Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value Research.
Financial Performance Analysis Using Economic Value Added (EVA) Method (Case Research at PT. Taman Wisata
Candi Borobudur, Prambanan dan Ratu Boko (Persero))
Fidi Hidayati1); Yacobo P Sijabat2*)
Tidar University Magelang
1*)fidihida28@gmail.com ; 2)yacobo.djabat@untidar.ac.id
* Corresponding author
Received: January 2 ,2022 Accepted: June 9,2022 Published: June 30, 2022
To cite this article: Hidayati, F; Sijabat, YP.(2022). Financial Performance Analysis Using Economic Value Added (EVA) Method (Case Research at PT. Taman Wisata Candi Borobudur, Prambanan dan Ratu Boko (Persero)). The Management Journal Of Binaniaga, 7 (1), 1-12. doi :10.33062/mjb.v7i1.461
Abstract: The purpose behind this research is to investigate the financial performance of PT. Taman Wisata Candi Borobudur, Prambanan dan Ratu Boko (Persero) for the period 2019 and 2020. Exploration information was obtained from documentation using NOPAT inspection tools, capital costs and Monetary Worth Added (EVA) investigations. Where in this review the information used is quantitative information, it is realized that quantitative information is information in the form of numbers. Optional information is information used in this review. Then, later, after testing in this review obtained results showing that the use of the Monetary Value Added (EVA) design during the exploration period can be considered sufficient to provide additional financial benefits to the organization. This is reinforced by the estimation results that have been conducted by the EVA method showing a value > 0 which implies a positive value, where in 2019 the EVA esteem was 150,631. Then, at that time, for 2020 the EVA value was 5,243 out of every million. It can be well explained that organizations related to the recognition of added value are considered quite capable for their investors.
Keywords: Financial Performance; Invested Capital; Capital Charges; Weighted Average Cost of Capital; Economic Value Added (EVA); Net Operating After Tax (NOPAT)
INTRODUCTION
Background
The company was founded has its own goals and objectives. The achievement of these objectives in general is to generate the maximum possible profit, which is supported by the company's financial performance. Financial performance has a very, very important role in relation to the survival of the company. The research of the company's financial performance can be known by analyzing the financial data compiled in the company's financial statements. The information obtained from the results of the analysis of the financial statements of a company can show whether the company is safe with its finances in carrying out its business.
Financial ratios can be used to measure financial performance, but in its application financial ratio analysis has several weaknesses, which in its analysis do not estimate the cost of capital. According to these weaknesses, financial ratio analysis needs to be developed into a modified financial ratio analysis. The method is Economic Value Added (EVA). This method is better known as Economic Value Added or the NITAMI concept in Indonesia. Applying the concept of economic value added in a company will make it more focused on creating value. Economic Value Added (EVA) can also be defined as operating profit after tax where the profit is reduced by the total cost of capital. It is assumed that, if the value of Economic Value Added (EVA) is positive, then the company has realized wealth (Hamed, 2016).
PT. Taman Wisata Candi Borobudur, Prambanan Dan Ratu Boko (Persero) is the object to be studied in this research. The birth of the company depended on the anxieties of public authorities to safeguard and secure a verifiable and social heritage. Indications of this concern are contained in the implementation of social conservation areas, especially cultural heritage by focusing on environmental, social and local aspects, as well as in line with fundamental efforts to support the preservation of social heritage (Ninla Elmawati Falabiba, 2019). The company's articles of association have been amended several times. The last amendment was made through the extraordinary general meeting of shareholders on July 19, 2012, as stated in the decision deed no. 02 dated August 2, 2012 before a legal official, Woro Sutristiassiwi Sriwahyuni, SH. On October 1, 2012, the revision received Warning for Correcting Articles of Relations between the Imams of the Law and Joint Freedom of the Republic of Indonesia No. AHU-50889.AH.01.02.
According to the description above, to achieve and maintain the desired progress of the company's performance, the company's management requires a performance evaluation, especially those related to the company's financial performance, so that the company's efficiency and effectiveness can be known. In relation to this research, the information obtained related to the company's financial growth can be used as material for company decision making where it has the purpose of pushing the company's financial performance towards a better direction. Therefore, in this research the author tries to take into account the Economic Value Added (EVA) method which is estimated to be very objective if applied in the company. In addition to this, in this research the author tries to take into account how the Economic Value Added (EVA) method can define the actual condition of the company by considering aspects of financial performance, where economically financial performance gains added value or vice versa. According to some of these descriptions the authors also found a research gap for this research where there were inconsistencies in the results of previous studies, in Ardiani Ika S's research the results can be concluded that the Economic Value Added (EVA) method is considered more appropriate if used to measure real financial performance (Feranita, 2017 ).
