Lampiran 1

ANALISA

RASIO RUMUS 2002 2003

Rasio Likuiditas
Rasio Lancar Aktiva lancar/Hutang Lancar 1.33 1.27
Rasio Cepat (Aktiva Lancar-Persediaan)/ 0.94 0.88
Hutang Lancar
Rasio Aktivitas
Perputaran Piutang Penjualan/Piutang 179.84 180.50
Perputaran Persediaan HPP/Persediaan 8.81 9.46
Perputaran Piutang Harian Piutang/(penjualan/365) 2.03 2.02
Perputaran Persediaan Harian Persediaan/(HPP/365) 41.44 38.56
Perputaran Total Aktiva Penjualan/Total Aktiva 2.93 2.83
Rasio Leverage
Rasio Hutang Total Hutang/Total Aset 0.44 0.41
Rasio Hutang terhadap Modal Total Hutang/Total Ekuitas 0.79 0.69
Rasio Keuntungan
Margin Laba (kotor) (Penjualan-HPP)/Penjualan 0.59 0.60
Margin Laba (bersih) Laba Bersih/Penjualan 0.05 0.05
ROA Laba Bersih/Total Aset 0.15 0.13
ROE Laba Bersih/Modal Saham 0.28 0.22
ROI Laba Bersih/Total Investasi 1.13 0.54
Rasio Pasar
DPR Deviden/Laba Bersih
DPS Total Deviden/Jumlah Saham
Dividend Yield DPS/Harga per Lembar Saham
EPS
PER Harga per Lembar/EPS
DATA LAPORAN KEUAN

Keterangan 2002 2003

Aktiva lancar 113,164,000 109,952,184
Hutang lancar 85,078,000 86,759,775
Persediaan 33,175,000 33,792,588
Penjualan bersih 715,230,000 795,290,497
Piutang 3,977,000 4,405,985
HPP 292,172,000 319,834,118
persediaan 33,175,000 33,792,588
Jumlah hari dalam setahun 365 365
Total aset 244,381,000 280,570,521
Total hutang 107,664,000 114,693,938
Total ekuitas 136,737,000 165,876,583
Laba bersih setelah pajak 37,650,000 36,280,019
Total investasi 33,175,000 67,702,804
Deviden
Jumlah saham yang beredar 446,250,000 446,250,000
Harga pasar saham
 ANALISA LAPORAN KEUANGAN

2004 2005 2006 2007 2008

1.29 0.75 0.70 1.28 1.38

0.99 0.44 0.39 0.99 1.00

371.30 348.24 362.40 249.50 318.85

12.50 12.14 10.60 11.38 9.10
0.98 1.05 1.01 1.46 1.14
29.21 30.07 34.42 32.08 40.11
2.76 2.72 2.64 2.53 2.58

0.40 0.40 0.40 0.40 0.39

0.66 0.66 0.68 0.67 0.63

0.60 0.59 0.61 0.61 0.61

0.04 0.04 0.05 0.06 0.06
0.11 0.11 0.14 0.16 0.16
0.18 0.18 0.24 0.27 0.26
0.54 0.44 0.52 0.70 0.74

DATA LAPORAN KEUANGAN (dalam ribuan rupiah)

2004 2005 2006 2007 2008

121,349,272 82,697,677 103,636,066 240,825,199 314,519,923
94,186,115 110,742,451 148,044,538 187,832,767 228,082,526
28,246,915 34,436,447 46,351,038 54,234,660 85,894,955
889,423,127 1,028,392,996 1,276,416,367 1,589,642,813 2,022,633,476
2,395,402 2,953,155 3,522,092 6,371,314 6,343,536
353,016,936 418,007,106 491,545,978 617,109,010 781,627,389
28,246,915 34,436,447 46,351,038 54,234,660 85,894,955
365 365 365 365 365
322,646,697 377,905,343 483,574,983 629,491,106 784,758,815
128,049,410 149,700,515 195,366,352 252,132,646 302,213,617
194,597,287 228,204,828 288,208,631 377,358,460 482,545,198
35,860,704 41,291,475 68,928,803 102,537,329 125,267,988
 66,453,078 93,731,765 132,326,884 146,824,847 170,284,688

446,250,000 446,250,000 446,250,000 446,250,000 446,250,000

 2009 2010 KET

1.59 1.71 ok
1.29 1.35 ok

327.00 209.89 ok
10.36 10.82 no
1.12 1.74 no
35.23 33.73 ok
2.36 2.36 no

0.39 0.35 ok
0.63 0.54 ok

0.60 0.56 ok
0.07 0.07 ok
0.17 0.16 ok
0.28 0.25 ok
1.04 0.79 ok

ok
ok

2009 2010
508,641,442 558,177,333
320,777,729 326,766,753
95,221,572 117,652,784
2,454,359,779 2,913,604,568
7,505,630 13,881,251
986,532,175 1,273,156,720
95,221,572 117,652,784
365 365
1,041,408,834 1,236,043,044
402,303,302 434,379,085
639,105,532 801,663,959
181,996,584 199,597,177
174,735,094 251,808,727

446,250,000 446,250,000
Lampiran 2

KETERANGAN
2002 common-size 2003 common-size
Penjualan 715,230,000 100.00% 795290497 124.35%
Harga Pokok Penjualan (292,172,000) -40.85% (319,834,118) -44.72%
Beban Usaha (377,755,000) -52.82% (433,997,172) -60.68%
Laba Kotor 45,303,000 6.33% 41,459,207 5.80%
Pendapatan & Beban di Luar Usaha 6,140,000 0.86% 8,929,384 1.25%
Laba Bersih 37,650,000 5.26% 36,280,019 5.07%

KETERANGAN
2002 common-size 2003 common-size
AKTIVA LANCAR
Kas dan setara kas 68,396,000 27.99% 65,208,406 23%
Piutang lain-lain 3,977,000 1.63% 4,405,985 2%
Piutang pihak-pihak istimewa
Persediaan 33,175,000 13.58% 33,792,588 12%
Aktiva Lancar Lainnnya 7,616,000 3.12% 6,545,205 2%
Jumlah Aktiva Lancar 113,164,000 46.31% 109,952,184 39%
AKTIVA TIDAK LANCAR
Piutang dari pihak yang istimewa - 11,333,368
Investasi -
Aktiva Tetap 65,614,000 26.85% 77,066,762 27%
Biaya renovasi bangunan - 34,101,301 12%
Sewa jangka panjang dibayar dimuka
Biaya yang ditangguhkan - 42,770,939 15%
Aktiva Tetap lainnya 65,602,000 26.84% 5,345,967 2%
Jumlah Aktiva Tidak Lancar 131,216,000 53.69% 170,618,337 61%
Jumlah Aktiva 244,380,000 100.00% 280,570,521 100%

