Operating Efficiency RatiosTotal As

Operating Efficiency Ratios
Total Asset Turnover The total asset turnover ratio indicates the effectiveness of the firm’s
use of its total asset base (net assets equals gross assets minus depreciation on fixed assets). It
is computed as:
10.11 Total Asset Turnover =
Net Sales
Average Total Net Assets
Walgreens total asset turnover values were:
2010:
67,420
ð26,275 + 25,142Þ=2
= 2:62 times
2009:
63,335
ð25,142 + 22,410Þ=2
= 2:66 times
2008:
59,034
ð22,410 + 19,314Þ=2
= 2:83 times
This ratio, which has experienced a small steady decline for Walgreens, must be compared
to that of other firms within an industry because it varies substantially between industries. For
example, total asset turnover ratios range from less than 1 for large, capital-intensive industries
(steel, autos, and heavy manufacturing companies) to over 10 for some retailing or service operations.
It also can be affected by the use of leased facilities, which could impact the ratios for
Walgreens. Specifically, as shown in the appendix to this chapter, the capitalized leases of
stores for Walgreen Co. are about $20 billion, and adding this to the total assets on the books
would have almost doubled assets and reduced the turnover by almost half. The fact is, most
drugstore chains (including CVS) likewise lease their stores, so these ratios are comparable for
industry comparisons.
Again, we must consider a range of turnover values consistent with the industry. It is poor
management to have an exceedingly high asset turnover relative to the industry because this
might imply too few assets for the potential business (sales), or it could be due to the use of
outdated, fully depreciated assets. It is equally poor management to have an extremely low asset
turnover because this implies that the firm is tying up capital in excess assets relative to the
needs of the firm and compared with its competitors.
Beyond the analysis of the firm’s total asset base, it is insightful to examine the utilization
of some specific assets, such as receivables, inventories, and fixed assets. This detailed analysis
is especially important if the firm has experienced a major decline in its total asset turnover
because we want to know the cause of the decline, that is, which of the component turnovers
(receivables, inventories, fixed assets) contributed to the decline. We have already examined
the very stable receivables and inventory turnover as part of our liquidity analysis; we now examine
the fixed asset turnover ratio.
Net Fixed Asset Turnover The net fixed asset turnover ratio reflects the firm’s utilization of
fixed assets.4 Because of its growing importance to Walgreens, the following computations for
the recent three years will be calculated with total fixed assets, but also with only total tangible
assets.

Hasil (Bahasa Indonesia) 1:

Operasi efisiensi rasioTotal aset omset omset total aset rasio menunjukkan efektivitas perusahaanmenggunakan basis aset total (aset net sama dengan nilai aset kotor minus penyusutan aktiva tetap). Itudihitung sebagai:10.11 jumlah perputaran aset =Penjualan bersihRata-rata Total Net asetNilai-nilai omset total aset Walgreens adalah:2010:67,420ð26, 275 + 25, 142Þ = 2= 2:62 kali2009:63,335ð25, 142 + 22, 410Þ = 2= 2:66 kali2008:59,034ð22, 410 + 19, 314Þ = 2= 2: 83 kaliRasio ini, yang telah mengalami penurunan kecil yang stabil untuk Walgreens, harus dibandingkandengan perusahaan lain dalam industri karena itu bervariasi secara substansial antara industri. Untukcontoh, total aset omset rasio berkisar dari kurang dari 1 untuk industri besar, padat modal(baja, autos, dan perusahaan manufaktur berat) untuk lebih dari 10 untuk beberapa ritel atau operasi layanan.Itu juga dapat dipengaruhi oleh penggunaan fasilitas pembiayaan, yang dapat mempengaruhi rasio untukWalgreens. Secara khusus, seperti yang ditunjukkan dalam Lampiran kepada bab ini, sewa dikapitalisasiToko untuk Walgreen Co adalah sekitar $20 miliar, dan menambahkan ini ke total aset pada buku-bukuakan hampir dua kali lipat aset dan mengurangi omset hampir setengah. Faktanya adalah, kebanyakantoko obat rantai (termasuk CVS) demikian juga sewa toko mereka, sehingga rasio sebanding untukperbandingan industri.Sekali lagi, kita harus mempertimbangkan berbagai nilai-nilai omset konsisten dengan industri. Miskinmanagement to have an exceedingly high asset turnover relative to the industry because thismight imply too few assets for the potential business (sales), or it could be due to the use ofoutdated, fully depreciated assets. It is equally poor management to have an extremely low assetturnover because this implies that the firm is tying up capital in excess assets relative to theneeds of the firm and compared with its competitors.Beyond the analysis of the firm’s total asset base, it is insightful to examine the utilizationof some specific assets, such as receivables, inventories, and fixed assets. This detailed analysisis especially important if the firm has experienced a major decline in its total asset turnoverbecause we want to know the cause of the decline, that is, which of the component turnovers(receivables, inventories, fixed assets) contributed to the decline. We have already examinedthe very stable receivables and inventory turnover as part of our liquidity analysis; we now examinethe fixed asset turnover ratio.Net Fixed Asset Turnover The net fixed asset turnover ratio reflects the firm’s utilization offixed assets.4 Because of its growing importance to Walgreens, the following computations forthe recent three years will be calculated with total fixed assets, but also with only total tangibleassets.