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![Page 1: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/1.jpg)
ANALISIS RASIO
BY: ALK48
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TODAY’S TOPICS
•How to Calculate The Ratio Analysis? (Kel.5)•How to Choose The Stock? (Kel.11)•How to Assess The Company’s Health? (Kel.3)
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ANALISIS RASIOPT Fast Food Indonesia,
Tbk
Kelompok 5 – Hi Five
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PROFIL PERUSAHAAN• PT Fast Food Indonesia Tbk (FAST) merupakan pemegang
hak waralaba tunggal KFC di Indonesia. Didirikan tanggal 19 Juni 1978 dan memulai kegiatan usaha komersialnya pada tahun 1979. Kantor pusat FAST terletak di Jl. M.T. Haryono, Jakarta, Indonesia dan terdaftar sebagai perusahaan publik sejak tahun 1994.• Pemegang saham mayoritas dari FAST adalah PT Gelael
Pratama (induk usaha dari FAST) dan PT Indoritel Makmur Internasional Tbk (DNET)
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ANALISIS RASIO• Rasio keuangan adalah angka yang diperoleh dari hasil perbandingan
satu pos laporan keuangan dengan pos lainnya yang mempunyai hubungan yang relevan dan signifikan
• Analisis rasio sangat penting dalam melakukan analisis terhadap kondisi keuangan perusahaan
• Menyederhanakan informasi yang menggambarkan hubungan antara pos tertentu dengan pos lainnya
PT Fast Food Indonesia, Tbk•
AN
ALI
SIS
RA
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RATIOSLiquidity
RatioSolvability
RatioRentability
Ratio
Leverage Ratio
Activity Ratio
Growth Ratio
Market Based Ratio
Productivity Ratio
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Current Ratio 2010 2011 2012 2013 2014
Aktiva Lancar = 558,177,333 758,699,088 802,839,688 912,654,898 939,719,765 Utang Lancar 326,766,753 422,292,264 454,121,516 535,524,358 499,173,655
1.7082 1.7966 1.7679 1.7042 1.8826
2010 2011 2012 2013 20141.6
1.65
1.7
1.75
1.8
1.85
1.9
1.7082
1.7966
1.7679
1.7042
1.8826
Current Ratio
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Rasio Cepat 2010 2011 2012 2013 2014Kas + Surat Berharga + Piutang = 415,078,868 631,835,476 612,549,780 699,907,870 716,410,546
Utang Lancar 326,766,753 422,292,264 454,121,516 535,524,358 499,173,655 1.2703 1.4962 1.3489 1.307 1.4352
2010 2011 2012 2013 20141.15
1.2
1.25
1.3
1.35
1.4
1.45
1.5
1.55
1.2703
1.4962
1.3489
1.307
1.4352
Rasio Cepat
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Rasio Kas atas Aktiva Lancar 2010 2011 2012 2013 2014
Kas = 374,207,101 558,725,611 567,588,921 640,581,168 645,571,294 Aktiva Lancar 558,177,333 758,699,088 802,839,688 912,654,898 939,719,765
0.6704 0.7364 0.707 0.7019 0.687
2010 2011 2012 2013 20140.62
0.64
0.66
0.68
0.7
0.72
0.74
0.76
0.6704
0.7364
0.7070.7019
0.687
Rasio Kas atas Aktiva Lancar
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Rasio Kas atas Utang Lancar 2010 2011 2012 2013 2014
Kas = 374,207,101 558,725,611 567,588,921 640,581,168 645,571,294 Utang Lancar 326,766,753 422,292,264 454,121,516 535,524,358 499,173,655
1.1452 1.3231 1.2499 1.1962 1.2933
2010 2011 2012 2013 20141.05
1.1
1.15
1.2
1.25
1.3
1.35
1.1452
1.3231
1.2499
1.1962
1.2933
Rasio Kas atas Utang Lancar
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Rasio Aktiva Lancar dan Total Aktiva 2010 2011 2012 2013 2014
Aktiva Lancar = 558,177,333 758,699,088 802,839,688 912,654,898 939,719,765 Total Aktiva 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810
0.4516 0.4901 0.4506 0.4500 0.4345
2010 2011 2012 2013 20141.05
1.1
1.15
1.2
1.25
1.3
1.35
1.1452
1.3231
1.2499
1.1962
1.2933
Rasio Kas atas Utang Lancar
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Rasio Aktiva Lancar dan Total Utang 2010 2011 2012 2013 2014
Aktiva Lancar = 558,177,333 758,699,088 802,839,688 912,654,898 939,719,765 Total Utang 107,612,332 294,971,277 337,061,671 391,628,530 470,296,468
