IMPLEMENTASI SYSTEM DISTRIBUTOR FINANCING (DF) DALAM MENYUSUN PROJECTED CASH FLOW DI PT SEMEN TONASA = IMPLEMENTATION OF DISTRIBUTOR FINANCING (DF) SYSTEM IN PREPARING PROJECTED CASH FLOW AT PT SEMEN TONASA

PT. Semen Tonasa faces tight competition in the cement industry by implementing a marketing strategy that focuses on segmentation, determining target markets, and product development. Evaluation shows that this strategy is effective in increasing market share and competitiveness. The combination of the Distributor Financing program and the right marketing strategy helps the company optimize its position in the market and face business challenges. This study aims to: 1) determine the right strategy in maximizing the benefits and minimizing the risks of implementing the DF system on PT Semen Tonasa's cash flow; 2) determine how to determine the ideal amount of funding through the DF system to maximize PT Semen Tonasa's cash flow projection. This study uses quantitative research and descriptive statistics. The object of this study is the Cash Flow Projection with the implementation of the distributor financing (DF) system at PT Semen Tonasa. At the same time, the subjects in this study are informants taken from the PT—Semen Tonasa environment. Informants were selected using purposive sampling techniques. Data collection techniques used in this study include interviews, questionnaires, observations, and documentation. Data organization and analysis techniques consist of data collection, processing, analysis, interpretation of results, and data reporting. The study's results indicate that: 1) The implementation of the distributor financing system at PT Semen Tonasa has succeeded in increasing the efficiency of receivables management, as reflected in the improvement in RTO and the decrease in ACP in the last three years. However, 2023 presents challenges with a reduction in the collection ratio to 14% and an increase in arrears to 86%, although receivables turnover remains efficient; 2) Funding through distributor financing has succeeded in improving the financial performance of PT. Semen Tonasa in 2023, with an increase in ROA, ROE, and NPM. This reflects the efficiency of asset, equity, and cost management while demonstrating the companys ability to adapt and increase profitability despite operational challenges.

Keyword : Distributor Financing, Cash Flow, PT. Semen Tonasa