Return on Equity

Unilever 2017 Unilever 2016 Kino 2017

Net Profit 7,107,230,000,000 5,957,507,000,000 121,129,837,575
Shareholders' Equity 5,173,388,000,000 4,704,258,000,000 2,055,170,880,109
ROE 137.38% 126.64% 5.89%
 Kino 2016
207,150,366,829
1,952,072,473,629
10.61%
Decomposition of ROE

Ratio Unilever 2017 Unilever 2016 Kino 2017 Kino 2016

Net Profit Margin (ROS) 17.00% 15.96% 3.47% 5.18%
Asset turnover 2.1793933096 2.3918823315 0.98 1.06
Return on Asset (ROA) 37.05% 38.16% 3.39% 5.51%
Equity multiplier 3.6545515241 3.5596889031 1.575341131 1.682572993
Return on equity 135.40% 135.85% 5.34% 9.28%

Asset 18906413 16745695

Equity 5173388 4704258

Sales 41204510 40053732

Net Profit
Distinguishing Operation, Investment, and Financing Component in ROE Decomposition

Unilever 2017 Unilever 2016

Net Operating Profit Margin 17.25% 14.87%
x Operating Asset Turnover 5.67 6.06
Return on Operating Assets 97.83% 90.19%

Return on Operating Assets 97.83% 90.19%

x (Operating Assets/Business Assets) 1.00 1.00
Return on Investment Assets N/A N/A
x (Investment Assets/Business Assets) 0.00 0.00
Return on Business Assets 97.83% 90.19%

Spread N/A N/A

x Financial Leverage 2.65 2.56
Financial Leverage Gain N/A N/A
ROE =
Return on Business Assets + Financial Leverage GaN/A N/A
Catatan
Unilever tidak memisahkan akun2 investment assets
asumsi investment assets = 0
RoBA hanya dari Operating Assets
ecomposition

Kino 2017 Kino 2016

3.83% 5.93%
1.72 1.76
6.60% 10.45%

6.60% 10.45%
0.98 0.99 1740100303221 Kino 2017
33.60% 94.51% 5061552 Unilever 2017
0.02 0.01 1811302999224 Kino 2016
7.18% 11.52% 4085228 Unilever 2016

4.49% 5.05%
0.58 0.68
2.59% 3.45%

9.76% 14.96%
INCOME STATEMENT AND PROFITABILITY RATIOS

Ratio Unilever 2017 Unilever 2016

Line items as a percentage of sales
Sales 100% 100%
Cost of sales 48.50% 48.92%
Operating expense (selling, general & administration) 28.43% 29.34%
Other income/expense 0.02% 0.00%
Finance income 0.01% 0.02%
Finance cost 0.31% 0.36%
Intereset expense 0.00% 0.00%
Bank administration expense 0.00% 0.00%
Equity in net earnings 0.00% 0.00%
Loss on foreign exchange 0.00% 0.00%
Interest income 0.00% 0.00%
Unrealized gain on short term investments 0.00% 0.00%
Gain on sale of fixed assets 0.00% 0.00%
Gain on bargain purchase 0.00% 0.00%
Income tax 5.74% 5.45%
Net Income 17% 15.96%

Key profitability ratios Unilever 2017 Unilever 2016

Gross profit margin 48.50% 51.08%
EBITDA margin 24.63% 23.12%
NOPAT margin 1.69% 16.04%
Net profit margin 17% 15.96%
Kino 2017 Kino 2016 CALCULATIONS
Gross profit margin = Sales - Cost of sales
100% 100% Sales
57.90% 59.79% Unilever 2017 = 41,204,510 - 19,984,776
36.19% 33.36% 41204510
0.18% 0.16% = 48.50%
0.00% 0.00% Unilever 2016 = 40,053,732 - 19,594,636
0.00% 0.00% 40053732
2.23% 2.57% = 51.08%
0.08% 0.09% Kino 2017 = 3,160,637 - 1,830,140
0.13% 0.09% 3160637
0.02% 0.01% = 42.10%
0.53% 0.83% Kino 2016 = 3,493,028 - 2,088615
0.24% 0.21% 3493028
0.08% 0.06% = 40.21%
0.00% 0.75%
0.99% 1.09% EBITDA Margin = EBITDA
3.47% 5.18% Sales
Unilever 2017 = 10149844
Kino 2017 Kino 2016 41204510
42.10% 40.21% = 24.63%
4.46% 6.28% Unilever 2016 = 9258495
3.47% 5.18% 40053732
3.47% 5.18% = 23.12%
Kino 2017 = 140964
3160637
= 4.46%
Kino 2016 = 219313
3493028
= 6.28%
 Sales - Cost of sales NOPAT Margin = NOPAT
Sales Sales
41,204,510 - 19,984,776 Unilever 2017 = 9.371.661 x 74,24%
41204510 = 696119.5264 1.69%
Unilever 2016 = 8.571.885 x 74,95%
40,053,732 - 19,594,636 = 6424627.808 16.04%
40053732 Kino 2017 = 140.965 x 77,82%
= 109698.963 3.47%
3,160,637 - 1,830,140 Kino 2016 = 219.313 x 82,58%
3160637 = 181108.6754 5.18%

