ANALISIS

LAPORAN KEUANGAN
Minggu ke-11
Analisis Biaya

Jurusan Teknik Industri

Universitas Surabaya
Finance ≠ Accounting

Finance fokus proses menerima dan mengeluarkan uang

usaha mencari dana (uang), mengelola,
mengalokasikan
Akuntansi yang bertugas mencatat
dan melakukan dan
pembayaran.
melakukan penggelompokan transaksi-
transaksi tersebut.
Berikut ini adalah penjelasan singkat dari fungsi Manajemen Keuangan:
 Perencanaan Keuangan, membuat rencana pemasukan & pengeluaran
serta kegiatan-kegiatan lainnya untuk periode tertentu.
 Penganggaran Keuangan, tindak lanjut dari perencanaan keuangan
dengan membuat detail pengeluaran dan pemasukan.
 Pengelolaan Keuangan, menggunakan dana perusahaan untuk
memaksimalkan dana yang ada dengan berbagai cara.
 Pencarian Keuangan, mencari dan mengeksploitasi sumber dana
yang ada untuk operasional kegiatan perusahaan.
 Penyimpanan Keuangan, mengumpulkan dana perusahaan serta
menyimpan dan mengamankan dana tersebut.
 Pengendalian Keuangan, melakukan evaluasi serta perbaikan atas
keuangan dan sistem keuangan pada perusahaan.
 Pemeriksaan Keuangan, melakukan audit internal atas keuangan
perusahaan yang ada agar tidak terjadi penyimpangan.
 Pelaporan Keuangan, penyediaan informasi tentang kondisi
keuangan perusahaan sekaligus sebagai bahan evaluasi
Manajemen keuangan berhubungan dengan 3 aktivitas, yaitu:
 Aktivitas penggunaan dana, yaitu aktivitas untuk menginvestasikan
dana pada berbagai aktiva.
 Aktivitas perolehan dana, yaitu aktivitas untuk mendapatkan sumber
dana, baik dari sumber dana internal maupun sumber dana eksternal
perusahaan.
 Aktivitas pengelolaan aktiva, yaitu setelah dana diperoleh dan
dialokasikan dalam bentuk aktiva, dana harus dikelola seefisien
mungkin.
Analisis dan perencanaan keuangan
Keputusan investasi
Keputusan keuangan
 Ratio Analysis

 An analysis of a firm’s ratios is generally the first step

in financial analysis
 The ratios are designed to show relationships
between financial statement accounts within firms
and between firms
 Financial ratio analysis is a popular way of using
information from financial statements to evaluate a
firm’s performance
 Through the analysis of financial ratios, we can
easily identify the strengths and weaknesses of a
firm
Cross Sectional Analysis
 Perbandingan dengan perusahaan lain
 Perbandingan dengan rasio rata-rata industri

Time Series Analysis

 Perbandingan antar periode waktu

Combined Analysis
 Gabungan antara cross-sectional analysis
dengan time-series analysis
Pengelompokan Rasio Keuangan
Berdasarkan sumber data, rasio keuangan dapat
dikelompokkan sebagai berikut:

Balance Sheet Ratio

(Financial Ratio)
Income Statement Ratio
(Operating Ratio)
Interstatement Ratio
(Financial-Operating Ratio)
 What Are the Five Major
Categories of Ratios?
What Questions Do They Answer?

 Liquidity: Can we make required payments?

