DefRevenueFormulaGross Profit marginGross Provit / RevenueOperating Profit MarginOperating Profit / RevenueNet Profit MarginNet Income / RevenueCOGS to RevenueCOGS / RevenueOperating Expenses to RevenueOperating expenses / RevenueMarketEarnings per shareNet Income / RevenueBook value per shareEquity / Shares OutstandingReturnReturn on AssetsNet Income / AssetReturn on EquityNet Income / EquityDebtDebt to EquityDebt / EquityDeb to CapitalDebt / CapitalBUMN MEASUREMENT2010 onlyDUPONT FORMULA2010Financial IndicatorWeightFormulaDupont's ComponentFormulaReturn on Equity (ROE)20Net Income / EquityProfit Margin RatioNet Profit / RevenueReturn on Investment (ROI)15Ebitda / (Total Asset - Net Fixed Asset)Total Asset TurnoverRevenue / AssetCash Ratio5Cash / Current LiabilityEquity MultiplierAsset / EquityCurrent Ratio5Current Asset / Current LiabilityCollectionPeriod5Account Receivable x 365 / RevenueROE = Profit Margin x Total Asset Turnover x Equity MultiplierInventory Turnover5Inventory x 365 / RevenueTotal Asset Turnover5Revenue / AssetOperating Efficiency (represented by the Profit Margin Ratio)Total Equity/Total Asset10Equity / AssetAsset used efficiency (represented by Total Asset Turnover)Total Score70(Total score is represented as TS)Financial Leverage (represented by the Equity multiplier)*EBITDA: EBIT + Depreciation**EBIT: Income before tax + Interest Expense - Interest IncomeRatingScoringAdjusted ScoreClassificationNow 2012AAATS > 95TS > 66.5Healthy2010 - BEIKRASAAA80 < TS 9556 < TS 66.53,155,000,000sharesIPO850IDR/sharehow to estimate share IPO quantityAAA65 < TS 8045.5 < TS 5620%own capital35.80%new machineBBB50 < TS 6535 < TS 45.5Less24.20%raw materialsBB40 < TS 5028 < TS 35Healthy25%finance maturationB30 < TS 4021 < TS 2815%subsidiary investment

CCC20 < TS 3014 < TS 21UnhealthyCompound Annual Growth Rate (CAGR)2008-2010CC10 < TS 207 < TS 14year-over-year growth rate of an investment over a specified period of timeCTS 10TS 7V(tn) = Ending ValueKrakatau SteelGunawan Dianjaya SteelJayapari Steel2007-2010V(t0) = Beginning Valuetn-t0 = Number of years V0850

CAGRCAGR 2008-20102008RevenueGross ProfitOperating ProfitNet IncomeEquityCOGSOperating ExpenseDebtShares OutstandingTotal AssetsCapitalGunawan Dianjaya Steel3,012,000,000,000.0560,000,000,000.0143,000,000,000.083,000,000,000.01,732,132,238,731.02,461,000,000,000.0143,000,000,000.01,867,400,208,655.0425,286,000,000.020,928,000,000,000.03,599,532,447,386.0Jayapari Steel732,703,320,157.0115,384,235,396.098,351,215,200.049,157,545,353.0269,771,302,444.0617,319,084,761.017,033,020,196.0114,622,438,973.075,000,000,000.0399,343,736,262.0384,393,741,417.0Krakatau Steel20,631,431,000,000.02,716,064,000,000.01,360,388,000,000.0459,571,000,000.05,439,761,000,000.017,915,367,000,000.01,355,676,000,000.08,702,695,000,000.02,000,000,000,000.015,374,427,000,000.014,179,799,000,000.02010RevenueGross ProfitOperating ProfitNet IncomeEquityCOGSOperating ExpenseDebtShares OutstandingTotal AssetsCapitalGunawan Dianjaya Steel1,710,131,747,278.0296,880,791,118.0214,649,422,699.0171,427,614,845.0645,713,287,080.01,413,250,956,160.090,756,876,018.0398,879,525,740.0820,000,000,000.01,074,569,612,752.01,044,592,812,820.0Jayapari Steel427,792,535,324.055,733,384,365.038,419,485,450.028,445,580,508.0300,134,260,861.0372,059,150,959.017,313,898,915.093,010,970,164.075,000,000,000.0411,281,598,196.0393,145,231,025.0Krakatau Steel14,856,156,000,000.02,234,780,000,000.0992,929,000,000.01,062,683,000,000.09,293,915,000,000.012,621,376,000,000.01,241,851,000,000.07,303,538,000,000.07,887,500,000,000.017,584,089,000,000.016,729,083,000,000.0Debt includes all short-term and long-term debt. Total capital includes the company's debt and shareholders' equity, which includes common stock, preferred stock, minority interest and net debt.*based on 2008 released financial report on its website