3,493,028 - 2,088615
3493028

Net Profit Margin = Net income

Sales
Unilever 2017 = 7004562
41204510
= 17.00%
Unilever 2016 = 6390672
40053732
= 15.96%
Kino 2017 = 109696
3160637
= 3.47%
Kino 2016 = 181110
3493028
= 5.18%
NOPAT = Net income + Net interest expense after tax

tax rate
Uni 2017 2367099 25.26%
9371661
Uni 2016 2181213 25.05%
8707661
Kino 2017 31268 22.18%
140965
Kino 2016 38202 17.42%
219313
Asset Management Ratio

Ratio Unilever 2017 Unilever 2016 Kino 2017

Operating working capital/Sales -3.75% -5.67% 27.76%
Net non-current operating assets/Sales 25.77% 24.75% 41.64%
PP&E/Sales 25.29% 23.79% 39.46%
Operating working capital turnover -26.66 -17.64 3.60
Net non-current operating asset turnove 3.88 4.04 2.40
PP&E turnover 3.95 4.20 2.53
Trade receivables turnover 8.74 10.80 3.85
Days’ receivables 86.12 69.08 163.61
Inventories turnover 8.35 8.45 4.76
Days’ inventories 43.72 43.18 76.71
Trade payables turnover 4.41 4.22 4.17
Days’ payables 82.68 86.47 87.43

Sales Rp41,204,510 Rp40,053,732 Rp3,160,637,269,263

Operating Working capital -Rp1,545,453 -Rp2,270,830 Rp877,239,005,366
Net non-current operating assets Rp10,619,813 Rp9,912,434 Rp1,316,033,939,651
PPE Rp10,422,133 Rp9,529,476 Rp1,247,283,242,755
Cost of sales Rp19,984,776 Rp19,594,636 Rp1,830,139,851,672
Trade payable Rp4,527,110 Rp4,641,910 Rp438,359,354,349
Trade Receivable Rp4,715,554 Rp3,708,257 Rp820,333,562,486
Inventories Rp2,393,540 Rp2,318,130 Rp384,646,010,207
Average Sales per Day Rp112,889 Rp109,736 Rp8,659,280,190
Average Cost of Sales per Day Rp54,753 Rp53,684 Rp5,014,081,785

Operating Working Capital

Current asset Rp7,941,635 Rp6,588,109 Rp1,795,404,979,854
Excess cash and marketable securities Rp404,784 Rp373,835 Rp350,224,744,236
Current liabilities Rp12,532,304 Rp10,878,074 Rp1,085,566,305,465
Current debt and current portion of non Rp3,450,000 Rp2,392,970 Rp517,625,075,213

Net non-current operating assets

Non-current operating asset Rp10,964,778 Rp10,157,586 Rp1,344,904,816,531
Non-interest-bearing non-current liabilit Rp344,965 Rp245,152 Rp28,870,876,880
 Kino 2016
28.00%
37.00%
34.99%
3.57
2.70
2.86
4.05
150.89
5.09
71.67
5.30
68.83

###
Rp978,190,694,578
Rp1,292,437,056,808
###
###
Rp393,853,390,012
Rp863,423,500,403
Rp410,137,896,311
Rp9,569,941,813
Rp5,722,232,392 Operating
working capital: (Current assets - Excess cash and marketable securities) - (Cur
liabilities - Current debt and current portion of non-current de
###
Rp376,655,296,337
###
Rp699,466,688,006

Rp1,314,172,537,790
Rp21,735,480,982
ss cash and marketable securities) - (Current
bt and current portion of non-current debt
LIQUIDITY RATIOS

Ratio Unilever 2017 Unilever 2016 Kino 2017 Kino 2016

Current ratio 0.63 0.61 1.65 1.54
Quick Ratio 0.41 0.38 1.24 1.17
Cash Ratio 0.03 0.03 0.44 0.40
Operating cash flow ratio 0.56 0.61 0.22 0.01

CALCULATIONS
Current ratio = Current assets
Curent liabilities
Unilever 2017 = 7941635 Unilever 2017 =
12532304
= 0.63
Unilever 2016 = 6588109 Unilever 2016 =
10878074
= 0.61
Kino 2017 = 1795404
1085566
= 1.65
Kino 2016 = 1876157
1220778
= 1.54

