LAMPIRAN. Lampiran 1. Perhitungan Acid-Test Ratio

L1 LAMPIRAN

Lampiran 1 Perhitungan Acid-Test Ratio No

Perusahaan

1

Astra Agro Lestari

2

Aneka Tambang (Persero)

3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8

Bakrieland Development

9

Energi Mega Persada

10

International Nickel Indonesia

11

Indofood Sukses Makmur

12

Indosat

13

PP London Sumatera

14

Medco Energi International

15

Perusahaan Gas Negara Indonesia

16

Tambang Batubara Bukit Asam

Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Aset Lancar 1,647,854,000,000 1,975,656,000,000 1,714,426,000,000 8,048,099,750,000 5,819,531,944,000 5,436,847,017,000 19,474,163,000,000 35,531,000,000,000 36,595,000,000,000 3,624,617,000,000 3,541,168,000,000 3,184,069,340,000 4,195,126,042,000 5,220,563,340,000 4,315,755,212,000 910,377,663,577 2,308,318,245,852 1,731,809,267,445 10,971,954,564,844 20,364,989,898,726 19,355,167,901,494 3,201,151,000,000 7,107,543,000,000 6,634,866,000,000 2,405,703,364,000 2,855,961,043,000 2,009,919,273,000 7,611,458,328,000 5,521,373,100,000 5,977,742,000,000 11,766,665,000,000 14,323,261,000,000 12,954,813,000,000 10,794,127,000,000 9,691,773,000,000 7,139,627,000,000 914,538,000,000 1,445,800,000,000 964,362,000,000 7,000,537,105,395 9,447,666,241,500 7,437,491,001,800 3,715,442,817,051 7,177,973,412,567 9,263,400,994,474 3,080,350,000,000 4,949,953,000,000 6,783,391,000,000

Persediaan 413,813,000,000 781,363,000,000 610,031,000,000 1,319,084,300,000 1,391,471,720,000 1,170,505,411,000 4,581,729,000,000 8,666,000,000,000 7,282,000,000,000 118,865,000,000 139,627,000,000 147,208,136,000 435,835,936,000 600,956,160,000 515,554,730,000 18,426,917,943 35,757,977,390 27,663,062,467 888,377,749,053 1,677,995,256,069 1,881,028,825,972 1,601,915,659,331 2,319,277,436,394 1,697,868,067,485 377,908,336,000 480,703,568,000 396,485,513,000 1,647,609,114,000 1,631,866,500,000 1,117,665,500,000 4,169,150,000,000 6,061,219,000,000 5,117,484,000,000 161,573,000,000 241,991,000,000 112,260,000,000 225,833,000,000 213,719,000,000 192,133,000,000 610,349,542,256 350,304,724,050 375,751,952,800 20,840,219,937 14,521,800,031 14,120,479,466 271,482,000,000 420,040,000,000 409,901,000,000

Kewajiban Lancar 1,027,958,000,000 1,016,167,000,000 938,976,000,000 1,818,063,474,000 725,941,574,000 747,531,096,000 21,343,163,000,000 26,883,000,000,000 26,735,000,000,000 5,198,831,000,000 4,958,871,000,000 4,197,790,376,000 3,353,229,032,000 9,614,423,872,000 6,803,459,004,000 500,521,008,641 1,047,845,748,888 2,061,971,871,520 8,112,413,524,718 17,374,907,789,910 19,955,338,349,336 1,066,359,000,000 2,155,723,000,000 2,724,643,000,000 3,688,449,706,000 1,568,473,664,000 4,258,804,108,000 3,010,569,996,000 1,128,936,600,000 826,139,000,000 12,776,365,000,000 16,262,161,000,000 11,158,962,000,000 11,658,581,000,000 10,675,245,000,000 13,068,122,000,000 833,347,000,000 850,158,000,000 686,189,000,000 3,556,598,039,197 4,246,172,395,950 4,786,132,707,600 3,169,415,227,056 3,297,977,346,109 3,729,795,011,315 695,010,000,000 1,353,426,000,000 1,380,908,000,000

Acid-Test Ratio 1.20 kali 1.18 kali 1.18 kali 3.70 kali 6.10 kali 5.71 kali 0.70 kali 1.00 kali 1.10 kali 0.67 kali 0.69 kali 0.72 kali 1.12 kali 0.48 kali 0.56 kali 1.78 kali 2.17 kali 0.83 kali 1.24 kali 1.08 kali 0.88 kali 1.50 kali 2.22 kali 1.81 kali 0.55 kali 1.51 kali 0.38 kali 1.98 kali 3.45 kali 5.88 kali 0.59 kali 0.51 kali 0.70 kali 0.91 kali 0.89 kali 0.54 kali 0.83 kali 1.45 kali 1.13 kali 1.80 kali 2.14 kali 1.48 kali 1.17 kali 2.17 kali 2.48 kali 4.04 kali 3.35 kali 4.62 kali

L2 17

Holcim Indonesia

18

Timah

19

Telekomunikasi Indonesia

20

Truba Alam Manunggal Engineering

21

Bakrie Sumatra Plantations

22

United Tractors

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

1,460,971,000,000 1,934,756,000,000 1,476,338,000,000 3,922,951,000,000 4,305,906,000,000 3,244,475,000,000 15,978,095,000,000 14,622,310,000,000 16,186,024,000,000 3,368,005,460,000 5,076,918,896,000 4,495,626,157,000 1,427,343,468,000 746,422,233,000 666,219,885,000 7,036,656,000,000 12,883,590,000,000 11,969,001,000,000

