KONTRAK PEMEGANG SAHAM DENGAN MANAJER
PEMEGANG SAHAM
(PEMILIK PERUSAHAN)
MEMAKSIMUMKAN
NILAI SAHAM
MANAJER-MANAJER
(MANAJER KEUANGAN)
OUTPUT
KEPUTUSAN
FUNGSI MANAJER
KEUANGAN
KEPUTUSAN
INVESTASI
STRUKTUR AKTIVA
YANG OPTIMUM
ANGKA PENJUALAN
YANG MAKSIMUM
BIAYA OPERASI
YANG MINIMUM
LABA MAKSIMUM
KEPUTUSAN
PENDANAAN
STRUKTUR MODAL&
FINANSIIL OPTIMUM
HASIL KERJA MANAJER TERTUANG
DALAM LAPORAN KEUANGAN
PERFORMAN KEUANGAN DIUKUR DARI
HASIL ANALISIS LAPORAN KEUANGAN
BERUPA RASIO-RASIO KEUANGAN
RASIO LIKUIDITAS
RASIO SOLVABILITAS
RASIO AKTIVITAS
RASIO PROFITABILITAS
LIKUIDITAS : MENGUKUR KEMAMPUAN
PERUSAHAAN
DALAM
MEMENUHI
KEWAJIBAN JANGKA PENDEK DENGAN
MENGGUNAKAN AKTIVA LANCAR
SOLVABILITAS:MENGUKUR
PERAN
HUTANG DALAM MENDANAI AKTIVA DAN
KEMAMPUAN
PERUSAHAAN
DALAM
MEMENUHI KEWAJIBAN BUNGA DAN
ANGSURAN PINJAMAN
RASIO AKTIVITAS: MENGUKUR TINGKAT
EFFISIENSI PENGGUNAAN ASET DALAM
MENGHASILKAN PENJUALAN
RASIO PROFITABILITAS: MENGUKUR
KEMAMPUAN
PERUSAHAAN DALAM
MENGHASILKAN LABA DARI ASET
MAUPUN DRI PENJUALAN
FINANCIAL STATEMENT ANALYSIS
LIQUIDITY
CurrentAssets
Current Ratio
CurrentLiabelities
QuickRatio 
CA  Inventories
CurrentLiabelities
Cash  Securities
CashRatio 
CurrentLiabelities
Measures ability to meet
current
debts
with
current assets
Measures ability to meet
current debts with mostliquid (quick) current assets
Measures ability to meet
current debts with cash
LEVERAGE
DebtRatio 
TotalDebt
TotalAsset
Debt  To  Equity 
Totaldebt
Shareholders ' equity
EBIT
Interest cov erage 
InterestExpense
Shows
the
relative
extent to which the firm
is
using
borrowed
money
Indicates the extent to
which debt financing is
used relative to equity
financing
Indicates ability to cover
interest charges; tells
number of times interest
is earned
ACTIVITY =ASSET UTILIZATION
AnnualNetCreditSales
RTO 
Average Re ceivables
InventoryTO 
CostOfGoodsSold
AverageOfInventory
Measures how many times the
receivables have been turned
over into cash during the year
Measures how money times the
inventory has been turned over
(sold) during the year
NetSales
MeasuresRelative efficiency of total
TotalAssetTurnover 
TotalAssets assets to generate sales
PROFITABILITY
Measures profitability with respect
to sales generated;net income per
dollar of sales
Net Pr ofitAfterTaxes
Re turnOnInvestment 
TotalAssets
Measures Overalleffectiveness in
generating profits with available
assets, earning power on invested
capital
ROI= NPM X TATO
Net Pr ofitAfterTaxes
ROE 
Shareholde rs ' Equity
ROE=NPM X TATO X EQUITY
MULTIPLIER
Measures
earning
power
on
shareholders’book-value investment
EquityMultiplier 
TotalAssets
Shareholde rs ' equity
Balance Sheet as of
December 31, 2009
Cash
$ 155,000
Receiveables
672,000
Iventory
483,000
Total current Asset $1,310,000
Net fixed assets
585,000
Total assets
$1,895,000
Accounts payable
$ 258,000
Notes Payable
168,000
Other current liabilities 234,000
Total current liabiities $660,000
Long-term debt
513,000
Common equity
722,000
Total liabilities and equity
$1,895,000
Income Statement for Year Ended
December 31, 2009
Sales
Cost of goods sold
Materials
Labor
Heat, Light, and power
Indirect labor
Depreciation
Gross profit
Selling Expenses
General and adminisrative expenses
Earnings before interest and taxes
Interest expenses
Net income before taxes
Federal and state income taxes (40%)
Net Income
$3,215,000
$1,434,000
906,000
136,000
226,000
83,000
2,785,000
430,000
230,000
60,000
$ 140,000
49,000
$ 91,000
36,400
$ 54,600
ANALISIS BREAK EVEN
Analisis Pulang Pokok
PERENCANAAN PENJUALAN SEBAGAI
PANGKALAN UTAMA DALAM ESTIMASI
LABA PERUSAHAAN.
