BAB III DATA DAN PERHITUNGAN

BAB III DATA DAN PRHITUNGAN 3.1 Perhitungan Perhitungan data diawali dengan mengumpulkan data-data penting yang kemudian diolah sesuai dengan tujuan penelitian. 3.1.1 Data Berikut ini adalah data struktur neraca PT. Bumi Resources Tbk, PT. Tambang Batubara Bukit Asam Tbk, dan PT. Aneka Tambang Tbk yang dikumpulkan dari neraca perusahaan masing-masing tahun 2002-2006. Tabel 3.1 Struktur Neraca PT. Bumi Resources Tbk (dalam Dolar Amerika Serikat) ASSTS Current assets 67,311,433 276,885,537 433,838,768 577,373,270 1,071,423,599 Fixed assets 317,165,547 1,058,802,707 1,091,778,886 1,144,445,998 1,442,112,350 Total assets 384,476,980 1,335,688,244 1,525,617,654 1,721,819,268 2,513,535,949 LIALIBILITS Current Lialibilities 167,595,796 507,967,713 660,491,621 659,128,912 802,689,345 Non-current lialibilities 176,321,515 792,917,002 746,704,009 815,939,010 1,340,666,335 Minority interest 15,273,816 23,683,223 1,399,984 11,405,786 10,234,178 Total lialibilities 343,917,311 1,300,884,715 1,407,195,630 1,475,067,922 2,143,355,680 quity 25,285,853 11,120,306 117,022,040 235,345,560 359,946,091 Total lialibilities & quity 384,476,980 1,335,688,244 1,525,617,654 1,721,819,268 2,513,535,949 (Sumber: Laporan Tahunan Bumi 2002-2006) III 1

Tabel 3.2 Struktur Neraca PT. Tambang Batubara Bukit Asam Tbk (dalam Jutaan Rupiah) ASSTS Current assets 1,257,369 1,295,669 1,638,657 2,088,957 2,347,761 Fixed assets 727,751 784,939 746,484 750,733 759,973 Total assets 1,985,120 2,080,608 2,385,141 2,839,690 3,107,734 LIALIBILITS Current lialibilities 469,183 360,196 433,166 463,035 431,533 Non-current liabilities 152,451 318,616 253,515 313,678 368,560 Minority interest 7,114 8,144 9,197 10,317 12,181 Total lialibilities 621,634 678,812 686,681 776,713 800,093 quity 1,356,372 1,393,652 1,689,263 2,052,660 2,295,460 Total lialibilities & quity 1,985,120 2,080,608 2,385,141 2,839,690 3,107,734 (Sumber: Laporan Tahunan PTBA 2002-2006) Tabel 3.3 Struktur Neraca PT. Aneka Tambang Tbk (dalam Jutaan Rupiah) ASSTS Current assets 1,256,790 2,548,841 2,977,270 2,087,512 3,317,603 Fixed assets 1,268,235 1,778,003 3,065,376 4,315,202 3,973,303 Total assets 2,525,026 4,326,844 6,042,646 6,402,714 7,290,906 III 2

LIALIBILITS Current lialibilities 428,803 448,719 912,335 779,406 1,179,516 Non-current liabilities 415,060 2,094,613 2,687,841 2,593,663 1,829,784 Minority interest 5,687 1 2 3 3 Total lialibilities 843,863 2,543,332 3,600,176 3,373,069 3,009,300 quity 1,675,476 1,783,512 2,442,468 3,029,643 4,281,602 Total lialibilities & quity 2,525,026 4,326,844 6,042,646 6,402,714 7,290,906 (Sumber: Laporan Tahunan Antam 2002-2006) Data lainnya yang diperlukan adalah net income (pendapatan bersih perusahaan) dan sales (penjualan atau pendapatan) yang didapatkan dari laporan laba rugi perusahaan yaitu: Tabel 3.4 Net Income & Sales PT. Bumi Resources Tbk (dalam Dolar Amerika Serikat) Net Income -15,842,319-4,520,955 119,448,504 123,263,070 222,304,589 Sales 242,096,845 408,231,640 1,047,506,069 1,751,248,015 1,851,550,950 (Sumber: Laporan Tahunan Bumi 2002-2006) Tabel 3.5 Net Income & Sales PT. Tambang Batubara Bukit Asam Tbk (dalam Jutaan Rupiah) Net Income 177,955 210,390 419,802 467,060 485,670 Sales 2,163,689 2,285,038 2,614,472 2,998,686 3,533,480 (Sumber: Laporan Tahunan PTBA 2002-2006) III 3

