Saran - KESIMPULAN DAN SARAN - pengaruh debt to equity ratio, current

BAB V KESIMPULAN DAN SARAN

5.2 Saran

Berdasarkan hasil penelitian dan kesimpulan yang telah disajikan maka selanjutnya peneliti menyampaikan beberapa saran yang kiranya dapat memberikan manfaat pada pihak-pihak yang terkait atas penelitian ini. Adapun saran-saran yang dapat peneliti sampaikan adalah sebagai berikut:

1. Bagi Peneliti

Menambahkan variabel independen atau faktor-faktor lain yang dapat

mempengaruhi Harga Saham seperti misalnya Market Value Added, Economic

Value Added dan lain-lain sehingga koefisien determinasi lebih mendekati 100%.

2. Bagi Perusahaan LQ45 Pada Bursa Efek Indonesia

Perusahaan harus berusaha agar tetap mempertahankan kinerja baik keuangannya agar tetap mampu bertahan pada Indeks LQ45.

3. Bagi Peneliti Selanjutnya

Diharapkan peneliti selanjutnya menggunakan objek yang berbeda misalnya,

menambahkan sampel perusahaan agar data yang dihasilkan berbeda.

ix Diponegoro.

Hantono, S.E.,S.Pd.,M.Si. 2018. konsep analisa laporan keuanga dengan pendkatan rasio & SPSS. yogyakarta: grup penerbitan CV-budi utama.

Haswar GT . 2019. "pengaruh return on equity, debt to equity ratio dan earning per share terhadap harga saham perusahaan LQ45 pada bursa efek indonesia." . Hadi, Sutrisno. 2015. Statistika. Yogyakarta: Pustaka Pelajar

Husnan, Suad. (2015). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas. (Edisi 5).

Yogyakarta : UPPN STIM YKPN.

Kasmir, 2016, Analisa Laporan Keuangan. Jakarta : Raja Grafindo Persada

sujarweni, v. wiratna. 2017. manejemen keuangan. yogyakarta: pustaka baru pres.

Sugiyono, 2013, Metodelogi Penelitian Kuantitatif, Kualitatif Dan R&D. (Bandung:

ALFABETA)

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung : Alfabeta, CV.

Suryana, jenny, and Indra Widjaja. 2019. "pengaruh Current ratio (CR), Debt to equity ratio, ,Net profit margin (NPM) dan dan Earning per share (EPS) terhadap harga sahamperusahaan konstruksi dan bangunan yang terdaftar di Bursa Efek Indonesia periode." JURNAL MANAJEMEN BISNIS DAN KEWIRAUSAHAAN.

Yulian Elandra, Raja, Tumpa Manik, and Sri Ruwanti. 2018. "Pengaruh Currento,

Return On Asset, Debt to Equity Ratio, Net Profit Margin, dan Price EarningRatio

Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa." Raja

Yulian Elandra, Tumpal Manik, dan Sri Ruwanti 13.

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 2

ADHI KARYA (PERSERO) TBK.

Company Profile

PT Adhi Karya (Persero) Tbk. was established June 3

^rd

, 1974. The company started with a name Architecten-en-Ingenicure Annemersbedrijf Associatie Selleen de Bruyn, Reyerse en de Vries N.V.

(Associatie N.V.), a Dutch company that was nationalized on 11 March 1960, then changed its name to PN Adhi Karya. In the journey of the company, the nationalization process became the momentum that initiated infrastructure development in Indonesia.

The company’s scope of businesses covers: Construction, Energy (Engineering, Procurement, and Construction/EPC), Property, Industry, and Investment.

The company took an active role in giving recommendation on Light Rail Transit (LRT), rail base mass transportation with the objective of reducing traffic level in Jakarta. The LRT project, the first of its kind in Indonesia, is constructed by PT Adhi Karya (Persero) Tbk. using the U-Shape Girder structure. For the first time in Indonesia, the U-Shape Girder is manufactured in the Precast Factory of PT Adhi Karya (Persero) Tbk. in Sentul.

In addition to the Construction and EPC businesses, the Company has operated and profited from the Property and Realty businesses through two subsidiary entities, namely Adhi Persada Properti (APP) and Adhi Persada Realti (APR).

Meanwhile, in the Realty business, we are adopting a strategy of not only developing landed houses, but also managing commercial areas (malls, lifestyle centers and shopping complexes) also with the aim of strengthening our recurring income. From the point of view of market demand, the need for precast concrete has grown significantly in support of major infrastructure projects.

At project sites, the company strives to constantly instill HSE awareness to every employee, through the implementation of following programs: Safety Induction, Safety Morning Talk, and Tool Box Meeting.

In 2016 the company received awards: The Best Strategic Program by Economic Review, Social Business Innovation Company by Warta Ekonomi, Best Mid-cap (ranked 3rd) by Finance Asia, The Best Innovation for Business Development in Construction Industry by Warta Ekonomi.

The Company’s head office is located at Jalan Raya Pasar Minggu Km.18, Jakarta. As of September 30

^th

, 2017, the Company and subsidiaries had 1,371 permanent employees.

