Merk v2

REFORMULATED STATEMENT OF COMMON EQUITY
PT. MERCK Tbk

TAHUN BERAKHIR 31 DESEMBER 2010
Balance, 31 Desember 2009
Transaction with shareholders
Cash Dividends
354,183,985
(109,961,600)
(109,961,600)
118,794,278
Comprehensive Income
363,016,663

PT. MERCK Tbk
Cash Dividends
363,016,663
(99,993,600)
(99,993,600)
231,158,647
494,181,710
PT. MERCK Tbk

Cash Dividends
494,181,710
(185,248,000)
(185,248,000)
107,808,155
416,741,865
REFORMULATED BALANCE SHEET

PT. MERCK Tbk
31 DESEMBER 2011 dan 2012
2010
2011
Operating Asset (OA)

19,398,659
3,231,456
Persediaan
125,252,467
123,558,509
Aset Tetap
67,053,016
61,536,084
9,440,635
7,890,576
10,121,924
10,121,924
1,274,226
3,881,675
8,718,878
10,759,250
Kas
Aset Tak Berwujud

Klaim Pajak Yang Dapat Dikembalikan
Pajak Pertambahan Nilai dibayar dimuka
Biaya dibayar dimuka
Uang muka pembelian aset tetap
Aset Pajak Tangguhan
241,259,805
Total Operating Assets
Operating Liabilities (OL)

Hutang Pajak
2,950,328
9,276,996
Hutang Pajak Lainnya
2,466,797
4,649,202
19,006,666
24,610,063
Kewajiban Imbalan Kerja

Total Operating Liabilities
24,423,791
Net Operating Asset (NOA)
216,836,014
Financial Obligations (FO)

Hutang Usaha:Pihak Ketiga
9,239,723
10,508,261
Hutang Usaha:Pihak Yang Berelasi
6,121,892
5,787,159
31,800,174
35,208,937
Kewajiban Lancar Lainnya

Liabilitas Jangka Panjang Lainnya
166,250
166,250
47,328,039
Total Financial Obligations (FO)
Financial Assets (FA)

Setara kas
88,500,000
250,500,000
Piutang Usaha:Pihak Ketiga
88,208,642
106,605,268
Piutang Lain-Lain
1,343,590
1,497,701
Properti Investasi
10,015,285
Aset Lancar Lain-lain
3,458,859
Aset Lain-Lain
1,982,294
2,451,217
2,354,900
Investasi sementara
193,508,670
Net Financial Assets (NFA)
146,180,631
Common Shareholders equity (CSE)
Modal saham
22,400,000
22,400,000
Tambahan Modal Disetor
17,561,517
17,561,517
323,055,146
454,220,193
Saldo Laba
Total Common Shareholders Equity (CSE)
363,016,663
Total NFA + CSE
509,197,294
2011
2012
6,551,868
237,577,457
63,317,809
6,404,080
19,209,421
4,580,107
8,401,189
1,181,044
11,824,432
220,979,474
359,047,407
3,687,098
3,300,286
32,435,960
38,536,261
39,423,344
182,443,213
319,624,063
60,372,281
2,028,837
50,439,436
425,188
51,670,607
113,265,742
137,000,000
67,305,122
1,240,413
1,226,934
3,611,075
363,409,086
210,383,544 -
311,738,479
97,117,802
22,400,000
17,561,517
376,780,348
494,181,710
416,741,865
805,920,189
513,859,667
REFORMULATED INCOME STATEM

PT. MERCK Tbk
TAHUN BERAKHIR 31 DESEMBER 2011 D

2010
Operating Revenue (OR)
Penjualan
795,688,800
Baban Pokok Penjualan
(353,716,514) +
Total Operating Revenue (OR)
441,972,286
Operating Expense (OE)

Beban Penjualan
(222,876,534)
Beban Umum dan Administrasi
(65,355,453) +
Total Operating Expense (OE)
(288,231,987)
Operating Income (OI)
153,740,299
Financial Expenses
Beban Keuangan
(792,978)
(Beban) Pendapatan Lainnya, Bersih
1,190,946 +
Pajak kini
(40,328,148)
Total Financial Expenses
(39,930,180)
Financial Income
Pendapatan Keuangan
3,565,181
Laba Penjualan Aset Tetap
1,335,245
Laba penjualan properti investasi

(Rugi) laba Kurs, Bersih
(1,720,600)
Pajak tangguhan
1,804,333 +
Total Financial Income
4,984,159
Net financial Expense
(34,946,021)
Earning before minority interest
188,686,320
Hak minoritas atas rugi (laba) bersih anak perusahaan

Earning
(24,495)
188,661,825
118,794,278
Metohod 1: C - I = OI - NOA
Operating income
Net Operating Assets

Free Cash Flow
Method 2: C - I = NFE - NFO+ d
C - I = NFE - NFO+ Minority interest in income +
Minority interest in the balance sheet
C - I = NFA - NFI + d
Method 2
Financial Expense
NFA
Devidend
Free Cash Flow
REFORMULATED INCOME STATEMENT

