Soal 1 (20%) PT Frozen Yoghurt Income Statement Sales "osts Taa&le 'ncome Taes (3$%) *et 'ncome +','-en-s
Rp.
3!000!000 #1!$00!000 1!00!000 #!$!000 12!3!000 #!200!000
/--. To reta'ne- earn'ng
7,736,000
PT Frozen Yo alance Sh Current Asset
"ash /ccount rece',a&le In,entor
3!00!000 !00!000 !00!000 17,550,000
Total Fixed asset
*et plant an4u'pment
3$!00!000
Total Asset
52,050,000
a. &.
+ar' -ata ang -'sa6'5an -'atas! &uatlah Pro For mengguna5an meto-e Percentage o- Sa5es 6'5a 8'tunglah &erapa External Fund Needed erap
Jawab: a PT Frozen Yoghurt Income Statement Sales "osts Taa&le 'ncome Taes (3$%) *et 'ncome +','-en-s
Rp.
Pro Fo ↑15% 3!000!000 + #1!$00!000 + 1!00!000 #!$!000 12!3!000 #!200!000 +
Pro For ↑15% + 3!00!000 + !00!000 + !00!000
Current Asset
"ash /ccount rece',a&le In,entor Total
17,550,000
Fixed asset
*et plant an4u'pment
3$!00!000
Total Asset
+
52,050,000
---------------------- -----------------↓ PT Frozen Yo alance Sheet Pr Current Asset
3,263,500 8,004,000 8,892,000
"ash /ccount rece',a&le In,entor Total
17,550,000
Fixed asset
*et plant an4u'pment
Total Asset
b EFN
61,755,000
79,305,000
Eksternal Financing Needed
*e: /--'t'on R
!!$00
-31!"#$$ -31!"#$$
hurt et Current Liabilities /ccount paa&le *otes paa&le
1!300!000 !00!000
Total
8,100,000
25,000,000
Lon term debt !"ner#s $%uit&
common stoc5 ; Pa'- 'n surplus Reta'ne- arn'ngs Total
1!000!000 3!0!000 18,950,000
!"ner#s e%uit& total Liabilities and
52,050,000
a Income statement -an Pro Forma Balance sheet -engan
'asums'5an ter-apat 1% 5ena'5an pa-a sales -an paout rat'o 5onstan7 5ah n'la' full capacity sales apa&'la saat 'n' ' n' perusahaan hana &eroperas' 0% -ar' 5apas'tas9
ma income Statement ada sales dan a&o't ratio (3)*$$$*$$$ 15%, (1)*#$$*$$$ 15%,
(5*/$$*$$$ 0 15%,
5$$$$$ -/"$$$$
. .
-)$$$$*$$
.
Sales "osts Taa&le 'ncome Taes (3$%) *et 'ncome
PT Frozen Yoghurt alance Sheet
a Balance Sheet (3*$5$*$$$#3*$$*$$$, ("*!$$*$$$#3*$$*$$$, (*"$$*$$$#3*$$*$$$,
% 1"% 1%
. . .
(3*$5$*$$$ % ("*!$$*$$$ 1" (*"$$*$$$ 1
(3#*5$$*$$$*#3*$$*$$$,
!%
.
(3#*5$$*$$$ 2!2!000
-------------------
-----------
---------------
------------------
------------------
hurt Forma Current Liabilities
/ccount paa&le *otes paa&le
1!300!000 !00!000
Total
8,100,000
Lon term debt
25,000,000
!"ner#s $%uit&
common stoc5 ; Pa'- 'n surplus Reta'ne- arn'ngs Total
1!000!000 3!0!000 18,950,000
!"ner#s e%uit& total Liabilities and
52,050,000
$'sternal Finan(in )eeded
27,255,000
-1)35)"$$
PT Frozen Yoghurt Income Statement Pro Forma Rp.
+','-en-s
$3!00!000 #21!10!000 22!$0!000 !3!00 1$!!$00 #!0!000
Current Liabilities
, + 3*$5$*$$$ 2 , + "*!$$*$$$ 2 , + *"$$*$$$ 2
%, + 3#*5$$*$$$ 2
---------------------
3,263,500 8,004,000 8,892,000 61,755,000
-----------
/ccount paa&le *otes paa&le
Total Lon term debt !"ner#s $%uit&
common stoc5 ; Pa'- 'n surplus Reta'ne- arn'ngs Total
!"ner#s e%uit& total Liabilities and
PT Frozen Yoghurt Income Statement Sales "osts Taa&le 'ncome Taes (3$%) *et 'ncome
Rp.
