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Abdurrachman. Ensiklopedia Ekonomi, Keuangan, Perdagangan. Jakarta : Pradya Paramita. Altman, E. I., 1968. Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bankruptcy. Journal of Finance (September): 589 – 609 Altman, E. I.,1983. Corporate Financial Distress: A Complete Guide to Predicting, Avoiding, and Dealing With Bankruptcy. USA: John Wiley & Sons. Altman, E.I. 2000. Predicting Financial Distress of Companies : Revisiting The ZScore And Zeta Models. Updated From E. Altman, Financial Ratios, Discriminant Analysis and The Prediction of Corporate Bankruptcy, Journal of Banking & Finance 1. Bringham, Eugene F dan Joel F. Houston.2006. Manajemen Keuangan Buku 1 Edisi Kesepuluh, Salemba Empat, Jakarta. Citrawati, Etta Yuliastary dan Made Gede Wirakusuma. 2014. Analisis Financial Distress Dengan Metode Z -Score Altman, Springate, Zmijewski. Bali: EJurnal Akuntansi Universitas Udayana 6.3 : 379-389. Devi, Komang Methili Purnajaya dan Ni K. Lely A. Merkusiwati. 2014. Analisis Komparasi Potensi Kebangkrutan dengan Metode Z – Score Altman, Springate, dan Zmijewski pada Industri Kosmetik Yang Terdaftar Di BEI. Bali: E - Jurnal
Akuntansi Universitas Udayana 7.1: 48-63. Halim, Abdul, M.M., Ak. 2007. Manajemen Keuangan Bisnis. Ghalia Indonesia. Bogor. Indriyo Gitosudarmo. 2002. Manajemen Keuangan. Edisi keempat. Yogyakarta: Penerbit BPFE. Kasmir, S.E,. M.M. 2009. Pengantar Manajemen Keuangan. Kencana Prenada Media Group. Jakarta. Mamduh , M. Hanafi dan Abdul Halim. 2009. Analisis Laporan Keuangan Edisi 4, UPP STIM YKPN, Yogyakarta. Martono & D. Agus Harjito. (2007). Manajemen Keuangan, Yogyakarta: Ekonesia.
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Olivia, Sheila Marcelinda, Hadi Paramu, dan Novi Puspitasari. 2014. Analisis Akurasi Prediksi Kebangkrutan Model Altman Z-Score pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jember: e-Journal Ekonomi Bisnis dan Akuntansi. Vol 1 (1) : 1-3. Peter dan Yoseph. 2011. Analisis Kebangkrutan Dengan Metode Z-Score Altman, Springate Dan Zmijewski pada PT. Indofood Sukses Makmur Tbk Periode 2005 – 2009. Jakarta: Akurat Jurnal Ilmiah Akuntansi No. 04 Tahun ke-2. Prihadi, Toto. 2009. Investigasi Laporan Keuangan dan Analisis Rasio Keuangan, PPM, Jakarta. Rudianto. 2013. Akuntansi Manajemen Informasi untuk Pengambilan Keputusan Strategi. Erlangga, Jakarta. Sawir, Agnes. 2005. Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Gramedia Pustaka Umum. Jakarta. Supardi dan Sri Mastuti. 2003. Validitas Penggunaan Z-score Altman untuk Menilai Kebangkrutan pada Perusahaan Perbankan Publik di Bursa Efek Jakarta. Kompak. Nomor 7, Januari – April. Sutrisno. (2007). Manajemen Keuangan, Yogyakarta: Ekonesia. W, Rafles Tambunan, Dwiatmanto dan M.G. Wi Endang N.P. 2015. Analisis Prediksi Kebangkrutan Perusahaan Dengan Menggunakan Metode Altman Z- Score (Studi Pada Sub Sektor Rokok Yang Listing Dan Perusahaan Delisting Di BEI Tahun 2009-2013). Malang: Jurnal Administrasi Bisnis (JAB). Vol.2 No1. http://www.idx.co.id (diakses pada tanggal 08 maret 2015, pukul 19.15 WIB) http://economy.okezone.com/read/2014/01/14/22/926124/batu-bara-bisnis primadona-yang-mulai-memudar (diakses pada tanggal 27 februari 2015, pukul 11.20 WIB) https://rdtloom.wordpress.com/2009/01/13/kebangkrutan-dan-reorganisasi/#more117 (diakses pada tanggal 02 april 2015, pukul 19.25 WIB) http://www.ipapedia.web.id/2014/10/sumber-daya-alam.html (dikses pada tanggal 03 maret 2015, pukul 20.30 WIB) https://adjieharisandi.wordpress.com/2012/09/29/outlook-komoditas-batubara2013/ (diakses pada tanggal 27 februari 2015, pukul 14.15 WIB) http://www.britama.com/index.php/2012/05/ (diakses pada tanggal 12 mei 2015, pukul 18.55 WIB)
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LAMPIRAN 1 RINGKASAN LAPORAN KEUANGAN
1. ADRO (Ribuan US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 5,658,961 518,324 1,019,153 942,000 3,216,738 2,442,223
