PT ADHI KARYA (PERSERO) Tbk DAN ENTITAS ANAK

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN

UNTUK PERIODE YANG BERAKHIR PADA 31 DESEMBER 2018, 2017, 2016, 2015, DAN 2014

Historical Figures
2018 2017 2016 2015
Revenues 15,655,499,866,493.00 15,156,178,074,776.00 11,063,942,850,707.00 9,389,570,098,578.00
Cost of Revenues 13,148,896,372,495.00 13,098,371,731,392.00 9,948,797,443,385.00 8,414,925,778,081.00
Gross Profits 2,506,603,493,998.00 2,057,806,343,384.00 1,115,145,407,322.00 974,644,320,497.00

Selling, Administration and General Expenses (707,672,316,457.00) (581,076,734,596.00) (455,978,703,558.00) (395,493,571,770.00)

Income from Operation 1,798,931,177,541.00 1,476,729,608,788.00 659,166,703,764.00 579,150,748,727.00

Other Income/(Expenses)-Net (241,897,924,998.00) (305,626,683,505.00) 141,990,592,775.00 271,578,852,855.00

Financial Cost (523,743,725,994.00) (444,763,237,629.00) (257,959,232,782.00) (136,718,019,874.00)
Share of Profit (Loss) of Joint Ventures 134,487,458,474.00 230,941,942,104.00 69,424,391,857.00 32,079,515,472.00
Income before Tax 1,167,776,985,023.00 957,281,629,758.00 612,622,455,614.00 746,091,097,180.00

Income Tax Expenses (522,747,535,918.00) (440,221,781,551.00) (297,514,672,479.00) (281,065,549,175.00)

Income for The Year 645,029,449,105.00 517,059,848,207.00 315,107,783,135.00 465,025,548,005.00

Other Comprehensive Income

Remeasurement of Employee Benefit Liabilities (131,771,491,189.00) 7,519,641,654.00 21,940,468,078.00 (1,320,205,275.00)
Surplus on Revaluation of Land - - 67,766,779,946.00 414,253,053,435.00
Differece in Foreign Currency Translation - - (158,394,938.00) 795,557,846.00
Total Comprehensive Income for The Year 513,257,957,916.00 524,579,489,861.00 404,656,636,221.00 878,753,954,011.00

Total Income for The Year Attributable to:

Owneres of the Parent 644,158,905,208.00 515,415,315,215.00 313,451,016,555.00 463,685,278,989.00
NCI 870,543,897.00 1,644,532,992.00 1,656,766,580.00 1,340,269,016.00

A-1/19
 Historical Figures
2018 2017 2016 2015
Total 645,029,449,105.00 517,059,848,207.00 315,107,783,135.00 465,025,548,005.00

Total Comprehensive Income for The Year Attributable to:

Owneres of the Parent 512,387,414,019.00 522,934,956,869.00 402,999,869,641.00 877,408,418,343.00
NCI 870,543,897.00 1,644,532,992.00 1,656,766,580.00 1,345,535,668.00
Total 513,257,957,916.00 524,579,489,861.00 404,656,636,221.00 878,753,954,011.00

Earnings per Share 180.90 144.75 88.03 202.83

The number of shares based on weighted average 3,560,849,376.00 3,560,849,376.00 3,560,849,376.00 2,286,038,836.00
of outstanding shares for the calculation of basic
earning per share are number of shares as of
December 31

A-2/19
A (PERSERO) Tbk DAN ENTITAS ANAK
RUGI KOMPREHENSIF KONSOLIDASIAN
PADA 31 DESEMBER 2018, 2017, 2016, 2015, DAN 2014

(Dalam Rupiah Penuh)

Historical Figures
2014
8,653,578,309,020.00
7,655,376,741,694.00
998,201,567,326.00

(356,174,876,057.00)
642,026,691,269.00

82,857,220,123.00
(136,530,244,593.00)
11,202,923,560.00
599,556,590,359.00

(267,896,083,942.00)
331,660,506,417.00

(27,309,269,570.00)
-
(40,519,392.00)
304,310,717,455.00

329,075,308,116.00
2,585,198,301.00

A-3/19
Historical Figures
2014
331,660,506,417.00

301,725,519,156.00
2,585,198,301.00
304,310,717,457.00

182.69
1,801,320,000.00

A-4/19
 PT ADHI KARYA (PERSERO) Tbk DAN ENTITAS ANAK
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
PER 31 DESEMBER 2018, 2017, 2016, 2015, DAN 2014

