MEMAKSIMUMKAN NILAI SAHAM KONTRAK PEMEGANG SAHAM DENGAN MANAJER PEMEGANG SAHAM (PEMILIK PERUSAHAN) TUJUAN MENYERAHKAN TATA KELOLA MEMAKSIMUMKAN NILAI SAHAM MANAJER-MANAJER (MANAJER KEUANGAN) MEWUJUDKAN TUJUAN

FUNGSI MANAJER KEUANGAN KEPUTUSAN INVESTASI KEPUTUSAN PENDANAAN OUTPUT KEPUTUSAN STRUKTUR AKTIVA YANG OPTIMUM ANGKA PENJUALAN YANG MAKSIMUM BIAYA OPERASI YANG MINIMUM LABA MAKSIMUM STRUKTUR MODAL& FINANSIIL OPTIMUM

HASIL KERJA MANAJER TERTUANG DALAM LAPORAN KEUANGAN PERFORMAN KEUANGAN DIUKUR DARI HASIL ANALISIS LAPORAN KEUANGAN BERUPA RASIO-RASIO KEUANGAN RASIO LIKUIDITAS RASIO SOLVABILITAS RASIO AKTIVITAS RASIO PROFITABILITAS

LIKUIDITAS : MENGUKUR KEMAMPUAN PERUSAHAAN DALAM MEMENUHI KEWAJIBAN JANGKA PENDEK DENGAN MENGGUNAKAN AKTIVA LANCAR SOLVABILITAS:MENGUKUR PERAN HUTANG DALAM MENDANAI AKTIVA DAN KEMAMPUAN PERUSAHAAN DALAM MEMENUHI KEWAJIBAN BUNGA DAN ANGSURAN PINJAMAN

RASIO AKTIVITAS: MENGUKUR TINGKAT EFFISIENSI PENGGUNAAN ASET DALAM MENGHASILKAN PENJUALAN RASIO PROFITABILITAS: MENGUKUR KEMAMPUAN PERUSAHAAN DALAM MENGHASILKAN LABA DARI ASET MAUPUN DRI PENJUALAN

FINANCIAL STATEMENT ANALYSIS LIQUIDITY Measures ability to meet current debts with current assets Measures ability to meet current debts with most-liquid (quick) current assets Measures ability to meet current debts with cash

LEVERAGE Shows the relative extent to which the firm is using borrowed money Indicates the extent to which debt financing is used relative to equity financing Indicates ability to cover interest charges; tells number of times interest is earned

ACTIVITY =ASSET UTILIZATION Measures how many times the receivables have been turned over into cash during the year Measures how money times the inventory has been turned over (sold) during the year MeasuresRelative efficiency of total assets to generate sales

PROFITABILITY Measures profitability with respect to sales generated;net income per dollar of sales Measures Overalleffectiveness in generating profits with available assets, earning power on invested capital ROI= NPM X TATO Measures earning power on shareholders’book-value investment ROE=NPM X TATO X EQUITY MULTIPLIER

Balance Sheet as of December 31, 2009 Cash $ 155,000 Receiveables 672,000 Iventory 483,000 Total current Asset $1,310,000 Net fixed assets 585,000 Total assets $1,895,000 Accounts payable $ 258,000 Notes Payable 168,000 Other current liabilities 234,000 Total current liabiities $660,000 Long-term debt 513,000 Common equity 722,000 Total liabilities and equity $1,895,000

Income Statement for Year Ended December 31, 2009 Sales $3,215,000 Cost of goods sold Materials $1,434,000 Labor 906,000 Heat, Light, and power 136,000 Indirect labor 226,000 Depreciation 83,000 2,785,000 Gross profit 430,000 Selling Expenses 230,000 General and adminisrative expenses 60,000 Earnings before interest and taxes $ 140,000 Interest expenses 49,000 Net income before taxes $ 91,000 Federal and state income taxes (40%) 36,400 Net Income $ 54,600

ANALISIS BREAK EVEN Analisis Pulang Pokok PERENCANAAN PENJUALAN SEBAGAI PANGKALAN UTAMA DALAM ESTIMASI LABA PERUSAHAAN. PENJUALAN − BIAYA LABA ⁼ ATIVITAS PRODUKSI ADMINISTRASI PEMASARAN rustam hidayat fia-ub

BREAK EVEN ADALAH ANALISIS HUBUNGAN VOLUME, BIAYA, DAN LABA BREAK EVEN ADALAH ANALISIS HUBUNGAN VOLUME, BIAYA, DAN LABA. BREAK EVEN SEBAGAI ALAT PERENCANAAN JANGKA PENDEK UNTUK MENETAPKAN PENJUALAN MINIMUM PADA LABA NOL (BEP) DAN JUGA MERENCANAKAN PENJUALAN PADA LABA TERTENTU rustam hidayat fia-ub

