I. Proyek Penggantian
Perusahaan X sedang memperimbangkan untuk mengganti mesin lama dengan mesin baru.
| Harga beli mesin baru | $ 140.000 |
| Biaya instalasi mesin | $ 10.000 |
| Umur ekonomis | 3 tahun |
| Harga beli mesin lama 2 tahun lalu | $ 40.000 |
| Harga jual mesin saat ini | $ 42.000 |
| Umur ekonomis | 5 tahun |
Dengan penggantian mesin, perusahaan mengestimasi akan terjadi kenaikan asset lancar sebesar $ 35.000 dan kewajiban lancar $. 15.000
Pajak 10%
| Initial Investment |
|
| Harga beli mesin baru | $ 140.000 |
| Biaya instalasi mesin | $ 10.000 |
| Proceeds penjualan mesin lama | $ 42.000 |
| Pajak penjualan mesin lama* | $ 1.800 |
| Perubahan modal kerja bersih | $ 20.000 |
| Initial Investment | $ 129.800 |
Ket :
*) nilai buku mesin lama $ 40.000 - $ 16.000 = $ 24.000
Pajak 10% ( 42000-24000) = $ 1.800
Net Operating Cash InFlows
Selanjutnya diketahui estimasi pendapatan dan biaya per tahun diluar depresiasi untuk kedua mesin selama 5 tahun sbb :
| TAHUN | MESIN BARU | MESIN LAMA | ||
| PENDAPATAN | BIAYA | PENDAPATAN | BIAYA | |
| 1 | $ 120.000 | $ 39.600 | $ 70.000 | $ 13.300 |
| 2 | $ 120.000 | $ 54.000 | $ 70.000 | $ 8.400 |
| 3 | $ 120.000 | $ 18.000 | $ 70.000 | $ 8.400 |
| 4 | 0 | 0 | $ 70.000 | $ 3.500 |
| TH | MESIN BARU | LABA SEBELUM DEP & PAJAK | DEPRESIASI | EBIT | PAJAK 40% | NOCIF | |
| PENDAPATAN | BIAYA | ||||||
| 1 | $ 120.000 | $ 39.600 | $ 80.400 | $ 50.000 | $ 30.400 | $ 12.160 | $ 68.240 |
| 2 | $ 120.000 | $ 54.000 | $ 66.000 | $ 50.000 | $ 16.000 | $ 6.400 | $ 59.600 |
| 3 | $ 120.000 | $ 18.000 | $ 102.000 | $ 50.000 | $ 52.000 | $ 20.800 | $ 81.200 |
| 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TH | MESIN LAMA | LABA SEBELUM DEP & PAJAK | DEPRESIASI | EBIT | PAJAK 40% | NOCIF | |
| PENDAPATAN | BIAYA | ||||||
| 1 | $ 70.000 | $ 13.300 | $ 56.700 | $ 8.000 | $ 48.700 | $ 19.480 | $ 37.220 |
| 2 | $ 70.000 | $ 8.400 | $ 61.600 | $ 8.000 | $ 53.600 | $ 21.440 | $ 39.560 |
| 3 | $ 70.000 | $ 8.400 | $ 61.000 | $ 8.000 | $ 53.600 | $ 21.440 | $ 39.560 |
| 4 | $ 70.000 | $ 3.500 | $ 66.500 | 0 | $ 66.500 | $ 26.600 | $ 39.900 |
| TH | N O C I F | RELEVANT CASH FLOW | |
| MESIN BARU | MESIN LAMA | ||
| 1 | $ 68.240 | $ 37.220 | $ 31.020 |
| 2 | $ 59.600 | $ 39.560 | $ 20.040 |
| 3 | $ 81.200 | $ 39.560 | $ 41.640 |
| 4 | 0 | $ 39.900 | -$ 39.900 |
TERMINAL CASH FLOW
Jika diketahui bahwa mesin baru laku dijual dengan harga $ 35.000 dan perusahaan berharap akan menutup modal kerja bersih $ 20.000, maka aliran kas akhir umur proyek sbb :
| Penjualan mesin baru | $ 35.000 |
| Pajak penjualan mesin baru | $ 3.500 |
| Perubahan modal kerja bersih | $. 20.000 |
| Terminal net cash in flow | $ 1 1.500 |
II.
