Lampiran 1 Daftar Populasi Perusahaan Perbankan di Bursa Efek Indonesia Tahun 2010 2012 No Kode Saham Nama Emiten Kriteria 1 Kriteria 2 Kriteria 3 1 AGRO Bank Rakyat Indonesia Agro Niaga Tbk X - 2 BABP Bank ICB Bumi Putra Tbk 1 3 BACA Bank Capital Indonesia Tbk 2 4 BAEK Bank Ekonomi Raharja Tbk X - 5 BBCA Bank Central Asia Tbk 3 6 BBKP Bank Bukopin Tbk 4 7 BBNI Bank Negara Indonesia (Persero) Tbk 5 8 BBNP Bank Nusantara Parahyangan Tbk X - 9 BBRI Bank Rakyat Indonesia (Persero) Tbk 6 10 BBTN Bank Tabungan Negara (Persero) Tbk X - 11 BCIC Bank Mutiara Tbk X - 12 BDMN Bank Danamon Indonesia Tbk 7 13 BEKS Bank Pundi Indonesia Tbk 8 14 BJBR Bank Jabar Banten Tbk X - 15 BJTM Bank Pembangunan Daerah Jawa Timur X - (Tbk) 16 BKSW Bank QNB Kesawan Tbk 9 17 BMRI Bank Mandiri (Persero) Tbk 10 18 BNBA Bank Bumi Arta Tbk 11 19 BNGA Bank CIMB Niaga Tbk 12 20 BNII Bank Internasional Indonesia Tbk X - 21 BNLI Bank Permata Tbk 22 BSIM Bank Sinar Mas Tbk X - 13 23 BSWD Bank Swadesi Tbk X - 24 BTPN Bank Tabungan Pensiunan Nasional Tbk 14 25 BVIC Bank Victoria International Tbk 15 106
26 INPC 27 MAYA 28 MCOR Bank Artha Graha International Tbk Bank Mayapada International Tbk Bank Windu Kentjana International Tbk 16 X X - 29 MEGA Bank Mega Tbk 30 NISP Bank NISP OCBC Tbk 31 PNBN Bank Pan Indonesia Tbk 32 SDRA Keterangan: Kriteria 1 Kriteria 2 Kriteria 3 Bank Himpunan Saudara 1906 Tbk 17 18 19 20 21 : Perusahaan perbankan yang terdaftar di Bursa Efek Indonesia secara konsisten dan tidak pernah di-suspend pada tahun 2010 2012. : Perusahaan yang melaporkan secara publik laporan keuangan tahunan yang telah diaudit untuk masa tahun 2010 2012. : Perusahaan perbankan yang sahamnya aktif diperdagangkan dan memiliki data harga saham yang lengkap pada tahun 2010 2012. Lampiran 2 Harga Saham Perusahaan Perbankan Tahun 2009-2012 (dalam Rupiah) Kode Perusahaan 2009 2010 2011 2012 BABP 88 119 128 142 BACA 98 97 145 127 BBCA 3.777 5.852 7.421 7.971 BBKP 328 593 662 641 BBNI 1.545 2.972 3.873 3.819 BBRI 6.281 9.292 6.158 6.846 BDMN 3.956 5.565 5.502 5.413 BEKS 80 135 138 142 BKSW 693 831 703 684 BMRI 3.455 5.888 6.783 7.533 BNBA 104 138 153 176 107
BNGA 626 1.18 1.557 1.173 BNLI 645 1.424 1.608 1.416 BTPN 2.281 9.679 4.825 4.321 BVIC 115 135 141 126 INPC 65 76 92 114 MCOR 103 138 150 215 MEGA 2.688 2.642 3.456 3.36 NISP 757 1.211 1.24 1.241 PNBN 666 1.049 920 765 SDRA 165 276 197 468 Rata-rata 1.96 2.069 2.796 2.025 Tertinggi 6.281 9.679 7.421 7.971 Terendah 65 76 92 114 Lampiran 3 Langkah Perhitungan NOPAT Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Beban Tahun Tax (1-T) EBT EBIT NOPAT Perusahaan Bunga BABP 2009 0,55466 0,44534 11.324 430.072 441.396 196.570,12 2010 0,30602 0,69398 17.535 435.035 452.57 314.076,10 2011-0,2374 12,374-125 460.867 335.865 415.598,08 2012 0,82755 0,17245 6.010.082 331.117 6.341.199 1.093.535,93 BACA 2009 0,23275 0,76725 29.246 86.185 115.431 88.564,46 2010 0,20227 0,79773 29.041 105.268 134.309 107.142,89 2011 0,18954 0,81046 34.31 275.361 309.671 250.977,02 2012 0,23732 0,76268 62.561 269.311 331.872 253.112,01 BBCA 2009 0,239 0,761 8.945.092 8.033.181 16.978.273 12.920.516,98 2010 0,20407 0,79593 10.653..269 7.723.774 18.377.043 14.626.868,48 2011 0,20567 0,79433 13.618.758 7.730.157 21.348.915 16.958.099,26 2012 0,20207 0,79793 14.686.046 7.647.167 22.333.213 17.820.376,10 BBKP 2009 0,30384 0,69616 520.333 2.201.904 2.722.237 1.895.122,86 2010 0,2613 0,7387 667.065 1.926.959 2.594.024 1.916.205,86 2011 0,21153 0,78847 940.404 2.376.334 3.316.738 2.615.140,15 2012 0,21206 0,78794 1.059.370 2.498.043 3.557.413 2.803.024,65 BBNI 2009 0,27795 0,72205 3.443.949 8.294.120 11.738.069 8.475.525,98 2010 0,25199 0,74801 5.485.460 7.099.714 12.585.174 9.413.879,75 108
