Trend analysis PT Krakatau steel

2007 2008 2009 2010

I. Revenue
1 Gross Profit Margin
Gross profit 1.7726 2.716 1.1854 2.234
Revenue 14.836 20.6314 16.9135 14.856
Gross Profit Margin 0.1195 0.1316 0.0701 0.1504
2 Operating Profit Margin
Operating profit 0.7927 1.3604 0.02594 0.9929
Revenue 14.836 20.6314 16.9135 14.856
Operating Profit Margin 0.0534 0.0659 0.0015 0.0668
3 Net profit margin
Net income 0.313441 0.459571 0.494672 1.062683
Revenue 14.836 20.6314 16.9135 14.856
Net profit margin 0.0211 0.0223 0.0292 0.0715
4 COGS to revenue
COGS 13.063417 17.915367 15.728146 12.621376
Revenue 14.836 20.6314 16.9135 14.856
COGS to revenue 0.8805 0.8684 0.9299 0.8496
Operating expenses to
5 revenue
Operating expenses 0.979869 1.355676 1.159449 1.241851
Revenue 14.836 20.6314 16.9135 14.856
Operating expenses to
revenue 0.0660 0.0657 0.0686 0.0836
II Market
1 Earning per share
Net income 0.313441 0.459571 0.494672 1.062683
Shares Outstanding 0.0101 0.0100 0.0127 0.0131
Earning per share 31 46 39 81
2 Book value per share
Equity 5.074332 5.439761 5.805838 9.293915
Shares Outstanding 0.0101 0.0100 0.0127 0.0131
Book value per share 502.4091 543.9761 457.1526 709.4592
III Return
1 Return of assets
Net income 0.313441 0.459571 0.494672 1.062683
Asset 11.117024 15.374427 12.795803 17.584059
Return of assets 0.0282 0.0299 0.0387 0.0604
2 Return of equity
Net income 0.313441 0.459571 0.494672 1.062683
Equity 5.074332 5.439761 5.805838 9.293915
Return of equity 0.0618 0.0845 0.0852 0.1143
IV Debt
1 Debt to equity
Debt 6.042692 9.934666 6.989965 8.290144
Equity 5.074332 5.439761 5.805838 9.293915
Debt to equity 1.1908 1.8263 1.2040 0.8920
2 Debt to capital
Debt 6.042692 9.934666 6.989965 8.290144
Capital 11.117024 15.374427 12.795803 17.584059
Debt to capital 0.5436 0.6462 0.5463 0.4715
 PT Gunawan Dianjaya Steel PT Jayapari Steel
CAGR 2007 2008 2009 2010 CAGR 2007 2008 2009

417 560 -188 297 70.00397 115.3842 35.40850853

1985 3021 1642 1710 432.8079 732.7033 302.8684163
8% 0.2101 0.1854 -0.1145 0.1737 -6.1% 0.1617 0.1575 0.1169

295 417 -273 206.1239 55.4997 98.35122 20.30528023

1985 3021 1642 1710 432.8079 732.7033 302.8684163
8% 0.1486 0.1380 -0.1663 0.1205 -6.7% 0.1282 0.1342 0.0670

154 83 -150 171.4276 41.56618 49.15755 1.917337909

1985 3021 1642 1710 432.8079 732.7033 302.8684163
50% 0.0776 0.0275 -0.0914 0.1003 8.9% 0.0960 0.0671 0.0063

1568 2461 1829 1413.26 362.8039 617.3191 267.4599078

1985 3021 1642 1710 432.8079 732.7033 302.8684163
-1% 0.7899 0.8146 1.1139 0.8265 1.5% 0.8383 0.8425 0.8831

122 143 86 90.7569 14.50431 17.03302 15.1032283

1985 3021 1642 1710 432.8079 732.7033 302.8684163

8% 0.0615 0.0473 0.0524 0.0531 -4.8% 0.0335 0.0232 0.0499

 154 83 -150 171.4 41.56618 49.15755 1.917337909
4.05 3.376 5.78 8.2 0.7557 0.7563 0.9587
38% 38.02469 24.58531 -25.95156 20.90244 -18.1% 55 65 2

