Pemahaman Laporan Keuangan

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1 Pemahaman Laporan Keuangan

2 Keuangan Agrobisnis (corporate finance) Aktifitas perusahaan dan aliran kas (cash flows) Investment Dividend Projects A B Z Investment FIRM Issuance of stock Issuance of debt Shareholders Debtholders CF from operation Interest/ Debt payment

3 Laporan Keuangan dibagi menjadi tiga bagian: Income Statement (Biasa juga disebut Profit/Loss Statement atau laporan Rugi/Laba) Balance Sheet (Neraca Keuangan) Cashflow (Arus Kas) Asset nilai dari sesuatu yang dimiliki oleh perusahaan. Yang dapat dimasukkan ke dalam kolom asset salah satunya adalah gedung atau bangunan Liability nilai dari hutang yang dimiliki oleh perusahaan, baik hutang jangka pendek maupun jangka panjang Equity = Asset - Liability. Jadi Equity adalah selisih dari nilai Asset dikurangi dengan nilai Liabilitynya.

4 Keuangan Agrobisnis (corporate finance) Corporate finance and (thus also Agribusiness) is about Investment decisions: Which assets to buy? Assets generate future cash flows to the firm Intangible assets : R&D, Marketing,.. Tangible assets : Real estate, Equipments,.. Current assets: Inventories, Account receivables, Financing decisions: Which financial asset to sell (liability)? Financial assets claims on future cash flows Debt: promise to repay a fixed amount Equity: residual claim Dividend decisions: How much to return to stockholders (pemegang saham)? distribute profit as dividen

5 Balance sheet

6 Notations Income statement REV Revenue CGS Cost of goods sold SGA Selling, general and administrative expenses Dep Depreciation EBIT Earnings before interest and taxes Int Interest expenses TAX Taxes T c Tax rate NI Net income Balance sheet FA Fixed assets, net AR Accounts receivable (piutang) INV Inventories CASH Cash & cash equivalents SE Equity capital LTD Long term debt AP Accounts payable STD Short-term borrowing Statement of retained income DIV Dividends

7 Example : Baidu 1 st January Create your company : Buy 2 computers : Assets Liabilities Cash 1000 Capital 1000 Buy an office (using LT debt) : Assets Liabilities Computers 900 Capital 1000 Cash 100 Assets Liabilities Building 1000 Capital 1000 Computers 900 LT Debt 1000 Cash 100

8 Example : Baidu 1 st January Set up your inventory You buy 15 CD s at 60 Assets Liabilities Building 1000 Capital 1000 Computers 900 LT Debt 1000 Inventory 900 Account Payables 800

9 Example: Baidu 31 th December You make some profit during the year Assets Liabilities Building 900 Capital 1000 Computers 800 Net income 168 Inventory 180 LT debt 1000 Account receivables 1000 Account payables 800 Cash 88 Income statement : Nb Price Sales Cost of Good Sold EBITDA 480 Depreciation 200 EBIT 280 Tax 112 Net Income 168

10 Accounting view of the firm: Performance Measure of performance / profitability ROE: return on equity ROE ROA: return on asset ROA NI Asset NI SE Link between ROE and ROA: financing structure of the firm Measure of the leverage D/SE or D/Asset or Asset/SE ROE ROA Asset SE

11 ROA merupakan rasio yang digunakan untuk mengukur kemampuan perusahaan dalam menghasilkan laba dengan menggunakan total aset (kekayaan) yang dimiliki perusahaan setelah disesuaikan dengan biaya biaya untuk menandai aset tersebut. ROA dapat dijadikan sebagai indikator untuk mengetahui seberapa mampu perusahaan memperoleh laba yang optimal dilihat dari posisi asetnya. untuk mengukur efektifitas penggunaan aset dalam menghasilkan profit.

