Proyeksi Laba Rugi

(juta rupiah)
Aktual Estimasi
Uraian
2001 2002 2003
Total Produksi ton 3,360 4,704 6,586
Berat karung 20 kg/ lembar kg 0.06 0.06 0.06
Total Produksi juta lembar 58.95 82.53 115.54
Bahan baku ton 3,562 4,986 6,981
Harga bahan baku/ ton Rp. Juta 6.38 6.61 7.27
Harga rata-rata Rp./ lembar 660 726 799

Penerimaan 54% 54%

Penjualan 38,905 38,905 59,914 92,268
Biaya Produksi
Bahan Baku & Bahan bantu 21% 22,716 31,803 53,263
Upah tenaga kerja langsung 20% 1,127 1,706 2,388
Listrik 2,184 2,293 2,408
O/H Pabrik 4,406 4,626 4,857
Total Biaya Produksi 30,433 40,428 62,916
Laba Kotor 8,472 19,486 29,352
Biaya Umum
Biaya Penjualan 5% 1,095 1,150 1,207
SDM 10% 520 572 629
Utilitas, Telp, Legal, ATK 5% 1,786 1,875 1,969
Lain-lain 5% 160 168 176
Depresiasi & Amortisasi 291 291 4,650
Total Biaya Umum 3,852 4,056 8,632
Laba Operasi 4,620 15,430 20,720
Biaya Bunga 2,455 2,455 8,000
Laba Sebelum Pajak 2,165 12,975 12,720
Pajak 30% 650 3,892 3,816
Laba Bersih 1,516 9,082 8,904
Retention for Growth 10% 890

FCF 1,807 9,373 12,664

35%

Interest Weight Amount

Loan 20% 67% 40,000
Equity 7.5% 33% 20,000
WACC 11.8%

discount factor 1.000 0.894 0.800

PV of FCF 89,942 1,807 8,382 10,126
g 3%
TV
PV of TV 253,162
Value of the company 343,104
Value of Debt 12,275
Value of Equity 330,829
60% Equity 198,497

Assumptions
Different WACC between seller and buyer
Salvage value
 Projection
2004 2005 2006 2007
7,244 7,969 8,765 9,642
0.06 0.06 0.06 0.06
127.09 139.80 153.78 169.16
7,679 8,447 9,291 10,220
7.99 8.79 9.67 10.64
878 966 1,063 1,169

21% 21% 21% 21%

111,644 135,089 163,458 197,784

64,448 77,982 94,358 114,173

2,627 2,889 3,176 3,496
2,528 2,654 2,787 2,927
5,100 5,355 5,623 5,905
74,703 88,880 105,944 126,501
36,941 46,209 57,514 71,283

1,268 1,331 1,398 1,467

692 761 837 921
2,068 2,171 2,279 2,393
185 194 204 214
4,650 4,650 4,650 4,650
8,862 9,108 9,369 9,646
28,079 37,101 48,145 61,637
6,400 4,800 3,200 1,600
21,679 32,301 44,945 60,037
6,504 9,690 13,484 18,011
15,175 22,611 31,462 42,026
1,517 2,261 3,146 4,203

18,307 25,000 32,966 42,473

45% 37% 32% 29%

0.715 0.639 0.572 0.511

13,089 15,983 18,845 21,711

495,252