Analisis Kinerja Keuangan Perusahaan Dengan Refined Economic Value Added dan Financial Value Added Serta Pengaruhnya Terhadap Harga Saham Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia

  Lampiran 1 Daftar Populasi – Sampel Perusahaan Food and Beverage di Bursa Efek Indonesia tahun 2010 – 2012 Kode No Nama Perusahaan Kriteria 1 Kriteria 2 Sampel Perusahaan

  Akasha Wira

  1 ADES Sampel 1

  √ √ International, Tbk Tiga Pilar Sejahtera

  2 AISA Sampel 2

  √ √ Food, Tbk

  3 CEKA Cahaya Kalbar, Tbk Sampel 3 √ √

  Davomas Abadi,

  4 DAVO

  X √

• Tbk

  5 DLTA Delta Djakarta, Tbk Sampel 4 √ √

  Indofood CBP

  6 ICBP Sukses Makmur, Sampel 5 √ √

  Tbk Indofood Sukses

  7 INDF Sampel 6

  √ √ Makmur, Tbk Fast Food Indonesia,

  8 FAST Sampel 7

  √ √ Tbk Multi Bintang

  9 MLBI √ √

• Indonesia, Tbk

  10 MYOR Mayora Indah, Tbk Sampel 8 √ √

  Prasidha Aneka

  11 PSDN Sampel 9

  √ √ Niaga, Tbk Nippon Indosari

  12 ROTI Sampel 10

  √ √ Corpindo, Tbk

  13 SKLT Sekar Laut, Tbk Sampel 11 √ √

  14 STTP Siantar Top, Tbk Sampel 12 √ √

  Ultra Milk Industry

  15 ULTJ Sampel 13

  √ √ and Trading, Tbk

  Lampiran 2 Harga Saham Perusahaan Food and Beverage Tahun 2010-2012

  Tahun Kode

  No Perusahaan 2010 2011 2012

  1 ADES 1105 1231 1320

  2 AISA 524 691 702

  3 CEKA 1182 1019 1744

  4 DLTA 90913 119333 190385

  5 ICBP 5158 5165 6258

  6 INDF 4346 5300 5202

  7 FAST 7571 9654 13433

  8 MYOR 7540 12942 19912

  EBIT Tax (1-Tax) NOPAT ADES 2010 33543 5962 39505 5,62% 94,38% 37286

  FAST 2010 261590 252 261842 23,70% 76,30% 199789 2011 298702 9571 308273 23,32% 76,68% 236393 2012 269217 20543 289760 23,46% 76,54% 221769

  INDF 2010 5432375 1171698 6604073 27,57% 72,43% 4783499 2011 6352389 936060 7288449 22,99% 77,01% 5612488 2012 6309756 1082297 7392053 24,25% 75,75% 5599253

  ICBP 2010 2519142 83541 2602683 26,47% 73,53% 1913654 2011 2744910 46544 2791454 24,72% 75,28% 2101403 2012 3027190 53675 3080865 24,60% 75,40% 2322840

  2011 204871 3434 208305 25,95% 74,05% 154258 2012 287505 2722 290227 25,77% 74,23% 215442

  2011 130254 19392 149646 26,06% 73,94% 110644 2012 83714 12664 96378 30,31% 69,69% 67170 DLTA 2010 192972 3502 196474 24,31% 75,69% 148717

  2011 185179 117901 303080 19,02% 80,98% 245423 2012 324465 123772 448237 21,82% 78,18% 350428 CEKA 2010 40351 16744 57095 26,74% 73,26% 41829

  2011 29627 19154 48781 12,69% 87,31% 42592 2012 76631 12735 89366 8,80% 91,20% 81500 AISA 2010 94187 87207 181394 15,65% 84,35% 153001

  EBT Beban Bunga

  9 PSDN 105 194 211

  Tahun Perhitungan NOPAT

  Kode Perusahaan

  Lampiran 3 Langkah Perhitungan NOPAT Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  158

