Pemahaman Laporan Keuangan - flemish2016.files.wordpress.com · keuntungan dengan modal tertentu....
Transcript of Pemahaman Laporan Keuangan - flemish2016.files.wordpress.com · keuntungan dengan modal tertentu....
Pemahaman Laporan Keuangan
Keuangan Agrobisnis (corporate finance)
• Aktifitas perusahaan dan aliran kas (cash flows)
FIRM
Shareholders
Debtholders
Projects A B … Z
Investment
Issuance
of stock
Issuance
of debt
CF from operation Interest/ Debt
payment
Dividend Investment
• Laporan Keuangan dibagi menjadi tiga bagian: – Income Statement (Biasa juga disebut Profit/Loss
Statement atau laporan Rugi/Laba) – Balance Sheet (Neraca Keuangan) – Cashflow (Arus Kas)
• Asset – nilai dari sesuatu yang dimiliki oleh perusahaan. Yang
dapat dimasukkan ke dalam kolom asset salah satunya adalah gedung atau bangunan
• Liability – nilai dari hutang yang dimiliki oleh perusahaan, baik
hutang jangka pendek maupun jangka panjang
• Equity = Asset - Liability. – Jadi Equity adalah selisih dari nilai Asset dikurangi
dengan nilai Liabilitynya.
Keuangan Agrobisnis (corporate finance)
• Corporate finance and (thus also Agribusiness) is about – Investment decisions: Which assets to buy?
• Assets generate future cash flows to the firm – Intangible assets : R&D, Marketing, ..
– Tangible assets : Real estate, Equipments,..
– Current assets: Inventories, Account receivables, …
– Financing decisions: Which financial asset to sell (liability) ? • Financial assets claims on future cash flows
– Debt: promise to repay a fixed amount
– Equity: residual claim
– Dividend decisions: How much to return to stockholders (pemegang saham)? • distribute profit as dividen
Balance sheet
Notations
Income statement • REV Revenue
• CGS Cost of goods sold
• SGA Selling, general and administrative
expenses
• Dep Depreciation
• EBIT Earnings before interest and taxes
• Int Interest expenses
• TAX Taxes
• Tc Tax rate
• NI Net income
Balance sheet
• FA Fixed assets, net
• AR Accounts receivable (piutang)
• INV Inventories
• CASH Cash & cash equivalents
• SE Equity capital
• LTD Long term debt
• AP Accounts payable
• STD Short-term borrowing
• Statement of retained income
• DIV Dividends
Example : Baidu 1st January
Assets Liabilities
Cash 1000 Capital 1000
• Create your company :
• Buy 2 computers :
• Buy an office (using LT debt) :
Assets Liabilities
Computers 900 Capital 1000
Cash 100
Assets Liabilities
Building 1000 Capital 1000
Computers 900 LT Debt 1000
Cash 100
Example : Baidu 1st January
Assets Liabilities
Building 1000 Capital 1000
Computers 900 LT Debt 1000
Inventory 900 Account Payables 800
• Set up your inventory
– You buy 15 CD’s at 60
Example: Baidu 31th December
• You make some profit during the year…
• Income statement :
Assets Liabilities
Building 900 Capital 1000
Computers 800 Net income 168
Inventory 180 LT debt 1000
Account receivables 1000 Account payables 800
Cash 88
Nb Price
Sales 1200 12 100
Cost of Good Sold 720 12 60
EBITDA 480
Depreciation 200
EBIT 280
Tax 112
Net Income 168
Accounting view of the firm: Performance
SE
NIROE
• Measure of performance / profitability – ROE: return on equity
– ROA: return on asset
• Measure of the leverage – D/SE or D/Asset or Asset/SE …
Asset
NIROA
SE
AssetROAROE
Link between ROE and ROA:
financing structure of the firm
• ROA merupakan
– rasio yang digunakan untuk mengukur kemampuan perusahaan dalam menghasilkan laba dengan menggunakan total aset (kekayaan) yang dimiliki perusahaan setelah disesuaikan dengan biaya – biaya untuk menandai aset tersebut .
– ROA dapat dijadikan sebagai indikator untuk mengetahui seberapa mampu perusahaan memperoleh laba yang optimal dilihat dari posisi asetnya.
– untuk mengukur efektifitas penggunaan aset dalam menghasilkan profit.
• ROE merupakan – rasio keuangan yang berfungsi untuk mengukur
kemampuan perusahaan dalam menghasilkan keuntungan dengan modal tertentu.
