FINANCIAL MANAGEMENT GROUP ASSIGNMENT 1 – BB184303

PT Sentra Food Indonesia TBK (FOOD), PT Garuda Food Putra

Putri Jaya TBK (GOOD), PT Indofood CBP Sukses Makmur TBK
(ICBP) Financial Statement Analysis

Arranged by :
MUHAMMAD RAKHA WIRAYUDA
NRP.5031201107
DALILAH SAILA JUMARA DANI NASUTION
NRP.5031201100
RAYHAN ADHIMAS BASKARA
NRP.5031201027
ADNA MORIA HARIYANTO
NRP.5031201098

Lecturer:
Geodita Woro Bramanti, ST, MengSc.

DEPARTMENT OF BUSINESS MANAGEMENT

FACULTY OF CREATIVE DESIGN AND DIGITAL BUSINESS
SEPULUH NOPEMBER INSTITUTE OF TECHNOLOGY
SURABAYA
2021

i
CONTENTS
CHAPTER 1 – COMPANY DESCRIPTION .......................................................................................... 5
1.1 Company Profile of: PT Sentra Food Indonesia TBK ................................................................... 5
1.1.1 Shareholders ............................................................................................................................... 5
1.1.2 Company Logo ........................................................................................................................... 5
1.1.3 Company History ....................................................................................................................... 5
1.1.4 Product Development ................................................................................................................ 6
1.2 Company Profile of PT Garuda Food Putra Putri Jaya TBK ...................................................... 6
1.2.1 Shareholders ............................................................................................................................... 6
1.2.2 Company Logo ........................................................................................................................... 7
1.2.3 Company History ....................................................................................................................... 7
1.2.4 Product Development ................................................................................................................ 7
1.3 Company Profile of PT.Indofood CBP Sukses Makmur TBK ..................................................... 8
1.3.1 Shareholders ............................................................................................................................... 8
1.3.2 Company Logo ........................................................................................................................... 8
1.3.3 Company History ....................................................................................................................... 8
1.3.4 Product Development ................................................................................................................ 9
CHAPTER 2 – HORIZONTAL AND VERTICAL ANALYSIS .......................................................... 10
2.1 FOOD HORIZONTAL AND VERTICAL ANALYSIS .............................................................. 10
2.1.1 HORIZONTAL ANALYSIS ................................................................................................... 10
2.1.2 VERTICAL ANALYSIS ......................................................................................................... 16
2.2 GOOD HORIZONTAL AND VERTICAL ANALYSIS ............................................................. 21
2.2.1 HORIZONTAL ANALYSIS ................................................................................................... 21
2.2.2 VERTICAL ANALYSIS ......................................................................................................... 26
2.3 ICBP HORIZONTAL AND VERTICAL ANALYSIS ................................................................ 31
2.3.1 HORIZONTAL ANALYSIS ................................................................................................... 31
2.3.2 VERTICAL ANALYSIS ......................................................................................................... 38
CHAPTER 3 - COMPANIES COMPARISON...................................................................................... 45
3.1 FOOD ............................................................................................................................................... 45
3.1.1 HORIZONTAL ........................................................................................................................ 45
3.1.2 VERTICAL .............................................................................................................................. 45
3.2 GOOD .............................................................................................................................................. 45
3.2.1 HORIZONTAL ........................................................................................................................ 45

2
 3.2.2 VERTICAL .............................................................................................................................. 46
3.3 ICBP ................................................................................................................................................. 46
3.3.1 HORIZONTAL ........................................................................................................................ 46
3.3.2 VERTICAL .............................................................................................................................. 46
3.4 FINAL COMPARISON ................................................................................................................. 46
CHAPTER 4 - DUPONT ANALYSIS ..................................................................................................... 48
4.1 FOOD ............................................................................................................................................... 48
4.2 GOOD .............................................................................................................................................. 49
4.3 ICBP ................................................................................................................................................. 50
CHAPTER 5 - ECONOMIC VALUE ADDED (EVA) AND MARKET VALUE ADDED (MVA) .. 52
5.1 Economic Value Added (EVA) ...................................................................................................... 52
5.1.1 FOOD ........................................................................................................................................ 52
5.1.2 GOOD ....................................................................................................................................... 52
5.1.3 ICBP .......................................................................................................................................... 53
5.2 MARKET VALUE ADDED (MVA) ............................................................................................. 53
5.2.1 FOOD ........................................................................................................................................ 53
5.2.2 GOOD ....................................................................................................................................... 54
5.2.3 ICBP .......................................................................................................................................... 54
CHAPTER 6 – RECOMMENDATIONS ............................................................................................... 55
6.1 FOOD ............................................................................................................................................... 55
6.1.1 HORIZONTAL.............................................................................................................................. 55
6.1.2 VERTICAL .............................................................................................................................. 55
6.1.3 DUPONT................................................................................................................................... 55
6.2 GOOD .............................................................................................................................................. 55
6.2.1 HORIZONTAL ........................................................................................................................ 55
6.2.2 VERTICAL .............................................................................................................................. 55
6.2.3 DUPONT................................................................................................................................... 56
6.3 ICBP ................................................................................................................................................. 56
6.3.1 HORIZONTAL.............................................................................................................................. 56
6.3.2 VERTICAL .............................................................................................................................. 56
6.3.3 DUPONT................................................................................................................................... 56
REFERENCES .......................................................................................................................................... 57
APPENDIX ................................................................................................................................................ 58

3
FINANCIAL STATEMENTS.............................................................................................................. 58
FOOD (2020) ..................................................................................................................................... 58

4
 CHAPTER 1 – COMPANY DESCRIPTION
1.1 Company Profile of: PT Sentra Food Indonesia TBK
Company Name : PT Sentra Food Indonesia TBK
Date of Incorporation : 24 June 2004
LIne of Bussiness : Processed Food
Autorized Capital : Rp 200.000.000.000
Issued and Fully Paid Capital : Rp 65.000.000
Ticker Code : FOOD
1.1.1 Shareholders : - PT Super Capital Indonesia --76.92%
- Agustus SaniNugroho --0.00%
- Public --23.08%
1.1.2 Company Logo :

1.1.3 Company History

PT SENTRA FOOD INDONESIA, founded on June 28, 2004, is a food and beverage
business that later acquired PT KEMANG FOOD INDUSTRIES and PT SAPBEVERAGES
INDONESIA. PT KEMANG FOOD INDUSTRIES (PT KEMFOOD) is a pioneer in the
Indonesian processed meat business. Mr. Bambang Mustari Sadion (Bob Sadino) established one
of Indonesia's first (Sentrafood - Sejarah Perusahaan, n.d.)processed meat companies in the early
1970s. Along with its development, Bob Sadino established a modern-technology factory in
Jakarta's Pulo Gadung Industrial Estate in 1978. PT KEMANG FOOD INDUSTRIES (PT
KEMFOOD) merged in 2008 and became a subsidiary of PT SUPER CAPITAL INDONESIA,
the parent company of PT SENTRA FOOD INDONESIA Tbk.
PT KEMFOOD currently manufactures a variety of processed meat products such as
sausages, burgers, meatballs, and delicatessen. Aside from these processed meat products, PT
KEMFOOD also manufactures specialized items like as kebabs, dried beef, mayonnaise, and
thousand island dressing. To maintain good quality and quality, all goods manufactured by PT
KEMFOOD are made with high production standards in line with halal standards established by
the Indonesian Ulema Council (MUI) and certified by BPOM.

5
1.1.4 Product Development
PT Sentra Food Indonesia Tbk (FOOD) is expanding into new areas to ensure company
continuity in the face of the COVID-19 epidemic. The company's sales and profit were reduced
by about 25% in the first quarter of 2020 as a result of the Large-Scale Social Restrictions (PSBB)
policy adopted to deal with the epidemic.
According to Karina Larasati Putri, Corporate Secretary of PT Sentra Food Indonesia Tbk.
(FOOD), FOOD would develop new products and sell its goods online to support the strategy.
(FOOD Is Developing New Markets | IDNFinancials, n.d.)According to the firm's disclosure of
information, the PSBB regulation requires the company to minimize the number of people present
in its office. However, the firm has no plans to lay off any staff at this time.
1.2 Company Profile of PT Garuda Food Putra Putri Jaya TBK
Company Name : PT Garuda Food Putra Putri Jaya TBK
Date of Incorporation : 24 Ausgust 1994
LIne of Bussiness : Processed Food
Autorized Capital : Rp 20.000.000.000
Issued and Fully Paid Capital : 7.379.580.291 Shares
Ticker Code : GOOD
1.2.1 Shareholders : - PT Tudung Putra Putri Jaya --21,20%
- Pelican Company Limited – 16,54%
- Kusumo Dewi Ningrum Sunjoto – 8,27%
- Pangayoman Adi Soenjoto – 7,63%
- Sudhamek Agoeng Waspodo S – 7,44%
- Prodjo Handojo Sunjoto – 6,34%
- Rahajoe Dewiningroem Soenjoto – 5,88%
- Public – 4,92%
- Juniastuti – 4,69%
- Untung Rahardjo – 3,83%
- Lestari Santoso Soenjoto – 3,82%
- Darmo Pranoto Soenjoto – 1,67%
- PT Dharma Agung Wijaya – 1,55%
- Hartono Atmadja – 1,34%

6
 - Eka Susanto Widadi Sunarso – 1,23%
- Sri Hastuti Ambarwati – 1,17%
- Sri Martini Dewi – 1,17%
- Hardianto Atmadja – 1,13%
- ESA Program -- 0,18%

1.2.2 Company Logo :

1.2.3 Company History

GarudaFood is a food and beverage company that is part of the Tudung Group. GarudaFood
is a product of PT Tudung, a company based in Pati, Central Java. The late Darmo Putro, a former
combatant who was chosen to be involved in the business sector after Indonesia's independence,
founded the company.(BAB II DESKRIPSI PT GARUDAFOOD PUTRA PUTRI JAYA JAKARTA, n.d.)
TPJ began selling peanut products under the brand Kacang Garing Garuda, which is now
known as Kacang Garuda, in early 1987. When the Indonesian economy was in a slump in
December 1997, PT GarudaFood Jaya (GFJ) launched Gery, a biscuit brand. GarudaFood
purchased PT Triteguh Manunggal Sejati (TRMS), a jelly company, in 1998 and launched jelly
products under the Okky and Keffy brands.
GarudaFood also produces snacks under the Leo brand to supplement its operations.
GarudaFood has a good national value and is regarded one of the foods. According to a poll
performed by Frontier and BusinessWeek Indonesia Magazine in Jakarta and Surabaya between
2006 and 2010, GarudaFood was ranked third among Indonesia's Most Admired Companies
(IMAC). Under the GarudaFood Sehati banner, GarudaFood is also actively engaged in Corporate
Social Responsibility (CSR).
1.2.4 Product Development
To stay in business, the company must be able to provide new and inventive food. As a
result, at the end of last year, we released a new snack product, the Garuda Potato and Garuda
O'Corn brands, which are a brand expansion of the Garuda brand to the non-peanut sector.(Begini
Strategi Garudafood Supaya Penjualan Snack Melaju - Ekonomi Bisnis.Com, n.d.)

