Balance Sheet of Krakatau Steel 2007 2008 2009 2010

Cash Rp636,600 Rp1,100,493 Rp1,759,964 Rp4,193,598

Inventory Rp4,322 Rp3,017 Rp4,871,981 Rp6,549,776
Account receivables Rp2,401,108 Rp2,059,319 Rp1,699,728 Rp1,266,411
Total current asset Rp7,427,972 Rp11,557,702 Rp9,416,875 Rp13,194,739
Net fixed asset Rp3,183,847 Rp3,162,273 Rp3,378,928 Rp4,389,320
Total asset Rp11,117,024 Rp15,374,427 Rp12,795,803 Rp17,584,059
Current Liability Rp4,451,868 Rp8,592,324 Rp6,130,353 Rp6,930,713
Total Liability Rp6,028,041 Rp9,897,323 Rp6,949,013 Rp8,158,514
Common stock equity Rp2,000,000 Rp2,000,000 Rp2,000,000 Rp15,775,000,000
Total equity Rp5,074,332 Rp5,439,761 Rp5,805,838 Rp9,293,915

Income Statement of Krakatau

2007 2008 2009 2010
Steel
Net revenue Rp14,836,019 Rp20,631,431 Rp16,913,535 Rp14,856,156
COGS Rp13,063,417 Rp17,915,367 Rp15,728,146 Rp12,621,376
Gross profit Rp1,772,602 Rp2,716,064 Rp1,185,389 Rp2,234,780
Total operating expenses Rp979,869 Rp1,355,676 Rp1,159,449 Rp1,241,851
Income from operation Rp792,733 Rp1,360,388 Rp25,940 Rp992,929
Other income Rp442,719 Rp394,219
Net income Rp313,441 Rp459,571 Rp494,672 Rp1,062,683
Basic net income per share (Rp) Rp31 Rp46 Rp49 Rp81
Balance Sheet of PT Gunawan
2007 2008
Dianjaya
Cash Rp6,800,000,000.0 Rp204,800,000,000.0
Inventory Rp280,200,000,000.0 Rp1,347,400,000,000.0
Account receivables Rp139,900,000,000.0 Rp127,800,000,000.0
Total current asset Rp495,800,000,000.0 Rp1,714,800,000,000.0
Net fixed asset Rp0.0 Rp0.0
Total asset Rp846,700,000,000.0 Rp2,092,800,000,000.0
Current Liability
Total Liability Rp0.0 Rp0.0
Common stock equity
Total equity

Income Statement of PT
2007 2008
Gunawan Dianjaya
Net revenue Rp1,985,000,000,000.0 Rp3,021,000,000,000.0
COGS -Rp1,568,000,000,000 -Rp2,461,000,000,000
Gross profit Rp417,000,000,000 Rp560,000,000,000
Total operating expenses -Rp122,000,000,000 -Rp143,000,000,000
Income from operation Rp295,000,000,000 Rp417,000,000,000
Other income -Rp74,000,000,000 -Rp272,000,000,000
Net income Rp154,000,000,000 Rp83,000,000,000
Basic net income per share (Rp)
Non-current liabilities
 Balance Sheet of PT Jaya Pari
2009 2010
Steel
Rp40,200,000,000.0 Rp3,720,875,161.0 Cash
Rp234,300,000,000.0 Rp556,893,664,606.0 Inventory
Rp202,300,000,000.0 Rp94,077,553,370.0 Account receivables
Rp541,000,000,000.0 Rp709,597,600,204.0 Total current asset
Rp255,836,745,163.0 Rp246,469,275,174.0 Net fixed asset
Rp970,700,000,000.0 Rp1,074,569,612,752.0 Total asset
Rp488,515,367,520.0 Rp419,815,817,120.0 Current Liability
Rp496,451,411,860.0 Rp428,856,325,672.0 Total Liability
Rp5,776,752,877.0 Rp8,200,000,000.0 Common stock equity
Rp474,285,672,235.0 Rp645,713,287,080.0 Total equity

Income Statement of Jaya Pari

2009 2010
Steel
Rp1,641,555,178,128 Rp1,710,131,747,278 Net revenue
-Rp1,829,359,302,348 -Rp1,413,250,956,160 COGS
-Rp187,804,124,220 Rp296,880,791,118 Gross profit
Rp85,622,086,679 Rp90,756,876,018 Total operating expenses
-Rp273,000,000,000 Rp206,123,915,100 Income from operation
Rp64,196,140,344 Rp8,525,507,599 Other income
-Rp150,055,121,511 Rp171,427,614,845 Net income
-Rp26 Rp21 Basic net income per share (Rp)
Rp7,936,044,340 Rp9,040,508,552 Non-current liabilities
 2007 2008 2009 2010

