COMPANIES CONSUMER GOODS INDUSTRY SECTOR USING ALTMAN ZͳSCORE METHOD DURING THE COVIDͳ19 PANDEMIC
Nita Fitria, Helmalia Putri, Khoirulis Shabirin
Fakultas Ekonomi dan Bisnis Islam IAIN Batusangkar Jl. Sudirman No. 137 Lima Kaum Batusangkar
nita [email protected], [email protected], [email protected]
Oumar Tidiane Doumbouya
Kullyyah of Economics and Management Sciences IIUM Kuala Lumpur Malaysia
Manuscript received 10 Months February, reviewed 11 Months May, approved 15 Months Juny Abstract: The main problem in this thesis is that during the Covid-19 pandemic in 2020 the company experienced a decline in sales and company pro its also decreased and some even experienced losses, and the company's total debt increased, this led to the factors that led to the company's bankruptcy. The purpose of this study was to determine the prediction of company bankruptcy before the pandemic and during the pandemic using the irst Altman Z-Score model. The type of research used is descriptive research. The research method used is quantitative.
Data collection techniques through documentation in the form of inancial reports of eleven companies engaged in the Consumer Goods Industry Sector listed on the IDX for the 2017-2020 period through the of icial website www.idx.co.id. The data analysis technique used the irst model Altman Z-Score method. The results of research that have been conducted on eleven companies engaged in the Consumer Goods Industrial Sector listed on the IDX in the 2017-2020 period, namely the period before the pandemic and during the Covid-19 pandemic using the Almant Z-Score method, obtained the following results: First, companies that are not affected by the pandemic are PT. HM Sampoerna Tbk and PT. Bantoel International Investama Tbk, and PT Sariguna Primatirta Tbk.
Second, the companies affected by the pandemic are PT. Kino Indonesia Tbk, PT. Akasha Wira International Tbk, PT. Campina Ice Cream Industri Tbk, PT. Prima Cakrawala Abadi Tbk. Third, for other companies, namely PT. Merck Tbk, PT. Martina Berto Tbk, PT. FKS Food Sejahtera Tbk, and PT. Kedaung Indah Can Tbk was in a dangerous zone in the period before the pandemic and during the pandemic.
Keywords: Bankruptcy Prediction, Altman Z-Score Method
INTRODUCTION
I
ncident The Covid-19 pandemic was the irst corona virus to appear from Wuhan City, China at the end December 2019. Plague from Covid-19 caused disturbance respiratory tract in humans resulting in Wuhan City, the place where plague this is where i started must deciding Lockdown for the sake of inhibiting rate spread of the virus.Consequence from expansion the spread of this
Covid-19 , at the beginning 2020 is almost the whole country is facing pandemic this . The virus change system economy at each Country, other than that perceived impact _ from every country is different between one country with other countries.
With rampant The spread of Covid-19 is also having an impact on companies which manufacturing is in luential to performance inance from company that . This thing because company the experience
drop sale good from in nor from abroad , so take effect to pro it earned by the company , if Thing this keep going continuously occur in something company so company the will experience dif iculty pay his obligations . If in something report published inance _ company the experience dif iculty pay obligation period short , then company start enter in condition inancial distress or dif iculty inance . If condition inancial distress the no fast handled by the parties company so could result in bankruptcy .
Bankruptcy is condition where company no capable again pay off his obligations .(Prihadi, 2010, p. 332) according to Lesmana (2003:174) explains that bankruptcy is uncertainty about ability on something company for continue activity operational if condition his inances experience decline . bankrupt something companies can also caused because ambition that wants permanent operate state companies that don't healthy . So that if forced will trigger increase debt company . Analysis bankruptcy is very important carried out by companies going public with consideration that the company could evaluate potency bankruptcy . According to Adnan and Dicky (2010), bankruptcy usually interpreted as failure company in operate operation company for produce pro it . ( Atikah Noora Safura , 2015)
Fo r c o m p a n i e s t o b e r e s e a r c h e d , researchers will predict bankruptcy on the company manufacturing se k tor industry i goods consumption listed on the Indonesia Stock Exchange . A manufacturing company is a company engaged in processing raw materials into semi- inished goods, until they become inished goods that are ready to be marketed in the market. On the Indonesia Stock Exchange
there are several manufacturing sector sectors listed as issuers, these sectors include the basic chemical industry sector, the various industrial sector and the consumer goods industrial sector.
