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1. LAPORAN NERACA
2. LAPORAN RUGI LABA
3. ANALISIS RASIO
4. ANALISIS DUPONT
5. PROFORMA RUGI LABA
6. PROFORMA NERACA
7. ANALISIS RASIO (PROFORMA)
8. ANALISIS DUPONT (PROFORMA)
9. ANALISIS SENSITIVITAS
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Nama Perusahaan Yang Akan Di Analisa PT Bumi Resource
Tahun Terakhir Laporan Keuangan 2007

Petunjuk Pengisian Spreadsheet


1. Jangan melakukan Insert, Delete, Move, dan Cut. Jika tanpa sengaja segera Undo.
2. Isilah cell yang berwarna kuning saja.
3. Jangan menghapus cell yang berwarna selain kuning karena berisi rumus atau keterangan.

Rizky & Budi, FEUI, 2009


LAPORAN NERACA PT Bumi Resource
URAIAN 2005 2006 2007 Analisis Vertikal Analisis Horizontal
2005 2006 2007 2006 2007
HARTA
HARTA LANCAR
Kas dan Bank 600,407 1,261,592 2,896,707 7.76% 14.38% 29.20% 110.12% 129.61%
Piutang Usaha 521,357 789,400 689,750 6.73% 9.00% 6.95% 51.41% -12.62%
Piutang Lain-lain 400,056 389,700 205,900 5.17% 4.44% 2.08% -2.59% -47.16%
Persediaan
- Bahan Baku 0.00% 0.00% 0.00% #DIV/0! #DIV/0!
- Barang dalam proses - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0!
- Barang Jadi 1,499,341 1,908,495 2,009,084 19.37% 21.75% 20.25% 27.29% 5.27%
- Bahan Bakar - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0!
Uang Muka 1,278 2,391 1,858 0.02% 0.03% 0.02% 87.09% -22.29%
Biaya dibayar dimuka 1,120 1,256 1,735 0.01% 0.01% 0.02% 12.14% 38.14%
Aset lancar lainnya 2,250 5,190 2,500 0.03% 0.06% 0.03% 130.67% -51.83%
Total Harta Lancar 3,025,809 4,358,024 5,807,534 39.09% 49.68% 58.53% 44.03% 33.26%
HARTA TETAP
Nilai Perolehan
Tanah 500,000 500,000 500,000 6.46% 5.70% 5.04% 0.00% 0.00%
Bangunan 225,000 225,000 225,000 2.91% 2.56% 2.27% 0.00% 0.00%
Mesin-mesin dan peralatan 150,000 150,000 150,000 1.94% 1.71% 1.51% 0.00% 0.00%
Kendaraan 15,000 15,000 15,000 0.19% 0.17% 0.15% 0.00% 0.00%
Peralatan Kantor 1,250 1,250 1,250 0.02% 0.01% 0.01% 0.00% 0.00%
Utilities 8,500 8,500 8,500 0.11% 0.10% 0.09% 0.00% 0.00%
Jumlah Nilai Perolehan 899,750 899,750 899,750 11.62% 10.26% 9.07% 0.00% 0.00%
Akumulasi Penyusutan (216,376) (265,095) (313,814) -2.79% -3.02% -3.16% 22.52% 18.38%
Harta Tetap (Net) 683,374 634,655 585,936 8.83% 7.23% 5.91% -7.13% -7.68%
PROYEK DALAM KONSTRUKSI - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0!
HARTA LAIN-LAIN
Biaya Pra-Operasi 5,040,456 5,040,456 5,040,456 65.11% 57.45% 50.80% 0.00% 0.00%
Akumulasi Amortisasi (1,008,092) (1,260,115) (1,512,138) -13.02% -14.36% -15.24% 25.00% 20.00%
Harta Lain-lain (net) 4,032,364 3,780,341 3,528,318 52.09% 43.09% 35.56% -6.25% -6.67%
TOTAL HARTA 7,741,547 8,773,020 9,921,788 100.00% 100.00% 100.00% 13.32% 13.09%

