Financial Ratio Analysis

PT Indocement Tunggal Prakarsa TBK

Name : PRASTIWO ANGGORO

NIM : 29119584a
Class : MM5002 ACCOUNTING
MANAGEMENT – INHOUSE
BATAM
TABLE OFCONTENTS

CHAPTER I-INTRODUCTION ................................................................................................... 1

Financial Highlight .......................................................................................................... 1
Shareholder’s Composition ............................................................................................ 4
Stock Highlight ............................................................................................................... 5

CHAPTER II –COMPANYPROFILE ............................................................................................ 6

Company Information .................................................................................................... 6
History of PT INTP........................................................................................................... 8
Geographic Position ..................................................................................................... 10
Award........................................................................................................................... 11
Cement Production Process ......................................................................................... 12
Vision and Mission ....................................................................................................... 13
Line of Business ............................................................................................................ 14
Strategic ....................................................................................................................... 15
Corporate Social Responsibility .................................................................................... 16

CHAPTERIII–INFORMATION FOR SHAREHOLDER’S AND INVESTOR’S .................................. 21

Announcement............................................................................................................. 21
Structure & Shareholders Composition ........................................................................ 22
Share Listing Chronology .............................................................................................. 25
Associate Subsidiaries .................................................................................................. 28
Associate Entities ......................................................................................................... 31

CHAPTER IV –FINANCIAL STATEMENT ................................................................................. 32

Balance Sheet ............................................................................................................... 34
Cash Flow ..................................................................................................................... 35
Income Statement ........................................................................................................ 37
TABLE OFCONTENTS

CHAPTERV–FINANCIALREPORTANALYSIS ............................................................................ 41
Financial Ratio Five Years ............................................................................................. 41
Trend & Interpretation Financial Ratio ......................................................................... 44

REFERENCE .......................................................................................................................... 48
TABLE OFCONTENTS

CHAPTER I-INTRODUCTION ....................................................................................................................1

FinancialHighlight .................................................................................................................... 1
Sharholder’sComposition ........................................................................................................ 8
StockHighlight ......................................................................................................................... 9

CHAPTERII–COMPANYPROFILE ............................................................................................................ 10
CompanyInformation ............................................................................................................ 10
HistoryofPTPP ........................................................................................................................ 12
Pioneer&TrendSetterinConstructionSector .......................................................................... 13
VisionandMission ......................................................................................................... 15
LineofBusiness ....................................................................................................................... 16

CHAPTERIII–INFORMATIONFORSHAREHOLDER’SANDINVESTOR’S ...................................................... 19
Structure&ShareholdersComposition ................................................................................... 19
ShareListingChronology ......................................................................................................... 21
AssociateEntities ................................................................................................................... 23

CHAPTERIV–FINANCIALSTATEMENT .................................................................................................... 26
BalanceSheet ......................................................................................................................... 27
CashFlow ............................................................................................................................... 29
IncomeStatement .................................................................................................................. 30

CHAPTERV–FINANCIALREPORTANALYSIS ............................................................................................ 32
FinancialRatioFiveYears ......................................................................................................... 32
Trend&InterpretationFinancialRatio ..................................................................................... 35

REFERENCE ................................................................................................................................................. 41
 CHAPTER I
INTRODUCTION

Financial Highlight

[Date] 1
CHAPTER I
INTRODUCTION

[Date] 2
CHAPTER I
INTRODUCTION

[Date] 3
 CHAPTER I
INTRODUCTION

Shareholder’s Composition
Komposisi Pemegang Saham

[Date] 4
CHAPTER I
INTRODUCTION

Stock Highlight
Ikhtisar Saham

INKP (Share Price and Trading Volume) vs IHSG

Januari – Desember 2018

[Date] 5
 CHAPTER II
COMPANY PROFILE

Company Information
Informasi Perusahaan

[Date] 6
CHAPTER II
COMPANY PROFILE

[Date] 7
 CHAPTER II
COMPANY PROFILE

History of PT INTP
Sejarah PT INTP

Tahun 2019 PT Indocement Tunggal Prakarsa Tbk. (selanjutnya disebut “Perseroan” atau “Indocement”) genap berusia 44 tahun.
Perjalanan panjang Perseroan telah dimulai pada 1975 dengan didirikannya sebuah pabrik semen di wilayah Citereup, Jawa Barat, oleh
PT Distinct Indonesia Cement Enterprise (DICE). Pada saat memulai operasi, pabrik ini mempunyai kapasitas produksi terpasang tahunan
500.000 ton.

2019 PT Indocement Tunggal Prakarsa Tbk. (hereinafter referred to as "the Company" or "Indocement") is even 44 years old. The
Company's long journey began in 1975 with the establishment of a cement factory in the Citereup region, West Java, by PT Distinct
Indonesia Cement Enterprise (DICE). At the commencement of operations, the plant had an annual installed production capacity of
500,000 tons.
Pendirian DICE disusul oleh perusahaan dan pabrik lainnya. Dalam kurun waktu 10 tahun, telah berdiri delapan pabrik tambahan dengan
kapasitas terpasang 7,7 juta ton per tahun yang dikelola oleh enam perusahaan yang berbeda, yaitu PT Distinct Indonesia Cement
Enterprise (DICE).

The establishment of DICE was followed by other companies and factories. In a period of 10 years, eight additional factories have been
built with an installed capacity of 7.7 million tons per year managed by six different companies, namely PT Distinct Indonesia Cement
Enterprise (DICE).
PT Perkasa Indonesia Cement Enterprise (PICE); PT Perkasa Indah Indonesia Cement Putih Enterprise (PIICPE); PT Perkasa Agung
Utama Indonesia Cement Enterprise (PAUICE); PT Perkasa Inti Abadi Indonesia Cement Enterprise (PIAICE); dan PT Perkasa Abadi
Mulia Indonesia Cement Enterprise.

