Makalah Return on Invested Capital and Profitability Analysis Pada PT Gudang Garam Tbk

7/26/2019 Makalah Return on Invested Capital and Profitability Analysis Pada PT Gudang Garam Tbk.

1/11

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


2/11

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

2


3/11

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

3


4/11

Profit daat di$unakan untuk m#n$ukur kin#r


5/11

- a


6/11

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&.


7/11

,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


8/11

&'(( &'(& &'(/ &'(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


9/11

dalam


10/11

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


11/11

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Makalah Return on Invested Capital and Profitability Analysis Pada PT Gudang Garam Tbk