KEWAJIBAN LANCAR
Hutang Bank Jangka Pendek 1,262,000 0.52% -
Cerukan - 3,802,767 1%
Hutang Usaha 37,453,000 15.33% 36,182,238 13%
Hutang Lain-Lain
Hutang Pajak 15,140,000 6.20% 12,218,110 4%
Hutang lancar jangka panjang - 197,551 0.07%
Uang muka diterima
Hutang lancar kewajiban sewa - 1,392,962 0.50%
Biaya yang masih harus dibayar
Kewajiban Lancar Lainnya 31,223,000 12.78% 32,966,147 12%
 Jumlah Kewajiban Lancar 85,078,000 34.81% 86,759,775 31%
KEWAJIBAN TIDAK LANCAR
Hutang pihak istimewa 6,907,835 2%
Kewajiban Jangka Panjang 681,264 0.24%
Kewajiban sewa guna usaha 308,527 0.11%
Kewajiban pajak tangguhan 10,746,068 3.83%
Imbalan kerja karyawan 9,290,469 3.31%
Kewajiban tidak lancar lainnya
Jumlah Kewajiban Tidak Lancar 22,567,000 9.23% 27,934,163 9.96%
Jumlah Kewajiban 107,645,000 44.05% 114,693,938 41%

EKUITAS
Jumlah Ekuitas 136,737,000 55.95% 165,876,583 59.12%
Jumlah Kewajiban dan Ekuitas 244,382,000 280,570,521
 LAPORAN LABA RUGI (dalam ribuan Rp)

TAHUN
2004 common-size 2005 common-size 2006 common-size
889,423,127 100.00% 1,028,392,996 100.00% 1,276,416,367 100.00%
(353,016,936) -39.69% (418,007,108) -40.65% (491,545,976) -38.51%
(488,449,172) -54.92% (557,706,890) -54.23% (696,979,655) -54.60%
47,957,019 5.39% 52,678,998 5.12% 87,890,736 6.89%
2,182,083 0.25% 5,191,859 0.50% 8,076,041 0.63%
35,860,704 4.03% 41,291,475 4.02% 68,928,803 5.40%

NERACA

TAHUN
2004 common-size 2005 common-size 2006 common-size

85,008,317 26.35% 82,697,677 21.88% 103,636,066 21.43%

2,395,402 0.74% 2,953,155 0.78% 3,522,092 0.73%

28,246,915 8.75% 34,436,447 9.11% 46,351,038 9.59%

5,698,638 1.77% 5,745,710 1.52% 5,042,639 1.04%
121,349,272 37.61% 125,832,989 33.30% 158,551,835 32.79%

13,924,021 4.32% 17,570,004 3.63%

78,856,362 24.44% 86,949,253 23.01% 112,204,904 23.20%

42,762,789 13.25% 81,123,473 16.78%
60,398,099 12.49%
58,652,257 18.18% 39,467,480 8.16%
7,101,996 2.20% 165,123,101 43.69% 14,259,188 2.95%
201,297,425 62.39% 252,072,354 66.70% 325,023,148 67.21%
322,646,697 100.00% 377,905,343 100.00% 483,574,983 100.00%

5,295,441 1.40% 5,295,584 1.10%

40,881,636 12.67% 44,634,930 11.81% 61,490,686 12.72%

16,770,934 5.20% 15,734,207 4.16% 28,789,970 5.95%

242,079 0.08% 296,644 0.08% 1,851,586 0.38%
10,999,981 2.27%
1,135,800 0.35% 1,765,882 0.47% 0.00%
21,775,095 5.76% 23,134,025 4.78%
35,155,800 10.90% 21,240,252 5.62% 16,482,706 3.41%
 94,186,249 29.19% 110,742,451 29.30% 148,044,538 30.61%

6,856,110 2.12% 5,394,643 1.43% 5,941,738 1.23%

439,184 0.14% 116,461 0.03% 588,392 0.12%
505,823 0.16% 282,745 0.07% 0.00%
11,289,600 3.50% 14,954,078 3.96% 18,089,496 3.74%
14,772,578 4.58% 18,210,137 4.82% 22,702,188 4.69%

33,863,295 10.50% 38,958,064 10.31% 47,321,814 9.79%

128,049,544 39.69% 149,700,515 39.61% 195,366,352 40.40%

194,597,287 60.31% 228,204,828 60.39% 288,208,631 60%

322,646,697 377,905,343 483,574,983
 2007 common-size 2008 common-size 2009 common-size
1,589,642,813 100.00% 2,022,633,479 100.00% 2,454,359,779 100.00%
(618,732,896) -38.92% (781,627,389) -38.64% (986,532,175) -40.20%
(836,251,489) -52.61% (1,100,307,242) -54.40% (1,242,694,783) -50.63%
134,658,428 8.47% 140,698,848 6.96% 225,132,821 9.17%
9,502,380 0.60% 27,204,774 1.35% 22,015,129 0.90%
102,537,329 6.45% 125,267,988 6.19% 181,996,584 7.42%

2007 common-size 2008 common-size 2009 common-size

174,835,763 27.77% 211,495,305 26.95% 374,432,253 35.95%

6,371,314 1.01% 6,343,536 0.81% 7,505,630 0.72%

54,234,660 8.62% 85,894,955 10.95% 95,221,572 9.14%

5,515,328 0.88% 10,786,127 1.37% 16,150,536 1.55%
240,957,065 38.28% 314,519,923 40.08% 493,309,991 47.37%

12,316,332 1.96% 13,059,915 1.66% 15,331,451 1.47%

140,050,075 22.25% 166,690,320 21.24% 187,610,617 18.02%

100,847,436 16.02% 126,344,657 16.10% 166,431,861 15.98%
71,236,174 11.32% 84,024,564 10.71% 90,801,414 8.72%
44,908,018 7.13% 44,436,427 5.66% 46,313,422 4.45%
19,176,006 3.05% 35,683,009 4.55% 41,610,078 4.00%
388,534,041 61.72% 470,238,892 59.92% 548,098,843 52.63%
629,491,106 100.00% 784,758,815 100.00% 1,041,408,834 100.00%

4,514,828 0.58% 3,601,077 0.35%

74,090,441 11.77% 108,612,203 13.84% 133,681,754 12.84%

40,637,405 5.18% 69,844,789 6.71%
39,069,665 6.21% 36,891,682 4.70% 58,406,900 5.61%
1,425,152 0.23%
17,480,673 2.78% 15,845,157 2.02% 15,166,639 1.46%
1,142,952 0.15% 1,236,731 0.12%
28,669,625 4.55% 30,675,943 3.91% 38,351,009 3.68%
27,492,038 4.37% 488,825 0.05%
188,227,594 29.90% 238,320,170 30.37% 320,777,724 30.80%

