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Dosen Pembimbing : Dr. Aryanti Virtanti Anas., ST, MT Tanggal Pengumpulan : 11 Desember 2017
TUGAS BESAR ANALISIS INVESTASI TAMBANG Menghitung NPV, IRR, DAN PBP
TRI ANGGA BAYU PUTRA D621 15 011
DEPARTEMEN TEKNIK PERTAMBANGAN FAKULTAS TEKNIK UNIVERSITAS HASANUDDIN
GOWA 2017
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TUGAS ANALISIS INVESTASI TAMBANG A coal mine with a nearly exhausted deposit intends to mine remaining (20,000,000 + (last 3 digits of student ID x 100,000) tons of coal reserves. Within exploration phase, the company had spent USD 150,000. For pre-development phase, the company spent USD 175,000 for the land and the buildings around the sites. The company initially buys USD 3,000,000 worth of equipment that are considered to have lifetime of 10 years. The operating cost is USD 0.35 per ton. The coal is sold for USD 55 per ton for the first three years, and the price is escalated by 2.5% for the fourth and following years. For its 10 years of mining life, the company decides to hire (last 2 digits of student ID + 50) employees. For the top management, the salary is USD 2,500 monthly, while for the middle management, the salary is USD 1,500. The low management has salary of USD 720, and operators have salary of USD 400 monthly. The marketing expense is considered to be 5% of total cost, and general and administrative expense is 3% of total cost. Capital structure of the company consists of 60% equity and 40% of long term debt. The interest is 6% /year. For the first 5 years, the company uses straight line to calculate the depreciation of which remains residual (salvage) value $10,000. Then, by the 6th year, the company decides to use double declining balance. Depletion (15% for coal) as tax deduction is applied since the 1st year. Income tax on taxable income is 50%/year. Determine NPV, IRR, and PBP!
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JAWABAN : Diketahui
:
Reserves
:
21100000
Exploration Cost
:
150000
Pre-Developement
:
175000
Equipment Cost
:
3000000
Operation Cost
:
0,35 $/ton
Coal Price
:
55
Employes
:
61
Top Managements
:
2500/month
Middle Managements
:
1500/month
Low Managements
:
750/month
Operators
:
400/month
Administrative
:
60%
Equity
:
40%
Long-Term Debt
:
5%
Interest
:
10000%
Salvage Value
:
15%
Depletion
:
348150000
Pendapatan
:
832658750
Marketing
[Type here] Tabel Depresiasi Tahun
1
2
3
4
5
6
7
8
9
10
0.2
0.2
0.2
0.2
0.2
0.4
0.4
0.4
0.4
0.4
Nilai Buku
3,000,000
2,400,000
1,920,000
1,536,000
1,228,800
983,040
589,824
353,894
212,336
117,402
Nilai Depresiasi
2,400,000
1,920,000
1,536,000
1,228,800
983,040
589,824
353,894
212,336
127,402
70,441
1
2
3
4
5
6
7
8
9
10
Laju depresiasi
Tabel Cash Flow Tahun pendapatan
116,050,000
116,050,000
116,050,000
116,050,000
116,050,000
118,951,250
118,951,250
118,951,250
118,951,250
118,951,250
(-)Biaya Operasi
738,500
738,500
738,500
738,500
738,500
738,500
738,500
738,500
738,500
738,500
Employes Salary
451,200
451,200
451,200
451,200
451,200
451,200
451,200
451,200
451,200
451,200
114,860,300
114,860,300
114,860,300
114,860,300
114,860,300
117,761,550
117,761,550
117,761,550
117,761,550
117,761,550
2,400,000
1,920,000
1,536,000
1,228,800
983,040
589,824
353,894
212,336
127,402
70,441
112,460,300
112,940,300
113,324,300
113,631,500
