Bab 3 - Ranya - Revisi

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3.3 Economic Analysis

After the author have determined and classified costs and expenses needed to
build the plant, start the production and produce the product annually, in this part, those
data that obtained before is used to determine selling price of the product, cash flow,
and the cost breakdown of the product.
3.3.1 Product Pricing per Unit
Minimum price per unit can be calculated from Net Present Value if the value
is equal to zero, or if WACC (Weigh Average Cost of Capital) = DCRR (Discounted
Cash Flow of Return Rate). The equation is
n T n T
CFn
0
CFn
NPV    TCI  TCI
n 1 1  i n
n 1 1  r n
The author used goal seek method to find the minimum price of product. The
value of WACC = DCRR = 10,31% is obtained from WACC Expert™ for Health Care
Industry in Indonesia. Using goal seek method, the minimum price of the product is Rp
24,946 Below are the table of balanced cash flow to find the minimum price. Other
than that, the author assumes that there are several differences in the percentage of
selling capacity because the author try to make realistic a scenario as possible. During
the first year the percentage of the selling capacity is only 50% because dr.stain
deodorant is still brand new and many consumer are still not aware of the product. After
the first year, the selling capacity will increase until 100% by assuming that the product
will reach its highest peak of selling due to the mouth to mouth, marketing strategy,
etc. After the following year the selling capacity will decrease to 95% because only
loyal consumer will stay and use the product.
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Table X. Balanced Cash Flow to Find Minimum Price of Product

Maintenance
Year Product Price % Capacity Unit Sold Revenue Opex Loan Interest Cash Expenses
Cost
0 2020 Rp24,946 0 0 0 0 0 0 0
1 2021 Rp24,946 50% 1152000 Rp28,738,284,617.32 Rp35,008,738,854 Rp119,304,752 Rp10,944,757,865 Rp46,072,801,471
2 2022 Rp24,946 65% 1497600 Rp37,359,770,003 Rp35,009,638,854 Rp119,304,752 Rp10,216,324,439 Rp45,345,268,045
3 2023 Rp24,946 75% 1728000 Rp43,107,426,926 Rp35,009,638,854 Rp119,304,752 Rp9,487,891,013 Rp44,616,834,619
4 2024 Rp24,946 85% 1958400 Rp48,855,083,849 Rp35,009,638,854 Rp119,304,752 Rp8,759,457,587 Rp43,888,401,193
5 2025 Rp24,946 100% 2304000 Rp57,476,569,235 Rp35,010,138,854 Rp119,304,752 Rp8,031,024,161 Rp43,160,467,767
6 2026 Rp24,946 100% 2304000 Rp57,476,569,235 Rp35,010,588,854 Rp119,304,752 Rp0 Rp35,129,893,606
7 2027 Rp24,946 100% 2304000 Rp57,476,569,235 Rp35,011,188,854 Rp119,304,752 Rp0 Rp35,130,493,606
8 2028 Rp24,946 100% 2304000 Rp57,476,569,235 Rp35,011,688,854 Rp119,304,752 Rp0 Rp35,130,993,606
9 2029 Rp24,946 95% 2188800 Rp54,602,740,773 Rp35,012,388,854 Rp119,304,752 Rp0 Rp35,131,693,606
10 2030 Rp24,946 95% 2188800 Rp54,602,740,773 Rp35,012,888,854 Rp119,304,752 Rp0 Rp35,132,193,606
Table X. Balanced Cash Flow to Find Minimum Price of Product (continued)
Net Profit Before Net Profit After After Tax Cummulative
Year Gross Profit Depreciation All Expenses
Tax Tax Cashflow Cashflow
0 2020 0 0 0 0 0 -36512953678 -36512953678
1 2021 -Rp17,334,516,854 Rp146,152,629 Rp46,218,954,100 -Rp17,480,669,483 -Rp17,480,669,483 -Rp17,480,669,483 -Rp53,993,623,161
2 2022 -Rp7,985,498,043 Rp135,505,316 Rp45,480,773,361 -Rp8,121,003,359 -Rp8,121,003,359 -Rp8,121,003,359 -Rp62,114,626,520
3 2023 -Rp1,509,407,693 Rp125,803,696 Rp44,742,638,315 -Rp1,635,211,389 -Rp1,635,211,389 -Rp1,635,211,389 -Rp63,749,837,909
4 2024 Rp4,966,682,656 Rp116,956,771 Rp44,005,357,964 Rp4,849,725,885 Rp3,637,294,414 Rp3,637,294,414 -Rp60,112,543,495
5 2025 Rp14,316,101,467 Rp108,882,535 Rp43,269,350,302 Rp14,207,218,933 Rp10,655,414,200 Rp10,655,414,200 -Rp49,457,129,295
6 2026 Rp22,346,675,629 Rp101,507,079 Rp35,231,400,685 Rp22,245,168,550 Rp16,683,876,412 Rp16,683,876,412 -Rp32,773,252,883
7 2027 Rp22,346,075,629 Rp94,763,784 Rp35,225,257,390 Rp22,251,311,844 Rp16,688,483,883 Rp16,688,483,883 -Rp16,084,769,000
8 2028 Rp22,345,575,629 Rp88,592,597 Rp35,219,586,203 Rp22,256,983,031 Rp16,692,737,273 Rp16,692,737,273 Rp607,968,274
9 2029 Rp19,471,047,167 Rp82,939,373 Rp35,214,632,979 Rp19,388,107,794 Rp14,541,080,845 Rp14,541,080,845 Rp15,149,049,119
10 2030 Rp19,470,547,167 Rp77,755,290 Rp35,209,948,896 Rp19,392,791,877 Rp14,544,593,907 Rp53,324,692,166 Rp68,473,741,285
The minimum price value has not included the profit. The product price that the author
wanted is Rp 30.000, so the margin value can be obtained from this equation.
𝑅𝑝 30,000 − 𝑅𝑝 24,946
𝑀𝑎𝑟𝑔𝑖𝑛 𝑣𝑎𝑙𝑢𝑒 = × 100% = 20.2%
𝑅𝑝 24,705

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3.3 Economic Analysis

Table X. Balanced Cash Flow to Find Minimum Price of Product

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