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INTRODUCTION
Financial problems are one of the most important problems for companies in the
development of business in all companies. One of the main goals of establishing a company
is to obtain maximum profit. But whether or not the company succeeds in seeking profit and
maintaining its company depends on financial management. The company must have a
healthy and efficient financial performance to make a profit or profit.
Assessment of the financial performance of a company is one of the ways that can be
done by management in order to fulfill its obligations to funders and also to achieve the
desired goals, financial performance assessment can also be used and used as a basis for
decision making for both internal and external parties of the company.
The media used to see the company's health condition is financial
statements. Financial statements are records of financial information of an enterprise in an
accounting period that can be used to describe the performance of an enterprise. Financial
statements are part of the financial reporting process. Define financial statements as three
summaries of a recording process, is a summary of financial transactions that occurred during
the relevant financial year. The financial condition of a company will be able to be known
from the financial statements of the company concerned, which consist of a balance sheet,
This ratio is sought by comparing the entire debt with the entire equity. This ratio is
useful to find out the amount of funds that the loan (creditor) provides with the owner of the
company. In other words, this ratio serves to find out every rupiah of own capital that is used
for debt guarantees. According to Cashmere (2018:157) the industry average for DAR is
35%.
b. Debt to Total Asset Ratio
Shows the relationship of the amount of long-term debt to the amount of capital itself
provided to the owner of the company, aims to find out the amount of data that creditors
provide to the owner of the company. According to Cashmere (2018:159) the industry
average for DER is 81%.
3. Rentability Ratio
a. Profit Margin Ratio
This ratio shows how much of the percentage of net income earned from each
sale. The greater the ratio, the better it is considered that the company's ability to make a
profit is a high culup.
b. Return On Investment Ratio
Return On Investment Ratio or ROI is used to measure the ability of one's own capital
invested in the whole to generate net profit
c. Return On Equity Ratio
This ratio is a comparison of the comparison of net profit according to taxes with own
capital. The higher this ratio, the better the state of the company. According to Cashmere
(2018:205) the industry average for ROE is 40%.
4. Activity Ratio
According to Cashmere (2018: 172), the activity ratio is a ratio used to measure the
effectiveness of a company in using its assets. Activity Ratio is a ratio used to measure the
extent of the effectiveness of a company's management in managing its assets. The activity
ratio is divided into 3, namely:
a. Receivable Turnover
A ratio used to measure the ability of data to rotate in a single period.
b. Inventory Turnover
The ratio used to measure the liquidity of inventory and terdency for the presence
of overstock. According to Cashmere (2018:135) the industry average for Inventory Turnover
is 20 times.
c. Total Asset Turnover
Used to measure the ability of funds embedded in the overall assets that rotate in a
given period or the ability of the invested capital to generate sales. According to (Hanafi and
Halim (2018:78) this ratio measures the extent to which a company's ability to generate sales
based on the fixed assets owned by the company. According to Cashmere (2018:186) the
industry average for Total Asset Turnover is 2 times.
5. Profitability Ratio
According to Munawir (2014:240), "it also explains that Profitability is a ratio used to
assess a company's ability to make a profit." Profitability ratio is the company's ability to
make a profit through all its capabilities and resources, The purpose of the profit ratio is to
measure the level of the company's ability to make a profit based on the value of sales, assets,
and capital. By using this ratio you can find out the survival of the company (going
concern). There are five measures that can be used to measure profitability ratios, namely:
a. Net Profit Margin
The ratio is used to measure the percentage of each remaining sales proceeds after the
company pays the cost of goods sold. Net profit margin is a measure of profit by comparing
profit after interest and tax compared to sales. According to Cashmere (2018:201) the
industry average for Net Profit Margin is 20%.
b. Operating Income Ratio
This calculation is used to measure the company's ability to obtain operating profit
before interest and taxes from sales.
c. Earning Power of Total Investment
Ratio used to measure the company's ability to manage capital owned and invested in
all assets. This calculation is a reference for investors or shareholders in measuring the level
of investment returns invested in the company.
d. Return on Net Worth
This ratio is used to measure the ability of self-invested capital to generate income for
shareholders.
Definition of Financial Statement Analysis
According to V. Wiranta Sujarweni (2017:6) it states that:
"Analysis of financial statements is a process in order to help analyze or evaluate the
financial state of the company, the results of the company's past and future operations."
