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HOME1. LAPORAN NERACA2. LAPORAN RUGI LABA3. ANALISIS RASIO4. ANALISIS DUPONT5. PROFORMA RUGI LABA6. PROFORMA NERACA7. ANALISIS RASIO (PROFORMA)8. ANALISIS DUPONT (PROFORMA)9. ANALISIS SENSITIVITAS

HOMENama Perusahaan Yang Akan Di Analisa PT Bumi ResourceTahun Terakhir Laporan Keuangan 2007

Petunjuk Pengisian Spreadsheet

1. Jangan melakukan Insert, Delete, Move, dan Cut. Jika tanpa sengaja segera Undo.

2. Isilah cell yang berwarna kuning saja.

3. Jangan menghapus cell yang berwarna selain kuning karena berisi rumus atau keterangan.

© Rizky & Budi, FEUI, 2009

LAPORAN NERACA PT Bumi ResourceURAIAN 2005 2006 2007 Analisis Vertikal Analisis Horizontal

2005 2006 2007 2006 2007HARTAHARTA LANCARKas dan Bank 600,407 1,261,592 2,896,707 7.76% 14.38% 29.20% 110.12% 129.61%Piutang Usaha 521,357 789,400 689,750 6.73% 9.00% 6.95% 51.41% -12.62%Piutang Lain-lain 400,056 389,700 205,900 5.17% 4.44% 2.08% -2.59% -47.16%Persediaan - Bahan Baku 0.00% 0.00% 0.00% #DIV/0! #DIV/0! - Barang dalam proses - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0! - Barang Jadi 1,499,341 1,908,495 2,009,084 19.37% 21.75% 20.25% 27.29% 5.27% - Bahan Bakar - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0!Uang Muka 1,278 2,391 1,858 0.02% 0.03% 0.02% 87.09% -22.29%Biaya dibayar dimuka 1,120 1,256 1,735 0.01% 0.01% 0.02% 12.14% 38.14%Aset lancar lainnya 2,250 5,190 2,500 0.03% 0.06% 0.03% 130.67% -51.83%Total Harta Lancar 3,025,809 4,358,024 5,807,534 39.09% 49.68% 58.53% 44.03% 33.26%HARTA TETAPNilai PerolehanTanah 500,000 500,000 500,000 6.46% 5.70% 5.04% 0.00% 0.00%Bangunan 225,000 225,000 225,000 2.91% 2.56% 2.27% 0.00% 0.00%Mesin-mesin dan peralatan 150,000 150,000 150,000 1.94% 1.71% 1.51% 0.00% 0.00%Kendaraan 15,000 15,000 15,000 0.19% 0.17% 0.15% 0.00% 0.00%Peralatan Kantor 1,250 1,250 1,250 0.02% 0.01% 0.01% 0.00% 0.00%Utilities 8,500 8,500 8,500 0.11% 0.10% 0.09% 0.00% 0.00%Jumlah Nilai Perolehan 899,750 899,750 899,750 11.62% 10.26% 9.07% 0.00% 0.00%Akumulasi Penyusutan (216,376) (265,095) (313,814) -2.79% -3.02% -3.16% 22.52% 18.38%Harta Tetap (Net) 683,374 634,655 585,936 8.83% 7.23% 5.91% -7.13% -7.68%

PROYEK DALAM KONSTRUKSI - - - 0.00% 0.00% 0.00% #DIV/0! #DIV/0!HARTA LAIN-LAINBiaya Pra-Operasi 5,040,456 5,040,456 5,040,456 65.11% 57.45% 50.80% 0.00% 0.00%Akumulasi Amortisasi (1,008,092) (1,260,115) (1,512,138) -13.02% -14.36% -15.24% 25.00% 20.00%Harta Lain-lain (net) 4,032,364 3,780,341 3,528,318 52.09% 43.09% 35.56% -6.25% -6.67%TOTAL HARTA 7,741,547 8,773,020 9,921,788 100.00% 100.00% 100.00% 13.32% 13.09%

