ANALISIS INFORMASI KEUANGAN

KISWANTO, S.E., M.Si., CMA, CIBA,

CERA
AIN HAJAWIYAH, S.Ak., M.S.Ak.,
ACPA 1
 OVERVIEW
ANALISIS LAPORAN KEUANGAN
Analisis Laporan Keuangan
◦ Aplikasi dari alat dan teknik analitis terhadap laporan keuangan perusahaan
untuk menghasilkan estimasi dan kesimpulan yang berguna dalam
menganalisis suatu bisnis.
◦ Analisis laporan keuangan mengurangi ketergantungan terhadap firasat,
tebakan, dan intuisi dalam pengambilan keputusan

◦ Bagian dari Analisis Bisnis: menganalsisi prospek dan risiko untuk mengambil
keputusan bisnis
◦ equity and debt valuation, credit risk assessment, earnings predictions, audit
testing, compensation negotiations, etc
◦ denagn menganalisis lingkungan bisnis, strategi, posisi keuangan dan kinerja.
Tipe Utama Analisis Bisnis

Liquidity
Credit analysis
Solvency
Business
Analysis
Technical
Equity analysis
Fundamental
Siapa yang memerlukan Analisis
Bisnis ?
• Investor Ekuitas
• Kreditur
• Manajer
• Analis Merger dan Akuisisi
PROSPEK
• Auditor Eksternal
• Direktur
• Regulator (Pemerintah)
• Karyawan dan SPSI
• Pengacara (Lawyer)
• Pelanggan
RESIKO
 Sumber Informasi untuk
Analisis Bisnis
Kuantitatif Kualitatif
• Laporan Keuangan • Diskusi dan analisis
• Statistik Industri
Manajemen
• Indikator Economi
• Visi/Misi Bisnis
• Laporan Perdagangan
• dll • Pemberitaan
mengenai poisisi
Keuangan
• Web sites
• dll
 Intrinsic Value
(or Fundamental Value)

Value of Company (or stock) without

reference to market value (or stock price)

Intrinsic value > Market value Buy

Strateg

Intrinsic value < Market value Sell

y

Intrinsic value = Market value Hold

 Business
Environment &
Strategy Analysis

Industry Strategy
Analysis Analysis

Financial
Analysis

Analysis
Accounting of Sources Prospective
Analysis Profitability
&Uses of Risk Analysis
Funds Analysis
Analysis

Cost of Capital Estimate 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

Accountin
Distortion problems Earnings management
Risk
Distortion of business
 Financial Analysis
Process to evaluate financial position and
performance using financial statements

Profitability analysis — Evaluate return

on investments
Common tools

Risk analysis ——— Evaluate riskiness

& creditworthiness Ratio Cash
analysis flow
Analysis of — Evaluate source & analysis
cash flows deployment of funds
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 per
Investing Financing
Planning

Operating

Planning
Investing Financing
End of period
 Business Activities
Competition Pricing

Market demands Tactics

Planning
Activities:
Distribution Goals Promotion
& Objectives
Projections
Managerial performance

Opportunities Obstacles
Business Activities
Financing activities
 Owner (equity)
 Nonowner
(liabilities)

Financing
 Business Activities
Investing activities
 Buying
resources
 Selling
resources

Investing Financing

Investing = Financing
 Business Activities
Planning
Investing Activities Financial
Activities Activities

Operating Activities
Revenues and expenses from providing
goods and services
Laporan Keuangan Menggambarkan Aktivitas Bisnis

Perencanaan
Investasi Pendanaan
Lancar: Operasi Lancar:
•
Kas
•
Hutang Wesel
• Penjualan
Piutang
•
Hutang Dagang
HPP
•
•

Persediaan
•
Hutang Gaji
Biaya Penjualan
•
•

Surat Berharga
•
Hutang Pajak
Biaya Administrasi
•
•

Tidak Lancar: Pendapatan

• Biaya Bunga
•
Tanah dan • Pajak Pendapatan Tidak Lancar:
Bangunan
• Hutang Obligasi
•
Perlengkapan Laba Bersih • Saham Biasa
•
Paten
• Laba Ditahan
•
Investasi Lap. L/R Kewajiban & Modal
Asset Arus Kas
Laporan posisi
keuangan
Laporan posisi Laporan Arus
keuangan Kas Laporan Perubahan
ekuitas
Analysis Tools
◦ 1. Comparative financial statement analysis
◦ 2. Common-size financial statement analysis
◦ 3. Ratio analysis
◦ 4. Cash flow analysis
◦ 5. Valuation
 Laporan Keuangan

• Laporan Posisi Keuangan

• Laporan Laba Rugi
• Laporan Perubahan Ekuitas
• Laporan Arus Kas
• Catatan atas Laporan Keuangan
 Kodak
Dec 31, 2001 (In millions, except per share data)

