Bab 12
Capital Budgeting
dan Estimating
Cash Flows
12-1
Capital Budgeting dan
Estimating Cash Flows
12-2

The Capital Budgeting Process

Generating Investment Project
Proposals

Estimating Project “After-Tax
Incremental Operating Cash
Flows”
What is
Capital Budgeting?
Proses mengindentifikasi,
menganalisis, dan memilih
proyek investasi yang
diharapkan dapat memberikan
return (arus kas) untuk periode
lebih dari satu tahun .
12-3
Proses Capital
Budgeting

Penyusunan proposal investasi yang
konsisten dengan sasaran strategis
perusahaan

Menyusun estimasi arus kas
inkremental setelah pajak untuk
proyek yang diusulkan

Mengevaluasi arus kas inkremental
yang dihasilkan oleh suatu proyek
12-4
The Capital
Budgeting Process

Memilih proyek berdasar kriteria
penilaian (yaitu proyek yang
memberikan nilai terbesar)

Melakukan evaluasi ulang
terhadap hasil implementasi
proyek
12-5
KLasifikasi Proyek
Investasi
1.
Produk baru atau ekspansi
produk
2.
Proyek penggantian
3.
Proyek riset dan pengembangan
4.
Eksplorasi
5.
Dll
12-6
Screening Proposals
and Decision Making
1. Section Chiefs
Advancement
to the next
3. VP for Operations
level depends
on cost
4. Capital Expenditures
and strategic
Committee
importance.
2. Plant Managers
5. President
6. Board of Directors
12-7
Estimating After-Tax
Incremental Cash Flows
Basic characteristics of
relevant project flows
12-8

Cash (not accounting income) flows

Operating (not financing) flows

After-tax flows

Incremental flows
Estimating After-Tax
Incremental Cash Flows
Principles that must be adhered
to in the estimation
12-9

Ignore sunk costs

Include opportunity costs

Include project-driven changes in
working capital net of spontaneous
changes in current liabilities

Include effects of inflation
Tax Considerations
and Depreciation
 Depreciation:

Proses pengalokasian secara sistematis sejumlah biaya
yang terdapat pada suatu aktiva pada beberapa periode usia
ekonomis

Kegunaan:
 Pelaporan
keuangan
 Pajak

Metode Depresiasi:
 Garis
Lurus
 MACRS
12-10
 dll
Depreciation and the
MACRS Method

Everything else equal, the greater the
depreciation charges, the lower the
taxes paid by the firm.

Depreciation is a noncash expense.

Assets are depreciated (MACRS) on one
of eight different property classes.

Generally, the half-year convention is
used for MACRS.
12-11
MACRS Sample Schedule
Recovery
Year
1
2
3
4
5
6
7
8
12-12
Property Class
3-Year
5-Year
33.33%
20.00%
44.45
32.00
14.81
19.20
7.41
11.52
11.52
5.76
7-Year
14.29%
24.49
17.49
12.49
8.93
8.92
8.93
4.46
Depreciable Basis
In tax accounting, the fully installed
cost of an asset. This is the
amount that, by law, may be written
off over time for tax purposes.
Depreciable Basis (Harga
Perolehan)
= Cost of Asset + Capitalized
Expenditures
12-13
Capitalized
Expenditures
Capitalized Expenditures are
expenditures that may provide
benefits into the future and therefore
are treated as capital outlays and not
as expenses of the period in which
they were incurred.
Examples: Shipping and
installation
12-14
Sale or Disposal of
a Depreciable Asset

Generally, the sale of a “capital asset”
(as defined by the IRS) generates a
capital gain (asset sells for more than
book value) or capital loss (asset sells
for less than book value).

Often historically, capital gains income
has received more favorable U.S. tax
treatment than operating income.
12-15
Corporate Capital
Gains / Losses

Currently, capital gains are taxed
at ordinary income tax rates for
corporations, or a maximum 35%.

Capital losses are deductible
only against capital gains.
12-16
Calculating the
Incremental Cash Flows

Initial cash outflow -- the initial net cash
investment.

