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Exercise 8 - 1: Tugas Analisis Laporan Keuangan (Alk) Chapter 8 Dosen Pengampu: Dr. Aprilia Beta Suandi, SE., M. SC

This document contains the answers to exercises from Chapter 8 on financial statement analysis submitted by Essa Aditha Rachmawati. The exercises involve calculating financial metrics such as net operating profit after tax (NOPAT), return on net operating assets (RNOA), return on common equity (ROCE), and asset-to-equity ratios for different financing alternatives of an expansion. The relationships between these metrics and how leverage impacts return on equity is also analyzed. Additional exercises involve calculating RNOA and decomposing return on common equity into its components as well as choosing the correct definitions for ratios related to asset utilization and what factors RNOA depends on.

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Ardilla Noor Paramashanti Wirahadikusuma
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3K views3 pages

Exercise 8 - 1: Tugas Analisis Laporan Keuangan (Alk) Chapter 8 Dosen Pengampu: Dr. Aprilia Beta Suandi, SE., M. SC

This document contains the answers to exercises from Chapter 8 on financial statement analysis submitted by Essa Aditha Rachmawati. The exercises involve calculating financial metrics such as net operating profit after tax (NOPAT), return on net operating assets (RNOA), return on common equity (ROCE), and asset-to-equity ratios for different financing alternatives of an expansion. The relationships between these metrics and how leverage impacts return on equity is also analyzed. Additional exercises involve calculating RNOA and decomposing return on common equity into its components as well as choosing the correct definitions for ratios related to asset utilization and what factors RNOA depends on.

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Ardilla Noor Paramashanti Wirahadikusuma
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NAMA: ESSA ADITHA RACHMAWATI 8 April 2020

NIM : 19/453613/EE/07420

TUGAS ANALISIS LAPORAN KEUANGAN (ALK) CHAPTER 8


Dosen Pengampu: Dr. Aprilia Beta Suandi, SE., M. Sc.

EXERCISE 8 -1
FIT Corporation’s return on net operating assets (RNOA) is 10% and its tax rate is 40%. Its
net operating assets ($4 million) are financed entirely by common shareholders’ equity.
Management is considering its options to finance an expansion costing $2 million. It expects
return on net operating assets to remain unchanged. There are two alternatives to finance the
expansion: 1. Issue $1 million bonds with 12% coupon, and $1 million common stock. 2. Issue
$2 million bonds with 12% coupon. Required: a. Determine net operating income after tax
(NOPAT) and net income for each alternative. b. Compute return on common shareholders’
equity for each alternative (use ending equity). c. Calculate the assets-to-equity ratio for each
alternative. d. Compute return on net operating assets and explain how the level of leverage
interacts with it in helping determine which alternative management should pursue.
Jawab:
a. Net operating profit after tax (NOPAT) adalah laba setelah pajak yang diperoleh dari
aset operasi bersih. Item yang dikecualikan dari NOPAT adalah penghasilan bunga dan
biaya, penghasilan dividen, keuntungan dan kerugian investasi non-operasi, dan
pendapatan atau kerugian dari discontinued operations. Sehingga formula dari NOPAT
adalah:

𝐍𝐎𝐏𝐀𝐓 = (𝐏𝐞𝐧𝐣𝐮𝐚𝐥𝐚𝐧 – 𝐁𝐢𝐚𝐲𝐚 𝐎𝐩𝐞𝐫𝐚𝐬𝐢) 𝐱 (𝟏 – [𝐁𝐢𝐚𝐲𝐚 𝐏𝐚𝐣𝐚𝐤 𝐋𝐚𝐛𝐚 𝐒𝐞𝐛𝐞𝐥𝐮𝐦 𝐏𝐚𝐣𝐚𝐤)


𝐍𝐎𝐏𝐀𝐓
𝐑𝐍𝐎𝐀 =
𝐍𝐎𝐀 𝐑𝐚𝐭𝐚 − 𝐫𝐚𝐭𝐚

Skenario 1
NOPAT = ($4.000.000 + $2.000.000) x 10% = $600.000
Laba Bersih = $600.000 – ($1.000.000 x 12%) (1 - 0,4) = $528.000
Skenario 2
NOPAT = ($4.000.000 + $2.000.000) X 10% = $600.000
Laba Bersih = $600.000 – {$2.000.000 X 12%) (1 - 0,4) = $456.000

b. Return on common shareholders’ equity (ROCE) adalah laba rugi dikurangi dengan
dividen preferen yang dibagi dengan ekuitas biasa rata-rata. Ekuitas biasa adalah total
ekuitas pemegang saham dikurangi dengan saham preferen.

