ANCORA INDONESIA RESOURCES

Terms	2012	2011	Increase
revenue	180,847,036.0	136,240,477.0	32.7%
Operating Income	5,499,445.0	3,314,013.0	65.9%
Net Operating cash flow	15,655,299.0	20,111,870.0	-22.2%
Total Assets	221,143,259.0	172,133,806.0	28.5%
Inventory	59,321,974.0	13,839,031.0	328.7%
Receivable	23,262,943.0	13,839,031.0	68.1%

Dari tabel diatas dapat dilihat bahwa pendapatan tahun 2012 naik 32.7 % dibandingkan tahun 2011. Kenaikan dipengaruhi oleh  pertumbuhan ekonomi indonesia yang masih cukup bagus dkisaran 6.2  %. disisi lain operating income perusahaan naik sebesar 65.9 %. Kenaikan net operating income yang lebih tinggi dari kenaikan pendapatan menandakan perusahaan memiliki profit margin yang lebih baik ditahun 2012.

BN (Bormindo Nusantara) merupakan salah satu anak perusahaan yang bergerak disektor drilling service mencatat kenaikan utilitas Rig dan berhasil mendapatkan kontrak baru di tahun 2012 diantaranya dengan VICO. Disisi lain kenaikan pendapatan juga disebabkan oleh Penjualan MNK ditahun 2012 melahirkan record baru,sebesar 138,500 MT.  

Namun kenaikan sales dan net operating income tidak diiringi dengan net operating cash flow yang turun -22.2 %. Penurunan net operating cash flow yang berbanding terbalik dengan kenaikan revenue dan operating income mengindikasikan kualitas net operating income perlu diselidik, perlu dilakukan investigasi terhadap pengakuan pendapatan perusahaan.  Apakah pengakuan pendapatannya terlalu aggressive atau tidak.

Kenaikan inventory sebesar 328.7 %, jauh lebih tinggi dari kenaikan pendapatan, mengindikasikan adanya penumpukan stock yang cukup signifikan. Perlu dilakukan investigasi terhadap hal tersebut. Hal yang sama juga terjadi pada kenaikan piutang usaha 68.1 % yang lebih cepat dari pada kenaikan pendapatan, kemungkinan adanya porsi piutang tidak tertagih atau credit policy yang terlalu longgar.

Menurut annual review,  perusahaan sedang menghadapi besarnya hutang bank, net income periode tahun 2011 - 2012 negatif. hal tersebut disebabkan salah satu pabrik anak perusahaan baru beroperasi penuh pada tahun 2012 yaitu MNK II.  Anak perusahaan lain ancora indonesia mining belum bisa beroperasi secara komersial. Biaya investasi dibandingkan cash flow masih jauh dari break event poinnya. 

Bisnis Portofolio ANCORA

Subsidiary	Ownership
Ancora Shipping	99.8 %	Shipping Company
Ancora Indonesia Mining	99.60%	Mining
PT. Bormindo Nusantara	60%	Drilling Service
PT. Multi Nitrotama Kimia	50%	Explosive Manufacturing

Perusahaan memiliki anak perusahaan yang memiliki hubungan integrasi vertical satu sama lain. MNK merupakan produsen bahan peledak yang biasa digunakan dalam kegiatan pertambangan batu bara. sedangkan ancora shipping lebih cenderung melayani internal sales dengan anak perusahaan lain. BN memiliki korelasi yang berbanding terbalik dengan MNK karena BN melayani sektor industri migas sedangkan MNK sektor pertambangan batu bara.

English :

ANCORA

From the above table it can be seen that the year 2012 income up 32.7% compared to the year 2011. The increase was influenced by indonesia's economic growth is still pretty good at 6.2%.  On the other hand the company operating income rose by 40.9%. Increase in net operating income that is higher than the increase in revenue which indicates the company has a better profit margin by 2012.

BN (Bormindo Nusantara) is one of the subsidiary recorded a rise in service sector of drilling Rig and utility managed to get a new contract in 2012 including with VICO. On the other hand the increase in revenues was also due in 2012 MNK Sales gave birth to a new record, amounted to 138,500 MT.

But the increase in sales and net operating income is not accompanied by net operating cash flow which is dropped-22.2%. Decrease in net operating cash flow is inversely proportional to the increase in revenue and operating income indicates its quality needs to be investigated.   

The investigation needs to be done to the company's revenue recognition whether recognition of income is too aggressive or not.

Increase inventory amounted to 328.7% up, much higher than the increase in revenue, indicating the presence of stock buildup which is quite significant.  It needs to do an investigation of the matter. The same thing also happens to 68.1% increase in trade receivables that are faster than the increase in revenue, the possibility of serving of unbilled accounts receivable  or credit policy is too aggressive.

According to the annual review, the company is facing large bank loans.  Net income in 2011-2012 periods are negative. It is occurred because of one of the new factory of subsidiary just fully operating in 2012, MNK II. Another subsidiary of the company, Ancora Mining Indonesia cannot operate commercially yet. 

Business Portfolio of  ANCORA

The company has subsidiaries that have vertical integration relations with one another. MNK is a manufacturer of explosives commonly used in coal-mining activities while ancora shipping is more likely to serve internal sales with other subsidiaries. BN has a correlation that is inversely to the MNK because BN serving oil & gas industry sector while the coal-mining sector MNK.