Financial Statement Analysis PT JRAP - Saeful Aziz 29118389

2019
PT Berau Coal
Saeful Aziz 29118389
[FINANCIAL STATEMENT
ANALYSIS OF PT J
RESOURCES ASIA PASIFIK
TBK.]
The paper was created to fulfill one of the Individual assignment of the accounting
subject. Summary of this paper is analyzes the company's financial statements, PT J
Resources Asia Pasifik as the object of research.
Financial Statement Analysis – EMBA ITB – PT Berau Coal

INDIVIDUAL ASSIGNMENT
FINANCIAL STATEMENTS ANALYSIS
OF
PT J RESOURCES ASIA PASIFIK TBK.
Created by:
Name : Saeful Aziz

NIM : 29118389
Course : MM5002 ACCOUNTING
SCHOOL OF BUSINESS MANAGEMENT

MAGISTER OF BUSINESS ADMINISTRATION
INSTITUT TEKNOLOGI BANDUNG
2019

TABLE OF CONTENT
CHAPTER 1 COMPANY PROFILE
3 13
CHAPTER 2 FINANCIAL STATEMENT
14 26
CHAPTER 3 FINANCIAL STATEMENT ANALYSIS
27 42
REFERENCES
43

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CHAPTER 1
COMPANY PROFILE
1.1 Overview of J Resources Asia Pasifik
Financial Statement Analysis - EMBA ITB - PT Berau Coal

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1.2 Overview of Movement of J Resources Shares

2014-2018 years, the stock price tends to imply that J Resources upside. In
2016 the share price dropped significantly J Resources and then tend to stable at
Rp 234, -. The highest price in the period 2014-2018 recorded in October (reached
USD 1.500, -).
Chart 1 Resource Stock Price Movements in 2014-2018

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Due to J Resource is a company engaged in mining of gold, then the

company's performance is also dependent on the price of gold. Here is the gold
price movement 2010-2019.
Chart 2 Gold Price Movements in 2010-2019

Based on this chart, it appears that the price of gold in 2010-2019 had a
downward trend. However, there are patterns which are relatively stable in 2014-
2019.

CHAPTER 2
FINANCIAL STATEMENT

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CHAPTER 3
FINANCIAL STATEMENT ANALYSIS
3.1 Fundamental Data

State Result Years
No. Fundamental Data Formula % Growth
As 2015 2016 2017 2018
1 Number of Shares Based on Financial Statements 26,460,000,000 26,460,000,000 26,460,000,000 26,460,000,000 0%
2 Market Capitalization Based on Data US$ 116,697,961 54,897,559 27,006,669 38,236,784 42%
3 Market Capitalization
Market Price US$ 0.0044 0.0021 0.0010 0.00145 42%
4 Number of Shares
5 Asset Based on Financial Statements US$ 832,633,330 852,939,392 921,249,943 916,355,026 -1%
6 Liability Based on Financial Statements US$ 512,811,303 510,853,623 571,225,579 546,490,283 -4%
7 Equity Based on Financial Statements US$ 319,822,027 342,085,869 350,024,364 369,864,743 6%
8 Sales Based on Financial Statements US$ 286,591,579 235,129,200 219,406,054 222,600,886 1%
9 Operating Profit Based on Financial Statements US$ 98,196,000 84,206,000 65,576,000 67,255,000 3%
10 Net Income Based on Financial Statements US$ 22,755,956 19,208,224 14,451,849 15,292,905 6%
11 Cash Flow Based on Financial Statements US$ 6,202,154 13,095,312 31,624,431 14,739,508 -53%
12 Gross Profit Based on Financial Statements US$ 138,777,767 148,854,557 125,779,344 116,870,978 -7%
13 Profit before tax Based on Financial Statements US$ 54,705,507 40,504,896 27,979,164 29,156,544 4%
14 Cash Generated by Operation Based on Financial Statements US$ 114,089,227 92,212,904 48,492,367 110,641,164 128%
15 Long-term Liabilities Based on Financial Statements US$ 279,668,035 329,684,005 402,108,398 375,383,065 -7%
Property, Plant, and Equipment Based on Financial Statements US$ 286,917,780 275,614,232 3%
16 291,239,486 301,214,290
17 Account Recievable Based on Financial Statements US$ - 2,394,659 1,449,766 - -100%
18 Accrued expenses - ST Based on Financial Statements US$ 19,612,776 19,388,134 22,330,657 19,924,037 -11%
19 Trade Account Payable - ST Based on Financial Statements US$ 26,188,754 31,266,315 26,533,646 21,884,342 -18%
20 Tax payable - ST Based on Financial Statements US$ 32,212,358 31,504,191 7,511,019 9,963,642 33%
21 Finance Lease - ST Based on Financial Statements US$ 12,721,517 12,022,574 6,280,984 4,911,073 -22%
22 Other liabilities - ST Based on Financial Statements US$ 4,745,551 5,861,624 891,139 1,017,875 14%
23 Deferred tax liabilities - LT Based on Financial Statements US$ 70,363,807 74,034,906 75,067,508 70,811,769 -6%
Reclamation and mine closure
Based on Financial Statements US$ 17,929,884 18,523,571 -3%
24 reserve - LT 14,504,859 14,128,704
25 LT employee benefits liablity Based on Financial Statements US$ 6,904,235 9,827,675 18,144,532 17,402,943 -4%
26 Derivative libilities - LT Based on Financial Statements US$ - - 4,051,076 16,949,309 318%
27 Finance Lease - LT Based on Financial Statements US$ 14,448,277 7,246,652 7,626,364 8,160,811 7%
28 Debt Based on Financial Statements US$ 307,684,144 301,177,981 388,283,795 361,335,778 -7%
29 Cost of Sales (COGS) Based on Financial Statements US$ 137,737,022 96,351,433 93,626,710 105,729,908 13%
30 Inventory Based on Financial Statements US$ 45,353,086 57,695,327 60,802,751 64,561,448 6%
31 Working Capital Based on Financial Statements US$ 161,676,000 92,446,000 49,838,000 19,667,000 -61%
32 Current asset Based on Financial Statements US$ 68,270,054 88,240,728 149,450,225 121,269,487 -19%
33 Current liabilities Based on Financial Statements US$ 233,143,268 181,169,518 169,117,181 171,107,218 1%
34 Dividen per share Based on Financial Statements US$ - - - - -
35 Tax Ratio Based on Overall tax rate % 25% 25% 25% 25% 0%
36 Interest Based on Financial Statements US$ 416,447.00 386,063.00 294,888.00 592,381.00 101%
37 Loss on Sale and Write-off PPE Based on Financial Statements US$ (1,752.00) 203,977.00 1,952,059.00 794,172.00 -59%
38 Amortization and Write-off Based on Financial Statements US$ 19,442,768.00 14,546,346.00 8,199,291.00 9,994,242.00 22%
General and administrative
Based on Financial Statements US$ 47,706,872.00 54,572,290.00 -18%
39 expenses 60,203,379.00 49,615,680.00
40 Depreciation Based on Financial Statements US$ 100,271,241.00 156,565,716.00 178,747,056.00 202,988,804.00 14%
41 Cash Based on Financial Statements US$ 6,202,154.00 13,095,312.00 31,624,431.00 14,739,508.00 -53%
3.2 Liquidity Ratio

