1. A new machine was purchase for $ 40,000 and recovered over 5 years period.

Sl
depreciation it had to estimated salvage and produced annual CFBT of $ 20,000 which
was taxed 40% if all funds for the purchase were obtained from corporate retaine
earnings. Determine the CFAT value for years 0 through 5?
JAWAB
Diketahui :
B = $ 40,000
n = 5 years
CFBT = $ 20,000
(t) Tax = 40%
Ditanyakan :
CFAT for years 0 through 5..?
Penyelesaian
𝐵 $ 40,000
Depreciation = 𝑛
= 5
= $ 8,000

TI = CFBT – Depreciation
TI = $ 20,000 - $ 8,000
TI = $ 12,000
T = TI x t
T = $ 12,000 x 40% (0,4)
T = $ 4,800
Jadi, CFAT-nya yaitu :
CFAT = CFBT – TI x t
= $ 20,000 - $ 4,800
= $ 15,200
Tahun CFBT Depresiasi TI Pajak CFAT
0 - $40,000 - - - -$40,000
1-5 $20,000 $8,000 $12,000 $4,800 $15,200
$60,000 $24,000 $36,000

2. An assets was aqeured by XYZ mining company. It has: B= $ 10,000, n= 5 year,

CFBT= $ 5,000, SV= 0, and t= 48%. Tabulate the CFAT for:
a. 100% equity financing
b. 50% equity and 50% debt financing.
JAWAB
 Diketahui:
B = $10,000 t= 48%
n = 5 years
CFBT = $ 5.000
Ditanyakan:
a. 100% equity financing=…?
b. b. 50% equity and 50% debt financing=…?
Jawab:
a. 100% equity financing
𝐵 $ 10,000
Depreciation=𝑛 = 5
= $ 2,000

TI = CFBT- Depreciation
TI = $ 5,000 - $ 2,000
TI = $ 3,000
T = TI x t
T = $ 3,000 x 48%
T = $ 1,440
Jadi, CFAT-nya adalah:
CFAT= CFBT- TI x t
= $ 5,000 – ($ 3,000 x $ 48%)
= $ 5,000 - $ 1,440
= $ 3,560
Tahun CFBT Depresiasi TI Pajak CFAT
0 $-10,000 - - - $-10,000
1-5 $5,000 $2,000 $ 3,000 $1,440 $3,560
$15,000 $7,200 $7,800

b. 50% equity and 50% debt financing

𝐵 $ 10.000
Depreciation= = = $ 2.000
𝑛 5
‘50% Equity – 50% Debt Financing’ artinya bahwa 50% dari biaya pembelian
ditanggung modal pribadi dan sisanya berupa pinjaman. Maka,
Principal = $5.000/5 = $1.000 per tahun
Dianggap bahwa suku bunga adalah 0%. Maka, tidak dikenai bunga saat
pembayaran pinjaman.
 Tabel 3. Table of CFAT
Tahun CFBT Depresiasi Bunga Principal TI Pajak CFAT
0 ─$5.000 ─ ─ ─ ─ ─ ─$5.000
1─5 $5.000 $2.000 $0 $1.000 $3.000 $1.440 $2.560
$20.000 $0 $5.000 $7.200 $7.800

3. Sebuah perusahaan pertambangan berencana untuk membeli alat berat yang baru
dengan data-data sebagai berikut:
B = $20,000
SV =0
Pendapatan = $10,000 per tahun
Pengeluaran = $2,500 per tahun
Laju pajak = 30% per tahun
n = 10 tahun
Buat tabel CFAT dengan kondisi: (a) Investasi dibiayai sepenuhnya oleh
perusahaan (100% equity financing) dan (b) setengah dari investasi dipinjam dari
bank (50% equity – 50% debt financing) dengan tingkat suku bunga 10%/tahun.
Diasumsikan bahwa 10% merupakan simple interest dan pembayaran principal
dan bunga dilakukan secara seragam selama 10 tahun. Gunakan metode
depresiasi straight line, double declining balance, dan sum of the years digit.
Answer:
Given: B = $20.000
n = 10 years
CFBT = $10.000-$2.500 = $7.500
t = 30%
Ask: CFAT for years 0 through 5?
Solutions:

a) 100% equity financing

𝐵 $ 20.000
Depreciation= = = $ 2.000
𝑛 10
TI= CFBT- Depreciation T= TI x t
TI= $ 7.500 - $ 2.000 T= $ 5.500 x 30%
TI= $ 5.500 T= $ 1.650
So, CFAT = CFBT - (TI x t)
 = $ 7.500 – ($ 5.500 x 30%)
= $ 7.500 - $ 1.650
CFAT = $ 5.850

Table 4. Table of CFAT

Tahun CFBT Depresiasi TI Pajak CFAT
0 - $20.000 - - - -$20.000
1-5 $7.500 $2.000 $ 5.500 $1.650 $5.850
$17.500 $8.250 $9.250

b) 50% Equity – 50% Debt Financing

Straight Line
𝐵𝑉−𝑆𝑉 $20.000−0
Depreciation= = = $ 2.000
𝑛 10
Tabel 5. Table of CFAT
Tahun CFBT Depresiasi Bunga Principal TI Pajak CFAT
0 ─$10.000 ─ ─ ─ ─ ─ ─$10.000
1─ $7.500 $2.000 $100 $1.000 $5.400 $1.620 $4.780
10
$65.000 $1.000 $10.000 $16.200 $37.800

Double Declining Balance

$20.000 x 2
Depreciation= (B-S) X 2/n = = $ 4.000
10
Tahun CFBT Depresiasi Bunga Principal TI Pajak CFAT
0 ─$10.000 ─ ─ ─ ─ ─ ─$10.000
1─ $7.500 $4.000 $100 $1.000 $3.400 $1.020 $5.380
10
$65.000 $1.000 $10.000 $10.200 $43.800

Sum Of The Year

Depreciation= (𝐵𝑉 − 𝑆𝑉)x dt
Tahun CFBT Depresiasi Bunga Principal TI PAJAK CFAT
0 -$10.000 -$10.000
1 $7.500 $1.363,6 $100 $1.000 $6.036,4 $1.811 $4.589
2 $7.500 $1.227,3 $100 $1.000 $6.172,7 $1.852 $4.548
3 $7.500 $1.090,9 $100 $1.000 $6.309,1 $1.893 $4.507
4 $7.500 $954,5 $100 $1.000 $6.445,5 $1.934 $4.466
5 $7.500 $818,2 $100 $1.000 $6.581,8 $1.975 $4.425
6 $7.500 $681,8 $100 $1.000 $6.718,2 $2.015 $4.385
7 $7.500 $545,5 $100 $1.000 $6.854,5 $2.056 $4.344
8 $7.500 $409,1 $100 $1.000 $6.990,9 $2.097 $4.303
9 $7.500 $272,7 $100 $1.000 $7.127,3 $2.138 $4.262
10 $7.500 $136,4 $100 $1.000 $7.263,6 $2.179 $4.221
$75.000 $1.000 $10.000 $19.950 $50.040
Tanggal : 15 September 2017
Dosen : Dr. Aryanti Virtanti Anas, ST. MT

TUGAS ANALISIS INVESTASI TAMBANG

“Cash Flow”

Disusun Oleh :

Mecky Mantung
D621 15 013

PROGRAM STUDI TEKNIK PERTAMBANGAN

FAKUTAS TEKNIK

UNIVERSITAS HASANUDDIN

KEMENTERIAN RISET TEKNOLOGI DAN PENDIDIKAN

TINGGI

GOWA

2017