Income Statement of Krakatau Steel 2007-2010

Laporan Laba (Rugi) 2007 2008 2009 2010

Penjualan Bersih 14,836,019 20,631,431 16,913,535 14,856,156
Beban Pokok Penjualan 13,063,417 17,915,367 15,728,146 12,621,376
Laba Kotor 1,772,602 2,716,064 1,185,389 2,234,780

Beban Usaha
Penjualan 241,586 340,931 267,408 264,414

Umum dan Administrasi 738,283 1,014,745 892,041 977,437

Jumlah Beban Usaha 979,869 1,355,676 1,159,449 1,241,851
Laba Usaha 792,733 1,360,388 25,940 992,929

Penghasilan (Beban Lain - Lain)

Laba Pengalihan Aset Tetap 147,888
Laba (rugi) selisih kurs bersih (120,578) (474,778) 71,568 114,875
Beban bunga (285,720) (366,889) (458,339) (255,558)
Penjualan limbah produksi 5,571 6,762 26,268 74,184
Pendapatan Bunga 26,772 45,987 41,348 81,463
Laba Penyelesaian Kewajiban -
imbalan kesehatan pasca-kerja 127,298
Laba penjualan investasi 374,648

Penghasilan Lain-Lain, Bersih 442,719 394,219

Pajak kini 132,275 552,663
Pajak tangguhan. bersih 48,568 (275,449)

LABA SEBELUM BEBAN (MANFAAT) PAJAK 468,659 1,387,148

BEBAN (MANFAAT) PAJAK
Pajak kini 88,688 91,586
Pajak tangguhan, bersih (116,233) 234,695

Beban (Manfaat) Pajak, Bersih 180,843 277,214 (27,545) 326,281

LABA (RUGI) SEBELUM HAK MINORITAS

ATAS (LABA) RUGI BERSIH ANAK
PERUSAHAAN 316,520 463,609 496,204 1,060,867
HAK MINORITAS ATAS (LABA) RUGI
BERSIH ANAK PERUSAHAAN (3,079) (4,038) (1,532) 1,816

LABA (RUGI) BERSIH 313,441 459,571 494,672 1,062,683

LABA (RUGI) BERSIH PER SAHAM DASAR

- Disajikan Kembali (dalam Rupiah
penuh) 31 46 39 81
 Balance Sheet of Krakatau Steel 2007-2010 in millions
ASSET 2007 2008

ASET LANCAR
Kas dan Setara Kas 636,600 1,100,493
Investasi jangka pendek 44,938 5,341
Deposito berjangka yang dibatasi penggunaannya
Piutang usaha (setelah dikurangi penyisihan piutang
ragu-ragu sebesar Rp45.034 pada penode 2010,
Rp48.41G pada periode 2009. Rp38.122 pada tahun
2009. Rp46 368 pada tahun 2008 dan Rp41.538 pada
tahun 2007) Pihak ketiga
2,116,820 1,843,295
Pihak yang mempunyai hubungan istimewa 222,084 151,163

Piutang lain-lain (setelah dikurangi penyisihan

piutang ragu-ragu sebesar Rp5.422 pada periode
2010. Rp6.355 pada periode 2009 Rp6.685 pada
tahun 2009. Rp7.915 pada tahun 2008 dan Rp6
140 pada tahun 2007) Diholf 1/otinp 57,882 61,844
Pihak yang mempunyai hubungan istimewa 4,322 3,017
Persediaan, bersih 4,258,611 8,159,937
Uang muka dan biaya dibayar di muka
Pajak dibayar di muka 81,691 100,435
Tagihan anjak piutang 5,024 22,668
109,509
Jumlah Aset Lancar 7,427,972 11,557,702

ASET TIDAK LANCAR

Taksiran tagihan pajak 155,974 262,906
Investasi pada saham, bersih 34,027 34,154
Aset pajak tangguhan. bersih 23,306 91,418

Aset tetap (setelah dikurangi akumulasi penyusutan

sebesar Rp4 306 289 pada periode 2010.
Rp4.069.3bi pada periode 2009. Rp4.144.163 pada
tahun 2009 Rp3 933 308 pada tahun 2008 dan
Rp3.617.891 pada tahun 2007) 3,183,847 3,162,273
Aset lain-lain
Piutang jangka panjang. bersih 95,343 85,344
Aset real estat 57,410 50,417
Aset tetap yang tidak digunakan dalam operasi
56,080 41,694
Deposito berjangka yang dibatasi penggunaannya 35,346 36,938
Lain-lain 47,719 51,581
Jumlah Aset Tidak Lancar 3,689,052 3,816,725
JUMAH ASET 11,117,024 15,374,427