Disclaimer:

The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

COMPANY HISTORY SHAREHOLDERS (January 2018)

Established Date : :

Listing Date : :

Underwriter IPO :

PT Ciptadana Sekuritas DIVIDEND ANNOUNCEMENT

Securities Administration Bureau : Cash Recording Payment

Dividend Cum Date Ex Date Date Date

Phone : (021) 350-8077 Fax : (021) 350-8078 BOARD OF COMMISSIONERS

Muhammad Fadjroel Rachman Bobby A.A. Nazief

Hironimus Hilapok *) Muchlis R. Luddin *) Rildo Ananda Anwar Wicipto Setiadi

*) Independent Commissioners

ISSUED HISTORY

BOARD OF DIRECTORS Listing Trading

Budi Harto Type of Listing Date Date

B.E.P. Adji Satmoko Budi Saddewa Soediro Haris Gunawan Pundjung Setya Brata V Partha Sarathi AUDIT COMMITTEE

Muchlis R. Luddin Mukti Wibowo Syaiful

CORPORATE SECRETARY Ki Syahgolang Permata HEAD OFFICE

Phone : (021) 797-5312 Fax : (021) 797-5311 Homepage : www.adhi.co.id Email : [email protected]

08-Aug-06 F

No. Shares

1. First Issue 397,188,000 18-Mar-04 18-Mar-04

Company Listing 918,680,000 18-Mar-04 18-Mar-04

10. Right Issue I 30,081,685 21-Oct-15 21-Oct-15 6.

4. 5.

1. 2. 3.

South Building Jl. Raya Pasar Minggu 18 Jakarta 12510

Bonus F/I

Year Shares

2003 12.30 07-Jul-04 08-Jul-04 12-Jul-04 23-Jul-04 F 2005 19.56 17-Jun-05 20-Jun-05 22-Jun-05 06-Jul-05

12.98 20-Jul-06 21-Jul-06 25-Jul-06 Republic of Indonesia

Public (<5%) 1,816,046,624

1,744,802,752 49.00% 11-Mar-1960

18-Mar-2004

2. 5.

1. 51.00%

Jl. Hayam Wuruk No.28

3. 4.

32.35 04-Jul-11 05-Jul-11 07-Jul-11 20-Jul-11 F 2011 30.33 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F PT Datindo Entrycom

Galca Building 2nd Floor, Datindo Entrycom

1. 2.

2006 10.61 17-Jul-07 18-Jul-07 20-Jul-07 03-Aug-07 F

2008 11.51

2010 2005

02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F 2009 28.26 30-Jun-10 01-Jul-10 05-Jul-10 19-Jul-10 F

2014 35.98 27-Mar-15 30-Mar-15 01-Apr-15 22-Apr-15 I 2015 26.23 15-Apr-16 18-Apr-16 20-Apr-16 12-May-16 F 2012 23.49 13-May-13 14-May-13 16-May-13 29-May-13 F 2013 67.61 04-Apr-14 07-Apr-14 10-Apr-14 25-Apr-14 F

4. Employee Stock Allocation (ESA) 44,132,000 18-Mar-04 26-Jun-04 5. Right Issue I 897,366,624 09-Oct-15 09-Oct-15 3. Employee Management Buy Out (EMBO) 441,320,000

16-Oct-15 9. Right Issue I 169,499,395 19-Oct-15 19-Oct-15 6. Right Issue I 259,180,948 13-Oct-15 13-Oct-15 7. Right Issue I 90,316,424 15-Oct-15 15-Oct-15 8. Right Issue I 313,084,300 16-Oct-15

18-Mar-04 03-Jul-06

133 | 7.94T | 0.11% | 90.01% 52 | 10.0T | 0.53% | 73.40%

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 3

ADHI KARYA (PERSERO) TBK.

Company Profile

PT Adhi Karya (Persero) Tbk. was established June 3

^rd

, 1974. The company started with a name Architecten-en-Ingenicure Annemersbedrijf Associatie Selleen de Bruyn, Reyerse en de Vries N.V.

(Associatie N.V.), a Dutch company that was nationalized on 11 March 1960, then changed its name to PN Adhi Karya. In the journey of the company, the nationalization process became the momentum that initiated infrastructure development in Indonesia.

The company’s scope of businesses covers: Construction, Energy (Engineering, Procurement, and Construction/EPC), Property, Industry, and Investment.

The company took an active role in giving recommendation on Light Rail Transit (LRT), rail base mass transportation with the objective of reducing traffic level in Jakarta. The LRT project, the first of its kind in Indonesia, is constructed by PT Adhi Karya (Persero) Tbk. using the U-Shape Girder structure. For the first time in Indonesia, the U-Shape Girder is manufactured in the Precast Factory of PT Adhi Karya (Persero) Tbk. in Sentul.

In addition to the Construction and EPC businesses, the Company has operated and profited from the Property and Realty businesses through two subsidiary entities, namely Adhi Persada Properti (APP) and Adhi Persada Realti (APR).

Meanwhile, in the Realty business, we are adopting a strategy of not only developing landed houses, but also managing commercial areas (malls, lifestyle centers and shopping complexes) also with the aim of strengthening our recurring income. From the point of view of market demand, the need for precast concrete has grown significantly in support of major infrastructure projects.

At project sites, the company strives to constantly instill HSE awareness to every employee, through the implementation of following programs: Safety Induction, Safety Morning Talk, and Tool Box Meeting.

In 2016 the company received awards: The Best Strategic Program by Economic Review, Social Business Innovation Company by Warta Ekonomi, Best Mid-cap (ranked 3rd) by Finance Asia, The Best Innovation for Business Development in Construction Industry by Warta Ekonomi.