5.1869 2.5721 2.3819 2.3304 1.9981
2010 2011 2012 2013 20140
1
2
3
4
5
6
5.1869
2.57212.3819 2.3304
1.9981
Rasio Aktiva Lancar dan Total Utang
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Rasio Solvabilitas
Menggambarkan kemampuan perusahaan dalam membayar kewajiban jangka panjangnya atau
kewajiban-kewajibannya apabila perusahaan dilikuidasi
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Rasio Solvabilitas
Rasio Utang atas Modal =
Total UtangModal (Equity)
Debt Service Ratio (Rasio Pelunasan Utang) =Laba bersih + bunga + Penyusutan + Beban non Kas
Pembayaran bunga dan pinjaman
Rasio Utang atas Aktiva =
Total UtangTotal Aktiva
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Rasio Utang atas Modal 2010 2011 2012 2013 2014
Total Utang=
434,379,085 717,263,541 791,183,187 927,152,888 969,470,123 Modal (Equity) 801,663,959 830,718,483 990,722,807 1,100,971,775 1,193,163,687
54.18% 86.34% 79.86% 84.21% 81.25%
2010 2011 2012 2013 20140.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
54.18%
86.34%79.86%
84.21%81.25%
Rasio Utang atas Modal
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Debt Service Ratio (Rasio Pelunasan Utang) 2010 2011 2012 2013 2014
Laba bersih + bunga + Penyusutan + Beban non Kas = 392,353,128 404,732,797 406,164,879 344,914,821 370,996,308 Pembayaran bunga dan pinjaman 251,647 9,571,296 20,543,240 20,653,987 20,788,643
1559.14 42.29 19.77 16.70 17.85
2010 2011 2012 2013 20140.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.001559.14
42.29 19.77 16.70 17.85
Debt Service Ratio_x000d_(Rasio Pelunasan Utang)
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Rasio Utang atas Aktiva 2010 2011 2012 2013 2014
Total Utang = 434,379,085 717,263,541 791,183,187 927,152,888 969,470,123 Total Aktiva 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810
35.14% 46.34% 44.40% 45.71% 44.83%
2010 2011 2012 2013 20140.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
35.14%
46.34%44.40% 45.71% 44.83%
Rasio Utang atas Aktiva
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Rasio Rentabilitas
Menggambarkan kemampuan perusahaan mendapatkan laba melalui semua
kemampuan dan sumber yang ada.
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a) Margin Laba (Profit Margin)
b) Perputaran aktiva (Return on Asset)
Laba UsahaPenjualan
Penjualan BersihTotal Aktiva
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Margin Laba (Profit Margin) 2010 2011 2012 2013 2014
Laba Usaha = 203,554,847 287,929,302 270,555,648 201,850,669 200,126,441 Penjualan 2,913,604,568 3,183,814,560 3,559,485,575 3,960,252,775 4,208,887,158
6.99% 9.04% 7.60% 5.10% 4.75%
2010 2011 2012 2013 20140.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
6.99%
9.04%
7.60%
5.10%4.75%
Margin Laba (Profit Margin)
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Perputaran aktiva (Return on Asset) 2010 2011 2012 2013 2014
Penjualan Bersih = 2,913,604,568 3,183,814,560 3,559,485,575 3,960,252,775 4,208,887,158 Total Aktiva 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810
2.36 2.06 2.00 1.95 1.95
2010 2011 2012 2013 20140.00
0.50
1.00
1.50
2.00
2.502.36
2.06 2.00 1.95 1.95
Perputaran aktiva (Return on Asset)
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c) Return on Investment
d) Perputaran aktiva (Return on Asset)
Laba BersihModal
Laba BersihTotal Aktiva
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Return on Investment 2010 2011 2012 2013 2014
Laba Bersih = 199,597,177 229,054,524 206,045,984 156,290,628 152,046,069 Modal 801,663,959 830,718,483 990,722,807 1,100,971,775 1,193,163,687
24.90% 27.57% 20.80% 14.20% 12.74%
2010 2011 2012 2013 20140.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
24.90%
27.57%
20.80%
14.20%12.74%
Return on Investment
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Perputaran aktiva (Return on Asset) 2010 2011 2012 2013 2014
