Pekan ke-1
pujibinsoegito@gmail.com
Unit Kerja
Jabatan
Riwayat Pendidikan
Riwayat Kerja
Pengalaman Mengajar
References
Financial Statement Analysis: Theory,
Application, and Interpretation 11th
edition, 2014
Wild, John, K.R., Subramanyam, and Robert F.
Hasley
Understanding Corporate Annual
Reports: A Users Guide, 2003
Stanko, Brian and Thomas Zeller
Pernyataan Standar Akuntansi
Keuangan (PSAK)
Ikatan Akuntan Indonesia
Dates
8 Sept 2016
II
Topics
Sub Topics
Overview of
Financial
Statement
Analysis
Analisis Bisnis
Konsep dasar laporan keuangan
Neraca dan Laporan Laba Rugi
Analisis Horisontal dan Vertikal
Analisis Rasio Keuangan
Analisis DuPont
15 September
2016
Financial
Statement
Analysis
III
22 September
2016
Analyzing
Financing
Activities
IV
29 September
2016
Analyzing
Investing
Activities
Aktiva Lancar
Non Aktiva Lancar
Aset Properti, Pabrik, dan Peralatan,
serta SDA
Aktiva Tak Berwujud
Debt financing
Sewa Guna Usaha
IFRS 9 dan IAS 39
Ekuitas
Dates
6 Oktober 2016
VI
Topics
Sub Topics
Analyzing
Investing
Activities:
Intercorporate
Aktivitas antarperusahaan
Aktivitas internasional
Akuntansi metode ekuitas
13 Oktober
2016
Analyzing
Operating
Activities
VII
20 Oktober
2016
Cash Flow
Analysis
VIII
27 Oktober
2016
Pengukuran Laba
Pendapatan dan Beban
Pengakuan Pendapatan
Perubahan Metode Akuntansi
17 November
2016
Liquidity Analysis
24 November
2016
Solvability
Analysis
Struktur Permodalan
Pengukuran Solvabilitas
XI
1 Desember
2016
Profitability
Analysis
Dates
Topics
XII
8 Desember
2016
XIII
15 Desember
2016
Prospective
Analysis(2)
XIV
22 Desember
2016
Prospective
Analysis(3)
XV
5 Januari 2017
Financial
Statement for
Investors
XVI
12 Januari 2017
Class Review,
Presentation
Prospective
Analysis
Sub Topics
Laporan Laba Rugi dan Neraca Proforma
Your Grade
Minimum Attendance 80%
Kuis Kejutan
5%
Partisipasi di Kelas
10%
Penugasan
15%
Ujian Tengah Semester
35%
Ujian Akhir Semester
35%
Total
100%
Attendance Rule
Minimum
80% of sessions
on time
no penalty
up to 5 minutes late-2
6-15 minutes late -3
15 minutes above late -4 and no points for
class activity on the day
Sudden Quiz
Multiple choice, short-answer question,
10 questions, 10 mins
Lecture I:
Overview of Financial Statement
Analysis
1.
2.
3.
4.
5.
6.
Analisis Bisnis
Konsep dasar laporan keuangan
Neraca dan Laporan Laba Rugi
Analisis Horisontal dan Vertikal
Analisis Rasio Keuangan
Analisis DuPont
1. Analisis Bisnis
Business
Decision
Makers
Who ?
Prospe
k
Risiko
What ?
Analisis Ekuitas
Management &
Control
Regulasi
Manajemen
Keuangan
Negosiasi Pekerja
Analisis
Businis
Direksi
External Auditing
Mergers, Acquisitions
& Divestitures
Business
Environment &
Strategy Analysis
Industry
Analysis
Strategy
Analysis
Financial
Analysis
Accounting
Analysis
Analysis
of cash
Profitability flows
Analysis
Risk
Analysis
Prospective
Analysis
Intrinsic Value
Earnings management
Accounting Standards
Common tools
Cash
Ratio
flow
analysis
analysis
Financial Analysis
Intrinsic Value
Pricing
Competition
Market demands
Distribution
Tactics
Planning
Activities:
Goals
& Objectives
Promotion
Projections
Managerial performance
Opportunities
Obstacles
Investing
Activities
Planning
Activities
Financial
Activities
Operating Activities
Revenues and expenses from providing
goods and services
2. Laporan Keuangan
Laporan Posisi Keuangan
Laporan Laba Rugi
Komprehensif
Laporan Perubahan
Ekuitas
Laporan Arus Kas
Catatan atas Laporan
Keuangan
Users ?