KEWAJIBAN DAN EQUITAS

KEWAJIBAN LANCAR
Hutang bank jangka pendek 2,789,100 6,701,510
Hutang usaha

Pihak ketiga
Pihak yang mempunyai hubungan istimewa 817,050 801,037
Hutang lain-lain 17,893 32,950
Pihak ketiga 23,767 27,856
Pihak yang mempunyai hubungan istimewa 6,428 5,809
Hutang pajak 93,493 181,769
Blaya yang masih harus dibayar 216,362 285,153
Uang muka penjualan dan lainnya 218,820 195,550
Bagian pinjaman jangka panjang yang jatuh tempo
dalam waktu satu tahun 261,334 240,443
Bagian kewajiban jangka panjang yang jatuh tempo
dalam waktu satu tahun 7,621 11,962
Kewajiban anjak piutang 108,285

Jumlah Kewajiban Lancar 4,451,868 8,592,324

Kewajiban Tidak Lancar 1,590,824 1,342,342

JUMLAH KEWAJIBAN 6,042,692 9,934,666

HAK MINORITAS ATAS ASET BERSIH ANAK

PERUSAHAAN 14,651 37,343

EKUITAS

Modal saham - miai nominal Rp1 000.000 (angka

penuh) per saham Modal dasar - 8.000.000 saham
Modal ditempatkan dan disetcr penuh - 2.000 000
saham 2,000,000 2,000,000
Tambahan modal disetor, bersih
Modal disetor lainnya 1,303,465 1,303,465
Selisih transaksi perubahan ekuitas Anak Perusahaan 381 -
Saldo laba (akumulasi kerugian)
Dicadangkan 2,534,786 2,754,450
Tidak dicadangkan (764,300) (618,154)
Jumlah Ekuitas 5,074,332 5,439,761

JUMLAH KEWAJIBAN DAN EKUITAS 11,117,024 15,374,427

010 in millions
2009 2010

1,759,964 4,193,598
142,550
27,000

1,572,725 1,170,922
69,487 13,416

54,858 73,584
2,658 8,489
4,871,981 6,549,776
141,823 135,865
15,116 115,074

8,631,162 12,287,724

186,791 303,136
136,753 310,854
202,468 26,644

3,378,928 4,389,320

78,121 3,522
52,246 74,437

31,144 31,177
21,180 94,906
77,010 62,339
4,164,641 5,296,335
12,795,803 17,584,059

4,209,254 5,136,629

699,875 862,851

38,944 39,019
73,138 81,956
246,541 1,824
101,031 85,653
271,879 266,459
264,411 218,622

222,390 233,543

2,890 4,157

6,130,353 6,930,713

818,660 1,227,801
6,949,013 8,158,514

40,952 131,630

2,000,000 7,887,500
1,015,514
1,303,465
 18,468 18,468

3,066,959 1,343,401
(583,054) (970,968)
5,805,838 9,293,915

12,795,803 17,584,059
 Krakatau Steel
Financial Indicators CAGR
2010 2007
Return on Equity (ROE) 11.43% 6.18% 23%
Return on Investment (ROI) 13% 9% 12%
Cash Ratio 61% 14% 62%
Current Ratio 177% 167% 2%
Collection Period (hari) 29 58 -20%
Inventory Turnover 161 105 15%
Total Asset Turnover 111.33% 133.45% -6%
Total Equity/Total Asset 70% 46% 15%

Financial Indicators NILAI DAN SCORE TAHUN 2010

KRAKATAU GUNAWAN
Return on Equity (ROE) 11.43% 16 26.55%
Return on Investment (ROI) 12.69% 10.5 24.17%
Cash Ratio 60.51% 5 0.89%
Current Ratio 177.32% 5 169.03%
Collection Period (hari) 29 5 19
Inventory Turnover 161 3 119
Total Asset Turnover 111.33% 4.5 159.15%
Total Equity/Total Asset 69.65% 8 60.09%
57
AA
Healthy

