ALK Pandangan Luas

ANALISIS LAPORAN KEUANGAN:
PANDANGAN LUAS
arif7000@yahoo.com
ANALISIS LAPORAN
KEUANGAN
 merupakan proses evaluasi posisi keuangan dan
kinerja perusahaan pada masa sekarang dan masa
lalu, dengan tujuan menentukan estimasi dan
prediksi yang paling mungkin mengenai kondisi dan
kinerja perusahaan pada masa yang akan datang.
 membandingkan data keuangan dua periode atau
lebih, sehingga dapat memperoleh data/informasi
yang dapat mendukung keputusan yang akan
diambil oleh pihak-pihak yang berkepentingan.
Metode Analisis Laporan Keuangan
 Vertical Analysis
Menganalisis laporan keuangan perusahaan dengan melihat

historical data perusahaan; membandingkan pos yang satu
dengan pos yang lainnya dalam laporan keuangan.
contoh analisis vertikal : Common Size, Rasio
 Horyzontal Analysis
Menganalisis atau melakukan pembandingan laporan keuangan

untuk beberapa perode sehingga diketahui perkembangannya.
Contoh analisis horisontal : analisis tren
 Vertical Analysis
2008 2009 2010
 Sales 300.000 310.000 330.000
 Cost of Goods Sold (110.000) (105.000) (110.000)
 G & A Expenses (80.000) (100.000) (105.000)
 Net Income 110.000 105.000 115.000
2008 2009 2010

 Sales 100% 100% 100%
 Cost of Goods Sold 37% 34% 33%
 G & A Expenses 27% 22% 32%
 Net Income 37% 34% 35%
Horizontal Analysis
Misal:
Penjualan di tahun 2009 sejumlah 310.000 dan di tahun 2010 sejumlah
330.000. Persentase perubahannya adalah:
(330.000 – 310.000) / 310.000 = 6,5%
 Sales : 6.5%
 Cost of goods sold : 4.8%
 G & A Expense : 5.8%
 Net Income : 9.5%
1. INTRODUCTION
Financial analysis is a process of selecting, evaluating, and interpreting
financial data, along with other pertinent information, in order to formulate an
assessment of a company’s present and future financial condition and
performance.
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MENGAPA LAPORAN KEUANGAN
PENTING?
 Meringkas kegiatan perusahaan atas perolehan dan penggunaan

dana dalam kurun waktu tertentu (Biasanya periode satu tahun)
 Memberikan informasi yang dapat digunakan untuk mengambil

keputusan.
APAKAH AKUNTANSI?
Akuntansi adalah sistem komprehensif untuk

mengumpulkan, menganalisis, dan menyampaikan
informasi keuangan.
PIHAK YANG MEMERLUKAN LAPORAN
KEUANGAN
ARTI PENTING LAPORAN KEUANGAN
MANFAAT LAPORAN KEUANGAN
BAGI INTERNAL
 Bagi Manajemen: Laporan keuangan memberikan informasi yang
digunakan dalam pengambilan keputusan, evaluasi usaha yang
sedang berjalan, melakukan penganggaran dan kontrol keuangan.
 Bagi Karyawan: Karyawan akan tertarik dengan informasi
keuangan yang terkait dengan stabilitas dan profitabilitas
perusahaan. Hal ini dapat memberikan gambaran apakah perusahaan
mampu memberikan balas jasa dan menyediakan kesempatan bekerja
dan berkarir untuk jangka waktu yang lama.
 BAGI EKSTERNAL
 Bagi Pemegang Saham: berkepentingan dengan informasi yang berhubungan
dengan resiko yang terkait dengan investasi modal.
 Bagi Kreditur: erkepentingan dengan informasi yang menunjukkan kemampuan
perusahaan membayar hutang beserta bunganya dengan tepat waktu. Laporan
keuangan dapat membantu mereka untuk menentukan besarnya bunga dan jangka
waktu yang diberikan.
 Bagi Pemasok: Pihak supplier dan pemberi hutang jangka pendek lainnya
berkepentingan dengan informasi yang menunjukkan kemampuan perusahaan
membayar hutang jangka pendeknya. Informasi tersebut akan membantu supplier
untuk menentukan jumlah piutang yang diberikan dan jangka waktunya.
 Bagi Pemerintah: berkepentingan dalam menilai perusahaan terhadap kemampuan
membayar pajak.
 Bagi Konsumen: Konsumen memerlukan informasi yang berhubungan dengan
kelangsungan perusahaan, terutama pelanggan yang melakukan kerjasama jangka
panjang. Pelanggan yang loyal membutuhkan hubungan jangka panjang dan
langgeng.
AKUNTANSI KEUANGAN VS AKUNTANSI
MANAJERIAL
Akuntansi keuangan berkaitan dengan pengguna

informasi eksternal seperti kelompok konsumen, serikat
pekerja, pemegang saham, dan badan-badan pemerintah.
Sistem ini mempersiapkan dan menerbitkan laporan laba
rug dan neraca pada jangka waktu tertentu.
Akuntansi manajerial berkaitan dengan pengguna
informasi internal seperti para manajer dari berbagai level
untuk memonitor proyek-proyek yang sedang berjalan
dan merencanakan kegiatan-kegiatan di masa mendatang.
LAPORAN KEUANGAN
NERACA
Aktiva Pasiva
Aktiva Lancar Utang Lancar
Kas xxx Utang Dagang
Piutang xxx xxx
Persediaan xxx Utang Jangka Panjang
Aktiva Tetap Obligasi
Bangunan xxx xxx
Tanah xxx Ekuitas
Mesin xxx Modal saham xxx
LAPORAN LABA RUGI
Pendapatan Bersih xxx
Biaya operasi (xxx)
Depresiasi/Penyusutan (xxx)
Laba Operasi (EBIT) xxx
Biaya Bunga (xxx)
Laba Sebelum Pajak (EBT) xxx
Pajak (xxx)
Laba/Rugi Setelah Pajak (EAT) xxx
LAPORAN ALIRAN KAS
Aktivitas Operasi
Laba Setelah Pajak (EAT)
Depresiasi
Persediaan
Piutang
Utang
Pajak
Aktivitas Investasi
Tanah, Bangunan, Peralatan
Aktivitas Pendanaan
Obligasi
Saham
LAPORAN PERUBAHAN MODAL
Modal tahun lalu xxx

Laba bersih tahun sekarang xxx
Dividen kas
xxx
Laba Ditahan (xxx)
Modal tahun sekarang xxx

