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Struktur Modal Project ($)Keterangan JumlahWorking Capital 5,000,000 Fixed Asset

Tanah 3,000,000 Non Tanah 27,000,000

Jumlah 35,000,000

Struktur Modal Schuma ($)Keterangan JumlahSekuritas 14,850,000

Jumlah 14,850,000

Struktur Modal Partner Lokal ($)Keterangan JumlahSekuritas 12,150,000

Jumlah 12,150,000

Cara menentukan besarnya arus kas SBU

No. Description Valuta 2014 20150 1

1 Permintaan 2,200,000 2 Hrga Jual $ 24.03 Total Revenue $ 52,800,000.0 4 BB $ 34,320,000.0 5 TK $ 6,336,000.0 6 Bi Operasional $ 3,000,000.0

7 Bi Pemasaran $ 1,056,000.0 8 Depresiasi $ 5,400,000 9 Bi Bunga $ 614,118

10 Total Biaya $ 50,726,117.6 11 EBT $ 2,073,882.4 12 Tax $ 414,776.5 13 EAT $ 1,659,105.9 14 Arus Kas $ 7,059,105.9 15 Salvage value

Jawaban soal (1)PT Schuma Bersaudara


1 CF dari SBU $ 3,882,508.2 2 Block Fund $ 1,941,254.1

$$$$

Akumulasi investasi Sekuritas $3 $ remitted by Sub $ 1,941,254.1 4 Withholding tax $ 194,125.4 5 $ remitted after WT $ 1,747,128.7 4 Salvage Value $5 Exchange rate $ 1.53 1.56 6 CF to parrent E 1,119,954.3 7 interest Expense E 2,329 8 CF to parrent after interest exp E 1,117,624.9 9 PV of parent CF 0.0648 1,049,610.1

10 Initial Investment 9,705,882 11 Cumulative (8,656,272.2)

Partner local


$ remitted by Sub $ 3,176,597.6 Salvage Value $interest Expense $ 546,750 CF to parrent after interest exp $ 2,629,847.6

PV of parent CF(10,8%) $ 2,373,508.7 Initial Investment $ 12,150,000 Cumulative $ (9,776,491.3)

Keterangan Jumlah Proporsi CostDebt 0.23

Lokal (8%) 5,000,000 0.14 0.064 0.009Asing (7%) 3,000,000 0.09 0.056 0.005

Equity 27,000,000 0.77 0.144 0.111Jumlah 35,000,000 ko = 0.1250

Keterangan Jumlah Proporsi costDebt (6%) 5,940,000 0.40 0.042 0.0168Equity 8,910,000 0.60 0.080 0.0480Jumlah 14,850,000 ko= 0.0648

Keterangan Jumlah Proporsi cost Debt (9%) 6,075,000 0.50 0.072 0.0360 Equity 6,075,000 0.50 0.144 0.0720Jumlah 12,150,000 ko = 0.1080

1681.13207547

2016 2017 2018 20192 3 4 5

2,310,000 2,425,500 2,546,775 2,674,114 24.6 25.2 25.8 26.5

56,826,000.0 61,158,982.5 65,822,354.9 70,841,309.5 36,936,900.0 39,753,338.6 42,784,530.7 46,046,851.2 6,819,120.0 7,339,077.9 7,898,682.6 8,500,957.1 3,150,000.0 3,307,500.0 3,472,875.0 3,646,518.8

1,136,520.0 1,223,179.7 1,316,447.1 1,416,826.2 5,400,000 5,400,000 5,400,000 5,400,000 618,235 620,980 615,490 607,255 54,060,775.3 57,644,076.6 61,488,025.6 65,618,408.1 2,765,224.7 3,514,905.9 4,334,329.3 5,222,901.3 553,044.9 702,981.2 866,865.9 1,044,580.3 2,212,179.8 2,811,924.7 3,467,463.5 4,178,321.1 7,612,179.8 8,211,924.7 8,867,463.5 9,578,321.1

