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Aspek Keu
Diket :
Total investasi Rp 7.500.000.000
Jawab :
Tabel cash flow
THN EAT DEPRESIASI PROCEED DF (6%) PV of PROCEED
1 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,943 Rp 2.334.717.692
2 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,890 Rp 2.202.563.860
3 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,840 Rp 2.077.890.434
4 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,792 Rp 1.960.273.994
5 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,747 Rp 1.849.315.089
6 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,705 Rp 1.744.636.876
7 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,665 Rp 1.645.883.846
8 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,627 Rp 1.552.720.609
PV of PROCEED Rp 15.368.002.399
PV of OUTLAYS Rp 7.500.000.000
NPV Rp 7.868.002.399
ARR
Cara 1: Cara 2:
Average EAT Total EAT
ARR = ARR =
Average Invest Total Invest
Rp 192.162.594 Rp 1.537.300.753
= X 100% = X 100%
Rp 937.500.000 Rp 7.500.000.000
= 20% = 20%
PP
Total investasi Rp 7.500.000.000
Proceed Tahun 1 Rp (2.474.800.753)
Rp 5.025.199.247
Proceed Tahun 2 Rp (2.474.800.753)
Rp 2.550.398.494
Rp (2.474.800.753)
Rp 75.597.741
Payback Period = 3 tahun, (75597741/2474800753) X 12 bulan
= 3,03 tahun
NPV
THN EAT DEPRESIASI PROCEED DF (6%) PV of PROCEED
1 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,943 Rp 2.334.717.692
2 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,890 Rp 2.202.563.860
3 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,840 Rp 2.077.890.434
4 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,792 Rp 1.960.273.994
5 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,747 Rp 1.849.315.089
6 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,705 Rp 1.744.636.876
7 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,665 Rp 1.645.883.846
8 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,627 Rp 1.552.720.609
PV of PROCEED Rp 15.368.002.399
PV of OUTLAYS Rp 7.500.000.000
NPV Rp 7.868.002.399
IRR
Menggunakan konsep trial and error
Mencoba menggunakan tingkat bunga 28%, maka perhitungannya sbb :
THN EAT DEPRESIASI PROCEED DF (28%) PV of PROCEED
1 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,781 Rp 1.933.438.088
2 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,610 Rp 1.510.498.506
3 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,477 Rp 1.180.076.958
4 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,373 Rp 921.935.124
5 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,291 Rp 720.261.815
6 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,227 Rp 562.704.543
7 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,178 Rp 439.612.924
8 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,139 Rp 343.447.597
PV of PROCEED Rp 7.611.975.557
PV of OUTLAYS Rp 7.500.000.000
NPV Rp 111.975.557
Kesimpulan :
Karena NPV bernilai positif, maka sebaiknya usulan proyek tersebut dapat diterima
Perhitungan diatas menghasilkan angka positif coba lagi dengan menggunakan tingkat bunga 29%
THN EAT DEPRESIASI PROCEED DF (29%) PV of PROCEED
1 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,775 Rp 1.918.450.196
2 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,601 Rp 1.487.170.695
3 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,466 Rp 1.152.845.500
4 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,361 Rp 893.678.682
5 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,280 Rp 692.774.172
6 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,217 Rp 537.034.242
7 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,168 Rp 416.305.614
8 Rp 1.537.300.753 Rp 937.500.000 Rp 2.474.800.753 0,130 Rp 322.717.530
PV of PROCEED Rp 7.420.976.631
PV of OUTLAYS Rp 7.500.000.000
NPV Rp (79.023.369)
Jadi, IRR sebenarnya terletak pada discount rate 28% dan 29%, maka untuk mendapatkan IRR dilakukan cara sbb :
Discount rate PV of Proceed
28% Rp 7.611.975.557
29% Rp 7.420.976.631
1% Rp 190.998.926
Pebedaan:
Pada discount rate (1) 28% PV of Proceed = Rp 7.611.975.557
PV of Outlays = Rp 7.500.000.000
Perbedaan Rp 111.975.557
Prosentase perbedaannya = (111.975.557/190.998.926) X 1%
= 0,586%
Jadi IRR yang dicari adalah= 28% + 0,586%
= 28,586%
PI
PV of Proceed
PI =
PV of Outlays
Rp 15.368.002.399
=
Rp 7.500.000.000
= 2,04907
RASIO LIQUIDITAS
Aktiva lancar
Current Ratio (CR) = X 100%
Hutang lancar
Rp 36.075.787.923
= X 100%
Rp 35.862.342.517
= 101%
Aktiva lancar‐Persediaan
Quick Ratio (QR) = X 100%
Hutang lancar
Rp 36.075.787.923 Rp 6.939.076.612
= X 100%
Rp 35.862.342.517
= 81%