Garuda Potato is a crispy food with a distinctive tornado form, and it is Indonesia's first
innovation. Meanwhile, Garuda O'Corn, an open collaborative innovation, collaborates with

7
worldwide partners that have successfully established the Bugles brand. These two items are aimed
towards Indonesian snackers, particularly young adults.
In the midst of difficult global economic conditions and intense rivalry in the food and
beverage business in 2019, the Company managed to post a total sales rise of 4.84 percent, or Rp
8,438.63 billion in sales.
1.3 Company Profile of PT.Indofood CBP Sukses Makmur TBK

Company Name : PT.Indofood CBP Sukses Makmur TBK

Date of Incorporation : 2 Spetember 2009
LIne of Bussiness : Processed Fodd
Autorized Capital : 7,500.000 Shares
Issued and Fully Paid Capital : Rp. 5.830.954.000
Ticker Code : ICBP
1.3.1 Shareholders : PT Indo Food Sukses Makmur TBK --80,53%
Commissioners and Directors --0,00%
Public --19,47%
1.3.2 Company Logo :

1.3.3 Company History

PT. Indofood CBP Sukses Makmur Tbk. (ICBP) is an Indonesian food packaging firm that
manufactures a variety of goods such as instant noodles, dairy products, food spices, snack food,
and nutrition & special foods. ICBP was listed on the Indonesia Stock Exchange on October 7,
2010. The consumer branded product (CBP) branch of PT.Indofood Sukses Makmur (ISM), a
holding company that has been listed on the Indonesia Stock Exchange since 1994, evolved into
ICBP. ISM delivers comprehensive food solutions via four major business groups: consumer
branded goods, Bogasari (flour producer), agriculture, and distribution..(Awal Mula Berdirinya
Indofood > ProdukIndo, n.d.)

8
 All CBP commercial activities, including instant noodles, dairy, food seasonings, snack
foods, nutrition and special foods, and biscuits, which were formerly managed by the Bogasari
Group, have been transferred from ISM to ICBP, which was established in September 2009.
ICBP's main products include instant noodles (Indomie, Supermi, and Sarimi), dairy
(Indomilk), food seasonings (Sambal Indofood, Sirup Indofood, and Bumbu Racik), snack foods
(Chitato and Qtela), and nutrition & special foods (Promina and SUN).
1.3.4 Product Development
Indofood is using a strategy of vertical integration and diversification to expand its business.
Indofood will implement the Mastering The Present, Pre-empting the Future strategy. This strategy
includes focusing on organic growth, utilizing competitive advantage through scale, scope, span,
and speed. Diversification becomes an option for companies when companies face intense
competition and rapid market growth.(Mubarok, 2014)

9
 CHAPTER 2 – HORIZONTAL AND VERTICAL ANALYSIS
2.1 FOOD HORIZONTAL AND VERTICAL ANALYSIS
2.1.1 HORIZONTAL ANALYSIS
Increase or Increase or
PT Sentra Food Indonesia Tbk.
(decrease) During (decrease) During
Descripti (FOOD)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Cash and
cash
equivalen Rp1.494. Rp941.39 Rp2.060. Rp(553.4 Rp565.53
ts 862.411 3.325 397.737 69.086) -37% 5.326 38%
Trade
receivabl
es
Third
party
trade Rp(11.29
receivabl Rp25.724 Rp25.996 Rp14.428 Rp271.77 5.519.68
es .349.362 .124.146 .829.676 4.784 1% 6) -44%
Other
receivabl
es
Other
receivabl
es of
third Rp29.735 Rp14.977 Rp29.735 Rp14.977
parties Rp- .321 .097 .321 .097 0%
Other
receivabl
es related Rp898.39 Rp219.82 Rp(898.3 Rp(678.5
parties 8.981 Rp- 2.216 98.981) -100% 76.765) -76%
Current
inventor
y
Other
current Rp13.987 Rp11.619 Rp13.095 Rp(2.368 Rp(891.8
inventory .749.956 .347.912 .906.571 .402.044) -17% 43.385) -6%
Current
asset
down
payment
Advance
payments Rp953.67 Rp849.41 Rp198.26 Rp(104.2 Rp(755.4
on other 4.763 2.066 6.684 62.697) -11% 08.079) -79%

10
current
assets
TOTAL
CURRE Rp43.05 Rp39.43 Rp30.01 Rp(13.04
NT 9.035.47 6.012.77 8.199.98 Rp(3.623 0.835.49
ASSETS 3 0 1 .022.703) -8% 2) -30%

Investme
nts in
subsidiar
ies, joint
ventures,
and
associate
entities
Investme
nts in
associate Rp2.000. Rp2.000. Rp2.000.
entities 000 000 000 Rp- 0% Rp- 0%
Non-
current
financial
assets
Other
non-
current
financial Rp1.587. Rp1.442. Rp(145.4 Rp(1.587
assets 681.772 263.322 Rp- 18.450) -9% .681.772) -100%
Deferred
Rp1.603. Rp1.195. Rp3.190. Rp(407.2 Rp1.587.
tax assets
215.120 924.602 981.057 90.518) -25% 765.937 99%
Fixed
Rp76.876 Rp76.510 Rp79.549 Rp(365.9 Rp2.672.
assets
.401.038 .448.252 .246.582 52.786) 0% 845.544 3%
Deferred
load Rp-
Other
deferred Rp3.569. Rp(3.569 Rp(3.569
loads 500.000 Rp- Rp- .500.000) -100% .500.000) -100%
Other
non-
current
non-
financial Rp431.80 Rp431.80
assets 8.571 Rp- 8.571 0%

11
TOTAL
NON-
Rp83.63 Rp79.15 Rp83.17
CURRE
8.797.93 0.636.17 4.036.21
NT Rp(4.488 Rp(464.7
0 6 0
ASSETS .161.754) -5% 61.720) -1%

TOTAL Rp126.6 Rp118.5 Rp113.1 Rp(13.50

ASSETS 97.833.4 86.648.9 92.236.1 Rp(8.111 5.597.21
03 46 91 .184.457) -6% 2) -11%

Increase or Increase or
PT Sentra Food Indonesia Tbk.
(decrease) During (decrease) During
Descripti (FOOD)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Short-
term Rp15.609 Rp14.174 Rp17.636 Rp(1.434 Rp2.027.
loans .757.362 .923.072 .960.232 .834.290) -9% 202.870 13%
Business
payables Rp-
Third
party
business Rp14.597 Rp10.734 Rp10.864 Rp(3.863 Rp(3.733
payables .832.707 .817.479 .148.668 .015.228) -26% .684.039) -26%
Other
payables Rp-
Other
third-
party Rp2.420. Rp3.118. Rp684.17 Rp698.00 Rp681.75
payables 000 000 6.176 0 29% 6.176 28172%
Other
related
party Rp1.882. Rp984.48 Rp984.48 Rp(898.3 Rp(898.3
payables 881.140 2.159 2.159 98.981) -48% 98.981) -48%
Short-
term
accrual Rp11.632 Rp3.743. Rp4.698. Rp(7.888 Rp(6.933
expenses .388.023 535.681 859.209 .852.342) -68% .528.814) -60%
Tax
Rp1.349. Rp909.47 Rp2.755. Rp(439.5 Rp1.406.
payable
039.444 8.259 491.525 61.185) -33% 452.081 104%
Short-
term
deferred Rp2.747. Rp563.50 Rp(2.183 Rp(2.747
income 141.701 5.362 Rp- .636.339) -79% .141.701) -100%

12
Long-
term
liabilities
due in
one year Rp-
Long-
term
liabilities
due in
one year
on bank Rp4.115. Rp3.746. Rp2.511. Rp(369.6 Rp(1.603
loans 805.793 124.807 954.778 80.986) -9% .851.015) -39%
Long-
term
liabilities
due in
one year
on
consumer
financing Rp46.606 Rp61.477 Rp44.128 Rp14.870 Rp(2.478
debt .640 .548 .452 .908 32% .188) -5%
Long-
term
liabilities
due in
one year
on
financing
lease
obligatio Rp4.442. Rp(4.442 Rp(4.442
ns 620.595 Rp11.242 Rp- .609.353) -100% .620.595) -100%
TOTAL
SHORT-
Rp56.42 Rp34.92 Rp40.18
TERM Rp(21.50 Rp(16.24
6.493.40 1.473.60 0.201.19
LIABILI 5.019.79 6.292.20
5 9 9
TIES 6) -38% 6) -29%

Deferred
tax Rp13.753 Rp(13.75 Rp(13.75
liabilities .125 Rp- Rp- 3.125) -100% 3.125) -100%
Long-
term
liabilities
after
deductin
g the Rp-

13
portion
due in
one year
Long-
term
liabilities
for bank Rp5.138. Rp1.392. Rp7.239. Rp(3.746 Rp2.100.
debt 981.951 857.143 821.543 .124.808) -73% 839.592 41%
Long-
term
liabilities
for
consumer
financing Rp91.811 Rp44.128 Rp(47.68 Rp(91.81
debt .265 .452 Rp- 2.813) -52% 1.265) -100%
Long-
term
liabilities
for
financing
lease
obligatio Rp620.67 Rp(620.6 Rp(620.6
ns 1.841 Rp- Rp- 71.841) -100% 71.841) -100%
Long-
term
deferred Rp646.59 Rp(646.5 Rp(646.5
income 9.111 Rp- Rp- 99.111) -100% 99.111) -100%
Long-
term
post-
employm
ent
benefits
obligatio Rp8.789. Rp8.176. Rp9.530. Rp(613.0 Rp741.08
ns 611.175 569.868 697.191 41.307) -7% 6.016 8%
TOTAL
LONG-
Rp15.30 Rp16.77
TERM Rp9.613.
1.428.46 0.518.73
LIABILI 555.463 Rp(5.687 Rp1.469.
8 4
TIES .873.005) -37% 090.266 10%
TOTAL
Rp71.72 Rp44.53 Rp56.95 Rp(27.19 Rp(14.77
LIABILI
7.921.87 5.029.07 0.719.93 2.892.80 7.201.94
TIES
3 2 3 1) -38% 0) -21%

14
 Increase or Increase or
PT Sentra Food Indonesia Tbk.
(decrease) During (decrease) During
Descripti (FOOD)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Equity
attributa
ble to
owners
of the
parent
Common
Rp50.000 Rp65.000 Rp65.000 Rp15.000 Rp15.000
stock
.000.000 .000.000 .000.000 .000.000 30% .000.000 30%
Addition
al paid-in Rp(3.488 Rp(2.283 Rp(2.283 Rp1.204. Rp1.204.
capital .556.266) .792.080) .792.080) 764.186 -35% 764.186 -35%
Retained
earnings
(accumul
ated
losses)
Profit
balance
that has
been Rp(13.51 Rp(13.31
determin Rp(200.9 Rp2.050. 8.556.26 Rp2.251. 7.589.98
ed for use 66.276) 742.019 2) 708.295 -1120% 6) 6627%
Amount
of equity
attributab
le to
owners of Rp46.310 Rp64.766 Rp49.197 Rp18.456 Rp2.887.
the parent .477.458 .949.939 .651.658 .472.481 40% 174.200 6%
Non-
controllin
g Rp8.659. Rp9.284. Rp7.043. Rp625.23 Rp(1.615
interests 434.072 669.935 864.600 5.863 7% .569.472) -19%

Rp54.96 Rp74.05 Rp56.24 Rp19.08

EQUITY
9.911.53 1.619.87 1.516.25 1.708.34 Rp1.271.
0 4 8 4 35% 604.728 2%

TOTAL Rp126.6 Rp118.5 Rp113.1 Rp(13.50

EQUITY 97.833.4 86.648.9 92.236.1 Rp(8.111 5.597.21
AND 03 46 91 .184.457) -6% 2) -11%

15
LIABILI
TIES

2.1.2 VERTICAL ANALYSIS

PT Sentra Food Indonesia Tbk. (FOOD)

