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Dipersiapkan untuk mata kuliah STIE Husnayain

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Materi Kuliah Analisis laporan keuangan. Semoga bisa berkembang menjadi ALK syariah di masa depan

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Page 1: Chapter 1 alk

Dipersiapkan untuk mata kuliah

STIE Husnayain

Page 2: Chapter 1 alk

Apa itu Analisis Laporan

“Evaluation of a firm's financialstatements in order to assess thefirm's worth and its ability to meetits financial obligations”

Laporan Keuangan? “an assessment of the viability, stability

and profitability of a business, sub-business or project”

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Evaluate Prospects

Evaluate Risks

Business AnalysisBusiness AnalysisBusiness AnalysisBusiness Analysis

Business Decision Makers

Equity investorsEquity investors

Creditors

Managers

Merger and Acquisition Analysts

External Auditors

Directors

Regulators

Employees & Unions

Lawyers

Page 4: Chapter 1 alk

Industry Statistics

Financial Statements

Quantitative

Chairperson’s Letter

Management discussion & Analysis

Qualitative

Information Sources

Trade reports

Regulatory filings

Economic Indicators

Web sites

Vision/Mission Statement

Financial press

Press Releases

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Kapandigunakan?

1• Pemilik Dana

digunakan?2

• Intermediaries

3• Pihak yang membutuhkan

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Types of BusinessTypes of Business

Credit Analysis Equity Analysis

Management & Control

Director Oversight

Labor Negotiations

Types of Business

Credit Analysis Equity Analysis

Management & Control

Director Oversight

Labor Negotiations

BusinessAnalysisBusinessAnalysis

Mergers, Acquisitions& Divestitures

Director OversightRegulation

External AuditingFinancial Management

BusinessAnalysis

Mergers, Acquisitions& Divestitures

Director OversightRegulation

External AuditingFinancial Management

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Credit AnalysisCredit AnalysisCredit AnalysisCredit Analysis

Trade Creditors

Non-trade CreditorsCreditors

Provide goods or services

Most short-term

Usually implicit interest

Bear risk of default

Creditors

Provide major

financing

Most long-term

Usually explicit interest

Bear risk of default

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Credit AnalysisCredit AnalysisCredit AnalysisCredit Analysis

Liquidity

Ability to meet short -Solvency

Ability to meet long -

Credit worthiness: Ability to honor credit obligati ons(downside risk)

Ability to meet short -term obligations

Focus: � Current cash flows� Make up of current

assets and liabilities� Liquidity of assets

Ability to meet long -term obligations

Focus:� Long-term profitability� Capital structure

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Equity AnalysisEquity AnalysisEquity AnalysisEquity Analysis

Technical analysis / Charting

Fundamental AnalysisDetermine Intrinsic value

Assessment of downside risk and upside potential

Charting�Patterns in price or

volume history of a stock

�Predict future price movements

Determine Intrinsic value without reference to price

�Analyze and interpret key factors

� Economy

� Industry

� Company

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BusinessEnvironment &

Strategy Analysis

IndustryAnalysis

StrategyAnalysis

ProspectiveAnalysis

AccountingAnalysis

FinancialAnalysis

Analysisof cash

flowsProfitability

Analysis

RiskAnalysis

Cost of Capital Estimate Intrinsic Value

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Accounting AnalysisAccounting AnalysisAccounting AnalysisAccounting Analysis

Process to evaluate and adjust financial statements to better reflect economic reality

Process to evaluate and adjust financial statements to better reflect economic reality

Comparability problems — across firms and across tim e

Manager estimation error

Distortion problems Earnings management

Accounting Standards

Comparability problems — across firms and across tim e

Manager estimation error

Distortion problems Earnings management

Accounting Standards

Comparability problems — across firms and across tim e

Manager estimation error

Distortion problems Earnings management

Accounting Standards

AccountingRisk

AccountingRisk

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Financial AnalysisFinancial AnalysisFinancial AnalysisFinancial Analysis

Profitability analysis — Evaluate return Profitability analysis — Evaluate return

Process to evaluate financial position and performance using financial statements

Process to evaluate financial position and performance using financial statements

Profitability analysis — Evaluate return on investments

Risk analysis ——— Evaluate riskiness & creditworthiness

Analysis of — Evaluate source & cash flows deployment of funds

Profitability analysis — Evaluate return on investments

Risk analysis ——— Evaluate riskiness & creditworthiness

Analysis of — Evaluate source & cash flows deployment of funds

Common toolsCommon tools

Ratioanalysis

Ratioanalysis

Cash flow

analysis

Cash flow

analysis

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Prospective AnalysisProspective AnalysisProspective AnalysisProspective Analysis

