Struktur Modal Project ($)

Keterangan
Jumlah
Working Capital
5,000,000
Fixed Asset
Tanah
3,000,000
Non Tanah
27,000,000
Jumlah
35,000,000

Struktur Modal Schuma ($)

Keterangan
Jumlah
Sekuritas
14,850,000
Jumlah

14,850,000

Struktur Modal Partner Lokal ($)

Keterangan
Jumlah
Sekuritas
12,150,000
Jumlah

12,150,000

Cara menentukan besarnya arus kas SBU

No. Description
1
2
3
4
5
6

Permintaan
Hrga Jual
Total Revenue
BB
TK
Bi Operasional

Valuta

$
$
$
$
$

2014
0

2015
1
2,200,000
24.0
52,800,000.0
34,320,000.0
6,336,000.0
3,000,000.0

7
8
9
10
11
12
13
14
15

Bi Pemasaran
Depresiasi
Bi Bunga
Total Biaya
EBT
Tax
EAT
Arus Kas
Salvage value

$
$
$
$
$
$
$
$

1,056,000.0
5,400,000
614,118
50,726,117.6
2,073,882.4
414,776.5
1,659,105.9
7,059,105.9

Jawaban soal (1)

PT Schuma Bersaudara
No. Description
1 CF dari SBU
2 Block Fund

Akumulasi investasi Sekuritas

3
4
5
4
5
6
7
8
9
10
11

$ remitted by Sub
Withholding tax
$ remitted after WT
Salvage Value
Exchange rate
CF to parrent
interest Expense
CF to parrent after interest exp
PV of parent CF
Initial Investment
Cumulative

Valuta
$
$
$
$
$
$
$
$
$
$
$
$
E
E
E

2014
0

2015
1
3,882,508.2
1,941,254.1

1,941,254.1
194,125.4
1,747,128.7
1.53

0.0648

1.56
1,119,954.3
2,329
1,117,624.9
1,049,610.1

9,705,882
(8,656,272.2)

Partner local
No. Description
$ remitted by Sub

Salvage Value
interest Expense
CF to parrent after interest exp

Valuta
$
$
$
$

2014
0

2015
1
3,176,597.6
546,750
2,629,847.6

PV of parent CF(10,8%)
Initial Investment
Cumulative

$
$
$

2,373,508.7
12,150,000
(9,776,491.3)

Keterangan
Debt
Lokal (8%)
Asing (7%)
Equity
Jumlah

Jumlah

Cost

5,000,000
3,000,000
27,000,000
35,000,000

Proporsi
0.23
0.14
0.09
0.77
ko =

Keterangan
Debt (6%)
Equity
Jumlah

Jumlah
5,940,000
8,910,000
14,850,000

Proporsi
0.40
0.60
ko=

cost
0.042
0.080

Keterangan
Debt (9%)
Equity
Jumlah

Jumlah
6,075,000
6,075,000
12,150,000

Proporsi
0.50
0.50
ko =

cost
0.072
0.144

0.064
0.056
0.144

1681.13207547

2016
2
2,310,000
24.6
56,826,000.0
36,936,900.0
6,819,120.0
3,150,000.0

2017
3
2,425,500
25.2
61,158,982.5
39,753,338.6
7,339,077.9
3,307,500.0

2018
4
2,546,775
25.8
65,822,354.9
42,784,530.7
7,898,682.6
3,472,875.0

2019
5
2,674,114
26.5
70,841,309.5
46,046,851.2
8,500,957.1
3,646,518.8

0.009
0.005
0.111
0.1250

0.0168
0.0480
0.0648

0.0360
0.0720
0.1080

1,136,520.0
5,400,000
618,235
54,060,775.3
2,765,224.7
553,044.9
2,212,179.8
7,612,179.8

1,223,179.7
5,400,000
620,980
57,644,076.6
3,514,905.9
702,981.2
2,811,924.7
8,211,924.7

1,316,447.1
5,400,000
615,490
61,488,025.6
4,334,329.3
866,865.9
3,467,463.5
8,867,463.5

1,416,826.2
5,400,000
607,255
65,618,408.1
5,222,901.3
1,044,580.3
4,178,321.1
9,578,321.1
$ 55,728,413.5

