Chapter 11 Financial Management & Business Financing.

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1 Chapter 11 Financial Management & Business Financing

2 How To: Case: Fried Duck "BAGONG"

3 Case (1) •Bagong is a village boy who has big dreams. Although derived from the village, Bagong dreamed of 20 years who will come to have a restaurant that spread throughout Indonesia. To realize these dreams Bagong must initiate the first step, namely to build his first restaurant. Bagong believe, with fried duck recipes inherited from her eyangnya restaurant that will open will be in demand by the public. •After a through discussion with colleagues and perform related simple analysis of potential markets and consumer tastes around the city where he lived, Bagong optimistic that in a first year being able to sell 36,000 fried duck with a turnover of 360 million per year (assuming 100 servings a day, 1 months of 30 days open)

4 Case (2) •In order to achieve the turnover of the Bagong identified several needs that must be met in preparation for the opening of fried Duck restaurant, which is –Production equipment, to wash, cook and serve product. Estimated value of production equipment is Rp10 million –Place to sell. Bagong find a strategic place to be rented as a place of business. Rental fee per year places were Rp6 million (Rp500 thousand per month) –Duck and materials other consumables that must be provided to start opening a restaurant is estimated to average worth Rp700 thousand per day. To guard against fluctuations in demand, Bagong adopted a policy of purchasing these materials 10% more than average needs.

5 Case (3) •Needs (continued) –Duck and consumable materials were obtained from suppliers who are old friends Bagong. Because of these personal ties, Bagong obtain payment facility 5 days after the goods purchased. –Petty cash is used to smooth the transaction is estimated at 200 thousand –To assist the process of production and service of assisted Bagong 2 employees who earn Rp750 thousand per month •On the one hand the money in the hands of Bagong currently only Rp25 million results from Bagong won the marathon race which he attended in order HUT RI-64 some time ago •Luckily, Bagong obtained a soft loan from an NGO Rp 15 million with interest at 12% per annum, which must be returned within 1 year

6 Case (4) •From the production process conducted by Bagong, terdentifikasi that the cost of raw materials and consumables is Rp7 thousand per serving. •To support the sales Bagong marketing cost of Rp100 per month. While administrative and other operational costs are Rp25 thousand per month. •Selling price is Rp10 thousand per serving. •To maximize sales of the stoke Bagong loyal customer receivables amounting to 300 thousand per month.

7 Case (5) •Further to the interests of the mobilization effort, Bagong use a valuable bike Rp10juta in business activity •Because the business is still a beginner, Bagong not pay taxes on his business

8 Case (6) •Specify: –Make a proforma balance sheet of the business to be conducted Fried Duck Bagong it ! –Calculate the working capital needed by the Bagong ! What is the profitability of the capital investment ? –Make a proforma consolidated R / L –How much gross profit and net profit successfully predicted –How much profit margin, ROA and ROE of the Bagong business ? –How debt repayment capability which is owned by Bagong business ? –How Bagong effectiveness in managing its assets? How well these liquidity Bagong business ?

9 Neraca (000 per bulan) AKTIVAPASIVA Kas?Utang dagang? Piutang?Utang Lembaga Keuangan? Sedian Peralatan?Modal Sendiri? Kendaraan? Total Aktiva?Total Pasiva?

10 Tingkat modal kerja dan keuntungan modal dari investasi •Modal Kerja = Aset Lancar terkait Operasional – Kewajiban Lancar terkait Operasional + Aset Tetap •Modal Kerja = ? •Tingkat keuntungan investasi = Modal Kerja/NOPAT = ?

11 Laba/Rugi (000 per bulan) Penjualan? Harga Pokok Produksi (-)? Sediaan awal (+)? Pembelian (+)? Biaya tenaga kerja langsung (+)? Sediaan akhir (-)? Laba Kotor (Gross Profit)? Biaya penjualan dan administrasi (-)? Operating profit? Beban Bunga (-)? Laba Sebelum Pajak? Pajak (-)? Laba Bersih?

