TUGAS AKHIR MENJAWAB KASUS

KASUS PADA BUKU INTERMEDIATE FINANCIAL MANAGEMENT

Disusun dalam rangka memenuhi tugas terstruktur mata kuliah
Manajemen Keuangan Stratejik

Dosen pengampu: Dr. Djumahir SE., MM.

Disusun Oleh:

ROYHUL AKBAR
146020200111057

FAKULTAS EKONOMI DAN BISNIS

PROGRAM PASCASARJANA
MAGISTER MANAJEMEN
UNIVERSITAS BRAWIJAYA MALANG
2014

Sistem pengerjaan : saya mengubah nomor nomor kasus soal menjadi sesuai dengan nomor yang
saya buat di dalam table yang terletak pada kolom sebelah kiri.

Jawaban 5 pertanyaan pada buku Intermediate Financial Management Edisi ke 9 dengan

pengarang Eugene F. Brigham & Phillips R Daves dengan nomor soal sebagai berikut :

Nomor soal

Kasus

Halaman

9-7

312

10 - 11

349

11 - 9

390

12 - 8

427

13 - 8

474

JAWABAN

No.1
Gargling ton Technologies Inc's 2006 financial statements are shown below
Garglington Technologies Inc's:
Balance Sheet as of December 31,2006
Cash

$ 180.000

Accounts payable

$360.000

Receivables

360.000

Notes payable

156.000

Inventories

720.000 +

Accruals

180.000 +

Total current assets

Fixed assets

$1.260.000

1.440.000 +

Total current liabilities $696.000

Common stock
Retained earnings

Total assets

$2.700.000

Total liabilities and equity

Garglington Technologies Inc's : Income statement for December 31,2004

Sales
Operating costs
Earning before interest and taxes
Interest
Earning before taxes
Taxes(40%)

$3.600.000
3.279.720 $320.280
18.280 $302.000
120.800 -

Net income

$181.200

Dividends (45%)

$108.000

1.800.000
204.000 +
$2.700.000

Suppose that in 2005 sales increase by 10 percent over 2006 sales and that 2007 divide's will increase to
$112,000. Construct the prove forma financial statement using the percent of sales method . Assume
the firm operated at full capacity in 2006. Use an interest rate of 13 percent on the dept plans at the
beginning of the year. Assume divide's will grow 3 percent and that the AFN will be in the form of notes
payable.
SOLUSI
Garlington Technologies Inc.
Pro Forma Income Statement
December 31, 2006

Forecast
2006

Basis

Additions

2007

$3,600,000

1.10 Sales06

$3,960,000

Operating costs

3,279,720

0.911 Sales07

3,607,692

EBIT

$ 320,280

Sales

Interest
EBT

18,280

$ 352,308
0.13 Debt06

20,280

$ 302,000

$ 332,028

Taxes (40%)

120,800

132,811

Net income

$ 181,200

$ 199,217

Dividends:

$ 108,000 1.03 2006 Dividends

$ 112,000

Addition to RE:

$ 73,200

$ 87,217

Garlington Technologies Inc.

Pro Forma Balance Statement
December 31, 2007
Forecast
Basis %
2006
Cash

AFN
2007 Sales Additions

With AFN
2007

Effects

2007

$ 180,000

0.05

$ 198,000

$ 198,000

Receivables

360,000

0.10

396,000

396,000

Inventories

720,000

0.20

792,000

792,000

$1,386,000

$1,386,000

1,584,000

1,584,000

$2,970,000

$2,970,000

$ 396,000

$ 396,000

Total current
assets

$1,260,000

Fixed assets
Total assets

1,440,000

0.40

$2,700,000

Accounts payable $ 360,000

Notes payable

156,000

Accruals

180,000

0.10

156,000 +128,783

284,783

198,000

198,000

$ 696,000

$ 750,000

$ 878,783

1,800,000

1,800,000

1,800,000

291,217

291,217

$2,841,217

$2,970,000

0.05

Total current
liabilities
Common stock

Retained earnings 204,000

87,217*

Total liab.
and equity

$2,700,000

AFN =

$ 128,783

Cumulative AFN =

$ 128,783

*See income statement.