Interim incremental net cash flows -those net cash flows occurring after the
initial cash investment but not including
the final period’s cash flow.

Terminal-year incremental net cash
flows -- the final period’s net cash flow.
12-17
Initial Cash Outflow
a)
b)
c)
d)
e)
f)
12-18
Cost of “new” assets
+
Capitalized expenditures
+ (-) Increased (decreased) NWC
Net proceeds from sale of
“old” asset(s) if replacement
+ (-) Taxes (savings) due to the sale
of “old” asset(s) if replacement
=
Initial cash outflow
Incremental Cash Flows
a)
Net incr. (decr.) in operating revenue
less (plus) any net incr. (decr.) in
operating expenses, excluding depr.
b)
- (+) Net incr. (decr.) in tax depreciation
c)
=
d)
- (+) Net incr. (decr.) in taxes
e)
=
f)
+ (-) Net incr. (decr.) in tax depr. charges
g)
=
12-19
Net change in income before taxes
Net change in income after taxes
Incremental net cash flow for period
Terminal-Year Incremental
Cash Flows
a)
12-20
Net incr. (decr.) in operating revenue less (plus)
any net incr. (decr.) in operating expenses, excluding depr.
Net incr. (decr.) in tax depreciation
Net change in income before taxes
Net incr. (decr.) in taxes
Net change in income after taxes
Net incr. (decr.) in tax depr. charges
b)
c)
d)
e)
f)
- (+)
=
- (+)
=
+ (-)
g)
h)
=
+ (-)
i)
- (+)
j)
- (+)
Incremental net cash flow for terminal period
Salvage value (disposal/reclamation
costs) of any sold or disposed assets
Taxes (tax savings) due to asset sale or disposal of
“new” assets
Decreased (increased) level of “net” working capital
k)
=
Terminal year incremental net cash flow
Contoh Untuk Proyek
Baru atau Ekspansi

1.
2.
3.
4.
5.
Basket Wonders (BW) sedang mempertimbangkan untuk membeli
mesin baru. Berikut data yang dapat dikumpulkan berkaitan dengan
pembelian mesin tersebut:
Mesin tersebut dibeli dengan harga Rp50,000.
Biaya pengiriman dan instalasi diperkirakan sebesar Rp20,000.
Mesin didepresiasi dengan MACRS dan digolongkan dalam the 3-year
property class.
Pembelian mesin mengakibatkan terjadi kenaikan modal kerja bersih
sebesar Rp5,000.
Hasil operasi mesin baru diharapkan dapat menghasilkan kenaikan
penghasilan sebesar Rp110,000 per tahun selama 4 tahun, dan pada
akhir tahun ke empat, mesin tersebut diperkirakan masih dapat dijual
dengan harga Rp10,000.
Disamping memberikan tambahan penghasilan, pengoperasian mesin
tersebut mengakibatkan kenaikan biaya operasi per tahun sebesar
Rp70,000 .
Jika diasumsikan pajak sebesar 40%, buatlah estimasi arus kas
untuk usulan investasai mesin tersebut.
12-21

Initial Cash Outflow
a)
b)
c)
d)
e)
f)
12-22
Harga Perolehan
Rp50,000
(Depreciable basis)
+
20,000
+
5,000
0 (not a replacement)
+ (-)
0 (not a replacement)
=
Rp75,000*
* Note that we have calculated this value as a
“positive” because it is a cash OUTFLOW (negative).
Incremental Cash Flows
a)
Year 1
Year 2
Year 3
Year 4
$40,000
$40,000
$40,000
$40,000
b)
-
23,331
31,115
10,367
5,187
c)
=
$16,669
$ 8,885
$29,633
$34,813
d)
-
6,668
3,554
11,853
13,925
e)
=
$10,001
$ 5,331
$17,780
$20,888
f)
+
23,331
31,115
10,367
5,187
g)
=
$33,332
$36,446
$28,147
$26,075
12-23
Terminal-Year
Incremental Cash Flows
a)
$26,075
The incremental cash flow
from the previous slide in
Year 4.
b)
+
10,000
c)
-
4,000
.40*($10,000 - 0) Note, the
asset is fully depreciated at
the end of Year 4.
d)
+
5,000
NWC - Project ends.
e)
=
$37,075
12-24
Salvage Value.
Terminal-year incremental
cash flow.
Summary of Project
Net Cash Flows
Asset Expansion
Year 0
Year 1
Year 2
Year 3
Year 4
-$75,000*
$33,332
$36,446
$28,147
$37,075
* Notice again that this value is a negative
cash flow as we calculated it as the initial
cash OUTFLOW in slide 12-18.
12-25
Contoh untuk Proyek
Penggantian

