TUGAS MANAJEMEN RISIKO

Disusun Oleh :
Nama :Ekik Maharani
NPM : C1C019162
Mata Kuliah : Manajemen Keuangan
Dosen Pengampuh : Prof. Dr. Husaini S,E.,M.Si.,AK.C.A.CRP

KEMENTERIAN RISET, TEKNOLOGI DAN PENDIDIKAN

TINGGI
UNIVERSITAS BENGKULU
FAKULTAS EKONOMI DAN BISNIS
TAHUN 2021 -2022
TUGAS 1

Press Release
September 22, 2021

PT Angkasa Pura I (Persero)

Analysts: Martin Pandiangan / Qorri Aina
Phone/Fax/E-mail: (62-21) 50968469 / 50968468 / martin.pandiangan@pefindo.co.id /
qorri.aina@pefindo.co.id

CREDIT PROFILE FINANCIAL HIGHLIGHTS

As of/for the year ended Jun-2021 Dec-2020 Dec-2019
Dec-2018

Corporate Rating AA+/Negative

id (Unaudited) (Audited) (Audited)
(Audited)

Total Adjusted Assets [IDR Bn] 41,720.7 42,444.5 42,743.1

31,566.6

Rated Issues Total Adjusted Debt [IDR Bn] 25,811.5 24,637.3 20,416.1
9,427.3

Bond I/2016 Seri A id AA+ Total Adjusted Equity [IDR Bn] 11,309.1 13,223.7 15,937.0
15,009.9

Sukuk Ijarah I/2016 Seri A idAA+(sy)Total Sales [IDR Bn] 1,405.9 3,619.1 8,631.5
8,521.1

EBITDA [IDR Bn] (182.5) (46.9) 4,048.2

4,020.0

Rating Period Net Income after MI [IDR Bn] (1,929.4) (2,327.5) 1,451.4
2,007.0

September 20, 2021 – November 22, 2021 EBITDA Margin [%] (13.0) (1.3) 46.9
47.2

Adjusted Debt/EBITDA [X] *(70.7) (524.8) 5.0

2.3

Rating History Adjusted Debt/Adjusted Equity [X] 2.3 1.9 1.3

0.6

JUN 2021 id AA+/Negative FFO/Adjusted Debt [%] *(8.9) (7.4) 11.2

28.7

AUG 2020 id AAA/Negative EBITDA/IFCCI [X] (0.2) (0.0) 3.5

6.9

MAY 2020 id AAA/Negative USD Exchange Rate [IDR/USD] 14,496 14,105 13,901
14,481

AUG 2019 id AAA/Stable FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense

AUG 2018 id AAA/StableEBITDA = Operating Profit + Depreciation Expense + Amortization Expense

AUG 2017 id AAA/StableIFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)

AUG 2016 id AAA/Stable MI= Minority Interest The above ratios have been computed based on information from the company and
published accounts. Where applicable, *annualized
 some items have been reclassified according to PEFINDO’s definitions.

PT Angkasa Pura I (Persero)’s maturing bond and sukuk rated “idAA+” and “idAA+(sy)”

PEFINDO has affirmed its “idAA+” rating for PT Angkasa Pura I (APAI)’s Bond I Year 2016 Seri A of IDR622.0 billion
and APAI’s Sukuk Ijarah I Year 2016 Seri A of IDR268.0 billion that will mature on November 22, 2021. The
Company plans to repay the maturing bond and sukuk using cash generated from the realization of Shelf-Registered
Bond I Year 2021 and Shelf-Registered Sukuk Ijarah I Year 2021 in September 2021.

A debt security rated idAA differs from the highest-rated debt only to a small degree. The issuer’s capacity to meet its
long-term financial commitments on the debt security, relative to other Indonesian issuers, is very strong. The plus
(+) sign indicates that the rating is relatively strong within its category. The suffix (sy) means the rating mandates
compliance with Islamic principles.

A state-owned enterprise (SOE) engaged in airport and airport-related services, APAI operates 15 airports in the
central and eastern parts of Indonesia. It is fully owned by Indonesian government as of June 30, 2021.