5

NO. 2
On January 1, the total market value of the Tysseland Company was $60 million. During the
year, the company plans to raise and invest $30 million in new projects. The firms present
market value capital structure, shown below, is considered to be optimal. Assume that there is
no short-term debt.
Debt

$30,000,000

Common equity

$30,000,000

Total capital

$60,000,000

New bonds will have an 8 percent coupon rate, and they will be sold at par. Common stock is
currently selling at $30 a share. Stockholders required rate of return is estimated to be 12
percent, consisting of a dividend yield of 4 percent and an expected constant growth rate of 8
percent. (The next expected dividend is $1.20, so $1.20/$30 = 4%.) The marginal corporate tax
rate is 40 percent.
A. To maintain the present capital structure, how much of the new investment must be
financed by common equity?
B. Assume that there is sufficient cash flow such that Tysseland can maintain its target
capital structure without issuing additional shares of equity. What is the WACC?
C. Suppose now that there is not enough internal cash flow and the firm must issue new
shares of stock. Qualitatively speaking, what will happen to the WACC?
SOLUSI
a. Untuk tetap menjaga jumlah capital struktur seperti sekarang, maka banyak infestasi yang harus
di biayai dengan jumlah saham saat ini adalah sebesar $15,000,000 hasil ini didapatkan dari
Required Investments = $30,000,000
Since the total market value of the firm is $60,000,000
Out of that, $30,000,000 is financed through equity, then the weight of equity = $30,000,000 /
$60,000,000 = 0.5
Common equity needed = Total Amount of Investment Weight of Equity
= 0.5($30,000,000) = $ 15.000.000,-

b. Dimisalkan terjadi kekurangan arus kas sehingga perusahaan ingin mengeluarkan sejumlah
saham baru sehingga perusahaan mendapatkan arus kas tetapi tetap mempertahankan struktur
modal perusahaan. Berapa WACC dari jumlah seluruh modal di rencana yang baru akan di buat?
Jawabannya adalah 8.4% dengan jalan sebagai berikut :
Cost of Equity =

D1
g
P0

$1.20
0.08 = 0.12 = 12%
$30

After Tax Cost of Debt = Before Tax Cost of Debt (1-Tax Rate)
= 8 (1-0.4) = 4.8%

WACC = (Weight of Equity Cost of Equity) + (Weight of Debt After Tax Cost of Debt)
= (0.5 12%) + (0.5 4.8%) = 8.4%
c. Karena perusahaan menerbitkan sejumlah saham baru untuk menambah modal dikarenakan
jumlah arus kas yang sedikit maka menurut saya jumlah beban modal tertimbang atau WACC
perusahaan tersebut meningkat dikarenakan jumlah modal baru yang di peroleh dari saham
yang di terbitkan.

NO. 3
The balance sheets of Roop Industries are shown below. The 12/31/2006 value of operations is
$651 million and there are 10 million shares of common equity. What is the price per share?
Balance Sheets, December 31, 2006 (Millions of Dollars)
Assets
Cash
Marketable securities
Accounts receivable
Inventories
Total current assets
Net plant and equipment

$ 20.0
47.0
100.0
200.0
$367.0
279.0

Total assets

$646.0

Liabilities and Equity

Accounts payable
Notes payable
Accruals
Total current liabilities
Long-term bonds
Preferred stock
Common stock (par plus PIC)
Retained earnings
Common equity
Total liabilities and equity

SOLUSI
Total Nilai perusahaan = Value of operations + marketable securities
= $651 + $47 = $698 million.
Total Nilai Modal = Total corporate value debt Preferred stock
= $698 ($65 + $131) - $33 = $469 million.
Price per share = $469 milion / 10 milion = $46.90.

$ 19.0
65.0
51.0
$135.0
131.0
33.0
160.0
187.0
$347.0
$646.0

NO. 4
Cummings Products Company is considering two mutually exclusive investments. The projects
expected net cash flows are as follows:
EXPECTED NET CASH FLOWS
Year
Project A
0
($300)
1
(387)
2
(193)
3
(100)
4
600
5
600
6
850
7
(180)
Solve this following Problem :

Project B
($405)
134
134
134
134
134
134
0

a. Construct NPV profiles for Projects A and B.

b. What is each projects IRR?
c. If you were told that each projects cost of capital was 10 percent, which project
should be selected? If the cost of capital was 17 percent, what would be the proper
choice?
d. What is each projects MIRR at a cost of capital of 10 percent? At 17%? (Hint:
Consider Period 7 as the end of Project Bs life.)
e. What is the crossover rate, and what is its significance?

SOLUSI
a. Bentuk dari NPV baik dari Proyek A maupun Proyek B adalah sebagai berikut.

b. Nilai masing Masing IRR dari kedua proyek tersebut adalah ?

IRRA = 18.1%; IRRB = 24.0%.

c. Jika diketahui bahwa biaya modal kedua proyek tersebut masing masing adalah 10%,
maka proyek manakah yang sebaiknya dipilih? Jika biaya modal yang diperbolehkan
adalah 17%, manakah pilihan terbaiknya?
For r = 10%
Project A

memiliki NPV yang lebih tinggi yakni

Project B

NPV= $283.34
NPV= $178.60.

