Nama : Erina Khalisah Nurindriyani

NIM : 200810301163
Kelas : M
Materi : RTM 4 (Analisis Rasio)
Matkul : Analisis Keuangan
Dosen Pengampu : Oktaviani Ari Wardhaningrum, S.E., M.Sc
 PT Adaro Energy Tbk
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian
Untuk Tahun yang Berakhir Pada Tanggal 31 Desember 2021 dan 2020
(Year-to-year Changes Analys)
2021
Pendapatan Usaha $ 3,992,718,000
Beban Pokok Pendapatan $ (2.222.972.000)
Laba Bruto $ 1,769,746,000
Beban Usaha $ (185.045.000)
Beban lain-lain, neto $ (56.422.000)
Laba Usaha $ 1,528,279,000
Biaya Keuangan $ (83.334.000)
Penghasilan keuangan $ 34,003,000
Bagian atas (kerugian)/keuntungan
$ 7,303,000
Share in net (loss)/profit of neto ventura bersama
$ (42.028.000)
Laba Sebelum Pajak Penghasilan $ 1,486,251,000
Beban pajak penghasilan $ (457.658.000)
Laba tahun berjalan $ 1,028,593,000

Penghasilan/(kerugian) komprehensif lain tahun berjalan $ 65,931,000

Total penghasilan komprehensif tahun berjalan,
$ 1,107,105,000
setelah pajak
Laba tahun berjalan yang dapat diastribusikan kepada:
Pemilik Entitas Induk $ 933,492,000
Kepentingan Non Pengendali $ 95,101,000
Laba tahun berjalan $ 1,028,593,000
ergy Tbk
Komprehensif Lain Konsolidasian
nggal 31 Desember 2021 dan 2020
nges Analys)
2020 Change % Change
$ 2,534,842,000 $ 1,457,876,000 57.51%
$ (1.958.113.000) $ (264.859.000) 13.53%
$ 576,729,000 $ 1,193,017,000 206.86%
$ (165.381.000) $ (19.664.000) 11.89%
$ (126.451.000) $ 70,029,000 -55.38%
Rp 284,897,000 $ 1,243,382,000 436.43%
$ (89.425.000) Rp 6,091,000 -6.81%
$ 35,709,000 $ -1,706,000 -4.78%
$ (9.016.000) $ 16,319,000
-181%
$ (62.732.000) $ 20,704,000 -33%
$ 222,165,000 $ 1,264,086,000 569%
$ (63.660.000) $ (393.998.000) 619%
$ 158,505,000 $ 870,088,000 548.93%

$ (77.187.000) $ 143,118,000 -185.42%

1.018,26%
$ 99,002,000 $ 1,008,103,000

$ 146,927,000 $ 786,565,000 535.34%

$ 11,578,000 $ 83,523,000 721.39%
$ 158,505,000 $ 870,088,000 548.93%
 PT Adaro Energy Tbk
Laporan Posisi Keuangan Konsolidasian
Untuk Tahun yang Berakhir Pada Tanggal 31 Desember 2021 dan 2
(Year-to-year Changes Analys)
2021
ASET
Aset Lancar
Kas dan Setara Kas $ 1,811,141,000
Kas dan deposito berjangka yang dibatasi penggunaannya - bagian lancar $ 3,024,000
Piutang usaha $ 451,989,000
Investasi lain-lain- bagian lancar $ 220,700,000
Persediaan $ 125,738,000
Pajak dibayar dimuka-bagian lancar $ 26,564,000
Pajak yang bisa dipulihkan kembali $ 20,609,000
Piutang lain-lain - bagian lancar $ 134,167,000
Pinjaman untuk pihak ketiga- bagian lancar $ -
Pinjaman untuk pihak berelasi-bagian lancar $ 4,782,000
Uang muka dan biaya dibayar dimuka - bagian lancar $ 13,951,000
Aset lancar lain-lain $ 25,467,000
Total aset lancar $ 2,838,132,000

Aset Tidak Lancar

Kas dan deposito berjangka yang dibatasi penggunaanya-bagian tdk lancar $ 40,220,000
Investasi lain-lain - bagian tidak lancar $ 161,653,000
Piutang lain-lain - bagian tidak lancar $ 10,786,000
Investasi pada ventura bersama $ 831,991,000
Pinjaman untuk pihak ketiga-bagian tidak lancar $ 20,607,000
Pinjaman untuk pihak berelasi - bagian tidak lancar $ 140,594,000
Uang muka dan biaya dibayar dimuka - bagian tidak lancar $ 21,108,000
Pajak dibayar dimuka- bagian tidak lancar $ 3,306,000
Properti pertambangan $ 1,217,484,000
Aset tetap $ 1,397,105,000
Goodwill $ 776,943,000
Aset takberwujud $ 4,849,000
Piutang jasa konsesi $ 20,018,000
Aset pajak tangguhan $ 92,933,000
Aset tidak lancar lain-lain $ 9,207,000
Total Aset Tidak Lancar $ 4,748,804,000
TOTAL ASET $ 7,586,936,000

LIABILITAS
Liabiltas Jangka Pendek
Utang usaha $ 272,409,000
Utang dividen $ 378,524,000
Beban yang masih harus dibayar $ 59,936,000
Liabilitas imbalan kerja jangka pendek $ 4,671,000
Utang pajak $ 345,444,000
Utang royalti $ 16,773,000
Bagian lancar atas pinjaman jangka panjang:
Liabilitas sewa $ 51,765,000
Utang bank $ 218,971,000
Instrumen keuangan derivatif $ -
Provisi pembongkaran, rehabilitasi, reklamasi dan penutupan. $ 4,256,000
Utang lain-lain $ 8,809,000
Total liabilitas jangka pendek $ 1,361,558,000

Liabilitas Jangka Panjang

Pinjaman dari pihak ketiga $ 3,614,000
Pinjaman jangka panjang setelah dikurangi bagian yang akan jatuh
tempo dalam satu tahun:
Liabilitas sewa $ 42,271,000
Utang bank $ 550,594,000
Senior Notes $ 740,118,000
Liabilitas pajak tangguhan $ 187,396,000
Liabilitas imbalan pasca kerja $ 66,869,000
Provisi pembongkaran, rehabilitasi, reklamasi dan penutupan. $ 176,201,000
Total liabilitas jangka panjang $ 1,767,063,000
TOTAL LIABILITAS $ 3,128,621,000

