FINANCIAL PERFORMANCE ASSESSMENT OF PT SEMEN GRESIK (PERSERO) TBK IN COMPARISON WITH OTHER CEMENT COMPANIES LOCALLY AND GLOBALLY FINAL REPORT

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1 FINANCIAL PERFORMANCE ASSESSMENT OF PT SEMEN GRESIK (PERSERO) TBK IN COMPARISON WITH OTHER CEMENT COMPANIES LOCALLY AND GLOBALLY FINAL REPORT By Yulia Wulandari Undergraduate Program School of Business and Management Institut Teknologi Bandung

2 VALIDATION PAGE FINANCIAL PERFORMANCE ASSESSMENT OF PT SEMEN GRESIK (PERSERO) TBK IN COMPARISON WITH OTHER CEMENT COMPANIES LOCALLY AND GLOBALLY By YULIA WULANDARI ID No: A Final Project in Partial Fulfillment of the Requirement for the Degree of Bachelor of Management Undergraduate Program of Management Study School of Business and Management Institut Teknologi Bandung Approved By Ir. Subiakto Soekarno, MBA NIP: ii

3 FINANCIAL PERFORMANCE ASSESSMENT OF PT SEMEN GRESIK (PERSERO) TBK IN COMPARISON WITH OTHER CEMENT COMPANIES LOCALLY AND GLOBALLY YULIA WULANDARI Examination Date : August 3 rd, 2010 Graduation Date : October 23 rd, 2010 Undergraduate of Business and Management Program, Institut Teknologi Bandung 2010 Final Project Advisor : Ir. Subiakto Soekarno, MBA ABSTRACT Globalization is a current issue that has been happening in this world in the last decades. To face globalization, it requires a good fundamental of the country from every sector in the country. One of the fundamental that is very affecting the fundamental of a country is infrastructure. Indonesia is the country which also facing the globalization. Indonesia has been trying to build good fundamental by developing sectors includes infrastructure. One of the sectors that affected by the development is cement industry. By the development, it requires increasing supply of cement to build the infrastructure. PT Semen Gresik (Persero) Tbk is one of the cement companies exist in Indonesia. The company which established in 1957 has been growing from every year to meet increasing demand of cement. The company has the largest market share in Indonesia since the company has the highest production capacity than others company in Indonesia. However, the high level of production must be followed by the performance of the company includes from financial performance, operation performance, and management performance. From the explanation above, many opinions about the performance appear. How is the performance of Semen Gresik compared to other cement companies in Indonesia? How is the performance PT. Semen Gresik among other cement industry compared with the cement global companies in the world? and What is the recommendation to PT. Semen Gresik in order to improve their performance? From the analysis that had been conducted, it shows that the performance of the company is good compared to the competitors. Semen Gresik has a better performance compared to two big cement companies in Indonesia. However, Semen Gresik is standing in the 9 th position compared to world-class cement companies. Therefore, the company needs some improvements in order to able to compete in the local market and expand the market overseas. Aspects that need to be improved by the company are determine optimal capital structure, generate revenue, reduce operating expense, improve growth, and improve sustainability growth. From the actions above, PT Semen Gresik (Persero) Tbk will be able to maintain the good performance and expand the business abroad. Keywords : Semen Gresik, performance iii

