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12-1 Bab 12 Capital Budgeting dan Estimating Cash Flows.

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Presentasi berjudul: "12-1 Bab 12 Capital Budgeting dan Estimating Cash Flows."— Transcript presentasi:

1 12-1 Bab 12 Capital Budgeting dan Estimating Cash Flows

2 12-2 Capital Budgeting dan Estimating Cash Flows u The Capital Budgeting Process u Generating Investment Project Proposals u Estimating Project “After-Tax Incremental Operating Cash Flows” u The Capital Budgeting Process u Generating Investment Project Proposals u Estimating Project “After-Tax Incremental Operating Cash Flows”

3 12-3 What is Capital Budgeting? Proses mengindentifikasi, menganalisis, dan memilih proyek investasi yang diharapkan dapat memberikan return (arus kas) untuk periode lebih dari satu tahun.

4 12-4 Proses Capital Budgeting u Penyusunan proposal investasi yang konsisten dengan sasaran strategis perusahaan u Menyusun estimasi arus kas inkremental setelah pajak untuk proyek yang diusulkan u Mengevaluasi arus kas inkremental yang dihasilkan oleh suatu proyek u Penyusunan proposal investasi yang konsisten dengan sasaran strategis perusahaan u Menyusun estimasi arus kas inkremental setelah pajak untuk proyek yang diusulkan u Mengevaluasi arus kas inkremental yang dihasilkan oleh suatu proyek

5 12-5 The Capital Budgeting Process u Memilih proyek berdasar kriteria penilaian (yaitu proyek yang memberikan nilai terbesar) u Melakukan evaluasi ulang terhadap hasil implementasi proyek u Memilih proyek berdasar kriteria penilaian (yaitu proyek yang memberikan nilai terbesar) u Melakukan evaluasi ulang terhadap hasil implementasi proyek

6 12-6 KLasifikasi Proyek Investasi 1. Produk baru atau ekspansi produk 2. Proyek penggantian 3. Proyek riset dan pengembangan 4. Eksplorasi 5. Dll 1. Produk baru atau ekspansi produk 2. Proyek penggantian 3. Proyek riset dan pengembangan 4. Eksplorasi 5. Dll

7 12-7 Screening Proposals and Decision Making 1. Section Chiefs 2. Plant Managers 3. VP for Operations 4. Capital Expenditures Committee 5. President 6. Board of Directors 1. Section Chiefs 2. Plant Managers 3. VP for Operations 4. Capital Expenditures Committee 5. President 6. Board of Directors Advancement to the next level depends on cost and strategic importance.

8 12-8 Estimating After-Tax Incremental Cash Flows  Cashflows  Cash (not accounting income) flows  Operatingflows  Operating (not financing) flows  After-tax flows  Incremental flows  Cashflows  Cash (not accounting income) flows  Operatingflows  Operating (not financing) flows  After-tax flows  Incremental flows Basic characteristics of relevant project flows

9 12-9 Estimating After-Tax Incremental Cash Flows sunk costs  Ignore sunk costs opportunity costs  Include opportunity costs changes in working capital  Include project-driven changes in working capital net of spontaneous changes in current liabilities effects of inflation  Include effects of inflation sunk costs  Ignore sunk costs opportunity costs  Include opportunity costs changes in working capital  Include project-driven changes in working capital net of spontaneous changes in current liabilities effects of inflation  Include effects of inflation Principles that must be adhered to in the estimation

10 12-10 Tax Considerations and Depreciation u Depreciation: u Proses pengalokasian secara sistematis sejumlah biaya u Proses pengalokasian secara sistematis sejumlah biaya yang terdapat pada suatu aktiva pada beberapa periode usia ekonomis u Kegunaan: u Pelaporan keuangan u Pajak u Metode Depresiasi: u Garis Lurus u MACRS u dll

11 12-11 Depreciation and the MACRS Method u Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm. u Depreciation is a noncash expense. u Assets are depreciated (MACRS) on one of eight different property classes. u Generally, the half-year convention is used for MACRS.