12 ROE merupakan rasio keuangan yang berfungsi untuk mengukur kemampuan perusahaan dalam menghasilkan keuntungan dengan modal tertentu. Angka ROE yang semakin tinggi memberikan indikasi bagi para pemegang saham bahwa tingkat pengembalian investasi makin tinggi. Angka ROE yang tinggi akan menarik para pemegang saham untuk menambah modal, akan mengundang investor baru untuk memasuki bisnis. Rasio leverage adalah rasio yang digunakan untuk mengukur seberapa besar aktiva yang dimiliki perusahaan berasal dari hutang atau modal,

13 Drivers of ROE : Accounting view of the firm: Performance 12.64% ROE Net Income Revenue Revenue Assets Assets Equity Profit Margin Asset Turnover Financial Leverage 1.63% ROA 4.71%

14 Accounting view of the firm: Ratio analysis Drivers of performance Return on Equity Return on Assets Leverage Profit Margin Income Stat. Based Objectives: pricing strategy value added Asset Turnover Link IS & asset side of BS Objectives: FA management Current asset mgt Liability side of BS Objectives: Balance between D & SE Liquidity

From Accounting to Finance Accrual accounting Identifying revenues for the period Matching the corresponding costs to the revenues Not the same as cash received What happened?

15 From Accounting to Finance Accrual accounting Identifying revenues for the period Matching the corresponding costs to the revenues Not the same as cash received What happened? Historical cost Non cash expenses (depreciation, ) Conservative Realized gains (and realizable losses) usefull for third parties (taxable income, ) Finance What will happen? Opportunity cost (working capital requirement) Only cash expenses Realizable gains volatility reflecting risk usefull for the management (shareholders, ) 16/04/

16 16/04/ Summarized (managerial) balance sheet Assets Liabilities Fixed assets (FA) Stockholders' equity (SE) Working capital requirement (WCR) Interest-bearing debt (D) Cash (Cash) FA + WCR + Cash = SE + D Working capital requirement : definition + Accounts receivable + Inventories + Prepaid expenses - Accounts payable - Accrued payroll and other expenses Interest-bearing debt: definition + Long-term debt + Current maturities of long term debt (jatuh tempo utang) + Notes payable to banks

17 Net Working Capital Net working capital can be understood in two ways: as an investment to be funded: Current Assets - Current Liabilities as a source of financing=stockholders' equity + LT debt - Fixed Assets Fixed Assets Stockholder s equity Current ratio: a measure of NWC Current ratio = Current assets / Current liabilites Current Assets Net Working Capital Long term debt Net working capital = Current assets - Current liabilites Current liabilities 16/04/

18 Net Working Capital vs Working Capital Requirement Summarized balance sheet identity: FA + WCR + CASH = SE + LTD + STD Can be written as: WCR + (CASH - STD) = (SE + LTD - FA) Working Capital Requirement Net Liquid Balance Net Working Capital WCR + NLB = NWC 16/04/

19 Balance sheet 16/04/

20 More on balance sheet A different view of the balance sheet ASSETS Fixed Assets Inventories Account receivables Cash LIABILITIES Shareholders Equity Long term Debt Account payables Short term financial debt Net working capital (NWC) Long term Working capital requirement (WCR) Operation Net liquid balance (NLB) Liquidity 16/04/

21 Sources of Cash Inflows and Cash Outflows Operating Activities Sales of goods and services Investing Activities Sale of fixed assets Sales of LT financial assets Financing Activities Issuance of stocks and bonds LT and ST borrowing CASH Operating Activities Purchase of supplies Selling, general and administrative expenses Tax expenses CF from operating activities Investing Activities Capital expenditures and acquisitions LT financial investments CF from investing activities Financing Activities Repurchase of stocks and bonds Repayment of debt Dividend payment CF from financing activities 16/04/

22 Income statement and balance sheet Income statement EBIT = REV - CGS - SGA - Dep TAX = T c (EBIT - Int) NI = EBIT - Int - TAX Balance sheet equation FA + AR + INV + CASH = SE + LTD + AP + STD Working capital requirement: WCR AR + INV - AP =(Current assets - CASH) - (Current liabilities - STD) Summarised balance sheet: FA + WCR + CASH = SE + D (D = LTD + STD) 16/04/

23 16/04/ Statement of cash flows Measure of cash flow: Begin with Net Income But be aware of: Non cash expenses Depreciation, amortization Variation of the WCR Var Inventory Var Accounts receivables Var Accounts payables

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