Financial Distress Analysis with Springate and Zmijewski Models at PT Aerofood ACS Indonesia Unit Denpasar

Khoirunnisa, Indira Lutfiah and Ariana, I Made and Jaya, I Made Sura Ambara (2022) Financial Distress Analysis with Springate and Zmijewski Models at PT Aerofood ACS Indonesia Unit Denpasar. Repositori Politeknik Negeri Bali.

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Abstract

Correct prediction financial distress is an important thing for companies because financial distress generally leads to bankruptcy or company failure. PT Aerofood ACS Indonesia Unit Denpasar suffered significant losses in the last few periods due to loss of potential sales because the condition of providing inflight catering was not carried out optimally so it was necessary to do a financial distress to find out how big the potential for financial distress for the 2019-2021 period was using the springate and zmijewski models. The data used in this study are financial statements in the form of profit and loss and balance sheets. The data analysis technique used in this research is descriptive quantitative analysis with the springate and zmijewski methods. So to adjust to financial distress conditions, this study uses standards or criteria used in analyzing financial distress using the springate collect the cut off value that applies to this method is 0.862. A score that is smaller than 0.862 indicates that the company is predicted to experience financial distress. However, if the score is bigger than 0.862, it indicates that the company is not predicted to experience financial distress. Meanwhile, by using the zmijewski method, if the score obtained exceeds 0 (zero), it means that the company is predicted to experience financial distress, but if the score is less than 0 (zero), it means that the company is predicted to have no potential to experience financial distress. Based on the results of the study, it is shown that (1) the springate shows that there are two periods analyzed for experiencing financial distress and one for non-distress. (2) Zmijweski's shows that there are two periods analyzed as experiencing financial distress and one other period being analyzed as non distressed. Keywords: financial distress, springate model, zmijewski model

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