HUTANG DAN EKUITASHUTANG LANCARHutang Usaha 17,851 15,333 19,803 0.23% 0.17% 0.20% -14.11% 29.15%Hutang Bunga 20,417 20,339 22,045 0.26% 0.23% 0.22% -0.38% 8.39%Hutang Pajak 599,909 640,877 684,994 7.75% 7.31% 6.90% 6.83% 6.88%Hutang Dividend - 5,000 3,450 0.00% 0.06% 0.03% #DIV/0! -31.00%Biaya yang masih harus dibayar 3,125 1,095 6,450 0.04% 0.01% 0.07% -64.96% 489.04%Hutang Bank Jangka Pendek 500,000 500,000 500,000 6.46% 5.70% 5.04% 0.00% 0.00%Hutang Lain-lain 1,250 1,000 800 0.02% 0.01% 0.01% -20.00% -20.00%Total Hutang Lancar 1,142,552 1,183,644 1,237,542 14.76% 13.49% 12.47% 3.60% 4.55%HUTANG JANGKA PANJANGHutang Bank Jangka Panjang 2,000,000 1,500,000 1,000,000 25.83% 17.10% 10.08% -25.00% -33.33%TOTAL HUTANG 3,142,552 2,683,644 2,237,542 40.59% 30.59% 22.55% -14.60% -16.62%HAK MINORITAS 0.00% 0.00% 0.00% #DIV/0! #DIV/0!EKUITASModal disetor 1,156,988 1,156,988 1,156,988 14.95% 13.19% 11.66% 0.00% 0.00%Kumulatif Laba Tahun Lalu 2,042,220 3,437,008 4,928,938 26.38% 39.18% 49.68% 68.30% 43.41%Laba tahun berjalan 1,399,787 1,495,381 1,598,319 18.08% 17.05% 16.11% 6.83% 6.88%Total Ekuitas 4,598,996 6,089,376 7,684,246 59.41% 69.41% 77.45% 32.41% 26.19%TOTAL HUTANG dan EKUITAS 7,741,547 8,773,021 9,921,788 100.00% 100.00% 100.00% 13.32% 13.09%

LAPORAN RUGI LABA PT Bumi ResourceURAIAN 2005 2006 2007

Penjualan 12,851,500 13,575,500 14,350,600 Harga Pokok Penjualan 8,996,050 9,502,850 10,045,420 Laba Kotor 3,855,450 4,072,650 4,305,180 Biaya Operasional dan PemasaranUpah/Gaji 155,093 162,226 178,796 Biaya Administrasi dan Umum 85,120 86,105 88,500 Biaya Pemasaran 1,285,150 1,357,550 1,424,060 Biaya Depresiasi 48,719 48,719 48,719 Biaya Amortisasi 252,023 252,023 252,023 Biaya Asuransi 9,919 9,919 9,919 Total Biaya Operasional dan Pemasaran 1,836,024 1,916,542 2,002,017 Laba Operasi 2,019,426 2,156,108 2,303,163 Biaya Bunga 20,650 20,700 20,750 Pendapatan (Biaya) lain-lain 920 850 900 Laba (rugi) sebelum pajak 1,999,696 2,136,258 2,283,313 Pajak 599,909 640,877 684,994 Hak MinoritasLaba Bersih 1,399,787 1,495,381 1,598,319

Analisis Vertikal Analisis Horizontal2005 2006 2007 2006 2007

100.00% 100.00% 100.00% 5.63% 5.71%70.00% 70.00% 70.00% 5.63% 5.71%30.00% 30.00% 30.00% 5.63% 5.71%

1.21% 1.19% 1.25% 4.60% 10.21%0.66% 0.63% 0.62% 1.16% 2.78%

10.00% 10.00% 9.92% 5.63% 4.90%0.38% 0.36% 0.34% 0.00% 0.00%1.96% 1.86% 1.76% 0.00% 0.00%0.08% 0.07% 0.07% 0.00% 0.00%

14.29% 14.12% 13.95% 4.39% 4.46%15.71% 15.88% 16.05% 6.77% 6.82%

0.16% 0.15% 0.14% 0.24% 0.24%0.01% 0.01% 0.01% -7.61% 5.88%

15.56% 15.74% 15.91% 6.83% 6.88%4.67% 4.72% 4.77% 6.83% 6.88%0.00% 0.00% 0.00% #DIV/0! #DIV/0!

