Chapter 1.

Financial Statements, Taxes and Cash Flow

I The cash flow identify
Cash flow from assets
=
PT WIKA 2018
(dalam Milyar Rupiah)
Cash flow to creditors (bondholders) + Cash flow to
stockholders (owners)

II. Cash flow from assets

Cash flow from assets Operating cash flow – Net capital spending – Change
= in net working capital (NWC)
2,772,531 – 4,917,958 – (-2,681,376)
= -4,826,803
It had to raise a net Rp 4,826,803 in funds. Having a negative cash flow from assets
indicates that WIKA putting more money into the long-term success than actually
earning.
Where:
Operationg cash flow Earning before interest and taxes (EBIT) +
= Depreciation – Taxes
2,358,629 – 726,943
= 1,631,686
Net capital spending Ending net fixed assets – Beginning net fixed assets +
= Depreciation
59.230.001 - 43.555.496
= 54,874,505
Change in NWC Ending NWC – Beginning NWC
= (13.973.766 – 2.722.531) – (11.253.778–
4.917.958)
= (11,251,235) – (6,335,820)
= 4,915,415

III. Cash flow to creditors (bondholders)

Cash flow to creditors Interest paid – Net new borrowing
=
= 43,555,495– (13,762,736 + 28,251,952)
= -1,540,807

IV. Cash flow to stockholders (owners)

Cash flow to stockholders = Dividends paid – Net new equity raised
 2,073,300 – 2,213,543
= -140,243

I The cash flow identify
Cash flow from assets
=
WIKA 2017
(dalam Milliar Rupiah)
Cash flow to creditors (bondholders) + Cash flow to
stockholders (owners)

II. Cash flow from assets

Cash flow from assets Operating cash flow – Net capital spending – Change
= in net working capital (NWC)
1.885.252 – 2.637.548 – (-2.727.823)
= 3.480.119
The cash flow from assets can be positive or negative, since it represents whether the
firm raised funds or distributed funds on a net basis. In this problem, even though net
income and OCF are positive, the firm invested heavily in both fixed assets and net
working capital; it had to raise a net Rp 3.480.119 in funds from its stockholders and
creditors to make these investments.
Where:
Operationg cash flow Earning before interest and taxes (EBIT) +
= Depreciation – Taxes
1.462.391– 629.479
= 832.912
Net capital spending Ending net fixed assets – Beginning net fixed assets +
= Depreciation
34.910.107 – 11.253.779
= 23.656.328
Change in NWC Ending NWC – Beginning NWC
=
11.253.778– 9.270.000
= 1.983.778

III. Cash flow to creditors (bondholders)

Cash flow to creditors Interest paid – Net new borrowing
=
-6.779.737 – 5.076.334
= -11.856.071

IV. Cash flow to stockholders (owners)

Cash flow to stockholders Dividends paid – Net new equity raised
=
-3.446.536 – 14.631.825
= -18.078.361
Chapter 2. Working with Financial Statement
WIKA
(Dalam milliar rupiah)
1. Liquidity Ratio
“Nilai ideal dari rasio ini adalah 150%, semakin besar adalah semakin baik dan
perusahaan dalam kondisi sehat”
 Net Working Capital = Current Assets – Current Liability
Tahun Current Asset Current Liability NWC
2018 59.230.001 42.014.686 17.215.315
31.051.950
2017 45.683.774 14.631.824

 Current Ratio =

Tahun Current Assets Current Liability Current Ratio

2018 59.230.001 42.014.686 1,4x
2017 45.683.774 31.051.950 1,4x

 Quick Ratio =

Tahun Current Assets Inventory Current Liability Quick Ratio

2018 59.230.001 27.225.313 42.014.686 0,7x
2017 45.683.774 18.852.531 31.051.950 0,9x

 Return on Assets (ROA) = x 100%

Tahun Current Year Income Total Assets ROA

2018 2.073.299.864 58.645.244 35,3%
2017 1.356.115.489 110.148.921 12,3%
2. Assets Management Ratio atau Activity Ratio
“Semakin tinggi nilai presentase rasio ini adalah semakin baik. Dapat dibandingkan
dengan nilai rata-rata dari industri sejenis dipasar agar dapat menilai seberapa efisien
perusahaan mengelola sumber daya yang dimiliki”

 Total Assets Turn Over =

Tahun Sales and Revenue Total Assets TATO

2018 31.158.193 58.645.244 0,5x
26.176.403 110.148.921 0,2x
2017

3. Du Pont System
“Alat analisis yang digunakan untuk menganalisis laba dari perusahaan atau bisnis”
 Return on Investment (ROI) = Net Profit Margin x Total Assets Turn Over x 100%
Tahun Net Profit Margin TATO ROI
2018 6.7% 0,5x 3,35%
2017 5.2% 0,2x 1,04%