No data No data 474.2857 646 220.6138 269.7713 271.6886804

4.05 3.376 5.78 8.2 0.755749 0.75627 0.958668955
12% No data No data 82.0563 78.7455 No data 291.9142 356.7130 283.4020

154 83 -150 171.4 41.56618 49.15755 1.917337909

846.7 2092.8 970.7371 1074.569 268.7902 399.3437 353.9510096
29% 0.1433 0.0397 -0.1545 0.1595 3.6% 0.1546 0.1231 0.0054

154 83 -150 171.4 41.56618 49.15755 1.917337909

No data No data 474.2857 646 220.6138 269.7713 271.6886804
23% No data No data -0.3163 0.2654 No data 0.1884 0.1822 0.0071

No data No data 496.4514 428.8563 48.17641 129.5724 82.26232922

No data No data 474.2857 646 No data 220.6138 269.7713 271.6886804
-9% No data No data 1.046735 0.664159 0.2184 0.4803 0.3028

No data No data 496.4514 428.8563 48.17641 129.5724 82.26232922

No data No data 970.7371 1074.57 268.7902 399.3437 353.9510096
-5% No data No data 0.511417 0.399096 No data 0.1792 0.3245 0.2324
Jayapari Steel
2010 CAGR

55.73338437
427.7925353
0.1303 -7.0%

38.41948545
427.7925353
0.0898 -11.2%

28.44558051
427.7925353
0.0665 -11.5%

372.059151
427.7925353
0.8697 1.2%

17.31389892
427.7925353

0.0405 6.5%
28.44558051
0.7486
38 -11.6%

300.1342602
0.748567908
400.9446 11.2%

28.44558051
411.2815982
0.0692 -23.5%

28.44558051
300.1342602
0.0948 -20.5%

111.147338
300.1342602
0.3703 19.3%

111.147338
411.2815982
0.2702 14.7%
Healthiness Level of SOEs (State Owned Enterprise)

Healthiness level Rating Scoring (SK Ministry of BUMN) Adjustment Score

Healthy AAA TS > 95 TS > 66.5
AA 80<TS≤95 56<TS≤66.5
A 65<TS≤80 45.5<TS≤56
Less Healthy BBB 50<TS≤65 35<TS≤45.5
BB 40<TS≤50 28<TS≤35
B 30<TS≤40 21<TS≤28
Unhealthy CCC 20<TS≤30 14<TS≤21
CC 10<TS≤20 7<TS≤14
C TS ≤ 10 TS ≤ 7

Total Score of Each Ratio

Weight
Ratio Classification No Indicator Infrastructure

Profitability 1 RoE 15
2 RoI 10
Liquidity 3 Cash Ratio 3
4 Current Ratio 4
Activity 5 Collection Period 4
6 Inventory Turnover 4
7 Total Asset Turnover 4
Solvency 8 Total Equity to Asset Ratio 6
Total Weight 50

Krakatau Steel termasuk BUMN Non Infrastructure

No Indicators Weight Scores

1 RoE 20
2 RoI 15
3 Cash Ratio 5
4 Current Ratio 5
5 Collection Period 5
6 Inventory Turnover 5
7 Total Asset Turnover 5
8 Total Equity to Asset Ratio 10
Total Weight 70

ROE (%) Score

ROE > 15 20
 13 < ROE<= 15 18
11< ROE <= 13 16
9 < ROE <= 11 14
7,9<ROE <= 9 12
6,6<ROE <= 7,9 10
5,3<ROE <= 6,6 8.5
4 <ROE <= 5,3 7
2,5 <ROE<= 4 5.5
1 <ROE <= 2,5 4
0 <ROE <= 1 2
ROE < 0 0

ROI (%) Score

ROI > 18 15
15 < ROI < = 18 13.5
13 < ROI < = 15 12
12 < ROI < = 13 10.5
10,5 < ROI < = 12 9
9 < ROI < = 10,5 7.5
7 < ROI < = 9 6
5 < ROI < = 7 5
3 < ROI < = 5 4
1 < ROI < = 3 3
0 < ROI < = 1 2
ROI < 0 1