According to Mamdum Hanafi and Abdul Halim (2016:5), it states that :
"Financial statement analysis is an analysis of a company's financial statements basically
because it wants to know the level of profitability (profit) and the level of risk or health level
of a company."
Definition of Financial Statements
A financial statement is an overview of the balance sheet or statement of financial
position, a profit and a statement of changes in the capital of an enterprise that occurred at a
certain moment. These financial statements are required by investors, employees, lenders,
suppliers and other business creditors, customers, governments and the public as information
material to make decisions in order to accommodate their respective interests. Financial
statements are usually made by the company at the end of the period or at the end of the
financial year. Financial statements can be made on a monthly, quarterly, semesterly and
annual basis. However, for the benefit of external parties, financial statements are made on an
annual basis.
According to Toto Prihadi (2019: 4), financial statement analysis requires raw
materials in the form of financial statements. From the financial statements, then the financial
ratio is calculated. Thus, it is necessary to have a fairly broad knowledge of financial
statements to analyze, as is known four types of financial statements made by the company,
namely:
According to Lubis (2017:20), financial statements are:
"Financial statements are the final result of the recording process which is a summary of the
financial transactions that occurred during the relevant financial year."
Definition of Financial Performance
According to Fahmi (2016: 86), mentioning that financial performance is a picture of
the achievement of implementation or programs or wisdom in realizing the goals, objectives,
mission, and vision of an organization. According to Rudianto (2013: 189) states that
financial performance is the company's ability to use its capital effectively and efficiently in
order to get maximum results or results that have been achieved by company management in
carrying out its function of managing company assets effectively during a certain period.
Financial Performance Objectives
According to Restia Yuasita (2018: 18) the objectives of financial performance are as
follows:
1. To find out the level of liquidity, that is, the company's ability to fulfill its financial
obligations that must be fulfilled immediately or the company's ability to fulfill its
finances at the time of being billed.
2. To find out the level of solvency, that is, the company's ability to fulfill its financial
obligations if the company is liquidated both short-term and long-term obligations.
3. To find out the level of profitability, that is, the ability of the company to make a
profit over a certain period.
4. To measure the level of business stability, that is, the company's ability to conduct its
business stably which is measured by considering the company's ability to pay
installments regularly to shareholders without experiencing obstacles.
Benefits of Financial Performance
According to Rainer (2017:19) the benefits of financial performance are:
1. To measure the achievements achieved by the organization in a certain period
reflecting the success rate of its implementation of activities.
2. To see the performance of an organization as a whole.
3. To assess the contribution of a part in the overall achievement of the goals of the
enterprise.
4. According to Fajrin & Laily (2016:5) the benefits of performance appraisal for
management are to:
5. Manage organizational operations effectively and efficiently through maximum
employee motivation.
6. Assist in employee-related decision-making such as promotions, transfers and
dismissals.
7. Identify employee training and development needs and to provide criteria for
promotion and evaluation of employee training programs.
8. Provide feedback for employees on how their bosses assess their performance.
9. Provides a basis for the distribution of awards.
Past Research
Previous research was used as reference material for authors who will conduct
research. According to Bella (2020), the type of research used in this study is a quantitative
method using descriptive studies, namely by analyzing data in the form of numbers by
calculating, then applying it using the time series analysis method and describing the results
of these calculations with the help of notes on the company's financial statements. This study
aims to determine the company's financial performance using financial ratio analysis. The
financial ratios used are liquidity ratio, solvency ratio and activity ratio. The source of data in
this study is secondary data, namely the financial statements of PT. Pt. Perusahaan Gas
Negara (Persero), Tbk from 2016 to 2018. The data collection technique used is
documentation. The result of the calculation of the liquidity ratio is that the company is able
to fulfill its short-term financial obligations. The result of calculating the solvency ratio is not
good because the amount of debt is greater than the capital. The results of calculating the
company's profitability ratio have been able to increase the company's profit but in ROI and
ROE the company has not been able to generate enough profit. The result of the calculation
of the activity ratio is that the company is less efficient in using the company's assets.
According to Desi Susilawati et al (2018), this study aims to measure the
independence of local governments in implementing regional autonomy in Sleman Regency
by assessing the financial performance of the Regional Finance and Assets Agency (BKAD)
based on the Budget Realization Report (LRA) for 5 years from 2012-2016 by analyzing the
regional financial independence ratio, purchase efficiency ratio, variance analysis,
decentralization level, regional financial dependence ratio, and the debt service coverage ratio
(DSC).
