FINANCIAL STATEMENT ANALYSIS

PT Holcim Indonesia Tbk

In Period 2010-2014
In Order For Completing Accounting Mid Exam

Lecturer : Erman Sumirat, SE, M.Buss, Ak

By:
Edlyn Valmai Devina
29117056
YP 57 C

MASTER OF BUSINESS AND ADMINISTRATION

SCHOOL OF BUSINESS AND MANAGEMENT
INSTITUT TEKNOLOGI BANDUNG
2017

1
 TABLE OF CONTENT

Page

Cover ..................................................................................................................... 1
Table of Content .................................................................................................... 2
Chapter I................................................................................................................ 3
1.1 Company Profile ........................................................................................ 3
Chapter II .............................................................................................................. 4
2.1 Statement of Financial Position.................................................................. 4
2.2 Summary Statement of Financial Position ............................................... 14
2.3 Notes in Statement of Financial Position ................................................. 17
2.4 Income Statement ..................................................................................... 24
2.5 Summary Income Statement .................................................................... 28
2.6 Notes in Income Statements ..................................................................... 30
2.7 Statement of Changes in Owner’s Equity ................................................ 31
2.8 Summary Statement of Changes in Owner’s Equity ................................ 36
2.9 Notes in Statement of Changes in Owner’s Equity .................................. 37
2.10 Statement of Cash Flow ......................................................................... 38
2.11 Notes in Statement of Changes in Owner’s Equity ................................ 46
Chapter III ........................................................................................................... 50
3.1 Conclusion................................................................................................ 50

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 CHAPTER 1
COMPANY PROFIL

As part of LafargeHolcim Group which operates in more than 90 countries

around the world with more than 180 years of experience, Holcim Indonesia has a
strong commitment to be the leading and highest-performing company in the building
materials industry in Indonesia. Bringing 15 million tonnes per year production
capacity of cement, Holcim Indonesia presents to meet your building material needs.
Holcim’s presence in Indonesia is marked by the operation of four plants in
Lhoknga - Aceh, Narogong - West Java, Cilacap - Central Java and Tuban - East Java.
Our production activities are supported with a wide network of grinding stations &
distribution terminal up to Kalimantan and Sumatera and excellent sales management
& product innovations to offer.

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 CHAPTER II

Holcim’s Company
Statement of Financial Position
2010 & 2011

4
5
6
 Holcim’s Company
Statement of Financial Position
2012 & 2013

7
8
9
 Holcim’s Company
Statement of Financial Position
2014

10
11
12
 SUMMARY STATEMENT OF FINANCIAL POSITION 2010-2014

LAPORAN POSISI KEUANGAN

(Angka dalam tabel disajikan dalam TAHUN
jutaan Rupiah, kecuali dinyatakan lain) 12/31/2014 12/31/2013 12/31/2012 31/12/2011 31/12/2010
ASSET
ASSET LANCAR
Kas dan setara kas 214.570 375.565 555.785 1.127.482 1.070.427
Piutang usaha
Pihak berelasi 23 1.743 1.378 12.692 26.909
Pihak ketiga - netto 1.035.254 956.113 808.791 638.343 564.622
Piutang lain-lain - netto 142.884 61.271 36.693 53.984 51.659
Persediaan – netto 736.995 591.057 687.087 570.459 499.926
Pajak dibayar dimuka 92.268 19.548 32.189
Biaya dibayar dimuka 43.634 47.711 46.123
Asset lancar lainnya 25.341 32.047 18.751
Uang muka, biaya dan pajak 65.212 39.694
dibayar dimuka
JUMLAH ASSET 2.290.969 2.085.055 2.186.797 2.468.172 2.253.237
LANCAR

ASSET TIDAK LANCAR

Asset pajak tangguhan - netto 12.502 6.030 8.962 15.651 24.431
Asset tetap – netto 14.498.240 12.367.323 9.588.783 8.238.252 7.893.251
Good will 120.242 120.242 120.242
Hak pengelolaan tambang 140.635 152.309 131.703
Tagihan pengembalian pajak 42.618 55.086 57.057
Asset tidak lancar lainnya 90.146 108.945 74.973 228.426 266.330
Jumlah asset tidak lancar 14.904.383 12.809.935 9.981.720 8.482.329 8.184.012

