ANALISIS

LAPORAN KEUANGAN
TEAM PENGAJAR MAPPI
Okt 2014
Pendidikan Penilaian Bisnis
2
INTRODUCTION TO
VALUATION PROCESS
FUNDAMENTAL APPROACH
Understand
the Business
Macroeconomic
Analysis
Industry
Analysis
Company
Analysis
Analysis &
Normalization
of Financial
Statements
Define
Valuation
Assignment
Select
Valuation
Method(s)
&
Perform
Valuation
Reporting
KERANGKA Analisis LAPORAN KEUANGAN
Tahap Persiapan
Tentukan tujuan spesifik Analisis: keputusan yang akan
diambil, concern utama
Kreditor: kemampuan untuk membayar bunga dan pokok hutang.
Perhatian Kreditor jangka pendek: Likuiditas.
Perhatian Kreditor jangka panjang: profitabilitas jangka
panjang & solvabilitas.
Equity Investor: tujuan akhirnya adalah penilaian saham (equity
valuation).
Pahami industri dan operasi bisnis target
Tentukan benchmark
Tentukan metode/teknik Analisis: sesuaikan dengan tujuan
dan benchmark
Persiapan
Review L/K Penyesuaian
L/K
Analisis L/K
Konklusi
PEST Analysis
Political influence upon the regulation of businesses, and the
spending power of consumers and other businesses.
Marketers need to consider the state of a trading economy in the
short and long-terms. This is especially true when planning for
international marketing.
The social and cultural influences on business vary from country to
country.
Technology is vital for competitive advantage, and is a major driver
of globalization.
Political (incl.
Legal)
Economic Sociocultural Technological
Environmental regulations and
protection
Economic growth Income distribution
Government research
spending
Tax policies
Interest rates &
monetary policies
Demographics, Population growth
rates, Age distribution
Industry focus on
technological effort
International trade regulations and
restrictions
Government spending Labor / social mobility
New inventions and
development
Contract enforcement law
Consumer protection
Unemployment policy Lifestyle changes
Rate of technology
transfer
Employment laws Taxation
Work/career and leisure attitudes
Entrepreneurial spirit
Life cycle and speed of
technological
obsolescence
Government organization / attitude Exchange rates Education Energy use and costs
Competition regulation Inflation rates Fashion, hypes
(Changes in) Information
Technology
Political Stability
Stage of the business
cycle
Health consciousness & welfare,
feelings on safety
(Changes in) Internet
Safety regulations Consumer confidence Living conditions
(Changes in) Mobile
Technology
PEST Analysis
Porters 5 Forces Analysis
Porters 5 Forces Analysis
(Contoh aplikasi Industri Retail)

- Kompetitor 7 - Kompetitor 8 - Kompetitor 9
- Buyer 8 - Buyer 8 - Buyer 8
- Suplier 4 - Suplier 6 - Suplier 7
- Pendatang Baru 7 - Pendatang Baru 7 - Pendatang Baru 6
- Produk substitusi 6 - Produk substitusi 6 - Produk substitusi 7
Rata-rata
6,4
Rata-rata
7
Rata-rata
7,4
- Kompetitor
7
- Kompetitor 7 - Kompetitor 7
- Buyer
8
- Buyer 8 - Buyer 8
- Suplier
5
- Suplier 5 - Suplier 5
- Pendatang Baru
7
- Pendatang Baru 7 - Pendatang Baru 7
- Produk substitusi
6
- Produk substitusi 6 - Produk substitusi 6
Rata-rata
6,6
Rata-rata
6,6
Rata-rata
6,6
Catatan
Skenario ke
Depan
Kondisi saat
ini
Skenario
Optimis
Terjadi Penurunan Tingkat
Persaingan
Terjadi Kenaikan Tingkat
Persaingan
Terjadi Kenaikan Tingkat
Persaingan
Skenario
Most Likely
Skenario
Pesimis
Industry Product Life Cycle Analysis
Industry Product Life Cycle Analysis
Sumber: Valuation Handbook, Thomas Rawley, Benton E. Gup,
John Wiley & Sons, 2010
PERSIAPAN ANALISIS LAPORAN KEUANGAN
Benchmark
Hanya rasio keuangan relatif/komparatif yang relevan untuk Analisis.