Data analysis in this study is descriptive Quantitative. The results showed that the
pattern of the relationship between local government independence was considered not
independent enough, but the level of efficiency of financial management was considered
efficient. The level of fiscal decentralization of Sleman Regency is considered sufficient
because the realization of PAD revenue is very effective, but the level of dependence of local
finances on the central government is considered very high. One of the factors is due to the
lack of contribution from the Land Tax and Building Income to pad. The situation is due to
ineffective Land and Building Tax revenues. The growth ratio shows that the Sleman County
Government's ability to maintain and improve success fluctuates.
According to Sari et al (2020), this study aims to test and analyze the effect of
managerial ownership, audit committee, leverage and company size on financial performance
as measured by Return On Asset (ROA). This research is a quantitative research. The
sampling technique uses the purposive sampling method. The total sample in this study was
36 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-
2018. The statistical analysis used in this study is a multiple linear regression analysis. The
results of this study show that managerial ownership, audit committee and leverage affect
financial performance. Meanwhile, the size of the company does not affect financial
performance.
Frame of Mind
The frame of mind is the subject of research where theoretical concepts will change
into operational definitions that can describe the series of variables to be studied. An analysis
is carried out on the financial statements that will lead to the drawing of conclusions about
the financial condition of the company. In this case, the researcher wants to see results to
measure the financial performance of the company. Financial performance itself can be
interpreted as the success of the company in managing its financial resources in managing its
business.
Based on the frame of mind described above, the framework of this research thinker
can be seen in the following figure:
Figure 1.1 Frame of Mind Chart
RESEARCH METHODS
0.32%, and upfront costs by 0.62% and caused by a decrease in current debt, namely a
decrease in accounts payable by 0.33% and tax payables by 0.39%.
In 2020, there was an increase of 2.66 times, meaning that every Rp.1 current debt
was guaranteed by 2.66 current assets, this was due to an increase in current assets, namely in
cash and cash equivalents by 1.57%, accounts receivable by 0.63%, inventory by 0.80%,
upfront costs of 1.55% and caused by an increase in current debt, namely accounts payable
by 1.31%, tax debt by 0.38%, and the accrued fee of 0.66%.
In 2021, it increased to 3.22 times current assets, meaning that every IDR 1 current
debt is guaranteed by 3.22 current assets, this is due to an increase in current assets, namely
in cash and cash equivalents by 0.82%, accounts receivable by 1.30%, inventory by 0.78%,
upfront costs of 2.13% and caused by an increase in current debt, namely accounts payable
by 1.23%, tax debt at 0.43%, accrued costs at 5.45%.
Since 2018-2021, the average current ratio is 3.62 times. According to Cashmere
(2018: 143) when compared to the industry average of 2 times, the company's condition is
good because it is above the industry average.
Cash Ratio
The following is the result of calculating the cash ratio :
Cash + cash equivalents
Cash Ratio = x 100%
Current debt
Source : Sari et al
Table 4.2 Calculation of Cash Ratio of PT. BJM
Cash + cash
Year Current debt Cash Ratio
equivalents
2018 6.573.047.205 2.065.426.700 3,18 river
2019 5.630.795.827 8.362.605.582 0,67 river
2020 3.597.182.353 8.139.681.986 0,44 river
2021 4.399.419.652 7.465.799.305 0,59 river
Average 1,22 river
Source : Processed author
Based on the calculation results in 2018 of 3.18 times, it means that every Rp.1
current debt is guaranteed by 3.18 cash and cash equivalents.
In 2019, it decreased to 0.67 times, meaning that every Rp.1 current debt is
guaranteed by 0.67 cash and cash equivalents, this is due to the increase in cash and cash
equivalents by 1.17% and due to a decrease in current debt, namely accounts payable by
0.33% and tax debt by 7.72%.
In 2020, it decreased to 0.44 times, meaning that every Rp.1 current debt is
guaranteed by 0.44 cash and cash equivalents, this is due to an increase in cash and cash
equivalents by 1.57% and is due to an increase in current debt, namely accounts payable by
1.31%, a decrease in tax debt by 0.38% and accrued costs by 0.66%.