263,316,000,000 386,624,000,000 382,132,000,000 1,730,097,000,000 3,173,453,000,000 1,909,219,000,000 211,441,000,000 511,950,000,000 435,244,000,000 7,647,997,000 51,101,542,000 41,805,577,000 147,161,787,000 141,536,732,000 108,785,887,000 2,121,187,000,000 5,246,343,000,000 3,966,358,000,000

1,098,383,000,000 1,143,456,000,000 1,162,542,000,000 1,350,230,000,000 1,640,906,000,000 1,103,074,000,000 20,674,629,000,000 26,998,151,000,000 26,717,414,000,000 546,285,065,000 1,803,985,491,000 1,873,771,876,000 449,843,843,000 501,507,399,000 659,502,236,000 5,253,733,000,000 7,874,135,000,000 7,225,966,000,000

1.09 1.35 0.94 1.62 0.69 1.21 0.76 0.52 0.59 6.15 2.79 2.38 2.85 1.21 0.85 0.94 0.97 1.11

kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali

L3 Lampiran 2 Perhitungan Debt Ratio No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Total kewajiban 1,150,575,000,000 1,183,215,000,000 1,144,783,000,000 3,292,370,000,000 2,130,970,294,000 1,748,130,000,000 31,511,736,000,000 40,163,000,000,000 40,006,000,000,000 17,353,044,000,000 19,078,836,000,000 17,732,429,420,000 7,247,847,968,000 13,915,612,300,000 18,212,053,426,000 2,788,955,195,284 3,463,900,000,000 6,399,300,000,000 13,374,459,592,016 34,918,945,663,437 54,851,816,255,444 1,508,297,334,566 3,133,653,335,382 5,794,138,576,947 6,025,944,207,000 8,879,920,669,000 8,477,966,841,000 5,986,987,944,000 3,570,870,000,000 4,338,593,000,000 18,675,908,000,000 26,432,369,000,000 24,886,781,000,000 28,462,986,000,000 33,994,764,000,000 36,753,204,000,000 1,623,113,000,000 1,724,251,000,000 1,038,812,000,000 14,086,011,748,129 13,521,496,171,350 12,340,567,116,600 13,184,099,000,000 17,480,499,661,543 15,892,626,383,617

Total Aset 5,352,986,000,000 6,519,791,000,000 7,571,399,000,000 12,043,690,940,000 10,245,040,780,000 9,939,996,438,000 63,519,598,000,000 80,740,000,000,000 88,938,000,000,000 20,668,625,000,000 24,976,324,000,000 23,565,396,148,000 14,137,255,943,000 25,417,965,773,000 27,381,757,067,000 4,664,163,794,686 8,545,972,606,092 11,436,275,048,755 26,598,287,767,353 58,460,476,583,421 69,914,699,789,756 5,708,016,471,125 8,334,991,485,092 11,592,631,487,233 9,378,194,413,000 12,626,622,529,000 10,252,391,543,000 22,567,089,768,000 20,452,682,400,000 19,361,000,000,000 29,527,466,000,000 39,591,309,000,000 40,382,953,000,000 45,305,086,000,000 51,693,323,000,000 55,041,487,000,000 3,938,140,000,000 4,921,310,000,000 4,852,277,000,000 20,227,589,704,148 21,683,448,923,700 19,180,788,153,200 20,348,341,036,745 25,550,580,441,639 28,670,439,792,000

Debt Ratio 21.49 18.15 15.12 27.34 20.80 17.59 49.61 49.74 44.98 83.96 76.39 75.25 51.27 54.75 66.51 59.80 40.53 55.96 50.28 59.73 78.46 26.42 37.60 49.98 64.25 70.33 82.69 26.53 17.46 22.41 63.25 66.76 61.63 62.83 65.76 66.77 41.22 35.04 21.41 69.64 62.36 64.34 64.79 68.42 55.43

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

L4 16


17

Holcim Indonesia

18

Timah

19


20


21


22

United Tractors

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

1,116,799,000,000 2,029,169,000,000 2,292,740,000,000 4,950,893,000,000 5,137,054,000,000 3,949,183,000,000 1,673,393,000,000 1,964,156,000,000 1,425,361,000,000 39,005,419,000,000 47,258,399,000,000 47,636,512,000,000 3,222,361,339,000 5,418,035,442,000 4,537,815,413,000 1,924,315,000,000 2,229,140,518,000 2,401,056,025,000 7,216,432,000,000 11,644,916,000,000 10,453,748,000,000

3,928,071,000,000 6,106,828,000,000 8,078,578,000,000 7,208,250,000,000 7,674,980,000,000 7,265,366,000,000 5,032,712,000,000 5,785,003,000,000 4,885,712,000,000 82,058,760,000,000 91,256,250,000,000 97,559,606,000,000 4,991,216,392,000 7,234,689,821,000 6,601,158,639,000 4,310,903,584,000 4,700,318,837,000 5,071,797,313,000 13,002,619,000,000 22,847,721,000,000 24,404,828,000,000

