Makalah Return on on Invested Capital and and Profitability Profitability Analysis Analysis Pada PT. Gudang Garam Tbk. Makalah ini dibuat untuk memenuhi tugas mata kuliah Analisa Laporan Keuangan
Tim Penyusun:
Ratna Rucitra
120110130148
Jonathan B. U. Buranda
120110130152
William Ludi
120110130155
Satyadi adi Ba Baskoro ut utrra
120110130 1301!5
"#$a%ati "#diyani
1201101301!&
Dosen:
rima 'usi Sari(S.).(".).(*k. Rilya *ryancana(S.).(".Sc.(*k.
Jadwal :
+#las ,( S#lasa 0&.30-12.00
Akuntansi akultas !konomi dan "isnis #ni$ersitas Pad%ad%aran &'()
1
A.
Analy*ing +eturn on ,et -perating Assets
a Disaggregating +eturn on ,et -perating Assets
1urrent Asset
&'(( R30(381(/54.0
&'(& R2&(&54(021.0
&'(/ R34(!0!(4!1.0
&'(0 R38(532(!00.00
1urrent Liabilities
0 R13(534(31&.0
0 R13(802(31/.0
0 R20(0&4(580.0
R23(/83(134.00
,et 1urrent Assets
0 R1!(84/(435.0
0 R1!(151(/04.0
0 R14(511(881.0
R14(/4&(4!!.00
,on 1urrent Assets
0 R8(/0!(&51.00
0 R34(!04(4!1.0
0 R50(//0(251.0
R58(220(!00.00
R1(003(458.00 R/(/03(4&3.00
0 R1(101(2&5.00 R33(503(1!!.0
0 R1(25&(400.00 R20(0&4(580.00 R4&(510(851.0 R38(12!(020.00
R24(550(&28.0
0 R4&(!54(8/0.0
0 R!4(022(/32.0
R52(8/5(48!.00
0 R3/(102(8&&.0
0 R5!(838(801.0
R58(44&(10&.00
0
0
,on 1urrent Liabilities ,et ,on 1urrent Liabilities ,et -perating Assets 2,-A
0 A$erage ,et -perating Asset
Net Operating Profit AfterTax R* Average net Operating Assets 1. #t #rtain$ *ss#t *
2. #t #ratin$ roit *t#r 6a7
+e$enue
&'(& R4&(028(!&!.0
&'(/ R55(43!(&54.00
&'(0 R!5(185(850.00
1ost o3 4ales
0 R3&(843(&/4.0
R44(5!3(0&!.00
R51(80!(284.00
0 R&(184(/22.00 R3(15&(041.00 R!(025(!81.00 R4&5(035.00 R5(530(!4!.00 R1(4!1(&35.00 R4(0!8(/11.00 2!.43 R
R10(8/3(858.00 R4(182(13!.00 R!(!&1(/22.00 R/55(518.00 R5(&3!(204.00 R1(810(552.00 R4(125(!52.00 30.50 R
R13(3/&(5!!.00 R4(801(&10.00 R8(5//(!5!.00 R1(3/1(811.00 R/(205(845.00 R1(552(2/2.00 R5(!53(5/3.00 21.54 R
4(432(8&1.!/
4(!50(/35.//
!(/2&(8/0.5&
Gross Pro3it -ther 5n6ome And !7pense -perating Pro3it 5nterest !7pense 5n6ome "e3ore Ta7 Ta7 !7pense ,et 5n6ome Ta7 +ate ,et -perating Pro3it A3ter Ta7
3. R#turn on #t #ratin$ *ss#ts
R#turn on n#t o#ratin$ ass#ts #t o#ratin$ roit mar$in 7 #t o#ratin$ ass#ts turn o9#r
2
NOPAT Nopat Sales = x Average NOA Sales Average NOA
A. +elation between Pro3it Margin and Asset Turno$er
RNOA 5.00 4.00 3.00
Net Operating Asset Turnover
RNOA 2.00 1.00 0.00 12.00% 13.00% 14.00%
OPM
Perusahaan #t #ratin$ *ss#t 6urno9#r " R*
&'(&
4(48 12(2& 55(0!
