Beruflich Dokumente
Kultur Dokumente
Current assets
Cash and cash equivalents 13,040,119,259 90,395,189,211 67,961,938,570
Trade receivables 209,573,827,233 236,586,529,881 296,104,466,395
Other receivables 240,506,671 295,536,889 215,035,300
Inventories 146,014,414,028 154,620,467,948 185,033,672,765
Advances for purchases 562,706,023 8,266,400,681 6,841,578,148
Prepaid tax - -
Prepaid expenses 60,458,383 278,300,875 168,015,409
Total current assets 369,492,031,597 490,442,425,485 556,324,706,587
Non Current Asset
Estimated claim for tax refund 2,129,299,117 - -
Defered tax assets 11,511,300,652 13,486,038,840 22,078,293,744
Fixed assets - net 171,839,026,968 342,883,472,236 377,745,435,931
acc depreciation 271,511,121,300 284,403,645,319 303,841,417,995
Other assets 15,592,393,421 3,421,905,625 4,184,117,625
Total non-current assets 201,072,020,158 359,791,416,701 404,007,847,300
Total assets 570,564,051,755 850,233,842,186 960,332,553,887
Liabilities
Current liabilities
Short-term loans 75,502,234,746 121,154,701,909 181,368,951,826
Trade payables third parties 130,475,320,708 190,383,375,394 185,857,676,858
Other payables third parties 1,390,080,783 3,981,499,319 5,984,649,856
Accured expenses 7,986,451,765 12,166,869,323 15,520,646,730
Taxes payable 7,391,810,310 3,759,948,368 4,370,012,787
Bank loans 1,072,213,891 3,200,000,000 9,600,000,000
Finance lease 223,958,962 193,352,434 206,733,155
Consumer financing payable - 942,831,770 1,020,716,959
Short-term employee benefits liability 8,189,244,359 3,729,144,479 2,759,206,213
Total current liabilities 232,231,315,524 339,511,722,996 406,688,594,384
Non Currrent Liabilities
Long-term bank loans 2,412,481,205 127,950,000,000 119,150,000,000
Finance lease 296,894,594 103,542,161 62,261,492
Consumer financing payable - 1,766,677,054 745,960,095
Long-term employee benefits liability 19,217,245,053 28,493,012,402 61,253,043,492
Distributors' security deposits 400,000,000 400,000,000 400,000,000
Total Non current liabilities 22,326,620,852 158,713,231,617 181,611,265,079
TOTAL LIABILITIES 254,557,936,376 498,224,954,613 588,299,859,463
EQUITY
Common stocks 202,500,000,000 202,500,000,000 202,500,000,000
Appropriated retained earnings 3,606,399,896 - 22,000,000,000
Unappropriated retained earnings 20,000,000,000 21,000,000,000 162,685,144,218
Other components of equity 89,899,715,483 128,508,887,573 (15,152,449,794)
Total equity 316,006,115,379 352,008,887,573 372,032,694,424
Total Liabilities and Equity 570,564,051,755 850,233,842,186 960,332,553,887
Cek - - -
0.03 0 0 0 0
25,219,579,674 25,219,579,674 22,745,888,533 23,647,412,488 24,579,703,420
2020E 2021E 2022E
0 0 0
25,543,739,893 26,540,530,401 27,571,114,263
Total assets Cash and cash eq
Tota l a s s ets Cas h a nd ca sh equ
1,177,093,668,866
90,395,189,211
960,332,553,887
850,233,842,186 67
570,564,051,755
13,040,119,259
2012 2013 2014 2015 2012 2013
Cash and cash equivalents TOTAL LIABILITIES