PERILAKU BIAYA BIAYA TETAP= FIXED COST (fc) ADALAH BIAYA YANG SECARA TOTAL TIDAK DIPENGARUHI OLEH PERUBAHAN VOLUME PENJUALAN BIAYA VARIABLE (vc) ADALAH BIAYA YANG SECARA TOTAL BERUBAH PROPORSIONAL DENGAN PERUBAHAN PENJUALAN, SEDANGKAN BIAYA PER UNIT TIDAK BERUBAH rustam hidayat fia-ub

QUANTITY SALES TOTAL VC FIXED COST QUANTITY rustam hidayat fia-ub

HARGA VC FC Rp8.000 Rp5.000 Rp3.600.000 Q PENJUALAN TOTAL BIAYA   Q PENJUALAN TOTAL BIAYA LABA OPERASI 400 Rp3.200.000 Rp5.600.000 -Rp2.400.000 800 Rp6.400.000 Rp7.600.000 -Rp1.200.000 1200 Rp9.600.000 Rp0 1600 Rp12.800.000 Rp11.600.000 Rp1.200.000 2000 Rp16.000.000 Rp13.600.000 Rp2.400.000 rustam hidayat fia-ub

DARI TABEL DIKETAHUI BAHWA PENJULAN DIBAWAH 1200 UNIT , PERUSAHAAN MENDERITA KERUGIAN. KARENA Bep ADA PADA 1200 UNIT LABA DI ATAS BEPUNIT= (q’-BEP)(P-VC) Laba pada 1600 adalah: Π=(1600- 1200)X(Rp 8000- Rp 5000) Π =Rp 1.200.000,- rustam hidayat fia-ub

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HITUNG: 1.BERAPA PENJUALAN UNTUK MENDAPATKAN MARGIN LABA (OPERATING PROFIT MARGIN) SEBESAR 9,375% 2. BERAPA UNIT YANG HARUS DIJUAL UNTUK MENDAPATKANA EBIT RP3.600.000,-? rustam hidayat fia-ub

PEMECAHANNYA: 1. 2. rustam hidayat fia-ub

OPERATING LEVERAGE LEVERAGE OPERASI ADALAH BEBAN TETAP YANG DIGUNAKAN UNTUK MEMPERBESAR PENGARUH PERUBAHAN PENJUALAN TERHADAP PERUBAHAN EBIT rustam hidayat fia-ub

%∆Q -25% BUDGET Q 1200 1600 PENJUALAN TOTAL VC TOTAL FC EBIT %∆EBIT +25% Q 1200 1600 2000 PENJUALAN Rp9.600.000 Rp12.800.000 Rp16.000.000 TOTAL VC 6.000.000 8.000.000 Rp10.000.000 TOTAL FC 3.600.000 EBIT -Rp0 Rp1.200.000 Rp 2.400.000 %∆EBIT -100% - +100% Artinya jika penjualan naik 25 %, maka ebit akan naik 100% dan sebaliknya saat terjadi penurunan rustam hidayat fia-ub

BEP MIX: JIKA MACAM PRODUK ADA DUA ATAU LEBIH, DAN BIAYA TETAP TIDAK DAPAT DIALOKASI SECARA TEPAT KE MASING MASING PRODUK   KOMPOSISI PRODUK P Vc CM UNIT CM A 3 20.000 12.000 8.000 2400 B 5 25.000 17.000 4000 C 2 18.000 10.000 1600 10 8000 JIKA FIXED COST RP 40.000.000; rustam hidayat fia-ub

MANAJEMEN PIUTANG Pemberian Kredit dalam penjualan berarti memberikan kelonggaran waktu pembayaran kepada pembeli. Kredit dapat meningkatkan penjualan tetapi juga resiko serta modal kerja perusahaan pemberi kredit. Credit Policy Decisions The choice of credit terms Setting evaluation methods and credit standards Monitoring receivables and taking actions for slow payment Credit term: Perjanjian/Kontrak antara supplier pemberi kredit dengan customer penerima kredit tentang waktu pembayaran dan cara pembayaran.

Credit standards berkenaan dengan kreteria yang digunakan dalam menilai proposal kredit (Misal: NPV, ROI, Debt service coverage) Monitoring receivables berkenaan dengan menilai kualitas kredit yang telah disalurkan; Aging schedules Average collection periods Receiables balance fractions

Sources of Credit Information INTERNAL SOURCES A credit application, including references The applicant’s previous payment history, if credit has previously been extended Information from sales representatives and and other employees. EXTERNAL SOURCES Financial Statements for recent years Reports from credit rating agencies Credit bureu reports Industry association credit files

FIVE C’s OF CREDIT Character. The commitment to meet credit obligations. Measured by a credit applicant’s prior payment history. Capacity is evaluated by looking at the income or cash flow on the applicant’s income statement or statement of cash flows. Capital is evaluated by looking at the applicant’s net worth Collateral value depands on the cost of reposessing and on the possible resale value. Conditions. General or industry economic conditions.

