{
 "schema": "annalist.findings/0.1",
 "company": "united-tractors",
 "snapshot": "FY2025_d1879e8c",
 "as_of": {
  "period": "FY2025",
  "period_end": "2025-12-31",
  "release_date": null,
  "approved": "2026-02-26"
 },
 "findings_version": "0.4",
 "conventions": {
  "ledger": "Append-only: records are never changed or removed; seq gives the order of writing. A thread is one claim of one rule, written <rule>/<claim>.",
  "strength": "Claim polarity times measure. A thread is Strengthened or Weakened when its strength moves by more than the band of its rule, otherwise Confirmed.",
  "states": {
   "New": "The finding is stated for the first time, or again after it was retired.",
   "Confirmed": "The finding still holds and its measure moved by no more than the band of its rule.",
   "Strengthened": "The finding still holds and its measure moved further in the direction the finding states.",
   "Weakened": "The finding still holds and its measure moved back towards the opposite direction.",
   "Retired": "The finding no longer holds: its rule now states another claim, or no longer applies."
  },
  "changes": {
   "initial": "The first record of the rule for the company.",
   "data update": "A later period, from a new report.",
   "restatement": "The same period with different figures, after the company reported them differently.",
   "methodology": "A new method version of the rule.",
   "wording": "A new wording version of the rule, with the same method.",
   "correction": "The same period with different figures after Annalist corrected how it reads the filings; the reason names the correction, and config/corrections.toml lists the earlier records it concerns."
  },
  "basis": {
   "recorded": "Recorded from the snapshot named, after its publication.",
   "reconstructed": "Reconstructed from the figures of the snapshot named, as at the end of the period shown, when the ledger was opened. Figures are as later reported, so restated figures replace the original ones."
  },
  "claims": {
   "higher": "the measure is above its value a year earlier",
   "lower": "the measure is below its value a year earlier",
   "unchanged": "the measure is within rounding of its value a year earlier",
   "stated": "the figure is stated without a comparison",
   "profit_after_loss": "a profit follows a loss in the same period a year earlier",
   "loss": "the latest period shows a loss",
   "positive": "the amount is positive",
   "negative": "the amount is negative",
   "net_debt": "total debt exceeds cash and short-term investments",
   "net_cash": "cash and short-term investments exceed total debt",
   "ahead": "the share of the forecast reached exceeds the share of the year elapsed",
   "behind": "the share of the forecast reached is below the share of the year elapsed",
   "in_line": "the share of the forecast reached equals the share of the year elapsed, within rounding",
   "minimal": "the measure is within the minimal band of the S&P benchmark table",
   "modest": "the measure is within the modest band of the S&P benchmark table",
   "intermediate": "the measure is within the intermediate band of the S&P benchmark table",
   "significant": "the measure is within the significant band of the S&P benchmark table",
   "aggressive": "the measure is within the aggressive band of the S&P benchmark table",
   "highly_leveraged": "the measure is within the highly leveraged band of the S&P benchmark table",
   "covered": "the sources of cash cover the uses",
   "shortfall": "the sources of cash fall short of the uses",
   "cash_backed": "operating cash flow exceeds net income",
   "accrual_led": "net income exceeds operating cash flow",
   "safe_zone": "the score is above the safe threshold of the model",
   "grey_zone": "the score is between the thresholds of the model",
   "distress_zone": "the score is below the distress threshold of the model",
   "below_threshold": "the score is below the threshold of the model",
   "above_threshold": "the score is above the threshold of the model",
   "high_score": "7 or more of the 9 signals are met",
   "middle_score": "4 to 6 of the 9 signals are met",
   "low_score": "3 or fewer of the 9 signals are met"
  }
 },
 "rules": {
  "corp.altman_zone": {
   "version": "1.0",
   "module": "scores",
   "title": "Altman Z'' zone",
   "measure": "Altman Z'' score for the latest fiscal year",
   "band": "0.25 points"
  },
  "corp.beneish_threshold": {
   "version": "1.0",
   "module": "scores",
   "title": "Beneish M-score against its threshold",
   "measure": "Beneish M-score for the latest fiscal year",
   "band": "0.1 points"
  },
  "corp.cash_backing": {
   "version": "2.0",
   "module": "quality",
   "title": "Cash backing of earnings",
   "measure": "net income attributable to the company less operating cash flow, over average total assets, per cent, over 4 quarters or for a fiscal year, whichever ends later",
   "band": "0.5 percentage points"
  },
  "corp.credit_band": {
   "version": "3.0",
   "module": "credit",
   "title": "Debt against the S&P benchmark bands",
   "measure": "lease-adjusted debt to adjusted EBITDA over 4 quarters or for a fiscal year, whichever ends later, with the lease figures that the quarters do not report estimated from the latest fiscal year; where no lease-adjusted value exists, debt to EBITDA on reported figures; a value that ends more than 15 months before the latest quarter end does not count; times; the claim is its band in the S&P standard volatility table",