Cash Ratio = x (%) Score

x > = 35 5
25 < = x < 35 4
15 < = x < 25 3
10 < = x < 15 2
5 < = x < 10 1
0<=x<5 0

Current Ratio = x (%) Score

125 < = x 5
110 < = x < 125 4
100 < = x < 110 3
95 < = x < 100 2
90 < = x < 95 1
x < 90 0

Collection Period = x (days) Score

x < = 60 5
 60 < x < = 90 4.5
90 < x < = 120 4
120 < x < = 150 3.5
150 < x < = 180 3
180 < x < = 210 2.4
210 < x < = 240 1.8
240 < x < = 270 1.2
270 < x < = 300 0.6
300 < x 0

Table 8 Inventory Turnover = x (days) Score

x < = 60 5
60 < x < = 90 4.5
90 < x < = 120 4
120 < x < = 150 3.5
150 < x < = 180 3
180 < x < = 210 2.4
210 < x < = 240 1.8
240 < x < = 270 1.2
270 < x < = 300 0.6
300 < x 0

TATO = x (%) Score

120 < x 5
105 < x < = 120 4.5
90 < x < = 105 4
75 < x < = 90 3.5
60 < x < = 75 3
40 < x < = 60 2.5
20 < x < = 40 2
x < = 20 1.5

Table 10 Total Equity to Total Asset (%) = x Score

x<0 0
0 < = x < 10 4
10 < = x < 20 6
20 < = x < 30 7.25
30 < = x < 40 10
40 < = x < 50 9
50 < = x < 60 8.5
60 < = x < 70 8
70 < = x < 80 7.5
80 < = x < 90 7
90 < = x < 100 6.5
Weight
Non-
infrastructure
20
15
5
5
5
5
5
10
70

CP Adjustment
4.18 175.25 -61.23 -65.31 32.08 16.99
TATO adjustment
-0.36 -2.90 3.92 1.05 0.43
Statement of Financial Position year 2010 (in millions)

Krakatau Steel
Description Gunawan Dianjaya

Current assets
Cash and cash equivalents 4,193,598 3,720,875,161
Short-term investments 0 6,046,577,601
Restricted time deposits 27,000 0
Trade Receivables
Third parties 1,170,922 77,699,773,574
Related parties 13,416 12,218,901,448
Other Receivables
Third parties 73,584 3,613,699,194
Related parties 8,489 545,180,150
Inventories, Net 6,549,776 556,893,664,606
Advances and prepaid expenses 135,865 44,373,012,218
Prepaid taxes 115,074 4,485,916,252
Accrued interest income 0 0
Tax receivables 0 0
Total current assets 12,287,724 709,597,600,204
Non-current assets
Estimated claims for tax refund 303,136 26,709,497,840
Tax receivables 0 0
Investment in shares of stock, net 310,854 981,311,177
Deferred tax assets, net 26,644 56,801,157,527
Fixed assets - net 4,389,320 246,469,275,174
Other assets
Long-term receivables, net 3,522 0
Real estate assets 74,437 0
Assets not used in operation 31,177 24,267,728,792
Restricted cash and time deposits 94,906 0
Others 62,339 9,743,042,038
Total non-current assets 5,296,335 364,972,012,548

Total Assets 17,584,059 1,074,569,612,752

Current Liabilities
Short-term Bank loan 5,136,629 0
Trade payables
Third parties 862,851 312,532,154,596
Related parties 39,019 64,490,483,236
Other payables
 Third parties 81,956 1,900,803,124
Related parties 1,824 0
Taxes payables 85,653 7,019,337,231
Accrued expenses 266,459 9,989,883,707
Sales and other advances 218,622 23,883,155,226
Current portion on long-term loans 233,543
Current portion on long-term liabilities 4,157
Total current liabilities 6,930,713 419,815,817,120
Non Current Liabilities
Diferred tax liabilities, net 64,639 0
Long-term loans, net of current portion 862,063 0
Long-term liabilities, net of current portion 46,865 0
Estimated liabilities for employee benefits
254,234 9,040,508,552

