UNIVERSITY OF INDONESIA

FACULTY OF ECONOMICS AND BUSINESS

MANAGEMENT DEPARTEMEN
S1 REGULER AND INTERNATIONAL UNDERGRADUATE

Lecturer : Financial Management Teaching Assistant Team

Quiz Method : Open Book and Take Home

Date : Friday, 7 October 2022 – Friday, 14 October 2022

Times : Friday, 7 October 2022 (11:30 WIB) – Friday, 14 October 2022 (23:59 WIB)

Instructions:

1. Answer all the questions below in order.

2. Answer in handwriting. Answers are made on folio paper / HVS A4 paper. (Digital
Writing is allowed).
3. Write your answers in clear and legible handwriting.
4. Write your full name and student number in the upper right corner of the answer sheet.
5. Photo or scan your answer and submit it to your teaching assistant through the agreed
media.
6. The file name and email subject are as follows: Kuis UTS_Name_NPM_Course_Class Code.
(Example: Kuis UTS_Reza Fahima_2194925612_CF_KKI E / Kuis UTS_Kintaka
Putri_219815274_MK_REG R)
7. Submit it to your respective teaching assistants in (.pdf) format
Problem 1 (15%)

Based on the information above, calculate the following questions from the financial statement
of PT Namu Culture Technology and give your explanation!
a. Cash flow from asset (5%)
b. Profitability ratio (for year 2021 only) (5%)
Problem 2 (10%)
Financial Statement information of Baraya and Mayasari Limited

Baraya (in Millions) Mayasari (in Millions)

Revenue 3.254.259 3.519.776

Net Income 15.538 39.100

Total Asset 1.305.191 1.379.904

Shareholders Equity 294.493 333.593

EBT 42.450 62.425

EBIT 44.332 63.476

a. Find ROE using direct formula for both of companies

b. Find ROE using DuPont three components identity for both of companies
c. Explain the result of ROE you get in point B by comparing both firm performance
d. For Mayasari Limited, find the new asset turnover if equity multiplier fell by 2%? (The company
still wants to maintain an ROE of 11.72%)
e. For Baraya Limited, find the new ROE if asset turnover increase by 3%
Problem 3 (20%)
PT. 888 Gacor is a company engaged in manufacturing in the Beauty industry. This company
produces foundation powder, eyeliner, face wash and so on. The company is currently operating
at 90% capacity. Along with the increasing public demand after Covid-19, the increase in sales
and production is projected to increase by 25% in 2022. Interest expenses, tax rates and dividend
payments are assumed to be constant. The following is the income statement and statement of
financial position of PT. 888 Gacor in 2021.
Based on the financial statements of PT. Gacor 888 above, then:

a. make a projected income statement and statement of financial position (balance sheet)
using the percentage of sales method!
b. calculate the External Financing Needed (EFN) required by PT. Gacor 888
c. calculate the External Financing Needed (EFN) required by PT. Gacor 888 if the
production capacity is only running at 75% in 2021
d. calculate the internal growth rate and the sustainable growth rate and their interpretation
Problem 4 (20%)

PT. GoTo Gojek Tokopedia and PT. Shopee International Indonesia are two companies that lead
the e-commerce market in Indonesia. Kevin is a final year student who received two offers from
the two companies with the following contract offers:
a. PT GoTo Gojek Tokopedia offers a three-year contract in which Kevin will receive IDR
7,233,350 per month for three years, which will be paid at the end of each year.
b. PT Shopee International offers a three-year contract in which Kevin will receive an
allowance of IDR 4,775,175 when the contract is signed (paid on the spot), IDR
67,850,050 to be paid at the end of the first year, and IDR 85,333,333 to be paid in the
second year, and IDR 101,350,050 paid in the third year.
Kevin can only choose one of the offers above because there is a clause in the contract that he is
not allowed to have a relationship with a competitor company. If the interest rate is 11.7%, then
which offer should Kevin accept? Explain!

Problem 5 (15%)

A. PT ABC has a bond with par value of Rp1 million with 8% coupon rate which will be
paid every six months for 15 years. When it was issued, the bond was sold for
Rp912,500. What is the yield to maturity of PT ABC’s bond? Use interpolation!
B. PT ABC recently paid out a dividend of $1.5 per share. The company plans to increase its
dividend by 7% next year more. If the stock is selling for $30 per share, what return does
this stock if this is correct?
Problem 6 (20%)
SkinGlow Inc is a beauty company in Indonesia and has plans to release a gel moisturizer
product due to high demand and the growing popularity of moisturizer. The company has
projected that 3000 units will be sold in the first year, then the company forecasted a sales
growth of (X + Y)% per year. The selling price of the gel moisturizer is Rp120.000 per unit.
This project requires net working capital at the beginning of Rp15.000.000. Then, the net
working capital needed for the following year is equal to 10% of the projected sales each year.
The total fixed costs are Rp8.000.000 per year and the variable production costs per unit are 30%
of the selling price.
The cost of purchasing machinery is Rp200.000.000 that will be fully depreciated by the
straight-line method over five years. In the next five years, this engine can be sold for about 15%
of its cost. Assumed tax rate of 25% and the required rate of return is (10% + X%).

From the information above,

a. Calculate the Operating Cash Flow, Changes in NWC, and Total Cash Flow of the project.
b. Calculate the Net Present Value (NPV) of the project.
c. Based on your previous answer, decide whether the project should be accepted or rejected.

*Notes on using X dan Y for Problem 6:

The last two digits of your student number will be the X and Y value.
If the value of your X is 2 and Y is 4, and the equation is (X+Y)%, then the resulting value
is (2+4)% = 6%.