JUMLAH ASSET 17.195.352 14.894.990 12.168.517 10.950.501 10.437.249

LIABILITAS JANGKA PEDEK

Hutang usaha
Pihak berelasi 64.058 38.482 42.943 32.253 20.365
Pihak ketiga 1.002.637 847.683 663.938 485.701 435.322
Hutang lain-lain 630.110 466.599 282.198 256.531 181.649
Hutang pajak 55.629 90.694 149.014 236.816 76.675
Biaya masih harus dibayar 523.087 303.914 228.299 331.477 248.106

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Liabilitas imbalan kerja jangka 161.993 17.347 55.890
pendek
Pinjaman bank jangka pendek 495.990 119.202 8.8467 72.036 63.566
pihak ketiga
Hutang sewa pembiayaan jatuh 41.750 45.639 24.009 3.985 147
tempo dalam 1 tahun
Pinjaman bank jangka Panjang
jatuh tempo dalam satu tahun
Pihak berelasi 1.156.432
Pihak ketiga 832.291 176.062 22.117 265.000 330.000
Jumlah liabilitas jangka pendek 3.807.545 3.262.054 1.556.875 1.683.799 1.355.830

LIABILITAS JANGKA
PANJANG
Liabilitas pajak tangguhan-neto 339.054 357.713 368.322 378.087 380.979
Hutang sewa pembiayaan-setelah 5.987 47.856 42.148 5.721
dikurangi bagian jatuh tempo
dalam 1 tahun
Pinjaman jangka panjang setelah
dikurangi bagian jatuh tempo
dalam 1 tahun
Pihak berelasi 823.097 1.169.961 1.060.410
Pihak ketiga 4.046.192 2.173.863 719.929 670.000
Liabilitas imbalan kerja jangka 196.131 251.618 211.200 148.981 128.047
panjang
Profisi untuk restorasi 41.851 28.939 28.890 36.692 15.980
Jumlah liabilitas jangka panjang 4.629.215 2.859.989 2.193.586 1.739.442 2.255.416
JUMLAH LIABILITAS 8436760 6122043 3750461 3423241 3611246

EKUITAS
Modal saham-nilai nominal Rp 500
per saham
Modal dasar-30.651.600.000
saham
Modal ditempatkan dan 3.831.450 3.831.450 3.831.450 3.831.450 3.831.450
disetor-7.662.900.000 saham
Tambahan modal disetor,neto 2.472.381 2.472.381 2.472.381 2.587.309 2.587.309

Ditentukan penggunaannya 613.032 459.774 306.516 153.258

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Tidak ditentukan penggunaannya 1.765.180 1.916.755 1.769.129 1.062.563 505.145
Pendapatan komprehensif lainnya
Selisih nilai transaksi -114.928 -114.928
restrukturisasi entitas sepengendali
Selisih kurs dari penjabaran 72.537 88.844 35.308 5.113 13.632
laporan keuangan
JUMLAH EKUITAS YANG 8.754.580 8.769.204 8.414.784 7.524.765 6.822.608
DIATRIBUSIKAN KEPADA
PEMILIK ENTITAS INDUK
KEPENTINGAN NON 4.012 3.743 3.272 2.495 3.395
PENGENDALI
JUMLAH EKUITAS 8.758.592 8.772.947 8.418.056 7.527.260 6.826.003
JUMLAH LIABILITAS DAN 17.195.352 14.894.990 12.168.517 10.950.501 10.437.249
EKUITAS

15
 Notes in Statement of Financial Position:

1. From this balance sheet for period 2010-2014 we can conclude their working
capital :
Working Capital : The difference between total current assets and total current
liabilities

WORKING CAPITAL
2010 2.253.237-1.355.830 897407
2011 2.468.172-1.683.799 784373
2012 2.186.797-1.556.875 629922
2013 2.085.055-3.262.054 (1176999)
2014 2.290.969-3.807.545 (1516576)

Working Capital can give us a sign of company’s growth and health. From year
2010 until year 2012 we can see the increase of working capital, but in year 2013 until
2014 we can see that company’s working capital is not going well and has a decrease
value.

