FM-J Resources-Final-V1-Saeful Aziz

2019
PT Berau Coal
Saeful Aziz 29118389
[FINANCIAL POLICIES ANALYSIS

AND EVALUATION OF PT J
RESOURCES ASIA PASIFIK TBK.]
The paper was created to fulfill one of the Individual assignments of the financial
management subject. Summary of this paper is analyzes and evaluate the company's
financial policies, PT J Resources Asia Pasifik as the object of research.
Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

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

NIM : 29118389
Course : MM5007 FINANCIAL MANAGEMENT
SCHOOL OF BUSINESS MANAGEMENT

MAGISTER OF BUSINESS ADMINISTRATION
INSTITUT TEKNOLOGI BANDUNG
2019

TABLE OF CONTENT
CHAPTER 1 KEY ISSUES IDENTIFICATION AND ANALYSIS OF THE FIRM TO ACHIEVE THE GOAL
3 4
CHAPTER 2 MULTIPLE PERSPECTIVE CONSTRUCTION OF FINANCIAL PERFORMANCE ASPECTS
4 5
CHAPTER 3 RECOGNIZE ETHICAL ISSUES IN THE FIRM
6 6
CHAPTER 4 GLOBAL ISSUES IDENTIFICATION THAT AFFECT TO THE FIRM
6 7
RECOMMENDATION BASED ON ANLYSIS AND EVALUATION
7 7
ATTACHMENTS

3
FINANCIAL POLICIES ANALYSIS AND EVALUATION OF Created by Saeful Aziz (29118389)

PT J RESOURCES ASIA PASIFIK TBK.
CHAPTER 1 KEY ISSUES IDENTIFICATION AND ANALYSIS OF THE FIRM TO ACHIEVE THE GOAL
2015-2019 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, -). The share price climbed to its highest at IDR282 per share on 8th April 2018 supported by significant
trading in the market. The climb from IDR181 per share at the beginning of 2018 was quite dramatic and on the back of a positive release of the prior year’s reserves and
resources statement as at 31st December 2017.A comparison of the annual gold price against the Company share price shows a positive correlation between gold price gain and
decline trend.Trading during 2018 was limited as the stock is not very liquid. However, movement during March 2018 dominated proceedings with significant volumes changing
hands before and after the release of the annual reserves and resources statement.
Chart 1 Resource Stock Price Movements in 2015-2018
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 2015-2019. The
key movement in the share price occurred in June 2016 following the 1:5 stock split and the resultant increase in trading of an enlarged share base with greater volumes at the new
pricing. By year-end 2016 speculative trading had ceased and the Company’s market capitalization stabilised.
2015, going beyond pure production output, but focusing on the long- 2017, worked with lower grade
term viability of a business with management redefining its Vision & product in the mining
Values to better reflect the company’s identity and purpose. Seruyung schedules and transition from
& Bakan achieved signatory status to the ICMI Code (for cyanide simple oxide leach ads to more
supervision) in January 2015. The Company aggregated 500,000oz of complex transition and clay-
gold produced to date and achieved ISO14001:2004 compliance (May- rich ore (especially at Bakan)
15) at both corporate level and for the Indonesian producing mine that required treatment by
subsidiaries. Annual gold output exceeded previous 2014 record year agglomeration (cement
(223,305oz) with 244,850oz produced. binding) before processing.
2016, production output of 192,026oz according to mining schedules. Penjom 2018, strive in a very short
attained a Life of Mine total of 1.5Moz of gold produced since it opened in Company history to prepare for
1997. Exploration expanded the resources inventory by another 1Moz from 6 to the next mines (Doup and Pani)
7Moz and ended the year on a high exploration delivering reserves of 1Moz to supplement our existing
from 2Moz to 3Moz. While Doup moved from advanced exploration to pre- purpose built gold mines at
feasibility with the declaration of a maiden ore reserves statement of 1.23Moz Bakan and Seruyung.
of gold. The Company reached the aggregate total of 750,000oz of gold
produced since inception in mid-2011.
Chart 2 Company Milestones
2018
Exploration of 2 New Mines, J Resources Find Debt Rp 4.29 T. The company requires funds of around US $ 300 million. The debt is obtained from bank loans. The Doup Block itself is
projected to have rock processes ranging from 4 million to 4.5 million tons per year. While Blok Pani has a capacity of 2 million tons of rock per year. The estimated gold potential
for the Doup Block will reach 125,000 oz per year. For the Pani Block it is estimated that production averages 70,000 oz per year.
(Source: https://industri.kontan.co.id/news/j-resources-targetkan-mulai-konstruksi-penambangan-dua-tambang-emas-di-akhir-2018)
2017
PSAB subsidiary sets MTN coupon of 11.05%. This MTN will be distributed electronically on the 4th August 2017. The funds obtained from this MTN will be used for working capital and
for JRN's corporate needs.
(Source: https://investasi.kontan.co.id/news/anak-usaha-psab-patok-kupon-mtn-1105)
J Resources will boost gold production next year (2018). This increase is as an effort to increase revenue, seeing the opportunity forecasts for the price of gold and fairly good
market conditions. parallel with that, PT J Resources Asia Pasifik Tbk remains focused on building the Doup and Pani sites.
(Source: https://investasi.kontan.co.id/news/j-resources-genjot-produksi-emas-di-tahun-depan)
Proposed progressive royalty rates for gold, copper and silver commodities could affect the earnings of commodity issuers and provide negative sentiment. This is a policy of the
Ministry of Energy and Mineral Resources (ESDM) in the revision of PP No. 9/2012 on Types and Rates of Non-Tax State Revenues (PNBP).
(Source: https://investasi.kontan.co.id/news/terkena-sentimen-negatif-hold-saham-komoditas-ini)
Allocated at US $ 1.86 million, PT J Resources Asia Pacific Tbk (PSAB) gold exploration PSAB conducted gold exploration activities in two blocks, namely Gunung Pani in Gorontalo
and Doup in North Sulawesi in October 2017.

