Revenue

Gross Profit margin

Operating Profit Margin
Net Profit Margin
COGS to Revenue
Operating Expenses to Revenue
Market
Earnings per share
Book value per share
Return
Return on Assets
Return on Equity
Debt
Debt to Equity
Deb to Capital
BUMN MEASUREMENT
Financial Indicator
Return on Equity (ROE)
Return on Investment (ROI)
Cash Ratio
Current Ratio
CollectionPeriod
Inventory Turnover
Total Asset Turnover
Total Equity/Total Asset
Total Score

Formula
Gross Provit / Revenue
Operating Profit / Revenue
Net Income / Revenue
COGS / Revenue
Operating expenses / Revenue
Net Income / Revenue
Equity / Shares Outstanding
Net Income / Asset
Net Income / Equity
Debt / Equity
Debt / Capital
2010 only
Weight
Formula
20 Net Income / Equity
15 Ebitda / (Total Asset - Net Fixed Asset)
5 Cash / Current Liability
5 Current Asset / Current Liability
5 Account Receivable x 365 / Revenue
5 Inventory x 365 / Revenue
5 Revenue / Asset
10 Equity / Asset
70 (Total score is represented as TS)
*EBITDA: EBIT + Depreciation
**EBIT: Income before tax + Interest Expense
Rating
AAA
AAA
AAA

Scoring
Adjusted Scor
TS > 95
TS > 66.5
80 < TS 95 56 < TS 66.5
65 < TS 80 45.5 < TS 56

BBB
BB
B

50 < TS 65 35 < TS 45.5

40 < TS 50 28 < TS 35
30 < TS 40 21 < TS 28

CCC
CC
C

20 < TS 30 14 < TS 21
10 < TS 20 7 < TS 14
TS 10
TS 7

Krakatau Steel

Gunawan Dianjaya Steel

Net Fixed Asset)

DUPONT FORMULA
2010
Dupont's Component
Formula
Profit Margin Ratio
Net Profit / Revenue
Total Asset Turnover
Revenue / Asset
Equity Multiplier
Asset / Equity

nt Liability
x 365 / Revenue

ROE = Profit Margin x Total Asset Turnover x Equity Mult

ented as TS)

Operating Efficiency (represented by the Profit Margin R

Asset used efficiency (represented by Total Asset Turnov
Financial Leverage (represented by the Equity multiplie

e tax + Interest Expense - Interest Income

Classification
Healthy

Less
Healthy

Unhealthy

Now 2012
2010 - BEI
KRAS
3,155,000,000 shares
IPO
20% own capital
35.80% new machine
24.20% raw materials
25% finance maturation
15% subsidiary investment

Compound Annual Growth Rate (CAGR)

year-over-year growth rate of an investment over a spe
V(tn) = Ending Value

Jayapari Steel

2007-2010

V(t0)
Beginning
Value

tn-t0 = Number
of years

V0

et Profit / Revenue
evenue / Asset
sset / Equity

set Turnover x Equity Multiplier

nted by the Profit Margin Ratio)

nted by Total Asset Turnover)
ed by the Equity multiplier)

850 IDR/share

how to estimate share IPO quantity

te (CAGR)
2008-2010
an investment over a specified period of time

850

CAGR 2008-2010

2008
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel
2010
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Gunawan Dianjaya Steel

Jayapari Steel
Krakatau Steel

Gunawan Dianjaya Steel

Jayapari Steel
Krakatau Steel
CAGR
Revenue
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
COGS to Revenue
Operating Expenses to Revenue
Market
Earning per Share
Book Value per Share
Return
Return on Assets
Return on Equity
Debt
Debt on Equity
Debt on Capital
AVERAGE

Revenue
3,012,000,000,000.0
732,703,320,157.0
20,631,431,000,000.0
Revenue
1,710,131,747,278.0
427,792,535,324.0
14,856,156,000,000.0

Gross Profit
560,000,000,000.0
115,384,235,396.0
2,716,064,000,000.0
Gross Profit
296,880,791,118.0
55,733,384,365.0
2,234,780,000,000.0

Gross Profit Margin

2008
0.19
0.16
0.13
Earning per Share
2008
0.03
0.07
0.02

2010
0.17
0.13
0.15
Market
Book Value per

2010
0.10
0.07
0.07

Gunawan Dianjaya SteJayapari Steel

-3.37%
62.60%
90.73%
0.57%
5.73%

-9.04%
-18.20%
-0.45%
1.60%
31.95%

90.73%
-56.03%

-0.45%
5.48%

534.23%
135.38%

-25.04%
-27.88%

-24.30%
-14.21%
74.73%

-14.60%
-10.93%
-6.14%

Operating Profit
143,000,000,000.0
98,351,215,200.0
1,360,388,000,000.0
Operating Profit
214,649,422,699.0
38,419,485,450.0
992,929,000,000.0

