2014 2013

PT TEMPO INTI MEDIA Tbk DAN ENTITAS ANAK Analisis Rasio Likuiditas
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
31 Desember 2014 Current Ratio = Current Assets = 162,394,938 = 2.08 138,075,561 = 2.61
(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain) Current Liabilities 77,932,193 52,911,874

2014 2013 Incr (Decr) % Variance

ASET Quick Ratio = Current assets - Inventory = 144,895,429 = 1.86 125,789,134 = 2.38
Current liabilities 77,932,193 52,911,874
Aset Lancar
Kas dan setara kas 19,365,271 21,528,858 (2,163,587) (10) Kesimpulan:
Piutang usaha -
Pihak berelasi 1,102,782 1,015,858 86,924 9 -
Pihak ketiga - setelah dikurangi penyisihan -
kerugian penurunan nilai sebesar -
Rp 3.790.375 (2013: Rp 3.790.375)
dan penyisihan retur penjualan sebesar
Rp 781.698 (2013: Rp 1.458.504) 78,138,655 60,699,741 17,438,914 29 Analisis Rasio Solvabilitas
Persediaan 17,499,509 12,286,427 5,213,082 42
Pajak dibayar dimuka 4,402,763 4,289,755 113,008 3 Debt Ratio = Total Liabilities = 184,367,149 = 57.12% 123,908,259 = 50.10%
Biaya dibayar dimuka dan aset lancar lainnya 41,885,958 38,254,922 3,631,036 9 Total Assets 322,771,419 247,314,964
Jumlah Aset Lancar 162,394,938 138,075,561 24,319,377 18
Debt to Equity Ratio = Total Liabilities = 184,367,149 = 133.21% 123,908,259 = 100.41%
Aset Tidak Lancar Total Equity 138,404,270 123,406,705
Piutang lain-lain
Pihak berelasi 684,725 83,405 601,320 721 Times Int Earned Ratio = EBIT = 22,697,123 = 4.44 14,511,043 = 3.37
Penyertaan saham 3,281,830 635,003 2,646,827 417 Financial Cost 5,115,818 4,309,264
Aset tetap - setelah dikurangi akumulasi
penyusutan sebesar Rp 83.193.082 Kesimpulan:
(2013: Rp 76.485.326) 146,496,923 99,484,100 47,012,823 47 -
Pusat data analisis tempo - setelah dikurangi -
akumulasi amortisasi sebesar Rp 3.246.196 -
(2013: Rp 2.996.489) 1,435,804 1,685,511 (249,707) (15) -
Aset pajak tangguhan 8,197,339 7,165,024 1,032,315 14
Aset lain-lain 279,860 186,360 93,500 50 Analisis Rasio Aktivitas
Jumlah Aset Tidak Lancar 160,376,481 109,239,403 51,137,078 47
Inventory Turnover = COGS = 203,198,119 = 11.61 138,847,740 = 11.30
JUMLAH ASET 322,771,419 247,314,964 75,456,455 31 Inventory 17,499,509 12,286,427

Average Age Inventory = 365 = 365 = 31.43 365 = 32.30

LIABILITAS DAN EKUITAS Inventory Turnover 12 11

LIABILITAS
Piutang Usaha - Pihak berelasi bersih 1,102,782 1,015,858
Liabilitas Jangka Pendek Piutang Usaha - Pihak ketiga bersih 78,138,655 60,699,741
Utang bank 40,993,658 31,490,708 9,502,950 30 Penyisihan Penurunan Nilai Piutang 3,970,375 3,970,375
Utang usaha Penyisihan Retur Penjualan 781,698 1,458,504
Pihak ketiga 20,324,413 6,006,154 14,318,259 238 Piutang Usaha Sebelum Penyisihan 83,993,510 67,144,478
Utang pajak 4,819,866 5,147,943 (328,077) (6)
Biaya yang masih harus dibayar 6,082,567 4,838,064 1,244,503 26
Uang muka 2,375,689 2,083,005 292,684 14 Receivable Turnover = Net Sales = 316,614,348 = 4.00 262,157,289 = 3.90
Utang lain-lain - 10,000 (10,000) (100) AR After Provision 79,241,437 67,144,478
Utang bank jangka panjang - bagian
yang jatuh tempo dalam satu tahun 3,336,000 3,336,000 - - Average Collection = 365 = 365 = 91.35 365 = 93.48
Jumlah Liabilitas Jangka Pendek 77,932,193 52,911,874 25,020,319 47 Period Receivable Turnover 4 4

