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M. Daryanto, Wiwiek
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Decision Sciences, Operations Research & Management

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Analysis of financial performance measurement of indonesia airport companies case studies of pt angkasa pura i and pt angkasa pura ii in the period of 2011-2017 Ibnu Sina, Andy; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. In 2014, Indonesia government started focus on tourism sector by targeting to 20 million foreign tourists and 275 million domestic tourists in 2019. The target expected in 2019, the tourism sector could contribute 15% of total GDP. In order to the target could be achieved, Indonesia government is conducting accelerate of airport infrastructure development. The government targeted the construction of 14 new airports throughout Indonesia and part of target has been completed in 2017. PT Angkasa Pura I and PT Angkasa Pura II are as state-owned enterprises (SOE) that managing the airport in Indonesia must be able to support the government’s policy. The government’s focus on the tourism sector and infrastructure is an opportunity for companies to improve their company performance by looking at their financial performance. The government’s focus has been running for almost four years, how the financial health of the two SOEs is by measuring eight financial ratios based on the Ministry of SOE Decree No. Kep-100/MBU/2002 concerning health assessment of SOE. The eight financial ratios are Return on Equity, Return on Investment, Cash Ratio, Current Ratio, Collection Period, Inventory Turnover, Total Assets Turnover, and Total Equity to Total Assets. There are three levels on health assessment namely healthy (AAA,AA,A), less healthy (BBB,BB,B), and not healthy (CCC,CC,C). The results of the assessment of the eight ratios from 2011-2017 can be concluded that the financial health of PT Angkasa Pura I is in the healthy category and tend to be increased (from BBB to A). While the financial health of PT Angkasa Pura II is in a healthy category but tend to be decreased (from AA to A). For the last seven years, financial performance of PT Angkasa Pura I was better than PT Angkasa Pura II because of an increase in the category of financial health. Keyword: Financial Performance, Financial Ratio, Financial Health, State-Owned Enterprises, Airport.
Modeling of capital budget for the estabilishment of new food and beverage logistic company: case study in jabodetabek area (2019 - 2028) Kanyaka Ananggadipa, Vanya; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract – Indonesia is the third most populous country in Asia with estimated population of 266 million people in 2018. It becomes the largest market for the food service industry in the ASEAN. Here, the trend of eating out in such restaurants has become part of social activities. The research revealed that 11% of Indonesians eat out in restaurant at least once a day. The growth outlook for food franchises in Indonesia also look good accordingly. However, one of the key to success for the food company is their logistic operations, which is no easy task in the Indonesian environment as an archipelago. Driven by those situation, PT ABC as a leader in Indonesia food industry have decided to establish an independent logistic company named PT DEF. Therefore, the purpose of this study is to assess the economic aspect of the new logistic company to independently operate based on financial terms using capital budgeting model for 10 years’ period in Jabodetabek. The study starts to define the capital structure and Weighted Average Cost of Capital, and Capital Budgeting indicators. The findings show that the capital budgeting indicators is better with 50:50 composition of debt and equity which results the IRR at 68.02% where greater than WACC at 11.13%. The investment generates the NPV of IDR 19.401.050.397, the PI at 8.0, and the payback period is within 3.5 years. This investment also expected to get 17.92% ROI at the first year. So financially the company is considered feasible to be established. The author believe that the findings will be beneficial for the management to come up the best solution for their financing proportion and generate more profit. Keywords: capital budgeting model, capital structure, food logistic industry, financial feasibility study 
Evaluation of financial performance of three coal companies in indonesia (case study of adaro, bayan, and indo tambangraya megah) Sukma Putra, Anugrah; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Based on BP Statistical World Energy data in 2017, Indonesia is the country with the fifth largest coal production in the world with a total production is 271.6 million of ton of oil equivalent. In the last 8 years since 2009 China is the country with the largest production and consumption of coal in the world, but China's coal production cannot meet domestic consumption. Based on data in 2017 coal production in Indonesia is greater than its consumption, so that Indonesia becomes a coal exporting country. One of the destination countries for coal exports from Indonesia is China, but since 2013 coal consumption in China has continued to decrease. The impact of the reduction in coal consumption in China is the abundance of coal stock throughout the world, which causes coal prices to decline starting from 2013. In 2012 the price of coal was in the range of US $ 117 per metric ton, but in 2013 coal prices declined to be in the price range of US $ 85 per metric ton. In this study the author would like to know the impact of the decline in coal prices on financial performance and the effect of Fixed Asset Turnover and Return on Asset on the share prices of coal mining companies in Indonesia. The companies studied in this study were three coal mining companies that had the largest market capitalization in Indonesia, including: Adaro Energy (ADRO), Bayan Resources (BYAN), and Indo Tambangraya Megah (ITMG). The method used in this study is to analyze financial ratios such as liquidity, solvability, activity and profitability. Quarterly financial report data is taken from 2011 to 2017. After financial ratio analysis is carried out, validation with benchmark industries is carried out in the categories of Gross Profit Margin, Total Asset Turnover, Account Receivable Turnover, and Inventory Turnover. Data taken for the benchmark industry was taken from csimarket.com. To determine the effect of Fixed Asset Turnover and Return on Asset on stock prices, panel data regression analysis was conducted. To help processing panel data regression analysis the author uses Eviews software. The findings of this study show that ITMG is the best financial performance company during the period of 2011 to 2017 indicated by excellence in the three categories of financial ratios, namely solvability, activity, and profitability. Adaro is the second best financial company to excel in the liquidity category and the last is BYAN. The results of the standard industry benchmark validation for four financial ratios show that during the period 2011 to 2017 all categories are still below the industry standard. Fixed Asset Turnover and Return on Asset panel data regression on share prices show these two independent variables have a positive influence on share prices.Keywords: Coal Mining Companies, Financial Ratio, Panel Data Regression
