ANALISIS LAPORAN KEUANGAN Financial Statement Analysis October 2000 ANALISIS LAPORAN KEUANGAN As a general note, it is easy to get lost by focusing on the calculation of ratios. The students probably need more help in interpretation of ratios. Instruction should include both help with calculations and guidance in interpretation. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Financial Statement Analysis = analisis yang dilakukan guna menguji keterkaitan angka-angka akuntansi dan trend angka tersebut dalam periode waktu tertentu. Mengapa dilakukan? Menilai kondisi keuangan dan hasil usaha perusahaan masa lalu, masa sekarang, dan prediksi yang akan datang Menilai kekuatan dan kelemahan keuangan perusahaan C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 LIMA LANGKAH DALAM ANALISIS LAPORAN KEUANGAN Menilai lingkungan bisnis Membaca dan mempelajari laporan keuangan & catatan laporan keuangan Menilai Kualitas Laba Analisis laporan keuangan Memprediksi laba atau cash flow masa mendatang C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Menilai Lingkungan Bisnis Apa jenis usahanya? Strategi apa yg digunakan perusahan untuk menghasilkan laba? Perusahaan tersebut berada dalam industri apa? Siapa “pemain” utama usaha tersebut? Siapa pesaingnya? Bagaimana hubungan antara perusahaan dengan konsumen dan supplier? Bagaimana pengaruh perubahan ekonomi terhadap penjualan dan laba perusahaan? C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Membaca & Mempelajari Laporan Keuangan danNotes Baca audit report Identifikasi transaksi penting: Akusisi utama, penghentian segment bisnis, tuntutan yang belum terselessaikan, penghapusan piutang dan persediaan Baca laporan keuangan dan footnotenya C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Menilai Kualitas Laba Kinerja operasional dinyatakan terlalu tinggi? Adanya cadangan yang tersembunyi Pendanaan dengan Off-balance Sheet Kualitas Laba dan keterbatasan laporan keuangan C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis Book Value vs. True Value October 2000 LK tidak merefleksikan prospek perusahaan dalam lingkungan bisnis LK = gambaran masa lalu tidak berorientasi masa depan LK memiliki keterbatasan turunan LK mengabaikan beberapa informasi historis dan informasi terkini (human resources dan efek inflasi). Manajemen menyajikan LK dengan bias (menyesatkan) Sering memilih metode akuntansi dan estimasi agar keliahatan baik C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Keterbatasan Informasi Akuntansi Keuangan True Company Value Inherent GAAP limitation Objective and appropriate GAAP book value Legitimate discretion Fraudulent reporting Reported Book Value C.J. Brown, M.M. Dutton and T.A. Rietz

ALAT UTAMA DAN SUMBER DATA Financial Statement Analysis October 2000 ALAT UTAMA DAN SUMBER DATA Alat Utama Laporan Keuangan Perbandingan rasio keuangan masa skrg dengan rasio masa lalu atau dengan perusahaan dalam industri yang sama Sumber Data: Laporan Tahunan (annual reports) Publikasi data keuangan (ICMD dll) Ratios are compared to industry averages. There are 14 to 16 common ratios grouped into 4 types. Dun and Bradstreet and Robert Morris Associates give industry average ratios for hundreds of industries. We will describe the types of ratios and focus on several important financial ratios. Financial Statements  1. Financial statements report a firm’s position at a point in time and on operations over some past period 2. Investors use financial statements to predict future earnings/dividends 3. Management uses financial statements to help anticipate future conditions and as starting point for planning actions that will affect future event Financial ratios 1. Help evaluate a financial statement 2. Facilitate comparison of firms C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 LAPORAN KEUANGAN Neraca (Balance Sheet) Laporan Laba Rugi (Income Statement) Laporan Arus Kas (Cashflow Statement) Laporan Perubahan Saldo Laba (Statement of Retained Earnings)  Balance Sheet Statement of financial position at specific point in time  Income Statement Summarizes revenues and expenses over an accounting period Statement of Cash Flows Amount of cash generated during period is not what is shown on balance sheet Tells you what happened to cash generated during specified period Categories in Statement of Cash Flows (a) Operating activities (b) Investing activities (c) Financing activities Statement of Retained Earnings Reports how much of earnings retained in business rather than paid out in dividends over the life of the firm   Retained earnings is claim against assets (a) Earnings retained to expand business (b) Do not represent cash C.J. Brown, M.M. Dutton and T.A. Rietz