2. COMMON-SIZE ANALYSIS
Common-size analysis is the restatement of financial statement information in
a standardized form.
- Horizontal common-size analysis uses the amounts in accounts in a
specified year as the base, and subsequent years’ amounts are stated as a
percentage of the base value.
- Useful when comparing growth of different accounts over time.
- Vertical common-size analysis uses the aggregate value in a financial
statement for a given year as the base, and each account’s amount is
restated as a percentage of the aggregate.
- Balance sheet: Aggregate amount is total assets.
- Income statement: Aggregate amount is revenues or sales.
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EXAMPLE: COMMON-SIZE ANALYSIS
Consider the CS Company, which reports the following financial information:
2013 2012 2011 2010 2009 2008 Year
$420.40 $416.24 $412.12 $408.04 $404.00 $400.00 Cash
1,831.65 1,778.30 1,726.51 1,676.22 1,627.40 1,580.00 Inventory
1,236.57 1,212.32 1,188.55 1,165.25 1,142.40 1,120.00 Accounts receivable
4,258.29 4,094.50 3,937.02 3,785.60 3,640.00 3,500.00 Net plant and equipment
410.10 408.06 406.03 404.01 402.00 400.00 Intangibles
$7,644.54 $7,399.45 $7,162.74 $6,934.12 $6,713.30 $6,500.00 Total assets
1.Create the vertical common-size analysis for the CS Company’s assets.

2.Create the horizontal common-size analysis for CS Company’s assets, using
2008 as the base year.
Copyright © 2013 CFA Institute 20

Vertical Common-Size Analysis:
2013 2012 2011 2010 2009 2008 Year
5% 5% 5% 5% 6% 6% Cash
22% 22% 23% 23% 23% 23% Inventory
15% 15% 15% 16% 16% 16% Accounts receivable
52% 52% 51% 51% 50% 50% Net plant and equipment
5% 5% 5% 5% 6% 6% Intangibles
100% 100% 100% 100% 100% 100% Total assets
Graphically:

Horizontal Common-Size Analysis (base year is 2008):
2013 2012 2011 2010 2009 2008 Year
105.10% 104.06% 103.03% 102.01% 101.00% 100.00% Cash
115.93% 112.55% 109.27% 106.09% 103.00% 100.00% Inventory
110.41% 108.24% 106.12% 104.04% 102.00% 100.00% Accounts receivable
121.67% 116.99% 112.49% 108.16% 104.00% 100.00% Net plant and equipment
102.53% 102.02% 101.51% 101.00% 100.50% 100.00% Intangibles
116.53% 112.99% 109.57% 106.27% 103.08% 100.00% Total assets
Graphically:

ANALISIS RASIO KEUANGAN
Rasio Likuiditas
Mengkur kemampuan perusahaan dalam memenuhi kewajiban jangka

pendeknya dengan menggunakan aktiva jangka pendek (aktiva lancar).
Rasio Aktivitas
Rasio keuangan untuk mengevaluasi penggunaan aset perusahaan oleh

manajemen/perusahaan (mencerminkan penggunaan aset manajemen)
Rasio Profitabilitas
Mengukur kemampuan perusaahaan dalam menghasilkan profitabilitas

Rasio Utang
Mengukur kemampuan perusahaan dalam memenuuhi kewajiban jangka panjang

Rasio Pasar
3. FINANCIAL RATIO ANALYSIS
• Financial ratio analysis is the use of relationships among financial statement
accounts to gauge the financial condition and performance of a company.
• We can classify ratios based on the type of information the ratio provides:

ACTIVITY RATIOS
• Turnover ratios reflect the number of times assets flow into and out of the
company during the period.
• A turnover is a gauge of the efficiency of putting assets to work.
• Ratios:

OPERATING CYCLE COMPONENTS
• The operating cycle is the length of time from when a company makes an
investment in goods and services to the time it collects cash from its accounts
receivable.
• The net operating cycle is the length of time from when a company makes an
investment in goods and services, considering the company makes some of its
purchases on credit, to the time it collects cash from its accounts receivable.
• The length of the operating cycle and net operating cycle provides information
on the company’s need for liquidity: The longer the operating cycle, the greater
the need for liquidity.
Number of Days of Receivables Number of Days of Inventory
| | | |
Collect Accounts Sell Inventory on Pay Accounts Buy Inventory on

Receivable Credit Payable Credit
Net Operating Cycle Number of Days of Payables
Operating Cycle
OPERATING CYCLE FORMULAS

OPERATING CYCLE FORMULAS

LIQUIDITY
• Liquidity is the ability to satisfy the company’s short-term obligations using
assets that can be most readily converted into cash.
• Liquidity ratios:

SOLVENCY ANALYSIS
• A company’s business risk is
determined, in large part, from the
company’s line of business.
• Financial risk is the risk resulting from
a company’s choice of how to finance
the business using debt or equity.
• We use solvency ratios to assess a
company’s financial risk.
• There are two types of solvency ratios:
component percentages and coverage
ratios.
- Component percentages involve
comparing the elements in the
capital structure.
- Coverage ratios measure the ability
to meet interest and other fixed
financing costs.

SOLVENCY RATIOS

PROFITABILITY
• Margins and return ratios provide information on the profitability of a company
and the efficiency of the company.
• A margin is a portion of revenues that is a profit.
• A return is a comparison of a profit with the investment necessary to generate
the profit.

PROFITABILITY RATIOS: MARGINS

PROFITABILITY RATIOS: RETURNS

THE DUPONT FORMULAS
• The DuPont formula uses the
relationship among financial statement
accounts to decompose a return into
components.
• Three-factor DuPont for the return on
equity:
- Total asset turnover
- Financial leverage
- Net profit margin
• Five-factor DuPont for the return on
equity:
- Total asset turnover
- Financial leverage
- Operating profit margin
- Effect of nonoperating items
- Tax effect

FIVE-COMPONENT DUPONT MODEL

EXAMPLE: THE DUPONT FORMULA
Suppose that an analyst has noticed that the return on equity of the D
Company has declined from FY2012 to FY2013. Using the DuPont
formula, explain the source of this decline.
2012 2013 (millions)

$900 $1,000 Revenues
$380 $400 Earnings before interest and taxes
$30 $30 Interest expense
$90 $100 Taxes
$2,000 $2,000 Total assets

$1,000 $1,250 Shareholders’ equity

EXAMPLE: THE DUPONT FORMULA
2012 2013
0.22 0.20 Return on equity
0.11 0.13 Return on assets
2.00 1.60 Financial leverage

0.45 0.50 Total asset turnover
0.24 0.25 Net profit margin
0.42 0.40 Operating profit margin
0.82 0.83 Effect of nonoperating items

0.71 0.76 Tax effect

OTHER RATIOS

OTHER RATIOS

EXAMPLE: SHAREHOLDER RATIOS
Calculate the book value per share, P/E, dividends per share,
dividend payout, and plowback ratio based on the following financial
information:
$100 million Book value of equity

$500 million Market value of equity
$30 million Net income
$12 million Dividends
100 million Number of shares

EXAMPLE: SHAREHOLDER RATIOS
There is $1 of equity, per the books, for $1.00 Book value per share
every share of stock.
The market price of the stock is 16.67 16.67 P/E
times earnings per share.
The dividends paid per share of stock. $0.12 Dividends per share
The proportion of earnings paid out in the 40% Dividend payout ratio
form of dividends.
The proportion of earnings retained by the 60% Plowback ratio
company.