PENJUAL
AN
−
BIAYA
ATIVITAS
PRODUKSI
ADMINISTRASI
PEMASARAN
rustam hidayat fia-ub
⁼
LABA
BREAK EVEN ADALAH ANALISIS
HUBUNGAN VOLUME, BIAYA,
DAN LABA.
BREAK EVEN SEBAGAI ALAT
PERENCANAAN JANGKA
PENDEK UNTUK MENETAPKAN
PENJUALAN MINIMUM PADA
LABA NOL (BEP) DAN JUGA
MERENCANAKAN PENJUALAN
PADA LABA TERTENTU
rustam hidayat fia-ub
PERILAKU BIAYA
BIAYA TETAP= FIXED COST (fc)
ADALAH BIAYA YANG SECARA TOTAL
TIDAK DIPENGARUHI OLEH
PERUBAHAN VOLUME PENJUALAN
BIAYA VARIABLE (vc) ADALAH BIAYA
YANG SECARA TOTAL BERUBAH
PROPORSIONAL DENGAN
PERUBAHAN PENJUALAN,
SEDANGKAN BIAYA PER UNIT TIDAK
BERUBAH
rustam hidayat fia-ub
SALES
TOTAL VC
FIXED COST
QUANTITY
rustam hidayat fia-ub
QUANTITY
HARGA
VC
FC
Rp8.000
Rp5.000
Rp3.600.000
Q
PENJUALAN
TOTAL BIAYA
LABA OPERASI
400
Rp3.200.000
Rp5.600.000
-Rp2.400.000
800
Rp6.400.000
Rp7.600.000
-Rp1.200.000
1200
Rp9.600.000
Rp9.600.000
Rp0
1600
Rp12.800.000
Rp11.600.000
Rp1.200.000
2000
Rp16.000.000
Rp13.600.000
Rp2.400.000
rustam hidayat fia-ub
DARI
TABEL
DIKETAHUI
BAHWA
PENJULAN DIBAWAH 1200 UNIT ,
PERUSAHAAN MENDERITA KERUGIAN.
KARENA Bep ADA PADA 1200 UNIT
LABA DI ATAS BEPUNIT= (q’-BEP)(P-VC)
Laba pada 1600 adalah:
Π=(1600- 1200)X(Rp 8000- Rp 5000)
Π =Rp 1.200.000,rustam hidayat fia-ub
BEP  TR  TC  0
P.Q  VC.Q  FC  O
Q( P  VC )  FC
FC
Q
P  VC
P  VC  CM
fc
q
cm
rustam hidayat fia-ub
BIAYA var iabelDINYA TAKANdenganRATEvcTERHADAPPENJUALAN
VC
.S  TOTAL var iable cos t
P
maka :
vc
s  ( s )  fc  0
p
vc
s (1  )  fc
p
fc
sBEP 
vc
1
p
rustam hidayat fia-ub
3600000
BEP 
5000
1
8000
BEP  Rp 9600000
rustam hidayat fia-ub
HITUNG:
1.BERAPA
PENJUALAN
UNTUK
MENDAPATKAN
MARGIN LABA (OPERATING
PROFIT MARGIN) SEBESAR
9,375%
2. BERAPA UNIT YANG HARUS
DIJUAL
UNTUK
MENDAPATKANA
EBIT
rustam hidayat fia-ub
PEMECAHANNYA:
Vc
S

.S  Fc  OPM .S
1.