The Company’s head office is located at Jalan Raya Pasar Minggu Km.18, Jakarta. As of September 30

^th

, 2017, the Company and subsidiaries had 1,371 permanent employees.

Disclaimer:

COMPANY HISTORY SHAREHOLDERS (January 2018)

Established Date : :

Listing Date : :

Underwriter IPO :

PT Ciptadana Sekuritas DIVIDEND ANNOUNCEMENT

Securities Administration Bureau : Cash Recording Payment

Dividend Cum Date Ex Date Date Date

Phone : (021) 350-8077 Fax : (021) 350-8078 BOARD OF COMMISSIONERS

Muhammad Fadjroel Rachman Bobby A.A. Nazief

Hironimus Hilapok *) Muchlis R. Luddin *) Rildo Ananda Anwar Wicipto Setiadi

*) Independent Commissioners

ISSUED HISTORY

BOARD OF DIRECTORS Listing Trading

Budi Harto Type of Listing Date Date

B.E.P. Adji Satmoko Budi Saddewa Soediro Haris Gunawan Pundjung Setya Brata V Partha Sarathi AUDIT COMMITTEE

Muchlis R. Luddin Mukti Wibowo Syaiful

CORPORATE SECRETARY Ki Syahgolang Permata HEAD OFFICE

Phone : (021) 797-5312 Fax : (021) 797-5311 Homepage : www.adhi.co.id Email : [email protected]

08-Aug-06 F

No. Shares

1. First Issue 397,188,000 18-Mar-04 18-Mar-04

Company Listing 918,680,000 18-Mar-04 18-Mar-04

10. Right Issue I 30,081,685 21-Oct-15 21-Oct-15 6.

South Building Jl. Raya Pasar Minggu 18 Jakarta 12510

Bonus F/I

Year Shares

2003 12.30 07-Jul-04 08-Jul-04 12-Jul-04 23-Jul-04 F 2005 19.56 17-Jun-05 20-Jun-05 22-Jun-05 06-Jul-05

12.98 20-Jul-06 21-Jul-06 25-Jul-06 Republic of Indonesia

Public (<5%) 1,816,046,624

1,744,802,752 49.00%

11-Mar-1960 18-Mar-2004

1. 51.00%

Jl. Hayam Wuruk No.28

32.35 04-Jul-11 05-Jul-11 07-Jul-11 20-Jul-11 F 2011 30.33 05-Jun-12 06-Jun-12 08-Jun-12 22-Jun-12 F PT Datindo Entrycom

Galca Building 2nd Floor, Datindo Entrycom

2006 10.61 17-Jul-07 18-Jul-07 20-Jul-07 03-Aug-07 F

2008 11.51

2010 2005

02-Jul-09 03-Jul-09 07-Jul-09 22-Jul-09 F 2009 28.26 30-Jun-10 01-Jul-10 05-Jul-10 19-Jul-10 F

4. Employee Stock Allocation (ESA) 44,132,000 18-Mar-04 26-Jun-04 5. Right Issue I 897,366,624 09-Oct-15 09-Oct-15 3. Employee Management Buy Out (EMBO) 441,320,000

16-Oct-15 9. Right Issue I 169,499,395 19-Oct-15 19-Oct-15 6. Right Issue I 259,180,948 13-Oct-15 13-Oct-15 7. Right Issue I 90,316,424 15-Oct-15 15-Oct-15 8. Right Issue I 313,084,300 16-Oct-15

18-Mar-04 03-Jul-06

133 | 7.94T | 0.11% | 90.01%

52 | 10.0T | 0.53% | 73.40%

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 4

SHARES TRADED Volume (Million Sh.) Value (Billion Rp) Frequency (Thou. X) Days

Price (Rupiah) High Low Close Close*

PER (X) PER Industry (X) PBV (X)

* Adjusted price after corporate action

1.43 1.44

949,746 576,447 2,067,005 424,212

64,117

523,862 885,065 53,545

2,220 2,300 3,780

3,625 3,480 81,342

440,890 1,965 1,705 1,885

2,230 57,126 616,400 1,299,800 449,201

1,955

48,250

672,513 1,613,341 2,765 47,276 291,008 876,099

525,345 1,119,272 1,201,936 2,604,099 540,360 1,214,604 317,411 683,169 102,153

55,399 85,168

800,468 508,406 1,087,262 2,680

469,371

367,303 933,209

22 23 20

21 19 22 21 18 21 18

2,700

371,638 945,245 2,830 35,306 393,230 1,105,417

19 20

16 43,538 232,483 639,163 2,780 56,416 568,723 1,501,669

2,780 933,533

2,810 2,435

49,578 297,973

573,781 1,597,729

64,269 520,481 1,843,502 86,169

50,309 514,322 1,636,032

2,875,053 45,534

165,105 494,676 298,984 938,382 320,944 925,441 2,676,720 890,637

678,458 2,147,006 1,142,279

3,870 3,330 Jul-14

Aug-14 3,420

1,850 1,425 1,780 3,110 2,275 2,995 2,985 3,340 2,950 3,130

2,675 3,335 3,150

Dec-14 Jun-14 May-14

2,920 2,320 2,755 58,999 3,110 77,411 2,765 30,838 2,620 2,785 3,230 3,025 3,070 40,426

