Summary

Financial Statements, Cash Chapter 2

Flow, and Taxes

Analysis of Financial Chapter 3

Statements

Rani Nurnawati , C2C019008

Financial Management
UNSOED, 14 September 2019
OUR BIG IDEA
Book Financial Theory and Practice ed. 13

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2.1 Financial Statements and Report

1 2 3 4
The balance sheet / The income The statement of The statement of cash
Neraca keuangan statement / laporan stockholders equity flows/ laporan arus kas
laba rugi

four basic
financial
statements

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 1. The balance sheet /
Neraca keuangan

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BALANCE SHEET The left side The right side

Respresent “snapshots” of its financial
position on the last day of each year. ASSETS LIABILITIES AND EQUITY

Aset Lancar Kewajiban lancar

Prinsip keseimbangan dalam neraca:
Aktivitas investasi = Aktivitas pendanaan Upah dan pajak yang masih harus
Kas dan setara kas, piutang usaha
Total Asset = Kewajiban + Modal sendiri dan persediaan dibayar, utang usaha
Aset Lancar + Aset Tetap = Kewajiban lancar+hutang
jangka panjang + modal sendiri Aset tetap Utang jangka Panjang

Bangunan pabrik dan peralatan serta Equitas / modal

asset tetap lainnya. Saham disetor dan laba ditahan

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1. The balance sheet /
Neraca keuangan

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Sudut pandang :
• Accounting, angka
tersebut merupakan
harta real perusahaan

• Financial Manager
angka tersebut dapat
dijadikan
dedicated indicator

untuk menilai pasar

Book values Book values

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1. The balance sheet /
Neraca keuangan

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Or simply delete it if you want plain background.

Sudut pandang :
• Accounting, angka
tersebut merupakan
harta real perusahaan

• Financial Manager
angka tersebut dapat
dijadikan
dedicated indicator

untuk menilai pasar

Book values Book values

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 2. The Income Statement /
Laporan Laba Rugi

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Laporan laba rugi dapat mencakup

periode waktu tertentu, tetapi biasanya
disiapkan setiap bulan, triwulanan, dan
tahunan.
Mengurangi biaya operasional dari
penjualan bersih tetapi tidak termasuk
penyusutan dan amortisasi hasil EBITDA,
yang merupakan singkatan dari laba
sebelum bunga, pajak, penyusutan dan
amortisasi.


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3. Statement of Stockholders’ Equity

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Perubahan ekuitas pada saat periode

akuntansi dilaporkan dalam
pernyataan ekuitas pemegang saham.


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1. Net Cash Flow /
Arus kas bersih

NET CASH FLOW

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Sebuah arus kas bersih bisnis umumnya
berbeda dari keuntungan akuntansi
karena beberapa pendapatan dan
espenses tercantum pada laporan laba
rugi tidak diterima atau dibayar secara
tunai selama tahun.

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Statement of Cash Flow
 The company’s cash position as reported on its
balance sheet is affected by a great many factors,
which include the following.
1. Net Income before preferred devidens
2. Non cash adjustment to net income
3. Changes adjustments to net income
4. Changes in working capital
5. Investments
6. Security transaction and dividen payments

 The statements separates activities into three

categories.
1. Operarting Activities
2. Investing activities
3. Financing activities

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 Modifying Accounting Data For Managerial Decisions  CALCULATING FREE CASH
Nilai operasi tergantung pada semua arus kas bebas yang FLOW
diharapkan di masa depan (CFF)
 Cara bagi manajer untuk membuat perusahaan mereka
lebih berharga adalah untuk meningkatkan arus kas bebas
sekarang dan di masa depan.

1. Net Operating
Profit After Taxes
(NOPAT)
Pengukuran yang lebih baik untuk membandingkan kinerja
manajer adalah laba operasional bersih setelah pajak, atau
NOPAT.


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 Modifying Accounting Data For
Managerial Decisions

Sample Net
Operating Profit After
Taxes (NOPAT)

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 Modifying Accounting Data For
Managerial Decisions

2. Net Operating
Working Capital
(NOWC)
 The short-term assets normally used in a company’s
operating activities are called operating current assets.
 Not all current assets are operating current assets.
Therefore, short-term investments are nonoperating
assets and normally are excluded when calculating
operating current assets.
 NOWC as …

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Modifying Accounting Data For
Managerial Decisions

3. Total Net Operating

Capital
 In addition to working capital, most
companies also use long-term assets to
support their operations. The include land,
buildings, factories, equipment, and the
like.

4. Net Investment in
Operating Capital
Seperti yang telah dihitung sebelumnya,
MicroDrive memiliki $1.455.000.000 dari
Total modal operasi bersih pada akhir 2009
dan $1.800.000.000 pada akhir 2010. Oleh
karena itu, selama 2010, itu membuat
investasi bersih
Presentation di ibukota
name goes here operasi

Modifying Accounting Data For
Managerial Decisions

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5. Calculating Free
Cash Flow

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 Modifying Accounting Data For
Managerial Decisions

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Membayar bunga untuk debtholders, dengan mengingat

bahwa biaya bersih untuk perusahaan adalah biaya bunga
setelah pajak.
Repay debtholders; yaitu, melunasi beberapa utang.
Membayar dividen kepada pemegang saham.
Pembelian kembali saham dari pemegang saham.
Membeli investasi jangka pendek atau aset nonoperasi
lainnya.
1.