3.2.1 Liquidity Ratio Theory Overview
The liquidity ratio shows the company's ability to meet all its financial obligations
overdue by using liquid assets available. Furthermore, this ratio also indicates the
company's ability to convert assets into cash she had quickly. The company said
liquid if they are able to meet all financial obligations that must be resolved. Some
of the liquidity ratio that we use to analyze the J Resource conditions are as
follows:
 Cash Ratio
Cash ratio is used to measure how much a company can meet current liabilities
maturing within a year with its cash. Cash is an asset that can be directly used
to pay the obligations of the company. Companies that have a cash value ratio

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of more than 100% is said to be highly liquid. However, it could also be

indicative of the condition of companies that have been unable to find room to
invest the cash it has or not able to develop the business again. Cash ratio is
obtained by comparing the amount of cash to current liabilities of the company.
2015 2016 2017 2018

Cash 6,202,154.00 13,095,312.00 31,624,431.00 14,739,508.00
Current Liabilities 233,143,268.00 181,169,518.00 169,117,181.00 171,107,218.00
Cash Ratio 2.66% 7.23% 18.70% 8.61%
Table 1 Cash Ratio Calculation Results J Resource from 2015 until 2018
 Quick Ratio
Quick ratio is also called the acid test ratio is used to measure the level of
liquidity of the company by comparing the value of the current assets of the
company reduced the amount of inventories and current liabilities maturing
within one year. Reduction of current assets with inventory because the
inventory is the kind of current assets that are considered more difficult to be
melted into cash compared to other current assets. Here are the results of
calculations for A Resource for the last four years:
2015 2016 2017 2018

Current Assets 68,270,054.00 88,240,728.00 149,450,225.00 121,269,487.00
Inventory 45,353,086.00 57,695,327.00 60,802,751.00 64,561,448.00
Quick Ratio 9.83% 16.86% 52.42% 33.14%
Table 2 A Quick Ratio Calculation Result Resource 2014 until 2018
 Current Ratio
The current ratio indicates the extent to which the company is able to meet all
current liabilities which will be due shortly with its current assets. Current
assets in this regard include cash, accounts receivable, inventory, securities,
and other assets that can be cashed in quickly. Current ratio calculation is done
by comparing the value of all current assets and current liabilities maturing
within one year, A resource calculation results for the past four years are as
follows:

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2015 2016 2017 2018

Current Assets 68,270,054.00 88,240,728.00 149,450,225.00 121,269,487.00
Current Ratio 29.28% 48.71% 88.37% 70.87%
Table 3 Current Ratio Calculation Results J Resource 2014 until 2018
3.2.2 Liquidity Ratio Analysis

The results of the three ratios above calculations are summarized in the following
graph:
Chart 3 Ratio Liquidities J Resources
 From the chart above it can be observed that the value of the liquidity ratio J
Resource from year to year resulting calculations below 100% which means
that if today the company must fulfill all obligations that have matured then
the company will not be able to because the amount of current assets less
current liabilities. Companies should use fixed assets owned to pay for it
and will certainly require a longer time to melt.
 The average value of J Resource cash ratio during the last five years is very
low at 8.70%. In 2015, the value of company's cash ratio shows the number
of 2.66%, which is very low. On the one hand it is a sign that the company