4
(Source: https://investasi.kontan.co.id/news/rogoh-us-186-juta-psab-eksplorasi-emas)
Rights issues are increasingly widespread. The authors advise market participants to keep a close watch on the details of this corporate action before investing. See the purpose
of the rights issue, whether capital expenditure, investment, or others. In addition to examining the price, efforts to increase capital must also be able to benefit the company's
business in the long run.
(Source: https://investasi.kontan.co.id/news/rights-issue-semakin-marak )
The Korean crisis has polished gold business issuers. Geopolitical tensions on the Korean Peninsula make the gold price sparkle even brighter. The increase in the price of this
precious metal has the potential to benefit issuers of gold producers. Tensions that occur between the United States (US) and North Korea provide positive sentiment towards
world gold prices.
(Source: https://investasi.kontan.co.id/news/krisis-korea-memoles-emiten-pebisnis-emas )
J Resources' Subsidiary Wins Job Safety Award. The gold mining company PT Sago Prima Pratama (SPP) again won an award in the field of work safety. This subsidiary of PT J
Resources Asia Pasifik Tbk (PSAB) won a zero accident award from the North Kalimantan Provincial Government (Kaltara).
(Source: https://ekbis.sindonews.com/read/1301065/34/anak-usaha-j-resources-raih-penghargaan-keselamatan-kerja-1524740073 )
2016
J Resources Borrow US $ 208.50 Million from Three Banks. J Resources Asia Pacific Director William Surnata said the loan was obtained by its subsidiaries from Indonesia
Eximbank, PT Bank ICBC Indonesia, and PT Bank Permata Tbk (BNLI). According to William, the company will use the funds to develop four mining assets which have not been
financed in the syndication facility obtained in 2013. "With this loan, we hope that one of the four mining assets will be able to produce in 2017," he hoped. "In the midst of poor
mining business conditions, we still have the trust of national and international banks ," he said.
(Source: https://www.wartaekonomi.co.id/read90926/j-resources-pinjam-us-20850-juta-dari-tiga-bank.html )
Juni 2016 Stock Split 1:5, This policy is carried out in the hope of increasing company
liquidity as reflected by more attractive transactions. Psychologically, the majority of
investors will be interested in buying low-priced stocks. If the stock price is too
expensive, then the transaction will be quiet.
(Source:
https://www.ksei.co.id/Announcement/Files/PSAB_MCONV_20160621.pdf)
CHAPTER 2 MULTIPLE PERSPECTIVE CONSTRUCTION OF FINANCIAL PERFORMANCE ASPECTS
Table 2 Financial Highlight PT J Resources Asia Pasifik Tbk. in 2014-2018

AT YEAR-END Chart 2018 2017 2016 2015 The balance sheet improved during the year and whilst Total Assets decreased marginally by
Current Assets $ 121,269.00 $ 149,450.00 $ 88,241.00 $ 71,467.00 0.53% from USD921.250 million to USD916.355 million, Total Liabilities were reduced 4.33% to
T otal Assets $ 916,355.00 $ 921,250.00 $ 852,939.00 $ 832,633.00 USD546.490 million, down from USD571.226 million in 2017. There was also a significant 5.67%
Current Liabilities $ 171,107.00 $ 169,117.00 $ 181,170.00 $ 233,143.00 increase in Equity to finish the year at USD369.865 million, up from USD350.024 million in 2017.
T otal Liabilities $ 546,490.00 $ 571,226.00 $ 510,854.00 $ 512,811.00
Equity $ 369,865.00 $ 350,024.00 $ 342,086.00 $ 319,822.00
For the year-ending 31st December 2018, Sales were up 1.46% at USD222.601 million compared
FOR YEAR ENDED to USD219.406 million in 2017, and this was achieved from sales (2018:175,658oz v
Sales $ 222,601.00 $ 219,406.00 $ 235,129.00 $ 286,592.00 2017:173,850oz) with compensation from a modest but improved average gold price
Cost of Sales $ (105,730.00) $ (93,627.00) $ (96,351.00) $ (137,737.00) (USD1,267/oz v USD1,262/oz). Alas, this was offset by a 12.93% increase in the Cost of Sales
Gross Profit $ 116,871.00 $ 125,779.00 $ 138,778.00 $ 148,855.00 from USD93.627 million to USD105.730 million. In turn, this affected our Gross Profit which
General & Administrative Expenses $ (49,616.00) $ (60,203.00) $ (54,572.00) $ (50,659.00) declined 7.08% from
Operational Profit (Loss) $ 67,255.00 $ 65,576.00 $ 84,206.00 $ 98,196.00
USD125.779 million in 2017 to USD116.871 million in 2018.
Income (Expenses) Non Operational $ (38,099.00) $ (37,597.00) $ (43,701.00) $ (43,490.00)
Profit (Loss) Before T ax $ 29,156.00 $ 27,979.00 $ 40,505.00 $ 54,706.00
Net Profit (Loss) $ 19,148.00 $ 15,898.00 $ 22,221.00 $ 29,233.00
However, General & Administrative (G&A) Expenses recorded down from USD60.203 million in
2017 to just USD49.616 million in 2018. This caused Operational Profit improved from USD65.576
Gross Profit Margin 52.50% 57.30% 59.00% 51.90% million in 2017 to USD67.255 million in 2018. As Non Operational Expenses of USD38.099 million
Operating Profit Margin 30.20% 29.90% 35.80% 34.30% were almost unchanged compared to USD37.597 million in 2017 our Profit Before Tax improved
Net Profit Margin 8.60% 7.20% 9.50% 10.50% by 4.21% from USD27.979 million to USD 29.157 million during the year. Net Profit was up
Number of Shares Issued 26,460,000,000 26,460,000,000 26,460,000,000 26,460,000,000 20,44% for the year at USD19.148 million compared to USD15.898 million in 2017.
Earnings per Share $ 0.0006 $ 0.0005 $ 0.0007 $ 0.0009
Dividend Paid per Share $ - $ - $ - $ -
Amount of Dividend Paid $ - $ - $ - $ -
The Company increased its net profit by 20.44% to USD19.148 million for calendar year 2018
compared to USD15.898 million in 2017. Gross profit margin was maintained above 50%
OPERAT ING RAT IOS although 2018 (52.5%) was below the 2017 achievement of 57.3%. Nevertheless, our operating
Operating Profit (Loss) to T otal Assets 7% 7% 10% 12% profit margin improved to 30.2% (versus 29.9% in 2017) whilst our net profit is 8.6% in 2018
Net Profit (Loss) to T otal Assets 2% 2% 3% 4% compared to 7.2% in 2017. Gold revenue amounted to USD222.601 million (versus USD219.406
Operating Profit (Loss) to Equity 18% 19% 25% 31% million in 2017), which was 1.5% higher benefitting from an improving average gold price of
Net Profit (Loss) to Equity 5% 5% 7% 9% USD1,267/oz v USD1,262/oz in 2017. In 2018, Q2-18 performed below target and Q4-18 above
target but overall, the metal output matched expected mine planning and scheduling. The
FINANCIAL RAT IO
Current Assets to Current Liabilities 71% 88% 49% 31%
Company sold 175,658oz of gold in 2018 (versus 173,850oz in 2017) at an average gold sales
T otal Laibilities to T otal Assets 60% 62% 60% 62% price of USD1,267/oz which was very close to the global market’s cumulative average of
T otal Liabilities to Equity 148% 163% 149% 160% USD1,268.49 as published by www.kitco.com. The Company’s gold sales and revenue peaked at
Net Working Capital $ (49,838.00) $ (19,667.00) $ (92,929.00) $ (161,676.00) the end of the year in Q4-18.