10.89% 11.02% 11.14% 6.83% 6.88%

ANALISIS RASIO PT Bumi ResourceRasio-Rasio Historis Rasio Industri

2005 2006 2007 2005 2006 2007Rasio LikuiditasNet Working Capital 1,883,257 3,174,380 4,569,992 Current Ratio 2.648 3.682 4.693 Quick Ratio 1.336 2.069 3.069 Cash Ratio 0.525 1.066 2.341 Rasio AktivitasReceivable Turnover 10.461 8.635 12.017 Average Collection Period 34.893 42.269 30.374 Inventory Turnover 6.000 4.979 5.000 Average Days Supplies in Inventory 60.833 73.304 73.000 Fixed Asset Turnover 18.806 21.390 24.492 Total Asset Turnover 1.660 1.547 1.446 Rasio Solvabilitas/LeverageTime Interest Earned 97.793 104.160 110.996 Debt to Equity Ratio 68.331% 44.071% 29.119%Debt Ratio 40.593% 30.590% 22.552%Rasio ProfitabilitasGross Profit Margin 30.000% 30.000% 30.000%Operating Margin 15.714% 15.882% 16.049%Pretax Margin 15.560% 15.736% 15.911%Profit Margin 10.892% 11.015% 11.138%Return on Asset 18.081% 17.045% 16.109%Return ont Total Capital 18.268% 17.210% 16.256%Return on Equity 30.437% 24.557% 20.800%Altman's Z Score 4.302 3.578 3.685 3 3 3

4,545,656 - Nilai Pasar Ekuitas (Harga Saham * Saham Outstanding)

ANALISIS DUPONT PT Bumi ResourceROE

2005 30.44%2006 24.56%2007 20.80%

ROA Equity Multplier2005 18.08% #VALUE! 20052006 17.05% #VALUE! 20062007 16.11% #VALUE! 2007

PM TATO2005 10.89% 20052006 11.02% 20062007 11.14% 2007

NI SALES SALES2005 1,399,787 2005 12,851,500 2005 12,851,500 2006 1,495,381 2006 13,575,500 2006 13,575,500 2007 1,598,319 2007 14,350,600 2007 14,350,600

Equity Multplier 1.683 1.441 1.291

TATO 1.660 1.547 1.446

Total Assets2005 7,741,547 2006 8,773,020 2007 9,921,788

PROFORMA RUGI LABA PT Bumi ResourceAsumsi yang dibutuhkanKenaikan penjualan per tahun 20%Tingkat Pajak 30%

ProForma Rugi LabaURAIAN 2007 % on Sales 2008

Penjualan 14,350,600 100.00% 17,220,720 Harga Pokok Penjualan 10,045,420 70.00% 12,054,504 Laba Kotor 4,305,180 30.00% 5,166,216 Biaya Operasional dan PemasaranUpah/Gaji 178,796 1.25% 214,555 Biaya Administrasi dan Umum 88,500 0.62% 106,200 Biaya Pemasaran 1,424,060 9.92% 1,708,872 Biaya Depresiasi 48,719 0.34% 48,719 Biaya Amortisasi 252,023 1.76% 252,023 Biaya Asuransi 9,919 0.07% 11,903 Total Biaya Operasional dan Pemasaran 2,002,017 13.95% 2,342,272 Laba Operasi 2,303,163 2,823,944 Biaya Bunga 20,750 20,800 Pendapatan (Biaya) lain-lain 900 0.01% 1,080 Laba (rugi) sebelum pajak 2,283,313 15.91% 2,804,224 Pajak 684,994 841,267 Hak Minoritas - 0.00% - Laba Bersih 1,598,319 11.14% 1,962,957

