DEPRECIATION + TAXES + DEBT CAPITAL-Modal dg Berhutang

Pm-Pk=NPV > 0
IRR (nyata) > MARR (target)
(Benefit)/(Cost) >1

DEPRECIATION - DEPRESIASI (D) =penyusutan

Penyusutan alat karena alat tersebut dioperasionalkan
Nilainya dihitung secara garis lurus (atau logaritmik)
Biasanya dihitung sebagai BIAYA ALAT (lihat contoh detail di BINA MARG
Depresiasi is a tax deduction - adalah pengurang pajak

Investment of HOMESTAY - LOSMEN

1. Breakdown of equipments Minibus Rp 450 juta
(get depreciation- mengalami depresiasi) AC Rp 1350 juta
Genset Rp 1400 juta
Kitchen-laundry equipment Rp 750 juta
Total

Economic life-Usia ekonomis, masa

2. Calculation of Depreciation (D) manfaat (n)
Salvage value-Nilai sisa alat th-5 = 15%
x harga baru
Depreciation (D)
= (New - Salvage value)/n
=(baru-Sisa)/n

Rp. Milyar

Brand new = D=
3.95 D

D
Salvage
value
=
0 1 2 3 4 5 # Year
P F5

3. Calculation of Capital with 0% DEBT = Total Capital= 100% Equity + 0% Debt

…....tanpa hutang…... TOTAL Capital =580 + 2 digit
Equity - Modal sendiri 100%
Debt - Modal hutang 0%
 4. Calculation of taxes - Perhitungan Pajak
# Year
(Taxes)

Expenditure - Pengeluaran (Rp. Milyar)

Keluar th-an (konstan)= (Rp 285+2 digit)

Income - Pemasukan (Rp. Milyar)

Masuk th-an (konstan) = (Rp 555+2 digit)

Cashflow= Income - Expenditure

Tax deduction - Pengurang pajak

1. Depreciation
2. Debt interest - Bunga hutang

Taxable income (pendapatan kena pajak) =

Cashflow - Depreciation - Debt interest

Tax rate - Nilai PAJAK badan usaha (25% - SK Menteri Keuangan)

'= 25% x taxable income

5. Economic Feasibility after Tax (NPV, IRR, BCR, PP)

# Year

Expenditure - Pengeluaran (Rp. Milyar)

Equity - Modal SENDIRI 100% x

Initial cost - Biaya awal = (Rp 580+1 digit)
(580+1Digit)=
Yearly expenditure - Biaya th-an (konstan)=
(Rp 285+2 digit)
Tax - Pajak (masukkan nilai pajak di sini)
Pricipal - Pokok hutang
Debt interest - Bunga pinjaman
Total

Hitunglah P, ***
Jika diketahui F
Kode (P/F, r%, n) Pkeluar
Rumus: 1
P = F.[ --------- ]
(1+r)n

Income - Pemasukan (Rp. Milyar)

 Yearly income - Pemasukan th-an (konstan) =
(Rp 555+2 digit)
Asset value - Nilai aset th ke 5= (Rp 330+1
digit)
Total

Pmasuk

Th-ke

Cashflow = Income - Expenditure

Equity - MODAL SENDIRI 100%

5. Feasibility Test - Uji Kelayakan NPV = Pincome - Pexpenditure
IRR (real - nyata) =
B/C = Pm/Pk =

Hitung iRR >> Pmasuk - Pkeluar =0

Real Rate ; trial-error ; coba coba
29.20%
The meaning of this exercise:
1. Company can pay back for its capital Rp …. Milyar,

2. Company can get additional profit equivalent (during 5 years) in total lump-sump sebesar Rp ….. Milyar (NP

3. Company will receive yearly profit (relative) from the difference between income and expenditure:
Rp 202 Milyar in year-1, Rp 202 Milyar in year-2, Rp 202 in year-3, Rp 202 in year-4, dan Rp202 in year-5