2012 6,692,256 514,652 730,593 1,066,661 3,697,202 2,995,054
2013 6,733,787 597,200 436,220 1,217,607 3,538,784 3,195,003
2011 256,651 26,834 5,595 4,978 100,842 155,809
2012 299,105 -91,671 -13,000 -5,676 154,799 144,306
2013 316,177 -125,917 -14,859 -16,356 183,181 132,996
2011 111,660,087 31,954,481 -25,072,795 -187,311,460 73,017,225 38,642,862
2012 150,829,602 41,743,104 -16,892,422 -199,831,013 107,005,545 43,824,058
2013 1,489,339,945 83,893,384 16,296,722 -183,622,072 368,122,514 1,121,217,431
2. ARII (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
3. ATPK (Ribuan Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
72
4. BRAU (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 2,059,239 252,116 425,210 181,373 1,535,257 523,982
2012 2,148,128 187,301 57,979 7,407 1,905,856 242,272
2013 2,001,022 50,241 47,610 0 1,920,871 80,151
2011 7,368,121,749 239,900,146 -62,134,592 473,929,094 6,191,718,073 1,176,403,676
2012 7,354,327,207 -296,232,773 -1,236,103,393 -433,040,316 6,962,177,504 392,149,703
2013 7,003,908,115 -2,775,677,556 -1,406,193,557 -1,042,054,234 7,306,867,650 -302,959,535
2011 1,596,247,562 -210,387,163 304,506,999 293,405,709 876,467,677 719,779,885
2012 1,909,104,988 62,446,673 99,283,508 280,055,336 1,201,413,878 707,691,110
2013 1,566,788,853 42,690,984 -35,397,342 47,550,726 1,116,947,635 449,841,218
2011 406,125,904 115,183,064 -13,017,836 -6,000,596 92,355,692 313,770,212
2012 439,475,800 51,315,134 -50,823,657 -47,029,050 165,903,424 273,572,376
2013 365,758,029 30,720,387 -59,029,740 -98,717,227 143,650,091 222,107,938
5. BUMI (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
6. BYAN (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
7. DEWA (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
73
8. DOID (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 1,194,315,640 260,178,872 -44,504,311 -47,284,116 1,087,833,644 106,481,996
2012 1,159,770,820 180,016,120 -68,884,181 -62,538,914 1,070,263,947 89,506,873
2013 1,081,805,400 121,973,851 -73,586,606 -91,908,873 1,013,391,564 68,413,836
9. GEMS (Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 3,320,301,908,407 2,022,197,035,605 428,052,399,728 142,268,259,176 480,032,031,563 2,840,269,876,844
2012 2013 3,440,326,009,433 4,022,393,567,309 1,289,825,627,250 846,155,883,197 222,249,542,210 242,524,422,387 216,014,545,314 199,852,729,706 538,865,215,532 1,053,418,020,786 2,901,460,793,901 2,968,975,546,523
10. HRUM (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 507,686,472 198,691,531 261,110,870 190,736,651 120,000,769 387,685,703
2012 538,639,301 228,426,575 213,009,713 211,649,930 109,999,862 428,639,439
2013 480,621,137 202,220,747 63,074,121 183,619,735 85,645,546 394,975,591
2011 1,578,474 615,679 729,938 682,421 497,670 1,080,804
2012 1,491,224 531,907 591,109 609,497 488,807 1,002,417
2013 1,392,140 371,654 320,948 570,935 428,285 963,855
11. ITMG (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
74
12. KKGI (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 107,806,142 53,500,756 71,522,668 76,360,977 35,371,080 72,435,062
2012 103,801,508 23,561,892 35,727,905 78,719,017 30,502,667 73,298,841
2013 106,087,702 20,573,320 25,215,861 89,062,819 32,736,996 73,350,706
2011 798,830,943 134,130,999 151,762,870 -72,098,620 337,405,871 461,425,072
2012 1,292,581,025 -51,381,082 165,553,646 -36,216,163 1,021,523,918 271,057,107
2013 1,815,818,263 385,422,545 246,942,183 137,238,911 1,033,563,250 782,255,013
13. MYOH (Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
14. PKPK (Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 2012 2013 471,838,283,186 396,379,847,000 361,548,802,000 45,736,904,632 61,861,212,000 80,336,177,000 4,445,371,203 3,318,805,000 15,315,539,000 75,744,151,803 60,866,539,000 61,203,305,000 282,151,937,014 221,555,145,000 186,390,421,000 189,686,346,172 174,824,702,000 175,158,380,000
15. PTBA (Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 11,507,104 6,946,837 4,059,104 6,906,491 3,342,102 8,165,002
