Nama : APRIYADI

NPM : 02216191
Kelas : Akuntansi Ekstensi Semester 4
Matkul : Manajemen Keuangan Lanjutan
ANALISA KEBANGKRUTAN PT. ADARO ENERGY.Tbk
(Dalam Ribuan Dollar)
Keterangan 2011 2012 2013
Modal kerja 518,324 514,652 597,182
Total asset 5,658,961 6,692,256 6,733,787
Laba Ditahan 904,269 1,023,426 1,170,519
Kapitalisasi Pasar 56,615,152 50,857,679 34,864,698
Total kewajiban 3,216,738 3,697,202 3,538,802
EBIT 1,131,206 836,384 534,285
Penjualan 3,987,405 3,722,489 3,285,956
EBT 1,002,611 713,724 419,284
EAT 552,103 383,307 229,263
ASET LANCAR 1,297,525 1,413,875 1,370,879
KEWAJIBAN LANCAR 779,201 899,223 773,697
KEWAJIBAN TIDAK LANCAR 2,437,537 2,797,979 2,765,105
2014 2015 2016 2017
497,037 638,046 948,160 1,205,860
6,413,864 5,958,629 6,522,257 6,814,147
1,261,483 1,335,827 1,574,902 1,910,668
33,265,400 16,472,770 54,216,205 59,493,889
3,154,392 2,605,586 2,736,375 2,722,520
489,832 331,881 587,618 951,825
3,325,444 2,684,476 2,524,239 3,258,333
321,639 279,973 546,520 929,531
183,244 151,003 340,686 536,438
1,271,632 1,092,519 1,592,715 1,979,162
774,595 454,473 644,555 773,302
2,379,797 2,151,113 2,091,820 1,949,218
 Metode Altman Z-Score
(Dalam Ribuan Dollar)
Keterangan 2011 2012
Modal kerja 518,324 514,652
Total asset 5,658,961 6,692,256
Laba Ditahan 904,269 1,023,426
Kapitalisasi Pasar 56,615,152 50,857,679
Total kewajiban 3,216,738 3,697,202
EBIT 1,131,206 836,384
Penjualan 3,987,405 3,722,489
EBT 1,002,611 713,724
EAT 552,103 383,307
ASET LANCAR 1,297,525 1,413,875
KEWAJIBAN LANCAR 779,201 899,223
KEWAJIBAN TIDAK LANCAR 2,437,537 2,797,979
X1 = Modal kerja /Total Asset
X2 = Laba ditahan /Total Asset
X3 = EBIT /Total Asset
X4 = Kapitalisasi Pasar /Total Kewajiban
X5 = Penjualan/Total Asset

Keterangan 2011 2012

X1 0.09 0.08
X2 0.16 0.15
X3 0.20 0.12
X4 17.60 13.76
X5 0.70 0.56

2011 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 12.26

2012 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 9.53
2013 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 7.01
2014 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 7.47
2015 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 4.87
2016 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 13.08
2017 Z=1,2(X1)+1,4(X2)+3,3(X3)+0,6(x4)+1,0(X5) 14.66
PT. ADARO ENERGY .Tbk

2013 2014 2015 2016 2017

597,182 497,037 638,046 948,160 1,205,860
6,733,787 6,413,864 5,958,629 6,522,257 6,814,147
1,170,519 1,261,483 1,335,827 1,574,902 1,910,668
34,864,698 33,265,400 16,472,770 54,216,205 59,493,889
3,538,802 3,154,392 2,605,586 2,736,375 2,722,520
534,285 489,832 331,881 587,618 951,825
3,285,956 3,325,444 2,684,476 2,524,239 3,258,333
419,284 321,639 279,973 546,520 929,531
229,263 183,244 151,003 340,686 536,438
1,370,879 1,271,632 1,092,519 1,592,715 1,979,162
773,697 774,595 454,473 644,555 773,302
2,765,105 2,379,797 2,151,113 2,091,820 1,949,218

2013 2014 2015 2016 2017

0.09 0.08 0.11 0.15 0.18
0.17 0.20 0.22 0.24 0.28
0.08 0.08 0.06 0.09 0.14
9.85 10.55 6.32 19.81 21.85
0.49 0.52 0.45 0.39 0.48

1,81 < Z- Score < 2,99 Sangat Sehat

1,81 < Z- Score < 2,99 Sangat Sehat
1,81 < Z- Score < 2,99 Sangat Sehat
1,81 < Z- Score < 2,99 Sangat Sehat
1,81 < Z- Score < 2,99 Sangat Sehat
1,81 < Z- Score < 2,99 Sangat Sehat
1,81 < Z- Score < 2,99 Sangat Sehat
 PT. ADARO ENERGY .Tbk