 Stability/Aktivity/Asset mgt.: Right amount of
assets vs. sales?
 Solvability/Debt mgt: Right mix of debt and
equity?
 Profitability: Do sales prices exceed unit costs,
and are sales high enough as reflected in PM,
ROE, and ROA?
 Market values: Do investors like what they see
as reflected in Financial ratios?
 Likuiditas
Kemampuan suatu perusahaan untuk
memenuhi kewajiban keuangan dalam
jangka pendek
 kalau mampu berarti liquid
 kalau tidak mampu berarti iliquid
 Stabilitas/Aktivitas
Kemampuan suatu perusahaan dalam
mengelola aset-asetnya sehingga
memberikan aliran kas masuk bagi
perusahaan

Aktivitas ratio ini juga menunjukkan

efisiensi/perputaran, seberapa mampu perusahaan
menggunakan aset lancarnya (kas), membeli
persediaan, menjualnya lalu menagih kembali
piutangnya sehingga kembali menjadi kas yang
dapat digunakan kembali.
 Kemampuan perusahaan utk memenuhi
kewajiban keuangan apabila perusahaan
dilikuidasi
(kewajiban jk pendek dan jk panjang)
 solvabel jika aktiva cukup untuk membayar
semua hutangnya
 insolvabel jika aktiva tidak cukup untuk
membayar semua hutangnya
 Kemampuan perusahaan utk menghasilkan
laba selama periode tertentu
 Apakah perusahaan sudah menggunakan
aktiva scr produktif?

 antara laba dengan aktiva

 COMPUTRON:
INCOME STATEMENT

2000 1999
Sales $ 3,850,000 $ 3,432,000
COGS (3,250,000) (2,864,000)
Other expenses (430,300) (340,000)
Deprec. (20,000) (18,900)
Tot. op. costs ($3,700,300) ($3,222,900)

EBIT $ 149,000 $ 209,100

Interest exp. (76,000) (62,500)
EBT $ 73,700 $ 146,600
Taxes (40%) (29,480) (58,640)
Net income $ 44,220 $ 87,960
 COMPUTRON:
BALANCE SHEET: ASSETS

2000 1999
Cash $ 52,000 $ 57,600
AR 402,000 351,200
Inventories 836,000 715,200
Total CA $1,290,000 $1,124,000
Gross FA $ 526,200 491,000
Less: Deprec. 166,200 $ 146,200
Net FA $ 360,000 $ 344,800
Total Assets $1,650,000 $1,468,800
 COMPUTRON:
LIABILITIES AND EQUITY

2000 1999
Accts payable $ 175,200 $ 145,600
Notes payable 225,000 200,000
Accruals 140,000 136,000
Total CL $ 540,200 $ 481,600
Long-term debt 424,612 323,432
Common stock 460,000 460,000
Retained earnings 225,988 $ 203,768
Total equity $ 685,988 $ 663,768
Total L&E $1,650,800 $1,468,800
RATIO
Current 2.7x
Quick 1.0x
Inventory turnover 6.0x
Average Collection Period (ACP) 32.0 days
Fixed asset turnover 10.7x
Total asset turnover 2.6x
Debt ratio 50.0%
TIE 2.5x
Fixed charge coverage 2.1x
Profit margin 3.5%
ROA 9.1%
ROE 18.2%
Price/earnings 14.2x
Market/book 1.4x
What are Computron’s
Current and Quick ratios?
Current assets $1,290
Current ratio = = = 2.39x
Current liabilities $540.2

Current asset - Inventories

Quick ratio =
Current liabilities

$1,290 − $836
= = 0.84x
$540.2
 2000 1999 Industry
Current 2.4x 2.3x 2.7x
Quick 0.8x 0.8x 1.0x

 Ratios held steady but slightly below ind. avg.

 Inventories are the least liquid of Computron’s assets and
they are the assets that suffer losses in the event of a
forced sale.
 The quick ratio shows that even if receivables are
collected in full, Computron still needs to raise case from
sale of inventories to meet obligations.
 What is Computron’s
Inventory Turnover Ratio?

Cost of good sold

Inventory turnover =
Inventories
$3,250
= = 3.9x
$836
 Comments on Computron’s
Inventory Turnover
2000 1999 Industry
ITO 3,9 4 6

 Compares poorly with industry.