In this study, researchers used manufacturing companies in the Consumer Goods Industrial Sector, because the products produced by this sector are products that are related or directly related to our daily lives. With the corona virus pandemic causing manufacturing activity in the country to decline rapidly, the presence of covid-19 has an impact on government policies that require everyone to keep their distance, wear masks, and always wash their hands. In addition, the government has also issued a large-scale social restriction (PSBB) policy to the imposition of restrictions on community activities.
These restrictions indirectly affect the continuity of the business world. Many companies have had to impose layoffs for their employees because pro its slumped. This causes many people to lose their jobs, thereby reducing purchasing power, and the existence of this PSBB also hampers the distribution low, causing a decrease in the production capacity of a company.
This sharp decline in manufacturing activity was caused by the government's efforts in handling the spread of the COVID-19 outbreak which caused a decline in demand. Declining demand for goods disrupts the stability of industrial production so that business turnover does not run according to expectations while the obligations of entrepreneurs must remain optimal. Although this consumer goods industry sector is a company engaged in producing goods related to daily life, it does not make companies in this sector have a positive
this sector experienced an increase in sales, due to the pandemic. Covid-19, the public only prioritizes meeting basic needs such as buying basic necessities while in the consumer goods industry it is not only selling basic food products, so with this it is important to do a bankruptcy prediction analysis to see early signs of bankruptcy in manufacturing companies in the goods industry sector. this consumption. Secondary data used in this study is the company's annual inancial statements that have been audited. The data collection used is the company's annual inancial report data for the 2017- 2020 period, data for the year before the Covid-19 pandemic, namely the 2017-2019 period data used to see whether before the Covid-19 pandemic the company had experienced bankruptcy or had just experienced it. when the pandemic occurs, namely the period 2020.
LITERATURE REVIEW
Bankruptcy
Platt and Platt (2002) stated that inancial distress is stages drop condition inance something company before happening bankruptcy or liquidation . Condition inance the for example reviewed from composition balance sheet that is ratio total assets and liabilities where at the time assets no enough or more small than number _ debt , negative working capital so that occur imbalance of owned capital company with debts owned and have an impact on activities company where company no capable inance whole cost operations , such as cost ingredient raw , cost overheads , payments compensation for employees , outstanding debts , and expenses other , reviewed from report pro it
make a loss if company keep going continuously loss , and from report cash low if cash in low _ more small from cash out low . _ because of that , for overcome and minimize happening inancial distress , company could supervise condition his inances from aspect balance sheets and reports pro it existing loss _ in report inan0ce company with use Altman Z-Score , Springate , and Zmijewski methods .(Salsabila, 2019, pp. 17-18)
Altman Z-Score method
Altman Z-Score method is a method used to analyze the bankruptcy of a company. Bankruptcy analysis Altman Z-Score is a tool used to predict the level of bankruptcy of a company by calculating the value of several ratios then included in a company. According to Prihadi (2009:81), Z-Score is something multi-variable equation used by Altman in skeleton predict level bankruptcy . Altman uses a statistical model called with analysis discriminatory , to be exact is multiple discrimination analysis (MDA). At MDA, the sample shared into the two group , that is bankrupt companies and companies that do not bankrupt.
According to Rudianto (2013: 254-258) there are three Altman Z-Score methods that can be used to analyze the bankruptcy of a company, namely:
a) Z-Score for Go Public (First Altman) manufacturing companies
Z-Score formula was produced by Altman in 1968. This formula was produced from research on various manufacturing companies in the United States that sell their shares on the stock exchange. Therefore, the formula is more suitable to be used to predict the sustainability
of manufacturing companies that go public . The irst formula is as follows:
Z = 1.2X 1 + 1.4X 2 +3.3X 3 +0.6X 4 +1.0X 5 Note:
X1 = Working Capital / Total Assets X2 = Retained Earnings / Total Assets X3 = EBIT / Total Assets
X4 = Market Value of Shares / Total Debt X5 = Sales / Total Assets
The results of the calculation with the Z-Score formula will produce different scores from one company to another. The score should be compared with the following scoring standards to assess the viability of the company.