11,823,492 1.88%
350,202 0.06%
762,058 0.10% 1,254,152 2.84%
23,367,210 3.71% 26,249,347 3.34% 29,614,802 4.84%
28,364,148 4.51% 36,882,042 4.70% 50,382,812 0.03%
273,812 7.83%
63,905,052 10.15% 63,893,447 8.14% 81,525,578 38.63%
252,132,646 40.05% 302,213,617 38.51% 402,303,302 38.63%

377,358,460 59.95% 482,545,198 61.49% 639,105,532 61%

629,491,106 784,758,815 1,041,408,834
 2010 common-size
2,913,604,568 100.00%
(1,273,156,720) -43.70%
(1,436,893,001) -49.32%
203,554,847 6.99%
58,034,965 1.99%
199,597,177 6.85%

2010 common-size

374,207,101 30.27%
13,881,251 1.12%
26,920,516 2.18%
117,652,784 9.52%
25,515,681 2.06%
558,177,333 45.16%

220,934,520 17.87%
238,366,483 19.28%
96,097,058 7.77%
49,124,644 3.97%
73,343,006 5.93%
677,865,711 54.84%
1,236,043,044 100.00%

1,079,829 0.09%

127,909,566 10.35%
86,990,272 7.04%
48,906,770 3.96%

14,676,165 1.19%
1,469,086 0.12%
43,113,671 3.49%
2,621,394 0.21%
 326,766,753 26.44%

2,033,918 0.16%
35,293,436 2.86%
69,781,935 5.65%
503,043 0.04%
107,612,332 8.71%
434,379,085 35.14%

801,663,959 64.86%
1,236,043,044
Lampiran 3
LAPORAN LABA RUGI (dalam ribuan Rp)

TAHUN
KETERANGAN
###2002(%) 2003(%) 2004(%) 2005(%) 2006(%) 2007(%)
Penjualan ### 100.00% 124.35%
### 100.00%
### 100.00% 100.00% 100.00%
###
Harga Pokok Penjualan ### -40.85% -44.72%
### -39.69%
### -40.65% -38.51% -38.92%
###
Beban Usaha ### -52.82% -60.68%
### -54.92%
### -54.23% -54.60% -52.61%
###
Laba Kotor ### 6.33% 5.80%
### 5.39%### 5.12% 6.89% 8.47%
###
Pendapatan & Beban di Luar Usaha### 0.86% 1.25%
### 0.25%### 0.50% 0.63% 0.60%
###
Laba Bersih ### 5.26% 5.07%
### 4.03%### 4.02% 5.40% 6.45%
###

NERACA

TAHUN
KETERANGAN
###2002(%) 2003(%) 2004(%) 2005(%) 2006(%) 2007(%)
AKTIVA LANCAR
Kas dan setara kas ### 27.99% 23%
### 26.35%
### 21.88% 21.43% 27.77%
###
Piutang lain-lain ### 1.63% 2%
### 0.74%
### 0.78% 0.73% 1.01%
###
Piutang pihak-pihak istimewa
Persediaan ### 13.58% 12%
### 8.75%
### 9.11% 9.59% 8.62%
###
Aktiva Lancar Lainnnya ### 3.12% 2%### 1.77%
### 1.52% 1.04% 0.88%
###
Jumlah Aktiva Lancar ### 46.31% 39%
### 37.61%
### 33.30% 32.79% 38.28%
###
AKTIVA TIDAK LANCAR
Piutang dari pihak yang istimewa ### ### 4.32% 3.63% 1.96%
###
Investasi ###
Aktiva Tetap ### 26.85% 27%
### 24.44%
### 23.01% 23.20% 22.25%
###
Biaya renovasi bangunan ### 12%
### 13.25% 16.78% 16.02%
###
Sewa jangka panjang dibayar dimuka 12.49% 11.32%
###
Biaya yang ditangguhkan ### 15%
### 18.18% 8.16% 7.13%
###
Aktiva Tetap lainnya ### 26.84% 2%### 2.20%
### 43.69% 2.95% 3.05%
###
Jumlah Aktiva Tidak Lancar ### 53.69% 61%
### 62.39%
### 66.70% 67.21% 61.72%
###
Jumlah Aktiva ### 100.00% 100%
### 100.00%
### 100.00% 100.00% 100.00%
###

KEWAJIBAN LANCAR
Hutang Bank Jangka Pendek ### 0.52% ###
Cerukan ### 1% ### 1.40% 1.10%
Hutang Usaha ### 15.33% 13%
### 12.67%
### 11.81% 12.72% 11.77%
###
Hutang Lain-Lain ###
Hutang Pajak ### 6.20% 4%
### 5.20%
### 4.16% 5.95% 6.21%
###
Hutang lancar jangka panjang ### 0.07%
### 0.08%
### 0.08% 0.38% 0.23%
Uang muka diterima 2.27% 2.78%
###
Hutang lancar kewajiban sewa ### 0.50%
### 0.35%
### 0.47% 0.00% ###
Biaya yang masih harus dibayar ### 5.76% 4.78% 4.55%
###
Kewajiban Lancar Lainnya ### 12.78% 12%
### 10.90%
### 5.62% 3.41% 4.37%
Jumlah Kewajiban Lancar ### 34.81% 31%
### 29.19%
### 29.30% 30.61% 29.90%
###
KEWAJIBAN TIDAK LANCAR
Hutang pihak istimewa 2%
### 2.12%
### 1.43% 1.23% 1.88%
Kewajiban Jangka Panjang 0.24%
### 0.14%
### 0.03% 0.12% 0.06%
Kewajiban sewa guna usaha 0.11%
### 0.16%
### 0.07% 0.00% ###
Kewajiban pajak tangguhan 3.83%
### 3.50%
### 3.96% 3.74% 3.71%
###
Imbalan kerja karyawan 3.31%
### 4.58%
### 4.82% 4.69% 4.51%
###
Kewajiban tidak lancar lainnya
Jumlah Kewajiban Tidak Lancar ### 9.23% 9.96%
### 10.50%
### 10.31% 9.79% 10.15%
###
Jumlah Kewajiban ### 44.05% 41%
### 39.69%
### 39.61% 40.40% 40.05%
###

EKUITAS
Jumlah Ekuitas ### 55.95% 59.12%
### 60.31%
### 60.39% 60% 59.95%
###
Jumlah Kewajiban dan Ekuitas ### ### ### ###
2008(%) 2009(%) 2010(%)
100.00% 100.00% 100.00%
-38.64% -40.20% -43.70%
-54.40% -50.63% -49.32%
6.96% 9.17% 6.99%
1.35% 0.90% 1.99%
6.19% 7.42% 6.85%

2008(%) 2009(%) 2010(%)

26.95% 35.95% 30.27%

0.81% 0.72% 1.12%
2.18%
10.95% 9.14% 9.52%
1.37% 1.55% 2.06%
40.08% 47.37% 45.16%