Tabel 3.6 Net Income & Sales PT. Aneka Tambang Tbk (dalam Jutaan Rupiah) Net Income 177,403 226,551 810,249 841,936 1,552,777 Sales 1,711,400 2,138,811 2,858,538 3,251,236 5,629,401 (Sumber: Laporan Tahunan Antam 2002-2006) Data pembanding didapatkan dari publikasi PriceWaterhouseCoopers. Terdapat dua jenis data, data yang pertama merupakan data rata-rata rasio keuangan 40 industri tambang global. Data ini hanya ada sejak tahun 2003. Data yang kedua merupakan data struktur neraca rata-rata industri tambang Indonesia. Data ini ada sejak tahun 2002 sesuai dengan data yang digunakan dalam penelitian. Tabel 3.7 Rasio Rata-rata 40 Industri Tambang Global 2003 2004 2005 2006 Rasio Likuiditas Current Ratio 1.30 1.59 1.66 1.70 Quick Ratio 0.88 1.13 1.27 1.31 Rasio Solvabilitas Debt to quity Ratio 1.07 0.91 0.89 0.92 Debt to Asset Ratio 0.52 0.48 0.47 0.48 Rasio Profitabilitas Return on quity 10.20% 16.90% 23.82% 28.26% Return on Asset 4.98% 8.83% 12.61% 14.75% Net Profit Margin 9.99% 15.17% 22.48% 26.91% Asset Turnover 0.50 0.58 0.56 0.55 (Sumber: PriceWaterhouseCoopers) III 4

Tabel 3.8 Struktur Neraca Rata-rata Industri Tambang Indonesia Current assets 20.39% 22.23% 24.23% 26.00% 25.40% Fixed assets 79.61% 77.77% 75.77% 74.00% 74.60% Current liabilities 16.83% 16.01% 15.25% 15.67% 14.92% Non-current liabilities 36.91% 35.16% 32.52% 31.38% 32.89% quity 46.27% 48.83% 52.23% 52.95% 52.19% (Sumber: PriceWaterhouseCoopers) 3.1.2 Hasil Perhitungan Setelah data-data terkumpul, kemudian masing-masing dibuat strukturnya dalam persentase. Kemudian persentase setiap struktur dibandingkan dari tahun ke tahun untuk melihat perubahan yang terjadi. Berikut ini merupakan data perubahan struktur neraca PT. Bumi Resources Tbk, PT. Tambang Batubara Bukit Asam Tbk, dan PT. Aneka Tambang Tbk antar periode (2002-2006) dalam bentuk diagram yang memperlihatkan perubahan setiap periodenya. a) PT. Bumi Resources Tbk Tabel 3.9 Persentasi Struktur Neraca PT. Bumi Resources Tbk ASSTS Current assets 17.51% 20.73% 28.44% 33.53% 42.63% Fixed assets 82.49% 79.27% 71.56% 66.47% 57.37% Total assets 100.00% 100.00% 100.00% 100.00% 100.00% III 5

LIALIBILITS Current lialibilities 43.59% 38.03% 43.29% 38.28% 31.93% Non-current lialibilities 45.86% 59.36% 48.94% 47.39% 53.34% Minority interest 3.97% 1.77% 0.09% 0.66% 0.41% Total lialibilities 89.45% 97.39% 92.24% 85.67% 85.27% quity 6.58% 0.83% 7.67% 13.67% 14.32% Total lialibilities & quity 100.00% 100.00% 100.00% 100.00% 100.00% b) PT. Tambang Batubara Bukit Asam Tbk Tabel 3.10 Persentasi Struktur Neraca PT. Tambang Batubara Bukit Asam Tbk ASSTS Current assets 63.34% 62.27% 68.70% 73.56% 75.55% Fixed assets 36.66% 37.73% 31.30% 26.44% 24.45% Total assets 100.00% 100.00% 100.00% 100.00% 100.00% LIALIBILITS Current lialibilities 23.63% 17.31% 18.16% 16.31% 13.89% Non-current liabilities 7.68% 15.31% 10.63% 11.05% 11.86% Minority interest 0.36% 0.39% 0.39% 0.36% 0.39% Total lialibilities 31.31% 32.63% 28.79% 27.35% 25.75% quity 68.33% 66.98% 70.82% 72.28% 73.86% Total lialibilities & quity 100.00% 100.00% 100.00% 100.00% 100.00% III 6

