FIKRIRIZA

PRATAMA

ANALYSIS OF PT TIGA
PILAR SEJAHTERA
FINANCIAL

IPACC
2018/2019
PTTIGAPILAR
SEJAHTERA
COMPANY'SPROFILE
COMPANY IN
BRIEF
Corresponding to its name, PT Tiga
Pilar Sejahtera Food was established
based on idea of three persons, namely
Mr. Joko Mogoginta, Mr. Budhi Istanto,
and the late Mr. Priyo Hadisutanto in
1992. During its first establishment, the
Company’s main products were dried
vermicelli and dried noodle. The
Company experienced rapid
development in 1995 and began to
construct a new factory in Karanganyar,
Central Java. In 2000, continued to
expand by constructing a 25-hectare
integrated food factory in Sragen,
Central Java. This integrated food
factory does not only produce vermicelli
and dried noodles, but also instant
noodles, biscuits, and snacks
In order to improving overall
performance and preparing a solid
foundation for sustainable
development initiatives, the
Company implements complex
quality management systems and
manages to achieve the ISO
9001:2000 certificate in 2002. The
Company believes that the
application of quality management
system is a strategic decision that
facilitates an organization to grow
sustainable, based on international
standard
VISION
To become a Nation-wide visionary
company that builds Indonesia, to
become great and successful in the
“food and related businesses” which is
reputable and contribute to improve
social welfare.
MISSION
1. To provide quality goods and
services and innovative in “food and
related businesses” which is able to
create added value for all our
customers.
2. To become a great company by
building a double track system in our
Organization: “The good people and
the good system”.
 ECONOMIC ANALYSIS
PTTIGAPILARSEJAHTERA

No Economic Indicator 2015 2016 2017

1. GDP $ 860.85 $ 932.26 $ 1.015.54

2. Economic Growth 4.88% 5.02% 5.07%

3. Inflation 3.35% 3.02% 3.30%

4. Currency Rate 13,616 13,650 13,864

5. Interest Rate 4.25% 4.75% 4.75%

ECONOMIC ANALYSIS
Economic growth is an increase in the production of goods
and services over a specific period. To be most accurate, the
measurement must remove the effects of inflation.
Economic growth in Indonesia in the first quarter of 2018 was
5.06%. This figure grew 0.1% from 2017 in the same quarter.
This is supported by the rising prices of oil and gas and non-
oil and gas commodities. In the second quarter of BPS
recorded economic growth of 5.02%. This figure shows a
significant growth, this was driven by growth in the service
business field which grew by 4.88%. In the manufacturing
industry sector where PT TIGA PILAR SEJAHTERA
includes growth of 0.84%. Then in the third quarter this year
grew by 5.17% where this figure was higher than the previous
year in the same quarter and finally in the fourth quarter
according to Indonesian bank deputies Indonesia economic
growth will not differ much from the third quarter of this
year.
 Interest Rate
Is the annual interest payment from a loan in the form of a percentage that has a fundamentally
broad impact on a country If the interest rate of a country is high, the burden of the company to
make payments on loans is even greater. In addition, if the interest rate of a country is large, the
investment sector will weaken because people will prefer to save their money in the form of
savings from investment because they hope to get a higher return. Interest rates in Indonesia are
expected to be relatively stable until the end of 2018, If the interest rate is high, it indicates that
money is circulating a little because people prefer to save their money rather than spend it, and
This can have an impact on large corporate companies in Indonesia because people will choose
to save their money in the bank because the interest return obtained is high rather than invest in
the capital market. Indonesian banks estimate that they will not change interest rates so far this
year so that the numbers will be relatively the same at 4.25%

 Gross Domestic Product (GDP)

Is an economic indicator that is used to measure the overall value of all goods and services
produced by all communities and also companies (both local and foreign) in a particular country
and for a certain period of time A change in the Gross Domestic Product (GDP) value will have
an impact on the income of a company, not least to PT. Tiga Pilar Sejahtera Tbk.
PT TIGA PILAR SEJAHTERA
INDUSTRY ANALYSIS
The Risk Score is a relevant measure for the
assessment of a stock attractiveness. PT
Tiga Pilar Sejahtera Food Tbk shows a Risk
Score of N/A. 0 corresponds to a very high
risk and 10 corresponds to a very low risk."
The Risk Score for PT Tiga Pilar Sejahtera
Food Tbk is lower than its peer groups. This
means that PT Tiga Pilar Sejahtera Food
Tbk is more risky than its peer group.
The EV/EBITDA NTM ratio (also called
EBITDA multiple or enterprise multiple) is
a well-known company valuation metric that
compares a company's overall value to its
operational earning power. The
EV/EBITDA NTM ratio is very commonly
used for business valuation as it indicates
whether a company may be undervalued or
overvalued compared to industry peers.
The EV/EBITDA NTM ratio of PT Tiga
Pilar Sejahtera Food Tbk is significantly
lower than the median of its peer group:
around 9.00. According to these financial
ratios PT Tiga Pilar Sejahtera Food Tbk's
valuation is way below the market valuation
of its peer group. The EV/EBITDA NTM
ratio of PT Tiga Pilar Sejahtera Food Tbk is
significantly lower than the average of its
sector (Food Products): 9.21. According to
these financial ratios PT Tiga Pilar Sejahtera
Food Tbk's valuation is way below the
market valuation of its sector. The
EV/EBITDA NTM ratio of PT Tiga Pilar
Sejahtera Food Tbk is significantly lower
than its historical 5-year average: 7.5. The
(current) company valuation of PT Tiga
Pilar Sejahtera Food Tbk is therefore way
below its valuation average over the last five
years.
 SWOT
ANALYSIS

