ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PT ALAM SUTERA REALTY

Abstract

The purpose of this research to find out the difference of financial performance before and after the acquisition at
company. The data in this research is financial performance which consists of consolidated balance sheet and
profit and loss statement of three years before the acquisition after the acquisition. Meanwhile, data analysis of
this research has been done by using paired t-test with SPSS 20 program. The result of this research shows that
there are 2 financial statements which have significant differences i.e. debt to asset ratio and debt to equity ratio.
meanwhile, the other 7 financial ratios which do not have any significant difference i.e. current ratio, quick ratio,
total assets turnover, fix assets turnover, profit margin, return on investment, and return on equity. This
research that the decrease of the financial performance of company after the acquisition has experienced the
decrease of financial condition, it shows that the primary motive of the company in conducting acquisition is not
an economic motive, on the contrary the company conduct non-economic motive. Moreover, this acquisition
cannot be seen in a short term because due to improve the financial performance of the company it requires time
to achieve synergy with the acquired company.

Keywords: financial statement, financial performance, financial ratio, acquisition.