ANALISIS KINERJA KEUANGAN PT KIMIA FARMA TBK MENGGUNAKAN METODE ECONOMIC VALUE ADDED PERIODE 2016-2019

  • Abdul Sumarlin Sekolah Tinggi Ilmu Ekonomi YPUP Makassar
Keywords: EVA, Financial Performance

Abstract

PT Kimia Farma Tbk's NOPAT (Net Operating After Tax) value deteriorated from 2017 to 2019. NOPAT is an operating profit after deducting tax which is a return on the total invested capital. So that NOPAT is the best indicator in assessing cash-generating posts, and if a company has a low NOPAT value, the company's EVA (Economic Value Added) value will also be low and vice versa. This study aims to determine the financial performance of the pharmaceutical company PT Kimia Farma Tbk (Persero) which is listed on the Indonesia Stock Exchange (BEI) with the EVA approach from 2016-2019.

This type of research used descriptive quantitative. The data analysis method used is documentation by applying the Economic Value Added (EVA) formula to the financial statements of PT Kimia Farma Tbk during the research period from 2016 to 2019.

The results show the calculation of the EVA of PT Kimia Farma Tbk for the period 2016 and 2017 has a positive value or EVA> 0, which means that PT Kimia Farma Tbk is able to create economic added value, because the net profit earned by the company is greater when compared to the cost of capital used. However, in the 2018 and 2019 periods it has a negative value or EVA <0, which means that PT Kimia Farma Tbk is unable to create added economic value, because the company's total capital is greater than the operating profit after tax it receives, so it can be concluded that in 2018-2019 the company's performance not good. As input for PT Kimia Farma Tbk, it is better if you minimize the use of your own capital so that taxes borne by the company can be reduced and you can balance your own capital with loan capital so that the average WACC will get stable results.

References

Arifin, I. Z, & Marlius. D. (2017). Analisis Kinerja Keuangan PT Pegadaian Cabang Ulak Karang

Brigham & Houston, J.F. (2009). Manajemen Keuangan. Jakarta: Salemba Empat.

Brigham & Houston, J.F. (2012). Dasar-dasar Manajemen Keuangan. Jakarta: Erlangga

Budipryitno. B. (2014). Analisis Kinerja Keuangan Dengan Menggunakan Metode Economic Value Added (EVA) dan Market Value Added (MVA) pada Industri Telekomunikasi (Studi Pada PT Telekomunikasi Indonesia Tbk dan PT Indosat Tbk Tahun 2011-2013), 1-23.

Chandra, R. Mangantar, M. & Oroh, S. G. (2016). Analisis Kinerja Keuangan PT Bank Syariah Mandiri dan PT Bank Mandiri Tbk Dengan Menggunakan Metode Camel, Berkala ilmiah Efisiensi, 429-435.

Faisal, A. Samben. R. & Pattisahusiwa, S, (2017). Analisis Kinerja Keuangan. Kinerja keuangan, 6-15.

Firdaus. R. M, Rahardian, D. & Dewi, A.S. (2017)

Imam Ghozali. 2011, Aplikasi Analisis Multivariance dengan Program IMB SPSS 19, Semarang, UNDIP

ICMD 2016-2019, Bursa Efek Indonesia, 2020, Laporan Keuangan dan Tahunan Perusahaan PT Kimia Farma (Persero) Tbk. https://www.idx.co.id/

Kasmir, (2016). Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada.

Lelly Yuni Syahlina, (2013). Analisis Kinerja Keuangan Perusahaan dengan Menggunakan Pendekatan Economic Value Added dan Market Value Added Pada Perusahaan Tambang yang Listing di Bursa Efek Indonesia, Ejournal

Admnistrasi Bisnis, Vol 1, No 2 Hal 114-125 M. Hanafi. D. M. (2017). Manajemen Keuangan Manik OA, Pengaruh EVA dan MVA terhadap harga saham Studi Empiris Pada Perusahaan Kelompok Indeks LQ 45 di Bursa Efek Indonesia periode 2012-2016, Yogyakarta, Universitas Sanata Dharma.

Rudianto. (2013). Akuntansi Manajemen. Jakarta: Erlangga.

Sitorus. 2010. Analisis EVA dan MVA terhadap harga saham perusahaan Makanan dan Minuman yang Go Publik. Surabaya; Unviversitas Kristen Petra

Syarief, Wirjulukito (2004) Pengaruh Eonomic Value Added dan faktor lainnya terhadap harga pasar saham ; Jakarta, Erlangga

V Wiratna Sujarweni. 2014, SPSS untuk Penelitian; Yogyakarta. Pustaka Baru Press

Winata, V, S, Yuniarta, G. A, &Sinarwati, N. K. (2016). Penggunaan Analisis Kinerja Keuangan Perusahaan Dengan Pendekatan Economic Value Added (EVA) dan Market Value Added (MVA) Pada Perusahaan Manufaktur Yang Go Public Di Bursa Efek Indonesia Tahun 2012-2015. E-Journal S1 Ak Universitas Pendidikan Ganesha.

Wilyanti R. Analisis Kinerja Keuangan Pada PT Indosat Tbk Menggunakan Metode Economic Value Added (EVA) dan Market Value Added (MVA) Periode 2015-2018. STIE Indonesia Banjarmasin

Published
2020-12-31
How to Cite
Sumarlin, A. (2020). ANALISIS KINERJA KEUANGAN PT KIMIA FARMA TBK MENGGUNAKAN METODE ECONOMIC VALUE ADDED PERIODE 2016-2019. AkMen JURNAL ILMIAH, 17(4), 652-664. https://doi.org/10.37476/akmen.v17i4.1180