COMPARATIVE STUDY : FINANCIAL PERFORMANCE OF INDONESIA STATE-OWNED ENTERPRISES IN CONSTRUCTION AND PROPERTY INDUSTRY FOR THE PERIOD OF 2009-2018

• Main Author: X John Brazer, Fransiscus
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/42627
• Institution: Institut Teknologi Bandung

During Mr. Joko Widodo leadership (2014-2019), infrastructure and residential development were the main focus of the Indonesian government. In contrast to the Mr. Susilo Bambang Yudhoyono leadership (2009-2013), which focused on energy subsidy, health and education. This is reflected in the increase in the infrastructure and residential budget from 184 trillion rupiah in 2013 to 415 trillion rupiah in 2019. The budget was delegated in majority to the four largest state-owned enterprise (SOE) in construction industry including PT. Adhi Karya Tbk. (ADHI), PT Pembangunan Perumahan Tbk (PTPP), PT Waskita Karya Tbk. (WSKT) and PT Wijaya Karya Tbk. (WIKA). This condition not only increased revenue, but also increased the debt amount of the companies. This study aims to measure, compare the financial performance of companies using financial ratio analysis and validate the health level of the four SOEs using Decree (SK) of the Minister of State-Owned Enterprises (SOE) No. KEP-100 / MBU / 2002 and also analyze the change of the companies capital structure in period 2009-2018. The financial ratios used are; return on equity, return on investment, cash ratio, current ratio, collection period, inventory turnover, total asset turnover, total equity to total assets then validated using a decree from the Minister of SOEs, as well as debt to asset ratio, debt to equity, cashflow to liabilities and times interest earned ratio to analyze the company's debt situation. Rating of the company's financial health obtained in period 2009-2018: ADHI (AA, AA, AA, AA, AA, AA, A, BBB, A, A), PTPP (AA, AA, AA, AA, AA, AA, AA, AA , A, A, A), WSKT (AA, AA, AA, AA, AA, AA, A, A, A, A), WIKA (AA, AA, AA, AA, AA, AA, AA, AA, A, A , A) sequentially, while for the companies cashflow and capital structure is in a warning condition in period 2014-2018. It can be concluded that in period 2014-2018 the company's financial performance is declining, their cashflow and capital structure is in cautious condition compared to period 2009-2013. The four companies need to improve efficiency, divesting subsidiary and diversify business to improve their financial condition.