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Working Capital

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Working Capital

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Working Capital

  1. 1. CHAPTER I WORKING CAPITAL Disusun Oleh: Abdul Rahman Fikri (122111004) Flint Faraday (122120053) Noer Alfisyah Kemala Dewi (122141112) Andronicus (122150017) Anggi Wiyan (122150020) Digy Piazola Padari (122150045) Endrico (122150053) Ilham Kurniawan (122150079) Kacung Abdullah (122150086) Mega Seran (122150095) M. Arief Wibowo (122150098) Pianka Padari (122150114) Rizky Yudhistira (122150136)
  2. 2. Current Assets: Cash Marketable Securities Prepayments Accounts Receivable Inventory Current Liabilities: Accounts Payable Accruals Short-Term Debt Taxes Payable Fixed Assets: Investments Plant & Machinery Land and Buildings Long-Term Financing: Debt Equity Long & Short Term Assets & Liabilities
  3. 3. Net Working Capital - Working Capita; termasuk ke dalam asset lancer perusahaan, dimana terdiri dri kas dan marketable securities selain AR dan Inventory - Ini juga termasuk hutang lancer , diantaranya AP, Notes Payabe dan Accrued liabilities - Net Working Capital = Total Current Asset – Total Current Liabilities
  4. 4. Current Assets Net Working Capital > 0 Fixed Assets Current Liabilities Long-Term Debt Equity low return high return low cost high cost highest cost The Tradeoff Between Profitability & Risk ■ Positive Net Working Capital (low return and low risk)
  5. 5. Current Assets Net Working Capital > 0 Fixed Assets Current Liabilities Long-Term Debt Equity low return high return low cost high cost highest cost The Tradeoff Between Profitability & Risk ■ Positive Net Working Capital (low return and low risk)
  6. 6. The Tradeoff Between Profitability & Risk Effects of Changing Ratios on Profits and Risk
  7. 7. ■ Short Term Financial Management – pengaturan asset lancar & hutang lancer- merupakan hal terpenting bagi manager keungan dan memakan banyak waktu. ■ Bertujuan untuk memanage setiap asset lanacar dan hutang lancer tiap perusahaan untuk mendapat keseimbangan antara Profotability dan Risk yang berkontribusi posoitif untuk seluruh nilai perusahaan. ■ Hal terpenting Short Term Financial adalah memahami Cash Conversion Cycle dari perusahaan The Cash Conversion Cycle
  8. 8. ■ The Operating Cycle (OC) adalah waktu antara pemesanan material dan pengcollectan kas dari AR ■ The Cash Conversion Cycle (CCC) adalah waktu antaran pembayaran supplier untuk inventory dan pengcollectan kas dari penjualan produk akhir Calculating the Cash Conversion Cycle
  9. 9. Calculating the Cash Conversion Cycle ■ Both the OC and CCC may be computed as shown below.
  10. 10. MAX Company, a producer of paper dinnerware, has annual sales of $10 million, cost of goods sold of 75% of sales, and purchases that are 65% of cost of goods sold. MAX has an average age of inventory (AAI) of 60 days, an average collection period (ACP) of 40 days, and an average payment period (APP) of 35 days. Using the values for these variables, the cash conversion cycle for MAX is 65 days (60 + 40 - 35) and is shown on a time line in Figure 14.1. Calculating the Cash Conversion Cycle
  11. 11. Calculating the Cash Conversion Cycle Time Line for MAX Company’s Cash Conversion Cycle
  12. 12. The resources MAX has invested in the cash conversion cycle assuming a 365-day year are: Obviously, reducing AAI or ACP or lengthening APP will reduce the cash conversion cycle, thus reducing the amount of resources the firm must commit to support operations. Calculating the Cash Conversion Cycle (cont.)
  13. 13. Funding Requirements of the CCC ■ Permanent vs. Seasonal Funding Needs 1. jika penjualan perusahaan tetap, maka investasi di operating asset juga konstan, dan perusahaan hanya memiliki permanent funding 2. Jika penjualan siklis, kemudian investasi dalam mengoperasikan aset akan bervariasi dari waktu ke waktu, menuju perlunya musiman persyaratan pendanaan disamping persyaratan pendanaan permanen untuk investasi minimal dalam mengoperasikan aset.
