LAMPIRAN 1
UJI KOLMOGOROV-SMIRNOV EVA (Economic Value Added)
Uji Kolmogorov – Smirnov EVA (Economic Value Added)
One-Sample Kolmogorov-Smirnov Test
EVA
N 15
Normal Parametersa Mean 1.12E12
Std. Deviation 8.769E11 Most Extreme Differences Absolute .210
Positive .210
Negative -.126
Kolmogorov-Smirnov Z .815
Asymp. Sig. (2-tailed) .520
LAMPIRAN 2
UJI KOLMOGOROV-SMIRNOV MVA (Market Value Added)
Uji Kolmogorov – Smirnov MVA (Market Value Added)
One-Sample Kolmogorov-Smirnov TestMVA
N 15
Normal Parametersa Mean 3.24E13
Std. Deviation 5.173E13 Most Extreme Differences Absolute .321
Positive .321
Negative -.247
Kolmogorov-Smirnov Z 1.245
Asymp. Sig. (2-tailed) .090
LAMPIRAN 3
UJI RATA-RATA EVA
Uji Rata-Rata EVA SMCB-INTP
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
EVA SMCB 5 3.29E11 2.853E11 1.276E11
INTP 5 1.27E12 8.669E11 3.877E11
Uji Rata-Rata EVA SMCB-SMGR
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
EVA SMCB 5 3.29E11 2.853E11 1.276E11
SMGR 5 1.75E12 7.457E11 3.335E11
Uji Rata-Rata EVA INTP-SMGR
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
EVA INTP 5 1.27E12 8.669E11 3.877E11
LAMPIRAN 4
UJI RATA-RATA MVA
Uji Rata-Rata MVA SMCB-INTP
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
MVA SMCB 5 2.94E12 5.658E12 2.530E12
INTP 5 2.81E13 1.581E13 7.072E12
Uji Rata-Rata MVA SMCB-SMGR
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
MVA SMCB 5 2.94E12 5.658E12 2.530E12
SMGR 5 6.63E13 8.086E13 3.616E13
Uji Rata-Rata MVA INTP-SMGR
Group StatisticsPerusahaan N Mean Std. Deviation Std. Error Mean
LAMPIRAN 5
UJI INDEPENDENT SAMPLE TEST EVA
Uji Independent Samples Test EVA SMCB-INTP
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper EVA Equal variances assumed
13.913 .006 -2.303 8 .050 -9.399E11 4.081E11 -1.881E12 1.310E9
Equal variances not assumed
Uji Independent Samples Test EVA SMCB-SMGR
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper EVA Equal variances assumed
6.734 .032 -3.974 8 .004 -1.419E12 3.571E11 -2.242E12 -5.955E11
Equal variances
Uji Independent Samples Test EVA INTP-SMGR
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper EVA Equal variances assumed
.503 .498 -.937 8 .376 -4.791E11 5.114E11 -1.658E12 7.002E11
Equal variances not assumed
LAMPIRAN 6
UJI INDEPENDENT SAMPLE TEST MVA
Uji Independent Samples Test MVA SMCB-INTP
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper MVA Equal variances assumed
7.332 .027 -3.344 8 .010 -2.512E13 7.511E12 -4.244E13 -7.794E12
Equal variances
Uji Independent Samples Test MVA SMCB-SMGR
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper MVA Equal variances assumed
5.759 .043 -1.748 8 .119 -6.337E13 3.625E13 -1.470E14 2.022E13
Equal variances not assumed
Uji Independent Samples Test MVA INTP-SMGR
Independent Samples TestLevene's Test for Equality of
Variances t-test for Equality of Means