1.66% 1.47%

21.24% 18.02% 17.87%

16.10% 15.98% 19.28%
10.71% 8.72% 7.77%
5.66% 4.45% 3.97%
4.55% 4.00% 5.93%
59.92% 52.63% 54.84%
100.00% 100.00% 100.00%

0.58% 0.35% 0.09%

13.84% 12.84% 10.35%

5.18% 6.71% 7.04%
4.70% 5.61% 3.96%

2.02% 1.46% 1.19%

0.15% 0.12% 0.12%
3.91% 3.68% 3.49%
0.05% 0.21%
30.37% 30.80% 26.44%
0.10% 2.84% 0.16%
3.34% 4.84% 2.86%
4.70% 0.03% 5.65%
7.83% 0.04%
8.14% 38.63% 8.71%
38.51% 38.63% 35.14%

61.49% 61% 64.86%

Lampiran 4

KETERANGAN common-base
2002 2003 year 2004
Penjualan 715,230,000 795290497 111% 889,423,127
Harga Pokok Penjualan (292,172,000) (319,834,118) 109% (353,016,936)
Beban Usaha (377,755,000) (433,997,172) 115% (488,449,172)
Laba Kotor 45,303,000 41,459,207 92% 47,957,019
Pendapatan & Beban di Luar Usaha 6,140,000 8,929,384 145% 2,182,083
Laba Bersih 37,650,000 36,280,019 96% 35,860,704

KETERANGAN common-base
2002 2003 year 2004
AKTIVA LANCAR
Kas dan setara kas 68,396,000 65,208,406 95% 85,008,317
Piutang lain-lain 3,977,000 4,405,985 111% 2,395,402
Piutang pihak-pihak istimewa
Persediaan 33,175,000 33,792,588 102% 28,246,915
Aktiva Lancar Lainnnya 7,616,000 6,545,205 86% 5,698,638
Jumlah Aktiva Lancar 113,164,000 109,952,184 97% 121,349,272
AKTIVA TIDAK LANCAR
Piutang dari pihak yang istimewa - 11,333,368 13,924,021
Investasi -
Aktiva Tetap 65,614,000 77,066,762 117% 78,856,362
Biaya renovasi bangunan - 34,101,301 42,762,789
Sewa jangka panjang dibayar dimuka
Biaya yang ditangguhkan - 42,770,939 58,652,257
Aktiva Tetap lainnya 65,602,000 5,345,967 8% 7,101,996
Jumlah Aktiva Tidak Lancar 131,216,000 170,618,337 130% 201,297,425
Jumlah Aktiva 244,380,000 280,570,521 115% 322,646,697

KEWAJIBAN LANCAR
Hutang Bank Jangka Pendek 1,262,000 - 0%
Cerukan - 3,802,767
Hutang Usaha 37,453,000 36,182,238 97% 40,881,636
Hutang Lain-Lain
Hutang Pajak 15,140,000 12,218,110 81% 16,770,934
Hutang lancar jangka panjang - 197,551 242,079
Uang muka diterima
Hutang lancar kewajiban sewa - 1,392,962 1,135,800
Biaya yang masih harus dibayar
Kewajiban Lancar Lainnya 31,223,000 32,966,147 106% 35,155,800
Jumlah Kewajiban Lancar 85,078,000 86,759,775 102% 94,186,249
KEWAJIBAN TIDAK LANCAR
Hutang pihak istimewa 6,907,835 6,856,110
Kewajiban Jangka Panjang 681,264 439,184
Kewajiban sewa guna usaha 308,527 505,823
Kewajiban pajak tangguhan 10,746,068 11,289,600
Imbalan kerja karyawan 9,290,469 14,772,578
Kewajiban tidak lancar lainnya
Jumlah Kewajiban Tidak Lancar 22,567,000 27,934,163 124% 33,863,295
Jumlah Kewajiban 107,645,000 114,693,938 107% 128,049,544

EKUITAS
Jumlah Ekuitas 136,737,000 165,876,583 121% 194,597,287
Jumlah Kewajiban dan Ekuitas 244,382,000 280,570,521 115% 322,646,697
 LAPORAN LABA RUGI

common-base common-base common-base

year 2005 year 2006 year 2007
124% 1,028,392,996 144% 1,276,416,367 178% 1,589,642,813
121% (418,007,108) 143% (491,545,976) 168% (618,732,896)
129% (557,706,890) 148% (696,979,655) 185% (836,251,489)
106% 52,678,998 116% 87,890,736 194% 134,658,428
36% 5,191,859 85% 8,076,041 132% 9,502,380
95% 41,291,475 110% 68,928,803 183% 102,537,329

NERACA

TAHUN
common-base common-base common-base
year 2005 year 2006 year 2007

124% 82,697,677 121% 103,636,066 152% 174,835,763

60% 2,953,155 74% 3,522,092 89% 6,371,314

85% 34,436,447 104% 46,351,038 140% 54,234,660

75% 5,745,710 75% 5,042,639 66% 5,515,328
107% 125,832,989 111% 158,551,835 140% 240,957,065

17,570,004 12,316,332

120% 86,949,253 133% 112,204,904 171% 140,050,075

81,123,473 100,847,436
60,398,099 71,236,174
39,467,480 44,908,018
11% 165,123,101 252% 14,259,188 22% 19,176,006
153% 252,072,354 192% 325,023,148 248% 388,534,041
132% 377,905,343 155% 483,574,983 198% 629,491,106

0% 0% 0%
5,295,441 5,295,584
109% 44,634,930 119% 61,490,686 164% 74,090,441

111% 15,734,207 104% 28,789,970 190% 39,069,665

296,644 1,851,586 1,425,152
10,999,981 17,480,673
1,765,882
21,775,095 23,134,025 28,669,625
113% 21,240,252 68% 16,482,706 53% 27,492,038
111% 110,742,451 130% 148,044,538 174% 188,227,594

5,394,643 5,941,738 11,823,492

116,461 588,392 350,202
282,745
14,954,078 18,089,496 23,367,210
18,210,137 22,702,188 28,364,148

150% 38,958,064 173% 47,321,814 210% 63,905,052

119% 149,700,515 139% 195,366,352 181% 252,132,646

142% 228,204,828 167% 288,208,631 211% 377,358,460

132% 377,905,343 155% 483,574,983 198% 629,491,106
common-base common-base common-base
year 2008 year 2009 year 2010
222% 2,022,633,479 283% 2,454,359,779 343% 2,913,604,568
212% (781,627,389) 268% (986,532,175) 338% (1,273,156,720)
221% (1,100,307,242) 291% (1,242,694,783) 329% (1,436,893,001)
297% 140,698,848 311% 225,132,821 497% 203,554,847
155% 27,204,774 443% 22,015,129 359% 58,034,965
272% 125,267,988 333% 181,996,584 483% 199,597,177

common-base common-base common-base

year 2008 year 2009 year 2010

256% 211,495,305 309% 374,432,253 547% 374,207,101

160% 6,343,536 160% 7,505,630 189% 13,881,251
26,920,516
163% 85,894,955 259% 95,221,572 287% 117,652,784
72% 10,786,127 142% 16,150,536 212% 25,515,681
213% 314,519,923 278% 493,309,991 436% 558,177,333