PAYBACK PERIOD (PP)
|
| PROJECT | |
| M | N | |
| INITIAL INVESTMENT | $ 28.500 | $ 27.000 |
| YEAR |
|
|
| 1 | $ 10.000 | $ 11.000 |
| 2 | $ 10.000 | $ 10.000 |
| 3 | $ 10.000 | $ 9.000 |
| 4 | $ 10.000 | $ 8.000 |
| AVERAGE | $ 10.000 | $ 9.500 |
Ø Project M mempunyai annual cash inflows
Payback period = initial investment = $ 28.500 = 2,85 tahun
The annual cash inflows $ 10.000
Ø Project M
| M |
|
| $ 27.000 | |
|
| ACCUMULATED CASH INFLOWS |
| $ 11.000 | $ 11000 |
| $ 10.000 | $ 21.000 |
| $ 9.000 | $ 30.000 |
| $ 8.000 |
|
NET PRESENT VALUE (NPV)
| ANNUAL CASH INFLOWS | $ 10.000 |
| PVIFA, 10%,4TH | 3,169 |
| PV OF CASH INFLOWS | $ 31.690 |
| INITIAL INVESTMENT | $ 28.500 |
| NPV | $ 3.190 |
| NPV CALCULATION FOR PROJECT N | |||
| YEAR | CAS INFLOWS | PVIF,10%, 4TH | PV |
| 1 | $ 11.000 | 0.909 | $ 9.999 |
| 2 | $ 10.000 | 0.826 | $ 8.260 |
| 3 | $ 9.000 | 0.751 | $ 6.759 |
| 4 | $ 8.000 | 0.683 | $ 5.464 |
| PV OF CASH INFLOWS | $ 30.482 | ||
| INITIAL INVESTMENT | $ 27.000 | ||
| NPV | $ 3.482 | ||
INTERNAL RATE OF RETURN (IRR)
| PROJECT M | K1 = 18% | K2= 20% | |
| 1 | $ 10.000 | 8474,576271 | 8333,333333 |
| 2 | $ 10.000 | 7181,844298 | 6944,444444 |
| 3 | $ 10.000 | 6086,308727 | 5787,037037 |
| 4 | $ 10.000 | 5157,888752 | 2603,082049 |
| PV OF CASH INFLOWS | 26900,61805 | 23667,89686 | |
| INITIAL INVESTMENT | 28.500 | 27.000 | |
| NPV | -1599 | -3332 | |
IRR = 18% + -1599 ( 20%-18%) = 16,16%
-1599-(- 3332)
| PROJECT N | K1 = 18% | K2= 22% | |
| 1 | $ 11.000 | 9322,033898 | 9016,393443 |
| 2 | $ 10.000 | 7181,844298 | 6718,624026 |
| 3 | $ 9.000 | 5477,677854 | 4956,361986 |
| 4 | $ 8.000 | 4126,311001 | 3611,192704 |
| PV OF CASH INFLOWS | 26107,86704 | 24302,57216 | |
| INITIAL INVESTMENT | 28.500 | 27.000 | |
| NPV | -2393 | -2697 | |
IRR = 18% + -2393 ( 22%-18%) = 13,37%
-2393 - (- 2697)
I could not have closed on my first home without Mr, Pedro ! Pedro and his team went above and beyond for me on this transaction. He handled my very tight turn around time with ease and was always available for me when I had questions (and I had plenty), even when he was away from the office, which I greatly appreciated! He and his team handled many last-minute scrambles with the seller and worked tirelessly to make sure that I could close before my lease (and my down payment assistance, for that matter) expired. Mr Pedro is an incredibly knowledgeable Loan Officer, courteous, and patient. I went through a couple offers on properties before my final purchase and Pedro was there to help with each one, often coordinating with my agent behind the scenes. I felt supported throughout the entire process. Thanks to Pedro and the tireless efforts of his team, I am now a proud homeowner! I would encourage you to consider Pedro and his loan company for any kind of loan.
Mr, Pedro Loan Offer
Email- pedroloanss@gmail.com.