Matakuliah : F0282 - Analisis Laporan Keuangan Perusahaan
Tahun
: 2009
ASPEK RENTABILITAS DAN ASPEK
LEVERAGE/DEVIDEN
Pertemuan 6
Murniadi Purboatmodjo
ASPEK RENTABILITAS
A.
Rentabilitas
Kemampuan perusahaan menghasilkan laba
selama periode tertentu
Dengan membandingkan laba yang diperoleh
dalam suatu periode tertentu dengan jumlah
Aktiva atau Modal sendiri
- Rentabilitas Ekonomis: Laba perusahaan
dibandingkan dengan modal yang digunakan
(modal sendiri dan modal asing)
- Rentabilitas Usaha/Modal sendiri : laba
perusahaan dibandingkan modal sendiri yang
dimasukkan oleh pemilik perusahaan.
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Definisi lainnya mengenai Rentabilitas/Profitability:
The ability of the firm to generate earnings
Analysis of profit is important to :
o Stockholders
 since they derive revenue, in the form of dividends,
when paid from profit.
 Profit ↑  market price ↑  capital gains
o Creditors
 profits are one source of funds for debt coverage
(Interest and Principal)
o Management
 it is a performance measure
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A. 1. Gross Profit Margin
Gross Profit
Net Sales
Sales
– Cost of Goods
Sold
= Gross Profit
Beginning Inventory
+ Purchases of Inventory
– Ending Inventory
5
Gross Profit Margin (cont’d)




COGS represents the cost of the product sold during the
period
Since COGS is such a large expense for merchandising
and manufacturing firms  the changes in this figure can
have a substantial impact on the profit for the period.
To analyze  vertical common size basis  gross profit
is compared to net sales (GPM)
The ratio should then be analysed by comparison with
industry data or by trend analysis overtime
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A.
2. Operating Income Margin
Operating Income
Net Sales
Net Sales
-/- COGS (COGM)
Gross Profit
-/- operating expenses
Operating Income
xxx
(xxx)
xxx
(xxx)
xxx
 Use operating income in the numerator
 It shows the efficiency in controlling operating expenses
 A measure of operating income dollars generated by each dollar of
sales
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A.
3. Net Profit Margin
Net Income Before Minority Share of Earnings,
Equity Income, and Nonrecurring Items
Net Sales
Also referred to as return on sales
o Reflects net income dollars generated
by each dollar of sales
o The higher  the better
o Potential distortion
- Net “other” income or loss
o
Adjusted Profit Margin:
To make NPM ratio more accurate:
o Remove  other income and other expense from net income,
because these items do not relate to net sales
o A net ‘other income’ distorts NPM on the high side,
o A net ‘other expense’ distorts NPM on the low side.
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A.
4. Total Asset Turnover
Net Sales
Average Total Assets
Measures the activity of the assets and the ability of
the firm to generate sales through the use of the
assets
o Potential distortion
- Investments
- Construction in progress
- Other assets that do not relate to net sales
o
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A.
5. Return on Assets
Net Income Before Minority Share
of Earnings and Nonrecurring Items
Average Total Assets
Measures the ability to utilize assets to create
profits
o Average total assets
- Internal analysis: month-end amounts
o
- External analysis: beginning and ending
amounts
- If necessary, consistent use of end-of-year amounts
o
the higher  the better
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A.
6. DuPont Return on Assets
Return on Assets = Net Profit Margin  Total Asset Turnover
Net Income Before
Net Income Before
Minority Share of
Minority Share of
Earnings and
Earnings and
Nonrecurring Items
Nonrecurring Items
Net Sales
=

Average Total Assets
Net Sales
Average Total Assets
o Reviewing NPM, TA t.o., and ROA together,
because of the direct influence that NPM and TA
t.o. have on ROA
o The method was developed by E. I. DuPonT de
Nemours and Company
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DuPont Return on Assets (cont’d)
 DuPont analysis separates return on assets into net
profit margin and total asset turnover
Return on
Assets
=
Net Profit
Margin
×
Total Asset
Turnover
Firm A
Year 1
Year 2
10%
8%
=
=
4.0%
4.0%
×
×
2.5
2.0
FIRM B
Year 1
Year 2
10%
8%
=
=
4.0%
3.2%
×
×
2.5
2.5
• Separating the ratio into the two elements allows evaluation of the causes
for the change in return on assets
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A.
