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8. PT.Multi Prima Sejahtera Tbk. LPIN PT. Enterprises Lippo Tbk. established on January 7
th
, 1982. In June 27
th
, 2001 a change in corporate name is PT. Multi Prima Sejahtera Tbk. Line of Business includes manufacturing spark plugs and automobile
parts, trade goods of own production or a related company, investments in companies or other legal entities. The Company started commercial
operations in 1987 with the main production automobile spark plugs and lights.
9. PT.Multisrada Arah Sarana Tbk. MASA PT Multistrada Arah SaranaTbk MASA is a manufacturer of
vehicle tires four wheel brand Achilles, Corsa and Strada. MASA is fully committed to provide the best service and products of high quality for the
customers, by not using substandard raw materials, not to produce and deliver a product that does not meet quality standards.
10. PT. Nipress Tbk. NIPS Nipress founded in November 1970. Nipress manufactures the
widest range of products car batteries, motorcycle batteries, golf cart batteries, and motive power batteries. And to this day is the only public
company for lead acid battery manufacturer in Indonesia since 1991 on a stock trading at the Jakarta Stock Exchange.
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11. PT.Prima Alloy Steel Tbk. PRAS
The company was founded in February 1984 and located in Sidoarjo. The compa
ny’s factory is located 60.000 , employs 800
people, and capable of producing 1.2 million pieces wheels annually make the company grow into a major manufacturer of automotive wheels and
known by quality, style, and service and also has been recognized by the international quality standards such as TUV, JWL Japan and ISO
9001. Approximately 95 are exported to USA, Canada, Europe, Germany, Japan, Australia, Middle East, South Africa, Asian countries,
South and Central America.
12. PT Selamat Sempurna Tbk SMSM PT. Selamat Sempurna Tbk is the flagship of the ADR Group and
was founded in 1973. It is currently one of the largest manufacturers of filters and radiators in the region. The company manufactures filters,
radiators, condensers, brake and fuel pipes, fuel tank, exhaust system and press section. PT Selamat Sempurna Tbk became a public company in
1996, and now listed on the Indonesia Stock Exchange. In 2006 the Company merged with PT Andhi Chandra Automotive Products Tbk.
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B. Analysis and Discussion 1.Descriptive Data
This analysis is used to describe the data obtained by sampling method used was purposive sampling. Data processing was performed using
Microsoft Excel and SPSS for Windows 20.00 to accelerate data acquisition. From the results of data processing carried out can be explained on the
variables contained in the regression models. Based on the data obtained are expected to know how to influence
the variables of working capital on profitability in the companys Automotive and Components listed at the Indonesia Stock Exchange in
2008-2012. In this case the data obtained from the financial statements for five years 2008-2012 of the Automotive and Components 12 companies
listed at Indonesia Stock Exchange. The description of each variable is as follows:
a. Analysis of Return on Investment
Return on Investment demonstrate the companys ability to generate profits from assets that were used. By using this ratio, it can be
seen whether the company efficient in utilizing its assets in the companys operations. This ratio also gives a better measure of the profitability of the
company as it shows the effectiveness of management in the use of assets to earn income.
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Table.4.1 Return on Investment
EMITEN 2008
2009 2010
2011 2012 AVERAGE
ASII 11.38
11.29 12.73
13.91 12.32
12.33 AUTO
14.22 16.54
20.44 15.88
12.12 15.84
GJTL -7.17
10.20 8.01
8.19 5.55
4.95 GDYR
0.08 10.74
5.81 3.14
4.65 4.88
BRAM 5.67
5.34 8.99
3.31 7.93
6.25 IMAS
0.41 2.31
5.62 8.26
3.12 3.94
INDS 3.47
9.46 9.23
10.57 30.96
12.74 LPIN
2.60 7.40
9.36 7.19
8.22 6.95
MASA 0.13
6.89 5.80
3.01 0.20
3.21 NIPS
0.48 1.17
3.74 3.99
3.40 2.56
PRAS -2.67
-8.61 0.32
0.94 0.53
-1.90 SMSM
9.84 14.11
14.10 19.29
3.61 12.19
Source : data processed
As seen above in Table 4.1 The highest of return on investment value in 2008 obtained by PT Astra Autoparts Tbk AUTO amount 14.22.
It shows the company ability to generate profits in the use of its assets. While the lowest value obtained by PT Gajah Tunggal Tbk GJTL
amount -7.17.It means -7.17 loss obtained by the company’s from the
sales. The high losses of this company show that th e company’s
management is very poor and unable to generate profits for the company. This company advised to improve the performance of income.
