Cash Flow Projection Analysis with Distributor Financing System at PT Semen Tonasa

Rustamin Rustam (), Sobarsyah and Mursalim Nohong
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Rustamin Rustam: Hasanuddin University
Sobarsyah: Hasanuddin University
Mursalim Nohong: Hasanuddin University

A chapter in Proceedings of the 9th International Conference on Accounting, Management, and Economics 2024 (ICAME 2024), 2025, pp 2221-2231 from Springer

Abstract: Abstract This study investigates: 1) strategies to optimize benefits and mitigate risks in implementing the Distributor Financing (DF) system on PT Semen Tonasa’s cash flow, and 2) the ideal funding amount through the DF system to maximize cash flow projections. Using a qualitative, descriptive analytical approach, data were collected through interviews, observations, questionnaires, and documentation. Subjects were purposively sampled from PT Semen Tonasa’s environment. Data analysis involved condensation, presentation, and conclusion drawing. Findings reveal: 1) the company’s ability to meet current liabilities improved from 0.31 (2020) to 0.43 (2023), needing further efficiency; 2) fluctuating interest coverage ratios, from 39.58 times (2022) to 121.87 times (2023); 3) fluctuating capital expenditure coverage, peaking at 2.49 times (2021) and lowest at 0.85 times (2022), recovering to 1.25 times (2023); 4) fluctuating total debt-to-operating cash flow ratio, with a sharp 2022 increase, indicating debt management challenges; and 5) fluctuating cash flow-to-net income ratio, declining in 2021 and 2022, but recovering in 2023.

Keywords: Cash Flow; Distributor Financing; PT. Semen Tonasa (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-758-8_177

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