Manajemen Keuangan

Level: Supervisor

DISUSUN : Juli 2017

Analisis Laporan Keuangan
Pengertian & Tujuan

Analisis laporan keuangan adalah mempelajari hubungan antara

suatu angka dengan angka lain dalam laporan keuangan yang
dapat memberikan makna atau dapat menjelaskan arah (trend)
angka-angka tersebut di masa yang akan datang, yang bertujuan
untuk:
1. Mengevaluasi kinerja sebuah perusahaan dan
membandingkannya dengan kinerja perusahaan pembanding
untuk mengidentifikasikan letak masalah yang memerlukan
perbaikan
2. Memprediksi profitabilitas dan risiko sebuah perusahaan di
masa mendatang

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 Analisis Likuiditas
Analisis likuiditas adalah analisis yang digunakan untuk mengukur
kemampuan perusahaan untuk memenuhi kewajiban yang segera
akan jatuh tempo
1. Current ratio adalah rasio yang mengukur kemampuan
perusahaan untuk memenuhi pembayaran kewajiban jangka
pendek; rasio di bawah 1 menunjukkan bahwa aset lancar tidak
mampu menutupi liabilitis jangka pendek
2. Acid test ratio adalah rasio yang mengukur kemampuan
perusahaan untuk memenuhi pembayaran kewajiban jangka
pendek, tetapi tidak termasuk asset lancar yang tidak likuid
(persediaan)

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Current Ratio
Current ratio mengukur Balance Sheet
ABC Computer Company
kemampuan perusahaan untuk Assets (US$) Liabilities (US$)
menutupi kewajiban jangka Cash 175 Account payable 115
pendek Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Current Assets
Current Ratio =
Net Income = 162 Current Liabilities
Dividends Paid - 100 $1,230
= $230
= 5,35 kali
Addition to R/E = 62
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 Acid Test Ratio
Acid test ratio mengukur Balance Sheet
ABC Computer Company
kemampuan perusahaan Assets (US$) Liabilities (US$)
membayar semua hutang lancar Cash 175 Account payable 115
(tanpa asset yang tidak likuid) Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250)Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Current Assets - Inventories
Taxes (40%) - 108
Acit test ratio =
Net Income = 162
Current Liabilities
Dividends Paid - 100
= $1,230 - $625 = 2,63 kali
Addition to R/E = 62 $230
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 Analisis Solvabilitas
Analisis untuk mengukur kemampuan perusahaan memenuhi
seluruh kewajibannya termasuk pembayaran bunga pinjaman:

1. Debt to asset ratio

2. Debt to equity ratio
3. Time interest earned
4. Debt Service Ratio

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Debt to Asset Ratio
Debt to asset ratio mengukur Balance Sheet
ABC Computer Company
porsi asset yang didanai dengan Assets (US$) Liabilities (US$)
pinjaman Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108
Debt to Total Liabilities
asset ratio = Total Asset
Net Income = 162
Dividends Paid - 100
= $803 = 32,8%
Addition to R/E = 62 $2.530
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 Debt to Equity Ratio
Debt to equity ratio mengukur Balance Sheet
ABC Computer Company
perbandingan saldo pinjaman Assets (US$) Liabilities (US$)
terhadap total ekuitas dalam Cash 175 Account payable 115
neraca perusahaan Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Debt to Total Liabilities
Taxes (40%) - 108
equity ratio = Total Equities
Net Income = 162
Dividends Paid - 100
= $803 = 48,8%
Addition to R/E = 62 $1.700
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 Time Interest Earned
Time interest earned mengukur Balance Sheet
ABC Computer Company
kemampuan perusahaan Assets (US$) Liabilities (US$)
memenuhi kewajiban Cash 175 Account payable 115
pembayaran bunga pinjaman Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Time EBITDA
Taxes (40%) - 108
interest Interest Expenses
Net Income = 162
earned
Dividends Paid - 100 = $162+$108+$60+$200 = 8,83 kali
$60
Addition to R/E = 62
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Debt Service Ratio

