BREAK EVEN POINT

PENDAPATAN = PENGELUARAN
TOTAL REVENUE = TOTAL COST
P*Q = TFC + TVC
P*Q = TFC + (VC * Q)
(P * Q) - (VC * Q) = TFC
(P - VC) * Q = TFC

TFC KUANTITAS
Q =
P - VC

RP = P*Q
TFC
RP = P*
P-VC
P * TFC SEMUA KOMPONEN DIBAGI P
RP =
P-VC

TFC MATA UANG

RP =
1-(VC/P)

INCOME STATEMENT

SALES P*Q 15,000*20,000 300,000,000 sales

-/- TVC 7,500*20,000 150,000,000 -/-cogs
CONTRIBUTION MARGIN 150,000,000 gp
-/- TFC 42,500,000
GROSS PROFIT/EBIT 107,500,000
-/-INTEREST 10%*70,000,000 7,000,000
EBT 100,500,000
-/-TAX 40%*EBT 40,200,000
EAT 60,300,000

TFC
Q = RP
P - VC

42,500,000
Q = RP
15,000 - 7,500

Q = RP
5,666.67 UNIT
5,667.00

RP
bep itu sebagai target biar gk rugi

LEVERAGE
 TFC
Q = RP
P - VC

120,000,000
Q = RP
12,500 - 5,000

Q = RP
16,000 UNIT

RP

KEG INTERNAL = HUB DGN FIXED ASSET = FIXED COST = RESIKO OPERASI PERUSH DGN NAMBH ASSET
CM 210,000,000
DOL = = =
EBIT 90,000,000 2.33 X

SALES NAIK DGN UTANG = RESIKO FINANCIAL DGN UTANG

EBIT 90,000,000
DFL = = =
EBT 75,000,000 1.20 X

TOTALRESIKO
DTL = DOL*DFL = 2.33 * 1.2 = 2.80 X
 NOMOR PENGERJAAN
GROSS PROFIT/EBIT 150,000,000 1
-/-INTEREST 10% 25,000,000 10
EBT 125,000,000 100% 9
-/-TAX 40% 50,000,000 40% 8
EAT/NI FOR PS 75,000,000 60% 2
-/-DEVIDEN FOR PS 18,000,000 ASUMSI DEV 9% DARI NILAI PS 7
EAT/NI FOR CS 57,000,000 6

CAPITAL STRUCTURE 11
LTD 250,000,000 (100/10)*25,000000
PS 200,000,000 (100/9)*18,000,000
CS 280,000,000
RE 220,000,000

ALTERNATIF 1 TAMBAH DANA DARI 100% BONDS KUPON 12% INTEREST NAIK, OUTS SHARE TETAP
LAMA BARU
GROSS PROFIT/EBIT 150,000,000 GROSS PROFIT/EBIT
-/-INTEREST 25,000,000 -/-INTEREST
EBT 125,000,000 EBT
-/-TAX 50,000,000 -/-TAX 40%
EAT/NI FOR PS 75,000,000 EAT/NI FOR PS
DEVIDEN FOR PS 18,000,000 DEVIDEN FOR PS
EAT/NI FOR CS 57,000,000 EAT/NI FOR CS

ALTERNATIF 2 TAMBAH DANA DARI 100% C/S Rp 1.250 INTEREST TETAP, OUT SHARE NAIK
LAMA BARU
GROSS PROFIT/EBIT 150,000,000 GROSS PROFIT/EBIT
-/-INTEREST 25,000,000 -/-INTEREST
EBT 125,000,000 EBT
-/-TAX 50,000,000 -/-TAX 40%
EAT/NI FOR PS 75,000,000 EAT/NI FOR PS
DEVIDEN FOR PS 18,000,000 DEVIDEN FOR PS
EAT/NI FOR CS 57,000,000 EAT/NI FOR CS

ALTERNATIF 3 TAMBAH DANA DARI 40% BONDS KUPON 12% + 60% SAHAM 1,200
LAMA BARU
GROSS PROFIT/EBIT 150,000,000 GROSS PROFIT/EBIT
-/-INTEREST 25,000,000 -/-INTEREST
EBT 125,000,000 EBT
-/-TAX 50,000,000 -/-TAX 40%
EAT/NI FOR PS 75,000,000 EAT/NI FOR PS
DEVIDEN FOR PS 18,000,000 DEVIDEN FOR PS
EAT/NI FOR CS 57,000,000 EAT/NI FOR CS