   "band": "a change of band"
  },
  "corp.free_cash_flow_ttm": {
   "version": "1.2",
   "title": "Free cash flow",
   "measure": "free cash flow over the last 4 quarters, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.liquidity_cover": {
   "version": "3.0",
   "module": "liquidity",
   "title": "Liquidity cover",
   "measure": "cash, short-term investments and operating cash flow over debt due within 12 months, capital expenditure and dividends, times, over 4 quarters or for a fiscal year, whichever ends later; debt due within 12 months is the larger of the maturity schedule and the current portion of long-term debt; a value that ends more than 15 months before the latest quarter end does not count",
   "band": "10% of the earlier cover"
  },
  "corp.net_debt": {
   "version": "1.1",
   "title": "Net debt or net cash",
   "measure": "total debt less cash and short-term investments at the quarter end, in the reporting currency",
   "band": "5% of the earlier amount"
  },
  "corp.net_income_fy": {
   "version": "1.0",
   "title": "Net income against the previous fiscal year",
   "measure": "growth of net income attributable to the company for the fiscal year against the previous fiscal year, per cent; where either year shows a loss, the net income of the latest fiscal year",
   "band": "1.0 percentage point for growth; 5% of the earlier amount for amounts"
  },
  "corp.piotroski_score": {
   "version": "1.0",
   "module": "scores",
   "title": "Piotroski F-score",
   "measure": "Piotroski F-score for the latest fiscal year, of 9",
   "band": "less than 1 point"
  },
  "corp.revenue_fy": {
   "version": "1.0",
   "title": "Revenue against the previous fiscal year",
   "measure": "growth of revenue for the fiscal year against the previous fiscal year, per cent",
   "band": "1.0 percentage point"
  },
  "corp.roe_ttm": {
   "version": "1.1",
   "title": "Return on equity against a year earlier",
   "measure": "change of return on equity over the last 4 quarters against a year earlier, percentage points",
   "band": "0.5 percentage points"
  }
 },
 "corrections": [
  {
   "company": "united-tractors",
   "date": "2026-10-28",
   "text": "Annalist left out the other loans that United Tractors prints below the headings of the portions of long-term debt, Rp117.4 billion of long-term debt at 31 December 2022, and did not capture its depreciation and amortisation. Records 8, 18 and 28 cite figures that the correction changed, and record 30 states the corrected Beneish M-score for fiscal 2025.",
   "records": [
    8,
    18,
    28,
    30
   ]
  },
  {
   "company": "united-tractors",
   "date": "2026-10-29",
   "text": "Annalist did not capture the finance costs of United Tractors, which its statements of profit or loss print as \"Biaya keuangan\", Rp2,625.8 billion for fiscal 2025. Its statements present no operating profit, so its EBIT, profit before tax plus finance costs, and with it its adjusted EBITDA and funds from operations were missing. No earlier finding cites the figures concerned. Records 31 to 36 state the findings that the corrected figures give, among them lease-adjusted debt of 0.5 times adjusted EBITDA for fiscal 2025, within the minimal band of the S&P standard volatility table.",
   "records": [
    31,
    32,
    33,
    34,
    35,
    36
   ]
  },
  {
   "company": "united-tractors",
   "date": "2026-10-29",
   "text": "Annalist did not capture the interest paid of United Tractors, which its statement of cash flows prints as \"Pembayaran biaya keuangan\", Rp2,558.1 billion for fiscal 2025, so its funds from operations deducted its finance costs in place of the interest it paid. Record 37 restates record 35 with funds from operations of 138.0% of lease-adjusted debt for fiscal 2025, against 137.7%.",
   "records": [
    35,
    37
   ]
  }
 ],
 "threads": {
  "corp.revenue_fy/higher": {
   "rule": "corp.revenue_fy",
   "claim": "higher",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    1,
    10,
    20
   ]
  },
  "corp.net_income_fy/lower": {
   "rule": "corp.net_income_fy",
   "claim": "lower",
   "state": "Strengthened",
   "since": "FY2023",
   "active": true,
   "records": [
    2,
    11,
    22
   ]
  },
  "corp.roe_ttm/lower": {
   "rule": "corp.roe_ttm",
   "claim": "lower",
   "state": "Strengthened",
   "since": "FY2023",
   "active": true,
   "records": [
    3,
    12,
    23
   ]
  },
  "corp.free_cash_flow_ttm/positive": {
   "rule": "corp.free_cash_flow_ttm",
   "claim": "positive",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    4,
    13,
    24,
    38
   ]
  },
  "corp.net_debt/net_debt": {
   "rule": "corp.net_debt",
   "claim": "net_debt",
   "state": "Retired",
   "since": "FY2023",
   "active": false,
   "records": [
    5,
    14
   ]
  },
  "corp.liquidity_cover/covered": {
   "rule": "corp.liquidity_cover",
   "claim": "covered",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    6,
    16,
    26
   ]
  },
  "corp.cash_backing/cash_backed": {
   "rule": "corp.cash_backing",
   "claim": "cash_backed",
   "state": "Strengthened",
   "since": "FY2023",
   "active": true,
   "records": [
    7,
    17,
    27
   ]
  },
  "corp.beneish_threshold/below_threshold": {
   "rule": "corp.beneish_threshold",
   "claim": "below_threshold",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    8,
    18,
    28,
    30
