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7.

3 Projected Profit Loss

year       1 2 3 4 5
Income                
Sales          
Star Plastic Bag 42/28cm x 50cm x 40
micro Rp2,240,000,000 Rp2,375,520,000 Rp2,519,238,960 Rp2,671,652,917 Rp2,833,287,919
Star Plastic Cup 16Oz Rp660,000,000 Rp699,930,000 Rp742,275,765 Rp787,183,449 Rp834,808,047
Star Transparant Plastic 180x290x53mm Rp237,500,000 Rp251,868,750 Rp267,106,809 Rp223,711,031 Rp237,245,549
Star Plastic Bowl 110x80mm Rp345,000,000 Rp365,872,500 Rp388,007,786 Rp411,482,257 Rp436,376,934
Total Income Rp3,482,500,000 Rp3,693,191,250 Rp3,916,629,321 Rp4,094,029,654 Rp4,341,718,449
Cost of Sales          
  Packaging Rp20,500,000 Rp21,525,000 Rp22,601,250 Rp23,731,313 Rp24,917,878
  Sales Commision Rp10,000,000 Rp10,500,000 Rp11,025,000 Rp11,576,250 Rp12,155,063
  Raw Material Rp927,000,000 Rp973,350,000 Rp1,022,017,500 Rp1,073,118,375 Rp1,126,774,294
Total Cost of Sales Rp957,500,000 Rp1,005,375,000 Rp1,055,643,750 Rp1,108,425,938 Rp1,163,847,234
Gross Profit Rp2,525,000,000 Rp2,687,816,250 Rp2,860,985,571 Rp2,985,603,717 Rp3,177,871,214
Expense                
Salaries and wages          
  Managing Directors Rp96,000,000 Rp96,960,000 Rp97,929,600 Rp98,908,896 Rp99,897,985
  General Manager Rp72,000,000 Rp72,720,000 Rp76,356,000 Rp77,119,560 Rp77,890,756
  Production Head Rp48,000,000 Rp48,480,000 Rp48,964,800 Rp49,454,448 Rp49,948,992
  Production Staff Rp720,000,000 Rp727,200,000 Rp734,472,000 Rp741,816,720 Rp749,234,887
  Warehouse Section Head Rp45,600,000 Rp46,056,000 Rp46,516,560 Rp46,981,726 Rp47,451,543
  Warehouse Section Staff Rp90,000,000 Rp90,900,000 Rp91,809,000 Rp92,727,090 Rp93,654,361
  Purchasing Section Head Rp45,600,000 Rp46,056,000 Rp46,516,560 Rp46,981,726 Rp47,451,543
  HR & GA Manager Rp54,000,000 Rp54,540,000 Rp55,085,400 Rp55,636,254 Rp56,192,617
  HR & GA Staff Rp36,000,000 Rp36,360,000 Rp36,723,600 Rp37,090,836 Rp37,461,744
  Finance & Accounting Manager Rp60,000,000 Rp60,600,000 Rp61,206,000 Rp61,818,060 Rp62,436,241
  Finance & Accounting Staff Rp42,000,000 Rp42,420,000 Rp42,844,200 Rp43,272,642 Rp43,705,368

