PROYEKSI LABA RUGI

Tahun
Pendapatan
Biaya Operasional
Laba Operasi
Biaya Bunga
Biaya Lain-Lain
Laba Sebelum Pajak
Pajak
Laba Bersih

0
0
$
$
$
$
$
$
$

Pajak
Proyeksi Neraca
Uraian
Harta
Harta Lancar
Kas
Piutang Usaha
Biaya Sewa dibayar di muka
Total Harta Lancar

67,650,000,000
(67,650,000,000)
231,453,915,000
14,554,540,000
(313,658,455,000)
(313,658,455,000)
25%

$
$
$
$

Harta Tetap
Total Harta Tetap
Akumulasi Biaya Penyusutan
Total Harta Tetap (Bersih)
Biaya Penyusutan

$
$
$
$

2,079,220,000,000
2,079,220,000,000
-

Harta Lain-Lain
Biaya Perizinan
Akumulasi Amortisasi
Harta Lain-Lain (Net)
Amortisasi

$
$
$
$

60,000,000,000
60,000,000,000
-

Total Harta

2,139,220,000,000

Utang dan Ekuitas

Utang Lancar
Utang Usaha
Utang Pajak
Utang Bank Jangka Pendek
Total Utang Lancar

$
$
$
$

Utang Jangka Panjang

Utang Bank Jangka Panjang
Utang Bank Jangka Panjang (ex DC)
Obligasi
Utang Baru
Total Utang Jangka Panjang
Total Utang

$
$
$
$
$
$

Ekuitas
Modal Disetor
Laba Ditahan
Laba Tahun Berjalan
Total Ekuitas

$
$
$
$

Total Utang dan Ekuitas

1,455,454,000,000
231,453,915,000
1,686,907,915,000
1,686,907,915,000

765,970,540,000
(313,658,455,000)
452,312,085,000
2,139,220,000,000

Soal:
Di bawah ini adalah proyeksi laporan laba rugi dan neraca sebuah proyek pembangunan jalan tol yang
Hitunglah NPV, IRR dan payback period proyek ini!

0
0

URAIAN
CASH INFLOW
Laba Operasi * (1- Tax)
Biaya Penyusutan
Nilai Sisa Fixed Asset
Nilai Sisa MK
Total Cash Inflow

CASH OUTFLOW
Fixed Assets
Incremental WC
Total Cah Outflow
Net Cash Flow (Total CI-Total CO)
PVIF
PV
NPV
IRR

2,079,220,000,000

2,079,220,000,000

(2,079,220,000,000)

$
$

0.0000
6,344,952,105,730

Modal Kerja
Total harta Lancar
Total Hutang lancar
Modal Kerja
Incremental WC

$
$
$

Asumsi:
Asumsi bunga obligasi SBR 001 periode 21 agustus 2015 s.d. 20 November 2015 adalah 9% dengan s
Sumber: http://www.bi.go.id/id/ruang-media/info-terbaru/Pages/Obligasi-Pemerintah-RI-SBR001-2015.a
Kd = 9%
Ke= Kd+Spread= 9%+1.25%
10.25%
WACC= (D/D+E)*Kd+(E/D+E)*Ke
9.26%
Debt & Equitas yang digunakan adalah total utang dan equitas tahun ke 0

$
$
$
$
$
$
$
$

$
$
$
$

1
2017
252,161,732,813
98,061,900,000
154,099,832,813
168,690,791,500
13,684,825
(14,604,643,512)
(14,604,643,512)

125,000,000
125,000,000

$
$
$
$
$
$
$
$

$
$
$
$

2
2018
278,008,310,426
100,575,400,000
177,432,910,426
164,584,919,170
14,417,929
12,833,573,327
3,208,393,331.75
9,625,179,995

5,233,298,737
5,233,298,737

$
$
$
$
$
$
$
$

$
$
$
$

3
2019
306,504,162,244
103,340,250,000
203,163,912,244
158,672,680,337
15,224,344
44,476,007,563
11,119,001,890.75
33,357,005,672

