SEE ICBP
(part one of two posts)
PT. Indofood CBP Sukses Makmur Tbk
(ICBP) was established on September 2, 2009 with a total number of
15,000,000,000 shares. The issued and fully paid capital at the time of
establishment of ICBP was 4,664,763,000 shares with a basic share price of
Rp100 / share so that the initial equity of ICBP was Rp.466,476,300,000. When
it was established, the holders of all ICBP shares were the parent company,
namely PT. Indofood Sukses Makmur Tbk (INDF).
Some ICBP products that are already
very familiar in the midst of society include Indomie brand instant noodles
that consumers can get very easily and the price is very affordable. In
addition to instant noodles, other ICBP products are kitchen spices and the
like.
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Pic : google image |
On October 7, 2010, ICBP conducted
an Initial Public Offering (IPO) and listed its shares on the Indonesia Stock
Exchange (IDX) or offered 1,166,191,000 shares to the public equivalent to 20%
of the total issued and fully paid shares. The price of the shares offered at
the time of the IPO amounted to Rp5,395 / share, thus ICBP received additional
capital from the IPO amounting to Rp.6,291,600,445,000. After the IPO, the
number of outstanding shares of ICBP became as much as (4,664,763,000 pieces +
1,166,191,000 shares) = 5,830,954,000 shares with the composition of
shareholders namely INDF at 80% and the public at 20%.
On July 26, 2016 ICBP conducted a
stock split with a ratio of 1: 2, meaning that every 1 share before the stock
split was exchanged into 2 new shares after the stock split, therefore the
number of outstanding shares after the stock split was as much as
(5,830,954,000 sheet x 2) = 11,661,908,000 pieces. Of the total shares, INDF as
the parent of ICBP narrowed as many as 9,329,526,000 while the public numbered
2,332,382,000.
ICBP Book Value (BV) per Quarter
III-2018 (September 30, 2018) totaling Rp1,880 so that the equity is amounting
to Rp21,924,387,040,000. Meanwhile, at the same time ICBP's liabilities
(liabilities / debt) amounted to Rp11,896,918,000,000 or 54.26% of its equity.
Thus ICBP assets per Quarter III-2018 (September 30, 2018) amounted to
Rp33,821,305,040,000.
ICBP prices at the closing of the
last day of the bourse in Quarter III-2018, which is September 28 2018
amounting to Rp.8,825 / sheet, the ICBP market capitalization / market capital
(MC) at the same time amounted to Rp102,916,338,100,000.
A brief profile of ICBP's financial
structure per Quarter III-2018 (30 September 2018) is as follows:
a. Assets (equity + liabilities):
Rp33,821,305,040,000.
b. Equity (net capital): Rp21,924,387,040,000.
c. Liability (obligation / debt):
Rp. 11,896,918,000,000.
d. Market Capitalization:
Rp102,916,338,100,000.
The data above shows that an
increase in the initial equity of ICBP was established for approximately 9
years until Quarter III-2018 grew by 4,600%, while assets grew by 7,15050.38%.
Now we calculate, how much growth in
the growth of INDF wealth in ICBP on the position of September 30 2018 is based
on assets, equity and market capitalization compared to the wealth of INDF in
ICBP at the time of establishment.
With total assets of
Rp33,821,305,040,000, the assets of each ICBP share are worth Rp.2,900.15 /
sheet, so INDF's assets in the ICBP are (Rp.2,900.15 x 9,329,526,000 pieces) =
Rp27,057,042,871,939, 20. After being reduced by initial assets at the time of
the establishment of ICBP in the amount of Rp.466,476,300,000, INDF's assets at
ICBP amounted to Rp26,590,566,571,939,205, growing by around 5,700.30% for
approximately 9 years.
But keep in mind that the asset
consists of two components, namely equity and liabilities (liabilities / debt),
therefore if separated, the composition of INDF's equity and liabilities in
ICBP is as follows:
a. The ICBP equity amounted to
Rp21,924,387,040,000, the ICBP BV amounted to Rp1,880 / sheet, so INDF's assets
in the ICBP were (Rp1,880 x 9,329,526,000) = Rp17,539,508,880,000. Then after
deducting the initial capital at the time of the establishment of ICBP in the
amount of Rp.466,476,300,000, INDF's net capital in ICBP based on equity
amounted to Rp17,073,032,580,000, growing by around 3,660% for approximately 9
years.
b. ICBP's total liabilities amounted to
Rp11,896,918,000,000, the ICBP liabilities amounted to Rp1,020.15 / sheet, so
INDF's liabilities in the ICBP were (Rp1,020.15 x 9,329,526,000 shares) =
Rp9,517,533,991,939.23. Thus, when ICBP is declared default then bankrupt, the
remaining equity of INDF in ICBP is (Rp1,880 - Rp1,020.15 x 9,329,526,000
pieces) = Rp8,021,974,888,060.77, this condition can be said to be "still
very healthy ”, in the sense that when ICBP was declared bankrupt (closed) even
though INDF did not need to bear the debt. Even if it is reduced by the initial
capital placed in the ICBP, its equity will still grow by a number (IDR
8,021,974,888,060.77 - IDR 466,476,300,000) = IDR 7,555,498,588,060.77.
At the price at the closing of the
last day of the exchange in Quarter III-2018, which is September 28, 2018, the
price of ICBP shares is Rp.8,900 per share, then the assets of INDF in ICBP are
a number (9,329,526,000 shares x Rp8,900) = Rp83,032,781,400,000 . After
deducting initial capital at the time ICBP was established amounting to
Rp.466,476,300,000, INDF's assets in ICBP based on market capitalization
amounted to Rp82,566,305,100,000, growing by 17,700% for approximately 9 years.
Of course ICBP is a super company
for INDF as the founder. What if viewed from the perspective of a (public)
stock investor ?. Because of his perspective from the perspective of stock
investors, we will only calculate it based on market capitalization. To see
ICBP from the perspective of a stock investor, we will discuss it in the next
opportunity.
Thus, hopefully useful.
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