A n a l i si s L a p or a n Keu a n ga n
Pertemuan ke-1 4 :
“
Pengukuran Kinerja”
Liquidity and Working Capital
• Liquidity – Kemampuan untuk mengkonversi aset menjadi
kas atau menghasilkan kas untuk memenuhi kewajiban jangka pendek.
• Working Capital – Selisih antara current assets terhadap
current liabilities.
Basics
Lack of liquidity can limit: Severe illiquidity often precedes:
Advantages of discounts Lower profitability
Profitable opportunities Restricted opportunities Management actions Loss of owner control Coverage of current obligations Loss of capital investment
Liquidity and Working Capital
• Current Assets Kas atau aset lainnya yang diekspektasi dapat (1) dicairkan menjadi kas, atau (2) dijual atau dikonsumsi dalam siklus operasional satu tahun.
• Current liabilities - Kewajiban yang harus dipenuhi dalam waktu kurang dari satu tahun.
• Working Capital - Selisih antara current assets terhadap current liabilities .
• Current Ratio – Rasio antara Current Assets dan Current Liabilities.
Liquidity and Working Capital
• Cash to Current Assets Ratio
– Rasio yang lebih besar menunjukkan tingkat likuiditas current asset yang lebih tinggi.
• Cash to Current Liabilities Ratio
– Rasio yang lebih besar menunjukkan ketersediaan kas yang lebih besar pula untuk penuhi kewajiban jangka pendek.
Cash-Based Ratio Measures of Liquidity
Cash + Cash equivalents + Marketable securities Current Assets
Operating Activity Analysis of Liquidity
• Accounts Receivable Turnover
• Days’ Sales in Receivables
• Receivables collection period
Illustration (Day’s sales in inventory)
Operating Activity Analysis of Liquidity
• Inventory turnover ratio:
– Mengukur rata-rata kecepatan perputaran inventori dalam suatu perusahaan
• Days’ Sales in Inventory:
– Menunjukkan berapa hari yang dibutuhkan untuk menjual inventori akhir.
• An alternative measure - Days to sell inventory ratio:
Operating Activity Analysis of Liquidity
• Current liabilities sangat penting dalam perhitungan
working capital dan current ratio:
• Kualitas Current Liabilities
– Harus dikelompokkan berdasarkan urgensi pembayarannya. – Harus berhati-hati terhadap kewajiban yang tidak tercatat yang
memiliki klaim terhadap current fund.
Operating Activity Analysis of Liquidity
• Days’ Purchases in Accounts Payable
– Mengukur lama periode account payable
perusahaan.
• Accounts Payable Turnover
– Merupakan indikasi kecepatan pembayaran account
payable perusahaan.
Additional Liquidity Measures
– Indikator likuiditas working capital
Illustrasi
Current Assets Composition
Texas Electric’s current assets along with their common-size percentages are reproduced below for Years 1 and 2:
Cash $ 30,000 30 % $ 20,000 20 %
Accounts receivable 40,000 40 30,000 30
Inventories 30,000 30 50,000 50 %
Total current assets $100,000 100 % $100,000 100
Additional Liquidity Measures
• Acid-Test (Quick) Ratio
• Cash Flow Measures
Additional Liquidity Measures
• Suatu teknik untuk mengetahui efek dari
perubahan dalam kondisi atau kebijakan
tertentu terkait sumber daya kas perusahaan.
Additional Liquidity Measures
What-if analysis Illustration
Background Data—Consolidated Technologies at December 31, Year 1:
Cash $ 70,000
Accounts receivable 150,000
Inventory 65,000
Accounts payable 130,000
Notes payable 35,000
Accrued taxes 18,000
Fixed assets 200,000
Accumulated depreciation 43,000
Capital stock 200,000
The following additional information is reported for Year 1:
Sales $750,000 Cost of sales 520,000 Purchases 350,000 Depreciation 25,000 Net income 20,000
Anticipates 10 percent growth in sales for Year 2
All revenue and expense items are expected to increase by 10 percent, except for depreciation, which remains the same
All expenses are paid in cash as they are incurred Year 2 ending inventory is projected at $150,000
Case 1:Consolidated Technologies is considering a change in credit policy where ending accounts
receivable reflect 90 days of sales. What impact does this change have on the company’s cash balance? Will this change affect the company’s need to borrow?