ASSETS
Current Assets
Cash and Cash Equivalents
Accounts Receivable
Retention Receivables
Gross Amount Due from Customers
Other Receivables
Inventories
Advance Payments
Prepaid Expenses
Prepaid Taxes
Other Current Assets
Total Current Assets
Historical Figures
2018 2017 2016 2015
3,263,036,627,238.00 4,131,173,781,445.00 3,364,910,489,288.00 4,317,347,903,384.00
3,354,528,145,868.00 2,922,807,904,442.00 2,906,997,989,330.00 2,231,747,915,506.00
743,094,487,822.00 816,411,246,367.00 1,064,030,808,014.00 1,079,643,851,019.00
11,253,836,161,223.00 11,327,640,638,767.00 5,831,056,622,974.00 3,093,132,927,328.00
12,397,650,655.00 13,080,000,000.00 - -
4,360,890,510,200.00 3,683,144,505,036.00 131,016,052,721.00 162,650,778,629.00
586,690,084,633.00 391,835,973,451.00 192,951,529,361.00 175,336,623,395.00
251,283,248,569.00 276,734,423,671.00 338,921,423,028.00 1,216,509,049,102.00
1,371,857,439,976.00 867,955,062,008.00 751,956,201,422.00 857,435,799,861.00
231,929,811,382.00 386,887,665,892.00 2,253,566,958,930.00 1,557,347,649,217.00
25,429,544,167,566.00 24,817,671,201,079.00 16,835,408,075,068.00 14,691,152,497,441.00

Non-Current Assets
Aset Pajak Tangguhan
Other Long-Term Receivables
Real Estate Assets
Investments in Joint Ventures
Investments Properties
Fixed Assets - net
Other Long-Term Investment
Other Non-Current Assets
Total Non-Current Assets
- -
7,155,828,697.00 5,460,676,079.00
884,457,636,875.00 712,920,526,677.00
636,887,042,364.00 488,811,790,421.00
902,387,115,527.00 354,844,126,484.00
1,573,323,727,930.00 1,520,930,722,412.00
315,653,529,650.00 9,054,320,926.00
369,205,721,273.00 423,254,648,872.00
4,689,070,602,316.00 3,515,276,811,871.00
- -
20,960,345,041.00 6,396,900,359.00
744,015,538,151.00 47,757,602,787.00
336,214,193,003.00 368,089,859,107.00
354,541,896,708.00 329,881,126,825.00
1,459,815,811,733.00 1,099,426,730,319.00
9,728,937,291.00 31,550,360,000.00
334,751,162,284.00 186,808,438,041.00
3,260,027,884,211.00 2,069,911,017,438.00

B-5/19
 Historical Figures
2018 2017 2016 2015

TOTAL ASSETS 30,118,614,769,882.00 28,332,948,012,950.00 20,095,435,959,279.00 16,761,063,514,879.00

LIABILITIES AND EQUITY

LIABILITIES
Current Liabilities 18,964,304,189,855.00 17,633,289,239,294.00 13,044,369,547,114.00 9,414,462,014,334.00
Non-Current Liabilities 4,869,038,683,769.00 4,829,741,347,659.00 1,608,286,449,267.00 2,184,469,703,709.00
TOTAL LIABILITIES 23,833,342,873,624.00 22,463,030,586,953.00 14,652,655,996,381.00 11,598,931,718,043.00

EQUITY
Capital Stock 356,084,937,600.00 356,084,937,600.00 356,084,937,600.00 356,084,937,600.00
Additional Paid-in-Capital 2,588,833,884,853.00 2,588,834,418,817.00 2,588,834,418,817.00 2,587,944,479,627.00
Difference in Transaction with NCI 3,117,842,245.00 3,117,842,245.00 3,117,842,245.00 3,117,842,245.00
Retained Earnings 3,326,448,270,007.00 2,911,208,354,875.00 2,485,218,766,299.00 2,206,679,978,654.00
Equity Attributable to Owners of the Parent 6,274,484,934,705.00 5,859,245,553,537.00 5,433,255,964,961.00 5,153,827,238,126.00
NCI 10,786,961,553.00 10,671,872,460.00 9,523,997,937.00 8,304,558,710.00
TOTAL EQUITY 6,285,271,896,258.00 5,869,917,425,997.00 5,442,779,962,898.00 5,162,131,796,836.00

