ANALYSIS MODEL ALTMAN (Z-SCORE) ON FINANCIAL PERFORMANCE IN. ALFA RETAILINDO, TBK PERIOD 2006-2010

Gita Cindy Agustin

Abstract


Each company has a main goal in running their busi-
ness, namely the optimal gain. Therefore, managers should
be doing a good job, because otherwise it will not close
the possibility of a company going bankrupt. Altman Z-
Score model is a method used in predicting the potential
bankruptcy of a company that consists of a combination
of several nancial ratios namely Working Capital to To-
tal Assets Ratio, Retained Earning to Total Assets Ratio,
Earning Before Interest and Taxes to Total Assets Ratio,
Market Value of Equity to Book Value of Liabilities Ratio,
Sales to Total Assets Ratio. The purpose of this study to de-
termine the ratio changes from the fth Z-Score and to nd
out how the potential bankruptcy of the company. Results
from the study showed that overall performance of Alfa Re-
tailindo, Tbk period 2006-2010 considered healthy because
the index Z-score that is above 2.60. Although the Z-Score
index tahun2010 2.745 nearing the cut-o, but not to below
the cut-o. Management needs to be careful in managing
and running the company's operations to avoid the company
from the threat of bankruptcy.

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