Financial Performance Of Service Companies During The Covid-19 Pandemic
Titin Ruliana
Faculty of Economics and Business, University of 17 August 1945 Samarinda, Samarinda City, East Kalimantan, Indonesia
titin.ruliana15@gmail.com
Abstract
The purpose of this study is to analyze the financial performance of service companies in terms of liquidity, solvency, and profitability during the Covid 19 pandemic. The research was conducted on service companies in the Hotel, Restaurant, and Tourism sub-sector which are listed on the Indonesia Stock Exchange. Service companies that issue financial reports for the period January to September 2020. This study uses financial ratio analysis tools, namely liquidity (Current Ratio, Cash Ratio), solvency (Debt to Total Asset Ratio, Debt to Equity Ratio), and profitability (Gross profit margin, Net Profit Margin, Operating Profit Margin, Return On Asset) . The results of this study are: 1) Liquidity as measured by the Current Ratio, the Quick Ratio is above the industry standard ratio, while the Cash Ratio is below the industry standard ratio in 2020. Liquidity in general experienced a decline in performance in 2020 during the pandemic compared to 2019 (before the covid-19 pandemic). 2) Profitability as measured by the Gross Profit Margin ratio is above the industry standard ratio, while Operating Profit Margin, Net Profit Margin, Return On Assets are below the industry standard ratio in 2020. Profitability in general experienced a decline in performance in 2020 during the pandemic compared to 2019 (before the covid-19 pandemic). 3) Solvency as measured by Debt to Total Asset Ratio, and Debt to Equity Ratio is above the industry standard ratio in 2020. Solvency in general experienced a decline in performance in 2020 during the pandemic compared to 2019 (before the covid-19 pandemic).
Keywords:
Financial Performance, Service Companies, And Financial Ratios
1. Introduction
The corona virus or Covid-19 at the end of 2019 continued in 2020 and had an impact on slowing economic growth both nationally and globally. Finally, it also has an impact on various industrial sectors in the country, from manufacturing, services to finance. (Kompasiana.com was published on 28/03/2020). The industrial sectors affected include service companies in the Hotel, Restaurant, and Tourism Sector. Occupancy (occupancy) of the majority of hotels also dropped dramatically and meant no income.
The pressure on the tourism industry was most evident in the massive decline in foreign tourist arrivals with massive cancellations and a drop in bookings.
The decline in the tourism and travel business has an impact on UMKM businesses, and disrupts employment opportunities. Whereas so far tourism is a labor-intensive sector that absorbs more than 13 million workers. This figure does not include the derivative impact or the multiplier effect that follows, including the derivative industry formed under it (Sugihamretha, 2020, p.193).
Chairman of the Indonesian Hotel and Restaurant Association (PHRI), Hariyadi Sukamdani, said that his party estimates the amount of losses suffered by the tourism derivative industry to reach 530 million US dollars or equivalent to Rp. 7.7 trillion. This number is an assumed calculation from January 2020 to March 2020. In fact, under normal conditions, the occupancy rate of hotel rooms can reach 80 percent," said Hariyadi after a press conference in Jakarta on Thursday evening, March 12, 2020. (Liputan6.com, 2020).
The Covid-19 pandemic has greatly impacted various corporate sectors throughout the country, including hotel, restaurant, and tourism companies in generating revenue which affects the company's financial performance. Foreign tourist arrivals decreased from 1,377,100 people in December 2019 to 1,272,100 in January 2020. It fell again to 158,700 in April 2020 and as of July 2020 the figure was at 159,800. (BPS, 2020).
Table 1: Development of the Number of Foreign Tourist Visits December 2019 - July 2020 (In 000) (Visitors) Month December January February March April May June July
2019 2020 2020 2020 2020 2020 2020 2020
Amount 1377,1 1.272,1 864,0 471,0 158,7 163,6 158,3 159,8 Source : BPS, 2020.
The development of the number of foreign tourist visits continued to decline after the WHO declared a pandemic status for the Covid-19 outbreak on March 11, 2020. The number of foreign tourists visiting which was initially still above 400 thousand also immediately dropped to below 200 thousand when the PSBB (large- scale social restrictions) began to be implemented in various areas. territory of the country in July 2020. The decline in foreign tourist visits from December 2019 to July 2020 had an impact on the decline in revenue and net profit of the service company sector in the Hotel, Restaurant, and Tourism Sector for a research sample of 11 companies as shown in table 2.
