ANALISA PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH MERGER DENGAN MENGGUNAKAN METODE FINANCIAL VALUE ADDED (FVA)

RAKHMI INDAH HERDINI

Abstract


Abstract :The purpose of this research is to find out whether there is any different of the financial performance before and after the merger of PT Bentoel Internasional Investama Tbk with using metode financial value added (FVA). The result proved that there was no difference with the financial performance before and after merger using Financial Value Added (FVA) caused by a decrease in the average value of NOPAT and increased depreciation value and the average value of Equivalent Depreciation after a merger. In addition, the increase in raw material prices and declining sales in 2012, making the average value of FVA after the merger becomes smaller than before the merger. This shows that the company has not been able to create the maximum contribution of fixed assets. So it can not obtain the maximum benefit for the company and the investors. By decreasing the value of FVA after the merger, the company did not get the synergies of merger is done. It also means that the purpose of the merger of PT Bentoel International Investama cigarette is to strengthen the business can not be achieved .


Keywords: financial performance, merger,and  FVA.


Full Text: PDF

Refbacks

  • There are currently no refbacks.