2011 0,22155 0,77845 7.461.308 7.495.982 14.957.290 11.643.427,80 2012 0,20801 0,79199 8.899.562 7.245.524 16.145.086 12.786.742,84 BBRI 2009 0,26113 0,73887 9.891.228 12.284.838 22.176.066 16.385.141,03 2010 0,23047 0,76953 14.908.230 11.448.953 26.357.183 20.282.739,86 2011 0,19535 0,80465 18.775.880 13.275.304 32.051.184 25.789.958,16 2012 0,21678 0,78322 23.859.572 12.599.060 36.458.632 28.555.261,20 BDMN 2009 0,31927 0,68073 2.370.560 6.220.816 8.591.376 5.848.446,13 2010 0,25435 0,74565 4.001.531 4.509.295 8.510.826 6.346.138,69 2011 0,25209 0,74791 4.611.556 6.033.390 10.644.946 7.961.471,15 2012 0,24975 0,75025 5.487.246 5.936.173 11.423.419 8.570.427,78 BEKS 2009-0,1968 119,681-112.69 99.263-13.428 (16.070,80) 2010-0,467 146,699-166.31 74.83-91.482 (134.203,16) 2011-0,1418 114,176-171.58 273.451 101.876 116.317,66 2012 0,31303 0,68697 68.22 495.47 563.69 387.237,35 BKSW 2009 0,37555 0,62445 6.388 132.286 138.674 86.595,27 2010 0,70133 0,29867 4.058 120.274 124.332 37.134,15 2011 0,60244 0,39756 15.55 135.811 151.361 60.174,51 2012-0,1431 114,307-34.424 163.85 129.426 147.942,82 BMRI 2009 0,33496 0,66504 10.824.074 15.821.849 26.645.923 17.720.717,45 2010 0,32944 0,67056 13.972.162 14.413.041 28.385.203 19.034.089,50 2011 0,23111 0,76889 16.512.035 15.954.037 32.466.072 24.962.732,73 2012 0,21755 0,78245 20.504.268 15.019.850 35.524.118 27.795.938,82 BNBA 2009 0,31452 0,68548 41.158 99 140.158 96.075,55 2010 0,26179 0,73821 36.548 111.331 147.879 109.165,36 2011 0,26187 0,73813 57.016 118.848 175.864 129.809,82 2012 0,26271 0,73729 77.467 125.031 202.498 149.300,68 BNGA 2009 0,27256 0,72744 2.165.587 5.161.062 7.326.649 5.329.675,20 2010 0,24397 0,75603 3.389.504 5.122.137 8.511.641 6.435.021,52 2011 0,27661 0,72339 4.391.782 6.864.464 11.256.246 8.142.627,14 2012 0,26561 0,73439 5.786.927 6.486.352 12.273.279 9.013.372,69 BNLI 2009 0,36595 0,63405 766.622 3.192.960 3.959.582 2.510.574,63 2010 0,18905 0,81095 1.238.133 2.798.118 4.036.251 3.273.181,59 2011 0,25785 0,74215 1.558.818 3.966.675 5.525.493 4.100.748,96 2012 0,27538 0,72462 1.888.081 4.377.456 6.265.537 4.540.102,71 BTPN 2009 0,32432 0,67568 622.218 1.644.604 2.266.822 1.531.656,28 2010 0,25765 0,74235 1.127.264 2.065.517 3.192.781 2.370.145,60 109
2011 0,20973 0,79027 1.771.620 2.829.705 4.601.325 3.636.301,74 2012 0,20373 0,79627 2.485.314 3.221.858 5.707.172 4.544.461,38 BVIC 2009 0,26139 0,73861 62.604 501.977 564.581 417.005,71 2010 0,18879 0,81121 131.657 607.796 739.453 599.849,00 2011 0,21667 0,78333 239.239 645.613 884.852 693.130,80 2012 0,18616 0,81384 252.594 719.535 972.129 791.157,08 INPC 2009 0,35011 0,64989 64.408 1.114.060 1.178.468 765.872,46 2010 0,28823 0,71177 117.551 918.249 1.035.800 737.248,94 2011 0,20127 0,79873 125.739 961.737 1.087.476 868.595,28 2012 0,04621 0,95379 139.81 1.033.193 1.173.003 1.118.795,34 MCOR 2009 0,30374 0,69626 23.079 165.001 188.08 130.952,71 2010 0,25177 0,74823 37.813 201.248 239.061 178.873,74 2011 0,25139 0,74861 48.375 298.89 347.265 259.965,99 2012 0,2651 0,7349 128.018 330.137 458.155 336.700,16 MEGA 2009 0,1612 0,8388 640.749 2.179.095 2.819.844 2.365.284,00 2010 0,08579 0,91421 1.041.115 1.910.379 2.951.494 2.698.291,73 2011 0,09902 0,90098 1.191.316 2.485.184 3.676.500 3.312.453,31 2012 0,12043 0,87957 1.566.014 2.238.937 3.804.951 3.346.703,90 NISP 2009 0,28798 0,71202 612.155 1.641.134 2.253.289 1.604.380,93 2010 0,25059 0,74941 428.316 1.525.155 1.953.471 1.463.958,49 2011 0,25174 0,74826 1.005.875 1.931.724 2.937.599 2.198.081,91 2012 0,251 0,749 1.222.241 2.358.155 3.580.396 2.681.709,25 PNBN 2009 0,26428 0,73572 1.406.145 4.150.677 5.556.822 4.088.249,28 2010 0,25471 0,74529 1.897.611 3.981.493 5.879.104 4.381.654,45 2011 0,24969 0,75031 2.736.366 4.982.909 7.719.275 5.791.827,30 2012 0,25115 0,74885 3.042.464 6.024.990 9.067.454 6.790.120,71 SDRA 2009 0,30265 0,69735 51.115 166.219 217.334 151.557,67 2010 0,26546 0,73454 81.604 181.217 262.821 193.051,24 2011 0,26077 0,73923 121.807 264.902 386.709 285.865,66 2012 0,25893 0,74107 160.367 369.5 529.867 392.667,97 Keterangan: EBT EBIT NOPAT = Earning Before Tax = Earning Before Interest and Tax = Net Operating Profit After Tax 110
