ANALISIS LAPORAN KEUANGAN. Ratio Analysis Limitations of ratio analysis Du Pont system

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1 ANALISIS LAPORAN KEUANGAN Ratio Analysis Limitations of ratio analysis Du Pont system

2 Sasaran Belajar 1. Menghitung secara menyeluruh berbagai rasio keuangan dan menggunakan rasio-rasio tersebut untuk mengevaluasi kesehatan keuangan perusahaan. 2. Menggunakan Analisis Dupont untuk mengevaluasi kinerja perusahaan. 3. Menjelaskan keterbatasan dari analisa rasio. Finance I.K. Gunarta Jurusan Teknik Industri ITS 2

3 Studi Kasus: Harley Davidson Company Pernyataan CEO HDC: HDC menjadi perusahaan yang berhasil karena kecintaan dan komitmen yang kuat dari pelanggan, karyawan, manajer, pemasok, dealer, distributor dan pemegang saham. Perusahaan berhasil mencapai rekor pemasukan dan pendapatan selama 16 tahun berturut-turut. Perusahaan terus menginvestasikan modal untuk mempertahankan keunggulan rancangan dan kapasitas produksinya. Tahun 2001 merupakan tahun keberhasilan HDC dari sisi pertumbuhan dan ekspansi bisnisnya. Apakah gambaran sukses yang dipaparkan oleh CEO HDC juga tercermin dalam kinerja keuangan perusahaannya?? Finance I.K. Gunarta Jurusan Teknik Industri ITS 3

4 Financial Ratio Analysis Menjawab pertanyaan: Apakah keputusan yang kita ambil sudah memaksimumkan kekayaan pemegang saham? Membantu kita untuk mengidentifikasi beberapa kekuatan dan kelemahan keuangan perusahaan Secara matematis hanya membandingkan pembilang dan penyebut yang diambil dari angka-angka di laporan keuangan. Finance I.K. Gunarta Jurusan Teknik Industri ITS 4

5 Financial Ratios 1. Alat untuk membantu kita menentukan tingkat kesehatan keuangan perusahaan. 2. Kita dapat meneliti rasio antar waktu (misal 5 tahun terakhir untuk melihat pergerakannya). 3. Membandingkan rasio perusahaan dengan perusahaan lainnya. Finance I.K. Gunarta Jurusan Teknik Industri ITS 6

6 We will want to answer questions about the firm s Liquidity Efficient use of Assets Leverage (financing) Profitability Finance I.K. Gunarta Jurusan Teknik Industri ITS 7

7 Pertanyaan sebagai petunjuk dalam penggunaan rasio keuangan 1. Seberapa likuid perusahaan? 2. Apakah manajemen menghasilkan laba operasional yang cukup atas aktiva perusahaan yang ada? 3. Bagaimana perusahaan mendanai aktiva-aktivanya? 4. Apakah pemilik (pemegang saham) mendapatkan pengembalian yang cukup atas investasi mereka? Finance I.K. Gunarta Jurusan Teknik Industri ITS 8

8 Studi Kasus

9 Laporan Laba-Rugi Laporan Laba Rugi Harley Davidson Tahun Penjualan Harga pokok penjualan Laba kotor Beban penjualan, umum dan administrasi Depresiasi Jumlah beban usaha Laba usaha Biaya bunga Pendapatan sebelum pajak Provisi pajak pendapatan Pendapatan bersih Finance I.K. Gunarta Jurusan Teknik Industri ITS 10

10 NERACA AKTIVA Kas dan setara kas Piutang usaha Persediaan Aktiva lancar lainnya Jumlah aktiva lancar Pabrik, properti dan peralatan kotor Akumulasi penyusutan Pabrik, properti dan peralatan bersih Aktiva lain Jumlah Aktiva KEWAJIBAN DAN EKUITAS PEMEGANG SAHAM HUTANG Hutang usaha Beban yang masih harus dibayar Hutang pajak Wesel jangka pendek Hutang lancar lainnya yang menanggung bunga Jumlah kewajiban lancar Hutang jangka panjang Jumlah hutang EKUITAS Saham biasa (nilai PAR) Modal disetor Saldo laba Dikurangi saham perbendaharaan ( ) Jumlah ekuitas Jumlah Kewajiban dan Ekuitas Pemegang Saham Finance I.K. Gunarta Jurusan Teknik Industri ITS 11

