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The increase of ination from 2012 to 2013 reached 100 percent but from 2013 to
2014 decrease 0.24%. This causes the Indonesian economy deteriorated. So the
number of market demand for goods decreases. The annual report of PT Tjiwi Kimia
showed a decline in sales in 2013, because when there is ination, consumers prefer
to save money rather than to spend money.
Currency risk arise
due to
nancing activities and
daily o p e r a t i o n s . T h e
C o m p a n y monitor and
manage these risks by equalize
nancial liabilities in foreign
currencies with nancial
assets in foreign currency and
make a purchase or sale of
foreign currency when needed.
Changes in currency exchange
rates affect the selling price of
pulp and paper. Because the
value of the rupiah against US
dollar in 2012, 2013 and 2014
always decreased, then the
selling price of pulp and paper
increased so that demand for
goods declined due to drastic
price increased.
Forest Production
Wood materials commonly used to make paper is papyrus tree, mulberry and
pine. This type of wood is cut from production forests and silenced shelter in place
that has been prepared for several months to keep the moisture in the wood logs.
After being expelled from the shelter, the bark peeled by machine. This process is
also called the De Barker, after the piece of wood in the split - split into smaller sizes
using a chipping machine.
After the wood is cut into smaller parts - small, the next process is the cooking
of the wood chips with gester machine for the purpose of sorting wood bers with
lignin. The wood
bers are used as the main material for making
paper.
There are 2 kinds of paper cooking process, namely: Chemical Process & Mechanical
Pulping Process. Understanding Pulp (Pulping) is the concoction of paper into the
machine getser. The pulp process can be explained simply as the 'pulping' paper
because it resembles the shape of the powder cooking porridge.
After going through the process of pulping, pulp reprocessed in the stock
preparation for the 'mix' of paper with the addition of material - other chemicals such
as dye paper (standard white), retention agents, substances ller (substances to
tamp pores - pores between the wood bers) , water etc. After completing this stage,
the process is continued to the area of the paper machine (paper machine).
the stock preparation stage, the mixed material has been cleaned prior to use
cleaner / purier, then later inserted into the headbox to form the size of a sheet of
paper placed on the table fourdinier (mold). This tool serves to drain the water
substances that are still in stock preparation (dewatering) to produce a wet paper
which has a solid content of about
20
percent.
After the paper density levels increased to 50% using a machine Press by
removing the water content remaining. The process through which the press part is
insert paper roll between two large rotating pressurized so that the remaining water
dumped out.
The next process is continued to the drying section (dryer). Dryer serves to drain
more water content terseisa to only reach 6% only. The result has been through the
nishing materials that can be regarded as nished paper, which is then rolled into
a giant roller (pop reel) to form a paper roll.
Paper roll (a roll of paper) is what is the giant paper material so that then sold
to manufacturers, manufacturers that use paper as their basic ingredients such as;
plant books, newspapers, etc.
ST MT
LT
Income Taxes
Before
Income
Income before income taxes decreasde by 25.12% from USD
15 million in 2013 to USD 11 million in 2014.
Net Income
Revenues
Cost of
Sales Period
Cost
Operating Expense
Non-Operating Expense
200
2500
150
2000
100
1500
50 1000
0 500
-50 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
2014 2014
Revenues Revenues
Cost of Cost of
Sales Period Sales Period
Cost Cost
Operating Expense Operating Expense
Non-Operating Non-Operating Expense
Expense
2009 2010 2011 2012 2013
2014
From the table above, it can be seen that the PT Fajar Surya has an income
lower than the company's operating expenses. Similar with the graph above.
The company's revenue increased by 24% in 2010 from 2009, and then
increased back in 2011 by 22%, and decreased by 3.3% in 2012. While in 2013 and
2014 increased by
25% and 9.9 %. So PT Fajar solar only experienced one time reduction in income
during their period of 6 years, is in 2002.
On the other hand, period cost operating expenses also increased every year
except in 2012. In 2010, operating expenses period cost increased by 21%. In 2011
increase again by 33%. It was only in 2012 decreased by 3.9%. But in 2013 a
signicant increase that number by 34%. The latter is in the year 2014 increased by
10.7%.
For the cost of sales, PT Fajar Surya more increased in every year, only from the
year
2011 to the year 2012 no changes are less visible. It can be seen that in 2010 there
is an increase of 25%, then the next year increased by 28%. In the next year there is
no increase is so signicant. For the year 2013 there is an increase of 21% and in
2014 there was an increase of 15% from the previous year.
Operating expense for PT Fajar Surya increase and decrease an uncertain. For
the year 2010 PT Fajar Surya increased by 25%, then there is an increase of 28% in
2011. In 2012 a decrease of 0.6% and then increase in 2013 and 2014 by 3% and
14%.