HUTANG DAN EKUITAS


HUTANG LANCAR
Hutang Usaha 17,851 15,333 19,803 0.23% 0.17% 0.20% -14.11% 29.15%
Hutang Bunga 20,417 20,339 22,045 0.26% 0.23% 0.22% -0.38% 8.39%
Hutang Pajak 599,909 640,877 684,994 7.75% 7.31% 6.90% 6.83% 6.88%
Hutang Dividend - 5,000 3,450 0.00% 0.06% 0.03% #DIV/0! -31.00%
Biaya yang masih harus dibayar 3,125 1,095 6,450 0.04% 0.01% 0.07% -64.96% 489.04%
Hutang Bank Jangka Pendek 500,000 500,000 500,000 6.46% 5.70% 5.04% 0.00% 0.00%
Hutang Lain-lain 1,250 1,000 800 0.02% 0.01% 0.01% -20.00% -20.00%
Total Hutang Lancar 1,142,552 1,183,644 1,237,542 14.76% 13.49% 12.47% 3.60% 4.55%
HUTANG JANGKA PANJANG
Hutang Bank Jangka Panjang 2,000,000 1,500,000 1,000,000 25.83% 17.10% 10.08% -25.00% -33.33%
TOTAL HUTANG 3,142,552 2,683,644 2,237,542 40.59% 30.59% 22.55% -14.60% -16.62%
HAK MINORITAS 0.00% 0.00% 0.00% #DIV/0! #DIV/0!
EKUITAS
Modal disetor 1,156,988 1,156,988 1,156,988 14.95% 13.19% 11.66% 0.00% 0.00%
Kumulatif Laba Tahun Lalu 2,042,220 3,437,008 4,928,938 26.38% 39.18% 49.68% 68.30% 43.41%
Laba tahun berjalan 1,399,787 1,495,381 1,598,319 18.08% 17.05% 16.11% 6.83% 6.88%
Total Ekuitas 4,598,996 6,089,376 7,684,246 59.41% 69.41% 77.45% 32.41% 26.19%
TOTAL HUTANG dan EKUITAS 7,741,547 8,773,021 9,921,788 100.00% 100.00% 100.00% 13.32% 13.09%
LAPORAN RUGI LABA PT Bumi Resource
URAIAN 2005 2006 2007

Penjualan 12,851,500 13,575,500 14,350,600


Harga Pokok Penjualan 8,996,050 9,502,850 10,045,420
Laba Kotor 3,855,450 4,072,650 4,305,180
Biaya Operasional dan Pemasaran
Upah/Gaji 155,093 162,226 178,796
Biaya Administrasi dan Umum 85,120 86,105 88,500
Biaya Pemasaran 1,285,150 1,357,550 1,424,060
Biaya Depresiasi 48,719 48,719 48,719
Biaya Amortisasi 252,023 252,023 252,023
Biaya Asuransi 9,919 9,919 9,919
Total Biaya Operasional dan Pemasaran 1,836,024 1,916,542 2,002,017
Laba Operasi 2,019,426 2,156,108 2,303,163
Biaya Bunga 20,650 20,700 20,750
Pendapatan (Biaya) lain-lain 920 850 900
Laba (rugi) sebelum pajak 1,999,696 2,136,258 2,283,313
Pajak 599,909 640,877 684,994
Hak Minoritas
Laba Bersih 1,399,787 1,495,381 1,598,319
Analisis Vertikal Analisis Horizontal
2005 2006 2007 2006 2007
100.00% 100.00% 100.00% 5.63% 5.71%
70.00% 70.00% 70.00% 5.63% 5.71%
30.00% 30.00% 30.00% 5.63% 5.71%

