PT Unilever Indonesia

Audited Income Statement

(Rp millions) 2017 2018 2019
Revenue 41,204,510 41,802,073 42,922,563
Cost of sales -19,984,776 -20,697,246 -20,893,870
SG&A -11,714,758 -11,603,232 -11,910,869
Other operating income, net of other operating expense -9,212 2,822,616 3,082
Operating profit 9,495,764 12,324,211 10,120,906
Other income, net of other expense
Investment and interest income 3,579 15,776 11,096
Interest expense -127,682 -191,900 -230,230
Profit before taxes 9,371,661 12,148,087 9,901,772
Tax expense -2,367,099 -3,066,900 -2,508,935
Profit after taxes 7,004,562 9,081,187 7,392,837
Profit/Loss to Non-Controlling Interest 0 0 0
Profit or loss 7,004,562 9,081,187 7,392,837

Audited Balance Sheet

(Rp millions) 2012 2013 2014
Non-current tangible assets 10,422,133 10,627,387 10,715,376
Non-current intangible assets 1,478,253 1,392,344 1,359,444
Minority equity investments
Other non-operating investments
Other non-operating investments - other 75,018 49,228 44,217
Deferred tax asset
Derivatives
Total non-current assets 11,975,404 12,068,959 12,119,037
Trade receivables 4,715,554 4,983,471 5,335,489
Inventories 2,393,540 2,658,073 2,429,234
Other current assets 187,307 264,699 136,962
Cash and cash equivalents 404,784 351,667 628,649
Total current assets 7,701,185 8,257,910 8,530,334
Assets held for sale 175,201 0 0
TOTAL ASSETS 19,851,790 20,326,869 20,649,371

Shareholders’ equity 5,007,180 7,383,667 5,281,862

Non-Controlling Interest in Equity 0 0 0
Non-current debt 1,829,729 1,309,450 1,966,631
Deferred tax liability 316,267 359,930 335,570
Derivatives 0
Total non-current liabilities 2,145,996 1,669,380 2,302,201
Current debt 3,450,000 460,000 2,920,000
Trade payables 4,527,110 4,572,600 4,516,954
Other current liabilities 4,721,504 6,241,222 5,628,354
Total current liabilities 12,698,614 11,273,822 13,065,308
Liabilities held for sale 0 0 0
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 19,851,790 20,326,869 20,649,371
1 1 1
CONDENSED STATEMENTS OF EARNINGS 2,017.0 2,018.0 2019 2020
Revenue 41,204,510.0 41,802,073.0 42,922,563.0 43,351,789
Net Operating Profit after Tax 7,102,355.2 9,216,626.4 7,559,378.8 4,335,179
Net profit 7,004,562.0 9,081,187.0 7,392,837.0 -
- Investment profit after tax -2,820.3 -12,131.7 -8,433.0 - 1,734
+ Interest expense after tax 100,613.4 147,571.1 174,974.8 144,458
= Net operating profit after tax 7,102,355.2 9,216,626.4 7,559,378.8 4,335,179
of which: Net Other Expense after Tax 0.0 0.0 0.0 -
= Net other expense (income) 0.0 0.0 0.0 -
x (1 – Tax rate) 78.8% 76.9% 76.0% -
= Net Other Expense after Tax 0.0 0.0 0.0 -
+ Net Investment Profit after Tax 2,820.3 12,131.7 8,433.0 1,734
= Investment and Interest income 3,579.0 15,776.0 11,096.0 -
x (1 – Tax rate) 78.8% 76.9% 76.0% -
= Net Investment Profit after Tax 2,820.3 12,131.7 8,433.0 1,734
– Interest Expense after Tax 100,613.4 147,571.1 174,974.8 144,458
= Interest expense 127,682.0 191,900.0 230,230.0 -
x (1 – Tax rate) 78.8% 76.9% 76.0% -
= Interest Expense after Tax 100,613.4 147,571.1 174,974.8 144,458
= Profit or Loss 7,004,562.0 9,081,187.0 7,392,837.0 4,192,455

