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Analysis of Financial Statements to Assess Company Performance PT. Astra Agro Lestari Tbk Period 2019-
2020
Magfira Almirjana, R.Agus Baktiono, Muchamad Arif Departement of Management Faculty Economic of Bussiniess
Universitas Narotama, Surabaya, Indonesia
[email protected], [email protected], [email protected]
Abstract
Financial performance is a description of the company's financial condition in a certain period regarding aspects of fund raising and distribution of funds, which are usually measured by indicators of capital adequacy, liquidity, and profitability. The purpose of this study was to determine the financial performance of Pt. Astra Agro Lestari Tbk. This study uses descriptive analysis. The results of this study produce several conclusions which are summarized as follows: The liquidity ratio through the Current Ratio and Quick Ratio indicators is in the "good" performance category when compared to the industry average. The solvency ratio is used to measure the company's ability to pay all of its obligations, both short-term and long-term. In this case PT. Astra Agro Lestari showed an increase that could be categorized as “not good”. Activity Ratio which shows that in 2020 PT. Astra Agro Lestari is declared to have been better than the previous year in managing its assets because it can be seen from. Profitability ratio is a ratio that shows the company's ability to make a profit. Based on the table above shows that PT. Astra Agro Lestari Tbk in 2019-2020 experienced an increase but in an unhealthy condition the number obtained by the company was less than 1.0. This can happen because the national economy is in turmoil so that the company's performance declines
Keywords
Financial Performance Measurement, Financial Ratios, Financial Ratio Analysis.
1. Introduction
In running the company's business, the company not only maintains its stability and survival, but the company must increase its maximum profit. To find out that the company is running according to plan, it is necessary to check the financial statements. The financial report is a report containing information on financial records for a certain period which is used to consider the strategies used to develop the company in the future.
With the financial statements, managers can find out that the company is in good health or vice versa.
According to (Moeljadi, 2006) Analysis of the company's report performance is generally done by analyzing the financial statements, which include comparing the company's performance with other companies with the same industry and evaluating the tendency of the company's financial position over time.
In this era of very tight global business competition, every company that develops is always accompanied by challenges that often become problems for companies, namely financial performance. Every company manager needs to know the good or bad financial performance he has, to always maintain and maintain profit stability in the company and determine the strategy used so that the company runs effectively and efficiently.
According to (Irham Fahmi, 2012). Financial performance is an analysis carried out to see how far the company has implemented by using financial implementation rules properly and correctly. Measurement of the company's performance level is carried out and it is very important for companies to carry out a basic evaluation of the company's performance and planning goals in the future. The measuring instrument used is by using several ratios, namely profitability ratios, liquidity ratios, solvency ratios, and activity ratios. In this ratio analysis there is a profitability ratio used for the analysis is Return on Assets which shows the comparison between profit and total capital. The solvency ratio used for the analysis is the debt-to-equity ratio which shows the ratio between total liabilities and total capital. The liquidity ratio and the ratio used for analysis is the current ratio in which there is a comparison between total assets and total liabilities. The activity ratio used for the analysis is the total asset turnover in which there are net sales with average assets. so in this study using 4 financial ratios to determine the performance and development of a plantation company.
PT. Astra Agro Lestari is an industrial company that was founded more than 30 years ago. This company has even been listed on the Indonesian stock exchange. Starting from cassava plantations, then developing rubber plants, so that in 1984 the cultivation of oil palm plants in Riau Province began. Until now, the company continues to grow and is now one of the plantation companies with the best governance with an area of 207,001
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hectares spread across the islands of Sumatra, Kalimantan and Sulawesi. In meeting its funds, this company uses its own capital from the owner and foreign capital from creditors, both long-term and short-term. Foreign capital obtained from these creditors requires fixed costs. The following are previous studies from previous researchers:
Djiwandono, (2015) with the research title "Financial Performance Analysis of Go Public Palm Oil Companies in Indonesia". The purpose of this study is to evaluate the company's financial performance and identify the factors that affect the financial performance of publicly traded palm oil companies. This research method uses the financial analysis of PT. Astra Agro Lestari Tbk, PP London Sumatra Indonesia Tbk, and Sinar Mas Agro Resource and Technology Tbk had the best performance. Based on the Economic Value Added (EVA) analysis, the financial performance of publicly traded palm oil companies during the three-year observation period showed a declining and negative performance in 2012. PT. Sinar Mas Agro Resource and Technology Tbk has the best performance during the three year observation period.
