Manajemen Keuangan

1. CONTOH SOAL
“ANALYZING PROJECT CASH FLOW”
DISUSUN OLEH:
ABILLIO CHRISTOFORY (4301170117)
FANI NURFADILA N.A (4301170233)
RESTU ADITYA P (4301170001)
DOSEN MATA KULIAH MANAJEMEN KEUANGAN
ABSOR MARANTIKA
KELAS 3-03
PRODI D-III KEBENDAHARAAN NEGARA
JURUSAN MANAJEMEN KEUANGAN
POLITEKNIK KEUANGAN NEGARA STAN

2. (Calculating incremental revenues from new product)
morten food products, Inc. Is a regional manufacturer of salty food snacks. The firm competes directly
with the national brands including Frito-Lay but only in the southeastern part of the United States.
Next year Morten expects total revenues of $400 million from its various chip products. Moreover, a
new line of baked chips is expected to produce revenue of $80 million. However, the firm’s analysts
estimate that about 60% of this revenue will come from existing customers who switch their
purchases from one of the firm’s existing products to the new, healthier baked chips. What level of
incremental sales should the company analyst attribute to the new line of baked chips?
Jawab :
Morten’s new product line is expected to generate $80 million in sales next year but only 40% of that
amount should be considered incremental revenue to Morten:
a. $80,000,000 × 0.4 = $32,000,000.
Since some of Morten’s existing customers would have selected a non-Morten product if the
company did not introduce the healthier baked chips, the incremental revenue to Morten from
introducing the new product is actually greater than the $32,000,000 calculated in part a. In that
case, the amount of additional revenue from the introduction of the new product would also
include the value of the sales that would be lost from the defection of existing customers.
(Determining relevant cash flows)
Landcruisers Plus (LP) has operated an online retail store selling off-road truck parts. As the
name implies, the firm specializes in parts for the venerable Toyota FJ40, which is known
throughout the world for its durability and off-road prowess. The fact that Toyota stopped
building and exporting the FJ40 to the U.S. market in 1982 meant that FJ40 owners depended
more and more on remanufactured parts to keep their beloved off-road vehicles running.
More and more FJ40 owners are replacing the original inline six-cylinder engines with a
modern American-built engine. The engine replacement requires mating the new engine with
the Toyota drive train. LP’s owners had been offering engine adaptor kits for some time but
have recently decided to begin building their own units. To make the adaptor kits, the firm
would need to invest in a variety of machine tools costing a total of $800,000.
LP’s management estimates that the company will be able to borrow $500,000 from its bank
and pay 10 percent interest. The remaining funds would have to be supplied by LP’s owners.
The firm estimates that it will be able to sell 2,000 units a year for $1,500 each. The units
would cost $1,200 each in cash expenses to produce (this does not include depreciation
expense of $80,000 per year or interest expense of $40,000). After all expenses, the firm
expects earnings before interest and taxes of $480,000. The firm pays taxes equal to 30
percent, which results in net income of $336,000 per year over the 10-year expected life of
the equipment.
a. What is the annual free cash flow LP should expect to receive from the investment in
Year 1, assuming that it does not require any other investments in either capital
equipment or working capital and that the equipment is depreciated over a 10-year life
to a zero salvage and book value? How should the financing cost associated with the
$---,--- loan be incorporated into the analysis of cash flow?