Total non-current liabilities 1,227,801 9,040,508,552

Total LIABILITIES 8,158,514 428,856,325,672
MINORITY INTEREST IN NET ASSETS OF
131,630 0
SUBSIDIARIES
Equity
Share capital 7,887,500 820,000,000,000
Additional paid-in capital 1,015,514 56,413,555,015
Difference arising from transactions resulting in
changes in the equity of a subsidiary 18,468
Retained earnings (accumulated losses)
Appropriated 1,343,401
Unappropriated (970,968)
Deficit 0 (230,700,267,935)

Total EQUITY 9,293,915 645,713,287,080

Total LIABILITIES AND EQUITY 17,584,059 1,074,569,612,752

Jaya Pari Steel

12,552,313,911
0
36,785,927,623

29,122,987,058
64,490,483,237

611,150
0
116,709,942,157
10,766,173,827
6,071,140,088
415,156,422
8,609,353,807
285,524,089,280

0
3,312,442,230
102,879,698,646
1,875,214,463
17,618,852,275

0
0
0
0
71,301,302
125,757,508,916

411,281,598,196

92,618,713,482
0
 99,617,998
0
292,638,684
2,181,305,532
7,948,597,196
0
0
103,140,872,892

0
0
0

8,006,464,443

8,006,464,443
111,147,337,335

75,000,000,000
348,000,000

224,786,260,861
0
0

300,134,260,861

411,281,598,196
Statement of Profit or Loss and Other Comprehensive Income year 2010 (in millions)

Krakatau Steel
Description Gunawan Dianjaya

NET REVENUES 14,856,156 1,710,131,747,278

COST OF REVENUES 12,621,376 1,413,250,956,160

GROSS PROFIT 2,234,780 296,880,791,118

OPERATING EXPENSES
Selling 264,414 58,973,826,887
General and Admininistrative 977,437 31,783,049,131
Total Operating Expenses 1,241,851 90,756,876,018

INCOME FROM OPERATION 992,929 206,123,915,100

OTHER INCOME (CHARGES)
Interest expense (255,558) 0
Gain on transfer of fixed assets 147,888 0
Gain on foreign exchange, net 114,875 0
Sales of waste products 74,184 0
Interest income 81,463 0
Gain on sale of investment 0 0
Gain from settlement of post-retirement
healthcare benefits liability 0 0

Total Other Income, Net 394,219 8,525,507,599

Income before tax expense (benefit) 1,387,148 214,649,422,699
Tax expense (benefit)
Current 91,586
Deferred 234,695 60,025,818,648
Tax Expense (benefit), Net 326,281 60,025,818,648
INCOME BEFORE MINORITY INTEREST IN NET
(INCOME) LOSS OF SUBSIDIARIES 1,060,867 154,623,604,051
MINORITY INTEREST IN NET (INCOME) LOSS
OF SUBSIDIARIES 1,816 0
Gain on debts written-off 0 16,804,010,794

NET INCOME 1,062,683 171,427,614,845

BASIC NET INCOME PER SHARE 81 21

0 (in millions)

Jaya Pari Steel

427,792,535,324
372,059,150,959

55,733,384,365

7,132,434,241
10,181,464,674
17,313,898,915

38,419,485,450

(1,772,670,505)
0
1,368,866,703
0
536,753,397
0

251,316,050
38,670,801,500

10,225,220,992

28,445,580,508

28,445,580,508

37.93
BUMN Financial Scoring accordance to The Decree No.KEP-100/MBU/2002 in p
Krakatau Steel

Net Income 1,062,683

Equity 9,293,915
RoE 11.43
EBITDA 1,050,127
Total assets - Net fixed asset 13,194,739
RoI 7.96
Cash and cash equivalents 4,193,598
Total current liabilities 6,930,713
Cash ratio 60.51
Total current assets 12,287,724
Total current liabilities 6,930,713
Current Ratio 177.29
Accounts receivables 1,266,411
Revenue 14,856,156
Collection Period* 31.11
Inventory 6,549,776
Revenue 14,856,156
Inventory Turnover* 160.92
Revenue 14,856,156
Total assets 17,584,059
Total Aset Turnover 84.49
Total Equity 9,293,915
Total assets 17,584,059

