12 Financial Plan

Kuliah-12-Financial Plan-Senator Nur Bahagi@

Financial Plan


SCEMATIC DIAGRAM OF FINANCIAL EVALUATIONDirect Material

Raw MaterialAuxiliary materialUtilitiesFactory suppliersSpare, toolsEtc.

Direct Manpower

Salaries & WagesBenefits & social securitycontribution

Overhead Manpower

ManagementFunctional staffFactory supervision Indirect labour

Factory & Administrative Overhead

Auxiliary material & suppliersUtilitiesCommunication Repair & maintenanceRentsInsurances and taxes

Depreciation

BuildingMachineryToolsOffice equipmentVehicles

Depreciation

Current assets minus current liabilities or Permanent capital minus fixed capital

Sales & distribution

Sales forecasting

Operating costs

Depreciation

Financial costs

Total production costs

Sales revenue

Net earnings (-)a

+

+

=

-

=

Working capital

Fixed investment

Pre-production capital investment

Total investment costs

Borrowings

Equity capital

+

+

=

=

-Return on equity

Success or failure


TOTAL INVESTMENT COST

FIXED ASSETS:Fixed Investment• Land & Site preparation• Building & civil work• Plant machinery & equipment• Incorporate fixed assets

Pre-production Capital• Preparatory study• Pre production• Trial run & commissioning

CURRENT ASSETS:Working Capital• Account receivable• inventories

– Materials

– Spare parts

– Work-in-process

– Finished goods

• Cash• Account payable


ASSETS AND LIABILITIES

ASSETS LIABILITIESPre-production Capital Cost

Fixed Investment

Working Capital

Permanent Capital

Current Assets

Equity and Reserves

Long-term Liabilities

Current liabilities

Permanent Capital


ASSETS AND LIABILITIES

SOURCES OF FINANCING

EQUITY LOAN

SHORT TERM LONG TERM


CONTOH INVESTMENT COST

Fixed Investment Cost– Land 300– Building 1.800– Equipment 5.700

Total Initial Fixed Investment 7.800

Working Capital 2.000

Pre-Production Capital Exp. 500

Total Initial Fixed Investment 10.300


CONTOH PROJECT FINANCING

SourcesFixed

InvestmentWorking Capital

Total

Short-term Loan (Commercial Bank)

- 1.500 1.500

Short-term Loan (Commercial Bank)

3.000 - 3.000

Equity 5.300 500 5.800

Total 8.300 2.000 10.300


PRODUCTION COST

FACTORY

COST• Materials• Manpower• Factory

Overhead

ADMINIS-TRATIVE OVERHEAD

SALES & DISTRIBUTION COST

FINANCIAL COST

DEPRECIA-TION

TOTAL PRODUCTION COST


INCOME STATEMENT

+ Sales- Operating Cost- Depreciation

Operating Profit (1 – 2 – 3)- Interest

Gross Profit (4 – 5)- Tax

Net Profit (6 – 7)


CASH FLOW

CASH FLOW - Sales RevenueCASH OUTFLOW

-Total Investment

-Operating Cost

-Corporate TaxNET CASH FLOW (A – B)


COMERCIAL PROFITABILITY CRITERIA

NET PRESENT VALUE (NPV)INTERNAL RATE OF RETURN (IRR)PAYBACK PERIOD (PBP)SIMPLE RATE OF RETURN (ROR)BREAK EVEN ANALYSIS (BEP)


CONTOH PERHITUNGAN NPV

YearNet Cash

Flow

Discount Factor at

17%

NPV17

Discount Factor at

17%

NPV17

1

2

3

4

5

6

7

8

9

10

11

12

-3.300

-5.000

-535

1.755

2.240

3.270

3.500

1.140

2.140

2.140

2.140

2.640

0,855

0,731

0,624

0,534

0,456

0,390

0,333

0,285

0,243

0,208

0,178

0,152

-2.821

-3.653

-334

937

1.022

1.275

1.166

325

521

445

381

857

0,847

0,718

0,609

0,516

0,437

0,370

0,314

0,266

0,225

0,191

0,162

0,137

-2.797

-3.591

-326

905

979

1.211

1.099

303

482

409

347

774120 -204


CONTOH PERHITUNGAN IRR

NVPV

PVIRR 12

1

ii

i

204120

171811017IRR

34,17IRR

IRR

120

17%

17,35% 18%

204


PAY-BACK PERIOD

Year “Profit”Balance at End of

Year1

2

3

4

5

6

7

-

-

870

2.030

2.330

3.500

3.500

10.300

10.300

9.430

7.400

5.070

1.570

-

Pay-back Period:Waktu yang diperlukan untuk mengembalikan investasi melalui “profit” yang diperoleh dari proyek“Profit” = Net Profit after Tax + Financial Cost + Depreciation

Pay-back Period = Year 6 – Year 7 → 6,5 years


RATE OF RETURNRate of Return: Perbandingan antara profit dengan full year production dengan original investment.

Dimana:NP = Net ProfitI = InterestK = Total Investment CostQ = Equity Capital

Contoh

financing outsideWith %100K

INPROR

financing outsideWithout %100Q

NPROR

%4,23%8,435.800

10001.360

5.800

1001762.544ROR

%2,13%4,2610.300

10001.360

10.300

1001762.544ROR


CASE STUDY• Fixed investment 8300

- Land 300 - Buildings 1.800 - Equipment (including 500 for preproduction capital expenditures) 5.200 - Cars 1.000Working Capital 2.000Other current assets 400Sources of Financing: total 10.700 - Current liabilities (account payable) 400 - Supplier’s credit (term:repayment of credit ove 5 yeaars in equal installments plus 8% interest) 3.000 - Bank overdraft to cover 75% of working capital, interest 9%) 1.500 - Equity Capital 5.800 Sales revenue (2.000.000 units x $6.25) 10.700Production costs in year 8: variable 6.500 and fixed 3.280

of which depreciation (linear) = 780 calculated as follow:

buildings 30 years; equipment 10 years; cars 5 yearsConstruction time : two yearsCorporate tax: 50% of the profit. Net of interest; tax holiday

during the first five years of operation4% dividend on equity capitalStart-up schedule of production:

Year Capacity utilization (%) Annual Sales revenue Annual operating costs

1 55 6.875 6.000

2 75 9.375 7.350

3 80 10.000 7.670

4 – 10 100 12.500 9.000

Education

12 Financial Plan