1.21% 1.19% 1.25% 4.60% 10.21%


0.66% 0.63% 0.62% 1.16% 2.78%
10.00% 10.00% 9.92% 5.63% 4.90%
0.38% 0.36% 0.34% 0.00% 0.00%
1.96% 1.86% 1.76% 0.00% 0.00%
0.08% 0.07% 0.07% 0.00% 0.00%
14.29% 14.12% 13.95% 4.39% 4.46%
15.71% 15.88% 16.05% 6.77% 6.82%
0.16% 0.15% 0.14% 0.24% 0.24%
0.01% 0.01% 0.01% -7.61% 5.88%
15.56% 15.74% 15.91% 6.83% 6.88%
4.67% 4.72% 4.77% 6.83% 6.88%
0.00% 0.00% 0.00% #DIV/0! #DIV/0!
10.89% 11.02% 11.14% 6.83% 6.88%
ANALISIS RASIO PT Bumi Resource
Rasio-Rasio Historis Rasio Industri
2005 2006 2007 2005 2006 2007
Rasio Likuiditas
Net Working Capital 1,883,257 3,174,380 4,569,992
Current Ratio 2.648 3.682 4.693
Quick Ratio 1.336 2.069 3.069
Cash Ratio 0.525 1.066 2.341
Rasio Aktivitas
Receivable Turnover 10.461 8.635 12.017
Average Collection Period 34.893 42.269 30.374
Inventory Turnover 6.000 4.979 5.000
Average Days Supplies in Inventory 60.833 73.304 73.000
Fixed Asset Turnover 18.806 21.390 24.492
Total Asset Turnover 1.660 1.547 1.446
Rasio Solvabilitas/Leverage
Time Interest Earned 97.793 104.160 110.996
Debt to Equity Ratio 68.331% 44.071% 29.119%
Debt Ratio 40.593% 30.590% 22.552%
Rasio Profitabilitas
Gross Profit Margin 30.000% 30.000% 30.000%
Operating Margin 15.714% 15.882% 16.049%
Pretax Margin 15.560% 15.736% 15.911%
Profit Margin 10.892% 11.015% 11.138%
Return on Asset 18.081% 17.045% 16.109%
Return ont Total Capital 18.268% 17.210% 16.256%
Return on Equity 30.437% 24.557% 20.800%
Altman's Z Score 4.302 3.578 3.685 3 3 3
- Nilai Pasar Ekuitas 4,545,656
(Harga Saham * Saham Outstanding)
ANALISIS DUPONT PT Bumi Resource
ROE
2005 30.44%
2006 24.56%
2007 20.80%

ROA Equity Multplier


2005 18.08% #VALUE! 2005 1.683
2006 17.05% #VALUE! 2006 1.441
2007 16.11% #VALUE! 2007 1.291

PM TATO
2005 10.89% 2005 1.660
2006 11.02% 2006 1.547
2007 11.14% 2007 1.446

NI SALES SALES
2005 1,399,787 2005 12,851,500 2005 12,851,500
2006 1,495,381 2006 13,575,500 2006 13,575,500
2007 1,598,319 2007 14,350,600 2007 14,350,600
Total Assets
2005 7,741,547
2006 8,773,020
2007 9,921,788
PROFORMA RUGI LABA PT Bumi Resource
Asumsi yang dibutuhkan
Kenaikan penjualan per tahun 20%
Tingkat Pajak 30%

ProForma Rugi Laba


URAIAN 2007 % on Sales 2008 2009
Penjualan 14,350,600 100.00% 17,220,720 20,664,864
Harga Pokok Penjualan 10,045,420 70.00% 12,054,504 14,465,405
Laba Kotor 4,305,180 30.00% 5,166,216 6,199,459
Biaya Operasional dan Pemasaran
Upah/Gaji 178,796 1.25% 214,555 257,466
Biaya Administrasi dan Umum 88,500 0.62% 106,200 127,440
Biaya Pemasaran 1,424,060 9.92% 1,708,872 2,050,646
Biaya Depresiasi 48,719 0.34% 48,719 48,719
Biaya Amortisasi 252,023 1.76% 252,023 252,023
Biaya Asuransi 9,919 0.07% 11,903 14,283
Total Biaya Operasional dan Pemasaran 2,002,017 13.95% 2,342,272 2,750,578
Laba Operasi 2,303,163 2,823,944 3,448,882
Biaya Bunga 20,750 20,800 20,850
Pendapatan (Biaya) lain-lain 900 0.01% 1,080 1,296
Laba (rugi) sebelum pajak 2,283,313 15.91% 2,804,224 3,429,328
Pajak 684,994 841,267 1,028,798
Hak Minoritas - 0.00% - -
Laba Bersih 1,598,319 11.14% 1,962,957 2,400,529
2010
24,797,837
17,358,486
7,439,351

