In millions of Rupiah
DESCRIPTION As of December 31,
As of June 30, 2014
2015 2016
TOTAL LIABILITIES AND EQUITY 14,579,155
19,128,812 20,445,503
KEY FINANCIAL RATIOS DESCRIPTION
As of and for the year ended December 31,
As of and for the six-month period ended June 30,
2014 2015
2015 2016
FINANCIAL PERFORMANCE RATIO Liquidity Ratio
Cash ratio 27.72
30.69 26.20
21.65 Quick ratio
25.57 28.11
23.18 19.59
Current ratio 143.10
143.38 165.26
145.96
Profitability Ratio
Gross profit Margin 12.47
14.12 13.08
14.01 Operating profit Margin
10.21 11.23
9.53 10.55
Net Profit Margin 4.29
5.95 4.04
6.34 Return on Assets
3.96 5.02
2.82 4.15
Return on Equity 30.05
31.68 17.63
25.04 Return on Investment
9.08 9.53
6.74 8.05
SOLVENCY RATIOS
Total Liabilities to Total Assets Ratio 83.98
73.24 78.33
73.52 Debt to Equity Ratio
524.39 273.68
361.54 277.68
Interest Bearing Debt to Equity Ratio 132.66
133.92 103.95
106.85 Own Capital to Total Assets Ratio
12.18 13.95
15.56 16.03
EBITDA to Interest Expense 384.40
466.82 511.62
751.94
ACTIVITY RATIOS
Inventory Turnover days 79
71 101
81 Collection Period days
91 105
137 151
Asset Turnover x 0.86
0.79 0.69
0.67
GROWTH RATIO
Revenue 6.62
14.40 13.44
23.95 Operating income
16.89 25.92
32.12 37.22
Comprehensive Net Income 22.18
291.66 34.23
134.50 Total Assets
17.64 31.21
5.48 6.88
Total Liabilities 17.15
14.42 1.62
7.30 Equity
20.28 119.24
42.69 5.75
FINANCIAL RATIOS REQUIRED BY LOAN AGREEMENTS OR OTHER LIABILITIES
Ratio Requirement of Loan Agreements
The Companys Financial Ratios as of June 30, 2016
Minimum EBITDA to Interest Expense 300
751.94 Minimum Current Ratio
110 145.96
Minimum DSCR 130
188.00 Maximum Gearing Ratio
300 106.85
As of June 30, 2016, the Company has satisfied all the required financial ratios.
MANAGEMENTS DISCUSSION AND ANALYSIS
a. Revenue
Six-month period ended June 30, 2016, compared to the Six-month period ended June 30, 2015 The Companys revenue for the six-month period ended June 30, 2016, was Rp6,472,196 million. The revenue was generated from five
segments, namely i construction service totaling Rp4,355,935 million 67.30, ii EPC totaling Rp1,068,206 million 16.50, iii property realty totaling Rp992,805 million 15.34, iv pre-cast totaling Rp21,536 million 0.33, and v equipment totaling Rp33,714 million 0.52.
The Company’s revenue has increased by 23.95 from Rp5,221,447 million for the six-month period ended June 30, 2015, to Rp6,472,196 million for the six-month period ended June 30, 2016. The increase was mainly due to an increase in revenue from the EPC segment by
Rp811,568 million or 316.21, combined with an increase in revenue from property and realty by Rp252,833 million or 34.17. The Companys revenue for the six-month period ended June 30, 2016, was contributed by, among others, PT GE Operation Indonesia totaling
Rp929,339 million, PT Pelindo II Persero totaling Rp754,200 million, PT Kalla Inti Karsa totaling Rp103,350 million, Department of Transportation, Directorate General of Air Transportation, Airport Management Unit of Radin Inten II Airport Lampung, totaling Rp68,431
million. Employer contributing more than 10 of the Companys revenue for the six-month period ended June 30, 2016, and June 30, 2015, was PT
Pelindo II Persero, which contributed Rp754,200 million and Rp1,167,067 million, respectively. Year Ended December 31, 2015, compared to the Year Ended December 31, 2014
The Companys revenue for the year ended December 31, 2015, was Rp14,217,373 million. The revenue was generated from five segments, namely i construction service totaling Rp11,610,895 million 81.67, ii EPC totaling Rp928,319 million 6.53, iii property realty
totaling Rp1,572,504 million 11.06, iv pre-cast totaling Rp33,4441 million 0.24, and v equipment totaling Rp72,213 million 0.51.
The Company’s revenue has increased by 14.40 from Rp12,427,371 million for the year ended December 31, 2014, to Rp14,217,373 million for the year ended December 31, 2015. The increase was mainly due to an increase in revenue from the construction service segment by
Rp94,338 million or 316.21, combined with an increase in revenue from the equipment segment by Rp42,874 million or 146.13.
The Company’s revenue for the year ended December 31, 2015, was contributed by, among others, PT Duta Anggada Realty Tbk totaling Rp201,654 million, PT Kalla Inti Karsa totaling Rp124,828 million and PT Servo Lintas Raya totaling Rp258,439 million and PT Pelindo II
Persero totaling Rp2,219,252 million. Employer contributing more than 10 of the Companys revenue for the year ended December 31, 2015, and December 31, 2014, was PT
Pelindo II Persero, which contributed Rp2,219,252 million and Rp1,726,802 million, respectively. b.
Cost of Goods Sold
Six-month period ended June 30, 2016, compared to the Six-month period ended June 30, 2015 The Companys Cost of Goods Sold for the six-month period ended June 30, 2015, was Rp5,565,689 million. The largest Cost of Goods Sold
was contributed by the construction service segment, which contributed 70.37 to total Cost of Goods Sold. The Cost of Goods Sold margin to total sales was 85.99.
The Company’s Cost of Goods Sold has increased by 22.64 from Rp4,538,386 million for the six-month period ended June 30, 2015, to Rp5,565,689 million for the six-month period ended June 30, 2016. The increase in Cost of Goods Sold was mainly contributed by the EPC
segment, i.e. Rp682,885 million or 299.99. Year Ended December 31, 2015, compared to the Year Ended December 31, 2014
The Companys Cost of Goods Sold for the year ended December 31, 2015, was Rp12,210,412 million. The largest Cost of Goods Sold was contributed by the construction service segment, which contributed 84.90 to total Cost of Goods Sold. The Cost of Goods Sold margin to total
sales was 85.88.
The Company’s Cost of Goods Sold has increased by 12.25 from Rp10,877,659 million for the year ended December 31, 2014, to Rp12,210,412 million for the year ended December 31, 2015. The increase in Cost of Goods Sold was mainly contributed by the increase in
construction service segment by Rp1,119,239 million or 12.10 and the property and realty segment by Rp513,330 million or 135.50.
c. Gross profit