13,059,915 15,331,451

213% 166,690,320 254% 187,610,617 286% 220,934,520

126,344,657 166,431,861 238,366,483
84,024,564 90,801,414 96,097,058
44,436,427 46,313,422 49,124,644
29% 35,683,009 54% 41,610,078 63% 73,343,006
296% 470,238,892 358% 548,098,843 418% 677,865,711
258% 784,758,815 321% 1,041,408,834 426% 1,236,043,044

0% 4,514,828 358% 3,601,077 285% 1,079,829

198% 108,612,203 290% 133,681,754 357% 127,909,566

40,637,405 69,844,789 86,990,272
258% 36,891,682 244% 58,406,900 386% 48,906,770

15,845,157 15,166,639 14,676,165

1,142,952 1,236,731 1,469,086
30,675,943 38,351,009 43,113,671
 88% 0% 488,825 2% 2,621,394
221% 238,320,170 280% 320,777,724 377% 326,766,753

762,058 1,254,152 2,033,918

26,249,347 29,614,802 35,293,436
36,882,042 50,382,812 69,781,935
273,812 503,043
283% 63,893,447 283% 81,525,578 361% 107,612,332
234% 302,213,617 281% 402,303,302 374% 434,379,085

276% 482,545,198 353% 639,105,532 467% 801,663,959

258% 784,758,815 321% 1,041,408,834 426% 1,236,043,044
common-base
year
407%
436%
380%
449%
945%
530%

common-base
year

547%
349%

355%
335%
493%

337%

112%
517%
506%

86%

342%

323%
 8%
384%

477%
404%

586%
506%
Lampiran 5
LAPORAN LABA RUGI

Tahun
KETERANGAN
2003 2004###2005 2006###2007 2008###
Penjualan 111% 124%
### 144% 178%
### 222% 283%
###
Harga Pokok Penjualan 109% 121%
### 143% 168%
### 212% 268%
###
Beban Usaha 115% 129%
### 148% 185%
### 221% 291%
###
Laba Kotor 92% 106%
### 116% 194%
### 297% 311%
###
Pendapatan & Beban di Luar Usaha 145% 36%### 85% 132%
### 155% 443%
###
Laba Bersih 96% 95%### 110% 183%
### 272% 333%
###

NERACA

TAHUN
KETERANGAN
2003 2004###2005 2006###2007 2008###
AKTIVA LANCAR
Kas dan setara kas 95% 124%
### 121% 152%
### 256% 309%
###
Piutang lain-lain 111% 60%### 74% 89%### 160% 160%
###
Piutang pihak-pihak istimewa
Persediaan 102% 85%### 104% 140%
### 163% 259%
###
Aktiva Lancar Lainnnya 86% 75%### 75% 66%### 72% 142%
###
Jumlah Aktiva Lancar 97% 107%
### 111% 140%
### 213% 278%
###
AKTIVA TIDAK LANCAR
Piutang dari pihak yang istimewa ### ###
Investasi
Aktiva Tetap 117% 120%
### 133% 171%
### 213% 254%
###
Biaya renovasi bangunan ### ###
Sewa jangka panjang dibayar dimuka ### ###
Biaya yang ditangguhkan ### ###
Aktiva Tetap lainnya 8% 11%### 252% 22%### 29% 54%###
Jumlah Aktiva Tidak Lancar 130% 153%
### 192% 248%
### 296% 358%
###
Jumlah Aktiva 115% 132%
### 155% 198%
### 258% 321%
###

KEWAJIBAN LANCAR
Hutang Bank Jangka Pendek 0% 0% 0% 0% 0% 358%
###
Cerukan ###
Hutang Usaha 97% 109%
### 119% 164%
### 198% 290%
###
Hutang Lain-Lain ###
Hutang Pajak 81% 111%
### 104% 190%
### 258% 244%
###
Hutang lancar jangka panjang ### ###
Uang muka diterima ### ###
Hutang lancar kewajiban sewa ### ###
Biaya yang masih harus dibayar ### ### ###
Kewajiban Lancar Lainnya 106% 113%
### 68% 53%
### 88% 0%
###
 Jumlah Kewajiban Lancar 102% 111%
### 130% 174%
### 221% 280%
###
KEWAJIBAN TIDAK LANCAR
Hutang pihak istimewa ### ###
Kewajiban Jangka Panjang ### ###
Kewajiban sewa guna usaha ### ###
Kewajiban pajak tangguhan ### ### ###
Imbalan kerja karyawan ### ### ###
Kewajiban tidak lancar lainnya ###
Jumlah Kewajiban Tidak Lancar 124% 150%
### 173% 210%
### 283% 283%
###
Jumlah Kewajiban 107% 119%
### 139% 181%
### 234% 281%
###

EKUITAS
Jumlah Ekuitas 121% 142%
### 167% 211%
### 276% 353%
###
Jumlah Kewajiban dan Ekuitas 115% 132%
### 155% 198%
### 258% 321%
###
2009###2010
343%
### 407%
338%
### 436%
329%
### 380%
497%
### 449%
359%
### 945%
483%
### 530%

2009###2010

547%
### 547%
189%
### 349%
###
287%
### 355%
212%
### 335%
436%
### 493%

286%
### 337%
###
###
###
63%
### 112%
418%
### 517%
426%
### 506%

285%
### 86%

357%
### 342%
###
386%
### 323%

###
###
###
2%### 8%
377%
### 384%

###
###
###
###
361%
### 477%
374%
### 404%

467%
### 586%
426%
### 506%
Lampiran 6

PERAMALAN DENGAN METODE TREND LINIER

PENJUALAN TAHUN KE-
TAHUN XY X2 Y'L = a + bX
(Y) (X)
1 715,230,000 -4 (2,860,920,000) 16 413,996,405
2 795,290,497 -3 (2,385,871,491) 9 690,636,015
3 889,423,127 -2 (1,778,846,254) 4 967,275,626
4 1,028,392,996 -1 (1,028,392,996) 1 1,243,915,237
5 1,276,416,367 0 - - 1,520,554,847
6 1,589,642,813 1 1,589,642,813 1 1,797,194,458
7 2,022,633,479 2 4,045,266,958 4 2,073,834,069
8 2,454,359,779 3 7,363,079,337 9 2,350,473,679
9 2,913,604,568 4 11,654,418,272 16 2,627,113,290
n=9 13,684,993,626 - 16,598,376,639 60

