3 Capital Budgeting

5/21/2018 3 Capital Budgeting

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Capital Budgeting: Proses evaluasi dan seleksi investasi jangka panjang yangsesuai dengan tujuan perusahaan (maksimisasi kemakmuran pemilik).

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

Current Expenditure: Pengeluaran dana oleh perusahaan yang diharapkan

untuk memperoleh manfaat dalam jangka waktu satu tahun

1

Capital Expenditure Motives :ExpansionReplacementRenewalOther Purposes

Capital Budgeting Process

ProposalGeneration

Review and

Analysis

DecisionMaking

Implementation

Followup


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Basic terminology:

Independent Versus Mutually Exclusive Projects

Unlimited Funds Versus Limited Funds

AcceptReject Versus Ranking Approaches

Conventional Versus Nonconventional Cash Flow Patterns

Annuity Versus Mixed Stream Cash Flows

TYPE SIGN ON NET CASH FLOW NUMBER OFSIGN CHANGE0 1 2 3 4 5 6

Conventional - + + + + + + 1

Conventional - - - + + + + 1Conventional + + + + + - - 1

Non Conventional - + + + - - - 2

Non Conventional + + - - - + + 2

Non Conventional - + - - + + + 3


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Major Components of Cash Flow:

1. Initial Investment2. Operating Cash Inflows3. Terminal Cash flow

Net Operating Cash Inflows

700 1.000 1.400 2.000 2.1000

1 2 3 4 5

Initial Investment

10.000


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Initial 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-----------------------------------------

I niti al I nvestment

Ekspansi Penggantian

Aset baru Aset lama Aset baru

Investasi awal $ 13,000 $ 3,000a) $ 10,000

Tahun

1 $ 5,000 $ 3,000 $ 2,000

2 $ 5,000 $ 2,500 $ 2,500

3 $ 5,000 $ 2,000 $ 3,000

4 $ 5,000 $ 1,500 $ 3,500

5

$ 5,000

$ 1,000

$ 4,000

Aliran kas akhir proyek $ 7,000 $ 5,000 $ 2,000

Contoh.

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 baru


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Net Operat ing (pro ceeds )Cash Inf lows.

Revenue- Expenses(adm. Hpp) (excluding depreciation)

------------------------------------------Profits before depreciation & taxes

- Depreciation-------------------------------------------Profits before taxes

- Taxes-------------------------------------------Net Profits after taxes

+ Depreciation-------------------------------Net Operat ing Cas Inf low s

Termin al 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

--------------------------------------------

Termin al Cash Flow


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Contoh:Proyek Expansi.Suatu perusahaan Otobus membeli bus eksekutif baru dengan hargaRp 995.000.000,00 melayani penumpang antar propinsi dan bus

diperkirakan berumur ekonomis 10 tahun. Biaya surat-surat Rp5.000.000,00 dan modal kerja yang harus disediakan diperkirakan Rp10.000.000,00.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 bus Rp 995.000.000,00

Biaya surat-surat Rp 5.000.000,00

Modal kerja Rp 10.000.000,00

Initial Investment Rp 1.010.000.000,00(totalin

semua)


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Net Operating Cash I nf low

Pendapatan Rp 300.000.000,00

Biaya Operasi Rp 50.000.000,00

Biaya depresiasi Rp 100.000.000,00

Laba Operasi Rp 150.000.000,00

Bunga 0,00

Laba Sebelum Pajak (EBT) Rp 150.000.000,00

Pajak 10 % Rp 15.000.000,00Laba Setelah Pajak Rp 135.000.000,00

Depresiasi Rp 100.000.000,00

Net Operating Cash I nf low (Proceeds) Rp 235.000.000,00

Terminal Cash F low.

Hasil Penjualan Bus Rp 50.000.000,00Pajak Penjualan 10 % Rp 5.000.000,00

Net Cash F low Rp 45.000.000,00

Rp 45.000.000,00Annuity = Rp 235.000.000,00

1 2 3 4 5 6 7 8 9 10

Rp 1.010.000.000,00

Contoh:Proyek Expansi. (kasus MENAMBAH BUS BARU) repacement gant iSuatu perusahaan Otobus membeli bus eksekutif baru dengan harga Rp 995.000.000,00 melayanipenumpang antar propinsi dan bus diperkirakan berumur ekonomis 10 tahun. Biaya surat-surat Rp5.000.000,00 dan modal kerja yang harus disediakan diperkirakan Rp 10.000.000,00. Estimasipendapatan per tahun Rp 300.000.000,00. Biaya per tahun (Operasi dan

pemeliharaan) Rp 50.000.000,00.Bus pada akhir umur ekonomisdapat dijual dengan harga Rp50.000.000,00. Pajak 10 %.Dari data tersebut dapat dihitungInitial Investmentnya: dep = 995 +by (5) / 10 tahun

Hpp = 995 + 5 = 1 milliar


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Proyek Pengg ant ian.

