Financial Statement Analysis - Telkom University PDF

S2 MM PJJ Creating the great business leaders Manajemen Keuangan, Financial Report & Firm’s performance Analysis  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Tujuan Utama Manaj...

S2 MM PJJ Creating the great business leaders Manajemen Keuangan, Financial Report & Firm’s performance Analysis  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Tujuan Utama Manajemen Keuangan : “Memaksimumkan Kekayaan (Asset) Pemegang Saham” Fungsi Manajemen Keuangan : “Merencanakan, Mencari, Memanfaatkan Dana dengan berbagai cara untuk memaksimalkan tingkat efisiensi dari kegiatan operasional perusahaan” 2 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Peran Manajemen Keuangan : 1. Mencari Sumber Dana (Pemilik, bank, supplier, Pasar Modal, Leasing, dll) 2. Penggunaan Dana (Harta Lancar dan harta Tetap) 3 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Kebijakan Keuangan : 1. Kebijakan Investasi Bagaimana Mengalokasikan dana ke dalam bentuk investasi yang akan mendatangkan keuntungan di masa y.a.d 2. Kebijakan Sumber Dana Pengelolaan sumber Dana Ekonomis bagi perusahaan guna membiayai kegiatan-kegiatan usaha serta kebutuhan investasi 4 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Kebijakan Keuangan : 3. Deviden Deviden merupakan bagian keuntungan perusahaan yang dibayarkan sebagai penghasilan yang diharapkan oleh / kepada pemegang saham 5 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Laporan Keuangan 1. Neraca / Balance Sheet 2. Laporan Laba Rugi / Income Statement 3. Laporan Perubahan Modal, 4. Laporan Arus Kas 6 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Neraca (Balance Sheet) S2 MM PJJ Telkom University ◼ Merupakan gambaran posisi keuangan perusahaan pada waktu tertentu (biasanya tgl. 31 Desember 2023), ekuitas pemegang saham dari pemilik, kewajiban, dan modal yang disediakan pemilik. ◼ Total aktiva = hutang yang belum dilunasi + ekuitas pemegang saham ◼ Aktiva : sumber daya yang dimiliki perusahaan ◼ Kewajiban dan ekuitas : bagaimana sumber daya dibiayai (hutang/saham) ◼ Format Neraca Assets = Liabilities + Stockholder equity 7 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business S2 MM PJJ Telkom University NERACA Kas (Cash) Hutang usaha (AP) Piutang usaha (AR) Surat hutang jangka pendek Persediaan(inventory) Total Aktiva lancar Total Hutang Lancar Hutang Jangka Panjang Total Hutang Bangunan(building) Saham Biasa (CS) Peralatan(equipment) Saldo Laba (RE) Akumulasi penyusutan(Ac.Dep) Total Ekuitas Bangunan dan peralatan bersih Total Aktiva Tetap Total Total Aktiva Total hutang+ekuitas https://www.youtube.com/watch?v=LTJUoy3kQ5c&t=276s 8 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Income Statement (Laporan Laba Rugi) S2 MM PJJ Telkom University ◼ Mengukur jumlah laba yang dihasilkan perusahaan. ◼ Format dasar : Pendapatan penjualan (revenue) – beban (expenses) = laba. ◼ Informasi dalam laporan rugi laba : 1. Penghasilan (penjualan) yaitu : uang yang diperoleh dari penjualan produk. 2. Harga pokok penjualan yaitu biaya produksi untuk menghasilkan barang dan jasa yang akan dijual. 3. Beban operasional 4. Beban keuangan (bunga) 5. Beban pajak. 9 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Laporan laba Rugi S2 MM PJJ Telkom University ◼ Penjualan ◼ Harga pokok penjualan (COGS) Laba kotor ◼ Beban operasional (beban umum & adm) ◼ Beban Penyusutan Laba usaha bersih (EBIT) ◼ Beban bunga Laba bersih sebelum pajak (EBT) ◼ Pajak Pendapatan Bersih (EAT) https://www.youtube.com/watch?v=Uw5zGAIP1MI&t=1s 10 Creating the great business leaders  S2 MM PJJ Creating the great business leaders Evaluating a Firm’s Financial Performances  Fakultas Ekonomi dan Bisnis School of Economic and Business Objectives : S2 MM PJJ Telkom University ◼ Calculate financial ratios to evaluate the financial health of a company. ◼ Explain the limitations of ratio analysis. ◼ Apply DuPont analysis in evaluating a firm’s financial performance. 12 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How to use Financial Ratios? S2 MM PJJ Telkom University ◼ Compare across time for an individual firm. Trend Analysis. ◼ Compare to an industry average. Industry Analysis. ◼ Compare to a dominant competitor in the same industry. Comparison Analysis. 13 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business 4 Key Questions to Answer with Ratio Analysis S2 MM PJJ Telkom University ◼ How liquid is the firm? 5 rasio ◼ How has the firm financing its assets ? 2 rasio ◼ How efficient has the firms management been in utilizing its assets to generate sales? 2 rasio ◼ Has the firms earned adequate returns on its investments ? 4 rasio 14 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Orange’s Balance Sheet ($000) S2 MM PJJ Telkom University Assets: Liabilities & 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/debt 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 81,890 15 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Orange’s Income Statement ($000) S2 MM PJJ Telkom University Sales (all credit) $ 112,760 Cost of Goods Sold (85,300) Gross Profit 27,460 Operating Expenses: Selling (6,540) General & Administrative (9,400) Total Operating Expenses (15,940) Earning Before Interest and Taxes (EBIT) 11,520 Interest charges: Interest on bank notes (850) Interest on bonds (2,310) Total Interest charges (3,160) Earning Before Taxes (EBT) 8,360 Taxes (assume 40%) (3,344) Net Income 5,016 16 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How liquid is the firm? Liquidity Ratio S2 MM PJJ Telkom University 1. Current Ratio Current assets Current Ratio = Current Liabilities Kemampuan perusahaan untuk membayar utang lancar (current liabilities) dengan aset lancar. Semakin besar semakin baik. 2. Acid-test Ratio or Quick Ratio Current assets − inventories Acid Test Ratio = Current Liabilities Kemampuan perusahaan untuk membayar utang lancar (current liabilities) dengan aset yang paling lancar. Semakin besar semakin baik. 17 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How liquid is the firm? Liquidity Ratio- activity Ratio Telkom University 3. Average Collection Period Accounts Re ceivable Accounts receivable/(Annual credit sales/365) Average Collection Ratio = = 59 days (contoh) Daily (credit ) sales Rata-rata periode yang diperlukan untuk mengumpulkan piutang, semakin cepat semakin baik. 4. Accounts Receivable Turnover Credit sales Accounts Re ceivable Ratio = Accounts Re ceivables Kemampuan perusahaan untuk melakukan penagihan utang. Semakin besar semakin baik. S2 MM PJJ 18 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How liquid is the firm? Liquidity Ratio- activity Ratio Telkom University 5. Inventory Turnover COGS Inventory Turnover = Inventory Menggambarkan likuiditas relatif persediaan, seberapa banyak persediaan mengalami perputaran. Semakin cepat semakin baik. Semakin besar angkanya, semakin baik S2 MM PJJ 19 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How is the firm financing its asset ? Capital Structure Ratios Telkom University 1. Debt Ratio Total Debt Debt Ratio = Total Assets Mengukur seberapa besar aset perusahaan yang dibiayai oleh utang. Semakin besar hutang, maka semakin beresiko. Semakin kecil angkanya maka semakin baik. 2. Times Interest Earned (TIE) Operating Income ( EBIT ) TIE = Interest exp ense Mengukur kemampuan perusahaan untuk membayar beban bunganya. Semakin besar semakin baik. S2 MM PJJ 20 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business How efficient has the firms management been in utilizing Telkom University its assets to generate sales? Asset management efficiency ratios 1. Total Assets Turnover (TATO) Sales TATO = Total Assets Mengukur seberapa efisien perusahaan menggunakan asetnya untuk menghasilkan penjualan. Semakin besar semakin baik. 2. Fixed Assets Turnover Sales Fixed Assets Turnover = Net Fixed Assets Mengukur seberapa efisien penggunaan fixed asset untuk menghasilkan S2 MM PJJ penjualan. Semakin besar semakin baik. 21 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Has the firms earned adequate returns on its investments ? Telkom University Profitability Ratios 1. Operating Return on Investment (OIROI) Operating Income OIROI = Total Assets Mengukur efektivitas manajemen menggunakan aset untuk menghasilkan laba operasional. Semakin besar semakin baik. 2. Operating Profit Margin (OPM) Operating Income ( EBIT ) OPM = Sales Mengukur prosentase laba yang diperoleh setelah perusahaan membayar semua beban produksinya. Semakin besar semakin baik. S2 MM PJJ 22 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Has the firms earned adequate returns on its investments ? Profitability Ratios 3. Net Profit Margin (NPM) Net Income NPM = Sales Mengukur netto laba per penjualan. Semakin besar semakin baik. 4. Return on Equity (ROE) Net Income ROE = Total Common equity Mengukur seberapa besar return yang bisa diperoleh oleh pemegang S2 MM PJJ saham. Semakin besar semakin baik. 23 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Has