Net Present Value & Internal Rate of Return

Proyek -N Laba-Rugi
Investasi awal Pendapatan 220,000
Aset tetap Biaya
Harga beli mesin 400,000 Rp juta Biaya - kas - 75,000
Umur 5 tahun Biaya - penyusutan - 80,000
Nilai sisa - Rp juta Laba sebelum pajak 65,000
Modal kerja 60,000 Rp juta Pajak - 16,250
Nilai Sisa Laba setelah pajak 48,750
Nilai sisa aset tetap - Rp juta Arus kas operasi 128,750
Nilai sisa modal kerja 60,000 Model NPV
Target - Pendapatan flat (rata)
Target payback 15.0 Tahun - Biaya flat
Discount rate 20.0 % - Modal kerja flat
Tarif pajak 25.0 %
Pendapatan 220,000 Rp juta
Biaya - kas 75,000
NPV-Rate
Tahun Arus Kas DR NPV
0 - 460,000 0% 1,531,250
1 128,750 5% 905,242
2 128,750 10% 533,646
3 128,750 15% 300,223
4 128,750 20% 145,861
5 128,750 25% 38,991
6 128,750 30% - 38,046
7 128,750 35% - 95,557
8 128,750 40% - 139,808
9 128,750 45% - 174,748
10 128,750 50% - 202,951
11 128,750 55% - 226,152
12 128,750 60% - 245,551
13 128,750 65% - 261,999
14 128,750 70% - 276,115
15 188,750 75% - 288,359
NPV 145,861 80% - 299,077
IRR 27.34% 85% - 308,538
PI (BCR) 1.32 90% - 316,950
GARIS NPV VERTIKAL 20% 20%
20% 145,861

GARIS NPV HORISONTAL - 20%

145,861 145,861

GARIS IRR 27.34% 27.34%

IRR - 316,950 1,531,250

TARGET 20.00% 20.00%

- 316,950 1,531,250

GAP 20.00% 27.34%

765,625 765,625
7.34%
Arus kas Investasi Operasi
Tahun 0 1 2 3 4 5 6 7
Investasi Awal
Aset tetap - 400,000
Modal kerja - 60,000
Operasi 128,750 128,750 128,750 128,750 128,750 128,750 128,750
Total - 460,000 128,750 128,750 128,750 128,750 128,750 128,750 128,750
Discount factor 1.0000 0.8333 0.6944 0.5787 0.4823 0.4019 0.3349 0.2791
Present value - 460,000 107,292 89,410 74,508 62,090 51,742 43,118 35,932
PV investasi - 460,000 a
PV operasi 605,861 b
NPV 145,861 r= 20.00%
Prof. Index 1.32 =b/-a

2,000,000

1,500,000

1,000,000

500,000

-
0% 10%

-500,000
 Operasi
8 9 10 11 12 13 14 15
Akhir

60,000
128,750 128,750 128,750 128,750 128,750 128,750 128,750 128,750
128,750 128,750 128,750 128,750 128,750 128,750 128,750 188,750
0.2326 0.1938 0.1615 0.1346 0.1122 0.0935 0.0779 0.0649
29,943 24,953 20,794 17,328 14,440 12,033 10,028 12,251