F Sig. t df Sig. (2-tailed) Mean Difference Std. Error Difference 95% Confidence Interval of the Difference Lower Upper MVA Equal variances assumed
4.020 .080 -1.038 8 .330 -3.826E13 3.685E13 -1.232E14 4.671E13
Equal variances not assumed
LAMPIRAN 14
PERHITUNGAN WACC
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010 Wd 66,21% 63,05% 59,58% 45,67% 24,84% Kd 2,17% 2,78% 4,87% 11,23% 7,47% We 33,79% 36,95% 40,42% 54,33% 75,16% Ke 3,43% 1,26% 5,84% 7,54% 4,81% WACC 2,60% 2,22% 5,27% 9,23% 5,47%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010 Wd 31,34% 25,37% 8,81% 6,91% 6,42% Kd 7,52% 6,10% 11,27% 3,63% 1,36% We 68,66% 74,63% 91,19% 93,09% 93,58% Ke 2,80% 3,25% 10,31% 5,45% 5,49% WACC 4,28% 3,97% 10,39% 5,32% 5,23%
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010 Wd 7,64% 5,01% 4,03% 3,21% 7,01% Kd 12,48% 2,40% 5,48% 4,33% 2,23% We 92,36% 94,99% 95,97% 96,79% 92,99% Ke 6,02% 5,34% 10,19% 7,43% 6,48% WACC 6,51% 5,20% 10,00% 7,33% 6,18%
LAMPIRAN 7
PERHITUNGAN PAJAK
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Besarnya Pajak Rp65.213.000.000 Rp17.092.000.000 Rp17.343.000.000 Rp384.673.000.000 Rp317.575.000.000 EBT Rp241.158.000.000 Rp186.502.000.000 Rp298.639.000.000 Rp1.296.978.000.000 Rp1.147.957.000.000
Persentase Pajak 27,04% 9,16% 5,81% 29,66% 27,66%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Besarnya Pajak Rp269.395.088.735 Rp433.851.746.826 Rp587.204.749.158 Rp1.047.740.954.784 Rp1.023.794.823.420 EBT Rp862.197.105.510 Rp1.412.569.770.051 Rp2.332.786.918.887 Rp3.796.326.872.422 Rp4.248.475.826.790
Persentase Pajak 31,25% 30,71% 25,17% 27,60% 24,10%
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Besarnya Pajak Rp546.343.160.000 Rp766.675.014.000 Rp1.045.568.598.000 Rp1.302.433.159.000 Rp1.063.509.283.000 EBT Rp1.857.041.828.000 Rp2.560.214.299.000 Rp3.589.528.574.000 Rp4.655.188.285.000 Rp4.722.623.381.000
LAMPIRAN 8
PERHITUNGAN NOPAT
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
EBIT Rp6.178.000.000 Rp520.463.000.000 Rp1.001.383.000.000 Rp1.398.196.000.000 Rp1.333.346.000.000
1-Tax 72,96% 90,84% 94,19% 70,34% 72,34%
NOPAT Rp4.507.369.484 Rp472.765.100.803 Rp943.229.224.475 Rp983.502.574.277 Rp964.484.312.716
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
EBIT Rp1.067.675.897.412 Rp1.593.416.172.274 Rp2.459.868.589.326 Rp3.693.305.458.982 Rp4.020.030.374.857
1-Tax 68,75% 69,29% 74,83% 72,40% 75,90%
NOPAT Rp734.078.578.092 Rp1.104.019.892.941 Rp1.840.675.080.368 Rp2.673.997.186.027 Rp3.051.286.181.512
Nama Perusahaan
PT Semen Gresik Tbk
keterangan/Tahun
2006
2007
2008
2009
2010
EBIT
Rp1.779.379.376.000 Rp2.396.848.237.000 Rp3.387.185.850.000 Rp4.342.563.222.000 Rp4.489.024.515.000
1-Tax
70,58%
70,05%
70,87%
72,02%
77,48%
LAMPIRAN 9
PERHITUNGAN INVESTED CAPITAL
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Jumlah Hutang dan
