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Solvency Ratio

LT Debt/Equity
ratio LT Debt/Equity ratio
There is a downtrend of LTD to Equity ratio reaching its lowest point at 0.27 in
0.60 0.42 2016. This is driven by the significant decrease of 23.28% in long term debt
0.39
0.40 0.27 0.31 compared to its previous period. The decrease itself came from the payment of
0.20 debt with an amount of Rp 1.95 trillion to UOB and DBS Singapore. The debt was
0.00 used to finance the 100% acquisition of Madusari Lampung Indah in 2013 and
2014 2015 2016 2017 52.94% acquisition of China Minzhong which is a food company that focused on
Q2 integrated vegetable processing.

Total Debt/Equity
ratio Total Debt/Equity ratio
1.50 1.14 1.13 1.02 There is also a negative trend of Total Debt to Total Equity Ratio which reach the
0.87
1.00 lowest point at 0.87 in 2016. This is caused by the significant increase of retained
0.50 earning, with a CAGR 2014-2016 of 11.78%, as well as a decrease in long term debt
0.00 as stated above.
2014 2015 2016 2017
Q2

Times interest earned


The company had the lowest ability to pay the financial cost at a rate of 1.86x in 2015,
Times interest which is below the company average of 3.78x. The decrease in times interest earned
earned stemmed from the increase of net losses on foreign exchange difference from
financing activities of Rp 1.08 trillion. The increase was a result of the reduction of net
6.00 4.69 4.47
4.08 liabilities in foreign currency of Rp 2.8 trillion, which showed foreign debt redemption
4.00
1.86 in the midst of USDs appreciation towards Rupiah (from Rp. 12.421/USD in 2014 to
2.00
Rp. 13.779/USD in 2015 an increase of 11.09%).
0.00
2014 2015 2016 2017
Q2
Return on Investment Ratio
Return on asset
INDF had a relatively stable level of RoA and RoE, with an average of 4.96% and
8.00% 6.39% 6.05%
6.00%
10.15% respectively. The decrease of RoA and RoE in 2015 stems from the
4.17%
4.00% 3.21% significant decrease in return, caused by the increase in financial cost of 71.65%
2.00% as a result of debt redemption and the depreciation of Rupiah.
0.00%
2014 2015 2016 2017 Other than the increase in financial cost, INDF experienced an increase in asset
Q2 as a result of the expansion of its agriculture subsidiary agriculture. This was
reflected through an increase on investment from expansion of palm oil
plantation area with a CAGR 2014-2016 sebesar 8.04%. As a result, in 2015
Return on equity there was a decrease in revenue because the revenue from the palm oil area
15.00% 13.38%
12.10% expansion would be realized 3 to 5 years from the initial investment date. He
8.90%
10.00% 6.24%
similar trend of RoA dan RoE signaled that the changes in asset was financed
5.00% proportionately with liabilities and equity.
0.00%
2014 2015 2016 2017
Q2

Liquidity Ratio

Current Ratio

INDF experienced a constant decrease in current ratio from 2014, resulting


Current ratio from the increase in short-term debt and decrease in current assets in general.
1.81 1.71 The most significant decrease in current asset stems from the Other Current
2.00 1.51 1.46
Asset in 2016, caused by.
1.00

0.00
2014 2015 2016 2017
Q2
Different from its quick ratio, INDF experienced an increase in liquid current
asset, which was a result of the increase in Trade Account Receivable with a
Quick ratio CAGR 2014-2016 of 13.96%. This increase was caused by an increase in sales,
0.99 1.02
1.00
0.85 0.77 especially the sales with Fountainhat International as blabla.
0.50
0.00
2014 2015 2016 2017
Q2
Day of collection period
60 53

40 23 22 24
20
0
2014 2015 2016 2017 Q2

Day to sell inventory


100 86
47 45 43
50

0
2014 2015 2016 2017 Q2

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