TESIS MANAJEMEN, 2009

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Analisis laporan keuangan dengan menggunakan analisis rasio keuangan, analisis Dupont, dan metode EVA untuk mengetahui kinerja keuangan PT Semen Gresik Tbk dan PT Indocement Tunggal Prakarsa Tbk selama tahun 2008

Hartanto . Hartanto

Abstract


In these several years, cement industry growth has been experiencing a significant growth. For the purpose of studying this industry growth for several years to come, therefore in this research a studied case has been taken to measure financial results for 2 big cement industry companies, which are PT Indocement Tunggal Prakarsa Tbk.and PT Semen Gresik Tbk. With the growth of business world and higher competition, the company needs a plan and strategy for the business to run well. Therefore the analysis of financial report is necessary to know the financial condition and indentify company’s strength and weakness so it can help to predict company’s prospect in the future. A research done using PT Indocemenct Tunggal Prakarsa Tbk and PT Semen Gresik Tbk financial report for the year 2004-2008. Indeks Harga Saham Gabungan (IHSG) data and Sertifkat Bank Indonesia’s interest rate for five years starting from year 2004 until 2008 taken from Bank Indonesia’s website. Company’s financial report measured using several analysis equipment known worldwide which is Financial Ratio Analysis and DuPont Method. Financial Ratio Analiysis and DuPont Method have weaknesses because both didn’t use capital expense. Therefore an analysis with Economic Value Added method has been done also to know whether the company succeed to create added value or not for the shareholder. Higher EVA score indicate that the company is more success in maintaining company’s capital investment in creating added value for all the shareholders. From the result of Indocement and Semen Gresik‘s financial analysis report that had been done with financial ratio approach for the period 2004-2008 we can see that company’s financial performance had a quite good improvement. Both of the company have good liquidity, so they can pay their short term liability. In leverage ratio both of the company have good ratio because those company use their equity more than their liability in paying their asset. In activity ratio, we can see that Indocemenct hasn’t been effective in using it’s total assets in creating profits. This can be seen from the Indocement’s Total Asset Turnover that’s below the normal limit which is 1x. Generally both of the company’s profitability ratios are good, even though Indocement’s profitability ratio had experienced a decrease in 2006. Both companies profitability ratio shown that the companies ability to create profit for asset and share equity return were quite good. But from the EVA Analysis approach, from the year 2004-2007 Indocement hasn’t been able to create added value for it’s shareholder that shown from the negative EVA score caused by high invested capital Indocement. Finally in year 2008 Indocement succeed to create added value. Semen Gresik has a better ability in creating added value, because in year 2005, 2007 and 2008 Semen Gresik had succeed to create added value for it’s shareholders. Based from the reserach that had been done, we can summarize that generally Semen Gresik has a better financial performance than Indocement based on financial ratio analysis, DuPont Method, or the EVA analysis method. In order to improve the financial performance in the future, Indocement should re-evaluate it’s total assets so that it can be used more effective and efficient in creating profits for the company. While from the EVA analysis report, company has to pay more attention to rate of return and improving investment whit bigger return and decreasing investment with lower return. The used of combination between financial ratio method,  DuPont method and EVA method is really good in assessing company’s financial performance. With the combinaton of those three analysis method we expect that it can help measuring for company’s financial performance.

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