INTERNAL Strength:
Weakness:
1. being able to meet the
1. Lack of promotion in ad
demand of the market
2. Unhealthy competition
2. Able to achieve a positive
sales

EKSTERNAL

Opportunity:
1. Develop national standards
of food products Indonesia.
2. The growing number of
consumer needs especially in
the field of food
SO : WO :
Develop a range of food The existence of a downturn
products according to for the impact of investment
consumer needs on the company

Threat :
ST :
1. The lack of attention the
The entry of new competitors WT :
Government especially in the
of similar companies that The economic conditions of
field of food products.
have been either exist or new the community decreased
2. Decrease the performance
company
of the employee
 LIQUIDITY RATIO

Description 2015 2016 2017 ROTI INDF

Current Ratio 1.62 2.38 1.16 2.26 1.50

Acid-Test Ratio 0.933 1.074 0.588 2.39 0.8

Collection Period 129 days 147 days 135 days 49.51 days 25.1 days

Days to sell Inventory 160 days 204 days 148 days 31.16 days 65.8 days

The current ratio is a ratio that describes a company's ability to pay off short-term
obligation. The results obtained above come from the division between current assets divided
by short-term liability. In 2015 is 1.16, which means the company can pay 1.62 US dollars
for every 1 dollar of debt held. 2016 it increased to 2.38 and finally in 2017 it decreased to
1.16. this shows that the company's ability to pay off its short terms obligation is very good.
Looking at the data above PT Tiga Pilar Sejahtera is not too good than PT. Nippon Indosari
and PT Indofood Sukses Makmur in paying off the company's short-term obligations.

Acid Quick Ratio is a ratio that shows a company's ability to pay short-term bonds using
current assets. In 2015, the company could pay 0.933 rupiah for every 1 dollar of short-term
bonds held. Then it increased to 1,074 in 2016 and decreased to 0,588 in 2017. By the data
above PT Tiga Pilar Sejahtera is no better than PT Nippon Indosari and Pt Indofood Sukses
Makmur in terms of payment of short-term obligations with the company current assets.

Collection Period the average number of days a company needs to collect its accounts
receivable. In other said, this ratio is the average number of days needed to change accounts
receivable cash. 2017 companies charge their accounts for 135 days a good term or they can
convert accounts receivable into cash in a short time. this result that PT Nippon Indosari and
PT Indofood Sukses Makmur are far better with the results of 49.51 days and 25.1 days.

Days To Sell Inventory is the average time measure needed for a company to convert
inventory into sales. The smaller the sales day in inventory shows that companies are more
efficient in selling their inventory, while larger ones indicate that management has decided to
maintain a high inventory level to achieve a high level of order fulfillment. 2017 PT Tiga
Pilar Sejahtera has 148 days to sell inventory. By looking at the data above, PT Tiga Pilar
Sejahtera is no better than PT Nippon Indosari and PT Indofood Sukses Makmur in terms of
turning inventory into sales.
Capital Strutucture and
Solvency
Description 2015 2016 2017 ROTI INDF

Total debt to equity 1.284 1.170 1.562 0.62 0.88

Long-term debt to equity 0.591 0.583 0.416 0.38 0.41

Times interest earned 106.26 227.93 (116.75) 4.16 6.52

 Solvability analysis is used to find out how much funding activities of

companies financed by creditors. Solvability analysis includes calculation
of debt to equity ratio, long-term debt to equity, and times interest earned.

 The table above shows the calculation of the capital structure and
solvency ratio of PT Tiga Pilar Sejahtera and two competing
companies, namely PT Nippon Indosari and PT Indofood Sukses
Makmur. Total debt to equity shows the amount of funds for companies
financed by creditors. From the table above it is known that in PT AISA
in 2017, for every $ 1 funding there is a fund of $ 1,562 from creditors.
The ratio of total debt to equity of PT AISA increased from 2015 to 2017.
This figure is higher than PT ROTI and higher than PT INDF. Long-term
debt to equity describes the amount of corporate funding financed by
long-term funding from external creditors. PT Tiga Pilar Sejahtera has
decreased its ratio from 2015 to 2017. In 2017 for every $ 1 equity fund
PT Tiga Pilar Sejahtera is funded by 0.416 from creditor funds. This ratio
is bigger compared to its competitors. Time Interes Earned is a ratio that
measures a company's ability to pay future interest costs. Based on the
data in the table, we know that the interest ratio received by PT AISA is
below its two competitors. This shows that PT AISA is worse at paying
interest costs in the future compared to its competitors. $ 1 dollars in
future interest costs can be paid with $ (116.75).
 Description 2015 2016 2017 ROTI INDF

Return On Assets 3.57 7.77 -9.71 2.97 6.0

Return On Equity 8.15 16.87 -24.87 4.80 11.3

RETURN ON INVESTMENT

The next analysis is the analysis of the rate of return on investment which is
included in one indicator ratio, namely the profitability ratio. Analysis of return
on investment shows the profits generated by the company on assets and equity
invested by the company as a support in its main operational activities. PT Tiga
Pilar Sejahtera Berkelanjutan has a low return on investment ratio compared to
two competing companies. The first return on investment is ROA or return of
assets. PT AISA's ROA ratio experienced significant fluctuations in 2015-2016
despite a drastic decline in 2017. PT AISA was unable to benefit from the return
on investment compared to higher PT ROTI and PT INDF. The same applies to
the ROE ratio or return on equity. PT AISA's ROE ratio is lower than PT ROTI
and PT INDF. In 2017, PT AISA ROA amounted to (9.71%), which means that
every $ 1 of assets held at a loss of $ 0.971 net income from company
performance, while for PT AISA ROE is (24, .87)% which indicates that every
$ equity 1 company can harm $ 2,487 net income.
OPERATING
PERFOMANCE
Description 2015 2016 2017 ROTI INDF