   ]
  },
  "corp.piotroski_score/middle_score": {
   "rule": "corp.piotroski_score",
   "claim": "middle_score",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    9,
    19,
    29
   ]
  },
  "corp.net_debt/net_cash": {
   "rule": "corp.net_debt",
   "claim": "net_cash",
   "state": "Strengthened",
   "since": "FY2024",
   "active": true,
   "records": [
    15,
    25
   ]
  },
  "corp.revenue_fy/lower": {
   "rule": "corp.revenue_fy",
   "claim": "lower",
   "state": "New",
   "since": "FY2025",
   "active": true,
   "records": [
    21
   ]
  },
  "corp.credit_band/minimal": {
   "rule": "corp.credit_band",
   "claim": "minimal",
   "state": "Confirmed",
   "since": "FY2023",
   "active": true,
   "records": [
    31,
    33,
    35,
    37
   ]
  },
  "corp.altman_zone/safe_zone": {
   "rule": "corp.altman_zone",
   "claim": "safe_zone",
   "state": "Weakened",
   "since": "FY2023",
   "active": true,
   "records": [
    32,
    34,
    36
   ]
  }
 },
 "records": [
  {
   "seq": 1,
   "company": "united-tractors",
   "thread": "corp.revenue_fy/higher",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 4.02549,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 4.02549,
   "text": "Revenue for the fiscal year ended 31 December 2023 was Rp128.58 trillion, 4.0% higher than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/revenue",
     "value": 128583264000000.0,
     "sources": [
      "AR:united-tractors-2024-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2022/revenue",
     "value": 123607460000000.0,
     "sources": [
      "AR:united-tractors-2023-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 2,
   "company": "united-tractors",
   "thread": "corp.net_income_fy/lower",
   "rule": "corp.net_income_fy",
   "rule_version": "1.0",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -1.87254,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 1.87254,
   "text": "Net income attributable to the company for fiscal 2023 was Rp20.61 trillion, 1.9% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2023/net_income",
     "value": 20611775000000.0,
     "sources": [
      "AR:united-tractors-2024-12-31"
     ]
    },
    {
     "ref": "pl_annual/FY2022/net_income",
     "value": 21005105000000.0,
     "sources": [
      "AR:united-tractors-2023-12-31"
     ]
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 3,
   "company": "united-tractors",
   "thread": "corp.roe_ttm/lower",
   "rule": "corp.roe_ttm",
   "rule_version": "1.1",
   "claim": "lower",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -2.26724,
    "unit": "pp"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 2.26724,
   "text": "Return on equity for fiscal 2023 was 25.1%, against 27.4% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2023",
     "value": 25.144180337464515,
     "sources": []
    },
    {
     "ref": "ratio/corp.roe/annual/FY2022",
     "value": 27.411422528660225,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 4,
   "company": "united-tractors",
   "thread": "corp.free_cash_flow_ttm/positive",
   "rule": "corp.free_cash_flow_ttm",
   "rule_version": "1.1",
   "claim": "positive",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 8334750000000.0,
    "unit": "IDR"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 8334750000000.0,
   "text": "Free cash flow for fiscal 2023 was Rp8.33 trillion, and operating cash flow was 1.3 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2023",
     "value": 8334746000000.0,
     "sources": []
    },
    {
     "ref": "ratio/corp.cash_conversion/annual/FY2023",
     "value": 1.2782425579553436,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 5,
   "company": "united-tractors",
   "thread": "corp.net_debt/net_debt",
   "rule": "corp.net_debt",
   "rule_version": "1.1",
   "claim": "net_debt",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 109929000000.0,
    "unit": "IDR"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 109929000000.0,
   "text": "Net debt was Rp109.9 billion at 31 December 2023.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2023",
     "value": 109929000000.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 6,
   "company": "united-tractors",
   "thread": "corp.liquidity_cover/covered",
   "rule": "corp.liquidity_cover",
   "rule_version": "3.0",
   "claim": "covered",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 2.32829,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 2.32829,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2023 equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2023",
     "value": 2.3282900082286857,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 7,
   "company": "united-tractors",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -3.89833,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 3.89833,
   "text": "Operating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 3.9% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2023",
     "value": -3.8983323381043613,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 8,
   "company": "united-tractors",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": -2.48299,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.48299,
   "text": "The Beneish M-score for fiscal 2023 was minus 2.48, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2023",
     "value": -2.4829891687276873,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 9,