3. b. If the firm’s required rate of return for its investments in 10 percent and the
investment has a 10-year expected life, what is the anticipated NPV of the
investments?
Answer :
a. Bagian 1
T=0 T=1 sampai T=10
Revenue $ 3,000,000
Less: Cost of Goods Sold ($ 2,400,000)
Gross Profit $ 600,000
Less: Cash Operating
Expenses
($ 40,000)
Less: Depreciation ($ 80,000)
Net Operating Income $ 480,000
Less: Taxes ($ 144,000)
Net Operating Profit After
Taxes (NOPAT)
$ 336,000
Plus: Depreciation $ 80,000
Operating Cash Flow $ 416,000
Less: Capital Expenditures
(CAPEX)
($ 800,000)
Less: Additional Net
Operating Working Capital
$ 0
Free Cash Flow ($ 800,000) $ 416,000
Biaya operasi tunai (Cash Operating Expenses) adalah sebesar $ 40,000 dengan mengingat
tingkat pendapatan operasional bersih (Net Operating Income) yang dinyatakan dalam soal ($
400,000).
Bagian 2
Biaya pembiayaan utang (Debt Financing) tidak termasuk dalam analisis arus kas proyek
karena tingkat diskonto yang diperlukan proyek memperhitungkan bagaimana proyek
tersebut dibiayai. Akibatnya, biaya bunga (Interest Expenses) dihilangkan dari analisis diatas.
b. Dengan asumsi tidak ada nilai sisa (No Salvage Value) dan nilai buku nol (Zero Book
Value) di tahun T=10, NPV proyek adalah :
𝑁𝑃𝑉 = −$ 800,000 + $ 416,000 × [
1−{
1
1.1010}
0.10
] = −$ 800,000 + $416,000 ×
6.144567106 = $ 1,856,139.916

4. (Calculating Changes in net operating working capital)
Tetious Dimensions is introducing a new product that is expexcts will increase its net
operating income by $775,000. The company has a 34% marginal tax rate. This project will
also produce $200,000 of depreciation per year.In addition, it will cause the following
changes:
Without the project With the project
Accounts Receivable $55,000 $89,000
Inventory $100,000 $180,000
Accounts Payable $70,000 $120,000
What is the project’s free cash flow for year 1?
Answer :
NOWC= (89,000-55,000) + (180,000-100,000) - (120,000-70,000)
= 64,000
Net operating Income $ 775,000
Minus : Taxes(34% x 775,000) (263,500)
Plus : Change in Depreciation 200,000
Minus : Change in Capital Expenditure 0
Minus : Change in NOWC (64,000)
$ 647,500
Free Cash flow for year 1 = $647,500
IncreaseinCapital
Free Cash Net Operating Depreciation
= Taxes Expenditur
Flow Income(Profit) Expense
  
OperatingCashFlow
Net OperatingProfit after Taxes or NOPAT
IncreaseinNet
es Operating Working
( ) Capital )CAPEX (NOWC


5. (Calculating operating cash flows)
The heritage Farm Implement Company is considering an investment that is expected to generate
revenues of $5,000,000 per year. The project will also involve cash expenses (including both fixed
and variable costs) of 800,000 while increasing deprciation by $400,000 per year. If the firm’s tax rate
is 25% what is the project’s estimated net operating profit after taxes (NOPAT)?
Jawab :
operating cash flow  net operating income  taxes  depreciation.
NOPAT
We find net operating income as:
net operating income  revenues  cost of goods sold  cash operating expenses  depreciation.
Thus, for our project we have:
net operating income  $5,000,000  $800,000  $400,000  $3,800,000,
where we have combined cost of goods sold and cash operating expenses into the single $800,000
figure. Now we can find operating cash flow as:
operating cash flow  net operating income  taxes  depreciation.
 $3,800,000  taxes  $400,000
 [$3,800,000  (1  0.25)]  $400,000
 $2,850,000  $400,000
NOPAT
  $3,250,000.
The spreadsheet below outlines these calculations:
Revenue 5.000.000
Less : COGS
Gross profit
Less : cash operating expense (800.000)
Less : depreciation (400.000)
Net operating income 3.800.000
Less : taxes (950.000)
NOPAT 2.850.000
Plus : depreciation 400.000
Operating cash flow 3.250.000

