Annual Report Analysis

PPM MANAJEMEN
ANALYSIS REPORT OF INTILAND ANNUAL REPORT
ACCOUNTING REPORT
RAIHAN ALISHA NABILA
WIJAWIYATA MANAJEMEN 80
JAKARTA
OCTOBER 2018
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CHAPTER I
INTRODUCTION
1.1 Background
Accounting activities include identifying, recording and communicating
relevant, reliable, and comparable information in a company in order to operate
effectively, gain more revenue to get more net profit and boost its market share to
have a future development in the stocks(John Wild, 2016). There are several tools
to analyse a financial report such as horizontal, vertical and ratio analysis. The
chosen company to analysed in this report is PT. Intiland Development Tbk.
Intiland has business lines of real estate and property development, trading and
services. Intiland has offered it business in an open stock since September 1991
with an authorized capital of six trillion Rupiah. Since its first establishment in
1974, the construction projects of Intiland has spread throughout two biggest cities
in Indonesia which are Jakarta and Surabaya. In 2016 the company was named as
one of the most fasting growing companies by infobank magazine(Tbk., 2016).
1.2 Problem Identification

In order for a company to keep growing and competing with its competitors,
a company has to have a stable, effective annual financial statement. An annual
report is made for internal and external users/ management to decide their action
for the future development of a company. When Intiland was listed on Indonesian
Stock Exchange, Intiland must submit its financial report annually, for the public
to predict whether they want to invest in Intiland or not.
1.3 Problem Formulation

According to the background of this report, the following formulations are
proposed:
1. How favourable the changes in financial position and income statements of

Intiland for the past three years?
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2. What factors that influence the changes in financial position and income
statements of Intiland for the past three years?
1.4 Aim
This report aims to analyze the financial performance of PT. Intiland
Development Tbk.
1.5 Objectives
According to the problem formulation and aim of this report, the following
objectives are proposed:
1. To identify and analyse Intiland statement of financial position and income using
Horizontal Analysis.
Vertical Analysis.
Ratio Analysis.
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CHAPTER II
REPORT FINDINGS
2.1 Introduction
This chapter will explain what process the student took to complete the
objectives of the annual report analysis, how the financial statement analysis was
conducted using horizontal analysis, vertical analysis, and ration analysis. These
three tools of financial statement analysis will include several sub-chapters to be
attached such as comparative statements of financial position, income statements
and the trend changes for horizontal analysis, common-size statements and graphics
for vertical analysis, and the calculations of liquidity & efficiency, solvency,
profitability, and market prospects for ratio analysis.
2.2 Data Collection

All the data in this analysis report was downloaded on the company’s
official website or can be downloaded from Indonesian Stock Exchange’s official
website as every Tbk company must submit its annual report for the public to see,
especially for the future shareholders of Intiland. Intiland Annual reports were
download from the year of 2014 to 2017.
The data that will be used for this analysis report is the consolidated
statements of financial position and the consolidated statements of profit or loss and
other comprehensive income from each annual report respectively. The data from
Intiland’s 2014 Annual report was used to compare and calculate the average data
with Intiland’s 2015 Annual report and so on for the next three years.
2.3 Horizontal Analysis

The first tool of financial statement analysis that the student used is
horizontal analysis. Horizontal Analysis includes the activity of comparing data
from two past years or in the minimum period of two years. When analyzing each
data of comparative statements of financial position and comparative income
statements from 2 years in a row, the data was put in two columns side-by-side, in
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order to calculate Rupiah change as the monetary unit of Intiland annual report and
the percent change (%) of those two years.
The Rupiah change will be calculated using this formula:
𝑅𝑢𝑝𝑖𝑎ℎ 𝑐ℎ𝑎𝑛𝑔𝑒 = 𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 − 𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡
The Percent change (%) will be calculated using this formula:
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 − 𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡

𝑃𝑒𝑟𝑐𝑒𝑛𝑡 𝐶ℎ𝑎𝑛𝑔𝑒 (%) = 𝑋 100
𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝐴𝑚𝑜𝑢𝑛𝑡 = The period when the financial statement is under analysis
𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 = The prior year period of the financial statements to be compared
The comparative of financial position statements for two years is used to

determine which of the groups or items that have small or large changes. Those
small and large changes will be identified and decided whether it is favorable or
unfavorable. Intiland annual report used Rupiah as their monetary value and the
tables attached in this annual report analysis will include the comparative
statements of financial position and comparative income statements for the year of
2014, 2015, 2016 and 2017.
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a. Comparative Statements of Financial Position

Table 2.1 The Comparative Statements of Financial Position for 2015 and
2014
PT. INTILAND DEVELOPMENT TBK
Comparative Statements of Financial Position
December 31, 2015 and December 31, 2014
IDR Change % Change
NO In Rupiah 2015 2014 2015
CURRENT ASSETS
Cash and Cash
1 Equivalents 404,576,741,480 552,207,773,905 (147,631,032,425) (26.73)
Investments in
available-for-sale
2 financial assets - - - -
trade accounts
3 receivable 235,503,840,409 115,514,242,259 119,989,598,150 103.87
Other Accounts
4 Receivable 33,512,273,613 35,952,193,625 (2,439,920,012) (6.79)
5 Inventories 2,013,316,627,799 1,617,473,256,015 395,843,371,784 24.47
6 Advances 44,638,841,416 33,547,031,756 11,091,809,660 33.06
7 Prepaid Taxes 192,316,917,336 111,903,401,218 80,413,516,118 71.86
8 Prepaid Expenses 1,742,175,672 1,964,785,497 (222,609,825) (11.33)
Total Current Assets 2,925,607,417,725 2,468,562,684,275 457,044,733,450 18.51
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IDR Change % Change

NONCURRENT ASSETS
NO 2015 2014 2015
Trade Account Receivable - third
1 parties 74,950,451,128 90,320,070,584 (15,369,619,456) (17.02)
Investments in available-for-sale
2 financial assets 37,190,552,259 37,190,552,259 - -
3 Inventories 1,550,677,791,992 1,507,369,673,960 43,308,118,032 2.87
4 Advances 470,242,091,299 468,149,840,003 2,092,251,296 0.45
5 Land for Development 3,644,191,259,620 3,201,589,410,609 442,601,849,011 13.82
6 Due from related parties 4,216,228,631 4,203,128,631 13,100,000 0.31

Investments in associates and
7 joint ventures 224,475,426,350 198,823,580,166 25,651,846,184 12.90
Investments held to maturity in

8 bonds - - - -
9 Deferred Tax Assets 4,156,165,664 2,608,549,954 1,547,615,710 59.33

Investments properties - net of
10 accumulated depreciation 1,117,920,560,876 760,881,212,614 357,039,348,262 46.92
Property and Equipment - net of

11 accumulated depreciation 225,290,354,193 258,299,505,218 (33,009,151,025) (12.78)
12 Goodwill 6,184,505,653 6,184,505,653 - -
13 Other Assets 3,469,271,492 3,510,204,449 (40,932,957) (1.17)
Total Noncurrent Assets 7,362,964,659,157 6,539,130,234,100 823,834,425,057 12.60
Total Assets 10,288,572,076,882 9,007,692,918,375 1,280,879,158,507 14.22
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IDR Change % Change

NO CURRENT LIABILITIES 2015 2014 2015
1 Short-term bank loans 820,908,230,798 259,432,961,088 561,475,269,710 216.42
2 Notes Payable 7,000,000,000 7,000,000,000 - -
3 Trade Accounts Payable to third parties 332,694,828,372 112,114,796,490 220,580,031,882 196.74
4 Other Accounts Payable 67,609,736,037 89,824,587,579 (22,214,851,542) (24.73)
5 Taxes Payable 54,364,580,421 83,949,476,993 (29,584,896,572) (35.24)
6 Accrued Expenses 111,235,663,589 80,230,980,756 31,004,682,833 38.64
7 Unearned Revenues 99,347,712,492 14,185,691,610 85,162,020,882 600.34
8 Sales Advances 889,164,444,136 903,431,459,242 (14,267,015,106) (1.58)
9 Due to related party - non-trade - - -
10 Bank Loans long-term liabilities 547,599,982,931 184,202,793,654 363,397,189,277 197.28
11 Lease Liabilities 1,311,645,671 1,340,101,480 (28,455,809) (2.12)
12 Bonds Payable 345,070,802,264 - 345,070,802,264 -
13 Guarantee Deposits 9,417,543,837 3,561,774,070 5,855,769,767 164.41
Total Current Liabilities 3,285,725,170,548 1,739,274,622,962 1,546,450,547,586 88.91
IDR Change % Change

No. NONCURRENT LIABILITIES 2015 2014 2015
1 Notes Payable - - -
3 Unearned Revenues - - - -
4 Deferred Tax Liabilities - - - -
5 Sales Advances 453,840,759,642 856,140,029,384 (402,299,269,742) (46.99)
6 Due to a related party - non-trade 99,220,000,000 99,220,000,000 - -
8 Long-term Employee Benefits Liability 90,570,090,171 72,368,772,992 18,201,317,179 25.15
9 Bank Loans 1,322,532,703,278 1,176,618,825,374 145,913,877,904 12.40
10 Lease Liabilities 1,981,038,293 1,268,054,460 712,983,833 56.23
11 Bonds Payable 153,102,690,081 496,752,414,526 (343,649,724,445) (69.18)
Total Noncurrent Liabilities 2,232,018,222,774 2,799,898,524,253 (567,880,301,479) (20.28)
Total Liabilities 5,517,743,393,322 4,539,173,147,215 978,570,246,107 21.56
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IDR Change % Change

No. EQUITY 2015 2014 2015
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 - -
2 Treasury Stocks (24,688,750,000) (24,688,750,000) - -
3 Additional paid-in capital - net 1,066,199,762,357 1,066,199,762,357 - -

Difference in value arising from
transactions with non-controlling
4 interests (92,814,618,166) (92,814,618,166) - -
Unrealized gain on increase in fair value
5 of available-for-sale securities - - - -
6 Retained earnings - appropriated 8,000,000,000 6,000,000,000 2,000,000,000 33.33
7 Retained earnings - unappropriated 1,133,402,372,703 835,725,588,103 297,676,784,600 35.62

Total Equity Attributable to Owners of
8 the Company 4,681,562,313,144 4,381,885,528,544 299,676,784,600 6.84
9 Non-Controlling Interests 89,266,370,415 86,634,242,616 2,632,127,799 3.04
- -
Total Equity 4,770,828,683,559 4,468,519,771,160 302,308,912,399 6.77
Total Liabilities and Equity 10,288,572,076,881 9,007,692,918,375 1,280,879,158,506 14.22
Based on table 2.1, the current assets of Intiland in 2015 increased in the
amount of 457 billion Rupiah or 18.51 % from previous year. Even though there
was a decrease of cash and cash equivalents, the amount of trade accounts
receivable, inventories, and advances increased as Intiland developed its assets to
turn it into revenues in the future. Not only the current assets of Intiland in 2015
that increased, the total of noncurrent assets also increased. The increase of the
total of current and noncurrent assets indicated the growth of total assets in the
amount of 14.22 %.
The liabilities consist of current and noncurrent liabilities. The significant
difference between current and noncurrent liabilities is the period of time, current
liabilities tend to be short-term, while noncurrent liabilities are long-term. While
the current liabilities increased in the amount of 88.91 %, noncurrent liabilities
decreased up to 20.28 %. The increase of total liabilities’ percent change was 21.
56 %. The total equity grew in the amount of 6.77 %. After calculating the sum of
liabilities and equity, it proved the increase of 14.22 % in the percent change for
total assets.
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2015
IDR Change % Change
NO In Rupiah 2016 2015 2016
CURRENT ASSETS
1 Cash and Cash Equivalents 473,342,736,649 404,576,741,480 68,765,995,169 17.00

