Financial Statement

 Basic financial statement

 The income statement (Laporan laba – rugi)
 The balance sheet (Neraca)
 The statement of cash flows
 Financial statement menggambarkan hasil operasi dan
posisi keuangan suatu perusahaan
 Metals Company: Income Statements for the Years Ended December 31
(Millions of Dollars, Except for Per Share Data)

1992 1991

Net Sales $ 3,000 $ 2,850

Costs and expenses:
Labor and materials 2,544 2,413
Depreciation 100 90
Selling 22 20
General and administrative 40 35
Lease payments 28 28
Total costs $ 2,734 $ 2,586
Net operating income, or earnings before interest and taxes (EBIT) $ 266 $ 264
Less interest expense:
Interest on notes payable 8 2
Interest on first mortgage bonds 40 42
Interest on debentures 18 3
Total interest $ 66 $ 47
Earnings before taxes (EBT) $ 200 $ 217
Taxes (at 40%) 80 87
Net income before preferred dividends $ 120 $ 130
Dividends to preferred stockholders 10 10
Net income available to common stockholders $ 110 $ 120
Disposition of net income:
dividends to common stockholders $ 90 $ 80
Addition to retained earnings $ 20 $ 40
Per share of common stock:
Stock price $28.50 $29.00
Earnings per share (EPS)* $ 2.20 $ 2.40
Dividends per share (DPS)* $ 1.80 $ 1.60
Stock price of preferred stock $102.00 $ 98.00
 Metals Company: December 31 Balance Sheets (Million of Dollars)

Assets 1992 Liabilities and Equity 1992 1991

1991
Cash $ 50 $ Account payable $ 60 $ 30
55 Notes payable 100 60
Marketable securities 0 Accrued wages 10 10
25 Accrued taxes 130 120
Accounts receivables 350 Total current liabilities $ 300 $ 220
315
First mortgage bonds 500 520
Inventories 300
215 Debentures 300 60
Total current assets $ 700 $ Total long-term debt $ 800 580
610 Stockholders’ equity:
Gross plant and equipment 1,800 1,470 Preferred stock (1,000,000 shares
Less depreciation 500 10% preferred, $ 100 par value) 100 100
400 Common stock (50,000,000 shares
Net plant and equipment $ 1,300 $1,070 $ 1 par value) 50 50
Additional paid-in capital 90 90
Retained earnings 660 640
Total common equity $ 800 $ 780
Total stockholders’ equity 900 880
Total claims $2,000 $1,680

a. First mortgage (sinking fund) $20 million per tahun

b. lease payment $28 million
 The statement of cash flows:
 operating activities,
 investing activities,
 financing activities

 Langkah awal penentuan the statement of cash flows:

 Sources:
any increase in a liability or equity account,
any decrease in an asset account.
 Uses:
any decrease in a liability or equity account,
any increase in an asset account
 Balance sheets (Millions of Dollars) Changes
12/31/92 12/31/91 Source Use
Cash 50 55 5
Marketable Securities 0 25 25
Accounts receivable 350 315 35
Inventories 300 215 85
Gross plant and Equipment 1,800 1,470 330
Accumulated Depreciation 500 400 100
Accounts Payable 60 30 30
Notes Payable 100 60 40
Accrued wages 10 10
Accrued taxes 130 120 10
Mortgage bonds 500 520 20
Debentures 300 60 240
Preferred Stock 100 100
Common Stock 50 50
Additional paid-in capital 90 90
Retained Earnings 660 640 20
470 470
 Statement of Cash Flows (Millions of Dollars)
Cash Flow from Operating Activities
Net Income $ 120
Additions (sources of cash)
Depreciation 100
Increase in accounts payable 30
Increase in accrued taxes 10
Subtractions (uses of cash)
Increase in accounts receivable ($35)
Increase in inventories ($85)
Net cash flow from operations $ 140
Cash Flow from Investing Activities
Acquisition of fixed assets ($330)
Cash Flow from Financing Avtivities
Increase in notes payables $ 40
Increase in debentures 240
Repayment of mortgage bonds (20)
Common and preferred dividends paid (100)
Net cash flow from financing $ 160
Net increase (decrease) in cash and cash equivalents ($30)
Cash and cash equivalents at beginning of year $ 80
Cash and cash equivalents at end of year $ 50
FINANCIAL RATIOS, menguji posisi keuangan dan kinerja perusahaan