Liabilitas Jangka Panjang Asset Turnover = Net Sales = 316,614,348 = 0.98 262,157,289 = 1.06
Utang bank jangka panjang - setelah Total Assets 322,771,419 247,314,964
dikurangi bagian yang jatuh tempo
dalam satu tahun 3g,16b,31 55,978,212 26,795,432 29,182,780 109 Kesimpulan:
Utang lain-lain - Kenaikan AR relatif wajar dengan kenaikan Sales, sama2 di kisaran 20%an.
 Pihak berelasi 10,835,191 9,203,855 1,631,336 18 -
Liabilitas pajak tangguhan 292,600 132,906 159,694 120 -
Liabilitas imbalan kerja 39,328,953 34,864,192 4,464,761 13
Jumlah Liabilitas Jangka Panjang 106,434,956 70,996,385 35,438,571 50
Analisis Rasio Profitabilitas
Jumlah Liabilitas 184,367,149 123,908,259 60,458,890 49
Gross Profit Margin = Gross Profit = 113,416,229 = 35.82% 123,309,549 = 47.04%
EKUITAS Net Sales 316,614,348 262,157,289

Ekuitas yang Dapat Diatribusikan kepada Operating Profit Margin = Operating Income = 23,911,800 = 7.55% 14,250,659 = 5.44%
Entitas Induk Net Sales 316,614,348 262,157,289
Modal saham
Modal dasar 2.400.000.000 saham dengan nilai Net Profit Margin = Net Income = 14,997,565 = 4.74% 7,356,264 = 2.81%
nilai nominal Rp 100 (rupiah penuh) per saham Net Sales 316,614,348 262,157,289
Modal ditempatkan dan disetor penuh
725.000.000 saham 72,500,000 72,500,000 - - EPS = Net Income = 14,997,565 = 20.69 7,356,264 = 10.15
Tambahan modal disetor 22,089,298 22,089,298 - - Number O/S Outstanding 725,000 725,000
Saldo laba
Telah ditentukan penggunaannya 1,100,000 1,000,000 100,000 10 ROA = Net Income = 14,997,565 = 4.65% 7,356,264 = 2.97%
Belum ditentukan penggunaannya 42,714,972 27,817,407 14,897,565 54 Total Assets 322,771,419 247,314,964
Sub jumlah 138,404,270 123,406,705 14,997,565 12
Kepentingan non-pengendali - - - - ROE = Net Income = 14,997,565 = 10.84% 7,356,264 = 5.96%
Jumlah Ekuitas 138,404,270 123,406,705 14,997,565 12 Total Equity 138,404,270 123,406,705

JUMLAH LIABILITAS DAN EKUITAS 322,771,419 247,314,964 75,456,455 31

Kesimpulan:
- Sales naik, tapi GPM turun -> kenaikan COGS melebihi kenaikan sales.
PT TEMPO INTI MEDIA Tbk DAN ENTITAS ANAK - Kenaikan pendapatan operasi lain gada otak, analisis profitabilitas berpotensi bias.
LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN - Sales bisa dinaikkin lagi dengan menaikkan beban penjualan di tahun depan.
Tahun Yang Berakhir Tanggal 31 Desember 2014 - ROA relatif masih kecil sekali. DER besar berarti komposisi debt mendominasi.
(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain) ROA kecil salah satunya karena financial cost akibat penggunaan debt.