Investments in available-for-sale financial
2 assets - - - -
3 trade accounts receivable 165,874,786,460 235,503,840,409 (69,629,053,949) (29.57)
4 Other Accounts Receivable 35,460,094,026 33,512,273,613 1,947,820,413 5.81
5 Inventories 2,067,405,321,757 2,013,316,627,799 54,088,693,958 2.69
6 Advances 92,970,325,277 44,638,841,416 48,331,483,861 108.27
7 Prepaid Taxes 195,731,762,138 192,316,917,336 3,414,844,802 1.78
8 Prepaid Expenses 3,315,296,585 1,742,175,672 1,573,120,913 90.30

IDR Change % Change
NONCURRENT ASSETS
NO 2016 2015 2016
1 Trade Account Receivable - third parties 77,313,661,550 74,950,451,128 2,363,210,422 3.15

2 assets 37,396,718,990 37,190,552,259 206,166,731 0.55
3 Inventories 1,858,110,169,959 1,550,677,791,992 307,432,377,967 19.83
4 Advances 616,584,757,232 470,242,091,299 146,342,665,933 31.12
5 Land for Development 4,118,113,742,042 3,644,191,259,620 473,922,482,422 13.00
6 Due from related parties 11,814,664,131 4,216,228,631 7,598,435,500 180.22

Investments in associates and joint
7 ventures 219,861,185,692 224,475,426,350 (4,614,240,658) (2.06)
8 Deferred Tax Assets 4,580,939,958 4,156,165,664 424,774,294 10.22

9 accumulated depreciation 1,608,376,762,264 1,117,920,560,876 490,456,201,388 43.87

10 accumulated depreciation 243,529,148,295 225,290,354,193 18,238,794,102 8.10
11 Goodwill 6,184,505,653 6,184,505,653 - -
12 Other Assets 4,093,357,784 3,469,271,492 624,086,292 17.99
Total Noncurrent Assets 8,805,959,613,550 7,362,964,659,157 1,442,994,954,393 19.60
Total Assets 11,840,059,936,442 10,288,572,076,882 1,551,487,859,560 15.08
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CURRENT LIABILITIES 2016 2015 IDR Change % Change

NO 2016
1 Short-term bank loans 1,093,279,948,453 820,908,230,798 272,371,717,655 33.18
2 Notes Payable 208,285,292,054 7,000,000,000 201,285,292,054 2,875.50
3 Trade Accounts Payable to third parties 191,263,291,117 332,694,828,372 (141,431,537,255) (42.51)
5 Taxes Payable 58,528,364,773 54,364,580,421 4,163,784,352 7.66
6 Accrued Expenses 160,716,243,913 111,235,663,589 49,480,580,324 44.48
7 Unearned Revenues 67,368,947,903 99,347,712,492 (31,978,764,589) (32.19)
8 Sales Advances 956,622,466,417 889,164,444,136 67,458,022,281 7.59

9 Due to related party - non-trade - - - -
10 Bank Loans long-term liabilities 477,024,406,081 547,599,982,931 (70,575,576,850) (12.89)
11 Lease Liabilities 1,291,278,564 1,311,645,671 (20,367,107) (1.55)
12 Bonds Payable - 345,070,802,264 - -
Total Current Liabilities 3,292,500,606,947 3,285,725,170,548 6,775,436,399 0.21

No. NONCURRENT LIABILITIES 2016 2015 IDR Change % Change
2016
1 Notes Payable - - - -
2 Other Accounts Payable 199,581,743,071 50,028,195,051 149,553,548,020 298.94
3 Unearned Revenues 78,650,547,976 - 78,650,547,976 -

5 Sales Advances 211,096,737,973 453,840,759,642 (242,744,021,669) (53.49)
6 Due to a related party - non-trade 99,381,300,000 99,220,000,000 161,300,000 0.16
8 Long-term Employee Benefits Liability 110,080,732,641 90,570,090,171 19,510,642,470 21.54
9 Bank Loans 1,939,315,267,309 1,322,532,703,278 616,782,564,031 46.64
10 Lease Liabilities 558,878,146 1,981,038,293 (1,422,160,147) (71.79)
11 Bonds Payable 735,387,115,676 153,102,690,081 582,284,425,595 380.32
Total Noncurrent Liabilities 3,490,081,305,284 2,232,018,222,774 1,258,063,082,510 56.36
Total Liabilities 6,782,581,912,231 5,517,743,393,322 1,264,838,518,909 22.92
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IDR Change % Change

No. EQUITY 2016 2015 2016
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 - -
2 Treasury Stocks - (24,688,750,000) 24,688,750,000 (100.00)
3 Additional paid-in capital - net 1,096,320,037,357 1,066,199,762,357 30,120,275,000 2.83
Difference in value arising from
transactions with non-controlling
4 interests (92,814,618,166) (92,814,618,166) - -
Unrealized gain on increase in fair
5 value of available-for-sale securities - - - -
7 Retained earnings - unappropriated 1,375,153,341,857 1,133,402,372,703 241,750,969,154 21.33
Total Equity Attributable to Owners of
8 the Company 4,980,122,307,298 4,681,562,313,144 298,559,994,154 6.38
9 Non-Controlling Interests 77,355,716,913 89,266,370,415 (11,910,653,502) (13.34)
- -
Total Equity 5,057,478,024,211 4,770,828,683,559 286,649,340,652 6.01
According to Table 2.2, the current assets of Intiland in 2016 increased in

the amount of 108 billion Rupiah or 3.71 % from previous year. Not only the
current assets of Intiland in 2016 that increased, the total of noncurrent assets also
increased. The increase of the total of current and noncurrent assets indicated the
growth of total assets in the amount of 15.08 % or 1,551 trillion rupiah.
The current liabilities in 2016 only increased in the amount of 0.21 %,
noncurrent liabilities increased up to 56.36 %. The increase of total liabilities’
percent change was 22.92 %. The total equity grew in the amount of 6.01 %. After
calculating the sum of liabilities and equity, it proved the increase of 15.08 % in
the percent change for total assets.
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2016
%
IDR Change
Change
NO In Rupiah 2017 2016 2017
CURRENT ASSETS
1 Cash and Cash Equivalents 749,509,978,850 473,342,736,649 276,167,242,201 58.34
2 trade accounts receivable 171,863,000,569 165,874,786,460 5,988,214,109 3.61
3 Other Accounts Receivable 27,936,446,157 35,460,094,026 (7,523,647,869) (21.22)
4 Inventories 2,371,377,554,491 2,067,405,321,757 303,972,232,734 14.70
5 Advances 82,271,153,665 92,970,325,277 (10,699,171,612) (11.51)
6 Prepaid Taxes 201,408,421,420 195,731,762,138 5,676,659,282 2.90
7 Prepaid Expenses 2,561,107,786 3,315,296,585 (754,188,799) (22.75)

%
IDR Change
NONCURRENT ASSETS Change
NO 2017 2016 2017
1 Trade Account Receivable - third parties 29,651,136,621 77,313,661,550 (47,662,524,929) (61.65)

2 assets 37,396,718,990 37,396,718,990 - -
3 Inventories 2,757,701,568,222 1,858,110,169,959 899,591,398,263 48.41
4 Advances 668,941,093,404 616,584,757,232 52,356,336,172 8.49
5 Land for Development 3,803,477,114,190 4,118,113,742,042 (314,636,627,852) (7.64)
6 Due from related parties 17,167,624,131 11,814,664,131 5,352,960,000 45.31
7 Investments in associates and joint ventures 216,593,713,189 219,861,185,692 (3,267,472,503) (1.49)
8 Deferred Tax Assets 106,066,573,587 4,580,939,958 101,485,633,629 2,215.39

Investments properties - net of accumulated
9 depreciation 1,614,385,871,606 1,608,376,762,264 6,009,109,342 0.37
Property and Equipment - net of accumulated

10 depreciation 228,689,596,062 243,529,148,295 (14,839,552,233) (6.09)
11 Goodwill 6,184,505,653 6,184,505,653 - -
12 Other Assets 4,001,805,818 4,093,357,784 (91,551,966) (2.24)
Total Noncurrent Assets 9,490,257,321,473 8,805,959,613,550 684,297,707,923 7.77
Total Assets 13,097,184,984,411 11,840,059,936,442 1,257,125,047,969 10.62
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CURRENT LIABILITIES 2016 IDR Change % Change

NO 2017 2017
1 Short-term bank loans 1,440,465,175,639 1,093,279,948,453 347,185,227,186 31.76
2 Notes Payable - 208,285,292,054 (208,285,292,054) (100.00)

Trade Accounts Payable to third
3 parties 194,471,356,374 191,263,291,117 3,208,065,257 1.68
4 Other Accounts Payable 75,330,432,910 61,645,787,333 13,684,645,577 22.20
5 Taxes Payable 18,782,351,644 58,528,364,773 (39,746,013,129) (67.91)
6 Accrued Expenses 110,513,904,174 160,716,243,913 (50,202,339,739) (31.24)
7 Unearned Revenues 74,874,247,298 67,368,947,903 7,505,299,395 11.14
8 Sales Advances 1,117,410,815,716 956,622,466,417 160,788,349,299 16.81
9 Due to related party - non-trade 99,220,000,000 - 99,220,000,000 -
10 Bank Loans long-term liabilities 799,344,923,779 477,024,406,081 322,320,517,698 67.57
11 Lease Liabilities 543,057,021 1,291,278,564 (748,221,543) (57.94)

12 Bonds Payable 153,777,157,534 - - -
Total Current Liabilities 4,103,191,556,657 3,292,500,606,947 810,690,949,710 24.62

No. NONCURRENT LIABILITIES 2016 IDR Change % Change
2017
2017
1 Notes Payable 96,379,340,665 - - -
3 Unearned Revenues 29,499,708,630 78,650,547,976 (49,150,839,346) (62.49)

5 Sales Advances 256,840,004,418 211,096,737,973 45,743,266,445 21.67
6 Due to a related party - non-trade 41,250,342 99,381,300,000 (99,340,049,658) (99.96)
Long-term Employee Benefits

8 Liability 128,917,815,600 110,080,732,641 18,837,082,959 17.11
9 Bank Loans 1,355,952,157,740 1,939,315,267,309 (583,363,109,569) (30.08)
10 Lease Liabilities 20,003,748 558,878,146 (538,874,398) (96.42)
11 Bonds Payable 584,329,070,176 735,387,115,676 (151,058,045,500) (20.54)
Total Noncurrent Liabilities 2,683,443,100,508 3,490,081,305,284 (806,638,204,776) (23.11)
Total Liabilities 6,786,634,657,165 6,782,581,912,231 4,052,744,934 0.06
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IDR Change % Change

No. EQUITY 2017 2016 2017
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 - -

2 Treasury Stocks - - - -
3 Additional paid-in capital - net 1,096,320,037,357 1,096,320,037,357 - -

Difference in value arising from transactions
4 with non-controlling interests 303,714,664,339 (92,814,618,166) 396,529,282,505 (427.23)
Unrealized gain on increase in fair value of
5 available-for-sale securities - - - -
7 Retained earnings - unappropriated 1,619,629,931,777 1,375,153,341,857 244,476,589,920 17.78