4. Company will get "real rate" (IRR) i.e., …...% in which it is beyond the target of MARR, i.e,…....% per th,

5. When the company get his capital back (Payback Period)

Makna hitungan ini:

1. Perusahaan dapat mengembalikan modal awal investasi sebesar Rp 580 Milyar,
2. Perusahaan dapat memperoleh tambahan keuntungan ekivalen (selama 5 tahun) secara lump-sum
sebesar Rp 263,442 Milyar (NPV) sebagai tambahan keuntungan dari keuntungan tahunan yang diharapkan

3. Perusahaan dapat memperoleh keuntungan per tahun dari selisih pemasukan dan pengeluaran:
sebesar Rp 202Milyar di th-1, Rp 202di th-2, Rp 202 di th-3, Rp 202di th-4, dan Rp202 di th-5

4. Perusahaan dapat memperoleh tingkat pengembalian modal nyata (IRR) sebesar 30,2% per-th yang melebihi
target sebesar MARR: 15% per th,
5. Waktu pengembalian modal (Pay-back Period) adalah sekitar tahun ke …......
Curve of Payback Period - PP with MARR = Th-ke
Expenditure - Pengeluaran >>>> Total
Income - Pemasukan >>>> Total

DGN PROFIT

Th ke

x 1

2
4
5
Modal dg Berhutang
=Feasible - LAYAK since NPV=positive =Not Feasible - TDK LAYAK since NPV=negative

=Feasible - LAYAK since IRR>MARR =Not Feasible - TDK LAYAK since IRR<MARR

=Feasible - LAYAK since B/C >1 =Not Feasible - TDK LAYAK since B/C <1

ersebut dioperasionalkan
lurus (atau logaritmik)
AYA ALAT (lihat contoh detail di BINA MARGA)
- adalah pengurang pajak

HOME WORK Depreciation is a consequen

Rp Milyar 2 digit 1 digit experience a decrease in qu
0.45 Harga baru 13 3 is a reserve aimed at buying
1.35
productive. Meanwhile, acc
Harga baru
of funds obtained from fixe
1.4 Harga baru expenses caused by the use
0.75 Harga baru
3.95 Milyar

5 th

0.5925 Milyar

0.6715 Milyar per th

0.6715

Salvage 0.5925
value
=
# Year
equity capital (modal sendiri 100%) is capital that is free of debt

debt capital (modal dg berhutang) is the capital that a business raises by taking out a loan

593 Milyar
593 Milyar
0 Milyar
Debt period - Periode hutang - n = 0 th
Principal - Pokok=(Debt)/n= 0 /th
Interest rate - Bunga pinjaman=10%= 0 /th
 0 1 2 3 4 5

298 298 298 298 298

568 568 568 568 568

270 270 270 270 270

0.6715 0.6715 0.6715 0.6715 0.6715

0 0 0 0 0

269.3285 269.3285 269.3285 269.3285 269.3285

67.33 67.33 67.33 67.33 67.33

MARR = 15% per th

target

0 1 2 3 4 5

593

298 298 298 298 298

67.33 67.33 67.33 67.33 67.33
0 0 0 0 0
0 0 0 0 0
Hitunglah P, Hitunglah P, ***
593 365.332125 Hitunglah *** P,
365.332125 ***
365.332125 365.33213 365.332125
Jika diketahui F Jika diketahui F Jika diketahui F
F1 F2 F3 F4 F5
Kode (P/F, r%, n) Kode (P/F, r%, n) Kode (P/F, r%, n)
Rumus: Rumus:
1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5

1817.649945286

1 2 3 4 5
 568 568 568 568 568

Hitunglah P, Hitunglah P, *** Hitunglah***

P, *** 333
Jika diketahui F Jika diketahui F Jika diketahui F
Kode (P/F, r%, n)Kode0 (P/F, r%, n) 568Kode (P/F, r%, 568
n) 568 568 901
Rumus: Rumus:1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5
2069.583948525