308,959
152,928
2,460,776
48,719
252,023
17,140
3,240,545
4,198,806
20,900
1,555
4,179,461
1,253,838
-
2,925,623
PROFORMA NERACA PT Bumi Resource
Asumsi yang dibutuhkan
Kenaikan penjualan per tahun 20%
Presentase Eksternal Financing
- Hutang Bank 40%
- Hutang Jangka Panjang 60%
Retention Rate 60%

PROFORMA NERACA PT Bumi Resource


URAIAN 2007 % on Sales 2008 2009 2010
HARTA
HARTA LANCAR
Kas dan Bank 2,896,707 20.19% 3,476,048 4,171,258 5,005,510
Piutang Usaha 689,750 4.81% 827,700 993,240 1,191,888
Piutang Lain-lain 205,900 1.43% 247,080 296,496 355,795
Persediaan
- Bahan Baku - 0.00% - - -
- Barang dalam proses - 0.00% - - -
- Barang Jadi 2,009,084 14.00% 2,410,901 2,893,081 3,471,697
- Bahan Bakar - 0.00% - - -
Uang Muka 1,858 0.01% 2,230 2,676 3,211
Biaya dibayar dimuka 1,735 0.01% 2,082 2,498 2,998
Aset lancar lainnya 2,500 0.02% 3,000 3,600 4,320
Total Harta Lancar 5,807,534 40.47% 6,969,041 8,362,849 10,035,419
HARTA TETAP
Nilai Perolehan
Tanah 500,000 3.48% 600,000 720,000 864,000
Bangunan 225,000 1.57% 270,000 324,000 388,800
Mesin-mesin dan peralatan 150,000 1.05% 180,000 216,000 259,200
Kendaraan 15,000 0.10% 18,000 21,600 25,920
Peralatan Kantor 1,250 0.01% 1,500 1,800 2,160
Utilities 8,500 0.06% 10,200 12,240 14,688
Jumlah Nilai Perolehan 899,750 6.27% 1,079,700 1,295,640 1,554,768
Akumulasi Penyusutan (313,814) (362,533) (411,252) (459,971)
Harta Tetap (Net) 585,936 4.08% 1,796,867 2,180,028 2,649,565
PROYEK DALAM KONSTRUKSI -
HARTA LAIN-LAIN
Biaya Pra-Operasi 5,040,456 35.12% 5,040,456 5,040,456 5,040,456
Akumulasi Amortisasi (1,512,138) (1,764,161) (2,016,184) (2,268,207)
Harta Lain-lain (net) 3,528,318 24.59% 3,276,295 3,024,272 2,772,249
TOTAL HARTA 9,921,788 69.14% 12,042,203 13,567,149 15,457,233

HUTANG DAN EKUITAS


HUTANG LANCAR
Hutang Usaha 19,803 0.14% 23,764 28,516 34,220
Hutang Bunga 22,045 0.15% 26,454 31,745 38,094
Hutang Pajak 684,994 4.77% 821,993 986,391 1,183,670
Hutang Dividend 3,450 0.02% - - -
Biaya yang masih harus dibayar 6,450 0.04% 7,740 9,288 11,146
Hutang Bank Jangka Pendek 500,000 3.48% 919,709 883,088 852,404
Hutang Lain-lain 800 0.01% 960 1,152 1,382
Total Hutang Lancar 1,237,542 1,800,619 1,940,180 2,120,915
HUTANG JANGKA PANJANG
Hutang Bank Jangka Panjang 1,000,000 1,379,564 1,324,631 1,278,606
TOTAL HUTANG 2,237,542 3,180,183 3,264,812 3,399,522
HAK MINORITAS - 0.00% - - -
EKUITAS
Modal disetor 1,156,988 1,156,988 1,156,988 1,156,988
Kumulatif Laba Tahun Lalu 4,928,938 6,527,258 7,705,032 9,145,349
Laba tahun berjalan 1,598,319 1,177,774 1,440,318 1,755,374
Total Ekuitas 7,684,246 8,862,020 10,302,337 12,057,711
TOTAL HUTANG dan EKUITAS 9,921,788 12,042,203 13,567,149 15,457,233