EFFECTIVE USE OF RATIO ANALYSIS
• In addition to ratios, an analyst should describe the company (e.g., line of
business, major products, major suppliers), industry information, and major
factors or influences.
• Effective use of ratios requires looking at ratios
- Over time.
- Compared with other companies in the same line of business.
- In the context of major events in the company (for example, mergers or
divestitures), accounting changes, and changes in the company’s product
mix.

4. PRO FORMA ANALYSIS

PRO FORMA INCOME STATEMENT
Imaginaire Company Income Statement (in millions)
One Year
Ahead Year 0
 Growth at 5% €1,050.0 €1,000.0 Sales revenues
 60% of revenues 630.0 600.0 Cost of goods sold
 Revenues less COGS €420.0 €400.0 Gross profit
 10% of revenues 105.0 100.0 SG&A
 Gross profit less operating exp. €315.0 €300.0 Operating income
 8% of long-term debt 33.6 32.0 Interest expense
 Operating income less interest exp. €281.4 €268.0 Earnings before taxes
 35% of earnings before taxes 98.5 93.8 Taxes
 Earnings before taxes less taxes €182.9 €174.2 Net income
 Dividend payout ratio of 50% €91.5 €87.1 Dividends
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PRO FORMA BALANCE SHEET
Imaginaire Company Balance Sheet, End of Year (in millions)

One Year
Ahead Year 0
 60% of revenues €630.0 €600.0 Current assets
 100% of revenues 1,050.0 1,000.0 Net plant and equipment
€1,680.0 €1,600.0 Total assets

 25% of revenues €262.5 €250.0 Current liabilities
 Debt increased by €20 million 420.0 400.0 Long-term debt
to maintain the same capital
structure
 Assume no change 25.0 25.0 Common stock and paid-in
capital
 Repurchased shares (44.0) Treasury stock
 Retained earnings in Year 0, 1,016.5 925.0 Retained earnings
plus net income, less
dividends
€1,680.0 €1,600.0 Total liabilities and equity
5. SUMMARY
• Financial ratio analysis and common-size analysis help gauge the financial
performance and condition of a company through an examination of
relationships among these many financial items.
• A thorough financial analysis of a company requires examining its efficiency in
putting its assets to work, its liquidity position, its solvency, and its profitability.
• We can use the tools of common-size analysis and financial ratio analysis,
including the DuPont model, to help understand where a company has been.
• We then use relationships among financial statement accounts in pro forma
analysis, forecasting the company’s income statements and balance sheets for
future periods, to see how the company’s performance is likely to evolve.

CHAPTER 7
FINANCIAL ANALYSIS TECHNIQUES
FINANCIAL ANALYSIS TOOLS:
DESCRIPTION
• Graphics
• Regression
• Common-Size Analysis
• Financial Ratio Analysis

GRAPHICS: EXAMPLE

GRAPHICS: EXAMPLE
$ millions

GRAPHICS: EXAMPLE

REGRESSION: EXAMPLE
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COMMON-SIZE ANALYSIS
• Common-size analysis: Express financial data, including entire

financial statements, in relation to a single financial statement item or
base.
• Vertical common-size
- Balance sheet: Each item as a percent of total assets.
- Income statement: Each item as a percent of total net revenues.
- Cash flow: Each line as a percent of sales, assets, or total in and out.
- Highlights composition and identifies what’s important.
• Horizontal common-size
- Percentage increase or decrease of each item from the prior year or
showing each year relative to a base year.
- Highlights items that have changed unexpectedly or have
unexpectedly remained unchanged.
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COMMON-SIZE BALANCE SHEET EXAMPLE:
SINGLE COMPANY, TWO PERIODS
Partial common-size balance sheet
Period 1 Period 2
% of Total % of Total
Assets Assets
Cash 25 15
Receivables 35 57
Inventory 35 20
Fixed assets, net of 5 8
depreciation
Total assets 100 100
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COMMON-SIZE BALANCE SHEET EXAMPLE:
CROSS-SECTIONAL, TWO COMPANIES, SAME TIME
Partial common-size balance sheet
Company 2 Company 1 Assets

% of Total % of Total
Assets Assets
12 38 Cash
55 33 Receivables
24 27 Inventory
2 1 Fixed assets net of depreciation
7 1 Investments
100 100 Total Assets
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USE OF COMPARATIVE GROWTH
INFORMATION: EXAMPLE
Sunbeam, Inc. 1997 vs.1996
Revenue +19%
Receivables +38%
Inventory +58%
Why are receivables growing so much faster than revenue?

Why is inventory growing so much faster than revenue?

FINANCIAL RATIOS
• Ratios
- Express one number in relation to another.
- Standardize financial data in terms of mathematical
relationships expressed as percentages, times, or days.
- Facilitate comparisons—trends and across companies.
• Ratios are interrelated
63
RATIO ANALYSIS
How profitable was Company X?
• A ratio is NOT the answer (except sometimes on

an exam).
• A ratio is an indicator—for example, an indicator
of relative activity, profitability, liquidity, solvency.
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RATIO ANALYSIS
How profitable was company X?
• A ratio is NOT the answer (except sometimes on an exam).

• A ratio is an indicator—for example, an indicator of relative
activity, profitability, liquidity, solvency.
• Interpretation generally involves comparison. Furthermore,
analysis will address the question of why.
65
RATIO ANALYSIS
How profitable was Company X?
• A ratio is NOT the answer (except sometimes on an exam).

• A ratio is an indicator—for example, an indicator of relative
activity, profitability, liquidity, solvency.
• Interpretation generally involves comparison. Furthermore,
analysis will address the question of why.
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USING FINANCIAL ANALYSIS TOOLS
Computation ≠ Analysis
• Analysis goes beyond collecting data and computing numbers.
• Analysis encompasses computations and interpretations.
• Where practical, directly experience the company’s business.
• Analysis of past performance:
What aspects of performance are critical to successfully competing
in the industry?
How well did the company perform (relative to own history and
relative to competitors)?
Why? What caused the performance?
Does the performance reflect the company’s strategy?
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USING FINANCIAL ANALYSIS TOOLS
• Not every ratio is relevant in every situation.
- Some ratios are irrelevant for certain companies.
- Some ratios are redundant.
- Industry-specific ratios can be as important as general
financial ratios.
- Different users and questions (e.g., creditors, investors)
focus on different ratios.
• Different sources categorize some ratios differently and

include different ratios.
• Differences in accounting standards can limit comparability.
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CATEGORIES OF FINANCIAL RATIOS
Description Category
Activity ratios. How efficient are the firm’s operations Activity
and the firm’s management of assets?
Liquidity ratios. How well is the firm positioned to Liquidity

meet short-term obligations?
Solvency ratios. How well is the firm positioned to Solvency
meet long-term obligations?
Profitability ratios. How and how much is the firm Profitability

achieving returns on its investments?
Valuation ratios. How does the firm’s performance or Valuation
financial position relate to its market value?

