Financial Management

Telecommunication Management
Program Pasca Sarjana
Universitas Indonesia
 Why Finance matters
• To carry on business a modern company needs
almost endles variety of Real Assets:
– Tangible Assets : machinery, factory, offices
– Intangible Assets : technical expertise, trademarks,
patents
• To obtain necessary money the company sells
pieces of paper called financial assets , or
securities.
It includes :
– shares of stock, bonds, bank loans, lease obligation
 The Financial Manager faces 2 basic problem:

• First : How much should the firm invest,

and what specific assets should the firm
invest in?
Investment, or Capital budgeting, decision
• Second : How should the cash required for
investmen be raised?
Fincancing Decision
The Importance of Capital Markets

(2) (1)
Capital
Firm’s
Fim’s Markets
Operations
Operations (uinvestors
(abundle
(a bundle of (4a) Holding
Real
of realassets)
assets) Financial
Assets)
(3) (4b)

(1) . Cash raised by selling financial asset to investor

(2) . Cash invested in the firm’s operation and used to purchase real assets
(3) . Cash generated by the firm’s operations
(4) . a. Cash reinvested
b. Cash returned to investor
 Who is the financial Manager?
TRESURER CONTROLLER
Banking relationship Accounting
Cash Management Preparation of financial
Obtaining financing statements
Credit management Internal auditing
Dividend disburshment Payroll
Insurance Custody of records
Pensions management Preparing Budgets
Taxes
 Value :
The concept of Net Present Value

1
• Present Value (PV) = discount factor X C1 = C1
1+r
1
• Discount factor =
1 + r
C1
• NPV = PV – required investment = C0 + 1+r

• Return = profit
investment

Net present value rule : Accept investment that have positive NPV

of return rule : Accept investments that offer rates of return in excess of their opportunity cost of cap
 Foundation of the Net Present Value Rule
Rupiah, period 1 Notice how borrowing
And lending enlarge
the individual’s choise.
H Interest rate line By borrowing against
Shows cash flows from future cash flow F,
An individual can consume
Borrowing and lending An extra BD today;
F By lending current cash
Flow B, the individual
Future Can consume an extra FH
Cash Flow tmorrow

B D Rupiah, period 0

Current cash flow

Rupiah, period 1 Rupiah, period 1
The prodigal chose to
The miser prefers to spend more today
H Consume more in period 1 H The prodigal
G Chooses to
Borrow BC
F The miser
Chooses to lend F Against
Tomorrow’s cash
Future AB, in order to Flow, in order
Consumption Consume A today E To consume C
And G tomorrow Today and E
Future
Consumption tomorrow

A B D Rupiah, period 0
B C D Rupiah, period 0
Current consumption Current consumption
 In which We introduce Productive Opportunities
Rupiah, period 1

Cash flow Investment opportunities

From 3d best Line shows cash flow from
Investment
Investing in real assets
(Rp 7 B)

Cash flow
From 2d best
Investment
(Rp 15 B)

Cash flow
From best
Investment
(Rp 20 B)

Rupiah, period 0

3d best 2d best Best

investment Investment Investment
(Rp 10 B) (Rp 10 B)

The effect of investment in real assets on cash flows in period 0 and 1

Notice the diminishing returns on additional units of investment
In which We introduce Productive Opportunities
Rupiah, period 1

Both the
Prodigal and the
M The miser can now spend more Miser have initial
Today and next period Wealth of D.
They are better
Off if they invest
JD in real assets
And then borrow
Or lend in the
L Capital market,
They would be
H Obliged to
Choose a point
Along DH; if
G ....and so can the
They should
Invest only in
prodigal Real assets, they
Would be
Obliged to
choose a point
Along DL

J D K Rupiah, period 0
 A Fundamental Result
Rupiah, period 1

Here there are

The miser chooses a point on the Separate
Borrowing and leding rates
Interest rate line for lending The steep line
Represents the interest rate
For a borrower;
The flatter line
Represents the rate
Lend For a lender.
ing r In this case the prodigal
at e
And the miser prefer
Diferent levels of
Capital
investment

The prodigal chooses a

Point on the interest rate
For borrowing

Bo
rr
ow
in
g
ra
te

A B D Rupiah, period 0
 The argument goes like this:
1. A financial manager should act in the interest of the firm’s stoxkholder.