  13 ULTJ 935 1171 1164 Rata-rata 9399 12335 18925 Tertinggi 90913 119333 190385 Terendah 105 140

  12 STTP 305 526 740

  11 SKLT 141 140 158

  10 ROTI 2361 2992 4683

  MYOR 2010 658359 87783 746142 24,11% 75,89% 566277 2011 626441 123856 750297 22,82% 77,18% 579078 2012 959815 223361 1183176 22,44% 77,56% 917666

  PSDN 2010 39242 8285 47527 34,55% 65,45% 31108 2011 37117 11634 48751 35,72% 64,28% 31337 2012 50795 17024 67819 49,55% 50,45% 34212

  Proporsi Hutang

  2011 19392 335516 45,30% 5,78% 4,27% 2012 12664 502323 52,02% 2,52% 1,76% DLTA 2010 3502 25828 4,17% 13,56% 10,26%

  2011 117901 1601512 46,63% 7,36% 5,96% 2012 123772 1560027 43,41% 7,93% 6,20% CEKA 2010 16744 441087 58,82% 3,80% 2,78%

  2011 19154 123510 49,55% 15,51% 13,54% 2012 12735 91437 30,42% 13,93% 12,70% AISA 2010 87207 1085373 65,34% 8,03% 6,78%

  (after tax) ADES 2010 5962 179128 64,20% 3,33% 3,14%

  Cost of Debt

  (before tax)

  Cost of Debt

  Total Hutang

  ROTI 2010 134666 5072 139738 25,91% 74,09% 103533 2011 154948 869 155817 25,18% 74,82% 116582 2012 199793 10855 210648 25,35% 74,65% 157254

  Beban Bunga

  Tahun Langkah Perhitungan Cost of Debt

  Kode Perusahaan

  

Lampiran 4

Langkah Perhitungan Cost of Debt Perusahaan Food and Beverage

Tahun 2010-2012 (dalam Jutaan Rupiah)

  Keterangan: EBT = Earning Before Tax EBIT = Earning Before Interest and Tax NOPAT = Net Operating Profit After Tax

  ULTJ 2010 202924 32093 235017 47,10% 52,90% 124316 2011 156818 27644 184462 35,39% 64,61% 119184 2012 457970 11949 469919 22,83% 77,17% 362653

  STTP 2010 46173 6406 52579 7,67% 92,33% 48546 2011 60382 9865 70247 29,32% 70,68% 49647 2012 93117 26867 119984 19,86% 80,14% 96158

  SKLT 2010 6172 2852 9024 31,74% 68,26% 6160 2011 8017 3510 11527 25,45% 74,55% 8594 2012 11664 3081 14745 21,68% 78,32% 11548

  2011 3434 27102 4,52% 12,67% 9,38% 2012 2722 27176 4,35% 10,02% 7,44% ICBP 2010 83541 526341 5,32% 15,87% 11,67% 2011 46544 780361 6,79% 5,96% 4,49% 2012 53675 1266983 9,56% 4,24% 3,19%

  INDF 2010 1171698 14326008 36,57% 8,18% 5,92% 2011 936060 13686232 30,21% 6,84% 5,27% 2012 1082297 15323590 30,98% 7,06% 5,35%