PROFITABILITY AND OVERVIEW
Liquidity ratios. How well is the firm positioned to Liquidity

meet short-term obligations?
Solvency ratios. How well is the firm positioned to Solvency
meet long-term obligations?
Profitability ratios. How much and how is the firm Profitability



MEASURE OF PROFITABILITY:
RETURN ON EQUITY (ROE)
What rate of return has the firm earned on the shareholders’
equity it had available during the year?
•The general form of the rate of return computation:
Amount of return
Rate of return =
Amount invested
•Applied to shareholders’ equity:
Net income
ROE =
Average equity

DECOMPOSE ROE
Net income
ROE =
Average equity
Average assets Net income

× =
Average equity Average assets
Leverage × ROA =

DECOMPOSE ROE
Leverage × ROA ROE =
A company can increase its ROE
1.With a business strategy, by increasing its ROA
and/or
2.With a financial strategy, by increasing its use of leverage

as long as returns on the incremental investment exceed
the cost of borrowing.

RETURN ON ASSETS
What rate of return has the firm earned on the assets it had available to
use during the year?
The general form of this computation is the same:

Amount of return
Rate of Return =
Amount invested
Two variants of ROA computation:

Net income
ROA = (1)
Average assets
Net income adjusted for interest

ROA = (2)
Average assets
Net income + [Interest expense × (1 – Tax rate)]

=
Average assets
PROFITABILITY, COMPETITION,
AND BUSINESS STRATEGY
Net income
ROA =
Average assets
Revenue Net income

× ROA =
Average assets Revenue
In other words,
ROA can
be thought
of as:
Profit margin × Turnover (efficiency)

DECOMPOSING
RETURN ON EQUITY
Leverage × Turnover × Profit margin ROE =
Average assets Revenue Net income

× × ROE =
Average equity Average assets Revenue

Du Pont Analysis
DECOMPOSING
RETURN ON EQUITY
What was the source of the firm’s return on equity?
To what extent
• . . . was it derived from selling a high margin product or keeping
expenses low—deriving more profits from each $1 of sales? (return
on sales, net profit margin)
• . . . was it derived from generating higher sales from a lower
investment in assets? (efficient use of assets, also known as
turnover or efficiency)
• . . . was it derived from investing a lower amount of equity—by
using more debt in its capital structure? (financial leverage)

DECOMPOSING RETURN ON EQUITY:
STYLIZED COMPARATIVE ANALYSIS MINI-CASE
Averag
e Co. C Co. B Co. A
4,225 6,675 4,000 2,000 Sales ($)
200 200 200 200 Net income (NI) ($)
1,500 1,500 2,000 1,000 Average assets ($)
1,000 1,000 1,000 1,000 Average equity ($)
500 500 1,000 0 Average liabilities ($)
ROE (NI/Equity)
Net profit margin
(NI/Sales)
Turnover
(Sales/Assets)
Leverage
Copyright © 2013 CFA Institute (Assets/Equity) 78
STYLIZED COMPARATIVE ANALYSIS MINI-CASE
Average Co. C Co. B Co. A
4,225 6,675 4,000 2,000 Sales ($)
200 200 200 200 NI ($)
1,500 1,500 2,000 1,000 Average assets ($)
1,000 1,000 1,000 1,000 Average equity ($)
500 500 1,000 0 Average liabilities ($)
20.0% 20.0% 20.0% 20.0% ROE (NI/Equity)
Net profit margin
4.7% 3.0% 5.0% 10.0% (NI/Sales)
2.82 4.45 2 2 Turnover (Sales/Assets)
1.50 1.5 2 1 Leverage (Assets/Equity)

COMPARATIVE
DELL HPQ AAPL

61.19% 21.50% 27.19% ROE
Net profit
4.06% 7.04% 14.88% margin Net income/Sales
Asset
2.26 1.17 1.00 turnover Sales/Average assets
Financial Average assets/
6.67 2.61 1.83 leverage Average equity

DUPONT ANALYSIS :
FURTHER DECOMPOSITION
• ROE = Net income/Average equity

• Decompose ROE into five factors
EBIT EBT Net income

× × ROE =
Revenue EBIT EBT
Average assets Revenue
× ×
Average equity Average assets

PROFITABILITY: RETURN ON SALES
(FROM THE COMMON-SIZE INCOME STATEMENT)
Gross profit margin = Gross profit/Revenue

Measures the ability to translate sales into profit after consideration of
cost of products sold.
Operating profit margin = Operating profit/Revenue

Measures the ability to translate sales into profit after consideration of
operating expenses.
Net profit margin = Net profit/Revenue

Measures the ability to translate sales into profit after consideration of all
expenses and revenues, including interest, taxes, and nonoperating
items.

DISCUSSION BY CATEGORY
Liquidity ratios. How well is the firm positioned to meet Liquidity

short-term obligations?
Solvency ratios. How well is the firm positioned to meet Solvency
long-term obligations?


ACTIVITY RATIOS
• Also known as asset utilization or operating efficiency ratios.

• How efficiently is the firm using its assets? How many dollars of
sales was the firm able to generate from each dollar of assets?
• Broadly
Asset turnover = Revenue/Average total assets
• Low or declining ratios could mean
- Sales are sluggish,
- A heavy investment in assets (inefficient? plant modernization to
help in future? strategy shift?), and/or
- Asset mix changed.
• Specifically, for fixed assets:
Fixed asset turnover = Revenue/Average net fixed assets
• Can compute for any category of assets.

ACTIVITY RATIOS
Also known as asset utilization or operating efficiency ratios

Denominator Numerator
Average working capital Revenue Working capital turnover
Average net fixed assets Revenue Fixed asset turnover
Average total assets Revenue Total asset turnover

OTHER COMMON ACTIVITY RATIOS
Average inventory Cost of sales Inventory turnover
Number of days in
Inventory turnover Days of inventory on hand (DOH)
period
Average receivables Revenue Receivables turnover
Receivables Number of days in
Days of sales outstanding (DSO)
turnover period
Average trade
Purchases Payables turnover
payables
Number of days in
Payables turnover Number of days of payables
period

ACTIVITY RATIOS AND THE CASH CYCLE
(CASH CONVERSION CYCLE, A LIQUIDITY RATIO)
• Cash cycle: How long does it take for the firm to go from cash to cash?
- Service company: sell service → receive cash.
- Merchandising company: buy inventory → sell inventory → receive
cash and pay for inventory.
- Manufacturing company: buy raw materials → make product → sell
product → receive cash and pay for materials and labor.
• Cash conversion cycle (net operating cycle) = Days sales outstanding

+ Days inventory held – Number of days of payables
• Close link to liquidity
• Working capital (current assets minus current liabilities) reflects the

investment required to support this cycle.

