PT Gudang Garam Tbk

Comparative Balance Sheet

December 31,2016 and December 31,2015
Assets 2016 2015
Current assets
cash and equivalents 1,595,120 2,725,891
trade receivables, third parties 2,089,949 1,568,098
inventories 37,545,222 37,255,928
prepaid value added tax 187,418 448,631
prepaid expenses 333,084 309,744
other current assets 182,380 260,139
total current assets 41,933,173 42,568,431

non current assets

fixed assets, net 20,498,950 20,106,488
deferred tax assets, net 128,507 88,210
prepain income tax 9,923 103,114
other non current assets 381,081 639,170
total non current assets 21,018,461 20,936,982
total assets 62,951,634 63,505,413

liabilities
current liabities
short-term bank loans 19,753,245 20,561,189
trade payables, third parties 1,091,412 2,349,264
related parties 26,545 21,075
taxes payable 308,852 556,163
value added tax payable 7,114 -
accrued expenses 160,811 211,745
other current liabilities 290,586 345,650
total current liabilities 21,638,565 24,045,086

non current liabilities

post-emploment benefits liabilities 1,377,390 1,114,407
deffered tax liabilities, net 371,451 338,011
total non current liabilities 1,748,841 1,452,418
total liabilities 23,387,406 25,497,504

equity
share capital, rp 500 par 962,044 962,044
capital paid in excess of par 53,700 53,700
diffence from transaction with
non controlling interest (16,168) (15,250)
retained earnings
appropiated 200,000 200,000
unappropiated 38,287,441 36,699,588
equity attributable to owners 39,487,017 37,900,082
of the company
non-controlling interest 77,211 107,827
total equity 39,564,228 38,007,909

total liabilities and equity 62,951,634 63,505,413

(1,130,771) -41.48%
521,851 33.28%
289,294 0.78%
(261,213) -58.22%
23,340 7.54%
(77,759) -29.89%
(635,258) -1.49%

392,462 1.95%
40,297 45.68%
(93,191) -90.38%
(258,089) -40.38%
81,479 0.39%
(553,779) -0.87%

(807,944) -3.93%
(1,257,852) -53.54%
5,470 25.95%
(247,311) -44.47%
7,114 0.00%
(50,934) -24.05%
(55,064) -15.93%
(2,406,521) -10.01%

262,983 23.60%
33,440 9.89%
296,423 20.41%
(2,110,098) -8.28%

- 0.00%
- 0.00%

(918) 6.02%

- 0.00%
1,587,853 4.33%
1,586,935 4.19%

(30,616) -28.39%
1,556,319 4.09%

(553,779) -0.87% -90.99%

 PT Gudang Garam Tbk
Comparative Balance Sheet
December 31,2016 and December 31,2015
Assets 2016 2015 2016
Current assets
cash and equivalents 1,595,120 2,725,891 2.53%
trade receivables, third parties 2,089,949 1,568,098 3.32%
inventories 37,545,222 37,255,928 59.64%
prepaid value added tax 187,418 448,631 0.30%
prepaid expenses 333,084 309,744 0.53%
other current assets 182,380 260,139 0.29%
total current assets 41,933,173 42,568,431 66.61%

non current assets

fixed assets, net 20,498,950 20,106,488 32.56%
deferred tax assets, net 128,507 88,210 0.20%
prepain income tax 9,923 103,114 0.02%
other non current assets 381,081 639,170 0.61%
total non current assets 21,018,461 20,936,982 33.39%
total assets 62,951,634 63,505,413 100.00%

liabilities
current liabities
short-term bank loans 19,753,245 20,561,189 31.38%
trade payables, third parties 1,091,412 2,349,264 1.73%
related parties 26,545 21,075 0.04%
taxes payable 308,852 556,163 0.49%
value added tax payable 7,114 - 0.01%
accrued expenses 160,811 211,745 0.26%
other current liabilities 290,586 345,650 0.46%
total current liabilities 21,638,565 24,045,086 34.37%

non current liabilities

post-emploment benefits liabilities 1,377,390 1,114,407 2.19%
deffered tax liabilities, net 371,451 338,011 0.59%
total non current liabilities 1,748,841 1,452,418 2.78%
total liabilities 23,387,406 25,497,504 37.15%

equity
share capital, rp 500 par 962,044 962,044 1.53%
capital paid in excess of par 53,700 53,700 0.09%
diffence from transaction with
non controlling interest (16,168) (15,250) -0.03%
retained earnings
 appropiated 200,000 200,000 0.32%
unappropiated 38,287,441 36,699,588 60.82%

equity attributable to owners 39,487,017 37,900,082 62.73%

of the company
non-controlling interest 77,211 107,827 0.12%
total equity 39,564,228 38,007,909 62.85%

total liabilities and equity 62,951,634 63,505,413 100.00%

 2015

4.29%
2.47% 1829024
58.67% 37400575
0.71%
0.49%
0.41%
67.03%

31.66%
0.14%
0.16%
1.01%
32.97%
100.00%

32.38%
3.70%
0.03%
0.88%
0.00%
0.33%
0.54%
37.86%

1.75%
0.53%
2.29%
40.15%

1.51%
0.08%

-0.02%
 0.31%
57.79%

59.68%

0.17%
59.85%

100.00%

37,428,228
 PT Gudang Garam Tbk
Comparative Balance Sheet
December 31,2016 and December 31,2015
2016 2015 2016 2015
Revenue 76,274,147 70,365,573 100.00% 100.00%
Cost of sales 59,657,431 54,879,962 78.21% 77.99%
Gross profit 16,616,716 15,485,611 21.79% 22.01%
Other income 161,286 124,999 0.21% 0.18%
Operating expenses 6,644,400 5,579,370 8.71% 7.93%
Other expenses 13,515 38,436 0.02% 0.05%
Foreign exchange gain, net 1,951 72,063 0.00% 0.10%
Operating profit 10,122,038 10,064,867 12.84% 13.74%
Interest expense 1,190,902 1,429,592 1.56% 2.03%
Profit before income tax 8,931,136 8,635,275 11.28% 11.71%
Income tax expense 2,258,454 2,182,441 2.96% 3.10%
Profit 6,672,682 6,452,834 8.32% 8.61%
 500

