Comparative Analysis of Financial Statements to Assess Financial

Performance in Fashion Retail Companies Listed on the Indonesia

Stock Exchange (Study on Indonesia Stock Exchange in 2016-
2020)

Group 5:

Aura Dewi Andini / AKM 3H

Vidya Alifya Musafaroh / AKM 3H

ACCOUNTING DEPARTMENT
D-IV MANAGEMENT ACCOUNTING PROGRAM STUDY
STATE POLYTECHNIC OF MALANG
2021
 CHAPTER I
INTRODUCTION

1.1 Background
At the end of 2019 the world was shocked by the emergence of Corona Virus
Diseases 2019 or can be called Covid 19. Covid 19 was first confirmed in the city
of Wuhan, China in December 2019. Covid 19 is a virus that infects the
respiratory system in humans with mild to severe symptoms. weight that can lead
to death. This virus attacks anyone such as the elderly, adults, children, babies and
even pregnant and lactating women. Transmission of the virus through sprinkling
of phlegm (droplets) from the respiratory tract or through the air in a dense closed
room with poor air circulation makes the spread of the virus quite fast. Covid 19
has touched more than 26.8 million cases and reached 880 thousand deaths
(Worldmeter, 06/09/2020). This condition is quite alarming considering the
number and coverage of the outbreak area which has almost touched all corners of
the world. Indonesia was not spared from the spread of the corona virus,
according to data released by the Task Force for the Acceleration of Handling
COVID-19 of the Republic of Indonesia, the number of confirmed positive cases
as of August 6, 2021 was 3,568,331 people with a death toll of 102,375 people.
The case fatality rate due to COVID-19 is around 2.9%.
In suppressing the spread of COVID-19, a number of countries have made various
efforts, such as lockdowns, regional quarantines to large-scale social restrictions.
Access in and out of flights, land and sea transportation between countries,
provinces and cities and districts has begun to be restricted in many countries.
Several industries, shopping centers, schools, and even tourist attractions had to
be disbanded to limit community interaction. Of course this has a global impact in
almost all countries. This condition makes economic activity also affected.
The Covid-19 pandemic has had a major impact on the economic sector in
Indonesia. The first impact that is very obvious and easy to see is the weakening
of household consumption or the weakening of people's purchasing power. Until
now people have experienced a very significant decline in purchasing power. The
policy of implementing Community Activity Restrictions (PPKM) which was
followed by various tightening rules on human interaction restrictions made the
community unable to carry out economic activities. The inhibition of economic
activity has made tightening regulations in various sectors of PPKM regulations
have an impact on the ups and downs of the economic sector. The second impact
that is very visible as an inseparable part of the national economy is the decline in
investment in various business sectors. Uncertain things in the midst of a
pandemic have caused many people to hesitate to start investing. On the other
hand, entrepreneurs also feel the same doubt in starting a business. This hesitation
in investing has resulted in the business world not turning as expected. The third
impact is the weakening of the regional and national economy due to a decrease in
tax revenue due to a decrease in public income.
This economic downturn certainly changes people's behavior in the consumption
of daily necessities. To optimize the income obtained by the community for
primary needs such as rice and other food, of course, priority is given to
secondary and tertiary needs. The chaotic economy due to the pandemic has made
consumers cut spending on fashion. This affects several large companies in
certain fields. One of the areas most affected are companies engaged in the
fashion retail sector.
During the pandemic, the fashion industry is in danger of going bankrupt. Industry
leaders must rack their brains for new strategies and business models to survive.
In the midst of this pandemic situation, this industry is indeed quite aggressive in
carrying out various strategies to keep the business growing. In the end, bitter
choices were inevitable, ranging from closing thousands of outlets around the
world, firing employees, to canceling fashion shows.
In Indonesia, there are many fashion companies that have gone public and have
fluctuating financial reports such as PT. Matahari Department Store Tbk, PT.
Ramayana Lestari Sentosa Tbk, PT. Mitra Adiperkasa Tbk. In this research, we
aim to find out what the impact is on the financial performance of three large
retail companies in Indonesia due to Covid-19.
The analysis carried out can describe the financial condition of PT. Matahari
Department Store Tbk, PT. Ramayana Lestari Sentosa Tbk, PT. Mitra Adiperkasa
Tbk before and during the pandemic whether they were in good condition or
otherwise. So that the financial statements can be taken into consideration in
making decisions, as well as determining better policies in the following years.
Ratio analysis used in this study includes analysis of the ratio of Liquidity,
Solvency, and Profitability. The liquidity ratio is useful for measuring the
company's short-term liquidity ability by looking at the company's current assets
against its current liabilities. The company's solvency ratio measures the
company's ability to meet its long-term obligations. While the company's
profitability ratio measures the company's ability to generate profits at a certain
period level.
Financial statements are a tool to obtain information about the financial position
and results of operations that have been achieved by a company. This information
will be used as material for consideration in making decisions made by the
company's management and external parties. Financial statements are not only to
evaluate the work of the accounting department but also as a basis for determining
or assessing the company's financial position.
Financial statements will be useful if the information presented is easy to
understand and understand as a reference for the company going forward. To help
users of financial statements to understand and interpret financial statements,
financial statement analysis can be made. Financial analysis can help understand
and evaluate financial statements, how to use financial information for decision
making
1.2 Research Question
The research question in this study are:

1. Is there any difference in the financial performance of public companies

on fashion retail companies listed on the Indonesia Stock Exchange in
2016-2020 before and during the COVID-19 pandemic?

2. What is the impact of the COVID-19 pandemic on the financial

performance of public companies on fashion retail companies listed on the
Indonesia Stock Exchange in 2016-2020?
 3. Which of the three companies has the best financial performance based on
the calculation of the liquidity ratio, solvency ratio, and profitability ratio
in 2016-2020 before and during the COVID-19 pandemic?

1.3 Research Purposes

The research purposes in this study are:

1. The research aims to compare the financial performance of fashion retail

companies listed on the Indonesia Stock Exchange in 2016-2020 before
and after the COVID-19 pandemic.

2. The purpose of this research is to determine the impact of the COVID-19

pandemic on the financial performance of fashion retail companies listed
on the Indonesia Stock Exchange in 2016-2020

3. The purpose of this research is to find out which company has the best
financial performance for the 2016-2020 period, it is seen from the
liquidity ratio, solvency ratio and profitability ratio

1.4 Research Limitation

The research limitations of this study are:

1. Data limitation will be taken from the audited financial statements of

fashion retail companies listed on the Indonesia Stock Exchange in 2016-
2020

2. These study variables are fashion retail companies listed on the Indonesia
Stock Exchange in 2016-2020

3. The research object was only the financial statements of fashion retail
companies listed on the Indonesia Stock Exchange in 2016-2020

1.5 Research Benefit

The research benefit in this study are:

1. Source of reference for the authors for future research related to the
impact of the COVID-19 pandemic on the financial performance of
fashion retail companies listed on the Indonesia Stock Exchange in 2016-
2020
2. The author hopes that this research can be used as input for readers who
will conduct research related to the topic of this research.
3. Other public companies can evaluate financial statements to improve the
company's financial performance for the impact during the COVID-19
pandemic.
 CHAPTER 2