 Continuing on a downward trend.
 May be holding excess inventories, or
 May be holding old/obsolete inventory.
 What is Computron’s
Days Sales Outstanding Ratio?

Receivables
ACP =
Average sales per day
Re ceivables $402
= =
Sales 360 $3,850 360
= 37.6 days
 Comments on Computron’s
Days Sales Outstanding
Ratio

 Looks bad.
 Higher than industry
average.
 Getting higher!!

2000 1999 Industry

ACP 37.6 days 36.8 days 32.0 days
WHAT IS COMPUTRON’S
FIXED ASSETS AND
TOTAL ASSETS TURNOVER RATIOS?
Sales
Fixed assets turnover =
Net fixed assets
$3,850
= = 10.67 x
$360.8

Sales
Total assets turnover =
Total assets
$3,850
= = 2.33x
$1,650.8
 COMMENTS ON COMPUTRON’S
FIXED ASSETS TURNOVER
AND TOTAL ASSETS TURNOVER

2000 1999 Industry

Fix. assets 10.7x 10.0x 10.7x

Tot. assets 2.3x 2.3x 2.6x

 Fixed assets turnover has improved.

 However, total asset turnover remains the
same and below industry average.
 As we saw before, Computron may have
excess inventories and receivables.
 Calculate the Debt, TIE

Debt Ratio = Total debt

Total assets

$540.2 + $424.6
=
$1,650.8
= 58.4%
TIE = EBIT
Int. expense

$149.7
= = 1.97x
$76
 Comments on Computron’s
Debt Management

2000 1999 Industry

Debt ratio 58.4% 54.8% 50.0%
TIE 2.0x 3.3x 2.5x

 Debt ratio is above industry and going higher.

 Computron would find it difficult to borrow.
 TIE below industry average and falling
 indicates Computron has high use of debt.
 Calculate Computron’s
Profitability Ratios--
Profit Margin, ROA, and ROE

Net income after tax

Net Profit margin =
Sales

$44.22
= = 115%
.
$3,850
2000 1999 Industry
N.P.M. 1.1% 2.6% 3.5%

Low and Falling!

 Computron’s ROA, and ROE

Net income
ROA =
Total assets

$44.22
= = 2.68%
$1,650.8
Net income
ROE =
Common equity

$44.22
= = 6.44%
$686.0
 Comments on Computron’s
ROA and ROE

2000 1999 Industry

ROA 2.7% 6.0% 9.1%

ROE 6.4% 13.3% 18.2%

 Both ROA and ROE substantially below industry average.

 Company stock/equity probably not doing well.
Rasio Standar

32
Rasio Standar

33
Cara membuat Rasio Standar

34
 Rasio Standar (2013)
Rasio Keuangan Asumsi Rata-Rata Industri
Current Ratio 2,25
Quick Ratio 1
Inventory Turnover 6
Average Collection Period (hari) 26
Fixed Asset Turn Over 5
Total Asset Turn Over 1,5
Debt Ratio 40%

Debt to Equity Ratio 25%

Time Interest Earned 4,5
Gross Profit Margin 30%
Operating Profit Margin 15%
Net Profit Margin 8%
ROA 8%
ROE 12%
35
36
 What are Some Potential
Problems & Limitations of
Financial Ratio Analysis?
 Comparison with industry averages is
difficult if the firm operates many different
divisions.
 “Average” performance not necessarily good.
 Inflation distorts balance sheets.
WHAT ARE SOME POTENTIAL
PROBLEMS & LIMITATIONS OF
FINANCIAL RATIO ANALYSIS?

 Seasonal factors can distort ratios.

 Window dressing” techniques can make
statements and ratios look better.
 Different operating and accounting
practices distort comparisons.
 What are Some Potential
Problems & Limitations of
Financial Ratio Analysis?

 Sometimes hard to tell if a ratio is “good” or

“bad.”
 Difficult to tell whether company is, on
balance, in strong or weak position.
THANK YOU