Penilaian Saham PT. Ultra Jaya Milk Industry

7/25/2019 Penilaian Saham PT. Ultra Jaya Milk Industry

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PT. ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk

Consolidated Stateents O! "inan#ial Position

"o$ Yea$ %nded 'st De#ebe$ ()'*

P$esented In Co+a$ati,e ()'* and ()'

P$o-e

ASS%TS ()' ()'* ()'CURR%NT ASS%TS

Cas/ dan Cas/ %01i,alent 2''32(*345'3252 *463(4*35636( '35*63)35('

T$ade Re#ei,ables 263))5326)356 632(63)2)34)* *'3*')3'34**

7 Allo8an#e "o$ Do1bt!1ll A##o1nts 9*43*322*: 9(535342*: 935)*355:

Ot/e$ Re#ei,ables 7

T/i$d Pa$t; 2322534)'3(24 *36325'3'2 *352232*344(

Related Pa$t; 2353453*4 534)43)35'4 43'643*43)*

In,ento$ies *36553('53(6 5'*3*''3*3)2) 5)3'(3)(534'

Ad,an#ed Pa;ent (3**236)636' (43*(3*2*326 (6356345346(

P$e+aid Ta< 7 '63)34*( ()*354532*

P$e+aid %<+ense *3)434*3*6' (3*'43*36 (363*5(32(5

Total C1$$ent Assets '323')323'4 '32*(3')'35*234'6 '35(*3()234*3'2)

NON CURR%NT ASS%TS

Non C1$$ent "inan#ial Assets *3('324'344 3(63'6(3'25 3636'355

In,estent In Asso#iates And Joint =ent1$e ''6353263)* ''3''*3563)' '4325)3*62364

In,estent In Lon> Te$ Li,esto#k *366346636 23'43(432*4 2434*3*3)4)

7 A##11lated Ao$ti?ation 9*346'3('234): 943)*3)63*5': 9435'635*36*:

"i<ed Assets '34634(326366 (3)'23()3()*3*)6 (3''53*23('*32(67 A##11lated De+$e#iation 94534*432*32*: 9'3)'3(6)36643)*2: 9'3)2363*536*4:

Intan>ible Assets '4326*3)5(32( '344534563*( '*34(3(53*)*

De@e$ed Ta< Assets '3663')35* ')36()3663(*2 ''3*253)*3))4

Ot/e$ Non C1$$ent Assets 223*4(3)5)3') 3'635263'() 3'6355352

Total Non C1$$ent Assets '3(*23'')3(53))* '3(5*364'34()32 '3435)36''32

TOTAL ASS%TS (34''32()364(3'*( (36'53)43253 3)2(36535*35(



P$o-e

LIAILITI%S AND %BUITY ()' ()'* ()'

CURR%NT LIAILITI%S

S/o$t Te$ Loans ('3*'(3*')3(6 63(')344)36' 6325'3*(*3654

T$ade Pa;ables *234366)35' 4'346634)535' *))366*35643)66

Ot/e$ Pa;ables Related Pa$t; ')(32(3((( (325'3(55365 (34)*34*'3(25

De$i,ati,e Pa;ables 53'6)3*54 7 7

Di,iden Pa;ables '*34(235232* 3()3)'' 3423'2(

Ta< Pa;ables ((3*')3)535*5 '53*'*34(*352 '43(432365

A##$1als 536'345*3*(4 234'3'63(5 253)((32623(6

C1$$ent Mat1$ities O! Lon> Te$ Liabilities

ank Loans )35'*3(435'* 7 7

Lease Libilities 5(23*435) 7 7

Ma#/ine$; Loans 3546355356' '3443623'2 '2324)3(365'

Total C1$$ent Liabilities 2356*3)3))4 *6)36253)463((2 '3'3**3245

NON CURR%NT LIAILITI%S

De@e$ed Ta< Liabilities 523')(35()34' 2*3(63)635 25353643(((

Post %+lo;ee enet Obli>ation *3663453) 23((326532)) 43)**3(3*4)

Lon> Te$ Loans7Net O@ C1$$ent Mat1$ities '34'34'53'2* 2)3(23''3)2* 23(263232'5

Total Non C1$$ent Liabilities '2(324)363)*4 '2'3)'435'4366 '263)2632*3'6

%BUITY

%01it; Att$ib1table To T/e O8ne$s O! T/e Pa$entsA1t/o$i?ed 5.)).))).))) S/a$es it/ Pa$ =al1e o! R+.()) +e$ s/a$e

S/a$es Iss1ed and "1ll; Paid3 (.444.4(.))) s/a$es 5532523*))3))) 5532523*))3))) 2)232)3(()3)))

