CONTOH PROGRAM

TABEL INPUT ASUMSIBerikut ini merupakan tabel yang disediakan pada program ini untuk asumsi membangun suatu Usaha Manufaktur. Asumsi adalah cell berwarna kuning dengan tulisan (font) merah.

Nilai NilaiPerolehan Setelah Kenaikan

1 Tanah 400,000,000 480,000,0002 Bangunan 1,000,000,000 1,200,000,0003 Mesin-mesin dan peralatan 450,000,000 540,000,0004 Kendaraan 200,000,000 240,000,0005 Peralatan kantor 125,000,000 150,000,0006 Furniture 100,000,000 120,000,000

Total 2,275,000,000 2,730,000,000

Antisipasi kenaikan investasi 20.00%Tahun mulai beroperasi 2016Pajak perusahaan (corporate tax) 30%

Harta TetapNo.

1 2 3 4 5 6 7 8 9 10 11 12Tanah OK 100.00% 100.00%Bangunan OK 100.00% 20.00% 30.00% 30.00% 20.00%Mesin-mesin dan peralatan OK 100.00% 30.00% 40.00% 30.00%Kendaraan OK 100.00% 100.00%Peralatan kantor OK 100.00% 75.00% 25.00%Furniture OK 100.00% 50.00% 50.00%

HARTA TETAP % Total 1 2 3 4 5 6 7 8 9 10 11 12Tanah 17.6% 480,000,000 480,000,000 0 0 0 0 0 0 0 0 0 0 0Bangunan 44.0% 1,200,000,000 240,000,000 360,000,000 360,000,000 240,000,000 0 0 0 0 0 0 0 0Mesin-mesin dan peralatan 19.8% 540,000,000 0 0 0 162,000,000 216,000,000 162,000,000 0 0 0 0 0 0Kendaraan 8.8% 240,000,000 0 0 0 0 0 240,000,000 0 0 0 0 0 0Peralatan kantor 5.5% 150,000,000 0 0 0 0 112,500,000 37,500,000 0 0 0 0 0 0Furniture 4.4% 120,000,000 0 0 0 0 60,000,000 60,000,000 0 0 0 0 0 0Total 100.0% 2,730,000,000 720,000,000 360,000,000 360,000,000 402,000,000 388,500,000 499,500,000 0 0 0 0 0 0

Uraian Keterangan Total BULAN

INVESTASI BARANG MODAL MODAL KERJAModal Sendiri (%) 40.0% 1,092,000,000 Modal Sendiri (%) 0.0%Pinjaman (%) 60.0% 1,638,000,000 Pinjaman (%) 100%Total 100.0% 2,730,000,000 Total 100%KREDIT INVESTASIBiaya Bunga KI 18.0% 294,840,000 Biaya Bunga MK 18.0%Pembayaran bunga (IDC) 30.0% 88,452,000 Biaya Provisi MK 1.0%IDC terutang 70.0% 206,388,000Biaya Provisi 1.0% 16,380,000Cicilan Utang Pokok (tahun) 5Cicilan Utang IDC (tahun) 5PINJAMAN BARUCicilan 5Biaya bunga 10.0%

1 2 3 4 5 6 7 8 9 10 11 12Upah 3,000,000 500,000 500,000 500,000 500,000 500,000 500,000Biaya Izin-izin 5,000,000 5,000,000Biaya Konsultan 25,000,000 15,000,000 10,000,000Biaya Administrasi Lain-lain 1,500,000 250,000 250,000 250,000 250,000 250,000 250,000Total 34,500,000 20,750,000 10,750,000 750,000 750,000 750,000 750,000 0 0 0 0 0 0

BIAYA Total BULAN

Nilai Umur Biaya Perolehan Ekonomis Depresiasi/Thn

Tanah 480,000,000 0 0Bangunan 1,200,000,000 20 60,000,000Mesin-mesin dan peralatan 540,000,000 10 54,000,000Kendaraan 240,000,000 5 48,000,000Peralatan kantor 150,000,000 5 30,000,000Furniture 120,000,000 5 24,000,000Total 2,730,000,000 216,000,000

ALOKASI BIAYA DEPRESIASIMasuk ke dalam biaya operasi 10.0%Masuk ke dalam biaya produksi 90%Total 100.0%

HARTA TETAP

0 2016 2017 2018 2019 2020Kapasitas produksi (Unit) 20,000 20,000 20,000 20,000 20,000 20,000Utilisasi Kapasitas 75.0% 90.0% 90.0% 100.0% 100.0%Produksi (Unit) 15,000 18,000 18,000 20,000 20,000

Biaya Bahan Baku 25.0% % dari PenjualanBiaya Overhead Tetap 100,000,000 RpBiaya overhead lain per tahun 10.0% % dari Penjualan

Persediaan Akhir Bahan Baku 10.0 hari produksiAsumsi Perediaan Akhir Barang Jadi 1.0 hari produksiAsumsi persediaan WIP 5.0 hari produksi

Uraian 2016 2017 2018 2019 2020Total Gaji Tetap 100,000,000 Rp/TahunKenaikan Gaji Tetap/Tahun 10.0% per tahunUpah/Gaji thd Penjualan (Variabel) 8.0%Alokasi Biaya Upah/GajiUpah Operator 30.0%Upah Tak Langsung 20.0%Gaji Karyawan Operasional 50.0%Total 100.0%PROYEKSI BIAYA UPAH/GAJIUraian 2016 2017 2018 2019 2020Upah Operator 137,700,000 175,494,000 193,116,000 231,540,760 254,753,400Upah Tak Langsung 91,800,000 116,996,000 128,744,000 154,360,507 169,835,600Gaji Karyawan Operasional 229,500,000 292,490,000 321,860,000 385,901,267 424,589,000Total Upah/Gaji 459,000,000 584,980,000 643,720,000 771,802,533 849,178,000

Asset yang diasuransikan (Rp) 2,250,000,000Premi Asuransi (%) 2.00%Premi Asuransi (Rp/Tahun) 45,000,000

Alokasi Biaya AsuransiMasuk ke dalam biaya operasi 10.0%Masuk ke dalam biaya produksi 90.0%Total 100.0%

2016 2017 2018 2019 2020Upah tak langsung 91,800,000 116,996,000 128,744,000 154,360,507 169,835,600Biaya penyusutan 194,400,000 194,400,000 194,400,000 194,400,000 194,400,000Biaya asuransi 40,500,000 40,500,000 40,500,000 40,500,000 40,500,000Biaya sewa 13,800,000 13,800,000 13,800,000 0 0Biaya overhead pabrik lain-lain 548,750,000 693,725,000 753,400,000 898,378,167 978,460,000TOTAL 889,250,000 1,059,421,000 1,130,844,000 1,287,638,673 1,383,195,600

PROYEKSI NILAI PENJUALAN

Harga jual (Rp/Unit) 300,000Asumsi kenaikkan harga jual 10.0% per tahun

2016 2017 2018 2019 2020Biaya produksi (Rp/Unit) 141,265 150,628 164,120 175,369 191,483Harga Jual (Rp/Unit) 300,000 330,000 363,000 399,300 439,230

PROYEKSI NILAI PENJUALAN 2016 2017 2018 2019 2020Volume penjualan (Unit) 14,958 17,992 18,000 19,994 20,000Nilai penjualan (Rp) 4,487,500,000 5,937,250,000 6,534,000,000 7,983,781,667 8,784,600,000Laba bersih 95,216,647 338,898,227 465,399,644 740,936,832 898,294,619

Total Sewa Jangka Waktu Biaya Sewa(Rp) Sewa Produksi Operasi per tahun

Sewa Kendaraan 15,000,000 3 100.0% 0.0% 5,000,000Sewa Tempat 24,000,000 3 80.0% 20.0% 8,000,000Sewa Peralatan 9,000,000 3 80.0% 20.0% 3,000,000

