Analisis Laporan Keuangan

Evaluasi kinerja perusahaan

Dasar Perencanaan perusahaan
Pertimbangan keputusan masa depan
Financial Analysis of Ratios
• Financial Ratios:
– Liquidity Ratios
• Assess the ability of the firm to cover current obligations
– Leverage Ratios
• Assess the ability of the firm to cover long-term debt
obligations
• Operational Ratios:
– Activity (Turnover) Ratios
• Assess the volume of business activity relative to the
amount of resources used by the firm.
– Profitability Ratios
• Assess the profits of the firm relative to the amount of
resources used by the firm.
Liquidity Ratios
• Current Ratio:
Current Assets
Current Ratio:
Current Liabilities
Acid Test Ratio:

Current Assets - Inventories

Acid Test Ratio:
Current Liabilities
Leverage Ratios
• Debt Ratio:
Total Liab ilities
Debt Ratio :
Total Assets

Times Interest Earned:

Times Interest EBIT

:
Earned Ann. Interest Expense
Activity Ratios
• Total Asset Turnover Ratio:
Sales
Total Asset Turnover:
Total Assets
Inventory Turnover Ratio:

Costs of Goods Sold

Inventory Turnover:
Avg. Inventory
Profitability Ratios
• Net Profit Margin:
EBIT
Net Profit Margin:
Sales
Return on Assets (ROA):
EBIT
ROA:
Total Assets
Return on Equity (ROE):
EAT - Pref erred Stock Dividends
ROE:
Total Common Equity
Rasio Keuangan

• Liquidity Ratio
• Leverange Ratio
• Efficiency atau Turnover atau Asset
Management Ratio
• Profitability Ratio
• Market-Value Ratio
Liquidity Ratios

• Current Ratio current assets

current liabilities

• Quick Ratio current assets  inventory

current liabilities

• Cash Ratio cash  sec urities

current liabilities
Leverange Ratio

• Debt Ratio Total Debt

Total Assets

• Time Interest Earned Ratio EBIT

Total int erest ch arg e
• Cash Coverage Ratio EBIT  Depreciation
Total int erest ch arg e
Efficiency Ratio

• Inventory Turnover Ratio Sales

Inventory
CGS
Avg . Inventory
• Fixed Asset Turnover Sales
Fixed Assets
• Total Asset Turnover Sales
Total Assets
Profitability Ratio
EAT
• Return on Assets (ROA) Total Assets

• Return on Equity EAT  preffered stock devidens

Total Common Equity
EBIT
• Net Profit margin
Sales
EBIT
• Basic Earning Power
Total Assets
Analisis Rasio Keuangan
• Metode :
 Comparative Anaysis
 Trend Analysis
• Hasil :
Trend Rasio perusahaand ari waktu ke waktu
 Trend Rasio keuangan indsutri dari waktu ke waktu
 Informasi posisi rasio keuangan perusahaan thd rasio
industri
Common Size & Dupont Analysis

ROE

ROA As s et/Equity

Profit Margin Total Ass et Turnov er

Sales Net Income Total As s ets Sales

Total Cost Sales Total Ass ets Total Ass ets

Masalah pada analisis Keuangan

• Data Pembanding
• Efek Inflasi
• Manipulasi kondisi keuangan
• Perbedaan kebijakan operasi
• Sulit menyatakan kondisi perusahaan pada
umumnya.
 Balance Sheet
Assets Liabilities & Owners Equity

Current Assets Current Liabilities

Cash Accounts Payable
Marketable Securities Notes Payable
Accounts Receivable Accrued Salaries
Inventories
Long-Term Liabilities
Fixed Assets Mortgage Debt
Land Debentures
Plant & Equipment
less: depreciation Owners’ Equity
Common Stock ($1 Par)
Add’l Paid In Capital
Retained Earnings
 REVENUE Income Statement
- Cost of Goods Sold
GROSS PROFIT
- Operating Expenses
NET OPERATING INCOME (NOI ) or
EARNINGS BEFORE INTEREST &
TAXES (EBIT)
- Interest Expense
- Income Taxes
NET INCOME
- Dividends on Common & Preferred
Stock
RETAINED EARNINGS
 Cash Flow Statement
Cash collected from customers
- Cash paid to suppliers
- Operating Cash Outflows (marketing,
administrative and interest
payments)
- Cash Tax Payments
+/- Cash Flow from Investments
acquired or sold
+ Receipts from new stock issue
+ Increased borrowing
- Repayment of debt principal
- Common Stock Dividend Payments
 Cash Flow Statement
Cash collected from customers
- Cash paid to suppliers
- Operating Cash Outflows (marketing,
administrative and interest
payments)
- Cash Tax Payments
+/- Cash Flow from Investments
acquired or sold
+ Receipts from new stock issue
+ Increased borrowing
- Repayment of debt principal
- Common Stock Dividend Payments
 Financial Statement Analysis

• Are our decisions maximizing

shareholder wealth?
We will want to answer
questions about the firm’s

• Liquidity
• Efficient use of Assets
• Leverage (financing)
• Profitability
 Financial Ratios
• Tools that help us determine the
financial health of a company.
• We can compare a company’s
financial ratios with its ratios in
previous years (trend analysis).
• We can compare a company’s
financial ratios with those of its
industry.
 Example:
CyberDragon
Corporation
 CyberDragon’s
Balance Sheet ($000)
Assets: Liabilities & Owners' Equity:
Cash $2,540 Accounts Payable 9,721
Marketable securities 1,800 Notes Payable 8,500
Accounts Receivable 18,320 Accrued taxes payable 3,200
Inventories 27,530 Other current liabilities 4,102
Total Current Assets 50,190 Total Current Liabilities
25,523
Plant and Equipment 43,100 Long-term debt (bonds)
22,000
less accum deprec. 11,400 Total Liabilities
47,523
Net Plant & Equip. 31,700 Common Stock ($10 par)
13,000
Total Assets 81,890 Paid in capital 10,000
Retained earnings 11,367
Total stockholders' equity
34,367
Total liabilities & equity
Sales (all credit) CyberDragon’s Income $112,760
Cost of Goods Sold Statement (85,300)
Gross Profit 31,500
Operating Expenses:
Selling (6,540)
General & Administrative (9,400)
Total Operating Expenses (15,940)
Earnings before interest and taxes (EBIT) 11,520
Interest charges:
Interest on bank notes: (850)
Interest on bonds: (2,310)
Total Interest charges (3,160)
Earnings before taxes (EBT) 8,600
Taxes (3,344)
Net Income 5,016
 CyberDragon
Other Information

Dividends paid on common stock $2,800

Earnings retained in the firm 2,216
Shares outstanding (000) 1,300
Market price per share 20
Book value per share 26.44
Earnings per share 3.86
Dividends per share 2.15
 What is their Total Asset Turnover?

112,760
= 1.38 times
81,890

The industry average is 1.82 times.

The firm needs to figure out how to squeeze
more sales dollars out of its assets.
 What is the firm’s Accounts
Receivable Turnover?

112,760 = 6.16 times

18,320

CyberDragon turns their A/R over 6.16

times per year. The industry average
is 8.2 times. Is this efficient?
 What is the firm’s Inventory
Turnover?

85,300 = 3.10 times

27,530

CyberDragon turns their inventory over 3.1

times per year. The industry average
is 3.9 times. Is this efficient?
 Low inventory turnover:

The firm may have too much

inventory, which is expensive
because:

• Inventory takes up costly

warehouse space.

• Some items may become

spoiled or obsolete.
 What is the firm’s Fixed Asset
Turnover?

112,760 = 3.56 times

31,700

If the industry average is 4.6 times, what

does this tell us about CyberDragon?
 3. Leverage Ratios
(financing decisions)
• Measure the impact of using
debt capital to finance
assets.
• Firms use debt to lever
(increase) returns on
common equity.
How does Leverage work?
• Suppose we have an all
equity-financed firm worth
$100,000. Its earnings this
year total $15,000.
15,000
ROE = = 15%
100,000
How does Leverage work?

• Suppose the same $100,000

firm is financed with half
equity and half 8% debt
(bonds). Earnings are still
$15,000.

15,000 - 4,000
ROE = = 22%
50,000
 What is CyberDragon’s Debt
Ratio?

47,523
= 58%
81,890

•If the industry average is 47%, what

does this tell us?

•Can leverage make the firm more profitable?