5
2018 2017 2016 2015 2018 2017 2016 2015 2018 2017 2016 2015
Sales NFM NPM
$ 222,600,886 $ 219,406,054 $ 235,129,200 $ 286,591,579 $ 19,148 $ 15,898 $ 22,221 $ 29,233 8.6% 7.2% 9.5% 10.5%
COGS
$ (105,729,908) $ (93,626,710) $ (96,351,433) $ (137,625,304)
OE
$ (49,616) $ (60,203) $ (54,572) $ (50,659)
IE 2018 2017 2016 2015
$ 592,381 $ 294,888 $ 386,063 $ 416,447 ROA
Taxes 2.1% 1.7% 2.6% 3.6%
$ 10,009,183 $ 12,081,152 $ 18,283,932 $ 26,497,101
PS Div.
$ 2,018 $ 2,017 $ 2,016 $ 2,015 $ 2,018 $ 2,017 $ 2,016 $ 2,015 2018 2017 2016 2015 2018 2017 2016 2015
CA TA TAT ROE
$ 121,269,487 $ 149,450,225 $ 88,240,728 $ 68,270,054 $ 916,355,026 $ 921,249,943 $ 852,939,392 $ 829,436,593 24.3% 23.8% 27.6% 34.6% 5.2% 4.5% 6.5% 9.5%
NFA
$ 795,085,539 $ 771,799,718 $ 764,698,664 $ 761,166,539
$ 2,018 $ 2,017 $ 2,016 $ 2,015 $ 2,018 $ 2,017 $ 2,016 $ 2,015 2018 2017 2016 2015
CL TL FLM
$ 171,107,218 $ 169,117,181 $ 181,169,518 $ 233,143,268 $ 546,490,283 $ 571,225,579 $ 510,853,523 $ 512,148,326 2.48 2.63 2.49 2.61
LTL SE
$ 375,383,065 $ 402,108,398 $ 329,684,005 $ 279,005,058 $ 369,864,743 $ 350,024,364 $ 342,085,869 $ 317,288,267
Chart 3 Dupont Analysis
Based the Dupont Analysis, financial performance tends to decrease. if seen from the company's financial statement data in collaboration with available news. PT J Resources
focuses on the company's growth and development. Funding is predominantly obtained from bank loans and is dominated by exploration financing and pre-production preparation.
Liquidity Ratio Analysis

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 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.
Chart 3 Liquidity Ratio Analysis
Solvency Ratio Analysis

Financial Information 2015 2016 2017 2018 Resource J capital structure is dominated by debt as can be seen in the value of ratio
Total Assets 829,436,593.00 852,939,392.00 921,249,943.00 916,355,026.00 Debt and Debt to Equity Ratio. Rated Debt ratio occurred in 2015 where in the J
Shareholder's Equity 317,288,267.00 342,085,869.00 350,024,364.00 369,864,743.00 Resource has a record of short-term liabilities amounted to US $ 233 million which is
Total Debt 512,148,326.00 510,853,523.00 571,225,579.00 546,490,283.00 dominated by short-term liabilities maturing in the year 2016 of these and long-term
Long term Liabilities 279,005,058.00 329,684,005.00 402,108,398.00 375,383,065.00
liabilities amounted to US $ 280 million that is dominated by bank loans.
Cash Flow (Cash generated Operation) 114,089,227.00 92,212,904.00 48,492,367.00 110,641,164.00
EBITDA 37,911,542.00 25,368,510.00 17,532,926.00 17,775,749.00
Debt ratio and DER value decreased slightly in 2015 and 2016 because there are loans
Solvency Ratio 2015 2016 2017 2018 that are due and must be paid so that the total value of debt is getting smaller.
Debt Ratio 61.75% 59.89% 62.01% 59.64%
DER 161.41% 149.33% 163.20% 147.75% Value Cash Flow to Debt Ratio A very low resource indicates that the results of the
Debt to EBITDA Ratio 13.51 20.14 32.58 30.74
company's operating cash flow is not able to finance the entire debt owned.
Cash Flow to Debt Ratio 22.28% 18.05% 8.49% 20.25%
Capitalization Ratio 46.79% 49.08% 53.46% 50.37%
Equity Multiplier 2.61 2.49 2.63 2.48
Chart 5 Solvency Ratio Analysis
CHAPTER 3 RECOGNIZE ETHICAL ISSUES IN THE FIRM