&'(/
4 12(0/ 48(28
&'(0
3(!4 13(1! 4/(&0
Jadi( dari analisa diatas daat disimulkan :ah%a 6 ;udan$ ;aram m#miliki *6 yan$ :aik dan #ratin$ roit mar$in yan$ :aik ula. Walauun dari tahun 2012 samai 2014 t#rdaat #nurunan R* yan$ dis#:a:kan adanya #nurunan #t #ratin$ *ss#t 6urno9#r di s#kitar an$ka 4( yaitu #rutaran as#t adalah 4 kali t#rhada US, 1 Sales dis#:a:kan ol#h adanya k#$iatan in9#stasi #rusahaan yan$ :#sar untuk m#m:#li m#sin Si$ar#t +r#t#k "#sin namun 6 ;udan$ ;aram t#ta mamu m#m#rtahankan " nya s#hin$$a #nurunan ada R* tidak t#rlalu si$niikan. +ami simulkan :ah%a #rusahaan daat m#n$#lola sales dan expenses nya d#n$an :aik.
a Disaggregation o3 Pro3it Margin
Operating Profit Margin " rasio ini untuk m#n$ukur k#mamuan #rusahaan dalam m#n$hasilkan k#untun$an s#talah dikuran$i ol#h :#:an dan a
Operating Profit Margin =
NOPAT Sales
*da :#:#raa ar#a yan$ #ntin$ untuk m#n$analisa roita:ilitas yaitu = 1. Gross Profit Gross Profit dicari d#n$an cara m#n$uran$i Revenue d#n$an >;S cost of good sold .
Gross Profit Margin adalah #rs#ntas# #m:a$i antara Gross Profit d#n$an Sales. Gross 3
Profit daat di$unakan untuk m#n$ukur kin#r;S cost of good sold :#r$una untuk m#n$id#ntiikasi #micu utama ada gross profit . #ru:ahan ada gross profit :iasanya :#rasal dari kom:inasi di:a%ah ini = a. #nin$katan atau #nurunan ada 9olum# #n
&'(& R 4&.028.!&! R 3&.843.&/4 R &.184./22 R /3.2&& R 3.1//.51! R 3/.1!! R 1/.!58 R !.025.!81
2-PM
&'(/ R 55.43!.&54 R44.5!3.0&! R 10.8/3.858 R !2.080 R 4.224.052 R /.1&& R 12.&!5 R !.!&1./22
(&8&9
R R R R R R R R
(&8';
&'(0 !5.185.850 51.80!.284 13.3/&.5!! !/.845 4.854./13 31./42 1!./00 8.5//.!5! (/8()
. !elling "#pense Selling expense m#n
roita:ilitas suatu industri. Biasanya ada :#:#raa #rusahaan( selling expense :iasanya san$at 9aria:l# s#dan$kan ada #rusahaan lain selling expense l#:ih :#rsiat i7#d t#ta. l#h kar#na itu( untuk daat m#n$analisa l#:ih lan
R
&'(0 4.854./13
S#llin$ )7#ns# =
-
6ransortasi( #n$an$kutan( iklan( romosi dan :#:an #masaran lainnya
-
+om#nsasi karya%an
-
+##rluan kantor( #r:aikan dan #m#liharaan
-
#nyusutan as#t t#ta
;#n#ral and *dministrati9# )7#ns# =
-
+om#nsasi karya%an
-
#r:aikan dan #m#liharaan
-
#nyusutan as#t t#ta
-
Listrik dan air
-
#r
-
+##rluan kantor( komunikasi(
-
*suransi
-
Sum:an$an(
4
-
a
-
Lain-lain
4ummary -perating Pro3it Margin +atio Perusahaan &'(& &'(/ &'(0 6 ;udan$ ;aram 6:k 12(2& 12(0/ 13(1! 6 @". Samo#rna 20(0& 1&(34 1/(00 B#nto#l ;rou -2(05 -/(4! -!(52
,ari data diatas( daat t#rlihat :ah%a rasio #ratin$ roit "ar$in 6 ;udan$ ;aram 6:k.( masih cuku :aik %alauun masih :#rluktuasi dan masih kalah di:andin$kan @". Samo#rna. amun( di:andin$kan d#n$an rasio " B#nto#l ;rou( 6 ;udan$ ;aram 6:k. "asih l#:ih :aik. " 6 ;udan$ ;aram 6:k. 6ahun 2012 A 2013 turun s#:#sar 0(22( #nurunan t#rs#:ut dikar#nakan = 1. #ratin$ roit m#nin$kat kar#nak :#:an usaha dari os :#:an #n
b Disaggregation o3 Asset Turno$er
B#rikut adalah rumus standar untuk m#n$ukur asset turnover untuk m#n#ntukan return on asset =
Sales Average NOA *da :#:#raa ar#a yan$ #ntin$ untuk m#n$analisa *ss#t 6urno9#r yaitu = A. Account Receivable $urnover B#rikut adalah rumus m#ncari Account Receivable Turnover = 5
Account Receivable Turnover =
Sales Average Account Receivable &'((
,et sales A66ount +e6ei$able A$erage A66ount
R&23(522
+e6ei$able A66ount +e6ei$able Turno$er
&'(& R4&(028(!&! R1(382(53&
&'(/ R55(43!(&54 R2(1&!(08!
