CASH FLOW RATIO ANALYSIS TO ASSESS THE FINANCIAL PERFORMANCE OF PT MITRABARA ADIPERDANA TBK, PERIOD 2015-2019
Nurul Monika,
Setyo Riyanto
Mercu
Buana University, Jakarta, Indonesia Mercu Buana University, Jakarta, Indonesia
Email: [email protected] and [email protected]
ARTICLE INFO ABSTRACT
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Date received : 03
September 2020
Revision date
: 05 October 2020
Date received : 01 November 2020
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Keywords:
Financial Management Financial Statement Cash flow Statement Financial Performance
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The inquire
about the objective of PT Mitrabara Adiperdana is to analyze financial statements to degree budgetary execution amid the period 2015 to 2019. Budgetary performance can be measured by calculating financial cash flow ratios.
Data information for analyzing
budgetary explanations is gotten from the BEI / Indonesia Stock Trade site openly or
straightforwardly. a statement of cash stream
(explanation of cash stream) appears how the company's working, contributing, and financing exercises influence cash
amid a bookkeeping period.
Articulations of cash streams as a component of financial statements contain data around
cash streams to survey a company's capacity to produce cash
and cash counterparts and how
astute they are utilized. There are numerous ways to degree a company's monetary execution, one of
which is to utilize a cash stream proportion examination. The reason for this think about was to evaluate the monetary execution of
PT. Mitrabara Adiperdana Tbk in
2015-2019 based on an analysis of 5 cash stream proportions. That inquire about strategy is
quantitative graphic. The comes about appeared
money stream execution of PT. Mitrabara Adiperdana Tbk in 2015-2019 said to be great, since the overall part of the
proportion is over number 1, the
in general money related execution of PT. Mitrabara Adiperdana is very good
but not as well good.
That implies
that the company's budgetary performance must
still be evaluated and progressed once more.
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INTRODUCTION
(Megi, 2018) The improvement of the times taken after by the advancement of common
assets, logical progress,
and innovation have made the trade
world and commerce individuals move more effectively
and responsive to all the changes that happen.
A company that needs to develop ought to make
changes. Among these changes are as a rule made by the company
is almost the existing execution within the company,
particularly money related
execution or benefit. Company benefits will be
seen from the company's monetary explanations.
Data around a company's cash stream is valuable for clients of money related
articulations as a premise for surveying the company's capacity
to create cash and cash counterparts as well as
assessing the company must utilize money stream. Hence, to analyze the performance of a
company is exceptionally fitting when
the data displayed within the cash stream explanation is utilized.
(Stevania, 2012), an analysis of the company's financial performance was
carried out to decide the company's financial
condition. This analysis may be a device within the
preparation of surveying the monetary circumstance and the company's commerce comes about. Estimation
of financial performance is done by analyzing
budgetary statements utilizing
corporate money related
proportions, particularly cash flow ratios.
(Endri, 2019) Investigation
of cash flow statements is valuable
in assessing the company's position and operations and carried out a comparison with the
past a long time so that it can be known whether or not the company's
execution in operation. Each company in carrying out its commerce
operations will encounter
cash inflows and cash outflows.
(Heiby, 2015) Cash flow statement
information is used to calculate certain ratios that outline a company's financial quality.
cash flow ratio investigation can be seen how the company's monetary execution of working exercises,
venture exercises, and financing exercises. The proportion of cash flows utilized to evaluate
financial execution, specifically, the ratio of operating cash flows to current
liabilities, the ratio of operating cash flow to interest, the ratio of capital expenditure (PM), the ratio of total debt, and the ratio of cash
flow to net income. PT. Mitrabara
Adiperdana, Tbk, maybe a company
locked in in coal generation. PT. Mitrabara
Adiperdana who is exceptionally concerned around natural interface. In this manner an investigation of budgetary
articulations, particularly cash stream articulations to assess the company's financial
performance utilizing money flow ratio.
METODE
The research uses quantitative descriptive methods. Quantitative Investigate Strategies, as expressed
by (Sugiyono, 2012), to be specific: "Inquire about strategies based on the logic of positivism, are utilized to look at particular populaces
or tests, collecting information utilizing inquire
about rebellious, quantitative/statistical information investigation, to test theory
set ". The Research about was conducted
by analyzing monetary
explanation information utilizing
cash stream proportion investigation comprising of the proportion of working cash stream to current obligation, the proportion of working cash
stream to intrigued, a proportion of
working cash stream to capital use, a
proportion of working cash stream to add
up to obligation and proportion of cash stream
operations against net wage. The investigation information was sourced from secondary
data of PT. Mitrabara Adiperdana,
Tbk 2015-2019 period taken from the Indonesia Stock Trade www.idx.co.id. Since the investigation was conducted in a time outline
from 2015 to 2019, then this analysis uses horizontal analysis.
Horizontal analysis is an analysis
method used in this study. (Maisharoh & Riyanto, 2020) says horizontal analysis (also known as trend analysis) looks overtime at various financial
statements. Usually seen from one period a year later compared to other periods.
