THE ANALYSIS OF FINANCIAL STATEMENT

#THE USE OF FINANCIAL RATIOS#

Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan.

Income Statement
Input Dasar

Balance Sheet

Shareholders

Interested Parties Creditors

Managers

Types of Ratio Comparisons

•Cross Sectional Analysis  Standard: Industry Average or Industry Leader
•Time Series

Beberapa hal yang perlu diperhatikan dalam rasio finansial:

Satu rasio  bukan  menilai prestasi perusahaan secara umum
Perbandingan harus pada periode yang sama
Laporan finansial harus diaudit
Laporan finansial harus mempunyai format yang sama
Hasil perbandingan dapat terdistorsi, karena inflasi

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 Liquidity Ratios
Activity Ratios
Financial Ratios Measure risk
Debt Ratios
Profitability Ratios Measure return
Measures of Liquidity:
Net Working Capital = Current Assets – Current Liabilities
Current Ratio = Current Assets : Current Liabilities
Quick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory)

Measures of Activity:
Inventory Turnover = CGS : Inventory
Average Collection Period = Accounts Receivable : (Annual sales/360)
Average Payment Period = Accounts Payable : (Annual sales/360)
Fixed Assets Turnover = Sales : Net Fixed Assets
Measures of Debt:

Degree of Indebtedness: Mengukur jumlah hutang thp jumlah

Types of Debt Measures komponen yang penting dalam neraca
Ability to Service Debts: Mengukur kemampuan perusahaan untuk
Melakukan pembayaran sesuai kontrak
Debt Ratio = Total Liabilties: Total Assets
Debt – Equity Ratio = Long Term Debt : Stockholders’ Equity
Times Interest Earned Ratio = EBIT : Interest

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 (EBIT + Lease Payments)
Fixed Payment Coverage Ratio = -----------------------------------------------
Interest + Lease Payment + {[Principal Payments +
Preferred Stock Dividends] x [ 1/ (1-T)]}
Measures of Profitability:
Common Size Income Statements: Setiap item dalam Income Statements diprosentasekan
terhadap Penjualan

Gross Profit Margin = Gross Profits : Sales

Operating Profit Margin = Operating Profits : Sales
Net Profit Margin = EAT : Sales
Return on Investment = EAT : Total Assets
Return on Equity = EAT : Stockholders’ Equity
Earnings Available for Common Stockholders
Earnings Per Share = ---------------------------------------------------------------
Number of Shares of Common Stock Outstanding
Price / Earnings Ratio = Market Price Per Share of Common Stock : Earnings Per Share

Two Approaches to Complete Ratio Analysis:

DuPont System of Analysis.
Summary Analysis of a Large Number of Ratios

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 ANALISIS DU PONT
 Menghubungkan tiga macam rasio sekaligus
yaitu ROA, Profit Margin dan Perputaran
Aset

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SISTEM DU PONT

 Sistem Du Pont dirancang untuk menunjukkan

bagaimana marjin laba atas penjualan, rasio
perputaran aktiva, serta penggunaan utang
berinteraksi dalam menentukan tingkat
pengembalian atas ekuitas (ROE)

 Manajemen perusahaan bisa memakai sistem Du

Pont untuk menganalisis cara-cara untuk
memperbaiki kinerja perusahaan

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ANALISIS
DU PONT
DU PONT
FORMULA

Profit Margin Asset turnover

EAT (:) Penjualan Penjualan (:) Total Aset

Penjualan (-) Total Biaya Aktiva Tetap (+) Aktiva Lancar

HP Biaya Operasi Piut Dagang Kas

Penjualan

Penyusutan Bunga persediaan Surat

Berharga

Pajak Penghs lain2

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SALES $3,074,000
DUPONT SYSTEM OF ANALYSIS
COGS $2,088,000

OPERATING
EXPENSES NET PROFIT
$1,074,000 $231,000
NET PROFIT
INTEREST MARGIN 7.5%
EXPENSES $93,000 SALES $3,074,000

TAXES $94,000 ROI

6.4 %
SALES $3,074,000
CURRENT ASSETS TOTAL ASSETS
$1,223,000 TURNOVER 0.85
TOTAL ASSETS
$3,597,000 ROE
NET FIXED ASSETS
$2,374,000
11.8 %

CURRENT TOTAL LIABILITIES

LIABILITIES TOTAL LIABILITIES + STOCKHOLDERS’ EQUITY
$620,000 $1,643,000 EQUITY = TOTAL MULTI
ASSETS $3,597,000
LONG TERM DEBT PLIER
$1,023,000 STOCKHOLDERS’ 1.84
EQUITY $1,954,000 STOCKHOLDERS’
EQUITY $1,954,000
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 KETERBATASAN
Historical Cost
Alternatif Metode Akuntansi
Manipulasi LK
Divisi Perusahaan
Inflasi dan Deflasi
Rata-rata Industri

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 Laporan keuangan dari PT. Jaya Abadi yang disusun pada
tanggal 31 Desember 2018 diketahui sebagai berikut:

Neraca PT. Jaya Abadi

Per 31 Desember 2018

Aktiva Utang dan Modal

Kas Rp 150,000 Utang Dagang Rp 100,000

Piutang Dagang Rp 250,000 Utang Bank Rp 100,000

Persediaan Barang Rp 300,000 Utang Pajak Rp 100,000

Total Aktiva lancar Rp 700,000 Total Utang lancar Rp 300,000

Gedung dan Peralatan Rp 1,300,000 Utang Jangka panjang Rp 500,000

Saham Rp 800,000

Laba Ditahan Rp 400,000

Total Aktiva Rp 2,000,000 Rp 2,000,000

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 Laporan Laba Rugi PT. Jaya Abadi
Dari 1-1-2018 s/d 31-12-2018

Penjualan Rp 4,000,000

Harga Pokok Penjualan Rp 3,420,000

Laba Kotor Rp 580,000

Biaya Operasi 1. Administrasi dan Umum Rp 50,000

2. Penjualan Rp 20,000
Rp 70,000

Laba Operasi Bersih atau Laba Sebelum Bunga dan Pajak (EBIT) Rp 510,000
Penyusutan Rp 100,000
Laba Operasi bersih Rp 410,000

Pendapatan Lain-lain Rp 15,000

Rp 425,000
Biaya Bunga Rp 45,000
Laba Sebelum Pajak Rp 380,000
Pajak Penghasilan Rp 80,000
Laba Setelah Pajak Rp 300,000

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 Penjualan
4.000.000
-
HPP
3.420.000

- EAT
300.000
B Oprasion
Margin Laba
70.000 :
R/L bersih
- Penjualan 0.075
4.000.000
B. Bunga
45.000
-
Pajak x ROI
80.000 0.15
Penjualan
4.000.000

A. Lancar : Perputaran Tot.

700.000 aktiva
Tot Aktiva 2x
+ 2.000.000
A. tetap
1.300.000
ROE
Neraca x 0.25

U. lancar
300.000
Tot. Utang
+ 800.000
U. Jk Pjng
500.000 + Tot Aktiva
2.000.000
Equitas EMP
1.200.000 : 1.67

Equitas
1.200.000 11
 Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average

RATIO YEAR INDUSTRY EVALUATION

AVERAGE
1989 1990 1991 CROSS TIME SERIES OVERALL
SECTIONAL
1991
LIQUIDITY:

NWC $ 583 $ 521 $ 603 $ 427 GOOD GOOD GOOD

CR 2.04 2.08 1.97 2.05 OK OK OK

QR 1.32 1.46 1.51 1.43 OK GOOD GOOD

ACTIVITY:

ITO 5.1 5. 7.2 6.6 GOOD GOOD GOOD

ACP 43.9 51.2 58.9 44.3 DAYS POOR POOR POOR

DAYS DAYS DAYS
APP 75.8 81.2 94.1 66.5 DAYS POOR POOR POOR
DAYS DAYS DAYS
FATO 1.5 1.13 1.29 1.35 OK OK OK

TATO 0.94 0.79 0.85 0.75 OK OK OK

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 Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average

RATIO YEAR INDUSTRY EVALUATION

AVERAGE
1989 1990 1991 CROSS TIME SERIES OVERALL
SECTIONAL
1991
DEBT:

DR 36.8% 44.3% 45.6% 40% OK OK OK

DER 44.2% 53.1% 52.4% 50% OK OK OK

TIER 5.6 3.3 4.5 4.3 GOOD OK OK

FPCR 2.4 1.5 1.9 1.5 GOOD OK GOOD

PROFITABILITY:

GPM 31.4% 33.3% 32.1% 30% OK OK OK

OPM 14.6% 11.8% 13.6% 11% GOOD OK GOOD

NPM 8.8% 5.8% 7.5% 6.4% GOOD OK GOOD

ROI 8.3% 4.5% 6.4% 4.8% GOOD OK GOOD
ROE 13.1% 8.1% 11.8% 8% GOOD OK GOOD

EPS $ 3.26 $ 1.81 $ 2.9 $ 2.26 GOOD OK GOOD

PER 10.5 10 11.1 12.5 GOOD OK OK

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PROBLEMS

I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for O’Keefe Industries
using the information that follows it.
Balance Sheet
O’Keefe Industries
December 31, 2008
Cash $ 30,000 Account Payable $ 120,000
Markatable Securities 25,000 Notes Payable ?
Account Receivables ? Accruals 20,000
Inventories ? Total Current ?
Liabilities
Total Current Assets ? Long Term Debt ?
Net Fixed Assets ? Shareholders’ Equity 600,000
Total Assets ? Total Liabilities and ?
Shareholders’ Equity

The following financial data for 2008 are also available

Sales Totaled $ 1,800,000 The average collection period was 40 days

Gross profit margin was 25% The current ratio was 1.6

Inventory turnover was 6 The total asset turnover ratio was 1.2

There are 360 days in the year The debt ratio was 60%
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II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a
conclusion.

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