TABEL 1: THE BALANCE SHEET

PT.KALBE FARMA, TBK: 31 Desember 31 she

ASSET

2010

2009

Kewajiban dan ekuit

Aset lancar
Kas dan setara kas
Investasi jangka pendek
Piutang usaha
Piutang lain-lain
Persediaan
Aset lancar lainnya
Jumlah aset lancar

Kewajiban lancar
Pinjaman jangka pendek
Hutang usaha
Hutang lain-lain
Biaya masih harus dibayar
Hutang pajak
Bagian hutang sewa pemb
(Jatuh tempo)
Jumlah kewajiban lancar

1,901,871,765,050
5,315,920,203
1,262,710,670,671
101,246,432,140
1,550,828,819,836
215,296,212,071
5,037,269,819,971

1,562,664,177,408
62,596,260,106
1,203,940,830,063
114,138,739,079
1,561,382,418,796
197,170,092,624
4,701,892,518,076

Aset tidak lancar

Penyertaan saham
Aset pajak tangguhan
Tagihan restitusi pajak penghasilan
Aset tetap
Aset tidak berwujud
Uang muka pembelian aset tetap
Aset tidak lancar lainnya
Jumlah aset tidak lancar

11,025,000,000
34,774,005,806
29,421,377,747
1,605,266,031,098
237,557,876,110
30,067,758,568
47,114,793,988
1,995,226,843,317

29,354,137,617
35,133,127,194
1,396,127,877,061
251,359,311,220
26,537,070,077
300,426,289,907
1,780,554,152,096

Jumlah aset

7,032,496,663,288

Goodwill negatif
6,482,446,670,172 Hak minoritas atas aset
bersih anak perusahaan

Kewajiban tidak lancar

Kewajiban pajak tangguha
Hutang sewa pembiayaan
(Jatuh tempo)
Estimasi kewajiban imbala
Jumlah kewajiban tidak la
Jumlah kewajiban (Total h

Ekuitas
Modal saham
Agio saham
Selisih transaksi perubaha
ekuitas anak saham

Selisih transaksi perubaha

entitas sepengendali

Laba(rugi) belum direalisa

Selisih kurs atas penjabara
keuangan

Saldo laba
Ditentukan penggunaann
Belum ditentukan

Modal saham yang dipero

Ekuitas bersih
Jumlah kewajiban dan eku

THE BALANCE SHEET

, TBK: 31 Desember 31 sheets
Kewajiban dan ekuitas
Kewajiban lancar
Pinjaman jangka pendek
Hutang usaha
Hutang lain-lain
Biaya masih harus dibayar
Hutang pajak
Bagian hutang sewa pembiayaan
(Jatuh tempo)
Jumlah kewajiban lancar

2010

2009

24,290,351,153
468,240,634,231
139,052,381,971
301,952,490,132
192,634,943,780
308,292,399

339,131,952,804
481,511,454,167
119,835,349,852
359,976,797,639
273,181,447,326
500,414,074

1,146,489,093,666

1,574,137,415,862

7,638,833,280
745,147,107

8,326,437,947
1,045,834,600

105,486,358,666
113,872,339,053
1,260,361,432,719

108,002,706,839
117,374,979,386
1,691,512,395,248

Goodwill negatif
Hak minoritas atas aset
bersih anak perusahaan

218,201,733
398,132,727,636

262,431,783
480,233,966,079

Modal saham
Agio saham
Selisih transaksi perubahan
ekuitas anak saham

507,800,721,100
4,441,133,136
(1,106,981,876)

507,800,721,100
2,640,000,000
(7,067,833,816)

Selisih transaksi perubahan restrukturisasi

entitas sepengendali

(36,758,673,814)

(36,758,673,814)

Kewajiban tidak lancar

Kewajiban pajak tangguhan
Hutang sewa pembiayaan
(Jatuh tempo)
Estimasi kewajiban imbalan kerja karyawan
Jumlah kewajiban tidak lancar
Jumlah kewajiban (Total hutang)

Laba(rugi) belum direalisasi

Selisih kurs atas penjabaran laporan

Ditentukan penggunaannya
Belum ditentukan
Modal saham yang diperolah kembali

(210,124,293)
5,647,785,396

49,477,454,095
5,531,806,355,465
(687,283,369,009)