LITERATURE REVIEW

2.1 Theoretical based

2.1.1 Definition of Financial Report
Financial statements are the recording process which is a summary of financial
transactions that occur in one book period. The financial statements are prepared
by management to be accountable to the owners of the company. In addition,
financial statements are used to meet the interests of parties outside the company.
(Baridwan, 2004:17)
Based on the book 'Basics of Corporate Expenditures' by Bambang Riyanto
(2008; 327), financial statements are financial reports that provide information
about the financial condition of a company where the balance sheet reflects the
value of assets, liabilities, and capital and the income statement displays the
results achieved during the period.
According to the Indonesian Accounting Association (IAI) in his book 'Financial
Accounting Standards' (2004:2) explains that financial statements are a process of
financial reporting for one period. Complete financial statements include Balance
Sheet, Income Statement, Statement of Changes in Financial Position (presented
in the form of a cash flow statement or fund flow report), notes from other reports
as well as explanatory material which is an integral part of the financial
statements. Besides, it also includes a schedule and additional information related
to the report.
From the above understanding it can be concluded that in general financial
statements consist of a balance sheet and profit and loss account which are used as
a basis for assessing the company's achievements and costs during a certain period
and the report on changes in capital shows the sources and uses or reasons that led
to changes in the company's capital.
2.1.2 Financial Report Component
According to PSAK No. 1 (revised 2009) which has been adjusted and ratified by
the Financial Accounting Standards Board on 27 August 2014, The components
of a complete financial report consist of:
1. Statement of Financial Position at the End of the Period / Balance Sheet;
The company's financial statements consist of company assets and claims on these
assets. The company assets in question are decisions on the use of funds or
investment decisions in the past, while claims on company assets indicate sources
of funds that can be obtained from loans and from company owners/capital or
decisions on funding in the past (Mamduh Hanafi and Abdul Halim).
2. Statement of Profit and Loss and Other Comprehensive Income for the Period;
The income statement shows the revenue and costs of a unit for a certain period.
The difference between income and costs can be in the form of profit / loss
obtained by a company (Baridwan, 2004: 29).
3. Statement of changes in equity during the period;
The statement of changes in equity or the same as the statement of changes in
capital is used to present changes in capital that has been issued to finance the
company's business activities during an accounting period.
4. Statement of cash flows during the period;
Statements of cash inflows, cash outflows and cash equivalents. Cash is in the
form of cash and checking accounts, while cash equivalents are highly liquid
investments, and can be converted into cash in a certain amount very quickly
without facing the risk of significant changes in value (Baridwan, 2004:40).
5. Notes to financial statements, containing a summary of significant accounting
policies and other explanatory information;
Financial statements that provide information about an explanation or detailed list
or analysis of the Budget Realization Report (LRA), Balance Sheet, and Cash
Flow Statement for adequate disclosure.
6. Statement of Financial Position at the Beginning of the Comparative Period
Statement of financial position at the beginning of the nearest prior period when
the entity applies an accounting policy retrospectively or makes restatements of
financial statement items, or when the entity reclassifies items in its financial
statements in accordance with paragraphs 40A-40D.
According to Munawir (1995:9) financial statements have several limitations,
including:
1. Financial reports are made periodically for a certain period of time which are
temporary in nature, not final financial statements.
2. The preparation with different and changing value standards makes the
financial statements still uncertain even though they show numbers in rupiah that
seem certain and precise.
3. Compiled based on the results of financial records from various past times or
dates, where the purchasing power of money has decreased compared to previous
years, so that an increase in sales volume could be due to an increase in the selling
price of goods which may also be followed by an increase in levels. price.
4. Financial statements cannot reflect various factors that affect the company's
financial condition or position because these factors are not only expressed in
units of money.
2.1.3 Definition of Financial Statement Analysis
Analysis or analysis can be defined as identifying, processing, assessing, studying
or comparing. So, financial statement analysis is the process of identifying and
comparing the financial statements made.
According to Prastowo (2005:56) Financial statement analysis is the process of
dissecting financial statements into their elements, examining each of the existing
elements and examining the relationship between these elements, aiming to obtain
a good and appropriate understanding and understanding of financial statements.
Several steps must be taken in analyzing financial statements according to
Prastowo (2005:58), including:
1. Understand the background of the company's financial data
This understanding includes an understanding of the company's line of business
and the accounting policies applied by the company.
2. Understand the conditions that affect the company
Several conditions must be understood such as the industry trends the company
operates in, technological changes, consumer tastes, interest rates, per capita
income, inflation and tax rates, and changes that occur as these changes occur.
3. Studying and reviewing financial statements
To ensure that the financial statements clearly describe financial data in
accordance with applicable accounting standards.
4. Analyze financial statements
To arrive at the financial statement analysis stage, one must understand the profile
and review the financial statements, with various existing analytical methods and
techniques and interpret the results of the analysis.
2.1.4 Methods and Techniques of Financial Statement Analysis
Report analysis methods and techniques are prepared to determine and determine
the relationship between existing items and the changes that occur in each item
when compared with reports for several periods for a particular company
(Munawir, 1955:36).
Financial statement analysis methods can be classified into two (Prastowo,
2005:59), which include:
1. Horizontal (dynamic) analysis method
Horizontal analysis method because in practice this method compares the same
item for different periods. The horizontal analysis method is carried out by
comparing the financial statements for several periods to determine the
development of trends.
2. Vertical (static) analysis method
The vertical analysis method compares the same items for the same period. The
method of analysis is carried out by analyzing the financial statements for a
certain period which is then compared between posts with one another in the same
financial report.
The calculation techniques used to calculate financial ratios according to Munawir
(1995:36) include:
1. Trend is an analytical method or technique to determine the tendency of the
company's financial condition expressed in percentage (trend percentage analysis)
2. Financial statements with a percentage per component or a common size
statement, to analyze the percentage of investment in each fixed asset to the total
assets.
3. Analysis of sources and uses of working capital to analyze the sources and uses
of working capital or to find out the causes of changes in working capital within a
certain period.
4. Analysis of sources and uses of cash (cash flow statement analysis), which is to
analyze the causes of changes in the amount of cash or to find out the sources and
uses of cash during a certain period.
5. Analysis of changes in gross profit, namely to analyze the causes of changes in
gross profit from period to period that have been determined in a company.
6. Break-Even Analysis, namely analyzing the level of sales that must be achieved
so that a company does not experience losses.
2.1.5 Ratio Analysis of Financial Statements
1. Liquidity Ratio
According to Harahap (2009:301) the liquidity ratio is used to regulate the
company's ability to meet its short-term obligations. The liquidity ratio aims to
test the adequacy of funds, the company's solvency, the company's ability to pay
obligations that must be fulfilled immediately (Djarwanto, 1984).
Several ratios are used to determine the level of liquidity in a company according
to Danang Sunyoto in his book Financial Statement Analysis, including:
a. Current Ratio
Current ratio is the ratio between current assets and short-term debt. A good and
satisfactory current ratio is 200%, so in every current debt of Rp. 1 will be
guaranteed with current assets of Rp. 2. If a company only has a 70% current
ratio, then every Rp. 1 current debt will be guaranteed by current assets of Rp. 0.7
so a company is called illiquid.
Formula : Current Asset x 100%
Current Liabilities
b. Quick Ratio
Quick ratio is the ratio of current assets minus inventory with total short-term
liabilities. The quick ratio of 100% indicates the good short-term financial
condition of a company.
Formula : Current Asset – Inventories x 100%
Total Current Liabilities
c. Cash Ratio
The cash ratio shows the company's ability to meet the company's short-term
obligations with available cash.
Formula : Cash x 100%
Total Current Liabilities
2. Solvency Ratio
A ratio that shows the company's ability to meet all of its financial obligations if
the company is liquidated. The obligations in question can be in the form of short-
term and long-term obligations. Solvency can be obtained from total assets
divided by total debt.
The ratios used in analyzing the solvency level include:
a. Total debt to total equity ratio
This ratio shows the guarantee provided by its own capital for the debt received
by the company (Jopie Jusuf, 2014). If long-term debt is greater than capital, it
means that most of the fixed assets are financed by long-term debt. Conversely, if
the capital is greater, it means that most of the cost of fixed assets is financed by
capital.
Formula : Total Liabilities x 100%
Total Equity
b. Total debt to total assets ratio
This ratio shows the total cost of assets financed from total debt. The greater the
number of loans used to finance assets, the higher the risk, otherwise if the
number of loans used to finance assets is small, the risk of the company is lower.
Formula : Total Liabilities x 100%
Total Equity
3. Profitability Ratio
According to Danang Sunyoto (2013) Profitability ratio is the company's ability to
earn profits from its business. Effectiveness is assessed by relating net income to
the assets used to generate profits.
The ratios used to analyze profitability include:
1. Profit Margin Ratio
Profit margin aims to determine the efficiency of the company by looking at the
size of the operating profit in relation to sales (total revenue) (Bambang Riyanto,
2008).
Formula : Net Profit After Tax x 100%
 Revenue
2. ROA
According to Danang Suyanto (2013) Return on Assets is connecting net income
or net income with total assets on the balance sheet.
Formula : EAT x 100%
Total Asset
3. ROE
Return on Equity is the relationship between net income after tax with net worth
or net assets (capital), (Danang Sunyoto, 2013).
Formula : EAT x 100%
Total Equity
2.2 Previous Researches 
Assessment of a company's financial level can be done by analyzing the
company's financial statements. Financial statements are very important for
companies because financial statements are a tool to obtain information about the
financial position and results of operations that have been achieved by a company.
To find out whether the company's financial condition is in good condition, it can
be used as an analysis, one of which is ratio analysis. The purpose of this study is
to analyze financial performance in order to determine the development of
financial position.
In several studies that have been done. The results showed that the performance of
the three companies did not always increase, within 5 years there was always an
increase and decrease in the presentation of the sample companies.
Previous research, namely research by Caecilia with the title Comparative
Analysis of Financial Statements in Telecommunication Companies (Case Study
of IDX). This study aims to determine whether the company's financial condition
is in good condition. Analyzing financial performance in order to determine the
development of the financial position of telecommunications companies listed on
the IDX. The results of this study indicate that the performance of the three
companies does not always increase, in a 5 year period there is always an increase
and decrease in the presentation of the three companies.
2.3 Hypothesis 
The chaotic economy due to the pandemic has made consumers cut spending on
fashion. To optimize the income obtained by the community for primary needs
such as rice and other food, of course, priority is given to secondary and tertiary
needs. Through this research, it is estimated that financial performance in the year
of the COVID-19 pandemic will decline, due to the decline in people's purchasing
power during the Covid-19 pandemic.
 CHAPTER 3