4 FINANCIAL PERFORMANCE ASSESSMENT OF PT SEMEN GRESIK (PERSERO) TBK IN COMPARISON WITH OTHER CEMENT COMPANIES LOCALLY AND GLOBALLY YULIA WULANDARI Tanggal Sidang Akhir : 3 Agustus 2010 Tanggal Wisuda : 23 Oktober 2010 Program Sarjana Bisnis dan Manajemen Institut Teknologi Bandung 2010 Pembimbing Tugas Akhir : Ir. Subiakto Soekarno, MBA ABSTRAKSI Globalisasi adalah masalah saat ini yang telah terjadi di dunia ini dalam dekade terakhir. Untuk menghadapi globalisasi, membutuhkan fondasi dasar negara dari setiap sektor. Salah satu dasar yang sangat mempengaruhi fondasi suatu negara adalah infrastruktur. Indonesia adalah negara yang juga menghadapi globalisasi. Indonesia telah berusaha untuk membangun fondasi yang baik dengan mengembangkan sektor di negeri ini, termasuk sector infrastruktur. Salah satu sector yang dipengaruhi adalah industri semen. Dengan perkembangan yang terjadi, itu memerlukan peningkatan pasokan semen untuk membangun infrastruktur. PT Semen Gresik (Persero) Tbk adalah salah satu perusahaan semen ada di Indonesia. Perusahaan yang didirikan pada tahun 1957 telah berkembang setiap tahunnya untuk memenuhi permintaan peningkatan permintaan semen. Perusahaan ini memiliki pangsa pasar terbesar di Indonesia sejak memiliki kapasitas produksi terbesar dibandingkan dengan perusahaan lain di Indonesia. Namun, tingkat produksi yang tinggi harus diikuti oleh kinerja perusahaan meliputi kinerja keuangan, kinerja operasi, dan kinerja manajemen. Dari penjelasan di atas, banyak pendapat tentang kinerja muncul. Bagaimana kinerja Semen Gresik dibandingkan dengan perusahaan semen lain di Indonesia? Bagaimana kinerja PT. Semen Gresik antara lain industri semen dibandingkan dengan semen perusahaan global di dunia? dan Apa rekomendasi kepada PT. Semen Gresik dalam rangka meningkatkan kinerja mereka? Dari analisis yang telah dilakukan, hal itu menunjukkan bahwa kinerja perusahaan baik dibandingkan dengan kompetitor. Semen Gresik memiliki kinerja yang lebih baik dibandingkan dengan dua perusahaan semen besar di Indonesia. Namun, Semen Gresik berdiri di posisi ke-9 dibandingkan dengan perusahaan semen kelas dunia. Oleh karena itu, Semen Gresik memerlukan beberapa perbaikan peningkatan untuk mampu bersaing di pasar lokal dan memperluas pasar luar negeri. Aspek yang perlu diperbaiki oleh perusahaan adalah menentukan struktur modal yang optimal, meningkatkan pendapatan, mengurangi biaya operasional, meningkatkan pertumbuhan, dan meningkatkan keberlanjutan perusahaan. Dari tindakan di atas, PT Semen Gresik (Persero) Tbk akan dapat mempertahankan kinerja yang baik dan ekspansi usaha di luar negeri. Kata kunci : Semen Gresik, kinerja iv

5 FOREWORD Assalammu alaikum Wr. Wb Alhamdulillah, I would like to say thanks to ALLAH SWT, who gave me belief, strength, and bless until I've finished my final projects as a partial fulfillment of requirement my study in School of Business and Management ITB. My deeply gratitude I'll give to my parents, Ir. H. Tresdi Arma, MM, my lovely father who always give me love, attention, advice, and support. H. Jamila, my lovely mother for the love, support, spirit, prayers, and every things that never be enough to me. To my lovely counselor, Mr. Subiakto Soekarno, who has a lot of contributions on my final projects, thank you for the spirit, guidance, advice, knowledge and encouragement until I'm successfully finished my final projects. Big thanks to my second family in Bandung, Dhyla, Nindi, Vita, Vira, Ines, Yasmin, Nigor, and Tari, who becomes my closest partner in the last three years in my life. All the intention, love, support, laugh, and spirit teach me about the true meaning of friendship. Hugs and kisses for you, Syalmon. Thank you thank you very much to KD team, Dhinda, Azima, Nasya, Intan, Raja, Egar, Pupud, and Icang for the all quality time together until I finished my final projects. To my lovely sister, Mira Amelia Rahmadani, my new brother Bang Zaki, and all my big family, thank you for the support and attention that gave to me. To all my friends, SBM 2010, thank you for the all time together during our three years in SBM. Many lessons and experiences that I've got from everything we've done. And special thanks to my greatest partner Julian Kamil, the only person who always stand 24 hours beside me until I've finished my final projects. Really really thank you for your guidance, attention, spirit, patience, and support that always gave to me. Thank you for being the best partner for every single thing in every single time. Wassalam, Yulia Wulandari v