Additional Paid in Ca+ital '3')3**'35(5 '3')3**'35(5 324236234'

Retained %a$nin> E 7

S+e#ial Rese$,ed 7 (3463* (53'6)3()

A++$o+$iated 5*3))3)))3))) ')234))3)))3))) ''(3'*)3)))3)))

Una++$o+$iated '3(6*36)3*)366 '3'63'4536'3)56 '363'*53)435

%01it; Att$ib1table To T/e O8ne$s O! T/e Pa$ents '36643)53'4(3(2 (3(*34()32)3(6 (32532'324(35'

Non Cont$ollin> Inte$ests '53')63'352) ')3(553')63*6' ')356)362*3622

Total %01it; (3)'3'*23*3)42 (3(23)6535635) (3543(32*535'5



TOTAL LIAILITI%S AND %BUITY (34''32()364(3'*( (36'53)43253 3)2(36535*35(

7 7 7



#ted

()'2

63*23*453)5

*23'4'3)632

94'346366:

7

3))*364532(2

432)434'3*(6

54532432(63()*

'3(*53253(45

('3)(53)'2

(32223**23(4

'34')3*'53'53424

34536*632*

'2232)*3)('34(

5(3)'325534*

963'35('326(:

(3((3('3(32'9'3''53'3(3*2:

'3''3453)5*

'(3)*)3653(6

2363*3*

'3*)32253*53'*'

3('23)4*323))6



#ted

()'2

')3'*36623((2

*('3)**343))*

7(36*3)43)

7

43223()

'63'6634**3(5'

5)3534'3)'

7

7

7

'53'*3(22325)

*'3(6'3('345(

5'3'*354*3*4

636*23*63')*

223*(34)3**4

'553(3'53)

2234443('3)))

235'3'(3))*

7

(43*635'

''535*53)))3)))

'325*36)*325*3'5)

(3*436635223446

''3)3'3('*

(3*653(5)3(4)3')(



3('23)4*323))6

7



PT. ULTRAJAYA MILK INDUSTRY & TRADING COMPANY Tbk

Consolidated Stateents O! Co+$e/ensi,e In#oe

"o$ T/e Yea$ %nded ' De#ebe$ ()'*

P$esented In Co+a$ati,e ()'* and ()'

()' ()'* F

Sales 3*2)3('3(*63)5 36'235463223*( F

Cost O! Goods Sold 9(3**23**43'(4366: 9(365635663*6324: 52F

G$oss P$ot '3)'3543'()3*52 62364636)2352

Sellin> %<+enses 9*35232*53(2: 9*4434543225362: '(F

Gene$al And Adinist$ati,e %<+enses 9''53543*365(: 9'()35653246365: F

Gain 9Loss: On "o$ei>n %<#/an>e Rate7Net 9235*43432): '536634(354 )F

Gain 9Loss: On Sales O! "i<ed Assets 9(3(2*3(6*32: 9'(364*326: )F

Ot/e$s Net 9*()3((345*: (63))23'*436'* 'F

Total 96)3443)653': 92(34232636):

O+e$atin> In#oe *(3'63)(3'( 5*3'(23234 ')F

"inan#ial In#oe ((3*63*63)6 (*36'35)63*( 'F

"inan#ial Cost 95363)2636': 9*3)23'4(3(5*: )F

S/a$es O! Net In#oe 9Loss: In Asso#iates And Join =ent1$e 9663((*3*(: 9'63(643'23)'(: )F

Total '3(3'2*35*4 '3()36'3'6

%a$nin>s e!o$e Ta< *235()3'45345 53236(5365*

In#oe Ta<

C1$$ent 9'((3223)4*3)): 9''(346'3)4436'*: )F

De@e$ed ''3)5(3'53(6' ()3463)53' '6F

Total In#oe Ta< 9'''36(35253()6: 96'36623)'32:

Net P$ot A!te$ Ta< (3'(53*()322* (432)36'*3*''



P$o-e#ted

()' ()'2

*3''(32(434*35** *3'43(2)3(523*4'

93'(435463*(32*': 93(43((436)*3(5:

643463*)(3') '3)3)'35(3()4

9'3((32)'3: 94364435'366:

9'(234535*3*5(: 9'3'563*3'6:

'434234'*36*2 '6355432326

9'63236(4: 9'*232'32(*:

)3*23*232) '36563(563'54

96'3))2343*(5: 92()323423*4:

6(34(3423255 *'(3*5*3)2342'

(34('3(6*3462 (53''(3632*'

9*3(223*'344: 9*3*563243*5:

9()3(23)*(34': 9('3(523'6*36:

'3(6'36')3262 '323)23('

6*3'(*355*35 *'34'3)'3)6'

9''4332*32): 9'(*3*2(3*(3(4:

('36634(63''6 (3)234()35*

9623634'*3(*': 9')'3*(32)*36:

(653(4362)3'( '(3*)3*)43'4



1siness =al1ation O! PT. Ult$a-a;a Milk Ind1st$; And T$adin> Co+an;

'. Net Cas/ "lo8 To %01it;

2014 2015 2016

Detail R+.