&'(0 R!5(185(850 R1(532(2/5
R1(153(031
R1(/8&(313
R1(8!4(181
0&.<&(<9<'<
/'.9=&&)09=
/0.9);<)/<
80.00 70.00 67.71
67.16 60.76
60.00
54.35 50.00 42.52 42.10 40.00 30.98
30.00
34.97 28.84
20.00
BENTOEL SAMPOERNA GUDANG GARAM
10.00 0.00 2012
2013
2014
Account Receivable Turnover
Rata - Rata A/R Turnover 70.00
65.21
60.00 50.00
SAMPOERNA
41.76 36.16
40.00
BENTOEL GUDANG GARAM
30.00 20.00 10.00 0.00 Accoun R!c!"#$&! Tu'no#!'
Jika dilihat Account Receivable Turnover 6 ;udan$ ;aram 6:k t#r:ilan$ r#ndah
samo#rna( dan adanya k#naikan tin$$i ada iutan$
$udan$ $aram ada tahun 2013. @al ini m#nandakan :ah%a #rusahaan m#n$#lola dana yan$ t#rtanam dalam iutan$ yan$ :#rutar ada suatu #riod# t#rt#ntu cuku tin$$i s#hin$$a iutan$ yan$ dimiliki cuku lama untuk :#ru:ah m#n
&'(&
&'(/
&'(0 6
,et sales Long>Term Asset A$erage Long>Term Asset Long>Term Asset
R8(/0!(&51
R4&(028(!&! R11(555(304 R10(131(128
R55(43!(&54 R1!(1!5(/&0 R13(8!0(54/
R!5(185(850 R1&(!88(000 R1/(&2!(8&5
0.=0
0.''
/.)0
Turno$er 16.00 14.00 13.88
13.31
12.00
11.73
10.00 8.00
GUDANG GARAM
6.00 4.84 4.004.37
SAMPOERNA 4.03 4.00
3.64 3.61
2013
2014
BENTOEL
2.00 0.00 2012
Account Receivable Turnover
Rata - Rata Long-Term Asset Turnover 14.00
12.97
12.00 10.00
SAMPOERNA BENTOEL
8.00
GUDANG GARAM
6.00 4.00
4.00
4.16
2.00 0.00 Lon()T!'* A++! Tu'no#!'
Long-Term Asset Turnover y$ dimiliki 6 ;udan$ ;aram 6:k dalam 3 tahun t#rakhir m#nun
less operating current liabilities. Rumusnya adalah s#:a$ai :#rikut = Net Sales Net OperatingWorkingCapital Turnover A verage net operating workingcapital =
7
&'(( ,et sales 1urrent Asset 1urrent Liabilities ,et ?orking 1apital A$erage ,et ?orking
R30(381(/54 R13(534(31& R1!(84/(435
1apital ,et ?orking 1apital
&'(& R4&(028(!&! R2&(&54(021 R13(802(31/ R1!(151(/04
&'(/ R55(43!(&54 R34(!04(4!1 R20(0&4(580 R14(50&(881
&'(0 R!5(185(850 R38(532(!00 R23(/83(134 R14(/4&(4!!
R1!(4&&(5/0
R15(330(/&3
R14(!2&(!/4
&.9;
/.)&
0.0)
Turno$er 30.00
26.17
25.00 20.00 15.64
15.00
GUDANG GARAM
10.00 8.92 8.48
8.18
5.00 2.97
3.62
9.90
SAMPOERNA BENTOEL
4.46
0.00 2012
2013
2014
Net Working Capital Turnover
Rata - Rata Net Working Capital Turnover 16.91
18.00 16.00 14.00
SAMPOERNA
12.00
BENTOEL
8.85
10.00
GUDANG GARAM
8.00 6.00
4.16
4.00 2.00 0.00 N! ,o'-"n( $/"$& Tu'no#!'