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is illiquid. But on the other hand, during the period of <2016 J Resource is
in full swing did increase in the number of exploration and production
mining area is new so there are also indications that the value of cash
maintained this low because most of its assets allocated to fixed assets
related to mining activities. After 2015, the value of Company's cash ratio
shows an increasing trend.
 If the gap between the quick ratio seen with the current ratio, the more the
gap tends to stagnate. This indicates that the amount of inventory stockpiled
over the years tended to stagnate, whereas if it is seen the results of gold
production and revenue of the company from year to year is increasing
rapidly, it indicates that the supply of gold J Resource increasingly sold, and
this is a good sign for the company.
 Trend graphs of the three liquidity ratios tend to rise and fall in the same
year. Trend shown are rising, indicating that the company from year to year
more and more liquid.
3.3 Solvency Ratio
3.3.1 Solvency Ratio Theory Overview
According to Kashmir (2008: 151) solvency or leverage ratio is the ratio used to
measure the extent of the company's assets financed with debt, or how big the
debt burden borne by the company as compared to its assets. In broad terms, the
solvency ratio is used to measure a company's ability to finance all its obligations,
both short term and long term, if the company is dissolved or liquidated.
Here are the types of the solvency ratio to be used in the analysis of leverage J
Resource:
 debt Ratio
Debt ratio is the ratio of debt used to measure the ratio between total debt to
total assets. In other words, how much of the company's assets is financed by
debt or how debt affects the asset management company.

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 Debt to Equity Ratio

Debt to Equity Ratio is a ratio used to assess the debt for equity. This ratio is
sought by comparing the entire debt, including current debts with the rest of the
equity.
 Debt to EBITDA Ratio

Debt to EBITDA Ratio shows the size of the company's ability to pay off the
entire debt. This ratio is used by lenders to assess the degree of probability of
bankruptcy of the company when applying for loans. Rated Debt to EBITDA
were higher illustrating that the company may be unable to meet debt payment
requirements and have a low credit rating.
 Cash Flow to Debt Ratio

Cash Flow Coverage Ratioor often called Cash Flow to Debt Ratio is an
indicator of a company's ability to pay interest and principal at maturity. The
same ratio with one or more than one (100%) means that the company's
financial condition was good and healthy because the company can fulfill its
obligations only by using the results of its operations cash.
 capitalization Ratio
Capitalization ratio measures the debt component of the company's capital
structure that is used to assist the operation and growth of the company or in
other words, this ratio illustrates the use of leverage within the company.

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 equity Multiplier
This ratio indicates the company's ability to use the equity shareholders. This
ratio can also be interpreted as what portion of the company's assets financed
by shareholders. The smaller this ratio, it means that the portion of
shareholders will be even greater.
3.3.2 Solvency Ratio Analysis J Resources

Here are the results of the calculation of the solvency ratio for A Resource since
2012 to 2015:
Solvency Ratio 2015 2016 2017 2018

Debt Ratio 36.95% 35.31% 42.15% 39.43%
DER 160.34% 149.33% 163.20% 147.75%
Debt to EBITDA Ratio 2.92 1.89 2.60 2.57
Cash Flow to Debt Ratio 37.08% 30.62% 12.49% 30.62%
Capitalization Ratio 46.65% 49.08% 53.46% 50.37%
Equity Multiplier 2.60 2.49 2.63 2.48
Table 4 Solvency Ratio Calculation Results J Resource 2014 until 2018
Analysis:
 Resource J capital structure is dominated by debt as can be seen in the value of

ratio Debt and Debt to Equity Ratio. Rated Debt ratio occurred in 2015 where
in the J Resource has a record of short-term liabilities amounted to US $ 233
million which is dominated by short-term liabilities maturing in the year 2016
of these and long-term liabilities amounted to US $ 280 million that is
dominated by bank loans.
Debt ratio and DER value decreased slightly in 2015 and 2016 because there
are loans that are due and must be paid so that the total value of debt is getting
smaller.
 Rated Debt to EBITDA ratio in 2014 was very high due to the number of
production companies are few and the price of gold was not friendly, that in

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early 2014 was at US $ 1,200 - US $ 1,700 per oz and at the end of 2013, the
price is the range of US $ 1,225 per oz. This causes the value becomes very
low EBITDA of US $ 1.9 million The new company started a lot of production
in late 2013 for the operation of new mines in Bakan prioject. On the other
hand, when EBITDA was down, the value of total debt in this year increased
sharply due to syndicated loans so that the tilapia Debt to EBITDA ratio to be
very high.
 Value Cash Flow to Debt Ratio A very low resource indicates that the results
of the company's operating cash flow is not able to finance the entire debt
owned.
3.4 Profitability Ratio

3.4.1 Profitability Ratio Theory Overview
For years, investors and analysts have developed a variety of
analytical tools, concepts and techniques to compare the relative strengths
and weaknesses of the company. Tools, concepts and techniques form the
basis of fundamental analysis.
Ratio analysis is a tool developed to perform quantitative analysis on
the numbers found in the financial statements. The ratio helps connect
financial statements and present comparable figures between the various
companies in different industries and sectors. Ratio analysis is one of the
fundamental analysis technique most widely used.
Related to performance, there are some ratios are often used, such as
ROI, ROE and ROA. ROI (Return on Investment) is a performance measure
used to evaluate the efficiency of an investment or to compare the efficiency
of a number of different investments. ROI measures the amount of return on
investment relative to investment costs. To calculate ROI, profit (or return)
of an investment is divided by the cost of investment, and the results
expressed as a percentage or ratio.
Two ratios eat it is widely used to indicate all efisensian company to
manage the fund is ROA (Return on Assets) and ROE (Return on Equity).

