Soal Case 1-8

Net Sales
Gross Profit
Operating Income
Net Income
Restructuring Charge (After Tax)
Net Income Before Restructuring
Operating Income Before Restructuring
Total assets
Total Liabilities
Long-term debt
Shareholders equity
Treasury stock at cost
Basic earnings/share
Cash dividends/share
Closing stock price
Shares outstanding (billions)

A. Index-number trend analysis

Net Sales
Gross Profit
Operating Income
Net Income
Restructuring Charge (After Tax)
Net Income Before Restructuring
Operating Income Before Restructuring
Total assets
Total Liabilities
Long-term debt
Shareholders equity
Treasury stock at cost
Basic earnings/share
Cash dividends/share
Closing stock price
Shares outstanding (billions)

B. Ratio Analysis
Return on Equity = Net Income/Average Equity Closing+Opening
Return on assets = Operating Income/Average Total assets Closing+Opening
Operating Profit Margin = Operating Income/Net Sales
Gross Profit Margin = Gross Profit/Net Sales
Before Restructuring
Return on Equity = Net Income/Average Equity Closing+Opening
Return on assets = Operating Income/Average Total assets Closing+Opening
Operating Profit Margin = Operating Income/Net Sales
Total asset turnover = Net Sales/Average Total assets Closing+Opening
Total Liabilities to equity = Total Liabilities/Shareholders equity
Long Term debt to equity = Long-term debt/Shareholders equity
Price to earning's = Closing stock price/Basic earnings per share
Price to book = Closing stock price/(Shareholders equity/Shares outstanding)
Dividend Payout = Cash dividends per share/Basic earnings per share

C. Index-trend analysis for ratios

Return on Equity
Return on assets
Operating Profit Margin
Gross Profit Margin
Before Restructuring
Return on Equity
Return on assets
Operating Profit Margin
Total asset turnover
Total Liabilities to equity
Long Term debt to equity
Price to earning's
Price to book
Dividend Payout

D. Jika Dilihat dari tabel A, B dan C diatas. Maka dapat dilihat hanya RoE, RoA dan

e. Computation of cum-dividend stock return

Colgate
Cum-Div Returns (Gross)

KIMBERLEY CLARK
Cum-Div Returns (Gross)