  FAST 2010 252 4583 0,57% 5,50% 4,20% 2011 9571 202748 19,62% 4,72% 3,62% 2012 20543 209124 17,43% 9,82% 7,52%

  MYOR 2010 87783 1323069 39,92% 6,63% 5,04% 2011 123856 2808186 54,30% 4,41% 3,40% 2012 223361 3786784 55,86% 5,90% 4,57%

  PSDN 2010 8285 151780 52,31% 5,46% 3,57% 2011 11634 168937 52,77% 6,89% 4,43% 2012 17024 221586 41,06% 7,68% 3,88%

  ROTI 2010 5072 20174 4,24% 25,14% 18,63% 2011 869 64487 10,56% 1,35% 1,01% 2012 10855 324882 32,77% 3,34% 2,49%

  SKLT 2010 2852 35758 23,21% 7,98% 5,44% 2011 3510 40333 24,71% 8,70% 6,49% 2012 3081 50516 28,06% 6,10% 4,78%

  STTP 2010 6406 105454 19,08% 6,07% 5,61% 2011 9865 317381 39,31% 3,11% 2,20% 2012 26867 440646 43,19% 6,10% 4,89%

  ULTJ 2010 32093 379339 22,62% 8,46% 4,48% 2011 27644 255959 15,95% 10,80% 6,98% 2012 11949 103350 5,82% 11,56% 8,92%

  

Lampiran 5

Langkah Perhitungan Cost of Equity Perusahaan Food and Beverage

Tahun 2010-2012 (dalam Jutaan Rupiah)

  Kode Perusahaan

  Tahun Langkah Perhitungan Cost of Equity

  Risk Free Return Market

  Beta Perusahaan

  Cost of Equity

  ADES 2010 6,66% 40,10% 11,51 391,55% 2011 6,54% 4,78% 2,66 1,89% 2012 4,48% 13% -0,70 -1,50%

  AISA 2010 6,66% 40,10% -0,20 -0,17% 2011 6,54% 4,78% 0,56 5,56%

  2012 4,48% 13% 1,96 21,21% CEKA 2010 6,66% 40,10% 1,33 50,99%

  2011 6,54% 4,78% 0,54 5,60% 2012 4,48% 13% 3,81 36,96% DLTA 2010 6,66% 40,10% 0,13 11,15%

  2011 6,54% 4,78% 0,16 6,25% 2012 4,48% 13% -1,55 -8,74%

  ICBP 2010 6,66% 40,10% 0,28 16,18% 2011 6,54% 4,78% 1,06 4,68% 2012 4,48% 13% 0,26 6,71%

  INDF 2010 6,66% 40,10% 1,12 43,99% 2011 6,54% 4,78% 1,23 4,39% 2012 4,48% 13% 0,54 9,04%

  FAST 2010 6,66% 40,10% 0,56 25,55% 2011 6,54% 4,78% 0,71 30,37% 2012 4,48% 13% 1,05 41,64%

  MYOR 2010 6,66% 40,10% 0,97 39,07% 2011 6,54% 4,78% 1,80 3,39% 2012 4,48% 13% 0,78 11,11%

  PSDN 2010 6,66% 40,10% 0,25 14,89% 2011 6,54% 4,78% 2,24 2,62% 2012 4,48% 13% 2,63 26,90%

  ROTI 2010 6,66% 40,10% 3,25 115,34% 2011 6,54% 4,78% 1,87 3,26% 2012 4,48% 13% 0,69 10,40%

  SKLT 2010 6,66% 40,10% 0,31 17,06% 2011 6,54% 4,78% 0,00 6,54% 2012 4,48% 13% 0,70 10,41%

  STTP 2010 6,66% 40,10% 0,53 24,31% 2011 6,54% 4,78% 1,03 4,74% 2012 4,48% 13% -0,93 -3,46%

  ULTJ 2010 6,66% 40,10% 4,08 142,89% 2011 6,54% 4,78% 2,00 3,05% 2012 4,48% 13% 0,85 11,68%

  

Lampiran 6

Langkah Perhitungan WACC Perusahaan Food and Beverage

Tahun 2010-2012 (dalam Jutaan Rupiah)