EKUITAS
Ekuitas yang diatribusikan kepada pemilik entitas induk
Modal Saham-modal dasar $ 342,940,000
Tambahan modal disetor, Neto $ 1,154,494,000
Selisih transaksi dengan pihak non pengendali $ 7,852,000
Saham Treasuri $ -97,070,000
Saldo Laba $ 2,783,495,000
Kerugian komprehensif lain $ (54.931.000)
Total Ekuitas yang Diatribusikan kepada pemilik entitas induk $ 4,136,780,000
Kepentingan Non Pengendali $ 321,535,000
TOTAL EKUITAS $ 4,458,315,000
TOTAL LIABILITAS DAN EKUITAS $ 7,586,936,000
bk
nsolidasian
1 Desember 2021 dan 2020
nalys)
2020 Change % Change

$ 1,173,703,000 $ 637,438,000 54%

$ - $ 3,024,000 100%
$ 224,146,000 $ 227,843,000 102%
$ 152,809,000 $ 67,891,000 44%
$ 105,134,000 $ 20,604,000 20%
$ 22,762,000 $ 3,802,000 17%
$ 18,679,000 $ 1,930,000 10%
$ 24,097,000 $ 110,070,000 457%
$ 248,000 $ -248,000 -100%
$ 1,203,000 $ 3,579,000 298%
$ 8,795,000 $ 5,156,000 59%
$ 291,000 $ 25,176,000 8652%
$ 1,731,867,000 $ 1,106,265,000 64%

$ 38,655,000 $ 1,565,000 4%
$ 100,041,000 $ 61,612,000 62%
$ - $ 10,786,000 100%
$ 590,528,000 $ 241,463,000 41%
$ 100,000,000 $ -79,393,000 -79%
$ 38,798,000 $ 101,796,000 262%
$ 32,090,000 $ -10,982,000 -34%
$ 5,183,000 $ -1,877,000 -36%
$ 1,369,495,000 $ -152,011,000 -11%
$ 1,539,435,000 $ -142,330,000 -9%
$ 776,943,000 $ - 0%
$ 6,479,000 $ -1,630,000 -25%
$ 18,991,000 $ 1,027,000 5%
$ 25,136,000 $ 67,797,000 270%
$ 7,925,000 $ 1,282,000 16%
$ 4,649,699,000 $ 99,105,000 2%
$ 6,381,566,000 $ 1,205,370,000 19%

$ 214,273,000 $ 58,136,000 27%

$ - $ 378,524,000 100%
$ 53,864,000 $ 6,072,000 11%
$ 4,182,000 $ 489,000 12%
$ 66,195,000 $ 279,249,000 422%
$ 131,839,000 $ -115,066,000 -87%
$ 54,890,000 $ -3,125,000 -6%
$ 587,717,000 $ -368,746,000 -63%
$ 8,288,000 $ -8,288,000 -100%
$ 3,965,000 $ 291,000 7%
$ 19,710,000 $ -10,901,000 -55%
$ 1,144,923,000 $ 216,635,000 19%

$ 9,046,000 $ -5,432,000 -60%

$ 76,858,000 $ -34,587,000 -45%

$ 42,603,000 $ 507,991,000 1192%
$ 736,963,000 $ 3,155,000 0.43%
$ 225,395,000 $ -37,999,000 -17%
$ 62,788,000 $ 4,081,000 6%
$ 131,276,000 $ 44,925,000 34%
$ 1,284,929,000 $ 482,134,000 38%
$ 2,429,852,000 $ 698,769,000 29%

$ 342,940,000 $ - 0%
$ 1,154,494,000 $ - 0%
$ (908.000) $ 8,760,000 -965%
$ - $ -97,070,000 0%
$ 2,347,061,000 $ 436,434,000 19%
$ (131.507.000) $ 76,576,000 -58%
$ 3,712,080,000 $ 424,700,000 11%
$ 239,634,000 $ 81,901,000 34%
$ 3,951,714,000 $ 506,601,000 13%
$ 6,381,566,000 $ 1,205,370,000 19%
Analisis Komparatif Laporan Laba Rugi PT Adaro Energy Tbk
Analisis Komparatif Laporan Laba Rugi PT Adaro Energy Tbk
ro Energy Tbk
ro Energy Tbk
 PT Adaro Energy Tbk
Laporan Posisi Keuangan Konso
Untuk Periode Tahun 2019-2
(Common Size Analysis)

ASET
Aset Lancar
Kas dan Setara Kas
Kas dan deposito berjangka yang dibatasi penggunaannya - bagian lancar
Piutang usaha
Investasi lain-lain- bagian lancar
Persediaan
Pajak dibayar dimuka-bagian lancar
Pajak yang bisa dipulihkan kembali
Piutang lain-lain - bagian lancar
Pinjaman untuk pihak ketiga- bagian lancar
Pinjaman untuk pihak berelasi-bagian lancar
Uang muka dan biaya dibayar dimuka - bagian lancar
Aset lancar lain-lain
Total aset lancar

Aset Tidak Lancar

Kas dan deposito berjangka yang dibatasi penggunaanya-bagian tdk lancar
Investasi lain-lain - bagian tidak lancar
Piutang lain-lain - bagian tidak lancar
Investasi pada ventura bersama
Pinjaman untuk pihak ketiga-bagian tidak lancar
Pinjaman untuk pihak berelasi - bagian tidak lancar
Uang muka dan biaya dibayar dimuka - bagian tidak lancar
Pajak dibayar dimuka- bagian tidak lancar
Properti pertambangan
Aset tetap
Goodwill
Aset takberwujud
Piutang jasa konsesi
Aset pajak tangguhan
Aset tidak lancar lain-lain
Total Aset Tidak Lancar
TOTAL ASET

LIABILITAS
Liabiltas Jangka Pendek
Utang usaha
Utang dividen
Beban yang masih harus dibayar
Liabilitas imbalan kerja jangka pendek
Utang pajak
Utang royalti
Bagian lancar atas pinjaman jangka panjang:
Liabilitas sewa
Utang bank
Instrumen keuangan derivatif
Bagian lancar atas pinjaman pihak ketiga
Provisi pembongkaran, rehabilitasi, reklamasi dan penutupan.
Utang lain-lain
Total liabilitas jangka pendek