Meanwhile, research conducted by Yustin Nurul Fauziah where the results of the research concluded that the performance of Bank Muamalat during the research period did not increase the economic value and its relation to company stakeholders' performance could not achieve what was expected by company stakeholders (Feranita, 2017). Given the background description, the authors are interested in directing research with the title "Financial Performance Analysis Using Economic Value Added (EVA) Methods, Case Studies at PT. Borobudur, Prambanan and Ratu Boko Temple Tourism Park (Persero)” the author is interested in directing the research with the title “Financial Performance Analysis Using Economic Value Added (EVA) Method, Case Research at PT. Borobudur, Prambanan and Ratu Boko Temple Tourism Park (Persero)” the author is interested in directing the research with the title “Financial Performance Analysis Using Economic Value Added (EVA) Method, Case Research at PT. Taman Wisata Candi Borobudur, Prambanan dan Ratu Boko (Persero)”
LITERATURE REVIEW
Financial Management
Financial management is defined as a basis for how companies manage their various financial indicators. Financial management is the task of corporate leaders who have primary responsibility in relation to making substantial decisions regarding investment and corporate financing. When associated with management principles, effectiveness and efficiency are highly required in conducting activities to collect and use funds for investment and corporate financing purposes. Then the relation with investment activities, financing, and dividend policy is managed by the financial manager.
Financial management is a science and an art, according to Fahmi (2013) in (Dewi,
Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value 2017) financial performance is defined as an analysis to find out how far the company has implemented it according to good and correct methods. If a company implements management functions properly, then all activities can be conducted effectively and efficiently where it relates to various company goals can be achieved optimally and can mean that the company can achieve maximum profit. Various activities of the company's financial management are related to planning, analysis, and control in using and meeting the company's financial needs. The main activities of financial management in a company can be divided into two main activities, namely the use of funds and the collection of funds, both of which are known as the financial function (Faisal et al., 2018).
The important role of financial management in the activities of managing company finances, financial management has demands to carry out its role effectively. Company management in running its business requires a financial performance assessment instrument to assess the company. Estimates of the company's financial performance arise because of the dynamic cycle of management decisions. Performance measurement is a complicated job because it includes the adequacy of the use of capital, effectiveness, and productivity of the company (Dewi, 2017).
Analysis of Financial Statements
Analysis of financial statements after the end of the year is an important task of management and investors. In connection with this analysis, the financial statements compiled in the company's archives are a basis or material in conducting financial statement analysis. Financial statements can be defined as information about the financial condition of a company and can also describe the financial performance of a company (Revelation, 2017a). In essence, financial statements are the result of an accounting process which can communicate data to interested parties. The main purpose of financial statement analysis is to estimate and predict how financial performance will be in the future,
According to Harahap and Trianto et al., (2017) Financial statement analysis is defined as information which is conducted by outlining the items of financial statements.
Financial statement analysis consists of two terms, where the term analysis is a description of the problem which purposes to explain the relationship between the parts of the problems that arise and then obtain the output in the form of a comprehensive explanation. Then with the term financial statements, namely a systematic presentation according to the financial condition and financial performance of a company (Maith, 2013).
According to Harahap (Dewi, 2017) financial statement analysis has several objectives, including the following:
1. Screening, this analysis purposes to determine investment possibilities.
2. Forecasting, the purpose of this forecast is to predict the future financial situation.
3. Diagnostics, the implications of this calculation can take into account the possible risks that arise in the company's internal.
4. Evaluating, the purpose of this analysis is to measure the performance of the company's performance.
Financial Performance
Performance is a very interesting thing in the world of economics and business for leaders and interested parties. According to the definition, the company's financial performance is a description of the activities to realize the company's goals during a certain period Putra et al., (2021). Fundamentally, the concept of performance can be seen from two aspects, namely individual performance and overall (company) performance (Annet, 2014). Financial performance is an achievement obtained by the company's management which is conducted effectively in managing company assets during a certain period. Financial performance is an activity to review and take into account the extent to which the company has implemented it using appropriate financial performance standards. Prastowo quoted by (Maith, 2013) states that financial
performance has several components in it, including the following: Income statement, where these components have a direct relationship with the company's performance.
Where income and expenses are taken into account are items that are directly related to net income.
