UNDERSTANDING FINANCIAL STATEMENTS, TAXES, AND FREE CASH FLOWS
I.K. Gunarta ITS Surabaya Email:
[email protected] 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 - EXPENSES
= PROFIT
•Cost of Goods Sold •Operating Expenses (marketing, administrative)
•Financing Costs •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
Penjualan Harga pokok penjualan Laba kotor Beban penjualan, umum dan administrasi Depresiasi Jumlah beban usaha Laba usaha Biaya bunga Pendapatan sebelum pajak Provisi pajak pendapatan Pendapatan bersih Gross margin Operating margin Net Margin EBITDA margin
Biaya modal pinjaman
2002 4,195,197 2,673,129 1,522,068 465,831 160,119 625,950 896,118 17,849 878,269 298,052 580,217 36% 21% 14% 25%
Pendapatan dari aktivitas operasional
Juga disebut sebagai pendapatan sebelum bunga dan pajak
Pendapatan yang dihasilkan dari aktivitas usaha dan aktivitas pembiayaan
Laporan Laba Rugi Harley Davidson 31-12-2002
Penjualan Harga pokok penjualan Laba kotor Beban penjualan, umum dan administrasi Depresiasi Jumlah beban usaha Laba usaha Biaya bunga Pendapatan sebelum pajak Provisi pajak pendapatan Pendapatan bersih Gross margin Operating margin Net Margin EBITDA margin
2002 4,195,197 2,673,129 1,522,068 465,831 160,119 625,950 896,118 17,849 878,269 298,052 580,217 36% 21% 14% 25%
Rasio Profitabilitas
Balance Sheet
Total Assets =
Outstanding Debt + Shareholders’ Equity
Balance Sheet Assets Current Assets Cash Marketable Securities Accounts Receivable Inventories Prepaid Expenses
Fixed Assets Machinery & Equipment Buildings and Land
Other Assets Investments & patents
Liabilities (Debt) & Equity Current Liabilities Accounts Payable Accrued Expenses Short-term notes
Long-Term Liabilities Long-term notes Mortgages
Equity Preferred Stock Common Stock (Par value) Paid in Capital Retained Earnings
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 $1 - $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 $335,001 - $10,000,000 $10,000,001 - $15,000,000 $15,000,001 - $18,333,333 over $18,333,333
Corporate Tax Rate 15% 25% 34% 39% 34% 35% 38% 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 Assets
Cash flows generated through the firm’s assets
=
=
Cash Flows from Financing
Cash flows paid to - or 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 After-tax cash flow from operations less investment in net operating working capital less investments in fixed and other assets
Operating income + depreciation - cash tax payments
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
[Change in current assets]
-
[change in non-interest bearing current liabilities]
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
Change in gross fixed assets, and any other assets that are on the balance sheet.
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 Cost of Goods Sold Operating Expenses Depreciation Expense EBIT Interest Expense Taxable Income
$32,000,000 (19,200,000) (2,400,000) (1,400,000) 9,000,000 (1,140,000) 7,860,000
Income Tax Rate 50,000 x 0.15 = 25,000 x 0.25 = 25,000 x 0.34 = 235,000 x 0.39 = 7,525,000 x 0.34 = Total Tax Payments
Tax Payment 7,500 6,250 8,500 91,650 2,558,500 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 Kas $ 15,000.00 Surat-surat berharga yang bisa dipasarkan $ 6,000.00 Piutang dagang $ 42,000.00 Persediaan $ 51,000.00 Sewa dibayar di muka $ 1,200.00 Jumlah aktiva lancar $ 115,200.00 Pabrik dan peralatan neto $ 286,000.00 Jumlah aset $ 401,200.00 KEWAJIBAN DAN EKUITAS PEMEGANG SAHAM 2002 Hutang usaha $ 48,000.00 Wesel bayar $ 15,000.00 Akrual [biaya yang masih harus dibayar] $ 6,000.00 Jumlah kewajiban lancar $ 69,000.00 Hutang jangka panjang $ 160,000.00 Hak kekayaan pemilik saham biasa $ 172,200.00 Jumlah kewajiban dan ekuitas $ 401,200.00 pemegang saham
$ $ $ $ $ $ $ $
2003 14,000.00 6,200.00 33,000.00 84,000.00 1,100.00 138,300.00 270,000.00 408,300.00
$ $ $ $ $ $ $
2003 57,000.00 13,000.00 5,000.00 75,000.00 150,000.00 183,300.00 408,300.00
LATIHAN (MENGHITUNG FREE CASH FLOW) LAPORAN RUGI LABA PERUSAHAAN Akhir tahun 2003 Penjualan Harga Pokok Penjualan Laba Kotor Beban Administrasi dan umum Bunga Penyusutan Jumlah Beban Operasi Pendapatan Sebelum Pajak Pajak Pendapatan Bersih Dividen Dalam Bentuk Kas Saldo Laba
$ 600,000.00 $ (460,000.00) $ 140,000.00 $ (30,000.00) $ (10,000.00) $ (30,000.00) $ $ $ $ $ $
(70,000.00) 70,000.00 (27,100.00) 42,900.00 (31,800.00) 11,100.00
LATIHAN (MENGHITUNG FREE CASH FLOW) Hitunglah Free Cash Flow dari Perusahaan ABC tersebut dengan: A. Perspektif Asset B. Perspektif Pendanaan