Review: Unsur Utama Neraca Financial Statement Analysis October 2000 Review: Unsur Utama Neraca Aktiva Aktiva lancar: Kas dan Surat Berharga Piutang Persediaan Aktiva Tetap: Aktiva Berwujud Akt. Tidak Berwujud Kewajiban & Ekuitas Kewajiban lancar: Hutang Dagang Hutang Jk Pendek Kewajiban Jk Panjang Ekuitas Pemegang Saham Balance Sheet Statement of financial position at specific point in time  Shows assets owned by the firm and sources of the money used to purchase those assets. Liquidity Order Assets: length of time typically to convert to cash Liabilities: how soon must be paid Characteristics Cash versus other assets Only cash represents actual money Noncash assets should produce cash in time   Liabilities versus stockholders’ equity Both claims against assets   Breakdown of common equity accounts Common stock Retained earnings Impacted by Inventory accounting Depreciation methods Position at one point in time C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 CONTOH: Neraca Aktiva: Aktiva Lancar: $7,681.00 Aktiva Tetap: $3,790.00 Total Aktiva: $11,471.00 Kewajiban: Kewajiban Lancar: $5,192.00 Kewjiban Jk panjang: $971.00 Ekuitas: $5,308.00 Total Kwjb & Ekuitas: $11,471.00 Dell’s Balance Sheet: Assets the firm owns total more that $11 billion** , more short-term assets than long-term assets like plant and equipment. Those assets were purchased with money that came mainly from equity and short-term borrowing. Relatively little long-term debt. C.J. Brown, M.M. Dutton and T.A. Rietz

Review: Unsur Utama Laporan L/R Financial Statement Analysis October 2000 Review: Unsur Utama Laporan L/R Pendapatan Usaha Harga Pokok Penjualan (-) Laba Kotor Biaya Usaha (-) Laba Usaha Pendapatan (Biaya) lain-lain (+-) Laba Sebelum Pajak Pajak (-) Laba Bersih Income Statement 1. Summarizes revenues and expenses over an accounting period 2. Information includes (a) Net income available to common stockholders   (b) Earnings per Share – “bottom line”   (c) Usually compared to budget 3. The income statement serves as the basis for determining cashflows. C.J. Brown, M.M. Dutton and T.A. Rietz

