Analisa modal kerja dan struktur modal optimal pada perusahaan ritel farmasi

Siregar, Pamian (2019) Analisa modal kerja dan struktur modal optimal pada perusahaan ritel farmasi. Masters thesis, Institut Pertanian Bogor.

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Abstract

PT Kimia Farma Apotek, a pharmaceutical retail chain company owning the most pharmacy outlets and the market leader of Indonesia pharmaceutical retail industry, establishes market expansion through pharmacy outlets number expansion as one of its business development strategy. New pharmacy outlets were intensively established starting from 2013 to 2017, with the realization over than 100 pharmacy outlets every year. The funding source came from internal cash which is retained profit (equity). Yearly net revenue insufficiently covers investment requirement and the short of funds was made through the mismatch of external funding source which is short-term bank debt which ought to be used to fund working capital requiment, instead of utilizing long-term debt as investment funding source. The mismatch in funding source utilization caused the rise of capital cost in financial aspects, as well as the disruptment in company activity in operational aspect. This research aimed to analyse the condition of operational and financial performance, the condition of working capital, and the composition of capital structure after the implementation of strategy. Analysis and methods used in data processing includes (1) Financial report analysis (profit and loss, balance sheet) with horizontal (trend) and vertical (common size) analysis, and also financial ratio analysis. (2) Working capital analysis with Cash Conversion Cycle (CCC) and Return on Working Capital (RWC). (3) Capital structure analysis with Traditional Approach and Modigliani Miller II. The strategy of pharmacy outlets aggressive expansion increases KFA sales and revenue up to year 2014, indicated by the rise in financial profitability ratio until the particular year. The increase in sales is inadequate to enhance revenue improvement starting from 2015, which indicated by the decline of profitability ratio. Activity ratio analysis shows the decline of financial performance from 2012 to 2017. The available working capital in each year from 2012 to 2017 were sufficient to cover working capital requirement in each year. The calculation of capital structure towards the position in 2012-2017 shows that the 2017 capital structure with the composition of 69% debt and 31% equity was the best proportion, which contributes in the highest firm value and the lowest capital cost. The simulation of optimum capital structure resulted in the composition of 40% debt and 60% equity. Company management ought to review the strategy of pharmacy outlets aggressive expansion especially considering the change in customer buying behaviour due to information technology advancement. Capital restructurization ought to be performed through bank debt refinancing in compliance to funding objective and equity addition, to achieve optimum capital structure and to maintain the sustainability of pharmacy outlets aggressive expansion strategy implementation.

Item Type: Thesis (Masters)
Uncontrolled Keywords: Ritel Farmasi, Modal Kerja, Struktur Modal, Capital Structure, Pharmacy Retail, Working Capital,
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 17 Dec 2019 04:02
Last Modified: 17 Dec 2019 04:02
URI: http://repository.sb.ipb.ac.id/id/eprint/3477

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