•Can leverage make the firm riskier?
What is the firm’s Times Interest
Earned Ratio?

11,520 = 3.65 times

3,160

•The industry average is 6.7 times. This

is further evidence that the uses more
debt financing than average.
 4. Return on Equity

• How well are the firm’s

managers maximizing
shareholder wealth?
 What is CyberDragon’s
Return on Equity (ROE)?

5,016
= 14.6%
34,367

•The industry average is 17.54%.

•Is this what we would expect, given the

firm’s leverage?
 Conclusion:

• Even though CyberDragon has

higher leverage than the
industry average, they are
much less efficient, and
therefore, less profitable.
The DuPont Model

Brings together:

• Profitability
• Efficiency
• Leverage
 The DuPont Model

ROE = Net Profit X Total Asset

Margin Turnover :(1- Debt
Ratio )
=
Net Income Sales
Sales
X
Total Assets
: ( 1- Total Debt
Total Assets

5,016 112,760 47,523

=
112,760
X
81,890 : ( 1- 81,890
) = 14.6%
 PT Kolang kaling
Neraca per 31 Desember 2002
(dalam jutaan Rp)
AKTIVA PASIVA
Aktiva lancar Hutang lancar
Kas/Bank 50 Hutang dagang 160
Surat berharga 150 Hutang pajak 130
Piutang (neto) 200 Hutang lain-lain 10
Persediaan 300 Jlh Hutang lancar 300
Jlh Aktiva Lancar 700 Hutang jangka Panjang 700
Aktiva Tetap Modal
Aktiva Tetap Bruto 1.800 Saham 600
Akum Penyusutan 500 Laba ditahan 400
Aktiva Tetap (netto) 1.300 1.000

TOTAL AKTIVA 2.000 TOTAL PASIVA 2.000

 PT Kolang kaling
Ikhtisar Laba/Rugi 1 Jan - 31 Des 2002
(dalam jutaan Rp)
Penjualan Bersih 3000
Harga Pokok Penjualan 2580
Laba Kotor 420
Biaya Operasi
Biaya Penjualan 22
Biaya Umum & Adm 168 190
Laba Operasi (laba Usaha) 230
Pendapatan lain 15
Laba sebelum bunga & Pajak 245
Bunga (htg jk pjg) 45
Laba Sebelum Pajak 200
Pajak 80
Laba Bersih 120
 PT Kolang kaling PT Kolang kaling
Ikhtisar Laba/Rugi 1 Jan - 31 Des 2002 Neraca per 31 Desember 2002
(dalam jutaan Rp) (dalam jutaan Rp)
Penjualan Bersih 3000 AKTIVA PASIVA
Harga Pokok Penjualan 2580 Aktiva lancar Hutang lancar
Laba Kotor 420 Kas/Bank 50 Hutang dagang 160
Biaya Operasi Surat berharga 150 Hutang pajak 130
Biaya Penjualan 22 Piutang (neto) 200 Hutang lain-lain 10
Persediaan 300 Jlh Hutang lancar 300
Biaya Umum & Adm 168 190
Jlh Aktiva Lancar 700 Hutang jangka Panjang 700
Laba Operasi (laba Usaha) 230
Aktiva Tetap Modal
Pendapatan lain 15
Aktiva Tetap Bruto 1,800 Saham 600
Laba sebelum bunga & Pajak 245 Akum Penyusutan 500 Laba ditahan 400
Bunga (htg jk pjg) 45 Aktiva Tetap (netto) 1,300 1,000
Laba Sebelum Pajak 200
Pajak 80 TOTAL AKTIVA 2,000 TOTAL PASIVA 2,000
Laba Bersih 120

Hitung kinerja perusahaan dari sisi :

-Likuiditas
-Solvabilitas(leverage)
-Profitabilitas
-Aktivitas
-Efisiensi Biaya :
Hitung kinerja perusahaan dari sisi

• Likuiditas : Current, Quick dan Cash ratio

• Solvabilitas(leverage) : Debt ratio, Bunga jgka
panjang thd laba operasi
• Profitabilitas: operating profit margin, ROA dan ROE
• Aktivitas :Inventory Turn Over, Total Asset turn over
• Efisiensi Biaya : HPP thd Penjualan bersih, Biaya
penjualan thd penjualan bersih