Santoso & Sari, (2019) with the research title "Financial Ratio Analysis at PT. Bakrie Sumatra Plantations bk and PT. Astra Agro Lestari Tbk period 2014-2016”. The purpose of this study is to test the analysis of financial ratios in assessing the financial performance of PT. Bakrie Sumatra Plantations Tbk and PT. Astra Agro Lestari Tbk period 2014-2016. This study uses descriptive analysis, which is an analysis that seeks to describe in a systematic, factual and actual way the facts that draw logical conclusions about the research data to be analyzed, namely the analysis of financial ratios. PT. Astra Agro Lestari has increased, in 2014 was 0.58 times. In 2016 it rose again 1.03 times. This means that every year the amount of inventory increases and sales also increase which causes the current ratio to increase every year, so that the company is better able to pay or pay off its short-term financial obligations.
Sinulingga E, (2021) with the title “Financial Statement Analysis as a Basis for Research on Financial Performance of PT. Astra Agro Lestari". In this study used ratio analysis to measure the financial performance of PT. Astra Agro Lestari Tbk period 2014-2019 in terms of financial ratio analysis. The solvency ratio shows that the company's capital is sufficient to guarantee the debts given by creditors so that the company's condition is said to be in good condition. Judging by the activity ratio, it shows an increase every year so that the company's condition is said to be in good condition. Based on the profitability ratio shows an increase from year to year so that it can be said that the company is in a good position.
A, (2020) The purpose of this study is to determine whether the presentation of the company's financial statements is in accordance with using financial ratio analysis. By using data listed on the Indonesian stock exchange. As well as data from the official website of PT. Astra Agro Lestari Tbk, is in a bad position. Because it tends to decline below the industry average. While the liquidity ratio at PT. Astra Agro Lestari Tbk can be said to be good but what needs to be considered is the composition, because most of it is still in the form of inventory.
Based on the description of the background presented, the authors are interested in conducting research related to measuring the company's financial performance using financial ratio analysis, entitled "Financial Statement Analysis to Assess Company Performance PT. Astra Agro Lestari Tbk Period 2019-2020”.
1.1 Literature Review
1. Financial Performance Measurement
According to (Munawir, 2013) defines financial performance as the ability of a company to use its capital effectively and efficiently in order to get maximum results. From this understanding, the company's financial performance is the result of various decisions that are made continuously to achieve certain goals, in which case the company needs to involve analyzing the impact of cumulative and economic benefits from satisfaction and considering it using a comparative measure. According to (Indonesia, 2007) financial performance is the company's ability to manage and control its resources.
2. Financial statements
According to (Kasmir, 2013) in a simple sense, financial statements are reports that show the company's financial condition at this time or in a certain period. The purpose of the company's current condition is the company's financial condition at a certain date (for the balance sheet) and a certain period (on the income statement). The financial statements describe the company's financial items obtained in a certain period. In the financial statements there are 5 components, namely: balance sheet, income statement, statement of changes in capital, cash flow statement, notes to financial statements. The company's financial statements are used by interested parties such as: company leaders, shareholders, stock analysts, suppliers, creditors, workers, government and the general public. They use financial statements in decision making. According to the purpose of making financial statements, it is to be able to provide information to interested parties regarding the condition of a company which is assessed from the point of view of numbers with an assessment in monetary units. Benefits of Financial Statements as stated by (Irham Fahmi, 2012) which states that with the financial statements provided by the company's management, it is very helpful for shareholders in the decision-making process, and is very useful in seeing current conditions as well as being used as a tool to predict future conditions.
156 3. Characteristics of Financial Statements.
Based on the concept of finance, financial statements are needed to measure the results of operations and the development of the company from time to time and to find out how far the company has achieved its goals.