CREDIT-SCORING MODELS Menilai kemampuan perusahaan dalam memenuhi kewajiban/ pengembalian kredit ditentukan oleh banyak variabel. Credit scoring mengkombinasikan beberapa variabel finansiil menjadi satu ukuran nilai atau indeks untuk mengukur kelayakan pemberian kredit. S=w1X1+w2X2+w3X3+w4X4 (Emery&Finnerty) X1=Net working capital/ sales (%) X2=Debt/ asset (%) X3= Assets/ sales(%) X4= Net profit margin (%) X1;X3;dan X4 Bertanda positif X2=Bertanda negatif 32

X1=Net working capital/ sales (%) 15% 8% X2=Debt/ asset (%) 40% 55% Scst1=2(15%)-0.30(40%)+0.10(105%)+0.60(12%)=35.7 Scst2=2(8%)-0.30(55%)+0.10(110%)+0.60(9%)=15.9 Jika NPV nol ada pada Score minimal 25, Customer 1dapat diberi kredit, sedangkan customer2 ditolak usulan kreditnya. CUSTOMER 1 CUSTOMER 2 X1=Net working capital/ sales (%) 15% 8% X2=Debt/ asset (%) 40% 55% X3= Assets/ sals(%) 105% 110% X4= Net profit margin (%) 12% 9%

Contoh Standard NPV≥0 Jika Customer bermaksud membeli barang secara kredit senilai $ 1000 pembayaran dalam 3 bulan; Yang harus dinilai adalah: Kemungkinan kemampuan membayar kembali pelanggan sebut saja 95%; berarti 5% tidak membayar. Modal yang digunakan untuk menjual kredit misal saja 80% Tingkat pengembalian yang diinginkan (20%) 0.95($1000) NPV = - $800 = $ 107.67 (1+0.20)0.25

PEMBIAYAAN JANGKA PENDEK SHORT-TERM FINANCING Bersumber dari: Trade credit from suppliers, artinya sumber dana diperoleh dari pembelian secara kredit dari perusahaan-perusahaan lain sebagai pemasok. Perusahaan ukuran kecil porsi utang dagangnya lebih besar dari perusahaan ukuran besar karena perusahaan kecil kurang mendapatkan pasokan modal perbankan maupun dari lembaga keuangan non perbankan.

Sumber dana dari transaksi pembelian kredit disebut juga “Pembiayaan Spontan ≈Spontaneous Financing”. Jika syarat kredit n/30 dan anda membeli Rp 2.500.000 per hari berarti anda mendapat pembiayaan spontan Rp 75.000.000,- Coba kalau periode kredit 60 hari maka pendanaan anda berlipat menjadi Rp 150 juta. Artinya memperpanjang periode kredit sama saja dengan memperbesar sumber pendanaan spontan.

Pertimbangan syarat kredit: Sifat ekonomik produk Kondisi penjual Kondisi pembeli Potongan tunai Sifat ekonomik produk: Kalau produk dapat dijual dengan cepat seperti bahan makanan & buah-buahan yang umur ekonomik produknya sangat pendek. Perputaran penjualan sangat cepat sehingga pembeli sanggup membayar dengan segera kepada pemasok.

Kondisi penjual, Perusahaan-perusahaan kecil tidak didukung oleh kuangan yang kuat, misalnya peternak, petani tidak akan sanggup memberi periode kredit yang panjang sebagaimana perusahaan besar manufaktur Kondisi pembeli (Seperti pengecer) atas barang-barang pakaian yang sangat rentan terhadap perubahan mode; kebiasaan dan budaya sangat berisiko. Kepada mereka biasa diberi periode lebih panjang tetapi juga perlu dirangsang dengan potongan pembayaran lebih awal.

Potongan tunai, yang diberikan bagi pembayaran yang lebih cepat sebelum masa jatuh tempo harus dipertimbangkan oleh pengguna pembiayaan spontan. Biaya kredit spontan sebesar jika potongan tunai tidak diambil.

Credit term Approximate cost Effective cost 1/10 net 20 36 % 44 % 1/10 net 30 18 % 20 % 2/10 net 20 73 % 107 % 3/15 net 45 37 %

Misal Personal computer membeli microchip dalam setahun $12juta dengan diskon 2% (pembelian $ 11,760,000) Pemb. per hari $ 11,760,000÷360=$32,666.67 Alternatif pola pembayaran: 10 hari $ 326,666.67≈rata-rata hutang dagang 30 hari $ 980,000.00≈rata-rata hutang dagang Tambahan $ 653,333.33 dari Microchip antara pembayaran 10 hari-an dengan 30 hari-an. Approximate cost=(2%x$12Jt)÷ $ 653,333.33 Approximate cost= 36.73% 2 360 Approximate cost = x =36.73% 98 20

THE TIME VALUE OF MONEY The main function of financial management is to maximize shareholder’s wealth. * Utilization of firm’s assets must be efficient, its mean that each dollar must be profitable. The basic asumption states that “a dollar” in hand today is worth more than a dollar to be received next year because, if you had it now, you could invest it, earn interest, and end up next year it will be more than one dollar.

