DAFTAR PUSTAKA
“BI Rate peroide 2007 - 2010”. http://www.bi.go.id (5 Februari 2011) “Laporan Perekonomian Indonesia Indonesia Tahun 2010”. http://www.bi.go.id (21 Februari 2011) “Infrastruktur, Utilitas dan Transportasi”. http://www.duniainvestasi.com (30 Desember 2011) “Laporan Keuangan PT. Telekomunikasi Indonesia Tbk Tahun 2010”. http://www.idx.co.id (5 September2011) “Laporan Keuangan PT. Indosat Tbk Tahun 2010”. http://www.idx.co.id (5 September2011) “Laporan Keuangan PT. XL Axiata Tbk Tahun 2010”. http://www.idx.co.id (5 September2011) “Ringkasan Kinerja Perusahaan Tercatat”. http://www.idx.co.id (12 Oktober 2011) “IDX Fact Book 2011” http://www.idx.co.id (2 Februari 2012) Darma, Putra I Putu, 2009. “Analisis Valuasi Saham pada PT. Indofood Sukses Makmur Tbk, PT. Gudang Garam Tbk, dan PT. Unilever Tbk”. Skripsi Fakultas Ekonomi Universitas Gunadarma. Ariani, Fitrin, 2008. “Analisis terhadap Harga Saham PT. Bank Central Asia Tbk dengan metode Dividend Discount Model (DDM) dan Excess Return Model (ERM)”. Skripsi Fakultas Ekonomi Universitas Mercu Buana. Harjanti, Retno, 2008. “Analisis Fundamental untuk Menentukan Nilai Intrinsik Perusahaan pada PT. Medco Energi Internasional Tbk – 2004”. http://elibrary.mb.ipb.ac.id (11 Juni 2009) Hartono, Jogiyanto. 2003. Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE Yogya. Habib, Arief, 2008. “Kiat Jitu Peramalan Saham”. Jakarta: Penerbit Andi “Security Market Line”. http://wikipedia.org (4 March 2012) Porman, Tambunan Andi, 2010. “Menilai Harga Wajar Saham (Stock Valuation)”. Jakarta: PT. Elex Media Komputindo Parahita. 2008. Bagaimana Cara Menentukan Harga Wajar Saham. http://parahita.wordpress.com (11 Juni 2009) Margaretha, Farah, 2005. “Teori dan Aplikasi Manajemen Keuangan, Investasi dan 46
Sumber Dana Jangka Panjang”. Jakarta: Grasindo. Margaretha, Farah, 2005. “Teori dan Aplikasi Manajemen Keuangan, Investasi dan Sumber Dana Jangka Pendek”. Jakarta: Grasindo. Zainul, Agus. 2008. Penilaian Saham. http://pksm.mercubuana.ac.id (3 Agustus 2011) Noor, Faizal Henry, 2009. “Investasi, Pengelolaan Keuangan Bisnis dan Pengembangan Ekonomi Masyarakat”. Jakarta: PT. Indeks.
47
TABEL . I.1 TABEL PERHITUNGAN RETURN & RESIKO PASAR (TLKM) Tanggal Jan 4, 2010
Harga Saham TLKM 9,550.00
DIVIDEND
Harga Saham JKSE/IHSG 2,575.41
Return Saham
Return Pasar
0
0
Jan 5, 2010
9,600.00
2,605.28
0.01
0.01
Jan 6, 2010
9,500.00
2,603.30
-0.01
0.00
Jan 7, 2010
9,250.00
2,586.90
-0.03
-0.01
Jan 8, 2010
9,350.00
2,614.37
0.01
0.01
Jan 11, 2010
9,450.00
2,632.20
0.01
0.01
Jan 12, 2010
9,500.00
2,659.55
0.01
0.01
Jan 13, 2010
9,400.00
2,632.87
-0.01
-0.01
Jan 14, 2010
9,350.00
2,645.18
-0.01
0.00
Jan 15, 2010
9,500.00
2,647.09
0.02
0.00
Jan 18, 2010
9,400.00
2,642.55
-0.01
0.00
Jan 19, 2010
9,450.00
2,666.07
0.01
0.01
Jan 20, 2010
9,500.00
2,667.27
0.01
0.00
Jan 21, 2010
9,450.00
2,638.38
-0.01
-0.01
Jan 22, 2010
9,300.00
2,610.34
-0.02
-0.01
Jan 25, 2010
9,250.00
2,597.86
-0.01
0.00
Jan 26, 2010
9,300.00
2,578.42
0.01
-0.01
Jan 27, 2010
9,250.00
2,564.55
-0.01
-0.01
Jan 28, 2010
9,300.00
2,619.56
0.01
0.02
Jan 29, 2010
9,350.00
2,610.80
0.01
0.00
Feb 1, 2010
9,300.00
2,587.55
-0.01
-0.01
Feb 2, 2010
9,300.00
2,580.25
0.00
0.00
Feb 3, 2010
9,350.00
2,604.55
0.01
0.01
Feb 4, 2010
9,250.00
2,593.22
-0.01
0.00
Feb 5, 2010
8,950.00
2,518.98
-0.03
-0.03
Feb 8, 2010
8,700.00
2,475.57
-0.03
-0.02
Feb 9, 2010
8,550.00
2,489.49
-0.02
0.01
Feb 10, 2010
8,550.00
2,483.44
0.00
0.00
Feb 11, 2010
8,750.00
2,507.75
0.02
0.01
Feb 12, 2010
8,700.00
2,534.14
-0.01
0.01
Feb 15, 2010
8,700.00
2,517.46
0.00
-0.01
Feb 16, 2010
8,800.00
2,558.50
0.01
0.02
Feb 17, 2010
8,750.00
2,581.34
-0.01
0.01
Feb 18, 2010
8,700.00
2,560.03
-0.01
-0.01
Feb 19, 2010
8,600.00
2,554.38
-0.01
0.00
Feb 22, 2010
8,500.00
2,564.26
-0.01
0.00
Feb 23, 2010
8,500.00
2,583.65
0.00
0.01
Feb 24, 2010
8,450.00
2,579.42
-0.01
0.00
Feb 25, 2010
8,300.00
2,549.03
-0.02
-0.01
A
Mar 1, 2010
8,150.00
2,554.67
-0.02
0.00
Mar 2, 2010
8,450.00
2,576.59
0.04
0.01
Mar 3, 2010
8,350.00
2,567.09
-0.01
0.00
Mar 4, 2010
8,250.00
2,565.65
-0.01
0.00
Mar 5, 2010
8,300.00
2,578.77
0.01
0.01
Mar 8, 2010
8,600.00
2,626.45
0.04
0.02
Mar 9, 2010
8,750.00
2,657.17
0.02
0.01
Mar 10, 2010
8,600.00
2,670.22
-0.02
0.00
Mar 11, 2010
8,600.00
2,676.52
0.00
0.00
Mar 12, 2010
8,400.00
2,666.51
-0.02
0.00
Mar 15, 2010
8,350.00
2,669.61
-0.01
0.00
Mar 17, 2010
8,600.00
2,756.26
0.03
0.03
Mar 18, 2010
8,350.00
2,737.24
-0.03
-0.01
Mar 19, 2010
8,250.00
2,742.97
-0.01
0.00
Mar 22, 2010
8,050.00
2,702.40
-0.02
-0.01
Mar 23, 2010
8,000.00
2,720.86
-0.01
0.01
Mar 24, 2010
8,200.00
2,774.85
0.03
0.02
Mar 25, 2010
8,300.00
2,799.15
0.01
0.01
Mar 26, 2010
8,200.00
2,813.08
-0.01
0.00
Mar 29, 2010
8,100.00
2,794.77
-0.01
-0.01
Mar 30, 2010
8,100.00
2,798.27
0.00
0.00
Mar 31, 2010
8,050.00
2,777.30
-0.01
-0.01
Apr 1, 2010
8,150.00
2,830.00
0.01
0.02
Apr 5, 2010
8,350.00
2,887.25
0.02
0.02
Apr 6, 2010
8,200.00
2,880.97
-0.02
0.00
Apr 7, 2010
8,050.00
2,898.58
-0.02
0.01
Apr 8, 2010
8,100.00
2,850.83
0.01
-0.02
Apr 9, 2010
8,100.00
2,845.01
0.00
0.00
Apr 12, 2010
8,050.00
2,881.33
-0.01
0.01
Apr 13, 2010
8,050.00
2,884.70
0.00
0.00
Apr 14, 2010
7,950.00
2,885.01
-0.01
0.00
Apr 15, 2010
8,000.00
2,900.53
0.01
0.01
Apr 16, 2010
8,000.00
2,878.67
0.00
-0.01
Apr 19, 2010
7,900.00
2,840.43
-0.01
-0.01
Apr 20, 2010
7,950.00
2,891.27
0.01
0.02
Apr 21, 2010
8,100.00
2,912.83
0.02
0.01
Apr 22, 2010
8,100.00
2,926.53
0.00
0.00
Apr 23, 2010
8,050.00
2,924.73
-0.01
0.00
Apr 26, 2010
7,900.00
2,944.71
-0.02
0.01
Apr 27, 2010
7,800.00
2,939.30
-0.01
0.00
Apr 28, 2010
7,650.00
2,903.32
-0.02
-0.01
Apr 29, 2010
7,700.00
2,926.86
0.01
0.01
B
Apr 30, 2010
7,850.00
2,971.25
0.02
0.02
May 3, 2010
8,000.00
2,960.90
0.02
0.00
May 4, 2010
7,850.00
2,959.01
-0.02
0.00
May 5, 2010
7,650.00
2,846.24
-0.03
-0.04
May 6, 2010
7,750.00
2,810.62
0.01
-0.01
May 7, 2010
7,600.00
2,739.33
-0.02
-0.03
May 10, 2010
7,800.00
2,850.43
0.03
0.04
May 11, 2010
7,650.00
2,812.89
-0.02
-0.01
May 12, 2010
7,600.00
2,847.62
-0.01
0.01
May 14, 2010
7,650.00
2,858.39
0.01
0.00
May 17, 2010
7,650.00
2,819.47
0.00
-0.01
May 18, 2010
7,700.00
2,834.19
0.01
0.01
May 19, 2010
7,550.00
2,729.48
-0.02
-0.04
May 20, 2010
7,600.00
2,694.25
0.01
-0.01
May 21, 2010
7,450.00
2,623.22
-0.02
-0.03
May 24, 2010
7,100.00
2,609.61
-0.05
-0.01
May 25, 2010
7,200.00
2,514.12
0.01
-0.04
May 26, 2010
7,500.00
2,696.78
0.04
0.07
May 27, 2010
7,600.00
2,713.92
0.01
0.01
May 31, 2010
7,750.00
2,796.96
0.02
0.03
Jun 1, 2010
7,450.00
2,724.61
-0.04
-0.03
Jun 2, 2010
7,850.00
2,733.68
0.05
0.00
Jun 3, 2010
8,000.00
2,810.98
0.02
0.03
Jun 4, 2010
7,900.00
2,823.25
-0.01
0.00
Jun 7, 2010
7,750.00
2,750.23
-0.02
-0.03
Jun 8, 2010
7,950.00
2,779.98
0.03
0.01
Jun 9, 2010
7,850.00
2,785.79
-0.01
0.00
Jun 10, 2010
7,750.00
2,770.79
-0.01
-0.01
Jun 11, 2010
7,850.00
2,801.90
0.01
0.01
Jun 14, 2010
8,000.00
2,826.84
0.02
0.01
Jun 15, 2010
7,950.00
2,830.17
-0.01
0.00
Jun 16, 2010
7,950.00
2,858.66
0.00
0.01
Jun 17, 2010
8,000.00
2,891.10
0.01
0.01
Jun 18, 2010
8,050.00
2,929.59
0.01
0.01
Jun 21, 2010
7,900.00
2,941.90
-0.02
0.00
Jun 22, 2010
7,900.00
2,934.59
0.00
0.00
Jun 23, 2010
8,000.00
2,924.79
0.01
0.00
Jun 24, 2010
8,000.00
2,914.09
0.00
0.00
Jun 25, 2010
7,950.00
2,947.02
-0.01
0.01
Jun 28, 2010
7,900.00
2,955.73
-0.01
0.00
Jun 29, 2010
7,700.00
2,893.37
-0.03
-0.02
Jun 30, 2010
7,700.00
2,913.68
0.00
0.01
C
Jul 1, 2010
7,700.00
2,874.25
0.00
-0.01
Jul 2, 2010
7,650.00
2,871.55
-0.01
0.00
Jul 5, 2010
7,750.00
2,877.30
0.01
0.00
Jul 6, 2010
7,850.00
2,910.65
0.01
0.01
Jul 7, 2010
7,900.00
2,902.04
0.01
0.00
Jul 8, 2010
7,750.00
2,915.91
-0.02
0.00
Jul 9, 2010
7,800.00
2,943.90
0.01
0.01
Jul 12, 2010
7,850.00
2,958.79
0.01
0.01
Jul 13, 2010
7,800.00
2,961.51
-0.01
0.00
Jul 14, 2010
7,900.00
2,981.06
0.01
0.01
Jul 15, 2010
8,000.00
2,980.60
0.01
0.00
Jul 16, 2010
8,100.00
2,992.45
0.01
0.00
Jul 19, 2010
8,100.00
2,975.57
0.00
-0.01
Jul 20, 2010
8,100.00
2,995.44
0.00
0.01
Jul 21, 2010
8,150.00
3,013.40
0.01
0.01
Jul 22, 2010
8,100.00
3,009.92
-0.01
0.00
Jul 23, 2010
8,150.00
3,042.02
0.01
0.01
Jul 26, 2010
8,050.00
3,023.70
-0.01
-0.01
Jul 27, 2010
8,200.00
3,041.68
0.02
0.01
Jul 28, 2010
8,250.00
3,057.48
0.01
0.01
Jul 29, 2010
8,250.00
3,096.82
0.00
0.01
Jul 30, 2010
8,450.00
3,069.28
0.02
-0.01
Aug 2, 2010
8,400.00
3,058.98
-0.01
0.00
Aug 3, 2010
8,000.00
2,973.66
-0.05
-0.03
Aug 4, 2010
8,100.00
2,983.25
0.01
0.00
Aug 5, 2010
8,200.00
3,044.94
0.01
0.02
Aug 6, 2010
8,400.00
3,060.59
0.02
0.01
Aug 9, 2010
8,500.00
3,082.60
0.01
0.01
Aug 10, 2010
8,400.00
3,057.16
-0.01
-0.01
Aug 11, 2010
8,450.00
3,035.32
0.01
-0.01
Aug 12, 2010
8,400.00
3,025.64
-0.01
0.00
Aug 13, 2010
8,500.00
3,053.01
0.01
0.01
Aug 16, 2010
8,550.00
3,052.60
0.01
0.00
Aug 18, 2010
8,600.00
3,072.09
0.01
0.01
Aug 19, 2010
9,000.00
3,105.35
0.05
0.01
Aug 20, 2010
8,800.00
3,117.72
-0.02
0.00
Aug 23, 2010
8,700.00
3,128.73
-0.01
0.00
Aug 24, 2010
8,700.00
3,114.94
0.00
0.00
Aug 25, 2010
8,900.00
3,138.91
0.02
0.01
Aug 26, 2010
9,000.00
3,145.14
0.01
0.00
Aug 27, 2010
8,750.00
3,104.73
-0.03
-0.01
Aug 30, 2010
8,700.00
3,099.56
-0.01
0.00
D
Aug 31, 2010
8,650.00
3,081.88
-0.01
-0.01
Sep 1, 2010
9,000.00
3,135.32
0.04
0.02
Sep 2, 2010
8,950.00
3,122.15
-0.01
0.00
Sep 3, 2010
9,050.00
3,164.28
0.01
0.01
Sep 6, 2010
9,000.00
3,217.15
-0.01
0.02
Sep 7, 2010
9,000.00
3,230.89
0.00
0.00
Sep 15, 2010
9,300.00
3,357.03
0.03
0.04
Sep 16, 2010
9,200.00
3,341.63
-0.01
0.00
Sep 17, 2010
9,250.00
3,384.65
0.01
0.01
Sep 20, 2010
9,250.00
3,370.98
0.00
0.00
Sep 21, 2010
9,000.00
3,365.04
-0.03
0.00
Sep 22, 2010
8,950.00
3,343.34
-0.01
-0.01
Sep 23, 2010
8,800.00
3,337.20
-0.02
0.00
Sep 24, 2010
8,900.00
3,397.63
0.01
0.02
Sep 27, 2010
9,000.00
3,468.04
0.01
0.02
Sep 28, 2010
9,050.00
3,472.71
0.01
0.00
Sep 29, 2010
9,300.00
3,495.46
0.03
0.01
Sep 30, 2010
9,200.00
3,501.30
-0.01
0.00
Oct 1, 2010
9,400.00
3,547.11
0.02
0.01
Oct 4, 2010
9,550.00
3,569.50
0.02
0.01
Oct 5, 2010
9,800.00
3,591.70
0.03
0.01
Oct 6, 2010
9,500.00
3,603.40
-0.03
0.00
Oct 7, 2010
9,200.00
3,586.19
-0.03
0.00
Oct 8, 2010
9,100.00
3,546.95
-0.01
-0.01
Oct 11, 2010
9,150.00
3,548.75
0.01
0.00
Oct 12, 2010
9,150.00
3,547.25
0.00
0.00
Oct 13, 2010
9,050.00
3,611.98
-0.01
0.02
Oct 14, 2010
9,050.00
3,618.48
0.00
0.00
Oct 15, 2010
9,050.00
3,597.03
0.00
-0.01
Oct 18, 2010
9,050.00
3,566.92
0.00
-0.01
Oct 19, 2010
9,200.00
3,592.79
0.02
0.01
Oct 20, 2010
9,150.00
3,578.95
-0.01
0.00
Oct 21, 2010
9,000.00
3,588.01
-0.02
0.00
Oct 22, 2010
9,000.00
3,597.75
0.00
0.00