0 1 2 3 4 5

-593 202.667875 202.667875 202.667875 202.667875 535.667875

Equity - MODAL SENDIRI 100%

251.934 =Feasible - LAYAK since NPV=positive
29.200% =Feasible - LAYAK since IRR>MARR MARR(TARGET) 15%
1.139 =Feasible - LAYAK since B/C >1

MARR= 15%
P-income P-expenditure Selisih=0
1497.38 1496.607300029 0.77 ....close to zero….

al lump-sump sebesar Rp ….. Milyar (NPV) as additional profit beyond expected yearly profit

tween income and expenditure:

-3, Rp 202 in year-4, dan Rp202 in year-5

d the target of MARR, i.e,…....% per th,

580 Milyar,
ma 5 tahun) secara lump-sum
dari keuntungan tahunan yang diharapkan

pemasukan dan pengeluaran:

202di th-4, dan Rp202 di th-5

RR) sebesar 30,2% per-th yang melebihi

ke …......
 0 1 2 3 4 5

MARR= 15.000% target

# Year Pmasuk Pkeluar Difference - Selisih

Belum balik
1 493.91 910.68 -416.77 modal

Belum balik
2 923.40 1186.92 -263.52 modal

Belum balik
Pm Pk 3 1296.87 1427.14 -130.26 modal

Belum balik
4 1621.63 1636.02 -14.39 modal

Sudah balik
5 2069.58 1817.65 251.93 modal
0
Belum balik modal
Sudah balik modal
eciation is a consequence of the use of assets and these assets usually
ience a decrease in quality. According to common reasoning, depreciation
serve aimed at buying new assets to replace old assets that are no longer
ctive. Meanwhile, according to accounting, depreciation is the allocation
ds obtained from fixed assets into the cost of production or operating
nses caused by the use of assets.
285 285 285 285 285

268 281 293 297 304

555 555 555 555 555

505 533 568 587 605

=NPV
 Hitunglah
HitunglahA,P, (sinking fund) ***
JikaJikadiketahui
unglah F, (compound amount)
di k et a hui AF
Jika diketahui A
itunglah P, (present
Kode (F/A, Kode
r%, n) worth, (A/F,
Kodelinear , r%,r%,n)n))
(P/Agradient
Jika diketahui G(1+r)n – 1
Rumus: Rumus:
Rumus:
Kode (P/G,F =r%,A.[------------]
n) (1+r) nr
–1
Rumus: r n – r.n –PA1==A.F.[------------
(1+r) [------------]
]
P = G.[-------------------- ] (1+r)nn – 1
2
r .(1+r) n r.( 1+r)
DEPRECIATION + TAXES + DEBT CAPITAL-Modal dg Berhutang
Pm-Pk=NPV > 0
IRR (nyata) > MARR (target)
(Benefit)/(Cost) >1

DEPRECIATION - DEPRESIASI (D) =penyusutan

Penyusutan alat karena alat tersebut dioperasionalkan
Nilainya dihitung secara garis lurus (atau logaritmik)
Biasanya dihitung sebagai BIAYA ALAT (lihat contoh detail di BINA MARG
Depresiasi is a tax deduction - adalah pengurang pajak

Investment of HOMESTAY - LOSMEN

1. Breakdown of equipments Minibus Rp 450 juta
(get depreciation- mengalami depresiasi) AC Rp 1350 juta
Genset Rp 1400 juta
Kitchen-laundry equipment Rp 750 juta
Total

Economic life-Usia ekonomis, masa

2. Calculation of Depreciation (D) manfaat (n)
Salvage value-Nilai sisa alat th-5 = 15%
x harga baru
Depreciation (D)
= (New - Salvage value)/n
=(baru-Sisa)/n

Rp. Milyar

Brand new = D=
3.95 D

D
Salvage
value
=
0 1 2 3 4 5 # Year
P F5

3. Calculation of Capital with 0% DEBT = Total Capital= 100% Equity + 0% Debt

…....tanpa hutang…... TOTAL Capital =580 + 2 digit
Equity - Modal sendiri 70%
Debt - Modal hutang 0%
 4. Calculation of taxes - Perhitungan Pajak
# Year
(Taxes)