Table 2: Data on Net Profit and Income of the Research Sample
Year Net Profit Revenue
(Rp) (Rp)
2019 281,302,798,517.00 6,351,029,020,831.00 2020 424,669,036,660.00 3,176,955,031,513.00 2019 - 2020 143,366,238,143.00 3,174,073,989,318.00
Source: www.idx.co.id, 2021
The Covid-19 pandemic has greatly impacted various corporate sectors throughout the country, including hotel, restaurant, and tourism companies in generating revenue which also affects the company's financial performance. Financial performance is an illustration of the company's successful achievement which can be interpreted as the results that have been achieved on various activities that have been carried out. Assessment of the company's financial performance can be done by analyzing financial statements to see how far a company has implemented using financial implementation rules properly and correctly (Fahmi, 2011:2).
The company's performance assessment for the management is carried out to measure the company's liquidity, profitability and solvency is one of the important factors to determine the company's health level during the Covid 19 pandemic. Edon Ramdani (2020), a researcher using descriptive qualitative methods, concluded that: as a result of the global pandemic of the COVID-19 virus, many industrial sectors experienced a decline in performance and some could even be said to be suspended due to the virus. The decline in the company's performance, especially for those who are only in one business/industry, is certainly not very good and will cause the company to gradually die because the industry in which it has been involved has no longer been attractive.
Research (Restu and Priyastiwi, 2020) using liquidity, solvency and profitability shows that the financial condition of the tourism sub-sector companies has decreased during the 3 month period before covid-19 (March 2020) and the 3 month period after covid-19 (June 2020) is getting worse. deteriorating or even threatened with bankruptcy by proving that the company is not able to cover costs and return capital with the results of its income, and when viewed from its asset ratio, is unable to pay off any current debts, and its current debts are not guaranteed by cash and cash equivalents, unable to meet all long-term debts the length of the capital owned, and when viewed from the Debt to Asset ratio.
The results of data processing (Roosdiana (2021) show that there is no significant difference in financial ratios in the form of liquidity ratios for property and real estate companies listed on the IDX before and after the national announcement of the first case of Covid-19, there is no significant difference in financial ratios in the form of profitability ratios for property companies and Real Estate Listed on the IDX Before and After the National Announcement of the First Case of Covid-19, There are Significant Differences in Financial Ratios in the form of Solvency Ratios of Property and Real Estate Companies Listed on the IDX Before and After the National Announcement of the First Case of Covid-19 and There is a Significant Difference in Ratio Finance in the form of activity ratios of property and real estate companies listed on the IDX before and after the National Announcement of the First Case of Covid-19.
The COVID-19 pandemic which is increasingly spreading throughout the world has an impact on increasing the risk of a global economic recession in 2020 (Warjiyo, 2020). The spread of the COVID-19 pandemic that has spread to various countries has suppressed global economic growth (Bank Indonesia, 2020).
Manufacturing performance and service sector performance in several countries experienced contraction (negative growth). These developments led to a sharp decline in economic growth in many countries in the first quarter of 2020, both developing and developed countries. With the risk of declining economic growth in various countries remaining large, global economic growth will experience contraction. This can be seen in the continued contraction in several early indicators such as the performance of the manufacturing and service sectors as well as consumer and business confidence. Various countries carried out fiscal and monetary stimulus to reduce the risk of the recession (in Sari, Nita Kartika, 2020).
Performance (Amstron and Baron in Fahmi, 2016), is the result of work that has a strong relationship with the organization's strategic goals, customer satisfaction and makes an economic contribution to the
company. Performance is something important for the company, especially in achieving the expected goals.
Performance can affect the activities of an organization or company, the better the performance provided can help in the continued development of the company. Company performance is a result or achievement that has been achieved by the company in carrying out its functions and managing the company for a certain period (Lestari, 2017). This agrees with Prahartanto (2014) which states that performance is work performance, namely the comparison between work results and established standards.
This study analyzes the growth in the level of financial performance of service companies during the Covid-19 Pandemic using financial reports from January 2020 to September 2020. The formulation of the research problem: What are liquidity, profitability, and solvency in the Hotel, Restaurant, and Tourism sub- sectors on the Stock Exchange? Indonesia experienced a decline during the Covid-19 pandemic for the period January 2020 to September 2020?
1.1. Objectives
The objectives of this study are to: Prove and analyze the decline in liquidity, profitability, and solvency in the Hotel, Restaurant, and Tourism sub-sector on the Indonesia Stock Exchange during the Covid-19 pandemic for the period January 2020 to September 2020.
1.2. Contribution
The contribution of this research is as follows: 1) For company management: The results of this study can be additional information for management about the state of financial performance, the company's financial condition, useful as consideration in decision making for management, and as an early warning system so that company management can immediately take corrective actions for progress company in the future. 2) For investors: This research can be used as information for consideration in making decisions and to help assess and analyze financial conditions. 3) For other researchers: The results of this study can be used as a comparison material in reviewing the same problem so that all the shortcomings that exist in this study can be improved and perfected.