Liabilitas Jangka Panjang

Pinjaman dari pihak ketiga
Pinjaman jangka panjang setelah dikurangi bagian yang akan jatuh
tempo dalam satu tahun:
Liabilitas sewa
Utang bank
Senior Notes
Instrumen keuangan derivatif bagian jangka panjang
Liabilitas pajak tangguhan
Liabilitas imbalan pasca kerja
Provisi pembongkaran, rehabilitasi, reklamasi dan penutupan.
Total liabilitas jangka panjang
TOTAL LIABILITAS

EKUITAS
Ekuitas yang diatribusikan kepada pemilik entitas induk
Modal Saham-modal dasar
Tambahan modal disetor, Neto
Selisih transaksi dengan pihak non pengendali
Saham Treasuri
Saldo Laba
Kerugian komprehensif lain
Total Ekuitas yang Diatribusikan kepada pemilik entitas induk
Kepentingan Non Pengendali
TOTAL EKUITAS
TOTAL LIABILITAS DAN EKUITAS
 PT Adaro Energy Tbk
Laporan Posisi Keuangan Konsolidasian
Untuk Periode Tahun 2019-2021
(Common Size Analysis)
PERIODE COMMON SIZE
2019 2020 2021 2019 2020

$ 1,576,191,000.0000 $ 1,173,703,000 $ 1,811,141,000 22% 18%

$ - $ - $ 3,024,000 0% 0%
$ 310,324,000.0000 $ 224,146,000 $ 451,989,000 4% 4%
$ 6,291,000.0000 $ 152,809,000 $ 220,700,000 0.09% 2%
$ 121,030,000.0000 $ 105,134,000 $ 125,738,000 2% 2%
$ 38,654,000.0000 $ 22,762,000 $ 26,564,000 0.54% 0.36%
$ 26,552,000.0000 $ 18,679,000 $ 20,609,000 0.37% 0.29%
$ 9,188,000.0000 $ 24,097,000 $ 134,167,000 0.13% 0.38%
$ - $ 248,000 $ - 0% 0.00%
$ - $ 1,203,000 $ 4,782,000 0% 0.02%
$ 21,418,000.0000 $ 8,795,000 $ 13,951,000 0.30% 0.18%
$ 346,000.0000 $ 291,000 $ 25,467,000 0.00% 0.00%
$ 2,109,994,000.0000 $ 1,731,867,000 $ 2,838,132,000 29% 27%

$ 24,999,000.0000 $ 38,655,000 $ 40,220,000 0.35% 1%

$ 45,351,000.0000 $ 100,041,000 $ 161,653,000 0.63% 2%
$ - $ - $ 10,786,000 0% 0%
$ 685,226,000.0000 $ 590,528,000 $ 831,991,000 9% 9%
$ 100,000,000.0000 $ 100,000,000 $ 20,607,000 1% 2%
$ 107,525,000.0000 $ 38,798,000 $ 140,594,000 1% 1%
$ 35,395,000.0000 $ 32,090,000 $ 21,108,000 0.49% 1%
$ 8,280,000.0000 $ 5,183,000 $ 3,306,000 0.11% 0%
$ 1,534,233,000.0000 $ 1,369,495,000 $ 1,217,484,000 21% 21%
$ 1,722,413,000.0000 $ 1,539,435,000 $ 1,397,105,000 24% 24%
$ 776,943,000.0000 $ 776,943,000 $ 776,943,000 11% 12%
$ - $ 6,479,000 $ 4,849,000 0% 0.10%
$ - $ 18,991,000 $ 20,018,000 0% 0.30%
$ 33,212,000.0000 $ 25,136,000 $ 92,933,000 0.46% 0.39%
$ 33,604,000.0000 $ 7,925,000 $ 9,207,000 0.47% 0.12%
$ 5,107,181,000.0000 $ 4,649,699,000 $ 4,748,804,000 71% 73%
$ 7,217,105,000.0000 $ 6,381,566,000 $ 7,586,936,000 100% 100%

$ 335,521,000.0000 $ 214,273,000 $ 272,409,000 5% 3%

$ 158,374,000.0000 $ - $ 378,524,000 2% 0%
$ 60,713,000.0000 $ 53,864,000 $ 59,936,000 1% 1%
$ 4,997,000.0000 $ 4,182,000 $ 4,671,000 0.07% 0.06%
$ 58,643,000.0000 $ 66,195,000 $ 345,444,000 1% 1%
$ 39,641,000.0000 $ 131,839,000 $ 16,773,000 1% 2%
$ 42,883,000.0000 $ 54,890,000 $ 51,765,000 1% 1%
$ 506,060,000.0000 $ 587,717,000 $ 218,971,000 7% 9%
$ 5,936,000.0000 $ 8,288,000 $ - 0.08% 0.13%
$ 1,926,000.0000 $ - $ - 0.02% 0%
$ - $ 3,965,000 $ 4,256,000 0% 0.06%
$ 17,907,000.0000 $ 19,710,000 $ 8,809,000 0.25% 0.31%
$ 1,232,601,000.0000 $ 1,144,923,000 $ 1,361,558,000 17% 18%

$ 9,046,000.0000 $ 9,046,000 $ 3,614,000 0.13% 0.14%

$ 111,015,000.0000 $ 76,858,000 $ 42,271,000 2% 1%

$ 551,602,000.0000 $ 42,603,000 $ 550,594,000 8% 1%
$ 734,014,000.0000 $ 736,963,000 $ 740,118,000 10% 12%
$ 28,857,000.0000 $ - $ - 0.39% 0%
$ 337,202,000.0000 $ 225,395,000 $ 187,396,000 5% 4%
$ 81,664,000.0000 $ 62,788,000 $ 66,869,000 1% 1%
$ 147,709,000.0000 $ 131,276,000 $ 176,201,000 2% 2%
$ 2,001,109,000.0000 $ 1,284,929,000 $ 1,767,063,000 28% 20%
$ 3,233,710,000.0000 $ 2,429,852,000 $ 3,128,621,000 45% 38%