28.43 33.23 28.38 68.68 66.93 54.36 33.25 33.95 29.17 47.53 51.79 48.83 64.56 74.89 68.74 44.64 47.43 47.34 55.50 50.97 42.83

% % % % % % % % % % % % % % % % % % % % %

L5 Lampiran 3 Perhitungan Debt to Equity Ratio No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


16


17

Holcim Indonesia

18

Timah

Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Total Kewajiban 1,150,575,000,000 1,183,215,000,000 1,144,783,000,000 3,292,370,000,000 2,130,970,294,000 1,748,130,000,000 31,511,736,000,000 40,163,000,000,000 40,006,000,000,000 17,353,044,000,000 19,078,836,000,000 17,732,429,420,000 7,247,847,968,000 13,915,612,300,000 18,212,053,426,000 2,788,955,195,284 3,463,900,000,000 6,399,300,000,000 13,374,459,592,016 34,918,945,663,437 54,851,816,255,444 1,508,297,334,566 3,133,653,335,382 5,794,138,576,947 6,025,944,207,000 8,879,920,669,000 8,477,966,841,000 5,986,987,944,000 3,570,870,000,000 4,338,593,000,000 18,675,908,000,000 26,432,369,000,000 24,886,781,000,000 28,462,986,000,000 33,994,764,000,000 36,753,204,000,000 1,623,113,000,000 1,724,251,000,000 1,038,812,000,000 14,086,011,748,129 13,521,496,171,350 12,340,567,116,600 13,184,099,000,000 17,480,499,661,543 15,892,626,383,617 1,116,799,000,000 2,029,169,000,000 2,292,740,000,000 4,950,893,000,000 5,137,054,000,000 3,949,183,000,000 1,673,393,000,000 1,964,156,000,000 1,425,361,000,000

Total Ekuitas 4,060,602,000,000 5,156,245,000,000 6,226,365,000,000 8,750,106,229,000 8,063,178,210,000 8,148,939,490,000 26,962,594,000,000 33,080,000,000,000 39,894,000,000,000 3,315,581,000,000 5,897,488,000,000 5,832,966,728,000 4,907,458,376,000 7,483,244,245,000 5,007,980,641,000 1,875,208,599,402 5,082,051,763,199 5,036,930,861,904 10,584,538,714,427 17,328,516,286,851 13,877,151,432,912 4,132,831,629,229 4,507,678,769,758 4,642,528,114,569 3,352,238,846,000 3,711,240,898,000 1,741,368,560,000 16,580,101,824,000 16,881,812,400,000 15,022,407,000,000 7,126,596,000,000 8,571,533,000,000 10,155,495,000,000 16,544,730,000,000 17,409,621,000,000 17,957,690,000,000 2,315,027,000,000 3,197,059,000,000 3,813,465,000,000 4,942,184,423,451 8,028,024,419,250 6,662,386,676,000 6,307,977,534,272 7,075,257,169,426 11,732,080,390,253 2,799,118,000,000 3,998,132,000,000 5,701,372,000,000 2,257,357,000,000 2,537,926,000,000 3,314,890,000,000 3,359,046,000,000 3,820,581,000,000 3,430,064,000,000

Hak Debt/Equity Minoritas Ratio 141,809,000,000 27.38% 180,331,000,000 22.17% 200,251,000,000 17.81% 1,214,711,000 37.62% 50,892,276,000 26.26% 42,926,948,000 21.34% 5,045,268,000,000 98.45% 7,497,000,000,000 98.98% 9,038,000,000,000 81.76% 523.38% 323.51% 304.00% 1,981,949,599,000 105.20% 4,019,109,228,000 120.98% 4,161,723,000,000 198.61% 148.73% 20,842,893 68.16% 44,186,851 127.05% 2,639,289,460,910 101.14% 6,213,014,633,133 148.33% 1,185,732,101,400 364.15% 66,887,507,330 35.91% 693,659,379,952 60.25% 1,155,964,795,717 99.92% 11,360,000 179.76% 35,460,962,000 237.01% 33,056,142,000 477.79% 36.11% 21.15% 28.88% 3,724,962,000,000 172.10% 4,587,407,000,000 200.87% 5,340,677,000,000 160.60% 297,370,000,000 169.00% 288,938,000,000 192.08% 330,593,000,000 200.97% 70.11% 53.93% 27.24% 1,199,393,532,568 229.35% 133,928,333,100 165.66% 177,834,360,600 180.41% 856,264,502,473 184.03% 994,823,610,670 216.61% 1,045,733,018,130 124.38% 10,154,000,000 39.75% 78,981,000,000 49.77% 84,466,000,000 39.63% 219.32% 202.41% 1,293,000,000 119.09% 273,000,000 49.81% 266,000,000 51.41% 30,287,000,000 41.19%

L6 19


20


21


22

United Tractors

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

39,005,419,000,000 47,258,399,000,000 47,636,512,000,000 3,222,361,339,000 5,418,035,442,000 4,537,815,413,000 1,924,315,000,000 2,229,140,518,000 2,401,056,025,000 7,216,432,000,000 11,644,916,000,000 10,453,748,000,000

33,748,579,000,000 34,314,071,000,000 38,989,747,000,000 1,676,181,170,000 1,708,614,204,000 1,958,449,758,000 2,385,205,980,000 2,470,178,284,000 2,669,843,170,000 5,733,335,000,000 11,131,607,000,000 13,843,710,000,000