1. Each stockholder wants three things:

a. To be as rich as possible, that is, to maximize current wealth
b. To transform that wealth into whatever time pattern of consumption he or she
most desires
c. To chhose the Risk characteristic of that consumption plan

2. But Stockholders do not need the financial manager’s help to reach the
best time pattern of consumption. They can do that on their own,
providing they have free access to competitive capital markets. They can
also choose the risk characteristic of their consumption plan by investing
in more or less risky securities

1. How then can the financial manager help the firm’s stockholder’s stake
the firm. The way to do that is to seize all investment opportunities that
have a positive net present value
3 Kendaraan Investasi dan Reinvestasi

• Bisnis

• Properti
Income, Capital Gain, Safety & Liquidity
• Paper Asset
 FUNDAMENTAL ANALYSIS
 Apa yang dilakukan perusahaan tersebut

 Berapa penjualan (Sales) & Pendapatan (earnings)nya

 Seberapa menguntungkan (profit) perusahaan tersebut

 Seberapa cepat pertumbuhan (growth) perusahaan

tersebut

 Bagaimana kondisi kesehatan keuangan perusahaan

tersebut
 Saham
• Saham : bukti penyertaan modal pada
sebuah perusahaan :
 Saham Preferen ( Prefered Stock)
 Saham biasa (Common Stock)
 Rasio – rasio Keuangan
Current Ratio = Aktiva lancar EPS = Laba Bersih
Utang lancar Jumlah Saham

Debt to Equity = Total Utang PER = Harga Saham

Ekuitas EPS

Total Debt to Capital Asset = Total Utang

Total Aktiva

OPM = Laba Operasi BV = Total Ekuitas

Penjualan Jumlah Saham

NPM = Laba Bersih PBV = Harga Saham

Penjualan Nilai Buku Saham

ROE = Laba Bersih

Ekuitas
 Concept of Compensation system
Company is provided 1) capital with
Shareholder shareholder, 2) workforce with employee. Based
on those two, Company make production and
sales, and realize value added. This value
Capital dividend added will be returned to shareholder and
employee in form of dividend and compensation
Production/Sales Value added
respectively. If Company can increase
production, sales and value added in same
condition of capital and work forth, output
Work force Compensation (dividend and compensation) will also be
Investment increased. In contrast, no increase of
production, sales and value added means no
increase of dividend and compensation.
Employee It is impossible to permanently increase
production, sales and value added. This
Principal of Salary Increase consequently means there is a limitation of
Why Salary range? Why Salary increase? dividend/compensation increase.

Base Salary level is determined by position’s required duty (Measured by Area of Responsibility, Scope of Responsibility,
Job Complexity). At the same time, every years advancement of individual performance and capability at the position should
also be reflected to salary increase.
For example, Mr. A is in manager position for 4 years, 1st years’ and 4 years’ his performance to realize required duty and
capability/skill which is basis of performance would be advanced. From the view point of Human resource development
(HRD) to enhance every years individual performance and capability advancement, it is better to set salary range for position
to be able to increase coincidentally his salary with his advancement, rather than set single salary rate which will be
uniformly applied to position regardless of his years in position.
If Company adopt single salary rate for position, salary increase/decrease will be occurred with every personnel transfer due
to distinction of every position’s salary. It obstructs 1) the rotation for individual HRD 2) flexible transfer to correspond
changing business situation. From this point, salary range setting is necessary.
 Jenis Laporan Keuangan