c) PT. Aneka Tambang Tbk Tabel 3.11 Persentasi Struktur Neraca PT. Aneka Tambang Tbk ASSTS Current assets 49.77% 58.91% 49.27% 32.60% 45.50% Fixed assets 50.23% 41.09% 50.73% 67.40% 54.50% Total assets 100.00% 100.00% 100.00% 100.00% 100.00% LIALIBILITS Current lialibilities 16.98% 10.37% 15.10% 12.17% 16.18% Non-current liabilities 16.44% 48.41% 44.48% 40.51% 25.10% Minority interest 0.23% 0.00% 0.00% 0.00% 0.00% Total lialibilities 33.42% 58.78% 59.58% 52.68% 41.27% quity 66.35% 41.22% 40.42% 47.32% 58.73% Total lialibilities & quity 100.00% 100.00% 100.00% 100.00% 100.00% III 7

Gambar 3.1 Struktur Neraca tahun 2002 Bumi PTBA Antam Rata-rata Industri Tambang Indonesia 20.39% 79.61% 16.83% 36.91% 46.27% III 8

Gambar 3.6 Struktur Neraca Rata-rata 2002-2006 Bumi PTBA Antam 28.57% 71.43% 39.02% 50.98% 10.00% 68.69% 31.31% 17.86% 11.3% 70.84% 47.21% 52.79% 14.16% 34.98% 50.86% Rata-rata Industri Tambang Indonesia 23.65% 76.35% 15.74% 33.77% 50.49% III 13

Gambar 3.7 Perubahan Persentase Struktur Neraca Periode 2002-2003 Bumi PTBA Antam 3.22% 5.56% 1.07% 6.43% 9.13% 6.61% 13.5% 7.63% 31.97% 3.22% 1.07% 9.13% 7.94% 1.31% 25.36% Gambar 3.8 Perubahan Persentase Struktur Neraca Periode 2003-2004 Bumi PTBA Antam 7.71% 5.26% 6.43% 0.85% 9.64% 4.73% 10.42% 4.68% 3.93% 7.71% 6.43% 9.64% 5.16% 3.84% 0.80% III 14

Gambar 3.9 Perubahan Persentase Struktur Neraca Periode 2004-2005 Bumi PTBA Antam C 5.10% 5.01% 4.86% 1.86% 16.67% 2.93% 1.56% 0.42% 3.97% 5.10% 4.86% 16.67% 6.57% 1.44% 6.90% Gambar 3.10 Perubahan Persentase Struktur Neraca Periode 2005-2006 Bumi PTBA Antam 9.09% 6.35% 1.98% 2.42% 12.90% 4.00% 9.09% 5.95% 0.40% 1.98% 0.81% 1.61% 12.90% 15.41% 11.41% III 15

Gambar 3.11 Perubahan Persentase Struktur Neraca Rata-rata 2002-2006 Bumi PTBA Antam 6.28% 2.94% 3.05% 2.44% 1.07% 0.20% 1.87% 1.00% 2.17% 6.28% 3.05% 1.07% 1.09% 1.39% 1.96% 3.1.2.1 Perhitungan Terminologi Neraca Terminologi neraca meliputi Total Assets, Capital mployed, Net Worth, dan Working Capital yang dikelompokkan berdasarkan perusahaan masing-masing. Grafik pada setiap perusahaan memiliki kecenderungan untuk meningkat setiap tahunnya. Tabel 3.12 Terminologi Neraca PT. Bumi Resources Tbk (Dalam Dolar Amerika Serikat) Total Assets 384,476,980 1,335,688,244 1,525,617,654 1,721,819,268 2,513,535,949 Capital mployed 216,881,184 827,720,531 865,126,033 1,062,690,356 1,710,846,604 Net Worth 40,559,669 34,803,529 118,422,024 246,751,346 370,180,269 Working Capital 100,284,363 231,082,176 226,652,853 81,755,642 268,734,254 III 16

