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RESUME PERTEMUAN 9 WAWASAN SEMEN INDONESIA

FINANCIAL MANAGEMENT

Why finance is important? financial implications in almost all business decisions

Corporate Finance terdiri dari 3 jenis :

1. The Financing Decision : Find the right kind of debt for your firm and the right
mix of Debt & Equity to fund your operations
2. The Investment Decision : Invest in assets that earn a return greater than the
minimum acceptable hurdle rate
3. The Dividend Decision : If you cannot find investments that make your
minimum acceptable rate, return the cash to owners of your business

 Cash conversion cycle


Operating
 Minimum available cash Foreign
Finance
 exchange needs, including hedging
 How much for financing the operation,
Investment
how much for expansion (investment),
And
and how much to be distributed back to
Dividend Decision Capital
the owners (Shareholders).
Budgeting
 How to allocate the fund to the best of
use, which earn the highest return (NPV,
IRR, payback period, etc).
 How to fund firm’s financial need
• Debt/Equity ratio
• Source of debt
Financing Decision Capital Structure
• Source of equity
 Cost of capital (hurdle rate, WACC,
discount factor, reinvestment rate)

Operating Finance
Kemampuan perusahaan untuk membiayai dana yang dibutuhkan untuk operasi yaitu :
 Siklus konversi kas
 Uang tunai minimum tersedia
 Kebutuhan valuta asing, termasuk lindung nilai

Capital Budgeting
1. Financing allocation :
a. Mengelola proyeksi arus kas
b. Perkirakan kapasitas keuangan perusahaan untuk berinvestasi
c. Berapa banyak yang diinvestasikan kembali ke perusahaan dan berapa
harganya dividen.
2. Funding Investment
a. Tinjau studi kelayakan untuk proposal investasi (nilai pasar)
b. Perkiraan perkiraan pengembalian investasi (Hurdle rate dan / atau WACC).
c. Tinjau kembali dampak investasi terhadap perusahaan (nilai investasi)

Capital Structure

1. Capital Structure
o Bagaimana mendanai kebutuhan finansial perusahaan
- Rasio Hutang / Ekuitas
- Sumber hutang
- Sumber ekuitas
o Biaya modal
2. Source of financing
3. Cost of Capital

Organizational Structure - Finance


CFO

Dept. Of Strategic Dept. of


Dept. Of Group Perfomance Accounting &
Finance Management Finance

1. Investor
Relation 1. Treasury Opco
2. Treasury Group 2. Tax & Assurance
3. FInancial 3. Receivable &
Accounting Payable
4. Budgeting & 4. Accounting Finance
Financial & Reporting
Perfomance
Evaluation

Management Control System

Strategic Plan Budgeting Performance Evaluation Performance


Incentives

Synergy

SMI implement synergy among group members in every aspects, including financial,
such as: Notional Pooling, Join Borrowing, Corporate investment loan, hedging, etc.