Kode Perusahaan Lampiran 4 Langkah Perhitungan Cost of Debt Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Tahun Beban Bunga Total Utang Proporsi Utang Cost of Debt Cost of Debt After Tax BABP 2009 430.072 6.465.837 92,29% 6,65% 2,96% 2010 435.035 7.946.608 91,76% 5,47% 3,80% 2011 460.867 6.676.733 91,46% 6,90% 8,54% 2012 331.117 6.719.964 90,30% 4,93% 0,85% BACA 2009 86.185 2.954.669 9,59% 2,92% 2,24% 2010 105.268 3.855.534 10,16% 2,73% 2,18% 2011 275.361 4.086.151 8,86% 6,74% 5,46% 2012 269.311 5.008.389 9,24% 5,38% 4,10% BBCA 2009 8.033.181 254.535.631 90,14% 3,16% 2,40% 2010 7.723.774 289.851.060 89,47% 2,66% 2,12% 2011 7.730.157 339.165.506 88,97% 2,28% 1,81% 2012 7.647.167 390.067.244 88,80% 1,96% 1,56% BBKP 2009 2.201.904 34.631.954 93,63% 6,36% 4,43% 2010 1.926.959 44.597.408 93,92% 4,32% 3,19% 2011 2.376.334 52.809.369 92,35% 4,50% 3,55% 2012 2.498.043 60.693.088 92,70% 4,12% 3,24% BBNI 2009 8.294.120 208.322.445 91,58% 3,98% 2,87% 2010 7.099.714 215.431.004 86,67% 3,30% 2,47% 2011 7.495.982 261.215.137 87,35% 2,87% 2,23% 2012 7.245.524 289.778.215 86,94% 2,50% 1,98% BBRI 2009 12.284.838 289.689.648 91,40% 4,24% 3,13% 2010 11.448.953 367.612.492 90,93% 3,11% 2,40% 2011 13.275.304 420.078.955 89,40% 3,16% 2,54% 2012 12.599.060 486.455.011 88,23% 2,59% 2,03% BDMN 2009 6.220.816 82.695.967 83,95% 7,52% 5,12% 2010 4.509.295 99.597.545 84,37% 4,53% 3,38% 2011 6.033.390 116.582.650 81,86% 5,18% 3,87% 2012 5.936.173 127.057.997 81,56% 4,67% 3,51% BEKS 2009 99.263 1.472.270 103,28% 6,74% 8,07% 2010 74.830 1.305.059 83,57% 5,73% 8,41% 2011 273.451 5.529.798 92,27% 4,95% 5,65% 2012 495.470 7.028.754 91,57% 7,05% 4,84% BKSW 2009 132.286 2.169.298 92,40% 6,10% 3,81% 2010 120.274 2.411.792 93,12% 4,99% 1,49% 111
2011 135.811 2.701.244 75,16% 5,03% 2,00% 2012 163.850 3.781.586 81,47% 4,33% 4,95% BMRI 2009 15.821.849 359.318.341 91,10% 4,40% 2,93% 2010 14.413.041 407.704.515 90,75% 3,54% 2,37% 2011 15.954.037 489.237.296 88,65% 3,26% 2,51% 2012 15.019.850 559.085.843 99,99% 2,69% 2,10% BNBA 2009 99.000 1.988.575 82,75% 4,98% 3,41% 2010 111.331 2.226.392 83,67% 5,00% 3,69% 2011 118.848 2.487.017 83,93% 4,78% 3,53% 2012 125.031 2.961.011 85,32% 4,22% 3,11% BNGA 2009 5.161.062 95.827.902 89,53% 5,39% 3,92% 2010 5.122.137 129.812.352 90,41% 3,95% 2,98% 2011 6.864.464 148.431.639 88,99% 4,62% 3,35% 2012 6.486.352 174.760.569 88,53% 3,71% 2,73% BNLI 2009 3.192.960 51.107.365 91,36% 6,25% 3,96% 2010 2.798.118 65.829.724 89,26% 4,25% 3,45% 2011 3.966.675 92.187.794 90,98% 4,30% 3,19% 2012 4.377.456 119.303.061 90,52% 3,67% 2,66% BTPN 2009 1.644.604 20.233.933 90,85% 8,13% 5,49% 2010 2.065.517 30.305.282 87,78% 6,82% 5,06% 2011 2.829.705 41.033.943 87,96% 6,90% 5,45% 2012 3.221.858 51.356.205 86,91% 6,27% 5,00% BVIC 2009 501.977 6.729.657 91,45% 7,46% 5,51% 2010 607.796 9.562.163 92,79% 6,36% 5,16% 2011 645.613 10.590.449 89,73% 6,10% 4,78% 2012 719.535 12.883.648 90,37% 5,58% 4,55% INPC 2009 1.114.060 14.469.305 93,76% 7,70% 5,00% 2010 918.249 16.008.637 93,82% 5,74% 4,08% 2011 961.737 18.031.095 93,98% 5,33% 4,26% 2012 1.033.193 18.621.443 93,42% 5,55% 5,29% MCOR 2009 165.001 2.497.482 89,23% 6,61% 4,60% 2010 201.248 3.833.040 88,03% 5,25% 3,93% 2011 298.890 5.895.160 91,36% 5,07% 3,80% 2012 330.137 5.739.581 88,65% 5,75% 4,23% MEGA 2009 2.179.095 36.281.380 91,42% 6,01% 5,04% 2010 1.910.379 47.230.741 91,54% 4,04% 3,70% 2011 2.485.184 57.032.639 92,12% 4,36% 3,93% 2012 2.238.937 65.219.108 91,66% 3,43% 3,02% NISP 2009 1.641.134 32.915.296 88,83% 4,99% 3,55% 112