RESEARCH METHOD

3.1 Research Object

Sugiyono (2012) defines the object of research as an attribute, nature, value of a
person, object, or activity that has certain variations that are determined by
researchers to be studied and then conclude (p. 38). In summary, the object of
research is the problem investigated in the study (Mukhtazar, 2020, p. 45). 
The objects in this study are the three fashion retail company that has gone public
in Indonesia, namely PT. Matahari Department Store Tbk, PT. Ramayana Lestari
Sentosa Tbk, PT. Mitra Adiperkasa Tbk. those fashion Retail Companies Listed
on the Indonesia Stock Exchange before and after the COVID-19 pandemic.
3.2 Types of Research
3.3 Data Sources
Sutanta (2005) as cited by Anggito and Setiawan (2018) defines data as
information about real events or facts formulated in certain groups of non-random
symbols that indicate numbers, actions, or things. Data can be in the form of
papers, books, or whatever files are stored in the database (p. 212). 

In this Research using Secondary data, Secondary data is data that comes from
books, company reports, journals, the internet, and so on. Secondary data in this
study were collected Financial Statement audited of public companies on fashion
retail companies listed on the Indonesia Stock Exchange in 2016-2020 during
before and after the pandemic.

3.4 Data Collection

The data collection method in this study used a Financial Statement audited of
public companies on fashion retail companies listed on the Indonesia Stock
Exchange in 2016-2020 before and after the pandemic. This was chosen because
the author use secondary data, 
what data/information needs to be collected based on the research purposes; 
where you can find the trustable data sources;  how long the data time period; 
whether you can access the data;  how much the cost to get the data (if any);  the
reliability and validity of data.

