analysis of financial statement 2012

7/30/2019 Analysis of Financial Statement 2012

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ANALYSIS OF FINANCIAL STATEMENT

Assessment of the firms past, present and futurefinancial conditions

Done to find firms financial strengths andweaknesses (Financial Position, profitability,solvency, liquidity, capability of management)

Useful when making projections.

Primary Tools: Financial Statements Comparison of financial ratios to past, industry,

sector and all firms


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Product Life Cycle

Products move through 4 life cycles: introduction, growth, maturity,and decline.

Introduction & growth: Product development and promotion highR&D expenses, high advertising and promotion spending, largecapital investments

Maturity: Competition increases and costs reductions occur Decline: Sales decline and profit opportunities diminish

Before you can value a company, you mustunderstand how company operates and itsfinancial characteristics.(Industry specific characteristic, size, life cycle,accounting method)

ANALYSIS OF FINANCIAL STATEMENT


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Sources of company information

Company website / For investors

Annual report

News articles

Specialized publications, collections, and search tools

The government (BAPPEPAM, SEC, FDA, EPA, etc.)
http://www.usa.gov/index.shtmlhttp://www.teaandcoffee.net/0610/


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Comparing to Other Firms

Published IndustryRatios Robert Morris Associates Annual Statement Studies

Dun and Bradstreet Industry Norms & Ratios


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Ratios are a tool Like with all tools you must:

Understand its possible uses (arti, kegunaan dan arahpenilaian) Ingatlah, Rasio Keuangan bukanlah tujuan, melainkan

hanya alat

Agar analisis rasio mencapai tujuannya, sebaiknya angka-

angka besaran rasio diperbandingkan dari tahun ketahun. Akan lebih baik lagi jika diperbandingkan jugadengan rasio yang sama dengan perusahaan saingan

Dari rasio-rasio keuangan yang banyak ini, sebaiknya

dipilih beberapa jenis rasio yang dianggap penting bagitujuan perusahaan

Carilah penyebab penyimpangan dan perkembangan inidengan menghubungkan antara rasio satu dengan yanglain


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Ratio Analysis

There are 4 categories ofratios

LiquidityLeverage

Asset Use or Efficiency

Profitability

Market Value ratio


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Liquidity Ratios

How well can the firm pay its bills without under stress. A high ratio indicates liquid, but too high may mean the

firm is inefficient.

Issues to consider:

How liquid are inventory and receivables? Leverage (Hutang Lancar)

MENGUKUR LIKUIDITAS DENGAN MEMBANDINGKAN: KAS DAN AKTIVA LANCAR YANG HARUS DIUBAH MENJADI UANG

KAS PADA TAHUN TERSEBUT.

HUTANG (KEWAJIBAN) YANG JATUH TEMPO DAN HARUSDIBAYAR PADA TAHUN ITU


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Liquidity Ratios

Current ratio = times

Current Asset / Current liabilities

MENUNJUKKAN SAMPAI SEJAUH MANA TAGIHAN- TAGIHANJANGKA PENDEK DAN PARA KREDITOR DAPAT DIPENUHI

DENGAN AKTIVA YANG DIHARAPKAN ATAU DIKONVERSIKANMENJADI UANG TUNAI

Quick ratio= .times

(Current assets - inventory) / Current liabilities

Cash ratio= .. times

Cash + Marketable Securities / Current liabilities


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Leverage Ratios

Measures the firms long-run ability to meet itsobligations.

Too high of a ratio could lead to financialdistress too low of a ratio could indicate thefirm is not utilizing all the benefits of debt.

Issues to consider

A firms level of leverage

A firms ability to meet interest payments


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Leverage

Total debt ratio= %

Total Debt / Total assets x 100%

(MENGUKUR sejauh mana pinjaman (hutang) itu mendanai seluruh assetperusahaan)

Debt to Equity ratio =

Total Debt / Total equity x 100%Menunjukkan sejauh mana pendanaan dari hutang digunakan, dibandingkandengan pendanaan ekuitas

Long-term debt ratio =Long-term Debt x 100%

Long term Debt+ Total equity

Times interest earned ratio (TIAR)= ..timesEBIT / Interest

MENGUKUR KEMAMPUAN PERUSAHAAN UNTUK MEMBAYAR BEBAN

BUNGA TAHUNAN


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Asset Use and Efficiency Ratios

How efficiently does the firm use its assets to generatesales

Investigates long-term and current assets.