7. Operating Asset Turnover
Net Sales
Average Operating Assets
• Measures the ability of operating assets to
generate sales dollars
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A.
8. Return on
Operating Assets
Operating Income
Average Operating Assets
Measures the ability of operating assets to
generate operating income
o DuPont analysis of the return on operating
assets:
o
DuPont Return
on
=
Operating Assets
Operating
Income
Margin
Operating
×
Asset
Turnover
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A.
9. Return on Investment (ROI)
Net Income Before Minority Share of
Earnings and Nonrecurring Items
+ Interest Expense   1-Tax Rate  
Average Long-Term Liabilities + Equity 
Measures the earnings on investment and indicates
how well the firm utilizes its asset base
o Measures the relationship between the income
earned and the capital invested
o Measures ability to reward investors and to attract
providers of future funds
o Evaluates the earnings performance without regard
to financing sources
o
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A.
10. Return on Total Equity
Net Income Before Nonrecurring Items
- Dividends on Redeemable Preferred Stock
Average Total Equity
Measures the return to common and preferred
stockholders
o Adjustments for redeemable preferred stock
- Deduct dividends from net income (numerator)
o
- Deduct stock value from total equity
(denominator)
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ASPEK LEVERAGE/DEVIDEN
B. Aspek Leverage
o
o
o
o
o
o
Common shareholder is the residual owner  therefore entitled to
whatever profits/earnings are left
The use of debt (financial leverage) and the existence of fixed
operating costs (operating leverage) have a significant impact on
earnings.
The use of financing with a fixed charge (such as interest)
Using the FL results in  a fixed financing charge that can
materially affect the earnings available to the common SH
Successful FL  if earned on the borrowed funds > paid to use the
funds
Not successful FL  If earned on the borrowed funds < paid to use
the funds
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B. 1. Earnings per Share
Net Income - Preferred Dividends
Weighted Average Number of
Common Shares Outstanding
Since earnings pertain to an entire fiscal period, thus
o Average common shares outstanding is used for parity of
information
o
When the common shares outstanding ↑ as a results of a stock dividend or
stock split  retroactive recognition must be given to these events for
all comparative EPS presentations
• Stock split and stock dividends do not provide the firm with more funds 
they just change the number of outstanding shares  affect EPS
Assume that a 2 for 1 stock split took place on December 31
• The denominator of EPS computation becomes 11,750 x 2 = 23,500 shares.
• If NI is $100,000 and preferred dividend total $10,000,
then the Simple - EPS would be =
EPS = $100,000 – 10,000 = $3.83
23,500
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•
B. 2. Price/Earnings Ratio
Market Price per Share
Diluted Earnings per Share
Before Nonrecurring Items
Measures the relationship between the market price of a
share of common stock and that stock’s current earnings
per share
o Use of diluted earnings per share gives more
conservative
price/earnings ratio
o P/E ratio is seen by the investors as a gauge of the future
earnings power of the firm.
o
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Price/Earnings Ratio (cont’d)
o
o
o
P/E ratio does not have any meaning when:
 A firm has abnormally low profit  P/E ratio would be normally
high
 A firm has losses  P/E ratio would be negative
It is important to get a perspective on this ratio by comparing the
average P/E for the industry and an average for all of the stocks on
the stock exchange
Be aware that some financial services use primary EPS rather than
fully diluted EPS
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B. 3. Dividend Payout
Dividends per Common Share
Diluted EPS Before Nonrecurring Items
Measures the portion of current earnings per
common share being paid out in dividends
o A stable dividend policy is developed by
consideration of recurring earnings
o Lower payout typically found in
o
- New firms
- Growing firms and firms perceived as growth
firms
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B. 4. Dividend Yield
Dividends per Common Share
Market Price per Common Share
o
o
o
Indicates the relationship between the dividends per
common share and the market price per common
share
Total earning from securities = Dividends + Price
Appreciation
The yield is a function of
- The firm’s dividend policy
- Market price
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B. 5. Book Value per Share
Total Stockholders' Equity
- Preferred Stock Equity
Number of Common Shares Outstanding
Indicates the amount of stockholders’ equity that relates
to each share of outstanding CS.
o Preferred equity should be measured at liquidation value,
if available (to be paid in the event of liquidation)
o Market value vis-à-vis book value
- Book value reflects past unrecovered asset costs
o
- Market value reflects the potential of the firm
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