Liabilities and
Shareholders’ Equity
Assets
Current Assets Current Liabilities
Payables $ 3,276
Cash and cash equivalents $ 448
Short-term borrowings 1,378
Receivables 2,337
Accrued income taxes 544
Inventories 1,137
Current maturities of LTD 156
Deferred income tax charges 521
Total current liabilities 5,354
Other 240
Total current assets 4,683
Other Liabilities
Properties
Long-term borrowings 1,666
Land, buildings and equipment at cost 12,982
Post-employment liabilities 2,728
Less: Accumulated depreciation 7,323 720
Other long-term liabilities
Net properties 5,659
Total liabilities 10,468
Other Assets
Goodwill (net of accumulated
amortization of $920) 948 Shareholders' Equity
Other non-current assets 2,072
Common stock, par value $2.50 per share,
Total Assets $ 13,362 950,000,000 shares authorized; issued
391,292,760 shares 978
Additional paid in capital 849
Retained earnings 7,431
Accumulated other comprehensive loss (597)
8,661
Treasury stock, as cost, 100,363,059 shares 5,767
Total shareholders' equity 2,894
Total liabilities and equity $ 13,362
 Income Statement
Kodak
For Year Ended Dec. 31, 2001 (In millions)

Sales $13,234
Cost of goods sold 8,670
Gross profit 4,564
Selling, general and administrative expenses 2,627
Research and development costs 779
Goodwill amortization 154
Restructuring costs and asset impairments 659
EARNINGS FROM OPERATIONS 345

Interest expense 219

Other income (charges) (18)
Earnings before income taxes 108
Provision for income taxes 32
NET EARNINGS 76
 Statement of Cash Flows
Kodak
For year Ended Dec. 31, 2001 (In millions)
Cash flows from operating activities:
Net Earnings $ 76
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 919
Restructuring costs 830
Provisions (benefit) for deferred income taxes (44)
(Increase) decrease in receivables 252
(Increase) decrease in inventories 461
(Decrease) increase in liabilities excluding borrowings (529)
Other items, net 100
Net cash provided by operating activities 2,065

Cash flow from Investing activities:

Additions to properties (743)
Acquisitions, net of cash acquired (306)
Marketable securities - sales 54
Marketable securities - purchases (52)
Net cash used in investing activities (1,047)

Cash flows from financing activities:

Net increase (decrease) in borrowings with original maturities of 90 days or less (695)
Proceeds from other borrowings 1,907
Repayment of other borrowings (1,355)
Dividends to shareholders (643)
Exercise of employee stock options 22
Stock repurchase programs (44)
Net cash provided by (used in) financing activities (808)
Effect of exchange rate changes on cash (8)
Net (decrease) increase in cash and cash equivalents 202
 Statement of Cash Flows
for Year Ended Dec. 31, 2001
Operating Cash flows $ 2,065

Financial Investing Cash flows

Financing Cash flows
(1,047)
(808)

Statement Exchange rate changes on cash

Net Change in Cash $ 202
(8)

Links - Kodak Cash Balance, Dec. 31, 1997

Cash Balance, Dec. 31, 1998
246
$ 448

Income Statement Balance Sheet

Balance Sheet
for Year Ended Dec. 31, 2001 Dec. 31, 2001
Dec. 31, 2000
Sales $13,234
Expenses (13,158) Assets
Assets
Net Earnings $ 76 Cash $ 448
Cash $ 246
Other Comprehensive Income (115) Non-Cash Assets 12,914
Non-Cash Assets 13,966
Comprehensive Income $ (39) Total Assets $13,362
Total Assets $14,212

Liabilities & Equity Statement of Shareholders’ Equity Liabilities & Equity

Total liabilities $ 10,784 for Year Ended Dec. 31, 2001 Total liabilities $10,468

Equity: Share Capital, Dec. 31, 1997 $ 1,849 Equity:

Share Capital 1,849 Adjustments/Stock Issue (22) Share Capital 1,827
Retained Earnings 7,387 Share Capital, Dec. 31, 1998 $ 1,827 Retained Earnings 6,834
Treasury Stock (5,808) Treasury Stock (5,767)
Total equity $ 3,428 Retained Earnings, Dec. 31, 1997 $ 7,387 Total equity $ 2,894
Add: Comprehensive Income (39)
Liabilities & Equity $14,212 Less: Dividends (514) Liabilities & Equity $13,362
Retained Earnings, Dec. 31, 1998 $ 6,834
(Point in time)

(Point in time)
Treasury Stock, Dec. 31, 1997 $ 5,808
Treasury Stock Issued 82
Treasury Stock Repurchased (41)
Treasury Stock, Dec. 31, 1998 $ 5,767

Dec. 31, 2000 (Period of time) Dec. 31, 2001

 Laporan Posisi Keuangan
Jumlah Investasi = Jumlah Pendanaan
= Pendanaan Kreditur + Pendanaan
Pemilik

Pendanaan Kodak

$13,362 = $10,468 + $2,894

Sifat Laporan Keuangan (1)
◦ Fakta yang telah dicatat: Pencatatan kejadian-kejadian yang
sudah berlalu (historis) berdasarkan harga perolehannya
bukan harga pengganti atau harga pasar sekarang.
◦ Prinsip dan Kebiasaan dalam Akuntansi: Data yang dicatat
dalam laporan keuangan dilakukan berdasarkan prinsip dan
kebiasaan akuntansi yang lazim.
Sifat Laporan Keuangan (2)
◦ Pendapat Pribadi: walaupun pencatatan transaksi sudah
diatur oleh dalil-dalil dasar yang sudah ditetapkan dan
sudah dijadikan standard praktek pembukuan, namun
penggunaan dalil-dalil dan standard tergantung dari
akuntan perusahaan.