KINERJA BUMN SEMEN GO PUBLIC PASCA PERUBAHAN STRATEGIC INVESTOR

• Main Authors: , Ginarko Isnubroto, , Prof. Dr. Indra Wijaya Kusuma, MBA
• Format: Theses and Dissertations NonPeerReviewed
• Published: [Yogyakarta] : Universitas Gadjah Mada 2012
• Subjects: ETD
• Online Access: https://repository.ugm.ac.id/98853/; http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54984
• Institution: Universitas Gadjah Mada

This study aims to compare the performance of PT Semen Gresik (Persero) Tbk. before (2006-2009) and after (2010) the discharge of strategic investor, Blue Valley Holdings PTE Ltd., a subsidiary of Rajawali Corporation. The performance being compared is the financial performance including the value added (EVA, MVA, EV, and P/E), profitability (ROIC, EBITDA, and ROE), liquidity (current ratio), solvability (debt ratio), and efficiency (ACP, inventory turnover and fixed assets turnover) as well as non-financial performance, which is the performance of production (production equipment utilization) and marketing (market share). The research method in comparing the company performance is carried out in two perspectives (point of view). First, internally, comparing the performance of the company during the presence of strategic investor and after the discharge of the strategic investor. Second, externally, by comparing the company�s performance with the performance of the cement company�s competitor during the period of presence of the strategic investor as well as during the period after the discharge of the strategic investor. The next step is conducting the company's business environment analysis covering taxation, and its business strategy. The result shows that the most of the company�s performance measured and calculated had an increase during the period of presence of the strategic investor. After the discharge of the strategic investor, most of the company's performance being measured and calculated had a decrease despite of increased industry performance. In the growth of the company's profit margin in 2010, almost half is due to the tax savings resulting from changes in tax regulation. Furthermore, the company is supposed to implement corporate strategies that separate clearly between holding company functions with the function of the operating company after the discharge of the strategic investor.