CARA MENGHITUNG EVA (ECONOMIC VALUE ADDED)

Dalam hal ini kami hanya ingin membahas mengenai bagaimana cara menghitung EVA jika sudah dketahui data berupa laporan keuangan perusahaan Go Publik. Apabila ingin mengetahui masing-masing pengertian (nama akun asing) dibawah bisa langsung open Kamus (dictionary) pada Label KAMUS didalam blog ini.

SUMMARY OF FINANCIAL STATEMENT 31 December 2006 (Million Rupiah)
TOTAL ASSETS Current Assets of Which      Cash and Equivalents      Premium Receivable      Receivable from reinsurers	11,062 93,428 14,549	249,734 150,849
Non-Current Assets of Which      Fixed Asset-Net      Investment      Other Assets	11,422 80,264 7,199	98,885
LIABILITIES Current Liabilities of which      Claim Payable      Payable to Reinsurers      Taxes Payable	15,368 67,305 1,063	146,388 104,250
Non-Current Liabilities		42,138
SHAREHOLDERS’ EQUITY      Paid up capital      Paid up capital in excess of par value      Retained earnings	48,000 600 54,746	103,346
REVENUE Operating  Expenses Operating profit Other Income (expenses) Profit before taxes Profit after taxes	79,964 4,486 843 3,643 3,101	84,450
REVENUE BREAKDOWN Premium Income Investment Income		255,313 5,531
EXPENSES BREAKDOWN Commissions Reinsurance Premiums Claims paid Others		9,142 152,496 38,333 35,712
PER SHARE DATA (Rp) Earning per share Equity Per Share Dividend per share Closing Price		16 538 n.a 175
FINANCIAL RATIOS PER (x) PBV (X) Dividend Payout (%) Dividend Yield (%)		10,83 0,33 n.a n.a
OPERATING PROFIT MARGIN (X) Net Profit Margin (X) Expense Ratio (x) Loss Ratio (x) Solvency Ratio (x) Investment to Total Assets Ratio (X)		0,06 0,04 0,31 0,15 1,01 0,70
ROI (%) ROE (%)		1,24 3,00
PER = 11,59x ; PBV = 0,44x (June 2009) Financial Year : December 31 Public Accountnat : Purwantono, Sarwoko & Sandjaja.

Note : Angka yang berwarna merah adalah angka yang masuk didalam rumus.

Ingat Yach..lihat pembahasan mengenai Alat Ukur Kinerja menggunakan EVA di artikel dalam blog ini.

LANGKAH-LANGKAH MENGHITUNG EVA :

1.       Menghitung NOPAT (Net Operating After Tax)

Rumus : NOPAT = Laba (Rugi) Usaha – Pajak

            NOPAT = (Laba (Rugi) usaha setelah bunga – Pajak

            NOPAT = (Rp 3.643.000.000+Rp 35.712.000.000)-Rp 542.000.000

                                         = Rp 38.813.000.000

2.      Menghitung Invested Capital

Rumus : Invested Capital = (Total Hutang + Ekuitas) – Hutang Jangka Pendek

=  (Rp 146.388.000.000 + Rp 103.346.000.000) – Rp 104.250.000.000

= Rp 249.734.000.000 - Rp 104.250.000.000

= Rp 145.484.000.000

3.      Menghitung WACC (Weighted Average Cost Of Capital)

Rumus : WACC = [(D x rd) (1-tax) + (E x re)]

Dimana :

                               Total Hutang
Tingkat Modal (D) = —————————- x 100 %
                        Total Hutang dan Ekuitas

                               Rp 146.388.000.000
Tingkat Modal (D) = —————————-----      x 100 %
                                Rp 249.734.000.000

                         = 58,62%

                              *Beban bunga
Cost of Debt (rd) = ———————–------------ x 100 %
                               Total Hutang jk. Panjang

* beban bunga biasanya pada pelaporan keuangan tidak disebutkan. Tetapi pada soal yang secara umum biasanya disebutkan. Disini saya ambil dari biaya laian-lain karena diestimasikan didalamnya terdapat unsure biaya bunga. Karena untuk breakdown biaya yang lain merupakan biaya-biaya yang pasti sudah diketahui yaitu biaya komisi (commission), Biaya jaminan hutang (Reinsurance premium), dan biaya Pengaduan (claim paid).