6,672,182
 FINANCIAL RATIO ANALYSIS

A. Liquidity or Debt Paying Ratio Analysis

1 Current Ratio
2011
Current Assets 41,933,173
Current Liabilities 21,638,565

= 1.94

the current ratio of GG showed 1:1, meaning book value of current assets is exa
it is in a better position to meet short-term liabilities with short-term assets

2 Quick Asset or Acid Test Ratio

2011
Cash + MS + AR 3,685,069
Current Liabilities 21,638,565

= 0.17

As you can see GGs' quick ratio is 0.17. This means that GG, Can not pay off all
with quick assets.

3 Current Debt to Inventory

2011
Current Liabilities 21,638,565
Inventory 37,545,222

= 0.58

As you can see GGs' Current debt to inventoy ratio is less than 1 . This shows th
Nordstrom,inc can pay off all of the current liabilities with firms inventory sales

B. Productivity of Working Capital

1 Inventory Turnover

Cost of Good Sold 59,657,431

Average Inventory 37,400,575
 365 365
Inventory Turnover 2

This means that there would be 2 inventory turns per year. That is a company w

2 Net Sales to Inventory

Net sales 76,274,147

Average Inventory 37,400,575

= 2.04

the $37,400,575 average monthly inventory generated sales equivalent to 2.04 tim
The higher the ratio, the better the efficiency.

3 Receivable Turnover

Sales 76,274,147
Average Receivables 1,829,024

365 365
AR Turnover 42

accounts receivable turned over 41 times during the past year, which means tha
In other words, when GGs' makes a credit sale, it will take 8 days to collect the c

C. Profitability

1 Net Profit to Sales

2008
Net Income 6,672,682
Net sales 76,274,147

= 8.75%

net profit margin decreased in Year 2016. Notice that in terms of dollar amount,
Hence in terms of managing costs and expenses, the company did better in Yea
 2 Net Profit to Net Working Capital

2008
Net Income 6,672,682
Net working Capital 20,294,608

= 32.88%

GGs' current assets exceeds current liabilities. WC is positive.

This means that GGs' can pay all of the current liabilities using only current ass
In other words, GGs'. is very liquid and financially sound in the short-term.
3 Return on total Assets

Net Income + Interest 7,863,584

Average total Assets 63,228,524

= 12.44%

GGs' ratio is 12.44 percent. In other words, every dollar of GG invested in assets
Depending on the economy, this can be a healthy return rate no matter what the

4 Return on common Stockholders' Equity

Net Income - PS Dividend 6,672,182

Common Stockholders' Equity 37,428,228
(Total SHE-Preferred Stock)
= 17.83%

This means that every dollar of common shareholder’s equity earned about $17.
a higher return on common stockholders’ equity ratio indicates high profitability
financial position of the company and can covert potential investors into actual commo
D. Stability or Balance of Equity Structure

1 Debt to Equity Ratio

2008
Total Liabilities 23,387,406
Total Equity 39,564,228

= 0.59

The Debt to Equity ratio 0.59, this means the amount of debt is 0.59 times more t
 Companies with a higher debt to equity ratio are considered more risky to credit

2 Times Interest Charges Earned

Income before interest + Income tax 10,122,038

Interest Expense 1,190,902

As we can see, GG has a ratio of 8. This means that GGs' income is 8 times grea
In other words, GG can afford to pay additional interest expenses. In this respec
shouldn’t have a problem accepting the loan.
 2010
42,568,431
24,045,086

: 1 1.77 : 1

e of current assets is exactly the same as book value of current liabilities

ith short-term assets

2010
4,293,989
24,045,086

: 1 0.18 : 1

at GG, Can not pay off all of the current liabilities

2010
24,045,086
37,255,928

: 1 0.65 : 1

ess than 1 . This shows that GGs' is less leveraged and less risk.
with firms inventory sales

= 2 times
 = 228.83 days to sell
entire inventory

ear. That is a company would take 6 months to sell and replace all inventories.

: 1

sales equivalent to 2.04 times its value. its means it not bad to firms.

= 41.70 times

= 8.75 days

ast year, which means that the average account receivable was collected in 8 days
ake 8 days to collect the cash from that sale.

2007
6,452,834
70,365,573

= 9.17%

n terms of dollar amount, net income is higher in Year 2015.

ompany did better in Year 2015
 2007
6,452,834
18,523,345

= 34.84%

es using only current assets.

the short-term.

r of GG invested in assets during the year produced $12.44 of net income.

n rate no matter what the investment is.

equity earned about $17.83 this year.

ndicates high profitability and strong
nvestors into actual common stockholders.

2007
25,497,504
38,007,909

: 1 0.67 : 1

f debt is 0.59 times more than total equity.

dered more risky to creditors and investors

= 8.50 times

Gs' income is 8 times greater than the annual interest expense.

t expenses. In this respect, GG is less risky and the bank