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NEGATIVE EQUITY RESTRUCTURING IN AN INDONESIAN OIL AND GAS COMPANY

Penulis : DHION AZRYA DEWANGGA (NIM : 29114434)
Kontributor / Dosen Pembimbing :
  • Pembimbing: Dr. Sylviana Maya Damayanti, CFP
Jenis Koleksi : Tesis
Tahun Terbit :
Penerbit : Administrasi Bisnis
Fakultas : Sekolah Bisnis dan Manajemen
Subjek :
Kata Kunci : negative shareholder's equity, common size, financial ratio, Altman Z score, debt to equity swap
Sumber :
Staf Input/Edit : Alice Diniarti   Alice Diniarti
File : 1 file
Tanggal Input : 22 Jan 2018

In the last five years, the crude oil price has been in major volatility, from USD 100 per barrel to nearly USD 30 per barrel. This indicates that many Oil and Gas company experiencing loss on their assets because the main portion of their assets consists of Oil and Gas properties. The Oil in the wells and in inventories keeps devaluated that resulted in loss on assets impairment Because of that, the author does preliminary test using Altman Z score and took 9 Oil and Gas company in Indonesia that were listed on Bursa Efek Indonesia. Based on the test, the author found that PT Energi Mega Persada, Tbk has the lowest Z-Score value of -1.91. This indicates the company is in financial distress and can lead in bankruptcy. From the financial report analysis, the author found that the company has a negative shareholders equity of -$ 71,671,375 or equivalent to – Rp 967,491,891,125. The purpose of this research is to fix the negative shareholders equity so that the company has a better financial standing in the following years. This research begins by analyzing business situations using PESTEL Analysis and then analyzing the data from the financial report of PT Energi Mega Persada, Tbk for period 2011-2016 by using Altman Z Score, Common Size Analysis and Ratio Analysis. The result obtained is PT Energi Mega Persada, Tbk has a financial distress and the causes of negative shareholders equity is large portion of short and long-term debt, taxes payable and trade payable while the company struggling with the loss on assets impairment. Corporate restructuring by using debt to equity swap has been chosen as an alternative business solution of PT Energi Mega Persada, Tbk. The result is the negative shareholder equity of -$ 71,671,375 turned into positive shareholder equity of $ 301,699,319 by issuing 4,464,253,069 new shares to creditor with a conversion price of IDR 1,129.998 - per share. The debt to equity swap also improved the liquidity ratio and solvability ratio performances of PT Energy Mega Persada, Tbk.

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