Total Equity Attributable to Owners of the
8 Company 5,623,128,179,723 4,980,122,307,298 643,005,872,425 12.91
9 Non-Controlling Interests 687,422,147,523 77,355,716,913 610,066,430,610 788.65
- -
Total Equity 6,310,550,327,246 5,057,478,024,211 1,253,072,303,035 24.78
According to Table 2.3, the current assets of Intiland in 2017 increased in

the amount of 572 billion Rupiah or 18.88 % from previous year. Not only the
current assets of Intiland in 2017 that increased, the total of noncurrent assets also
increased. The increase of the total of current and noncurrent assets indicated the
growth of total assets in the amount of 10.62 % or 1,257 trillion rupiah.
The current liabilities in 2017 increased in the amount of 24.62 %,
noncurrent liabilities decreased up to 23.11 %. The increase of total liabilities’
percent change was only 0.06 %. The total equity grew in the amount of 24.78 %.
After calculating the sum of liabilities and equity, it proved the increase of 10.62
% in the percent change for total assets.
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b. Comparative Income Statements

Table 2.4 The Comparative Income Statements for 2015 and 2014
Consolidated Statements of Profit or Loss and Other Comprehensive Income
IDR Change % Change
No. In million Rupiah 2015 2014 2015
1 Revenues 2,200,900,470,208 1,827,944,369,891 372,956,100,317 20.40
2 Cost of Sales and Direct Expenses 1,158,084,584,962 834,689,330,132 323,395,254,830 38.74
3 Gross Profit 1,042,815,885,246 993,255,039,759 49,560,845,487 4.99
4 Operating Expenses - -
Selling 122,103,564,957 73,629,963,515 48,473,601,442 65.83
General and Administrative 350,140,299,398 324,224,460,175 25,915,839,223 7.99
Final Tax 113,422,650,698 92,061,624,057 21,361,026,641 23.20
Total Operating Expenses 585,666,515,053 489,916,047,747 95,750,467,306 19.54
Operating Profit 457,149,370,193 503,338,992,012 (46,189,621,819) (9.18)

IDR Change % Change
No. Other Income (Expenses) 2015 2014 2015
1 Interest income 18,859,451,124 12,325,005,637 6,534,445,487 53.02
2 Gain (loss) on foreign exchange - net 74,852,754 (237,318,360) 312,171,114 (131.54)

Gain (loss) on sale of property and
3 equipment (86,039,455) 46,419,917 (132,459,372) (285.35)
4 Interest expense (89,669,419,835) (98,745,885,026) 9,076,465,191 (9.19)
5 Gain on disposal of a subsidiary - 10,555,768,397 (10,555,768,397) (100.00)
6 Gain on bargain purchase of a subsidiary - 1,891,658,619 (1,891,658,619) (100.00)
7 Loss on sale of long-term investment - (671,236,750) 671,236,750 (100.00)
8 Others - net 39,921,248,329 16,353,056,633 23,568,191,696 144.12
Other Income (Expenses) - Net (30,899,907,083) (58,482,530,933) 27,582,623,850 (47.16)
- -
Share in net loss of associates and joint
1 venture (7,048,078,380) (8,601,242,795) 1,553,164,415 (18.06)
2 Profit Before Tax 419,201,384,730 436,255,218,284 (17,053,833,554) (3.91)
3 Tax Expense (157,189,266) (3,476,798,960) 3,319,609,694 (95.48)
Profit For The Year 419,044,195,464 432,778,419,324 (13,734,223,860) (3.17)
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IDR Change % Change

No. Other Comprehensive Income (Loss) 2015 2014 2015
Share of remeasurement of defined benefit

1 liability in associates and joint venture 736,931,304 (187,113,515) 924,044,819 (493.84)
2 Remeasurement of defined benefit liability 258,661,708 (7,372,465,513) 7,631,127,221 (103.51)
Tax relating to items that will not be

3 reclassified (114,884,226) 354,321,398 (469,205,624) (132.42)
Other Comprehensive Income (Loss) 880,708,786 (7,205,257,630) 8,085,966,416 (112.22)
Loss on change in fair value of disposed

available for sale financial asset - (27,485,009) 27,485,009 (100.00)
Total Other Comprehensive income -

net of tax 880,708,786 (7,232,742,639) 8,113,451,425 (112.18)
Total Comprehensive income 419,924,904,250 425,545,676,685 (5,620,772,435) (1.32)

%
IDR Change
Change
No. Total profit for the year attributable to 2015 2014 2015
owners of the company 401,477,919,700 430,542,285,292 (29,064,365,592) (6.75)
non-controlling interests 17,566,275,764 2,236,134,032 15,330,141,732 685.56
419,044,195,464 432,778,419,324 (13,734,223,860) (3.17)

%
IDR Change
Change
Total comprehensive income
No. attributable to 2015 2014 2015
non-controlling interests 17,577,127,800 2,217,194,709 15,359,933,091 692.76
419,924,904,250 425,545,676,685 (5,620,772,435) (1.32)
Basic earnings per share 39 42
Based on table 2.4, the revenues of Intiland in 2015 increased in the

amount of 1,827 trillion Rupiah or 20.40 % from previous year. The increase in
revenues also followed by the increase of the cost of sales and direct expenses in
the amount of 38.74 %. At the end of the year, the profit and the total
comprehensive income declined slightly to 3.17 % and 1.32 % respectively.
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IDR Change % Change
1 Revenues 2,276,459,607,316 2,200,900,470,208 75,559,137,108 3.43
2 Cost of Sales and Direct Expenses 1,240,056,494,396 1,158,084,584,962 81,971,909,434 7.08
3 Gross Profit 1,036,403,112,920 1,042,815,885,246 (6,412,772,326) (0.61)
Selling 127,824,123,808 122,103,564,957 5,720,558,851 4.69
General and Administrative 397,107,578,528 350,140,299,398 46,967,279,130 13.41
Final Tax 107,214,419,168 113,422,650,698 (6,208,231,530) (5.47)
Total Operating Expenses 632,146,121,504 585,666,515,053 46,479,606,451 7.94

IDR Change % Change
1 Interest income 15,401,179,136 18,859,451,124 (3,458,271,988) (18.34)
2 Gain (loss) on foreign exchange - net (5,200,952,440) 74,852,754 (5,275,805,194) (7,048.24)

3 equipment 165,325,500 (86,039,455) 251,364,955 (292.15)
4 Interest expense (173,860,393,610) (89,669,419,835) (84,190,973,775) 93.89

5 Gain on disposal of a subsidiary - - - -
Gain on bargain purchase of a
6 subsidiary - - - -
7 Loss on sale of long-term investment - - - -
8 Others - net 61,266,185,082 39,921,248,329 21,344,936,753 53.47
Other Income (Expenses) - Net (102,228,656,332) (30,899,907,083) (71,328,749,249) 230.84
- -
Share in net loss of associates and
1 joint venture (2,741,945,741) (7,048,078,380) 4,306,132,639 (61.10)
3 Tax Expense (1,935,834,355) (157,189,266) (1,778,645,089) 1,131.53
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IDR Change % Change


1 liability in associates and joint venture 38,816,482 736,931,304 (698,114,822) (94.73)
2 Remeasurement of defined benefit liability (4,607,992,165) 258,661,708 (4,866,653,873) (1,881.47)

3 reclassified (52,199,980) (114,884,226) 62,684,246 (54.56)
Other Comprehensive Income (Loss) (4,621,375,663) 880,708,786 (5,502,084,449) (624.73)

- -

available for sale financial asset - - -
-
Total Other Comprehensive income - net
of tax (4,621,375,663) 880,708,786 (5,502,084,449) (624.73)

IDR Change % Change
non-controlling interests (1,541,191,745) 17,566,275,764 (19,107,467,509) (108.77)
297,350,554,988 419,044,195,464 (121,693,640,476) (29.04)

IDR Change % Change
Total comprehensive income attributable
No. to 2016 2015 2016
non-controlling interests (2,357,285,754) 17,577,127,800 (19,934,413,554) (113.41)
292,729,179,325 419,924,904,250 (127,195,724,925) (30.29)
Based on table 2.5, the revenues of Intiland in 2016 increased in the

amount of 75,559 billion Rupiah or 3.43 % from previous year. The increase in
revenues also followed by the increase of the cost of sales and direct expenses in
the amount of 7.08 %. At the end of the year, the profit and the total
comprehensive income declined up to 29.04 % and 30.29 % respectively.
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IDR Change % Change
1 Revenues 2,202,820,510,610 2,276,459,607,316 (73,639,096,706) (3.23)
2 Cost of Sales and Direct Expenses 1,247,054,499,349 1,240,056,494,396 6,998,004,953 0.56
3 Gross Profit 955,766,011,261 1,036,403,112,920 (80,637,101,659) (7.78)
Selling 130,710,838,283 127,824,123,808 2,886,714,475 2.26
General and Administrative 391,768,029,998 397,107,578,528 (5,339,548,530) (1.34)
Final Tax 88,377,382,734 107,214,419,168 (18,837,036,434) (17.57)
Total Operating Expenses 610,856,251,015 632,146,121,504 (21,289,870,489) (3.37)

IDR Change % Change
1 Interest income 22,846,624,207 15,401,179,136 7,445,445,071 48.34
2 Gain (loss) on foreign exchange - net 1,711,900,983 (5,200,952,440) 6,912,853,423 (132.92)

3 equipment 164,373,233 165,325,500 (952,267) (0.58)
4 Interest expense (240,427,904,036) (173,860,393,610) (66,567,510,426) 38.29

5 Gain on disposal of a subsidiary - - - -
6 Gain on bargain purchase of a subsidiary - - - -
7 Loss on sale of long-term investment - - - -
8 Others - net 38,601,370,199 61,266,185,082 (22,664,814,883) (36.99)
Other Income (Expenses) - Net (177,103,635,414) (102,228,656,332) (74,874,979,082) 73.24
- -
1 venture 4,864,635,259 (2,741,945,741) 7,606,581,000 (277.42)
3 Tax Expense 98,863,753,278 (1,935,834,355) 100,799,587,633 (5,207.04)
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IDR Change % Change


1 liability in associates and joint venture (918,027,762) 38,816,482 (956,844,244) (2,465.05)
2 Remeasurement of defined benefit liability 1,836,279,483 (4,607,992,165) 6,444,271,648 (139.85)

3 reclassified (167,165,149) (52,199,980) (114,965,169) 220.24
Other Comprehensive Income (Loss) 751,086,572 (4,621,375,663) 5,372,462,235 (116.25)
- -

available for sale financial asset - - -
-
Total Other Comprehensive income - net of
tax 751,086,572 (4,621,375,663) 5,372,462,235 (116.25)

IDR Change % Change
non-controlling interests (25,954,657,750) (1,541,191,745) (24,413,466,005) 1,584.06
271,536,513,369 297,350,554,988 (25,814,041,619) (8.68)

