OLEH :
KELOMPOK 2
ANGGOTA KELOMPOK :
1. INTAN OKTAVIANI (192052007)
2. SEPTA SKUNDARIAN (1920522039)
3. AINIL MARDIAH (1920522042)
4. NABILAH FRIMELI (1920522050)
5. YAHYA WAEHAYEE (1920528001)
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Food Empire Holdings Limited (the “Company”) is a food an beverage company. It
was incorporated on February 17, 2000, and was listed on the Singapore Exchnge Mainboard
on Aprill 27, 2000. The Company’s principal activity is the manufacture of instant beverages
and food products frozen food and snacks, and others. Its products are exported to more than
60 cuntries, including Russia, the Ukraine, the Middle East, Mongolia, China, and the U.S. The
Company operates five manufacturing facilities in Singapore, Russia, the Ukraine, Malaysia,
and Vietnam.
Assume, Peter, CEO of the company is considering expanding the operation by
introducing a new beverage product. Peter has conducted a feasibility study relating to the
Company’s expansion and the findings indictaed that the success of the new beverage product
would depend critically on the state of the economy in the coming year. Assume the company
has a bond issue outstanding with a face value of $36 milion and the maturity due date is one
year from today. The company will not issue additional debt but will be financed with equity
at a cost of $7.8 Million. The table below shows the three situations of economic growth:
Economic Profitability With Expansion Without Expansion
Growth
High 0,20 S$65 million S$55 million
Normal 0,55 S$8 million S$8 million
Low 0,25 S$34 million S$30 million
1. What is the expected value of the company with and without expansion?
With Expansion Without Expansion
Economic Profitability Expected Profitability x Expected Profitability x
Growth Amount Expected Amount Expected
Amount Amount
High 0,20 $65 million $13 million $55 million $11 million
Normal 0,55 $8 million $4,4 million $8 million $4,4 million
Low 0,25 $34 million $8,5 million $30 million $7,5 million
Total 1 $78 million $25,9 million $74 million $22,9 million
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2. What is the expected value of the company’s debt with and without expansion?
Pada studi kasus di atas, perusahaan tidak boleh melakukan penerbitan utang tambahan
apa pun. Dengan demikian, ekspansi akan sepenuhnya dibiayai dengan ekuitas sebesar
$7.800.000 dan nilai hutang yang diharapkan sebesar $36.000.000.
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3. What is the expected value created due to expansion? How much value is expected
for bondholders and how much value is expected for stockholders?
a. Expected Value Created
= (Selisih dari Expected Value dengan ekspansi dan tanpa ekspansi)
= $25.900.000 – $22.900.000
= $3.000.000
b. Expected Value for Bonholders
= (Selisih dari Expected Value of Debt dengan ekspansi dan tanpa ekspansi)
= $20.100.000 – $19.100.000
= $1.000.000
c. Expected Value for Stockholders
= (Selisih dari Expected Value of Equity dengan ekspansi dan tanpa ekspansi)
= $5.800.000 – $3.800.000
= $2.000.000
4. What will happen to the bond price if the company decides to expand?
Jika perusahaan melakukan ekspansi, maka perusahaan akan membiayai ekspansi dengan
menggunakan ekuitas perusahaan sehingga ekuitas yang digunakan akan semakin besar.
Hal ini akan mempengaruhi Debt to Equity Ratio (DER) perusahaan dan tingkat
pengembalian obligasi menjadi turun sehingga harga obligasi menjadi naik.
5. What is the impact to stockholders of the expansions is financed with cash on hand
instead of new equity?
Jika ekspansi perusahaan dibiayai melalui penerbitan ekuitas baru, kerugian dibagi antara
pemegang saham yang ada dan yang baru.
Ekspansi akan lebih baik jika dibiayai dengan uang tunai karena perusahaan tidak perlu
membayar biaya untuk mengubah ekuitas menjadi uang tunai sehingga biaya yang akan
dikeluarkan perusahaan menjadi berkurang.
Selain itu, jika perusahaan membiayai ekspansi menggunakan uang tunai, maka pemegang
saham yang ada bertanggung jawab atas seluruh kerugian. Hal ini mengakibatkan
perusahaan akan meninjau kembali obligasi perusahaan dengan tujuan untuk mendapatkan
tingkat bunga yang lebih rendah untuk pinjaman di masa depan.
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