Analisis kinerja keuangan perusahaan properti dengan menggunakan metode zmijewski

Fakoano, Viga (2016) Analisis kinerja keuangan perusahaan properti dengan menggunakan metode zmijewski. Masters thesis, Institut Pertanian Bogor.

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Abstract

Potential bankruptcy or financial distress owned by each company. Potential bankruptcy would give concern to internal and external parties. Potential bankruptcy need to know in advance so that management is able to take action to anticipate. Bank Indonesia report also stated that the year on year growth in property business in Indonesia has increased although there was some period decreased due to inflation that occurred in Indonesia. This inflation causes the increase in raw material prices and labor costs, while the decreased purchasing power. PT Pakuwon Jati (PWON) is one of the properties that entered the ranks LQ45 in the Indonesia Stock Exchange in February 2016. The company's performance PWON of the study period was relatively good. However, based on the report of the Beard Group, an analytics company bankruptcy creditors which took place in the United States, Moody's PWON value dropped from B2 to B3. This is due to the weakening of credit PWON when compared with liquidity caused by weakening property demand, the depreciation of the rupiah and tight financial markets. In addition to pre-sales one PWON products in Jakarta were below expectations. Value sales of condominiums in the project is only 51% and the sales office is only 28% over November 2008. On March 16, 2009, Moody PWON was dropped to Caa1 from B3. This study has three objectives: (1) analyzing the financial performance PWON period 1st quarter 2006 to first quarter 2016 ratio analysis; (2) analyze the potential financial distress PWON using methods Zmijewski; (3) analyze the relationship between financial distress with the independent variables. This study uses secondary data such as time series data quarterly financial report which is then processed to produce value of Zmijewski and quarterly basis. This study uses the error correction mechanism analysis tool to see the effect of variable exchange rates, interest rates, growth sales, COGS growth, operating expense growth and a debt to equity ratio.

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