– Angka ROE yang semakin tinggi memberikan indikasi bagi para pemegang saham bahwa tingkat pengembalian investasi makin tinggi.
– Angka ROE yang tinggi akan menarik para pemegang saham untuk menambah modal, akan mengundang investor baru untuk memasuki bisnis.
• Rasio leverage adalah – rasio yang digunakan untuk mengukur seberapa besar
aktiva yang dimiliki perusahaan berasal dari hutang atau modal,
Accounting view of the firm: Performance
• Drivers of ROE :
ROA
Equity
Assets
Assets
venue
venue
Net IncomeROE
Re
Re
Financial
Leverage
Asset
Turnover
Profit
Margin
1.63% 2.89 2.68
12.64%
4.71%
Accounting view of the firm: Ratio analysis
• Drivers of performance
Return on Equity
Return on Assets Leverage
Profit Margin Asset Turnover
Income Stat. Based
Objectives:
• pricing strategy
• value added
• …
Link IS & asset side of BS
Objectives:
• FA management
• Current asset mgt
• …
Liability side of BS
Objectives:
• Balance between D & SE
• Liquidity
• …
From Accounting to Finance
• Accrual accounting
– Identifying revenues for the period
– Matching the corresponding costs to the revenues
– Not the same as cash received What happened?
• Historical cost
• Non cash expenses (depreciation, …)
– Conservative
• Realized gains (and realizable losses)
usefull for third parties (taxable income, …)
• Finance
– What will happen?
– Opportunity cost (working capital requirement)
– Only cash expenses
– Realizable gains volatility reflecting risk
usefull for the management (shareholders, …)
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Summarized (managerial) balance sheet
Assets
Fixed assets (FA)
Working capital requirement (WCR)
Cash (Cash)
Liabilities
Stockholders' equity (SE)
Interest-bearing debt (D)
FA + WCR + Cash = SE + D
Working capital requirement : definition
+ Accounts receivable
+ Inventories
+ Prepaid expenses
- Accounts payable
- Accrued payroll and other expenses
Interest-bearing debt: definition
+ Long-term debt
+ Current maturities of long term debt
(jatuh tempo utang)
+ Notes payable to banks
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Net Working Capital • Net working capital can be understood in two ways:
• as an investment to be funded: Current Assets - Current Liabilities
• as a source of financing=Stockholders' equity + LT debt - Fixed Assets
Fixed
Assets
Current
Assets
Stockholder’s
equity
Long term
debt
Current
liabilities
Net
Working
Capital
Current ratio: a measure of NWC
Current ratio = Current assets / Current liabilites
Net working capital = Current assets - Current
liabilites
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Net Working Capital vs Working Capital Requirement
• Summarized balance sheet identity:
• FA + WCR + CASH = SE + LTD + STD
• Can be written as:
• WCR + (CASH - STD) = (SE + LTD - FA)
• WCR + NLB = NWC
Working
Capital
Requirement
Net Liquid
Balance
Net Working
Capital
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Balance sheet
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More on balance sheet
• A different view of the balance sheet
– Net working capital (NWC)
– Working capital requirement (WCR)
– Net liquid balance (NLB)
Inventories
Account
receivables
Cash
Shareholders
Equity
Account
payables
Short term
financial debt
Long term
Debt
ASSETS LIABILITIES
Fixed
Assets Long term
Operation
Liquidity
Sources of Cash Inflows and Cash Outflows
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Operating Activities Sales of goods and services
Investing Activities Sale of fixed assets
Sales of LT financial assets
Financing Activities Issuance of stocks and bonds
LT and ST borrowing
Operating Activities Purchase of supplies
Selling, general and
administrative expenses
Tax expenses
Investing Activities Capital expenditures and
acquisitions
LT financial investments
Financing Activities Repurchase of stocks and bonds
Repayment of debt
Dividend payment
CASH
CF from operating
activities
CF from investing
activities
CF from financing
activities
Income statement and balance sheet
• Income statement • EBIT = REV - CGS - SGA - Dep
• TAX = Tc (EBIT - Int)
• NI = EBIT - Int - TAX
• Balance sheet equation • FA + AR + INV + CASH = SE + LTD + AP + STD
Working capital requirement: WCR AR + INV - AP
=(Current assets - CASH) - (Current liabilities - STD)
Summarised balance sheet: FA + WCR + CASH = SE + D (D = LTD + STD)
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Statement of cash flows
Measure of cash flow: Begin with Net Income
But be aware of:
• Non cash expenses
–Depreciation, amortization
• Variation of the WCR
–Var Inventory
–Var Accounts receivables
–Var Accounts payables
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