3.4 Population and Sampling

3.4.1 Research Population

A study needs a population because the purpose of the research itself is to explain the
nature of the population. Morrisan (2012) explains that the population is a collection of
several objects and variables that will be studied for their nature (p. 109). The population
in this study was audited financial statements of public companies on fashion retail
companies listed on the Indonesia Stock Exchange. The population is estimated at 3
fashion retail companies.
3.4.2 Research Sampling
The population will be all retail companies in IDX with criteria :
 The retail companies in the fashion sector
 The companies publish an accessible annual report from 2016-2020.
3.5 Variables
3.6 Data Analysis
CHAPTER 4
REFERENCES
 CHAPTER 5
APPENDICES

TABLE 1
Current Ratio PT. Matahari Department Store
2016 – 2020
Year Current Assets Current Liabilities Current Ratio
(on millions of Rupiah) (on millions of
Rupiah)
2016 2.947.052 2.588.354 87,83%
2017 2.973.794 2.610.824 87,89%
2018 3.014.408 2.739.811 90,89%
2019 2.748.781 2.597.839 94,51%
2020 1.610.213 2.856.300 177,39%
Source of data: processed IDX data

TABLE 2
Quick Ratio PT. Matahari Department Store
2016 – 2020
Year Current Assets Inventories (on Current Quick
(on millions of millions of Liabilities Ratio
Rupiah) Rupiah) (on millions of
Rupiah)
2016 2.947.052 995.276 2.588.354 75,41%
2017 2.973.794 1.005.484 2.610.824 75,39%
2018 3.014.408 1.290.570 2.739.811 62,92%
2019 2.748.781 1.098.516 2.597.839 63,52%
2020 1.610.213 889.484 2.856.300 25,23%
Source of data: processed IDX data

TABLE 3
Cash Ratio PT. Matahari Department Store
2016-2020
Year Cash Current Liabilities Cash Ratio
(on millions of (on millions of
Rupiah) Rupiah)
2016 1.712.844 2.588.354 66,18%
2017 1.582.817 2.610.824 60,63%
2018 1.184.080 2.739.811 43,22%
 2019 1.172.506 2.597.839 45,13%
2020 523.954 2.856.300 18,34%
Source of data: processed IDX data

TABLE 4
Debt to Total Equity Ratio PT. Matahari Department Store
2016-2020
Year Total Liabilities Total Equity Debt to
(on millions of (on millions of Equity Ratio
Rupiah) Rupiah)
2016 3.003.635 2.588.354 116,04%
2017 3.099.441 2.610.824 118,72%
2018 3.220.568 1.815.828 177,36%
2019 3.086.283 1.746.627 176,70%
2020 5.737.956 581.118 987,40%
Source of data: processed IDX data

TABLE 5
Debt to Total Asset Ratio PT. Matahari Department Store
2016-2020
Year Total Liabilities Total Asset Debt to
(on millions of (on millions of Asset Ratio
Rupiah) Rupiah)
2016 3.003.635 4.858.878 61,82%
2017 3.099.441 5.427.426 57,11%
2018 3.220.568 5.036.396 63,95%
2019 3.086.283 2.084.129 148,09%
2020 5.737.956 6.319.074 90,80%
Source of data: processed IDX data

TABLE 6
Net Profit Margin (NPM) PT. Matahari Department Store
2016-2020
Year Net Profit After Tax Net Sales Net Profit
(on millions of (on millions of Margin
Rupiah) Rupiah)
2016 -20.312 3.402.293 -0,60%
2017 -23.803 3.426.425 -0,69%
2018 48.967 3.487.366 1,40%
 2019 33.341 3.592.046 0,93%
2020 44.538 1.694.597 2,63%
Source of data: processed IDX data

TABLE 7
Return on Assets (ROA) PT. Matahari Department Store
2016-2020
Year Net Profit After Tax Total Asset
(on millions of (on millions of ROA
Rupiah) Rupiah)
2016 -20.312 4.858.878 -0,42%
2017 -23.803 5.427.426 -0,44%
2018 48.967 5.036.396 0,97%
2019 33.341 2.084.129 1,60%
2020 44.538 6.319.074 0,70%
Source of data: processed IDX data

TABLE 8
Return on Equity (ROE) PT. Matahari Department Store
2016-2020
Year Net Profit After Tax Total Equity
(on millions of (on millions of ROE
Rupiah) Rupiah)
2016 -20.312 2.588.354 -0,78%
2017 -23.803 2.610.824 -0,91%
2018 48.967 1.815.828 2,70%
2019 33.341 1.746.627 1,91%
2020 44.538 581.118 7,66%
Source of data: processed IDX data