Descriptio
n Percentag Percentag Percentag
2018 2019 2020
e e e
Cash and
cash Rp1.494.86 Rp941.393. Rp2.060.39
equivalents 2.411 1,18% 325 0,79% 7.737 1,82%
Trade
receivable
s
Third party
trade Rp25.724.3 Rp25.996.1 Rp14.428.8
receivables 49.362 20,30% 24.146 21,92% 29.676 12,75%
Other
receivable
s
Other
receivables
of third Rp29.735.3 Rp14.977.0
parties Rp- 0,00% 21 0,03% 97 0,01%
Other
receivables
related Rp898.398. Rp219.822.
parties 981 0,71% Rp- 0,00% 216 0,19%
Current
inventory
Other
current Rp13.987.7 Rp11.619.3 Rp13.095.9
inventory 49.956 11,04% 47.912 9,80% 06.571 11,57%
Current
asset down
payment
Advance
payments
on other
current Rp953.674. Rp849.412. Rp198.266.
assets 763 0,75% 066 0,72% 684 0,18%
TOTAL
CURREN Rp43.059. Rp39.436. Rp30.018.
T ASSETS 035.473 33,99% 012.770 33,26% 199.981 26,52%

16
Investmen
ts in
subsidiarie
s, joint
ventures,
and
associate
entities
Investment
s in
associate Rp2.000.00 Rp2.000.00 Rp2.000.00
entities 0 0,00% 0 0,00% 0 0,00%
Non-
current
financial
assets
Other non-
current
financial Rp1.587.68 Rp1.442.26
assets 1.772 1,25% 3.322 1,22% Rp- 0,00%
Deferred
Rp1.603.21 Rp1.195.92 Rp3.190.98
tax assets
5.120 1,27% 4.602 1,01% 1.057 2,82%
Fixed
Rp76.876.4 Rp76.510.4 Rp79.549.2
assets
01.038 60,68% 48.252 64,52% 46.582 70,28%
Deferred
load
Other
deferred Rp3.569.50
loads 0.000 2,82% Rp- 0,00% Rp- 0,00%
Other non-
current
non-
financial Rp431.808.
assets 0,00% 0,00% 571 0,38%
TOTAL
NON-
Rp83.638. Rp79.150. Rp83.174.
CURREN
797.930 636.176 036.210
T ASSETS 66,01% 66,74% 73,48%
TOTAL
Rp126.697 Rp118.586 Rp113.192
ASSETS
.833.403 100,00% .648.946 100,00% .236.191 100,00%

Descriptio
PT Sentra Food Indonesia Tbk. (FOOD)
n

17
 Percentag Percentag Percentag
2018 2019 2020
e e e
Short-term
Rp15.609.7 Rp14.174.9 Rp17.636.9
loans
57.362 12,32% 23.072 11,95% 60.232 15,58%
Business
payables
Third party
business Rp14.597.8 Rp10.734.8 Rp10.864.1
payables 32.707 11,52% 17.479 9,05% 48.668 9,60%
Other
payables
Other
third-party Rp2.420.00 Rp3.118.00 Rp684.176.
payables 0 0,00% 0 0,00% 176 0,60%
Other
related
party Rp1.882.88 Rp984.482. Rp984.482.
payables 1.140 1,49% 159 0,83% 159 0,87%
Short-term
accrual Rp11.632.3 Rp3.743.53 Rp4.698.85
expenses 88.023 9,18% 5.681 3,16% 9.209 4,15%
Tax
Rp1.349.03 Rp909.478. Rp2.755.49
payable
9.444 1,06% 259 0,77% 1.525 2,43%
Short-term
deferred Rp2.747.14 Rp563.505.
income 1.701 2,17% 362 0,48% Rp- 0,00%
Long-term
liabilities
due in one
year
Long-term
liabilities
due in one
year on Rp4.115.80 Rp3.746.12 Rp2.511.95
bank loans 5.793 3,25% 4.807 3,16% 4.778 2,22%
Long-term
liabilities
due in one
year on
consumer
financing Rp46.606.6 Rp61.477.5 Rp44.128.4
debt 40 0,04% 48 0,05% 52 0,04%

18
Long-term
liabilities
due in one
year on
financing
lease Rp4.442.62
obligations 0.595 3,51% Rp11.242 0,00% Rp- 0,00%
TOTAL
SHORT-
TERM Rp56.426. Rp34.921. Rp40.180.
LIABILIT 493.405 473.609 201.199
IES 44,54% 29,45% 35,50%

Deferred
tax Rp13.753.1
liabilities 25 0,01% Rp- 0,00% Rp- 0,00%
Long-term
liabilities
after
deducting
the
portion
due in one
year
Long-term
liabilities
for bank Rp5.138.98 Rp1.392.85 Rp7.239.82
debt 1.951 4,06% 7.143 1,17% 1.543 6,40%
Long-term
liabilities
for
consumer
financing Rp91.811.2 Rp44.128.4
debt 65 0,07% 52 0,04% Rp- 0,00%
Long-term
liabilities
for
financing
lease Rp620.671.
obligations 841 0,49% Rp- 0,00% Rp- 0,00%
Long-term
deferred Rp646.599.
income 111 0,51% Rp- 0,00% Rp- 0,00%
Long-term
post- Rp8.789.61 Rp8.176.56 Rp9.530.69
employme 1.175 6,94% 9.868 6,90% 7.191 8,42%

19
nt benefits
obligations
TOTAL
LONG-
TERM Rp15.301. Rp9.613.5 Rp16.770.
LIABILIT 428.468 55.463 518.734
IES 12,08% 8,11% 14,82%
TOTAL
LIABILIT Rp71.727. Rp44.535. Rp56.950.
IES 921.873 56,61% 029.072 37,55% 719.933 50,31%

PT Sentra Food Indonesia Tbk. (FOOD)

Descriptio
n Percentag Percentag Percentag
2018 2019 2020
e e e
Equity
attributabl
e to
owners of
the parent
Common
Rp50.000.0 Rp65.000.0 Rp65.000.0
stock
00.000 39,46% 00.000 54,81% 00.000 57,42%
Additional
paid-in Rp(3.488.5 Rp(2.283.7 Rp(2.283.7
capital 56.266) -2,75% 92.080) -1,93% 92.080) -2,02%
Retained
earnings
(accumula
ted losses)
Profit
balance
that has
been
determined Rp(200.96 Rp2.050.74 Rp(13.518.
for use 6.276) -0,16% 2.019 1,73% 556.262) -11,94%
Amount of
equity
attributable
to owners
of the Rp46.310.4 Rp64.766.9 Rp49.197.6
parent 77.458 36,55% 49.939 54,62% 51.658 43,46%
Non-
controlling Rp8.659.43 Rp9.284.66 Rp7.043.86
interests 4.072 6,83% 9.935 7,83% 4.600 6,22%

20
EQUITY Rp54.969. Rp74.051. Rp56.241.
911.530 43,39% 619.874 62,45% 516.258 49,69%
TOTAL
EQUITY
AND
LIABILIT Rp126.697 Rp118.586 Rp113.192
IES .833.403 100,00% .648.946 100,00% .236.191 100,00%

2.2 GOOD HORIZONTAL AND VERTICAL ANALYSIS

2.2.1 HORIZONTAL ANALYSIS
Increase or Increase or
PT Garudafood Putra Putri
(decrease) (decrease)
Jaya Tbk. (GOOD)
Description During 2019 during 2020
Perce Perce
2018 2019 2020 Total Total
ntage ntage

Cash and cash Rp217.6 Rp485.1 Rp859. Rp267.4 Rp641.6

equivalents 97.179.4 36.396.2 338.834 39.216.7 122,8 41.654.6 294,7
98 67 .174 69 5% 76 4%
Business
receivables

Third party business Rp437.7 Rp463.6 Rp493. Rp25.87 Rp55.49

receivables 61.876.9 38.235.2 259.097 6.358.39 7.220.57 12,68
03 95 .479 2 5,91% 6 %

Receivables of the Rp19.28 Rp20.5 Rp13.36 Rp14.62

party's business Rp5.910 0.155.45 37.613. 9.483.04 226,1 6.941.20 247,4
.672.406 1 610 5 9% 4 7%
Other receivables

Other third-party Rp147.3 Rp11.7 Rp140.8

receivables Rp6.537 89.418.4 25.678. 52.275.9 2154, Rp5.188. 79,37
.142.477 35 878 58 65% 536.401 %

Other receivables Rp35.93 Rp28.14 Rp32.6 -

are party to do 9.446.07 5.423.02 13.565. Rp(7.794 21,69 Rp(3.325 -
5 5 515 .023.050) % .880.560) 9,25%
Current supplies

Other current Rp810.6 Rp804.8 Rp861. Rp51.17

supplies 45.851.7 86.752.9 818.731 Rp(5.759 - 2.880.16
91 99 .958 .098.792) 0,71% 7 6,31%

21
Fees paid in advance Rp28.77 Rp29.43 Rp8.07 Rp(20.70 -
smoothly 6.723.21 3.427.40 3.478.5 Rp656.7 3.244.66 71,94
4 4 48 04.190 2,28% 6) %
Smooth down
payment

Other smooth down Rp20.62 Rp21.41 Rp26.9

payments 0.025.01 0.886.11 56.530. Rp790.8 Rp6.336. 30,73
9 5 113 61.096 3,84% 505.094 %
- -
Taxes paid in
Rp6.656 Rp565.4 Rp(6.091 91,51 Rp(6.656 100,0
advance smoothly
.851.923 13.752 Rp- .438.171) % .851.923) 0%
TOTAL
Rp1.57 Rp1.99 Rp2.31 Rp429.3 Rp743.7
CURRENT OF
0.545.76 9.886.10 4.323.5 40.339.4 27,34 77.760.9 47,36
ASSETS
9.306 8.743 30.275 37 % 69 %

Investments in
subsidiaries, joint
ventures, and
associate entities

Investments in Rp10.0
associate entities Rp7.628 Rp8.199 40.082. Rp571.5 Rp2.411. 31,61
.424.177 .983.280 726 59.103 7,49% 658.549 %

Rp62.47 Rp35.09 Rp38.8 Rp(27.38 - Rp(23.61 -

Deferred tax assets
1.084.14 1.083.53 55.984. 0.000.61 43,83 5.099.49 37,80
9 9 654 0) % 5) %

Rp2.280 Rp2.715 Rp3.21 Rp434.6 Rp936.9

Fixed assets
.734.909 .366.689 7.662.2 31.779.3 19,06 27.379.9 41,08
.765 .138 89.685 73 % 20 %
Claims on tax
Rp21.6 Rp21.62
returns are not
Rp4.827 20.945. Rp4.827. 0.945.46
current
Rp- .807.887 467 807.887 0,00% 7 0,00%

Rp735. Rp735.9
Goodwill
986.807 86.807.4
.446 Rp- 0,00% 46 0,00%

Intangible assets Rp34.05 Rp29.72 Rp22.2 - Rp(11.78 -

other than goodwill 3.507.42 8.972.33 67.178. Rp(4.324 12,70 6.328.59 34,61
6 8 830 .535.088) % 6) %

22
Other non-financial
Rp256.9 Rp269.9 Rp210. Rp12.99 Rp(46.76 -
non-financial non-
74.610.8 67.027.4 212.821 2.416.62 1.788.91 18,20
current assets
60 89 .950 9 5,06% 0) %
TOTAL OF NON-
Rp2.64 Rp3.06 Rp4.25 Rp421.3 Rp1.614.
CURRENT
1.862.53 3.181.56 6.646.1 19.027.2 15,95 783.574. 61,12
ASSETS
6.377 3.671 10.758 94 % 381 %

TOTAL OF Rp4.21 Rp5.06 Rp6.57 Rp850.6 Rp2.358.

