ARUS KAS Reputation and Strategic Risk

RASIO KEMAMPUAN MEMBAYAR UTANG DAN LIABILITAS PERUSAHAAN Rasio฀ solvabilitas฀ mengukur฀ kemampuan฀ Perusahaan฀ dalam฀ membayar฀ hutang฀ yang฀ dimiliki฀ dengan฀ aset฀ atau฀ ekuitasnya.฀ Solvabilitas฀ aset฀ ditentukan฀ dengan฀ membandingkan฀ jumlah฀ aset฀ dengan฀ jumlah฀ liabilitas.฀ Solvabilitas฀ekuitas฀ditentukan฀dengan฀membandingkan฀ jumlah฀ekuitas฀dengan฀jumlah฀liabilitas. Rasio฀likuiditas฀mengukur฀kemampuan฀Perusahaan฀dalam฀ memenuhi฀liabilitas฀lancar฀dengan฀aset฀lancar.฀Aset฀lancar฀ yang฀ dimaksud฀ mencakup฀ kas฀ dan฀ setara฀ kas฀ ditambah฀ jumlah฀piutang฀pembiayaan,฀beban฀dibayar฀dimuka,฀piutang฀ lain-lain-neto฀dan฀aset฀lain-lain,฀sedangkan฀liabilitas฀jangka฀ pendek฀ yang฀ dimaksud฀ adalah฀ pinjaman฀ yang฀ diterima฀ Perusahaan฀beserta฀efek฀utang฀yang฀diterbitkan. Perhitungan฀ rasio฀ solvabilitas฀ aset,฀ solvabilitas฀ ekuitas฀ dan฀likuiditas฀Perusahaan฀untuk฀tahun฀2011-2013฀adalah฀ sebagai฀berikut: Dalam฀Rp฀Jutaan,฀Kecuali฀Dinyatakan฀Lain In฀Rp฀Million,฀Unless฀Otherwise฀Stated Keterangan 2011 2012 2013 Description Aset฀Lancar 16.586.644 25.109.472 30.228.628 Current฀Assets Total Aset 16.889.452 25.460.457 30.994.411 Total Assets Pinjaman฀yang฀Diterima 2.956.654 8.285.757 11.251.911 Borrowings Efek฀Utang฀yang฀Diterbitkan฀dan Sukuk฀Mudharabah 7.804.943 9.801.571 11.362.556 Debt฀Securities฀Issued฀and Sukuk฀Mudharabah Liabilitas฀Lancar 10.761.597 18.087.328 22.614.467 Current฀Liabilities Total Liabilitas 12.468.083 20.424.690 24.972.426 Total Liabilities Ekuitas 4.421.369 5.035.767 6.021.985 Equity Solvabilitas Aset X 1,4 1,2 1,2 Assets Solvability X Solvabilitas Ekuitas X 0,4 0,2 0,2 Equity Solvability X Rasio Likuiditas X 1,5 1,4 1,3 Liquidity Ratio X Rasio GearingDebt-to-Equity X 2,4 3,6 3,8 GearingDebt-to-Equity Ratio X Secara฀umum,฀rasio฀solvabilitas฀dan฀likuiditas฀Perusahaan฀ menunjukkan฀ tren฀ yang฀ stabil,฀ yang฀ mana฀ rasio฀ solvabilitas฀ aset฀ untuk฀ tahun฀ 2013,฀ 2012฀ dan฀ 2011฀ adalah฀ masing-masing฀ sebesar฀ 1,2x;฀ 1,2x฀ dan฀ 1,4x.฀ Solvabilitas฀฀ekuitas฀tahun฀2013,฀2012฀dan฀2011฀adalah฀ masing-masing฀sebesar฀0,2x;฀0,2x฀dan฀0,4x.฀Sementara฀ itu,฀rasio฀likuiditas฀Perusahaan฀untuk฀tahun฀2013,฀2012฀ dan฀2011฀adalah฀masing-masing฀sebesar฀1,3x;฀1,4x฀dan฀ 1,5x,฀yang฀berarti฀aset฀lancar฀Perusahaan฀masih฀lebih฀dari฀ cukup฀untuk฀menutupi฀liabilitas฀lancar.฀ SOLVENCY RATIOS DEBT AND LIABILITY OF THE COMPANY Solvency฀ratios฀measure฀the฀ability฀of฀the฀Company฀to฀pay฀ the฀debt฀held฀using฀its฀assets฀or฀equity.฀Assets฀solvability฀ is฀determined฀by฀comparing฀total฀assets฀to฀total฀liabilities.฀ Equity฀solvability฀is฀determined฀by฀comparing฀total฀equity฀ to฀total฀liabilities. The฀Liquidity฀ratio฀measures฀the฀ability฀of฀the฀Company฀ in฀meeting฀the฀current฀liabilities฀using฀current฀assets.฀The฀ current฀ assets฀ include฀ cash฀ and฀ cash฀ equivalents฀ and฀ inancing฀receivables,฀prepaid฀expenses,฀other฀receivables- net฀ and฀ other฀ assets,฀ while฀ short-term฀ liabilities฀ are฀ borrowings฀and฀debt฀securities฀issued. Calculation฀of฀the฀assets฀solvability,฀equity฀solvability฀and฀ liquidity฀ ratios฀ of฀ the฀ Company฀ for฀ 2011-2013฀ are฀ as฀ follows: In฀general,฀the฀solvency฀ratio฀and฀liquidity฀ratio฀indicates฀ a฀ stable฀ trend,฀ in฀ which฀ the฀ assets฀ solvability฀ ratio฀ for฀ 2013,฀2012฀and฀2011฀was฀respectively฀at฀1.2x,฀1.2x฀and฀ 1.4x.฀ Equity฀ solvability฀ ratio฀ in฀ 2013,฀ 2012฀ and฀ 2011฀ was฀respectively฀at฀0.2x,฀0.2x฀and฀0.4x.฀Meanwhile,฀the฀ Company’s฀liquidity฀ratio฀for฀2013,฀2012฀and฀2011฀was฀ respectively฀ at฀ 1.3x,฀ 1.4x฀ and฀ 1.5x,฀ which฀ means฀ the฀ current฀assets฀of฀the฀Company฀are฀more฀than฀enough฀to฀ cover฀current฀liabilities. Adira Finance •฀Laporan Tahunan 2013 358