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.

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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

• Types of Ratio Comparisons
• Cross Sectional Analysis  Standard: Industry Average or Industry Leader
• Time Series
• Beberapa hal yang perlu diperhatikan dalam rasio finansial:
• Satu rasio  bukan  menilai prestasi perusahaan secara umum
• Perbandingan harus pada periode yang sama
• Laporan finansial harus diaudit
• Laporan finansial harus mempunyai format yang sama
• Hasil perbandingan dapat terdistorsi, karena inflasi

Liquidity Ratios

• Activity Ratios
• Financial Ratios Measure risk
• Debt Ratios
• Profitability Ratios Measure return
• Measures of Liquidity:
• Net Working Capital = Current Assets – Current Liabilities
• Current Ratio = Current Assets : Current Liabilities
• Quick (Acid Test) Ratio = (Current Assets) : (Current Liabilities-Inventory)
• Measures of Activity:
• Inventory Turnover = CGS : Inventory
• Average Collection Period = Accounts Receivable : (Annual sales/360)
• Average Payment Period = Accounts Payable : (Annual sales/360)
• Fixed Assets Turnover = Sales : Net Fixed Assets
• Measures 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 kontrak
• Debt Ratio = Total Liabilties: Total Assets
• Debt – Equity Ratio = Long Term Debt : Stockholders’ Equity
• Times Interest Earned Ratio = EBIT : Interest

(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

Penjualan

Gross Profit Margin = Gross Profits : Sales

Operating Profit Margin = Operating Profits : Sales

Net Profit Margin = EAT : Sales

Return on Investment = EAT : Total Assets

Return on Equity = EAT : Stockholders’ Equity

Earnings Available for Common Stockholders

Earnings 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

SALES \$3,074,000

CGS \$2,088,000

OPERATING EXPENSES \$1,074,000

NET PROFIT \$231,000

NET PROFIT MARGIN 7.5%

INTEREST EXPENSES \$93,000

SALES \$3,074,000

ROI

6.4 %

TAXES \$94,000

SALES \$3,074,000

CURRENT ASSETS \$1,223,000

TOTAL ASSETS TURNOVER 0.85

TOTAL ASSETS \$3,597,000

ROE

11.8 %

NET FIXED ASSETS \$2,374,000

CURRENT LIABILITIES \$620,000

TOTAL LIABILITIES + STOCKHOLDERS’ EQUITY = TOTAL ASSETS \$3,597,000

TOTAL LIABILITIES \$1,643,000

EQUITY MULTI

PLIER 1.84

LONG TERM DEBT \$1,023,000

STOCKHOLDERS’ EQUITY \$1,954,000

STOCKHOLDERS’ EQUITY \$1,954,000

DUPONT SYSTEM OF ANALYSIS

PROBLEMS

I. Balance Sheet Completion Using Ratio. Complete the 2008 balance sheet for O’Keefe Industries using the information that follows it.

II. Go to idx or jsx Website. Find the financial statement for 5 years. Analyse them and make a conclusion.