Interest 6% P*(1+i)n 8%

Compound 100,000,000 269,277,279 Awal 100,000,000

Year 1 106,000,000 Akhir 400,000,000
Year 2 112,360,000 Waktu (tahun) 18.012936684
Year 3 119,101,600
Year 4 126,247,696
Year 5 133,822,558
Year 6 141,851,911
Year 7 150,363,026
Year 8 159,384,807
Year 9 168,947,896
Year 10 179,084,770
Year 11 189,829,856
Year 12 201,219,647
Year 13 213,292,826
Year 14 226,090,396
Year 15 239,655,819
Year 16 254,035,168
Year 17 269,277,279
Year PV Interest FV
Compound Interest 17 6%
1 100.00 6.00 106.00 PV i PV*i
2 106.00 6.36 112.36
3 112.36 6.74 119.10
4 119.10 7.15 126.25
5 126.25 7.57 133.82
6 133.82 8.03 141.85
7 141.85 8.51 150.36
8 150.36 9.02 159.38
9 159.38 9.56 168.95
10 168.95 10.14 179.08
11 179.08 10.75 189.83
12 189.83 11.39 201.22
13 201.22 12.07 213.29
14 213.29 12.80 226.09
15 226.09 13.57 239.66
16 239.66 14.38 254.04 FV=PV*(1+i)ⁿ
17 254.04 15.24 269.28 FV=PV*(1+i)ⁿ­ˉⁱ x I x PV*(1+i)ⁿ­ˉⁱ
Formula 269.28 FV=PV*(1+i)ⁿ­ˉⁱ x (1+i)
Compounding Future Value=FV FV=PV*(1+i)ⁿ­
Discounting Present Value = PV PV=FV/(1+i)ⁿ­
Fungsi exce Rp269.28
PV+PVi PV(1+i)
Year PV Interest FV
Compound I 17 8% FV n
1 100.00 8.00 108.00 400 18.01
2 108.00 8.64 116.64 Kriteria 1 IRR
3 116.64 9.33 125.97 Kriteria 2 NPV
4 125.97 10.08 136.05 Kriteria 3 ROI
5 136.05 10.88 146.93
6 146.93 11.75 158.69
7 158.69 12.69 171.38
8 171.38 13.71 185.09
9 185.09 14.81 199.90
10 199.90 15.99 215.89
11 215.89 17.27 233.16
12 233.16 18.65 251.82
13 251.82 20.15 271.96
14 271.96 21.76 293.72
15 293.72 23.50 317.22
16 317.22 25.38 342.59
17 342.59 27.41 370.00
18 370.00 29.60 399.60
19 399.60 31.97 431.57
20
New Expansion Project :

Bagian 1 - Asumsi
Building Cost 18,000
Equipment Cost 9,000
Net Operating WC / Sales 10%
First Year Sales (in unit) 20,000
Growth Rate in unit sold 0.0%
Sales Price per unit 4.5
Variable Cost per unit 3.1
Fixed Costs 5,000
Umur Building 20
Umur Equipment 8

Bagian 2 - Perhitungan Book Value Year

1
Building Depreciation rate 5.0%
Building Depreciation value 900
Ending Book value of Building 17,100

Equipment Depreciation rate 12.50%

Equipment Depreciation value 1,125
Ending Book value of Equipment 7,875

Bagian 3 - Net Salvage Value Year 4

Building
Estimated market value in year 4 11,250
Book value in year 4 14,400
Expected Gain or Loss - 3,150
Tax - 1,260
Net Cash flows from Salvage 12,510

Bagian 4 - Perhitungan Net Cash Flow 0

Initial Investment cost
Building - 18,000
Equipment - 9,000

a) Operating Cash flow Over 4 years

Unit Solds
Sales Prices
Sales Revenue / Pendapatan
Variable Cost per Unit
Variable Cost
Fixed Cost
Depreciation (Building)
Depreciation (Equipment)
EBIT (Earning Before Interest & Tax)
Tax
NOPAT (Net Operating Profit After Tax)
Add back depreciation
Operating Cash flow Over 4 years

b) Cash Flows Due To Working Capital

Working capital (based on sales) 0 9,000
Cash flows due to net working capital - 9,000

c) Net Cash flows from Salvage

Net salvage cash flows of Building
Net salvage cash flows of Equipment
Total net salvage cash flows

d) Total Net Cash flows (Incremental Cash Flow) - 36,000

Bagian 5 - Investment Criterion

NPV 25,939
IRR 37%
Pay Back Period (Year) 2.5

d) Total Net Cash flows PV 0 - 36,000

PV 1 12,804
PV 2 11,755
PV 3 10,793

PV 4 26,586
Total PV 61,939

NPV 25,939

Perhitungan Payback Period 0 1 2

Cummulative Cash Flows - 14,340 29,086
Cash Flows 36,000 36,000 36,000

Chart Title
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000 29,086
20,000
14,340
10,000
- -
0 1 2
60,000
50,000
40,000
30,000 29,086
20,000
14,340
10,000
- -
0 1 2

