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BUMN Financial Scoring

Beside Trend analysis Bambang will analyze the financial performance of the three steel
companies through BUMN Financial Scoring framework. This BUMN Financial Scoring
framework is a new framework introduced by the government and based on Keputusan
Menteri Badan Usaha Milik Negara, KEP-100/MBU/2002. Through BUMN Financial Scoring
Framework, performance of company can be classified into three categories such as
healthy, less healthy and unhealthy.

In BUMN Scoring Framework, performance of company is based on three aspects, financial


aspect which contributes 70% of the total score, Operational and administration aspect
with contribution of 15% each. For the financial aspect, the ministry of state-owned
company has approved several financial ratios that are considered to be important in
assessing a financial performance of a company. There are 8 financial ratios where each of
ratios has specific weight contributed to the overall score.

Weig
Financial Indicators Formula
ht
Return on Equity (ROE) 20 Net Income / Equity
Return on Investment Ebitda / (Total Asset Net
15
(ROI) Fixed Asset)
Cash Ratio 5 Cash / Current Liability
Current Asset / Current
Current Ratio 5
Liability
Account Receivable x 365 /
Collection Period 5
Revenue
Inventory Turnover 5 Inventory x365 / Revenue
Total Asset Turnover 5 Revenue / Asset
Total Equity/Total Asset 10 Equity / Asset
(Total score is represented
Total Score 70
as TS)
Note: For the
EBITDA, it is gotten from EBIT + Depreciation
Here, the EBIT can be derived from (Income before tax + Interest Expense Interest
Income)

Since Bambang only wants to do a measurement on the financial aspect, Bambang


readjusted the score for health classification as displayed below:
Ratin Adjusted Classificati
Scoring
g Score on
AAA TS >95 TS >66.5
80< TS 56< TS
AA 95 66.5 Healthy
65< TS 45.5< TS
A 80 56

50 < TS 35< TS
BBB 65 45.5
40< TS 28< TS
BB 50 35 Less
30< TS 21 < TS
B 40 28 Healthy

20< TS 14< TS
CCC 30 21
10< TS Unhealthy
CC 20 7 < TS 14
C TS 10 TS 7

For the specific score of each ratio will be displayed on Exhibit 1.

Note: The BUMN measurement will be only using the latest year which is year 2010.