2012 12,728,981 6,847,883 3,911,587 7,410,590 4,223,812 8,505,169
2013 11,677,155 4,218,827 2,461,362 8,093,505 4,125,586 7,551,569
75
16. PTRO (US$) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
2011 377,298 -7,280 60,692 125,796 218,066 159,232
2012 529,742 39,716 49,593 153,861 342,452 187,290
2013 509,242 67,284 7,781 164,169 311,666 197,576
2011 184,960,426,475 -16,385,731,462 9,517,743,806 -28,358,547,265 27,170,047,361 157,790,379,114
2012 480,179,294,813 133,460,446,957 15,874,911,064 677,667,755 34,165,680,348 446,013,614,465
2013 626,650,331,630 144,347,300,947 20,348,658,825 17,496,348,711 162,422,398,419 464,227,933,211
17. SMMT (Rp) Total Aset Modal Kerja EBIT Laba ditahan Nilai Buku Utang Nilai Buku Ekuitas
76
LAMPIRAN 2 PERHITUNGAN RASIO ALTMAN Z”-SCORE
1. ADRO (Ribuan US$) 2011
2012
2013
X1
0.091593492
0.076902617
0.088687094
X2
0.166461653
0.159387358
0.18082054
X3
0.180095427
0.109169912
0.064780784
X4
0.759223474
0.810086655
0.902853353
2012
2013
2. ARII (US$) 2011 X1
0.104554434
-0.306484345
-0.398248449
X2
0.019395989
-0.018976614
-0.051730518
X3
0.021800032
-0.043462998
-0.046995828
X4
1.545080423
0.932215324
0.726035997
2012
2013
3. ATPK (Ribuan Rp) 2011 X1
0.286176394
0.276756707
0.056329238
X2
-1.677514903
-1.32487927
-0.123290907
X3
-0.224545723
-0.111996729
0.010942245
X4
0.529229398
0.409549412
3.045772503
2012
2013
4. BRAU (US$) 2011 X1
0.122431636
0.087192663
0.02510767
X2
0.088077683
0.003448119
0
X3
0.206488902
0.026990477
0.023792842
X4
0.341299209
0.127119782
0.041726383
77
5. BUMI (US$) 2011
2012
2013
X1
0.0325592
-0.040280064
-0.396304108
X2
0.064321561
-0.058882384
-0.148781825
X3
-0.008432894
-0.168078379
-0.200772702
X4
0.189996324
0.056325726
-0.0414623
6. BYAN (US$) 2011
2012
2013
X1
-0.131801087
0.032709921
0.027247439
X2
0.183809652
0.14669457
0.03034916
X3
0.190764269
0.052005264
-0.022592286
X4
0.8212281
0.589048556
0.402741547
2012
2013
7. DEWA (US$) 2011 X1
0.283614177
0.116764413
0.083991012
X2
-0.014775211
-0.107011694
-0.269897635
X3
-0.032053695
-0.115646088
-0.161390141
X4
3.397410654
1.648985714
1.546173319
2012
2013
8. DOID (US$) 2011 X1
0.217847664
0.155216976
0.11275027
X2
-0.039590971
-0.053923511
-0.084958786
X3
-0.037263442
-0.059394649
-0.068022036
X4
0.097884448
0.083630653
0.067509775
78
9. GEMS (Rp) 2011
2012
2013
X1
0.609040109
0.37491378
0.210361286
X2
0.042847989
0.062788975
0.049685026
X3
0.128919722
0.064601303
0.060293559
X4
5.916834065
5.384390586
2.818421071
2012
2013
10. HRUM (US$) 2011 X1
0.391366605
0.42408078
0.420748759
X2
0.375697722
0.392934436
0.382046733
X3
0.514315201
0.395458914
0.131234597
X4
3.230693488
3.896727061
4.611747014
2012
2013
11. ITMG (US$) 2011 X1
0.390046969
0.35669155
0.266965966
X2
0.432329579
0.408722633
0.410113207
X3
0.462432704
0.396391823
0.230542905
X4
2.171728254
2.050741908
2.250499084
12. KKGI (US$) 2011
2012
2013
X1
0.496268163
0.226989881
0.193927473
X2
0.7083175
0.758361015
0.839520673
X3
0.663437784
0.34419447
0.237688823
X4
2.047861191
2.403030561
2.240605888
79
13. MYOH (Rp) 2011
2012
2013
X1
0.167909118
-0.039750763
0.212258326
X2
-0.090255167
-0.028018486
0.075579651
X3
0.189981211
0.128079898
0.135994988
X4
1.367566814
0.265345825
0.756852581
14. PKPK (Rp) 2011
2012
2013
X1
0.096933433
0.156065482
0.222200092
X2
0.160529899
0.153556089
0.169280896
X3
0.009421387
0.008372789
0.042360918
X4
0.672284402
0.789079856
0.939739173
15. PTBA (Rp) 2011
2012
2013
X1
0.603699854
0.537975742
0.361288944
X2
0.600193672
0.582182501
0.693105898
X3
0.352747659
0.307297733
0.210784391
X4
2.44307385
2.013623949
1.830423363
16. PTRO (US$) 2011
2012
2013
X1
-0.019295093
0.074972345
0.132125787
X2
0.333412846
0.29044516
0.322379144
X3
0.160859586
0.09361727
0.015279572
X4
0.730200948
0.546908764
0.633935046
17. SMMT (Rp) 2011
2012
2013
X1
-0.088590472
0.277938779
0.230347442
X2
-0.153322242
0.001411281
0.027920433
X3
0.051458271
0.033060382
0.032472111
X4
5.807512111
13.05443386
2.858152187
80
