Day 2 SANF_Sesi Laporan Keuangan -By Pak Evan Budi

Mengoptimalkan Laporan Keuangan
Dalam Akselerasi Operasional IKM
Disampaikan oleh
Evan Budi Pratama

Credit Section Head
PT Surya Artha Nusantara Finance
Pada FINANCIAL CLINIC FOR MANUFACTURE PROGRAM DEVELOPMENT

IKM Tier 2 Binaan YDBA dan AHM
Jakarta, 27 Juni 2024 18 Office Park 23rd Floor, Jl. TB Simatupang No. 18, Jakarta 12520
021 781 7555 sanf_offical www.sanf.co.id
AGENDA
1 Financial Statement Analysis

Financial Management from CFO view
Horizontal and Vertical Analysis Ratio Analysis
2 Cost-Volume-Profit (CVP) & BEP Analysis

• Variable Cost
• Fixed Cost
3 Equity vs Loan
• Struktur Modal or Financial Leverage
• What is the Finance Company looking for ?
Bayangkan anda Seorang CFO / Direktur Keuangan
1. Apa tugas dan tanggung jawab anda di perusahaan?

2. Hal apa yang anda harus lakukan untuk mencapai tujuan anda?
3. Hal apa yang akan membuat anda tidak bisa tidur setiap hari?
Apakah yang dimaksud dengan Financial Management
Various CFO Problems
Butuh dana Pendapatan

Operasional Kemana Modal kerja
Suku bunga untuk perusahaan tidak
perusahaan saya harus perusahaan
terlalu tinggi mendukung sesuai proyeksi
tidak efisien berinvestasi tidak efisien
operasional yang telah dibuat
Organize
& Plan
Provide
Direction
Control
Financial Management
Apakah yang dimaksud dengan Financial Management
Financial CFO Financial

Requirement Objective Risk
Membuat & Mengatur Rencana Pertumbuhan Perusahaan
Melakukan Kontrol dan Optimisasi atas Aset Perusahaan
Can Be Helped by
Mengatur Efisiensi Modal Kerja
Bank / Lender /
Financial Institution
Menentukan Pengadaan Aset / Investasi Baru
Memberikan Return sesuai Keinginan Pemegang Saham
Memastikan Perusahaan Tetap Berjalan / Going Concern

Kenapa Perusahaan Membutuhkan Pembiayaan
To Finance Funding Gap
To Finance New Means of Production

Why Company To Increase
Need Financing? Shareholder Return
To Finance New Investment
To Finance New Acquisition
For Refinancing
AGENDA


• Variable Cost
• Fixed Cost
3 Equity vs Loan
Financial Statement Analysis
Why Financial Statement Analysis?
If management is to maximize a firm’s value, it must take

advantage of the firm’s strength and correct its weaknesses.
The use of financial analysis enables more meaningful

comparisons to be made between companies of different
sizes, the same company over a period and between several
companies in an industry.
Three basic tools are used in financial statement analysis :
Horizontal analysis Vertical analysis Ratio analysis

What you got from Financial Statement?
Management
Company Revenue Company Health
Performance
Income Statement Financial Ratio
What is it in Financial Statement?
R e v e n u e , O p e r a t i o n E x p e n s e s , F i n a n c e E x p e n s e s , Ta x , N e t
Income Statement
Income
Balance Sheet Assets, Liabilities, Equity
O p e r a t i o n C a s h F l o w, I n v e s t i n g C a s h F l o w, F i n a n c i n g C a s h
Cash Flow Statement
Flow
Balance Sheet
Assets = Liabilities + Equity
Current Assets Current Liabilities

Cash, AR, Inventory, Prepaid Short-term Debt, CPLTD, AP, Shareholder Equity
Expenses Accrual Cost
Non Current
Non Current Assets Liabilities Retained Earning
Fixed Asset, Intangible Asset Long-term Debt, Lease Loan,
Third-Party Loan
Income Statement
Income Statement & Balance Sheet Relation :
Cash Flow Statement
Cash from Cash from Cash from

Cash on
Operation
Activities
+ Investment
Activities
+ Financing
Activities
= Hand
Cash generated from : Cash generated from :

