DR 6 Uryutfyutfutdu
DR 6 Uryutfyutfutdu
DR 6 Uryutfyutfutdu
ANALYSIS
Ekonomi Teknik Kimia
By Dr. Istadi
2007
Schedule
Corporate/Plant Objectives
Project Classification
Necessity Project (reduction of
operating expenses)
Product improvement project
Process improvement project
Expansion project (to meet increased
sales demand)
New ventures (require capital
expenditures to introduce new
products to the market)
Minimum Acceptable
Rate of Return
Pihak manajemen mungkin akan menaikkan rate
yang diperlukan untuk mengantisipasi resiko
projek atau jika budget terbatas
Manajemen selanjutnya menentukan rate of
return minimum untuk suatu projek.
Yang perlu diperhatikan adalah Modal, dari mana
dipinjam.
Perusahaan harus berusaha agar pendapatan
lebih besar daripada biaya angsuran, dan harus
untung (profitable)
Higher the risk, higher the required return
Todays economy ROI after tax minimum : 2535 %, and Payout Time maximum: 3 years
Profitability Measures
Quantitative Measures
Qualitative Measures
Employee morale
Employee safety
Environmental Constraints
Legal Constraints
Disadvantage of Return
on Investment (ROI)
The time value of money is ignored
The project will last the estimated life and
this is often not true
Equal weight is given all income for all
years and that is not always true. The
averaging of profits permits laxity in
forecasting
It does not consider timing of cash flows
It does not consider capital recovery
Return on Average
Investment (ROAI)
Method for measuring the profitability of
investments utilizing accounting data and based
on averaging method
Equation:
Annual net profit earnings after taxes
ROAI =
Land
Working Capital
FCI/2
x 100
Why FCI/2 ??
At the beginning of a project the return is earned against
the full investment, and at the end of a project the
investment has been fully depreciated and the capital
has been recovered.
Therefore, on the average over the life of the
investment, half the FCI is involved.
Payback Period/Payout
Time (POT)
Other terms: Payback Period, Payout Time.
To calculate the amount of time that will be required to
recover the depreciable FCI from the accrued cash flow of a
project.
Equation:
POP =
Where:
(after tax cash flow)i = cash flow discounted to
time zero at interest rate i.
(fixed capital invest.)i = FCI compounded to
time zero at an interest rate i
Example .
Payout Time = depreciable FCI / (avg. profit/yr +
avg. depreciation/yr)
Depreciation = (10%)(10.000.000)=$100.000
Payout Time =
(10.000.000)/(3.000.000+100.000) = 3.23 year
Compounding
Start-up
time
NPW
The Net Present Worth (NPW) is the
difference between the present worth of all
cash inflow and the present worth of all
investment items:
NPW or NPV = Present Worth of all cash inflow income
- Present Worth of all investment items
Advantages and
Disadvantages of NPW
Advantages:
Timing of all cash flows and capital
recovery at the end of a project are
considered
Disadvantages:
Capital investment is hidden in the
calculation and need to be stated clearly
in any report of the results
DCFROR Calculation of A
Project
DCFROR can be calculated from the Cash Flow and
Fixed Capital Investment which forward to present
value:
FCI WC = CASH FLOW P / A , i , n
FCI WC =
CASH FLOW
1 i n 1
i i 1 n
WC SV
WC
1
1 i
SV
1
1 i
10
x 100
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Capitalized Costs
Capitalized Cost (K) is useful for comparing
alternatives which exist as possible investment
choices within a single overall project.
Capitalized cost related to investment represents
the amount of money that must be available
initially to purchase the equipment and
simultaneously provide sufficient funds for
interest accumulation to permit perpetual
replacement of the equipment
Capitalized cost.
Equation:
K = Cv
CR
n
1+i 1
C R 1 +i
n
1 +i 1
+V s
K : capitalized cost
Cv : original cost of equipment
CR : replacement cost
Vs : salvage value at end of estimated useful life
n : useful life
i : interest rate
(1+i)n / ((1+i)n-1) = capitalized-cost factor
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Lanjutan Tugas
Soal/Pertanyaan:
Buatlah Cummulative Cash Flow untuk Project di
atas mulai tahun ke-0 (masa konstruksi) hingga
akhir project.
Hitunglah Payout Time (dalam tahun)
Hitunglah Rate of Return on Investment (ROI)
Hitunglah Discounted Cash Flow Rate of Return
(DCFROR)
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