HASIL PERAMALAN DENGAN METODE TREND LINIER

TAHUN KE- PENJUALAN
TAHUN
(X) (Y)
2011 5 2,903,752,901
2012 6 3,180,392,511
2013 7 3,457,032,122
2014 8 3,733,671,733
2015 9 4,010,311,343
 Metode Trend Linier, Y = a + bX
(Y'L - Y)2
Dimana :
90,741,678,917,281,900 a = ∑Y:n
10,952,560,522,453,200 a = 13684993626:9
6,061,011,605,735,163 a = 1,520,554,847
46,449,836,229,164,700 b = ∑ XY : ∑ X2
59,603,597,579,469,300 b = 16598376639/60
43,077,685,335,287,600 b = 276,639,611
2,621,500,378,800,988 Formula peramalan menurut metode Trend Linier :
10,792,321,714,341,200 Y = a + bX
82,077,252,408,272,100 Y = 1.520.554.847 + 276.639611X
352,377,444,690,806,000
Lampiran 7

PERAMALAN DENGAN METODE TREND KUADRATIK

PENJUALAN TAHUN KE-
TAHUN XY X2 X2Y
(Y) (X)
1 715,230,000 -4 (2,860,920,000) 16 11,443,680,000
2 795,290,497 -3 (2,385,871,491) 9 7,157,614,473
3 889,423,127 -2 (1,778,846,254) 4 3,557,692,508
4 1,028,392,996 -1 (1,028,392,996) 1 1,028,392,996
5 1,276,416,367 0 - - -
6 1,589,642,813 1 1,589,642,813 1 1,589,642,813
7 2,022,633,479 2 4,045,266,958 4 8,090,533,916
8 2,454,359,779 3 7,363,079,337 9 22,089,238,011
9 2,913,604,568 4 11,654,418,272 16 46,617,673,088
n=9 13,684,993,626 - 16,598,376,639 60 101,574,467,805

HASIL PERAMALAN DENGAN METODE TREND KUADRATIK

TAHUN KE- PENJUALAN
TAHUN
(X) (Y)
2011 5 3,843,008,372
2012 6 4,488,975,732
2013 7 5,202,093,591
2014 8 5,982,361,950
2015 9 6,829,780,808
 Metode Trend Kuadratik, Y = a + bX + cX2
X4 Y'K= a + bX + cX2 (Y'K - Y)2
Dimana :
256 1,051,074,627 112,791,613,712,736,000 a = (∑XY - c∑X2) : n
81 1,092,687,489 88,444,970,722,677,200 a = ((16.598.376.639) -( 33.575.250 x 60)) :
16 1,201,450,850 97,361,299,922,455,800 a = 1,620,429,072
1 1,377,364,711 121,781,257,865,811,000 b = ∑XY : ∑X2
- 1,620,429,072 118,344,741,034,623,000 a = 16.598.376.639 : 60
1 1,930,643,932 116,281,763,359,719,000 a = 276,639,611
16 2,308,009,293 81,439,354,989,591,400 c = [n (∑X²Y) – (∑X²)(∑Y)] : [n(∑X⁴) - (∑X²
81 2,752,525,153 88,902,590,064,625,200 a = ((9 x 101.574.467.805) - (60 x 13.684.9
256 3,264,191,513 122,911,205,681,468,000 a = 33,575,250
708 948,258,797,353,708,000 Formula peramalan menurut metode Trend Kuadra
berikut :
Y = a + bX + cX2
Y = 1.620.429.072 + 276.639.611X + 33.5
dratik, Y = a + bX + cX2

8.376.639) -( 33.575.250 x 60)) : 9

376.639 : 60

Y) – (∑X²)(∑Y)] : [n(∑X⁴) - (∑X²)²]

1.574.467.805) - (60 x 13.684.993.626)) : ((9 x 708) - 60 2)

n menurut metode Trend Kuadratik adalah sebagai

429.072 + 276.639.611X + 33.575.250X2

Lampiran 8

PERAMALAN DENGAN METODE SIMPLE EXPONENTIAL

PENJUALAN TAHUN KE-
TAHUN X2 Log Y X Log Y
(Y) (X)
1 715,230,000 -4 16 8.85 -35.42
2 795,290,497 -3 9 8.90 -26.70
3 889,423,127 -2 4 8.95 -17.90
4 1,028,392,996 -1 1 9.01 -9.01
5 1,276,416,367 0 - 9.11 0.00
6 1,589,642,813 1 1 9.20 9.20
7 2,022,633,479 2 4 9.31 18.61
8 2,454,359,779 3 9 9.39 28.17
9 2,913,604,568 4 16 9.46 37.86
n=9 13,684,993,626 - 60 82.18 4.81

HASIL PERAMALAN DENGAN METODE KUADRATIK EXPONENTIAL

TAHUN KE- PENJUALAN
TAHUN LOG Y
(X) (Y)
2011 5 9.53 3,407,583,107
2012 6 9.61 4,098,535,525
2013 7 9.69 4,929,591,714
2014 8 9.77 5,929,160,384
2015 9 9.85 7,131,410,652
Log Y = Log a + X Log b Y'E = 10Log Y (Y'E - Y)2

8.81 646,853,946 4,675,284,777,190,076

8.89 778,015,911 298,411,308,133,219
8.97 935,773,465 2,148,353,845,037,830
9.05 1,125,519,370 9,433,532,429,935,320
9.13 1,353,739,872 5,978,924,461,416,722
9.21 1,628,236,431 1,489,467,381,187,270
9.29 1,958,392,399 4,126,916,308,846,280
9.37 2,355,493,782 9,774,485,336,190,950
9.45 2,833,115,038 6,478,564,386,640,214
44,403,940,234,575,700
Metode Trend Simple Exponential,
Y = abx atau Log Y = Log a + X Log b
Dimana :
Log a = ∑Log Y : n
Log a = 82,18 : 9
Log a = 9.13
Log b = ∑X Log Y : ∑X2
Log a = 4,81 : 60
Log a = 0.08
Formula peramalan menurut metode
Trend Simple Exponential adalah sebagai
berikut :
Log Y = Log a + X Log b
Y = 10Log Y
Lampiran 9

DATA PENJUALAN

KETERANGAN
2002 +/ -
Penjualan 715,230,000 11.19%
Rata-rata kenaikan (penurunan)
Ramalan penjualan metode prosentase penjualan menggunakan asumsi tingkat kenaikan penjualan setiap tahunnya adalah

LAPORAN LABA RUGI

TAHUN
KETERANGAN TAHUN DASAR
2010 2011
Penjualan 2,913,604,568 3,476,675,890
Harga Pokok Penjualan (1,273,156,720) (1,519,201,789)
Beban Usaha (1,436,893,001) (1,714,581,075)
Laba Kotor 203,554,847 242,893,026
Pendapatan & Beban di Luar Usaha 58,034,965 69,250,565
Laba Ditahan 199,597,177 238,170,512
Laba Bersih 461,186,989 550,314,103