+','-en-s
3!000!000 #1!$00!000 1!00!000 #!$!000 12!3!000 #!200!000
1!300!000 !00!000
Pro Forma Balance Sheet 4idak teradi enamaba6an 6'tang ma' 8,100,000 /5$$$$$$
1!000!000 3!0!000
18,950,000
52,050,000
Current Asset
Fixed asset
Total Asset
Pro Forma income Statement ↑15% ada sales dan a&o't ratio + (3)*$$$*$$$ 15%, + (1)*#$$*$$$ 15%,
+
(5*/$$*$$$ 0 )5%,
5$$$$$ -/"$$$$
. .
-##/$$$$*$$
.
Sales "osts Taa&le 'nco Taes (3$%) *et 'ncome
PT Frozen Yogh alance Shee
'n modal Current Asset
"ash /ccount rece',a&le In,entor Total
Pro Forma ↑15% + 3!00!000 + !00!000 + !00!000 17,550,000
Fixed asset
*et plant an4u'pment
3$!00!000
Total Asset
+
52,050,000
PT Frozen Yoghurt
"ash /ccount rece',a&le In,entor Total
*et plant an4u'pment
alance Sheet Pro Forma Current Liabilities /ccount paa 3!0!00 !3!000 *otes paa&l !$0!000 17,550,000 Lon term debt !"ner#s $%uit& common stoc Pa'- 'n surpl 3!2!000 Reta'ne- ar
!"ner#s e%uit& 81,375,000
total Liabilities and $'sternal Finan(in )ee
)135$$$
PT Frozen Yoghurt Income Statement Pro Forma Rp.
e
+','-en-s
$3!00!000 #21!10!000 22!$0!000 !3!00 12!3!000 #!20!000
$
rt
Balance Sheet Current Liabilities
(3*$5$*$$$ 15%, ("*!$$*$$$ 15%, (*"$$*$$$ 15%,
#55$$ 1$35$$$ 11#$$$$
/ccount paa *otes paa&l Lon term debt !"ner#s $%uit&
common stoc Pa'- 'n surpl
(3#*5$$*$$$ )5%,
/!3/5$$$
Reta'ne- ar
!"ner#s e%uit& total Liabilities and
↓
&le
1!300!000 !00!000
Total
8,100,000 25,000,000
;
s 'ngs Total
1!000!000 3!0!000 18,950,000
52,050,000
ed
29,325,000
&le
1!300!000 !00!000
Total
Pro Forma Balance Sheet 4idak teradi enamaba6an 6'tang ma'' 8,100,000 777
; s
'ngs Total
1!000!000
-
3!0!000 18,950,000
52,050,000
modal
Soal 2 (20%) ? -'&a:ah 'n' untu5 men6a:a& soal. (asums' t'ng5at pa6a5 ang &erla5
Sales +eprec'at'on "ost o=
a. &.
Rp
2008
2009
!233!000 1!03!000 2!$!000 1!000 $!000 3!2!000 !021!000 32!000 12!00!000 31!0!000 3!$!000 !2!000 2!000
!0!000 1!0!000 2!$2!000 1!000 !000 $!0$1!000 !2!000 1!000 1!$3!000 33!21!000 $!02!000 !!000 1!011!000
PertanaanB uatlah income statement -an Balance Sheet -ar' PT >? pa-a tahun 200 -an 2007 Cntu5 tahu 200! h'tunglah &erapa Cash flow from asset, cash flow to creditors , -an cash flow t
Jawab a PT MKE ncome Statement 8ales 9ost o ;oods 8old (9o;8, ;ross Pro
2008
2009
!233!000 #2!$!000
!0!000 #2!$2!000
##"$$$
51#3$$$
#1!000 #1!03!000
#1!000 #1!0!000
Eraning >eore ?nterest and 4a (E> 311$$$
35#3$$$
+eprec'at'on Interest
Earning >eore 4a (E>4, Ta (3$%)
Net ?ncome (N?, +','-en-s
@etaind Earning (@E,
#$!000
#!000
/"3/$$$ -)!#))$ 131/$