LIQUIDITY
• How well positioned is the firm to meet its near-term

obligations?
Current ratio = Current assets/Current liabilities
Quick ratio = (Cash + Short-term marketable investments +

Account receivables)/Current liabilities
Cash ratio = (Cash + Short-term marketable investments)/

Current liabilities




SOLVENCY: HOW WELL POSITIONED IS THE
FIRM TO MEET ITS LONGER-TERM LIABILITIES?
Debt ratios: How has the company financed itself?
• Debt to total assets
}
Lower ratio –> safer.
• Debt to equity
• Debt to total capital Higher cushion against
potential creditor losses
Coverage ratios: Degree to which earnings or cash flow can

decline without affecting firm’s ability to pay interest.
• EBIT interest coverage = (EBT + Interest payments)/Interest
payments
• Fixed charge coverage = (EBIT + Lease payments)/(Interest
payments + Lease payments)

COMMON SOLVENCY RATIOS
Denominator Numerator Solvency ratios

Debt ratios
Total assets Total debt Debt-to-assets ratio
Total debt + Total Total debt Debt-to-capital ratio
shareholders’ equity
Total shareholders’ equity Total debt Debt-to-equity ratio
Average total equity Average total assets Financial leverage
ratio
Coverage ratios
Interest payments EBIT Interest coverage
Interest payments + Lease EBIT + Lease Fixed charge
payments payments coverage



Copyright
Copyright © © 2013
2013 CFACFA Institute
Institute 92
VALUATION RATIOS:
PRICE-TO-EARNINGS RATIO
P/E relates earnings per common share to the market price at
which the stock trades, expressing the “multiple” that the stock
market places on a firm’s earnings.
Price
= P/E
Earnings per share
High P/E indicates

- Firm is valued highly by market, possibly because of growth
expectations, or
- That a firm may have very low earnings per share.

VALUATION RATIOS
Valuation ratios
Earnings per share Price per share P/E
Cash flow per share Price per share P/CF
Sales per share Price per share P/S
Book value per share Price per share P/BV

DIVIDEND-RELATED QUANTITIES
Dividends per share

= Dividend payout ratio
Earnings per share
Dividends per share

= Dividend yield
Price

SELECTED CREDIT RATIOS USED BY
STANDARD & POOR’S AS PART OF CREDIT
ANALYSIS
Denominator Numerator Ratio
Gross interest (prior to
EBIT and EBITDA
deductions for capitalized EBIT or EBITDA
interest coverage
interest or interest income)
Gross interest (prior to FFO plus interest
deductions for capitalized paid minus operating FFO interest coverage
interest or interest income) lease adjustments
Total debt FFO FFO to debt
CFO (adjusted)
Free operating cash
Total debt minus capital
flow to debt
expenditures
CFO minus capital
Discretionary cash flow
Total debt expenditures minus
to debt
dividends paid

SELECTED CREDIT RATIOS USED BY
STANDARD & POOR’S AS PART OF CREDIT
ANALYSIS
Denominator Numerator Credit Ratio

Average capital, where capital is
equity plus noncurrent deferred EBIT Return on capital
taxes plus debt
Net cash flow to capital
Capital expenditures FFO minus dividends
expenditures
EBITDA Total debt

Debt to EBITDA
Total debt plus equity Total debt Total debt to total debt
plus equity

SEGMENT ANALYSIS EXAMPLE:
L’ORÉAL

MODEL BUILDING:
EXAMPLES OF POSSIBLE USES OF RATIOS

RATIOS IN MODEL BUILDING

SUMMARY: FINANCIAL ANALYSIS TOOLS
• Graphics facilitate comparisons, and regressions quantify statistical

relationships.
• Common-size analysis expresses financial data, including entire
financial statements, in relation to a single financial statement item or
base.
• Ratios, which express one number in relation to another, facilitate
comparisons—trends and cross-sectional.
• A ratio is an indicator of
- Activity
- Profitability
- Liquidity
- Solvency

RASIO KEUANGAN
 Rasio keuangan merupakan ukuran statistik

terkait dengan dua angka dari laporan laba rugi,
neraca, atau keduanya.
 Rasio keuangan memungkinkan dilakukannya

pembandingan kinerja perusahaan antar waktu,
ataupun pembandingan kinerja antar
perusahaan.
RASIO KEUANGAN
Tidak semua rasio keuangan harus digunakan ketika

melakukan analisis terhadap suatu perusahaan. Pilihan
rasio yang digunakan bergantung pada kebutuhan serta
tujuan analisis.
Sebagai contoh : pemasok dan kreditur jangka pendek
lebih suka konsen pada current liquidity, sementara
pemegang saham lebih menyukai rasio profitabilitas untuk
menentukan tingkat pengembalian investasi; sementara
perbankan akan lebih suka pada profitability dan leverage
ratios untuk persetujuan kredit.
ANALISIS RASIO KEUANGAN
Analisis rasio dapat dilakukan secara :

 cross section (Cross-Sectional Analysis)
membandingkan rasio keuangan perusahaan
berbeda untuk waktu yang sama, misalnya
membandingkan perusahaan dengan pesaing
utama ataupun dengan industri (cara ini disebut
dengan benchmarking)
 time series (Time-Series Analysis)
melakukan evaluasi atas perkembangan kinerja
perusahaan melalui rasio keuangan
RASIO LIKUIDITAS
Rasio likuiditas mengukur kemampuan perusahaan

memenuhi kewajiban jangka pendek yang segera
jatuh tempo.
A. Current Ratio
Kemampuan perusahaan dalam memenuhi
kewajiban jangka pendek dengan aset lancar yang dimiliki.
Current Ratio = Aset Lancar

Utang Lancar
Rasio Likuiditas
B. Quick Ratio
Rasio ini memberikan petunjuk yang lebih baik dalam
melihat likuiditas perusahaan dibandingkan dengan rasio
lancar, karena peniadaan perkiraan persediaan dari
perhitungan rasio. Adanya peniadaan persediaan
dikarenakan persediaan memerlukan jangka waktu yang
lama untuk dikonversi menjadi kas.
Quick Ratio = Aset Lancar – Persediaan

Utang Lancar
Rasio Likuiditas
Contoh: Hitung current ratio dan quick ratio!
Jumlah (Rp) Utang Lancar Jumlah (Rp) Aktiva Lancar