Issues Is the firm maximizing the spread between receivables

and payables - working capital management? Some industries are more asset intensive and some of

these ratios will vary by industry.

ADALAH RASIO YANG MENGUKUR SEBERAPAEFEKTIF PERUSAHAAN MENGELOLA

AKTIVANYA.


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A. RASIO PERPUTARAN PERSEDIAAN (INVENTORY TURNOVER)= Mengukur berapa kali inventori berputar (terjual) selama tahun

terkait apakah perusahaan kelebihan persediaan.= PENJUALAN = .... times

PERSEDIAAN

B. JANGKA WAKTU PENAGIHAN (DAYS SALES OUTSTANDING /DSO)

MENUNJUKKAN BERAPA LAMA RATA-RATA JANGKA WAKTUPENERIMAAN HASIL PENJUALAN SEJAK PENJUALAN TERLAKSANA.___PIUTANG_________

PENJUALAN RATA-RATA/HARI =. days

C. RASIO PERPUTARAN AKTIVA TETAP (FIXED ASSETS TURNOVERRATIO)

= RASIO PEMANFAATAN AKTIVA TETAP= MENGUKUR SEBERAPAEFISIEN PERUSAHAAN MENGGUNAKAN PABRIK DANPERALATANNYA

_____PENJUALAN__

AKTIVA TETAP BERSIH = ........... times


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D. RASIO PERPUTARAN TOTAL AKTIVA (TOTALASSETS TURNOVER RATIO)

Days sales in inventory =

Inventory turnover /Sales

Receivables turnover = Perputaran piutang

Accounts receivable / 365 days


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Profitability

These ratios are the bottom line and show

how well the firm is able to control expensesand generate revenue.

They reflect the impact of all othercategories ofratios.


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ProfitabilityMenggambarkan kemampulabaan perusahaan dalam

menghasilkan laba secara relative. Relatif dalam hal iniartinya laba tidak diukur dari besarnya secara mutlak,tetapi diperbandingkan dengan unsur- unsur atau tolakukur lainnya, karena perolehan laba yang besar belumtentu menggambarkan kamampulabaan yang besar juga.Tolok ukur yang dipakai untuk menilai kemampulabaanbiasanya adalah: Pendapatan, Dana, dan Modal

Net Profit Margin =

Net Income / Sales x 100%

Indicates what portion of sales contribute to theincome of a company


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Profitability Return on Assets (ROA) =

Net Income / Total assets x 100%

Return On Assets (ROA) adalah suatu indikator untukmelihat seberapa profitable sebuah perusahaan relatifterhadap total asset. ROA memberikan suatu ide seberapaefisien manajemen dalam penggunaan aset asetperusahaan untuk menghasilkan pendapatan

Return on Equity (ROE) =Net Income / Total equity x 100%

Return On Equity is a ratio that measure the company capabilityin generate profit from equity gave by shareholder

Return on Investment (ROI)Laba BersihTotal Investasi x 100%


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Market Value

Earning Per Share (EPS)= Net Income / Shares Outstanding = $/ Rp

it is indicates the rate of growth a companies earnings aregrowing (on a per share basis)

Price-Earnings Ratio (PE Ratio)

= Price per Share / Earning per Share =.. TimesIn general, a high P/E suggests that investors are expecting higherearnings growth in the future compared to companies with a lowerP/E. However, the P/E ratio doesn't tell us the whole story by itself.It's usually more useful to compare the P/E ratios of one companyto other companies in the same industry, to the market in general or

against the company's own historical P/E.


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Financial Ratio AnalysisLiquidity

1. Liquidity Ratios

Current ratio

Quick (acid test) ratio

Inventory to net

working capital

Cash ratio

How

Formula Expressed Meaning

Current assets

Current liabilitiesDecimal

Decimal

Decimal

Decimal

A short-term indicator of the companys

ability to pay its short-term liabilities

from short-term assets; how much of

current assets are available to cover

each dollar of current liabilities.