Whereas financial statements are basically the result of an accounting process that can be used as a tool to communicate between financial data or activities of a company and parties with an interest in the data or activities of the company. So that financial statements play a broad role and have a position that influences decision making (I. Fahmi, 2012).
4. Purpose and nature of financial statements
In general, financial statements aim to provide financial information of a company, either at a certain time or at a certain period. Some of the objectives of making or preparing financial statements are:
1) Provide information about the types and amounts and activities (assets) currently owned by the company.
2) Provide information about the types and amounts of liabilities and capital owned by the company at this time.
3) Provide information about the type and amount of income earned in a certain period.
4) Provide information about the amount of costs and types of costs incurred by the company in a certain period.
5) Provide information about changes that occur to the company's assets, liabilities, and capital.
6) Provide information about the company's management performance in a period.
7) Provide information about the notes to the financial statements.
8) Other financial information.
Besides having the objectives as stated above, financial statements also have certain characteristics.
Likewise, the recording made in the preparation of financial statements must be carried out according to the applicable rules. In practice the nature of financial statements is made:
1) Historical in nature means that financial statements are made and compiled from past or past data from the present.
2) Comprehensive means that the financial statements are made as complete as possible. This means that the report is prepared in accordance with established standards. (Kasmir, 2013)
5. Financial Ratio Analysis
According to (Riyanto, 2001) the notion of financial ratios is a ratio which is a tool expressed in arithmetical terms that can be used to explain the relationship between two kinds of financial data. Meanwhile, according to (Helfert, 1991) financial ratios are comparisons between two elements of financial statements that show an indicator of financial health at a certain time. The purpose of financial ratio analysis is to determine the relationships between balance sheet items and profit and loss which is a measuring tool to measure the capabilities and weaknesses of a company based on data obtained from the financial statements of the company concerned. In order for financial statements to be more meaningful so that they can be understood and understood by various parties, it is necessary to analyze financial statements. For the owners and management, the main purpose of financial statement analysis is to know the current financial position of the company. By knowing the financial position, after an in-depth analysis of the financial statements, it will be seen whether the company can achieve the previously planned targets or not. The results of the analysis of financial statements will also provide information about the weaknesses and strengths of the company.
a. Liquidity Ratio
According to (Munawir, 2013) Liquidity is showing the ability of a company to meet obligations when billed, a company that is able to meet its financial obligations on time means that the company is in a "liquid"
state and cooperatives are said to be able to meet their financial obligations on time if the company has means of payment or current assets that are greater than current liabilities or short-term debt and vice versa.
The definition of financial liquidity ratio is a ratio that measures the short-term liquidity ability of a company by looking at the company's current assets relative to its current debt. In the liquidity ratio, analysis can be done using the following ratios:
1) Current Ratio
Current Ratio or Current Ratio meaning this ratio is to measure the company's ability to pay short-term obligations or debts that are due soon with available current assets. The greater the ratio of current assets to current liabilities, the higher the company's ability to cover its short-term liabilities. If the current ratio is 1:1 or 100%, it means that current assets can cover all current liabilities. So it is said to be healthy if the ratio is above 1 or above 100%. This means that current assets must be far above the amount of current debt (Harahap, 2015)
Current Ratio Formula:
2) Rasio Cepat atau Quick Ratio/Acid Test Ratio Current Ratio = 𝐴𝑘𝑡𝑖𝑣𝑎 𝐿𝑎𝑛𝑐𝑎𝑟
𝑈𝑡𝑎𝑛𝑔 𝑈𝑠𝑎ℎ𝑎 x 100%
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Rasio Cepat atau Quick Ratio/Acid Test Ratio adalah yang menunjukkan kemampuan perusahaan dalam membayar kewajiban atau utang lancar dengan aktiva lancar tanpa memperhitungkan nilai persediaan. Rasio ini menunjukkan kemampuan aktiva lancar yang paling likuid mampu menutupi utang lancar. Semakin besar rasio ini semakin baik. Angka rasio ini tidak harus 100% atau 1:1. Walaupun rasionya tidak mencapai 100% tapi mendekati 100% juga sudah dikatakan sehat (Harahap, 2015).
