CORPORATE FINANCIAL MANAGEMENT (ANALISIS RASIO PT. CIPUTRA PROPERTY, TBK)

CORPORATE FINANCIAL MANAGEMENT ANALISIS RASIO
PT. CIPUTRA PROPERTY, TBK
UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2014 DAN 2013
Analytical Ratio
No.	Name of Ratio		Ratio		Year End 31 Dec 2014		Year End 31 Dec 2013		Expalanation
A. Short-Term Liquidity
	Current ratio		Current Assets	=	2.233.698.938.364		1.814.937.329.192		Current ratio expresses the extent to which the current liabilities of a bussines are covered by its current asset. A decreasing trend in current ratio on 2014 may suggest a deteriorating liquidity position of the bussines or a leaner working capital cycle of the company through adoption of more efficient management practices
			Current Liabilities		1.635.580.203.873		1.336.511.632.835
				=	1,37		1,36
	Acid Test Ratio		Quick Assets	=	924.090.348.634		1.152.223.251.161		Acid Test Ratio provides a more rigorous assesment of a company's ability to pay its current liabilities.Increasing acid test ratio on 2014 generally indicates that a company experiencing solid growth,quickly converting receivables into cash, and easiliy able to cover its fiancial obligations
			Current Liabilities		1.635.580.203.873		1.336.511.632.835
				=	0,56		0,86
	Receivable Turnover		Credit sales	=	1.662.474.689.613		1.447.736.761.478		It is an activity ratio which estimates the number of a time bussines collect its average account receivables balance during period. Generally a high value of account receivables turn over is favorable and lower figure may indicated inefficiency in colecting outstanding sales. Decrease in account receivable turnover on 2014 indicates degradation in the process of cash collection on credit sales
			Average Acc. Receivable		192.057.376.663		48.099.507.365
				=	8,66		30,10
	Inventory Turnover		COGS	=	705.887.732.310		676.856.564.344		It is an activity ratio measuring the number of times per period, a bussines sells and replace its entire batch of inventory again. A lower/decrease inventory turnover on 2014 maybe an indication of over-stocking which may pose risk of obsolescence and increased inventory holding cost.
			Average Inventory		753.719.593.895		220.081.937.229
				=	0,94		3,08
	Work Capt to Total Assets		(CA-CL)	=	598.118.734.491		478.425.696.357		The work capital to total asset ratio measures a company ability to cover its short term financial obligations.A low or decreasing in this ratio indicates the company may have to many current liabilities,reducing the amount of working capital available
			Total Assets		8.861.322.202.870		7.653.881.472.162
				=	0,07		0,06
B. Movement of current assets
	Average Days to collect		365 Days	=	365		365		Average days to collect measures how long it takes company to receive payment on account receivables. The average days to collect increasing on 2014 indicates the longer time required to turn account receivable into cash
			Receivable Turnover		8,66		30,10
				=	42,17		12,13
	Average Days to Sell		365 Days	=	365		365		Average days to sell measures how long it takes company to turn inventory into sales. The average days to collect increasing on 2014 indicates the longer time required to sell inventory
			Inventory turnover		0,94		3,08
				=	389,73		118,68
	Operating cycle		Average days to collect +Average days to sell	=					Operating cycle measures the time between receiving inventory or raw material and receiving cash for them . Operating cycle increasing on 2014 indicates the longer time required between receiving inventory or raw material and receiving cash for them
				=	431,90		130,81
C. Long term solvency
	Debt to equity		Total Liabilities	=	3.973.692.159.579		3.081.045.626.268		Debt equity ratio measures the degree to which the assset of the bussines are finance by debt and the shareholders equity of a business.Higher debt equity ratio is unfavorable because it means that the business relies more on external lenders thus it is at higher risk, especially at higher interest rates.An increasing trend in of debt to equity ratio on 2014 is also alarming because it means that the percentage of assets of a business which are financed by the debts is increasing.
