Bankruptcy Prediction Analysis with Altman, Springate, and Grover Method at PT Garuda Indonesia (Persero) Tbk

Jaya, Belinda Sylvia and Karmana, I Wayan and Sulastra, I Made Dwi Jendra (2022) Bankruptcy Prediction Analysis with Altman, Springate, and Grover Method at PT Garuda Indonesia (Persero) Tbk. Repositori Politeknik Negeri Bali.

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Abstract

PT Garuda Indonesia (Persero) Tbk is a State-Owned Enterprise (BUMN) which is engaged in the aviation industry services. Five continuous years, from 2016-2020, the company faced a decrease in working capital caused by increasing trade paya-bles and declining profits which continued to experience a deficit since 2017-2020. The increase in the price of avtur fuel, the decline in the rupiah exchange rate, and the declining income of airplane passengers during the Covid-19 were some of the causes of the company's decline in financial performance. This study was conducted to predict the bankruptcy of PT Garuda Indonesia (Persero) Tbk. In this study, the sample used is the financial statements of PT Garuda Indonesia (Persero) Tbk for 2016-2020. The data analysis technique applied in this research is descriptive quantitative analysis technique with the analysis method of bankruptcy prediction Altman (Z-Score), Springate (S-Score), and Grover (G-Score). The findings of this study indicate that the Altman (Z-Score) predicts PT Garuda Indonesia (Persero) Tbk during 2016-2020 in a potentially bankrupt condition with Z-Score an average -2,804, with the Springate (S-Score) predicting PT Garuda Indonesia (Persero) Tbk during 2016-2020 in a potentially bankrupt condition with S-Score an average -0,239, and with the Grover (G-Score) predicting PT Garuda Indonesia (Persero) Tbk in 2016-2020 in a potentially bankrupt condition with G-Score an average -1,049. The prediction of Bankruptcy at PT Garuda Indonesia (Persero) Tbk is due to the fact that during the five-year study period, the company's working capital has decreased due to current debt that continues to grow and the company's profit continues to run a deficit since 2017-2020.

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