PT Sawit Sumbermas Sarana Tbk.

(Million Rupi Common Size (%) Index (%) Time Series

Common Size (%) Index (%) Rata2
### ### ###2012 2013 2014 2012 2013 2014 13-12 14-13 13-12 14-13
Total Assets 2,113,611 3,701,917 4,032,885 100.00 100.00 100.00 100.00 175.15 190.81 - - 75.15 15.66 100.00
Current Assets 545,163 1,957,546 2,300,594 25.79 52.88 57.05 100.00 359.08 422.00 27.09 4.17 259.08 62.93 43.19
of which
Cash and Cash Equivalents 416,254 929,469 157,297 19.69 25.11 3.90 100.00 223.29 37.79 5.41 (21.21) 123.29 (185.51) 8.64
Trade Receivables 15,348 114,920 58,826 0.73 3.10 1.46 100.00 748.76 383.28 2.38 (1.65) 648.76 (365.48) 4.77
Inventories 99,053 45,809 67,667 4.69 1.24 1.68 100.00 46.25 68.31 (3.45) 0.44 (53.75) 22.07 8.22
Other Current Assets 14,508 867,348 2,016,804 0.69 23.43 50.01 100.00 5,978.41 13,901.32 22.74 26.58 5,878.41 7,922.91 28.87
Non-Current Assets 1,568,448 1,744,372 1,732,292 74.21 47.12 42.95 100.00 111.22 110.45 (27.09) (4.17) 11.22 (0.77) 56.81
of which
Fixed Assets-Net 651,905 593,891 596,197 30.84 16.04 14.78 100.00 91.10 91.45 (14.80) (1.26) (8.90) 0.35 26.94
Deffered Tax Assets-Net - 1,532 11,865 - 0.04 0.29 - - - 0.04 0.25 - - 0.61
Investments 200 95,200 95,200 0.01 2.57 2.36 100.00 47,600.00 47,600.00 2.56 (0.21) 47,500.00 - -
Other Assets 86,850 240,848 241,486 4.11 6.51 5.99 100.00 277.31 278.05 2.40 (0.52) 177.31 0.73 2.74
Other Non-Current Assets 829,493 812,901 787,544 39.25 21.96 19.53 100.00 98.00 94.94 (17.29) (2.43) (2.00) (3.06) 25.74

Liabilities 1,647,570 1,385,647 1,028,286 77.95 37.43 25.50 100.00 84.10 62.41 (40.52) (11.93) (15.90) (21.69) 53.30
Current Liabilities 557,642 697,129 509,465 26.38 18.83 12.63 100.00 125.01 91.36 (7.55) (6.20) 25.01 (33.65) 25.81
of which
Trade Payables 24,751 48,452 40,481 1.17 1.31 1.00 100.00 195.76 163.55 0.14 (0.31) 95.76 (32.20) 4.72
Bank Loans 66,000 66,000 36,000 3.12 1.78 0.89 100.00 100.00 54.55 (1.34) (0.89) - (45.45) 9.40
Taxes Payable 123,873 75,384 67,188 5.86 2.04 1.67 100.00 60.86 54.24 (3.82) (0.37) (39.14) (6.62) -
Accrued Expenses 35,588 20,506 9,256 1.68 0.55 0.23 100.00 57.62 26.01 (1.13) (0.32) (42.38) (31.61) 0.74
Other Current Liabilities 307,430 486,787 356,540 14.55 13.15 8.84 100.00 158.34 115.97 (1.40) (4.31) 58.34 (42.37) 4.70
Non-Current Liabilities 1,089,928 688,518 518,821 51.57 18.60 12.86 100.00 63.17 47.60 (32.97) (5.73) (36.83) (15.57) 27.49