2. Literature review
2.1 COVID-19Corona Virus or Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) is a collection of viruses that attack the respiratory system. The disease caused by this viral infection is called COVID-19.
Therefore, Corona virus infection is also known as COVID-19 infection (https://www.biofarma.co.id/id/berita- terbaru/detail/kenali-virus-covid19). WHO officially declared COVID-19 as a pandemic on March 9, 2020. The first COVID-19 case in Indonesia was announced by President Joko Widodo on March 2, 2020 (Ihsanudin, 2020). As of May 30, 2020 the number of confirmed positive cases was 5,817,386 cases and 362,705 cases were reported to have died in 213 countries. This number of deaths is 6.23% of the total affected cases (WHO, 2020).
The United States, Spain, Brazil, Russia, Peru, Chile, India, Turkey, Iran, Canada, Mexico, France and Italy have case numbers that have long surpassed the number of cases in China, where the outbreak originated (Worldmeter, 2020).
2.2 Service Company
Service is any action or activity that is intangible and does not result in the ownership of anything.
Service companies (service business) are (Soemohadiwidjojo, 2017: 8-10), companies that produce products in the form of services or services in various fields, which provide speed, convenience, and comfort for consumers.
The criteria for service companies are as follows: Intangibility, inseparability, heterogeneity, perishability. The types of businesses that can be classified as service companies include: hotels, restaurants, and tourism.
2.3 Company Performance
According to Amstron and Baron in Fahmi (2016), performance is the result of work that has a strong relationship with the organization's strategic goals, customer satisfaction and makes an economic contribution to the company. Performance is something important for the company, especially in achieving the expected goals.
Performance can affect the activities of an organization or company, the better the performance provided can help in the continued development of the company. Company performance is a result or achievement that has been achieved by the company in carrying out its functions and managing the company for a certain period.
This is in accordance with Prahartanto (2014) which states that performance is work performance, namely the comparison between work results and established standards. Financial performance (Rudianto, 2013:
189) is needed by companies to know and evaluate to what extent the company's success rate is based on the financial activities that have been carried out. In the process of evaluating the performance of the company's
management, one of the important criteria used is the measure of the company's financial performance. The company's performance can be seen from the analysis of the company's financial statements.
Financial statement analysis that is widely used is financial ratio analysis. Financial ratios according to James C. Van Home (in Kasmir, 2015:104) are an index that connects two accounting numbers and is obtained by dividing one number by another. From the results of the financial ratios will be seen the financial condition and performance of the company concerned. The financial ratios used in this study are liquidity ratios, solvency ratios, and profitability ratios.
2.4 Financial Ratio a. Liquidity Ratio
The liquidity ratio (Fred Weston in Kasmir, 2015:129) is a ratio that describes the company's ability to meet short-term obligations (debt). The liquidity ratio serves to show or measure the company's ability to meet its maturing obligations, both obligations to parties outside the company (business entity liquidity) and within the company (company liquidity). The liquidity of this study using the ratios are a) Current Ratio, b) Quick Ratio, and c) Cash Ratio.
a) Current Ratio (Kasmir, 2014:131) is the ratio used to measure the company's ability to pay obligations or short-term debt that will mature when billed in its entirety. In other words, the current ratio is a ratio to find out how much current assets are available to cover short-term debt that will soon mature. In addition, the current ratio or current ratio can also be said as a form to measure the level of security (margin of safety) of a company.
The formula is as follows:
Current Ratio
=
x 100 b. Quick Ratio(Kasmir, 2015:132) is a ratio that shows the company's ability to meet its current obligations or debts without involving the value of inventory (inventory). The formula is as follows:
Quick Ratio
=
x 100c. Cash Ratio
(Harahap, 2012:302) states: useful for comparing cash and current assets which can immediately become cash with current liabilities. In this case the cash in question is company money stored in the office and in the bank in the form of a checking account. The formula is as follows:
Cash Ratio
=
x 100
d. Solvency ratio or leverage ratio
The solvency ratio or leverage ratio (Kasmir, 2015:151) is a ratio used to measure the extent to which company assets are financed with 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 (liquidated).
This study uses solvency consisting of a) Debt to Total Asset Ratio and b) Debt to Equity Ratio.
Debt to Total Asset Ratio. Debt Ratio (Kasmir, 2016: 156) is a debt ratio used to measure the ratio between total debt and total assets. In other words, how much the company's assets are financed by debt or how much the company's debt affects asset management.
