STRATEGI KBUANGAN MATRIK & OPTIMALISASI STRUKTUR MODAL UNTUK PERTUMBUHAN PERUSAHAAN BERKELANJUTAN: STUDI PADA PT ADHIMIX PRECAST INDONESIA

• Main Authors: , Yunus Wahyudi, , Prof. Eduardus Tandelin, Ph.D.
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2013
• Subjects: ETD
• 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
• Institution: Universitas Gadjah Mada

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).