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KRAKATAU STEEL(A): FINANCIAL PERFORMANCE

GREAT LEADER SYNDICATE 2 MBA EXECUTIVE 46 29111311 Haidir Afesina 29111328 Hendra Winata 29111329 Mita Listyatri 29111338 Andek Prabowo 29111344 Aprian Eka Rahadi 29111384 Chairunnisa Mirhelina 29111387 Franciscus Xaverius Kresna P 29111393 Agung Indri Pramantyo

Outline

CASE OVERVIEW

OBJECTIVES

ANALYSIS

CONCLUSION & RECOMMENDATION

CASE OVERVIEW
PT. Krakatau Steel Tbk has been officially listed in BEI (Bursa Efek Indonesia) with stock code KRAS. PT. Krakatau Steel Tbk offers 3.155.000.000 shares to public which is 20 % of the paid-up capital. During the IPO there has been conflicts going on, share price was claimed too low. At first offering 2-4 November 2010, at Rp. 850,0 per share.
This issue triggers Bambang to do a financial performance measurement of Krakatau Steel compare to other local steel companies which were already settled in BEI before PT. Krakatau Steel are PT. Gunawan Dianjaya Steel dan PT. Jayapari Steel. In financial performance measurement Mr. Bambang use several methods: Trend Analysis BUMN Financial Scoring Du Pont Analysis

OBJECTIVES
To measure the financial performance of Krakatau Steel compare to other local companies, PT Gunawan Dianjaya Steel and PT Jayapari Steel using 3 method: 1. Trend Analysis 2. BUMN Financial Scoring 3. Du Pont Analysis
The result then using to help Pak Bambang as investor to decide whether he invest in Krakatau Steel or not.
* This financial performance measurement using data in Exhibit 1, Exhibit 2, and Exhibit 3 on the case Krakatau Steel (A)

ANALYZE BUMN Financial Scoring(1)


Financial Indicators ROE Weight 20 Formula Net Income/Equity Remark EBITDA = EBIT + Depreciation ROI 15 EBITDA/(Total Asset - Net Fixed Asset EBIT = Income Before Tax+Interest ExpenseInterest Income

Daftar indikator dan bobot aspek keuangan

Cash Ratio Current Ratio Collection Period Inventory Turnover Total Asset Turnover Total Equity/Total Asset Total Score

5 5 5 5 5 10 70

Cash/Current Liability Current Aset/Current Liability (Account Receivable x 365)/Revenue (Inventoryx365)/Revenue Revenue/Asset Equity/Asset (Total Score is represented as TS)

KEPUTUSAN MENTERI BADAN USAHA MILIK NEGARA NOMOR : KEP-100/MBU/2002 TENTANG PENILAIAN TINGKAT KESEHATAN BADAN USAHA MILIK NEGARA

Scoring Health Classification BUMN

Rating AAA AA A BBB BB B CCC CC C

Scoring TS>95 80<TS<=95 65<TS<=80 50<TS<=65 40<TS<=50 30<TS<=40 20<TS<=30 10<TS<=20 TS<=10

Adjusted Score TS>66.5 56<TS<=66.5 45.5<TS<=56 35<TS<=45.5 28<TS<=35 21<TS<=28 14<TS<=21 7<TS<=14 TS<=7

Classification

Healthy
Less Healthy Unhealthy

ANALYZE BUMN Financial Scoring(2)

Perbandingan 3 Perusahaan dengan BUMN Health Classification

Gunawan No Financial Indicators Dianjaya Steel Value 1 Return on Equity (ROE) % 26.50% Score 20

Jayapari Steel Value 9.48% Score 14

Krakatau Steel Value 11.40% Score 16

2 Return on Investment (ROI) % 3 Cash Ratio % 4 Curent Ratio % 5 Collection period (days) 6 Inventory Turnover (days) 7 Total Asset Turnover % 8 Total Equity/Total Assets % Total Score Classification

29.1% 0.9% 169.0% 19 119 159.1% 60.1%

15 0 5 5 4 5 8 62 AA Healthy

10.6% 12.2% 276.8% 80 100 104.0% 73.0%

9 2 5 4.5 4 4 7.5 50 A Healthy

12.5% 60.5% 177.3% 29 161 84.5% 52.9%

10.5 5 5 5 3 3.5 8.5 56.5 AA Healthy

ANALYZE Du Pont Analysis (1)

Return on Equity

ANALYZE Du Pont Analysis (2)

Nama Perusahaan NPM (Net Profit Margin) TATO (Total Asset Turn Over) KRAS 7,2% 84,5% GDST 10,0% 159,1% JPRS 6,6% 104,0%

ROA EM (Equity Multiplier) ROE (npm x tato x em) 6,1% 1,891996968 11,5% 15,9% 1,664160393 26,5% 6,9% 1,370327920 9,5%

ANALYZE TREND ANALYSIS

Compound Annual Growth Rate (CAGR) Comparison 2007 - 2010


Gunawan Dianjaya Steel Revenue Gross Profit margin Operating Profit Margin Net Profit Margin COGS to Revenue Operating Expenses to Revenue Return Return on Asset (ROA) Return on Equity (ROE) Market Earning per share (full Rp) Book value per share Debt Debt to Equity Debt to Capital -4.7% -5.2% 6.6% 1.1% -3.5% -3.0% -17.9% -13.8% 15.5% -60.9% -20.7% Jayapari Steel -5.3% -8.5% -8.8% 0.9% 4.8% -18.2% -15.8% -9.0% 8.0% 14.1% 10.8% Krakatau Steel 5.9% 5.8% 35.6% -0.9% 6.1% 21.0% 16.6% 27.1% 8.7% -7.0% -3.5%

CONCLUSION

Method

Rank #1

Rank #2
PT. Krakatau Steel
(Total Score: 56.5 AA, Healthy) PT. Krakatau Stee

Rank #3
PT. Jayapari Steel
(Total Score: 50 A, Healthy) PT. Jayapari Steel

BUMN Financial PT. Gunawan Scoring Dianjaya Steel


(Total Score: 62 AA, Healthy) Du Pont Analysis PT, Gunawan Dianjaya Steel Trend Analysis (ROE:26.5 %) PT. Krakatau Steel

(ROE : 11.5%)

(ROE : 9.5%)

PT, Gunawan Dianjaya PT. Jayapari Steel Steel

RECOMMENDATION

Mr. Bambang can invest in PT. Krakatau steel, because


Trend Financial performance in market aspect has positive growth.

Means good prospect return in the future.

Make a history not a story !

Thank You

Thank You

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