Benchmark yang dapat digunakan sebagai pembanding: (1) Ekonomi
makro; (2) Industri; (3)Kompetitor utama dalam industri (cross-
sectional analysis); (4) Kinerja masa lampau (trend analysis)
Pemahaman atas industri dan operasi bisnis target perlu untuk memilih
benchmark ke-2 dan 3
Tujuan UmumAnalisis
Meskipun yang dianalisa adalah data historis, tujuan akhir
analisa:
1. Memperoleh wawasan/ pemahaman atas Kondisi dan
Kinerja suatu Perusahaan
2. Memproyeksikan kinerja masa depan (Forecasting)
Business Analysis
Evaluasi Prospek
Evaluasi Risiko
Business Decision Makers
Equity investors
Creditors/ Bond Investors
Management (Directors, Managers)
Merger and Acquisition Analysts
External Auditors
Regulators
Employees & Unions
Lawyers
Sumber Informasi untuk Business Analysis
Quantitative
Financial Statements
Industry Statistics
Economic Indicators
Regulatory filings
Trade reports
Qualitative
Management
Discussion & Analysis
Chairpersons Letter
Vision/Mission
Statement
Financial Press
Press Releases
Web sites
Jenis Analis
Bisnis
Credit Analysis Equity Analysis
Management &
Control
Mergers, Acquisitions
& Divestitures
Director Oversight
Regulation
External Auditing
Labor Negotiations
Financial
Management
Analisis Kredit
Trade Creditors
Provide goods or
services
Most short-term
Usually implicit
interest
Bear risk of default
Non-trade Creditors
Provide major financing
Most long-term
Usually explicit interest
Bear risk of default
Creditors
Analisis Kredit
Liquidity
Ability to meet short-term
obligations
Focus:
Make up of current
assets and liabilities
Current cash flows
Liquidity of assets
Solvency
Ability to meet long-term
obligations
Focus:
Long-term financial
conditions
Extended Profitability
Capital structure
Credit worthiness: Ability to honor credit obligations
(downside risk)
Analisis Saham
Passive Investing
(beta strategies)
Aim:
Diversification based
on risk propensity &
investment horizon
Example: Indexing
Active Investing
(alpha strategies)
Aim:
Beat the market --
earn above normal stock
returns
Examples: Technical
analysis & Fundamental
analysis
Nilai Intrinsik (Nilai Fundamental)
Intrinsic value > Market value Buy
Intrinsic value < Market value Sell
Intrinsic value = Market value Hold
Value of Company (or stock) without reference to
market value (or stock price)
S
t
r
a
t
e
g
y
Prospective Analysis
Intrinsic Value
Business Environment
& Strategy Analysis
Accounting Analysis
Financial Analysis
Process to forecast future payoffs
Financial Statements Reflect Business Activities
Planning
Investing
Current:
Cash
Accounts Receivable
Inventories
Marketable Securities
Noncurrent:
Land, Buildings, &
Equipment
Patents
Investments
Assets
Balance Sheet
Financing
Current:
Notes Payable
Accounts Payable
Salaries Payable
Income Tax Payable
Noncurrent:
Bonds Payable
Common Stock
Retained Earnings
Liabilities & Equity
Balance Sheet
Statement of
Shareholders Equity
Operating
Sales
Cost of Goods Sold
Selling Expense
Administrative Expense
Interest Expense
Income Tax Expense
Net Income
Income statement
Cash Flow
Statement of
Cash Flows
Financial Statements
Balance Sheet
Income Statement
Statement of Shareholders Equity
Statement of Cash Flows
Financial
Statement
Links - Kodak
Statement of Cash Flows
for Year Ended Dec. 31, 2001
Operating Cash flows $ 2,065
Investing Cash flows (1,047)
Financing Cash flows (808)
Exchange rate changes on cash (8)
Net Change in Cash $ 202
Cash Balance, Dec. 31, 2000 246
Cash Balance, Dec. 31, 2001 $ 448
Statement of Shareholders Equity
for Year Ended Dec. 31, 2001
Share Capital, Dec. 31, 2000 $ 1,849
Adjustments/Stock Issue (22)
Share Capital, Dec. 31, 2001 $ 1,827
Retained Earnings, Dec. 31, 2000 $ 7,387
Add: Comprehensive Income (39)
Less: Dividends (514)
Retained Earnings, Dec. 31, 2001 $ 6,834
Treasury Stock, Dec. 31, 2000 $ 5,808
Treasury Stock Issued 82
Treasury Stock Repurchased (41)
Treasury Stock, Dec. 31, 2001 $ 5,767
Income Statement
for Year Ended Dec. 31, 2001
Sales $13,234
Expenses (13,158)
Net Earnings $ 76
Other Comprehensive Income (115)