Dari sebuah perusahaan diperoleh data mengenai usulan proyek investasi sebagai
berikut:
1.
Perusahaan bermaksud mengganti mesin lama dengan mesin baru yang diperkirakan
memiliki harga Rp50.000 usia ekonomis 4 tahun.
Agar mesin tersebut dapat digunakan, dibutuhkan tambahan biaya untuk instalasi
mesin sebesar RP20.000
Mesin lama memiliki harga perolehan $30,000 dan didepresiasi dengan metode garis
lurus, usia ekonomis 5 tahun (biaya depresiasi Rp6.000 per tahun).
Pada saat penggantian mesin lama masih dapat digunakan selama 2 tahun lagi.
Pada saat penggantian mesin lama dapat terjual dengan harga Rp6,000.
Penggunaan mesin baru diperkirakan dapat menghemat biaya operasi sebesar
RP10.000 per tahun.
Penggantian mesin mengkibatkan terjadi perubahan modal kerja bersih dari Rp5.000
untuk mesin lama menjadi Rp $10,000 untuk mesin baru.
2.
3.
4.
5.
6.
7.

Dari informasi di atas buatlah estimasi arus kas untuk usulan penggantian mesin
tersebut
12-26
Initial Cash Outflow
a)
b)
c)
d)
e)
f)
12-27
+
+
=
$50,000
20,000
5,000
6,000 (sale of “old” asset)
2,400 <---- (tax savings from
loss on sale of
$66,600
“old” asset)
Calculation of the
Change in Depreciation
a)
Year 1
Year 2
Year 3
Year 4
$23,331
$31,115
$10,367
$ 5,187
b)
-
6,000
6,000
0
0
c)
=
$17,331
$25,115
$10,367
$ 5,187
a) Represent the depreciation on the “new”
project.
b) Represent the remaining depreciation on the
“old” project.
12-28
c) Net change in tax depreciation charges.
Incremental Cash Flows
a)
Year 1
Year 2
Year 3
Year 4
$10,000
$10,000
$10,000
$10,000
17,331
25,115
10,367
5,187
-367
$ 4,813
-147
1,925
-220
$ 2,888
b)
-
c)
=
d)
-
-2,932
-6,046
e)
=
$ -4,399
$ -9,069
f)
+
17,331
25,115
10,367
5,187
g)
=
$12,932
$16,046
$10,147
$ 8,075
12-29
$ -7,331 -$15,115
$
$
Terminal-Year
Incremental Cash Flows
a)
$ 8,075
The incremental cash flow
from the previous slide in
Year 4.
b)
+
10,000
c)
-
4,000
(.40)*($10,000 - 0). Note, the
asset is fully depreciated at
the end of Year 4.
d)
+
5,000
Return of “added” NWC.
e)
=
$19,075
12-30
Salvage Value.
Terminal-year incremental
cash flow.
Summary of Project
Net Cash Flows
Asset Expansion
Year 0
Year 1
Year 2
Year 3
Year 4
-$75,000
$33,332
$36,446
$28,147
$37,075
Asset Replacement
Year 0
Year 1
Year 2
Year 3
Year 4
-$66,600
$12,933
$16,046
$10,147
$19,075
12-31