Non-operating expenses for the PT Fajar Surya has increased very sharply. That
is equal to 254% in 2010, 91% in 2011, 20% in 2012, 173% 2013. There is only one
decrease in non- operating expense in the last 6 years, which in 2014 by 76% from
the previous year.
From the analysis above, we can see that the increase in operating expenses
faster than the increase in revenue. It is not good for the company. There was only
one year where the company's revenue was higher than operating expenses, which
at the time in 2010. That's what is actually expected by the company. Because the
situation is more favorable for the company. The circumstances in which the burden
companies operation is higher than the revenues will affect the operating prot
generated by the company. The larger the income and the smaller operating
expenses will increase prots for the company's operations.
2009 2010 2011 2012 2013 2014
From the data and graphs presented above, we can know that half of the
sixth year, PT Indah tips have a higher income compared to operating expenses.
Revenues in 2010 increased by 42% from 2009, then increased by 1.4% in 2011.
In
2012 revenues decreased by 1.4% and increased again in 2013 by 5.6%. In
2014 revenues only increased by 0.6%.
Period cost also increased and decreased each year, though not very
signicant. In 2010, Period cost increased by 38%, but did not change in 2011.
Period cost remained the same is equal to 138. In the next year, the year 20112
operating expenses rose by
3.6%, apad 2013 Period cost increase again by 7.7%. Whereas in 2014, Period
cost decreased by 5.2%.
For the cost of sales PT Indah Kiat experience an uncertain changes every year.
An increase of 30% in 2010, and by 8% in 2011, and a decrease of 2% in 2010, after
it was raised by 0.7% in 2013 and the latter decreased by 1.4% 2014.
Operating expense for PT Indah Kiat in 2010 and 2011 increased by 30% and
8%. Whereas in 2012 decreased by 1%. And in 2013 an insignicant increase of
0.7%. in 2014 have decreased by 1%.
On the other hand, PT Indah Kiat have a non-operating expense, which
continued to decline, by 2% in 2010, then 52% in 2011, 34% in 2012, 190% in 2013
and the last by 96%
2014.
Circumstances such as the above are favorable conditions for the company,
where the company has a higher income than in operating expenses. That means,
the operating prot generated by the company will also increase.
2009 2010 2011 2012 2013
2014
In 2014, PT Tjiwi Kimia earned arround 1.7 cents per dollar of sales, in contrast
to almost
4.6 cents in 2009, a drop of 2.9 cents per dollar of sales. The decrease was mainly
due to a decrease in selling price of Company's products. Prima facie, this is not a
good sign because it suggest the inability of the company to pass its cost on to its
costumer. Income tax benet decreased by less than 1% of sales in 2014. Between
2009 and 2014 PT Tjiwi Kimia's income before taxes dropped by 5.1% of revenues,
from 6% to 0.9% . For selling, general and administration expense, as a proportion of
sales revenue, selling expense has been increasing steadily by almost 2% since 2009
and general and administration expenses have been decreasing by 1.4%. Other
expense have decreased by 2% since 2009, with much of the decrease occuring in
2013.
Liquidi
ty
PT Tjiwi Kimia PT Fajar PT
Surya Indah
Kiat
2012 2013 2014
Current Ratio 2.407 2.220 1.900 0.977 1.381
Acid-test Ratio 0.694 0.413 0.484 0.478 0.001
Cash Ratio
Collection Period 23.764 41.542 35.763 61.734 0.018 days
Days to sell inventory 56.749 121.237 117.658 54.549 146.679 days
· Current Ratio is the ratio that indicates the company's ability to pay short-
term debt by using short-term assets. In 2014, which means that the company
can pay 1.900 dollars for every 1 dollar of debt owned. In 2013 means that the
company can pay
2.220 dollars for every 1 dollar of debt owned. In 2012, meansthe company can pay
2.407 dollars for every 1 dollar of debt owned. But overall the current ratio of PT
Tjiwi still higher than PT Fajar Surya and PT Indah Kiat.
· Acid Quick Ratio is the ratio that indicates the company's ability to pay its
short - term bonds by using current assets do not include inventories in it. In
2014 means that the company can pay 0.484 rupiah for every 1 dollar of short-
term bonds held. In 2013 means the company can pay 0.413 rupiah for every 1
dollar of short-term bonds held. In
2012 means that the company can pay 0.694 rupiah for every 1 dollar of short-
term bonds held. But there is no different with PT Fajar Surya that have acid
quick 0.478 in
2014 but there is big difference with PT Indah Kiat that have acid quick 0.001.