  CEKA 2010 58,82% 2,78% 41,18% 50,99% 22,63% 2011 45,30% 4,27% 54,70% 5,60% 5,00% 2012 52,02% 1,76% 47,98% 36,96% 18,65%

  ROTI 2010 4,24% 18,63% 95,76% 115,34% 111,24% 2011 10,56% 1,01% 89,44% 3,26% 3,02% 2012 32,77% 2,49% 67,23% 10,40% 7,81%

  PSDN 2010 52,31% 3,57% 47,69% 14,89% 8,97% 2011 52,77% 4,43% 47,23% 2,62% 3,57% 2012 41,06% 3,88% 58,94% 26,90% 17,44%

  MYOR 2010 39,92% 5,04% 60,08% 39,07% 25,48% 2011 54,30% 3,40% 45,70% 3,39% 3,40% 2012 55,86% 4,57% 44,14% 11,11% 7,46%

  FAST 2010 0,57% 4,20% 99,43% 25,55% 25,43% 2011 19,62% 3,62% 80,38% 30,37% 25,12% 2012 17,43% 7,52% 82,57% 41,64% 35,70%

  INDF 2010 36,57% 5,92% 63,43% 43,99% 30,07% 2011 30,21% 5,27% 69,79% 4,39% 4,65% 2012 30,98% 5,35% 69,02% 9,04% 7,90%

  ICBP 2010 5,32% 11,67% 94,68% 16,18% 15,94% 2011 6,79% 4,49% 93,21% 4,68% 4,67% 2012 9,56% 3,19% 90,44% 6,71% 6,37%

  DLTA 2010 4,17% 10,26% 95,83% 11,15% 11,11% 2011 4,52% 9,38% 95,48% 6,25% 6,39% 2012 4,35% 7,44% 95,65% -8,74% -8,04%

  AISA 2010 65,34% 6,78% 34,66% -0,17% 4,37% 2011 46,63% 5,96% 53,37% 5,56% 5,75% 2012 43,41% 6,20% 56,59% 21,21% 14,69%

  Kode Perusahaan

  WACC ADES 2010 64,20% 3,14% 35,80% 391,55% 142,18% 2011 49,55% 13,54% 50,45% 1,89% 7,66% 2012 30,42% 12,70% 69,58% -1,50% 2,82%

  Cost of Equity

  Ekuitas

  (after tax) Proporsi

  Cost of Debt

  Proporsi Hutang

  Tahun Langkah Perhitungan WACC

  SKLT 2010 23,21% 5,44% 76,79% 17,06% 14,36% 2011 24,71% 6,49% 75,29% 6,54% 6,53% 2012 28,06% 4,78% 71,94% 10,41% 8,83%

  STTP 2010 19,08% 5,61% 80,92% 24,31% 20,74% 2011 39,31% 2,20% 60,69% 4,74% 3,74% 2012 43,19% 4,89% 56,81% -3,46% 0,14%

  ADES 2010 67625 589896800 640 377534 445159 2011 179128 589896800 1620 955633 1134761 2012 123510 589896800 1010 595796 719306

  FAST 2010 6092 446250000 5200 2320500 2326592 2011 4583 446250000 9200 4105500 4110083 2012 202748 460416595 9950 4581145 4783893

  INDF 2010 17290681 8780426500 3550 31170514 48461195 2011 14326008 8780426500 4875 42804579 57130587 2012 13686232 8780426500 4600 40389962 54076194

  ICBP 2010 1424321 466476178 5700 2658914 4083235 2011 526341 5830954000 4675 27259710 27786051 2012 780361 5830954000 5200 30320961 31101322

  DLTA 2010 25526 16013181 62000 992817 1018343 2011 25828 16013181 120000 1921582 1947410 2012 27102 16013181 111500 1785470 1812572

  CEKA 2010 180376 297500000 1490 443275 623651 2011 441087 297500000 1100 327250 768337 2012 335516 297500000 950 282625 618141

  AISA 2010 815264 1672000000 360 601920 1417184 2011 1085373 1672000000 780 1304160 2389533 2012 1601512 2926000000 495 1448370 3049882

  Market Value of Firm (t-1)