2010 1.525.155 39.942.316 89,81% 3,82% 2,86% 2011 1.931.724 53.244.018 88,99% 3,63% 2,71% 2012 2.358.155 70.190.261 88,69% 3,36% 2,52% PNBN 2009 4.150.677 66.210.409 86,04% 6,27% 4,61% 2010 3.981.493 95.635.577 88,65% 4,16% 3,10% 2011 4.982.909 108.857.192 87,26% 4,58% 3,43% 2012 6.024.990 131.144.850 88,09% 4,59% 3,44% SDRA 2009 166.219 2.150.071 89,45% 7,73% 5,39% 2010 181.217 2.852.188 87,87% 6,35% 4,67% 2011 264.902 4.612.588 90,70% 5,74% 4,25% 2012 369.500 7.083.402 92,94% 5,22% 3,87% Lampiran 5 Langkah Perhitungan Cost of Equity Perusahaan Perbankan Tahun 2009-2012 Kode Return Beta Cost of Tahun Risk Free Perusahaan Market Perusahaan Equity BABP 2009 7,89% 67,16% 57,77% 7,52% 2010 6,66% 40,10% 53,02% 6,36% 2011 6,54% 4,78% 8,07% 12,01% 2012 4,48% 13% 0,22% 6,18% BACA 2009 7,89% 67,16% 1,28% 7,94% 2010 6,66% 40,10% 26,29% 4,72% 2011 6,54% 4,78% 8,02% 11,76% 2012 4,48% 13% 4,04% 4,70% BBCA 2009 7,89% 67,16% 60,49% 5,85% 2010 6,66% 40,10% 41,22% 3,23% 2011 6,54% 4,78% 4,64% -0,14% 2012 4,48% 13% 5,21% 0,53% BBKP 2009 7,89% 67,16% 106,98% 4,18% 2010 6,66% 40,10% 43,56% 3,00% 2011 6,54% 4,78% 2,43% -7,98% 2012 4,48% 13% 13,03% 1,07% BBNI 2009 7,89% 67,16% 138,46% 3,05% 2010 6,66% 40,10% 27,73% 4,51% 2011 6,54% 4,78% 3,76% -3,24% 2012 4,48% 13% 13,17% -1,33% BBRI 2009 7,89% 67,16% 102,60% 4,34% 2010 6,66% 40,10% 44,12% 2,94% 113
2011 6,54% 4,78% 1,70% -10,56% 2012 4,48% 13% 18,80% -1,59% BDMN 2009 7,89% 67,16% 44,54% 6,41% 2010 6,66% 40,10% 32,28% 4,11% 2011 6,54% 4,78% 5,99% 4,64% 2012 4,48% 13% 21,43% -2,28% BEKS 2009 7,89% 67,16% 18,27% 7,33% 2010 6,66% 40,10% 27,73% 4,56% 2011 6,54% 4,78% 4,83% 0,57% 2012 4,48% 13% 2,75% 5,19% BKSW 2009 7,89% 67,16% 32,26% 6,84% 2010 6,66% 40,10% 13,15% 6,03% 2011 6,54% 4,78% 4,46% -0,77% 2012 4,48% 13% 4,99% 4,28% BMRI 2009 7,89% 67,16% 103,95% 4,30% 2010 6,66% 40,10% 61,87% 6,13% 2011 6,54% 4,78% 3,72% -3,39% 2012 4,48% 13% 14,97% 0,30% BNBA 2009 7,89% 67,16% 83,97% 5,01% 2010 6,66% 40,10% 80,37% -0,68% 2011 6,54% 4,78% 5,57% 3,13% 2012 4,48% 13% 12,05% 1,49% BNGA 2009 7,89% 67,16% 112,66% 3,98% 2010 6,66% 40,10% 12,84% 6,07% 2011 6,54% 4,78% 4,29% -1,35% 2012 4,48% 13% 15,39% 0,13% BNLI 2009 7,89% 67,16% 67,59% 5,60% 2010 6,66% 40,10% 68,34% 0,51% 2011 6,54% 4,78% 5,74% 3,75% 2012 4,48% 13% 9,78% 2,38% BTPN 2009 7,89% 67,16% 78,87% 5,20% 2010 6,66% 40,10% 13,61% 5,98% 2011 6,54% 4,78% 6,85% 7,65% 2012 4,48% 13% 3,99% 6,35% BVIC 2009 7,89% 67,16% -5,39% 8,19% 2010 6,66% 40,10% 139,01% -6,53% 2011 6,54% 4,78% 5,60% 3,27% 2012 4,48% 13% 13,74% 0,78% INPC 2009 7,89% 67,16% 66,48% 5,63% 114
2010 6,66% 40,10% 68,51% 0,50% 2011 6,54% 4,78% 4,69% 0,05% 2012 4,48% 13% 11,91% 1,51% MCOR 2009 7,89% 67,16% 7,86% 7,45% 2010 6,66% 40,10% 33,37% 4,01% 2011 6,54% 4,78% 6,27% 5,72% 2012 4,48% 13% 4,17% 4,64% MEGA 2009 7,89% 67,16% -8,67% 8,29% 2010 6,66% 40,10% -6,68% 8,02% 2011 6,54% 4,78% 5,64% 3,38% 2012 4,48% 13% 5,64% 4,01% NISP 2009 7,89% 67,16% 6,12% 7,77% 2010 6,66% 40,10% 107,22% -3,36% 2011 6,54% 4,78% 4,95% 0,98% 2012 4,48% 13% 5,40% 4,09% PNBN 2009 7,89% 67,16% 76,85% 5,26% 2010 6,66% 40,10% 45,63% 2,80% 2011 6,54% 4,78% 4,21% -1,58% 2012 4,48% 13% 4,11% 4,63% SDRA 2009 7,89% 67,16% 54,63% 6,07% 2010 6,66% 40,10% 57,94% 1,56% 2011 6,54% 4,78% 4,01% -2,33% 2012 4,48% 13% 7,40% 3,28% Kode Perusahaan Lampiran 6 Langkah Perhitungan WACC Perusahaan Perbankan Tahun 2009-2012 Tahun Proporsi Utang Cost of Debt After Tax Proporsi Ekuitas Cost of Equity WACC BABP 2009 92,29% 2,96% 7,71% 7,52% 7,19% 2010 91,76% 3,80% 8,24% 6,36% 7,85% 2011 91,46% 8,54% 8,54% 12,01% 8,50% 2012 90,30% 0,85% 9,70% 6,18% 0,79% BACA 2009 9,59% 2,24% 90,41% 7,94% 1,38% 2010 10,16% 2,18% 89,84% 4,72% 23,84% 2011 8,86% 5,46% 91,14% 11,76% 7,79% 2012 9,24% 4,10% 90,76% 4,70% 4,05% BBCA 2009 90,14% 2,40% 9,86% 5,85% 8,13% 2010 89,47% 2,12% 10,53% 3,23% 6,24% 115