· Collection Period is used to measure the average period it takes to collect
receivables (in days). If the resulting number is getting smaller show better
results. Whether a collection period is good or bad depends on the credit terms
allowed by the company. PT Tjiwi Kimia' credit terms are 120days then the
collection period in 2014 is 36 days, so the collection period of the company is
very good. Compare with PT Fajar Surya that has 61 days collection period. So,
the collection period of PT Tjiwi Kimia is better than PT Fajar Surya.
Days to sell Inventory is away to measure the average time required for a
company to convert its inventory into sales. A small number of days sales in
inventory indicates that a company is more efcient at selling of its inventory,
while a large number indicates that it may have invested to much in inventory,
and may even have absolute inventory on hand. A large number may also mean
that management has decided to maintain high inventory levels in order to
achieve high order fulllment rates. In 2014 PT Tjiwi Kimia has 118 days to sell
inventory, it means that PT Tjiwi Kimia has invest to much in inventory. Compare
with PT Fajar Surya, days to sell inventory of PT Fajar Surya is more efcient on
54 days but inefcient with PT Indah Kiat that has 146 days to sell inventory.
Capital Structure and Solvency
PT Tjiwi Kimia PT Fajar PT Indah
2012 2013 2014 Surya Kiat
Debt to Equity Ratio is the ratio shows how much money creditors than the
company's capital. In 2014, Debt to Equity ratio gures showed 191.1 % which
means that the composition of the liabilities for the company's capital amounted to
191.1 %. It's lower than 2012 and 2013 that have total debt to equity 246.4% in
2012 and 226.3% in 2013. Compare with PT Fajar surya that has total debt to
equity 239.3% and PT Indah Kiat
170.7%.
Long term debt to equity is a capitalization ratio comparing long-term-debt
to shareholder equity. In risk analysis, a way to determine a company's leverage.
The greater a company's leverage, the higher ratio. Generally, companies with
higher ratios are thought to be more risky because they have more liabilities and
less equity. Long term debt to equity for PT Tjiwi Kimia Tbk in 2102 is 1,787. It is
revealing that in 2012 $1,787 of long term debt nancing to each $1 of equity. In
2013 it is amount 1,587 and in 2014 it is amount
1,226. There is a decrease for each year, and its means that PT Tjiwi Kimia Tbk
have a good increase in business activity.
If we compare PT Tjiwi Kimia Tbk with PT Fajar and PT indah, we can see that
PT Tjiwi Kimia Tbk have a higher ratio between them. It mens that PT Tjiwi Kimia
Tbk is more risk that PT Fajar and PT Indah.
Times interest earned is a measure of a company's ability to honor its debt
payments. It is the ratio of a company's earnings before interest to its interest
payment. Failure to pay interest will cause a creditor to take legal action and
possibly lead to bankruptcy . The interest of PT Tjiwi Kimia Tbk closed 1.940 in
2012, 1.905 in 2013 and 2.022 in 2014 times its xed (interest) commitments
time . PT Tjiwi Kimia Tbk closing its interest expense with a relatively low security
limits . This ratio indicates that PT Tjiwi Kimia will have problem meeting its xed
charge commitments. In sum, given PT Tjiwi Kimia's low (and unstable)
protability, its solvency risk is high. This ratio analysis reinforce the conclusion is
that the company would run into trouble if it tries to borrow additional funds .
If we compare PT Tjiwi Kimia Tbk with Pt Fajar and PT Indah, we can see that
PT Indah have highest ratio in times interest earned. It menas that PT Indah have a
good opportunity to borrow additional funds to creditor. And the lowest is PT Fajar
Surya, it menas that PT Fajar Surya have problem to boorow additional funds to
creditor.
Return on Investment
PT Tjiwi Kimia PT Fajar PT Indah
2012 2013 2014 Surya Kiat
ROA shows the rate of return on asset utilization company . In 2014, ROA
gures show 5.20 %, which means that the company earned 5.20 % of every
dollar asset utilization. In 2013, ROA gures show 3.0 %, which means that the
company earned 3.0% of every dollar asset utilization. In 2012, ROA gures show
3.60 %, which means that the company earned 3.60% of every dollar asset
utilization. If we compare PT Tjiwi Kimia with PT Fajar and PT Indah we can
identied that PT Tjiwi Kimia is better than PT Fajar Surya and PT Indah in this
term because PT Tjiwi Kimia have the highest return on assets.
