Prepared by Ahmad Subagyo
CASH FLOW ANALYSIS
(Analisis Arus Kas)
CASH FLOW ANALYSIS
(Analisis Arus Kas)
CASH FLOW ANALYSIS
(Analisis Arus Kas)
Evaluasi Kredit:
Laporan Kas yang Dihasilkan
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ANALISIS ARUS KAS
• Evaluasi kinerja dan penilaian resiko
• Sumber dan Penggunaan Kas
- dimana didapat, dimana dibelanjakan - jumlah & petunjuk perubahannya
• Menilai kebijakan manajemen keuangan
- keputusan investasi dan pembiayaan - kesesuaian pendanaan dan kebutuhan
- insight: bagaimana pinjaman digunakan utk usaha
• Mengerti kebutuhan pembiayaan suatau perusahaan
• Menunjukkan kas dihasilkan
• Berhubungan dengan analisis rasio keuangan
ARUS KAS
Cara bank memperoleh (recover) pinjamannya:
• Cara Pertama – arus kas dari operasi usaha
• Cara Kedua – kas dari penjualan aset usaha
• Cara Ketiga – kas dari penjualan aset pemilik
Analisis Arus Kas adalah suatu alat untuk memahami arus kas masuk dan keluar suatu
Perusahaan.
Merupakan alat utama (primer) untuk
mengevaluasi kredit.
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ARUS KAS – Siklus Operasi
Collection
Credit sales
Credit
purchases/
Payments CASH
ACCOUNT RECEIVABLE
INVENTORY
ARUS KAS - Operasi
SUMBER OPERASI
• Cash revenues
• Decrease in current assets
- Collection of A/R - Sale of inventory
• Increase in current liabilities
- Avail of supplier credit (Acct Payable)
PENGGUNAAN OPERASI
• Cash expenses
• Increase in current assets
- Credit sales (A/R) - Purchase of invty
• Decrease in current liabilities
- Payments to suppliers (A/P)
Operating cash flows come from revenue-generating activities and movements in the operating assets of the company.
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ARUS KAS – Siklus Non-Operasi
Capital outlay
• Debt, Equity
• Loan repayment
• Dividends
CASH Inventory
A/R
FIXED
ASSETS
ARUS KAS – Non-Operasi
SUMBER
• Decrease in long- term assets
- Sale of property and other fixed assets
• Increase in debt:
- LT Debt
- ST bank loans
• Increase in equity - Capital infusion
PENGGUNAAN
• Increase in long- term assets
- Purchase of M&E and other fixed
assets
• Decrease in debt &
long-term liabilities - Repayment of loans
• Cash dividend
payments
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LAPORAN ARUS KAS
LAPORAN HASIL KAS
Yang bisa dilihat?
• Presents changes in financial position
• Presents cash flow from operations & from non-
optg activities (long-term investing & external
financing)
• Provides info on:
- Need for financing - Fin. mgmt policies - Risks: cash needs &
sources Net OPERATING
Cash Flow
Net NON-OPTG
Cash Flow
Effect on CASH
PERSIAPAN LAPORAN ARUS KAS For Year 2002
Balance Sheet Dec 31
2001
Balance Sheet Dec 31
2002 Income
Stmt
Year
2002
PERSIAPAN LAPORAN ARUS KAS
Operating
Cash Flow Net Income Depreciation
Gross Operating Funds Gen (Inc)Dec in Acct Receivable (Inc)Dec in Inventory
Inc(Dec) in Acct Payable Net Operating Cash Gen
From Income Statement
From I/S; from change in B/S GOFG = NI + Depn
From changes in B/S
NOCG = GOFG + change in WC Non-Optg
Cash Flow (Inc)Dec in Fixed Assets Inc(Dec) in LTDebt
Inc(Dec) in ST bank loan Inc(Dec) in Equity
Dividend Payments
From changes in B/S
From change in B/S, vs. N I Effect on
Cash Inc(Dec) in CASH = NOCG +(-) change in N-Op;
Verify from change in B/S acct
LAPORAN ARUS KAS – Perubahan dlm Neraca
OPERATING Current Assets
(except Cash)
Current Liab.
(except ST bank loan)
Increase Use Source
Decrease Source Use
NON-OPTG LT Assets LT Liabilities
(incl. ST bank loan)
Increase Use Source
Decrease Source Use
ANALISIS ARUS KAS - Contoh
(Appliance Mfg; In $’000) 1999 2000 2001
Net Income 4,089 7,105 10,954
Depreciation 2,001 2,016 1,601
Gross Operating Funds Gen 6,090 9,121 12,555
(Inc)Dec Acct Receivable -2,683 -13,399 -23,275
(Inc)Dec Inventory -3,437 -9,815 -19,558
Inc(Dec) Acct Payable 2,620 7,728 -1,784
Net Operating Cash Gen 2,590 -6,365 -32,062
(Inc)Dec Fixed Assets -1,202 -421 -8,361
Inc(Dec) LTDebt -6,400 1,441 36,566
Inc(Dec) ST bank loans -1,025 1,793 6,000
Inc(Dec) Equity 5,175 0 128
Dividend Payments 0 -534 0
Inc(Dec) in CASH -862 -4,086 2,271
ANALISIS LAPORAN ARUS KAS
Banker’s
format Cash Generation Statement
Why important to bankers?
Operating
Cash Flow Net Income Depreciation
Gross Operating Funds Gen (Inc)Dec in Acct Receivable (Inc)Dec in Inventory
(Inc)Dec in Prepaid Exp.
(Inc)Dec in Other C.A.
Inc(Dec) in Acct Payable Inc(Dec) in Accrued Exp.
Inc(Dec) in Other C.L.
•Profitability & revenue-gen.
•GOFG is “funds”, not cash = estimate of cash flow
•WC adjustments: GOFG to cash-basis (accrual NI to CF)
•Sources & uses of cash
•Efficiency & growth in assets (vs. sales)
•Matching optg needs vs. ST sources
•Need for working capital financing
ANALISIS LAPORAN ARUS KAS
Banker’s
format Cash Generation Statement
Why important to bankers?
Operatin g Cash Flow
Net Operating Cash Gen
•NOCG = cash flow from operations
•Liquidity – is cash flow adequate
and stable?
•Self-financing capacity
(internal cash generation) – cash gen from biz w/o
resorting
to external funding
•Repayment capability
•Use for Capex & LT investment
•If negative trend – dependent on bank debt? Overborrowing?
ANALISIS LAPORAN ARUS KAS
Banker’s
format Cash Generation Statement
Why important to bankers?
Non-Optg
Cash Flow (Inc)Dec in Fixed Assets (Inc)Dec in Other LT Ast Inc(Dec) in LTDebt
Inc(Dec) in ST bank loan Inc(Dec) in Equity
Dividend Payments
•Sources & uses of cash
•LT investments & growth in assets (vs. sales)
•Matching Capex vs. LT sources
•Need for LT (external) financing
•Leverage – borrowings & debt- servicing?
•Competitors to cash flow –
pymt to other banks & to owners
•Margin of safety?
Effect on
Cash Inc(Dec) in CASH •If (-), cash & mkt sec as source to finance shortfall
•End-cash vs. minimum desired?