Contoh: Laporan Laba/Rugi Financial Statement Analysis October 2000 Contoh: Laporan Laba/Rugi Pendapatan (penjualan) $25,265.00 Harga Pokok Penjualan -$19,891.00 Laba Kotor $5,374.00 Biaya Usaha -$2,761.00 Depresiasi dan Amortisasi -$156.00 Biaya Lain-Lain (Net) -$6.00 Laba Sebelum Bunga $2,451.00 Bunga -$0.00 Laba Sebelum Pajak $2,451.00 Pajak -$785.00 Kerugian penjualan Mesin -$194.00 Laba Bersih $1,666.00 Dell had more than $25 billion sales during the period. A large part of revenues went to pay for the raw materials that went into production. Depreciation reflects expenditure on a long-term asset which firm must expense over several years for tax purposes. It does not reflect an actual expenditure during this particular accounting period. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Kerangka Analisis Laporan Keuangan Common-Size Financial Statements: Analisis laporan keuangan perusahaan selama setahun Laporan keuangan distandarkan dengan menggunakan ukuran pembagi tertentu (Total Aktiva atau penjualan) Semua jumlah dinyatakan dengan prosentase dari ukuran pembagi tersebut. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 16 COMMON-SIZE INCOME STATEMENT Untuk common-size income statements, pembaginya adalah total kue, yaitu Penjualan bersih. 100% = Net Sales C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 17 Common-Size Income Statement Penjualan Bersih $5,700 100.0 $6,600 100.0 Harga Pokok Penjualan 4,000 70.2 4,800 72.7 Laba Kotor $1,700 29.8 $1,800 27.3 Biaya Pemasaran $1,120 19.6 $1,200 18.2 Biaya Umum 400 7.0 440 6.7 Total Biaya Usaha $1,520 26.6 $1,640 24.9 Laba Kotor $ 180 3.2 $ 160 2.4 Pendapatan Lain-Lain 80 1.4 130 2.0 Laba Sebelum Pajak $ 260 4.6 $ 290 4.4 PPh 80 1.4 85 1.3 Laba Bersih $ 180 3.2 $ 205 3.1 Comparative Income Statements (in millions) 2005 % 2004 % C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Common-Size Balance Sheet Common-size balance sheet dapat dilakukan dengan menggunakan total aktiva untuk menstandarkan Jumlah elemen Neraca. 100% = Total Assets C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 19 Common-Size Balance Sheet Comparative Balance Sheets (in millions) 2005 % 2004 % Assets Aktiva Lancar $ 855 15.0 $ 955.5 14.5 Tanah, Bangunan & Peralatan (net) 1,275 22.4 1,075.0 24.4 Akt Tidak Berwujud 100 1.8 100.0 1.5 Aktiva Lain-Lain 48 0.8 60.5 0.9 Total Aktiva $2,278 40.0 $2,191.0 33.2 Continued C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 20 Common-Size Balance Sheet Comparative Balance Sheets (in millions) Kwjb. & Ekuitas 2005 % 2004 % Kwjbn Lancar $ 410 7.2 $ 501 7.6 Kwjbn Jk Panjang 400 7.0 600 9.1 Total Kewajiban $ 810 14.2 $1,101 16.7 Modal Saham $1,100 19.3 $ 800 12.1 Saldo Laba (LD) 368 6.5 290 4.4 Total Ekuitas $1,468 25.8 $1,090 16.5 Total Kewajiban dan Ekuitas Pmg Shm. $2,278 40.0 $2,191 33.2 C.J. Brown, M.M. Dutton and T.A. Rietz

Objectives of Ratio Analysis Financial Statement Analysis October 2000 Objectives of Ratio Analysis Ratio Analysis: Anlisis laporan keuangan perusahaan dengan cara membandingkan ratio dan membandingkannya dengan trend dan rata-rata industri. Tujuan Analisis Ratio : Menstandarkan informasi keuangan untuk tujuan perbandingan Evaluasi hasil usaha dan risiko usaha Membandingkan kinerja sekarang dengan tahun sebelumnya Membandingkan kinerja perusahaan dgn perusahaan lain atau standard industri Uses 1.      Managers – to help analyze, control, improve a firm’s operations 2.      Credit analysts – to help ascertain a company’s ability to pay its debts 3.      Stock analysts – to determine a company’s efficiency, risk and growth potential C.J. Brown, M.M. Dutton and T.A. Rietz

