STRATEGI KBUANGAN MATRIK & OPTIMALISASI STRUKTUR MODAL UNTUK PERTUMBUHAN PERUSAHAAN BERKELANJUTAN: STUDI PADA PT ADHIMIX PRECAST INDONESIA
PT. Adhimix Precast Indonesia (API) is a company involved in construction material supplying particularly in concrete materials. Management implemented an aggressive growth strategy, and capital structure. Sources of corporate funds are almost 80% of funded debt. Many companies (including API) set t...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2013
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/125686/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=65859 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | PT. Adhimix Precast Indonesia (API) is a company involved in construction
material supplying particularly in concrete materials. Management implemented an
aggressive growth strategy, and capital structure. Sources of corporate funds are
almost 80% of funded debt. Many companies (including API) set the growth rate by
just basing on market demand regardless to the financial policy, thus the company has
financial difficulties due to the growth of self set by the company itself.
This study examines the financial management of aspects in regarding with
corporate strategy in aligning the company's growth with investment and financing
decisions. Thus sustaining the company's growth. And how the firm acquire an
optimal capital structure to obtain the optimal value. The research uses a case study
approach in analyzing the company's financial statements in realization period of
2007 - 2010 and financial statements projections for 2012 to 2016. For the forecast
period, the study conducts a simulation on the economic conditions (normal and
crisis) and retained earnings policy (100% - 60%).
Financial strategy matrix analysis is conducted by grouping the company's
position into four quadrants. The vertical axis shows the company's ability to produce
EVA and the horizontal axis shows the difference between sales growth with SGR
(financial growth). And capital structure analysis is performed to find the capital mix
which is able to balance between risk and return. Efficient capital mix should reduce
the cost of capital or obtaining the smallest WACC smallest.
The research found that the realization period with retained earnings policy
average of 91.6%, the company can grow sustainable (quadrant 2), however in 2011
the company had insufficient funds (quadrant 1). Currently the company's capital
structure is not optimal.
The capital structure planned for forecast period in 2012 � 2016 is not yet
optimal. While from the financial strategy matrix analysis it is obtained that the year
2012: the company's position in quadrant 1 (lack of funds) for all simulations,
retained earnings should be planned for 100%. Year 2013: under normal conditions or
crisis, dividend can be divided by 10% (quadrant 2). Year 2014: to divide the
dividend by 40% for normal and crisis economic conditions. 2015: to divide the
dividend by 30% if economic condition is normal, but when a crisis occurs, the
maximum dividend should be 20% (quadrant 2). While for year 2016 plan: in normal
economic condition, dividend is divided by a maximum of 10% (quadrant 2), if it is
in a crisis situation, the dividend should be maximum of 5% (quadrant 2). |
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