P
sbudget 
Fc
 Rp12.800.000
Vc
1   opm
P
2. Q  Fc  Laba
budget
P  Vc
3.600.000  3.600.000
Qbudget  (8000  5000)  2.400
rustam hidayat fia-ub
OPERATING LEVERAGE
LEVERAGE OPERASI ADALAH BEBAN
TETAP YANG DIGUNAKAN UNTUK
MEMPERBESAR
PENGARUH
PERUBAHAN PENJUALAN TERHADAP
PERUBAHAN EBIT
Q( P  VC )
DOL 
Q( P  VC )  FC
rustam hidayat fia-ub
+25%
%∆Q
-25%
BUDGET
2000
Q
1200
1600
PENJUAL
Rp16.000.000
AN
Rp9.600.000 Rp12.800.000
8.000.000 Rp10.000.00
TOTAL VC 6.000.000
0
3.600.000
3.600.000
TOTAL FC 3.600.000
EBIT
-Rp0
Rp1.200.000 Rp 2.400.000
%∆EBIT
-100%
- )
+100%
1600(8000  5000
dol 
1600(8000  5000)  3600000
dol  4
Artinya jika penjualan naik 25 %, maka ebit akan naik 100% dan
sebaliknya saat terjadi penurunan
rustam hidayat fia-ub
BEP MIX: JIKA MACAM PRODUK ADA
DUA ATAU LEBIH, DAN BIAYA TETAP
TIDAK DAPAT DIALOKASI SECARA
TEPAT KE MASING MASING PRODUK
KOMPOSISI
KOMP
PRODUK OSISI
A
3
B
5
C
2
10
P
20.000
25.000
18.000
Vc
12.000
17.000
10.000
JIKA FIXED COST RP 40.000.000;
CM UNIT
8.000
8.000
8.000
CM
2400
4000
1600
8000
40.000.000
BEP 
 5.000UNIT
8.000
rustam hidayat fia-ub
MANAJEMEN PIUTANG
 Pemberian Kredit dalam penjualan berarti
memberikan kelonggaran waktu pembayaran
kepada pembeli.
 Kredit dapat meningkatkan penjualan tetapi
juga resiko serta modal kerja perusahaan
pemberi kredit.
Credit Policy Decisions
1.The choice of credit terms
2.Setting evaluation methods and credit standards
3.Monitoring receivables and taking actions for slow
payment
Credit term: Perjanjian/Kontrak antara supplier
pemberi kredit dengan customer penerima
kredit tentang waktu pembayaran dan cara
pembayaran.
Credit standards berkenaan dengan kreteria
yang digunakan dalam menilai proposal
kredit (Misal: NPV, ROI, Debt service
coverage)
Monitoring receivables berkenaan dengan
menilai kualitas kredit yang telah disalurkan;
•Aging schedules
•Average collection periods
•Receiables balance fractions
Sources of Credit Information
INTERNAL SOURCES
• A credit application, including references
• The applicant’s previous payment history, if
credit has previously been extended
• Information from sales representatives and and
other employees.
EXTERNAL SOURCES
Financial Statements for recent years
Reports from credit rating agencies
Credit bureu reports
Industry association credit files
FIVE C’s OF CREDIT
Character. The commitment to meet credit
obligations. Measured by a credit applicant’s prior
payment history.
Capacity is evaluated by looking at the income or
cash flow on the applicant’s income statement or
statement of cash flows.
Capital is evaluated by looking at the applicant’s
net worth
Collateral value depands on the cost of
reposessing and on the possible resale value.
Conditions. General or industry economic
conditions.
CREDIT-SCORING MODELS
Menilai kemampuan perusahaan dalam memenuhi
kewajiban/ pengembalian kredit ditentukan oleh banyak
variabel.
Credit scoring mengkombinasikan beberapa variabel
finansiil menjadi satu ukuran nilai atau indeks untuk
mengukur kelayakan pemberian kredit.
S=w1X1+w2X2+w3X3+w4X4 (Emery&Finnerty)
X1=Net working capital/ sales (%)
X2=Debt/ asset (%)
X3= Assets/ sales(%)
X4= Net profit margin (%)
X1;X3;dan X4 Bertanda positif
X2=Bertanda negatif
Scst1=2(15%)-0.30(40%)+0.10(105%)+0.60(12%)=35.7
Scst2=2(8%)-0.30(55%)+0.10(110%)+0.60(9%)=15.9
Jika NPV nol ada pada Score minimal 25, Customer
1dapat diberi kredit, sedangkan customer2 ditolak usulan
kreditnya.
CUSTOMER 1
CUSTOMER 2
X1=Net working capital/
sales (%)
15%
8%
X2=Debt/ asset (%)
40%
55%
X3= Assets/ sals(%)
105%
110%
12%
9%
X4= Net profit margin
(%)
Contoh Standard NPV≥0
Jika Customer bermaksud membeli barang secara
kredit senilai $ 1000 pembayaran dalam 3 bulan;
Yang harus dinilai adalah:
• Kemungkinan kemampuan membayar kembali
pelanggan sebut saja 95%; berarti 5% tidak
membayar.