RevenueGross Profit MarginOperating Profit MarginNet Profit MarginCOGS to RevenueOperating Expenses to Revenue2008201020082010200820102008201020082010Gunawan Dianjaya Steel0.190.170.050.130.030.100.820.830.050.05Jayapari Steel0.160.130.130.090.070.070.840.870.020.04Krakatau Steel0.130.150.070.070.020.070.870.850.070.08MarketReturnDebt on EquityEarning per ShareBook Value per ShareReturn on AssetsReturn on EquityDebt on EquityDebt on Capital200820102008201020082010200820102008201020082010Gunawan Dianjaya Steel0.030.104.070.790.000.160.050.271.080.620.520.38Jayapari Steel0.070.073.604.000.120.070.180.090.420.310.300.24Krakatau Steel0.020.072.721.180.030.060.080.111.600.790.610.44

CAGRGunawan Dianjaya SteelJayapari SteelKrakatau SteelRevenueGross Profit Margin-3.37%-9.04%6.90%Operating Profit Margin62.60%-18.20%0.68%Net Profit Margin90.73%-0.45%79.20%COGS to Revenue0.57%1.60%-1.09%Operating Expenses to Revenue5.73%31.95%12.79%MarketEarning per Share90.73%-0.45%79.20%Book Value per Share-56.03%5.48%-34.18%ReturnReturn on Assets534.23%-25.04%42.19%Return on Equity135.38%-27.88%16.34%DebtDebt on Equity-24.30%-14.60%-29.91%Debt on Capital-14.21%-10.93%-15.66%AVERAGE74.73%-6.14%14.22%

Sheet2RevenueGross Profit MarginOperating Profit MarginNet Profit MarginCOGS to RevenueOperating Expenses to Revenue2008201020082010200820102008201020082010Gunawan Dianjaya Steel0.18592297480.17360112260.04747675960.12551630780.02755644090.1002423440.8170650730.82639887740.04747675960.0530701077Jayapari Steel0.15747742940.13028133910.13423061220.08980868590.06709065460.06649386830.84252257060.86971866090.02324681730.0404726532Krakatau Steel0.13164690320.15042787650.06593764630.06683619910.02227528470.07153149170.86835309680.84957212350.06570925690.0835916774MarketReturnDebt on EquityEarning per ShareBook Value per ShareReturn on AssetsReturn on EquityDebt on EquityDebt on Capital200820102008201020082010200820102008201020082010Gunawan Dianjaya Steel0.02755644090.1002423444.07286446940.78745522810.00396597860.15953141870.04791781950.26548565481.07809332730.61773473420.51878965840.381851685Jayapari Steel0.06709065460.06649386833.59695069934.00179014480.12309582170.06916327070.18221932770.09477618590.42488744330.30989787670.29819018010.2365817078Krakatau Steel0.02227528470.07153149172.71988051.17830935020.02989191080.06043435060.08448367490.11434180321.5998303970.78584084320.61373895360.4365773067

Sheet12008RevenueGross ProfitOperating ProfitNet IncomeEquityCOGSOperating ExpenseDebtShares OutstandingTotal AssetsCapitalGunawan Dianjaya Steel3,012,000,000,000560,000,000,000143,000,000,00083,000,000,0001,732,132,238,7312,461,000,000,000143,000,000,0001,867,400,208,655425,286,000,00020,928,000,000,0003,599,532,447,386Jayapari Steel732,703,320,157115,384,235,39698,351,215,20049,157,545,353269,771,302,444617,319,084,76117,033,020,196114,622,438,97375,000,000,000399,343,736,262384,393,741,417Krakatau Steel20,631,431,000,0002,716,064,000,0001,360,388,000,000459,571,000,0005,439,761,000,00017,915,367,000,0001,355,676,000,0008,702,695,000,0002,000,000,000,00015,374,427,000,00014,179,799,000,0002010RevenueGross ProfitOperating ProfitNet IncomeEquityCOGSOperating ExpenseDebtShares OutstandingTotal AssetsCapitalGunawan Dianjaya Steel1,710,131,747,278296,880,791,118214,649,422,699171,427,614,845645,713,287,0801,413,250,956,16090,756,876,018398,879,525,740820,000,000,0001,074,569,612,7521,044,592,812,820Jayapari Steel427,792,535,32455,733,384,36538,419,485,45028,445,580,508300,134,260,861372,059,150,95917,313,898,91593,010,970,16475,000,000,000411,281,598,196393,145,231,025Krakatau Steel14,856,156,000,0002,234,780,000,000992,929,000,0001,062,683,000,0009,293,915,000,00012,621,376,000,0001,241,851,000,0007,303,538,000,0007,887,500,000,00017,584,089,000,00016,729,083,000,000*based on 2008 released financial report on its website