• Purchase/Sold of • Dividend Payout
Fixed Asset • Capital Injection
• Purchase/Sold of • Loan Payment/Debt
Non-Current Asset Disbursement
Financial statement analysis is based

on comparisons
Time series analysis Comparison with similar

companies (Vertical &
(Horizontal Analysis) Ratio Analysis)
Examines a single
company to identify
trends over time
1 Horizontal Analysis
Membandingkan Perubahan/Trend dari komponen Income Statement Berdasarkan Timeframe
PT SATRIA
EXAMPLE :
Comparative (Partial) Balance Sheet
December 31, 2019 (in million rupiah)
Time
PT SATRIA
Comparative Balance Sheet
Common – Size Percent*
2019 2018 2019 2018
ASSETS
(788,153 – 889,615 )= - 101,462
Current assets :
• Cash & equivalent 788,153 889,615 -101.462 -11,4 %

• Account receivable, net 1,980,190 1,930,118
(- 101,462 : 889,615)x 100 = - 11.4%
• Inventory 2,109,754 2,472,029
• Others current assets 666,452 721,921
Total current assets 5,544,549 6,013,683
Non-current assets :
• Investment in associates & 5,367,248 4,642,867

JV
• Fixed Assets, net 3,513,176 3,498,912
• Others non-current assets 1,590,736 1,734,186
Total Non-current assets 10,471,160 9,875,965
Total Assets 16,015,709 15,889,648
PT SATRIA
Comparative (Partial) Balance Sheet
2019 2018 Dollar Change Percent Change

ASSETS
Current assets :
• Cash & equivalent 788,153 889,615 - 101,462 - 11,4%

• Account receivable, net 1,980,190 1,930,118 50,072 2,6%
• Inventory 2,109,754 2,472,029 - 362,275 - 14,7%
• Others current assets 666,452 721,921 - 55,469 - 7,7%
Total current assets 5,544,549 6,013,683 - 469,134 - 7,8%
• Investment in associates & 5,367,248 4,642,867 724,381 15,6%

JV
• Fixed Assets, net 3,513,176 3,498,912 14,264 0,4%
• Others non-current assets 1,590,736 1,734,186 -143,450 - 8,3%
Total Non-current assets 10,471,160 9,875,965 595,195 6%
Total Assets 16,015,709 15,889,648 126,061 0,8%
2 Vertical Analysis
Express each item on a statement as a percentage of a

single “BASE” amount.
Financial Statement “ Base ” Amount

Balance Sheet Income Total Assets
Statement Revenues
Vertical Analysis is Component Percentage;

sometimes called : Common Size Analysis
PT SATRIA
2019 2018 2019 2018
ASSETS
(788,153 : 16,015,709 ) x 100 = 4.9%
Current assets :
• Cash & equivalent 788,153 889,615 4.9% 5.6 %

• Account receivable, net 1,980,190 1,930,118
(889,615 15,889,648)x 100 = 5.6%
• Inventory 2,109,754 2,472,029
• Others current assets 666,452 721,921
Total current assets 5,544,549 6,013,683
• Investment in associates & 5,367,248 4,642,867

JV
• Fixed Assets, net 3,513,176 3,498,912
• Others non-current assets 1,590,736 1,734,186
Total Non-current assets 10,471,160 9,875,965
Total Assets 16,015,709 15,889,648
PT SATRIA
2019 2018 2019 2018
ASSETS
Current assets :
• Cash & equivalent 788,153 889,615 4.9 % 5.6 %

• Account receivable, net 1,980,190 1,930,118 12,4 % 12,1 %
• Inventory 2,109,754 2,472,029 13,2 % 15,6 %
• Others current assets 666,452 721,921 4,2 % 4,5 %
Total current assets 5,544,549 6,013,683 34,6 % 37,8 %
• Investment in associates & 5,367,248 4,642,867 33,5 % 29,2 %

JV
• Fixed Assets, net 3,513,176 3,498,912 21,9 % 22,0 %
• Others non-current assets 1,590,736 1,734,186 9,9 % 10,9 %
Total Non-current assets 10,471,160 9,875,965 65,4 % 62,2 %
Total Assets 16,015,709 15,889,648 100 % 100 %
3 Ratio Analysis
Ability to meet short-term

