V
THE ROLE OF THE FINANCIAL MANAGER
Firm’s
operations
(a bundle
of real
assets)
(2)
(1)
Financial
Manager
(3)
(4a)
Financial
markets
(investors
holding
financial
assets)
(4b)
N o t e :
(1) Cash raised by selling financial assets to investors
(2) Cash invested in the firm’s operations and used to
purchase real assets
(3) Cash generated by the firm’s operations
(4a) Cash reinvested / laba ditahan
(4b) Cash returned to investors / dividend
Axiom 1
: The Risk-Return Trade-Off – We Won’t
Take on Additional Risk Unless We
Expect to Be Compensated with
Additional Return
Axiom 2
: The Time Value of Money – A Dollar
Received Today Is Worth More Than a
Dollar Received in the Future
Axiom 3
: Cash – Not Profits – Is King
Axiom 4
: Incremental Cash Flows – It’s Only
What Changes That Counts
Axiom 5
: The Curse of Competitive Markets –
Why it’s Hard to Find Exceptionally
Profitable Projects
Axiom 6
: Efficient Capital Markets – The Markets
Are Quick and the Prices Are Right
Axiom 7
: The Agency Problem – Managers Won’t
Work for Owners Unless It’s in Their
Best Interest
Axiom 8
: Taxes Bias Business Decisions
Axiom 9
: All Risk Is Not Equal – Some Risk Can
Be Diversified Away, and Some Cannot
Axiom 10 : Ethical Behavior Is Doing the Right
Thing, and Ethical Dilemmas Are
Everywhere in Finance
Rp. T1
H
Nilai
Rp.25.000
yang akan
datang
Garis tingkat bunga yang
menunjukan arus kas dari
pinjaman (borrowing) atau
meminjamkan (lending)
F
O
B
D
Rp. T0
Nilai Rp. 20.000 sekarang
Keterangan gambar :
Gambar di atas menunjukan bahwa meminjam (borrowing) dan
meminjamkan (lending) memberikan pilihan kepada individu.
Dengan meminjam (borrowing) sebesar OF seseorang mendapat
tambahan konsumsi sebesar BD pada saat ini. Sebaliknya dengan
memberikan pinjaman (lending) uang tunai sekarang sebesar OB,
maka akan mendapat tambahan konsumsi yang akan datang
sebesar FH.
Contoh Perhitungan :
Uang tunai dimiliki sekarang Rp 20.000,-. Uang tunai yang akan
diterima 1 tahun yang akan datang (OF) Rp 25.000,-. Tingkat
bunga p.a. 7%, ditunjukan dengan slove HD. Jika uang
Rp 20.000,- (OB) diinvestasikan dengan bunga p.a. 7%, maka
dalam 1 tahun akan didapat Rp 20.000 x (1+70%)=Rp 21.400
Dengan demikian uang yang dimiliki 1 tahun yang akan datang
menjadi Rp 21.400 + Rp 25.000 = Rp 46.400,- (OH).
Sebaliknya jika kita sekarang meminjam uang sebesar Rp 25.000
(OF) yang nilai present value-nya menjadi sebesar Rp 25.000/
(1+7%) = Rp 23.364. Sehingga jumlah uang yang kita miliki
sekarang menjadi Rp 20.000 + Rp 23.364 = Rp 43.364.- Jika uang
sebesar Rp 43.364 kita investasikan dengan tingkat bunga p.a.
7%, maka nilai uang yang akan datang menjadi sebesar
Rp 43.364 x (1+7%) = Rp 46.400 (OD = OH).
Three Ways to Transfer Capital in the Economy
The business
firm (a savingsdeficit unit)
The business