Comprehensive Income $ (39)
Balance Sheet
Dec. 31, 2000
Assets
Cash $ 246
Non-Cash Assets 13,966
Total Assets $14,212
Liabilities & Equity
Total liabilities $ 10,784
Equity:
Share Capital 1,849
Retained Earnings 7,387
Treasury Stock (5,808)
Total equity $ 3,428
Liabilities & Equity $14,212
Balance Sheet
Dec. 31, 2001
Assets
Cash $ 448
Non-Cash Assets 12,914
Total Assets $13,362
Liabilities & Equity
Total liabilities $10,468
Equity:
Share Capital 1,827
Retained Earnings 6,834
Treasury Stock (5,767)
Total equity $ 2,894
Liabilities & Equity $13,362
(Period of time)
(
P
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)
(
P
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)
Dec. 31, 2000 Dec. 31, 2001
Additional Information
(Beyond Financial Statements)
Managements Discussion & Analysis (MD&A)
Management Report
Auditor Report
Explanatory Notes to Financial Statements
Supplementary Information
Proxy Statement/Information Disclosure Document
23
Review laporan keuangan target & benchmark
Baca opini auditor
Review kebijakan akuntansi
Review Laporan keuangan, termasuk catatan atas
laporan keuangan dan informasi kualitatif lainnya.
Tujuan Review
Memahami kebijakan akuntansi yang diterapkan:
Kesesuaian dengan GAAP
Konsistensi & komparabilitas kebijakan akuntansi
Memperoleh gambaran secara ringkas atas kondisi dan
kinerja keuangan.
Mendeteksi isu-isu yang perlu mendapat perhatian.
Mendeteksi akun-akun L/K yang perlu disesuaikan (target
maupun benchmark).
REVIEW LAPORAN KEUANGAN
Kualitas L/K
L/K berkualitas merefleksikan realitas ekonomi dengan baik
yaitu tidak menggunakan manipulasi akuntansi dan
perubahan yang bersifat temporer.
High quality earnings are repeatable earnings. (Reilly &
Brown, p. 418)
PENYESUAIAN LAPORAN KEUANGAN
all financial statement data used to make investment &
credit decisions should be adjusted to reflect:
Accounting differences,
Current Values, &
The use of off-balance-sheet financing techniques
(White, Sondhi & Fried, p.932)
Penyesuaian Laporan Keuangan
Accounting Analysis
Comparability problems across firms and across time
Manager estimation error
Distortion problems Earnings management
Accounting Standard
Accounting
Risk
Process to evaluate and adjust financial
statements to better reflect economic reality
26
Tujuan Penyesuaian atas Laba
Mendapat gambaran atas
Earning Power : laba bersih
permanen, tanpa ada
temporary, non recurring, &
unusual factors.
Proses untuk
mengestimasi laba usaha
normal setiap periode
disebut Normalisasi.
Mendapatkan Comparable
data
Untuk perusahaan yang tidak
siklikal, normalisasi laba terutama
berupa eliminasi nonrecurring
items.
Tujuan & Jenis Penyesuaian L/K
Jenis-Jenis Penyesuaian
Normalizing adjustment :
Penyesuaian metode
akuntansi
Eliminasi non-recurring
item
Pemisahan operating dan
Non-operating item
Control adjustment
(berlaku untuk penilaian
saham)
27
Contoh Penyesuaian Laporan Laba Rugi
Metode A Debit Credit Metode B
Penjualan bersih Rp 365,800,000 Rp 365,800,000
Harga pokok penjualan (276,976,200) (1) 1,730,000
(2) 88,000
(3) 384,200
(4) 346,000
(5) 78,000 (274,350,000)
Laba kotor 88,823,800 91,450,000
Biaya penjualan, umum dan adm (51,926,000) (6) 9,226,000 (42,700,000)
Laba usaha 36,897,800 48,750,000
Pendapatan (biaya) lain-lain
Biaya bunga (3,085,000) 10,000 (3,095,000)
Laba bersih anak perusahaan 1,538,000 78,000 1,460,000
Amortisasi goodwill (390,000) (7) 220,000 (170,000)
Lain-lain (269,000) 40,000 (229,000)
Total pendapatan (biaya) lain-lain (2,206,000) (2,034,000)
Laba sebelum pajak 34,691,800 46,716,000
Baiya pajak
Ditangguhkan (556,000) 294,000 (850,000)
Terhutang (13,906,500) 4,733,000 (18,639,500)
Laba bersih Rp 20,785,300 Rp 28,076,500
Laba per saham Rp 6.98 Rp 9.39
Penyesuaian
1-5 perbedaan metode pencatatan persediaan, penyusutan, umur aktiva,
kapitalisai biaya
6 perbedaan kompensasi manajemen
7 perbedaan masa amortisasi
STUDI KASUS
LA SA
Revenues 10 10
R&M Expenses 2 1
Other Expenses 7 7
Net Income 1 2
Case:
Both LA & SA are airline companies
Assuming Ceteris Paribus on all other factors except R&M
expenses.