$ 55,728,413.5

2016 2017 2018 20192 3 4 5

4,186,698.9 4,516,558.6 4,877,104.9 5,268,076.6 2,093,349.4 2,258,279.3 2,438,552.5 2,634,038.3

2,359,606.5 2,423,313.6 2,489,752.9 2,560,480.1 12,467,191.5

2,093,349.4 2,258,279.3 2,438,552.5 2,634,038.3 209,334.9 225,827.9 243,855.2 1,510,123.0 1,884,014.5 2,032,451.4 2,194,697.2 13,591,106.8

30,650,627.4 1.59 1.61 1.57 1.51 1,316,572.0 1,402,658.0 1,553,218.1 29,299,161.7 2,329 2,329 2,329 2,329 1,314,242.6 1,400,328.5 1,550,888.7 29,296,832.3 1,159,149.5 1,159,914.1 1,206,447.6 21,403,285.9

(7,497,122.7) (6,337,208.7) (5,130,761.1) 16,272,524.8

2016 2017 2018 20192 3 4 5

3,425,480.9 3,695,366.1 3,990,358.6 4,310,244.5 25,077,786.1

546,750 546,750 546,750 546,750 2,878,730.9 3,148,616.1 3,443,608.6 28,841,280.6

2,344,885.0 2,314,730.5 2,284,834.4 17,270,930.5

(7,431,606.3) (5,116,875.8) (2,832,041.3) 14,438,889.2

Pembayaran bunga ProjectKeterangan Valuta 2015 2016 2017 2018

1 2 3 4Exchange rate $ 1.56 1.59 1.61 1.57 Pinjaman Lokal $ 400,000 400,000 400,000 400,000 Pinjaman Asing E 137,255 137,255 137,255 137,255

$ 214,118 218,235 220,980 215,490 Total Bunga $ 614,118 618,235 620,980 615,490

cara mengitung Cost of debt Cara menghitung cost of equity di US0 (3,000,000) rf = 0.061 214,118 rm= 0.122 218,235 Beta = 1.43 220,980 ke 0.1444 215,490 5 3,168,039

kd 6.95%Pembayaran bunga SchumaKeterangan Valuta 2015 2016 2017 2018

1 2 3 4Bank Jerman E 2,329 2,329 2,329 2,329

Pembayaran bunga Partner LokalKeterangan Valuta 2015 2016 2017 2018

1 2 3 4Bank Lokal $ 546,750 546,750 546,750 546,750

Komposisi Joint2019 Bunga Debt Partner Lokal 0.45

5 Schuma 0.55 1.51 400,000 0.08 5,000,000 137,255 0.07 1,960,784 207,255 2,960,784 607,255

Cara menghitung cost of equity di US German0.040.09

0.80.08

2019 Bunga Debt5

2,329 0.06 38,824

2019 Bunga Debt5

546,750 0.09 6,075,000

$12,150,000$14,850,000 -3000000$27,000,000 214,118

218,235 220,980 215,490 3,207,255

7.181%

0.05744743

Cara menghitung cost of equityUSA Singapore

rm = 0.08 0.15rf = 0.05 0.1rm-rf 0.03 0.05beta = 0.9 1.2ke = 0.077 0.16

Struktur Modal Project (S$)Keterangan Jumlah Keterangan JumlahWorking Capital 10,000,000 Fixed Asset 60,000,000

Equity 70,000,000 Jumlah 70,000,000 Jumlah 70,000,000

THE SPORT EXPORT COMPANY S$Keterangan Jumlah Keterangan JumlahInvest Sekuritas 42,000,000 Debt (lokal) 8% 12,600,000


THE SPORT SINGAPORE COMPANY (S$)Keterangan Jumlah Keterangan JumlahInvest Sekuritas 28,000,000 Debt (Asing) 8% 11,200,000


