Determinant of

Analysis Of The Use Of Return On Asset, Company Financial

Return On Equity, And Economic Value Added Performance

In Assessing Company Financial Performance

Yayuk Nurjanah, Disva Margaretha Prasetyo ______321
Accounting Department, Institut Bisnis dan Informatika Kesatuan
EMail: yayuknurjanah@ibik.ac.id 1 ,
Submitted:
MARCH 2024

ABSTRACT Accepted:
MAY 2024
The purpose of this study was to determine the financial performance of PT Unilever
Indonesia Tbk., PT Gudang Garam Tbk., and PT Bank Central Asia Tbk. in 2019, 2020
and 2021 using ROA, ROE and EVA analysis. The results of this study indicate that PT
Unilever's financial performance in terms of ROA, ROE, and EVA shows unfavorable
results. This is because PT Unilever's ROA, ROE, and EVA tend to decrease from year
to year. This decline was mainly due to decreasing profits during the Covid-19 pandemic
in 2020 and PT Unilever has not been able to fully recover from the decline during this
pandemic. The overall financial performance of PT Gudang Garam is not good because
most of PT Gudang Garam's ROA, ROE, and EVA values show a decline. However, PT
Gudang Garam is trying to improve its performance in 2021, one of which is by reducing
its capital costs. Then, PT Bank Central Asia's financial performance showed good results
because ROA, ROE, and EVA managed to increase in 2021 after experiencing a slight
decline in 2020. In addition, PT Bank Central Asia's total equity and total assets also
increased from 2019 until 2021 which may indicate that the financial condition of PT
Bank Central Asia is in a fairly stable position

Keywords : ROA, ROE, EVA

INTRODUCTION
Company performance is generally the company's ability to use existing resources to
generate income and profits. Company performance can be measured through financial
and non-financial information. Usually, most company financial and accounting
managers measure their profit performance using the financial information they have by
calculating financial ratios over a certain period, one of which is the profitability ratio.
The general public usually will see whether the company is a growing company or not
only from the company image embedded in each company name mentioned, especially
for large public companies listed on the Indonesia Stock Exchange (BEI) and also reports
his finances . Currently, many of the general public are buying shares in public companies
listed on the IDX because of the ease of access with online investment applications that
can be accessed on mobile phones. Coupled with this phenomenon, many companies'
financial reports have become the center of attention for the public, especially novice
investors. However, most people usually focus directly on the company's profit and loss
report to assess the company's performance without paying attention to other components
when buying shares. One of the companies whose shares are most popular with the public
is PT Unilever Indonesia Tbk. ( with code issuer UNVR). The image of the UNVR
company is very well known among the Indonesian people which also makes the author JIAKES
interested in knowing how the UNVR company performs. However, the author saw news Jurnal Ilmiah Akuntansi
reported via CNBC Indonesia on February 14 2022 that UNVR experienced a decline in Kesatuan
Vol. 12 No. 2, 2024
profits of 19.6% from profits of IDR 7.6 trillion in 2020 to IDR 5.76 trillion in 2021. pg. 321-332
IBI Kesatuan
UNVR's share price also experienced the decline as a result of declining financial ISSN 2337 – 7852
E-ISSN 2721 – 3048
performance during 2021. This shows that the company's financial performance as DOI: 10.37641/jiakes.v12i2.2055
Determinant of depicted in the company's financial reports greatly influences the public's view of the
Company Financial company's performance. Apart from profit or loss, components finance others also joined
Performance in can become reference public For embed the capital . One of method For analyze
component finance the is with method use analysis ratio profitability in it there is Return
on Assets (ROA) for know ability company manage his assets For produce profit and
Return on Equity (ROE) for know ability company manage its equity For produce profit .
Apart from that, there are other ways that can be done done is with analyzing the
company's value added is one of them is Economic Value Added (EVA) for know is
company capable produce mark plus from the profit after reduced costs For live activity
company . All three interesting For researched in a way simultaneously Because all three
use profit clean company as reference performance component company others .
322______ Scope from study This is PT Unilever Indonesia Tbk. (UNVR), PT Gudang Garam
Tbk. ( with code issuer GGRM), and PT Bank Central Asia Tbk. ( with code issuer
BBCA). PT Unilever Indonesia Tbk for several years until 2019 held the position of the
most expensive stock on the IDX, reaching a price of IDR 45,000 per share, but at the
beginning of 2020 PT Unilever Indonesia Tbk carried out a stock split with a ratio of 1:5
which caused its share price to fall. After PT Unilever Indonesia Tbk carried out a stock
split which caused its share price to decline, PT GGRM replaced PT UNVR as the
company with the most expensive shares on the IDX until its share price reached IDR
41,275 per share on January 11 2021. PT GGRM is also one of the The largest cigarette
manufacturing company in Indonesia. With its position replacing PT UNVR as the
company with the highest share price on the IDX at the beginning of 2021. Below PT
GGRM, among manufacturing companies, there is PT BBCA which occupies the second
position which is a type of banking company. Not much different from PT UNVR, PT
BBCA itself is also widely known among the Indonesian people for its good performance,
satisfactory service, and is one of the largest private banks in Indonesia. The author also
chose performance periods in 2019, 2020, and 2021 with the aim of finding out how the
financial performance of these companies was in the year before, when it occurred, and
during the recovery period from COVID-19 which broke out in Indonesia at the beginning
of 2020.