Kebutuhan dana dari luar 2,299,273 2,207,719 2,131,011


ANALISIS RASIO (PROFORMA) PT Bumi Resource
Rasio-Rasio Historis Proyeksi Rasio Industri
2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009
Rasio Likuiditas
Net Working Capital 1,883,257 3,174,380 4,569,992 5,168,421 6,422,669 7,914,504
Current Ratio 2.648 3.682 4.693 3.870 4.310 4.732
Quick Ratio 1.336 2.069 3.069 2.531 2.819 3.095
Cash Ratio 0.525 1.066 2.341 1.930 2.150 2.360
Rasio Aktivitas
Receivable Turnover 10.461 8.635 12.017 12.017 12.017 12.017
Average Collection Period 34.893 42.269 30.374 30.374 30.374 30.374
Inventory Turnover 6.000 4.979 5.000 5.000 5.000 5.000
Average Days Supplies in Inventory 60.833 73.304 73.000 73.000 73.000 73.000
Fixed Asset Turnover 18.806 21.390 24.492 9.584 9.479 9.359
Total Asset Turnover 1.660 1.547 1.446 1.430 1.523 1.604
Rasio Solvabilitas/Leverage
Time Interest Earned 97.793 104.160 110.996 135.767 165.414 200.900
Debt to Equity Ratio 68.331% 44.071% 29.119% 35.886% 31.690% 28.194%
Debt Ratio 40.593% 30.590% 22.552% 26.409% 24.064% 21.993%
Rasio Profitabilitas
Gross Profit Margin 30.000% 30.000% 30.000% 30.000% 30.000% 30.000%
Operating Margin 15.714% 15.882% 16.049% 16.399% 16.690% 16.932%
Pretax Margin 15.560% 15.736% 15.911% 16.284% 16.595% 16.854%
Profit Margin 10.892% 11.015% 11.138% 11.399% 11.616% 11.798%
Return on Asset 18.081% 17.045% 16.109% 16.301% 17.694% 18.927%
Return ont Total Capital 18.268% 17.210% 16.256% 16.422% 17.801% 19.022%
Return on Equity 30.437% 24.557% 20.800% 22.150% 23.301% 24.264%
Altman's Z Score 4.302 3.578 3.685 3.613 3.872 4.101 3 3 3 3 3
- Nilai Pasar Ekuitas 4,545,656
(Harga Saham * Saham Outstanding)
2010

3
ANALISIS DUPONT (PROFORMA) PT Bumi Resource
ROE
2005 30.437%
2006 24.557%
2007 20.800%
0 2008 22.150%
0 2009 23.301%
0 2010 24.264%

ROA Equity Multplier


2005 18.081% #VALUE! 2005 1.683
2006 17.045% #VALUE! 2006 1.441
2007 16.109% #VALUE! 2007 1.291
0 2008 16.301% 1 2008 1.359
0 2009 17.694% 1 2009 1.317
0 2010 18.927% 1 2010 1.282

PM TATO
2005 10.892% 2005 1.660
2006 11.015% 2006 1.547
2007 11.138% 2007 1.446
2008 11.399% 2008 1.430
2009 11.616% 2009 1.523
2010 11.798% 2010 1.604

NI SALES SALES
2005 1,399,787 2005 12,851,500 2005 12,851,500
2006 1,495,381 2006 13,575,500 2006 13,575,500
2007 1,598,319 2007 14,350,600 2007 14,350,600
2008 1,962,957 2008 17,220,720 2008 17,220,720
2009 2,400,529 2009 20,664,864 2009 20,664,864
2010 2,925,623 2010 24,797,837 2010 24,797,837
Total Assets
2005 7,741,547
2006 8,773,020
2007 9,921,788
2008 12,042,203
2009 13,567,149
2010 15,457,233
ANALISIS SENSITIVITAS PT Bumi Resource
Asumsi
Kenaikan Penjualan 20.00%
Batas Bawah 10.00%
Batas Atas 30.00%

