PT.

ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk

Consolidated Statements Of Financial Position
For Year Ended 31st December 2014
Presented In Comparative 2014 and 2013
Projected
ASSETS
CURRENT ASSETS
Cash dan Cash Equivalent
Trade Receivables
- Allowance For Doubtfull Accounts
Other Receivables
Third Party
Related Party
Inventories
Advanced Payment
Prepaid Tax
Prepaid Expense

2013

2014

611,624,871,676
369,007,690,739
(458,554,664)

489,284,795,925
395,629,060,804
(527,337,864)

6,667,801,268
6,735,873,458
534,977,217,239
32,446,909,931
-

4,539,671,316
7,808,055,718
714,411,455,060
28,342,464,659
195,035,842

2015
513,749,035,721
415,410,513,844
(553,704,757)
4,766,654,882
8,198,458,504
750,132,027,813
29,759,587,892
204,787,634

4,508,845,491

2,418,545,359

2,539,472,627

Total Current Assets

1,565,510,655,138

1,642,101,746,819

1,724,206,834,160

NON CURRENT ASSETS

Non Current Financial Assets
Investment In Associates And Joint Venture
Investment In Long Term Livestock
- Accumulated Amortization
Fixed Assets
- Accumulated Depreciation
Intangible Assets
Deffered Tax Assets

43,521,681,858
119,735,695,043
34,993,899,393
(4,891,216,803)
1,839,823,639,939
(873,848,645,634)
18,694,072,362
1,599,130,743

5,295,192,167
151,114,759,031
65,318,528,648
(8,304,509,471)
2,016,520,204,409
(1,013,290,998,046)
13,887,879,432
10,920,995,246

5,559,951,775
158,670,496,983
68,584,455,080
(8,719,734,945)
2,117,346,214,629
(1,063,955,547,948)
14,582,273,404
11,467,045,008

Other Non Current Assets

66,482,070,103

33,519,769,120

35,195,757,576

Total Non Current Assets

1,246,110,327,004

1,274,981,820,536

1,338,730,911,563

TOTAL ASSETS

2,811,620,982,142

2,917,083,567,355

3,062,937,745,723

Projected
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short Term Loans
Trade Payables
Other Payables
Related Party
Derivative Payables
Dividen Payables
Tax Payables
Accruals
Current Maturities Of Long Term Liabilities
Bank Loans
Lease Libilities

2013

2014

2015

21,412,410,529
463,538,990,751

9,210,880,931
381,899,807,713

9,671,424,978
400,994,798,099

102,562,222
357,190,478
14,826,576,643
22,410,075,747
73,915,874,428

2,671,277,397
53,203,011
17,414,824,736
63,831,139,275

2,804,841,267
55,863,162
18,285,565,973
67,022,696,239

30,714,285,714
726,348,705

5,789,737,791

15,885,956,163

16,680,253,971

633,794,053,008

490,967,089,226

515,515,443,687

NON CURRENT LIABILITIES

Deffered Tax Liabilities
Post Employee Benefit Obligation

76,102,720,581
34,995,857,303

64,529,509,735
36,232,697,600

67,755,985,222
38,044,332,480

Long Term Loans-Net Off Current Maturities

51,581,817,164

60,256,511,064

63,269,336,617

162,680,395,048

161,018,718,399

169,069,654,319

577,676,400,000
51,130,441,727

577,676,400,000
51,130,441,727

74,300,000,000
1,294,930,340,599
1,998,037,182,326

25,895,433
106,800,000,000
1,519,187,913,079
2,254,820,650,239

606,560,220,000
53,686,963,813
27,190,205
112,140,000,000
1,595,147,308,733
2,367,561,682,751

Machinery Loans
Total Current Liabilities

Total Non Current Liabilities

EQUITY
Equity Attributable To The Owners Of The Parents
Authorized 7.500.000.000 Shares With Par Value of Rp.200 per share
Shares Issued and Fully Paid, 2.888.382.000 shares
Additional Paid in Capital
Retained Earning :
Special Reserved
Appropriated
Unappropriated
Equity Attributable To The Owners Of The Parents
Non Controlling Interests
Total Equity

