Contoh : Net Present Value (NPV)

No. Items Tahun dalan Rp. 000

0 1 2 3
Benefits
1. Hasil Penjualan (Revenues) 250 350 400
2. Sewa Gedung dsb 0 0 0
Benefit Kotor (Gross Benefits) 0 250 350 400
Biaya (Costs)
1. Modal Pendahuluan (Ko) 370 0 0 0
2. Biaya Operasi} 180 200 250
3. Biaya Pemeliharaan}
4. Repayment
a. Principal 0 0 0
b. Bunga % 0 0 0
Gross Benefit -370 70 150 150
5. Pajak %
Net benefit -370 70 150 150
Seandainya DF 10% 1 0.909091 0.826446280992 0.751315
NPV at DF = 10% -370 63.63636 123.9669421488 112.6972

No. Items Tahun dalan Rp. 000

0 1 2 3
Benefits
1. Hasil Penjualan (Revenues) 250 350 400
2. Sewa Gedung dsb 0 0 0
Benefit Kotor (Gross Benefits) 250 350 400
Biaya (Costs)
1. Modal Pendahuluan (Ko) 370 0 0 0
2. Biaya Operasi} 180 200 250
3. Biaya Pemeliharaan}
4. Repayment
a. Principal 0 0 0
b. Bunga % 0 0 0
Gross Benefit -370 -70 -150 -150
5. Pajak %
Net benefit
Seandainya DF 18%
NPV at DF = 18%

Perhitungan IRR
Tahun Net Cash Flow DF 10% NPV at DF 15% Percobaan I
t0
t1
t2
t3
t4
t5

IRR=

IRR

IRR=
 Items Tahun dalan Rp. 000
0 1 2
4 5 Benefits
Hasil Penjualan (Revenues) 0 250 350
400 400 Sewa Gedung dsb 0 0
0 0 Benefit Kotor (Gross Benefits) 0 250 350
400 400 Biaya (Costs)
Modal Pendahuluan (Ko) 370 0 0
0 0 Biaya Operasi} 180 200
250 300 Biaya Pemeliharaan}
Repayment
a. Principal 0 0
0 0 b. Bunga % 0 0
0 0 Gross Benefit 370 180 200
150 100 Pajak %
Net benefit -370 70 150
150 100 Seandainya DF 18% 1 0.847458 0.718184
0.683013 0.620921 NPV at DF = 18%
102.452 62.09213 94.84468

4 5 1

400 400
0 0
400 400

0 0
250 300

0 0
0 0
-150 -100

Percobaan I Percobaan II Percobaan III

 Items Tahun dalan Rp. 000
3 4 5 0 1
Benefits
400 400 400 Hasil Penjualan (Revenues) 250
0 0 0 Sewa Gedung dsb 0
400 400 400 Benefit Kotor (Gross Benefits) 250
Biaya (Costs)
0 0 0 Modal Pendahuluan (Ko) 370 0
250 250 300 Biaya Operasi} 180
Biaya Pemeliharaan}
Repayment
0 0 0 a. Principal 0
0 0 0 b. Bunga % 0
250 250 300 Gross Benefit -370 -70
Pajak %
150 150 100 Net benefit -370 70
0.608631 0.515789 0.437109 Seandainya DF 20% 1 0.833333
NPV at DF = 20% -370 58.33333
 2 3 4 5

