FINANCIAL PERFORMANCE ANALYSIS BEFORE AND AFTER THE SEA TOLL PROGRAMME CASE STUDY OF PT PELINDO I, PT PELINDO II, PT PELINDO III, AND PT PELINDO IV FOR THE PERIOD OF 2012-2019

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Wiyono, Haris and Daryanto, Wiwiek Mardawiyah (2020) FINANCIAL PERFORMANCE ANALYSIS BEFORE AND AFTER THE SEA TOLL PROGRAMME CASE STUDY OF PT PELINDO I, PT PELINDO II, PT PELINDO III, AND PT PELINDO IV FOR THE PERIOD OF 2012-2019. South East Asia Journal of Contemporary Business, Economics and Law, 22 (1). pp. 49-62. ISSN 2289-1560

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Abstract

President Joko Widodo launched the Sea Toll program on 4 November 2015, as a concept to strengthen shipping lanes aimed at equitable growth in eastern Indonesia. They were reducing logistics costs and ensuring the availability of strategic principal in all regions of Indonesia with relatively equal prices to more evenly distribute people's welfare. To expand and improve connectivity between regions, the Government has appointed 4 (four) Business Entities State-Owned Enterprise (SOE) in port services. With the tending of capital expenditure value to increase to support the sea toll program, SOEs port services change the capital structure by increasing the value of debts/liabilities. This study aims to measure and analyze the impact of the changes in capital structure on SOEs financial performance and health conditions use Financial Ratio Analysis based on a Decree of the Ministry of State-Owned Enterprises KEP-100/MBU/2002 for the 2012-209 period. The financial analysis uses eight ratios, the return on equity, the return on investment, the cash ratio, the current ratio, the collection period, the inventory turnover, the total asset turnover, and the total equity to total assets are then validated using a Ministerial Decree. The results of the financial health condition of the Company for the period 2012-2019 are PT Pelindo I (AA, AA, AA, AA, AA, AA, AA, and BBB), PT Pelindo II (AA, AA, AA, A, A, A, AA, and AA), PT Pelindo III (AA, AA, AA, AA, AA, AA, AA, and AA), and PT Pelindo IV (AA, AA, AA, A, BBB, A, BBB, and A) respectively. In conclusion, less prudent the change in capital structure leads to a negative impact on the SOE financial performance, reflecting from their decreasing performance in the period 2016-2019. Therefore, SOEs' port services should implement adaptation, collaboration, and innovation to improve their financial health and performance. Keywords: financial ratio, financial health assessment, stated-owned enterprise, port service.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Research And Community Empowerment > Journals
Depositing User: Rizky Amalia
Date Deposited: 10 Nov 2020 02:05
Last Modified: 10 Nov 2020 02:05
URI: http://repository.ipmi.ac.id/id/eprint/821

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