Comparative Analysis of Financial Performance Before and After Shareholder Loan Restructuring: A Case Study of PT Kalimantan Coal Power
DOI:
https://doi.org/10.22441/jurnal_mix.2026.v16i3.012Kata Kunci:
Current Ratio, Debt-to-Equity Ratio, Financial Performance, Independent Power Producer, Return on Assets, Shareholder Loan RestructuringAbstrak
Objective: This study examines observed differences in the financial performance of PT Kalimantan Coal Power (KCP), an independent power producer in Indonesia, before and after Shareholder Loan (SHL) restructuring. The analysis focuses on profitability, liquidity, and financial leverage, measured using Return on Assets (ROA), the Current Ratio (CR), and the Debt-to-Equity Ratio (DER), respectively.
Methodology: A quantitative longitudinal case study approach was applied in this research. The study utilized secondary data obtained from PT Kalimantan Coal Power’s financial statements for the periods before and after the SHL restructuring. Financial performance was assessed using three financial ratios, namely Return on Assets (ROA) for profitability, Current Ratio (CR) for liquidity, and Debt-to-Equity Ratio (DER) for financial leverage. The data analysis included descriptive statistics, normality testing, the Paired Sample t-Test, and the Wilcoxon Signed-Rank Test. Given the limited annual observations, the inferential results were interpreted cautiously and primarily as evidence of observed within-company differences.
Findings: The findings show that the SHL restructuring was not associated with statistically significant differences in the selected financial performance indicators. For profitability, the Paired Sample t-Test based on ROA produced a mean difference of 3.97 and a significance value of 0.208 (p > 0.05), indicating that there was no significant difference between the periods before and after restructuring. A similar result was observed for liquidity, where the Current Ratio recorded a mean difference of 0.50 with a significance value of 0.170 (p > 0.05). In terms of financial leverage, the Wilcoxon Signed-Rank Test generated a Z value of -1.604 and an Exact Sig. (2-tailed) value of 0.250 (p > 0.05). This result indicates that the company’s Debt-to-Equity Ratio also did not differ significantly between the pre- and post-restructuring periods. Descriptively, however, mean ROA declined from −3.00% to −6.97%, mean CR declined from 0.69 to 0.19, and mean DER increased substantially from 3.16 to 689.62. Given the three paired observations, the non-significant results should not be interpreted as evidence that the restructuring had no economic implications.
Conclusion: The post-restructuring period was characterized descriptively by weaker profitability and liquidity and substantially higher financial leverage, while the statistical tests did not detect significant within-company differences. These observed changes cannot be attributed solely to SHL restructuring because operating performance, foreign exchange movements, accumulated losses, equity changes, financing costs, and other external factors may also have contributed. The financial implications of SHL restructuring should therefore be interpreted in relation to its specific mechanisms, including maturity, repayment schedules, interest obligations, currency denomination, interest capitalization, principal reduction, and debt-to-equity conversion.
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