ASSETS 2.408.30 3.067.67 0.969.6 59.366.7 20,19 561.335. 55,99
5.683 2.414 41.033 31 % 350 %

Increase or Increase or
PT Garudafood Putra Putri
(decrease) (decrease)
Jaya Tbk. (GOOD)
Description During 2019 during 2020
Perce Perce
2018 2019 2020 Total Total
ntage ntage

Rp149.6 Rp18.11 Rp(131.5 - Rp(148.6 -

Short-term loans
44.858.3 9.556.79 Rp977. 25.301.5 87,89 67.804.3 99,35
45 1 054.042 54) % 03) %
Business debt

Third-party business Rp666.6 Rp690.7 Rp767. Rp24.14 Rp100.4

debt 05.564.9 54.418.8 045.178 8.853.87 39.613.8 15,07
71 48 .861 7 3,62% 90 %

Business debt of the Rp145.7 Rp144.5 Rp135. Rp(10.57

party is relevant 54.064.7 51.714.6 177.548 Rp(1.202 - 6.516.52 -
60 51 .239 .350.109) 0,82% 1) 7,26%
Other debts

Other third-party Rp17.74 Rp14.77 Rp31.1 - Rp13.37

debt 2.635.02 9.891.52 14.232. Rp(2.962 16,70 1.597.26 75,36
6 6 293 .743.500) % 7 %

Other debts are Rp4.56

relevant parties Rp1.490 Rp2.064 8.261.4 Rp573.7 38,50 Rp3.077. 206,5
.266.291 .059.422 94 93.131 % 995.203 4%
Short-term
customer down
payment

23
Third-party short-
Rp5.98 -
term customer down
Rp3.832 Rp866.3 8.711.6 Rp(2.966 77,40 Rp2.156. 56,26
payment
.529.986 01.473 08 .228.513) % 181.622 %

Other short-term Rp58.0 Rp58.00

financial obligations 04.439. 4.439.88
880 Rp- 0,00% 0 0,00%

Short-term accrual Rp217.0 Rp140.4 Rp200. Rp(76.56 - Rp(16.25

expense 27.745.4 63.224.6 769.858 4.520.80 35,28 7.886.72 -
50 48 .723 2) % 7) 7,49%
Short-term post-
Rp53.59 Rp28.29 Rp37.0 Rp(25.30 - Rp(16.52 -
employment reward
7.701.77 7.373.47 72.714. 0.328.29 47,20 4.987.35 30,83
obligations
3 8 418 5) % 5) %

Rp42.82 Rp26.89 Rp42.0 Rp(15.93 -

Tax debt
3.946.16 1.431.42 19.248. 2.514.74 37,20 Rp(804.6 -
9 3 374 6) % 97.795) 1,88%
Long-term
liabilities due in
one year
Long-term liabilities
Rp10.99 Rp212.3 Rp12.5 Rp201.3
maturing within one
2.792.22 33.333.3 00.000. 40.541.1 1831, Rp1.507. 13,71
year of bank debt
8 35 000 07 57% 207.772 %
Long-term liabilities
due within one year Rp5.58
of consumer Rp3.791 Rp5.295 8.155.2 Rp1.503. 39,64 Rp1.796. 47,37
financing debt .965.189 .107.301 15 142.112 % 190.026 %
Long-term liabilities
due within one year Rp14.85 Rp19.46 Rp20.7
of financing lease 8.973.31 5.318.74 04.364. Rp4.606. 31,00 Rp5.845. 39,34
obligations 2 1 517 345.429 % 391.205 %
TOTAL OF
Rp1.32 Rp1.30 Rp1.32 Rp(24.2 - Rp(6.63 -
SHORT-TERM
8.163.04 3.881.73 1.529.7 81.311.8 1,83 3.275.83 0,50
LIABILITIES
3.500 1.637 67.664 63) % 6) %

Long-term
liabilities after
deducting the
portion due in one
year

24
Long-term liabilities Rp301.7 Rp880.4 Rp2.17 Rp578.6 Rp1.870.
on bank debt 56.500.0 16.666.6 2.617.0 60.166.6 860.561. 619,9
00 65 61.393 65 192% 393 9%
Long-term liabilities
Rp4.64
on consumer
Rp4.423 Rp4.906 5.829.4 Rp483.7 Rp222.7
financing debt
.097.329 .895.938 87 98.609 11% 32.158 5,04%
Long-term liability
Rp28.75 Rp35.54 Rp19.1 -
for financing lease
8.446.56 8.130.21 63.206. Rp6.789. Rp(9.595 33,36
obligations
0 3 880 683.653 24% .239.680) %
Long-term post-
Rp36.00 Rp50.40 Rp60.6 Rp14.39 Rp24.67
employment reward
6.843.00 5.001.00 79.610. 8.158.00 2.767.20 68,52
obligations
0 0 206 0 40% 6 %

Other long-term Rp23.89 Rp22.38 Rp97.8 Rp74.00

financial obligations 1.898.61 8.482.04 97.376. Rp(1.503 5.477.63 309,7
4 6 250 .416.568) -6% 6 5%
TOTAL OF
Rp394. Rp993. Rp2.35 Rp598.8 Rp1.960.
LONG-TERM
836.785. 665.175. 5.003.0 28.390.3 166.298. 496,4
LIABILITIES
503 862 84.216 59 152% 713 5%

TOTAL OF Rp1.72 Rp2.29 Rp3.67 Rp574.5 Rp1.953.

LIABILITIES 2.999.82 7.546.90 6.532.8 47.078.4 533.022. 113,3
9.003 7.499 51.880 96 33% 877 8%

Increase or Increase or
PT Garudafood Putra Putri
(decrease) (decrease)
Jaya Tbk. (GOOD)
Description During 2019 during 2020
Perce Perce
2018 2019 2020 Total Total
ntage ntage
Equity attributable
to owners of the
parent entity

Rp737.9 Rp737.9 Rp737.

Common stock
58.029.1 58.029.1 958.029
00 00 .100 Rp- 0,00% Rp- 0,00%

Additional paid-up Rp909.2 Rp909.2 Rp909.

capital 88.729.8 88.729.8 288.729
34 34 .834 Rp- 0,00% Rp- 0,00%

25
 Rp(30.0 Rp(30.07
Treasury shares
78.907. 8.907.47
476) Rp- 0,00% 6) 0,00%
Profit balance
(accumulated loss)

Predefined profit Rp10.0 Rp10.00

balance Rp5.000 00.000. Rp5.000. 0.000.00
Rp- .000.000 000 000.000 0,00% 0 0,00%

Undetermined profit Rp687.0 Rp949.8 Rp942. Rp262.7 Rp255.6

balance 73.239.1 49.600.6 740.288 76.361.5 38,25 67.049.2 37,21
01 63 .335 62 % 34 %
Amount of equity
attributable to the Rp2.334 Rp2.602 Rp2.56 Rp267.7 Rp235.5
owner of the parent .319.998 .096.359 9.908.1 76.361.5 11,47 88.141.7 10,09
entity .035 .597 39.793 62 % 58 %

Non-controlling Rp155.0 Rp163.4 Rp324. Rp169.4

interests 88.478.6 24.405.3 528.649 Rp8.335. 40.170.7 109,2
45 18 .360 926.673 5,37% 15 5%

Rp2.48 Rp2.76 Rp2.89 Rp276.1 Rp405.0

EQUITY
9.408.47 5.520.76 4.436.7 12.288.2 11,09 28.312.4 16,27
6.680 4.915 89.153 35 % 73 %

TOTAL OF Rp4.21 Rp5.06 Rp6.57 Rp850.6 Rp2.358.

LIABILITIES 2.408.30 3.067.67 0.969.6 59.366.7 20,19 561.335. 55,99
AND EQUITY 5.683 2.414 41.033 31 % 350 %

2.2.2 VERTICAL ANALYSIS

PT Garudafood Putra Putri Jaya Tbk. (GOOD)

Description Per Per Per
2018 cent 2019 cent 2020 cent
age age age

Cash and cash equivalents Rp217.697. 5,17 Rp485.136. 9,58 Rp859.338.83 13,0
179.498 % 396.267 % 4.174 8%
Business receivables
Third party business
Rp437.761. 10,3 Rp463.638. 9,16 Rp493.259.09 7,51
receivables
876.903 9% 235.295 % 7.479 %

26
Receivables of the party's
Rp5.910.67 0,14 Rp19.280.1 0,38 Rp20.537.613. 0,31
business
2.406 % 55.451 % 610 %
Other receivables
Other third-party
Rp6.537.14 0,16 Rp147.389. 2,91 Rp11.725.678. 0,18
receivables
2.477 % 418.435 % 878 %
Other receivables are party
Rp35.939.4 0,85 Rp28.145.4 0,56 Rp32.613.565. 0,50
to do
46.075 % 23.025 % 515 %
Current supplies

Other current supplies Rp810.645. 19,2 Rp804.886. 15,9 Rp861.818.73 13,1

851.791 4% 752.999 0% 1.958 2%
Fees paid in advance
Rp28.776.7 0,68 Rp29.433.4 0,58 Rp8.073.478.5 0,12
smoothly
23.214 % 27.404 % 48 %
Smooth down payment
Other smooth down
Rp20.620.0 0,49 Rp21.410.8 0,42 Rp26.956.530. 0,41
payments
25.019 % 86.115 % 113 %
Taxes paid in advance
Rp6.656.85 0,16 Rp565.413. 0,01 0,00
smoothly
1.923 % 752 % Rp- %
TOTAL CURRENT OF
Rp1.570.54 37,2 Rp1.999.88 39,5 Rp2.314.323. 35,2
ASSETS
5.769.306 8% 6.108.743 0% 530.275 2%

Investments in
subsidiaries, joint
ventures, and associate
entities
Investments in associate
Rp7.628.42 0,18 Rp8.199.98 0,16 Rp10.040.082. 0,15
entities
4.177 % 3.280 % 726 %

Deferred tax assets Rp62.471.0 1,48 Rp35.091.0 0,69 Rp38.855.984. 0,59

84.149 % 83.539 % 654 %

Fixed assets Rp2.280.73 54,1 Rp2.715.36 53,6 Rp3.217.662.2 48,9

4.909.765 4% 6.689.138 3% 89.685 7%
Claims on tax returns are
0,00 Rp4.827.80 0,10 Rp21.620.945. 0,33
not current
Rp- % 7.887 % 467 %

27
Goodwill 0,00 0,00 Rp735.986.80 11,2
% % 7.446 0%
Intangible assets other than
Rp34.053.5 0,81 Rp29.728.9 0,59 Rp22.267.178. 0,34
goodwill
07.426 % 72.338 % 830 %
Other non-financial non-
Rp256.974. 6,10 Rp269.967. 5,33 Rp210.212.82 3,20
financial non-current assets
610.860 % 027.489 % 1.950 %
TOTAL OF NON-
Rp2.641.86 62,7 Rp3.063.18 60,5 Rp4.256.646. 64,7
CURRENT ASSETS
2.536.377 2% 1.563.671 0% 110.758 8%
100, 100, 100,
TOTAL OF ASSETS Rp4.212.40 00 Rp5.063.06 00 Rp6.570.969. 00
8.305.683 % 7.672.414 % 641.033 %

PT Garudafood Putra Putri Jaya Tbk. (GOOD)

Description Per Per Per
2018 cent 2019 cent 2020 cent
age age age

Short-term loans Rp149.644. 3,55 Rp18.119.5 0,36 Rp977.054.04 0,01

858.345 % 56.791 % 2 %
Business debt

Third-party business debt Rp666.605. 15,8 Rp690.754. 13,6 Rp767.045.17 11,6

564.971 2% 418.848 4% 8.861 7%
Business debt of the party
Rp145.754. 3,46 Rp144.551. 2,86 Rp135.177.54 2,06
is relevant
064.760 % 714.651 % 8.239 %
Other debts

Other third-party debt Rp17.742.6 0,42 Rp14.779.8 0,29 Rp31.114.232. 0,47

35.026 % 91.526 % 293 %
Other debts are relevant
Rp1.490.26 0,04 Rp2.064.05 0,04 Rp4.568.261.4 0,07
parties
6.291 % 9.422 % 94 %
Short-term customer
down payment
Third-party short-term
Rp3.832.52 0,09 Rp866.301. 0,02 Rp5.988.711.6 0,09
customer down payment
9.986 % 473 % 08 %

