TUGAS MANAJEMEN KEUANGAN 1

Neff Industries Balance Sheet for December 31, 2002 and December 31, 2003
2002 2003 Change
Cash $ 9,000 $ 500 ($ 8,500)
Account receivable $ 12,500 $ 16,000 $ 3,500
Inventories $ 29,000 $ 45,500 $ 16,500
Total current assets $ 50,500 $ 62,000 $ 11,500
Land $ 20,000 $ 26,000 $ 6,000
Buildings & equipment $ 70,000 $ 100,000 $ 30,000
Less: allowance for depreciation ($ 28,000) ($ 38,000) -
Total fixed assets $ 62,000 $ 88,000 -
Total assets $ 112,500 $ 150,000 $ 37,500

Account payable $ 10,500 $ 22,000 $ 11,500

Bank notes $ 17,000 $ 47,000 $ 30,000
Total current liabilities $ 27,500 $ 69,000 $ 41,500
Long-term debt $ 28,750 $ 22,950 ($ 5,800)
Common stock $ 31,500 $ 31,500 $ -
Retained earnings $ 24,750 $ 26,550 $ 1,800
Total liabilities & equity $ 112,500 $ 150,000 $ 37,500

Neff Industries Income Statement for the Years Ended December 31, 2002, and December 31, 2003
2002 2003
Sales $ 125,000 $ 160,000
Cost of goods sold 75,000 96,000
Gross profit $ 50,000 $ 64,000
Operating expense
Fixed cash operating expense $ 21,000 $ 21,000
Variable operating expense $ 12,500 $ 16,000
Depreciation $ 4,500 $ 10,000
Total operating expense $ 38,000 $ 47,000
Earning before interest and taxes $ 12,000 $ 17,000
Interest $ 3,000 $ 6,100
Earning before taxes $ 9,000 $ 10,900
Taxes $ 4,500 $ 5,450
Net income $ 4,500 $ 5,450

Neff Industries
RECONCILIATION OF RETAINED EARNINGS
Retained earnings, Dec 31, 2002 $ 24,750
2003 net income $ 5,450
Dividends paid ($ 3,650)
Retained earnings, Dec 31, 2003 $ 26,550

1. Hitunglah Cash Flow dari asset perspective dan financing perspective.

2. Apa kesimpulan yang dapat diambil dari point 1.

JAWABAN
1.

FREE CASH FLOW ASSETS PERSPECTIVE

A. Menghitung After Tax Cash Flow from Operations/ Arus Kas Setelah Pajak dari Operasi
After Tax Cash Flow from Operations :
EBIT (see I/S) $ 17,000
Depreciation (see I/S) $ 10,000
EBITDA (Earning before interest, tax, depreciation & amortization) $ 27,000

Cash Taxes $ 5,450

After Tax Cash Flow from Operations $ 21,550

B. Menghitung investment in net operating working capital.

Change in Net Working Capital :
Change in Current Assets $11,500
Change in Account Payable $11,500
Change in non-interest bearing Current Liabilities $11,500
Change in Net Working Capital $0

Note: non-interest bearing current liabilities adalah current liabilities selain debt.

C. Menghitung investment made in fixed assets and other assets (investment activities).
Change in Gross Fixed Assets $36,000
Change in Other Assets $0
Total increase in long-term assets $36,000

FREE CASH FLOW ASSET PERSPECTIVE = AFTER TAX CF FROM OPERATION ─ INVESTMENT IN ASSETS

FCF ASSET PERSPECTIVE = $21,550 ─ ($0 + $36,000)

= ($14,450) → NEGATIF

FREE CASH FLOW FINANCING PERSPECTIVE

Interest paid to creditor (see I/S) ($6,100)

Dividend paid to owners (see B/S) ($3,650)
($9,750)
Changes in debt:
Increase in interest-bearing Bank notes (see B/S) $30,000
Decrease in long-term debt (see B/S) ($ 5,800)
Common Stock (see B/S) ($ 0)
FREE CASH FLOW FINANCING PERSPECTIVE $14,450

FREE CASH FLOW FINANCING PERSPECTIVE = $14,450 → POSITIF

2.
Jadi kesimpulan dari poin 1 adalah perhitungan melalui asset perspective dan financing perspective adalah
balance dengan nilai ($14,450) pada asset perspective dan $14,450 pada financing perspective.
Dari nilai tersebut dapat disimpulkan bahwa perusahaan