Logika dibalik Ratio Analysis Financial Statement Analysis October 2000 Logika dibalik Ratio Analysis Perusahaan memiliki sumber ekonomi Perusahaan mengubah sumber ekonomi menjadi laba melalui Produksi barang/penyediaan jasa Penjualan barang/pemberian jasa Ratios Mengukur hubungan antara sumber ekonomi dengan aliran keuangan Menunjukkan cara-cara yang digunakan perusahaan jika dibandingkan dengan cara yang digunakan Tahun sebelumnya Perusahaan lain Industri Semua Perusahaan C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Tipe Ratios Financial Ratios: Liquidity Ratios Kemampuan melunasi hutang jangka pendek Leverage Ratios Kemampuan melunasi hutang jangka panjang Operational Ratios: Activity (Turnover) Ratios Menilai efektifitas dan efisiensi aktivitas yang berhubungan dg pemakaian sumber ekonomi Profitability Ratios Kemampuan menghasilkan laba Valuation Ratios (tidak dibahas- masuk MK) Menilai saham perusahaan Liquidity Ratios: Current Ratio Quick (Acid Test) Ratio Cash Ratio Net Working Capital to Total Assets Leverage Ratios: Total Debt Ratio Debt to Equity Ratio Equity Multiplier Long-term Debt Ratio Times Interest Earned Ratio Cash Coverage Ratio Activity (Turnover) Ratios: Inventory Turnover Days’ Sales in Inventory Receivables Turnover Days’ Sales in Receivables NWC Turnover Fixed Asset Turnover Total Asset Turnover Profitability Ratios: Profit Margin Return on Assets Return on Equity Valuation Ratios: Price to Earnings Market to Book C.J. Brown, M.M. Dutton and T.A. Rietz

Liquidity Ratio Examples: Dell Financial Statement Analysis October 2000 Liquidity Ratio Examples: Dell Current Ratio: Quick (Acid Test) Ratio: Used to study ability to cover current obligations Can firm raise cash to pay its current and upcoming bills on time? Basic Formulation: Liquid asset measures include: Current Assets Current Assets minus Inventories If industry average is 3.5, then Dell has fewer current assets per dollar of current liabilities than the norm If acid test ratio > 1, then Dell can meet all current liabilities even if sales cease C.J. Brown, M.M. Dutton and T.A. Rietz

Ratio Comparison: Current Ratio Financial Statement Analysis October 2000 Ratio Comparison: Current Ratio Comparison of Dell with industry shows both in the 1.5 to 2 range. If all current assets were liquidated at book value, cash would be 1.5 to 2 times value of current obligations. Dell appears to be within industry norms for current ratio. C.J. Brown, M.M. Dutton and T.A. Rietz

Leverage Ratio Examples: Dell Financial Statement Analysis October 2000 Leverage Ratio Examples: Dell Debt Ratio: Measure ability to cover long term debt How much debt has the firm issued? Can the firm afford to pay its long term interest and principal obligations? Basic formulation: Debt and debt service measures include: Total liabilities Long term debt Annual interest expenses Asset, profit or cash flow measures include: Total assets Total capitalization EAT, Profit... 1-Debt Ratio is fraction of firm owned by equity holders If industry average is 2.5 then revenues for Dell relative to interest expenses exceed industry norm C.J. Brown, M.M. Dutton and T.A. Rietz

Ratio Comparison: Debt Ratio Financial Statement Analysis October 2000 Ratio Comparison: Debt Ratio Dell has employed slightly more debt than the industry norm over the last four years. Nearly 80% debt in January 1997. This possibly reflects rise and fall in amount of current assets on balance sheet. Note connection between pattern of current ratio and pattern of debt ratio. C.J. Brown, M.M. Dutton and T.A. Rietz

Profitability Ratio Examples: Dell Financial Statement Analysis October 2000 Profitability Ratio Examples: Dell Return on Assets (ROA): Return on Equity (ROE): Used to study operating profitability. How do profits compare to sales or assets? Basic Formulation: Profit measures include: Sales less costs Net Income Income Available to Common Stock Holders Sales/Asset measures include: Sales Total Assets Common Equity NOTE: Some books use: If yours does, use these equations AND adjust the DuPont Method accordingly by adding the the debt burden. C.J. Brown, M.M. Dutton and T.A. Rietz