28
Other short-term financial
0,00 0,00 Rp58.004.439. 0,88
obligations
% % 880 %

Short-term accrual expense Rp217.027. 5,15 Rp140.463. 2,77 Rp200.769.85 3,06

745.450 % 224.648 % 8.723 %
Short-term post-
employment reward Rp53.597.7 1,27 Rp28.297.3 0,56 Rp37.072.714. 0,56
obligations 01.773 % 73.478 % 418 %

Tax debt Rp42.823.9 1,02 Rp26.891.4 0,53 Rp42.019.248. 0,64

46.169 % 31.423 % 374 %
Long-term liabilities due
in one year
Long-term liabilities
maturing within one year of Rp10.992.7 0,26 Rp212.333. 4,19 Rp12.500.000. 0,19
bank debt 92.228 % 333.335 % 000 %
Long-term liabilities due
within one year of Rp3.791.96 0,09 Rp5.295.10 0,10 Rp5.588.155.2 0,09
consumer financing debt 5.189 % 7.301 % 15 %
Long-term liabilities due
within one year of Rp14.858.9 0,35 Rp19.465.3 0,38 Rp20.704.364. 0,32
financing lease obligations 73.312 % 18.741 % 517 %
TOTAL OF SHORT-
Rp1.328.16 31,5 Rp1.303.88 25,7 Rp1.321.529. 20,1
TERM LIABILITIES
3.043.500 3% 1.731.637 5% 767.664 1%

Long-term liabilities after

deducting the portion due
in one year
Long-term liabilities on
Rp301.756. 7,16 Rp880.416. 17,3 Rp2.172.617.0 33,0
bank debt
500.000 % 666.665 9% 61.393 6%
Long-term liabilities on
Rp4.423.09 0,11 Rp4.906.89 0,10 Rp4.645.829.4 0,07
consumer financing debt
7.329 % 5.938 % 87 %
Long-term liability for
Rp28.758.4 0,68 Rp35.548.1 0,70 Rp19.163.206. 0,29
financing lease obligations
46.560 % 30.213 % 880 %
Long-term post-
employment reward Rp36.006.8 0,85 Rp50.405.0 1,00 Rp60.679.610. 0,92
obligations 43.000 % 01.000 % 206 %
Other long-term financial
Rp23.891.8 0,57 Rp22.388.4 0,44 Rp97.897.376. 1,49
obligations
98.614 % 82.046 % 250 %

29
TOTAL OF LONG-
Rp394.836. 9,37 Rp993.665. 19,6 Rp2.355.003. 35,8
TERM LIABILITIES
785.503 % 175.862 3% 084.216 4%
TOTAL OF
Rp1.722.99 40,9 Rp2.297.54 45,3 Rp3.676.532. 55,9
LIABILITIES
9.829.003 0% 6.907.499 8% 851.880 5%

PT Garudafood Putra Putri Jaya Tbk. (GOOD)

Description Per Per Per
2018 cent 2019 cent 2020 cent
age age age
Equity attributable to
owners of the parent
entity

Common stock Rp737.958. 17,5 Rp737.958. 14,5 Rp737.958.02 11,2

029.100 2% 029.100 8% 9.100 3%

Additional paid-up capital Rp909.288. 21,5 Rp909.288. 17,9 Rp909.288.72 13,8

729.834 9% 729.834 6% 9.834 4%
-
Treasury shares 0,00 0,00 Rp(30.078.90 0,46
% % 7.476) %
Profit balance
(accumulated loss)

Predefined profit balance 0,00 Rp5.000.00 0,10 Rp10.000.000. 0,15

Rp- % 0.000 % 000 %
Undetermined profit
Rp687.073. 16,3 Rp949.849. 18,7 Rp942.740.28 14,3
balance
239.101 1% 600.663 6% 8.335 5%
Amount of equity
attributable to the owner of Rp2.334.31 55,4 Rp2.602.09 51,3 Rp2.569.908.1 39,1
the parent entity 9.998.035 2% 6.359.597 9% 39.793 1%

Non-controlling interests Rp155.088. 3,68 Rp163.424. 3,23 Rp324.528.64 4,94

478.645 % 405.318 % 9.360 %

EQUITY Rp2.489.40 59,1 Rp2.765.52 54,6 Rp2.894.436. 44,0

8.476.680 0% 0.764.915 2% 789.153 5%
TOTAL OF 100, 100, 100,
LIABILITIES AND Rp4.212.40 00 Rp5.063.06 00 Rp6.570.969. 00
EQUITY 8.305.683 % 7.672.414 % 641.033 %

30
2.3 ICBP HORIZONTAL AND VERTICAL ANALYSIS
2.3.1 HORIZONTAL ANALYSIS
Increase or Increase or
PT Indofood CBP Sukses
(decrease) During (decrease) During
Descripti Makmur Tbk. (ICBP)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Cash and
cash Rp4.726. Rp8.359. Rp9.535. Rp3.632. Rp4.808.
equivalen 822.000. 164.000. 418.000. 342.000. 596.000.
ts 000 000 000 000 76,85% 000 101,73%
Short-
term Rp563.84 Rp(563.8 Rp(563.8
investme 0.000.00 40.000.0 40.000.0
nts 0 Rp- Rp- 00) -100,00% 00) -100,00%
Trade
receivabl
es
Third
party
trade Rp1.117. Rp1.065. Rp2.380. Rp(51.12 Rp1.263.
receivabl 009.000. 882.000. 015.000. 7.000.00 006.000.
es 000 000 000 0) -4,58% 000 113,07%
Related
party
trade Rp3.011. Rp2.983. Rp2.893. Rp(27.77 Rp(117.7
receivabl 182.000. 408.000. 401.000. 4.000.00 81.000.0
es 000 000 000 0) -0,92% 00) -3,91%
Other
receivabl
es
Other
receivabl
es of Rp(53.75 Rp(16.55
third Rp75.901 Rp22.150 Rp59.349 1.000.00 2.000.00
parties .000.000 .000.000 .000.000 0) -70,82% 0) -21,81%
Other
receivabl Rp413.99 Rp346.72
es related Rp67.264 Rp60.510 0.000.00 Rp(6.754 6.000.00
parties .000.000 .000.000 0 .000.000) -10,04% 0 515,47%
Current
inventor
y
Other
current
inventory Rp4.001. Rp3.840. Rp4.586. Rp(160.5 -4,01% Rp585.66 14,64%

31
 277.000. 690.000. 940.000. 87.000.0 3.000.00
000 000 000 00) 0
Current
asset
down
payment
Advance
payments
on other Rp334.44 Rp169.94 Rp628.83 Rp(164.5 Rp294.39
current 1.000.00 1.000.00 9.000.00 00.000.0 8.000.00
assets 0 0 0 00) -49,19% 0 88,03%

Prepaid Rp118.15 Rp165.43 Rp(40.51

taxes 2.000.00 Rp77.638 9.000.00 4.000.00 Rp47.287
0 .000.000 0 0) -34,29% .000.000 40,02%
Other
current
non- Rp105.68 Rp(60.13 Rp(52.84
financial 0.000.00 Rp45.542 Rp52.832 8.000.00 8.000.00
assets 0 .000.000 .000.000 0) -56,91% 0) -50,01%
TOTAL
CURRE Rp14.12 Rp16.62 Rp20.71 Rp2.503. Rp6.594.
NT 1.568.00 4.925.00 6.223.00 357.000. 655.000.
ASSETS 0.000 0.000 0.000 000 17,73% 000 46,70%

Investme
nts in
subsidiar
ies, joint
ventures,
and
associate
entities
Investme
nts in Rp2.705. Rp3.890. Rp10.645 Rp1.184. Rp7.939.
associate 398.000. 271.000. .239.000. 873.000. 841.000.
entities 000 000 000 000 43,80% 000 293,48%

Deferred Rp562.77 Rp533.18 Rp478.14 Rp(29.58 Rp(84.63

tax assets 0.000.00 8.000.00 0.000.00 2.000.00 0.000.00
0 0 0 0) -5,26% 0) -15,04%

Fixed Rp10.741 Rp11.342 Rp13.351 Rp600.79 Rp2.609.

assets .622.000. .412.000. .296.000. 0.000.00 674.000.
000 000 000 0 5,59% 000 24,29%

32
 Rp1.775. Rp1.775. Rp54.006 Rp52.230
Goodwill
839.000. 839.000. .155.000. .316.000. 2941,16
000 000 000 Rp- 0,00% 000 %
Intangibl
e assets
other Rp2.136. Rp2.011. Rp1.858. Rp(125.5 Rp(277.6
than 679.000. 090.000. 998.000. 89.000.0 81.000.0
goodwill 000 000 000 00) -5,88% 00) -13,00%
Deferred
load
Other
Rp128.01 Rp108.68 Rp(19.32 Rp(42.07
deferred
0.000.00 6.000.00 Rp85.940 4.000.00 0.000.00
loads
0 0 .000.000 0) -15,10% 0) -32,86%
Other
non-
current
non- Rp2.195. Rp2.422. Rp2.446. Rp227.63 Rp251.06
financial 267.000. 903.000. 334.000. 6.000.00 7.000.00
assets 000 000 000 0 10,37% 0 11,44%
TOTAL
NON-
Rp20.24 Rp22.08 Rp82.87
CURRE Rp1.838. Rp62.626
5.585.00 4.389.00 2.102.00
NT 804.000. .517.000.
0.000 0.000 0.000
ASSETS 000 9,08% 000 309,33%

TOTAL Rp34.36 Rp38.70 Rp103.5 Rp4.342. Rp69.221

ASSETS 7.153.00 9.314.00 88.325.0 161.000. .172.000.
0.000 0.000 00.000 000 12,63% 000 201,42%

Increase or Increase or
PT Indofood CBP Sukses
(decrease) During (decrease) During
Descripti Makmur Tbk. (ICBP)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Short-
Rp862.23 Rp458.10 Rp512.50 Rp(404.1 Rp(349.7
term
8.000.00 8.000.00 1.000.00 30.000.0 37.000.0
loans
0 0 0 00) -46,87% 00) -40,56%

Debt trust Rp283.65 Rp(283.6 Rp(283.6

receipts 7.000.00 57.000.0 57.000.0
0 Rp- 00) -100,00% 00) -100,00%
Business
payables

33
Third
party Rp2.545. Rp2.228. Rp2.702. Rp(317.6 Rp157.20
business 715.000. 036.000. 915.000. 79.000.0 0.000.00
payables 000 000 000 00) -12,48% 0 6,18%
Related
party Rp410.47 Rp407.39 Rp342.19 Rp(68.27
business 4.000.00 7.000.00 6.000.00 Rp(3.077 8.000.00
payables 0 0 0 .000.000) -0,75% 0) -16,63%
Other
payables
Other
third- Rp625.40 Rp549.46 Rp691.15 Rp(75.94
party 6.000.00 6.000.00 8.000.00 0.000.00 Rp65.752
payables 0 0 0 0) -12,14% .000.000 10,51%
Other
related Rp124.28 Rp170.31 Rp(51.53
party 8.000.00 Rp72.755 0.000.00 3.000.00 Rp46.022
payables 0 .000.000 0 0) -41,46% .000.000 37,03%
Other
short-
term
financial Rp91.259 Rp91.259
liabilities Rp- Rp- .000.000 Rp- 0,00% .000.000 0,00%
Short-
term Rp1.701. Rp1.841. Rp2.259. Rp139.88 Rp558.22
accrual 628.000. 517.000. 852.000. 9.000.00 4.000.00
expenses 000 000 000 0 8,22% 0 32,81%
Short-
term
post-
employm
ent
benefits Rp229.55 Rp257.25 Rp396.80 Rp167.24
obligatio 4.000.00 4.000.00 3.000.00 Rp27.700 9.000.00
ns 0 0 0 .000.000 12,07% 0 72,86%

Tax Rp204.88 Rp545.82 Rp1.796. Rp340.93 Rp1.591.

