MEMPREDIKSI FINANCIAL DISTRESS DENGAN MENGGUNAKAN KINERJA KEUANGAN DAN MODEL ALTMAN PADA INDUSTRI SEMEN DI  BEI

ANGGA     PRADITIA; Anindhyta  Budiarti

ANGGA PRADITIA
Anindhyta Budiarti

Keywords: financial distress, financial performance, z - score

Abstract

The purpose of this research is to analyze and to predict the occurrence of financial distress on Cement
industries which are listed in the IDX in 2012-2015 periods by analyzing the financial performance and Z-score
analysis. The 4 selected samples are: PT.Indocement Tunggal Prakarsa,Tbk, PT.Semen Baturaja (Persero),Tbk,
PT.Holcim Indonesia,Tbk dan PT.Semen Indonesia (Persero),Tbk. The results which have been obtained from
the result of Z-score calculation shows that PT.Semen Baturaja(Persero), is the healthiest which is followed by
PT.Indocement Tunggal Prakarsa,Tbk and PT.Semen Indonesia(Persero),Tbk which is positioned on grey zone
whereas PT.Holcim Indonesia shows the result of bankruptcy potency. The result of Z-score calculation is
supported by the result of financial ratio analysis i.e. liquidity ratio, profitability ratio, and solvency ratio which
describe that the performance of PT.Semen Baturaja(Persero),Tbk is the finest and it is followed by
PT.Indocement Tunggal Prakarsa,Tbk, PT.Semen Indonesia(Persero),Tbk and PT.Holcim Indonesia which
show less good financial performance in 2012-2015 periods.

Keywords : financial distress, financial performance and z - score