Operating cash percentage 3%

CONDENSED BALANCE SHEETS 2012 2013 2014
Ending Net Working Capital
Operating cash 404,784.0 351,667.0 628,649.0 -
+ Trade receivables 4,715,554.0 4,983,471.0 5,335,489.0 -
+ Inventories 2,393,540.0 2,658,073.0 2,429,234.0 -
+ Other current assets 187,307.0 264,699.0 136,962.0 -
– Trade payables 4,527,110.0 4,572,600.0 4,516,954.0 -
– Other current liabilities 4,721,504.0 6,241,222.0 5,628,354.0 -
= Ending Net Working Capital -1,547,429.0 -2,555,912.0 -1,614,974.0 - 1,604,016
+ Ending Net Non-Current Operating Assets -
Non-current tangible assets 10,422,133.0 10,627,387.0 10,715,376.0 -
+ Non-current intangible assets 1,478,253.0 1,392,344.0 1,359,444.0 -
+ Derivatives (assets net of liabilities) 0.0 0.0 0.0 -
– Deferred tax liabilities (net of 316,267.0 359,930.0 335,570.0 -
assets)
– Other non-current liabilities (non-
interest-bearing) 0.0 0.0 0.0 -
= Ending Net Non-Current
Operating Assets 11,584,119.0 11,659,801.0 11,739,250.0 11,704,983
+ Ending Investment Assets -
Excess cash 0.0 0.0 0.0 -
 Minority equity investments 0.0 0.0 0.0 -
+ Other Non-Operating investments 75,018.0 49,228.0 44,217.0
= Ending Investment Assets 75,018.0 49,228.0 44,217.0 173,407
= Total Business Assets 10,111,708.0 9,153,117.0 10,168,493.0 10,274,374
-
Ending Debt -
Current debt 3,450,000.0 460,000.0 2,920,000.0 -
+ Non-current debt 1,829,729.0 1,309,450.0 1,966,631.0 3,801,518
+ Preference shares 0.0 0.0 0.0 -
= Ending Debt 5,279,729.0 1,769,450.0 4,886,631.0 3,801,518
+ Ending Group Equity -
Ordinary shareholders' equity 5,007,180.0 7,383,667.0 5,281,862.0 6,472,856
+ Non-controlling interest in equity 0.0 0.0 0.0 -
- Net assets held for sale 175,201.0 0.0 0.0 -
= Group Equity 4,831,979.0 7,383,667.0 5,281,862.0 6,472,856
= Total Capital 10,111,708.0 9,153,117.0 10,168,493.0 10,274,374
1 1 1 1
 2021 2022 2023 2024 2025 2026 2027
44,652,342 46,438,436 48,760,358 51,198,376 53,758,294 56,446,209 59,268,520
6,697,851 8,178,583 8,587,512 9,016,887 9,467,732 9,941,118 10,438,174
- - - - - - -
- 2,233 - 8,149 - 11,409 - 14,974 - 15,722 - 16,509 - 17,334
154,102 157,358 169,462 177,935 186,832 196,173 205,982
6,697,851 8,178,583 8,587,512 9,016,887 9,467,732 9,941,118 10,438,174
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
2,233 8,149 11,409 14,974 15,722 16,509 17,334
- - - - - - -
- - - - - - -
2,233 8,149 11,409 14,974 15,722 16,509 17,334
154,102 157,358 169,462 177,935 186,832 196,173 205,982
- - - - - - -
- - - - - - -
154,102 157,358 169,462 177,935 186,832 196,173 205,982
6,545,982 8,029,374 8,429,458 8,853,926 9,296,622 9,761,453 10,249,526

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 1,652,137 - 1,764,661 - 1,852,894 - 1,945,538 - 2,042,815 - 2,144,956 - 2,252,204
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

12,100,785 12,700,835 13,335,877 14,002,671 14,702,805 15,437,945 16,209,842

- - - - - - -
- - - - - - -
 - - - - - - -
- - - - - - -
223,262 271,632 285,213 299,474 314,448 330,170 346,679
10,671,910 11,207,807 11,768,197 12,356,607 12,974,437 13,623,159 14,304,317
- - - - - - -
- - - - - - -
- - - - - - -
4,055,326 4,371,045 4,707,279 4,942,643 5,189,775 5,449,264 5,721,727
- - - - - - -
4,055,326 4,371,045 4,707,279 4,942,643 5,189,775 5,449,264 5,721,727
- - - - - - -
6,616,584 6,836,762 7,060,918 7,413,964 7,784,662 8,173,896 8,582,590
- - - - - - -
- - - - - - -
6,616,584 6,836,762 7,060,918 7,413,964 7,784,662 8,173,896 8,582,590
10,671,910 11,207,807 11,768,197 12,356,607 12,974,437 13,623,159 14,304,317
1 1 1 1 1 1 1
 2028 2029
62,231,946 65,343,543
10,960,083 11,508,087
- -
- 18,201 - 19,111
216,281 227,095
10,960,083 11,508,087
- -
- -
- -
- -
18,201 19,111
- -
- -
18,201 19,111
216,281 227,095
- -
- -
216,281 227,095
10,762,002 11,300,102

- -
- -
- -
- -
- -
- -
- 2,364,814 - 2,483,055
- -
- -
- -
- -
- -

- -

17,020,334 17,871,351
- -
- -
 - -
- -
364,013 382,213
15,019,533 15,770,510
- -
- -
- -
6,007,813 6,308,204
- -
6,007,813 6,308,204
- -
9,011,720 9,462,306
- -
- -
9,011,720 9,462,306
15,019,533 15,770,510
1 1
Return on equity
Ratio 2012 2013 2014 2015
Return on equity 145.0% 123.0% 140.0% 64.8%

Traditional decomposition of ROE

Ratio 2012 2013 2014 2015
Net profit margin (ROS) 17.0% 21.7% 17.2% #DIV/0!
× Asset turnover 2.08 2.06 2.08 #DIV/0!
= Return on assets (ROA) 35.3% 44.7% 35.8% #DIV/0!
× Financial leverage 4.11 2.75 3.91 0.00
= Return on equity (ROE) 145.0% 123.0% 140.0% #DIV/0!

