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FMKVM@JANQJMK Iy E Ljranus, VQ, EQ www.anuspm`j.wddi`y.fme

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7/22/2019 CONSOLIDASI

http://slidepdf.com/reader/full/consolidasi 1/51

FMKVM@JANQJMK

Iy

E Ljranus, VQ, EQwww.anuspm`j.wddi`y.fme

7/22/2019 CONSOLIDASI

http://slidepdf.com/reader/full/consolidasi 2/51

Wdkbdrtjnk

• Hmksm`jansj nan`nc prmsds idrhurnkbkyn vm`ued

ntnu idrhurnkbkyn rmkbbn pmrj anrj tnknc odkuc

idrpdrednij`jtns rdkanc nhjint pdeidinknk,

ajenkn prmsdskyn ajpdkbnrucj m`dc hdfdpntnk

tdrpdrnskyn njr pmrj hd`unr anrj rmkbbn tnknc.

• Ajnentj adkbnk pdensnkbnk pjdzmedtdr, uktuhedkfntnt pdruincnk tdhnknk njr pmrj adkbnk

wnhtukyn.

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Nkn`mbj Hmksm`jansj Vntu Ajedksj

• Wdbns ajvjsun`jsnsjhnk sdinbnj tnknc ynkb euancenepnt, njr an`ne pjstmk sdinbnj njr pmrj ank`uinkb pnan pjstmk aj`uhjshnk sdinbnjhdenepunk tnknc ed`m`mshnk njr.

N`nt uhur Qdh. Cjarmstntjs

Vdjeinkb (tdh. Mvdriuradk)

Hd`dijcnk tdh. Njr Wmrj

(Dxfdss pmrd wntdr prdssurd)

/ hmka. ukarnjkda

Wrmsds hmksm`jansj Hmksm`jansj idrnhcjr,

Qdh. Njr pmrj 5 7

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• Wnan sdeinrnkb wnhtu, tdhnknk ynkb tdronaj pnan

pdbns jadktjh adkbnk hmkajsj tdbnkbnk dldhtjl ajan`ne tnknc.

• Qdhnknk njr an`ne sj`jkadr jadktjh adkbnktdhnknk njr pmrj.

• Hdknjhnk tdhnknk nhjint pdkdrnpnk idink (p)

jadktjh adkbnk tneincnk tdbnkbnk kmren` ynkbidhdron.

• Bdrnhnk pjstmk edkbbneinrhnk pdruincnkvm`ued tnknc ynkb ajpdkbnrucj m`dc

hmeprdsjij`jtns (hdeuancenepntnk) pdbns.• Wdremad`nk edkbbneinrhnk npn ynkb tdronaj ij`ntnknc hmcdsjl odkuc ajidinkj aj `nimrntmrjueenupuk `npnkbnk.

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Wrmsds hmksm`jansj aj `npnkbnk

• Wmkansj ajinkbuk aj ntns tnknc `depukb odkuc ynkb ajnpjt m`dc `npjsnk

pnsjr.

• Vdbdrn sdtd`nc pdeidinknk, `npjsnk `depukb edkbn`nej hdknjhnk

tdbnkbnk sdidsnr p

• Njr pmrj an`ne `npjsnk `depukb euanc edkbn`jr hd `npjsnk pnsjr

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• Qjkbbj njr an`ne pjpn pjdzmedtdr edkyntnhnk idsnrkyn hd`dijcnk tdhnknk

njr pmrj (dxfdss pmrd wntdr prdssurd) aj `mhnsj pjpn ajpnsnkb.

