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Nama : Hilma Karimah

NIM : 1903571687
Prodi : S1 Akuntansi
Matkul : Manajemen Keuangan 2

PT ASTRA AGRO LESTARI Tbk

Listed share : 1,924,688,333


Balance sheets Decs 2015 Decs 2016 Decs 2017 Decs 2018

Cash and cash equivalents 294,441 531,583 262,292 194,577


Receivables 88,026 579,126 704,749 544,050
Inventories 1,691,575 2,097,204 2,018,104 2,835,114
current assets 2,814,123 4,051,544 4,245,730 5,710,846
Fixed assets 9,361,731 10,027,968 10,152,225 10,082,296
Other assets 324,410 112,216 111,157 601,687
TOTAL ASSETS 21,512,371 24,226,122 24,935,426 27,318,406
current liabilities 3,522,133 3,942,967 2,309,417 3,681,899
Long-term liabilities 6,291,451 2,689,673 4,089,571 4,497,548
TOTAL LIABILITIES 9,813,584 6,632,640 6,398,988 8,179,447
Authoried capital 2,000,000 2,000,000 2,000,000 2,000,000
paid-up capital 787,373 962,344 962,344 962,344
Share capital 1,575 1,925 1,925 1,925
Par value 500 500 500 500
Retained earnings 10,413,840 12,293,945 13,258,048 13,871,057
TOTAL EQUITY 11,698,787 17,593,482 18,536,438 19,138,959
TOTAL REVENUE 13,059,216 14,121,374 17,305,688 13,761,630
Cost of revenue 9,977,118 10,445,360 13,160,438 11,117,861
Gross profit 3,082,098 3,676,014 4,145,250 2,643,769
Expenses (income) 1,906,585 1,467,236 1,206,745 956,937
Operating profit - 2,208,778 2,938,505 -
Other income - - 1,423 -
Income before tax 1,175,513 2,208,778 2,938,505 1,686,832
Tax 479,829 94,479 824,876 504,923
Profit for the period 695,684 2,114,299 2,113,629 1,181,909
Profit attributable 619,107 2,006,973 2,010,332 1,181,909
comprehensive income 689,403 2,179,787 2,064,015 1,181,909
Comprehensive 612,292 2,070,649 1,961,092 1,181,909
attributable
Saham penutupan 15,850 16,775 13,150 59,125

Tahun 2015
working capital
X1 =
total assets
2,814,123− 3,522,133
= = -0.032
21,512,371
retained earnings
X2 =
total assets
10,413,840
= = 0.484
21,512,371
EBIT
X3 =
total assets
1,175,513 market value of equity
= = 0.054 X4 =
21,512,371 total liabilities
15,850 x 1,924.68
= = 3.108
9,813,584
sales
X5 =
total assets
13,059,216
= = 0.607
21,512,371

Z – score original
Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
= 3.2892

Variabel Nilai Rasio Koefisien R&K


X1 -0.032 1.2 -0.0384
X2 0.484 1.4 0.6776
X3 0.054 3.3 0.1782
X4 3.108 0.6 1.8648
X5 0.607 1.0 0.607
Overall index z-score 3.2892

Tahun 2016
working capital
X1 =
total assets
4,051,544− 3,942,967
= = 0.00448
𝟐𝟒,𝟐𝟐𝟔,𝟏𝟐𝟐
retained earnings
X2 =
total assets
12,293,945
= = 0.5074
𝟐𝟒,𝟐𝟐𝟔,𝟏𝟐𝟐

EBIT
X3 =
total assets
2,208,778
= = 0.0911
𝟐𝟒,𝟐𝟐𝟔,𝟏𝟐𝟐

market value of equity


X4 =
total liabilities
16,775 x 1,924.68
= = 4.867
𝟔,𝟔𝟑𝟐,𝟔𝟒𝟎
sales
X5 =
total assets
𝟏𝟒,𝟏𝟐𝟏,𝟑𝟕𝟒
= = 0.5828
𝟐𝟒,𝟐𝟐𝟔,𝟏𝟐𝟐

Z – score original
Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
= 4.5193

Variabel Nilai Rasio Koefisien R&K


X1 0.00448 1.2 0.005376
X2 0.5074 1.4 0.71036
X3 0.0911 3.3 0.30063
X4 4.867 0.6 2.9202
X5 0.5828 1.0 0.5828
Overall index z-score 4.5193

Tahun 2017
working capital
X1 =
total assets
4,245,730 − 2,309,417
= = 0.0776
𝟐𝟒,𝟗𝟑𝟓,𝟒𝟐𝟔

retained earnings
X2 =
total assets
13,258,048
= = 0.5316
24 ,935,426
EBIT
X3 =
total assets
2,938,505
= = 0.1178
𝟐𝟒,𝟗𝟑𝟓,𝟒𝟐𝟔
market value of equity
X4 =
total liabilities
13,150 x 1,924.68
= = 3.9552
𝟔,𝟑𝟗𝟖,𝟗𝟖𝟖
sales
X5 =
total assets
17,305,688
= = 0.694
24,935,426

Z – score original
Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
= 3.946

Variabel Nilai Rasio Koefisien R&K


X1 0.0776 1.2 0.0931
X2 0.5316 1.4 0.7443
X3 0.1178 3.3 0.3888
X4 3.9552 0.6 2.3731
X5 0.694 1.0 0.3470
Overall index z-score 3.946

Tahun 2018
working capital
X1 =
total assets
5,710,846 − 3,681,899
= = 0.074
𝟐𝟕,𝟑𝟏𝟖,𝟒𝟎𝟔

retained earnings
X2 =
total assets
13,871,057
= = 0.507
𝟐𝟕,𝟑𝟏𝟖,𝟒𝟎𝟔

EBIT
X3 =
total assets
𝟏,𝟔𝟖𝟔,𝟖𝟑𝟐
= = 0.061
𝟐𝟕,𝟑𝟏𝟖,𝟒𝟎𝟔
market value of equity
X4 =
total liabilities
59,125x 1,924.68
= = 13.912
𝟖,𝟏𝟕𝟗,𝟒𝟒𝟕

sales
X5 =
total assets
𝟏𝟑,𝟕𝟔𝟏,𝟔𝟑𝟎
= = 0.503
𝟐𝟕,𝟑𝟏𝟖,𝟒𝟎𝟔

Z – score original
Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 1.0X5
= 9.8501
Variabel Nilai Rasio Koefisien R&K
X1 0.074 1.2 0.0888
X2 0.507 1.4 0.7098
X3 0.061 3.3 0.2013
X4 13.912 0.6 8.3472
X5 0.503 1.0 0.503
Overall index z-score 9.8501
1. Nilai indeks keseluruhan baik besar maupun kecil dipengaruhi oleh 5 rasio.
2. Rasio yang memberikan kontribusi nilai terbesar adalah x5
3. Formula yang digunakan untuk PT. Astra Agro Lestari adalah Z-score
original, karena PT. Astra Agro Lestari merupakan perusahaan manufaktur
4. PT. Astra Agro Lestari merupakan perusahaan manufaktur yang berada
dalam keadaan “safe” karena pada periode 2015 – 2018 nilai Z > 2,99

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