6
In 2015, IDX Watched J Resources' Stock Trading. This supervision is related to an

increase in the prices and activities of PSAB shares that are out of the ordinary
compared to the previous period or unusual market activity (UMA). J Resources' Stock
was Suspended After 98%. The Company's share price on September 11, 2015 was in
the range of Rp 700 per share. While on 12 October 2015 it had jumped to Rp 1,390 per
share. This means that there was a jump of Rp 690 or the equivalent of 98.57% in the
Company's shares within one month. IDX also needs to give a suspension to PSAB
shares in the context of cooling down. The author sees the purpose of this suspension
is to provide adequate time for market participants to carefully consider each
investment decision making of the PSAB stock based on available information.
(Source: https://www.wartaekonomi.co.id/read74767/bei-awasi-perdagangan-
saham-j-resources.html)
Based on the author's investigation, in that period J Resources' Subsidiary Perform

Refinancing of US $ 275 Million Syndicated Loans. A subsidiary of PT J Resources Asia
Pasifik Tbk (PSAB), namely PT J Resources Nusantara, has pledged 51% of shares to PT
Bank Permata Tbk to apply for a credit facility of USD275 million. In November 2015, PT
J Resources Asia Pasifik Tbk (PSAB) made a reshuffle of its top management ranks.
Shareholders have agreed to resign Yung Chris Hui in his position as company
commissioner. Approval was obtained from the results of the extraordinary general
meeting of shareholders (EGMS). The author sees these two policies carried out as a
corporate strategy to increase value on the stock exchange.
(Source: https://www.wartaekonomi.co.id/read74385/anak-usaha-j-resources-lakukan-refinancing-pinjaman-sindikasi-us-275-juta.html)
CHAPTER 4 GLOBAL ISSUES IDENTIFICATION THAT AFFECT TO THE FIRM
Chart 2 Gold Price Movements in 2015-2019
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.
Throughout 2018 the price of gold has fluctuated, which in mid-August has fallen below US $ 1,200/oz before recovering its losses over Christmas. Surprisingly, sentiment was
riding high by year-end and looked set to continue into early 2019. For gold, the positive part of the year centred on traditional safe haven buying against US-China trade wars,
continued UK Brexit indecision, and lack of progress with North Korea. The negative part of the year focussed on the US Federal Reserve tightening its monetary policy by
increasing US interest rates four times, an improving US economy, and subdued US inflation rates.
Pricing, Gold began 2018 above the important psychologically barrier of USD1,300/oz, bucking the trend of previous years when it started a new year at its lowest pricing. In fact,
gold remained above its 2018 average price of USD1,268.49/oz until mid-June before descended into below average territory until the end of the year. Gold’s highest pricing came
on 25th January 2018 at USD1,354.95/oz and its lowest on 17th August 2018 at USD1,178.40/oz. Gold ended the year at USD1,279.00/oz, just above its average price for 2018. As a
result, our continued adoption of USD1,250/oz as the base price for the Company’s ore reserves and minerals resources remains justified given the metal’s cyclical nature and the
fact it has been effectively range bound for the past 6 years.
Market, 2018 was a dreadful year for stocks; the Dow Jones Index ended -5.6%, the S&P 500 -6.2% and the NASDAQ -4%. It was the worst year for stocks since 2008 and only the

