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Primus Automation Primus Background Avanjet Permasalahan Finansial yang dihadapi Avanjet Analysis buy and borrow option Variant Analysis Conclusion Recommendation
Merupakan perusahaan global yang menghasilkan produk-produk inovative berupa automation system products and services yang beroperasi di negaranegara : United States, Europe, and Asia.
Produk yang dihasilkan berupa : Programmable controllers Numerical controllers Industrial computers Manufacturing software Factory-automation systems Data communication networks
Sasaran perusahaan adalah : Memelihara kinerja perusahaan sebagai pemimpin pasar dengan meningkatkan sales 15%/tahun dengan pencapaian target pada net income dan working capital turnover Kondisi yang dihadapi adalah : 1. Pertumbuhan ekonomi yang melambat 2. Meningkatnya persaingan 3. Aliansi yang bersifat cross continental 4. Muncul produk baru 5. Bergesernya transaksi dari pola penjualan menjadi leasing
Pabrik pembuat corporate-jet aircraft. Untuk melakukan cost reduction dan mempercepat company’s production line. Avantjet membutuhkan automation system Beberapa catatan penting dalam meningkatkan kinerja : • Mempunyai permasalahan perimbangan Asset
dan Hutang yang high leveraged • CEO mempunyai kebijakan untuk tidak mengeluarkan CAPEX yang akan berpengaruh negatif terhadap the income statement and balance sheet
Beberapa alternatif yang akan dilakukan Avantjet untuk pengadaan automation sysytem adalah : Melalui pinjaman 2. Pengadaan melalui ‘conditional sale’ dimana kepemilikan akan berpindah pada saat pembayaran final 3. Sistem sewa peralatan : 1. Capital Lease 2. Operating Lease 1.
Avantjet's Balance Sheet ($000) Assets Current assets: Cash and temporary investments Accounts receivable Inventories Prepaid expenses Total current assets Property, plant, and equipment: Land Buildings Machinery and equipment Furniture and fixtures Construction in progress Less accumulated depreciation Net property, plant, and equipment Other assets Total assets Liabilities and stockholders' equity Current liabilities: Long-term debt Accounts payable Notes payable Accrued comp., int. & other liabilities Deposits and progress payments Total current liabilities Long-term notes payable to banks Deferred income taxes Common stockholders' equity: Common stock Capital in excess of par value Retained earnings Less common stock in treasury Total stockholders' equity Total liabilities and stockholders' equity
2001
2000
$19,918 37,791 310,180 13,928 381,817
$27,263 37,307 323,101 13,362 401,033
2,245 30,654 26,932 1,683 1,668 63,182 12,634 50,548 640,369 $1,072,734
2,245 30,229 21,244 1,520 885 56,123 8,267 47,856 648,339 $1,097,228
$592 42,355 4,750 39,627 146,964 234,288
$563 38,760 5,764 43,855 160,946 249,888
646,633 42,661 689,294
671,225 41,498 712,723
3,385 74,081 72,017 (331) 149,152 $1,072,734
3,027 69,770 62,156 (336) 134,617 $1,097,228
Avantjet's Statement of Income ($000) Sales Other income Gross income Cost of goods sold Selling, general, & admin. Research & development Interest Total expenses Income before taxes Taxes Net income
2001
2000
1999
576,327 9,985 586,312 425,076 43,624 13,773 84,062 566,535 19,777 9,690 10,087
575,477 6,976 582,453 423,443 36,215 12,873 87,259 559,790 22,663 11,105 11,558
432,522 9,677 442,199 325,016 35,632 9,064 27,002 396,714 45,485 22,288 23,197
Financial Ratio Liquidity Current Ratio Acivity Ratio Inventory Turnover Average Collection Period (day) Total Asset Turnover Debt Ratio Debt Ratio Profitabilitas Gross Profit Margin Net profit Margin
2001
2000
1.63
1.60
1.37 23.61 0.54