Both are offered at the same price
Question: Which is better company?
Jenis Analisis Laporan Keuangan
Membandingkan Arus Kas Operasi dan Laba Bersih
Common-size Analysis: Balance Sheets & Income
Statements
Ratio Analysis:
Profitability Ratio: mengukur tingkat keuntungan terhadap
pendapatan dan modal.
Activity Ratio: mengevaluasi pendapatan yang dihasilkan
oleh aktiva yang dimiliki
Leverage ratio (Solvency Ratio): mengkaji struktur
permodalan dan kemampuan untuk melunasi kewajiban
jangka panjang
Liquidity Ratio: mengukur kemampuan untuk memenuhi
kewajiban jangka pendek
ANALISIS LAPORAN KEUANGAN
Financial Analysis
Profitability analysisEvaluate return
on investments
Risk analysis Evaluate riskiness
& creditworthiness
Analysis of Cash Evaluate source &
Flow deployment of funds
Common tools
Ratio
analysis
Cash
flow
analysis
Process to evaluate financial position and
performance using financial statements
31
Common Size statement
Setiap akun neraca dinyatakan dalam
persentase dari jumlah aktiva untuk neraca
Setiap akun laba rugi dinyatakan dalam
persentase dari penjualan
Tujuan : standardisasi laporan keuangan
Teknik Analisis: Analisis Common Size
Common-Size Analysis
Kodak's Common-Size Income Statements
2001 2000
Sales 100.0% 100.0%
Cost of goods sold
65.5
59.9
Gross profit
0.6%
Selling, general and administrative expenses 21.0 19.0
Research and development costs 5.9 5.6
Restructuring Costs 5.0 (0.3)
Earnings from operations
Interest expense and other costs (credits) 1.8 0.6
Earnings before income taxes
Provision for income taxes 0.2 5.2
Net earnings
34.5%
0.8%
2.6% 15.8%
40.1%
15.2%
10.0%
Tujuan : Evaluasi hubungan antara dua atau lebih
parameter keungan penting
Output: Ekspresi Matematis hubungan antara dua atau
lebih parameter keuangan
Perlu diperhatikan :
Pentingnya Accounting Analysis
Pentingnya Penafsiran jangka panjang vs
jangka pendek & benchmarking (short term
proforma vs projection)
Ratio Analysis
34
Benchmark/ Pendekatan:
Trend Analysis: melihat perubahan
Ratio dari waktu ke waktu
Benchmark dgn kinerja historis
Analisis Komparatif
Bandingkan Ratio Perusahaan dgn
Rule of Thumb.
Bandingkan Ratio Perusahaan dgn:
Rata-rata Industry atau
Perusahaan Sejenis/ Kompetitor
Benchmark dgn Perusahaan
Pembanding/Sejenis, maupun
dengan Industry (Cross Sectional
Analysis)
ANALISIS LAPORAN KEUANGAN
Rasio
Keuangan
tidak
memiliki
standar
universal
untuk
mengukur
kesehatan
perusahaan
Evaluasi Laporan Keuangan dari tahun ke tahun
Output: Arah, kecepatan dan besar perubahahan
Jenis: Analisis Trend tahun per tahun
Analisis Index-Number Trend
Analisis Pertumbuhan -
Compounded Annual Growth Rate
(CAGR): (X
n
/X
1
)
(1/ (n-1))
- 1
TREND ANALISIS
Yr2 Yr1 Yr3
36
Kelebihan & Kekurangan
Rule of Thumb:
Sederhana, tetapi
Sangat tergantung pada pandangan Analis dan kondisi spesifik
perusahaan
Benchmark terhadapa Industri/ Kompetitor:
Memberikan gambaran kinerja relatif Perusahaan terhadap
industri/kompetitor.