In 2021, it increased to 0.59 times, meaning that every IDR 1 current debt is
guaranteed by 0.59 cash and cash equivalents, this is due to a decrease in cash and cash
equivalents by 0.82% and a decrease in current debt, namely accounts payable by 1.23%, tax
debt by 0.43% and accrued costs by 1.30%.
Since 2018-2021, the average cash ratio is 1.22 times or 122%. When compared with
the industry average according to Cashmere (2018) by 50% times. Then the resulting ratio is
high enough so that the Cash Ratio is considered not good. Because a lot of cash is idle and
not / has not been used optimally.
Quick Ratio
The following is the result of calculating the quick ratio :
Current assets -
Quick Ratio = inventory x 100%
Current debt
Table 4.3 Quick Ratio Calculation of PT. BJM
Year Current assets Supplies Current debt Quick Ratio
2018 12.756.290.796 3.055.224.419 2.065.426.700 4,70 river
2019 20.179.674.122 9.547.222.121 8.362.605.582 1,27 river
2020 21.651.981.085 11.891.401.440 8.139.681.986 1,20 river
2021 24.011.386.841 15.287.392.990 7.465.799.305 1,17 river
Average 2,08 river
Source : Processed author
Based on the calculation results in 2018 of 4.70 times, it means that every Rp.1
current debt is guaranteed by 4.70 current assets without inventory.
In 2019, it decreased to 1.27 times, meaning that every Rp.1 current debt is
guaranteed by 1.27 current assets without inventory, this is due to an increase in cash and
cash equivalents by 1.17%, receivables of
0.60%, upfront fees of 0.67% and increased current debt, namely accounts payable by 0.33%
and tax debt by 0.08%.
In 2020, it decreased to 1.20 times, meaning that every Rp.1 current debt is
guaranteed by 1.20 current assets without inventory, this is due to an increase in current
assets, namely cash and cash equivalents by 1.57%, accounts receivable by 0.63%, upfront
costs of 2.09% and also due to an increase in current debt, namely accounts payable by
1.31%, tax debt by 0.38% and accrued costs by 0.66%.
In 2021, it decreased to 1.17 times, meaning that every IDR 1 current debt is
guaranteed by 1.17 current assets without inventory, this is due to an increase in current
assets, namely cash and cash equivalents by 0.82%, accounts receivable by 1.30%, upfront
costs of 2.13% and also due to an increase in current debt, namely accounts payable by
1.23%, tax debt by 0.43%, accrued fee of 1.30%.
Since 2018-2021, the average quick ratio is 2.08 times. When compared to the
industry average according to Cashmere (2018) of 1.5 times. Then the resulting ratio is above
the industry average so that the Quick Ratio is considered quite good. The higher the ratio,
the more long-term sources embedded in current assets so that the more liquid.
Solvency Ratio
Debt To Total Asset Ratio
The following is the result of calculating the debt to total asset ratio :
meningkatnya total hutang yaitu hutang usaha sebesar 0,33% , hutang pajak sebesar 0,08%
dan disebabkan juga karena meningkatnya total aktiva yaitu kas dan setara kas sebesar
1,17%, piutang usaha sebesar 0,60%, persediaan sebesar 0,32%, aktiva tetap sebesar 0,81%,
dan akumulasi depresiasi aktiva tetap sebesar 0,58%.
Pada tahun 2020 menurun menjadi sebesar 0,36 kali artinya setiap Rp.1 total aktiva
dijamin oleh 0,36 total hutang, hal ini disebabkan oleh menurunnya total hutang yaitu hutang
usaha sebesar 1,31%, hutang pajak sebesar 0,38%, biaya yang masih harus dibayar sebesar
0,66% dan disebabkan juga karena meningkatnya total aktiva yaitu kas dan setara kas sebesar
1,57%, piutang usaha sebesar 0,63%, persediaan sebesar 0,80%, biaya dibayar dimuka
sebesar 1,55%, aktiva tetap sebesar 0,85%, dan akumulasi depresiasi aktiva tetap sebesar
0,57%.