7
second year the Dow Jones Index and S&P 500 had fallen in the past decade. The FTSE All-World Index also plummeted 12% in 2018, its worst performance since the global financial
crisis back in 2009, and a sharp reversal from a gain of ~25% in 2017. The market damage was most pronounced in China, where the Shanghai Composite entered a bear market in
June and declined 25%, the Shenzhen Composite dropped by more than 33% and Hong Kong’s Hang Seng was down 14%. In 2016, when major events like the UK’s Brexit vote to
leave the European Union, the election of Donald Trump to the US presidency, and the return of a Republican government to the White House, all took the stock markets by surprise,
gold pricing still succumbed to the influence of the US Federal Reserve decisions on US monetary policy and the activities of Exchange Traded Funds (ETF’s) which tend to dominate
daily paper gold trade. Whilst the gold industry in 2016 has seen some improvement from the doldrums of 2015 it remains a slow path to recovery with short-lived bull runs
corrected by profit taking and investors switching back and forth to interest bearing instruments when gold faltered at market technical barriers. On the ground, 2017 promises to
be better than 2016, but the mining industry is far from the top as the US dollar remains strong, especially against the Canadian and Australian “mining” currencies, the M&A scene
is still fixed at the Tier-2/3 project level rather than big company takeovers, brownfield expansions are modest, and no large greenfield exploration projects have been approved to
date.
Whilst gold is traded as a precious metals commodity, it is in fact treated as a currency, especially in times of global uncertainty when it is traditionally regarded as the investor’s
safe haven of choice. However, it does not always follow to plan and many factors influence the price of gold but none more so than the US Dollar in which it is globally priced. In a
year when major events like the UK’s Brexit vote to leave the European Union, the election of Donald Trump to the US presidency, and the return of a Republican government to the
White House, all took the stock markets by surprise, gold pricing still succumbed to the influence of the US Federal Reserve decisions on US monetary policy and the activities of
Exchange Traded Funds (ETF’s) which tend to dominate daily paper gold trade.Gold began the year on 5th January 2016 at its lowest point of USD 1,077/oz having come off a steady
decline through most of 2015. It then launched into a bull market run for six months to peak at USD 1,366/oz on 6th July 2016 at a time when significant optimism had returned to
the mining industry. After a 3-month period of range-bound activity between USD 1,300-1,350/oz, following the US Presidential Election to end the year at USD 1,146/oz. It is worth
noting that the cumulative average for the gold price in 2016 was USD 1,243/oz which influenced our own decision to calculate the Company’s gold reserves and resources at USD
1,200/oz.
Supply, According to the World Gold Council, annual gold supply firmed slightly to 4,490 tonnes, with mine production inching up to a new high of 3,365 tonnes (posting a 10th
consecutive year of growth) with the balance of 1,125 tonnes occupied by the scrap market. The 75:25 ratio of new mine production to recycled gold (or scrap) has been relatively
consistent over time indicating a balanced supply and demand market. Australia, Russia, Papua New Guinea and Canada were some of the bright spots while Chinese production
dropped for a second successive year due to more stringent environmental regulations. The closure of some loss-making projects and industrial action compounded the pressure
on South African miners as national output fell 18% y-o-y, whilst in the scrap market both Turkey and Iran saw higher levels of recycling from currency weakness and distressed
selling.
Demand, Gold demand in 2018 reached 4,345 tonnes, up from 4,160 tonnes in 2017 and in line with the 5-year average of 4,347.5 tonnes. The World Gold Council reported that
central banks added 651.5 tonnes to official gold reserves in 2018, the second highest yearly total on record. Net purchases jumped to their highest since the end of US dollar
convertibility into gold in 1971, as a greater pool of central banks turned to gold as a diversifier. The central banks also shifted portions of their holdings onshore from more
traditional gold houses while Exchange Traded Funds saw annual inflows of 69 tonnes down from 206 tonnes in 2017. Annual jewellery demand was virtually unmoved, however
retail investment in gold bars and coins posted annual growth of 4% but there was only a marginal gain for gold used in technology which was effectively stifled by a Q4-18
slowdown.
Gold experienced a roller-coaster year in 2018. However, the World Gold Council believes that demand will now likely increase in 2019 being bolstered by structural economic
reforms, financial market uncertainty, geopolitical unrest, political and economic instability in Europe and growing concerns over a possible global recession. In fact, gold prices
have already started 2019 in a very positive fashion rising to USD1,340/oz in mid-February 2019 before stabilizing around USD1,300/oz at the end of Q1-2019. It is perhaps worth
remembering that gold is different from almost any other asset class because it appeals to both investors and consumers alike. Investors turn to gold as a diversifier, long-term
savings tool and safe haven during times of global uncertainty. Consumers however, see gold as a decoration or adornment and thus a sign of wealth and prosperity – long may it
continue.
RECOMMENDATION BASED ON ANLYSIS AND EVALUATION
Operational Aspect
Looking forward, it means the development and construction programs for largest gold deposits, Doup and Pani, which are both multi-million ounce projects that hold 76% of
existing ore reserves. Maintain steady production into the future for at least 10 years as legacy assets (Penjom & North Lanut) are retired and Bakan & Seruyung reach the end of
their expected operating lives. It just remind, how very dynamic this business is and how it is constantly changing.
Financial Aspect
Reflecting on the events of 2018, market conditions were somewhat static as gold ended the fiscal year striving to reach where it began. However, its rollercoaster ride during the
summer months echoed the parallel problems of the stock markets which had a year to forget. The Firm must be learn to be cautious in an uncertain world and gold sales always
seek to maximize returns to achive the goal og the firm. As a company that has been listed on the stock exchange, the company must always show a transparent and accountable
performance, operationally it can be demonstrated by the company's efforts to comply with laws and regulations, especially related to health, safety and the environment.
The outlook for the Company remains positive as gold demand is expected to increase in 2019 being driven by global economic reforms, financial market uncertainty, geopolitical
unrest, and rising concerns of a global recession. However, I would like to remind readers that gold is different from almost any other asset class because it appeals to both
investors and consumers alike. Investors turn to gold as a safe haven during times of global uncertainty. Consumers see gold as a sign of wealth and prosperity.

8
ATTACHMENTS
ATTACHMENT 1 BALANCE SHEET 2015-2018
ASSET S
CURRENT ASSET S 2018 Notes 2017 Notes 2016 Notes 2015
Cash and cash equivalents $ 14,739,508.00 4 $ 31,624,431.00 4 $ 13,095,312.00 4 $ 6,202,154.00
T ime deposits $ 673,296.00 5 $ 724,644.00
T rade account receivable - 6 $ 1,449,766.00 5 $ 2,394,659.00
Other accounts receivable $ 1,295,893.00 $ 849,100.00 $ 2,142,047.00 $ 1,846,119.00
Inventories $ 64,561,448.00 7 $ 60,802,751.00 6 $ 57,695,327.00 5 $ 42,156,351.00
Prepaid taxes and tax receivable
Prepayments, advances and $ 34,030,654.00 8 $ 28,883,417.00 7 $ 3,694,108.00 6 $ 2,092,030.00
other current assets $ 5,968,688.00 9 $ 25,116,116.00 8 $ 9,219,275.00 7 $ 15,973,400.00
T otal Current Assets $ 121,269,487.00 $ 149,450,225.00 $ 88,240,728.00 $ 68,270,054.00
NONCURRENT ASSET S
Prepaid Value Added T ax $ 20,001,260.00 $ 27,037,775.00 32 $ 22,915,126.00
Due from related parties $ - 37 $ 5,680,708.00 34 $ 5,024,151.00
Property, plant and equipment - net of
accumulated depreciation of US$ 202,988,804
and US$ 178,747,056 as of December 31, 2018
and 2017, respectively $ 301,214,290.00 10 $ 291,239,486.00 9 $ 275,614,232.00 8 $ 265,724,841.00
Exploration and evaluation assets $ 163,137,209.00 11 $ 129,818,162.00 10 $ 101,206,751.00 9 $ 99,430,196.00
Mining properties - net of accumulated
amortization of US$ 243,907,575 and
US$ 221,004,706 as of December 31, 2018 and 2017, respectively $ 296,942,449.00 12 $ 309,148,114.00 11 $ 315,507,744.00 10 $ 331,269,945.00
Goodwill $ 31,498,025.00 13 $ 31,498,025.00 12 $ 31,498,025.00 11 $ 31,498,025.00
Other noncurrent assets $ 2,293,566.00 14 $ 10,095,931.00 13 $ 8,153,429.00 12 $ 5,304,255.00
T otal Noncurrent Assets $ 795,085,539.00 $ 771,799,718.00 $ 764,698,664.00 $ 761,166,539.00
T OT AL ASSET S $ 916,355,026.00 $ 921,249,943.00 $ 852,939,392.00 $ 829,436,593.00
LIABILIT IES AND EQUIT Y

