ASPEK RENTABILITAS DAN ASPEK LEVERAGE/DEVIDEN Pertemuan 6 Murniadi Purboatmodjo

2. ASPEK RENTABILITAS DAN ASPEKLEVERAGE/DEVIDENPertemuan 6MurniadiPurboatmodjo Matakuliah : F0282 - AnalisisLaporanKeuangan Perusahaan Tahun : 2009

3. ASPEK RENTABILITAS • Rentabilitas Kemampuan perusahaan menghasilkan laba selama periode tertentu Dengan membandingkan laba yang diperoleh dalam suatu periode tertentu dengan jumlah Aktiva atau Modal sendiri - Rentabilitas Ekonomis: Laba perusahaan dibandingkan dengan modal yang digunakan (modal sendiri dan modal asing) - Rentabilitas Usaha/Modal sendiri : laba perusahaan dibandingkan modal sendiri yang dimasukkan oleh pemilik perusahaan.

4. Definisi lainnya mengenai Rentabilitas/Profitability: The ability of the firm to generate earnings Analysis of profit is important to : • Stockholders  since they derive revenue, in the form of dividends, when paid from profit.  Profit ↑  market price ↑ capital gains • Creditors  profits are one source of funds for debt coverage (Interest and Principal) • Management  it is a performance measure

5. Beginning Inventory + Purchases of Inventory – Ending Inventory • 1. Gross Profit Margin Sales – Cost of Goods Sold = Gross Profit

6. Gross Profit Margin (cont’d) • COGS represents the cost of the product sold during the period • Since COGS is such a large expense for merchandising and manufacturing firms  the changes in this figure can have a substantial impact on the profit for the period. • To analyze  vertical common size basis  gross profit is compared to net sales (GPM) • The ratio should then be analysed by comparison with industry data or by trend analysis overtime

7. 2. Operating Income Margin Net Sales xxx -/- COGS (COGM) (xxx) Gross Profit xxx -/- operating expenses(xxx) Operating Income xxx • Use operating income in the numerator • It shows the efficiency in controlling operating expenses • A measure of operating income dollars generated by each dollar of sales

8. 3. Net Profit Margin • Also referred to as return on sales • Reflects net income dollars generated • by each dollar of sales • The higher  the better • Potential distortion • - Net “other” income or loss Adjusted Profit Margin: • To make NPM ratio more accurate: • Remove  other income and other expense from net income, • because these items do not relate to net sales • A net ‘other income’distorts NPM on the high side, • A net ‘other expense’distorts NPM on the low side.

9. 4. Total Asset Turnover • Measures the activity of the assets and the ability of • the firm to generate sales through the use of the • assets • Potential distortion • - Investments • - Construction in progress • - Other assets that do not relate to net sales

10. 5. Return on Assets • Measures the ability to utilize assets to create • profits • Average total assets • - Internal analysis: month-end amounts • - External analysis: beginning and ending • amounts • - If necessary, consistent use of end-of-year amounts • the higher  the better

11. 6. DuPont Return on Assets • Reviewing NPM, TA t.o., and ROA together, • because of the direct influence that NPM and TA • t.o. have on ROA • The method was developed by E. I. DuPonT de • Nemours and Company

12. DuPont Return on Assets (cont’d) • DuPont analysis separates return on assets into net profit margin and total asset turnover • Separating the ratio into the two elements allows evaluation of the causes for the change in return on assets

13. 7. Operating Asset Turnover • Measures the ability of operating assets to • generate sales dollars

14. 8. Return on Operating Assets • Measures the ability of operating assets to • generate operating income • DuPont analysis of the return on operating • assets:

15. 9. Return on Investment (ROI) • Measures the earnings on investment and indicates • how well the firm utilizes its asset base • Measures the relationship between the income • earned and the capital invested • Measures ability to reward investors and to attract • providers of future funds • Evaluates the earnings performance without regard • to financing sources

16. 10. Return on Total Equity • Measures the return to common and preferred • stockholders • Adjustments for redeemable preferred stock • - Deduct dividends from net income (numerator) • - Deduct stock value from total equity • (denominator)

17. ASPEK LEVERAGE/DEVIDEN B. Aspek Leverage • Common shareholder is the residual owner  therefore entitled to whatever profits/earnings are left • The use of debt (financial leverage) and the existence of fixed operating costs (operating leverage) have a significant impact on earnings. • The use of financing with a fixed charge (such as interest) • Using the FL results in  a fixed financing charge that can materially affect the earnings available to the common SH • Successful FL if earned on the borrowed funds > paid to use the funds • Notsuccessful FL If earned on the borrowed funds < paid to use the funds

18. B. 1. Earnings per Share • Since earnings pertain to an entire fiscal period, thus • Average common shares outstanding is used for parity of • information • When the common shares outstanding ↑ as a results of a stock dividend or • stock split  retroactive recognition must be given to these events for • all comparative EPS presentations • Stock split and stock dividends do not provide the firm with more funds they just change the number of outstanding shares  affect EPS • Assume that a 2 for 1 stock split took place on December 31 • The denominator of EPS computation becomes 11,750 x 2 = 23,500 shares. • If NI is $100,000 and preferred dividend total $10,000, • then the Simple - EPS would be = • EPS = $100,000 – 10,000 = $3.83 • 23,500

19. B. 2. Price/Earnings Ratio • Measures the relationship between the market price of a • share of common stock and that stock’s current earnings • per share • Use of diluted earnings per share gives more conservative • price/earnings ratio • P/E ratio is seen by the investors as a gauge of the future • earnings power of the firm.

20. Price/Earnings Ratio (cont’d) • P/E ratio does not have any meaning when:  A firm has abnormally low profit  P/E ratio would be normally high  A firm has losses  P/E ratio would be negative • It is important to get a perspective on this ratio by comparing the average P/E for the industry and an average for all of the stocks on the stock exchange • Be aware that some financial services use primary EPS rather than fully diluted EPS

21. B. 3. Dividend Payout • Measures the portion of current earnings per • common share being paid out in dividends • A stable dividend policy is developed by • consideration of recurring earnings • Lower payout typically found in • - New firms • - Growing firms and firms perceived as growth • firms

22. B. 4. Dividend Yield • Indicates the relationship between the dividends per • common share and the market price per common • share • Total earning from securities=Dividends+Price • Appreciation • The yield is a function of • - The firm’s dividend policy • - Market price

23. B. 5. Book Value per Share • Indicates the amount of stockholders’ equity that relates • to each share of outstanding CS. • Preferred equity should be measured at liquidation value, • if available (to be paid in the event of liquidation) • Market value vis-à-vis book value • - Book value reflects past unrecovered asset costs • - Market value reflects the potential of the firm