Pada tahun 2021 mengalami penurunan menjadi sebesar 0,30 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,30 total hutang, hal ini disebabkan oleh menurunnya total hutang
yaitu hutang usaha sebesar 1,23%, hutang pajak sebesar 0,43%, biaya yang masih harus
dibayar sebesar 1,30% dan disebabkan karena meningkatnya total aktiva yaitu kas dan setara
kas sebesar 0,82%, piutang usaha sebsar 1,30%, persediaan sebesar 0,78%, biaya dibayar
dimuka sebesar 2,13%, aktiva tetap sebesar 0,88% dan akumulasi depresiasi aktiva tetap
sebesar 0,67%.
Sejak tahun 2018-2021, rata-rata debt to total asset ratio sebesar 0,30 kali atau 30%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 35%, maka rasio
yang dihasilkan berada dibawah rata-rata industri sehingga debt to asset ratio dinilai cukup
baik.
Debt to Total Equity Ratio
Berikut ini adalah hasil perhitungan debt to equity ratio :
Berdasarkan perhitungan, tahun 2018 sebesar 0,21 kali artinya setiap Rp.1 modal dijamin
oleh 0,21 total hutang.
Pada tahun 2019 meningkat menjadi sebesar 0,84 kali artinya setiap Rp.1 modal
dijamin oleh 0,84 total hutang, hal ini disebabkan karena meningkatnya total hutang yaitu
hutang usaha sebesar 0,33% dan hutang pajak sebesar 0,08%.
Pada tahun 2020 menurun menjadi sebesar 0,81 kali artinya setiap Rp.1 modal
dijamin oleh 0,81 total hutang, hal ini disebabkan karena menurunnya total hutang yaitu
hutang usaha sebesar 1,31%, hutang pajak sebesar 0,38%, dan biaya yang masih harus
dibayar sebesar 0,66%.
Pada tahun 2021 mengalami penurunan menjadi sebesar 0,75 kali artinya setiap Rp.1
modal dijamin oleh 0,75 total hutang, hal ini disebabkan karena menurunnya total hutang
yaitu hutang usaha sebesar 1,23%, hutang pajak sebesar 0,43%, dan biaya yang masih harus
dibayar sebesar 1,30%.
Sejak tahun 2018-2021, rata-rata debt to total equity ratio sebesar 0,65 kali atau 65%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 80%. Maka rasio
yang dihasilkan masih dibawah rata-rata industri sehingga debt to equity ratio dinilai cukup
baik.
Rasio Rentabilitas
Profit Margin Ratio
Berikut ini adalah hasil perhitungan profit margin ratio :
Laba bersih
Profit Margin Ratio = x 100%
Penjualan
Tabel 4.6 Perhitungan profit margin ratio PT. BJM
Tahun Laba bersih Penjualan Profit Margin Ratio
2018 1.753.444.491 15.592.040.361 0,11 kali
2019 1.258.779.702 22.451.364.770 0,06 kali
2020 1.643.987.419 34.937.393.500 0,05 kali
2021 2.921.857.526 84.777.952.695 0,03 kali
Rata-rata 0,06 kali
45
Sumber : Olahan penulis
Berdasarkan perhitungan, tahun 2018 sebesar 0,11 kali artinya setiap Rp.1 penjualan
dijamin oleh 0,11 laba bersih.
Pada tahun 2019 mengalami penurunan menjadi sebesar 0,06 kali artinya setiap Rp.1
penjualan dijamin oleh 0,06 laba bersih, hal ini karena menurunnya laba bersih sebesar 1,39%
dan juga disebabkan karena meningkatnya penjualan sebesar 0,69%, harga pokok penjualan
sebesar 0,66%, laba sebelum pajak sebesar 1,14%.
Pada tahun 2020 mengalami penurunan menjadi sebesar 0,05 kali artinya setiap Rp.1
penjualan dijamin oleh 0,05 laba bersih, hal ini karena menurunnya laba bersih sebesar 0,77%
dan juga disebabkan karena menurunnya penjualan sebesar 0,64%, harga pokok penjualan
sebesar 0,63%, dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami penurunan menjadi sebesar 0,03 kali artinya setiap Rp.1
penjualan dijamin oleh 0,03 laba bersih, hal ini karena menurunnya laba bersih sebesa 0,56%
dan juga disebabkan karena menurunnya penjualan sebesar 0,41%, harga pokok penjualan
sebesar 0,39%, dan laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, profit margin ratio mengalami penurunan setiap tahunnya.
Hasil penghitungan dinilai baik karena penjualan yang meningkat dan menghasilkan laba
yang cukup baik.