Perusahaan XYZ sedang mempertimbangkan untuk mengganti mesin lamadengan mesin baru.

Harga beli mesin baru Rp 380.000,00

Biaya instalasi mesin Rp 20.000,00

Umur ekonomis 5 tahun

Harga beli mesin lama 3 tahun yang lalu Rp 240.000,00

Harga jual mesin lama saat ini Rp 280.000,00

Jangka waktu untuk depresiasi 5 tahun

Sisa umur penggunaan mesin 5 tahun

Dengan penggantian ini, perusahaan mengestimasi akan terjadi kenaikan

asset lancar sebesar Rp 35.000,00 dan kewajiban lancar Rp 18.000,00

Pajak 10 %


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Initial Investment



Proceeds penjualan mesin lama Rp 280.000,00

Pajak penjualan mesin lama *) Rp 18.400,00Perubahan modal kerja bersih Rp 17.000,00

I niti al I nvestment Rp 155.400,00

Net Operating Cash Inflow.Selanjutnya diketahui bahwa estimasi pendapatan dan biaya per tahun diluar depresiasi

untuk kedua mesin selama 5 tahun sebagai berikut:

MESINBARU

MESINLAMA

TAHUN PENDAPATAN BIAYA PENDAPATAN BIAYA

1 Rp 2.520,00 Rp 2.300,00 Rp 2.200,00 Rp 1.990,00

2 Rp 2.520,00 Rp 2.300,00 Rp 2.300,00 Rp 2.110,00

3 Rp 2.520,00 Rp 2.300,00 Rp 2.400,00 Rp 2.230,00

4 Rp 2.520,00 Rp 2.300,00 Rp 2.400,00 Rp 2.250,005 Rp 2.520,00 Rp 2.300,00 Rp 2.250,00 Rp 2.120,00








Dengan penggantian ini, perusahaan

mengestimasi akan terjadi kenaikan

asset lancar sebesar Rp 35.000,00 dan

kewajiban lancar Rp 18.000,00

Pajak 10 %: perubahan modal kerja

bersih (35-18) , pajak mesin lama = 280

240 = 40 x 10 % = 4000 + 14400 (4800 x3 )

4800 = 240,000 / 5 thun =


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MESIN BARU LABA SEBELUMDEP. & PAJAK

(Pend-by)

DEPRE

SIASI (400/

5tahun)

N O C I F (ebit

pajak + dep)TH PENDAPATAN BIAYA EBIT (laba sblm

dep&pajakdep)

PAJAK

10% (ebit*pajak)

1 Rp 2.520,00 Rp 2.300,00 Rp 220,00 Rp 80,00 Rp 140,00 Rp 14,00 Rp 206,00

2 Rp 2.520,00 Rp 2.300,00 Rp 220,00 Rp 80,00 Rp 140,00 Rp 14,00 Rp 206,00

3 Rp 2.520,00 Rp 2.300,00 Rp 220,00 Rp 80,00 Rp 140,00 Rp 14,00 Rp 206,004 Rp 2.520,00 Rp 2.300,00 Rp 220,00 Rp 80,00 Rp 140,00 Rp 14,00 Rp 206,00

5 Rp 2.520,00 Rp 2.300,00 Rp 220,00 Rp 80,00 Rp 140,00 Rp 14,00 Rp 206,00

MESIN LAMATH PENDAPATAN BIAYA

1 Rp 2.200,00 Rp 1.990,00 Rp 210,00 Rp 48,00 Rp 162,00 Rp 16,20 Rp 193,80

2 Rp 2.300,00 Rp 2.110,00 Rp 190,00 Rp 48,00 Rp 142,00 Rp 14,20 Rp 175,80

3 Rp 2.400,00 Rp 2.230,00 Rp 170,00 Rp 0,00 Rp 170,00 Rp 17,00 Rp 153,00

4 Rp 2.400,00 Rp 2.250,00 Rp 150,00 Rp 0,00 Rp 150,00 Rp 15,00 Rp 135,005 Rp 2.250,00 Rp 2.120,00 Rp 130,00 Rp 0,00 Rp 130,00 Rp 13,00 Rp 117,00

