Ratio Formula =

Category
Liquidity

Asset Management

Debt management

Ratio

Nominator

Current
Quick/Acid
Inventory turnover
Days Sales Outstanding (DSO)
Fixed Assets Turnover
Total assets turnover
Debt
Debt-to-equity ratio
Market debt ratio

Market Value

Current Liabilities
Current Liabilities
Inventories
Average sales per day
Net Fixed assets
Total Assets
Total Assets
Total Assets - Total Liabilites
Total Liabilities + Market Value of
Equity
Interest Expense
Interest + Principal Payments + Lease
Payments
Sales
Sales
Sales
Total Assets
Total Assets
Common Equity
Earnings per Share
Cash flow per Share
Shares Outstanding
Book value per Share

EBIT
EBITDA + Lease Payments

Net Profit Margin

Operating profit margin
Gross Profit Margin
Basic Earning Power (BEP)
Return on Total Assets (ROA)
Return on Common Equity (ROE)
Price/Earnings
Price/Cash Flow
Book value per share (not a ratio)
Market/Book

Du Pont Equation

Denominator

Current Assets
Current Assets - Inventories
Sales
Receivable
Sales
Sales
Total Liabilities
Total Liabilities
Total Liabilities

Times-interest-earned (TIE)
Ability to pay interest EBITDA coverage

Profitability

Nominator
Denominator

Net income available to common stockholders

EBIT
Sales - Cost of Goods Sold
EBIT
Net income available to common stockholders
Net income available to common stockholders
Price per Share
Price per Share
Common equity
Market price per share

2012

2011

2010

2.00
1.41
6.43
26.38
3.17
0.84
42%
0.74

1.91
1.40
6.94
29.54
3.51
0.85
41%
0.70

2.04
1.46
6.80
25.53
3.27
0.81
47%
0.90

1.16
0.70
7.31
22.41
3.46
0.93
62%
1.61

0.00
7.61

0.00
7.92

0.00
5.03

1.00
3.21

1.15
10%
14%
27%
12%
8%
23%
0.05
0.02
2,415.45
3.04

1.03
11%
15%
28%
13%
9%
25%
0.04
0.02
2,209.10
2.20

0.51
10%
15%
33%
13%
8%
23%
0.05
0.02
1,911.60
2.90

0.34
8%
13%
28%
12%
7%
28%
1,156.61
-

ROE = (Profit Margin) x (Total Assets Turnover) x (Equity Multiplier)

= Net Income x
Sales
x Total Assets
Sales
Total Assets
Common Equity
Nama : Angga Hersyah Putra
NIM : 27P13039
Kelas : Eksekutif 27 B

Result
ROE = Net Income x
Sales
x Total Assets
Sales
Total Assets
Common Equity
2012
2011
2010

22.5%
25.2%
23.4%

2009

Industry Average
(2012)
2.34

0.99

9.80%
12.80%

9.70%
12.70%
28.74

Nama : Angga Hersyah Putra

NIM : 27P13039
Kelas : Eksekutif 27 B
Description
Net Income
Current Assets
Sales
Receivable
Inventories
Total Liabilities
Lease Payments
EBIT
EBITDA
Cost of Goods Sold
Net income available to common stockholders
Price per Share
Common equity
Market price per share
Current Liabilities
Average sales per day
Net Fixed assets
Total Assets
Market Value of Equity
Interest Expense
Interest
Principal Payments
Earnings per Share
Cash flow per Share
Shares Outstanding

PT Indofood Sukses Makmur

2012
4,779,446
26,202,972
50,059,427
3,617,741
7,782,594
25,181,533
50
6,978,842
6,424,473
36,493,332
4,779,446
20
21,208,715
7,350
13,080,544
137,149
15,775,741
59,324,207
173,951,845,755
916,590
1,082,297
4,491,369
371
843.60
8,780

2011
4,891,673
24,501,734
45,332,256
3,669,305
6,536,343
21,975,708
971
6,943,960
6,506,530
32,749,190
4,891,673
14
19,396,797
4,850
12,831,304
124,198
12,921,013
53,585,933
121,671,624,357
877,012
936,060
5,401,577
350
565.92
8,780