  14. 14. Nicholson Company holds, on average, $50,000 in cash and marketable securities, $1,250,000 in inventory, and $750,000 in accounts receivable. Nicholson’s business is very stable over time, so its operating assets can be viewed as permanent. In addition, Nicholson’s accounts payable of $425,000 are stable over time. Nicholson has a permanent investment in operating assets of $1,625,000 ($50,000 + $1,250,000 + $750,000 - $425,000). This amount would also equal the company’s permanent funding requirement. Funding Requirements of the CCC ■ Permanent vs. Seasonal Funding Needs
  15. 15. Funding Requirements of the CCC ■ Permanent vs. Seasonal Funding Needs In contrast, Semper Pump Company, which produces bicycle pumps, has seasonal funding needs. Semper has seasonal sales, with its peak sales driven by purchases of bicycle pumps. Semper holds, at minimum, $25,000 in cash and marketable securities, $100,000 in inventory, and $60,000 in accounts receivable. At peak times, Semper’s inventory increases to $750,000 and its accounts receivable increase to $400,000. To capture production efficiencies, Semper produces pumps at a constant rate throughout the year. Thus, accounts payable remain at
  16. 16. Funding Requirements of the CCC ■ Permanent vs. Seasonal Funding Needs $50,000 throughout the year. Accordingly, Semper has a permanent funding requirement for its minimum level of operating assets of $135,000 ($25,000 + $100,000 + $60,000 - $50,000) and peak seasonal funding requirements of $900,000 [($125,000 + $750,000 + $400,000 - $50,000) - $135,000]. Semper’s total funding requirements for operating assets vary from a minimum of $135,000 (permanent) to a a seasonal peak of $1,125,000 ($135,000 + $900,000) as shown in Figure 14.2.
  17. 17. Funding Requirements of the CCC ■ Permanent vs. Seasonal Funding Needs Semper Pump Company’s Total Funding Requirements
  18. 18. Semper Pump has a permanent funding requirement of $135,000 and seasonal requirements that vary between $0 and $990,000 and average $101,250. If Semper can borrow short-term funds at 6.25% and long term funds at 8%, and can earn 5% on any invested surplus, then the annual cost of the aggressive strategy would be: Funding Requirements of the CCC ■ Aggressive vs. Conservative Funding Strategies
  19. 19. Funding Requirements of the CCC ■ Aggressive vs. Conservative Funding Strategies Alternatively, Semper can choose a conservative strategy under which surplus cash balances are fully invested. In Figure 13.2, this surplus would be the difference between the peak need of $1,125,000 and the total need, which varies between $135,000 and $1,125,000 during the year.
  20. 20. Funding Requirements of the CCC ■ Aggressive vs. Conservative Funding Strategies Jelas, agresif strategi tingginya membuat pembiayaan jangka pendek berisiko daripada strategi konservatif karena ayunan bunga dan mungkin kesulitan dalam mendapatkan dibutuhkan dana cepat ketika terjadi puncak musiman. Strategi konservatif menghindari risiko ini melalui terkunci-dalam bunga dan pembiayaan jangka panjang, tapi lebih mahal. Dengan demikian keputusan akhir yang tersisa untuk manajemen.
  21. 21. Strategies for Managing the CCC ■ Menyerahkan inventaris secepat mungkin tanpa Out saham yang menghasilkan penjualan hilang. ■ Mengumpulkan piutang secepat mungkin tanpa kehilangan penjualan dari teknik bertekanan tinggi. ■ Mengelola, mail, pengolahan, dan kliring waktu untuk mengurangi mereka ketika mengumpulkan dari pelanggan dan untuk meningkatkan mereka ketika membayar pemasok. ■ Membayar piutang sebagai perlahan-lahan mungkin tanpa merusak perusahaan pemeringkat
  22. 22. Manajemen Piutang ■ Komponen kedua dari siklus konversi kas adalah periode penagihan rata-rata → rata-rata lama waktu dari penjualan secara kredit sampai pembayaran menjadi dana yang dapat digunakan untuk perusahaan. ■ Periode pengumpulan terdiri dari dua bagian: 1. Periode waktu dari penjualan sampai pembayaran tagihan pelanggan, dan 2. Saktu dari saat pembayaran dikirimkan sampai perusahaan mengumpulkan dana di rekening bank-nya.
  23. 23. Manajemen Piutang: The Five C’s Kredit ■ Karakter: Rekor pemohon memenuhi kewajiban masa lalu. ■ Kapasitas: Kemampuan pemohon untuk membayar kredit yang diminta. ■ Modal: Utang pemohon relatif terhadap ekuitas. ■ Agunan: Jumlah aset pemohon telah tersedia untuk digunakan dalam mengamankan kredit. ■ Kondisi: keadaan sekarang dan kondisi ekonomi industri- spesifik.
  24. 24. MANAJEMEN PIUTANG DAGANG : PENILAIAN KREDIT *) PENILAIAN KREDIT = PROSEDUR MENGHASILKAN SKOR YANG MENGUKUR KEKUATAN KREDIT PEMOHON SECARA KESELURUHAN, DITURUNKAN SEBAGAI TERTIMBANG RATA-RATA SKOR DARI BERBAGAI KARAKTERISTIK KREDIT. *) HASIL PROSEDUR SKOR INI YANG NANTINYA BERTUJUAN UNTUK MENGUKUR KEKUATAN KREDIT PEMOHON SECARA KESELURUHAN, DAN SKOR INI JUGA DIGUNAKAN UNTUK MENERIMA ATAU MENOLAK KEPUTUSAN UNTUK PEMBERIAN KREDIT PEMOHON.
  25. 25. MANAJEMEN PIUTANG DAGANG : PENILAIAN KREDIT *) TUJUAN DARI PENILAIAN KREDIT ADALAH UNTUK MEMBUAT KEPUTUSAN YANG RELATIF AKURAT SERTA MEMBERIKAN INFORMASI DENGAN CEPAT DAN MURAH
  26. 26. Accounts Receivable Management: Changing Credit Standards ■ The firm sometimes will contemplate changing its credit standards to improve its returns and generate greater value for its owners.