   "company": "united-tractors",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "New",
   "change": "initial",
   "period": "FY2023",
   "period_end": "2023-12-31",
   "measure": {
    "value": 4.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2023 was 4 of 9. The 5 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2023",
     "value": 4.0,
     "sources": []
    }
   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 10,
   "company": "united-tractors",
   "thread": "corp.revenue_fy/higher",
   "rule": "corp.revenue_fy",
   "rule_version": "1.0",
   "claim": "higher",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": 4.54471,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 4.54471,
   "text": "Revenue for the fiscal year ended 31 December 2024 was Rp134.43 trillion, 4.5% higher than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/revenue",
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      "AR:united-tractors-2025-12-31"
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    },
    {
     "ref": "pl_annual/FY2023/revenue",
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   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 11,
   "company": "united-tractors",
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   "period_end": "2024-12-31",
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    "value": -5.24249,
    "unit": "%"
   },
   "band": [
    "abs",
    1.0
   ],
   "strength": 5.24249,
   "text": "Net income attributable to the company for fiscal 2024 was Rp19.53 trillion, 5.2% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2024/net_income",
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      "AR:united-tractors-2025-12-31"
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    },
    {
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   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 12,
   "company": "united-tractors",
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    "value": -2.45958,
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   },
   "band": [
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    0.5
   ],
   "strength": 2.45958,
   "text": "Return on equity for fiscal 2024 was 22.7%, against 25.1% a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.roe/annual/FY2024",
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    },
    {
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  {
   "seq": 13,
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   },
   "band": [
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   "strength": 17832700000000.0,
   "text": "Free cash flow for fiscal 2024 was Rp17.83 trillion, and operating cash flow was 1.5 times net income attributable to the company.",
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   "figures": [
    {
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  {
   "seq": 14,
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   "period_end": "2024-12-31",
   "measure": null,
   "band": [
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    0.05
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.net_debt now states the claim net_cash.",
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   "figures": [],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 15,
   "company": "united-tractors",
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   },
   "band": [
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   ],
   "strength": 5868720000000.0,
   "text": "Cash and short-term investments exceeded total debt by Rp5.87 trillion at 31 December 2024.",
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   "figures": [
    {
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   ],
   "basis": "reconstructed",
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  {
   "seq": 16,
   "company": "united-tractors",
   "thread": "corp.liquidity_cover/covered",
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   "claim": "covered",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024",
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   "measure": {
    "value": 3.48617,
    "unit": "x"
   },
   "band": [
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    0.1
   ],
   "strength": 3.48617,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2024 equalled 3.5 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2024",
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   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  {
   "seq": 17,
   "company": "united-tractors",
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   "rule": "corp.cash_backing",
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   "claim": "cash_backed",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2024",
   "period_end": "2024-12-31",
   "measure": {
    "value": -6.50528,
    "unit": "%"
   },
   "band": [
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    0.5
   ],
   "strength": 6.50528,
   "text": "Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.5% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2024",
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   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 18,
   "company": "united-tractors",
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    "value": -2.72122,
    "unit": "score"
   },
   "band": [
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    0.1