Tabel 3.13 Terminologi Neraca PT. Tambang Batubara Bukit Asam Tbk (Dalam Jutaan Rupiah) Total Assets 1,985,120 2,080,608 2,385,141 2,839,690 3,107,734 Capital mployed 1,515,937 1,720,412 1,951,975 2,376,655 2,676,201 Net Worth 1,363,486 1,401,796 1,698,460 2,062,977 2,307,641 Working Capital 788,186 935,473 1,205,491 1,625,922 1,916,228 Tabel 3.14 Terminologi Neraca PT. Aneka Tambang Tbk (Dalam Jutaan Rupiah) Total Assets 2,525,026 4,326,844 6,042,646 6,402,714 7,290,906 Capital mployed 2,096,223 3,878,125 5,130,311 5,623,308 6,111,390 Net Worth 1,681,163 1,783,512 2,442,470 3,029,645 4,281,605 Working Capital 827,988 2,100,123 2,064,934 1,308,106 2,138,087 3.1.2.2 Perhitungan Performa Perusahaan a) Return On Asset (ROA) Hasil perhitungan ROA ketiga perusahaan periode 2002-2006 yaitu: Tabel 3.15 Perhitungan ROA Perusahaan Bumi -4.12% -0.34% 7.83% 7.16% 8.84% PTBA 8.96% 10.11% 17.60% 16.45% 15.63% Antam 7.03% 5.24% 13.41% 13.15% 21.30% III 17

b) Penjabaran ROA Penjabaran dari ROA yaitu net profit margin dan total assets turnover yang didapatkan sebagai berikut. 1. Hasil perhitungan net profit margin ketiga perusahaan periode 2002-2006 yaitu: Tabel 3.16 Perhitungan Net Profit Margin Perusahaan Bumi -6.54% -1.11% 11.40% 7.04% 12.01% PTBA 8.22% 9.21% 16.06% 15.58% 13.74% Antam 10.37% 10.59% 28.34% 25.90% 27.58% 2. Hasil perhitungan assets turnover ketiga perusahaan periode 2002-2006 yaitu: Tabel 3.17 Perhitungan Total Assets Turnover Perusahaan Bumi 0.63 0.31 0.69 1.02 0.74 PTBA 1.09 1.10 1.10 1.06 1.14 Antam 0.68 0.49 0.47 0.51 0.77 III 18

c) Return On quity (RO) Hasil perhitungan RO untuk ketiga perusahaan periode 2002-2006 yaitu: Tabel 3.18 Perhitungan RO Perusahaan Bumi -62.65% -40.65% 102.07% 52.38% 61.76% PTBA 13.12% 15.10% 24.85% 22.75% 21.16% Antam 10.59% 12.70% 33.17% 27.79% 36.27% 3.1.2.3 Perhitungan Likuiditas dan Solvabilitas Perusahaan a) Perhitungan Likuiditas Perhitungan likuiditas meliputi current ratio, quick ratio, dan working capital pada masing-masing perusahaan secara terpisah. Tabel 3.19 Perhitungan Likuiditas PT. Bumi Resources Tbk Current Ratio 0.40 0.55 0.66 0.88 1.33 Quick Ratio - 0.43 0.54 0.72 1.08 Working Capital -100,284,363-231,082,176-226,652,853-81,755,642 268,734,254 III 19

Tabel 3.20 Perhitungan Likuiditas PT. Tambang Batubara Bukit Asam Tbk Current Assets 2.68 3.60 3.78 4.51 5.44 Quick Ratio 2.27 3.18 3.42 3.98 4.84 Working Capital 788,186 935,473 1,205,491 1,625,922 1,916,228 Tabel 3.21 Perhitungan Likuiditas PT. Aneka Tambang Tbk Current Ratio 2.93 5.68 3.26 2.68 2.81 Quick Ratio 2.15 4.93 2.83 2.00 2.01 Working Capital 827,988 2,100,123 2,064,934 1,308,106 2,138,087 b) Perhitungan solvabilitas Perhitungan solvabilitas meliputi long-term debt to total capitalization ratio, long-term debt to equity ratio, dan debt to assets ratio pada masing-masing perusahaan secara terpisah. Tabel 3.22 Perhitungan Solvabilitas PT. Bumi Resources Tbk Long-term Debt to Total Capitalization Ratio 81.30% 95.80% 86.31% 76.78% 78.36% Debt to quity Ratio 8.48 37.38 11.88 5.98 5.79 Debt to Assets Ratio 89.45% 97.39% 92.24% 85.67% 85.27% III 20

