Dicky Ardiantoro Kurniawan

12030118130178
Analisis Risiko Laporan Keuangan
PT Gajah Tunggal Tbk
Periode 2016 - 2020

2016 2017 2018 2019 2020 Average

Financial Flexibility
Return on Common
Shareholder's Equity 686.80% 645.88% 5193.41% 349.36% 245.84% 1424.26%
Profit Margin for ROCE
8.96% 2.92% 4.01% 4.11% 8.42% 5.69%

Capital Structure Leverage

3093% 3551% 4710% 4831% 4084% 4053.85%
Asset Turnover 1.166 0.656 0.689 0.839 0.496 0.769
Short-term Liquidity Risk
Current Ratio
421.66% 308.10% 137.19% 250.85% 240.93% 271.75%

Quick Ratio

222.07% 148.24% 98.44% 162.85% 111.58% 148.64%

Operating cash flow to
current liabilities ratio 34.62% 85.03% 37.78% -43.09% -1.89% 22.49%
Accounts receivable turnover
636.77% 316.16% 240.01% 260.38% 175.43% 325.75%
Inventory turnover
251.12% 146.59% 143.06% 166.47% 80.64% 157.58%
Accounts payable turnover
#DIV/0!
Long-term Solvency Risk
Liabilities to Asset Ratio 21.68% 27.34% 58.97% 34.08% 35.95% 35.60%
Liabilities to Shareholder's
Equity Ratio 27.68% 37.63% 143.71% 51.69% 56.13% 63.37%

Long-term Debt to Long-term

Capital Ratio
6.52% 7.04% 6.39% 6.01% 5.55% 6.30%
Long-term Debt to
Shareholder's Equity Ratio 25.20% 20.12% 4.75% 12.36% 10.57% 14.60%
Interest Coverage Ratio (Net
Income Basis)

28790.66% 17917.64% 159350.64% 1464.02% 1394.97% 41783.59%

Interest Coverage Ratio (Cash

Flow Basis)
9656.89% 7424.20% 11077.76% 64885.57% 949.69% 18798.82%
Operating Cash Flow to Total
Liabilities Ratio 26.60% 66.15% 34.61% -40.09% -1.67% 17.12%
Credit Risk
Circumstances Leading to
Need For Loan
Credit History
Cash Flows
Asset That May be Used As
Collateral
Capacity for debt
Contingencies
Character of Management
Communication
Conditions or Convenant
Bankruptcy Risk

X1
52.15% 45.44% 20.89% 45.05% 45.36% 41.78%
X2 72.95% 67.94% 37.87% 61.49% 60.07% 60.06%
X3 28.89% 4.95% 3.97% 13.97% 7.87% 11.93%
X4
2555.83% 1644.43% 258.64% 415.83% 390.47% 1053.04%
X5 139.10% 68.71% 48.45% 82.64% 47.36% 77.25%
Z-Score
1932.65% 1221.35% 294.83% 518.39% 446.14% 882.67%
Sytematic Risk

Return On Common Stock of a

Particular Firm

Financial Flexibility
6000.00%

5000.00%

4000.00%

3000.00%
 Financial Flexibility
6000.00%

5000.00%

4000.00%

3000.00%

2000.00%

1000.00%

0.00%
Return on Common Profit Margin for ROCE Capital Structure Asset Turnover
Shareholder's Equity Leverage

2016 2017 2018 2019 2020

Short-term Liquidity Risk

700.00%
3000.00%
600.00%
500.00% 2500.00%
400.00%
2000.00%
300.00%
200.00% 1500.00%
100.00% 1000.00%
0.00%
Current Ratio Quick Ratio Operating cash Accounts Inventory Accounts 500.00%
-100.00% flow to current receivable turnover payable
liabilities ratio turnover turnover
0.00%
X1
2016 2017 2018 2019 2020 201

Long term Solvency Risk

180000.00%

160000.00%

140000.00%

120000.00%

100000.00%
Axis Title

80000.00%

60000.00%

40000.00%
Axis Tit
80000.00%

60000.00%

40000.00%

20000.00%

0.00%
2016 2017 2018

-20000.00%
 LAPORAN LABA RUGI DAN PEN
T

Rumus

Net Income / Shareholders

Equity OPERASI YANG DILANJUTKAN
Net Income Available to
Common Shareholders / Sales

Average Total Assets / Average

Common Shareholders Equity

Sales / Average Total Assets

Current Asset / Current

Liabilities

(Cash and Cash Equivalents +

Short-Term Investments +
Accounts Receivable) / Current
Liabilities
Cash Flow from Operations /
Average Current Liabilities
Sales / Average Account
Receiveble
Cost of Good Sold / Average
Inventory
Purchases / Average Account
Payable