Return On Investment Ratio
Berikut ini adalah hasil perhitungan return on investment ratio :
Laba bersih
ROI = x 100%
Total aktiva
Tabel 4.7 Perhitungan return on investment ratio PT. BJM
Tahun Laba bersih Total aktiva ROI
2018 1.753.444.491 13.818.653.234 0,13 kali
2019 1.258.779.702 21.374.611.819 0,06 kali
2020 1.643.987.419 22.795.675.641 0,07 kali
2021 2.921.857.526 25.043.649.101 0,12 kali
Rata-rata 0,09 kali
Sumber : Olahan penulis
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,13 kali artinya setiap Rp.1 total
aktiva dijamin oleh 0,13 laba bersih.
Pada tahun 2019 mengalami penurunan menjadi sebesar 0,06 kali artinya setiap Rp.1
total aktiva dijamin oleh 0,06 laba bersih, hal ini disebabkan karena menurunnya laba bersih
sebesar 1,39% dan juga disebabkan karena meningkatnya total aktiva yaitu kas dan setara kas
sebesar 1,17%, piutang usaha sebesar 0,60%,
persediaan sebesar 0,32%, aktiva tetap sebesar 0,81% dan akumulasi penyusutan sebesar
0,58%.
Pada tahun 2020 mengalami peningkatan menjadi sebesar 0,07 kali artinya setiap
Rp.1 total aktiva dijamin oleh 0,07 laba bersih, hal ini disebabkan karena meningkatnya laba
bersih sebesar 0,77% dan juga disebabkan karena meningkatnya total aktiva yaitu kas dan
setara kas sebesar 1,57%, piutang usaha sebesar 0,63%, persediaan sebesar 0,80%, aktiva
tetap sebesar 0,85% dan akumulasi penyusutan sebesar 0,57%.
Pada tahun 2021 mengalami peningkatan menjadi sebesar 0,12 kali artinya setiap
Rp.1 total aktiva dijamin oleh 0,12 laba bersih, hal ini disebabkan karena meningkatnya laba
bersih sebesar 0,56% dan juga disebabkan karena meningkatnya total aktiva yaitu kas dan
setara kas sebesar 0,82%, piutang usaha sebesar 1,30%, persediaan sebesar 0,78%, aktiva
tetap sebesar 0,88% dan akumulasi penyusutan sebesar 0,67%.
Sejak tahun 2018-2021, rata-rata return on investment ratio sebesar 0,09 kali atau 9%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 30%. Maka rasio
yang dihasilkan masih berada dibawah rata-rata industri sehingga ROI dinilai kurang baik.
Return On Equity Ratio
Berikut ini adalah hasil perhitungan return on equity ratio :
Laba bersih
ROE = x 100%
Modal
Tabel 4.8 Perhitungan return on equity ratio PT. BJM
Tahun Laba bersih Modal ROE
2018 1.753.444.491 10.000.000.000 0,18 kali
2019 1.258.779.702 10.000.000.000 0,13 kali
2020 1.643.987.419 10.000.000.000 0,16 kali
2021 2.921.857.526 10.000.000.000 0,29 kali
Rata-rata 0,19 kali
Sumber : Olahan penulis
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,18 kali artinya setiap Rp.1 modal
dijamin oleh 0,18 laba bersih.
Pada tahun 2019 mengalami penurunan menjadi sebesar 0,13 kali artinya setiap Rp.1
modal dijamin oleh 0,13 laba bersih, hal ini disebabkan karena menurunnya laba bersih
karena menurunnya penjualan sebesar 0,69%, harga pokok penjualan sebesar 0,66%, laba
sebelum pajak sebesar 1,14%.
Pada tahun 2020 meningkat menjadi 0,21 kali artinya setiap Rp.1 modal dijamin oleh
0,21 laba bersih, hal ini disebabkan karena menurunnya penjualan sebesar 0,64%, harga
pokok penjualan sebesar 0,63%, dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami peningkatan menjadi 0,38 kali artinya setiap Rp.1 modal
dijamin oleh 0,38 laba bersih, hal ini disebabkan karena menurunnya penjualan sebesar
0,41%, harga pokok penjualan sebesar 0,39%, dan laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, rata-rata return on equity ratio sebesar 0,19 kali atau 19%.
Jika dibandingkan dengan rata-rata industri menurut Kasmir (2018) sebesar 40%. Maka rasio
yang dihasilkan masih berada dibawah rata-rata industri sehingga ROE dinilai kurang baik.