IDR Change % Change
No. Total comprehensive income attributable to 2017 2016 2017
owners of the company 298,305,860,845 295,086,465,079 3,219,395,766 1.09
non-controlling interests (26,018,260,904) (2,357,285,754) (23,660,975,150) 1,003.74
272,287,599,941 292,729,179,325 (20,441,579,384) (6.98)
Based on table 2.6, the revenues of Intiland in 2017 decreased in the

amount of 73,639 billion Rupiah or 3.23 % from previous year. On the other hand,
the cost of sales and direct expenses only increased in the amount of 0.56 %. At
the end of the year, the profit and the total comprehensive income declined up to
8.68 % and 6.98 % respectively.
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c. Trend Analysis
Another form to use the horizontal analysis is to calculate using trend
analysis. The trend analysis will help to determine the lines from several years.
The trend analysis is determined using the calculation of trend percent (%). The
trend percent (%) is calculated using this formula:
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡

𝑇𝑟𝑒𝑛𝑑 𝑃𝑒𝑟𝑐𝑒𝑛𝑡 (%) = 𝑋 100
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝐴𝑚𝑜𝑢𝑛𝑡 = The period when the financial statement is under analysis
𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 = The prior year period of the financial statements to be compared
Table 2.7 Trend Analysis in Rupiah

Trend Analysis 2014 2015 2016 2017
Assets 9,007,692,918,375 10,288,572,076,882 11,840,059,936,442 13,097,184,984,411

Current Assets 2,468,562,684,275 2,925,607,417,725 3,034,100,322,892 3,606,927,662,938
Noncurrent Assets 6,539,130,234,100 7,362,964,659,157 8,805,959,613,550 9,490,257,321,473
Liabilities 4,539,173,147,215 5,517,743,393,322 6,782,581,912,231 6,786,634,657,165
Current Liabilities 1,739,274,622,962 3,285,725,170,548 3,292,500,606,947 4,103,191,556,657
Noncurrent
Liabilities 2,799,898,524,253 2,232,018,222,774 3,490,081,305,284 2,683,443,100,508
Equity 4,468,519,771,160 4,770,828,683,559 5,057,478,024,211 6,310,550,327,246
Revenues 1,827,944,369,891 2,200,900,470,208 2,276,459,607,316 2,202,820,510,610
Cost of Sales and

Direct Expenses 834,689,330,132 1,158,084,584,962 1,240,056,494,396 1,247,054,499,349
Table 2.8 Trend Percent

Trend Analysis 2014 2015 2016 2017
Assets 100.00% 114.22% 131.44% 145.40%
Current Assets 100.00% 118.51% 122.91% 146.11%
Noncurrent Assets 100.00% 112.60% 134.67% 145.13%
Liabilities 100.00% 121.56% 149.42% 149.51%
Current Liabilities 100.00% 188.91% 189.30% 235.91%
Noncurrent Liabilities 100.00% 79.72% 124.65% 95.84%
Equity 100.00% 106.77% 113.18% 141.22%
Revenues 100.00% 120.40% 124.54% 120.51%
Cost of Sales and

Direct Expenses 100.00% 138.74% 148.57% 149.40%
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Trend Analysis
14,000,000,000,000
12,000,000,000,000
10,000,000,000,000
8,000,000,000,000
Trend
6,000,000,000,000
4,000,000,000,000
2,000,000,000,000
0
2014 2015 2016 2017
Assets 9,007,692,918,375 10,288,572,076,882 11,840,059,936,442 13,097,184,984,411
Current Assets 2,468,562,684,275 2,925,607,417,725 3,034,100,322,892 3,606,927,662,938
Noncurrent Assets 6,539,130,234,100 7,362,964,659,157 8,805,959,613,550 9,490,257,321,473
Liabilities 4,539,173,147,215 5,517,743,393,322 6,782,581,912,231 6,786,634,657,165
Current Liabilities 1,739,274,622,962 3,285,725,170,548 3,292,500,606,947 4,103,191,556,657
Noncurrent Liabilities 2,799,898,524,253 2,232,018,222,774 3,490,081,305,284 2,683,443,100,508
Equity 4,468,519,771,160 4,770,828,683,559 5,057,478,024,211 6,310,550,327,246
Revenues 1,827,944,369,891 2,200,900,470,208 2,276,459,607,316 2,202,820,510,610
Cost of Sales and Direct Expenses 834,689,330,132 1,158,084,584,962 1,240,056,494,396 1,247,054,499,349
Graph 2.1 Trend Analysis
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Trend Percent
250.00%
200.00%
150.00%
TREND
100.00%
50.00%
0.00%
2014 2015 2016 2017
Assets 100.00% 114.22% 131.44% 145.40%
Current Assets 100.00% 118.51% 122.91% 146.11%
Noncurrent Assets 100.00% 112.60% 134.67% 145.13%
Liabilities 100.00% 121.56% 149.42% 149.51%
Noncurrent Liabilities 100.00% 79.72% 124.65% 95.84%
Equity 100.00% 106.77% 113.18% 141.22%
Revenues 100.00% 120.40% 124.54% 120.51%
Cost of Sales and Direct
100.00% 138.74% 148.57% 149.40%
Expenses
Graph 2.2 Trend Percent
The trend analysis shows that the total assets increased through the years,
though if the assets only included current or noncurrent assets, it increased
differently but gradually each year. The graph also shows that the assets are
greater than the revenues for the last three years. It could also conclude that there
were still more assets or goods to be sold to gain the revenues of the company.
The equity and liabilities increased through the years and the graph
concluded that Intiland gained revenues as the company’s payable increased. Cost
of sales and direct expenses increased gradually from 2014 to 2017, meanwhile
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the revenues increased from 2014 to 2016 but decreased slightly in 2017. The
greater growth of cost of sales and direct expenses towards the revenues causes
the pressure on pricing and decrease in gross margin. The percentage of assets is
greater than the percentage of revenues through the years since 2016, it suggests
that Intiland is not quite efficient in using its assets since 2016.
2.4 Vertical Analysis

The second tool to analyze Intiland financial statement report is the vertical
analysis. Unlike the horizontal analysis, the groups of items will be assessed
vertically from the top item to the bottom item. We determine the vertical analysis
by calculating common-size percent (%) and later it will be represented by some
graphics. The common-size percent will be calculated using this formula:
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑎𝑚𝑜𝑢𝑛𝑡
𝐶𝑜𝑚𝑚𝑜𝑛 − 𝑠𝑖𝑧𝑒 𝑝𝑒𝑟𝑐𝑒𝑛𝑡 (%) = 𝑋 100
𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝐴𝑚𝑜𝑢𝑛𝑡 = The period when the financial statement is under analysis
𝐵𝑎𝑠𝑒 𝑎𝑚𝑜𝑢𝑛𝑡 = The prior year period of the financial statements to be compared
The Base amount of each year will be the total assets and total liabilities and
equity for financial position statement and the revenues as the base amount for
income statements.
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a. Common-Size Statements of Financial Position

Table 2.9 The Common-Size Statements of Financial Positions in 2015 and
2014
Common-Size Percent
NO In Rupiah 2015 2014 2015 2014
CURRENT ASSETS
1 Cash and Cash Equivalents 404,576,741,480 552,207,773,905 3.93 6.13
2 trade accounts receivable 235,503,840,409 115,514,242,259 2.29 1.28
3 Other Accounts Receivable 33,512,273,613 35,952,193,625 0.33 0.40
4 Inventories 2,013,316,627,799 1,617,473,256,015 19.57 17.96
5 Advances 44,638,841,416 33,547,031,756 0.43 0.37
6 Prepaid Taxes 192,316,917,336 111,903,401,218 1.87 1.24
7 Prepaid Expenses 1,742,175,672 1,964,785,497 0.02 0.02
Total Current Assets 2,925,607,417,725 2,468,562,684,275 28.44 27.41

Common-Size Percent
NO NONCURRENT ASSETS 2015 2014 2015 2014
1 Trade Account Receivable - third parties 74,950,451,128 90,320,070,584 0.73 1.00
2 Investments in available-for-sale financial assets 37,190,552,259 37,190,552,259 0.36 0.41
3 Inventories 1,550,677,791,992 1,507,369,673,960 15.07 16.73
4 Advances 470,242,091,299 468,149,840,003 4.57 5.20
5 Land for Development 3,644,191,259,620 3,201,589,410,609 35.42 35.54
6 Due from related parties 4,216,228,631 4,203,128,631 0.04 0.05
7 Investments in associates and joint ventures 224,475,426,350 198,823,580,166 2.18 2.21
8 Deferred Tax Assets 4,156,165,664 2,608,549,954 0.04 0.03

9 depreciation 1,117,920,560,876 760,881,212,614 10.87 8.45
10 depreciation 225,290,354,193 258,299,505,218 2.19 2.87
11 Goodwill 6,184,505,653 6,184,505,653 0.06 0.07
12 Other Assets 3,469,271,492 3,510,204,449 0.03 0.04
Total Noncurrent Assets 7,362,964,659,157 6,539,130,234,100 71.56 72.59
Total Assets 10,288,572,076,882 9,007,692,918,375 100 100
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Common-Size Percent
NO CURRENT LIABILITIES 2015 2014 2015 2014
1 Short-term bank loans 820,908,230,798 259,432,961,088 7.98 2.88
2 Notes Payable 7,000,000,000 7,000,000,000 0.07 0.08
3 Trade Accounts Payable to third parties 332,694,828,372 112,114,796,490 3.23 1.24
4 Other Accounts Payable 67,609,736,037 89,824,587,579 0.66 1.00
5 Taxes Payable 54,364,580,421 83,949,476,993 0.53 0.93
6 Accrued Expenses 111,235,663,589 80,230,980,756 1.08 0.89
7 Unearned Revenues 99,347,712,492 14,185,691,610 0.97 0.16
8 Sales Advances 889,164,444,136 903,431,459,242 8.64 10.03
9 Bank Loans long-term liabilities 547,599,982,931 184,202,793,654 5.32 2.04
10 Lease Liabilities 1,311,645,671 1,340,101,480 0.01 0.01

11 Bonds Payable 345,070,802,264 - 3.35 -
12 Guarantee Deposits 9,417,543,837 3,561,774,070 0.09 0.04
Total Current Liabilities 3,285,725,170,548 1,739,274,622,962 31.94 19.31

Common-Size Percent
NO NONCURRENT LIABILITIES 2015 2014 2015 2014
2 Sales Advances 453,840,759,642 856,140,029,384 4.41 9.50
3 Due to a related party - non-trade 99,220,000,000 99,220,000,000 0.96 1.10
5 Long-term Employee Benefits Liability 90,570,090,171 72,368,772,992 0.88 0.80
6 Bank Loans 1,322,532,703,278 1,176,618,825,374 12.85 13.06
8 Bonds Payable 153,102,690,081 496,752,414,526 1.49 5.51
Total Noncurrent Liabilities 2,232,018,222,774 2,799,898,524,253 21.69 31.08
Total Liabilities 5,517,743,393,322 4,539,173,147,215 53.63 50.39

Common-Size Percent
NO EQUITY 2015 2014 2015 2014
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 25.19 28.77
2 Treasury Stocks (24,688,750,000) (24,688,750,000) -0.24 (0.27)
3 Additional paid-in capital - net 1,066,199,762,357 1,066,199,762,357 10.36 11.84

Difference in value arising from transactions with
4 non-controlling interests (92,814,618,166) (92,814,618,166) -0.90 (1.03)
6 Retained earnings - appropriated 8,000,000,000 6,000,000,000 0.08 0.07
7 Retained earnings - unappropriated 1,133,402,372,703 835,725,588,103 11.02 9.28

