Nama : Andini
warakusuma
Kelas : 3B-D3
UNIVARIATE
A.
FINANCIAL STATEMENT ANALISYS
The financial
statement of company is very important for deciding the company healt or
unhealt. And in the financial statement analisys a company can be resume the
bankruptcy rate by methods of bankruptcy.
In the methods of bankruptcy
there are two models, first univariate models and the second multivariate
models.
B.
PURPOSE OF UNIVARIATE MODELS
Univariate models
use to examine the relation between the ratio of certain financial statements
with the bankruptcy of the company.
The models developed by William
beaver examind 29 financial ratio for 5 years using a sample of bankruptcy and
insolvent companies.
C.
FINANCIAL RATIO IN UNIVARIATE MODELS
1.
Net Income before depreciation,
depleciation, and amortization
Total
Liabilities
This ratio indicates the risk of long-term solvency, in which the measurement
results
indicate the magnitude of the cash flows from operating activities are available to meet all liabilities of
the company.
The
greater
this
ratio,
the lower the
risk
for
the company.
Conversely, the smaller the ratio, the
greater the
risk
for
the company.
Example
: PT Unilever Indonesia Tbk
|
Years
|
Net Income
|
Depreciation,
depletion, and amortization
|
Total Liabilities
|
Ratio
|
|
2007
|
1,053,724
|
517.109
|
2,822,573
|
0,55
|
|
2008
|
1,368,617
|
650.029
|
4,148,898
|
0,48
|
The ratio shows that of all liabilities in 2007 can be covered from
operating cash flow by 55%, whereas in 2008 to cover the operating cash flow by 48%, The higher this ratio, the lower
the company's
long-term
risk.
2.
Net Income
Total Assets
This
ratio indicates the profitability of the company, where the measurement results
showed that the level of productivity of assets invested in the company earned
a net profit
Example : Net Income
to Total assets for PT. Unilver Indonesia
|
Years
|
Net Income
|
Total Assets
|
Ratio
|
|
2007
|
1,053,724
|
5,295,963
|
0,19
|
|
2008
|
1,368,617
|
6,942,846
|
0,20
|
The
ratio shows that of all invested assets can result a net profit about 19% on 2007, while in
2008, can result a net profit about 20%.
This ratio shows an increase in profitability in 2008 by 1%. If the value of this ratio is lower, the profitability of the company is lower
too.
3.
Total Debt
Total Assets
This ratio shows the company's
long-term solvency risk, where the measurement results indicate the amount of
debt financing used to finance the company's entire assets. The greater the
ratio, the greater the risk for the company. Conversely, the smaller the ratio,
the lower the risk for the company.
Example : Total Debt
to Total assets for PT. Unilver Indonesia
|
Years
|
Total Debt
|
Total Assets
|
Ratio
|
|
2007
|
2,822,573
|
5,295,963
|
0,53
|
|
2008
|
4,148,898
|
6,942,846
|
0,59
|
The ratio shows that of all the
assets owned by the company financed from debt by 53% in 2007 while in 2008,
financed by 59% debt. This shows an increase in long-term risk in 2005 by 6%.
4.
Net working capital
Total Assets
This ratio shows the company's
short-term liquidity risk, where the measurement results show the structure of
the company assets. The greater this ratio, the lower the risk for the company.
Conversely, the smaller the ratio, the greater the risk for the company.
|
Years
|
Total Current Assets
|
Total Current Liabilities
|
Total Assets
|
Rasio
|
|
2007
|
3.181.309
|
2.640.171
|
5,295,963
|
0,10
|
|
2008
|
3.744.193
|
3.896.482
|
6,942,846
|
0,02
|
The
ratio shows that all the assets owned by
the company are net working capital by 10% in 2007 while in 2008, there were
net working capital about 2%. This showa a decline in short-term risk in the
year 2008 about 8%.
5.
Current assets
Current
Liabilities
This ratio shows the company's
short-term liquidity risk, where the measurement results indicate the amount of
liquid assets available to meet the current liabilities of the company. The
greater this ratio, the lower the risk for the company. Conversely, the smaller
the ratio, the greater the risk for the company.
|
Years
|
Total Current Assets
|
Total Current Liabilities
|
Ratio
|
Rasio
|
|
2007
|
3.181.309
|
2.640.171
|
1,20
|
1,20
|
|
2008
|
3.744.193
|
3.896.482
|
0,96
|
0,02
|
The ratio shows that all of the
current assets of the company can be used to cover current liabilities by 120%
in 2007, while in 2008, provided current assets by 96%. This shows a decline in
short-term risk in 2008 by 24%.
6.
Cash, marketable securities,
account receivable
operating expense, excluding
depreciation, depletion, and amortization
This
ratio shows the company's short-term liquidity risk, where the measurement
results indicate the availability of tools to meet the liquidity to cash
operating expenses of the company. The greater this ratio, the lower the risk
for the company. Conversely, the smaller the ratio, the greater the risk for
the company.
Example
: Cash,marketable,account receivable to operating
expense excluding depreciation, depletion, and amortization for PT.
Unilver Indonesia
|
Years
|
Cash + marketable + Account
receivable
|
Operatig Expense
|
Depreciatio, depleciation and
amortization
|
Ratio
|
|
2007
|
1.968.613
|
1.627.243
|
517.109
|
1,77
|
|
2008
|
2.500.688
|
1.934.125
|
650.029
|
1,94
|
The ratio shows that each of cash operating
expenses of the company available
liquidity tools about 177% in 2007, while in
2008 was 194%, This shows an
increase of 17% in 2008.
D.
CONCLUSION
From
the six analysis ratio, 3 of them indicate that the company has high risk to
get bankruptcy and the others ratio indicate the company has low risk to get
bankruptcy. Those are means that the company in grey area or 50:50
if the value of ratio is high so the risk of company to get
bankruptcy is low.