$ 342,940,000.0000 $ 342,940,000 $ 342,940,000 5% 5%

$ 1,154,494,000.0000 $ 1,154,494,000 $ 1,154,494,000 16% 18%
$ 626,000.0000 $ (908.000) $ 7,852,000 0.01% 0%
$ - $ - $ -97,070,000 0% 0%
$ 2,288,597,000.0000 $ 2,347,061,000 $ 2,783,495,000 32% 37%
$ (56.585.000) $ (131.507.000) $ -54,931,000 -1% -2%
$ 3,730,072,000.0000 $ 3,712,080,000 $ 4,136,780,000 52% 58%
$ 253,323,000.0000 $ 239,634,000 $ 321,535,000 4% 4%
$ 3,983,395,000.0000 $ 3,951,714,000 $ 4,458,315,000 55% 62%
$ 7,217,105,000.0000 $ 6,381,566,000 $ 7,586,936,000 100% 100%
MMON SIZE
2021

24%
0.04%
6%
3%
2%
0.35%
0.27%
2%
0%
0.06%
0.18%
0.33%
37%

0.53%
2%
0.14%
11%
0.27%
2%
0.29%
0.04%
16%
18%
10%
0.06%
0.26%
1.22%
0.12%
63%
100%

4%
5%
1%
0.06%
5%
0.22%
 1%
3%
0%
0%
0.05%
0.11%
18%

0.04%

1%
7%
10%
0%
2%
1%
2%
23%
41%

5%
15%
0.10%
-1%
37%
-1%
55%
4%
59%
100%
 PT Adaro Energy Tbk
Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Untuk Tahun yang Berakhir Pada Tanggal 31 Desember
(Common Size Analysis)
PERIODE
2019
Pendapatan Usaha $ 3,457,154,000
Beban Pokok Pendapatan $ -2,492,563,000
Laba Bruto $ 964,591,000
Beban Usaha $ -232,585,000
Beban lain-lain, neto $ -114,464,000
Laba Usaha $ 617,542,000
Biaya Keuangan $ -66,336,000
Penghasilan keuangan $ 28,256,000
Bagian atas (kerugian)/keuntungan
$ 79,641,000
Share in net (loss)/profit of neto ventura bersama
$ 41,561,000
Laba Sebelum Pajak Penghasilan $ 659,103,000
Beban pajak penghasilan $ -224,101,000
Laba tahun berjalan $ 435,002,000

Penghasilan/(kerugian) komprehensif lain tahun berjalan $ -45,681,000

Total penghasilan komprehensif tahun berjalan,
setelah pajak $ 387,508,000
Laba tahun berjalan yang dapat diastribusikan kepada:
Pemilik Entitas Induk $ 404,190,000
Kepentingan Non Pengendali $ 30,812,000
Laba tahun berjalan $ 435,002,000
 PT Adaro Energy Tbk
an Penghasilan Komprehensif Lain Konsolidasian
erakhir Pada Tanggal 31 Desember 2021 dan 2020
(Common Size Analysis)
PERIODE COMMON SIZE
2020 2021 2019 2020 2021
$ 2,534,842,000 $ 3,992,718,000 100% 100% 100%
$ -1,958,113,000 $ -2,222,972,000 -72% -77% -56%
$ 576,729,000 $ 1,769,746,000 28% 23% 44%
$ -165,381,000 $ -185,045,000 -7% -7% -5%
$ -126,451,000 $ -56,422,000 -3% -5% -1%
$ 284,897,000 $ 1,528,279,000 18% 11% 38%
$ -89,425,000 $ -83,334,000 -2% -4% -2%
$ 35,709,000 $ 34,003,000 1% 1% 1%
$ -9,016,000 $ 7,303,000 2% -0.36% 0.18%
$ -62,732,000 $ -42,028,000 1% -2% -1%
$ 222,165,000 $ 1,486,251,000 19% 9% 37%
$ -63,660,000 $ -457,658,000 -6% -3% -11%
$ 158,505,000 $ 1,028,593,000 13% 6% 26%

$ -77,187,000 $ 65,931,000 -1% -3% 2%

$ 99,002,000 $ 1,107,105,000 11% 4% 28%

$ 146,927,000 $ 933,492,000 12% 6% 23%

$ 11,578,000 $ 95,101,000 1% 0.46% 2%
$ 158,505,000 $ 1,028,593,000 13% 6% 26%
 PT A
A
Pe
Keterangan
2017 2018
Kas dan Setara Kas $ 1,206,848,000 $ 927,896,000
Penjualan bersih $ 3,258,333,000 $ 3,619,751,000
Beban Pokok Pendapatan $ -2,116,831,000 $ -2,409,544,000
 PT Adaro Energy Tbk
Analisis Trend
Periode 2016-2021
Analisis Trend
2019 2020 2021 2017
$ 1,576,191,000 $ 1,173,703,000 $ 1,811,141,000 100%
$ 3,457,154,000 $ 2,534,842,000 $ 3,992,718,000 100%
$ -2,492,563,000 $ -1,958,113,000 $ -2,222,972,000 100%

Analisis Trend
Row 6 Row 7
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2017 2018 2019
 Analisis Trend(%)
2018 2019 2020 2021
77% 131% 97% 150%
111% 106% 78% 123%
114% 118% 93% 105%

Analisis Trend
Row 6 Row 7 Row 8

2017 2018 2019 2020 2021

 RASIO SOLVABILITAS:

1 Debt to Equity Ratio (DER) 2 Long Term to Debt Equit

Total Liabilities
2017 = 2017 =
Shareholder's Equity
$ 2,722,520,000
= =
$ 4,091,627,000
= 0.67 =

Total Liabilities
2018 = 2018 =
Shareholder's Equity
$ 2,758,063,000
= =
$ 4,302,692,000
= 0.64 =

Total Liabilities
2019 = 2019 =
Shareholder's Equity
$ 3,233,710,000
= =
$ 3,983,395,000
= 0.81 =

Total Liabilities
2020 = 2020 =
Shareholder's Equity
$ 2,429,852,000
= =
$ 3,951,714,000
= 0.61 =