Laba Bersih = 199,597,177 229,054,524 206,045,984 156,290,628 152,046,069 Total Aktiva 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810
16.15% 14.80% 11.56% 7.71% 7.03%
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2010 2011 2012 2013 20140.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
16.15%
14.80%
11.56%
7.71%7.03%
Perputaran Aktiva (Return on Asset)
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e)Basic Earning Power
f) Earning Per Share
Laba Sebelum Bunga dan PajakTotal Aktiva
Laba BersihJumlah Saham
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Basic Earning Power 2010 2011 2012 2013 2014Laba Sebelum Bunga dan Pajak = 261,841,459 308,273,448 289,760,104 223,763,136 232,198,217
Total Aktiva 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810 21.18% 19.91% 16.26% 11.03% 10.74%
2010 2011 2012 2013 20140.00%
5.00%
10.00%
15.00%
20.00%
25.00%
21.18%19.91%
16.26%
11.03% 10.74%
Basic Earning Power
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Earning Per Share2010 2011 2012 2013 2014447 505 448 78 76
20102011
20122013
2014
0
100
200
300
400
500
600
447505
448
7876
Earning Per Share
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Contribution Margin 2010 2011 2012 2013 2014
Laba Kotor = 1,640,447,848 1,876,772,983 2,082,785,169 2,385,864,690 2,542,570,361 Penjualan 2,913,604,568 3,183,814,560 3,559,485,575 3,960,252,775 4,208,887,158
56.30% 58.95% 58.51% 60.25% 60.41%
2010 2011 2012 2013 201454.00%
55.00%
56.00%
57.00%
58.00%
59.00%
60.00%
61.00%
56.30%
58.95%58.51%
60.25% 60.41%
Contribution Margin
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RASIO LEVERAGERasio ini menggambarkan hubungan antara utang perusahaan terhadap modal maupun aset. Rasio ini dapat melihat seberapa jauh perusahaan dibiayai oleh hutang atau pihak luar dengan kemampuan perusahaan yang digambarkan oleh modal (equity).Rasio ini bisa juga dianggap bagian dari rasio solvabilitas.
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Leverage 2010 2011 2012 2013 2014
Utang = 434,379,085 717,263,541 791,183,187 927,152,888 969,470,123 Modal 801,663,959 830,718,483 990,722,807 1,100,971,775 1,193,163,687
= 54.18% 86.34% 79.86% 84.21% 81.25%
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2010 2011 2012 2013 20140.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
54.18%
86.34%79.86%
84.21%81.25%
Leverage
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RASIO AKTIVITAS• Rasio ini menggambarkan aktivitas yang dilakukan perusahaan dalam
menjalankan operasinya baik dalam kegiatan penjualan, pembelian dan kegiatan lainnya.
• Rasio ini juga mengukur seberapa efektif perusahaan dalam memanfaatkan semua sumber daya yang ada.
• Jenis Rasio Aktivitas :a. Inventory Turn Over
b. Receivable Turn Overc. Fixed Aset Turn Overd. Total Aset Turn Overe. Periode Penagihan Piutang
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a) Inventory Turn OverRasio ini menunjukkan seberapa cepat perputaran persediaan dalam siklus produksi normal. Semakin besar rasio ini semakin baik karena dianggap bahwa kegiatan penjualan berjalan cepat,
HARGA POKOK PENJUALAN
RATA-RATA PERSEDIAAN BARANG
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Inventory Turn Over 2010 2011 2012 2013 2014
Harga Pokok Penjualan = 1,273,156,720 1,461,949,013 1,476,700,406 1,610,838,081 1,666,316,797 Rata-rata Persediaan Barang 106,437,178 123,278,702 141,040,226 166,022,779 175,359,122
= 11.96 11.86 10.47 9.70 9.50
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2010 2011 2012 2013 2014 -
2.00
4.00
6.00
8.00
10.00
12.00
14.00
11.96 11.86
10.47 9.70 9.50
Inventory Turn Over
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b) Receivable Turn OverRasio ini menunjukkan seberapa cepat penagihan piutang. Semakin besar semakin baik karena penagihan piutang dilakukan dengan cepat.
