II.

Aspek Finansial
RASIO KEUANGAN
PT. SIER (Persero)

No. Keterangan 1997 1998
RATIO PROFITABILITAS
1. ROI (Return on Investment) / ROA 18,14% 11,66%
2. ROE (Return on Equity) 26,74% 16,12%
3. GPM (Gross Profit Margin) 78,64% 90,61%
4. NPM (Net Profit Margin) 65,97% 80,03%
5. OPM (Operating Profit Margin) 81,20% 98,18%
RATIO LIKUIDITAS
1. CR (Current Ratio) 254,75% 304,07%
2. QR (Quick Ratio) 183,79% 158,16%
3. Cash Ratio 127,51% 92,74%
4. Inventory to Net Working Capital 45,85% 71,49%
RATIO AKTIVITAS
1. ITO (Inventory Turn Over) 4,77 kali 0,91 kali
2. CATO (Current Assets Turn Over) 0,66 kali 0,34 kali
3. NWCTO (Net Working Capital Turn Over) 1,09 kali 0,51 kali
4. FATO (Fixxed Assets Turn Over) 0,52 kali 0,28 kali
5. TATO (Total Assets Turn Over) 0,27 kali 0,14 kali
RATIO LEVERAGE
1. DR (Debt Ratio) 35,52% 27,64%
2. DER (Debt to Equity Ratio) 52,35% 38,19%
3. LDER (Long Term Debt to Equity Ratio) 15,88% 10,68%
4. CDER (Current Term Debt to Equity Ratio) 23,93% 19,36%
RATIO PERTUMBUHAN 1997-1998
1. Pertumbuhan dalam penjualan (%) -47,86%
2. Pertumbuhan dalam laba (%) -36,75%
3. Pertumbuhan dalam aktiva (%) -1,60%

ASPEK FINANSIAL

1. Ratio Profitabilitas
ROI :



1997 :

1998 :

ROE :


x 100%
1997=

1998=

GPM :



1997 :



1998 :

NPM :



1997 :



1998 :

OPM :

1997 :



1998 :



2. Ratio Likuiditas
CR :



1997 :



1998 :



QR :



1997 :



1998 :



Cash ratio :

1997 :



1998 :



Inventory to Networking Capital :



1997 :



1998 :



3. Ratio Aktivitas
ITO :



1997 :

( )

1998 :

( )

CATO :

1997 :



1998 :



NWCTO :

1997 :



1998 :



FATO :

1997 :



1998 :



TATO :

1997 :



1998 :



4. Ratio Leverage
DR :



1997 :



1998 :



DER :

1997 :

1998 :



LDER :

1997 :



1998 :



CDER :

1997 :



1998 :



5. Ratio Pertumbuhan
1. Pertumbuhan dalam penjualan (%)
=



Pertumbuhan penjualan 97 98=

2. Pertumbuhan dalam Laba(%)
=



Pertumbuhan laba 97 98=

3. Pertumbuhan dalam Aktiva(%)
=



Pertumbuhan aktiva 97 98=

PENGUKURAN Z-SCORE
Rumus Z-Score=1,2X1+1,4X2+3,3X3+0,6X4+1X5
X1 = Working Capital to Total Assets
Rumus =



X1(1997) = Rp. 6.903.285.257 = 0,25
Rp. 27.468.313.924
X1(1998) = Rp. 7.728.412.879 = 0,29
Rp. 27.027.400.771
X2 = Retained Earing to Total Assets
Rumus =



X2(1997) = Rp. 7.213.386.486 = 0,26
Rp. 27.468.313.924
X2(1998) = Rp. 8.135.455.646 = 0.30
Rp. 27.027.400.771
X3 = Earning Before Interest and Tax to Total Assets
Rumus =

X3(1997) = Rp. 6.133.804.343 = 0,22
Rp. 27.468.313.924

X3(1998) = Rp. 3.867.042/898 = 0,14
Rp. 27.027.400.771
X4 =



X4(1997) = Rp.14.426.419.093 = 1,48
Rp.

X4(1998) = Rp. 13.954.473.753 = 1,87
Rp.

X5 =

X5 (1997) = Rp. 7.553.673.993 = 0,27
Rp. 27.468.313.924
X5 (1998) = Rp. 3.938.537.698 = 0,15
Rp. 27.027.400.771
Hasil perhitungan Z-Score :
Z-Score 1997 =1,2(0,25)+1,4(0,26)+3,3(0,22)+0,6(1,48)+1(0,27) = 2,548
Z-Score 1998 =1,2(0,29)+1,4(0,30)+3,3(0,14)+0,6(1,87)+1(0,15) = 2,502