2010
3,934,808
20,077,994
38,403,360
2,686,263
5,644,141
22,423,117
5,223
5,926,643
5,618,633
25,916,354
3,934,808
17
16,784,671
5,550
9,859,118
105,215
11,737,142
47,275,955
145,033,830,580
1,179,098
1,171,698
9,786,159
336
796.06
8,780

2009
2,856,761
12,967,241
37,397,319
2,296,474
5,117,484
24,886,761
7,903
5,044,446
4,063,076
26,940,818
2,856,781
10,155,495
11,148,529
102,458
10,796,021
40,382,953
1,571,142
1,541,264
10,396,157
236
301.75
8,780

Company
Servisair
Aviapartner

Total Liabilites
4,812,908
24,788,131

Total Assets
Debt Ratio NPAT 2011 NPAT 2010 Different
9,787,389
49.2% 2,693,772
3,244,861
17.0%
32,587,809
76.1%
(901,477) 7,481,150
112.0%

Nama : Angga Hersyah Putra

NIM : 27P13039
Kelas : Eksekutif 27 B
Category

Ratio

2012

2011

2010

2009

Industry Average
(2012)

Current

Kemampuan likuiditas Indofood berada di bawah rata-rata industri. Namun di sisi

lain, tidak ada alokasi dana yang terserap cukup banyak di aspek non-produktif.
Rasio pada tahun 2012 meningkat dari tahun 2011

Liquidity

Quick/Acid
Inventory turnover

2.00
1.41

1.91
1.40

2.04
1.46

1.16
0.70

6.43

6.94

6.80

7.31

26.38
3.17

29.54
3.51

25.53
3.27

22.41
3.46

0.84

0.85

0.81

0.93

2.34
Turnover inventori menurun maka kemampuan Indofood dalam mengelola
inventori cukup baik
Apabila dibandingkan dengan tahun 2009, pembayaran yang diterima atas barang
yang dideliver semakin lama menjadi 26 hari.

Days Sales Outstanding (DSO)

Asset Management
Fixed Assets Turnover
Total assets turnover

Kemampuan Indofood dalam mengelola aset menjadi lebih produktif kurang begitu
0.99 baik jika dibandingkan dengan rata-rata industri
Rasio ini menunjukan peningkatan atas aktivitas financing yang diterima Indofood.
Pada tahun 2009 terlihat bahwa Indofood menerima liabilities yang cukup besar
namun nilai tersebut menurun pada tahun-tahun berikutnya. Indofood cukup baik
dalam mengatur kegiatan financing.

Debt

Debt management

Remarks

42%

41%

47%

62%

Debt-to-equity ratio
0.74

0.70

0.90

1.61

0.00

0.00

0.00

1.00

Nilai debt atas per rupiah equity Indofood menurun dari tahun 2009. Sejalan
dengan pengelolaam yang baik atas aktivitas financing

Market debt ratio

Times-interest-earned (TIE)
Ability to pay interest

Kemampuan Indofood untuk mengcover bunga sangat baik karena operating

income yang diterima meningkat cukup drastis tiap tahun. Di tahun 2012 operating
income Indofood dapat mengcover interest sampai 7 x lipat.
7.61

7.92

5.03

3.21

1.15

1.03

0.51

0.34

EBITDA coverage
Net Profit Margin
Operating profit margin
Gross Profit Margin
Basic Earning Power (BEP)

10%
14%
27%

11%
15%
28%

10%
15%
33%

8%
13%
28%

9.80%
12.80%

Kemampuan Indofood untuk mendapatkan income dengan total aset yang dimiliki
stabil dari 2009, namun secara keseluruhan nilai ini masih terbilang cukup rendah

Profitability
12%

13%

13%

12%

Return on Total Assets (ROA)

Market Value

Return on Common Equity (ROE)

Price/Earnings
Price/Cash Flow
Book value per share (not a ratio)
Market/Book

Baik net profit margin maupun operating profit margin Indofood berada di atas
rata-rata industri.

8%
23%
0.05
0.02
2,415.45
3.04

9%
25%
0.04
0.02
2,209.10
2.20

8%
23%
0.05
0.02
1,911.60
2.90

7%
28%
1,156.61
-

9.70%
12.70%
28.74

Terjadi penurunan ROE dan ROA indofood dari tahun sebelumnya. ROA Indofood
masih berada di bawah standar industri, namun untuk ROE cukup baik karena diatas
standar industri