Transcript CASH FLOW ANALYSIS (Analisis Arus Kas) CASH FLOW ANALYSIS (Analisis Arus Kas) Prepared by Ahmad Subagyo www.ahmadsubagyo.com.

CASH FLOW ANALYSIS
(Analisis Arus Kas)
CASH FLOW ANALYSIS
(Analisis Arus Kas)
Prepared by Ahmad Subagyo
www.ahmadsubagyo.com
1
CASH FLOW ANALYSIS
(Analisis Arus Kas)
Evaluasi Kredit:
Laporan Kas yang Dihasilkan
2
www.ahmadsubagyo.com
ANALISIS ARUS KAS
• Evaluasi kinerja dan penilaian resiko
• Sumber dan Penggunaan Kas
- dimana didapat, dimana dibelanjakan
- jumlah & petunjuk perubahannya
• Menilai kebijakan manajemen keuangan
- keputusan investasi dan pembiayaan
- kesesuaian pendanaan dan kebutuhan
- insight: bagaimana pinjaman digunakan utk usaha
• Mengerti kebutuhan pembiayaan suatau perusahaan
• Menunjukkan kas dihasilkan
• Berhubungan dengan analisis rasio keuangan
3
www.ahmadsubagyo.com
ARUS KAS
Cara bank memperoleh (recover) pinjamannya:
• Cara Pertama – arus kas dari operasi usaha
• Cara Kedua – kas dari penjualan aset usaha
• Cara Ketiga – kas dari penjualan aset pemilik
Analisis Arus Kas adalah suatu alat untuk
memahami arus kas masuk dan keluar suatu
Perusahaan.
Merupakan alat utama (primer) untuk
mengevaluasi kredit.
4
www.ahmadsubagyo.com
ARUS KAS –
Siklus Operasi
Collection
ACCOUNT
RECEIVABLE
CASH
INVENTORY
Credit
purchases/
Payments
5
Credit sales
www.ahmadsubagyo.com
ARUS KAS - Operasi
SUMBER OPERASI
PENGGUNAAN OPERASI
• Cash revenues
• Cash expenses
• Decrease in current
• Increase in current
assets
assets
- Collection of A/R
- Credit sales (A/R)
- Sale of inventory
- Purchase of invty
• Increase in current
• Decrease in current
liabilities
liabilities
- Avail of supplier
- Payments to suppliers
credit (Acct Payable)
(A/P)
Operating cash flows come from revenue-generating activities and
movements in the operating assets of the company.
6
www.ahmadsubagyo.com
ARUS KAS – Siklus Non-Operasi
A/R
CASH
Inventory
Capital outlay
• Debt, Equity
• Loan repayment
• Dividends
7
FIXED
ASSETS
www.ahmadsubagyo.com
ARUS KAS – Non-Operasi
SUMBER
• Decrease in longterm assets
- Sale of property
and other fixed
assets
• Increase in debt:
- LT Debt
- ST bank loans
• Increase in equity
- Capital infusion
8
PENGGUNAAN
• Increase in longterm assets
- Purchase of M&E
and other fixed
assets
• Decrease in debt &
long-term liabilities
- Repayment of loans
• Cash dividend
payments
www.ahmadsubagyo.com
LAPORAN ARUS KAS
LAPORAN HASIL KAS
Net OPERATING
Cash Flow
Net NON-OPTG
Cash Flow
Effect on CASH
9
Yang bisa dilihat?
