Manajemen Keuangan Lanjutan - Capital BUdgeting

PENGANTAR MANAJEMEN KEUANGAN
CAPITAL BUDGETING TECHNIQUES

By Ahmad Fikri
Capital Budgeting Process Profitability Index (PI)
1 4
Payback Period Internal Rate of Return (IRR)

2 5
Net Present Value (NPV)

3
Capital Budgeting
Process
Capital Budgeting is the process of evaluating and
selecting long term-investments that are consistent
with the firm’s goal of maximizing shareholder wealth
Capital Expenditure is an outlay of funds by the

firm that is expected to produce benefits over a
period of time greater than 1 year
Capital
Expenditure
Operating Expenditure is an outlay of funds Operating

Expenditure
by the firm resulting in benefits received
within 1 year Capital
Budgeting
Capital Budgeting
Process
Proposals for new investment projects are made

Proposal at all levels within a business organization and are
Generation reviewed by finance personnel.
Review & Financial managers perform formal review and

Analysis analysis to assess the merits of investment
proposals.
Decision Firms typically choose capital expenditure

Making
decision making on the basis of dollar limits
Following approval, expenditures are made and

Implementation projects implemented
Results are monitored and actual costs and

Follow - Up
benefits are compared with those that were
expected
Capital Budgeting
Process
Type of Project Mutually exclusive projects

Independent projects are are projects that compete
projects whose cash flows are with one another, so that
unrelated to (or independent the acceptance of one
of) one another; the eliminates from further
acceptance of one does not consideration all other
eliminate the others from projects that serve a similar
further consideration.
Mutually function
Independent
Exclusive
Project A Project B Project A

Project B
Capital Budgeting
Process
Evaluation
Accept-Reject Approach is the Approach Mutually exclusive projects
is the ranking of capital
evaluation of capital expenditure projects on the
expenditure proposals to basis of some
determine whether they meet predetermined measure,
the firm’s minimum acceptance such as the rate of return.
criterion.
Accept-Reject Ranking
Approach Approach
Payback Period
Example :
Payback Period is method how long the amount of Sebuah perusahaan sedang mempertimbangkan
time required for a firm to recover its initial untuk memilih diantara project dengan cashflow
investment in a project, as calculated from cash yang telah diprediksi. Manakah project yag
inflows. sebaiknya dipilih?
Decision The length of the maximum acceptable

Criteria payback period is determined by management
If the payback period is less than the

maximum acceptable payback period, accept
the project
If the payback period is greater than the

maximum acceptable payback period, reject
the project
Payback Period
Answers : Example :
Untuk mendapatkan periodenya maka cara
Project A menghitungnya: Sebuah perusahaan sedang mempertimbangkan
Cumulative 42,000 – 14,000 (CF 1) – 14,000 (CF 2) – 14,000 untuk memilih diantara project dengan cashflow
(CF 3) = 0 yang telah diprediksi. Manakah project yag
Initial CF -42,000 CF
CF Year 1 14,000 14,000 Payback Period = 3 Tahun
sebaiknya dipilih?
CF Year 2 14,000 28,000
CF Year 3 14,000 42,000
CF Year 4 14,000 56,000
CF Year 5 14,000 70,000
Untuk mencapai initial cashflow, jika dilihat

Project B
hingga tahun kedua dari cashflow yang masuk
Cumulative sudah 40,000. Butuh 5,000 dari cashflow Tahun
Initial CF -45,000 CF ke-3 (10,000).
Untuk mendapatkan periodenya maka cara
CF Year 1 28,000 28,000
menghitungnya:
CF Year 2 12,000 40,000 45,000 – 28,000 (CF 1) – 12,000 (CF 2) = 5,000
CF Year 3 10,000 50,000
5,000 : 10,000 = 0,5 Year
CF Year 4 10,000 60,000
CF Year 5 10,000 70,000 Payback Period = 2 Tahun + 0,5 Tahun = 2,5
Tahun
Net Present Value
(NPV)
Net Present Value is a sophisticated capital budgeting Example :
technique; found by subtracting a project’s initial Sebuah perusahaan sedang mempertimbangkan
investment from the present value of its cash inflows untuk memilih diantara project dengan cashflow
discounted at a rate equal to the firm’s cost of capital. yang telah diprediksi. Manakah project yag
sebaiknya dipilih jika cost of capital = 10% ?
Formula :
NPV = Present value of cash inflow – Initial Investement
Decision If the NPV is greater than $0, accept the

Criteria project
If the NPV is less than $0, reject the project.