350 400 400 400

0 0 0 0
350 400 400 400

0 0 0 0
200 250 250 300

0 0 0 0
0 0 0 0
-150 -150 -150 -100

150 150 150 100

0.694444 5.2448726E-07 0.482253 0.401878
104.1667 7.8673089E-05 72.33796 40.18776 -94.9742
Items Tahun dalan Rp. 000
0 1 2 3 4 5
Benefits
Hasil Penjualan (Revenues) 250 350 400 400 400
Sewa Gedung dsb 0 0 0 0 0
Benefit Kotor (Gross Benefits) 250 350 400 400 400
Biaya (Costs)
Modal Pendahuluan (Ko) 370 0 0 0 0 0
Biaya Operasi} 180 200 250 250 300
Biaya Pemeliharaan}
Repayment
a. Principal 0 0 0 0 0
b. Bunga % 0 0 0 0 0
Gross Benefit -370 -70 -150 -150 -150 -100
Pajak %
Net benefit -370 70 150 150 150 100
Seandainya DF 12% 1 0.892857 0.797194 0.71178 0.635518 0.567427
NPV at DF = 12% -370 62.5 119.5791 106.767 95.32771 56.74269 70.91652
0.783147
 Net B/C
No. Items Tahun dalan Rp. 000
0 1 2 3 4 5 6
Benefits
1. Hasil Penjualan (Revenue 0 250 350 400 400 400
2. Sewa Gedug dsb. 0 0 0 0 0 0
Benefit Kotor (Gross) 0 250 350 400 400 400
DF = 10% 0.909091 0.826446 0.751315 0.683013 0.620921
Dicounted Gross Benefit 227.2727 289.2562 300.5259 273.2054 248.3685
Costs
1. Ko 370 0 0 0 0 0
2. Biaya Operasional 180 200 250 250 300
3. Biaya Pemeliharaan
4. Repayment
a. Principal 0 0 0 0 0 0
b. Bunga 0 0 0 0 0 0
Biaya Kotor (Gross) -370 180 200 250 250 300
DF = 10% 1 0.909091 0.826446 0.751315 0.683013 0.620921
Dicounted Gross Costs -370 163.6364 165.2893 187.8287 170.7534 186.2764

B/c= 1.076255

No. Items Tahun dalan Rp. 000

0 1 2 3 4 5
Benefits
1. Hasil Penjualan (Revenue 0 250 350 400 400 400
2. Sewa Gedug dsb. 0 0 0 0 0 0
Benefit Kotor (Gross) 0 250 350 400 400 400

Costs
1. Ko 370 0 0 0 0 0
2. Biaya Operasional 180 200 250 250 300
3. Biaya Pemeliharaan
4. Repayment
a. Principal 0 0 0 0 0 0
b. Bunga 0 0 0 0 0 0
Biaya Kotor (Gross) -370 180 200 250 250 300

B/c= 0 #DIV/0!
#DIV/0!
 7

1338.629

B/C 1
>1
<1

873.7841

0
#DIV/0!
Perhitungan Net Present Value (NPV) Work Sheet
Keterangan Tahun (Dalam Juta Rupiah)
t0 t1 t2 t3
I. Benefits
1. Hasil Usaha 0 35 45 70
2. Salvage Value 0 0 0 0
Total Gross Benefits 0 35 45 70
II. Biaya (Costs)
1. Investasi Pendahuluan 30 0 0 0
2. Biaya Operasi dan Pemeliharaan 0 40 40.8 30
3. Kredit Bank *)
Angsuran Pokok 0 0 0 10
Bunga 0 4.8 4.8 4.8
Total Costs 30 44.8 45.6 44.8
Laba Usaha (I-II) 30 -9.8 -0.6 25.2
Pajak 20% -30 5.04
Laba Sesudah Pajak (Net Benefit) -30 -9.8 -0.6 20.16
Discount Fact : 15%
NPV at DF = 15%

Perincian Angsuran Hutang Pokok dan Bunga

Tahun Hutang Pokok Angsuran Bunga 12%/th
1. Rp40,000,000 Rp4,800,000
2. Rp40,000,000 0 Rp4,800,000
3. Rp30,000,000 0 Rp4,800,000
4. Rp20,000,000 Rp10,000,000 Rp3,600,000
5. Rp10,000,000 Rp10,000,000 Rp2,400,000
6. Rp0 Rp10,000,000 Rp1,200,000

Perhitungan IRR
Tahun Net Cash Flow DF 15% NPV at DF 15% Percobaan I
DF 16% NPV at 16
t0
t1
t2
t3
t4
t5
t6
t4 t5 t6

70 70 70
0 0 20
70 70 90

0 0 0
30 30 35

10 10 10
3.6 2.4 1.2
43.6 42.4 46.2
26.4 27.6 43.8
5.28 5.52 8.76
21.12 22.08 35.04

Percobaan II Percobaan III

DF 22% NPV at 22 DF 24% NPV at 24%