payable 6.000.00 5.000.00 428.000. 9.000.00 542.000.
0 0 000 0 166,40% 000 776,79%
Long-
term
liabilities
due in
one year
Long-
term Rp245.01 Rp196.00 Rp212.74 Rp(49.01 -20,00% Rp(32.26 -13,17%

34
liabilities 1.000.00 1.000.00 2.000.00 0.000.00 9.000.00
due in 0 0 0 0) 0)
one year
on bank
loans
Long-
term
liabilities
due in
one year
on other Rp2.541. Rp(2.541 Rp(2.541
loans 000.000 Rp- .000.000) -100,00% .000.000) -100,00%
TOTAL
SHORT-
Rp7.235. Rp6.556. Rp9.176.
TERM Rp(679.0 Rp1.940.
398.000. 359.000. 164.000.
LIABILI 39.000.0 766.000.
000 000 000
TIES 00) -9,38% 000 26,82%

Deferred
Rp379.90 Rp364.89 Rp269.84 Rp(15.00 Rp(110.0
tax
0.000.00 4.000.00 3.000.00 6.000.00 57.000.0
liabilities
0 0 0 0) -3,95% 00) -28,97%
Long-
term
liabilities
after
deductin
g the
portion
due in
one year
Long-
term
liabilities Rp667.09 Rp1.694. Rp30.772 Rp1.027. Rp30.105
for bank 9.000.00 785.000. .817.000. 686.000. .718.000. 4512,93
debt 0 000 000 000 154,05% 000 %
Long-
term
liabilities Rp184.64 Rp(177.3 Rp(176.8
for other 0.000.00 Rp7.290. Rp7.788. 50.000.0 52.000.0
loans 0 000.000 000.000 00) -96,05% 00) -95,78%
Long-
term
post- Rp3.192. Rp3.414. Rp3.748. Rp221.91 Rp555.17
employm 966.000. 882.000. 144.000. 6.000.00 8.000.00
ent 000 000 000 0 6,95% 0 17,39%

35
benefits
obligatio
ns
Other
long-term Rp127.25 Rp127.25
financial 9.000.00 9.000.00
liabilities 0 Rp- 0,00% 0 0,00%
Long-
term non- Rp9.168. Rp9.168.
financial 257.000. 257.000.
liabilities 000 Rp- 0,00% 000 0,00%
TOTAL
LONG-
Rp4.424. Rp5.481. Rp44.09
TERM Rp1.057. Rp39.66
605.000. 851.000. 4.108.00
LIABILI 246.000. 9.503.00
000 000 0.000
TIES 000 23,89% 0.000 896,57%
TOTAL
Rp11.66 Rp12.03 Rp53.27 Rp378.2 Rp41.61
LIABILI
0.003.00 8.210.00 0.272.00 07.000.0 0.269.00
TIES
0.000 0.000 0.000 00 3,24% 0.000 356,86%

Increase or Increase or
PT Indofood CBP Sukses
(decrease) During (decrease) During
Descripti Makmur Tbk. (ICBP)
2019 2020
on
Percenta Percenta
2018 2019 2020 Total Total
ge ge
Equity
attributa
ble to
owners
of the
parent

Common Rp583.09 Rp583.09 Rp583.09

stock 5.000.00 5.000.00 5.000.00
0 0 0 Rp- 0,00% Rp- 0,00%
Addition
Rp5.985. Rp5.985. Rp5.985.
al paid-in
469.000. 469.000. 469.000.
capital
000 000 000 Rp- 0,00% Rp- 0,00%
Reserve
for
foreign
exchange Rp(13.81 Rp(11.04 Rp(138.4 Rp(124.6
translatio 2.000.00 0.000.00 54.000.0 Rp2.772. 42.000.0
n 0) 0) 00) 000.000 -20,07% 00) 902,42%

36
Allowanc
e for
changes
in fair
value of
available-
for-sale Rp473.42 Rp798.38 Rp977.78 Rp324.95 Rp504.35
financial 7.000.00 6.000.00 0.000.00 9.000.00 3.000.00
assets 0 0 0 0 68,64% 0 106,53%
Other
equity Rp(438.8 Rp(550.2 Rp(553.8 Rp(111.3 Rp(114.9
compone 85.000.0 76.000.0 01.000.0 91.000.0 16.000.0
nts 00) 00) 00) 00) 25,38% 00) 26,18%
Retained
earnings
(accumul
ated
losses)
Profit
balance
that has
been
determin Rp40.000 Rp45.000 Rp50.000 Rp5.000. Rp10.000
ed for use .000.000 .000.000 .000.000 000.000 12,50% .000.000 25,00%
Undeter
mined Rp14.989 Rp18.450 Rp22.526 Rp3.460. Rp7.536.
retained .629.000. .204.000. .202.000. 575.000. 573.000.
earnings 000 000 000 000 23,09% 000 50,28%
Amount
of equity
attributab
le to Rp21.618 Rp25.300 Rp29.430 Rp3.681. Rp7.811.
owners of .923.000. .838.000. .291.000. 915.000. 368.000.
the parent 000 000 000 000 17,03% 000 36,13%
Non-
controllin Rp1.088. Rp1.370. Rp20.887 Rp282.03 Rp19.799
g 227.000. 266.000. .762.000. 9.000.00 .535.000. 1819,43
interests 000 000 000 0 25,92% 000 %

Rp22.70 Rp26.67 Rp50.31 Rp3.963. Rp27.61

EQUITY
7.150.00 1.104.00 8.053.00 954.000. 0.903.00
0.000 0.000 0.000 000 17,46% 0.000 121,60%

TOTAL Rp34.36 Rp38.70 Rp103.5 Rp4.342. Rp69.22

EQUITY 7.153.00 9.314.00 88.325.0 161.000. 1.172.00
AND 0.000 0.000 00.000 000 12,63% 0.000 201,42%

37
LIABILI
TIES

2.3.2 VERTICAL ANALYSIS

PT Indofood CBP Sukses Makmur Tbk. (ICBP)

Descriptio
n Percentag Percentag Percentag
2018 2019 2020
e e e
Cash and
cash Rp4.726.82 Rp8.359.16 Rp9.535.41
equivalents 2.000.000 13,75% 4.000.000 21,59% 8.000.000 9,21%
Short-term
investment Rp563.840.
s 000.000 1,64% Rp- 0,00% Rp- 0,00%
Trade
receivable
s
Third party
trade Rp1.117.00 Rp1.065.88 Rp2.380.01
receivables 9.000.000 3,25% 2.000.000 2,75% 5.000.000 2,30%
Related
party trade Rp3.011.18 Rp2.983.40 Rp2.893.40
receivables 2.000.000 8,76% 8.000.000 7,71% 1.000.000 2,79%
Other
receivable
s
Other
receivables
of third Rp75.901.0 Rp22.150.0 Rp59.349.0
parties 00.000 0,22% 00.000 0,06% 00.000 0,06%
Other
receivables
related Rp67.264.0 Rp60.510.0 Rp413.990.
parties 00.000 0,20% 00.000 0,16% 000.000 0,40%
Current
inventory
Other
current Rp4.001.27 Rp3.840.69 Rp4.586.94
inventory 7.000.000 11,64% 0.000.000 9,92% 0.000.000 4,43%
Current
asset down
payment
Advance
payments Rp334.441. Rp169.941. Rp628.839.
on other 000.000 0,97% 000.000 0,44% 000.000 0,61%

38
current
assets
Prepaid
Rp118.152. Rp77.638.0 Rp165.439.
taxes
000.000 0,34% 00.000 0,20% 000.000 0,16%
Other
current
non-
financial Rp105.680. Rp45.542.0 Rp52.832.0
assets 000.000 0,31% 00.000 0,12% 00.000 0,05%
TOTAL
Rp14.121. Rp16.624. Rp20.716.
CURREN
568.000.00 925.000.00 223.000.00
T ASSETS
0 41,09% 0 42,95% 0 20,00%

Investmen
ts in
subsidiarie
s, joint
ventures,
and
associate
entities
Investment
s in
associate Rp2.705.39 Rp3.890.27 Rp10.645.2
entities 8.000.000 7,87% 1.000.000 10,05% 39.000.000 10,28%
Deferred
Rp562.770. Rp533.188. Rp478.140.
tax assets
000.000 1,64% 000.000 1,38% 000.000 0,46%
Fixed
Rp10.741.6 Rp11.342.4 Rp13.351.2
assets
22.000.000 31,26% 12.000.000 29,30% 96.000.000 12,89%

Goodwill Rp1.775.83 Rp1.775.83 Rp54.006.1

9.000.000 5,17% 9.000.000 4,59% 55.000.000 52,14%
Intangible
assets other
than Rp2.136.67 Rp2.011.09 Rp1.858.99
goodwill 9.000.000 6,22% 0.000.000 5,20% 8.000.000 1,79%
Deferred
load 0,00%
Other
deferred Rp128.010. Rp108.686. Rp85.940.0
loads 000.000 0,37% 000.000 0,28% 00.000 0,08%

39
Other non-
current
non-
financial Rp2.195.26 Rp2.422.90 Rp2.446.33
assets 7.000.000 6,39% 3.000.000 6,26% 4.000.000 2,36%
TOTAL
NON- Rp20.245. Rp22.084. Rp82.872.
CURREN 585.000.00 389.000.00 102.000.00
T ASSETS 0 58,91% 0 57,05% 0 80,00%

TOTAL Rp34.367. Rp38.709. Rp103.588

ASSETS 153.000.00 314.000.00 .325.000.0
0 100,00% 0 100,00% 00 100,00%

PT Indofood CBP Sukses Makmur Tbk. (ICBP)

Descriptio
n Percentag Percentag Percentag
2018 2019 2020
e e e
Short-term
Rp862.238. Rp458.108. Rp512.501.
loans
000.000 2,51% 000.000 1,18% 000.000 0,49%
Debt trust
Rp283.657.
receipts
000.000 0,83% Rp- 0,00% Rp- 0,00%
Business
payables
Third party
business Rp2.545.71 Rp2.228.03 Rp2.702.91
payables 5.000.000 7,41% 6.000.000 5,76% 5.000.000 2,61%
Related
party
business Rp410.474. Rp407.397. Rp342.196.
payables 000.000 1,19% 000.000 1,05% 000.000 0,33%
Other
payables
Other
third-party Rp625.406. Rp549.466. Rp691.158.
payables 000.000 1,82% 000.000 1,42% 000.000 0,67%
Other
related
party Rp124.288. Rp72.755.0 Rp170.310.
payables 000.000 0,36% 00.000 0,19% 000.000 0,16%
Other
Rp91.259.0
short-term
Rp- 0,00% Rp- 0,00% 00.000 0,09%

40
financial
liabilities
Short-term
accrual Rp1.701.62 Rp1.841.51 Rp2.259.85
expenses 8.000.000 4,95% 7.000.000 4,76% 2.000.000 2,18%
Short-term
post-
employme
nt benefits Rp229.554. Rp257.254. Rp396.803.
obligations 000.000 0,67% 000.000 0,66% 000.000 0,38%
Tax
Rp204.886. Rp545.825. Rp1.796.42
payable
000.000 0,60% 000.000 1,41% 8.000.000 1,73%
Long-term
liabilities
due in one
year
Long-term
liabilities
due in one
year on Rp245.011. Rp196.001. Rp212.742.
bank loans 000.000 0,71% 000.000 0,51% 000.000 0,21%
Long-term
liabilities
due in one
year on Rp2.541.00
other loans 0.000 0,01% Rp- 0,00% 0,00%
TOTAL
SHORT-
TERM Rp7.235.3 Rp6.556.3 Rp9.176.1
LIABILIT 98.000.000 59.000.000 64.000.000
IES 21,05% 16,94% 8,86%