Ability to generate future
obligations and to efficiently
Liquidity and revenues and meet long-
generate revenues Solvency
Efficiency term obligations
Ability to provide financial Ability to generate

positive market
rewards sufficient to attract Market
and retain financing Profitability expectations
Prospects
A. Liquidity and Efficiency Ratios
Current Total Asset

Ratio Turnover
Acid-Test Ratio Inventory

(Quick Ratio) Turnover
Number of Days of
Receivables
A. Liquidity and Efficiency Ratios

PT SATRIA
2019
Cash 788,153
Account Receivable, net :
• Beginning of year 1,930,118
Use this information to calculate • End of year 1,980,190
the liquidity and efficiency ratios Inventory :
for PT SATRIA • Beginning of year 2,472,029
• End of year 2,109,754
Total current assets 5,544,549
Total current liabilities 3,438,999
Total assets :
• End of year 16,015,709
Revenues 15,444,775
Cost of Revenues 13,256,531
Recommended
Ratio Formula Calculation Condition
Remark
Liquidity Ratio
Kemampuan Perusahaan melunasi
Current Current Asset / 5,544,549
= 1.61 Above 1 kewajiban lancar menggunakan asset lancar
Ratio Current Liabilities 3,438,999
perusahaan
(Current Asset – Kemampuan Perusahaan melunasi
Quick 2,768,343 kewajiban lancar menggunakan asset paling
Inventory) / Current = 0.8 Above 1
Ratio 3,438,999 likuid
Liabilities
Operation Ratio
365 Longer is better Jumlah hari rata-rata perusahaan membayar
AP Days 365 / (COGS/AP) = 94,69 Days hutang usaha
13,256,531∶3,438,999
365 Shorter is better Jumlah hari rata-rata piutang usaha
AR Days 365 / (Revenue/AR) = 46,8 Days perusahaan sampai dibayarkan
15455,775∶1890,190
Total Rasio ini mengukur efisiensi asset dalam
Net Sales / Avg. Total 15,444,775
menghasilkan penjualan.
Asset = 0.98 Higher is better
Asset (15,889,648 + 16,015,709) ÷ 2
Turnover
Rasio efisiensi yang menunjukkan seberapa
Inventory Cost of Good Sold 13,256,531 efektif dari persediaan dibandingkan harga
= 5.8 5-10
pokok penjualan (HPP) dalam persediaan
Turn Over / Average Inventory ( 2,472,029 + 2,109,754 ) ÷ 2
rata-rata untuk suatu periode.
B. Solvency Ratios
Debt Ratio
Debt Equity
Ratio
Times
Interest
Earned
B. Solvency Ratios
Use this information to calculate the
solvency ratios for PT SATRIA
PT SATRIA
2019
Earning before interest
Expense and income taxes (EBIT) 1,085,926
Interest expense 83,117
Earning before interest, taxes, depreciation and
amortization (EBITDA) 985,926
Current portion of long-term debt (CPLTD) +Interest
expense 257,932
Total shareholder’s equity 11,650,534
Total liabilities 4,365,175
Total assets 16,015,709
B. Solvency Ratios
Recommended
Remark
Leverage Ratio
4,365,175 Mengukur berapa porsi aset perusahaan yang
DR Liabilities / Total Asset = 0,27 Under 2
16,015,709 melalui pembiayaan/hutang
4,365,175
DER Liabilities / Equity = 0,375 Under 4 Mengukur struktur pendanaan perusahaan
11,650,534
EBITDA / CPLTD + 985,926 Kemampuan perusahaan untuk membayar
DSCR = 3,82 Above 1
Interest Expense 257,932 angsuran jangka pendek (1tahun)
Times 1,085,926
= 13,1 Kemampuan perusahaan untuk membayar
Interest EBIT / Interest Expense 83,117 Above 1
angsuran jangka panjang dan jangka pendek
Earned
C. Profitability Ratios
Profit Return on
Margin Equity (ROE)
Gross Return on
Margin Asset (ROA)
Use this information to calculate the
profitability ratios for PT SATRIA
PT SATRIA 2019
Number of common shares

