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Prepared by Ahmad Subagyo CASH FLOW ANALYSIS (Analisis Arus Kas) www.ahmadsubagyo.com1.

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Presentasi berjudul: "Prepared by Ahmad Subagyo CASH FLOW ANALYSIS (Analisis Arus Kas) www.ahmadsubagyo.com1."— Transcript presentasi:

1 Prepared by Ahmad Subagyo CASH FLOW ANALYSIS (Analisis Arus Kas)

2 2 CASH FLOW ANALYSIS (Analisis Arus Kas) Evaluasi Kredit: Laporan Kas yang Dihasilkan

3 3 ANALISIS ARUS KAS Evaluasi kinerja dan penilaian resiko Sumber dan Penggunaan Kas - dimana didapat, dimana dibelanjakan - jumlah & petunjuk perubahannya Menilai kebijakan manajemen keuangan - keputusan investasi dan pembiayaan - kesesuaian pendanaan dan kebutuhan - insight: bagaimana pinjaman digunakan utk usaha Mengerti kebutuhan pembiayaan suatau perusahaan Menunjukkan kas dihasilkan Berhubungan dengan analisis rasio keuangan

4 4 ARUS KAS Cara bank memperoleh (recover) pinjamannya: Cara Pertama – arus kas dari operasi usaha Cara Kedua – kas dari penjualan aset usaha Cara Ketiga – kas dari penjualan aset pemilik Analisis Arus Kas adalah suatu alat untuk memahami arus kas masuk dan keluar suatu Perusahaan. Merupakan alat utama (primer) untuk mengevaluasi kredit.

5 5 ARUS KAS – Siklus Operasi Collection Credit sales Credit purchases/ Payments CASH ACCOUNT RECEIVABLE INVENTORY

6 6 ARUS KAS - Operasi SUMBER OPERASI Cash revenues Decrease in current assets - Collection of A/R - Sale of inventory Increase in current liabilities - Avail of supplier credit (Acct Payable) PENGGUNAAN OPERASI Cash expenses Increase in current assets - Credit sales (A/R) - Purchase of invty Decrease in current liabilities - Payments to suppliers (A/P) Operating cash flows come from revenue-generating activities and movements in the operating assets of the company.

7 7 ARUS KAS – Siklus Non-Operasi Capital outlay Debt, Equity Loan repayment Dividends CASH Inventory A/R FIXED ASSETS

8 8 ARUS KAS – Non-Operasi SUMBER Decrease in long- term assets - Sale of property and other fixed assets Increase in debt: - LT Debt - ST bank loans Increase in equity - Capital infusion PENGGUNAAN Increase in long- term assets - Purchase of M&E and other fixed assets Decrease in debt & long-term liabilities - Repayment of loans Cash dividend payments

9 9 LAPORAN ARUS KAS LAPORAN HASIL KAS Yang bisa dilihat? Presents changes in financial position Presents cash flow from operations & from non- optg activities (long-term investing & external financing) Provides info on: - Need for financing - Fin. mgmt policies - Risks: cash needs & sources Net OPERATING Cash Flow Net NON-OPTG Cash Flow Effect on CASH

10 10 PERSIAPAN LAPORAN ARUS KAS For Year 2002 Balance Sheet Dec Balance Sheet Dec Income Stmt Year 2002

11 11 PERSIAPAN LAPORAN ARUS KAS Operating Cash Flow Net Income Depreciation Gross Operating Funds Gen (Inc)Dec in Acct Receivable (Inc)Dec in Inventory Inc(Dec) in Acct Payable Net Operating Cash Gen From Income Statement From I/S; from change in B/S GOFG = NI + Depn From changes in B/S NOCG = GOFG + change in WC Non-Optg Cash Flow (Inc)Dec in Fixed Assets Inc(Dec) in LTDebt Inc(Dec) in ST bank loan Inc(Dec) in Equity Dividend Payments From changes in B/S From change in B/S, vs. N I Effect on Cash Inc(Dec) in CASH= NOCG +(-) change in N-Op; Verify from change in B/S acct

12 12 LAPORAN ARUS KAS – Perubahan dlm Neraca OPERATINGCurrent Assets (except Cash) Current Liab. (except ST bank loan) IncreaseUseSource DecreaseSourceUse NON-OPTGLT AssetsLT Liabilities (incl. ST bank loan) IncreaseUseSource DecreaseSourceUse

13 13 ANALISIS ARUS KAS - Contoh (Appliance Mfg; In $’000) Net Income4,0897,10510,954 Depreciation2,0012,0161,601 Gross Operating Funds Gen6,0909,12112,555 (Inc)Dec Acct Receivable-2,683-13,399-23,275 (Inc)Dec Inventory-3,437-9,815-19,558 Inc(Dec) Acct Payable2,6207,728-1,784 Net Operating Cash Gen2,590-6,365-32,062 (Inc)Dec Fixed Assets-1, ,361 Inc(Dec) LTDebt-6,4001,44136,566 Inc(Dec) ST bank loans-1,0251,7936,000 Inc(Dec) Equity5, Dividend Payments Inc(Dec) in CASH-862-4,0862,271

14 14 ANALISIS LAPORAN ARUS KAS Banker’s format Cash Generation Statement Why important to bankers? Operating Cash Flow Net Income Depreciation Gross Operating Funds Gen (Inc)Dec in Acct Receivable (Inc)Dec in Inventory (Inc)Dec in Prepaid Exp. (Inc)Dec in Other C.A. Inc(Dec) in Acct Payable Inc(Dec) in Accrued Exp. Inc(Dec) in Other C.L. Profitability & revenue-gen. GOFG is “funds”, not cash = estimate of cash flow WC adjustments: GOFG to cash-basis (accrual NI to CF) Sources & uses of cash Efficiency & growth in assets (vs. sales) Matching optg needs vs. ST sources Need for working capital financing

15 15 ANALISIS LAPORAN ARUS KAS Banker’s format Cash Generation Statement Why important to bankers? Operatin g Cash Flow Net Operating Cash Gen NOCG = cash flow from operations Liquidity – is cash flow adequate and stable? Self-financing capacity (internal cash generation) – cash gen from biz w/o resorting to external funding Repayment capability Use for Capex & LT investment If negative trend – dependent on bank debt? Overborrowing?

16 16 ANALISIS LAPORAN ARUS KAS Banker’s format Cash Generation Statement Why important to bankers? Non-Optg Cash Flow (Inc)Dec in Fixed Assets (Inc)Dec in Other LT Ast Inc(Dec) in LTDebt Inc(Dec) in ST bank loan Inc(Dec) in Equity Dividend Payments Sources & uses of cash LT investments & growth in assets (vs. sales) Matching Capex vs. LT sources Need for LT (external) financing Leverage – borrowings & debt- servicing? Competitors to cash flow – pymt to other banks & to owners Margin of safety? Effect on Cash Inc(Dec) in CASHIf (-), cash & mkt sec as source to finance shortfall End-cash vs. minimum desired?


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