NERACA

TAHUN DASAR
KETERANGAN

2010 %
AKTIVA LANCAR
Kas dan setara kas 374,207,101 12.84%
Piutang 13,881,251 0.48%
Piutang pihak yang punya hub istimewa 26,920,516 0.92%
Persediaan 117,652,784 4.04%
Biaya dibayar dimuka 17,749,097 0.61%
Aktiva Lancar Lainnnya 7,766,584 0.27%
Jumlah Aktiva Lancar 558,177,333
AKTIVA TIDAK LANCAR
Aktiva Tetap 220,934,520 7.58%
Biaya renovasi bangunan 238,366,483 8.18%
Sewa jangka panjang, dibayar dimuka 96,097,058 3.30%
Biaya yang ditangguhkan 49,124,644 1.69%
Aktiva Tetap lainnya 73,343,006 2.52%
Jumlah Aktiva Tidak Lancar 677,865,711
Jumlah Aktiva 1,236,043,044

KEWAJIBAN LANCAR
Hutang bank jangka pendek 1,079,829 0.04%
Hutang Usaha 127,909,566 4.39%
Hutang lain-lain 86,990,272 2.99%
Hutang pajak 48,906,770 1.68%
Biaya masih harus dibayar 43,113,671 1.48%
Uang muka yang diterima 14,676,165 0.50%
Kewajiban sewa pembiayaan jatuh tempo 1,469,086 0.05%
Kewajiban lancar lainnya 2,621,394 0.09%
Jumlah Kewajiban Lancar 326,766,753
KEWAJIBAN TIDAK LANCAR
Kewajiban sewa pembiayaan 2,033,918 0.07%
Kewajiban pajak tangguhan 35,293,436 1.21%
Kewajiban imbalan kerja 69,781,935 2.40%
Kewajiban Tidak Lancar Lainnya 503,043 0.02%
Jumlah Kewajiban Tidak Lancar 107,612,332
Jumlah Kewajiban 434,379,085

EKUITAS 801,663,959 27.51%

Jumlah Kewajiban dan Ekuitas 1,236,043,044
EFN (eksternal financial needed)*

(*) Untuk memenuhi kebutuhan pendanaan eksternal PT Fast Food Indonesia Tbk menggunakan asumsi 50% dari
kewajiban jangka pendek dan 50% dari kewajiban jangka panjang.
 2003 +/ - 2004 +/ -
795,290,497 11.84% 889,423,127 15.62%

enaikan penjualan setiap tahunnya adalah 19,33%

TAHUN
TAHUN RAMALAN
2012 2013 2014 2015
4,148,564,077 4,950,298,631 5,906,973,132 7,048,530,640
(1,812,796,524) (2,163,130,178) (2,581,167,884) (3,079,993,850)
(2,045,934,013) (2,441,322,866) (2,913,122,955) (3,476,101,203)
289,833,540 345,845,586 412,682,292 492,435,587
82,633,647 98,603,088 117,658,718 140,396,962
284,198,373 339,121,390 404,658,606 482,861,275
656,665,560 783,570,065 934,999,616 1,115,693,824

TAHUN

2011 2012
partial final partial final

446,524,837 446,524,837 532,818,404 532,818,404

16,563,885 16,563,885 19,764,954 19,764,954
32,123,065 32,123,065 38,331,037 38,331,037
140,389,881 140,389,881 167,521,056 167,521,056
21,179,215 21,179,215 25,272,224 25,272,224
9,267,522 9,267,522 11,058,526 11,058,526
666,048,405 666,048,405 794,766,200 794,766,200

263,631,423 263,631,423 314,579,756 314,579,756

284,432,216 284432216 339,400,425 339,400,425
114,668,383 114668383 136,828,727 136,828,727
58,618,272 58,618,272 69,946,600 69,946,600
87,516,976 87,516,976 104,430,149 104,430,149
808,867,270 808,867,270 965,185,656 965,185,656
1,474,915,676 1,474,915,676 1,759,951,857 1,759,951,857

1,288,512 1,288,512 1,537,525 1,537,525

152,628,846 152,628,846 182,125,274 182,125,274
 103,801,657 103,801,657 123,861,941 123,861,941
58,358,293 58,358,293 69,636,378 69,636,378
51,445,643 51,445,643 61,387,818 61,387,818
17,512,421 17,512,421 20,896,800 20,896,800
1,752,996 1,752,996 2,091,772 2,091,772
2,621,394 2,621,394 3,732,497 3,732,497
389,409,762 389,409,762 465,270,005 465,270,005

2,426,985 2,426,985 2,896,014 2,896,014

42,114,101 42,114,101 50,252,901 50,252,901
83,267,707 83,267,707 99,359,684 99,359,684
503,043 503,043 716,263 716,263
128,311,836 128,312,346 153,224,861 153,224,861
517,721,597 517,721,597 618,494,866 618,494,866

956,590,262 956,590,262 1,141,456,991 1,141,456,991

1,474,311,860 1,474,311,860 1,759,951,857 1,759,951,857
603,816 - - -

Tbk menggunakan asumsi 50% dari

ka panjang.
 TAHUN
2005 +/ - 2006 +/ -
1,028,392,996 24.12% 1,276,416,367 24.54%
19.33%

TAHUN
TAHUN RAMALAN
2013 2014
partial final partial final

635,788,713 635,788,713 758,658,644 758,658,644

23,584,648 23,584,648 28,142,521 28,142,521
45,738,737 45,738,737 54,578,019 54,578,019
199,895,491 199,895,491 238,526,477 238,526,477
30,156,230 30,156,230 35,984,100 35,984,100
13,195,651 13,195,651 15,745,789 15,745,789
948,359,471 948,359,471 1,131,635,550 1,131,635,550
- -
375,374,155 375,374,155 447,917,431 447,917,431
404,991,565 404,991,565 483,258,581 483,258,581
163,271,688 163,271,688 194,824,907 194,824,907
83,464,194 83,464,194 99,594,144 99,594,144
73,343,006 73,343,006 148,693,879 148,693,879
1,100,444,608 1,100,444,608 1,374,288,943 1,374,288,943
2,048,804,079 2,048,804,079 2,505,924,493 2,505,924,493
- -
- -
1,834,661 1,834,661 2,189,220 2,189,220
217,322,061 217,322,061 259,320,835 259,320,835
 147,798,994 147,798,994 176,362,024 176,362,024
83,094,020 83,094,020 99,152,431 99,152,431
73,251,377 73,251,377 87,407,639 87,407,639
24,935,230 24,935,230 29,754,111 29,754,111
2,496,020 2,496,020 2,978,390 2,978,390
4,453,824 4,453,824 5,314,552 5,314,552
555,186,187 555,186,187 662,479,202 662,479,202
- - -
3,455,686 3,455,686 4,123,517 4,123,517
59,964,571 59,964,571 71,553,079 71,553,079
118,561,531 118,561,531 141,474,248 141,474,248
854,685 854,685 1,019,858 1,019,858
182,836,472 182,836,472 218,170,702 218,170,702
738,022,659 738,022,659 880,649,904 880,649,904
- -
1,362,050,308 1,362,050,308 1,625,274,589 1,625,274,589
2,100,072,967 2,100,072,967 2,505,924,493 2,505,924,493
(51,268,888) (51,268,888) - -
2007 +/ - 2008 +/ -
1,589,642,813 27.24% 2,022,633,479 21.34%

