116 Chapter V Conclusion and Recommendation V.1 Conclusion This chapter summarizes and concludes the findings of the study, addressing the research objectives defined at the beginning of this thesis and by systematically employing quantitative financial models and qualitative financial disclosure analysis, the research provides a comprehensive understanding of PT Unilever Indonesia Tbk’s (UNVR) financial condition during the period 2020–2024 to contextualize and benchmark UNVR’s financial performance within the industry, comparative analyses were conducted with peer FMCG companies, specifically PT Mayora Indah Tbk and PT Indofood CBP Sukses Makmur Tbk also the results are presented sequentially, aligned directly with the previously defined research questions. 1. What is the potential risk of bankruptcy faced by Unilever during the period 2020–2024. The analysis using the Altman Z-Score indicated that Unilever consistently remained in the safe zone (Z-Score > 2.99) throughout the period, implying a low risk of bankruptcy, however, despite the safe classification, the Z-Score trend for UNVR showed a gradual decline over the years, raising concerns about its future financial stability, comparison with Mayora and Indofood maintained relatively stable or improving Z-Scores within the safe zone, highlighting that the downward trajectory observed for Unilever is particularly concerning and warrants careful monitoring. 2. Can any manipulations be identified in Unilever’s financial statements for the period 2020–2024. The Beneish M-Score calculation results consistently indicated values below the critical threshold of -2.22 for Unilever, indicating no detectable earnings manipulation, similar results were also found for Mayora and Indofood, as their financial reports equally demonstrated no significant indication of manipulation, Unilever alongside Mayora and Indofood, showed transparency 117 and reliability in financial reporting without indications of earnings manipulation. 3. What is the overall financial health quality of Unilever based on its fundamental financial performance during the period 2020–2024. The Piotroski F-Score analysis revealed that Unilever maintained a stable to strong financial health quality (scores ranging from 5 to 7), reflecting reasonable profitability, adequate liquidity, and operational efficiency, when compared to industry peers such as Mayora and Indofood, which consistently demonstrated higher or improving Piotroski F-Scores (ranging from 7 to 8), Unilever's financial health quality is relatively weaker. 4. What insights can be obtained from Unilever's financial disclosure about internal conditions influencing the company's financial performance during the period 2020–2024. The qualitative analysis of Unilever’s financial disclosures offered critical insights into internal factors significantly affecting the company’s financial performance, Key issues identified include consistently negative working capital throughout 2020–2024, reflecting worsening liquidity concerns driven primarily by increased current liabilities, notably from supplier debts and substantial advertising accruals, high Selling, General, and Administrative Expenses (SG&A), particularly advertising and market research costs, rose significantly by approximately 45% during this period, all of these substantial increases in marketing expenses failed to translate into improved revenues or profitability, indicating inefficient spending and potential misallocation of resources, Unilever faced continuous pressure on profit margins due to persistently high purchasing expenses (Cost of Goods Sold), despite efforts to manage and control production costs, all of these internal financial and operational pressures, clearly documented through financial disclosures, provide critical context for understanding the reasons behind Unilever’s declining financial and market performance, even though quantitative financial indicators appeared stable. 118 V.2 Implication V.2.1 Practical Implication This research contributes to academic literature by enriching financial health assessments within the context of the FMCG industry, particularly through comprehensive approaches combining quantitative financial indicators and qualitative financial disclosure analysis also it aligns with and strengthens existing studies by highlighting the limitations of solely relying on quantitative financial models and emphasizing the necessity of including qualitative disclosures to gain deeper insights into internal financial pressures and conditions, this research serves as a valuable reference for future academic studies focused on comprehensive financial health assessment methodologies within the FMCG sector, encouraging researchers to consider multidimensional analytical frameworks. V.2.2 Managerial Implication The findings of this study highlight the importance for FMCG companies, especially PT Unilever Indonesia Tbk (UNVR), to proactively implement strong financial management strategies that address internal financial challenges, including effective cost management, improved financial transparency, and enhanced corporate governance practices, and this research underlines that FMCG companies should adopt a more proactive approach in disclosing detailed internal conditions and financial information, thus improving investor confidence and market perceptions, the findings suggest practical implications for policymakers and regulators to strengthen financial reporting standards and encourage greater transparency in corporate financial disclosures to benefit investors and stakeholders. V.3 Recommendation V.3.1 For Companies Companies in the FMCG industry, should prioritize enhancing cost management efficiency, financial transparency, and proactive financial forecasting, strengthening corporate governance mechanisms and clearly communicating 119 internal financial strategies to stakeholders is crucial to mitigate the negative impacts of both internal operational inefficiencies and external political or economic pressures, regular benchmarking against industry peers is also recommended to continually assess and improve overall financial performance, ensuring that strategic responses align closely with market expectations and internal financial realities. V.3.2 For Investors Investors are recommended to adopt a multidimensional analysis approach beyond traditional quantitative metrics. investors should consider comprehensive evaluations, including qualitative disclosures, governance practices, and market sentiment, alongside standard financial indicators, to facilitate more informed investment decisions, financial disclosures and additional qualitative information can provide investors deeper insights into the company's internal pressures and strategic responses, allowing better assessment of potential risks and long-term value creation. V.3.3 For Future Research Future studies should extend the research timeframe beyond 2024 to provide a broader perspective on financial performance cycles and capture longer-term trends and effects also subsequent research could integrate additional qualitative dimensions, such as in-depth analysis of corporate governance practices, strategic management responses, and comprehensive evaluations of macroeconomic and industry-specific risk factors, Expanding the research scope by including comparative analyses with other FMCG companies domestically and internationally may enhance the generalizability of the findings and provide richer insights into industry-wide financial and operational practices..