Debt To Total Asset Ratio
=
x 100Debt to equity ratio (Hery, 2017: 300) is the ratio used to measure the proportion of debt to capital. This ratio is useful for knowing the amount of funds provided by creditors with company owners.
Debt To Equity Ratio
=
x 100e. Profitability Ratio
The profitability ratio (Kasmir, 2015: 196) is a ratio to assess the company's ability to seek profit. This ratio also provides a measure of the effectiveness of a company's management. This is indicated by the profit generated from sales and investment income. The use of this ratio shows the efficiency of the company. The results of the ratio measurement can be used as a tool for evaluating management's performance so far, whether it has worked effectively or not. If it succeeds in achieving the predetermined target, then it has succeeded in achieving the target for a period or several periods. On the other hand, if it fails or does not succeed in achieving
the predetermined targets, it will be a lesson for management for the future period. This study uses profitability consisting of Gross Profit Margin, Operating Profit Margin, Net Profit Margin, Return On Assets.
1. Gross Profit Margin (Werner R. Muhardi, 2013: 63) is an illustration of the percentage of gross profit generated by each company's income, so that the higher the gross profit margin, the better the company's operations.
Gross Profit Margin
=
x 1003. Operating Profit Margin (Werner R. Muhardi, 2013: 63) is a ratio that measures the extent to which the company is able to generate operating profit from net sales obtained in a certain period.
Operating Profit Margin
=
x 1004. Net Profit Margin (Werner R. Murhadi, 2013: 65) is a reflection of a company's ability to earn a net profit from each sale. If the higher the net profit margin value, then it shows the better the company's profit and vice versa. If the lower the net profit margin value, then it shows the worse the company's profit.
Net Profit Margin
=
x 1005. Return on Assets (Fahmi, 2011:137) is a ratio that looks at the extent to which investment or total assets that have been invested are able to provide a return of profits as expected. If the return on assets in the company is high, then the company has the ability to generate profits so that investors will be more confident that investing in the company will be profitable. Because the higher the Return on Assets, it means that the company has been efficient in creating profits by processing all the total assets it owns.
Return On Asset
=
x 1003. Method
3.1. Population and Sample.
The population used in this study were 35 hotel, restaurant and tourism sector companies listed on the Indonesia Stock Exchange. The research sample was obtained by 11 companies, through purposive sampling technique. Purposive sampling is sampling with certain criteria. The sampling criteria are as follows: 1) Hotel, Restaurant, and Tourism sub-sector companies listed on the Indonesia Stock Exchange, 2) Minimum IPO date (initial offering) September 2019, 3) Companies issue financial statements from December 2019 to September 2020.
3.2. Research variable
The variables in this study, which are used are: 1) Data before the Covid-19 pandemic case was announced nationally in Indonesia for the first time used, namely financial reports for the period January 2019 to December 2019. 2) Data during the Covid-19 pandemic case announced nationally in Indonesia for the first time used, namely the financial statements for the January 2020 to September 2020 period (Gunawan, Ruliana, et al, 2021). Financial reports are used to calculate and analyze the financial performance of service companies in the hotel, restaurant and tourism sectors listed on the Indonesia Stock Exchange, using financial ratios of liquidity, profitability, and solvency.
3.3. Data analysis method
The type of research used is quantitative research with a descriptive approach. The data used is secondary data, namely data from the company's financial statements. This study uses a different or comparative test analysis to explain in detail the development of the financial performance of the Hotel, Restaurant and Tourism Sector Companies on the Indonesia Stock Exchange before and during the Covid-19 pandemic.
Data analysis uses: a) Liquidity ratios consist of current ratio (CR), quick ratio (QR), and cash ratio (CR);
b) Solvency ratio consists of debt to total asset ratio (DAR) and debt to equity ratio (DER); c) Profitability Ratios consist of gross profit margin (CPM), operating profit margin (OPM), net profit margin (NPM), return on assets (ROA).
4. Data Collection
The type of data used is secondary data, and the data has been published by the Indonesia Stock Exchange, and independent auditor reports include: (1) balance reports, income statements, cash flow statements, (2) financial ratios, (3) Management reports on ownership, (4) Notes to financial statements.
5. Results and Discussion
5.1. Numerical ResultsTable 1. Financial Performance in 2019.
Current Ratio
Quick Ratio
Cash Ratio
Gross profit margin
Operating Profit Margin
Net Profit Margin
Return On Asset
Debt to Total Asset Ratio
Debt to Equity
Ratio
Performance 323,23 305,40 66,55 45,89 -11,37 -17,81 1,01 33,72 67,38
Industry Standards
200% or 2 times
150% or 1,5 times
50% 24,90% 10,80% 3,92% 5,98% 35% 90%
Description up up up up down down down up up
Liquidity Profitability Solvency
Table 2. Financial Performance in 2020.
