Pro Forma Income Statement
Pro Forma Income Statement
PT Frozen Yoghurt
Income Statement
Sales Rp. 38,000,000
Costs -18,400,000
Taxable income 19,600,000
Taxes (34%) -6,664,000
Net income 12,936,000
Dividends -5,200,000
Add. To retained earning 7,736,000
PT Frozen Yoghurt
Balance Sheet
Current Asset
Cash 3,050,000
Account receivable 6,900,000
Inventory 7,600,000
Total 17,550,000
Fixed asset
Net plant and
Equipment 34,500,000
a. Dari data yang disajikan diatas, buatlah Pro Forma Income statement dan Pro For
menggunakan metode Percentage od Sakes jika diasumsikan terdapat 15% kenaikan
b. Hitunglah berapa External Fund Needed Berapakah nilai full capacity sales apabi
Jawab:
a
PT Frozen Yoghurt Pro Forma income Statement
Income Statement ↑15%
Sales Rp. 38,000,000 +
Costs -18,400,000 +
Taxable income 19,600,000
Taxes (34%) -6,664,000
Net income 12,936,000
Dividends -5,200,000 +
Add. To retained earning 7,736,000
Pro Forma Balance Sheet
Current Asset ↑15%
Cash 3,050,000 +
Account receivable 6,900,000 +
Inventory 7,600,000 +
Total 17,550,000
Fixed asset
Net plant and
Equipment 34,500,000 +
------------ ----------
↓
PT Frozen Yoghurt
Balance Sheet Pro Forma
Current Asset
Cash 3,263,500
Account receivable 8,004,000
Inventory 8,892,000
Total 17,550,000
Fixed asset
Net plant and
Equipment 61,755,000
b
EFN Eksternal Financing Needed
-3,196,400
Frozen Yoghurt
Balance Sheet
Current Liabilities
Account payable 1,300,000
Notes payable 6,800,000
Total 8,100,000
Long term debt 25,000,000
Owner’s Equity
common stock &
Paid in surplus 15,000,000
Retained Earnings 3,950,000
Total 18,950,000
Owner’s equity
total Liabilities and 52,050,000
ah Pro Forma Income statement dan Pro Forma Balance sheet dengan
Sakes jika diasumsikan terdapat 15% kenaikan pada sales dan payout ratio konstan!
eded Berapakah nilai full capacity sales apabila saat ini perusahaan hanya beroperasi 80% dari kapasitas?
27,255,000
Frozen Yoghurt
ce Sheet Pro Forma
Current Liabilities
Account payable 1,300,000
Notes payable 6,800,000
Total 8,100,000
Long term debt 25,000,000
Owner’s Equity
common stock &
Paid in surplus 15,000,000
Retained Earnings 3,950,000
Total 18,950,000
Owner’s equity
total Liabilities and 52,050,000
Eksternal Financing Needed 27,255,000
-18358600
PT Frozen Yoghurt
Income Statement Pro Forma
Rp. 43,700,000
-21,160,000
22,540,000
7,663,600
14,876,400
Dividends -5,980,000
Add. To retained earning 8,896,400
Current Liabilities
000 x 7%) + 3.050.000 = 3,263,500 Account payable
000 x 16%) + 6.900.000 = 8,004,000 Notes payable
000 x 17%) + 7.600.000 = 8,892,000 Total
| Long term debt
| Owner’s Equity
| common stock &
| Paid in surplus
0.000 x 79%) + 34.500.000 = 61,755,000 Retained Earnings
| Total
|
|
|
| Owner’s equity
| total Liabilities and
|
|
--------------------- -----------
PT Frozen Yoghurt
Income Statement
Sales Rp. 38,000,000
Costs -18,400,000
Taxable income 19,600,000
Taxes (34%) -6,664,000
Net income 12,936,000
Dividends -5,200,000
Add. To retained earning 7,736,000
Pro Forma Balance Sheet
Tidak terjadi penamabahan hutang maupun modal
1,300,000 -
6,800,000 -
8,100,000 -
25,000,000
15,000,000
3,950,000 -
18,950,000
52,050,000
Current Asset
Fixed asset
Total Asset
Pro Forma income Statement
↑15% pada sales dan payout ratio
+ (38.000.000 x 15%) 5,700,000 → Sales
+ (18.400.000 x 15%) -2,760,000 → Costs
Taxable income
Taxes (34%)
Net income
+ (5.200.000 X 85%) -4,420,000.00 →
PT Frozen Yoghurt
Balance Sheet
ang maupun modal Pro Forma Balance Sheet
Current Asset ↑15%
Cash 3,050,000 +
Account receivable 6,900,000 +
Inventory 7,600,000 +
Total 17,550,000
Fixed asset
Net plant and
Equipment 34,500,000 +
PT Frozen Yoghurt
Balance Sheet Pro Forma
Current Liabilities
Cash 3,507,500 Account payable
Account receivable 7,935,000 Notes payable
Inventory 8,740,000
Total 17,550,000 Long term debt
Owner’s Equity
common stock &
Net plant and Paid in surplus
Equipment 63,825,000 Retained Earnings
Owner’s equity
81,375,000 total Liabilities and
Eksternal Financing Needed
