Sampro Indonesia

Setiap organisasi memiliki kriteria yang berbeda dalam berinvestasi, sehingga mereka menerapkan metode tertentu untuk menganalisis usulan pengeluaran modal. Seringkali, satu metode dilengkapi dengan satu atau lebih metode tambahan guna memastikan keputusan investasi yang tepat. Demikian pula, kebutuhan suatu organisasi kadang-kadang memerlukan penyesuaian terhadap metode yang biasa digunakan, dan lingkup penyesuaian ini bisa sangat luas.Metode yang paling banyak digunakan dalam analisis investasi konvensional adalah:A. Metode Average/Accounting Rate of Return (ARR)Metode Average Rate of Return (ARR) adalah metode yang digunakan untuk menghitung tingkat keuntungan rata-rata dari suatu investasi dengan membandingkan rata-rata laba bersih setelah pajak (Earnings After Tax atau EAT) dengan rata-rata jumlah investasi. Metode ini digunakan untuk mengukur seberapa besar tingkat keuntungan rata-rata yang dihasilkan oleh suatu investasi.Average/Accounting Rate of Return (ARR) adalah suatu metode analisis yang mengukur besarnya tingkat keuntungan dari suatu investasi. Average/Accounting Rate of Return (ARR), ini menghitung berapa banyak uang yang akan dikembalikan ke investor dari suatu investasi. Dengan perhitungan Accounting Rate of Return (ARR), investor dapat menganalisis risiko yang terlibat dalam membuat keputusan investasi dan memutuskan apakah penghasilannya cukup tinggi untuk menerima tingkat risiko yang akan terjadi. Rumus Accounting Rate of Return (ARR) atau Tingkat Pengembalian Akuntansi ini dihitung dengan membagi pendapatan dari investasi dengan biaya investasi. Pada umumnya, kedua angka ini adalah angka tahunan atau rata-rata angka tahunan. Namun kita dapat juga menggunakan angka mingguan atau bulanan tergantung pada kebutuhan kita. Hasil dari perhitungan ARR ini biasanya ditampilkan dalam bentuk presentase (%).Metode ARR mempunyai kelemahan-kelemahan antara lain:<ol><li data-list="ordered">Perhitungan ARR tidak memperhatikan time value of money.</li><li data-list="ordered">Menitik beratkan pada perhitungan akuntansi dan bukan pada Cash Flow dari investasi yang bersangkutan, sehingga suatu investasi yang mempunyai umur penyusutan lebih cepat akan mengakibatkan keuntungan neto yang lebih rendah dan di satu pihak meningkatkan Cash Flow, oleh karena penyusutan bukan merupakan pengeluaran kas.</li><li data-list="ordered">ARR dapat dianalisa dengan beberapa cara, sehingga diperlukan standar perbandingan yang sesuai dengan cara-cara tersebut, dan dimungkinkan dapat terjadi kesalahan membandingkan. Rumus untuk perhitungan Average/Accounting Rate of Return (ARR) adalah sebagai berikut. <img 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" height="73" width="417"></li></ol>Contoh Soal:Sebuah perusahaan sedang mempertimbangkan proyek investasi senilai Rp300 juta untuk memperbarui mesin produksi. Mesin ini diperkirakan akan menghasilkan laba bersih tahunan sebesar Rp75 juta selama 4 tahun. Berdasarkan metode Average Rate of Return (ARR), hitung tingkat pengembalian rata-rata dari investasi tersebut, dan tentukan apakah proyek ini layak jika perusahaan menetapkan standar ARR minimum sebesar 20%.Jawaban:Diketahi = laba bersih tahunan rata-rata = 75.000.000 (karena nilainya tetap setiap tahun)Investasi awal = 300.000.000ARR = 75.000.000/300.000.000 x 100%= 25%Karena ARR proyek sebesar 25% lebih tinggi dari standar minimum yang ditetapkan (20%), proyek ini layak untuk dijalankan. B. Metode Payback Period (PP)Payback Period (PP) adalah periode atau jumlah tahun yang diperlukan untuk mengembalikan nilai investasi yang telah dikeluarkan. Para investor atau pengusaha sering menggunakan Payback Period (PP) atau Periode Pengembalian Modal ini sebagai penentu dalam mengambil keputusan investasi yaitu keputusan yang menentukan apakah akan menginvestasikan modalnya ke suatu proyek atau tidak. Suatu proyek yang periode pengembaliannya sangat lama tentunya kurang menarik bagi sebagian investor.Metode Payback Period (PP) digunakan untuk menghitung waktu yang diperlukan untuk mengembalikan investasi awal melalui aliran kas masuk (proceeds) tahunan yang dihasilkan oleh