TOTAL LIABILITIES AND EQUITY 30,118,614,769,882.00 28,332,948,012,950.00 20,095,435,959,279.00 16,761,063,514,879.00

B-6/19
 (PERSERO) Tbk DAN ENTITAS ANAK
OSISI KEUANGAN KONSOLIDASIAN
ER 2018, 2017, 2016, 2015, DAN 2014

(Dalam Rupiah Penuh)

Historical Figures
2014

811,411,723,393.00
1,953,900,412,991.00
941,745,923,565.00
2,617,233,021,628.00
-
132,013,517,468.00
183,607,503,710.00
814,053,429,715.00
622,516,778,227.00
1,089,412,066,524.00
9,165,894,377,221.00

14,733,917.00
36,374,118,437.00
5,132,984,482.00
363,654,939,623.00
356,221,665,867.00
496,095,844,221.00
7,600,000,000.00
27,893,020,506.00
1,292,987,307,053.00

B-7/19
Historical Figures
2014

10,458,881,684,274.00

7,040,618,956,132.00
1,777,482,182,941.00
8,818,101,139,073.00

180,132,000,000.00
50,004,090,079.00
3,117,842,245.00
1,400,567,589,834.00
1,633,821,522,158.00
6,959,023,043.00
1,640,780,545,201.00

10,458,881,684,274.00

B-8/19
 VALUATION OF ADHI KARYA COMMON STOCK
(RESIDUAL INCOME MODEL)

HISTORICAL FIGURES FORE

2014 2015 2016 2017 2018 2019 2020

Revenues Growth -11.69% 8.51% 17.83% 36.99% 3.29% 7.77% 7.70%
Net Profit Margin (Net Income for The Year/Revenues) 3.83% 4.95% 2.85% 3.41% 4.12% 4.00% 4.00%
Net Working Capital Turnover (Revenues/Avg. NWC) 4.07 1.78 2.92 2.11 2.42 2.42 2.42
Fixed Assets Turnover (Revenues/Avg. Fixed Assets) 6.69 4.54 3.39 4.31 3.34 3.34 3.34
Total Operating Assets/Total equity 2.08 1.42 1.30 1.82 1.77 1.77 1.77
Cost of Equity 11.03%

(In millions Rp)

Revenues {(1 + Revenues Growth) x Revenue Prior Year} 8,653,578.31 9,389,570.10 11,063,942.85 15,156,178.07 15,655,499.87 16,871,932.21 18,171,070.99

Net Income for The Year (NPM x Revenues) 331,660.51 465,025.55 315,107.78 517,059.85 645,029.45 674,877.29 726,842.84
Net Working Capital (Revenue ÷ NWC Turnover) 2,125,275.42 5,276,690.48 3,791,038.53 7,184,381.96 6,465,239.98 6,967,589.12 7,504,093.49
Fixed Assets or Total Non-current Assets (Revenue ÷ FA 1,292,987.31 2,069,911.02 3,260,027.88 3,515,276.81 4,689,070.60 5,053,411.39 5,442,524.07
Turnover)
Total Operating Assets (Sum of NWC and Fixed Assets) 3,418,262.73 7,346,601.50 7,051,066.41 10,699,658.77 11,154,310.58 12,021,000.51 12,946,617.55
Long-term Liabilities (TOA - Total Equity) 1,777,482.18 2,184,469.70 1,608,286.45 4,829,741.35 4,869,038.68 5,247,362.99 5,651,409.94
Total Stockholder's Equity (TOA ÷ TOA/Total Equity) 1,640,780.55 5,162,131.80 5,442,779.96 5,869,917.42 6,285,271.90 6,773,637.53 7,295,207.62

Residual Income Computation

Net Income for The Year 674,877.29 726,842.84
Beginning Equity 6,285,271.90 6,773,637.53

C-9/19
Required Equity Return 11.03% 11.03%
Expected Income 693,265.49 747,132.22
Residual Income (18,388.20) (20,289.38)
Discount Factor 0.9007 0.8112

PV of Residual Income (16,561.47) (16,458.42)

Cummulative PV of Residual Income (16,561.47) (33,019.89)
Terminal Value of Residual Income
Beginning Book Value of Equity
Value of Equity
Common shares outstanding
Value of Equity per share