Distinguishing operating and financing components in ROE decomposition

Ratio 2012 2013 2014 2014
Net operating profit margin 17.2% 22.0% 17.6% 10.0%
× Operating asset turnover 4.11 4.59 4.24 4.29
= Return on Net Operating Assets 70.8% 101.2% 74.7% 42.9%

Return on Net Operating Assets 70.8% 101.2% 74.7% 42.9%

x (Net Operating Assets/Business Assets) 0.99 0.99 1.00 0.98
+ Return on Investment Assets 3.8% 24.6% 19.1% 1.0%
x (Investment Assets/Business Assets) 0.01 0.01 0.00 0.02
= Return on Business Assets 70.3% 100.8% 74.4% 42.2%

Spread 68.4% 92.5% 70.8% 38.4%

× Financial leverage 1.09 0.24 0.93 0.59
= Financial leverage gain 74.7% 22.2% 65.5% 22.6%

ROE = Return on Business Assets + Financial

leverage gain 145.0% 123.0% 140.0% 64.8%

Return on equity (after excluding other expense after tax)

Ratio 2012 2013 2014 2014
Return on equity 145.0% 123.0% 140.0% 64.8%

Traditional decomposition of ROE (after excluding other expense after tax)

Ratio 2012 2013 2014 2014
Net profit margin (ROS) 17.0% 21.7% 17.2% 9.7%
× Asset turnover 2.08 2.06 2.08 #DIV/0!
= Return on assets (ROA) 35.3% 44.7% 35.8% #DIV/0!
× Financial leverage 4.11 2.75 3.91 0.00
= Return on equity (ROE) 145.0% 123.0% 140.0% #DIV/0!

Distinguishing operating and financing components in ROE decomposition (after excluding other expense after tax)
Ratio 2012 2013 2014 2014
Net operating profit margin 17.2% 22.0% 17.6% 10.0%
× Operating asset turnover 4.11 4.59 4.24 4.29
= Return on Net Operating Assets 70.8% 101.2% 74.7% 42.9%

Return on Net Operating Assets 70.8% 101.2% 74.7% 42.9%

x (Net Operating Assets/Business Assets) 0.99 0.99 1.00 0.98
+ Return on Investment Assets 3.8% 24.6% 19.1% 1.0%
x (Investment Assets/Business Assets) 0.01 0.01 0.00 0.02
= Return on Business Assets 70.3% 100.8% 74.4% 42.2%

Spread 68.4% 92.5% 70.8% 38.4%

× Financial leverage 1.09 0.24 0.93 0.59
= Financial leverage gain 74.7% 22.2% 65.5% 22.6%

ROE = Return on Business Assets + Financial

leverage gain 145.0% 123.0% 140.0% 64.8%
 2016 2017 2018 2019 2020 2021 2022 2023 2024
98.9% 117.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4%

2016 2017 2018 2019 2020 2021 2022 2023 2024

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

2014 2014 2014 2014 2014 2014 2014 2014 2014

15.0% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6%
4.27 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25
64.1% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8%

64.1% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8%

0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98
1.0% 3.0% 4.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
62.8% 73.0% 73.1% 73.1% 73.1% 73.1% 73.1% 73.1% 73.1%

59.0% 69.4% 69.5% 69.5% 69.5% 69.5% 69.5% 69.5% 69.5%

0.61 0.64 0.67 0.67 0.67 0.67 0.67 0.67 0.67
36.2% 44.4% 46.3% 46.3% 46.3% 46.3% 46.3% 46.3% 46.3%

98.9% 117.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4%

2014 2014 2014 2014 2014 2014 2014 2014 2014

98.9% 117.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4%

2014 2014 2014 2014 2014 2014 2014 2014 2014

14.7% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

expense after tax)

2014 2014 2014 2014 2014 2014 2014 2014 2014
15.0% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6% 17.6%
 4.27 4.25 4.25 4.25 4.25 4.25 4.25 4.25 4.25
64.1% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8%

64.1% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8% 74.8%

0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98
1.0% 3.0% 4.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
62.8% 73.0% 73.1% 73.1% 73.1% 73.1% 73.1% 73.1% 73.1%