TUGAS 2
model diskriminan
dimana :
X1 = Rasio modal kerja / total aset
X2 = Rasio laba yang ditahan /total aset
X3 = Rasio sebelum bunga pajak / total aset
X4 = rasio nilai pasar saham / nilai buku saham
X5 = Rasio penjualan /total aset

Model pasar Model nilai buku

Batas tidak bangkrut 2,99 2,90
Batas bangkrut 1,81 1,20
Wilayah abu-abu 1,81 - 2,99 1,20 - 2,90

1. PT Gudang garam Tbk

X1 = Rasio modal kerja / total aset = 7,31 (9,46)

X2 = Rasio laba yang ditahan /total aset = 3,470 (3,345)
X3 = Rasio sebelum bunga pajak / total aset = 7,31 ( 9,46)
X4 = rasio nilai pasar saham / nilai buku saham = 11.9 (10,2)
X5 = Rasio penjualan /total aset = 2,995 (4,13)

Z = 7,31 (9,64) +3,470 (3,345) +7,31 (9,46)+11.9 (10,2) +2,995(4,13)

=389,44

Nilai Z untuk PT Gudang garam Tbk batas bangkrut (1,81-1,20) maka dapat
diperediksi PT Gudang garam Tbk tidak bangkut

2. PT Semen Indonesia ( persero ) Tbk

X1 = Rasio modal kerja / total aset = 3,66 (3,66)

X2 = Rasio laba yang ditahan /total aset = 7,370 (6.320)
X3 = Rasio sebelum bunga pajak / total aset = 6,08 (6,14)
X4 = rasio nilai pasar saham / nilai buku saham = 21,6 (20,7)
X5 = Rasio penjualan /total aset = 0,67 (0,67)
 Z=3,66 (3,66)+7,370(6.320)+6,08(6,14)+21,6(20,7)+0,67(0,67)=142,46

Nilai Z untuk PT Semen Indonesia ( persero ) Tbk batas bangkrut (1,81-1,20) maka
dapat diperediksi PT Semen Indonesia ( persero ) Tbk tidak bangkut

3. PT Bank Mandiri (Persero) Tbk

X1 = Rasio modal kerja / total aset = 4,67 (4,77)

X2 = Rasio laba yang ditahan /total aset = 5,193 (3,290)
X3 = Rasio sebelum bunga pajak / total aset = 3,18 (3,06)
X4 = rasio nilai pasar saham / nilai buku saham = 2,027 (6,768)
X5 = Rasio penjualan /total aset = 3,372 (2,845)

Z =4,67(4,77)+5,193 (3,290)+3,18(3,06)+2,027(6,768)+3,372(2,845)=72,40

Nilai Z untukPT Bank Mandiri (Persero) Tbk batas bangkrut (1,81-1,20) maka dapat
diperediksi PT Bank Mandiri (Persero) Tbk tidak bangkut

4. PT Indofood Sukses Makmur Tbk

X1 = Rasio modal kerja / total aset = 39,87 (37,77)

X2 = Rasio laba yang ditahan /total aset = 4,73 (4,12)
X3 = Rasio sebelum bunga pajak / total aset = 1,47 (807)
X4 = rasio nilai pasar saham / nilai buku saham = 6,44 (5,80)
X5 = Rasio penjualan /total aset = 38,77 (37,84)

Z =39,87(37,77)+4,73(4,12)+1,47(807)+6,44(5,80)+38,77(37,84)=60,99

Nilai Z untuk PT Indofood Sukses Makmur Tbk batas bangkrut (1,81-1,20) maka
dapat diperediksi PT Indofood Sukses Makmur Tbk tidak bangkut

5. PT Gudang Garam Tbk

X1 = Rasio modal kerja / total aset = 78,19 (78,64)

X2 = Rasio laba yang ditahan /total aset = 7,58 (7,99)
X3 = Rasio sebelum bunga pajak / total aset = 2,05 (3,60)
X4 = rasio nilai pasar saham / nilai buku saham = 291,8 (296,9)
X5 = Rasio penjualan /total aset = 1,93 (2)

