THE ANALYSIS OF FINANCIAL STATEMENT

#THE USE OF FINANCIAL RATIOS#

Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan.

Income Statement
Input Dasar
Balance Sheet
Shareholders
Interested Parties

Creditors

Managers

Types of Ratio Comparisons

Cross Sectional Analysis Standard: Industry Average or Industry Leader
Time Series
Beberapa hal yang perlu diperhatikan dalam rasio finansial:
Satu rasio bukan menilai prestasi perusahaan secara umum
Perbandingan harus pada periode yang sama
Laporan finansial harus diaudit
Laporan finansial harus mempunyai format yang sama
Hasil perbandingan dapat terdistorsi, karena inflasi

Liquidity Ratios
Activity Ratios
Financial Ratios

Measure risk
Debt Ratios
Profitability Ratios

Measure return

Measures of Liquidity:
Net Working Capital = Current Assets Current Liabilities
Current Ratio = Current Assets : Current Liabilities
Quick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory)
Measures of Activity:
Inventory Turnover = CGS : Inventory
Average Collection Period = Accounts Receivable : (Annual sales/360)
Average Payment Period = Accounts Payable : (Annual sales/360)
Fixed Assets Turnover = Sales : Net Fixed Assets
Measures of Debt:
Degree of Indebtedness: Mengukur jumlah hutang thp jumlah
Types of Debt Measures
komponen yang penting dalam neraca
Ability to Service Debts: Mengukur kemampuan perusahaan untuk
Melakukan pembayaran sesuai kontrak
Debt Ratio = Total Liabilties: Total Assets
Debt Equity Ratio = Long Term Debt : Stockholders Equity
Times Interest Earned Ratio = EBIT : Interest

(EBIT + Lease Payments)

Fixed Payment Coverage Ratio = ----------------------------------------------Interest + Lease Payment + {[Principal Payments +
Preferred Stock Dividends] x [ 1/ (1-T)]}
Measures of Profitability:
Common Size Income Statements: Setiap item dalam Income Statements diprosentasekan
terhadap
Penjualan
Gross Profit Margin = Gross Profits : Sales
Operating Profit Margin = Operating Profits : Sales
Net Profit Margin = EAT : Sales
Return on Investment = EAT : Total Assets
Return on Equity = EAT : Stockholders Equity
Earnings Available for Common Stockholders
Earnings Per Share = --------------------------------------------------------------Number of Shares of Common Stock Outstanding
Price / Earnings Ratio = Market Price Per Share of Common Stock : Earnings Per Share
Two Approaches to Complete Ratio Analysis:
DuPont System of Analysis.
Summary Analysis of a Large Number of Ratios

SALES $3,074,000

DUPONT SYSTEM OF ANALYSIS

CGS $2,088,000
OPERATING
EXPENSES
$1,074,000

NET PROFIT
$231,000

INTEREST
EXPENSES $93,000

SALES $3,074,000

NET PROFIT
MARGIN 7.5%
ROI

TAXES $94,000

6.4 %
SALES $3,074,000
CURRENT ASSETS
$1,223,000
NET FIXED ASSETS
$2,374,000

CURRENT
LIABILITIES
$620,000
LONG TERM DEBT
$1,023,000

TOTAL ASSETS
$3,597,000

TOTAL ASSETS
TURNOVER 0.85
ROE
11.8 %

TOTAL LIABILITIES
$1,643,000
STOCKHOLDERS
EQUITY $1,954,000

TOTAL LIABILITIES
+ STOCKHOLDERS
EQUITY = TOTAL
ASSETS $3,597,000
STOCKHOLDERS
EQUITY $1,954,000

EQUITY
MULTI
PLIER
1.84
4

Summary of Barlet Oil Company (1989 1991) Including 1991 Industry

Average
RATIO

YEAR
1989

1990

1991

NWC

$ 583

$ 521

$ 603

CR

2.04

2.08

QR

1.32

ITO

INDUSTRY
AVERAGE

EVALUATION
CROSS
SECTIONAL
1991

TIME SERIES

OVERALL

$ 427

GOOD

GOOD

GOOD

1.97

2.05

OK

OK

OK

1.46

1.51

1.43

OK

GOOD

GOOD

5.1

5.

7.2

6.6

GOOD

GOOD

GOOD

ACP

43.9
DAYS

51.2
DAYS

58.9
DAYS

44.3 DAYS

POOR

POOR

POOR

APP

75.8
DAYS

81.2
DAYS

94.1
DAYS

66.5 DAYS

POOR

POOR

POOR

FATO

1.5

1.13

1.29

1.35

OK

OK

OK

TATO

0.94

0.79

0.85

0.75

OK

OK

OK

LIQUIDITY:

ACTIVITY:

Summary of Barlet Oil Company (1989 1991) Including 1991 Industry

Average
RATIO

YEAR
1989

1990

1991

DR

36.8%

44.3%

45.6%

DER

44.2%

53.1%

TIER

5.6

FPCR

INDUSTRY
AVERAGE

EVALUATION
CROSS
SECTIONAL
1991

TIME SERIES

OVERALL

40%

OK

OK

OK

52.4%

50%

OK

OK

OK

3.3

4.5

4.3

GOOD

OK

OK

2.4

1.5

1.9

1.5

GOOD

OK

GOOD

GPM

31.4%

33.3%

32.1%

30%

OK

OK

OK

OPM

14.6%

11.8%

13.6%

11%

GOOD

OK

GOOD

NPM

8.8%

5.8%

7.5%

6.4%

GOOD

OK

GOOD

ROI

8.3%

4.5%

6.4%

4.8%

GOOD

OK

GOOD

ROE

13.1%

8.1%

11.8%

8%

GOOD

OK

GOOD

EPS

$ 3.26

$ 1.81

$ 2.9

$ 2.26

GOOD

OK

GOOD

PER

10.5

10

11.1

12.5

GOOD

OK

OK

DEBT:

PROFITABILITY:

PROBLEMS
I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for OKeefe Industries
using the information that follows it.
Balance Sheet
OKeefe Industries
December 31, 2008
Cash

$ 30,000

Account Payable

$ 120,000

Markatable Securities

25,000

Notes Payable

Account Receivables

Accruals

Inventories

Total Current
Liabilities

Total Current Assets

Long Term Debt

Net Fixed Assets

Shareholders Equity

600,000

Total Assets

Total Liabilities and

Shareholders Equity

20,000

The following financial data for 2008 are also available

Sales Totaled $ 1,800,000

The average collection period was 40 days

Gross profit margin was 25%

The current ratio was 1.6

Inventory turnover was 6

The total asset turnover ratio was 1.2

There are 360 days in the year

The debt ratio was 60%

7

II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a
conclusion.