SUMMARY OF FINANCIAL STATEMENT
31 December 2006
(Million Rupiah)
TOTAL ASSETS
Current Assets of Which
Cash and Equivalents
Premium Receivable
Receivable from reinsurers
Non-Current Assets of Which
Fixed Asset-Net
Investment
Other Assets
LIABILITIES
Current Liabilities of which
Claim Payable
Payable to Reinsurers
Taxes Payable
Non-Current Liabilities
SHAREHOLDERS’ EQUITY
Paid up capital
Paid up capital in excess of par value
Retained earnings
REVENUE
Operating Expenses
Operating profit
Other Income (expenses)
Profit before taxes
Profit after taxes
REVENUE BREAKDOWN
Premium Income
Investment Income
EXPENSES BREAKDOWN
Commissions
Reinsurance Premiums
Claims paid
Others
PER SHARE DATA (Rp)
Earning per share
Equity Per Share
Dividend per share
Closing Price
FINANCIAL RATIOS
PER (x)
PBV (X)
Dividend Payout (%)
Dividend Yield (%)
OPERATING PROFIT MARGIN (X)
Net Profit Margin (X)
Expense Ratio (x)
Loss Ratio (x)
Solvency Ratio (x)
Investment to Total Assets Ratio (X)
ROI (%)
ROE (%)
PER = 11,59x ; PBV = 0,44x (June 2009)
Financial Year : December 31
Public Accountnat : Purwantono, Sarwoko & Sandjaja.
MVA = Nilai perusahaan – Modal yang diinvestasikan (IC)
Nilai Perusahaan = Jumlah saham beredar x Harga sa
EPS = Laba bersih / Jumlah saham beredar
Menghitung Invested Capital
Rumus : Invested Capital = (Total Hutang + Ekuitas) – Hutang Jangka Pendek
= (Rp [Link] + Rp [Link]) – Rp [Link]
= Rp [Link] - Rp [Link]
= Rp [Link]
MVA = Nilai Perusahaan – IC
MARY OF FINANCIAL STATEMENT
31 December 2006
(Million Rupiah)
249.734
150.849
11.062
93.428
14.549
98.885
11.422
80.264
7.199
146.388
104.250
15.368
67.305
1.063
42.138
48.000 103.346
600.000
54.746
84.450
79.964
4.486
843.000
3.643
3.101
255.313
5.531
9.142
152.496
38.333
35.712
16
16
538
n.a
175
10.83
0.33
n.a
n.a
0.06
0.04
0.31
0.15
1.01
0.70
1.240
3.000
aja.
estasikan (IC)
= 194 x 175
33,950,000,000
16 = 3101 / x
x = 3101/16
x = 193.8 dibulatkan 194 lembar (memudahkan).
as) – Hutang Jangka Pendek
– Rp [Link]
= Rp [Link] - Rp [Link]
(111,534,000,000)
MVA negative (< 0) diartikan pihak manajemen tidak
mampu atau telah menurunkan kekayaan perusahaan
dan kekayaan para pemegang saham, atau bisa
dikatakan bahwa kinerja perusahaan tidak baik.
EPS
340 2,043,025,914
x= 6,008,900
Nilai perusahaan 59,488,107,496
IC 40,159,925,912
MVA Semen Indonesia 2017 19,328,181,583,882
Rumus : Invested Capital = (Total Hutang + Ekuitas) – Hutang Jangka Pendek
LANGKAH-LANGKAH MENGHITUNG EVA :
1. Menghitung NOPAT (Net Operating After Tax)
Rumus : NOPAT = Laba (Rugi) Usaha – Pajak
NOPAT = (Laba (Rugi) usaha setelah bunga – Pajak
NOPAT = (Rp [Link]+Rp [Link])-Rp 542.000.000
= Rp [Link]
2. Menghitung Invested Capital
Rumus : Invested Capital = (Total Hutang + Ekuitas) – Hutang Jangka Pendek
= (Rp [Link] + Rp [Link]) – Rp [Link]
= Rp [Link] - Rp [Link]
= Rp [Link]
3. Menghitung WACC (Weighted Average Cost Of Capital)
Rumus : WACC = [(D x rd) (1-tax) + (E x re)]
Dimana :
Total Hutang
Tingkat Modal (D) = —————————- x 100 %
Total Hutang dan Ekuitas
Rp [Link]
Tingkat Modal (D) = —————————----- x 100 %
Rp [Link]
= 58,62%
*Beban bunga
Cost of Debt (rd) = ———————–------------ x 100 %
Total Hutang jk. Panjang
* beban bunga biasanya pada pelaporan keuangan tidak disebutkan. Tetapi pada soal yang
secara umum biasanya disebutkan. Disini saya ambil dari biaya laian-lain karena diestimasikan
didalamnya terdapat unsure biaya bunga. Karena untuk breakdown biaya yang lain merupakan
biaya-biaya yang pasti sudah diketahui yaitu biaya komisi (commission), Biaya jaminan hutang
(Reinsurance premium), dan biaya Pengaduan (claim paid).
(Rp [Link])
Cost of Debt (rd) = ———————–-------------------------- x 100 %
Rp [Link]
= 84,75%
Total Ekuitas
Tingkat Modal /Ekuitas (E) = ——————————- x 100 %
Total Hutang dan Ekuitas
Rp [Link]
Tingkat Modal /Ekuitas (E) = ——————————- x 100 %
Rp [Link]
= 41,38%
Laba bersih setelah pajak
Cost of Equity (re) = ———————————- x 100 %
Total Ekuitas
Rp 3,101.000.000
Cost of Equity (re) = ———————————- x 100 %
Rp [Link]
= 3%
Beban pajak
Tingkat Pajak (Tax) = ———————————– x 100 %
Laba Bersih sebelum pajak
(Rp3.643.000.000-Rp 3,101.000.000)
Tingkat Pajak (Tax) = ———————————–-------------- x 100 %
Rp3.643.000.000
Rp 542.000.000
Tingkat Pajak (Tax) = ———————————–-------------- x 100 %
Rp3.643.000.000
= 15%
Rumus : WACC = [(D x rd) (1-tax) + (E x re)]
= [(0,5862 x 0,8475) (1-0,15) + (0,4138 x 0,03)]
= 0,43
4. Menghitung-Capital-Charges
Rumus :
Capital Charges = WACC x Invested Capital
= 0,43 x Rp [Link]
= Rp [Link]
5. Menghitung-Economic-Value-Added(EVA)
Rumus :
EVA = NOPAT – Capital charges
= Rp Rp [Link] - Rp [Link]
= - Rp [Link]
