improving management performance
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Improving Management
Performance: Analisis Dupont
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Return On Investment
ROI = Net profit after taxes
Total assets
Example 1:Total assets = $ 100,000
Net profit after taxes = $18,000
ROI = Net profit after taxes = $18,00 = 18%Total assets $ 100,000
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DU PONT FORMULA
ROI = Net profit after taxes
Total assets
= Net profit after taxes x SalesSales Total assets
= Net profit margin x Total asset turnover
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Example 2
Diasumsikan data sama dengan contoh 1,diasumsikan juga penjualan $ 200,000
ROI = Net profit after taxes = $18,00 = 18%Total assets $ 100,000
Alternatif:Net profit margin = Net profit after taxes = $ 18,000 = 9%
Sales $ 200,000
Total asset turnover = Sales = $200,000 = 2 kaliTotal assets $100,000
ROI = net profit margin x total asset turnover = 9% x 2 times = 18%
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Example 3
Perincian ROI jadi dua komponen memperlihatkansejumlah kombinasi dari margin dan turnover yangbisa diperoleh pada rate of return yg sama:
Margin x Turnover = ROI
(1) 9% X 2 kali = 18%
(2) 6% x 3x = 18 (3) 3% x 6x = 18
(4) 2% x 9x = 18
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Example 4
ROI = Net profit after taxes = Net profit after taxes x Sales
Total assets Sales Total assets
Kondisi sekarang:
18% = 18,000 x 200,000200,000 100,000
Alternatif 1:
20% = 20,000 x 200,000
200,000 100,000 Alternatif 2:
20% = 18,000 x 200,000
200,000 90,000
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Cost of Goods Sold
Selling Expenses
Administrative Expenses
Cash
Accounts Receivable
Inventories
MarketableSecurites
Others
Land
Buildings
Machienery and
Equipment
Sales
TotalCost
-
Net Income
Sales
Net ProfitMargin
Current Assets
+
Fixed Assets
Total Assets
Sales
Total Assets Turnover
xReturn on
Invest (ROI)
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Improving Return To Stockholders
Through Financial Leverage
ROE = Net profit after taxesStockholders’ equity
= Net profit after taxes x Total assetsTotal assets Stockholders’ equity
= ROI x Equity multiplier
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Example 5
Equity Multiplier = Total assets
Stockholders’ equity
= $ 100,000 = 2,22
$ 45,000
= 1(1-debt ratio)
= 1 = 1 = 2.22
(1-0.55) 0.45
ROE = Net profit after taxes = $ 18,00 = 40%Stockholders’ equity $ 45,00
ROE=ROI x Equity multiplier = 18% x 2.22 = 40%
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Example 6
A B
Total asset $ 800,000 $ 800,000
Total liabilities - 400,000
Stockholders’ equity (a) 800,000 400,000
Total liabilities and
Stockholders’ equity $ 800,000 $ 800,000
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Return onequity (ROE)
=Net Profit
After taxesStockholders’ equity
= Return on = Net profit after taxesinvestment (ROI) Total assets
x
Equity = Total assetsMultiplier Stockholders’ equity
or 1
(1 – Debt ratio)
Equity multiplier = Total assets
Stockholders’ equity
= Total assets
Total assets – Total liabilities= 1
1 – Total liabilities
Total assets
= 1
(1 – Debt ratio)