  ULTJ 2010 22,62% 4,48% 77,38% 142,89% 111,59% 2011 15,95% 6,98% 84,05% 3,05% 3,68% 2012 5,82% 8,92% 94,18% 11,68% 11,52%

  Closing Price of Share (t-1) Market Value of Equity (t-1)

  Book Value of Debt (t-1) Outstanding Shares (t-1)

  Tahun Langkah Perhitungan Market Value of Firm

  Kode Perusahaan

  

Lampiran 7

Langkah Perhitungan Market Value of Firm Perusahaan Food and Beverage

Tahun 2010-2012 (dalam Jutaan Rupiah)

  Keterangan: WACC = Weighted Average Cost of Capital

  MYOR 2010 948039 766584000 4500 3449628 4397667 2011 1323069 766584000 10750 8240778 9563847 2012 2808186 766584000 14250 10923822 13732008

  PSDN 2010 141845 1440000000 110 158400 300245 2011 151780 1440000000 80 115200 266980 2012 168937 1440000000 310 446400 615337

  ROTI 2010 68750 86050600 1510 129936,4 223686 2011 20174 1012360000 2650 2682754 2702928 2012 64487 1012360000 3325 3366097 3430584

  SKLT 2010 41316 690740500 150 103611 144927 2011 35758 690740500 140 96704 132462 2012 40333 690740500 140 96704 137037

  STTP 2010 66784 1310000000 250 327500 394284 2011 105454 1310000000 385 504350 609804 2012 317381 1310000000 690 903900 1221281

  ULTJ 2010 270391 2888382000 580 1675262 1945653 2011 379339 2888382000 1210 3494942 3874281 2012 255959 2888382000 1060 3061685 3317644

  Lampiran 8 Langkah Perhitungan REVA Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  Kode Perusahaan

  Tahun Langkah Perhitungan REVA

  NOPAT WACC

  Market Value of Firm (t-1)

  REVA ADES 2010 37286 142,18% 445159 -595648 2011 42592 7,66% 1134761 -44385 2012 81500 2,82% 719306 61212

  AISA 2010 153001 4,37% 1417184 91057 2011 245423 5,75% 2389533 108092 2012 350428 14,69% 3049882 -97750

  CEKA 2010 41829 22,63% 623651 -99313 2011 110644 5,00% 768337 72235 2012 67170 18,65% 618141 -48108

  DLTA 2010 148717 11,11% 1018343 35548 2011 154258 6,39% 1947410 29789 2012 215442 -8,04% 1812572 361120

  ICBP 2010 1913654 15,94% 4083235 1262788 2011 2101403 4,67% 27786051 804601 2012 2322840 6,37% 31101322 340472

  INDF 2010 4783499 30,07% 48461195 -9789247

  2011 5612488 4,65% 57130587 2953117 2012 5599253 7,90% 54076194 1328906 FAST 2010 199789 25,43% 2326592 -391772

  Kode Perusahaan

  ADES 2010 119714,5 218748 94,38% 93471,11 2011 158507 299409 87,31% 123024,7 2012 260651 476638 91,20% 196976

  (I-II)x(III) = (A)

  (1-Tax) (III)

  Penjualan (II)

  Variable Cost (I)

  Tahun

  Lampiran 9 Daftar Variable Cost dan Penjualan Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  2011 236393 25,12% 4110083 32137 2012 221769 35,70% 4783893 -370079 MYOR 2010 566277 25,48% 4397667 -554409

  2011 119184 3,68% 3874281 -23257 2012 362653 11,52% 3317644 -19524 Keterangan: NOPAT = Net Operating Profit After Tax WACC = Weighted Average Cost of Capital REVA = Refined Economic Value Added