102,392,500
3,025,269,002

40,157,416,692
4,489,141,978,407
(688,603,393,009)

Ekuitas bersih
Jumlah kewajiban dan ekuitas

5,373,784,301,200
7,032,496,663,288

4,310,437,877,062
6,482,446,670,172

TABEL 2: THE INCOME STATEMENT

PT. KALBE FARMA TBK : Desember 31 sheets

Penjualan bersih
Beban pokok penjualan
Laba kotor
Beban usaha
Laba usaha (Income from Operation)
Penghasilan (Beban) lain-lain
Laba sebelum manfaat (beban) pajak penghasilan
Manfaat (beban) pajak penghasilan
Laba sebelum hak minoritas atas laba bersih anak perusahaan
Hak minoritas atas laba bersih anak perusahaan
Laba bersih
Laba per saham dasar
Laba usaha
Laba bersih

Input data
Year end common stock
Year end shares oustanding
Tax rate
After tax cost capital
Lease payments
Principal payments
Keterangan Tambahan :
Depresiasi
Tahun 2010 =
Tahun 2009 =
Beban non kas
Tahun 2010 =
Tahun 2009 =

111,118,497
6,569,399,589

(20,469,111,943)
(94,802,500,279)

Modal ditempatkan dan disetor penuh

Tahun 2010 =
10,156,014,422
Tahun 2009 =
10,156,014,422
Harga Saham =

50

NT
1 sheets
2010

2009

10,226,789,206,223
5,060,403,621,307
5,166,385,584,916
3,375,481,863,538
1,790,903,721,378
(20,469,111,943)
1,770,434,609,435
(426,635,641,013)
1,343,798,968,422
(57,468,942,410)
1,286,330,026,012

9,087,347,669,804
4,575,407,367,444
4,511,940,302,360
2,946,065,607,162
1,565,874,695,198
(94,802,500,279)
1,471,072,194,919
(421,405,078,371)
1,049,667,116,548
(120,663,376,210)
929,003,740,338

191
137

163
97

2010
3,250
10,156,014,422
30%
-30.29%
1,053,439,506
-

2009
1,300
10,156,014,422
30%
-30.82%
1,546,248,674
-

Tabel 3: STATEMENT OF RETAINED EARNINGS

Balance of RE, Dec.31,2009
Add : Net income, 2010
Less : Devidends to common
Balance of RE, Dec. 31, 2010

Tabel 4 : STATEMENT OF CASH FLOWS

Arus kas dari aktivitas operasi
Penerimaan kas dari pelanggan
Pembayaran kas untuk pemasok dan karyawan
Kas dari operasi
Penerimaan tagihan restitusi pajak penghasilan
Pembayaran pajak penghasilan
Pembayaran untuk beban operasi lainnya
Kas bersih dari aktivitas operasi
Arus kas dari aktivitas investasi
Hasil penjualan investasi jangka panjang
Penerimaan penghasilan bunga
Hasil penjualan investasi jangka pendek
Hasil penjualan aset tetap
Perolehan aset tetap
Penempatan investasi jangka panjang & deposito berjangka
Penerimaan uang muka penjualan investasi jangka panjang
Perolehan saham anak perusahaan
Penerimaan aktivitas investasi lainnya
Kas bersih untuk aktivitas investasi
Arus kas dari aktivitas pendanaan
Penerimaan hutang bank
Penerimaan setoran modal saham
Penerimaan dari penjualan kembali saham
Pembayaran hutang bank
Pembayaran deviden kas
Perusahaan
Anak perusahaan
Pembayaran beban bunga
Penarikan kembali saham
Perusahaan
Anak perusahaan
Pembayaran hutang sewa pembiayaan
Pembayaran obligasi
Kas bersih digunakan untuk aktivitas pendanaan
Kenaikan bersih kas dan setara kas
Pengaruh bersih perubahan kurs pada kas dan setara kas
Kas dan setara kas awal tahun

