Anggelina Manengkey, Frendy A. O Pelleng, Dantje Keles


Working capital is very important for any company, because almost all
companies need working capital to finance the day-to-day operations of the
company. Companies must be able to manage working capital well so that
operational activities can run smoothly and can achieve the optimal profit as
expected by the company. This study aims to analyze and know how the
working capital adequacy ratio. This research was conducted at PT. HM
Sampoerna Tbk. According to Sutrisno (2009), "Working capital is one of
the elements of assets that are very important in the company because
without working capital the company cannot fill the necessity to run the
activities". The method used in this study is descriptive quantitative and
analysis tool used is Working Capital Adequacy Ratio which consists of three
types of ratios are the ratio of Total Assets to Net Working Capital, Current
Liabilities to Net Working Capital and Working Capital Turnover. The data
used are secondary data from financial statements namely balance sheet and
income statement from PT. HM Sampoerna Tbk. The results of the study
explain that the calculation of the ratio of Total Assets to Net Working
Capital in 2013 to 2016 is quite good. While the calculation of Current
Liabilities to Net Working Capital Ratio in 2013 and 2014 is quite good, but
the calculation results in 2015 and 2016 decreased to 0.17 and 0.23. And the
calculation results Working Capital Turnover in 2014 increased, but then
declined in 2015 and 2016, indicating liquidity on this ratio more effective.
Overall working capital at PT HM Sampoerna Tbk has good working capital
management. The results of the working capital adequacy ratio analysis will
give an idea of how the company can manage its working capital. Liquidity
level at PT. HM Sampoerna Tbk is quite good. This indicates that the
adequacy of working capital at PT. HM Sampoerna Tbk is quite stable. We
recommend PT. HM Sampoerna Tbk can use and allocate working capital
optimally. So the company can cover its short-term liabilities in order for the
company to generate profit in each period.
Keywords: Working Capital, Net Working Capital, Working Capital Ratio

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Program Studi Administrasi Bisnis, Fakultas Ilmu Sosial dan Politik, Universitas Sam Ratulangi Manado, Indonesia.

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