/!"#$$$ -1$$"$ 1!5"/#$
#2!000
#1!011!000
)551/$
!#5/#$
b /$$! 9as6 Flow From Aset (9FFA, 2 =erating 9as6 Flow + Net 9aital 8ending + 96ange in Net Borking =erating 9as6 Flow
a 2 E>?4 + Cereciation - 4a or b 2N? + Cereciation + ?nterest
(3*5#3*$$$ + 1*$)5*$$$ 2 3"/$/#$ (1*!5"*/#$ + 1*$)5*$$$ 2 3"/$/#$
Net 9aital 8ending 2 Ending Net Fied Assets - >eginning Net Fied Asssets + 2 (33*!/1*$$$(ta6'n /$$!balance s6eet, - 31*) 2 3/$1$$$ 96ange in Net Borking 9aital 2 ((Net 9'rrent Assets - Net 9'rrent Diabilities,Ending, - ((N 2 ((#*$#1*$$$(9as6,+5*)!/*$$$(A@,+!*555*$$$(?nentor&, 2 1//$$$
9as6 Flow to 9reditors 2 ?nterest Paid - (Ending Dong-term Pa&able - >eginning Dong-term Pa&abl 2 (5!*$$$(income statementta6'n /$$!, - (15*#35*$$$(Dongtermt6n / 2 -/15"$$$ 9as6 Flow to 8tock6olders 2 Ceiden Paid - (Ending E'it& - >eginning E'it&, 2 (1*$11*$$$ - (((3/*/)"*"$ + !#5*/#$,e'it&G@Ebalance s6eet t6n/$$ 2 -!/$$$
3$%)
B B B B B B B
ncome Statement
Balance Sheet
stockholders!
PT MKE Balance Sheet !"
F"
"ash /ccount rece',a&le In,entor *et ='e- asset
Celta 9as6 A@ ?n
9A Celta /#!$$$ AP )1$$$ 86orterm "/)$$$
total
1#)$$$
2008
2009
3!2!000 !021!000 !2!000 31!0!000
$!0$1!000 !2!000 !!000 33!21!000
!# # E
/ccounts paa&le Short term notes Aong term -e&t @:ner 4u't
@etaind Earnin Total Total
aital
49,545,000
53,409,000
)e" Total
- 1*$$*"$, + 5!*$$$,
ereciation 5*$$$(ta6'n /$$)balance s6eet, + 1*$)5*$$$(ta6'n /$$!income statement,, $3,201,000
t 9'rrent Assets - Net 9'rrent Diabilities,>eginning,, #*$/5*$$$(A@,-1*$$$(86ort Note,>alance 86eetta6'n /$$!, - (3*!/*$$$(9as6,+5*$/ $1,722,000
T%T"# !FF"
$4,923,000
e, $!, - 1/*$$*$$$(Dongtermt6n /$$),, $2,156,000
!, - (31*/3*))$ + )55*1/$,E'it&G@E t6n/$$),, $92,000 T%T"# !F! & !FS
$2,248,000
9D #1$$$ -15$$$
/"$$$
Ceta NB9
1//$$$
2008
aa&le
g (@E,
3!$!000 32!000 12!00!000 0 (#!*5#5*$$$-1)*/1*1/$,
2009
31/3))$
)551/$ 18,271,120
$!02!000 1!000 1!$3!000 0
!#5/#$ 21,122,240 49,545,000
1*$$$(A@,+)*!/*$$$(?nentor&,-3*!)#*$$$(A@,-3/*$$$(86ortNote,balane s6eetta6'n
(53*#$!*$$$-/1*1//*/#$,
3//)""$
53,409,000
/$$),,
oal 3 -20./
a. /n-a &aru sa6a -'ter'ma -'salah satu &an5 ternama -' In-ones'a. /n-a -'ta:ar5an -ua s5ema ga6' a -an an-a -'m'nta mem'l'h salah satuna. S5ema ga6' ang pertama mena:ar5an ga6' se&esar Rp. !000!
selama d'a ta6'n kedean* 8kema gai &ang ked'a menawarkan gai sebesar @* disertai dengan signing bon's sebesar @* #5*$$$*$$$- saat ini* >on's diba&ar saa Jika tingkat b'nga &ang berlak' sebesar 1$% b'nga maem'k b'lanan erta6'n sk &.