Cas h a nd ca sh equiva l ents TOTAL LIABILITIES
112,559,222,609 798,1
90,395,189,211
588,299,859,463
67,961,938,570 498,224,954,613
254,557,936,376
798,172,379,792
378,921,289,074
372,032,694,424
588,299,859,463
352,008,887,573
316,006,115,379
2015
2012 2013
Net Sale 1,301,332,627,213 1,386,314,584,485
Growth 7%
Cost of Goods Sold (1,127,203,697,334) (1,205,620,814,645)
GROSS PROFIT 174,128,929,879 180,693,769,840
- - - -
- - - -
0 0 0 0
- - - -
- - - -
0 0 0 0
(115,131,392,192)
(84,764,478,543)
(199,895,870,735)
84,508,267,729
(39,824,770,476)
4,583,049,556
1,246,735,689
2,089,964,681
52,603,247,180
(13,319,929,692)
1,081,337,267
(12,238,592,424)
40,364,654,755
-
-
0
40,364,654,755
405,000,000
99.67
-
23%
Net Sale 2012 2013
Local 1,164,995,172,408 1,249,459,165,107
Export 136,671,638,132 137,950,292,049
Gross Sales 1,301,666,810,540 1,387,409,457,156
(961,782,574) (1,378,225,869)
(56,007,389) (187,500,337) Export; 11.70%
Other;
1,626,232,662,544 1,713,946,192,967
10%
2014 2015
189,912,261,174 194,294,501,443 Corrg
1,419,021,142,700 1,509,857,428,115 Carto
88.0
17,299,258,670 9,794,263,409 Local; 88.30%
1,626,232,662,544 1,713,946,192,967
Net Sale Net Sale
2015 2015
t; 11.70% Enamel
Other; 0.57% Houseware;
136,671,63
11.34%
1,164,995,1
Corrgated 08
Carton Box;
88.09%
Local; 88.30%
2012
Sales
Loca l Export
200,744,180,849
209,566,127,130
137,950,292,049
136,671,638,132
1,417,684,325,3 1,514,767,738,3
0%
1,164,995,172,4 CAGR 177
1,249,459,165,1 24
08 07
Capex - (171,044,445,268)
Other (10,487,295,356)
0% -1%
Cash Flow From Investing (3,544,385,771) (181,531,740,624)
(9,788,903,831)
(29,173,448,847)
-1%
(38,962,352,678)
12,060,117,236
-
-
106,159,998,514
5%
118,220,115,749
6,730,940,492
225,041,481,274
150,615,615
231,923,037,381
2012 2013 2014 2015 2016E 2017E 2018E 2019E
Net Sale 100% 100% 100% 100% 100% 100% 100% 100%
Cost of Goods Sold -87% -87% -86% -87% -87% -87% -87% -87%
GROSS PROFIT 13% 13% 14% 13% 13% 13% 13% 13%
Selling expenses -5% -5% -5% -6% -5% -5% -5% -5%
General and administrative expenses -4% -4% -4% -4% -4% -4% -4% -4%
Total Operating Expenses -9% -9% -9% -10% -9% -9% -9% -10%
OPERATING INCOME 4% 4% 5% 3% 4% 4% 4% 4%
Other operating income -1% -1% -2% -2% -2% -2% -2% -2%
Other operating expenses 0% 1% 0% 0% 0% 0% 0% 0%
Other Charge - Net 0% 0% 0% 0% 0% 0% 0% 0%
Share in loss of asociated company 0% 0% 0% 0% 0% 0% 0% 0%
INCOME (LOSS) BEFORE INCOME TAX 5% 4% 5% 3% 4% 4% 4% 4%
Current tax -1% -1% -1% 0% -1% -1% -1% -1%
Deferred tax 0% 0% 0% 0% 0% 0% 0% 0%
Tax benefit (expenses) -1% -1% -1% 0% -1% -1% -1% -1%
NET INCOME (LOSS) 4% 3% 5% 3% 3% 3% 4% 3%
0% 0% 0%
0% 0% 0%
0% 0% 0%
3% 3% 3%
2012 2013 2014 2015 2016E 2017E 2018E
Rasio Likuiditas
Current Ratio 1.59 1.44 1.37 1.16 1.19 1.19 1.24
Quick Rasio 1.53 1.18 1.20 0.98 0.98 0.98 0.98
Net Working Capital 137,261 150,931 149,636 99,013 129,193 135,517 175,042
Rasio Aktivitas
Asset Turn Over(x) 2.28 1.63 1.69 1.46 1.43 1.43 1.39