Alokasi Biaya

Kredit Penjualan 30 hariKredit Pembelian 45 hari

Biaya administrasi dan umum 15.0% % thd penjualanBiaya pemasaran 20.0% % thd penjualanBiaya Tetap 75,000,000 Rp

SUMMARY BIAYA OPERASIONAL2016 2017 2018 2019 2020

Upah/gaji operasional 229,500,000 292,490,000 321,860,000 385,901,267 424,589,000Biaya administrasi dan umum 748,125,000 965,587,500 1,055,100,000 1,272,567,250 1,392,690,000Biaya asuransi 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000Biaya sewa 2,200,000 2,200,000 2,200,000 0 0Biaya penyusutan 21,600,000 21,600,000 21,600,000 21,600,000 21,600,000Biaya pemasaran 897,500,000 1,187,450,000 1,306,800,000 1,596,756,333 1,756,920,000Total 1,903,425,000 2,473,827,500 2,712,060,000 3,281,324,850 3,600,299,000

TABEL HASIL ASUMSIBerikut adalah hasil laporan keuangan terlampir berdasarkan dari asumsi yang telah dimasukkan .

Uraian 2016 2017 2018 2019 2020BAHAN BAKUPersediaan awal bahan baku 0 31,163,194 41,230,903 45,375,000 55,442,928Pembelian bahan baku 1,153,038,194 1,494,380,208 1,637,644,097 2,006,013,345 2,201,711,238Persediaan akhir bahan baku 31,163,194 41,230,903 45,375,000 55,442,928 61,004,167Pemakaian bahan baku 1,121,875,000 1,484,312,500 1,633,500,000 1,995,945,417 2,196,150,000UPAH LANGSUNG 137,700,000 175,494,000 193,116,000 231,540,760 254,753,400FACTORY OVERHEADUpah tak langsung 91,800,000 116,996,000 128,744,000 154,360,507 169,835,600Biaya penyusutan 194,400,000 194,400,000 194,400,000 194,400,000 194,400,000Biaya asuransi 40,500,000 40,500,000 40,500,000 40,500,000 40,500,000Biaya sewa 13,800,000 13,800,000 13,800,000 0 0Biaya overhead pabrik lain-lain 548,750,000 693,725,000 753,400,000 898,378,167 978,460,000Total factory overhead 889,250,000 1,059,421,000 1,130,844,000 1,287,638,673 1,383,195,600TOTAL BIAYA PABRIKASI 2,148,825,000 2,719,227,500 2,957,460,000 3,515,124,850 3,834,099,000Persediaan awal bahan dalam proses 0 29,844,792 37,767,049 41,075,833 48,821,178Persediaan akhir bahan dalam proses 29,844,792 37,767,049 41,075,833 48,821,178 53,251,375TOTAL BIAYA PRODUKSI 2,118,980,208 2,711,305,243 2,954,151,215 3,507,379,505 3,829,668,803Persediaan awal barang jadi 0 5,886,056 7,531,403 8,205,976 9,742,721Persediaan akhir barang jadi 5,886,056 7,531,403 8,205,976 9,742,721 10,637,969HARGA POKOK PENJUALAN 2,113,094,152 2,709,659,896 2,953,476,643 3,505,842,760 3,828,773,555Biaya produksi/unit 141,265 150,628 164,120 175,369 191,483Harga pokok penjualan/unit 141,265 150,606 164,082 175,341 191,439