Rumus Quick Ratio
b. Activity Ratio
Understanding the Activity Ratio According to the next Expert is according to (Munawir, 2013) which states that the Activity ratio is a ratio to assess the company's ability to carry out daily activities or the company's ability to sell, collect receivables and use assets owned. The definition of Activity Ratio according to the next expert is according to (Harahap, 2015) This financial ratio analysis is to look at several assets and then determine what level of activity these assets are at a certain level of activity. Low activity at a certain level of sales will result in greater excess funds embedded in these assets. The excess funds would be better if invested in other more productive assets.
1) Total Assets Turnover, is a ratio that calculates the effectiveness of the use of total assets. A high ratio usually indicates good management, on the other hand a low ratio should make management evaluate its strategy, marketing, and investment or capital expenditures (Hanafi, 2000).
Total Assets Turnover Formula:
c. Solvability Ratio
Solvency ratio is a ratio that shows the company's capacity and ability to meet all its long-term obligations. The general size used is 200% or 2:1. This comparison means that 2 times of the company's total debt is said to be solvable if the ratio is less than 200% according to (Djarwanto, 2004). This solvency financial ratio analysis is to show the level of effectiveness of the use of the company's assets or assets. The financial ratios used are:
1) Debt to Assets Ratio or Total Debt to Asset Ratio is a measure of how much the company's assets are financed by debt or how much the company's debt affects asset management. This ratio shows the extent to which debt can be covered by assets. The smaller the ratio the safer (solvable). The portion of debt to assets should be smaller (Safri, 2002).
Debt to Asset Ratio formula:
2) Debt to Equity Ratio or Total Debt to Equity Ratio shows the relationship between the amount of long-term debt and the amount of own capital provided by the owner of the company which is useful for knowing the amount of funds provided by creditors and company owners. For companies, the amount of debt should not exceed their own capital so that the fixed burden is not too high. The smaller the portion of debt to capital, the safer.
Debt to Equity Ratio Formula:
d. Profitability Ratio
Wachowicz, (2005) suggests that profitability ratios consist of two types, namely ratios that show profitability in relation to sales and ratios that show profitability in relation to investment. Profitability in relation to sales consists of gross profit margin and net profit margin. Profitability in relation to investment consists of the rate of return on assets (return on total assets) and the rate of return on equity (return on equity).
This profitability ratio analysis shows the level of return or gain (profit) compared to sales or assets. This analysis can be done using the following profitability ratios:
1) Return on Assets (ROA) is the company's ability to generate profits that will be used to cover the investments issued. The profit used to measure this ratio is net income after tax or EAT (Hadi, 2001).
Return On Equity (ROA) formula:
Quick Ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑒𝑡−𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐷𝑒𝑏𝑡 x 100%
Total Asset Turnover = 𝑆𝑎𝑙𝑒
𝑇𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠 x 100%
Debt to Asset Ratio = 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑇𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠 x100%
Debt to Equity Ratio = 𝑇𝑜𝑡𝑎𝑙 𝑈𝑡𝑎𝑛𝑔
𝐸𝑘𝑢𝑖𝑡𝑎𝑠 x 100%
Return On Asset (ROA) = 𝑇𝑜𝑡𝑎𝑙 𝐴𝑘𝑡𝑖𝑣𝑎𝐸𝐴𝑇 x 100%
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2) Return On Equity the company's ability to generate profits available to shareholders of the company. So ratio analysis is a financial statement analysis technique to explain or describe the relationship of various items in the financial statements to assist and interpret the financial position of a company. For this reason, the analysis must be able to adjust the factors that exist in this period or time with future factors that may affect the company's financial position or results of operations.
Return On Equity Formula:
5. Kerangka Pemikiran
In this research the author uses an analysis using the Dupont method to assess how the financial performance of PT. Astra Agro Lestari Tbk for the period January 2019 – December 2020. The following is the research concept framework used by researchers:
Figure 1.
2. Methodology
In this study the authors used descriptive research methods, with quantitative data. Descriptive method is a method used to analyze data by describing or describing the data that has been collected as it is without intending to make generally accepted conclusions or generalizations (Sugiyono, 2013). While quantitative means collecting data in the form of numbers or data in the form of words or sentences that are converted into data in the form of numbers. The data in the form of these numbers will then be processed and analyzed to obtain scientific information behind these numbers.