Current Quick Cash Gross Operating Net Return Debt to Debt to Performance 240,26 220,82 34,36 36,28 -72,30 -87,96 -3,65 36,16 78,34
Industry Standards
200% or 2 times
150% or 1,5 times
50% 24,90% 10,80% 3,92% 5,98% 35% 90%
Description up up down up down down down down up
Liquidity Profitability Solvency
Table 3. Financial Performance Compared to 2019 and 2020
Year 2019 - Current Quick Cash Gross Operating Net Return Debt to Debt to
Performance up up down up down down down down up
Liquidity Profitability Solvency
5.2. Discussion
Liquidity as measured by the Current Ratio, Quick Ratio, and Cash Ratio is above the industry standard ratio for 2019 (Table 1), namely 323.23%, 305.40% and 66.55. This shows the company's ability to meet its short-term obligations during 2019 guaranteed by the adequacy of current assets.
Liquidity as measured by the Current Ratio and Quick Ratio, is above the industry standard ratio for 2020 (Table 2), namely 240.26% and 220.82%. Cash Ratio is below the industry standard of 34.36% for 2020.
In general, liquidity experienced a decline in performance in 2020 during the pandemic compared to before the 2019 pandemic (Table 3). The company's activities resulted in an increase in liabilities but did not increase or even decrease the acquisition of company assets.
In 2019 (Table 1) before the pandemic period, Profitability as measured by the Gross Profit Margin ratio was above the industry standard ratio of 45.89%, while Operating Profit Margin, Net Profit Margin, Return On Assets were below the industry standard ratio in 2019 namely a decrease of 11.37%, 17.81% and 1.01%.
Profitability in 2020 is above the industry standard for Gross Profit Margin ratio (36.28%), while Operating Profit Margin (72.30%), Net Profit Margin (87.96%), and Return On Assets (3.65 %) is below the industry standard ratio. This was due to a decrease in gross profit, operating profit, net profit, revenue, and total assets in 2020 compared to 2019.
Profitability in general experienced a decline in performance in 2020 during the pandemic compared to before the 2019 pandemic (Table 3). This is due to the decrease in the number of tourist visits to hotels and tourist destinations due to government regulations that limit people's mobility during the pandemic which keeps the income and profit received at each company from before and during the Covid-19 pandemic.
Solvency measures the company's ability to survive over a long period of time. This ratio shows how solvency the company is in managing its capital against its assets. The lower the ratio, the better the solvency level. Solvency in 2019 (Table 1) shows the Debt to Total Asset Ratio (33.72%) and Debt to Equity Ratio (67.38%) are above the industry standard ratio. Solvency in 2020 (Table 2) decreased below the industry standard for the Debt to Total Asset Ratio (36.16%) while the Debt to Equity Ratio (78.34%) was above the industry standard ratio. Solvency in general experienced low performance growth (insovable) in 2020 during the pandemic compared to before the 2019 pandemic. This shows the company's ability to manage capital against assets has decreased during the pandemic, due to an increase in liabilities for company activities during the 2020 pandemic.
6. Conclusion
The performance of service companies in terms of liquidity, solvency, and profitability during the Covid 19 pandemic, is as follows: (1) Liquidity as measured by the current ratio, the quick ratio is above the industry standard ratio, while the cash ratio is below the industry standard ratio in 2020. Liquidity in general experienced a decline in performance in 2020 during the pandemic compared to before the 2019 pandemic. (2) Profitability
as measured by the gross profit margin ratio is above the industry standard ratio, while operating profit margin, net profit margin, return on assets are below the industry standard ratio in 2020. profitability in general experienced a decline in performance in 2020 during the period pandemic compared to before the 2019 pandemic. (3) Solvency as measured by the debt to total asset ratio, and the debt to equity ratio, which was above the industry standard ratio in 2020. Solvency in general experienced a decline in performance in 2020 during the pandemic compared to before the 2019 pandemic.
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Biography
Titin Ruliana, Obtained a Bachelor degree from the Faculty of Economics, University of 17 August 1945 Samarinda: Masters and Doctoral of Economics, University of 17 August 1945 Surabaya. The author is a permanent lecturer at the Faculty of Economics, University of 17 August 1945 Samarinda. Has published 4 books and 113 articles in a number of reputable National and International Bulletin, scientific magazines and scientific journals with a focus on Economics.