Rp 4,601,227,566 Rp 116,224,303,124 Rp 1,429,771,131 Rp 12,552,313,911

Rp 91,570,937,521 Rp 111,757,259,943 Rp 78,938,647,768 Rp 116,709,942,157
Rp 108,309,753,700 Rp 141,996,027,800 Rp 128,011,955,900 Rp 93,614,081,450
Rp 248,084,170,211 Rp 373,882,178,418 Rp 217,575,710,938 Rp 285,524,089,280
Rp 19,254,077,070 Rp 18,549,162,154 Rp 19,191,931,767 Rp 17,618,852,275
Rp 268,790,167,421 Rp 399,343,736,262 Rp 353,951,009,577 Rp 411,281,598,196
Rp 42,402,600,279 Rp 12,311,351,154 Rp 75,723,707,832 Rp 103,140,872,892
Rp 48,176,410,330 Rp 129,572,433,818 Rp 82,262,329,224 Rp 111,147,337,335
Rp 75,348,000,000 Rp 75,348,000,000 Rp 75,348,000,000 Rp 75,348,000,000
Rp 220,613,757,091 Rp 269,771,302,444 Rp 271,688,680,353 Rp 300,134,260,861

2007 2008 2009 2010

Rp 432,807,900,735 Rp 732,703,320,157 Rp 302,868,416,321 Rp 427,792,535,324

Rp 362,803,926,959 Rp 617,319,084,761 Rp 267,459,907,793 Rp 372,059,150,959
Rp 70,003,973,776 Rp 115,384,235,396 Rp 35,408,508,528 Rp 55,733,384,365
Rp 14,504,312,496 Rp 17,033,020,196 Rp 15,103,228,296 Rp 17,313,898,915
Rp 55,499,661,280 Rp 98,351,215,200 Rp 20,305,280,232 Rp 38,419,485,450
Rp 3,660,441,958 Rp (25,403,299,197) Rp (17,574,942,653) Rp 251,316,050
Rp 41,566,177,061 Rp 49,157,545,353 Rp 1,917,377,909 Rp 28,445,580,508
Rp 55.42 Rp 65.54 Rp 2.56 Rp 37.93
Rp5,773,810,051 Rp6,455,082,664 Rp6,538,621,392 Rp8,006,464,443
 Income Statement and Ba
Revenue Fomula
2007
Gross Profit Margin Gross Profit/Revenue 0.12
Operating Profit Margin Operating Profit/Revenue 0.05
Net Profit Margin Net Income/Revenue 0.02
COGS to Revenue COGS/Revenue 0.88
Operating Expenses to Revenue Operating Expenses/Revenue 0.07
Market
Earning per share Net Income/Shares Outstanding 0.03
Debt to Equity Equity/Shares Outstanding 2.54
Return
Return on Assetss Net Income/Asset 0.03
Return on Equity Net Income/Equity 0.06
Debt
Debt to Equity Debt/Equity 1.19
Debt to Capital Debt/Capital 1.82

CAGR
Revenue Fomula
Krakatau Steel
Gross Profit Margin Gross Profit/Revenue 7.98%
Operating Profit Margin Operating Profit/Revenue 7.75%
Net Profit Margin Net Income/Revenue 50.16%
COGS to Revenue COGS/Revenue -1.19%
Operating Expenses to Revenue Operating Expenses/Revenue 8.17%
Market
Earning per share Net Income/Shares Outstanding 28.94%
Debt to Equity Equity/Shares Outstanding -93.85%
Return
Return on Assetss Net Income/Asset 28.94%
Return on Equity Net Income/Equity 22.78%
Debt
Debt to Equity Debt/Equity -9.59%
Debt to Capital Debt/Capital -20.51%
 Income Statement and Balance Sheet of PT
Income Statement and Balance Sheet of Krakatau Steel
CAGR Gunawan Dianjaya
2008 2009 2010 2007 2008 2009
0.13 0.07 0.15 7.98% 0.21 0.19 -0.11
0.07 0.00 0.07 7.75% 0.15 0.14 -0.17
0.02 0.03 0.07 50.16% 0.08 0.03 -0.09
0.87 0.93 0.85 -1.19% -0.79 -0.81 -1.11
0.07 0.07 0.08 8.17% -0.06 -0.05 0.05

0.03 0.04 0.06 0.29 0.08 0.03 -0.09

2.72 2.90 0.00 -0.94 (no data) (no data) 82.10

0.03 0.04 0.06 28.94% 0.18 0.04 -0.15

0.08 0.09 0.11 22.78% (no data) (no data) -0.32

1.82 1.20 0.88 -9.59% (no data) (no data) 1.03

3.00 2.10 0.92 -20.51% 0.00 0.00 0.56

CAGR
PT Gunawan Dianjaya PT Jaya Pari Steel
-6.16% -6.96%
-6.74% -11.19%
8.92% -11.53%
1.52% 1.24%
-4.78% 6.49%