2011 88,97% 1,81% 11,03% -0,14% 2,12% 2012 88,80% 1,56% 11,20% 0,53% 1,97% BBKP 2009 93,63% 4,43% 6,37% 4,18% 10,96% 2010 93,92% 3,19% 6,08% 3,00% 5,65% 2011 92,35% 3,55% 7,65% -7,98% 3,46% 2012 92,70% 3,24% 7,30% 1,07% 3,96% BBNI 2009 91,58% 2,87% 8,42% 3,05% 14,29% 2010 86,67% 2,47% 13,33% 4,51% 5,83% 2011 87,35% 2,23% 12,65% -3,24% 2,43% 2012 86,94% 1,98% 13,06% -1,33% 3,44% BBRI 2009 91,40% 3,13% 8,60% 4,34% 11,69% 2010 90,93% 2,40% 9,07% 2,94% 6,18% 2011 89,40% 2,54% 10,60% -10,56% 2,45% 2012 88,23% 2,03% 11,77% -1,59% 4,00% BDMN 2009 83,95% 5,12% 16,05% 6,41% 11,45% 2010 84,37% 3,38% 15,63% 4,11% 7,89% 2011 81,86% 3,87% 18,14% 4,64% 4,25% 2012 81,56% 3,51% 18,44% -2,28% 6,81% BEKS 2009 103,28% 8,07% -3,28% 7,33% 7,74% 2010 83,57% 8,41% 16,43% 4,56% 11,58% 2011 92,27% 5,65% 7,73% 0,57% 5,58% 2012 91,57% 4,84% 8,43% 5,19% 4,67% BKSW 2009 92,40% 3,81% 7,60% 6,84% 5,97% 2010 93,12% 1,49% 6,88% 6,03% 2,29% 2011 75,16% 2,00% 24,84% -0,77% 2,61% 2012 81,47% 4,95% 18,53% 4,28% 4,96% BMRI 2009 91,10% 2,93% 8,90% 4,30% 11,92% 2010 90,75% 2,37% 9,25% 6,13% 7,87% 2011 88,65% 2,51% 11,35% -3,39% 2,65% 2012 99,99% 2,10% 0,01% 0,30% 2,10% BNBA 2009 82,75% 3,41% 17,25% 5,01% 17,31% 2010 83,67% 3,69% 16,33% -0,68% 16,22% 2011 83,93% 3,53% 16,07% 3,13% 3,86% 2012 85,32% 3,11% 14,68% 1,49% 4,42% BNGA 2009 89,53% 3,92% 10,47% 3,98% 15,31% 2010 90,41% 2,98% 9,59% 6,07% 3,93% 2011 88,99% 3,35% 11,01% -1,35% 3,45% 2012 88,53% 2,73% 11,47% 0,13% 4,18% BNLI 2009 91,36% 3,96% 8,64% 5,60% 9,46% 116
2010 89,26% 3,45% 10,74% 0,51% 10,41% 2011 90,98% 3,19% 9,02% 3,75% 3,42% 2012 90,52% 2,66% 9,48% 2,38% 3,33% BTPN 2009 90,85% 5,49% 9,15% 5,20% 12,21% 2010 87,78% 5,06% 12,22% 5,98% 6,10% 2011 87,96% 5,45% 12,04% 7,65% 5,62% 2012 86,91% 5,00% 13,09% 6,35% 4,86% BVIC 2009 91,45% 5,51% 8,55% 8,19% 4,58% 2010 92,79% 5,16% 7,21% -6,53% 14,80% 2011 89,73% 4,78% 10,27% 3,27% 4,86% 2012 90,37% 4,55% 9,63% 0,78% 5,43% INPC 2009 93,76% 5,00% 6,24% 5,63% 8,84% 2010 93,82% 4,08% 6,18% 0,50% 8,06% 2011 93,98% 4,26% 6,02% 0,05% 4,29% 2012 93,42% 5,29% 6,58% 1,51% 5,73% MCOR 2009 89,23% 4,60% 10,77% 7,45% 4,95% 2010 88,03% 3,93% 11,97% 4,01% 7,45% 2011 91,36% 3,80% 8,64% 5,72% 4,01% 2012 88,65% 4,23% 11,35% 4,64% 4,22% MEGA 2009 91,42% 5,04% 8,58% 8,29% 3,86% 2010 91,54% 3,70% 8,46% 8,02% 2,82% 2011 92,12% 3,93% 7,88% 3,38% 4,06% 2012 91,66% 3,02% 8,34% 4,01% 3,24% NISP 2009 88,83% 3,55% 11,17% 7,77% 3,84% 2010 89,81% 2,86% 10,19% -3,36% 13,50% 2011 88,99% 2,71% 11,01% 0,98% 2,96% 2012 88,69% 2,52% 11,31% 4,09% 2,84% PNBN 2009 86,04% 4,61% 13,96% 5,26% 14,70% 2010 88,65% 3,10% 11,35% 2,80% 7,93% 2011 87,26% 3,43% 12,74% -1,58% 3,53% 2012 88,09% 3,44% 11,91% 4,63% 3,52% SDRA 2009 89,45% 5,39% 10,55% 6,07% 10,59% 2010 87,87% 4,67% 12,13% 1,56% 11,13% 2011 90,70% 4,25% 9,30% -2,33% 4,22% 2012 92,94% 3,87% 7,06% 3,28% 4,12% Keterangan: WACC = Weighted Average Cost of Capital 117
Lampiran 7 Langkah Perhitungan Modal Diinvestasikan Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Nama Ekuitas Pemegang Tahun kewajiban Bank Saham Modal Diinvestasikan BABP 2009 6.403.807 539.863 6.943.670 2010 7.874.349 713.292 8.587.641 2011 6.623.873 623.093 7.246.966 2012 6.677.607 721.871 7.399.478 BACA 2009 2.917.525 27.856.693 30.774.218 2010 3.781.447 34.107.844 37.889.291 2011 4.045.132 42.027.340 46.072.472 2012 4.970.263 49.220.587 54.190.850 BBCA 2009 253.268.191 27.856.693 281.124.884 2010 288.186.824 34.107.844 322.294.668 2011 336.544.685 42.027.340 378.572.025 2012 386.780.654 49.220.587 436.001.241 BBKP 2009 