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I.

Objective
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II.

Analysis
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Trend Analysis
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Krakata
u Steel

Gunawa
n
Dianjay
a Steel

Jaya
Pari
Steel

7%

-3%

-9%

1%

-5%

-18%

79%

91%

0%

-1%

1%

2%

13%

6%

32%

-98%

-97%

-24%

-99%

No Data

5%

Return on Assets

42%

101%

-25%

Return on Equity

16%

No Data

-28%

Debt to Equity

-33%

No Data

-15%

Debt to Capital

-18%

No Data

-11%

Aspect

Gross Profit
margin
Operating Profit
Margin
Reven
ue

Marke
t

Retur
n

Net Profit Margin


COGS to
Revenue
Operating
Expenses to
Revenue
Earnings per
share
Book value per
share

Debt

Informat
ion
Higer is
better
Higer is
better
Higer is
better
Lower is
better
Lower is
better

Higer is
better
Higer is
better
Lower is
better
Lower is
better

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BUMN Financial Scoring Framework
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Financial
Indicators
Return on
Equity (ROE)

Krakatau Steel
Ratio
11,43%

Score
16,0

Gunawan
Dianjaya Steel
Ratio
Score
26,55%
20,0

Jaya Pari Steel


Ratio
9,48%

Score
14,0

Return on
Investment
(ROI)
Cash Ratio
Current
Ratio
Collection
Period
Inventory
Turnover
Total Asset
Turnover
Total
Equity/Total
Asset
Total Score
Rating
Classificatio
n

11,83%

9,0

19,98%

15,0

8,35%

6,0

60,51%
177,29
%
30,91

5,0
5,0

0,0
5,0
5,0

12,17%
276,83
%
79,87

2,0
5,0

5,0

0,89%
169,03
%
19,19

160,92

3,0

118,86

4,0

99,58

4,0

84,49%

3,5

5,0

8,5

104,01
%
72,98%

4,0

52,85%

159,15
%
60,09%

55,0
A
Healthy

8,0

62,0
AA
Healthy

DuPlont Formula (in millions)

Profit
Margin
Ratio
Total Asset
Turnover
Equity
Multiplier

Net
Profit
Revenu
e
Revenu
e
Asset
Asset
Equity

ROE

III.

Krakatau
Steel

Gunawan
Dianjaya
Steel

Jaya Pari
Steel

1.062.683

171.428

28.446

1.710.132

427.793

1.710.132

427.793

1.074.570

411.282

1.074.570

411.282

645.713
26,55%

300.134
9,48%

14.856.15
6
14.856.15
6
17.584.05
9
17.584.05
9
9.293.915
11,43%

Conclusion and Recommendation


Conclusion
Recommendation

7,5

47,0
A
Healthy

DuPlont Formula
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Component

4,5

Exibit 1
Trend Analysis (CAGR) Krakatau Steel, 2008-2010
Aspects
Reven
ue

2008
Gross Profit
margin

Operating
Profit Margin

Net Profit
Margin

COGS to
Revenue

Operating
Expenses to
Revenue

Market

Earnings per
share

Book value
per share

Gross Profit
Rp
2.716.064.000.0
00
Operating Profit
Rp
1.360.388.000.0
00
Net Income
Rp
459.571.000.00
0
COGS
Rp
17.915.367.000.
000
Operating
Expenses
Rp
1.355.676.000.0
00
Net Income
Rp
459.571.000.00
0
Equity
Rp
5.439.761.000.0
00

2010
Revenue
Rp
20.631.431.000.
000
Revenue
Rp
20.631.431.000.
000
Revenue
Rp
20.631.431.000.
000
Revenue
Rp
20.631.431.000.
000
Revenue

13,16%

6,59%

2,23%

86,84%

6,57%

Rp
20.631.431.000.
000
Share
Outstanding
2000000

Rp
229.78
6

Share
Outstanding
2000000

Rp
2.719.8
81

Rate

Gross Profit
Rp
2.234.780.000.0
00
Operating Profit
Rp
992.929.000.00
0
Net Income
Rp
1.062.683.000.0
00
COGS
Rp
12.621.376.000.
000
Operating
Expenses
Rp
1.241.851.000.0
00
Net Income

Revenue
Rp
14.856.156.000.00
0
Revenue
Rp
14.856.156.000.00
0
Revenue
Rp
14.856.156.000.00
0
Revenue
Rp
14.856.156.000.00
0
Revenue

Rp
1.062.683.000.0
00
Equity

Rp
15.775.000.000

Rp
9.293.915.000.0
00

Rp
15.775.000.000

Rp
14.856.156.000.00
0
Revenue

Share Outstanding

15,04
%

6,90
%

6,68%

0,68
%

7,15%

79,20
%

84,96
%

1,09
%

8,36%

12,79
%

Rp
67

98,29
%

Rp
589

98,53
%

Return

Return on
Assets

Return on
Equity

Debt

Debt to
Equity

Debt to
Capital

Net Income

Asset

Rp
459.571.000.00
0
Net Income

Rp
15.374.427.000.
000
Equity

Rp
459.571.000.00
0
Debt
Rp
8.276.527.000.0
00
Debt
Rp
8.276.527.000.0
00

Rp
5.439.761.000.0
00
Equity
Rp
5.439.761.000.0
00
Capital
Rp
13.716.288.000.
000