2015
partial final

905,273,916 905,273,916
33,581,229 33,581,229
65,125,544 65,125,544
284,623,130 284,623,130
42,938,241 42,938,241
18,788,756 18,788,756
1,350,330,816 1,350,330,816
- -
534,480,125 534,480,125
576,651,162 576,651,162
232,475,973 232,475,973
118,841,301 118,841,301
177,429,851 177,429,851
1,639,878,412 1,639,878,412
2,990,209,229 2,990,209,229
- -
- -
2,612,300 2,612,300
309,436,121 309,436,121
 210,445,029 210,445,029
118,314,225 118,314,225
104,299,682 104,299,682
35,504,268 35,504,268
3,553,982 3,553,982
6,341,621 6,341,621
790,507,228 790,507,228
- -
4,920,411 4,920,411
85,381,135 85,381,135
168,814,983 168,814,983
1,216,951 1,216,951
260,333,481 260,333,481
1,050,840,709 1,050,840,709
- -
1,939,368,520 1,939,368,520
2,990,209,229 2,990,209,229
- -
2009 +/ - 2010
2,454,359,779 18.71% 2,913,604,568
Lampiran 10

PENDEKATAN ALIRAN KAS (CASH FLOW)...pendahuluan

PERAMALAN ALIRAN KAS 11.97%
PERAMALAN ALIRAN KAS
KETERANGAN 2010
% 2011 % 2012 % 2013 % 2014 % 2015 %
Penjualan bersih 2,913,604,568 19.33% 3,407,583,107 19.33% 4,098,535,525 19.33% 4,929,591,714 19.33% 5,929,160,384 19.33% 7,131,410,652
###
Harga pokok penjualan (1,273,156,720) 19.33% (1,519,257,914) 19.33% (1,812,930,469) 19.33% (2,163,369,928) 19.33% (2,581,549,336) 19.33% (3,080,562,822)
###
Biaya pemasaran dan penjualan (1,201,503,132) 19.33% (1,433,753,687) 19.33% (1,710,898,275) 19.33% (2,041,614,912) 19.33% (2,436,259,074) 19.33% (2,907,187,953)
###
Umum dan Admin (235,389,869) 19.33% (280,890,731) 19.33% (280,890,731) 19.33% (335,186,909) 19.33% (399,978,538) 19.33% (477,294,390)
###
EBIT 203,554,847 173,680,775 293,816,050 389,419,965 511,373,436 666,365,487
Jasa layanan antar 16,921,469 19.33% 20,192,389 19.33% 24,095,578 19.33% 28,753,253 19.33% 34,311,257 19.33% 40,943,623
###
Insentif pemasok 16,758,161 19.33% 19,997,514 19.33% 23,863,033 19.33% 28,475,757 19.33% 33,980,121 19.33% 33,980,121
###
Pendapatan bunga 14,175,681 19.33% 16,915,840 19.33% 20,185,672 19.33% 24,087,562 19.33% 28,743,688 19.33% 34,299,843
###
Laba/(rugi) kurs-bersih 190,330 19.33% 227,121 19.33% 271,023 19.33% 323,412 19.33% 385,928 19.33% 385,928
###
Beban Bunga (251,647) 19.33% (300,290) 19.33% (358,336) 19.33% (427,603) 19.33% (510,259) 19.33% (510,259)
###
Biaya lain-lain 10,240,971 19.33% 12,220,551 19.33% 14,582,783 19.33% 17,401,635 19.33% 20,765,371 19.33% 20,765,371
###
EBT 261,589,812 242,933,899 376,455,803 488,033,982 629,049,542 796,230,114
Pajak (61,992,635) 19.33% (73,975,811) 19.33% (88,275,336) 11.97% (98,841,893) 19.33% (117,948,031) 19.33% (140,747,386)
###
EAT 199,597,177 168,958,087 288,180,467 389,192,088 511,101,511 655,482,728
(plus) biaya penyusutan 235,389,869 280,890,731 280,890,731 335,186,909 399,978,538 477,294,390
Aliran kas 434,987,046 449,848,818 569,071,198 724,378,997 911,080,049 1,132,777,118
(minus) plock back income
(plus) nilai akhir
Aliran kas bersih 434,987,046 449,848,818 569,071,198 724,378,997 911,080,049 1,132,777,118

Perusahaan pengakuisisi dapat menggunakan Security market Line (SML) untuk menentukan berapa kira-kira biaya ekuitas pasca merger PT FasFood
Indonesia
Diketahui :Tbk. Dalam penilaian ini menggunakan
Ks = Rfasumsi
+ (Rmsuku
x β)bunga bebas risiko (Rf) 6,5% dan premi risiko pasar (Rm) 41,85%, sehingga besaran nilai
Rf = 6,75% Ks = 6,75% + (12,25% x 1,2%)
Rm = 19%-6,75%=12,25% Ks = 21.45%
β = 1,2

Arus kas PT Fast Food Indonesia Tbk. yang tersedia (aliran kas bersih) diharapkan tumbuh 10% setelah 2015. Nilai arus kas setelah 2015 (V) pada tanggal
31 Desember 2015 (yang diestimasikan dengan
V = menggunakan model pertumbuhan konstan adalah :
CF2016 / (Ks - g)
V = (1408712407) / (21,45% - 10%)
V = (1408712407) / 50,72%
 V = 12,303,165,127

Nilai saat ini PT Fast Food Indonesia Tbk. Adalah nilai sekarang arus kas (V') yang diharapkan akan diperoleh perusahaan yang akan mengakuisisi, yang
didiskontokan dengan tingkat Ks = 8,96%.V' = (CF2011/(1+Ks)^1) + (CF2012/(1+Ks)^2) + (CF2013/(1+Ks)^3) + (CF2014/(1+Ks)^4) + (CF2015/(1+Ks)^5)
V' = (449848818/(1+0,2145)^1) + (569071198/(1+0,2145)^2) + (724378997/(1+0,2145)^3) + (911080049/(1+0,2145)^4) + (113
V' = 2,008,035,990

Jadi, nilai PT Fast Food Indonesia Tbk. bagi perusahaan pengakuisisi adalah Rp. 2.008.035.990.000,-
2015/(1+Ks)^5)
11080049/(1+0,2145)^4) + (1132777118/(1+0,2145)^5)