Z > 2.99 = Safe Zone 1.81 < Z < 2.99 = Gray Zone Z < 1.81 = Danger Zone
b) Z-Score for Non-Go Public Manufacturing
Companies (Altman Revised)
In 1984 Altman conducted research again in Mexico. The model developed by Altman underwent a revision. Altman's revision is an adjustment made so that this bankruptcy prediction model is not only for manufacturing companies that go public but can also be applied to non-public companies . This second model is also known as the Revised Altman model.
Z-Score formula for manufacturing companies that did not sell their shares on the stock exchange.
Z = 0.71X 1 + 0.847X 2 + 3.107X 3 +0.420X 4 + 0.998X 5 Note:
X1 = Working Capital / Total Assets X2 = Retained Earnings / Total Assets X3 = EBIT / Total Assets
X4 = Book Value of Equity / Book Value of Debt X5 = Sales / Total Assets
The results of calculations using the Z-Score formula will produce different scores from one company to another. The score should be compared with the following scoring standards to assess the viability of the company:
Z > 2.9 = Safe Zone 1.23 < Z < 2.9 = Gray Zone Z < 1.23 = Danger Zone
c) Z-Score
for various companies (Altman Modifica on)
After conducting research with objects of various manufacturing companies and producing 2 bankruptcy detection formulas, Altman did not stop. Altman conducted more research on the potential for bankruptcy of companies other than manufacturing companies, whether they went public or not. The last Z-Score formula is a very lexible formula because it can be used for various types of company business ields, and is suitable for use in developing countries such as Indonesia.
Z-Score formula for various types of companies, as follows:
Z = 6.56X 1 + 3.26X 2 + 6.72X 3 + 1.05X 4 Note:
X1 = Working Capital / Total Assets X2 = Retained Earnings / Total Assets X3 = EBIT / Total Assets
X4 = Book Value of Equity / Book Value of Debt The results of calculations using the Z-Score formula will produce different scores from one company to another. The score should be compared with the following standard of
assessment to assess the viability of the company:
Z > 2.60 = Safe Zone 1.1 < Z < 2.60 = Gray Zone Z < 1.1 = Danger Zone
Previous Research
a. Kristina Dewanti Setyaningrum , Apriani Dorcas Sign Or , Immanuel Madea Sakti . with title study Analysis Z-Score In Measuring Financial Performance For Predict Manufacturing Company Bankruptcy During the Covid-19 Pandemic Destination from study this is for compare how much big opportunity from PT. Astra International, PT.
Mandom Indonesia, PT. Gudang Garam and PT. Sri Fortune Isman experience bankruptcy as impact from covid-19 pandemic with using the Altman Z-Score model. Based on results research PT. Astra International in 2016-2020 in the irst quarter was in the predicate potential bankrupt , while in the second quarter the company is in the gray area . While PT. Mandom Indonesia either in the irst quarter or second quarter in gray area . Next PT. Gudang Garam in the irst quarter and in the second quarter in the gray area . Whereas for PT. Sri Fortune Isman in the irst and second quarters are classi ied as in potential company _ bankrupt .
b. Widia Nasmi and Mayar Afriyenti, with the title Analysis of Bankruptcy Predictions in Manufacturing Companies in the Food &
Beverages Sub-Sector Listed on the Indonesia Stock Exchange: Using the Altman, Springate,
and Gover Models. Faculty of Economics, Padang State University in 2021. The sample companies are 14 companies. Based on the research results, irstly, using the Altman model it is predicted that two companies will go bankrupt, the Altman model and the Grover model predict three companies will go bankrupt, while the Springate model predicts four companies will go bankrupt. Second, there is no signi icant difference between the Altman, Springate, and Grover models in predicting the bankruptcy rate. Third, the Sprigate model is a model that has the highest level of accuracy in predicting the bankruptcy of food and beverage companies which has an accuracy rate of 92.86%.
RESEARCH METHODS
Type Study
Type research used _ in study this is study descriptive , namely research that aims to provide an overview of the data obtained from the inancial statements to obtain the results of the analysis. This research was conducted with a quantitative approach, which is a process of inding knowledge which uses data in the form of numbers as a tool to analyze information about what you want to know (Bungin, 2013:58).