 External Analysis, creditors, stockholders, investment analysts

 Internal Analysis, corporate finance and accounting departments
 Manfaat Rasio Keuangan. Rasio keuangan : Hubungan antara data keuangan
 Membandingkan perusahaan-perusahaan dalam satu industri
 Membandingkan industri yang berbeda (Kharakteristik berbeda)
 Membandingkan kinerja dalam periode waktu yang berbeda

 USERS OF RATIO
 Analis yang berbeda mempergunakan jenis-jenis rasio yang berbeda
 Short-Term Creditors, berkepentingan terhadap kemampuan perusahaan
memenuhi kewajibannya yang segera jatuh tempo. Liquidity
 Long-Term Creditors, berkepentingan terhadap kemampuan perusahaan
dalam membayar beban bunga dan pembayaran principal. Liquidity dan
Profitability
 Stockholders, disamping liquidity dan profitability berkepentingan terhadap
kebijakan-kebijakan perusahaan yang dapat mempengaruhi harga pasar
saham
Symptoms, Causes, and Solution for Problems Revealed by Financial Ratios (John
J. Hampton)
Sympton Problem Solution

Abnormal Inadequate cash Raise additional funds

liquidity ratio Excessive receivable Restrict terms of trade; institute
a more aggressive collection
policy
Excessive inventory Improve inventory management
Obtain additional long-term
Excessive current liabilities financing

Abnormal High production costs Institute cost-cutting measures

profitability Idle assets Sell excess or obsolete assets
Inadequate sales Increase size and quality of
sales force; improve
advertesing
Inadequate selling price Raise it
High administrative expenses Reduce them
Excessive interest payments Seek lower-cost debt financing;
seek equity financing
 Liquidity Ratios
 Current ratio
 Quick, or acid test ratio

 Asset Management Ratios

 Inventory turnover, or utilization ratio
 Days Sales Outstanding, or Average collection period
 Fixed asset turnover, or utilization ratio
 Total asset turnover, or utilization ratio

 Debt Management Ratios

 Total debt to total assets
 Times interest earned ratio
 Fixed charge coverage ratio
 Cash flow coverage ratio
 Profitability ratios
 Profit margin on sales
 Basic earning power ratio
 Return on assets
 Return on equity

 Market value ratios

 Price/Earnings ratio
 Market/Book Ratio
 Liquidity
 Current : current assets/current liabilities
 Quick, or acid test: (current assets –
inventories)/current liabilities

 Asset management
 Inventory turnover: sales/inventory
 Days sales outstanding (DSO): receivables/sales per
days
 Fixed asset turnover: sales/fixed assets
 Total asset turnover: sales/total assets
 Debt management
 Debt to total assets (D/A): total debt/total assets
 Times interest earned (TIE): EBIT/interest charges
 Fixed charge coverage: (EBIT + Lease Payment)/(Interest charges +
lease payments + Singking fund payments/1 – T)
 Cash flow coverage ratio : (EBIT + Lease payment + Depreciation) /
{Interest charges and lease payment + singking fund payments/(1 – T) +
Preferred stock dividends/(1 – T)}

 Profitability
 Profit margin on sales: net income after preferred dividend/Sales
 Basic earning power (BEP): EBIT/Total assets
 Return on assets (ROA): net income available to common
stockholders/total assets
 Return on equity (ROE): net income available to common
stockholders/common equity

 Market value
 Price/earnings (P/E): price per share/earnings per share
 Market/book (M/B): market price per share/book value per share
 Book value per share: Common equity/shares outstanding
 Return on Equity

Return on Assets x Asset/Equity

Profit Margin x Total assets turnover

Sales : Net Income Total assets : Sales

Total Costs - Sales Fixed Assets

+
Cost & Exp
Current Assets
+
Interest
+
Tax
 Production Assets: Sales: Interest:
costs: How many are Are they It is
High or low? idle? adequate? excessive?

affects affects
affects

General Return on
Selling price: Asset turnover
expenses: Equity
High or low? explains
High or low?

explains
affects affects explains

Gross profit Return on Earning Power

Profit margin investment
margin
explains explains

Factors Affecting Profit and Interrelation of Profitability Ratios

 Comparing Three Major Ratios Linking Profits and Resources

Return on Investment Return on Equity (ROE): Earning Power (EP):

(ROI): EBIT/Assets Net Income/Equity Net Income/Assets

Measures ability of Measures ability of firm Measures efficiency of

management to earn to convert operating firm in achieving an
return on resources profits into aftertax return aftertax return on
for common shareholders resources. Also called
aftertax ROI
Price-Earnings Ratio, dipergunakan untuk menentukan saham perusahaan mana
yang akan dimiliki investor, apakah perusahaan akan menjual saham yang
memiliki P/E ratio yang tinggi atau rendah ?

Po = D1/r – g

Po/EPS1 = D1/EPS1 x 1/r – g

Dimana : D1 merupakan dividen yang diharapkan tahun depan, r merupakan

return yang dibutuhkan investor dari investasi sejenis, dan g merupakan tingkat
pertumbuhan dividen yang diharapkan

P/E ratio yang tinggi menggambarkan:

1.Investor mengharapkan pertumbuhan dividen tinggi (g)
2.Saham memiliki tingkat risiko rendah dan dengan demikian investor bakal
bersedia menerima return yang rendah (r)
3.Tingkat pertumbuhan perusahaan rata-rata jika dividen payout ratio tinggi
(D1/EPS1)
Dividend yield, dividen yang diharapkan dibandingkan dengan harga saham
biasa

Dividend yield = dividend per share/stock price

Dividend yield = D1/Po = r – g

Dividend yield yang tinggi menggambarkan:

1.Investor mengharapkan pertumbuhan dividen rendah
2.Investor menginginkan return yang tinggi

PENGGUNAAN RASIO-RASIO KEUANGAN DALAM PENELITIAN

Kaplan dan Urwitz (Brealey dan Myers: 1988) mengemukakan bahwa

perusahaan yang memiliki bond rating berkualitas pada umumnya memiliki debt
ratios yang rendah, Time interest earned ratio dan return on asset yang tinggi
PROBLEMS IN FINANCIAL STATEMENT ANALYSIS

1.Development of comparative data. Perusahaan yang menghasilkan lebih dari

satu jenis produk (multi divisi), sulit menentukan rata-rata industri, sehingga rasio-
rasio keuangan lebih bermanfaat untuk perusahaan-perusahaan kecil yang
memiliki single product
2.Distortion of comparative data. Kondisi inflasi serta metode akuntansi yang
berbeda
3.Window dressing, membuat laporan keuangan terkesan baik
RATIOS GUIDELINE/NORMS
Current ratio 2
Quick ratio 1
Asset turnover 1 – 2 times
Gross Profit Margin 30 – 50 %
Profit Margin 15 – 25 %
Return on Investment (EBIT/Assets) 25 – 40 %
Return on Equity 70 – 90 % of ROI
Earning Power (Net Income/Assets) 12 – 16 %
Time interest Earned Ratio 5 – 7 times
Price-Earnings Ratio 5 – 10/1
Capitalization rate 10 – 20 %
Debt Equity Ratio 1/1
Debt to total assets 0,5/1
Dividend payout 40 %
Dividend yield 7–8%
 PENGARUH STRUKTUR KEPEMILIKAN, PERTUMBUHAN PERUSAHAAN, DAN
UKURAN PERUSAHAAN TERHADAP KINERJA PERUSAHAAN

Unstandardized Coefficient Standardized t Significance

Coefficient

Beta Standard
Error

Constant -15.99 11.84 -1.35 0.18

KM -0.19 0.16 0.16 -1.22 0.17

KI 0.04 0.02 0.08 1.69 0.09

PP 0.02 0.01 0.04 2.16 0.04

UP 0.73 0.41 0.19 1.78 0.07

Jumlah Sampel = 51 Perusahaan (Tahun 2006 – 2007), pengamatan 102

 Perbedaan ROA Sebelum dan Sesudah Go Public (10 Perusahaan)
pada tahun 1987 - 1990

Keterangan Sebelum Go Public Sesudah Go Public

ROA 0.037 0.067

Std. Dev. 0.071 0.076

Uji statistik dengan probabilitas 0,0825

Pengaruh Rasio Operasi, Perputaran Harga dan Struktur Pembiayaan

Terhadap ROA

ROA = 17.45 – 0.15 RO + 3,18 PH – 0.03 SM

(-3,300) (2,274) (-1,25)

Koefisien Determinasi (R2) = 0,7155 F = 5,03 Pr = 0,0447

 Beberapa Faktor Yang Mempengaruhi Perubahan ROE
(Industri Manufaktur Tahun 1989 – 1990: 26 Perusahaan)

Variabel Koefisien T (DF = 49) Probability Koefisien

Bebas Regressi Korelasi

ROTA 1,0004 9.389 0.000 0.80

LEVERAGE 0.0187 1.592 0.117 0.22

Konstanta = 1,712
Standar Error Estimasi = 5,831 Standar Deviasi ROE/RONA = 9,65

R Squared = 0,6494 F Ratio = 45.379

R Multipel = 0,8059 Probability = 0.000000
 LATIHAN

1. Tahun lalu Martin Motors melaporkan laporan laba-rugi sebagai berikut:

penjualan $ 2,000,000; Harga pokok penjualan $ 1,200,000; Penyusutan
$ 500,000; Beban bunga $ 100,000; Pajak 40%. CEO perusahaan
merasa tidak puas dengan kinerja perusahaan. Dia ingin agar tahun ini
laba bersih meningkat dua kali lipat, penyusutan, tarif pajak, dan bunga
konstan dan harga pokok penjualan juga tetap 60 persen dari penjualan.
Berapa penjualan perusahaan harus dihasilkan agar target laba bersih
tercapai?
2. Klaven corporation memperoleh laba operasi (EBIT) sebesar $ 750,000.
Beban penyusutan adalah $ 200,000. Klaven dibiayai 100 persen dengan
modal ekuitas dan tarif pajak perusahaan adalah 40 persen. Berapakah
laba bersih perusahaan? Berapakah arus kas bersih? Berapakah arus
kas operasi ?
3. Tahun lalu, perusahaan X memperoleh EBIT sebesar $ 5,000,000; beban
penyusutan perusahaan adalah $ 1,000,000 dan beban bunga adalah $
1,000,000; tarif pajak perusahaan adalah 40 persen. Perusahaan
memiliki total modal sebesar $ 25,000,000 dan estimasi biaya modal
setelah pajak adalah 10 persen. Asumsikan bahwa pos nonkas
perusahaan hanyalah biaya penyusutan. Berapakah arus kas bersih,
laba bersih, arus kas operasi dan EVA ?
 Latihan

1. Lengkapilah neraca dan informasi penjualan perusahaan Jones Sofware dengan

mempergunakan informasi data keuangan berikut: debt ratio: 50%; quick ratio:
0.80; total assets turnover: 1.5; days sales outstanding: 36 days; gross profit
margin: 25%; inventory turnover ratio: 5. Data lain adalah: total assets $200.000;
long-term debt $ 40.000; retained earnings $ 65.000. Susunlah neraca
perusahaan dengan menghitung besaran masing-masing item berikut: cash,
account receivable, inventories, fixed assets, account payable, common stock,
dan informasi sales, dan cost of goods sold.
2. Perusahaan Edelman memiliki current assets $1,750,000 dan current liabilities
$700,000. Tingkat inventory awal adalah $500,000 dan perusahaan menaikkan
inventory dengan menambah notes payable. Seberapa besar inventory dinaikkan
dengan memperhatikan current ratio 2:1