I.
COMPANY PROFILE
COMPANY
NAME : PT Astra Agro Lestari Tbk
VISION :
To be the most Productive and
Innovative Agribased Company in the World
MISSION :
To be a Role Model and
Contributes to The Nation’s
Development and Prosperity
WEBSITE : www.astra-agro.co.id
TICKER
SYMBOL : AALI
STOCK
EXCHANGE LISTINGS : Indonesia Stock Exchange
SHARE
REGISTER : PT Raya Saham Registra
Plaza Central Building, Floor 2
Jl. Jend Sudirman Kav.47-48
Jakarta 12930, INDONESIA
Tel. (62-21) 252 5666
Fax. (62-21) 252 5028
ESTABLISHMENT
DATE : 03
October 1988
PT Astra Agro Lestari Tbk (AAL) was
initiated when PT Astra International established its Agribusiness Division in
1983. It was started with a cassava plantation of 2,000 hectares. These
plantations were later converted to the cultivation of rubber.
In 1984, the first involvement in the
cultivation of oil palm began with the acquisition of PT Tunggal Perkasa
Plantations, which owned and managed 15,000 hectares of oil palm plantations in
Riau. In 3 October 1988, PT Suryaraya Cakrawala established which was then
changed to PT Astra Agro Niaga in 1989. In 1997, PT Astra Agro Niaga completed
a merger with PT Suryaraya Bahtera and the Company’s name was changed to PT
Astra Agro Lestari. On December 9, 1997, AAL listed its shares on both the
Jakarta and Surabaya stock exchanges, with the offering of 125,800,000 shares
to the public at a price of Rp.1, 550 per share. In August 1999, AAL issued
bonus shares amounting to 251,600,000 shares. In March 2000, AAL successfully
listed its first five-year bond issue on the Surabaya Stock Exchange, amounting
to a total value of Rp. 500 billion. In 2004, AAL divested its non-oil palm
plantations.
After being in operation for 31 years,
PT. Astra Agro Lestari Tbk has now had a total of 266,706 hectares oil palm
plantations, which consist of its nucleus estates and plasma (plasma
plantations) in Sumatera, Kalimantan, and Sulawesi, with an average of 14
years. Until the end of 2011, the Company had a permanent employed 26,473
people. PT Astra Agro Lestari Tbk has managed to turn the palm oil business
into a golden opportunity, as it has shown through its robust growth, while
keeping optimism to sustain its achievements in the future, which promises a
more thriving of palm oil for the Company. The steadily rising demand for palm
oil at the international market has invigorated the Company to achieve an
increasingly better performance from time to time. The Company’s achievements
have proven to all stakeholders that its performance has been up to the
satisfactory level.
- ANALYSIS
OF FINANCIAL CONDITION
- LIQUIDITY ANALYSIS
Graphic
data of liquidity ratio
The liquidity analysis is analyzes the liquidity of company..
There are 3 ratios that we will analyze, which are current ratio, quick ratio
or acid test ratio, and cash ratio. The table above shows the current ratio,
quick ratio, and cash ratio from 2006 until
20011 of PT Astra Agro Lestari Tbk. We can see on the table that the liquidity
of the company is in quite good condition, because the average of the current
ratio, quick ratio is around than 1, the higher the ratio, the better. Just for
cash ratio, the average just only around 0.7, but it is quite good because the
ratio of cash always having fluctuation data from year by year and company have
not a wide fluctuation of the data of cash ratio. Actually
current ratio, quick ratio, and cash ratio of the PT Astra Agro Lestari Tbk
always have the fluctuating data, because the data represented the Company for
the short-term liquidity.
- EFFICIENCY ANALYSIS
Graphic data of
efficiency ratio
Efficiency
analysis is analyzes the uses of assets of the company. From the table and the
graph of the efficiency ratio, we can see that the company is a good in collect
the money from daily sales on credit, because on the table and graph shows that
company has no longer time to collect money sales on credit. Then from the
total assets and fixed assets data, there are shows that company in a good
because company’s sales are better than the total assets and fixed assets.
There is just only decreasing of total assets in 2009
that means the total assets is not good because sales of the company also
decrease. For the inventory turnover, we can see that inventory turnover
decrease in 2008,
but slowly became increase in 2009, 2010, and 2011,
although have fluctuated, the company is good condition in inventory.