CURRENT LIABILIT IES
Short-term bank loans $ 65,582,344.00 15 $ 59,877,515.00 14 $ 39,451,123.00 13 $ 10,639,172.00
T rade accounts payable - third parties $ 21,884,342.00 16 $ 26,533,646.00 15 $ 31,266,315.00 14 $ 26,188,754.00
T axes payable $ 9,963,642.00 17 $ 7,511,019.00 16 $ 31,504,191.00 15 $ 32,212,358.00
Accrued expenses $ 19,924,037.00 18 $ 22,330,657.00 17 $ 19,388,134.00 16 $ 19,612,776.00
Current portion of long-term liabilities:
Loan from a third party $ - 18 $ - 17 $ 17,000,000.00
Loans from non-bank financial institution $ 77,374.00 19 $ 67,353.00 19 $ 61,549.00 18 $ 491,629.00
Finance lease $ 4,911,073.00 20 $ 6,280,984.00 20 $ 12,022,574.00 19 $ 12,721,517.00
Bank loans $ 47,746,531.00 21 $ 45,624,868.00 21 $ 41,614,008.00 20 $ 109,531,511.00
Other liabilities $ 1,017,875.00 $ 891,139.00 $ 5,861,624.00 $ 4,745,551.00
T otal Current Liabilities $ 171,107,218.00 $ 169,117,181.00 $ 181,169,518.00 $ 233,143,268.00
NONCURRENT LIABILIT IES

Loans from a related party $ 68,033,102.00 37 $ 72,924,347.00 35 $ 79,875,441.00 34 $ 79,232,480.00
Deferred tax liabilities $ 70,811,769.00 35 $ 75,067,508.00 33 $ 74,034,906.00 32 $ 70,363,807.00
Reclamation and mine closure reserve $ 14,128,704.00 23 $ 14,504,859.00 22 $ 18,523,571.00 21 $ 17,929,884.00
Long-term employee benefits liability $ 17,402,943.00 34 $ 18,144,532.00 32 $ 9,827,675.00 31 $ 6,904,235.00
Medium term notes $ 123,996,661.00 22 $ 110,190,789.00 $ - $ -
Derivative liabilities $ 16,949,309.00 33 $ 4,051,076.00 $ - $ -
Long-term liabilities - net of current portion:
Loan from a third party $ - 18 $ 1,200,000.00 17 $ -
Loans from non-bank financial institutions $ 104,143.00 19 $ 75,200.00 19 $ 52,487.00 18 $ 17,757.00
Finance lease $ 8,160,811.00 20 $ 7,626,364.00 20 $ 7,246,652.00 19 $ 14,448,277.00
Bank loans $ 55,795,623.00 21 $ 99,523,723.00 21 $ 138,923,273.00 20 $ 90,108,618.00
T otal Noncurrent Liabilities $ 375,383,065.00 $ 402,108,398.00 $ 329,684,005.00 $ 279,005,058.00
T otal Liabilities $ 546,490,283.00 $ 571,225,579.00 $ 510,853,523.00 $ 512,148,326.00
EQUIT Y
Equity Attributable to Owners of the Parent Company
Capital stock - Rp 20 par value per share
Authorized - 100,000,000,000 shares
Issued and paid-up - 26,460,000,000 shares $ 58,830,001.00 25 $ 58,830,001.00 24 $ 58,830,001.00 23 $ 58,830,001.00
Additional paid-in capital - net $ 102,481,975.00 26 $ 102,481,975.00 25 $ 102.48 24 $ 102,481,975.00
Difference in value arising from transaction with non-controlling interests $ 2,124,832.00 $ 2,124,832.00 $ (3,622.00) $ (89.00)
Exchange differences on translation of foreign operations $ 82,884.00 $ 78,332.00 $ 123,730.00 $ 110,567.00
Fair value adjustment on cash flow hedging instruments $ (5,448,219.00) 33 $ (2,778,006.00) $ -
Retained earnings
Appropriated $ 11,137.00 $ 11,137.00 $ 11,137.00 $ 11,137.00
Unappropriated $ 161,789,856.00 $ 143,375,654.00 $ 132,000,801.00 $ 110,201,372.00
T otal $ 319,872,466.00 $ 304,123,925.00 $ 293,444,022.00 $ 271,634,963.00
Noncontrolling Interests $ 49,992,277.00 27 $ 45,900,439.00 26 $ 48,641,847.00 25 $ 45,653,304.00
T otal Equity $ 369,864,743.00 $ 350,024,364.00 $ 342,085,869.00 $ 317,288,267.00
T OT AL LIABILIT IES AND EQUIT Y $ 916,355,026.00 $ 921,249,943.00 $ 852,939,392.00 $ 829,436,593.00

9
ATTACHMENT 2 INCOME STATEMENT 2015-2018

INCOME ST AT EMENT S 2018 Notes 2017 Notes 2016 Notes 2015
SALES $ 222,600,886.00 28 $ 219,406,054.00 $ 235,129,200.00 $ 286,591,579.00
COST S OF SALES $ (105,729,908.00) 29 $ (93,626,710.00) $ (96,351,433.00) $ (137,625,304.00)
GROSS PROFIT $ 116,870,978.00 $ 125,779,344.00 $ 138,777,767.00 $ 148,966,275.00
Interest income $ 592,381.00 $ 294,888.00 $ 386,063.00 $ 416,447.00

