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Gunarta
UNDERSTANDING FINANCIAL STATEMENTS, ITS Surabaya
TAXES, AND FREE CASH FLOWS Email: ik.gunarta@gmail.com
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Financial Statements
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
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
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
- change in stock
A. Perspektif Asset
B. Perspektif Pendanaan