Financial Analysys of Astra International Tbk

PT ASTRA International Tbk

and the subsidiaries

	2005	2006	2007	2008	2009	2010	2011
Income Statement
Net Revenue	61,732	55,508	70,183	97,064	98,526	129,038	162,564
Gross Profit	13,267	12,122	16,489	21,730	22,771	25,921	32,034
operating income	6,414	4,991	8,501	11,876	12,756	14,725	17,823
Net Profit/Net income	5,457	3,712	6,519	9,191	10,040	14,366	17,785
Profit for the Year	6,333	4,491	7,970	11,298	12,444	17,004	21,077
Statement of Financial Position
Total Assets	61,117	57,929	63,520	80,740	88,938	112,857	153,521
Current Assets	16,159	15,731	19,474	35,531	36,742	46,843	65,978
Cash and equivalent	3,939	4,730	6,265	8,785	8,732	7,005	13,111
Accounts Receivable	5,380	4,558	6,018	15,973	18,669	25,822	37,405
Inventory	5,121	4,001	4,582	8,666	7,282	10,842	11,990
Investment in Associates and Jointly Controlled Entities	6,519	8,504	9,771	10,636	11,484	15,053	16,997
Fixed Assets	11,496	13,030	13,005	18,742	21,941	25,704	37,416
Current Liabilites	21,917	20,070	21,343	26,883	26,377	36,482	48,371
Total Liabilities	36,936	31,498	31,512	40,163	40,006	54,168	77,683
Total Equity	20,424	22,376	26,963	33,080	39,897	49,310	60,449
Ratio Analysis
Liquidity Ratio
1. Current Ratio	0.7	0.8	1.3	1.3	1.4	1.3	1.4
2. Quick Ratio	0.5	0.6	0.7	1.0	1.1	1.0	1.1
3. Cash Ratio	0.18	0.24	0.29	0.33	0.33	0.19	0.27
Efficiency Analysis
1. Account Receivables Turnover	11.47	12.18	11.66	6.08	5.28	5.00	4.35
2. Average Collection Period	31.81	29.97	31.30	60.06	69.16	73.04	83.98
3. Total Assets Turnover	1.01	0.96	1.10	1.20	1.11	1.14	1.06
4. Fixed Assets Turnover	5.37	4.26	5.40	5.18	4.49	5.02	4.34
Leverage Analysis
1. Debt Ratio	0.6	0.5	0.5	0.5	0.4	0.5	0.5
2. Debt to Equity Ratio	1.8	1.4	1.2	1.2	1	1.1	1.3
3. Equity Ratio	0.3	0.4	0.4	0.4	0.4	0.4	0.4
4. Equity Multiplier	3.0	2.6	2.4	2.4	2.2	2.3	2.5
Profitability Analysis
1. Gross Profit Margin	21%	22%	23%	22%	23%	20%	20%
2. Operating Profit Margin	10%	9%	12%	12%	13%	11%	11%
3. Net Profit Margin	9%	7%	9%	9%	10%	11%	11%
4. Operating Income Return on Investment	10%	9%	13%	15%	14%	13%	12%
5. Return on Assets	10%	8%	13%	14%	14%	15%	14%
6. Return on Equity	31%	20%	24%	28%	25%	29%	29%
7. Earnings per Share	1564	1109	1,610	2,270	2,480	3,549	4,339
8. Issued Shares (in million)	4,048	4,048	4,048	4,048	4,048	4,048	4,048
9. Interim Dividend per Share	100	150	160	300	290	470	600
10. Final Dividend per Share	340	290	484	570	830	1,130	1,380
11. Dividend Payout Ratio	25%	32%	30%	25%	33%	32%	31%

Overall the financial condition of the company is good. All of the ratio show that the company performance increase. The company has the ability to fulfill its obligations well. But, in 2010, there is a problem with the company, because the average ratio shows that the performance decrease.

For the investor we can conclude that this company offers a good field to invest. Because of the historical earning per share that always increase. The dividend also increases.

The stock price of Astra International,Tbk generally increase. The increases of the price show that the desire of investor to invest their money to this company is high. One of the reason is the performance of the company is good and become better. It can be seen from the financial report that shows the net income, earning per share, and other ratio that looked better year by year.

Conclusion

From our analysis, we conclude that Astra International is a good company because their ability to generate profit, use the asset to generate profit, convert the receivables to cash, meet short-term obligation on time. However, it has a probability of having financial risk that is above average.

The stock price of this company generally tends to increase. Based on our analysis it is because of Earnings Per Share and Debt to Equity Ratio.

Astra International offers a good investment because of its Earnings Per Share and Dividend Per Share that tend to increase.