Matakuliah : F0282 - Analisis Laporan Keuangan Perusahaan
Tahun
: 2009
DASAR ANALISIS
Pertemuan 4
Murniadi Purboatmodjo
ANALISIS RASIO
expressed in % or as times per period
- Liquidity
Measures a firm’s ability to meet its current obligations
- Leverage (borrowing capacity)
Measures the degree of protector for long-term
creditors
- Profitability
Measures the earning ability of a firm
- Investor-focused
- Cash flow
Indicate liquidity, borrowing capacity, and profitability
3
ANALISIS RASIO (cont’)
- Interpreted in comparison with
 Prior ratios
 Competitor ratios
 Industry ratios
 Predetermined standards
4
Analisis Common size (Verikal-Horisontal)



The use of percentages is usually preferable to the use
of absolute amounts
Vertical analysis
 All amounts of a year expressed as a percentage of a
base amount (e.g., net sales revenue, total assets)
Horizontal analysis
 Amounts for comparative years are expressed as a
percentage of the base year amount
5
ANALISIS VERTIKAL
Melcher Company
Income Statement
For the Years Ended December 31
2005
2004
Sales revenue
Cost of goods sold
$ 100,000 100.0%
65,000 65.0%
2003
$ 95,000 100.0%
60,800 64.0%
$91,000 100.0%
56,420 62.0%
Gross profit
35,000
35.0%
34,200
36.0%
34,580
38.0%
Operating expenses:
Selling expense
General expense
14,000
16,000
14.0%
16.0%
11,400
15,200
12.0%
16.0%
10,000
13,650
11.0%
15.0%
Total operating expense
30,000
30.0%
26,600
28.0%
23,650
26.0%
5,000
1,500
5.0%
1.5%
7,600
2,280
8.0%
2.4%
10,930
3,279
12.0%
3.6%
$ 3,500
3.5%
$ 5,320
5.6%
$ 7,651
8.4%
Operating Income before taxes
Taxes related to operations
Net Income
Each financial statement element is presented as a
percentage of a designated base.
6
ANALISIS HORISONTAL
Melcher Company
Income Statement
For the Years Ended December 31
2005
2004
2003
Sales revenue
Cost of goods sold
2005
2004
2003
$ 100,000
65,000
$ 95,000
60,800
$ 91,000
56,420
109.9%
115.2%
104.4%
107.8%
100.0%
100.0%
Gross profit
35,000
34,200
34,580
101.2%
98.9%
100.0%
Operating expenses:
Selling expense
General expense
14,000
16,000
11,400
15,200
10,000
13,650
140.0%
117.2%
114.0%
111.4%
100.0%
100.0%
Total operating expense
30,000
26,600
23,650
126.8%
112.5%
100.0%
5,000
1,500
7,600
2,280
10,930
3,279
45.7%
45.7%
69.5%
69.5%
100.0%
100.0%
$ 3,500
$ 5,320
$ 7,651
45.7%
69.5%
100.0%
Operating Income before taxes
Taxes related to operations
Net Income
Each financial statement element is presented as a
percentage of a base amount from a selected year.
7
ANALISIS HORISONTAL (cont’)
Year-to-Year Change Analysis:
 Use both absolute and percentages
 Guidelines:
 When an item has value in the base year and none in
the next period, the decrease is 100%
 A meaningful percent change cannot be computed
when one number is positive and the other number
is negative
 A percent change is incomputable when there is no
figure for the base year.
8
ANALISIS HORISONTAL (cont’)
Contoh:
Item
Advertising Expense
Operating Income
Net Income
Other
Year 1
Change Analysis
Year 2
Amount
$ 20,000 $ 6,000
(3,000)
(7,000)
8,000
-4,000
$(20,000)
(9,000)
15,000
4,000
Percent
(100%)
----
9
ANALISIS TREN



A study of the financial history of a firm  by looking
at the trend of particular ratio one sees whether the
ratios falling, constant, rising. Can detect problems or
observe good management
Longitudinal ratio comparison
 Falling
 Rising
 Relatively constant
Highlight
 Effective management
 Evidence of problems
10
ANALISIS INDUSTRI


Industry comparison complicated by highly diversified
companies
Financial services
 Base their analysis on industry placement
 Provide composite industry data
11
SUMBER DATA INDUSTRI




Financial components vary by type of industry
Merchandising
 Inventory is a principal asset
 Sales may be primarily for cash or on credit
Service
 Inventory is low or nonexistent
Manufacturing
 Large inventory holdings
 Substantial investment in plant assets
12
Latihan soal
FINANCIAL REPORTING ANALYSIS – Gibson
P5-5 dan/P5-7
13