12.500.000 Utang dagang 5.000.000 Kas
10.000.000 Utang wesel 12.500.000 Piutang dagang
2.500.000 Utang gaji 10.000.000 Piutang wesel
5.000.000 Utang lain-lain 25.000.000 Persediaan
7.500.000 Perlengkapan
30.000.000 Jumlah 60.000.000 Jumlah
Penyelesaian:
Current Ratio = Aset Lancar = 60.000.000 = 2

Utang Lancar 30.000.000
Artinya, kemampuan perusahaan untuk membayar utang lancar dengan aset

lancar yang ada sebesar 2 : 1 atau 200%. Setiap Rp 1,- utang lancar
dijamin dgn aset lancar sebesar Rp 2,-.
Quick Ratio = Aset Lancar - Persediaan = 60.000.000 – 25.000.000 = 1,167

Utang Lancar 30.000.000
Artinya, kemampuan perusahaan untuk membayar utang lancar dengan aset lancar tanpa
persediaan sebesar 1,167 : 1 atau 116,7%. Setiap Rp 1,- utang lancar dapat
dijamin dg aset lancar tanpa persediaan sebesar Rp 1,167,-
Rasio Solvabilitas
Rasio ini dapat melihat seberapa jauh aktiva

perusahaan dibiayai oleh utang atau pihak luar
dengan kemampuan perusahaan yang
digambarkan oleh modal (equity). Perusahaan
yang baik mestinya memiliki komposisi modal yang
lebih besar daripada utang.
Rasio Solvabilitas
A. Rasio total utang terhadap total aktiva (debt to total asset ratio)
Debt to total asset ratio menunjukkan besarnya total utang terhadap
total aktiva yang dimiliki oleh perusahaan.
Rasio ini menunjukkan besarnya aset perusahaan yang didanai oleh
utang.
Rumusnya sebagai berikut:

Debt to Total Asset Ratio = Total utang
Total aset
Semakin tinggi rasio ini menunjukkan semakin besar pula pendanaan dari
utang, artinya semakin besar risiko bagi perusahaan (kemungkinan tidak
dapat membayar utangnya juga semakin besar).
Rasio yang tinggi juga menunjukkan bahwa rendahnya aset perusahaan
yang dibiayai oleh ekuitas (modal sendiri).
Rasio Solvabilitas
B. Rasio utang terhadap ekuitas (debt to equity ratio)

Debt to equity ratio mengukur sampai seberapa besar jumlah
modal sendiri yang dijaminkan atas utang (termasuk utang
jangka pendek). Semakin besar rasio ini akan semakin
menguntungkan perusahaan, sedangkan bagi pihak bank akan
mengakibatkan semakin besar risiko yang ditanggungnya.

Debt to equity ratio = Total Utang %
Ekuitas Pemegang Saham
Semakin rendah rasio ini, semakin tinggi tingkat pendanaan

perusahaan yang disediakan oleh pemegang saham, dan semakin
besar perlindungan bagi kreditur jika terjadi kerugian besar.
Rasio Solvabilitas
Contoh :
Hitung debt to equity ratio dan debt to total asset
ratio dari data keuangan berikut.
Rp 3.250.000 Total Aktiva

Rp 823.000 Utang Jangka Pendek
Rp 631.000 Utang Jangka Panjang
Rp 1.796.000 Ekuitas Pemegang Saham
Rp 3.250.000 Total Utang+Ekuitas
Pemegang Saham
Rasio Solvabilitas
Penyelesaian :
Debt to equity ratio = Total Utang %

= Rp 1.454.000%
Rp 1.796.000
= 0,81 atau 81%
Artinya, setiap Rp 0,81,- total utang dijamin dengan

ekuitas sebesar Rp 1,-. Atau, untuk setiap Rp 1,- yang
diberikan oleh pemegang saham, kreditur memberikan Rp
0,81 pendanaan (utang)
Rasio Solvabilitas
Penyelesaian :
Debt to Total Asset Ratio = Total utang

Total aset
= Rp 1.454.000%
Rp3.250.000
= 0,45 atau 45%
Artinya, 45% dari aset perusahaan didanai oleh utang,

sedangkan sisanya 55% pendanaan berasal dari
pemegang saham.
Rasio profitabilitas mengukur kemampuan perusahaan

dalam menghasilkan laba; menunjukkan pengaruh
kebijakan likuiditas, manajemen aktiva (aktivitas),
manajemen utang (solvabilitas) terhadap hasil operasional
perusahaan.
1. Profitabilitas dalam kaitannya dengan penjualan

GPM (Gross Profit Margin) mengukur laba kotor perusahaan dari
aktivitas penjualan.
Rumusnya :
Gross Profit Margin = Laba Kotor = Penjualan bersih – HPP
Penjualan bersih Penjualan bersih
NPM (Net Profit Margin) digunakan untuk menunjukkan keuntungan

netto atau laba bersih dari setiap penjualan. Semakin besar angka
yang didapat menunjukkan kinerja yang semakin baik.
Rumusnya :
Net Profit Margin = Laba bersih setelah pajak
Penjualan bersih
2. Profitabilitas dalam kaitannya dengan pengembalian investasi
ROA (Return On Asset) digunakan untuk mengukur kemampuan perusahaan
dengan keseluruhan dana yang telah ditanamkan pada aktiva untuk operasi
perusahaan dalam memperoleh keuntungan. Rasio ini juga menunjukkan
produktivitas dari seluruh dana perusahaan.
Return On Assets (ROA) = Laba bersih setelah pajak x 100 %
Total assets
ROE (Return On Equity) digunakan untuk mengukur tingkat efisiensi modal

sendiri (ekuitas) dan menunjukkan laba bersih yang dapat diperoleh dari
modal pemilik (ekuitas). Semakin tinggi rasio ini semakin memperkuat posisi
modal pemilik perusahaan.
Return On Equity (ROE) = Laba bersih setelah pajak x 100 %
Contoh :
Diketahui :
Laba kotor = Rp 1.312.000
HPP = Rp 2.680.000
Total Aktiva = Rp 3.250.000
Beban Adm,Penjualan dan Umum = Rp 912.000
Beban Bunga = Rp 85.000
Pajak PPh = Rp 114.000
Ekuitas Pemegang Saham = Rp 1.796.000
Hitung : GPM, NPM, ROA dan ROE!