PENJUALAN KREDIT BERSIHRATA-RATA PIUTANG
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Receivable Turn Over 2010 2011 2012 2013 2014
Penjualan Kredit Bersih = 2,895,639,882 3,315,303,467 3,556,822,669 3,945,886,932 4,197,374,608 Rata-rata Piutang 31,819,424 41,549,860 43,629,406 52,143,781 65,082,977
RTO = 91.00 79.79 81.52 75.67 64.49
Konversi /hari = 3.96 4.51 4.42 4.76 5.58
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2010 2011 2012 2013 2014 -
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
91.00
79.79 81.52 75.67
64.49
Receivable Turn Over
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c) Fixed Aset Turn OverRasio ini menunjukkan berapa kali nilai aktiva berputar bila diukur dari volume penjualan. Semakin tinggi rasio ini semakin baik artinya kemampuan aktiva tetap menciptakan penjualan tinggi.
PENJUALANAKTIVA TETAP BERSIH
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Fixed Aset Turn Over 2010 2011 2012 2013 2014
Penjualan = 2,913,604,568 3,316,799,653 3,559,485,575 3,960,252,775 4,208,887,158 Aktiva Tetap Bersih 677,865,711 789,282,936 979,066,306 1,115,469,765 1,222,914,045
= 4.30 4.20 3.64 3.55 3.44
PT Fast Food Indonesia, Tbk•
RA
SIO
A
KTI
VIT
AS
2010 2011 2012 2013 2014 -
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
4.30 4.20
3.64 3.55 3.44
Fixed Aset Turn Over
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d) Total Aset Turn OverRasio ini menunjukkan perputaran total aktiva diukur dari volume penjualan dengan kata lain seberapa jauh kemampuan semua aktiva menciptakan penjualan. Semakin tinggi rasio ini semakin baik.
PENJUALANTOTAL ASET
PT Fast Food Indonesia, Tbk•
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KTI
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Total Aset Turn Over 2010 2011 2012 2013 2014
Penjualan = 2,913,604,568 3,316,799,653 3,559,485,575 3,960,252,775 4,208,887,158 Total Aset 1,236,043,044 1,547,982,024 1,781,905,994 2,028,124,663 2,162,633,810
= 2.36 2.14 2.00 1.95 1.95
PT Fast Food Indonesia, Tbk•
RA
SIO
A
KTI
VIT
AS
2010 2011 2012 2013 2014 -
0.50
1.00
1.50
2.00
2.50 2.36
2.14 2.00 1.95 1.95
Total Aset Turn Over
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e) Periode Penagihan PiutangRasio ini menunjukkan seberapa lama perusahaan melakukan penagihan piutang. Semakin pendek periodenya semakin baik.Rasio ini sejalan dengan informasi yang digambarkan receivable turn over.
PIUTANG RATA-RATAPENJUALAN PER HARI
PT Fast Food Indonesia, Tbk•
RA
SIO
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KTI
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Periode Penagihan Piutang 2010 2011 2012 2013 2014
Piutang Rata-Rata = 31,819,424 41,549,860 43,629,406 52,143,781 65,082,977 Penjualan Per Hari 8,093,346 9,213,332 9,887,460 11,000,702 11,691,353
= 3.93 Hari 4.51 Hari 4.41 Hari 4. 74 Hari 5.57 Hari
PT Fast Food Indonesia, Tbk•
RA
SIO
A
KTI
VIT
AS
2010 2011 2012 2013 2014 -
1.00
2.00
3.00
4.00
5.00
6.00
3.93
4.51 4.41 4.74
5.57
Periode Penagihan Piutang
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RASIO PERTUMBUHANMengukur kemampuan perusahaan mempertahankan posisi ekonominya di dalam pertumbuhan ekonomi dan industri. Rasio yang diukur:• Kenaikan Penjualan• Kenaikan Laba Bersih• Kenaikan Earning per Share (EPS)• Kenaikan Dividen per Share
PT Fast Food Indonesia, Tbk•
RA
SIO
P
ERTU
MB
UH
AN
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• Kenaikan PenjualanMenunjukkan persentasi kenaikan penjualan tahun ini dibandingkan dengan tahun lalu.