6. (Calculating project cash flows and NPV)
As part of its planning for the coming Christmas season, Criswell Motorsports is considering
whether to expand its product line that currently consists of skateboards to include gas-
powered skateboards. The company feels it can sell 2,000 of these per year for – years (after
which time this project is expected to shut down, with solar-powered skateboards taking
over). Each gas-powered skateboards would have variable costs of $ 50 and sell for $ 250;
annual fixed costs associated with production would be $ 200,000. In addition, there would
be a $ 500,000 initial expenditure associated with the purchase of new production equipment.
It is assumed that the simplified straight-line method would be used to depreciate the initial
expenditure down to zero over 10 years. The project would also require a one-time initial
investment of $ 100,000 in net working capital asoociated with inventory, and this working-
capital investment would be recovered when the project is shut down. Finally, the firm’s
marginal tax rate is 35 percent.
a. What is the initial cash outlay associated with this project?
b. What are the annual net cash flows associated with this project for Years 1 through 9?
c. What is the terminal cash flow in Year 10 (that is, what is the free cash flow in Year
10 plus any additional cash flows associated with termination of the project)?
d. What is the project’s NPV, given a 10 percent require rate of return?
Answer :
a. Arus kas awal (Initial Cash Flow) (T=0) untuk proyek skateboard bertenaga gas akan
menjadi biaya untuk membeli peralatan produksi baru (Production Equipment), $
500.000, ditambah investasi tambahan (Incremental Investment) dalam persediaan
sebesar $ 100.000 = $ 600.000.
b. Arus kas bersih tahunan (Annual Net Cash Flow) untuk proyek dari T=1 ke T=9 akan
menjadi pendapatan dari penjualan skateboard baru, dikurangi biaya produksi variabel
dan tetap, dikurangi pajak, ditambah manfaat dari depresiasi. Artinya :
Operating Cash Flow = Net Operating Income – Taxes + Depreciation
= (Revenue – Cost of Goods Sold – Cash Operating Expenses –
Depreciation) – Taxes + Depreciation
= ($ 500,000 - $ 100,000 - $ 200,000 - $ 50,000) – (Net Operating
Income x 35%) + $ 45,000
= $ 150,000 – ($ 150,000 x 35%) + $ 45,000
= $ 142,500
T=0 T=1 sampai T=9 T=10
Revenue $ 500,000 $ 500,000
Less : Cost of Goods
Sold
($ 100,000) ($ 100,000)
Gross Profit $ 400,000 $ 400,000

7. Less : Cash
Operating Expenses
($ 200,000) ($ 200,000)
Less : Depreciation ($ 50,000) ($ 50,000)
Net Operating
Income
$ 150,000 $ 150,000
Less : Taxes ($ 52,500) ($ 52,500)
Net Operating Profit
After Income
(NOPAT)
$ 97,500 $ 97,500
Plus : Depreciation $ 50,000 $ 50,000
Operating Cash Flow $ 147,500 $ 147,500
Less : Capital
Expenditures
(CAPEX)
($ 500,000)
Less : Additional Net
Operating Working
Capital
($ 100,000) $ 100,000
Free Cash Flow ($ 600,000) $ 147,500 $ 247,500
c. Pada tahun 10, perusahaan akan menambah jumlah dari pemulihan investasi modal
kerja $ 100,000 kami, dengan total T=10 arus kas $ 247,500.
d. 1 2
0 1 2
NPV ... ,
(1 ) (1 ) (1 )
n
n
CFCF CF
CF
k k k
   
  
T CFt PV(CFt) (10%)
0 ($ 600,000) ($ 600,000)
1 $ 147,500 $ 134,091
2 $ 147,500 $ 121,901
3 $ 147,500 $ 110,819
4 $ 147,500 $ 100,744
5 $ 147,500 $ 91,586
6 $ 147,500 $ 83,260
7 $ 147,500 $ 75,690
8 $ 147,500 $ 68,810
9 $ 147,500 $ 62,554
10 $ 247,500 $ 95,422
NPV $ 344,877

