PT SPR
Profit and Loss Statement
for the period ended on Dec 31 2016
Account Nominal
Sales 17,540,000
COGS 7,326,000
Depreciation 1,947,000
EBIT 8,267,000
Interest 974,000
Taxable income 7,293,000
Taxes 2,552,550
Net Income 4,740,450
Dividend 4,401,450
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
Fixed Assets Non-Current Liabilities
Net PPE 2,568,000 3,245,000 Long Term Debt
Total Fixed Assets 2,568,000 3,245,000 Total Non-Current Liabilitie
Equities
C/S
Accumulated R/E
Total Equities
Total Assets 19,209,000 21,694,000 Total Liabilities&Equities
Soal a
Operating Cash Flow = Net Income + Interest + Depreciation
Operating Cash Flow
Net Income 4,740,450
Interest 974,000
Depreciation 1,947,000
Operating Cash Flow 7,661,450
Soal b
Cash Flow from Assets (CFFA) = OCF - Net Capital Spending - Change in NWC
Net Capital Spending
Net PPA 2016 3,245,000
Net PPA 2015 2,568,000
Depreciation expense 2016 1,947,000
Net Capital Spending 2,624,000
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
Net New Borrowing
LT-Debt 2016 1,200,000
LT-Debt 2015 1,000,000
Net New Borrowing 200,000
CFFC
Interest Paid 974,000
Net New Borrowing 200,000
CFFC 774,000
Cash Flow for Shareholders (CFFS) = Dividend Paid - Net New Equity
Net New C/S Issued
C/S 2016 3,000,000
C/S 2015 3,000,000
Net New C/S Issued -
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
Fixed Assets Non-Current Liabilities
Net PPE 365,734 Long Term Debt 95,000
Total Fixed Assets 365,734 Total Non-Current Liabilitie 95,000
Equities
C/S 40,000
Accumulated R/E 243,606
Total Equities 283,606
Total Assets 432,379 Total Liabilities&Equities 432,379
Quick Ratio = [C/A - inventory] / C/L
= 0.734383426626746
Interpretasi setiap Rp1 current liabilities, entitas memiliki coverage aset likuid sebesar Rp0,73
Time Interest Earned = EBIT / Interest Paid
= 5.71006993006993
Interpretasi setiap Rp1 kewajiban membayar bunga kepada kreditor, entitas memiliki coverage operating
A/R Turnover = Sales / A/R
= 24.0890055792583
Day Sales in A/R = 365 hari / A/R turnover
= 15.1521406227861
Interpretasi rata-rata periode waktu pelunasan piutang usaha oleh customer adalah 15 hari
Operating Profit Margin = EBIT / Sales
= 0.222492888205866
Interpretasi setiap Rp1 penjualan, entitas menghasilkan Rp0,22 laba operasi
Soal b
Flowery Firm
Debt Ratio 45% = TD / TA
ROA 10%
Sales 984,000
Total Debt 560,000
Total Asset 1,244,444 = Total Debt / Debt Ratio
Total Equity 684,444 = Total Asset - Total Debt
Equity Multiplier 1.82 = TA / TE
Net Income 124,444 = ROA x TA
ROE 18.18% = Net Income / TE
Profit Margin 12.65% = Net Income / Sales
Total Asset Turnover 79.07% = Sales / TA
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
ntitas memiliki coverage operating income sebesar Rp5,71
tomer adalah 15 hari
memiliki tingkat leverage yang lebih tinggi dibandingkan rata-rata industri
memiliki tingkat leverage yang lebih tinggi dibandingkan rata-rata industri
mampuan FF menghasilkan net income untuk setiap Rp1 aset lebih rendah dibandingkan rata-rata industri
mampuan FF menghasilkan net income untuk setiap Rp1 ekuitas pemegang saham lebih rendah dibandingkan rata-rata industri
mampuan FF menghasilkan net income setiap Rp1 penjualannya lebih rendah dibandingkan dengan rata-rata industri
mampuan FF untuk menghasilkan sales untuk setiap Rp1 total aset lebih rendah dibandingkan rata-rata industri