2,725

Nov-14 Oct-14 Sep-14 3,160

3,440 2,740

3,480 2,140 2,080 1,885 2,230 2,470 2,370 1,425 1,665 1,830

3,625

2,340 1,855 2,250 2,540 1,910 3,475 3,180 Apr-15

3,320 3,695

2,940 2,490 2,505

2,370 1,805 Sep-15

Apr-16

Aug-16

21 19

Jun-15 2,020 59,436 343,741 745,375

2,795 2,010 2,300 89,892 Jul-15

2,990 3,055 Jan-14

Apr-14 Mar-14

May-15 Mar-15 Feb-15 Jan-15

21 Aug-15 2,340 1,665 1,995

21 19 Dec-15 2,270 2,040 2,140 34,926

Nov-15 21

Oct-15 2,410 1,850 2,230 2,345 2,105 2,200

519,063 1,413,655 70,761 366,814 731,984

21 Mar-16

Feb-16 20

Jan-16

2,745 2,475 2,610 55,500 549,180 1,444,345 2,840 2,555

2,910 2,645 2,6752,690 49,75048,667 562,525 1,558,604 2,580 2,070 2,550 70,823 856,813 2,027,511

22 Jul-16

2,860 2,660 2,670 53,421

Jun-16 22

May-16 2,710 2,420 2,570 44,806

2,830 2,530 2,780 44,156 448,114 1,224,428 2,900

590,369 1,634,318

Dec-16 20

Nov-16 2,270 1,830 1,910 42,844

Oct-16 21

Sep-16

692,729 1,295,451 338,379

2,280 1,855 2,080 64,378 622,275

2,360 58,883 449,387 1,124,446 2,510 2,130 2,270 48,902 375,525 881,747 2,730 2,310

Mar-17 22

Feb-17

Jan-17 2,260 2,030 2,100 38,049 371,611 802,129 21 2,350 1,945 2,130 56,156 691,793 1,485,856

1,203,799 2,470 2,080 2,370 48,413 517,551

May-17 20

Apr-17 2,420 2,150 2,260 27,827 273,299 623,911 2,420 2,150 2,350 26,000 240,181 549,671 Jun-17 2,340 2,130 2,150 17,209 145,864 321,552 15

Jul-17 21

Oct-17

2,240 1,950 2,220 44,200

39,486 22

19 Aug-17

22 2,280 1,975

2,090 1,930 2,000 20,920 182,482

22 Sep-17

2,190 32,801 377,107

Dec-17 889,878

22 2,000 2,020 22,832 215,316

2014 2015 2016 2017 Jan-18 18,4156,662 15,0875,887 15,3486,076 9,5144,434 1,300616

667 767 617

22 3,870

1,805 2,953 2,140 2,080 1,885

422 57

242

2,230 2,910

1,705

Nov-17 238

Jan-18

244 246

1,955

6.70 46.54 16.43 48.23 100.91 9.57 16.29 13.36 24.89 14.46

1.76 4.10 1.48

Feb-14

20 20 20 2,390 1,755 2,340 51,62434,825 769,177 1,595,184

30 60 90 120 150 180 210 240

425 850 1,275 1,700 2,125 2,550 2,975 3,400

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

56.7%

70.7%

52.7%

-25%

- 25%

50%

75%

100%

125%

150%

175%

Jan 14 Jan 15 Jan 16 Jan 17 Jan 18

Property, Real Estate and Bulding Construction Index January 2014 - January 2018

Closing Price*, Jakarta Composite Index (IHSG) and

BALANCE SHEET (Million Rp except Par Value) Cash & Cash Equivalents Receivables

Inventories Investment Fixed Assets Other Assets Total Assets Growth (%) Trade Payable Total Liabilities Growth (%)

Authorized Capital Paid up Capital Paid up Capital (Shares) Par Value

Retained Earnings Total Equity Growth (%)

INCOME STATEMENTS Total Revenues

Growth (%) Cost of Revenues Gross Profit Operating Expenses Operating Profit Growth (%)

Other Income (Expenses) Income before Tax Tax

Profit for the period Growth (%) Period Attributable Comprehensive Income Comprehensive Attributable RATIOS

Dividend (Rp) EPS (Rp) BV (Rp) DAR (X) DER(X) ROA (%) ROE (%) GPM (%) OPM (%) NPM (%) Payout Ratio (%) Yield (%)

7.59% 60.26% 19.89%

411,831 271,257 496,096 1,099,427 1,459,816 1,404,878 161,560 132,014 162,651 131,016

9,720,962 10,458,882 24,432,310

27,893 186,808

180,132 180,132 356,085 356,085 356,085

13.11% 194.72% 5.44% 1.97%

100 100 100 100 100

1,307,301

Dec-15 Dec-14

Dec-13

1,088,185 60,034 52,850 399,640

6.54%

3,255,398 1,939,960

2,705,085 3,214,051 3,311,392 1,596,824 3,472,567 811,412 4,317,348 3,364,910 3,801,176

21.58% 11,598,932 14,652,656 18,882,432 4,923,213 6,489,310

3.38 67.61 226.74 859.63 0.84 5.28 4.20

7,655,377 8,414,926 9,948,797 7,702,640 9,799,598 8,653,578 9,389,570 11,063,943

33.21%

1,247,711 998,202 1,006,724 1,184,570 1,131,380

714,365 599,557 746,091 612,622 461,185 - 724,884 611,230 728,591

4.17

0.83 4.97 3.17 18.94 26.38

12.73 -

0.77 3.40 - 57.69 1,558.58 2.25

1,509,579 1,789,885 2,024,446 2,135,488 1,548,463 1,751,543 5,162,132 5,442,780 5,549,878