32,769,818,297
125,000,000
32,894,818,297

$
$
$
$

2,079,220,000,000
(45,017,500,000)
2,034,202,500,000
(45,017,500,000)

$
$
$
$

2,079,220,000,000
(90,035,000,000)
1,989,185,000,000
(45,017,500,000)

$
$
$
$

2,079,220,000,000
(135,052,500,000)
1,944,167,500,000
(45,017,500,000)

$
$
$
$

60,000,000,000
(6,000,000,000)
54,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(12,000,000,000)
48,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(18,000,000,000)
42,000,000,000
(6,000,000,000)

2,088,327,500,000

2,042,418,298,737

2,019,062,318,297

$
$
$
$

3,909,950,000
1,368,482,500
5,278,432,500

$
$
$
$

4,119,408,333
3,208,393,332
1,441,792,917
8,769,594,582

$
$
$
$

4,349,812,500
11,119,001,891
1,522,434,375
16,991,248,766

$
$
$
$
$
$

$
$
$
$
$

1,409,645,365,534
224,169,186,120
10,940,581,859
1,644,755,133,513
1,650,033,566,013

766,557,032,500
(313,658,455,000)
(14,604,643,513)
438,293,933,987
2,088,327,500,000

$
$
$
$
$
$

$
$
$
$
$

1,359,255,867,622
216,155,984,351
10,286,319,450
1,585,698,171,423
1,594,467,766,005

766,588,451,250
(328,263,098,513)
9,625,179,995
447,950,532,732
2,042,418,298,737

$
$
$
$
$
$

$
$
$
$
$

1,303,827,419,918
207,341,462,406
9,560,088,177
1,520,728,970,501
1,537,720,219,267

766,623,011,875
(318,637,918,517)
33,357,005,673
481,342,099,031
2,019,062,318,298

uah proyek pembangunan jalan tol yang akan dibangun antara Padang dan Bukittinggi. Jangka waktu pembang

1
2017

2
2018

$
$

115,574,874,610
45,017,500,000

$
$

133,074,682,820
45,017,500,000

160,592,374,610

(5,153,432,500) $
(5,153,432,500) $

$
$
$

165,745,807,110

0.9152
151,698,523,805 $

3
2019

178,092,182,820

$
$
$
$
$

152,372,934,183
45,017,500,000
1,944,167,500,000
15,903,569,531
2,157,461,503,714

1,617,136,655
1,617,136,655

$
$

19,439,865,376
19,439,865,376

176,475,046,165

2,138,021,638,338

1.8304
323,024,172,576 $

2.7456
5,870,229,409,348

1
2017
$
$
$
$

125,000,000
5,278,432,500
(5,153,432,500)
(5,153,432,500)

2
2018
$
$
$
$

5,233,298,737
8,769,594,582
(3,536,295,845)
1,617,136,655

20 November 2015 adalah 9% dengan sperad 1.25%

s/Obligasi-Pemerintah-RI-SBR001-2015.aspx

s tahun ke 0

3
2019
$
$
$
$

32,894,818,297
16,991,248,766
15,903,569,531
19,439,865,376

$
$
$
$
$
$
$
$

$
$
$
$

4
2020
337,920,838,874
106,381,585,000
231,539,253,874
152,168,497,932
16,111,400
79,354,644,542
19,838,661,135.50
59,515,983,407

81,054,744,497
81,054,744,497

$
$
$
$
$
$
$
$

$
$
$
$

5
2021
372,557,724,859
109,727,053,500
262,830,671,359
145,013,098,432
17,087,161
117,800,485,766
29,450,121,441.50
88,350,364,325

151,698,469,862
125,000,000
151,823,469,862

$
$
$
$
$
$
$
$

$
$
$
$

6
2022
410,744,891,657
109,447,068,850
301,297,822,807
137,141,272,254
18,160,499
164,138,390,054
41,034,597,513.50
123,103,792,541

247,528,631,388
247,528,631,388

$
$
$
$

2,079,220,000,000
(180,070,000,000)
1,899,150,000,000
(45,017,500,000)

$
$
$
$

2,079,220,000,000
(225,087,500,000)
1,854,132,500,000
(45,017,500,000)

$
$
$
$

2,079,220,000,000
(266,145,000,000)
1,813,075,000,000
(41,057,500,000)

$
$
$
$

60,000,000,000
(24,000,000,000)
36,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(30,000,000,000)
30,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(36,000,000,000)
24,000,000,000
(6,000,000,000)

2,016,204,744,497

2,035,955,969,862

2,084,603,631,388

$
$
$
$

4,603,257,083
19,838,661,136
1,611,139,979
26,053,058,198

$
$
$
$

4,882,046,125
29,450,121,441
1,708,716,144
36,040,883,710

$
$
$
$

5,188,714,071
41,034,597,514
1,816,049,925
48,039,361,510

$
$
$
$
$
$

$
$
$
$
$

1,242,856,127,444
197,645,488,266
8,753,971,464
1,449,255,587,174
1,475,308,645,372

766,661,028,563
(285,280,912,845)
59,515,983,407
540,896,099,125
2,016,204,744,497

$
$
$
$
$
$

$
$
$
$
$

1,175,787,705,723
186,979,916,712
7,859,181,912
1,370,626,804,347
1,406,667,688,057

766,702,846,919
(225,764,929,437)
88,350,364,324
629,288,281,806
2,035,955,969,863

$
$
$
$
$
$

$
$
$
$
$

ttinggi. Jangka waktu pembangunan memakan waktu sekitar 3 tahun.

1,102,012,441,829
175,247,788,003
6,865,965,509
1,284,126,195,341
1,332,165,556,851

766,748,847,111
(137,414,565,113)
123,103,792,541
752,438,074,539
2,084,603,631,390

$
$
$
$
$
$
$
$

$
$
$
$

7
2023
452,846,243,052
113,495,085,735
339,351,157,317
128,481,279,189
19,341,171
210,850,536,957
52,712,634,239.25
158,137,902,718

369,622,470,872
125,000,000
369,747,470,872

$
$
$
$
$
$
$
$

$
$
$
$

8
2024
499,262,982,965
117,947,904,309
381,315,078,656
118,954,194,280
20,639,910
262,340,244,466
65,585,061,116.50
196,755,183,350

522,301,496,443
522,301,496,443

$
$
$
$
$
$
$
$

$
$
$
$

9
2025
550,437,438,719
122,818,504,739
427,618,933,980
108,473,188,163
22,068,522
319,123,677,295
79,780,919,323.75
239,342,757,971

708,188,682,078
125,000,000
708,313,682,078

$
$
$
$

2,079,220,000,000
(307,202,500,000)
1,772,017,500,000
(41,057,500,000)

$
$
$
$

2,079,220,000,000
(348,260,000,000)
1,730,960,000,000
(41,057,500,000)

$
$
$
$

2,079,220,000,000
(389,290,000,000)
1,689,930,000,000
(41,030,000,000)

$
$
$
$

60,000,000,000
(42,000,000,000)
18,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(48,000,000,000)
12,000,000,000
(6,000,000,000)

$
$
$
$

60,000,000,000
(54,000,000,000)
6,000,000,000
(6,000,000,000)

2,159,764,970,872

2,265,261,496,443

2,404,243,682,078

$
$
$
$

5,526,048,811
52,712,634,239
1,934,117,084
60,172,800,134

$
$
$
$

5,897,117,026
65,585,061,117
2,063,990,959
73,546,169,102

$
$
$
$

6,305,292,062
79,780,919,324
2,206,852,222
88,293,063,608

$
$
$
$
$
$

$
$
$
$
$

1,020,859,651,546
162,342,446,423
5,763,495,302
1,188,965,593,271
1,249,138,393,405

766,799,447,322
(14,310,772,573)
158,137,902,718
910,626,577,467
2,159,764,970,872

$
$
$
$
$
$

931,591,582,235
148,146,570,685
4,539,753,372
1,084,277,906,292
1,157,824,075,394