9,304,762,000,000 9,683,780,000,000 10,933,347,000,000 92,673,883,000 108,040,175,000 104,893,468,000 1,382,604,000 1,000,035,000 898,118,000 52,852,000,000 71,198,000,000 107,370,000,000

90.60% 107.41% 95.42% 182.17% 298.24% 219.93% 80.63% 90.21% 89.90% 124.72% 103.95% 74.93%

L7 Lampiran 4 Perhitungan Times Interest Earned (TIE) No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


16


17

Holcim Indonesia

Tahun

EBIT

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

2,906,045,000,000 3,377,344,000,000 2,610,218,000,000 6,776,840,000,000 1,454,130,000,000 587,521,105,000 8,501,486,000,000 11,876,000,000,000 12,756,000,000,000 898,071,000,000 1,891,914,000,000 942,522,638,000 862,142,299,000 1,251,012,457,000 701,985,113,000 318,300,000,000 378,600,000,000 288,400,000,000 3,825,249,176,280 12,172,684,442,688 6,021,228,037,646 170,508,072,264 226,035,001,420 166,750,943,123 122,995,549,000 582,555,459,000 27,101,836,000 19,078,666,134,000 5,308,663,800,000 2,202,812,500,000 2,894,428,000,000 4,341,476,000,000 5,004,209,000,000 4,519,604,000,000 4,733,279,000,000 3,213,015,000,000 990,900,000,000 1,314,416,000,000 1,018,651,000,000 2,213,272,626,344 3,791,821,264,650 678,644,740,600 3,081,690,000,000 4,657,251,785,620 7,676,025,702,640 945,548,000,000 2,493,942,000,000 3,548,315,000,000 520,463,000,000 986,203,000,000 1,398,196,000,000

Beban Times Interest Bunga Earned 7,434,000,000 390.913 kali 179,000,000 18867.8 kali 30,617,000,000 85.2539 kali 74,315,067,000 91.1907 kali 50,346,415,000 28.8825 kali 47,049,683,000 12.4872 kali 678,134,000,000 12.5366 kali 513,000,000,000 23.1501 kali 485,000,000,000 26.301 kali 495,779,000,000 1.81143 kali 1,105,743,000,000 1.71099 kali 1,004,975,718,000 0.93786 kali 223,451,456,000 3.8583 kali 308,929,271,000 4.04951 kali 1,091,005,659,000 0.64343 kali 93,318,327,258 3.41091 kali 217,873,687,549 1.7377 kali 318,444,529,671 0.90565 kali 561,103,261,562 6.81737 kali 471,969,648,909 25.7912 kali 1,706,834,789,576 3.52772 kali 7,678,731,579 22.2052 kali 53,689,980,790 4.21 kali 37,147,474,550 4.48889 kali 267,492,767,000 0.45981 kali 495,794,812,000 1.17499 kali 780,632,646,000 0.03472 kali 17,972,874,000 1061.53 kali 6,715,500,000 790.509 kali 1,805,000,000 1220.39 kali 710,045,000,000 4.0764 kali 1,157,562,000,000 3.75053 kali 1,541,264,000,000 3.24682 kali 1,396,142,000,000 3.23721 kali 1,776,514,000,000 2.66436 kali 1,808,620,000,000 1.7765 kali 72,342,000,000 13.6974 kali 43,227,000,000 30.4073 kali 53,017,000,000 19.2137 kali 672,960,771,783 3.28886 kali 505,481,882,550 7.5014 kali 471,348,947,000 1.43979 kali 410,060,366,361 7.51521 kali 547,212,033,095 8.51087 kali 558,262,115,674 13.7499 kali 51,814,000,000 18.2489 kali 93,900,000,000 26.5596 kali 96,464,000,000 36.7838 kali 159,843,000,000 3.25609 kali 212,840,000,000 4.63354 kali 444,887,000,000 3.14281 kali

L8 16


17

Holcim Indonesia

18

Timah

19


20


21


22

United Tractors

2007 945,548,000,000 2008 2,493,942,000,000 2009 3,548,315,000,000 2007 520,463,000,000 2008 986,203,000,000 2009 1,398,196,000,000 2007 2,732,641,000,000 2008 2,070,204,000,000 2009 688,544,000,000 2007 26,472,708,000,000 2008 22,307,475,000,000 2009 22,603,141,000,000 2007 177,951,070,000 2008 176,130,818,000 2009 69,387,745,000 2007 488,871,000,000 2008 759,697,000,000 2009 470,323,022,000 2007 2,397,187,000,000 2008 4,158,663,000,000 2009 5,168,744,000,000

51,814,000,000 93,900,000,000 96,464,000,000 159,843,000,000 212,840,000,000 444,887,000,000 41,224,000,000 34,708,000,000 50,875,000,000 1,436,165,000,000 1,581,818,000,000 2,000,023,000,000 7,558,370,000 48,818,945,000 131,924,104,000 152,949,672,000 171,801,647,000 181,258,530,000 406,179,000,000 273,961,000,000 183,321,000,000