2009 2010 20,664,864 24,797,837 14,465,405 17,358,486 6,199,459 7,439,351

257,466 308,959 127,440 152,928 2,050,646 2,460,776 48,719 48,719 252,023 252,023 14,283 17,140 2,750,578 3,240,545 3,448,882 4,198,806 20,850 20,900 1,296 1,555 3,429,328 4,179,461 1,028,798 1,253,838 - - 2,400,529 2,925,623

PROFORMA NERACA PT Bumi ResourceAsumsi yang dibutuhkanKenaikan penjualan per tahun 20%Presentase Eksternal Financing - Hutang Bank 40% - Hutang Jangka Panjang 60%Retention Rate 60%

PROFORMA NERACA PT Bumi ResourceURAIAN 2007 % on Sales 2008 2009 2010

HARTAHARTA LANCARKas dan Bank 2,896,707 20.19% 3,476,048 4,171,258 5,005,510 Piutang Usaha 689,750 4.81% 827,700 993,240 1,191,888 Piutang Lain-lain 205,900 1.43% 247,080 296,496 355,795 Persediaan - Bahan Baku - 0.00% - - - - Barang dalam proses - 0.00% - - - - Barang Jadi 2,009,084 14.00% 2,410,901 2,893,081 3,471,697 - Bahan Bakar - 0.00% - - - Uang Muka 1,858 0.01% 2,230 2,676 3,211 Biaya dibayar dimuka 1,735 0.01% 2,082 2,498 2,998 Aset lancar lainnya 2,500 0.02% 3,000 3,600 4,320 Total Harta Lancar 5,807,534 40.47% 6,969,041 8,362,849 10,035,419 HARTA TETAPNilai PerolehanTanah 500,000 3.48% 600,000 720,000 864,000 Bangunan 225,000 1.57% 270,000 324,000 388,800 Mesin-mesin dan peralatan 150,000 1.05% 180,000 216,000 259,200 Kendaraan 15,000 0.10% 18,000 21,600 25,920 Peralatan Kantor 1,250 0.01% 1,500 1,800 2,160 Utilities 8,500 0.06% 10,200 12,240 14,688 Jumlah Nilai Perolehan 899,750 6.27% 1,079,700 1,295,640 1,554,768 Akumulasi Penyusutan (313,814) (362,533) (411,252) (459,971)Harta Tetap (Net) 585,936 4.08% 1,796,867 2,180,028 2,649,565 PROYEK DALAM KONSTRUKSI - HARTA LAIN-LAINBiaya Pra-Operasi 5,040,456 35.12% 5,040,456 5,040,456 5,040,456 Akumulasi Amortisasi (1,512,138) (1,764,161) (2,016,184) (2,268,207)Harta Lain-lain (net) 3,528,318 24.59% 3,276,295 3,024,272 2,772,249 TOTAL HARTA 9,921,788 69.14% 12,042,203 13,567,149 15,457,233

HUTANG DAN EKUITASHUTANG LANCARHutang Usaha 19,803 0.14% 23,764 28,516 34,220 Hutang Bunga 22,045 0.15% 26,454 31,745 38,094

Hutang Pajak 684,994 4.77% 821,993 986,391 1,183,670 Hutang Dividend 3,450 0.02% - - - Biaya yang masih harus dibayar 6,450 0.04% 7,740 9,288 11,146 Hutang Bank Jangka Pendek 500,000 3.48% 919,709 883,088 852,404 Hutang Lain-lain 800 0.01% 960 1,152 1,382 Total Hutang Lancar 1,237,542 1,800,619 1,940,180 2,120,915 HUTANG JANGKA PANJANGHutang Bank Jangka Panjang 1,000,000 1,379,564 1,324,631 1,278,606 TOTAL HUTANG 2,237,542 3,180,183 3,264,812 3,399,522 HAK MINORITAS - 0.00% - - - EKUITASModal disetor 1,156,988 1,156,988 1,156,988 1,156,988 Kumulatif Laba Tahun Lalu 4,928,938 6,527,258 7,705,032 9,145,349 Laba tahun berjalan 1,598,319 1,177,774 1,440,318 1,755,374 Total Ekuitas 7,684,246 8,862,020 10,302,337 12,057,711 TOTAL HUTANG dan EKUITAS 9,921,788 12,042,203 13,567,149 15,457,233

