Dipersiapkan untuk

mata kuliah
STIE Husnayain

Apa itu
Analisis
Laporan
Keuangan?

Evaluation of a firm's financial

statements in order to assess the
firm's worth and its ability to meet
its financial obligations

an assessment of the viability, stability

and profitability of a business, subbusiness or project

Business Analysis
Evaluate
Prospects

Evaluate Risks
Business Decision Makers
Equity investors
Creditors
Managers
Merger and Acquisition Analysts
External Auditors
Directors
Regulators
Employees & Unions
Lawyers

Information Sources
Quantitative

Qualitative

Financial Statements

Management discussion & Analysis

Industry Statistics

Chairpersons Letter

Economic Indicators

Press Releases
Financial press

Regulatory filings
Vision/Mission Statement

Trade reports
Web sites

Kapan
digunakan?

1
2
3

Pemilik Dana
Intermediaries
Pihak yang membutuhkan

Credit Analysis

Equity Analysis

Management &
Control

Regulation

Financial
Management

Labor Negotiations
Types of
Business
Analysis

Director Oversight

External Auditing
Mergers, Acquisitions
& Divestitures

Credit Analysis

Trade
Creditors

Non-trade
Creditors

Provide
goods or
services

Bear risk of
default

Provide
major
financing

Bear risk of
default

Most shortterm

Usually
implicit
interest

Most longterm

Usually
explicit
interest

Credit Analysis
Credit worthiness: Ability to honor credit obligations
(downside risk)

Liquidity
Ability to meet shortterm obligations
Focus:
Current cash flows
Make up of current
assets and liabilities
Liquidity of assets

Solvency
Ability to meet longterm obligations
Focus:
Long-term
profitability
Capital structure

Equity Analysis
Assessment of downside risk and upside potential

Technical analysis /
Charting
Patterns in price or
volume history of a
stock
Predict future price
movements

Fundamental Analysis
Determine Intrinsic value
without reference to
price
Analyze and interpret
key factors
Economy
Industry
Company

Business
Environment &
Strategy Analysis
Industry
Analysis

Strategy
Analysis

Financial
Analysis

Accounting
Analysis

Analysis
of cash
flows
Risk
Profitability
Analysis
Analysis

Cost of Capital Estimate

Prospective
Analysis

Intrinsic Value

Accounting Analysis
Process to evaluate and adjust financial
statements to better reflect economic reality

Comparability problems across firms and across time

Manager estimation error
Distortion problems

Earnings management
Accounting Standards

Accounting
Risk

Financial Analysis
Process to evaluate financial position and
performance using financial statements
Profitability analysis Evaluate return
on investments
Risk analysis Evaluate riskiness
& creditworthiness
Analysis of
cash flows

Evaluate source &

deployment of funds

Common tools

Ratio
analysis

Cash
flow
analysis

Prospective Analysis
Process to forecast future payoffs
Business Environment
& Strategy Analysis
Accounting Analysis

Financial Analysis

Intrinsic Value

Dynamics of Business Activities

Business Activities

Time
Beginning of period

Investing

Financing
Planning

Operating

Planning
Investing

Financing
End of period

Business Activities
Pricing

Competition
Market demands

Distribution

Tactics
Planning
Activities:
Goals
& Objectives

Promotion
Projections

Managerial performance
Opportunities

Obstacles

Business Activities
Investing
Activities

Planning
Activities

Financial
Activities

Operating Activities
Revenues and expenses from providing
goods and services

Financial Statements Reflect Business Activities

Planning
Investing

Operating

Current:

Cash
Accounts Receivable
Inventories
Marketable Securities

Noncurrent:

Land, Buildings, &

Equipment
Patents
Investments

Sales
Cost of Goods Sold
Selling Expense
Administrative Expense
Interest Expense
Income Tax Expense

Balance Sheet

Current:

Net Income

Cash Flow

Statement of
Cash Flows

Notes Payable
Accounts Payable
Salaries Payable
Income Tax Payable

Noncurrent:

Income statement
Assets

Financing

Bonds Payable
Common Stock
Retained Earnings

Liabilities & Equity

Balance Sheet

Statement of
Shareholders Equity

Apa Bedanya
dengan ALK
Konvensional?

Tipe Rasio
Leverage

Liquidity

Operating

Profitability

Neraca;

Laporan Laba
Rugi;

Laporan Arus
Kas;

Laporan
Perubahan
Ekuitas;

Laporan
Sumber dan
Penggunaan
Dana Zakat;

Laporan
Sumber dan
Penggunaan
Dana Kebajikan;