Shareholder's Equity 466,041 2,316,270 3,004,599 22.05 62.57 74.50 100.00 497.01 644.71 40.52 11.93 397.01 147.70 46.70
Paid-up Capital 412,500 952,500 952,500 19.52 25.73 23.62 100.00 230.91 230.91 6.21 (2.11) 130.91 - 11.89
Paid-up Capital
in Excess of Par Value 16,181 834,741 834,741 0.77 22.55 20.70 100.00 5,158.77 5,158.77 21.78 (1.85) 5,058.77 - 12.32
Revaluation of Fixed Assets - - - - - - - - - - - - - -
Retained Earnings 37,360 529,029 1,217,358 1.77 14.29 30.19 100.00 1,416.03 3,258.45 12.52 15.90 1,316.03 1,842.42 22.48

Net Sales 1,880,275 1,962,435 2,180,673 100.00 100.00 100.00 100.00 104.37 115.98 - - 4.37 11.61 100.00
Cost of Goods Sold 891,088 949,458 1,027,885 47.39 48.38 47.14 100.00 106.55 115.35 0.99 (1.25) 6.55 8.80 63.95
Gross Profit 989,187 1,012,977 1,152,788 52.61 51.62 52.86 100.00 102.41 116.54 (0.99) 1.25 2.41 14.13 36.05
Operating Expenses 113,249 74,648 219,724 6.02 3.80 10.08 100.00 65.91 194.02 (2.22) 6.27 (34.09) 128.10 10.29
Operating Profit 875,938 938,329 933,065 46.59 47.81 42.79 100.00 107.12 106.52 1.23 (5.03) 7.12 (0.60) 25.76
Other Income (Expenses) (110,764) (84,910) 53,824 (5.89) (4.33) 2.47 100.00 76.66 (48.59) 1.56 6.79 (23.34) (125.25) (1.78)
Profit before Taxes 765,173 853,419 986,889 40.69 43.49 45.26 100.00 111.53 128.98 2.79 1.77 11.53 17.44 23.98
Comprehensive Profit 561,695 631,669 73,783 29.87 32.19 3.38 100.00 112.46 13.14 2.31 (28.80) 12.46 (99.32) 7.84

Per Share Data (Rp)

Earnings per Share n.a n.a 77
Equity per Share n.a n.a 315
Dividend per Share n.a n.a 23
Closing Price n.a 820 1,665

Financial Ratios 2012 2013 2014 Time Series Perusahaan Sejenis Rata2
13-12 14-13 DSNG TBLA SSMS
PER (x) n.a n.a 21.49 - - 12.56 9.25 21.49 14.43
PBV (x) n.a n.a 5.28 - - 3.56 1.64 5.28 3.49
Dividend Payout (%) n.a n.a 29.24 - - 16.31 n.a 29.24 22.78
Dividend Yield (%) n.a n.a 7.18 - - 4.62 n.a 7.18 5.90

Current Ratio (x) 0.98 2.81 4.52 1.83 1.71 1.14 1.10 4.52 2.25
Debt to Equity (x) 3.54 0.60 0.34 (2.94) (0.26) 2.13 1.97 0.34 1.48
Leverage Ratio (x) 0.78 0.37 0.25 (0.41) (0.12) 0.68 0.66 0.25 0.53
Operating Profit Margin (x) 0.47 0.48 0.43 0.01 (0.05) 0.22 0.13 0.43 0.26
Net Profit Margin (x) 0.30 0.32 0.34 0.02 0.02 0.13 0.07 0.34 0.18
Inventory Turnover (x) 9.00 20.73 15.19 11.73 (5.54) 0.89 0.52 15.19 5.53
Total Assets Turnover (x) 0.89 0.53 0.54 (0.36) 0.01 0.68 0.86 0.54 0.69
ROI (%) 26.58 17.06 18.30 (9.52) 1.24 9.06 5.95 18.30 11.10
ROE (%) 120.52 27.27 24.56 (93.25) (2.71) 28.33 17.69 24.56 23.53

PER = 17,13x ; PBV = 5,93x (March 2015)