According to (Wahyu, 2017a) financial performance is a description of the financial condition of a certain period, both regarding parts of a collection of assets and the seizure of assets which are generally estimated with instructions on capital adequacy, liquidity, and profits. Therefore, it is very possible to reason that this research is to see the extent to which an organization has performed financial performance by using financial performance instructions correctly and according to established rules.
Purpose of Assessing Financial Performance
According to its function where financial performance is an assessment of the output produced, it can be used as a reference to consider for investors who are investing their capital to be maintained, increased, or released. According to Sucipto (Dewi, 2017) the objectives of evaluating company performance are as follows:
1. Supervise business activities adequately and productively by increasing employee confidence. When maintaining a business, the board defines the goals to be achieved later and this interaction is called the arrangement.
2. Supervise business activities successfully and effectively by expanding the resolve of representatives. When maintaining a business, the board lays out the goals to be achieved later and this cycle is called setting.
3. Assist in making choices regarding the advancement, transfer and termination of workers. The execution check will provide information that can be used as a reason for making choices that depend on evaluating worker execution.
4. Decide on worker preparation and progress needs and provide guidelines for selecting and assessing a representative preparation plan. In the event that the top administration is not aware of its qualities and shortcomings, it will be difficult for executives to assess and select a representative preparation program that addresses workers' concerns.
5. Provide feedback to workers on how their superiors rate their presentations. In business associations, more significant level supervisors delegate part of their ability to lower-level administrators.
6. Provide a premise for gift delivery. The estimation results can also be used as an instrument to survey the exhibition manager so far whether it has been running well. If they win in achieving a predetermined goal, they are said to have won in achieving the goal for at least one period.
Economic Value Added (EVA)
Financial value added (EVA) (also called residual payments) is the net profit of a business or office after deducting the cost of capital used. Financial value added (EVA) is an organizational performance estimation instrument that measures organizational performance by examining the contrast between return on capital and cost of capital then, at that time, is multiplied by excess capital towards the beginning of the year (normal current year). As pointed out by (Hanifah, 2019) financial value added (EVA) is a monetary administration framework used to measure the financial benefits of an organization, the framework states that benefits must be made if the organization can meet each functional expenditure and capital expenditure.
Financial value added (EVA) is an important part that can be used by organizations that play a role in choosing whether drafted or existing speculations can offer positive assistance to resource investors. According to this description, Financial value added (EVA) is that part of an organization's monetary presentation that considers assumptions for investors and lenders minus employment benefits after annual expenditures and expenses of all capital used by the organization. .public. The use of financial value added (EVA) in the organization will focus more on the formation of organizational esteem which
Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value is one of the advantages of financial value added. Thus, investors can see how much added value has been achieved (Dewi, 2017). According to Brigham and Houston in (Dewi, 2017), EVA is a measure of the real financial profit of an organization in a given year, which is completely different from the net bookkeeping profit, in particular the bookkeeping profit is not reduced on the grounds that the cost of value is determined in the EVA to be given.
It is said that if EVA > 0, it means that the organization's rate of return outweighs the cost of interest of value investors. This implies that the organization creates incentives for investors and if EVA = 0, it implies that the organization is adjusted monetaryly on the grounds that all the work benefits generated are used to fulfill its commitments to financial backers (loan bosses and investors). However, if EVA < 0 implies that the organization's rate of return is insufficient to meet the speculative costs of investors' capital. Thus, the organization does not provide additional incentives for the organization, but eliminates investor self-esteem (dstroy esteem), on the grounds that the profits obtained cannot meet the assumptions for suppliers of capital, especially investors (Wahyu, 2017b).
RESEARCH METHODS
The design in this assessment is an examination of quantitative data. Quantitative assessment is an examination that relies on data as numbers by which data can be determined. The information in this review was obtained from the progress of the association's financial plan reports for the survey. This exploration is directed at the organization PT. Taman Wisata Candi Borobudur, Prambanan and Ratu Boko (Persero) for the period 2019 and 2020. This review uses quantitative information, which in its actual definition is a variety of information as numbers. The creator used an optional source of information. According to (Feranita, 2017) optional information where the information is information in the form of numbers sourced from the main source and the information is a structured set of information. The information obtained in this review is in the form of organizational archives in the form of company budget reports containing data describing the state of the organization. Meanwhile, the information sorting procedure used in this review uses a documentation strategy, where the documentation method is characterized as a method of gathering information by dissecting the structured information contained in the notes. This information is used as the company's fiscal report for the 2019 and 2020 periods. Then literature research is related to completing and completing the data, this information alludes to speculation which is entirely purposeed at obtaining original information and the information has a clear premise and a clear theoretical basis.