764,970

1,528.51 184.12

Sep-17 205,430 17.83%

8.51%

Dec-16

29.82

0.73 2.69

19.54 Dec-13 Dec-14 972.37 35.98

Dec-15 Dec-16 - 88.49 26.23

130.59 1,449.69 0.69

8,714,879 -11.69%

-15.68%

305,927 267,896 281,066 255,755

-108,337 -125,327 134,861 -115,969 -303,785 19.20%

- 1.80

6.51 4.95 20.08 1.31

3.70 12.98 0.84 11.54

8.38 3.83

1.57 5.79 10.71 6.59 2.85 - 2.77

9.01 10.72

8.78 2.36 - 8,606,444

544,000 544,000 544,000 544,000 544,000

40.21% -32.24%

3,561 345,943

334,751 20,095,436

Sep-17

1,801 1,801 3,561 3,561

26.33% 28.87% 16,761,064

8,172,499 8,707,338

4,767,420 8,372,701 8,674,991

65,081

409,862 304,311 878,754 404,657 205,430 407,401 301,726 877,408 403,000 205,077

408,438 465,026

273,318 425,009

297,515 315,108 331,661

-18.80%

405,977 329,075 463,685 313,451 205,077 395,494 455,979 366,411

- 5,000 10,000 15,000 20,000 25,000

2013 2014 2015 2016 Sep-17

Assets Liabilities

TOTAL ASSETS AND LIABILITIES(Bill. Rp)

1,548 1,752

5,162 5,443 5,550

2013 2014 2015 2016 Sep-17

-111 1,021 2,153 3,286 4,418 5,550

TOTAL EQUITY(Bill. Rp)

9,800

8,654 9,390 11,064

8,715

2013 2014 2015 2016 Sep-17

-221 2,036 4,293 6,550 8,807 11,064

TOTAL REVENUES(Bill. Rp)

408 332

465

315

205

2013 2014 2015 2016 Sep-17

-9 86 180 275 370

PROFIT FOR THE PERIOD (Bill. Rp)

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 5

SHARES TRADED

Volume (Million Sh.) Value (Billion Rp) Frequency (Thou. X) Days

Price (Rupiah) High Low Close Close*

PER (X) PER Industry (X) PBV (X)

* Adjusted price after corporate action

1.43 1.44

949,746 576,447 2,067,005 424,212

64,117

523,862 885,065 53,545

2,220 2,300 3,780

3,625 3,480 81,342

440,890 1,965 1,705 1,885

2,230 57,126 616,400 1,299,800 449,201

1,955

48,250

672,513 1,613,341 2,765 47,276 291,008 876,099

525,345 1,119,272 1,201,936 2,604,099 540,360 1,214,604 317,411 683,169 102,153

55,399 85,168

800,468 508,406 1,087,262 2,680

469,371

367,303 933,209

22 23 20

21 19 22 21 18 21 18

2,700

371,638 945,245 2,830 35,306 393,230 1,105,417

19 20

16 43,538 232,483 639,163 2,780 56,416 568,723 1,501,669

2,780 933,533

2,810 2,435

49,578 297,973

573,781 1,597,729

64,269 520,481 1,843,502 86,169

50,309 514,322 1,636,032

2,875,053 45,534

165,105 494,676 298,984 938,382 320,944 925,441 2,676,720 890,637

678,458 2,147,006 1,142,279

3,870 3,330 Jul-14

Aug-14 3,420

1,850 1,425 1,780 3,110 2,275 2,995 2,985 3,340 2,950 3,130

2,675 3,335 3,150

Dec-14 Jun-14 May-14

2,920 2,320 2,755 58,999 3,110 77,411 2,765 30,838 2,620 2,785 3,230 3,025 3,070 40,426

2,725

Nov-14 Oct-14 Sep-14 3,160

3,440 2,740

3,480 2,140 2,080 1,885 2,230 2,470 2,370 1,425 1,665 1,830

3,625

2,340 1,855 2,250 2,540 1,910 3,475 3,180 Apr-15

3,320 3,695

2,940 2,490 2,505

2,370 1,805 Sep-15

Apr-16

Aug-16

21 19

Jun-15 2,020 59,436 343,741 745,375

2,795 2,010 2,300 89,892 Jul-15

2,990 3,055 Jan-14

Apr-14 Mar-14

May-15 Mar-15 Feb-15 Jan-15

21 Aug-15 2,340 1,665 1,995

21 19 Dec-15 2,270 2,040 2,140 34,926

Nov-15 21

Oct-15 2,410 1,850 2,230 2,345 2,105 2,200

519,063 1,413,655 70,761 366,814 731,984

21 Mar-16

Feb-16 20

Jan-16

2,745 2,475 2,610 55,500 549,180 1,444,345 2,840 2,555

2,910 2,645 2,6752,690 49,75048,667 562,525 1,558,604 2,580 2,070 2,550 70,823 856,813 2,027,511

22 Jul-16

2,860 2,660 2,670 53,421

Jun-16 22

May-16 2,710 2,420 2,570 44,806

2,830 2,530 2,780 44,156 448,114 1,224,428 2,900

590,369 1,634,318

Dec-16 20

Nov-16 2,270 1,830 1,910 42,844

Oct-16 21

Sep-16

692,729 1,295,451 338,379

2,280 1,855 2,080 64,378 622,275

2,360 58,883 449,387 1,124,446 2,510 2,130 2,270 48,902 375,525 881,747 2,730 2,310