Dikurangi saldo akhir periode kas dan setara kas

Ditambah saldo awal tahun kas dan setara kas
Kas dan setara kas akhir tahun
Pengungkapan tambahan
Aktivitas yang tidak mempengaruhi arus kas :
Reklasifikasi aset dalam pengerjaan
Reklasifikasi uang muka pembelian aset tetap
Penambahan aset sewa pembiayaan melalui hutang sewa pembiayaan
Komposisi kas dan setara kas
Terdiri dari
Kas dan setara kas
Hutang cerukan bank
Bersih

2010
4,489,141,978,407
1,286,330,026,012
(253,900,360,551)
5,521,571,643,868

2010
11,039,919,268,228
(6,637,307,422,355)
4,402,611,845,873
20,723,925,034
(435,230,559,227)
(2,734,197,347,984)
1,253,907,863,696
115,049,212,900
54,977,618,234
52,000,000,000
19,642,293,246
(469,775,003,400)
(4,720,275,000)
0
0
692,345,074
(232,133,807,946)
676,112,994,004
11,984,202,801
3,121,157,136
(990,657,002,290)
(234,375,610,551)
(18,729,940,573)
(20,716,334,764)
0
(1,215,290,983)
(192,221,675)
0
(574,668,046,895)
447,106,008,855
(13,156,493,737)
1,559,682,224,604

Calculated Data 1 :
Operating Perfomance & Cash Flows
Net operating working capital
Total operating capital
Net Operating Profit After Taxes (NOPAT)
Net Cash Flow (Net income + Depreciation)
Operating Cash Flow (OCF)
Free Cash Flow (FCF)
Calculated Data 2 :
Net Cash Flow (NCF)
Cash Flow PS (CFPS)
EVA
MVA
Calculated Data 3 :
Per-share information
Earnings per share (EPS)
Deviden per share (DPS)
Book value per share (BVPS)
Cash flow per share (CFPS)
Free cash flow per shre (FCFPS)

(100,316,075,825)
0
1,893,315,663,897

85,776,426,234
4,172,462,319
0

1,901,871,765,050
(8,556,101,153)
1,893,315,663,897

2010
5,406,167,576,646,000,000,000,000
5,406,167,576,648,000,000,000,000
1,712,965,667,025
1,286,441,144,509
900,542,136,705
1,406,679,366,420,060,000,000,000

2009
6,812,846,943,067,160,000,000,000
6,812,846,943,068,940,000,000,000
1,350,408,818,709
935,573,139,927
656,872,017,826
1,406,679,366,420,040,000,000,000

2010
1,265,860,914,069
126.66
1,712,965,667,025
(4,865,983,580,100)

2009
834,201,240,059
91.47
1,350,408,818,709
(3,802,637,155,962)

2,010

2,009

127
25
529
127
138,507,027,261,886

91
25
424
92
138,507,027,261,884

FORMAT ANALISIS RASIO

Calculated Data 4 :
Ratio
Liquidity ratios
Current Ratio
Quick Ratio
Cash Ratio

2010

Industry
Average

2009
4.39
3.04
1.66

2.99
2.00
0.99

4,200

Asset Management ratios

Inventory Turnover
Day sales Outsanding
Fixed Asset Turnover
Total Asset Turnover

6.59
44.45
5.13
1.45

5.82
47.69
5.10
1.40

9.00
36.00
3.00
1.80

Debt Management Ratios

Debt Ratio
Times Interest Earned
EBITDA Coverage Ratio

17.92%
15.55
0.06

26.09%
12.53
0.07

40.00%
6.00
4.30

Profitability Ratios
Profit Margin
Basic Earning Power
Return on Assets
Return on Equity