Evaluating FCF, NOPAT, and

Operating Capital
Salah satu cara untuk menentukan apakah pertumbuhan yang
menguntungkan adalah dengan memeriksa kembali pada modal
yang diinvestasikan (ROIC)

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 Modifying Accounting Data For
Managerial Decisions

Market Value Added Replace this overlay with your picture and set transparency to 80%

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MVA merupakan ukuran kinerja

perusahaan berdasar nilai tambah (value
added) yang ditunjukkan dari selisih antara
market value of stock terhadap book value
of equity (equivalen dengan jumlah modal
sendiri yang disetorkan pemegang saham)

Economic Value
Added (EVA)
EVA mengukur efektifitas kinerja
manajerial pada suatu periode tertentu
(satu tahun). EVA merupakan indikator
ada atau tidaknya pertambahan nilai dari
investasi yang dilakukan

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 Summary

Financial Statements, Cash Chapter 2

Flow, and Taxes

Analysis of Financial Chapter 3

Statements

Rani Nurnawati , C2C019008

Financial Management
UNSOED, 13 September 2019
3.1 To Gather Financial Analysis conduct following steps:

1. Gather data from several resources : ex. BEJ

2. Examine the cashflow
3. Examine the ROIC (return on invested capital)
4. Begin Ratio analysis

3.2 Liquidity Ratios:

Sebuah aset liquid adalah salah satu yang dapat dengan mudah dikonversi
menjadi uang tunai pada nilai pasar yang adil
Dua ukuran likuiditas
1. Rasio lancar
2. Rasio tes cepat/asam 19
Perhitungan

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Perhitungan

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3.3 Asset management ratio:
Rasio manajemen aset mengukur seberapa efektif perusahaan
mengelola/menggunakan asetnya
• Rasio untuk menganalisis berbagai jenis aset;
• The inventory turnover ratio : Mengukur efisiensi manajemen persediaan, rasio
tinggi menunjukkan bahwa persediaan tidak tetap di gudang atau di rak, tetapi
lebih berbalik dengan cepat ke dalam penjualan
• The days sales outstanding : untuk menilai kualitas account piutang rata-rata
panjang waktu yang perusahaan harus menunggu setelah membuat penjualan
sebelum menerima uang tunai dari pelanggan, tindakan efektivitas kebijakan
kredit perusahaan, menunjukkan tingkat investasi diperlukan dalam piutang
untuk mempertahankan tingkat penjualan perusahaan
• Rasio turnover aset tetap
• Rasio turnover total aset 22
 3.3 Asset management ratio:
• Continued…
• Ratio for analyze different types of assets;
• The fixed assets turnover ratio : Measures efficiency of long-term capital investment

• The total assets turnover ratio : Measure efficiency of total assets for the company
as a whole or for a division of the firm

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 3.4 Debt management ratio:
• Financial leverages, has 3 important implication :
• Maintain control of a firm
• Return are magnified also the risk
• Higher the proportion of funding supplied by stockholder, the less risk creditor face.

• How to examine leverage from creditor perspective :

• Total liabilities to total assets
• Time interest earned ratio
• EBITDA coverage ratio

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 3.5 Profitability ratios:

• Menunjukkan efek gabungan dari likuiditas, manajemen aset, dan

manajemen hutang pada hasil operasi
• Net Profit Margin on Sales; Relates net income available to common
stockholders to sales
• Basic Earning Power; Relates EBIT to Total Assets, Useful for comparing
firms with different tax situations and different degrees of financial leverage
• Return on Assets (ROA); Relates net income available to common
stockholders to total assets
• Return on Common Equity (ROE); Relates net income available to
common stockholders to common stockholders equity

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3.6 Market Value Ratios:
Relate a firm stock price to earning, cash flow, and book value per share.

• Price earning ratio ; how much investor are willing to pay of reported profit.
• Price/Cash flow ratio
• Market/Book Ratio

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 3.7 Trend analysis, common size analysis and percentage
change analysis:

• Trend analysis examine ratio over time

• Common size analysis, Semua laporan laba rugi dibagi dengan penjualan
dan semua item neraca adalah dibagi oleh total aset
• Percentage change analysis, tingkat pertumbuhan dihitung untuk semua
laporan laba rugi dan rekening neraca relatif terhadap tahun dasar

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 3.8 The Du Pont Equation:

• Juga dapat dinyatakan sebagai:

• ROE = (NI/Sales) x (penjualan/TA) x (TA/ekuitas)
• Fokus pada:
• - Kontrol biaya (PM)
• - Pemanfaatan aset (TATO)
• - Pemanfaatan hutang (EQ. mult.)

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 3.9 Comparative ratio and Benchmarking:

• Comparative ratios; are compared with those other firm in the same
industry
• Benchmarking; Compare ratios to with smaller set of leading companies

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 3.10 Uses and limitation of Ratio Analysis:

• The limitation are as follows:

• Industry average are more applicable to small firm
• Best to benchmark on the industry leader ratios rather than industry
average ratio
• Inflation distortion
• Seasonal factor distort ratio analysis
• Windows dressing reluctant
• Accounting practice can distort comparisons

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TERIMAKASIH