1.31 23.34 0.52
86%
88%
27.50% 1.75%
27.30% 2.01%
• Avantjet mempunyai ratio hutang yang besar, sedang net profit menurun • Pembelian dengan hutang akan memperburuk kondisi keuangan
Te rm unde r hypothe tical le as ing & buy-borrow s trate gie s Loan ("Buy-and-Borrow") Equipment cost $715,000 Cash down payment $0 Loan amount $715,000 Lease Annual payments 5-year Payment/Year Leasing option #1 $155,040 Leasing option #2 $160,003 Leasing option #3 $162,350 Leasing option #4 $164,760 Both Methods Guaranteed residual value: 11.2729% Investment tax credit 0% Depreciation 5-year MACRS
5-year MACRS Income Tax Depreciation Rate Schedule Year Percentage 1 20.00 2 32.00 3 19.20 4 11.52 5 11.52
Proposal pengadaan dari kompetitor System Manufacturer Faulhaber Gmbh Honshu Heavy Industries Primus Automation Division
Purchase Price if Avanjet were to buy $ 759,000.00 $ 737,000.00 $ 715,000.00
Quoted Annual Lease Expenses and Resd'l Value for 5 year $ 170000, 15% residual value $ 163000, 24% residual value -
Option 1 Net Purchase Pri ce
0
Depreci ati on Tax Savi ngs Lease Payment Tax on Lease Payment Resi dual Val ue Tax on Resi dual Val ue Net Cash Fl ow
-612,674
NPV IRR
(23,002) 4.64%
Option 2 Net Purchase Pri ce Depreci ati on Tax Savi ngs Lease Payment Tax on Lease Payment Resi dual Val ue Tax on Resi dual Val ue Net Cash Fl ow NPV IRR
Option 3 Net Purchase Pri ce
155,040 -52,714
Tax on Lease Payment
2
3
4
0
48,620 155,040 -52,714
150,946
1
77,792 155,040 -52,714
180,118
2
46,675 155,040 -52,714
149,002
3
28,005 155,040 -52,714
130,332
4
160,003
48,620 160,003
77,792 160,003
46,675 160,003
28,005 160,003
-54,401
-54,401
-54,401
-54,401
-54,401
-609,398
NPV IRR
Option 4 Net Purchase Pri ce
Tax on Lease Payment
154,222
183,394
152,277
133,607
0
1
2
3
4
48,620
77,792
46,675
28,005
162,350
162,350
162,350
162,350
162,350
-55,199
-55,199
-55,199
-55,199
-55,199
NPV IRR
5 28,005
67,199 -13,402 81,803
5
-607,849
155,771
184,943
153,826
135,156
-13,402 81,803
(2,827) 6.07%
0
1
2
3
4
5
-715,000 48,620
77,792
46,675
28,005
164,760
164,760
164,760
164,760
164,760
-54,401
-54,401
-54,401
-54,401
-54,401
28,005
67,199 -604,641 10,587 7.02%
158,979
188,151
157,034
138,364
Primus prop. Option-1 Option-2 Option-3 Option-4
NPV (23,002) (9,304) (2,827) 10,587
IRR 4.64% 5.61% 6.07% 7.02%
28,005
67,199
Resi dual Val ue Tax on Resi dual Val ue Net Cash Fl ow
67,199 -13,402 81,803
-715,000
Depreci ati on Tax Savi ngs Lease Payment
28,005
(9,304) 5.61%
Resi dual Val ue Tax on Resi dual Val ue Net Cash Fl ow
5
-715,000
Depreci ati on Tax Savi ngs Lease Payment
1
-715,000
-13,402 81,803
Agar NPV = 0 dan IRR = 6.27% maka Lease payment harus $163.375 Pada Tax rate =34% Cost of debt = 9.5%
Loan Amortization schedule Borrowing 715,000 Interest 9.50% Year Beginning balance Annual payment 186,212 Interest before tax 9.5% Principal reduction Ending balance Tax rate 34% Interest after tax
1 715,000 186,212 67,925 118,287 596,713
2 596,713 186,212 56,688 129,524 467,189
3 467,189 186,212 44,383 141,829 325,360
4 325,360 186,212 30,909 155,303 170,057
5 170,057 186,212 16,155 170,057 0
44,831
37,414
29,293
20,400
10,663
Annual Payment = PMT(Pretax Annual Rate, Term, -715000)
Untuk Leasing option #1,#2,#3 & #4 Tax rate Pre tax interest Year 0 1 2 3 4 5 Sum NPV
34% 9.50% Intrst. Paymt After Tax 44,831 37,414 29,293 20,400 10,663 142,600
Eq cost Disc rate Principal Payment 118,287 129,524 141,829 155,303 170,057 715,000
Deprc. rate 20.00% 32.00% 19.20% 11.52% 11.52%
715,000 6.27% Deprc. before Tax 143,000 228,800 137,280 82,368 82,368 673,816
Deprc. Tax Tax Saving (48,620) (77,792) (46,675) (28,005) (28,005) (229,097)