Uraian 0 2016 2017 2018 2019 2020Penjualan 0 4,487,500,000 5,937,250,000 6,534,000,000 7,983,781,667 8,784,600,000Harga pokok penjualan 0 2,113,094,152 2,709,659,896 2,953,476,643 3,505,842,760 3,828,773,555Laba kotor 0 2,374,405,848 3,227,590,104 3,580,523,357 4,477,938,907 4,955,826,445Biaya operasionalUpah/gaji operasional 0 229,500,000 292,490,000 321,860,000 385,901,267 424,589,000Biaya administrasi dan umum 34,500,000 748,125,000 965,587,500 1,055,100,000 1,272,567,250 1,392,690,000Biaya asuransi 0 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000Biaya sewa 0 2,200,000 2,200,000 2,200,000 0 0Biaya penyusutan 0 21,600,000 21,600,000 21,600,000 21,600,000 21,600,000Biaya pemasaran 0 897,500,000 1,187,450,000 1,306,800,000 1,596,756,333 1,756,920,000Total biaya operasional 34,500,000 1,903,425,000 2,473,827,500 2,712,060,000 3,281,324,850 3,600,299,000Laba operasi (34,500,000) 470,980,848 753,762,604 868,463,357 1,196,614,057 1,355,527,445Biaya bunga 294,840,000 331,989,840 265,677,254 199,262,209 132,847,165 66,432,121Pendapatan (biaya) lain-lain (16,380,000) (2,967,226) (3,945,027) (4,344,513) (5,285,703) (5,817,296)Laba sebelum pajak (345,720,000) 136,023,782 484,140,324 664,856,634 1,058,481,189 1,283,278,028Pajak perusahaan 0 40,807,135 145,242,097 199,456,990 317,544,357 384,983,408Laba bersih (345,720,000) 95,216,647 338,898,227 465,399,644 740,936,832 898,294,619

Uraian 2016 2017 2018 2019 2020Piutang usaha 373,958,333 494,770,833 544,500,000 665,315,139 732,050,000Persediaan Bahan Baku 31,163,194 41,230,903 45,375,000 55,442,928 61,004,167Persediaan Bahan Dalam Proses 29,844,792 37,767,049 41,075,833 48,821,178 53,251,375Persediaan Barang Jadi 5,886,056 7,531,403 8,205,976 9,742,721 10,637,969Total 440,852,376 581,300,188 639,156,809 779,321,966 856,943,511

Utang usaha 144,129,774 186,797,526 204,705,512 250,751,668 275,213,905Kebutuhan Modal Kerja 296,722,601 394,502,662 434,451,297 528,570,298 581,729,606Incremental Working Capital 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307

FiancingModal Sendiri 0 0 0 0 0Pinjaman 296,722,601 394,502,662 434,451,297 528,570,298 581,729,606Total 296,722,601 394,502,662 434,451,297 528,570,298 581,729,606

Kebutuhan Tambahan Modal Sendiri 0 0 0 0 0Kebutuhan Tambahan Pinjaman 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307Total 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307

Biaya Bunga 53,410,068 71,010,479 78,201,233 95,142,654 104,711,329Biaya Provisi 2,967,226 3,945,027 4,344,513 5,285,703 5,817,296

2016 2017 2018 2019 2020FINANCINGPinjaman Baru 853,818 0 0 0 0Modal Sendiri

Kas Akhir 0 306,284,826 688,850,999 1,394,826,834 2,207,512,142

Cost of Cost of CapitalCapital Setelah Pajak

Modal Sendiri 40% 25.0% 25.0% 10.0%Pinjaman 60% 18.0% 12.6% 7.6%Total 100% WACC = 17.6%

Spread Ke di atas Kd 7%

Financing Porsi Perkalian

Satus Proyek LAYAK

Uraian 0 2016 2017 2018 2019 2020CASH INFLOWEBIT (1-T) 0 329,686,593 527,633,823 607,924,350 837,629,840 948,869,211Biaya Penyusutan 0 216,000,000 216,000,000 216,000,000 216,000,000 216,000,000Nilai Sisa Harta Tetap 0 0 0 0 0 1,650,000,000Modal Kerja Akhir Priode 0 0 0 0 0 1,822,528,733Total Cash Inflow 0 545,686,593 743,633,823 823,924,350 1,053,629,840 4,637,397,945

