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

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ANALISIS LAPORAN KEUANGAN

 Ratio Analysis

 Limitations of ratio analysis

 Du Pont system

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Finance – I.K. Gunarta Jurusan Teknik Industri ITS 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.

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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

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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.

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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.

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We will want to answer questions about the firm’s

 Liquidity

 Efficient use of Assets

 Leverage (financing)

 Profitability

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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?

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Studi Kasus

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Laporan Laba-Rugi

2002

Penjualan 4.195.197

Harga pokok penjualan 2.673.129

Laba kotor 1.522.068

Beban penjualan, umum dan administrasi 465.831

Depresiasi 160.119

Jumlah beban usaha 625.950

Laba usaha 896.118

Biaya bunga 17.849

Pendapatan sebelum pajak 878.269 Provisi pajak pendapatan 298.052

Laporan Laba Rugi Harley Davidson Tahun 2002

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NERACA

AKTIVA

Kas dan setara kas 795.728

Piutang usaha 964.465

Persediaan 218.156

Aktiva lancar lainnya 88.237

Jumlah aktiva lancar 2.066.586

Pabrik, properti dan peralatan kotor 2.006.256

Akumulasi penyusutan 973.660

Pabrik, properti dan peralatan bersih 1.032.596

Aktiva lain 762.035

Jumlah Aktiva 3.861.217

KEWAJIBAN DAN EKUITAS PEMEGANG SAHAM

HUTANG

Hutang usaha 382.579

Beban yang masih harus dibayar 226.977

Hutang pajak 67.886

Wesel jangka pendek 189.024

Hutang lancar lainnya yang menanggung bunga 123.586

Jumlah kewajiban lancar 990.052

Hutang jangka panjang 638.250

Jumlah hutang 1.628.302

EKUITAS

Saham biasa (nilai PAR) 3.254

Modal disetor 386.284

Saldo laba 2.325.737

Dikurangi saham perbendaharaan (482.360)

Jumlah ekuitas 2.232.915

Jumlah Kewajiban dan Ekuitas Pemegang Saham 3.861.217

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1. Liquidity Ratios

 Do we have enough liquid assets

to meet approaching obligations?

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What is HDC’s Current Ratio?

current assets

current liabilities

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What is HDC’s Current Ratio?

If the average current ratio for the industry is 1.5, is this good or not?

2,067

990 = 2.09

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What is the firm’s Acid Test Ratio?

current assets - inventories

current liabilities

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What is the firm’s Acid Test Ratio?

Suppose the industry average is 1.06.

What does this tell us?

2,067 - 218

990 = 1.87

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What is the firm’s Average Collection Period?

accounts receivable

daily credit sales

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What is the firm’s Average Collection Period?

If the industry average is 75 days,

964

4,195/365 = 83.9 days

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2. Operating Efficiency Ratios

 Measure how efficiently the firm’s assets

generate operating profits.

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What is the firm’s Operating Income Return on Investment (OIROI)?

operating income

total assets

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•Above the industry average of 9.8%.

What is the firm’s Operating Income Return on Investment (OIROI)?

896 3,861 = 23.2%

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•Above the industry average of 9.8%.

•The OIROI reflects product pricing and the firm’s ability to keep costs down.

What is the firm’s Operating Income Return on Investment (OIROI)?

896 3,861 = 23.2%

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What is their Operating Profit Margin?

operating income

sales

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What is their Operating Profit Margin?

•This is above the industry average of 8.3%.

896 4,165 = 21.4%

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What is their Total Asset Turnover?

sales

total assets

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What is their Total Asset Turnover?

4,165

3,861 = 1.09 times

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What is their Total Asset Turnover?

The industry average is 1.18 times.

The firm needs to figure out how to squeeze more sales dollars out of its

assets.

4,165

3,861 = 1.09 times

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What is the firm’s Accounts Receivable Turnover?

credit sales

accounts receivable

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What is the firm’s Accounts Receivable Turnover?

4,165

964 = 4.35 times

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What is the firm’s Accounts Receivable Turnover?

HD turns their A/R over 4.35

times per year. The industry average

4,165

964 = 4.35 times

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What is the firm’s Inventory Turnover?

cost of goods sold

inventory

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What is the firm’s Inventory Turnover?

HD turns their inventory over 12.26 times per year.

The industry average is 5.78 times.

2,673

218 = 12.26 times

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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.

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What is the firm’s Fixed Asset Turnover?

sales

fixed assets

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What is the firm’s Fixed Asset Turnover?

If the industry average is 4.26 times, what does this tell us about HD?

4,165

1,033 = 4.06 times

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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.

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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)

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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

100,000

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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 =

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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 = 15,000 - 4,000 = 22%

50,000

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What is HD’s Debt Ratio?

total debt

total assets

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What is HD’s Debt Ratio?

If the industry average is 58%, what does this tell us?

1,628

3,861 = 42.2%

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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?

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What is the firm’s Times Interest Earned Ratio?

operating income

interest expense

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What is the firm’s Times Interest Earned Ratio?

The industry average is 3.93 times. This is further evidence that the firm uses

less debt financing than average.

896.1 17.85 = 50.2 times

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4. Return on Equity

How well are the firm’s managers

maximizing shareholder wealth?

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What is HD’s

Return on Equity (ROE)?

net income

common equity

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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?

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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.

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The DuPont Model

Brings together:

• Profitability

• Efficiency

• Leverage

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The DuPont Model

𝑅𝑂𝐸 = 𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 𝑥 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 1 − 𝐷𝑒𝑏𝑡 𝑅𝑎𝑡𝑖𝑜

𝑅𝑂𝐸 =

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒

𝑆𝑎𝑙𝑒𝑠 𝑥 𝑆𝑎𝑙𝑒𝑠 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 1 − 𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡

𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡

𝑅𝑂𝐸 =

580,217 4,165,167 𝑥

4,165,167 3,861,217 1 − 1,628,302

3,861,217

𝑅𝑂𝐸 = 26%

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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

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End of Chapter

I.K. Gunarta