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PT SPR
Statement of Financial Position
Account 2015 2016 Account
Assets Liabilities&Equities
Current Assets Current Liabilities
Cash 8,197,100 9,428,000 A/P
A/R 4,765,000 5,124,000 N/P
Inventory 3,678,900 3,897,000 Other
Total Current Assets 16,641,000 18,449,000 Total Current Liabilities
Equities
C/S
Accumulated R/E
Total Equities
Soal a
Soal b
Cash Flow from Assets (CFFA) = OCF - Net Capital Spending - Change in NWC
Change in C/A
C/A 2016 18,449,000
C/A 2015 16,641,000
Change in C/A 1,808,000
Change in C/L
C/L 2016 13,699,000
C/L 2015 11,753,000
Change in C/L 1,946,000
Change in NWC
Change in C/A 1,808,000
Change in C/L 1,946,000
Change in NWC (138,000)
CFFA
OCF 7,661,450
Net Capital Spending 2,624,000
Change in NWC (138,000)
CFFA 5,175,450
Cash Flow for Creditor (CFFC) = Interest Paid - Net New Borrowing
CFFC
Interest Paid 974,000
Net New Borrowing 200,000
CFFC 774,000
Cash Flow for Shareholders (CFFS) = Dividend Paid - Net New Equity
CFFS
Dividend Paid 4,401,450
Net New C/S Issued -
CFFS 4,401,450
Test:
Used OCF % of CFFA
CFFA 5,175,450 100.00%
CFFC 774,000 14.96%
CFFS 4,401,450 85.04%
-
Interpretasi:
- Cash flow yang dihasilkan oleh entitas mayoritas didistribusikan kepada pemegang saham yaitu sebesar 85,04%, selebihn
- Persentase tersebut menunjukkan bahwa masih terdapat potensi pertumbuhan daya ungkit (leverage) melalui penerbitan
2015 2016
5,690,000 6,820,000
1,500,000 1,500,000
4,563,000 5,379,000
11,753,000 13,699,000
1,000,000 1,200,000
1,000,000 1,200,000
3,000,000 3,000,000
3,456,000 3,795,000
6,456,000 6,795,000
19,209,000 21,694,000
ebesar 85,04%, selebihnya merupakan net cash flow dari creditor
age) melalui penerbitan LT-debt baru
Soal a
PT Cody Cold
Profit and Loss Statement (in Rp 000)
for the period ended on Dec 31 2016
Account Nominal
Sales 366,996
COGS 253,122
Depreciation 32,220
EBIT 81,654
Interest 14,300
Taxable income 67,354
Taxes 23,574
Net Income 43,780
Dividend 20,000
PT Cody Cold
Statement of Financial Position (in Rp 000)
as of Dec 31 2016
Account 2016 Account 2016
Assets Liabilities&Equities
Current Assets Current Liabilities
Cash 24,255 A/P 27,420
A/R 15,235 N/P 10,800
Inventory 27,155 Other 15,553
Total Current Asset 66,645 Total Current Liabilities 53,773
Equities
C/S 40,000
Accumulated R/E 243,606
Total Equities 283,606
Flowery Firm
Debt Ratio 45% = TD / TA
ROA 10%
Sales 984,000
Total Debt 560,000
Industrial Average
Debt Ratio 30% = TD / TA
Equity Ratio 70% = 1 - Debt Ratio
Equity Multiplier 1.43 = 1 / Equity Ratio
ROA 17%
ROE 24% = ROA x Equity Multiplier
Perbandingan
Indikator Flowery Firm Industrial Average Deskripsi
Debt Ratio 45% 30% FF memiliki tingkat leverage yang lebih
Equity Multiplier 1.82 1.43 FF memiliki tingkat leverage yang lebih
ROA 10% 30% Kemampuan FF menghasilkan net incom
ROE 18.18% 24% Kemampuan FF menghasilkan net incom
Profit Margin 12.65% 20% Kemampuan FF menghasilkan net incom
Total Asset Turnover 79.07% 85% Kemampuan FF untuk menghasilkan sa
t likuid sebesar Rp0,73
PT Rakutan
Statement of Financial Position (Rp 000)
Account 2016 2017 (f) Account
Assets Liabilities&Equities
Current Assets Current Liabilities
Cash 22,050 28,665 A/P
A/R 13,850 18,005 N/P
Inventory 24,650 32,045
Total Current Assets 60,550 78,715 Total Current Liabilities
Equities
C/S
Accumulated R/E
Total Equities
Soal a:
ROA 0.1136
Plowback Ratio 0.4112
Internal Growth Rate (IGR) 4.90% = [ROA x Plowback Ratio] / 1 - [ROA x Plowback Ratio]
interpretasi:
PT Rakutan dapat bertumbuh sebesar 4,9% tanpa pendanaan eksternal
2016 2017 (f)
22,850 29,705
20,385 20,385
43,235 50,090
85,000 85,000
85,000 85,000
25,000 25,000
167,840 188,297
192,840 213,297
321,075 348,387
69,011
Plowback Ratio]
Soal a
Intrinsic value on the valuation date = (Coupon x PVIFA 3;4%) + Par Value x PVIF 3;4%)
Soal b
D0 100
Growth year 1-5 10%
D1 110 = [(1+growth]^year] x D0
D5 161
Growth year beyond 6 4%
D6 167
RRR 20%
Value of stock on the valuation date = PV of dividend from year 1 to year 5 + PV of dividend from year 6 and beyond
PT Kaema
Project Profit and Loss Proforma
Description Year 0 Year 1 Year 2
Operating Cash Flow
Sales [unit sales x p] 250,000,000 300,000,000
Var. Cost [unit sales x vc] 75,000,000 90,000,000
Fixed Cost 10,000,000 10,000,000
Depreciation [d] 40,000,000 40,000,000
Taxable Income 125,000,000 160,000,000
Income after tax [NI] 93,750,000 120,000,000
Operating Cash Flow [NI+d] - 133,750,000 160,000,000
PV schedule
Cost of capital 20%
Year Cash Flow PVIF
0 (225,000,000) 1.0000000
1 108,750,000 0.8333333
2 135,000,000 0.6944444
3 161,250,000 0.5787037
4 127,500,000 0.4822531
5 82,500,000 0.4018776
390,000,000
Soal a:
Total cash flow dari project adalah Rp390.000.000,-
Soal b:
NPV dari project adalah Rp147.333.140,-
Soal c:
Project dinyatakan layak secara finansial (financially feasible) karena NPV positif
ciation: tax applied
r 5 - carrying amount in year 5
40,000,000
(10,000,000)
- - 30,000,000
PV of Cash Flow
(225,000,000)
90,625,000
93,750,000
93,315,972
61,487,269
33,154,900
147,333,140