the analysis of financial statement #the use of financial ratios#
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THE ANALYSIS OF FINANCIAL STATEMENT #THE USE OF FINANCIAL RATIOS# Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan. Income Statement. Input Dasar Balance Sheet. - PowerPoint PPT PresentationTRANSCRIPT
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THE ANALYSIS OF FINANCIAL STATEMENT#THE USE OF FINANCIAL RATIOS#Analisis rasio: Metode perhitungan dan interpretasi rasio keuangan untuk menilai prestasi dan status perusahaan.
Income Statement
Input Dasar Balance Sheet
Shareholders
Interested Parties Creditors
Managers
Beberapa hal yang perlu diperhatikan dalam rasio finansial:Satu rasio bukan menilai prestasi perusahaan secara umumPerbandingan harus pada periode yang samaLaporan finansial harus diauditLaporan finansial harus mempunyai format yang samaHasil perbandingan dapat terdistorsi, karena inflasi
Types of Ratio Comparisons •Cross Sectional Analysis Standard: Industry Average or Industry Leader •Time Series
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Liquidity Ratios Activity Ratios Financial Ratios Measure risk Debt Ratios Profitability Ratios Measure returnMeasures of Liquidity:Net Working Capital = Current Assets – Current LiabilitiesCurrent Ratio = Current Assets : Current LiabilitiesQuick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory)
Measures of Activity:Inventory Turnover = CGS : InventoryAverage Collection Period = Accounts Receivable : (Annual sales/360)Average Payment Period = Accounts Payable : (Annual sales/360)Fixed Assets Turnover = Sales : Net Fixed AssetsMeasures of Debt:
Degree of Indebtedness: Mengukur jumlah hutang thp jumlah Types of Debt Measures komponen yang penting dalam neraca Ability to Service Debts: Mengukur kemampuan perusahaan untuk Melakukan pembayaran sesuai kontrakDebt Ratio = Total Liabilties: Total AssetsDebt – Equity Ratio = Long Term Debt : Stockholders’ EquityTimes Interest Earned Ratio = EBIT : Interest
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(EBIT + Lease Payments) Fixed Payment Coverage Ratio = ----------------------------------------------- Interest + Lease Payment + {[Principal Payments + Preferred Stock Dividends] x [ 1/ (1-T)]}Measures of Profitability:Common Size Income Statements: Setiap item dalam Income Statements diprosentasekan terhadap PenjualanGross Profit Margin = Gross Profits : SalesOperating Profit Margin = Operating Profits : SalesNet Profit Margin = EAT : SalesReturn on Investment = EAT : Total AssetsReturn on Equity = EAT : Stockholders’ Equity Earnings Available for Common StockholdersEarnings Per Share = --------------------------------------------------------------- Number of Shares of Common Stock Outstanding Price / Earnings Ratio = Market Price Per Share of Common Stock : Earnings Per Share
Two Approaches to Complete Ratio Analysis:DuPont System of Analysis.Summary Analysis of a Large Number of Ratios
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SALES $3,074,000
CGS $2,088,000
OPERATING EXPENSES $1,074,000
INTEREST EXPENSES $93,000
TAXES $94,000
CURRENT ASSETS $1,223,000
NET FIXED ASSETS $2,374,000
CURRENT LIABILITIES
$620,000
LONG TERM DEBT $1,023,000
NET PROFIT $231,000
SALES $3,074,000
TOTAL LIABILITIES $1,643,000
TOTAL ASSETS $3,597,000
STOCKHOLDERS’ EQUITY $1,954,000
SALES $3,074,000
NET PROFIT MARGIN 7.5%
TOTAL ASSETS TURNOVER 0.85
STOCKHOLDERS’ EQUITY $1,954,000
TOTAL LIABILITIES + STOCKHOLDERS’
EQUITY = TOTAL ASSETS $3,597,000
EQUITY MULTI
PLIER 1.84
ROI
6.4 %
ROE
11.8 %
DUPONT SYSTEM OF ANALYSIS
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RATIO YEAR INDUSTRY AVERAGE
EVALUATION
1989 1990 1991 CROSS SECTIONAL
1991
TIME SERIES OVERALL
LIQUIDITY:
NWC $ 583 $ 521 $ 603 $ 427 GOOD GOOD GOOD
CR 2.04 2.08 1.97 2.05 OK OK OK
QR 1.32 1.46 1.51 1.43 OK GOOD GOOD
ACTIVITY:
ITO 5.1 5. 7.2 6.6 GOOD GOOD GOOD
ACP 43.9 DAYS
51.2 DAYS
58.9 DAYS
44.3 DAYS POOR POOR POOR
APP 75.8 DAYS
81.2 DAYS
94.1 DAYS
66.5 DAYS POOR POOR POOR
FATO 1.5 1.13 1.29 1.35 OK OK OK
TATO 0.94 0.79 0.85 0.75 OK OK OK
Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
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RATIO YEAR INDUSTRY AVERAGE
EVALUATION
1989 1990 1991 CROSS SECTIONAL
1991
TIME SERIES
OVERALL
DEBT:
DR 36.8% 44.3% 45.6% 40% OK OK OK
DER 44.2% 53.1% 52.4% 50% OK OK OK
TIER 5.6 3.3 4.5 4.3 GOOD OK OK
FPCR 2.4 1.5 1.9 1.5 GOOD OK GOOD
PROFITABILITY:
GPM 31.4% 33.3% 32.1% 30% OK OK OK
OPM 14.6% 11.8% 13.6% 11% GOOD OK GOOD
NPM 8.8% 5.8% 7.5% 6.4% GOOD OK GOOD
ROI 8.3% 4.5% 6.4% 4.8% GOOD OK GOOD
ROE 13.1% 8.1% 11.8% 8% GOOD OK GOOD
EPS $ 3.26 $ 1.81 $ 2.9 $ 2.26 GOOD OK GOOD
PER 10.5 10 11.1 12.5 GOOD OK OK
Summary of Barlet Oil Company (1989 – 1991) Including 1991 Industry Average
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PROBLEMS
I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for O’Keefe Industries using the information that follows it.
Balance SheetO’Keefe Industries
December 31, 2008
Cash $ 30,000 Account Payable $ 120,000
Markatable Securities 25,000 Notes Payable ?
Account Receivables ? Accruals 20,000
Inventories ? Total Current Liabilities
?
Total Current Assets ? Long Term Debt ?
Net Fixed Assets ? Shareholders’ Equity 600,000
Total Assets ? Total Liabilities and Shareholders’ Equity
?
The following financial data for 2008 are also available
Sales Totaled $ 1,800,000 The average collection period was 40 days
Gross profit margin was 25% The current ratio was 1.6
Inventory turnover was 6 The total asset turnover ratio was 1.2
There are 360 days in the year The debt ratio was 60%
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II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a conclusion.