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