2014 2013 Incr (Decr) % Variance

Pendapatan bersih 316,614,348 262,157,289 54,457,059 21

Beban pokok penjualan (203,198,119) (138,847,740) (64,350,379) 46
Laba Bruto 113,416,229 123,309,549 (9,893,320) (8)
Beban pemasaran dan penjualan (35,752,657) (36,762,918) 1,010,261 (3)
Beban administrasi dan umum (63,796,293) (69,543,566) 5,747,273 (8)
Pendapatan operasi lain 12,707,850 1,502,087 11,205,763 746
Beban operasi lain (2,663,329) (4,254,493) 1,591,164 (37)
Laba Usaha 23,911,800 14,250,659 9,661,141 68
Pendapatan keuangan 138,496 121,228 17,268 14
Beban keuangan (5,115,818) (4,309,264) (806,554) 19
Bagian laba (rugi) entitas asosiasi (1,353,173) 139,156 (1,492,329) (1,072)
Laba Sebelum Pajak Penghasilan 17,581,305 10,201,779 7,379,526 72
Beban pajak penghasilan (2,583,740) (2,845,515) 261,775 (9)
Laba Tahun Berjalan 14,997,565 7,356,264 7,641,301 104
Pendapatan Komprehensif Lain - - - -
Jumlah Laba Komprehensif Tahun Berjalan 14,997,565 7,356,264 7,641,301 104

Laba yang dapat diatribusikan kepada

Pemilik entitas induk 14,997,565 7,356,264 7,641,301 104
Kepentingan non-pengendali - - - -
Jumlah 14,997,565 7,356,264 7,641,301 104

Jumlah laba komprehensif yang dapat

diatribusikan kepada:
Pemilik entitas induk 14,997,565 7,356,264 7,641,301 104
Kepentingan non-pengendali - - - -
Jumlah 14,997,565 7,356,264 7,641,301 104
Laba per saham dasar (Rupiah penuh) 20.69 10.15 10.54 103.84
Data-data dalam Laporan Keuangan PT Bina, Tbk

2017 2016 Incr (Decr) % Variance

Current Assets
Cash 500 9,000 (8,500) (94)
Account Receivable 16,000 12,500 3,500 28
Inventory 45,500 29,000 16,500 57
Total Current Assets 62,000 50,500 11,500 23

Non Current Assets

Fixed Assets(Net) 88,000 62,000 26,000 42

TOTAL ASSETS 150,000 112,500 37,500 33

Current Liabilities
Account Payable 22,000 10,500 11,500 110
Short term Bank Note 47,000 17,000 30,000 176
Total Current Liabilities 69,000 27,500 41,500 151

Non Current Liabilities

Long Term Debt 22,950 28,750 (5,800) (20)

Total Liabilities 91,950 56,250 35,700 63

Equity
Common Stock 31,500 31,500 - -
Retained Earning 26,550 24,750 1,800 7
Total Equity 58,050 56,250 1,800 3

TOTAL LIABILITIES AND EQUITY 150,000 112,500 37,500 33

2017 2016 Incr (Decr) % Variance

Sales 160,000 125,000 35,000 28

COGS (96,000) (75,000) (21,000) 28
Gross Profit 64,000 50,000 14,000 28
Fixed cash operating expenses (21,000) (21,000) - -
Variable cash operating expenses (16,000) (12,500) (3,500) 28
Depreciation (10,000) (4,500) (5,500) 122
EBIT 17,000 12,000 5,000 42
Interest Expenses (6,100) (3,000) (3,100) 103
EBT 10,900 9,000 1,900 21
Taxes (5,450) (4,500) (950) 21
EAT 5,450 4,500 950 21

Analisis Kinerja Perusahaan dengan ROE

ROE = Net Income

 Total Equity

ROE 2017 = 5,450 = 9.39%

58,050

ROE 2016 = 4,500 = 8.00%

56,250

Kesimpulan:
- Kinerja perusahaan tahun 2017 lebih baik dengan parameter ROE.
- Kesimpulan berlaku dengan asumsi tidak ada perubahan atas C/S.
- Secara horizontal, kenaikan sales mampu mengcover kenaikan seluruh biaya.

Bagaimana mempertahankan kinerja Perusahaan dengan ROE ?