8 Company 4,681,562,313,144 4,381,885,528,544 45.50 48.65
9 Non-Controlling Interests 89,266,370,415 86,634,242,616 0.87 0.96
Total Equity 4,770,828,683,559 4,468,519,771,160 46.37 49.61
Total Liabilities and Equity 10,288,572,076,881 9,007,692,918,375 100 100
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Based on table 2.9, The largest percentage of total assets in 2015 and 2014
emphasized in total noncurrent assets. The largest portion of current assets in
2015 is in the inventories. The two second largest asset items other than
inventories are cash and cash equivalents and accounts receivable. The largest
portion of noncurrent asset items in 2015 is Land for Development, way greater
than the goodwill in noncurrent assets. The percentage of total liabilities is greater
than the total equity, as the bank loans sets as the largest portion of liabilities
items. It suggests than Intiland has to innovate how to produce more revenues by
generating physical assets in inventories.
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2015
PT INTILAND DEVELOPMENT TBK

December 31 2016, and December 31 2015
Common-Size Percent
NO In Rupiah 2016 2015 2016 2015
CURRENT ASSETS

2 assets - - - -
5 Inventories 2,067,405,321,757 2,013,316,627,799 17.46 19.57
6 Advances 92,970,325,277 44,638,841,416 0.79 0.43
7 Prepaid Taxes 195,731,762,138 192,316,917,336 1.65 1.87

Common-Size Percent

2 assets 37,396,718,990 37,190,552,259 0.32 0.36
3 Inventories 1,858,110,169,959 1,550,677,791,992 15.69 15.07
4 Advances 616,584,757,232 470,242,091,299 5.21 4.57

Investments in associates and joint
7 ventures 219,861,185,692 224,475,426,350 1.86 2.18
8 Investments held to maturity in bonds - - - -

10 accumulated depreciation 1,608,376,762,264 1,117,920,560,876 13.58 10.87
11 accumulated depreciation 243,529,148,295 225,290,354,193 2.06 2.19
12 Goodwill 6,184,505,653 6,184,505,653 0.05 0.06
13 Other Assets 4,093,357,784 3,469,271,492 0.03 0.03
Total Assets 11,840,059,936,442 10,288,572,076,882 100 100
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Common-Size Percent
1 Short-term bank loans 1,093,279,948,453 820,908,230,798 9.23 7.98
2 Notes Payable 208,285,292,054 7,000,000,000 1.76 0.07
5 Taxes Payable 58,528,364,773 54,364,580,421 0.49 0.53
8 Sales Advances 956,622,466,417 889,164,444,136 8.08 8.64
11 Bonds Payable - 345,070,802,264 - 3.35

Common-Size Percents
1 Notes Payable - - - -
3 Unearned Revenues 78,650,547,976 - 0.66 -
5 Sales Advances 211,096,737,973 453,840,759,642 1.78 4.41
6 Due to a related party - non-trade 99,381,300,000 99,220,000,000 0.84 0.96
9 Bank Loans 1,939,315,267,309 1,322,532,703,278 16.38 12.85
10 Lease Liabilities 558,878,146 1,981,038,293 0.00 0.02
11 Bonds Payable 735,387,115,676 153,102,690,081 6.21 1.49

NO EQUITY 2016 2015 2016 2015
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 21.89 25.19
2 Treasury Stocks - (24,688,750,000) - (0.24)
Difference in value arising from transactions

4 with non-controlling interests (92,814,618,166) (92,814,618,166) (0.78) (0.90)
6 Retained earnings - unappropriated 1,375,153,341,857 1,133,402,372,703 11.61 11.02

7 Company 4,980,122,307,298 4,681,562,313,144 42.06 45.50
Total Equity 5,057,478,024,211 4,770,828,683,559 42.71 46.37
Total Liabilities and Equity 11,840,059,936,442 10,288,572,076,881 100.00 100
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Based on table 2.10, The largest percentage of total assets in 2016

emphasized in total noncurrent assets. The largest portion of 17.46 % of current
assets in 2016 is in the inventories. The two second largest asset items other than
than the goodwill in noncurrent assets in the amount of 50.42%. The percentage
of total liabilities is greater than the total equity, as the bank loans sets as the
largest portion of liabilities items.
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2016
NO In Rupiah 2017 2016 2017 2016
CURRENT ASSETS

2 assets - - - -
5 Inventories 2,371,377,554,491 2,067,405,321,757 18.11 17.46
6 Advances 82,271,153,665 92,970,325,277 0.63 0.79
7 Prepaid Taxes 201,408,421,420 195,731,762,138 1.54 1.65


2 assets 37,396,718,990 37,396,718,990 0.29 0.32
3 Inventories 2,757,701,568,222 1,858,110,169,959 21.06 15.69
4 Advances 668,941,093,404 616,584,757,232 5.11 5.21
7 Investments in associates and joint ventures 216,593,713,189 219,861,185,692 1.65 1.86

8 Investments held to maturity in bonds - - - -

10 depreciation 1,614,385,871,606 1,608,376,762,264 12.33 13.58
11 depreciation 228,689,596,062 243,529,148,295 1.75 2.06
12 Goodwill 6,184,505,653 6,184,505,653 0.05 0.05
13 Other Assets 4,001,805,818 4,093,357,784 0.03 0.03
Total Assets 13,097,184,984,411 11,840,059,936,442 100.00 100.00
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1 Short-term bank loans 1,440,465,175,639 1,093,279,948,453 11.00 9.23
2 Notes Payable - 208,285,292,054 - 1.76
5 Taxes Payable 18,782,351,644 58,528,364,773 0.14 0.49
8 Sales Advances 1,117,410,815,716 956,622,466,417 8.53 8.08
9 Due to related party - non-trade 99,220,000,000 - 0.76 -
11 Lease Liabilities 543,057,021 1,291,278,564 0.00 0.01
12 Bonds Payable 153,777,157,534 - 1.17 -

1 Notes Payable 96,379,340,665 - 0.74 -
4 Sales Advances 256,840,004,418 211,096,737,973 1.96 1.78
5 Due to a related party - non-trade 41,250,342 99,381,300,000 0.00 0.84
8 Bank Loans 1,355,952,157,740 1,939,315,267,309 10.35 16.38
9 Lease Liabilities 20,003,748 558,878,146 0.00 0.00
10 Bonds Payable 584,329,070,176 735,387,115,676 4.46 6.21

NO EQUITY 2017 2016 2017 2016
1 Capital Stock 2,591,463,546,250 2,591,463,546,250 19.79 21.89

Difference in value arising from transactions with non-
3 controlling interests 303,714,664,339 (92,814,618,166) 2.32 (0.78)
5 Retained earnings - unappropriated 1,619,629,931,777 1,375,153,341,857 12.37 11.61
6 Total Equity Attributable to Owners of the Company 5,623,128,179,723 4,980,122,307,298 42.93 42.06
Total Equity 6,310,550,327,246 5,057,478,024,211 48.18 42.71
Total Liabilities and Equity 13,097,184,984,411 11,840,059,936,442 100.00 100
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Based on table 2.11, The largest percentage of total assets in 2017

emphasized in total noncurrent assets. The largest portion of 18.11 % of current
assets in 2017 is in the inventories. The two second largest asset items other than
than the goodwill in noncurrent assets in the amount of 43.11%. The percentage
of total liabilities is greater than the total equity, as the bank loans sets as the
largest portion of liabilities items.
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b. Common-Size Income Statements

Table 2.12 The Common-Size Statements of Income in 2015 and 2014

No. In million Rupiah 2015 2014 2015 2014
1 Revenues 2,200,900,470,208 1,827,944,369,891 100 100
2 Cost of Sales and Direct Expenses 1,158,084,584,962 834,689,330,132 52.62 45.66
3 Gross Profit 1,042,815,885,246 993,255,039,759 47.38 54.34
Selling 122,103,564,957 73,629,963,515 5.55 4.03
General and Administrative 350,140,299,398 324,224,460,175 15.91 17.74
Final Tax 113,422,650,698 92,061,624,057 5.15 5.04
Total Operating Expenses 585,666,515,053 489,916,047,747 26.61 26.80
Operating Profit 457,149,370,193 503,338,992,012 20.77 27.54

No. Other Income (Expenses) 2015 2014 2015 2014
1 Interest income 18,859,451,124 12,325,005,637 0.86 0.67
2 Gain (loss) on foreign exchange - net 74,852,754 (237,318,360) 0.00 (0.01)
3 Gain (loss) on sale of property and equipment (86,039,455) 46,419,917 (0.00) 0.00
4 Interest expense (89,669,419,835) (98,745,885,026) (4.07) (5.40)
5 Gain on disposal of a subsidiary - 10,555,768,397 - 0.58
6 Gain on bargain purchase of a subsidiary - 1,891,658,619 - 0.10
7 Loss on sale of long-term investment - (671,236,750) - (0.04)
8 Others - net 39,921,248,329 16,353,056,633 1.81 0.89
Other Income (Expenses) - Net (30,899,907,083) (58,482,530,933) (1.40) (3.20)
1 Share in net loss of associates and joint venture (7,048,078,380) (8,601,242,795) (0.32) (0.47)
2 Profit Before Tax 419,201,384,730 436,255,218,284 19.05 23.87
3 Tax Expense (157,189,266) (3,476,798,960) (0.01) (0.19)
Profit For The Year 419,044,195,464 432,778,419,324 19.04 23.68

No. Other Comprehensive Income (Loss) 2015 2014 2015 2014
Share of remeasurement of defined benefit liability in

1 associates and joint venture 736,931,304 (187,113,515) 0.03 (0.01)
2 Remeasurement of defined benefit liability 258,661,708 (7,372,465,513) 0.01 (0.40)
3 Tax relating to items that will not be reclassified (114,884,226) 354,321,398 (0.01) 0.02
Other Comprehensive Income (Loss) 880,708,786 (7,205,257,630) 0.04 (0.39)
Loss on change in fair value of disposed available for

sale financial asset - (27,485,009) - (0.00)
Total Other Comprehensive income - net of tax 880,708,786 (7,232,742,639) 0.04 (0.40)
Total Comprehensive income 419,924,904,250 425,545,676,685 19.08 23.28
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No. Total profit for the year attributable to 2015 2014 2015 2014
owners of the company 401,477,919,700 430,542,285,292 95.81 99.48
non-controlling interests 17,566,275,764 2,236,134,032 4.19 0.52
419,044,195,464 432,778,419,324 100 100

No. Total comprehensive income attributable to 2015 2014 2015 2014
99.48
owners of the company 402,347,776,450 423,328,481,976 95.81
0.52
non-controlling interests 17,577,127,800 2,217,194,709 4.19
100
419,924,904,250 425,545,676,685 100
According to table 2.12, The Cost of Sales and direct expenses in 2015
covers most the income statement percentage of common-size up to 52.62 % and
greater than the percentage of common-size in 2014. After calculating all the
revenues until we get to the net profit, the net profit of Intiland in 2015 decreases
from 2014 and covers up 19.04 % of the total revenues.
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Common-Size Percent
1 Revenues 2,276,459,607,316 2,200,900,470,208 100 100
2 Cost of Sales and Direct Expenses 1,240,056,494,396 1,158,084,584,962 54.47 52.62
3 Gross Profit 1,036,403,112,920 1,042,815,885,246 45.53 47.38
4 Operating Expenses 0.00 -
Selling 127,824,123,808 122,103,564,957 5.62 5.55
Final Tax 107,214,419,168 113,422,650,698 4.71 5.15

Common-Size Percent
1 Interest income 15,401,179,136 18,859,451,124 0.68 0.86
2 Gain (loss) on foreign exchange - net (5,200,952,440) 74,852,754 -0.23 0.00

