Financial Ratio Analysis of PT. MEDCO Energi Internasional Tbk.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
1. Current Ratio =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

754.217.861
a. Current Ratio2014 =
467.748.375
Current Ratio2014 = 1,61
1.044.862.276
b. Current Ratio2015 =
526.615.346
Current Ratio2015 = 1,98
Analysis:Current ratio in 2015 is greater than current ratio in 2014. Its means in 2015
MEDCO have more liquid assets related to their short-term liabitities. So, MEDCO’s ability
to pay short-term libilities in 2015 is better than in 2014.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠−𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
2. Acid - Test (or Quick) Ratio =
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

754.217.861−42.410.834
a. Acid - Test (or Quick) Ratio2014 =
467.748.375
Acid - Test (or Quick) Ratio2014 = 1,52
1.044.862.276−40.067.047
b. Acid - Test (or Quick) Ratio2015 =
526.615.346
Acid - Test (or Quick) Ratio2015 = 1,9
Analysis: Acid - Test (or Quick) Ratio in 2015 is greater than Acid - Test (or Quick) Ratio in
2014. Its means in 2015 MEDCO have more liquid assets related to their short-term liabitities.
So, MEDCO’s ability to pay short-term libilities in 2015 is better than in 2014.

𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑠 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒

3. Average Collection Period = =
𝐴𝑛𝑛𝑢𝑎𝑙 𝐶𝑟𝑒𝑑𝑖𝑡 𝑆𝑎𝑙𝑒𝑠/360 𝐷𝑎𝑖𝑙𝑦 𝐶𝑟𝑒𝑑𝑖𝑡 𝑆𝑎𝑙𝑒𝑠

213.882.223 213.882.223
a. Average Collection Period2014 = =
101.593.782/360 282.204,95

Average Collection Period2014 = 757,9

221.364.989 221.364.989
b. Average Collection Period2015 = =
98.541.084/360 273.725,2333

Average Collection Period2015= 808,7

 Analysis: In 2015, MEDCO Average collection period is greater than in 2014. The gap is
about 50,8 Its mean the time for MEDCO collect the account receivable in 2015 is longer
than in 2014. Its indicate that MEDCO loss the ability to collect accounts receivable in 2015.

𝐴𝑛𝑛𝑢𝑎𝑙 𝐶𝑟𝑒𝑑𝑖𝑡 𝑆𝑎𝑙𝑒𝑠

4. Account Receivable Turnover =
𝐴𝑐𝑐𝑜𝑢𝑛𝑡 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒

213.882.223
a. Account Receivable Turnover2014 =
101.593.782
Account Receivable Turnover2014 = 2,1
221.364.989
b. Account Receivable Turnover2015 =
98.541.084
Account Receivable Turnover2015 = 2,24
Analysis: Account receivable turover show the ability of the company manange the accounts
receivable. More the number of ratio, more ability of the company manage the accounts
receivable. From the data above, we know that in 2015, MEDCO’s the accounts receivable
turnover greater than in 2014. Its indicate MEDCO ability to manage the accounts receivable
better than in 2014. Eventhough the average collection period in 2014 better than 2015,
perhaps in 2015 MEDCO can manage the accounts receivable efficiently.

𝐶𝑜𝑠𝑡 𝑜𝑓 𝐺𝑜𝑜𝑑 𝑆𝑜𝑙𝑑

5. Inventory Turnover =
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑖𝑒𝑠
479.773.988
a. Inventory Turnover2014 =
42.410.834
Inventory Turnover2014 = 11,3
420.216.764
b. Inventory Turnover2015 =
40.067.047
Inventory Turnover2015 = 10,48
Analysis: This turnover ratio indicates the relative liquidity of inventory, which can measure
by how many times the turnover of inventory in the year. Based on the data above, the ability
of MEDCO manage the inventory is fell in 2015.

𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
6. Debt Ratio =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡

1.780.677.237
a. Debt Ratio2014 =
2.667.762.730
Debt Ratio2014 = 0.66 = 66%
 2.208.214.969
b. Debt Ratio2015 =
2.909.808.828
Debt Ratio2015 = 0.76 = 76%
Analysis: Generally, the company financing the actifity about 40% from the liabilities and
60% from the equity. But, MEDCO in 2014 use 66% labilities and it increase in 2015 about
10% become 76%. The company with real assets, like buliding and land can financing their
assets more from the liabilities.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑓 𝐸𝐵𝐼𝑇

7. Times Interest Earned =
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐸𝑥𝑝𝑒𝑛𝑠𝑒

106.031.368
a. Times Interest Earned2014 =

Times Interest Earned2014 =

(146.387.059)
b. Times Interest Earned2015 =

Times Interest Earned2015 =

Analysis:

𝑆𝑎𝑙𝑒𝑠
8. Total Assets Turnover =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

701.426.544
a. Total Assets Turnover2014 =
2.667.762.730
Total Assets Turnover2014 = 0,26
574.355.244
b. Total Assets Turnover2015 =
2.909.808.828
Total Assets Turnover2015 = 0,19

