Item Komposisi K

Modal sendiri (d) 60% 15%

Obligasi (hutang) (eq) 40% 12%
Tax rate 30%

WACC II
WACC II = wd*kd (1-tr) + weq*keq
WACC II = 60%*15%(1-30%) + 40%*12%
WACC II = 11.10%

Investasi 206,826,000
Hutang (PV) 82,730,400
i (tingkat bunga) 12%
n 5
Anuitas Rp22,950,218.09

Proyeksi EAT
2024 2025
Pendapatan 171,000,000 180,405,000
HPP 106,000,000 111,830,000
Laba Kotor 65,000,000 68,575,000
Beban OP
- Gaji Karyawan 60,000,000 63,300,000
- Biaya Listrik 6,000,000 6,330,000
Depresiasi 1,272,000,000 1,272,000,000
EBIT - 1,273,000,000 - 1,273,055,000
Interest 9,927,648 8,364,940
EBT - 1,282,927,648 - 1,281,419,940
Tax (30%) - 384,878,294 - 384,425,982
EAT - 898,049,354 - 896,993,958

Cashflow
Proyeksi Proceeds
Tahun ke- Tahun EAT Depresiasi Bunga (1-tax)
1 2019 - 898,049,354 1,272,000,000 6,949,354
2 2020 - 896,993,958 1,272,000,000 5,855,458
3 2021 - 895,809,412 1,272,000,000 4,630,294
4 2022 - 894,480,080 1,272,000,000 3,258,111
5 2023 - 892,988,444 1,272,000,000 1,721,266
Sum of PV Cashflow
Uji Kelayakan
NPV
NPV = (Sum of PV Cashflow - Nilai Investasi Awal)

NPV = 1,697,267,236
feasible
NPV >= 0 (Positif)
 MODAL SENDIRI 60% + OBLIGASI 40%

(a) (b)
Periode Pokok Pinjaman Anuitas
2023 82,730,400
2024 82,730,400 Rp22,950,218.09
2025 69,707,830 Rp22,950,218.09
2026 55,122,551 Rp22,950,218.09
2027 38,787,039 Rp22,950,218.09
2028 20,491,266 Rp22,950,218.09

2026 2027
190,327,275 200,795,275
117,980,650 124,469,586
72,346,625 76,325,689

66,781,500 70,454,483
6,678,150 7,045,448
1,272,000,000 1,272,000,000
- 1,273,113,025 - 1,273,174,241
6,614,706 4,654,445
- 1,279,727,731 - 1,277,828,686
- 383,918,319 - 383,348,606
- 895,809,412 - 894,480,080

ds
Proceeds df (11,10%) PV of Cashflow
380,900,000 1.0000000 380,900,000
380,861,500 1.0000000 380,861,500
380,820,883 1.0000000 380,820,883
380,778,031 1.0000000 380,778,031
380,732,823 1.0000000 380,732,823
1,904,093,236
PI
PI = (Sum of PV Cashflow / Nilai Investasi Awal)

PI = 9.206256642
feasible
PI >= 1
 (c) = (a) * 12% (d) = (b) - (c) (e) = (a) - (d)
Bunga/Periode Angsuran Pokok Sisa Hutang
82,730,400
9,927,648 Rp13,022,570.09 69,707,830
8,364,940 14,585,278 55,122,551
6,614,706 16,335,512 38,787,039
4,654,445 18,295,773 20,491,266
2,458,952 20,491,266 - 0

2028
211,839,015
131,315,413
80,523,602

74,329,479
7,432,948
1,272,000,000
- 1,273,238,825
2,458,952
- 1,275,697,777
- 382,709,333
- 892,988,444

15%
IRR (Internal Rate of Return)
Proceeds df (15%) PV of Cashflow Proceeds
380,900,000 0.8696 331,217,391 380,900,000
380,861,500 0.7561 287,986,011 380,861,500
380,820,883 0.6575 250,395,912 380,820,883
380,778,031 0.5718 217,711,075 380,778,031
380,732,823 0.4972 189,291,502 380,732,823
sum of PV Cashflow 1,276,601,891 sum of PV Cashflow
IO 206,826,000
 NPV 1 1,069,775,891

Diket:
i1 15% i - i1
i2 10% i2 - i1
PV1 1,276,601,891 i - 0,15
PV2 1,443,599,267 0,1 - 0,15
PV 206,826,000 i - 0,15
-5%
IRR i - 0,15
Trial error -5%
IRR >= df, maka feasible i - 0,15
IRR < df, maka unfeasible i=
df =
i - i1 PV - PV1 Kesimpulan IRR > df
i2 - i1 PV2 - PV1 feasible
 10%

df (10%) PV of Cashflow
0.9091 346,276,190
0.8264 314,743,944
0.7513 286,110,729
0.6830 260,071,395
0.6209 236,397,010
sum of PV Cashflow 1,443,599,267
IO 206,826,000
 NPV 2 1,236,773,267

PV - PV1
PV2 - PV1
417.060.000 - 552.757.746
627.919.550 - 552.757.746
- 1,069,775,891
166,997,376
-6.405944316

0.320297216
47.03%
11.10%
pulan IRR > df