Mar-17 22

Feb-17

Jan-17 2,260 2,030 2,100 38,049 371,611 802,129 21 2,350 1,945 2,130 56,156 691,793 1,485,856

1,203,799 2,470 2,080 2,370 48,413 517,551

May-17 20

Apr-17 2,420 2,150 2,260 27,827 273,299 623,911 2,420 2,150 2,350 26,000 240,181 549,671 Jun-17 2,340 2,130 2,150 17,209 145,864 321,552 15

Jul-17 21

Oct-17

2,240 1,950 2,220 44,200

39,486 22

19 Aug-17

22 2,280 1,975

2,090 1,930 2,000 20,920 182,482

22 Sep-17

2,190 32,801 377,107

Dec-17 889,878

22 2,000 2,020 22,832 215,316

2014 2015 2016 2017 Jan-18 18,4156,662 15,0875,887 15,3486,076 9,5144,434 1,300616

667 767 617

22 3,870

1,805 2,953 2,140 2,080 1,885

422 57

242

2,230 2,910

1,705

Nov-17 238

Jan-18

244 246

1,955

6.70 46.54 16.43 48.23 100.91 9.57 16.29 13.36 24.89 14.46

1.76 4.10 1.48

Feb-14

20 20 20 2,390 1,755 2,340 51,62434,825 769,177 1,595,184

30 60 90 120 150 180 210 240

425 850 1,275 1,700 2,125 2,550 2,975 3,400

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

56.7%

70.7%

52.7%

-25%

- 25%

50%

75%

100%

125%

150%

175%

Jan 14 Jan 15 Jan 16 Jan 17 Jan 18

Property, Real Estate and Bulding Construction Index January 2014 - January 2018

Closing Price*, Jakarta Composite Index (IHSG) and

BALANCE SHEET (Million Rp except Par Value) Cash & Cash Equivalents Receivables

Inventories Investment Fixed Assets Other Assets Total Assets Growth (%) Trade Payable Total Liabilities Growth (%)

Authorized Capital Paid up Capital Paid up Capital (Shares) Par Value

Retained Earnings Total Equity Growth (%)

INCOME STATEMENTS Total Revenues

Growth (%) Cost of Revenues Gross Profit Operating Expenses Operating Profit Growth (%)

Other Income (Expenses) Income before Tax Tax

Profit for the period Growth (%) Period Attributable Comprehensive Income Comprehensive Attributable RATIOS

Dividend (Rp) EPS (Rp) BV (Rp) DAR (X) DER(X) ROA (%) ROE (%) GPM (%) OPM (%) NPM (%) Payout Ratio (%) Yield (%)

7.59% 60.26% 19.89%

411,831 271,257 496,096 1,099,427 1,459,816 1,404,878 161,560 132,014 162,651 131,016

9,720,962 10,458,882 24,432,310

27,893 186,808

180,132 180,132 356,085 356,085 356,085

13.11% 194.72% 5.44% 1.97%

100 100 100 100 100

1,307,301

Dec-15 Dec-14

Dec-13

1,088,185 60,034 52,850 399,640

6.54%

3,255,398 1,939,960

2,705,085 3,214,051 3,311,392 1,596,824 3,472,567 811,412 4,317,348 3,364,910 3,801,176

21.58%

11,598,932 14,652,656 18,882,432 4,923,213 6,489,310

3.38 67.61 226.74 859.63 0.84 5.28 4.20

7,655,377 8,414,926 9,948,797 7,702,640 9,799,598 8,653,578 9,389,570 11,063,943

33.21%

1,247,711 998,202 1,006,724 1,184,570 1,131,380

714,365 599,557 746,091 612,622 461,185 - 724,884 611,230 728,591

4.17

0.83 4.97 3.17 18.94 26.38

12.73 -

0.77 3.40 - 57.69 1,558.58 2.25

1,509,579 1,789,885 2,024,446 2,135,488 1,548,463 1,751,543 5,162,132 5,442,780 5,549,878

764,970

1,528.51 184.12

Sep-17 205,430 17.83%

8.51%

Dec-16

29.82

0.73 2.69

19.54 Dec-13 Dec-14 972.37 35.98

Dec-15 Dec-16 - 88.49 26.23

130.59 1,449.69 0.69

8,714,879 -11.69%

-15.68%

305,927 267,896 281,066 255,755

-108,337 -125,327 134,861 -115,969 -303,785 19.20%

- 1.80

6.51 4.95 20.08 1.31

3.70 12.98 0.84 11.54

8.38 3.83

1.57 5.79 10.71 6.59 2.85 - 2.77

9.01 10.72

8.78 2.36 - 8,606,444

544,000 544,000 544,000 544,000 544,000

40.21% -32.24%

3,561 345,943

334,751 20,095,436

Sep-17

1,801 1,801 3,561 3,561

26.33% 28.87%

16,761,064

8,172,499 8,707,338

4,767,420 8,372,701 8,674,991

65,081

409,862 304,311 878,754 404,657 205,430 407,401 301,726 877,408 403,000 205,077

408,438 465,026

273,318 425,009

297,515 315,108 331,661

-18.80%

405,977 329,075 463,685 313,451 205,077 395,494 455,979 366,411

- 5,000 10,000 15,000 20,000 25,000

2013 2014 2015 2016 Sep-17

Assets Liabilities

TOTAL ASSETS AND LIABILITIES(Bill. Rp)

1,548 1,752

5,162 5,443 5,550

2013 2014 2015 2016 Sep-17

-111 1,021 2,153 3,286 4,418 5,550

TOTAL EQUITY(Bill. Rp)

9,800

8,654 9,390 11,064

8,715

2013 2014 2015 2016 Sep-17

-221 2,036 4,293 6,550 8,807 11,064

TOTAL REVENUES(Bill. Rp)

408 332

465

315

205

2013 2014 2015 2016 Sep-17

-9 86 180 275 370

PROFIT FOR THE PERIOD (Bill. Rp)

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 6

ADARO ENERGY TBK.

