Analisis Kinerja Keuangan dan Financial Distress Menggunakan Model Altman Z-Score PT Destinasi Tirta Nusantara Tbk. Periode Sebelum dan Saat Pandemi Covid-19

DEANGGI, NUR LAIL`IFEBRIAN (2022) Analisis Kinerja Keuangan dan Financial Distress Menggunakan Model Altman Z-Score PT Destinasi Tirta Nusantara Tbk. Periode Sebelum dan Saat Pandemi Covid-19. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Pandemi Covid-19 memberikan berbagai dampak bagi negara Indonesia, salah satunya adalah perekonomian. Untuk mengatasi penyebaran virus tersebut, pemerintah mengambil langkah untuk memperlambat penyebaran virus corona yaitu kebijakan Pembatasan Sosial Berskala Besar (PSBB) sehingga sebagian besar objek wisata yang ada di Indonesia dilakukan penutupan. Akibatnya, perusahaan di sektor pariwisata seperti yang dirasakan oleh PT Destinasi Tirta Nusantara Tbk mengalami penurunan pendapatan dan bahkan mencatatkan rugi pada laporan keuangannya. Berdasarkan hal ini, penulisan karya tulis ini memiliki tujuan yaitu untuk mengetahui bagaimana kinerja keuangan dan kondisi financial distress dari perusahaan tersebut. Analisis kinerja keuangan dilakukan dengan menggunakan rasio keuangan yang mencakup rasio likuiditas, solvabilitas, dan profitabilitas. Sedangkan untuk analisis financial distress dilakukan dengan menggunakan model Altman Z-Score modifikasi. Hasil analisis menunjukkan bahwa kinerja keuangan perusahaan mengalami penurunan yang signifikan pada saat pandemi Covid-19 melanda dan perusahaan terancam mengalami kebangkrutan atau perusahaan berada pada distress zone./ The Covid-19 pandemic has had various impacts on the Indonesian state, one of which is the economy. To overcome the spread of the virus, the government took steps to slow the spread of the coronavirus, namely the Large-Scale Social Restrictions (PSBB) policy, so that most tourist attractions in Indonesia were closed. As a result, companies in the tourism sector, as felt by PT Destinasi Tirta Nusantara Tbk, experienced a decrease in revenue and even recorded losses in their financial statements. Based on this, the writing of this paper has the purpose of knowing the company's financial performance and financial distress condition. Financial performance analysis is carried out using financial ratios that include liquidity ratios, solvency and profitability. Meanwhile, the study of financial distress was carried out using a modified Altman Z-Score model. The analysis results show that the company's financial performance experienced a significant decline when the Covid-19 pandemic hit and the company were threatened with bankruptcy or in the distress zone.

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