Place and me of research
The research was conducted at the Sharia Investment Gallery, Faculty of Economics and Islamic Business IAIN Batusangkar through the
of icial website www.idx.co.id. Study this started from October –December 2021.
Data Source
This study uses secondary data sources.
Secondary data used _ in study this sourced from the Indonesia Stock Exchange website through the www.idx.co.id website .
Popula on
The population used in this study is a manufacturing company engaged in the Consumer Goods Industrial Sector listed on the Indonesia Stock Exchange (IDX). The total population is 59 companies.
Sample
Sampling was carried out by purposive sampling , namely taking samples based on the criteria of the researcher. These criteria are as follows:
1. Manufacturing Company in the Consumer Goods Industry Sector which has published inancial reports as of December 31, 2017- 2020. The report as of December 31, 2017- 2020 is an audited report, so that the inancial statements can be trusted.
2. Financial statements are presented in rupiah.
Total population 59
Unaudited inancial statements (26) Company inancial statements presented in
dollars (8)
Companies that did not experience a decline in sales in 2020 (14) Number of samples to be studied 11
Data Collec on Techniques
Technique data collection in research _this is technique documentation . Documentation technique conducted with analyzing secondary data in the form of report inance company Manufacturing Sector Consumer Goods Industry . Data obtained from the Indonesia Stock Exchange (IDX) with the website www.idx.co.id .
Data Analysis Techniques
Data analysis techniques used in study this is with use Altman Z-Score method ( irst model) . Reason choose use Altman Z-Score method ( irst model) because formula this more suitable used for predict continuity business companies publicly listed manufacturers and researched companies _ is company manufacturing already _ go public . Analysis this based on data that is quantitative . For count Z-Score via the steps used is as following ( Rudianto , 2013:254-255):
1. Classi ication of Report Items Finance Classifying report items inance annual in accordance with need for analysis namely:
current assets, current liabilities , retained earnings , earnings before income and tax, total assets, total sheet stock and price stock . 2. Count Ratios Finance
a. Count working capital , market value of equity , and Earning Before Interests Tax which not yet known from report inance.
- Working Capital = Current assets Current Liabilities
- Stock Market Value = amount sheet stock × stock market price
- Earning Before Interests Tax = Pro it (Loss) Before Tax + Finance Expenses b. Count Ratios X 1 , X 2 , X 3 , X 4 , and X 5 Altman,
where:
- X 1 = Working capital to total assets - X2 = Retained Earning to Total Asset - X3 = Earning before Interest and Tax
to total asset
- X4 = Market value of equity to book value of total liabilities
- X5 = Sales to total asset
c. Each ratio then entered into the equality for count Z-Score , the formula is as following ( Rudianto , 2013:257 ) Z = 1.2X 1 + 1.4X 2 + 3.3X 3 + 0.6X 4 + 1.0X 5 d. Evaluate inance company with limitation :
a) If the company 's Z value Z > 2.99
= Safe Zone, it means company in condition healthy so that possibility very small bankruptcy happen . b) If the company 's Z value is 1.81
< Z < 2.99 = Gray Zone , it means company in condition prone ( grey area ). On condition this , company experience problem must - have inances handled with the right way . c) If the company 's Z value Z < 1.81 =
Danger Zone , it means company in condition bankrupt ( experienced ) dif iculty inancial and high risk ) .
ANALYSIS RESULTS AND DISCUSSION
1. PT. Merck Tbk
Table 1. Equality Z-Score PT. Merck Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.5452 0.9437 0.1659 0.4933 0.6871 2.8 3 Gray Zone
2018 0.2506 0.5251 0.1329 0.0775 0.4844 1.4 7 Danger Zone
2019 0.5406 0.8538 0.4692 0.1247 0.8263 2. 81 Gray Zone
2020 0.5317 0.8554 0.3900 0.1389 0.7052 2. 62 Gray Zone
Source: Processed Data, 2021
Value result Z-Score PT. Merck Tbk in 2017 to 2020 can _ seen in the table above , which in 2017 was in the gray zone , in 2018 the company are in the danger zone , where company in condition
bankrupt ( experienced ) dif iculty inancial and high risk ) , then in 2019 and 2020 the company be in the zone gray , hal this could interpreted that company could rise from dif iculty inances that occur in the company that .