Total Liabilities
2021 = 2021 =
Shareholder's Equity
$ 3,128,621,000
= =
$ 4,458,315,000
= 0.70 =
Long Term to Debt Equity 3 Time Interest Earned
Long-Term Liabilities Income before income taxes and interest expe
2017 =
Shareholder's Equity Interest Expense
$ 1,949,218,000 $ 929.531.000 + $ 52.994.000
=
$ 4,091,627,000 $ 52.994.000
$ 982.525.000
0.48 =
$ 52.994.000
= 18.54
Long-Term Liabilities
Shareholder's Equity
$ 1,941,620,000 Income before income taxes and interest expe
2018 =
$ 4,302,692,000 Interest Expense
$ 820.998.000 + $ 65.084.000
0.45 =
$ 65.084.000
$ 886.082.000
=
$ 65.084.000
Long-Term Liabilities
= 13.61
Shareholder's Equity
$ 2,001,109,000
$ 3,983,395,000
Income before income taxes and interest expe
0.50 2019 =
Interest Expense
$ 659.103.000 + $ 66.336.000
=
$ 66.336.000
Long-Term Liabilities $ 725.439.000
=
Shareholder's Equity $ 66.336.000
$ 1,284,929,000
= 10.94
$ 3,951,714,000
0.33
Income before income taxes and interest expe
2020 =
Interest Expense
Long-Term Liabilities $ 222.165.000 + $ 89.425.000
=
Shareholder's Equity $ 89.425.000
$ 1,767,063,000 $ 311.590.000
=
$ 4,458,315,000 $ 89.425.000
0.40 = 3.48

Income before income taxes and interest expe

2021 =
Interest Expense
$ 1.486.251.000 + $ 83.334.000
=
$ 83.334.000
$ 1. 569.585.000
=
$ 83.334.000
= 18.83 hari
erest Earned Solvency Ratio 2017 2018
ncome taxes and interest expense Debt to Equity Ratio (DER) 0.67 0.64
Interest Expense Long Term to Debt Equity 0.48 0.45
531.000 + $ 52.994.000 Time Interest Earned 18.54 13.61
$ 52.994.000
$ 982.525.000
$ 52.994.000 Rasio Solvabilitas
18.54 Debt to Equity Ratio (DER) Long Term to Debt Equity Time Interes
20
18.54
18
ncome taxes and interest expense
Interest Expense 16
998.000 + $ 65.084.000 14 13.61
$ 65.084.000
$ 886.082.000 12
10.94
$ 65.084.000 10

13.61 8

4
ncome taxes and interest expense 3.48
Interest Expense 2
103.000 + $ 66.336.000 0
0.67
0.48 0.64
0.45 0.81
0.5 0.61
0.33
$ 66.336.000 2017 2018 2019 2020
$ 725.439.000
$ 66.336.000
10.94

ncome taxes and interest expense

Interest Expense
165.000 + $ 89.425.000
$ 89.425.000
$ 311.590.000
$ 89.425.000
3.48

ncome taxes and interest expense

Interest Expense
6.251.000 + $ 83.334.000
$ 83.334.000
$ 1. 569.585.000
$ 83.334.000
18.83 hari
 2019 2020 2021
0.81 0.61 0.7
0.5 0.33 0.40
10.94 3.48 18.83

vabilitas
rm to Debt Equity Time Interest Earned

18.83

10.94

3.48

0.81
0.5 0.61 0.7
0.40
0.33
019 2020 2021
 Analyzing Depreciation and Depletion
2021
Average total life span
Average age
Average remaining life
Average total life span
Gross plant and equipment asset
:
Current year depreciation expense
$ 1,397,105,000
:
$ 287,739,000
: 4.86
Accumulated depreciation
:
Current year depreciation expense
$ 2,535,627,000
:
$ 287,739,000
: 8.81
Net plant equipment assets
:
Current year depreciation
$ 1,397,105,000.00
:
$ 2,535,627,000
: 0.55
: Average age + Average remaining life
: 7,90 + 0,55
: 8.45
nd equipment asset
epreciation expense
1,397,105,000
287,739,000
4.86

ted depreciation
epreciation expense
2,535,627,000
287,739,000
8.81

equipment assets
ear depreciation
1,397,105,000.00
2,535,627,000
0.55

Average remaining life

90 + 0,55
8.45
 ANALISIS RASIO

RASIO LIKUIDITAS:
1. Qurrent Ratio: 2. Acid Test Ratio
Current Assets Current Asset - Inventor
2017 = 2017 =
Current Liabilities Current Liabilities
$ 1,979,162,000 $ 1.979.162.000 - $ 85.466
= =
$ 773,302,000 $ 773,302,0
$ 1,893,696,0
= 2.56 =
$ 773,302,0
= 2.45

Current Assets Current Asset - Inventor

2018 = 2018 =
Current Liabilities Current Liabilities
$ 1,600,294,000.00 $ 1.600.294.000 - $ 112.005
= =
$ 816,443,000.00 $ 816,443,0
$ 1,488,289,0
= 1.96 =
$ 816,443,0
= 1.82
Current Assets
2019 =
Current Liabilities
$ 2,109,924,000
=
$ 1,232,601,000 Current Asset - Inventor
2019 =
Current Liabilities
= 1.71
$ 2.109.924.000 - $121.030
=
$ 1,232,601,0
Current Assets $ 1,988,894,0
2020 = =
Current Liabilities $ 1,232,601,0
$ 1,731,619,000.00
= = 1.61
$ 1,144,923,000.00
= 1.51
Current Asset - Inventor
2020 =
Current Assets Current Liabilities
2021 =
Current Liabilities $ 1.731.867.000 - $ 105.134
=
$ 2,838,132,000.00 $ 1,144,923,0
=
$ 1,361,558,000.00 $ 1,626,733,0
=
$ 1,144,923,0
= 2.08
= 1.42

Current Asset - Inventor

2021 =
Current Liabilities
$ 2.838.132.000 - $ 125.738
=
$ 1,361,588,0
$ 2,712,394,0
=
$ 1,361,588,0
= 1.99
 d Test Ratio 3. Colletion Period:
Current Asset - Inventory Average Account Receivables
2017 =
Current Liabilities Sales/360
979.162.000 - $ 85.466.000 ($ 300.689.000 +$ 314.718.000)/2
=
773,302,000.00 $ 3.258.333.000/360
1,893,696,000.00 $ 307.703.500
=
773,302,000.00 $ 9.050.925
2.45 = 34 hari