Bobot cost before tax

1 0.16 0.16

kc = 0.16

Bobot cost before tax0.3 0.08 0.064 0.0192

0.7 0.077 0.0539

kc= 0.0731

Pembayaran bunga Project0.4 4.7% 0.032911 0.013164 Keterangan Valuta 2015

1Exchange rate $ 0.54

0.6 0.16 0.096 $ - kc 0.109164 Pinjaman Asing S$ 829,630

$ 448,000 Total Bunga S$ 829,630

cara menghitung cost of debt before tax0 (11,200,000)1 829,630 2 800,000 3 845,283 4 785,965 5 10,427,586

kd 4.7%

Description Valuta 20140

Permintaan

Harga S$Revenue S$BB S$TK S$Bi operasional S$Bi Pemasaran S$Depresiasi S$Total Biaya S$EBT S$Tax S$EAT S$NCF S$Salvage value S$

The Sport Export Comp

No. Description Valuta 20140

1 CF dari SBU S$2 Block Fund S$

S$S$S$S$

Akumulasi investasiS$3 $ remitted by Sub S$4 Withholding tax S$5 $ remitted after WT S$4 Salvage Value S$5 Exchange rate $ 0.56 CF to parrent $7 interest Expense $8 CF to parrent after inte $9 PV of parent CF $

10 Initial Investment $ 4,032 11 Cumulative $

2016 2017 2018 2019 Bunga2 3 4 5

0.56 0.53 0.57 0.58 - - - - 800,000 845,283 785,965 772,414 0.08 448,000 448,000 448,000 448,000 800,000 845,283 785,965 772,414

2015 2016 2017 2018 20191 2 3 4 5

4,200,000 4,830,000 5,554,500 6,387,675 7,345,826

24.00 26.40 29.04 31.94 35.14 100,800,000.00 127,512,000.00 161,302,680.00 204,047,890.20 258,120,581.10 70,560,000.00 89,258,400.00 112,911,876.00 142,833,523.14 180,684,406.77 12,096,000.00 15,301,440.00 19,356,321.60 24,485,746.82 30,974,469.73 8,000,000.00 8,400,000.00 8,820,000.00 9,261,000.00 9,724,050.00 2,016,000.00 2,550,240.00 3,226,053.60 4,080,957.80 5,162,411.62 5,300,000.00 ### 5,300,000.00 5,300,000.00 5,300,000.00 97,972,000.00 120,810,080.00 149,614,251.20 185,961,227.77 231,845,338.13 2,828,000.00 6,701,920.00 11,688,428.80 18,086,662.43 26,275,242.98 848,400.00 2,010,576.00 3,506,528.64 5,425,998.73 7,882,572.89 1,979,600.00 4,691,344.00 8,181,900.16 12,660,663.70 18,392,670.08 7,279,600.00 9,991,344.00 13,481,900.16 17,960,663.70 23,692,670.08

20,000,000.00

2015 2016 2017 2018 20191 2 3 4 5

4,367,760.0 5,994,806.4 8,089,140.1 10,776,398.2 14,215,602.1 1,179,295.2 1,618,597.7 2,184,067.8 2,909,627.5 3,838,212.6

1,433,440.7 1,873,729.2 2,407,934.8 3,055,108.9 12,608,426.1

3,188,464.8 1,618,597.7 2,184,067.8 2,909,627.5 3,838,212.6 318,846.5 161,859.8 218,406.8 290,962.8 1,644,663.9 2,869,618.3 1,456,738.0 1,965,661.0 2,618,664.8 14,801,974.8

12,000,000.0 0.54 0.56 0.53 0.57 0.58 5,314,108.0 2,890,353.1 4,120,882.7 5,104,609.7 46,210,301.4 504,000 504,000 504,000 504,000 504,000 4,810,108.0 2,386,353.1 3,616,882.7 4,600,609.7 45,706,301.4 4,810,108.0 2,386,353.1 3,616,882.7 4,600,609.7 45,706,301.4

4,806,076.0 7,192,429.1 10,809,311.8 15,409,921.5 61,116,222.8

Debt

- 11,200,000 5,600,000 9,655,172

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