MM 5007 : FINANCIAL MANAGEMENT

MID TERM TEST

CCE 64

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 SBM – ITB
05 March 2021

MID TERM EXAM

Open Book
Day/ Date : Thursday, 05 March 2021
Time : 08.00 – 10.00 (120 minutes)
Lecturer : Dr. Ir. Uke Marius Siahaan., MBA
Attention !!!

1. Your Answer must be in Hand Writing

2. Please read carefully the whole problems set before you start answering
this Mid Term Exam.
3. In case there is a conflict in data and information, the valid and applied data
will be the only data and information given in the problem set in the form
of narrative.
4. Do not forget to write down your Name and NIM on your answer sheet
5. You have to attach a printed form of your Work Sheet in Excel on your
answer sheet
6. Kindly send your Answer Sheet to my Home Address by Saturday first thing
in the morning, March 06,2021
7. Please work on your own,
8. Good Luck !!!

I. (Weight = 50%)

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PT. Garmen Lestari (GL) is a garment Factory (Confectionary) Located in
Cibinong, West Jawa.
This company dedicate her production, solely for the Export Market, with
the concentration of serving the Russian Countries.
PT. GL’s Financial Projection is shown in the table below, whereas the
other data and information related to it’s business and financial market
condition are as follows :

- Leverage permitted by the Banks is : 4 X

- Loan Interset Rate = 11,50 % per annum
- Bank’s Deposit Rate = 4% per annum
- Total Investment needed = IDR 32 Billions

Mid Term Test Problems :

A. You are to conduct the Financial Feasibility Study and Analysis for
the company, based on the available data and information.
Your conclusion must be at least covered the following Financial
Parameters :
a. Net Present Value (NPV)
b. Pay Back Period (PBP)
c. Internal Rate of Return (IRR)
d. Return On Equity (ROE)
e. Return On Investment (ROI)
What is the result of your analysis, based on the Company’s
Financial Feasibility Study ?

PT. GARMEN LESTARI (GL)

Financial Projections (IDR Millions)
Descriotions : I II III IV V

1 Sales 8,200 18,000 26,000 31,000 40,000

2 COGS 1,700 3,900 7,800 8,700 9,600

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 3 Gross Profit 6,500 14,100 18,200 22,300 30,400
4 Over Head 120 220 320 420 520
5 Depreciation 2,000 2,000 2,000 2,000 2,000
6 EBIT 4,380 11,880 15,880 19,880 27,880
7 Interest Expense 2,880 2,880 2,880 2,880 2,880
8 EBT 1,500 9,000 13,000 17,000 25,000
9 TAX = 20 % 300 1,800 2,600 3,400 5,000
10 NET AFTER TAX 1,200 7,200 10,400 13,600 20,000

NOTES :

11 RETENTION FOR 200 200 400 600 1,000

GROWTH

II. (Weight = 20%)

By using the US’ Index Financial Concepts, What is your

suggestion to the management of the Company to set up
their Financial Strategy in Financing this project?

III. (Weight = 30%)

A. Corporate Activity Ratio

A Supermarket namely PT. Monthly Monthy (MM) is operating in
Jakarta and Manado area.
MM has the Ratio of Account Receivables Colection Period for the
year of 2017, 2018 and 2019 consecutively : 12 Days, 18 Days and 16
Days.
Whereas the average Supermarket figures in Indonesia is averagely
9 Days during those year.
Give your judgement and Comments towards the performance of
this supermarket
Melihat data secara time-series dari tahun 2017 ke 2019, bisa
disimpulkan bahwa kinerja PT Monthly Monthy dalam menagih
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piutangnya menunjukkan efektivitas paling tinggi di tahun 2017
(12 hari) dan paling buruk di tahun 2018 (18 hari), namun saat
dibandingkan dengan rata-rata industry supermarket di tahun-
tahun tersebut (Cross-sectional analysis), Accounts receivable
turnover PT Monthly Monthy tidak secepat penagihan piutang di
supermarket lainnya.
B. Leverage Ratio
Bank SMB’s Leverage Ratio for the year of 2018 and 2019 are 8,1 X
and 9,0 X. Whereas at the same year ESEMKA Car Manufacturer
shown their Leverage Ratio of only 2,7 X and 3,6 X
In your Opinion, Which Company has a Healthier Conditions?
Secara time-series, kedua perusahaan mengalami kenaikan dalam
ratio Leverage, yang berarti komposisi pinjaman dari kedua
perushaan tersebut mengalami peningkatan, namun saat
dibandingkan secara cross-sectional, perusahaan yang
menunjukkan kondisi komposisi yang lebih sehat, ditunjukkan
dari leverage ratio yang lebih rendah, adalah ESEMKA Car
Manufacturer.

C. Profitability
A state own company (Badan Usaha Milik Negara/BUMN) namely
PT. Ganesha Karya Bhumi, is the Toll Road owner, and by 2019
recorded a result of Net After Tax (NAT) = 6,3% per year, and the
same NAT for 2020 = 7,2 % per year (6.75)
At the same time, the other BUMN namely PT. Semen NKRI, has
recorded their NAT for 2019 = 12,6 % per year, And for the year
2020 = 13,5 % per year. (13.05)
Mr. Ricky Toar in his capacity as the Minister of BUMN has come to
you as the MBA Candidate Graduated from President University, and
requested your opinion to evaluate the performance of those two
State Owned Companies, to furnish a recommendation to him,
which one of those two has a better Performance ?
Further, he would like you to come up with a thorough explanation
on the basis of your recommendation.
Melihat NAT kedua perusahaan BUMN diatas, yaitu PT Ganesha
Karya Bhumi dan PT. Semen NKRI, bisa dilihat secara time-series

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bahwa keduanya menunjukkan peningkatan persentase NAT
dibandingkan Revenue (Net Profit Ratio) dari tahun 2019 ke
tahun 2020 yang berarti kemungkinan adanya penurunan biaya
dan/ atau peningkatan pada penjualan di kedua perusahaan.

Secara cross-sectiona, PT Ganesha Karya Bhumi memiliki kinerja

yang lebih baik dibandingkan rata-rata perusahaan di industry.
Analisa ini ditunjukkan dari rata-rata Net Profit Ratio PT Ganesha
di kedua tahun (6.75%) yang lebih besar dari rata-rata industri
Infrastruktur sebesar 5%.

Secara cross-sectional, PT Semen NKRI, memiliki kinerja yang

tidak lebih baik dibandingkan rata-rata di industry manufaktur
yang ditunjukkan dari rata-rata Net Profit Ratio PT Semen NKRI di
kedua tahun (13.05%) yang lebih kecil dari rata-rata industri
manufaktur sebesar 15%.

Note :
NAT Average Industries Figures for Infra Structure is = 5 % per year,
where as the same Average NAT for the Building Materials
Manufactures is = 15 % Per Year