Maka sebaiknya manajer lebih memilih menjalankan proyek A

Untuk r = 17%
Project B NPV= $75.95
Project A NPV = $31.05
Maka Proyek B lah yang seharusnya di pilih

d. Berapakah nilai MIRR masing masing proyek dimana biaya modal adalah 10%? Dan
17%? (Hint: pertimbangkan jumlah periode adalah 7 seperti waktu berakhirnya proyek
B)
MIRR untuk Project A jika r = 10%:
PV costs = $300 + $387/(1.10)1 + $193/(1.10)2 + $100/(1.10)3 + $180/(1.10)7 = $978.82.
$978.82 = $2,459.60(1 + MIRR)7
MIRRA = 14.07%.
MIRRB = 15.89%.

pada r = 17%,
MIRRA = 17.57%.
MIRRB = 19.91%.

10

e. Apa yang dimaksud dengan tingkat Crossover,dan apa pengaruh signifikannya pada
pemilihan proyek?
Year

Project a

105

-521

-327

-234

466

466

716

-180

Cross over rate = 14.53%

Kedua proyek diatas bersifat mutually eksklusif, tetapi hanya proyek yang memiliki nilai
biaya modal yang lebih tinggi dari crossover rate lah yang bisa di pilih.

11

NO. 5
The Bartram-Pulley Company (BPC) must decide between two mutually exclusive investment
projects. Each project costs $6,750 and has an expected life of 3 years.
Annual net cash flows from each project begin 1 year after the initial investment is made and
have the following probability distributions:
PROJECT A
Probability
0.2
0.6
0.2

PROJECT B
Probability
0.2
0.6
0.2

Net Cash Flows

$6,000
6,750
7,500

Net Cash Flows

$0
6,750
18,000

BPC has decided to evaluate the riskier project at a 12 percent rate and the less risky project at a
10 percent rate.
a. What is the expected value of the annual net cash flows from each project? What
is the coefficient of variation (CV)? (Hint: _B _ $5,798 and CVB _ 0.76.)
b. What is the risk-adjusted NPV of each project?
c. If it were known that Project B was negatively correlated with other cash flows of
the firm, whereas Project A was positively correlated, how would this knowledge
affect the decision? If Project Bs cash flows were negatively correlated with
gross domestic product (GDP), would that influence your assessment of its risk?
SOLUSI

JAWABAN A
Probability

20%
60%
20%

Project A
Net Cash Flows

Prob.x Net CF

Prob.x((CF - Exp. CF)^2)

$
$
$

$
$
$

1,200.00
4,050.00
1,500.00

6,750.00

$
$
$
$
$

6,000.00
6,750.00
7,500.00

Expected Net CF

Std. Deviation
CV
Project B
Net Cash Flows

Probability

20%
60%
20%

$
$

$0.00
6,750.00
18,000.00

Expected Net CF

Prob.x Net CF

$
$

$0.00
4,050.00
3,600.00

7,650.00

12

112,500.00
112,500.00
225,000.00
474.34

Variance

0.0703

Prob.x((CF - Exp. CF)^2)

$
$
$
$

11,704,500.00
486,000.00
21,424,500.00
33,615,000.00

Variance

Std. Deviation
CV

5,797.84
0.7579

JAWABAN B
Year
0
1
2
3

Project A

Project B

$
$
$
$

$
$
$
$

(6,750.00)
6,750.00
6,750.00
6,750.00

(6,750.00)
7,650.00
7,650.00
7,650.00

10.00%

WACC
Risk-Adj. NPV =

10,036.25

12.00%

11,624.01

JAWABAN C.
Karena diketahui bahwa proyek B berpengaruh negative pada arus kas lainnya sedangkan pada Proyek A
hal tersebut berlaku sebaliknya, maka dalam pengambilan keputusan maka saya akan mengambil proyek
A saja atau jika diberikan kesempatan untuk menjalankan proyek B tetapi kondisi yang saya ketahui
adalah seperti itu maka saya tidak akan menjalankan proyek B tersebut atau jika pun terpaksa harus
menjalankannya maka saya akan menjalankan proyek B tersebut dengan sangat hati hati, karena menurut
teori, proyek yang baik adalah suatu proyek dimana aliran arus kas atau cash flow nya adalah positif dan
hal ini yang akan menjaga keberlangsungan suatu perusahaan atau sumber dana dan kegiatan operasional
perusahaan itu berasal.

13