Financial Report Analyses

Intania Aisha Melati

Company Overview
Information of PT Adaro Energy, Tbk (IDX: ADRO)
(thousand $)
2017 2016 Horizontal 2017
Sales $ 3.258.333 $ 2.524.239 Sales 1,29
COGS $ (2.116.831) $ (1.838.963) COGS 1,15
Gross profit $ 1.141.502 $ 685.276 Gross profit 1,67
Op expense $ (189.677) $ (97.658) Op expense 1,94
EBIT $ 951.825 $ 587.618 EBIT 1,62
Fin expense $ (52.994) $ (50.006) Fin expense 1,06
Fin income $ 18.733 $ 9.092 Fin income 2,06
Share of jv $ 11.967 $ (184) Share of jv -65,04
EBT $ 929.531 $ 546.520 EBT 1,70
Tax $ 393.093 $ 205.834 Tax 1,91
Net profit $ 536.438 $ 340.686 Net profit 1,57

Assets Liabilities

CA $ 1.979.162 CL $ 773.302
NCA $ 4.834.985 NCL $ 1.949.218
Total Lia. $ 2.722.520
Equity

Total Eq. $ 4.091.627

Total Assets $ 6.814.147 Total L+E $ 6.814.147
Information of PT Aneka Tambang, Tbk (IDX: ANTM)

(thousand Rp)
2017 2016 Horizontal 2017

Sales Rp 12.653.619.205 Rp 9.106.260.754 Sales 1,39

COGS Rp (11.009.726.759) Rp (8.254.466.187) COGS 1,33

Gross profit Rp 1.643.892.446 Rp 851.794.567 Gross profit 1,93

Op expense Rp (1.043.286.128) Rp (843.638.508) Op expense 1,24

EBIT Rp 600.606.318 Rp 8.156.059 EBIT 73,64

Share of jv Rp (488.268.854) Rp (281.813.472) Share of jv 1,73

Fin income Rp 259.842.315 Rp 343.190.135 Fin income 0,76

Fin expense Rp (607.685.684) Rp (319.273.938) Fin expense 1,90

Other income Rp 689.902.429 Rp 487.032.811 Other income 1,42

EBT Rp 454.396.524 Rp 237.291.595 EBT 1,91

Tax Rp (317.893.255) Rp (172.485.407) Tax 1,84

Net profit Rp 136.503.269 Rp 64.806.188 Net profit 2,11

Assets Liabilities

CA Rp 9.001.938.755 CL Rp 5.552.461.635

NCA Rp 21.012.334.697 NCL Rp 5.971.408.300

Total Lia. Rp 11.523.869.935

Equity

Total Eq.
Rp 18.490.403.517
Total L+E
Total Assets Rp 30.014.273.452 Rp 30.014.273.452
PROFITABILITY
Net profit
NPM = = Rp 536.438 = 0,16
Sales Rp 3.258.333
Earning after tax
ROA = = Rp 536.438 = 0,08
Assets Rp 6.814.147
Earning after tax
ROE = = Rp 536.438 = 0,13
Equity Rp 4.091.627

Net profit
NPM = = Rp 136.503.269 = 0,011
Sales Rp 12.653.619.205
Earning after tax
ROA = = Rp 136.503.269 = 0,005
Assets Rp 30.014.273.452
Earning after tax
ROE = = Rp 136.503.269 = 0,007
Equity Rp 18.490.403.517
 Adaro has higher profitability
ratio
Adaro generates more profit compared to Aneka
Tambang
LIQUIDITY

Current ratio = Current assets = $ 1.979.162 = 2,56 times

Current liabilities $ 773.302
Quick ratio = Quick assets = $ 1.893.696 = 2,45 times
Current liabilities $ 773.302
Cash ratio = Cash = $ 1.206.848 = 1,56 times
Current liabilities $ 773.302