Total Liabilities / Total Assets

Total Liabilities / Total
Shareholder's Equity
Long-Term Debt / Long-term
Debt + Total Shareholder's
Equity
Long-Term Debt / Total
Shareholder's Equity
Net Income + Interest Expense
+ Income Tax Expense + Net
Income Attributable to
Noncontrolling Interests /
Interest Expense

Cash Flow from Operations +

Payments for Interest and
Income Taxes / Cash Payments
for Interest
Cash Flow from Operations /
Average Total Liabilities

Net Working Capital/Total

Asset OPERASI YANG DIHENTIKAN
Retained Earning/Total Asset
EBIT/Total Assets
Market Value of Equity/Book
Value of liabilities 448,000,000
Sales/Total Asset
1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 +
1,0X5 PENGHASILAN KOMPREHENSIF LA

Risk-Free Interest Rate +

Market Beta x (Market Return -
Risk-Free Interest Rate) - Error
 Bankruptcy Risk
3000.00%

2500.00%

2000.00%

1500.00%

1000.00%

500.00%

0.00%
X1 X2 X3 X4 X5 Z-Score

2016 2017 2018 2019 2020 Average Rumus

ncy Risk
2018 2019 2020
 PT MERCK Tbk
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN/STATEMENT OF PROFIT OR LOS
TAHUN-TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015, 2016, 2017

2015
Rp 000

OPERASI YANG DILANJUTKAN

Pendapatan 983,446,471
Beban pokok penjualan - 487,190,159
LABA BRUTO 496,256,312

Beban penjualan - 254,087,074

Beban administrasi - 57,427,363

Laba (rugi) penjualan aset tetap 1,535,960

(Rugi) laba kurs, bersih - 1,183,322

Pendapatan lainnya 1,419,466

Beban lainnya
- 309,742,333

LABA USAHA 186,513,979

Pendapatan keuangan neto:

 Pendapatan keuangan 7,444,035

Biaya keuangan - 17,173

7,426,862

LABA SEBELUM PAJAK PENGHASILAN 193,940,841

Beban pajak penghasilan:

Pajak kini - 55,746,695

Pajak tangguhan 4,351,316
- 51,395,379

LABA DARI OPERASI YANG DILANJUTKAN 142,545,462

OPERASILaba
YANGdari DIHENTIKAN
operasi yang dihentikan,
setelah pajak -

LABA 142,545,462

PENGHASILAN KOMPREHENSIF
Pos-pos yang LAIN
tidak akan direklasifikasi ke laba
rugi

Pengukuran kembali atas program imbalan pasti 8,364,668

Pajak atas penghasilan komprehensif lain - 2,091,167
PENGHASILAN KOMPREHENSIF LAIN 6,273,501

TOTAL PENGHASILAN KOMPREHENSIF 148,818,963

Laba per saham dasar (dalam Rupiah penuh):

Operasi yang dilanjutkan 2,463
Operasi yang dihentikan
2,463
MERCK Tbk
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
ADA 31 DESEMBER 2015, 2016, 2017, 2018, 2019

2016 2017 2018 2019 30-Sep-20

Rp 000 Rp 000 Rp 000 Rp 000 Rp 000

1,034,806,890 582,002,470 611,958,076 744,634,530 439,820,984

- 492,613,670 - 381,337,548 - 400,270,367 - 421,320,853 -240,247,647
542,193,220 200,664,922 211,687,709 323,313,677 199,573,337

- 272,947,995 - 115,335,048 - 127,981,747 - 131,072,560 -76,971,088

- 54,656,124 - 43,873,758 - 40,162,239 - 67,741,876 -54,560,571

- 100,509 210,832 - 63,378 37,809 0

- 1,236,559 - 994,635 1,064,321 - 1,458,397 -1,839,487

45,267 1,785,032 2,584,309 2,803,680 8,581,132

- 145,008 - - 287,644
- 328,895,920 - 158,352,585 - 164,558,734 - 197,718,988 - 124,790,014

213,297,300 42,312,337 47,128,975 125,594,689 74,783,323

 1,942,205 325,405 3,801,863 2,548,911 1,191,810

- 323,344 - 742,166 - 722,442 - 2,244,418 -2,858,664

1,618,861 - 416,761 3,079,421 304,493 - 1,666,854

214,916,161 41,895,576 50,208,396 125,899,182 73,116,469

- 67,536,323 - 13,613,663 - 13,134,989 - 37,470,764 -15,340,379

6,463,009 1,172,853 304,329 - 10,171,621 -2,708,421
- 61,073,314 - 12,440,810 - 12,830,660 - 47,642,385 - 18,048,800