  2011 49647 3,74% 609804 26838 2012 96158 0,14% 1221281 94393 ULTJ 2010 124316 111,59% 1945653 -2046758

  2011 8594 6,53% 132462 -52 2012 11548 8,83% 137037 -551 STTP 2010 48546 20,74% 394284 -33239

  2011 116582 3,02% 2702928 34891 2012 157254 7,81% 3430584 -110659 SKLT 2010 6160 14,36% 144927 -14657

  2011 31337 3,57% 266980 21794 2012 34212 17,44% 615337 -73128 ROTI 2010 103533 111,24% 223686 -145291

  2011 579078 3,40% 9563847 254134 2012 917666 7,46% 13732008 -106624 PSDN 2010 31108 8,97% 300245 4183

  AISA 2010 513902 705220 84,35% 161371,2 2011 1198015 1752802 80,98% 449245,7

  2012 2163795 2747623 78,18% 456432,2 CEKA 2010 546429,5 718205 73,26% 125846,4

  2011 744030 1238169 73,94% 365351,9 2012 580856,5 1123520 69,69% 378206,3 DLTA 2010 268651,5 1205482 75,69% 709113,7

  2011 258007,5 1394153 74,05% 841360,2 2012 311879 1719815 74,23% 1045140

  ICBP 2010 14082495 17960120 73,53% 2851070 2011 15469270 19367155 75,28% 2934324 2012 15686264 21574792 75,40% 4439697

  INDF 2010 26911681 38403360 72,43% 8323717 2011 33767101 45332256 77,01% 8905776 2012 37764293 50059427 75,75% 9313186

  FAST 2010 1993464 2913605 76,30% 702081,1 2011 2128414 3183815 76,68% 809314,4 2012 2427294 3559486 76,54% 866526,4

  MYOR 2010 6001862 7224165 75,89% 927655,1 2011 8269255 9453866 77,18% 914281 2012 8779025 10510626 77,56% 1343022

  PSDN 2010 864247 928527 65,45% 42073,08 2011 1141690 1246291 64,28% 67238,07 2012 1126908 1305117 50,45% 89899,4

  ROTI 2010 403881,5 612192 74,09% 154338,7 2011 548414 813342 74,82% 198219 2012 815713 1190826 74,65% 280030,4

  SKLT 2010 163249,5 314146 68,26% 103003,9 2011 193793 344436 74,55% 112310,5 2012 216812 401724 78,32% 144825,8

  STTP 2010 679677,5 762613 92,33% 76573,39 2011 908453,5 1027684 70,68% 84266,2 2012 1125187 1283736 80,14% 127065

  ULTJ 2010 1463625 1880411 52,90% 220465,8 2011 1674219 2102384 64,61% 276645,6 2012 2105435 2809851 77,17% 543623,3

  Lampiran 10 Daftar Fixed Cost Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  2011 83334,5 74,05% 61712,46 2012 105189 74,23% 78084

  SKLT 2010 45081,5 68,26% 30773,23 2011 53033 74,55% 39538,26 2012 61550 78,32% 48206,85

  ROTI 2010 85823,5 74,09% 63587,24 2011 114023 74,82% 85311,94 2012 180256 74,65% 134565,2

  PSDN 2010 35812 65,45% 23439,97 2011 46292 64,28% 29756,74 2012 60439,5 50,45% 30489,26

  MYOR 2010 548095,5 75,89% 415971,6 2011 563887,5 77,18% 435207,3 2012 796822 77,56% 618011,4

  FAST 2010 704768 76,30% 537748,3 2011 819021 76,68% 628050,8 2012 947767 76,54% 725376,2

  INDF 2010 3942538 72,43% 2855681 2011 3767230 77,01% 2900965 2012 4334017 75,75% 3282885

  ICBP 2010 1187018 73,53% 872769 2011 1179918 75,28% 888240,5 2012 1390085 75,40% 1048064

  2011 44788 73,94% 33114,94 2012 46611,5 69,69% 32485,62 DLTA 2010 79220,5 75,69% 59964,25

  Kode Perusahaan

  2011 176315 80,98% 142773,3 2012 228746,5 78,18% 178832,1 CEKA 2010 34622,5 73,26% 25365,18

  2011 62405 87,31% 54487,21 2012 103848 91,20% 94707,38 AISA 2010 117010 84,35% 98694,54

  (B) ADES 2010 31571,5 94,38% 29798,23

  (II) (IxII) =

  (I) (1-Tax)

