THE ANALYSIS OF FINANCIAL STATEMENT

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1 THE ANALYSIS OF FINANCIAL STATEMENT
#THE USE OF FINANCIAL RATIOS# Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan. Income Statement Input Dasar Balance Sheet Shareholders Interested Parties Creditors Managers Types of Ratio Comparisons Cross Sectional Analysis  Standard: Industry Average or Industry Leader Time Series Beberapa hal yang perlu diperhatikan dalam rasio finansial: Satu rasio  bukan  menilai prestasi perusahaan secara umum Perbandingan harus pada periode yang sama Laporan finansial harus diaudit Laporan finansial harus mempunyai format yang sama Hasil perbandingan dapat terdistorsi, karena inflasi

2 Liquidity Ratios Activity Ratios Financial Ratios Measure risk Debt Ratios Profitability Ratios Measure return Measures of Liquidity: Net Working Capital = Current Assets – Current Liabilities Current Ratio = Current Assets : Current Liabilities Quick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory) Measures of Activity: Inventory Turnover = CGS : Inventory Average Collection Period = Accounts Receivable : (Annual sales/360) Average Payment Period = Accounts Payable : (Annual sales/360) Fixed Assets Turnover = Sales : Net Fixed Assets Measures of Debt: Degree of Indebtedness: Mengukur jumlah hutang thp jumlah Types of Debt Measures komponen yang penting dalam neraca Ability to Service Debts: Mengukur kemampuan perusahaan untuk Melakukan pembayaran sesuai kontrak Debt Ratio = Total Liabilties: Total Assets Debt – Equity Ratio = Long Term Debt : Stockholders’ Equity Times Interest Earned Ratio = EBIT : Interest

3 (EBIT + Lease Payments)
Fixed Payment Coverage Ratio = Interest + Lease Payment + {[Principal Payments + Preferred Stock Dividends] x [ 1/ (1-T)]} Measures of Profitability: Common Size Income Statements: Setiap item dalam Income Statements diprosentasekan terhadap Penjualan Gross Profit Margin = Gross Profits : Sales Operating Profit Margin = Operating Profits : Sales Net Profit Margin = EAT : Sales Return on Investment = EAT : Total Assets Return on Equity = EAT : Stockholders’ Equity Earnings Available for Common Stockholders Earnings Per Share = Number of Shares of Common Stock Outstanding Price / Earnings Ratio = Market Price Per Share of Common Stock : Earnings Per Share Two Approaches to Complete Ratio Analysis: DuPont System of Analysis. Summary Analysis of a Large Number of Ratios

4 DUPONT SYSTEM OF ANALYSIS
SALES $3,074,000 CGS $2,088,000 OPERATING EXPENSES $1,074,000 INTEREST EXPENSES $93,000 TAXES $94,000 CURRENT ASSETS $1,223,000 NET FIXED ASSETS $2,374,000 CURRENT LIABILITIES $620,000 LONG TERM DEBT $1,023,000 NET PROFIT $231,000 TOTAL LIABILITIES $1,643,000 TOTAL ASSETS $3,597,000 STOCKHOLDERS’ EQUITY $1,954,000 NET PROFIT MARGIN 7.5% TOTAL ASSETS TURNOVER 0.85 TOTAL LIABILITIES + STOCKHOLDERS’ EQUITY = TOTAL ASSETS $3,597,000 EQUITY MULTI PLIER 1.84 ROI 6.4 % ROE 11.8 % DUPONT SYSTEM OF ANALYSIS

5 Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
RATIO YEAR INDUSTRY AVERAGE EVALUATION 1989 1990 1991 CROSS SECTIONAL 1991 TIME SERIES OVERALL LIQUIDITY: NWC $ 583 $ 521 $ 603 $ 427 GOOD CR 2.04 2.08 1.97 2.05 OK QR 1.32 1.46 1.51 1.43 ACTIVITY: ITO 5.1 5. 7.2 6.6 ACP 43.9 DAYS 51.2 DAYS 58.9 DAYS 44.3 DAYS POOR APP 75.8 DAYS 81.2 DAYS 94.1 DAYS 66.5 DAYS FATO 1.5 1.13 1.29 1.35 TATO 0.94 0.79 0.85 0.75

6 Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
RATIO YEAR INDUSTRY AVERAGE EVALUATION 1989 1990 1991 CROSS SECTIONAL 1991 TIME SERIES OVERALL DEBT: DR 36.8% 44.3% 45.6% 40% OK DER 44.2% 53.1% 52.4% 50% TIER 5.6 3.3 4.5 4.3 GOOD FPCR 2.4 1.5 1.9 PROFITABILITY: GPM 31.4% 33.3% 32.1% 30% OPM 14.6% 11.8% 13.6% 11% NPM 8.8% 5.8% 7.5% 6.4% ROI 8.3% 4.5% 4.8% ROE 13.1% 8.1% 8% EPS $ 3.26 $ 1.81 $ 2.9 $ 2.26 PER 10.5 10 11.1 12.5

7 PROBLEMS I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for O’Keefe Industries using the information that follows it. Balance Sheet O’Keefe Industries December 31, 2008 Cash $ 30,000 Account Payable $ 120,000 Markatable Securities 25,000 Notes Payable ? Account Receivables Accruals 20,000 Inventories Total Current Liabilities Total Current Assets Long Term Debt Net Fixed Assets Shareholders’ Equity 600,000 Total Assets Total Liabilities and Shareholders’ Equity The following financial data for are also available Sales Totaled $ 1,800,000 The average collection period was 40 days Gross profit margin was 25% The current ratio was 1.6 Inventory turnover was 6 The total asset turnover ratio was 1.2 There are 360 days in the year The debt ratio was 60%

8 II. Go to idx or jsx Website. Find the financial statement for 5 years
II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a conclusion.