TABLE 9
Current Ratio PT. Ramayana Lestari Sentosa Tbk
2016 – 2020
Year Current Assets Current Liabilities Current Ratio
(on millions of Rupiah) (on millions of
Rupiah)
2016 2.830.496 1.309.610 46,27%
2017 3.093.496 1.397.577 45,18%
2018 3.557.488 1.415.582 39,79%
 2019 4.017.659 1.480.893 36,86%
2020 3.200.854 1.566.474 48,94%
Source of data: processed IDX data

TABLE 10
Quick Ratio PT. Ramayana Lestari Sentosa Tbk
2016 – 2020
Year Current Assets Inventories (on Current Quick
(on millions of millions of Liabilities Ratio
Rupiah) Rupiah) (on millions of
Rupiah)
2016 2.830.496 834.400 1.309.610 152,42%
2017 3.093.496 740.993 1.397.577 168,33%
2018 3.557.488 859.767 1.415.582 190,57%
2019 4.017.659 791.194 1.480.893 217,87%
2020 3.200.854 493.436 1.566.474 172,84%
Source of data: processed IDX data

TABLE 11
Cash Ratio PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Cash Current Liabilities Cash Rasio
(on millions of (on millions of
Rupiah) Rupiah)
2016 603.750 1.309.610 46,10%
2017 751.901 1.397.577 53,80%
2018 1.950.775 1.415.582 137,81%
2019 2.208.119 1.480.893 149,11%
2020 1.554.228 1.566.474 99,22%
Source of data: processed IDX data

TABLE 12
Debt to Total Equity Ratio PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Total Liabilities Total Equity Debt to
(on millions of (on millions of Equity Ratio
Rupiah) Rupiah)
2016 1.309.610 3.337.399 39,24%
2017 1.397.577 3.494.345 40,00%
 2018 1.415.582 3.827.465 36,98%
2019 1.480.893 4.168.930 35,52%
2020 1.566.474 3.718.744 42,12%
Source of data: processed IDX data

TABLE 13
Debt to Total Asset Ratio PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Total Liabilities Total Asset Debt to
(on millions of (on millions of Asset Ratio
Rupiah) Rupiah)
2016 1.309.610 4.647.009 28,18%
2017 1.397.577 4.891.922 28,57%
2018 1.415.582 5.243.047 27,00%
2019 1.480.893 5.649.823 26,21%
2020 1.566.474 5.285.218 29,64%
Source of data: processed IDX data

TABLE 14
Net Profit Margin (NPM) PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Net Profit After Tax Net Sales Net Profit
(on millions of (on millions of Margin
Rupiah) Rupiah)
2016 408.479 5.092.752 8,02%
2017 406.580 4.786.508 8,49%
2018 587.105 3.487.366 16,84%
2019 647.898 3.592.046 18,04%
2020 -138.874 1.694.597 29,64%
Source of data: processed IDX data

TABLE 15
Return on Assets (ROA) PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Net Profit After Tax Total Asset
(on millions of (on millions of ROA
Rupiah) Rupiah)
2016 408.479 4.647.009 8,79%
2017 406.580 4.891.922 8,31%
 2018 587.105 5.243.047 11,20%
2019 647.898 5.649.823 11,47%
2020 -138.874 5.285.218 -2,63%
Source of data: processed IDX data

TABLE 16
Return on Equity (ROE) PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Net Profit After Tax Total Equity
(on millions of (on millions of ROE
Rupiah) Rupiah)
2016 408.479 3.337.399 12,24%
2017 406.580 3.494.345 11,64%
2018 587.105 3.827.465 15,34%
2019 647.898 4.168.930 15,54%
2020 -138.874 3.718.744 -3,73%
Source of data: processed IDX data