  Fixed Cost

  Tahun

  STTP 2010 45333,5 92,33% 41855,9

  2011 62409,5 70,68% 44107,94 2012 86835,5 80,14% 69591,87 ULTJ 2010 225322 52,90% 119187,8

  AISA 2010 53095 15,65% 8310,91 2011 59087 19,02% 11240,57 2012 81960 21,82% 17884,36

  PSDN 2010 13767 34,55% 4756,12 2011 17655 35,72% 6306,27 2012 24055 49,55% 11920,24

  MYOR 2010 171511 24,11% 41344,4 2011 197924 22,82% 45166,6 2012 271453 22,44% 60915,3

  FAST 2010 30380 23,70% 7199,62 2011 44409 23,32% 10354,8 2012 52460 23,46% 12309,6

  INDF 2010 909502 27,57% 250726,5 2011 980429 22,99% 225447,2 2012 1128059 24,25% 273589

  ICBP 2010 232787 26,47% 61627,6 2011 252574 24,72% 62436,6 2012 277116 24,60% 68182,5

  DLTA 2010 22660 24,31% 5508,0 2011 23325 25,95% 6051,92 2012 18381 25,77% 4736,4

  CEKA 2010 14657 26,74% 3918,97 2011 16360 26,06% 4263,9 2012 18565 30,31% 5626,23

  ADES 2010 15707 5,62% 882,21 2011 17212 12,69% 2183,82 2012 18628 8,80% 1639,62

  2011 229735,5 64,61% 148436,3 2012 223209 77,17% 172258,5

  (IxII) = (C)

  Tax (II)

  (I)

  Depreciation

  Tahun

  Kode Perusahaan

  Lampiran 11 Daftar Depreciation Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  ROTI 2010 20238 25,91% 5243,52

  2011 23904 25,18% 6019,04 2012 41130 25,35% 10425,52 SKLT 2010 9317 31,74% 2957,1

  2011 10326 25,45% 2627,55 2012 11457 21,68% 2483,71 STTP 2010 33422 7,67% 2563,85

  2011 36002 29,32% 10557,57 2012 47632 19,86% 9458,67 ULTJ 2010 79324 47,10% 37364,26

  2011 112541 35,39% 39826,19 2012 121072 22,83% 27636,36

  Lampiran 12 Langkah Perhitungan ED Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  Kode Perusahaan

  Tahun Langkah Perhitungan Equivalent Depreciation

  (A) (B) (C) A-B+C =

  ED ADES 2010 93471,11 29798,23 882,21 64555,09 2011 123024,7 54487,21 2183,82 70721,31 2012 196976 94707,38 1639,62 103908,2

  AISA 2010 161371,2 98694,54 8310,91 70987,55 2011 449245,7 142773,3 11240,57 317713 2012 456432,2 178832,1 17884,36 295484,5

  CEKA 2010 125846,4 25365,18 3918,97 104400,2 2011 365351,9 33114,94 4263,9 336500,9 2012 378206,3 32485,62 5626,23 351346,9

  DLTA 2010 709113,7 59964,25 5508,0 654657,4 2011 841360,2 61712,46 6051,92 785699,7 2012 1045140 78084 4736,4 971792,9

  ICBP 2010 2851070 872769 61627,6 2039928 2011 2934324 888240,5 62436,6 2108520 2012 4439697 1048064 68182,5 3459816

  INDF 2010 8323717 2855681 250726,5 5718763 2011 8905776 2900965 225447,2 6230259 2012 9313186 3282885 273589 6303890

  FAST 2010 702081,1 537748,3 7199,62 171532,4 2011 809314,4 628050,8 10354,8 191618,3 2012 866526,4 725376,2 12309,6 153459,8 MYOR 2010 927655,1 415971,6 41344,4 553027,9 2011 914281 435207,3 45166,6 524240,3 2012 1343022 618011,4 60915,3 785925,5