Dupont2010Net ProfitRevenueAsset EquityProfit Margin Ratio/Operating EfficiencyTotal Asset Turnover/Asset used efficiencyEquity Multiplier/ Financial LeverageROAROEGunawan Dianjaya Steel171,427,614,845.01,710,131,747,278.01,074,569,612,752.0645,713,287,080.010.02%159.15%1.664159053615.95%26.55%Jaya Pari Steel28,445,580,508.0427,792,535,324.0411,281,598,196.0300,134,260,861.06.65%104.01%1.37032539046.92%9.48%Krakatau Steel1,062,683,000,000.014,856,156,000,000.017,584,089,000,000.09,293,915,000,000.07.15%84.49%1.89200019586.04%11.43%

The higher the ROE, the more attractive the company in the eye of the investors

BUMNBUMN Measurement Standard2010NoFinancial IndicatorsGunawan Dianjaya SteelJayapari SteelKrakatau SteelROE2,010.0ValueScoreValueScoreValueScoreNet IncomeEquityROE1Return on Equity (ROE)26.5%209.5%1411.4%16Gunawan Dianjaya Steel171,427,614,845.0645,713,287,080.026.5%2Return on Investment (ROI)25.1%189.7%7.57.4%6Jayapari Steel28,445,580,508.0300,134,260,861.09.5%3Cash Ratio0.9%012.2%260.5%5Krakatau Steel1,062,683,000,000.09,293,915,000,000.011.4%4Current Ratio169.0%5276.8%5177.3%55Collection Period20.1582.74.529.35ROI2,010.0EBITDA / (Total Asset - Net Fixed Assets)6Inventory Turnover118.9499.64160.93EBITDATotal AssetsNet Fixed AssetsROI7Total Asset Turnover159.1%4.5104.0%484.5%3.5Gunawan Dianjaya Steel214,649,422,699.01,074,569,612,752.0218,170,555,988.025.1%8Total Equity/Total Asset60.1%873.0%952.9%8.5Jayapari Steel38,419,485,450.0411,281,598,196.015,604,788,086.09.7%Total Score64.55052Krakatau Steel992,929,000,000.017,584,089,000,000.04,133,908,000,000.07.4%ClassificationAAAA9,640,657,000,0007,943,432,000,000.0HealthyHealthyHealthy7,688,020,000,000.0Cash Ratio2,010.0Total Asset TurnoverCashCurrent LiabilityCash RatioRevenueTotal AssetTotal Asset TurnoverGunawan Dianjaya Steel3,720,875,161.0419,815,817,120.00.9%Gunawan Dianjaya Steel1,710,131,747,278.01,074,569,612,752.0159.1%Jayapari Steel12,552,313,911.0103,140,872,892.012.2%Jayapari Steel427,792,535,324.0411,281,598,196.0104.0%Krakatau Steel4,193,598,000,000.06,930,713,000,000.060.5%Krakatau Steel14,856,156,000,000.017,584,089,000,000.084.5%Current Ratio2,010.0Total Equity/Total AssetCurrent AssetCurrent LialibilityCurrent RatioEquityTotal AssetTotal Equity/Total AssetGunawan Dianjaya Steel709,597,600,204.0419,815,817,120.0169.0%Gunawan Dianjaya Steel645,713,287,080.01,074,569,612,752.060.1%Jayapari Steel285,524,089,280.0103,140,872,892.0276.8%Jayapari Steel300,134,260,861.0411,281,598,196.073.0%Krakatau Steel12,287,724,000,000.06,930,713,000,000.0177.3%Krakatau Steel9,293,915,000,000.017,584,089,000,000.052.9%Collection PeriodAccount ReceivableRevenueCollection Period (Days)Gunawan Dianjaya Steel94,077,554,366.01,710,131,747,278.020.1Jayapari Steel96,926,523,675.0427,792,535,324.082.7Krakatau Steel1,192,827,073,584.014,856,156,000,000.029.3

Inventory TurnoverInventoryRevenueInventory Turnover (Days)Gunawan Dianjaya Steel556,893,664,606.01,710,131,747,278.0118.8599579563Jayapari Steel116,709,942,157.0427,792,535,324.099.5789439267Krakatau Steel6,549,776,000,000.014,856,156,000,000.0160.9210511791

ref