17,109,351,760

10,277,109,491

10,790,964,966

2,015,146,534,086

2,265,097,759,730

2,378,352,647,717

TOTAL LIABILITIES AND EQUITY

2,811,620,982,142
-

2,917,083,567,355
-

3,062,937,745,723
-

Projected
2016
539,436,487,507
436,181,039,536
(581,389,995)
5,004,987,626
8,608,381,429
787,638,629,204
31,247,567,287
215,027,016
2,666,446,258
1,810,417,175,868

5,837,949,364
166,604,021,832
72,013,677,834
(9,155,721,692)
2,223,213,525,361
(1,117,153,325,346)
15,311,387,074
12,040,397,259
36,955,545,455
1,405,667,457,141
3,216,084,633,009

Projected
2016
10,154,996,226
421,044,538,004
2,945,083,330
58,656,320
19,199,844,271
70,373,831,051
17,514,266,670
541,291,215,872

71,143,784,483
39,946,549,104
66,432,803,448
177,523,137,035

636,888,231,000
56,371,312,004
28,549,715
117,747,000,000
1,674,904,674,170
2,485,939,766,889
11,330,513,214
2,497,270,280,102

3,216,084,633,009
-

PT. ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk

Consolidated Statements Of Comprehensive Income
For The Year Ended 31 December 2014
Presented In Comparative 2014 and 2013

Sales
Cost Of Goods Sold
Gross Profit
Selling Expenses
General And Administrative Expenses
Gain (Loss) On Foreign Exchange Rate-Net
Gain (Loss) On Sales Of Fixed Assets
Others Net
Total
Operating Income
Financial Income
Financial Cost
Shares Of Net Income (Loss) In Associates And Join Venture
Total
Earnings Before Tax
Income Tax
Current
Deffered
Total Income Tax
Net Profit After Tax

2013
3,460,231,249,075

2014
3,916,789,366,423

(2,446,448,128,599)

(2,979,799,459,658)

76%

1,013,783,120,476
(433,576,647,265)
(117,578,345,972)
(36,748,585,605)
(2,264,294,635)

936,989,906,765
(488,878,667,936)
(120,797,689,973)
17,939,823,758
(132,984,693)

12%
3%
0%
0%

(420,223,874)

29,006,148,914

%
5%

1%

(590,588,097,351)

(562,863,369,930)

423,195,023,125
22,439,459,095
(7,955,069,915)

374,126,536,835
24,591,709,425
(4,063,182,274)

10%
1%
0%

(959,224,432)

(19,298,136,012)

0%

13,525,164,748
436,720,187,873

1,230,391,139
375,356,927,974

(122,665,084,500)

(112,891,088,914)

11,072,317,291
(111,592,767,209)
325,127,420,664

20,895,075,351
(91,996,013,563)
283,360,914,411

30%
19%

Projected
2015
2016
4,112,628,834,744
4,318,260,276,481
(3,128,789,432,641)

(3,285,228,904,273)

983,839,402,103
(513,322,601,333)
(126,837,574,472)
18,836,814,946
(139,633,928)

1,033,031,372,208
(538,988,731,399)
(133,179,453,195)
19,778,655,693
(146,615,624)

30,456,456,360

31,979,279,178

(591,006,538,427)

(620,556,865,348)

392,832,863,677
25,821,294,896
(4,266,341,388)

412,474,506,861
27,112,359,641
(4,479,658,457)

(20,263,042,813)

(21,276,194,953)

1,291,910,696
394,124,774,373

1,356,506,231
413,831,013,091

(118,535,643,360)

(124,462,425,528)

21,939,829,119
(96,595,814,241)
297,528,960,132

23,036,820,574
(101,425,604,953)
312,405,408,138

Business Valuation Of PT. Ultrajaya Milk Industry And Trading Company

1. Net Cash Flow To Equity
2014
Detail
Net Income After Tax

2015

2016

Rp.
283,360,914,411

297,528,960,132

312,405,408,138

- (Increase)/Decrease In Capital Expenditure

(28,871,493,532)