Z = 78,19(78,64)+7,58(7,99)+2,05(3,60)+ 291,8(296,9)+1,93(2) =164,59

Nilai Z untuk PT Gudang Garam Tbk batas bangkrut (1,81-1,20) maka dapat
diperediksi PT Gudang Garam Tbk tidak bangkut

6. PT Astra Internasional Tbk

X1 = Rasio modal kerja / total aset = 87,37 (88,26)
X2 = Rasio laba yang ditahan /total aset = 21,74 (34,06)
X3 = Rasio sebelum bunga pajak / total aset = 3,17 (4,38)
 X4 = rasio nilai pasar saham / nilai buku saham = 2,78 (29,11)
X5 = Rasio penjualan /total aset = 13,1 (14,1)

Z= 87,37(88,26)+ 21,74(34,06)+ 3,17(4,38)+2,78(29,11)+13,1(14,1) =1.027,67

Nilai Z untuk PT Astra Internasional Tbk batas bangkrut (1,81-1,20) maka dapat
diperediksi PT Astra Internasional Tbk tidak bangkut

7. PT Garuda Indonesia
X1 = Rasio modal kerja / total aset = 2,53 (2,05)
X2 = Rasio laba yang ditahan /total aset = 910 (937)
X3 = Rasio sebelum bunga pajak / total aset = 27,12 (22,61)
X4 = rasio nilai pasar saham / nilai buku saham = 4,37 (4,11)
X5 = Rasio penjualan /total aset = 38,91 (13,02)

Z= 2,53(2,05)+910(937)+27,12(22,61)+4,37 (4,11)+38,91(13,02) =1.995,60

Nilai Z untuk PT Garuda Indonesia batas bangkrut (1,81-1,20) maka dapat diperediksi
PT Garuda Indonesia tidak bangkut

8. PT Barito Pacific
X1 = Rasio modal kerja / total aset = 41,55 (0,4)
X2 = Rasio laba yang ditahan /total aset = 3,2 (2,1)
X3 = Rasio sebelum bunga pajak / total aset = 49 (25)
X4 = rasio nilai pasar saham / nilai buku saham = 36 (44)
X5 = Rasio penjualan /total aset = 1,36 (2)

Z= 41,55(0,4)+3,2(2,1)+49(25)+36 (44)+1,36(2)=28,80

Nilai Z untuk PT Barito Pacific batas bangkrut (1,81-1,20) maka dapat diperediksi PT
PT Barito Pacific tidak bangkut

9. PT Telekomunikasi Indonesia Tbk.

X1 = Rasio modal kerja / total aset = 2,48 (2,21)
X2 = Rasio laba yang ditahan /total aset = 248 (221)
X3 = Rasio sebelum bunga pajak / total aset = 128 (103)
X4 = rasio nilai pasar saham / nilai buku saham = 29.68 (27,68)
X5 = Rasio penjualan /total aset = 21,00` (18,82)

Z= 2,48(2,21)+248(221)+128(103)+29.68(27,68)+21,00`(18,82) =1.290,24

Nilai Z untuk PT Telekomunikasi Indonesia Tbk batas bangkrut (1,81-1,20) maka

dapat diperediksi PT Telekomunikasi Indonesia Tbktidak bangkut

10. PT BANK CENTRAL ASIA Tbk

X1 = Rasio modal kerja / total aset = 7,45 (4,7)
X2 = Rasio laba yang ditahan /total aset = 338 (33)
X3 = Rasio sebelum bunga pajak / total aset = 93,7 (89,1)
X4 = rasio nilai pasar saham / nilai buku saham =33,9 (15,2)
X5 = Rasio penjualan /total aset =34,2 (29,0)
 Z= 7,45(4,7)+338(33)+93,7(89,1)+33,9(15,2)34,2(29,0) =554,87

Nilai Z untuk PT Bank Central Asia Tbk batas bangkrut (1,81-1,20) maka dapat
diperediksi PT Bank Central Asia Tbk tidak bangkut