59.0% 69.4% 69.5% 69.5% 69.5% 69.5% 69.5% 69.5% 69.5%

0.61 0.64 0.67 0.67 0.67 0.67 0.67 0.67 0.67
36.2% 44.4% 46.3% 46.3% 46.3% 46.3% 46.3% 46.3% 46.3%

98.9% 117.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4% 119.4%

PT Unilever Indonesia
Historical Historical Historical
2017 2018 2019
Revenue growth rate (%) 1.5 2.7
NOPAT Margin (%) 17.2 22.0 17.6
Operating working capital/ revenue (%) - 3.8 - 6.1 - 3.8
Net non current operating asset/ revenue (%) 28.1 27.9 27.3
Investment assets/ revenue (%) 1.1 0.5 0.6
After tax return on investment assets (%) 0 25 19
After tax cost of debt (%) 1.9 8.3 3.6
Debt to Capital (%) 36.5 17.7 37.2

CONDENSED STATEMENTS OF EARNINGS 2017 2018 2019

Revenue 41,204,510.0 41,802,073.0 42,922,563.0
Net Operating Profit after Tax 7,102,355.2 9,216,626.4 7,559,378.8
Net profit 7,004,562.0 9,081,187.0 7,392,837.0
- Investment profit after tax -2,820.3 -12,131.7 -8,433.0
+ Interest expense after tax 100,613.4 147,571.1 174,974.8
= Net operating profit after tax 7,102,355.2 9,216,626.4 7,559,378.8
of which: Net Other Expense after Tax 0.0 0.0 0.0
= Net other expense (income) 0.0 0.0 0.0
x (1 – Tax rate) 78.8% 76.9% 76.0%
= Net Other Expense after Tax 0.0 0.0 0.0
+ Net Investment Profit after Tax 2,820.3 12,131.7 8,433.0
= Investment and Interest income 3,579.0 15,776.0 11,096.0
x (1 – Tax rate) 78.8% 76.9% 76.0%
= Net Investment Profit after Tax 2,820.3 12,131.7 8,433.0
– Interest Expense after Tax 100,613.4 147,571.1 174,974.8
= Interest expense 127,682.0 191,900.0 230,230.0
x (1 – Tax rate) 78.8% 76.9% 76.0%
= Interest Expense after Tax 100,613.4 147,571.1 174,974.8
= Profit or Loss 7,004,562.0 9,081,187.0 7,392,837.0

Operating cash percentage 3%

CONDENSED BALANCE SHEETS 2012 2013 2014
Ending Net Working Capital
Operating cash 404,784.0 351,667.0 628,649.0
+ Trade receivables 4,715,554.0 4,983,471.0 5,335,489.0
+ Inventories 2,393,540.0 2,658,073.0 2,429,234.0
+ Other current assets 187,307.0 264,699.0 136,962.0
– Trade payables 4,527,110.0 4,572,600.0 4,516,954.0
– Other current liabilities 4,721,504.0 6,241,222.0 5,628,354.0
 = Ending Net Working Capital -1,547,429.0 -2,555,912.0 -1,614,974.0
+ Ending Net Non-Current Operating Assets
Non-current tangible assets 10,422,133.0 10,627,387.0 10,715,376.0
+ Non-current intangible assets 1,478,253.0 1,392,344.0 1,359,444.0
+ Derivatives (assets net of liabilities) 0.0 0.0 0.0
– Deferred tax liabilities (net of assets) 316,267.0 359,930.0 335,570.0
– Other non-current liabilities (non-interest- 0.0 0.0 0.0
bearing)
= Ending Net Non-Current Operating Assets 11,584,119.0 11,659,801.0 11,739,250.0
+ Ending Investment Assets 75,018.0 49,228.0 44,217.0
Excess cash 0.0 0.0 0.0
Minority equity investments 0.0 0.0 0.0
+ Other Non-Operating investments 75,018.0 49,228.0 44,217.0
= Ending Investment Assets 75,018.0 49,228.0 44,217.0
= Total Business Assets 10,111,708.0 9,153,117.0 10,168,493.0

Ending Debt
Current debt 3,450,000.0 460,000.0 2,920,000.0
+ Non-current debt 1,829,729.0 1,309,450.0 1,966,631.0
+ Preference shares 0.0 0.0 0.0
= Ending Debt 5,279,729.0 1,769,450.0 4,886,631.0
+ Ending Group Equity
Ordinary shareholders' equity 5,007,180.0 7,383,667.0 5,281,862.0
+ Non-controlling interest in equity 0.0 0.0 0.0
- Net assets held for sale 175,201.0 0.0 0.0
= Group Equity 4,831,979.0 7,383,667.0 5,281,862.0
= Total Capital 10,111,708.0 9,153,117.0 10,168,493.0
1 1 1
Beginning BS
Begin operating working capital
+ Begin Net non-current operating assets
+ Begin Investment Asset
= Business Assets
Debt
+ Group Equity
= Capital