PT. MERCK Tbk
TAHUN BERAKHIR 31 DESEMBER 2011 DAN 2012
2011
2012
918,532,462
929,876,824
(436,394,128) +
(505,434,526) +
482,138,334
424,442,298
(236,555,285)
(234,344,551)
(47,001,074) +
-
(48,257,698) +
(283,556,359)
(282,602,249)
198,581,975
(422,810)
(382,781)
(3,770,605) +
(1,802,335) +
(54,108,541)
(39,171,904)
(58,301,956)
(41,357,020)
5,021,241
5,049,914
14,817,314
1,483,973
68,576,715
422,986
(273,943)
2,040,372 +
1,065,182 +
90,878,628
7,325,126
32,576,672
166,005,303
+
(1,494) +
166,003,809
231,158,647
NOA
NFA
CSE
2010
216,836,014
146,180,631
363,016,645
2011
198,581,975
2011
182,443,213
311,738,479
494,181,692
131,165,047
2012
319,624,063
97,117,802
416,741,865
(77,439,827)
2012
(34,392,801)
232,974,776
(32,576,672)
165,557,848
99,993,600
232,974,776
012
141,840,049
(34,031,894) 175,871,943
8,922
175,880,865
107,808,155
Change NOA
137,180,850
(34,392,801)
012
141,840,049
Change NFA
(214,620,677)
165,557,848
2012
2011
137,180,850
4,659,199
34,031,894
(214,620,677)
185,247,982
4,659,199
2010
Penjualan
Beban pokok Penjualan
Operating expense
Net Operating income from sales before tax
Tax Expense
Net Operating income after tax
Other operating income from sales
Net Operating income after tax
Net financial income
Total comprehensive income
795,688,800
(353,716,514)
2011
2012
918,532,462
929,876,824
(436,394,128)
(505,434,526)
(283,556,359)
(282,602,249)
198,581,975
(52,068,169)
146,513,806
80,046,410
226,560,216
4,598,431
349,694,212
141,840,049
(38,106,722)
103,733,327
(592,305)
103,141,022
4,667,133
250,240,509
REFORMULATED CASH FLOW

PT. MERCK Tbk
TAHUN BERAKHIR 31 DESEMBER 2011 DAN 2012
2010
2011
Cash Flow from Operation ( C )

Kas dihasilkan dari Operasi
Penerimaan Bunga
Pembayaran Pajak Penghasilan
213,747,254
199,630,307
2,787,027
4,382,191
(56,951,113)
Pengembalian Pajak Penghasilan
(47,781,873)
+
Total Cash Flow from Operation
+
159,583,168
Cash Invesment (I)

Perolehan aset tak berwujud
Perolehan aset tetap
Hasil penjualan aset tetap
Uang muka pembelian aset tetap
(6,231,086)
(274,511)
(16,531,428)
(4,126,476)
1,626,842
15,221,797
(159,223)
Hasil penjualan properti investasi
78,592,000
(21,294,895) -
C-I
138,288,273
Net Cash Flow to Shareholdersn (d)

Pembayaran deviden kas
109,725,898 +
99,810,638 +
109,725,898
Net Cash Flow to Debtholders and issuers (F)

Kenaikan bersih kas dan setara kas
Total Net Cash Flow to Debtholders and issues
d+F
28,562,375 +
145,832,797 +
28,562,375 +
138,288,273
AN 2012
2011
2012
138,968,067
4,810,439
(58,490,461)
3,116,517 +
156,230,625
88,404,562
(388,316)
(12,998,787)
1,683,696
(1,181,044)
89,412,810 -
(12,884,451) -
245,643,435
75,520,111
185,699,699 +
99,810,638
185,699,699
(110,179,588) +
145,832,797 +
245,643,435
(110,179,588) +
75,520,111
Ratios based on reformulated statements of shareholders' equity

No.
1
Ratios
Dividend payout ratio
Total payout ratio
Dividends-to-Book Value
Total Payout-to-Book Value
Retention ratio
ROCE
Net investment rate
Growth rate of CSE
Definition
Return on Common Equity
Growth in Common Shareholders'

Equity
Ratios based on reformulated balance sheets and income statements

No.
Ratios
RNOA
10
Core RNOA
11
12
NBC
PM
Net Comprehensive Profit
Margin
13
14
OLLEV
15
16
18
Capitalization ratio
FLEV
Short-term borrowing rate
(after tax)
SPREAD
19
ROOA
20
OLSPREAD
21
22
ATO
Growth rate in sales
Growth rate in operating
income
Growth in NOA
Growth in CSE
17
23
24
25
26
Implicit interest on operating

liabilities after tax
27
ROA
Definition
Return on Net Operating Assets
Core Return on Net Operating Assets
Net Borrowing Cost
Operating profit margin
Operating Liability Leverage
Financial Liability Leverage
Return on Operating Assets

Operating Liability Leverage Spread
Asset Turnover
Return on Assets
Formula
2011
43.26%
2012
171.83%
43.26%
171.83%
16.83%
30.77%
16.83%
30.77%
56.74%
-71.83%
Comprehensive income / [(CSEt + CSEt1)/2]
53.93%
23.67%
Net transactions with shareholders /