Business Environment& Strategy Analysis

Process to forecast future payoffs

Intrinsic Value

Accounting Analysis

Financial Analysis

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Dynamics of Business ActivitiesDynamics of Business ActivitiesDynamics of Business ActivitiesDynamics of Business Activities

Beginning of periodBeginning of periodBeginning of period

Business Activities Time

InvestingInvesting FinancingFinancingPlanningPlanning

Investing FinancingPlanning

End of periodEnd of periodEnd of period

OperatingOperating

PlanningPlanning

PlanningPlanningFinancingFinancingInvestingInvesting

Operating

Planning

PlanningFinancingInvesting

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Business ActivitiesBusiness ActivitiesBusiness ActivitiesBusiness Activities

Planning Planning

CompetitionCompetition PricingPricing

Market demandsMarket demands TacticsTacticsPlanning

Competition Pricing

Market demands TacticsPlanning Activities:

Goals& Objectives

Planning Activities:

Goals& Objectives

PromotionPromotion

Managerial performanceManagerial performance

OpportunitiesOpportunities

ProjectionsProjections

DistributionDistribution

ObstaclesObstacles

Planning Activities:

Goals& Objectives

Promotion

Managerial performance

Opportunities

Projections

Distribution

Obstacles

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PlanningActivitiesPlanningActivitiesInvesting

ActivitiesInvestingActivities

FinancialActivitiesFinancialActivities

PlanningActivitiesInvesting

ActivitiesFinancialActivities

Business ActivitiesBusiness ActivitiesBusiness ActivitiesBusiness Activities

Operating ActivitiesRevenues and expenses from providing

goods and services

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Financial Statements Reflect Business ActivitiesFinancial Statements Reflect Business ActivitiesFinancial Statements Reflect Business ActivitiesFinancial Statements Reflect Business Activities

PlanningPlanningInvesting

Current:• Cash• Accounts Receivable• Inventories• Marketable Securities

InvestingCurrent:• Cash• Accounts Receivable• Inventories• Marketable Securities

FinancingCurrent:• Notes Payable• Accounts Payable• Salaries Payable• Income Tax PayableNoncurrent:

FinancingCurrent:• Notes Payable• Accounts Payable• Salaries Payable• Income Tax PayableNoncurrent:

Operating

• Sales• Cost of Goods Sold• Selling Expense• Administrative Expense

Operating

• Sales• Cost of Goods Sold• Selling Expense• Administrative Expense

PlanningInvesting

Current:• Cash• Accounts Receivable• Inventories• Marketable Securities

FinancingCurrent:• Notes Payable• Accounts Payable• Salaries Payable• Income Tax PayableNoncurrent:

Operating

• Sales• Cost of Goods Sold• Selling Expense• Administrative Expense• Marketable Securities

Noncurrent:• Land, Buildings, &

Equipment• Patents• Investments

• Marketable SecuritiesNoncurrent:• Land, Buildings, &

Equipment• Patents• Investments

AssetsAssets

Balance SheetBalance Sheet

Noncurrent:• Bonds Payable• Common Stock• Retained Earnings

Noncurrent:• Bonds Payable• Common Stock• Retained Earnings

Liabilities & EquityLiabilities & Equity

Balance SheetBalance Sheet

Statement of Shareholders ’ Equity

Statement of Shareholders ’ Equity

• Administrative Expense• Interest Expense• Income Tax Expense

• Administrative Expense• Interest Expense• Income Tax Expense

Net IncomeNet Income

Income statementIncome statement

Cash FlowCash Flow

Statement of Cash FlowsStatement of Cash Flows

• Marketable SecuritiesNoncurrent:• Land, Buildings, &

Equipment• Patents• Investments

Assets

Balance Sheet

Noncurrent:• Bonds Payable• Common Stock• Retained Earnings

Liabilities & Equity

Balance Sheet

Statement of Shareholders ’ Equity

• Administrative Expense• Interest Expense• Income Tax Expense

Net Income

Income statement

Cash Flow

Statement of Cash Flows

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Apa Bedanya dengan ALK Konvensional ?Konvensional ?

Page 19: Chapter 1 alk

Tipe Rasio

Leverage Liquidity Operating Profitability

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Neraca; Laporan Laba Rugi;

Laporan Arus Kas;

Laporan Perubahan Laporan Arus

Kas; Perubahan Ekuitas;

Laporan Sumber dan Penggunaan Dana Zakat;

Laporan Sumber dan Penggunaan

Dana Kebajikan;