Abstract
Financial distress is a situation where companies are experiencing financial difficulties that can lead companies to go failed. Springate and Zmijewski models are models that can be used to assess the financial distress in a company. Problems in this research lies in the object of research where PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk is a telecommunication company that uses CDMA network. This company suffered losses since 2011 but still able to stand up to now. The purpose of this study to determine financial distress at PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk using Springate and Zmijewski models for 6 periods starting from 2011-2016. The type of research data is secondary data that is financial statements of PT. Smartfren and PT. Bakrie Telecom, Tbk. Data collection method is literature study. The method of research analysis is quantitative descriptive method.Based on the results of research by using Springate model, it can be concluded that PT. Smartfren Telecom, Tbk and PT. Bakrie Telecom, Tbk experienced financial distress from 2011-2016. Financial distress caused the company suffered losses from 2011 to 2016. While using the model Zmijewski, PT. Smartfren Telecom, Tbk. experiencing financial distress in 2012 and 2015. While PT. Bakrie Telecom, Tbk. experienced financial distress in 2011. This condition is due to higher operational and non-operating expenses than on sales (overload). The Company has difficulty in controlling operating expenses. In addition, working capital is negative. This is because current assets are lower than current liabilities.
Highlights
Pada era globalisasi saat ini, bisnis telekomunikasi seluler di Indonesia telah mencapai business performance yang unggul melalui value creation yang dilandasi dengan utilization of resources, development of new product, serta implementation of proper business strategy
Aspek ini sering disebut sering disebut Financial distress
E-journal Akuntansi Universitas Udayana 6.3. www.swa.co.id www.idx.co.id
Summary
Pada era globalisasi saat ini, bisnis telekomunikasi seluler di Indonesia telah mencapai business performance yang unggul melalui value creation yang dilandasi dengan utilization of resources, development of new product, serta implementation of proper business strategy. CDMA (code division multiple access) merupakan produk telekomunikasi seluler pertama di Indonesia yang diluncurkan pada tahun 1995 oleh PT. Namun pada tahun 2014, pengguna CDMA hanya mencapai [23,6] juta yang terdiri dari operator Esia dan smartfren, sedangkan operator lainnya telah ditutup. Banyak aspek yang dapat digunakan untuk menilai kondisi kesehatan perusahaan termasuk telekomunikasi diantaranya adalah aspek keuangan. Financial distress adalah suatu keadaan dimana perusahaan mengalami kesulitan keuangan yang dapat mengakibatkan perusahaan terancam bangkrut. Bakrie Telecom, Tbk. merupakan perusahaan operator komunikasi dengan menggunakan jaringan CDMA. Berdasarkan laporan keuangan tahunan yang dipublikasikan di Bursa Efek Indonesia, kedua perusahaan mengalami kerugian pada tahun 2011 sampai saat ini. Kondisi keuangan kedua perusahaan mengalami kerugian, tetapi sampai saat ini kedua perusahaan masih mampu bertahan dan masih mengeluarkan produk baru. Bakrie Telecom dengan menggunakan model Springate dan Zmijewski dari 2011 sampai 2016
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