METHODS
Types of research This is study qualitative descriptive with downloaded secondary data
from the official website of the Indonesian Stock Exchange (BEI) in form report finances
of PT Unilever Indonesia Tbk ., PT Gudang Garam Tbk ., and PT Bank Central Asia
Tbk. in the period 2019 to 2021.
The data has been collected processed and analyzed with formulas and calculations as
following :
Laba Bersih Setelah Pajak dan Beban Bunga
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡 = 𝑥 100%
Total Aset
If the ROA value in each the period show improvement, then matter This can indicated
that company capable manage assets he owns For produce profit and also indicates that
performance company the more Good or increase .
Laba Bersih Setelah Pajak dan Beban Bunga
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 = 𝑥100%
Total Ekuitas
Like ROA, if ROE value in each the period show improvement, then matter This can
indicated that company capable manage equity it owns For produce profit and also
indicates that performance company the more Good or increase .
𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝑉𝑎𝑙𝑢𝑒 𝐴𝑑𝑑𝑒𝑑 (EVA) = NOPAT − 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐶ℎ𝑎𝑟𝑔𝑒
Information:
NOPAT = Net Operating Profit After Tax
Capital Charge = Invested Capital × Weighted Average Cost of Capital
NOPAT can be calculated in the following way:
NOPAT = Laba bersih setelah pajak
Invested Capital can be calculated in the following way: Determinant of
𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 = Total Liabilitas + Total Ekuitas − Liabilitas Lancar Company Financial
And the Weighted Average Cost of Capital (WACC) can be calculated in the following way: Performance
WACC = [D x rd (1 − 𝑡𝑎𝑥)] + (E x re)
Information:
The Level of Debt Capital (D) : Total Debt / Total Debt and Equity
Cost of Debt (rd) : Interest Cost / Total Debt
Tax Rate ( Tax) : Tax Expense / Profit Before Tax
The Level of Equity Capital (E) : Total Equity / Total Debt and Equity
Cost of Equity (re) : Net Profit After Tax / Equity
If the EVA results are more big from 0 then matter the signify that company capable
produce mark plus from profit net that he got after reduced by the whole cost For live ______323
companies and things that also indicates that company own performance nice work .
Then, if results from EVA company show more value small from 0 then matter the signify
that company Still Not yet capable produce mark plus from profit net earned by him and
p This can indicated that performance company currently No Good . If results from
company EVA calculation show same result with 0, that is company is on point break
even between profit net obtained with all over cost incurred For live company .

RESULTS AND DISCUSSION

Financial Performance of PT Unilever Indonesia Tbk.
Judging from the ROA side, the UNVR company continues to experience a decline in
ROA from year to year. This change in ROA is mainly caused by the company's sales
decreasing each year which also causes the company's profits to decrease. In 2020, the
company's profit decreased by 229,301 from 2019 and in 2021 the company's profit also
decreased by 1,405,388 from the previous year. Changes in UNVR profits from 2019 to
2021 can be seen in the diagram below.