Measures the companys ability to pay

off its short-term obligations from

current assets, excluding inventories.A measure of inventory balance;

measures the extent to which the

cushion of excess current assets over

current liabilities may be threatened by

unfavorable changes in inventory.

Measures the extent to which the

companys capital is in cash or cash

equivalents; shows how much of thecurrent obligations can be paid from

cash or near-cash assets.

Current assets Inventory

Current liabilities

InventoryCurrent assets Current liabilities

Cash + Cash equivalents

Current liabilities


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Financial Ratio Analysis

Profitability

2. Profitability Ratios

Net profit margin

Gross profit margin

Return on investment

(ROI)

Return on equity

(ROE)

Earnings per share

(EPS)

How


Net profit after taxes

Net sales Percentage

Percentage

Percentage

Percentage

Dollars per

share

Shows how much after-tax profits are

generated by each dollar of sales.

Indicates the total margin available to

cover other expenses beyond cost of

goods sold, and still yield a profit.

Measures the rate of return on the total

assets utilized in the company; a

measure of managements efficiency, it

shows the return on all the assets

under its control regardless of source

of financing.

Measures the rate of return on the

book value of shareholders total

investment in the company.

Shows the after-tax earnings

generated for each share of common

stock.

Sales Cost of goods sold

Net sales


Shareholders equity


preferred stock dividends

Average number of

common shares


Total assets


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Financial Ratio AnalysisActivity

3. Activity RatiosInventory turnover

Days of inventory

Net working capitalturnover

Asset turnover

Fixed asset turnover

Average collectionperiod

Accounts receivable

turnoverAccounts payableperiod

Days of cash

How


Net sales

Inventory Decimal

Days

Decimal

Decimal

Decimal

Days

Decimal

Days

Days

Measures the number of times that average inventory offinished goods was turned over or sold during a period oftime, usually a year.

Measures the number of one days worth of inventory thata company has on hand at any given time.

Measures how effectively the net working capital is usedto generate sales.

Measures the utilization of all the companys assets;measures how many sales are generated by each dollar

of assets.Measures the utilization of the companys fixed assets(i.e., plant and equipment); measures how many salesare generated by each dollar of fixed assets.

Indicates the average length of time in days that acompany must wait to collect a sale after making it; maybe compared to the credit terms offered by the companyto its customers.

Indicates the number of times that accounts receivableare cycled during the period (usually a year).

Indicates the average length of time in days that thecompany takes to pay its credit purchases.

Indicates the number of days of cash on hand, at presentsales levels.

InventoryCost of goods sold 365

Net salesNet working capital

Sales

Total assets

Sales

Fixed assets

Accounts receivableSales for year 365

Annual credit salesAccounts receivable

Accounts payablePurchases for year 365

CashNet sales for year 365


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Financial Ratio AnalysisLeverage

4. Leverage Ratios

Debt to asset ratio

Debt to equity ratio

Long-term debt to

capital structure

Times interest earned

Coverage of fixed

charges

Current liabilities to

equity

How


Total debt

Total assetsPercentage

Percentage

Percentage

Decimal

Decimal

Percentage

Measures the extent to which borrowed

funds have been used to finance the

companys assets.

Measures the funds provided by creditors

versus the funds provided by owners.

Measures the long-term component of

capital structure.

Indicates the ability of the company to

meet its annual interest costs.

A measure of the companys ability to

meet all of its fixed-charge obligations.

Measures the short-term financing

portion versus that provided by owners.

Total debtShareholders equity

Long-term debtShareholders equity

Profit before taxes +

Interest charges + Lease chargesInterest charges + Lease obligations

Profit before taxes + Interest charges

Interest charges

Current liabilitiesShareholders equity


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Financial Ratio AnalysisOther

5. Other Ratios

Price/earning ratio

Dividend payout ratio

Dividend yield on

common stock

How


Market price per shareEarnings per share Decimal

Percentage

Percentage

Shows the current markets evaluation

of a stock, based on its earnings;

shows how much the investor is willing

to pay for each dollar of earnings.

Indicates the percentage of profit that

is paid out as dividends.

Indicates the dividend rate of return to

common shareholders at the current

market price.

Annual dividends per shareAnnual earnings per share

Annual dividends per share

Current market price per share

analysis of financial statement 2012

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