COLGATE
2006
12.24
7.21
1.46
1.35
0.29
1.64
1.75

2005
11.40
6.62
1.44
###
0.15
1.50
1.59

2004
10.58
6.15
1.41
1.33
0.06
1.39
1.47

2003
9.90
5.75
1.51
1.42
0.04
1.46
1.55

2002
9.29
5.35
1.39
1.29

2001
9.08
5.11
1.28
1.15

2000
9.00
5.00
1.19
1.06

1999
8.80
4.84
1.09
0.94

1998
8.66
4.62
0.99
0.85

1.29
1.39

1.15
1.28

1.06
1.19

0.94
1.09

0.85
0.99

9.14
7.73
2.72
1.41
8.07

8.51
7.16
2.92
1.35
7.58

8.67
7.43
3.09
1.25
6.97

7.48
6.59
2.68
0.89
6.50

7.09
6.74
3.21
0.35
6.15

6.99
6.14
2.81
0.85
5.20

7.25
5.78
2.54
1.47
4.04

7.42
5.59
2.24
1.83
3.06

7.69
5.60
2.30
2.09
2.33

2.61
1.25
65.24
0.51

2.54
1.11
54.85
0.52

2.45
0.96
51.16
0.53

2.60
0.90
50.05
0.53

2.33
0.72
52.43
0.54

2.02
0.68
57.75
0.55

1.81
0.63
64.55
0.57

1.57
0.59
65.00
0.58

1.40
0.55
46.44
0.59

COLGATE
2006
144%
160%
183%
211%

2005
134%
146%
180%
211%

2004
125%
136%
176%
208%

2003
117%
127%
189%
222%

2002
109%
118%
174%
202%

2001
107%
113%
160%
180%

2000
106%
111%
149%
166%

1999
104%
107%
136%
147%

1998
102%
102%
124%
133%

256%
219%

234%
199%

217%
184%

228%
194%

202%
174%

180%
160%

166%
149%

147%
136%

133%
124%

116%
131%
97%
69%
549%

108%
122%
105%
67%
516%

110%
126%
111%
62%
474%

95%
112%
96%
44%
442%

90%
114%
115%
17%
418%

88%
104%
101%
42%
354%

92%
98%
91%
72%
275%

94%
95%
80%
90%
208%

97%
95%
82%
103%
159%

249%
266%
283%
86%

242%
236%
238%
88%

233%
204%
222%
90%

248%
191%
217%
90%

222%
153%
227%
92%

192%
145%
250%
93%

172%
134%
280%
97%

150%
126%
282%
98%

133%
117%
201%
100%

COLGATE
2006
98%
17%
12%
59%

2005
104%
17%
13%
58%

2004
124%
17%
13%
58%

2003
229%
21%
15%
58%

2002
215%
20%
15%
58%

2001
99%
18%
14%
56%

2000
64%
16%
13%
56%

1999
48%
14%
12%
55%

1998
40%
13%
11%
53%

119%
20%
14%

115%
19%
14%

130%
18%
14%

235%
21%
16%

215%
20%
15%

99%
18%
14%

64%
16%
13%

48%
14%
12%

40%
13%
11%

1.39
5.48
1.93
25.00
23.60
48%

1.33
5.30
2.16
21.59
21.13
44%

1.31
5.94
2.47
20.88
21.69
39%

1.36
7.40
3.01
19.25
29.81
35%

1.32
19.26
9.17
22.50
80.89
31%

1.28
7.22
3.31
28.59
37.37
34%

1.23
3.93
1.73
35.66
25.03
35%

1.16
3.05
1.22
41.40
20.60
38%

1.14
2.68
1.10
33.17
13.11
39%

COLGATE
2006
310%
163%
127%
111%

2005
329%
166%
134%
109%

2004
394%
172%
141%
109%

2003
726%
205%
162%
109%

2002
682%
195%
159%
108%

2001
314%
178%
150%
106%

2000
204%
160%
140%
104%

1999
152%
142%
131%
103%

1998
126%
128%
121%
100%

377%
196%
152%

366%
183%
148%

412%
180%
147%

747%
210%
166%

682%
195%
159%

314%
178%
150%

204%
160%
140%

152%
142%
131%

126%
128%
121%

129%
189%
140%
114%
352%
107%

123%
183%
157%
98%
315%
98%

122%
205%
180%
95%
324%
88%

126%
255%
219%
88%
445%
77%

123%
664%
667%
102%
1207%
69%

119%
249%
241%
130%
558%
75%

114%
136%
126%
162%
373%
78%

108%
105%
89%
189%
307%
84%

106%
92%
80%
151%
196%
88%

t hanya RoE, RoA dan Operating Profit Margin Yang terpengaruh oleh biaya restructurisasi