PT Perkasa Indonesia Cement Enterprise (PICE); PT Perkasa Indah Indonesia Cement Putih Enterprise (PIICPE); PT Perkasa Agung
Utama Indonesia Cement Enterprise (PAUICE); PT Perkasa Inti Abadi Indonesia Cement Enterprise (PIAICE); and PT Perkasa Abadi
Mulia Indonesia Cement Enterprise.
Pada 16 Januari 1985, keenam perusahaan tersebut melebur menjadi satu dengan didirikannya PT Indocement Tunggal Prakarsa
berdasarkan akta notaris Nomor 81 dibuat di hadapan Benny Kristianto, S.H., Notaris Publik di Jakarta yang disahkan oleh Menteri
Kehakiman Republik Indonesia dalam Surat Keputusan Nomor C2-3641HT.01.04.Th.85 tanggal 15 Juni 1985.

On January 16, 1985, the six companies merged into one with the establishment of PT Indocement Tunggal Prakarsa based on notarial
deed No. 81 made before Benny Kristianto, SH, Public Notary in Jakarta, which was endorsed by the Minister of Justice of the Republic
of Indonesia in Decree Number C2-3641HT.01.04.85, June 15th 1985.
Pada 1989, Perseroan menapaki babak baru dengan melakukan Penawaran Umum Saham Perdana dan menjadi perusahaan publik dengan
mencatatkan sahamnya di Bursa Efek Indonesia (BEI) dengan kode “INTP” pada 5 Desember 1989. Kantor pusat Perseroan berlokasi di
Wisma Indocement, lantai 13, Jl. Jenderal Sudirman, Kav. 70-71, Jakarta Selatan.

In 1989, the Company entered a new phase by conducting an Initial Public Offering and becoming a public company by listing its shares
on the Indonesia Stock Exchange (IDX) with the code "INTP" on December 5, 1989. The Company's head office is located at Wisma
Indocement, 13th floor, Jl. Jenderal Sudirman, Kav. 70-71, South Jakarta.

[Date] 8
 CHAPTER II
COMPANY PROFILE

Guna mengantisipasi pertumbuhan pasar yang semakin kuat, Indocement terus berupaya menambah jumlah pabriknya untuk
meningkatkan kapasitas produksi. Perseroan mengakuisisi Plant 9 pada 1991 dan menyelesaikan pembangunan Plant 10 di Kompleks
Pabrik Palimanan, Cirebon, Jawa Barat pada 1996. Selanjutnya pada 1997, Plant 11 selesai dibangun di Kompleks Pabrik Citeureup,
Bogor, Jawa Barat.

To anticipate increasingly strong market growth, Indocement continues to increase the number of factories to increase production capacity.
The Company acquired Plant 9 in 1991 and completed the construction of Plant 10 in the Palimanan Factory Complex, Cirebon, West
Java in 1996. Furthermore, in 1997, Plant 11 was completed in the Citeureup Factory Complex, Bogor, West Java.
Pada 29 Desember 2000, dari hasil merger antara Perseroan dengan PT Indo Kodeco Cement (IKC), maka Perseroan menjadi pemilik
pabrik semen di Tarjun, Kotabaru, Kalimantan Selatan. Pabrik tersebut menjadi Plant 12 Perseroan.

On December 29, 2000, as a result of the merger between the Company and PT Indo Kodeco Cement (IKC), the Company became the
owner of a cement factory in Tarjun, Kotabaru, South Kalimantan. The plant became Plant 12 of the Company.
Pada 2001, HeidelbergCement Group menjadi Pemegang Saham mayoritas melalui entitas anaknya, Kimmeridge Enterprise Pte. Ltd.
Setelah mengakuisisi 61,7% saham Perseroan.

In 2001, HeidelbergCement Group became the majority shareholder through its subsidiary, Kimmeridge Enterprise Pte. Ltd. After
acquiring 61.7% of the Company's shares.
Pada Oktober 2016, Perseroan mulai mengoperasikan pabrik ketiga belas yang disebut “Plant 14” di Kompleks Pabrik Citeureup, yang
merupakan pabrik semen terintegrasi terbesar milik Indocement dengan kapasitas desain terpasang mencapai 4,4 juta ton semen per tahun
dan juga merupakan pabrik semen terbesar yang pernah dibangun oleh Indocement dan HeildelbergCement Group.

In October 2016, the Company began operating its thirteenth factory called "Plant 14" in the Citeureup Plant Complex, which is
Indocement's largest integrated cement plant with an installed design capacity of 4.4 million tons of cement per year and is also the largest
cement factory ever built by Indocement and HeildelbergCement Group.
Dengan rampungnya Plant 14, saat ini Perseroan telah mempunyai 13 pabrik dengan total kapasitas produksi tahunan sebesar 24,9 juta
ton semen. Sepuluh pabrik berlokasi di Kompleks Pabrik Citeureup, Bogor, Jawa Barat; dua pabrik di Kompleks Pabrik Palimanan,
Cirebon, Jawa Barat; dan satu pabrik di Kompleks Pabrik Tarjun, Kotabaru, Kalimantan Selatan.

With the completion of Plant 14, the Company currently has 13 factories with a total annual production capacity of 24.9 million tons of
cement. Ten factories are located in the Citeureup Factory Complex, Bogor, West Java; two factories in the Palimanan Factory Complex,
Cirebon, West Java; and one factory in the Tarjun Factory Complex, Kotabaru, South Kalimantan.

