Analisis Rasio-rasio Keuangan dan Survival Strategies PT Waskita Karya Tbk di Masa Pandemi

Wiratama, Arvianda Raditya (2022) Analisis Rasio-rasio Keuangan dan Survival Strategies PT Waskita Karya Tbk di Masa Pandemi. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Pandemi Covid-19 memberikan dampak luar biasa terhadap perekonomian Indonesia khususnya pada sektor pembangunan infrastruktur, khususnya pembangunan infrastruktur jalan tol. Pemerintah mengamanatkan pembangunan infrastruktur jalan tol ini kepada salah satu Badan Usaha Milik Negara (BUMN) yaitu PT Waskita Karya Tbk. Penelitian ini bertujuan untuk mengetahui kinerja operasional PT Waskita Karya Tbk pada tahun 2020 hingga tahun 2021 kuartal ketiga. Metodologi penelitian yang digunakan yaitu metode studi kepustakaan dan metode analisis horizontal dengan teknik analisis rasio-rasio keuangan. Teknik analisis rasio terbagi menjadi tiga building blocks analisis yaitu likuiditas jangka pendek, struktur modal dan solvabilitas, dan kinerja operasional dan profitabilitas. Likuiditas jangka pendek perusahaan mengalami tren penurunan berkurangnya aset dan bertambahnya utang jangka panjang yang akan jatuh tempo. Struktur modal dan solvabilitas meningkat karena perusahaan meningkat proporsi utang jangka panjang dengan menerbitkan beberapa obligasi dan mendapatkan Penyertaan Modal Nasional (PMN). Kinerja operasional dan profitabilitas menurun hingga negatif karena perusahaan mengalami kerugian dan kesulitan dalam meraih profit. Menurunnya kinerja selama tahun 2020 hingga tahun 2021 periode ketiga membuat PT Waskita Karya Tbk menerapkan kebijakan survival strategies dalam rangka memperbaiki kesehatan keuangan perusahaan, survival strategies yang dilakukan antara lain menerbitkan obligasi, mendapatkan Penyertaan Modal Negara (PMN), dan divestasi jalan tol. Selain untuk tujuan memperbaiki kesehatan keuangan perusahaan, survival strategies ini juga bertujuan agar penugasan proyek jangka panjang dapat selesai tepat waktu di tahun 2024./ The Covid-19 pandemic has had a tremendous impact on the Indonesian economy, especially in the infrastructure development sector, particularly the construction of toll road infrastructure. The government has mandated the construction of this toll road infrastructure to one of the State-Owned Enterprises (BUMN), namely PT Waskita Karya Tbk. This study aims to determine the operational performance of PT Waskita Karya Tbk from 2020 to 2021 in the third quarter. The research methodology used is the literature study method and the horizontal analysis method with the technique of analyzing financial ratios. Ratio analysis techniques are divided into three building blocks of analysis, namely short-term liquidity, capital structure and solvency, and operational performance and profitability. The company's short-term liquidity has a downward trend, decreasing assets and increasing long-term debt that will mature. Capital structure and solvency increased because the company increased the proportion of long-term debt by issuing several bonds and obtaining National Equity Participation (PMN). Operational performance and profitability declined to negative because the company suffered losses and difficulties in achieving profit. The decline in performance from 2020 to 2021 for the third period made PT Waskita Karya Tbk implement a survival strategy in order to improve the company's financial health, the survival strategies that were carried out included issuing bonds, obtaining State Capital Participation (PMN), and toll road divestment. Apart from improving the company's financial health, these survival strategies also aim to ensure that long-term project assignments can be completed on time in 2024.

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