FINANCIAL PERFORMANCE ANALYSIS THROUGH VALUE BASED MEASUREMENT IN INTEGRATED POULTRY COMPANIES IN INDONESIA FROM 2014 – 2018

• Main Author: Yudina, Dita
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/42641
• Institution: Institut Teknologi Bandung

Integrated Poultry Business comprises of poultry feed and poultry farming, such as poultry breeder, day-old chickens, broilers, and chicken processing. Indonesia’s commercial poultry sector has grown significantly since the early 1980s. However, in 2017 the poultry feed sector in Indonesia was not stable enough because of the rising price of corn. During 2017, the Indonesian government also issued regulations to control day old chickens (DOC) Final Stock and Parent Stock availability. The government continues to organize the broiler sector, which in the last few years suffered a supply and demand imbalance, causing sharp price fluctuations. These government policies will affect the performance of companies in integrated poultry business. There are four big companies in integrated poultry business in Indonesia, which are PT Charoen Pokphand Indonesia Tbk (CPIN), PT Japfa Comfeed Indonesia Tbk (JPFA), PT Malindo Feedmill Tbk (MAIN), and PT Sierad Produce Tbk (SIPD). In order to the competition among them, calculate their financial performance is needed to determine the best-integrated poultry company. Therefore, this research aims to assessed the financial performance through value-based measurements, which are economic value added (EVA), market value added (MVA), and cash value added (CVA) in four companies in integrated poultry business in Indonesia from 2014 to 2018. The result shows that EVA in four companies is fluctuated year by year. However, if averaged, CPIN have the highest value of EVA each year compared to the others companies. While in terms of MVA and CVA, CPIN also become a leading company that can always create added value every year.