Profitability Ratio Examples: Dell Financial Statement Analysis October 2000 Profitability Ratio Examples: Dell Net Profit Margin: Used to study operating profitability. How do profits compare to sales or assets? Basic Formulation: Profit measures include: Sales less costs Net Income Income Available to Common Stock Holders Sales/Asset measures include: Sales Total Assets Common Equity C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Ratio Comparison: ROE Compare Dell to industry norm. Both start 1996 with fairly similar ROE but during the next two years Dell’s ROE soars above industry. What contributed to Dell’s outstanding performance for shareholders relative to the industry? Recall: ROE = ROA x Equity Multiplier Equity Multiplier rises when debt ratio rises. Dell’s debt ratio rose above industry norm during this period. Part of Dell’s superior ROE explained by higher debt ratio. ROA must also play a role. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 Ratio Comparison: ROA Dell’s superior ROE driven by higher than norm ROA. Note comparison to industry. Dell maintains consistently higher ROA than norm throughout the period. Also subject to pressures affecting all firms in its industry - rise then decline in ROA. Able to withstand some of these pressures - ends period better off than at beginning, unlike the average firm in the industry. How did Dell achieve such an outstanding performance on ROA? Recall that ROA is affected by two other ratios: ROA = Profit Margin x Asset Turnover C.J. Brown, M.M. Dutton and T.A. Rietz

Ratio Comparison: Profit Margin Financial Statement Analysis October 2000 Ratio Comparison: Profit Margin Profit Margin measures the firm’s ability to control expenses. An 8% profit margin for Dell in 1999 says out of each dollar of sales, Dell spent 92 cents on expenses while the industry average was more than 97 cents. Over the four years Dell consistently did a better job of controlling expenses than the average firm in the industry. And it got better and better at containing expenses while the average firm in the industry did worse. Dell’s superior Return on Assets is in part the result of better ability to control expenses. C.J. Brown, M.M. Dutton and T.A. Rietz

Activity (Turnover) Ratio Examples: Dell Financial Statement Analysis October 2000 Activity (Turnover) Ratio Examples: Dell Total Asset Turnover Ratio: Inventory Turnover Ratio: Profitability is also affected by the firm’s ability to use its assets efficiently. Used to study operating efficiency. How do sales compare to the assets used in production? Basic Formulation: Assets include: All Assets Inventories Accounts Receivable If industry average is 1.25, then Dell gets more sales per dollar invested in assets than typical in the industry If industry average is 2, then Dell turns its inventory over more times on average than industry (Few assets are tied up in inventories) C.J. Brown, M.M. Dutton and T.A. Rietz

Ratio Comparison: Asset Turnover Financial Statement Analysis October 2000 Ratio Comparison: Asset Turnover A comparison of Dell’s Asset Turnover to that of the industry shows Dell outperformed the industry norm in that area also. In January 1999 every dollar of assets generated $2.65 in sales for Dell while the average for all firms in the industry was just $2 of sales per dollar invested in assets. This efficient use of assets also contributed to the superior performance in ROA. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The DuPont System Metode yang memisah ROE kedalam dua elemen: ROA dan Equity Multiplier ROA dipecah menajdi dua: Profit Margin dan Asset Turnover Membantu identifikasi sumber kekuatan dan kelemahan kinerja usaha Membantu identifikasi faktor penentu penciptaan nilai tambah DuPont Chart and Equation - Tie the Ratios Together Shows how profit margin, asset turnover ratio, and equity multiplier determine ROE Shows how expense control (profit margin), efficient use of assets in production (asset turnover) and capital structure (equity multiplier) affect return on equity. Ties together all aspects of firm - production and financing. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The DuPont System C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The DuPont System Notice that using more debt (and less equity) to finance assets raises the Equity Multiplier. This has two effects for stockholders. The Equity Multiplier acts as a lever to magnify the effects of ROA on returns for stockholders. If ROA is positive, ROE is a larger positive value, but if ROA is negative ROE is a larger negative. Raising the s magnifying effect also raises the risk for stockholders. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The DuPont System Return on Assets is affected by two areas of operations. The Profit Margin measures the degree to which the firm controls expenses. Since expenses comprise the difference between Sales and Net Income, lowering the expenses taken out of each dollar of sales raises the Profit Margin. At the same time, Return on Assets can be raised by producing sales by using fewer assets. Asset Turnover measures the dollar of sales produced with each dollar invested in assets. This is often thought of as sales volume. Different industries achieve ROA in different ways. Some have low profit margins but high volume, e.g. grocery stores. Others have lower volume but are able to maintain higher profit margins, e.g. car dealerships. C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The DuPont System C.J. Brown, M.M. Dutton and T.A. Rietz