34.445.407 2.356.515 36.801.922 2010 44.275.877 2.886.947 47.162.824 2011 52.290.902 4.374.094 56.664.996 2012 60.076.736 4.776.435 64.853.171 BBNI 2009 207.119.193 19.143.582 226.262.775 2010 213.417.460 33.119.626 246.537.086 2011 258.559.593 37.843.024 296.402.617 2012 286.282.873 43.525.291 329.808.164 BBRI 2009 285.012.924 27.257.381 312.270.305 2010 361.557.930 36.673.110 398.231.040 2011 415.011.318 49.820.329 464.831.647 2012 480.647.464 64.881.779 545.529.243 BDMN 2009 79.775.621 15.805.751 95.581.372 2010 95.863.389 18.449.787 114.313.176 2011 111.554.284 25.836.501 137.390.785 2012 121.120.794 28.733.311 149.854.105 BEKS 2009 1.463.683-46.694 1.416.989 2010 1.296.163 256.563 1.552.726 2011 5.496.315 463.241 5.959.556 2012 6.985.678 646.665 7.632.343 BKSW 2009 2.148.426 178.493 2.326.919 2010 2.389.259 178.123 2.567.382 2011 2.668.518 892.573 3.561.091 2012 3.689.769 860.090 4.549.859 BMRI 2009 356.346.034 35.108.769 391.454.803 118
2010 404.931.100 41.542.808 446.473.908 2011 484.377.594 62.654.408 547.032.002 2012 552.384.429 76.532.87 552.460.962 BNBA 2009 1.966.262 414.610 2.380.872 2010 2.203.689 434.660 2.638.349 2011 2.458.595 476.131 2.934.726 2012 2.931.693 509.385 3.441.078 BNGA 2009 93.210.174 11.210.407 104.420.581 2010 126.961.722 13.767.417 140.729.139 2011 146.372.351 18.369.491 164.741.842 2012 171.618.028 22.651.912 194.269.940 BNLI 2009 48.910.900 4.835.512 53.746.412 2010 63.699.679 7.917.273 71.616.952 2011 90.309.777 9.136.208 99.445.985 2012 116.850.040 12.495.534 129.345.574 BTPN 2009 20.066.589 2.038.313 22.104.902 2010 30.039.867 4.217.291 34.257.158 2011 40.894.091 5.617.198 46.511.289 2012 51.043.405 7.733.927 58.777.332 BVIC 2009 6.660.787 629.350 7.290.137 2010 9.463.669 742.663 10.206.332 2011 10.487.282 1.212.114 11.699.396 2012 12.772.468 1.372.779 14.145.247 INPC 2009 13.966.634 963.069 14.929.703 2010 15.917.413 1.054.458 16.971.871 2011 17.946.225 1.154.341 19.100.566 2012 18.495.329 1.310.660 19.805.989 MCOR 2009 2.482.334 301.392 2.783.726 2010 3.800.792 521.420 4.322.212 2011 5.870.195 557.634 6.427.829 2012 5.697.433 734.726 6.432.159 MEGA 2009 35.886.253 3.403.242 39.289.495 2010 46.933.168 4.366.219 51.299.387 2011 56.767.988 4.876.388 61.644.376 2012 64.815.898 5.933.301 70.749.199 NISP 2009 31.880.794 4.137.300 36.018.094 2010 39.206.090 4.532.506 43.738.596 2011 52.450.758 6.590.379 59.041.137 2012 69.326.730 8.951.574 78.278.304 PNBN 2009 65.818.628 10.741.780 76.560.408 2010 95.361.000 12.239.609 107.600.609 119
2011 108.342.604 15.888.131 124.230.735 2012 130.577.283 17.733.570 148.310.853 SDRA 2009 2.135.185 253.625 2.388.810 2010 2.837.137 393.574 3.230.711 2011 4.600.058 473.174 5.073.232 2012 7.060.033 537.907 7.597.940 Lampiran 8 Langkah Perhitungan EVA Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Modal Tahun NOPAT WACC Perusahaan Diinvestasikan EVA BABP 2009 196.570,12 7,19% 6.943.670-302.364,67 2010 314.076,10 7,85% 8.587.641-360.343,58 2011 415.598,08 8,50% 7.246.966-200.487,63 2012 1.093.535,93 0,79% 7.399.478 1.035.201,2 BACA 2009 88.564,46 1,38% 30.774.218-334.982,57 2010 107.142,89 23,84% 37.889.291-8.924.772,2 2011 250.977,02 7,79% 46.072.472-3.339.675,7 2012 253.112,01 4,05% 54.190.850-1.939.318,6 BBCA 2009 12.920.516,98 8,13% 281.124.884-9.939.111,3 2010 14.626.868,48 6,24% 322.294.668-5.475.903,3 2011 16.958.099,26 2,12% 378.572.025 8.922.828,35 2012 17.820.376,10 1,97% 436.001.241 9.218.663,3 BBKP 2009 1.895.122,86 10,96% 36.801.922-2.138.307,1 2010 1.916.205,86 5,65% 47.162.824-746.528,56 2011 2.615.140,15 3,46% 56.664.996 653.319.577 2012 2.803.024,65 3,96% 64.853.171 236.570.732 BBNI 2009 8.475.525,98 14,29% 226.262.775-23.848.088 2010 9.413.879,75 5,83% 246.537.086-4.963.572,3 2011 1.643.427,80 2,43% 296.402.617 4.449.217,97 2012 12.786.742,84 3,44% 329.808.164 1.437.394,31 BBRI 2009 16.385.141,03 11,69% 312.270.305-20.111.442 2010 20.282.739,86 6,18% 398.231.040-4.333.395,6 2011 25.789.958,16 2,45% 464.831.647 14.385.910 2012 28.555.261,20 4,00% 545.529.243 6.720.458,43 BDMN 2009 5.848.446,13 11,45% 95.581.372-5.091.204,2 120
