PT ASDP Indonesia Ferry (Persero)

Name: PT ASDP Indonesia Ferry (Persero) financial statements and ratios
Creator: Annalist

Industrials, ferries · Indonesia · SAK · Fiscal year ends December

Latest report: FY2024, the fiscal year ended 31 December 2024, its statements approved by the board on 17 April 2025. Snapshot FY2024_a5d51c5e.

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Overview

Revenue, fiscal year

+2.0% year on year

Operating profit, fiscal year

−32.3% year on year

Net income, fiscal year

−28.5% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

−5.2pp year on year

Return on equity, fiscal year

−2.7pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2024 was Rp5.02 trillion, 2.0% higher than in the previous fiscal year.
Weakenedin FY2024 · stated since FY20222.0% from 13.9% in FY2023
Rule: Revenue against the previous fiscal year · Sources Annual report 2024-12
History of this finding, 3 records
1. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was Rp5.02 trillion, 2.0% higher than in the previous fiscal year.Recorded from FY2024_0b4fa036 · data update
2. FY2023 WeakenedRevenue for the fiscal year ended 31 December 2023 was Rp4.92 trillion, 13.9% higher than in the previous fiscal year.Reconstructed · data update
3. FY2022 NewRevenue for the fiscal year ended 31 December 2022 was Rp4.32 trillion, 23.9% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2024 was Rp438.7 billion, 28.5% lower than in the previous fiscal year.
Newin FY2024 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp438.7 billion, 28.5% lower than in the previous fiscal year.Recorded from FY2024_0b4fa036 · data update
2. FY2024 RetiredThe finding changed to lower than a year earlier.Recorded from FY2024_0b4fa036 · data update
3. FY2023 WeakenedNet income attributable to the company for fiscal 2023 was Rp613.4 billion, 8.8% higher than in the previous fiscal year.Reconstructed · data update
4. FY2022 NewNet income attributable to the company for fiscal 2022 was Rp563.8 billion, 73.2% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2024 was 10.2%, 5.2 percentage points lower than a year earlier.
Strengthenedin FY2024 · stated since FY2023
Rule: Operating margin against a year earlier · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 StrengthenedThe operating margin for fiscal 2024 was 10.2%, 5.2 percentage points lower than a year earlier.Recorded from FY2024_0b4fa036 · data update
2. FY2023 NewThe operating margin for fiscal 2023 was 15.3%, 1.0 percentage points lower than a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2022 NewThe operating margin for fiscal 2022 was 16.4%, 6.1 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2024 was 5.2%, against 7.9% a year earlier.
Strengthenedin FY2024 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual report 2024-12, Annual report 2023-12
History of this finding, 4 records
1. FY2024 StrengthenedReturn on equity for fiscal 2024 was 5.2%, against 7.9% a year earlier.Recorded from FY2024_0b4fa036 · data update
2. FY2023 NewReturn on equity for fiscal 2023 was 7.9%, against 8.0% a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. FY2022 NewReturn on equity for fiscal 2022 was 8.0%, against 4.9% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2024 was Rp547.2 billion, and operating cash flow was 2.6 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Confirmedin FY2024 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2024-12
History of this finding, 5 records
1. FY2024 ConfirmedFree cash flow for fiscal 2024 was Rp547.2 billion, and operating cash flow was 2.6 times net income attributable to the company.Recorded from FY2024_a5d51c5e · wording
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was Rp547.2 billion, and operating cash flow was 2.6 times net income attributable to the company.Recorded from FY2024_0b4fa036 · data update
3. FY2023 NewFree cash flow for fiscal 2023 was Rp362.6 billion, and operating cash flow was 1.9 times net income attributable to the company.Reconstructed · data update
4. FY2023 RetiredThe finding changed to positive.Reconstructed · data update
5. FY2022 NewPurchases of property, plant and equipment exceeded operating cash flow by Rp26.1 billion in fiscal 2022.Reconstructed · initial
Cash and short-term investments exceeded total debt by Rp411.5 billion at 31 December 2024.
Weakenedin FY2024 · stated since FY2022
Rule: Net debt or net cash · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 WeakenedCash and short-term investments exceeded total debt by Rp411.5 billion at 31 December 2024.Recorded from FY2024_7c79ea83 · correction
2. FY2024 StrengthenedCash and short-term investments exceeded total debt by Rp1.08 trillion at 31 December 2024.Recorded from FY2024_0b4fa036 · data update
3. FY2023 StrengthenedCash and short-term investments exceeded total debt by Rp607.0 billion at 31 December 2023.Reconstructed · data update
4. FY2022 NewCash and short-term investments exceeded total debt by Rp257.0 billion at 31 December 2022.Reconstructed · initial

