Pemahaman Laporan Keuangan

Keuangan Agrobisnis (corporate finance)

• Aktifitas perusahaan dan aliran kas (cash flows)

Investment Dividend

Issuance Shareholders
Projects of stock
A
B Investment
…
FIRM
Z Issuance
of debt Debtholders
CF from
operation Interest/ Debt
payment
• 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 Balance sheet
• REV Revenue • FA Fixed assets, net
• CGS Cost of goods sold • AR Accounts receivable (piutang)
• INV Inventories
• SGA Selling, general and administrative
• CASH Cash & cash equivalents
expenses
• SE Equity capital
• Dep Depreciation
• LTD Long term debt
• EBIT Earnings before interest and taxes
• AP Accounts payable
• STD Short-term borrowing
• Int Interest expenses
• TAX Taxes
• Statement of retained income
• Tc Tax rate
• DIV Dividends
• NI Net income
 Example : Baidu 1st January
• Create your company
Assets
: Liabilities
Cash 1000 Capital 1000

• Buy 2 computers :
Assets Liabilities
Computers 900 Capital 1000

Cash 100

• Buy an office (using LT debt) :

Assets Liabilities
Building 1000 Capital 1000
Computers 900 LT Debt 1000

Cash 100
 st
Example : Baidu 1 January

• Set up your inventory

– You buy 15 CD’s at 60
Assets Liabilities

Building 1000 Capital 1000

Computers 900 LT Debt 1000

Inventory 900 Account Payables 800
 Example: Baidu 31th December
• You make some profit during the year…
Assets Liabilities
Building 900 Capital 1000
Computers 800 Net income 168
Inventory 180 LT debt 1000
Account receivables 1000 Account payables 800

Cash 88

• Income statement : 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
• Measure of performance / profitability
– ROE: return on equity
NI
ROE 
SE Link between ROE and ROA:
– ROA: return on asset
financing structure of the firm
NI
ROA 
Asset

• Measure of the leverage

– D/SE or D/Asset or Asset/SE …

Asset
ROE  ROA 
SE
• 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 :

Net Income Re venue Assets

12.64% ROE   
Re venue Assets Equity

Profit Asset Financial

Margin Turnover Leverage

1.63% 2.89 2.68

ROA
4.71%
 Accounting view of the firm: Ratio
analysis
• Drivers of performance

Return on Equity

Return on Assets Leverage

Profit Margin Asset Turnover Liability side of BS

Objectives:
Income Stat. Based Link IS & asset side of BS • Balance between D & SE
Objectives: Objectives: • Liquidity
• pricing strategy • FA management • …
• value added • Current asset mgt
• … • …
 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 Liabilities

Fixed assets (FA) Stockholders' equity (SE)

Working capital requirement (WCR) Interest-bearing debt (D)

Cash (Cash)
FA + WCR + Cash = SE + D

Working capital requirement : definition Interest-bearing debt: definition

+ Accounts receivable + Long-term debt
+ Inventories + Current maturities of long term debt
+ Prepaid expenses (jatuh tempo utang)
+ Notes payable to banks
- Accounts payable
- Accrued payroll and other expenses

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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 Stockholder’s
Assets Current ratio: a measure of NWC
equity
Current ratio = Current assets / Current liabilites
Net working capital = Current assets - Current
Net Long term
liabilites
Current Working debt
Assets Capital
Current
liabilities

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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)
Working Net Liquid Net Working
Capital Balance Capital
Requirement

• WCR + NLB = NWC

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 Balance sheet

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 More on balance sheet
• A different view of the balance sheet
ASSETS LIABILITIES
– Net working capital (NWC)
Shareholders
Fixed Long term
Equity
Assets
– Working capital requirement
Long term
Inventories Debt (WCR)
Operation
Account Account
receivables payables
– Net liquid balance (NLB)
Cash Short term
financial debt Liquidity

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Sources of Cash Inflows and Cash Outflows
Operating Activities Investing Activities Financing Activities
Sales of goods and services Sale of fixed assets Issuance of stocks and bonds
Sales of LT financial assets LT and ST borrowing

CASH

Operating Activities Investing Activities Financing Activities

Purchase of supplies Capital expenditures and Repurchase of stocks and bonds
Selling, general and acquisitions Repayment of debt
administrative expenses LT financial investments Dividend payment
Tax expenses

CF from operating CF from investing CF from financing

activities activities activities

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 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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