[Date] 9
CHAPTER II
COMPANY PROFILE

[Date] 10
CHAPTER II
COMPANY PROFILE

Indocement Achieve Gold

Winner PRIA 2020

[Date] 11
CHAPTER II
COMPANY PROFILE

Cement Production Process

[Date] 12
 CHAPTER II
COMPANY PROFILE

Vision and Mission

Visi dan Misi

[Date] 13
 CHAPTER II
COMPANY PROFILE

Line of Business
Lini Bisnis

[Date] 14
 CHAPTER II
COMPANY PROFILE

Strategic

[Date] 15
 CHAPTER II
COMPANY PROFILE

6 Corporate Social Responsibility

[Date] 16
CHAPTER II
COMPANY PROFILE

[Date] 17
CHAPTER II
COMPANY PROFILE

[Date] 18
CHAPTER II
COMPANY PROFILE

[Date] 19
CHAPTER II
COMPANY PROFILE

[Date] 20
CHAPTERIII
INFORMATION FOR SHAREHOLDER’S
AND INVESTOR’S

Announcement

[Date] 21
 CHAPTERIII
INFORMATION FOR SHAREHOLDER’S
AND INVESTOR’S

Structure & Shareholders Composition

Struktur dan Komposisi Pemegang Saham

20 Larget Shareholders
20 Pemegang Saham Terbesar

[Date] 22
CHAPTERIII
INFORMATION FOR SHAREHOLDER’S
AND INVESTOR’S

Total 2.841.546.820 77,17

[Date] 23
 CHAPTERIII
INFORMATION FOR SHAREHOLDER’S
AND INVESTOR’S

Shareholders Group
Kelompok Pemegang Saham

Shareholders with Ownership of 5% or more

Pemegang Saham Dengan Kepemilikan Mencapai 5% atau Lebih

Share Ownership by The Board of Commissioners and Directors

Kepemilikan Saham Direksi dan Komisaris

[Date] 24
 CHAPTERIII
INFORMATION FOR SHAREHOLDER’S
AND INVESTOR’S

Share Listing Chronology

Kronologi Pencatatan Saham
1. Penawaran Umum Saham Perdana
Pada tanggal 2 Oktober 1989, Perseroan mendapat izin untuk melakukan Penawaran Umum Saham Perdana kepada
publik atas sejumlah 59.888.100 lembar saham biasa atas nama dengan nilai nominal Rp1.000 setiap saham yang
mewakili 10,0% dari Modal Ditempatkan dan Disetor Penuh Perseroan setelah Penawaran Umum tersebut, dengan
Harga Penawaran sebesar Rp10.000 setiap saham.
1. Initial Public Offering
On October 2, 1989, the Company obtained permission to conduct an Initial Public Offering of the Public to a total of
59,888,100 ordinary shares on behalf of a nominal value of Rp1,000 per share representing 10.0% of the Company's
Issued and Fully Paid-in Capital after the Offer The General, with an Offer Price of IDR 10,000 per share.
Pada tanggal 2 Oktober 1989, Perseroan mendapat izin untuk melakukan Penawaran Umum Saham Perdana kepada
publik atas sejumlah 59.888.100 lembar saham biasa atas nama dengan nilai nominal Rp1.000 setiap saham yang
mewakili 10,0% dari Modal Ditempatkan dan Disetor Penuh Perseroan setelah Penawaran Umum tersebut, dengan
Harga Penawaran sebesar Rp10.000 setiap saham.
Saham biasa atas nama yang ditawarkan dalam rangka Penawaran Umum ini seluruhnya terdiri dari saham baru yang
berasal dari portepel Perseroan, serta akan memberikan kepada pemegang hak yang sama dan disetor penuh, termasuk
hak atas pembagian dividen, hak untuk mengeluarkan suara dalam RUPS, hak atas pembagian saham bonus dan Hak
Memesan Efek Terlebih Dahulu (HMETD).
On October 2, 1989, the Company obtained permission to conduct an Initial Public Offering of the Public to a total of
59,888,100 ordinary shares on behalf of a nominal value of Rp1,000 per share representing 10.0% of the Company's
Issued and Fully Paid-in Capital after the Offer The General, with an Offer Price of IDR 10,000 per share.
The ordinary shares on behalf of the offer in the context of this Public Offering are entirely composed of new shares
originating from the Company's portfolios, and will give the holders of the same and fully paid rights, including the
right to distribute dividends, the right to vote in the GMS, the right to share bonus shares and Pre-emptive Rights (Pre-
emptive Rights).
Seiring dengan penawaran umum tersebut, Perseroan atas nama pemegang saham lama (existing shareholders) juga
menawarkan tambahan 5,0% dari dari Modal Ditempatkan dan Disetor Penuh Perseroan setelah Penawaran Umum
tersebut.
Seluruh saham hasil penawaran umum tersebut dicatatkan di Bursa Efek Indonesia pada 5 Desember 1989.