• Modal yang digunakan untuk menjual kredit misal
saja 80%
• Tingkat pengembalian yang diinginkan (20%)
0.95($1000)
NPV =
- $800 = $ 107.67
(1+0.20)0.25
PEMBIAYAAN JANGKA PENDEK
SHORT-TERM FINANCING
Bersumber dari:
Trade credit from suppliers, artinya sumber
dana diperoleh dari pembelian secara kredit
dari perusahaan-perusahaan lain sebagai
pemasok.
Perusahaan ukuran kecil porsi utang
dagangnya lebih besar dari perusahaan
ukuran besar karena perusahaan kecil
kurang mendapatkan pasokan modal
perbankan maupun dari lembaga keuangan
non perbankan.
Sumber dana dari transaksi pembelian kredit
disebut juga “Pembiayaan Spontan ≈Spontaneous
Financing”.
Jika syarat kredit n/30 dan anda membeli Rp
2.500.000 per hari berarti anda mendapat
pembiayaan spontan Rp 75.000.000,Coba kalau periode kredit 60 hari maka
pendanaan anda berlipat menjadi Rp 150 juta.
Artinya memperpanjang periode kredit sama saja
dengan
memperbesar
sumber
pendanaan
spontan.
Pertimbangan syarat kredit:
•Sifat ekonomik produk
•Kondisi penjual
•Kondisi pembeli
•Potongan tunai
Sifat ekonomik produk: Kalau produk dapat dijual
dengan cepat seperti bahan makanan & buahbuahan yang umur ekonomik produknya sangat
pendek. Perputaran penjualan sangat cepat
sehingga pembeli sanggup membayar dengan
segera kepada pemasok.
Kondisi penjual, Perusahaan-perusahaan kecil
tidak didukung oleh kuangan yang kuat, misalnya
peternak, petani tidak akan sanggup memberi
periode kredit yang panjang sebagaimana
perusahaan besar manufaktur
Kondisi pembeli (Seperti pengecer) atas barangbarang pakaian yang sangat rentan terhadap
perubahan mode; kebiasaan dan budaya sangat
berisiko. Kepada mereka biasa diberi periode lebih
panjang tetapi juga perlu dirangsang dengan
potongan pembayaran lebih awal.
Potongan tunai, yang diberikan bagi
pembayaran yang lebih cepat sebelum
masa jatuh tempo harus dipertimbangkan
oleh pengguna pembiayaan spontan.
Biaya kredit spontan sebesar jika potongan
tunai tidak diambil.
Credit term
1/10 net 20
Approximate
cost
36 %
Effective cost
44 %
1/10 net 30
18 %
20 %
2/10 net 20
73 %
107 %
3/15 net 45
37 %
44 %
Misal Personal computer membeli microchip dalam
setahun $12juta dengan diskon 2% (pembelian $
11,760,000)
Pemb. per hari $ 11,760,000÷360=$32,666.67
Alternatif pola pembayaran:
10 hari
$ 326,666.67≈rata-rata hutang dagang
30 hari
$ 980,000.00≈rata-rata hutang dagang
Tambahan
$ 653,333.33 dari Microchip antara pembayaran
10 hari-an dengan 30 hari-an.
Approximate cost=(2%x$12Jt)÷ $ 653,333.33
Approximate cost= 36.73%
2
Approximate cost =
360
x
98
=36.73%
20
THE TIME VALUE OF MONEY
The main function of financial management is to
maximize shareholder’s wealth.
* Utilization of firm’s assets must be efficient, its
mean that each dollar must be profitable.
The basic asumption states that “a dollar” in
hand today is worth more than a dollar to be
received next year because, if you had it now,
you could invest it, earn interest, and end up
next year it will be more than one dollar.
Time frame concept
Future Value
Present value
Future value (Fv) is the value of n years
after coumpund interest has been earned, it
is also called componding.
To ilustrate; suppose you had $100
deposited in a bank savings account that
paid 5 % interest annually.
How much would you have at the end of one
year?
PRINCIPAL + INTEREST EARNED
Fv1= $100 + (0.05 x $100)
Fv1=
P0 + i.P0
Fv1= P0 (1 + i)
Fv1= 100 (1.05)= $ 105
The future value at the end of 2 year would
be:
Fv2= Fv1+ Fv1.i
2
Fv2= P0 (1+i)(1+i)
Fv2  P0(1  i)
Fvn  P0(1  i)
n
Fv2 =$100 (1.05)(1.05)
Fv2  $100(1.05)  $110.25
2
Now suppose you leave your funds on deposit for
5years; how much will you have at the end of the fith
year?