18.2489 26.5596 36.7838 3.25609 4.63354 3.14281 66.2876 59.6463 13.534 18.4329 14.1024 11.3014 23.5436 3.60784 0.52597 3.19629 4.42194 2.59476 5.9018 15.1798 28.195

kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali kali

L9 Lampiran 5 Perhitungan Return on Asset (ROA) No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Laba Bersih 1,973,428,000,000 2,631,019,000,000 1,660,649,000,000 5,118,987,734,000 1,368,139,165,000 604,307,088,000 6,519,273,000,000 9,191,000,000,000 10,040,000,000,000 758,982,000,000 1,557,962,000,000 (2,696,954,184,000) 223,357,976,000 (15,855,334,681,000) (1,627,126,687,000) 144,268,988,873 136,812,627,065 98,442,112,191 7,443,430,675,840 7,091,918,820,162 1,796,692,960,328 134,185,008,882 272,099,571,370 132,255,912,805 115,637,762,000 (34,943,284,000) (1,729,449,764,000) 14,027,164,488,000 3,988,407,600,000 1,618,961,500,000 980,357,000,000 1,034,389,000,000 2,075,861,000,000 2,042,043,000,000 1,878,522,000,000 1,498,245,000,000 564,034,000,000 927,555,000,000 707,487,000,000 61,642,720,852 3,068,234,840,250 180,780,743,600 1,572,564,940,647 633,859,683,713 6,229,043,496,319

Total Aset 5,352,986,000,000 6,519,791,000,000 7,571,399,000,000 12,043,690,940,000 10,245,040,780,000 9,939,996,438,000 63,519,598,000,000 80,740,000,000,000 88,938,000,000,000 20,668,625,000,000 24,976,324,000,000 23,565,396,148,000 14,137,255,943,000 25,417,965,773,000 27,381,757,067,000 4,664,163,794,686 8,545,972,606,092 11,436,275,048,755 26,598,287,767,353 58,460,476,583,421 69,914,699,789,756 5,708,016,471,125 8,334,991,485,092 11,592,631,487,233 9,378,194,413,000 12,626,622,529,000 10,252,391,543,000 22,567,089,768,000 20,452,682,400,000 19,361,000,000,000 29,527,466,000,000 39,591,309,000,000 40,382,953,000,000 45,305,086,000,000 51,693,323,000,000 55,041,487,000,000 3,938,140,000,000 4,921,310,000,000 4,852,277,000,000 20,227,589,704,148 21,683,448,923,700 19,180,788,153,200 20,348,341,036,745 25,550,580,441,639 28,670,439,792,000

Return on Asset 36.87 % 40.35 % 21.93 % 42.50 % 13.35 % 6.08 % 10.26 % 11.38 % 11.29 % 3.67 % 6.24 % -11.44 % 1.58 % -62.38 % -5.94 % 3.09 % 1.60 % 0.86 % 27.98 % 12.13 % 2.57 % 2.35 % 3.26 % 1.14 % 1.23 % -0.28 % -16.87 % 62.16 % 19.50 % 8.36 % 3.32 % 2.61 % 5.14 % 4.51 % 3.63 % 2.72 % 14.32 % 18.85 % 14.58 % 0.30 % 14.15 % 0.94 % 7.73 % 2.48 % 21.73 %

L10 16


17

Holcim Indonesia

18

Timah

19


20


21


22

United Tractors

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

760,207,000,000 1,707,771,000,000 2,727,734,000,000 169,410,000,000 282,220,000,000 895,751,000,000 1,784,594,000,000 1,342,358,000,000 313,751,000,000 12,857,018,000,000 10,619,470,000,000 11,332,140,000,000 212,734,734,000 (180,123,842,000) 216,434,812,000 206,575,272,000 173,569,364,000 252,783,327,000 1,493,037,000,000 2,660,742,000,000 3,817,541,000,000

3,926,071,000,000 6,106,282,000,000 8,078,578,000,000 7,208,250,000,000 7,674,980,000,000 7,265,366,000,000 5,032,712,000,000 5,785,003,000,000 4,885,712,000,000 82,058,760,000,000 91,256,250,000,000 97,559,606,000,000 4,991,216,392,000 7,234,689,821,000 6,601,158,639,000 4,310,903,584,000 4,700,318,837,000 5,071,797,313,000 13,002,619,000,000 22,847,721,000,000 24,404,828,000,000

19.36 27.97 33.77 2.35 3.68 12.33 35.46 23.20 6.42 15.67 11.64 11.62 4.26 -2.49 3.28 4.79 3.69 4.98 11.48 11.65 15.64

% % % % % % % % % % % % % % % % % % % % %

L11 Lampiran 6 Perhitungan Return on Equity (ROE) No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


16


Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Laba Bersih 1,973,428,000,000 2,631,019,000,000 1,660,649,000,000 5,118,987,734,000 1,368,139,165,000 604,307,088,000 6,519,273,000,000 9,191,000,000,000 10,040,000,000,000 758,982,000,000 1,557,962,000,000 (2,696,954,184,000) 223,357,976,000 (15,855,334,681,000) (1,627,126,687,000) 144,268,988,873 136,812,627,065 98,442,112,191 7,443,430,675,840 7,091,918,820,162 1,796,692,960,328 134,185,008,882 272,099,571,370 132,255,912,805 115,637,762,000 (34,943,284,000) (1,729,449,764,000) 14,027,164,488,000 3,988,407,600,000 1,618,961,500,000 980,357,000,000 1,034,389,000,000 2,075,861,000,000 2,042,043,000,000 1,878,522,000,000 1,498,245,000,000 564,034,000,000 927,555,000,000 707,487,000,000 61,642,720,852 3,068,234,840,250 180,780,743,600 1,572,564,940,647 633,859,683,713 6,229,043,496,319 760,207,000,000 1,707,771,000,000 2,727,734,000,000