CASH OUTFLOWHarga Tetap 2,730,000,000 0 0 0 0 0Incremental Working Capital 0 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307Total Cash Outflow 2,730,000,000 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307

Net Cash Flow (2,730,000,000) 248,963,992 645,853,762 783,975,715 959,510,838 4,584,238,637PVIF 17.6% 1.0000 0.8506 0.7236 0.6155 0.5236 0.4454PV (2,730,000,000) 211,776,108 467,320,722 482,529,509 502,355,979 2,041,593,763NPV 975,576,080 LAYAKIRR 27.07%Payback Period 4.5 tahun

Uraian 0 2016 2017 2018 2019 2020COLLECTIONPenerimaan dari penjualan 4,113,541,667 5,442,479,167 5,989,500,000 7,318,466,528 8,052,550,000Penerimaan piutang usaha 0 373,958,333 494,770,833 544,500,000 665,315,139Pendapatan lain-lain 0 0 0 0 0Total penerimaan 0 4,113,541,667 5,816,437,500 6,484,270,833 7,862,966,528 8,717,865,139PEMBAYARANPembayaran pembelian bahan baku 1,008,908,420 1,307,582,682 1,432,938,585 1,755,261,677 1,926,497,334Pembayaran utang usaha 0 144,129,774 186,797,526 204,705,512 250,751,668Upah langsung 137,700,000 175,494,000 193,116,000 231,540,760 254,753,400Upah tak langsung 91,800,000 116,996,000 128,744,000 154,360,507 169,835,600Biaya asuransi 40,500,000 40,500,000 40,500,000 40,500,000 40,500,000Biaya overhead pabrik lain-lain 548,750,000 693,725,000 753,400,000 898,378,167 978,460,000Upah/gaji operasional 229,500,000 292,490,000 321,860,000 385,901,267 424,589,000Biaya administrasi dan umum 34,500,000 748,125,000 965,587,500 1,055,100,000 1,272,567,250 1,392,690,000Biaya asuransi 4,500,000 4,500,000 4,500,000 4,500,000 4,500,000Biaya sewa 48,000,000 0 0 0 0 0Biaya pemasaran 0 897,500,000 1,187,450,000 1,306,800,000 1,596,756,333 1,756,920,000Pajak perusahaan 0 0 40,807,135 145,242,097 199,456,990 317,544,357Pembayaran cicilan utang bank 0 368,877,600 369,048,364 369,048,364 369,048,364 369,048,364Pembayaran bunga 88,452,000 331,989,840 265,677,254 199,262,209 132,847,165 66,432,121Biaya provisi bank 16,380,000 2,967,226 3,945,027 4,344,513 5,285,703 5,817,296Pembelian harta tetap baru 2,730,000,000 0 0 0 0 0Total pembayaran 2,917,332,000 4,411,118,086 5,607,932,735 6,141,653,294 7,251,109,694 7,958,339,139Selisih penerimaan dan pembayaran (2,917,332,000) (297,576,419) 208,504,765 342,617,539 611,856,833 759,526,000Kas awal 0 0 0 306,284,826 688,850,999 1,394,826,834Kas sebelum financing (2,917,332,000) (297,576,419) 208,504,765 648,902,365 1,300,707,833 2,154,352,834FINANCINGInvestasi Harta TetapModal Sendiri 1,279,332,000 0 0 0 0 0Pinjaman Bank 1,638,000,000 0 0 0 0 0Modal KerjaModal Sendiri 0 0 0 0 0 0Pinjaman Bank 0 296,722,601 97,780,061 39,948,635 94,119,002 53,159,307Pinjaman Baru 0 853,818 0 0 0 0Total financing 2,917,332,000 297,576,419 97,780,061 39,948,635 94,119,002 53,159,307Kas akhir 0 0 306,284,826 688,850,999 1,394,826,834 2,207,512,142

