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ANALISIS LAPORAN KEUANGAN

Pekan ke-1

POLITEKNIK KEUANGAN NEGARA-STAN TA 2016/2017


8 September 2016
Puji Wibowo , Ak., MIDEC, CA

pujibinsoegito@gmail.com

Sahabat Baru Anda


Nama

Puji Wibowo, Ak., MIDEC, CA

Unit Kerja

Direktorat PNBP, DJA, Jakarta Pusat


(dalam proses mutasi ke PKN-STAN BPPK)

Jabatan

Kepala Seksi Penerimaan Migas I

Riwayat Pendidikan

Master of International and Development Economics,


Australian National University, Canberra, 2007
Graduate Diploma in International and Development
Economics, ANU, Canberra 2005
Diploma IV STAN, 1999
Diploma III STAN, 1997

Riwayat Kerja

Direktorat PNBP, DJLK 1999-2004


Direktorat PNBP dan BLU, DJAPK 2004-2005
Direktorat PNBP, DJA 2006-sekarang

Pengalaman Mengajar

Instruktur/Trainer pada Program Percepatan Akuntabilitas


Keuangan Pemerintah (2007- 2010)
Dosen ISMMED (2011- 2013)
Dosen STIE MH Thamrin Ciputat (2007-2010)
Dosen STIE Jayakarta Jakpus (2002-2003)
MTs Al-Islahudiniyyah Pondok Aren (1999-2000)

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

Rencana Pembelajaran Semester V


Analisis Laporan Keuangan
Lecture
s

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

Sumber informasi Laporan Keuangan


Akuntansi Akrual
Konsep Pendapatan
Akuntansi Nilai Wajar
Analisis Akuntansi

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

Rencana Pembelajaran Semester V


Analisis Laporan Keuangan#2
Lecture
s

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

Kegunaan Laporan Arus Kas


Bentuk Laporan Arus Kas
Analisis Implikasi Arus Kas

VIII

27 Oktober
2016

Midterm review and presentation

Pengukuran Laba
Pendapatan dan Beban
Pengakuan Pendapatan
Perubahan Metode Akuntansi

Ujian Tengah Semester


IX

17 November
2016

Liquidity Analysis

Analisis Modal Kerja


Analisis Aktivitas Operasional
Siklus Operasional

24 November
2016

Solvability
Analysis

Struktur Permodalan
Pengukuran Solvabilitas

XI

1 Desember
2016

Profitability
Analysis

Kegunaan ROI dan ROE


Segregasi ROI dan ROE
Analisis ROI dan ROE

Rencana Pembelajaran Semester V


Analisis Laporan Keuangan#3
Lecture
s

Dates

Topics

XII

8 Desember
2016

XIII

15 Desember
2016

Prospective
Analysis(2)

XIV

22 Desember
2016

Prospective
Analysis(3)

Proyeksi Arus Kas

XV

5 Januari 2017

Financial
Statement for
Investors

XVI

12 Januari 2017

Class Review,
Presentation

Review Materi untuk UAS


Presentasi Kelompok
Pengenalan Analisis Laporan Keuangan
Pemerintah (tentative)

Prospective
Analysis

Sub Topics
Laporan Laba Rugi dan Neraca Proforma

Analisis berbasis laba


Valuasi berbasis laba
Dampak inflasi terhadap hasil analisis

Ujian Akhir Semester

Your Grade
Minimum Attendance 80%

Kuis Kejutan
5%
Partisipasi di Kelas
10%
Penugasan
15%
Ujian Tengah Semester
35%
Ujian Akhir Semester
35%
Total

100%

How do we get our


points?

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

How do we get our


points?

Class Participation (self assessment)


Good helper
1 point
Correct Answer
2-3 points
Write on whiteboard
3 points
Wrong Answer
1 point
Raise questions
1 point
Silent
no point
Class inspiration
5 points
Group assignments
Small Group
No free rider
Presentation
Two projects:
1. Studentvestor before mid exam
2. Studentpreneur before final exam
Exams
Mid and Final Exams

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

How did they succeed?

Do You Want to Buy Colgates stock?

1. Analisis Bisnis

Business
Decision
Makers

Who ?

