CASH FLOW ANALYSIS

(Analisis Arus Kas)

CASH FLOW ANALYSIS

(Analisis Arus Kas)
Prepared by Ahmad Subagyo
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CASH FLOW ANALYSIS
(Analisis Arus Kas)

Evaluasi Kredit:
Laporan Kas yang Dihasilkan

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 ANALISIS ARUS KAS

• Evaluasi kinerja dan penilaian resiko

• Sumber dan Penggunaan Kas
- dimana didapat, dimana dibelanjakan
- jumlah & petunjuk perubahannya
• Menilai kebijakan manajemen keuangan
- keputusan investasi dan pembiayaan
- kesesuaian pendanaan dan kebutuhan
- insight: bagaimana pinjaman digunakan utk usaha
• Mengerti kebutuhan pembiayaan suatau perusahaan
• Menunjukkan kas dihasilkan
• Berhubungan dengan analisis rasio keuangan

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 ARUS KAS
Cara bank memperoleh (recover) pinjamannya:
• Cara Pertama – arus kas dari operasi usaha
• Cara Kedua – kas dari penjualan aset usaha
• Cara Ketiga – kas dari penjualan aset pemilik

Analisis Arus Kas adalah suatu alat untuk

memahami arus kas masuk dan keluar suatu
Perusahaan.
Merupakan alat utama (primer) untuk
mengevaluasi kredit.
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 ARUS KAS –
Siklus Operasi
Collection ACCOUNT
RECEIVABLE
Credit sales

CASH INVENTORY

Credit
purchases/
Payments

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 ARUS KAS - Operasi
SUMBER OPERASI PENGGUNAAN OPERASI
• Cash revenues • Cash expenses
• Decrease in current • Increase in current
assets assets
- Collection of A/R - Credit sales (A/R)
- Sale of inventory - Purchase of invty
• Increase in current • Decrease in current
liabilities liabilities
- Avail of supplier - Payments to suppliers
credit (Acct Payable) (A/P)

Operating cash flows come from revenue-generating activities and

movements in the operating assets of the company.
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ARUS KAS – Siklus Non-Operasi

A/R

CASH Inventory

Capital outlay

• Debt, Equity FIXED

• Loan repayment ASSETS
• Dividends
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 ARUS KAS – Non-Operasi
SUMBER PENGGUNAAN
• Decrease in long- • Increase in long-
term assets term assets
- Sale of property - Purchase of M&E
and other fixed
assets and other fixed
assets
• Increase in debt:
- LT Debt • Decrease in debt &
- ST bank loans long-term liabilities
• Increase in equity - Repayment of loans
- Capital infusion • Cash dividend
payments

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 LAPORAN ARUS KAS
LAPORAN HASIL Yang bisa dilihat?
• Presents changes in
KAS financial position
• Presents cash flow from
Net OPERATING operations & from non-
Cash Flow optg activities (long-term
investing & external
financing)
Net NON-OPTG
Cash Flow • Provides info on:
- Need for financing
Effect on CASH - Fin. mgmt policies
- Risks: cash needs &
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PERSIAPAN LAPORAN ARUS KAS
For Year 2002

Balance Balance
Sheet Sheet

Dec 31 Income Dec 31

2001 Stmt 2002

Year
2002

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 PERSIAPAN LAPORAN ARUS KAS
Operating Net Income From Income Statement
Cash Flow Depreciation From I/S; from change in B/S
Gross Operating Funds Gen GOFG = NI + Depn

(Inc)Dec in Acct Receivable

(Inc)Dec in Inventory From changes in B/S
Inc(Dec) in Acct Payable
Net Operating Cash Gen NOCG = GOFG + change in WC
Non-Optg (Inc)Dec in Fixed Assets
Cash Flow Inc(Dec) in LTDebt From changes in B/S
Inc(Dec) in ST bank loan
Inc(Dec) in Equity
Dividend Payments From change in B/S, vs. N I
Effect on Inc(Dec) in CASH = NOCG +(-) change in N-Op;
Cash Verify from change in B/S acct
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 LAPORAN ARUS KAS –
Perubahan dlm Neraca
OPERATING Current Assets Current Liab.
(except Cash) (except ST bank loan)
Increase Use Source
Decrease Source Use
NON-OPTG LT Assets LT Liabilities
(incl. ST bank loan)
Increase Use Source
Decrease Source Use

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 ANALISIS ARUS KAS - Contoh
(Appliance Mfg; In $’000) 1999 2000 2001
Net Income 4,089 7,105 10,954
Depreciation 2,001 2,016 1,601
Gross Operating Funds Gen 6,090 9,121 12,555
(Inc)Dec Acct Receivable -2,683 -13,399 -23,275
(Inc)Dec Inventory -3,437 -9,815 -19,558
Inc(Dec) Acct Payable 2,620 7,728 -1,784
Net Operating Cash Gen 2,590 -6,365 -32,062
(Inc)Dec Fixed Assets -1,202 -421 -8,361
Inc(Dec) LTDebt -6,400 1,441 36,566
Inc(Dec) ST bank loans -1,025 1,793 6,000
Inc(Dec) Equity 5,175 0 128
Dividend Payments 0 -534 0
Inc(Dec) in CASH -862 -4,086 2,271
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 ANALISIS LAPORAN ARUS KAS

Banker’s Cash Generation Why important to bankers?

format Statement
Operating Net Income •Profitability & revenue-gen.
Cash Flow Depreciation •GOFG is “funds”, not cash
Gross Operating Funds Gen = estimate of cash flow

•WC adjustments: GOFG to

(Inc)Dec in Acct Receivable
cash-basis (accrual NI to CF)
(Inc)Dec in Inventory
•Sources & uses of cash
(Inc)Dec in Prepaid Exp.
•Efficiency & growth in assets
(Inc)Dec in Other C.A.
(vs. sales)
Inc(Dec) in Acct Payable •Matching optg needs vs. ST
Inc(Dec) in Accrued Exp. sources
Inc(Dec) in Other C.L. •Need for working capital
financing
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 ANALISIS LAPORAN ARUS KAS
Banker’s Cash Generation Why important to bankers?
format Statement
Operatin •NOCG = cash flow from
g Cash Net Operating Cash operations
Flow Gen •Liquidity – is cash flow
adequate
and stable?
•Self-financing capacity
(internal cash generation) –
cash gen from biz w/o
resorting
to external funding
•Repayment capability
•Use for Capex & LT investment

•If negative trend – dependent

on bank debt? Overborrowing?
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 ANALISIS LAPORAN ARUS KAS

Banker’s Cash Generation Why important to bankers?

format Statement
Non-Optg •Sources & uses of cash
Cash Flow (Inc)Dec in Fixed Assets •LT investments & growth in
(Inc)Dec in Other LT Ast
assets (vs. sales)
•Matching Capex vs. LT sources
Inc(Dec) in LTDebt
•Need for LT (external) financing
Inc(Dec) in ST bank loan
•Leverage – borrowings & debt-
Inc(Dec) in Equity
servicing?
•Competitors to cash flow –
Dividend Payments
pymt to other banks & to owners
•Margin of safety?

Effect on Inc(Dec) in CASH •If (-), cash & mkt sec as source
Cash to finance shortfall
•End-cash vs. minimum desired?
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