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ROA is calculated as net income divided by total assets. It is a

measure of how efficiently a company uses its assets. A high ratio means
that the company is capable of efficiently using its assets to generate profits.
As a variation, some analysts such as calculating the return on assets of pre-
tax and pre-interest profits using EBIT divided by total assets.
Furthermore, the ROE measure the level of revenues associated with
the shareholders of the investment that the shareholders put into the
company. The ratio of indirect to consider the amount of debt, or leverage
financial companies use. Financial leverage magnify the impact of income.
If there is a big difference between the ROA and ROE, it could indicate the
company uses a fairly large debt in its funding. In this case, it would be wise
if implemented is also examination of the liquidity and solvency ratios. Here
is the formula calculating ROI, ROE and ROA:

3.5 Summary of Financial Statement Analysis
State Result Years
No. Overall Performance Formula % Growth Interpretation
As 2015 2016 2017 2018
5.13 2.86 1.87 2.50 P/E ratio is a ratio for valuating a company that measures its current share price realtive to its earning per share. P/E ratio is the best
indicator of how investor judge the firm's future performance. The P/E ratio helps investors analyze how much they should pay for
Price Earnin g Ratio (PER)
stock based on its current earnings. A company with high P/E ratio usually indicates positive future performance and investors are
willing to pay more for this company shares.
Market Price per Share
PT. JRAP closed market price US$ 0.00145 per share in 2018. In the year 2015-2018, it shows a downward trend and starts to rise again
5.13 in 2018 with 34% PER Growth (2017 to 2018).
For 2018 analysis:
P/E ratio for 2018 is 2.5 times, it means that investors are willing to pay US$ 2.5 for every US$ 1.00 of net income.
1 Price Earning Ratio (PER) Times 34%
For 2017 analysis:
2.86
2.50 P/E ratio for 2017 is 1.87 times, it means that investors are willing to pay US$ 1.87 for every IDR 1.00 of net income.
1.87 For 2016 analysis:
P/E ratio for 2016 is 2.86 times, it means that investors are willing to pay US$ 5.13 for every IDR 1.00 of net income.
Net Income per Share For 2015 analysis:
P/E ratio for 2015 is 5.13 times, it means that investors are willing to pay US$ 5.13 for every IDR 1.00 of net income.
2.77% 2.29% 1.59% 1.72% The return on assets (RoA) is a ratio to measures how efficiently a company can manage its assets to produce profits during a period.
Since company assets sole purpose is to generate revenue and produce profits, this ratio help both management and investors see
Return on Assets (ROA)
how well the company can convert its investment in assets into profits.
PT. JRAP's RoA shows the same trend as P/E ratio, with 8% RoA Growth (2017 to 2018). In the year 2015-2018, it shows a downward
Net Income + Interest (1-Tax Rate) 8%
2.77% trend and starts to rise again in 2018.
For 2018 analysis:
2.29% RoA for 2018 is 1.72%, it means that every US$ PT JRAP invest in asset will produce US$ 0.0172 of net income.
For 2017 analysis:
2 Return on Assets (ROA) Percent 1.59%
1.72%
RoA for 2017 is 1.59%, it means that every US$ PT JRAP invest in asset will produce US$ 0.0159 of net income.
For 2016 analysis:
RoA for 2016 is 2.29%, it means that every US$ PT JRAP invest in asset will produce US$ 0.0229 of net income.
For 2015 analysis:
Total Assets RoA for 2015 is 2.77%, it means that every US$ PT JRAP invest in asset will produce US$ 0.0277 of net income.
3.85% 2.90% 1.95% 2.11% The return on Invested Capital (RoIC) is a calculation used to assess a company's efficieny at allocating the capital under its control
Return on Invested Capital (ROIC)
to profitable investments. RoIC give a sense of how well a company is using its money to generated returns.
PT. JRAP's RoIC shows the same trend as RoA ratio, with 8% RoIC Growth (2017 to 2018). In the year 2015-2018, it shows a downward
trend and starts to rise again in 2018.
Net Income + Interest (1-Tax Rate) 3.85%
For 2018 analysis:
RoIC for 2018 is 2.11%, it means that every US$ PT JRAP's shareholder and bondholder invest in the company, it will produce US$
2.90% 0.0217 of net income.
Return on Invested Capital RoIC for 2017 is 1.95%, it means that every US$ PT JRAP's shareholder and bondholder invest in the company, it will produce US$
3 Percent 2.11% 8%
(ROIC) 1.95% 0.0195 of net income.
0.0290 of net income.
Long-term liabilities + Shareholder's Equity 0.0385 of net income.
7.12% 5.62% 4.13% 4.13% The return Equity (RoE) is the amount of net income returned as percentage of shareholder's equity. RoE measures a corporation's
Return on Equity (ROE)
profitability by revealing how much profit a company generates with the money shareholders have invested
PT. JRAP's RoE shows the same trend as RoIC ratio, with 0% RoE Growth (2017 to 2018). In the year 2015-2018, it shows a downward
trend of RoE.
Net Income
7.12% For 2018 analysis:
RoE for 2018 is 4.13%, it means that every US$ PT JRAP's shareholder invest in the company, it will produce US$ 0.0413 of net income.
5.62% RoE for 2017 is 4.13%, it means that every US$ PT JRAP's shareholder invest in the company, it will produce US$ 0.0413 of net income.
4 Return on Equity (ROE) Percent 4.13% 4.13% 0%
Shareholder's Equity

