ANALISIS STRATEGI PENYEHATAN BUMN STRATEGIS: STUDI KASUS PADA PT GARUDA INDONESIA (PERSERO)

Shafira, Dhea Disna (2025) ANALISIS STRATEGI PENYEHATAN BUMN STRATEGIS: STUDI KASUS PADA PT GARUDA INDONESIA (PERSERO). Skripsi thesis, Politeknik Keuangan Negara STAN.

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Abstract

ABSTRAK PT Garuda Indonesia (Persero) Tbk, sebagai maskapai penerbangan nasional tengah mengalami krisis keuangan sejak sebelum pandemi Covid-19 akibat tingginya beban utang, inefisiensi operasional, serta dampak pandemi terhadap industri penerbangan. Siklus krisis yang berulan mengindikasikan bahwa strategi yang diterapkan sebelumnya belum memberikan strategi jangka panjang untuk stabilitas keuangan. Penelitian ini bertujuan untuk menganalisis strategi penyehatan Garuda Indonesia dengan mengevaluasi kondisi keuangan, upaya penyehatan yang dilakukan oleh perusahaan, serta evaluasi intervensi pemerintah melalui PMN dalam pemulihan perusahaan selama periode 2016-2023. Penelitian dilakukan dengan pendekatan campuran (mix method), dengan analisis kuantitatif berupa perhitungan rasio keuangan, model prediksi kebangkrutan Zmijewski, dan analisis arus kas operasi. Sementara analisis kualitatif dilakukan melalui wawancara dengan narasumber serta media podcast pada Youtube yang dianalisis menggunakan perangkat lunak Nvivo. Hasil penelitian menunjukkan bahwa Garuda Indonesia telah berada pada kondisi financial distress sejak sebelum pandemi Covid-19, dengan puncak krisis pada tahun 2021. Terjadi pemulihan pada tahun 2022 sebagai dampak adanya pinjaman pemerintah sebesar Rp1 triliun, pemberian PMN sebesar Rp7,5 triliun, dan restrukturisasi utang dengan keuntungan sebesar USD4,2 miliar. Garuda Indonesia juga telah berupaya bangkit melalui efisiensi rute penerbangan dan biaya operasional maskapai, diversifikasi bisnis, dan peningkatan pelayanan. Evaluasi outcome dari PMN menunjukkan hasil yang melampaui target dengan realisasi EBITDA Margin 193,45%, ENPV 104,14%, EIRR 101,79%, dan kontribusi ekonomi 101,79% dari target. Penelitian ini menekankan pentingnya strategi pemulihan yang berkelanjutan serta kebijakan pengelolaan BUMN yang efektif untuk memastikan stabilitas finansial Garuda Indonesia sebagai flag carrier. Kata Kunci: financial distress, BUMN, intervensi pemerintah, Garuda Indonesia. ABSTRACT PT Garuda Indonesia (Persero) Tbk, the national airline of Indonesia, has faced a financial crisis since before the Covid-19 pandemic, driven by a high debt burden, operational inefficiencies, and the pandemic’s impact on the aviation industry. The recurring crisis cycle indicates that the previously implemented strategies has not provided a sustainable long-term solution for financial stability. This studi aims to analyze Garuda Indonesia’s recovery strategy by evaluating its financial condition, restructuring efforts undertaken by the company, and evaluating government intervention through State Capital Injections (PMN) in the company’s recovery during the 2016-2023 period. The research was conducted using a mixed method approach, with quantitative analysis in the form of financial ratio calculations, the Zmijewski bankruptcy prediction model, and operating cash flow analysis. While qualitative analysis is conducted through interviews with xii source persons and podcast on Youtube, analyzed using Nvivo software. The findings reveal that Garuda Indonesia has been in a state of financial distress even before the Covid-19 pandemic outbreak, with the peak of the crisis in 2021. There was a recovery in 2022 as a result of government loan of IDR1 trillion, the provision of PMN of IDR7,5 trillion, and debt restructuring with a profit of USD4,2 billion. Garuda Indonesia has also worked to recover through efficiency in flight routes operational costs efficiency, business diversification, and service improvements. The outcome evaluation of the PMN showed results that exceeded the target with the realization of EBITDA Margin 193,45%, ENPV 104,14%, and economic contribution 101,79% of the target. This research emphasizes the importance of sustainable recovery strategies and effective State-Owned Enterprise (SOE) management policies to ensure the financial stability of Garuda Indonesia as a national flag carrier. Keywords: Financial distress, State-Owned Enterprise (SOE), government intervention, Garuda Indonesia

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