Ekuitas Rp7.065.846.000.000 Rp7.208.250.000.000 Rp8.208.985.000.000 Rp7.265.366.000.000 Rp10.437.249.000.000 Hutang Jangka Pendek Rp855.818.000.000 Rp1.098.383.000.000 Rp1.269.636.000.000 Rp1.162.542.000.000 Rp1.355.830.000.000
Invested Capital Rp6.210.028.000.000 Rp6.109.867.000.000 Rp6.939.349.000.000 Rp6.102.824.000.000 Rp9.081.419.000.000
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Jumlah Hutang dan
Ekuitas Rp9.598.280.330.742 Rp10.037.926.509.334 Rp11.286.706.863.779 Rp13.276.515.634.628 Rp15.346.145.677.737 Hutang Jangka Pendek Rp812.180.007.701 Rp779.019.806.693 Rp1.943.884.694.003 Rp1.779.231.394.954 Rp1.347.705.747.072
Invested Capital Rp8.786.100.323.041 Rp9.258.906.702.641 Rp9.342.822.169.776 Rp11.497.284.239.674 Rp13.998.439.930.665
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Jumlah Hutang dan
Ekuitas Rp7.496.419.127.000 Rp8.515.227.431.000 Rp10.602.963.724.000 Rp12.951.308.161.000 Rp15.562.998.946.000 Hutang Jangka Pendek Rp1.460.082.635.000 Rp1.445.874.275.000 Rp2.090.588.965.000 Rp2.294.842.315.000 Rp2.517.518.619.000
LAMPIRAN 10
PERHITUNGAN Wd
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Hutang Jangka Panjang Rp4.111.360.000.000 Rp3.852.510.000.000 Rp4.133.420.000.000 Rp2.786.641.000.000 Rp2.255.416.000.000 Total Hutang Jangka
Panjang dan Ekuitas Rp6.210.028.000.000 Rp6.109.867.000.000 Rp6.937.684.000.000 Rp6.101.531.000.000 Rp9.078.024.000.000
Wd 66,21% 63,05% 59,58% 45,67% 24,84%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Hutang Jangka Panjang Rp2.753.337.988.571 Rp2.343.950.608.693 Rp821.091.680.610 Rp793.090.060.336 Rp897.841.880.232 Total Hutang Jangka
Panjang dan Ekuitas Rp8.786.100.323.041 Rp9.237.451.007.374 Rp9.321.285.240.995 Rp11.473.815.464.337 Rp13.975.232.036.751
Wd 31,34% 25,37% 8,81% 6,91% 6,42%
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Hutang Jangka Panjang Rp455.160.303.000 Rp349.766.118.000 Rp338.659.692.000 Rp338.371.744.000 Rp905.727.439.000 Total Hutang Jangka
Panjang dan Ekuitas Rp5.954.774.754.000 Rp6.977.028.683.000 Rp8.408.245.565.000 Rp10.536.050.772.000 Rp12.912.166.052.000
LAMPIRAN 11
PERHITUNGAN Kd
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Kb 2,98% 3,06% 5,17% 15,96% 10,32%
1-Tax 72,96% 90,84% 94,19% 70,34% 72,34%
Kd 2,17% 2,78% 4,87% 11,23% 7,47%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Kb 10,93% 8,80% 15,06% 5,02% 1,79%
1-Tax 68,75% 69,29% 74,83% 72,40% 75,90%
Kd 7,52% 6,10% 11,27% 3,63% 1,36%
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Kb 17,68% 3,32% 7,73% 6,02% 2,88%
1-Tax 70,58% 72,20% 70,87% 72,02% 77,48%
LAMPIRAN 12
PERHITUNGAN We
Nama Perusahaan PT Holcim Indonesia Tbk
ket/Tahun 2006 2007 2008 2009 2010
Ekuitas Rp2.098.668.000.000 Rp2.257.357.000.000 Rp2.804.264.000.000 Rp3.314.890.000.000 Rp6.822.608.000.000 Total Hutang Jangka