12.58%
25.18%
18.29%
23.94%

10.22%
14.33%
14.33%
21.55%

5.00%
17.20%
9.00%
15.00%

Market Values ratios

Price to Earning Ratio
Price to Cash Flow Ratio
Market to Book Ratio

0.36
0.39
0.09

0.52
0.54
0.12

12.50
6.80
1.70

FORMAT DU PONT ANALYSIS

Calculated data 5:
Du Pont Analysis
KLBF (2010)
KLBF (2009)
Industry Average

ROE
23.94%
21.55%
15.00%

PM

Equity
Multiplier

TATO
0.13
0.10
5.00

1.45
1.40
1.80

1.31
1.50
1.67

KLBF'S ROE VS INDUSTRY

25

20

15

ROE

Industri
KLBF
10

2009

Trend Analysis-Graphing
ROE
Year
KLBF
Industry
2010
2009

23.94%
21.55%

15,00%
15,00%

2010

Industri
KLBF

PRAKTIKUM IV
BIAYA MODAL
FORMAT MENENTUKAN COST OF CAPITAL
COST OF DEBT, Kd
PROBLEM
B-T Kd
Tax rate

Tabel Ks pada beberapa nilai bet

Beta

Calculate Data 6
10%
40%

A-T Kd

COST OF PREFERRED STOCK, Kp

PROBLEM
Pref. Devidend
$ 10.00
Pref. Price
$ 97.50
COST FROM RETAINED EARNINGS, Ks
The CAPM Approach
Ks = Krf + (Km-Krf) bi
PROBLEM
Asumsi risk-free rate = 8%, market return= 13%,
dan Firm's beta = 0,5, hitung Cost of Equity dari RE
Calculate Data 8 :
Risk-free rate
8%
Market return
13%
Beta
0.5
Cost of equity from RE
10.5%
PROBLEM
What if the above firm had a beta of 1.0?
Calculated Data 9 :
Beta
1
Cost of equity from RE
13.0%

What if the above firm had a beta of 1.5?

Calculated Data 10 :
Beta
1.5
Cost of equity from RE
15.5%

6%

Calculate Data 7
Kp

10.26%

0.00
0.50
1.00
1.50
2.00

Disini diasumsikan CAPM = COE from RE

THE BOND-YIELD-PLUS-RISK-PREMIUM
APPROACH
PROBLEM
Calculate Data 11 :
Equity RP
4%
Bond yield
Southem Bell
8%
Continental
12%
THE DISCOUNTED CASH FLOW (DCF) APPROACH
APPROACH
Asumsi DCF =
PROBLEM
Calculate Data 12 :
Po
$23.00
D1
$1.24
g
8%

THE COST OF EQUITY OBTAINED BY ISSUING NEW COMMON STOCK

PROBLEM
Po
$
D1
g
F

Calculated Data 13 :
Ks from new common stock
Ks from retained earnings
Additional cost

23.00
$1.24
8%
10%

13.99%
13.39%
0.60%

Calculated Data 14 :
Cost of new common stock dihitung dengan, Po-$F.
$F
$
2.30
THE WEIGHTED AVERAGE COST OF CAPITAL (WACC)
PROBLEM
Wd
45% A-T kd
6%
Wp
2% Kp
10.26%
Ws
53% Ks
13.39%
WACC=
10.00% Calculated data 15 :
1.1
80%
1.5
20%
8%
12%
1.18

PROBLEM
Risk-free rate
Market return
Beta
Calculated Data 19 b :
Ks
10.0%
Tabel dan Grafik beta COF
Beta
Cost of Equity
0.00
8.00
0.25
9.00

PROBLEM
Risk-free rate
Market return
Beta

8%
12%
1.1

New corp. Beta

1.18

New Ks

PROBLEM Original Ks x % of the firm + Project's Ks

12.4%
80%
Calculate Data 19 a :

Dengan CAPM untuk istimasi RISK-ADJUSTED COST OF CAPITA

12.72%

% of the firm
20%

=
=

Project's Ks = (12,7% - 12,4%* 0,8)/ 0,2 =

8%
12%
0.5

14%

18.00
16.00
14.00
Axis Title

PROBLEM Old beta

% of the firm
Project beta
% of the firm
Risk-free rate
Market return
Beta

Ks from new common stock

12.00
10.00
8.00
6.00
4.00
2.00
0.00

2.00

0.50
0.75
1.00
1.25
1.50
1.75
2.00

10.00
11.00
12.00
13.00
14.00
15.00
16.00

0.00
0.00

0.25

CAPM = COE from RE

PLUS-RISK-PREMIUM

Effect of Beta on Cost Equity

20.0%

Cost of Equity

abel Ks pada beberapa nilai beta:

Ks
15.5%
8.0%
10.5%
13.0%
15.5%
18.0%

15.0%
10.0%
5.0%
0.0%
0.00

0.50

1.00
Beta

Cost of equity
12%
16%

CASH FLOW (DCF) APPROACH

ks=D1/P0+g.

ks

13.39%

1.50

13.99%

RISK-ADJUSTED COST OF CAPITAL

Calculated Data 16 :
Ks

12.4%

Calculated Data 17 :
Calculated Data 18:

Firm's cost of capital

12.7%

Chart Title

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

ost Equity

1.50

2.00

Chapter 10. Model for C

Year (t)
0
1
2
3
4

Rp
Rp
Rp
Rp
Rp

Expected after-tax
net cash flows (CFt)
KLBF
(628,980,820,113)
432,989,880,708
367,504,216,022
982,395,914,458
1,346,160,264,475

Rp
Rp
Rp
Rp
Rp

SIANTAR
(12,482,912,908)
17,405,838,965
51,056,452,215
413,433,391,451
44,749,434,086

Capital Budgeting Decision Criteria

PAYBACK PERIOD
KLBF

Calculate Data 21 :
Payback :

Calculated Data 20 :
Time period
0
Cash flow Rp
(628,980,820,113)
Cumulative cash flow Rp
(628,980,820,113)
FALSE
0
1.53

Use Logical "AND" to determine

the first positive cumulative CF
Use Logical IF to find the Payback :
Use Statistical Max fuction to
display payback.

Calculated Data 22 A:
Alternative calculation:

SIANTAR

Time period:
Cash Flow: Rp
Cumulative cash flow: Rp

0
(12,482,912,908) Rp
(12,482,912,908) Rp

Calculated Data 22 B : Payback :

DISCOUNTED PAYBACK PERIOD
KLBF

Time period:
Cash flow: Rp
Disc. Cash flow: Rp
Disc. Cum. Cash flow: Rp

1
17,405,838,965
4,922,926,057
0.00

WACC =
0
(628,980,820,113) Rp
(628,980,820,113) Rp
(628,980,820,113) Rp

1
432,989,880,708
393,627,164,280
(235,353,655,833)

FALSE
Calulated Data 23 : Discounted Payback:

SIANTAR

FALSE

Time period:
Cash flow: Rp
Disc. Cash flow: Rp
Disc. Cum. Cash flow: Rp

0
(12,482,912,908) Rp
(12,482,912,908) Rp
(12,482,912,908) Rp
FALSE
Calulated Data 24 : Discounted Payback:

NET PRESENT VALUE (NPV)

KLBF

WACC =
Time period :
Cash Flow : Rp
Disc. Cash flow : Rp

NPV(S) =

NPV(L) =

0
(628,980,820,113) Rp
(628,980,820,113) Rp

Rp1,725,903,001,339 Sum disc. CF's

SIANTAR

Time period :
Cash Flow : Rp
Disc. Cash flow : Rp
Rp

0
(12,482,912,908) Rp
(12,482,912,908) Rp

386,719,083,899 Calculated Data 26 :

Rp
Rp
Rp
Rp
Rp

Calculated Data 28:

IRR KLBF=
IRR SIANTAR=

Expected after-tax
net cash flows (CFt)
KLBF
(628,980,820,113)
432,989,880,708
367,504,216,022
982,395,914,458
1,346,160,264,475

Rp
Rp
Rp
Rp
Rp

SIANTAR
(12,482,912,908)
17,405,838,965
51,056,452,215
413,433,391,451
44,749,434,086

82.70%
324.39%

MULTIPLE IRRs
Project M:
0
(1.6)

1
10.0

1
432,989,880,708
393,627,164,280
Or

INTERNAL RATE OF RETURN (IRR)

Year (t)
0
1
2
3
4

1
17,405,838,965
15,823,489,968
3,340,577,060
TRUE

2
(10.0)

1
17,405,838,965
15,823,489,968

Calculated Data 29:

IRRm1=

25%

Calculated Data 30:

IRRm2=

400%

0
(1.6)
k=
Calculated Data 31 :
NPV =
Project M:
k
0%
Rp
25%
Rp
50%
Rp
75%
Rp
100%
Rp
125%
Rp
150%
Rp
175%
Rp
200%
Rp
225%
Rp
250%
Rp
275%
Rp
300%
Rp
325%
Rp
350%
Rp
375%
Rp
400%
Rp
425%
Rp
450%
Rp
475%
Rp

1
10.0

2
(10.0)

25%

NPV
0
(1.60)
0.62
0.85
0.90
0.87
0.80
0.71
0.62
0.53
0.44
0.36
0.28
0.20
0.13
0.06
(0.06)
(0.11)
(0.16)

Max.