Prospe
k

Risiko

Needs Useful Information

What ?

1. Analisis Bisnis. contd


Analisis Kredit

Analisis Ekuitas

Management &
Control
Regulasi
Manajemen
Keuangan

Negosiasi Pekerja

Analisis
Businis

Direksi

External Auditing
Mergers, Acquisitions
& Divestitures

1. Analisis Bisnis. contd


Component
Processes of
Business Analysis

Business
Environment &
Strategy Analysis

Industry
Analysis

Strategy
Analysis

Financial
Analysis

Accounting
Analysis

Analysis
of cash
Profitability flows
Analysis

Risk
Analysis

Cost of Capital Estimate

Prospective
Analysis

Intrinsic Value

1. Analisis Bisnis. contd


Accounting Analysis

Process to evaluate and adjust financial statements


to better reflect economic reality
Comparability problems across firms and across time
Manager estimation error
Distortion problems

Earnings management
Accounting Standards

1. Analisis Bisnis. contd


Financial Analysis
Process to evaluate financial position and performance
using financial statements

Profitability analysis Evaluate return


on investments
Risk analysis Evaluate riskiness
& creditworthiness
Analysis of
cash flows

Evaluate source &


deployment of funds

Common tools
Cash
Ratio
flow
analysis
analysis

1. Analisis Bisnis. contd


Prospective Analysis
Process to forecast future payoffs
Business Environment
& Strategy Analysis
Accounting Analysis

Financial Analysis

Intrinsic Value

1. Analisis Bisnis. contd

Pricing

Competition
Market demands

Distribution

Tactics
Planning
Activities:
Goals
& Objectives

Promotion
Projections

Managerial performance
Opportunities

Obstacles

1. Analisis Bisnis. contd

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

3. Neraca dan Laporan Laba Rugi


PKN STAN Inc. Balance Sheet (thousands) Dec. 31, 2012
Asset Side
Cash and C.E.
$
90
Acct. Rec.c
394
Inventories
696
Prepaid Exp d
5
Accum Tax Prepay
10
Current
Assetse $1,195 Fixed Assets
(@Cost)f 1030 Less: Acc.
Depr. g
(329)
Net
Fix. Assets $ 701
Investment, LT
50 Other
Assets, LT
223

a. How the firm stands


on a specific date.
b. What BW owned.
c. Amounts owed by
customers.
d. Future expense items
already paid.
e. Cash/likely
convertible to cash
within 1 year.
f. Original amount paid.
g. Acc. deductions for
wear and tear.

3. Neraca dan Laporan Laba Rugi contd


PKN STAN Inc. Balance Sheet (thousands) Dec. 31, 2012
Liability Side
Notes Payable
$
290
Acct. Payablec
94
Accrued Taxes d
16
Other Accrued Liab. d
100
Current
Liab. e $ 500 Long-Term
Debt f
530 Shareholders
Equity
Com. Stock ($1
par) g 200 Add Pd in Capital g
729 Retained Earnings
h
210 Total Equity
$1,139
a,b

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.

3. Neraca dan Laporan Laba Rugi contd


PKN STAN Inc. Income Statement (thousands)
for the year ending Dec 31, 2012
Net Sales
$ 2,211
Cost of Goods Sold b
1,599 Gross Profit $
612 SG&A Expenses c
402
EBITd
$
210 Interest
Expensee
59
EBT f
$
151 Income
Taxes
60 EATg
$
91 Cash Dividends
38
Increase in RE
$
53

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.