Kebutuhan dana dari luar 2,299,273 2,207,719 2,131,011

ANALISIS RASIO (PROFORMA) PT Bumi ResourceRasio-Rasio Historis Proyeksi Rasio Industri

2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009Rasio LikuiditasNet Working Capital 1,883,257 3,174,380 4,569,992 5,168,421 6,422,669 7,914,504 Current Ratio 2.648 3.682 4.693 3.870 4.310 4.732 Quick Ratio 1.336 2.069 3.069 2.531 2.819 3.095 Cash Ratio 0.525 1.066 2.341 1.930 2.150 2.360 Rasio AktivitasReceivable Turnover 10.461 8.635 12.017 12.017 12.017 12.017 Average Collection Period 34.893 42.269 30.374 30.374 30.374 30.374 Inventory Turnover 6.000 4.979 5.000 5.000 5.000 5.000 Average Days Supplies in Inventory 60.833 73.304 73.000 73.000 73.000 73.000 Fixed Asset Turnover 18.806 21.390 24.492 9.584 9.479 9.359 Total Asset Turnover 1.660 1.547 1.446 1.430 1.523 1.604 Rasio Solvabilitas/LeverageTime Interest Earned 97.793 104.160 110.996 135.767 165.414 200.900 Debt to Equity Ratio 68.331% 44.071% 29.119% 35.886% 31.690% 28.194%Debt Ratio 40.593% 30.590% 22.552% 26.409% 24.064% 21.993%Rasio ProfitabilitasGross Profit Margin 30.000% 30.000% 30.000% 30.000% 30.000% 30.000%Operating Margin 15.714% 15.882% 16.049% 16.399% 16.690% 16.932%Pretax Margin 15.560% 15.736% 15.911% 16.284% 16.595% 16.854%Profit Margin 10.892% 11.015% 11.138% 11.399% 11.616% 11.798%Return on Asset 18.081% 17.045% 16.109% 16.301% 17.694% 18.927%Return ont Total Capital 18.268% 17.210% 16.256% 16.422% 17.801% 19.022%Return on Equity 30.437% 24.557% 20.800% 22.150% 23.301% 24.264%Altman's Z Score 4.302 3.578 3.685 3.613 3.872 4.101 3 3 3 3 3

4,545,656 - Nilai Pasar Ekuitas (Harga Saham * Saham Outstanding)

Rasio Industri2010

3

ANALISIS DUPONT (PROFORMA) PT Bumi ResourceROE

2005 30.437%2006 24.557%2007 20.800%

0 2008 22.150%0 2009 23.301%0 2010 24.264%

ROA Equity Multplier2005 18.081% #VALUE! 20052006 17.045% #VALUE! 20062007 16.109% #VALUE! 2007

0 2008 16.301% 1 20080 2009 17.694% 1 20090 2010 18.927% 1 2010

PM TATO2005 10.892% 20052006 11.015% 20062007 11.138% 20072008 11.399% 20082009 11.616% 20092010 11.798% 2010

NI SALES SALES2005 1,399,787 2005 12,851,500 2005 12,851,500 2006 1,495,381 2006 13,575,500 2006 13,575,500 2007 1,598,319 2007 14,350,600 2007 14,350,600 2008 1,962,957 2008 17,220,720 2008 17,220,720 2009 2,400,529 2009 20,664,864 2009 20,664,864 2010 2,925,623 2010 24,797,837 2010 24,797,837