Deferred
tax Rp379.900. Rp364.894. Rp269.843.
liabilities 000.000 1,11% 000.000 0,94% 000.000 0,26%
Long-term
liabilities
after
deducting
the
portion
due in one
year

41
Long-term
liabilities
for bank Rp667.099. Rp1.694.78 Rp30.772.8
debt 000.000 1,94% 5.000.000 4,38% 17.000.000 29,71%
Long-term
liabilities
for other Rp184.640. Rp7.290.00 Rp7.788.00
loans 000.000 0,54% 0.000 0,02% 0.000 0,01%
Long-term
post-
employme
nt benefits Rp3.192.96 Rp3.414.88 Rp3.748.14
obligations 6.000.000 9,29% 2.000.000 8,82% 4.000.000 3,62%
Other long-
term
financial Rp127.259.
liabilities 0,00% 0,00% 000.000 0,12%
Long-term
non-
financial Rp9.168.25
liabilities 0,00% 0,00% 7.000.000 8,85%
TOTAL
LONG-
Rp44.094.
TERM Rp4.424.6 Rp5.481.8
108.000.00
LIABILIT 05.000.000 51.000.000
0
IES 12,87% 14,16% 42,57%
TOTAL
Rp11.660. Rp12.038. Rp53.270.
LIABILIT
003.000.00 210.000.00 272.000.00
IES
0 33,93% 0 31,10% 0 51,42%

PT Indofood CBP Sukses Makmur Tbk. (ICBP)

Descriptio
n Percentag Percentag Percentag
2018 2019 2020
e e e
Equity
attributabl
e to
owners of
the parent
Common
Rp583.095. Rp583.095. Rp583.095.
stock
000.000 1,70% 000.000 1,51% 000.000 0,56%
Additional
paid-in Rp5.985.46 Rp5.985.46 Rp5.985.46
capital 9.000.000 17,42% 9.000.000 15,46% 9.000.000 5,78%
42
Reserve for
foreign
exchange Rp(13.812. Rp(11.040. Rp(138.45
translation 000.000) -0,04% 000.000) -0,03% 4.000.000) -0,13%
Allowance
for changes
in fair
value of
available-
for-sale
financial Rp473.427. Rp798.386. Rp977.780.
assets 000.000 1,38% 000.000 2,06% 000.000 0,94%
Other
equity
component Rp(438.88 Rp(550.27 Rp(553.80
s 5.000.000) -1,28% 6.000.000) -1,42% 1.000.000) -0,53%
Retained
earnings
(accumula
ted losses)
Profit
balance
that has
been
determined Rp40.000.0 Rp45.000.0 Rp50.000.0
for use 00.000 0,12% 00.000 0,12% 00.000 0,05%
Undetermi
ned
retained Rp14.989.6 Rp18.450.2 Rp22.526.2
earnings 29.000.000 43,62% 04.000.000 47,66% 02.000.000 21,75%
Amount of
equity
attributable
to owners
of the Rp21.618.9 Rp25.300.8 Rp29.430.2
parent 23.000.000 62,91% 38.000.000 65,36% 91.000.000 28,41%
Non-
controlling Rp1.088.22 Rp1.370.26 Rp20.887.7
interests 7.000.000 3,17% 6.000.000 3,54% 62.000.000 20,16%

Rp22.707. Rp26.671. Rp50.318.

EQUITY
150.000.00 104.000.00 053.000.00
0 66,07% 0 68,90% 0 48,58%
TOTAL
EQUITY
AND Rp34.367. 100,00% Rp38.709. 100,00% Rp103.588 100,00%

43
LIABILIT 153.000.00 314.000.00 .325.000.0
IES 0 0 00

44
 CHAPTER 3 - COMPANIES COMPARISON
3.1 FOOD
3.1.1 HORIZONTAL
2018: The ratio of the percentage of current assets (33.99%) is still smaller than the company's
fixed assets (66.01%) to the company's total assets. The total percentage of total liabilities
(56.61%) is greater than the company's equity (43.39%) which indicates that the company prefers
to use new debt for company funding.
2019: The ratio of the percentage of current assets (33.26%) is still smaller than the company's
fixed assets (66.74%) of the company's total assets. The percentage of total liabilities (37.55%) is
smaller than the company's equity (62.45%) which indicates the company is seeking funding
through the issuance of new shares.
2020: The ratio of the percentage of current assets (26.52%) is still smaller than the company's
fixed assets (73.48%) of the company's total assets. The percentage of total liabilities (50.31%) is
greater than the company's equity (49.69%) which indicates the company prefers to use new debt
for company funding.
3.1.2 VERTICAL
Liquidity: The company's current assets from 2018 to 2019 decreased by 8% (Rp 3,623,022,703)
and current liabilities also decreased by 38%. This is probably due to the company being focused
on paying off its short-term debt. In 2020 compared to 2018 there was a trend of decreasing current
assets by 30%, the same as the previous year the company was still focused on paying off short-
term debt.
Solvency: the company's financial condition in terms of all liabilities decreased by 38%, besides
that its capital showed a decrease of 6% in 2019. It can be said that the company is also focusing
on paying off its long-term debt. The same thing was experienced in 2020 which showed a
downward trend in all debt and own capital.
3.2 GOOD
3.2.1 HORIZONTAL
2018: The percentage ratio of current assets (37.28%) is still smaller than the company's fixed
assets (62.72%) to the company's total assets. The total percentage of liabilities (40.90%) is smaller
than the company's equity (59.10%) which indicates the company is seeking funding through the
issuance of new shares.
2019: The ratio of the percentage of current assets (39.50%) is still smaller than the company's
fixed assets (60.50%) to the company's total assets. The total percentage of total liabilities
(45.38%) is smaller than the company's equity (54.62%) which indicates the company is seeking
funding through the issuance of new shares.
2020: The ratio of the percentage of current assets (35.22%) is still smaller than the company's
fixed assets (64.78%) to the company's total assets. The total percentage of liabilities (35.84%) is

45
smaller than the company's equity (44.05%) which indicates the company is seeking funding
through the issuance of new shares.
3.2.2 VERTICAL
Liquidity: The company's current assets in 2018 to 2019 increased by 27.34% and current liabilities
decreased by 1.83%. This shows the company's ability to pay off short-term debt is very good. In
2020 compared to 2018 there was a trend of increasing current assets by 47.36%, and current
liabilities decreasing by 0.50%. This shows the company's ability to pay off short-term debt is very
good.
Solvency: the company's financial condition for all liabilities increased by 33%, own capital also
increased by 11.09% in 2019. So that in 2019 the company's solvency ratio was still not good. The
same thing was experienced in 2020 which showed an increasing trend of all debt and equity, but
all debt was still higher than own capital.
3.3 ICBP
3.3.1 HORIZONTAL
Profitability: By looking at the profitability trend, the company experiences profitability which has
an up and downtrend, but the realization of the company's net profit on sales can be said to be
good.
Working Capital: the company's activity ratio shows an up and down trend in receivables turnover,
which takes approximately 3 months. While inventory turnover is quite fast.
Debt: The level of income before tax and interest experienced an up and down trend from 2018 to
2020. However, the EBIT ratio is still quite high compared to interest expense.
Return: The rate of return has fluctuated from 2018 to 2020, for ROI which means the ratio of net
income to total assets is quite high because it is worth more than 1%. ROE has experienced ups
and downs but can be said to be of good value because it is worth more than 1%.
3.3.2 VERTICAL
Liquidity: The company's current assets from 2018 to 2019 increased by 17.73% and current
liabilities decreased by 9.38%. This shows the company's ability to pay off short-term debt is very
good. In 2020 compared to 2018, there was a trend of increasing current assets by 46.70%, and
current liabilities decreasing by 26.82%. This shows the company's ability to pay off short-term
debt is very good.
Solvency: The company's financial condition in terms of all liabilities decreased by 38%, besides
that its capital showed a decrease of 6% in 2019. It can be said that the company is also focusing
on paying off its long-term debt. The same thing was experienced in 2020 which showed a
downward trend in all debt and own capital.
3.4 FINAL COMPARISON
Relying only on horizontal and vertical analysis to determine which company has the best
financial performance is not enough. Examining other variables also required, not only
horizontal and vertical analysis. The final comparison of companies is discussed to determine

46
which one has the best financial performance, and which one has the worst. The final
comparison uses both horizontal and vertical analysis between company, and Dupont analysis.
This being obvious since Dupont analysis results in which companies has the biggest percentage
of return of equity (ROE) and return of investment (ROI). Compared companies are listed 3
years averaged respectively from best to worst financial performance rated from their return of
equity (ROE) and return of investment (ROI). The lists of comparison are shown below:
1. ICBP with 3 years average of 11.5% return of investment (ROI) and 18.45% return of
equity (ROE).
2. GOOD with 3 years average of 7.5% return of investment (ROI) and 13.77% return of
equity (ROE).
3. FOOD with 3 years average of -4.3% return of investment (ROI) and -8.77& return of
equity (ROE).

47
 CHAPTER 4 - DUPONT ANALYSIS
4.1 FOOD
2018 2019 2020

9,336,885,224.00 8,201,144,834.00 (15,765,300,392.

EBITDA 00)

7,388,017,675.00 (2,341,000,874.00 521,267,020.00

CFO )
14,456,498,085.00 5,244,599,192.00
Interest Bearing DEBT 9,795,904,773.00
Debt / EBITDA 7.7x 5.4x -3.6x

PROFITABILITY
EBIT Margin 5.9% 4.7% -16.7%
EBITDA Margin 7.6% 6.5% -16.7%
Net Profit Margin 1.0% 1.4% -18.4%

WORKING CAPITAL
Days Receivable Turnover 80 75 57
Days Inventory Turnover 5 6 5
Days Payable Turnover 91.91 72.25 0.00

DEBT
Interest Coverage (EBIT / Interest) 1.6 2.1 -4.5

RETURN
Return on Invested Capital 0.9% 1.5% -15.4%
Return on Equity 2.15% 2.47% -30.94%

Profitability: By looking at the trend of profitability, the company experiences increased

profitability down. The realization of the company's net profit on sales is still quite low.

Working Capital: The company's activity ratio shows a downward trend from all the ratios used.
This indicates that the turnover of receivables and payables can be said to be quite good because
the days needed to collect receivables and pay debts are shorter.

Debt: The level of income before tax and interest increased in 2019 and decreased in 2020.This
means that EBIT is still quite high compared to interest expense.

48
Return: The rate of return has increased from 2018 to 2020, but has decreased to minus in 2020
4.2 GOOD
2018 2019 2020

715,245,661,965.00 746,939,419,798.0 451,411,700,745.

EBITDA 0 00

656,583,909,022.00 474,666,272,987.0 823,166,102,577.

CFO 0 00

364,581,774,618.00 1,157,965,452,193. 2,235,218,617,49

Interest Bearing DEBT 00 2.00
Debt / EBITDA 2.4x 3.1x 8.1x

PROFITABILITY
EBIT Margin 8.0% 8.0% 5.9%
EBITDA Margin 8.9% 8.9% 5.9%
Net Profit Margin 5.3% 5.2% 3.2%

WORKING CAPITAL
Days Receivable Turnover 22 28 26
Days Inventory Turnover 7 7 6
Days Payable Turnover 254.08 211.66 0.00

DEBT
Interest Coverage (EBIT / Interest) 9.1 6.3 3.3

RETURN
Return on Invested Capital 10.1% 8.6% 3.7%
Return on Equity 17.09% 15.76% 8.47%

Profitability: By looking at the trend of profitability, the company experienced a declining trend
of profitability, but the realization of the company's net profit on sales can be said to be good.
Working Capital: the company's activity ratio shows an increasing trend in receivables turnover,
which means the receipt of receivables is a few days longer but still less than 30 days. Debt
turnover shows a fairly long period, more than 2 months. While inventory turnover is quite fast.
Debt: The level of income before tax and interest experienced a downward trend from 2018
to2020. However, the EBIT ratio is still quite high compared to interest expense.