500%
525%
550%
WACC

Rp
Rp
Rp

(0.21)
(0.26)
(0.30)

0%
2%
4%
6%
8%
10%
12%
14%
16%

KLBF
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

0%
2%
4%
6%
8%
10%
12%
14%
16%

SIANTAR
Rp
514,162,203,809.00
Rp
484,584,581,656.16
Rp
457,250,814,178.04
Rp
431,950,141,484.99
Rp
408,495,208,760.06
Rp
386,719,083,898.68
Rp
366,472,702,035.97
Rp
347,622,669,406.22
Rp
330,049,370,653.30

WACC

WACC =

2,500,069,455,550.00
2,318,130,256,943.16
2,151,183,736,475.31
1,997,701,211,917.21
1,856,336,898,499.09
1,725,903,001,338.93
1,605,348,590,596.81
1,493,741,628,190.91
1,390,253,629,293.36

Expected after-tax
net cash flows CFt)
Year (t)
0
1
2
3
4
NPV KLBF
NPV SIANTAR
KLBF - SIANTAR =

Rp
Rp
Rp
Rp
Rp
Rp
Rp
Rp

KLBF
(628,980,820,113.00)
432,989,880,708.00
367,504,216,022.00
982,395,914,458.00
1,346,160,264,475.00
1,725,903,001,338.93
386,719,083,898.68
1,339,183,917,440.24

SIANTAR
Rp (12,482,912,908.00)
Rp
17,405,838,965.00
Rp
51,056,452,215.00
Rp 413,433,391,451.00
Rp
44,749,434,086.00
Calculated Data 32 :
IRR = Crossover rate =

Rp
Rp
Rp
Rp
Rp

Cash flow
differential
(616,497,907,205.00)
415,584,041,743.00
316,447,763,807.00
568,962,523,007.00
1,301,410,830,389.00
71%

MODIFIED INTERNAL RATE OF RETURN (MIRR)

WACC =
10%
KLBF

Rp

0
1
(628,980,820,113.00) Rp 432,989,880,708.00
Calculated Data 33 :

Rp

2
367,504,216,022.00

SIANTAR

Rp

0
(12,482,912,908.00) Rp

PV :

Rp

2
51,056,452,215.00

Calculated Data 33 :
WACC =

1
17,405,838,965.00

MIRRs =

10%
SIANTAR

Rp

0
(12,482,912,908.00) Rp

1
17,405,838,965.00 Rp

2
51,056,452,215.00

Calculated Data 34 :
PV outflows
Rp
(12,482,912,908.00)
PV of TV
Rp
584,471,643,524.67
NPV
Rp
571,988,730,616.67 Thus, we see that the NPV is consistent with reinvesment at WACC.
Now repeat the process using the IRR, which is G118 as the discount rate.
IRR =

82.70%

Rp

Calculated Data 35 :
PV outflows
Rp
PV of TV
Rp
NPV
Rp

0
(628,980,820,113.00) Rp

KLBF
1
432,989,880,708.00 Rp

2
367,504,216,022.00

(628,980,820,113.00)
7,008,462,979,975.46 Thus, if compounding is at the IRR, NPV is zero. Since the
6,379,482,159,862.46 definition of IRR is the rate at which NPV = 0, this demonstrates
that the IRR assumes reinvesment at the IRR.

