ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PT KALBE FARMA Tbk

Abstract

Acquisition is the takeover of ownership or control of the stock or the assets of other companies, either
partial or total in which both companies are still exist as separate legal entities. This research is meant
to find out the difference of financial performance before and after the acquisition at PT Kalbe Farma
Tbk.This research does not use sample because the data come from one company which is PT Kalbe
Farma Tbk in the form of financial statement in 2010-2014 periods and it has been published in
Indonesia Stock Exchange (http://www.idx.co.id). Meanwhile, the data analysis technique has been
done by using financial ratio analysis which consists of current ratio, quick ratio, debt to equity ratio,
return on equity, total asset turn over, and industrial ratio analysis and trend analysis.Based on the
financial ratio analysis and trend analysis there are two ratios which experience significant changes
i.e.: current ratio and total asset turnover, it indicates that financial performance after the acquisition
has experienced decline. Meanwhile, based on the industrial ratio analysis there are some ratios that
have not met the standards i.e.debt to equity ratio, return on investment, return on equity and total
asset turnover which show that the financial performance of PT Kalbe Farma Tbk is stated not quite
good.

Keywords: Acquisition, Financial Statement,Financial Performance.