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3 Capital Budgeting

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CAPITAL BUDGETING AND CASH FLOW PRINCIPLESCapital Budgeting: Proses evaluasi dan seleksi investasi jangka panjang yang sesuai dengan tujuan perusahaan (maksimisasi kemakmuran pemilik).

Capital Expenditure: Pengeluaran dana oleh perusahaan yang diharapkan untuk memperoleh manfaat dalam jangka panjang

Current Expenditure: Pengeluaran dana oleh perusahaan yang diharapkan untuk memperoleh manfaat dalam jangka waktu satu tahun1Capital Expenditure Motives :ExpansionReplacementRenewalOther PurposesCapital Budgeting ProcessProposal GenerationReview and AnalysisDecision Making ImplementationFollowup2Basic terminology:

Independent Versus Mutually Exclusive Projects

Unlimited Funds Versus Limited Funds

Accept Reject Versus Ranking Approaches

Conventional Versus Nonconventional Cash Flow Patterns

Annuity Versus Mixed Stream Cash FlowsTYPESIGN ON NET CASH FLOWNUMBER OFSIGN CHANGE0123456Conventional-++++++1Conventional---++++1Conventional+++++--1Non Conventional-+++---2Non Conventional++---++2Non Conventional-+--+++33Relevant Cash FlowsMajor Components of Cash Flow:

Initial InvestmentOperating Cash InflowsTerminal Cash flow

4Initial Investment for Replacement.

Cost of new assets =+ Installation costs- Proceeds from sale of old assets-/+ Taxes on sale of old assets-/+ Change in net working capital----------------------------------------- Initial Investment

EkspansiPenggantianAset baruAset lamaAset baruInvestasi awal$ 13,000$ 3,000a)$ 10,000Tahun1$ 5,000$ 3,000$ 2,0002$ 5,000$ 2,500$ 2,5003$ 5,000$ 2,000$ 3,0004$ 5,000$ 1,500$ 3,5005$ 5,000$ 1,000$ 4,000Aliran kas akhir proyek$ 7,000$ 5,000$ 2,000Contoh.Tabel berikut ini menyajikan investasi awal, aliran kas masuk operasi bersih, dan aliran kas akhir proyek untuk ekspansi dan penggantian.a) Aliran kas masuk setelah pajak dari likuidasi aset lama yang digantikan oleh aset baru5Net Operating (proceeds)Cash Inflows.

Revenue- Expenses(adm. Hpp) (excluding depreciation) ------------------------------------------ Profits before depreciation & taxes- Depreciation ------------------------------------------- Profits before taxes- Taxes ------------------------------------------- Net Profits after taxes+ Depreciation ------------------------------- Net Operating Cas InflowsTerminal Cash Flow.

Proceeds from sale of new asset- Proceeds from sale of old asset-/+ Taxes on sale of new assets-/+ Taxes on sale of old assets-/+ Change in net working capital-------------------------------------------- Terminal Cash Flow6Contoh:Proyek Expansi.Suatu perusahaan Otobus membeli bus eksekutif baru dengan harga Rp 995.000.000,00 melayani penumpang antar propinsi dan bus diperkirakan berumur ekonomis 10 tahun. Biaya surat-surat Rp 5.000.000,00 dan modal kerja yang harus disediakan diperkirakan Rp 10.000.000,00. Estimasi pendapatan per tahun Rp 300.000.000,00. Biaya per tahun (Operasi dan pemeliharaan) Rp 50.000.000,00. Bus pada akhir umur ekonomis dapat dijual dengan harga Rp 50.000.000,00. Pajak 10 %.Dari data tersebut dapat dihitung Initial Investmentnya:Initial Investment.Harga pembelian busRp 995.000.000,00Biaya surat-suratRp 5.000.000,00Modal kerjaRp 10.000.000,00Initial InvestmentRp 1.010.000.000,00(totalin semua)7Net Operating Cash InflowPendapatanRp 300.000.000,00Biaya OperasiRp 50.000.000,00Biaya depresiasiRp 100.000.000,00Laba OperasiRp 150.000.000,00Bunga 0,00Laba Sebelum Pajak (EBT)Rp 150.000.000,00Pajak 10 %Rp 15.000.000,00Laba Setelah PajakRp 135.000.000,00DepresiasiRp 100.000.000,00Net Operating Cash Inflow (Proceeds)Rp 235.000.000,00 Terminal Cash Flow.Hasil Penjualan BusRp 50.000.000,00Pajak Penjualan 10 %Rp 5.000.000,00Net Cash FlowRp 45.000.000,00

Contoh:Proyek Expansi.(kasus MENAMBAH BUS BARU) repacement gantiSuatu perusahaan Otobus membeli bus eksekutif baru dengan harga Rp 995.000.000,00 melayani penumpang antar propinsi dan bus diperkirakan berumur ekonomis 10 tahun. Biaya surat-surat Rp 5.000.000,00 dan modal kerja yang harus disediakan diperkirakan Rp 10.000.000,00. Estimasi pendapatan per tahun Rp 300.000.000,00. Biaya per tahun (Operasi dan pemeliharaan) Rp 50.000.000,00. Bus pada akhir umur ekonomis dapat dijual dengan harga Rp 50.000.000,00. Pajak 10 %.Dari data tersebut dapat dihitung Initial Investmentnya: dep = 995 + by (5) / 10 tahun Hpp = 995 + 5 = 1 milliar8Proyek Penggantian.