153,842,847 29,454,766 37,377,736 78,256,797 55,067,669

- 115,222,528 1,125,946,429 -

153,842,847 144,677,294 1,163,324,165 78,256,797 55,067,669

115,120 15,050,238 6,825,060 - 3,367,387 9,012,231

- 28,780 - 3,762,560 - 1,706,265 841,847 -1,982,691
86,340 11,287,678 5,118,795 - 2,525,540 7,029,540

153,929,187 155,964,972 1,168,442,960 75,731,257 62,097,209

343 66 84 175 123

 257 2,513
343 323 2,597 175 123
 PT MERCK Tbk
LAPORAN POSISI KEUANGAN/STATEMENT OF FINANCIAL
31 DESEMBER 2015, 2016, 2017, 2018,2019

2015
Rp 000

ASET

ASET LANCAR
Kas dan setara kas 140,831,570
Piutang usaha :

Pihak ketiga 161,472,425

Pihak berelasi 57,181

Piutang lain-lain 10,058,588

Persediaan 161,124,628

Biaya dibayar dimuka 9,562,570

Pajak Pertambahan Nilai dibayar dimuka -

Aset hak-guna
Aset lancar lainnya 573,009

TOTAL ASET LANCAR 483,679,971

ASET TIDAK LANCAR

 Uang muka untuk
pembelian aset tetap 16,688,580

Aset tetap 110,784,138

Klaim pengembalian pajak 12,425,640

Aset takberwujud 1,072,328

Aset pajak tangguhan 13,877,076

Biaya dibayar dimuka 1,350,453
Aset tidak lancar lainnya 1,768,632

Jaminan yang dapat dikembalikan

TOTAL ASET TIDAK LANCAR 157,966,847

TOTAL ASET 641,646,818

LIABILITAS DAN EKUITAS

LIABILITAS JANGKA PENDEK

Utang usaha:

Pihak ketiga 65,617,327

Pihak berelasi 3,481,657

Utang pajak penghasilan 4,696,995

Utang pajak lainnya 3,626,932

Provisi restrukturisasi
Liabilitas sewa
Liabilitas jangka pendek JANGKA
TOTAL LIABILITAS lainnya 55,012,984
PENDEK 132,435,895

LIABILITAS JANGKA PANJANG

Kewajiban imbalan kerja 32,572,811
Liabilitas jangka panjang lainnya 3,094,830
 TOTAL LIABILITAS JANGA PANJANG 35,667,641

TOTAL LIABILITAS 168,103,536

EKUITAS
Modal saham 22,400,000
Tambahan modal disetor 17,561,517
Saldo laba 433,581,765
TOTAL EKUITAS 473,543,282
TOTAL LIABILITAS DAN
EKUITAS 641,646,818
RCK Tbk
ATEMENT OF FINANCIAL POSITION
2016, 2017, 2018,2019

2016 2017 2018 2019 30-Sep-20

Rp 000 Rp 000 Rp 000 Rp 000 Rp 000

114,436,004 59,465,257 403,188,662 161,465,802 66,674,778

149,184,469 209,446,183 157,583,605 233,134,670 222,360,098

- 1,702,597 - 12,451,188 0

4,246,955 3,594,825 137,618,246 31,163,379 2,299,625

231,211,654 289,064,085 270,515,224 235,663,073 360,152,780

8,520,963 4,723,847 3,913,081 635,755 5,226,085

- 83,999 8,183 - 21,225,909

42,199,012
1,015,332 1,808,719 482,658 496,832 41,500

508,615,377 569,889,512 973,309,659 675,010,699 720,179,787

 13,801,064 5,988,378 1,140,779 1,476,587 5,442,667

129,991,953 177,729,098 186,743,248 190,284,730 168,573,666

68,618,261 68,618,261 68,618,261 10,714,751 10,114,137

226,512 979,673 1,230,137 1,502,261 1,230,362

20,311,305 22,309,617 30,075,124 20,745,350 21,053,030

497,535
1,872,887

1,492,005 1,996,481 1,326,608 2,153,397

235,319,517 277,117,032 289,804,030 226,050,287 208,567,259

743,934,894 847,006,544 1,263,113,689 901,060,986 928,747,046 887,584,996

52,869,858 37,740,329 41,182,937 46,706,219 56,796,898

1,611,710 52,406,594 516,246 27,443,688 1,982,207

1,274,908 4,868,814 345,177,214 21,439,900 27,895,153

2,056,847 2,896,547 133,113,525 4,253,170 798,451

- - 44,127,582 5,669,778 2,082,855

26,432,150
62,808,806 87,058,804 145,319,653 163,572,410 182,929,970
120,622,129 184,971,088 709,437,157 269,085,165 298,917,684

