Analisis Strategi Integrasi Vertikal PT. Central Proteinaprima Tbk. Pasca Akuisisi terhadap Aktiva Tetap Grup Dipasena

Tambunan, Porman, Bambang Riyanto LS, Dr., M.B.A.

2008 | Tesis | S2 Magister Management

Dalam usahanya meningkatkan laju pertumbuhan PT. Central Proteinaprima Tbk. atau Perseroan sekaligus menyiasati persaingan global agar dapat tampil sebagai perusahan produsen udang terbesar di dunia, berbagai strategi bisnis berupa restrukturisasi dan akuisisi maupun strategi bisnis lainnya telah diterapkan oleh Perseroan dengan tujuan agar lebih fokus pada usaha aquaculture udang. Salah satunya adalah melakukan ekspansi melalui akuisisi terhadap aktiva tetap Grup Dipasena (perusahaan tambak udang terintegrasi yang terbesar di dunia yang menggunakan pola Tambak Inti Rakyat) senilai AS$189 juta (termasuk utang Grup Dipasena sebesar AS$100 juta). Berdasarkan latar belakang di atas, perumusan masalah dalam penelitian ini adalah: (1) Sejauh mana strategi integrasi vertikal (vertical integration) berupa akuisisi terhadap aktiva tetap Grup Dipasena dapat menciptakan competitive advantage melalui rantai nilai (value chain) khususnya pada tiga buah aktivitas nilai (value activities), yaitu aktivitas nilai Operations yang merupakan bagian dari Primary Activities; serta aktivitas nilai Procurement dan aktivitas nilai Technology Development yang merupakan bagian dari Support Activities. Selain itu diteliti pula manfaat-manfaat lain dari integrasi vertikal (other benefits from vertical integration), seperti kekuatan mempertahankan posisi di pasar maupun kekuatan memasuki pasar pasar. (2) Apakah harga akuisisi terhadap aktiva tetap Grup Dipasena senilai AS$189 juta yang dibayar oleh Perseroan termasuk dalam kategori harga wajar (fair value) Serta, faktor-faktor apa saja yang akan membebani Perseroan di luar faktor biaya (other costs of vertical integration). Pada topik analisis rantai nilai (value chain), diteliti lima jenis cost drivers yang membentuk keunggulan daya saing (competitive advantage) melalui cost advantage yang diperoleh PT. Central Proteinaprima Tbk. pasca akuisisi aktiva tetap Grup Dipasena. Meski terdapat perbedaan penilaian yang signifikan dengan perusahaan penilai akibat perbedaan metode penilaian yang digunakan, penulis berkesimpulan bahwa strategi akusisi tersebut sudah tepat dan diharapkan dapat meningkatkan nilai kekayaan pemegang saham (shareholder's value) di masa mendatang. Kata kunci: vertical integration, competitive advantage, cost advantage, value chain, firm valuation, discounted free cash flow

In pursuing to boost the company's growth, to be exist in the global business competition as well as to be the greatest of shrimp industries over the world, PT. Central Proteinaprima Tbk. has conducted a series of business strategies include restructuring, acquisition and focusing on aquaculture business. The recent expansion of the company is the acquisition of the Dipasena Group's fixed assets-an integrated shrimp producer which adopting plasma system-as worth of USD189 million (including USD100 million of Dipasena Group's debt). Interesting to the mentioned background, this research covers the issues of: (1) How the vertical integration strategy through the acquisition of Dipasena Group's fixed assets can generate a competitive advantage based upon the value chain of the company particularly in three value activities, which are: Operations ( the part of Primary Activities); Procurement, and Technology Development (parts of Support Activities). In addition, this research also notes the other benefits of vertical integration such as defensive market power, and offensive market power. (2) Is the acquisition price of USD189 million fair enough? Finally, this research also points out the costs of vertical integration such as cost increase, and flexibility loss. In the parts of value chain analysis, this research consider five of cost drivers that generate a competitive advantage through cost advantage achievement soon after the acquisition of Dipasena Group's fixed assets. Despite the fact that there is a significant different of valuation result compared to what an independent appraisal company does due to the different method of valuation used, this research concludes that an acquisition is a proper strategy for the company in attempt to increase the shareholder's value in the future. Keywords: vertical integration, competitive advantage, cost advantage, value chain, firm valuation, discounted free cash flow

Kata Kunci : Strategi Integrasi, Integrasi Vertikal, vertical integration, competitive advantage, cost advantage, value chain, firm valuation, discounted free cash flow; Strategi Integrasi; Integrasi Vertikal