Minggu, 07 Juli 2013

analisis lap.keu menggunakan EVA

nopat 2012= EAT + beban bunga
                  = 2.993.115.731 + 234.500.820
                  = 3.227.616.551
nopat 2011= 1.927.891.998 + 22.723.138
                  = 1.950.615.136
nopat 2010= 1.674.924.411 + 12.651.557
                 = 1.687.575.968
nopat 2009= 595.230.900 + 47.049.683
                 = 642.280.583

IC 2012= kas + modal kerja + aktiva kerja
             = 3.868.574.769 + 953.845.975 + 4.663.449.270
             = 9.485.870.014
IC 2011= 5.639.678.574 + 953.845.975 + 2.980.742.742
             = 9.574.267.291
IC 2010= 4.308.242.737 + 953.845.975 + 2.952.396.841
             = 8.214.485.553
IC 2009= 2.773.582.727+ 953.845.975 + 2.890.601.952
             = 6.618.030.654

WACC  = (D x rD (1-tax)) + (E x rE)

D 2012= (total hutang : total hutang dan ekuitas) x 100%
            = (6.876.224.890 : 19.708.540.946) x 100%
            = 34,48%
D 2011= (4.429.191.527 : 15.201.235.077) x 100%
            = 29,13%
D 2010= (2.709.808.801 : 12.310.732.099) x 100%
            = 22,01%
D2009= (1.748.127.419 : 9.939.996.438) x 100%
           = 17,58%

rD 2012= (biaya bunga : total hutang) x 100%
             = (234.500.820 : 6.876.224.890) x 100%
             = 3,41%
rD 2011= (22.723.138 : 4.429.191.527) x 100%
             = 0,51%
rD 2010= (12.651.557 : 12.310.732.099) x 100%
             = 0,10%
rD 2009= (47.049.683 : 9.939.996.438) x 100%
             = 0,47%

tax 2012= (beban pajak : EBT) x 100%
              = (902.379.330 : 3.895.495.061) x 100%
              = 23,16%
tax 2011= (640.889.387 : 2.568.781.385) x 100%
              = 24,94%
tax 2010= (597.699.273 : 2.272.623.684) x 100%
             = 26,29%
tax 2009= (188.786.842 : 784.017.742) x 100%
              = 24,07%

E 2012= (total ekuitas : total hutang dan ekuitas) x 100%
            = (12.832.316.056 : 19.708.540.946) x 100%
            = 65,11%
E 2011= (10.772.043.550 : 15.201.235.077) x 100%
            = 70,86%
E 2010= (9.580.098.225 : 12.310.732.099) x 100%
           = 77,81%
E 2009= (8.148.939.490 :  9.939.996.438) x 100%
           = 81,98%

rE 2012= 1 : PER
             = 1 : 0,31
             =  3,22
rE 2011= 1 : 0,49
             = 2,04
rE 2010= 1 : 0,56
             = 1,78
rE 2009= 1 : 1,57
             = 0,63

WACC 2012= (D x rD (1-tax)) + (E x rE)
                     = (34,48% x 3,41% (1-23,16%))+(65,11% x  3,22)
                     = (2395,84)
WACC 2011= (29,13% x 0,51% (1-24,94%))+(70,86% x 2,04)
                     = (211,11)
WACC 2010= (22,01% x 0,10% (1-26,29%))+(77,81% x  1,78)
                     = 82,83
WACC 2009= (17,58% x 0,47% (1-24,07%))+(81,98% x  0,63)
                     = (138,97)

CC 2012= WACC x IC
              = -2395,84 x 9.485.870.014
              = (227.266.268.100)
CC 2011= -211,11 x 9.574.267.291
              = (202.122.356,80)
CC 2010= 82,83 x  8.214.485.553
               = 6.804.405.838.400
CC 2009= -138,97 x 6.618.030.654
               = (919.707.720.000)

EVA 2012= NOPAT - CC
                 = 3.227.616.551 - (-227.266.268.100)
                 = 230.493.884.700
EVA 2011= 1.950.615.136 - (-202.122.356,80)
                 = 2.152.737.493
EVA 2010= 1.687.575.968 - 6.804.405.838.400
                 = (6.802.718.262.000)
EVA 2009= 642.280.583 - (-919.707.720.000)
                 = 920.350.000.600


tahun
EVA
2012
230.493.884.700
2011
2.152.737.493
2010
(6.802.718.262.000)
2009
920.350.000.600

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