CAPITAL BUDGETING

CF

CUM.CF

PP max = 4 bulan

0
1
2
3
4

-10000
3000
3000
3000
3000

-10000
-7000
-4000
-1000 PP= 3thn + 1000/3000
2000

0
1
2
3
4

Biaya Modal = 6% =
Discount Factor (DF) PV
-10000
#REF!
3000
0.943396
3000
0.889996
3000
0.839619
3000
0.792094

0
1
2
3
4

Biaya Modal = 6% =
Discount Factor (DF) PV
-10000
#REF!
5000
0.943396
4000
0.889996
2000
0.839619
1000
0.792094

PROYEK A
N

CF

0.06
-10000
2,830
2,670
2,519
2,376

PROYEK B
N

CF

PBP
B -> PPB<PPBA
PPA & PPB < Ppmax

MUTUALLY
INDEPENDENT

0.06
-10000
4,717
3,560
1,679
792

NVP
B -> NVP B > NPV A
NPV A & NPV B > 0

PROYEK A
N

CF
0
1
2
3
4

K1
Discount Factor (DF) PV
-10000
#REF!
3000
0.943396
3000
0.889996
3000
0.839619
3000
0.792094

0.06
-10000
2,830
2,670
2,519
2,376

IRR =

7.785%

PROYEK B
N

CF
0
1
2
3
4

Biaya Modal = 6% =
Discount Factor (DF) PV
-10000
#REF!
5000
0.943396
4000
0.889996
2000
0.839619
1000
0.792094

RUMUS
MIRR

IO =

10.000 =
(1 + MIRR)^4 =
1 + MIRR =
MIRR =

0.06
-10000
4,717
3,560
1,679
792

TV
(1 + MIRR)^n
13,569
(1 + MIRR)^4
13.569/10.000
1.357
1.079
7.9%

+ 1000/3000

CUM.PV
-10000
(7,170)
(4,500)
(1,981) DPP = 3 thn + 1981/2376
395 NPV =
395

CUM.PV
-10000
(5,283)
(1,723)
(44) DPP = 3 thn + 44/792
748 NPV =
748

B > NPV A
NPV B > 0

PI
B -> PI B > PI A
PI A & PI B > 1

10%
CUM.PV
DF
-10000
(7,170)
(4,500)
(1,981)
395
NPV 1=
NPV 2 =

PV
0.91
0.83
0.75
0.68

-10000
2,727.27
2,479.34
2,253.94
2,049.04
395
(490)

3.83364053
PI=

3.0552896
PI=

CUM.PV
-10000
(5,283)
(1,723)
(44)
748

FV
3
2
1
0

1.19
1.12
1.06
1.00

MIRR =

5955.08
4494.4
2120
1000
13,569
1.357
1.079
7.9%

1.04

1.07

1.07

INVESTASI AWAL
Harga Perolehan MB =

Harga Beli =
Biaya Instalasi =

90,000,000
25,000,000

Depresiasi ML =
Nilai Buku ML =

10,000,000
50,000,000

Harga Jual ML =

Tax =
Penambahan Modal Kerja =
NILAI INVESTASI AWAL =

OPERATIONAL CASH FLOW

Operational CF (Tahun 1 - 5)
Peningkatan Penjualan
Peningkatan Biaya Operasional
Kenaikan Depresiasi
EBT
Tax=30%
EAT

25,000,000.00
(5,000,000.00)
(3,750,000.00)
16,250,000.00
4,875,000.00
11,375,000.00

OCF (tahun 1 - 5) = EAT + Dep.

15,125,000.00

Operational CF (Tahun 1 - 5)
Peningkatan Penjualan
Peningkatan Biaya Operasional
Net Operating Income
Kenaikan Depresiasi
EBT
Tax=30%
EAT

25,000,000.00
5,000,000.00
20,000,000.00
3,750,000.00
16,250,000.00
4,875,000.00
11,375,000.00

OCF (tahun 1 - 5) = EAT + Dep.

15,125,000.00

TERMINAL VALUE
Harga Jual =
Tax = 30%*(7,5-5)
Pengembalian Modal Kerja =
Terminal Value

7,500,000
(750,000)
10,000,000
16,750,000

(115,000,000)
56,000,000

(1,800,000)
(10,000,000)
(70,800,000)

OCF (tahun 6-8)

###
5,000,000.00
20,000,000.00
13,750,000.00 Dep MB =
6,250,000.00
1,875,000.00
4,375,000.00
18,125,000.00

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