2. PT. Mar na Berto Tbk
Table 2. Equality Z-Score PT. Martina Berto Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.4120 0.1568 - 0.1296 0.0235 0.9371 1.39 Danger Zone
2018 0.2816 -0.0534 -0. 7873 0.0232 0.7754 0.2 3 Danger Zone 2019 0.1279 -0.2149 -0. 4860 0.0169 0.9094 0.3 5 Danger Zone 2020 -0.1382 -0.406 -0. 5643 0.0154 0.3023 -0. 7 9 Danger Zone
Source : Data processed , 2021
Value result Z-Score PT. Martina Berta Tbk in 2017 to 2020 was below 1.81 means company is at in the danger zone , where company in condition bankrupt ( experienced ) dif iculty inancial and
high risk ) . Potency bankruptcy at PT. Martina Berto Tbk every year the more big , thing this proved with the more small Mark The Z-Score earned by the company on each year observation .
3. PT. Kino Indonesia Tbk
Table 3. Equality Z-Score PT. Kino Indonesia Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.2630 0.2692 0 .2175 0.1536 0.9762 1. 87 Zona Abu-abu
2018 0.2203 0.2884 0.2 372 0.1707 1.0054 1. 92 Zona Abu-abu
2019 0.1537 0.3494 0.5085 _ 0.1474 0.9964 2. 15 Zona Abu-abu
2020 0.0949 0.2795 0. 1768 0.087 0.7658 1. 40 Zona Berbahaya
Source : Data processed , 2021
Value result Z-Score PT. Kino Indonesia Tbk in 2017 until where is 2019 year this is year before happening the covid-19 pandemic , with the z-score value owned by the company being in the gray zone or in a vulnerable condition, although every year there is an increase in the
z-score value , but with this increase the company has not been able to fully recover. But in 2020 when _ happening pandemic company are in the bankruptcy zone . This thing could seen from Mark Z- Score earned company in 2020 .
4. PT. Akasha Wira Interna onal Tbk
Table 4. Equality Z-Score PT. Akasha Hero International Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information 2017 0.0706 -0.6473 0.2917 _ 0.7507 0.9693 1. 43 Danger Zone
2018 0.1384 -0.5329 0.3481 _ 0.8153 0.9126 1. 68 Danger Zone 2019 0.2566 -0.4284 0.5039 _ 1.4536 0.9298 2. 71 Gray Zone 2020 0.4526 -0.1738 0. 5808 2.0007 0.7023 3.5 6 Safe zone
Source : Data processed , 2021
Value result Z-score PT. Akasha Hero International Tbk in 2017 to 2020 every year year always experience increase . In 2017 and the year 201 8 before occur the covid-19 pandemic is in a state dangerous and in 2019 is in a condition gray . This thing could seen from Z- Score of companies
experiencing increase . In 2020 when _ happening pandemic , company experience increase in value z-score n huh so that company are in the safe zone , this could seen from table on where company is at standard Z rating > 2.99.
5. PT. FKS Food Sejahtera Tbk
Table 5. Equality Z-Score PT. FKS Food Sejahtera Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information 2017 -1.9818 -1.1660 -8.4912 0.0366 0.9841 -10.6 1 Danger Zone 2018 -2.8994 -4.4069 -0.0854 0.0130 0.8716 -6,50 _ Danger Zone 2019 -0.4357 -3.4350 2.6251 0.0195 0.8081 - 0.41 Danger Zone
2020 -0.0954 -2.2118 3.4973 0.1353 0.6379 1.96 Gray Zone
Source : Data processed , 2021
Value result Z-Score PT FKS Food Sejahtera Tbk in 2017 until year 20 219 that is, the year before the COVID-19 pandemic was in the danger zone . Where is the condition company in state bankrupt . Result of Z - S core owned by ki company small from 1.81 though at each year
Mark Z - S core company leads to results positive , while in 2020 when the covid-19 pandemic occurred the company gradually got better, where in 2020 the company was in a gray condition, even though it was not yet in a safe condition at least the company was able to rise from previous years.
