FINANCIAL RATIO ANALYSIS

Year
No. Category of Financial Ratios
2016 (in million) 2017 (in million) 2018 (in million)
LIQUIDITY RATIOS
Current Assets 𝑅𝑝977.936.836 𝑅𝑝1.059.183.348 𝑅𝑝1.131.496.625
1 Current Ratio = 𝑅𝑝795.320.388 𝑅𝑝859.158.837 𝑅𝑝917.001.406
Current Liabilities
= 1,23 times = 1,23 times = 1,23 times
Current Assets−Inventory
2 Acid Test Ratio =
Current Liabilities
Accounts Receivable
3 Average Collection Period = Annual Credit Sales/365Days

Accounts Receivable
4 Accounts Receivables Turnover = Annual Credit Sales/365Days

COGS
5 Inventory Turnover =
Inventories

365
6 Day's Sales = Inventory Turnover

CAPITAL STRUCTURE RATIOS

𝑅𝑝824.559.898 𝑅𝑝888.026.817 𝑅𝑝925.968.819
Total Liabilities
7 Debt Ratio = 𝑅𝑝1.038.706.009 𝑅𝑝1.124.700.847 𝑅𝑝1.173.644.878
Total Assets
= 79,4% = 78,96% = 78,897%
Net Operating Income or EBIT 𝑅𝑝18.608.008,08 𝑅𝑝27.169.751 𝑅𝑝23.594.531
Times Interest Earned =
8 Interest Expense 𝑅𝑝24.884.519 𝑅𝑝27.174.371 𝑅𝑝24.737.320
= 0,75 times = 0,99 times = 0,95 times
Rp18.612.727
ASSET MANAGEMENT EFFICIENCY RATIOS
Sales
𝑅𝑝76.702.424,08 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
9 Total Asset Turnover= Total Assets 𝑅𝑝1.038.706.009
𝑅𝑝1.124.700.847 𝑅𝑝1.173.644.878
= 0,074 times
= 0,071 times = 0,057 times
 0 071 times
𝑅𝑝76.702.424,08 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
Sales
10 Fixed Asset Turnover = Net Plant & Equipment 𝑅𝑝35.663.290 𝑅𝑝36.618.753 𝑅𝑝36.743.017
= 2,15 𝑡𝑖𝑚𝑒𝑠 = 2,17 times = 1,84 times
PROFITABILITY RATIOS
𝑅𝑝76.702.424,08 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
Gross Profit
11 Gross Profit Margin = 𝑅𝑝76.702.424,08 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
Sales
= 100% = 100% = 100%

𝑅𝑝18.608.008,08 𝑅𝑝27.169.751 𝑅𝑝23.594.531

Net Operating Income or EBIT
12 Operating Profit Margin = 𝑅𝑝76.702.424,08 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
Sales
= 24,26% = 34,17% = 34,98%

Net Income 𝑅𝑝14.650.163

𝑅𝑝21.443.042 𝑅𝑝18.700.408
13 Net Profit Margin = 𝑅𝑝76.702.424,08
=19,10% 𝑅𝑝79.507.015,2 𝑅𝑝67.437.461,23
Sales
= 26,97% = 27,73%

Operating Return on Assets 𝑅𝑝18.608.008,08 𝑅𝑝27.169.751 𝑅𝑝23.594.531

14 Net Operating Income or Ebit 𝑅𝑝1.038.706.009 𝑅𝑝1.124.700.847 𝑅𝑝1.173.644.878
(OROA) = z
Total Assets = 1,79% = 2,42% = 2,01%

Net Income 𝑅𝑝14.650.163 𝑅𝑝21.443.042 𝑅𝑝18.700.408

15 Return on Equity = Common Equity 𝑅𝑝153.404.848,2 𝑅𝑝176.631.318 𝑅𝑝182.265.185,2
= 9,55% = 12,14% = 10,26%
MARKET VALUE RATIOS
Market Price per Share 𝑅𝑝11.577,2553 𝑅𝑝7.985,1443 𝑅𝑝7.363,95
16 Price Earnings Ratio= 𝑅𝑝597,69 𝑅𝑝446,75
Earnings per Share 𝑅𝑝391,60
= 19,37 𝑡𝑖𝑚𝑒𝑠 = 17,87𝑡𝑖𝑚𝑒𝑠 = 18,8 times
𝑅𝑝11.577,2553 𝑅𝑝7.985,1443 𝑅𝑝7.363,95
Market Price per Share
17 Market to Book Ratio = 𝑅𝑝6.639,38 𝑅𝑝3.679,79 𝑅𝑝3.815,52
Book Value per Share
= 1,74 𝑡𝑖𝑚𝑒𝑠 = 2,17 times = 1.93 𝑡𝑖𝑚𝑒𝑠