Gross Profit Margin 21.19 25.72 12.73 53.12 28.0

Operating Profit Margin 12.30 19.58 -11.15 20.86 12.46

Net Profit Margin 5.38 9.07 -11.22 12.44 7.33

Furthermore, in terms of operating performance, the ratio of gross profit margin, operating
profit margin, and PT Tiga Pilar Sejahtera's net profit margin increased quite well in 2016,
although in 2017 the gross profit margin and net profit margin declined slightly. PT AISA's
gross profit margin increased slightly from 2015 to 2016 and decreased in 2017. Compared to
two competitors, PT AALI is still below it. In 2017, from every $ 100 sale of PT AALI can
get gross profit of 12.73%, operating profit (11.15)%, and net profit (11.22)%. When
compared with two competing companies, in the same year, 2017, PT ROTI and PT INDF had
very good operating profit margins and net profit margins.
 ASSET
UTILIZATTION

Description 2015 2016 2017 ROTI INDF

Cash Turnover 10.21 22.12 27.09 3.63 5.18

Account Receivable
3.04 2.73 2.33 7.37 14.53
Turnover

Inventory Turnover 3.02 2.35 3.06 23.53 5.54

Working Capital
3.51 1.90 7.76 8.7 6.45
Turnover

Total Asset Turnover 0.66 0.79 0.56 1.07 0.82

PT Tiga Pilar Sejahtera's cash turnover ratio in 2015 was 10.21 and increased in 2016
to 22.12 and still increased in 2017 to 27.09. While the circulation of cash of PT
Nippon Indosari and PT Indofood Sukses Makmur is quite far below PT Tiga Pilar
Sejahtera which shows that the two companies are not good enough in using their
business capital in cash. The trade receivables turnover from PT Tiga Pilar Sejahtera
from 2015 to 2017 has been proven to be able to collect collectible receivables which
are also slowing down. As for the two competing companies, PT Nippon Indosari and
PT Indofood Sukses Makmur, the debt turnover period is far better than PT Tiga Pilar
Sejahtera. Two competing companies are quite good. PT Tiga Pilar Sejahtera’s
inventory turnover from 2015 to 2017 has increased insignificantly even though in
2016 it experienced a slight decline. But the highest inventory turnover is owned by
PT Nippon Indosari. Overall, PT Tiga Pilar Sejahtera's inventory turnover is worse,
especially when compared to PT Nippon Indosari. This shows that inventory control
by PT Tiga Pilar Sejahtera is not good. Furthermore, the overall working capital
turnover and total asset turnover of PT Astra Agro Lestari from 2015 to 2017 has
increased and decreased which is not too large. Even though the ratio indicator has
decreased, the results are less compared to the other two competing companies. This
strengthens the evidence that PT Tiga Pilar Sejahtera is still reliable in its efforts to
use its assets efficiently and effectively.
MARKET
MEASURE

Description 2015 2016 2017 ROTI INDF

Price to Earnings 12.04 10.55 (2.78) 54.14 0.88

Earning Yield 8.30 9.48 (36.02) 0.01 0.41

Dividend Yield 0.66 0.41 1.79 0.86 6.52

Dividend Payout
7.96 4.34 (4.96) 24.82 0.40
Rate

Price to Book 6.44 10.81 2.74 2.80 1.43

The analysis of market size is the analysis of a set of ratios that connect stock prices
with income and book value per share. The market size ratio provides information
about how many public investors and shareholders value companies, so companies are
at a higher price than book value shares. Market measure ratios show the relationship
between the firm’s market value that is measured by the current stock price and
certain accounting values to assess the risk and return related with the firm. When a
stock analyst wants to understand how other investors value a company, they look at
market ratios. These measures all have one factor in common; they're evaluating the
current market price of a share of common stock versus an indicator of the company's
ability to generate profits or assets held by the company.
The price-to-profit ratio shows the amount of rupiah investors have to pay to get one
rupiah in the company's income. In 2017, for every price of $ 1 paid for shares of PT
Tiga Pilar Sejahtera, he lost $ 2.78. PT AALI's Yield Dividend has increased and
surpassed, this dividend yield is an indicator of return on stock investment. As for the
level of dividend payments, it shows the calculation of the portion of income paid as
dividends to investors. PT Tiga Pilar Sejahtera has the lowest dividend payout ratio
compared to two competing companies.
 Comparative Analysis
2016 2017 CHANGE % ROTI INDF

PT TIGA PILAR
IN MILLION RUPIAH
SEJAHTERA

SALES 6,545,680 4,920,632 (1,625,048) (24.83)% (1.24)% 5.03%

COST OF
(4,862,377) (4,294,396) 567,981 (11.7)% (3.18)% 5.95%
GOODS SOLD

GROSS PROFIT 1,683,303 626,236 (1,057,067) (62.80)% 0.52% 2.67%

OPERATING
(697,049) (1,231,228) (534,179) (76.63)% 17.52% 2.13%
EXPENSE

OPERATING
1,281,744 (548,754) (1,830,498) (142.81)% (72.28)% 27.73%
INCOME

INCOME
898,431 (967,484) (1,865,915) (207.68)% (98.45)% 3.57%
BEFORE TAX

PROFIT FOR
373,750 (846,809) (1,220,550) (326.56)% (106.69)% 5.69%
THE YEAR

Comparative analysis as comparison analysis. Use comparison analysis to

measure the financial relationships between variables over two or more
reporting periods. Businesses use comparative analysis as a way to identify their
competitive positions and operating results over a defined period. Larger
organizations may often comprise the resources to perform financial
comparative analysis monthly or quarterly, but it is recommended to perform an
annual financial comparison analysis at a minimum.
Sales
Based on the results of the calculation of PT Tiga Pilar Sejahtera's Profit and
Loss Statement for a relatively short period of time - two years - namely 2016
and 2017, the decline in sales of PT Tiga Pilar Sejahtera was 24.83%. A
significant decrease in sales indicates that PT Tiga Pilar Sejahtera operates with
a decrease in activity costs for each year. However, the sale of PT Tiga Pilar
Sejahtera is smaller than the company PT Nippon Indosar and PT Indofood
Sukses Makmur. PT Indofood Sukses Makmur even sold 5.03%. This increase
indicates that PT Indofood Sukses Makmur is in good condition, which is
increasing.

Cost of Goods Sold

The next analysis is the cost of goods sold. The main point of this analysis is to
find out the causes of the increase that occurred in the accounts contained in the
income statements of the three companies. First, PT Tiga Pilar Sejahtera
experienced a decrease in cost of goods sold by 11.7%. At that time the
company faced the challenge of increasing production costs. Therefore, cost of
goods sold decreased. Increasing cost of goods sold is also experienced by
competing companies. PT Indofood Sukses Makmur understands the increase in
cost of goods sold, which is 5.03%

Gross Profit
In line with the increase in company sales, PT Astra Agro Lestari's gross profit
decreased 62.80% or equivalent to Rp. 1.057 Trillion. The increase in gross
profit was actually experienced by both competitors PT Nippon Indosari and PT
Indofood Sukses Makmur. The company experienced a much more significant
increase in gross profit compared to PT Tiga Pilar Sejahtera. The decline in
gross profit is very drastic and very good for the company's sustainability in the
future.
Operating Expense
The efficiency program implemented by PT Tiga Pilar Sejahtera amid the challenges
of the global and domestic economy exacerbated the very significant increase in
operating costs in 2017. This can be seen from the comparison above, the operating
costs of PT Tiga Pilar Sejahtera Berkel windows only increased by 76, 63%. But this
is different from the two competing companies. PT Nippon Indosari experienced a
decrease in operating costs by 17.52% and PT Indofood Sukses Makmur decreased by
2.13%. A decrease in the operating expenses of two competing companies can be
caused by the existence of an extraordinary savings program because both companies
are in an effort to restore profitability.

Operating Income
PT Tiga Pilar Sejahtera experienced a loss in operating income of 142.81%. This is
the same as its competitor PT Nippon Indosari who also suffered a loss of 72.28%.
But this is not valid by PT Indofood Sukses Makmur which experienced a profit of
27.73%

Income Before Tax

PT Tiga Pilar Sejahtera posted income before tax in 2017. Income before tax in 2017
as a tax benefit has caused a sharp decrease in tax expense of 207.68%. This is
different from PT Nippon Indosari, which experienced a slight decrease in tax burden
of 98.45% and PT Indofood Sukses Makmur which experienced a 3.57% increase.

Profit for the Year

Based on the data contained in the Annual Report and Financial Statements of PT
Tiga Pilar Sejahtera, there was a decrease in net income in 2017 of 326.56%. This is
because the sales of PT Tiga Pilar Sejahtera experienced a drastic decline in the same
year, the company was unable to manage its operational performance as well as
possible so that the company's profits fell. The very opposite happened to competing
companies, namely PT Indofood Sukses Makmur, data recorded in the company's
annual report benefited in 2017. In 2017, the company experienced greater profits. PT
Indofood Sukses Makmur's profit surge in 2017 was 5.69%. PT Nippon Indosari also
suffered a loss of 106.69%.
 ACCOUNTING POLICIES
PT. TIGA PILAR
PT. TIGA PILAR SEJAHTERA. PT. NIPPON INDOSARI.
Description SEJAHTERA.

2015 2015 2015 2015 2015 2017 2015 2016 2017

Y/N Y/N Y/N Y/N Y/N Y/N Y/N Y/N Y/N

cash as collateral

if current asset no no no yes yes No no No no

if non-current asset no no no yes yes No no No no

account receivable

Allowance

account receivable

Inventory

Average yes yes yes no no yes yes yes yes

Lifo no no no no no no no no no

Fifo no no no yes yes no no no no

depreciation

straight line yes yes yes yes yes yes yes yes yes

double declining no no no no no no no no no

units of production no no no no no no no no no

leasing

operating lease yes yes Yes no no yes yes yes yes

capital lease no no No no no no no no no
 ACCOUNTING POLICIES
ANALYSIS

 What are Accounting Policies

Accounting policies are the specific principles and procedures implemented by a
company's management team and are used to prepare its financial statements. These
include any methods, measurement systems and procedures for presenting disclosures.
Accounting policies differ from accounting principles in that the principles are the
accounting rules and the policies are a company's way of adhering to those rules.

 Cash As Collateral
Cash collateral is cash and equivalents collected and held for the benefit of creditors
during bankruptcy proceedings. Company’s using cash as collateral whether in current
assets or non-current assets

 Inventory
FIFO and LIFO are cost layering methods used to value the cost of goods sold and
ending inventory. FIFO is a contraction of the term "first in, first out," and means
that the goods first added to inventory are assumed to be the first goods removed
from inventory for sale. Company’s using a FIFO method for this 3 years.

 Depreciation
Straight line depreciation is a method that company’s used because this method
used to recognize the carrying amount of a fixed asset evenly over its useful life. It
is employed when there is no particular pattern to the manner in which an asset is
to be utilized over time.

 Leasing
Lease in order to understand the leasing contract. The lease is a contract whereby one
party, the lessor, grants the right to use a particular good for a period of time to the
other party, the lessee (or tenant), which will pay for the transfer of the right to use a
fixed amount regularly .
 TREND INDEX
ANALYSIS

PT. TIGA PILAR SEJAHTERA PT. INDOFOOD SUKSES

MAKMUR
8000

6000 100000
4000
2000 50000
income for the year
income for the year
0
sales 0
2015 sales
2016 2015
2017 2016
2017

sales cost of goods sold income for the year sales cost of goods sold income for the year

PT. NIPPON INDOSARI

CORPORINDO

3000

2000
1000 income for the year
0
sales
2015 2016
2017

sales cost of goods sold income for the year

Result of index-number trend analysis on selected financial statement items for PT Nippon Indosari
Corporindoo are reported in graphic. This graphic use year 2015 as a basis year. Sales increased year by
year. In 2016 sales increased as many as 18%. This also happened in 2017, sales increased by 30.4%. As
well as with other years. Until 2017, sales growth of PT TIGA PILAR SEJAHTERA is 66.8%. Same
with sales, cost of goods sold of PT TIGA PILAR SEJAHTERA always increased every year. It shown
that PT TIGA PILAR SEJAHTERA was not efficient to produce their Products. The last is income for
the year. The significant growth happened in 2016 by 30.8%. However in 2015, the growth decreased
5.7%. It shows that performance of PT Nippon Indosari Corporindo wasn't too good. For these 2 other
competitors we can see that either PT Indofood Sukses Makmur or PT Tiga Pilar Sejahtera has different
significant of growth sales, cost of sales, and net income
Analysis Prospective

Prospective analysis is the last step in the financial statement analysis process.
Prospective analysis can only be done when historical data is available and has
actually been adjusted to the company's performance accurately. Prospective analysis
contains estimates of future conditions that are measured using existing data.
Prospective analysis focuses on how the company will be able to finance the expected
growth in the future. In addition, prospective analysis can also be used to analyze
whether the current strategic plan will be able to produce the expected benefits
(expected) by the company manager.To be able to conduct a prospective analysis of a
company, analysts can use projection of income statement and statement of financial
position. Preparation of profit and loss projections can be done by considering and
calculating the required ratios, among others; 1) Revenue Growth Ratio; 2) Gross
Profit Margin Ratio; 3) Loadbearing ratio (depreciation, interest, general and
administration, and tax). The following are the results of the calculation of PT Tiga
Pilar Sejahtera's profit and loss projection up to establishing 2017 as the base year and
2018 as the projected year
PT TIGA PILAR SEJAHTERA
INCOME STATEMENT

2017 2016
Sales Rp 4.920.632 Rp 6.545.680
Cost of good sold Rp 4.294.396 Rp 4.862.377
Gross profit Rp 626.236 Rp 1.683.303
General and administrative expense Rp 331.800 Rp 244.181
Depreciation and amortization expense Rp 1.017.506 Rp 862.896
Interest expense Rp 264.642 Rp 297.760
Income before tax Rp 967.484 Rp 898.431
Income tax expense Rp 120.675 Rp 179.203
Net income Rp 846.809 Rp 719.228
Outstanding share 7095 7095

Sales Growth -24,83%

Gross profit margin 12,73%
General and administrative expense/sales 6,74%
Depreciation and amortization expense/fixed asset before year 32,01%
Interest Expense/long-term debt 19%
Income tax expense/income before tax 12,47%
 PT TIGA PILAR SEJAHTERA
FINANCIAL STATEMENT POSITION

2017 2016
cash Rp181.613 Rp295.926
receivable Rp2.114.677 Rp2.393.724
inventories Rp1.401.390 Rp2.069.726
other current asset Rp12.086 Rp405.737
total current assset Rp4.536.882 Rp5.949.164
fix asset Rp3.178.987 Rp2.587.235
Accumulated depreciation Rp1.011.528 Rp857.770
net fixed asset Rp263.648 Rp264.125
other fix asset Rp3.924.204 Rp3.041.250
Total non current asset Rp4.187.852 Rp3.305.375
total asset Rp8.724.734 Rp9.254.539

account payable Rp8.004 Rp6.511

other debt Rp175.972 Rp197.240
taxes payable Rp292.644 Rp259.898
accrued expense Rp49.493 Rp66.854
total current liabilities Rp3.902.708 Rp2.504.330
long term-debt Rp1.417.147 Rp2.485.809
total liabilitas Rp5.319.855 Rp4.990.139

common stock Rp684.220 Rp684.220

additional paid-in capital Rp1.455.091 Rp1.455.091
retained earning Rp1.231.304 Rp1.796.408
total equity Rp3.404.879 Rp4.264.400
total equity and liabilities Rp8.724.734 Rp9.254.539

account receivable turnover rate 2,326895313 2,73451743

inventory turnover rate 3,06438322 2,349285364
account payable turnover rate 536,5312344 746,7941944
accrued expense turnover rate 99,42076657 97,9100727
taxes payable/tax expense 242,5059043 145,0299381
dividend per share Rp60 Rp60
CAPEX Rp658.512 Rp718.753
CAPEX/sales 13,38267117 10,98057039
 PT TIGA PILAR SEJAHTERA
INCOME STATEMENT
Estimasi 2018 2017
Sales -Rp1.221.609 Rp4.920.632
Cost of good sold Rp546.537 Rp4.294.396
Gross profit -Rp1.768.146 Rp626.236
General and administrative expense Rp22.373 Rp331.800
Depreciation and amortization expense Rp325.676 Rp1.017.506
Interest expense Rp49.420 Rp264.642
Income before tax -Rp2.165.615 Rp967.484
Income tax expense Rp7.485 Rp60.012
Net income -Rp2.173.100 Rp846.809
Outstanding share 7095 Rp7.095
PT TIGA PILAR SEJAHTERA
FINANCIAL STATEMENT POSITION
Estimasi 2018 2017
cash Rp9.585.174 Rp295.926
receivable Rp1.028.720 Rp2.393.724
inventories Rp675.414 Rp2.069.726
other current asset Rp405.737 Rp405.737
total current assset Rp9.532.744 Rp5.949.164
fix asset Rp3.245.747 Rp2.587.235
Accumulated depreciation Rp1.183.446 Rp857.770
net fixed asset Rp2.062.301 Rp264.125
other fix asset Rp3.041.250 Rp3.041.250
Total non current asset Rp5.103.551 Rp3.305.375
total asset Rp14.636.295 Rp9.254.539

account payable Rp1.019 Rp6.511

other debt Rp197.240 Rp197.240
taxes payable Rp1.072 Rp259.898
accrued expense Rp6.646.676 Rp66.854
total current liabilities Rp6.846.006 Rp2.504.330
long term-debt Rp189.759 Rp189.759
total liabilitas Rp7.035.765 Rp4.990.139

common stock Rp2.175.931 Rp684.220

additional paid-in capital Rp1.455.091 Rp1.455.091
retained earning Rp3.969.508 Rp1.796.408
total equity Rp7.600.530 Rp4.264.400
total equity and liabilities Rp14.636.295 Rp9.254.539
The projection of the income statement and the report on the financial position of PT Tiga
Pilar Sejahtera show a good prospect because of the possibility of considerable profits. The
possibility of this profit occurs in 2018 worth Rp 5,381,756 million. However, the possibility
of profits will improve in the following year. Although service revenue in the base year 2017
has declined from the previous year. The possibility of a decline in service revenue in 2017
does not exist. precisely what will happen in 2018 is an increase in profits.
Altman Z-Score

PT TIGA PILAR SEJAHTERA

2015 2016 2017
Current Asset Rp4.463.635 Rp5.949.164 Rp4.536.882
Total Asset Rp9.060.980 Rp9.254.539 Rp8.724.734
Current Liabilities Rp2.750.457 Rp2.504.330 Rp3.902.708
Total Liabilities Rp5.094.073 Rp4.990.139 Rp5.319.855
Retained Earnings Rp1.215.374 Rp1.796.408 Rp1.231.304
Shareholder's Equity Rp684.220 Rp684.220 Rp684.220
Income Before Tax Rp500.435 Rp898.431 Rp967.484
Sales Rp1.713.178 Rp6.545.680 Rp4.920.632

X1 0,189 0,372 0,073

X2 0,134 0,194 0,141
X3 0,055 0,097 0,111
X4 0,134 0,137 0,129
X5 0,189 0,707 0,564

Altman Z-Score 0,669 1,496 1,133

The Altman Z-score is the result of a credit strength test that measures the probability
of a company going bankrupt. Altman Z-score is based on five financial ratios that can
be calculated from data found in the company's annual 10-K report. From the data
above, PT Tiga Pilar Sejahtera has 1,133 from Altman Z-score. in theory if the
company has a yield below 1.2 that means the company has a high probability of
bankruptcy whereas if the company has above 2.9 it implies the possibility of a low
bankruptcy. The last thing is when a company has a score between 1, 2 and 2, 9 it
means the company is in the gray or ambiguous area. This proves in theory that PT
Tiga Pilar Sejahtera is in a critical period of bankruptcy.
 Common Size
Common Size
Income Statement
PT TIGA PILAR SEJAHTERA
In Million Rupiah

Data Laporan Pendapatan 2015 Common Laba Data Laporan Keuangan Pendapatan 2016 Common Laba Data Laporan Pendapatan 2017 Common Laba
INCOME STATEMENT Keuangan Th 2015 (Nominal Pembagi) Rugi 2015 Th 2016 (Nominal Pembagi) Rugi 2016 Keuangan Th 2017 (Nominal Pembagi) Rugi 2017

Net Sales Rp 6.010.895 Rp6.010.895 100,00% Rp 6.545.680 Rp6.545.680 100,00% Rp 4.920.632 Rp4.920.632 100,00%
Cost of Goods Sold Rp 4.737.175 Rp6.010.895 78,81% Rp 4.862.377 Rp6.545.680 74,28% Rp 4.294.396 Rp4.920.632 87,27%
Gross Profit Rp 1.273.720 Rp6.010.895 21,19% Rp 1.683.303 Rp6.545.680 25,72% Rp 626.236 Rp4.920.632 12,73%
Operating Expenses Rp 539.799 Rp6.010.895 8,98% Rp 667.537 Rp6.545.680 10,20% Rp 916.746 Rp4.920.632 18,63%
Other Income Rp 8.455 Rp6.010.895 0,14% Rp 295.490 Rp6.545.680 4,51% Rp 56.238 Rp4.920.632 1,14%
Other Expenses Rp 2.942 Rp6.010.895 0,05% Rp 29.512 Rp6.545.680 0,45% Rp 314.482 Rp4.920.632 6,39%
operating income Rp 739.434 Rp6.010.895 12,30% Rp 1.281.744 Rp6.545.680 19,58% Rp 548.754 Rp4.920.632 11,15%
Net Finance Cost Rp 238.999 Rp6.010.895 3,98% Rp 383.313 Rp6.545.680 5,86% Rp 418.730 Rp4.920.632 8,51%
Income Before Tax Rp 500.435 Rp6.010.895 8,33% Rp 898.431 Rp6.545.680 13,73% Rp 967.484 Rp4.920.632 19,66%
Income Tax Expense Rp 126.685 Rp6.010.895 2,11% Rp 179.203 Rp6.545.680 2,74% Rp 120.675 Rp4.920.632 2,45%
net income Rp 373.750 Rp6.010.895 6,22% Rp 719.228 Rp6.545.680 10,99% Rp 846.809 Rp4.920.632 17,21%

The table above shows the general size income statement of PT Ramayana Lestari
Sentosa. In 2016, PT Tiga Pilar Sejahtera obtained 10.99% of total revenue compared
to 2015 which was only 6.22%. The increase in the percentage of net income
experienced by PT Tiga Pilar Sejahtera hides several important trends such as gross
profit and related costs in the company's operations. General size trend The lowest
gross profit experienced in 2017 was 12.73% of total revenue for the year. Likewise,
net income in 2017 increased compared to 2016, which was 17.21%. Based on this, it
can be seen that even though from 2015 to 2017 there has been an increase in the
share of net income the company was able to improve the operational performance of
the company, so that in that year the company's net profit could increase.

Common Size
Financial Statement
PT TIGA PILAR SEJAHTERA

Dalam jutaan rupiah

Common Data Laporan Common Data Laporan Common
Data Laporan Total Aset 2015 Total Aset 2016 Total Aset 2017
ASET Keuangan Th 2015 (Nominal Pembagi)
Size Aset Keuangan Th
(Nominal Pembagi)
Size Aset Keuangan Th
(Nominal Pembagi)
Size Aset
2015 2016 2016 2017 2017
CURRENT ASSET
Cash and cash equivalent Rp 588.514 Rp9.060.980 6,50% Rp295.926 Rp9.254.539 3,20% Rp 181.613 Rp8.724.734 2,08%
Trade Receivables Rp 1.978.613 Rp9.060.980 21,84% Rp2.393.724 Rp9.254.539 25,87% Rp 2.114.677 Rp8.724.734 24,24%
Other Current Financial Assets Rp 13.079 Rp9.060.980 0,14% Rp405.737 Rp9.254.539 4,38% Rp 12.086 Rp8.724.734 0,14%
Due from related parties non-trade Rp9.060.980 0,00% Rp534.790 Rp9.254.539 5,78% Rp 588.236 Rp8.724.734 6,74%
Inventories Rp 1.569.104 Rp9.060.980 17,32% Rp2.069.726 Rp9.254.539 22,36% Rp 1.401.390 Rp8.724.734 16,06%
Prepaid Taxes Rp 6.464 Rp9.060.980 0,07% Rp11.583 Rp9.254.539 0,13% Rp 400 Rp8.724.734 0,00%
prepaid expense Rp 83.052 Rp9.060.980 0,92% Rp95.474 Rp9.254.539 1,03% Rp 16.078 Rp8.724.734 0,18%
Advance Rp 224.809 Rp9.060.980 2,48% Rp142.204 Rp9.254.539 1,54% Rp 222.402 Rp8.724.734 2,55%
TOTAL CURRENT ASSET Rp 4.463.635 Rp9.060.980 49,26% Rp5.949.164 Rp9.254.539 64,28% Rp 4.536.882 Rp8.724.734 52,00%
NON-CURRENT ASSET
Due from related parties non-trade Rp 107 Rp9.060.980 0,00% Rp3.440 Rp9.254.539 0,04% Rp 3.578 Rp8.724.734 0,04%
Other Non-current financial assets Rp 140.820 Rp9.060.980 1,55% Rp4.036 Rp9.254.539 0,04% Rp 3.568 Rp8.724.734 0,04%
deferred tax assets Rp 37.222 Rp9.060.980 0,41% Rp30.380 Rp9.254.539 0,33% Rp 243.729 Rp8.724.734 2,79%
PPE Rp 3.652.997 Rp9.060.980 40,32% Rp2.587.235 Rp9.254.539 27,96% Rp 3.178.987 Rp8.724.734 36,44%
Goodwill Rp 177.219 Rp9.060.980 1,96% Rp73.840 Rp9.254.539 0,80% Rp 55.562 Rp8.724.734 0,64%
Intangible assets-net Rp 88.399 Rp9.060.980 0,98% Rp264.125 Rp9.254.539 2,85% Rp 263.648 Rp8.724.734 3,02%
Other Non-current non financial assets Rp 500.581 Rp9.060.980 5,52% Rp342.319 Rp9.254.539 3,70% Rp 438.780 Rp8.724.734 5,03%
TOTAL NON-CURRENT ASSET Rp 4.597.345 Rp9.060.980 50,74% Rp3.305.375 Rp9.254.539 35,72% Rp 4.187.852 Rp8.724.734 48,00%
TOTAL ASSET Rp 9.060.980 Rp9.060.980 100,00% Rp9.254.539 Rp9.254.539 100,00% Rp 8.724.734 Rp8.724.734 100,00%
The common size assets of PT Tiga Pilar Sejahtera have fluctuated from year to year
in total current assets. The highest percentage of fixed asset accounts in 2015 was
40.32% of total assets. Similarly, accounts receivable is the highest total percentage in
2016 of 25.87% of the total assets owned by PT Tiga Pilar Sejahtera.

