Laporan laba rugi& related information

1. Mata Kuliah
Proses Stratejik & Pengambilan Keputusan
“STRATEGIC DECISION MAKING”
Muhammad Awaluddin
120430130510
Program Doktor Manajemen Bisnis
Fakultas Ekonomi dan Bisnis
Universitas Padjadjaran
5 April 2014

2. OUTLINE
STRATEGIC DECISION MAKING
• Decision Making Style
• Characteristic of Strategic Decision
• Strategic Paradox
• Case: Retrenchment TelkomVision
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3. DECISION MAKING STYLE
• Directive Style:
A person has this style if they have a low tolerance for ambiguity and are efficient,
rational, and logical in their way of thinking. They focus on the short term and are quick
to make decisions, usually resulting in a decision that has been made with minimal
information and not carefully analyzing other alternatives.
• Analytic Style:
As opposed to the directive style, a person with an analytic decision-making style has
greater tolerance to ambiguity. They are careful decision makers that like to be well
informed and thoroughly assess their options. They usually have the ability to adapt or
cope with unique and challenging situations.
• Conceptual Style:
Conceptual decision makers are generally very broad in their approach and consider all
available alternatives. They are long-term oriented and are usually capable of
formulating creative solutions to problems.
• Behavioural Style:
People with a behavioral decision-making style work well with others, are open to
suggestions, and are concerned about the achievements of their team. They generally try
to avoid conflict and place importance on their acceptance by others.
Source: Robbins, 2006
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4. Analytical Conceptual
• Prefer complex
problems
• Carefully analyze
alternatives
• Enjoy solving problems
• Willing to use innovative
methods
Directive Behavioral
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DECISION MAKING STYLE
Tasks and Technical Concerns People and Social Concerns
Value Orientation
Low High
• Prefer simple, clear
solutions
• Make decisions rapidly
• Do not consider many
alternatives
• Rely on existing rules
• Socially oriented
• Humanistic and artistic
approach
• Solve problems
creatively
• Enjoy new ideas
• Concern for their
organization
• Interest in helping
others
• Open to suggestions
• Rely on meetings
Source: Robbins, 2006

5. CHARACTERISTIC OF STRATEGIC DECISION
Keputusan stratejik merupakan keputusan yang dianggap akan berdampak baik pada jangka panjang
Strategic
Decision
Keputusan Stratejik harus ditujukan
untuk penciptaan nilai, dibutuhkan
lebih dari Competitive Advantage
untuk penciptaan nilai tersebut.
Sumberdaya utama harus
dikerahkan dalam keputusan
stratejik agar bisa memberi
dampak signifikan.
Keputusan stratejik yang
sudah diambil sulit untuk
dirubah, tetapi fleksibilitas
untuk menghadapi masa akan
datang yang tidak bisa
diprediksi harus dijaga.
Keputusan stratejik harus
didukung dengan komitmen
jangka panjang, tercermin
pada budaya perusahaan.
Source: Peter Fitzroy, 2005
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6. CHARACTERISTIC OF STRATEGY
Strategi merupakan pola perilaku yg mendasari pengambilan keputusan stratejik
Incremental or Revolutionary
• Incremental Strategy: mengarahkan
aktifitas saat ini untuk penciptaan nilai
yang tinggi
•Revolutionary Strategy: merubah
permainan dipasar
STRATEGY
Corporate/Business Level
•Corporate Level Strategy: visi, objektif,
budaya, sinergi, pengaturan SBU
• Business Level Strategy: Strategi
bagaimana agar SBU sukses berkompetisi
dan menciptakan nilai di pasar
Building Competence
•Kompetensi merupakan
gabungan keahlian (skill) dan
kemampuan (ability) yang lebih
baik dibanding kompetitor.
•Kompetensi tidak statis dan
harus dibangun untuk
mendukung strategi
Resolving Paradox
• Strategi diarahkan untuk bisa
menjaga kemampuan
perusahaan berfungsi dengan
baik di kedua ujung paradoks
Source: Peter Fitzroy, 2005
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7. STRATEGIC PARADOX
SHORT TERM - LONG TERM ANALYTICAL - CREATIVE
• Pendekatan analitik mendorong pada strategi yg
reliable, rational dan tidak bias, namun kadang
cenderung lambat
• Pendekatan kreatif cenderung lebih beresiko namun
cepat, sehingga bisa memberi dampak yang lebih
signifikan
Strategic
Paradox
“The essence of paradox is that
the firm must be at both end of the
spectrum simultaneously”
COMMITED - FLEXIBLE COMPETITIVE - COOPERATIVE
Pada umumnya perusahaan dituntut bisa
memenangkan persaingan di pasar, namun
kemenangan tidak hanya bisa dicapai dengan
mengalahkan lawan, tapi dengan bekerja sama
(Cooperation).
Strategi harus bisa mencapai komposisi yang seimbang
untuk mengawal bisnis yang berjalan saat ini dengan
tetap memikirkan inovasi untuk jangka panjang.
Dibutuhkan komitmen agar strategi bisa mencapai visi
dan misi perusahaan, dengan lingkungan bisnis yang
sangat dinamis, kemampuan untuk membelokkan
strategi harus tetap dijaga (flexible).
Source: Peter Fitzroy, 2005
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8. CASE: Retrenchment TelkomVision
Decision Making Process
Problem
Recognition
Information
Search
Problem
analysis
Alternative
Evaluation Decision
Decision Environment
Source: Materi Kuliah PSPK, Prof. Sucherly
PSPK M. Awaluddin 8