2. From this balance sheet for period 2010-2014 we can conclude their current ratio :
Current Ratio : Divide current assets by current liabilities

CURRENT RATIO
2010 2.253.237 /1.355.830 1.66
2011 2.468.172 / 1.683.799 1.47
2012 2.186.797 / 1.556.875 1.40
2013 2.085.055 / 3.262.054 0.64
2014 2.290.969 / 3.807.545 0.60

The current ratio is mainly used to give an idea of the company's ability to pay
back its liabilities (debt and accounts payable) with its assets (cash, marketable
securities, inventory, accounts receivable). A high current ratio is better than a low
current ratio. So we can conclude that Holcim’s Company has a great ability to
payback all their liabilities in year 2010-2012 rather than in year 2013-2014.

3. From this balance sheet for period 2010-2014 we can conclude their quick assets:
Quick Assets : Current Assets - Inventories - Prepaid Expenses & Other Current
Assets
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 Quick Assets
2010 2.253.237 - 499.926 - 39.694 1.713.617
2011 2.468.172 - 570.459 - 65.212 1.832.501
2012 2.186.797 - 687.087 - 46.123 - 18.751 1.434.836
2013 2.085.055 - 591.057 - 47.711 - 32.047 1.414.240
2014 2.290.969 - 736.995 - 43.634 - 25.341 1.486.799

Quick assets are assets that can be converted to cash quickly. From this table we can
see that quick asset is decreased in 2013 compared to last year. But in year 2014 rise
again from 1.414.240 into 1.486.799.

4. From this balance sheet for period 2010-2014 we can conclude their net quick
assets:
Net Quick Assets : Quick Assets - Current Liabilities

Net Quick Assets

2010 1.713.617 - 1.355.830 357.787
2011 1.832.501 - 1.683.799 148.702
2012 1.434.836 - 1.556.875 122.039
2013 1.414.240 - 3.262.054 (1.847.814)
2014 1.486.799 - 3.807.545 (2.320.746)

5. From this balance sheet for period 2010-2014 we can conclude their quick assets
ratio:
Quick Assets ratio : Quick Assets / Current Liabilities

Quick Assets Ratio

2010 1.713.617 / 1.355.830 1.26
2011 1.832.501 / 1.683.799 1.08
2012 1.434.836 / 1.556.875 0.92
2013 1.414.240 / 3.262.054 0.43
2014 1.486.799 / 3.807.545 0.39

This mean that:

 For each Rp 1 of current liabilities in 2010, there is Rp 1.26 in quick assets
available
 For each Rp 1 of current liabilities in 2011, there is Rp 1.08 in quick assets
available

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 For each Rp 1 of current liabilities in 2012, there is Rp 0.92 in quick assets
available
 For each Rp 1 of current liabilities in 2013, there is Rp 0.43 in quick assets
available
 For each Rp 1 of current liabilities in 2014, there is Rp 0.39 in quick assets
available

6. Debt To Equity
Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage,
calculated by dividing a company's total liabilities by its stockholders' equity. The
D/E ratio indicates how much debt a company is using to finance its assets relative to
the amount of value represented in shareholders' equity.

Debt To Equity = Total Liabilites : Total Shareholder’s Equity

Debt To Equity
2010 3.611.246 / 6.826.003 0.53
2011 3.423.241 / 7.527.260 0.45
2012 3.750.461 / 8.418.056 0.45
2013 6.122.043 / 8.772.947 0.70
2014 8.436.760 / 8.758.592 0.96

If DER is getting high year to year, it means that Holcim’s company liabilities is
getting bigger to the other parties (creditor). We can see in Year 2013 until year 2014
raising significantly from 0.70 to 0.96 rather than the other years whic is year
2010-2012 that can show their DER in between 0.4 until 0.5.

This mean that:

 The company is using 53 cents of liabilities for every rupiah of shareholder’s
equity in the business.
 The company is using 45 cents of liabilities for every rupiah of shareholder’s
equity in the business.
 The company is using 45 cents of liabilities for every rupiah of shareholder’s
equity in the business.
 The company is using 70 cents of liabilities for every rupiah of shareholder’s
equity in the business.
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 The company is using 96 cents of liabilities for every rupiah of shareholder’s
equity in the business.

7. Cash Ratio = (Cash + Security) / Current Liabilities

The cash ratio or cash coverage ratio is a liquidity ratio that measures a firm's
ability to pay off its current liabilities with only cash and cash equivalents. The cash
ratio is much more restrictive than the current ratio or quick ratio because no other
current assets can be used to pay off current debt--only cash.