Perusahaan XYZ sedang mempertimbangkan untuk mengganti mesin lama dengan mesin baru.Harga beli mesin baruRp 380.000,00Biaya instalasi mesinRp 20.000,00Umur ekonomis5 tahunHarga beli mesin lama 3 tahun yang laluRp 240.000,00Harga jual mesin lama saat iniRp 280.000,00Jangka waktu untuk depresiasi5 tahunSisa umur penggunaan mesin5 tahunDengan penggantian ini, perusahaan mengestimasi akan terjadi kenaikan asset lancar sebesar Rp 35.000,00 dan kewajiban lancar Rp 18.000,00Pajak 10 %9Initial InvestmentHarga beli mesin baruRp 380.000,00Biaya instalasi mesinRp 20.000,00Proceeds penjualan mesin lamaRp 280.000,00Pajak penjualan mesin lama *)Rp 18.400,00Perubahan modal kerja bersihRp 17.000,00Initial InvestmentRp 155.400,00Net Operating Cash Inflow.Selanjutnya diketahui bahwa estimasi pendapatan dan biaya per tahun diluar depresiasi untuk kedua mesin selama 5 tahun sebagai berikut:MESINBARUMESINLAMATAHUNPENDAPATANBIAYAPENDAPATANBIAYA1Rp 2.520,00Rp 2.300,00Rp 2.200,00Rp 1.990,002Rp 2.520,00Rp 2.300,00Rp 2.300,00Rp 2.110,003Rp 2.520,00Rp 2.300,00Rp 2.400,00Rp 2.230,004Rp 2.520,00Rp 2.300,00Rp 2.400,00Rp 2.250,005Rp 2.520,00Rp 2.300,00Rp 2.250,00Rp 2.120,00Harga beli mesin baruRp 380.000,00Biaya instalasi mesinRp 20.000,00Umur ekonomis5 tahunHarga beli mesin lama 3 tahun yang laluRp 240.000,00Harga jual mesin lama saat iniRp 280.000,00Jangka waktu untuk depresiasi5 tahunSisa umur penggunaan mesin5 tahunDengan penggantian ini, perusahaan mengestimasi akan terjadi kenaikan asset lancar sebesar Rp 35.000,00 dan kewajiban lancar Rp 18.000,00Pajak 10 %: perubahan modal kerja bersih (35-18) , pajak mesin lama = 280 240 = 40 x 10 % = 4000 + 14400 (4800 x 3 )4800 = 240,000 / 5 thun = 10MESIN BARULABA SEBELUMDEP. & PAJAK (Pend-by)DEPRESIASI (400/ 5tahun)N O C I F (ebit pajak + dep)THPENDAPATANBIAYAEBIT (laba sblm dep&pajak dep)PAJAK10% (ebit*pajak)1Rp 2.520,00Rp 2.300,00Rp 220,00Rp 80,00Rp 140,00Rp 14,00Rp 206,002Rp 2.520,00Rp 2.300,00Rp 220,00Rp 80,00Rp 140,00Rp 14,00Rp 206,003Rp 2.520,00Rp 2.300,00Rp 220,00Rp 80,00Rp 140,00Rp 14,00Rp 206,004Rp 2.520,00Rp 2.300,00Rp 220,00Rp 80,00Rp 140,00Rp 14,00Rp 206,005Rp 2.520,00Rp 2.300,00Rp 220,00Rp 80,00Rp 140,00Rp 14,00Rp 206,00MESIN LAMATHPENDAPATANBIAYA1Rp 2.200,00Rp 1.990,00Rp 210,00Rp 48,00Rp 162,00Rp 16,20Rp 193,802Rp 2.300,00Rp 2.110,00Rp 190,00Rp 48,00Rp 142,00Rp 14,20Rp 175,803Rp 2.400,00Rp 2.230,00Rp 170,00Rp 0,00Rp 170,00Rp 17,00Rp 153,004Rp 2.400,00Rp 2.250,00Rp 150,00Rp 0,00Rp 150,00Rp 15,00Rp 135,005Rp 2.250,00Rp 2.120,00Rp 130,00Rp 0,00Rp 130,00Rp 13,00Rp 117,00NO C I FRELEVANT CASH FLOWTHMESIN BARUMESIN LAMA(cif mesin baru- mesin lama(1Rp 206,00Rp 193,80Rp 12,202Rp 206,00Rp 175,80Rp 30,203Rp 206,00Rp 153,00Rp 53,004Rp 206,00Rp 135,00Rp 71,005Rp 206,00Rp 117,00Rp 89,00Harga beli mesin baruRp 380.000,00Biaya instalasi mesinRp 20.000,00Umur ekonomis5 tahunHarga beli mesin lama 3 tahun yang laluRp 240.000,00Harga jual mesin lama saat iniRp 280.000,00Jangka waktu untuk depresiasi5 tahunSisa umur penggunaan mesin5 tahunDengan penggantian ini, perusahaan mengestimasi akan terjadi kenaikan asset lancar sebesar Rp 35.000,00 dan kewajiban lancar Rp 18.000,00Pajak 10 %11TERMINAL CASH FLOW.Jika diketahui bahwa mesin yang baru laku dijual Rp 50.000,00 dan perusahaan berharap akan menutup modal kerja bersih Rp 17.000,00, maka aliran kas akhir umur proyek.Penjualan mesin baruRp 50.000,00Pajak penjualan mesin baruRp 5.000,00Perubahan modal kerja bersihRp 17.000,00Terminal Net Cash In Flow Rp 62.000,00 Rp 12,20 Rp 30,20 Rp 53,00 Rp 71,00 Rp 89,00155,400Rp 28.000,00NO C I FRELEVANT CASH FLOWTHMESIN BARUMESIN LAMA1Rp 206,00Rp 193,80Rp 12,202Rp 206,00Rp 175,80Rp 30,203Rp 206,00Rp 153,00Rp 53,004Rp 206,00Rp 135,00Rp 71,005Rp 206,00Rp 117,00Rp 89,00Initial InvestmentHarga beli mesin baruRp 380.000,00Biaya instalasi mesinRp 