8. (Calculating Project Cash Flows, NPV, PI, IRR in a comprehensive problem)
Traid Winds Corporation, a firm in the 30% marginal tax rate bracket with 10% required rate
of return or discount rate, is considering a new project that involves the introduction of a new
product. This Project is expected to last 5 years, and then, because this is somewhat of a fad
project, it will be terminated. Given the following information, determine the net cash flows
associated with the project and the project’s NPV, PI, and IRR. Apply the appropriate
decision criteria.
Cost of new plant and equipment : $29,700,000
Shipping and installation Cost : 300,000
Unit Sales:
Year Unit Sold
1 75,000
2 135,000
3 130,000
4 80,000
5 70,000
Sales Price per unit : $400/unit in years 1-4, $350/unit in year 5
Variable cost per unit: $200/unit
Annual Fixed Cost : $1,000,000
Working Capital Requirements : There will be an initial working capital requirement of
$300,000 to get production started. For each year, the total investment in net working capital
will be equal to 15% of the dollar value of sales for that year.Thus, the investment in working
capital will increase during years 1 and 2 and then decrease in years 3 through 5. Finally, all
working capital will be liquidated at the termination of the project at the end of year 5.
The depreciation method: Use straight line method and it is assumed has no salvage value
Answer :
Annual Depreciation expense (using straight line method)
= (Cost of equipment + Shipping & Installation Expense – Expected salvage value)
÷ (Life of the equipment)
= (29,700,000 + 300,000) ÷ 5 = 6,000,000

9. Menghitung Working Capital
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Sales 30000000 54000000 52000000 32000000 24500000
NOWC 300000 4500000 8100000 7800000 4800000 3675000
Change
NOWC
300000 (4200000) (3600000) 300000 3000000 1125000
Increase
NOWC
(300000) (4200000) (3600000) 300000 3000000 4800000
Menghitung Free Cas Flow
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Revenue 30000000 54000000 52000000 32000000 24500000
Less :
Variable
Cost
15000000 27000000 26000000 16000000 12250000
Less :
Fixed
Expense
1000000 1000000 1000000 1000000 1000000
Less :
Depreciati
on
6000000 6000000 6000000 6000000 6000000
NOI 8000000 20000000 19000000 9000000 5250000
Less :
Taxes
2400000 6000000 5700000 2700000 1575000
NOPAT 5600000 14000000 13300000 6300000 3675000
Plus :
Depreciati
on
6000000 6000000 6000000 6000000 6000000
Operating
Cash Flow
11600000 20000000 19300000 12300000 9675000
Less :
Increase in
NOWC
300000 4200000 3600000 (300000) (3000000) (4800000)
Less :
Increase in
CAPEX
30000000
Free Cash
Flow
(30200000) 7400000 16400000 19000000 9300000 4875000

10. Menghitung NPV
NPV = (15,200,000) + 7,400,000 + 19,000,000 + 16,400,000 + 9,300,000 + 4,875,000
(1+0,1)1
(1+0,1)2
(1+0,1)3
(1+0,1)4
(1+0,1)5
= (30,200,000) + 6,727,273 + 15,702,479 + 12,321,563 + 6,352,025 + 3,026,991
= 13,930,331
Menghitung PI
PI = PV of expected cash flows
-Initial Outlay
= 44,130,331
30,200,000
= 1,46
Menghitug IRR
1 2
1 2
0
Cash Flow Cash Flow Cash Flow
Cash FlowNet Present for Year 1 ( ) for Year 2 ( ) for Year ( )
for Year 0 ( )Value ( ) Discount Discount Discount
1 1 1
Rate ( ) Rate ( ) Rate ( )
nCF CF n CF
CFNPV
k k k
    
