CASE STUDY

LEASING

Warf Computers has decided to proceed with the manufacture and distribution of the
virtual keyboard (VK) the company has developed. To undertake this venture, the company
needs to obtain equipment for the production of the microphone for the keyboard.Because of
the required sensitivity of the microphone and its small size, the company needs specialized
equipment for production.
Nick Warf, the company president, has found a vendor for the equipment. Clapton
Acoustical Equipment has offered to sell Warf Computers the necessary equipment at a price
of $5 million. The depreciation method that applied to these equipment is straight line
method for four years. At the end of four years, the market value of the equipment is
expected to be $600,000.
Alternatively, the company can lease the equipment from Hendrix leasing. The lease
contract calls for four annual payment of $1.3 million due at the beginning of the year.
Additionally, Warf Computers must make a security deposit of $300,00 that will returned
when the lease expires. Warf computers can issue bonds with a yield of 11%, and the
company has a marginal tax rate of 35%
Questions:
1. Should Warf buy or lease the equipment?
2. The lease contract can include a cancellation option. The cancellation option would
allow Warf Computersto cancel the lease on any anniversary date of the contract. To
cancel the lease, Warf Computers would be required to give 30 days’notice prior to
the anniversary date. How would the inclusion of a cancellation affect the value of the
lease?

-oOo-
JAWABAN
1. Diketahui
Harga Barang = $ 5.000.000
Depresiasi = 4 Tahun dengan nilai sisa jual $ 600.000
Tax Rate = 35%
Bunga = 11%
Cicilan Leasing = $ 1.300.000 selama 4 tahun (Total $ 5.200.000)
D/E = 11% x (1-35%) = 7,15%
Jika Membeli
Tahun
Keterangan
0 1 2 3 4
Harga Beli Barang $5,000,000        
($5,000,000
Pinjaman       $600,000
)
Bunga (11% x $5
  $550,000 $550,000 $550,000 $550,000
jt)
Penghematan
($192,500.00 ($192,500.00 ($192,500.00
Pajak (35% x 10%   ($192,500.00)
) ) )
x $5 jt)
Penghematan
Pajak dari
Depresiasi ( 35% x   $385,000.00 $385,000.00 $385,000.00 $385,000.00
(($5 jt-
$600000)/4))
Pembayaran
        $5,000,000
Pinjaman
Arus Kas Bersih   ($27,500.00) ($27,500.00) ($27,500.00) $4,257,500.00
−27500 −27500 −27500 4257500
NPV Beli = + + +
(1+0. 0 715) (1+0. 0 715) (1+0. 0715) (1+0. 0715)4
1 2 3

= (-25664.96) + (-23952.36) + (-22354.05) + 3329876.79

= 3302613,52
Jika Leasing
Tahun
Keterangan
0 1 2 3 4
Biaya Sewa $1,300,000 $1,300,000 $1,300,000 $1,300,000  
($300,000
Uang Jaminan $300,000       )
Penghematan Pajak
dari Sewa (35% x ($455,000.00 ($455,000.00 ($455,000.00 ($455,000.00
$1,3 jt) ) ) ) )  
$1,145,000.0 ($300,000
Arus Kas Bersih 0 $845,000.00 $845,000.00 $845,000.00 )
1145000 845000 845000 845000
NPV Leasing = + + +
(1+0.0715) (1+0.0715) (1+ 0.0715) (1+0.0715)4
1 2 3

= 1068595.43 + 735990.75 + 686878.91 + 641044.25

= 3132509,34
NAL = NPV Beli – NPV Leasing
= 3302613,52 – 3132509,34
= 170104,18
NAL Positif, maka Warf dapat melakukan Leasing
 2. Jika leasing dilakukan selama 3 tahun, maka nilai NAL negative, Warf dapat memilih
untuk membeli. Pembatalan leasing mempengaruhi NPV Leasing, semakin cepat di
batalkan maka semakin besar nilai NPV Leasing.

Jika Leasing
Tahun
Keterangan
0 1 2 3 4
Biaya Sewa $1,300,000 $1,300,000 $2,600,000    
Uang Jaminan $300,000        
Penghematan Pajak dari Sewa
(35% x $1,3 jt) ($455,000.00) ($455,000.00) ($910,000.00)    
Arus Kas Bersih $1,145,000.00 $845,000.00 $1,690,000.00    
1145000 845000 1690 000
NPV Leasing = 1
+ 2
+ 3
+¿
(1+0.0715) (1+0.0715) (1+ 0.0715)
= 1068595.43 + 735990.75 + 2111256.41
= 3915842,59
NAL = 3302613,52 – 3915842,59
= - 613229,07

INDRA REVATA HERMANTO

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