  27. 27. Accounts Receivable Management: Changing Credit Standards
  28. 28. Dodd Tool, a manufacturer of lathe tools, is currently selling a product for $10/unit. Sales (all on credit) for last year were 60,000 units. The variable cost per unit is $6. The firm’s total fixed costs are $120,000. Dodd is currently contemplating a relaxation of credit standards that is anticipated to increase sales 5% to 63,000 units. It is also anticipated that the ACP will increase from 30 to 45 days, and that bad debt expenses will increase from 1% of sales to 2% of sales. The opportunity cost of tying funds up in receivables is 15%. Given this information, should Dodd relax its credit standards? Changing Credit Standards Example
  29. 29. Old Sales Level 60,000 Price/Unit 10.00$ New Sales Level 63,000 Variable Cost/Unit 6.00$ Increase in Sales 3,000 Contribution Margin/Unit 4.00$ Additional Profit Contribution from Sales (sales incr x cont margin) 12,000$ Dodd Tool Company Analysis of Rexaxing Credit Standards Additional Profit Contribution from Sales Changing Credit Standards Example ■ Additional Profit Contribution from Sales
  30. 30. Changing Credit Standards Example Cost of marginal investment in A/R:
  31. 31. Changing Credit Standards Example Cost of marginal investment in A/R:
  32. 32. Changing Credit Standards Example Cost of marginal bad debts:
  33. 33. Changing Credit Standards Example Cost of marginal investment in A/R: Effects on Dodd Tool of a Relaxation of Credit Standards
  34. 34. Changing Credit Terms ■ Credit terms are composed of three parts: – The cash discount – The cash discount period – The credit period
  35. 35. MAX Company has an average collection period of 40 days (turnover = 365/40 = 9.1). In accordance with the firm’s credit terms of net 30, this period is divided into 32 days until the customers place their payments in the mail (not everyone pays within 30 days) and 8 days to receive, process, and collect payments once they are mailed. MAX is considering initiating a cash discount by changing its credit terms from net 30 to 2/10 net 30. The firm expects this change to reduce the amount of time until the payments are placed in the mail, resulting in an average collection period of 25 days (turnover = 365/25 = 14.6). Changing Credit Terms Example
  36. 36. Changing Credit Terms Example Analysis of Initiating a Cash Discount for MAX Company
  37. 37. Credit Monitoring ■ Pemantauan kredit adalah review yang sedang berlangsung dari sebuah firma piutang untuk menentukan apakah pelanggan yang membayar menurut persyaratan kredit dinyatakan. Pembayaran yang lambat akan mahal untuk sebuah perusahaan karena mereka memperpanjang periode rata-rata koleksi dan meningkatkan investasi perusahaan di piutang. Dua teknik sering digunakan untuk memantau kredit adalah koleksi rata-rata periode dan penuaan piutang.
  38. 38. Credit Monitoring: Average Collection Period ■ The average collection period is the average number of days that credit sales are outstanding and has two parts: – The time from sale until the customer places the payment in the mail, and – The time to receive, process, and collect payment.
  39. 39. Credit Monitoring: Aging of Accounts Receivable
  40. 40. PEMANTAUAN KREDIT : KEBIJAKAN KOLEKSI Kebijakan koleksi perusahaan adalah prosedur untuk mengumpulkan rekening sebuah perusahaan piutang ketika mereka jatuh tempo. Efektivitas kebijakan ini sebagian dapat dievaluasi dengan mengevaluasi pada tingkat biaya yang buruk. Seperti yang terlihat pada contoh sebelumnya, tingkat ini tidak hanya tergantung pada kebijakan koleksi tetapi juga pada kebijakan kredit perusahaan.
  41. 41. Kesimpulan ■ Working capital merupakan aktiva lancar perusahaan, yang terdiri dari uang tunai dan surat berharga selain piutang dan persediaan. ■ Tujuan dari manajemen keuangan jangka pendek adalah untuk mengelola masing-masing aset dan kewajiban lancar perusahaan untuk mencapai keseimbangan antara profitabilitas dan risiko yang memberikan kontribusi positif terhadap nilai perusahaan secara keseluruhan. ■ Pusat untuk manajemen keuangan jangka pendek adalah pemahaman tentang siklus konversi kas perusahaan.
  42. 42. ■ Komponen kedua dari siklus konversi kas adalah periode penagihan rata-rata - rata-rata lama waktu dari penjualan secara kredit sampai pembayaran menjadi dana yang dapat digunakan untuk perusahaan. ■ Persyaratan kredit Sebuah perusahaan menentukan jangka waktu pembayaran yang diperlukan dari semua pelanggan kredit. Yaitu Kas diskon, Periode diskon tunai dan Jangka waktu kredit ■ Sedangkan monitoring kredit adalah review berlangsung rekening sebuah perusahaan piutang untuk menentukan apakah pelanggan membayar sesuai dengan persyaratan kredit.

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