Current ratio = Current assets = Rp 9.001.938.755 = 1,62 times

Current liabilities Rp 5.552.461.635
Quick ratio = Quick assets = Rp 9.001.853.289 = 1,62 times
Current liabilities Rp 5.552.461.635
Cash ratio = Cash = Rp 5.550.677.020 = 1,00 times
Current liabilities Rp 5.552.461.635
Adaro has higher Liquidity ratio
Adaro’s debt servicing remains manageable with average debt
repayment schedule from 2018 to 2020 of approximately
US$238 million per year, well covered by strong liquidity
position and cash flows generation.
ACTIVITY RATIOS
Invetory = Cost of goods sold = $ 2.116.831 = 24,77 times
turnover Inventory $ 85.466
Days sales in = 360 = 360 = 15 days
inventory Inventory turnover 24,77
Receivables = Sales = $ 3.258.333 = 10,14 times
turnover Account receivable Rp 321.447
Days sales in = 360 = 360 = 36 days
Receivables Receiv. Turnover 10,14
Payable = Sales = $ 3.258.333 = 4,21 times
turnover Account payable Rp 773.302
Days sales in = 360 = 360 = 85 days
Payable Payable. turnover 4,21
Invetory = Cost of goods sold = Rp 11.009.726.759 = 8,75 times
turnover Inventory Rp 1.257.785.082

Days sales in = 360 = 360 = 15 days

inventory Inventory turnover 24,77

Receivables = Sales = Rp 12.653.619.205 = 9,19 times
turnover Account receivable Rp 1.377.350.115

Days sales in = 360 = 360 = 36 days

Receivables Receiv. Turnover 10,14

Payable = Sales = Rp 12.653.619.205 = 2,28 times
turnover Account payable Rp 5.552.461.635

Days sales in = 360 = 360 = 36 days

Payable Payable turnover 10,14

AE has higher inventory,
receivable and payable turnover
compared to ANTAM
In 2017, ANTAM did not produce coal in light of market
conditions that were less than conducive, and the
availability of coal still held in inventory.
LEVERAGE
$
Debt ratio = TA - TE = 2.722.520 = 0,40 times
$
Total assets 6.814.147
$
D/E ratio = Total debt = 2.722.520 = 0,67 times
$
Total equity 4.091.627

Rp
Debt ratio = TA - TE = 11.523.869.935 = 0,38 times
Rp
Total assets 30.014.273.452
Rp
D/E ratio = Total debt = 11.523.869.935 = 0,62 times
Rp
Total equity 18.490.403.517
Adaro has 40% total debt ratio
Aneka Tambang has 38% total debt
ratio
Times interest = EBIT = $ 951.825 = 17,96 times
earned Interest expense $ 52.994

Times interest = EBIT = Rp 600.606.318 = 0,99 times

earned Interest expense Rp 607.685.684

Adaro is able to pay their interest using EBIT 17,96 times in a year,
while Aneka Tambang is not even able to pay 1 times per year
Pomalaa Ferronickel Plant Expansion Project
(P3FP)

It increases Antam’s finance cost up to 90% compared 2016

MARKET VALUE
DPR = Dividend = $ 100.116 = 19,32 %
EAT $ 518.131
Plowback = (1-DPR) = 1-19% = 80,68 %
DPS = Dividend = $ 100.116.061 = 0,0031
Outstanding stock 31.985.962.000

Dividend yield D/S = 0,0031 = 2,28 %

P/S 0,1376
EPS = Net profit = $ 518.131.000 = 1,62 %
Outstanding stock 31.985.962.000
PE ratio = P/S = 1.860,0 = 114.824,03 times

EPS 0,0162

Price to book = P/S = 0,1376 = 107,54 %

value ratio BV/S 0,1279

 Rp
DPR = Dividend = - = - %

EAT Rp 136.503.269

Plowback = (1-DPR) = - = 100,00 %

Rp
DPS = Dividend = - = -

Outstanding stock 24.030.764.725

Dividend yield D/S = - = - %

Rp
P/S 712
EPS = Net profit = Rp 136.503.269.000 = 5,68 %

Outstanding stock 24.030.764.725

Rp
PE ratio = P/S = 712 = 125,34 times

EPS 5,68

Price to book = P/S = 712,0000 = 92,53 %

value ratio BV/S 769,4472

Aneka Tambang did not pay their dividend in 2017

Adaro has higher market value

compared to Antam
THANK YOU