[Date] 25
CHAPTERIV
FINANCIAL STATEMENT

Along with the public offering, the Company on behalf of existing shareholders also offers an additional 5.0% of the
Issued and Fully Paid-in Capital of the Company after the Public Offering.
All shares resulting from the public offering were listed on the Indonesia Stock Exchange on December 5, 1989.
2. Konversi Obligasi Konversi
Pada tahun 1994, Perseroan mengeluarkan 8.555.640 saham atas pengkonversian sebagian dari obligasi Euro dengan
nilai pokok sebesar 35.140.000 Dolar AS. Oleh karenanya, Perseroan memindahkan dan mereklasifikasikan sebagian
utang obligasi sejumlah Rp8.556 ke dalam modal saham dan Rp67.320 ke agio saham. Sisa Obligasi Euro sebesar
39.860.000 Dolar AS telah dilunasi seluruhnya pada tahun 1994.
2. Conversion Bond Conversion
In 1994, the Company issued 8,555,640 shares for the partial conversion of Euro bonds with a principal value of US $
35,140,000. Accordingly, the Company transferred and reclassified part of the bonds payable amounting to Rp8,556
into share capital and Rp67,320 to the agio shares. The remaining Euro Bonds totaling 39,860,000 US Dollars were
fully paid in 1994.
3. Peningkatan Modal Dasar dan Penerbitan Saham Bonus
Pada RUPSLB yang dilaksanakan tanggal 15 Juni 1994, para pemegang saham menyetujui peningkatan modal dasar
Perseroan dari Rp750.000 menjadi Rp2.000.000 dan penerbitan satu saham bonus untuk setiap saham yang dimiliki
oleh pemegang saham pada tanggal 23 Agustus 1994, atau dengan jumlah keseluruhan sebanyak 599.790.020 saham
bonus.
3. Increase in authorized capital and issuance of bonus shares
At the EGMS held on June 15, 1994, the shareholders approved an increase in the authorized capital of the Company
from Rp750,000 to Rp2,000,000 and the issuance of one bonus share for each share owned by the shareholders on
August 23, 1994, or a total of 599,790 .020 bonus shares.
4. Pemecahan Nilai Nominal Saham
Pada RUPSLB yang dilaksanakan tanggal 25 Juni 1996, para pemegang saham menyetujui pemecahan nilai nominal
saham (stock split) dari harga per saham Rp1.000 menjadi Rp500 per saham. Jumlah saham yang diterbitkan dan
ditempatkan penuh setelah pemecahan saham meningkat dari 1.207.226.660 menjadi 2.414.453.320 saham.
Keputusan para pemegang saham ini telah disetujui oleh Menteri Kehakiman dalam Surat Keputusan No. CT-
HT.01.04.A4465 tanggal 29 Juli 1996.
4. Splitting the Nominal Value of Shares
At the EGMS held on June 25, 1996, the shareholders agreed to split the par value of the shares (stock split) from a
price per share of Rp1,000 to Rp500 per share. The number of shares issued and fully placed after the stock split
increased from 1,207,226,660 to 2,414,453,320 shares. The decision of the shareholders has been approved by the
Minister of Justice in Decree No. CT-HT.01.04.A4465 dated July 29, 1996.
5. Peningkatan Modal Dasar
Pada RUPSLB yang dilaksanakan tanggal 26 Juni 2000, para pemegang saham menyetujui peningkatan modal dasar
Perseroan dari Rp2.000.000 yang terbagi dari 4 miliar saham dengan nilai nominal Rp500 per saham, menjadi
Rp4.000.000 yang terbagi dari 8 miliar saham dengan nilai nominal yang sama. Keputusan para pemegang saham ini
telah disetujui oleh Menteri Hukum dan Perundang-Undangan dalam Surat Keputusan No. C-
13322.HT.01.04.TH.2000 tanggal 7 Juli 2000.
5. Increase in authorized capital
At the EGMS held on June 26, 2000, the shareholders approved an increase in the authorized capital of the Company
from Rp2,000,000 divided from 4 billion shares with a nominal value of Rp500 per share to Rp4,000,000 divided
from 8 billion shares with the same nominal value. The decision of the shareholders has been approved by the
Minister of Law and Legislation in Decree No. C-13322.HT.01.04.TH.2000 on July 7, 2000.
6. Penerbitan Saham kepada Marubeni Corporation
Pada RUPSLB yang dilaksanakan tanggal 29 Desember 2000, para pemegang saham menyetujui Penerbitan
69.863.127 saham biasa kepada Marubeni Corporation sebagai hasil dari konversi piutangnya kepada Perseroan
menjadi ekuitas Perseroan (debt-to-equity swap).

[Date] 26
 CHAPTERIV
FINANCIAL STATEMENT

6. Issuance of Shares to Marubeni Corporation

At the EGMS held on 29 December 2000, the shareholders approved the Issuance of 69,863,127 common shares to
Marubeni Corporation as a result of the conversion of its accounts receivable to the Company into the Company's
equity (debt-to-equity swap).
7. Penawaran Umum Terbatas dengan HMETD
Pada RUPSLB yang dilaksanakan tanggal 29 Maret 2001, para pemegang saham menyetujui Penawaran Umum
Terbatas dengan Hak Memesan Efek Terlebih Dahulu (HMETD) untuk membeli saham baru, dengan harga sebesar
Rp1.200 per saham. Jumlah saham yang diterbitkan sebanyak 1.895.752.069 saham, dengan opsi untuk menerima
Waran C bagi pemegang saham yang tidak melaksanakan HMETD-nya sesuai syarat dan kondisi tertentu.
7. Limited Public Offering with Rights
At the EGMS held on March 29, 2001, the shareholders agreed to a Limited Public Offering with Pre-emptive Rights
to buy new shares, at a price of Rp1,200 per share. The number of shares issued was 1,895,752,069 shares, with the
option to receive Warrant C for shareholders who did not exercise their Rights in accordance with certain terms and
conditions.
Pada 1 Mei 2001 (tanggal terakhir pelaksanaan), jumlah saham-saham yang diterbitkan untuk pelaksanaan HMETD
adalah sebagai berikut:
• 1.196.874.999 saham kepada Kimmeridge Enterprise Pte. Ltd., entitas anak dari HeidelbergCement AG, pada 26
April 2001, melalui konversi utang sebesar 149.886.295 Dolar AS.
• 32.073 saham kepada pemegang saham publik.
• Jumlah saham yang diterbitkan atas pelaksanaan Waran C adalah 8.180 saham.
Seluruh saham dicatat di Bursa Efek Indonesia.
As of May 1, 2001 (the latest date of exercise), the number of shares issued for the exercise of Rights is as follows:
• 1,196,874,999 shares to Kimmeridge Enterprise Pte. Ltd., a subsidiary of HeidelbergCement AG, on April 26, 2001,
through debt conversion amounting to 149,886,295 US dollars.
• 32,073 shares to public shareholders.
• The number of shares issued for the implementation of Warrant C is 8,180 shares.
All shares are listed on the Indonesia Stock Exchange.

[Date] 27
 CHAPTERIV
FINANCIAL STATEMENT

Associate Subsidiaries
Per 31 Desember 2017, Indocement mempunyai lima As of December 31, 2017, Indocement had five
entitas anak melalui pemilikan langsung dan 13 entitas subsidiaries through direct ownership and 13 subsidiaries
anak melalui pemilikan tidak langsung sebagaimana through indirect ownership as shown in the table below:
diperlihatkan dalam tabel di bawah ini:

[Date] 28
CHAPTERIV
FINANCIAL STATEMENT

[Date] 29
CHAPTERIV
FINANCIAL STATEMENT

[Date] 30
 CHAPTERIV
FINANCIAL STATEMENT

Associate Entities
Informasi Entitas Asosiasi

[Date] 31
CHAPTERIV
FINANCIAL STATEMENT

[Date] 32
CHAPTERIV
FINANCIAL STATEMENT

[Date] 33
CHAPTERIV
FINANCIAL STATEMENT

Cash

Account Receivable

Property, Plant, Equipment (PPE)