Jawab :
Gross Profit Margin = Laba Kotor = Penjualan bersih – HPP
Penjualan bersihPenjualan bersih
= Rp 1.312.000
Rp 3.992.000
= 0,329 atau 32,9%
Artinya, untuk setiap Rp 1,- penjualan memberikan penghasilan kotor Rp 0,329,-
Net Profit Margin = Laba bersih setelah pajak

Penjualan bersih
= Rp 201.000
Rp 3.992.000
= 0,0504 atau 5,04%
Artinya, untuk setiap Rp 1,- penjualan memberikan penghasilan bersih Rp

0,0504,-
Jawab :
Return On Assets (ROA) = Laba bersih setelah pajak x 100 %
Total assets
= Rp 201.000 x 100%
Rp 3.250.000
= 6,18%
Return On Equity (ROE) = Laba bersih setelah pajak x 100 %

= Rp 201.000 x 100%
Rp 1.796.000
= 11,19%
Rasio Aktivitas
 Rasio ini menunjukkan seberapa cepat

perusahaan menghasilkan kas (ditunjukkan
dengan seberapa cepat beberapa akun
dikonversikan menjadi kas).
 Rasio ini disebut juga rasio efisiensi, digunakan
untuk mengukur efisiensi perusahaan dalam
memanfaatkan sumber daya (aktiva) yang
dimiliki.
Rasio Aktivitas
 Inventory Turn Over
Inventory Turn Over mengukur seberapa efektifnya perusahaan dalam
mengelola persediaan.
Rumus :
Inventory Turnover = Harga Pokok Penjualan
Persediaan
Inventory Turnover in days = 365

(Average Day’s Inventory) Perputaran persediaan
= Persediaan x 365
HPP
Makin tinggi ITO makin baik bagi perusahaan. Nilai ITO akan lebih
bermanfaat jika dibandingkan dengan perusahaan lain dalam industri yang
sama.
Rasio Aktivitas
 Receivable Turn Over

Receivable Turn Over mengukur seberapa cepat piutang usaha telah
berputar (menjadi kas) selama periode/tahun tersebut.
Rumus :
Receivable Turnover = Penjualan kredit
Piutang
Receivable Turnover in days = 365

(Average Collection Period) Perputaran piutang
= Piutang x 365
Penjualan kredit
Rasio Aktivitas
 Assets Turn Over

Assets Turn Over mengukur kemampuan aset/aktiva
dalam menciptakan/menghasilkan penjualan.
Rumus :
Asset Turnover = Penjualan bersih
Total Aset
RASIO PASAR
Rasio Pasar merupakan sekumpulan rasio yang

menghubungkan harga saham dengan laba, nilai buku per
saham dan dividen.
Rasio ini memberikan petunjuk mengenai apa yang
dipikirkan invenstor atas kinerja perusahaan di masa lalu
serta prospek di masa mendatang (Moeljadi, 2006).
Rasio ini memberikan informasi seberapa besar
masyarakat (investor) atau para pemegang saham
menghargai perusahaan, sehingga mereka mau membeli
saham perusahaan dengan harga yang lebih tinggi
dibanding dengan nilai buku saham (Sutrisno, 2003).
EARNING PER SHARE (EPS)
Earning Per Share (EPS) merupakan perbandingan

antara laba bersih setelah pajak pada satu tahun buku
dengan jumlah saham yang diterbitkan.
EPS merupakan rasio yang menunjukkan berapa besar
keuntungan (return) yang diperoleh investor atau
pemegang saham per saham. Semakin tinggi nilai EPS
tentu saja menggembirakan pemegang saham karena
semakin besar laba yang disediakan untuk pemegang
saham.
EARNING PER SHARE (EPS)
Seorang investor membeli dan mempertahankan saham suatu

perusahaan dengan harapan akan memperoleh dividen atau capital
gain. Laba biasanya menjadi dasar penentuan pembayaran dividen
dan kenaikan harga saham di masa mendatang. Oleh karena itu,
para pemegang saham biasanya tertarik dengan angka EPS yang
dilaporkan perusahaan. EPS hanya dihitung untuk saham biasa.
Rumus Earning Per Share (EPS) :
Earning Per Share = Laba bersih setelah pajak

jumlah saham
PRICE EARNING RATIO (PER)
Pendekatan Price Earning Ratio (PER) dalam penentuan

nilai suatu saham dilakukan dengan menghitung
berapa rupiah uang yang diinvestasikan ke dalam suatu
saham untuk memperoleh satu rupiah pendapatan
(earning) dari saham tersebut.
Oleh para investor rasio ini digunakan untuk
memprediksi kemampuan perusahaan dalam
menghasilkan laba di masa yang akan datang.
PRICE EARNING RATIO (PER)
Price Earning Ratio (PER) merupakan perbandingan

antara harga pasar suatu saham dengan earning per
share (EPS) dari saham yang bersangkutan.
Makin besar PER suatu saham berarti semakin mahal
harga saham tersebut.
Rumus Price Earning Ratio (PER) :
Price Earning Ratio = Harga pasar per lembar saham

Pendapatan per lembar saham
DIVIDEND PAYOUT RATIO (DPR)
Rasio ini melihat bagian pendapatan yang dibayarkan

sebagai dividen kepada investor sedangkan bagian lain yang
tidak dibagikan akan diinvestasikan kembali ke perusahaan.
Perusahaan yang mempunyai tingkat pertumbuhan yang
tinggi akan mempunyai rasio pembayaran dividen yang
rendah. Sebaliknya perusahaan yang tingkat
pertumbuhannya rendah akan mempunyai rasio yang tinggi.
Rumus :
Dividend Payout Ratio = Deviden per lembar saham x 100%

CONTOH SOAL
PT. Jaya Selalu pada tahun 2012 membayar dividen

kepada pemegang saham biasa sebesar Rp 15,120
Milyar. Laba bersih yang diperoleh PT. Jaya Selalu Rp
92,776442 Milyar. Sampai akhir tahun tersebut, jumlah
saham PT. Jaya Selalu yang beredar 378 juta lembar
saham biasa. Nilai buku saham adalah Rp 378 Milyar
dan harga saham PT. Jaya Selalu di pasar adalah Rp
1.450,00.
Hitung : EPS, PER dan DPR!
Penyelesaian :
Diketahui : Pembayaran deviden = Rp 15.120.000.000,00
Laba bersih = Rp 92.776.442.000,00
Jumlah saham = 378 juta lembar saham
Nilai Buku saham = Rp 378.000.000.000,00
Harga per lembar saham = Rp 1.450,00
Diminta : EPS, PER dan DPR
Jawab :
Earning Per Share = Laba bersih setelah pajak
jumlah saham
= 92.776.442.000
378.000.000
= Rp 245,44
Penyelesaian :
Price Earning Ratio = Harga pasar per lembar saham
= Rp 1.450
Rp 245,44
= 5,9 x
Divident Per Share = Deviden yang dibayarkan

Jumlah lembar saham
= Rp 15.120.000.000,00
378.000.000
= Rp 40 / lembar saham
Divident Payout Ratio = Deviden Per Lembar Saham x 100%