Financial Year: December 31
Public Accountant: Purwantono, Suherman & Surja

AALI ANJT LSIP SGRO

14.77 31.07 14.04 11.34
3.23 1.64 1.79 1.32
43.62 82.08 39.37 -
9.52 4.34 5.01 -

0.58 1.22 2.49 0.80

0.57 0.18 0.20 0.81
0.36 0.15 0.17 0.45
0.22 0.10 0.26 0.18
0.16 0.13 0.19 0.11
8.88 7.16 8.12 7.98
0.88 0.34 0.55 0.59
13.93 4.47 10.61 6.40
21.83 5.29 12.72 11.60
PT Sawit Sumbermas Sarana Tbk.
Per Share Data (Rp)
Earnings per Share n.a n.a 77
Equity per Share n.a n.a 315
Dividend per Share n.a n.a 23
Closing Price n.a 820 1,665

Financial Ratios
PER (x) n.a n.a 21.49
PBV (x) n.a n.a 5.28
Dividend Payout (%) n.a n.a 29.24
Dividend Yield (%) n.a n.a 7.18

Current Ratio (x) 0.98 2.81 4.52

Debt to Equity (x) 3.54 0.60 0.34
Leverage Ratio (x) 0.78 0.37 0.25
Gross Profit Margin (x) 0.53 0.52 0.53
Operating Profit Margin (x) 0.47 0.48 0.43
Net Profit Margin (x) 0.30 0.32 0.34
Inventory Turnover (x) 9.00 20.73 15.19
Total Assets Turnover (x) 0.89 0.53 0.54
ROI (%) 26.58 17.06 18.30
ROE (%) 120.52 27.27 24.56

PER = 17,13x ; PBV = 5,93x (March 2015)

Financial Year: December 31
Public Accountant: Purwantono, Suherman & Surja
PT Sawit Sumbermas Sarana Tbk. (Arus Kas)
Dalam Ribuan (Rp) Common Size Index
2012 2013 2014 2012 2013 2014 2012 2013 2014
ARUS KAS DARI AKTIVITAS
OPERASI:
Penerimaan kas dari pelanggan 2,078,805,951 2,040,352,277 2,507,307,596 408.68 343.58 273.20 100.00 98.15 120.61
Pembayaran kas kepada pemasok (1,026,646,940) (972,694,391) (1,069,431,365) (201.83) (163.79) (116.53) 100.00 94.74 104.17
Pembayaran kas kepada karyawan (118,296,330) (138,030,736) (293,218,251) (23.26) (23.24) (31.95) 100.00 116.68 247.87
Penghasilan bunga yang diterima 5,061,724 20,525,322 108,050,503 1.00 3.46 11.77 100.00 405.50 2,134.66
Pembayaran pajak penghasilan badan (296,213,360) (258,074,618) (269,234,927) (58.23) (43.46) (29.34) 100.00 87.12 90.89
Beban keuangan yang dibayar (143,521,227) (123,991,381) (84,729,046) (28.22) (20.88) (9.23) 100.00 86.39 59.04
Penerimaan lainya, neto 9,471,407 25,763,966 18,995,099 1.86 4.34 2.07 100.00 272.02 200.55
Kas neto dari aktivitas operasi 508,661,225 593,850,439 917,739,609 100.00 100.00 100.00 100.00 116.75 180.42
ARUS KAS DARI AKTIVITAS
INVESTASI:
Pembayaran uang muka pembelian
aset tetap (172,429,428) (128,314,384) (2,752,782) 162.62 12.24 0.22 100.00 74.42 1.60
Penambahan aset dalam penyelesaian (151,977,703) (40,446,502) (48,669,182) 143.33 3.86 3.96 100.00 26.61 32.02
Penambahan tanaman belum
menghasilkan (18,518,285) (17,302,208) (9,000,216) 17.46 1.65 0.73 100.00 93.43 48.60
Perolehan aset tetap (66,922,353) (10,245,223) (34,811,887) 63.11 0.98 2.83 100.00 15.31 52.02
Penerimaan dan pelepasan aset tetap 3,005,000 - - (2.83) - - 100.00 - -
Perolehan aset tak berwujud - - (2,997,819) - - 0.24 - - -
Penambahan B. pengembangan plasma - - (7,563,662) - - 0.62 - - -
Investasi saham (190,000) (95,000,000) - 0.18 9.07 - 100.00 50,000.00 -
Penempatan deposito berjangka - (365,975,284) (1,359,642,000) - 34.92 110.71 - - -
Pencairan deposito berjangka - - 365,975,284 - - (29.80) - - -
Penerimaan pengembalian pinjaman
dari pihak berelasi 301,000,000 - 427,874,184 (283.87) - (34.84) 100.00 - 142.15
Pemberian pinjaman kpd pihak berelasi - (390,615,804) (556,496,037) - 37.28 45.31 - - -
Kas neto digunakan untuk aktivitas
investasi (106,032,769) (1,047,899,405) (1,228,084,117) 100.00 100.00 100.00 100.00 988.28 1,158.21
ARUS KAS DARI AKTIVITAS
PENDANAAN:
Penerimaan dari/(pemberian kepada)
pihak berelasi 540,274,121 (47,578,874) 24,370,601 (435.25) (4.92) (5.28) 100.00 (8.81) 4.51
Penerimaan setoran modal 400,000,000 1,358,560,115 - (322.24) 140.45 - 100.00 339.64 -
Perolehan utang bank 100,200,000 - - (80.72) - - 100.00 - -
Pembayaran utang bank (121,500,000) (174,200,000) (422,500,000) 97.88 (18.01) 91.48 100.00 143.37 347.74
Pembayaran liabilitas pembiayaan
konsumen (9,946,755) (14,818,707) (4,868,319) 8.01 (1.53) 1.05 100.00 148.98 48.94
Pembayaran liabilitas sewa pembiayaan (18,977,914) (14,698,828) (9,329,022) 15.29 (1.52) 2.02 100.00 77.45 49.16
Pembayaran deviden
pemilik entitas induk (718,390,000) (140,000,000) (49,500,708) 578.74 (14.47) 10.72 100.00 19.49 6.89
Kepentingan non pengendali (295,790,000) - - 238.29 - - 100.00 - -
Kas neto yang (digunakan untuk)
/diperoleh dari aktivitas pendanaan (124,130,548) 967,263,706 (461,827,448) 100.00 100.00 100.00 100.00 (779.23) 372.05