Future value (Fv) is the value of n years after coumpund interest has been earned, it is also called componding. To ilustrate; suppose you had $100 deposited in a bank savings account that paid 5 % interest annually. Time frame concept Future Value Present value

How much would you have at the end of one year? PRINCIPAL + INTEREST EARNED Fv1= $100 + (0.05 x $100) Fv1= P0 + i.P0 Fv1= P0 (1 + i) Fv1= 100 (1.05)= $ 105

The future value at the end of 2 year would be: Fv2= Fv1+ Fv1.i Fv2= P0 (1+i)(1+i) Fv2 =$100 (1.05)(1.05)

Now suppose you leave your funds on deposit for 5years; how much will you have at the end of the fith year? Year Amount at the beginning of year (1+i) Amount at the end of year Interest earned 1 $ 100 1.05 $105.00 $ 5 2 $110.25 $ 5.25 3 $115.76 $ 5.51 4 $121.55 $ 5.79 5 $127.63 $ 6.08 TOTAL INTEREST EARNED $ 27.63

FUTURE VALUE INTEREST FACTOR OF $1 Period n 3% 5% 7% 1 1.0300 1.0500 1.0700 2 1.0609 1.1025 1.1449 3 1.0927 1.1576 1.2250 4 1.1255 1.2155 1.3108 5 1.1593 1.2763 1.4026

Relationship between future value interest factors, interest rates, and time FVIF 7% 5% 3% 1 0% 1 2 3 4 Periods

The table of FVIF shows that; initial amount of $100 growing at 5% a year would be $127.63 at the end of five years. Thus you should be indifferent to the choice between $ 100 today and $ 127.63 at the end of 5 years.

If a firm’s earnings per share grew from $1 to $2 over a 10 year period, the total growth would be 100 percent, but the annual growth rate would be less than 10 percent. Prove it! Assume that it is now January 1,2009 . On January 1, 2010 you will deposit $ 1000 into a saving account paying an 8 percent interest rate. a. How much will you have in your account on January1,2014? b. What would your January1, 2014, balance be if the bank used quarterly compounding?

3. Find the interest rates, on each the following: a. You borrow $ 400 and promise to pay back $420 at the end of 1 year b. You lend $400 and receive a promise of $420 at the end of 1 year. c. You borrow $40,000 and promice to pay back $ 65,156 at the end of 10 years d. You borrow $ 4,000 and promise to make payments of $ 1,028.36 per year for 5 years.

PRESENT VALUE In general, the present value of a sum due n year in the future is the amount which, if it were on hand today. From the previous example your deposit at the end of year 5 is $ 127.63, where the interest rates is 5% annually. Finding the present value

FV5= $ 127.63; i= 5% It means that if you are offered an income at end of year 5 of $ 127.63, you will accept this offer if maximum investment is $ 100

FUTURE VALUE OF ANNUITY An annuity is a series of equal payments at fixed interval for specified number of periods. The basic assumption of annuity is that “each payment (cash flow) is made at the end of the year”

Time line for future value of annuity 0 4 % 1 4 % 2 4% 3 $1 $1 $1 1.0400 1.0816 FVA 3.1216

From the FVA line you know that each $1invested at the end of every year during 3 years, it would be $ 3.1216 End of year Compounded period 1 2 year= 1.0816 2 1 year= 1.0400 3 0 year= 1 total 3.1216

PRESENT VALUE OF ANNUITY (PVA) 0 1 2 3 1 1 1 2.7751

We have an information that the sum of interest factor of equal serial cash flow of $ 1 during 3 years is 2.7751 The Application of PVA One of the most important application of compound interest involves loans that are to be paid off in installments over time. Included are automobile loans, home mortgage loans, and most business debt. If a loan is to be repaid in equal periodic amounts, it is said to be an amortized loan.

Exercise A firm ABC borrows $1,000 to be repaid in 3 equal payments at the end of each of the next 3 years. The lender charges 6 persent interest rate on the loan balance that is outstanding at the beginning of each period. Calculate: Determine the amount the firm must repay each year or the annual payment Split or separate between principal and interest

year Beginning amount Payment Interest Principal repayment Remaining Balance 1 1,00,000 374.11 60 314.11 685.89 2 41.15 332.96 352.93 3 21.18 0.00 1,122.33 122.33 $1,000,000