Oct 25, 2010
8,900.00
3,643.49
-0.01
0.01
Oct 26, 2010
9,050.00
3,654.10
0.02
0.00
Oct 27, 2010
9,100.00
3,624.47
0.01
-0.01
Oct 28, 2010
9,250.00
3,638.83
0.02
0.00
Oct 29, 2010
9,100.00
3,635.32
-0.02
0.00
Nov 1, 2010
8,650.00
3,645.15
-0.05
0.00
Nov 2, 2010
8,300.00
3,625.49
-0.04
-0.01
Nov 3, 2010
8,050.00
3,605.67
-0.03
-0.01
E
Nov 4, 2010
8,100.00
3,629.05
0.01
0.01
Nov 5, 2010
7,850.00
3,655.30
-0.03
0.01
Nov 8, 2010
8,150.00
3,699.26
0.04
0.01
Nov 9, 2010
8,150.00
3,737.48
0.00
0.01
Nov 10, 2010
8,450.00
3,756.97
0.04
0.01
Nov 11, 2010
8,500.00
3,744.62
0.01
0.00
Nov 12, 2010
8,250.00
3,665.85
-0.03
-0.02
Nov 15, 2010
8,200.00
3,656.46
-0.01
0.00
Nov 16, 2010
8,150.00
3,674.03
-0.01
0.00
Nov 18, 2010
8,400.00
3,677.90
0.03
0.00
Nov 19, 2010
8,300.00
3,725.05
-0.01
0.01
Nov 22, 2010
8,400.00
3,741.23
0.01
0.00
Nov 23, 2010
8,300.00
3,678.19
-0.01
-0.02
Nov 24, 2010
8,150.00
3,658.78
-0.02
-0.01
Nov 25, 2010
8,150.00
3,702.01
0.00
0.01
Nov 26, 2010
8,000.00
3,642.50
-0.02
-0.02
Nov 29, 2010
8,050.00
3,630.64
0.01
0.00
Nov 30, 2010
7,950.00
3,531.21
-0.01
-0.03
Dec 1, 2010
8,150.00
3,619.09
0.03
0.02
Dec 2, 2010
8,250.00
3,694.58
0.01
0.02
Dec 3, 2010
8,100.00
3,696.26
-0.02
0.00
Dec 6, 2010
8,050.00
3,722.35
-0.01
0.01
Dec 8, 2010
8,000.00
3,769.99
-0.01
0.01
Dec 9, 2010
8,000.00
3,786.10
0.00
0.00
Dec 10, 2010
7,850.00
3,747.71
-0.02
-0.01
Dec 13, 2010
7,800.00
3,692.23
-0.01
-0.01
Dec 14, 2010
7,800.00
3,689.67
0.00
0.00
Dec 15, 2010
7,800.00
3,658.31
0.00
-0.01
Dec 16, 2010
7,750.00
3,571.74
-0.01
-0.02
Dec 17, 2010
7,850.00
3,581.56
0.01
0.00
Dec 20, 2010
7,850.00
3,568.81
0.00
0.00
Dec 21, 2010
8,000.00
3,637.45
0.02
0.02
Dec 22, 2010
7,900.00
3,620.68
-0.01
0.00
Dec 23, 2010
7,900.00
3,611.53
0.00
0.00
Dec 27, 2010
8,000.00
3,625.27
0.01
0.00
Dec 28, 2010
8,000.00
3,659.99
0.00
0.01
Dec 29, 2010
8,000.00
3,699.22
0.00
0.01
Dec 30, 2010
7,950.00
3,703.51
-0.01
0.00
β tlkm
=
β tlkm
=
β tlkm
=
26.75
COVAR (Rf,Rm) VAR Rm 0.000119012 0.000160369 0.7421 F
TABEL . I.2 TABEL PERHITUNGAN RETURN & RESIKO PASAR (ISAT) Tanggal Jan 4, 2010
Harga Saham ISAT 4,700.00
DIVIDEND
Harga Saham JKSE/IHSG 2,575.41
Return Saham
Return Pasar
0
0
Jan 5, 2010
4,750.00
2,605.28
0.01
0.01
Jan 6, 2010
4,700.00
2,603.30
-0.01
0.00
Jan 7, 2010
4,725.00
2,586.90
0.01
-0.01
Jan 8, 2010
4,900.00
2,614.37
0.04
0.01
Jan 11, 2010
4,875.00
2,632.20
-0.01
0.01
Jan 12, 2010
4,850.00
2,659.55
-0.01
0.01
Jan 13, 2010
4,850.00
2,632.87
0.00
-0.01
Jan 14, 2010
5,050.00
2,645.18
0.04
0.00
Jan 15, 2010
5,450.00
2,647.09
0.08
0.00
Jan 18, 2010
5,800.00
2,642.55
0.06
0.00
Jan 19, 2010
5,450.00
2,666.07
-0.06
0.01
Jan 20, 2010
5,600.00
2,667.27
0.03
0.00
Jan 21, 2010
5,350.00
2,638.38
-0.04
-0.01
Jan 22, 2010
5,250.00
2,610.34
-0.02
-0.01
Jan 25, 2010
5,200.00
2,597.86
-0.01
0.00
Jan 26, 2010
5,350.00
2,578.42
0.03
-0.01
Jan 27, 2010
5,300.00
2,564.55
-0.01
-0.01
Jan 28, 2010
5,650.00
2,619.56
0.07
0.02
Jan 29, 2010
5,600.00
2,610.80
-0.01
0.00
Feb 1, 2010
5,400.00
2,587.55
-0.04
-0.01
Feb 2, 2010
5,200.00
2,580.25
-0.04
0.00
Feb 3, 2010
5,350.00
2,604.55
0.03
0.01
Feb 4, 2010
5,200.00
2,593.22
-0.03
0.00
Feb 5, 2010
5,100.00
2,518.98
-0.02
-0.03
Feb 8, 2010
5,000.00
2,475.57
-0.02
-0.02
Feb 9, 2010
5,000.00
2,489.49
0.00
0.01
Feb 10, 2010
5,050.00
2,483.44
0.01
0.00
Feb 11, 2010
5,100.00
2,507.75
0.01
0.01
Feb 12, 2010
5,200.00
2,534.14
0.02
0.01
Feb 15, 2010
5,200.00
2,517.46
0.00
-0.01
Feb 16, 2010
5,200.00
2,558.50
0.00
0.02
Feb 17, 2010
5,250.00
2,581.34
0.01
0.01
Feb 18, 2010
5,200.00
2,560.03
-0.01
-0.01
Feb 19, 2010
5,250.00
2,554.38
0.01
0.00
Feb 22, 2010
5,250.00
2,564.26
0.00
0.00
Feb 23, 2010
5,250.00
2,583.65
0.00
0.01
Feb 24, 2010
5,250.00
2,579.42
0.00
0.00
Feb 25, 2010
5,100.00
2,549.03
-0.03
-0.01
G
Mar 1, 2010
5,100.00
2,554.67
0.00
0.00
Mar 2, 2010
5,250.00
2,576.59
0.03
0.01
Mar 3, 2010
5,350.00
2,567.09
0.02
0.00
Mar 4, 2010
5,450.00
2,565.65
0.02
0.00
Mar 5, 2010
5,550.00
2,578.77
0.02
0.01
Mar 8, 2010
5,750.00
2,626.45
0.04
0.02
Mar 9, 2010
5,800.00
2,657.17
0.01
0.01
Mar 10, 2010
5,750.00
2,670.22
-0.01
0.00
Mar 11, 2010
5,800.00
2,676.52
0.01
0.00
Mar 12, 2010
5,850.00
2,666.51
0.01
0.00
Mar 15, 2010
6,050.00
2,669.61
0.03
0.00
Mar 17, 2010
6,200.00
2,756.26
0.02
0.03
Mar 18, 2010
6,150.00
2,737.24
-0.01
-0.01
Mar 19, 2010
6,000.00
2,742.97
-0.02
0.00
Mar 22, 2010
5,900.00
2,702.40
-0.02
-0.01
Mar 23, 2010
6,000.00
2,720.86
0.02
0.01
Mar 24, 2010
5,950.00
2,774.85
-0.01
0.02
Mar 25, 2010
5,850.00
2,799.15
-0.02
0.01
Mar 26, 2010
5,750.00
2,813.08
-0.02
0.00
Mar 29, 2010
5,500.00
2,794.77
-0.04
-0.01
Mar 30, 2010
5,600.00
2,798.27
0.02
0.00
Mar 31, 2010
5,500.00
2,777.30
-0.02
-0.01
Apr 1, 2010
5,750.00
2,830.00
0.05
0.02
Apr 5, 2010
6,000.00
2,887.25
0.04
0.02
Apr 6, 2010
5,950.00
2,880.97
-0.01
0.00
Apr 7, 2010
6,150.00
2,898.58
0.03
0.01
Apr 8, 2010
6,100.00
2,850.83
-0.01
-0.02
Apr 9, 2010
5,900.00
2,845.01
-0.03
0.00
Apr 12, 2010
6,000.00
2,881.33
0.02
0.01
Apr 13, 2010
6,050.00
2,884.70
0.01
0.00
Apr 14, 2010
5,950.00
2,885.01
-0.02
0.00
Apr 15, 2010
6,050.00
2,900.53
0.02
0.01
Apr 16, 2010
5,800.00
2,878.67
-0.04
-0.01
Apr 19, 2010
5,900.00
2,840.43
0.02
-0.01
Apr 20, 2010
5,900.00
2,891.27
0.00
0.02
Apr 21, 2010
6,100.00
2,912.83
0.03
0.01
Apr 22, 2010
6,050.00
2,926.53
-0.01
0.00
Apr 23, 2010
6,000.00
2,924.73
-0.01
0.00
Apr 26, 2010
6,100.00
2,944.71
0.02
0.01
Apr 27, 2010
5,950.00
2,939.30
-0.02
0.00
Apr 28, 2010
5,850.00
2,903.32
-0.02
-0.01
Apr 29, 2010
5,800.00
2,926.86
-0.01
0.01
H
Apr 30, 2010
5,900.00
2,971.25
0.02
0.02
May 3, 2010
5,950.00
2,960.90
0.01
0.00
May 4, 2010
5,900.00
2,959.01
-0.01
0.00
May 5, 2010
5,650.00
2,846.24
-0.04
-0.04
May 6, 2010
5,650.00
2,810.62
0.00
-0.01
May 7, 2010
5,600.00
2,739.33
-0.01
-0.03
May 10, 2010
5,600.00
2,850.43
0.00
0.04
May 11, 2010
5,600.00
2,812.89
0.00
-0.01
May 12, 2010
5,550.00
2,847.62
-0.01
0.01
May 14, 2010
5,500.00
2,858.39
-0.01
0.00
May 17, 2010
5,300.00
2,819.47
-0.04
-0.01
May 18, 2010
5,300.00
2,834.19
0.00
0.01
May 19, 2010
4,975.00
2,729.48
-0.06
-0.04
May 20, 2010
4,975.00
2,694.25
0.00
-0.01
May 21, 2010
4,775.00
2,623.22
-0.04
-0.03
May 24, 2010
4,875.00
2,609.61
0.02
-0.01
May 25, 2010
4,925.00
2,514.12
0.01
-0.04
May 26, 2010
5,050.00
2,696.78
0.03
0.07
May 27, 2010
5,050.00
2,713.92
0.00
0.01
May 31, 2010
5,150.00
2,796.96
0.02
0.03
Jun 1, 2010
5,050.00
2,724.61
-0.02
-0.03
Jun 2, 2010
5,050.00
2,733.68
0.00
0.00
Jun 3, 2010
5,200.00
2,810.98
0.03
0.03
Jun 4, 2010
5,050.00
2,823.25
-0.03
0.00
Jun 7, 2010
4,900.00
2,750.23
-0.03
-0.03
Jun 8, 2010
5,050.00
2,779.98
0.03
0.01
Jun 9, 2010
5,050.00
2,785.79
0.00
0.00
Jun 10, 2010
4,975.00
2,770.79
-0.01
-0.01
Jun 11, 2010
5,000.00
2,801.90
0.01
0.01
Jun 14, 2010
5,000.00
2,826.84
0.00
0.01
Jun 15, 2010
5,050.00
2,830.17
0.04
0.00
Jun 16, 2010
4,975.00
2,858.66
-0.01
0.01
Jun 17, 2010
5,050.00
2,891.10
0.02
0.01
Jun 18, 2010
4,975.00
2,929.59
-0.01
0.01
Jun 21, 2010
4,975.00
2,941.90
0.00
0.00
Jun 22, 2010
5,000.00
2,934.59
0.01
0.00
Jun 23, 2010
4,975.00
2,924.79
-0.01
0.00
Jun 24, 2010
5,000.00
2,914.09
0.01
0.00
Jun 25, 2010
4,975.00
2,947.02
-0.01
0.01
Jun 28, 2010
5,000.00
2,955.73
0.01
0.00
Jun 29, 2010
4,975.00
2,893.37
-0.01
-0.02
Jun 30, 2010
4,950.00
2,913.68
-0.01
0.01
137.860001
I
Jul 1, 2010
4,925.00
2,874.25
-0.01
-0.01
Jul 2, 2010
4,950.00
2,871.55
0.01
0.00
Jul 5, 2010
4,900.00
2,877.30
-0.01
0.00
Jul 6, 2010
4,925.00
2,910.65
0.01
0.01
Jul 7, 2010
4,925.00
2,902.04
0.00
0.00
Jul 8, 2010
4,925.00
2,915.91
0.00
0.00
Jul 9, 2010
5,000.00
2,943.90
0.02
0.01
Jul 12, 2010
5,000.00
2,958.79
0.00
0.01
Jul 13, 2010
5,000.00
2,961.51
0.00
0.00
Jul 14, 2010
5,050.00
2,981.06
0.01
0.01
Jul 15, 2010
4,925.00
2,980.60
-0.02
0.00
Jul 16, 2010
4,950.00
2,992.45
0.01
0.00
Jul 19, 2010
4,900.00
2,975.57
-0.01
-0.01
Jul 20, 2010
4,925.00
2,995.44
0.01
0.01
Jul 21, 2010
4,925.00
3,013.40
0.00
0.01
Jul 22, 2010
4,925.00
3,009.92
0.00
0.00
Jul 23, 2010
4,925.00
3,042.02
0.00
0.01
Jul 26, 2010
4,950.00
3,023.70
0.01
-0.01
Jul 27, 2010
4,950.00
3,041.68
0.00
0.01
Jul 28, 2010
4,925.00
3,057.48
-0.01
0.01
Jul 29, 2010
4,900.00
3,096.82
-0.01
0.01
Jul 30, 2010
4,850.00
3,069.28
-0.01
-0.01
Aug 2, 2010
4,850.00
3,058.98
0.00
0.00
Aug 3, 2010
4,700.00
2,973.66
-0.03
-0.03
Aug 4, 2010
4,700.00
2,983.25
0.00
0.00
Aug 5, 2010
4,700.00
3,044.94
0.00
0.02
Aug 6, 2010
4,600.00
3,060.59
-0.02
0.01
Aug 9, 2010
4,600.00
3,082.60
0.00
0.01
Aug 10, 2010
4,525.00
3,057.16
-0.02
-0.01
Aug 11, 2010
4,550.00
3,035.32
0.01
-0.01
Aug 12, 2010
4,500.00
3,025.64
-0.01
0.00
Aug 13, 2010
4,500.00
3,053.01
0.00
0.01
Aug 16, 2010
4,550.00
3,052.60
0.01
0.00
Aug 18, 2010
4,525.00
3,072.09
-0.01
0.01
Aug 19, 2010
4,650.00
3,105.35
0.03
0.01
Aug 20, 2010
4,600.00
3,117.72
-0.01
0.00
Aug 23, 2010
4,625.00
3,128.73
0.01
0.00
Aug 24, 2010
4,625.00
3,114.94
0.00
0.00
Aug 25, 2010
4,650.00
3,138.91
0.01
0.01
Aug 26, 2010
4,600.00
3,145.14
-0.01
0.00
Aug 27, 2010
4,525.00
3,104.73
-0.02
-0.01
Aug 30, 2010
4,400.00
3,099.56
-0.03
0.00
J
Aug 31, 2010
4,400.00
3,081.88
0.00
-0.01
Sep 1, 2010
4,450.00
3,135.32
0.01
0.02
Sep 2, 2010
4,575.00
3,122.15
0.03
0.00
Sep 3, 2010
4,900.00
3,164.28
0.07
0.01
Sep 6, 2010
5,150.00
3,217.15
0.05
0.02
Sep 7, 2010
5,150.00
3,230.89
0.00
0.00
Sep 15, 2010
5,300.00
3,357.03
0.03
0.04
Sep 16, 2010
5,350.00
3,341.63
0.01
0.00
Sep 17, 2010
5,400.00
3,384.65
0.01
0.01
Sep 20, 2010
5,200.00
3,370.98
-0.04
0.00
Sep 21, 2010
5,250.00
3,365.04
0.01
0.00
Sep 22, 2010
5,200.00
3,343.34
-0.01
-0.01
Sep 23, 2010
5,200.00
3,337.20
0.00
0.00
Sep 24, 2010
5,200.00
3,397.63
0.00
0.02
Sep 27, 2010
5,500.00
3,468.04
0.06
0.02
Sep 28, 2010
5,450.00
3,472.71
-0.01
0.00
Sep 29, 2010
5,500.00
3,495.46
0.01
0.01
Sep 30, 2010
5,500.00
3,501.30
0.00
0.00
Oct 1, 2010
5,600.00
3,547.11
0.02
0.01
Oct 4, 2010
5,700.00
3,569.50
0.02
0.01
Oct 5, 2010
5,850.00
3,591.70
0.03
0.01
Oct 6, 2010
6,000.00
3,603.40
0.03
0.00
Oct 7, 2010
5,950.00
3,586.19
-0.01
0.00
Oct 8, 2010
5,800.00
3,546.95
-0.03
-0.01
Oct 11, 2010
5,900.00
3,548.75
0.02
0.00
Oct 12, 2010
5,950.00
3,547.25
0.01
0.00
Oct 13, 2010
6,250.00
3,611.98
0.05
0.02
Oct 14, 2010
6,300.00
3,618.48
0.01
0.00
Oct 15, 2010
6,000.00
3,597.03
-0.05
-0.01
Oct 18, 2010
6,000.00
3,566.92
0.00
-0.01
Oct 19, 2010
6,050.00
3,592.79
0.01
0.01
Oct 20, 2010
6,050.00
3,578.95
0.00
0.00
Oct 21, 2010
6,000.00
3,588.01
-0.01
0.00
Oct 22, 2010
6,050.00
3,597.75
0.01
0.00
Oct 25, 2010
6,000.00
3,643.49
-0.01
0.01
Oct 26, 2010
5,950.00
3,654.10
-0.01
0.00
Oct 27, 2010
5,900.00
3,624.47
-0.01
-0.01
Oct 28, 2010
5,900.00
3,638.83
0.00
0.00
Oct 29, 2010
6,000.00
3,635.32
0.02
0.00
Nov 1, 2010
6,000.00
3,645.15
0.00
0.00
Nov 2, 2010
6,000.00
3,625.49
0.00
-0.01
Nov 3, 2010
5,950.00
3,605.67
-0.01
-0.01
K
Nov 4, 2010
5,900.00
3,629.05
-0.01
0.01
Nov 5, 2010
5,800.00
3,655.30
-0.02
0.01
Nov 8, 2010
5,700.00
3,699.26
-0.02
0.01
Nov 9, 2010
5,750.00
3,737.48
0.01
0.01
Nov 10, 2010
5,700.00
3,756.97
-0.01
0.01
Nov 11, 2010
5,650.00
3,744.62
-0.01
0.00
Nov 12, 2010
5,750.00
3,665.85
0.02
-0.02
Nov 15, 2010
5,700.00
3,656.46
-0.01
0.00
Nov 16, 2010
5,800.00
3,674.03
0.02
0.00
Nov 18, 2010
5,750.00
3,677.90
-0.01
0.00
Nov 19, 2010
5,750.00
3,725.05
0.00
0.01
Nov 22, 2010
6,100.00
3,741.23
0.06
0.00
Nov 23, 2010
5,850.00
3,678.19
-0.04
-0.02
Nov 24, 2010
5,700.00
3,658.78
-0.03
-0.01
Nov 25, 2010
5,650.00
3,702.01
-0.01
0.01
Nov 26, 2010
5,500.00
3,642.50
-0.03
-0.02
Nov 29, 2010
5,600.00
3,630.64
0.02
0.00
Nov 30, 2010
5,400.00
3,531.21
-0.04
-0.03
Dec 1, 2010
5,250.00
3,619.09
-0.03
0.02
Dec 2, 2010
5,550.00
3,694.58
0.06
0.02
Dec 3, 2010
5,700.00
3,696.26
0.03
0.00
Dec 6, 2010
5,750.00
3,722.35
0.01
0.01
Dec 8, 2010
5,850.00
3,769.99
0.02
0.01
Dec 9, 2010
5,800.00
3,786.10
-0.01
0.00
Dec 10, 2010
5,700.00
3,747.71
-0.02
-0.01
Dec 13, 2010
5,550.00
3,692.23
-0.03
-0.01
Dec 14, 2010
5,650.00
3,689.67
0.02
0.00
Dec 15, 2010
5,450.00
3,658.31
-0.04
-0.01
Dec 16, 2010
5,250.00
3,571.74
-0.04
-0.02
Dec 17, 2010
5,150.00
3,581.56
-0.02
0.00
Dec 20, 2010
5,100.00
3,568.81
-0.01
0.00
Dec 21, 2010
5,200.00
3,637.45
0.02
0.02
Dec 22, 2010
5,200.00
3,620.68
0.00
0.00
Dec 23, 2010
5,100.00
3,611.53
-0.02
0.00
Dec 27, 2010
5,100.00
3,625.27
0.00
0.00
Dec 28, 2010
5,150.00
3,659.99
0.01
0.01
Dec 29, 2010
5,150.00
3,699.22
0.00
0.01
Dec 30, 2010
5,400.00
3,703.51
0.05
0.00
β ISAT = β ISAT = β ISAT =
COVAR (Rf,Rm) VAR Rm 0.00013384 0.000160369 0.8346 L
TABEL . I.3 TABEL PERHITUNGAN RETURN & RESIKO PASAR (EXCL) Tanggal
Harga Saham EXCL
DIVIDEND
Harga Saham JKSE/IHSG
Return Saham
Return Pasar
Jan 4, 2010
1,900.00
2,575.41
0
0
Jan 5, 2010
2,000.00
2,605.28
0.05
0.01
Jan 6, 2010
2,000.00
2,603.30
0.00
0.00
Jan 7, 2010
2,000.00
2,586.90
0.00
-0.01
Jan 8, 2010
2,000.00
2,614.37
0.00
0.01
Jan 11, 2010
2,400.00
2,632.20
0.20
0.01
Jan 12, 2010
2,175.00
2,659.55
-0.09
0.01
Jan 13, 2010
1,950.00
2,632.87
-0.10
-0.01
Jan 14, 2010
2,100.00
2,645.18
0.08
0.00
Jan 15, 2010
2,250.00
2,647.09
0.07
0.00
Jan 18, 2010
1,850.00
2,642.55
-0.18
0.00
Jan 19, 2010
2,275.00
2,666.07
0.23
0.01
Jan 20, 2010
2,450.00
2,667.27
0.08
0.00
Jan 21, 2010
2,500.00
2,638.38
0.02
-0.01
Jan 22, 2010
2,625.00
2,610.34
0.05
-0.01
Jan 25, 2010
2,700.00
2,597.86
0.03
0.00
Jan 26, 2010
2,675.00
2,578.42
-0.01
-0.01
Jan 27, 2010
2,500.00
2,564.55
-0.07
-0.01
Jan 28, 2010
2,675.00
2,619.56
0.07
0.02
Jan 29, 2010
2,200.00
2,610.80
-0.18
0.00
Feb 1, 2010
2,500.00
2,587.55
0.14
-0.01
Feb 2, 2010
2,525.00
2,580.25
0.01
0.00
Feb 3, 2010
2,425.00
2,604.55
-0.04
0.01
Feb 4, 2010
2,750.00
2,593.22
0.13
0.00
Feb 5, 2010
2,650.00
2,518.98
-0.04
-0.03
Feb 8, 2010
2,650.00
2,475.57
0.00
-0.02
Feb 9, 2010
2,750.00
2,489.49
0.04
0.01
Feb 10, 2010
2,600.00
2,483.44
-0.05
0.00
Feb 11, 2010
2,600.00
2,507.75
0.00
0.01
Feb 12, 2010
2,800.00
2,534.14
0.08
0.01
Feb 15, 2010
2,800.00
2,517.46
0.00
-0.01
Feb 16, 2010
2,800.00
2,558.50
0.00
0.02
Feb 17, 2010
2,800.00
2,581.34
0.00
0.01
Feb 18, 2010
2,800.00
2,560.03
0.00
-0.01
Feb 19, 2010
2,800.00
2,554.38
0.00
0.00
Feb 22, 2010
2,800.00
2,564.26
0.00
0.00
Feb 23, 2010
2,850.00
2,583.65
0.02
0.01
Feb 24, 2010
2,850.00
2,579.42
0.00
0.00
Feb 25, 2010
3,050.00
2,549.03
0.07
-0.01
M
Mar 1, 2010
3,100.00
2,554.67
0.02
0.00
Mar 2, 2010
3,250.00
2,576.59
0.05
0.01
Mar 3, 2010
3,300.00
2,567.09
0.02
0.00
Mar 4, 2010
3,325.00
2,565.65
0.01
0.00
Mar 5, 2010
3,325.00
2,578.77
0.00
0.01
Mar 8, 2010
3,450.00
2,626.45
0.04
0.02
Mar 9, 2010
3,500.00
2,657.17
0.01
0.01
Mar 10, 2010
3,500.00
2,670.22
0.00
0.00
Mar 11, 2010
3,550.00
2,676.52
0.01
0.00
Mar 12, 2010
3,500.00
2,666.51
-0.01
0.00
Mar 15, 2010
3,500.00
2,669.61
0.00
0.00
Mar 17, 2010
3,475.00
2,756.26
-0.01
0.03
Mar 18, 2010
3,500.00
2,737.24
0.01
-0.01
Mar 19, 2010
3,500.00
2,742.97
0.00
0.00
Mar 22, 2010
3,475.00
2,702.40
-0.01
-0.01
Mar 23, 2010
3,500.00
2,720.86
0.01
0.01
Mar 24, 2010
3,450.00
2,774.85
-0.01
0.02
Mar 25, 2010
3,350.00
2,799.15
-0.03
0.01
Mar 26, 2010
3,500.00
2,813.08
0.04
0.00
Mar 29, 2010
3,525.00
2,794.77
0.01
-0.01
Mar 30, 2010
3,525.00
2,798.27
0.00
0.00
Mar 31, 2010
3,500.00
2,777.30
-0.01
-0.01
Apr 1, 2010
3,550.00
2,830.00
0.01
0.02
Apr 5, 2010
3,600.00
2,887.25
0.01
0.02
Apr 6, 2010
3,650.00
2,880.97
0.01
0.00
Apr 7, 2010
3,625.00
2,898.58
-0.01
0.01
Apr 8, 2010
3,575.00
2,850.83
-0.01
-0.02
Apr 9, 2010
3,600.00
2,845.01
0.01
0.00
Apr 12, 2010
3,500.00
2,881.33
-0.03
0.01
Apr 13, 2010
3,500.00
2,884.70
0.00
0.00
Apr 14, 2010
3,550.00
2,885.01
0.01
0.00
Apr 15, 2010
3,525.00
2,900.53
-0.01
0.01
Apr 16, 2010
3,500.00
2,878.67
-0.01
-0.01
Apr 19, 2010
3,425.00
2,840.43
-0.02
-0.01
Apr 20, 2010
3,450.00
2,891.27
0.01
0.02
Apr 21, 2010
3,450.00
2,912.83
0.00
0.01
Apr 22, 2010
3,450.00
2,926.53
0.00
0.00
Apr 23, 2010
3,400.00
2,924.73
-0.01
0.00
Apr 26, 2010
3,450.00
2,944.71
0.01
0.01
Apr 27, 2010
3,450.00
2,939.30
0.00
0.00
Apr 28, 2010
3,450.00
2,903.32
0.00
-0.01
Apr 29, 2010
3,475.00
2,926.86
0.01
0.01
N
Apr 30, 2010
3,725.00
2,971.25
0.07
0.02
May 3, 2010
3,725.00
2,960.90
0.00
0.00
May 4, 2010
3,675.00
2,959.01
-0.01
0.00
May 5, 2010
3,575.00
2,846.24
-0.03
-0.04
May 6, 2010
3,450.00
2,810.62
-0.03
-0.01
May 7, 2010
3,375.00
2,739.33
-0.02
-0.03
May 10, 2010
3,650.00
2,850.43
0.08
0.04
May 11, 2010
3,725.00
2,812.89
0.02
-0.01
May 12, 2010
3,700.00
2,847.62
-0.01
0.01
May 14, 2010
3,750.00
2,858.39
0.01
0.00
May 17, 2010
3,700.00
2,819.47
-0.01
-0.01
May 18, 2010
3,675.00
2,834.19
-0.01
0.01
May 19, 2010
3,625.00
2,729.48
-0.01
-0.04
May 20, 2010
3,550.00
2,694.25
-0.02
-0.01
May 21, 2010
3,400.00
2,623.22
-0.04
-0.03
May 24, 2010
3,500.00
2,609.61
0.03
-0.01
May 25, 2010
3,400.00
2,514.12
-0.03
-0.04
May 26, 2010
3,425.00
2,696.78
0.01
0.07
May 27, 2010
3,425.00
2,713.92
0.00
0.01
May 31, 2010
3,475.00
2,796.96
0.01
0.03
Jun 1, 2010
3,600.00
2,724.61
0.04
-0.03
Jun 2, 2010
3,600.00
2,733.68
0.00
0.00
Jun 3, 2010
3,625.00
2,810.98
0.01
0.03
Jun 4, 2010
3,750.00
2,823.25
0.03
0.00
Jun 7, 2010
3,750.00
2,750.23
0.00
-0.03
Jun 8, 2010
3,800.00
2,779.98
0.01
0.01
Jun 9, 2010
3,875.00
2,785.79
0.02
0.00
Jun 10, 2010
3,950.00
2,770.79
0.02
-0.01
Jun 11, 2010
3,950.00
2,801.90
0.00
0.01
Jun 14, 2010
4,025.00
2,826.84
0.02
0.01
Jun 15, 2010
4,100.00
2,830.17
0.02
0.00
Jun 16, 2010
4,075.00
2,858.66
-0.01
0.01
Jun 17, 2010
4,100.00
2,891.10
0.01
0.01
Jun 18, 2010
4,025.00
2,929.59
-0.02
0.01
Jun 21, 2010
4,000.00
2,941.90
-0.01
0.00
Jun 22, 2010
4,000.00
2,934.59
0.00
0.00
Jun 23, 2010
4,000.00
2,924.79
0.00
0.00
Jun 24, 2010
4,000.00
2,914.09
0.00
0.00
Jun 25, 2010
4,075.00
2,947.02
0.02
0.01
Jun 28, 2010
4,050.00
2,955.73
-0.01
0.00
Jun 29, 2010
4,050.00
2,893.37
0.00
-0.02
Jun 30, 2010
4,075.00
2,913.68
0.01
0.01
O
Jul 1, 2010
4,100.00
2,874.25
0.01
-0.01
Jul 2, 2010
4,050.00
2,871.55
-0.01
0.00
Jul 5, 2010
4,000.00
2,877.30
-0.01
0.00
Jul 6, 2010
4,000.00
2,910.65
0.00
0.01
Jul 7, 2010
3,850.00
2,902.04
-0.04
0.00
Jul 8, 2010
4,000.00
2,915.91
0.04
0.00
Jul 9, 2010
4,200.00
2,943.90
0.05
0.01
Jul 12, 2010
4,300.00
2,958.79
0.02
0.01
Jul 13, 2010
4,275.00
2,961.51
-0.01
0.00
Jul 14, 2010
4,250.00
2,981.06
-0.01
0.01
Jul 15, 2010
4,225.00
2,980.60
-0.01
0.00
Jul 16, 2010
4,250.00
2,992.45
0.01
0.00
Jul 19, 2010
4,175.00
2,975.57
-0.02
-0.01
Jul 20, 2010
4,225.00
2,995.44
0.01
0.01
Jul 21, 2010
4,300.00
3,013.40
0.02
0.01
Jul 22, 2010
4,150.00
3,009.92
-0.03
0.00
Jul 23, 2010
4,100.00
3,042.02
-0.01
0.01
Jul 26, 2010
4,150.00
3,023.70
0.01
-0.01
Jul 27, 2010
4,300.00
3,041.68
0.04
0.01
Jul 28, 2010
5,000.00
3,057.48
0.16
0.01
Jul 29, 2010
4,750.00
3,096.82
-0.05
0.01
Jul 30, 2010
4,750.00
3,069.28
0.00
-0.01
Aug 2, 2010
4,750.00
3,058.98
0.00
0.00
Aug 3, 2010
4,675.00
2,973.66
-0.02
-0.03
Aug 4, 2010
4,625.00
2,983.25
-0.01
0.00
Aug 5, 2010
4,675.00
3,044.94
0.01
0.02
Aug 6, 2010
4,675.00
3,060.59
0.00
0.01
Aug 9, 2010
4,700.00
3,082.60
0.01
0.01
Aug 10, 2010
4,675.00
3,057.16
-0.01
-0.01
Aug 11, 2010
4,700.00
3,035.32
0.01
-0.01
Aug 12, 2010
4,600.00
3,025.64
-0.02
0.00
Aug 13, 2010
4,700.00
3,053.01
0.02
0.01
Aug 16, 2010
4,700.00
3,052.60
0.00
0.00
Aug 18, 2010
4,875.00
3,072.09
0.04
0.01
Aug 19, 2010
4,975.00
3,105.35
0.02
0.01
Aug 20, 2010
5,050.00
3,117.72
0.02
0.00
Aug 23, 2010
5,000.00
3,128.73
-0.01
0.00
Aug 24, 2010
4,975.00
3,114.94
-0.01
0.00
Aug 25, 2010
5,000.00
3,138.91
0.01
0.01
Aug 26, 2010
5,050.00
3,145.14
0.01
0.00
Aug 27, 2010
5,050.00
3,104.73
0.00
-0.01
Aug 30, 2010
5,050.00
3,099.56
0.00
0.00
P
Aug 31, 2010
5,000.00
3,081.88
-0.01
-0.01
Sep 1, 2010
4,950.00
3,135.32
-0.01
0.02
Sep 2, 2010
5,000.00
3,122.15
0.01
0.00
Sep 3, 2010
4,975.00
3,164.28
-0.01
0.01
Sep 6, 2010
5,000.00
3,217.15
0.01
0.02
Sep 7, 2010
5,000.00
3,230.89
0.00
0.00
Sep 15, 2010
5,300.00
3,357.03
0.06
0.04
Sep 16, 2010
5,250.00
3,341.63
-0.01
0.00
Sep 17, 2010
5,600.00
3,384.65
0.07
0.01
Sep 20, 2010
5,550.00
3,370.98
-0.01
0.00
Sep 21, 2010
5,950.00
3,365.04
0.07
0.00
Sep 22, 2010
5,500.00
3,343.34
-0.08
-0.01
Sep 23, 2010
5,300.00
3,337.20
-0.04
0.00
Sep 24, 2010
5,100.00
3,397.63
-0.04
0.02
Sep 27, 2010
5,400.00
3,468.04
0.06
0.02
Sep 28, 2010
5,550.00
3,472.71
0.03
0.00
Sep 29, 2010
5,500.00
3,495.46
-0.01
0.01
Sep 30, 2010
5,400.00
3,501.30
-0.02
0.00
Oct 1, 2010
5,250.00
3,547.11
-0.03
0.01
Oct 4, 2010
5,300.00
3,569.50
0.01
0.01
Oct 5, 2010
5,300.00
3,591.70
0.00
0.01
Oct 6, 2010
5,300.00
3,603.40
0.00
0.00
Oct 7, 2010
5,250.00
3,586.19
-0.01
0.00
Oct 8, 2010
5,400.00
3,546.95
0.03
-0.01
Oct 11, 2010
5,500.00
3,548.75
0.02
0.00
Oct 12, 2010
5,500.00
3,547.25
0.00
0.00
Oct 13, 2010
5,800.00
3,611.98
0.05
0.02
Oct 14, 2010
5,550.00
3,618.48
-0.04
0.00
Oct 15, 2010
5,550.00
3,597.03
0.00
-0.01
Oct 18, 2010
5,600.00
3,566.92
0.01
-0.01
Oct 19, 2010
5,600.00
3,592.79
0.00
0.01
Oct 20, 2010
5,500.00
3,578.95
-0.02
0.00
Oct 21, 2010
5,700.00
3,588.01
0.04
0.00
Oct 22, 2010
5,700.00
3,597.75
0.00
0.00
Oct 25, 2010
5,700.00
3,643.49
0.00
0.01
Oct 26, 2010
5,750.00
3,654.10
0.01
0.00
Oct 27, 2010
5,700.00
3,624.47
-0.01
-0.01
Oct 28, 2010
5,750.00
3,638.83
0.01
0.00
Oct 29, 2010
5,750.00
3,635.32
0.00
0.00
Nov 1, 2010
5,700.00
3,645.15
-0.01
0.00
Nov 2, 2010
5,750.00
3,625.49
0.01
-0.01
Nov 3, 2010
5,850.00
3,605.67
0.02
-0.01
Q
Nov 4, 2010
5,950.00
3,629.05
0.02
0.01
Nov 5, 2010
6,050.00
3,655.30
0.02
0.01
Nov 8, 2010
6,000.00
3,699.26
-0.01
0.01
Nov 9, 2010
5,900.00
3,737.48
-0.02
0.01
Nov 10, 2010
5,900.00
3,756.97
0.00
0.01
Nov 11, 2010
5,900.00
3,744.62
0.00
0.00
Nov 12, 2010
5,700.00
3,665.85
-0.03
-0.02
Nov 15, 2010
5,800.00
3,656.46
0.02
0.00
Nov 16, 2010
5,900.00
3,674.03
0.02
0.00
Nov 18, 2010
5,700.00
3,677.90
-0.03
0.00
Nov 19, 2010
5,800.00
3,725.05
0.02
0.01
Nov 22, 2010
5,800.00
3,741.23
0.00
0.00
Nov 23, 2010
5,600.00
3,678.19
-0.03
-0.02
Nov 24, 2010
5,400.00
3,658.78
-0.04
-0.01
Nov 25, 2010
5,600.00
3,702.01
0.04
0.01
Nov 26, 2010
5,500.00
3,642.50
-0.02
-0.02
Nov 29, 2010
5,450.00
3,630.64
-0.01
0.00
Nov 30, 2010
5,600.00
3,531.21
0.03
-0.03
Dec 1, 2010
5,850.00
3,619.09
0.04
0.02
Dec 2, 2010
5,750.00
3,694.58
-0.02
0.02
Dec 3, 2010
5,750.00
3,696.26
0.00
0.00
Dec 6, 2010
5,550.00
3,722.35
-0.03
0.01
Dec 8, 2010
5,400.00
3,769.99
-0.03
0.01
Dec 9, 2010
5,500.00
3,786.10
0.02
0.00
Dec 10, 2010
5,350.00
3,747.71
-0.03
-0.01
Dec 13, 2010
5,250.00
3,692.23
-0.02
-0.01
Dec 14, 2010
5,300.00
3,689.67
0.01
0.00
Dec 15, 2010
5,350.00
3,658.31
0.01
-0.01
Dec 16, 2010
5,300.00
3,571.74
-0.01
-0.02
Dec 17, 2010
5,350.00
3,581.56
0.01
0.00
Dec 20, 2010
5,300.00
3,568.81
-0.01
0.00
Dec 21, 2010
5,450.00
3,637.45
0.03
0.02
Dec 22, 2010
5,450.00
3,620.68
0.00
0.00
Dec 23, 2010
5,400.00
3,611.53
-0.01
0.00
Dec 27, 2010
5,300.00
3,625.27
-0.02
0.00
Dec 28, 2010
5,300.00
3,659.99
0.00
0.01
Dec 29, 2010
5,300.00
3,699.22
0.00
0.01
Dec 30, 2010
5,300.00
3,703.51
0.00
0.00
βEXCL = βEXCL= βEXCL=
COVAR (Rf,Rm) VAR Rm 0.000105493 0.000160369 0.6578 R
PENGUMUMAN Penyampaian Laporan Keuangan Tahunan PT Telekomunikasi Indonesia Tbk. (TLKM) Tercatat di Papan : Utama Peng-LK-00020/BEI.PPJ/03-2011 (Informasi ini dapat diakses melalui website: http://www.idx.co.id)
Sehubungan dengan kewajiban penyampaian Laporan Tahunan, PT Telekomunikasi Indonesia Tbk melalui surat dengan NoTEL 60/KU830/Corp-A0070000/2011 tanggal 31 Maret 2011, telah menyampaikan Laporan Tahunan yang mencakup di dalamnya Laporan Keuangan Tahunan yang berakhir tanggal 31 Desember 2010. Laporan Keuangan tersebut memperoleh opini Wajar Tanpa Pengecualian dengan Paragraf Penjelasan dari Kantor Akuntan Publik Tanudiredja, Wibisana & Rekan tanggal 29 Maret 2011, disertai surat pernyataan manajemen sesuai dengan ketentuan III.1.5 Peraturan Pencatatan Nomor I-E Tentang Kewajiban Penyampaian Informasi (salinan surat pengantar, opini akuntan, neraca, laporan laba rugi, laporan perubahan ekuitas dan laporan arus kas terlampir). Bagi pihak-pihak yang memerlukan laporan keuangan tersebut dapat mendownload melalui : http://www.idx.co.id Demikian agar maklum.
Jakarta, 31 Maret 2011
Umi Kulsum Kepala Divisi Penilaian Perusahaan Sektor Jasa Tembusan Yth.: 1. Ketua Bapepam dan LK; 2. Kepala Biro PKP Sektor Jasa, Bapepam dan LK; 3. Kepala Biro TLE, Bapepam dan LK; 4. Pusat Referensi Pasar Modal; 5. Direksi PT Telekomunikasi Indonesia Tbk.
Andre PJ. Toelle Kepala Divisi Perdagangan Saham
PT INDOSAT Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan
2010
2009
ASET ASET LANCAR Kas dan setara kas
2c,2q,2v, 3,17,26,34
Investasi jangka pendek - setelah dikurangi cadangan penurunan nilai sejumlah Rp25.395 pada tahun 2010 dan 2009 Piutang Usaha Pihak yang mempunyai hubungan istimewa - setelah dikurangi cadangan penurunan nilai sejumlah Rp47.640 pada tahun 2010 dan Rp57.538 pada tahun 2009 Pihak ketiga - setelah dikurangi cadangan penurunan nilai sejumlah Rp448.470 pada tahun 2010 dan Rp404.272 pada tahun 2009 Lain-lain - setelah dikurangi cadangan penurunan nilai sejumlah Rp15.281 pada tahun 2010 dan Rp16.544 pada tahun 2009 Persediaan - setelah dikurangi penyisihan keusangan sebesar Rp13.961 pada tahun 2010 dan Rp10.769 pada tahun 2009 Aset derivatif Uang muka Pajak dibayar di muka Biaya dibayar di muka Aset keuangan lancar lainnya Aset lancar lainnya
2.075.270
2.835.999
-
-
222.506
125.912
37
1.325.920
1.259.213
37
10.031
564.859
2f 2q,17,28,34 29e 2s,5,13 2g,2k,2p,2v, 25,26,28l 2c,2q,2v,17, 26,34,37 2v,26,37
105.885 69.334 67.273 701.560
112.260 224.743 35.173 818.326
1.527.254
1.125.091
53.119 702
35.173 2.878
6.158.854
7.139.627
2d,2q,17 2e,2q,17,34 4
2v,26
Jumlah Aset Lancar
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
1
PT INDOSAT Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI (lanjutan) 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan ASET TIDAK LANCAR Piutang hubungan istimewa - setelah dikurangi cadangan penurunan nilai sejumlah Rp646 pada tahun 2010 dan Rp1.182 pada tahun 2009 Aset pajak tangguhan - bersih Investasi pada perusahaan asosiasi setelah dikurangi cadangan penurunan nilai sejumlah Rp56.300 pada tahun 2010 dan Rp56.586 pada tahun 2009 Investasi jangka panjang lainnya setelah dikurangi cadangan penurunan nilai sejumlah Rp99.977 pada tahun 2010 dan 2009 Aset tetap
2e,2q,2v, 17,26,34 2s,13
2h,6
2h,2q,7,17,34 2i,2j,2o,8, 15,29b
Biaya perolehan Akumulasi penyusutan Penurunan nilai
2010
2009
8.421 95.018
7.215 85.812
-
422
2.730
2.730
78.101.166 (34.431.545) (98.611)
74.818.452 (30.291.034) (98.611)
43.571.010
44.428.807
1.374.060
1.580.080
2g,2v,10,26,37
750.472
735.185
2g,2k 2v,11,26,29e
397.708 216.643
463.549 294.391
2p,2v,25,26 37 2c,2q,2v,17,26, 29e,29f,34,37 2v,26,37
111.344 45.911
147.380 50.767
77.675 8.341
100.004 5.518
Jumlah Aset Tidak Lancar
46.659.333
47.901.860
JUMLAH ASET
52.818.187
55.041.487
Bersih Goodwill dan aset tak berwujud lainnya - bersih Sewa dibayar di muka jangka panjang setelah dikurangi bagian jangka pendek Izin dibayar di muka jangka panjang setelah dikurangi bagian jangka pendek Uang muka jangka panjang Pensiun dibayar di muka jangka panjang - setelah dikurangi bagian jangka pendek Piutang jangka panjang Aset keuangan tidak lancar lainnya Aset tidak lancar lainnya
2l,9
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
2
PT INDOSAT Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI (lanjutan) 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan
2010
2009
KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Hutang usaha Pihak yang mempunyai hubungan istimewa Pihak ketiga Hutang pengadaan Hutang pajak Biaya masih harus dibayar
2q,17,34
2q,2v,12,17,26,34 2s,13 2q,2v,14,17, 25,26,34,37 2n,29d,29e 2q,17,34 2q,17,28,34
22.260 623.245 3.644.467 169.445
38.670 498.806 5.289.782 161.820
1.710.885 1.143.852 50.279 215.403
1.525.561 941.223 22.463 200.202
2m,2q,2v, 15,17,26,34 2m,2q,16,17,34 2q,17,34,37 2v,26,34,37
3.184.147 1.098.131 23.127 61.612
1.440.259 2.840.662 43.721 68.065
11.946.853
13.071.234
22.099 1.772.337
13.764 1.535.202
2v,26
997.045 6.669.759
2.192.489 10.528.819
2m,2q,16,17,34
12.114.104
8.472.175
2p,18,25,37 2v,26,29e,34,37
872.407 187.097
825.714 113.807
Jumlah Kewajiban Tidak Lancar
22.634.848
23.681.970
JUMLAH KEWAJIBAN
34.581.701
36.753.204
385.840
330.593
Pendapatan diterima di muka Uang muka pelanggan Kewajiban derivatif Bagian jangka pendek dari: Hutang jangka panjang Hutang obligasi Kewajiban keuangan lancar lainnya Kewajiban lancar lainnya
2v,26
Jumlah Kewajiban Lancar
KEWAJIBAN TIDAK LANCAR Hutang hubungan istimewa Kewajiban pajak tangguhan - bersih Hutang jangka panjang - setelah dikurangi bagian jangka pendek Pihak yang mempunyai hubungan istimewa Pihak ketiga Hutang obligasi - setelah dikurangi bagian jangka pendek Kewajiban imbalan kerja - setelah dikurangi bagian jangka pendek Kewajiban tidak lancar lainnya
HAK MINORITAS
2q,2v,17,26,34 2s,13 2m,2q,15,17,34
2b
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
3
PT INDOSAT Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI (lanjutan) 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan EKUITAS Modal saham - nilai nominal Rp100 setiap saham Seri A dan Seri B Modal dasar - 1 saham Seri A dan 19.999.999.999 saham Seri B Modal ditempatkan dan disetor penuh 1 saham Seri A dan 5.433.933.499 saham Seri B Agio saham Selisih transaksi perubahan ekuitas perusahaan asosiasi/anak perusahaan Selisih kurs karena penjabaran laporan keuangan Saldo laba Telah ditentukan penggunaannya Belum ditentukan penggunaannya
2010
2009
19
543.393 1.546.587
543.393 1.546.587
2h
404.104
404.104
2b
(2.727)
2.369
134.446 15.224.843
119.464 15.341.773
EKUITAS - BERSIH
17.850.646
17.957.690
JUMLAH KEWAJIBAN DAN EKUITAS
52.818.187
55.041.487
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
4
PT INDOSAT Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI Tahun Yang Berakhir Pada Tanggal-tanggal 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan PENDAPATAN USAHA
2010
2009
2n,2v,20,26, 30,31,32,37
Selular Multimedia, Komunikasi Data, Internet (MIDI) Telekomunikasi tetap
16.027.062
14.300.163
2.476.276 1.293.177
2.720.984 1.803.039
Jumlah Pendapatan Usaha
19.796.515
18.824.186
7.113.410 6.151.911
7.087.850 5.561.390
1.411.244 986.019 659.987
1.451.560 816.934 693.437
16.322.571
15.611.171
3.473.944
3.213.015
492.401 143.402 (2.271.628)
1.656.407 138.951 (1.872.967)
(418.092) (226.380) (111.830)
(517.655) (235.420) (150.338)
BEBAN USAHA Beban jasa telekomunikasi Penyusutan dan amortisasi Karyawan Pemasaran Umum dan administrasi
2n 2k,2v,21,26, 29j,31,32,37 2i,2l,8,9 2o,2p,2v, 22,25,26 2n 2v,23,26
Jumlah Beban Usaha LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Laba kurs - bersih Pendapatan bunga Beban pendanaan Rugi perubahan nilai wajar derivatif - bersih Amortisasi goodwill Lain-lain - bersih
2n 2q,2r,4 2v,26 2m,2v,15,16,24,26 2q,28 2l,9 7,8,13
Beban Lain-lain - Bersih
(2.392.127)
(981.022)
LABA SEBELUM PAJAK PENGHASILAN
1.081.817
2.231.993
BEBAN PAJAK PENGHASILAN Tahun berjalan Tangguhan
2s,13
Jumlah Beban Pajak Penghasilan
(128.171) (229.627)
(460.973) (216.292)
(357.798)
(677.265)
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
5
PT INDOSAT Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI (lanjutan) Tahun Yang Berakhir Pada Tanggal-tanggal 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah, kecuali data saham)
Catatan LABA SEBELUM HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN
2010
2009
724.019
2b
LABA BERSIH
LABA PER SAHAM DASAR
2u
LABA PER ADS DASAR (50 lembar saham Seri B per ADS)
2u
(76.845)
(56.483)
647.174
1.498.245
119,10
275,72
5.954,93
13.786,01
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
6
1.554.728
Saldo pada tanggal 31 Desember 2010
1.546.587
-
-
-
1.546.587
-
-
-
1.546.587
Agio Saham
404.104
-
-
-
404.104
-
-
-
404.104
(2.727)
-
-
(5.096)
2.369
-
-
(10.922)
13.291
Selisih Selisih Kurs Transaksi Perubahan Karena Ekuitas Perusahaan Penjabaran Asosiasi/Anak Laporan Perusahaan Keuangan