Our analysis of this what-if situation is as follows:
Cash, January 1, Year 2 $ 70,000 Cash collections:
Accounts receivable, January 1, Year 2 $ 150,000
Sales 825,000
Total potential cash collections $ 975,000
Less: Accounts receivable, December 31, Year 2 ( 206,250)(a) 768,750
Total cash available $ 838,750 Cash disbursements:
Accounts payable, January 1, Year 2 $ 130,000 Purchases 657,000(b)
Total potential cash disbursements $ 787,000
Accounts payable, December 31, Year 2 ( 244,000)(c) $ 543,000 Notes payable, January 1, Year 2 $ 35,000
Notes payable, December 31, Year 2 ( 50,000) (15,000) Accrued taxes 18,000
Cash expenses(d) 203,500 749,500 Cash, December 31, Year 2 $ 89,250 Cash balance desired 50,000
Cash excess $ 39,250
(continued)
Additional Liquidity Measures
Explanations: (a)
(b)Year 2 cost of sales*: $520,000 × 1.1 = $572,000 Ending inventory (given) 150,000 Goods available for sale $ 722,000 Beginning inventory (65,000)
Purchases $ 657,000
* Excluding depreciation.
(c)
(d) Gross profit ($825,000 – $572,000) $ 253,000 Less: Net income $ 24,500*
Depreciation 25,000 ( 49,500) Other cash expenses $203,500
*110 percent of $20,000 (Year 1 N.I.) + 10 percent of $ 25,000 (Year 1 depreciation).
Additional Liquidity Measures
Basics of Solvency
• Solvency — kemampuan perusahaan dalam memenuhi
kewajiban jangka panjangnya.
• Capital structure — komposisi sumber pendanaan
yang digunakan oleh p perusahaan.
• Earning power —kemampuan untuk menghasilkan kas
dari aktivitas operasi.
• Loan covenants — proteksi terhadap insolvency dan
Basics of Solvency
• Equity financing
– Risiko modal bagi perusahaan
– Ketidakpastian return
– Tidak adanya pola yang pasti dalam hal pembayaran
– Berkontribusi terhadap stabilitas dan solvency perusahaan.
• Debt financing
– Harus dikembalikan beserta bunganya.
– Pola pengembalian yang jelas.
• Ketika proporsi hutang lebih besar, maka lebih besar pula biaya bunga dan komitmen pengembalian yang harus dipenuhi.
Basics of Solvency
Capital Structure Composition and Solvency
• Total Debt to Total Capital Ratio
– Pengukuran komprehensif untuk melihat hubungan total hutang dan total modal perusahaan.
– Disebut juga Total debt ratio
• Total Debt to Equity Capital
• Long-Term Debt to Equity Capital
– Mengukur hubungan antara hutang jangka panjang dan ekuitas. – Disebut juga sebagai debt to equity ratio.
• Short-Term Debt to Total Debt
– Indikator reliance pendanaan jangka pendek..
Earnings Coverage
• Keterbatasan pengukuran capital structur e – tidak
dapat memfokuskan pada ketersedian arus kas dalam memenuhi hutang.
• Peran earnings coverage, atau earning power, sebagai sumber pengembalian bunga dan pokok hutang.
• Earnings to fixed charges ratio
Earnings Coverage
Earnings Coverage
• Times interest earned ratio
– Mengasumsikan biaya bunga sebagai satu-satunya
fixed charge yang membutuhkan earnings coverage.
coverage:
– Numerator merupakan earnings before interest and
taxes, atau EBIT.
– .
Earnings Coverage
• Cash flow to fixed charges ratio
– Dihitung menggunakan arus kas dari kegiatan
operasi, berbeda dengan numerator pada earnings to fixed charges ratio.
Earnings Coverage
• Earnings coverage of preferred dividends ratio
– Perhitungan fixed charge harus memasukkan seluruh pengeluaran termasuk pembayaran prefered dividend.
Earnings Coverage
• Adanya peningkatan leverage perusahaan dapat meningkatkan risiko bagi pemegang saham/modal. • Substitusi hutang terhadap ekuitas menghasilkan
capital strcture lebih berisiko.
• Terdapat hubungan antara risiko dan imbal hasil di dalam capital structure.
• Anilisis peronal dapat merefleksikan ekspetasi risiko
dan return dalam tiap perusahaan.
Capital Structure Risk and Return
Return $