6. PT. Sariguna Prima rta Tbk
Table 6. Equality Z-Score PT. Sariguna Primatirta Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information 2017 0.0495 0.1505 0.4197 _ 0.2745 0.9300 1. 82 Zona Abu-abu 2018 0.1114 0.2242 0.4148 _ 0.2060 0.9966 1. 95 Zona Abu-abu 2019 0.0344 0.2938 0.4966 _ 0.1518 0.8713 1. 84 Zona Abu-abu
2020 0.0975 0.4181 0. 4893 0.1781 0.7419 1. 92 Gray Zone
Source : Data processed , 2021
Value result Z-Score PT. Sariguna Primatirta Tbk in 2017 to 2019 year _ before happening pandemic and in 2020 when happening pandemic is at between 1.81 to 2.99 , it means company is
at in the gray zone , where company in condition vulnerable . This thing could seen from results Z-Score companies that have presented in the table above .
7. PT. Campina Ice Cream Industri Tbk
Table 7. Equality Z-Score PT. Campina Ice Cream Industry Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information 2017 0.8023 0.0604 0.2861 _ 1.4047 0.7800 3. 33 Zona Aman 2018 0.7208 0.1346 0. 3095 1.1110 0.9570 3. 23 Zona Aman 2019 0.7563 0.1876 0. 3125 1.0812 0.9729 3. 31 Zona Aman 2020 0.7674 0.2164 0. 1739 0.8519 0.8801 2. 88 Zona Abu-abu
Source : Data processed , 2021
Value result Z-Score PT. Campina Ice Ceam Industry Tbk in 2017 to 2020 , get seen that company experience enhancement Mark Z -Score in 2017-2019 where year the is year before happening covid-19 pandemic . Could seen from table on that company is at standard Z rating > 2.99. Whereas for year 2020, year moment happening company
covid-19 pandemic rather experience drop Mark Z-Score . This thing could seen from table on that company be in condition healthy on three year before happening pandemic and are in the gray zone moment happening pandemic . This could interpreted that the covid-19 pandemic has impact negative to company this .
8. PT. HM Sampoerna Tbk
Table 8. Equality Z-Score PT. HM Sampoerna Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.7704 0.4051 1.2942 0.1462 2.2969 4.9 1 Zona Aman
2018 0.7476 0.4095 1.2738 0.0921 2.2904 4.8 1 Zona Aman
2019 0.6829 0.3831 1.1870 0.0384 2.0834 4.3 7 Zona Aman
2020 0.5881 0.2388 0.7448 0.0216 1.8606 3.4 5 Zona Aman
Source : Data processed , 2021
Value result Z-Score PT. HM Sampoerna Tbk in 2017 to 2020 , namely year before and when happening the covid-19 pandemic is above 2.99 means company are in the safe zone . Although at each year Mark Z-Score company experience
decrease , but no impact on the bankruptcy of the company that . This thing could seen from table results Z-Score PT HM Sampoerna on that company is at standard Z rating > 2.99.
9. PT. Bantoel Interna onal Investama Tbk
Table 9. Equality Z-Score PT. Bantoel International Investama Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information 2017 0.3678 -1.0694 -0.0722 54.9649 1.4384 5 5.62 Zona Aman
2018 0.2863 -0.0561 -0.0465 41.91 1.4733 43.56 Zona Aman
2019 0.3891 -0.0645 0.0623 52.308 1.2255 53. 92 Zona Aman
2020 0.4377 -0.6269 0.6411 80.4222 1.1144 81. 98 Zona Aman
Source : Data processed , 2021
10. PT. Kedaung Indah Can Tbk
Table 10. Equality Z-Score PT. Kedaung Indah Can Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.6260 -0.1582 0.2544 0.1222 0.7590 1. 60 Danger Zone
2018 0.6332 -0.1073 -23.8078 0.1977 0.5640 -22.52 Danger Zone
2019 0.6535 -0.1570 -0.0762 0.1277 0.5958 1.1 4 Danger Zone
2020 0.6832 -0.1937 0.0376 0.1150 0.5692 1. 21 Danger Zone
Source : Data processed
Z-Score Results PT. Bantoel International Investama Tbk in 2017 to 2020 , namely year before and when happening the covid-19 pandemic is above 2.99 can interpreted that company be in the safe zone or on condition healthy . Although 2018 was time experience
drop from year _ before , but still is at above 2.99. whereas for year 2020 when happening pandemic company rather experience great increase in value _ its Z- Score . Could concluded that existence the covid-19 pandemic provides effect positive for company that alone .