- Profit Growth, naikin sales yang bisa mengcover kenaikan expense.
- Maintain ketertagihan piutang untuk memenuhi kebutuhan kas dan mencegah potensi penurunan nilai.
- Lakukan perencanaan modal kerja, jangan sampai terlalu numpuk. Cash taun ini rendah banget.
UAS GANJIL 2016-2017

1 Identifikasi Data-data soal:

Mesin Lama Mesin Baru
Harga beli Rp 150.000.000 Harga beli Rp 200.000.000
Uda dipake 3 tahun dari 10 tahun Useful live 10 tahun
Volume penjualan tahun ini 30.000 Volume penjualan tahun ini 30.000
Harga jual produk tahun ini 15.000 Harga jual produk tahun ini 15.000
Harga jual naik 2 tahun berikutnya jadi Rp 20.000 Harga jual naik 2 tahun berikutnya jadi Rp 20.000
Harga jual naik 2 tahun lagi jadi Rp 22.500 Harga jual naik 2 tahun lagi jadi Rp 22.500
Opex tunai 40% dari sales Opex hemat 20%
Tax Rate 40% Tax Rate 40%
WACC (i) 15% WACC (i) 15%
- Tambahan NWC Rp 65.000.000

PERHITUNGAN INITIAL INVESTMENT

Harga Beli Mesin Baru 200,000,000 Cost Mesin Lama 150,000,000
Harga Jual Mesin Lama (50,000,000) Acc Depre (Year 1-3) (45,000,000)
Tax Savings dari Loss on Sale 22,000,000 Book Value 105,000,000
Tambahan Modal Kerja (65,000,000) Market Value 50,000,000
Initial Investment 107,000,000 Loss on Sale of Old Machine (55,000,000)
Tax Savings 40% 22,000,000

PERHITUNGAN OCF

Income Statement - Mesin Lama

Sales Price 15,000 15,000 20,000 20,000 22,500 22,500 22,500 22,500 22,500 22,500
Selling Quantity 31,500 33,075 34,729 36,465 38,288 40,203 42,213 44,324 46,540 48,867
Cash Opex 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
Tax Rate 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
Depreciation 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000

Description Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13
Sales 472,500,000 496,125,000 694,575,000 729,303,750 861,490,055 904,564,557 949,792,785 997,282,425 1,047,146,546 1,099,503,873
Cash Opex (189,000,000) (198,450,000) (277,830,000) (291,721,500) (344,596,022) (361,825,823) (379,917,114) (398,912,970) (418,858,618) (439,801,549)
Depreciation (15,000,000) (15,000,000) (15,000,000) (15,000,000) (15,000,000) (15,000,000) (15,000,000) - - -
EBT 268,500,000 282,675,000 401,745,000 422,582,250 501,894,033 527,738,734 554,875,671 598,369,455 628,287,927 659,702,324
Income Tax (107,400,000) (113,070,000) (160,698,000) (169,032,900) (200,757,613) (211,095,494) (221,950,268) (239,347,782) (251,315,171) (263,880,930)
EAT 161,100,000 169,605,000 241,047,000 253,549,350 301,136,420 316,643,241 332,925,403 359,021,673 376,972,756 395,821,394
Depreciation 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 - - -
OCF 176,100,000 184,605,000 256,047,000 268,549,350 316,136,420 331,643,241 347,925,403 359,021,673 376,972,756 395,821,394