12 Margin Keuntungan, ROA, ROE •Margin = Laba Bersih/Penjualan = •ROA = Laba Bersih/Total Aset = •ROE = Laba Bersih/Total Modal Sendiri =

13 Gross Profit, Net Income, Ability Pay Debt •Laba Kotor = •Laba Bersih = •Kemampuan Bayar Utang = = Laba Operasi/beban bunga =

14 Efektivitas Manajemen Aset & Likuiditas Kondisi Keuangan •Perputaran Sediaan = Penjualan/Sediaan = •Perputaran Aset = Penjualan/Total Aset = •Likuiditas= Aset Lancar/Kewajiban Lancar =

15 Concept Financial Management For Business Start ups

16 Agenda •Dasar Manajemen Keuangan untuk Start-Up Business Owner Analisis Kelayakan Finansial Mengelola Modal Kerja mengelola Hutang Mengelola Arus Kas Mengelola Kinerja Keuangan

17 Fixed Cost vs Variable Cost Rp Jumlah Unit Fixed cost Variable cost

18 Break Even Point Rp Jumlah Unit Total cost Sales Profit BEP Loss

19 NPV:Sum of the PVs of inflows and outflows. Cost often is CF 0 and is negative.

20 What’s Project L’s NPV? 108060 0123 10% Project L: -100.00 9.09 49.59 60.11 18.79 = NPV L NPV S = $19.98.

21 Calculator Solution Enter in CFLO for L: -100 10 60 80 10 CF 0 CF 1 NPV CF 2 CF 3 I = 18.78 = NPV L

22 Rationale for the NPV Method NPV= PV inflows - Cost = Net gain in wealth. Accept project if NPV > 0. Choose between mutually exclusive projects on basis of higher NPV. Adds most value.

23 Internal Rate of Return: IRR 0123 CF 0 CF 1 CF 2 CF 3 CostInflows IRR is the discount rate that forces PV inflows = cost. This is the same as forcing NPV = 0.

24 NPV: Enter r, solve for NPV. IRR: Enter NPV = 0, solve for IRR.

25 40 0123 IRR = ? Find IRR if CFs are constant: -100 Or, with CFLO, enter CFs and press IRR = 9.70%. 3 -100 40 0 9.70% NI/YRPVPMTFV INPUTS OUTPUT

26 Money Management Strategies  Strategi manajemen uang yang efektif meliputi mengatur dan memelihara catatan keuangan pribadi, mengawasi anggaran rumah tangga, penanganan buku cek, dan mencapai tujuan keuangan berdasarkan perencanaan yang cermat melalui neraca dan laporan arus kas. Sebuah neraca, juga dikenal sebagai pernyataan nilai bersih, daftar semua item nilai dan semua jumlah yang terhutang. Ini disebut sebagai aset dan kewajiban, masing-masing. Neraca menggambarkan tabungan diproyeksikan dan biaya. Sebuah pernyataan dari pendapatan, menunjukkan kinerja perusahaan keuangan selama periode tertentu. Sebuah pernyataan arus kas merangkum semua penerimaan kas dan pembayaran untuk jangka waktu tertentu. Pernyataan arus kas memberikan informasi tentang pendapatan dan perilaku belanja. Anggaran menilai situasi keuangan saat ini, memberikan arah untuk mencapai tujuan keuangan, menciptakan tunjangan anggaran, dan memberikan umpan balik untuk mengevaluasi tujuan yang direncanakan.

27 Balance Sheet Asset •Current Asset –Cash –Account Receivables –Inventory •Fixed Asset –Equipment –Land –Building Liability & Equity •Liability –Account Payable –Notes Payable –Accruals –Long-term debt •Equity –Common stock –Retained Earnings

28 Income Statement (P&L) •Net Sales –(-) COGS –(-) Selling & GA expenses •EBITDA –(-) Depreciation –(-) Amortization •EBIT –(-) Tax •Net Income

29 Working Capital •also known as net working capital, is a financial metric which represents operating liquidity available to a business •Net operating working capital = Operating CA – Operating CL = (cash, receivables, inventory) – (account payable, accruals) •Net operating capital = Net Operating Working Capital + Fixed Asset

30 Manajemen Modal Kerja •Memastikan bahwa perusahaan mampu melanjutkan operasinya dan bahwa ia memiliki arus kas yang cukup untuk memenuhi kedua utang jangka pendek jatuh tempo dan biaya operasional yang akan datang. pertimbangan: Kas siklus konversi ROIC (Return on Invested Capital) dan CoC (Biaya Modal) daerah: Manajemen Kas Manajemen Persediaan AR Manajemen Manajemen AP

31 pengelolaan utang •Leverage dan Penggunaan Kredit: Tingkat yang meminjam modal digunakan untuk melengkapi dan memperluas modal ekuitas: Leverage yang meningkat dengan kenaikan rasio utang / aset. Leverage dapat menjadi alat yang ampuh, tetapi gunakan dengan hati-hati. Haruskah aku meminjam modal dan menggunakan leverage untuk meningkatkan keuntungan saya? Hanya jika ROA> Saya Jika ROA <i: Modal harus digunakan untuk membantu membayar bunga.