TABLE 17
Current Ratio PT. Mitra Adiperkasa Tbk
2016 – 2020
Year Current Assets Current Liabilities Current Ratio
(on millions of Rupiah) (on millions of
Rupiah)
2016 6.616.255 7.479.927 113,05%
2017 6.798.522 7.182.975 105,65%
2018 7.312.798 6.570.485 89,85%
2019 8.160.173 6.566.570 80,47%
2020 8.165.336 11.151.051 136,57%
Source of data: processed IDX data

TABLE 18
Quick Ratio PT. Mitra Adiperkasa Tbk
2016 – 2020
Year Current Assets Inventories (on Current Quick
(on millions of millions of Liabilities Ratio
Rupiah) Rupiah) (on millions of
Rupiah)
2016 6.616.255 3.006.977 7.479.927 48,25%
 2017 6.798.522 3.066.187 7.182.975 51,96%
2018 7.312.798 3.230.941 6.570.485 62,12%
2019 8.160.173 3.615.400 6.566.570 69,21%
2020 8.165.336 3.715.202 11.151.051 39,91%
Source of data: processed IDX data

TABLE 19
Cash Ratio PT. Mitra Adiperkasa Tbk
2016-2020
Year Cash Current Liabilities Cash Rasio
(on millions of (on millions of
Rupiah) Rupiah)
2016 1.525.716 7.479.927 20,40%
2017 1.286.372 7.182.975 17,91%
2018 1.412.140 6.570.485 21,49%
2019 1.816.661 6.566.570 27,67%
2020 2.788.102 11.151.051 25,00%
Source of data: processed IDX data

TABLE 20
Debt to Total Equity Ratio PT. Mitra Adiperkasa Tbk
2016-2020
Year Total Liabilities Total Equity Debt to
(on millions of (on millions of Equity Ratio
Rupiah) Rupiah)
2016 7.479.927 3.203.510 239,49%
2017 7.182.975 4.242.414 169,31%
2018 6.570.485 6.062.186 108,38%
2019 6.566.570 7.370.545 89,09%
2020 11.151.051 6.499.400 171,57%
Source of data: processed IDX data

TABLE 21
Debt to Total Asset Ratio PT. Mitra Adiperkasa Tbk
2016-2020
Year Total Liabilities Total Asset Debt to
(on millions of (on millions of Asset Ratio
Rupiah) Rupiah)
2016 7.479.927 10.683.437 70,01%
 2017 7.182.975 11.425.390 62,87%
2018 6.570.485 12.632.671 52,01%
2019 6.566.570 13.937.115 47,12%
2020 11.151.051 17.650.451 63,18%
Source of data: processed IDX data

TABLE 22
Net Profit Margin (NPM) PT. Mitra Adiperkasa Tbk
2016-2020
Year Net Profit After Tax Net Sales Net Profit
(on millions of (on millions of Margin
Rupiah) Rupiah)
2016 208.475 12.729.191 1,64%
2017 350.081 14.765.635 2,37%
2018 813.916 17.290.618 4,71%
2019 1.163.507 19.558.025 5,95%
2020 -585.304 14.072.488 -4,16%
Source of data: processed IDX data

TABLE 23
Return on Assets (ROA) PT. Mitra Adiperkasa Tbk
2016-2020
Year Net Profit After Tax Total Asset
(on millions of (on millions of ROA
Rupiah) Rupiah)
2016 208.475 10.683.437 1,95%
2017 350.081 11.425.390 3,06%
2018 813.916 12.632.671 6,44%
2019 1.163.507 13.937.115 8,35%
2020 -585.304 17.650.451 -3,32%
Source of data: processed IDX data

TABLE 24
Return on Equity (ROE) PT. Ramayana Lestari Sentosa Tbk
2016-2020
Year Net Profit After Tax Total Equity
(on millions of (on millions of ROE
Rupiah) Rupiah)
2016 208.475 3.203.510 6,51%
 2017 350.081 4.242.414 8,25%
2018 813.916 6.062.186 13,43%
2019 1.163.507 7.370.545 15,79%
2020 -585.304 6.499.400 -0,01%
Source of data: processed IDX data