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Penilaian Saham Pt. Alliance Cosmetics Per 31 Desember 2020

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Penilaian Saham Pt. Alliance Cosmetics Per 31 Desember 2020 Graha STH Jl. Mandala Raya No. 20, Jakarta 11440 Tel : 021 – 563 7373 (Hunting) Fax : 021 – 563 6404 Email : [email protected] [email protected] Izin Usaha KJPP : No. 2.08.0007 Bidang Jasa : Penilaian Properti & Bisnis Wilayah Kerja : Indonesia PENILAIAN SAHAM PT. ALLIANCE COSMETICS PER 31 DESEMBER 2020 Professional Services in Valuation and Financial Consultancy Graha STH Jl. Mandala Raya No. 20, Jakarta 11440 Tel : 021 – 563 7373 (Hunting) Fax : 021 – 563 6404 Email : [email protected] [email protected] Izin Usaha KJPP : No. 2.08.0007 Jakarta, 8 Juni 2021 Bidang Jasa : Penilaian Properti & Bisnis Wilayah Kerja : Indonesia Direksi PT Mandom Indonesia Tbk. Wisma 46 Kota BNI Lantai 7 Suite 7.01 Jl. Jend. Sudirman Kav. 1, Karet Tengsin, Jakarta 10220 Dengan hormat, Ref. : File No. 00044/2.0007-00/BS/04/0027/1/VI/2021 Penilaian Saham PT Alliance Cosmetics Menindak lanjuti Surat Perjanjian Kerja No. STH-039/PR.012/SG/I/2021, kami sebagai Kantor Jasa Penilai Publik resmi berdasarkan Izin Usaha Kantor Penilai Publik No.2.08.0007 dan Surat Izin Penilai Publik No.: PB-1.08.00027 yang dikeluarkan oleh Menteri Keuangan Republik Indonesia serta Surat Tanda Terdaftar Profesi Penunjang Pasar Modal STTD PPPM-OJK No.: STTD.PPB-38/PM.223/2019 yang dikeluarkan oleh Otoritas Jasa Keuangan (“OJK”), telah melakukan revisi terhadap laporan penilaian kami atas Nilai Pasar saham PT Alliance Cosmetics (“PTA”) dengan File No. 00041/2.0007-00/BS/04/0027/1/IV/2021 yang kami lakukan per tanggal 31 Desember 2020, sehubungan dengan adanya perubahan dan atau tambahan informasi atas Rencana Transaksi PT Mandom Indonesia Tbk. ("Perseroan") untuk mengakuisisi saham PT Alliance Cosmetics. DEFINISI DAN SINGKATAN ACGI berarti ACG International Sdn. Bhd. ACS berarti Alliance Cosmetics Pte. Ltd. PTA berarti PT Alliance Cosmetics OJK berarti Otoritas Jasa Keuangan. Perseroan berarti PT Mandom Indonesia Tbk. POJK 35 dan SEOJK 17 berarti Peraturan OJK Nomor 35/POJK.04/2020, ditetapkan tanggal 25 Mei 2020 tentang Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal dan Surat Edaran OJK Nomor 17/SEOJK.04/2020, ditetapkan tanggal 9 Agustus 2020 tentang Pedoman Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal. SPI berarti Kode Etik Penilai Indonesia dan Standar Penilaian Indonesia (KEPI & SPI) Edisi VII – SPI 2018 yang dikeluarkan oleh Masyarakat Profesi Penilai Indonesia (MAPPI). Tanggal Penilaian berarti tanggal 31 Desember 2020. Professional Services in Valuation and Financial Consultancy KJPP Stefanus Tonny Hardi & Rekan IDENTITAS PEMBERI TUGAS Pelaksanaan penilaian saham PTA ini sebagai realisasi dari penugasan untuk melakukan penilaian saham dari PT Mandom Indonesia Tbk sesuai dengan Surat Perjanjian Kerja No. STH-039/PR.012/SG/I/2021 tanggal 26 Januari 2021. Adapun identitas lengkap dari pemberi tugas adalah sebagai berikut : Pemberi tugas : PT Mandom Indonesia Tbk Alamat : Wisma 46 Kota BNI, Suite 7.01, Lantai 7, Jl. Jend. Sudirman Kav. 1, Karet Tengsin, Jakarta 10220 : Telpon / Fax (021) 2980-9500 / (021) 2980-9501 : Email [email protected] Bidang usaha : Melakukan kegiatan usaha dalam bidang industri kosmetika termasuk pasta gigi, sabun, dan bahan pembersih keperluan rumah tangga dan barang dari plastik untuk pengemasan TUJUAN PENILAIAN Penilaian yang kami lakukan adalah dengan tujuan untuk menentukan Nilai Pasar dari saham PTA yang ditempatkan dan disetor penuh per tanggal 31 Desember 2020. Kami mengerti bahwa tujuan penentuan Nilai Pasar saham ini dalam rangka menilai saham PTA, yang akan dibeli dari ACG International Sdn. Bhd. dan Alliance Cosmetics Pte. Ltd. Jumlah saham PTA yang akan dinilai adalah sebanyak 209.147.483 saham atau setara dengan kepemilikan sebesar 99,995 %. PEDOMAN PENILAIAN Dalam melakukan penilaian ini kami berpedoman pada Kode Etik Penilai Indonesia dan Standar Penilaian Indonesia (KEPI & SPI) Edisi VII – SPI 2018 yang dikeluarkan oleh Masyarakat Profesi Penilai Indonesia ("MAPPI") dan Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 35/POJK.04/2020 tentang Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal (“POJK 35”) serta Surat Edaran Otoritas Jasa Keuangan Republik Indonesia Nomor 17/SEOJK.04/2020 tentang Pedoman Penilaian dan Penyajian Laporan Penilaian Bisnis di Pasar Modal (“SEOJK 17”). DASAR NILAI DAN DEFINISI Dasar nilai yang digunakan dalam penilaian saham adalah Nilai Pasar. Professional Services in Valuation and Financial Consultancy 2 KJPP Stefanus Tonny Hardi & Rekan Nilai Pasar (Market Value) adalah estimasi sejumlah uang yang dapat diperoleh dari hasil penukaran suatu aset atau liabilitas pada Tanggal Penilaian, antara pembeli yang berminat membeli dengan penjual yang berminat menjual, dalam suatu transaksi bebas ikatan, yang pemasarannya dilakukan secara layak, di mana kedua pihak masing- masing bertindak atas dasar pemahaman yang dimilikinya, kehati-hatian, dan tanpa paksaan. (POJK 35). TANGGAL PENILAIAN Penilaian saham ini dilakukan per tanggal 31 Desember 2020. LAPORAN PENILAIAN Adapun laporan penilaian ini terdiri dari : Surat ini yang berisi ringkasan dari hasil penilaian kami; Asumsi-asumsi dan syarat-syarat pembatasan; Uraian laporan (Narrative Report) yang berisikan informasi secara terperinci dari perusahaan, asumsi-asumsi serta metode penilaian yang digunakan, dan hasil penilaian yang dicapai; Lampiran-lampiran dari penjelasan-penjelasan dasar perhitungan. PENDEKATAN PENILAIAN Berdasarkan analisis yang kami lakukan dan faktor-faktor yang ada hubungannya dengan penilaian ini, kami uraikan dibawah ini pendekatan dan hasil penilaian kami sebagai berikut : 1. Indikasi Nilai Pasar dari Ekuitas (Net Worth) berdasarkan perhitungan dengan Pendekatan Pendapatan, dengan Metode Diskonto Arus Kas untuk Perusahaan (Discounted Cash Flow to Firm Method - DCF) Dasar penggunaan metode DCF adalah mengingat PTA merupakan operating company yang berusaha bidang industri kosmetik, toiletries dan produk kecantikan. Oleh karena itu dapat disusun proyeksi Laporan Posisi Keuangan dan Laba Rugi Komprehensif PTA untuk menentukan prospek usaha dimasa akan datang. 