KINERJA BUMN SEMEN GO PUBLIC PASCA PERUBAHAN STRATEGIC INVESTOR

Ginarko Isnubroto, Prof. Dr. Indra Wijaya Kusuma, MBA

2012 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan untuk membandingkan kinerja PT Semen Gresik (Persero) Tbk. sebelum (2006-2009) dan setelah (2010) keluarnya strategic investor, Blue Valley Holdings PTE Ltd., anak perusahaan Rajawali Corporation. Kinerja yang dibandingkan adalah kinerja keuangan meliputi value added (EVA, MVA, EV, dan P/E), profitabilitas (ROIC, EBITDA, dan ROE), likuiditas (current ratio), solvabilitas (debt ratio), dan efisiensi (ACP, perputaran persediaan, dan perputaran aktiva tetap) serta kinerja non keuangan yakni kinerja produksi (utilisasi peralatan produksi) dan pemasaran (market share). Metoda penelitian dalam membandingkan kinerja perseroan dilakukan dari dua sisi pandang. Pertama secara internal, membandingkan kinerja perseroan pada periode selama adanya strategic investor dibandingkan dengan periode setelah keluarnya strategic investor dari perseroan. Kedua secara eksternal, membandingkan kinerja perseroan dengan kinerja perusahaan semen pesaing yang sepadan baik pada periode selama adanya strategic investor maupun pada periode setelah keluarnya strategic investor dari perseroan. Langkah berikutnya melakukan analisis lingkungan bisnis perseroan yang meliputi perpajakan, dan strategi bisnis perseroan. Hasil penelitian menunjukkan bahwa sebagian besar dari kinerja perseroan yang diukur dan dihitung mengalami kenaikan selama periode adanya strategic investor. Setelah keluarnya strategic investor sebagian besar dari kinerja perseroan yang diukur dan dihitung mengalami penurunan meskipun kinerja industri mengalami peningkatan. Pertumbuhan profit margin perseroan tahun 2010 hampir setengahnya karena adanya tax savings akibat perubahan peraturan perpajakan. Perseroan seharusnya mengimplementasikan strategi korporasi yang memisahkan dengan jelas antara fungsi holding company dengan fungsi operating company setelah keluarnya strategic investor.

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.

Kata Kunci : strategic investor, kinerja keuangan, value added, profitabilitas, likuiditas, solvabilitas, efisiensi, kinerja non keuangan, utilisasi, market share, tax savings, strategi korporasi