Pemahaman Laporan Keuangan

Keuangan Agrobisnis (corporate finance)

• Aktifitas perusahaan dan aliran kas (cash flows)

FIRM

Shareholders

Debtholders

Projects A B … Z

Investment

Issuance

of stock

Issuance

of debt

CF from operation Interest/ Debt

payment

Dividend Investment

• 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 • REV Revenue

• CGS Cost of goods sold

• SGA Selling, general and administrative

expenses

• Dep Depreciation

• EBIT Earnings before interest and taxes

• Int Interest expenses

• TAX Taxes

• Tc Tax rate

• NI Net income

Balance sheet

• FA Fixed assets, net

• AR Accounts receivable (piutang)

• INV Inventories

• CASH Cash & cash equivalents

• SE Equity capital

• LTD Long term debt

• AP Accounts payable

• STD Short-term borrowing

• Statement of retained income

• DIV Dividends

Example : Baidu 1st January

Assets Liabilities

Cash 1000 Capital 1000

• Create your company :

• Buy 2 computers :

• Buy an office (using LT debt) :

Assets Liabilities

Computers 900 Capital 1000

Cash 100

Assets Liabilities

Building 1000 Capital 1000

Computers 900 LT Debt 1000

Cash 100

Example : Baidu 1st January

Assets Liabilities

Building 1000 Capital 1000

Computers 900 LT Debt 1000

Inventory 900 Account Payables 800

• Set up your inventory

– You buy 15 CD’s at 60

Example: Baidu 31th December

• You make some profit during the year…

• Income statement :

Assets Liabilities

Building 900 Capital 1000

Computers 800 Net income 168

Inventory 180 LT debt 1000

Account receivables 1000 Account payables 800

Cash 88

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

SE

NIROE

• Measure of performance / profitability – ROE: return on equity

– ROA: return on asset

• Measure of the leverage – D/SE or D/Asset or Asset/SE …

Asset

NIROA

SE

AssetROAROE

Link between ROE and ROA:

financing structure of the firm

• 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 :

ROA

Equity

Assets

Assets

venue

venue

Net IncomeROE

Re

Re

Financial

Leverage

Asset

Turnover

Profit

Margin

1.63% 2.89 2.68

12.64%

4.71%

Accounting view of the firm: Ratio analysis

• Drivers of performance

Return on Equity

Return on Assets Leverage

Profit Margin Asset Turnover

Income Stat. Based

Objectives:

• pricing strategy

• value added

• …

Link IS & asset side of BS

Objectives:

• FA management

• Current asset mgt

• …

Liability side of BS

Objectives:

• Balance between D & SE

• Liquidity

• …

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

Fixed assets (FA)

Working capital requirement (WCR)

Cash (Cash)

Liabilities

Stockholders' equity (SE)

Interest-bearing debt (D)

FA + WCR + Cash = SE + D

Working capital requirement : definition

+ Accounts receivable

+ Inventories

+ Prepaid expenses

- Accounts payable

- Accrued payroll and other expenses

Interest-bearing debt: definition

+ Long-term debt

+ Current maturities of long term debt

(jatuh tempo utang)

+ Notes payable to banks

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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

Assets

Current

Assets

Stockholder’s

equity

Long term

debt

Current

liabilities

Net

Working

Capital

Current ratio: a measure of NWC

Current ratio = Current assets / Current liabilites

Net working capital = Current assets - Current

liabilites

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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)

• WCR + NLB = NWC

Working

Capital

Requirement

Net Liquid

Balance

Net Working

Capital

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Balance sheet

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More on balance sheet

• A different view of the balance sheet

– Net working capital (NWC)

– Working capital requirement (WCR)

– Net liquid balance (NLB)

Inventories

Account

receivables

Cash

Shareholders

Equity

Account

payables

Short term

financial debt

Long term

Debt

ASSETS LIABILITIES

Fixed

Assets Long term

Operation

Liquidity

Sources of Cash Inflows and Cash Outflows

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Operating Activities Sales of goods and services

Investing Activities Sale of fixed assets

Sales of LT financial assets

Financing Activities Issuance of stocks and bonds

LT and ST borrowing

Operating Activities Purchase of supplies

Selling, general and

administrative expenses

Tax expenses

Investing Activities Capital expenditures and

acquisitions

LT financial investments

Financing Activities Repurchase of stocks and bonds

Repayment of debt

Dividend payment

CASH

CF from operating

activities

CF from investing

activities

CF from financing

activities

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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