2,99%

8,45%

152,15
%

60,34%

Net Income

Asset

6,04%

42,19
%

11,43
%

16,34
%

Equity
Rp
9.293.915.000.000

69,31
%

32,51
%

Capital
Rp
15.735.390.000.00
0

40,94
%

17,63

Rp
1.062.683.000.0
00
Net Income

Rp
17.584.059.000.00
0
Equity

Rp
1.062.683.000.0
00
Debt
Rp
6.441.475.000.0
00
Debt
Rp
6.441.475.000.0
00

Rp
9.293.915.000.000

Trend Analysis (CAGR) Gunawan Dianjaya Steel, 2008-2010


Aspects
Reven
ue

2008
Gross Profit
margin

Gross Profit
Rp
560.000.000.000

Operating
Profit
Margin

Operating Profit
Rp
417.000.000.000

Net Profit
Margin

Net Income
Rp
83.000.000.000

2010
Revenue
Rp
3.021.000.000.0
00
Revenue
Rp
3.021.000.000.0
00
Revenue
Rp
3.021.000.000.0

Rate

18,54
%

Gross Profit
Rp
296.880.791.118

Revenue
Rp
1.710.131.747.278

17,36
%

3,23%

13,80
%

Operating Profit
Rp
214.649.422.699

Revenue
Rp
1.710.131.747.278

12,55
%

4,64%

2,75%

Net Income
Rp
171.427.614.845

Revenue
Rp
1.710.131.747.278

10,02
%

91,01
%

00
COGS to
Revenue

Operating
Expenses to
Revenue

Market

Earnings
per share

Book value
per share

COGS
Rp
2.461.000.000.0
00
Operating
Expenses
Rp
143.000.000.000
Net Income
Rp
83.000.000.000
Equity
No Data

Return

Debt

Return on
Assets

Net Income
Rp
83.000.000.000

Return on
Equity

Net Income
Rp
83.000.000.000
Debt
No Data

Debt to
Equity
Debt to
Capital

Debt
No Data

Revenue
Rp
3.021.000.000.0
00
Revenue
Rp
3.021.000.000.0
00
Share
Outstanding
3376000

81,46
%

4,73%

Rp
24.585

Share
Outstanding
3376000

No
Data

Asset
Rp
2.092.800.000.0
00
Equity
No Data

3,97%

No
Data

Equity
No Data

No
Data

Capital
No Data

No
Data

COGS
Rp
1.413.250.956.1
60
Operating
Expenses
Rp
90.756.876.018
Net Income

Revenue
Rp
1.710.131.747.278
Revenue

82,64
%

0,72%

5,31%

5,88%

Rp
21

97,08
%

Rp
79

No
Data

15,95
%

No
Data

26,55
%

No
Data

61,77
%

No
Data

38,19
%

No
Data

Rp
1.710.131.747.278
Revenue

Rp
171.427.614.845
Equity

Rp
8.200.000.000
Share Outstanding

Rp
645.713.287.080
Net Income
Rp
171.427.614.845

Rp
8.200.000.000
Asset
Rp
1.074.569.612.752

Net Income
Rp
171.427.614.845
Debt
Rp
398.879.525.740
Debt
Rp
398.879.525.740

Equity
Rp
645.713.287.080
Equity
Rp
645.713.287.080
Capital
Rp
1.044.592.812.820

Trend Analysis (CAGR) Jaya Pari Steel, 2008-2010


Aspects
Gross Profit
margin
Operating
Profit
Margin
Revenu
e

Net Profit
Margin
COGS to
Revenue
Operating
Expenses
to Revenue
Earnings
per share

Market
Book value
per share
Return on
Assets
Return
Return on
Equity
Debt

Debt to

2008
Gross Profit
Rp
115.384.235.396
Operating Profit
Rp
98.351.215.200
Net Income
Rp
49.157.545.353
COGS
Rp
617.319.084.761
Operating
Expenses
Rp
17.033.020.196
Net Income
Rp
49.157.545.353
Equity
Rp
269.771.302.444
Net Income
Rp
49.157.545.353
Net Income
Rp
49.157.545.353
Debt

Revenue
Rp
732.703.320.157
Revenue
Rp
732.703.320.157
Revenue
Rp
732.703.320.157
Revenue
Rp
732.703.320.157

2010
15,75%

13,42%

6,71%

84,25%

Revenue
Rp
732.703.320.157
Share
Outstanding
750000000
Share Outstanding
750000000
Asset
Rp
399.343.736.262
Equity
Rp
269.771.302.444
Equity

2,32%

Rp
66
Rp
360
12,31%

18,22%
42,49%

Gross Profit
Rp
55.733.384.365
Operating Profit
Rp
38.419.485.450
Net Income
Rp
28.445.580.508
COGS
Rp
372.059.150.959
Operating
Expenses
Rp
17.313.898.915
Net Income
Rp
28.445.580.508
Equity
Rp
300.134.260.861
Net Income
Rp
28.445.580.508
Net Income
Rp
28.445.580.508
Debt

Revenue
Rp
427.792.535.324
Revenue
Rp
427.792.535.324
Revenue
Rp
427.792.535.324
Revenue
Rp
427.792.535.324

Rate
13,03
%

9,04%

8,98%

18,20
%

6,65%

0,45%

86,97
%

1,60%

4,05%

31,95
%

Rp
38

23,93
%

Rp
400

5,48%

Revenue
Rp
427.792.535.324
Revenue
Rp
750.000.000
Share Outstanding
Rp
750.000.000
Asset
Rp
411.281.598.196
Equity
Rp
300.134.260.861
Equity

6,92%

9,48%
30,89

25,04
%
27,88
%
-

Equity
Debt to
Capital

Exibit 2
Exibit 3

Rp
114.622.438.973
Debt
Rp
114.622.438.973

Rp
269.771.302.444
Capital
Rp
384.393.741.417

29,82%

Rp
92.718.624.802
Debt
Rp
92.718.624.802

Rp
300.134.260.861
Capital
Rp
392.852.885.663

%
23,60
%

14,73
%
11,03
%