ROE shows the return of a shareholder 's investment in the company. In 2014,
ROE
gures show 2.40 %, which means that shareholders obtain a refund at 2.40% of
every one dollar investment in companies. In 2013, ROE gures show 3.4%, which
means that shareholders obtain a refund at 3.40% of every one dollar investment
in companies. In
2012, ROE gures show 4.6%, which means that shareholders obtain a refund at
4.6% of every one dollar investment in companies. If we compare PT Tjiwi Kimia
with PT Fajar and PT Indah we can identied that PT Fajar Surya and PT Indah Kiat
is better in this term because the return on common equity of PT Tjiwi Kimia
always lowest than the other competitors.
Operating Performance
PT Tjiwi Kimia PT Fajar PT Indah
2012 2013 2014 Surya Kiat
Gross Prot Margin is a ratio that shows how much margin that allows the
company to cover the company's expenses and still be able to obtain prot. In
2014 , gross prot margin ratio indicates the number 11.60 %, which means that
the company has a 11.60 % margin that can be used to cover the load and still
generate prot. If the gross prot margin low, it means that the company has
more liabilities. In the last 3 years, PT Tjiwi Kimia has lower gross prot margin in
2014. But it's better than PT Fajar Surya that has gross prot margin 10.60% but
worse than PT Indah Kiat that has gross prot margin 17.20%.
Operating Prot Margin indicates the company prot after deducting the
cost of the product and sales support costs . Operating Prot Margin in 2014 was
2 % it's bad because the prot is lower than 2012 and 2013. Compare with PT
Fajar Surya and PT Indah Kiat that have prot reach 10% and 7%.
Net Prot Margin is the ratio that indicates how much prot after tax
generated every 1 dollar of sales . In 2014 , the net prot margin ratio indicates
the number is 1.7
% which means that the company gets 1.7 % prot after tax of every 1 dollar of
sales by the company. It's bad because the net prot is lower than 2012 and
2013. Compare with PT Fajar Surya and PT Indah Kiat that have prot reach
1,6% and 4.8%.
Asset
Utilization
PT Tjiwi Kimia PT PT Indah
2012 Fajar
Sury Kiat
2013 2014
a
Cash Turnover 8.026 9.273 77.243 2,709.452
13.966
Account receivable turnover 3.787 2.166 2.517 5.83 19,664.455
1
Inventory turnover 2.969 0.765 6.600 2.454
6.344
Working capital turnover 1.750 2.052 21.542 5,166.739
2.048
PPE turnover 1.048 1.041 1.450 588.704
2.241
Total asset turnover 0.462 0.450 0.968 0.396
0.503
generation of sales revenue. A higher cash turnover ratio is generally better than a
lower
one. A lower ratio may indicate the inefcient use of working capital. PT Tjiwi
Kimia's cash turnover ratio from 2012 to 2013 decreases quite much as 5.94 and
from 2013 to 2014 increase as much as 1.247. Compared to another companies,
PT Tjiwi Kimia's cash turnover ratio cash turn over is in the below. PT Tjiwi Kimia
has 9.273, PT Fajar Surya has
77.243, and PT Indah Kiat has 2,709.452. It implies that every 1 dollar of cash and
equivalents will generates 9.273 of PT Tjiwi Kimia's sales.
Account receivable turnover is the number of times per year that a business
collects its average accounts receivable. The ratio is intended to evaluate the
ability of a company to efciently issue credit to its costumers and collect funds
from them in a timely manner. PT Tjiwi Kimia's account receivables turnover ratio
from from 2012 to 2013 decreases as much as 1.621 and from 2013 to 2014
makes little increase which is 0.351. But compared to PT Fajar Surya and PT Indah
Kiat, PT Tjiwi Kimia's account receivable ratio is low. PT Tjiwi Kimia has 2.517, PT
Fajar Surya has 5.831, and PT Indah Kiat has
19,664.455.nd from 2013 to 2014 makes increases which is 0.302. Comparing to
another 2 companies, PT Tjiwi Kimia's working capital turnover ratio is the lowest.
PT Tjiwi Kimia has
2.052, PT Fajar Surya has 21.542, and PT Indah Kiat has
5,166.739.
Inventory turnover Ratio is the ratio indicates how many times the nished
goods inventory can be sold during the period. The inventory turnover ratio also is
a key measure for evaluating just how efcient management is at managing
company inventory and generating sales from it. PT Tjiwi Kimia's inventory
turnover ratio from 2012 to 2014 always decerases. PT Tjiwi Kimia's cash turnover
ratio from 2012 to 2013 decreases much as 3.375 and from 2013 to 2014
decreases as much as 2.204. PT Tjiwi Kimia's inventory turnover ratio is the
lowest between PT Fajar Surya and PT Indah Kiat. PT Tjiwi Kimia has 0.765, PT Fajar
Surya has 6.600, and PT Indah Kiat has 2.454. Every 1 dollar of PT Tjiwi Kimia's
iventory turnover can generates 0.765 of sales.