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 Analisis Aktivitas
Analisis untuk memenuhi efisien tidaknya pengelolaan sumber daya atau aset
yang dimiliki perusahaan:
1. Inventory turn over mengukur efisiensi manajemen persediaan dengan
membagikan pemakaian material dengan rata-rata saldo persediaan dalam
satu tahun
2. Inventory period mengukur berapa lama kas tersimpan dalam bentuk
persediaan dalam satu tahun
3. Receivable turnover mengukur seberapa cepat penagihan piutang usaha
menjadi kas yang dihitung dengan membagikan total penjualan terhadap
rata-rata saldo piutang
4. Collection period mengukur lamanya waktu yang dibutuhkan untuk
mengkonversi penjualan menjadi kas yang dihitung dengan membagikan
365 hari dengan receivable turnover
5. Fixed asset turn over mengukur berapa kali total asset tetap
mengalami perputaran dalam satu tahun
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 Inventory Turn Over
Inventory turn over mengukur Balance Sheet
ABC Computer Company
berapa kali perputaran material Assets (US$) Liabilities (US$)
dalam satu tahun Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108
Inventory COGS
turn over = Average Inventory
Net Income = 162
(ITO)
Dividends Paid - 100
= $875 = 1,40 kali
Addition to R/E = 62 $625
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 Inventory Period
Inventory period mengukur Balance Sheet
ABC Computer Company
berapa lama kas tertanam dalam Assets (US$) Liabilities (US$)
bentuk persediaan dalam satu Cash 175 Account payable 115
tahun Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Inventory
= 365
Net Income = 162
period ITO
Dividends Paid - 100 = 365 = 260,7 hari
Addition to R/E = 62 1,4x
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 Receivable Turn Over
Receivable turn over mengukur Balance Sheet
ABC Computer Company
berapa kali perputaran piutang Assets (US$) Liabilities (US$)
dalam satu tahun (konversi dari Cash 175 Account payable 115
penjualan menjadi kas) Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Receivable Total Sales
= Average Receivable
Net Income = 162 turn over
Dividends Paid - 100 $1.450 = 3,50 kali
=
Addition to R/E = 62 $430
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 Average Collection Period
Average collection period Balance Sheet
ABC Computer Company
mengukur efisiensi penagihan Assets (US$) Liabilities (US$)
piutang (konversi dari penjualan Cash 175 Account payable 115
menjadi kas) dalam setahun Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Average Average Receivables
Taxes (40%) - 108
collection = Total Sales/365
Net Income = 162
period
Dividends Paid - 100 $430
= 104,2 hari
=
Addition to R/E = 62 $1.450/365
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 Net Working Capital
Net working capital mengukur Balance Sheet
ABC Computer Company
efisiensi investasi dalam working Assets (US$) Liabilities (US$)
capital Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Current assets – Cash (bank)
NWC Ratio = Current Liabilities
Net Income = 162
Dividends Paid - 100
= $1,230 - $175 = 4,58 kali
Addition to R/E = 62 $230
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 Total Asset Turn Over
Total asset turn over mengukur Balance Sheet
ABC Computer Company
efisiensi pemanfaatan asset, Assets (US$) Liabilities (US$)
berapa kali asset mengalami Cash 175 Account payable 115
perputaran dalam satu tahun Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Total asset Total Sales
Taxes (40%) - 108 =
turn over Average Total Asset
Net Income = 162
Dividends Paid - 100
= $1.450 = 0,57 kali
Addition to R/E = 62 $2.530
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Analisis Profitabilitas
Analisis untuk mengukur kemampuan perusahaan untuk
menghasilkan imbal hasil (return):
1. Gross profit margin
2. Net profit margin
3. EBITDA margin
4. Earning per share
5. Return on equity
6. Return on asset
7. Return on investment

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 Gross Profit Margin
Gross profit margin mengukur Balance Sheet
ABC Computer Company
rasio laba usaha terhadap total Assets (US$) Liabilities (US$)
perjualan Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Retained earning 800
Depreciation - 200
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Gross profit Gross Margin
margin =
Taxes (40%) - 108
Net Income = 162
Total Sales
Dividends Paid - 100
= $575 = 39.66%
Addition to R/E = 62 $1.450
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 EBITDA Margin
EBITDA margin mengukur rasio Balance Sheet
ABC Computer Company
laba bersih + biaya bunga + pajak Assets (US$) Liabilities (US$)
+ depresiasi terhadap total Cash 175 Account payable 115
perjualan Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Depreciation - 200
Retained earning 800
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 EBITDA EBITDA
=
Net Income = 162
Margin Total Sales
Dividends Paid - 100
= $162+$108+$60+$200 = 36.55%
Addition to R/E = 62 $1.450
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 Net Profit Margin
Net profit margin mengukur rasio Balance Sheet
ABC Computer Company
laba bersih setelah pajak terhadap Assets (US$) Liabilities (US$)
total perjualan Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statementc Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Depreciation - 200
Retained earning 800
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Net profit Net Income
=
Net Income = 162 margin Total Sales
Dividends Paid - 100
= $162 = 11.17%
Addition to R/E = 62 $1.450
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Return on Asset (ROA)
Return on asset mengukur tingkat Balance Sheet
ABC Computer Company
imbal hasil dari setiap Rupiah Assets (US$) Liabilities (US$)
yang diinvestasikan dalam asset Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Depreciation - 200 Retained earning 800
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Return on Net Income
Net Income = 162
asset = Total Asset
Dividends Paid - 100 $162
= = = 6,40%
Addition to R/E = 62 $2.530
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 Return on Equity (ROE)
Return on equity mengukur tingkat Balance Sheet
ABC Computer Company
imbal hasil dari ekuitas yang Assets (US$) Liabilities (US$)
diinvestasikan oleh pemilik saham Cash 175 Account payable 115
Account receivables 430 ST-Notes 115
ABC Computer Company Inventories 625 Current liabilities 230
Income Statement Current assets 1.230 Bond 600
Sales + 1.450
Plant & Equipment 2.500 Total liabilities 830
Cost of Goods Sold - 875
Less: Acc. Depr. (1.250) Common stocks 300
Gross Profit = 575
Net fixed assets 1.250 Paid in capital 600
Operating Expenses - 45
Depreciation - 200
Retained earning 800
Net Operating Income = 330 Total equities 1.700
Interest Expense - 60 Total activa 2.530 Total passiva 2.530
Net Income Before Taxes = 270
Taxes (40%) - 108 Return on Net Income
Net Income = 162
Equity = Total Equities
Dividends Paid - 100 $162 = 9,53%
=
Addition to R/E = 62 $1.700
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 Keterbatasan Analisis Laporan Keuangan
1. Perusahaan besar mengoperasikan beberapa divisi dalam
industri yang berbeda
2. Sebagian besar perusahaan menginginkan hasil di atas rata
rata industri , bukannya pada perusahaan yang menjadi
“leader” pada industri tersebut
3. Faktor inflasi
4. Faktor musiman
5. Window dressing
6. Praktik akuntansi yang berbeda
7. Faktor nilai

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