PENILAIAN ASET DAN KEWAJIBAN PT CEMARU LESTARI DALAM RANGKA REORGANISASI KUASI TAHUN 2011
Achmad Faisal Siregar, B.A., Dr. Wakhid Slamet Ciptono, MBA., MPM., Ph.D.
2012 | Tesis | S2 Magister Ek.Pembangunan-
The objective of this research was to estimate the value of assets and liabilities of PT Cemaru Lestari associated with Quasi Reorganization in 2011 using asset-based approach with adjusting book value method. The Analysis of Adjusted Book Value (ABV) methods is to make adjustments to the book value of the audited financial statements which intended to reflect its market value. Appropriate approach to the valuation of its assets and liabilities are highly dependent on its characteristics. The data used consist of; financial statement data of PT Cemaru Lestari in the year 2008, 2009, and June 2011 along with the information contained in financial statements, business plans from the management, risk-free interest rate, as well as other supporting data. The valuation is done by determining the categories of assets and liabilities which was recorded in the book value and which require revaluation on June 30, 2011. For fixed assets as mature plant, immature plant and reserves land the income approach with DCF method (discounted cash flow method) was used, and the discount rate in this research was using the weighted average cost of capital (WACC). Other than using DCF method, for non-plant assets and liabilities owned by PT Cemaru Lestari estimated using the income approach, market data and cost approaches depending on the characteristics of the assets. The calculation of the discount rate was calculated based on risk-free interest rate of 9.51 percent, the Market Risk Premium (MRP) of 9.13 percent, β of 1.13, the cost of debt of 13.06 percent, and debt to equity ratio of 1.5. The discount rate used for discounting the total free cash flow into present value. The valuation results for assets and liabilities of PT Cemaru Lestari had increased the total asset value by Rp23.304.594.000,-. The significant increase was in the value of land clearing or reserved land, whereas after the valuation the market value is Rp21.267.740.000,-. Accordingly, the difference between market value of assets and liabilities and its book value of PT Cemaru Lestari can be used to eliminate the negative retained earnings by adding the transfer of debt into capital of Rp30.618.693.000,- thus, that the value of its equity is Rp41.032.118.200,-.
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