ANALISIS FINANCIAL DISTRESS DENGAN MENGGUNAKAN METODE FULMER SCORE DAN ZMIJEWSKI SCORE PADA PT GOZCO PLANTATIONS, TBK

Abstract

This study aims to analyze the financial distress condition of PT. Gozco
Plantations, Tbk using the Fulmer Score and Zmijewski Score methods and
determine the more accurate method. The research data are secondary data
obtained from the Indonesia Stock Exchange website (www.idx.co.id). The data
analysis techniques used are descriptive qualitative and comparative analyses. The
results show that: First, the Fulmer Score method indicates that the company was
at risk of bankruptcy during the 2014-2023 period due to declining profits,
negative operating cash flows and working capital, as well as decreased assets and
equity. Second, the Zmijewski Score method indicates that the company was not
at risk of bankruptcy due to reduced debts and its ability to generate profits. Third,
the Fulmer Score method is more accurate in measuring bankruptcy risk, with
80% of results in the danger zone compared to 20% for the Zmijewski Score.