ANALYSIS OF FINANCIAL

STATEMENTS

ARDI PAMINTO - UNMUL

Table 2-1 : MicroDrive Inc., Income Statement for Years Ending December 31
(Millions of $, Expect for Per-Share Data)

1993 1992
Net Sales 3,000.0 2,850.0
Cost excluding depreciation 2,616.2 2,497.0
Depreciation 100.0 90.0
Total operating costs 2,716.2 2,587.0
EBIT 283.8 263.0
Less interest 88.0 60.0
EBT 195.8 203.0
Taxes (40%) 78.3 81.0
Net income before preferred dividends 117.5 122.0
Preferred dividends 4.0 4.0
Net income available for common stockholder 113.5 118.0

Common dividends 57.5 53.0

Additional to retained earnings 56.0 65.0
Per-Share Data :
Common stock price 23.00 24.00
EPS 2.27 2.36
Dividends Per Share 1.15 1.06
Table 2-2 : MicroDrive Inc.: December 31 Balance Sheets (Millions of $)

Assets 1993 1992 Liabilities and Equity 1993 1992

Cash 10 15 Account payable 60 30
Marketable securities 0 65 Notes payable 110 60
Accounts receivable 375 315 Accruals 140 130
Inventories 615 415 Total current liabilities 310 220
Total current assets 1,000 810 Long term bonds 754 580
Net plant & equipment 1,000 870 Total debt 1,064 800
Preferred stock (400000) 40 40
Common stock (50000000) 50 50
Paid in capital 80 80
Retained earnings 766 710
Common equity 896 840
Total assets 2,000 1,680 Total liabilities and equity 2,000 1,680
 SUMMARY OF FINANCIAL RATIOS

1993 Comment
Ratio Formula for calculation 1992 1993 Industry
average
LIQUIDITY

Current Current assets 3.7X 3.2X 4.2X Poor

Current liabilities

Quick, or acid, Current assets-Inventories 1.8X 1.2X 2.1X Poor

test Current liabilities
 1993 Comment
Ratio Formula for calculation 1992 1993 Industry
average
ASSET
MANAGEMENT

Inventory Sales 6.9X 4.9X 9.0X Poor

turnover Inventories

Day sales Receivables 40 days 45 days 36 days Poor

outstanding Annual sales/360

Fixed assets Sales 3.3X 3.0X 3.0X OK

turnover Net fixed assets

Total assets Sales 1.7X 1.5X 1.8X Some-

turnover Total assets what low
 1993 Comment
Ratio Formula for calculation 1992 1993 Industry
average
DEBT
MANAGEMENT

Total debt to Total debt 47.6% 53.3% 40.0% High

total assets Total assets (risky)

Times-interest- EBIT 3.4X 3.2X 6.0X Low

earned (TIE) Interest charges (risky)
 1993 Comment
Ratio Formula for calculation 1992 1993 Industry
average

PROFITABILITY

Profit margin on Net income available to 4.1% 3.8% 5.0% Poor

sales common stockholder
Sales

Basic earning EBIT 12.1% 14.2% 17.2% Poor

power Total assets

Return on total Net income available to

assets (ROA) common stockholder 7.0% 5.7% 9.0% Poor
Total assets

Return on Net income available to

common equity common stockholder 14.0% 12.7% 15.0% Poor
(ROE) Common equity
 1993 Comment
Ratio Formula for calculation 1992 1993 Industry
average
MARKET
VALUE

Price/earning Price per share 10.2X 10.1X 12.5X Low

(P/E) Earning per share

Market/book Market price per share 1.4X 1.3X 1.7X Low

Book value per share
 Ratio Nilai Perusahaan
1. Price to Book Value (PBV) yaitu perbandingan
antara harga saham dengan nilai buku saham.
2. Market to Book Ratio (MBR) yaitu perbandingan
antara harga pasar saham dengan nilai buku
saham.
3. Market to Book Assets Ratio yaitu ekpektasi
pasar tentang nilai dari peluang investasi dan
pertumbuhan perusahaan yaitu perbandingan
antara nilai pasar aset dengan nilai buku aset.
 Ratio Nilai Perusahaan
4. Market Value of Equity yaitu nilai pasar ekuitas
perusahaan menurut penilaian para pelaku pasar. Nilai
pasar ekuitas adalah jumlah ekuitas (saham beredar)
dikali dengan harga per lembar ekuitas.
5. Price Earnings Ratio (PER) yaitu harga yang bersedia
dibayar oleh pembeli apabila perusahaan itu dijual. PER
dapat dirumuskan sebagai PER = Price per Share /
Earnings per Share.
6. Tobin’s Q yaitu nilai pasar dari suatu perusahaan
dengan membandingkan nilai pasar suatu perusahaan
dengan nilai penggantian aset (asset replacement value)
perusahaan, ( EMV + D ) / ( EBV + D )
 Du Pont Analysis
ROA = Profit margin x Total assets turnover

Net income Sales

= x
Sales Total assets
= 3.8% x 1.5 = 5.7%
 Lanjutan

ROE = ROA x Equity multiplier

Net income Total assets
= x
Total assets Common equity
= 5.7% x $2,000/$896
= 5.7% x 2.23
= 12.7%
 Lanjutan

ROE = P M x T A Turnover x Equity multiplier

Net income Sales Total assets

= x x
Sales Total assets Common equity
= 3.8% x 1.5 x 2.23
= 12.7%