Cash Ratio
2010 1.070.427 / 1.355.830 78.95 %
2011 1.127.482 / 1.683.799 66.96 %
2012 555.785 / 1.556.875 35.70 %
2013 375565 / 3.262.054 11.51 %
2014 214.570 / 3.807.545 5.64 %

This analysis shows that the portion of cash that can cover the current liabilities of the
company. In this table we can see that Holcim’s company for 5 years keep declining
their cash ratio year to year. It means that company’s growth is not really well year to
year.

8. Debt to Total Capital Assets

A measurement of a company's financial leverage, calculated as the company's
debt divided by its total capital. Debt includes all short-term and long-term
obligations. Total capital includes the company's debt and shareholders' equity, which
includes common stock, preferred stock, minority interest and net debt.

Debt to Total Capital Assets = Total Liabilities/ Total Assets

Debt To Total Capital Assets

2010 3.611.246 / 10.437.249 34.59 %
2011 3.423.241 / 10.950.501 31.26 %
2012 3.750.461 / 12.168.517 30.82 %
2013 6.122.043 / 14.894.990 41.10 %
2014 8.436.760 / 17.195.352 49.06 %

From this table we can see that Holcim’s ability to pay their liabilities is getting good
year to year because the DAR is getting high every year.

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9. Asset Turnover
Asset turnover is a financial ratio that measures the efficiency of a company's use
of its assets in generating sales revenue or sales income to the company. Companies
with low profit margins tend to have high asset turnover, while those with high profit
margins have low asset turnover.

Asset Turnover = Revenue (Sales) / Total Assets

Assets Turnover
2010 5.960.589 / 10.437.249 57.10 %
2011 7.523.964 / 10.950.501 68.70 %
2012 9.011.076 / 12.168.517 74.05 %
2013 9.686.262 / 14.894.990 65.03 %
2014 10.528.723 / 17.195.352 61.23 %

The higher the asset turnover ratio, the better the company is performing. From this
table we can see that Holcim’s performance were good in year 2012 but it was getting
down in year 2013 also in year 2014.

10. Inventory Turnover

A measure of the number of times inventory is sold or used in a time period such
as a year.
Inventory turnover : The cost of goods sold divided by the average inventory.

Inventory Turnover
2010 3.711.232 / 499.926 7.4
2011 4.672.435 / 570.459 8.2
2012 5.725.467 / 687.087 8.3
2013 6.330.938 / 591.057 10.7
2014 7.502.759 / 736.995 10.2

The higher the inventory turnover ratio, the better, provided you are able to fill
customers' orders on time.So, from this table we can see that the highest inventory
turnover is in year 2013 and the lowest is in year 2010.

11. Receivable Turnover

The receivables turnover ratio is an activity ratio measuring how efficiently a

20
firm uses its assets. Receivables turnover ratio can be calculated by dividing the net
value of credit sales during a given period by the average accounts receivableduring
the same period.

Receivable Turnover
2010 5.960.589 / 643.190 9.3
2011 7.523. 964 / 705.019 10.7
2012 9.011.076 /846.862 10.6
2013 9.686.262 / 1.019.127 9.5
2014 10.528.723 / 1.178.161 8.9

The higher this ratio the lower the working capital invested in the receivables. In PT
Holcim Indonesia Tbk we can see from the ratio of receivables turnover in 2010
amounted to 9.3 times. In the year 2011 increase into the amount 10.7 times and
getting decreased in the following 3 years in the Year 2012, year 2013 and year 2014.

12. Long Term debt to Equity Ratio

The ratio is calculated by taking the company's long-term debt and dividing it by
the book value of common equity. A high ratio usually indicates a higher degree of
business risk because the company must meet principal and interest on its obligations.
Potential creditors are reluctant to give financing to a company with a high debt
position.

Long Term Debt to Equity Ratio

2010 2.255.416 / 6.822.608 0.33
2011 1.739.442 / 7.524.765 0.23
2012 2.193.442 / 8.414.784 0.26
2013 2.859.989 / 8.769.204 0.33
2014 4.629.215 / 8.754.580 0.53

Generally, companies with higher ratios are thought to be more risky. We can see
from the calculations the ratio is getting higher from year 2011 to year 2014. It shows
that company has a high debt position.

13. Average Collection Period

It is the average number of days it takes a company to collect its accounts
receivable. The average collection period can be calculated as follows: 365 days in a
year divided by the accounts receivable turnover ratio.

