Matakuliah : F0282 - Analisis Laporan Keuangan Perusahaan
Tahun
: 2009
ASPEK LIKUIDITAS DAN ASPEK SOVABILITAS
PERUSAHAAN
Pertemuan 5
Murniadi Purboatmodjo
ASPEK LIKUIDITAS
A. Likuiditas:
adalah kemampuan perusahaan untuk memenuhi
kewajiban keuangannya sesegera mungkin/ pada
saat ditagih.
Keadaan ini adalah bila aktiva lancar lebih besar
dari pada hutang lancar. Disebut :”likuid/likid”.
Apabila tidak dapat dipenuhi : “illkuid”
Rasio likuditas terdiri dari :
1. Current Ratio
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A. 1. Current Ratio:
Current Assets
Current Liabilities
o
o
o
o
Determines short-term debt-paying ability
Focus is on the relationship between current assets and current
liabilities
- Inter-firm comparison is possible and meaningful
Traditional benchmark: 2.00
- Decreased current ratio indicates lower liquidity
- Industry averages provide contextual benchmark
Considerations
- Quality of inventory and receivables
- Inventory cost flow assumptions
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A. 2. Acid Test (Quick) Ratio
o Measures the immediate liquidity of the firm
o Relates the most liquid assets to current liabilities
 Exclude inventory
 More conservative variation: Also exclude other
current assets that do not represent current cash
flow
o Traditional benchmark: 1.00
 Industry averages provide contextual benchmark
o Consideration
 Quality of receivables
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Acid test (Quick) Ratio (Cont’d)
First Method
Current Assets - Inventory
Current Liabilities
Inventory should be removed from CA  possible misleading in liquidity
indication, because :
(1) inventory may be slow moving,
(2) possibly obsolete,
(3) parts of the inventory may have been pledged to specific creditors,
or
(4) a valuation problem with the inventory (cost Vs a fair current
valuation)
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Acid test (Quick) Ratio (Cont’d)
Second method
 Cash Equivalents

 + Marketable Securities 
 + Net Receivables



Current Liabilities

It may also be desirable to achieve a view of liquidity that
excludes some other CA that may not represent relatively current
cash flow, such as prepaid or miscellaneous items
Usually there is a very immaterial difference between the acid test
computed under the first method and the second method, because
the only difference in the computation is the inclusion of prepaids.
But sometimes, there is a very material difference.
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A. 3. Days’ Sales in Receivables
Gross Receivables
 Net Sales 


365


o
o
o
Should mirror the company’s credit terms
Gives an indication of the length of time that the receivables
have been outstanding at the end of the year
- Use of the natural business year (lower sales at year-end)
can
understate result
Compare
- Firm data for several years
- Other industry firms and industry averages
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A. 4. Accounts Receivable Turnover in times
Net Sales
Average Gross Receivables
Indicates the liquidity of receivables
o Determining average gross receivables
o
- End of year and beginning of year base points for average
mask
seasonal fluctuations
- Internal analysis: use monthly or weekly amounts
- External analysis: use quarterly data
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A. 5. Accounts Receivable Turnover in Days
Average Gross Receivables
 Net Sales 


365


o
o
Similar to Number of Days’ Sales in Receivables
except average receivables are used
Should reflect firm’s credit and collection policies
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A. 6. Days’ Sales in Inventory
Ending Inventory
 Cost of Goods Sold 


365


Indicates the length of time needed to sell all
inventory on hand
o Use of a natural business year
- Understates number of day’s sale in inventory
o
- Overstates liquidity of inventory
o
Implications of extremes
- High: excessive inventory for sales activity
- Low: inventory shortage and lost sales
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A. 7. Inventory Turnover
Cost of Goods Sold
Average Inventory
o
o
Indicates the liquidity of inventory
Determining average inventory
- End of year and beginning of year base points for
average mask seasonal fluctuations
- Internal analysis: use monthly or weekly amounts
- External analysis: use quarterly data
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Aspek Solvabilitas
B. Solvabilitas
kemampuan perusahaan memenuhi
kewajibannya apabila perusahaan tersebut
dilikuidasi, baik kewajiban jangka pendek
maupun jangka panjang.
Keadaan ini bila perusahaan mempunyai
aktiva atau kekayaan yang cukup untuk
membayar semua hutangnya
disebut“solvabel”.
Kalau jumlah aktiva lebih kecil dari pada
hutangnya disebut “Insolvabel”
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B. 1. Debt Ratio
Total Liabilities
Total Assets
Indicates the percentage of assets financed by
creditors
o Determine the firm’s ability to carry debt by
comparing a company’s total liabilities with its
total assets
o
Total Liabilities includes : ST liabilities, reserves, deferred tax
liabilities, minority shareholders’ interest and redeemable preferred
stock and any other non-current liability.
It does not include : shareholders’ equity (convertible PS, PS, CS,
capital in excess of stated value, foreign currency equity accounts, LT
investment equity accounts, RE or TS)
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B. 2. Debt/Equity Ratio
Total Liabilities
Shareholders' Equity
Helps determine how well creditors are protected
in case of insolvency
o The lower  the better the company position
(from Lt debt-paying ability perspective)
o Comparisons
- Industry competitors and averages
o
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B. 3. Debt to Tangible Net Worth Ratio
Total Liabilities
Shareholders' Equity - Intangible Assets
Determines the entity’s long-term debt payment
ability
o Indicates how well creditors are protected in case of
the firm’s insolvency
o More conservative than debt ratio or debt/equity ratio
due to exclusion of intangibles
o
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B. 4. Times Interest Earned
Recurring Earnings, Excluding Interest
Expense, Tax Expense, Equity Earnings,
and Minority Earnings
Interest Expense, Including Capitalized Interest
Indicates long-term debt-paying ability
o Consider only recurring income
- Exclude discontinued operations
- Exclude extraordinary items
o Exclude (add back) to income
- Interest expense
- Income tax expense
- Equity losses (earnings) of nonconsolidated subsidiaries
- Minority loss (income)
o Include interest capitalized
o
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Times Interest Earned (cont’d)
o
o
o
Comparisons

3 to 5 years of historical data
• Lowest value is the primary indicator of interest coverage

Industry competitors and averages
Secondary analysis

Interest coverage on long-term debt

Use only interest on long-term debt
• Not practical for external analysis
Short-run coverage

Add back noncash expenses to recurring income

Less conservative
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C. Likuiditas dan solvabilitas:
Dimungkinkan keadaan perusahaan :
•
Likuid dan solvabel
•
Likuid tetapi insolvabel
•
Illikuid tetapi solvabel
•
Illikuid dan insolvabel
Perusahaan insolvabel dan illikuid kondisi keuangannya kurang baik,
karena suatu waktu akan menghadapi kesulitan keuangan.
Perusahaan illikuid akan segera kesulitan keuangan meskipun
solvabel.
Perusahaan insolvabel tapi likuid tidak segera mengalami kesulitan
keuangan baru timbul kalau perusahaan dilikuidir
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LATIHAN SOAL:
FINANCIAL REPORTING AND ANALYSIS-GIBSON
P6-16 dan /P7-9
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