firm (a savingsdeficit unit)
The business
firm (a savingsdeficit unit)
Savers (savings –
surplus units)
Savers (savings –
surplus units)
Funds
Financial
intermediary
Intermediary’s
Intermediary’s
securities
securities
Funds
Securities
Investment
banking firm
Funds
Indirect transfer
using the financial
intermediary
Firm’s securities
Indirect transfer
using the investment banker
Funds
Direct transfer of
funds
Securities
3
Funds (dollars of savings)
2
Firm’s securities (stocks, bonds)
1
Savers (savings –
surplus units)
M
A
N
A
J
E
M
E
N
K
E
U
A
N
G
A
N
1 Bagaimana menginvestasikan dana?
MASALAH UTAMA
TUJUAN
2 Bagaimana mendapatkan sumber dana?
memaksimumkan
3 Bagaimana membagikan laba perusahaan?
nilai perusahaan
Kas
R
U
A
N
G
Jangka
Pendek
PENGGUNAAN
Surat Berharga
Piutang
Persediaan
DANA
(INVESTASI)
Time Value
Jangka
Panjang
L
I
N
G
K
U
P
Anggaran
Modal
of Money
Penerimaan
Arus Kas
Pengeluaran
Jangka
Pendek
SUMBER
M
A
T
E
R
I
Manajemen
Modal Kerja
Hutang Dagang
Pinjaman Bank
Struktur
Keuangan
DANA
Leasing
Ht Jk Panjang
Jangka
Panjang
Pinjaman Bank
Obligasi
Struktur
Modal
Modal Sendiri
Biaya Modal
Saham Preferen
Penilaian
Saham Biasa
Surat
Laba Ditahan
Berharga
LAPORAN ARUS KAS (STATEMENT OF CASH FLOWS)
= LAPORAN PENERIMAAN & PENGELUARAN
LAPORAN RUGI-LABA (INCOME STATEMENT) =
LAPORAN HASIL USAHA
NERACA (BALANCE SHEET) = LAPORAN POSISI
KEUANGAN
yaitu laporan yang menyajikan informasi yang relevan tentang
penerimaan dan pengeluaran kas suatu perusahaan selama satu
periode tertentu.
LAPORAN ARUS KAS
1
2
3
Arus kas dari aktivitas operasi
Kas masuk
Kas keluar
Jumlah kas dari operasi
Arus kas dari aktivitas
pendanaan
Kas masuk
Kas keluar
Jumlah kas dari
pendanaan
Arus kas dari aktivitas investasi
Kas masuk
Kas keluar
Jumlah kas dari investasi
Surplus (Defisit) kas
Saldo kas awal periode
Saldo kas akhir periode
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
XX
yaitu laporan keuangan yang menunjukan hasil usaha suatu
perusahaan (pendapatan, biaya dan rugi/laba) selama periode
tertentu.
PT. XYZ
LAPORAN RUGI – LABA
(UNTUK PERIODE YANG BERAKHIR PADA TANGGAL TERTENTU)
Penjualan
Harga Pokok Penjualan
Laba (Rugi) Kotor
Biaya Operasi
Laba (Rugi) Operasi
Pendapatan / Biaya Lain-lain
Laba (Rugi) Sebelum Bunga
Bunga
Laba (Rugi) Sebelum Pajak
Pajak Penghasilan (PPH)
Laba (Rugi) Bersih
Pos-Pos Luar Biasa
Laba (Rugi) Setelah Pos Luar Biasa
XX
XX (-)
XX
XX (-)
XX
XX (+/-)
XX
XX (-)
XX
XX (-)
XX
XX (+/-)
XX
yaitu laporan keuangan yang menunjukan posisi keuangan suatu
perusahaan (aktiva, hutang dan modal) pada suatu saat tertentu.
PT. XYZ
NERACA
31 DESEMBER ....
DEBET
KREDIT
AKTIVA
PASIVA
Aktiva Lancar
Investasi Jk.Panjang
Aktiva Tetap
Aktiva Lain-Lain
XX
XX
XX
XX
Hutang Lancar
Hutang Jk.Panjang
Modal
XX
XX
XX
Total Aktiva
XX
Total Hutang & Modal
XX
Tujuan Umum