The diagram above shows that the decline in cost of goods sold was not as high as the
decline in sales from 2019 to 2021, which ultimately caused net profit to continue to
decline.
Then, the company's total assets also decreased by 114,379 in 2020 and decreased by
1,466,100 in 2021. The decrease in total company assets in 2020 was caused by a decrease
in the company's total fixed assets and a decrease in total assets in 2021 was caused by a
decrease in current assets, namely decrease in company cash. This decrease in cash is in
line with the decline in company sales that year. Apart from that, this high decrease in
cash can also indicate that the company's finances are not in good condition because there
is a possibility that the company is unable to collect its trade receivables. So from this it
can be said that UNVR's company performance is not good in terms of ROA. Comparison
of changes in the value of net profit, total assets and also UNVR's total equity can be seen
in the diagram below.
Determinant of
Company Financial
Performance

324______

The diagram above also illustrates that apart from total assets, UNVR's total equity
continues to decrease from 2019 to 2021. Due to the decrease in total equity in 2020, the
results of UNVR's ROE also increased at the end of the current year but decreased at the
end of 2021. Increase ROE in 2020 occurred because although profits for that year
decreased, total equity for that year also decreased by 344,494. So a decrease in profit of
229,301 from the previous year compared to a decrease in equity of 344,494 ultimately
resulted in a higher ROE figure than the previous year. Then in 2021. The decrease in
equity in 2020 was the impact of the high dividend payments in 2019 which resulted in
the initial equity balance in 2020 decreasing and coupled with the decrease in profits in
the current year which caused the equity value in 2020 to decrease.
Then in 2021 UNVR's ROE value experienced a decline, which was mainly due to the
decline in company profits in the current year. In 2021, UNVR's equity also decreased
again by 616,099, which was also caused by a decrease in profit for the year, thereby
reducing retained earnings. The decrease in profit in 2021 amounting to 1,405,388 was
greater than the decrease in total equity of 616,099, so UNVR's ROE in 2021 also
decreased. From this data, it can be concluded that UNVR's financial performance has
decreased from 2019 to 2020 and 2021 due to the company's inability to generate profits
to increase equity.
UNVR's EVA value every year is always greater than 0, meaning that every year
UNVR is always able to produce added value or residual value for the company which is
obtained after subtracting the net profit after tax from the capital charge . However,
UNVR's EVA value from 2019 to 2021 has decreased. The main cause of the decline in
UNVR's EVA from year to year is again the decline in company profits. Even though the
company's capital costs continue to decline from year to year, this decline is in fact not
offset by increasing profits, so the final EVA results also decline. Judging from the EVA
side, the company's financial performance still shows good figures where the company is
still able to finance its operational costs and capital costs. However, the company must
improve its performance again because the company's performance is not in a stable
position considering the continued decline in company profits. The following is a diagram
to clarify the position of capital charge, invested capital and UNVR NOPAT values.
So, looking at all the variables that test UNVR's financial performance, it can be
concluded that UNVR's financial performance is in an unstable and unfavorable position
because the company has not been able to generate greater profits from year to year.
Profits that continue to decline every year are UNVR's main financial problem. This can
also indicate that the company is less able to manage the assets and equity it owns to
generate profits. The decline in financial performance in 2020 was generally caused by
the outbreak of Covid-19 in Indonesia. However, the decline in 2021 shows that the
company has not been able to recover from the effects of the Covid-19 pandemic.
 Determinant of
Company Financial
Performance

______325

Based on the explanation above, it can be seen that UNVR's ROA and EVA results
are in line. When ROA decreases, the EVA value also decreases. However, UNVR's ROE
results are different from the two. In 2020 ROE increased and decreased in 2021. This
shows that the values of ROA, ROE and EVA are not always in line in each period. This
is due to changes and differences in the value of the company's financial components
presented in the company's financial statements. Changes in UNVR's ROA, ROE and
EVA from 2019 to 2021 can be seen more clearly in the diagram below.