6 LIST OF CONTENTS VALIDATION PAGE... ii ABSTRACT... iii ABSTRAKSI... iv FOREWORDS... v LIST OF CONTENTS... vi LIST OF TABLES... ix LIST OF EQUATIONS... x LIST OF APPENDIX... xi CHAPTER I INTRODUCTION Background Problem Identification Objectives Problem Limitation Writing Systematic... 7 CHAPTER II THEORITICAL FOUNDATION Financial Statement Analysis Financial Ratio Trend Analysis Revenue Return Market Debt BUMN Scoring Methods "8 Indicators" for Cement Industry Market Capitalizations Enterprise Value (EV) EV per EBITDA EV per Capacity EBITDA per Capacity EBIT Margin Price Earnings Ratio Price per Book Value vi

7 2.4 Company Profile Company in Brief Vision and Mission Company Structure Organizational Structure Share Ownership Subsidiaries Facilities CHAPTER III METHODOLOGY Research Design Problem Identification Literature review Data Collection Data Analysis Conclusion CHAPTER IV DATA ANALYSIS Comparison among Indonesia Cement Industry Trend Analysis PT. Semen Gresik (Persero) Tbk PT. Indocement Tunggal Perkasa Tbk PT. Holcim Indonesia Tbk Growth Rate Comparison Financial Ratio Analysis Revenue Return Market Debt BUMN Scoring for cement industry in Indonesia Comparison to Global cement industry Comparison using BUMN Scoring Classification of Healthy Classification of Less Healthy Classification of Unhealthy Comparison Analysis vii

8 4.2.2 Comparison using 8 indicators for cement Industry Scoring Classification Comparison Analysis Summary Analysis CHAPTER V CONCLUSION AND RECOMMENDATION Conclusion Recommendation REFERENCES APPENDIX viii

9 LIST OF TABLES Table 2.1 Classification BUMN Scoring Table 2.2 BUMN Financial Indicators Table 2.3 SMGR Share Ownership Table 4.1 Financial Ratio Semen Gresik Trend Table 4.2 Financial Ratio Indocement Trend Table 4.3 Financial Ratio Holcim Indonesia Trend Table 4.4 Comparison CAGR in Indonesia Table 4.5 ROA DuPont Analysis Table 4.6 ROE DuPont Analysis Table 4.7 Performance Classification BUMN Table 4.8 List of BUMN Scoring Criteria Table 4.9 BUMN Financial Scoring in Indonesia Table 4.10 Global Cement companies Table 4.11 BUMN Financial Scoring in Global Table 4.12 Priority score and weights in "8 Indicators" Table 4.13 "8 Indicators" Scoring in Global Table 4.14 BUMN Scoring in Indonesia Table 4.15 BUMN Financial Scoring in Global Table 4.16 '8Indicators" Scoring in Global ix

10 LIST OF EQUATIONS Equation 1 Compounded Annual Growth Rate (CAGR) Equation 2 Gross Profit Margin Equation 3 Operating Profit Margin Equation 4 Net Profit Margin Equation 5 EBITDA Margin Equation 6 COGS to Revenue Equation 7 Operating Expense to Revenue Equation 8 Return on Assets Equation 9 Return on Equity Equation 10 Earnings per Share Equation 11 Book Value per share Equation 12 Debt to Equity Equation 13 Debt to Capital Equation 14 Market Capitalizations Equation 15 Enterprise Value Equation 16 EV/EBITDA Equation 17 EV/Capacity Equation 18 EBITDA/Capacity Equation 19 EBIT Margin Equation 20 Price Earnings Ratio Equation 21 Price per Book Value x

11 LIST OF APPENDIX Appendix A Income Statement of Cement Companies Appendix B Balance Sheet of Cement Companies Appendix C Statement of Cash Flow of Cement Companies Appendix D Calculation of BUMN Scoring Appendix E Calculation of "8 indicators" xi