/n-a &erencana untu5 mena&ung -alam &entu5 ta&ungan pens'on set'ap &ulan se&esar Rp. 300!000!#
tab'ngan terseb't memeberikan b'nga 1$% erta6'n secara maem'k b'lanan* Jik sat' b'lan dari sekarang beraaka6 nilai tab'ngan ensi'n anda daat ada saat Jawab a* 8kema ;ai A !5*$$$*$$$ta6'n n 2 /t6n 2 /#bln + i 2 1$% er bln FI 2 P (1 + i,n gai diba&ar setia ak6ir ta6'n ----------- ak6ir ta6' awal ta6'n + !5*$$$*$$ t6n 1
awal ta6'n $ A >
$ #5*$$$*$$$ ------------- -------------
t6n 1 + $*$$$*$$ -----------------------
------------
b* &.
/n-a &erencana untu5 mena&ung -alam &entu5 ta&ungan pens'on set'ap &ulan se&esar Rp. 300!000!#
tab'ngan terseb't memeberikan b'nga 1$% erta6'n secara maem'k b'lanan* Jik sat' b'lan dari sekarang beraaka6 nilai tab'ngan ensi'n anda daat ada saat P2 3$$*$$$ i 2 1$% *a 2 $*$$)3 er bln n 2 3$bln Ann'it& Ann'tit& FI Factor ((1+i,n,r, (((1 + $*1,3$,,$*1, 1#*#!#$//"! Ann'it& FI 2 (3$$*$$$ 1##!#$/, 5/3#)/$"*)1
g &er&e-a 00!# per tahun
*$$$*$$$- er ta6'n selama d'a ta6' kedean t ini 'ga dan gai diba&arkan ada setia ak6ir ta6'n* ema gai &ang mana &ang akan anda ili6H -'mana
a anda mem'lai menab'ng $ ta6'n &anga akan datingH
8kema ;ai > $*$$$*$$$t6n n 2 /t6n 2 /#bln #5*$$$*$$$ bon's diba&ar sekarang
-------------
------------
$ 1
------------
------------
------------
------------
.
(!5*$$$*$$
------------ ----------- ak6ir ta6'n1 awal ta6'n / + !5*$$$*$$$ t6n /
------------
------------
.
(!5*$$$*$$
t6n / + $*$$$*$$$ ------------ ------------
------------ . ak6r ta6'n / awal ta6'n 3 + !5*$$$*$$$ t6n 3 t6n 3 + $*$$$*$$$ ------------ .
!5*$$$*$$
$*$$$*$$
------------
------------
.
($*$$$*$$
-------------
------------
------------
------------
------------
------------
.
($*$$$*$$
-------------
------------
------------
------------
------------
------------
.
(#5*$$$*$$
-'mana
a anda mem'lai menab'ng $ ta6'n &anga akan datingH
$ (1 + $*1,/,2
11#!5$$$$
$ (1 + $*1,1,2
1$#5$$$$$
1$#5$$$$$
2
!5$$$$$$ 31##5$$$$
!5$$$$$$ 1!!5$$$$$
4otal
$$$$$$$ $ (1+$*1,1, 2
$$$$$$
$$$$$$
$ (1+$*1,/, 2
)#$$$$$
)#$$$$$
$ (1+$*1,3, 2 4otal
5!)!5$$$ /!15!5$$$
5!)!5$$$ //15!5$$$
Soal $ (20%) a. >a5ara corporat'on mem'l'5' -ua 6en's o&l'gas' ang saat 'n' &ere-ar -'pasar. @&l'gas' / mem'l'5' n'
dengan angka wakt' 20 tah)n* %+lia-i ini ti'a. mem+a/ar .)on a'a ena -e+e-ar 1*100 -etia enam +)lan -elama 'elaan tah)n +eri.)tn/a dan t -elama enam tah)n +era.hir* =bligasi > 'ga memiliki ar sebesar K/$*$$$ seng diba&arkan setia " b'lanan* ika re'ired ret'rn &ang berlak' adala6 sebesar )% (como'nded semiann'all&, beraaka6 6arga dari masing-masing obligasi terseb' &.