outstanding all year 4,819,733,000
Operating Income 1,085,926
Net income 816,971
Shareholders’ Equity
• End of year 11,650,534
Revenues 15,444,775
Cost of sales 13,256,531
Gross Profit 2,188,244
Total assets
• End of year 16,015,709
Recommended
Remark
Profitability Ratio
816,971 Higher is Profitabilitas perusahaan setelah
NPM Net Profit / Revenue = 5,3 %
15,444,775 better dikurangi semua biaya termasuk pajak
2,188,244 Higher is Menunjukkan core profitabilitas
GPM Gross Profit / Revenue = 14,7%
15,44,775 better perusahaan
Menunjukkan apakah aset
Operating 1,085,926 Higher is
ROA
Income/Avg.Total Asset (15,889,648 + 16,015,709) ÷ 2
=6,8% better
perusahaan produktif dan mampu
menghasilkan laba
Menunjukkan keuntungan
Operating
1,085,926 Higher is perusahaan vs jumlah uang yang
ROE Income/Avg.Shareholders
(11,263,635 +11,650,534 ) ÷ 2
=7,1% better diinvestasikan oleh pemegang saham
Equity
AGENDA


• Variable Cost
• Fixed Cost
3 Equity vs Loan
Cost Behavior Analysis
Cost Behavior Analysis is the study of how

specific costs respond to changes in the level Classification of Cost Based on
of business activity.
Behavior
Some costs change; others remain the
same.
Helps management plan operations and • Fixed Cost

decide between alternative courses of
action. • Variable Cost
Applies to all types of businesses and • Semi Variable Cost (Mixed
entities.
Cost)
Starting point is measuring key business
activities.
(a)
Total Fixed Costs
(Rent Expense)
Fixed Costs
$ 25
 Costs that remain the same in total
regardless of changes in the activity 20
Cost (000)
level. 15
(b)
Fixed Cost per Unit
 Per unit cost varies inversely with activity 10 (Rent Expense)
: 5
As volume increases, unit cost declines, and
vice versa 0 2 4 6 8 10 $5
Cost (per unit)

 Examples: 4
Tablet Computers
Produced (in 000) 3
 Property taxes
2
 Insurance
1
 Rent
0 2 4 6 8 10
 Depreciation on buildings and equipment
Tablet Computers
Produced (in 000)
(a)
Total Variable Costs
Variable Costs (Cameras)
 Costs that vary in total directly and

$ 100
proportionately with changes in the 80
Cost (000)
activity level. 60
(b)
Variable Costs per Unit
40 (Cameras)
 Example: If the activity level
20
increases 10 percent, total variable
0 2 4 6 8 10 $ 25
costs increase 10 percent.
Cost (per unit)

Tablet Computers 20
Produced (in 000)
 Example: If the activity level decreases 15
by 25 percent, total variable costs 10
decrease by 25 percent. 5
0 2 4 6 8 10
 Variable costs remain the same per unit at
every level of activity. Tablet Computers
Produced (in 000)
Mixed Costs
• Costs that have both a variable cost element and a fixed cost element.
• Change in total but not proportionately with changes in activity level.
200 Total-Cost Line
150
Variable-Cost Element
Cost
100
50
Fixed-Cost Element
0 50 100 150 200 250 300
Miles
Cost Volume Profit (CVP) Analysis
Cost-volume-profit (CVP) analysis is the study of the effects of changes of costs and
volume on a company’s profits.
 Important in profit planning
 Critical factor in management decisions as

 Setting selling prices,
 Determining product mix, and
 Maximizing use of production facilities.
CVP Income Statement

Illustration : SATRIA INDUSTRIES produces a motorcycle
body. Relevant data for the motorcycle body sold by this
 A statement for internal use.
company in June 2023 are as follows.
 Classifies costs and expenses as
fixed or variable. Unit selling price of body motorcycle $500
 Reports contribution margin in Unit variable costs $300
the body of the statement. Total monthly fixed costs $ 200,000
 Contribution Margin – Unit sold 1,600
amount of revenue remaining
after deducting variable
costs.
 Reports the same net income as
a traditional income statement.