Net Income After Tax (432)36'*3*'' (653(4362)3'( '(3*)3*)43'4

9(4345'3*63(: 1 9235*63)6'3)(5: 9223623*354:

+ Depreciation '63**(3(3*'( 2 )322*3*636)( 3'653555365

+ Amortization 3*'3(6(3224 3 *'3((3*5* *364235*5

9('63*'43)3*2: 4 953235(344): 92)3**3263(*:

9'322'325232*6: 4 43))3636() 43*3*4(35'2

Net Cash Flow o Equity 176,265,333,847 235,353,847,521 ###

Cost O! %01it;

= 6.((F (Obligation rate. o!rce " #loomberg$

).5) (A%erage in&!'trie'. o!rce " #loomberg$

4.)F (i') premi!m of In&one'ia. !mber " Damo&ar

Cost Of Equity = 15%

%<+e#ted >$o8t/ $ate in +e$+et1it; 9ass1ed: = 5%

Te$inal ,al1e 2,587,015,123,547

(. Dis#o1nted "$ee Cas/ "lo8 To %01it; = '523(2334*5 (334*53(' (*53'('363465

'3(*3((63'64 '5534243)43'( '2(363(2346

2,193,135,975,068

7 9In#$ease:HDe#$ease In *apital xpen&it!re

, (Increa'e$-Decrea'e In *ange in N/*

7 Increa'e - (Decrea'e$ in 0ong Term Debt

)e = f + (x(m,f$$

)e Cost o! %01it;f Risk "$ee Rate o! Ret1$n

eta

Risk O$ei1 o! %01it;

9')3':' 9')3':( 9')3':



Terminal Value

259,477,616,892

C%K LAGI DARI INT%RN%T

n$

(3453)'3'(3*5

9')3':

'326632536')322*



1siness =al1ation O! PT. Ult$a-a;a Milk Ind1st$; And T$adin> Co+an;

'. Net Cas/ "lo8 To "i$ 9Ca+ital:

2014 2015

Detail R+.

Net Income After Tax (432)36'*3*'' (653(4362)3'(9(4345'3*63(: 1 9235*63)6'3)(5:

+ Depreciation '63**(3(3*'( 2 )322*3*636)(

+ Amortization 3*'3(6(3224 3 *'3((3*5*

9('63*'43)3*2: 4 953235(344):

(34**3((536( 4 (36423*4365'

Net *a' lo o 5!it6 '4)355'3(43)44 ()3(463)35(

Cost o! e01it;

= 6.((F (Obligation rate. o!rce "

).5) (A%erage in&!'trie'. o!r

4.)F (i') premi!m of In&one'i

Cost Of Equity = 15%

Cost o! Debt

Ta< Rate = (F 9Indonesian sin>le ta< $at

Loan Rate = ''.*F 9Ass1ed o! I Rate:

Cost of Debt (Net of Tax) = 9%

ACC

%01it; 5(F

Debt (4F

WCC = 1!%

%<+e#ted >$o8t/ $ate in +e$+et1it; 9ass1ed: F

Te$inal ,al1e 3,095,995,446,870

(. Dis#o1nted "$ee Cas/ "lo8 To "i$ 9Ca+ital: = '4)355'3(43)44 ()3(463)35(

'6326)344234' '5635''3(43(44

= 2,640,380,993,863

7 9In#$ease:HDe#$ease In *apital xpen&it!re

, (Increa'e$-Decrea'e In *ange in N/*

7 Intere't xpen'e (net of 378 of 9ecti%e Income Tax$

)e = f + (x(m,f$$

)e Cost o! %01it;f Risk "$ee Rate o! Ret1$n

eta

Risk O$ei1 o! %01it;

9')3':' 9')3':(



2016 Terminal Value

'(3*)3*)43'49223623*354:

3'653555365

*364235*5

92)3**3263(*:

3'352)36()

(*'34)34'43')' (346*3))63))2

loomberg$

e " #loomberg$ C%K LAGI DARI INT%RN%T

a. !mber " Damo&aran$

E In#oe ta< a#t No.2 ;ea$ o! ())4:

(*'34)34'43')' 3)63663**2345)9')3':

'22326(3)3)5 (3'*3(423*53245

9')3':

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Penilaian Saham PT. Ultra Jaya Milk Industry