YANG DIPILIH ALTERNATIF 1

KARENA EPS PALING TINGGI
 suata dimana biaya = pendapatan

NEN DIBAGI P

PRODUKSI 2009 20,000 UNIT

HARGA 15,000 PER UNIT P

BIAYA
vc BAHAN BAKU 5,000 PER UNIT
fc SEWA GEDUNG 20,000,000 PER TAHUN
fc SEWA GUDANG 7,500,000 PER CAWU
vc UPAH BURUH 2,500 PER UNIT

HUTANG 70,000,000
BUNGA 10%
TAX 40%

TVC 7,500 TFC

BAHAN BAKU 5,000 SEWA GEDUNG
 UPAH BURUH 2,500 SEWA GUDANG

TFC
RP =
1-(VC/P)

42,500,000
RP =
1-(7,500/15,000)

RP = 85,000,000

RP = 85,000,000

TERDIRI DARI PERBANDINGAN

COGS 200 JUTA FIXED COST 3 60,000,000
200,000,000 VARIABEL COST 7 140,000,000 PER UNIT 5,000

TERDIRI DARI
OPEX 60 JUTA FIXED COST 60,000,000
60,000,000

SALES 350,000,000
PRICE 12,500
QTY 28,000
 SALES 350,000,000
-/- TVC 140,000,000
TFC CONTRIBUTION MARGIN 210,000,000
RP =
1-(VC/P) -/- TFC 120,000,000
GROSS PROFIT/EBIT 90,000,000
-/-INTEREST 15,000,000
120,000,000 EBT 75,000,000
RP =
1-(5,000/12,500) -/-TAX 30,000,000
EAT 45,000,000

RP =
200,000,000

RP =
200,000,000

PERUBAHAN THD 1% SALES AKAN MEMPENGARUHI PERUBAHAN SEBESAR 2.3% PADA OPERATING
DOL = DEGREE OF
OPERATION
LEVERAGE

PERUBAHAN THD 1% EBIT AKAN MEMPENGARUHI PERUBAHAN 1.2% PADA EPS (EAT)
DFL = DEGREE OF
FINANCIAL
LEVERAGE

DTL = DEGREE OF PERUBAHAN THD 1% PADA SALES AKAN MEMPENGARUHI EPS SEBESAR 2.8%
TOTAL LEVERAGE

RE 220,000,000 3
 TCE = 500,000,000 4
TCE = C/S + R/E
500,000,000 = C/S + 220,000,000
C/S = 500,000,000 - 220,000,000
C/S = 280,000,000

OUTS SHARE CS 250,000

NI FOR CS 5
EPS =
OUTS SHARE CS
NI FOR CS
228
250,000
NI FOR CS = 228 * 250,000
NI FOR CS = 57,000,000

NET INCOME

OUTS SHARE TETAP

naik 1.5x 225,000,000 INT LAMA 25,000,000

85,000,000 INT BARU 500JUTA*12% 60,000,000
140,000,000
40% 56,000,000 NI FOR CS
EPS =
84,000,000 OUTS SHARE CS
18,000,000 66,000,000
264
66,000,000 250,000

OUT SHARE NAIK

naik 1.5x 225,000,000 OUTS SHARE LAMA 250,000
25,000,000 OUTS SHARE BARU 400,000
200,000,000 500,000,000 / 1,250
40% 80,000,000 NI FOR CS
EPS =
120,000,000 OUTS SHARE CS
18,000,000 102,000,000
156.92
102,000,000 250,000+400,000

INT LAMA 25,000,000

naik 1.5x 225,000,000 INT BARU 200JUTA*12% 24,000,000
49,000,000 40%*500juta = 200 juta
176,000,000
40% 70,400,000 OUTS SHARE LAMA 250,000
105,600,000 OUTS SHARE BARU 250,000
18,000,000 (60%*500,000,000) / 1,200
87,600,000

NI FOR CS
EPS =
OUTS SHARE CS
87,600,000
175.20
250,000+250,000
42,500,000 PER TAHUN
20,000,000 PER TAHUN
22,500,000 PER TAHUN

5,000
AR 2.3% PADA OPERATING INCOME (ebit)

DA EPS (EAT)