Total Return on Ekuitas Equity 4,060,602,000,000 48.60 % 5,156,245,000,000 51.03 % 6,226,365,000,000 26.67 % 8,750,106,229,000 58.50 % 8,063,178,210,000 16.97 % 8,148,939,490,000 7.42 % 26,962,594,000,000 24.18 % 33,080,000,000,000 27.78 % 39,894,000,000,000 25.17 % 3,315,581,000,000 22.89 % 5,897,488,000,000 26.42 % 5,832,966,728,000 -46.24 % 4,907,458,376,000 4.55 % 7,483,244,245,000 -211.88 % 5,007,980,641,000 -32.49 % 1,875,208,599,402 7.69 % 5,082,051,763,199 2.69 % 5,036,930,861,904 1.95 % 10,584,538,714,427 70.32 % 17,328,516,286,851 40.93 % 13,877,151,432,912 12.95 % 4,132,831,629,229 3.25 % 4,507,678,769,758 6.04 % 4,642,528,114,569 2.85 % 3,352,238,846,000 3.45 % 3,711,240,898,000 -0.94 % 1,741,368,560,000 -99.32 % 16,580,101,824,000 84.60 % 16,881,812,400,000 23.63 % 15,022,407,000,000 10.78 % 7,126,596,000,000 13.76 % 8,571,533,000,000 12.07 % 10,155,495,000,000 20.44 % 16,544,730,000,000 12.34 % 17,409,621,000,000 10.79 % 17,957,690,000,000 8.34 % 2,315,027,000,000 24.36 % 3,197,059,000,000 29.01 % 3,813,465,000,000 18.55 % 4,942,184,423,451 1.25 % 8,028,024,419,250 38.22 % 6,662,720,000,000 2.71 % 6,307,977,534,272 24.93 % 7,075,257,169,426 8.96 % 11,732,080,390,253 53.09 % 2,799,118,000,000 27.16 % 3,998,132,000,000 42.71 % 5,701,372,000,000 47.84 %

L12 16


17

Holcim Indonesia

18

Timah

19


20


21


22

United Tractors

2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

760,207,000,000 1,707,771,000,000 2,727,734,000,000 169,410,000,000 282,220,000,000 895,751,000,000 1,784,594,000,000 1,342,358,000,000 313,751,000,000 12,857,018,000,000 10,619,470,000,000 11,332,140,000,000 212,734,734,000 (180,123,842,000) 216,434,812,000 206,575,272,000 173,569,364,000 252,783,327,000 1,493,037,000,000 2,660,742,000,000 3,817,541,000,000

2,799,118,000,000 3,998,132,000,000 5,701,372,000,000 2,257,357,000,000 2,537,926,000,000 3,314,890,000,000 3,359,046,000,000 3,820,581,000,000 3,430,064,000,000 33,748,579,000,000 34,314,071,000,000 38,989,747,000,000 1,676,181,170,000 1,708,614,204,000 1,958,449,758,000 2,385,205,980,000 2,470,178,284,000 2,669,843,170,000 5,733,335,000,000 11,131,607,000,000 13,843,710,000,000

27.16 42.71 47.84 7.50 11.12 27.02 53.13 35.13 9.15 38.10 30.95 29.06 12.69 -10.54 11.05 8.66 7.03 9.47 26.04 23.90 27.58

% % % % % % % % % % % % % % % % % % % % %

L13

Lampiran 7 Perhitungan Market Value Added (MVA) No

Perusahaan

1

Astra Agro Lestari

2


3

Astra International

4

Berlian Laju Tanker

5

Bakrie & Brothers

6

Bakrie Telecom

7

Bumi Resources

8


9

Energi Mega Persada

10


11


12

Indosat

13

PP London Sumatera

14


15


16


17

Holcim Indonesia

Tahun 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

Nilai Pasar Harga saham Saham beredar 28,000 1,574,745,000 9,800 1,574,745,000 22,750 1,574,745,000 4,475 9,538,459,750 1,090 9,538,459,750 2,200 9,538,459,750 27,300 4,048,355,314 10,550 4,048,355,314 34,700 4,048,355,314 2,650 4,159,010,436 580 4,589,281,176 650 5,981,591,235 290 26,970,278,400 50 93,721,717,440 85 93,721,717,440 420 18,953,676,867 51 28,482,417,579 147 28,482,417,579 6,000 19,404,000,000 910 19,404,000,000 2,425 19,404,000,000 620 19,621,889,800 72 19,916,074,473 193 19,916,859,473 1,490 14,400,813,372 84 14,400,813,372 193 14,400,813,372 9,625 9,936,338,720 1,930 9,936,338,720 3,650 9,936,338,720 2,575 9,444,189,000 930 8,780,426,500 3,550 8,780,426,500 8,650 5,433,933,500 5,750 5,433,933,500 4,725 5,433,933,500 10,650 1,364,573,000 2,925 1,364,573,000 8,350 1,364,573,000 5,150 3,332,451,450 1,870 3,332,451,450 2,450 3,332,451,450 15,350 4,539,885,805 1,860 22,967,185,965 3,900 24,241,508,196 12,000 2,304,131,849 6,900 2,304,131,849 17,250 2,304,131,849 1,750 7,662,900,000 630 7,662,900,000 1,550 7,662,900,000

