UNDERSTANDING FINANCIAL STATEMENTS, TAXES, AND FREE CASH FLOWS. I.K. Gunarta ITS Surabaya Mobile:

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1 UNDERSTANDING FINANCIAL STATEMENTS, TAXES, AND FREE CASH FLOWS I.K. Gunarta ITS Surabaya Mobile:

2 Financial Statements Income statement A summary of the revenue and expenses for a specific period of time. Statement of owner s equity A summary of the changes in the owner s equity that have occurred during a specific period of time. Balance sheet A list of the assets, liabilities, and owner s equity as of a specific date. Statement of cash flows A summary of the cash receipts and disbursements for a specific period of time.

3 Income Statement SALES - EXPENSES = PROFIT Cost of Goods Sold Operating Expenses (marketing, administrative) Financing Costs Taxes

4 SALES - Cost of Goods Sold GROSS PROFIT - Operating Expenses Income Statement OPERATING INCOME (EBIT) - Interest Expense EARNINGS BEFORE TAXES (EBT) - Income Taxes EARNINGS AFTER TAXES (EAT) - Preferred Stock Dividends - NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

5 SALES - Cost of Goods Sold GROSS PROFIT - Operating Expenses Income Statement OPERATING INCOME (EBIT) - Interest Expense EARNINGS BEFORE TAXES (EBT) - Income Taxes EARNINGS AFTER TAXES (EAT) - Preferred Stock Dividends - NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

6 Laporan Laba Rugi Harley Davidson Penjualan 4,195,197 Harga pokok penjualan 2,673,129 Laba kotor 1,522,068 Beban penjualan, umum dan administrasi 465,831 Depresiasi 160,119 Jumlah beban usaha 625,950 Laba usaha 896,118 Biaya bunga 17,849 Pendapatan sebelum pajak 878,269 Provisi pajak pendapatan 298,052 Pendapatan bersih 580,217 Gross margin 36% Operating margin 21% Net Margin Biaya modal 14% EBITDA margin pinjaman 25% Pendapatan dari aktivitas operasional Juga disebut sebagai pendapatan sebelum bunga dan pajak Pendapatan yang dihasilkan dari aktivitas usaha dan aktivitas pembiayaan

7 Laporan Laba Rugi Harley Davidson Penjualan 4,195,197 Harga pokok penjualan 2,673,129 Laba kotor 1,522,068 Beban penjualan, umum dan administrasi 465,831 Depresiasi 160,119 Jumlah beban usaha 625,950 Laba usaha 896,118 Biaya bunga 17,849 Pendapatan sebelum pajak 878,269 Provisi pajak pendapatan 298,052 Pendapatan bersih 580,217 Gross margin 36% Operating margin 21% Net Margin 14% EBITDA margin 25% Rasio Profitabilitas

8 Balance Sheet Outstanding Debt Total Assets = + Shareholders Equity

9 Balance Sheet Assets Liabilities (Debt) & Equity Current Assets Cash Marketable Securities Accounts Receivable Inventories Prepaid Expenses Fixed Assets Machinery & Equipment Buildings and Land Other Assets Investments & patents Current Liabilities Accounts Payable Accrued Expenses Short-term notes Long-Term Liabilities Long-term notes Mortgages Equity Preferred Stock Common Stock (Par value) Paid in Capital Retained Earnings

10 Assets Current Assets: assets that are relatively liquid, and are expected to be converted to cash within a year. Cash, marketable securities, accounts receivable, inventories, prepaid expenses.

11 Assets Fixed Assets: machinery and equipment, buildings, and land.

12 Assets Other Assets: any asset that is not a current asset or fixed asset. Intangible assets, such as patents and copyrights.

13 Financing Debt Capital: financing provided by a creditor. Short-term debt: borrowed money that must be repaid within the next 12 months. Accounts payable, other payables such as interest or taxes payable, accrued expenses, short-term notes. Long-term debt: loans from banks or other sources that lend money for longer than 12 months.

14 Financing Equity Capital: shareholders investment in the firm. Preferred Stockholders: receive fixed dividends, and have higher priority than common stockholders in event of liquidation of the firm. Common Stockholders: residual owners of a business. They receive whatever is left after creditors and preferred stockholders are paid.