BioStar Plastic 32
  Design & Technology Rp96,000,000 Rp96,960,000 Rp97,929,600 Rp98,908,896 Rp99,897,985
  Marketing Manager Rp48,000,000 Rp48,480,000 Rp48,964,800 Rp49,454,448 Rp49,948,992
  Marketing Staff Rp72,000,000 Rp72,720,000 Rp73,447,200 Rp74,181,672 Rp74,923,489
  Security Rp144,000,000 Rp145,440,000 Rp146,894,400 Rp148,363,344 Rp149,846,977
  Cleaning Service Rp96,000,000 Rp96,960,000 Rp97,929,600 Rp98,908,896 Rp99,897,985
Total Salaries and Wages Rp1,765,200,000 Rp1,782,852,000 Rp1,803,589,320 Rp1,821,625,213 Rp1,839,841,465
Business Expense          
  Advertising Rp5,000,000 Rp5,050,000 Rp5,100,500 Rp5,151,505 Rp5,203,020
  Insurance Rp432,000,000 Rp436,320,000 Rp440,683,200 Rp445,090,032 Rp449,540,932
  Legal Rp15,000,000 Rp15,150,000 Rp15,301,500 Rp15,454,515 Rp15,609,060
  Office Expense Rp10,500,000 Rp10,605,000 Rp10,711,050 Rp10,818,161 Rp10,926,342
  Supplies Rp5,500,000 Rp5,555,000 Rp5,610,550 Rp5,666,656 Rp5,723,322
  Miscellaneous Expense Rp1,000,000 Rp1,010,000 Rp1,020,100 Rp1,030,301 Rp1,040,604
  Depreciation Rp139,500,000 Rp140,895,000 Rp142,303,950 Rp143,726,990 Rp145,164,259
Total Business Expense Rp608,500,000 Rp614,585,000 Rp620,730,850 Rp626,938,159 Rp633,207,540
Utilities          
  Telephone Rp1,200,000 Rp1,212,000 Rp1,224,120 Rp1,236,361 Rp1,248,725
  Wifi Rp4,800,000 Rp4,848,000 Rp4,896,480 Rp4,945,445 Rp4,994,899
Electricit
  y Rp96,000,000 Rp96,960,000 Rp97,929,600 Rp98,908,896 Rp99,897,985
Total Utilities Rp102,000,000 Rp103,020,000 Rp104,050,200 Rp105,090,702 Rp106,141,609
         
Total Expense Rp2,475,700,000 Rp2,500,457,000 Rp2,528,370,370 Rp2,553,654,074 Rp2,579,190,614
Income from Operating   Rp49,300,000 Rp187,359,250 Rp332,615,201 Rp431,949,643 Rp598,680,600
Less Interest Expense 0,05% Rp175,000,000 Rp166,250,000 Rp157,937,500 Rp150,040,625 Rp142,538,594
Income before income tax -Rp125,700,000 Rp21,109,250 Rp174,677,701 Rp281,909,018 Rp456,142,006
Tax Rp25,140,000 Rp4,221,850 Rp34,935,540 Rp56,381,804 Rp91,228,401
Net Income Proft (loss)   -Rp150,840,000 Rp16,887,400 Rp139,742,161 Rp225,527,215 Rp364,913,605

BioStar Plastic 33
7.4 Projected Balance Sheet

  YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5


Assets
Current Assets  
Rp Rp Rp Rp Rp
Cash (178,740,000.00) 27,233,400.00 134,662,004.00 251,813,587.00 526,868,547.00
Rp Rp Rp Rp Rp
Accounts Receivable 216,300,000.00 25,000,000.00 7,000,000.00 4,800,000.00 1,950,000.00
Rp Rp Rp Rp Rp
Inventory 12,000,000.00 15,000,000.00 17,600,000.00 21,000,000.00 21,000,000.00
Rp Rp Rp Rp Rp
Other Current Assets 1,500,000.00 1,500,000.00 2,300,000.00 3,000,000.00 3,000,000.00
Rp Rp Rp Rp Rp
Total Current Assets 51,060,000.00 68,733,400.00 161,562,004.00 280,613,587.00 552,818,547.00
Long-Term Assets  
Rp Rp Rp Rp Rp
Building 2,741,000,000.00 2,741,000,000.00 2,741,000,000.00 2,741,000,000.00 2,741,000,000.00
Rp Rp Rp Rp Rp
Accumulated Depreciation Building 48,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00
Rp Rp Rp Rp Rp
Capital Equipment 1,425,000,000.00 1,425,000,000.00 1,425,000,000.00 1,425,000,000.00 1,425,000,000.00
Rp Rp Rp Rp Rp
Accumulated Depreciation Equipment 91,500,000.00 91,500,000.00 91,500,000.00 91,500,000.00 91,500,000.00
Rp Rp Rp Rp Rp
Total Long-Term Assets 4,305,500,000.00 4,305,500,000.00 4,305,500,000.00 4,305,500,000.00 4,305,500,000.00
Rp Rp Rp Rp Rp
Total Assets 4,356,560,000.00 4,374,233,400.00 4,467,062,004.00 4,586,113,587.00 4,858,318,547.00
Liabilities and Capital
Current Liabilites  
Rp Rp Rp Rp Rp
Accounts Payable 6,500,000.00 25,000,000.00 4,819,843.00 19,086,372.00 24,404,942.00