Residual CF After Tax
(67,199) (67,199)
Loan Cash Outflow 114,498 89,146 124,447 147,698 85,515 561,303
469,273
155,040 102,326 102,326 102,326 102,326 102,326
Lease Cash Outflow 160,003 162,350 105,602 107,151 105,602 107,151 105,602 107,151 105,602 107,151 105,602 107,151
511,632 528,010 454,717 469,273
535,755 476,156
164,760 108,742 108,742 108,742 108,742 108,742 543,708 483,225
Tax rate Pre tax interest Lease payment Year 0 1 2 3 4 5 Sum IRR Lease payment Year 0 1 2 3 4 5 Sum IRR Lease payment Year 0 1 2 3 4 5 Sum IRR Lease payment Year 0 1 2 3 4 5 Sum IRR
34% Equity cost 9.50% 155,040 Lease Pay Tax Savings After Tax Assc. with Deprc. (102,326) (102,326) (48,620) (102,326) (77,792) (102,326) (46,675) (102,326) (28,005) 0 (28,005) (511,632) (229,097) 5.32% 160,003 Lease Pay After Tax (105,602) (105,602) (105,602) (105,602) (105,602) 0 (528,010) 6.27% 162,350 Lease Pay After Tax (107,151) (107,151) (107,151) (107,151) (107,151) 0 (535,755) 6.72% 164,760 Lease Pay After Tax (108,742) (108,742) (108,742) (108,742) (108,742) 0 (543,708) 7.19%
Tax Savings Assc. with Deprc. (48,620) (77,792) (46,675) (28,005) (28,005) (229,097)
Tax Savings Assc. with Deprc. (48,620) (77,792) (46,675) (28,005) (28,005) (229,097)
Tax Savings Assc. with Deprc. (48,620) (77,792) (46,675) (28,005) (28,005) (229,097)
715,000
Leasing Payment Forgone Resid. Value After Tax
(67,199) (67,199)
Forgone Resid. Value After Tax
(67,199) (67,199)
Forgone Resid. Value After Tax
(67,199) (67,199)
Forgone Resid. Value After Tax
(67,199) (67,199)
Initial Purch. Price Save 715,000
715,000
Initial Purch. Price Save 715,000
715,000
Initial Purch. Price Save 715,000
715,000
Initial Purch. Price Save 715,000
715,000
Lease Paym. - Incr. Cash Flow 612,674 (150,946) (180,118) (149,002) (130,332) (95,204) (92,929)
Lease Paym. - Incr. Cash Flow 609,398 (154,222) (183,394) (152,277) (133,607) (95,204) (109,307)
Lease Paym. - Incr. Cash Flow 607,849 (155,771) (184,943) (153,826) (135,156) (95,204) (117,052)
Lease Paym. - Incr. Cash Flow 606,258 (157,362) (186,534) (155,417) (136,747) (95,204) (125,005)
155,040 160,003 162,350 164,760
NPV over buy & Borrow 14,556.03 0 (6,883.48) (13,951.77)
IRR over buy & Borrow 5.32% 6.27% 6.72% 7.19%
Pada lease payment $160.003 Leasing akan sama pengaruhnya dengan buy & borrow
Scenario
A
B
C
D
Eff.tax rate Pretax cost of debt After-tax cost of
34.00% 9.50% 6.27%
34.00% 13.00% 8.58%
0.00% 9.50% 9.50%
0.00% 13.00% 13.00%
NPV of loan (“borrow-and-buy”) IRR of loan (“borrow-and-buy”) Leasing option #1 NPV of lease IRR of lease Lease advantage over bor.&by Leasing option #2 NPV of lease IRR of lease Lease advantage over bor.&by Leasing option #3 NPV of lease IRR of lease Lease advantage over bor.&by Leasing option #4 NPV of lease IRR of lease Lease advantage over bor.&by
$469,273 6.27% $155,040 $454,717 5.32% $14,556
484,546 8.58% $155,040 436,915 5.32% 47,632
$663,800 9.50% $155,040 651,863 8.61% $11,937
$671,253 13.00% $155,040 616,202 8.61% $55,051
$469,273 6.27% $0
$450,901 6.27% 33,645
$672,730 10.17% -8,930
$635,927 10.17% $35,326
$476,156 6.72% -6,884
$457,515 6.72% 27,031
$682,598 10.91% -18,798
$645,255 10.91% $25,997
$483,225 7.19% -13,952
$464,306 7.19% 20,240
$692,730 11.68% -28,930
$654,834 11.68% $16,419
Pada tax rate = 0, akan memperbaiki posisi leasing Naiknya cost of debt memperbaiki posisi leasing
Scenario
A
B
C
D
Eff.tax rate Pretax cost of debt After-tax cost of debt
34.00% 9.50% 6.27%
34.00% 13.00% 8.58%
0.00% 9.50% 9.50%
0.00% 13.00% 13.00%
