2. Matakuliah : F0282 - Analisis Laporan Keuangan Perusahaan
Tahun : 2009
ASPEK RENTABILITAS DAN ASPEK LEVERAGE/DEVIDEN Pertemuan 6 Murniadi Purboatmodjo

3. ASPEK RENTABILITAS Rentabilitas selama periode tertentu
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.

4. The ability of the firm to generate earnings
Definisi lainnya mengenai Rentabilitas/Profitability:
The ability of the firm to generate earnings
Analysis of profit is important to :
Stockholders
 since they derive revenue, in the form of dividends, when paid from profit.
 Profit ↑  market price ↑  capital gains
Creditors
 profits are one source of funds for debt coverage (Interest and Principal)
Management
 it is a performance measure

5. Sales 1. Gross Profit Margin – Cost of Goods Sold = Gross Profit
Beginning Inventory
+ Purchases of Inventory
– Ending Inventory

6. 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

7. 2. Operating Income Margin
Net Sales xxx
-/- COGS (COGM) (xxx)
Gross Profit xxx
-/- operating expenses (xxx)
Operating Income 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

8. Also referred to as return on sales
3. Net Profit Margin
Also referred to as return on sales
Reflects net income dollars generated
by each dollar of sales
The higher  the better
Potential distortion
- Net “other” income or loss
Adjusted Profit Margin:
To make NPM ratio more accurate:
Remove  other income and other expense from net income,
because these items do not relate to net sales
A net ‘other income’ distorts NPM on the high side,
A net ‘other expense’ distorts NPM on the low side.

9. 4. Total Asset Turnover
Measures the activity of the assets and the ability of
the firm to generate sales through the use of the
assets
Potential distortion
- Investments
- Construction in progress
- Other assets that do not relate to net sales

10. Measures the ability to utilize assets to create profits
5. Return on Assets
Measures the ability to utilize assets to create
profits
Average total assets
- Internal analysis: month-end amounts
- External analysis: beginning and ending
amounts
- If necessary, consistent use of end-of-year amounts
the higher  the better

11. 6. DuPont Return on Assets
Reviewing NPM, TA t.o., and ROA together,
because of the direct influence that NPM and TA
t.o. have on ROA
The method was developed by E. I. DuPonT de
Nemours and Company

12. DuPont Return on Assets (cont’d)
DuPont analysis separates return on assets into net profit margin and total asset turnover
Separating the ratio into the two elements allows evaluation of the causes for the change in return on assets

13. 7. Operating Asset Turnover
Measures the ability of operating assets to
generate sales dollars

14. 8. Return on Operating Assets
Measures the ability of operating assets to
generate operating income
DuPont analysis of the return on operating
assets:

15. 9. Return on Investment (ROI)
Measures the earnings on investment and indicates
how well the firm utilizes its asset base
Measures the relationship between the income
earned and the capital invested
Measures ability to reward investors and to attract
providers of future funds
Evaluates the earnings performance without regard
to financing sources

16. Measures the return to common and preferred stockholders
10. Return on Total Equity
Measures the return to common and preferred
stockholders
Adjustments for redeemable preferred stock
- Deduct dividends from net income (numerator)
- Deduct stock value from total equity
(denominator)

17. ASPEK LEVERAGE/DEVIDEN
B. Aspek Leverage
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

18. B. 1. Earnings per Share
Since earnings pertain to an entire fiscal period, thus
Average common shares outstanding is used for parity of
information
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

19. B. 2. Price/Earnings Ratio
Measures the relationship between the market price of a
share of common stock and that stock’s current earnings
per share
Use of diluted earnings per share gives more conservative
price/earnings ratio
P/E ratio is seen by the investors as a gauge of the future
earnings power of the firm.

20. Price/Earnings Ratio (cont’d)
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

21. Measures the portion of current earnings per
B. 3. Dividend Payout
Measures the portion of current earnings per
common share being paid out in dividends
A stable dividend policy is developed by
consideration of recurring earnings
Lower payout typically found in
- New firms
- Growing firms and firms perceived as growth
firms

22. Indicates the relationship between the dividends per
B. 4. Dividend Yield
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

23. Indicates the amount of stockholders’ equity that relates
B. 5. Book Value per Share
Indicates the amount of stockholders’ equity that relates
to each share of outstanding CS.
Preferred equity should be measured at liquidation value,
if available (to be paid in the event of liquidation)
Market value vis-à-vis book value
- Book value reflects past unrecovered asset costs
- Market value reflects the potential of the firm