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Net Income
69
WHAT IT IS:
Net income represents the amount of money remaining after all operating expenses,
interest, taxesand preferred stock dividends (but not common stock dividends) have
been deducted from a company's total revenue.
Net income is found on the last line of the income statement, which is why it's often
referred to as the bottom line. Let's look at a hypothetical income statement for
Company XYZ:
By using the formula we can see that:
WHY IT MATTERS:
Net income is one of the most closely followed numbers in finance, and it plays a
large role in ratio analysis and financial statement analysis. Shareholders look at net
income closely because it is the main source of compensation to shareholders of the
company (via dividends and share buybacks), and if a company cannot generate
enough profit to adequately compensate owners, the value ofshares will plummet.
Conversely, if a company is healthy and growing, higher stock prices will reflect the
increased availability of profits.
One of the most important concepts to understand is that net income is not a
measure of how much cash a company earned during a given period. This is
because the income statementincludes a lot of non-cash expenses such
as depreciation and amortization. To learn about how much cash a company
generates, you need to examine the cash flow statement (click here to read10
Things to Know About Every Cash Flow Statement).
Changes in net income are endlessly scrutinized. In general, when a company's net
income is low or negative, a myriad of problems could be to blame, ranging from
decreasing sales to poor customer experience to inadequate expense management.
Net income varies greatly from company to company and from industry to industry.
Because net income is measured in dollars and companies vary in size, it is often
more appropriate to consider net income as a percentage of sales, known as
"profit margin." Another common ratio is the price-to-earnings (P/E) ratio, which tells
investors how much they are paying (the stock's price) for each dollar of net income
the company is able to generate.
If you'd like to read more in-depth information about using net income and
other income statementline items, check out the following:
Price-to-Earnings Ratio definition -- Learn how to calculate and use the P/E ratio,
one of the most used ratios in investing.
Financial Statement Analysis: The Income Statement -- Learn the most important
components of the income statement and how to use them to determine a
company's profitability.
How to Use Margin Analysis as an Investment Tool -- Learn how to use the three
most commonprofit margin ratios to find the best investments.
LIABILITIES 146,388
Current Liabilities of which 104,250
Claim Payable 15,368
Payable to Reinsurers 67,305
Taxes Payable 1,063
REVENUE 84,450
Operating Expenses 79,964
Operating profit 4,486
Other Income (expenses) 843
Profit before taxes 3,643
Profit after taxes 3,101
REVENUE BREAKDOWN
Premium Income 255,313
Investment Income 5,531
EXPENSES BREAKDOWN
Commissions 9,142
Reinsurance Premiums 152,496
Claims paid 38,333
Others 35,712
FINANCIAL RATIOS
PER (x) 10,83
PBV (X) 0,33
Dividend Payout (%) n.a
Dividend Yield (%) n.a
Note : Angka yang berwarna merah adalah angka yang masuk didalam rumus.
Ingat Yach..lihat pembahasan mengenai Alat Ukur Kinerja menggunakan EVA di artikel
dalam blog ini.
= Rp 38.813.000.000
= Rp 249.734.000.000 - Rp 104.250.000.000
= Rp 145.484.000.000
Dimana :
Total Hutang
Tingkat Modal (D) = - x 100 %
Total Hutang dan Ekuitas
Rp 146.388.000.000
Tingkat Modal (D) = ----- x 100 %
Rp 249.734.000.000
= 58,62%
*Beban bunga
Cost of Debt (rd) = ------------ x 100 %
Total Hutang jk. Panjang
* beban bunga biasanya pada pelaporan keuangan tidak disebutkan. Tetapi pada soal yang
secara umum biasanya disebutkan. Disini saya ambil dari biaya laian-lain karena
diestimasikan didalamnya terdapat unsure biaya bunga. Karena untuk breakdown biaya
yang lain merupakan biaya-biaya yang pasti sudah diketahui yaitu biaya komisi
(commission), Biaya jaminan hutang (Reinsurance premium), dan biaya Pengaduan (claim
paid).
(Rp 35.712.000.000)
Cost of Debt (rd) = -------------------------- x 100 %
Rp 42.138.000.000
= 84,75%
Total Ekuitas
Tingkat Modal /Ekuitas (E) = - x 100 %
Total Hutang dan Ekuitas
Rp 103.346.000.000
Tingkat Modal /Ekuitas (E) = - x 100 %
Rp 249.734.000.000
= 41,38%
Rp 3,101.000.000
Cost of Equity (re) = - x 100 %
Rp 103.346.000.000
= 3%
Beban pajak
Tingkat Pajak (Tax) = x 100 %
Laba Bersih sebelum pajak
(Rp3.643.000.000-Rp 3,101.000.000)
Tingkat Pajak (Tax) = -------------- x 100 %
Rp3.643.000.000
Rp 542.000.000
Tingkat Pajak (Tax) = -------------- x 100 %
Rp3.643.000.000
= 15%
= 0,43
4. Menghitung-Capital-Charges
Rumus :
Capital Charges = WACC x Invested Capital
= 0,43 x Rp 145.484.000.000
= Rp 62.558.120.000
5. Menghitung-Economic-Value-Added(EVA)
Rumus :
= - Rp 23.745.120.000
EVA < 0 maka nilainya negative. Artinya tidak terjadi proses nilai tambah.
Dalam artian bahwa perusahaan tidak mampu menghasilkan tingkat kembalian operasi
yang melebihi biaya modal, dengan kata lain meskipun perusahaan mampu menghasilkan
laba bersih yang tinggi, akan tetapi perusahaan sebenarnya mengalami
penurunan/penghancuran nilai.
http://satrio-arie.blogspot.com/2014/04/cara-menghitung-eva-economic-value-added.html
www.gunadarma.ac.id