Expenditure - Pengeluaran (Rp. Milyar)

Keluar th-an (konstan)= (Rp 285+2 digit)

Income - Pemasukan (Rp. Milyar)

Masuk th-an (konstan) = (Rp 555+2 digit)

Cashflow= Income - Expenditure

Tax deduction - Pengurang pajak

1. Depreciation
2. Debt interest - Bunga hutang

Taxable income (pendapatan kena pajak) =

Cashflow - Depreciation - Debt interest

Tax rate - Nilai PAJAK badan usaha (25% - SK Menteri Keuangan)

'= 25% x taxable income

5. Economic Feasibility after Tax (NPV, IRR, BCR, PP)

# Year

Expenditure - Pengeluaran (Rp. Milyar)

Equity - Modal SENDIRI 100% x

Initial cost - Biaya awal = (Rp 580+1 digit)
(580+1Digit)=
Yearly expenditure - Biaya th-an (konstan)=
(Rp 285+2 digit)
Tax - Pajak (masukkan nilai pajak di sini)
Pricipal - Pokok hutang
Debt interest - Bunga pinjaman
Total

Hitunglah P, ***
Jika diketahui F
Kode (P/F, r%, n) Pkeluar
Rumus: 1
P = F.[ --------- ]
(1+r)n

Income - Pemasukan (Rp. Milyar)

 Yearly income - Pemasukan th-an (konstan) =
(Rp 555+2 digit)
Asset value - Nilai aset th ke 5= (Rp 330+1
digit)
Total

Pmasuk

Th-ke

Cashflow = Income - Expenditure

Equity - MODAL SENDIRI 100%

5. Feasibility Test - Uji Kelayakan NPV = Pincome - Pexpenditure
IRR (real - nyata) =
B/C = Pm/Pk =

Hitung iRR >> Pmasuk - Pkeluar =0

Real Rate ; trial-error ; coba coba
38.20%
The meaning of this exercise:
1. Company can pay back for its capital Rp …. Milyar,

2. Company can get additional profit equivalent (during 5 years) in total lump-sump sebesar Rp ….. Milyar (NP

3. Company will receive yearly profit (relative) from the difference between income and expenditure:
Rp ….. Milyar in year-1, Rp ….. Milyar in year-2, Rp …... in year-3, Rp …... in year-4, dan Rp…... in year

4. Company will get "real rate" (IRR) i.e., …...% in which it is beyond the target of MARR, i.e,…....% per th,

5. When the company get his capital back (Payback Period)

Makna hitungan ini:

1. Perusahaan dapat mengembalikan modal awal investasi sebesar Rp …... Milyar,
2. Perusahaan dapat memperoleh tambahan keuntungan ekivalen (selama 5 tahun) secara lump-sum
sebesar Rp …... Milyar (NPV) sebagai tambahan keuntungan dari keuntungan tahunan yang diharapkan

3. Perusahaan dapat memperoleh keuntungan per tahun dari selisih pemasukan dan pengeluaran:
sebesar Rp …... Milyar di th-1, Rp …..di th-2, Rp ….... di th-3, Rp …...di th-4, dan Rp…... di th-5

4. Perusahaan dapat memperoleh tingkat pengembalian modal nyata (IRR) sebesar ….....% per-th yang melebihi
target sebesar MARR: 15% per th,
5. Waktu pengembalian modal (Pay-back Period) adalah sekitar tahun ke …......
Curve of Payback Period - PP with MARR = Th-ke
Expenditure - Pengeluaran >>>> Total
Income - Pemasukan >>>> Total

DGN PROFIT

Th ke

x 1

2
4
5
Modal dg Berhutang
=Feasible - LAYAK since NPV=positive =Not Feasible - TDK LAYAK since NPV=negative