METODE SPRINGRATE
(Dalam Ribuan Dollar)
Keterangan 2011 2012 2013
Modal kerja 518,324 514,652 597,182
Total asset 5,658,961 6,692,256 6,733,787
Laba Ditahan 904,269 1,023,426 1,170,519
Kapitalisasi Pasar 56,615,152 50,857,679 34,864,698
Total kewajiban 3,216,738 3,697,202 3,538,802
EBIT 1,131,206 836,384 534,285
Penjualan 3,987,405 3,722,489 3,285,956
EBT 1,002,611 713,724 419,284
EAT 552,103 383,307 229,263
ASET LANCAR 1,297,525 1,413,875 1,370,879
KEWAJIBAN LANCAR 779,201 899,223 773,697
KEWAJIBAN TIDAK LANCAR 2,437,537 2,797,979 2,765,105

A= Modal Kerja /Total Asset

B= EBIT / Total Asset
C= EBT / Total Kewajiban
D= Penjualan / Total Asset

Keterangan 2011 2012 2013

A 0.0915934922 0.076902617 0.0886844208
B 0.1998964121 0.1249778849 0.0793439115
C 0.3116856269 0.2262208016 0.1184819043
D 0.7046178618 0.556238285 0.487980389

2011 S = 1,03A+3,07B+0,66C+0,4D 1.1955829405

2012 S = 1,03A+3,07B+0,66C+0,4D 0.8346928451
2013 S = 1,03A+3,07B+0,66C+0,4D 0.6083209743
2014 S = 1,03A+3,07B+0,66C+0,4D 0.5889655626
2015 S = 1,03A+3,07B+0,66C+0,4D 0.5324085029
2016 S = 1,03A+3,07B+0,66C+0,4D 0.7129491933
2017 S = 1,03A+3,07B+0,66C+0,4D 1.0331144377

TAHUN 2012 S/D 2015 HARGA BATU BARA LAGI TURUN-TURUNNYA

ARO ENERGY .Tbk

DE SPRINGRATE

2014 2015 2016 2017

497,037 638,046 948,160 1,205,860
6,413,864 5,958,629 6,522,257 6,814,147
1,261,483 1,335,827 1,574,902 1,910,668
33,265,400 16,472,770 54,216,205 59,493,889
3,154,392 2,605,586 2,736,375 2,722,520
489,832 331,881 587,618 951,825
3,325,444 2,684,476 2,524,239 3,258,333
321,639 279,973 546,520 929,531
183,244 151,003 340,686 536,438
1,271,632 1,092,519 1,592,715 1,979,162
774,595 454,473 644,555 773,302
2,379,797 2,151,113 2,091,820 1,949,218

2014 2015 2016 2017

0.0774941595 0.1070793298 0.1453729897 0.1769641894
0.0763708117 0.0556975438 0.0900942726 0.1396836611
0.1019654501 0.1074510686 0.1997240875 0.3496117568
0.5184774732 0.4505190707 0.3870192481 0.4781718093

1.1955829405 S > 0,862 Sehat

0.8346928451 S > 0,862 Hampir Bangkrut kayanya
0.6083209743 S > 0,862 Hampir Bangkrut kayanya
0.5889655626 S < 0,862 Hampir Bangkrut kayanya
0.5324085029 S < 0,862 Hampir Bangkrut kayanya
0.7129491933 S < 0,862 Hampir Bangkrut kayanya
1.0331144377 S < 0,862 Sehat

LAGI TURUN-TURUNNYA
 PT. ADARO ENERGY .Tbk

METODE GROVER
(Dalam Ribuan Dollar)
Keterangan 2011 2012 2013
Modal kerja 518,324 514,652 597,182
Total asset 5,658,961 6,692,256 6,733,787
Laba Ditahan 904,269 1,023,426 1,170,519
Kapitalisasi Pasar 56,615,152 50,857,679 34,864,698
Total kewajiban 3,216,738 3,697,202 3,538,802
EBIT 1,131,206 836,384 534,285
Penjualan 3,987,405 3,722,489 3,285,956
EBT 1,002,611 713,724 419,284
EAT 552,103 383,307 229,263
ASET LANCAR 1,297,525 1,413,875 1,370,879
KEWAJIBAN LANCAR 779,201 899,223 773,697
KEWAJIBAN TIDAK LANCAR 2,437,537 2,797,979 2,765,105