Chapter 10. Model for Capital Budgeting Tools

KLBF
Rp

(628,980,820,113) Rp

432,989,880,708

Rp

367,504,216,022

Rp

982,395,914,458

51,056,452,215

Rp

413,433,391,451

SIANTAR
Rp

Rp
Rp

(12,482,912,908) Rp

17,405,838,965

1
432,989,880,708 Rp
(195,990,939,405) Rp
FALSE
0

2
367,504,216,022
171,513,276,617
TRUE
1.533302561

Rp

Rp
Rp

3
982,395,914,458
1,153,909,191,075
FALSE
0

4
Rp 1,346,160,264,475
Rp 2,500,069,455,550
FALSE
0

Click fx > Logical > AND > OK to get dialog box.

Then specify you want TRUE if cumulative CF > 0 but the previous < 0.
There will be one TRUE.
Click fx > Logical > IF > OK. Specify that if true, the payback is
the previous year plus a fraction, if false, then 0.
Click fx > Statistical > MAX > OK > and specify range to find Payback.

<- Alternative: Use nested IF statements to

find payback Fx > Logical > IF > OK, statements.

Rp
Rp

2
51,056,452,215
55,979,378,272

Rp
Rp

3
413,433,391,451
469,412,769,723

Rp
Rp

4
44,749,434,086
514,162,203,809

3
982,395,914,458 Rp
738,088,590,878 Rp
1,041,811,083,458 Rp

4
1,346,160,264,475
919,445,573,714
1,657,534,164,592

Uses IF satement.
10%

Rp
Rp
Rp

2
367,504,216,022 Rp
303,722,492,580 Rp
697,349,656,860 Rp

TRUE
1.77

Rp
Rp
Rp

FALSE

2
51,056,452,215 Rp
42,195,415,054 Rp
58,018,905,022 Rp
FALSE
0.92

FALSE
Uses IF Statement

3
4
413,433,391,451 Rp
44,749,434,086
310,618,626,184 Rp
30,564,465,601
352,814,041,238 Rp
341,183,091,785
FALSE
FALSE
Uses IF Statement

10%

Rp
Rp
Rp

Rp
Rp

2
367,504,216,022
303,722,492,580

Rp
Rp

3
982,395,914,458
738,088,590,878

Rp
Rp

4
1,346,160,264,475
919,445,573,714

1,725,903,001,339 Uses NPV fuction.

2
51,056,452,215
42,195,415,054

Rp
Rp

3
413,433,391,451
310,618,626,184

Calculate Data 25 :

Rp
Rp
Rp

4
44,749,434,086
30,564,465,601
386,719,083,899 Calculated Data 27 :

10%

3
Rp 982,395,914,458.00
MIRRs =

4
Rp 1,346,160,264,475.00
53%

3
Rp 413,433,391,451.00

4
44,749,434,086.00 Rp
Rp
Rp
Rp

44,749,434,086.00
454,776,730,596.10
61,778,307,180.15
23,167,171,662.42

Rp

584,471,643,524.67

4
44,749,434,086.00 Rp
Rp
Rp
Rp
Terminal Value :
Rp

44,749,434,086.00
454,776,730,596.10
61,778,307,180.15
23,167,171,662.42
584,471,643,524.67

3
4
Rp 982,395,914,458.00 Rp 1,346,160,264,475.00 Rp
Rp
Rp
Rp
Terminal Value :
Rp

1,346,160,264,475.00
1,794,869,563,105.10
1,226,747,033,066.05
2,640,686,119,329.30
7,008,462,979,975.46

Rp

Terminal Value :
161.58%

3
Rp 413,433,391,451.00 Rp

nvesment at WACC.

is demonstrates

Rp

Rp

1,346,160,264,475

44,749,434,086

Modal tahun 2005

KLBF
SIANTAR
KLBF
NCF
Laba Bersih
Depresiasi
Amortisasi

2010
1,286,330,026,012
59,830,238,463

2009
929,003,740,338
53,392,174,120

SIANTAR
NCF
Laba Bersih
Depresiasi
Amortisasi

2010
42,630,759,100
2,118,674,986

2009
410,723,673,353
2,709,718,098

Reinvestement at WACC =

Reinvestement at WACC =

10%

14,49%

2008
344,854,645,900
22,649,570,122

2007
414,984,873,320
18,005,007,388

2006
676,581,653,872
47,600,833,759

2008
48,164,959,733
2,891,492,482

2007
15,594,767,180
1,811,071,785

2006
14,426,010,016
1,943,097,108