Memberi informasi tentang harta, hutang & modal
Memberi informasi tentang perubahan harta netto sebagai akibat kegiatan
operasi perusahaan
Untuk mengestimasi kemampuan perusahaan dalam memperoleh laba
Memberikan informasi lainnya tentang pembelanjaan, penanaman dan kebijakan
akuntansi perusahaan
Tujuan Kualitatif
Agar laporan keuangan bermanfaat bagi pihak-pihak yang berkepentingan, maka
harus memenuhi 7 tujuan kualitatif sbb :
1. Relevan
2. Dapat Dimengerti
3. Dapat Diuji
4. Netral
5. Tepat Waktu
6. Daya Banding
7. Lengkap
Future Value
=
Nilai Terminal
Bunga Berganda
=
Compound Interest
Investasi deposito Rp 10.000; dengan Bunga 10% p.a.
V1 = 10.000 x (1+10%)
= 11.000
V2 = 10.000 x (1+10%)2 = 12.100, atau
V2 = 11.000 x (1+10%)
= 12.100, atau
FV = Vn = V0 x (1+r)n
FV = PV (1+r)n
atau
 Bila bunga dibayar beberapa kali dalam setahun, misalnya setiap 6
bulan atau 2 kali dalam setahun, maka :
V ½ = Rp 10.000 x (1 + 10%/2) = Rp 10.500
V Akhir Tahun = 10.000
Rumus
1+(10%/2)2
= Rp 11.025
Vn = Vo 1+(r/n)a.n
 Bila bunga dibayar bulanan :
Tahun I
= V1 = 10.000
Tahun II
= V2 = 10.000
1+(10%/12)12.1
1+(10%/12)12.2
= 10.051
= 12.204
Bila kita akan menerima Rp 10.000 satu tahun yang akan datang.
Dengan bunga 18% p.a., maka :
PV = V0 =
PV = V0 =
V1
FV
n =
(1+i)
(1+i)n
10.000
(1+18%)
= 8.475
Bila Rp 10.000 tsb akan diterima 2 tahun yad., maka :
PV = V0 =
10.000
= 7.181
(1+18%)2
RUMUS :
PV = V0 =
Vn
(1+r)n
=
FV
(1+r)n
Discount factor :
Cicilan TV = Rp 400.000/bulan selama 6 bulan, maka :
PV =
400.000
400.000
400.000
+
2 + -----(1+0,02)
(1+0,02)
(1+0,02)n
PV = Rp 400.000 (5,601) = Rp 2.240.400
Discount Factor Tabel
Contoh :
Investasi Rp 500.000.000,Diharapkan kas masuk bersih per tahun Rp 250.000.000,selama 3 tahun.
Untuk menghitung IRR dilakukan, sbb:
-500
250
250
250
+
=0
0 +
2 +
(1+i)
(1+i)
(1+i)
(1+i)3
500 =
250
250
250
+
2 +
(1+i)
(1+i)
(1+i)3
1
1
1
+
+
500=250 (1+i)
(1+i)2
(1+i)3
Discount Factor
Lihat Tabel PV Annuitas
Dari Tabel Annuitas dapat dilihat angka-angka dengan n=3,
Berada antara I=23% dan 24%.
Ini berarti IRR  23% s/d 24%.
Interpolasi untuk memperoleh hasil yang lebih tepat :
Tk. Bunga
23%
24%
Discount Factor
2,011
1,981
Arus Kas
250 juta
250 juta
PV Arus Kas
502.850 juta
495.325 juta
Perbedaan PV arus kas pada kolom paling kanan menunjukan
perbedaan tingkat bunga = 1%, sehingga dengan kata lain :
Tk. Bunga
23%
24%
1%
PV Arus
502.850
495.325
7.525
Kas
juta
juta
juta
Kalau digunakan tingkat bunga 23%, maka PV kas masih lebih besar
2.850 dari Rp 500 juta.
Nilai 2.850 ekuivalen dengan (2.850/7.525) x 1% = 0,38%
Jadi IRR seharusnya = i = 23% + 0,38% = 23,38%
Konsep NPV (Net Present Value)
1. Nilai tanah
Rp 2.000.000.000
2. Nilai bangunan
Rp 5.000.000.000
3. Nilai jual setelah 1 tahun Rp 9.000.000.000
4. Tingkat bunga relevan p.a 18%
Pertanyaan:
a. Berapa PV dari Rp 9.000.000.000
b. Apakah nilai tersebut lebih besar dari Rp 7.000.000.000
PV Penerimaan =
9.000.000.000
= Rp 7.627.000.000
1 + 18%
NPV =
FV
(1+r)n
NPV =
9.000.000.000
(1+18%)
– C0
Biaya Pokok
– 7.000.000.000
= 7.627.000.000 – 7.000.000.000
= + 627.000.000,-
NPV Positif  Berarti Investasi Feasible
IRR (Internal Rate of Return)
7.000.000.000 =
9.000.000.000
1+i
7.000.000.000 – 7.000.000.000i = 9.000.000.000
7.000.000.000i = 2.000.000.000
i = 28,57%
Untuk menilaikan investasi dapat digunakan 2 pedoman, yaitu :
1. Menghasilkan NPV positif
2. IRR yang lebih besar dari pada tingkat keuntungan yang disyaratkan
Return on Equity
18.04%
divided by
Return on Assets
1-
9.04%
Net Profit Margin
Total Asset Turnover
multiplied by
14.77%
Net Income
0.612
Sales
Sales
$10,648
$10,648
divided by
$1,573
Total Debt
Total Assets
1 – 0.499
divided by
Total Assets
$17,386
Sales
$1,573
less
Total Costs & Expenses
Current Assets
Fixed Assets
Other Assets
$7,054
$1,103
$14,352
$283
Costs of Goods Sold
$6,163
Cash & Marketable Securities
$330
Cash Operating Expenses
$1,435
Accounts Receivable
$495
Depreciation
$476
Inventory
$70
Interest Expenses
$343
Other Current Assets
$208
Taxes
$678
FINANCIAL RATIO
Financial Ratios
McDonald’s Corporation
Industry
Average
1. Firm Liquidity
Current ratio
=
Acid test ratio
=
Average
collection
period
account
receivable
turnover
=
=
current assets
current liabilities
current assets - inventories
current liabilities
account receivable
daily credit sales
495M
10,648M + 365M
credit sales
10,648M
account receivable
cost of goods sold
inventory
2. Operating Profitability
Operating
Operating income
income returnon
=
Total assets
investment
Operating profit
Operating income
=
margin
Sales
Total assets
Sales
=
turnover
Total assets
Account receivable
Sales
=
turnover
Account receivable
Inventory turnover = cost of goods sold
inventory
Fixed assets
Sales
=
turnover
Net fixed assets
3. Financing Decisions
Total debt
Debt ratio
=
Total assets
Times interest
Operating income
=
earned
Interest expense
4. Return on equity
Net income
Return on equity
=
Common equity
Inventory turnover =
1,103M
2,135M
1,103M – 70M
2,135M
495M
6,163M
70M
2,594M
17,386M
2,594M
10,648M
10,648M
17,368M
10,648M
495M
6,163M
70M
10,648M
14,352M
8,668M
17,386M
2,594M
343M
1,573M
8,718M
= 0.52
0.90
= 0.48
0.62
= 17.0
6.0
= 21.5
60.8
= 88.0
56.3
= 14.9%
13.2
= 24.4%
8.0
= 0.61%
1.65
= 21.5
60.8
= 88.0
56.3
= 0.74
2.0
= 49.9%
66.0%
= 7.56%
4.0%
= 18.0%
20.0%
Ratio
I. Liquidity Ratios