3 equipment 165,325,500 (86,039,455) 0.01 (0.00)
4 Interest expense (173,860,393,610) (89,669,419,835) -7.64 (4.07)
5 Others - net 61,266,185,082 39,921,248,329 2.69 1.81
Other Income (Expenses) - Net (102,228,656,332) (30,899,907,083) -4.49 (1.40)

1 venture (2,741,945,741) (7,048,078,380) -0.12 (0.32)
3 Tax Expense (1,935,834,355) (157,189,266) -0.09 (0.01)

Common-Size Percent
2016 2015
No. Other Comprehensive Income (Loss) 2016 2015
Share of remeasurement of defined

benefit liability in associates and joint
1 venture 38,816,482 736,931,304 0.00 0.03
Remeasurement of defined benefit
2 liability (4,607,992,165) 258,661,708 -0.20 0.01
3 reclassified (52,199,980) (114,884,226) 0.00 (0.01)
Other Comprehensive Income (Loss) (4,621,375,663) 880,708,786 -0.20 0.04

Total Other Comprehensive income -
net of tax (4,621,375,663) 880,708,786 -0.20 0.04

Common-Size Percent
non-controlling interests (1,541,191,745) 17,566,275,764 (0.52) 4.19

100.00
297,350,554,988 419,044,195,464 100.00
Common-Size Percent
Total comprehensive income
No. attributable to 2016 2015 2016 2015
non-controlling interests (2,357,285,754) 17,577,127,800 (0.81) 4.19
292,729,179,325 419,924,904,250 100.00 100
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from 2015 and covers up 13.06 % of the total revenues.
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1 Revenues 2,202,820,510,610 2,276,459,607,316 100 100
2 Cost of Sales and Direct Expenses 1,247,054,499,349 1,240,056,494,396 56.61 54.47
3 Gross Profit 955,766,011,261 1,036,403,112,920 43.39 45.53
Selling 130,710,838,283 127,824,123,808 5.93 5.62
Final Tax 88,377,382,734 107,214,419,168 4.01 4.71

1 Interest income 22,846,624,207 15,401,179,136 1.04 0.68
2 Gain (loss) on foreign exchange - net 1,711,900,983 (5,200,952,440) 0.08 (0.23)
3 Gain (loss) on sale of property and equipment 164,373,233 165,325,500 0.01 0.01
4 Interest expense (240,427,904,036) (173,860,393,610) (10.91) (7.64)
5 Others - net 38,601,370,199 61,266,185,082 1.75 2.69
Other Income (Expenses) - Net (177,103,635,414) (102,228,656,332) (8.04) (4.49)
1 Share in net loss of associates and joint venture 4,864,635,259 (2,741,945,741) 0.22 (0.12)
3 Tax Expense 98,863,753,278 (1,935,834,355) 4.49 (0.09)

No. Other Comprehensive Income (Loss) 2017 2016 2017 2016
Share of remeasurement of defined benefit liability

1 in associates and joint venture (918,027,762) 38,816,482 (0.04) 0.00
2 Remeasurement of defined benefit liability 1,836,279,483 (4,607,992,165) 0.08 (0.20)
3 Tax relating to items that will not be reclassified (167,165,149) (52,199,980) (0.01) (0.00)
Other Comprehensive Income (Loss) 751,086,572 (4,621,375,663) 0.03 (0.20)
Total Other Comprehensive income - net of tax 751,086,572 (4,621,375,663) 0.03 (0.20)

non-controlling interests (25,954,657,750) (1,541,191,745) (9.56) (0.52)
271,536,513,369 297,350,554,988 100.00 100

No. Total comprehensive income attributable to 2017 2016 2017 2016
non-controlling interests (26,018,260,904) (2,357,285,754) (9.56) (0.81)
272,287,599,941 292,729,179,325 100.00 100
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from 2016 and covers up to 12.33 % of the total revenues.
c. Common-Size Graphics
Table 2.15 The Common-Size Percent of Total Assets
Common-Size 2014 2015 2016 2017
Cash and Cash Equivalents 6.13% 3.93% 4.00% 5.72%
Account Receiveable 1.68% 2.61% 1.70% 1.53%
Inventories 17.96% 19.57% 17.46% 18.11%
Other Current Assets 1.64% 2.32% 2.47% 2.19%
Property, Plant and Equipment 46.86% 48.48% 50.42% 43.11%
Deferred Tax Assets 0.03% 0.04% 0.04% 0.81%

Other Noncurrent Assets 25.71% 23.05% 23.91% 28.54%
100.00% 100.00% 100.00% 100.00%
Table 2.16 The Common-Size Percent of Total Liabilities and Equity

Common-Size 2014 2015 2016 2017
Equity 49.61% 46.37% 42.71% 48.18%
Non-current Liabilities 31.08% 21.69% 29.48% 20.49%
100.00% 100.00% 100.00% 100.00%
Table 2.15 shows that the inventories in the total asset items increase
through the years, though it decreases slightly in 2016 just to go up to 18.11 % in
2017. The largest item in the total assets is Land for development, property, plant
and equipment. It recommends Intiland to construct more commercial
infrastructures to be developed and sold in the future. According to table 2.16, the
percentage of Intiland’s Liabilities are greater than the equity as the financial
source from shareholders for Intiland. It contributes to the increase of long-term
payable for Intiland to develop its land to be sold to the public and increase the
profit of the company. The equity of Intiland keeps decreasing from 2014 to 2016
and increases slightly in 2017 in the amount of 48.18 %
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Common-Size Graphic of Asset Components

120.00%
Other Noncurrent
Other Noncurrent Assets, 23.05% Other Noncurrent Other Noncurrent
Assets, 25.71% Assets, 23.91% Assets, 28.54%
100.00%
Graph 2.3 Common-Size Graphic of Asset Components

Deferred Tax Assets, Deferred Tax Assets,
Deferred Tax Assets, 0.04% 0.04%
0.03%
Deferred Tax Assets,
0.81%
80.00%
Property, Plant and Property, Plant and

Equipment, 48.48% Equipment, 50.42%
Property, Plant and
Equipment, 46.86% Property, Plant and
Equipment, 43.11%
60.00%
Other Current Assets,

1.64% Other Current Assets, Other Current Assets,
Other Current Assets,
2.32% 2.47%
2.19%
40.00%
Inventories, 19.57%
Inventories, 17.96% Inventories, 17.46% Inventories, 18.11%
Account Receiveable, Account Receiveable,

20.00% 2.61% 1.53%
Account Receiveable,
Account Receiveable, 1.70%
1.68%
Cash and Cash Cash and Cash
Equivalents, 3.93% Cash and Cash
Equivalents, 5.72%
Equivalents, 4.00%
Cash and Cash

Equivalents, 6.13%
0.00%
2014 2015 2016 2017
Graph 2.3 Common-Size Graphic of Asset Components
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Common-Size Graphic of Financing Source

120.00%
100.00%
21.69% 20.49%
31.08% 29.48%
80.00%
31.33%
31.94%
60.00% 19.31%
27.81%
40.00%
49.61% 48.18%
46.37%
20.00% 42.71%
0.00%
2014 2015 2016 2017
Equity Current Liabilities Non-current Liabilities
Graph 2.4 Common-Size Graphic of Financing Source
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Table 2.17 The Common-Size Value of Income Statement

Income Statement 2014 2015 2016 2017
Cost of Sales and Direct
Expenses 834,689,330,132 1,158,084,584,962 1,240,056,494,396 1,247,054,499,349
Operating Expense 489,916,047,747 585,666,515,053 632,146,121,504 610,856,251,015
Financial Expense 99,179,803,416 89,755,459,290 179,061,346,050 240,427,904,036
Income Taxes 3,476,798,960 157,189,266 1,935,834,355 98,863,753,278
Net Profit, Excluding Operating

Income, and Financial Income 384,373,767,482 361,069,352,043 215,896,489,607 208,963,331,319
1,811,635,747,737 2,194,733,100,614 2,269,096,285,912 2,406,165,738,997
Table 2.18 The Common-Size Percent of Income Statement

Income Statement 2014 2015 2016 2017
Cost of Sales and Direct Expenses 46.07% 52.77% 54.65% 51.83%
Operating Expense 27.04% 26.69% 27.86% 25.39%
Financial Expense 5.47% 4.09% 7.89% 9.99%
Income Taxes 0.19% 0.01% 0.09% 4.11%
Net Profit, Excluding Operating Income,

and Financial Income 21.22% 16.45% 9.51% 8.68%
100.00% 100.00% 100.00% 100.00%
COMMON-SIZE GRAPHIC OF INCOME STATEMENT

(2014)
Net Profit,
Excluding
Operating Income,
and Financial
Income
21%
Cost of Sales and

Income Taxes Direct Expenses
0% 46%
Financial Expense
6%
Operating Expense
27%
Graph 2.5 Common-Size Graphic of Income Statement (2014)
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(2015)
Net Profit,
Excluding Operating
Income, and
Financial Income
16%
Income Taxes
0% Cost of Sales and
Direct Expenses
53%
Financial Expense
4%
Operating Expense
27%

Net Profit, (2016)
Excluding Operating
Income, and
Financial Income
9%
Income Taxes
0%
Financial Expense
Cost of Sales and
8%
Direct Expenses
55%
Operating Expense
28%
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COMMON-SIZE GRAPHIC OF INCOME

Net Profit,
Excluding
STATEMENT (2017)
Operating
Income, and
Financial Income
9%
Income Taxes
4%
Cost of Sales and
Financial Expense Direct Expenses
10% 52%
Operating
Expense
25%
Based on graph 2.5, 2.6, 2.7, and 2.8 the cos of sales and direct expenses
almost cover half of the total percentage of common-size graphic of income
statement from 2014 to 2017. The total of net profit decreases gradually from
2014 to 2016. It suggests that Intiland balancing their outcome of cost of sales and
direct expenses with their goods to be sold.
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2.5 Ratio Analysis

Table 2.19 Financial Statements Analysis Ratios
PT. INTILAND DEVELOPMENT Tbk.