11 1. Liquidity Ratios Do we have enough liquid assets to meet approaching obligations? Finance I.K. Gunarta Jurusan Teknik Industri ITS 12

12 What is HDC s Current Ratio? current assets current liabilities Finance I.K. Gunarta Jurusan Teknik Industri ITS 13

13 What is HDC s Current Ratio? 2, = 2.09 If the average current ratio for the industry is 1.5, is this good or not? Finance I.K. Gunarta Jurusan Teknik Industri ITS 14

14 What is the firm s Acid Test Ratio? current assets - inventories current liabilities Finance I.K. Gunarta Jurusan Teknik Industri ITS 15

15 What is the firm s Acid Test Ratio? 2, = 1.87 Suppose the industry average is What does this tell us? Finance I.K. Gunarta Jurusan Teknik Industri ITS 16

16 What is the firm s Average Collection Period? accounts receivable daily credit sales Finance I.K. Gunarta Jurusan Teknik Industri ITS 17

17 What is the firm s Average Collection Period? 964 4,195/365 = 83.9 days If the industry average is 75 days, what does this tell us? Finance I.K. Gunarta Jurusan Teknik Industri ITS 18

18 2. Operating Efficiency Ratios Measure how efficiently the firm s assets generate operating profits. Finance I.K. Gunarta Jurusan Teknik Industri ITS 19

19 What is the firm s Operating Income Return on Investment (OIROI)? operating income total assets Finance I.K. Gunarta Jurusan Teknik Industri ITS 20

20 What is the firm s Operating Income Return on Investment (OIROI)? 896 3,861 = 23.2% Above the industry average of 9.8%. Finance I.K. Gunarta Jurusan Teknik Industri ITS 21

21 What is the firm s Operating Income Return on Investment (OIROI)? 896 3,861 = 23.2% Above the industry average of 9.8%. The OIROI reflects product pricing and the firm s ability to keep costs down. Finance I.K. Gunarta Jurusan Teknik Industri ITS 22

22 What is their Operating Profit Margin? operating income sales Finance I.K. Gunarta Jurusan Teknik Industri ITS 23

23 What is their Operating Profit Margin? 896 4,165 = 21.4% This is above the industry average of 8.3%. Finance I.K. Gunarta Jurusan Teknik Industri ITS 24

24 What is their Total Asset Turnover? sales total assets Finance I.K. Gunarta Jurusan Teknik Industri ITS 25

25 What is their Total Asset Turnover? 4,165 3,861 = 1.09 times Finance I.K. Gunarta Jurusan Teknik Industri ITS 26

26 What is their Total Asset Turnover? 4,165 3,861 = 1.09 times The industry average is 1.18 times. The firm needs to figure out how to squeeze more sales dollars out of its assets. Finance I.K. Gunarta Jurusan Teknik Industri ITS 27

27 What is the firm s Accounts Receivable Turnover? credit sales accounts receivable Finance I.K. Gunarta Jurusan Teknik Industri ITS 28

28 What is the firm s Accounts Receivable Turnover? 4, = 4.35 times Finance I.K. Gunarta Jurusan Teknik Industri ITS 29

29 What is the firm s Accounts Receivable Turnover? 4, = 4.35 times HD turns their A/R over 4.35 times per year. The industry average is 4.87 times. Is this efficient? Finance I.K. Gunarta Jurusan Teknik Industri ITS 30

30 What is the firm s Inventory Turnover? cost of goods sold inventory Finance I.K. Gunarta Jurusan Teknik Industri ITS 31

31 What is the firm s Inventory Turnover? 2, = times HD turns their inventory over times per year. The industry average is 5.78 times. Is this efficient? Finance I.K. Gunarta Jurusan Teknik Industri ITS 32

32 Low inventory turnover: The firm may have too much inventory, which is expensive because: Inventory takes up costly warehouse space. Some items may become spoiled or obsolete. Finance I.K. Gunarta Jurusan Teknik Industri ITS 33

33 What is the firm s Fixed Asset Turnover? sales fixed assets Finance I.K. Gunarta Jurusan Teknik Industri ITS 34

34 What is the firm s Fixed Asset Turnover? 4,165 1,033 = 4.06 times If the industry average is 4.26 times, what does this tell us about HD? Finance I.K. Gunarta Jurusan Teknik Industri ITS 35

35 3. Leverage Ratios (financing decisions) Measure the impact of using debt capital to finance assets. Firms use debt to lever (increase) returns on common equity. Finance I.K. Gunarta Jurusan Teknik Industri ITS 36