7
134.446
-
14.982
-
119.464
-
18.786
-
100.678
15.224.843
647.174
(749.122) (14.982)
-
15.341.773
1.498.245
(939.254) (18.786)
-
14.801.568
Belum Ditentukan Penggunaannya
Saldo Laba Telah Ditentukan Penggunaannya
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
543.393
-
Laba bersih tahun berjalan
-
-
27
2b
Keputusan dalam Rapat Umum Pemegang Saham Tahunan pada tanggal 22 Juni 2010 Deklarasi dividen kas Pembentukan dana cadangan
Selisih kurs karena penjabaran laporan keuangan Indosat Finance Company B.V. dan Indosat International Finance Company B.V. dari euro, dan Indosat Singapore Pte. Ltd. dan Indosat Palapa B.V. dari dolar A.S. ke rupiah - setelah ditambah manfaat pajak penghasilan terkait masing-masing sebesar Rp798, Rp368, Rp301 dan Rp231
543.393
-
Saldo pada tanggal 31 Desember 2009
Laba bersih tahun berjalan
-
543.393
-
27
2b
Catatan
Keputusan dalam Rapat Umum Pemegang Saham Tahunan pada tanggal 11 Juni 2009 Deklarasi dividen kas Pembentukan dana cadangan
Selisih kurs karena penjabaran laporan keuangan Indosat Finance Company B.V. dan Indosat International Finance Company B.V. dari euro, dan Indosat Singapore Pte. Ltd. dari dolar A.S. ke rupiah - setelah ditambah manfaat pajak penghasilan terkait masing-masing sebesar Rp1.172, Rp1.604 dan Rp3.641
Saldo pada tanggal 1 Januari 2009
Uraian
Modal Saham Ditempatkan dan Disetor Penuh
PT INDOSAT Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASI Tahun Yang Berakhir Pada Tanggal-tanggal 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah)
17.850.646
647.174
(749.122) -
(5.096)
17.957.690
1.498.245
(939.254) -
(10.922)
17.409.621
Bersih
PT INDOSAT Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI Tahun Yang Berakhir Pada Tanggal-tanggal 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah)
Catatan ARUS KAS DARI KEGIATAN USAHA Penerimaan kas dari: Pelanggan Pendapatan bunga Pengembalian pajak Pengeluaran kas kepada/untuk: Pemasok dan lainnya Beban pendanaan Karyawan Pajak penghasilan Kontrak swap suku bunga Beban swap dari kontrak swap valuta asing Penyelesaian kontrak derivatif Izin dibayar di muka jangka panjang
2009
5
19.678.609 145.067 41.753
18.415.890 146.826 84.650
28m-z
(9.061.007) (2.175.997) (1.310.556) (215.874) (117.231)
(10.116.183) (1.730.149) (1.359.817) (878.137) (47.715)
(121.449) (24.431) -
(125.748) (338.408)
28b-k 28b,28g 1a,2k
Kas Bersih yang Diperoleh dari Kegiatan Usaha ARUS KAS DARI KEGIATAN INVESTASI Penerimaan klaim asuransi Satelit Palapa-D Penerimaan dividen kas dari investasi jangka panjang lainnya Penerimaan dari penjualan aset tetap Perolehan aset tetap Perolehan aset tak berwujud Penambahan investasi pada perusahaan asosiasi
2010
8
6.838.884
4.051.209
537.657
-
7 8 8 9
19.281 7.741 (6.495.146) (40.052)
6
(194)
Kas Bersih yang Digunakan untuk Kegiatan Investasi
26.774 2.253 (10.684.690) (15.044) -
(5.970.713)
(10.670.707)
16 15 28a
5.851.301 1.092.059 59.925
1.500.000 3.892.786 -
15 16 27 28a
2.846 (4.098.277) (3.720.815) (749.122) (46.136)
(18.206) (632.814) (14.453) (939.254) (54.116)
(21.436)
(9.292)
ARUS KAS DARI KEGIATAN PENDANAAN Penerimaan dari hutang obligasi Penerimaan dari hutang jangka panjang Penyelesaian kontrak derivatif Penurunan (kenaikan) kas dan setara kas yang dibatasi penggunaannya Pembayaran hutang jangka panjang Pembayaran hutang obligasi Pembayaran dividen kas oleh Perusahaan Beban swap dari kontrak swap valuta asing Pembayaran dividen kas oleh anak perusahaan ke pemegang saham minoritas
Kas Bersih yang Diperoleh dari (Digunakan untuk) Kegiatan Pendanaan
(1.629.655)
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
8
3.724.651
PT INDOSAT Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI (lanjutan) Tahun Yang Berakhir Pada Tanggal-tanggal 31 Desember 2010 dan 2009 (Disajikan dalam jutaan rupiah)
Catatan PENURUNAN BERSIH KAS DAN SETARA KAS
2010
2009
(761.484)
KAS DAN SETARA KAS AWAL TAHUN
2.835.999
KAS DAN SETARA KAS DARI ANAK PERUSAHAAN YANG DILIKUIDASI*
-
(2.894.847) 5.737.866
(7.020)
KAS DAN SETARA KAS DARI ANAK PERUSAHAAN YANG DIAKUISISI
6
755
-
KAS DAN SETARA KAS AKHIR TAHUN
3
2.075.270
2.835.999
1.791.783 283.487
2.611.529 224.470
2.075.270
2.835.999
77.748 -
161.702 723.112
* PT Satelindo Multi Media (SMM) dilikuidasi pada tanggal 23 Juni 2009.
RINCIAN KAS DAN SETARA KAS: Deposito berjangka yang jatuh tempo dalam waktu tiga bulan atau kurang dan deposito on call Kas dan bank
3
Kas dan setara kas yang disajikan pada neraca konsolidasi INFORMASI TAMBAHAN LAPORAN ARUS KAS: Transaksi yang tidak mempengaruhi arus kas: Perolehan aset tetap yang dikreditkan ke: Uang muka jangka panjang Hutang jangka panjang
Catatan atas laporan keuangan konsolidasi terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi secara keseluruhan.
9
PT XL AXIATA Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2010, 2009 DAN 2008 (Dinyatakan dalam jutaan Rupiah, kecuali nilai nominal per saham)
Catatan ASET LANCAR Kas dan setara kas Piutang usaha - setelah dikurangi penyisihan piutang ragu-ragu - Pihak ketiga - Pihak yang mempunyai hubungan istimewa Piutang lain-lain - Pihak ketiga - Pihak yang mempunyai hubungan istimewa Persediaan Pajak dibayar dimuka Uang muka dan beban dibayar dimuka Piutang derivatif Aset lancar lain-lain
2010
2009
2008
3,24b
366.161
747.965
1.170.203
4 24c
405.558 51.407
271.887 60.419
316.720 68.292
76.327 1.425 61.044 5.161 1.229.873 31.061
1.043 8.458 19.886 367.176 481.657 18.049 30.749
13.450 21.368 127.633 754.860 378.260 333.324 16.705
2.228.017
2.007.289
3.200.815
23.197.199 32.884 1.793.181
23.616.394 112.256 1.644.156
23.179.767 625.678 1.386.705
Jumlah aset tidak lancar
25.023.264
25.372.806
25.192.150
JUMLAH ASET
27.251.281
27.380.095
28.392.965
-
-
547.500
1.637.856 22.195 396.603
2.072.648 26.854 120.304
3.250.610 28.253 100.887
10 26
942.799 586.714 -
549.333 153 597.904 166.272
428.601 591.432 -
11
976.866
1.921.604
730.548
12
-
553.822
-
4.563.033
6.008.894
5.677.831
24d 23a 5,24i 26 6
Jumlah aset lancar
ASET TIDAK LANCAR Aset tetap - setelah dikurangi akumulasi penyusutan Piutang derivatif Aset tidak lancar lain-lain
KEWAJIBAN JANGKA PENDEK Pinjaman jangka pendek Hutang usaha dan hutang lain-lain - Pihak ketiga - Pihak yang mempunyai hubungan istimewa Hutang pajak Beban yang masih harus dibayar - Pihak ketiga - Pihak yang mempunyai hubungan istimewa Pendapatan tangguhan Hutang derivatif Bagian pinjaman jangka panjang yang jatuh tempo dalam satu tahun Bagian obligasi yang jatuh tempo dalam satu tahun
7 26 6,24i
8 8,24e 23b 9
Jumlah kewajiban jangka pendek
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. Halaman 1/1 PT XL AXIATA Tbk. 2010 Annual Report
171
PT XL AXIATA Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2010, 2009 DAN 2008 (Dinyatakan dalam jutaan Rupiah, kecuali nilai nominal per saham)
Catatan KEWAJIBAN JANGKA PANJANG Hutang usaha dan hutang lain-lain - pihak ketiga Pinjaman jangka panjang Kewajiban pajak tangguhan Obligasi Hutang derivatif Kewajiban diestimasi
8 11 23d 12 26 13
2010
2009
7.704.157 1.283.347 1.497.794 142.828 345.048
32.745 9.491.908 1.183.677 1.496.329 64.479 298.950
154.878 14.563.676 553.629 2.879.248 36.828 218.978
10.973.174
12.568.088
18.407.237
14 14
850.800 5.356.332
850.800 5.335.632
709.000 2.691.684
16
300 5.507.642
200 2.616.481
200 907.013
Jumlah ekuitas
11.715.074
8.803.113
4.307.897
JUMLAH KEWAJIBAN DAN EKUITAS
27.251.281
27.380.095
28.392.965
Jumlah kewajiban jangka panjang
EKUITAS Modal saham - modal dasar 22.650.000.000 saham biasa, modal ditempatkan dan disetor penuh 8.508.000.000 (2008: 7.090.000.000) saham biasa, dengan nilai nominal Rp 100 per saham Tambahan modal disetor Saldo laba - Telah ditentukan penggunaannya - Belum ditentukan penggunaannya
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. Halaman 1/2 172
2008
Laporan Tahunan 2010 PT XL AXIATA Tbk.
PT XL AXIATA Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASIAN UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010, 2009 DAN 2008 (Dinyatakan dalam jutaan Rupiah, kecuali laba/(rugi) bersih per saham)
Catatan PENDAPATAN USAHA Pendapatan usaha bruto Diskon Pendapatan usaha bruto setelah dikurangi diskon BEBAN USAHA Beban penyusutan Beban infrastruktur Beban interkoneksi dan jasa telekomunikasi Beban penjualan dan pemasaran Beban gaji dan kesejahteraan karyawan Beban perlengkapan dan overhead Lain-lain
18,24f 7 19 20,24g,24h 21,24j 22,24k 24i
LABA USAHA (BEBAN)/PENGHASILAN LAIN-LAIN Beban bunga Penghasilan bunga (Kerugian)/keuntungan selisih kurs - bersih Keuntungan dari transaksi sewa pembiayaan Lain-lain
26 6 23e
LABA/(RUGI) SEBELUM PAJAK PENGHASILAN (BEBAN)/MANFAAT PAJAK PENGHASILAN - Kini - Tangguhan
2010
2009
17.636.895 (178.256)
13.879.513 (173.462)
12.155.991 (94.784)
17.458.639
13.706.051
12.061.207
4.071.998 3.120.982 2.303.762 1.291.324 904.408 551.178 50.500
3.701.880 3.089.094 2.027.777 1.030.368 777.833 575.676 39.579
3.335.287 1.988.575 2.296.381 1.374.475 722.515 547.741 43.244
12.294.152
11.242.207
10.308.218
5.164.487
2.463.844
1.752.989
(842.604) 62.367 (167.428) (348.841)
(1.274.077) 68.602 744.617 465.047 (104.990)
(1.122.294) 33.660 (332.151) (401.402)
(1.296.506)
(100.801)
(1.822.187)
3.867.981
23c 23c
LABA/(RUGI) BERSIH
2008
2.363.043
(69.198)
(877.050) (99.670)
(23.527) (630.048)
(6.011) 60.100
(976.720)
(653.575)
54.089
2.891.261
1.709.468
(15.109)
LABA/(RUGI) BERSIH PER SAHAM DASAR
17
340
237
(2)
DILUSIAN
17
340
237
(2)
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. Halaman 2 PT XL AXIATA Tbk. 2010 Annual Report
173
PT XL AXIATA Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010, 2009 DAN 2008 (Dinyatakan dalam jutaan Rupiah)
Catatan
Saldo 1 Januari 2008 Rugi bersih tahun berjalan
Saldo laba Telah Belum ditentukan ditentukan penggunaannya penggunaannya
Modal saham
Tambahan modal disetor
709.000
2.691.684
100
-
-
-
(15.109)
(15.109)
1.064.022
4.464.806
Dividen
15
-
-
-
(141.800)
(141.800)
Pembentukan cadangan wajib
16
-
-
100
(100)
-
709.000
2.691.684
200
907.013
4.307.897
141.800
2.643.948
-
-
2.785.748
Laba bersih tahun berjalan
-
-
-
1.709.468
1.709.468
Saldo 31 Desember 2009
850.800
5.335.632
200
2.616.481
8.803.113
Laba bersih tahun berjalan
-
-
-
2.891.261
2.891.261
Saldo 31 Desember 2008 Penerbitan saham melalui penawaran umum terbatas
1b
Kompensasi berbasis saham
2n,14
-
20.700
-
-
20.700
Pembentukan cadangan wajib
16
-
-
100
(100)
-
850.800
5.356.332
300
5.507.642
11.715.074
Saldo 31 Desember 2010
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. Halaman 3 174
Jumlah
Laporan Tahunan 2010 PT XL AXIATA Tbk.