• Nhjint tneincnk tdbnkbnk p, tjkbbj njr an`ne pjpn knjh ? c 5 p/w ynkb

ajkyntnhnk m`dc bnrjs AD ynkb edkukouhhnk tdhnknk njr pmrj nwn`.• Hurvn H> edkukouhhnk an`ne wnhtu tdrtdktu, tdhnknk njr pmrj `npjsnk

`depukb ensjc tdtnp ajinkajkbhnk adhnt adkbnk `npjsnk pnsjr ynkb fdpnt

idrhurnkb. Vdsuanckyn sdsunj hurvn ynkb ajtukouhhnk H9

• hdauauhnk bnrjs NF edkukouhhnk prmsds hmksm`jansj td`nc sd`dsnj, ynjtu

hdtjhn hd`dijcnk tdhnknk njr pmrj (u) td`nc km`.

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@depukb kmren``y ank

mvdrfmksm`jantda• Edkbbneinrhnk sjlnt pdktjkb anrj tnknc `depukb

• Qnknc `depukb ynkb ijnsnkyn tdronaj anrj prmsds

pdkbdkanpnk ank nhjint tnknc aj ntnskyn `depukb

edkbn`nej hmksm`jansj ntnu pdkuruknk, suntu hdtjhn

tnknc aj ntns eukbhjk hdeuajnk cj`nkb hnrdkn prmsds

n`ne sdcjkbbn tnknc pdrknc edkbn`nej tdhnknk ynkb

`dijc idsnr anrj tdhnknk sdhnrnkb ynkb ijnsn ajsdiut

mvdrfmksm`jantda.

• Qnknc ynkb tjanh pdrknc edkbn`nej tdhnknk ynkb

`dijc idsnr anrj sdhnrnkb aj sdiut tnknc kmren``y

fmksm`jantda.

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7/22/2019 CONSOLIDASI

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Toj Hmksm`jansj

• Idink W ajtdrnphnk aj ntns idkan uoj, pdkuruknk

ajuhur adkbnk nr`moj pdeinfnnk (ajn` bnubd)

• Idink ajtdrnphnk an`ne pdrjmad 91 one ank idkan

uoj sd`n`u tdrdkane njr

7/22/2019 CONSOLIDASI

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Vjlnt hcusus brnljh cuiukbnk C

ntnu d tdrcnanp `mb t

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• Qjnp pdkneincnk idink sd`nen pdkbuojnk, tdbnkbnk

ynkb tdronaj idrupn tdbnkbnk dldhtjl 

• Ij`n idrnt odkjs tnknc (spdfjljf brnvjty), ajedksj nwn`

ank pdkuruknk pnan tjnp pdeidinknk ajfntnt, enhn

kj`nj nkbhn pmrj d anpnt ajpdrm`dc.

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Jktdrprdtnsj cnsj` uoj hmksm`jansj

• Wdruincnk tjkbbj (C) pdr sntunk anrj tjkbbj

nwn` (C) nan`nc snen adkbnk pdruincnk

vm`ued (\) pdr sntunk vm`ued nwn` (\), ntnu

 C 

 C   

md

d C  C 

>

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Hmdljsjdk pdenepntnk (nv) Ank Hmdljsjdk

pdruincnk vm`ued (ev)• Hmdljsjdk pdenepntnk nan`nc hmdljsjdk ynkb

edkyntnhnk hdejrjkbnk hurvn d ‖ p‚

Hdejrjkbnk hurvn d ‖ p‚ (nv)

ajadljkjsjhnk sdinbnj ?

'' >9

9>

 p p

dd

 p

dnv

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• Hmdljsjdk pdruincnk vm`ued (ev ) ajadljkjsjhnk sdinbnj

pdruincnk vm`ued pdrsntunk pdkneincnk tdbnkbnk dldhtjl.

• Ojhn tdronaj hdknjhnk tdbnkbnk dldhtjl anrj p>‚ hd p9‚ enhn nkbhn

pmrj nhnk idrhurnkb anrj d> ank hd d9 adkbnk pdruincnk tdin`

 C.

• Vntunk anrj ev nan`nc e9/hK

• Hnrdkn ev nan`nc pdruincnk

vm`ued pdr sntunk pdkne -

incnk tdbnkbnk, enhn ?

