Net sales $9,250 Laba kotor

Operating cost except D&A ($5,750)

Depreciation ($700)
Total Operating cost ($6,450)
EBIT $2,800 Net sales - total operating cost
Interest ($160)
EBT $2,640 EBIT - Interest
taxes (35%) ($924) 35% x EBT
Net Income $1,716 EBT - Taxes -> Laba Bersih

Net sales $9,250

Operating cost except D&A ($5,750)
EBIT $3,500
taxes (35%) ($1,225)
Net operating profit after taxes $2,275
Depreciation $700
Investment
mesin & peralatan ($1,250)
modal kerja operasi ($300)
FCF $1,425 NOPAT + Depreciation - Investment - Working capital
Free cash flow (FCF) represents the cash a company generates after accounting for cash outflows to support op
excluded from the generally accepted definition of free cash flow
FCF : Sales revenue - operating cost - operating taxes - required investment
 Aktivitas Operasi
Net Sales $9,250
Operating cost ($5,750)
taxes (35%) ($1,225)
Depreciation $700
kas dari Aktivitas operasi $2,975 Net sales - operating cost

Aktivitas Investasi
mesin & peralatan ($1,250)
modal kerja operasi ($300)
Kas dari Aktivitas investasi ($1,550)
Aktivitas Pendanaan
Bunga
Kas dari Aktivitas pendanaan

FCF $1,425

nt - Working capital
nting for cash outflows to support operations and maintain its capital assets. ... Interest payments are
 N 15
Net Present value -$1,150 Call Premium = Call price - nilai nominal ($1067.5 - $1000) = $67.5 or usually
Annual coupon payment $67.5 Yield curve = Horizontal (flat), there is no changes on annual coupon payme
Future value $1,000

YTM 5.28% 5.28%

N 6
Net Present value -$1,150
Annual coupon payment $67.5
Future value $1,067.5

YTC 4.81% 4.81%

067.5 - $1000) = $67.5 or usually same with 1x annual coupon payment
anges on annual coupon payment for 15 years
Sales $ 205,000 Perubahan ROE sebelum dan sesudah kebijakan
Asset $ 127,500 Asset $ 127,500
Profit Margin 5.3%
equity multiplier 1.2
Net income $ 10,865 Sales multiply with profit margin
Equity $ 106,250 Asset divided with equity multiplier Asset $ 106,500
ROE 10.23% Before decision to reduce asset

Sales $ 205,000
Asset $ 106,500
Profit Margin 5.3%
Equity multiplier 1.2
Net income $ 10,865 Sales multiply with profit margin
Equity $ 88,750 Asset divided with equity multiplier
ROE 12.24% After decision to reduce asset

Changes 2.02%
Debt $ 21,250 Asset - equity
Equity $ 106,250
DER 20% debt/equity

Debt $ 17,750 Asset - equity

Equity $ 88,750
DER 20% debt/equity
 $ 5
Investment $ 600,000 #REF!
Interest rate 6.0% 25x
Take money $ (45,000)

25.2 Type 1 (awal tahun pengambilan)

Brapa kali pengambilan hingga masih menyisakan $50.000?
25x
 Investment $ 600,000
Interest rate 6.0%
Take money $ (45,000)
 Asset $ 195,000 Berapakah perubahan ROE?
Liabilities $ 62,400 Debt ratio 32% from total asset
Equity $ 132,600
Net income $ 18,775
ROE 14.16% Net income/Equity

Asset $ 195,000
Liabilities $ 93,600 Debt ratio 48% from total asset
Equity $ 101,400
Net income $ 18,775
ROE 18.52% Net income/Equity

Changes 4.4%