2. Indikasi Nilai Pasar dari Ekuitas (Net Worth) berdasarkan perhitungan dengan Pendekatan Pasar dengan, Metode Pembanding Perusahaan Tercatat Di Bursa Efek (Guideline Publicly Traded Company Method - GPTC) Dasar penggunaan metode GPTC adalah mengingat terdapatnya data-data perusahaan pembanding yang ada di bursa baik lokal maupun regional yang memiliki industri dan kegiatan usaha yang sejenis. Professional Services in Valuation and Financial Consultancy 3 KJPP Stefanus Tonny Hardi & Rekan 3. Rekonsiliasi nilai dari Indikasi Nilai Ekuitas berdasarkan ke dua metode penilaian dalam butir 1 dan 2. 4. Diperhitungkan adanya Diskon Likuiditas Pasar mengingat saham yang dinilai merupakan saham perusahaan tertutup. 5. Nilai Pasar untuk 100% kepemilikan saham yang telah ditempatkan dan disetor penuh atas dasar perhitungan Nilai Pasar Ekuitas pada butir d diatas 6. Nilai Pasar per saham 7. Nilai Pasar untuk 209.147.483 saham atau setara dengan 99,995% kepemilikan saham Disamping itu, Pendekatan Aset tidak kami gunakan karena PTA bukan merupakan perusahaan yang nilai perusahaannya sangat bergantung pada aset tetap, bukan merupakan holding company, bukan merupakan perusahaan yang memiliki aset berwujud dalam jumlah signifikan. Besarnya Diskon Likuiditas Pasar (Discount For Lack of Marketability) dari perusahaan tertutup (sahamnya tidak diperdagangkan di bursa efek) berdasarkan POJK 35, untuk saham mayoritas adalah antara 20% sampai 40% dan untuk saham minoritas adalah antara 30% sampai 50%. Besarnya Premi Pengendalian (Premium for Control) atau Diskon Tanpa Pengendalian (Discount for Lack of Control) berdasarkan POJK 35, untuk perusahaan terbuka adalah antara 20% sampai 35% dan untuk perusahaan tertutup (sahamnya tidak diperdagangkan di bursa efek) adalah antara 30% sampai 70%. Oleh karena nilai saham yang dihitung adalah saham mayoritas dengan kepemilikan sebesar 99,995% tetapi PTA berada dalam kondisi merugi selama beberapa tahun terakhir, maka dalam hal ini menurut pertimbangan kami besarnya Diskon Likuiditas Pasar adalah 40%. ASUMSI DASAR UNTUK PENILAIAN SAHAM 1. Asumsi Dasar Untuk Penilaian Saham dengan Metode Diskonto Arus Kas untuk Perusahaan (Discounted Cash Flow to Firm Method) Dalam melakukan penilaian saham dengan metode ini, kami dasarkan pada asumsi-asumsi sebagai berikut : Umum x Tanggal penilaian saham PTA adalah 31 Desember 2020 x Metode yang digunakan adalah Metode Diskonto Arus Kas Untuk Perusahaan x Faktor diskonto yang akan digunakan adalah Cost of Capital yang dihitung atas dasar WACC (Weighted Average Cost of Capital). Professional Services in Valuation and Financial Consultancy 4 KJPP Stefanus Tonny Hardi & Rekan Asumsi-asumsi dalam penyusunan proyeksi antara lain : Laporan Keuangan PTA per 31 Desember 2020 digunakan sebagai dasar proyeksi laporan keuangan. Proyeksi laporan keuangan meliputi periode 1 Januari 2021 sampai 31 Desember 2025 yang merupakan periode eksplisit dan didasarkan pada data laporan keuangan PTA per 31 Desember 2020 yang telah diaudit oleh kantor akuntan publik. Periode selanjutnya setelah 31 Desember 2025 merupakan periode “Continuing” dan periode ini digunakan untuk perhitungan “Terminal Value”, Dalam periode continuing kami asumsikan dengan pertumbuhan sebesar 2% yang didasarkan pada prediksi tingkat inflasi dimasa mendatang. Proyeksi Laporan Posisi Keuangan dan Laba Rugi Komprehensif Perusahaan periode 1 Januari 2021 sampai 31 Desember 2025 dengan asumsi-asumsi
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