Inventory Turn Over(x) 7.72 7.80 7.54 5.37 5.34 5.34 5.33
Receivable Turn Over(x) 6.2 5.9 5.5 5.2 5.2 5.2 5.2
Inventory Turnover (Days) 47.28 46.81 48.42 68.02 68.38 68.39 68.46
Raceivable Turnover (Days) 7.72 7.80 7.54 5.37 5.34 5.34 5.33
Rasio Solvabilitas
Debt to Equity Ratio 0.81 1.42 1.58 2.11 2.32 2.36 2.48
Debt to Asset Ratio 0.45 0.59 0.61 0.68 0.70 0.70 0.71
Rasio Profitabilitas
Gross Profit Margin 13.38% 13.03% 14.22% 12.93% 13.39% 13.40% 13.49%
Operating Profit Margin 4.42% 3.74% 5.35% 2.95% 4.11% 4.04% 4.11%
Net Profit Margin 2.83% 2.60% 2.81% 0.67% 2.23% 2.08% 1.95%
Return On Asset 6.46% 4.23% 4.76% 0.97% 3.19% 2.97% 2.71%
Return On Equity 11.66% 10.23% 12.28% 3.03% 10.59% 9.97% 9.43%
Growth Rates
EPS Growth Rate -2% 27% -75% 266% -5% -4%
Sales Growth Rate 7% 17% 5% 10% 2% 2%
EBIT Growth Rate -10% 68% -42% 54% 0% 4%
Net Income Growth Rate -2% 27% -75% 266% -5% -4%
Rasio Neraca
EDR 124% 71% 63% 47% 43% 42% 40%
EER 7% 6% 50% 52% 54% 55% 56%
EAR 55% 41% 39% 32% 30% 30% 29%
2019E 2020E 2021E 2022E
ROA
Return On As s et
4.76%
4.23%
3.19%
2.97%
0.97%
0.61
0.59
M NPM
fit Ma rgi n Net Profit Ma rgi n
2.81%
2.60%
2.23%
2.08%
13.39% 13.40%
3%
0.67%
OA ROE
On As s et Return On Equi ty
12.28%
10.23% 10.59%
9.97%
3.19%
2.97%
97% 3.03%
4.11% 4.04%
3.74%
2.95%
Assumption
Cost of Equity 13%
Risk free rate 6%
Beta 0.67
Equity risk premium 6%
WACC 10%
Terminal growth rate 2%
Cost of Debt 11%
Total PV of FCF 298,248,327,997
PV of Terminal Value (Rp bn) 690,801,993,782
Total PV of FCF and Terminal value (R 989,050,321,779
Cash 2016 (Rp bn) 144,093,667,323
Debt 2016 (Rp bn) 918,518,140,224
Equity value (Rp bn) 214,625,848,878
Equity value/share 529.94
2019 F 2020 F 2021 F 2022 F
3 4 5 6
0.76 0.69 0.63 0.57
61,419,210,681 59,752,959,840 55,625,416,726 51,928,862,144
1000000 FINANCIAL SUMMARY
Balance sheet
Year-end 31 Dec (Rp Mn) 2013 2014 2015
Cash and Cash Equivalents 90,395 67,962 112,559
Short Term investment - - -
Accounts Receivable 236,882 296,320 332,002
Inventory 154,620 185,034 278,105
Other Current Assets 8,545 7,010 8,593
Total Current Assets 490,442 556,325 731,259
Fixed Assets 342,883 377,745 403,005
Other Non Current Assets 16,908 26,262 42,830
Total Non Current Assets 359,791 404,008 445,835
Total Assets 850,234 960,333 1,177,094
Accounts Payable 194,365 191,842 254,076
Other Current Liabilities 145,147 214,846 378,169
Total Current Liabilities 339,512 406,689 632,245
Longterm Debt / Borrowings 158,313 181,211 165,527
Other Longterm Liabilities 400 400 400
Total Non Current Liabilities 158,713 181,611 165,927
Total Liabilities 498,225 588,300 798,172
Minority Interest - - -
Total Shareholder Equity 352,009 372,033 378,921
BVPS 869.158 918.599 935.608
Cash Flow
Yr-end Dec (Rp Mn) 2013 2014 2015
EBIT 51,802 86,990 50,513
Depreciation & Amortization 12,893 19,438 25,220
Others (18,033) 81,353 54,394
Working Capital change 38,681 (211,936) (171,991)
Operating Cash Flow 85,344 (24,155) (41,864)