(Penjualan tahun ini – Penjualan tahun lalu)Penjualan tahun lalu
PT Fast Food Indonesia, Tbk•
RA
SIO
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ERTU
MB
UH
AN
![Page 44: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/44.jpg)
PT Fast Food Indonesia, Tbk•
RA
SIO
P
ERTU
MB
UH
AN
2009 2010 2011 2012 2013 2014
2.454.359.779 2.913.604.568 3.316.799.653 3.559.485.575 3.960.252.775 4.208.887.158
18,71% 13,84% 7,32% 11,26% 6,28%
2010 2011 2012 2013 20140.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
20.00%18.71%
13.84%
7.32%
11.26%
6.28%
Kenaikan Penjualan
![Page 45: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/45.jpg)
• Kenaikan Laba BersihMenunjukkan kemampuan perusahaan meningkatkan laba bersih dibandingkan tahun lalu.
(Laba bersih tahun ini – Laba bersih tahun lalu)Laba bersih tahun lalu
PT Fast Food Indonesia, Tbk•
RA
SIO
P
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AN
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
ERTU
MB
UH
AN
2009 2010 2011 2012 2013 2014
181.996.584 199.597.177 229.054.524 206.045.984 156.290.628 152.046.069
9,67% 14,76% -10,05% -24,15% -2,72%
2010 2011 2012 2013 2014
-30.00%
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
9.67%
14.76%
-10.05%
-24.15%
-2.72%
Kenaikan Laba Bersih
![Page 47: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/47.jpg)
• Kenaikan Earning per Share (EPS)Menunjukkan kemampuan perusahaan meningkatkan EPS dibandingkan tahun lalu.
(EPS tahun ini – EPS tahun lalu)EPS tahun lalu
PT Fast Food Indonesia, Tbk•
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UH
AN
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
ERTU
MB
UH
AN
2009 2010 2011 2012 2013 2014
408 447 505 448 78 76
9,56% 12,98% -11,29% -82,59% -2,56%
2010 2011 2012 2013 2014
-100.00%
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
9.56%12.98%
-11.29%
-82.59%
-2.56%
EPS
![Page 49: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/49.jpg)
• Kenaikan Dividen per ShareMenunjukkan kemampuan perusahaan meningkatkan Dividen per Share dibandingkan tahun lalu.
(Dividen per Share tahun ini – Dividen per Share tahun lalu)Dividen per Share tahun lalu
PT Fast Food Indonesia, Tbk•
RA
SIO
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ERTU
MB
UH
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
ERTU
MB
UH
AN
2009 2010 2011 2012 2013 2014
57.00 83.00 434.39 100.00 23.08 30.00
45,61% 423,36% -76,98% -76,92% 30,00%
2010 2011 2012 2013 2014
-100.00%
0.00%
100.00%
200.00%
300.00%
400.00%
500.00%
45.61%
423.36%
-76.98% -76.92%
30.00%
Kenaikan Dividen Per Share
![Page 51: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/51.jpg)
RASIO PRODUKTIVITASPT Fast Food Indonesia, Tbk•
RA
SIO
P
RO
DU
KTI
VIT
AS
O U T P U T
I N P U T
![Page 52: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/52.jpg)
Rasio Karyawan atas Penjualan 2010 2011 2012 2013 2014
Penjualan = 2,913,604,568 3,183,814,560 3,559,485,575 3,960,252,775 4,208,887,158 Karyawan 15,840 16,365 17,004 16,501 16,902
183,940 194,550 209,332 240,001 249,017
PT Fast Food Indonesia, Tbk•
RA
SIO
P
RO
DU
KTI
VIT
AS
2010 2011 2012 2013 2014 -
50,000
100,000
150,000
200,000
250,000
183,940 194,550
209,332
240,001 249,017
Rasio Karyawan atas Penjualan
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
RO
DU
KTI
VIT
AS
Rasio Biaya Per Karyawan 2010 2011 2012 2013 2014
Biaya = 1,436,893,001 1,566,921,338 1,812,229,521 2,184,014,021 2,342,443,920 Karyawan 15,840 16,365 17,004 16,501 16,902
90,713 95,748 106,577 132,356 138,590
2010 2011 2012 2013 2014 -
20,000
40,000
60,000
80,000
100,000
120,000
140,000
90,713 95,748
106,577
132,356 138,590
Rasio Biaya Per Karyawan
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
RO
DU
KTI
VIT
AS
Rasio Laba Terhadap Karyawan 2010 2011 2012 2013 2014
Laba Bersih = 199,597,177 229,054,524 206,045,984 156,290,628 152,046,069 Karyawan 15,840 16,365 17,004 16,501 16,902