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State Result Years

No. Profitability Formula % Growth Interpretation
As 2015 2016 2017 2018
48.42% 63.31% 57.33% 52.50% Gross margin percentage is the ratio of gross margin expressed as percentage of net sales. Gross margin itself indicates how much
Gross Profit Margin (GPM)
profit a company makes after paying off its cost of goods sold.
PT. JRAP's GM decreased 4.82% from 57.33%% in 2017 to 52.5% in 2018. The higher GM percentage the more efficient the operation
63.31% of the company's. In the year 2015-2018, it shows a downward trend of GM.
Gross Profit Margin 57.33% For 2018 analysis:
52.50%
48.42% GM for 2018 is 52.50%, it means that every US$PT JRAP's net revenue, it will pay US$ 0.481 cost of good sold and produce gross
margin US$ 0.525 after pay cost of good sold.
For 2017 analysis:
5 Gross Profit Margin (GPM) Percent -8%
GM for 2017 is 57.33%, it means that every US$PT JRAP's net revenue, it will pay US$ 0.410 cost of good sold and produce gross
For 2016 analysis:
Net Sales Revenue margin US$ 0.633 after pay cost of good sold.
For 2015 analysis:
7.94% 8.17% 6.59% 6.87% Net profit margin percentage is the ratio of net income to revenues for a company or business segment. Typically expressed as
Net Profit Margin (NPM)
percentage of net sales. Net profit margin indicates how much net profit a company.
PT. JRAP's NPM increased 0.28% from 6.59% in 2017 to 6.87% in 2018. The higher NPM percentage the more efficient the operation
7.94% 8.17% of the company's. In the year 2015-2018, it shows a downward trend and starts to rise again in 2018.
Net Income
For 2018 analysis:
6.87%
6.59% NPM for 2018 is 6.87%, it means that every US$ PT. JRAP's net revenue, it will generate net income US$ 0.0687.
For 2017 analysis:
NPM for 2017 is 6.59%, it means that every US$ PT. JRAP's net revenue, it will generate net income US$ 0.0659.
6 Net Profit Margin (NPM) Percent 4%
For 2016 analysis:
For 2015 analysis:
Net Sales Revenue
0.00086 0.00073 0.00055 0.00058 Earnings per share (EPS) is the portion of company's net income (attributable to owner of its parent) allocated to each outstanding
Earnings per Share (EPS)
share of common stock. Earnings per share serve as an indicator of a company's profitability.
PT. JRAP's EPS increased US$ 0.00003 from US$ 0.00055 in 2017 to US$ 0.00058 in 2018 (growth 6%). The higher EPS the more efficient
0.00086
the operation of the company's. In the year 2015-2018, it shows a downward trend of EPS.
Net Income
For 2018 analysis:
0.00073 EPS for 2018 is US$ 0.00058, it means that if PT JRAP share all the net income/profit to all its 26,460,000,000 share outstanding. Each
share will receive US$ 0.00058.
0.00058
7 Earnings per Share (EPS) Dollars 6%
EPS for 2017 is US$ 0.00055, it means that if PT JRAP share all the net income/profit to all its 26,460,000,000 share outstanding. Each
For 2018 analysis:
No Shares Outstanding share will receive US$ 0.00073.
For 2018 analysis:
5.01 4.80 3.36 7.23 Cash realization ratio is used to measure how close a company's net income is to being realized in cash. This ratio is also a good
Cash Realization masure of earnings quality. It is calculated by dividing cash flow form operationg activities by net income.
PT. JRAP's CR increased 3.97 from 3.36 in 2017 to 7.23 in 2018 (growth 116%).
For 2018 analysis:
Cash Generated by Operations 7.23 CR for 2018 is 7.23, it means that PT JRAP's cash generation by operation is 7.23 times from PT JRAP's net income generated in same
period.
For 2017 analysis:
5.01 4.80 CR for 2017 is 3.36, it means that PT JRAP's cash generation by operation is 3.36 times from PT JRAP's net income generated in same
8 Cash Realization Times 116%
period.
CR for 2016 is 4.80, it means that PT JRAP's cash generation by operation is 4.80 times from PT JRAP's net income generated in same
period.
Net Income For 2015 analysis:
CR for 2015 is 5.01, it means that PT JRAP's cash generation by operation is 5.01 times from PT JRAP's net income generated in same
period.

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State Result Years

No. Investment Utilization Formula % Growth Interpretation
As 2017 2018
0.34 0.28 0.24 0.24 Asset turnover (ATO) is the ratio of the value of a company's sales or revenue generated relative to the value of its assets. The ATO
Asset Turnover
ratio can be often be used as an indicator of the efficiency with which a company is deploying its assets in generating revenue.
In the year 2015-2018, it shows a downward trend, ATO 0.24 in 2018.
0.34
For 2018 analysis:
Sales Revenues
ATO for 2018 is 0.24, it means that every US$ PT JRAP's asset generate US$ 0.24 of sales.
0.24 0.24 ATO for 2017 is 0.24, it means that every US$ PT JRAP's asset generate US$ 0.24 of sales.
For 2016 analysis:
9 Asset Turnover Times 2%
For 2015 analysis:
Total Assets
0.48 0.35 0.29 0.30 Invested capital turnover (ICTO) is the ratio used to measure how well a company is utilizing its bondholder and shareholder's
Invested Capital Turnover
equity investment to generate sales.
In the year 2015-2018, it shows a downward trend, ICTO 0.30 in 2018.
For 2018 analysis:
Sales Revenues
0.48 ICTO for 2018 is 0.30, it means that every US$ PT JRAP's bondholder and shareholder investment generate US$ 0.30 of sales.
For 2017 analysis:
ICTO for 2017 is 0.29, it means that every US$ PT JRAP's bondholder and shareholder investment generate US$ 0.29 of sales.
0.35
0.30
For 2016 analysis:
10 Invested Capital Turnover Times 0.29 2%
For 2015 analysis:
Long-term Liabilities + Shareholder's Equity
0.90 0.69 0.63 0.60 Equity turnover (ETO) is the ratio used to measure how well a company is utilizing its shareholder's equity investment to generate
Equity Turnover
sales.
In the year 2015-2018, it shows a downward trend, ETO 0.60 in 2018.
For 2018 analysis:
Sales Revenues
ETO for 2018 is 0.60, it means that every US$ PT JRAP's shareholder investment generate US$ 0.60 of sales.
0.90
For 2017 analysis:
0.69
0.63 0.60 For 2016 analysis:
11 Equity Turnover Times -4%
For 2015 analysis:
1.00 0.85 0.75 0.74 Capital intensitity (CI) indicates how much money is invested to produce one rupiah of sales revenue. This ratio is desgined to
Capital Intensity
reflect a company's efficieny in managing fixed assets (property, plant, and equipment)
In the year 2015-2018, it shows a downward trend, CI 0.74 in 2018.
For 2018 analysis:
Sales Revenues 1.00
CI for 2018 is 0.74, it means that every US$ PT JRAP's property, plant, and equipment generate US$ 0.74 of sales.
0.75 0.74 CI for 2017 is 0.75, it means that every US$ PT JRAP's property, plant, and equipment generate US$ 0.75 of sales.
For 2016 analysis:
12 Capital Intensity Times -2%
For 2015 analysis:
Property, Plant, and Equipment