However, even though the increases and decreases are not always the same, the
calculation results for each variable both show that the UNVR company's performance is
not in a stable and good position.
Financial Performance of PT Gudang Garam Tbk.
The value of GGRM's ROA every year from 2019 to 2021 continues to decline. This
decrease was caused by a decrease in the company's net profit in 2020 amounting to
3,232,975 and decreasing again in 2021 amounting to 2,042,408 as shown in the following
diagram.
Determinant of
Company Financial
Performance

326______

GGRM's sales and income in 2020 and 2021 appear to have increased by 3,953,492
and 10,403,955 from the previous year, but in fact the cost of goods sold also increased
by 9,348,503 in 2020 and increased by 13,519,588 in 2021. Due to the increase cost of
goods sold is higher than the increase in sales, the company also experiences a decrease
in gross profit and net profit. This also causes ROA to decrease every year, especially in
2021. When the company's profits decreased in 2021, the company's assets increased by
11,772,960 from the previous year. This increase in total assets was partly caused by an
increase in the company's other current inventories from the previous year. The following
diagram shows a comparison between GGRM's net profit, total assets and total equity.

GGRM's total assets are heading in a positive direction but this is not the case with
GGRM's net profit. Apart from total assets, total equity is also heading in a positive
direction. This total equity influences the calculation of GGRM's ROE. GGRM's ROE
results continue to show a decline from 2019 to 2021. Just like ROA, the main cause of
this decline is the decline in the company's net profit from year to year. Apart from that,
there was an increase in GGRM's equity of 7,591,710 in 2020 and 765,806 in 2021. The
increase in equity in 2020 was mainly due to the absence of cash dividend payments in
that year and cash dividend payments were again paid in 2021. In 2021 There was also
an increase in comprehensive income but not too high which then also caused equity to
increase that year. From the explanation above, it can be concluded that the company is
less able to manage its assets and equity to generate profits. Especially in 2021, with the
increase in current inventory but a decrease in profits, it can indicate that the company is Determinant of
less able to manage the inventory it has to produce higher sales which also results in higher Company Financial
profits. In addition, the absence of cash dividend payments in 2020 may indicate that the Performance
company's finances are not in a good position. Even though in value, GGRM's equity
appears to be increasing, the increase caused by the absence of cash dividend payments
could indicate that the company has not been able to pay returns to shareholders in the
form of dividends.
Then, GGRM's EVA results from year to year show a value greater than 0, meaning
that GGRM is able to create added value or residual value from its profits after deducting
its capital costs. However, GGRM's EVA in 2020 experienced a decline. This was caused
by a decrease in profit for the year of 3,232,975, higher than the decrease in capital charges
of 1,463,909. This decrease resulted in the residual value of GGRM for that year
decreasing. In 2021, GGRM's EVA value increased due to a decrease in capital charges of ______327
2,343,823 even though the company's profit for the year decreased by 2,042,408 . The
decrease in capital charges, which is higher than the decrease in profits, causes the EVA
value of GGRM in 2021 to increase. The following is a diagram to explain this condition.

Judging from the EVA side, the company's financial performance still shows good
figures where the company is still able to finance its operational costs and capital costs.
On the other hand, the company has succeeded in reducing capital charges or costs incurred
to support the company. However, the company must improve its performance, especially
to reduce the cost of goods sold which is increasing every year, because the company's
performance is not in a stable position considering the continued decline in company
profits.
So, overall it can be concluded that GGRM's financial performance is in an unstable
condition where sales continue to increase but the company has not been able to manage
its cost of goods sold which ultimately resulted in a decline in company profits. The cost
of goods sold which is getting higher every year is the main cause of the decline in
company profits. This was caused by the outbreak of Covid-19 which caused an increase
in excise duty on cigarettes which ultimately caused the cost of goods sold to increase.
Even though sales continued to increase in 2020, this was not commensurate with the
costs incurred by the company to support the company. Another impact of Covid-19 on
GGRM in 2020 was the non-payment of cash dividends to its shareholders.
In 2021, GGRM sales will continue to increase from the previous year. This shows
that GGRM was still able to market its products well when Covid-19 began to subside.
However, the cost of goods sold still increased from the previous year. With this increase
in cost of goods, the company's profits will continue to decline in 2021. However, even
though the company's profits have decreased, the company has succeeded in reducing the
capital costs it incurs in 2021, which has caused the company's EVA to increase. Apart
from that, the company again paid cash dividends to its shareholders that year. This
shows that GGRM is trying to recover its financial condition after the Covid-19 storm
Determinant of struck even though the company's financial condition and performance are not yet in a
Company Financial stable condition.
Performance From the data above, it can be seen that the results of UNVR's ROA and ROE are in
line, where GGRM's ROA and ROE decrease every year. However, the results of EVA
GGRM are different, namely EVA GGRM decreased in 2020 and increased in 2021 as
shown in the diagram below.