-
1. Ft = w At -1 + (1-w) Ft -1
= 0,8 (1.000.000.000)+(1-0,8)(990.000.000)
= 998,000,000

2. Tahun X Penjualan (Y) X.Y X2 Trend (Yt) Y/Yt*100

1995 1 100,000,000 100,000,000 1 110,625,000 90.40 GRAFIK SIKLUS PENJUALAN PT YOGY
1996 2 110,000,000 220,000,000 4 113,392,857 97.01 180,000,000
1997 3 120,000,000 360,000,000 9 116,160,714 103.31
160,000,000
1998 4 130,000,000 520,000,000 16 118,928,571 109.31
1999 5 140,000,000 700,000,000 25 121,696,429 115.04 140,000,000
2000 6 135,000,000 810,000,000 36 124,464,286 108.46 120,000,000
2001 7 130,000,000 910,000,000 49 127,232,143 102.18
100,000,000
2002 8 125,000,000 1,000,000,000 64 130,000,000 96.15

PENJUALAN
80,000,000 Penjualan (Y)
2003 9 120,000,000 1,080,000,000 81 132,767,857 90.38 Trend (Yt)
2004 10 115,000,000 1,150,000,000 100 135,535,714 84.85 60,000,000
2005 11 125,000,000 1,375,000,000 121 138,303,571 90.38
40,000,000
2006 12 135,000,000 1,620,000,000 144 141,071,429 95.70
2007 13 145,000,000 1,885,000,000 169 143,839,286 100.81 20,000,000

2008 14 155,000,000 2,170,000,000 196 146,607,143 105.72 -

2009 15 165,000,000 2,475,000,000 225 149,375,000 110.46 95 96 97 9 8 99 00 01 02 03 04 05 06 07 08 0 9
19 19 19 1 9 19 20 20 20 20 20 20 2 0 20 2 0 2 0
Jumlah 120 1,950,000,000 16,375,000,000 1,240
rata-rata 8 130,000,000 TAHUN