PT XL AXIATA Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010, 2009 DAN 2008 (Dinyatakan dalam jutaan Rupiah) Catatan
2010
2009
17.322.790
13.765.228
12.165.611
(7.412.054) (786.700)
(5.412.328) (682.545)
(6.619.752) (650.825)
Kas yang dihasilkan dari operasi Penghasilan bunga yang diterima Pembayaran pajak penghasilan badan
9.124.036 63.151 (392.296)
7.670.355 57.207 (9.273)
4.895.034 26.304 (211.837)
Arus kas bersih yang diperoleh dari aktivitas operasi
8.794.891
7.718.289
4.709.501
(4.847.922) (327.627) 93.772
(5.282.741) 135.583
(11.381.712) (233.217)
ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan dan operator lain Pembayaran kepada pemasok dan untuk beban usaha Pembayaran kepada karyawan
ARUS KAS DARI AKTIVITAS INVESTASI Pembelian aset tetap Pembayaran upfront fee 3G Realisasi/(penambahan) aset lain-lain Penerimaan dari aset yang dijual dan penggantian asuransi
7
24.700
23.730
2008
100.898
Arus kas bersih yang digunakan untuk aktivitas investasi
(5.057.077)
(5.123.428)
(11.514.031)
ARUS KAS DARI AKTIVITAS PENDANAAN Pembayaran pinjaman jangka pendek Pembayaran bunga pinjaman jangka pendek Pembayaran pinjaman jangka panjang Pembayaran bunga pinjaman jangka panjang Pembayaran Obligasi Excelcom Pembayaran bunga obligasi Penerimaan pinjaman jangka pendek Penerimaan pinjaman jangka panjang Pembayaran dividen Penerimaan dari penawaran umum terbatas
(6.622.767) (715.034) (578.566) (175.152) 3.972.875 -
(547.500) (11.957) (5.216.675) (1.017.530) (761.254) (267.853) 2.026.133 2.785.748
(1.000.000) (65.461) (400.000) (649.051) (4.459.970) (444.513) 1.470.950 12.953.122 (141.800) -
(4.118.644)
(3.010.888)
7.263.277
(380.830)
(416.027)
458.747
15
Arus kas bersih yang (digunakan untuk)/ diperoleh dari aktivitas pendanaan (Penurunan)/kenaikan bersih kas dan setara kas Kas dan setara kas pada awal tahun
747.965
Dampak perubahan selisih kurs terhadap kas dan setara kas Kas dan setara kas pada akhir tahun
1.170.203
(974) 3
(6.211)
805.769 (94.313)
366.161
747.965
1.170.203
-
465.047
-
Aktivitas investasi dan pendanaan yang tidak mempengaruhi arus kas: Keuntungan dari transaksi sewa pembiayaan
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. Halaman 4 PT XL AXIATA Tbk. 2010 Annual Report
175
COMPANY REPORT
TLKM TELEKOMUNIKASI INDONESIA TBK.
Company Profile PT Telekomunikasi Indonesia Tbk (“TELKOM”) is the biggest telecommunication, information, media and edutainment (TIME) provider in Indonesia. TELKOM provided its first services on October 23rd, 1856, when the first telegraph was send from Batavia (Jakarta) to Buitenzorg (Bogor). During this longtime service, TELKOM has been through many transformations. The company’s Head Quarter located in Jln. Japati 1 Bandung 40133. The company also located in Gedung Grha Citra Caraka, Jln. Gatot Subroto No. 52 Jakarta 12710. TELKOM’s last transformation called NEW TELKOM Indonesia is four aspects transformation, consists of business transformation, infrastructure transformation, system and operation model transformation and human resources transformation. It has been officially launched in concordance with TELKOM’s New Corporate Identity in TELKOM’s 153rd anniversary on October 23rd 2009 with new tagline “The World in Your Hand”. In line with NEW TELKOM spirit and new positioning “Life Confident”, TELKOM management all‐together with TELKOM’s employees devote their professionalism to present the best products and services for customers and stakeholders. With all these achievements and recognitions, market domination in every portfolio business, strong financial performance and future potential growth, TELKOM will become Indonesian best corporate model. TELKOM has direct ownership in subsidiaries: PT Telekomunikasi Selular, PT Multimedia Nusantara, PT Telekomunikasi Indonesia International, PT Pramindo Ikat Nusantara, PT Infomedia Nusantara, PT Dayamitra Telekomunikasi, PT Indonusa Telemedia, PT Graha Sarana Duta and PT Napsindo Primatel Internasional. The Company and its Subsidiaries (the Group) have approximately 27,165 employees as of June 30th, 2011.
August 2011 Disclaimer: The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.
Telekomunikasi Indonesia Tbk. [S] COMPANY REPORT : JULY 2011
As of 29 July 2011 Individual Index : 949.075 20,159,999,280 Listed Shares : Market Capitalization : 148,175,994,708,000
Main Board Industry Sector : Infrastructure, Utilities & Transportation (7) Industry Sub Sector : Telecommunication (73) COMPANY HISTORY Established Date
: 24-Sep-1991
Listing Date
: 14-Nov-1995
Under Writer IPO :
SHAREHOLDERS (July 2011) 10,320,470,712 : 51.19%
1. Negara Republik Indonesia DIVIDEND ANNOUNCEMENT
PT Bahana Securities PT Danareksa Sekuritas
Year
PT Makindo
1995 1996
Securities Administration Bureau :
TLKM
Bonus Shares
Cum Date
Ex Date
Recording Date
24.48
07-Jun-96
10-Jun-96
18-Jun-96
17-Jul-96 F
41.25
13-May-97 14-May-97 23-May-97
20-Jun-97 F
Cash Devidend
Payment Date F/I
PT Datindo Entrycom
1997
32.75
22-May-98 25-May-98
02-Jun-98
01-Jul-98 F
Wisma Sudirman - Puri Datindo
1997
15.75
23-Nov-98
24-Nov-98
02-Dec-98
30-Dec-98 F
35.69
24-May-99 25-May-99
02-Jun-99
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
1998
Phone : 570-9009
1999
Fax
1998
15.30
24-May-99 25-May-99
02-Jun-99
1999
53.88
26-Apr-00
05-May-00 22-May-00 F
: 570-9026
BOARD OF COMMISSIONERS 1. Jusman Syafii Djamal
24-Jun-99
50 : 4
25-Jun-99 27-Apr-00
05-Jul-99
01-Jul-99 F 02-Aug-99 30-Dec-99 F
1999
53.88
09-Oct-00
10-Oct-00
18-Oct-00
01-Nov-00
I
2000
44.08
31-May-01
01-Jun-01
07-Jun-01
21-Jun-01
I
2. Bobby A.A. Nazief 3. Johnny Swandi Sjam *)
2000
44.08
10-Oct-01
11-Oct-01
17-Oct-01
31-Oct-01 F
2001
210.82
24-Jul-02
25-Jul-02
30-Jul-02
12-Aug-02 F
4. Mahmuddin Yasin 5. Rudiantara *)
2002
331.16
03-Jun-03
04-Jun-03
06-Jun-03
12-Jun-03 F
2003
301.95
23-Aug-04
24-Aug-04
26-Aug-04
07-Sep-04 F
2004
7.11
23-Dec-04
27-Dec-04
29-Dec-04
2005
144.90
15-Jul-05
18-Jul-05
20-Jul-05
03-Aug-05 F 09-Aug-06 F
*) Independent Commissioners
06-Jan-05
I
2005
218.86
21-Jul-06
24-Jul-06
26-Jul-06
2006
48.45
21-Dec-06
22-Dec-06
27-Dec-06
2. Arief Yahya 3. Ermady Dahlan
2006
254.76
20-Jul-07
23-Jul-07
25-Jul-07
08-Aug-07 F
2007
48.45
29-Nov-07
30-Nov-07
04-Dec-07
18-Dec-07 F
4. Faisal Syam 5. I Nyoman Gede Wiryanata
2007
309.42
11-Jul-08
14-Jul-08
16-Jul-08
31-Jul-08 F
2007
97.73
09-Oct-08
10-Oct-08
14-Oct-08
28-Oct-08 F
BOARD OF DIRECTORS 1. Rinaldi Firmansyah
6. Indra Utoyo 7. Prasetio
2008
296.94
07-Jul-09
08-Jul-09
10-Jul-09
2009
26.65
09-Dec-09
10-Dec-09
14-Dec-09
8. Sudiro Asno
2009
261.41
07-Jul-10
08-Jul-10
12-Jul-10
2010
26.75
22-Dec-10
23-Dec-10
28-Dec-10
2010
295.84
13-Jun-11
14-Jun-11
16-Jun-11
AUDIT COMMITTEE 1. Rudiantara 2. Agus Yulianto 3. Bobby A.A. Nazief
Type of Listing 1. Negara RI (Seri A)
6. Salam
2. Negara RI (Seri B) (C/ L)
Agus Murdiyatno ADDRESS Jln. Gatot Subroto No. 52, Jakarta Phone : (021) 521-5109 Fax
: (021) 522-0500
Homepage : www.telkom.co.id Email
:
[email protected]
27-Jul-09 F 29-Dec-09
I
26-Jul-10 F 11-Jan-11
I
01-Jul-11 F
Shares
Listing Date
Trading Date -
1
14-Nov-95
7,466,665,999
14-Nov-95
-
3. First Issue
933,333,000
14-Nov-95
14-Nov-95 14-Nov-95
4. First Issue (LN)
700,000,000
14-Nov-95
5. First Issue (divesment)
233,334,000
14-Nov-95
14-Nov-95
6. Bonus Shares
746,666,640
03-Aug-99
03-Aug-99
10,079,999,640
28-Sep-04
28-Sep-04
7. Stock Split
Graha Citra Caraka 5th Fl.
I
ISSUED HISTORY
4. Djonny Swandi Sjam 5. Sahat Pardede
CORPORATE SECRETARY
02-Jan-07
Telekomunikasi Indonesia Tbk. [S] CLOSING PRICE* AND TRADING VOLUME TELEKOMUNIKASI INDONESIA TBK. [S] JANUARY 2007 - JULY 2011
Volume (Mill. Sh)
14,000
210
12,000
180
10,000
150
8,000
120
6,000
90
4,000
60
2,000
30
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
CHANGE OF CLOSING PRICE INFRASTRUCTURE INDEX AND JAKARTA COMPOSITE INDEX JANUARY 2007 - JULY 2011 150%
150% Jakarta Composite Index Infrastructure Index Closing Price
125%
125%
100%
100%
75%
75%
50%
50%
25%
25%
-
-
-25%
-25%
-50%
-50%
-75% Jan 07
-75% Jan 08
SHARES TRADED Volume (Million Shares) Value (Billion Rp) Frequency (X) Days Price (Rupiah) High Low Close Close* PER (X) PER Industry (X) PBV (X)
Jan 09
Jan 10
Jan 11
2007 7,215 74,639 265,764 246
2008 7,768 60,829 299,972 240
2009 5,523 43,930 237,839 241
2010 6,841 56,889 423,287 245
Jul-11 3,391 24,994 207,803 144
12,750 8,550 10,150 10,150
10,300 4,850 6,900 6,900
10,350 5,750 9,450 9,450
9,800 6,950 7,950 7,950
8,050 6,600 7,350 7,350
15.92 30.33 6.06
14.05 11.98 4.35
15.36 29.75 5.08
13.89 14.22 3.61
9.22 8.59 2.68
* Adjusted price after corporate action
TRADING ACTIVITIES Closing Price Month High Low Close Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-00 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-00 Jan-09 Feb-09 Mar-09 Apr-09 M 09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-00 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-00 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
Freq. (X)
Volume Value (Thou. Sh) (Million Rp)
Day
Closing Price*
TLKM
10,450 9,300 9,450 9,750 8,550 8,900 9,900 8,950 9,850 10,850 9,850 10,500 10,500 9,300 9,550 9,900 9,550 9,850 11,600 9,800 11,200 11,250 9,550 10,850 11,350 10,600 11,000 12,750 10,550 10,750 11,600 9,850 10,150 11,250 9,800 10,150
20,666 24,620 18,046 16,661 25,052 11,752 20,925 14,470 12,021 30,673 42,656 28,222
508,186 608,607 473,856 433,243 711,389 569,235 652,738 450,770 518,731 821,627 899,412 566,964
4,997,350 5,656,539 4,415,928 4,473,449 6,939,074 5,522,673 7,000,874 4,765,249 5,685,350 9,614,843 9,609,114 5,958,592
22 20 21 20 21 20 22 22 20 20 22 16
10,300 10,250 10,000 9,850 9,100 8,300 8,100 8,100 8,000 7,850 6,450 7,400
8,250 9,100 8,850 8,750 7,800 7,200 6,550 7,200 5,900 4,850 5,150 5,500
9,250 9,800 9,650 8,850 8,100 7,300 7,700 8,000 7,150 5,400 5,850 6,900
40,888 23,233 19,882 15,966 24,880 26,665 32,583 17,816 20,108 31,717 29,163 17,071
929,539 497,625 461,439 590,024 589,160 688,759 758,461 661,408 657,155 897,159 675,027 362,736
8,581,098 4,916,638 4,356,160 5,397,561 5,012,410 5,321,903 5,661,883 5,089,729 4,667,114 5,613,182 3,821,470 2,389,409
20 19 18 22 20 21 22 20 21 18 20 19
7,450 6,650 7,900 8,000 8 100 8,100 8,000 9,450 9,100 8,800 8,950 9,150 10,350
6,200 5,750 6,150 6,850 7 000 7,000 7,300 7,550 8,300 8,250 7,850 8,100 8,950
6,300 6,300 7,550 7,850 7 450 7,450 7,500 8,950 8,400 8,650 8,400 9,000 9,450
13,706 15,355 14,268 31,720 25 920 25,920 18,453 27,935 25,116 19,182 18,307 12,783 15,094
299,622 269,828 314,739 703,569 539 601 539,601 643,122 687,066 517,851 329,307 478,252 347,591 392,778
2,017,546 1,691,385 2,199,590 5,193,383 4 054 381 4,054,381 4,885,098 5,709,849 4,486,164 2,791,554 4,108,213 3,042,163 3,750,416
19 20 20 20 20 22 21 20 18 22 20 19
9,700 9,450 8,800 8,350 8,050 8,100 8,450 9,000 9,300 9,800 9,150 8,300
9,200 8,200 7,950 7,500 6,950 7,450 7,600 8,000 8,600 8,850 7,750 7,650
9,350 8,300 8,050 7,850 7,750 7,700 8,450 8,650 9,200 9,100 7,950 7,950
20,466 21,760 48,566 48,650 35,324 26,651 32,139 26,178 21,676 32,013 77,869 31,995
8,050 7,850 7,550 7,850 7,800 7,750 7,400
7,100 7,350 6,600 6,950 7,400 6,800 6,900
7,550 7,450 7,350 7,700 7,700 7,350 7,350
43,651 18,451 45,513 32,395 17,375 29,350 21,068
343,755 3,245,848 20 374,201 3,260,891 19 687,405 5,704,868 22 698,151 5,567,192 21 686,175 5,233,080 19 475,632 3,744,786 22 540,356 4,302,992 22 500,322 4,280,165 21 430,504 3,918,038 17 443,145 4,065,168 21 1,214,710 10,016,453 21 446,590 3,549,809 20 640,069 582,326 671,840 410,474 321,219 376,497 388,155
4,825,430 4,376,284 4,780,703 3,028,509 2,442,955 2,756,735 2,783,117
21 18 23 20 21 20 21
Telekomunikasi Indonesia Tbk. [S]
TLKM
Financial Data and Ratios Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network) BALANCE SHEET
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
10,140,791
6,889,945
7,085,460
9,119,849 10,537,527
Receivable
3,511,996
3,618,643
3,917,709
4,433,849
5,573,043
Inventories
211,441
511,950
435,244
515,536
532,359
TOTAL ASSETS AND LIABILITIES
(Million Rp except Par Value) Cash & Cash Equivalents
Book End : December
(Billion Rupiah) 100,000
Assets
Liabilities
2007
2008
80,000
Current Assets
15,978,095 14,622,310 16,186,024 18,730,627 20,651,684
Fixed Assets
61,168,983 71,066,244 76,419,897 75,832,408 72,949,300
Other Assets Total Assets
1,408,764
3,187,808
2,234,288 81,027,820
4,171,910
82,058,760 91,256,250 97,559,606 99,758,447 99,834,171
Growth (%)
11.21%
6.91%
2.25%
0.08%
60,000 40,000 20,000 -
Current Liabilities
20,674,629 26,998,151 26,717,414 20,472,898 23,188,441
Long Term Liabilities
18,330,790 20,260,248 20,919,098 22,870,786 21,359,991
Total Liabilities
39,005,419 47,258,399 47,636,512 43,343,684 44,548,432
Growth (%) Minority Interest Authorized Capital Paid up Capital Paid up Capital (Shares)
21.16% 9,304,762
0.80%
-9.01%
2.78%
9,683,780 10,933,347 11,996,021
-
2009
5,040,000
5,040,000
5,040,000
5,040,000
20,160
20,160
20,160
20,160
20,160
250
250
250
250
250
Jun-11
TOTAL EQUITY (Billion Rupiah) 55,286 55,286
20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 5,040,000
2010
44,419 38,990
44,229
33,749
34,314
2007
2008
33, 33,171
Par Value Retained Earnings
28,915,008 31,499,963 36,467,205 15,336,746 42,028,029
Total Equity
33,748,579 34,314,071 38,989,747 44,418,742 55,285,739
Growth (%) INCOME STATEMENTS Total Revenues
Dec-2007
1.68%
13.63%
13.92%
24.46%
Dec-2008
Dec-2009
Dec-2010
Jun-2011
22,114
11,057
-
59,440,011 60,689,784 64,596,635 68,629,181 34,457,375
Growth (%)
2.10%
6.44%
32,967,303 38,382,309 41,993,494 46,138,061 23,534,904
Gross Profit
26,472,708 22,307,475 22,603,141 22,491,120 10,922,471
Operating Expenses
32,967,303 38,382,309 41,993,494 46,138,061 23,534,904
Operating Profit
26,472,708 22,307,475 22,603,141 22,491,120 10,922,471 -15.73%
1.33%
2010
TOTAL REVENUES (Billion Rupiah)
68,629
59,440
60,690
64,597
68,629
54,903
-0.50% 34,457
41,178
Other Income (Expenses) Income before Tax Tax
-877,055 -1,994,667
-253,853 -1,074,769
-140,285
25,595,653 20,312,808 22,349,288 21,416,351 10,782,186 7,927,823
5,546,039
2,744,977
Minority Interest
-4,810,812 -4,053,643 -4,644,072 -4,333,313
-
Net Income
12,857,018 10,619,470 11,332,140 11,536,999
8,037,209
Growth (%)
5,639,695
6,373,076
-17.40%
6.71%
1.81%
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
77.28
54.16
60.58
91.49
89.06
Dividend (Rp)
455.60
296.94
288.06
322.59
-
EPS (Rp)
637.75
526.76
562.11
572.27
398.67
BV (Rp)
1,674.04
1,702.09
1,934.02
2,203.31
2,742.35
DAR (X)
0.48
0.52
0.49
0.43
0.45
DER(X)
1.16
1.38
1.22
0.98
0.81
RATIOS Current Ratio (%)
Jun-11
6.24%
Expenses
Growth (%)
2009
27,452
13,726
-
2007
2008
2009
2010
Jun-11
NET INCOME (Billion Rupiah) 12,857 12,857
10,619
11,332
11,537
10,286
8,037 7,714
ROA (%)
31.19
22.26
22.91
21.47
10.80
ROE (%)
75.84
59.20
57.32
48.21
19.50
GPM (%)
44.54
36.76
34.99
32.77
31.70
OPM (%)
44.54
36.76
34.99
32.77
31.70
NPM (%)
21.63
17.50
17.54
16.81
23.33
Payout Ratio (%)
71.44
56.37
51.25
56.37
-
4.49
4.30
3.05
4.06
-
Yield (%)
5,143
2,571
-
2007
2008
2009
2010
Jun-11
COMPANY REPORT
ISAT INDOSAT TBK. Company Profile PT Indosat Tbk. (“the Company”) was established by the Government on November 10th, 1967 as a foreign investment company to provide international telecommunications services in Indonesia and began commercial operations in September 1969 to build, transfer and operate an International Telecommunications Satellite Organization, or Intelsat, earth station in Indonesia to access Intelsat’s Indian Ocean Region satellites for a period of 20 years. According to article 3 of its Articles of Association, the Company shall engage in providing telecommunication networks, telecommunication services as well as information technology and/or convergence technology services by conducting the following activities: ‐ Provision of telecommunication networks, telecommunication services as well as information technology and/or convergence technology services, including but not limited to provisioning of basic telephony services, multimedia services, internet telephony services, network access point services, internet services, mobile telecommunication networks and fixed telecommunication networks; ‐ Engaging in the payment transaction and money transfer service through telecommunication networks as well as information technology and/or convergence technology; ‐ Planning, procurement, modifying, built, providing, developing, operating, leasing, rent, maintaining infrastructures/facilities including resources to support the Company business in providing telecommunication networks, telecommunication services as well as information technology and/or convergence technology services; ‐ Business and operating activities (including development, marketing and sales of telecommunication networks, telecommunication services as well as information technology and/or convergence technology services by the Company), including research, customer services, education and courses both domestic and overseas; ‐ Supporting and/or related with the provision of telecommunication networks, telecommunication services as well as information technology and/or convergence technology services including but not limited to electronic transactions and provision of hardware, software, content as well as telecommunication managed services. The company is domiciled at Jalan Medan Merdeka Barat No. 21, Jakarta and has 4 regional offices located in Jakarta, Surabaya, Batam and Balikpapan. The company has direct and indirect ownership in subsidiaries: Indosat Palapa Company B.V., Indosat Mentari Company B.V., Indosat Finance Company B.V., Indosat International Finance Company B.V., Indosat Singapore Pte. Ltd., PT Indosat Mega Media, PT Interactive Vision Media, PT Starone Mitra Telekomunikasi, PT Aplikasinusa Lintasarta, PT Lintas Media Danawa and PT Artajasa Pembayaran th Elektronis. As of June 30 , 2011, the Company and subsidiaries have a total of 5,7544 employees.