Financial Statement Analysis Ratios
December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017
Ratio 2017 2016 2015
Liquidity and Efficiency
Current Ratio 0.88 to 1 0.92 to 1 0.89 to 1
Acid-Test Ratio 0.2 to 1 0.20 to 1 0.21 to 1
Accounts Receivable
Turnover 10.98 times 9.68 times 10.5 times
Inventory Turnover 0.56 times 0.61 times 0.64 times
Accounts Payable Turnover 4.77 times 3.80 times 3.85 times
Days' sales uncollected
33.1 days 32.3 days 44.6 days
Days' sales in inventory 694.1 days 608.5 days 634.5 days
Days' purchase in account
payable 79.0 days 74.4 days 126.2 days
Cash conversion cycle 648.2 days 566.4 days 553.0 days
Total asset turnover 0.18 times 0.21 times 0.23 times
Solvency
Debt ratio 0.52 to 1 0.57 to 1 0.54 to 1
Equity ratio 0.48 to 1 0.43 to 1 0.46 to 1
Debt-to-equity ratio 1.08 to 1 1.34 to 1 1.16 to 1
Times interest earned 1.7 times 2.7 times 5.7 times
Profitability
Profit margin ratio 13.51 % 13.13 % 18.24 %
Gross margin ratio 43.39 % 45.53 % 47.38 %
Return on total assets 2.39 % 2.70 % 4.16 %
Return on ordinary
5.23 6.08 8.69
shareholders' equity % % %
Basic earnings per share 29 rupiah 29 rupiah 39 rupiah
Market Prospects
Price-earnings ratio 12.07 17.24 12.54
Divided yield 1.43 % 1.00 % 1.02 %
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a. Liquidity and Efficiency

Table 2.20 The Current Ratio of Financial Position Statement
Current Current Current

In Rupiah 2017 Ratio 2016 Ratio 2015 Ratio
Current Assets 3,606,927,662,938 0.88 3,034,100,322,892 0.92 2,925,607,417,725 0.89
Current Liabilities 4,103,191,556,657 3,292,500,606,947 3,285,725,170,548
Working Capital (496,263,893,719) (258,400,284,055) (360,117,752,823)
Current Ratio is used to calculate short-term debt-paying ability. The ideal

current ratio is generally 2:1 or can be considered that current assets are two times
higher than current liabilities. Intiland current ratios from 2015 to 2017 do not
show any indications that current assets are higher than its current liabilities but
mostly almost fall to the ration of 1:1. It suggests it is still favorable for Intiland to
pay its debt for the short-term as long as it could sale its assets such as buildings,
and other commercial structures.
Table 2.21 The Acid-test Ratio of Financial Position Statement

Acid- Acid-
Acid-test test test
In Rupiah 2017 ratio 2016 ratio 2015 ratio
Cash and cash
equivalents 749,509,978,850 473,342,736,649 404,576,741,480
Trade Accounts
Receivable 171,863,000,569 165,874,786,460 235,503,840,409
other acconts
receivable 27,936,446,157 35,460,094,026 33,512,273,613
Total quick
assets 949,309,425,576 674,677,617,135 673,592,855,502
Current
Liabilities 4,103,191,556,657 0.23 3,292,500,606,947 0.20 3,285,725,170,548 0.21
Acid-test Ratio is used to determine immediate short-term debt-paying

ability. The table 2.21 shows that the acid-test ratio remains in the amount of 0.2
to 1 through the years. The ratio of 0.2 to 1 indicates that it has low ability to pay
its immediate short-term debt as the number of current liabilities is higher than its
cash and cash equivalents, and accounts receivable.
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Table 2.22 The Accounts Receivable Turnover of Income Statement
Accounts Accounts Accounts

receivable receivable receivable
2017 turnover 2016 turnover 2015 turnover
Revenues 2,202,820,510,610 2,276,459,607,316 2,200,900,470,208

Trade Accounts
Receivable 171,863,000,569 165,874,786,460 235,503,840,409
10.98 9.68 10.47
other acconts
receivable 27,936,446,157 35,460,094,026 33,512,273,613
Total Accounts
Receivable 199,799,446,726 201,334,880,486 269,016,114,022
Accounts Receivable Turnover is used to determine the efficiency of

collection. Intiland’s Accounts receivable turnover is high enough that it indicates
it does not need to cover funds for its account receivable. the high value of
accounts receivable turnover is influenced by the higher value of revenues than
the accounts receivable.
Table 2.23 The Inventory Turnover of Income Statement

Inventory Inventory Inventory
2017 Turnover 2016 Turnover 2015 Turnover
Cost of Sales and
Direct Expenses 1,247,054,499,349 0.56 1,240,056,494,396 0.61 1,158,084,584,962 0.64
Inventory 2,371,377,554,491 2,067,405,321,757 2,013,316,627,799

Inventory Turnover is used to determine the efficiency of inventory
management or how long the inventories will be sold. The lower value of
intiland’s inventory turnover in the amount of lower than 0.7 times, indicates that
it needs larger inventories to be sold to improve Intiland’s inventory turnover as
the value also decreases through the years. The inventory turnover also shows the
ability of Intiland to turn their inventories into cash that it identifies the low ability
for Intiland to turn their inventories into cash.
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Table 2.24 Accounts Payable Turnover of Income Statement

Payable Payable Payable
Cost of Sales and
Direct Expenses 1,247,054,499,349 4.77 1,240,056,494,396 3.80 1,158,084,584,962 3.85
Accounts Payable 269,801,789,284 252,909,078,450 400,304,564,409

Accounts payable Turnover is used to determine the frequency of trade
credit payments. The accounts payable turnover also indicates the ability of
Intiland to pay its debts/ bills. The higher the ratio, the higher the ability of a
company to pay its bills quickly. Intiland’s value of accounts payable turnover is
favorable that it indicates if Intiland wants to pay bills on credit, the creditor will
approve its request from Intiland. It is also proven by the increasing value of
accounts payable turnover through the years.
Table 2.25 Days’ Sales Uncollected of Income Statement
Days' Sales Days' Sales Days' Sales

2017 Uncollected 2016 Uncollected 2015 Uncollected
Accounts
receivable 199,799,446,726 33.11 201,334,880,486 32.28 269,016,114,022 44.613958
Revenues 2,202,820,510,610 2,276,459,607,316 2,200,900,470,208

Days’ sales uncollected is used to determine the liquidity of receivables.
This parameter is used to measure how many days that it takes for Intiland to gain
its receivables from customers. The fewer the days, the quicker Intiland to gain its
cash from customers. However, the days should be compared to the company’s
credit terms and in this case, Intiland’s ability to collect its receivables is quite
favorable. Intiland’s days’ sales uncollected in 2015 is about 44 to 45 days and
decreases in 2016 to 32 days and increases slightly in 2017 to 33 days.
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Table 2.26 Days’ Sales in Inventory of Income Statement

Days' Days' Days'
Sales in Sales in Sales in
2017 Inventory 2016 Inventory 2015 Inventory
Ending
Inventory 2,371,377,554,491 694.08 2,067,405,321,757 608.52 2,013,316,627,799 634.55
Cost of Sales
and Direct
Expenses 1,247,054,499,349 1,240,056,494,396 1,158,084,584,962
Days’ sales in inventory is used to determine the liquidity of inventory or
can be considered as how long the inventories can be turned into cash by a
company. It takes up to one year and a half for Intiland to turn their inventories
into cash. Whether the ability for the liquidity of inventory is favorable or not is
based on the trend for a bigger developer industry as Intiland, because each
industry has different standard for gaining cash.
Table 2.27 Days’ Purchases in Accounts Payable

Days' Days' Days'
Purchases Purchases Purchases
in in in
2017 Payable 2016 Payable 2015 Payable
Accounts Payable 269,801,789,284 78.97 252,909,078,450 74.44 400,304,564,409 126.17

Cost of Sales and
Direct Expenses 1,247,054,499,349 1,240,056,494,396 1,158,084,584,962
Conversion Cycle 648.22 566.36 553.00
Days’ Purchases in Accounts Payable is used to determine the speed of
trade credit payments or the ability of Intiland to pay its debt to vendors or
suppliers. Basically, the period of payment should be made by Intiland is based on
the agreement from both sides such as Intiland and the vendor. For the past three
years Intiland had about 126, 74 and 78 days to pay its debt to the suppliers or
vendors. It is still quite favorable for a developer industry to have that period to
pay its debt as they need more money in the form of cash or physical inventories
to develop their businesses.
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Table 2.28 Total Asset Turnover

Total Total Total
Asset Asset Asset
Revenues 2,202,820,510,610 0.18 2,276,459,607,316 0.21 2,200,900,470,208 0.23
Total Assets 13,097,184,984,411 11,840,059,936,442 10,288,572,076,882

Total asset turnover is used to determine the efficiency of assets in
producing sales. When discussing about total asset turnover, each industry has
different standards. As a developer industry, Intiland total asset turnover should
be compared by the same industry to meet certain standard a to have afavorable
ability to produce sales from its asssets. From table 2.28, Intiland has lower ratio
of 0.2 times to 1 that indicates Intiland is inefficient towards its assets to produce
sales.
b. Solvency
Solvency should be identified to measure the debt and equity ratio for a
company or can be considered as a way for creditors to know the ability of how a
company manage their money/ assets or the cash flow management to invest,
operate and finance some activities. Debt-equity ratio and times interest earned
are measured to know the future of a company in the long run.
Table 2.29 Debt and Equity Ratio
Debt Debt
Debt and and and
Equity Equity Equity
2017 Ratios 2016 Ratios 2015 Ratios
Debt
Ratio 6,786,634,657,165 51.82 6,782,581,912,231 57.29 5,517,743,393,322 53.63
Equity
Ratio 6,310,550,327,246 48.18 5,057,478,024,211 42.71 4,770,828,683,559 46.37
Total
Liabilities
and
Equity 13,097,184,984,411 100 11,840,059,936,442 100 10,288,572,076,881 100
According to table 2.29, Intiland has higher ratio for debt than its equity. It
indicates that if Intiland wants to pay all of their debts, it should sell all their
assets and even gain more money to pay its debt. The higher debt ratio can risk its
business to expand, however the standard will be different for different industries.
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Table 2.30 Debt-to-Equity Ratio
Debt-to- Debt-to- Debt-to-

Equity Equity Equity
2017 Ratio 2016 Ratio 2015 Ratio
Total
Liabilities 6,786,634,657,165 1.08 6,782,581,912,231 1.34 5,517,743,393,322 1.16
Total
Equity 6,310,550,327,246 5,057,478,024,211 4,770,828,683,559
Total
Liabilities
and
Equity 13,097,184,984,411 11,840,059,936,442 10,288,572,076,881
Debt-to-equity ratio is used to identify the debt versus equity financing. All
the ratios for the past three years indicate Intiland has higher debt than its equity.
Although the ratio decreases in the final year of 2017, the debt-to-equity ratio is
still higher than 1. Intiland should maintain more their abilities to pay its debt,
before deciding to expand more business to gain more revenues to pay for its debt.
Table 2.31 Times Interest Earned

Times Times Times
Interest Interest Interest
2017 Earned 2016 Earned 2015 Earned
Income
Before
Interest
Expense &
Income
Taxes 413,100,664,127 1.72 473,146,782,953 2.72 508,870,804,565 5.67
Interest
Expense 240,427,904,036 173,860,393,610 89,669,419,835
Times Interest Earned Ratio is determined to identify the protection in
meeting interest payments. From 2015 to 2017 the value of times interest earned
decreases as it becomes riskier for the company to pay its debt in the specific
deadlines. The lower the value of times interest earned, the riskier the company
for the creditors. The table 2.31 indicates that in 2017 Initland’s income is only
one time higher than its annual interest expense.
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c. Profitability
Profitability is measured to acknowledge a company’s ability to produce net
profits from net sales/ revenues they have produced. Profitability is still relatable to
the solvency as it contains how a company generate net sales and profit to
additionally pay its debt/ liabilities.
Table 2.32 Profit Margin Ratio

Profit
Margin Profit Profit
2017 (%) 2016 Margin 2015 Margin
Net Profit 297,491,171,119 13.51 298,891,746,733 13.13 401,477,919,700 18.24
Revenues 2,202,820,510,610 2,276,459,607,316 2,200,900,470,208

Profit Margin Ratio is determined to identify the net profit in each sales
Rupiah. The table 2.32 shows that in 2015 Intiland generates 18.24 % of profit
margin but unfortunately it decreases to 13.13 % in 2016 but increases to 13.51%
in 2017. The percentage of profit margin indicates that Initland should be able to
maintain and increase their revenues to produce more net profits.
Table 2.33 Gross Margin Ratio