Panjang dan Ekuitas Rp6.210.028.000.000 Rp6.109.867.000.000 Rp6.937.684.000.000 Rp6.101.531.000.000 Rp9.078.024.000.000
We 33,79% 36,95% 40,42% 54,33% 75,16%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
ket/Tahun 2006 2007 2008 2009 2010
Ekuitas Rp6.032.762.334.470 Rp6.893.500.398.681 Rp8.500.193.560.385 Rp10.680.725.404.001 Rp13.077.390.156.519 Total Hutang Jangka
Panjang dan Ekuitas Rp8.786.100.323.041 Rp9.237.451.007.374 Rp9.321.285.240.995 Rp11.473.815.464.337 Rp13.975.232.036.751
We 68,66% 74,63% 91,19% 93,09% 93,58%
Nama Perusahaan PT Semen Gresik Tbk
ket/Tahun 2006 2007 2008 2009 2010
Ekuitas Rp5.499.614.451.000 Rp6.627.262.565.000 Rp8.069.585.873.000 Rp10.197.679.028.000 Rp12.006.438.613.000 Total Hutang Jangka
Panjang dan Ekuitas Rp5.954.774.754.000 Rp6.977.028.683.000 Rp8.408.245.565.000 Rp10.536.050.772.000 Rp12.912.166.052.000
LAMPIRAN 13
PERHITUNGAN Ke
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
1 1 1 1 1 1
PER 29,18 79,16 17,11 13,26 20,81
Ke 3,43% 1,26% 5,84% 7,54% 4,81%
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
1 1 1 1 1 1
PER 35,71 30,8 9,7 18,36 18,21
Ke 2,80% 3,25% 10,31% 5,45% 5,49%
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
1 1 1 1 1 1
PER 16,62 18,71 9,81 13,46 15,43
LAMPIRAN 15
PERHITUNGAN ECONOMIC VALUE ADDED
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
NOPAT Rp4.507.369.484 Rp472.765.100.803 Rp943.229.224.475 Rp983.502.574.277 Rp964.484.312.716
WACC 2,60% 2,22% 5,27% 9,23% 5,47%
Invested Capital Rp6.210.028.000.000 Rp6.109.867.000.000 Rp6.939.349.000.000 Rp6.102.824.000.000 Rp9.081.419.000.000
EVA -Rp156.694.727.542 Rp337.329.897.915 Rp577.767.248.999 Rp420.454.399.926 Rp468.034.512.779
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
NOPAT Rp734.078.578.092 Rp1.104.019.892.941 Rp1.840.675.080.368 Rp2.673.997.186.027 Rp3.051.286.181.512
WACC 4,28% 3,97% 10,39% 5,32% 5,23%
Invested Capital Rp8.786.100.323.041 Rp9.258.906.702.641 Rp9.342.822.169.776 Rp11.497.284.239.674 Rp13.998.439.930.665
EVA Rp358.169.764.760 Rp736.434.855.864 Rp869.615.077.846 Rp2.062.205.770.581 Rp2.319.722.042.689
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
NOPAT Rp1.255.884.570.194 Rp1.679.094.392.575 Rp2.400.556.244.652 Rp3.127.596.610.744 Rp3.478.120.435.178
WACC 6,51% 5,20% 10,00% 7,33% 6,18%
Invested Capital Rp6.036.336.492.000 Rp7.069.353.156.000 Rp8.512.374.759.000 Rp10.656.465.846.000 Rp13.045.480.327.000
LAMPIRAN 16
PERHITUNGAN MARKET VALUE OF EQUITY
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Harga Perlembar Saham Rp670 Rp1.750 Rp630 Rp1.550 Rp2.250
Jumlah Saham 7.662.900.000 7.662.900.000 7.662.900.000 7.662.900.000 7.662.900.000 Market Value Of Equity Rp5.134.143.000.000 Rp13.410.075.000.000 Rp4.827.627.000.000 Rp11.877.495.000.000 Rp17.241.525.000.000
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Harga Perlembar Saham Rp5.750 Rp8.200 Rp4.600 Rp13.700 Rp15.950