Common Common Common

Total Total Total
Size Data Laporan Size Data Laporan Size
Data Laporan Liabilitas+Ekuitas Liabilitas+Ekuitas Liabilitas+Ekuitas
LIABILITAS Liabilitas& Keuangan Th Liabilitas& Keuangan Th Liabilitas&
Keuangan Th 2015 2015 (Nominal 2016 (Nominal 2017 (Nominal
Ekuitas 2016 Ekuitas 2017 Ekuitas
Pembagi) Pembagi) Pembagi)
2015 2016 2017
CURRENT LIABILITIES
Trade Payables Rp 351.646 Rp9.060.980 3,88% $ 197.240 Rp9.254.537 2,13% $ 175.972 Rp8.724.734 2,02%
Accrued Expense Rp 57.345 Rp9.060.980 0,63% $ 66.854 Rp9.254.537 0,72% $ 49.493 Rp8.724.734 0,57%
Taxes Payable Rp 411.802 Rp9.060.980 4,54% $ 259.896 Rp9.254.537 2,81% $ 292.644 Rp8.724.734 3,35%
Current Employee Benefits Liabilities Rp 27.787 Rp9.060.980 0,31% $ 15.766 Rp9.254.537 0,17% $ 15.843 Rp8.724.734 0,18%
Short-Term Bank Loans Rp 1.668.283 Rp9.060.980 18,41% $ 1.888.304 Rp9.254.537 20,40% $ 2.190.707 Rp8.724.734 25,11%
Current Portion of Long Term Liabilities Rp 187.504 Rp9.060.980 2,07% $ 71.969 Rp9.254.537 0,78% $ 1.173.251 Rp8.724.734 13,45%
Other Short-Term Financial Liabilities Rp 33.555 Rp9.060.980 0,37% $ 4.299 Rp9.254.537 0,05% $ 4.798 Rp8.724.734 0,05%
Sales Advance Rp 12.535 Rp9.060.980 0,14% Rp9.254.537 0,00% Rp8.724.734 0,00%
TOTAL CURRENT LIABILITIES Rp 2.750.457 Rp9.060.980 30,35% $ 2.504.328 Rp9.254.537 27,06% $ 3.902.708 Rp8.724.734 44,73%
NON-CURRENT LIABILITIES
Long-Term Loans from banks net of current portion Rp 1.350.504 Rp9.060.980 14,90% $ 189.759 Rp9.254.537 2,05% $ 578 Rp8.724.734 0,01%
Due To Related Parties non trade Rp 1.347 Rp9.060.980 0,01% $ 15.397 Rp9.254.537 0,17% $ 10.262 Rp8.724.734 0,12%
finance lease obligation Rp 10.667 Rp9.060.980 0,12% $ 91.916 Rp9.254.537 0,99% $ 80.533 Rp8.724.734 0,92%
bond payable-net Rp 594.808 Rp9.060.980 6,56% $ 596.505 Rp9.254.537 6,45% Rp8.724.734 0,00%
sukuk ijarah payable-net Rp 299.627 Rp9.060.980 3,31% $ 1.490.357 Rp9.254.537 16,10% $ 1.192.841 Rp8.724.734 13,67%
deferred tax liabilities Rp 14.569 Rp9.060.980 0,16% $ 3.141 Rp9.254.537 0,03% Rp8.724.734 0,00%
post employment benefits liabilities Rp 72.094 Rp9.060.980 0,80% $ 98.734 Rp9.254.537 1,07% $ 132.933 Rp8.724.734 1,52%
TOTAL NON-CURRENT LIABILITIES Rp 2.343.616 Rp9.060.980 25,86% $ 2.485.809 Rp9.254.537 26,86% $ 1.417.147 Rp8.724.734 16,24%
TOTAL LIABILITIES Rp 5.094.073 Rp9.060.980 56,22% $ 4.990.137 Rp9.254.537 53,92% $ 5.319.855 Rp8.724.734 60,97%

Common Common Common

Total Total Total
Data Laporan Size Data Laporan Size Data Laporan Size
Liabilitas+Ekuitas Liabilitas+Ekuitas Liabilitas+Ekuitas
EQUITY Keuangan Th Liabilitas& Keuangan Th
2016 (Nominal
Liabilitas& Keuangan Th Liabilitas&
2015 (Nominal 2017 (Nominal
2015 Ekuitas 2016 Ekuitas 2017 Ekuitas
Pembagi) Pembagi) Pembagi)
2015 2016 2017
Equity Attributable to Owners of The Company
Capital Stock Rp 684.220 Rp9.060.980 7,55% Rp684.220 Rp9.254.537 7,39% $ 684.220 Rp8.724.734 7,84%
Additional paid-in capital Rp 1.258.398 Rp9.060.980 13,89% Rp1.455.091 Rp9.254.537 15,72% $ 1.455.091 Rp8.724.734 16,68%
Other Equity Component Rp 167.153 Rp9.060.980 1,84% Rp9.254.537 0,00% Rp8.724.734 0,00%
Difference In Value Transaction Rp 43.932 Rp9.060.980 0,48% Rp7.214 Rp9.254.537 0,08% $ 7.214 Rp8.724.734 0,08%
Retained Earnings Rp 1.215.374 Rp9.060.980 13,41% Rp1.796.408 Rp9.254.537 19,41% $ 1.231.304 Rp8.724.734 14,11%
Rp 3.369.077 Rp9.060.980 37,18% Rp3.942.933 Rp9.254.537 42,61% $ 3.377.829 Rp8.724.734 38,72%
Non-Controlling Interest Rp 597.830 Rp9.060.980 6,60% Rp321.467 Rp9.254.537 3,47% $ 27.050 Rp8.724.734 0,31%
TOTAL EQUITY Rp 3.966.907 Rp9.060.980 43,78% Rp4.264.400 Rp9.254.537 46,08% $ 3.404.879 Rp8.724.734 39,03%
TOTAL LIABILITIES AND EQUITY Rp 9.060.980 Rp9.060.980 100,00% Rp9.254.537 Rp9.254.537 100,00% $ 8.724.734 Rp8.724.734 100,00%

Similar to the size of assets, liability components, and joint equity, PT Tiga Pilar
Sejahtera shows commensurate increases and decreases. The highest account debt in
2017 is the percentage of 60.97% of total liabilities and equity of the company. in
2017 there was a decrease in total liabilities after 2016 experienced an increase in total
liabilities. While the highest amount of equity achieved in 2016 was 46.08% of total
liabilities and equity.