81375000
PT Frozen Yoghurt
Income Statement Pro Forma
Rp. 43,700,000
-21,160,000
axable income 22,540,000
7,663,600
12,936,000
Dividends -9,620,000
Add. To retained earning 3,316,000
Frozen Yoghurt 0
alance Sheet
ro Forma Balance Sheet
Current Liabilities
(3.050.000 x 15%) 457,500 Account payable
(6.900.000 x 15%) 1,035,000 Notes payable
(7.600.000 x 15%) 1,140,000
Long term debt
Owner’s Equity
common stock &
Paid in surplus
(34.500.000 x 85%) 29,325,000 Retained Earnings
Owner’s equity
total Liabilities and
52,050,000
ancing Needed 29,325,000
Pro Forma Balance Sheet
Tidak terjadi penamabahan hutang maupun modal
ccount payable 1,300,000 -
otes payable 6,800,000 -
Total 8,100,000 -
###
52,050,000
g maupun modal
Soal 2 (20%)
Gunakan informasi dari PT. MKE dibawah ini untuk menjawab soal. (asumsi tingkat pajak yang berlaku 34%)
2008 2009
Sales Rp 7,233,000 8,085,000
Depreciation 1,038,000 1,085,000
Cost of Good Sold 2,487,000 2,942,000
Other expences 591,000 515,000
Interest 485,000 579,000
Cash 3,792,000 4,041,000
Account receivable 5,021,000 5,892,000
Short term notes payable 732,000 717,000
Long term debt 12,700,000 15,435,000
Net fixed asset 31,805,000 33,921,000
Accounts payable 3,984,000 4,025,000
Inventory 8,927,000 9,555,000
Dividends 882,000 1,011,000
Pertanyaan:
a. Buatlah income statement dan Balance Sheet dari PT MKE pada tahun 2008 dan 2009!
b. Untuk tahu 2009, hitunglah berapa Cash flow from asset, cash flow to creditors , dan cash flow to stockholders!
Jawab
a
PT MKE
Income Statement 2008 2009
Sales 7,233,000 8,085,000
Cost of Goods Sold (CoGS) -2,487,000 -2,942,000
Gross Profit 4,746,000 5,143,000
Other Expense -591,000 -515,000
Depreciation -1,038,000 -1,085,000
Eraning Before Interest and Tax (EB 3,117,000 3,543,000
Interest -485,000 -579,000
Earning Before Tax (EBT) 2,632,000 2,964,000
Tax (34%) -894,880 -1,007,760
Net Income (NI) 1,737,120 1,956,240
Dividends -882,000 -1,011,000
Retaind Earning (RE) 855,120 945,240
b 2009
Cash Flow From Aset (CFFA)
= Operating Cash Flow + Net Capital Spending + Change in Net Working Capital
I Income Statement
I
I
I
I
B Balance Sheet
B
B
B
B
B
B
I
Delta CA Delta
cash flow to stockholders! Cash 249,000 AP
AR 871,000 Shorterm
Inv 628,000
total 1,748,000
PT MKE
Balance Sheet 2008 2009
CA Cash 3,792,000 4,041,000 CL Accounts payable
Account receivable 5,021,000 5,892,000 Short term notes payable
Inventory 8,927,000 9,555,000 L Long term debt
FA Net fixed asset 31,805,000 33,921,000 E Owner Equity
Retaind Earning (RE)
Total
Total 49,545,000 53,409,000 New Total
Working Capital
1.085.000 - 1.007.760)
1.085.000 + 579.000)
sssets + Depreciation
et) - 31.805.000(tahun 2008,balance sheet) + 1.085.000(tahun 2009,income statement))
-3,201,000
m Payable)
erm,thn 2009) - 12.700.000(Longterm,thn 2008))
-2,156,000
2008 2009
unts payable 3,984,000 4,025,000
term notes payable 732,000 717,000
12,700,000 15,435,000
0 (49.545.000-18.271.120) 31,273,880 0
nd Earning (RE) 855,120 945,240
18,271,120 21,122,240
49,545,000
ash)+5.021.000(A/R)+8.927.000(Inventory)-3.984.000(A/R)-732.000(ShortNote)balane sheet,tahun 2008))
(53.409.000-21.122.240) 32,286,760
53,409,000
eet,tahun 2008))
Soal 3 (20%)
a. Anda baru saja diterima disalah satu bank ternama di Indonesia. Anda ditawarkan dua skema gaji yang berbeda
dan anda diminta memilih salah satunya. Skema gaji yang pertama menawarkan gaji sebesar Rp. 95,000,000,- per tahun
selama dua tahun kedepan. Skema gaji yang kedua menawarkan gaji sebesar Rp. 70.000.000,- per ta
disertai dengan signing bonus sebesar Rp. 45.000.000,- saat ini. Bonus dibayar saat ini juga dan gaji
Jika tingkat bunga yang berlaku sebesar 10% bunga majemuk bulanan pertahun, skema gaji yang ma
b. Anda berencana untuk menabung dalam bentuk tabungan pension setiap bulan sebesar Rp. 300,000,- dimana
tabungan tersebut memeberikan bunga 10% pertahun secara majemuk bulanan. Jika anda memulai m
satu bulan dari sekarang, berapakah nilai tabungan pensiun anda dapat pada saat 30 tahun yanga ak
Jawab
a.