$
$
$
$
$
$

833,396,705,993
132,531,107,373
3,181,399,831
969,109,213,197
1,057,402,276,805

$
$
$
$

766,855,107,554
143,827,130,145
196,755,183,350
1,107,437,421,049

$
$
$
$

766,916,333,809
340,582,313,495
239,342,757,971
1,346,841,405,275

2,265,261,496,443

2,404,243,682,080

$
$
$
$
$
$
$
$

$
$
$
$

10
2026
606,857,276,187
122,206,415,213
484,650,860,974
96,942,735,318
23,639,996
387,684,485,660
96,921,121,415.00
290,763,364,245

931,221,591,282
931,221,591,282

$
$
$
$

2,079,220,000,000
(430,320,000,000)
1,648,900,000,000
(41,030,000,000)

$
$
$
$

60,000,000,000
(54,000,000,000)
6,000,000,000
-

2,586,121,591,282

$
$
$
$

6,754,284,601
96,921,121,415
2,363,999,610
106,039,405,626

$
$
$
$
$
$

725,382,342,126
115,354,097,730
1,673,627,399
842,410,067,255
948,449,472,881

$
$
$
$

766,983,682,690
579,925,071,466
290,763,364,245
1,637,672,118,401

2,586,121,591,282

0
0
Modal Kerja
Total harta Lancar
Total Hutang lancar
Modal Kerja
Incremental WC

$
$
$

1
2017
-

$
$
$
$

125,000,000
5,278,432,500
(5,153,432,500)
(5,153,432,500)

2
2018
$
$
$
$

5,233,298,737
8,769,594,582
(3,536,295,845)
1,617,136,655

3
2019
$
$
$
$

32,894,818,297
16,991,248,766
15,903,569,531
19,439,865,376

4
2020
$
$
$
$

81,054,744,497
26,053,058,198
55,001,686,299
39,098,116,768

5
2021
$
$
$
$

151,823,469,862
36,040,883,710
115,782,586,152
60,780,899,853

6
2022
$
$
$
$

247,528,631,388
48,039,361,510
199,489,269,878
83,706,683,726

7
2023
$
$
$
$

369,747,470,872
60,172,800,134
309,574,670,738
110,085,400,860

8
2024
$
$
$
$

522,301,496,443
73,546,169,102
448,755,327,341
139,180,656,603

9
2025
$
$
$
$

708,313,682,078
88,293,063,608
620,020,618,470
171,265,291,129

10
2026
$
$
$
$

931,221,591,282
106,039,405,626
825,182,185,656
205,161,567,186

190,478,909,356 $
(450,963,438,363) $
1
0

2,673,438,764,201
2,222,475,325,838
0
2

Payback Period
Net Cash Flow
Akumulasi
Tahun
Bulan
Payback Period

$
$

(2,079,220,000,000) $
(2,079,220,000,000) $
9
2
9

165,745,807,110 $
(1,913,474,192,890) $
1
0

176,475,046,165 $
(1,736,999,146,726) $
1
0

Asumsi:
Asumsi bunga obligasi SBR 001 periode 21 agustus 2015 s.d. 20 November 2015 adalah 9% dengan sperad 1.25%
Sumber: http://www.bi.go.id/id/ruang-media/info-terbaru/Pages/Obligasi-Pemerintah-RI-SBR001-2015.aspx
Kd = 9%
Ke= Kd+Spread= 9%+1.25%
10.25%
WACC= (D/D+E)*Kd+(E/D+E)*Ke
9.26%
Debt & Equitas yang digunakan adalah total utang dan equitas tahun ke 0

177,950,568,807 $
(1,559,048,577,919) $
1
0

179,573,823,638 $
(1,379,474,754,281) $
1
0

181,359,603,666 $
(1,198,115,150,615) $
1
0

183,324,183,379 $
(1,014,790,967,236) $
1
0

185,485,467,128 $
(829,305,500,108) $
1
0

187,863,152,389 $
(641,442,347,719) $
1
0