2006
1.21

2005
1.09

2004
1.04

2003
0.97

2002
0.92

2001
0.91

2000
1.00

1999
1.41

1998
1.28

2006
1.17

2005
0.93

2004
1.14

2003
1.27

2002
0.81

2001
0.86

2000
1.10

1999
1.22

1998
1.13

Kimberly-Clark
1997
8.79
4.56
0.90
0.74

1996
8.49
4.52
0.80
0.64

2005
15.90
6.12
1.70
1.57
0.17
1.74
1.87

2004
15.08
5.91
1.91
1.80

2003
14.35
5.66
1.81
1.69

2002
13.57
5.55
1.80
1.67

2001
14.52
6.71
1.75
1.61

0.64
0.80

2006
16.75
6.36
1.65
1.50
0.35
1.85
2.00

0.74
0.90

1.80
1.91

1.69
1.81

1.67
1.80

1.61
1.75

7.54
5.36
2.34
2.18
1.68

7.90
5.89
2.79
2.03
1.47

17.07
10.97
2.28
6.10
1.39

16.30
10.75
2.59
5.56
6.38

17.02
10.39
2.30
6.63
5.05

16.78
10.01
2.73
6.77
3.82

15.59
9.94
2.84
5.65
3.35

15.01
9.36
2.42
5.65
2.75

1.22
0.53
36.75
0.59

1.05
0.47
23.06
0.59

3.27
1.97
67.95
0.46

3.30
1.85
59.65
0.46

3.64
1.64
65.81
0.48

3.34
1.37
59.09
0.50

3.24
1.21
47.47
0.51

3.04
1.14
59.80
0.52

Kimberly-Clark
1997
104%
101%
113%
116%

1996
100%
100%
100%
100%

2006
127%
116%
108%
107%

2005
121%
112%
111%
112%

2004
115%
108%
125%
129%

2003
109%
103%
118%
121%

2002
103%
101%
118%
119%

2001
110%
123%
114%
115%

116%
113%

100%
100%

132%
131%

124%
122%

129%
125%

121%
118%

119%
118%

115%
114%

95%
91%
84%
107%
114%

100%
100%
100%
100%
100%

144%
149%
131%
136%
662%

138%
146%
149%
124%
3038%

144%
141%
132%
148%
2405%

142%
136%
157%
151%
1819%

132%
135%
163%
126%
1595%

127%
127%
139%
126%
1310%

116%
113%
159%
100%

100%
100%
100%
100%

131%
214%
143%
82%

133%
201%
125%
82%

146%
178%
138%
86%

134%
149%
124%
89%

130%
132%
100%
91%

122%
124%
126%
93%

Kimberly-Clark
1997
35%
12%
10%
52%

1996
32%
10%
9%
53%

2006
26%
10%
10%
38%

2005
26%
10%
11%
38%

2004
27%
11%
13%
39%

2003
27%
11%
13%
39%

2002
30%
12%
13%
41%

2001
28%
12%
12%
46%

35%
12%
10%

32%
10%
9%

32%
12%
12%

29%
11%
12%

27%
11%
13%

27%
11%
13%

30%
12%
13%

28%
12%
12%

1.14
2.46
1.07
30.12
9.95
43%

1.07
2.90
1.37
21.96
6.70
45%

1.00
1.80
0.37
20.78
5.12
60%

0.95
1.93
0.47
18.08
4.94
56%

0.89
1.57
0.35
18.08
4.76
45%

0.89
1.48
0.40
17.69
4.36
41%

0.89
1.76
0.50
14.65
4.28
37%

0.98
1.66
0.43
19.67
5.50
38%

Kimberly-Clark
1997
112%
115%
109%
97%

1996
100%
100%
100%
100%

2006
82%
77%
85%
91%

2005
82%
79%
92%
93%

2004
86%
88%
109%
94%

2003
87%
87%
108%
95%

2002
95%
91%
114%
98%

2001
90%
92%
104%
111%

112%
115%
109%

100%
100%
100%

102%
93%
103%

91%
87%
101%

86%
88%
109%

87%
87%
108%

95%
91%
114%

90%
92%
104%

106%
85%
78%
137%
148%
97%

100%
100%
100%
100%
100%
100%

90%
109%
96%
109%
86%
163%

86%
118%
120%
94%
83%
152%

80%
95%
89%
95%
80%
122%

80%
90%
104%
92%
73%
111%

80%
107%
129%
77%
72%
101%

89%
101%
110%
103%
92%
101%

restructurisasi

1997
1.62

1996

Overall
12.59%

1997
1.06

1996

Overall
5.92%

erly-Clark
2000
13.98
6.38
1.96
1.80

1999
13.01
6.00