To require a clear picture of the problems to be analyzed, data related to this research are needed, including:
PT. ASTRA AGRO LESTARI TBK
Financial Report 2019-2020
Financial Ratio Analysis
Liquidity Ratio Solvency Ratio Activity ratio Profitability Ratio
1. Current Rasio 2. Quick Rasio
1. DER
2. DAR 1. TATO 1. ROA
2. ROE
Profitability Ratio Return On Equity = 𝐸𝑞𝑢𝑖𝑡𝑦𝐸𝐴𝑇
x 100%
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1. General description of the company that is the object of research, namely PT. Astra Agro Lestari Tbk 2. Organizational structure
3. The company's financial statements in 2019 to 2020 which consist of:
a. Balance as of December 31, 2019 and 2020
b. Income statement for the years ended December 2019 and 2020 3. Result and Discussion
Based on the calculation of the ratio analysis above, it can be concluded that the financial statements of PT. Astra Agro Lestari Tbk, for 2 years, from 2019 to 2020, it can be seen the performance results based on the liquidity ratio, solvency ratio, activity ratio and profitability ratio which will be explained in the following discussion:
a. Liquidity Ratio b. Current Assets
Table 1.
Year Current Assets (a)
Current liabilities (b)
c= (a)/(b)
Diagnosis
2019 4.472.011 1.566.765 2,9 Healthy
2020 5.937.890 1.792.506 3,3 Healthy
From the calculation results of the table above, it can be seen that the current ratio of the company in 2019 is 2.9. If the ratio is above 1, in the liquidity ratio analysis, it means that the company is safe to pay its current liabilities using its current assets. And if the ratio is less than one, it means that the company can have difficulty paying its debts on time to creditors. The higher or greater the value of this liquidity ratio indicates that the company is in good condition or liquid. Liquid is a condition where the company is declared healthy and in good condition because it is able to pay off short-term obligations. From the results of the ratio measurement if the ratio is low, it is said that the company lacks capital to pay debts.
c. Quick Rasio
Table 2.
Year Current Assets (a)
Inventory (b)
Current liabilities
(c)
d = (a)-
(b)/c Diagnosis
2019 4.472.011 1.974.035 1.566.765 1,6 Healthy
2020 5.937.890 2.165.603 1.792.506 2,1 Healthy
This shows that the quick ratio owned by PT. Astra Agro Lestari Tbk is 1.9 in 2019 and 2.1 in 2020 in terms of current liabilities or current liabilities that can be paid up to 1.9 times and 2.1 times using liquid assets owned by the company. The quick ratio of 1.9 indicates that the company is able to pay its current debts by using its assets. If the resulting quick ratio is below 1, then the company is considered unable to fulfill or pay current debts that must be met in a certain operational cycle. As for if the resulting quick ratio is 1, then it is quite acceptable. Meanwhile, a quick ratio above 1 means that the company's financial condition is very good.
1. Rasio Solvabilitas a. Debt to Asset
Table 3.
Year Total Amoun of debt (a)
Total Assets (b)
c = (a)/(b)
Diagnosis
2019 7.995.597 26.974.124 30% Unwell
2020 8.533.437 27.781.231 31% Unwell
From the results of the calculation table above, it can be seen that the debt-to-equity ratio is in an unhealthy condition. In 2019 the debt to Total Assets ratio was 30% and in 2020 the yield was 31%. If the result of the debt to assets ratio is less than 0.5 times, it means that the company's assets are financed fro m equity or own capital. The high DER is also not good for PT. Astra Agro Lestari Tbk so that it is important to make efficiency and provide liquid assets to pay off its debts.
160 b. DER
Table 4.
Year Total Amoun of debt (a)
Total Equity (b)
c = (a)/(b)
Diagnosis
2019 7.995.597 19.474.522 41% Healthy
2020 8.533.437 19.247.794 44% Healthy
The debt to equity ratio has also increased by 1% from 2019. In this case, the company is in a solvable state, namely a situation where the company's ability to pay its debts on time is in a fast position and even tends to be punctual.