15 Corporate Income Tax Rates Since 1993 Taxable Income Corporate Tax Rate $1 - $50,000 15% $50,001 - $75,000 25% $75,001 - $100,000 34% $100,001 - $335,000 39% $335,001 - $10,000,000 34% $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 38% over $18,333,333 35%

16 Free Cash Flows Free cash flow: cash flow that is free and available to be distributed to the firm s investors (both debt and equity investors).

17 Free Cash Flows Cash Flows from Assets = Cash Flows from Financing Cash flows generated through the firm s assets = Cash flows paid to - or received from - the firm s investors (creditors & stockholders)

18 Calculating Free Cash Flows: An Asset Perspective After-tax cash flow from operations less investment in net operating working capital less investments in fixed and other assets

19 Calculating Free Cash Flows: An Asset Perspective After-tax cash flow from operations less investment in net operating working capital less investments in fixed and other assets Operating income + depreciation - cash tax payments

20 Calculating Free Cash Flows: An Asset Perspective After-tax cash flow from operations less investment in net operating working capital less investments in fixed and other assets [Change in current assets] - [change in non-interest bearing current liabilities]

21 Calculating Free Cash Flows: An Asset Perspective After-tax cash flow from operations less investment in net operating working capital less investments in fixed and other assets Change in gross fixed assets, and any other assets that are on the balance sheet.

22 Calculating Free Cash Flows: A Financing Perspective Interest payments to creditors - change in debt principal - dividends paid to stockholders - change in stock = Financing Free Cash Flows

23 Tax Example:

24 Contoh Perhitungan Tax Liability (Kewajiban Pajak) Space Cow Computer has sales of $32 million, cost of goods sold at 60% of sales, cash operating expenses of $2.4 million, and $1.4 million in depreciation expense. The firm has $12 million in 9.5% bonds outstanding. The firm will pay $500,000 in dividends to its common stock holders. Calculate the firm s tax liability.

25 Sales $32,000,000 Cost of Goods Sold (19,200,000) Operating Expenses (2,400,000) Depreciation Expense (1,400,000) EBIT 9,000,000 Interest Expense (1,140,000) Taxable Income 7,860,000

26 Income Tax Rate Tax Payment 50,000 x 0.15 = 7,500 25,000 x 0.25 = 6,250 25,000 x 0.34 = 8, ,000 x 0.39 = 91,650 7,525,000 x 0.34 = 2,558,500 Total Tax Payments 2,672,400 Atau, total tax payments: 7,860,000 x 0.34 = 2,672,400

27 LATIHAN (MENGHITUNG FREE CASH FLOW) NERACA PERUSAHAAN PT. ABC Pada 31/12/2002 dan 31/12/2003 AKTIVA Kas $ 15, $ 14, Surat-surat berharga yang bisa dipasarkan $ 6, $ 6, Piutang dagang $ 42, $ 33, Persediaan $ 51, $ 84, Sewa dibayar di muka $ 1, $ 1, Jumlah aktiva lancar $ 115, $ 138, Pabrik dan peralatan neto $ 286, $ 270, Jumlah aset $ 401, $ 408, KEWAJIBAN DAN EKUITAS PEMEGANG SAHAM Hutang usaha $ 48, $ 57, Wesel bayar $ 15, $ 13, Akrual [biaya yang masih harus dibayar] $ 6, $ 5, Jumlah kewajiban lancar $ 69, $ 75, Hutang jangka panjang $ 160, $ 150, Hak kekayaan pemilik saham biasa $ 172, $ 183, Jumlah kewajiban dan ekuitas $ 401, $ 408, pemegang saham

28 LATIHAN (MENGHITUNG FREE CASH FLOW) LAPORAN RUGI LABA PERUSAHAAN Akhir tahun 2003 Penjualan $ 600, Harga Pokok Penjualan $ (460,000.00) Laba Kotor $ 140, Beban Administrasi dan umum $ (30,000.00) Bunga $ (10,000.00) Penyusutan $ (30,000.00) Jumlah Beban Operasi $ (70,000.00) Pendapatan Sebelum Pajak $ 70, Pajak $ (27,100.00) Pendapatan Bersih $ 42, Dividen Dalam Bentuk Kas $ (31,800.00) Saldo Laba $ 11,100.00

29 LATIHAN (MENGHITUNG FREE CASH FLOW) Hitunglah Free Cash Flow dari Perusahaan ABC tersebut dengan: A. Perspektif Asset B. Perspektif Pendanaan

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