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7/26/2019 Makalah Return on Invested Capital and Profitability Analysis Pada PT Gudang Garam Tbk.
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Makalah
Return on Invested Capital and Profitability 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 Baskoro utra 1201101301!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
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A. Analy*ing +eturn on ,et -perating Assets
a Disaggregating +eturn on ,et -perating Assets
&'(( &'(& &'(/ &'(0
1urrent Asset R30(381(/54.0
0
R2&(&54(021.0
0
R34(!0!(4!1.0
0
R38(532(!00.00
1urrent Liabilities R13(534(31&.0
0
R13(802(31/.0
0
R20(0&4(580.0
0
R23(/83(134.00
,et 1urrent Assets R1!(84/(435.0
0
R1!(151(/04.0
0
R14(511(881.0
0
R14(/4&(4!!.00
,on 1urrent Assets R8(/0!(&51.00 R34(!04(4!1.0
0
R50(//0(251.0
0
R58(220(!00.00
,on 1urrent Liabilities R1(003(458.00 R1(101(2&5.00 R1(25&(400.00 R20(0&4(580.00
,et ,on 1urrent Liabilities R/(/03(4&3.00 R33(503(1!!.0
0
R4&(510(851.0
0
R38(12!(020.00
,et -perating Assets 2,-A R24(550(&28.0
0
R4&(!54(8/0.0
0
R!4(022(/32.0
0
R52(8/5(48!.00
A$erage ,et -perating Asset R3/(102(8&&.0
0
R5!(838(801.0
0
R58(44&(10&.00
R* Net Operating Profit After TaxAverage net Operating Assets
1. #t #rtain$ *ss#t *
2. #t #ratin$ roit *t#r 6a7
&'(& &'(/ &'(0
+e$enue R4&(028(!&!.0
0
R55(43!(&54.00 R!5(185(850.00
1ost o3 4ales R3&(843(&/4.0
0
R44(5!3(0&!.00 R51(80!(284.00
Gross Pro3it R&(184(/22.00 R10(8/3(858.00 R13(3/&(5!!.00
-ther 5n6ome And !7pense R3(15&(041.00 R4(182(13!.00 R4(801(&10.00
-perating Pro3it R!(025(!81.00 R!(!&1(/22.00 R8(5//(!5!.00
5nterest !7pense R4&5(035.00 R/55(518.00 R1(3/1(811.00
5n6ome "e3ore Ta7 R5(530(!4!.00 R5(&3!(204.00 R/(205(845.00
Ta7 !7pense R1(4!1(&35.00 R1(810(552.00 R1(552(2/2.00
,et 5n6ome R4(0!8(/11.00 R4(125(!52.00 R5(!53(5/3.00
Ta7 +ate 2!.43 30.50 21.54,et -perating Pro3it A3ter Ta7 R
4(432(8&1.!/
R
4(!50(/35.//
R
!(/2&(8/0.5&
3. R#turn on #t #ratin$ *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
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NOPAT
Average NOA=
Nopat
Sales x
Sales
Average NOA
A. +elation between Pro3it Margin and Asset Turno$er
12.00%13.00%14.00%0.00
1.00
2.00
3.00
4.00
5.00
RNOA
RNOA
OPM
Net Operating Asset Turnover
Perusahaan &'(& &'(/ &'(0
#t #ratin$ *ss#t 6urno9#r 4(48 4 3(!4
" 12(2& 12(0/ 13(1!R* 55(0! 48(28 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;S cost of good sold.
Gross Profit Margin adalah #rs#ntas# #m:a$i antara Gross Profit d#n$an Sales. Gross
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Profit daat di$unakan untuk m#n$ukur kin#r
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- a
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Account Receivable Turnover= Sales
Average Account Receivable
&'(( &'(& &'(/ &'(0
,et sales R4&(028(!&! R55(43!(&54 R!5(185(850
A66ount +e6ei$able R&23(522 R1(382(53& R2(1&!(08! R1(532(2/5
A$erage A66ount
+e6ei$able R1(153(031 R1(/8&(313 R1(8!4(181
A66ount +e6ei$able
Turno$er 0&.
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,et sales R4&(028(!&! R55(43!(&54 R!5(185(850
Long>Term Asset R8(/0!(&51 R11(555(304 R1!(1!5(/&0 R1&(!88(000
A$erage Long>Term Asset R10(131(128 R13(8!0(54/ R1/(&2!(8&5
Long>Term Asset
Turno$er 0.=0 0.'' /.)0
2012 2013 2014
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
4.844.00 3.64
13.8813.31
11.73
4.37 4.033.61
GUDANG GARAM
SAMPOERNA
BENTOEL
Account Receivable Turnover
Lon()T!'* A++! Tu'no#!'
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00 12.97
4.00 4.16
Rata - Rata Long-Term Asset Turnover
SAMPOERNA
BENTOEL
GUDANG GARAM
Long-Term Asset Turnover y$ dimiliki 6 ;udan$ ;aram 6:k dalam 3 tahun t#rakhir
m#nun
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&'(( &'(& &'(/ &'(0
,et sales R4&(028(!&! R55(43!(&54 R!5(185(850
1urrent Asset R30(381(/54 R2&(&54(021 R34(!04(4!1 R38(532(!00
1urrent Liabilities R13(534(31& R13(802(31/ R20(0&4(580 R23(/83(134
,et ?orking 1apital R1!(84/(435 R1!(151(/04 R14(50&(881 R14(/4&(4!!
A$erage ,et ?orking
1apital R1!(4&&(5/0 R15(330(/&3 R14(!2&(!/4
,et ?orking 1apital
Turno$er &.9; /.)& 0.0)
2012 2013 2014
0.00
5.00
10.00
15.00
20.00
25.00
30.00
2.97 3.62 4.46
8.48 8.189.90
8.92
15.64
26.17
GUDANG GARAM
SAMPOERNA
BENTOEL
Net Working Capital Turnover
N! ,o'-"n( $/"$& Tu'no#!'
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
8.85
16.91
4.16
Rata - Rata Net Working Capital Turnover
SAMPOERNA
BENTOEL
GUDANG GARAM
6 ;udan$ ;aram 6:k munun
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dalam
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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$#lolasales dan expensesd#n$an :aik.
Rasio ass#t turn o9#r m#nun
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