Net Present Value
(NPV)
Answer Example :
Sebuah perusahaan sedang mempertimbangkan
untuk memilih diantara project dengan cashflow
yang telah diprediksi. Manakah project yag
sebaiknya dipilih jika cost of capital = 10% ?
Profitability Index
(PI)
Profitability Index is method like NPV but Example :

the value of this method in percentage. Melanjutkan soal contoh pada kasus dengan
So, for a project that has an initial cash metode NPV pada slide sebelumnya, sebuah
outflow followed by cash inflows, the perusahaan sedang mempertimbangkan untuk
profitability index (PI) is simply equal to memilih diantara project dengan cashflow yang
the present value of cash inflows divided telah diprediksi. Manakah project yag sebaiknya
by the initial cash outflow dipilih jika cost of capital = 10% ?
Formula :
PI = PV of Cash Flow : Initial Investment (CF0)

Internal Rate of
Return (IRR)
Internal rate of return is a sophisticated capital IRR Formula :

budgeting technique; the discount rate that equates
the NPV of an investment opportunity with $0 (because
the present value of cash inflows equals the initial
investment); it is the rate of return that the firm will
earn if it invests in the project and receives the given
cash inflows. i1= Tingkat diskonto yang menghasilkan NPV positif
i2= Tingkat diskonto yang menghasilkan NPV negative
Atau IRR bisa dikatakan tingkat pengembalian atau NPV1 = Nilai NPV positif
PV1 = Nilai PV dengan menggunakan tingkat diskonto i1
keuntungan yang perusahaan bisa dapatkan ketika nilai PV2 = Nilai PV dengan menggunakantingkat diskonto i2
NPV pada titik impas (NPV = 0)
Internal Rate of
Return (IRR)
Example :
Pabrik Elder mempertimbangkan usulan investasi
senilai Rp 130.000.000 tanpa nilai sisa. Pendapatan
arus kas per tahun RP 21.000.000 selama 6 tahun.
Diasumsikan tingkat pengembalian sebesar 13%.
Hitunglah IRR.
IRR Formula :
i1= Tingkat diskonto yang menghasilkan NPV positif

i2= Tingkat diskonto yang menghasilkan NPV negative
NPV1 = Nilai NPV positif
PV1 = Nilai PV dengan menggunakan tingkat diskonto i1
PV2 = Nilai PV dengan menggunakantingkat diskonto i2
Excercise
Perusahaan Alpha-Centurion telah meneliti untuk mengembangkan project pengembangan vaksin.

Terdapat 3 pilihan project pengembangan vaksin yang satu sama lain saling berkaitan. Estimasi arus kas
dari ketiga project tersebut seperti berikut:
Cash Flows Project A Project B Project C
Initial Investment (CF0) Rp 60.000.000 Rp 100.000.000 Rp 110.000.000
Cash Inflow – Year 1 Rp 20.000.000 Rp 31.500.000 Rp 32.500.000
a) Hitung nilai payback period dari masing-masing project!

b) Hitung nilai NPV dari masing-masing projct, jika nilai cost of capital (i) sebesar 13%
c) Hitung nilai Profitability Index (PI) dari masing-maisng project
d) Hitung nilai IRR dari masing-masing project
e) Dari hasil perhitungan menggunakan diatas, project mana yang kalian sarankan untuk dipilih? Berikan alasan
dan penjelasan dari pemilihan yang kalian pilih!
THANK YOU
Any Question?

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PENGANTAR MANAJEMEN KEUANGAN

CAPITAL BUDGETING TECHNIQUES

Payback Period Internal Rate of Return (IRR)

Net Present Value (NPV)

Capital Expenditure is an outlay of funds by the

Operating Expenditure is an outlay of funds Operating

Proposals for new investment projects are made

Review & Financial managers perform formal review and

Decision Firms typically choose capital expenditure

Following approval, expenditures are made and

Results are monitored and actual costs and

Type of Project Mutually exclusive projects

Project A Project B Project A

Decision The length of the maximum acceptable

If the payback period is less than the

If the payback period is greater than the

Untuk mencapai initial cashflow, jika dilihat

Decision If the NPV is greater than $0, accept the

If the NPV is less than $0, reject the project.

Profitability Index is method like NPV but Example :

PI = PV of Cash Flow : Initial Investment (CF0)

Internal rate of return is a sophisticated capital IRR Formula :

i1= Tingkat diskonto yang menghasilkan NPV positif

Perusahaan Alpha-Centurion telah meneliti untuk mengembangkan project pengembangan vaksin.

a) Hitung nilai payback period dari masing-masing project!

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