NPV of loan (“borrow-and-buy”) IRR of loan (“borrow-and-buy”) Faul haber Gmbh NPV of loan (“borrow-and-buy”) NPV of lease IRR of lease Lease advantage over borrowing Honshu NPV of loan (“borrow-and-buy”) NPV of lease IRR of lease Lease advantage over borrowing
$469,273 6.27%
484,546 8.58%
$663,800 9.50%
$671,253 13.00%
484,376 498,593 7.13% (14,218)
501,993 479,073 7.13% 22,920
686,679 714,762 11.42% (28,082)
697,207 675,660 11.42% 21,547
438,036 478,063 7.13% (40,027)
458,436 459,346 8.64% (911)
624,641 685,330 13.48% -60,689
$640,997 $647,839 13.48% (6,842)
Option III vs Faulhaber Tax Pretax Interest 9.50% 10.0% 40% 6,887 25,113 34% 7,334 5,940 25% 7,941 5,426 15% 8,536 4,599
10.5% 26,274 2,804 1,529 (200)
11.0% 14,314 (5,597) (8,140) (11,286)
11.5% 16,350 (3,355) (6,104) (9,575)
12.0% 13,479 (6,378) (9,842) (14,154)
12.5% 10,633 (9,365) (13,529) (18,663)
13.0% 7,812 (12,317) (17,166) (23,102)
Option IV vs Faulhaber Tax Pretax Interest 9.50% 10.0% 40% 396 (343) 34% 265 (1,128) 25% 29 (2,487) 15% (287) (4,223)
10.5% (3,004) (4,264) (6,384) (9,022)
11.0% (10,566) (12,665) (16,052) (20,108)
11.5% (8,237) (10,423) (14,017) (18,397)
12.0% (10,811) (13,447) (17,755) (22,976)
12.5% (13,356) (16,434) (21,442) (27,485)
13.0% (15,874) (19,385) (25,079) (31,924)
Option III vs Honshu Tax 40% 34% 25% 15%
9.50% 31,115 33,143 35,893 38,565
10.0% 49,095 31,448 32,987 34,134
10.5% 50,014 28,017 28,710 28,854
Pretax Interest 11.0% 11.5% 37,586 39,622 19,045 21,287 18,307 20,343 16,844 18,555
12.0% 36,524 17,987 16,251 13,532
12.5% 33,456 14,730 12,218 8,591
13.0% 30,417 11,514 8,244 3,730
10.5% 20,737 20,948 20,797 20,032
Pretax Interest 11.0% 11.5% 12,706 15,035 11,976 14,219 10,394 12,430 8,022 9,732
12.0% 12,235 10,919 8,338 4,709
12.5% 9,467 7,662 4,306 (231)
13.0% 6,731 4,446 331 (5,092)
Option IV vs Honshu Tax 40% 34% 25% 15%
9.50% 24,624 26,075 27,980 29,743
10.0% 23,639 24,380 25,075 25,312
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Dari keempat option yang akan diambil untuk tax rate 34 % dan cost of debt 9.5 % hanya pada option 4 untuk leasing payment 164,760 yang memberikan IRR diatas cost of capital (discount rate) terkecuali pada tax rate diatas 40 % option 3 bisa dijadikan pilihan. Untuk Avanjet pada tax rate 34 % dan pretax interest 9.5 % untuk lease payment dibawah 160,003 akan lebih menguntungkan dibandingkan dengan buy & borrow dengan selisih NPV = 0 dan IRR = after tax interest Bahwa tax rate 0 % atau naiknya pretax interest akan memperbaiki posisi option leasing dibandingkan dengan buy & borrow. Untuk option 1 dan 2 option leasing lebih baik daripada buy & borrow kecuali pada tax = 0 %, pada option leasing mulai menguntungkan pada tax rate diatas 40 % dengan pretax diatas 10%
Untuk option 3 leasing option lebih menguntungkan pada : - - Tax 34 % dengan pretax interest diatas 11 % - Tax 40 % dengan pretax interest diatas 10 % 6. Dibandingkan dengan Faulhaber untuk option 3 lebih menguntungkan pada : - Tax 34 % dengan pretax interest dibawah 10.5% - Tax 40 % dengan berapapun pretax interest Sedangkan untuk option 4 lebih menguntungkan dengan tax rate diatas 25 % dan pretax interest sama dengan atau dibawah 9.5 % 7. Jika dibandingkan dengan Honshu option 3 dan option 4 lebih menguntungkan dengan semua tax dan pretax interest kecuali dioption 4 dengan pretax diatas 12.5 % honshu lebih diuntungkan. 5.
Berdasarkan dari analisa perhitungan bahwa proposal yang harus diajukan pada Avanjet direkomendasikan pada Option 3 dengan syarat : Lease payment per tahun $ 162,350 Waktu leasing adalah 5 tahun Tax ratenya diatas 40% Tax rate 25% dan 34% dengan pretax interest ≤ 10.5%, sedangkan tax rate 15% , pretax interest yang digunakan ≤ 10%
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