tatap muka ke-02 mk
TRANSCRIPT
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Ch. 2 - Understanding
Financial Statements, Taxes,and Cash Flows
Ch. 3 - Evaluating a FirmsFinancial Performance
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Tujauan Pembelajaran
Mahasiswa mampu untuk:Membaca laporan keuangan
Menghitung pajak perusahaanMengukur arus kas bebasMenghitung rasio-rasio keuangan dan
menggunakannya untuk mengevaluasiMelakukan analisis dupont
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Pokok Bahasan
Laporan laba rugi dan neraca, dan laporanarus kasMenghitung pajak perusahaanMengukur arus kas bebasAnalisis rasio keuanganAnalisis dupont
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I ncome Statement
SALES
- EXPENSES= PROF I T
Cost of Goods SoldOperating Expenses(marketing, administrative)Financing CostsTaxes
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SALES
- Cost of Goods Sold
GROSS PROF I T
- Operating Expenses
OPERAT I NG I NCOME (EB I T)
- I nterest ExpenseEARN I NGS BEFORE TAXES (EBT)
- I ncome Taxes
EARN I NGS AFTER TAXES (EAT)- Preferred Stock Dividends
- NET I NCOME AVA I LABLE
TO COMMON STOCKHOLDERS
I ncome Statement
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SALES
- Cost of Goods Sold
GROSS PROF I T
- Operating Expenses
OPERAT I NG I NCOME (EB I T)
- I nterest ExpenseEARN I NGS BEFORE TAXES (EBT)
- I ncome Taxes
EARN I NGS AFTER TAXES (EAT)- Preferred Stock Dividends
- NET I NCOME AVA I LABLE
TO COMMON STOCKHOLDERS
I ncome Statement
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SALES
- Cost of Goods Sold
GROSS PROF I T
- Operating Expenses
OPERAT I NG I NCOME (EB I T)
- I nterest ExpenseEARN I NGS BEFORE TAXES (EBT)
- I ncome Taxes
EARN I NGS AFTER TAXES (EAT)- Preferred Stock Dividends
- NET I NCOME AVA I LABLE
TO COMMON STOCKHOLDERS
I ncome Statement
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Balance Sheet
Total Assets =
OutstandingDebt
+ShareholdersEquity
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Balance SheetA ssets Liabilities (Debt) & Equity
Current AssetsCashMarketable Securities
Accounts ReceivableI nventoriesPrepaid Expenses
Fixed AssetsMachinery & EquipmentBuildings and Land
Other AssetsI nvestments & patents
Current LiabilitiesAccounts PayableAccrued ExpensesShort-term notes
Long-Term LiabilitiesLong-term notesMortgages
EquityPreferred Stock Common Stock (Par value)Paid in CapitalRetained Earnings
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Assets
Current Assets : assets that are relativelyliquid, and are expected to be converted tocash within a year.
Cash, marketable securities, accountsreceivable, inventories, prepaid expenses.
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Assets
Current Assets : assets that are relativelyliquid, and are expected to be converted tocash within a year.
Cash, marketable securities, accountsreceivable, inventories, prepaid expenses.
Fixed Assets : machineryand equipment, buildings,and land.
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Assets
Current Assets : assets that are relativelyliquid, and are expected to be converted tocash within a year.
Cash, marketable securities, accountsreceivable, inventories, prepaid expenses.
Fixed Assets : machinery and equipment,buildings, and land.Other Assets : any asset that is not a currentasset or fixed asset.
I ntangible assets such as patents and copyrights.
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Financing
Debt Capital : financing provided by acreditor.Short-term debt : borrowed money that
must be repaid within the next 12 months.Accounts payable, other payables such asinterest or taxes payable, accrued expenses,short-term notes.
Long-term debt : loans from banks or othersources that lend money for longer than 12months.
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Financing
Equity Capital : shareholders investment inthe firm.Preferred Stockholders : received fixed
dividends, and have higher priority thancommon stockholders in event of liquidationof the firm.Common Stockholders : residual owners of a business. They receive whatever is leftafter creditors and preferred stockholdersare paid.
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I ncome Tax RatesSince 2010
Taxable I ncome Corporate Tax Rate
Tanpa batasan 25%
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Free Cash Flows
Firms OperatingFree cash flows = Firms FinancingFree cash flows
Cash flows generatedthrough the firms
operations andinvestments in assets
=Cash flows paid to - or received by - the firmsinvestors (creditors &
stockholders)
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Calculating Free Cash Flows:An Operating Perspective
After-tax cash flowfrom operations
lessinvestment in net
operating
working capitalless
investments in fixed
and other assets
Operating income+ depreciation- cash tax payments
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Calculating Free Cash Flows:An Operating Perspective
After-tax cash flowfrom operations
lessinvestment in net
operating
working capitalless
investments in fixed
and other assets
[Change in current assets]-[change in non-interest
bearing current liabilities]
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Calculating Free Cash Flows:An Operating Perspective
After-tax cash flowfrom operations
lessinvestment in net
operating
working capitalless
investments in fixed
and other assets
Change in gross fixedassets, and any other assets that are on the
balance sheet.