Trend (Yt) = a + b X
Analisis:
16.375.000.000-15(8)(130.000.000) 775,000,000 Dilihat dari grafik penjualan PT YOGY terdapat kecenderungan siklus dengan jangka
b= = waktu 15 tahun. Tahun 1999 menunjukkan kecenderungan penjualan yang tinggi
(1.240)-15(8)2 280 relatif terhadap angka trend, dan kemudian penjualan yang tinggi tersebut muncul
= 2,767,857.14 lagi pada tahun 2009.
a = 130.000.000-2.767.857,14(8) = 107,857,142.88

Persamaan trend: Yt = 107.857.142,88 + 2.767.857,14 Xt

 PERUSAHAAN
SSMS TBLA DSNG
2014 2014 2014
Total Assets 100.00 100.00 100.00
Current Assets 57.05 39.03 33.49
of which
Cash and Cash Equivalents 3.90 7.09 14.92
Trade Receivables 1.46 9.70 3.16
Inventories 1.68 13.05 9.93
Other Current Assets 50.01 31.13 5.48
Non-Current Assets 42.95 60.97 66.51
of which
Fixed Assets-Net 14.78 38.68 27.35
Deffered Tax Assets-Net 0.29 0.12 1.40
Investments 2.36 - -
Other Assets 5.99 1.40 0.84
Other Non-Current Assets 19.53 20.77 36.92

Liabilities 25.50 66.37 68.03

Current Liabilities 12.63 35.34 29.45
of which
Trade Payables 1.00 3.99 9.16
Bank Loans 0.89 16.58 10.75
Taxes Payable 1.67 - 2.18
Accrued Expenses 0.23 0.96 1.04
Other Current Liabilities 8.84 (1.06) 6.33
Non-Current Liabilities 12.86 31.03 38.58

Shareholder's Equity 74.50 33.63 31.97

Paid-up Capital 23.62 9.11 2.95
Paid-up Capital
in Excess of Par Value 20.70 6.86 9.41
Revaluation of Fixed Assets - - -
Retained Earnings 30.19 17.66 19.60

Net Sales 100.00 100.00 100.00

Cost of Goods Sold 47.14 79.60 65.10
Gross Profit 52.86 20.40 34.90
Operating Expenses 10.08 7.85 12.94
Operating Profit 42.79 12.55 21.95
Other Income (Expenses) 2.47 (3.67) (4.14)
Profit before Taxes 45.26 8.87 17.81
Comprehensive Profit 3.38 6.88 13.27

Per Share Data (Rp)

Earnings per Share 77
Equity per Share 315
Dividend per Share 23
Closing Price 1,665
Perusahaan Sejenis
Financial Ratios 2014
DSNG TBLA
PER (x) 21.49 12.56 9.25
PBV (x) 5.28 3.56 1.64
Dividend Payout (%) 29.24 16.31 n.a
Dividend Yield (%) 7.18 4.62 n.a

Current Ratio (x) 4.52 1.14 1.10

Debt to Equity (x) 0.34 2.13 1.97
Leverage Ratio (x) 0.25 0.68 0.66
Operating Profit Margin (x) 0.43 0.22 0.13
Net Profit Margin (x) 0.34 0.13 0.07
Inventory Turnover (x) 15.19 0.89 0.52
Total Assets Turnover (x) 0.54 0.68 0.86
ROI (%) 18.30 9.06 5.95
ROE (%) 24.56 28.33 17.69
Rata2

100.00
43.19

8.64
4.77
8.22
28.87
56.81

26.94
0.61
-
2.74
25.74

53.30
25.81

4.72
9.40
-
0.74
4.70
27.49

46.70
11.89

12.32
-
22.48

100.00
63.95
36.05
10.29
25.76
(1.78)
23.98
7.84
usahaan Sejenis Rata2
SMSS
21.49 14.43
5.28 3.49
29.24 22.78
7.18 5.90

4.52 2.25
0.34 1.48
0.25 0.53
0.43 0.26
0.34 0.18
15.19 5.53
0.54 0.69
18.30 11.10
24.56 23.53