Income Statement
Revenue
Net Operating Profit after tax
+ Net Investment Profit after taax
= Net Business Profit after tax
- Net Interest Expense after tax
= Profit or loss
 Profit or loss
- Change in Op Working Capital
- Change in net Non Current Operating Assets
- Change in Investment Assets
+ Change in Debt
= FCFE

Net Operating after tax

Change In Operating Working Capital
Change in net Non Current Operating Assets
= FCF from Operations
 Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2020 2021 2022 2023 2024 2025 2026
1.0 3.0 4.0 5.0 5.0 5.0 5.0
10.0 15.0 17.6 17.6 17.6 17.6 17.6
-3.7 -3.7 -3.8 -3.8 -3.8 -3.8 -3.8
27.0 27.1 27.3 27.3 27.3 27.3 27.3
0.4 0.5 0.6 0.6 0.6 0.6 0.6
1.0 1.0 3.0 4.0 5.0 5.0 5.0
3.8 3.8 3.6 3.6 3.6 3.6 3.6
37.0 38.0 39.0 40.0 40.0 40.0 40.0
-
2020 2021 2022 2023 2024 2025 2026
43,351,788.6 44,652,342.3 46,438,436.0 48,760,357.8 51,198,375.7 53,758,294.5 56,446,209.2
4,335,178.9 6,697,851.3 8,178,582.7 8,587,511.8 9,016,887.4 9,467,731.8 9,941,118.4

-1,734.1 -2,232.6 -8,149.0 -11,408.5 -14,973.7 -15,722.4 -16,508.5

144,457.7 154,102.4 157,357.6 169,462.0 177,935.1 186,831.9 196,173.5
4,335,178.9 6,697,851.3 8,178,582.7 8,587,511.8 9,016,887.4 9,467,731.8 9,941,118.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0

1,734.1 2,232.6 8,149.0 11,408.5 14,973.7 15,722.4 16,508.5

1,734.1 2,232.6 8,149.0 11,408.5 14,973.7 15,722.4 16,508.5

144,457.7 154,102.4 157,357.6 169,462.0 177,935.1 186,831.9 196,173.5

144,457.7 154,102.4 157,357.6 169,462.0 177,935.1 186,831.9 196,173.5

4,192,455.2 6,545,981.6 8,029,374.0 8,429,458.3 8,853,926.0 9,296,622.3 9,761,453.4

0.0 0.0 0.0 0.0 0.0 0.0 0.0

-1,604,016.2 -1,652,136.7 -1,764,660.6 -1,852,893.6 -1,945,538.3 -2,042,815.2 -2,144,955.9

11,704,982.9 12,100,784.8 12,700,835.4 13,335,877.2 14,002,671.1 14,702,804.6 15,437,944.9

173,407.2 223,261.7 271,631.9 285,213.5 299,474.2 314,447.9 330,170.3

10,274,373.9 10,671,909.8 11,207,806.8 11,768,197.1 12,356,607.0 12,974,437.3 13,623,159.2

0.0 0.0 0.0 0.0 0.0 0.0 0.0

3,801,518.3 4,055,325.7 4,371,044.6 4,707,278.8 4,942,642.8 5,189,774.9 5,449,263.7

3,801,518.3 4,055,325.7 4,371,044.6 4,707,278.8 4,942,642.8 5,189,774.9 5,449,263.7

6,472,855.6 6,616,584.1 6,836,762.1 7,060,918.3 7,413,964.2 7,784,662.4 8,173,895.5

0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
6,472,855.6 6,616,584.1 6,836,762.1 7,060,918.3 7,413,964.2 7,784,662.4 8,173,895.5
10,274,373.9 10,671,909.8 11,207,806.8 11,768,197.1 12,356,607.0 12,974,437.3 13,623,159.2
1 1 1 1 1 1 1

-1,614,974.0 -1,604,016.2 -1,652,136.7 -1,764,660.6 -1,852,893.6 -1,945,538.3 -2,042,815.2

11,739,250.0 11,704,982.9 12,100,784.8 12,700,835.4 13,335,877.2 14,002,671.1 14,702,804.6
44,217.0 173,407.2 223,261.7 271,631.9 285,213.5 299,474.2 314,447.9
10,168,493.0 10,274,373.9 10,671,909.8 11,207,806.8 11,768,197.1 12,356,607.0 12,974,437.3
4,886,631.0 3,801,518.3 4,055,325.7 4,371,044.6 4,707,278.8 4,942,642.8 5,189,774.9
5,281,862.0 6,472,855.6 6,616,584.1 6,836,762.1 7,060,918.3 7,413,964.2 7,784,662.4
10,168,493.0 10,274,373.9 10,671,909.8 11,207,806.8 11,768,197.1 12,356,607.0 12,974,437.3