6 ;udan$ ;aram 6:k munun
". Analy*ing +eturn on 1ommon !@uity
a Disaggregating +eturn on 1ommon !@uity
ROC
Net !ncome Preferre" "ivi"en"s −
$
Averagecommon s#are#ol"er s e%uit&
8
dalam
&'((
&'(&
&'(/
&'(0
4(&58(102 0 24(550(&28
4(0!8(/11 0 2!(!05(/13
4(328(&32 0 2&(41!(21/
5(3&5(2&3 0 33(228(/20
25(5/8(320.5
28(010(&!5
31(322(4!8.5
(<.9(
(<.0<
(;.&&
*9#ra$# Shar#hold#rs #Duity +!T#+, -, 1-MM-, 4A+!-LD!+4 !B#5TC 2+-1! 2
ilai Return on #ommon S%are%olders &'uit( R>) 6 ;udan$ ;aram 6:k. dari tahun 2012 k# 2013 m#n$alami #nurunan s#:#sar 0.4!. @al ini dikar#nakan net income tahun 2013 m#nurun aki:at k#naikan :#:an :un$a s#:#sar 52.!2 dari tahun 2012 k# 2013. ,ari tahun 2013 k# 2014 nilai R>) m#n$alami k#naikan 1.//( hal ini m#nunommon )Duity •
&'uit( Gro$t% Rate
Net income − Preferre" "ivi"en"s −Common "ivi"e n"s %uit& growt#rate = Average commone%uit&
#t Cncom# r##rr#d di9id#nd >ommon di9id#nd Shar#hold#rs )Duity *9#ra$# Shar#hold#rs #Duity !B#5TC G+-?T +AT! 2
&'(&
&'(/
&'(0
4(0!8(/11 0 1(&24(088 2!(!05(/13 25(5/8(320.
4(328(&32 0 1(53&(2/0 2&(41!(21/
5(3&5(2&3 0 1(53&(2/0 33(228(/20
5
28(010(&!5
31(322(4!8.5
=./=
9.9)
(&./(
ilai e'uit( gro$t% rate 6 ;udan$ ;aram 6:k. m#n$alami k#naikan dari tahun 2012 •
hin$$a 2014. Sustainable &'uit( Gro$t% Rate
Sustainable %uit& 'rowt# Rate = ROC x ( 1 − Pa&out rate)
R>) ayout rat# 4#4TA5,A"L! !B#5TC G+-?T +AT! 2
&'(&
&'(/
&'(0
15.&1 4/.2&
15.45 35.5!
1/.22 28.53
=./9
9.9)
(&./(
9
Kesimpulan 6 ;udan$ ;aram dari tahun 2012 samai 2014 t#rdaat #nurunan R* yan$ dis#:a:kan adanya #nurunan #t #ratin$ *ss#t 6urno9#r hai ini dis#:a:kan ol#h adanya k#$iatan in9#stasi #rusahaan yan$ :#sar(
namun 6 ;udan$ ;aram t#ta mamu
m#m#rtahankan " nya dan m#n$alami k#naikan di tahun 2013( s#hin$$a #nurunan ada R* tidak t#rlalu si$niikan. +ami simulkan :ah%a #rusahaan m#miliki strat#$i dalam m#n$#lola sales dan expenses d#n$an :aik. Rasio ass#t turn o9#r m#nun
rasio iutan$ #rusahaan kuran$ :aik dikar#nakan #n$#lolaan iutan$
#rusahaan yan$ masih :#lum ##kti. 6idak hanya itu( 6 ;udan$ ;aram masih :#lum daat m#n$#lola )nventor( nya d#n$an :aik ula( daat dilihat :ah%a #t #ratin$ Workin$ >aital 6urno9#r yan$ masih r#ndah( 6 ;udan$ ;aram 6:k. t#lah s#cara ##kt m#n$#lola dana yan$ diin9#stasikan ol#h s%are%olders . ilai R) s#mat m#n$alami #nurunan di tahun 2013( hal ini ds#:a:kan :#:an :un$a yan$ m#nin$kat aki:at k#naikan in
10
11
