Capital Budgeting (Penganggaran Modal)

CAPITAL BUDGETING
(PENGANGGARAN MODAL)
Capital Budgeting is the process of identifying, analyzing,
and selecting investment projects whose returns (cash
flows) are expected to extend beyond one year.
Capital budgeting involves:
 Generating investment project proposals.
 Estimating after-tax incremental operating cash flows
for the investment projects.

 Evaluating project incremental cash flows.
 Selecting projects based on a value-maximizing
acceptance criterion.
 Reevaluating implemented investment projects.
GENERATING INVESTMENT
PROJECT PROPOSALS
 New products or expansion of existing
products.
 Replacement of equipment or buildings
 Research and development
 Exploration
 Safety and/or environmental projects

ESTIMATING PROJECT AFTER-TAX
INCREMENTAL OPERATING CASH FLOWS
 CASH-FLOW CHECKLIST
Basic Characteristics of Relevant Project Flows
√ Cash (not accounting income) flows

√ Operating (not financing) flows
√ After-tax flows
√ Incremental flows
Continued ………………
Basic Principles that must be adhered to in
estimating “after-tax incremental operating
cash flows”
Ignore sunk costs
Include opportunity costs
Include project-driven changes in working

capital net of spontaneous changes in
current
Include effect of inflation
CALCULATING INCREMENTAL
CASH FLOW
 INITIAL CASH OUTFLOW
 INTERIM INCREMENTAL NET CASH FLOW
 TERMINAL YEAR INCREMENTAL NET
CASH FLOW
INITIAL CASH OUTFLOW
Basic Format:
a) Cost of new assets
b) + Capitalized expenditure
c) +(-) increased (decreased) level of
new working capital
d) - Net proceeds from sale of old
assets
e) +(-) Taxes (tax saving) due to the sale of
old assets
f) = Initial cash outflow
INTERIM INCREMENTAL NET CASH
FLOWS
Basic Format:
a) Net increase (decrease) in operating revenue
less (plus) any net increase (decrease) in
operating expenses, excluding depreciation
b) -(+) Net increase (decrease) in tax depreciation
charges
c) = Net change in income before taxes
d) -(+) Net increase (decrease) in taxes
e) = Net change in income after taxes
f) +(-) Net increase (decrease) in tax depreciation
charges
g) = Incremental Net Cash Flow for the period
h) + Final salvage value of new assets
i) -(+) Tax (tax saving) due to sale or
disposal of new assets
j) +(-) Decreased (increased) level of net
working capital
k) = Terminal year incremental net
cash flow
CAPITAL BUDGETING TECHNIQUES
 Payback Period (PBP)

 Net Present Value (NPV)
 Internal Rate of Return (IRR)
 Profitability Index (PI)
PAYBACK PERIOD
Payback Period is the period of time required
for the cumulative expected cash flows from
an investment project to equal the initial
cash outflow
INITIAL CASH OUTFLOW

PBP 
ANNUAL CASH FLOW
Continued …..
Acceptance Criterion
If the payback period calculated is less than

some maximum acceptable payback
period, the proposal is accepted; if not, it
is rejected.
NET PRESENT VALUE
Net Present Value (NPV) of an investment
proposal is the present value of the proposal’s
net cash flows less the proposal’s initial cash
outflow
n
 CFt 
NPV    t 
 ICO
t 1  (1  k ) 
where :
k  required rate of return
Continued ………..
If an investment project’s net present value is zero

or more, the project is accepted; if not, it is
rejected.
Another way to express the acceptance criterion is

to say that the project will be accepted if the
present value of cash flows exceeds the present
value of cash outflows
INTERNAL RATE OF RETURN
The internal rate of return (IRR) for an
investment proposal is the discounted rate
that equates the present value of the
expected net cash flows (CFs) with the initial
cash outflow (ICO)
Continued …..
IRR  NPV  0
n
 CFt 
IRR    t 
 ICO  0
t 1  (1  IRR ) 
 CF1 CFn 
 (1  IRR )1  ....  (1  IRR ) n   ICO  0
 