Records before FY2024 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 28 October 2026: Annalist left out the syndicated loan that the statements of ASDP print below the headings of the portions of long-term debt. Long-term debt at 31 December 2024 was Rp449.4 billion against Rp1,080.3 billion, and current debt Rp287.3 billion against Rp321.6 billion. Records 6, 7, 10, 20, 21, 24, 33, 34 and 37 cite figures that the correction changed. Records 39 to 41 state the corrected findings, among them net cash of Rp411.5 billion at 31 December 2024. Correction of 28 October 2026: Annalist did not capture the depreciation and amortisation of ASDP for 2023 and 2024, which the notes on its fixed assets, right-of-use assets and intangible assets give for each class and its notes on costs give again. Record 41 cites a Beneish M-score that the correction changed. Records 42 to 44 state the findings that the corrected figures give, among them lease-adjusted debt of 1.3 times adjusted EBITDA for fiscal 2024; record 42 is reconstructed from the corrected snapshot.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents4 documents, latest Annual report for the year to 31 December 2024List

DownloadsExcel workbook · JSON

SnapshotFY2024_a5d51c5e

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, rupiah

Operating Profit

By fiscal year, rupiah

Profit Attributable to Owners of the Parent

By fiscal year, rupiah

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, rupiah

Net Debt

Total debt less cash and short-term investments, at fiscal year end, rupiah

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2024

Annual report for the year to 31 December 2024. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.31x, FFO to debt 55.8% · FY2024

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.3 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 55.8% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2024 · stated since FY20231.31x from 1.26x in FY2023
Rule: Debt against the S&P benchmark bands · Sources Annual report 2024-12
History of this finding, 2 records
1. FY2024 ConfirmedLease-adjusted debt was 1.3 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 55.8% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Recorded from FY2024_a5d51c5e · correction
2. FY2023 NewLease-adjusted debt was 1.3 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 59.4% of that debt. Debt to EBITDA is within the minimal band of the S&P standard volatility table and FFO to debt within the modest band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2024

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 1.3 years of adjusted EBITDA; a year of funds from operations equals 55.8% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	1.31xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	55.8%45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added	n/a	n/a	n/a
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities	n/a	n/a	n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	n/a	n/a	n/a	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	n/a	n/a	n/a	modest	modest
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA	n/a	n/a	n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)	n/a	n/a	n/a		n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities	n/a	n/a	n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities	n/a	n/a	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Borrowings	Rp503bn	Rp483bn	Rp1.49tn	Rp1.52tn	Rp1.40tn
Lease liabilities	Rp142bn	Rp108bn	Rp75.2bn	Rp47.9bn	Rp23.0bn
Borrowings and lease liabilities presented as one line	Rp0	Rp0	Rp0	Rp0	Rp0
Lease-adjusted debt	Rp645bn	Rp592bn	Rp1.57tn	Rp1.56tn	Rp1.42tn
EBIT	n/a	n/a	n/a	Rp754bn	Rp510bn
Depreciation and amortisation, with the impairment reported with them	n/a	n/a	n/a	Rp483bn	Rp579bn
Share-based payments	n/a	n/a	n/a	Rp0	Rp0
Adjusted EBITDA	n/a	n/a	n/a	Rp1.24tn	Rp1.09tn
Cash interest	n/a	n/a	n/a	−Rp140bn	−Rp115bn
Cash taxes	n/a	n/a	n/a	−Rp168bn	−Rp178bn
Funds from operations	n/a	n/a	n/a	Rp930bn	Rp795bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 3.06x, Debt due within 12 months Rp336bn · FY2024

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2024 equalled 3.1 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin FY2024 · stated since FY20223.06x from 2.23x in FY2023
Rule: Liquidity cover · Sources Annual report 2024-12
History of this finding, 4 records
1. FY2024 ConfirmedCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2024_7c79ea83 · correction
2. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 3.2 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2024_0b4fa036 · data update
3. FY2023 ConfirmedCash, short-term investments and operating cash flow for fiscal 2023 equalled 2.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. FY2022 NewCash, short-term investments and operating cash flow for fiscal 2022 equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2024

Sources	Amount
Cash and short-term investments	Rp1.84tn
Operating cash flow	Rp1.16tn
Sources	Rp3.00tn

Uses	Amount
Debt due within 12 months	Rp336bn
Capital expenditure	Rp614bn
Dividends paid	Rp30.7bn
Uses	Rp980bn

Liquidity cover 3.06x

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.4%, Operating cash flow to EBITDA 1.07x · FY2024

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2024 · stated since FY2022−6.4% from −5.0% in FY2023
Rule: Cash backing of earnings · Sources Annual report 2024-12
History of this finding, 3 records
1. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Recorded from FY2024_0b4fa036 · data update
2. FY2023 StrengthenedOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 5.0% of average total assets.Reconstructed · data update
3. FY2022 NewOperating cash flow for fiscal 2022 exceeded net income attributable to the company by an amount equal to 2.5% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a	n/a	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a	n/a	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 5.19, Beneish −2.85 · Piotroski 6 of 9 · FY2024