Income Statement - Mesin Lama

Sales Price 15,000 15,000 20,000 20,000 22,500 22,500 22,500 22,500 22,500 22,500
Selling Quantity 31,500 33,075 34,729 36,465 38,288 40,203 42,213 44,324 46,540 48,867
Cash Opex 32% 32% 32% 32% 32% 32% 32% 32% 32% 32%
 Tax Rate 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
Depreciation 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Sales 472,500,000 496,125,000 694,575,000 729,303,750 861,490,055 904,564,557 949,792,785 997,282,425 1,047,146,546 1,099,503,873
Cash Opex (151,200,000) (158,760,000) (222,264,000) (233,377,200) (275,676,818) (289,460,658) (303,933,691) (319,130,376) (335,086,895) (351,841,239)
Depreciation (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000) (20,000,000)
EBT 301,300,000 317,365,000 452,311,000 475,926,550 565,813,237 595,103,899 625,859,094 658,152,049 692,059,651 727,662,634
Income Tax (120,520,000) (126,946,000) (180,924,400) (190,370,620) (226,325,295) (238,041,560) (250,343,638) (263,260,819) (276,823,860) (291,065,053)
EAT 180,780,000 190,419,000 271,386,600 285,555,930 339,487,942 357,062,339 375,515,456 394,891,229 415,235,791 436,597,580
Depreciation 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000
Changes in NWC - - - - - - - - - 65,000,000
OCF 200,780,000 210,419,000 291,386,600 305,555,930 359,487,942 377,062,339 395,515,456 414,891,229 435,235,791 521,597,580

OCF Lama 176,100,000 184,605,000 256,047,000 268,549,350 316,136,420 331,643,241 347,925,403 359,021,673 376,972,756 395,821,394
OCF Baru 200,780,000 210,419,000 291,386,600 305,555,930 359,487,942 377,062,339 395,515,456 414,891,229 435,235,791 521,597,580
IOCF 24,680,000 25,814,000 35,339,600 37,006,580 43,351,523 45,419,099 47,590,054 55,869,556 58,263,034 125,776,186

Tabel DCF i = 15% (WACC)

Tahun i 1+i (1+i)^n 1/[(1+i)^n] NCF A NPV A
0 15% 1.15 1.0000 1.0000 (107,000,000.00) (107,000,000.00) >> INITIAL INVESTMENT
1 15% 1.15 1.1500 0.8696 24,680,000.00 21,460,869.57
2 15% 1.15 1.3225 0.7561 25,814,000.00 19,519,092.63
3 15% 1.15 1.5209 0.6575 35,339,600.00 23,236,360.65
4 15% 1.15 1.7490 0.5718 37,006,580.00 21,158,632.22
5 15% 1.15 2.0114 0.4972 43,351,522.63 21,553,368.49
6 15% 1.15 2.3131 0.4323 45,419,098.76 19,635,929.77
7 15% 1.15 2.6600 0.3759 47,590,053.69 17,890,863.92
8 15% 1.15 3.0590 0.3269 55,869,556.38 18,263,857.08
9 15% 1.15 3.5179 0.2843 58,263,034.20 16,561,990.63
10 15% 1.15 4.0456 0.2472 125,776,185.91 31,089,949.55 >> SUDAH TERMASUK TCF, NWC RECOVERY
NPV 103,370,914.51 >> LAYAK
IRR 32%
^^ LAYAK
Kesimpulan Dari segi NPV, PI dan IRR --> layak.

2 Tabel DCF i = 12% (WACC) Asumsi Batasin hanya 2 kemungkinan --> Independent / ME
Tahun i 1+i (1+i)^n 1/[(1+i)^n] NCF A NPV A NCF B NPV B NCF C NPV C
0 12% 1.12 1.0000 1.0000 (4,500) (4,500.00) (6,000) (6,000.00) (7,500) (7,500.00)
1 12% 1.12 1.1200 0.8929 1,200 1,071.43 1,400 1,250.00 1,800 1,607.14
2 12% 1.12 1.2544 0.7972 1,400 1,116.07 1,600 1,275.51 2,200 1,753.83
3 12% 1.12 1.4049 0.7118 1,750 1,245.62 2,000 1,423.56 2,500 1,779.45
4 12% 1.12 1.5735 0.6355 1,000 635.52 1,800 1,143.93 1,900 1,207.48
5 12% 1.12 1.7623 0.5674 - - 1,500 851.14 1,500 851.14
6 12% 1.12 1.9738 0.5066 - - - - 1,200 607.96
NPV (431.37) (55.86) 307.00
IRR 7% 12% 14% ^^ LAYAK
 ^^ LAYAK
Kesimpulan Metode NPV, PI maupun IRR --> kesimpulannya sama. Baik IP maupun MEP, cuman proyek C yang layak.