42
Lampiran 2. Perhitungan Economic Value Added PT Bank BCA Tbk 2007-2009.
Lampiran Perhitungan Net Operating Profit After Tax NOPAT dalam Jutaan Rupiah
Periode NOPAT
2009 2008
2007
Laba bersih setelah pajak
6,807,242 5,776,139
4,489,252 Biaya
Bunga 8,031
6,944 6,748
NOPAT 6,815,273
5,783,083 4,496,000
Lampiran Perhitungan Kd dalam Jutaan Rupiah
Tahun Beban Bunga a Hutang J.Panjangb Kd c= a : b Kd c1‐T
1 ‐T
Kewajiban Ekuitas
2007 6,748
742,598 0.0091
‐1.74 ‐1.911 197,563,277 20,441,773
2008 6,944
578,611 0.0120
‐2.33 ‐1.942 222,290,546 23,279,310
2009 8,031
1,115,221 0.0072
‐1.54 ‐2.136 254,535,601 27,856,693
Lampiran Perhitungan Ke
Tahun kov
ERm varian
Rf Ke
2007 0.001
0.04 0.0004
8.60 20
2008 ‐0.007
‐0.05 0.0008
8.67 54
2009 0.06
0.002 7.15
17 Lampiran
Perhitungan Proporsi Utang dan ekuitas
Tahun utang
J. Panjang a Ekuitas
b Aset
c Wd
ac We
bc
2007 742,598
20,441,773 218,005,000
0.003 0.09377
2008 578,611
23,279,310 245,570,000
0.002 0.09480
2009 1,115,221
27,856,693 282,392,000
0.004 0.09865
Perhitungan Weighted Average Capital Cost WACC
Tahun Struktur Modal
Kd Ke
a x c
b x d
WACC
Wd a
We b
c d
e f
e+f 2007
0.003 0.09377
‐1.74 20
0.00006 1.875
1.869 2008
0.002 0.09480
‐2.33 54
0.00005 5.119
5.114 2009
0.004 0.09865
‐1.54 17
0.00006 1.677
1.671 Lampiran
Perhitungan Invested Capital IC dalam Jutaan Rupiah
Periode Aseta
Hutang Beban b
IC a‐b
2007 218,005,000
197,563,277 20,441,723
2008 245,570,000
222,290,546 23,279,454
2009 282,392,000
254,535,601 27,856,399
Lampiran Perhitungan Cost of Capital COC dalam Jutaan Rupiah
Periode WACC
a IC
b COC
a x b
2007 1.869
20,441,723 382,055.80
2008 5.114
23,279,454 1,190,511.28
2009 1.671
27,856,399 465,480.43
Lampiran Perhitungan Economic Value Added EVA dalam Jutaan Rupiah
Periode NOPAT
a COC
b EVA
a ‐ b
2007 4,496,000
382,055.80 4,113,944.20 2008
5,783,083 1,190,511.28 4,592,571.72
2009 6,815,273
465,480.43 6,349,792.57
43
Lampiran 3. Perhitungan Simulasi Economic Value Added EVA PT BCA 2010 saham naik 1, utang turun 1 97,16 dan 2,84
Lampiran Perhitungan Cost of Capital COC dalam Jutaan Rupiah
Periode WACC
a IC
b COC
a x b
2007 1.869
20,441,723 382,055.80
2008 5.114
23,279,454 1,190,511.28
2009 1.671
27,856,399 465,480.43
2010 3.013
27,856,399 839,432.08
Lampiran Perhitungan Economic Value Added EVA dalam Jutaan Rupiah
Periode NOPAT
a COC
b EVA
a ‐ b
2007 4,496,000
382,055.80 4,113,944.20
2008 5,783,083
1,190,511.28 4,592,571.72
2009 6,815,273
465,480.43 6,349,792.57
2010 7,974,910
839,432.08 7,135,477.92
Lampiran Perhitungan Net Operating Profit After Tax NOPAT dalam Jutaan Rupiah
Periode 2007
2008 2009
2010
Laba bersih
4,489,252 5,776,139
6,807,242 7,966,237
Biaya Bunga
6,748 6,944
8,031 8,673
NOPAT 4,496,000
5,783,083 6,815,273
7,974,910
Lampiran Perhitungan Kd dalam Jutaan Rupiah
Tahun Beban
Bunga a Hutang
J.Panjangb Kd c= a : b Kd c1‐T 1
‐T Kewajiban
Ekuitas
2007 6,748
742,598 0.0091
‐1.74 ‐1.911
197,563,277 20,441,773
2008 6,944
578,611 0.0120
‐2.33 ‐1.942
222,290,546 23,279,310
2009 8,031
1,115,221 0.0072
‐1.54 ‐2.136
254,535,601 27,856,693
2010 8,673
822,802 0.0105
‐2.37 ‐2.249
254,535,601 27,856,693
Lampiran Perhitungan Proporsi Utang dan ekuitas
Tahun Utang
J. Panjang a Ekuitas