• Neraca
• Laporan Laba Rugi
• Laporan Arus Kas
• Laporan Perubahan Modal
• Catatan atas Laporan Keuangan
 Neraca
a. Aktiva
1). Aktiva Lancar :
• Kas dan Setara Kas
• Investasi Jangka Pendek
• Wesel Tagih
• Piutang Usaha
• Piutang Lain lain
• Persediaan
• Pajak Dibayar Dimuka
• Biaya Dibayar dimuka
• Aktiva lancar lain lain
2). Aktiva tidak lancar
– Piutang Hunungan Istimewa
– Aktiva Pajak Tangguhan
– Investasi Pada perusahaan Asosiasi
– Investasi Jangka Panjang Lain
– Aktiva Tetap
– Aktiva Tak berwujud
– Aktiva Lain lain
c. Hak Minoritas
b. Kewajiban
1). Kewajiban Lancar
• Pinjaman Jangka Pendek
• Wesel Bayar
• Hutang Usaha
• Hutang Pajak
• Beban Masih harus dibayar
• BAgian Kewajiban Jangka PAnjang yang akan jatuh
tempo dalam waktu setahun
• Kewajiban lancar lainnya
2). Kewajiban Tidak Lancar
• Hutang Hubungan Istimewa
• Kewajiban Pajak Tangguhan
• Pinjaman Jangka Panjang
• Hutang Sewa Guna Usaha
• Hutang Obligasi
• Kewajiban Tidak lancar lainnya
• HUtang Subordinasi
• Obligasi Konversi
d. Ekuitas
• Modal Saham
•Tambahan Modal disetor
•Selisih kurs karena penjabaran laporan
keuangan
• Selisih Transaksi Perubahan Ekuitas Anak
Perusahaan/Perusahaan Asosiasi
• Selish Nilai Transaksi Restrukturasi Entitas
Sepengendali
•Keuntungan (kerugian) yang belum diralisasi dan
efek tersedia untuk dijual
• Selisih Penilaian Kembali Aktiva Tetap
•SAldo LAba
•Modal SAham diperoleh kembali
 Laporan Laba Rugi
• Penjualan Bersih atau Pendapatan Usaha
• Beban Pokok Penjualan
• Laba(Rugi) Kotor
• Beban Usaha
• Laba(rugi) Usaha
• Penghasilan (Beban) Lain lain
• Bagian Laba (Rugi) Perusahaan Asosiasi
• Laba (Rugi) Sebelum Pajak Penghasilan
• Beban (penghasilan) Pajak
• Laba (rugi) dari aktivitas normal
• Pos Luar Biasa
• Laba (Rugi) Sebelum Hak Minoritas
• Hak Minoritas atas Laba (Rugi) Bersih Anak Perusahaan
• Laba (Rugi) Bersih
• Laba (Rugi) Per saham Dasar
• Laba (Rugi) Per saham dilusi
 Laporan Perubahan Ekuitas
• Laba (Rugi) bersih periode pelaporan
• Setiap pos pendapatan dan beban, keuntungan atau kerugian yang diakui
secara langsung dalam ekuitas
• Pengaruh kumulatif dari perubahan kebijakan akutansi dan koreksi
kesalahan mendasar
• Transaksi modal dengan pemilik dan distribusi kepada pemilik, antara lain
berupa penyetoran modal saham dan pembagian dividen
• Saldo akumulasi laba atau rugi pada awal dan akhir periode serta
perubahannya
• Rekonsialiasi antara nilai tercata dari masing masing jenis modal
ditempatkan dan disetor penuh, tambahan modal disetor dan pos pos ekuita
lainnya pada awal dan akhir periode yang mengungkapkan secara terpisah
 Laporan Arus Kas
• Arus Kas dari aktivitas operasi
• Arus Kas dari aktivitas investasi
• Arus Kas dari aktivitas pendanaan
 OPINI AKUNTAN
1. Pendapat Wajar Tanpa Pengecualian
( Unqualified Opinion)
2. Pendapat Wajar dengan Pengecualian
( Qualified)
3. Pendapat Tidak Wajar
( Adverse Opinion)
4. Menolak Memberikan Pendapat
( Disclaimer of Opinion)