The DuPont System: Dell Financial Statement Analysis October 2000 The DuPont System: Dell Dells ROE 31.39% is higher than the industry standard (24.1% average over the past 4 years). Where is Dell making these high profits? Dell’s ROE comes from: Dell’s profit margin is 6.59% The industry average over the preceding 4 years is only 3.69%. So, Dell is nearly twice as efficient as the industry average in generating profits from its sales. Dell’s sales-to-assets ratio is 2.20. The industry average over the preceding 4 years is 2.05. So, Dell is about average is generating sales from its assets. Dell’s equity multiplier is 2.16. The industry average over the preceding 4 years is 2.50. So, Dell is a little below average in its equity multiplier (using a little more equity and a little less debt than an average company in the industry.) Thus, we can conclude that Dell’s profitability comes from it’s operating efficiency! C.J. Brown, M.M. Dutton and T.A. Rietz

Ringkasan Financial Ratios Financial Statement Analysis October 2000 Ringkasan Financial Ratios Ratios membantu: Evaluasi kinerja Analisis struktur modal dan aktiva Menunjukkan hubungan antara aktovotas dan kinerja Benchmark dengan Masa lalu perusahaan Industri Knowing the absolute level of a single entry on the income statement or balance sheet doesn’t provide sufficient information to evaluate performance. Ratios help by focusing on relationships among entries on the financial statements. The ratios in the DuPont system show the connection between the firm’s operations, its capital structure and the returns for investors. Because a firm’s size affects financial statement values, it’s hard to evaluate performance using absolute levels. By controlling for differences in size to make comparisons ratios facilitate the evaluation of a firm’s performance. C.J. Brown, M.M. Dutton and T.A. Rietz

Keterbatasan Analisis Ratio Financial Statement Analysis October 2000 Keterbatasan Analisis Ratio Katagori industri seringkali sulit untuk diidentifikasi Rata-rata industri yang dipublikasikan hanya sekedar pedoman Praktik akuntansi cenderung berbeda antar perusahaan Seringkali sulit untuk menginterpretasikan penyimpangan/variasi dalam rasio Rasio industri mungkin bukan target yang diinginkan Kondisi musiman sering mempengaruhi ratio Limitations 1.      Large firms operate different divisions in different industries a. Difficult to develop meaningful industry averages b. More useful for small, narrowly focused firms 2.      Firms want to be better than average a. Attaining average performance not necessarily good b. Best to focus on industry leaders’ ratios 3.      Inflation may have distorted balance sheets a. Must consider effects when comparing over time 4.      Seasonal factors distort ratio analysis a. Use monthly averages for season items such as inventory 5.      Window dressing can make financial statements look better 6.      Different accounting practices can distort comparisons a. Inventory valuation, depreciation methods 7.      Difficult to generalize whether a ratio is “good” or “bad” a. High current ratio – strong liquidity or too much cash (nonearning) 8.      Ratios can give “mixed” view of company a. Analyze net effects of a set of ratios C.J. Brown, M.M. Dutton and T.A. Rietz

Financial Statement Analysis October 2000 The End C.J. Brown, M.M. Dutton and T.A. Rietz