38
State Result Years

As 2017 2018
20.38 126.75 389.46 697.05 Days cash on hand is the number of days that an organization can continue to pay its operating expense, given the amount of cash
Day's Cash
available. In other word, it is the ratio to measure how long in days the organization could meet operating expenses without
receiving new income. The organization should have at least a 90 days of cash.
PT. JRAP's DC decreased 16 days from 29 days in 2017 to 13 days in 2018. In the year 2015-2018, it shows a upward trend, and start to
Cash
fall in 2018.
697.05
For 2018 analysis:
DC for 2018 is 697 days, it means that PT JRAP can pay its operation without receiving news cash receipt for 697 days.
For 2017 analysis:
13 Day's Cash Days 389.46 79%
DC for 2017 is 389 days, it means that PT JRAP can pay its operation without receiving news cash receipt for 389 days.
For 2016 analysis:
126.75 DC for 2016 is 127 days, it means that PT JRAP can pay its operation without receiving news cash receipt for 127 days.
Cash Expenses : 365 DC for 2015 is 20 days, it means that PT JRAP can pay its operation without receiving news cash receipt for 20 days.
0.00 3.72 2.41 0.00 Days receivable, also known as the number of days of receivables, is a ratio to measure the average number of days it takes to
Day's Receivables (or collection period)
collect an account receivable.
PT. JRAP's DR decreased 3 days which is better from 3 days in 2017 to 0 days in 2018. Lower value of day's receivable indicates more
quickly for company to get the payment. In the year 2015-2018, it shows a downward trend start in 2017.
Account Receivable 3.72 For 2018 analysis:
DC for 2018 is 0 days, it means that PT JRAP can collect cash from customer for 0 days.
Day's Receivables (or collection DC for 2017 is 3 days, it means that PT JRAP can collect cash from customer for 3 days.
14 Days -100%
period) For 2016 analysis:
0.00 0.00 For 2015 analysis:
Sales : 365
120.18 218.56 237.04 222.88 Days inventory or DI is a financial measure of a company's performance that gives investors an idea of how long it takes a company
Day's Inventory
to turn its inventory (including goods that are a work in progress, if applicable) into sales.
Generally, a lower DI is preferred, but is important to note that the average DI varies from one industry to another.
PT. JRAP's DI increased 14 days from 237 days in 2017 to 223 days in 2018. In the year 2015-2018, it shows a downward trend and
Inventory
237.04 starts to rise again in 2018.
218.56 222.88
For 2018 analysis:
DI for 2018 is 223 days, it means that PT JRAP can turn it's inventory into cash in the next 223 days.
For 2017 analysis:
15 Day's Inventory Days -6%
120.18
For 2016 analysis:
For 2015 analysis:
Cost of Sales : 365 DI for 2015 is 120 days, it means that PT JRAP can turn it's inventory into cash in the next 120 days.
3.04 1.67 1.54 1.64 Inventory turnover is a ratio showing how many times a company's inventory is sold and replaced over a period of time (one year).
Inventory Turnover
The days in the period can then be divided by inventory turnover formula to calculate the daus it takes to sell the inventory on
hand.
In the year 2015-2018, PT JRAP's ITO shows a downward trend and starts to rise again in 2018 at 1.64 Times.
Cost of Sales
For 2018 analysis:
3.04
ITO for 2018 is 1.64, it means that in the period of time (a year), PT JRAP can turn its inventory into cash 1.64 times.
For 2017 analysis:
16 Inventory Turnover Times 6%
1.67 1.64
For 2018 analysis:
1.54
For 2015 analysis:
Inventory

