Analisis Dampak Rencana Restrukturisasi Perusahaan Terhadap Kinerja Keuangan pada Industri Pupuk Dolomit (Studi Kasus PT XYZ)

Ashilah, Fella Sifa (2026) Analisis Dampak Rencana Restrukturisasi Perusahaan Terhadap Kinerja Keuangan pada Industri Pupuk Dolomit (Studi Kasus PT XYZ). Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

PT XYZ adalah perusahaan produksi pupuk dolomit yang mengalami financial distress serius, ditandai oleh laba kotor negatif selama dua belas bulan berturut-turut dengan kerugian bersih Rp 17,92 miliar dan kondisi insolvensi teknis dengan DAR 165% akibat rendahnya utilisasi mesin produksi. Penelitian ini menganalisis kinerja keuangan PT XYZ sebelum restrukturisasi berdasarkan data aktual 2025, mengidentifikasi delapan opsi restrukturisasi (empat operasional dan empat keuangan) menggunakan kombinasi Problem Tree Analysis dan Weighted Scoring Matrix, serta memproyeksikan dampaknya melalui laporan keuangan pro forma tahun 2026 hingga 2030. Hasil penelitian menunjukkan bahwa implementasi kedelapan opsi restrukturisasi, mencakup peningkatan utilisasi kapasitas, efisiensi biaya produksi, efisiensi logistik, repricing, debt rescheduling, interest rate reduction, debt to equity swap, dan injeksi modal, mampu membalikkan ekuitas perusahaan dari negatif Rp 153,20 miliar menjadi positif sejak tahun pertama, menurunkan DAR dari 165% menjadi 61,82% pada tahun kelima, serta mengembalikan laba bersih menjadi positif mulai tahun pertama. Analisis sensitivitas dan what-if mengonfirmasi bahwa hasil ini relatif robust terhadap variasi asumsi, dengan debt to equity swap teridentifikasi sebagai opsi paling fundamental bagi pemulihan solvabilitas perusahaan.
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PT XYZ is a dolomite fertilizer manufacturer experiencing serious financial distress, characterized by negative gross profit for twelve consecutive months, a net loss of Rp 17.92 billion, and a state of technical insolvency with a DAR of 165% due to low production equipment utilization. This study analyzes PT XYZ’s financial performance prior to restructuring based on actual 2025 data, identifies eight restructuring options (four operational and four financial) using a combination of Problem Tree Analysis and a Weighted Scoring Matrix, and projects their impact through pro forma financial statements for the years 2026 through 2030. The results show that implementing all eight restructuring options, including increased capacity utilization, production cost efficiency, logistics efficiency, repricing, debt rescheduling, interest rate reduction, debt-to-equity swap, and capital injection, can turn the company’s equity from a negative Rp 153.20 billion to positive starting in the first year, reduce the debt-to-assets ratio (DAR) from 165% to 61.82% by the fifth year, and return net income to positive territory starting in the first year. Sensitivity and “what-if” analyses confirm that these results are relatively robust to variations in assumptions, with the debt-to-equity swap identified as the most fundamental option for restoring the company’s solvency.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Financial Distress, Kinerja Keuangan, Proyeksi Pro Forma, Restrukturisasi Keuangan, Restrukturisasi Operasional, Financial Restructuring, Operational Restructuring, Financial Performance, Financial Distress, Pro Forma Projections
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HD Industries. Land use. Labor > HD30.23 Decision making. Business requirements analysis. H Social Sciences > HD Industries. Land use. Labor > HD47 Costs H Social Sciences > HD Industries. Land use. Labor > HD49 Crisis management. Emergency management
Divisions:	Faculty of Industrial Technology and Systems Engineering (INDSYS) > Industrial Engineering > 26201-(S1) Undergraduate Thesis
Depositing User:	Fella Sifa Ashilah
Date Deposited:	29 Jul 2026 01:56
Last Modified:	29 Jul 2026 01:56
URI:	http://repository.its.ac.id/id/eprint/139211

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