9. CASE: Retrenchment TelkomVision
Problem Recognition
Latar Belakang:
• TelkomVision merupakan anak perusahan Telkom yang bergerak di bisnis
PayTV. TelkomVision mengalami kerugian usaha semenjak berdiri tahun
1997, hingga tahun 2012 (15 tahun).
• Berbagai usaha telah dilakukan untuk memperbaiki performa bisnis
TelkomVision, termasuk memberi suntikan dana, 7 kali penggantian CEO
serta sinergi dengan internal TelkomGroup
Problem Recognition:
• Bagaimana membalikan performa TelkomVision agar jadi menguntungkan
dan memberi nilai pada TelkomGroup
Source: Data Telkom Indonesia
PSPK M. Awaluddin 9

10. CASE: Retrenchment TelkomVision
Information Search & Problem Analysis
Strategic Rationale
 Keputusan Telkom untuk bermain di bisnis PayTV merupakan perwujudan visi
“Leading TIMES Player in the Region” yang dicapai melalui “Converged TIMES
Portfolio”.
 Digital Media Television, termasuk PayTV, merupakan portofolio bisnis yang
menarik, telkom sendiri punya kompetensi dan daya saing level menengah di
bisnis tersebut, maka strategi yang ideal adalah cooperative strategy/partnership
 Hasil penelitian AT Kearney mengungkapkan ada 3 cara memenangkan bisnis TV di
Indonesia, yaitu:
 Membeli Free To Air TV (FTA TV)
 Berkonsolidasi dengan with FTA
 Mengembangkan low cost payTV
 Opsi pertama sudah pernah dicoba namun menemui jalan buntu dan kini nilai FTA TV
sudah terlalu tinggi.
 Konten menjadi faktor kunci dalam kesuksesan bisnis PayTV, Konten merupakan
komponen biaya terbesar dalam bisnis ini.
 Kompetensi Telkom terkait konten masih rendah, sehingga alternatif yang tersedia
adalah bekerjasama dengan FTA TV (Free to Air TV).
 Sumber pamasukkan utama PayTV masih berasal dari biaya berlangganan saja,
untuk meningkatkannya bisa melalui pemasukan periklanan.
Source: Data Telkom Indonesia
PSPK M. Awaluddin 10

11. CASE: Retrenchment TelkomVision
Information Search & Problem Analysis
Analisa Internal:
• Kompetensi Telkom di bisnis TV di
level menengah.
• Infrastruktur Broadband Telkom
kuat
Analisa Eksternal:
• Digital Media TV merupakan indistri
yang menarik (Pay TV penetration
rendah, Growh opportunity tinggi)
• Kemunculan dari Low Cost TV
• Sudah banyak pemain di industri PayTV
(Kompetisi tinggi)
• Konten merupakan faktor kunci dan
menjadi biaya utama
Source: Data Telkom Indonesia
PSPK M. Awaluddin 11