Loss on sale and write-off of property, plant and equipment $ (794,172.00) 10 $ (1,952,059.00) $ (203,977.00) $ 1,752.00
Amortization and write-off $ (9,994,242.00) 31 $ (8,199,291.00) $ (14,546,346.00) $ (19,442,768.00)
Interest and other financial charges $ (34,896,313.00) 32 $ (29,575,651.00) $ (29,444,166.00) $ (28,315,894.00)
General and administrative expenses $ (49,615,680.00) 30 $ (60,203,379.00) $ (54,572,290.00) $ (47,706,872.00)
Share in net income of disposed subsidiary $ - 1 $ 85,465.00 $ - $ -
Others - net $ 6,993,592.00 $ 980,662.00 $ 107,845.00 $ 3,850,065.00
PROFIT BEFORE T AX $ 29,156,544.00 $ 27,979,164.00 $ 40,504,896.00 $ 57,769,005.00
T AX EXPENSE (BENEFIT ) 35
Current tax $ 15,058,042.00 $ 10,830,551.00 $ 15,297,852.00 $ 25,084,425.00
Deferred tax $ (5,048,859.00) $ 1,250,601.00 $ 2,986,080.00 $ 1,412,676.00
T otal T ax Expense $ 10,009,183.00 $ 12,081,152.00 $ 18,283,932.00 $ 26,497,101.00
PROFIT FOR T HE YEAR $ 19,147,361.00 $ 15,898,012.00 $ 22,220,964.00 $ 31,271,904.00
OT HER COMPREHENSIVE INCOME (LOSS)

Items that will not be reclassified subsequently to profit or loss
Remeasurements of defined benefit liability $ 4,170,052.00 34 $ (3,451,415.00) $ 51,604.00 $ 1,072,900.00
T ax relating to items that will not be reclassified $ (793,116.00) 35 $ 218.00 $ (22,042.00) $ (365,873.00)
$ 3,376,936.00 $ (3,233,416.00) $ 29,562.00 $ 707,027.00
Item that will be reclassified subsequently to

profit or loss - Exchange differences on translating foreign operations $ 4,547.00 $ (26,767.00) $ 13,316.00 $ 56,591.00
Deduct: reclassification adjustment relating to exchange differences on translating foreign operations which had been disposed - $ (19,149.00) -
Fair value adjustment on cash flow hedging instruments $ (2,638,465.00) 33 $ (2,809,756.00) -
$ (2,633,918.00) $ (2,855,672.00) $ 13,316.00 $ 56,591.00
OT HER COMPREHENSIVE INCOME (LOSS) - NET OF T AX $ 743,018.00 $ (6,089,088.00) $ 42,878.00 $ 763,618.00

T OT AL COMPREHENSIVE INCOME $ 19,890,379.00 $ 9,808,924.00 $ 22,263,842.00 $ 32,035,522.00
T OT AL PROFIT FOR T HE YEAR AT T RIBUT ABLE T O:

Owners of the parent Company $ 15,292,905.00 $ 14,451,849.00 $ 19,208,224.00 $ 24,215,294.00
Non-controlling interests $ 3,854,456.00 $ 1,446,163.00 $ 3,012,740.00 $ 7,056,610.00
T otal $ 19,147,361.00 $ 15,898,012.00 $ 22,220,964.00 $ 31,271,904.00
T OT AL COMPREHENSIVE INCOME AT T RIBUT ABLE T O:

Owners of the parent Company $ 15,748,541.00 $ 8,551,449.00 $ 19,228,294.00 $ 24,874,814.00
Non-controlling interests $ 4,141,838.00 27 $ 1,257,475.00 $ 3,035,548.00 $ 7,160,708.00
T otal $ 19,890,379.00 $ 9,808,924.00 $ 22,263,842.00 $ 32,035,522.00
EARNINGS PER SHARE $ 0.0006 36 $ 0.0005 $ 0.00 $ 0.00

10
ATTACHMENT 3 CASH FLOW 2015-2018
CASH FLOWS FROM OPERAT ING ACT IVIT IES 2018 2017 2016 2015
Cash receipts from customers and others $ 224,050,652.00 $ 220,350,944.00 $ 232,734,541.00 $ 291,254,598.00
Cash payments to consultants, employees and others $ (95,998,733.00) $ (136,375,675.00) $ (124,547,501.00) $ (165,994,586.00)
Net cash generated from operations $ 128,051,919.00 $ 83,975,269.00 $ 108,187,040.00 $ 125,260,012.00
T ax payment - net $ (18,003,136.00) $ (35,777,790.00) $ (16,006,019.00) $ (11,212,969.00)
Interest received $ 592,381.00 $ 294,888.00 $ 31,883.00 $ 42,184.00
Net Cash Provided by Operating Activities $ 110,641,164.00 $ 48,492,367.00 $ 92,212,904.00 $ 114,089,227.00
CASH FLOWS FROM INVEST ING ACT IVIT IES

Proceeds from withdrawal of (placement in) restricted time deposits $ 51,348.00 $ (86.82) $ 7,212.00 $ 154,208.00
Decrease (increase) in restricted cash in bank $ 4,221,544.00 $ (1,847,814.00) $ (2,032,294.00) $ 3,908,237.00
Additions to mining properties $ (6,447,003.00) $ (11,506,069.00) $ (11,402,278.00) $ (2,517,000.00)
Acquisitions of property, plant and equipment $ (29,848,802.00) $ (35,124,786.00) $ (6,773,761.00) $ (5,196,695.00)
Additions to exploration and evaluation assets $ (36,864,836.00) $ (30,742,049.00) $ (21,528,989.00) $ (23,340,157.00)
Proceeds from disposal of a subsidiary $ - $ 36,851.00 $ -
Proceeds from sale of property, plant and equipment $ - $ 274,941.00 $ 240,022.00 $ 1,752.00
Loan settled by a third party $ (2.00) $ 2,399,477.00 $ - $ (1,474,081.00)
Loan settled by related parties $ (5.00) $ 5,680,708.00 $ (656,557.00) $ (329,101.00)
Additional investment in subsidiaries $ - $ (1,772,214.00) $ -
Net Cash Used in Investing Activities (68.887.749) $ (72,687,777.00) $ (42,146,645.00) $ (28,792,837.00)
CASH FLOWS FROM FINANCING ACT IVIT IES

