Analisis PT. Indonesia Asahan Aluminium (PERSERO) Sebelum dan Sesudah Pembentukan Holding Industri Pertambangan terhadap Rasio Aktivitas dan Economic Value Added

Abstract

The government has formed a holding of state-owned companies, one of which is PT Indonesia Asahan Aluminum (Persero). The purpose of forming a holding is to synergize certain businesses so that can achieve optimal profits. But on the contrary, the financial performance of the company's Return on Assets decreased. This study aims to find out how performance of assets and company efficiency so the companies can run more efficiently and effectively in business. The variables used in this research are the activity ratio which consists of fixed assets turnover rate, total assets turnover rate, inventory turnover rate, accounts receivable turnover rate, and working capital turnover rate, and examine economic value added. Based on this study, it appears that the activity ratio before and after holding, fixed assets turnover rate and total assets turnover rate decreased significantly. Economic value added and inventory turnover rate do not significantly but tend to decrease. Accounts receivable turnover rate is not significant and tends to increase, while working capital turnover rate is not significantly and tends to be stable.