     
      
    
n



11. (calculating inflation and project cash flows)
You are submitting a proposal to a prospective new client for the provission of haulage for the next
five years. It has been agreed that fuel costs for the duration of the project can be calculated using the
predicted price of fuel in five years. The current cost of fuel is 1.28 per liter. What price will ypu use
if inflation is projected to be
a. 4 percent?
b. 6 percent?
c. 8 percent?
Jawab :
a. To determine the cost of a fuel in 5 years, if the price today is $1.28 and the inflation rate is
4% per year, can be found as:
cost in 5 years  (cost today)  (1  inflation rate)# of years
 ($1.28)  (1.04)5
 $1.55
b. To determine the cost of a fuel in 5 years, if the price today is $1.28 and the inflation rate is
6% per year, can be found as:
cost in 5 years  (cost today)  (1  inflation rate)# of years
 ($1.28)  (1.06)5
 $1.71
c. To determine the cost of a fuel in 5 years, if the price today is $1.28 and the inflation rate is
8% per year, can be found as:
cost in 5 years  (cost today)  (1  inflation rate)# of years
 ($1.28)  (1.08)5
 $1.88
(Calculating replacement project cash flows)
Madrano’s Wholesale Fruit Company, located in McAllen, Texas, is considering the purchase
of a new fleet of trucks to be used in the delivery of fruits and vegetables grown in the Rio
Grande Valley of Texas. If the company goes through with the purchase, it will spend $
500,000 on eight rigs. The new trucks will be kept for 5 years, during which time they will be
depreciated toward a $ 50,000 salvage value using straight-line depreciation. The rigs are
expected to have a market value in 5 years equal to their salvage value. The new trucks will
be used to replace the company’s older fleet of eight trucks, which are fully depreciated but
can be sold for an estimated $ 30,000 (because the older trucks have a current book value of
zero, the selling price is fully taxable at the firm’s 35 percent tax rate). The existing truck
fleet is ecpected to be useable for five more years, after which time te rigs will have no
salvage value. The existing fleet of trucks uses $ 300,000 per year in diesel fuel, whereas the
new, more efficient fleet will use only $ 200,000.

12. In addition, the new fleet will be covered under warranty, so the maintenance costs per year
are expected to be only $ 15,000 compared to $ 40,000 for the existing fleet.
a. What are the differential operating cash flow savings per year during Years 1 through
5 for the new fleet?
b. What is the initial cash outlay required to replace the existing fleed with the newer
trucks?
Answer :
a. Untuk proyek penggantian traktor Madrano Fruit Company, proyek ini tidak memiliki
dampak langsung terhadap pendapatan. Sebaliknya, ini berdampak pada biaya
operasi:
 cash operating expenses  new expenses  old expenses
 [new $ 200,000 fuel costs + new $ 15,000 maintenance costs]  [old
$ 300,000 fuel costs  old $ 40,000
maintenance costs]
 $ 215,000  $ 340,000  $ 125,000/year.
Dengan demikian membeli traktor baru menurunkan biaya operasi tunai Madrano sebesar $
125,000 / tahun, yang membuat perusahaan lebih mungkin untuk terus maju.
 depreciation  new depreciation  old depreciation
 $ 90,000  $ 0  $ 90,000.
 net operating income   revenue   cash operating expenses   depreciation.
 $ 0  ($ 125,000)  $ 90,000  $ 35,000.
 operating cash flow   net operating income   taxes   depreciation,
 $ 35,000   taxes  $ 90,000
 $35,000  (1  T)  $ 90,000
 $35,000  (1  0.35)  $ 90,000  $ 112,750.
b. Ada dua jenis arus kas lain yang perlu dipertimbangkan: yang spesifik untuk t=0 (arus
kas awal) dan setiap arus kas khusus di akhir proyek (arus kas terminal, di sini di t=5).
Pada t=0, Madrano harus membayar $ 500,000 untuk traktor baru. Itu juga akan
menjual traktor lama seharga $ 50,000; karena rig lama ini sepenuhnya disusutkan,
harga penjualan $ 50,000 penuh mewakili keuntungan kena pajak, sehingga Madrano
perlu membayar [($ 50,000)X(35%)]= $ 17,500 pajak atas penjualan. Jumlah bersih
setelah pajak yang diterima untuk rig lama karena itu ($ 50,000 - $ 17,500)= $ 32,500.
Karena tidak ada efek modal kerja dari rig baru, maka total arus kas awal karenanya (-
$ 500,000 + $ 32,500)=-$ 467,500.