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Evaluasi Tambang Suatu asset sebesar $10000 didepresiasikan

selama 4 thn diharapkan nilai sisa = 0. Pendptn


Contoh 1 $8000. Biaya operasi $3500. Dep grs lurus laju
Investasi Awal $ 240000. Keuntungan per thn pjk keseluruhan 50% dgn i* 10%. Hit dgn 9
$67000 dan nilai sisa setelah 5 thn $70000. metode!
Lakukan analisis kepekaan utk penurunan dan Income = 8000
kenaikan 20% dan 40%. OC = -3500
Grass Provit = 4500
C=240 I=67 67 67 67 L= 70 Depresiasi = -2500
1 2 3 4 5 Pend Terpjk = 2000
PW eq  240 = 67 (P/A,i,5)+70(P/F,i,5) Pjk 50% = -1000
i* = 18% Net Provit = 1000
Analisis Kepekaan thd Invlasi awal Depresiasi = 2500
Inv awal perub ROR % Perub ROR CF = 3500
144 -40 42 133,3 A. ROR
192 -20 27,5 52,9 = Net Provit each year x 100%
240 0 18,0 0 Unamottized invert balance each year
288 +20 11,2 -37,9
336 +40 5,8 -67,1 Year 1 2 3 4
Analisis Kepekaan Umur Proyek Net Provit 1000 1000 1000 1000
3 -40 5,6 -68,8 Unamottized 10000 7500 5000 2500
4 -20 13,4 -25,5 ROR 10% 13,3% 20% 40%
5 0 18 0
6 +20 20,9 16,3 B. DCROR
7 +40 22,9 27,1 C=10000 CF=3500 3500 3500 3500
Analisis Kepekaan Keuntungan 0 1 2 3 4
40,2 –40 3,6 –11,9 10000=3500(P/A,i,4) i = 15%
53,6 –20 11 –6,0
67 0 18 0 C. Average ROR on Initial Investment
80,4 +20 24,8 5,4 = Net Provit rata2/thn selama berpenghasilan
93,0 +40 31,5 10,8 Investasi tetap + modal kerja
Analisis Kepekaan Nilai Sisa ROR = 1000 x 100% = 10%
42 -40 15,9 -11,9 10000
56 -20 16,9 -6,9
70 0 18 0 D. Average ROR pd Investasi Rata2
84 +20 19 5,4 = Keuntungan rata2/thn selama menghslkan
98 +40 20 10,8 Investasi rata2 + modal kerja
Investasi awal = 10000
Contoh 2 Investasi akhir = 0
Harga alat $1000, umur alat 10 th dgn nilai sisa Investasi rata2 = (10000+0)/2 = 5000
$4000. Hit depresiasi ROR = 1000/5000 x 100% = 20%
Straigh Line Method
Dt = 10000-4000=60 E. Net Annual Value pd min ROR
10 =ANN CF – ANN Investment pd I*
DDB NAV = 3500 – 1000 (A/P, 10,4) = 345
Dt1 = 2/10 (10000-4000)(1-2/10) 1-1 = 1200
Dt2 = 2/10 (10000-4000)(1-2/10) 2-1 = 960 F. Net Present Value Pd min ROR I*
NPV = 3500 (P/A,10,5)-10000 = 1095
Sum of The year digits
Jk umur pakai 5 thn mk = n(n+1)/2 = 15 G. Net Future Value pd I*
10000 = FW CF – FW Investment pd I*
Th 1 = 5/15 (10000-4000) = 2000 8000 NFV = 3500 (F/A,10,4)-10000(F/P,10,4) = 1600
2 = 4/15 (10000-4000) = 1600 6400
3 = 3/15 (10000-4000) = 1200 5200 H. Present Value Ratio (PVR)
4 = 4/15 (10000-4000) = 800 4400 = NPV(I*)/ PW Investment (I*)
5 = 5/15 (10000-4000) = 400 4000 NPV = 3500 (P?A,10,4)-10000 = 1045
PVR = 1045/10000 = 0,1045
Contoh 3
Harga unit $ 100000 diharapkan memprod I. Payback Period
10000 unit selama umur alat tsb. Bila thn 1 prod C=10000 I =3500 3500 3500 3500
4000 unit thn 2 3000 unit hit depresiasi! 0 1 2 3 4
Unit of Prod Method -10000 -6500 -3000 3500 3500
Biaya alat produksi x unit yg diprod dlm thn tsb = 2 + 3000/3500 = 2,86
Seluruh prod yg diharapkan
Dt 1= 100000 x 4000/10000 = $40000 Contoh 7
Dt2 = $30000 Produksi = 6000 unit
Biaya tetap = 2000000
Contoh 4 Biaya total biaya variable = 6000000
Suatu usaha tb pemilikan $150000 dgn cad Biaya variable/unit = 6000000/6000 = 1000
1000000 ton. Prod thn 1 50000 ton dan dijual Harga jual/unit = 2000
$9/ton. Biaya prod $80000 utk thn ini depresi Hit BEP (unit) dan (satuan mata uang)
$20000 dan utk thn berikut sama. Hit Deplesi! BEP (Unit) = biaya tetap
Cost Dep 1 = 150000 x 50000 =$7500 Harga jual/unit – biaya variable/unit
1000000 = 2000000/(2000-1000) = 2000
Cost Dep 2 = 150000-7500 x 50000 = $7500 BEP(Satuan Mata Uang) = Biaya tetap
950000 1 – Biaya variable/unit
Harga jual/unit
Contoh 5 = 2000000 = 4000000
Utk hak usaha minyak 1000000 barel dibthkan 1-(1000/2000)
biaya 1575000000. Pd th 1 diprod 5000 barel
dan dijual 21000/barel. Total cost 56000000. Contoh 8
Penyusutan pd th tsb 14000000. Jml prod biaya Aliran kas suatu proyek dgn I= 12 %. Proyek
dan harga jual pd th berikut sama. mulai dr thn ke-0 dan prod mulai thn 2
-Cost Dep? CF –100 -200 150 200 250
-% Dep ? 0 1 2 3 4
Cost Dep th 1 = Menghit DCFROR & NPV
1575000000 x 50000 = 78750000 a. DCFROR
1000000 100+200(P/F, I, 1) = 150(P/F,I,2)+200(P?F,I,3)
Cost Dep th 2 = + 250(P/F,I,4)
1575000000-78750000 x 50000 = 78750000 I = 34,5%
950000 b. NPV = 142,235
% dep = Menghit Payback Periode :
Hasil penjualan 50000 x 21000 = 1050000000 a. Undiscounted Payback
Biaya operasi = -56000000 -Awal Proyek (thn ke-0) = 2 + 150/200 = 2,75
Depresiasi = -14000000 -Awal Prod (th ke-2) = 1+ 150/200 = 1,75
Pendapatan kotor sb deplesiasi 980000000 b. Discounted Payback
Dep % = 22 % x 1050000000 = 231000000 -200(P/F,12,1) 200(P/F,12,3)
50% limit dep = 50%x980000000 = 490000000 DCF -100 -178,9 119,6 142,4 158,9
0 1 2 3 4
Contoh 6 150(P/F,12,2) 250(P/F,12,4)
-Awal proyek (thn ke-0) =
3+ 287,6-119,6-142,4 = 3,1 th C=2500 I=10000 I=10000
158,9 C= 5000 WC=500 OC=4250 OC=4250
Awal Produksi (thn ke 2) = 2 + 16,6/158,9 = 2,1 0 1 2……………5
L=0,2x2500=500
Contoh 9 WC = 500
Jk Proyek A n B mutually exclusive investment
dgn menggunakan un/discounted payback Th 0 1 2-4 5
period, NPV, PVR dan DCFROR, I * = 12% Income - - 10000 10000
-OC - - 4250 4250
A. –100 - - - 285,6 -Depr - - -625 -625
0 1 2 3 4 Pend terpjk - - 5125 5625
B. –100 46,2 46,2 46,2 46,2 -Pjk 45% - - -2306,25 -2531,25
0 1 2 3 4 Untung - - 2818,75 3093,75
Undiscounted Pay Back Depr - - 625 625
Proyek A = 3+ (100/285,6) = 3,35 th Modal kembali - - - 500
Proyek B = 2+(100-92,4)46,2 = 2,16 th Cap Cost -5000 -3000 - -
Discounted Payback CF –5000 –3000 3443,75 4218,75
A -100 - - - 285,6(P/F, 12, 4) = 181,5
0 1 2 3 4 DCFROR =
=3+(100/181,5) = 3,55th 500+3000(P/F,I,1)=3443,75(P/A,I,3)(P/F,I,1) +
B -100 41,25 36,83 32,88 29,36 4218,75(P/F,I,5)
0 1 2 3 4 I= 21,5%
=2+(100-78,08)/32,88 = 2,67 NPV = $ 1326
Dipilih Proyek B krn waktu lebih pdk
Cth 13
NPV A = 285,6(P/F,12,4)-100 = 81,5 Suatu Investasi proyek bth $ 100, mrpkn asset
NPV B = 46,2(P/A,12,4)-100 = 40,3 terdepr dan $15 utk WC. Depr asset grs lrs
PVR A = 81,5/100 = 0,815 selama 5 th umur asset, dimulai dr th 0 dg depr
PVR B = 46,2/100 = 0,403 0,5 dr yg seharusnya. I= $65 , OC $25. Th 4nilai
Discounted CF ROR sisa dan wc dikembalikan diperkirakan $35. Pjk
Incr 0 –46,2 –46,2 –46,2 + 239,4 40%
0 1 2 3 4 Hit :
0=46,2(P/A,I,3)+239,4(P/F,I,4) I* = 29,9 a. DCFROR dianggap 100% modal sendiri
Proyek A yg dipilih. b. DCFROR dianggap $100 dr $115 tot inv adl
modal pinjaman dgn bunga 10% 4 th massa
Cth 10 pinjaman yg dibayar scr seragam berikut bunga
Perush melakukan evaluasi pemasangan pd th 1,2,3,4.
kompresor dgn biaya $420 utk memenuhi keb c. Analisa Kepekaan thd investasi tunai pinj hsl
gas 80 MCF/thn, dibanding dgn biaya operasi DCFROR + $10/thn berubah dr th 1-4.
skr. Gas dijual $3/MCF. Umur kom 10 th, dgn
nilai sisa=0. Komp didepr grs lrs selama 7 thn $100 modal pinjaman dgn bunga 10% mk
dimulai th 0 dg nilai 0,5 dr depr yg seharusnya pembayaran= $100(A/P,10,4) = 31,547
spt th selanjutnya. Pajak 40% dan I* 12%.
Analisis DCFROR dan NPV th htg pkk pemb bunga thd red htg pkk cicilan
Misal X= komp baru htg pkk
Lama - OC =(X+80)MCF($3/MCF) OC 1 100 31,547 100 21,547 78,453
0 1……………………………10 2 78,453 31,457 7,8453 23,702 54,751
Baru C=420 S=240…………………….240 3 54,751 31,457 5,4751 26,072 28,679
0 1……………………………10 4 28,679 31,457 2,8679 28,679 -
B-L C=420 S=240…………………….240
0 1……………………………10 Diagram Investasi tunai sbl pjk
Th 0 1-6 7 8-10 C=115 I = 65 65 65 65
Revenue - 240 240 240 OC = 25 25 25 25 L=35
-Depresiasi -30 -60 -30 - 0 1 2 3 4
Pend terpjk -30 180 210 240 Diagram modal pin sbl pjk
-Pjk 40% 12 -72 -84 -96 I=100 Int =10 7,85 5,48 2,87
Net income -18 108 126 144 P = 21,55 23,70 26,07 28,68
Depr 30 60 30 - 0 1 2 3 4
-Cap Cost -420 - - - Diagram Jml Investasi tunai dan pinjaman
CF -408 168 156 144 I = 65 65 65 65
408 = 168(P/A,I,6) + 156 (P/A,I,7) + OC = 25 25 25 25 L=35
144 (P/A,I,3)(P/F,I,7) Int =10 7,85 5,48 2,87
I= 39,2% C=15 P = 21,55 23,70 26,07 28,68
NPV = $510 0 1 2 3 4
a. Analisis Investasi Tunai
Cth 11 Th 0 1 2 3 4
Biaya peralatan pd th 0 dgn depr grs lrs selama Income - 65 65 65 100*
5 th dimulai th 0 dg perjanjian 0,5 dr nilai depr -OC - -25 -25 -25 -25
yg seharusnya. Nilai sisa 0, pjk 40, I= 12% -depr -10 -20 -20 -20 -20
-Write Off - - - - -25**
R&D R&D = 100 I=250 I=250 Pend tpjk -10 20 20 20 30
150 Biaya Alat = 200 OC=90 OC=90 Pjk 40% 4 -8 -8 -8 -12
-1 0 1…….…5 Keunt -6 12 12 12 18
Depr 10 20 20 20 30
th -1 0 1-4 5 Write off - - - - 25
Revenue - - 250 250 Cap cost -115 - - - -
-OC - - -90 -90 CF –111 32 32 32 63
-Dev -150 -100 - - ** = $15 WC dan $10 depr
-Depr - -20 -40 -20 111=32(P/A,I,3)+63(P/F,I,4)  I=14,2
Pend terpjk -150 -120 120 140
-Pjk 40% 60 48 -48 -56 b. Analisis modal pinjaman
Net Inc -90 -72 72 84 Th 0 1 2 3 4
Depr - 20 40 20 Income - 65 65 65 100*
-Cap Cost - -200 - - -OC - -25 -25 -25 -25
CF -90 -252 112 104 -depr -10 -20 -20 -20 -20
PW eq = -Write Off - - - - -25**
90+252(P/F,I,1)=112(P/A,I,4)(P/F,I,1) + -Bunga - -10 -7,85 -5,48 -2,87
104 (P/F,I,6) Pend tpjk -10 10 12,15 14,52 27,13
I= 16,7 Pjk 40% 4 -4 -4,86 -5,81 -10,85
Keunt -6 6 7,29 8,71 16,28
Cth 12 Depr 10 20 20 20 30
Perush TA memerlukan biaya pd th 0 $5000 utk Write off - - - - 25
R&D. Jk berhsl diperlukan dana $2500 utk alat Cap cost -115 - - - -
mekanis pd th 1. Utk modal $500 pd th 1. Pinjam 100 - - - -
Income $10000 selama 4 thn mulai th 2. OC CF –11 4,45 3,59 2,64 32,6
$4250. Depr grs lrs umur alat 4 th dgn nilai sisa 11= 4,45(P/F,i,1) + 3,59(P/F,I,2)+2,64(P/F,I,3)
20% harga beli. Modal diperoleh pd akhir +32,6(P/F,I,4)
proyek. Pjk 45 dan I=15%. I=53,6
Buat CF, DCFROR dan NPV. c. Analisis Kepekaan
1.utk 100 modal sendiri
CF dasar -111 32 32 32 63 DCFROR= 14,2%
+10 -111 38 38 38 69 DCFROR= 21%
-10 -111 26 26 26 57 DCFROR = 7,2%
0 1 2 3 4
2. Utk modal pinjaman
CF dsr –11 4,45 3,59 2,64 32,6  53,7%
+10 -11 10,45 9,59 8,64 38,60 101%
-10 -11 –1,55 –2,41 –3,36 26,6  12,4%
0 1 2 3 4

Cth 14
Pengusaha membeli ta siap prod memerlukan
biaya utk investasi$200 yg terdiri dr biaya
peralatan $80 yg akan didepr selama 5 th dgn
ddb, biaya ganti tanah $20 dan $10 utk
kepemilikan 50 ton bjh yg akan hbs 5 th serta
digunakan utk dsr deplesi. %dep 15%. Sbg
modal kerja pengusaha memerlukan dana $40.
dr seluruh biaya (inv+modal) 50% mrpkn mdl
pinj dg bunga 10% yg akan dilunasi slm 5 th
(cicilan $24). Ta akan berprod 10 ton.th dgn
harga jual$20/ton. Biaya prod $110. Nilai sisa
alat stl akhir umur alat $10 dan nilai tnh $20.
Modal dikembalikan pd akhir umur ta. Pjk 50%
I=15%. Hit CF!
Total Cost =- $200 = -Alat = $8
-Tanah = $20
-Milik = $100
- $40
$240
 50% pinjaman = $120
Pendapatan = 10X$20 =$200
Biaya Operasi = $110
Depresiasi =
1. 2/5 x 80 (1-2/5)1-1 = 32
2. 2/5 x 80 (1-2/5)2-1 = 19,2
3. 2/5 x 80 (1-2/5)3-1 = 11,52
4. 2/5 x 80 (1-2/5)4-1 = 6,9
5. 2/5 x 80 (1-2/5)5-1 = 4,147
$73,779
Write off = $80-$73,779 = $6,221
%deplesi = 15% $20 = $30
Cost dep 1 = 10/50 $100 = $20
Th 2 = 10/(50-10)x ($100-$20) = $20
Pinjaman
$120 % th cicilan $24
th 1 = 0,1 x $120 = $12
th 2 = 0,1 x ($120-$24) = $9,6
th 3 = 0,1 x ($120-$24-$24) = $7,2
th 4 = $4,8
th 5 = $2,4

Aliran Kas
Th 0 1 2 3 4 5
Income - 200 200 200 200 200
-OC - -110 -110 -110 -110 -110
-Bunga - -12 -9,6 -7,2 -4,8 -2,4
-depr - -32 –19,2 –11,5 -6,9 -4,147
-write off - - - - - -6,221
pdpt tpjk
sbl dep - 46 61,2 71,28 78,288 107,232
-50% lmt dep 23 -30,6 -35,6 -39,14 -53,62
-%dep - -30 -30 -30 -30 -30
-Cost dep - -20 -20 -20 -20 -20
Pedp tpjk - 23 31,2 41,28 48,288 72,233
-Pjk 50% - -11,5 -15,6 -20,64 -24,144 -38,616
Keunt - 11,5 15,6 20,64 24,144 38,616
Depr - 32 19,2 11,5 6,9 4,147
Depl - 23 30 30 30 30
Write off - - - - - 6,221
Mdl kerja - - - - - 40
Angsuran - -24 -24 -24 -24 -24
-Cap cost -240 - - - - -
Modal pin 120 - - - - -
CF -120 42,5 40,8 38,16 37,056 94,975