   ],
   "strength": 2.72122,
   "text": "The Beneish M-score for fiscal 2024 was minus 2.72, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
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   ],
   "basis": "reconstructed",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 19,
   "company": "united-tractors",
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   "measure": {
    "value": 6.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.",
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   "successor": null,
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   "basis": "reconstructed",
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  {
   "seq": 20,
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   "measure": null,
   "band": [
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    1.0
   ],
   "strength": null,
   "text": null,
   "reason": "The rule corp.revenue_fy now states the claim lower.",
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   "figures": [],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 21,
   "company": "united-tractors",
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   "rule_version": "1.0",
   "claim": "lower",
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    "value": -2.32557,
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   },
   "band": [
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    1.0
   ],
   "strength": 2.32557,
   "text": "Revenue for the fiscal year ended 31 December 2025 was Rp131.30 trillion, 2.3% lower than in the previous fiscal year.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "pl_annual/FY2025/revenue",
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    {
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  },
  {
   "seq": 22,
   "company": "united-tractors",
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   "state": "Strengthened",
   "change": "data update",
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    "value": -24.1704,
    "unit": "%"
   },
   "band": [
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    1.0
   ],
   "strength": 24.1704,
   "text": "Net income attributable to the company for fiscal 2025 was Rp14.81 trillion, 24.2% lower than in the previous fiscal year.",
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   "successor": null,
   "figures": [
    {
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    {
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  },
  {
   "seq": 23,
   "company": "united-tractors",
   "thread": "corp.roe_ttm/lower",
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   "rule_version": "1.1",
   "claim": "lower",
   "state": "Strengthened",
   "change": "data update",
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    "unit": "pp"
   },
   "band": [
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   ],
   "strength": 7.1536,
   "text": "Return on equity for fiscal 2025 was 15.5%, against 22.7% a year earlier.",
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   "figures": [
    {
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  },
  {
   "seq": 24,
   "company": "united-tractors",
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   "rule": "corp.free_cash_flow_ttm",
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    "unit": "IDR"
   },
   "band": [
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   ],
   "strength": 14168200000000.0,
   "text": "Free cash flow for fiscal 2025 was Rp14.17 trillion, and operating cash flow was 1.8 times net income attributable to the company.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.free_cash_flow/annual/FY2025",
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    {
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   ],
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  },
  {
   "seq": 25,
   "company": "united-tractors",
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   "claim": "net_cash",
   "state": "Strengthened",
   "change": "data update",
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    "unit": "IDR"
   },
   "band": [
    "rel",
    0.05
   ],
   "strength": 8495750000000.0,
   "text": "Cash and short-term investments exceeded total debt by Rp8.50 trillion at 31 December 2025.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.net_debt/annual/FY2025",
     "value": -8495747000000.0,
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    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 26,
   "company": "united-tractors",
   "thread": "corp.liquidity_cover/covered",
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   "state": "Weakened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 2.23629,
    "unit": "x"
   },
   "band": [
    "rel",
    0.1
   ],
   "strength": 2.23629,
   "text": "Cash, short-term investments and operating cash flow for fiscal 2025 equalled 2.2 times the sum of debt due within 12 months, capital expenditure and dividends.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.liquidity_cover/annual/FY2025",
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    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 27,
   "company": "united-tractors",
   "thread": "corp.cash_backing/cash_backed",
   "rule": "corp.cash_backing",
   "rule_version": "2.0",
   "claim": "cash_backed",
   "state": "Strengthened",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -7.10595,