  PSDN 2010 42073,08 23439,97 4756,12 23389,22 2011 67238,07 29756,74 6306,27 43787,6 2012 89899,4 30489,26 11920,24 71330,38

  ROTI 2010 154338,7 63587,24 5243,52 95995,01 2011 198219 85311,94 6019,04 118926,1 2012 280030,4 134565,2 10425,52 155890,7

  SKLT 2010 103003,9 30773,23 2957,1 75187,81 2011 112310,5 39538,26 2627,55 75399,78 2012 144825,8 48206,85 2483,71 99102,62

  STTP 2010 76573,39 41855,9 2563,85 37281,35 2011 84266,2 44107,94 10557,57 50715,84 2012 127065 69591,87 9458,67 66931,84

  ULTJ 2010 220465,8 119187,8 37364,26 138642,3 2011 276645,6 148436,3 39826,19 168035,5 2012 543623,3 172258,5 27636,36 399001,2

  Keterangan: ED = Equivalent Depreciation

  Lampiran 13 Daftar Perhitungan FVA Perusahaan Food and Beverage Tahun 2010-2012 (dalam Jutaan Rupiah)

  Kode Perusahaan

  Tahun Langkah Perhitungan FVA

  NOPAT ED D FVA ADES 2010 37286 64555,09 15707 -11562 2011 42592 70721,31 17212 -10918 2012 81500 103908,2 18628 -3780

  AISA 2010 153001 70987,55 53095 135108 2011 245423 317713 59087 -13203 2012 350428 295484,5 81960 136903

  CEKA 2010 41829 104400,2 14657 -47914 2011 110644 336500,9 16360 -209497 2012 67170 351346,9 18565 -265612

  DLTA 2010 148717 654657,4 22660 -483281 2011 154258 785699,7 23325 -608117 2012 215442 971792,9 18381 -737970

  ICBP 2010 1913654 2039928 232787 106512 2011 2101403 2108520 252574 245458 2012 2322840 3459816 277116 -859860

  INDF 2010 4783499 5718763 909502 -25762 2011 5612488 6230259 980429 362659 2012 5599253 6303890 1128059 423422

  FAST 2010 199789 171532,4 30380 58637 2011 236393 191618,3 44409 89184 2012 221769 153459,8 52460 120769

  MYOR 2010 566277 553027,9 171511 184760 2011 579078 524240,3 197924 252762 2012 917666 785925,5 271453 403193

  PSDN 2010 31108 23389,22 13767 21486 2011 31337 43787,6 17655 5205 2012 34212 71330,38 24055 -13063

  ROTI 2010 103533 95995,01 20238 27776 2011 116582 118926,1 23904 21560 2012 157254 155890,7 41130 42493

  SKLT 2010 6160 75187,81 9317 -59711 2011 8594 75399,78 10326 -56480 2012 11548 99102,62 11457 -76097

  STTP 2010 48546 37281,35 33422 44686 2011 49647 50715,84 36002 34933 2012 96158 66931,84 47632 76858

  ULTJ 2010 124316 138642,3 79324 64998 2011 119184 168035,5 112541 63690 2012 362653 399001,2 121072 84724

  Keterangan: NOPAT = Net Operating Profit After Tax ED = Equivalent Depreciation D = Depreciation FVA = Financial Value Added

  Lampiran 14

Hasil Pengolahan Data

1.

  Independent Sample t-Test

  Uji Heteroskedastisitas 5.

  Uji Multikolinearitas 6.

  Uji F (F-Test) 7.

  Uji t (t-Test)

  2

  8. ) Uji Koefisien Determinasi (R 9.

  Uji Chow Test 10.

  Uji Hausman Test

  Model Fixed Effect Method (FEM)