Tabel 3.23 Perhitungan Solvabilitas PT. Tambang Batubara Bukit Asam Tbk Long-term Debt to Total Capitalization Ratio 10.06% 18.52% 12.99% 13.20% 13.77% Debt to quity Ratio 0.46 0.48 0.40 0.38 0.35 Debt to Asset Ratio 31.31% 32.63% 28.79% 27.35% 25.75% Tabel 3.24 Perhitungan Solvabilitas PT. Aneka Tambang Tbk Long-term Debt to Total Capitalization Ratio 19.80% 54.01% 52.39% 46.12% 29.94% Debt to quity Ratio 0.50 1.43 1.47 1.11 0.70 Debt to Asset Ratio 33.42% 58.78% 59.58% 52.68% 41.27% 3.1.2.4Perhitungan Strategi Dana Jangka Pendek dan Jangka Panjang Untuk mempermudah pengerjaan analisis dana jangka panjang dan jangka pendek, maka perlu dilakukan dibuat terlebih dahulu tabel klasifikasi antara sumber dan penggunaan yang merupakan selisih antar komponen-komponen neraca pertahun. Setelah itu komponen dipisahkan berdasarkan penggunaan jangka pendek dan jangka panjang antara sumber dan penggunaannya. III 21

Tabel 3.25 Klasifikasi Struktur Neraca PT. Bumi Resources Tbk 2002-2003 2003-2004 Sumber Penggunaan Sumber Penggunaan Current assets 209,574,104 156,953,231 Fixed assets 741,637,160 32,976,179 Current liabilities 340,371,917 152,523,908 Non-current liabilities 616,595,487 46,212,993 quity 5,756,140 83,618,495 Total 956,967,404 956,967,404 236,142,403 236,142,403 2004-2005 2005-2006 Sumber Penggunaan Sumber Penggunaan Current assets 143,534,502 494,050,329 Fixed assets 52,667,112 297,666,352 Current liabilities 1,362,709 143,560,433 Non-current liabilities 69,235,001 524,727,325 quity 128,329,322 123,428,923 Total 197,564,323 197,564,323 791,716,681 791,716,681 III 22

Tabel 3.26 Klasifikasi Struktur Neraca PT. Tambang Batubara Bukit Asam Tbk 2002-2003 2003-2004 Sumber Penggunaan Sumber Penggunaan Current assets 38,300 342,988 Fixed assets 57,188 38,455 Current liabilities 108,987 72,970 Non-current liabilities 166,165 65,101 quity 38,310 296,664 Total 204,475 204,475 408,089 408,089 2004-2005 2005-2006 Sumber Penggunaan Sumber Penggunaan Current assets 450,300 258,804 Fixed assets 4,249 9,240 Current liabilities 29,869 31,502 Non-current liabilities 60,163 54,882 quity 364,517 244,664 Total 454,549 454,549 299,546 299,546 III 23

Tabel 3.27 Klasifikasi Struktur Neraca PT. Aneka Tambang Tbk 2002-2003 2003-2004 Sumber Penggunaan Sumber Penggunaan Current assets 1,292,051 428,428 Fixed assets 509,767 1,287,374 Current liabilities 19,916 463,617 Non-current liabilities 1,679,553-593,228 quity 102,349 658,958 Total 1,801,818 1,801,818 1,122,574 1,122,574 2004-2005 2005-2006 Sumber Penggunaan Sumber Penggunaan Current assets 889,758 1,230,091 Fixed assets 1,249,826 341,900 Current liabilities 132,930 400,110 Non-current liabilities 94,178 763,878 quity 587,176 1,251,960 Total 1,476,934 1,476,934 1,993,969 1,993,969 III 24