    "unit": "%"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": 7.10595,
   "text": "Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.cash_flow_accruals/annual/FY2025",
     "value": -7.105951260937073,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
   "dataset_sha256": "298913a6e67fc9ddce1c787288bdbf3b3dc5878b7cc4b9682236fe9cc52e8409"
  },
  {
   "seq": 28,
   "company": "united-tractors",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
   "state": "Confirmed",
   "change": "data update",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": -2.76714,
    "unit": "score"
   },
   "band": [
    "abs",
    0.1
   ],
   "strength": 2.76714,
   "text": "The Beneish M-score for fiscal 2025 was minus 2.77, below the model threshold of minus 1.78.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.beneish_m/annual/FY2025",
     "value": -2.76713698149021,
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    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 29,
   "company": "united-tractors",
   "thread": "corp.piotroski_score/middle_score",
   "rule": "corp.piotroski_score",
   "rule_version": "1.0",
   "claim": "middle_score",
   "state": "Confirmed",
   "change": "data update",
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   "period_end": "2025-12-31",
   "measure": {
    "value": 5.0,
    "unit": "score"
   },
   "band": [
    "abs",
    0.5
   ],
   "strength": null,
   "text": "The Piotroski F-score for fiscal 2025 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.",
   "reason": null,
   "successor": null,
   "figures": [
    {
     "ref": "ratio/corp.piotroski_f/annual/FY2025",
     "value": 5.0,
     "sources": []
    }
   ],
   "basis": "recorded",
   "snapshot": "FY2025_298913a6",
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  },
  {
   "seq": 30,
   "company": "united-tractors",
   "thread": "corp.beneish_threshold/below_threshold",
   "rule": "corp.beneish_threshold",
   "rule_version": "1.0",
   "claim": "below_threshold",
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   "change": "correction",
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   "band": [
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   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
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   "band": [
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   "strength": 4.85856,
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   "figures": [
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   "band": [
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   "figures": [
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   "band": [
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   "strength": 5.03623,
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   "figures": [
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  {
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   "company": "united-tractors",
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   "band": [
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   "text": "Lease-adjusted debt was 0.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 137.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
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  {
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   "company": "united-tractors",
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   "rule": "corp.altman_zone",
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   "measure": {
    "value": 4.58879,
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   "band": [
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   "strength": 4.58879,
   "text": "The Altman Z'' score for fiscal 2025 was 4.59, above the safe threshold of 2.60.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
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  {
   "seq": 37,
   "company": "united-tractors",
   "thread": "corp.credit_band/minimal",
   "rule": "corp.credit_band",
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   "claim": "minimal",
   "state": "Confirmed",
   "change": "correction",
   "period": "FY2025",
   "period_end": "2025-12-31",
   "measure": {
    "value": 0.516261,
    "unit": "x"
   },
   "band": [
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   "strength": null,
   "text": "Lease-adjusted debt was 0.5 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 138.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.",
   "reason": "A correction by Annalist; see the corrections of the company (2026-10-28, 2026-10-29).",
   "successor": null,
   "figures": [
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    {
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  {
   "seq": 38,
   "company": "united-tractors",
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   "rule": "corp.free_cash_flow_ttm",
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   "measure": {
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   "strength": 14168200000000.0,
   "text": "Free cash flow for fiscal 2025 was Rp14.17 trillion, and operating cash flow was 1.8 times net income attributable to the company.",
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   "figures": [
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     "ref": "ratio/corp.free_cash_flow/annual/FY2025",
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}