12,601 13,997 12,118 9,472 8,996
2010 2011 2012 2013 2014 -
2,000
4,000
6,000
8,000
10,000
12,000
14,000 12,601
13,997
12,118
9,472 8,996
Rasio Laba Terhadap Karyawan
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PT Fast Food Indonesia, Tbk•
RA
SIO
P
RO
DU
KTI
VIT
AS
Rasio Laba Terhadap Cabang 2010 2011 2012 2013 2014
Laba = 203,554,847 287,929,302 270,555,648 201,850,669 200,126,441 Cabang 398 421 441 466 493
511,444 683,918 613,505 433,156 405,936
2010 2011 2012 2013 2014 -
100,000
200,000
300,000
400,000
500,000
600,000
700,000
511,444
683,918
613,505
433,156 405,936
Rasio Laba Terhadap Cabang
![Page 56: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/56.jpg)
How do we choose stock???
![Page 57: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/57.jpg)
Margin Laba (Profit Margin or Net Margin or – NPM)Menunjukkan seberapa besar persentase pendapatan bersih yang diperoleh dari setiap penjualan.
Net Profit Margin shows how good a company is at converting revenue into profits available for shareholders.
Rasio Rentabilitas/Profitabilitas
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NPM
2010 2011 2012 2013 2014
-0.02
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
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Gross Profit Margin – GPMMenunjukkan kemampuan perusahaan untuk menghasilkan laba yang akan menutupi biaya-biaya tetap atau biaya operasi lainnya.
Without an adequate gross margin, a company will be unable to pay its operating and other expenses and build for the future.
GPM SMSM 2014 adalah 0,30 berarti setiap Rp1 penjualan akan mampu memberikan laba kotor sebesar Rp0,3
Rasio Rentabilitas/Profitabilitas
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GPM
2010 2011 2012 2013 20140.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
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Rasio Perputaran Aset (Total Asset Turnover – TATO)Menunjukkan efektivitas perusahaan dalam menggunakan asetnya untuk menghasilkan pendapatan.
The higher the asset turnover ratio, the better the company is performing
TATO SMSM 2014 1,51 berarti setiap Rp1 uang yang ditanamkan ke dalam aset akan memberikan pendapatan sebesar Rp1,51
Rasio Rentabilitas/Profitabilitas
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TATO
2010 2011 2012 2013 20140.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
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Return on Equity – ROEMenunjukkan seberapa besar return yang dihasilkan bagi pemegang saham atas setiap rupiah yang ditanamkannya.
The ROE is useful for comparing the profitability of a company to that of other firms in the same industry
ROE SMSM tahun 2014 0,34 berarti setiap Rp1 ekuitas yang ditanamkan oleh pemegang saham akan mampu memberikan laba neto sebesar Rp0,34.
Sumber : Murhadi (hal. 64)
Rasio Rentabilitas/Profitabilitas
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ROE
2010 2011 2012 2013 2014
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
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Return on Asset (ROA)Menunjukkan berapa persen diperoleh laba bersih bila diukur dari nilai aset.
ROA gives an idea as to how efficient management is at using its assets to generate earnings
ROA SMSM 2014 0,23 berarti setiap Rp1 aset akan mampu memberikan laba neto sebesar Rp0,23.
Rasio Rentabilitas/Profitabilitas
![Page 66: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/66.jpg)
ROA
2010 2011 2012 2013 2014
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
![Page 67: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/67.jpg)
Rasio Return on Investment (ROI)Menunjukkan efektivitas manajemen perusahaan dalam mengelola investasi dan mengukur kemampuan dalam menghasilkan laba bersih berdasarkan dari tingkat aset tertentu.