Harga Saham PT Adhi Karya (Persero) Tbk per 2 Januari 2019 (awal tahun 2019):
Harga Saham PT Adhi Karya (Persero) Tbk per 28 Desember 2018 (akhir tahun 2018):
Harga Saham PT Adhi Karya (Persero) Tbk per 13 Desember 2019:

C-10/19
Notes:
a. Asumsi Revenues Growth untuk tahun proyeksian 2019 - 2023 dan Terminal Year:
Berdasarkan data historis tahun 2014 - 2018, diketahui bahwa rata-rata Revenues Growth sebesar 10.98%. Angka tersebut menjadi dasar perhitungan proyeksi Revenues Growt
2023 setelah dikurangi dengan proyeksi tingkat inflasi per tahun sebagai berikut:
2019: 10.98% - 3.21% = 7.77%
2020: 10.98% - 3.28% = 7.70%
2021: 10.98% - 3.13% = 7.85%
2022: 10.98% - 3.06% = 7.92%
2023: 10.98% - 2.99% = 7.99%
Revenues Growth tahun-tahun berikutnya diasumsikan hanya sebesar tingkat inflasi yang diprediksikan terkendali pada angka sebesar 3%
Data Inflasi: https://www.statista.com/statistics/320156/inflation-rate-in-indonesia/, diakses 2 Desember 2019.

b. Asumsi Net Profit Margin untuk tahun proyeksian 2019 - 2024:

Berdasarkan data historis tahun 2014 - 2018, Net Profit Margin rata-rata sebesar 3.83%. Oleh karena itu, untuk tahun 2019 - 2024 diproyeksikan tidak akan jauh dari angka terse
c. Asumsi Net Working Capital Turnover untuk tahun proyeksian 2019 - 2024:
Berdasarkan data historis tahun 2018, Net Working Capital Turnover sebesar 2.42. Dengan demikian, untuk tahun 2019 - 2024 diasumsikan sama dengan tahun 2018.

d. Asumsi Fixed Assets Turnover untuk tahun proyeksian 2019 - 2024:

Berdasarkan data historis tahun 2018, Fixed Assets Turnover sebesar 3.34. Dengan demikian, untuk tahun 2019 - 2024 diasumsikan sama dengan tahun 2018.

e. Asumsi Total Operating Assets/Total equity untuk tahun proyeksian 2019 - 2024:
Berdasarkan data historis tahun 2018, Total Operating Assets/Total equity sebesar 1.77. Dengan demikian, untuk tahun 2019 - 2024 diasumsikan sama dengan tahun 2018.

f. Asumsi Cost of Equity dihitung dari:

β = 1.6 (Beta saham sifatnya fluktuatif, diperkirakan beta saham Adhi Karya berada di angka 1.6, sumber: https://www.investing.com/equities/adhi-karya-tbk, diakses tanggal 2 D
Indonesia 10Y Bond Yield = 7.46% (diperoleh dari angka rata2 maximum yield sebesar 8.85% pada tanggal 16 Oktober 2018 dan minimum yield 6.06% pada 12 Januari 2019, su
data/indonesia/10-years/, diakses tanggal 2 Desember 2019).
Spread = 2.23% (diperoleh dari angka rata-rata dari Januari s.d. September 2019, http://www.market-risk-premia.com/id.html, diakses tanggal 2 Desember 2019)
Dengan demikan Cost of Equity (k) = 7.46% + (1.6 x 2.23%) = 11.03%

g. Expected Income
dihitung dengan menggunakan rumus: Required Equity Return x Beginning Equity pada tahun berkenaan (atau Ending Equity tahun sebelumnya).

C-11/19
h. Residual Income
dihitung dengan menggunakan rumus: Net Income for The Year - Expected Income pada tahun berkenaan.
i. Discount Factor
dihitung dengan menggunakan rumus: 1 ÷ (1 + k)nt , dengan k adalah cost of equity dan nt adalah tahun berkenaan (tahun ke-t). Misalnya, untuk tahun 2019 dihitung sebagai tah
0.9007

j. Present Value of Residual Income

dihitung dengan menggunakan rumus: Discount Factor x Residual Income pada tahun berkenaan.
k. Cummulative Present Value of Residual Income
dihitung dengan menjumlahkan seluruh Present Value of Residual Income sampai dengan tahun berkenaan.