			Shareholders equity		4.887.630.043.291		4.572.835.845.894
				=	0,81		0,67
	Creditors to Total Assets		Total liabilities	=	3.973.692.159.579		3.081.045.626.268		Creditors to total asset its an indicator of finacial leverage. It show the percentage of total asset that were financed by cerditors,liabilities or debt. A higher/increase percentage indicates more leverage and more risk
			Total Assets		8.861.322.202.870		7.653.881.472.162
				=	0,45		0,40
	Long-term debt to equity		Long-term debt	=	2.338.111.955.706		1.744.533.993.433		Debt equity ratio measures the degree to which the assset of the bussines are finance by debt and the shareholders equity of a business.Higher debt equity ratio is unfavorable because it means that the business relies more on external lenders thus it is at higher risk, especially at higher interest rates.An increasing trend in of debt-to-equity ratio is also alarming because it means that the percentage of assets of a business which are financed by the debts is increasing.
			Shareholders equity		4.887.630.043.291		4.572.835.845.894
				=	0,48		0,38
	Fixed assets to equity		Net fixed assets	=	1.401.511.985.477		1.139.385.405.225		Debt equity ratio measures the degree to which the assset of the bussines are finance by debt and the shareholders equity of a business.Higher Fixed assset to equity ratio is unfavorable because it means that the business relies more on external lenders thus it is at higher risk, especially at higher interest rates.An increasing trend in of Fixed assset to equity ratio is also alarming because it means that the percentage of fixed assets of a business which are financed by the debts is increasing.
			Shareholders equity		4.887.630.043.291		4.572.835.845.894
				=	0,29		0,25
	Times interest earned		EBIT	=	507.801.954.018		533.793.531.842
			Interest Expense		245.551		206.840
				=	2.068.011,22		2.580.706,82
	Fixed assets to long-term debt		Net fixed assets	=	1.401.511.985.477		1.139.385.405.225		Fixed asset to long term debt ratio measure the degree to which the fixed asset of the bussines are finance by long term debt. An increasing trend in of Fixed assset to long term ratio is also alarming because it means that the percentage of fixed assets of a business which are financed by the long term debts is increasing.
			Long-term debt		2.338.111.955.706		1.744.533.993.433
				=	0,60		0,65
D. Return of invenstment
	Return on total assets		Net income	=	398.603.030.590		442.124.140.880		Return on assets indicates the number of cents earned on each dollar of assets. Thus higher values of return on assets show that business is more profitable.A decreasing trend of ROA on 2014 indicates that the profitability of the company is deteriorating
			Total asset		8.861.322.202.870		7.653.881.472.162
				=	0,04		0,06
	Return on equity capital		Net income (loss)	=	398.603.030.590		442.124.140.880		Return on equity  measures a company profitability by revealing how much profit a company generates with the money shareholders invested.
			Average shareholder's equity		4.887.630.043.291		4.572.835.845.894
				=	0,08		0,10
E. Operating performance ratio
	Gross Margin		Gross Profit	=	956.586.957.303		770.880.197.134		The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company.
			Total Sales		1.662.474.689.613		1.447.736.761.478
				=	0,58		0,53
	Operating Profit to Sales		Income from Operations	=	680.897.208.784		554.882.611.613		Operating margin gives analysts an idea of how much a company makes (before interest and taxes) on each dollar of sales. A decrease in operating margin caused by a decreasing on total sales
			Total Sales		1.662.474.689.613		1.447.736.761.478
				=	0,41		0,38
	Net Income to Sales		Net Income	=	398.603.030.590		442.124.140.880		It indicates the uneffectiveness of the firm's credit and collection policies and the amount of cash required as buffer for unexpected delays in cash collection
			Total Sales		1.662.474.689.613		1.447.736.761.478
				=	0,24		0,31
F. Asset utilization ratio
	Sales to Cash		Total Sales	=	1.662.474.689.613		1.447.736.761.478		High values of the sales to cash ratio may indicate that a company is facing a liquidity crisis, while low values may indicate that a company is not using its available cash productively.
			Cash		568.047.611.290		977.449.298.320
				=	2,93		1,48
	Sales to Inventories		Total Sales	=	1.662.474.689.613		1.447.736.761.478		Small values of the sales to inventory ratio can indicate that a company has overestimated its sales, has slow-moving goods, or has an overstocking problem. Large values can indicate that a company has an inadequate investment in inventory, which may cause lost sales or poor customer service.
			Inventories		1.067.275.313.332		440.163.874.458
				=	1,56		3,29
	Sales to Working Capital		Total Sales	=	1.662.474.689.613		1.447.736.761.478		The Sales to Working Capital ratio measures how well the company's cash is being used to generate sales. Working Capital represents the major items typically closely tied to sales, and each item will directly affect this ratio.
