Pemahaman Laporan Keuangan

(1)

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Keuangan Agrobisnis (corporate finance)

• Aktifitas perusahaan dan aliran kas (cash flows)

FIRM

Shareholders Debtholders Projects A B … Z Investment Issuance of stock Issuance of debt CF from

operation Interest/ Debt

payment Dividend Investment

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• 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)?

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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

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Example : Baidu 1

st

January

Assets Liabilities

Cash 1000 Capital 1000

• Create your company :

• Buy 2 computers :

• 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

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Example : Baidu 1

st

January

Building 1000 Capital 1000

Computers 900 LT Debt 1000

Inventory 900 Account Payables 800

• Set up your inventory

(9)

Example: Baidu 31

th

_December

• You make some profit during the year…

• Income statement :

Building 900 Capital 1000

Computers 800 Net income 168 Inventory 180 LT debt 1000 Account receivables 1000 Account payables 800

Cash 88

Nb Price

Sales 1200 12 100 Cost of Good Sold 720 12 60

EBITDA 480

Depreciation 200

EBIT 280

Tax 112

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Accounting view of the firm:

Performance

SE NI

ROE 

• Measure of performance / profitability

– ROE: return on equity

– ROA: return on asset

• Measure of the leverage

– D/SE or D/Asset or Asset/SE …

Asset NI ROA 

SE

Asset

ROA

ROE





Link between ROE and ROA: financing structure of the firm

(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,

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Accounting view of the firm:

Performance

• Drivers of ROE :

ROA

Equity Assets Assets venue venue Net Income ROE Re Re    Financial Leverage Asset Turnover Profit Margin 1.63% 2.89 2.68 12.64% 4.71%

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Accounting view of the firm: Ratio

analysis

• Drivers of performance

Return on Equity

Return on Assets Leverage

Profit Margin Asset Turnover

Income Stat. Based

Objectives:

• pricing strategy • value added • …

Link IS & asset side of BS

Objectives: • FA management • Current asset mgt • … Liability side of BS Objectives:

• Balance between D & SE • Liquidity

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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, …)

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Summarized (managerial) balance sheet

Assets

Fixed assets (FA)

Working capital requirement (WCR) Cash (Cash)

Liabilities

Stockholders' equity (SE) Interest-bearing debt (D)

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

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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 Current Assets Stockholder’s equity Long term debt Current liabilities Net Working Capital

Current ratio: a measure of NWC

Current ratio = Current assets / Current liabilites Net working capital = Current assets - Current liabilites

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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)

• WCR + NLB = NWC Working Capital Requirement Net Liquid Balance Net Working Capital 16/04/2018 18

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Balance sheet

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16/04/2018 20

More on balance sheet

• A different view of the balance sheet

– Net working capital (NWC)

– Working capital requirement

(WCR)

– Net liquid balance (NLB)

Inventories Account receivables Cash Shareholders Equity Account payables Short term financial debt Long term Debt ASSETS LIABILITIES Fixed

Assets Long term

Operation

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Sources of Cash Inflows and Cash Outflows

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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

Operating Activities

Purchase of supplies Selling, general and administrative expenses Tax expenses

Investing Activities

Capital expenditures and acquisitions

LT financial investments

Financing Activities

Repurchase of stocks and bonds Repayment of debt Dividend payment

CASH

CF from operating activities CF from investing activities CF from financing activities