~Selesai~

Uraian 0 2016 2017 2018 2019 2020HARTAHARTA LANCARKas dan bank 0 0 306,284,826 688,850,999 1,394,826,834 2,207,512,142Piutang usaha 0 373,958,333 494,770,833 544,500,000 665,315,139 732,050,000Persediaan- Bahan baku 0 31,163,194 41,230,903 45,375,000 55,442,928 61,004,167- Bahan dalam proses 0 29,844,792 37,767,049 41,075,833 48,821,178 53,251,375- Barang jadi 0 5,886,056 7,531,403 8,205,976 9,742,721 10,637,969Sewa dibayar di muka 48,000,000 32,000,000 16,000,000 0 0 0Total harta lancar 48,000,000 472,852,376 903,585,014 1,328,007,808 2,174,148,801 3,064,455,652HARTA TETAPNilai perolehan 2,730,000,000 2,730,000,000 2,730,000,000 2,730,000,000 2,730,000,000 2,730,000,000Akumulasi penyusutan 0 (216,000,000) (432,000,000) (648,000,000) (864,000,000) (1,080,000,000)Harta tetap (net) 2,730,000,000 2,514,000,000 2,298,000,000 2,082,000,000 1,866,000,000 1,650,000,000TOTAL HARTA 2,778,000,000 2,986,852,376 3,201,585,014 3,410,007,808 4,040,148,801 4,714,455,652UTANGUtang usaha 0 144,129,774 186,797,526 204,705,512 250,751,668 275,213,905Utang bunga 206,388,000 165,110,400 123,832,800 82,555,200 41,277,600 0Utang pajak 0 40,807,135 145,242,097 199,456,990 317,544,357 384,983,408Utang bank jangka pendek 0 296,722,601 394,502,662 434,451,297 528,570,298 581,729,606Utang bank jangka panjang 1,638,000,000 1,310,400,000 982,800,000 655,200,000 327,600,000 0Pinjaman Baru 0 853,818 683,055 512,291 341,527 170,764Total Utang 1,844,388,000 1,958,023,728 1,833,858,140 1,576,881,290 1,466,085,450 1,242,097,683MODAL SENDIRIModal disetor 1,279,332,000 1,279,332,000 1,279,332,000 1,279,332,000 1,279,332,000 1,279,332,000Laba ditahan 0 (345,720,000) (250,503,353) 88,394,874 553,794,518 1,294,731,350Laba tahun berjalan (345,720,000) 95,216,647 338,898,227 465,399,644 740,936,832 898,294,619Total ekuitas 933,612,000 1,028,828,647 1,367,726,874 1,833,126,518 2,574,063,350 3,472,357,970TOTAL UTANG DAN MODAL SENDIRI 2,778,000,000 2,986,852,376 3,201,585,014 3,410,007,808 4,040,148,801 4,714,455,652

2016 2017 2018 2019 2020Current ratio 0.73 1.06 1.44 1.91 2.47Quick ratio 0.63 0.96 1.34 1.81 2.37Inventory turnover 67.08 68.62 69.03 70.03 70.34Average collection period 30.00 30.00 30.00 30.00 30.00Working capital turnover 9.49 6.57 4.92 3.67 2.87Fixed asset turnover 1.79 2.58 3.14 4.28 5.32Total asset turnover 1.50 1.85 1.92 1.98 1.86Interest coverage ratio 1.42 2.84 4.36 9.01 20.40Debt to equity ratio 190.3% 134.1% 86.0% 57.0% 35.8%Bebt ratio 65.6% 57.3% 46.2% 36.3% 26.3%Return on assets 3.2% 10.6% 13.6% 18.3% 19.1%Return on equity 9.3% 24.8% 25.4% 28.8% 25.9%Profit margin 2.1% 5.7% 7.1% 9.3% 10.2%