Total Equity to Total Asset 52.85

*in Days
ecree No.KEP-100/MBU/2002 in period of 2010
Gunawan Dianjaya Jaya Pari Steel
171,427,614,845 28,445,580,508
645,713,287,080 300,134,260,861
26.55 9.48
214,649,422,699 36,361,377,598
828,100,337,578 393,662,745,921
25.92 9.24
3,720,875,161 12,552,313,911
419,815,817,120 103,140,872,892
0.89 12.17
709,597,600,204 285,524,089,280
419,815,817,120 103,140,872,892
169.03 276.83
94,077,554,366 102,223,435,252
1,710,131,747,278 427,792,535,324
20.08 87.22
556,893,664,606 116,709,942,157
1,710,131,747,278 427,792,535,324
118.86 99.58
1,710,131,747,278 427,792,535,324
1,074,569,612,752 411,281,598,196
159.15 104.01
645,713,287,080 300,134,260,861
1,074,569,612,752 411,281,598,196

60.09 72.98
Healthiness Level of SOEs (State Owned Enterprise)

BUMN Financial Scoring accordance to The Decree No.KEP-100/MBU/2

Krakatau Steel
No Indicator Score Gunawan Dianjaya
1 RoE 11.43 16 26.55
2 RoI 7.96 6 25.92
3 Cash Ratio 60.51 5 0.89
4 Current Ratio 177.29 5 169.03
5 Collection Period (days) 31.11 5 20.08
6 Inventory Turnover (days) 160.92 3 118.86
7 Total Asset Turnover 84.49 3.5 159.15
8 Total Equity to Total Asset Ratio 52.85 8.5 60.09
Total Score 52 62
Healthy Level A AA
Status Healthy Healthy

Scoring (SK Ministry of Adjustment

Healthiness level Rating BUMN) Score
Healthy AAA TS > 95 TS > 66.5
AA 80<TS≤95 56<TS≤66.5
A 65<TS≤80 45.5<TS≤56
Less Healthy BBB 50<TS≤65 35<TS≤45.5
BB 40<TS≤50 28<TS≤35
B 30<TS≤40 21<TS≤28
Unhealthy CCC 20<TS≤30 14<TS≤21
CC 10<TS≤20 7<TS≤14
C TS ≤ 10 TS ≤ 7
.KEP-100/MBU/2002 in period of 2010

Score Jaya Pari Steel Score

20 9.48 14
15 9.24 7.5
0 12.17 2
5 276.83 5
5 87.22 4.5
4 99.58 4
5 104.01 4
8 72.98 7.5
62 48.5
AA A
Healthy Healthy
 DuPont An

0.2654856
9

ROE
PT Krakatau Steel PT Gunawan Dianjaya Steel 0.11434180321210
0.1143 0.26552

PT Krakatau Steel 0.114341803212102PT Krakatau Steel PT Gunawan D

PT Gunawan Dianjaya Ste 0.265485626515669
PT Jayapari Steel 0.094776186128914

PT Krakatau Steel 52 BUMN FINANCIA

PT Gunawan Dianjaya Ste 62
PT Jayapari Steel 48.5
6
BUMN SCORE 52

PT Krakatau 52
PT Gunawan 62
PT Jayapari 48.5

PT Krakatau Steel PT Gunawan

 DuPont Analysis

0.26548562651566
9
ROE

PT Jayapari Steel
0.11434180321210 PT KrakatauPT Gunawan PT Jayapari Steel
2 0.0948 0.09477618612891
0.114342 0.265486 0.094776
4

PT Krakatau Steel PT Gunawan Dianjaya Steel PT Jayapari Steel

BUMN FINANCIAL SCORING

62

52
48.5
BUMN SCORE

PT Krakatau Steel PT Gunawan Dianjaya Steel PT Jayapari Steel