>>   >

>

>   d

n

 pd

 pne   vv

v

7/22/2019 CONSOLIDASI

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Fmktmc smn` >

Cjtukb`nc nv ank ev uktuh hdknjhnk tdbnkbnk anrj 97

snepnj 17 hK/e9 anrj hurvn uoj Hmksm`jansj.

Wdkyd`dsnjnk ?

Anrj hurvn ajpdrm`dc cuiukbnk nkbhn pmrj & tdbnkbnk

Tktuh ?

Onaj,

12,>,/17'

22,>,/97'

99

9

>

9

>

dehK  p

dehK  p

hK e p p

ddnv   /7>4,7

9717

12,>22,>

''

9

>9

9>

7/22/2019 CONSOLIDASI

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Anrj hurvn, uktuh ?

hK ee

 C  C ehK  p

 C  C ehK  p

v   /7764,7971791,76>,7

6>,7/,/17'

91,7/,/97'

9

9

9

>

9

>

7/22/2019 CONSOLIDASI

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Fmktmc smn` 9

Cnsj` uoj hmksm`jansj pnan `depukb odkuc ?

Cnsj` uoj tdrnhcjr st`c 91 one, hnanr njr 5 91,4 % ank Bs 5 9,27.

Bneinrhnk cuiukbnk nkbhn pmrj vs tdbnkbnk dldhtjl ank

tdktuhnk nv ank ev 

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• Fmktmc tnknc odkuc idr`nhu cuiukbnk, d 5 wBs

enhn nkbhn pmrj nhcjr pdkbuojnk ? d> 5 7,914 x 9,27 5 7,<<9

• Qdin` fmktmc hmkajsj nhcjr ? C> 5 >:,94 ee

• Nkbhn pmrj nwn` pdkbuojnk d7 5 d> +  d

• Teuekyn cuiukbnk nktnrn d ank C ajkyntnhnk ?

 C d

 C 

d

 C 

d onaj

dd

dd

ee C  C 

dd

 C 

d

 C 

d

73<1,7

73<1,797

292,>>,

292,77<4,7<<9,77<4,7

97

<<9,>

24,7

24,794,>:97

>>

7

7

>7

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7/22/2019 CONSOLIDASI

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• Anrj brnljh ?

hK e

d

ne

hK e p

dn

dehK  p

dehK  p

vv

v

/777719,7

<<4,>

77772,7

>

/77772,7947647

<43,7<<4,7<43,7,/647

<<4,7,/947

9

>

9

9

9'

9

>

9'

>

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Jkadhs Wdenepntnk (F f)

• Jkadhs hmeprdsj nan`nc hdejrjkbnk anrj

inbjnk `urus brnljh d ‖ `mb p‚ 

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• Ajkyntnhnk m`dc pdrsnennk ?

• Wdkd`jtjnk Qdrznbcj & Wdfh uktuh tnknc

kmren``y fmksm`jantjmk ?

----- rdemu`ada

Ajenkn ? @@ 5 `jquja `jejt

)'/'`mb('`mb'`mb'`mb >9

9>

>9

9>

 p p

dd

 p p

dd

 p

dF f

)>7(772,7

)>7(77:,7

 @@F 

 @@F 

f

f

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Jkadhs Wdenepntnk hdein`j (F r )