The Ea5son# T'm&erlea5e ar-ro&e "o.! &aru sa6a mem&aar -e,'-en se&esar D1 -an &erencana men
dean dan 15% ada ta6'n ked'a* 8etela6 it' deiden akan naik secara konstan s seter'sn&a* >eraaka6 6arga sa6amn&a saat ini ika re'ired ret'rn &ang diminta s awab a* =bilgasi A /$t6n 91 2 9/ 2 93 2
$ n 2 "t6n 11$$ n 2 )t6n 1#$$ n 2 "t6n
("t6n 1/,"bln ()t6n 1/,"bln ("t6n 1/,"bln
1/ 1" 1/ #$
rr )% *a #% er semester i 1$% *a >ond Ial'e ((9 ((1 -(1(1 + r,t,,r, + (F(1 +r,t,, 91 9/ 93 PA@
($ ((1-(1(1 + $*$#,1/,$*$#, $ (1*1$$ ((1 - (1(1 + $*$#,1",$*$#, 1/)1*53 (1*#$$ ((1 - (1(1 + $*$#,1/,$*$#, 1313!*1$ (/$*$$$((1 + $*$#,#$, #1"5*)$)!33 + Bon' (al)e 30,122*41
=bligasi > 9 2 1$% PA@ 2 /$*$$$ 92 (1$% /$*$$$, /$$$ n 2 /$t6n #$ )% *a 1$% *a
#% er semester
>ond Ial'e
rr i
(1+$*$#,1" 1*)/!)1/#5 1*"$1$3//1)" #*)$1$/$"/!
9 PA@
&.
(/$$$ (1 - (1(1*$#,#$,,,$*$#, (/$*$$$,(1+$*$#,#$,, Bon' (al)e
3!5)5*5#" #1"5*)$)!33 43,751*33
#*)$1$/$"/! #*)$1$/$"/!
The Ea5son# T'm&erlea5e ar-ro&e "o.! &aru sa6a mem&aar -e,'-en se&esar D1 -an &erencana men
dean dan 15% ada ta6'n ked'a* 8etela6 it' deiden akan naik secara konstan s seter'sn&a* >eraaka6 6arga sa6amn&a saat ini ika re'ired ret'rn &ang diminta s C$ 2 1K ;1 2 /$% ;/ 2 15% r 2 /$% C1 2
C/ 2
C3 2
P3 2
P$ 2
C$ (1 + g,n (1 (1 + /$%,, 1*/ C1 (1 + g,n (1 (1 + 15%,, 1*3) C/ (1 + g,n (1*3) (1 + 5%,, 1*##! C3 (1 + g,(@ - g, (1##! (1 + 5%,(/$% - 5%,, 1$*1#3 C1(1 + @, + C/(1 + @,/ + C3(1 + @,3 + P3(1 + @,3 1*$$ $*!5)3333333 $*)3)5#1""" 5*)"!!1""" )*"
la' par D20.000
tah)n ertama kem'dian mem+a/ar .)on rak6ir mem+a/ar .)on -e+e-ar 1,400 -etia enam +)lan an angka wakt' /$ ta6'n memberikan k'on 1$% er ta6'n er ta6'n diba&arkan secara maem'k er setenga6 ta6'n H '5an -e,'-e- se&esar 20% tahun
besar 5% er ta6'n dim'lai dari ta6'n ketiga samai dengan besar /$*
1(1*$#1", (1-(1(1*$#1",,, (1-(1(1*$#1",,,$*$#, (1*1$$ (1-(1(1*$#1",,, $*533!$)15 $*#""$!1)/#3 11*"5//!5"$! 1/)1*53 $*"/#5!$#!" $*35#$/!5$# !*3)5$3"$5 1313!*1$ #1"5*)$)!33
$*/$)/)!$## #1"5*)$)!33
$*!11$!553
1!*!/3))3# 3!5)5*5#"
'5an -e,'-e- se&esar 20% tahun
besar 5% er ta6'n dim'lai dari ta6'n ketiga samai dengan besar /$*
$*$#,,
Soal (20%) PT. Reser,e S4uare mempuna' 2 mutual't eclus',e pro6ect! senga cash =lo: -alam 6uta -olar se&aga' "ash =lo: /
"ash =lo:
0
#0000
#0000
1
2000
1000
2
21000
23000
3
100
31000
a. erapa IRR untu5 set'ap proe59 E'5a an-a menerap5an IRR -ec's'on rule! proe5 mana ang a5an pe &. E'5a required returns se&esar G13%! &erapa *PH untu5 set'ap proe59 Proe5 mana ang a5an perusah c. 8'tunglah pla&ac5 per'o- -an +'scoun- Pa&ac5 Per'o- -ar' mas'ng#mas'ng proe5 Ea:a& a.
?@@ NPI 2 $ 2 ?nstalment + (cas6 Low net &ear(1 + ?@@,,