Rasio Aktifitas
Receivable Turnover
Berikut ini adalah hasil perhitungan receivable turnover :
disebabkan karena meningkatnya penjualan sebesar 0,64%, harga pokok penjualan sebesar
0,63% dan meningkatnya rata-rata piutang usaha sebesar 0,63%.
Pada tahun 2021 mengalami kenaikan menjadi sebesar 21,60 kali artinya setiap Rp 1
rata-rata piutang usaha dijamin oleh 21,60 penjualan bersih, hal ini disebabkan karena
meningkatnya penjualan sebesar 0,41%, harga pokok penjualan sebesar 0,39% dan
meningkatnya rata-rata piutang usaha sebesar 1,30%.
Sejak tahun 2018-2021, rata-rata receivable turnover mengalami kenaikan dan
penurunan. Hasil penghitungan dinilai baik karena efektivitas perputaran piutang cepat
sehingga penjualan perusahaan semakin efisien.
Inventory Turnover
Berikut ini adalah hasil perhitungan inventory turnover :
Inventory Penjualan
= x 100%
Turnover Persediaan
Tabel 4.10 Perhitungan inventory turnover PT. BJM
Maka rasio yang dihasilkan masih berada dibawah standar industri sehingga
perputaran total aset dinilai kurang baik. Karena perusahaan belum memaksimalkan aktiva
yang dimiliki dan mengurangi aktiva yang kurang produktif.
Rasio Profitabilitas
Net Profit Margin
Berikut ini adalah hasil perhitungan net profit margin :
5 6 6 5
Pada tahun 2019 mengalami penurunan menjadi 0,08 kali artinya setiap Rp 1 total
aktiva dijamin oleh 0,08 laba sebelum pajak. Hal ini disebabkan karena menurunnya laba
sebelum pajak sebesar 1,14%, penjualan sebesar 0,69%, harga pokok penjualan sebesar
0,66% dan meningkatnya aktiva yaitu kas dan setara kas sebesar 1,17%, piutang usaha
sebesar 0,60%, persediaan sebesar 0,32%, aktiva tetap sebesar 0,81% dan akumulasi aktiva
tetap sebesar 0,58%.
Pada tahun 2020 meningkat menjadi 0,09 kali artinya setiap Rp 1 total aktiva dijamin
oleh 0,09 laba sebelum pajak. Hal ini disebabkan karena meningkatnya laba sebelum pajak
sebesar 0,77%, penjualan sebesar 0,64%, harga pokok penjualan sebesar 0,63% dan
meningkatnya aktiva yaitu kas dan setara kas sebesar 1,57%, piutang usaha sebesar 0,63%,
persediaan sebesar 0,80%, aktiva tetap sebesar 0,85% dan akumulasi aktiva tetap sebesar
0,57%.
Pada tahun 2021 mengalami peningkatan menjadi 0,15 kali artinya setiap Rp 1 total
aktiva dijamin oleh 0,15 laba sebelum pajak. Hal ini disebabkan karena meningkatnya laba
sebelum pajak sebesar 0,56%, penjualan sebesar 0,41%, harga pokok penjualan sebesar
0,39% dan meningkatnya aktiva yaitu kas dan setara kas sebesar 0,82%, piutang usaha
sebesar 1,30%, persediaan sebesar 0,78%, biaya
dibayar dimuka sebesar 2,13%, aktiva tetap sebesar 0,88% dan akumulasi aktiva tetap sebesar
0,67%.
Sejak tahun 2018-2021, rata-rata earning power of total investment mengalami
kenaikan dan penurunan setiap tahunnya. Hasil penghitungan dinilai baik karena earning
power of total investment digunakan untuk mengukur kemampuan aktiva untuk memberika
return atas laba sebelum pajak. Semakin tinggi rasio maka semakin baik.
Return on Net Worth
Berikut ini adalah hasil perhitungan return on net worth :
Berdasarkan hasil perhitungan, tahun 2018 sebesar 0,18 kali artinya setiap Rp 1 modal
dijamin oleh 0,18 laba setelah pajak.
Pada tahun 2019 mengalami penurunan menjadi 0,13 kali artinya setiap Rp 1 modal
dijamin oleh 0,13 laba setelah pajak. Hal ini disebabkan karena menurunnya penjualan
sebesar 0,69%, harga pokok penjualan sebesar 0,66% dan laba sebelum pajak sebesar 1,14%.