Current Asset - Inventory Average Account Receivables

2018 =
Current Liabilities Sales/360
00.294.000 - $ 112.005.000 ($ 314.718.000 + $ 370.894.000)/2
=
816,443,000.00 $ 3.619.751.000/360
1,488,289,000.00 $ 342.806.000
=
816,443,000.00 $ 10.054.864
1.82 = 34,09 hari

Current Asset - Inventory Average Account Receivables

2019 =
Current Liabilities Sales/360
109.924.000 - $121.030.000 ($ 370. 894.000 + $310.324.000)/2
=
1,232,601,000.00 $ 3. 457.154.000/360
1,988,894,000.00 $ 340.609.000
=
1,232,601,000.00 $ 9.603.206
1.61 = 35,46 hari

Current Asset - Inventory Average Account Receivables

2020 =
Current Liabilities Sales/360
31.867.000 - $ 105.134.000 ($ 310.324.000+ $ 224.146.000)/2
=
1,144,923,000.00 $ 2.534.842.000/360
1,626,733,000.00 $ 267.235.000
=
1,144,923,000.00 $ 7.041.228
1.42 = 37,95 hari

Current Asset - Inventory Average Account Receivables

2021 =
Current Liabilities Sales/360
38.132.000 - $ 125.738.000 ($ 224.146.000+ $451.989.000)/2
=
1,361,588,000.00 $3.992.718.000/360
2,712,394,000.00 $ 338.067.500
=
1,361,588,000.00 $ 11.090.883
1.99 = 30.48 hari
4. Day to Sells Inventories:
Average Inventory
2017 =
Cost of Sales/360
($ 73.417.000+ $ 85.466.000)/2
=
$ 2.116.831.000/360
$ 79.431.000
=
$ 5.880.086,01
= 13,51 hari

Average Inventory
2018 =
Cost of Sales/360
( $ 85.466.000 + $ 112.005.000)/2
=
$ 2.409.544.000/360
$ 98.735.500
=
$ 6.693.177,78
= 14,75 hari

Average Inventory
2019 =
Cost of Sales/360
( $ 112.005.000 + $ 121.030.000)/2
=
$ 2.492.563.000/360
$ 116.517.500
=
$ 6.923.786,11
= 16,83 hari

Average Inventory
2020 =
Cost of Sales/360
( $ 121.030.000 + 105.134.000)/2
=
$ 1.958.113.000/360
$ 113.082.000
=
$ 5.439.202,77
= 20,79 hari

Average Inventory
2021 =
Cost of Sales/360
( $ 105.134.000 + $ 125.738.000)/2
=
$ 2.222.972.000/360
$ 115.436.000
=
$ 6.174.922,22
= 18,69 hari
 Liquidity Ratio 2017 2018 2019 2020
Qurrent Ratio 2.56 1.96 1.71 1.51
Acid-test Ratio 2.45 1.82 1.61 1.42
Colletion Period 34 hari 34,09 hari 35,46 hari 37,95 hari
Day to Sells Inventories 13,51 hari 14,75 hari 16,83 hari 20,79 hari

Liquidity Ratio
3

2.5

1.5

0.5

0
2017 2018 2019 2020 2021

Qurrent Ratio Acid-test Ratio

 2021
2.08
1.99
30,48 hari
18,69 hari
RETURN OF INVESTMENT:

1 Return Of Asset (ROA) 2 Return On Common Equity (RO

Net Income Net Income
2017 = 2017 =
Total Assets Shareholder's Eq
$ 536,438,000 $536,438,000
= =
$ 6,814,147,000 $4,091,627,00
= 7.87% = 13.11%

Net Income
2018 =
Total Assets Net Income
2018 =
$ 477,541,000 Shareholder's Eq
=
$ 7,060,755,000 $477,541,000
=
$4,302,692,00
= 6.76%
= 11.10%

Net Income
2019 =
Total Assets
$ 435,002,000 Net Income
= 2019 =
$ 7,217,105,000 Shareholder's Eq
$435,002,000
= 6.03% =
$3,983,395,00
= 10.92%
Net Income
2020 =
Total Assets
$ 158,505,000
=
$ 6,381,566,000 Net Income
2020 =
Shareholder's Eq
= 2.48%
$158,505,000
=
 =
$3,951,714,00
= 4.01%
Net Income
2021 =
Total Assets
$ 1,028,593,000.00
=
$ 7,586,936,000.00
Net Income
= 13.56% 2021 =
Shareholder's Eq
$1,028,593,00
=
$4,458,315,00
= 23.07%
n Common Equity (ROE) Return Of Invesment (ROI) 2017 2018 2019 2020 2021
Net Income Return Of Asset (ROA) 7.87% 6.76% 6.03% 2.48% 13.56%
Shareholder's Equity Return On Common Equity (ROE) 13.11% 11.10% 10.92% 4.01% 23.07%
$536,438,000
$4,091,627,000
Return Of Invesment
13.11%
Return Of Asset (ROA) Return On Common Equity (ROE)
0.25
23.07%

Net Income 0.2

Shareholder's Equity
$477,541,000
$4,302,692,000 0.15
13.11% 13.56%
11.10%
11.10% 10.92%
0.1
7.87%
6.76%
6.03%
0.05
Net Income 4.01%
2.48%
Shareholder's Equity
$435,002,000 0
2017 2018 2019 2020 2021
$3,983,395,000
10.92%

Net Income
Shareholder's Equity
$158,505,000
 $3,951,714,000
4.01%

Net Income
Shareholder's Equity
$1,028,593,000
$4,458,315,000
23.07%
 OPERATING PERFORMANCE:

1 Gross Profit Margin 2 Operating Profit Margin (Pre

Sales - Cost Of Sales
2017 = 2017 =
Sales
$3,258,333,000 - $2,116,831,000
= =
$3,258,333,000
$1,141,502,000
= =
$3,258,333,000
= 35.03%

Sales - Cost Of Sales

2018 = 2018 =
Sales
$3,619,751,000 - $2,409,544,000
= =
$3,619,751,000
$1,210,207,000
= =
$3,619,751,000
= 33.43%

Sales - Cost Of Sales

2019 = 2019 =
Sales
$3,457,154,000 - $2,492,563,000
= =
$3,457,154,000
$964,591,000
= =
$3,457,154,000
= 27.90%
 Sales - Cost Of Sales
2020 = 2020 =
Sales
$2,534,842,000 - $1,958,113,000
= =
$2,534,842,000
$576,729,000
= =
$2,534,842,000
= 22.75%