kan rata-rata industri
PT Rakutan
Profit and Loss Statement (Rp 000)
for the period ended on Dec 31 2016
Account Nominal 2017 (f)
Sales 305,830 397,579
COGS 210,935 274,216
Other Expenses 26,850 34,905
EBIT 68,045 88,459
Interest 11,930 11,930
Taxable income 56,115 76,529
Taxes 19,640 26,785
Net Income 36,475 49,744
Dividend 21,475 29,287
Additional R/E 15,000 20,457
Tax Rate 35.00%
Dividend Payout Ratio 58.88%
Plowback Ratio 41.12% = 1 - Dividend Payout Ratio
Projected Sales Growth 30.00%
Projected R/E 188,297 = R/E 2016 + Projected Add R/E
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
Fixed Assets Non-Current Liabilities
Net PPE 260,525 338,683 Long Term Debt
Total Fixed Assets 260,525 338,683 Total Non-Current Liabilitie
Equities
C/S
Accumulated R/E
Total Equities
Total Assets 321,075 417,398 Total Liabilities&Equities
Soal b: External Financing Needed
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
Bond XYZ ----- coupon paid per half annuity
Coupon 10% per annuity
5% per half annuity
Par value 5,000,000
Coupon 250,000 per half annuity
Maturity date 12/31/2018
Valuation date 7/1/2017
Tenor 1.5 tahun
3 periode pembayaran bunga
RRR 8% per annuity
4% per hal annuity
Intrinsic value on the valuation date = (Coupon x PVIFA 3;4%) + Par Value x PVIF 3;4%)
PVIF 3;4% 0.8889963587 =1 / [(1+RRR)^Tenor]
PVIFA 3;4% 2.7750910332 = (1-PVIF)/RRR
Intrinsic Value 5,138,755
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
PV of dividend from year 1 to year 5 = PVIF x Dividend
Year Dividend PV of Dividend
1 110 92
2 121 84
3 133 77
4 146 71
5 161 65
388
PV of dividend from year 6 and beyond
Step 1: calculate PV in year 5 of dividend from year 6 and beyond = D6 / (RRR-g)
1,047
Step 2: calculate PV in valuation date of PV from step 1 = PVIF 5;20% x 1.047
421
Value of stock on the valuation date 809
vidend from year 6 and beyond
Depreciation schedule:
Cost 200,000,000
Economic life 5 years
Depreciation per year 40,000,000 ----- straight line method
Carrying amount in year-5 -
Liquidation price 40,000,000 ----- overstated in depreciation: tax applied
Overstated in depreciation 40,000,000 = Liquidation price in year 5 - carrying amount in year 5
Tax applied 10,000,000 = 25% x overstated in depreciation
Description Year 0 Year 1 Year 2
Unit Sales 500 600
Price/Unit [p] 500,000 500,000
Variabel Cost/Unit [vc] 150,000 150,000
Fixed Cost 10,000,000 10,000,000
Tax rate 25% 25%
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
Net Capital Spending
Capital Spending (200,000,000)
Liquidation of equipment
Tax applied in overstated depreciation
Net Capital Spending (200,000,000) - -
Change in Net Working Capital (25,000,000) (25,000,000) (25,000,000)
PROJECT CASH FLOW (225,000,000) 108,750,000 135,000,000
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
Year 3 Year 4 Year 5
700 800 400
500,000 400,000 400,000
150,000 150,000 150,000
10,000,000 10,000,000 10,000,000
25% 25% 25%
Year 3 Year 4 Year 5
350,000,000 320,000,000 160,000,000
105,000,000 120,000,000 60,000,000
10,000,000 10,000,000 10,000,000
40,000,000 40,000,000 40,000,000
195,000,000 150,000,000 50,000,000
146,250,000 112,500,000 37,500,000
186,250,000 152,500,000 77,500,000
40,000,000
(10,000,000)
- - 30,000,000
(25,000,000) (25,000,000) (25,000,000)
161,250,000 127,500,000 82,500,000
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