Pada tahun 2020 meningkat menjadi 0,16 kali artinya setiap Rp 1 modal dijamin oleh
0,16 laba setelah pajak. Hal ini disebabkan karena meningkatnya penjualan sebesar 0,64%,
harga pokok penjualan sebesar 0,63% dan laba sebelum pajak sebesar 0,77%.
Pada tahun 2021 mengalami peningkatan menjadi 0,29 kali artinya setiap Rp 1 modal
dijamin oleh 0,29 laba setelah pajak. Hal ini disebabkan karena meningkatnya penjualan
sebesar 0,41%, harga pokok penjualan sebesar 0,39% dan laba sebelum pajak sebesar 0,56%.
Sejak tahun 2018-2021, return on net worth mengalami kenaikan dan penurunan
setiap tahunnya. Hasil penghitungan dinilai baik karena return on net
worth digunakan untuk mengukur return atas modal sendiri. Semakin tinggi rasio, maka
semakin baik.
KESIMPULAN
Berdasarkan hasil penelitian dan pembahasan maka dapat disimpulkan bahwa :
1. Rasio Likuiditas PT. BJM menggunakan current ratio, cash ratio, dan quick
ratio. Current ratio dinilai baik karena aset lancar perusahaan dinilai mampu dalam
melunasi hutang lancar. Cash ratio dinilai kurang baik karena banyak kas yang
menganggur dan belum digunakan secara optimal. Quick ratio dinilai cukup baik
karena kemampuan perusahaan untuk emlunasi hutang lancar dengan aktiva lancar
setelah dikurang persediaan dalam kondisi baik.
2. Raiso Solvabilitas PT.BJM menggunakan debt to total aset ratio dan debt to equity
ratio. Debt to total aset ratio dinilai cukup baik karena berada di bawah rata-rata
industri sehingga pendanaan utang tidak besar, hal ini menunjukkan bahwa kinerja
perusahaan baik. Debt to equity ratio dinilai cukup baik sehingga perusahaan semakin
menguntungkan karena semakin besar pinjaman. Hal ini menunjukkan bahwa kinerja
perusahaan baik.
3. Rasio Rentabilitas PT. BJM menggunakan profit margin ratio, return on investment
ratio, return on equity ratio. Profit margin ratio dinilai cukup baik, hal ini disebabkan
karena adanya kenaikan pendapatan dan dihasilkan laba yang cukup baik. Return on
investment ratio yang dihasilkan masih berada di bawah rata-rata industri sehingga
ROI dinilai kurang baik. Return on equity ratio yang dihasilkan masih berada di
bawah rata-rata industri sehingga ROE dinilai kurang baik.
4. Rasio Aktifitas PT. BJM menggunakan receivable turnover, inventory turnover, total
aset turnover. Receivable turnover dinilai baik karena efektivitas perputaran piutang
cepat sehingga penjualan perusahaan semakin efisien. Inventory turnover masih
berada di bawah standar industri sehingga perputaran persediaan dinilai kurang
baik. Total aset turnover masih berada di bawah standar industri sehingga perputaran
total aset dinilai kurang baik. Karena perusahaan belum memaksimalkan aktiva yang
dimiliki dan mengurangi aktiva yang kurang produktif.
5. Rasio Profitabilitas menggunakan net profit margin, operating income ratio, earning
power of total investment, return on net worth. Net profit margin masih berada di
bawah rata-rata industri sehingga NPM dinilai kurang baik. Operating income
ratio dinilai kurang baik karena menurun setiap tahunnya. Earning power of total
investment dinilai baik karena rasio ini digunakan untuk mengukur kemampuan
aktiva untuk memberikan return atas laba sebelum pajak. Return on net worth dinilai
baik karena rasio ini digunakan untuk mengukur return atas modal sendiri.
Keterbatasan
Indonesia saat ini masih dalam pemulihan pasca pandemic Covid-19. Banyak
perusahaan yang masih menerapkan pekerjaan secara mobile dan work from home dan sejak
awal pandemic PT. BJM menerapkan work from home dan masih berlangsung hingga saat
ini, hal ini yang menjadi keterbatasan penulis dalam memperoleh data pada perusahaan.
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