Gross Gross Gross
Margin Margin Margin
2017 (%) 2016 (%) 2015 (%)
Cost of
Sales and
Direct
Expenses 1,247,054,499,349 43.39 1,240,056,494,396 45.53 1,158,084,584,962 47.38
Gross Margin Ratio is determined to identify the gross margin in each
sales Rupiah by calculating the revenues divided by cost of sales and direct
expenses. As the profit margins decrease through the years, gross margins will
also decrease slightly from 2015 to 2017. Those percentages of Intiland’s gross
margins are considered to be favorable in the amount of more than 40 % for
developer industry.
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Table 2.34 Return on Total Assets

Return Return
on on Return
Total Total on Total
2017 Assets 2016 Assets 2015 Assets
Net Profit 297,491,171,119 2.386 298,891,746,733 2.701 401,477,919,700 4.161

Total
Assets 13,097,184,984,411 11,840,059,936,442 10,288,572,076,882
Return on Total Assets is determined to identify the overall profitability of
assets or the ability for a company to gain profit when maximizing its investment
in assets. The table 2.34 shows that it has the percentage of lower than 5 % of
return on total assets. The return on total assets even decrease through the years.
By reviewing the percentage of return on total assets, Intiland should be able to
maximize its assets more to be sold in cash or gain more net profits. However,
each industry has different standards for the return on total assets. In this case,
Intiland has got many assets in the form of buildings that can be sold or rented for
the public users. We cannot compare Intiland with Bata as it is a shoe industry or
a business that produces shoes to be sold not rented.
Table 2.35 Return on Ordinary Shareholders’ Equity

Return on Return on Return on
Ordinary Ordinary Ordinary
Shareholders' Shareholders' Shareholders'
2017 Equity 2016 Equity 2015 Equity (%)
Comprehensive
Income 297,491,171,119 5.23 298,891,746,733 6.08 401,477,919,700 8.69
Total Equity 6,310,550,327,246 5,057,478,024,211 4,770,828,683,559

Return on Ordinary Shareholders’ Equity is determined to identify the
profitability of owner investment. Other than Return on Assets, a company should
also identify its profits for their shareholders as they investment their money to
grow the company gain more income. This percentage of return on ordinary
shareholders’ equity is used to indicate the ability of a company to use its equity
fund for operating and growing the company.
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d. Market Prospects
Table 2.36 Price-earnings Ratio
Price- Price- Price-

Earnings Earnings Earnings
2017 Ratio 2016 Ratio 2015 Ratio
Market Price
per Ordinary
Share 350 500 489
Earnings per
share 29 12.07 29 17.24 39 12.54
Price-earnings ratio is determined to identify the market value relative to
earnings. The price-earnings ratio in 2015 shown in the table 2.36 is 12.54,
increases up to 17.24 in 2016 and decreases slightly to 12.07 in 2017. We also can
see that market price per share increases in 2016 but decreases again in 2017 that
is correlated with its earnings per share through the years. A company that has
higher ratio of price-earnings ratio will have a positive future performance in the
trade stocks than the company that has lower ratio. Take an example for the price-
earnings ratio in 2017, the amount of 12.07 indicates that an investor is willing to
pay 12 Rupiah for every 1 rupiah of current earnings.
Table 2.37 Dividend Yield

Dividend Dividend Dividend
2017 Yield (%) 2016 Yield (%) 2015 Yield (%)
Annual Cash
dividends per
share 5 5 5
Market Price
Per Share 350 1.43 500 1.00 489 1.02
Dividend yield is determined to identify the cash return per ordinary share.
The percentage of the dividend yield of Intiland shows that it remains constant of 1
% for the past three years. In 2015, the shareholders received 1.02% on their
investment and stayed at the same amount in 2016 and in 2017 increased slightly
to 1.43% on their investment at Intiland.
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CHAPTER III
CONCLUSIONS
3.1 Conclusions
To conclude whether the performance of Intiland has been favorable or not

for the past three years should be compared with other same industries’
performances. This report is limited to analyze only one company with its three
years in a row annual report. Looking back to the calculation to generate
horizontal analysis, the student reduces the percent change from 2014 and 2015
annual reports, trend percentage for the total assets, total liabilities and equity,
revenues and cost of sales and direct expenses. Total number of assets increased
through the past three years as well as the total liabilities and equity.
The trend percentage of total assets and equity were correlated and
increased which was a good sign. Other than that, at the latest report of 2017 the
trend percentage of revenues remained stable/ only slighted decrease occurred as
the previous year. Though Intiland should innovate the way it turns their assets
into cash of profit to cover its liabilities.
Vertical analysis is determined using the calculation of common-size

percentage. For financial position statement its assets will be the base amount to
determine the percentage of other items of assets. Through the years the biggest
percentage will always be in Property, land and development items that indicate it
should be cycled into cash or developed to fund its operating expenses in the
company. The total of liabilities through they years is also higher than its
Ratio analysis is determined to identify Intiland’s liquidity & efficiency,

solvency, profitability and market prospects. According to the calculations, its
assets ratio is lower than its liabilities that Intiland should maximize the money-
loan they have to generate sales and then turn it into cash to fund its liabilities. By
identifying solvency or the company’s ability to cover long-term obligations, Its
liabilities are still higher than its equity as the financial sources for the company to
58
operate. The profit margin of Intiland increased slightly in 2017 that it had a
decrease in 2016. Market prospects are also determined using price-earnings ratio
and dividend yield, as the percentage of dividend yield in 2017 is the highest of
those three previous years. Despite the decrease in its revenues, Intiland still
maintains to be the real-estate developer and other commercial constructions in
Indonesia. They can still manage to develop their assets into cash, though they
need bigger financial sources to fund expensive equipment and fight against the
stagnant condition of property and other economical issues.
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REFERENCES
Schilit, H. (2010). Financial Shenanigans – How to Detect Accounting Gimmicks & Fraud
in Financial Reports (second ed.). New York: McGraw-Hill.
Shaun. (2018). My Accounting Course. Retrieved from
https://www.myaccountingcourse.com/financial-ratios/times-interest-earned-ratio
Tbk., P. I. D. (2014). Annual Report 2014. Retrieved from Jakarta:
http://investor.intiland.com/ar.html
John Wild, W. K., Sundar Venkatesh, Ken W. Shaw, Barbara Chiapetta. (2016).
Fundamental Accounting Principles (second ed.). Singapore: McGrawHill Education.

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PPM MANAJEMEN

ANALYSIS REPORT OF INTILAND ANNUAL REPORT

RAIHAN ALISHA NABILA

1.2 Problem Identification

1.3 Problem Formulation

1. How favourable the changes in financial position and income statements of

2.2 Data Collection

2.3 Horizontal Analysis

The Rupiah change will be calculated using this formula:

𝑅𝑢𝑝𝑖𝑎ℎ 𝑐ℎ𝑎𝑛𝑔𝑒 = 𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 − 𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡

The Percent change (%) will be calculated using this formula:

𝐴𝑛𝑎𝑙𝑦𝑠𝑖𝑠 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡 − 𝐵𝑎𝑠𝑒 𝑝𝑒𝑟𝑖𝑜𝑑 𝑎𝑚𝑜𝑢𝑛𝑡

The comparative of financial position statements for two years is used to

a. Comparative Statements of Financial Position

5 Inventories 2,013,316,627,799 1,617,473,256,015 395,843,371,784 24.47

6 Advances 44,638,841,416 33,547,031,756 11,091,809,660 33.06

7 Prepaid Taxes 192,316,917,336 111,903,401,218 80,413,516,118 71.86

8 Prepaid Expenses 1,742,175,672 1,964,785,497 (222,609,825) (11.33)

Total Current Assets 2,925,607,417,725 2,468,562,684,275 457,044,733,450 18.51

IDR Change % Change

3 Inventories 1,550,677,791,992 1,507,369,673,960 43,308,118,032 2.87

4 Advances 470,242,091,299 468,149,840,003 2,092,251,296 0.45

5 Land for Development 3,644,191,259,620 3,201,589,410,609 442,601,849,011 13.82

6 Due from related parties 4,216,228,631 4,203,128,631 13,100,000 0.31

Investments held to maturity in

9 Deferred Tax Assets 4,156,165,664 2,608,549,954 1,547,615,710 59.33

Property and Equipment - net of

12 Goodwill 6,184,505,653 6,184,505,653 - -

13 Other Assets 3,469,271,492 3,510,204,449 (40,932,957) (1.17)

Total Noncurrent Assets 7,362,964,659,157 6,539,130,234,100 823,834,425,057 12.60

Total Assets 10,288,572,076,882 9,007,692,918,375 1,280,879,158,507 14.22

IDR Change % Change

1 Short-term bank loans 820,908,230,798 259,432,961,088 561,475,269,710 216.42

2 Notes Payable 7,000,000,000 7,000,000,000 - -

3 Trade Accounts Payable to third parties 332,694,828,372 112,114,796,490 220,580,031,882 196.74

4 Other Accounts Payable 67,609,736,037 89,824,587,579 (22,214,851,542) (24.73)

5 Taxes Payable 54,364,580,421 83,949,476,993 (29,584,896,572) (35.24)

6 Accrued Expenses 111,235,663,589 80,230,980,756 31,004,682,833 38.64

7 Unearned Revenues 99,347,712,492 14,185,691,610 85,162,020,882 600.34

8 Sales Advances 889,164,444,136 903,431,459,242 (14,267,015,106) (1.58)

9 Due to related party - non-trade - - -

10 Bank Loans long-term liabilities 547,599,982,931 184,202,793,654 363,397,189,277 197.28

11 Lease Liabilities 1,311,645,671 1,340,101,480 (28,455,809) (2.12)

12 Bonds Payable 345,070,802,264 - 345,070,802,264 -

13 Guarantee Deposits 9,417,543,837 3,561,774,070 5,855,769,767 164.41

Total Current Liabilities 3,285,725,170,548 1,739,274,622,962 1,546,450,547,586 88.91

IDR Change % Change

2 Other Accounts Payable 50,028,195,051 54,630,352,842 (4,602,157,791) (8.42)

4 Deferred Tax Liabilities - - - -

5 Sales Advances 453,840,759,642 856,140,029,384 (402,299,269,742) (46.99)

6 Due to a related party - non-trade 99,220,000,000 99,220,000,000 - -

7 Guarantee Deposits 60,742,746,258 42,900,074,675 17,842,671,583 41.59

8 Long-term Employee Benefits Liability 90,570,090,171 72,368,772,992 18,201,317,179 25.15

9 Bank Loans 1,322,532,703,278 1,176,618,825,374 145,913,877,904 12.40

10 Lease Liabilities 1,981,038,293 1,268,054,460 712,983,833 56.23

11 Bonds Payable 153,102,690,081 496,752,414,526 (343,649,724,445) (69.18)

Total Noncurrent Liabilities 2,232,018,222,774 2,799,898,524,253 (567,880,301,479) (20.28)

Total Liabilities 5,517,743,393,322 4,539,173,147,215 978,570,246,107 21.56

IDR Change % Change

1 Capital Stock 2,591,463,546,250 2,591,463,546,250 - -

2 Treasury Stocks (24,688,750,000) (24,688,750,000) - -

3 Additional paid-in capital - net 1,066,199,762,357 1,066,199,762,357 - -

6 Retained earnings - appropriated 8,000,000,000 6,000,000,000 2,000,000,000 33.33

7 Retained earnings - unappropriated 1,133,402,372,703 835,725,588,103 297,676,784,600 35.62