August 2011 Disclaimer: The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.
Indosat Tbk.
ISAT
COMPANY REPORT : JULY 2011
As of 29 July 2011 Individual Index : Listed Shares : Market Capitalization :
Main Board Industry Sector : Infrastructure, Utilities & Transportation (7) Industry Sub Sector : Telecommunication (73) COMPANY HISTORY
SHAREHOLDERS (July 2011)
Established Date
: 10-Nov-1967
1. Qatar Telecom (Qtel Asia) Pte. Ltd.
Listing Date
: 19-Oct-1994
2. Negara Republik Indonesia
Under Writer IPO : PT Bahana Securities
1,400.000 5,433,933,500 29,614,937,575,000
3,031,528,000 : 55.79% 776,625,000 : 14.29% 505,003,050 : 9.29% 330,793,500 : 6.09%
3. The Bank Of New York Mellon Dr 4. The Bank Of New York Mellon Dr
PT Danareksa Sekuritas PT Jardine Fleming Nusantara
DIVIDEND ANNOUNCEMENT
PT Pentasena Arthasentosa Securities Administration Bureau :
Year
Bonus Shares
Cash Devidend
Cum Date
Ex Date
Recording Date
Payment Date F/I
PT EDI Indonesia
1994
83.72
12-May-95 16-May-95 23-May-95
16-Jun-95 F
Wisma SMR 10th Fl.
1995
64.00
01-Nov-95
02-Nov-95
10-Nov-95
08-Dec-95
Jln. Yos Sudarso Kav. 89 Jakarta 14350
1996
69.18
24-May-96 27-May-96
04-Jun-96
21-Jun-96
Phone : 650-5829, 652-1010
1996
68.00
30-Oct-96
31-Oct-96
08-Nov-96
06-Dec-96
Fax
1996
104.82
30-Apr-97
01-May-97 12-May-97 30-May-97 F
04-Nov-97
05-Nov-97
: 650-5987
BOARD OF COMMISSIONERS 1. H.E. Sheikh Abdulla Mohammed S.A. Al-Thani 2. Aexander Rusli *) 3. Chris Kanter *) 4. Nasser Mohd. A. Marafih 5. Parikesit Suprapto 6. Rachmat Gobel 7. Richard Farnsworth Seney 8. Rionald Silaban
13-Nov-97
I
1997
80.00
1997
167.50
1998
425.08
28-May-99 31-May-99
09-Jun-99
05-Jul-99 F
1999
333.00
15-May-00 16-May-00 25-May-00
09-Jun-00 F 01-Nov-00 F
12-May-98 13-May-98 22-May-98
12-Dec-97
I
I
22-Jun-98 F
1999
333.00
17-Oct-00
18-Oct-00
27-Oct-00
2000
305.04
30-May-01 31-May-01
06-Jun-01
20-Jun-01 F
2000
305.04
13-Nov-01
14-Nov-01
19-Nov-09
03-Dec-01 F
2001
561.20
09-Jul-02
10-Jul-02
15-Jul-02
19-Jul-02 F
2002
146.13
16-Jul-03
17-Jul-03
21-Jul-03
01-Aug-03 F
2003
29-Jul-04 F
144.55
13-Jul-04
14-Jul-04
16-Jul-04
9. Soeprapto *) 10. Thia Peng Heok George *)
2005
154.23
28-Jun-05
29-Jun-05
01-Jul-05
2005
149.32
20-Jul-06
21-Jul-06
25-Jul-06
08-Aug-06 F
*) Independent Commissioners
2006
129.75
26-Jun-07
27-Jun-07
29-Jun-07
13-Jul-07 F
2008
172.85
02-Jul-09
03-Jul-09
07-Jul-09
22-Jul-09 F
2010
59.55
19-Jul-11
20-Jul-11
22-Jul-11
05-Aug-11 F
BOARD OF DIRECTORS 1. Harry Sasongko Tirtotjondro 2. Curt Stefan Carlsson 3. Fadzri Santosa 4. Hans Christiaan Moritz 5. Laszlo Imre Barta AUDIT COMMITTEE 1. George Thia Peng Hoek 2. Chris Kanter 3. Kanaka Puradiredja 4. Soeprapto 5. Unggul Saut Marupa Tampubolon CORPORATE SECRETARY Strasfiatri Auliana ADDRESS Jln. Medan Merdeka Barat No. 21 Jakarta - 10110 Phone : (021) 3000-3001, 386-9614, 386-9166 Fax
: (021) 3000-3754
Homepage : www.indosat.com Email
:
[email protected] [email protected]
15-Jul-05
ISSUED HISTORY Type of Listing
Shares
Listing Date
Trading Date
1
19-Oct-94
FRL
2. Negara RI (Seri B) (C/ L)
673,074,999
19-Oct-94
22-May-94
3. First Issue
103,550,000
19-Oct-94
19-Oct-94
4. First Issue (LN)
258,875,000
19-Oct-94
19-Oct-94
4,142,000,000
18-Mar-04
18-Mar-04
03-Aug-04 :
02-Aug-06
1. Negara RI (Seri A)
5. Stock Split 6. Option Conversion
256,433,500 T:
Indosat Tbk. CLOSING PRICE* AND TRADING VOLUME INDOSAT TBK. JANUARY 2007 - JULY 2011
Volume (Mill. Sh)
10,500
140
9,000
120
7,500
100
6,000
80
4,500
60
3,000
40
1,500
20
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
CHANGE OF CLOSING PRICE INFRASTRUCTURE INDEX AND JAKARTA COMPOSITE INDEX JANUARY 2007 - JULY 2011 150%
150%
125%
125%
Jakarta Composite Index Infrastructure Index Closing Price
100%
100%
75%
75%
50%
50%
25%
25%
-
-
-25%
-25%
-50%
-50%
-75% Jan 07
-75% Jan 08
SHARES TRADED
Jan 09
Jan 10
Jan 11
Volume (Million Shares) Value (Billion Rp) Frequency (X) Days
2007 2,492 17,706 78,287 246
2008 3,334 20,627 152,635 239
2009 4,731 26,718 130,843 241
2010 1,094 5,774 87,080 245
Jul-11 438 2,263 44,068 144
Price (Rupiah) High Low Close Close*
10,000 5,300 8,650 8,650
8,750 3,575 5,750 5,750
6,050 4,000 4,725 4,725
6,500 4,100 5,400 5,400
5,650 4,775 5,450 5,450
23.02 30.33 2.84
16.63 11.98 1.79
13.28 29.75 1.43
45.34 14.22 1.64
20.66 8.59 1.59
PER (X) PER Industry (X) PBV (X)
* Adjusted price after corporate action
TRADING ACTIVITIES Closing Price Month High Low Close Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-00 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-00 Jan-09 Feb-09 Mar-09 Apr-09 M 09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-00 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-00 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
Freq. (X)
Volume Value (Thou. Sh) (Million Rp)
Day
Closing Price*
ISAT
6,900 6,150 6,550 6,900 7,100 6,950 7,800 7,500 7,700 8,950 10,000 9,550
5,500 5,300 5,650 6,150 6,550 6,350 6,500 6,200 6,950 7,500 8,000 8,300
6,000 5,900 6,250 6,800 6,750 6,500 7,250 7,200 7,700 8,700 8,300 8,650
9,399 5,715 7,388 6,414 3,727 2,718 5,357 4,588 6,857 9,655 9,619 6,850
277,611 121,071 267,027 272,570 227,249 159,436 163,401 115,644 238,632 309,241 204,976 134,802
1,719,922 709,705 1,622,074 1,762,900 1,568,036 1,064,468 1,182,594 820,678 1,723,297 2,563,601 1,774,899 1,193,608
22 20 21 20 21 20 22 22 20 20 22 16
8,750 7,450 7,350 7,300 6,500 6,950 6,800 6,450 6,350 6,000 5,600 5,800
5,800 6,800 5,700 6,100 5,600 5,300 6,250 5,750 5,400 3,575 3,850 4,475
7,100 6,850 7,100 6,050 5,750 6,750 6,500 6,150 6,100 5,300 5,100 5,750
13,041 8,410 7,799 7,480 16,412 23,751 8,418 3,786 6,314 14,622 13,605 28,997
298,226 220,840 149,158 340,033 240,426 637,437 477,204 121,458 146,957 231,289 154,966 316,233
2,130,278 1,583,520 988,091 2,194,432 1,448,750 4,039,373 3,118,037 747,041 886,395 1,124,961 740,477 1,625,427
20 19 18 22 20 20 22 20 21 18 20 19
6,000 5,900 4,750 6,050 5 750 5,750 5,400 5,550 5,800 5,650 5,750 5,350 5,000
5,450 4,000 4,100 4,725 4 850 4,850 4,800 4,975 5,050 5,150 5,050 4,850 4,500
5,650 4,200 4,725 5,600 5 300 5,300 4,975 5,450 5,250 5,450 5,150 4,850 4,725
18,239 22,420 13,429 13,277 10 668 10,668 8,070 11,583 9,579 5,958 5,754 6,057 5,809
5,850 5,600 6,350 6,200 5,950 5,200 5,050 4,900 5,500 6,500 6,100 5,850
4,650 4,925 5,050 5,550 4,625 4,775 4,100 4,325 4,375 5,500 5,250 5,000
5,600 5,100 5,500 5,900 5,150 4,950 4,850 4,400 5,500 6,000 5,400 5,400
12,000 4,751 7,378 4,765 5,868 5,096 7,734 9,624 10,306 6,206 4,831 8,521
217,949 50,875 78,888 58,623 66,447 75,990 95,758 97,257 118,346 85,097 64,819 84,303
1,116,771 263,860 450,233 349,884 349,014 381,899 472,731 447,277 607,880 511,371 372,301 451,240
20 19 22 21 19 22 22 21 17 21 21 20
5,650 5,150 5,450 5,500 5,500 5,250 5,650
4,825 4,775 4,925 5,150 5,150 5,000 5,000
4,875 5,050 5,300 5,350 5,250 5,100 5,450
9,201 5,259 8,008 6,218 5,099 5,611 4,672
100,334 54,317 64,877 77,352 36,799 59,498 45,320
512,502 269,681 333,085 410,985 194,440 305,549 236,487
21 18 23 20 21 20 21
225,713 1,292,728 19 244,563 1,161,627 20 1,062,811 7,126,950 20 246,505 1,360,026 20 122 482 122,482 645 509 20 645,509 2,270,611 12,178,881 22 142,760 754,712 21 156,465 843,280 20 63,641 344,595 18 74,481 409,690 22 67,689 345,819 20 53,059 253,834 19
Indosat Tbk.