39
State Result Years

As 2017 2018
1.77 2.54 4.40 11.32 Working capital turnover (WCTO) is a measurement comparing the depletion of working capital used to fund and purchase iventory,
Working Capital Turnover
which is then converted into sales revenue for the company. The working capital turn over is used to analyze the relationship
between the money that funds operations and the sales generated form these operations.
PT. JRAP's WCTO increase 6.92 from 4.40 in 2017 to 11.32 in 2018. In the year 2015-2018, PT JRAP's WCTO shows a upward trend of
Sales Revenues
WCTO.
11.32
For 2018 analysis:
WCTO for 2018 is 11.32, it means that PT JRAP can generate revenue 11.32 times from its working capital.
For 2017 analysis:
17 Working Capital Turnover Times 157%
WCTO for 2017 is 4.40, it means that PT JRAP can generate revenue 4.40 times from its working capital.
2.54 WCTO for 2016 is 2.54, it means that PT JRAP can generate revenue 2.54 times from its working capital.
1.77
For 2015 analysis:
Working Capital WCTO for 2015 is 1.77, it means that PT JRAP can generate revenue 1.77 times from its working capital.
0.29 0.49 0.88 0.71 The current ratio is a liquidity ratio that measures a company's ability to pay short term obligations. To gauge this ability, the current
Current Ratio (CR)
ratio considers the current total assets of company (both liquid and illiquid) relative to that company's current total liabilities.
PT. JRAP's CR decrease 0.17 from 0.88 in 2017 to 0.71 in 2018. CR shows a upward trend and start decreased in 2018.
For 2018 analysis:
Current Assets
CR for 2018 is 0.71, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.71 of PT JRAP's current asset.
0.71 CR for 2017 is 0.71, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.88 of PT JRAP's current asset.
For 2016 analysis:
18 Current Ratio (CR) Ratio -20%
CR for 2016 is 0.49, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.49 of PT JRAP's current asset.
0.49
For 2015 analysis:
0.29 CR for 2015 is 0.29, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.29 of PT JRAP's current asset.
Current Liabilities
0.10 0.17 0.52 0.33 Acid test (quick) ratio is an indicator of a company's short term liquidity. Acid test (quick) ratio measures a company's ability to meet
Acid-Test (Quick) Ratio (QR)
it short term obligations with its most liquid assets. For this reason, the ratio exludes iventories and prepaid expenses from current
assets
PT. JRAP's QR decrease 0.19 from 0.52 in 2017 to 0.33 in 2018. QR shows a upward trend and start decreased in 2018.
Monetary Current Assets
For 2018 analysis:
0.52
QR for 2018 is 0.33, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.33 of PT JRAP's monetary current
asset.
For 2017 analysis:
19 Acid-Test (Quick) Ratio (QR) Ratio 0.33 -37%
asset.
0.10 QR for 2016 is 0.17, it means that Every US$ 1.0 PT JRAP's current liabilities is secured by US$ 0.17 of PT JRAP's monetary current
Current Liabilities asset.
For 2015 analysis:
asset.

40
State Result Years

No. Financial Condition Formula % Growth Interpretation
As 2017 2018
2.60 2.49 2.63 2.48 Financial leverage ratio (FLR) is a method of evaluating a company’s ability to use its debt for financing its assets. It shows a
Financial Leverage Ratio
company’s total assets per IDR of stockholders’ equity. The higher FLR, the higher is the financial leverage, which indicates that the
company relies more on debt to finance its assets.
PT. JRAP's FLR decrease 0.15 from 2.63 in 2017 to 2.48 in 2018.
Assets 2.63
For 2018 analysis:
2.60
FLR for 2018 is 2.48, it means that Every US$ 1.0 PT JRAP's shareholder's equity will leverage US$ 2.48 of PT JRAP's asset.
For 2018 analysis:
20 Financial Leverage Ratio Times 2.49 -6%
For 2015 analysis:
160.34% 149.33% 163.20% 147.75% DER is a debt ratio used to measure a company's financial leverage, calculated by dividing a company's total liiabilities by its
Debt Equity Ratio (DER)
stockholders' equity. The DER ratio indicates how much debt a company is using to finance its assets relative to the amount of value
represented in shareholders' equity. The DER is associated with risk: a higher ratio suggests higher risk and that the company is
financing its growth with debt.
Total Liabilities 163.20% PT. JRAP's DER decrease 15.44% from 163.20% in 2017 to 147.75% in 2018 which are more than 100% (high risk).
160.34%
For 2018 analysis:
DER for 2018 is 147.75%, it means that Every US$ 147.75 PT JRAP's long term liability is secured by US$ 1.00 of PT JRAP's shareholder
equity.
21 Debt Equity Ratio (DER) Percent 149.33% -9% For 2017 analysis:
147.75%
equity.
For 2016 analysis:
equity.
For 2015 analysis:
equity.
46.65% 49.08% 53.46% 50.37% The long term debt to total capitalization ratio shows the extent to which long term interest-bearing debt are used for the
Debt Capitalization
company's permanent financing
PT. JRAP's DCR decrease 3.09% from 53.46% in 2017 to 50.37% in 2018.
53.46% For 2018 analysis:
Long-term Liabilities 49.08% 50.37%
46.65% DCR for 2018 is 50.37%, it means that PT JRAP's long term liabilities portion is 50.37% from its permanent financing (long term
liabilities+shareholder's equity).
For 2017 analysis:
DCR for 2017 is 53.46%, it means that PT JRAP's long term liabilities portion is 53.46% from its permanent financing (long term
22 Debt Capitalization Percent -6%
For 2016 analysis:
Long-term Liabilities + Shareholder's Equity For 2015 analysis:

41
State Result Years

No. Financial Condition Formula % Growth Interpretation
As 2017 2018
132.36 105.92 95.88 50.22 TIE is a metric used to measure a company's ability to meet its debt obligations. The formula is calculated by taking a company's EBIT
Times Interest Earned
and dividing it by total interest payable on bounds and other contractual debt. TIE indicates how many times a company can cover
its interest charges on pretax earnings basis.
PT. JRAP's TIE decrease 45.66 from 95.88 in 2017 to 50.22 in 2018. In the year 2015-2018, it shows a downward trend.
Pretax Operating Profit + Interest 132.36 For 2018 analysis:
TIE for 2018 is 50.22, it means that PT JRAP's EBT can cover 50.22 times of its interest expense.
105.92
23 Times Interest Earned Times -48%
For 2016 analysis:
50.22
For 2015 analysis:
Interest
0.23 0.19 0.09 0.21 The cash flow-to-debt ratio (CFD) is the ratio of a company’s cash flow from operations to its total debt. This ratio is a type of
Cash Flow Debt
coverage ratio and can be used to determine how long it would take a company to repay its debt if it devoted all of its cash flow to
debt repayment. The cash flow-to-debt ratio provides a snapshot of the overall financial health of a company. A high ratio indicates
that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.
Cash Generated by Operations
0.23 PT. JRAP's CFD increased 0.12 from 0.09 in 2017 to 0.21 in 2018. In the year 2015-2018, it shows a downward trend and starts to rise
0.21 again in 2018.
CFD for 2018 is 0.21, it means that PT JRAP's cash generation by opeartion can cover 0.21 times of its total debt.
24 Cash Flow Debt Times 138%
For 2017 analysis:
0.09
For 2016 analysis:
Total Debt For 2015 analysis:

42
State Result Years

No. Dividend Policy Formula % Growth Interpretation
As 2017 2018
0.00% 0.00% 0.00% 0.00% A Financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is
Dividen Yield
represented as percentage and can be calculated by dividing the dollar/rupiah value of dividends paid in given year per share of
stock held by the dollar/rupiah value of one share stock.
PT. JRAP's DY maintained at 0.00% of dividend yield in 2015-2018.
Dividends per Share
For 2015-2018 analysis:
DY for 2015-2018 is 8.3%, it means that for every US$ 1.00 of PT JRAP's market price per share will generate US$ 0.00 dividend per
share.
25 Dividen Yield Percent -
Market Price per Share

0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% The dividend payout ratio is the ratio of the total amount of dividens paid out to shareholders relative to the net income
Dividen Payout
(attributable to owner of the parents) of the company. It is also useful for assesing a devidens's sustainability. Investors are
particularly interested in the devidend payout because they want to know if companies are paying out a reasonable portion of net
income to investors.
Dividends
PT. JRAP's DP maintained at 0.00% of dividend payout in 2015-2018. It means there are no dividends distributed by PT JRAP to
shareholders
26 Dividen Payout Percent -
Net Income
0.00% 0.00% 0.00% 0.00%

REFERENCE
Books:
Antony, Hawkins, and Merchant, 2011, Acconting: Text and Cases, 13th Edition,
The Mcgraw-Hill Company, Inc.
Abdullah, M. Faisal, 2005. Dasar-dasar Manajemen Keuangan, edisi kedua,
Universitas Muhamadiyah, Malang.
Gitman, Lawrance.J, 2003. Principle of Managerial Finance, ten editions,
Pearson education, inc., United states
Kasmir. 2008. Analisis Laporan Keuangan, Jakarta: Rajawali Pers.
Darminto, Dwi P. 2011. Analisis Laporan Keuangan: Konsep dan Aplikasi. Edisi
Ketiga. Yogyakarta: UPP STIM YKPN.
Annual Reports:
Annual Report, 2018, PT J Resources Asia Pasifik Tbk.
Internet:
https://monexnews.com/kurs-valuta-asing.htm?kurs=USD&searchdatefrom=31-
03-2014&searchdateto=29-06-2019
https://quotes.wsj.com/ID/XIDX/PSAB/financials
https://id.investing.com/analysis/psab:-saham-emas-yang-terbuang-200193081
http://www.jresources.com/investors/annual_reports

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2019

Saeful Aziz 29118389

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Name : Saeful Aziz

SCHOOL OF BUSINESS MANAGEMENT

Financial Statement Analysis – EMBA ITB – PT Berau Coal

CHAPTER 1 COMPANY PROFILE

CHAPTER 2 FINANCIAL STATEMENT

CHAPTER 3 FINANCIAL STATEMENT ANALYSIS

Financial Statement Analysis – EMBA ITB – PT Berau Coal

1.1 Overview of J Resources Asia Pasifik

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis - EMBA ITB - PT Berau Coal

1.2 Overview of Movement of J Resources Shares

Chart 1 Resource Stock Price Movements in 2014-2018

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Due to J Resource is a company engaged in mining of gold, then the

Chart 2 Gold Price Movements in 2010-2019

Financial Statement Analysis - EMBA ITB - PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

3.1 Fundamental Data

3.2 Liquidity Ratio

Financial Statement Analysis – EMBA ITB – PT Berau Coal

of more than 100% is said to be highly liquid. However, it could also be

2015 2016 2017 2018

2015 2016 2017 2018

Financial Statement Analysis – EMBA ITB – PT Berau Coal

2015 2016 2017 2018

3.2.2 Liquidity Ratio Analysis

Chart 3 Ratio Liquidities J Resources

Financial Statement Analysis – EMBA ITB – PT Berau Coal

Financial Statement Analysis – EMBA ITB – PT Berau Coal

 Debt to Equity Ratio

 Debt to EBITDA Ratio

 Cash Flow to Debt Ratio

Financial Statement Analysis – EMBA ITB – PT Berau Coal

3.3.2 Solvency Ratio Analysis J Resources

Solvency Ratio 2015 2016 2017 2018

Table 4 Solvency Ratio Calculation Results J Resource 2014 until 2018

 Resource J capital structure is dominated by debt as can be seen in the value of

Financial Statement Analysis – EMBA ITB – PT Berau Coal

3.4 Profitability Ratio

Financial Statement Analysis – EMBA ITB – PT Berau Coal

ROA is calculated as net income divided by total assets. It is a

Financial Statement Analysis – EMBA ITB – PT Berau Coal