43,351,788.6 44,652,342.3 46,438,436.0 48,760,357.8 51,198,375.7 53,758,294.5 56,446,209.2

4,335,178.9 6,697,851.3 8,178,582.7 8,587,511.8 9,016,887.4 9,467,731.8 9,941,118.4
1,734.1 2,232.6 8,149.0 11,408.5 14,973.7 15,722.4 16,508.5
4,336,912.9 6,700,084.0 8,186,731.6 8,598,920.4 9,031,861.1 9,483,454.2 9,957,626.9
144,457.7 154,102.4 157,357.6 169,462.0 177,935.1 186,831.9 196,173.5
4,192,455.2 6,545,981.6 8,029,374.0 8,429,458.3 8,853,926.0 9,296,622.3 9,761,453.4
 4,192,455.2 6,545,981.6 8,029,374.0 8,429,458.3 8,853,926.0 9,296,622.3 9,761,453.4
-10,957.8 48,120.5 112,523.9 88,233.0 92,644.7 97,276.9 102,140.8
34,267.1 -395,801.8 -600,050.7 -635,041.8 -666,793.9 -700,133.6 -735,140.2
-129,190.2 -49,854.6 -48,370.2 -13,581.6 -14,260.7 -14,973.7 -15,722.4
-1,085,112.7 253,807.4 315,718.9 336,234.2 235,363.9 247,132.1 259,488.7
3,001,461.7 6,402,253.1 7,809,196.0 8,205,302.2 8,500,880.1 8,925,924.1 9,372,220.3

4,335,178.9 6,697,851.3 8,178,582.7 8,587,511.8 9,016,887.4 9,467,731.8 9,941,118.4

-10,957.8 48,120.5 112,523.9 88,233.0 92,644.7 97,276.9 102,140.8
34,267.1 -395,801.8 -600,050.7 -635,041.8 -666,793.9 -700,133.6 -735,140.2
4,358,488.1 6,350,170.0 7,691,055.9 8,040,703.1 8,442,738.2 8,864,875.1 9,308,118.9
 Forecast Forecast Forecast
2027 2028 2029
5.0 5.0 5.0
17.6 17.6 17.6
-3.8 -3.8 -3.8
27.3 27.3 27.3
0.6 0.6 0.6
5.0 5.0 5.0
3.6 3.6 3.6
40.0 40.0 40.0

2027 2028 2029

59,268,519.6 62,231,945.6 65,343,542.9
10,438,174.3 10,960,083.0 11,508,087.1

-17,333.9 -18,200.6 -19,110.7

205,982.2 216,281.3 227,095.3
10,438,174.3 10,960,083.0 11,508,087.1

0.0 0.0 0.0

17,333.9 18,200.6 19,110.7

17,333.9 18,200.6 19,110.7

205,982.2 216,281.3 227,095.3

205,982.2 216,281.3 227,095.3

10,249,526.1 10,762,002.4 11,300,102.5

0.0 0.0 0.0

-2,252,203.7 -2,364,813.9 -2,483,054.6

16,209,842.1 17,020,334.2 17,871,350.9

346,678.8 364,012.7 382,213.3

14,304,317.1 15,019,533.0 15,770,509.6

0.0 0.0 0.0

5,721,726.9 6,007,813.2 6,308,203.9

5,721,726.9 6,007,813.2 6,308,203.9

8,582,590.3 9,011,719.8 9,462,305.8

0.0 0.0 0.0
0.0 0.0 0.0
8,582,590.3 9,011,719.8 9,462,305.8
14,304,317.1 15,019,533.0 15,770,509.6
1 1 1

-2,144,955.9 -2,252,203.7 -2,364,813.9 DARI PREVIOUS YEAR

15,437,944.9 16,209,842.1 17,020,334.2
330,170.3 346,678.8 364,012.7
13,623,159.2 14,304,317.1 15,019,533.0
5,449,263.7 5,721,726.9 6,007,813.2
8,173,895.5 8,582,590.3 9,011,719.8
13,623,159.2 14,304,317.1 15,019,533.0

59,268,519.6 62,231,945.6 65,343,542.9

10,438,174.3 10,960,083.0 11,508,087.1
17,333.9 18,200.6 19,110.7
10,455,508.2 10,978,283.6 11,527,197.8
205,982.2 216,281.3 227,095.3
10,249,526.1 10,762,002.4 11,300,102.5
10,249,526.1 10,762,002.4 11,300,102.5
107,247.8 112,610.2 118,240.7
-771,897.2 -810,492.1 -851,016.7
-16,508.5 -17,333.9 -18,200.6
272,463.2 286,086.3 300,390.7 DEBT is decreasing --> source of cash dec, we pay the debt (cash out
9,840,831.3 10,332,872.8 10,849,516.5

