ANALISIS KEPUTUSAN DI BALIK PENGGABUNGAN USAHA PERUSAHAAN SEMEN LH DENGAN ANAK PERUSAHAANNYA DA PADA TAHUN 2012

IVAN ADITIRTA K, Eddy Junarsin, M.B.A., Ph.D

2016 | Tesis | S2 Ekonomika Pembangunan

In this study, researcher analyzes merger case between cement company PT LH with its subsidiary DA in 2012. This research purpose is to determine reason from this merger because DA was spinned off from LH only 3 years previously but not operated yet. Based on merger theory, there are several reasons that could be caused the merger. This study tries to determine quantitative and qualitative reasons behind the merger. For quantitative calculation, researcher uses Income Approach with Discounted Cash Flow method as available valuation approach to value PT LH and PT DA. Valuation of 100 percent share PT LH with its subsidiaries (excluded DA) per cut off date 31 December 2011 with DCF method gives Fair Market Value of Rp29.472.830.309.000,00 (Twenty Nine Trillion Four Hundred Seventy Two Billion Eight Hundred Thirty Million Three Hundred Nine Thousand Rupiah). Fair Market Value of 100 percent DA shares per cut off date 31 December 2011 was Rp28.922.127.205,00 (Twenty Eight Billion Nine Hundred Twenty Two Million One Hundred Twenty Seven Thousand Two Hundred Five Rupiah). Valuation of 100 percent share PT LH with its subsidiaries (included DA) per cut off date 31 December 2011 with DCF method gives Fair Market Value of Rp29.472.830.309.000,00 (Twenty Nine Trillion Four Hundred Seventy Two Billion Eight Hundred Thirty Million Three Hundred Nine Thousand Rupiah) or there is no increase. However, the value above was not included tax saving about Rp1.798.988.514.425,00 (One Trillion Seven Hundred Ninety Eight Nine Hundred Eighty Eight Million Five Hundred Fourteen Thousand Four Hundred Twenty Five Rupiah). So there would be Rp1.770.066.387.220,00 (One Trillion Seven Hundred Seventy Billion Sixty Six Million Three Hundred Eighty Seven Thousand Two Hundred Twenty Rupiah) value increase for PT LH in this merger/Pada penelitian ini, penulis menganalisis kasus penggabungan usaha antara perusahaan semen PT LH dengan anak perusahaannya DA yang terjadi pada tahun 2012. Tujuan dari penelitian ini adalah memperkirakan alasan dari penggabungan usaha tersebut karena DA baru 3 tahun dipisahkan dari PT LH dan belum beroperasi. Berdasarkan teori mengenai penggabungan usaha, ada beberapa alasan yang dapat melatar belakangi penggabungan usaha tersebut. Tesis ini berusaha untuk mendapatkan alasan kuantitatif maupun kualitatif dari penggabungan tersebut. Untuk perhitungan kuantitatif, penulis menggunakan Pendekatan Pendapatan dengan metode DCF (Discounted Cash Flow) sebagai pendekatan yang memungkinkan untuk menilai PT LH dan PT DA. Penilaian 100 persen saham PT LH beserta anak perusahaannya (kecuali DA) per tanggal 31 Desember 2011 dengan metode DCF menghasilkan Nilai pasar wajar sebesar Rp29.472.830.309.000,00 (dua puluh sembilan triliun empat ratus tujuh puluh dua miliar delapan ratus tiga puluh juta tiga ratus sembilan ribu rupiah). Nilai pasar wajar 100 persen saham milik DA per tanggal 31 Desember 2011 adalah sebesar Rp28.922.127.205,00 (dua puluh delapan miliar sembilan ratus dua puluh dua juta seratus dua puluh tujuh ribu dua ratus lima rupiah). Penilaian 100 persen saham PT LH beserta anak perusahaannya (dengan DA) per tanggal 31 Desember 2011 dengan metode DCF menghasilkan Nilai pasar wajar sebesar Rp.29.472.830.309.000,00 (dua puluh sembilan triliun empat ratus tujuh puluh dua miliar delapan ratus tiga puluh juta tiga ratus sembilan ribu rupiah) atau tidak terjadi peningkatan. Hanya saja nilai yang didapatkan dalam perhitungan tersebut, belum dimasukan penghematan pajak Rp1.798.988.514.425,00 (Satu triliun tujuh ratus sembilan puluh delapan milyar sembilan ratus delapan puluh delapan juta lima ratus empat belas ribu empat ratus dua puluh lima rupiah). Sehingga terjadi penghematan sebesar Rp1.770.066.387.220,00 (satu triliun tujuh ratus tujuh puluh milyar enam puluh enam juta tiga ratus delapan puluh tujuh ribu dua ratus dua puluh rupiah) dalam transaksi penggabungan usaha ini untuk PT LH.

In this study, researcher analyzes merger case between cement company PT LH with its subsidiary DA in 2012. This research purpose is to determine reason from this merger because DA was spinned off from LH only 3 years previously but not operated yet. Based on merger theory, there are several reasons that could be caused the merger. This study tries to determine quantitative and qualitative reasons behind the merger. For quantitative calculation, researcher uses Income Approach with Discounted Cash Flow method as available valuation approach to value PT LH and PT DA. Valuation of 100 percent share PT LH with its subsidiaries (excluded DA) per cut off date 31 December 2011 with DCF method gives Fair Market Value of Rp29.472.830.309.000,00 (Twenty Nine Trillion Four Hundred Seventy Two Billion Eight Hundred Thirty Million Three Hundred Nine Thousand Rupiah). Fair Market Value of 100 percent DA shares per cut off date 31 December 2011 was Rp28.922.127.205,00 (Twenty Eight Billion Nine Hundred Twenty Two Million One Hundred Twenty Seven Thousand Two Hundred Five Rupiah). Valuation of 100 percent share PT LH with its subsidiaries (included DA) per cut off date 31 December 2011 with DCF method gives Fair Market Value of Rp29.472.830.309.000,00 (Twenty Nine Trillion Four Hundred Seventy Two Billion Eight Hundred Thirty Million Three Hundred Nine Thousand Rupiah) or there is no increase. However, the value above was not included tax saving about Rp1.798.988.514.425,00 (One Trillion Seven Hundred Ninety Eight Nine Hundred Eighty Eight Million Five Hundred Fourteen Thousand Four Hundred Twenty Five Rupiah). So there would be Rp1.770.066.387.220,00 (One Trillion Seven Hundred Seventy Billion Sixty Six Million Three Hundred Eighty Seven Thousand Two Hundred Twenty Rupiah) value increase for PT LH in this merger

Kata Kunci : Discounted Cash Flow, Pendekatan Pendapatan, Penilaian Bisnis, Perusahaan Semen/Discounted Cash Flow, Income Approach, Business Valuation, Cement Company