WORKING CAPITAL MANAGEMENT OF PT WASKITA BETON PRECAST TBK
SATYATI, EVA ZALIHA
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PT Waskita Beton Precast Tbk is a company that engaged in concrete manufacture industry where the business segment of PT Waskita Beton Precast Tbk are precast and ready-mix business segment. The potential future market and also the need for a source of capital make the company do an initial public offering or IPO on September 20,2016 by releasing 40% share of the company. According to the calculations, ROE decreases 65% in 2016 because there are decreases in asset turnover. Asset turnover decreases 50% in 2016 and higher receivable becomes one of the main cause that increases total asset of the company. Refers to Brigham F. Eugene, if the amount of receivable is high, then the company has a relaxed credit policy evidenced by the cash conversion cycle of the company increases 168% and become 106 days in 2016. The purpose of this research is to accelerate the company cash conversion cycle and decrease the working capital of the company. Accelerate cash conversion cycle can be done by speeding up the collections period and extend the time period of account payable payment. According to the calculations, there are favorable credit terms that can be offered to the customers by giving the credit discount if the customer can pay faster with some credit options: 2/60 net 90, 1/90 net 236 and 1/150 net 236 days. And to extend the account payable payments, the company should evaluate and consider to change the credit policy of short-term debt with more flexible short-term debt such as credit account, working capital-revolving method and credit investment for long-term payment or fix asset funding.