Illustration :
The CVP income statement for SATRIA INDUSTRIES therefore would be reported as follows.
SATRIA INDUSTRIES
Income Statement
For the Month Ended June 30, 2023
TOTAL
Sales (1,600 Motorcyle Body) $ 800,000
Variable costs 480,000
Contribution margin 320,000
Fixed costs 200,000
Net income $ 120,000

Detailed CVP income statement
Income Statement
For the Month Ended June 30, 2023
TOTAL Per Unit
Sales $ 800,000 $ 500
Variable expenses
• Cost of goods sold $ 400,000
• Selling expenses 60,000
• Administrative expenses 20,000
• Total variable expenses 480,000 300
Contribution margin 320,000 $ 200
Fixed expenses
• Cost of goods sold 120,000
• Selling expenses 40,000
• Administrative expenses 40,000
• Total fixed expenses 200,000
Net income $ 120,000
Cost & Profit Equations
Cost equation
• Total Cost = Total Variable Cost (VC)+ Total Fixed Cost (FC)
• Total Cost = (VC per unit x number of units) + Total FC
Total Cost = VCx + TFC
Profit equation
• Profit = Sales revenue – Total cost
• Profit = (Price per unit x number of units) – Total Cost
Profit = Px – VCx – TFC
Break Even Point (BEP)
• The point were

Sales revenue equals total cost
Contribution margin equals total
fixed costs
Profit is zero
• Break-even profit equation:
Px – VCx – TFC = 0
Activity below the break-even point creates
a loss Activity above the break-even point
generates a profit
Break Even Point (BEP)
How many units and TOTAL Per Unit

how much sales dollars Sales ( 500 units ) $ 25,000 $ 50 100%
are needed to break
Less : variable expenses 15,000 30
even ?
Contribution Margin 10,000 $ 20 40%
Less : fixed expenses 8,000 CM Ratio
Net income $ 2,000

Set up the profit equation with profit equal to 0
Let x = number of units BEP
Price .x – Variable Cost. x – Tfixed Cost = Profit If the company sells
400 widgets, which
50x – 30x – 8,000 = 0 generates $ 20,000
x = 8,000 / 20 = 400 units of sales revenue,
or profit will be zero.
400 x $ 50 = $ 20,000 sales revenue
BEP BEP
Fixed Cost : CM per unit = Fixed Cost : CM Ratio = in nominal
per Unit
Target Profit Example
How many units and how much sales dollars

are needed to earn a profit of $ 12,000 ?
Set up the profit equation with profit equal to $ 12,000.

Let x = number of units (targeted)
If the company sells
Px – VCx – TFC = Profit 1000 widgets, which
generates $ 50,000 of
50x – 30x – 8,000 = 12,000 sales revenue and
x = (8,000+12,000) / 20 = 1,000 units $12,000 of profit.
or
1,000 x $ 50 = $ 50,000 sales revenue
AGENDA


• Variable Cost
• Fixed Cost
3 Equity vs Loan
Struktur Modal or Financial Leverage
Struktur Modal
Sumber Dana dalam Membiayai Modal Perusahaan
Financial Leverage
Perbandingan antara Hutang dan Modal
dalam Struktur Modal
Degree of Financial Leverage

% Change in Net Profit
Mengukur sensitifitas dari Profitabilitas % Change in EBIT
Perusahaan karena penambahan Hutang pada
Struktur Modal Or
EBIT
EBIT - Interest
500 Milyar
= 1.25
500 Milyar – 100 Milyar
Perubahan 1% pada Leverage Perusahaan

akan merubah Operating Income
Perusahaan sebanyak 1.25%
Debt Equity
Asset
Growth
LEBIH BAIK MENUMBUHKAN ASET DARI

HUTANG ATAU DARI MODAL?
HUTANG!
Kenapa? Karena Hutang memiliki biaya lebih rendah
Financial Institution
HUTANG ??!!!
What Financial Institution See on Your Business?
CREDITWORTHINESS
CONDUCT BY CREDIT ANALYST
A credit analyst is a financial professional who

assesses the creditworthiness of
securities, individuals, or companies.
Credit analysts determine the likelihood that a

borrower can repay their financial obligations by
reviewing the borrower's financial and credit
history and determining whether the state of the
subject's financial health and the economic
conditions are favorable to repayment.
What to Assess?
Condition : the factors that might have affect Capital : How much money you have Character : Integrity and
industry and business personally to put into the business trustworthiness of the business owner
Key point : macro economy, political Key point : asset, financial statement, bank Key point : SLIK Checking, Society Checking,
situation, security session statement, funding, feasibility business, back Credit Checking, Trade Checking
up business
01 02 03 04 05
Capacity : the ability to repay the loan Collateral : Assets that can be used as security
Key point : experience, financial for loan repayment
management, organization, cash flow Key point : LOR/GOR Calculation, Guarantor,
projection Additional Collateral
What to Assess?
KNOW YOUR CUSTOMER
Background & Experiences, Character ,