37,605,646 46,261,257 33,668,658 37,534,899 33,766,068

3,034,650 336,758 1,727,473 429,264 1,194,427
 40,640,296 46,598,015 35,396,131 37,964,163 34,960,495

161,262,425 231,569,103 744,833,288 307,049,328 333,878,179

22,400,000 22,400,000 22,400,000 22,400,000 22,400,000

17,561,517 17,561,517 17,561,517 17,561,517 17,561,517
542,710,952 575,475,924 478,318,884 554,050,141 557,907,350
582,672,469 615,437,441 518,280,401 594,011,658 597,868,867

743,934,894 847,006,544 1,263,113,689 901,060,986 931,747,046

 PT MERCK T
LAPORAN ARUS KAS/STATEME
TAHUN-TAHUN YANG BERAKHIR PADA 31 DE

ARUS KAS DARI AKTIVITAS OPERASI

Penerimaan kas dari pelanggan
Pembayaran kas kepada pemasok

Pembayaran kas kepada direksi dan karyawan

Pembayaran kas dari aktivitas operasi lainnya

Arus kas dari aktivitas operasi

Penerimaan (pembayaran) bunga, bersih

Pengembalian pajak penghasilan

Pembayaran ketetapan pajak
Pembayaran pajak penghasilan

Arus kas neto (untuk) dari aktivitas operasi

ARUS KAS DARI AKTIVITAS INVESTASI

Pembelian aset tetap

Pembelian aset takberwujud

Uang muka untuk pembelian aset tetap

Hasil penjualan aset tetap

Penerimaan kas dari penjualan operasi yang dihentikan

Arus kas neto (untuk) dari aktivitas investasi

ARUS KAS DARI AKTIVITAS PENDANAAN

Penerimaan pinjaman dari pihak berelasi
Pelunasan pinjaman dari pihak berelasi
Pembayaran dividen kas
Pelunasan kewajiban sewa guna

Arus kas neto untuk aktivitas pendanaan

(PENURUNAN) KENAIKAN NETO KAS DAN SETARA KAS

KAS DAN SETARA KAS, PADA AWAL TAHUN

KAS DAN SETARA KAS, PADA AKHIR TAHUN

 PT MERCK Tbk
N ARUS KAS/STATEMENT OF CASH FLOWS
BERAKHIR PADA 31 DESEMBER 2015, 2016, 2017, 2018, 2019

Tahun berakhir 31 Desember

2015 2016 2017 2018 2019
Rp 000 Rp 000 Rp 000 Rp 000 Rp 000

966,340,226 1,044,839,689 1,094,599,844 1,215,793,953 1,158,391,660

- 601,438,992 - 732,758,712 - 747,965,703 - 835,755,172 - 899,538,787

- 149,565,486 - 149,797,190 - 156,675,725 - 140,171,285 - 148,812,368

- 11,624,542 6,877,483 5,873,449 - 4,568,129 - 17,822,785

203,711,206 169,161,270 195,831,865 235,299,367 92,217,720

7,641,324 1,788,762 - 2,637,750 2,163,124 242,787

5,480,762 - - 64,830,438
- 58,790,315
- 56,132,947 - 68,360,716 - 63,274,314 - 68,497,632 - 368,134,832

160,700,345 43,799,001 129,919,801 168,964,859 - 210,843,887

- 42,463,177 - 11,686,925 - 58,656,148 - 22,191,651 - 27,843,484

- - - 893,903 - 529,727 - 580,454

- 16,688,580 - 13,801,064 - 5,988,378 - 1,140,779 - 1,476,587

1,631,874 4,116 3,134,755 - 37,809

- - - 1,459,969,810 -

- 57,519,883 - 25,483,873 - 62,403,674 1,436,107,653 - 29,862,716

30,000,000
- 30,000,000
- 219,760,581 - 44,710,694 - 122,486,874 - 1,261,349,107 - 1,016,257

- 219,760,581 - 44,710,694 - 122,486,874 - 1,261,349,107 - 1,016,257

- 116,580,119 - 26,395,566 - 54,970,747 343,723,405 - 241,722,860

257,411,689 140,831,570 114,436,004 59,465,257 403,188,662

140,831,570 114,436,004 59,465,257 403,188,662 161,465,802

 30-Sep-20
Rp 000

885,794,569
-796,974,317

-93,238,754

19,662,440

15,243,938

-1,605,148

-18,999,089

- 5,360,299
 -6,667,357

-5,442,667

- 12,110,024

-58,553,839
-15,766,862

- 74,320,701

- 91,791,024

161,465,802

69,674,778