Company Profile

PT Adaro Energy Tbk. was established July 28

^th

, 2004. The Company is an Indonesia-based integrated coal mining company. The Company and subsidiaries are engaged in coal mining, coal trading, mining contractor services, infrastructure, coal logistics and power generation activities and water treatment. The Company commenced its commercial operations in July 2005.

The Company is a leading Indonesian coal mining company and Indonesia's second-largest producer of thermal coal. The company operates the largest single coal mine in the country (in South Kalimantan) and aims to be a leading integrated coal mining and energy group in Southeast Asia.

The Company produces coal that is less environment unfriendly due to its low content of sulfur, nitrogen and ash. This coal is globally trademarked as envirocoal. About 25 percent of its coal production is consumed on the domestic market, mainly for power generation by coal-fired plants. Major export markets of Adaro Energy's coal are India, Spain, Japan, South Korea and China. The subsidiaries combine with a range of contractors to produce and deliver coal with industry-leading efficiency and low cost.

The Company’s head office is domiciled in Jakarta and located at Menara Karya Building, 23

^rd

Floor, Jln. H.R. Rasuna Said Block X-5, Kav. 1-2, South Jakarta. As December 31

^st

, 2017, the Company and its subsidiaries had 8,842 permanent employees.

Disclaimer:

COMPANY HISTORY SHAREHOLDERS (January 2018)

Established Date : :

Listing Date : :

Underwriter IPO : :

PT Danatama Makmur

Securities Administration Bureau : DIVIDEND ANNOUNCEMENT

Cash Recording Payment

Dividend Cum Date Ex Date Date Date

Phone : (021) 521-2316, 2317 Fax : (021) 521-2320 BOARD OF COMMISSIONERS

Edwin Soeryadjaya Arini Saraswaty Subianto Palgunadi Tatit Setyawan *) Raden Pardede *)

Theodore Permadi Rachmat *) Independent Commissioners

BOARD OF DIRECTORS Garibaldi Thohir Chia Ah Hoo

Christian Ariano Rachmat David Tendian

Julius Aslan M. Syah Indra Aman Siswanto Prawiroatmodjo

ISSUED HISTORY

AUDIT COMMITTEE Listing Trading

Palgunadi Tatit Setyawan Type of Listing Date Date

Irwandy Arif Mamat Ma'Mun CORPORATE SECRETARY Mahardika Putranto HEAD OFFICE

Phone : (021) 2553-3000 Fax : (021) 2559-3083 Homepage : www.adaro.com

Email : [email protected] 5.

4. 5.

1. 2. 3.

Menara Karya 23th Floor

Jln. H.R. Rasuna Said, Blok X-5, Kv. 1-2 Jakarta 12950

No. Shares

1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08 2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09

2017 ^US$0.00313 28-Dec-17 29-Dec-17 03-Jan-18 12-Jan-18 I

2016 25.62 28-Dec-16 29-Dec-16 03-Jan-17 13-Jan-17 I 2016 16.78 04-May-17 05-May-17 09-May-17 26-May-17 F 2015 15.29 28-Dec-15 29-Dec-15 04-Jan-16 15-Jan-16 I 2015 17.51 25-Apr-16 26-Apr-16 28-Apr-16 20-May-16 F 2014 11.73 24-Dec-14 29-Dec-14 02-Jan-15 16-Jan-15 I 2014 18.52 30-Apr-15 04-May-15 06-May-15 27-May-15 F

28-May-14 12-Jun-14 F

15-Jan-13 I 2012 12.36 29-May-13 30-May-13 03-Jun-13 12-Jun-13 F 12-Jun-12 F 2012 12.13 29-May-12 30-May-12 01-Jun-12 12-Jun-12 I 2009 17.00 02-Jun-10 03-Jun-10 07-Jun-10

2010 9.85 26-Nov-10 29-Nov-10 01-Dec-10

2010 20.50 27-May-11

2012 10.65 26-Dec-12 27-Dec-12 02-Jan-13

3. 1. 2.

6. 7.

29-May-12 30-May-12 01-Jun-12

2013 13.47 26-May-14

6.18% 28-Jul-2004

16-Jul-2008

F 10-Dec-10 I

09-Jun-11 15,963,903,790

30-May-11 01-Jun-11

2011 53.66

F 2011 21.35 28-Nov-11 29-Nov-11 01-Dec-11 09-Dec-11 I

02-Jun-14

2013 15.30 24-Dec-13 27-Dec-13 02-Jan-14 16-Jan-14 I 3. Public (<5%)

PT Ficomindo Buana Registrar

Mayapada Tower 10th Fl. Suite 02 B, Jln. Jend. Sudirman Kav. 28,

1. 2. 4.

