UNIVERSITAS INDONESIA
FAKULTAS EKONOMI DAN BISNIS
DEPARTEMEN MANAJEMEN
PROGRAM STUDI S1 REGULER
Lecturer
: Financial Management Teaching Assistant Team
Sifat Ujian
: Open Book
Date
: Friday, 8 October 2021 - Monday, 11 October 2021
Times
: Friday, 8 October 2021 (17.00 WIB) - Monday, 11 October 2021 (17.00 WIB)
Instructions:
1. Answer all the questions below in order.
2. Answer in handwriting. Answers are made on folio paper / HVS A4 paper.
3. Write your answers in clear and legible handwriting.
4. Write your full name and student number in the upper right corner of the answer sheet.
5. Photo or scan your answer and submit it to your teaching assistant through the agreed
media.
6. The file name and email subject are as follows: Kuis UTS_Name_NPM_Course_Class Code.
(Example: Kuis UTS_Reza Fahima_2094925612_CF_KKI E / Kuis
UTS_Fidela_209815274_MK_REG P)
7. Submit it to your respective teaching assistants in (.pdf) format
Problem 1 (15%)
Based on the information above, calculate CFFA and liquidity ratio from financial statement of
PT Sejahtera Malaya and give your explanation!
a. Cash flow from asset (5%)
b. Liquidity ratio (for year 2021 only) (5%)
Problem 2 (10%)
Based on the information below, calculate Return on Equity (ROE) and Sustainable Growth Rate
(SGR) of PT Sejahtera Malaya. Explain!
•
Profit margin
•
Capital intensity ratio : 0.85
•
Debt-equity ratio
: 20%
: 0.45
•
Net income
: $95,000
•
Dividends
: $35,000
Problem 3 (20%)
PT Ruang Dosen and PT Genius are educational technology companies that compete against each
other. Siska, a content creator, receives two offers from those companies to be their brand
ambassador.
1. PT Ruang Dosen offers a three-year contract where Siska will receive $2000 per year for
three years, which will be paid at the end of each year.
2. PT Genius offers a three-year contract where Siska will receive $500 when the contract is
signed (which will be paid immediately), $1000 at the end of year one, $1500 at the end of
year two, and $3100 at the end of year three.
Siska can only choose one offer because there is a contract clause where she can’t have a
relationship with the competitor. If the discount rate is 12%, which offer should Siska accept?
Explain.
Problem 4 (20%)
a. PT Laksana Gembala Domba has a bond with par value of Rp1 million with 8% coupon
rate which will be paid every six months for 15 years. When it was issued, the bond was
sold for Rp912,500. What is the yield to maturity of PT Laksana Gembala Domba’s bond?
Use interpolation!
b. PT Kardus Pangeran Sentosa recently paid out a dividend of $1.2 per share. The company
plans to increase its dividend by 5% next year more. If the stock is selling for $25 per share,
what return does this stock offer if this is correct?
Problem 5 (15%)
Bambi inc. is planning to run a project. The company is offered by 2 potential projects which are
Project X and Project O. Both projects have the same time period of 3 years. Cash Flow for the
first year is expected to be $35000 for Project X and $27000 for Project O. Project X’s Cash Flow
will increase by 25% per year and Project O’s Cash Flow will increase by 30% per year until the
period ends.
From the information above, which project should Bambi Inc. take based on NPV’s calculation if
the Initial Outlay of Project X is $89000 and Project O $77000 and the required rate of return is
15%?
Problem 6 (20%)
Global Entertainment is planning to launch a new product called vinyl album in 2022. The
company has projected to sell 1000 units vinyl album at the first year of launching and it will
increase by 25% per year. The selling price of the product is Rp400.000 per unit. To produce it,
company needs Rp36.000.000 of net working capital and the change of the net working capital is
15% of sales. Total fixed cost is Rp7.500.000 and variable cost per unit is 40% of selling price.
And tax rate now is 34%.
In the production of vinyl album, the company needs to install an equipment worth Rp90.000.000.
after 3 years being depreciated using straight line method, the equipment can be sold at 15% of the
cost.
From the information given, please calculate:
A. Operating Cash Flow
B. Change in NWC