1 Business Community & Capital
PROJECT
Legal Permit, Bowheer Profile & Reputation, Project
Location, Infrastructure, Society Condition,
2 Operation in Project, Sustainability of project
COLLATERAL & MITIGATION

Type of Collateral, Suitability of unit proposed,
Popularity of unit proposed, Payment Method,
3 Buyback Guarantee, Personal or Corporate Guarantee
Thank you
PT Surya Artha Nusantara Finance

JUNE 2024
FOR INTERNAL PURPOSES ONLY, NO ONE SHALL BE ENTITLED TO DISTRIBUTE THIS PRESENTATION WITHOUT WRITTEN CONSENT FROM
PT SURYA ARTHA NUSANTARA FINANCE

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Day 2 SANF_Sesi Laporan Keuangan -By Pak Evan Budi

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Mengoptimalkan Laporan Keuangan

Dalam Akselerasi Operasional IKM

Evan Budi Pratama

Pada FINANCIAL CLINIC FOR MANUFACTURE PROGRAM DEVELOPMENT

1 Financial Statement Analysis

2 Cost-Volume-Profit (CVP) & BEP Analysis

1. Apa tugas dan tanggung jawab anda di perusahaan?

Various CFO Problems

Butuh dana Pendapatan

Financial CFO Financial

Membuat & Mengatur Rencana Pertumbuhan Perusahaan

Melakukan Kontrol dan Optimisasi atas Aset Perusahaan

Memberikan Return sesuai Keinginan Pemegang Saham

Memastikan Perusahaan Tetap Berjalan / Going Concern

To Finance Funding Gap

To Finance New Means of Production

To Finance New Acquisition

1 Financial Statement Analysis

2 Cost-Volume-Profit (CVP) & BEP Analysis

Why Financial Statement Analysis?

If management is to maximize a firm’s value, it must take

The use of financial analysis enables more meaningful

Three basic tools are used in financial statement analysis :

Horizontal analysis Vertical analysis Ratio analysis

What you got from Financial Statement?

Income Statement Financial Ratio

What is it in Financial Statement?

Balance Sheet Assets, Liabilities, Equity

Assets = Liabilities + Equity

Current Assets Current Liabilities

Cash from Cash from Cash from

Cash generated from : Cash generated from :

Financial statement analysis is based

Time series analysis Comparison with similar

• Cash & equivalent 788,153 889,615 -101.462 -11,4 %

• Investment in associates & 5,367,248 4,642,867

2019 2018 Dollar Change Percent Change

• Cash & equivalent 788,153 889,615 - 101,462 - 11,4%

• Investment in associates & 5,367,248 4,642,867 724,381 15,6%

Express each item on a statement as a percentage of a

Financial Statement “ Base ” Amount

Vertical Analysis is Component Percentage;

• Cash & equivalent 788,153 889,615 4.9% 5.6 %

• Investment in associates & 5,367,248 4,642,867

• Cash & equivalent 788,153 889,615 4.9 % 5.6 %

• Investment in associates & 5,367,248 4,642,867 33,5 % 29,2 %

Ability to meet short-term

Ability to provide financial Ability to generate

A. Liquidity and Efficiency Ratios

Current Total Asset

Acid-Test Ratio Inventory

A. Liquidity and Efficiency Ratios

Number of common shares

1 Financial Statement Analysis

2 Cost-Volume-Profit (CVP) & BEP Analysis

Cost Behavior Analysis is the study of how

Helps management plan operations and • Fixed Cost

Cost (per unit)

 Costs that vary in total directly and

Cost (per unit)

by 25 percent, total variable costs 10

200 Total-Cost Line

 Critical factor in management decisions as

CVP Income Statement