NO C I F RELEVANT CASH FLOW

TH MESIN BARU MESIN LAMA (cif mesin baru- mesin lama(

1 Rp 206,00 Rp 193,80 Rp 12,20

2 Rp 206,00 Rp 175,80 Rp 30,20

3 Rp 206,00 Rp 153,00 Rp 53,00

4 Rp 206,00 Rp 135,00 Rp 71,005 Rp 206,00 Rp 117,00 Rp 89,00








Dengan penggantian ini, perusahaan

mengestimasi akan terjadi kenaikan asset lancarsebesar Rp 35.000,00 dan kewajiban lancar Rp18.000,00Pajak 10 %


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TERMINAL 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 baru Rp 50.000,00Pajak penjualan mesin baru Rp 5.000,00Perubahan modal kerja bersih Rp 17.000,00

Terminal Net Cash In Flow Rp 62.000,00

Rp 12,20 Rp 30,20 Rp 53,00 Rp 71,00 Rp 89,00

155,400

Rp 28.000,00

NO C I F RELEVANT CASH FLOW

TH MESIN BARU MESIN LAMA

1 Rp 206,00 Rp 193,80 Rp 12,20

2 Rp 206,00 Rp 175,80 Rp 30,20

3 Rp 206,00 Rp 153,00 Rp 53,00

4 Rp 206,00 Rp 135,00 Rp 71,00

5 Rp 206,00 Rp 117,00 Rp 89,00

Initial Investment



Proceeds penjualan mesin lama Rp 280.000,00

Pajak penjualan mesin lama *) Rp 18.400,00

Perubahan modal kerja bersih Rp 17.000,00

I niti al I nvestment Rp 155.400,00

I A hi tl i i i ll h d t f $


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I. A machine currently in use was originally purchased two years ago for $40,000. The machine is being depreciated under ACRSusing 5 recoveryperiod. It has three years of usable life remaining. The current machine canbe sold today to net $ 42,000. A new machine using 3 year ACRS recoveryperiod 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, theinvestment in account receivables is expected to rise by $ 10,000, theinventory investment will increase by $ 25,000 and account payable willincrease by $ 15,000. EBIT is expected to be $ 70,000 for each of next threeyears with the old machine and $ 120,000 in the first year and $ 130,000 inthe 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 newmachine could be sold to net $ 35,000 befor taxes. Both ordinary corporateincome and capital gains are subject to a 40% tax. Determine initialinvestment associated with the purposed replacement decision. Calculate theincremental operating cash inflows for years 1 to 4 associated with thepurposed replacement decision

Calculate the terminal cash inflows associated with the purposedreplacement decision

ACRS depreciation method

Year New Machine Old Machine

1 33% 19%

2 45% 12%

3

15%

12%

4 7% 5%


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II. Fitch industry is in the process of choosing the better of two equalrisk, mutually exclusive project- M and N. Information for eachproject 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


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, -based technology company. annual sales (20,000 units) * @ $3,000 $60,000,000 The price of building $12,000,000

for 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 class

Working capital $ 6,000,000 Variable 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 percent Cost of capital is 12 percent

Project life 4 years At the year 4:

The building is expected to have a market value of $7.5 million and abook value of $10.908 million

The equipment would have a market value of $2 million and a bookvalue of $1.36 million.

new pro ec e ng cons ere y ran u g ey orpora on a arge


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new pro ec e ng cons ere y ran - u g ey orpora on , a argeAtlanta-based technology company. annual sales (20,000 units) * @ $3,000 $60,000,000 The price of building $12,000,000

for depreciation purposes it would fall into the MACRS 39-year class. The price of equipment $ 8,000,000

The equipment would fall into the MACRS 5-year class Working capital $ 6,000,000

Variable 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 percent Cost of capital is 12 percent

Project life 4 years At the year 4: The building is expected to have a market value of $7.5 million and a book value of $10.908 million The equipment would have a market value of $2 million and a book value of $1.36 million.


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1000 =,.

(+)

(1+MIRR)4 =,.

1+MIRR = .

MIRR = 1.121-1

MIRR = 12.1%

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3 Capital Budgeting

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