Transcript Slide 1
THE ANALYSIS OF FINANCIAL STATEMENT
#THE USE OF FINANCIAL RATIOS#
Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan.
Income Statement
Input Dasar
Balance Sheet
Shareholders
Interested Parties
Creditors
Managers
Types of Ratio Comparisons
•Cross Sectional Analysis Standard: Industry Average or Industry Leader
•Time Series
Beberapa hal yang perlu diperhatikan dalam rasio finansial:
Satu rasio bukan menilai prestasi perusahaan secara umum
Perbandingan harus pada periode yang sama
Laporan finansial harus diaudit
Laporan finansial harus mempunyai format yang sama
Hasil perbandingan dapat terdistorsi, karena inflasi
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Liquidity Ratios
Activity Ratios
Financial Ratios
Measure risk
Debt Ratios
Profitability Ratios
Measure return
Measures of Liquidity:
Net Working Capital = Current Assets – Current Liabilities
Current Ratio = Current Assets : Current Liabilities
Quick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory)
Measures of Activity:
Inventory Turnover = CGS : Inventory
Average Collection Period = Accounts Receivable : (Annual sales/360)
Average Payment Period = Accounts Payable : (Annual sales/360)
Fixed Assets Turnover = Sales : Net Fixed Assets
Measures of Debt:
Degree of Indebtedness: Mengukur jumlah hutang thp jumlah
Types of Debt Measures
komponen yang penting dalam neraca
Ability to Service Debts: Mengukur kemampuan perusahaan untuk
Melakukan pembayaran sesuai kontrak
Debt Ratio = Total Liabilties: Total Assets
Debt – Equity Ratio = Long Term Debt : Stockholders’ Equity
Times Interest Earned Ratio = EBIT : Interest
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(EBIT + Lease Payments)
Fixed Payment Coverage Ratio = ----------------------------------------------Interest + Lease Payment + {[Principal Payments +
Preferred Stock Dividends] x [ 1/ (1-T)]}
Measures of Profitability:
Common Size Income Statements: Setiap item dalam Income Statements diprosentasekan
terhadap
Penjualan
Gross Profit Margin = Gross Profits : Sales
Operating Profit Margin = Operating Profits : Sales
Net Profit Margin = EAT : Sales
Return on Investment = EAT : Total Assets
Return on Equity = EAT : Stockholders’ Equity
Earnings Available for Common Stockholders
Earnings Per Share = --------------------------------------------------------------Number of Shares of Common Stock Outstanding
Price / Earnings Ratio = Market Price Per Share of Common Stock : Earnings Per Share
Two Approaches to Complete Ratio Analysis:
DuPont System of Analysis.
Summary Analysis of a Large Number of Ratios
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SALES $3,074,000
DUPONT SYSTEM OF ANALYSIS
CGS $2,088,000
OPERATING
EXPENSES
$1,074,000
NET PROFIT
$231,000
INTEREST
EXPENSES $93,000
SALES $3,074,000
NET PROFIT
MARGIN 7.5%
ROI
TAXES $94,000
6.4 %
SALES $3,074,000
CURRENT ASSETS
$1,223,000
NET FIXED ASSETS
$2,374,000
CURRENT
LIABILITIES
$620,000
LONG TERM DEBT
$1,023,000
TOTAL ASSETS
$3,597,000
TOTAL ASSETS
TURNOVER 0.85
ROE
11.8 %
TOTAL LIABILITIES
$1,643,000
STOCKHOLDERS’
EQUITY $1,954,000
TOTAL LIABILITIES
+ STOCKHOLDERS’
EQUITY = TOTAL
ASSETS $3,597,000
STOCKHOLDERS’
EQUITY $1,954,000
EQUITY
MULTI
PLIER
1.84
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Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
RATIO
YEAR
INDUSTRY
AVERAGE
EVALUATION
CROSS
SECTIONAL
1991
TIME SERIES
OVERALL
$ 427
GOOD
GOOD
GOOD
1.97
2.05
OK
OK
OK
1.46
1.51
1.43
OK
GOOD
GOOD
5.1
5.
7.2
6.6
GOOD
GOOD
GOOD
ACP
43.9
DAYS
51.2
DAYS
58.9
DAYS
44.3 DAYS
POOR
POOR
POOR
APP
75.8
DAYS
81.2
DAYS
94.1
DAYS
66.5 DAYS
POOR
POOR
POOR
FATO
1.5
1.13
1.29
1.35
OK
OK
OK
TATO
0.94
0.79
0.85
0.75
OK
OK
OK
1989
1990
1991
NWC
$ 583
$ 521
$ 603
CR
2.04
2.08
QR
1.32
ITO
LIQUIDITY:
ACTIVITY:
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Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
RATIO
YEAR
INDUSTRY
AVERAGE
EVALUATION
CROSS
SECTIONAL
1991
TIME SERIES
OVERALL
40%
OK
OK
OK
52.4%
50%
OK
OK
OK
3.3
4.5
4.3
GOOD
OK
OK
2.4
1.5
1.9
1.5
GOOD
OK
GOOD
GPM
31.4%
33.3%
32.1%
30%
OK
OK
OK
OPM
14.6%
11.8%
13.6%
11%
GOOD
OK
GOOD
NPM
8.8%
5.8%
7.5%
6.4%
GOOD
OK
GOOD
ROI
8.3%
4.5%
6.4%
4.8%
GOOD
OK
GOOD
ROE
13.1%
8.1%
11.8%
8%
GOOD
OK
GOOD
EPS
$ 3.26
$ 1.81
$ 2.9
$ 2.26
GOOD
OK
GOOD
PER
10.5
10
11.1
12.5
GOOD
OK
OK
1989
1990
1991
DR
36.8%
44.3%
45.6%
DER
44.2%
53.1%
TIER
5.6
FPCR
DEBT:
PROFITABILITY:
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PROBLEMS
I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for O’Keefe Industries
using the information that follows it.
Balance Sheet
O’Keefe Industries
December 31, 2008
Cash
$ 30,000
Account Payable
$ 120,000
Markatable Securities
25,000
Notes Payable
?
Account Receivables
?
Accruals
Inventories
?
Total Current
Liabilities
?
Total Current Assets
?
Long Term Debt
?
Net Fixed Assets
?
Shareholders’ Equity
600,000
Total Assets
?
Total Liabilities and
Shareholders’ Equity
?
20,000
The following financial data for 2008 are also available
Sales Totaled $ 1,800,000
The average collection period was 40 days
Gross profit margin was 25%
The current ratio was 1.6
Inventory turnover was 6
The total asset turnover ratio was 1.2
There are 360 days in the year
The debt ratio was 60%
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II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a
conclusion.
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