Quick ratio = Cash & marketable securities + trade receivables Operating cash flow =
current liabilities
Unilever 2017 = 404784 + 4346917 + 368637 Unilever 2017 =
12532304
= 0.41
Unilever 2016 = 373835 + 3290889 + 417368 Unilever 2016 =
10878074
= 0.38
Kino 2017 = 350224 + 124984 + 820333 + 50660
1085566
= 1.24
Kino 2016 = 376655 + 117502 + 863423 + 67583
1220778
= 1.17
 Cash ratio = Cash & marketable securities
Current liabilities
Unilever 2017 = 404784
12532304
= 0.03
Unilever 2016 = 373835
10878074
= 0.03
Kino 2017 =350224 + 124984
1085566
= 0.44
Kino 2016 =376655 + 117502
1220778
= 0.40

Operating cash flow = Cash flow from operations

current liabilities
Unilever 2017 = 7059862
12532304
= 0.56
Unilever 2016 = 6684219
10878074
= 0.61
Kino 2017 = 240312
1085566
= 0.22
Kino 2016 = 11867
1220778
= 0.01
Debt and Coverage Ratios

Unilever 2017 Unilever 2016 Kino 2017 Kino 2016

Liabilities-to-equity 265.46% 255.97% 57.53% 68.26%
Debt-to-equity 187.88% 178.02% 49.67% 60.49%
Debt-to-capital 65.11% 64.03% 33.19% 37.69%
Interest Coverage (earnings based) N/A N/A 316.23% 373.48%
Interest Coverage (cash flow based) N/A N/A 516.08% 213.11%

Catatan
Unilever tidak menampilkan jumlah Interest Expense secara terpisah
Cashflow Analysis

Line Item Unilever 2017 Unilever 2016

Profit before interest and tax Rp9,591,027 Rp8,888,300
Taxes plus tax shield on interest paid -Rp2,533,731 -Rp2,210,138
Non-operating Losses - -
Non-Current Operating
Operating Cashflow Accruals
before working capital - -
investment Rp7,057,296 Rp6,678,162
Interest received Rp2,566 Rp6,057
Dividend received
Net (Investment in) or liquidation of operating - -
or investment Non-current asset Rp1,601,761 Rp1,779,098
Free Cash Flow Available to Debt and Equity Rp8,661,623 Rp8,463,317
Interest Paid After Tax - -
Net Debt (Repayment) or Issuance Rp1,057,030 Rp692,970
Free Cash Flow Available to Equity Rp9,718,653 Rp9,156,287
Dividend (Payments) -Rp6,494,045 -Rp5,843,184
Net share (Repurchase) or Issuance - -
Net Increase (Decrease) in Cash Balance Rp3,224,608,000,000 Rp3,313,103,000,000
 Kino 2017 Kino 2016
Rp365,236,512,814 Rp191,196,911,893
-Rp124,924,214,224 -Rp179,329,537,819
- -
- -
Rp240,312,298,590 Rp11,867,374,074
Rp16,663,381,938 Rp29,058,052,825
- -
Rp37,205,898,051 Rp247,473,810,519
Rp294,181,578,579 Rp288,399,237,418
- -
-Rp3,624,375,722,555 ###
-Rp3,330,194,143,976 -Rp1,254,086,890,826
-Rp35,714,287,500 -Rp52,857,145,500
Rp3,374,423,308,106 Rp1,471,267,785,805
Rp8,514,876,630 Rp164,323,749,479
Sales in Billion Rupiah
2015 2016 2017 2018 F 2019 F
Unilever 36484 40054 41200 44871 48986
KINO 3604 3493 3161 3398 3636

Sales Growth
2015 2016 2017 2018 F 2019 F
Unilever 9.79% 2.86% 8.91% 9.17%
KINO -3.08% -9.50% 7.50% 7.00%
2020 F
51612
3936

2020 F
5.36%
8.25%
NOPAT
Unilever
2015 2016 2017 2018 F 2019 F
EBIT 7939 8708 9496 10241 11223
Tax (25%) 1984.75 2177 2374 2560.25 2805.75
NOPAT 5954.25 6531 7122 7680.75 8417.25
NOPAT Margin 16.32% 16.31% 17.29% 17.12% 17.18%

KINO
0 2015 2016 2017 2018 F 2019 F
EBIT 337 239 211 203 250
Tax (25%) 84.25 59.75 52.75 50.75 62.5
NOPAT 252.75 179.25 158.25 152.25 187.5
NOPAT Margin 7.01% 5.13% 5.01% 4.48% 5.16%
2020 F
11880
2970
8910
17.26%

2020 F
355
88.75
266.25
6.76%
FCFE2020= 8,942,589
TV= (1 + g) x F
Sales Growth= 5.36%
"="
Cost of Equity= 9.71%

KINO
FCFE2020= 355,585

Sales Growth= 8.25%

Cost of Equity= 9.71%

= (1 + g) x FCFEn / (re - growth) x (1 + re)^t
Rp164,025,409.60

Rp19,965,483.71