Data Analysis Method
The data analysis method purposes to process the collected data. The author uses the economic value added method in analyzing the financial performance of PT. Taman Wisata Candi Borobudur, Prambanan dan Ratu Boko (Persero).
1. Analysis of Net Operating Profit After Tax (NOPAT) is a method to analyze the level of profit in terms of invested capital and investment costs.
2. Weighted cost of capital analysis.
3. Then Analysis of Economic Value Added (EVA).
RESULTS AND DISCUSSION
The results of the analysis of financial performance through the Economic Value Added (EVA) method are as follows:
1. Calculation of the company's Net Operating Results After Tax (NOPAT) for the period 2019 and 2020
The formula that can be used in analyzing financial performance by calculating Net Operating Profit After Tax (NOPAT) is:
Table 4.1
Company's Rate of Return on Investment (NOPAT)
Source: Data processed 2021
According to the data above, the amount of Net Operating Profit After Tax (NOPAT) for the 2019 period is 167,743, while for the 2020 period, it is 68,103.
2. Calculating Invested Capital (IC) for the period 2019 and 2020
The formula that can be used to calculate Invested Capital (IC) is as follows:
The following is the output of the calculation of Invested Capital (IC) Table 4.2
Invested Capital Calculation Results (in million Rupiah)
Year
Total Amount of debt and
Equity
Short-Term Debt
IC
2019 807,243 90,892 716,351
2020 700,878 54,031 646,847
Source: Data processed 2021
According to the results of calculations made from Invested Capital (IC) in table 4.2 for the 2019 period it was 716,351, while for the 2020 period it was 646,847.
3. Calculating the Weighted Average Cost of Capital (WACC)
The basic formula that can be used in calculating the Weighted Average Cost of Capital (WACC) is as follows:
WACC = {(Wd x Rd)(1-T)} + (E x Re).
Calculation of the Weighted Average Cost of Capital (WACC) for the 2019 period using this formula, the results obtained are:
a. Calculating the cost of short-term debt (rd)
b. Calculating the level of capital from debt (D) Year Net profit
After Tax
Net profit
After Tax NOPAT 2019 167,743,000 0 167,743,000 2020 67,937,000 166,000 68,103,000
NOPAT = LabapBersihkSetelahyPajak + BebaniBungap(BiayanBunga)
InvestednCapital = TotaliHutangldan Ekuitas – Hutang
JangkajPendek
Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value
c. Calculating income tax rate (T)
d. Calculating the ratio of capital to asset ownership (E)
e. Calculating the cost of capital rate (re)
Furthermore, to determine the company's Weight Average Cost of Capital (WACC), namely:
= {D x rd (1 – Tax)} + (E x re)
= {12,7% x 0% (1 - 26,23%)} + (87,30% x 22,52%)
= 19,7%
According to these calculations, the results of the 2019 Weight Average Cost of Capital (WACC) were 19.7%.
The interpretation of these results indicates that it is very likely that the company in its financing will use the average cost of debt, the cost of equity capital for the company to carry out its operating activities when needed to return the expected rate of return from its owner.
The following are the results of the calculation of the Weight Average Cost of Capital (WACC) for the company for the 2020 period.
a. Calculating the level of capital from debt (D)
b. Calculating the cost of short-term debt (rd)
c. Calculating the level of capital from equity (E)
d. Calculating the cost of equity level (re)
e. Determining the income tax rate (T)
Determining the Weight Average Cost of Capital (WACC):
= {D x rd (1 – Tax)} + (E x re)
9,12% x (1 - )} + ( x )
97,18%
The result of the calculation of the Weight Average Cost of Capital (WACC) for the 2020 period is 97.18%.
According to the results obtained, the interpretation of these results shows that it is very likely that the company in its financing uses the average cost of debt, the cost of equity to carry out its operational activities, where the company is required to return the rate of return expected by the owners of the company.
Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value 4. Calculating Capital Charges (CC) on the company for the period 2019 and 2020
After the results of the WACC (Weighted Average Cost of Capital) are known, find the value of CC (Expense Capital) by multiplying the result or WACC value with the result of the IC (Invested Capital) value. The formula used for this calculation is:
The results of the calculation of Capital Charges can be seen in the table below.
Table 4.3
Capital Cost Calculation Results for 2019 and 2020 (in million rupiah)
Year WACC IC CC
2019 19.7 716,351 17,112
2020 97.18 646,848 62,860
Source: Data processed 2021
The results of the calculation of Capital Charges for the 2019 period are 17,112,115; then for the 2020 period, the results are 62,860,688.
