Nunuk Herawati, Nika Aprilia Sahanti


Working capital is current assets used to fund operatio ns and fund companies are expected to
be released back into the company in the short term through the company's business. So that
the fund will continue to operate each period during the company operates. The use of
working capital will always be required for companies who have a desire to maintain its
existence. Working capital is also necessary to maintain sustainable development of the
company, to fund their daily business.
The purpose of this study was to determine whether the use of working capital at PT. Gudang
Garam, Tbk has achieved an efficiency of views, activity ratios, profitability ratios, and liquidity
ratios. Analysis technique used is the analysis of financial statements using ratio analysis tool
that includes activities (Total Asset Turnove r, Inventory Turnover, working Capital Turnover),
the profitability ratio (Economic Profitability, Profitability Equity), liquidity ratio (Current Ratio,
Quick Ratio). The financial statements are analyzed from 2005 until 2009.
From the analysis of studies found that the PT. Gudang Garam, Tbk activity in terms of Total
Asset Turnover ratio, Inventory Turnover, Working Capital Turnover from year to year has
increased and decreased, but the ratio of the three spins are all still below average. Judging
from the ratio rentabilitasnya, economic profitability from year to year also increased and
decreased, and only on the economic profitability ratio in 2009 that showed above average
conditions. Terms of liquidity ratio from year to year also increased and decrea sed, the current
ratio is only in 2008 and in 2009 the conditions are above average, while the Quick ratio under
the condition all year on average. Based on the analysis of activity ratios, profitability ratios
and liquidity ratios that PT. Gudang Garam, T bk has not been able to achieve efficiencies due
to the use of working capital is still not optimal.
Then the results of the analysis of PT. Gudang Garam, Tbk is also compared with other
companies, namely PT. Bentoel Investama International, Tbk and PT. H anjaya Mandala
Sampoerna, Tbk and the results of these analyzes indicate that the efficient use of working
capital at PT. Bentoel Investama International, Tbk and PT. Hanjaya Mandala Sampoerna, Tbk
is better than the PT. Gudang Garam, Tbk.
Key words: Financial Statements, Efficiency, Working Capital

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