Total Asset

[Date] 34
CHAPTERIV
FINANCIAL STATEMENT

Liabilities

Total Liabilities

[Date] 35
CHAPTERIV
FINANCIAL STATEMENT

Number Share Outstanding

Shareholders Equity

[Date] 36
CHAPTERIV
FINANCIAL STATEMENT

Cash Expense

CashGeneratedbyOperation

[Date] 37
CHAPTERIV
FINANCIAL STATEMENT

NetSalesRevenue

CostofSales

Gross Margin

NetIncomeforROE

[Date] 38
CHAPTERIV
FINANCIAL STATEMENT

Net Income

[Date] 39
CHAPTERIV
FINANCIAL STATEMENT

[Date] 40
 ChapterV
FINANCIAL REPORT ANALYSIS

Financial Ratio Five Years

No Name of Ratio Formula & Circulation State as 2019 2018 2017 2016 2015
Overall Performance Measures

1 Price/Earnings Ratio Times 19.025 18.450 21.950 15.400 22.325

Market price per share
499 311 505 1.051 1.183
Net Income per share
.x
38,2 22,2 43,4 14,6 18,9

1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000

2 Return on Asset (ROA) Net Income + Interest (1-Tax Rate) Percent
27.707.749.000.000 27.7888.562.000.000 28.863.676.000.000 30.150.580.000.000 27.638.360.000.000
Total Assets
0,06797191 0,04469263 0,06366715 0,12604945 0,15408295
x 100
% 6 4 6 13 16

3 Return on Invested 1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000

Net Income + Interest (1-Tax Rate) Percent
23.834.262.000.000 23.862.913.000.000 25.384.652.000.000 26.962.838.000.000 24.950.617.000.000
Capital (ROIC) Long Term Liabilities + Shareholder
Equity 0,07901855 0,05204494 0,07239287 0,14095192 0,1706811
x 100
% 8 5 7 14 17

4 Return on Shareholder Percent 1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000

Net Income
Equity (ROE) 23.080.261.000.000 23.221.589.000.000 24.556.507.000.000 26.138.703.000.000 23.865.950.000.000
Shareholder Equity
x 100 0,08159998 0,05348230 0,07483425 0,14539604 0,17843831
% 8 5 7 15 18

Profitability Measures

5 Gross Margin Percent 5.500.317.000.000 4.369.029.000.000 5.007.721.000.000 6.331.461.000.000 7.909.136.000.000

Gross Margin
Percentage 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000
Net Sales Revenue
x 100 0,34507791 0,28761998 0,34700629 0,4121536 0,44438204
% 35 29 35 41 44

6 Profit Margin Percent 1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000

Net Income
15.939.348.000.000 15.190.283.000.000 24.556.507.000.000 15.361.894.000.000 17.798.055.000.000
Net Sales Revenue
x 100 0,11815721 0,08175910 0,12733983 0,24739553 0,23927333
12 8 13 25 24
%

7 Earnings Per Share Net Income IDR 1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000
(EPS) No of shares 3.681.231.699 3.681.231.699 3.681.231.699 3.681.231.699 3.681.231.699
outstanding
5,11608383 3,37371863 4,99199221 10,32389241 11,56841065
512 337 499 1.032 1.157

8 Cash Realization Cash Generated by Operation Times 3.530.772.000.000 1.984.532.000.000 2.781.805.000.000 3.546.113.000.000 5.049.117.000.000
Net Income 1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000

.x 1,87 1,60 1,51 0,93 1,19

[Date] 41
 ChapterV
FINANCIAL REPORT ANALYSIS

No Name of Ratio Formula & Circulation State as 2019 2018 2017 2016 2015
Test of Investment Utilization

9 Asset Turnover 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000

Sales Revenue Times
27.707.749.000.000 27.7888.562.000.000 28.863.676.000.000 30.150.580.000.000 27.638.360.000.000
Total Asset
.x 0,58 0,55 0,50 0,51 0,646

10 Invested Capital Sales Revenue Times 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000
Turnover Long Term Liabilities + Shareholder 23.834.262.000.000 23.862.913.000.000 25.384.652.000.000 26.962.838.000.000 24.950.617.000.000
Equity
.x 0,67 0,64 0,57 0,57 0,71

11 Equity Turnover Times 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000

Sales Revenue
23.080.261.000.000 23.221.589.000.000 24.556.507.000.000 26.138.703.000.000 23.865.950.000.000
Shareholder Equity
.x 0,69 0,65 0,59 0,59 0,75

12 Capital Intensity Times 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000

Sales Revenue
14.095.568.000.000 14.653.092.000.000 14.995.857.000.000 14.660.676.000.000 13.817.592.000.000
Property, Plan, and Equipment
.x 1,13 1,04 0,96 1,05 1,29

13 Days Cash Cash Days 7651750000000 7225876000000 8294891000000 9674030000000 8655562000000

Cash Expense ÷ 365 39.139.564.384 39.606.673.973 36.492.608.219 36.389.605.480 38.719.189.041

195 182 227 226 224

14 Days Receivable Days 3.021.217.000.000 2.992.644.000.000 2.503.780.000.000 2.616.979.000.000 2.544.260.000.000

A/R
43.669.446.575 41.617.213.699 39.537.564.384 42.087.380.822 48.761.794.521
Sales ÷ 365
69 72 63 62 52

15 Days Inventory Inventory Days 1.895.176.000.000 1.837.769.000.000 1.768.603.000.000 1.780.410.000.000 1.608.670.000.000

28600084932 29647271233 25817780822 24740912329 27092928767
Cost of Sales ÷365

66 62 69 72 59

16 Inventory Turn Over Cost of Sales Times 10.439.031.000.000 10.821.254.000.000 9.423.490.000.000 9.030.433.000.000 9.888.919.000.000
1.895.176.000.000 1.837.769.000.000 1.768.603.000.000 1.780.410.000.000 1.608.670.000.000
Inventory
.x 5,51 5,89 5,33 5,07 6,15

17 Working Capital Sales Revenue Times 15.939.348.000.000 15.190.283.000.000 14.431.211.000.000 15.361.894.000.000 17.798.055.000.000
Turnover 8.956.007.000.000 8.390.147.000.000 9.404.050.000.000 11.236.880.000.000 10.446.111.000.000
Working Capital
.x 1,78 1,81 1,53 1,37 1,70

