ANALISIS KINERJA KEUANGAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA DENGAN MENGGUNAKAN METODE EVA , MVA , DAN FVA PERIODE 2017-2019

Winantu Dwi Rahma Putri

Abstract


In 2015 until 2019, the condition of PT. Garuda Indonesia (Persero) Tbk experiences fluctuations
every year. Seen in the 2015 profit of 77,974,161 USD and there was a profit growth of 0%. Profit
in 2016 amounted to 9,364,858 USD and there was a profit growth of 0.88%. Profit for 2017
amounted to (213,389,678) USD and there was a profit growth of -21.79%. Profit in 2018 was
(228,889,524) USD and there was a profit growth of -0.07%. Profit in 2019 amounted to 6,457,765
USD and there was a profit growth of 0.97%. This study aims to analyze the financial performance
of State Own Corporation in the airline sector listed on the Indonesia Stock Exchange during the
study year 2017 to 2019. The research data uses secondary data and data obtained from the
financial statements of PT. Garuda Indonesia (Persero) Tbk using the EVA, MVA and FVA analysis
methods. The results of this study indicate that by using the method: (1) EVA (Economic Value
Added) of PT. Garuda Indonesia (Persero) Tbk in 2017 and 2018 has positive value or EVA> 0
which means that the company's management has succeeded in creating economic added value for
the company. In 2019, it has negative value or EVA <0 which means the company's management is
unable or unsuccessful in creating economic value added for the company; (2) MVA (Market Value
Added) of PT. Garuda Indonesia (Persero) Tbk in 2017 until 2019 has a negative value or MVA <0
which means that the company's management is unable or unable to create market value added; and
(3) FVA (Financial Value Added) of PT. Garuda Indonesia (Persero) Tbk in 2017 until 2019 has a
value of FVA> 0 or positive. It can be concluded that the company's management has been able to
create financial added value for the company.


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