ANALISIS KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUSISI PADA PT SEMEN INDONESIA Tbk.

Abstract

A company should be able to develop an expansion strategy or growth, one of them is to do the acquisition activity. The acquisition is taking over activity/stock stakeholders from other companies, both half or overall so that those companies have rights and control over the acquisition company. This research aimed to measure the success of those activity through financial performance analysis at PT Semen Indonesia Tbk. before and after the acquisition to the PT Holcim Indonesia Tbk. with parametric measurement of Independent Sample T-Test and non-parametric measurement of Mann Whitney Test on the 7 variables of financial ratio included Return on Assets (ROA), Return on Equity (ROE), Current Ratio (CR), Debt to Assets Ratio (DAR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO), and Earning per Share (EPS). The data type of this research used secondary data in a financial statement at PT Semen Indonesia Tbk. Furthermore, the periods of 9 quartal before acquisition starts from Q4 2016 until Q4 2018 and 9 quartal after acquisition began from Q2 2019 so that by Q2 2021, it will be obtained from Indonesia Stock Exchange Investment Gallery (GIBEI) STIESIA Surabaya. The research result showed that the company had a significant change in the financial performance as measured by ROA, CR, DAR, and DER. Nevertheless, measured from ROE, TATO, and EPS, the company’s financial performance did not experience any significant changes.
Keywords: Acquisition, financial statement, financial performance, parametric test, non-parametric test.