Enter r, solve for NPV. IRR

Chapter 11
Financial Management & Business
Financing
How To:
Case:
Fried Duck "BAGONG"
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)
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.
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
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.
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
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 ?
Neraca (000 per bulan)
AKTIVA
Kas
Piutang
Sedian
PASIVA
? Utang dagang
? Utang Lembaga Keuangan
Peralatan
Kendaraan
? Modal Sendiri
?
?
Total Aktiva
? Total Pasiva
?
?
?
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
=?
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
?
?
?
?
?
?
?
?
?
?
?
?
?
Margin Keuntungan, ROA, ROE
• Margin
= Laba Bersih/Penjualan
=
• ROA
= Laba Bersih/Total Aset
=
• ROE
= Laba Bersih/Total Modal Sendiri
=
Gross Profit, Net Income,
Ability Pay Debt
• Laba Kotor
=
• Laba Bersih =
• Kemampuan Bayar Utang =
= Laba Operasi/beban bunga
=
Efektivitas Manajemen Aset &
Likuiditas Kondisi Keuangan
• Perputaran Sediaan = Penjualan/Sediaan
=
• Perputaran Aset
= Penjualan/Total Aset
=
• Likuiditas
= Aset Lancar/Kewajiban Lancar
=
Concept
Financial Management For Business
Start ups
Agenda
• Dasar Manajemen Keuangan untuk Start-Up
Business Owner
Analisis Kelayakan Finansial
Mengelola Modal Kerja
mengelola Hutang
Mengelola Arus Kas
Mengelola Kinerja Keuangan
Fixed Cost vs Variable Cost
Rp
Variable
cost
Fixed cost
Jumlah Unit
Break Even Point
Sales
Rp
Profit
BEP
Loss
Jumlah Unit
Total cost
NPV: Sum of the PVs of inflows and
outflows.
n
CFt
NPV  
.
t
t 0 1  r 
Cost often is CF0 and is negative.
n
CFt
NPV  
 CF0 .
t
t 1 1  r 
What’s Project L’s NPV?
Project L:
0
-100.00
10%
1
2
3
10
60
80
9.09
49.59
60.11
18.79 = NPVL
NPVS = $19.98.
Calculator Solution
Enter in CFLO for L:
-100
CF0
10
CF1
60
CF2
80
CF3
10
I
NPV
= 18.78 = NPVL
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.
Internal Rate of Return: IRR
0
1
2
3
CF0
Cost
CF1
CF2
Inflows
CF3
IRR is the discount rate that forces
PV inflows = cost. This is the same
as forcing NPV = 0.
NPV: Enter r, solve for NPV.
n
CFt
 NPV .

t
t 0 1  r 
IRR: Enter NPV = 0, solve for IRR.
n
CFt
 0.

t
t  0 1  IRR
Find IRR if CFs are constant:
0
IRR = ?
-100
INPUTS
2
3
40
40
40
3
N
OUTPUT
1
I/YR
-100
40
0
PV
PMT
FV
9.70%
Or, with CFLO, enter CFs and press
IRR = 9.70%.
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.
Balance Sheet
Asset
• Current Asset
– Cash
– Account Receivables
– Inventory
Liability & Equity
• Liability
–
–
–
–
Account Payable
Notes Payable
Accruals
Long-term debt
• Fixed Asset
– Equipment
– Land
– Building
• Equity
– Common stock
– Retained Earnings
Income Statement (P&L)
• Net Sales
– (-) COGS
– (-) Selling & GA expenses
• EBITDA
– (-) Depreciation
– (-) Amortization
• EBIT
– (-) Tax
• Net Income
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
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
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.
Types of loan
By Length of repayment:
By Use of funds:
By Type of security:
By type of Rate:
By Type of Repayment Plan:
Short-Term Loans
Intermediate-Term Loans
Long-Term Loans
Real Estate Loans
Non-Real Estate Loans
Personal Loans
Secured
Unsecured
Fixed Rate
Variable Rate
Single Payment Loan
Line of Credit
Amortized Loan
Balloon Payment Loan
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.
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.
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
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
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
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
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
Tips & Triks
Tips for Managing Working
Capital
• Tentukan siklus kas konversi
Cash
Recivable
Sales
Inventory
for
production
Final
product
ready to
be sold
Menggunakan kebijakan manajemen kas
Menggunakan kebijakan manajemen persediaan
Menggunakan AR kebijakan manajemen
Gunakan AP kebijakan manajemen
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