X1 = Working Capital / Total Asset

X2 = EBIT / Total Asset
ROA = Net Income / Total Asset

Keterangan 2011 2012 2013

X1 0.09159 0.07690 0.08868
X2 0.19990 0.12498 0.07934
ROA 0.09756 0.05728 0.03405

2011 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.890138

2012 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.610230
2013 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.473961
2014 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.445289
2015 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.423681
2016 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.604382
2017 G-Score = 1,650X1+3,404X2+0,016ROA+0,057 0.825734
PT. ADARO ENERGY .Tbk

METODE GROVER

2014 2015 2016 2017

497,037 638,046 948,160 1,205,860
6,413,864 5,958,629 6,522,257 6,814,147
1,261,483 1,335,827 1,574,902 1,910,668
33,265,400 16,472,770 54,216,205 59,493,889
3,154,392 2,605,586 2,736,375 2,722,520
489,832 331,881 587,618 951,825
3,325,444 2,684,476 2,524,239 3,258,333
321,639 279,973 546,520 929,531
183,244 151,003 340,686 536,438
1,271,632 1,092,519 1,592,715 1,979,162
774,595 454,473 644,555 773,302
2,379,797 2,151,113 2,091,820 1,949,218

2014 2015 2016 2017

0.07749 0.10708 0.14537 0.17696
0.07637 0.05570 0.09009 0.13968
0.02857 0.02534 0.05223 0.07872

0.890138 G = > 0,01 Sehat

0.610230 G = > 0,01 Sehat
0.473961 G = > 0,01 Sehat
0.445289 G = > 0,01 Sehat
0.423681 G = > 0,01 Sehat
0.604382 G = > 0,01 Sehat
0.825734 G = > 0,01 Sehat
 PT. ADARO ENERGY .Tbk

METODE ZMIJEWSKI
(Dalam Ribuan Dollar)
Keterangan 2011 2012 2013
Modal kerja 518,324 514,652 597,182
Total asset 5,658,961 6,692,256 6,733,787
Laba Ditahan 904,269 1,023,426 1,170,519
Kapitalisasi Pasar 56,615,152 50,857,679 34,864,698
Total kewajiban 3,216,738 3,697,202 3,538,802
EBIT 1,131,206 836,384 534,285
Penjualan 3,987,405 3,722,489 3,285,956
EBT 1,002,611 713,724 419,284
EAT 552,103 383,307 229,263
ASET LANCAR 1,297,525 1,413,875 1,370,879
KEWAJIBAN LANCAR 779,201 899,223 773,697
KEWAJIBAN TIDAK LANCAR 2,437,537 2,797,979 2,765,105

X1 = EAT / Total Asset x 100% X1 =

X2 = Total Debt / Total Asset x 100% X2 =
X3 = Current Asset / Current Liabilities X3 =

Keterangan 2011 2012 2013

X1 0.097563 0.057276 0.034047
X2 0.568433 0.552460 0.525529
X3 1.665199 1.572330 1.771855

2011 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -1.505627

2012 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -1.415012
2013 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -1.464781
2014 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -1.631824
2015 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -1.931161
2016 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -2.153537
2017 X= -4,4 - 4,5X1 + 5,7X2 - 0,004X3 -2.465846
PT. ADARO ENERGY .Tbk

METODE ZMIJEWSKI

2014 2015 2016 2017

497,037 638,046 948,160 1,205,860
6,413,864 5,958,629 6,522,257 6,814,147
1,261,483 1,335,827 1,574,902 1,910,668
33,265,400 16,472,770 54,216,205 59,493,889
3,154,392 2,605,586 2,736,375 2,722,520
489,832 331,881 587,618 951,825
3,325,444 2,684,476 2,524,239 3,258,333
321,639 279,973 546,520 929,531
183,244 151,003 340,686 536,438
1,271,632 1,092,519 1,592,715 1,979,162
774,595 454,473 644,555 773,302
2,379,797 2,151,113 2,091,820 1,949,218

Return On Assets (Laba Bersih / Total Assets)

Debt Ratio (Total Hutang / Total Assets)
Current Ratio (Aset lancar / hutang lancar)

2014 2015 2016 2017

0.028570 0.025342 0.052234 0.078724
0.491808 0.437279 0.419544 0.399539
1.641673 2.403925 2.471030 2.559365

-1.505627 Negatif Perusahaan Tidak Berpotensi Bangkrut

-1.415012 Negatif Perusahaan Tidak Berpotensi Bangkrut
-1.464781 Negatif Perusahaan Tidak Berpotensi Bangkrut
-1.631824 Negatif Perusahaan Tidak Berpotensi Bangkrut
-1.931161 Negatif Perusahaan Tidak Berpotensi Bangkrut
-2.153537 Negatif Perusahaan Tidak Berpotensi Bangkrut
-2.465846 Negatif Perusahaan Tidak Berpotensi Bangkrut