3. Neraca dan Laporan Laba Rugi contd

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

4. Analisis Horisontal dan Vertikal


Horizontal
Analysis

Comparative
Analysis

Period
Analysis

Industry
Analysis

4. Analisis Horisontal dan Vertikal


contd
Period Analysis

4. Analisis Horisontal dan Vertikal


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 MANAJEMEN ASET


A/R TO
RATA-RATA UMUR PIUTANG
RASIO MANAJEMEN HUTANG

RASIO PROFITABILITAS

4. Analisis Horisontal dan Vertikal


contd
Vertical
Analysis

Common-Size
Analysis

B/S Approach

I/S Approach

4. Analisis Horisontal dan Vertikal


contd
Divided By B/S Account,
e.g. total asset

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%

4. Analisis Horisontal dan Vertikal


contd
Divided By I/S Account,
e.g. total sales

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%

4. Analisis Rasio Keuangan


Credit Risk Analysis
Liquidity Ratio
Current Ratio

Quick Ratio/
Acid-Test Ratio

Collection Period

Days to sell inventory

Current Assets
Current Liabilities

Ok

Current Assets-Inventories
Current Liability

Average Acc. Rec


Sales/360

Average Inventory
Cost of Sales/360

or

Cash&CE+M/S+Acc Rec
Current Liability

Ok

Ok

Ok

4. Analisis Rasio Keuangan


Credit Risk Analysis
Capital Structure and Solvency
(Financial Leverage)
Total Debt to Equity

Long-term
Debt to Equity

Times interest earned


(coverage ratio)

Total Liabilities
Shareholders Equity
Long-term liabilities
Shareholders Equity

Ok

Ok

Income before income taxes and interest expense


interest expense

Ok

4. Analisis Rasio Keuangan


Profitability Analysis
Return on Investment

Return on Assets
Return on Common
Equity

Net Income+Interest expense x (1-tax rate)


Average total assets
Net Income
Average Shareholders Equity
Net Income

Net profit margin

Sales
Sales-COGS

Gross profit margin

Sales

Ok

Operating
performance

Ok

Income from operations


Operating profit margin

Sales

Ok

Ok

Ok

4. Analisis Rasio Keuangan


Profitability Analysis

Cash turnover

Acc. Rec. turnover

Sales
Average cash & equivalent
Sales

Average Inventory
Sales

Working capital turnover

Average working capital


Sales

PPE turnover

Average PPE
Sales

Total asset turnover

Ok

Average Account Receivables


Cost of Sales

Inventory turnover

Ok

Average total assets

Ok
Asset
Utilization

Ok

Ok
Ok

4. Analisis Rasio Keuangan


Profitability Analysis

Price to earnings

Earnings yield

Market price per share


Earnings per share
Earnings per share

Market price per share


Cash dividend per share

Dividend pay out ratio

Earnings per share


Market price per share

Price to- book

Ok

Market price per share


Cash dividend per share

Dividend yield

Ok

Book value per share

Ok
Ok

Ok

Market
Measure

4. Analisis Rasio Keuangan


Du Pont System

Profit
margin
NI
Sales

)(

TA
turnover

Sales
TA

ROI

)(
x

Equity
multiplier
TA
CE

= ROE
= ROE.

The Du Pont system focuses on:


Expense control (profit
margin)
Asset utilization (asset
turnover)
Debt utilization (equity
multiplier)

4. Analisis Rasio Keuangan


Valuation Analysis

Debt (Bond) Valuation

Btt is the value of the bond at time t


Itt +n
is the interest payment in period t+n
+n
F is the principal payment (usually the debts face value)
r is the investors required interest rate (yield to maturity)

4. Analisis Rasio Keuangan


Valuation Analysis

Equity Valuation

Vtt is the value of an equity security at time t


Dtt +n
is the dividend in period t+n
+n
k is the cost of capital
E refers to expected dividends

4. Analisis Rasio Keuangan


Valuation Analysis

Equity Valuation - Free Cash Flow to Equity


Model

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

4. Analisis Rasio Keuangan


Valuation Analysis

Equity Valuation - Residual Income Model

BV is the book value at the end of period t


Rit+n
is the residual income in period t + n [defined as
t+n
net income, NI, minus a charge on beginning
book value, BV, or RItt = NItt - (k x BVt-1
)]
t-1
k is the cost of capital
E refers to an expectation
tt

4. Analisis Rasio Keuangan


Limitations

Comparison with industry averages is difficult if the


firm operates many different divisions.
Average performance is not necessarily good.
Seasonal factors can distort ratios.
Window dressing techniques can make statements and ratios
look better.
Different accounting and operating practices can distort
comparisons.
Sometimes it is difficult to tell if a ratio value is good or bad.
Often, different ratios give different signals, so it is difficult to
tell, on balance, whether a company is in a strong or weak
financial condition.

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