ANALISIS SENSITIVITAS PT Bumi Resource


Rasio-rasio 2008 Sensitivitas
Kenaikan Penjualan 20.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00%
Rasio Likuiditas
Net Working Capital 5,168,421 4,892,234 4,947,472 5,002,709 5,057,946 5,113,184 5,168,421
Current Ratio 3.870 4.270 4.178 4.092 4.013 3.939 3.870
Quick Ratio 2.531 2.793 2.732 2.676 2.625 2.576 2.531
Cash Ratio 1.930 2.130 2.084 2.041 2.002 1.965 1.930
Rasio Aktivitas
Receivable Turnover 12.017 12.017 12.017 12.017 12.017 12.017 12.017
Average Collection Period 30.374 30.374 30.374 30.374 30.374 30.374 30.374
Inventory Turnover 5.000 5.000 5.000 5.000 5.000 5.000 5.000
Average Days Supplies in Inventory 73.000 73.000 73.000 73.000 73.000 73.000 73.000
Fixed Asset Turnover 9.584 9.763 9.724 9.687 9.651 9.617 9.584
Total Asset Turnover 1.430 1.399 1.406 1.412 1.418 1.424 1.430
Rasio Solvabilitas/Leverage
Time Interest Earned 135.767 123.248 125.752 128.255 130.759 133.263 135.767
Debt to Equity Ratio 35.886% 28.893% 30.305% 31.711% 33.109% 34.501% 35.886%
Debt Ratio 26.409% 22.416% 23.257% 24.076% 24.874% 25.651% 26.409%
Rasio Profitabilitas
Gross Profit Margin 30.000% 30.000% 30.000% 30.000% 30.000% 30.000% 30.000%
Operating Margin 16.399% 16.240% 16.274% 16.307% 16.338% 16.369% 16.399%
Pretax Margin 16.284% 16.114% 16.151% 16.186% 16.220% 16.252% 16.284%
Profit Margin 11.399% 11.280% 11.305% 11.330% 11.354% 11.377% 11.399%
Return on Asset 16.301% 15.784% 15.892% 15.999% 16.102% 16.203% 16.301%
Return ont Total Capital 16.422% 15.913% 16.020% 16.124% 16.226% 16.325% 16.422%
Return on Equity 22.150% 20.344% 20.709% 21.072% 21.433% 21.793% 22.150%
Altman's Z Score 3.613 3.611 3.611 3.612 3.612 3.613 3.613
Sensitivitas
22.00% 24.00% 26.00% 28.00% 30.00%

5,223,659 5,278,896 5,334,134 5,389,371 5,444,609


3.806 3.746 3.689 3.636 3.586
2.489 2.450 2.413 2.378 2.346
1.898 1.868 1.840 1.814 1.789

12.017 12.017 12.017 12.017 12.017


30.374 30.374 30.374 30.374 30.374
5.000 5.000 5.000 5.000 5.000
73.000 73.000 73.000 73.000 73.000
9.552 9.522 9.493 9.464 9.437
1.436 1.441 1.447 1.452 1.457

138.270 140.774 143.278 145.782 148.285


37.263% 38.634% 39.999% 41.357% 42.708%
27.147% 27.868% 28.571% 29.257% 29.927%

30.000% 30.000% 30.000% 30.000% 30.000%


16.427% 16.455% 16.482% 16.508% 16.533%
16.315% 16.344% 16.373% 16.401% 16.428%
11.420% 11.441% 11.461% 11.480% 11.499%
16.396% 16.490% 16.581% 16.670% 16.756%
16.516% 16.608% 16.697% 16.785% 16.870%
22.506% 22.860% 23.213% 23.564% 23.913%
3.614 3.614 3.615 3.615 3.616