=Feasible - LAYAK since IRR>MARR =Not Feasible - TDK LAYAK since IRR<MARR

=Feasible - LAYAK since B/C >1 =Not Feasible - TDK LAYAK since B/C <1

ersebut dioperasionalkan
lurus (atau logaritmik)
AYA ALAT (lihat contoh detail di BINA MARGA)
- adalah pengurang pajak

HOME WORK Depreciation is a consequen

Rp Milyar 2 digit 1 digit experience a decrease in qu
0.45 Harga baru 13 3 is a reserve aimed at buying
1.35
productive. Meanwhile, acc
Harga baru
of funds obtained from fixe
1.4 Harga baru expenses caused by the use
0.75 Harga baru
3.95 Milyar

5 th

0.5925 Milyar

0.6715 Milyar per th

0.6715

Salvage 0.5925
value
=
# Year
equity capital (modal sendiri 100%) is capital that is free of debt

debt capital (modal dg berhutang) is the capital that a business raises by taking out a loan

593 Milyar
415.1 Milyar
177.9 Milyar
Debt period - Periode hutang - n = 5 th
Principal - Pokok=(Debt)/n= 35.58 /th
Interest rate - Bunga pinjaman=10%= 17.79 /th
 0 1 2 3 4 5

298 298 298 298 298

568 568 568 568 568

270 270 270 270 270

0.6715 0.6715 0.6715 0.6715 0.6715

17.79 17.79 17.79 17.79 17.79

251.5385 251.5385 251.5385 251.5385 251.5385

62.88 62.88 62.88 62.88 62.88

MARR = 15% per th

target

0 1 2 3 4 5

415.1

298 298 298 298 298

62.88 62.88 62.88 62.88 62.88
36 36 36 36 36
5 5 5 5 5
Hitunglah P, Hitunglah P,
415.1 401.464625 Hitunglah
*** *** P,
401.464625 401.464625 401.46463*** 401.464625
Jika diketahui F Jika diketahui F Jika diketahui F
Kode (P/F, r%, n) Kode (P/F, r%, n) Kode (P/F, r%, n)
Rumus: Rumus:
1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5

1760.871689365

1 2 3 4 5
 568 568 568 568 568

Hitunglah P, Hitunglah P, *** Hitunglah***

P, *** 333
Jika diketahui F Jika diketahui F Jika diketahui F
Kode (P/F, r%, n)Kode0 (P/F, r%, n) 568Kode (P/F, r%, 568
n) 568 568 901
Rumus: Rumus:1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5
2069.583948525

0 1 2 3 4 5

-415.1 166.535375 166.535375 166.535375 166.535375 499.535375

Equity - MODAL SENDIRI 100%

308.712 =Feasible - LAYAK since NPV=positive
38.200% =Feasible - LAYAK since IRR>MARR
1.175 =Feasible - LAYAK since B/C >1

MARR= 15%
P-income P-expenditure Selisih=0
1258.02 1257.584448984 0.43 ....close to zero….

al lump-sump sebesar Rp ….. Milyar (NPV) as additional profit beyond expected yearly profit

tween income and expenditure:

r-3, Rp …... in year-4, dan Rp…... in year-5

d the target of MARR, i.e,…....% per th,

…... Milyar,
ma 5 tahun) secara lump-sum
keuntungan tahunan yang diharapkan

pemasukan dan pengeluaran:

p …...di th-4, dan Rp…... di th-5

RR) sebesar ….....% per-th yang melebihi

ke …......
 0 1 2 3 4 5

MARR= 15.000% target

# Year Pmasuk Pkeluar Difference - Selisih

Belum balik
1 493.91 764.20 -270.29 modal

Belum balik
2 923.40 1067.76 -144.36 modal

Belum balik
Pm Pk 3 1296.87 1331.73 -34.86 modal

Sudah balik
4 1621.63 1561.27 60.35 modal

Sudah balik
5 2069.58 1760.87 308.71 modal
0
Belum balik modal
Sudah balik modal
eciation is a consequence of the use of assets and these assets usually
ience a decrease in quality. According to common reasoning, depreciation
serve aimed at buying new assets to replace old assets that are no longer
ctive. Meanwhile, according to accounting, depreciation is the allocation
ds obtained from fixed assets into the cost of production or operating
nses caused by the use of assets.
285 285 285 285 285