Sales - Cost Of Sales

2021 = 2021 =
Sales
$3,992,718,000 - $2,222,972,000
= =
$3,992,718,000
$1,769,746,000
= =
$3,992,718,000
= 44.32%
Operating Profit Margin (Pretax) 3 Net Profit Margin
Income from Operations Net Income
2017 =
Sales Sales
$951,825,000.00 $536,438,000
=
$3,258,333,000 $3,258,333,000
29.21% = 16.46%

Income from Operations Net Income

2018 =
Sales Sales
$891,912,000.00 $477,541,000
=
$3,619,751,000 $3,619,751,000
24.64% = 13.19%

Income from Operations Net Income

2019 =
Sales Sales
$617,542,000.00 $435,002,000
=
$3,457,154,000 $3,457,154,000
17.86% = 12.58%
Income from Operations Net Income
2020 =
Sales Sales
$284,897,000.00 $158,505,000
=
$2,534,842,000 $2,534,842,000
11.24% = 6.25%

Income from Operations Net Income

2021 =
Sales Sales
$1,528,279,000.00 $1,028,593,000
=
$3,992,718,000 $3,992,718,000
38.28% = 25.76%
 Operating Performance 2017 2018 2019 2020 2021
Gross Profit Margin 35.03% 33.43% 27.90% 22.75% 44.32%
Operating Profit Margin 29.21% 24.64% 17.86% 11.24% 38.28%
Net Profit Margin 16.46% 13.19% 12.58% 6.25% 25.76%

Operating Performance
Gross Profit Margin Operating Profit Margin Net Profit Margin
0.5
0.45 44.32%
0.4
38.28%
0.35 35.03%
33.43%
0.3 29.21% 27.90%
0.25 24.64% 25.76%
22.75%
0.2
16.46% 17.86%
0.15
13.19% 12.58%
0.1 11.24%

0.05 6.25%

0
2017 2018 2019 2020 2021
 ASSET UTILIZATION:

1 Cash Turnover 2
Sales
2017 =
Average Cash and Equivalents
$3,258,333,000
=
($ 1.076.948.000 + $ 1.206.848.000) /2
$3,258,333,000
=
$1,141,898,000.00
= 2.85

Sales
2018 =
Average Cash and Equivalents
$3,619,751,000
=
( $ 1.206.848.000 + $ 927.896.000)/2
$3,619,751,000
=
$1,067,372,000
= 3.39

Sales
2019 =
Average Cash and Equivalents
$3,457,154,000
=
( $ 927.896.000 + $ 1.576.191.000)/2
$3,457,154,000
=
$1,252,043,500
= 2.76

Sales
2020 =
 2020 =
Average Cash and Equivalents
$2,534,842,000
=
($ 1.576.191.000 + $ 1.173.703.000)/2
$2,534,842,000
=
$1,374,947,000
= 1.84

Sales
2021 =
Average Cash and Equivalents
$3,992,718,000
=
($ 1.173.703.000 + $ 1.811.141.000)/2
$3,992,718,000
=
$1,492,422,000
= 2.68

4 Working Capital Turnover 5

Sales
2017 =
Average Working Capital
$3,258,333,000
=
($ 1.592.715.000- $ 644.555.000)+($1.979.162.000-$ 773.302.000)/2
$3,258,333,000
=
$1,077,010,000
= 3.03

Sales
2018 =
Average Working Capital
$3,619,751,000
=
($ 1.979.162.000-$ 773.302.000) + ($ 1.600.294.000-$ 816.443.000)/2
 $3,619,751,000
=
$994,855,500
= 3.64

Sales
2019 =
Average Working Capital
$3,457,154,000
=
($ 1.600.294.000-$ 816.443.000) + ($ 2.109.924.000-$ 1.232.601.000)/2
$3,457,154,000
=
$830,587,000
= 4.16

Sales
2020 =
Average Working Capital
$2,534,842,000
=
($ 2.109.924.000-$ 1.232.601.000) + ($ 1.731.967.000 -$ 1.144.923.000)/2
$2,534,842,000
=
$732,183,500
= 3.46

Sales
2021 =
Average Working Capital
$3,992,718,000
=
($ 1.731.967.000 -$ 1.144.923.000) + ($ 2.838.132.000 - $ 1.361.558.000)/2
$3,992,718,000
=
$1,031,809,000
= 3.87
 Accounts Receivable Turnover 3 Inventory Turnover
Sales Cost Of Sales
2017 = 2017 =
Average Account Receivable Average Inventory
$3,258,333,000 $2,116,831,000
= =
($ 300.689.000 + $ 314.718.000)/2 ( $73.417.000 + $ 85.466.000)/2
$3,258,333,000 $2,116,831,000
= =
$307,703,500 $79,441,500
= 10.59 = 26.65

Sales Cost Of Sales

2018 = 2018 =
Average Account Receivable Average Inventory
$3,619,751,000 $2,409,544,000.00
= =
($ 314.718.000 + $370.894.000)/2 ($ 85.466.000 + $ 112.005.000)/2
$3,619,751,000 $2,409,544,000.00
= =
$342,806,000 $98,735,500
= 10.56 = 24.40

Sales Cost Of Sales

2019 = 2019 =
Average Account Receivable Average Inventory
$3,457,154,000 $2,492,563,000
= =
($ 370.894.000 + $ 310.324.000)/2 ( $112.005.000+ $121.030.000)/2
$3,457,154,000 $2,492,563,000
= =
$340,609,000 $116,517,500
= 10.15 = 21.39

Sales Cost Of Sales

2020 = 2020 =
2020 = 2020 =
Average Account Receivable Average Inventory
$2,534,842,000 $1,958,113,000
= =
($ 310.324.000 + $ 224.146.000) ($ 121.030.000 + $ 105.134.000)/2
$2,534,842,000 $1,958,113,000
= =
$267,235,000 $113,082,000
= 9.49 = 17.32

Sales Cost Of Sales

2021 = 2021 =
Average Account Receivable Average Inventory
$3,992,718,000 $2,222,972,000
= =
($ 224.146.000 + $ 451.989.000)/2 ($ 105.134.000+ $ 125.738.000)/2
$3,992,718,000 $2,222,972,000
= =
$338,067,500 $115,436,000
= 11.81 = 19.26

