Kursus Manajemen Perkebunan Lanjutan Angkatan 34 Formulasi Strategi Fungsional Keuangan Oleh Dr. Erni Ekawati, MBA, MSA, Akt

Agenda I. Tujuan Perusahaan II. Formulasi Strategi Keuangan III. Implementasi Strategi Keuangan

Bagian I Tujuan Perusahaan

I. Tujuan Perusahaan PENDAHULUAN Untuk menarik minat investor, manajer harus memaksimumkan pertumbuhan perusahaan dari waktu ke waktu. Pertumbuhan akan meningkatkan profitabilitas – ROE, ROA, ROI, or ROIC. Meningkatnya profitabilitas perusahaan akan serta merta meningkatkan nilai perusahaan. Pola pemberian kompensasi kepada manajer sangat erat terkait dengan pertumbuhan dan profitabilitas.

I. Tujuan Perusahaan Sebaliknya, Menurut perspektif manajemen keuangan tujuan perusahaan adalah memaksimumkan nilai perusahaan/kekayaan pemegang saham Memaksimumkan nilai perusahaan tidak identik dengan memaksimumkan pertumbuhan dan profitabilitas. Dalam strategi penciptaan nilai, kompensasi manajer selalu dikaitkan dengan nilai pasar perusahaan/harga saham.

I. Tujuan Perusahaan Value spread creation growth Accounting Profitability Value creation spread Cost of Capital growth

I. Tujuan Perusahaan Penciptaan Nilai Tujuan utama manajer adalah memaksimumkan nilai perusahaan. Nilai perusahaan didasarkan pada aliran laba dan arus kas di masa yang akan datang. Estimasi aliran laba dan arus kas di masa yang akan datang dilakukan dengan cara menganalisis laporan keuangan.

I. Tujuan Perusahaan Penciptaan Nilai ROE = ROIC+ contribution of financial leverage (ROIC-i) D/E Keterangan: D: debt; E: equity ROE= Net Income/Total Equity ROIC= NOPAT/Total Invested Capital NOPAT= EBIT (1-T) (ROIC-i)= spread

I. Tujuan Perusahaan Penciptaan Nilai Market Value Added (MVA) MVA = Market Value of Equity – Book Value of Equity Economic Value Added (EVA) EVA = NOPAT – (WACC* Total Invested Capital) = (ROIC – WACC) * Total Invested Capital

I. Tujuan Perusahaan Penilaian WACC = wd (1-T) kd + we ke FCF: free cash flow wacc: weigted average cost of capital Vop: Value of operations wd; we: weight of debt and equity, respectively kd: cost of debt ke: cost of equity WACC = wd (1-T) kd + we ke

I. Tujuan Perusahaan Breakdown of Corporate Valuation

Bagian II Formulasi Strategi Keuangan

II. Formulasi Strategi Keuangan

II. Formulasi Strategi Keuangan Alternatif Investasi Perusahaan Internal Capital Budgeting Projects with positive net present value External Capital Budgeting Acquisitions Mergers

II. Formulasi Strategi Keuangan Alternatif Pendanaan Perusahaan

II. Formulasi Strategi Keuangan Alternatif Pendanaan Perusahaan Apakah Struktur Modal Mempengaruhi Nilai Perusahaan?

II. Formulasi Strategi Keuangan Alternatif Pendanaan Perusahaan Adakah Struktur Modal yang Optimal? Trade-Off Theory

II. Formulasi Strategi Keuangan Alternatif Pendanaan Perusahaan: Pecking Order Theory Signaling Theory Pecking Order: Internal Financing Retained Earning External Financing: Debt Issuing New Stocks

II. Formulasi Strategi Keuangan Alternatif Pendanaan Perusahaan - Pertimbangan Lain Managerial conservatism Lender and rating agency attitudes Reserve borrowing capacity and financing flexibility Control Business risk Asset structure Growth rate Profitability Taxes Market conditions

Bagian III Implementasi Strategi Keuangan

III. Implementasi Strategi Keuangan Case: United Grain Grower – III. Implementasi Strategi Keuangan Case: United Grain Grower – Corporate/Enterprise Risk Management Key Issues: Investment Strategy Financing Strategy Risk Management Strategy

UGG Investment Strategy - Main Business

UGG Financing Strategy - Ownership Structure UGG was founded in 1906 as a farmer-owned corporation. Go public on the Toronto and Winnipeg Stock Exchanges in 1993. Although UGG is a public company, it retains some of its farmer cooperative roots. The company has both members and shareholders.

UGG Risk Management Strategy -Risks Environmental liability The Effect of weather on grain Counterparty risks (suppliers and customers not fulfilling contracts Credit risks Commodity price and basis risks Inventory risk (damage to products in inventory)

UGG – Consolidated Financial Highlights

UGG-EBIT Over Time

UGG Actual vs Weather Risk Removed Gross Profit

UGG-Risk Management Choices Retention – do nothing Weather Derivatives Insurance Contract

UGG – A Weather Derivative

Referensi Brigham, E and P.R. Daves (2004). Intermediate Financial Management. 8th Ed., Singapore: Thomson Learning Inc. Cummins, D., R Phillips, and Stephen Smith (1998). The Rise of Risk Management, Federal Reserve Bank of Atlanta-Economic Review, p.30-39. Ekawati, Erni. (2005). Level Of Growth and Accounting Profitability in Corporate Value Creation Strategy. Jurnal Riset Akuntansi Indonesia. Harrington, Scott E. and G.R Niehaus (2002). Risk Management and Insurance. 2nd Ed., Singapore: Mc GrawHill Education. Ramezani, C., L Soenen, and A Jung. (2002). Growth, Corporate Profitability, and Value Creation. Financial Analyst Journal, November-December, p. 56-66.