ROI measures the amount of return on an investment relative to the investment’s cost
Rasio Rentabilitas/Profitabilitas
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ROI
2010 2011 2012 2013 2014
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
![Page 69: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/69.jpg)
Earning Per ShareMenunjukkan berapa besar kemampuan per lembar saham menghasilkan laba.
EPS serves as an indicator of a company's profitability.
Rasio Penilaian Pasar
![Page 70: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/70.jpg)
EPS
2010 2011 2012 2013 2014
-1000.00
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
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Price Earning Ratio – PER
PER shows how much investors are willing to pay per dollar of earnings.
PER tinggi berarti saham tersebut over value atau telah mahal. PER yang bagus adalah PER terendah namun lebih besar dari 0. Jika rasio PER negatif, berarti perusahaan sedang mengalami kerugian. Semakin kecil PER menunjukkan bahwa dengan membeli saham
dengan harga (market value) yang lebih murah namun akan mendapatkan keuntungan (Earnings) yang lebih banyak.
Rasio Penilaian Pasar
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PER
2010 2011 2012 2013 2014
-100.00
-80.00
-60.00
-40.00
-20.00
0.00
20.00
40.00
60.00
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Price to Book Value Ratio – PBVMenunjukkan perbandingan harga pasar saham dengan nilai buku saham.
A PBV ratio could mean that the stock is undervalued or overvalued
PBV SMSM 2014 6,31 berarti pasar menghargai saham SMSM sebesar 6,31 kali lebih tinggi daripada nilai ekuitas perusahaan.
Rasio Penilaian Pasar
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PBV
2010 2011 2012 2013 20140.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
![Page 75: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/75.jpg)
Price/Sales Ratio – PSRMenunjukkan perbandingan nilai kapitalisasi pasar terhadap penjualan.
A low ratio may indicate possible undervaluation
Rasio Penilaian Pasar
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PSR
2010 2011 2012 2013 20140.00
0.50
1.00
1.50
2.00
2.50
3.00
![Page 77: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/77.jpg)
ASII
![Page 78: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/78.jpg)
SMSM
![Page 79: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/79.jpg)
How could we assess the company’s health?
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Analisis Rasio Keuangan
PT. PERKEBUNAN NUSANTARA IVJL. LETJEN SUPRAPTO NO.2 MEDAN
TELP. 061-4154666FAX. 061-4573117
WEB. WWW.PTPN4.CO.IDEMAIL. [email protected]
TAHUN 2013 DAN 2014
![Page 81: Analisis Rasio](https://reader036.fdocuments.us/reader036/viewer/2022062523/58ecb98d1a28ab60498b4645/html5/thumbnails/81.jpg)
Informasi Umum Perusahaan
Visi Perusahaan :Menjadi Perusahaan unggul dalam usaha agroindustri yang terintegrasi
PT. Perkebunan Nusantara IV didirikan berdasarkan PP No.09 Tahun 1996, merupakan hasil peleburan 3 BUMN, yaitu PT. Perkebunan VI (Persero), PT. Perkebunan VII (Persero), dan PT. Perkebunan VIII (Persero) sebagaimana dinyatakan dalam Akta Pendirian Perusahaan Perseroan (Persero) PT. Perkebunan Nusantara IV No. 37 tanggl 11 Maret 1996 yang dibuat dihadapan Notaris Harun Kamil, SH di Jakarta.
Misi Perusahaan :1. Menjalankan usaha dengan prinsip-prinsip usaha terbaik, inovatif dan
berdaya saing2. Menyelenggarakan usaha agroindustri berbasis kelapa sawit, teh dan
karet3. Mengitegrasikan usaha agroindustri hulu, hilir dan produk baru,
pendukung agroindustri dan pendayagunaan aset dengan preferensi pada teknologi terkini yang teruji (proven) dan berwawasan lingkungan
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Dasar penilaian tingkat kesehatan perusahaan
Berpedoman pada Keputusan Menteri BUMN Nomor KEP-100/MBU/2002 tanggal 4 Juni 2002 tentang Penilaian Tingkat Kesehatan pada Badan Usaha Milik Negara.