𝐋𝐚𝐛𝐚 𝐁𝐞𝐫𝐬𝐢𝐡 − 𝐃𝐢𝐯𝐢𝐝𝐞𝐧 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐬𝐢


𝐑𝐎𝐂𝐄 =
𝐉𝐮𝐦𝐥𝐚𝐡 𝐑𝐚𝐭𝐚 − 𝐫𝐚𝐭𝐚 𝐄𝐤𝐮𝐢𝐭𝐚𝐬 𝐏𝐞𝐦𝐞𝐠𝐚𝐧𝐠 𝐒𝐚𝐡𝐚𝐦 𝐁𝐢𝐚𝐬𝐚

Skenario 1
ROCE
= $528.000 / $5.000.000 = 10,56%
Skenario 2
ROCE
= $456.000 / $4.000.000 = 11,4%
NAMA: ESSA ADITHA RACHMAWATI 8 April 2020
NIM : 19/453613/EE/07420

c. Rasio aset terhadap ekuitas adalah sebagai berikut:

Skenario 1
Aset terhadap ekuitas
= $6.000.000/$5.000.000 = 1,2
Skenario 2
Aset terhadap ekuitas
= $6.000.000 / $4.000.000 = 1,5

d. Return on Net Operating Assets (RNOA) dijabarkan sebagai berikut:

𝐍𝐎𝐏𝐀𝐓
𝐑𝐍𝐎𝐀 =
𝐍𝐎𝐀 𝐑𝐚𝐭𝐚 − 𝐫𝐚𝐭𝐚

Skenario 1
RNOA
= $600.000/$6.000.000 = 10%
Skenario 2
RNOA
= $600.000 / $6.000.000 = 10%

Hubungan antara ROCE dan RNOA dapat menjelaskan kesuksesan perusahaan


dengan financial leverage. Financial leverage meningkatkan ROE selama spread
positif. Jika perusahaan dapat memperoleh RNOA yang lebih tinggi dibandingkan
biaya utang yang membiayai aset, maka kelebihannya akan menambah manfaat
pemegang saham. Pemegang saham akan lebih untung dengan skenario 2 karena
skenario 2 menawarkan ROCE yang lebih besar yaitu 11,4%.

EXERCISE 8 - 3
Selected financial information from Syntex Corporation is reproduced below: 1. NOA turnover
(average NOA equals ending NOA) is 2. 2. NOPAT margin equals 5%. 3. Leverage ratio
(average NFO/average common equity) is 1.786, and the spread is 4.4%. Required: a.
Compute return on net operating assets (RNOA). b. Compute return on common equity using
its three major components. c. Analyze the disaggregation of return on common equity. What
is the “leverage advantage (in percent return) accruing to common equity”?
Jawab:
a. RNOA = 2 X 5% = 10%
b. ROCE = 10% + 1.786 x 4,4% = 17,86%
c. RNOA 10%
Leverage 7,86% +
ROE 17,86%
NAMA: ESSA ADITHA RACHMAWATI 8 April 2020
NIM : 19/453613/EE/07420

EXERCISE 8-7
Which of the following situations best correspond with a ratio of “sales to average net tangible
assets” exceeding the industry norm? (Choose one answer.) a. A company expanding plant
and equipment during the past three years. b. A company inefficiently using its assets. c. A
company with a large proportion of aged plant and equipment. d. A company using straight-
line depreciation. 2. A measure of asset utilization (turnover) is (choose one answer): a. Sales
divided by average long-term operating assets. b. Return on net operating assets. c. Return on
common equity. d. NOPAT divided by sales. 3. Return on net operating assets depends on the
(choose one answer): a. Interest rates and pretax profits. c. After-tax operating profit margin
and NOA turnover. b. Debt-to-equity ratio. d. Sales and total assets.
Jawab:
a. C Sebuah perusahaan dengan proporsi besar atas pabrik dan peralatan yang usang
b. A Penjualan dibagi dengan rata-rata aset operasi jangka panjang
c. C Profit margin operasi setelah pajak dan perputaran NOA

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