Net Income
83,000,000,000.0
49,157,545,353.0
459,571,000,000.0
Net Income

Equity
1,732,132,238,731.0
269,771,302,444.0
5,439,761,000,000.0
Equity

171,427,614,845.0
28,445,580,508.0
1,062,683,000,000.0

645,713,287,080.0
300,134,260,861.0
9,293,915,000,000.0

Operating Profit Margin

2008
0.05
0.13
0.07
Market
Book Value per Share
2008
4.07
3.60
2.72
Krakatau Steel
6.90%
0.68%
79.20%
-1.09%
12.79%
79.20%
-34.18%
42.19%
16.34%
-29.91%
-15.66%
14.22%

2010
0.13
0.09
0.07

Revenue
Net Profit Margin
2008
0.03
0.07
0.02
Return on Assets
2008

2010
0.79
4.00
1.18

COGS
2,461,000,000,000.0
617,319,084,761.0
17,915,367,000,000.0
COGS
1,413,250,956,160.0
372,059,150,959.0
12,621,376,000,000.0

0.00
0.12
0.03

2010
0.10
0.07
0.07
Return

2010
0.16
0.07
0.06

Operating Expense
143,000,000,000.0
17,033,020,196.0
1,355,676,000,000.0
Operating Expense
90,756,876,018.0
17,313,898,915.0
1,241,851,000,000.0

Debt
Shares Outstanding
1,867,400,208,655.0
425,286,000,000.0
114,622,438,973.0
75,000,000,000.0
8,702,695,000,000.0 2,000,000,000,000.0
Debt
Shares Outstanding
398,879,525,740.0
820,000,000,000.0
93,010,970,164.0
75,000,000,000.0
7,303,538,000,000.0 7,887,500,000,000.0
*based on 2008 released financial repo

COGS to Revenue
2008
0.82
0.84
0.87
Return
Return on Equity
2008
0.05
0.18
0.08

2010
0.83
0.87
0.85

2010
0.27
0.09
0.11

Operating Expenses to Revenue

2008
0.05
0.02
0.07
Debt on Equity
Debt on Equity
2008
1.08
0.42
1.60

Total Assets
Capital
20,928,000,000,000.0
3,599,532,447,386.0
399,343,736,262.0
384,393,741,417.0
15,374,427,000,000.0 14,179,799,000,000.0
Total Assets
Capital
1,074,569,612,752.0
1,044,592,812,820.0
411,281,598,196.0
393,145,231,025.0
17,584,089,000,000.0 16,729,083,000,000.0 Debt includes all short-term and long-term debt. Tota
*based on 2008 released financial report on its website

ing Expenses to Revenue

2010
0.05
0.04
0.08
Debt on Equity
2010
0.62
0.31
0.79

Debt on Capital
2008
0.52
0.30
0.61

2010
0.38
0.24
0.44

ong-term debt. Total capital includes the company's debt and shareholders' equity, which includes common stoc

ch includes common stock, preferred stock, minority interest and net debt.

Revenue
Gross Profit Margin
2008

Operating Profit Margin

2010

2008

Gunawan Dianjaya Steel

0.1859229748 0.1736011226

0.0474767596

Jayapari Steel

0.1574774294 0.1302813391

0.1342306122

Krakatau Steel

0.1316469032 0.1504278765

0.0659376463

Market
Earning per Share

Book Value per Share

2008

2010

2008

Gunawan Dianjaya Steel

0.0275564409

0.100242344

4.0728644694

Jayapari Steel

0.0670906546 0.0664938683

3.5969506993

Krakatau Steel

0.0222752847 0.0715314917

2.7198805

Revenue

ng Profit Margin

Net Profit Margin

2010

2008

COGS to Revenue

2010

2008

Operating Expenses to Revenue

2010

2008

2010

0.1255163078 0.02755644 0.10024234 0.81706507 0.82639888 0.04747676 0.05307011

0.0898086859 0.06709065 0.06649387 0.84252257 0.86971866 0.02324682 0.04047265
0.0668361991 0.02227528 0.07153149

0.8683531 0.84957212 0.06570926 0.08359168

Return

alue per Share

Return on Assets
2010

2008

2010

Debt on Equity

Return on Equity
2008

2010

Debt on Equity
2008

2010

Debt on Capital
2008

0.7874552281 0.00396598 0.15953142 0.04791782 0.26548565 1.07809333 0.61773473 0.51878966

4.0017901448 0.12309582 0.06916327 0.18221933 0.09477619 0.42488744 0.30989788 0.29819018
1.1783093502 0.02989191 0.06043435 0.08448367

0.1143418

1.5998304 0.78584084 0.61373895

Equity
Debt on Capital
2010
0.38185169
0.23658171
0.43657731

2008
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel
2010
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Revenue