l. Terminal Value of Residual Income

dihitung dengan menggunakan rumus: Residual Income pada terminal year ÷ {(k - revenues growth pada terminal year) - (1 + k)nt.akhir}, dengan k adalah cost of equity, nt.akhir ad
tahun proyeksi terakhir adalah tahun ke-5 atau tahun 2023). Dengan demikian diperoleh perhitungan sebagai berikut (dalam jutaan): -Rp70,403.88 ÷ {(0.1103 - 0.03) - (1 + 0.110

m. Beginning Book Value of Equity

merupakan nilai buku ekuitas awal, yakni awal tahun proyeksian 2019 atau akhir tahun historis 2018.

C-12/19
n. Value of Equity
dihitung dengan menjumlahkan Cummulative Present Value of Residual Income, Terminal Value of Residual Income, dan Beginning Book Value of Equity.

o. Common shares outstanding

merupakan jumlah saham biasa yang beredar pada akhir tahun historis.
p. Value of Equity per share
dihitung dengan menggunakan rumus: Value of Equity ÷ Common Shares Outstanding.

C-13/19
HI KARYA COMMON STOCK
L INCOME MODEL)
TERMINAL
FORECAST HORIZON YEAR Notes
2021 2022 2023 2024
7.85% 7.92% 7.99% 3.00% a.
4.00% 4.00% 4.00% 4.00% b.
2.42 2.42 2.42 2.42 c.
3.34 3.34 3.34 3.34 d.
1.77 1.77 1.77 1.77 e.
11.03% f.

19,597,500.06 21,149,622.06 22,839,476.87 23,524,661.17

783,900.00 845,984.88 913,579.07 940,986.45

8,093,164.83 8,734,143.48 9,432,001.54 9,714,961.59
5,869,762.20 6,334,647.37 6,840,785.70 7,046,009.27

13,962,927.03 15,068,790.85 16,272,787.24 16,760,970.86

6,095,045.62 6,577,773.23 7,103,337.31 7,316,437.43
7,867,881.41 8,491,017.62 9,169,449.93 9,444,533.43

783,900.00 845,984.88 913,579.07 940,986.45

7,295,207.62 7,867,881.41 8,491,017.62 9,169,449.93

C-14/19
 11.03% 11.03% 11.03% 11.03%
804,661.40 867,827.32 936,559.24 1,011,390.33 g.
(20,761.40) (21,842.44) (22,980.17) (70,403.88) h.
0.7306 0.6580 0.5927 i.

(15,168.25) (14,372.75) (13,619.20) j.

(48,188.14) (62,560.89) (76,180.09) k.
(519,612.22) l.
6,285,271.90 m.
5,689,479.60 n.
3,560,849,376.00 o.
1,597.79 p.

1,635.00
1,585.00
1,225.00

C-15/19
 sebut menjadi dasar perhitungan proyeksi Revenues Growth untuk 2019 - 2023. Dengan demikian proyeksi Revenues Growth 2019 -

da angka sebesar 3%

2019 - 2024 diproyeksikan tidak akan jauh dari angka tersebut, yakni sebesar 4.00%.

19 - 2024 diasumsikan sama dengan tahun 2018.

4 diasumsikan sama dengan tahun 2018.

un 2019 - 2024 diasumsikan sama dengan tahun 2018.

w.investing.com/equities/adhi-karya-tbk, diakses tanggal 2 Desember 2019).

er 2018 dan minimum yield 6.06% pada 12 Januari 2019, sumber: http://www.worldgovernmentbonds.com/bond-historical-

m/id.html, diakses tanggal 2 Desember 2019)

g Equity tahun sebelumnya).

C-16/19
ahun ke-t). Misalnya, untuk tahun 2019 dihitung sebagai tahun ke-1, berarti perhitungan discount factor-nya adalah 1 ÷ (1 + 0.1103)1 =

ar) - (1 + k)nt.akhir}, dengan k adalah cost of equity, nt.akhir adalah tahun proyeksi terakhir sebelum terminal year (dalam perhitungan ini,
(dalam jutaan): -Rp70,403.88 ÷ {(0.1103 - 0.03) - (1 + 0.1103) 5} = - Rp519,612.22

C-17/19
dan Beginning Book Value of Equity.

C-18/19
LAMPIRAN-LAMPIRAN