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 Average Collection Period
2010 365 / 9.3 39.2 days
2011 365 / 10.7 34.1 days
2012 365 / 10.6 34.4 days
2013 365/ 9.5 38.4 days
2014 365 / 8.9 41.0 days

A longer collection period may negatively affect the short-term debt paying
ability of the business. As we can see in Holcim’s company the ratio is getting higher
and get the highest ratio in 2014 for 41 days.

14. Average days in Inventory

An efficiency ratio that measures the average number of days the company holds
its inventory before selling it.. The days' sales in inventory tells you
the average number of days that it took to sell the average inventory held
during the specified one-year period. The calculation of the days' sales in inventory is:
the number of days in a year (365 or 360 days) divided by the inventory turnover
ratio.

Average Collection Period

2010 365 / 7.4 49.3 days
2011 365 / 8.2 44.5 days
2012 365 / 8.3 44 days
2013 365/ 10.7 34.1 days
2014 365 / 10.2 35.8 days

A low DSO value means that it takes a company fewer days to collect its accounts
receivable. A high DSO number shows that a company is selling its product to
customers on credit and taking longer to collect money. As we can see in year 2010
until year 2012, Holcim’s company take much longer time to collect the money rather
than in year 2013 until year 2014.

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Holcim’s Company
Income Statement
Year 2010 & 2011

23
Holcim’s Company
Income Statement
Year 2012

24
Holcim’s Company
Income Statement
Year 2013

25
Holcim’s Company
Income Statement
Year 2014

26
 SUMMARY INCOME STATEMENT
FOR YEAR 2010-2014

LAPORAN KEUANGAN
LAPORAN LABA RUGI Tahun
(Angka dalam tabel disajikan dalam 12/31/2014 12/31/2013 12/31/2012 31/12/2011 31/12/2010
jutaan Rupiah, kecuali dinyatakan lain)
PENJUALAN 10.528.723 9.686.262 9.011.076 7.523.964 5.960.589
BEBAN POKOK PENJUALAN -7502759 -6330938 -5725467 -4672435 -3711232
LABA BRUTO 3025964 3355324 3285609 2851529 2249357
Beban usaha
Distribusi -817298 -666562 -560419 -705024 -598683
Penjualan -295982 -259065 -223620
Umum dan administrasi -596309 -397063 -422448 -445459 -317328
Pendapatan (beban) operasi lainnya -15850 -184782 -4779
rugi selisih kurs netto
Laba rugi dari penghapusan -8.370 605 -25.031 -26.378 47.079
aset tetap netto
Lainnya -190 211 -10.855 5.377 3.654
LABA USAHA 1.291.965 1.848.668 2.038.457 1.680.045 1.362.635
Pendapatan keuangan 6.217 9.195 16.247 45.657 18.142
Beban keuangan -290785 -521315 -181992 -192445 -232.820
LABA SEBELUM BEBAN 1.007.397 1.336.548 1.872.712 1.533.257 1.147.957
PAJAK
BEBAN PAJAK , NETO -338.528 -384.243 -521.921 -469.697 -317.575
LABA TAHUN BERJALAN 668.869 952.305 1.350.791 1.063.560 830.382
PENDAPATAN
KOMPREHENSIF LAIN
Selisih kurs dari penjabaran -16.457 54.058 30.613 -8.573 17.633
laporan keuangan dalam mata uang
asing
JUMLAH LABA RUGI 652.412 1.006.363 1.381.404 1.054.987 848.015
KOMPREHENSIF TAHUN
BERJALAN
Laba tahun berjalan yang dapat
diatribusikan kepada :
Pemilik entitas induk 668.355 952.113 1.350.250 1.063.170 828.422
Kepentingan non pengendali 514 192 541 390 1.960
Laba tahun berjalan 668.869 952.305 1.350.791 1.063.560 830.382

27
Jumlah laba rugi komprehensif
tahun berjalan yang dapat
didistribusikan kepada:
Pemilik entitas induk 652.048 1.005.649 1.380.445 1.054.651 845.913
Kepentingan non pengendali 364 714 959 336 2.102
Jumlah laba rugi komprehensif 652.412 1.006.363 1.381.404 1.054.987 848.015
tahun berjalan
laba persaham dasar yang 87 124 176 139 108
diatribusikan kepada pemilik
entitas induk