proyek investasi tersebut. Jika proceeds setiap tahun bernilai sama, maka Payback Period (PP) dapat dihitung dengan membagi jumlah investasi (outlays) dengan proceeds tahunan. Namun, jika proceeds setiap tahun tidak sama, perhitungan dilakukan dengan menjumlahkan akumulasi proceeds hingga mencapai total aliran kas masuk yang sama dengan investasi awal. Kriteria kelayakan investasi menggunakan metode ini adalah suatu investasi dinyatakan layak jika Payback Period lebih pendek dibandingkan periode maksimum yang telah ditentukan. Sebaliknya, jika Payback Period lebih panjang dari periode maksimum, maka investasi tersebut dianggap tidak layak. Apabila terdapat beberapa alternatif investasi, alternatif terbaik adalah yang memiliki Payback Period paling pendek.Metode penilaian investasi Payback Period (PP) terdapat beberapa kelemahan antara lain adalah:<ol><li data-list="ordered">Tidak memperhatikan time value of money, sedangkan Cash Flow pada waktu yang akan datang apabila dinilai sekarang akan berbeda.</li><li data-list="ordered">Lebih mementingkan pada pengembalian nilai investasi daripada aspek laba dalam waktu umur investasi. Sehingga Cash Flow sesudah umur Payback Period (PP) tidak diperhatikan.</li><li data-list="ordered">Tidak memperhatikan variasi besar kecilnya Cash Flow tiap tahun, apakah semakin meningkat, atau menurun atau stabil.</li></ol>Rumus untuk perhitungan Payback Period (PP) adalah sebagai berikut:<img src="data:image/jpeg;base64,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height="80" width="428"> <img src="//:0" height="1" width="192">Contoh:PT. Sentosa Jaya berencana membeli mesin produksi untuk meningkatkan pendapatan barangnya. Mesin tersebut diperkirakan harganya Rp. 220.000.000, dan keuntungan bersih arus kas per tahunnya sekitar Rp. 55.000.000. Menggunakan rumus Payback Period, perhitungannya adalah:Payback Period (PP) = Rp. 220.000.000 / Rp. 55.000.000 = 4Jadi, rencana investasi mesin produksi tersebut diharapkan dapat terbayar kembali dalam waktu 4 tahun. C. Metode Net Present Value (NPV)Net Present Value (NPV) adalah selisih antara nilai sekarang dari arus kas yang masuk dengan nilai sekarang dari arus kas yang keluar pada periode waktu tertentu. Net Present Value (NPV) ini mengestimasikan nilai sekarang pada suatu proyek atau investasi berdasarkan arus kas masuk yang diharapkan pada masa depan dan arus kas keluar yang disesuaikan dengan suku bunga dan harga pembelian awal. Net Present Value (NPV) menggunakan harga pembelian awal dan nilai waktu uang (time value of money) untuk menghitung nilai suatu investasi. Jadi Net Present Value (NPV) adalah Nilai Sekarang dari Aset setelah dikurangi dengan harga pembelian awal.Net Present Value (NPV) ini banyak digunakan dalam penganggaran modal untuk menganalisa profitability dari suatu proyek investasi. Para pemilik modal ataupun manajemen perusahaan dapat menggunakan perhitungan Net Present Value (NPV) ini untuk mengevaluasi apakah akan melakukan investasi atau tidak pada suatu proyek baru ataupun investasi pada pembelian asset baru.Urutan-urutan perhitungan dalam metode Net Present Value (NPV) ini adalah:<ol><li data-list="ordered">Menghitung Cash Flow yang diharapkan dari investasi yang akan dilaksanakan.</li><li data-list="ordered">Mencari nilai sekarang (Present Value) dari Cash Flow dengan mengaliakn dengan tingkat diskonto tertentu yang ditetapkan.</li><li data-list="ordered">Kemudian jumlah sekarang (Present Value) dari Cash Flow selama umur investasi dikurangi dengan nilai investasi awal (initial outlays) akan menghasilkan Net Present Value (NPV)</li></ol>Rumus untuk perhitungan Net Present Value (NPV) adalah sebagai berikut:<img 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height="113" width="368">Keterangan:NPV = Net Present ValueCt = arus kas per tahun pada periode tC0 = nilai investasi awal pada tahun ke 0r = suku bunga atau Discount Rate (dalam %)Contoh Soal:Pak Irvan ingin berinvestasi pada proyek tertentu sebesar Rp. 100.000.000. proyek ini diperkirakan akan menghasilkan arus kas sebesar Rp. 30.000.000 per tahun selama 5 tahun. Dalam perhitungan ini, Tingkat suku bunga yang digunakan adalah 10%.Maka cara menghitung NPV nya yaitu:<table><tbody><tr><td data-row="1" class="ql-align-center">Tahun 1</td><td data-row="1">= 30.000.000/(1+0,1)1</td></tr><tr><td data-row="2"> </td><td data-row="2">= 27.272.727</td></tr><tr><td data-row="3" class="ql-align-center">Tahun 2</td><td data-row="3">= 30.000.000/(1+0,1)2 </td></tr><tr><td data-row="4"> </td><td data-row="4">= 24.793.388</td></tr><tr><td data-row="5" class="ql-align-center">Tahun 3</td><td data-row="5">= 30.000.000/(1+0,1)3 </td></tr><tr><td data-row="6"> </td><td data-row="6">= 22.539.444</td></tr><tr><td data-row="7" class="ql-align-center">Tahun 4</td><td data-row="7">= 30.000.0000/(1+0,1)4</td></tr><tr><td data-row="8"> </td><td data-row="8">= 20.490.403</td></tr><tr><td data-row="9" class="ql-align-center">Tahun 5</td><td data-row="9">= 30.0000.000/(1+0,1)5</td></tr><tr><td data-row="10"> </td><td data-row="10">= 18.627.640</td></tr><tr><td data-row="11" class="ql-align-center">Jumlah</td><td data-row="11">= 27.272.727 + 24.793.388 + 22.539.444 + 20.490.403 + 18.627.640 = 113.723.603</td></tr></tbody></table>NPV = 113.723.603 – 100.000.000= 13.723.603D. Profitability Index (PI)Profitability Index (PI) atau Indeks Profitabilitas adalah salah satu metode yang digunakan untuk mengevaluasi kelayakan suatu proyek atau investasi. PI mengukur seberapa banyak keuntungan yang dihasilkan dari setiap unit investasi yang dilakukan. Metode ini biasanya digunakan dalam analisis investasi untuk membandingkan beberapa proyek dan menentukan proyek mana yang memberikan nilai terbaik.Rumus dari Profitability Index (PI) yaitu:<img src="data:image/jpeg;base64,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height="70" width="437"><ol><li data-list="bullet">PV (Present Value): Nilai sekarang dari arus kas masa depan yang didiskontokan dengan menggunakan tingkat diskonto</li></ol>(discount rate) tertentu.<ol><li data-list="bullet">Initial Investment: Biaya awal yang dikeluarkan untuk memulai proyek atau investasi.</li></ol>Interpretasi Nilai Profitability Index:<ol><li data-list="bullet">PI > 1: Proyek layak untuk dijalankan karena menghasilkan nilai lebih besar daripada biaya investasi awal. Semakin besar PI, semakin menguntungkan proyek tersebut.</li><li data-list="bullet">PI = 1: Proyek menghasilkan nilai yang sama dengan biaya investasi awal. Dalam hal ini, proyek tidak menghasilkan keuntungan bersih.</li><li data-list="bullet">PI < 1: Proyek tidak layak untuk dijalankan karena nilai yang dihasilkan lebih kecil daripada biaya investasi awal.</li></ol>Berikut adalah beberapa keunggulan dari Profitability Index yaitu:<ol><li data-list="ordered">Mengukur Efisiensi Investasi: PI memberikan gambaran tentang seberapa efektif setiap unit investasi menghasilkan keuntungan.</li><li data-list="ordered">Mudah Digunakan untuk Membandingkan Proyek: Metode ini cocok untuk mengevaluasi beberapa proyek dengan besaran investasi yang berbeda.</li><li data-list="ordered">Mempertimbangkan Nilai Waktu Uang (Time Value of Money): PI memperhitungkan nilai arus kas masa depan dengan mendiskontokannya ke nilai sekarang.</li></ol>Berikut adalah beberapa kelemahan dari Profitability Index yaitu:<ol><li data-list="ordered">Tidak Memberikan Nilai Absolut: PI hanya memberikan rasio, sehingga tidak menunjukkan besarnya keuntungan dalam angka nominal.</li><li data-list="ordered">Tergantung pada Estimasi Arus Kas dan Discount Rate: Ketepatan hasil PI sangat bergantung pada akurasi estimasi arus kas masa depan dan tingkat diskonto.</li><li data-list="ordered">Tidak Selalu Cocok untuk Proyek Saling Eksklusif: Dalam kasus proyek saling eksklusif (hanya salah satu proyek yang bisa dipilih), PI mungkin tidak memberikan keputusan optimal jika tidak disandingkan dengan Net Present Value (NPV).</li></ol>Contoh soal:Jika sebuah proyek memerlukan investasi awal sebesar Rp100.000.000 dan menghasilkan arus kas masa depan dengan nilai sekarang (present value) sebesar Rp120,000.000,maka: PI = 120.000.000/100.000.000= 1,2Proyek ini layak dijalankan karena PI > 1, yang berarti untuk setiap Rp 1 yang diinvestasikan, proyek menghasilkan Rp 1,2.