Net - Capital Expenditure (171,044) (34,862) (25,260)
Investing Cash Flow (181,532) (55,207) (53,026)
Net - Borrowings 182,232 83,154 133,992
Others (9,139) (26,644) 5,672
Financial Cash Flow 173,094 56,509 139,664
Net - Cash Flow 76,906 (22,854) 44,774
Cash at beginning 13,040 89,946 67,092
Cash at ending 89,946 67,092 111,866
Income Statement
2016E 2017E Year-end 31 Dec (Rp Mn)
144,094 150,716 Net Sales
- - Cost of Goods Sold
365,202 372,506 Gross Profit
305,915 312,034 Other Operating Expenses
9,452 9,641 Operating Income
824,663 844,897 Pre-tax Profit
443,306 452,172 Income Tax Expense
47,113 48,055 Minority Interests
490,418 500,227 Net Income
1,315,082 1,345,124 EPS
279,484 285,074
415,986 424,306
695,470 709,379 Finance Ratio
222,648 234,900 Year-end 31 Des
400 400 Rasio Likuiditas
223,048 235,300 Current Ratio(x)
918,518 944,679 Quick Rasio(x)
- - Net Working Capital(Rp.Mn)
396,563 400,445 Rasio Aktivitas
979.169 988.752 Asset Turn Over(x)
Inventory Turn Over(x)
Receivable Turn Over(x)
Inventory Turnover (Days)
Raceivable Turnover (Days)
Rasio Solvabilitas
Debt to Equity Ratio (x)
2016E 2017E Debt to Asset Ratio (x)
77,546 77,625 Rasio Profitabilitas
25,220 22,746 Gross Profit Margin
31,744 6,984 Operating Profit Margin
(127,430) (191,190) Net Profit Margin
7,080 (83,836) ROA
(40,301) (8,866) ROE
(63,098) (36,070) Growth Rates
49,651 10,923 EPS Growth Rate
37,707 115,383 Sales Growth Rate
87,358 126,306 EBIT Growth Rate
31,339 6,400 Net Income Growth Rate
111,866 143,205 Rasio Neraca
143,205 149,606 EDR
EER
EAR
2013 2014 2015 2016E 2017E
1,386,315 1,626,233 1,713,946 1,885,341 1,923,048
(1,205,621) (1,394,909) (1,492,262) (1,632,830) (1,665,426)
180,694 231,324 221,684 252,511 257,622
(128,891) (144,333) (171,171) (174,965) (179,997)
51,802 86,990 50,513 77,546 77,625
(4,627) (27,415) (35,623) (22,892) (25,539)
(11,173) (13,888) (3,420) (12,675) (12,172)
- - - - -
36,003 45,687 11,471 41,979 39,914
89 113 28 104 99
1.88 -1.36 4
1.88 -1.36
1.88 -1.36 2
1.88 -1.36
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18
16
14
12
PE BAND
10
AVG
STD+1
8
STD+2
STD-1
6
0
15 6 6
01 01
-r 2 -2
M
a
S ep
3- 6-
Th INDONESIA
INDONESIA POPULATION
POPULATION
INDONESIA POPULATION
2015 255.46 2%
255.46
2014 252.2 252.2
2013 248.8 248.8
245.4
2012 245.4 242
2011 242 238.5
235
2010 238.5 231.6 R 2%
CAG
Million
2009 235 225.6
2008 231.6 222.7
2007 225.6
2006 222.7
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
INDONESIA
CONSUMER
Date CONFIDENCE
Aug-16 113.3 1%
Jul-16 114.2
Jun-16 113.7
May-16 112.1
Apr-16 109
Mar-16 109.8
Feb-16 110
Jan-16 112.6
Dec-15 107.5
Nov-15 103.7
Oct-15 99.3
Sep-15 97.5
N INDONESIA CONSUMER CONFIDENCE
INDONESIA CONSUMER CONFIDENCE
255.46
252.2
248.8 113.7 114.2 113.3
4 112.6 112.1
110 109.8 109
107.5
103.7
R%
97.5
99.3 CAG
2 2013 2014 2015 Sep-15 Nov-15 Ja n-16 Mar-16 May-16 Jul -16
Price EPS 2015 PER
ALDO 720 25 29
DAJK 59 (176) -0.3
FASW 2,710 (125) -22
INKP 990 555 2
KDSI 276 28 10