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I.K.

Gunarta
UNDERSTANDING FINANCIAL STATEMENTS, ITS Surabaya
TAXES, AND FREE CASH FLOWS Email: ik.gunarta@gmail.com
Mobile: 0811 372 068
Financial Statements

• Income statement — A summary of the revenue and expenses for


a specific period of time.
• Statement of owner’s equity — A summary of the changes in the
owner’s equity that have occurred during a specific period of
time.
• Balance sheet — A list of the assets, liabilities, and owner’s
equity as of a specific date.
• Statement of cash flows — A summary of the cash receipts and
disbursements for a specific period of time.
Income Statement

SALES •Cost of Goods Sold


•Operating Expenses
- EXPENSES (marketing, administrative)
•Financing Costs
= PROFIT
•Taxes
SALES Income Statement
- Cost of Goods Sold
GROSS PROFIT
- Operating Expenses
OPERATING INCOME (EBIT)
- Interest Expense
EARNINGS BEFORE TAXES (EBT)
- Income Taxes
EARNINGS AFTER TAXES (EAT)
- Preferred Stock Dividends
- NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
SALES Income Statement
- Cost of Goods Sold
GROSS PROFIT
- Operating Expenses
OPERATING INCOME (EBIT)
- Interest Expense
EARNINGS BEFORE TAXES (EBT)
- Income Taxes
EARNINGS AFTER TAXES (EAT)
- Preferred Stock Dividends
- NET INCOME AVAILABLE
TO COMMON STOCKHOLDERS
Laporan Laba Rugi Harley Davidson 31-12-2002

2002
Penjualan 4,195,197
Pendapatan dari
Harga pokok penjualan 2,673,129
aktivitas
Laba kotor 1,522,068 operasional
Beban penjualan, umum dan administrasi 465,831
Depresiasi 160,119
Jumlah beban usaha 625,950 Juga disebut
Laba usaha 896,118 sebagai
Biaya bunga 17,849 pendapatan
Pendapatan sebelum pajak 878,269 sebelum bunga dan
pajak
Provisi pajak pendapatan 298,052
Pendapatan bersih 580,217

Pendapatan yang
Gross margin 36% dihasilkan dari
Operating margin 21% aktivitas usaha dan
Net Margin Biaya modal 14% aktivitas
EBITDA margin pinjaman 25% pembiayaan
Laporan Laba Rugi Harley Davidson 31-12-2002

2002
Penjualan 4,195,197
Harga pokok penjualan 2,673,129
Laba kotor 1,522,068
Beban penjualan, umum dan administrasi 465,831
Depresiasi 160,119
Jumlah beban usaha 625,950
Laba usaha 896,118
Biaya bunga 17,849
Pendapatan sebelum pajak 878,269
Provisi pajak pendapatan 298,052
Pendapatan bersih 580,217

Gross margin 36%


Operating margin 21% Rasio
Net Margin 14% Profitabilitas
EBITDA margin 25%
Balance Sheet

Outstanding
Debt
Total Assets = +
Shareholders’
Equity
Balance Sheet
Assets Liabilities (Debt) & Equity
Current Assets Current Liabilities
Cash Accounts Payable
Accrued Expenses
Marketable Securities Short-term notes
Accounts Receivable Long-Term Liabilities
Inventories Long-term notes
Prepaid Expenses Mortgages
Equity
Fixed Assets Preferred Stock
Machinery & Common Stock (Par
Equipment value)
Buildings and Land Paid in Capital
Retained Earnings
Other Assets
Investments & patents
Assets
• Current Assets: assets that are
relatively liquid, and are expected
to be converted to cash within a
year.
• Cash, marketable securities, accounts
receivable, inventories, prepaid
expenses.
Assets
• Fixed Assets: machinery
and equipment, buildings,
and land.
Assets
• Other Assets: any asset that is
not a current asset or fixed
asset.
• Intangible assets, such as patents
and copyrights.
Financing
• Debt Capital: financing provided by a creditor.
• Short-term debt: borrowed money that must
be repaid within the next 12 months.
• Accounts payable, other payables such as interest
or taxes payable, accrued expenses, short-term
notes.
• Long-term debt: loans from banks or other
sources that lend money for longer than 12
months.
Financing
 Equity Capital: shareholders’
investment in the firm.
 Preferred Stockholders: receive fixed
dividends, and have higher priority than
common stockholders in event of
liquidation of the firm.
 Common Stockholders: residual
owners of a business. They receive
whatever is left after creditors and
preferred stockholders are paid.
Corporate Income Tax Rates
Since 1993
Taxable Income Corporate Tax Rate