Analysis: based on the calculation, in 2015 MEDCO make sales $0,19 per dollar, while in
2014 MEDCO can make sales for $0,26 per dollar. Its means in 2015 MEDCO use the assets
not efficiently compare to the sales in 2014.S
𝑆𝑎𝑙𝑒𝑠
9. Fix Assets Turnover =
𝑁𝑒𝑡 𝑃𝑙𝑎𝑛𝑡 𝑎𝑛𝑑 𝐸𝑞𝑢𝑖𝑝𝑚𝑒𝑛𝑡

701.426.544
a. Fix Assets Turnover2014 =
88.513.473
 Fix Assets Turnover2014 = 7,92
574.355.244
b. Fix Assets Turnover2015 =
68.961.789
Fix Assets Turnover2015 = 8,33
Analysis:

𝐺𝑟𝑜𝑠𝑠 𝑃𝑟𝑜𝑓𝑖𝑡
10. Gross Profit Margin =
𝑆𝑎𝑙𝑒𝑠

270.956.531
a. Gross Profit Margin2014 =
701.426.544
Gross Profit Margin2014 = 0,38
208.262.513
b. Gross Profit Margin2015 =
574.355.244
Gross Profit Margin2015 = 0,36
Analysis:

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑟 𝐸𝐵𝐼𝑇

11. Operating Profit Margin =
𝑆𝑎𝑙𝑒𝑠

106.031.368
a. Operating Profit Margin2014 =
701.426.544
Operating Profit Margin2014 = 0,15
(146.387.059)
b. Operating Profit Margin2015 =
574.355.244
Operating Profit Margin2015 = (0,25)
Analysis:

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
12. Net Profit Margin =
𝑆𝑎𝑙𝑒𝑠
 8.841.995
a. Net Profit Margin2014 =
701.426.544
b. Net Profit Margin2014 = 0,01
(186.173.541)
c. Net Profit Margin2015 =
574.355.244
d. Net Profit Margin2015 = (0,32)
Analysis:

𝑁𝑒𝑡 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝐸𝐵𝐼𝑇

13. Operating Return On Assets =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

106.031.368
a. Operating Return On Assets2014 =
2.667.762.730
Operating Return On Assets2014 = 0,04
(146.387.059)
b. Operating Return On Assets2015 =
2.909.808.828
Operating Return On Assets2015 = (0,05)
Analysis:

14. Operating Return on Assets = Operating Profit Margin x Total Assets Turnover

a. Operating Return on Assets = 0,15 x 0,26

Operating Return on Assets = 0,039 = 0,04
b. Operating Return on Assets = (0,25) x 0,19
Operating Return on Assets = (0,0475) = (0,05)
Analysis:

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝑜𝑟 𝐸𝐵𝐼𝑇 𝑆𝑎𝑙𝑒𝑠

15. Operating Return on Assets = (
𝑆𝑎𝑙𝑒𝑠
) 𝑥 (𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠) =
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒 𝐸𝐵𝐼𝑇
( 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
)
 106.031.368
a. Operating Return on Assets =
2.667.762.730
b. Operating Return on Assets = 0,04
(146.387.059)
c. Operating Return on Assets =
2.909.808.828
d. Operating Return on Assets = (0,05)
Analysis:

16. Return on Equity = Profitability x Efficiency x Equity multiplier =

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒 𝑆𝑎𝑙𝑒𝑠 1
𝑥 𝑥
𝑆𝑎𝑙𝑒𝑠 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 1−𝐷𝑒𝑏𝑡 𝑅𝑎𝑡𝑖𝑜
8.841.995 701.426.544 1
a. Return on Equity = 𝑥 𝑥
701.426.544 2.667.762.730 1−0,66
Return on Equity = 0,003 x 2,9
Return on Equity = 0,0087
(186.173.541) 574.355.244 1
b. Return on Equity = 𝑥 𝑥
574.355.244 2.909.808.828 1−0,76
Return on Equity =(0,06) x 4,16
Return on Equity = (0,25)
Analysis:

𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒

17. Price Earning Ratio =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
a. Price Earning Ratio =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒

Price Earning Ratio =

𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
b. Price Earning Ratio =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒

Price Earning Ratio =

Analysis:
 𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
18. Market-to-Book Ratio = =
𝐵𝑜𝑜𝑘 𝑉𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
𝐶𝑜𝑚𝑚𝑜𝑛 𝑆𝑡𝑜𝑐𝑘/𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒

a. Market-to-Book Ratio =
𝐶𝑜𝑚𝑚𝑜𝑛 𝑆𝑡𝑜𝑐𝑘/𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

Market-to-Book Ratio =
𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
b. Market-to-Book Ratio =
𝐶𝑜𝑚𝑚𝑜𝑛 𝑆𝑡𝑜𝑐𝑘/𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

Market-to-Book Ratio =
Analysis: