Capital Management

Case Study PT XYZ

I. Investasi
A. Sumber Investasi
Pinjaman Bank (80%) ($) 1,200,000
Setoran Pesero (20%) ($) 300,000
Total Investasi 1,500,000
B. - Modal Tetap
Studi Kelayakan, Desain, dan Perizinan ($) 100,000
Pengadaan Lahan Pertapakan ($) 150,000
Bangunan ($) 250,000
Furniture / Office Equipment di Pabrik ($) 80,000
Pembangkit Tenaga Listrik ($) 300,000
Mesin - mesin ($) 420,000
Sub Total ($) 1,300,000
- Modal Lancar
Pengadaan Modal Kerja ($) 200,000
Grand Total ($) 1,500,000
Perhitungan Depresiasi dan Amortisasi

Harga Umur Depresiasi

No. Item
($) (Tahun) ($)
1 Bangunan 250,000 20 12,500
2 Mesin - mesin 420,000 8 52,500
3 Pembangkit Listrik 300,000 10 30,000
4 Furniture / Office Equipment 80,000 5 16,000
5 Studi Kelayakan, Desain, dan Perizinan 100,000 8 12,500
Total 123,500
Depresiasi 1 2 3 4 5 6 7 8

12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500

52,500 52,500 52,500 52,500 52,500 52,500 52,500 52,500
30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
16,000 16,000 16,000 16,000 16,000
12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500

123,500 123,500 123,500 123,500 123,500 107,500 107,500 107,500

247,000 370,500 494,000 617,500 725,000 832,500 940,000
 III. Biaya - Biaya

Elemen -

1. Manufacturing Cost
a. Prod.-A ($/Unit) 25
b. Prod.-B ($/Unit) 10
2. Komposisi
a. Prod.-A
Material 60% ($/Unit) 15.00 -
Labor 25% ($/Unit) 6.25 -
Utilities 15% ($/Unit) 3.75 -
Total -
b. Prod.-B
Material 50% ($/Unit) 5.00 -
Labor 30% ($/Unit) 3.00 -
Utilities 20% ($/Unit) 2.00 -
Total -
Grand Total -
4. Rencana Harga Jual
a. Prod.-A ($/Unit) 40
b. Prod.-B ($/Unit) 22
3. Komisi Jasa Distributor
a. Prod.-A 10% ($/Unit) 4.00 -
b. Prod.-B 10% ($/Unit) 2.20 -
Total -
4. Advertensi
a. Prod.-A 5% ($/Unit) 2.00 -
b. Prod.-B 5% ($/Unit) 1.10 -
Total -
Advertensi Perseroan 60% ($/Unit) -
Advertensi Distributor 40% ($/Unit) -
5. Factory Overhead Cost ($/Unit) -
6. Biaya Umum di Luar Pabrik ($/Unit) -
7. Tunjangan Akhir Tahun 1 bulan -
 1 2 3 4 5 6 7 8

450,000 562,500 675,000 675,000 675,000 675,000 675,000 675,000

187,500 234,375 281,250 281,250 281,250 281,250 281,250 281,250
112,500 140,625 168,750 168,750 168,750 168,750 168,750 168,750
750,000 937,500 1,125,000 1,125,000 1,125,000 1,125,000 1,125,000 1,125,000

300,000 375,000 450,000 450,000 450,000 450,000 450,000 450,000

180,000 225,000 270,000 270,000 270,000 270,000 270,000 270,000
120,000 150,000 180,000 180,000 180,000 180,000 180,000 180,000
600,000 750,000 900,000 900,000 900,000 900,000 900,000 900,000
1,350,000 1,687,500 2,025,000 2,025,000 2,025,000 2,025,000 2,025,000 2,025,000

114,400 148,600 178,600 180,000 180,000 180,000 180,000 180,000

125,840 163,460 196,460 198,000 198,000 198,000 198,000 198,000
240,240 312,060 375,060 378,000 378,000 378,000 378,000 378,000

57,200 74,300 89,300 90,000 90,000 90,000 90,000 90,000

62,920 81,730 98,230 99,000 99,000 99,000 99,000 99,000
120,120 156,030 187,530 189,000 189,000 189,000 189,000 189,000
72,072 93,618 112,518 113,400 113,400 113,400 113,400 113,400
48,048 62,412 75,012 75,600 75,600 75,600 75,600 75,600
120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000
150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
30,625 38,281 45,938 45,938 45,938 45,938 45,938 45,938
 Daftar Jumlah Produksi dan Kebutuhan Sumberdaya

Tahun
1 2 3 4
Uraian
1. Kapasitas Produksi
a. Prod.-A 50,000 50,000 50,000 50,000
b. Prod.-B 100,000 100,000 100,000 100,000
2. Hari Kerja 300 300 300 300
3. Pentahapan Kapasitas 60% 75% 90% 90%
4. Persediaan Awal
a. Prod.-A - 1,400 1,750 2,100
b. Prod.-B - 2,800 3,500 4,200
5. Rencana Produksi (unit)
a. Prod.-A 30,000 37,500 45,000 45,000
b. Prod.-B 60,000 75,000 90,000 90,000
6. Persediaan Akhir (unit 14 hari
a. Prod.-A 1,400 1,750 2,100 2,100
b. Prod.-B 2,800 3,500 4,200 4,200
7. Rencana Penjualan
a. Prod.-A 28,600 37,150 44,650 45,000
b. Prod.-B 57,200 74,300 89,300 90,000
8. Rencana Harga Jual
a. Prod.-A 40 40 40 40
b. Prod.-B 22 22 22 22
9. Nilai Persediaan Awal
a. Prod.-A - 56,000 70,000 84,000
b. Prod.-B - 61,600 77,000 92,400
Jumlah - 117,600 147,000 176,400
10. Nilai Penjualan
a. Prod.-A 1,144,000 1,486,000 1,786,000 1,800,000
b. Prod.-B 1,258,400 1,634,600 1,964,600 1,980,000
Jumlah 2,402,400 3,120,600 3,750,600 3,780,000
11. Nilai Persediaan Akhir ($)
a. Prod.-A 21,000 26,250 31,500 31,500
b. Prod.-B 14,000 17,500 21,000 21,000
Jumlah 35,000 43,750 52,500 52,500
12. Pembelian Bahan Baku
a. Prod.-A 15 ($/Unit) 450,000 562,500 675,000 675,000
b. Prod.-B 5 ($/Unit) 300,000 378,500 453,500 450,000
Jumlah 750,000 941,000 1,128,500 1,125,000
Biaya Bahan Baku
a. Prod.-A ($/Unit) 450,000 562,500 675,000 675,000
b. Prod.-B ($/Unit) 300,000 375,000 450,000 450,000
Jumlah 750,000 937,500 1,125,000 1,125,000
Persediaan Bahan Baku Akhir (S) 0 3,500 3,500 0
Tahun
5 6 7 8

50,000 50,000 50,000 50,000

100,000 100,000 100,000 100,000
300 300 300 300
90% 90% 90% 90%

2,100 2,100 2,100 2,100

4,200 4,200 4,200 4,200

45,000 45,000 45,000 45,000

90,000 90,000 90,000 90,000

2,100 2,100 2,100 2,100

4,200 4,200 4,200 4,200

45,000 45,000 45,000 45,000

90,000 90,000 90,000 90,000

40 40 40 40
22 22 22 22

84,000 84,000 84,000 84,000

92,400 92,400 92,400 92,400
176,400 176,400 176,400 176,400

1,800,000 1,800,000 1,800,000 1,800,000

1,980,000 1,980,000 1,980,000 1,980,000
3,780,000 3,780,000 3,780,000 3,780,000

31,500 31,500 31,500 31,500

21,000 21,000 21,000 21,000
52,500 52,500 52,500 52,500

675,000 675,000 675,000 675,000

450,000 450,000 450,000 450,000
1,125,000 1,125,000 1,125,000 1,125,000

675,000 675,000 675,000 675,000

450,000 450,000 450,000 450,000
1,125,000 1,125,000 1,125,000 1,125,000
0 0 0 0
Laporan Harga Pokok Penjualan

1 2 3 4 5 6
Bahan Baku:
Persediaan Bahan Baku Awal - 35,000 43,750 52,500 52,500 52,500
Pembelian
Prod.-A 15.00 ($/Unit) 450,000 562,500 675,000 675,000 675,000 675,000
Prod.-B 5.00 ($/Unit) 300,000 378,500 453,500 450,000 450,000 450,000
Jumlah Persediaan Bahan Baku Awal 750,000 976,000 1,172,250 1,177,500 1,177,500 1,177,500
Persediaan Bahan Baku Akhir 35,000 43,750 52,500 52,500 52,500 52,500

Bahan Baku terpakai 715,000 932,250 1,119,750 1,125,000 1,125,000 1,125,000

Tenaga Kerja Langsung

Prod.-A 6.25 ($/Unit) 187,500 234,375 281,250 281,250 281,250 281,250
Prod.-B 3.00 ($/Unit) 180,000 225,000 270,000 270,000 270,000 270,000
Jumlah Tenaga Kerja Langsung 367,500 459,375 551,250 551,250 551,250 551,250

Overhead Pabrik
Utilities
Prod.-A 3.75 ($/Unit) 112,500 140,625 168,750 168,750 168,750 168,750
Prod.-B 2.00 ($/Unit) 120,000 150,000 180,000 180,000 180,000 180,000
Penyusutan 123,500 123,500 123,500 123,500 123,500 107,500
Biaya Tak Langsung di Pabrik 120,000 120,000 120,000 120,000 120,000 120,000
Jumlah Overhead Pabrik 476,000 534,125 592,250 592,250 592,250 576,250

Harga Pokok Produksi 1,558,500 1,925,750 2,263,250 2,268,500 2,268,500 2,252,500

 7 8

52,500 52,500

675,000 675,000
450,000 450,000
1,177,500 1,177,500
52,500 52,500

1,125,000 1,125,000

281,250 281,250
270,000 270,000
551,250 551,250

168,750 168,750
180,000 180,000
107,500 107,500
120,000 120,000
576,250 576,250

2,252,500 2,252,500
Rencana Jadwal Investasi

Uraian Total Tahun 0 : 2019

Investasi Trw-1 Trw-2
A. Studi Kelayakan, Desain, dan Perizinan ($/Unit) 100,000 100,000
(progress) 100%
(bobot) 7.69% 7.69%
B. Pengadaan Lahan Pertapakan ($/Unit) 150,000 150,000
(progress) 100%
(bobot) 11.54% 413,750
C. Bangunan ($/Unit) 250,000 43,750 68,750
(progress) 17.50% 27.50%
(bobot) 19.23% 3.37% 5.29%
D. Furniture / Office Equipment di Pabrik ($/Unit) 80,000 12,000 20,000
(progress) 15.00% 25.00%
(bobot) 6.15% 0.92% 1.54%
A. Pembangkit Tenaga Listrik ($/Unit) 300,000 45,000 75,000
(progress) 15.00% 25.00%
(bobot) 23.08% 3.46% 5.77%
B. Mesin - mesin ($/Unit) 420,000 63,000 105,000
(progress) 15.00% 25.00%
(bobot) 32.31% 4.85% 8.08%
Total ($/Unit) 1,300,000 413,750 268,750
(progress) 31.83% 21%
(bobot) 100% 31.83% 20.67%
Kumulatif ($/Unit) 413,750 682,500
(progress) 31.83% 52.50%
(bobot) 31.83% 52.50%
Trw-3 Trw-4

87,500 50,000
35.00% 20.00%
6.73% 3.85%
32,000 16,000
40.00% 20.00%
2.46% 1.23%
120,000 60,000
40.00% 20.00%
9.23% 4.62%
168,000 84,000
40.00% 20.00%
12.92% 6.46%
407,500 210,000
31% 16%
31.35% 16.15%
1,090,000 1,300,000
83.85% 100.00%
83.85% 100.00%
Rencana Modal Kerja Awal Rencana Penarikan K
Jumlah Uraian
Uraian
(Rp.'000)
1. Rencana Modal Kerja
A. Aktiva Lancar 2. Rencana Penarikan K
1. Piutang Dagang 14 hari 112,112 3. Saldo Awal KMK
2. Panjar Pembelian Material 14 hari 35,000 4. Rencana Pencicilan K
3. Persediaan Produk Jadi 7 hari 56,056 5. Total Bunga
4. Spare Part Mesin & Peralatan 2.50% 10,500 6. Bunga Dikapitalisir
5. Cadangan Kas Minimum (5% dari 1 s/d 4) 10,683 7. Bunga Dibayar
Jumlah Aktiva Lancar 224,351 8. Saldo Akhir KMK
B. PASSIVA LANCAR
1. Hutang Dagang 7.00 hari 25,258
2. Hutang Lain-Lain -
Jumlah Passiva Lancar 25,258

Modal Kerja Awal Bersih 199,093

Rencana Penarikan KMK, Pencicilan KMK & Perhitungan Bunga KMK
Tahun-I Tahun-II Tahun-III Tahun-IV Tahun-V Tahun-VI
(Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000)
Rencana Modal Kerja 199,093 - - - - -
Rencana Penarikan KMK 0% - - - - - -
Saldo Awal KMK - - - - - -
Rencana Pencicilan KMK - - - - - -
Total Bunga 12% - - - - - -
Bunga Dikapitalisir 0% - - - - - -
Bunga Dibayar - - - - - -
Saldo Akhir KMK - - - - - -
Tahun-VII Tahun-VIII
(Rp.'000) (Rp.'000)
- -
- -
- -
- -
- -
- -
- -
- -
Rencana Penarikan KI & Bunga Masa Konstruksi (IDC) : Tahun-0
Uraian
Trw-1 Trw-2
1. Rencana Investasi 413,750 268,750
2. Rencana Penarikan KI 92% 381,923 248,077
3. Saldo Awal KI 381,923 630,000
4. Rencana Pencicilan KI - -
5. Total Bunga 12% 11,458 19,244
6. Bunga Dikapitalisir 100% 11,458 19,244
7. Bunga Dibayar - -
8. Saldo Akhir KI 393,381 660,701

Rencana Penarikan KI, Pencicilan KI & Perhitungan Bunga KI

Tahun-I Tahun-II
Uraian
(Rp.'000) (Rp.'000)
1. Rencana Investasi 1,300,000 -
2. Rencana Penarikan KI 92% - -
3. Saldo Awal KI 1,287,444 1,287,444
4. Rencana Pencicilan KI - 96,558
5. Total Bunga 12% 154,493 154,493
6. Bunga Dikapitalisir 0% - -
7. Bunga Dibayar 154,493 154,493
8. Saldo Akhir KI 1,287,444 1,190,885
Tahun-0
Trw-3 Trw-4 Jumlah
407,500 210,000 1,300,000
376,154 193,846 1,200,000
1,006,154 823,846 1,200,000
- - -
31,106 25,636 87,444
31,106 25,636 87,444
- - -
1,067,961 911,290 1,287,444

Tahun-III Tahun-IV Tahun-V Tahun-VI Tahun-VII Tahun-VIII

(Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000) (Rp.'000)
- - - - - -
- - - - - -
1,190,885 1,062,141 901,210 675,908 450,605 371,749
128,744 160,930 225,303 225,303 78,856 371,749
142,906 127,457 108,145 81,109 54,073 44,610
- - - - - -
142,906 127,457 108,145 81,109 54,073 44,610
1,062,141 901,210 675,908 450,605 371,749 -
 -
IV. Profit and Loss Account Projection

No. Uraian 0 1 2 3
1. Total Penjualan Bersih - 2,402,400 3,120,600 3,750,600
a. Prod.-A - 1,144,000 1,486,000 1,786,000
b. Prod.-B - 1,258,400 1,634,600 1,964,600
2. Harga Pokok Penjualan
a. Material - 715,000 932,250 1,119,750
b. Labor - 367,500 459,375 551,250
c. Utilitas - 232,500 290,625 348,750
d. Penyusutan - 123,500 123,500 123,500
e. Biaya Tak Langsung di Pabrik - 120,000 120,000 120,000
Jumlah - 1,558,500 1,925,750 2,263,250
Laba (rugi) Kotor 843,900 1,194,850 1,487,350
3. Biaya - biaya di Luar Pabrik
- Biaya Umum - 150,000 150,000 150,000
- Tunjangan Karyawan 30,625 38,281 45,938
- Biaya Advertensi 5% - 72,072 93,618 112,518
Total Biaya diluar Pabrik 252,697 281,899 308,456
4. Laba (rugi) Usaha - 591,203 912,951 1,178,895
5. Biaya Bank
a. Bunga KI 87,444 154,493 154,493 142,906
b. Bunga KMK - - - -
c. Profisi Bank 0,5% x Kredit 6,000 - - -
Jumlah Biaya Bank 93,444 154,493 154,493 142,906
LABA (RUGI) SEBELUM PPh (93,444) 436,710 758,458 1,035,988
6. Pajak Penghasilan 25% - 109,177 189,614 258,997
7. Laba Bersih (93,444) 327,532 568,843 776,991
 4 5 6 7 8
3,780,000 3,780,000 3,780,000 3,780,000 3,780,000
1,800,000 1,800,000 1,800,000 1,800,000 1,800,000
1,980,000 1,980,000 1,980,000 1,980,000 1,980,000

1,125,000 1,125,000 1,125,000 1,125,000 1,125,000

551,250 551,250 551,250 551,250 551,250
348,750 348,750 348,750 348,750 348,750
123,500 123,500 107,500 107,500 107,500
120,000 120,000 120,000 120,000 120,000
2,268,500 2,268,500 2,252,500 2,252,500 2,252,500
1,511,500 1,511,500 1,527,500 1,527,500 1,527,500

150,000 150,000 150,000 150,000 150,000

45,938 45,938 45,938 45,938 45,938
113,400 113,400 113,400 113,400 113,400
309,338 309,338 309,338 309,338 309,338
1,202,163 1,202,163 1,218,163 1,218,163 1,218,163

127,457 108,145 81,109 54,073 44,610

- - - - -
- - - - -
127,457 108,145 81,109 54,073 44,610
1,074,706 1,094,017 1,137,054 1,164,090 1,173,553
268,676 273,504 284,263 291,022 293,388
806,029 820,513 852,790 873,067 880,164
 V. Proyeksi Arus Kas (Cash Flow Projection)

Uraian 0 1 2
A. Saldo Kas Awal - 194,000 607,098
B. Kas Masuk
1. Penjualan - 2,290,288 2,974,972
Penerimaan Piutang Dagang - 112,112
2. Kredit Bank 1,200,000 - -
3. Setoran Pesero 300,000 - -
4. Kontribusi Distributor
5. Penjualan Asset - - -
6. Lain - lain - - -
Total Kas Masuk 1,500,000 2,290,288 3,087,084
Total Kas Awal dan Kas Masuk 1,500,000 2,484,288 3,694,182
C. Kas Keluar
1. Biaya Masa Konstruksi (Pra Operasi)
- Studi Kelayakan, desain, dan Perizinan 100,000 - -
- Pengadaan Lahan 150,000 - -
- Bangunan 250,000 - -
- Mesin - mesin Pengolahan 420,000 - -
- Pembangkit Listrik 300,000 - -
- Furniture, Office Equipment 80,000 - -
2. Biaya di Kantor Pusat
- Gaji/Upah, Listrik, Air, dll di Kantor Pusat - 150,000 150,000
- Bunga Kredit 6,000 154,493 154,493
- Cicilan Kredit - - 96,558
- Pelunasan Pajak - - 109,177
- Biaya Advertensi - 72,072 93,618
- Modal Kerja (Cadangan Bahan Baku)
4 Biaya - biaya di Pabrik -
- Material - 750,000 941,000
- Tenaga Kerja - 367,500 459,375
- Utilitas - 232,500 290,625
- Biaya Tak Langsung - 120,000 120,000
- Tunjangan Akhir Tahun Karyawan - 30,625 38,281
5 Total Kas Keluar 1,306,000 1,877,190 2,453,128
6 Saldo 194,000 607,098 1,241,054
 3 4 5 6 7 8
1,241,054 2,044,033 2,820,939 3,544,477 4,290,224 5,198,695

3,575,572 3,603,600 3,603,600 3,603,600 3,603,600 3,603,600

145,628 175,028 176,400 176,400 176,400 176,400
- - - - - -
- - - - - -

- - - - - -
- - - - - -
3,721,200 3,778,628 3,780,000 3,780,000 3,780,000 3,780,000
4,962,254 5,822,661 6,600,939 7,324,477 8,070,224 8,978,695

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

150,000 150,000 150,000 150,000 150,000 150,000

142,906 127,457 108,145 81,109 54,073 44,610
128,744 160,930 225,303 225,303 78,856 371,749
189,614 258,997 268,676 273,504 284,263 291,022
112,518 113,400 113,400 113,400 113,400 113,400

1,128,500 1,125,000 1,125,000 1,125,000 1,125,000 1,125,000

551,250 551,250 551,250 551,250 551,250 551,250
348,750 348,750 348,750 348,750 348,750 348,750
120,000 120,000 120,000 120,000 120,000 120,000
45,938 45,938 45,938 45,938 45,938 45,938
2,918,220 3,001,722 3,056,462 3,034,253 2,871,529 3,161,719
2,044,033 2,820,939 3,544,477 4,290,224 5,198,695 5,816,975
 VI. Proyeksi Neraca (Balance Sheet Projection)

Uraian 0 1
A. Aktiva
1. Aktiva Lancar
a. Bank 194,000 607,098
b. Persediaan - 35,000
c. Piutang Usaha - 112,112
Total Aktiva Lancar 194,000 754,210

2. Aktiva Tetap
a. Lahan 150,000 150,000
b. Bangunan 250,000 250,000
Penyusutan - 12,500
c. Pembangkit Listrik 300,000 300,000
Penyusutan - 30,000
d. Mesin - mesin 420,000 420,000
Penyusutan - 52,500
e. Furniture 80,000 80,000
Penyusutan - 16,000
f. Studi Kelayakan, Desain, Perizinan 100,000 100,000
Penyusutan - 12,500
Total Aktiva Tetap 1,300,000 1,176,500
Total Aktiva 1,494,000 1,930,710

B. Passiva
1. Hutang - hutang
a. Hutang Jangka Pendek
PPh Terhutang - 109,177
b. Hutang Jangka Panjang
Hutang KI & IDC 1,287,444 1,287,444
Jumlah Hutang 1,287,444 1,396,621

2. Modal
a. Modal Disetor/Equity 300,000 300,000
b. Laba Ditahan - (93,444)
c. Laba Periode Berjalan (93,444) 327,532
Jumlah Modal 206,556 534,089
Total Passiva 1,494,000 1,930,710

ballance - -
 2 3 4 5 6 7 8

1,241,054 2,044,033 2,820,939 3,544,477 4,290,224 5,198,695 5,816,975

43,750 52,500 52,500 52,500 52,500 52,500 52,500
145,628 175,028 176,400 176,400 176,400 176,400 176,400
1,430,432 2,271,561 3,049,839 3,773,377 4,519,124 5,427,595 6,045,875

150,000 150,000 150,000 150,000 150,000 150,000 150,000

250,000 250,000 250,000 250,000 250,000 250,000 250,000
25,000 37,500 50,000 62,500 75,000 87,500 100,000
300,000 300,000 300,000 300,000 300,000 300,000 300,000
60,000 90,000 120,000 150,000 180,000 210,000 240,000
420,000 420,000 420,000 420,000 420,000 420,000 420,000
105,000 157,500 210,000 262,500 315,000 367,500 420,000
80,000 80,000 80,000 80,000 - - -
32,000 48,000 64,000 80,000 - - -
100,000 100,000 100,000 100,000 100,000 100,000 100,000
25,000 37,500 50,000 62,500 75,000 87,500 100,000
1,053,000 929,500 806,000 682,500 575,000 467,500 360,000
2,483,432 3,201,061 3,855,839 4,455,877 5,094,124 5,895,095 6,405,875

189,614 258,997 268,676 273,504 284,263 291,022 293,388

1,190,885 1,062,141 901,210 675,908 450,605 371,749 -

1,380,500 1,321,138 1,169,887 949,412 734,869 662,772 293,388

300,000 300,000 300,000 300,000 300,000 300,000 300,000

234,089 802,932 1,579,923 2,385,952 3,206,465 4,059,255 4,932,323
568,843 776,991 806,029 820,513 852,790 873,067 880,164
1,102,932 1,879,923 2,685,952 3,506,465 4,359,255 5,232,323 6,112,487
2,483,432 3,201,061 3,855,839 4,455,877 5,094,124 5,895,095 6,405,875

- - - - - - -
V. WACC
Asumsi
We Ekuitas 20%
Wd Debt 80%
Interest Rate 12%
Rf Risk free rate 20.4%
Specific Risk 2.0%
Tax Rate 15%
Rp Risk Premium 8.60%
Kalkulasi
D/E 400%
β Beta 1.72
Ce Cost of Equity 37.19%
Cd Cost of Debt 12%
WACC 16% Df

VI. Analisis Kelayakan Proyek

Uraian 0 1 2 3
1. Laba Bersih Stlh Pajak (Rp.'000) (93,444) 327,532 568,843 776,991
2. Penyusutan & Amortis (Rp.'000) - 123,500 123,500 123,500
Total Cash Proceed (Rp.'000) (93,444) 451,032 692,343 900,491
3. Cash Outlay (Rp.'000) 1,300,000 - - -
4. Increase/Dec. in NWC (Rp.'000) - 0 0 0
Total Cash Outlay (Rp.'000) 1,300,000 0 0 0
5. Net Cash Proceed (Rp.'000) (1,393,444) 451,032 692,343 900,491
6. Kum. Net Cash Procee (Rp.'000) (1,393,444) 451,032 692,343 900,491

Discount Factor 16% 0

PV of Benefit 2,978,660
PV of Cash Outlays 1,124,583
Net Present Value (Rp.'000) 1,854,077 PROYEK LAYAK
Internal Rate Of Return 49% PROYEK LAYAK
Payback Period
Benefit Cost Ratio 2.648679164 PROYEK LAYAK
 4 5 6 7 8
806,029 820,513 852,790 873,067 880,164
123,500 123,500 107,500 107,500 107,500
929,529 944,013 960,290 980,567 987,664
- - - - -
0 0 0 0 0
0 0 0 0 0
929,529 944,013 960,290 980,567 987,664
929,529 944,013 960,290 980,567 987,664