the firms earned adequate returns on its investments ? Profitability Ratios 5. Gross Profit Margin (GPM) Gross Pr ofit GPM = Re venue Mengukur laba kotor per penjualan. Semakin besar semakin baik. 6. Return On Asset (ROA) Net Income ROA = Total Assets Mengukur kemampuan perusahaan menggunakan asetnya untuk menghasilkan laba bersih. Semakin besar semakin baik. S2 MM PJJ 24 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Categories of Function Ratios Involved Ratio Liquidity ratios Measures the ability to satisfy Current ratio short term obligation as they Quick ratio come due Activity Measures the speed with Average collection period (liquidity) ratios which liquid assets are Average payment period converted into sales or cash Inventory turnover Total assets turnover Debt ratios Indicates the amount of other Debt ratio people’s money being used to Times interest earned ratio generate profits Fixed-payment coverage ratio Profitability Evaluate the firm’s profit with OIROI ratios respect to a given level of ROI / ROA sales or the owners ROE investment Gross profit margin Operating profit margin S2 MM PJJ Net profit margin 25 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Limitations of Ratio Analysis Telkom University ◼ Different Accounting Practices. ◼ Sometimes hard to pick an industry for comparison. ◼ Seasonality in Operations. S2 MM PJJ 26 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University ◼ Cari 1 laporan keuangan perusahaan terbuka tahun 2023 yang ada di Bursa efek Indonesia, bisa dicari melalui : www.idx.co.id ◼ Analisislah rasio keuangan tahun 2022 dan 2023. Bandingkan diantara kedua tahun tersebut apakah lebih baik atau tidak. ◼ Jawab 4 pertanyaan (sesuai yang ada di slide)—How liquid is the firm dst ◼ Format : 1. Cover, 2. daftar isi, 3. profil perusahaan, 4. neraca, 5. laporan laba rugi, 6. perhitungan rasio keuangan (total ada.. Rasio), analisis, 7. kesimpulan. MAKS : 23 September 2024, via LMS No Pertanyaan Rasio 2022 2023 Hasil Analisis (naik, turun dan penjelasannya) How liquid is Current 2 3 Meningkat. Berarti the firm? Ratio kemampuan perusahaan … dst Quick Ratio S2 MM PJJ 27 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business RASIO PERBANKAN Telkom University Rasio Rentabilitas (Earning ratios) : ◼ Return on Asset (ROA) ◼ Return on Equity ◼ Beban Operasional (BO)/Pendapatan Operasional (PO) : Rasio BO/PO adalah perbandingan antara biaya operasional dan pendapatan operasional. Pendapatan operasional yang semakin kecil nilainya semakin bagus karena biaya operasionalnya dapat tertutupi dari pendapatan operasional. Rasio likuiditas (liquidity ratios) ◼ Cash Ratio (CR) : rasio yang digunakan untuk mengukur kemampuan bank dalam melunasi kewajiban yang harus segera dibayar dengan harta likuid yang dimiliki bank tersebut. CR = (liquid assets) / (short term borrowing) x 100% ◼ Loan to deposit ratio (LDR) rasio yang digunakan untuk mengukur komposisi jumlah kredit yang diberikan dibandingkan dengan jumlah dana masyarakat dan modal sendiri yang digunakan. Besarnya loan to deposit ratio menurut peraturan pemerintah maksimum adalah 110%. Loan To Deposit Ratio = Total Loan / (Total Deposit + Equity) x 100%. Rasio Solvabilitas (capital ratios) ◼ Capital Adequacy Ratio (CAR) : rasio yang memperlihatkan seberapa jauh seluruh aktiva bank yang mengandung risiko (kredit, penyertaan, surat berharga, tagihan pada bank lain ikut dibiayai dari dana modal sendiri bank. Nilai CAR yang semakin besar maka semakin aman dana deposan pada bank yang bersangkutan. CAR = (Modal LR,Equity/ Aktiva Tertimbang Menurut Risiko) x 100%. Bank yang dianggap sehat adalah bank yang memiliki CAR di atas 8%. 28 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University The DuPont Model Brings together: ◼ Profitability ◼ Efficiency ◼ Leverage 29 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Net Total Profit Asset Equity ROE Multiplier Margin Turnover Net Income Net Income Sales Total Debt = X 1 - / Total Equity Sales Total Assets Total Assets Asset Usage Profitability Efficiency Leverage 30 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business DuPont Model Telkom University ROE 1 – (Total Debt / ROA Total Net Total Assets Profit Assets ) Margi Turnov Net n er Total Incom Sales Sales Assets e 31 Creating the great business leaders  Fakultas Ekonomi dan Bisnis School of Economic and Business Telkom University Terima kasih... Arthur Keown. Manajemen Keuangan. Subramanyan. Fahmi 32 Creating the great business leaders