DuPont's Component KRAKATAU STEEL GUNAWAN DIANJAYA JAYAPARI

Profit Margin Ratio 7% 10% 7%

Total Asset Turnover 111% 159% 104%
Equity Multiplier 144% 166% 137%
ROE 11% 27% 9%
 Gunawan Dianjaya Jaya Pari Steel
CAGR CAGR
2010 2007 2010 2007
26.55% N.a N.a 9.48% 18.84% -20%
24% N.a N.a 10% 27% -27%
1% N.a N.a 12% 11% 4%
169% N.a N.a 277% 585% -22%
19 N.a N.a 80 91 -4%
119 N.a N.a 100 77 9%
159% N.a N.a 104% 161% -14%
60% N.a N.a 73% 82% -4%

Krakatau Steel
ORE TAHUN 2010 Financial Indicators
2010 2009
GUNAWAN JAYA PARI Return on Equity (ROE) 11.43% 6.18%
20 9.48% 14 Return on Investment (ROI) 13% 9%
15 10.32% 7.5 Cash Ratio 61% 14%
0 12.17% 2 Current Ratio 177% 167%
5 276.83% 5 Collection Period (hari) 29 35
5 80 4.5 Inventory Turnover 161 105
5 100 4 Total Asset Turnover 111.33% 132.18%
5 104.01% 4 Total Equity/Total Asset 70% 46%
8 72.98% 7.5
63 48.5
AA A
Healthy Healthy
 2014

9293915
5074332
645713
300134
Gunawan Dianjaya Jaya Pari Steel
CAGR CAGR CAGR
2010 2009 2010 2009
23% 26.55% N.a N.a 9.48% 18.84% -20%
12% 24% N.a N.a 10% 27% -27%
62% 1% N.a N.a 12% 11% 4%
2% 169% N.a N.a 277% 585% -22%
-6% 19 44 4379% 80 154 -20%
15% 119 52 5210% 100 95 2%
-6% 159% 2 169% 104% 1 7%
15% 60% N.a N.a 73% 82% -4%
 Krakatau Steel Gunawan Dianjaya Jaya Pari Steel
Financial Indicators CAGR CAGR
2010 2009 2010 2009 2010
Return on Equity (ROE) 11.43% 6.18% 23% 26.55% N.a N.a 9.48%
Return on Investment (ROI) 13% 9% 12% 24% N.a N.a 10%
Cash Ratio 61% 14% 62% 1% N.a N.a 12%
Current Ratio 177% 167% 2% 169% N.a N.a 277%
Collection Period (hari) 29 35 -6% 193 44 ### 80
Inventory Turnover 161 105 15% 1195 52 ### 100
Total Asset Turnover 111.33% 132.18% -6% 16% 2 169% 104%
Total Equity/Total Asset 70% 46% 15% 60% N.a N.a 73%
Jaya Pari Steel
CAGR
2009
18.84% -20%
27% -27%
11% 4%
585% -22%
154 -20%
95 2%
1 7%
82% -4%
Laporan Laba (Rugi) 2007 2008
Penjualan 1,985 3,021
Harga Pokok Penjualan (1,568) (2,461)
Laba Kotor 417 560
Beban Operasi (122) (143)
Laba Operasi 295 417
Pendapatn (beban) lain lain (74) (272)
Laba Sebelum Pajak 221 145
Beban Pajak (67) (62)
Bagian laba anak perusahaan
Laba Bersih 154 83

Neraca 2007 2008

AKTIVA
Aktiva Lancar 6.8 204.8
Kas dan Setara Kas 139.9 127.8
Persediaan 280.2 1347.4
Aktiva lainlain 68.9 34.8
Jumlah Aktiva Lancar 495.8 1714.8
Aktiva Tetap 315.3 284.9
Aktiva lainlain 35.6 93.1
JUMLAH AKTIVA 846.7 2092.8

For 2007 and 2008, the number of shares outstanding is 4.050.000 and 3.376.000 shares.
2007 4050
2008 3376

Income Statement of Gunawan Dianjaya Steel 2009-2010

2009 2010
PENJUALAN BERSIH 1,641,555,178,128 1,710,131,747,278
BEBAN POKOK PENJUALAN 1,829,359,302,348 1,413,250,956,160
LABA (RUGI) KOTOR (187,804,124,220) 296,880,791,118
BEBAN USAHA
Penjualan 62,824,380,817 58,973,826,887
Umum dan Administrasi 22,797,705,862 31,783,049,131
Jumlah Beban Usaha 85,622,086,679 90,756,876,018
Jumlah Penghasilan Lain-lain - Bersih 64,196,140,344 8,525,507,599

LABA (RUGI) SEBELUM TAKSIRAN PENGHASILAN (BEBAN)

PAJAK DAN POS LUAR BIASA (209,230,070,555) 214,649,422,699

TAKSIRAN PENGHASILAN (BEBAN) PAJAK Tangguhan ( 50,241,329,289 60,025,818,648

LABA (RUGI) SEBELUM POS LUAR BIASA (158,988,741,266) 154,623,604,051
POS LUAR BIASA Laba atas penghapusan hutang 8,933,619,755 16,804,010,794
LABA (RUGI) BERSIH (150,055,121,511) 171,427,614,845
Rata-rata tertimbang jumlah saham yang beredar 5,776,752,877 8,200,000,000

LABA (RUGI) PER SAHAM DASAR (26) 21

Balance Sheet of Gunawan Dianjaya Steel 2009-2010

ASET 2,009 2,010

ASET LANCAR
Kas dan setara kas 40,234,402,367 3,720,875,161
Investasi jangka pendek 6,046,577,601
Piutang usaha
Pihak ketiga 195,402,478,434 77,699,773,574
Pihak yang mempunyai hubungan istimewa 1,560,282,086 12,218,901,448
Piutang Lain-lain
Pihak ketiga 4,457,337,863 3,613,699,194
Pihak yang mempunyai hubungan istimewa 873,599,317 545,180,150.0
Persediaan 234,313,675,542 556,893,664,606.0
Pajak dibayai di muka 363,041,500 4,485,916,252.0
Biaya dibayar di miika 340,676,328 269,206,106.0
Uang muka pembelian 63,456,447,622 44,103,806,112.0

Jumlah Aset Lancar 541,001,941,059 709,597,600,204

ASET TIDAK LANCAR

Taksiran tagihan pajak penghasilan 20,124,852,295 26,709,497,840

Asset pajak tangguhan 116,826,976,175 56,801,157,527

Properti investasi 2,345,311,177 981,311,177
Aset tetap-setelah dikurangi 255,836,745,163 246,469,275,174
akumulasi penyusutan sebesar
Rp 415.503.654.526 pada
Ianggal31 Desember 2010
dan Rp 387.204,935.340 pada
tanggai 31 Desember 2009
Aset yang tidak digunakan dalam usaha 24,267,728,792 24,267,728,792

Aset lain-lain - bersih 10,333,529,434 9,743,042,038

Jumlah Aset Tidak Lancar 429,735,143,036 364,972,012,548

JUMLAH ASET 970,737,084,095 1,074,569,612,752

KEWAJIBAN DAN EKUITAS

KEWAJIBAN LANCAR
Hutang usaha
Pihak ketiga 361,072,825,717 312,532,154,596
Pihak yang mempunyai hubungan istimewa 56,400,000,000 64,490,443,236
Hutang lain-lain - pihak ketiga 1,272,740,647 1,900,803,124
Hutang pajak 6,588,010,178 7,019,337,231
Beban masih harus dibayar 15,527,717,076 9,989,883,707
Hutang bunga 47,654,073,902 12,936,747,553
Uang muka penjualan 0 10,946,407,673
Jumlah Kewajiban Lancar 488,515,367,520 419,815,777,120

KEWAJIBAN TIDAK LANCAR

Kewajiban diestimasi atas imbalan kerja 7,936,044,340 9,040,508,552

EKUITAS
Modal saham - nilai nominal
Rp 100 per saham
Modal dasar -28.000.000.000
saham
Modal ditempatkan dan disetor
penuh - 8.200.000 000
saham 820,000,000,000 820,000,000,000
Agio saham 56,413,555,015 56,413,555,015
Defisit (402,127,882,780) (230,700,267,935)
Jumlah Ekuitas 474,285,672,235 645,713,287,080
JUMLAH KEWAJIBAN DAN EKUITAS 970,737,084,095 1,074,569,572,752
2009 2010P 2011P
1,642 2,011 2,278
(1,829) (1,725) (1,919)
(187) 286 359
(86) (98) (111)
(273) 188 248
64 28 30
(209) 216 278
50 (54) (69)
9
(150) 162 209

2009 2010P 2011P

40.2 159.8 281.1

202.3 141.1 159.9
234.3 425.3 473.2
64.2 91.5 102.9
541 817.7 1017.1
255.8 226.1 275.5
173.9 195.9 221.9
970.7 1239.7 1514.5
 Income Statement of Jaya Pari Steel 2007-2010

Laporan Laba (Rugi) 2007 2008

Penjualan Bersih 732,702,320,157 432,807,900,735
Beban Pokok Penjualan 617,319,084,761 362,803,926,959
Laba Kotor 115,383,235,396 70,003,973,776
Beban Usaha
Penjualan 7,043,971,570 5,705,825,643
Umum dan Administrasi 9,989,048,626 8,798,486,853
Jumlah Beban Usaha 17,033,020,196 14,504,312,496
Laba Usaha 98,350,215,200 55,499,661,280

Penghasilan (Beban Lain - Lain)

Penghasilan Bunga 677,859,721 992,790,003
Pendapatan Sewa 394,726,000 394,726,000
Laba Penjualan Kendaraan 171,000,000 -
Keuntungan (Kerugian) kurs mata uang (20,042,902,856) 2,218,768,456
Kerugian transaksi derivatif (6,864,602,381) -
Lain -Lain - Bersin 260,620,319 54,157,499
Penghasil (Beban) Lain-Lain Bersih (25,403,299,197) 3,660,441,958

Laba Sebelum Pajak 72,947,916,003 59,160,103,238

Beban Pajak (23,790,370,650.00) (17,593,926,177)
Laba Bersih 49,157,545,353 41,566,177,061

Laba Per Saham Dasar 65.54 55.42

Balance Sheet of Jaya Pari Steel 2007-2010 in millions

ASSET
ASET LANCAR
Kas dan Setara Kas
Dana yang dibatasi penggunaannya 4,601,227,566 116,224,303,124
Investasi Sementara
Piuitang Usaha 1,861,500,000
Pihak yang mempunyai hub.istimewa 72,762,106,287 55,392,925,057
Pihak Ketiga 35,520,801,277 86,076,010,304
Piutang Lain-lain dr pihak ketiga 26,846,110 527,092,482
Persediaan setelah dikurangi penyisihan
penurunan nilai persediaan sebesar
Rp 17.742,192,605 tahun 2008 dan
nihil tahun 2007 91,570,937,521 111,757,259,943
Uang Muka Pembelian 39,042,009,207 1,984,236,081
Pajak dibayar di muka 4,435,881,494
Biaya dibayar dimuka 124,360,749 58,851,427
Pendapatan Bunga yang Masih Akan Diterima
Piutang Pajak
Jumlah Aset Lancar 248,084,170,211 373,882,178,418

ASET TIDAK LANCAR

Piutang Pajak
Aset pajak tangguhan - bersih 923,757,075 6,384,232,625
Invstasi Saham 500,498,646 500,498,646
Aset tetap- setelah dikurangi
akumulasi penyusutan sebesar
Rp 54,579.101.974 tahun 2008 dan
Rp 51354.577.050 tahun 2007 19,254,077,070 18,549,162,154
Aset tidak lancar lainnya 27,664,419 27,664,419
Jumlah Aset Tidak Lancar 20,705,997,210 25,461,557,844

JUMAH ASET 268,790,167,421 399,343,736,262

KEWAJIBAN DAN EQUITAS

KEWAJIBAN LANCAR
Hutang usaha 38,153,086,563 101,921,915,659
Hutang lain-lain 82,100,794 68,811,793
Hutang pajak 3,604,362,656 12,631,711,521
Blaya yang masih harus dibayar 168,324,266 1,642,183,800
Kewajiban derivatif 6,458,002,381
Pendapatan sewa diterima dimuka -
bagian lancar 394,726,000 394,726,000
Uang Muka Penjualan
Jumlah Kewajiban Lancar 42,402,600,279 123,117,351,154

KEWAJIBAN TIDAK LANCAR

Kewajiban imbalan pasca kerja 4,392,269,051 5,468,267,664
Pendapatan sewa diterima dimuka -
setelah dikurangi bagian lancar 1,381,541,000 986,815,000
Jumlah Kewajiban Tidak Lancar 5,773,810,051 6,455,082,664

EKUITAS
Modal saham - nilai nominal Rp 100 per saham
Modal dasar -1.500.000.000 saham
Modal ditempatkan dan disetor penuh
750.000.000 saham 75,000,000,000 75,000,000,000
Agio saham 348,000,000 348,000,000

Selisih penilaian kembali aset tetap 1,785,690,607

Saldo laba 143,480,066,484 194,423,302,444
Jumlah Ekuitas 220,613,757,091 269,771,302,444
JUMLAH KEWAJIBAN DAN EKUITAS 268,790,167,421 399,343,736,262
007-2010

2009 2010
302,868,416,321 427,792,535,324
267,459,907,793 372,059,150,959
35,408,508,528 55,733,384,365

5,346,911,965 7,132,434,241
9,756,316,331 10,181,464,674
15,103,228,296 17,313,898,915
20,305,280,232 38,419,485,450

2,142,094,550 536,753,397
1,381,541,000 1,368,866,703
1,403,521,508
(21,905,304,005) (1,772,670,505)
(633,515,438)
36,719,732 118,366,455
(17,574,942,653) 251,316,050

2730337579 38,670,801,500
-812959670 (10,225,220,992)
1,917,377,909 28,445,580,508

2.56 37.93

10 in millions

1,429,771,131 12,552,313,911

36,785,927,623

71,547,069,635 64,490,483,237
56,400,000,000 29,122,987,058
64,886,230 611,150

78,938,647,768 116,709,942,157
8,157,729,600 10,723,970,800
996,705,737 6,071,140,088
 40,900,837 42,203,027
415,156,422
8,609,353,807
217,575,710,938 285,524,089,280

8,609,353,807 3,312,442,230
5,571,272,955 1,875,214,463
102,879,698,646 102,879,698,646

19,191,931,767 17,618,852,275
123,041,464 71,301,302
136,375,298,639 125,757,508,916

353,951,009,577 411,281,598,196

73,137,559,038 92,618,713,482
147,432,270 99,617,998
284,473,296 292,638,684
2,154,243,228 2,181,305,532

7,948,597,196
75,723,707,832 103,140,872,892

6,538,621,392 8,006,464,443

6,538,621,392 8,006,464,443

75,000,000,000 75,000,000,000
348,000,000 348,000,000

196,340,680,353 224,786,260,861
271,688,680,353 300,134,260,861
353,951,009,577 411,281,598,196
 EXHIBIT 1 The Score for Hea
ROE % ROI % Cash Ratio Rating
CR ≥ 35 5 AAA
ROE > 15 20 ROI > 18 15 25 < CR ≤ 35 4 AA
13 < ROE ≤ 15 18 15 < ROI ≤ 18 13.5 15 < CR ≤ 25 3 A
11 < ROE ≤ 13 16 13 < ROI ≤ 15 12 10 < CR ≤ 15 2 BBB
9 < ROE ≤ 11 14 12 < ROI ≤ 13 10.5 5 < CR ≤ 10 1 BB
7.9 < ROE ≤ 9 12 10.5 < ROI ≤ 12 9 0 < CR ≤ 5 0 B
6.6 < ROE ≤ 7.9 10 9 < ROI ≤ 10.5 7.5 Current Ratio CCC
5.3 < ROE ≤ 6.6 8.5 7 < ROI ≤ 9 6 CuR ≥ 125 5 CC
4 < ROE ≤ 5.3 7 5 < ROI ≤ 7 5 110 ≤ CuR < 125 4 C
2.5 < ROE ≤ 4 5.5 3 < ROI ≤ 5 4 100 ≤ CuR < 110 3
1 < ROE ≤ 2.5 4 1 < ROI ≤ 3 3 95 ≤ CuR < 100 2
0 < ROE ≤ 1 2 0 < ROI ≤ 1 2 90 ≤ CuR < 95 1
ROE < 0 0 ROI < 0 1 CuR < 90 0
Collection Periods Inventory Turnover Total Equity/Total Asset
CP IT TEA < 0 0
CP ≤ 60 5 IT ≤ 60 5 0 ≤ TEA < 10 4
60 < CP ≤ 90 4.5 60 < IT ≤ 90 4.5 10 ≤ TEA < 20 6
90 < CP ≤ 120 4 90 < IT ≤ 120 4 20 ≤ TEA < 30 7.25
120 < CP ≤ 150 3.5 120 < IT ≤ 150 3.5 30 ≤ TEA < 40 10
150 < CP ≤ 180 3 150 < IT ≤ 180 3 40 ≤ TEA < 50 9
180 < CP ≤ 210 2.4 180 < IT ≤ 210 2.4 50 ≤ TEA < 60 8.5
210 < CP ≤ 240 1.8 210 < IT ≤ 240 1.8 60 ≤ TEA < 70 8
240 < CP ≤ 270 1.2 240 < IT ≤ 270 1.2 70 ≤ TEA < 80 7.5
270 < CP ≤ 300 0.6 270 < IT ≤ 300 0.6 80 ≤ TEA < 90 7
CP > 300 0 IT > 300 0 90 ≤ TEA < 100 6.5
Total Asset Turnover
TATO
TATO > 120 5
105 < TATO ≤ 120 4.5
90 < TATO ≤ 105 4
75 < TATO ≤ 90 3.5
60 < TATO ≤ 75 3
40 < TATO ≤ 60 2.5
20 < TATO ≤ 40 2
TATO ≤ 20 1.5
The Score for Health Clasification
Scoring Adjusted Score Classification
TS >95 TS >66.5 Healthy
80< TS ≤95 56< TS ≤66.5
65< TS ≤80 45.5< TS ≤56
50 < TS ≤65 35< TS ≤45.5 Less Healthy
40< TS ≤50 28< TS ≤35
30< TS ≤40 21 < TS ≤28
20< TS ≤30 14< TS ≤21 Unhealthy
10< TS ≤20 7 < TS ≤14
TS ≤10 TS ≤7
 T
Krakatau Steel Gunawan Dianjaya