Cummulative Cash Flows Cash F

Market Value of Building in year 4 11,250
Market Value of Equipment in Year 4 3,000
Tax rate 40%
WACC 12%
Inflation Growth in sales price 3.0%
Inflation Grow in VC per unit 3.0%
Inflation Grow in fix costs 3.0%
Depreciation Methode Straight Line
Project Life / Operating Life (Year) 4

Year
2 3 4
5.0% 5.0% 5.0%
900 900 900
16,200 15,300 14,400

12.50% 12.50% 12.50%

1,125 1,125 1,125
6,750 5,625 4,500

Equipment
3,000
4,500
- 1,500
- 600
3,600

1 2 3 4

20,000 20,000 20,000 20,000

4.50 4.64 4.77 4.92
90,000 92,700 95,481 98,345
3.10 3.19 3.29 3.39
62,000 63,860 65,776 67,749
5,000 5,150 5,305 5,464
900 900 900 900
 1,125 1,125 1,125 1,125
20,975 21,665 22,376 23,108
8,390 8,666 8,950 9,243
12,585 12,999 13,425 13,865
2,025 2,025 2,025 2,025
14,610 15,024 15,450 15,890

9,270 9,548 9,835 -

- 270 - 278 - 286 9,835

12,510
3,600
16,110

14,340 14,746 15,164 41,834

Positive
> WACC
< Project Life

FV 1 = CF 1 FV 2 = CF 2 FV 3 = CF 3 FV 4 = CF 4
14,340 14,746 15,164 41,834

Value dari Prs

Karena Project 63,439
Value dari Prs 37,500
Jumlah Saham 500
Positive Harga Saham 75 126.88
Kontribusi NPV 51.88
3 4
44,250 86,084
36,000 36,000

Chart Title

86,084

44,250
36,000
29,086

14,340

1 2 3 4
 44,250
36,000
29,086

14,340

1 2 3 4

Cummulative Cash Flows Cash Flows

REPLACEMENT PROJECT

Bagian 1 - Asumsi
Mesin Lama Mesin Baru
Operating cost 18,000 4,200
Harga Perolehan 24,000 30,000
Depreciation 4,000 7,500
Expected Life 6 4
Current Age 4
Remaining Life 2
Current Salvage Value After Tax 6,000 -
Sales Revenue 37,500 37,500
Tax 40% 40%
WACC 10% 10%

Bagian 2 - Cash Flow Mesin Lama

4 5 6 7 8
Investment
Revenue 37,500 37,500 37,500 37,500
Operating Cost - 18,000 - 18,000 - 18,000 - 18,000
Depreciation - 4,000 - 4,000
EBIT 15,500 15,500 19,500 19,500
Tax 6,200 6,200 7,800 7,800
NOPAT 9,300 9,300 11,700 11,700
Add back Depreciation 4,000 4,000
Operating CF 0 13,300 13,300 11,700 11,700

Bagian 3 - Cash Flow Mesin Baru

0 1 2 3 4
Investment - 24,000
Revenue 37,500 37,500 37,500 37,500
Operating Cost - 4,200 - 4,200 - 4,200 - 4,200
Depreciation - 7,500 - 7,500 - 7,500 - 7,500
EBIT 25,800 25,800 25,800 25,800
Tax 10,320 10,320 10,320 10,320
NOPAT 15,480 15,480 15,480 15,480
Add back Depreciation 7,500 7,500 7,500 7,500
Operating CF - 24,000 22,980 22,980 22,980 22,980

Bagian 4 - Incremental Cash Flow

Cash Flow Mesin Baru - 24,000 22,980 22,980 22,980 22,980
Cash Flow Mesin Lama - 13,300 13,300 11,700 11,700
Incremental CF - 24,000 9,680 9,680 11,280 11,280
PV0 FV1 FV2 FV3 FV4

Bagian 5 : Project's Return

NPV 8,979.22 Positive
IRR 26% > WACC
Payback Period (year) 2.41 < Project Life

Perhitungan PP 0 1 2 3 4
Incremental CF - 9,680 9,680 11,280 11,280
Cummulative CF - 9,680 19,360 30,640 41,920
Investment 24,000 24,000 24,000 24,000 24,000

Chart Title
45,000 41,920
40,000
35,000
30,640
30,000
25,000 24,000
19,360
20,000
15,000
9,680
10,000
5,000
-
-
0 1 2 3 4

Cummulative CF Investment
 41,920

0,640

24,000

3 4

nt