Year
1
2
3
4
5
Amount at the
beginning of year
$ 100
$105.00
$110.25
$115.76
$121.55
(1+i)
1.05
1.05
1.05
1.05
1.05
Amount at the
end of year
Interest
earned
$105.00
$110.25
$115.76
$121.55
$127.63
$5
$ 5.25
$ 5.51
$ 5.79
$ 6.08
TOTAL INTEREST EARNED
$ 27.63
FUTURE VALUE INTEREST FACTOR OF $1
Period
n
1
2
3
4
5
3%
1.0300
1.0609
1.0927
1.1255
1.1593
5%
1.0500
1.1025
1.1576
1.2155
1.2763
7%
1.0700
1.1449
1.2250
1.3108
1.4026
Relationship between future value interest
factors, interest rates, and time
FVIF
7%
5%
3%
0%
1
1
2
3
4
Periods
The table of FVIF shows that; initial amount
of $100 growing at 5% a year would be
$127.63 at the end of five years. Thus you
should be indifferent to the choice between
$ 100 today and $ 127.63 at the end of 5
years.
1. If a firm’s earnings per share grew from $1 to
$2 over a 10 year period, the total growth
would be 100 percent, but the annual growth
rate would be less than 10 percent. Prove it!
2. Assume that it is now January 1,2009 . On
January 1, 2010 you will deposit $ 1000 into a
saving account paying an 8 percent interest
rate.
a. How much will you have in your account on
January1,2014?
b. What would your January1, 2014, balance
be if the bank used quarterly compounding?
3. Find the interest rates, on each the
following:
a. You borrow $ 400 and promise to pay
back $420 at the end of 1 year
b. You lend $400 and receive a promise of
$420 at the end of 1 year.
c. You borrow $40,000 and promice to pay
back $ 65,156 at the end of 10 years
d. You borrow $ 4,000 and promise to
make payments of $ 1,028.36 per year
for 5 years.
PRESENT VALUE
In general, the present value of a sum due n year
in the future is the amount which, if it were on hand
today.
From the previous example your deposit at the end
of year 5 is $ 127.63, where the interest rates is
5% annually.
Finding the present value
Fvn
P0 
(1  i ) n
P0  Fvn(1  i)
n
FV5= $ 127.63; i= 5%
127.63
P0 
 100
5
(1  0.05)
It means that if you are offered an income at
end of year 5 of $ 127.63, you will accept
this offer if maximum investment is $ 100
FUTURE VALUE OF ANNUITY
An annuity is a series of equal payments at
fixed interval for specified number of
periods.
The basic assumption of annuity is that
“each payment (cash flow) is made at the
end of the year”
Time line for future value of annuity
0
4% 1
$1
4% 2
4%
$1
3
$1
FVA
1.0400
1.0816
3.1216
From the FVA line you know that each $1invested
at the end of every year during 3 years, it would be
$ 3.1216
End of year Compounded period
total
1
2 year= 1.0816
2
1 year= 1.0400
3
0 year= 1
3.1216
PRESENT VALUE OF ANNUITY (PVA)
(i=4%)
0
1
2
3
1
0.9615  (1  0.04) 1
0.9246  (1  0.04) 2
0.8890  (1  0.04) 3
2.7751
1
1
We have an information that the sum of
interest factor of equal serial cash flow of
$ 1 during 3 years is 2.7751
The Application of PVA
One of the most important application of
compound interest involves loans that are to be
paid off in installments over time. Included are
automobile loans, home mortgage loans, and
most business debt.
If a loan is to be repaid in equal periodic amounts,
it is said to be an amortized loan.
Exercise
A firm ABC borrows $1,000 to be repaid in 3 equal
payments at the end of each of the next 3
years. The lender charges 6 persent interest
rate on the loan balance that is outstanding at
the beginning of each period.
Calculate:
1. Determine the amount the firm must repay
each year or the annual payment
2. Split or separate between principal and interest
year
Beginning
amount
Payment
Interest
Principal
repayment
Remaining
Balance
1
1,00,000 374.11
60
314.11
685.89
2
685.89
374.11
41.15
332.96
352.93
3
352.93
374.11
21.18
352.93
0.00
1,122.33
122.33
$1,000,000