12 12-12 MACRS Sample Schedule

13 12-13 Depreciable Basis In tax accounting, the fully installed cost of an asset. This is the amount that, by law, may be written off over time for tax purposes. Depreciable Basis (Harga Perolehan) Cost of Asset Capitalized Expenditures = Cost of Asset + Capitalized Expenditures

14 12-14 Capitalized Expenditures Capitalized Expenditures Capitalized Expenditures are expenditures that may provide benefits into the future and therefore are treated as capital outlays and not as expenses of the period in which they were incurred. Examples: Shipping and installation

15 12-15 Sale or Disposal of a Depreciable Asset u Often historically, capital gains income has received more favorable U.S. tax treatment than operating income. u Generally, the sale of a “capital asset” (as defined by the IRS) generates a capital gain (asset sells for more than book value) or capital loss (asset sells for less than book value).

16 12-16 Corporate Capital Gains / Losses u Capital losses are deductible only against capital gains. u Currently, capital gains are taxed at ordinary income tax rates for corporations, or a maximum 35%.

17 12-17 Calculating the Incremental Cash Flows u Initial cash outflow u Initial cash outflow -- the initial net cash investment. u Interim incremental net cash flows u Interim incremental net cash flows -- those net cash flows occurring after the initial cash investment but not including the final period’s cash flow. u Terminal-year incremental net cash flows u Terminal-year incremental net cash flows -- the final period’s net cash flow.

18 12-18 Initial Cash Outflow Cost of “new” assets a) Cost of “new” assets b)+ Capitalized expenditures c)+ (-) Increased (decreased) NWC d)- Net proceeds from sale of “old” asset(s) if replacement e)+ (-) Taxes (savings) due to the sale of “old” asset(s) if replacement =Initial cash outflow f)= Initial cash outflow

19 12-19 Incremental Cash Flows a)Net incr. (decr.) in operating revenue less (plus) any net incr. (decr.) in operating expenses, excluding depr. b)- (+)Net incr. (decr.) in tax depreciation c)=Net change in income before taxes d)- (+)Net incr. (decr.) in taxes e)=Net change in income after taxes f)+ (-)Net incr. (decr.) in tax depr. charges =Incremental net cash flow for period g)=Incremental net cash flow for period

20 12-20 Terminal-Year Incremental Cash Flows a)Net incr. (decr.) in operating revenue less (plus) any net incr. (decr.) in operating expenses, excluding depr. b)- (+)Net incr. (decr.) in tax depreciation c)=Net change in income before taxes d)- (+)Net incr. (decr.) in taxes e)=Net change in income after taxes f)+ (-)Net incr. (decr.) in tax depr. charges =Incremental net cash flow for terminal period g)=Incremental net cash flow for terminal period h)+ (-)Salvage value (disposal/reclamation costs) of any sold or disposed assets i)- (+)Taxes (tax savings) due to asset sale or disposal of “new” assets j)- (+)Decreased (increased) level of “net” working capital =Terminal year incremental net cash flow k)=Terminal year incremental net cash flow

21 12-21 Contoh Untuk Proyek Baru atau Ekspansi u Basket Wonders (BW) sedang mempertimbangkan untuk membeli mesin baru. Berikut data yang dapat dikumpulkan berkaitan dengan pembelian mesin tersebut: 1. Mesin tersebut dibeli dengan harga Rp50, Biaya pengiriman dan instalasi diperkirakan sebesar Rp20,000. Mesin didepresiasi dengan MACRS dan digolongkan dalam the 3-year property class. 3. Pembelian mesin mengakibatkan terjadi kenaikan modal kerja bersih sebesar Rp5, Hasil operasi mesin baru diharapkan dapat menghasilkan kenaikan penghasilan sebesar Rp110,000 per tahun selama 4 tahun, dan pada akhir tahun ke empat, mesin tersebut diperkirakan masih dapat dijual dengan harga Rp10, Disamping memberikan tambahan penghasilan, pengoperasian mesin tersebut mengakibatkan kenaikan biaya operasi per tahun sebesar Rp70,000. u Jika diasumsikan pajak sebesar 40%, buatlah estimasi arus kas untuk usulan investasai mesin tersebut.