36 How does Leverage work? Suppose we have an all equity-financed firm worth $100,000. Its earnings this year total $15,000. ROE = (ignore taxes for this example) Finance I.K. Gunarta Jurusan Teknik Industri ITS 37

37 How does Leverage work? Suppose we have an all equity-financed firm worth $100,000. Its earnings this year total $15,000. ROE = = 15% 15, ,000 Finance I.K. Gunarta Jurusan Teknik Industri ITS 38

38 How does Leverage work? Suppose the same $100,000 firm is financed with half equity, and half 8% debt (bonds). Earnings are still $15,000. ROE = Finance I.K. Gunarta Jurusan Teknik Industri ITS 39

39 How does Leverage work? Suppose the same $100,000 firm is financed with half equity, and half 8% debt (bonds). Earnings are still $15,000. ROE = = 22% 15,000-4,000 50,000 Finance I.K. Gunarta Jurusan Teknik Industri ITS 40

40 What is HD s Debt Ratio? total debt total assets Finance I.K. Gunarta Jurusan Teknik Industri ITS 41

41 What is HD s Debt Ratio? 1,628 3,861 = 42.2% If the industry average is 58%, what does this tell us? Finance I.K. Gunarta Jurusan Teknik Industri ITS 42

42 What is HD s Debt Ratio? 1,628 3,861 = 42.2% If the industry average is 58%, what does this tell us? Can leverage make the firm more profitable? Can leverage make the firm riskier? Finance I.K. Gunarta Jurusan Teknik Industri ITS 43

43 What is the firm s Times Interest Earned Ratio? operating income interest expense Finance I.K. Gunarta Jurusan Teknik Industri ITS 44

44 What is the firm s Times Interest Earned Ratio? = 50.2 times The industry average is 3.93 times. This is further evidence that the firm uses less debt financing than average. Finance I.K. Gunarta Jurusan Teknik Industri ITS 45

45 4. Return on Equity How well are the firm s managers maximizing shareholder wealth? Finance I.K. Gunarta Jurusan Teknik Industri ITS 46

46 What is HD s Return on Equity (ROE)? net income common equity Finance I.K. Gunarta Jurusan Teknik Industri ITS 47

47 What is CyberDragon s Return on Equity (ROE)? 580 2,233 = 26% The industry average is 12%. Is this what we would expect, given the firm s leverage? Finance I.K. Gunarta Jurusan Teknik Industri ITS 48

48 Conclusion: Harley Davidson jauh lebih menguntungkan usahanya dibandingkan dengan perusahaan pesaing (OIROI 23.3% dibanding pesaing 9.8%). HD lebih sedikit menggunakan pendanaan dengan hutang dibandingkan dengan pesaingnya. Perusahaan menghasilkan tingkat pengembalian yang lebih tinggi dibandingkan dengan pesaingnya. Finance I.K. Gunarta Jurusan Teknik Industri ITS 49

49 The DuPont Model Brings together: Profitability Efficiency Leverage Finance I.K. Gunarta Jurusan Teknik Industri ITS 50

50 The DuPont Model ROE = ROE = Net Profit Margin x Total Asset Turnover 1 Debt Ratio Net Income Sales Sales x Total Assets Total Debt 1 Total Asset ROE = 580,217 4,165,167 4,165,167 x 3,861, ,628,302 3,861,217 ROE = 26% Finance I.K. Gunarta Jurusan Teknik Industri ITS 51

51 KETERBATASAN ANALISIS RASIO Kadang-kadang sulit untuk mengidentifikasikan katagori industri, jika perusahaan berusaha dalam beberapa bidang usaha. Angka rata-rata industri yang diterbitkan hanya merupakan perkiraan saja dan hanya memberikan petunjuk umum karena bukan merupakan hasil penelitian dari seluruh perusahaan dalam industri. Perbedaan praktek akuntansi antar perusahaan bisa menghasilkan perbedaan dalam perhitungan rasio. Suatu industri kebanyakan tidak menyediakan suatu target atau nilai rasio yang diinginkan. Banyak perusahaan mengalami perubahan operasi mereka. Jadi, masukan neraca dan rasio yang berkaitan dengan dengan neraca tersebut juga akan berubah-rubah menurut tahun ketika laporan dibuat. Finance I.K. Gunarta Jurusan Teknik Industri ITS 52

52 End of Chapter I.K. Gunarta