Conceptual Framework
a. Note, Assets =
Liabilities + Equity.
b. What BW owed and
ownership position.
c. Owed to suppliers for
goods and services.
d. Unpaid wages,
salaries, etc.
e. Debts payable < 1
year.
f. Debts payable > 1
year.
a. Measures profitability
over a time period.
b. Received, or
receivable, from
customers.
c. Sales comm., adv.,
officers salaries, etc.
d. Operating income.
e. Cost of borrowed
funds.
f. Taxable income.
g. Amount earned for
shareholders.
1
Berapa nilai investasi PKN STAN Inc pada tahun 2012?
2
Berapa laba kotor dan laba operasi PKN STAN Inc
Selama tahun 2012?
3
Berapa nilai aset bersih PKN STAN pada
akhir tahun 2012?
Overview Analisis
Comparative
Analysis
Ratio
Analysis
Common Size
Analysis
Valuation
Analysis
Comparative
Analysis
Period
Analysis
Industry
Analysis
PERUSAHAAN
RASIO
INDUSTRI
1
RASIO LIKUIDITAS
RATIO LANCAR
1.91
2.1
2.3
2.4
KALI
RASIO CEPAT
1.33
1.6
1.5
1.5
0.9
0.7
KALI
4.10
3.2
3.5
3.5
3.2
KALI
89.00
90
91
95
93
99
HARI
RASIO HUTANG
0.65
0.71
0.72
0.77
0.75
0.8
KALI
TIE
4.86
3.5
4.1
3.8
3.5
KALI
PROFIT MARGIN
0.05
0.03
0.04
0.06
0.025
0.03
KALI
ROA
0.06
0.03
0.05
0.08
0.04
0.05
KALI
ROE
0.18
0.1
0.12
0.22
0.05
0.03
KALI
RASIO PROFITABILITAS
Common-Size
Analysis
B/S Approach
I/S Approach
Aset
Kas
SB jg
pendek
Piutang
dgng
persediaa
n
Total Akt
lancar
Total akt
2000
0.6%
3.3%
2001
2002E
0.3%
0.4%
0.0%
2.0%
Ind.
0.3%
0.3%
23.9%
22.1%
25.1%
22.4%
48.7%
44.9%
49.1%
41.2%
76.5%
67.2%
76.6%
64.1%
23.5%
32.8%
23.4%
35.9%
2000
Penjualan
HPP
Biaya lain2
Depr.
EBIT
Biaya
bunga
EBT
2001
2002E
100.0
%
86.7%
4.4%
1.7%
7.1%
Ind.
100.0
%
84.5%
4.4%
4.0%
7.1%
3.0%
1.1%
1.1%
4.3% -14.9%
6.0%
5.9%
100.0% 100.0%
83.4% 98.2%
9.9% 11.7%
0.6%
2.0%
6.1% -11.8%
1.8%
Quick Ratio/
Acid-Test Ratio
Collection Period
Current Assets
Current Liabilities
Ok
Current Assets-Inventories
Current Liability
Average Inventory
Cost of Sales/360
or
Cash&CE+M/S+Acc Rec
Current Liability
Ok
Ok
Ok
Long-term
Debt to Equity
Total Liabilities
Shareholders Equity
Long-term liabilities
Shareholders Equity
Ok
Ok
Ok
Return on Assets
Return on Common
Equity
Sales
Sales-COGS
Sales
Ok
Operating
performance
Ok
Sales
Ok
Ok
Ok
Cash turnover
Sales
Average cash & equivalent
Sales
Average Inventory
Sales
PPE turnover
Average PPE
Sales
Ok
Inventory turnover
Ok
Ok
Asset
Utilization
Ok
Ok
Ok
Price to earnings
Earnings yield
Ok
Dividend yield
Ok
Ok
Ok
Ok
Market
Measure
Profit
margin
NI
Sales
)(
TA
turnover
Sales
TA
ROI
)(
x
Equity
multiplier
TA
CE
= ROE
= ROE.
Equity Valuation
FCFt+n
is the free cash flow in the period t + n [often
t+n
defined as cash flow from operations less capital
expenditures]
k is the cost of capital
E refers to an expectation
Terima Kasih