20.000,00Proceeds penjualan mesin lamaRp 280.000,00Pajak penjualan mesin lama *)Rp 18.400,00Perubahan modal kerja bersihRp 17.000,00Initial InvestmentRp 155.400,0012I. A machine currently in use was originally purchased two years ago for $ 40,000. The machine is being depreciated under ACRSusing 5 recovery period. It has three years of usable life remaining. The current machine can be sold today to net $ 42,000. A new machine using 3 year ACRS recovery period can be purchased at a price of $ 140,000. It will require $ 10,000 to install and has 3 years useble life. If the new machine is acquired, the investment in account receivables is expected to rise by $ 10,000, the inventory investment will increase by $ 25,000 and account payable will increase by $ 15,000. EBIT is expected to be $ 70,000 for each of next three years with the old machine and $ 120,000 in the first year and $ 130,000 in the second year and third year with the new machine. At the end of three years, the market value of the old machine would equal zero, but the new machine could be sold to net $ 35,000 befor taxes. Both ordinary corporate income and capital gains are subject to a 40% tax. Determine initial investment associated with the purposed replacement decision. Calculate the incremental operating cash inflows for years 1 to 4 associated with the purposed replacement decisionCalculate the terminal cash inflows associated with the purposed replacement decisionACRS depreciation method YearNew MachineOld Machine133%19%245%12%315%12%47%5%13II. Fitch industry is in the process of choosing the better of two equal risk, mutually exclusive project- M and N. Information for each project as follows.Project M N Initial Investment $ 28,500.00 $ 27,000.00 Year 1 $ 10,000.00 $ 11,000.00 2 $ 10,000.00 $ 10,000.00 3 $ 10,000.00 $ 9,000.00 4 $ 10,000.00 $ 8,000.00 14A new project being considered by Brandt- Quigley Corporation (BQC), a large Atlanta-based technology company.annual sales (20,000 units) * @ $3,000 $60,000,000The price of building$12,000,000for depreciation purposes it would fall into the MACRS 39-year class.The price of equipment$ 8,000,000The equipment would fall into the MACRS 5-year classWorking capital$ 6,000,000Variable manufacturing costs would be $2,100 per unit, Fxed overhead costs, excluding depreciation, would be $8 million a year.BQCs marginal federal-plus-state tax rate is 40 percentCost of capital is 12 percentProject life4 yearsAt the year 4:The building is expected to have a market value of $7.5 million and a book value of $10.908 millionThe equipment would have a market value of $2 million and a book value of $1.36 million.

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A new project being considered by Brandt- Quigley Corporation (BQC), a large Atlanta-based technology company.annual sales (20,000 units) * @ $3,000 $60,000,000The price of building$12,000,000for depreciation purposes it would fall into the MACRS 39-year class.The price of equipment$ 8,000,000The equipment would fall into the MACRS 5-year classWorking capital$ 6,000,000Variable manufacturing costs would be $2,100 per unit, Fxed overhead costs, excluding depreciation, would be $8 million a year.BQCs marginal federal-plus-state tax rate is 40 percentCost of capital is 12 percentProject life4 yearsAt the year 4:The building is expected to have a market value of $7.5 million and a book value of $10.908 millionThe equipment would have a market value of $2 million and a book value of $1.36 million.

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Net Operating Cash Inflows

700 1.000 1.400 2.000 2.100 0

1 2 3 4 5Initial Investment10.000

Rp 45.000.000,00 Annuity = Rp 235.000.000,00

1 2 3 4 5 6 7 8 9 10Rp 1.010.000.000,00

1000 = (1+MIRR)4 =1+MIRR = MIRR = 1.121-1MIRR = 12.1%