			Working Capital		598.118.734.491		478.425.696.357
				=	2,78		3,03
	Sales to Total Assets		Total Sales	=	1.662.474.689.613		1.447.736.761.478		Sales to Total Assets ratio indicates how efficiently the firm generates sales revenue on each dollar of assets.
			Total Assets		8.861.322.202.870		7.653.881.472.162
				=	0,19		0,19
	Sales to accounts receivable		Total Sales	=	1.662.474.689.613		1.447.736.761.478		The accounts receivable to sales ratio looks at firm investment in accounts receivable in relation to firm sales amount. The accounts receivable to sales ratio helps you identify recent increases in accounts receivable
			Account Receivable		287.915.738.595		96.199.014.730
				=	5,77		15,05
	Sales to fixed assets		Total Sales	=	1.662.474.689.613		1.447.736.761.478		A decrease in sales to fixed asset ratios compared to a previous year might indicate creeping of process inefficiencies, damage or wearing out of machinery, obsolescence, or other factors that warrant change in the fixed asset allocation.
			Net fixed assets		1.401.511.985.477		1.139.385.405.225
				=	1,19		1,27
NOTES FINANCIAL REPORT :
	A. Balance Sheet
	Account		2014 (IDR)		2013 (IDR)
	Cash and cash equivalents		568.047.611.290		977.449.298.320
	Account Receivables		287.915.738.595		96.199.014.730
	Inventories		1.067.275.313.332		440.163.874.458
	Prepaid taxes		242.333.276.398		222.550.203.573
	Prepayment		68.126.998.749		78.574.938.111
	Total Current Asset		2.233.698.938.364		1.814.937.329.192
	Deffered Tax Assets		1.043.272.300		816.367.305
	Fixed Asset , net		1.401.511.985.477		1.139.385.405.225
	Property investasi		4.938.038.323.054		4.547.918.200.191
	Uang muka		107.889.922.170		2.031.605.132
	Other Assets		179.139.761.505		148.792.565.117
	Total Non Current Asset		6.627.623.264.506		5.838.944.142.970
	Total Asset		8.861.322.202.870		7.653.881.472.162
	Bank Loan		(390.510.650.000)		(421.461.716.966)
	Account Payable		(202.591.538.292)		(120.566.863.522)
	Taxes payable		(50.059.039.560)		(19.351.909.995)
	Accrued Expenses		(40.412.334.143)		(30.222.743.325)
	Others Payable		(952.006.641.878)		(744.908.399.027)
	Total Current Liabilities		(1.635.580.203.873)		(1.336.511.632.835)
	Non-Current Liabilities		(2.310.997.451.555)		(1.722.570.149.106)
	Provisions for post employment benefits		(27.114.504.151)		(21.963.844.327)
	Total Non-Current Liabilities		(2.338.111.955.706)		(1.744.533.993.433)
	Total Liabilities		(3.973.692.159.579)		(3.081.045.626.268)
	Share Capital		(1.537.500.000.000)		(1.537.500.000.000)
	Additional PIC		(1.166.581.567.088)		(1.166.581.567.088)
	Retained earnings		(2.183.548.476.203)		(1.868.754.278.806)
	Total Stockholders Equity		(4.887.630.043.291)		(4.572.835.845.894)
	Total Liab & Stockholders Equity		(8.861.322.202.870)		(7.653.881.472.162)
			-		-
	B. Profit loss
	Account		2014 (IDR)		2013 (IDR)
	Revenue		1.662.474.689.613		1.447.736.761.478
	COGS		705.887.732.310		676.856.564.344
	GROSS INCOME		956.586.957.303		770.880.197.134
	OPERATING EXPENSES		275.689.748.519		215.997.585.521
	PROFIT FROM OPERATIONS		680.897.208.784		554.882.611.613
	OTHER (INCOME) EXPENSES		173.095.254.766		21.089.079.771
	(PROFIT) / LOSS BEFORE TAX		507.801.954.018		533.793.531.842
	TAX EXPENSE		109.198.923.428		91.669.390.962
	Total Comprehensive Income (loss) for the year		398.603.030.590		442.124.140.880