Gross Profit

Operating Profit

3,012,000,000,000

560,000,000,000

143,000,000,000

732,703,320,157

115,384,235,396

98,351,215,200

20,631,431,000,000

2,716,064,000,000

Revenue

Gross Profit

1,360,388,000,000
Operating Profit

1,710,131,747,278

296,880,791,118

214,649,422,699

427,792,535,324

55,733,384,365

38,419,485,450

14,856,156,000,000

2,234,780,000,000

992,929,000,000

Net Income

Equity

COGS

Operating Expense

83,000,000,000

1,732,132,238,731

2,461,000,000,000

143,000,000,000

49,157,545,353

269,771,302,444

617,319,084,761

17,033,020,196

459,571,000,000

5,439,761,000,000

17,915,367,000,000

Net Income

Equity

COGS

1,355,676,000,000
Operating Expense

171,427,614,845

645,713,287,080

1,413,250,956,160

90,756,876,018

28,445,580,508

300,134,260,861

372,059,150,959

17,313,898,915

1,062,683,000,000

9,293,915,000,000

12,621,376,000,000

1,241,851,000,000

Debt

Shares Outstanding

Total Assets

Capital

1,867,400,208,655

425,286,000,000

20,928,000,000,000

3,599,532,447,386

114,622,438,973

75,000,000,000

399,343,736,262

384,393,741,417

15,374,427,000,000

14,179,799,000,000

8,702,695,000,000
Debt

2,000,000,000,000
Shares Outstanding

Total Assets

Capital

398,879,525,740

820,000,000,000

1,074,569,612,752

1,044,592,812,820

93,010,970,164

75,000,000,000

411,281,598,196

393,145,231,025

7,303,538,000,000

7,887,500,000,000

17,584,089,000,000

16,729,083,000,000

*based on 2008 released financial report on its website

2010

Net Profit
Gunawan Dianjaya Steel
Jaya Pari Steel
Krakatau Steel

171,427,614,845.0
28,445,580,508.0
1,062,683,000,000.0

Revenue
1,710,131,747,278.0
427,792,535,324.0
14,856,156,000,000.0

The higher the ROE, the more attractive the company in the eye of the investors

Asset
1,074,569,612,752.0
411,281,598,196.0
17,584,089,000,000.0
the investors

Equity
645,713,287,080.0
300,134,260,861.0
9,293,915,000,000.0

Profit Margin
Total Asset
Ratio/Operating
Turnover/Asset
Efficiency
used efficiency
10.02%
159.15%
6.65%
104.01%
7.15%
84.49%

Equity
Multiplier/
Financial
Leverage
1.6641590536
1.3703253904
1.8920001958

ROA
15.95%
6.92%
6.04%

ROE
26.55%
9.48%
11.43%

BUMN Measurement Standard

No
Financial Indicators
1
2
3
4
5
6
7
8

Return on Equity (ROE)

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

2010
Gunawan Dianjaya Steel Jayapari Steel
Value
Score
Value
Score
26.5%
20
9.5%
14
25.1%
18
9.7%
7.5
0.9%
0
12.2%
2
169.0%
5
276.8%
5
20.1
5
82.7
4.5
118.9
4
99.6
4
159.1%
4.5
104.0%
4
60.1%
8
73.0%
9
64.5
50
AA
A
Healthy
Healthy

Total Asset Turnover

Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Revenue Total
###
###
###

AssetTotal Asset Turnover

###
159.1%
###
104.0%
###
84.5%

Total Equity/Total Asset

Equity
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Total Asset Total Equity/Total Asset

###
60.1%
###
###
73.0%
###
###
52.9%
###

Krakatau Steel
Value
Score
11.4%
16
7.4%
6
60.5%
5
177.3%
5
29.3
5
160.9
3
84.5%
3.5
52.9%
8.5
52
A
Healthy

ROE
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

2,010.0
Net Income
171,427,614,845.0
28,445,580,508.0
1,062,683,000,000.0

ROI
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

2,010.0

EBITDA
214,649,422,699.0
38,419,485,450.0
992,929,000,000.0
9,640,657,000,000
2,010.0

Cash Ratio

Cash
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel
Current Ratio
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

3,720,875,161.0
12,552,313,911.0
4,193,598,000,000.0
2,010.0
Current Asset
709,597,600,204.0
285,524,089,280.0
12,287,724,000,000.0

Collection Period
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Account Receivable
94,077,554,366.0
96,926,523,675.0
1,192,827,073,584.0

Inventory Turnover
Gunawan Dianjaya Steel
Jayapari Steel
Krakatau Steel

Inventory
556,893,664,606.0
116,709,942,157.0
6,549,776,000,000.0

Equity

ROE

645,713,287,080.0
300,134,260,861.0
9,293,915,000,000.0

26.5%
9.5%
11.4%

EBITDA / (Total Asset - Net Fixed Assets)

Total Assets
Net Fixed Assets
ROI
1,074,569,612,752.0
218,170,555,988.0
25.1%
411,281,598,196.0
15,604,788,086.0
9.7%
17,584,089,000,000.0
4,133,908,000,000.0
7.4%
7,943,432,000,000.0
7,688,020,000,000.0
Current Liability
Cash Ratio
419,815,817,120.0
103,140,872,892.0
6,930,713,000,000.0

Current Lialibility
Current Ratio
419,815,817,120.0
103,140,872,892.0
6,930,713,000,000.0

0.9%
12.2%
60.5%

169.0%
276.8%
177.3%

Revenue
Collection Period (Days)
1,710,131,747,278.0
20.1
427,792,535,324.0
82.7
14,856,156,000,000.0
29.3

Revenue
Inventory Turnover (Days)
1,710,131,747,278.0
118.8599579563
427,792,535,324.0
99.5789439267
14,856,156,000,000.0
160.9210511791