Z-Score Results PT. Kedaung Indah Tbk in 2017 to 2020 , namely year before and when happening pandemic is at below 1.81 means company is at in condition dangerous or bankrupt
. The company is experiencing dif iculty inance and have high risk . _ This thing could seen from Mark Z-Score existing company _ below 1.81 in the table on
11. PT Prima Cakrawala Abadi Tbk
Table 11. Equality Z-Score PT. Prima Cakrawala Abadi Tbk
Year 1.2 (X 1 ) 1.4(X 2 ) 3.3(X 3 ) 0.6(X 4 ) 1.0(X 5 ) Z Information
2017 0.5626 -0.3782 -0.0148 0.2373 0.9618 1.36 Danger Zone
2018 0.6381 -0.5420 -0.2098 12.9258 1.5031 14.31 Safe zone
2019 0.4623 -0.5570 -0.2296 1.9011 0.5028 2.0 7 Gray Zone
2020 0.4941 -0.9507 -0.4356 0.9790 0.4909 0.57 _ Danger Zone
Source : Data processed
Z-Score Results PT. Prima Cakrawala Abadi Tbk in 2017 to 2020 , namely year before and when happening pandemic experience ups and downs condition . In 2017 company _ are in the danger zone or could interpreted that company in condition went bankrupt , but in 2018 the
company rise come back and be in condition safe and experience drop back in 2019. Year 2020 when _ pandemic hit company experience bankruptcy , where company are in the danger zone with Mark Z-Score below 1.81. this is one _ impact negative existence pandemic the for company.
Table 12. Recapitulation of Final Result Calculation of Altman Z-Score in Manufacturing Companies in the Consumer Goods Industry Sector 2017-2020 period
No. Company Name / Code Information
2017 2018 2019 2020
1 PT. Merck Tbk (BRAND) Gray Dangerous Gray Gray
2 PT. Martina Berto Tbk (MBTO) Dangerous Dangerous Dangerous Dangerous
3 PT. Kino Indonesia Tbk (KINO) Dangerous Gray Gray Dangerous
4 PT. Akasha Wira International Tbk (ADES) Dangerous Dangerous Gray Safe 5 PT. FKS Food Sejahtera Tbk (AISA) Dangerous Dangerous Dangerous Dangerous
6 PT. Sariguna Primatirta (CLEO) Gray Gray Gray Gray
7 PT. Campina Ice Cream Industry Tbk (CAMP) Safe Safe Safe Gray
8 PT. HM Sampoerna Tbk (HMSP) Safe Safe Safe Safe
9 PT. Bantoel International Investama Tbk (RMBA) Safe Safe Safe Safe 10 PT. Kedaung Indah Can Tbk (KICI) Dangerous Dangerous Dangerous Dangerous 11 PT. Prima Cakrawala Abadi Tbk (PCAR) Dangerous Safe Gray Dangerous
Source: Processed Data, 2021
CONCLUSION
The results of research that have been conducted on eleven companies engaged in the Consumer Goods Industrial Sector listed on the IDX in the 2017-2020 period, namely the period before the pandemic and during the Covid-19 pandemic using the Almant Z-Score method, obtained the following results: First, companies that are not affected by the pandemic are PT. HM Sampoerna Tbk and PT. Bantoel International Investama Tbk where the company was in a safe zone in the period before the pandemic and during the pandemic, and PT. Sariguna Primatirta Tbk where the company was in the Gray zone before the pandemic and during the pandemic. Second, the companies affected by the pandemic are PT. Kino Indonesia Tbk, namely in the period before the pandemic was in the gray zone and during the pandemic it was in
the dangerous zone, PT. Akasha Wira International Tbk in the period before the pandemic was in the gray zone and during the pandemic it was in the safe zone, PT. Campina Ice Cream Industri Tbk in the period before the pandemic was in the safe zone and during the pandemic it was in the gray zone, lastly PT. Prima Cakrawala Abadi Tbk in the period before the pandemic was in the safe zone and gray zone, while at the time of the pandemic it was in the dangerous zone. Third, for other companies, namely PT. Merck Tbk, PT. Martina Berto Tbk, PT.
FKS Food Sejahtera Tbk, and PT. Kedaung Indah Can Tbk was in a dangerous zone in the period before the pandemic and during the pandemic.
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