Apr 1, 2010

Benakat & reports of goodwill

On the back of net profit last year, oil and gas producer PT Benakat Petroleum Energy Tbk (BIPI) today reports that it booked Rp1.71 trillion of goodwill in its balance sheet last year.
In Benakat's profit and loss report last year, the company amortized goodwill of Rp38.06 billion. Goodwill is spread between acquisition value and fair value of net assets. Benakat and its subsidiaries acquired six companies. They are PT Sarana Utama Makmur, PT Indelberg Indonesia, PT Java Mitra Sentosa, PT Nusa Energy Raya, PT Suluh Ardhi Engineering, and PT Black Diamond Resources.
Benakat booked the biggest goodwill worth Rp1.49 trillion when it was acquiring Java Mitra Sentosa. Goodwill from Sarana Utama's acquisition was Rp48.27 billion, Indelberg provided Rp193.03 billion, Nusa Energy gave Rp1.50 billion, Suluh Ardhi provided goodwill of Rp34.45 billion, and Black Diamond of Rp47.84 million.
As a result, Benakat in the coming years will amortize series of goodwill in its profit and loss.

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