Pendapatan Per Lembar Saham
= Rp 40 x 100%
Rp 245,44
= 16,3%
ANALISIS INDEKS
 Analisis indeks merupakan teknik analisis

horizontal terhadap laporan keuangan
komparatif.
 Analisis indeks mengubah semua angka
dalam laporan keuangan pada tahun dasar
menjadi 100%.
 Menganalisis perubahan tiap pos dalam
laporan keuangan untuk beberapa periode.
ANALISIS INDEKS
Tahun dasar adalah tahun pertama dari seluruh periode

yang dianalisis (Jusuf, 2000). Misalnya kita mengadakan
analisis untuk periode tahun 2010, 2011 dan 2012, maka
tahun yang dijadikan dasar adalah tahun 2010. Tahun
dasar ini diberi angka 100%. Data tahun-tahun lainnya
dibandingkan dengan data tahun dasar tersebut.
CONTOH ANALISIS INDEKS
Laporan Laba/Rugi PT. Maju Selalu

Untuk tahun yang berakhir pada tanggal 31 Desember
INDEKS (%) REGULER (Ribuan Rupiah)
POS-POS
2011 2010 2009 2008 2011 2010 2009 2008
134 118 102 100 3740 3310 2860 2800 PENJUALAN
131 113 102 100 2550 2200 1970 1940 HPP
138 129 108 100 1190 1110 890 860 LABA KOTOR
116 107 100 100 500 460 430 430 BEBAN PENJUALAN
132 121 105 100 250 230 200 190 BEBAN
ADMINISTRASI
121 111 101 100 750 690 630 620 BEBAN OPERASI
183 175 108 100 440 420 260 240 LABA
ANALISIS COMMON SIZE
(PERSENTASE PER KOMPONEN)
Analisis Common Size adalah :

menganalisis laporan keuangan untuk satu periode
tertentu dengan cara membanding-bandingkan pos
yang satu dengan pos lainnya dengan menggunakan
persentase di mana salah satu pos ditetapkan sebagai
patokan 100% (Jusuf, 2000).
Merubah angka-angka yang ada di dalam neraca dan
laba/rugi, dimana pos-pos aktiva di neraca, common
base-nya adalah total aktiva, pos-pos utang dan ekuitas
common base-nya adalah total pasiva. Sedangkan pos-
pos laba/rugi common base-nya adalah penjualan.
ANALISIS COMMON SIZE
(PERSENTASE PER KOMPONEN)
Persentase per Komponen dari Neraca

Persentase per komponen dari neraca menunjukkan
persentase dari pos-pos aktiva dari total aktivanya dan
persentase dari pos-pos passiva dari total passivanya.
Persentase per Komponen dari laporan laba/rugi

Persentase per komponen dari laporan laba/rugi
menunjukkan besarnya persentase masing-masing pos
laba/rugi dari nilai penjualannya.
Contoh Analisis Common Size
Neraca PT Maju Selalu
Per 31 Desember
COMMON SIZE (%) REGULER (Ribuan Rupiah)

NAMA REKENING
2012 2011 2012 2011
Aktiva
5 4 50.000.000 30.000.000 Kas
0,50 2 5.000.000 15.000.000 Surat Berharga
10 8 100.000.000 60.000.000 Piutang Dagang
5 4 50.000.000 30.000.000 Piutang Wesel
15 13,33 150.000.000 100.000.000 Persediaan
0 2 0 15.000.000 Beban Dibayar di Muka
35,50 33,33 355.000.000 250.000.000 Total Aktiva Lancar
25 13,33 250.000.000 100.000.000 Tanah
30 26,67 300.000.000 200.000.000 Bangunan
-7,50 -6,67 (75.000.000) (50.000.000) Akum Depresiasi Bangunan
20 13,33 200.000.000 100.000.000 Peralatan
-5 -3,33 (50.000.000) 25.000.000) Akum Depresiasi Peralatan
62,50 43,33 625.000.000 325.000.000 Total Aktiva Tetap
0 20 0 150.000.000 Investasi Jangka Panjang
2 3,33 20.000.000 25.000.000 Hak Paten
100 100 1.000.000.000 750.000.000 Total Aktiva
LANJUTAN ...
Utang dan Ekuitas

10 6 100.000.000 45.000.000 Utang Dagang
7,50 5 75.000.000 37.500.000 Utang Wesel
2,50 2,33 25.000.000 17.500.000 Utang Lain-Lain
20 13,33 200.000.000 100.000.000 Total Utang Jangka Pendek
20 26,67 200.000.000 200.000.000 Utang Bank
10 0 100.000.000 0 Utang Obligasi
Total Utang Jangka
30 26,67 300.000.000 200.000.000
Panjang
20 26,67 200.000.000 200.000.000 Modal Saham Biasa
5 6,67 50.000.000 50.000.000 Agio Saham Biasa
25 26,67 250.000.000 200.000.000 Laba Ditahan
50 60 500.000.000 450.000.000 Total Ekuitas
100 100 1.000.000.000 750.000.000 Total Utang dan Ekuitas

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ANALISIS LAPORAN KEUANGAN:

Menganalisis laporan keuangan perusahaan dengan melihat

Menganalisis atau melakukan pembandingan laporan keuangan

2008 2009 2010

 Meringkas kegiatan perusahaan atas perolehan dan penggunaan

 Memberikan informasi yang dapat digunakan untuk mengambil

Akuntansi adalah sistem komprehensif untuk

Akuntansi keuangan berkaitan dengan pengguna

Modal tahun lalu xxx

Modal tahun sekarang xxx

1.Create the vertical common-size analysis for the CS Company’s assets.

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Mengkur kemampuan perusahaan dalam memenuhi kewajiban jangka

Rasio keuangan untuk mengevaluasi penggunaan aset perusahaan oleh

Mengukur kemampuan perusaahaan dalam menghasilkan profitabilitas

Mengukur kemampuan perusahaan dalam memenuuhi kewajiban jangka panjang

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Collect Accounts Sell Inventory on Pay Accounts Buy Inventory on

Net Operating Cycle Number of Days of Payables

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2012 2013 (millions)

$2,000 $2,000 Total assets

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2.00 1.60 Financial leverage

0.82 0.83 Effect of nonoperating items

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$100 million Book value of equity

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Imaginaire Company Balance Sheet, End of Year (in millions)

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• Common-size analysis: Express financial data, including entire

Partial common-size balance sheet

Company 2 Company 1 Assets

Sunbeam, Inc. 1997 vs.1996

Why are receivables growing so much faster than revenue?

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• Ratios are interrelated

How profitable was Company X?

• A ratio is NOT the answer (except sometimes on

• A ratio is NOT the answer (except sometimes on an exam).

• A ratio is NOT the answer (except sometimes on an exam).

• Different sources categorize some ratios differently and