Jumlah Saham 3.681.231.699 3.681.231.699 3.681.231.699 3.681.231.699 3.681.231.699
Market Value Of Equity Rp21.167.082.269.250 Rp30.186.099.931.800 Rp16.933.665.815.400 Rp50.432.874.276.300 Rp58.715.645.599.050
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Harga Perlembar Saham Rp36.300 Rp5.600 Rp4.175 Rp7.550 Rp9.450
Jumlah Saham 5.931.520.000 5.931.520.000 5.931.520.000 5.931.520.000 5.931.520.000
LAMPIRAN 17
PERHITUNGAN TOTAL EKUITAS SAHAM
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Nilai Saham Pada Neraca Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp6.418.759.000.000
Laba Ditahan Rp0 Rp0 Rp0 Rp0 Rp505.145.000.000
Total Ekuitas Saham Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp6.923.904.000.000
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Nilai Saham Pada Neraca Rp3.034.852.251.548 Rp3.034.852.251.548 Rp3.034.852.251.548 Rp3.034.852.251.548 Rp3.034.852.251.548 Laba Ditahan Rp1.263.000.473.431 Rp2.103.744.824.347 Rp3.951.301.067.740 Rp6.145.770.383.972 Rp8.542.435.136.490 Total Ekuitas Saham Rp4.297.852.724.979 Rp5.138.597.075.895 Rp6.986.153.319.288 Rp9.180.622.635.520 Rp11.577.287.388.038
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Nilai Saham Pada Neraca Rp1.840.507.440.000 Rp1.840.507.440.000 Rp1.840.507.440.000 Rp2.051.409.900.000 Rp2.051.409.900.000 Laba Ditahan Rp3.659.107.011.000 Rp4.786.755.125.000 Rp6.422.588.314.000 Rp8.143.284.128.000 Rp9.954.536.248.000 Total Ekuitas Saham Rp5.499.614.451.000 Rp6.627.262.565.000 Rp8.263.095.754.000 Rp10.194.694.028.000 Rp12.005.946.148.000
LAMPIRAN 18
PERHITUNGAN MARKET VALUE ADDED
Nama Perusahaan PT Holcim Indonesia Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Market Value Of Equity Rp5.134.143.000.000 Rp13.410.075.000.000 Rp4.827.627.000.000 Rp11.877.495.000.000 Rp17.241.525.000.000 Total Ekuitas Saham Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp7.721.972.000.000 Rp6.923.904.000.000
MVA -Rp2.587.829.000.000 Rp5.688.103.000.000 -Rp2.894.345.000.000 Rp4.155.523.000.000 Rp10.317.621.000.000
Nama Perusahaan PT Indocement Tunggal Prakarsa Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Market Value Of Equity Rp21.167.082.269.250 Rp30.186.099.931.800 Rp16.933.665.815.400 Rp50.432.874.276.300 Rp58.715.645.599.050 Total Ekuitas Saham Rp4.297.852.724.979 Rp5.138.597.075.895 Rp6.986.153.319.288 Rp9.180.622.635.520 Rp11.577.287.388.038
MVA Rp16.869.229.544.271 Rp25.047.502.855.905 Rp9.947.512.496.112 Rp41.252.251.640.780 Rp47.138.358.211.012
Nama Perusahaan PT Semen Gresik Tbk
keterangan/Tahun 2006 2007 2008 2009 2010
Market Value Of Equity Rp215.314.176.000.000 Rp33.216.512.000.000 Rp24.764.096.000.000 Rp44.782.976.000.000 Rp56.052.864.000.000 Total Ekuitas Saham Rp5.499.614.451.000 Rp6.627.262.565.000 Rp8.263.095.754.000 Rp10.194.694.028.000 Rp12.005.946.148.000