Kondisi spesifik perusahaan mungkin dapat menjustifikasi
penyimpangan dari industri
Ratio untuk Industri itu sendiri mungkin tidak mencerminkan
kondisi yang optimal/efisien.
Trend Analysis:
Paling bermanfaat, memungkinkan kesimpulan yang lebih pasti
tentang kinerja dan kondisi perusahaan dan perubahannya dari
waktu ke waktu.
COMPARATIVE ANALYSIS
2001 2000
Change Change
(in mil.) %
Sales
$ 13,234 $13,994
$ (760)
(5.4)%
Cost of goods sold 8,670 8,375 295 3.5
Gross profit
$ 4,564 $ 5,619 $ (1,055) (18.8)
Operating Expenses:
Selling, general and admin. 2,781
2,665
116 4.4
Research and development 779
784
(5) (0.6)
Restructuring costs 659
(44)
703 -
Earnings from operations
$ 345 $2,214 $(1,869)
(84.4)
Interest Expense and other 237 82 155 189.0
Other income (charges) -
-
- -
Earnings before income taxes $ 108 $ 2,132 $ (2,024) (94.9)
Provision for income taxes 32 (693) (95.6)
Net earnings
$ 76 $ (1,331)
(94.6)
725
$ 1,407
Kodak's Comparative Income Statements
Kodak's Index-Number Trends - Sales and
Operating expenses (1997 = base year)
0.700
0.750
0.800
0.850
0.900
0.950
1.000
1.050
1997 1998 1999 2000 2001
I
n
d
e
x

-

B
a
s
e

1
9
9
7
Sales
Operating
expenses
Kodak's Index-Number Trends - Sales and
Operating Expenses (1998 = base year)
0.850
0.900
0.950
1.000
1.050
1.100
1.150
1998 1999 2000 2001
I
n
d
e
x

-

B
a
s
e

1
9
9
8
Sales
Operating
expenses
COMPARATIVE ANALYSIS
GROWTH ANALYSIS
Berapa tingkat pertumbuhan penjualan PT X dari tahun 1 sampai
dengan tahun 5 ?
A. 16,14%
B. 20,00%
C. 15,83%
1 2 3 4 5
Penjualan PT X 100 125 130 160 180
Tahun
GROWTH ANALYSIS
Berapa tingkat pertumbuhan penjualan PT X dari tahun 1 sampai
dengan tahun 5 ?
A. 22,82%
B. 20,00%
C. 15,83%
1 2 3 4 5
Penjualan PT X 100 70 130 160 180
Tahun
Analyzing Liquidity
Analyzing Activity
Analyzing Debt/Solvabilty
Analyzing Profitability
A Complete Ratio Analysis
Ratio Analysis
Analyzing Liquidity
Liquidity refers to the solvency of the firm's
overall financial position, i.e. a "liquid firm" is
one that can easily meet its short-term
obligations as they come due.
A second meaning includes the concept of
converting an asset into cash with little or no
loss in value.
Three Important Liquidity Measures
Net Working Capital (NWC)
NWC = Current Assets - Current Liabilities
Current Ratio (CR)
Current Assets
CR =
Current Liabilities
Quick (Acid-Test) Ratio (QR)
Current Assets - Inventory
QR =
Current Liabilities
Analyzing Activity
Activity is a more sophisticated analysis of a
firm's liquidity, evaluating the speed with
which certain accounts are converted into
sales or cash; also measures a firm's
efficiency
Inventory Turnover (IT)
Average Collection Period (ACP)
Average Payment Period (APP)
Fixed Asset Turnover (FAT)
Total Asset Turnover (TAT)
Cost of Goods Sold
IT =
Inventory
Accounts Receivable
ACP =
Annual Sales/360
Accounts Payable
APP=
Annual Purchases/360
Sales
FAT =
Net Fixed Assets
Sales
TAT =
Total Assets
Five Important Activity Measures
Analyzing Debt/Solvability
Debt is a true "double-edged" sword as it allows
for the generation of profits with the use of other
people's (creditors) money, but creates claims on
earnings with a higher priority than those of the
firm's owners.
Financial Leverage is a term used to describe the
magnification of risk and return resulting from the
use of fixed-cost financing such as debt and
preferred stock.