• Presents changes in
financial position
• Presents cash flow from
operations & from nonoptg activities (long-term
investing & external
financing)
• Provides info on:
- Need for financing
- Fin. mgmt policies
- Risks: cash needs &
www.ahmadsubagyo.com
sources
PERSIAPAN LAPORAN ARUS KAS
For Year 2002
Balance
Sheet
Dec 31
2001
Balance
Sheet
Income
Stmt
Year
2002
10
www.ahmadsubagyo.com
Dec 31
2002
PERSIAPAN LAPORAN ARUS KAS
Operating Net Income
From Income Statement
Cash Flow Depreciation
From I/S; from change in B/S
Gross Operating Funds Gen GOFG = NI + Depn
(Inc)Dec in Acct Receivable
(Inc)Dec in Inventory
From changes in B/S
Inc(Dec) in Acct Payable
Net Operating Cash Gen
NOCG = GOFG + change in WC
Non-Optg (Inc)Dec in Fixed Assets
Cash Flow Inc(Dec) in LTDebt
Inc(Dec) in ST bank loan
Inc(Dec) in Equity
Dividend Payments
From change in B/S, vs. N I
Effect on
Cash
= NOCG +(-) change in N-Op;
Verify from change in B/S acct
Inc(Dec) in CASH
From changes in B/S
11
LAPORAN ARUS KAS –
Perubahan dlm Neraca
OPERATING
Current Assets
Current Liab.
(except Cash)
(except ST bank loan)
Increase
Use
Source
Decrease
Source
Use
LT Assets
LT Liabilities
NON-OPTG
(incl. ST bank loan)
Increase
Use
Source
Decrease
Source
Use
12
ANALISIS ARUS KAS - Contoh
(Appliance Mfg; In $’000)
1999
2000
2001
Net Income
4,089
7,105
10,954
Depreciation
2,001
2,016
1,601
Gross Operating Funds Gen
6,090
9,121
12,555
(Inc)Dec Acct Receivable
-2,683
-13,399
-23,275
(Inc)Dec Inventory
-3,437
-9,815
-19,558
Inc(Dec) Acct Payable
2,620
7,728
-1,784
Net Operating Cash Gen
2,590
-6,365
-32,062
(Inc)Dec Fixed Assets
-1,202
-421
-8,361
Inc(Dec) LTDebt
-6,400
1,441
36,566
Inc(Dec) ST bank loans
-1,025
1,793
6,000
5,175
0
128
0
-534
0
-862
-4,086
2,271
Inc(Dec) Equity
Dividend Payments
Inc(Dec) in CASH
13
ANALISIS LAPORAN ARUS KAS
Banker’s
format
Cash Generation
Statement
Why important to bankers?
Operating Net Income
•Profitability & revenue-gen.
Cash Flow Depreciation
•GOFG is “funds”, not cash
Gross Operating Funds Gen
= estimate of cash flow
•WC adjustments: GOFG to
(Inc)Dec in Acct Receivable
cash-basis (accrual NI to CF)
(Inc)Dec in Inventory
•Sources & uses of cash
(Inc)Dec in Prepaid Exp.
•Efficiency & growth in assets
(Inc)Dec in Other C.A.
(vs. sales)
•Matching optg needs vs. ST
Inc(Dec) in Acct Payable
sources
Inc(Dec) in Accrued Exp.
•Need for working capital
Inc(Dec) in Other C.L.
financing
14
ANALISIS LAPORAN ARUS KAS
Banker’s
format
Operatin
g Cash
Flow
Cash Generation
Statement
Net Operating Cash
Gen
Why important to bankers?
•NOCG = cash flow from
operations
•Liquidity – is cash flow
adequate
and stable?
•Self-financing capacity
(internal cash generation) –
cash gen from biz w/o
resorting
to external funding
•Repayment capability
•Use for Capex & LT investment
•If negative trend – dependent
on bank debt? Overborrowing?
15
ANALISIS LAPORAN ARUS KAS
Banker’s
format
Cash Generation
Statement
Why important to bankers?
Non-Optg
Cash Flow (Inc)Dec in Fixed Assets
(Inc)Dec in Other LT Ast
•Sources & uses of cash
•LT investments & growth in
assets (vs. sales)
•Matching Capex vs. LT sources
Inc(Dec) in LTDebt
•Need for LT (external) financing
Inc(Dec) in ST bank loan
•Leverage – borrowings & debtInc(Dec) in Equity
servicing?
•Competitors to cash flow –
Dividend Payments
pymt to other banks & to owners
•Margin of safety?
Effect on
Cash
Inc(Dec) in CASH
•If (-), cash & mkt sec as source
to finance shortfall
•End-cash vs. minimum desired?
16