                                                (Rp 35.712.000.000)
Cost of Debt (rd) = ———————–-------------------------- x 100 %
                                       Rp 42.138.000.000

                             =  84,75%

                                                Total Ekuitas
Tingkat Modal /Ekuitas (E) = ——————————- x 100 %
                                        Total Hutang dan Ekuitas

                                                Rp 103.346.000.000
Tingkat Modal /Ekuitas (E) = ——————————- x 100 %
                                        Rp 249.734.000.000

                                                = 41,38%

                           Laba bersih setelah pajak
Cost of Equity (re) = ———————————- x 100 %
                                        Total Ekuitas

                                  Rp 3,101.000.000
Cost of Equity (re) = ———————————- x 100 %
                                     Rp 103.346.000.000

                                    = 3%

                                    Beban pajak
Tingkat Pajak (Tax) = ———————————– x 100 %
                           Laba Bersih sebelum pajak

                      (Rp3.643.000.000-Rp 3,101.000.000)
Tingkat Pajak (Tax) = ———————————–-------------- x 100 %
                                              Rp3.643.000.000

                                           Rp 542.000.000
Tingkat Pajak (Tax) = ———————————–-------------- x 100 %
                                              Rp3.643.000.000

                                    = 15%

Rumus : WACC = [(D x rd) (1-tax) + (E x re)]

       = [(0,5862 x 0,8475) (1-0,15) + (0,4138 x 0,03)]

       = 0,43

4.      Menghitung-Capital-Charges
Rumus :
Capital Charges = WACC x Invested Capital

     = 0,43 x Rp 145.484.000.000

     = Rp 62.558.120.000

5.      Menghitung-Economic-Value-Added(EVA)
Rumus :

EVA = NOPAT – Capital charges
        = Rp Rp 38.813.000.000 - Rp 62.558.120.000

            = - Rp 23.745.120.000

EVA < 0 maka nilainya negative. Artinya tidak terjadi proses nilai tambah.

Dalam artian bahwa perusahaan tidak mampu menghasilkan tingkat kembalian operasi yang melebihi biaya modal, dengan kata lain meskipun perusahaan mampu menghasilkan laba bersih yang tinggi, akan tetapi perusahaan sebenarnya mengalami penurunan/penghancuran nilai.

http://satrio-arie.blogspot.com/2014/04/cara-menghitung-eva-economic-value-added.html
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Causative, Relative Pronouns & Passive Voice

CAUSATIVE

            Causative verb express an action which is caused to happen. In other words, when I have something done for me I cause it to happen. In other words, I do not actually do anything, but ask someone else to do it for me. This is the sense of causative verbs.

 The use of the causative verbs :

v  Have

( Subject + Have + person + verb )

The contruction means “to give someone the responsibility to do something”. = “menyuruh” orang yang lain untuk melakukan sesuatu.

Example :

I had the mechanic check the brakes

Please have your secretary fax me the information

Dr. Smith had his nurse take the patient’s temperature.

v  Make

( Subject + Make + Person + Verb )

This contruction means “ to force someone to do something “ = Memaksa seseorang melakukan sesuatu.

Example :

Did somebody make you wear that ugly hat ?

She made her children do their homework.

My teacher made me apologize for what I had said.

v  Let

( Subject + Let + Person + Verb )

This contruction means “ to allow someone to do something “ = Membolehkan seseorang melakukan sesuatu.

Example :

Will you parents let you go to the party ?

I don’t know if my boss will let me take the day off.

John let me drive his new car.

v  Get                    

( Subject + Get + Person +Verb)

This contruction usually means “ to convince to do something “ or “ to trick someone into doing something”. Cara untuk “meyakinkan” seseorang melakukan sesuatu.

Example :

The government TV commercials are trying to get people to stop smoking

How can parents get their children to read more?

Susie got her son to take the medicine even though is taste terrible.

 

RELATIVE PRONOUNS                                                    

Relative pronouns is a pronoun that refers to the preceding noun (antecedent) which serves as a liaison in a sentence. Relative pronouns usually placed at the beginning dependent clause or clauses that describe or provide additional information to an independent clause or main clause.

Kata ganti yang digunakan adalah: who, whom, whose, which, dan that.

Kata who, whom, whose, which, dan that pada contoh di atas menunjuk pada kata benda sebelumnya (the man, the boy, the girl, the filling cabinet, the book).

Example :

- The filing cabinet, which we purchase last week, is very well built.