28
 NOTES IN INCOME STATEMENT:

1. From this balance sheet for period 2010-2014 we can conclude their operating
margin :
Operating margin : Comparing Operating Income to Net Sales

Operating Margin
2010 1.362.635 / 5.960.589 22.86 %
2011 1.680.045 / 7.523.964 22.33 %
2012 2.038.457 / 9.011.076 22.62 %
2013 1.848.668 / 9.686.262 19.09 %
2014 1.291.965 / 10.528.723 12.27 %

This mean that:

 The company for every rupiah of 2010 sales, 22.86 % remained as a profit from
operations.
 The company for every rupiah of 2011 sales, 22.33 % remained as a profit from
operations.
 The company for every rupiah of 2012 sales, 22.62 % remained as a profit from
operations.
 The company for every rupiah of 2013 sales, 19.09 % remained as a profit from
operations.
 The company for every rupiah of 2014 sales, 12.27 % remained as a profit from
operations.
Holcim’s operating profit margin went down year to year, it means that the ompany
didn’t grow very well.

2. From this balance sheet for period 2010-2014 we can conclude their net profit
ratio :
Net profit Ratio : Comparing Net Income to Net Sales

Net Profit Ratio

2010 848.015 / 5.960.589 14.23 %
2011 1.054.987 / 7.523.964 14.02 %
2012 1.381.404 / 9.011.076 15.33 %
2013 1.006.363 / 9.686.262 10.39 %
2014 652.412 / 10.528.723 6.20 %

This mean that:

 For every Rp 1 of goods sold in 2010, 14.23 cents in profit was ultimately
29
 earned by the company.
 For every Rp 1 of goods sold in 2011, 14.02 cents in profit was ultimately
earned by the company.

 For every Rp 1 of goods sold in 2012, 15.33 cents in profit was ultimately
earned by the company.

 For every Rp 1 of goods sold in 2013, 10.39 cents in profit was ultimately
earned by the company.

 For every Rp 1 of goods sold in 2014, 6.20 cents in profit was ultimately earned
by the company.

30
STATEMENT’S OF CHANGES IN OWNER EQUITY
F0R YEAR 2010-2014

31
F0R YEAR 2011

32
FOR YEAR 2012

33
FOR YEAR 2013

34
FOR YEAR 2014

35
 SUMMARY STATEMENT OF CHANGE’S IN OWNER EQUITY
Holcim’s Indonesia Tbk

LAPORAN PERUBAHAN EKUITAS DAN KONSOLIDASIAN

(Angka dalam tabel disajikan dalam TAHUN
jutaan Rupiah, kecuali dinyatakan lain) 2014 2013 2012 2011 2010
Saldo per 1 januari 8.772.947 8.418.056 7.527.260 6.826.003 3.316.183
Penyesuaian transaksi sehubungan -18873
dengan penerapan
PSAK NO. 50 DAN 55
Saldo per 1 januari 2010, setelah 3.297.310
penyesuaian
Laba tahun berjalan 668.869 952.305 1.350.791 1.063.560 830.382
Pendapatan komprehensif lainnya -16.457 54.058 30.163 -8.573 848.015
Jumlah laba rugi komprehensif 652.412 1.006.363 1381404 1054987 2680678
Dividen -666.672 -651.229 -490.426 -352.494
Pencadangan Wajib -352.494
Pembayaran dividen entitas anak -95 -243 -182 -1236
yang dimiliki secara
tidak langsung kepada
kepentingan non pengendali
Saldo per 31 Desember 2014 8.758.592 8.772.947 8.418.056 7.527.260 6.826.003

36
 SUMMARY IN STATEMENT OF CHANGE’S IN OWNER EQUITY

1. From this balance sheet for period 2010-2014 we can conclude their dividend per
share :
Dividend per share : Comparing common stock dividends to common shares
outstanding

Dividend per Share

2010
2011 352.494.000 / 7.662.900.000 0.04
2012 490.426.000 / 7.662.900.000 0.06
2013 651.229.000 / 7.662.900.000 0.08
2014 666.672.000 / 7.662.900.000 0.08

Dividends per share (DPS) is the total dividend a company pays out, over a
12-month period, divided by the total number of outstanding shares. A company uses
this method to share profits with its shareholders.
DPS can tell an investor about the company's past financial health and its current
financial stability.
This mean that shareholders received more dividends in year 2013 and 2014 than in
previous years.