Financial performance analysis of airline companies evidences from southeast asia airline industry for the period of 2013-2017 Arif, Jumaidi; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Since 2004, the Low Cost Carriers (LCC) had tremendous growth in the Southeast Asia airline industry. Due to this condition, the Full Service Airline (FSA) market share had dropped to below 50 percent. Currently, most of FSA in SE Asia are stated-owned airlines and it becomes important due to the role as the front liner of government in tourism. Therefore, it is necessary to maintain the sustainability as the future development of the tourism industry depends on a gradual increase in air service. This research aims to analyze the financial health conditions of four airline SOEs period 2013 – 2017 and validated by the decree No. KEP-100/MBU/2002 issued by Indonesia Ministry of SOEs in June 2002. There are eight ratios analyzed: 1) Return on Equity 2) Return on Investment 3) Cash Ratio 4) Current Ratio 5) Collection Period 6) Inventory Turnover 7) Total Equity to Total Asset and 8) Total Asset Turnover. In addition, return on invested capital (ROI) results from the companies will be compared with the industry benchmark of weighted average cost of capital (WACC) to measure the company’s level of profitability The result shows that from 2013 – 2017, four airline SOEs has achieved rating as follows: SIA (BBB, BBB, BBB, BBB, BBB); HVN (BB, BB, BB, BBB, A); GIA Tbk (BBB, BB, BBB, BB, B); and THA (B, B, B, B, B). The return on invested capital (ROIC) of four stated-owned airlines were below the weighted average cost of capital (WACC) of each company. This research has added the knowledge in the financial literature. It also gives strong insights about the financial condition, therefore the company could make decisions to increase the market share and the profitability.Keywords: Airlines industry, Financial ratio analysis, the SOE decree No. KEP-100/MBU/2002, stated owned enterprises, Weighted Average Cost of Capital, Southeast Asia
Financial performance evaluation and correlation of selected key financial ratio and stock price: a case study of indonesia lq45 state owned enterprises construction companies Perdana Suherman Putra, Aditya; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 7, No 3 (2018)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Indonesia Infrastructure development budget of 2015 – 2019 reached Rp 4.197 trillion and 42 percent of it relies on the State Owned Enterprise (SOEs) income. Adhi Karya (ADHI), Jasa Marga (JSMR), PT. PP (PTPP), Wijaya Karya (WIKA) and Waskita Karya (WSKT) are five SOEs Construction Companies listed in LQ45 in July 2018 and act as a responded in this study. The objective of this study is to measure company financial health using eight ratios investigating; 1) return on equity, 2) return on investment, 3) cash ratio, 4) current ratio, 5) collection period, 6) inventory turnover, 7) total asset turnover and 8) total equity to total asset ratio based on audited financial reports of 2013 – 2017 and be validated using the decree of Ministry of SOEs No.KEP100/MBU/2002. Validation using statistical method was also been used by The Pearson Product-Moment Correlation Coefficient (PMCC) to determine the correlation of financial performance with stock price. The results show that the five SOEs were in healthy conditions, except ADHI in 2016 and JSMR in 2013 – 2015 and 2017. The rank of health level were as follow; 1) WSKT (AA, AA, A, AA, AA); 2) PTPP (AA, AA, AA, A, AA); 3) WIKA (AA, AA, AA, A, A); 4) ADHI (AA, AA, A, BBB, A) and 5) JSMR (BBB, BBB, BBB, A, BBB). PMCC shows that the Net Profit Margin has the strongest significant correlation with stock price. Keywords: financial ratios, financial health assessment, SOEs construction, stock price, PMCC.
Financial projection analysis of a new logistic company design with rent and buy decisions Brahmandyo Yudhowibowo, Yacobus; M. Daryanto, Wiwiek
The Indonesian Journal of Business Administration Vol 8, No 1 (2019)
Publisher : The Indonesian Journal of Business Administration

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Abstract. Indonesia is the fourth biggest contry in the world with population of 263 Million people after China, India, and United States of America with many archipelagos. This fact made the population is not distributed normally. At least 57% of population live in Java, which is the center of government, education, and the wheel of economy. On the other side, the 87% of population are known to be Moslem made the needs of food and its distribution with Halal process is a must. Therefore, PT ABC which is a corporation that has enough experience in chain restaurants initiating to develop a business of Halal logistics. The goal of this study is to see the prospect of Halal logistic business in long term. To be a proper player in the industry, an initial project is done by making PT XYZ as a captive market of the new Halal logistic company. This study concentrates more on rent and buy method, capital and operating expenditure calculcation, and the profitability projection of the company for 10 years period to see the trend of the business in the point of view of financial management. From the study, it resulted that rent option is the best choice for the corporation to establish the new Halal logistic company since it provided lower capital expenditure, lower risk, and faster return on investment although the operating expenditure shows higher amount compared to buy option and less profitabilities.Keywords : Halal logistics, Profiabilities, Capital expenditures, Operating expenditures, Rent and Buy. 
Co-Authors Arif, Jumaidi Brahmandyo Yudhowibowo, Yacobus Ibnu Sina, Andy Kanyaka Ananggadipa, Vanya Perdana Suherman Putra, Aditya Sukma Putra, Anugrah