22 12-22 Initial Cash Outflow a) Rp50,000 b)+ 20,000 c)+ 5,000 d)- 0 (not a replacement) e)+ (-) 0 (not a replacement) =75,000* f)= Rp75,000* * Note that we have calculated this value as a “positive” because it is a cash OUTFLOW (negative). Harga Perolehan (Depreciable basis)

23 12-23 Incremental Cash Flows Year 1 Year 2 Year 3 Year 4 a) $40,000 $40,000 $40,000 $40,000 b)- 23,331 31,115 10,367 5,187 c)=$16,669 $ 8,885 $29,633 $34,813 d)- 6,668 3,554 11,853 13,925 e)=$10,001 $ 5,331 $17,780 $20,888 f)+ 23,331 31,115 10,367 5,187 =$33,332 $36,446 $28,147 $26,075 g)=$33,332 $36,446 $28,147 $26,075

24 12-24 Terminal-Year Incremental Cash Flows $26,075incremental cash flow a) $26,075The incremental cash flow from the previous slide in Year 4. b)+ 10,000Salvage Value. c)- 4,000.40*($10, ) Note, the asset is fully depreciated at the end of Year 4. d)+ 5,000NWC - Project ends. =$37,075Terminal-year incremental cash flow. e)=$37,075Terminal-year incremental cash flow.

25 12-25 Summary of Project Net Cash Flows Asset Expansion Year 0 Year 1 Year 2 Year 3 Year 4 -$75,000* $33,332 $36,446 $28,147 $37,075 negative * Notice again that this value is a negative cash flow as we calculated it as the initial cash OUTFLOW in slide

26 12-26 Contoh untuk Proyek Penggantian u Dari sebuah perusahaan diperoleh data mengenai usulan proyek investasi sebagai berikut: 1. Perusahaan bermaksud mengganti mesin lama dengan mesin baru yang diperkirakan memiliki harga Rp usia ekonomis 4 tahun. 2. Agar mesin tersebut dapat digunakan, dibutuhkan tambahan biaya untuk instalasi mesin sebesar RP Mesin lama memiliki harga perolehan $30,000 dan didepresiasi dengan metode garis lurus, usia ekonomis 5 tahun (biaya depresiasi Rp6.000 per tahun). 4. Pada saat penggantian mesin lama masih dapat digunakan selama 2 tahun lagi. 5. Pada saat penggantian mesin lama dapat terjual dengan harga Rp6, Penggunaan mesin baru diperkirakan dapat menghemat biaya operasi sebesar RP per tahun. 7. Penggantian mesin mengkibatkan terjadi perubahan modal kerja bersih dari Rp5.000 untuk mesin lama menjadi Rp $10,000 untuk mesin baru. u Dari informasi di atas buatlah estimasi arus kas untuk usulan penggantian mesin tersebut

27 12-27 Initial Cash Outflow a) $50,000 b)+ 20,000 c)+ 5,000 d)- 6,000 (sale of “old” asset) e)- 2,400 <---- =$66,600 f)= $66,600 (tax savings from loss on sale of “old” asset)

28 12-28 Calculation of the Change in Depreciation Year 1 Year 2 Year 3 Year 4 a) $23,331 $31,115 $10,367 $ 5,187 b)- 6,000 6, $17,331 $25,115 $10,367 $ 5,187 c)=$17,331 $25,115 $10,367 $ 5,187 a)Represent the depreciation on the “new” project. b)Represent the remaining depreciation on the “old” project. change c)Net change in tax depreciation charges.

29 12-29 Incremental Cash Flows Year 1 Year 2 Year 3 Year 4 a) $10,000 $10,000 $10,000 $10,000 17,331 25,115 10,367 5,187 b)- 17,331 25,115 10,367 5,187 c)= $ -7,331 -$15,115 $ -367 $ 4,813 d)- -2,932 -6, ,925 e)=$ -4,399 $ -9,069 $ -220 $ 2,888 17,331 25,115 10,367 5,187 f)+ 17,331 25,115 10,367 5,187 =$12,932 $16,046 $10,147 $ 8,075 g)=$12,932 $16,046 $10,147 $ 8,075

30 12-30 Terminal-Year Incremental Cash Flows $ 8,075incremental cash flow a) $ 8,075The incremental cash flow from the previous slide in Year 4. b)+ 10,000Salvage Value. c)- 4,000(.40)*($10, ). Note, the asset is fully depreciated at the end of Year 4. d)+ 5,000Return of “added” NWC. =$19,075Terminal-year incremental cash flow. e)=$19,075Terminal-year incremental cash flow.

31 12-31 Summary of Project Net Cash Flows Asset Expansion Year 0 Year 1 Year 2 Year 3 Year 4 -$75,000 $33,332 $36,446 $28,147 $37,075 Asset Replacement Year 0 Year 1 Year 2 Year 3 Year 4 -$66,600 $12,933 $16,046 $10,147 $19,075


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