Total Ekuitas 4,060,602,000,000 5,156,245,000,000 6,226,365,000,000 8,750,106,229,000 8,063,178,210,000 8,148,939,490,000 26,962,594,000,000 33,080,000,000,000 39,894,000,000,000 3,315,581,000,000 5,897,488,000,000 5,832,966,728,000 4,907,458,376,000 7,483,244,245,000 5,007,980,641,000 1,875,208,599,402 5,082,051,763,199 5,036,930,861,904 10,584,538,714,427 17,328,516,286,851 13,877,151,432,912 4,132,831,629,229 4,507,678,769,758 4,642,528,114,569 3,352,238,846,000 3,711,240,898,000 1,741,368,560,000 16,580,101,824,000 16,881,812,400,000 15,022,407,000,000 7,126,596,000,000 8,571,533,000,000 10,155,495,000,000 16,544,730,000,000 17,409,621,000,000 17,957,690,000,000 2,315,027,000,000 3,197,059,000,000 3,813,465,000,000 4,942,184,423,451 8,028,024,419,250 6,662,720,000,000 6,307,977,534,272 7,075,257,169,426 11,732,080,390,253 2,799,118,000,000 3,998,132,000,000 5,701,372,000,000 2,257,357,000,000 2,537,926,000,000 3,314,890,000,000

Market Value Added 40,032,258,000,000 10,276,256,000,000 29,599,083,750,000 33,934,501,152,250 2,333,742,917,500 12,835,671,960,000 83,557,506,072,200 9,630,148,562,700 100,583,929,395,800 7,705,796,655,400 (3,235,704,917,920) (1,944,932,425,250) 2,913,922,360,000 (2,797,158,373,000) 2,958,365,341,400 6,085,335,684,738 (3,629,448,466,670) (850,015,477,791) 105,839,461,285,573 329,123,713,149 33,177,548,567,088 8,032,740,046,771 (3,073,721,407,702) (798,574,236,280) 18,104,973,078,280 (2,501,572,574,752) 1,037,988,420,796 79,057,158,356,000 2,295,321,329,600 21,245,229,328,000 17,192,190,675,000 (405,736,355,000) 21,015,019,075,000 30,458,794,775,000 13,835,496,625,000 7,717,645,787,500 12,217,675,450,000 794,317,025,000 7,580,719,550,000 12,219,940,544,049 (1,796,340,207,750) 1,501,786,052,500 63,379,269,572,478 35,643,708,725,474 82,809,801,574,147 24,850,464,188,000 11,900,377,758,100 34,044,902,395,250 11,152,718,000,000 2,289,701,000,000 8,562,605,000,000

16


17

Holcim Indonesia

18

Timah

19


20


21


22

United Tractors

2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009 2007 2008 2009

1,860 3,900 12,000 6,900 17,250 1,750 630 1,550 28,700 1,080 1,904 10,150 6,900 9,450 1,420 50 126 2,275 260 580 10,900 4,400 15,500

22,967,185,965 24,241,508,196 2,304,131,849 2,304,131,849 2,304,131,849 7,662,900,000 7,662,900,000 7,662,900,000 503,302,000 5,033,020,000 5,033,020,000 20,159,999,280 20,159,999,280 20,159,999,280 13,978,099,380 15,547,357,080 15,799,456,267 3,787,875,000 3,787,996,935 3,787,996,935 2,851,609,100 3,326,877,283 3,326,877,283

7,075,257,169,426 11,732,080,390,253 2,799,118,000,000 3,998,132,000,000 5,701,372,000,000 2,257,357,000,000 2,537,926,000,000 3,314,890,000,000 3,359,046,000,000 3,820,581,000,000 3,430,064,000,000 33,748,579,000,000 34,314,071,000,000 38,989,747,000,000 1,676,181,170,000 1,708,614,204,000 1,958,449,758,000 2,385,205,980,000 2,470,178,284,000 2,669,843,170,000 5,733,335,000,000 11,131,607,000,000 13,843,710,000,000

35,643,708,725,474 82,809,801,574,147 24,850,464,188,000 11,900,377,758,100 34,044,902,395,250 L14 11,152,718,000,000 2,289,701,000,000 8,562,605,000,000 11,085,721,400,000 1,615,080,600,000 6,152,806,080,000 170,875,413,692,000 104,789,924,032,000 151,522,246,196,000 18,172,719,949,600 (931,246,350,000) 32,281,731,642 6,232,209,645,000 (1,485,299,080,900) (472,804,947,700) 25,349,204,190,000 3,506,653,045,200 37,722,887,886,500

L15 Lampiran 8 SPSS Descriptive Descriptive Statistics N MVA Acid.Test.Ratio Debt.Ratio Debt.to.Equity .Ratio TIE ROA ROE Dummy .Krisis Valid N (list wise)