10,438,174.3 10,960,083.0 11,508,087.1

107,247.8 112,610.2 118,240.7
-771,897.2 -810,492.1 -851,016.7
9,773,524.8 10,262,201.1 10,775,311.1
e debt (cash out
 Valuation:
Market Cap 295.7 tril Rp
FCFE Model 65,881,129 million Rp
AP Model 60,000,625 million Rp
AP Growth 65,881,129 million Rp

Historical Forecast
2019 2020
+ Group Equity 10,168,493.0
= Profit or Loss 4,192,455.2
Dividends 3,001,461.7
= FCFE 3,001,461.7

0 1
a FCFE Model 3,001,462
2,609,967

Disc (2020-2024) 37,721,866 Million Rp

Disc TV 28,159,263 Million Rp
Equity Value 65,881,129 Million Rp

b AP Model 2,667,181
2,319,288

BV 5,281,862 Million Rp
Disc (2020-2024) 31,237,375 Million Rp
Disc TV 23,481,388 Million Rp
Equity Value 60,000,625 Million Rp

c AP Growth
4,192,455.2

Disc (2020-2024) 56,454,661 Million Rp

Disc TV 9,426,468 Million Rp
Equity Value 65,881,129 Million Rp

0 1
NET OPERATING ASSET VALUE (RP MILLION) 2019 2020
Cost of NOA 15.00%
LT Growth 5%
NOPAT 7,559,379 4,335,179
 Total Net Op Asset 9,103,889 10,124,276
Required Return on NOA 15.00% 15.00%
Abnormal NOPAT 6,193,795.49 2,816,537.46

Working Capital - 1,614,974 - 1,604,016

Net Non Current Op Asset 11,739,250 11,704,983
d Abnormal NOPAT
Abnormal NOPAT 2,816,537
Discount Rate 0.870
Discounted value 2,449,163

Beg BV 11,783,467 Million Rp

Disc (2015-2024) 32,230,361 Million Rp
Disc TV 24,162,916 Million Rp
NOA Value 68,176,743 Million Rp

e Abnormal NOPAT growth

The Change in NOPAT - 3,224,200
Prior Period Change in Net Op Asset 1,020,387
rNOPAT x Change in Net Op Asset 153,058
Ab NOPAT Growth (checked)
Ab NOPAT Growth
Discount Rate 0.870
Discounted value 4,335,179

Disc (2015-2024) 57,696,171 Million Rp

Disc TV 8,821,382 Million Rp
NOA Value 66,517,552 Million Rp

f Free Cash Flows to Capital

NOPAT 4,335,179
Less Increase in Op Working Cap 10,958
Less Increase in net non current Op Asset - 34,267
4,358,488
Discount Rate 0.870
Discounted value 3,789,990

Disc (2015-2024) 38,550,885 Million Rp

Disc TV 27,966,667 Million Rp
NOA Value 66,517,552 Million Rp

PV OF TAX SHIELD (TABLE 8.7)-PAGE 372

Tax rate 25%
Terminal Cost of Debt 6.0%
RFR 1.5%
 Beta 50.00%
RM 8.00%
CoE 5.50%
Terminal Growth Rate 5.0%

Interest Expense 192,610

Tax rate (%) 25%
Tax Shield 48,152.6
Discount factor 6.00%
Discount factor 0.943
PV of Tax Shield from Interest 45,426.9
Total PV of Tax Shield from Interest 9,274,011

RECONCILIATION-PAGE 372
NOA Value 66,517,552
Begin Investment Asset 10,168,493
Business Asset 76,686,045
Total PV of Tax Shield from Interest 9,274,011
Total Asset 85,960,056

Equity Value 82,158,538

Debt 3,801,518
Total Capital 85,960,056
1
Our Equity Value Calculation 65,881,129
 Equity NOA KINO EQUITY KINO NOA
Risk Free 7.0% 7.0% 7.0% 7.0%
Return Market 15.0% 15.0% 15.0% 15.0%
Beta 100.0% 78.74% 1.12 85.82%
Cost of Equity/NOA 15.00% 13.30% 15.96% 13.87%
LT Growth 5%

Forecast Forecast Forecast Forecast Forecast Forecast

2021 2022 2023 2024 2025 2026
10,274,373.9 10,671,909.8 11,207,806.8 11,768,197.1 12,356,607.0 12,974,437.3
6,545,981.6 8,029,374.0 8,429,458.3 8,853,926.0 9,296,622.3 9,761,453.4
6,402,253.1 7,809,196.0 8,205,302.2 8,500,880.1 8,925,924.1 9,372,220.3
6,402,253.1 7,809,196.0 8,205,302.2 8,500,880.1 8,925,924.1 9,372,220.3