Skema Gaji A
95.000.000/tahun
n = 2thn
= 24bln
+
i = 10% per bln
FV = P x (1 + i)^n
B 45.000.000 thn 1
+ 70.000.000
| |
| |
| |
| |
| ------------
|
------------- ------------- ------------ ------------
b.
b. Anda berencana untuk menabung dalam bentuk tabungan pension setiap bulan sebesar Rp. 300,000,- dimana
tabungan tersebut memeberikan bunga 10% pertahun secara majemuk bulanan. Jika anda memulai m
satu bulan dari sekarang, berapakah nilai tabungan pensiun anda dapat pada saat 30 tahun yanga ak
P= 300.000
i = 10% p.a
= 0.0083 per bln
n = 30bln
Annuity
Annutity FV Factor ((1+i)^n)/r)
(((1 + 0.1)^30))/0.1)
174.49402269
Annuity FV = (300.000 x 174,49402)
52,348,206.81
ema gaji yang berbeda
Rp. 95,000,000,- per tahun
esar Rp. 70.000.000,- per tahun selama dua tahu kedepan,
bayar saat ini juga dan gaji dibayarkan pada setiap akhir tahun.
tahun, skema gaji yang mana yang akan anda pilih?
p. 300,000,- dimana
ulanan. Jika anda memulai menabung
ada saat 30 tahun yanga akan dating?
Skema Gaji B
70.000.000/thn
n = 2thn
= 24bln
45.000.000 bonus dibayar sekarang
thn 2 thn 3
0.000.000 + 70.000.000 + 70.000.000
| ------------ → 70.000.000
|
------------ ------------ ------------ ------------ → (70.000.000 x (1+0.1)^
0.000.000 70,000,000
b. The Jakson- Timberleake Wardrobe Co., baru saja membayar deviden sebesar $1 dan berencana menaikan devided sebesar
depan, dan 15% pada tahun kedua. Setelah itu deviden akan naik secara konstan sebesar 5% per tah
seterusnya. Berapakah harga sahamnya saat ini jika required return yang diminta sebesar 20.
jawab
a.
Obilgasi A
20thn
C1 = 0 n = 6thn (6thn x 12)/6bln 12 x
C2 = 1100 n = 8thn (8thn x 12)/6bln 16 x
C3 = 1400 n = 6thn (6thn x 12)/6bln 12 x
40
rr 8% p.a 4% per semester
i 10% p.a
Bond Value
((C x ((1 -(1/(1 + r)^t))/r) + (F/(1 +r)^t))
Obligasi B
C = 10%
PAR = 20.000
C= (10% x 20.000)
2000
n = 20thn
40 rr
i
8% p.a 4% per semester
10% p.a
Bond Value
C (2000 x (1 - (1/(1.04)^40)))/0.04) 39585.547767 4.8010206279
PAR (20.000/)(1+0.04)^40)) 4165.7808933 4.8010206279
Bond Value 43,751.33
b. The Jakson- Timberleake Wardrobe Co., baru saja membayar deviden sebesar $1 dan berencana menaikan devided sebesar
depan, dan 15% pada tahun kedua. Setelah itu deviden akan naik secara konstan sebesar 5% per tah
seterusnya. Berapakah harga sahamnya saat ini jika required return yang diminta sebesar 20.
D0 = 1$
G1 = 20%
G2 = 15%
r = 20%
D1 = D0 x (1 + g)^n
(1 x (1 + 20%))
1.2
D2 = D1 x (1 + g)^n
(1 x (1 + 15%))
1.38
D3 = D2 x (1 + g)^n
(1.38 x (1 + 5%))
1.449
P3 = D3 x (1 + g)/(R - g)
(1,449 x (1 + 5%)/(20% - 5%))
10.143
a. Berapa IRR untuk setiap proyek? Jika anda menerapkan IRR decision rule, proyek mana yang akan perusahaan terima?
b. Jika required returns sebesar `13%, berapa NPV untuk setiap proyek? Proyek mana yang akan perusahaan pilih berdasarkan N
c. Hitunglah playback period dan Discound Payback Period dari masing-masing proyek
Jawab
a.
IRR
NPV = 0 = Instalment + (cash flow next year/(1 + IRR))
lar sebagai berikut: