SELAYANG PANDANG ANALISIS LAPORAN KEUANGAN

Analisis Laporan Keuangan Aplikasi dari alat dan teknik analitis terhadap laporan keuangan perusahaan untuk menghasilkan estimasi dan kesimpulan yang berguna dalam menganalisis suatu usaha atau bisnis. Analisis laporan keuangan mengurangi ketergantungan terhadap firasat, tebakan, dan intuisi dalam pengambilan keputusan

Siapa yang memerlukan Analisis Bisnis ? Investor Ekuitas Kreditur Manajer Analis Merger dan Akuisisi Auditor Eksternal Direktur Regulator (Pemerintah) Karyawan dan SPSI Pengacara (Lawyer) Pelanggan PROSPEK RESIKO

Sumber Informasi untuk Analisis Bisnis Kuantitatif Laporan Keuangan Statistik Industri Indikator Economi Laporan Perdagangan dll Kualitatif Diskusi dan analisis Manajemen Visi/Misi Bisnis Pemberitaan mengenai poisisi Keuangan Web sites dll

Intrinsic Value (or Fundamental Value) Value of Company (or stock) without reference to market value (or stock price) Intrinsic value > Market value Buy Intrinsic value < Market value Sell Intrinsic value = Market value Hold Strategy

Cost of Capital Estimate Business Environment & Strategy Analysis Industry Analysis Strategy Analysis Prospective Analysis Accounting Analysis Financial Analysis Analysis of Sources &Uses of Funds Risk Analysis Profitability Analysis Cost of Capital Estimate Intrinsic Value

Accounting Analysis Process to evaluate and adjust financial statements to better reflect economic reality Comparability problems — across firms and across time Manager estimation error Distortion problems Earnings management Distortion of business Accounting Risk

Financial Analysis Process to evaluate financial position and performance using financial statements Profitability analysis — Evaluate return on investments Risk analysis ——— Evaluate riskiness & creditworthiness Analysis of — Evaluate source & cash flows deployment of funds Common tools Ratio analysis Cash flow analysis

Process to forecast future payoffs Prospective Analysis Process to forecast future payoffs Business Environment & Strategy Analysis Accounting Analysis Financial Analysis Intrinsic Value

Dynamics of Business Activities Time Beginning of period Financing Investing Planning Operating Investing Financing Planning End of period

Managerial performance Business Activities Pricing Competition Market demands Tactics Planning Activities: Goals & Objectives Promotion Distribution Projections Managerial performance Opportunities Obstacles

Business Activities Financing Financing activities Owner (equity) Nonowner (liabilities) Financing

Business Activities Investing Financing Investing = Financing Investing activities Buying resources Selling resources Investing Financing Investing = Financing

Revenues and expenses from providing Business Activities Planning Activities Financial Activities Investing Activities Operating Activities Revenues and expenses from providing goods and services

Laporan Keuangan Menggambarkan Aktivitas Bisnis Perencanaan Pendanaan Lancar: Hutang Wesel Hutang Dagang Hutang Gaji Hutang Pajak Pendapatan Tidak Lancar: Hutang Obligasi Saham Biasa Laba Ditahan Investasi Lancar: Kas Piutang Persediaan Surat Berharga Tidak Lancar: Tanah dan Bangunan Perlengkapan Paten Operasi Penjualan HPP Biaya Penjualan Biaya Administrasi Biaya Bunga Pajak Pendapatan Laba Bersih Lap. L/R Kewajiban & Modal Asset Arus Kas Neraca Neraca Laporan Arus Kas Laporan Perubahan Modal

Laporan Keuangan Neraca Laporan Laba Rugi Laporan Perubahan Ekuitas Laporan Arus Kas Catatan atas Laporan Keuangan

Dec 31, 2001 (In millions, except per share data) Kodak Dec 31, 2001 (In millions, except per share data) Liabilities and Shareholders’ Equity Assets Current Liabilities Current Assets Payables $ 3,276 Cash and cash equivalents $ 448 Short-term borrowings 1,378 Receivables 2,337 Accrued income taxes 544 Inventories 1,137 Current maturities of LTD 156 Deferred income tax charges 521 Total current liabilities 5,354 Other 240 Total current assets 4,683 Other Liabilities Properties Long-term borrowings 1,666 Land, buildings and equipment at cost 12,982 Post-employment liabilities 2,728 Less: Accumulated depreciation 7,323 Other long-term liabilities 720 Net properties 5,659 Total liabilities 10,468 Other Assets Goodwill (net of accumulated amortization of $920) 948 Shareholders' Equity Other non-current assets 2,072 Common stock, par value $2.50 per share, Total Assets $ 13,362 950,000,000 shares authorized; issued 391,292,760 shares 978 Additional paid in capital 849 Retained earnings 7,431 Accumulated other comprehensive loss (597) 8,661 Treasury stock, as cost, 100,363,059 shares 5,767 Total shareholders' equity 2,894 Total liabilities and equity $ 13,362

Income Statement Kodak Sales $13,234 Cost of goods sold 8,670 For Year Ended Dec. 31, 2001 (In millions) Sales $13,234 Cost of goods sold 8,670 Gross profit 4,564 Selling, general and administrative expenses 2,627 Research and development costs Goodwill amortization 779 154 Restructuring costs and asset impairments 659 EARNINGS FROM OPERATIONS 345 Interest expense 219 Other income (charges) (18) Earnings before income taxes 108 Provision for income taxes 32 NET EARNINGS 76