ISAT
Financial Data and Ratios Public Accountant : Purwantono, Suherman & Surja (Member of Ernst & Young Global Limited) BALANCE SHEET
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
Cash & Cash Equivalents
8,053,006
5,737,866
2,835,999
2,075,270
2,011,331
Receivable
1,051,869
1,357,620
1,949,984
1,558,457
1,786,742
Book End : December
TOTAL ASSETS AND LIABILITIES
(Million Rp except Par Value)
(Billion Rupiah) 62,500
A Assets t
Li biliti Liabilities
2007
2008
50,000
Inventories
161,573
241,991
112,260
105,885
89,008
Current Assets
10,794,127
9,659,773
7,139,627
6,158,854
5,623,263
Fixed Assets
30,572,773 38,394,073 44,428,807 43,571,010 42,210,266
Other Assets Total Assets
518,258
752,822
824,863
8,341
5,280
45,305,086 51,693,323 55,041,487 52,818,187 50,896,328
Growth (%)
14.10%
6.48%
-4.04%
-3.64%
37,500 25,000 12,500 -
Current Liabilities
11,658,581 10,675,245 13,068,122 11,946,853 10,371,993
Long Term Liabilities
16,804,405 23,319,519 23,685,082 22,634,848 21,919,741
Total Liabilities
28,462,986 33,994,764 36,753,204 34,581,701 32,291,734
Growth (%) Minority Interest Authorized Capital Paid up Capital Paid up Capital (Shares)
19.43%
8.11%
-5.91%
-6.62%
297,370
288,938
330,593
385,840
-
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
543,393
543,393
543,393
543,393
543,393
5,434
5,434
5,434
5,434
5,434
100
100
100
100
100
2009
2010
Jun-11
TOTAL EQUITY (Billion Rupiah)
18,605
16,545
17,410
17,958
17,851
2008
2009
2010
18,605
14,884
, 63 11,163
Par Value Retained Earnings
14,044,761 14,902,299 15,461,237 15,359,289 15,717,627
Total Equity
16,544,730 17,409,621 17,957,690 17,850,646 18,604,594
Growth (%) INCOME STATEMENTS Total Revenues
Dec-2007
Gross Profit Operating Expenses Operating Profit
3.15%
-0.60%
4.22%
Dec-2008
Dec-2009
Dec-2010
Jun-2011
3,721
-
2007
16,488,495 18,659,133 18,393,016 19,796,515 10,049,455
Growth (%) Expenses
5.23%
7,442
13.16%
-1.43%
7.63%
11,968,891 13,925,854 15,180,001 16,322,571 4,519,604
3,473,944
1,336,173 8,713,282
Growth (%)
3,213,015
4,733,279
3,213,015
3,473,944
4.73%
-32.12%
8.12%
TOTAL REVENUES (Billion Rupiah)
8,713,282
11,968,891 13,925,854 15,180,001 16,322,571 4,519,604
4,733,279
1,336,173
18,659
19,797
18,393
19,797
16,488 15,837
10,049
11,878
Other Income (Expenses) Income before Tax
-1,589,988 -2,408,164
-981,022 -2,392,127
-330,582
2,929,616
2,325,115
2,231,993
1,081,817
1,005,591
Tax
859,517
419,830
677,265
357,798
288,956
Minority Interest
-28,056
-26,763
-56,483
-76,845
-
2,042,043
1,878,522
1,498,245
647,174
716,635
-8.01%
-20.24%
-56.80%
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
92.59
90.49
54.63
51.55
54.22
-
172.85
-
59.55
-
375.79
345.70
275.72
119.10
131.88
BV (Rp)
3,044.71
3,203.87
3,304.73
3,285.03
3,423.78
DAR (X)
0.63
0.66
0.67
0.65
0.63
DER(X)
1.72
1.95
2.05
1.94
1.74
ROA (%)
6.47
4.50
4.06
2.05
1.98
Net Income Growth (%) RATIOS Current Ratio (%) Dividend (Rp) EPS (Rp)
Jun-11
7,919
3,959
-
2007
2008
2009
2010
Jun-11
NET INCOME (Billion Rupiah) 2,042 1,879
2,042
1 498 1,498
1,634
1,225
ROE (%)
17.71
13.36
12.43
6.06
5.41
GPM (%)
27.41
25.37
17.47
17.55
13.30
OPM (%)
27.41
25.37
17.47
17.55
13.30
NPM (%)
12.38
10.07
8.15
3.27
7.13
Payout Ratio (%)
-
50.00
-
50.00
-
Yield (%)
-
3.01
-
1.10
-
647
817
717
408
-
2007
2008
2009
2010
Jun-11
COMPANY REPORT
EXCL XL AXIATA TBK.
Company Profile PT XL Axiata Tbk (”the Company”) (formerly PT Excelcomindo Pratama Tbk) was established th on October 6 , 1989 under the name of PT Grahametropolitan Lestari concentrating on trading and general services. Axiata Investments (Indonesia) Sdn. Bhd. (formely Indocel Holding Sdn. Bhd.) which the majority shareholder of the Company is fully owned by Axiata Investments (Labuan) Limited (formely TMInternational (L) Ltd.). Axiata Investments (Labuan) Limited is a subsidiary of Axiata Group Berhad (formely TM International Berhad). The Company is principally involved in the provision of basic telephony services on cellular mobile network, Internet Services Provider (“ISP”), closed fixed network services (leased lines), Voice over Internet Protocol (“VoIP”) and internet interconnection services (“NAP”). The Company is domiciled at GrhaXL, Jln. Mega Kuningan Lot E4‐7 No.1, Kawasan Mega Kuningan, Jakarta 12950. The Company has direct and indirect ownership in subsidiaries: • GSM One (L) Ltd., • GSM Two (L) Ltd., and • Excelcomindo Finance Company B.V.
August 2011 Disclaimer: The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.
XL Axiata Tbk.
EXCL
COMPANY REPORT : JULY 2011
As of 29 July 2011 Individual Index : Listed Shares : Market Capitalization :
Main Board Industry Sector : Infrastructure, Utilities & Transportation (7) Industry Sub Sector : Telecommunication (73) COMPANY HISTORY
2,000.000 8,518,566,332 48,981,756,409,000
SHAREHOLDERS (July 2011)
Established Date
: 06-Oct-1989
1. Axiata Investments (Indonesia) Sdn. Bhd.
Listing Date
: 29-Sep-2005
2. Etisalat International Indonesia Limited
5,674,125,290 : 66.61% 1,132,497,500 : 13.29%
Under Writer IPO : CIMB Niaga Securities
DIVIDEND ANNOUNCEMENT
GK Goh Indonesia Securities Administration Bureau :
Year
Bonus Shares
Cash Devidend
PT Datindo Entrycom
2006
7.00
Wisma Sudirman - Puri Datindo
2007
20.00
Jln. Jend. Sudirman Kav. 34 - 35, Jakarta 10220
2010
107.00
Cum Date
Ex Date
Recording Date
22-May-07 23-May-07 25-May-07 28-Apr-08
29-Apr-08
Payment Date F/I 11-Jun-07
I
02-May-08 16-May-08 F
11-May-11 12-May-11 16-May-11 31-May-11 F
Phone : 570-9009 Fax
: 570-9026
BOARD OF COMMISSIONERS 1. YBhg Tan Sri Dato Muhammad Radzi bin Haji Mansor
ISSUED HISTORY Type of Listing
Shares
Listing Date
Trading Date 29-Sep-05
1. First Issue
1,427,500,000
29-Sep-05
2. Ahmad Abdulkarim Mohd. Julfar 3. Elisa Lumbantoruan *)
2. Company Listing
5,662,500,000
29-Sep-05
29-Sep-05
3. Right Issue
1,418,000,000
16-Dec-09
16-Dec-09
4. Giri Suseno Hadihardjono *) 5. Muhammad Chatib Basri
4. Additional Listing without HMETD
10,566,332
26-Apr-11
26-Apr-11
6. Peter J. Chambers *) 7. Yasmin Stamboel Wirjawan *) 8. YBhg Dato' Sri Jamaludin bin Ibrahim *) Independent Commissioners BOARD OF DIRECTORS 1. Hasnul Suhaimi 2. Dian Siswarini 3. Joy Wahjudi 4. Paul Nicanor Vijungco Santiago III 5. Wiliem Lucas Timmermans AUDIT COMMITTEE 1. Peter J. Chambers 2. Djoko Susanto 3. Navin Sonthalia 4. Yasmin Stamboel Wirjawan CORPORATE SECRETARY Murni Nurdini ADDRESS Graha XL, Jln Mega Kuningan Lot E4-7 No. 1, Kawasan Mega Kuningan, Jakarta 12950 Phone : (021) 576-1881 Fax
: (021) 576-1880
Homepage : www.xl.co.id Email
:
[email protected]
XL Axiata Tbk. CLOSING PRICE* AND TRADING VOLUME XL AXIATA TBK. JANUARY 2007 - JULY 2011
Volume (Mill. Sh)
6,825
210
5,850
180
4,875
150
3,900
120
2,925
90
1,950
60
975
30
Jan 07
Jan 08
Jan 09
Jan 10
Jan 11
CHANGE OF CLOSING PRICE INFRASTRUCTURE INDEX AND JAKARTA COMPOSITE INDEX JANUARY 2007 - JULY 2011 210%
210%
175%
175%
Jakarta Composite Index Infrastructure Index Closing Price
140%
140%
105%
105%
70%
70%
35%
35%
-
-
-35%
-70% Jan 07
-35%
-70% Jan 08
SHARES TRADED
Jan 09
Jan 10
Jan 11
Volume (Million Shares) Value (Billion Rp) Frequency (X) Days
2007 2,831 6,290 7,607 236
2008 1,224 4,139 7,819 219
2009 4 7 1,332 153
2010 2,755 10,232 29,744 243
Jul-11 968 5,780 64,421 144
Price (Rupiah) High Low Close Close*
2,975 1,800 2,175 2,175
2,575 750 950 950
2,275 880 1,930 1,930
6,250 1,850 5,300 5,300
7,100 4,975 5,750 5,750
PER (X) PER Industry (X) PBV (X)
61.49 30.33 3.45
-445.79 11.98 1.56
10.25 29.75 2.98
15.60 14.22 3.85
16.08 8.59 3.96
* Adjusted price after corporate action
TRADING ACTIVITIES Closing Price Month High Low Close Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-00 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-00 Jan-09 Feb-09 Mar-09 Apr-09 M 09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-00 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-00 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
2,350 2,500 2,250 2,475 2,500 2,475 2,400 2,450 2,100 2,100 2,025 2,975 2,275 2,250 2,290 2,200 2,175 2,400 2,350 2,550 2,575 1,900 1,200 970 1,220 1,150 1,200 1,400 1 350 1,350 1,300 1,500 1,400 1,430 2,275 2,050 1,930 2,725 3,050 3,650 3,800 3,825 4,200 5,000 5,250 5,800 5,850 6,250 5,950 5,950 5,800 5,900 7,100 7,000 6,300 6,350 -
2,050 2,075 2,100 2,175 2,225 2,150 2,125 1,800 1,950 1,950 1,900 1,900 1,720 1,700 1,860 2,025 2,000 2,025 2,050 2,325 1,900 750 820 840 880 1,000 1,100 1,200 1 200 1,200 1,200 1,120 1,200 1,160 1,250 1,680 1,800 1,850 2,200 3,050 3,375 3,325 3,475 3,800 4,500 4,950 5,100 5,250 5,200 4,975 4,975 5,250 5,500 6,050 5,700 5,700 -
2,250 2,200 2,175 2,375 2,400 2,150 2,400 2,025 2,075 2,025 1,925 2,175 1,760 2,025 2,075 2,050 2,125 2,175 2,325 2,450 1,925 900 840 950 1,220 1,100 1,100 1,350 1 350 1,350 1,250 1,210 1,310 1,290 1,650 1,880 1,930 2,675 3,050 3,500 3,725 3,475 4,075 4,750 5,000 5,400 5,750 5,600 5,300 5,250 5,700 5,450 6,800 6,150 6,150 5,750 -
Freq. (X) 366 1,129 145 638 487 117 279 1,607 227 150 222 2,240 1,116 1,106 1,034 861 1,528 906 379 226 256 169 190 48 68 15 10 77 54 48 20 54 39 603 263 81 444 281 995 2,210 2,266 1,563 1,989 3,330 3,940 4,612 4,398 3,716 4,925 4,978 4,143 8,002 17,490 14,706 10,177 -
Volume Value (Thou. Sh) (Million Rp) 1,693 7,541 408 4,296 1,661,224 339 1,174 10,502 654 616 791 1,141,569 2,255 2,460 3,031 1,193,916 10,734 6,137 1,735 1,258 1,134 596 1,083 163 227 28 47 354 177 108 34 132 199 1,485 730 378 1,325 1,231 1,848,719 195,543 161,146 68,246 41,735 73,835 91,575 77,869 87,384 106,650 56,510 130,463 116,397 82,986 292,579 180,249 108,508 -
3,832 17,690 889 10,187 2,134,199 784 2,645 23,960 1,331 1,268 1,554 4,091,477 4,443 4,613 6,050 4,076,485 22,403 13,432 3,805 3,053 2,615 811 1,070 143 237 30 54 465 228 137 41 174 274 2,937 1,389 716 3,107 3,420 6,141,116 694,034 573,841 261,846 179,079 357,446 496,215 430,339 506,603 585,229 311,674 685,980 655,579 505,343 1,875,647 1,088,323 657,815 -
Day
Closing Price*
EXCL
21 20 19 20 21 18 20 22 19 19 21 16 20 19 18 19 19 21 20 16 17 17 19 14 15 8 4 13 18 13 9 14 6 18 20 15 18 19 22 21 19 22 22 21 17 21 21 20 21 18 23 20 21 20 21 -
XL Axiata Tbk.
EXCL
Financial Data and Ratios Public Accountant : Tanudiredja, Wibisana & Rekan (Member of PricewaterhouseCoopers Global Network) BALANCE SHEET
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
Cash & Cash Equivalents
805,769
1,170,203
747,965
366,161
636,581
Receivable
310,554
938,578
454,063
558,601
605,656
TOTAL ASSETS AND LIABILITIES
(Million Rp except Par Value)
(Billion Rupiah) 30,000
A Assets t 24,000
Inventories Current Assets Fixed Assets Other Assets Total Assets
Book End : December
58,960 1,679,309
127,633
19,886
61,044
116,239
3,719,563 25,372,806
2,228,017
2,666,763
15,810,223 23,179,767 23,616,394 23,197,199 23,856,651 1,212,012
1,386,705
1,644,156
1,793,181
1,879,178
18,827,267 28,911,713 27,380,095 27,251,281 28,413,561
Growth (%)
53.56%
-5.30%
-0.47%
4.27%
6,196,579
6,008,894
Liabilities
18,000 12,000 6,000 -
Current Liabilities
7,379,536
4,563,033
6,586,810
Long Term Liabilities
6,982,925 18,407,237 12,568,088 10,973,174
9,453,328
Total Liabilities
Authorized Capital Paid up Capital Paid up Capital (Shares)
2008
2009
2010
Jun-11
14,362,461 24,603,816 18,576,982 15,536,207 16,040,138
Growth (%) Minority Interest
2007
71.31%
-24.50%
-16.37%
3.24%
-
-
-
-
-
2,265,000
2,265,000
2,265,000
2,265,000
2,265,000
709,000
709,000
850,800
850,800
851,857
7,090
7,090
8,508
8,508
8,519
100
100
100
100
100
2,616,681
5,507,942
6,119,269
TOTAL EQUITY (Billion Rupiah) 11,715
12,373
12,373
8,803
9,899
, 7,424
Par Value Retained Earnings
1,064,122
907,213
Total Equity
4,464,806
4,307,897
Growth (%)
-3.51%
104.35%
33.08%
Dec-2009
5.62%
INCOME STATEMENTS
Dec-2007
Dec-2008
Dec-2010
Jun-2011
Total Revenues
6,459,770
9,764,826 13,706,051 17,458,639
9,037,684
Growth (%)
51.16%
Expenses
4,699,988
Gross Profit Operating Expenses Operating Profit
40.36%
4,308
2007
2008
6,641,391
1,759,782
1,752,989
5,164,487
2,396,293
4,699,988
8,011,837 11,242,207 12,294,152
6,641,391
1,759,782
1,752,989
2,463,844
5,164,487
2,396,293
-0.39%
40.55%
109.61%
2,463,844
2,475
-
2009
2010
TOTAL REVENUES (Billion Rupiah) 17,459 17,459
13,706 13,967
9,765
9,038
10,475
Other Income (Expenses)
-1,241,751 -1,828,198
-113,578 -1,296,506
-332,249
Income before Tax
518,031
-75,209
2,350,266
3,867,981
2,064,044
Tax
267,251
-60,100
640,798
976,720
541,230
-
-
-
-
-
250,780
-15,109
1,709,468
2,891,261
1,522,814
N/A
N/A
69.13%
Minority Interest Net Income Growth (%) RATIOS
6,460 6,983
3,492
-
2007
Dec-2007
Dec-2008
Dec-2009
Dec-2010
Jun-2011
Current Ratio (%)
22.76
60.03
422.25
48.83
40.49
Dividend (Rp)
20.00
-
-
107.00
-
EPS (Rp)
35.37
-2.13
200.92
339.83
178.76
BV (Rp)
629.73
607.60
1,034.69
1,376.95
1,452.52
DAR (X)
0.76
0.85
0.68
0.57
0.56
DER(X)
3.22
5.71
2.11
1.33
1.30
ROA (%)
2.75
-0.26
8.58
14.19
7.26
2008
2009
2010
ROE (%)
11.60
-1.75
26.70
33.02
16.68
GPM (%)
27.24
17.95
17.98
29.58
26.51
OPM (%)
27.24
17.95
17.98
29.58
26.51
NPM (%)
3.88
-0.15
12.47
16.56
16.85
56.54
-
-
31.49
-
0.92
-
-
2.02
-
Payout Ratio (%)
Jun-11
NET INCOME (Billion Rupiah) 2,891 2,891
2,310
1,709
1,523
1,729
Yield (%)
Jun-11
27.38%
8,011,837 11,242,207 12,294,152
Growth (%)
4,465 4,949
8,803,113 11,715,074 12,373,423
1,147
566
251
-15
-15
-15
2007
2008
2009
2010
Jun-11