2010 6.346.138,69 7,89% 114.313.176-2.677.313 2011 7.961.471,15 4,25% 137.390.785 2.116.076,28 2012 8.570.427,78 6,81% 149.854.105-1.637.282,1 BEKS 2009 (16.070,80) 7,74% 1.416.989-125.676,67 2010 134.203,16) 11,58% 1.552.726-314.086,22 2011 116.317,66 5,58% 5.959.556-216.420,82 2012 387.237,35 4,67% 7.632.343 31.106,21 BKSW 2009 86.595,27 5,97% 2.326.919-52.340.918 2010 37.134,15 2,29% 2.567.382-21.694.178 2011 60.174,51 2,61% 3.561.091-32.765.954 2012 147.942,82 4,96% 4.549.859-77.742.958 BMRI 2009 17.720.717,45 11,92% 391.454.803-28.944.119 2010 19.034.089,50 7,87% 446.473.908-16.113.133 2011 24.962.732,73 2,65% 547.032.002 10.492.972,7 2012 27.795.938,82 2,10% 552.460.962 16.173.144,2 BNBA 2009 96.075,55 17,31% 2.380.872-316.055,45 2010 109.165,36 16,22% 2.638.349-318.673,7 2011 129.809,82 3,86% 2.934.726 166.526.131 2012 149.300,68 4,42% 3.441.078-29.666.567 BNGA 2009 5.329.675,20 15,31% 104.420.581-10.653.818 2010 6.435.021,52 3,93% 140.729.139 906.204.985 2011 8.142.627,14 3,45% 164.741.842 2.460.542,36 2012 9.013.372,69 4,18% 194.269.940 895.727.303 BNLI 2009 2.510.574,63 9,46% 53.746.412-2.574.296,7 2010 3.273.181,59 10,41% 71.616.952-4.185.011,2 2011 4.100.748,96 3,42% 99.445.985 696.601.055 2012 4.540.102,71 3,33% 129.345.574 227.575.644 BTPN 2009 1.531.656,28 12,21% 22.104.902-1.166.680,8 2010 2.370.145,60 6,10% 34.257.158 279.060.703 2011 3.636.301,74 5,62% 46.511.289 1.023.343,02 2012 4.544.461,38 4,86% 58.777.332 1.685.794,29 BVIC 2009 417.005,71 4,58% 7.290.137 833.405.671 2010 599.849,00 14,80% 10.206.332-910.971,73 2011 693.130,80 4,86% 11.699.396 124.502.346 2012 791.157,08 5,43% 14.145.247 229.316.825 INPC 2009 765.872,46 8,84% 14.929.703-553.945,75 121
2010 737.248,94 8,06% 16.971.871-631.428,36 2011 868.595,28 4,29% 19.100.566 499.635.891 2012 1.118.795,34 5,73% 19.805.989-15.565.017 MCOR 2009 130.952,71 4,95% 2.783.726-68.608.401 2010 178.873,74 7,45% 4.322.212-143.310,7 2011 259.965,99 4,01% 6.427.829 223.241.134 2012 336.700,16 4,22% 6.432.159 652.407.421 MEGA 2009 2.365.284,00 3,86% 39.289.495 847.716.345 2010 2.698.291,73 2,82% 51.299.387 1.251.803,48 2011 3.312.453,31 4,06% 61.644.376 809.071.252 2012 3.346.703,90 3,24% 70.749.199 1.056.045,59 NISP 2009 1.604.380,93 3,84% 36.018.094 222.524.193 2010 1.463.958,49 13,50% 43.738.596-4.439.260,3 2011 2.198.081,91 2,96% 59.041.137 449.611.532 2012 2.681.709,25 2,84% 78.278.304 456.237.735 PNBN 2009 4.088.249,28 14,70% 76.560.408-7.163.006,5 2010 4.381.654,45 7,93% 107.600.609-4.148.925,1 2011 5.791.827,30 3,53% 124.230.735 1.403.106,97 2012 6.790.120,71 3,52% 148.310.853 1.569.693,94 SDRA 2009 151.557,67 10,59% 2.388.810-101.334,09 2010 193.051,24 11,13% 3.230.711-166.414,41 2011 285.865,66 4,22% 5.073.232 715.819.771 2012 392.667,97 4,12% 7.597.940 800.103.779 Keterangan: NOPAT WACC EVA = Net Operating Profit After Tax = Weighted Average Cost of Capital = Economic Value Added Lampiran 9 Langkah Perhitungan MVA Perusahaan Perbankan Tahun 2009-2012 (dalam Jutaan Rupiah) Kode Harga Jumlah Saham Market Tahun Book Value Perusahaan Saham Beredar Value Added BABP 2009 87,92 5.000.000.000 500-60.4 2010 119,17 5.486.078.541 548.608 105.168 2011 127,58 5.486.078.541 548.608 151.306 122