Measures of Solvability
There are Two General Types of
Solvability Measures
Degree of Indebtedness
Ability to Service Debts
Debt Ratio (DR)
Debt-Equity Ratio DER)
Times Interest Earned
Ratio (TIE)
Debt Service Coverage Ratio
(DSC)
Total Liabilities
DR=
Total Assets
Long-Term Debt
DER=
Stockholders Equity
Earnings Before Interest
& Taxes (EBIT)
TIE=
Interest
Earnings Before Interest &
Taxes + Depreciation +
Lease Payments
FPC=
Interest + Lease Payments
+{(Principal Payments +
Preferred Stock Dividends)
X [1 / (1 -T)]}
Four Important Solvability Measures
Debt Ratio (DR)
Debt-Equity Ratio DER)
Times Interest Earned
Ratio (TIE)
Debt Service Coverage Ratio
(DSC)
Total Liabilities
DR=
Total Assets
Long-Term Debt
DER=
Stockholders Equity
Earnings Before Interest
& Taxes (EBIT)
TIE=
Interest
Earnings Before Interest &
Taxes + Depreciation +
Lease Payments
FPC=
Interest + Lease Payments
+{(Principal Payments +
Preferred Stock Dividends)
X [1 / (1 -T)]}
Four Important Solvability Measures
Analyzing Profitability
Profitability Measures assess the firm's ability
to operate efficiently and are of concern to
owners, creditors, and management
A Common-Size Income Statement, which
expresses each income statement item as a
percentage of sales, allows for easy
evaluation of the firms profitability relative to
sales.
Gross Profit Margin (GPM)
Operating Profit Margin (OPM)
Net Profit Margin (NPM)
Return on Total Assets (ROA)
Return On Equity (ROE)
Earnings Per Share (EPS)
Price/Earnings (P/E) Ratio
Gross Profits
GPM=
Sales
Operating Profits (EBIT)
OPM =
Sales
Net Profit After Taxes
NPM=
Sales
Net Profit After Taxes
ROA=
Total Assets
Net Profit After Taxes
ROE=
Stockholders Equity
Earnings Available for
Common Stockholders
EPS =
Number of Shares of Common
Stock Outstanding
Market Price Per Share of
Common Stock
P/E =
Earnings Per Share
Seven Basic Profitability Measures
A Complete Ratio Analysis
DuPont System of Analysis
DuPont System of Analysis is an integrative
approach used to dissect a firm's financial
statements and assess its financial condition
It ties together the income statement and balance
sheet to determine two summary measures of
profitability, namely ROA and ROE
ROE = Net Income/Equity
= Profit Margin x Assets Turnover x Financial Leverage
Profit Margin = Net Income/Sales
TATO = Total Asset Turnover = Sales/Average Total Assets
Financial Leverage = Total Assets/ Common Equity
Analisis Ratio: Return On Equity
C u r r e n t R a t i o
R e t u r n o n
E q u i t y
P r o f i t
M a r g i n
A s s e t
T u r n o v e r
F i n a n c i a l
L e v e r a g e
G r o s s M a r g i n
D a y s ' S a l e s I n
C a s h
C o l l e c t i o n P e r i o d
I n v e n t o r y T u r n o v e r
F i x e d A s s e t s T u r n o v e r
P e r c e n t a g e B a l a n c e
S h e e t
T a x R a t e
P e r c e n t a g e I n c o m e
S t a t e m e n t
P a y a b l e s P e r i o d
D e b t T o A s s e t s
T i m e s I n t e r e s t
E a r n e d
T i m e s B u r d e n
C o v e r e d
A c i d T e s t
Dupont Formula
Analisis Ratio: Dupont Formula
Analisis Ratio: Dupont Formula
Profit Margin and Asset Turnover
Net operating Asset Turnover v/s
Net operating Profit Margin for Selected Industries
Solvability Ratio Management
Solvability Ratio Management
An approach that views all aspects of the
firm's activities to isolate key areas of concern
Comparisons are made to industry standards
(cross-sectional analysis)
Comparisons to the firm itself over time are
also made (time-series analysis)
Summarizing All Ratios
Pengunaan dan keterbatasan analisis rasio
Satu rasio saja tidak memadai untuk dijadikan dasar penilaian
Kebanyakan perusahaan mengoperasikan beberapa divisi dalam
industri yang berbeda sehingga sulit untuk mengembangkan
pembanding yang benar-benar sesuai
Pengaruh inflasi
Faktor musiman
Window dressing
Praktik akuntansi yang berbeda (mis: operating lease vs financial
lease)
Tidak mudah untuk mengatakan apakah suatu rasio baik atau
buruk
Suatu perusahaan mungkin memiliki beberapa rasio yang terlihat
bagus dan beberapa yang terlihat buruk
61
Red Flags/Tanda-tanda Bahaya
Setiap tahun perusahaan melaporkan beban restrukturisasi
dan/atau penurunan nilai
Laba perusahaan telah diangkat oleh serangkaian akuisisi,
terutama pada bidang yang tidak berhubungan
Perusahaan lebih lambat menyusutkan asetnya dibandingkan
dengan rata-rata industri
Perusahaan terus mendapat laba yang tinggi tapi memiliki arus kas
yang rendah
Anda tidak akan membeli saham pada harga hari ini
Anda tidak benar-benar memahami laporan keuangan perusahaan
Perusahaan bergerak di suatu usaha yang memancing dilakukanya
akuntansi yang kreatif
Perushaaan terus menanggun beban-beban non rutin
Piutang usaha dan persediaan meningkat lebih cepat dari
pertumbuhan penjualan
62
Apakah pendapatan perusahaan terikat hanya pada satu
pelanggan tunggal?
