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Analisis Du Pont System untuk mengukur kinerja keuangan pada PT Ciputra Development Tbk dan PT Pakuwon Jati Tbk
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ABSTRACT
The financial performance in a company has an important role as a prospect or future, along with the development of the firm itself. In this case, financial performance is a force to gain more profits. A company’s financial performance is influenced by various aspects both internally and externally. As the current economy is unstable there is a tendency that it can result to a difficulty in growth as well as the prospect of a company and may affect its initially aimed progress. Beside that, internal factor such as failure in decision making in the
management as well as errors in the financial management concerning the effectiveness of capital utilization and efficiency of the company’s activities is also an evidence that the company’s financial performance is not yet in its maximal state.
One of the ways to measure the financial performance of a company is by calculating the Return On Equity (ROE) level. A technique in calculating the mentioned ROE is by utilizing the infamous Du Pont System analysis, which can be described as an analysis system that combines activity ratio, profitability ratio and also leverage/ solvency ratio to determine a company’s profitability level. Du Pont System is one of many financial analyzing techniques that have a comprehensive nature; management will be able to find out the model usage efficiency level, production efficiency level, and also sales efficiency level as well.
In this thesis the writer have already analyzed financial performances of two public limited companies, which engage in the property sector: PT. Ciputra Development Tbk and PT. Pakuwon Jati Tbk. In this research a comparison both of the companies’ financial performances will be shown by utilizing the result of the Du Pont analysis, which indicates increase or decrease in the ROE percentage, Return On Assets (ROA) and Debt Ratios in both companies every year within the period of 2008-2012. The results that have been gotten in hands could be useful as references for future companies.
From the calculation of the Du Pont system analysis can be seen that the ROE average on PT. Ciputra Development Tbk in the year 2008-2012 is 5.04% and the average of PT. Pakuwon Jati Tbk in the year 2008-2012 is 5.38%. From2 008-20012 PT. Ciputra Development Tbk has an average Debt Ratio of 0.28% and during the same year PT. Pakuwon Jati Tbk has an average Debt Ratio of 0.6%.
From the research result, it has been noticed that PT. Pakuwon Jati Tbk has a far better financial performances compared to PT. Ciputra Development Tbk. This statement is reflected in the ROE of PT. Pakuwon Jati Tbk, which although fluctuation can be seen but still shows a significant increase from 2008 until 2012. Whereas the ROE result for PT. Ciputra Development show evidences of fluctuation, which also shows increase yet with a lower average compared to PT. Pakuwon Jati Tbk.
Keywords: Financial Performance, Du Pont, ROE, ROA, Debt Ratio
Wiesye Purnama (11109011) - Personal Name
2014
Sk.Eko Pur 138 2014
Sk.Eko Pur 138 2014
Text
Indonesia
Universitas Widya Kartika
2014
Surabaya
xiv, 157hal.; 29cm
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