RESULTS AND DISCUSSION
He comes about of this consider based on the on the ratio of cash flow (proportion of
working cash stream to current
obligation, a proportion of working cash
stream to intrigued, a proportion of working
cash stream to capital consumption, the proportion
of working cash stream to add up to obligation and the proportion of working cash stream to
net pay) points to evaluate budgetary
execution, particularly PT. Mitrabara
Adiperdana Tbk in 2015-2019. Concurring to Darsono and Ashari in (Hengki Setiawan, 2006), the cash flow statement
ratio analysis instrument
required to evaluate the liquidity of
a company's financial execution can be displayed within the equation
and inquire about results, namely:
1. Operating Cash Flow Ratio
This
ratio is used to determine
the company's ability to
generate cash to pay off its current debt.
The formula is as follows.
Operating cash flow ratio = Operating
Current liabilites
§ 2015
The ratio of operating cash flows to current liabilities
= 
= 0,92
§ 2016
The ratio of operating cash flows to current liabilities
= 
= 1,63
§ 2017
The ratio of operating cash flows to current liabilities
= 
= 2,05
§ 2018
The ratio of operating cash flows to current liabilities
= 
= 0,96
§ 2019
The ratio of operating cash flows to current liabilities
= 
= 1,41
2. Operating Cash Flow Ratio
This
ratio is used to determine
the company's ability to pay
interest on existing debt. The
formula is as follows.
Ratio of operating cash flows to interest =
§ 2015
Ratio of operating cash flows to interest =
= 124,7
§
2016
Ratio of operating cash flows to interest =
= 186,9
= 
= 7,48
§ 2017
The ratio of operating cash flows to capital expenditures
= 
= 12,11
§ 2018
The ratio of operating cash flows to capital expenditures
= 
= 5,99
§ 2019
The ratio of operating cash flows to capital expenditures
§ 2017
Ratio of operating cash flows to interest =
= 
= 15,07
§ 2018
=365,1
4. Operating Cash Flow Ratio to Total Debt
This ratio
shows
the
period
of
debt
Ratio of operating cash flows to interest =
=128,4
§ 2019
Ratio of operating cash flows to interest = 
=114,8
3. Ratio of Operating
Cash Stream to Capital Expenditures
This
Proportion is utilized
to degree accessible capital for venture and
installment of capital and corporate debt. Capital consumption
ratio= 
§ 2015
The ratio of operating cash flows to capital expenditures
= 
= 3,0
§ 2016
The ratio of operating cash flows to capital expenditures
payment by the company assuming all operating cash flow is used to pay debts. By knowing
this ratio, we can analyze
in what period the company will be able to pay its debt using
cash flow generated from the
company's operational activities.
The ratio of operating cash flows to total debt =
§
2015
The ratio of operating
cash flows to total
Debt = 
= 0,86
§
2016
The ratio of operating
cash flows to total
Debt = 
= 1,46
§
2017
The ratio of operating
cash flows to total
Dest = 
= 1,83
§ 2018
The ratio of operating
cash flows to total
Debt = = 0,80
§ 2019
The ratio of operating cash flows to total Debt = 
= 1,11
1. Operating Cash Flow Ratio
5. Operating Cash Stream Ratio to
Net Profit
This
proportion is utilized
to degree the level of working cash stream that can be produced from benefits gotten.
The equation is as follows.
Ratio of operating cash flows to net income =
§ 2015
The ratio of operating cash flows to net income
= 
= 0,88
§ 2016
The ratio of operating cash flows to net income
= 
= 1,33
§ 2017
The ratio of operating cash flows to net income
= 
= 1,20
§ 2018
The ratio of operating cash flows to net income
= 
= 0,78
§ 2019
The ratio of operating cash flows to net income
= 
= 1,47
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Year
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Operating Cash Flow
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Current Liabilities
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Ratio
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2015
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USD
30,476,707
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USD
33,097,646
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0.92
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2016
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USD 36,075,244
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USD 22,194,952
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1.63
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2017
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USD
70,245,150
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USD
34,325,524
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2.05
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2018
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USD 39,222,612
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USD 40,887,182
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0.96
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2019
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USD
51,860,700
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USD
36,654,975
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1.41
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The
comes about of the proportion examination appear that the most noteworthy working
cash stream to current debt ratio happened in 2017 and the least in 2015.
From the comes about of the ponder,
it is known that in 2016, 2017, and
2019 the proportion of working cash
stream to current obligation is over 1.00. A
ratio over 1.00 can be said to be great, meaning that the company
can pay its current ratio utilizing
as it was working cash, without having to offer resources
or other ventures,
since accessible operating
cash can reimburse
the current obligation. While
in 2015 and 2018, the proportion of
working cash stream to current debt was underneath 1.00. In any case, this can be
not as well terrible, since the Ratio is near to
1.00 other is 0.92 and 0.96. That implies that in 2015 and 2018, the company
as it needed a small
additional cash exterior
working cash to pay its
current debt.
2.