BioStar Plastic 34
Rp Rp Rp Rp Rp
Current Borrowing - 10,546,000.00 - 9,000,000.00 15,000,000.00
Rp Rp Rp Rp Rp
Other Current Liabilities - 70,000,000.00 70,000,000.00 70,000,000.00 70,000,000.00
Rp Rp Rp Rp Rp
Subtotal Current Liabilities 6,500,000.00 105,546,000.00 74,819,843.00 98,086,372.00 109,404,942.00
Long-Term Liabilities  
Rp Rp Rp Rp Rp
Bank Loan 3,500,000,000.00 3,500,000,000.00 3,500,000,000.00 3,500,000,000.00 3,500,000,000.00
Rp Rp Rp Rp Rp
Total Liabilities 3,506,500,000.00 3,605,546,000.00 3,574,819,843.00 3,598,086,372.00 3,609,404,942.00
Rp Rp Rp Rp Rp
Paid-In Capital 750,000,000.00 750,000,000.00 750,000,000.00 750,000,000.00 750,000,000.00
Rp Rp Rp Rp Rp
Retained Earnings (500,000.00) 1,800,000.00 2,500,000.00 12,500,000.00 134,000,000.00
Rp Rp Rp Rp Rp
Earnings 100,560,000.00 16,887,400.00 139,742,161.00 225,527,215.00 364,913,605.00
Rp Rp Rp Rp Rp
Total Capital 850,060,000.00 768,687,400.00 892,242,161.00 988,027,215.00 1,248,913,605.00
Rp Rp Rp Rp Rp
Total Liabilities and Capital 4,356,560,000.00 4,374,233,400.00 4,467,062,004.00 4,586,113,587.00 4,858,318,547.00
Rp Rp Rp Rp Rp
Net Worth 850,060,000.00 768,687,400.00 892,242,161.00 988,027,215.00 1,248,913,605.00