328______

This shows that the results of the three variables tested are not always in line
considering that there are several different financial components calculated from each
variable. However, the conclusions from the calculations of these three variables generally
indicate that GGRM's financial performance is less stable and must improve its
performance further.
Financial Performance of PT Bank Central Asia Tbk.
The results of BBCA's ROA calculation in 2020 decreased and increased in 2021. The
decrease in BBCA's ROA in 2020 was caused by a decrease in the company's net profit
from the previous year of 1,422,865 which was accompanied by an increase in the
company's total assets of 156,580,944 from the previous year. The decrease in profits in
2020 was caused by a decrease in the company's other operating income from the previous
year as depicted in the following diagram.

Meanwhile, the largest increase in assets occurred in securities purchased with an

agreement to resell, which increased by 137,243,684. The account for securities purchased
with an agreement to resell contains receivables from Bank Indonesia, other banks and Determinant of
non-bank parties for assets purchased by BBCA with an agreement to resell to the relevant Company Financial
party later. Performance
Then, in 2021, BBCA's ROA value increased due to an increase in the company's net
profit of 4,293,050 which was also accompanied by an increase in the company's total
assets of 152,774,424. Even though assets increased, the increase in company profits was
higher than the increase in total assets, so the ROA value also increased. The following is
a comparison between changes in the value of net profit, total assets and total equity of
BBCA.
Comparison of Net Profit, Total Assets & Total Equity of
BBCA
1,400,000,000
______329
Value IDR (000,000)

1,200,000,000
1,000,000,000
800,000,000
600,000,000
400,000,000
200,000,000
-
2019 2020 2021
Laba Bersih 28,569,974 27,147,109 31,440,159
Total Aset 918,989,312 1,075,570,256 1,228,344,680
Total Ekuitas 174,143,156 184,714,709 202,848,934

The diagram above shows that although total assets have clearly increased and profits
in 2020 experienced a slight decline, in 2021 BBCA will still be able to increase its profits.
From this data it can be concluded that BBCA's financial condition and financial
performance can be classified as stable and good, because even though there was a decline
in profits in 2020, BBCA was still able to increase its assets and provide funds in the form
of securities purchased with a promise to resell them to Bank Indonesia., other banks, and
non-bank parties. Apart from that, BBCA's financial performance is seen to improve again
in 2021 with increasing company profits and accompanied by an increase in the
company's total assets.
Then, the calculation results for BBCA's ROE in 2020 decreased and increased in
2021. The decrease in BBCA's ROE in 2020 was caused by a decrease in company profits
that year and an increase in the company's total equity in the current year. A decrease in
profit of 1,422,865 compared to an increase in equity of 10,571,553 automatically caused
BBCA's ROE in 2020 to decrease. In 2021, BBCA's ROE increased due to the increase in
company profits and total equity for that year. Even though total equity increased by
18,134,255, the increase in profit for the year was higher, namely 4,293,050 from the
previous year, so the ROE value also increased in that year.
Based on the data above, it can be concluded that in terms of ROE, BBCA has quite
stable and good financial performance where even though the company's profits fell in
2021, the company was still able to increase its equity and in 2021 the company's profits
managed to increase accompanied by an increase in equity. Even though annual cash
dividend payments continue to increase, the equity value also continues to increase.
BBCA's EVA value every year shows a result greater than 0, meaning that BBCA is
able to generate added value or residual value from its income after deducting its
operational costs and capital costs. EVA BBCA in 2020 experienced a decline. This was
caused by a decrease in company profits in 2020 amounting to 1,422,865 even though the
company's capital charges also decreased by 1,264,270 as shown in the following diagram.
Determinant of
Company Financial
Performance