Operating Cash Flow Ratio
|
Year
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Cash Flow Operation
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Interest
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Tax
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Ratio
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2015
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USD
30,476,707
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USD
349,170
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USD
12,719,462
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124.7
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2016
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USD 36,075,244
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USD 242,851
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USD 9,059,580
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186.9
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2017
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USD
70,245,150
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USD
248,124
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USD
20,087,158
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365.1
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2018
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USD 39,222,612
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USD 443,851
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USD 17,310,612
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128.4
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2019
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USD
51,860,700
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USD
571,229
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USD
13,151,107
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114.8
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The calculation comes about over, appear that based on the ratio of cash flow to
interest at PT. Mitrabara Adiperdana in 2015, 2016, 2017,
2018, and 2019 is well
over 1.00, indeed
the ratio surpasses 100,
moreover, in 2017, the ratio of
operating cash flow to interest come to 365.1.
That's, the company's capacity to cover intrigued costs (only by utilizing operations) is very good. The company does not need to use other
cash sources, since operating cash
flow is more than sufficient to pay the existing interest costs.
3.
Ratio of Operating Cash Flow to Capital Expenditures
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Year
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Cash Flow Operation
|
Capital Expenditures
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Ratio
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2015
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USD
30,476,707
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USD
10,142,736
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3.00
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2016
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USD 36,075,244
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USD 4,820,861
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7.48
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2017
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USD
70,245,150
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USD
5,798,560
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12.11
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2018
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USD 39,222,612
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USD 6,543,935
|
5.99
|
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2019
|
USD
51,860,700
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USD
3,441,154
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15.07
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The calculation results
appear that the ratio
of operating cash flow to capital expenditure
surpasses the 1.00. The highest ratio occurred in 2019 that was 15.07 and the lowest was in 2015 that was 3.00. It can be said that PT.
Mitrabara Adiperdana Tbk includes an
exceptionally good ability in financing its capital expenditures, so there's no have to be held up for cash from outside financing such as banks
and investors.
4.
Operating Cash Flow Ratio
to Total Debt
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Year
|
Cash Flow Operation
|
Total Debt
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Ratio
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2015
|
USD
30,476,707
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USD
35,317,283
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0.86
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2016
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USD 36,075,244
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USD 24,745,376
|
1.46
|
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2017
|
USD
70,245,150
|
USD
38,474,621
|
1.83
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2018
|
USD 39,222,612
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USD 49,328,008
|
0.80
|
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2019
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USD
51,860,700
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USD
46,886,899
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1.11
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The calculation result over shows that the ratio of operating cash flow to add up to
debt of PT. Mitrabara Adiperdana in 2016, 2017, and 2019 can be said to be great. The ratio
for the year was over 1.00. That
means that in 2016, 2017, and 2019,
the company encompasses a great
capacity to pay all of its debts using as it
were cash from operating activities. Meanwhile, in 2015 and 2018, the ratio of working cash flow
5.
Operating Cash Flow Ratio to Net Profit
|
Year
|
Cash Flow Operation
|
Net Income
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Ratio
|
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2015
|
USD
30,476,707
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USD
34,663,066
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0.88
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2016
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USD 36,075,244
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USD 27,113,655
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1.33
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2017
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USD
70,245,150
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USD
58,635,700
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1.20
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2018
|
USD 39,222,612
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USD 50,310,702
|
0.78
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2019
|
USD
51,860,700
|
USD
35,287,557
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1.47
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The calculation comes about over appear that the most noteworthy proportion
happened in 2019 whereas the most
reduced was in 2018. From the table
over it can be seen in 2016, 2017, and
2019 the ratio of working cash streams to net pay is over 1.00. This condition can
be said to be great, since it is
above 1.00. Though in 2015 and 2018,
the proportion of working cash stream
to net salary was underneath 1.00 but still
over 0.50, so conditions were not as well awful. Based on the table over it can be seen that there's no sharp increase or diminish
within the proportion, for 5 a long
time. the ratio is without a doubt unstable
but the contrast isn't distant
off.
CONCLUSION
Based on the comes about of the analysis of financial
explanations that have been carried
out using five cash stream proportions, it can be concluded that the cash flow execution
of PT. Mitrabara Adiperdana Tbk in 2015-2019 is said to be
good because the majority of ratios are over the number 1.00 especially the proportion of working cash stream to intrigued that surpasses 100. Of the twenty-five (25) ratio calculated, as it were six proportions whose comes about are underneath 1.00, meaning that as it were 24% did not reach
1.00 but were near to 1.00. However, when seen as an entire, the money related
execution of PT. Mitrabara
Adiperdana is very good but not as well great. That implies that the company's
financial performance must still be evaluated and moved forward
once more. Since,
based on the five ratios
to add up to debt was below 1.00,
which was
0.86 and 0.80. The condition isn't as well terrible since the ratio
is over 0.50 and nearly
near to
1.00. In any case, in 2015 and 2018 the company could not repay all of its debts by depending
as it were on cash from operating
activities, the company required extra reserves from other activities such as investment exercises and
funding exercises.
calculated in a period of 5
a long time, it can be seen that there's no increment within the ratio of certain and reliable.
The proportion proceeds
to vary. It would be superior in case the ratio increments steadily each year and runs reliably.
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Copyright
holder:
Nurul Monika, Setyo Riyanto (2020)
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First
publication right :
Journal of Social Science
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