Working capital turnover is a measurement comparing the depletion of
working capital to the generation of sales over a given period. This provides some
useful information as to how effectively a company is using its working capital to
generate sales. Working capital is current assets minus current liabilities. A high
turnover ratio indicates that management is being extremely efcient is using a
rm's short-term assets and liabilities to support sales. Conversely, a low ratio
indicates that a business is investing in too many accounts receivable and
inventory assets to support its sales, which coud eventually lead to an excessive
amount of bad ebts and obsolete inventory. PT Tjiwi Kimia's working capital
turnover ratio from from 2012 to 2013 decreases as much as 0.398 and from
2013 to 2014 makes increases which is 0.302. Comparing to another 2
companies, PT Tjiwi Kimia's working capital turnover ratio is the lowest. PT Tjiwi
Kimia has
2.052, PT Fajar Surya has 21.542, and PT Indah Kiat has
5,166.739.
Fixed Asset (PPE) Turnover Ratio is a ratio that shows a lot of sales that can
be gained from every 1 dollar of xed assets. From 2012 to 2014, PT Tjiwi Kimia's
PPE turnover ratio always decreases. It implies that the Fixed Asset Turn Over ratio
of PT Tjiwi Kimia in
2014 indicates the number 1,041, which means that the company earned 1,041
every 1 dollar sales of xed assets owned. Comparing to another 2 companies, PT
Tjiwi Kimia's PPE turnover ratio is the lowest. PT Tjiwi Kimia has 1.041, PT Fajar
Surya has 1.450, and PT Indah Kiat has 588.704.
Total Asset Turnover Ratio is a ratio that shows a lot of sales that can be
gained from every 1 dollar of all assets owned. From 2012 to 2014, PT Tjiwi Kimia's
total asset turnover ratio always decreases. There were total asset turnover ratio
of PT Tjiwi Kimia in 2014 indicates the number 0.450, which means that the
company earned 0.450 for every 1 dollar sales of all assets owned. Comparing to 2
another companies, PT Tjiwi Kimia has second position which PT Tjiwi Kimia has
0.450, PT Fajar Surya has 0.968, and PT Indah Kiat has 0.396.
Marke Measure
t s PT PT Fajar PT Indah
Tjiwi Surya Kiat
Kimi
2014 2014 2014
Price-to-earnings 50.600 14.282 4.345
Earnings yield 1.98% 7% 23%
Dividend yield 1.98% 2% 2.50%
Dividend payout rate 100.00% 28.60% 10.90%
Price to book 1.451 0.323 2,272.727
Rp2.50
0
Rp2.00
0
Rp1.50
0
Rp1.00
0
Q1 Q2 Q3 Q4
Rp500
Rp0
Rp3.00
PT Fajar Surya
0
Rp2.50
0
Rp2.00
0
Rp1.50
0
Rp1.00
0
Q1 Q2 Q3 Q4
Rp500
Rp0
During the year 2012, the price value of the shares of PT Fajar Surya always
show the uctuative rate starting from Q1 to Q2 sligtly increase about Rp 40, Q2
to Q3 decrease about Rp 80, and Q3 to Q4 increase to Rp 120.
In 2013, the stock price of PT Indah Kiat always shows the share price
decrease signicantly the amount of Rp 150 in Q1 to Q2, Rp 425 from Q2 to Q3,
and Rp 100 from Q3 to Q4 .
In 2014, there is uctuative rate in the value of shares. Starting decreasing
from Q1 to Q2 about Rp 575, Q2 to Q3 increase about Rp 225, and there is no
change in Q3 to Q4.
Rp1.600 PT Indah Kiat
Rp1.400
Rp1.200
Rp1.000
Rp800
Rp600
Rp400
Rp200
Rp0
Q1 Q2 Q3 Q4
During the year 2012 , the price value of the shares of PT Indah Kiat always
show the rate of decline starting from Q1 to Q2 amounting to Rp 110 , Q2 to Q3
amounted to USD
30 , and Q3 to Q4 amounting to Rp 340 which can be summed up as a decrease in
stock value lows during the period 2012 to the stock price of Rp 680 .
In 2013 , the stock price of PT Indah Kiat always shows the share price
increase signicantly the amount of Rp 240 in Q1 to Q2 , USD 90 from Q2 to Q3 ,
and Rp 190 from Q3 to Q4 .
In 2014 , always been a decline in the value of shares . However, a decrease
in stock value and tersignikan lowest occurred in Q2 to Q3 Rp 285 .