2 3 4 5 6 7
6,402,253 7,809,196 8,205,302 8,500,880 8,925,924 9,372,220
4,841,023 5,134,673 4,691,408 4,226,440 3,858,923 3,523,365

5,004,825 6,428,588 6,748,287 7,088,696 7,443,131 7,815,288

3,784,367 4,226,901 3,858,355 3,524,335 3,217,871 2,938,056

2,174,877.3 1,461,833.2 367,057.6 390,844.2 389,739.4 409,226.4

1,891,198 1,105,356 241,346 223,466 193,769 176,920

2 3 4 5 6 7
2021 2022 2023 2024 2025 2026

6,697,851 8,178,583 8,587,512 9,016,887 9,467,732 9,941,118

 10,100,967 10,448,648 10,936,175 11,482,984 12,057,133 12,659,989
15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
5,182,706.33 6,611,285.47 6,947,085.58 7,294,439.86 7,659,161.85 8,042,119.95

- 1,652,137 - 1,764,661 - 1,852,894 - 1,945,538 - 2,042,815 - 2,144,956

12,100,785 12,700,835 13,335,877 14,002,671 14,702,805 15,437,945

5,182,706 6,611,285 6,947,086 7,294,440 7,659,162 8,042,120

0.756 0.658 0.572 0.497 0.432 0.376
3,918,871 4,347,028 3,972,019 3,626,626 3,311,267 3,023,331

2,362,672 1,480,731 408,929 429,376 450,844 473,387

- 23,309 347,681 487,527 546,809 574,149 602,857
- 3,496 52,152 73,129 82,021 86,122 90,428
2,366,169 1,428,579 335,800 347,354 364,722 382,958
2,366,169 1,428,579 335,800 347,354 364,722 382,958
0.756 0.658 0.572 0.497 0.432 0.376
2,057,538 1,080,211 220,794 198,601 181,331 165,563

6,697,851 8,178,583 8,587,512 9,016,887 9,467,732 9,941,118

- 48,120 - 112,524 - 88,233 - 92,645 - 97,277 - 102,141
395,802 600,051 635,042 666,794 700,134 735,140
6,350,170 7,691,056 8,040,703 8,442,738 8,864,875 9,308,119
0.756 0.658 0.572 0.497 0.432 0.376
4,801,641 5,056,994 4,597,298 4,197,533 3,832,530 3,499,267
 205,470 209,810 225,949 237,247 249,109 261,565
25% 25% 25% 25% 25% 25%
51,367.5 52,452.5 56,487.3 59,311.7 62,277.3 65,391.2
6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
0.890 0.840 0.792 0.747 0.705 0.665
45,716.9 44,040.2 44,743.3 44,321.2 43,903.0 43,488.9
million Rp
 Forecast Forecast Forecast TV
2027 2028 2029
13,623,159.2 14,304,317.1 15,019,533.0
10,249,526.1 10,762,002.4 11,300,102.5
9,840,831.3 10,332,872.8 10,849,516.5
9,840,831.3 10,332,872.8 10,849,516.5
Terminal value
8 9 10 10
9,840,831 10,332,873 10,849,516 113,919,923
3,216,985 2,937,247 2,681,835 28,159,263

8,206,052 8,616,355 9,047,173 94,995,312

2,682,573 2,449,306 2,236,323 23,481,388

429,687.7 451,172.1 473,730.7 4,974,172

161,536 147,489 134,664 1,413,970

8 9 10
2027 2028 2029

10,438,174 10,960,083 11,508,087

 13,292,989 13,957,638 14,655,520
15.00% 15.00% 15.00%
8,444,225.94 8,866,437.24 9,309,759.10

- 2,252,204 - 2,364,814 - 2,483,055

16,209,842 17,020,334 17,871,351

8,444,226 8,866,437 9,309,759 97,752,471

0.327 0.284 0.247 0.247
2,760,432 2,520,395 2,301,230 24,162,916

497,056 521,909 548,004

632,999 664,649 697,882
94,950 99,697 104,682
402,106 422,211 443,322
402,106 422,211 443,322 4,654,880
0.327 0.284 0.247 0.247
151,167 138,022 126,020 1,323,207

10,438,174 10,960,083 11,508,087

- 107,248 - 112,610 - 118,241
771,897 810,492 851,017
9,773,525 10,262,201 10,775,311 113,140,767
0.327 0.284 0.247 0.247
3,194,983 2,917,158 2,663,492 27,966,667
274,643 288,375 302,794
25% 25% 25%
68,660.7 72,093.8 75,698.4
6.00% 6.00% 6.00%
0.627 0.592 117.263
43,078.6 42,672.2 8,876,619.6