2010 2007 2010 2007

Revenue
Gross Profit Margin 15% 12% 14% 21%
Operating Profit Margin 7% 5% 9% 15%
Net Profit Margin 7% 2% 8% 8%
COGS to Revenue 85% 88% -86% -79%
Operating Expenses to Revenue 8% 7% -5% -6%
Market
Earnings per share 7% 2% 8% 8%
Book value per share 114,740 163,688 No Data No Data
Return
Return on Assets 6% 3% 13% 18%
Return on Equity 11% 6% No Data No Data
Debt
Debt to Equity 88% 119% No Data No Data
Debt to Capital 46% 54% No Data No Data
 TREND ANALYSIS
Jayapari Steel
V(tn)/V(t0) V(tn)/V(t0) V(tn)/V(t0)
tn-t0 1/(tn-t0)
2010 2007 Krakatau Steel Gunawan Dianjaya Jayapari Steel

13% 16% 1.25902533894 0.67698402193213 0.827307703 3 0.33333333

9% 13% 1.25084122833 0.62904870668948 0.6690685162 3 0.33333333
7% 7% 3.38578096149 1.03834753014266 0.9911034255 3 0.33333333
87% 84% 0.96485231744 1.0859041217183 1.0322779523 3 0.33333333
4% 2% 1.26564644293 0.79289318583854 1.7409952285 3 0.33333333

7% 7% 3.38578096149 1.03834753014266 0.9911034255 3 0.33333333

7,912,846,319 3,366,093,334 0.70096525653 No Data 2.3507507172 3 0.33333333

10% 20% 2.14346965627 0.71846770636801 0.5027833777 3 0.33333333

9% 16% 1.85109245752 No Data 0.5786615321 3 0.33333333

34% 19% 0.73715834601 No Data 1.7879498359 3 0.33333333

25% 16% 0.85359136985 No Data 1.589689889 3 0.33333333
 CAGR
CAGR CAGR
Gunawan Information
Krakatau Steel Jayapari Steel
Dianjaya
Higher is Better
8.0% -12.2% -6.1% Higher is Better
7.7% -14.3% -12.5% Higher is Better
50.2% 1.3% -0.3% Higher is Better
-1.2% 2.8% 1.1% Lower is Better
8.2% -7.4% 20.3% Lower is Better