Sampai sejauh mana pendapatanperusahaan terikat pada satu
produk utama?
Sampai sejauh mana perusahaan bergantung pada pemasok
tunggal?
Berapa persen bisnis perusahaan yang berasal dari luar negeri ?
Tingkat Persaingan
Siklus produk
Produk baru
Hukum dan peraturan
Melihat Dibalik Angka
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Industry
1994 1995 1996 1997 1998 Average*
Assets
Cash and marketable securities 1.3% 9.1% 20.8% 23.5% 32.4% 7.4%
Accounts receivable 27.1 22.7 22.4 18.0 16.8 22.7
Inventories 46.1 42.9 35.4 34.0 28.0 37.1
Prepaid Expenses and other current assets 4.4 5.5 4.1 5.9 5.4 5.5
Total Current Assets 79.0 80.2 82.6 81.4 82.6 72.0
Property, plant and equipment 23.4 22.8 23.1 27.7 28.0 31.5
Less accumulated depreciation and amortization 9.0 10.3 12.2 15.1 15.8 13.6
Net property, plant and equipment 14.4 12.4 10.9 12.6 12.1 17.9
Intangible assets 5.5 5.8 5.0 5.0 4.1 3.2
Other Assets 1.1 1.6 1.5 1.0 1.2 6.9
Total assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Timberland Company Common-Size Financial
Statements, 1994- 1998 and Industry Averages, 1998
Industry
1994 1995 1996 1997 1998 Average*
Liabilities and Shareholders' Equity
Accounts Payable 7.8% 6.0% 4.7% 4.9% 5.5% 11.2%
Notes Payable 4.8 - - - - 2.0
Long Term Debt Due In One Year 1.7 1.8 4.0 - - 1.0
Wages payable 1.9 0.2 2.6 4.2 3.9
Accrued Expenses 6.4 8.5 11.3 14.5 11.0 10.0
Total current liabilities 22.6 16.5 22.7 23.6 20.4 24.2
Long Term Debt 43.7 47.3 38.2 23.8 21.3 14.8
Deferred Taxes 2.2 2.4 2.4 1.4 1.6 1.0
Total liabilities 68.5 66.3 63.2 48.8 43.3 39.9
Common Stock 0.0 0.0 0.0 0.0 0.0 4.6
Additional paid-in capital 12.2 14.2 13.7 16.3 15.9 10.8
Retained Earnings 19.3 19.6 23.0 34.8 44.2 54.8
Less: Treasury Stock 0.0 0.0 0.0 0.0 3.5 10.2
Total stockholders' equity 31.5 33.7 36.8 51.2 56.7 60.1
Total liabilities and shareholders' equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Timberland Company Common-Size Financial
Statements, 1994- 1998 and Industry Averages, 1998
Continued
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Timberland Company Common-Size Financial
Statements, 1994-1998, and Industry Income
Statement
Industry
1994 1995 1996 1997 1998 Average*
Net sales 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of sales 65.0 66.3 60.6 58.5 58.3 60.8
Gross profit 35.0 33.7 39.4 41.5 41.7 39.2
Selling, general, and
Administrative expense 25.8 29.4 28.9 28.4 28.6 29.3
Depreciation and amortization 2.4 2.9 3.1 2.5 2.1 1.8
Total operating expenses 28.2 32.3 32.0 31.0 30.7 31.0
Continued
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Copyright 2001 by The McGraw-Hill
Companies, Inc. All rights reserved.