12. CASE: Retrenchment TelkomVision
Alternative & Alternative Evaluation
Strategy Paradox : Cooperation vs Competition
Digital Media
Television
Cooperation
Strategic Partnership
with FTA
Partnership with The
Best Indonesian FTA
Competition
Develop Low Cost TV
MLTV
(More for Less TV)
PSPK M. Awaluddin 12

13. 0
(20,000)
(40,000)
(60,000)
(80,000)
(100,000)
(120,000)
(140,000)
(160,000)
CASE: Retrenchment TelkomVision
Alternative & Alternative Evaluation
Skenario Capital Injection kepada TelkomVision
Net Income vs Investment
2010 2011 2012 2013 2014 2015 2016 2017
Bila tidak terjadi perubahan/transformasi
Business Model, maka:
Kenaikan Revenue yang di-generate oleh
Capital Injection tidak dapat menutup
kenaikan Expense yang utamanya di-drive
oleh Depresiasi dan Allowance/Penyisihan
History
1000M
900M
600M
300M
100M
Source: Data Telkom Indonesia
PSPK M. Awaluddin 13

14. CASE: Retrenchment TelkomVision
Alternative & Alternative Evaluation
Retrenchment merupakan jenis strategi yang dilakukan perusahaan bila dalam posisi
persaingan bisnis yang lemah disuatu industri yang berakibat pada kinerja yang buruk, tingkat
penjualan yang semakin menurun, dan profit berubah menjadi kerugian terus menerus.
Retrenchment
Strategy
Turn Around
Strategy
Captive Company
Strategy
Exit
Strategy
Contraction
Consolidation
Outsourcing
Sole Supplier
Preferred provider
Contact grower
Sell-out
Divest
Bankruptcy
Liquidation
Source: Popy Rufaidah, 2012
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15. Transaction Structure Considerations
BusPlan : Needs
Capex for
Leveraging Bus+Op
Performance
BOD & BOC
Desision : Strategic
Partnership thru
Strategic Sale
As Is Scenario
Needs Capex :
158-178 IDR B
Sale More Than
Total Cash
Injection :
650/851 B IDR
CSS : Managing
Portfolio Metra as IME
Portfolio Parent
Optimizing Value
Significant
Majority Sale for
Premium Price
Protect and
Optimize Benefit
in SHA
10% 20% 30% 40%
16-18 M actual
Equity injection
32-35 M actual
equityinjection
47-53 M actual
Equity injection
Premium price
Quite low share
Hard to get
Perpetual
Protection
In SHA
Premium price
Low share
Possible to get
Perpetual
Protection
In SHA
PSPK M. Awaluddin
63-71 M actual
Equity injection
No risk to achieve
> 850 B IDR
No risk to achieve
> 850 B IDR
Medium risk
to achieve
> 850 B IDR
high risk
to achieve
> 850 B IDR
Metra exercise
Telvis’ right issue
Final Diluted Basis
If 158=10%
100%Eq= 1.6-1.7 T
Metra exercise
Telvis’ right issue
Final Diluted Basis
If 158=20%
100%Eq=
800 – 900 M
Metra exercise
Telvis’ right issue
Final Diluted Basis
If 158=30%
100%Eq=
527-593 M
Metra exercise
Telvis’ right issue
Final Diluted Basis
If 158=40%
100%Eq=
395-445 M
Most Desirable / Straightforward
Probability to be happened
Least Desirable / Straightforward
Probability to be happened
normal price
Low share
No need
Protection
Clause
BOD/BOC
Rep
lower price
Med Low share
No need
Protection
Clause
BOD/BOC
Rep
CASE: Retrenchment TelkomVision
Alternative & Alternative Evaluation
15
Source: Data Telkom Indonesia

