Basic Cash Flow

Pengertian
Tipe
Calculation
Cash Flow (1)
 Cash flow adalah teknik mengukur profitability
pada investasi untuk tujuan pengambilan
keputusan

Cash flow = Ann.Cash Inflows – Ann.Cash Outflows

 Cash flow terdiri dari

 Cash–inflows atau aliran uang masuk
(positif)
 Cash-outflows atau aliran uang keluar
(negatif)
Cash Flow (2)
 Cash flow
= Net Income + “Book” or “Non-Cash”
Deductions – Capital Costs

= Net Income + Depreciation + Depletion +

Amortisation + Deferred Deductions – Capital
Costs

 Cash flow
= Sales Revenue – Operating Costs – Income
Tax – Capital Cost
Cash Flow (3)
 Free cash flow = total cash available for
distribution to owners and creditors after
funding all worthwhile investment activities

 Discounted cash flow = a sum money today

having the same value as a future stream of
cash receipts and disbursements

 Cash flow from operating activities = Net cash

flow ± Changes in current assets and liabilities
Cash Flow (4)

Cash flow statement

 Identifying a company principal sources and

uses of cash is a useful skill in its own right

 Cash flow statement in essence just expands an

rearranges the source and uses statement
Cash Flow (5)
Cash Flow (6)
Cash inflows, terdiri dari :
 Revenue from the sale of ore or other type of
mieral products
 Royalty, option or lump-sum payments received
for mineral rights
 Salvage value realized from the sale of used
equipment
 Custom milling income or smelter contract
payments received
 Tax credits
 Return of working capital at the end of a mine’s
productive life
Cash Flow (7)
Cash outflows, terdiri dari :
 Explorations expenditures
 Capital expenditures for new mine development,
expansion, modifications, equipment
replacement, or enviromental control
 Operating costs
 Royalty, option or lump-sum payments made to
acquire mineral rights
 Income and mining taxation payments
 Transportations and further processing charges
Cash Flow (8)
Income from Patents
Engineering. R & D etc
Dividens to R & D
Stockholders
Borrowed Capital
Outside
Equity Investment
Capital

Corporation Cash

Sales
Revenue Operating Cost
Working Capital Direct Investment

Operations

Gross
Profit

Depreciation
Amortization
Taxable
Depletion Income Income Tax
Deferred Deductions

Net Income
Cash Flow (9)
Nilai sisa
Benefit

Cost

 Investasi menguntungkan jika

Cash-in >>> Cash-out

 Jika uang masuk dan keluar tidak dalam waktu

yang sama maka perlu ekuivalensi
Cash Flow (10)
 Cash flow industri non-tambang
Cash flow industri tambang Cash Flow (11)
 Cash Flow (12)

• Terdapat tenggang waktu

antara penemuan dan
waktu (tahun) produksi pertama suatu
tok’01 endapan mineral.

periode periode rekultivasi

investasi produksi

cash 60 tok’01
flow
(juta $) 40
Australia
20

0
- 20
pengeluaran eksplorasi
- 40 biaya development
revenue – ongkos produksi
40
Kanada
20
0
20 30 40 50 60 70 80 90
- 20
waktu (tahun)
- 40
Cash Flow (13)
Component
1 Production
2 Selling Price
3 = Gross Revenue
4 - Royalty
5 = Net Revenue
6 - Operating Expenses
7 = Operating Earning
8 - Depreciation
9 - Amortization
10 - Interest
11 - W/H tax on Interest, Royalty
12 - Other Deduction
13 = Taxable Income Before Loss Forward
Cash Flow (14)
Component
13 = Taxable Income Before Loss Forward
14 - Loss Forward Deduction
15 = Taxable Income
16 - Income Tax
17 = Net Income
18 + Depreciation
19 + Amortization
20 + Loss Forward Deduction
21 - Capital Expenditure
22 + Borrowed Money
23 - Principal Payment
24 - W/H Tax on Divident
25 = CASH FLOW
Cash Flow (15)
Cash Flow (16)
Cash flow dan Life of Mine Modelling (1)
Cash Flow (17)
Cash flow dan Life of Mine Modelling (2)

 Karena ketergantungan akan waktu maka cash

flow C tidak dapat dioptimasi jika terisolasi dari
keseluruhan deposit

 Jika laju ekstraksi pada minimum cost, cash

flow C tidak akan optimal tetapi jika laju
ekstraksi pada saat MC = price, cash flow C
dapat dimaksimalkan dan waktu ekstraksi akan
berkurang.
Cash Flow (18)
Metode penyusunan cash flow (1)
Dapat dilakukan dengan 2 metode yaitu :

 Metode tabel

 Metode grafis

Namun lebih efektif jika kedua metode dipakai

secara simultan atau dikombinasikan satu sama
lain
Metode penyusunan cash flow (2)
Perusahaan merencanakan pembelian mesin
produksi senilai Rp.100 juta. Yang akan diikuti
biaya operasional rata-rata Rp.10 juta /periode.
Pemakaian mesin tersebut menjanjikan
keuntungan rata-rata Rp.22 juta /periode
disamping itu pada periode ke-6 akan dilakukan
perawatan berat (overhaul) dengan biaya Rp.15
juta dan setelah umur pakai habis mesin dapat
dijual Rp.25 juta. Gambarkan cash flow
Metode penyusunan cash flow (3)
Periode Cash flow (dalam juta rupiah)
Cash-out Cash-in NPV
0 100 -100

1 10 22 + 12
2 10 22 + 12
3 10 22 + 12
… … … …
6 10 + 15 … -3

… … … …
… 10 22 + 12
n 10 22 + 25 + 37
 Metode penyusunan cash flow (4)
Grafik Cash Flow S = 25
AB =

0 1 2 3 4 5 6 … n

i%
I = 100 OH = 15

Grafik NPV
AB = 12 S = 25

6
0 1 2 3 4 5 … n

A6 = 3
I = 100