268 281 293 297 304

555 555 555 555 555

505 533 568 587 605

=NPV
 Hitunglah
HitunglahA,P, (sinking fund) ***
JikaJikadiketahui
unglah F, (compound amount)
di k et a hui AF
Jika diketahui A
itunglah P, (present
Kode (F/A, Kode
r%, n) worth, (A/F,
Kodelinear , r%,r%,n)n))
(P/Agradient
Jika diketahui G(1+r)n – 1
Rumus: Rumus:
Rumus:
Kode (P/G,F =r%,A.[------------]
n) (1+r) nr
–1
Rumus: r n – r.n –PA1==A.F.[------------
(1+r) [------------]
]
P = G.[-------------------- ] (1+r)nn – 1
2
r .(1+r) n r.( 1+r)
DEPRECIATION + TAXES + DEBT CAPITAL-Modal dg Berhutang
Pm-Pk=NPV > 0
IRR (nyata) > MARR (target)
(Benefit)/(Cost) >1

DEPRECIATION - DEPRESIASI (D) =penyusutan

Penyusutan alat karena alat tersebut dioperasionalkan
Nilainya dihitung secara garis lurus (atau logaritmik)
Biasanya dihitung sebagai BIAYA ALAT (lihat contoh detail di BINA MARG
Depresiasi is a tax deduction - adalah pengurang pajak

Investment of HOMESTAY - LOSMEN

1. Breakdown of equipments Minibus Rp 450 juta
(get depreciation- mengalami depresiasi) AC Rp 1350 juta
Genset Rp 1400 juta
Kitchen-laundry equipment Rp 750 juta
Total

Economic life-Usia ekonomis, masa

2. Calculation of Depreciation (D) manfaat (n)
Salvage value-Nilai sisa alat th-5 = 15%
x harga baru
Depreciation (D)
= (New - Salvage value)/n
=(baru-Sisa)/n

Rp. Milyar

Brand new = D=
3.95 D

D
Salvage
value
=
0 1 2 3 4 5 # Year
P F5

3. Calculation of Capital with 0% DEBT = Total Capital= 60% Equity + 40% Debt
…....tanpa hutang…... TOTAL Capital =580 + 2 digit
Equity - Modal sendiri 60%
Debt - Modal hutang 40%
 4. Calculation of taxes - Perhitungan Pajak
# Year
(Taxes)

Expenditure - Pengeluaran (Rp. Milyar)

Keluar th-an (konstan)= (Rp 285+2 digit)

Income - Pemasukan (Rp. Milyar)

Masuk th-an (konstan) = (Rp 555+2 digit)

Cashflow= Income - Expenditure

Tax deduction - Pengurang pajak

1. Depreciation
2. Debt interest - Bunga hutang

Taxable income (pendapatan kena pajak) =

Cashflow - Depreciation - Debt interest

Tax rate - Nilai PAJAK badan usaha (25% - SK Menteri Keuangan)

'= 25% x taxable income

5. Economic Feasibility after Tax (NPV, IRR, BCR, PP)

# Year

Expenditure - Pengeluaran (Rp. Milyar)

Equity - Modal SENDIRI 100% x

Initial cost - Biaya awal = (Rp 580+1 digit)
(580+1Digit)=
Yearly expenditure - Biaya th-an (konstan)=
(Rp 285+2 digit)
Tax - Pajak (masukkan nilai pajak di sini)
Pricipal - Pokok hutang
Debt interest - Bunga pinjaman
Total

Hitunglah P, ***
Jika diketahui F
Kode (P/F, r%, n) Pkeluar
Rumus: 1
P = F.[ --------- ]
(1+r)n

Income - Pemasukan (Rp. Milyar)