5. Calculating the Economic Value Added (EVA) for the 2019 and 2020 Period
Table 4.4
Economic Value Added (EVA) Calculation Results 2019 and 2020 period
Year NOPAT CC EVA
2019 167.743 17.112 150.631
2020 68.103 62.860 5.243
Source: Data processed 2021
According to the above calculation, it is known that the EVA value fluctuates. In the 2019 period it was 150,631 and for the 2020 period it was 5,243.
DISCUSSION OF RESEARCH RESULTS
Considering the impact of Financial Value Added (EVA) on the company for the 2019 and 2020 period, it experienced doubts and received financial value added (EVA) which showed positive results. The Financial Value Added (EVA) will be positive if the Cost of Capital (CC) value is lower than the organization's Net Benefit After Expenditure (NOPAT). According to the results of research using the concept of Value-Added money (EVA), it is very possible to see that the value of work benefits after organizational costs (NOPAT) is greater than the value of the cost of capital. (CC), a positive value will be generated, and vice versa if the Net Working Benefit After Duty (NOPAT) value is lower
CC = WACC x InvestediCapital (IC)
EVAn=jNOPAT - CapitalnChargesv(CC)
than the Capital Charges (CC) value, the Financial Value added (EVA) will produce a negative value.
From the results obtained, Economic Value Added (EVA) shows EVA > 0, which means the company can make additional incentives for the company, although in the 2020 period the value has been analyzed and has decreased since 2019, namely the Economic Value Added (EVA) value for the 2019 period. of 150,631 and for the 2020 period, namely Economic Value Added (EVA) of 5,243. Furthermore, the results show that the fulfillment of measuring the company's economic profit during the period of this research, where the resulting value shows positive results and the company can be said to be healthy. Viewed from the perspective of shareholders and company management, the calculation of added value is considered to have many benefits. According to this, in relation to analyzing added value, The calculation of added value is used as a reference material for shareholders. It can be interpreted that the output of added value obtained from management for the company can be said to be good, and vice versa, if the company's management cannot provide added value for the company, this can be interpreted as the inability of management to meet the needs of shareholders in increasing company value.
According to the recapitulation of the results of the company's Economic Value Added (EVA), it can be interpreted that the cause of the decline in NOPAT is because of a decrease in the return on capital invested before interest and taxes.
It can be said that this has a significant impact on the company's Economic Value Added (EVA), where it relates to the company's management performance, which can be seen in Net Operating and Profit After Tax (NOPAT) which can cover the capital costs that have been invested so that it can create added value for company owners.
CONCLUSIONS AND RECOMMENDATIONS Conclusion
Performance analysis was conducted using the Economic Value Added (EVA) technique of PT. Taman Wisata Candi Borobudur, Prambanan dan Ratu Boko (Persero) for the period 2019 and 2020, the Economic Value Added (EVA) value then shows a positive value, namely EVA > 0, the Economic Value Added (EVA) value is positive if the Economic Value Added (EVA) value is positive. The company's NOPAT value is greater than the value of CC or Capital Charges and the results for the company's Economic Value Added (EVA) research period show that companies can create added economic value for both the company and shareholders, especially in the form of additional wealth.
Although for the 2020 period the Economic Value Added (EVA) value is lower than the 2019 period, it can still be said to be in a healthy condition, thanks to the resulting Economic Value Added (EVA).
Research Implication
According to the description of these conclusions, the authors will add useful implications, namely:
1. For Companies
The hope of this research can contribute to the management of the company and can be taken into consideration in determining choices related to the implementation of their business activities and other things that should be used as reference material for executive organizations so that executives can make them stand out. and incentives for organizations, especially for investors.
2. For Readers
It is hoped that this research can add insight to the readers and become a literature research for readers that focuses on measuring Economic Value Added financial performance.
3. For Academics
This research is expected to be a source of information for academics to measure
Fidi Hidayati; Yacobo P.Sijabat. Financial Performance Analysis Using Economic Value financial performance using the Economic Value Added method, and can add references and literature review.
4. For Investors
The hope of this research is that the output produced can be used as reference material and a source of reference for investors considering the importance of calculation in making the right investment decisions by considering the estimated financial condition of the company.
Research limitations
The limitation of this research is that the period used by researchers is still very small, which is only two years for the 2019 and 2020 periods.
Suggestion
According to the results of data calculations conducted by the author, it is hoped that this research can be developed by further researchers by increasing the period of data sources and expanding the methods used to obtain more accurate and precise results in relation to measuring the company's financial performance by considering the financial performance indicators of a company.
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