2016
2
4,186,698.9
2,093,349.4

2017
3
4,516,558.6
2,258,279.3

2018
4
4,877,104.9
2,438,552.5

2,093,349.4
209,334.9
1,884,014.5

2,258,279.3
225,827.9
2,032,451.4

2,438,552.5
243,855.2
2,194,697.2

1.59
1,316,572.0
2,329
1,314,242.6
1,159,149.5

1.61
1,402,658.0
2,329
1,400,328.5
1,159,914.1

1.57
1,553,218.1
2,329
1,550,888.7
1,206,447.6

2019
5
5,268,076.6
2,634,038.3
2,359,606.5
2,423,313.6
2,489,752.9
2,560,480.1
12,467,191.5
2,634,038.3
1,510,123.0
13,591,106.8
30,650,627.4
1.51
29,299,161.7
2,329
29,296,832.3
21,403,285.9

(7,497,122.7)

(6,337,208.7)

(5,130,761.1)

16,272,524.8

2016
2
3,425,480.9

2017
3
3,695,366.1

2018
4
3,990,358.6

546,750
2,878,730.9

546,750
3,148,616.1

546,750
3,443,608.6

2019
5
4,310,244.5
25,077,786.1
546,750
28,841,280.6

2,344,885.0

2,314,730.5

2,284,834.4

17,270,930.5

(7,431,606.3)

(5,116,875.8)

(2,832,041.3)

14,438,889.2

Pembayaran bunga Project

Keterangan
Valuta
Exchange rate
Pinjaman Lokal
Pinjaman Asing
Total Bunga

$
$
E
$
$

2015
1
1.56
400,000
137,255
214,118
614,118

2016
2
1.59
400,000
137,255
218,235
618,235

2017
3
1.61
400,000
137,255
220,980
620,980

2018
4
1.57
400,000
137,255
215,490
615,490

cara mengitung Cost of debt

0 (3,000,000)
1
214,118
2
218,235
3
220,980
4
215,490
5
3,168,039
kd
6.95%
Pembayaran bunga Schuma
Keterangan
Valuta
2015
1
Bank Jerman
E
2,329

Cara menghitung cost of equity di US

rf =
0.06
rm=
0.12
Beta =
1.4
ke
0.144

2016
2
2,329

2017
3
2,329

2018
4
2,329

Pembayaran bunga Partner Lokal

Keterangan
Valuta
2015
1
Bank Lokal
$
546,750

2016
2
546,750

2017
3
546,750

2018
4
546,750

2019 Bunga
5
1.51
400,000
137,255
207,255
607,255

cost of equity di US

Komposisi Joint
Partner Lokal
Schuma

Debt

0.08
0.07

5,000,000
1,960,784
2,960,784

German
0.04
0.09
0.8
0.08

2019 Bunga
5
2,329

2019 Bunga
5
546,750

Debt
0.06

38,824

Debt
0.09

6,075,000

0.45
0.55

$12,150,000
$14,850,000
$27,000,000

-3000000
214,118
218,235
220,980
215,490
3,207,255
7.181%

0.05744743

Cara menghitung cost of equity

USA
Singapore
rm =
0.08
rf =
0.05
rm-rf
0.03
beta =
0.9
ke =
0.077

0.15
0.1
0.05
1.2
0.16

Struktur Modal Project (S$)

Keterangan
Jumlah
Keterangan
Working Capital
10,000,000
Fixed Asset
60,000,000

Jumlah

Equity
70,000,000 Jumlah

THE SPORT EXPORT COMPANY S$

Keterangan
Jumlah
Keterangan
Invest Sekuritas
42,000,000 Debt (lokal) 8%

Jumlah

Equity
42,000,000 Jumlah

THE SPORT SINGAPORE COMPANY (S$)

Keterangan
Jumlah
Keterangan
Invest Sekuritas
28,000,000 Debt (Asing) 8%

Jumlah

Equity
28,000,000 Jumlah

Jumlah

70,000,000
70,000,000

Jumlah
12,600,000

29,400,000
42,000,000

Jumlah
11,200,000

16,800,000
28,000,000

Bobot

cost before tax

0.16

0.16
kc =

Bobot

cost before tax

0.3

0.08

0.7

0.077

0.064

0.0192

0.0539
kc=

0.4

0.16

0.0731

4.7% 0.032911 0.013164

Pembayaran bunga Project

Keterangan
Valuta
Exchange rate

0.6

0.16

0.096
kc

0.109164

Pinjaman Asing
Total Bunga

$
$
S$
$
S$

2015
1
0.54
829,630
448,000
829,630

cara menghitung cost of debt before tax

0 (11,200,000)
1
829,630
2
800,000
3
845,283
4
785,965
5 10,427,586
kd
4.7%

Description
Permintaan

Valuta

2014
0

Harga
Revenue
BB
TK
Bi operasional
Bi Pemasaran
Depresiasi
Total Biaya
EBT
Tax
EAT
NCF
Salvage value

S$
S$
S$
S$
S$
S$
S$
S$
S$
S$
S$
S$
S$

The Sport Export Comp

No.

Description

Valuta

1 CF dari SBU
2 Block Fund

3
4
5
4
5
6
7
8
9
10
11

S$
S$
S$
S$
S$
S$
Akumulasi investasiS$
S$
$ remitted by Sub
S$
Withholding tax
S$
$ remitted after WT
S$
Salvage Value
$
Exchange rate
$
CF to parrent
$
interest Expense
CF to parrent after inte $
$
PV of parent CF
$
Initial Investment
$
Cumulative

2014
0

0.5

4,032

2016
2
0.56
800,000
448,000
800,000

2017
3
0.53
845,283
448,000
845,283

2018
4
0.57
785,965
448,000
785,965

2015
1

2016
2

2017
3

4,200,000

4,830,000

5,554,500

2019 Bunga
5
0.58
772,414
448,000
772,414

2018
4
6,387,675

0.08

2019
5
7,345,826

24.00
100,800,000.00
70,560,000.00
12,096,000.00
8,000,000.00
2,016,000.00
5,300,000.00
97,972,000.00
2,828,000.00
848,400.00
1,979,600.00
7,279,600.00

26.40
127,512,000.00
89,258,400.00
15,301,440.00
8,400,000.00
2,550,240.00
###
120,810,080.00
6,701,920.00
2,010,576.00
4,691,344.00
9,991,344.00

29.04
161,302,680.00
112,911,876.00
19,356,321.60
8,820,000.00
3,226,053.60
5,300,000.00
149,614,251.20
11,688,428.80
3,506,528.64
8,181,900.16
13,481,900.16

31.94
204,047,890.20
142,833,523.14
24,485,746.82
9,261,000.00
4,080,957.80
5,300,000.00
185,961,227.77
18,086,662.43
5,425,998.73
12,660,663.70
17,960,663.70

35.14
258,120,581.10
180,684,406.77
30,974,469.73
9,724,050.00
5,162,411.62
5,300,000.00
231,845,338.13
26,275,242.98
7,882,572.89
18,392,670.08
23,692,670.08
20,000,000.00

2015
1
4,367,760.0
1,179,295.2

2016
2
5,994,806.4
1,618,597.7

2017
3
8,089,140.1
2,184,067.8

2018
4
10,776,398.2
2,909,627.5

3,188,464.8
318,846.5
2,869,618.3

1,618,597.7
161,859.8
1,456,738.0

2,184,067.8
218,406.8
1,965,661.0

2,909,627.5
290,962.8
2,618,664.8

0.54
5,314,108.0
504,000
4,810,108.0
4,810,108.0

0.56
2,890,353.1
504,000
2,386,353.1
2,386,353.1

0.53
4,120,882.7
504,000
3,616,882.7
3,616,882.7

0.57
5,104,609.7
504,000
4,600,609.7
4,600,609.7

2019
5
14,215,602.1
3,838,212.6
1,433,440.7
1,873,729.2
2,407,934.8
3,055,108.9
12,608,426.1
3,838,212.6
1,644,663.9
14,801,974.8
12,000,000.0
0.58
46,210,301.4
504,000
45,706,301.4
45,706,301.4

4,806,076.0

7,192,429.1

10,809,311.8

15,409,921.5

61,116,222.8

Debt

11,200,000
5,600,000
9,655,172