1.82
1.67

1998
12.30
5.25
1.24
1.10

1997
12.55
5.30
1.02
0.90

1996
13.15
5.47
1.53
1.40

1.80
1.96

1.67
1.82

1.10
1.24

0.90
1.02

1.40
1.53

14.48
8.71
2.00
5.77
1.97

12.82
7.72
1.93
5.09
1.42

11.69
7.66
2.07
4.03
1.45

11.27
7.14
1.80
4.13
0.62

11.85
7.36
1.74
4.48
0.21

3.34
1.09
70.69
0.53

3.11
1.03
65.44
0.54

2.00
1.02
54.50
0.54

1.62
0.96
49.31
0.56

2.49
0.92
47.63
0.56

2000
106%
117%
128%
129%

1999
99%
110%
119%
119%

1998
94%
96%
81%
79%

1997
95%
97%
67%
64%

1996
100%
100%
100%
100%

129%
128%

119%
119%

79%
81%

64%
67%

100%
100%

122%
118%
115%
129%
938%

108%
105%
111%
114%
676%

99%
104%
119%
90%
690%

95%
97%
103%
92%
295%

100%
100%
100%
100%
100%

134%
118%
148%
95%

125%
112%
137%
96%

80%
111%
114%
96%

65%
104%
104%
100%

100%
100%
100%
100%

erly-Clark

erly-Clark
2000
33%
14%
14%
46%

1999
37%
15%
14%
46%

1998
27%
11%
10%
43%

1997
21%
9%
8%
42%

1996
31%
13%
12%
42%

33%
14%
14%

37%
15%
14%

27%
11%
10%

21%
9%
8%

31%
13%
12%

1.02
1.51
0.35
21.16
6.49
33%

1.06
1.52
0.38
21.04
6.94
33%

1.07
1.90
0.51
27.25
7.30
51%

1.09
1.73
0.44
30.44
6.69
59%

1.11
1.64
0.39
19.13
5.95
37%

2000
106%
111%
120%
110%

1999
117%
115%
120%
111%

1998
86%
84%
87%
103%

1997
67%
68%
70%
102%

1996
100%
100%
100%
100%

106%
111%
120%

117%
115%
120%

86%
84%
87%

67%
68%
70%

100%
100%
100%

92%
92%
89%
111%
109%
88%

96%
92%
98%
110%
117%
90%

97%
116%
132%
142%
123%
138%

98%
105%
112%
159%
112%
160%

100%
100%
100%
100%
100%
100%

erly-Clark

Soal Case 1-8

Net Sales
Gross Profit
Operating Income
Net Income
Total assets
Total Liabilities
Long-term debt
Shareholders equity
Treasury stock at cost
Basic earnings/share
Cash dividends/share
Closing stock price
Shares outstanding (billions)

B. Ratio Analysis
Return on Equity = Net Income/Average Equity Closing+Opening
Return on assets = Operating Income/Average Total assets Closing+Opening
Operating Profit Margin = Operating Income/Net Sales
Gross Profit Margin = Gross Profit/Net Sales
Total asset turnover = Net Sales/Average Total assets Closing+Opening
Total Liabilities to equity = Total Liabilities/Shareholders equity
Long Term debt to equity = Long-term debt/Shareholders equity
Price to earning's = Closing stock price/Basic earnings per share
Price to book = Closing stock price/(Shareholders equity/Shares outstanding)
Dividend Payout = Cash dividends per share/Basic earnings per share

Tahun III Tahun II

29.00
42.30
0.06
0.10
14.50
4.50
8.10
11.50

(5.70)
14.80
4.90
6.10
11.40

Tahun I
50.60
1.27
2.00
17.60
6.60
2.00
17.70

0.3%
3

4%
3.020408 3.222222

202.4
-

0.60
55.00
170.50

0.70
38.00
226.80

1998
0.9%
0.4%
0%
0%

1997
-39.2%
0.0%
0%
0%

1996
11.3%
7.2%
3%
0%

1.98
0.39
0.70
#VALUE!
#VALUE!
#DIV/0!

2.61
0.43
0.54
#DIV/0!
822.59
#DIV/0!

2.88
0.37
0.11
#DIV/0!
486.92
#DIV/0!

kk,
150.50