2. Rasio aktivitas
a. Total Asset Turn over
Tabel 5.
Year Sale
(a)
Total Assets (b)
c = (a)/(b)
Diagnosis
2019 17.452.736 26.974.124 65% Healthy
2020 18.807.043 27.781.231 68% Healthy
From the calculation of the table above, the company shows that it is in good condition. This can also be seen from the 4 ratios which also increase every year. Total asset turnover has increased from 2019 by 65% and in 2020 it has increased by 3% by 68%. This means that the company has worked efficiently and liquid.
3. Rasio Profitabilitas a. Return on Asset
Table 6.
Year Profit after tax (a)
Total Assets (b)
c = (a)/(b)
Diagnosis
2019 248.852 26.974.124 1% Unwell
2020 426.526 27.781.231 2% Unwell
Overall profitability ratios are not healthy. This shows that the company's ROA is decreasing. This can happen due to internal and external factors of the company. External factors are due to the turmoil in the national economy due to the covid 19 pandemic. Companies must provide strategies to deal with the economy in the future.
b. Return on Equity
Table 7.
Year Total Hutang
(a)
Total Equity (b)
c = (a)/(b)
Diagnosis
2019 248.852 19.474.522 1% Unwell
2020 426.526 19.247.794 2% Unwell
Overall profitability ratios are not healthy. This shows that ROE close to 0 means the company is not able to manage the available capital efficiently to generate income. It can be interpreted that the company is less attractive to investors, investors will think, why choose a high-risk investment.
The results of the evaluation of the research and testing model proposed in this study resulted in several conclusions which were briefly summarized as follows:
1. Liquidity ratio is a ratio that describes the company's ability to meet short-term obligations (Fred Weston) through the Current Ratio and Quick Ratio indicators which are in the "good" performance category when compared to the industry average.
2. Solvency ratio is a ratio used to measure the extent to which the co mpany's assets are financed by debt.
This means how much debt burden is borne by the company compared to its assets. In a broad sense it is said that the solvency ratio is used to measure the company's ability to pay all its obligations, both short-term and long-term if the company is dissolved (liquidity). In this case PT. Astra Agro Lestari showed an increase that could be categorized as “not good”.
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3. Activity ratio is the ratio used to measure the effectiveness of the company in using its assets. To measure this ratio, the Total Assets Turnover Ratio is used. When viewed from the growth in 2020, then PT. Astra Agro Lestari was declared to have been better than the previous year in managing its assets because it can be seen from the ability of total assets to generate sales that they have maximized in using their assets to earn profits.
4. Profit ratio or profitability ratio, which is a ratio that shows the company's ability to make profits. For shareholders, this ratio shows their level of income in investing. In this study using indicators ROE and ROA. Based on the table above shows that PT. Astra Agro Lestari Tbk in 2019 -2020 experienced an increase but in an unhealthy condition the number obtained by the company was less than 1.0. This can happen because the national economy is in turmoil so that the company's performance declines.
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Biography / Biographies (Optional)
Magfira Almirjana was born in Surabaya, East Java. She is a student majoring in Management with a concentration in Finance, Faculty of Economics and Business at Narotama University, Surabaya, Indonesia.
R. Agus Baktiono was born in Pasuruan and studied in the Bachelor of Economics Program at Narotama University, graduating in 1986, further studies in the Master of Management program, graduating in 2002 at Narotama University, Surabaya. His career in education began in 1985 as an assistant lecturer, and at this time has won the academic position of Head Lector, certified lecturer and assessor of LKD serdos, as well as internal auditor for Higher Education Quality Assurance. In addition, since 1989 he has been active in various
professional organizations, including ISEI, REI, as a management expert at various Consultants, structural positions he has held in the field of education, among others as Head of the Department.
Muchamad Arif is a lecturer at Narotama University, Surabaya, Indonesia. He is also as Head of Narotama Language Center at Narotama University, Surabaya, Indonesia. He got a master's degree in English Education from Unika Widya Mandala, Surabaya, Indonesia.