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2024 was 5.19, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2024 · stated since FY20225.19 from 4.97 in FY2023
Rule: Altman Z'' zone · Sources Annual report 2024-12
History of this finding, 3 records
1. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 5.19, above the safe threshold of 2.60.Recorded from FY2024_0b4fa036 · data update
2. FY2023 ConfirmedThe Altman Z'' score for fiscal 2023 was 4.97, above the safe threshold of 2.60.Reconstructed · data update
3. FY2022 NewThe Altman Z'' score for fiscal 2022 was 4.76, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2024 was minus 2.85, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2024 · stated since FY2022−2.85 from −2.58 in FY2023
Rule: Beneish M-score against its threshold · Sources Annual report 2024-12
History of this finding, 5 records
1. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.85, below the model threshold of minus 1.78.Recorded from FY2024_a5d51c5e · correction
2. FY2024 ConfirmedThe Beneish M-score for fiscal 2024 was minus 2.84, below the model threshold of minus 1.78.Recorded from FY2024_7c79ea83 · correction
3. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.84, below the model threshold of minus 1.78.Recorded from FY2024_0b4fa036 · data update
4. FY2023 WeakenedThe Beneish M-score for fiscal 2023 was minus 2.58, below the model threshold of minus 1.78.Reconstructed · data update
5. FY2022 NewThe Beneish M-score for fiscal 2022 was minus 3.00, below the model threshold of minus 1.78.Reconstructed · initial
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.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2024 · stated since FY20236.00 from 6.00 in FY2023
Rule: Piotroski F-score · Sources Annual report 2023-12, Annual report 2024-12
History of this finding, 4 records
1. FY2024 ConfirmedThe 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.Recorded from FY2024_0b4fa036 · data update
2. FY2023 NewThe Piotroski F-score for fiscal 2023 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2023 RetiredThe finding changed to a middle score.Reconstructed · data update
4. FY2022 NewThe Piotroski F-score for fiscal 2022 was 7 of 9. The 2 signals not met were long-term debt to assets lower than a year earlier and current ratio higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	n/a	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a	n/a

Altman Z'' Score

fiscal 2024

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

5.19Safe zone, above 2.60

The score of 5.19 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 3.54.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.073	6.560	0.480
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.267	3.260	0.870
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.045	6.720	0.301
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	3.368	1.050	3.537
Score			5.187

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2024

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.85Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.85 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.849	0.920	0.781
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.065	0.528	0.562
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.029	0.404	0.416
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.020	0.892	0.910
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.852	0.115	0.098
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.063	4.679	−0.296
Leverage indexDebt against total assets, against a year earlier.	0.957	−0.327	−0.313
Score			−2.854

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2024

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.13 means a probability of a misstatement 0.13 times the average rate in the Dechow sample: 0.05% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.006	0.790	0.005
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.000	2.518	−0.001
Change in inventories / average total assetsThe growth of stock against average assets.	0.003	1.191	0.004
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.126	1.979	0.250
Change in cash salesThe growth of sales collected in cash.	0.022	0.171	0.004
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.019	−0.932	0.018
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−7.614
Probability of a misstatement			0.05%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2024

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2024	FY2023
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2024	17 Apr 2025, the date on which the board approved the statements	AR:asdp-2024-12-31	2f4007dec2b1
Annual report for the year to 31 December 2023	28 Feb 2024, the date on which the board approved the statements	AR:asdp-2023-12-31	90dd6d33b041
Annual report for the year to 31 December 2022	28 Apr 2023, the date on which the board approved the statements	AR:asdp-2022-12-31	98f0672c70dc
Annual report for the year to 31 December 2021	1 Mar 2022, the date on which the board approved the statements	AR:asdp-2021-12-31	22309411b1ca

Checks

363363 checks, all passed

Statement arithmetic236 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Statements and notes2 passedWhere the statement of cash flows gives no depreciation and amortisation, the amount comes from the statement of profit or loss, a note on expenses by nature or the note on segments. Where the report gives it twice, both amounts agree; an amount that the report gives twice in disagreement is withheld. Where the report gives none of these, the amount is the sum of the charges that the notes on each class of assets state, used only where the notes on costs give the same sum and every class of assets on the balance sheet has its charge. Checked at warning level.

Fiscal calendar9 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity5 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit5 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Agreement between annual reports104 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	184
Confirmed by other figures	65.2%, 120 values
Confirmed by a second document	56.5%, 104 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	4
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT ASDP Indonesia Ferry (Persero), snapshot asdp/FY2024_a5d51c5e (as of FY2024); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2024_a5d51c5e · dataset SHA-256 a5d51c5e5d39c19923310f8bf7316e353d038038355e991e5dbd58c1e378d8b7 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json