Current Ratio

Quick Ratio
How Calculate
What It Measures
Current assets
Current liabilities
Current assets minus inventory
Current liabilities
The extent to which a firm can meet its shortterm obligations.
The extent to which a firm can meet its shortterm obligations without relying upon the sale of its
inventories.
Total debt
Total assets
Total debt
Total stockholders’ equity
Long - term debt
Total stockholders’ equity
Profit before interest and taxes
Total interest charges
The percentage of total funds that are provided by
creditors.
The percentage of total funds provided by
creditors versus by owners.
The balances between debt and equity in a firm’s
long-term capital structure.
The extent to which earnings can decline without
the firm becoming
unable to meet its annual
interest costs.
Whether a firm holds excessive stocks of
inventories & whether a firm is selling its inventories slowly compared to the industry average.
Sales productivity and plant and equipment
utilization.
Whether a firm is generating a sufficient volume of
business for the size of its assets investment.
II. Leverage Ratios




Debt-to-total-assets
ratio
Debt-to-equity ratio
Long-term debt-toequity ratio
Times-interestearned ratio
III. Activity Ratios

Inventory turnover
Sales
Inventory of finished goods

Fixed-assets turnover
Total-assets turnover
Sales
Fixed assets
Sales
Total assets

Ratio

Account-receivable
turnover

Average collection period
How Calculate
What It Measures
Annual credit sales
Accounts receivable
(In percentage terms) the average
length of time it takes a firm to
collect credit sales.
(In days) the average days of time
it takes a firm to collection credit
sales.
Accounts receivable
Total sales/365 days
IV. Profitability Ratios

Gross profit margin

Operating profit margin

Net profit margin

Return on total assets
(ROA)

Return on stockholders’
equity (ROE)
Earning per share (EPS)

Sales minus cost of goods sold
Sales
Earnings before interest & taxes (EBIT)
Sales
Net income
Sales
Net income
Total assets
Net income
Total stockholders’ equity
Net income
Number of shares of common stock outstanding
The total margin available to cover
operating expenses and yield a
profit.
Profitability without concern for
taxes and interest.
After-tax profits per dollar of
sales.
After-tax profit per dollar of
assets; this ratio also called return
on investment (ROI)
After-tax profit per dollar of
stockholders’ investment in the firm
Earning available to the owners of
common stock
V. Growth Ratios




Sales
Income
Earnings per share
Dividends per share
Annual percentage growth in total sales
Annual percentage growth in profits
Annual percentage growth in EPS
Annual percentage growth in dividends per share

Price-earning ratio
Market price per share
Earnings per share
Firm’s growth rate in sales
Firm’s growth rate in profits
Firm’s growth rate in EPS
Firm’s growth rate in dividends per
share
Faster-growing and less risky firms
tend to have higher price-earnings
ratios
THE BALANCE SHEET : AN OVERVIEW
LIABILITIES (DEBT) AND
EQUITY
ASSETS
Current Assets :
 Cash
 Marketable securities
 Account receivable
 Inventories
 Prepaid expenses
Total current assets
Fixed Assets :
 Machinery & equipment
 Buildings
 Land
 Inventories
Total fixed assets
Assets :
 Investment
 Patents
 Goodwill
Total other assets
Current Debt :
 Account payable
 Accrued expenses
 Short-term notes
Total current debt
$
Long-Term Debt :
 Long-term notes
 Mortgages
Total long-term debt
Equity :


Prefered stock
Common stock
Par value
Paid in capital
 Retained earning
Total stockholder’s equity
TOTAL ASSETS
TOTAL DEBT & EQUITY