2012 142,42 5.486.078.541 548.608 232.719 BACA 2009 3.777,08 4.532.646.624 453.265 16.666.904 2010 5.852,08 4.532.646.624 453.265 26.072.146 2011 7.420,83 4.532.646.624 453.265 33.182.735 2012 7.970,83 4.550.852.657 455.085 35.818.988 BBCA 2009 3.777,08 24.665.010.000 1.540.938 91.620.778 2010 5.852,08 24.665.010.000 1.540.938 142.800.674 2011 7.420,83 24.665.010.000 1.540.938 181.493.908 2012 7.979,17 24.665.010.000 1.540.938 195.265.370 BBKP 2009 328,08 5.713.859.028 812.062 1.062.541 2010 592,92 6.154.100.296 826.656 2.822.233 2011 661,67 7.955.034.791 1.006.749 4.256.859 2012 640,83 7.970.061.291 1.008.252 4.099.202 BBNI 2009 1.545 15.273.940.510 7.789.288 15.808.950 2010 2.072,08 18.648.656.458 9.054.807 29.586.701 2011 3.872,92 18.648.656.458 9.054.807 63.169.948 2012 2.818,75 18.648.656.458 9.054.807 43.511.093 BBRI 2009 6.281,25 13.329.852.499 6.164.926 77.563.210 2010 9.191,67 24.669.162.000 6.167.291.00 220.583.505 2011 6.158,33 24.669.162.000 6.167.291.00 145.753.549 2012 6.845,83 24.669.162.000 6.167.291.00 162.713.598 BDMN 2009 3.956,25 8.390.383.116 5.303.992 27.890.461 2010 5.564,58 8.417.125.466 5.317.363 41.520.405 2011 5.502,08 9.584.643.365 5.901.122 46.834.353 2012 5.412,5 9.584.643.365 5.901.122 45.975.760 BEKS 2009 80 853.750.000 85.375-17.075 2010 134,92 5.976.250.000 597.625 208.691 2011 137,75 9.258.512.230 925.851 349.509 2012 142,42 10.755.117.153 1.075.512 456.232 BKSW 2009 693,33 626.523.750 156.631 277.757 2010 830,83 626.523.750 156.631 363.904 2011 703,33 3.561.787.518 890.447 1.614.665 2012 684,17 3.561.787.518 890.447 1.546.421 BMRI 2009 3.455 20.970.116.804 10.485.058 61.966.696 2010 5.887,5 20.996.494.741 10.498.247 113.118.616 2011 6.783,33 23.333.333.332 11.666.667 146.611.033 123
2012 7.533,33 23.333.333.332 11.666.667 164.111.033 BNBA 2009 104 2.310.000.000 231 9.24 2010 138,08 2.310.000.000 231 87.965 2011 152,67 2.310.000.000 231 121.668 2012 176 2.310.000.000 231 175.56 BNGA 2009 625,83 23.934.863.660 1.552.420 13.426.736 2010 1.18 23.934.863.660 1.552.420 26.690.719 2011 1.556,67 25.131.606.843 1.612.257 37.509.361 2012 1.173,33 25.131.606.843 1.612.257 27.875.411 BNLI 2009 645 7.743.125.924 1.300.534 3.693.782 2010 1.424,17 9.033.646.911 1.461.849 11.403.600 2011 1.607,5 9.033.646.911 1.461.849 13.059.738 2012 1.415,83 10.676.128.167 1.667.159 13.448.424 BTPN 2009 2.280,83 943.936.190 94.394 2.058.564 2010 9.679,17 1.132.723.428 113.272 10.850.551 2011 4.825 5.663.617.140 113.272 27.213.681 2012 4.320,83 5.840.287.257 116.806 25.118.082 BVIC 2009 114,92 3.846.740.180 384.674 57.393 2010 135,08 4.096.447.315 409.645 143.703 2011 140,58 6.547.670.888 654.767 265.705 2012 126,33 6.604.344.442 660.434 173.893 INPC 2009 64,67 8.575.076.227 950.804-396.25 2010 75,5 8.575.076.227 950.804-303.39 2011 92,33 8.575.076.227 950.804-159.07 2012 114,25 8.575.076.227 950.804 28.898 MCOR 2009 103 2.742.245.170 274.225 8.226 2010 137,92 3.756.875.883 375.688 142.46 2011 149,67 3.756.875.883 375.688 186.604 2012 214,83 4.282.838.507 428.284 491.798 MEGA 2009 2.687,5 3.181.224.188 1.590.612 6.958.928 2010 2.641,67 3.181.224.188 1.590.612 6.813.133 2011 3.456,25 3.645.956.050 1.822.978 10.778.358 2012 3.360,42 3.645.956.050 1.822.978 10.428.966 NISP 2009 756,67 5.814.574.345 726.822 3.672.892 2010 1.210,83 5.814.574.345 726.822 6.313.639 2011 1.24 7.041.942.665 880.243 7.851.766 124
2012 1.240,83 8.548.918.395 1.068.615 9.539.139 PNBN 2009 665,83 24.087.645.998 2.408.765 13.629.512 2010 1.049,17 24.087.645.998 2.408.765 22.863.271 2011 920 24.087.645.998 2.408.765 19.751.869 2012 765 24.087.645.998 2.408.765 16.018.284 SDRA 2009 165,42 1.637.956.000 163.796 107.155 2010 276,25 2.316.373.000 231.637 408.261 2011 197,25 2.316.373.000 231.637 225.268 2012 468,33 2.316.373.000 231.637 853.19 1. Uji Normalitas Lampiran 10 Hasil Pengolahan Data 125
2. Uji Autokorelasi 126
3. Uji Heteroskedastisitas 127
4. Uji Multikolinearitas 5. Uji F (F-Test) 6. Uji t (t-test) 7. Uji Koefisien Determinasi (R 2 ) 128