16. CASE: Retrenchment TelkomVision
Decision
• Keputusan yang diambil Telkom terhadap TelkomVision
adalah Strategic Partnership dengan pemain FTA
terbaik di indonesia.
• Tindak lajut dari pemilihan strategi tersebut adalah:
• Evaluasi kandidat Strategic Partner.
• Evaluasi struktur dan skema Strategic
Partnership.
 Divestasi 80% saham TelkomVision pada
Strategic Partner.
Source: Data Telkom Indonesia
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17. CASE: Retrenchment TelkomVision
DECISION MAKING STYLE
Source: Data Telkom Indonesia
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18. CASE: Retrenchment TelkomVision
Characteristic of Strategic Decisions
Strategic
Decision
• Create Value by
Strategic Partnership,
• Leveraging Partner’s
Competency & Best
Contents in TV Industry.
• Economic of Scale of
Contents.
Divest 80% of
Telkomvision Share to
Strategic Partner
The Strategic
Partnership is a long-term
commitment,
because it’s in Telkom
CSS: both for
Telkomvision & Low
Cost TV Business
The divestment is
difficult to reverse. Yet,
Telkom is still flexible by
maintaining 20% Share
of Telkomvision and
Developing Low Cost
TV Business
Source: Data Telkom Indonesia
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19. CASE: Retrenchment TelkomVision
CHARACTERISTIC OF STRATEGY
Incremental or Revolutionary
• Incremental: Strategic Partnership
untuk Telkomvsion
• Revolutionary: Masuk ke bisnis Low
Cost TV
Building Competence Resolving Paradox
STRATEGY
Corporate/Business Level
• Dengan menerapkan Strategic
Partnership dengan pemain
terbaik di industri tersebut
untuk memperoleh kompetensi
• Strategic Partnership di TelkomVision
dan pengembangan bisnis Low Cost
TV adalah Corporate Level Strategy
yang di desain dalam Corporate
Strategic Scenario
• Long-term vs short-term
• Cooperative vs competitive
• Analytical vs creative
• Committed vs Flexible
Source: Data Telkom Indonesia
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20. CASE: Retrenchment TelkomVision
STRATEGIC PARADOX
SHORT TERM - LONG TERM ANALYTICAL - CREATIVE
• Short-term: Divestment of 80% TelkomVision Share to
Strategic Partner could be seen as short-term since it
quickly eliminates the loss & potential loss attributed to
TelkomGroup as well as gaining competencies required
for TV industry
• Long-term (innovation): In addition to the development
of low cost TV business, the strategic partnership itself is
a long-term partnership, by retaining 20% share and
anticipate potential synergy.
• Analytical: The decision to strategic partnership for
Telvis was carried out through a series of analysis and
study, one ot them is done by AT Kearney and internal
analysis to find the best alternatives and minimize risk
• Creative: despite the fact that the conducted analysis
and study had not remove all the risk, the BOD made a
strategic decision to strategic partnership in light of
their intuition, judgement, discretion due to their
experience
Strategic
Paradox
COMMITED - FLEXIBLE COMPETITIVE - COOPERATIVE
• Cooperative: The strategic partnership between
TransCorp (80%) and TelkomGroup (20%) in
Telkomvision is a cooperative relationship
• Competitive: Yet, Telkom still develop Low Cost TV
business platform to develop new portfolio which might
be somehow competing with Telkomvision, because no
non-competing agreement in SPA (Sales Purchase
Agreement) & SHA (Shareholder agreement) of
Telkomvision
• Committed: For about 15 years Telkom had been
committed to giving best efforts to improve Telkomvision
performance: capital injection, Change of Telvis BOD
with best talents, synergy with TelkomGroup
• Flexible: However, realizing that Telvis needed different
strategy, Telkom showed flexibility by deciding to have
Strategic Partnership with the best Indonesian FTA
player and develop Low Cost TV business platform
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21. REFERENCE
Fitzroy, Peter & Hulbert, James M., 2005, Strategic
Management: Creating Value in a Turbulent World,
John Wiley &Sons, Inc.
Rufaidah, Popy, 2012, Manajemen Strategik, Humaniora,
Bandung.
Robbins, S, Bergman, R, Stagg, I & Coulter, M, 2006,
Foundations of Management 2nd edition, pp 204-205,
Pearson Education Australia, Frenchs Forest
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22. TERIMA KASIH
PSPK M. Awaluddin