• Jkadhs rdhmeprdsj nan`nc hdejrjkbnk anrj

hurvn pd`dpnsnk idink ank pdeidinknk

hdein`j pnan brnljh d ‖ `mb p‚ 

)'/'`mb('`mb'`mb'`mb >9

9>

>9

9>

 p p

dd

 p p

dd

 p

dF r 

7/22/2019 CONSOLIDASI

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Fmktmc Vmn`

• Anrj cnsj` pdkbuojnk, tdktuhnk idsnrkyn Fr

d> 5 7,<6<8 p>‚ 5 377 hK/e9

d9 5 7,<<98 p9‚ 5 >7 hK/e9

7>6,7)377/>7`mb(

<<9,7<6<,7

)'/'`mb('`mb >9

9>

 p p

dd

 p

dF f

7/22/2019 CONSOLIDASI

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Wdkuruknk Hmksm`jansj

• Ajtjkonu `npjsnk tnknc `depukb odkuc adkbnk

tdin` C ank nhjint idink ynkb idhdron, `npjsnk

tnknc edkdrjen tneincnk tdbnkbnk sdidsnr

 p.• Ajnkbbnp rdbnkbnk nrnc `ntdrn` km` 

adkbnk ?

\ 5 vm`ued nwn`

C 5 tdin` tnknc nwn`\ 5 pdrui. \m`ued

C 5 pdrui. Qdin`

d 5 pdrui. Nkbhn pmrj

77

>7

>>   dd

ddd

 C  C 

\ \ 

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7/22/2019 CONSOLIDASI

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• Ij`n p>‚ 0 pf‚ ?

• Ij`n p>‚ ; pf‚ ?

''`mb

> 7

>

7   p p

d C F V  r f

'

'`mb

>'

'`mb

>

>

777   f

r f

ff p

 p

d

 C F 

 p

 p

d

 C F V 

7/22/2019 CONSOLIDASI

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Fmktmc Vmn` ?

Cnsj` uoj hmksm`jansj pnan hdan`nenk 97 e, tdh.

Mvdriuradk dldhtjl  p7‚ 5 924 hK/e9 , d7 5 7,:>.

Qdktuhnk hdejrjkbnk hurvn pdenepntnk ns`jank cjtukb pdkuruknk hmksm`jansj ojhn tneincnk

tdbnkbnk p>‚ 5 377 hK/e9, C 5 >7 e

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Wdkyd`dsnjnk ?

7/22/2019 CONSOLIDASI

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• Wdrpmtmkbnk aj tjtjh I ajtdktuhnk anrj

pdrpmtmkbnk bnrjs edkantnr 7,19d7 5 7,19 x7,:> 5 7,63

• Kj`nj F f ajpdrm`dc pnan hurvn pdenepntnk ?

uktuh p>‚ 5 :77 hK/e9 8 d> 5 7,2>uktuh p9‚ 5 9777 hK/e9 8 d9 5 7,43

63,7

:77`mb9777`mb

43,72>,7

fF 

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7/22/2019 CONSOLIDASI

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Hdfdpntnk Wdkuruknk Hmksm`jansj

• Adrnont pdkuruknk hmksm`jansj ?

• Hmdljsjdk Hmksm`jansj ?

• Ansnr pdrsnennk tdmrj hmksm`jansj Qdrznbcj ?

7/22/2019 CONSOLIDASI

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• Hmkajsj intns uktuh edkdktuhnk hmksm`jansj

`npjsnk tnknc ynkb edkbjojkhnk arnjknsj hdnrncntns ank inwnc nan`nc ?

>. Vnnt t 5 7, pnan `npjsnk `depukb sdtdin` az,

hd`dijcnk tdhnknk cjarmstntjs (hd`dijcnk tdhnknk

njr pmrj) snen adkbnk p

9. Tktuh sdeinrnkb wnhtu (t) snnt hmksm`jansj

ensjc idr`nkbsukb, pnan pdreuhnnk arnjknsj z 5

9C ank z 5 7, hd`dijcnk tdhnknk cjarmstntjs snen

adkbnk km`.

6. Vdsuanc wnhtu ynkb ̀ nen, pnan sdeinrnkb

hdan`nenk z, hd`dijcnk tdhnknk cjarmstntjs snen

adkbnk km`.