Timberland Company Common-Size Financial
Statements, 1994-1998, and Industry Income
Statement
Operating income 6.8 1.4 7.4 10.5 11.0 8.2
Interest expense 2.4 3.5 3.0 1.9 1.1 0.7
Other expense (income) - 0.2 (0.1) 0.2 (0.2) (0.2)
Extraordinary expense (income) - 0.6 - - - 0.4
Total nonoperating expense 2.3 4.2 2.9 2.0 0.9 0.9
Income before income taxes 4.4 (2.9) 4.5 8.5 10.1 7.3
Provision for income taxes 1.6 (1.1) 1.5 2.5 3.2 2.7
Net income 2.8 (1.8) 3.0 5.9 6.9 4.6
* Sample consists of five representative shoe companies: Brown Group, Kenneth Cole, Nike,
Stride Rite, and Wolverine World Wide.
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Copyright 2001 by The McGraw-Hill
Companies, Inc. All rights reserved.
Industry
1994 1995 1996 1997 1998 Median*
Profitability ratios:
Return on equity (%) 11.9 (8.2) 12.3 22.1 22.2 12.3
Return on assets (%) 3.8 (2.8) 4.5 11.3 12.6 7.4
Return on invested captial (%) 7.1 0.7 9.6 18.3 17.9 9.7
Profit margin (%) 2.8 (1.8) 3.0 5.9 6.9 4.2
Gross margin (%) 35.0 33.7 39.4 41.7 41.9 38.4
Price to earnings ratio (x) 13.5 NA 20.7 13.9 8.5 15.0
Turnover-control ratios:
Asset turnover (x) 1.3 1.6 1.5 1.9 1.8 1.8
Fixed asset turnover (x) 9.3 12.5 14.1 15.1 15.2 9.2
Inventory turnover (x) 1.9 2.4 2.6 3.3 3.8 2.7
Collection period (days) 73.5 53.4 53.2 34.7 33.4 39.1
Days' sales in cash (days) 3.7 21.4 49.4 45.3 64.3 10.8
Payables period (days) 32.6 21.2 18.6 16.0 18.9 36.3
Ratio Analysis of Timberland Company
1994-1998, and Industry Medians, 1998
Continued
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Copyright 2001 by The McGraw-Hill
Companies, Inc. All rights reserved.
2-68
Leverage and liquidity ratios:
Assets to equity (x) 3.2 3.0 2.7 2.0 1.8 1.7
Debt to assets (%) 68.5 66.2 63.2 48.8 43.3 39.6
Debt to equity (%) 217.4 196.3 171.9 95.4 76.3 65.5
Times interest earned (x) 2.9 0.2 2.5 5.6 10.2 9.1
Times burden covered (x) 1.6 0.1 1.1 5.6 10.2 7.4
Debt to assets (market
value %) 57.5 56.0 40.2 23.7 28.7 18.1
Debt to equity (market
value %) 135.4 127.3 67.1 31.1 40.2 22.1
Current ratio (x) 3.5 4.8 3.7 3.5 4.0 3.0
Acid test (x) 1.5 2.3 2.1 2.0 2.7 1.5
* Sample consists of five representative shoe companies: Brown Group, Kenneth Cole, Nike, Stride Rite,
and Wolverine World Wide.
Ratio Analysis of Timberland Company
1994-1998, and Industry Medians, 1998
Copyright 2001 by The McGraw-Hill Companies, Inc.
All rights reserved.
Example Covenant Test
Revisi RKAP
Item Covenant 2009 2010 2011 2012 2013 2014 2015 2016 Keterangan
Consolidated ICR (x) min 2 x 2.55 2.72 2.35 2.29 2.26 2.21 2.14 2.09 Global Bonds
EBITDA / Interest (x) min 2 x 3.57 3.82 2.86 3.45 3.67 2.90 3.11 3.06 Local Bonds
Debt / Total Asset max 80% 39% 43% 50% 55% 57% 60% 61% 63% Local Bonds (Debt: interest bearing only)
2.55
2.72
2.35 2.29 2.26 2.21
2.14
3.6
3.8
2.9
3.4
3.7
2.9
3.1
39%
43%
50%
55%
57%
60%
61%
-
2.00
4.00
6.00
8.00
10.00
2009 2010 2011 2012 2013 2014 2015
(x)
0%
20%
40%
60%
80%
Consolidated ICR (x) min 2 x EBITDA / Interest (x) min 2 x Debt / Total Asset max 80%