Sri Utami


This research forms descriptive qualitative research that describe the condition of research population based numeral calculation or the component inside. The purpose of this research is for knowing financial performance from pharmacy company that listed on BEJ period 2004 until 2006 with use Economic Value Added (EVA) analysis. Company financial performance analysis forms thing that must be observed in investment risk.
EVA analysis is financial performance analysis instrument for knowing the existence of Economic Value Added in a company. EVA is extremely relevant because EVA can measure management performance based on amount of value added that created during certain period. EVA detemined with calculate net profit that explained in percentage or ROI less with Weighted Average Cost of Capital (WACC). WACC is cost of whole capital that cover by debt cost, preferent stock, and cost of capital after multiply with proportion each cost of capital component.
There are certain criteria in determining the company has a good financial performance based on EVA, (1) EVA < 0, show that there is no Economic Value Added or the company that explained has bad performance, in condition like this company disable pay liabilities to investor, (2) EVA > 0, there are Economic Value Added that show the company in good condition and be able to pay liabilities to creditor and investor, (3) EVA=0, show equal position because all profit used to pay liabilities to investor and creditor.
Based on data analysis have as a conclusion during three years PT. Kimia Farma and PT. Pyridam Farma has EVA < 0, has average value 5,45% and -10,27% that?s mean during three years that company have no Economic Value Added. While for PT. Indo Farma and PT. Bristol Myers in two years have EVA < 0, but if looked from average EVA value PT. Bristol has a better performance with positive EVA value. For PT. Darya Varia only in 2006 has EVA < 0, but average EVA value in three years is positive. Basicly all company that become a sample have produce profit every years, but based on data analysis a company that always produce profit not have economic value added yet. A high EVA show that profit produced by company exceed cost of capital. A high EVA can get with increasing profit without add capital, decrease capital consumtion, and do investment on project with high rate of return.


Keyword : Kinerja perusahaan, biaya modal, dan Economic Value Added (EVA). Company Performance, cost of capital, and Economic Value Added (EVA)


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Kinerja perusahaan; biaya modal; Economic Value Added (EVA); Company Performance; cost of capital; and Economic Value Added (EVA)