 Yearly income - Pemasukan th-an (konstan) =
(Rp 555+2 digit)
Asset value - Nilai aset th ke 5= (Rp 330+1
digit)
Total

Pmasuk

Th-ke

Cashflow = Income - Expenditure

Equity - MODAL SENDIRI 60%+40% Hutang

5. Feasibility Test - Uji Kelayakan NPV = Pincome - Pexpenditure
IRR (real - nyata) =
B/C = Pm/Pk =

Hitung iRR >> Pmasuk - Pkeluar =0

Real Rate ; trial-error ; coba coba
34.00%
The meaning of this exercise:
1. Company can pay back for its capital Rp …. Milyar,

2. Company can get additional profit equivalent (during 5 years) in total lump-sump sebesar Rp ….. Milyar (NP

3. Company will receive yearly profit (relative) from the difference between income and expenditure:
Rp 202 Milyar in year-1, Rp 202 Milyar in year-2, Rp 202 in year-3, Rp 202 in year-4, dan Rp202 in year-5

4. Company will get "real rate" (IRR) i.e., …...% in which it is beyond the target of MARR, i.e,…....% per th,

5. When the company get his capital back (Payback Period)

Makna hitungan ini:

1. Perusahaan dapat mengembalikan modal awal investasi sebesar Rp 580 Milyar,
2. Perusahaan dapat memperoleh tambahan keuntungan ekivalen (selama 5 tahun) secara lump-sum
sebesar Rp 263,442 Milyar (NPV) sebagai tambahan keuntungan dari keuntungan tahunan yang diharapkan

3. Perusahaan dapat memperoleh keuntungan per tahun dari selisih pemasukan dan pengeluaran:
sebesar Rp 202Milyar di th-1, Rp 202di th-2, Rp 202 di th-3, Rp 202di th-4, dan Rp202 di th-5

4. Perusahaan dapat memperoleh tingkat pengembalian modal nyata (IRR) sebesar 30,2% per-th yang melebihi
target sebesar MARR: 15% per th,
5. Waktu pengembalian modal (Pay-back Period) adalah sekitar tahun ke …......
Curve of Payback Period - PP with MARR = Th-ke
Expenditure - Pengeluaran >>>> Total
Income - Pemasukan >>>> Total

DGN PROFIT

Th ke

x 1

2
4
5
Modal dg Berhutang
=Feasible - LAYAK since NPV=positive =Not Feasible - TDK LAYAK since NPV=negative

=Feasible - LAYAK since IRR>MARR =Not Feasible - TDK LAYAK since IRR<MARR

=Feasible - LAYAK since B/C >1 =Not Feasible - TDK LAYAK since B/C <1

ersebut dioperasionalkan
lurus (atau logaritmik)
AYA ALAT (lihat contoh detail di BINA MARGA)
- adalah pengurang pajak

HOME WORK Depreciation is a consequen

Rp Milyar 2 digit 1 digit experience a decrease in qu
0.45 Harga baru 13 3 is a reserve aimed at buying
1.35
productive. Meanwhile, acc
Harga baru
of funds obtained from fixe
1.4 Harga baru expenses caused by the use
0.75 Harga baru
3.95 Milyar

5 th

0.5925 Milyar

0.6715 Milyar per th

0.6715

Salvage 0.5925
value
=
# Year
equity capital (modal sendiri 100%) is capital that is free of debt

debt capital (modal dg berhutang) is the capital that a business raises by taking out a loan

593 Milyar
355.8 Milyar
237.2 Milyar
Debt period - Periode hutang - n = 5 th
Principal - Pokok=(Debt)/n= 47.44 /th
Interest rate - Bunga pinjaman=10%= 23.72 /th
 0 1 2 3 4 5