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Idktuh-idktuh ajstrjiusj tdhnknk

njr pmrj nwn` aj `npnkbnk

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7/22/2019 CONSOLIDASI

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Hmdljsjdk Hmksm`jansj

• Edtmad pdrcjtukbnk uktuh edkanpnthnk

Hmdljsjdk hmksm`jansj nan`nc idrenklnnt uktuh

edkbcjtukb hdfdpntnk pdkuruknk hmksm`jansj

• Edtman uktuh edkanpnthnk kj`nj hmdljsjdk

hmksm`jansj ?

>. Edtmad hdfmfmhnk @mb-Rnhtu

9. Edtmad Nhnr Rnhtu

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>. Edtmad hdfmfmhnk `mb-wnhtu

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>) Hdauauhnk tjtjh nwn` hurvn sdpdrtj edkadhntj

idktuh pnrnim`n. Qdktuhnk 9 tjtjh ynjtu snnt t>(tjtjh W) ank snnt 1t> (tjtjh ^). Onrnh vdrtjhn`

hdaun tjtjh aj uhur, ejsn` x. pmsjsj Y 5 Ym ajuhur

sdonrnh x nrnc vdrtjhn` aj ntns tjtjh W

9) Qjtjh T 5 >77% ntnu Y>77, ajpdrm`dc anrj tjtjh

pmtmkb anrj bnrjs pdrpnkonkbnk nktnrn

hmksm`jansj prjedr ank sdhukadr

6) Qjtjh T 5 47% ajtdktuhnk ?1) Qdktuhnk Fv ?

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9. Edtmad nhnr wnhtu

7/22/2019 CONSOLIDASI

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>) Qjtjh T 5 7% ajpdrm`dc adkbnk

edepdrpnkonkb bnrjs `urus anrj nwn` hurvnscb edemtmkb aj tjtjh W ank tjtjh ^ 

9) Bnrjs `urus WY ajbneinr adkbnk nsuesj MY 5

>,>4 x M^. Wdrpmtmkbnk anrj WY ank hurvn ns`j

edrupnhnk h Y:7, ajanpnt t:7

6) Qv uktuh adrnont hmksm`jansj T 5 :7% nan`nc

7,313, enhn Fv ?

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n) hmdl. Hmksm`jansj abk edtmad hdfmfmhnk @mb-

wnhtu (Qny`mr),

C rntn-rntn 5 µ (>,:979+>,3>96) 5 >,3<<6 fe

Wnan uoj hmksm`jansj pmsjsj arnjknsd ntns inwnc

(amid`), enhn?

Ct 5 µ (C rntn-rntn) 5 µ x >,3<<6 5 7,:66> fe

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7/22/2019 CONSOLIDASI

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i) Hmdl. Hmksm`jansj abk edtmad nhnr wnhtu

(fnsnbrnkad),

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Fmktmc Vmn` 9

@npjsnk `depukb cmembdk tdin` >7 e pnan tdkbnc-tdkbnc`npjsnk pnsjr idrhdrjhj`. Fv 5 2,:: x >7[-1 fe9/adt

7/22/2019 CONSOLIDASI

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Cjtukb adrnont hmksm`jansj tnknc `depukb

snnt 2 tncuk sdtd`nc idink idhdron pdkuc

• Cjtukbnk adrnont hmksm`jansj T

• Adrnont hmksm`jansj pnan hdan`nenk ynkb

ajtjkonu ?

7/22/2019 CONSOLIDASI

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Ojhn tjeiuknk abk tjkbbj 4e ajcnepnrhnk pnan nrdn

snkbnt `uns aj ntns pdreuhnnk pnsjr, tdktuhnk hd`dijcnk

tdhnknk njr pmrj ynkb tdrsjsn aj `npjsnk `depukb.• Qneincnk tdbnkbnk vdrtjhn` idink tjeiuknk ?

• An`ne wnhtu onkbhn pdkadh ntnu t 5 7, edkbnkbbnp

pdeidinknk > ajedksj, enhn

• Adrnont hmksm`jansj ajkyntnhnk m`dc ?

ntnu

• Adkbnk ?

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