MANAJEMEN KEUANGAN (bagian 2) Analisis Rasio Keuangan (Financial Ratio Analysis)

1. MANAJEMEN KEUANGAN (bagian 2) Analisis Rasio Keuangan (Financial Ratio Analysis) Dr. D. AGUS HARJITO, MSi

2. Model of Balance-sheet . Current liabilities Current Assets Long term debt • Fixed Assets: • Tangible assests • Intangible FA Shareholders’ Equity

3. Income Statement Sales xxx Cost of goods sold xxx Gross profit xxx Operating expenses: Marketing and gen&adm exp xxx Depreciation xxx Total operating expenses xxx Operating income xxx Interest expense xxx Earnings before taxes xxx Income taxes xxx Net income available to Common Stock xxx Dividends xxx Change in retained earning xxx

4. Income Statement Sales $10,548 Cost of goods sold 6,163 Gross profit $ 4,485 Operating expenses: Marketing and gen&adm exp $ 1,435 Depreciation 456 Total operating expenses $ 1,891 Operating income $ 2,594 Interest expense 343 Earnings before taxes $ 2,251 Income taxes 678 Net income available to C Stock $ 1,573 Dividends 820 Change in retained earning $ 753

5. Balance Sheet

6. Balance Sheet

7. Statement of Cash Flows Cash Flow from Operating Activities Cash inflows received from consumers Net sales 10,648 Less increasein accounts receivables (81) Cash inflows from customers 10,567 Cash paid to supplier Cost of goods sold (6,163) Plus increase in inventory (12) Less increase in accounts payable 74 Cash paid to supplier (6,101) Other operating cash outflows (1,652) Cash tax payments (656) Cash flow from operating activities 2,158

8. Statement of Cash Flows Cash Flow from Operating Activities 2,158 Cash Flow from Investing Activities Increase in gross plant and equipment (1,997) Increase in investment (24) Increase in other assets (259) Cash flow from investing activities (2,280) Cash Flow from Financing Activities Increase in short-term notes 49 Increase in long-term notes 775 Net change in common stock 103 Common stock dividend (820) Cash flow from financing activities 107 Net Change in Cash (15)

9. Financial Ratio Analysis • Restating the accounting data in relative terms to identify some of the financial strengths and weaknesses of a company • Liquidity • the ability to pay its bill on time Current assets Current ratio = Current liabilities Current assets - Inventories Acid-test ratio = Current liabilities

10. Financial Ratio Analysis (2) How quickly a firm converts its liquid assets into cash? Account receivable Average collection period = daily credit sales Credit sales Account receivable turnover = Account receivable Cost of goods sold Inventory turnover = Inventory

11. Financial Ratio Analysis • Operating profitability Is management generating adequate operating profits on the firm’s assets? Operating income Operating Income = Return on Investment Total assets (OIROI) OIROI = (operating profit margin)x(total assets turnover) operating income sales = x sales total assets

12. Financial Ratio Analysis • Financing decisions: How is the firm financing its assets Total debt Debt ratio = Total assets Operating income Times interest earned = Interest expenses • Return on Equity:are the owner receiving an adequate return on their investment? Net income Return on Equity = Common equity

13. Financial Ratio Analysis • Market Value Ratio • Price per share • Price earning ratio = • Earning per share • Price per share • Market to book ratio = • Book value of equity per share • Cash dividend per share • Dividend yield = • Price per share

14. The DuPont Analysis • ROE = ROA  [1 – (total debt/total assets)] • ROA = net profit margin x total assets turnover • Net PM = (net income  sales) • Total assets turnover = (sales  total assets) • Net income = sales – total cost and expenses • Total cost&expenses = CGS + operating expenses + interest expenses + taxes • Total assets = current assets + fixed assets + other assets

15. Limitations of Ratio Analysis • It is sometimes difficult to identify the industry category to which a firm belong • Published industry averages are only approximations • Accounting practices differ widely among firms • An industry average may not provide a desirable target ratio • Many firms experience seasonality in their operation

16. Economic Value Added (EVA) • How is shareholders value created or destroyed? • Rate of return > cost of capital  value created Rate of return < cost of capital  value destroyed • Cots of capital = cost of debt + cost of equity = interest expense + opportunity cost • EVA = (r – k) x C r = the firm’s operating income return on invested capital k = the total cost of capital c = amount of capital invested in the firm

17. Kasus Kecil • Buatlah proforma laporan neraca dan laba rugi dari data berikut: • Laba setelah pajak Rp 10.000 • Pajak pendapatan 20% per tahun • Obligasi sebesar Rp 20.000 dengan bunga 10% • Biaya-biaya operasi Rp 15.000 • Gross profit margin sebesar 30% • Total assets turnover sebanyak 2 kali • Hutang lancar sebesar Rp 5.000 • Current ratio sebesar 300% • Tanah sebesar Rp 20.000 (aktiva tetap terdiri dari tanah dan gedung). • Perbandingan saham biasa dan laba ditahan adalah 3:2

18. . • Terima kasih