(63,749,091,027)

(66,936,545,578)

+ Depreciation

139,442,352,412

50,664,549,902

53,197,777,397

+ Amortization

3,413,292,668

415,225,474

435,986,747

- (Increase)/Decrease In Change in NWC

- Increase / (Decrease) in Long Term Debt
Net Cash Flow o Equity
Cost Of Equity
ke = Cost of Equity
Rf = Risk Free Rate of Return
= Beta
ERP = Risk Oremium of Equity
Cost Of Equity
Expected growth rate in perpetuity (assumed)
Terminal value
2. Discounted Free Cash Flow To Equity

(219,418,055,463)

(1,661,676,649)
176,265,333,847

(57,556,732,880)
8,050,935,920
235,353,847,521

(60,434,569,524)
8,453,482,716
###

ke = Rf + (x(Rm-Rf))
=
=
=
=
=

9.22% (Obligation rate. Source : Bloomberg)

0.70 (Average industries. Source : Bloomberg)
8.30% (Risk premium of Indonesia. Sumber : Damodaran)
15%
5%
2,587,015,123,547

176,265,333,847

235,353,847,521

247,121,539,897

=
=

(1+0,15)^
153,234,229,198
2,193,135,975,068

(1+0,15)^
177,868,508,312

(1+0,15)^3
162,359,326,895

Terminal Value

259,477,616,892

CEK LAGI DARI INTERNET

Damodaran)

2,587,015,123,547
(1+0,15)^3
1,699,673,910,664

Business Valuation Of PT. Ultrajaya Milk Industry And Trading Company

1. Net Cash Flow To Firm (Capital)
2014
Detail
Net Income After Tax

2015

Rp.
283,360,914,411

297,528,960,132

- (Increase)/Decrease In Capital Expenditure

(28,871,493,532)

(63,749,091,027)

+ Depreciation

139,442,352,412

50,664,549,902

3,413,292,668

+ Amortization
- (Increase)/Decrease In Change in NWC
- Interest Expense (net of 30% of Effective Income Tax)
Net Cash Flow o Equity

415,225,474

(219,418,055,463)

(57,556,732,880)

2,844,227,592
180,771,238,088

2,986,438,971
230,289,350,572

Cost of equity
ke = Cost of Equity
Rf = Risk Free Rate of Return
= Beta
ERP = Risk Oremium of Equity
Cost Of Equity

ke = Rf + (x(Rm-Rf))
=
=
=
=

Cost of Debt
Tax Rate
Loan Rate
Cost of Debt (Net of Tax)

=
=
=

WACC
Equity
Debt
WACC

=
=
=

72%
28%
13%

Expected growth rate in perpetuity (assumed)

Terminal value

5%
3,095,995,446,870

2. Discounted Free Cash Flow To Firm (Capital)

180,771,238,088

230,289,350,572

=
=

(1+0,13)^
159,690,886,581
2,640,380,993,863

(1+0,13)^2
179,711,328,288

9.22% (Obligation rate. Source : Bloomberg)

0.70 (Average industries. Source : Bloomberg)
8.30% (Risk premium of Indonesia. Sumber : Damodaran)
15%

25% (Indonesian single tax rate: Income tax act No.36 year o
11.43% (Assumed of BI Rate)
9%

2016

Terminal Value

312,405,408,138
(66,936,545,578)
53,197,777,397
435,986,747
(60,434,569,524)
3,135,760,920
241,803,818,101

253,894,009,006

e. Source : Bloomberg)
stries. Source : Bloomberg)
CEK LAGI DARI INTERNET
of Indonesia. Sumber : Damodaran)

ngle tax rate: Income tax act No.36 year of 2008)

241,803,818,101

3,095,995,446,870

(1+0,13)^
166,692,305,307

(1+0,13)^3
2,134,286,473,687