Beginning BV of CSE
27.55%
37.49%
Change in CSE / Beginning CSE
-15.67%
36.13%
Formula
Operating income after tax /
[(NOAt+NOAt-1)/2]
2011
2012
99.47%
56.50%
OI after tax / Sales
14.23%
21.62%
-16.65%
15.25%
Comprehensive income / Sales
25.17%
11.59%
Operating liability / Net operating assets
21.12%
12.33%
NOA/CSE
(NFOt+NFOt-1)/(CSEt+CSEt-1)
36.92%
53.42%
76.70%
44.88%
85.24%
73.15%
Div./Comprehensive income
(Div. + Stock repurchases) /
Comprehensive income
Div./(BV of CSE+Div.)
(Div. + Stock repurchases) / (BV of CSE
+ Div. + Stock repurchases)
1 - Dividends payout ratio
Core operating income after tax /

[(NOAt+NOAt-1)/2]
NFE after tax / [(NFOt+NFOt-1)/2]
Short-term borrowing rate*(1-T)

RNOA-NBC
(Operating income after tax + Implicit
Interest after tax)/ [(OAt+OAt-1)/2]
ROOA - Short-term Borrowing Rate
(after tax)
Sales / NOA
Change in sales / Prior period's sales
5.03
2.91
Change in OI after tax / Prior period's OI

Change in NOA / Beginning NOA
Change in CSE / Beginning CSE
Short-term borrowing rate (after tax) *
Operating liabilities
[Net income+Interest Expense (after
tax)]/Average total assets
-15.86%
36.13%
75.19%
-15.67%
SIMPLE FORECAST AND SIMPLE VALUATION

PT MERCK Tbk
SIMPLE FORECAST
SF1
SIMPLE VALUATION OF THE EQUITY

VE2008 = CSE2008
327,323,807,000
Jumlah Saham Beredar
22,400,000
Harga per lembar saham
14,612.67
CSE2008
327,323,807,000
OI2008
140,153,570.000
NOA2008
163,825,803.000
Required Return For Operation

ROCE
SF2
32.46%
VE2008 = CSE2008 + (ReOI2008/pF-1)
327,427,577,298.48
22,400,000
14,617.30
CSE2008
Core RNOA2008
NOA2008
Growth rate
SF3
0.5238
VE2008= CSE2008+(Core
327,323,807,000
0.9255
163,825,803.000
0.1782
RNOA2008-(pF-1)NOA2008)/Pf-g327,372,721,516.32
22,400,000
14,614.85

Merk v2

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Merk v2

Încărcat de

Drepturi de autor:

Formate disponibile

REFORMULATED STATEMENT OF COMMON EQUITY

PT. MERCK Tbk

REFORMULATED STATEMENT OF COMMON EQUITY

Balance, 31 Desember 2011

Balance, 31 Desember 2011

REFORMULATED BALANCE SHEET

Operating Asset (OA)

Aset Tak Berwujud

Total Operating Assets

Operating Liabilities (OL)

Hutang Pajak Lainnya

Kewajiban Imbalan Kerja

Net Operating Asset (NOA)

Financial Obligations (FO)

Hutang Usaha:Pihak Yang Berelasi

Kewajiban Lancar Lainnya

Total Financial Obligations (FO)

Financial Assets (FA)

Piutang Usaha:Pihak Ketiga

Aset Lancar Lain-lain

Net Financial Assets (NFA)

Common Shareholders equity (CSE)

Tambahan Modal Disetor

Total NFA + CSE

REFORMULATED INCOME STATEM

TAHUN BERAKHIR 31 DESEMBER 2011 D

Baban Pokok Penjualan

Total Operating Revenue (OR)

Operating Expense (OE)

Beban Umum dan Administrasi

Total Operating Expense (OE)

Operating Income (OI)

(Beban) Pendapatan Lainnya, Bersih

Total Financial Expenses

Laba Penjualan Aset Tetap

Laba penjualan properti investasi

Total Financial Income

Net financial Expense

Earning before minority interest

Hak minoritas atas rugi (laba) bersih anak perusahaan

Net Operating Assets

REFORMULATED INCOME STATEMENT

REFORMULATED CASH FLOW

Cash Flow from Operation ( C )

Pengembalian Pajak Penghasilan

Total Cash Flow from Operation

Cash Invesment (I)

Hasil penjualan properti investasi

Net Cash Flow to Shareholdersn (d)

Net Cash Flow to Debtholders and issuers (F)

Ratios based on reformulated statements of shareholders' equity

Total payout ratio

Total Payout-to-Book Value

Net investment rate

Growth rate of CSE

Return on Common Equity

Growth in Common Shareholders'

Ratios based on reformulated balance sheets and income statements

Implicit interest on operating

Operating Liability Leverage

Financial Liability Leverage

Return on Operating Assets

Comprehensive income / [(CSEt + CSEt1)/2]

Net transactions with shareholders /