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MODAL INVESTASI (CAPITAL INVESMENT)

Modal Tetap (Fixed Capital) (FC)

Modal Kerja (Working Capital)

(WC)

Modal investasi: Modal yang dibutuhkan untuk mendirikan fasilitas produksi dan biaya operasinya

FC (85-90%) + WC (10-15%) =TOTAL CAPITAL

Modal tetap terdiri semua pembiayaan yang mengalami penyusutan

FIXED CAPITAL PADA PEMBANGUNAN PABRIK

Purchased Equipment Cost = X1

Equipment Instalation = X2 (25% dari PEC)

Piping = X3 (tabel 17 hal 78)

Instrumentation = X4 (tabel 19 hal 97)

Insulation = X5 (8% dari PEC)

Electrical = X6 ( (10-15% dari PEC)

Building = X7 (tabel 27 hal 108)-30-50% dari PEC

Land and Yard improvement = X8 (10-15% PEC)

Utilities = X9 (Tabel 31)- 25-75%

Physical Plant Cost = X1+X2+X3+X4+X5+X6+X7+X8+X9

Engineering and Construction = X10

Direct Plant Cost = X1+……………..+X9+X10

Contractor’s Fee = X11

Contingency = X12

Fixed Capital = X1+ X2+ ……………..X11+X12

+

+

+

ESTIMASI FIXED CAPITAL CARA 1: Tiap komponen physical palnt cost ditentukan (estimasi) harganya kemudian physical plant coct dipakai sebagai dasar untuk estimasi selanjutnya

Purchased Equipment = X1

Equipment Instalation = X2

Piping = X3

Instrumentation = X4

Insulation = X5

Electrical = X6

Building = X7

Land and Yard improvement = X8

Utilities = X9


*Engineering and Construction = X10 (Tabel 4 p 4)


#Contractor’s Fee = X11 (4-10% DPC)

#Contingency = X12 (Tabel 5 p4)


Dicari pada chapter 2 p 15 dan 2 p 75 (Aries Newton)

Keterangan: * = estimasi dalam % PPC

# = estimasi dalam % DPC

Tabel 4. Cost Engineering and Construction (% Physical Plant Cost)

Physical Plant Cost Eng And Construction, %

Kurang dari $ 10^6 30

$ 10^6 - $ 5. 10^6 25

Lebih dari $ 5. 10^6 20

Tabel 5. Cost of Contingency (% Direct Plant Cost)

Contingency Level Contingency Cost, %

Low 10

Average 15

High 25

ESTIMASI FIXED CAPITAL CARA 2: Mula2 ditentukan harga purchased equipment cost kemudian semua komponen physical cost yang lain ditentukan (estimasi) dari equipment cost

Purchased Equipment Cost = X1

*Equipment Instalation = X2

* Piping = X3

* Instrumentation = X4

* Insulation = X5

* Electrical = X6

* Building = X7

* Land and Yard improvement = X8

* Utilities = X9


#Engineering and Construction = X10 (Tabel 4 p 4)


@Contractor’s Fee = X11 (4-10% DPC)

@Contingency = X12 (Tabel 5 p4)


Chapter 2 p 15 (Aries Newton)

Keterangan: * = estimasi dalam % PEC (chapter 3 p 75)

# = estimasi dalam % PPC

@ = estimasi dalam % DPC

ESTIMASI FIXED CAPITAL CARA 3

IF = E.L

IF = Fixed Capital Invesment

E = Purchased Eq. Cost

L = Faktor Lang

Purchased Eq Cost ditentukan seperti pada cara 1 dan 2

Tabel 7. FAKTOR LANG

PROCESS FAKTOR

Solid 3,10

Solid Fluid 3,63

Fluid 4,74

ESTIMASI FIXED CAPITAL CARA 4: Harus diketahui FC invest dari Process yang sama tetapi berbeda kapasitasnya

Ifb = Ifa (rmb/rma)

Keterangan: rma = prod. Rate a/bln

rmb = prod. Rate a/bln

Ifa = FC invesment plant a

Ifb = FC invesment plant b

^0,7

Evaluasi pangkat dalam kurung (power term)

1. Untuk kimia umumnya pangkat = 0,7

2. Very small instalation atau process yang bekerja pada kondisi ekstrem dari suhu atau tekanan

3. Plant yang meningkatkan kapasitasnya dengan cara menambahkan jumlah pegawai yaitu dengan menambah unit2 dari pada menggantikannya dengan alat yang lebih besar, pangkat = 0,8

Tabel 8. VARIASI POWER TERM UNTUK COMPLETE PLANTS

Type of Plant Power Term

Aluminium Ingot 0,9

TNT 0,01

Amonia Sintesis 0,81

Stirene 0,53

Refinery 0,75


IF = iF. ra

Keterangan:


iF = Fixed Capital per unit of annual productive capacity (lihat tabel 9. A and N)

ra = annual production Rate

Tabel 9. FC PERANUAL TON CAPACITY

Type of Plant cost, $

Acetaldehid from acetiline 54

Alkyd resin 60

Amonia Sintesis 240


IF = S. ra / T

Keterangan:


S = Sales value / unit of production

ra = annual production Rate

T =Turnover Ratio

Tabel 10. TURNOVER RATIO FOR VARIOUS CHEMICALS

Chemical Turn Over Ratio

Butadiena dari Butane 0,21

Amonia 0,35

Stirene 0,61

dst

Annual Sales Value

Capital Invesment = Turnover Ratio

RM Inventory

Product Inventory

In Process Inventory

Working Capital

Extended Credit

Fixed CapitalAvailable Cash

Total Invesment

SALES

Turnover Ratio

+

Dibagi

Working Capital: dana yang dibutuhkan agar perusahaan industri dapat beroperasi = 10 – 15% FC atau 25% Annual Product Sales Value (1-3 bulan operasi)

•Raw material inventory ditentukan harga, permintaan, availability, source, storage requirement (biasanya 1 bulan suply)

•In Process Inventory tergantung lamanya bahan diproses

•Product inventory = biasnya 1 bulan, tergantung jenis product

•Extended Credit: piutang yang belum terbayar, estimasi 1 bulan penjualan produk atau 2 kali manufacturing cost

•Available Cash: uang kontan untuk membayar upah buruh, servis, bahan dasar dll, diestimasikan 1 bulan manufacturing expense

Iw = rm (m + 4M + 0,5 M Q)Iw = working capital

rm = production rate / bulan

m = Harga bahan dasar per unit produk

Q = Production cycle, bulan

M = manufacturing cost/unit product

Physical plant cost : EQUIPMENT paling penting untuk menentukan capital cost

Six – Tenths Factor

Eb = Ea (Cb/Ca) ^0,6

Ca = kap alat a

Cb = kap alat b

Ea = harga alat a

Eb = harga alat b

Index Harga

Ex =Ey . Nx / Ny

Nx = Indeks harga tahun x

Ny = Indeks harga tahun y

Ey = Harga alat tahun y

Ex = Harga alat tahun xIndeks harga Marshall & Steven, Nelson Refinery

Manufacturing Cost: Biaya yang diperlukan pada pembuatan product dari bahan dasarnya, yaitu

•Processing Cost: Raw material, Labor, supervisi, maintenance, plant supliers, royalties dan patents, utilities = Direct manufacturing Cost (DMC)

•Indirect manufacturing cost = Payroll overhead, laboratory, plant overhead, packaging, shipping (IMC)

•Fixed Manufacturing Cost (FMC) = Deprisiasi, Property, Insurance

MC = DMC + IMC + FMC

Pembelian raw material : FOB atau CIF (harus dihitung sampai lokasi pabrik)

Supervisi diestimasikan 10 % ongkos buruh untuk operasi sederhana

M = m + u + h + 3,55 k + (0,31 IF/ra)

M= manufacturing cost per unit product, m = raw material cost tiap unit produk

u = utility cost per unit product, k = man hours of labor per unit product

IF = Fixed Capital Invesment, ra = produksi rata-rata per tahun

h = container and shipping cost tiap unit product

GENERAL EXPENSE : Pengeluaran perusahaan yang tidak termasuk sebagai manufacturing cost yaitu biaya administrasi, sales, R & D, Finance

Persamaannya:

G = 0,13 . S + (0,03 B/ra) atau G = 0,22 M + (0,03.B/ra)

G = general expense per unit product, S = sales price per unit product

M = Manufacturing Cost per unit produk, B = jumlah pinjaman uang

ra = production rate per tahun

SALES AND PROFIT ESTIMATE

Total Cost = Manufacturing Cost + General Expense

Profit Before Tax = Sales – Total Cost

Profit after tax = Profit Before Tax – Incoming Tax

Pb = S – M –G Pa =0,44 (S-M-G)Satuan semua harus sama mis: tiap unit produk

PERCENT PROFIT ON SALES

Psb = Pb/S , PSa = Pa/S

Psb = Pesent profit on sales before tax

Psa = Persen profit on sales after tax

S = Sales

PERCENT RETURN ON INVESTMENT

Prb = Pb. Ra / IF x 100%

Pra = Pa. Ra / IF x 100%

Prb = Percent ROI before taxes

Pra = Percent ROI after taxes

Pb = Profit Before taxes / unit product

Pa = Profit after taxes / unit product


Ra = annual production rate

MINIMUM ACEPTABLE ROI BEFORE TAXES1. Industry Chemical 11 % (Low Risk) 44% (High risk)

2. Petroleum 16 % (Low Risk) 35% (High risk)

3. Pulp dan Paper 18 % (Low Risk) 40% (High risk)

4. Parmaceuticals 24 % (Low Risk) 56% (High risk)

5. Metals 8 % (Low Risk) 24% (High risk)

6. Paints 21 % (Low Risk) 44% (High risk)

7. Fermentation Product 10 % (Low Risk) 49% (High risk)

S = IF. Pk / ra + M + G

S = Sales Prices tiap unit Product

Pk = minimum ROI before taxes

M = Manufacturing cost tiap unit product

G = GE tiap unit product

ra = produksi rata-rata per tahun

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