8.92% -11.53%
(no data) 10.81%

-4.28% -23.53%
(no data) -20.47%

(no data) 19.25%

(no data) 32.14%
d Balance Sheet of PT Income Statement and Balance
Dianjaya CAGR Sheet of PT Jaya Pari Steel CAGR
2010 2007 2008 2009 2010
0.17 -6.16% 0.16 0.16 0.12 0.13 -6.96%
0.12 -6.74% 0.13 0.13 0.07 0.09 -11.19%
0.10 8.92% 0.10 0.07 0.01 0.07 -11.53%
-0.83 1.52% 0.84 0.84 0.88 0.87 1.24%
0.05 -4.78% 0.03 0.02 0.05 0.04 6.49%

0.10 8.92% 0.10 0.07 0.01 0.07 -11.53%

78.75 (no data) 2.93 3.58 3.61 3.98 10.81%

0.16 -4.28% 0.15 0.12 0.01 0.07 -23.53%

0.27 (no data) 0.19 0.18 0.01 0.09 -20.47%

0.65 (no data) 0.22 0.48 0.30 0.37 19.25%

0.48 (no data) 0.64 1.72 1.09 1.48 32.14%
 Data (2010) PT Krakatau Steel, Tbk PT Gunawan Dianjaya Steel
Net Income Rp 1,062,683.00 Rp 171,427,614,845.00
Equity Rp 9,293,915.00 Rp 645,713,287,080.00
EBITDA (EBIT+Depreciation) Rp 1,816,655.00 Rp 242,948,141,885.00
EBIT (IBT+IE-II) Rp 1,561,243.00 Rp 214,649,422,699.00
Income Before Tax Rp 1,387,148.00 Rp 214,649,422,699.00
Interest Expense Rp 255,558.00 Rp -
Interest Income Rp 81,463.00 Rp -
Depreciation Rp 255,412.00 Rp 28,298,719,186.00
Total Asset Rp 17,584,059.00 Rp 1,074,569,612,752.00
Net Fixed Asset Rp 4,389,320.00 Rp 246,469,275,174.00
Cash Rp 4,193,598.00 Rp 3,720,875,161.00
Current Liability Rp 6,930,713.00 Rp 419,815,817,120.00
Current Asset Rp 12,287,724.00 Rp 709,597,600,204.00
Account Receivable Rp 1,184,338.00 Rp 89,918,675,020.00
Revenue Rp 14,856,156.00 Rp 1,710,131,747,278.00
Inventory Rp 6,549,776.00 Rp 556,893,664,606.00

BUMN Formula Result

PT. Krakatau Steel
Financial Indicators
Ratio Score
Return of Equity 11.43% 16
Return of Investment 13.77% 12
Cash Ratio 60.51% 5
Current Ratio 177.29% 5
Collection Period 29 5
Inventory Turnover 160.9210511791 3
Total Asset Turnover 84.49% 3.5
Total Equity/ Total Asset 52.85% 8.5
Total Financial Score 58
Adjusting Rating AA
Classification HEALTHY
 in Million
PT Jayapari Steel
Rp 28,445,580,508
Rp 300,134,260,861
Rp 41,920,782,797.00
Rp 39,906,718,608.00
Rp 38,670,801,500.00
Rp 1,772,670,505.00
Rp 536,753,397.00
Rp 2,014,064,189.00
Rp 411,281,598,196.00
Rp 17,618,852,275.00
Rp 12,552,313,911.00
Rp 103,140,872,892.00
Rp 285,524,089,280.00
Rp 93,613,470,295.00
Rp 427,792,535,324.00
Rp 116,709,942,157.00

PT Gunawan Dianjaya Steel PT Jayapari Steel

Ratio Score Ratio
26.55% 20 9.48%
29.34% 15 10.65%
0.89% 0 12.17%
169.03% 5 276.83%
19 5 80
118.8599579563 4 99.5789439267
159.15% 5 104.01%
60.09% 8 72.98%
62
AA
HEALTHY
ayapari Steel
Score
14
7.5
2
5
4.5
4
4
7.5
48.5
A
HEALTHY
 Data (2010) PT Krakatau Steel, Tbk PT Gunawan Dianjaya Steel
Total Asset Rp 17,584,059.00 Rp 1,074,569,612,752.00
Total Equity Rp 9,293,915.00 Rp 645,713,287,080.00
Net Income Rp 1,062,683.00 Rp 171,427,614,845.00
Revenue Rp 14,856,156.00 Rp 1,710,131,747,278.00

DuPont Formula Results

DuPont's Component (2010) PT Krakatau Steel, Tbk PT Gunawan Dianjaya Steel
Pofit Margin Ratio 7.15% 10.02%
Total Asset Turnover 0.845 1.591
Equity Multiplier 1.892 1.664
ROE (PMxTATxEM) 0.114 0.265
 PT Jayapari Steel
Rp 411,281,598,196.00
Rp 300,134,260,861
Rp 28,445,580,508
Rp 427,792,535,324.00

PT Jayapari Steel
6.65%
1.040
1.370
0.095