- LEVERAGE ANALYSIS
Graphic data of
leverage ratio
The leverage analysis
is analyzes the company’s debt and its riskiness for financial company. In the graph show that debt ratio
is stable and move constantly, but in the last two years the debt increase. in
the equity side, only a little bit movement that happen in the Astra Agro
Lestari since 2006-2011. It’s good that company can balance the movement
of the company financial side.
- PROFITABILITY
ANALYSIS
Graphic data of profitability ratio
Profitability analysis
is about to measure how efficiently a company uses its assets and manages its
operations. The operating profit margin for PT Astra Agro Lestari Tbk show that
the company in good condition. It is shows that from 2006
until 2011, the average is more than 25%. From OIROI, it is also shows that the
company also in good condition, because the percentage of OIROI from 2007 until
2009 is good enough, this percentage reflects product pricing and the ability
of the company to keep costs down. We can see in the graph shows that the movement is very good increase
in the early 2006 till 2009 but in the last two years movement decrease
significantly. It means the profit of the company decrease.
- ANALYSIS OF COMPANY STOCK
The graph above shows the value of highest,
lowest, closing price, and volume of transaction of Astra Agro Lestari Tbk
Stock from January 3, 2011 until October 19, 2012. We can see the volume in the
right side of the graph and the closing price in the left side. We can see from
the graph that the price of stock of PT Astra Agro Lestari Tbk is
fluctuated. From the beginning of January 2011, the stock price is
increase, while of the end of September 2011, stock price is decrease, but
after the decreasing stock price on the September 2011, the stock price is
stable; just occur to have small difference of fluctuation of stock price until
the October 2012. This increase is caused by the demand of consumers are
increasing. Also it makes advantage in palm oil business. While the decrease is
caused by disaster like flood and fire. It made the palm oil is rare to find in
the market, so this condition makes the price of palm oil is increasing. When
the Dollar price is decreasing, it influenced the value of Rupiah decrease, so
it impacts for the selling of palm oil is increasing. While the Dollar price is
increasing, it influenced the value of Rupiah increase, so it impacts for the
selling of palm oil is decreasing. These changes caused by the growth economic
of agribusiness. It also depends on exchange rate of Dollar, demand of
consumers, and the nature condition.
On the other side, stock
prices can rise or fall causes one of which is supply and demand factors. The
supply and demand is also influenced by several factors, interest rate
movements and inflation. There are also internal factors and external factors
that make stock price can be rise or fall. Internal
factor of company that affect stock trading transactions include: stock prices,
the level of profits earned, the level of risk, corporate performance and
corporate action committed company. While external factors company are the
rates of inflation, exchange rate or exchange rate of rupiah, the state of the
economy, political and social conditions of the country concerned.
- RELATION
BETWEEN COMPANY FINANCIAL CONDITION AND STOCK PRICE
The company financial conditions have
relation with stock price. The company financial conditions are liquidity
ratio, efficiency ratio, leverage ratio, and profitability ratio. The
liquidity ratio is analysis permanent assets that can liquidate into amount of
money. The efficiency ratio is the uses of the assets of the company. The
leverage ratio is the ratio that shows the riskiness of the company. The
profitability ratio is the ability ratio of the
company to make profit.
The company financial condition is the
one of the factors that will affect the stock price. If the company get problem
with their financial condition, the stock price of the company will decrease.
The investor will not interest with the company that have bad company financial
condition. Especially for profitability ratio, this side is the most focus for
potential investor.
The company financial conditions of
Astra Agro Lestari have bad change during the time. The company financial
condition become in bad situation because of decreasing stock price of the Agro
Astra Lestari Company. The company Stock price of the company will become under
the standard of stock price if the company don’t repair the company financial
condition. It is the risk rising the financial condition of the Astra Agro
Lestari Company. Company must know the risk that will happen in the future.
Company must be careful on the financial decision because in each decision will
determine the next.
- CONCLUSION
From the analysis above show that company
financial condition still have stable movement. There in no significant
movement. The movement of leverage increase and the profitability decrease. In
leverage ratio increase means the risk of company financial condition become
high. While decreasing in profitability ratio mean the profit of the company
will go down or decrease too. That
condition in financial condition in last two years, 2010 and 2011. The company
financial condition will become better or worse depend the financial decision
of the company. Company get a problem that must be repaired in the next year.
The company must keep the stability of the company financial condition in order
to increase the profitability of the company. The big company, PT Astra Agro
Lestari Tbk, will struggle in this situation and get back the healthy company
financial condition.