50.2% 1.3% -0.3% Higher is Better

-11.2% No Data 33.0% Higher is Better

28.9% -10.4% -20.5% Higher is Better

22.8% No Data -16.7% Higher is Better

-9.7% No Data 21.4% Lower is Better

-5.1% No Data 16.7% Lower is Better
 BUMN FINANCIAL SCORING

Krakatau Steel Gunawan Dianjaya

Financial Indicators Ratio Score Financial Indicators
Return on Equity (ROE) 11.43% 16 Return on Equity (ROE)
Return on Investment (ROI) 10.53% 7.5 Return on Investment (ROI)
Cash Ratio 60.51% 5 Cash Ratio
Current Ratio 177.29% 5 Current Ratio
Collection Period 30.91 5 Collection Period
Inventory Turnover 160.92 3 Inventory Turnover
Total Asset Turnover 84.49% 3.5 Total Asset Turnover
Total Equity/Total Asset 52.85% 8 Total Equity/Total Asset
Total Score 53.00 Total Score
Rating A Rating
Classification Healthy Classification
MN FINANCIAL SCORING

Gunawan Dianjaya Jayapari Steel

Ratio Score Financial Indicators Ratio Score
26.55% 20 Return on Equity (ROE) 9.48% 14
29.05% 15 Return on Investment (ROI 13.46% 12
0.87% 0 Cash Ratio 12.17% 2
169.03% 5 Current Ratio 276.83% 5
20.08 5 Collection Period 79.87 4.5
118.86 4 Inventory Turnover 99.58 4
159.15% 3 Total Asset Turnover 104.01% 4
60.09% 8.5 Total Equity/Total Asset 72.98% 7.5
60.50 Total Score 53.00
AA Rating A
Healthy Classification Healthy
 Dupont Formula

Krakatau Steel Gunawan Dianjaya

DuPont's Component DuPont's Component

Profit Margin Ratio 0.0715314917264 Profit Margin Ratio 0.1002423439702

Total Asset Turnover 0.8448649995999 Total Asset Turnover 1.59145738627236
Equity Multiplier 1.89 Equity Multiplier 1.66
ROE 11.43% ROE 26.55%
 Jayapari Steel
DuPont's Component

Profit Margin Ratio 0.06649386831

Total Asset Turnover 1.040145090858
Equity Multiplier 1.37
ROE 9.48%
 CONCLUSSION & RECOMMENDATION
I. CONCLUSSION

• Trend analysis, comparing the three company above, Krakatau Steel showed
the best performance due to its stability in growth of financial performance. So
investing in Krakatau steel is a good idea base on this analysis.

• The result of BUMN Financial Scoring health Classification, we can take some
point:
1. As the year of 2010, Krakatau Steel has a total score by 53 – Grade A , that
means healthy company.
2. As the year of 2010, Gunawan Dianjaya Steel has a total score by 62.5 – Grade
AA , that means healthy company
3. As the year of 2010, Jaya Pari Steel has a total score by 53 – Grade A , that
means healthy company.
What we are seeking from analysis in BUMN health is the company welfare, as
we
knew that, from the table Gunawan Dianjaya is the most welfare company. So
base on this analysis its decided to put Gunawan Dianjaya as the best company.

• The result of Dupont Analysis, we can take some point:

1. As the year of 2010, Krakatau Steel has a ROE (return Of Equit) 11.43%.
2. As the year of 2010, Gunawan Dianjaya Steel has a ROE (return Of Equit)
26.55%.
3. As the year of 2010, Jaya Pari Steel has aROE (return Of Equit) 9.48%.
Gunawan Dianjaya Steel shows the highest ROE base on of Dupont analysis.
The result of Dupont Analysis has a positive correlation with the result of
Dupont.
A company with good Dupont ROE ratio is actually have a good financial
performance. Combined the three analysis before, resulting in one company
which is Gunawan Dianjaya, as the best choice company to invest in.

• ROE is not the righteous framework to see a company performance, as it’s a

good one, but sometimes in choosing a good performance we have to relied to
other variable as comparison or second opinion

• Analytical method is only a tool to select or make a point of a company, but

the it is not absolute.

II. RECOMMENDATION

• Based on BUMN Financial Scoring & DuPont analysis, we recommend Mr.

Bambang to invest in Gunawan Dianjaya Steel. They have the highest result
among another, so as an investor we should find the financial performance
among the other.best perfomance and with 26,55% of ROE the company has
good

• Using the Financial Performance instruments such as CAGR Formula we can

calculate, measure and analyze the financial performance of the companies. In
this case if PT Krakatau Steel is comparing to the similar companies, PT Krakatau
Steel is much more promising both its investment return and business growth.