- The book that describes about behaviour of animal is expensive.

- The boy whom we visited is her boyfriend

- The man who is sitting in the corner is my friend.

- The girl whose car was sold will go to study abroad.

Who disebut sebagai subject pronoun dan whom sebagai object pronoun. Hal ini bisa dibandingkan dengan he dan him, they dan them, dsb.

- the man who was there (bandingkan ‘he was there’)

- the man whom I saw (bandingkan ‘I saw him’)

Kata whom lebih sering digunakan dalam bahasa Inggris formal. Dalam penggunaannya sehari-hari, baik dalam bentuk percakapan maupun tulisan, whom biasanya diganti dengan who.

- the man who I saw                                 

- the man who you were speaking to

Whom tidak bisa digantikan oleh who bila sebelumnya didahului oleh preposition.

- the man to whom you were speaking

- They elected Smith chairman, than whom there could have been no better choice.

Biasanya bentuk preposition + whom ini dipakai dalam bahasa Inggris formal.

Nouns (kata benda) atau pronouns (kata ganti) seperti the man, the boy, the girl, the filling cabinet, dan the book disebut dengan istilah antecedent.

Example :

- He was accused of being drunk in charge of a vehicle, which is a serious offence.

- That photo is a reminder of someone who was very important to me.

- Voters whose names begin with the letters M to Z should go to Room 2.

- A mole is an animal that lives underground.

- Hands up everyone who would like a drink.

Untuk menunjuk pada orang, gunakan relative pronouns: who, whom, whosedan that.

Example :

- the man that I saw

- the man whom I saw  (meskipun pemakaian whom juga benar, that lebih disarankan sebagai object pronoun)

- the man who spoke

-the man that spoke (meskipun pemakaian that juga benar, who lebih disarankan sebagai subject pronoun)

Untuk menunjuk pada benda lainnya atau hewan, gunakan relative pronouns:which, that dan whose.

Example :

- the cat that was sitting on the mat

- the book whose cover was torn

- the cat which was sitting on the mat

Ketika menunjuk pada sesuatu benda, of which bisa dipakai untuk menggantikan whose.

- a book the cover of which was torn

Perluasan relative pronouns dengan kata ganti seperti whoever, whomever, whatever dikenal sebagai indefinite relative pronouns (relative pronounstanpa antecedent).

Example :

- She said whatever came to mind.

- The boy will tease whomever he likes.

- Let in whoever comes to me.

Kata what juga dapat digunakan sebagai indefinite relative pronouns.

Example :

- I know what I like.

- I will tell you what you need to know.

PASSIVE VOICE

Passive Voice (Sentences Passive) is the subject of his sentences are served with a job. In other words, the subject of the sentence is the target of the activity expressed by the verb.

1.       Simple Present Tense

Aktif : S + do/does + not + V1

Pasif : S + to be (am, are, is) + not + V3 + by + O

Contoh:

Aktif : She doesn't write the book

Pasif : The book isn't written by her

2.       Present Continuous/Progresive Tense

Aktif : S + to be (am, are, is) +  not + V1-ing

Pasif : S + to be (am, are, is) + not + being + V3 + by + O

Contoh :

Aktif : She isn't reading the book

Pasif : The book isn't being read by her

3.       Present Perfect Tense

Aktif : S + have/has + not + V3 + O

Pasif : S + have/has + not + been + V3 + by + O

Contoh :

Aktif : I haven't written the book

Pasif : The book hasn't been written by me

4.       Simple Past Tense

Aktif : S + did + not + V1

Pasif : S + to be (was, were) + not + V3 + by + O

Contoh :

Aktif : She didn't write a letter

Pasif : A letter wasn't written by her

5.       Past Continuous/Progresive Tense

Aktif : S + to be (was, were) + not + V1-ing + O

Pasif : S + to be (was, were) + not + being + V3 + by + O

Contoh :

Aktif : She wasn't washing the car

Pasif : The car wasn't being washed by her

6.       Past Perfect Tense

Aktif : S + had + not + V3 + O

Pasif : S + had + not + been + V3 + by + O

Contoh :

Aktif : She hadn't washed the car

Pasif : The car hadn't been washed by her

http://satrio-arie.blogspot.com/2014/04/passive-voice.html

http://annur93.blogspot.com/2011/09/rumus-rumus-passive-voice-16-tenses_28.html

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