BAB VII

PERENCANAAN KEUANGAN

 Pertumbuhan keuangan kami umumnya melalui arus kas. Kami menyadari bahwa keuangan kami
akan bertumbuh dengan lambat.
 Indikator yang paling penting dalam perusahaan kami adalah inventaris minimal harus disimpan
untuk produk tersebut.

7.1 Asumsi Keuangan

Penjualan bulanan adalah inditator terbesar unruk bisnis ini. Ada beberapa variasi ‘musiman’
dengan bulan Maret hingga September menjadi bulan penjualan tertinggi.

GENERAL ASSUMPTIONS
Tahun 1 Tahun 2 Tahun 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest 10.00% 10.00% 10.00%
Rate
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0

7.2 Indikator Keuangan

Tolak ukur (benchmarks) berikut ini menunjukkan grafik indikator keuangan kami.
7.3 Analisis Break Even Point

Tabel dan grafik berikut ini menunjukkan analisis break even point.

ANALISIS BREAK EVEN POINT

Monthly Revenue Break-even Rp 16.850.000
Assumptions:
Average Percent Variable Cost 23%
Estimated Monthly Fixed Cost Rp 12.940.000

7.4 Proyeksi Laba/Rugi

Kami mengharapkan keuntungan yang signifikan selama tiga tahun.

PRO FORMA PROFIT AND LOSS
Tahun 1 Tahun 2 Tahun 3
Sales Rp 522.170.000 Rp 77.383.000 Rp 1.044.460.000
Direct Cost of Sales Rp 121.140.000 Rp 177.720.000 Rp 242.270.000
Other Costs of Sales Rp 0 Rp 0 Rp 0
TOTAL COST OF Rp 121.140.000 Rp 177.720.000 Rp242.270.000
SALES
Gross Margin Rp 401.030.000 Rp 596.110.000 Rp 802.190.000
Gross Margin % 76.80% 77.03% 76.80%
Expenses
Payroll Rp 108.000.000 Rp 112.320.000 Rp116.810.000
Marketing/Promotion Rp 14.100.000 Rp 14.660.000 Rp15.250.000
Depreciation Rp 4.000.000 Rp 4.000.000 Rp 4.000.000
Utilities Rp 17.200.000 Rp 17.890.000 Rp 186.100.000
Insurance Rp 12.000.000 Rp 12.480.000 Rp 12.980.000
Payroll Taxes Rp 0 Rp 0 Rp 0
Other Rp 0 Rp 0 Rp 0
Total Operating Rp 155.300.000 Rp 161.350.000 Rp 167.650.000
Expenses
Profit Before Interest Rp 245.730.000 Rp 434.760.000 Rp634.540.000
and Taxes
EBITDA Rp 249.730.000 Rp 438.760.000 Rp 638.540.000
Interest Expense Rp 36.320.000 Rp26.260.000 Rp15.760.000
Taxes Incurred Rp 62.820.000 Rp 122.550.000 Rp185.630.000
Net Profit Rp 146.590.000 Rp285.950.000 Rp 433.150.000
Net Profit/Sales 28.07% 36.95% 41.47%

7.5 Proyeksi Cash Flow

Proyeksi arus kas untuk tiga tahun ke depan diperkirakan seperti yang ditunjukkan tabel
dibawah ini.

PRO FORMA CASH FLOW

Tahun 1 Tahun 2 Tahun 3
Cash Received
Cash from Operations
Cash Sales Rp 522.170.000 Rp 773.830.000 Rp 1.044.460.000
SUBTOTAL CASH Rp 522.170.000 Rp 773.830.000 Rp 1.044.460.000
FROM
OPERATIONS
Additional Cash
Received
Sales Tax, VAT, Rp 0 Rp 0 Rp 0
HST/GST Received
New Current Rp 0 Rp 0 Rp 0
Borrowing
New Other Liabilities Rp 0 Rp 0 Rp 0
(interest-free)
New Long-term Rp 0 Rp 0 Rp 0
Liabilities
Sales of Other Current Rp 0 Rp 0 Rp 0
Assets
Sales of Long-term Rp 0 Rp 0 Rp 0
Assets
New Investment Rp 0 Rp 0 Rp 0
Received
SUBTOTAL CASH Rp 522.170.000 Rp 773.830.000 Rp 1.044.460.000
RECEIVED
Expenditures Tahun 1 Tahun 2 Tahun 3
Expenditures from
Operations
Cash Spending Rp 108.000.000 Rp 112.320.000 Rp 116.810.000
Bill Payments Rp 254.590.000 Rp 349.700.000 Rp 485.500.000
SUBTOTAL SPENT Rp 362.590.000 Rp 462.020.000 Rp 602.310.000
ON OPERATIONS
Additional Cash Spent
Sales Tax, VAT, Rp 0 Rp 0 Rp 0
HSP/GST Paid Out
Principal Repayment of Rp 105.000.000 Rp 105.000.000 Rp 105.000.000
Current Borrowing
Other Liabilities Rp 0 Rp 0 Rp 0
Principal Repayment
Long-term Liabilities Rp 0 Rp 0 Rp 0
Principal Repayment
Purchase Other Current Rp 0 Rp 0 Rp 0
Assets
Purchase Long-term Rp 0 Rp 0 Rp 0
Assets
Dividends Rp 0 Rp 0 Rp 0
SUBTOTAL CASH Rp 467.590.000 Rp 567.020.000 Rp 707.310.000
SPENT
Net Cash Flow Rp 54.580.000 Rp 206.810.000 Rp 337.150.000
Cash Balance Rp 154.580.000 Rp 361.390.000 Rp698.540.000

7.6 Proyeksi Neraca

Neraca menunjukkan perubahan yang lambat namun pertumbuhannya stabil.

PRO FORMA BALANCE SHEET

Tahun 1 Tahun 2 Tahun 3
Assets
Current Assets
Cash Rp 154.580.000 Rp 361.390.000 Rp698.540.000
Inventory Rp 9.050.000 Rp 13.280.000 Rp 18.100.000
Other Current Assets Rp 6.750.000 Rp 6.750.000 Rp 6.750.000
TOTAL CURRENT Rp 170.380.000 Rp 381.420.000 Rp 723.390.000
ASSETS
Long-term Assets
Long-term Assets Rp 40.000.000 Rp 40.000.000 Rp 40.000.000
Accumulated Rp 4.000.000 Rp 8.000.000 Rp 12.000.000
Depreciation
TOTAL LONG- Rp 36.000.0000 Rp 32.000.000 Rp 28.000.000
TERM ASSETS
TOTAL ASSETS Rp 206.380.000 Rp 413.420.000 Rp 751.390.000
Liabilities and Capital Tahun 1 Tahun 2 Tahun 3
Current Liabilities
Accounts Payable Rp 4.800.000 Rp 30.890.000 Rp 40.710.000
Current Borrowing Rp 315.100.000 Rp 210.100.000 Rp 105.100.000
Other Current Rp 0 Rp 0 Rp 0
Liabilities
SUBTOTAL Rp 319.900.000 Rp 240.990.000 Rp 145.810.000
CURRENT
LIABILITIES
Long-term Liabilities Rp 0 Rp 0 Rp 0
TOTAL Rp 319.900.000 Rp 240.990.000 Rp 145.810.000
LIABILITIES
Paid-in Capital Rp 100.000.000 Rp 100.000.000 Rp 100.000.000
Retained Earnings (Rp 360.100.000) (Rp 213.510.000) Rp 72.440.000
Earnings Rp 146.590.000 Rp 285.950.000 Rp 433.150.000
TOTAL CAPITAL (Rp 113.510.000) Rp 172.440.000 Rp 605.580.000
TOTAL Rp 206.380.000 Rp 413.420.000 Rp 751.390.000
LIABILITIES AND
CAPITAL
Net Worth (Rp 113.510.000) Rp 172.440.000 Rp 605.580.000

7.7 Rasio Bisnis

Rasio menunjukkan rencana untuk pertumbuhan yang seimbang.

RATIO ANALYSIS
Tahun 1 Tahun 2 Tahun 3
Sales Growth 0.00% 48.20% 34.97% 7.60%
Percent of Total
Assets
Inventory 4.39% 3.21% 2.41% 3.60%
Other Current 3.27% 1.63% 0.90% 40.10%
Assets
Total Current 82.56% 92.26% 96.27% 43.70%
Assets
Long-term Assets 17.44% 7.74% 3.73% 56.30%
TOTAL 100.00% 100.00% 100.00% 100.00%
ASSETS
Current Liabilities 155.00% 58.29% 19.41% 32.70%
Long-term 0.00% 0.00% 0.00% 28.50%
Liabilities
Total Liabilities 155.00% 58.29% 19.41% 61.20%
NET WORTH -55.00% 41.71% 80.59% 38.80%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 76.80% 77.03% 76.80% 60.50%
Selling, General 48.73% 40.08% 35.33% 39.80%
& Administrative
Expenses
Advertising 0.77% 0.52% 0.38% 3.20%
Expenses
Profit Before 47.06% 56.18% 60.75% 0.70%
Interest and Taxes
Main Ratios
Current 0.53 1.58 4.96 0.98
Quick 0.50 1.53 4.84 0.65
Total Debt to 155.00% 58.29% 19.41% 61.20%
Total Assets
Pre-tax Return on -184.48% 236.90% 102.18% 1.70%
Net Worth
Pre-tax Return on 101.47% 98.81% 82.35% 4.30%
Assets
Additional Ratios Tahun 1 Tahun 2 Tahun 3
Net Profit Margin 28.07% 36.95% 41.47% n.a
Return on Equity 0.00% 165.83% 71.53% n.a
Activity Ratios
Inventory 9.70 15.92 15.44 n.a
Turnover
Accounts Payable 54.09 12.17 12.17 n.a
Turnover
Payment Days 27 17 26 n.a
Total Assets 2.53 1.87 1.39 n.a
Turnover
Debt Ratios
Debt to Net 0.00 1.40 0.24 n.a
Worth
Current Liab. to 1.00 1.00 1.00 n.a
Liab.
Liquidity Ratios
Net Working (Rp 149.510.000) Rp 140.440.000 Rp 577.580.000 n.a
Capital
Interest Coverage 6.77 16.56 40.26 n.a
Additional Ratios
Assets to Sales 0.40 0.53 0.72 n.a
Current Debt/ 155% 58% 19% n.a
Total Assers
Acid Test 0.50 1.53 4.84 n.a
Sales/Net Worth 0.00 4.49 1.72 n.a
Dividend Payout 0.00 0.00 0.00 n.a