2. ROE (Return On Equity)

ROE = Net Income / Total Equity

Return on Equity
2010 830.382 / 6.826.003 12.16 %
2011 1.063.560 / 7.527.260 14.12 %
2012 1.350.791 / 8.418.056 16.04%
2013 952.305 / 8.772.947 10.85 %
2014 668.869 / 8.758.592 7.6%

Return on equity measures a corporation's profitability by revealing how much

profit a company generates with the money shareholders have invested. From this
table we know that Holcim’s company get the highest ROI in 2012 with percentage
about 16.04 % and the lowest ROI in 2014 with percentage 7.6 %.

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STATEMENT OF CASH FLOW
YEAR 2010-2014

38
39
2011

40
2012

41
2013

42
43
2014

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 NOTES IN STATEMENT OF CASH FLOW
1. Analysis for Operation, Investing and Financing
How to calculate :
 Total Operation : (Total Operation + Investing + Financing )
 Total Investing : (Total Operation + Investing + Financing )
 Total Financing : (Total Operation + Investing + Financing )

2014 2013 2012 2011 2010

Operation 31.01 % 37.97% 42.72% 50.70% 74 %
Investing 51.48% 51.64% 49.01% 23% 18%
Financing 17.51% 10.39% 8.27% 26.30% 8%

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46
47
Conclusion :
Diagram Analysis:
 In 2014 we can see that cash flow is more affected in Investing Activities rather
than in Operation and Financing activies, we get the result for 51.48 %
 In 2013 we can see that cash flow is more affected in Investing Activities rather
than in Operation and Financing activies, we get the result for 52.64%
 In 2012 we can see that cash flow is more affected in Investing Activities rather
than in Operation and Financing activies, we get the result for 49.01 %
 In 2011 we can see that cash flow is more affected in Operation Activities rather
than in Investing and Financing activies, we get the result for 50.70 %
 In 2010 we can see that cash flow is more affected in Operation Activities rather
than in Investing and Financing activies, we get the result for 74%

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 CHAPTER III
CONCLUSION
If we want to see whether the company is good or not, we can see from the
analysis of financial statements that have been audited. The financial statements
become very important to assess a company based on data and facts in the field. So
many factors influence investors whether financial statements are good or bad not
only from the result. It could be from the corporate environment, social culture and
strategy.
One tool to assess a company is financial ratios. Financial ratios are a means of
financial analysis to assess the company's financial performance. Ratio refers to a
single account relationship for the other to display the performance of the company.
Ratio analysis is widely used by Investors and creditors to make decisions for
decision makers to view and assess the future prospects of the company or the
performance of the company in the future by looking at data in the past.
Although using the financial statements of the past as a basis for calculation and
analysis of Financial Ratios to assess risks and opportunities in the future. Postal
relationships with one another in financial statements that appear in financial ratios
can provide a reflection of the level of financial health and company performance.
The financial ratios are many and have different meanings, it can’t judge by just
looking at one ratio, but it needs other ratios that can see in detail finance company.
After performing the Financial Statement Analysis of PT Holcim Indonesia Tbk
for 5 Years from 2010 to 2014. We know that Financial Report of Holcim’s Company
was made by Independent Auditor’s Report which is Ernst and Young (EY). In their
opinion, these consolidated financial statements referred to above present fairly, in all
material respect. All the result are conformity with general accepted accounting
principal (GAAP) in Indonesia.
PT Holcim Indonesia Tbk is not good enough it can be seen much decrease of the
ratio that we analyze for the last 5 years. In the company's performance on the
company's liquidity ratio can be said it wasn’t really good, due to the decline in
current ratio, cash ratio and quick ratio. Although the company is able to pay off its
short-term liabilities with current assets but the company is less able to repay its
current liabilities with its cash due to a drastic reduction in cash and an increase in
current liabilities. On the other side, in the company performance on the solvency
ratio can be said the company is in good condition, we can see from the increase of
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own capital ratio with total assets in each year, then the assets of companies financed
from loans are still low, the company is able to meet long- and short-term liabilities
with own capital and the ability of the company to cover its debts with total assets can
still be met.
We also pay attention in 1 year from 2013-2014. We take the decision of PT Holcim
Indonesia Tbk is not sufficient enough for investors to invest here, although it is a big
company in Indonesia but we have a high risk if investors continue to force to invest
in this company.

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