49
Return: The rate of return has increased from 2018 to 2020, for ROI which means the ratio of net
income to total assets is quite high because it is worth more than 1%. ROE has experienced
difficulties but can be said to be of good value because it is worth more than 1%.
4.3 ICBP
2018 2019 2020

6,601,424,000,000.0 7,761,554,000,000. 9,201,012,000,0

0 00 00.00
EBITDA

4,653,375,000,000.0 7,398,161,000,000. 9,336,780,000,0

CFO 0 00 00.00

1,099,291,000,000.0 1,898,076,000,000. 30,993,347,000,

Interest Bearing DEBT 0 00 000.00
Debt / EBITDA 1.8x 1.6x 5.8x

PROFITABILITY
EBIT Margin 16.8% 17.5% 19.7%
EBITDA Margin 17.2% 18.4% 19.7%
Net Profit Margin 12.1% 12.7% 15.9%

WORKING CAPITAL
Days Receivable Turnover 41 36 45
Days Inventory Turnover 7 7 6
Days Payable Turnover 3505.70 0.00 0.00

DEBT
Interest Coverage (EBIT / Interest) 28.6 45.8 13.7

RETURN
Return on Invested Capital 13.6% 13.8% 7.2%
Return on Equity 20.52% 20.10% 14.74%

Profitability: By looking at the profitability trend, the company experiences profitability, which
has an up and down trend, but the realization of the company's net profit from sales can be said to
be good.

50
Working Capital: The company's activity ratio shows an up and down trend in receivable
turnover, which takes 3 months. While inventory turnover is quite fast.
Debt: The level of income before tax and interest experienced an up and down trend from 2018 to
2020. However, the EBIT ratio is still quite high compared to interest expense.
Return: The rate of return has fluctuated from 2018 to 2020, for ROI which means the ratio of net
income to total assets is quite high because it is worth more than 1%. ROE has experienced
difficulties but can be said to be of excellent value because it is worth more than1%.

51
CHAPTER 5 - ECONOMIC VALUE ADDED (EVA) AND
MARKET VALUE ADDED (MVA)
5.1 Economic Value Added (EVA)
5.1.1 FOOD
Year 2018 2019 2020
Tax -0,540569087 -0,404723464 -0,095751826
1-Tax 1,540569087 1,404723464 1,095751826
NOPAT Rp Rp Rp
11.016.190.480 8.354.509.314 (17.274.856.693
)

D 0,566133768 0,375548424 0,50313274

rd -0,299413207 -0,299281365 -0,207245623
E 0,433866232 0,624451576 0,49686726
re 0,021473672 0,024680988 -0,309354463
WACC -0,251821972 -0,142471312 -0,267964403

Invested Capital Rp Rp Rp
70.271.339.998 83.665.175.337 73.012.034.992

Capital Charge Rp Rp Rp
(17.695.867.386) (11.919.887.341 (19.564.626.338
) )

Economic Value Added (EVA) Rp Rp Rp

28.712.057.866 20.274.396.654 2.289.769.645

5.1.2 GOOD
Year 2018 2019 2020
Tax -0,26956815 -0,249412462 -0,279074559
1-Tax 1,26956815 1,249412462 1,279074559
NOPAT Rp Rp Rp
822.144.675.589 840.434.031.601 577.389.222.076

D 0,409029634 0,453785542 0,559511465

rd -0,164805586 -0,092683525 -0,047314929
E 0,590970366 0,546214458 0,440488535
re 0,170916746 0,157571176 0,084680986
WACC 0,015424675 0,033519311 0,003439749

Invested Capital Rp Rp Rp
2.884.245.262.183 3.759.185.940.777 5.249.439.873.369

52
 Capital Charge Rp Rp Rp
44.488.545.700 126.005.321.610 18.056.756.058

Economic Value Added Rp Rp Rp

(EVA) 777.656.129.889 714.428.709.991 559.332.466.018

5.1.3 ICBP
Year 2018 2019 2020
Tax -0,277348167 -0,279272666 -0,255062058
1-Tax 1,277348167 1,279272666 1,255062058
NOPAT Rp
Rp Rp 11.547.841.057.59
8.236.240.067.517 9.466.767.405.882 0

D 0,339277536 0,310990011 0,514249767

rd -0,000256746 0,006723094 0,017182228
E 0,660722464 0,689009989 0,485750233
re 0,20516802 0,200967646 0,147433646
WACC 0,135447852 0,141143438 0,082705602

Invested Capital Rp Rp Rp
27.131.755.000.00 32.152.955.000.00 94.412.161.000.00
0 0 0

Capital Charge Rp Rp Rp
3.674.937.936.187 4.538.178.624.597 7.808.414.570.965

Economic Value Added Rp Rp Rp

(EVA) 4.561.302.131.330 4.928.588.781.285 3.739.426.486.625

5.2 MARKET VALUE ADDED (MVA)

5.2.1 FOOD
Year 2018 2019 2020
Outstanding Shares 500000000 650000000 650000000
Share price Rp Rp Rp
100 100 100
Market Value of Equity (MVE) Rp Rp Rp
50.000.000.000 65.000.000.000 65.000.000.000
Book Value of Equity (BVE) Rp Rp Rp
54.969.911.530 74.051.619.874 56.241.516.258

53
 Market Value Added (MVA) Rp Rp Rp
(4.969.911.530) (9.051.619.874) 8.758.483.742

5.2.2 GOOD
Year 2018 2019 2020
Outstanding Shares 7379580291 7379580291 7379580291
Share price Rp Rp Rp
100 100 100
Market Value of Equity Rp Rp Rp
(MVE) 737.958.029.100 737.958.029.100 737.958.029.100
Book Value of Equity (BVE) Rp Rp Rp
2.489.408.476.680 2.765.520.764.915 2.894.436.789.153

Market Value Added Rp Rp Rp

(MVA) (1.751.450.447.580 (2.027.562.735.815 (2.156.478.760.053
) ) )

5.2.3 ICBP
Year 2018 2019 2020
Outstanding Shares 11661908000 11661908000 11661908000
Share price Rp Rp Rp
50 50 50
Market Value of Equity Rp Rp Rp
(MVE) 583.095.400.000 583.095.400.000 583.095.400.000
Book Value of Equity Rp Rp Rp
(BVE) 22.707.150.000.000 26.671.104.000.000 50.318.053.000.000

Market Value Added Rp Rp Rp

(MVA) (22.124.054.600.00 (26.088.008.600.00 (49.734.957.600.00
0) 0) 0)

54
 CHAPTER 6 – RECOMMENDATIONS

Based on the result of the research, the writer puts some suggestions to the following company.
6.1 FOOD
6.1.1 HORIZONTAL
From the research we can see that FOOD In 2018, the ratio of the percentage of current assets to
the company's fixed asset ratio is 33.99%, which indicates that the company prefers to use new
debt for company funding. The total percentage of total liabilities (56.61%) is greater than the
company’s equity (43.39%) which indicates the company wants to raise funds through the
issuance of new share capital.
6.1.2 VERTICAL
The company's current assets from 2018 to 2019 decreased by 8% (Rp 3,623,022,703) and
current liabilities also decreased by 38%. This is probably due to the company being focused on
paying off its short-term debt. In 2020 compared to 2018 there was a trend of decreasing current
assets by 30%., we can see that the company was still focused on paying off short-term debt. The
same thing was experienced in 2020 which showed a downward trend in all debt and own
capital. It can be said that the company's financial condition in terms of all liabilities decreased
by 38%, besides that its capital showed a decrease of 6%.
6.1.3 DUPONT
From the research we can see that by looking at the trend of profitability, the company
experiences increased profitability down. The rate of return has increased from 2018 to 2020 but
has decreased to minus in 2020. The company's working capital shows a downward trend
because the days needed to collect receivables and pay debts are shorter. This indicates that the
turnover of receivable and payables is improving. This means that EBIT is still quite high
compared to interest expense.
6.2 GOOD
6.2.1 HORIZONTAL
The percentage ratio of current assets (37.28%) to the company's fixed assets (62.72%) indicates
the company is seeking funding through the issuance of new shares. The total percentage of
liabilities (40.90%) is smaller than the company’s equity (59.10%) we can conclude that that the
company needs to raise funds through issuing more shares. to the company's fixed assets
(62.72%) indicates the company is seeking funding through the issuance of new shares. The total
percentage of liabilities (40.90%) is smaller than the company’s equity (59.10%) which indicates
that the company needs to raise funds through issuing more shares.
6.2.2 VERTICAL
From the reasearch we can conclude that The company's current assets in 2018 to 2019 increased
by 27.34% and current liabilities decreased by 1.83%. This shows the company's ability to pay
off short-term debt is very good. In 2020 compared to 2018 there was a trend of increasing
current assets by 47.36% and reducing current liabilities by 0.50%.

55
6.2.3 DUPONT
The company's activity ratio shows an increasing trend in receivables turnover. Debt turnover
shows a fairly long period, more than 2 months. While inventory turnover is quite fast. The level
of income before tax and interest experienced a downward trend from 2018 to 2020. We can see
that, the EBIT ratio is still quite high compared to interest expense.
6.3 ICBP
6.3.1 HORIZONTAL
The company's activity ratio shows an up and down trend in receivables turnover, which takes
approximately 3 months, while inventory turnover is quite fast. The level of income before tax
and interest experienced an up trend from 2018 to 2020. However, the EBIT ratio is still quite
high compared to interest expense. ROE has experienced ups and downs but can be said to be of
good value because it is worth more than 1%.
6.3.2 VERTICAL
We can see that the company's financial condition in terms of all liabilities decreased by 38%,
besides that its capital showed a decrease of 6%. It can be said that the company is also focusing
on paying off its long-term debt. The same thing was experienced in 2020 which showed a
downward trend in all debt and own capital. In 2020, there was a trend of increasing current
assets by 46.70%, and current liabilities decreasing by 26.82%. This shows the company's ability
to pay off short-term debt is very good.
6.3.3 DUPONT
From the study we can conclude that the company's income before tax and interest experienced
an up and down trend from 2018 to 2020. However, the EBIT ratio is still quite high compared to
interest expense. ROE has experienced difficulties but can be said to be of excellent value
because it is worth more than1%. Return The rate of return has fluctuated from 2018 to 2020, for
ROI which means the ratio of net income to total assets is quite high because it is worth more
than 1%.

56
 REFERENCES
Awal Mula Berdirinya Indofood > ProdukIndo. (n.d.). Retrieved September 23, 2021, from
https://produkindo.com/awal-mula-berdirinya-indofood/
BAB II DESKRIPSI PT GARUDAFOOD PUTRA PUTRI JAYA JAKARTA. (n.d.).
Begini Strategi Garudafood Supaya Penjualan Snack Melaju - Ekonomi Bisnis.com. (n.d.).
Retrieved September 23, 2021, from
https://ekonomi.bisnis.com/read/20210219/257/1358564/begini-strategi-garudafood-
supaya-penjualan-snack-melaju
FOOD is developing new markets | IDNFinancials. (n.d.). Retrieved September 23, 2021, from
https://www.idnfinancials.com/news/34398/food-developing-markets
Mubarok, M. H. (2014). Strategi Pertumbuhan Berkelanjutan Indofood Di Pasar Kompetitif.
BISNIS : Jurnal Bisnis Dan Manajemen Islam, 2(2), 99.
https://doi.org/10.21043/bisnis.v2i2.5270
Sentrafood - Sejarah Perusahaan. (n.d.). Retrieved September 23, 2021, from
https://www.sentrafood.co.id/page/1

57
 APPENDIX
FINANCIAL STATEMENTS
FOOD (2020)

58
59
60
61
62
GOOD (2020)

63
64
65
66
67
68
ICBP (2020)

69
70
71
72
73