BioStar Plastic 35
7.5 Projected Net Cash Flow

Variabel Used in the Cash Flow Forecast   1 2 3 4 5


Unit Sales                
Star Plastic Bag 42/28cm x 50cm x 40 micro 1400000 1470000 1543500 1620675 1701709
Star Plastic Cup 16Oz     300000 315000 330750 347288 364652
Star Transparant Plastic 180x290x53mm 250000 262500 275625 289406 303876
Star Plastic Bowl 110x80mm     150000 157500 165375 173644 182326
Total Unit Sales     2100000 2205000 2315250 2431013 2552563
Sales Per Unit                
Star Plastic Bag 42/28cm x 50cm x 40 micro Rp1,600 Rp1,616 Rp1,632 Rp1,648 Rp1,665
Star Plastic Cup 16Oz     Rp2,200 Rp2,222 Rp2,244 Rp2,267 Rp2,289
Star Transparant Plastic 180x290x53mm Rp950 Rp960 Rp969 Rp979 Rp989
Star Plastic Bowl 110x80mm     Rp2,300 Rp2,323 Rp2,346 Rp2,370 Rp2,393
Total Sales per Unit     Rp7,050 Rp7,121 Rp7,191 Rp7,263 Rp7,336
Variable cost per unit              
Star Plastic Bag 42/28cm x 50cm x 40 micro Rp400 Rp404 Rp408 Rp412 Rp416
Star Plastic Cup 16Oz     Rp700 Rp707 Rp714 Rp721 Rp728
Star Transparant Plastic 180x290x53mm Rp300 Rp303 Rp306 Rp309 Rp312
Star Plastic Bowl 110x80mm     Rp750 Rp758 Rp765 Rp773 Rp780
Total Variable Cost per unit   Rp2,150 Rp2,172 Rp2,193 Rp2,215 Rp2,237
Nonvariable cost(excluding depreciation)          
Rp1,800,000,00 Rp1,818,000,00 Rp1,836,180,00 Rp1,854,541,80 Rp1,873,087,21
Star Plastic Bag 42/28cm x 50cm x 40 micro 0 0 0 0 8
Star Plastic Cup 16Oz     Rp480,000,000 Rp484,800,000 Rp489,648,000 Rp494,544,480 Rp499,489,925
Star Transparant Plastic 180x290x53mm Rp120,700,000 Rp121,907,000 Rp123,126,070 Rp124,357,331 Rp125,600,904
Star Plastic Bowl 110x80mm     Rp250,000,000 Rp252,500,000 Rp255,025,000 Rp257,575,250 Rp260,151,003
Rp2,650,700,00 Rp2,677,207,00 Rp2,703,979,07 Rp2,731,018,86 Rp2,758,329,04
Total Nonvariable cost (ex depreciation) 0 0 0 1 9

BioStar Plastic 36
Investment Outlays at Time     0 1 2 3 4 5
             
-
Equipment Rp350,000,000          
Initial investment in working capital (just in year 0)            
Opportunity cost, after taxes Rp0          
Net Cash Flows Over the Project's Life            
Rp3,482,500,00 Rp3,693,191,25 Rp4,152,923,67 Rp4,404,814,85
Sales Revenue = Units x Price/unit   0 0 Rp3,916,309,596 2 1
Rp1,015,428,75 Rp1,142,012,82 Rp1,211,104,16
Variable Cost = Units x Cost/unit   Rp957,500,000 0 Rp1,076,862,189 8 7
Rp2,650,700,00 Rp2,677,207,00 Rp2,731,018,86 Rp2,570,000,00
Nonvariable Costs (excluding depreciation)   0 0 Rp2,703,979,070 1 0
Depreciation: Accelerated, from table
below   Rp139,500,000 Rp139,500,000 Rp139,500,000 Rp139,500,000 Rp139,500,000
Operating Profit (EBIT)   -Rp265,200,000 -Rp138,944,500 -Rp4,031,664 Rp140,391,983 Rp484,210,684
Taxes on Operating Profit (20%)   Rp53,040,000 Rp27,788,900 Rp806,333 Rp28,078,397 Rp96,842,137
Net Operating Profit After Taxes   -Rp318,240,000 -Rp166,733,400 -Rp4,837,997 Rp112,313,587 Rp387,368,547
Add back depreciation   Rp139,500,000 Rp139,500,000 Rp139,500,000 Rp139,500,000 Rp139,500,000
Opportunity cost, after taxes   Rp0 Rp0 Rp0 Rp0 Rp0
Cannibalization or complementary effects, after
taxes   Rp0 Rp0 Rp0 Rp0 Rp0
Salvage value (taxed as ordinary income)   Rp0 Rp0 Rp0 Rp0 Rp0
Tax on salvage value   Rp0 Rp0 Rp0 Rp0 Rp0
Change in WC: Outflow(-) or recovery
(+)   Rp0 Rp0 Rp0 Rp0 Rp0
             
-
Project Net Cash Flows: Time Line     Rp350,000,000 -Rp178,740,000 -Rp27,233,400 Rp134,662,004 Rp251,813,587 Rp526,868,547

BioStar Plastic 37
DEPRECIATION BASIS
Straight Line Method   Depreciation per Year
BUILDING   Rp48,000,000
RESIDU VALUE Rp660,000,000  
   
Straight Line Method Depreciation per Year
MACHINE   Rp91,500,000
RESIDU VALUE Rp85,000,000  
     
Total Depreciation   Rp139,500,000

Total Variable Cost Rp957,500,000


Total Nonvariable Cost Rp2,650,700,000

Project Evaluation   Result


   
NPV Rp65,311,688
IRR 13%
MIRR 13%
Profitability Index Rp1.19
Payback 4.32
     

BioStar Plastic 38
Calculation for
Payback   0 1 2 3 4 5
Cummulative Cash Flow for -Rp -Rp -Rp -Rp -Rp Rp
Payback 350,000,000 528,740,000 555,973,400 421,311,397 169,497,810 357,370,737
7.6 Scenario Analysis

Inputs:       Amount
Equipment Cost   Rp350,000,000
Salvage Value, equipment, Year 5  
Opportunity Cost   Rp0
Externalities (cannibalization)   Rp0
Unit Sold, Year 1    
Star Plastic Bag 42/28cm x 50cm x 40 micro 1400000
Star Plastic Cup 16Oz 300000
Star Transparant Plastic 180x290x53mm 250000
Star Plastic Bowl
110x80mm 150000
Annual Change in Unit Sold, after year 1 5%
Sales price per unit, Year 1 Rp1,600
Star Plastic Bag 42/28cm x 50cm x 40 micro Rp2,200
Star Plastic Cup 16Oz Rp950
Star Transparant Plastic 180x290x53mm Rp2,300
Star Plastic Bowl
110x80mm    
Annual Change in Sales Price, after Year 1 1%
Variable Cost per Unit (VC), Year 1  
Star Plastic Bag 42/28cm x 50cm x 40 micro Rp400
Star Plastic Cup 16Oz Rp700
Star Transparant Plastic 180x290x53mm Rp300
Star Plastic Bowl
110x80mm Rp750

BioStar Plastic 39
Annual Change in VC, after Year 1 1%
Nonvariable Cost (Non-vc), Year 1  
Star Plastic Bag 42/28cm x 50cm x 40 micro Rp1,800,000,000
Star Plastic Cup 16Oz Rp480,000,000
Star Transparant Plastic 180x290x53mm Rp120,700,000
Star Plastic Bowl
110x80mm Rp250,000,000
Annual Change in Non-VC, after Year 1 0%
Project WACC   10%
Tax
Rate   20%
Working Capital as % of next year's sales 12%

BioStar Plastic 40
7.7 Business Ratio

Ratio Analysis     Year 1 Year 2 Year 3 Year 4 Year 5


Financial Ratio    
Quick Ratio     6.009 0.509 1.924 2.647 4.861
Current Ratio     7.855 0.651 2.159 2.861 5.053
Current Liabilities to Net Worth 0.008 0.137 0.084 0.099 0.088
Total Liabilities to Net
Worth   4.125 4.691 4.007 3.642 2.890
Fixed Assets to Net Worth   5.065 5.601 4.825 4.358 3.447
Inventory 194.95 206.74
Turnover     290.208 246.213 222.536 4 8
4,138.32 1,103.55 720.68 278.83
Days Sales Outstanding   37,595.000 2 3 7 7
Total Assets Turnover Ratio   0.799 0.844 0.877 0.893 0.894
Return to Assets     0.035 0.004 0.031 0.049 0.075
Debt to Equity
Ratio     4.125 4.691 4.007 3.642 2.890
debt ratio     0.805 0.824 0.800 0.785 0.743
Basic Earning
Power     0.029 0.005 0.039 0.061 0.094
Gross Profit
Margin     0.725 0.728 0.730 0.729 0.732
Operating Income     0.014 0.051 0.085 0.106 0.138
Net Profit Margin     0.043 0.005 0.036 0.055 0.084

BioStar Plastic 41

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