298 298 298 298 298

568 568 568 568 568

270 270 270 270 270

0.6715 0.6715 0.6715 0.6715 0.6715

23.72 23.72 23.72 23.72 23.72

245.6085 245.6085 245.6085 245.6085 245.6085

61.40 61.40 61.40 61.40 61.40

MARR = 15% per th

target

0 1 2 3 4 5

358.8

311 311 311 311 311

61.40 61.40 61.40 61.40 61.40
47 47 47 47 47
24 24 24 24 24
Hitunglah P, Hitunglah P, ***
358.8 443.562125 Hitunglah *** P,
443.562125 ***
443.562125 443.56213 443.562125
Jika diketahui F Jika diketahui F Jika diketahui F
F1 F2 F3 F4 F5
Kode (P/F, r%, n) Kode (P/F, r%, n) Kode (P/F, r%, n)
Rumus: Rumus:
1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5

1845.689038604

1 2 3 4 5
 568 568 568 568 568

Hitunglah P, Hitunglah P, *** Hitunglah***

P, *** 333
Jika diketahui F Jika diketahui F Jika diketahui F
Kode (P/F, r%, n)Kode0 (P/F, r%, n) 568Kode (P/F, r%, 568
n) 568 568 901
Rumus: Rumus:1 1 Rumus: 1
= P = F.[ --------- ] P = F.[ --------- ] P = F.[ --------- ]
(1+r)n (1+r)n (1+r)n
n=1 n=1 n=5
2069.583948525

0 1 2 3 4 5

-358.8 124.437875 124.437875 124.437875 124.437875 457.437875

Equity - MODAL SENDIRI 60%+40% Hutang Modal sendiri 100%

223.895 =Feasible - LAYAK since NPV=positive 251.9340032387
34.000% =Feasible - LAYAK since IRR>MARR 29.2%
1.121 =Feasible - LAYAK since B/C >1 1.139
Berhutang akan membe
MARR= 15%
P-income P-expenditure Selisih=0 MARR(TARGET) 15%
1360.99 1361.433004435 -0.44 ....close to zero….

al lump-sump sebesar Rp ….. Milyar (NPV) as additional profit beyond expected yearly profit

tween income and expenditure:

-3, Rp 202 in year-4, dan Rp202 in year-5

d the target of MARR, i.e,…....% per th,

580 Milyar,
ma 5 tahun) secara lump-sum
dari keuntungan tahunan yang diharapkan

pemasukan dan pengeluaran:

202di th-4, dan Rp202 di th-5

RR) sebesar 30,2% per-th yang melebihi

ke …......
 0 1 2 3 4 5

MARR= 15.000% target

# Year Pmasuk Pkeluar Difference - Selisih

Belum balik
1 493.91 744.51 -250.59 modal

Belum balik
2 923.40 1079.90 -156.50 modal

Belum balik
Pm Pk 3 1296.87 1371.55 -74.68 modal

Belum balik
4 1621.63 1625.16 -3.53 modal

Sudah balik
5 2069.58 1845.69 223.89 modal
0
Belum balik modal
Sudah balik modal
eciation is a consequence of the use of assets and these assets usually
ience a decrease in quality. According to common reasoning, depreciation
serve aimed at buying new assets to replace old assets that are no longer
ctive. Meanwhile, according to accounting, depreciation is the allocation
ds obtained from fixed assets into the cost of production or operating
nses caused by the use of assets.
285 285 285 285 285

268 281 293 297 304

555 555 555 555 555

505 533 568 587 605

Berhutang akan memberikan kelayakan ekonomi yang lebih baik
=NPV
 Hitunglah
HitunglahA,P, (sinking fund) ***
JikaJikadiketahui
unglah F, (compound amount)
di k et a hui AF
Jika diketahui A
itunglah P, (present
Kode (F/A, Kode
r%, n) worth, (A/F,
Kodelinear , r%,r%,n)n))
(P/Agradient
Jika diketahui G(1+r)n – 1
Rumus: Rumus:
Rumus:
Kode (P/G,F =r%,A.[------------]
n) (1+r) nr
–1
Rumus: r n – r.n –PA1==A.F.[------------
(1+r) [------------]
]
P = G.[-------------------- ] (1+r)nn – 1
2
r .(1+r) n r.( 1+r)