PT KFC Statement of Profit or Loss for the years Ended 31 December 2020 (internal estimation) and 2019 Sales COGS Gross Profit SGA Expense Operating income Interest income Interest expense Other income Total other(Income) expense Income before income taxes Taxes expense (benefit) Net Income 2020 Rp.8,481,000,000,000 7,476,600,000,000 1,004,400,000,000 439,000,000,000 565,400,000,000 (2.200.000.000) 92.400.000.000 (11.000.000.000) 79,200,000,000 486,200,000,000 79,200,000,000 407,000,000,000 2019 Rp.8,010,400,000,000 6,991,200,000,000 1,019,200,000,000 412,800,000,000 606,400,000,000 (1.400.000.000) 70.000.000.000 11.200.000.000 57,400,000,000 349,000,000,000 (56,400,000,000) 605,400,000,000 2019 PT. KFC. Statement of Financial Position 31 December 2020 (internal estimation) and 2019 2020 ASSETS Current Assets Cash & Cash Equivalent Rp96,800,000,000 Rp54,000,000,000 Accounts Receivable 434,600,000,000 344,600,000,000 Inventories 821,600,000,000 702,600,000,000 Other Current Assets 80,800,000,000 36,400,000,000 Total Current Assets 1,433,800,000,000 1,137,600,000,000 Net PPE 1,456,400,000,000 1,233,800,000,000 Goodwill 2,168,800,000,000 1,947,800,000,000 Intangible Assets 1,407,400,000,000 1,351,800,000,000 Other Assets 153,000,000,000 150,800,000,000 Total Assets 6,619,400,000,000 5,821,800,000,000 LIABILITIES & S/H EQUITY Current Liabilities Current Debt Account Payable Other current liabilities Total current Liabilities Long Term Debt Differed income taxes Other Liabilities TOTAL LIABILITIES Share Holder Equity Common Stock Capital in excess of par Retained earnings Ace. Other comprehensive gain/loss Treasury Stock Total Equity 420,400,000,000 385,200,000,000 297,000,000,000 1,102,600,000,000 1,966,000,000,000 471,200,000,000 234,400,000,000 3,774,200,000,000 382,200,000,000 338,800,000,000 285,200,000,000 1,006,200,000,000 1,592,400,000,000 421,400,000,000 239,600,000,000 3,259,600,000,000 9,000,000,000 875,600,000,000 2,757,400,000,000 (23,400,000,000) (773,400,000,000) 2,845,200,000,000 9,000,000,000 877,400,000,000 2,465,800,000,000 (3,000,000,000) (787,000,000,000) 2,562,200,000,000 TOTAL LIABILITIES & EQUITY Number of shares of C/S outstanding Market Price Per share Average Industry data: Ratio 6,619,400,000,000 2,000,000,000 1,900 5,821,800,000,000 2,000,000,000 1.800 Current Ratio Quick Ratio Inventory Turn Over Average Collection Period Total Assets Turn Over Debt Ratio Industry Norm 1.47 0.6 11.3 28.16 0.51 0.62 Times Interest Earned Gross Profit Margin Operating Profit Margin Net Profit Margin Return On Assets Return On Equity P/E Ratio M/B ratio 5.20 33% 14.53% 10.13% 7.20% 24% 22 18.62 Problem 5B (15 pts) After the successful offering of shares to the public through the company's IPO ten years ago, PT. KFC is planning their first issuance of corporate bonds for the total amount of Rp. 500 billion with a maturity of 5 years. The funds raised from the bonds will be used to settle the company's outstanding bank loans which are maturing early next year. In agreement with the underwriter the bonds will have minimum denomination of Rp. 50 million and coupon rate of 10%, payable semi-annually. As an investor, your required rate of return is 8%, you are considering investing in the bond but is still unsure if you are able to get the required return. a. If PT. KFC's bonds are sold at the price of Rp. 47.000.000,- will it be worthwhile for you to invest? Please state clearly the underlying reasoning of your assessment (5 pts) b. From a different perspective, please perform the assessment for three groups of Institutional investors which are also interested to purchase PT KFC bonds, but each has their own required rate of returns, namely set at rate of 7%, 10% and 15% respectively, what will it be the individual value of the bonds from the point of assessment of each of these three groups of institutional investors? Explain the results of your calculation accordingly. (10 pts)