330______ However, in fact the value of the decrease in profit in the current year was higher than
the decrease in capital charges, which ultimately caused the EVA value to decrease from
the previous year.
Then, in 2021 BBCA's capital charge increased by 149,206. However, this increase in
capital charges was offset by an increase in profits which was even higher than the increase
in capital charges, namely 4,143,844. This causes the BBCA EVA value in 2021 to increase.
From these data it can be concluded that in terms of EVA, BBCA's financial performance
produces good value because with the decline in profits in 2020, BBCA is still able to
reduce its capital charge to suppress the high decline in EVA and BBCA can increase EVA
in the following year, namely 2021.
If assessed as a whole from the ROA, ROE and EVA calculations, it can be concluded
that BBCA's financial condition and financial performance are in good condition and in
a stable position. Even though there was a decrease in profits in 2020, the decrease in
profits did not come from a decrease in BBCA's main income but rather came from a
decrease in the company's other income, in fact BBCA's main income seems to increase
every year. Even though Covid-19 is spreading in the world, in fact BBCA can maintain
its performance without decreasing the company's main income. The decline in ROA,
ROE and EVA values that occurred in 2020 was caused by Covid-19 which was an
epidemic at that time which more or less affected the economic sector in Indonesia and
even throughout the world, but BBCA was still able to overcome this by one way of
reducing capital charges. - his. Apart from that, the company's assets and equity are seen
continuing to increase even during the pandemic.
Then in 2021, BBCA's net profit will increase and provide increased value in the ROA,
ROE and EVA calculations. From this it can be seen that with the Covid-19 storm easing
in 2021, BBCA is starting to recover after previously experiencing a slight decline in its
profits. This shows that BBCA is able to maintain its financial performance.
 Based on the diagram above, it can be seen that BBCA's ROA, ROE and EVA Determinant of
calculations in 2020 both experienced a decline. Then an increase also occurred in the Company Financial
company's ROA, ROE and EVA values in 2021. With this data, it can be concluded that Performance
the ROA, ROE and EVA values can also have corresponding changes in each period. The
results of the analysis of these three variables also show that BBCA's financial
performance is in good condition. Even though it experienced a slight decline in 2020 due
to Covid-19, BBCA was able to improve its performance again in 2021.

CONCLUSION
UNVR's financial performance from 2019 to 2021 was not good. This is shown by the
tendency for ROA, ROE and EVA results to decrease from 2019 to 2021 even though the
EVA results in these years were greater than 0, which means the company was able to
create added value. A decrease in ROA and ROE indicates that the company has not been
______331
able to manage its assets and equity to generate profits. Then, GGRM's financial
performance also showed poor results in 2020 and 2021 with 2019 as the starting point
for comparison. This is also caused by the ROA, ROE and EVA values which tend to
decrease from 2019 to 2021, but the EVA GGRM value is still greater than 0 in these
years. However, even though there has been a decline in GGRM's financial performance,
the company is trying to suppress this decline in various ways, such as not paying cash
dividends in 2020 and emphasizing capital costs in 2021.
However, BBCA's financial performance from 2019 to 2020 was considered good and
quite stable. This can be seen from the increase in ROA, ROE and EVA in 2021 after
experiencing a decline in 2020. This increase is mainly due to net profit which increases
every year. This may indicate that BBCA is able to manage its assets and equity to
generate profits. By being tested on three companies with different business fields, ROA,
ROE, and EVA can still be used to measure a company's financial performance. From
ROA, ROE, and EVA we can trace the changes that occur in the company's financial
components and their influence on each other. Result of Neither does ROA, ROE, and
EVA calculations always show the results are consistent, however all three own same
result For indicated performance finance company .

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