66 66 66 66 66 66 66 66 66

Minimum -.71 .38 .15 .18 .03 -.62 -2.12 .00

Maximum 10.84 6.15 .84 5.23 18867.84 .62 .85 1.00

Mean 2.4398 1.6991 .5001 1.3424 351.3021 .0958 .1476 .3333

Std. Dev iat ion 2.90155 1.42013 .18413 1.04362 2324.71097 .15931 .38158 .47502

Regression Variables Entered/Removedb Model 1

Variables Variables Entered Remov ed Dummy .Krisis, Debt .Rat io, TIE, ROE, Acid. a . Test.Ratio, Debt.to.Equit y .Ratio, ROA

Method Enter

a. All requested v ariables entered. b. Dependent Variable: MVA

Model Summaryb Model 1

R .634a

R Square .402

Adjusted R Square .330

St d. Error of the Estimate 2.37478

DurbinWat son 1.835

a. Predictors: (Constant), Dummy .Krisis, Debt.Ratio, TIE, ROE, Acid.Test. Ratio, Debt.to.Equity .Ratio, ROA b. Dependent Variable: MVA

L16

ANOVAb Model 1

Regression Residual Total

Sum of Squares 220.141 327.095 547.235

df 7 58 65

Mean Square 31.449 5.640

F 5.576

Sig. .000a

a. Predictors: (Const ant), Dummy . Krisis, Debt.Ratio, TIE, ROE, Acid.Test.Ratio, Debt. to.Equity .Ratio, ROA b. Dependent Variable: MVA

Coeffici entsa

Model 1

Unstandardized Coef f icients B Std. Error (Constant) -1.284 1.995 Acid.Test.Ratio .420 .236 Debt.Ratio 8.839 4.676 Debt.to.Equity .Rat io -1.047 .690 TIE -3.5E-006 .000 ROA 12.088 5.725 ROE -1.800 2.098 Dummy .Krisis -2.690 .641

a. Dependent Variable: MVA

Standardized Coef f icients Beta .205 .561 -.376 -.003 .664 -.237 -.440

t -.644 1.776 1.890 -1.516 -.025 2.112 -.858 -4.198

Sig. .522 .081 .064 .135 .980 .039 .394 .000

Collinearity Statistics Tolerance VIF .771 .117 .167 .803 .104 .135 .936

1.298 8.544 5.983 1.245 9.585 7.383 1.068

L17 Charts Normal P-P Plot of Regression Standardized Residual

Dependent Variable: MVA

Expected Cum Prob

1.0

0.8

0.6

0.4

0.2

0.0 0.0

0.2

0.4

0.6

0.8

1.0

Observed Cum Prob

Uji Normalitas Model Regresi NPar Tests One-Sample Kolmogorov-Smirnov Test

N Normal Parameters a,b Most Extreme Dif f erences

Mean Std. Dev iat ion Absolute Positiv e Negativ e

Kolmogorov -Smirnov Z Asy mp. Sig. (2-tailed) a. Test distribution is Normal. b. Calculated f rom data.

Unstandardiz ed Residual 66 .0000000 2.24326236 .154 .154 -.068 1.252 .087

L18 Uji Heteroskedastisitas Regression Variables Entered/Removedb Model 1

Variables Variables Entered Remov ed Dummy .Krisis, Debt .Rat io, TIE, ROE, a . Acid.Test.Ratio, Debt.to. Equity .Ratio, ROA

Method Enter

a. All requested v ariables entered. b. Dependent Variable: LnResid^2

Coeffici entsa

Model 1

Unstandardized Coef f icients B Std. Error (Constant) -2.648 2.113 Acid.Test.Ratio .237 .250 Debt.Ratio 7.884 4.952 Debt.to.Equity .Ratio -1.104 .731 TIE -6.9E-005 .000 ROA 3.748 6.062 ROE -1.851 2.221 Dummy .Krisis -.937 .679

a. Dependent Variable: LnResid^2

Standardized Coef f icients Beta .135 .582 -.462 -.064 .239 -.283 -.179

t -1.253 .948 1.592 -1.510 -.461 .618 -.834 -1.381

Sig. .215 .347 .117 .136 .647 .539 .408 .173

L19 Lampiran 9 Multikolinearitas Pada Variabel Independen dengan SPSS

Coeffici entsa

Model 1

Unstandardized Coef f icients B Std. Error (Constant) 2.083 2.465 Current.Ratio -1.841 .837 Acid.Test.Ratio 2.314 .891 Debt.Ratio 2.220 5.437 Debt.to.Equity .Rat io -.545 .706 TIE -2.3E-005 .000 ROA 9.113 5.707 ROE -.919 2.070 Dummy .Krisis -2.461 .629

a. Dependent Variable: MVA

Standardized Coef f icients Beta -1.071 1.132 .141 -.196 -.018 .500 -.121 -.403

t .845 -2.200 2.597 .408 -.772 -.166 1.597 -.444 -3.910

Sig. .402 .032 .012 .685 .444 .868 .116 .659 .000

Collinearity Statistics Tolerance VIF .041 .051 .081 .150 .800 .098 .130 .911

24.504 19.670 12.316 6.679 1.250 10.156 7.671 1.098

LAMPIRAN. Lampiran 1. Perhitungan Acid-Test Ratio

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