Teknik Interpolasi
NPV(  )
IRR  k(  )  k ()  k(  ) 
NPV(  )  NPV(  )
Continued …..
The acceptance criterion generally employed
with the internal rate of return method is
to compare the internal rate of return to a
required rate of return, known as the
cutoff or hurdle rate. If the internal rate of
return exceeds the required rate, the
project is accepted; if not, the project is
rejected.
PROFITABILITY INDEX
Profitability Index is the ratio of the present value
of a project’s future net cash flows to the
project’s initial cash outflow.
n
 CFn 
  (1  k ) t 
PI  t 1  
ICO
 CF1 CF2 CFn 
 (1  k )1  (1  k ) 2  .....  (1  k ) n 
PI   
ICO
As long as the profitability index is 1,00 or
grater, the investment proposal is
acceptable. For any given project, the net
present value and the profitability index
method give the same accept-reject
signals.
SOAL LATIHAN
Fitch Industries is in the process of choosing
the better of two equal-risk, mutually
exclusive capital expenditure projects – M
and N. The relevant cash flows for each
project are shown in the following table.
The firm’s cost of capital is 14%.
PROJECT “M” PROJECT “N”
INITIAL $28,500 $27,000
INVESTMENT (CF0)
YEAR CASH FLOWS (CFt)
1 $10,000 $11,000
2 10,000 10,000
3 10,000 9,000
4 10,000 8,000
a. Calculate each project’s payback period.
b. Calculate the net present value (NPV) for
each project.
c. Calculate the internal rate of return (IRR)
for each project.
d. Summarize the preferences dictated by
each measure you calculated, and
indicate which project you would
recommend. Explain why?
SOAL LATIHAN 1. INVESTASI BARU
PT Citra mempertimbangkan untuk melakukan investasi
mesin baru. Investasi tersebut direncanakan dibiayai dari
modal sendiri sebesar 30% dan modal pinjaman sebesar
70% dengan tingkat bunga 15% per tahun dengan sistem
pembayaran angsuran dan bunga menggunakan flat rate
system. Kebutuhan modal sebesar Rp 75 juta. Umur
ekonomis mesin selama 3 tahun tanpa nilai sisa. Biaya
penyusutan dilakukan dengan metode garis lurus dan tarif
pajak 25%. Pendapatan sebesar Rp 80 juta per tahun dan
biaya-biaya operasi tunai sebesar Rp 35 juta per tahun.
Apabila biaya modal investasi tersebut sebesar 20%.
Pertanyaan:
 Susunlah proyeksi cash flow selama 3
tahun.
 Tentukan tingkat kelayakan investasi
dengan metode: Payback period, Net

Present Value, Internal Rate of Return,
dan Profitability Index.
 Bagaimana kelayakan investasi apabila
diasumsikan bahwa terdapat kenaikan

biaya-biaya operasi tunai sebesar 4%.
SOAL LATIHAN 2. INVESTASI PENGGANTIAN
PT Indah Permata merencanakan suatu investasi yaitu

mengganti mesin lama dengan mesin baru. Mesin lama
masih mempunyai nilai buku Rp 100 juta dan masih dapat
dipergunakan selama 5 tahun dengan nilai sisa Rp 10 juta
sedangkan mesin baru yang lebih baik dengan umur
ekonomis 5 tahun dapat dibeli dengan harga Rp 150 juta
dengan nilai sisa sebesar diperkirakan sebesar Rp 10 juta.
Dengan mesin baru tersebut diperoleh penghematan biaya
tunai sebesar Rp 30 juta. Apabila mesin lama diperkirakan
laku terjual dengan harga sesuai dengan nilai bukunya dan
tariff pajak 25%. Discount rate sebesar 20%
Pertanyaan:
 Susunlah proyeksi cash flow selama 5
tahun.
 Tentukan tingkat kelayakan investasi
dengan metode: Payback period, Net

Present Value, Internal Rate of Return,
dan Profitability Index.


Capital Budgeting (Penganggaran Modal)

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CAPITAL BUDGETING

 Estimating after-tax incremental operating cash flows

for the investment projects.

 Selecting projects based on a value-maximizing

 Research and development

 Safety and/or environmental projects

√ Cash (not accounting income) flows

Include opportunity costs

Include project-driven changes in working

 Payback Period (PBP)

INITIAL CASH OUTFLOW

If the payback period calculated is less than

If an investment project’s net present value is zero

Another way to express the acceptance criterion is

dengan metode: Payback period, Net

diasumsikan bahwa terdapat kenaikan

PT Indah Permata merencanakan suatu investasi yaitu

dengan metode: Payback period, Net

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