>> Tks infonya pak. Mhn dicek kembali EPS nya pak. Sptnya overstated. Tks
>>> again
>>>
>>> Sent from my BearBerry®
>>> powered by ISAT TLKM
>>> ------------------------------
>>> *From: *"-Candra Wu" <wu_can...@yahoo. com>
>>> *Date: *Wed, 6 Jan 2010 01:24:09 +0000
>>> *To: *OB<obrolan-bandar@ yahoogroups. com>
>>> *Subject: *[ob] Laba bersih BUMI melampaui konsensus
>>>
>>>
>>>
>>> Kinerja BUMI per Sep 2009:
>>> Pendapatan 2.330,24
>>> Laba usaha. 705,36
>>> Laba bersih. 360,22
>>> EPS (US$). 19,03
>>>
>>>
>>>
>>>
>>>
>>
>>
>> --
>> Each piece, or part, of the whole nature is always an approximation to the
>> complete truth, or the complete truth so far as we know it. In fact,
>> everything we know is only some kind of approximation, because we know that
>> we do not know all the laws as yet. Therefore, things must be learned only
>> to be unlearned again or, more likely, to be corrected... ....The test of
>> all knowledge is experiment. Experiment is the sole judge of scientific
>> “truth”. - Richard Feynman
>>
>>
>>
>
>
> --
> Each piece, or part, of the whole nature is always an approximation to the
> complete truth, or the complete truth so far as we know it. In fact,
> everything we know is only some kind of approximation, because we know that
> we do not know all the laws as yet. Therefore, things must be learned only
> to be unlearned again or, more likely, to be corrected.......The test of all
> knowledge is experiment. Experiment is the sole judge of scientific “truth”.
> - Richard Feynman
>
>   
>



-- 
Each piece, or part, of the whole nature is always an approximation to the
complete truth, or the complete truth so far as we know it. In fact,
everything we know is only some kind of approximation, because we know that
we do not know all the laws as yet. Therefore, things must be learned only
to be unlearned again or, more likely, to be corrected.......The test of all
knowledge is experiment. Experiment is the sole judge of scientific “truth”.
- Richard Feynman

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