32 Types of loan By Length of repayment:Short-Term Loans Intermediate-Term Loans Long-Term Loans By Use of funds:Real Estate Loans Non-Real Estate Loans Personal Loans By Type of security:Secured Unsecured By type of Rate:Fixed Rate Variable Rate By Type of Repayment Plan:Single Payment Loan Line of Credit Amortized Loan Balloon Payment Loan

33 The Cost of Borrowing  Interest Rates: • (APR) Annual Percentage Rate/ Nominal Rate.  Periodic Rate  Periodic rate = APR/m  Effective Rate  Eff = (1 + Periodic rate) m - 1  Other cost: • Loan closing fees or “points.” • Appraisal fees. • Other fees.

34 Membandingkan biaya rencana yang berbeda: 1. Hitung jumlah dolar yang akan dilunasi dalam setiap periode waktu: Pokok, bunga, biaya-biaya lainnya. 2. Cari nilai sekarang diskon dari serangkaian pembayaran: Gunakan tingkat diskonto yang sama untuk setiap alternatif. 3. Cari NPV, atau biaya sebenarnya, dari pinjaman: IRR kepada pemberi pinjaman jika ingin dalam persentase.

35 Sources of Funds •Deposito & Tabungan individu pinjaman: keluarga pinjaman tetangga pinjaman "Pegadaian" Pinjaman bank (bank umum, BPR, Bank Syariah, dll) modal ventura Leasing Dll pemasok pelanggan

36 Cash flow statement •Sebuah pernyataan arus kas merangkum semua penerimaan kas dan pembayaran untuk jangka waktu tertentu. Pernyataan arus kas memberikan informasi tentang pendapatan dan belanja perilaku Kas secara Kecualikan penyusutan, amortisasi & akrual

37 Statement of Cash Flow •(+) Cash flow from operation –(+) Inflow (all receipt from production, sales, delivery, procurement, advertising, inventory, etc) –(-) Outflow (all payment for production, sales, delivery, procurement, advertising, inventory, etc) •(+) Cash flow from investing –(+) Inflow (all receipt from investment result) –(-) Outflow (all payment for investment, such as: buy assets, make loan to customer, etc.) •(+) Cash flow from financing –(+) Outflow (such as: new debt, new fund from equity) –(-) Outflow (such as: dividend payment) •Net increase (decrease) in cash

38 Financial Performance Indicators (1) •Liquidity: Can we make required payments as they fall due? –CR = CA/CL –QR = (CA-Inv)/CL •Asset management: Do we have the right amount of assets for the level of sales? –Inv. TO = Sales/Inv –DSO = Receivables/Average sales per day –FATO = Sales/TFixedAsset –TATO = Sales/TA

39 Financial Performance Indicators (2) •Debt management: Do we have the right mix of debt and equity? –Debt ratio = TL/TA –TIE = EBIT/interest charges •Profitability: Do sales prices exceed unit costs, and are sales high enough as reflected in PM, ROE, and ROA? –PM = NI/Sales –BEP = EBIT/TA –ROA = NI/TA –ROE = NI/CE

40 Tips & Triks

41 Tips for Managing Working Capital •Tentukan siklus kas konversi Menggunakan kebijakan manajemen kas Menggunakan kebijakan manajemen persediaan Menggunakan AR kebijakan manajemen Gunakan AP kebijakan manajemen Cash Inventory for production Final product ready to be sold SalesRecivable

42 Tips untuk Mengajukan Dana Pinjaman •Mengetahui karakteristik bisnis Anda Mengetahui berapa banyak rupiah yang Anda butuhkan Menilai kapasitas pembayaran Keledai jatuh tempo bunga dan pinjaman Meminta penjelasan lebih & simulasi Persiapan untuk proposal pinjaman • explanation & simulation •Preparation for loan proposals