113,877,260
117,171,726
117,407,656
117,549,214
117,634,148
117,691,109
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
1,740,750
110,719,550
111,199,550
111,583,550
111,890,750
112,136,510
115,430,976
115,666,906
115,808,464
115,893,398
115,950,359
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
110,711,570
111,191,570
111,575,570
111,882,770
112,128,530
115,422,996
115,658,926
115,800,484
115,885,418
115,942,379
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
110,578,570
111,058,570
111,442,570
111,749,770
111,995,530
115,289,996
115,525,926
115,667,484
115,752,418
115,809,379
55,289,285
55,529,285
55,721,285
55,874,885
55,997,765
57,644,998
57,762,963
57,833,742
57,876,209
57,904,689
Net Income
55,289,285
55,529,285
55,721,285
55,874,885
55,997,765
57,644,998
57,762,963
57,833,742
57,876,209
57,904,689
(+)Depresiasi
2,400,000
1,920,000
1,536,000
1,228,800
983,040
589,824
353,894
212,336
127,402
70,441
(+)Deplesi
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
1,674,750
(+)Bunga
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
7,980
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
133,000
59,505,015
59,265,015
59,073,015
58,919,415
58,796,535
60,050,552
59,932,587
59,861,808
59,819,341
59,790,861
Gross Income (-)Depresiasi Pendapatan Kena Pajak (-)Deplesi Pendapatan Kena Pajak (-)Bunga Pendapatan Kena Pajak (-)Principal Pendapatan Kena Pajak (-)Pajak
(+)Principal (+)Cash Flow
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A. NPV Interest Rate = 6% Accumulated
Year
CF
DF
DCF
0
-116,050,000
1
-116050000
-116050000
1
59,505,015
0.9434
56137031.15
-59912968.85
2
59,265,015
0.89
52745863.35
-7167105.499
3
59,073,015
0.8396
49597703.39
42430597.9
4
58,919,415
0.7921
46670068.62
89100666.52
5
58,796,535
0.7473
43938650.61
133039317.1
6
60,050,552
0.705
42335639.16
175374956.3
7
59,932,587
0.6651
39861163.75
215236120
8
59,861,808
0.6274
37557298.46
252793418.5
9
59,819,341
0.5919
35407067.89
288200486.4
10
59,790,861
0.5584
33387216.53
321587702.9
NPV
DCF
= $ 321587702.9
B. PBP
PBP
=1+(
Accumulated DCF Year 2
)
Accumulated DCF Year 3 −7167105.499
= 1 + ( 42430597.93 ) = 0,831086389 Years
B. IRR NPV1 Discount Rate = 50% Year
CF
DF
DCF
Accumulted DCF
0
-116,050,000
1
-116050000
-116050000
1
59,505,015
0.6667
39671993.5
-76378006.5
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2
59,265,015
0.4444
26337372.7
-50040633.83
3
59,073,015
0.2963
17503334.3
-32537299.49
4
58,919,415
0.1975
11636584.5
-20900715.03
5
58,796,535
0.1317
7743503.66
-13157211.37
6
60,050,552
0.0878
5272438.47
-7884772.901
7
59,932,587
0.0585
3506056.35
-4378716.55
8
59,861,808
0.039
2334610.52
-2044106.03
9
59,819,341
0.026
1555302.86
-488803.1665
10
59,790,861
0.173
10343818.9
9855015.709
NPV2 Discount Rate = 60% Year
CF
DF
DCF
Accumulted DCF
0
-116,050,000
1
-116050000
-116050000
1
59,505,015
0.625
37190634.4
-78859365.63
2
59,265,015
0.3906
23148914.9
-55710450.77
3
59,073,015
0.2441
14419723
-41290727.8
4
58,919,415
0.1526
8991102.73
-32299625.08
5
58,796,535
0.0954
5609189.44
-26690435.64
6
60,050,552
0.0596
3579012.9
-23111422.74
7
59,932,587
0.0373
2235485.5
-20875937.23
8
59,861,808
0.0233
1394780.13
-19481157.1
9
59,819,341
0.0146
873362.377
-18607794.73
10
59,790,861
0.0091
544096.831
-18063697.9
IRR
= 𝑖1 + (
𝑁𝑃𝑉1
)(𝑖2 − 𝑖1 )
(𝑁𝑃𝑉1 −𝑁𝑃𝑉2 )
= 53.52989606%