Proceeds from loan from related parties $ 5,000,000.00
Proceeds from long-term bank loans $ 47,955,085.00
Proceeds from short-term bank loans $ 5,704,829.00 $ 20,426,392.00 $ 278,545,871.00 $ 61,930,963.00
Proceeds from medium-term notes payable $ 22,071,807.00 $ 112,079,035.00 $ -
Payments of loans from non-bank financial institution $ (86,973.00) $ (96,887.00) $ (648,312.00) $ (101,624.00)
Payments of loan from related parties $ (2,294,503.00) $ (6,619,523.00) $ -
Payments of lease liabilities $ (6,975,281.00) $ (12,806,401.00) $ (13,009,795.00) $ (12,583,967.00)
Interest and other financial charges paid $ (34,420,750.00) $ (27,987,053.00) $ (23,495,391.00) $ (25,450,587.00)
Payments of long-term bank loans $ (42,463,047.00) $ (44,959,337.00) $ (34,353,598.00) $ (104,019,549.00)
Payments of loan from a third party $ - $ (1,200,000.00) $ (15,800,000.00) $ (5,000,000.00)
Payments of other liabilities $ - $ (5,000,000.00) $ 5,000,000.00
Payments of short-term bank loans $ (275,947,429.00) $ (58,064,470.00)
Proceeds from long-term bank loans $ (8.00) $ 8,889,000.00 $ 36,518,682.00
Net Cash Provided by (Used in) Financing Activities $ (58,463,918.00) $ 42,725,226.00 $ (43,189,972.00) $ (9,334,149.00)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT S $ (16,710,503.00) $ 18,529,816.00 $ 0.88 $ (5,037,759.00)
CASH AND CASH EQUIVALENT S AT T HE BEGINNING OF T HE YEAR $ 31,624,431.00 $ 13,095,312.00 $ 6,202,154.00 $ 11,327,844.00
Effect of foreign exchange rate changes $ (17,442.00) $ (697.00) $ 16,871.00 $ (87,931.00)
CASH AND CASH EQUIVALENT S AT T HE END OF T HE YEAR $ 14,739,508.00 $ 31,624,431.00 $ 13,095,312.00 $ 6,202,154.00

Attachment 4 Summary of Financial Statement Analysis 2015-2019
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

13
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.
Financial Statement Analysis – EMBA ITB – PT Berau Coal

14
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

15
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

16
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.

17
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:

18
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:

19
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, 13 th 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
https://monexnews.com/harga-emas.htm
https://www.gold.org/goldhub
https://www.wartaekonomi.co.id/tag4931/pt-j-resources-asia-pasifik-tbk.html/
https://www.kontan.co.id/tag/pt-j-resources-asia-pasifik-tbk
https://ekbis.sindonews.com/topic/1856/pt-j-resources-asia-pasifik-tbk
https://finance.yahoo.com/quote/PSAB.JK/financials?p=PSAB.JK

FM-J Resources-Final-V1-Saeful Aziz

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

FM-J Resources-Final-V1-Saeful Aziz

Uploaded by

Copyright:

Available Formats

2019

Saeful Aziz 29118389

[FINANCIAL POLICIES ANALYSIS

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

Name : Saeful Aziz

SCHOOL OF BUSINESS MANAGEMENT

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

CHAPTER 2 MULTIPLE PERSPECTIVE CONSTRUCTION OF FINANCIAL PERFORMANCE ASPECTS

CHAPTER 3 RECOGNIZE ETHICAL ISSUES IN THE FIRM

CHAPTER 4 GLOBAL ISSUES IDENTIFICATION THAT AFFECT TO THE FIRM

RECOMMENDATION BASED ON ANLYSIS AND EVALUATION

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

FINANCIAL POLICIES ANALYSIS AND EVALUATION OF Created by Saeful Aziz (29118389)

Chart 1 Resource Stock Price Movements in 2015-2018

Chart 2 Company Milestones

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

CHAPTER 2 MULTIPLE PERSPECTIVE CONSTRUCTION OF FINANCIAL PERFORMANCE ASPECTS

Table 2 Financial Highlight PT J Resources Asia Pasifik Tbk. in 2014-2018

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

Chart 3 Dupont Analysis

Liquidity Ratio Analysis

Solvency Ratio Analysis

Chart 5 Solvency Ratio Analysis

CHAPTER 3 RECOGNIZE ETHICAL ISSUES IN THE FIRM

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

In 2015, IDX Watched J Resources' Stock Trading. This supervision is related to an

Based on the author's investigation, in that period J Resources' Subsidiary Perform

CHAPTER 4 GLOBAL ISSUES IDENTIFICATION THAT AFFECT TO THE FIRM

Chart 2 Gold Price Movements in 2015-2019

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

RECOMMENDATION BASED ON ANLYSIS AND EVALUATION

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

LIABILIT IES AND EQUIT Y

NONCURRENT LIABILIT IES

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

ATTACHMENT 2 INCOME STATEMENT 2015-2018

Interest income $ 592,381.00 $ 294,888.00 $ 386,063.00 $ 416,447.00

OT HER COMPREHENSIVE INCOME (LOSS)

Item that will be reclassified subsequently to

OT HER COMPREHENSIVE INCOME (LOSS) - NET OF T AX $ 743,018.00 $ (6,089,088.00) $ 42,878.00 $ 763,618.00

T OT AL PROFIT FOR T HE YEAR AT T RIBUT ABLE T O:

T OT AL COMPREHENSIVE INCOME AT T RIBUT ABLE T O:

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

ATTACHMENT 3 CASH FLOW 2015-2018

CASH FLOWS FROM INVEST ING ACT IVIT IES

CASH FLOWS FROM FINANCING ACT IVIT IES

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

Financial Statement Analysis and Evaluation – EMBA ITB – PT Berau Coal

State Result Years

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

Long-term Liabilities + Shareholder's Equity

Property, Plant, and Equipment

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

Financial Statement Analysis – EMBA ITB – PT Berau Coal

State Result Years

25 Dividen Yield Percent -