PPE Turnover 6 Total Asset Turnover

Sales Sales
2017 = 2017 =
Average PPE Average Total Assets
$3,258,333,000 $3,258,333,000
= =
($ 1.544.187.000 + $ 1.506.553.000)/2 ($ 6.522.257.000 + $ 6.814.147.000)/2
$3,258,333,000 $3,258,333,000
= =
$1,525,370,000 $6,668,202,000
= 2.14 = 0.49

Sales Sales
2018 = 2018 =
Average PPE Average Total Assets
$3,619,751,000 $3,619,751,000
= =
( $ 1.506.553.000 + $ 1.609.701.000)/2 ($ 6.814.147.000 + $ 7.060.755.000)/2
 $3,619,751,000 $3,619,751,000
= =
$1,558,127,000 $6,937,451,000
= 2.32 = 0.52

Sales
2019 =
Sales Average Total Assets
2019 =
Average PPE $3,457,154,000
=
$3,457,154,000 ($ 7.060.755.000 + $ 7.217.105.000)/2
=
($ 1.609.701.000 + $ 1.722.413.000)/2 $3,457,154,000
=
$3,457,154,000 $7,138,930,000
=
$1,666,057,000
= 0.48
= 2.08

Sales Sales
2020 = 2020 =
Average PPE Average Total Assets
$2,534,842,000 $2,534,842,000
= =
($ 1.722.413.000 + $ 1.539.435.000)/2 ($ 7.217.105.000 + $ 6.381.566.000)/2
$2,534,842,000 $2,534,842,000
= =
$1,630,924,000 $6,794,360,500
= 1.55 = 0.37

Sales Sales
2021 = 2021 =
Average PPE Average Total Assets
$3,992,718,000 $3,992,718,000
= =
($ 1.539.435.000 + $ 1.397.105.000)/2 ( $ 6.381.566.000 + $ 7.586.936.000)/2
$3,992,718,000 $3,992,718,000
= =
$1,468,270,000 $6,984,251,000
= 2.72 = 0.57
 Asset Utilization 2017 2018 2019 2020 2021
Cash Turnover 2.85 3.39 2.76 1.84 2.68
Accounts Receivable Turnover 10.59 10.56 10.15 9.49 11.81
Inventory Turnover 26.65 24.40 21.39 17.32 19.26
Working Capital Turnover 3.03 3.64 4.16 3.46 3.87
PPE Turnover 2.14 2.32 2.08 1.55 2.72
Total Asset Turnover 0.49 0.52 0.48 0.37 0.57

Asset Utilization
Cash Turnover Accounts Receivable Turnover
Inventory Turnover Working Capital Turnover
PPE Turnover Total Asset Turnover
30

25

20

15

10

0
2017 2018 2019 2020 2021
 MARKET MEASURES:

1 Price To Earnings 2 Earnings Yield

Market Price Per Share Earnings Per Share
2017 = 2017 =
Earnings Per Share Market Price Per Share
Rp 1,860 Rp 205
= =
Rp 205 Rp 1,860
= 9.09 = 0.11

Market Price Per Share Earnings Per Share

2018 = 2018 =
Earnings Per Share Market Price Per Share
Rp 1,215 Rp 164
= =
Rp 189 Rp 1,215
= 6.43 = 0.14

Market Price Per Share Earnings Per Share

2019 = 2019 =
Earnings Per Share Market Price Per Share
Rp 1,555 Rp 176
= =
Rp 175.58 Rp 1,555
= 8.86 = 0.11

Market Price Per Share Earnings Per Share

2020 = 2020 =
Earnings Per Share Market Price Per Share
Rp 1,430 Rp 65
= =
Rp 65 Rp 1,430
= 22.08 = 0.05
 Market Price Per Share Earnings Per Share
2021 = 2021 =
Earnings Per Share Market Price Per Share
Rp 2,250 Rp 188
= =
Rp 188 Rp 2,250
= 11.96 = 0.08

4 Dividend Payout Rate 5 Price-to-book

Cash Dividends Per Share Market Price Per Share
2017 = 2017 =
Earnings Per Share Book Value Per Share
Rp 65 Rp 1,860
= =
Rp 205 Rp 1.524,59
= 0.32 = 1,22

Cash Dividends Per Share Market Price Per Share

2018 = 2018 =
Earnings Per Share Book Value Per Share
Rp 56 Rp 1,215
= =
Rp 189 Rp 1.687,5
= 0.30 = 0,72

Cash Dividends Per Share Market Price Per Share

2019 = 2019 =
Earnings Per Share Book Value Per Share
Rp 44 Rp 1,555
= =
Rp 176 Rp 2.286,76
= 0.25 = 0,68
 Cash Dividends Per Share Market Price Per Share
2020 = 2020 =
Earnings Per Share Book Value Per Share
Rp 66 Rp 1,430
= =
Rp 65 Rp 2.102,94
= 1.02 = 0,68

Cash Dividends Per Share Market Price Per Share

2021 = 2021 =
Earnings Per Share Book Value Per Share
Rp 7 Rp 2,250
= =
Rp 188 Rp 1.470,59
= 0.04 = 1,53
3 Dividend Yield Market Measures 2017 2018
Cash Dividens Per Share Price-to-Earnings 9.03 6.43
2017 =
Market Price Per Share Earnings Yield 0.11 0.14
Rp 65 Dividend Yield 0.04 0.05
=
Rp 1,860 Dividend Payout Rate 0.32 0.3
Price-to-book 1,22 0,72
= 0.04

Cash Dividens Per Share

2018 =
Market Price Per Share
Rp 56
=
Rp 1,215
= 0.05

Cash Dividens Per Share

2019 =
Market Price Per Share
Rp 44
=
Rp 1,555
= 0.03

Cash Dividens Per Share

2020 =
Market Price Per Share
Rp 66
=
Rp 1,430
= 0.05
 Cash Dividens Per Share
2021 =
Market Price Per Share
Rp 7
=
Rp 2,250
= 0.003
2019 2020 2021
8.86 22.08 11.96
0.11 0.05 0.08
0.03 0.05 0.003
0.25 1.02 0.04
0,68 0,68 1,53