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Calculating Free Cash Flows:
A Financing PerspectiveI nterest payments to creditors
- change in debt principal
- dividends paid to stockholders
- change in stock
= Financing Free Cash Flows
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Ch. 3 - Evaluating a Firms
Financial Performance
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W e will want to answer
questions about the firms
LiquidityEfficient use of AssetsLeverage (financing)
Profitability
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Financial Ratios
Tools that help us determine thefinancial health of a company.W
e can compare a companysfinancial ratios with its ratios inprevious years (trend analysis).
W e can compare a companysfinancial ratios with those of itsindustry.
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Example:CyberDragon Corporation
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CyberDragonsBalance Sheet ($000)
Assets: Liabilities & Equity:Cash $2,540 Accounts payable 9,721Marketable securities 1,800 Notes payable 8,500
Accounts receivable 18,320 Accrued taxes payable 3,200I nventories 27,530 Other current liabilities 4,102Total current assets 50,190 Total current liabilities 25,523Plant and equipment 43,100 Long-term debt (bonds) 22,000less accum deprec. 11,400 Total liabilities 47,523Net plant & equip. 31,700 Common stock ($10 par) 13,000
Total assets 81,890 Paid in capital 10,000Retained earnings 11,367Total stockholders' equity 34,367
Total liabilities & equity 81,890
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Sales (all credit) $112,760
Cost of Goods Sold (85,300)Gross Profit 27,460
Operating Expenses:Selling (6,540)General & Administrative (9,400)
Total Operating Expenses (15,940)Earnings before interest and taxes (EB I T) 11,520I nterest charges:
I nterest on bank notes: (850)I nterest on bonds: (2,310)
Total I nterest charges (3,160)Earnings before taxes (EBT) 8,360Taxes (assume 40%) (3,344)
Net I ncome 5,016
CyberDragons I ncomeStatement
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CyberDragonOther I nformation
Dividends paid on common stock $2,800Earnings retained in the firm 2,216Shares outstanding (000) 1,300Market price per share 20Book value per share 26.44Earnings per share 3.86Dividends per share 2.15
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1. Liquidity Ratios
Do we have enough liquid assetsto meet approaching obligations?
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W hat is CyberDragons CurrentRatio?
If the average current ratio for theindustry is 2.4, is this good or not?
50,19025 ,523 = 1. 97
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W hat is the firms Acid Test Ratio?
Suppose the industry average is .92 .What does this tell us?
50,1 90 - 27 ,53 025 ,523 = .89
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W hat is the firms Average CollectionPeriod?
If the industry average is 47 days ,what does this tell us?
18,32 0
112,76 0/365= 59 .3 days
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2. Operating Efficiency Ratios
Measure how efficiently thefirms assets generate operating
profits.
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Slightly below the industry average
of 15% .The OIROI reflects product pricingand the firms ability to keep costs
down.
W hat is the firms Operating I ncomeReturn on I nvestment (O I RO I )?
11, 52 0
81,89 0= 1 4.07%
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W hat is their Operating ProfitMargin?
This is below the industry average of 12% .
11, 52 0112,76 0 = 10. 22%
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W hat is the firms AccountsReceivable Turnover?
CyberDragon turns their A/R over 6.16times per year. The industry averageis 8.2 times. Is this efficient?
112,76 018,32 0 = 6.16 times
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W hat is the firms I nventoryTurnover?
CyberDragon turns their inventory
over 3.1 times per year.The industry average is 3.9 times. Is
this efficient?
85 ,30027 ,53 0 = 3.10 times
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Low inventory turnover:
The firm may have too muchinventory, which is expensive
because:I nventory takes up costly warehousespace.
Some items may become spoiled orobsolete.
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W hat is the firms Fixed AssetTurnover?
If the industry average is 4.6 times, what
does this tell us about CyberDragon?
112,76 031,700 = 3.56 times
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3. Leverage Ratios
(financing decisions)Measure the impact of using debtcapital to finance assets.
Firms use debt to lever (increase)returns on common equity.
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How does Leverage work?
Suppose we have an all equity-
financed firm worth $100,000.Itsearnings this year total $15,000.
ROE = = 15%15,000100,000
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How does Leverage work?
Suppose the same $100,000 firm isfinanced with half equity, and half 8% debt (bonds). Earnings are still$15,000.
ROE = = 22%15,000 - 4,000
50,000
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W hat is CyberDragons Debt Ratio?
47 ,52381,89 0 = 58%
If the industry average is 47% , whatdoes this tell us?
Can leverage make the firm moreprofitable ?
Can leverage make the firm riskier ?
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W hat is the firms Times I nterestEarned Ratio?
The industry average is 6.7 times. Thisis further evidence that the firm uses
more debt financing than average.
11, 52 03,160
= 3 .65 times
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4. Return on Equity
How well are the firms managersmaximizing shareholder wealth?
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W hat is CyberDragonsReturn on Equity (ROE)?
5,01 634 ,367 = 1 4.6%
The industry average is 17.54% .
Is this what we would expect,given the firms leverage?
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Conclusion:
Even though CyberDragon hashigher leverage than the industry
average, they are much lessefficient, and therefore, less
profitable.
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The DuPont Model
Brings together:
ProfitabilityEfficiency
Leverage
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Net Profit Total Asset Debt
Margin Turnover Ratio
Net I ncome Sales Total Debt
Sales Total Assets Total Assets
ROE = x / (1- )
= x /(1- )
The DuPont Model
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Penutup
Tugas