In 2009, the highest of return on investment value obtained by PT Astra Otoparts Tbk AUTO amount 16.54. This means 16.54
investment rate of return earned on the sales as company profits. While the lowest value obtained PT Prima Alloy Steel Tbk PRAS amount -8.61. It
means -8.61 loss of profits obtained by the company sales. Losses
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suffered by the company shows that company management is less effective in generating profits.
In 2010, the highest of return on investment value obtained by PT Astra Otoparts Tbk AUTO amount 20.44. This means 20.44 rate of
return investment earned on the sales as company profits. While the lowest value obtained PT Prima Alloy Steel Tbk PRAS amount 0.32. It means
0.32 loss of profits obtained by the company sales. Losses suffered by the company shows that company management is less effective in
generating profits. In 2011, the highest of return on investment value obtained by PT
Selamat Sempurna Tbk SMSM amount 19.29. This means 19.29 rate of return investment earned on the sales as company profits. While the
lowest value obtained PT Prima Alloy Steel Tbk PRAS amount 0.94. It means 0.94 loss of profits obtained by the company sales. Losses
suffered by the company shows that company management is less effective in generating profits.
In 2012, the highest of return on investment value obtained by PT Indospring Tbk INDS amount 30.96. This means 30.96 investment
rate of return earned on the sales as company profits. While the lowest value obtained PT Multistrada Arah SaranaTbk MASA amount 0.20. It
means 0.20 loss of profits obtained by the company sales. Losses suffered by the company shows that company management is less effective
in generating profits.
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b. Analysis of Working Capital Turnover
Working Capital Turnover is the ratio of working capital, which shows the number of sales that can be obtained for any working capital
Sawir, 2003: 16.The shorter period of turnover means that the faster of working capital turnover, and also the company makes a profit when the
sales occurred.
Table 4.2 Working Capital Turnover
Source :data processed
As seen above in Table 4.2 the highest of working capital turnover in 2008 obtained by Prima Alloy Steel Tbk PRAS amount 127.94. It
shows working capital turnover in one year amounted to 127.94 It means that firms use working capital effectively. So the company will earn a
satisfactory profit. While the lowest value obtained by PT Indomobil Sukses International Tbk IMAS amount -26.39.It shows the working
capital turnover within one year of -26.39. It means the firms use working EMITEN
2008 2009
2010 2011
2012 AVERAGE ASII
11.22 9.99
13.37 9.23
8.70 10.50
AUTO 5.39
4.58 6.60
10.96 18.24
9.15 GJTL
8.18 3.89
5.08 5.45
5.05 5.53
GDYR 8.52
-30.82 -21.15 -18.45 -22.44
-16.87 BRAM
3.08 3.23
4.15 3.84
2.61 3.38
IMAS -26.39
-34.32 37.37
7.92 11.47
-0.79 INDS
20.22 8.15
8.69 2.66
2.35 8.41
LPIN 2.02
1.09 0.98
0.94 0.64
1.13 MASA
-18.22 -14.04
-6.13 -2.11
4.30 -7.24
NIPS 78.38
-219.72 133.45 28.20
14.25 6.91
PRAS 127.94
1.31 1.36
11.06 4.86
29.31 SMSM
5.42 6.46
4.37 3.98
1.22 4.29
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capital is not effective. So the company suffered losses and the company should improve performance in managing working capital.
In 2009, the highest of working capital turnover obtained by PT Astra International Tbk ASII amount 9.99. It shows working capital
turnover in one year amounted to 9.99. It means that firms use working capital effectively. So the company will earn a satisfactory profit. While
the lowest value obtained by PT Nipress Tbk NIPS amount -219.72.It shows the working capital turnover within one year of -219.72. It means
the firms use working capital is not effective. So the company suffered losses and the company should improve performance in managing working
capital. In 2010, the highest of working capital turnover obtained by PT
Nipress Tbk NIPS amount 133.45. It shows working capital turnover in one year amounted to 133.45. It means that firms use working capital
effectively. So the company will earn a satisfactory profit. While the lowest value obtained by PT Goodyear Indonesia Tbk GDYR amount -
21.15. It shows the working capital turnover within one year of -21.15. It means the firms use working capital is not effective. So the company
suffered losses and the company should improve performance in managing working capital.
In 2011, the highest of working capital turnover obtained by PT Nipress Tbk NIPS amount 28.20. It shows working capital turnover in
one year amounted to 28.20. It means that firms use working capital