000

000

000

000

-
0% 10% 20% 30% 40% 50% 60% 70% 80%

Discount Rate

000
 Net Present Value & Internal Rate of Return

Proyek -N Laba-Rugi
Investasi awal Pendapatan
Aset tetap Biaya
Harga beli mesin 79,587,702,440 Rp juta Biaya - kas
Umur 5 tahun Biaya - penyusutan
Nilai sisa 18,538,707,200 Rp juta Laba sebelum pajak
Modal kerja - Rp juta Pajak
Nilai Sisa Laba setelah pajak
Nilai sisa aset tetap - Rp juta Arus kas operasi
Nilai sisa modal kerja 60,000 Model NPV
Target - Pendapatan flat (rata)
Target payback 15.0 Tahun - Biaya flat
Discount rate 15.0 % - Modal kerja flat
Tarif pajak 25.0 %
Pendapatan 11,079,000,000 Rp juta
Biaya - kas 75,000
NPV-Rate
Tahun Arus Kas DR NPV
0 - 0% 90,836,950,240
1 - 68,226,058,928 5% 42,132,162,559
2 11,361,643,512 10% 14,065,107,111
3 11,361,643,512 15% - 2,770,963,231
4 11,361,643,512 20% - 13,202,031,954
5 11,361,643,512 25% - 19,822,597,075
6 11,361,643,512 30% - 24,089,058,723
7 11,361,643,512 35% - 26,852,068,180
8 11,361,643,512 40% - 28,626,833,229
9 11,361,643,512 45% - 29,735,849,669
10 11,361,643,512 50% - 30,387,073,491
11 11,361,643,512 55% - 30,718,218,297
12 11,361,643,512 60% - 30,822,665,930
13 11,361,643,512 65% - 30,765,075,454
14 11,361,643,512 70% - 30,591,046,593
15 11,361,643,512 75% - 30,333,255,265
NPV - 2,770,963,231 80% - 30,015,440,910
IRR 13.99% 85% - 29,655,053,821
PI (BCR) - 0.03 90% - 29,265,047,657
GARIS NPV VERTIKAL 15% 15%
15% ###

GARIS NPV HORISONTAL - 15%

- 2,770,963,231 ###

GARIS IRR 13.99% 13.99%

IRR - 29,265,047,657 ###

TARGET 15.00% 15.00%

- 29,265,047,657 ###

GAP 15.00% 13.99%

45,418,475,120 ###
-1.01%
 Arus kas Investasi
Return Tahun 0 1 2
Investasi Awal
ba-Rugi Aset tetap - 79,587,702,440
11,079,000,000 Modal kerja -
Operasi 11,361,643,512 11,361,643,512
- 75,000 Total - - 68,226,058,928 11,361,643,512
- 12,209,799,048 Discount factor 1.0000 0.8696 0.7561
- 1,130,874,048 Present value - - 59,327,007,763 8,591,034,792
282,718,512 PV investasi - 79,587,702,440 a
- 848,155,536 PV operasi - 2,770,963,231 b
11,361,643,512 NPV - 2,770,963,231 r= 15.00%
del NPV Prof. Index - 0.03 =b/-a

100,000,000,000

80,000,000,000

60,000,000,000

40,000,000,000

20,000,000,000

-
0% 10%

-20,000,000,000

-40,000,000,000
 Operasi
3 4 5 6 7

11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512

11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512
0.6575 0.5718 0.4972 0.4323 0.3759
7,470,465,036 6,496,056,553 5,648,744,829 4,911,952,025 4,271,262,631

10% 20% 30% 40% 50%

Discount Rate
 Operasi
8 9 10 11 12

11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512

11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512 11,361,643,512
0.3269 0.2843 0.2472 0.2149 0.1869
3,714,141,418 3,229,688,189 2,808,424,513 2,442,108,272 2,123,572,410

50% 60% 70% 80% 90%

Rate
 13 14 15
Akhir

-
11,361,643,512 11,361,643,512 11,361,643,512
11,361,643,512 11,361,643,512 11,361,643,512
0.1625 0.1413 0.1229
1,846,584,705 1,605,725,830 1,396,283,330

80% 90% 100%

 NPV
iRR = 0.1594 -28080715399 -74407555429 5381879432 6045954399 5214726927
Discount Rate = 0.1 -11410745367 -78425563423 5978815971 7079241040 6435673673
Pay Back Period = 2.1877903889

1. Total Investasi 111177222.12 Milyar

2. Masa Konstruksi Tahun-1
3. Masa Konsesi Tahun-15
4. Total Initial Capital 79587702.44 Milyar
5. Discount Rate 0.1
NPV 28080715.399 Milyar
iRR 0.1594

NPV Nol
iRR 0.1586512672
6. Pay Back Period 80.286676179 Tahun
4761545578 4106904932 3748301875 3232966944 2949422198 2543921164 2194170402 1892505091
6193711899 5630647181 5416501108 4924091916 4734808759 4304371599 3913065090 3557331900
1632314206 1407895641 1214331241
3233938091 2939943719 2672676108