SI No.

Particulars Thn 0
A Unit Sold
B Selling price
C Total Sales (AxB)
D Varible Cost (15% dari C)
E Contribution (C-D)
F Fixed Cost
G Contribution Post tax ((E-F) x (100-40)%)
H Depreciation tax saving
I Gross cash Flows (G+H)
J Investement in equipment - 3,300,000
K Net working capital - 123,000
L Net Cash Flow (I+J+K) - 3,423,000
M PV factor @13% 1
N Present Value (L x M) - 3,423,000
O NPV (sum year 0 to 5) 1,275,123

Rate under MACRAS(A) Value (B) Depresiasi (AxB)

33.33 3,300,000 109,989,000
44.45 3,300,000 146,685,000
14.81 3,300,000 48,873,000
7.41 3,300,000 24,453,000
Thn 1 Thn 2 Thn 3 Thn 4
3,600 4,500 5,100 4,000
630 630 630 630
2,268,000 2,835,000 3,213,000
2,520,000
340,200 425,250 481,950 378,000
1,927,800 2,409,750 2,731,050
2,142,000
415,000 415,000 415,000 415,000
907,680 1,196,850 1,389,630
1,036,200 2.06312 2.03983 7.10837
439,956 586,740 195,492 97,812
1,347,636 1,783,590 1,585,122
1,134,012
390,000
123,000
1,347,636 1,783,590 1,585,122 1,647,012
0.884955752 0.783146683 0.69305016 0.61331873
1,192,598 1,396,813 1,098,569 1,010,143

Tax Rate (D) Depreciation tax saving (E=CxD)

0.40 439,956
0.40 586,740
0.40 195,492
0.40 97,812
2.35524
 year 0 year 1 year 2 year 3 year 4
revenues 2,470,000 3,055,000 3,445,000 2,730,000
fixed costs 425,000 425,000 425,000 425,000
variable costs 370,500 458,250 516,750 409,500
depreciation 1,166,550 1,555,750 518,350 259,350
EBT 507,950 616,000 1,984,900 1,636,150
taxes 193,021 234,080 754,262 621,737
net income 314,929 381,920 1,230,638 1,014,413
OCF 1,481,479 1,937,670 1,748,988 1,273,763

capital spending - 3,500,000 248,000

Land - 1,400,000 1,600,000
NWC - 125,000 125,000

total cashflow - 5,025,000 1,481,479 1,937,670 1,748,988 3,246,763

NPV = - 5,025,000 1,311,043 1,517,480 1,212,136 1,991,301

1,006,960
depreciation
SI No. Particulars Thn 0
A Unit Sold
B Selling price
C Total Sales (AxB)
D Varible Cost (15% dari C)
E Contribution (C-D)
F Fixed Cost
G Contribution Post tax ((E-F) x (100-40)%)
H Depreciation tax saving
I Gross cash Flows (G+H)
J Investement in equipment - 3,500,000
K Net working capital - 125,000
L Net Cash Flow (I+J+K) - 3,625,000
M PV factor @13% 1
N Present Value (L x M) - 3,625,000
O NPV (sum year 0 to 5) 1,391,140

Rate under MACRAS(A) Value (B) Depresiasi (AxB)

33.33 3,500,000 116,655,000
44.45 3,500,000 155,575,000
14.81 3,500,000 51,835,000
7.41 3,500,000 25,935,000
Thn 1 Thn 2 Thn 3 Thn 4
3,800 4,700 5,300 4,200
650 650 650 650
2,470,000 3,055,000 3,445,000
2,730,000
370,500 458,250 516,750 409,500
2,099,500 2,596,750 2,928,250
2,320,500
425,000 425,000 425,000 425,000
1,004,700 1,303,050 1,501,950
1,137,300
443,289 591,185 196,973 98,553
1,447,989 1,894,235 1,698,923
1,235,853
390,000
125,000
1,447,989 1,894,235 1,698,923 1,750,853
0.884955752 0.783146683 0.69305016 0.61331873
1,281,406 1,483,464 1,177,439 1,073,831

Tax Rate (D) Depreciation tax saving (E=CxD)

0.38 443,289
0.38 591,185
0.38 196,973
0.38 98,553