18 Current Ratio Current Asset Ratio 12.829.494.000.000 12.315.796.000.000 12.883.074.000.000 14.424.622.000.000 13.133.854.000.000
3.873.487.000.000 3.925.649.000.000 3.479.024.000.000 3.187.742.000.000 2.687.743.000.000
Current Liability
.xx 3,31 3,14 3,70 4,53 4,89

19 Acid Test Quick Ratio Monetary Current Assets Ratio 10.934.318.000.000 10.478.027.000.000 11.114.471.000.000 12.644.212.000.000 11.525.184.000.000
3.873.487.000.000 3.925.649.000.000 3.479.024.000.000 3.187.742.000.000 2.687.743.000.000
Current Liability
.xx 2,82 2,67 3,19 3,97 4,29

20 Financial Leverage Total Asset Times 27.707.749.000.000 27.788.562.000.000 28.863.676.000.000 30.150.580.000.000 27.638.360.000.000
Ratio Shareholder Equity 23.080.261.000.000 23.221.589.000.000 24.556.507.000.000 26.138.703.000.000 23.865.950.000.000

.x 1,20 1,20 1,18 1,15 1,16

21 Debt/Equity Ratio Total Liabilities Percent 4.627.488.000.000 4.566.973.000.000 4.307.169.000.000 4.011.877.000.000 3.772.410.000.000
Shareholder Equity 23.080.261.000.000 23.221.589.000.000 24.556.507.000.000 26.138.703.000.000 23.865.950.000.000
0,20049547 0,19666927 0,17539827 0,15348416 0,15806661
X 100
% 20,0 19,7 17,5 15,3 15,8

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 ChapterV
FINANCIAL REPORT ANALYSIS

No Name of Ratio Formula & Circulation Stateas 2019 2018 2017 2016 2015

Debt/Capitalization Long Term Liabilities 754.001.000.000 641.324.000.000 828.145.000.000 824.135.000.000 1.084.667.000.000

22 Percent
Long Term Liabilities + Shareholder 23.834.262.000.000 23.862.913.000.000 25.384.652.000.000 26.962.838.000.000 24.950.617.000.000
Equity
X 100 0,03163517 0,02687534 0,03262384 0,03056558 0,04347255
% 3,2% 2,7% 3,3% 3,1% 4,3%

23 Times Interested Earned Pretax Operating Profit + Interest Times 449.196.000.000 415.060.000.000 519.535.000.000 619.671.000.000 736.705.000.000
Interest 88.921.000.000 82.992.000.000 103.838.000.000 123.290.000.000 147.306.000.000

.x 5,05 5,00 5,00 5,03 5,00

24 Cash Flow/Debt Cash Generated Operation Percent 3.530.772.000.000 1.984.532.000.000 2.781.805.000.000 3.546.113.000.000 5.049.117.000.000
Total Debt 754.001.000.000 641.324.000.000 828.145.000.000 824.135.000.000 1.084.667.000.000

X 100 4,68271527 3,09442964 3,35907962 4,30283024 4,65499273

% 468 309 336 430 465
Test of Dividend Policy

25 Dividend Yield Percent 499 311 505 1.051 1.183

Dividends per Share
19.025 18.450 21.950 15.400 22.325
Market Price per Share
X 100 0,02620551 0,01687208 0,02301685 0,06827077 0,05301142
% 2,62% 1,69% 2,30% 6,83% 5,30%

26 Dividend Payout Dividends Percent 2.024.677.000.000 2.576.862.000.000 3.419.864.000.000 1.527.711.000.000 4.969.663.000.000

1.883.349.000.000 1.241.944.000.000 1.837.668.000.000 3.800.464.000.000 4.258.600.000.000
Net Income
1,07504079 2,07486166 1,86098032 0,40198012 1,16697107
X 100
% 107,5% 207,49% 186,10% 40,20% 116,70%

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 ChapterV
FINANCIAL REPORT ANALYSIS

Trends& Interpretation of Financial Ratio Analysis

No. NameofRatio TREND 2015 2016 2017 2018 2019 Average Interpretation

P/E Ratio is ratio for valuating company that measures its current share price
relative to its per-share earnings. P/E ratio is the best indicator of how
investors judge the firm's future performance. The P/E ratio helps investors
analyze how much they should pay for stock based on its current earnings.
A company with high P/E ratio usually indicates positive future performances
18,9 14,6 43,4 59,3 38,2 34,9 and investors are willing to pay more for this company shares. PT INTP,
1 Price/ Earnings
market closed are slightly decreased from IDR 22,325 per share in 2015
Ratio
become IDR 19,025 in 2019. But P/E value also increase, 18,9 in 2015 become
38,2 in 2019. The value of P/E ratio in 2019 higher than average for 5 years
and it’s good indicator for investors.

ROA is a ratio to measure how efficiently a company can manage its assets
to produce profits during a period. Since company assets sole purpose is to
generate revenue and produce profits, this ratio help both management and
investor to see how well company can convert its investment in assets into
2 Return on Asset(ROA) 15 13 6 4 7 profits.

9 Since 2015 PT INTP ROA fluctuated from 15% in 2015 to 7% in 2019, and
reach its peak at 15% in 2015, the value of 7 means every rupiah that PT.
INTP invested in asset produced 0,07 of net income. It only make sense that
a higher ratio is more favorable to investor because it’s how that company
is more effectively managing its assets to produce greater amounts of net
income.

Interpretation of ROIC is used to measure the return that an investment

generates for those who have to provide capital. ROIC indicates how good
company is at turning capital into profit. Both investors a company
management uses this formula to measure how well company is managed
Return on Invested and how efficiently its Capital is utilized.
Capital (ROIC) 17 14 7 5 8 10
3 Investors are particularly interested in this ratio because it shows how
successful management is uses shareholders investments to generate
additional revenues for the company. For PT INTP ROIC, value of ROIC
fluctuated from 17% in 2015 to 8% in 2019, and peak 17% in 2015. Value 8%
it means that for every rupiah that shareholders invested in the company, it
generates IDR 0,08 in income.

ROE is the amount of net income returned as a percentage of shareholders

equity (measure the ability of a firm to generate profits), by revealing how
Return on much profit generates with the money shareholders have invested.
4 18 15 7 5 8 11
Shareholder Equity PT INTP 2019 ROE is fluctuated from 18% in 2015 to 8% in 2019, and peak
(ROE)
18% in 2015. The value of 8% means that PT INTP has IDR 0,08 of net income
for every rupiah that has been invested by shareholder.

Gross margin percentage is the ratio of gross margin expresses as a

percentage of sales. Gross margin itself indicates how much profit a
company makes after paying off its COGS. It is measure do the efficiency of
accompany using its raw material and labor during the production process.
5 Gross Margin 44 41 35 29 35 37 As shown on the data, the gross margin of PT INTP fluctuated from 44% in
Percentage 2015 to 35% in 2019, and peak 44% in 2015. Value 35% of margin percentage
in 2019 means that after of COGS, it still has 35% of its sales revenue to cover
its operating cost. The higher the value of gross margin indicates the more
efficient a company.

[Date] 44
 ChapterV
FINANCIAL REPORT ANALYSIS

No. NameofRatio TREND 2015 2016 2017 2018 2019 Average Interpretation

Profit Ratio is the ratio of net profits to revenues for a company or business
segment. Typically expressed as percentage, Profit Ratio show how much
money collected by a company as revenues Translate into profit.PT INTP
6 Profit Margin 24 25 13 8 12 16
fluctuated from 24% in 2015 to 12% in 2019, and peak 25% in 2016. Value
12% Profit Ratio in 2019, it means the company has a net income of IDR 0,12
for each rupiah of total revenue earned.

EPS is the portion of company's profit allocated to each outstanding share

of common stock. EPS serves as an indicator of a company's profitability.
Higher EPS is always better than a lower ratio because its means company is
7 Earnings Per Share 1.157 1.032 499 337 512 707
more profitable and the company has more profits to distribute to its
shareholders. PT INTP decreased IDR 1.157 in 2015 become IDR 512 in 2019
and peak IDR 1.157 in 2015.

Cash realization ratio is used to measure how close a company's net income
is to being realized in cash. This ratio is also a good measure of earnings
quality. It is calculated by dividing cash flow for operating activities by net
income.
8 Cash Realization 1,19 0,93 1,51 1,60 1,87 1,42
For PT INTP, since 2015 the value of cash realization over than 1,00. If a
company's cash ratio is more than 1, there are less current liabilities than
cash and cash equivalents. In this situation there is sufficient cash on hand to
pay off short-term debt.

Asset turnover ratio is the ratio of value of a company sales or revenues

generated relative to the value of its assets. The asset turnover ratio can
often be used as an indicator of the efficiency with which a company is
9 Asset Turnover 0,64 0,51 0,50 0,55 0,58 0,56
deploying its assets in generating revenue. As off asset turnover ratio of PT
INTP has less than 1, in 2019 value 0,58 means every IDR 1 of PT INTP assets
generate IDR 0.05 of sales.

Invested capital turnover ratio is used to measure how well a company is

utilizing its working capital to support a given level of sales. Since 2015 to
2019, PT INTP Invested turnover ratio is <1. It indicates that the management
10 Invested Capital Turnover 0,71 0,57 0,57 0,64 0,67 0,63
is being efficient in using a company's short term assets and liabilities to
support sales. In 2019, company’s effort tends to be more efficient.

Equity turnover is a ratio that measures the proportion of company's sales

to its equity. This ratio is used to determine the efficiency of the company's
management is using equity to generate sales revenue. Since 2015, PT INTP
11 Equity Turnover 0,75 0,59 0,59 0,65 0,69 0,65 equity turnover ratio <2 to 2019. Value 0,69 in 2019 means every IDR 1 of
shareholders equity generate 0,69 sales. Higher value is better and for this
company from show data have a flat value since 2016 to 2017 so equity turn
over is not better.

Capital intensity indicates how much money is invested to produce one

dollar/rupiah of sales revenue. This ratio is designed to reflect a company's
efficiency in managing fixed assets. The capital intensity in 2019 is 1,13times,
12 Capital Intensity 1,29 1,05 0,96 1,04 1,13 1,09
it means in 2019 PT INTP generated IDR 1,13 in sales revenue for every IDR
1 of property, plant, & equipment (PPE). The higher capital intensity, the
more efficient the company is with its capital investment.

Day’s cash on hand is the number of days than an organization can continue
to pay its operating expenses, given amount for cash available. In other
word, it is the ratio to measure how long in days the organization could meet
13 Days Cash 224 266 227 182 195 219 operating expenses without receiving new income. The organization should
have at least a 90 days of cash. PT INTP in 2019 had about 192 days cash on
hand. Means that PT INTP was efficient in providing cash for operational
expenses.

[Date] 45
 ChapterV
FINANCIAL REPORT ANALYSIS

No. NameofRatio TREND 2015 2016 2017 2018 2019 Average Interpretation

Day's receivable, also known as the number of days of receivables, is a ratio

to measure the average number of days it takes to collect an account
14 Days Receivable 52 62 63 72 69 64 receivable. Value 69 days in 2019 means that PT INTP can get payment for
account receivables in 69 day. Lower value indicates more quickly for
company get the payment.

The days inventory value is a financial measure of a company’s performance

that gives investors an idea of how long it takes a company to turn its
inventory (including good WIP, if applicable) into sales. Generally, a lower
15 Days Inventory 59 72 69 62 66 66 (shorter) day’s sale is preferred, but it is important to note the average day’s
inventory varies from one industry to another. Value 66 in 2019 means PT
INTP had enough inventories to last the next 66 days. Or in other word, it
means PT INTP will turn its inventory into cash in the next 66 days.

Inventory turnover is a ratio showing how many times company's inventory

is sold and replaced over period of time. The days in the period can then be
divided by the inventory turnover formula to calculate the days it takes to
sell the inventory on hand. PT INTP inventory turnover in 2019 is 5,51 times,
16 Inventory Turn Over 6.15 5,07 5,33 5,89 5,51 5,59
which means the Inventory turnover was once every 5,51 days. High
inventory turnover indicates stronger sales. But overall, PT INTP possessed
high turnover, it may mean that the company has low inventory than it really
needs in one time.

Working capital turnover is a measurement comparing the depletion of

working capital used to fund and purchase inventory, which is then
converted into sales revenue for the company. The working capital turnover
is used to analyze the relationship between the money that funds operations
17 Working Capital Turnover 1,70 1,37 1,53 1,81 1,78 1,64
and the sales generated form these operations. Since 2015 value of working
capital turnover PT INTP approx. 1,70 times. This trend ratio is increased. It
means PT INTP effective to generated sales with less working and upper from
average.

The current ratio is a liquidity ratio that measures a company's ability to pay
short term and long term obligations. To gauge the liability, the current ratio
considers the current total assets of company (both liquid and illiquid)
relative to that company's current total liabilities. Current ratio PT INTP is
18 Current Ratio 4,89 4,53 3,70 3,14 3,31 3,91
fluctuated in 2015-2019, the value approx. 3,14-4,89 and the highest value
is in 2015. The value of Current ratio 3,31 in 2019 means every IDR 1 of
current liability is secured with IDR 3,31 current assets and more slightly
lower from average.

Acid test (quick) ratio is an indicator of a company's short term liquidity.Acid

test (quick) ratio measures a company's ability to meet it short term
obligations with its most liquid assets. For this reason, the ratio excludes
inventories and prepaid expenses from current assets. The Value of quick
19 Acid Test Quick Ratio 4,29 3,97 3,19 2,67 2,82 3,39
ratio PT INTP fluctuated in 2015-2019, the value approx. 2,67-4,29 and the
highest value is in 2015. The value of quick ratio 2,82 in 2019 means every
IDR 1 of current liability is secured with IDR 2,82 monetary current assets and
more slightly lower from average.

Companies rely on a mixture of owners’ equity and debt to finance their

operations. A leverage ratio is any one of several financial measurements
that look at how much capital comes in the form of debt (loans), or assess
the ability of company to meet financial obligation. A high financial leverage
20 Financial Leverage Ratio 1,16 1,15 1,18 1,20 1,20 1,18
ratio is lots of assets and very little equity, means that the company is using
debt and other liabilities to finance its assets properly. The Value of financial
leverage ratio PT INTP has increased in 2015-2019, the value approx. 1,15 –
1,20 and ratio in 2019 higher from average for 5 years.

[Date] 46
 ChapterV
FINANCIAL REPORT ANALYSIS

No. NameofRatio TREND 2015 2016 2017 2018 2019 Average Interpretation

DER is a debt ratio used to measure a company's financial leverage,

calculatedbydividingacompany'stotalliabilitiesbyitsstockholders'equity.
The DER ratio indicates how much debt a company is using to finance its
assets relative to the amount of value represented in shareholders' equity.
The highest value of DER PT INTP in 2019 is 20%. The value of quick ratio
21 Debt/ Equity Ratio 15,8 15,3 17,5 19,7 20,0 17,7
20% in 2019 means every IDR 20 debts were guaranteed by IDR 1 of owner's
equity. A lower DER indicates that less creditor financing is used than
investor financing. Movement of DER ratio tends to increase, but still these
conditions are good for company, because the portion of debt lower than
the portion of equity (< 100%)

The long term debt to total capitalization ratio shows the extent to which
long term interest-bearing debt are used for the company's permanent
financing. The Value of debt/capitalization PT INTP is fluctuated in 2015-
22 Debt/ Capitalization 3,1 2,6 3,3 3,0 4,3 3,3
2019, the value approx. 2,6% - 4,3% and the highest value is in 2019. A ratio
less than 1 (100%) indicate that PT INTP business in 2015-2019 was not
having financial difficulties.

TIE is a metric used to measure a company's ability to meet its debt

obligations. The formula is calculated by taking a company's EBIT and
23 Times Interested Earned 5,00 5,03 5,00 5,00 5,05 5,02 dividing it by total interest payable on bounds and other contractual debt.
TIE indicates how many times a company can cover its interest charges on
pretax earnings basis.

Cash flow to debt ratio tells investors how much cash flow the company
generated from its regular operating activities compared to the total debt
24 Cash Flow/Debt 465 430 336 309 468 402
it has. The cash flow of PT INTP in 2019 is 468%, it means that operating
cash flow was 4,68 of the total debt the company has on its books.

A Financial ratio that indicates how much a company pays out in dividends
each year relative to its share price. Dividend yield is represented as
25 Dividend Yield 5,30 6,83 2,30 1,69 2,62 3,75 percentage and can be calculated by dividing the dollar/rupiah value of
dividends paid in given year per share of stock held by the dollar/rupiah
value of one share stock.

The dividend payout ratio is the ratio of the total amount of dividends paid
out to shareholders relative to the net income of the company. It is the
percentage of earnings paid to shareholders in dividends. The payout ratio
is also useful for assessing a dividend’s sustainability. Investors are
26 Dividend payout 117 40 186 207 108 132
particularly interested in the dividend pay out because they want to know
if companies are paying out a reasonable portion of net income to investors
.In 2018 it’s a highest percentage the value is 207% and it has fluctuated
every year. This ratio In 2019 is 108% more lower than average.

[Date] 47
Reference

Reference

Text:
Anthony,Hawkins,andMerchant,2011,Accounting:TextandCases,13 thEdition,TheMcGraw-Hill
Company,Inc.
Daryanto,W.M.(2018).Financial Performance of Cement Industry During Infrastructure Development in
Indonesia. South East Asia Journal of Contemporary Business, Economics and Law, Vol .16, Issue
1 (August). ISSN 2289-1560.

Annual Reports:
AnnualReport2015,PT Indocement Tunggal Prakarsa (Persero) Tbk
AnnualReport2016,PT Indocement Tunggal Prakarsa (Persero) Tbk
AnnualReport2017,PT Indocement Tunggal Prakarsa (Persero) Tbk
AnnualReport2018,PT Indocement Tunggal Prakarsa (Persero) Tbk
AnnualReport2019,PT Indocement Tunggal Prakarsa (Persero) Tbk

Internet:
https://www.idx.co.id
http://www.indocement.co.id/v5/id/ sig.id/id/