Aspek yang dinilai:1. Aspek Keuangan2. Aspek Operasional3. Aspek Administrastif
Penilaian Tingkat Kesehatan BUMN digolongkan menjadi : a. SEHAT, yang terdiri dari :AAA apabila total (TS) lebih besar dari 95AA apabila 80 <TS< =95A apabila 65 <TS< =80 b. KURANG SEHAT, yang terdiri dari :BBB apabila 50 <TS< =65 BB apabila 40 <TS< =50 B apabila 30 <TS< =40c. TIDAK SEHAT, yang terdiri dari : CCC apabila 20 <TS< =30CC apabila 10 <TS< =20C apabila TS< =10
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Penilaian Aspek KeuanganMenggunakan 8 rasio keuangan dalam penilaian aspek keuangan, yaitu:
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Pembobotan dalam penilaian rasio keuangan
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NERACA 2013 DAN 2014
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LAPORAN LABA/RUGI
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LAPORAN PERUBAHAN EKUITAS
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LAPORAN ARUS KAS
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Imbalan kepada pemegang saham/Return On Equity (ROE)
Skor 2013 => 14Skor 2014 => 20
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Imbalan investasi/return on investmen (ROI)
Skor 2013 => 7,5Skor 2014 => 12
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Rasio Kas/Cash Ratio
Skor 2013 => 5Skor 2014 => 5
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Rasio Lancar/Current Ratio
Skor 2013 => 3Skor 2014 => 4
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Collection Periods (CP)
Skor 2013 => 5Skor 2014 => 5
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Perputaran Persediaan (PP)
Skor 2013 => 5Skor 2014 => 5
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Perputaran Total Aset/Total Asset Turn Over (TATO)
Skor 2013 => 2,5Skor 2014 => 2,5
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Rasio Total Modal Sendiri terhadap Total Aset
Skor 2013 => 10Skor 2014 => 10
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Hasil Penilaian Tingkat Kesehatan Perusahaan
No Indikator 2014 2013Nilai Skor Nilai Skor
1 ROE 17,61% 20 10,87% 142 ROI 14,26% 12 10,42% 7,53 Rasio Kas 86,44% 5 77,99% 54 Raso Lancar 112,54% 4 107,84% 35 Collection Periods 1,18 5 1,74 56 Perputaran Persediaan 19,88 5 22,52 57 Perputaran Total Aset 58,18% 2,5 54,41% 2,58 Rasio Modal Sendiri terhadap Total Aktiva 39,07% 10 39,76% 10
Total Skor aspek Keuangan 63,50 52,00
Skor Aspek Operasional 13,48 13,91
Skor Aspek Administrasi 14,00 15,00
Total Skor 90,98 80,91Kesimpulan : Tingkat Kesehatan dengan skor <95 Sehat/ AA Sehat/ AA
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PERBANDINGAN KINERJA ASPEK KEUANGAN PTPN IV VS KFC VS SMSM
DESCRIPTION PTPN 2014 KFC 2014 SMSM 2014
1ROE17,61
% 2021,83
% 20 12,74% 16
2ROI14,26
% 1221,37
% 15 23,59% 15
3Rasio Kas86,44
% 514,87
% 2129,33
% 5
4Raso Lancar112,54
% 458,47
% 0188,26
% 5
5Collection Periods 1,18 5 0,75 5 6,14 5
6Perputaran Persediaan 19,88 5 10,91 5 14,90 5
7Perputaran Total Aset58,18
% 2,587,86
% 3,51141,45
% 5
8Rasio Modal Sendiri terhadap Total Aktiva
39,07% 10
57,29% 8,5 55,17% 8,5
Total Skor aspek Keuangan 63,5 59 64,5 NILAI MAKS ASPEK KEUANGAN 70 70 70 NILAI ASPEK KEUANGAN 90,71% 84,29% 92,14%
KRITERIA TINGKAT KESEHATANSEHAT AA
SEHAT AA
SEHAT AA
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Pertanyaan Analisis Rasio agustian
Apabila analsis laporan keuangan ke pemerintah daerah, analisis apa yg bisa dipakai?
Permen BUMN bisa digunakan untuk pemeriksaan keuangan
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eko
Total benchmarking perpajakan, bagaimana jika ada yg dibawah, tetap harus dibayar.