$1 - $50,000 15%
$50,001 - $75,000 25%
$75,001 - $100,000 34%
$100,001 - $335,000 39%
$335,001 - $10,000,000 34%
$10,000,001 - $15,000,000 35%
$15,000,001 - $18,333,333 38%
over $18,333,333 35%
Free Cash Flows
Free cash flow: cash flow that is free and
available to be distributed to the firm’s
investors (both debt and equity investors).
Free Cash Flows
Cash Flows from Cash Flows from
Assets = Financing

Cash flows generated Cash flows paid to - or


through the firm’s
assets
= received from - the
firm’s investors
(creditors &
stockholders)
Calculating Free Cash Flows:
An Asset Perspective

After-tax cash flow


from operations
less
investment in net
operating
working capital
less
investments in fixed
and other assets
Calculating Free Cash Flows:
An Asset Perspective

Operating income
After-tax cash flow + depreciation
from operations - cash tax payments
less
investment in net
operating
working capital
less
investments in fixed
and other assets
Calculating Free Cash Flows:
An Asset Perspective

After-tax cash flow


from operations
[Change in current
less assets]
investment in net -
[change in non-interest
operating
bearing current liabilities]
working capital
less
investments in fixed
and other assets
Calculating Free Cash Flows:
An Asset Perspective

After-tax cash flow


from operations
less
investment in net Change in gross
operating fixed assets, and
working capital any other assets
less that are on the
balance sheet.
investments in fixed
and other assets
Calculating Free Cash Flows:
A Financing Perspective

Interest payments to creditors

- change in debt principal

- dividends paid to stockholders

- change in stock

= Financing Free Cash Flows


Tax Example:
Contoh Perhitungan Tax Liability (Kewajiban Pajak)

• Space Cow Computer has sales of $32 million,


cost of goods sold at 60% of sales, cash
operating expenses of $2.4 million, and $1.4
million in depreciation expense. The firm has
$12 million in 9.5% bonds outstanding. The
firm will pay $500,000 in dividends to its
common stock holders.
• Calculate the firm’s tax liability.
Sales $32,000,000
Cost of Goods Sold (19,200,000)
Operating Expenses (2,400,000)
Depreciation Expense (1,400,000)
EBIT 9,000,000
Interest Expense (1,140,000)
Taxable Income 7,860,000
Income Tax Rate Tax Payment
50,000 x 0.15 = 7,500
25,000 x 0.25 = 6,250
25,000 x 0.34 = 8,500
235,000 x 0.39 = 91,650
7,525,000 x 0.34 = 2,558,500
Total Tax Payments 2,672,400

Atau, total tax payments:


7,860,000 x 0.34 = 2,672,400
LATIHAN (MENGHITUNG FREE CASH FLOW)
NERACA PERUSAHAAN PT. ABC
Pada 31/12/2002 dan 31/12/2003
AKTIVA
2002 2003
Kas $ 15,000.00 $ 14,000.00
Surat-surat berharga yang bisa dipasarkan $ 6,000.00 $ 6,200.00
Piutang dagang $ 42,000.00 $ 33,000.00
Persediaan $ 51,000.00 $ 84,000.00
Sewa dibayar di muka $ 1,200.00 $ 1,100.00
Jumlah aktiva lancar $ 115,200.00 $ 138,300.00
Pabrik dan peralatan neto $ 286,000.00 $ 270,000.00
Jumlah aset $ 401,200.00 $ 408,300.00

KEWAJIBAN DAN EKUITAS PEMEGANG SAHAM


2002 2003
Hutang usaha $ 48,000.00 $ 57,000.00
Wesel bayar $ 15,000.00 $ 13,000.00
Akrual [biaya yang masih harus dibayar] $ 6,000.00 $ 5,000.00
Jumlah kewajiban lancar $ 69,000.00 $ 75,000.00
Hutang jangka panjang $ 160,000.00 $ 150,000.00
Hak kekayaan pemilik saham biasa $ 172,200.00 $ 183,300.00
Jumlah kewajiban dan ekuitas $ 401,200.00 $ 408,300.00
pemegang saham
LATIHAN (MENGHITUNG FREE CASH FLOW)
LAPORAN RUGI LABA PERUSAHAAN
Akhir tahun 2003
Penjualan $ 600,000.00
Harga Pokok Penjualan $ (460,000.00)
Laba Kotor $ 140,000.00
Beban
Administrasi dan umum $ (30,000.00)
Bunga $ (10,000.00)
Penyusutan $ (30,000.00)
Jumlah Beban Operasi $ (70,000.00)
Pendapatan Sebelum Pajak $ 70,000.00
Pajak $ (27,100.00)
Pendapatan Bersih $ 42,900.00
Dividen Dalam Bentuk Kas $ (31,800.00)
Saldo Laba $ 11,100.00
LATIHAN (MENGHITUNG FREE CASH FLOW)
Hitunglah Free Cash Flow dari Perusahaan
ABC tersebut dengan:

A. Perspektif Asset
B. Perspektif Pendanaan