Statement of Cash Flows Kodak For year Ended Dec. 31, 2001 (In millions) Cash flows from operating activities: Net Earnings $ 76 Adjustments to reconcile to net cash provided by operating activities: Depreciation and amortization 919 Restructuring costs 830 Provisions (benefit) for deferred income taxes (44) (Increase) decrease in receivables 252 (Increase) decrease in inventories 461 (Decrease) increase in liabilities excluding borrowings (529) Other items, net 100 Net cash provided by operating activities 2,065 Cash flow from Investing activities: Additions to properties (743) Acquisitions, net of cash acquired (306) Marketable securities - sales 54 Marketable securities - purchases (52) Net cash used in investing activities (1,047) Cash flows from financing activities: Net increase (decrease) in borrowings with original maturities of 90 days or less (695) Proceeds from other borrowings 1,907 Repayment of other borrowings (1,355) Dividends to shareholders (643) Exercise of employee stock options 22 Stock repurchase programs (44) Net cash provided by (used in) financing activities (808) Effect of exchange rate changes on cash (8) Net (decrease) increase in cash and cash equivalents 202

Financial Statement Links - Kodak Statement of Cash Flows for Year Ended Dec. 31, 2001 Operating Cash flows $ 2,065 Investing Cash flows (1,047) Financing Cash flows (808) Exchange rate changes on cash (8) Net Change in Cash $ 202 Cash Balance, Dec. 31, 1997 246 Cash Balance, Dec. 31, 1998 $ 448 Statement of Shareholders’ Equity Share Capital, Dec. 31, 1997 $ 1,849 Adjustments/Stock Issue (22) Share Capital, Dec. 31, 1998 $ 1,827 Retained Earnings, Dec. 31, 1997 $ 7,387 Add: Comprehensive Income (39) Less: Dividends (514) Retained Earnings, Dec. 31, 1998 $ 6,834 Treasury Stock, Dec. 31, 1997 $ 5,808 Treasury Stock Issued 82 Treasury Stock Repurchased (41) Treasury Stock, Dec. 31, 1998 $ 5,767 Income Statement Sales $13,234 Expenses (13,158) Net Earnings $ 76 Other Comprehensive Income (115) Comprehensive Income $ (39) Financial Statement Links - Kodak Balance Sheet Dec. 31, 2000 Assets Cash $ 246 Non-Cash Assets 13,966 Total Assets $14,212 Liabilities & Equity Total liabilities $ 10,784 Equity: Share Capital 1,849 Retained Earnings 7,387 Treasury Stock (5,808) Total equity $ 3,428 Liabilities & Equity $14,212 Balance Sheet Dec. 31, 2001 Assets Cash $ 448 Non-Cash Assets 12,914 Total Assets $13,362 Liabilities & Equity Total liabilities $10,468 Equity: Share Capital 1,827 Retained Earnings 6,834 Treasury Stock (5,767) Total equity $ 2,894 Liabilities & Equity $13,362 (Point in time) (Point in time) (Period of time) Dec. 31, 2000 Dec. 31, 2001

Neraca Pendanaan Kodak $13,362 = $10,468 + $2,894 Jumlah Investasi = Jumlah Pendanaan = Pendanaan Kreditur + Pendanaan Pemilik Pendanaan Kodak $13,362 = $10,468 + $2,894

Sifat Laporan Keuangan (1) Fakta yang telah dicatat: Pencatatan kejadian-kejadian yang sudah berlalu (historis) berdasarkan harga perolehannya bukan harga pengganti atau harga pasar sekarang. Prinsip dan Kebiasaan dalam Akuntansi: Data yang dicatat dalam laporan keuangan dilakukan berdasarkan prinsip dan kebiasaan akuntansi yang lazim.

Sifat Laporan Keuangan (2) Pendapat Pribadi: walaupun pencatatan transaksi sudah diatur oleh dalil-dalil dasar yang sudah ditetapkan dan sudah dijadikan standard praktek pembukuan, namun penggunaan dalil-dalil dan standard tergantung dari akuntan perusahaan.

Contoh Kasus

Aliran Biaya Persediaan Barang Dagangan Siap untuk Dijual Pembelian Bersih HPP Persediaan Awal Akhir

First-In, First-Out (FIFO) Persediaan First-In, First-Out (FIFO) Biaya Paling Lama HPP Biaya Paling Baru Persediaan Akhir

Last-In, First-Out (LIFO) Persediaan Last-In, First-Out (LIFO) Biaya Paling Baru HPP Biaya Paling Lama Persediaan AKhir

Persediaan Average Cost Bila dijual satu unit, rata-rata biaya per unit dalam persediaan digunakan untuk mengitung HPP. Harga Barang Dagangan siap untuk dijual Jumlah unit barang yang siap dijual pada tanggal penjualan ÷

Ilustrasi Beberapa Penggunaan Metode Persediaan Ilustrasi Beberapa Penggunaan Metode Persed. awal Januari 1, Year 2 40 @ $500 $ 20,000 Pembelian selama setahun 60 @ $600 36,000 Barang siap dijual 100 units $ 56,000 Catatan: 30 unit dijual pada tahun 2 dengan harga per unit $800 = Jumlah Pendapatan= $24,000

Ilustrasi Penggunaan Metode Persediaan Ilustrasi Penggunaan Metode Persediaan Pembelian Persediaan awal + Bersih = HPP + Akhir FIFO $20,000 + $36,000 = $15,000 + $41,000 LIFO $20,000 + $36,000 = $18,000 + $38,000 Average $20,000 + $36,000 = $16,800 + $39,200   Penjualan – HPP = Laba Kotor FIFO $24,000 -- 15,000 = $9,000 LIFO $24,000 -- 18,000 = $6,000 Average $24,000 -- 16,800 = $7,200

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