18-Jun-10

Year Shares

30-Dec-09

26-Aug-09 11-Sep-09

16-Dec-09 Karet - Setiabudi, Jakarta 12920

12.00 11-Dec-09 14-Dec-09 11.80

2008

49.91%

F/I

1. 43.91%

28-Aug-09 F

I Bonus

2009 25-Aug-09

PT Adaro Strategic Investments

Garibaldi Thohir 14,045,425,500

1,976,632,710

14 | 78.4T | 1.07% | 53.99% 23 | 18.5T | 0.98% | 52.74%

RESEARCH AND DEVELOPMENT DIVISION • INDONESIA STOCK EXCHANGE 7

ADARO ENERGY TBK.

Company Profile

PT Adaro Energy Tbk. was established July 28

^th

, 2004. The Company is an Indonesia-based integrated coal mining company. The Company and subsidiaries are engaged in coal mining, coal trading, mining contractor services, infrastructure, coal logistics and power generation activities and water treatment. The Company commenced its commercial operations in July 2005.

The Company is a leading Indonesian coal mining company and Indonesia's second-largest producer of thermal coal. The company operates the largest single coal mine in the country (in South Kalimantan) and aims to be a leading integrated coal mining and energy group in Southeast Asia.

The Company produces coal that is less environment unfriendly due to its low content of sulfur, nitrogen and ash. This coal is globally trademarked as envirocoal. About 25 percent of its coal production is consumed on the domestic market, mainly for power generation by coal-fired plants. Major export markets of Adaro Energy's coal are India, Spain, Japan, South Korea and China. The subsidiaries combine with a range of contractors to produce and deliver coal with industry-leading efficiency and low cost.

The Company’s head office is domiciled in Jakarta and located at Menara Karya Building, 23

^rd

Floor, Jln. H.R. Rasuna Said Block X-5, Kav. 1-2, South Jakarta. As December 31

^st

, 2017, the Company and its subsidiaries had 8,842 permanent employees.

Disclaimer:

COMPANY HISTORY SHAREHOLDERS (January 2018)

Established Date : :

Listing Date : :

Underwriter IPO : :

PT Danatama Makmur

Securities Administration Bureau : DIVIDEND ANNOUNCEMENT

Cash Recording Payment

Dividend Cum Date Ex Date Date Date

Phone : (021) 521-2316, 2317 Fax : (021) 521-2320 BOARD OF COMMISSIONERS

Edwin Soeryadjaya Arini Saraswaty Subianto Palgunadi Tatit Setyawan *) Raden Pardede *)

Theodore Permadi Rachmat *) Independent Commissioners

BOARD OF DIRECTORS Garibaldi Thohir Chia Ah Hoo

Christian Ariano Rachmat David Tendian

Julius Aslan M. Syah Indra Aman Siswanto Prawiroatmodjo

ISSUED HISTORY

AUDIT COMMITTEE Listing Trading

Palgunadi Tatit Setyawan Type of Listing Date Date

Irwandy Arif Mamat Ma'Mun CORPORATE SECRETARY Mahardika Putranto HEAD OFFICE

Phone : (021) 2553-3000 Fax : (021) 2559-3083 Homepage : www.adaro.com

Email : [email protected] 5.

Menara Karya 23th Floor

Jln. H.R. Rasuna Said, Blok X-5, Kv. 1-2 Jakarta 12950

No. Shares

1. First Issue 11,139,331,000 16-Jul-08 16-Jul-08 2. Company Listing 20,846,631,000 16-Jul-08 16-Apr-09

2017 ^US$0.00313 28-Dec-17 29-Dec-17 03-Jan-18 12-Jan-18 I

28-May-14 12-Jun-14 F

15-Jan-13 I 2012 12.36 29-May-13 30-May-13 03-Jun-13 12-Jun-13 F 12-Jun-12 F 2012 12.13 29-May-12 30-May-12 01-Jun-12 12-Jun-12 I 2009 17.00 02-Jun-10 03-Jun-10 07-Jun-10

2010 9.85 26-Nov-10 29-Nov-10 01-Dec-10

2010 20.50 27-May-11

2012 10.65 26-Dec-12 27-Dec-12 02-Jan-13

29-May-12 30-May-12 01-Jun-12

2013 13.47 26-May-14

6.18%

28-Jul-2004 16-Jul-2008

F 10-Dec-10 I

09-Jun-11 15,963,903,790

30-May-11 01-Jun-11

2011 53.66

F 2011 21.35 28-Nov-11 29-Nov-11 01-Dec-11 09-Dec-11 I

02-Jun-14

2013 15.30 24-Dec-13 27-Dec-13 02-Jan-14 16-Jan-14 I 3. Public (<5%)

PT Ficomindo Buana Registrar

Mayapada Tower 10th Fl. Suite 02 B, Jln. Jend. Sudirman Kav. 28,

18-Jun-10

Year Shares

30-Dec-09

26-Aug-09 11-Sep-09

16-Dec-09 Karet - Setiabudi, Jakarta 12920

12.00 11-Dec-09 14-Dec-09 11.80

2008

49.91%

F/I

1. 43.91%

28-Aug-09 F

I Bonus

2009 25-Aug-09

PT Adaro Strategic Investments

Garibaldi Thohir 14,045,425,500

1,976,632,710

14 | 78.4T | 1.07% | 53.99%

23 | 18.5T | 0.98% | 52.74%

Dalam dokumen pengaruh debt to equity ratio, current (Halaman 124-200)