Equity Multplier 1.683 1.441 1.291 1.359 1.317 1.282

TATO 1.660 1.547 1.446 1.430 1.523 1.604

Total Assets2005 7,741,547 2006 8,773,020 2007 9,921,788 2008 12,042,203 2009 13,567,149 2010 15,457,233

ANALISIS SENSITIVITAS PT Bumi ResourceAsumsiKenaikan Penjualan 20.00%Batas Bawah 10.00%Batas Atas 30.00%

ANALISIS SENSITIVITAS PT Bumi ResourceRasio-rasio 2008 Sensitivitas

Kenaikan Penjualan 20.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00%Rasio LikuiditasNet Working Capital 5,168,421 4,892,234 4,947,472 5,002,709 5,057,946 5,113,184 5,168,421

Current Ratio 3.870 4.270 4.178 4.092 4.013 3.939 3.870 Quick Ratio 2.531 2.793 2.732 2.676 2.625 2.576 2.531 Cash Ratio 1.930 2.130 2.084 2.041 2.002 1.965 1.930 Rasio AktivitasReceivable Turnover 12.017 12.017 12.017 12.017 12.017 12.017 12.017 Average Collection Period 30.374 30.374 30.374 30.374 30.374 30.374 30.374 Inventory Turnover 5.000 5.000 5.000 5.000 5.000 5.000 5.000 Average Days Supplies in Inventory 73.000 73.000 73.000 73.000 73.000 73.000 73.000 Fixed Asset Turnover 9.584 9.763 9.724 9.687 9.651 9.617 9.584 Total Asset Turnover 1.430 1.399 1.406 1.412 1.418 1.424 1.430 Rasio Solvabilitas/LeverageTime Interest Earned 135.767 123.248 125.752 128.255 130.759 133.263 135.767 Debt to Equity Ratio 35.886% 28.893% 30.305% 31.711% 33.109% 34.501% 35.886%Debt Ratio 26.409% 22.416% 23.257% 24.076% 24.874% 25.651% 26.409%Rasio ProfitabilitasGross Profit Margin 30.000% 30.000% 30.000% 30.000% 30.000% 30.000% 30.000%Operating Margin 16.399% 16.240% 16.274% 16.307% 16.338% 16.369% 16.399%Pretax Margin 16.284% 16.114% 16.151% 16.186% 16.220% 16.252% 16.284%Profit Margin 11.399% 11.280% 11.305% 11.330% 11.354% 11.377% 11.399%Return on Asset 16.301% 15.784% 15.892% 15.999% 16.102% 16.203% 16.301%Return ont Total Capital 16.422% 15.913% 16.020% 16.124% 16.226% 16.325% 16.422%Return on Equity 22.150% 20.344% 20.709% 21.072% 21.433% 21.793% 22.150%Altman's Z Score 3.613 3.611 3.611 3.612 3.612 3.613 3.613

Sensitivitas22.00% 24.00% 26.00% 28.00% 30.00%

5,223,659 5,278,896 5,334,134 5,389,371 5,444,609

3.806 3.746 3.689 3.636 3.586 2.489 2.450 2.413 2.378 2.346 1.898 1.868 1.840 1.814 1.789

12.017 12.017 12.017 12.017 12.017 30.374 30.374 30.374 30.374 30.374 5.000 5.000 5.000 5.000 5.000 73.000 73.000 73.000 73.000 73.000 9.552 9.522 9.493 9.464 9.437 1.436 1.441 1.447 1.452 1.457

138.270 140.774 143.278 145.782 148.285 37.263% 38.634% 39.999% 41.357% 42.708%27.147% 27.868% 28.571% 29.257% 29.927%

30.000% 30.000% 30.000% 30.000% 30.000%16.427% 16.455% 16.482% 16.508% 16.533%16.315% 16.344% 16.373% 16.401% 16.428%11.420% 11.441% 11.461% 11.480% 11.499%16.396% 16.490% 16.581% 16.670% 16.756%16.516% 16.608% 16.697% 16.785% 16.870%22.506% 22.860% 23.213% 23.564% 23.913%

3.614 3.614 3.615 3.615 3.616