Inflasi Meksiko 7%

Persentase 35%
pajak
2008 2009
Proyeksi Biaya Operasional, Proses Manual
Satuan volume (000 detik) 496

Bahan 564,816
Tenaga kerja langsung 1,115,184
Atas 1,680,000
Total 3,360,000
Bahan/satuan 1.1387
Tenaga kerja langsung/unit 2.2484

Biaya Pengoperasian yang Diproyeksikan, Peralatan Otomatis Baru

Satuan volume (000 detik)
Bahan 496
Tenaga kerja langsung 542,223
Atas 524,136
Total 1,566,211
Bahan/satuan 2,632,570
Tenaga kerja langsung/unit 1.0932
1.0567
Arus Kas (MXN)
(+) Penghematan Biaya
(-) Pajak atas tabungan
(+) Jual mesin lama 727,430
Nilai Buku mesin tua 254,601
Kerugian yang dibukukan atas penjualan aset 175,000
250,000
(+) Pelindung pajak dari penulisan (-) Beli 75,000
depresiasi mesin baru 26,250
(+) Tameng pajak dari dep. 3,500,000
(-) Layanan pinjaman 350,000
122,500
Keseimbangan 550,422
Kepada kepala sekolah 3,500,000 3,271,928
Bunga (9,21%) 228,072
(+) Bunga Tax Shiel 322,350
112,823
(+) Nilai liar
Arus Kas Total (3,298,750) 157,730
NPV @ Peso @8% (532,801)
Konversi dalam Euro @15,99MXN/E (33,321)
 2010 2011 2012 2013 2014 2015

546 600 660 660 660 660

664,788 782,456 920,951 985,417 1,054,396 1,128,204
1,312,572 1,544,897 1,818,343 1,945,627 2,081,821 2,227,549
1,797,600 1,923,432 2,058,072 2,202,137 2,356,287 2,521,227
3,774,960 4,250,785 4,797,366 5,133,1815,492,504 5,876,980
1.2185 1.3037 1.395 1.4927 1.5971 1.7089
2.4057 2.5741 2.7543 2.9471 3.1534 3.3742

546 600 660 660 660 660

638,197 751,158 884,113 946,001 1,012,221 1,083,076
616,909 726,101 854,621 914,445 978,456 1,046,948
1,675,846 1,793,155 1,918,676 2,052,983 2,196,692 2,350,460
2,930,9523,270,414 3,657,410 3,913,429 4,187,369 4,480,484
1.1697 1.2516 1.3392 1.433 1.5333 1.6406
1.1307 1.2098 1.2945 1.3852 1.4821 1.5859

844,008 980,371 1,139,956 1,219,752 1,305,135 1,396,496

295,403 343,130 398,985 426,913 456,797 488,774

350,000 350,000 350,000 350,000 350,000 350,000

122,500 122,500 122,500 122,500 122,500 122,500
550,422 550,422 550,422 550,422 550,422 550,422
3,022,851 2,750,834 2,453,764 2,129,334 1,775,024 1,388,082
249,077 272,017 297,070 324,430 354,310 386,942
301,345 278,405 253,352 225,992 196,112 163,480
105,471 97,442 88,673 79,097 68,639 57,218

226,154 306,761 401,723 444,014 489,055 537,019

 2016 2017 CAG 2018

660 660 660

1,207,178 1,291,681 1,382,099
2,383,477 2,550,321 2,728,843
2,697,713 2,886,553 3,088,611
6,288,368 6,728,555 7,199,553
1.8286 1.9566 2.0935
3.6104 3.8631 4.1335

660 660 660

1,158,891 1,240,014 1,326,815
1,120,234 1,198,651 1,282,556
2,514,993 2,691,042 2,879,415
4,794,118 5,129,707 5,488,786
1.7554 1.8783 2.0098
1.6969 1.8157 1.9427

1,494,250 1,598,848 1,710,767 10.0%

522,988 559,597 598,768

350,000 350,000 350,000

122,500 122,500 122,500
550,422 550,422 550,422
965,502 504,003 0
422,579 461,499 504,003
127,842 88,923 46,419
44,745 31,123 16,247
0
588,086 642,452 700,323
 Inflasi Meksiko 7%
Persentase 35%
pajak

2008 2009 2010

Proyeksi Biaya Operasional, Proses Manual
Satuan volume (000 detik) 496 546
Bahan 564,816 664,788
Tenaga kerja langsung 1,115,184 1,312,572
Atas 1,680,000 1,797,600
Total 3,360,000 3,774,960
Bahan/satuan 1.1387 1.2185
Tenaga kerja langsung/unit 2.2484 2.4057

Biaya Pengoperasian yang Diproyeksikan, Peralatan Otomatis Baru

Satuan volume (000 detik) 496
Bahan 542,223 546
Tenaga kerja langsung 524,136 638,197
Atas 1,566,211 616,909
1,675,846
Total 2,632,570 2,930,952
Bahan/satuan 1.0932 1.1697
Tenaga kerja langsung/unit 1.0567 1.1307

Arus Kas (MXN)

(+) Penghematan Biaya 727,430 844,008
(-) Pajak atas tabungan 254,601 295,403
(+) Jual mesin lama 175,000
Nilai Buku mesin tua 250,000
Kerugian yang dibukukan atas penjualan aset 75,000
(-) Kerugian penyusutan mesin lama (29,167) (29,167)
(+) Perlindungan pajak dari penulisan 26,250
(-) Beli mesin baru 3,500,000
Depresiasi 350,000 350,000
(+) Tameng pajak dari dep. 122,500 122,500
(+) Nilai liar
Arus Kas Total (3,298,750) 566,163 641,938
NPV @ Peso @12,19% 1,478,997
a) Konversi dalam Euro @15,99MXN/E 92,495

Wacc dalam Euro 8.00%

Wacc dalam peso 12,19% Dengan penyesuaian efek Fisher

CF Euro -$206,301 $34,084 $37,201

b) NPV dalam Euro @8% NPV dalam peso $92,495 $1,478,997

Inflasi Meksiko 7% 7% 7%
Euro inflasi 3% 3% 3%
PPP MXN/Euro $15.99 $16.61 $17.26

Pemerintah menilai saya menilai

Meksiko 9.12% 9.12% 9.12%
Pemerintah menilai saya menilai 4.81% 4.81% 4.81%
Prancis
Saya Tikus MXN/Euro $15.99 $16.65 $17.33

Biaya MXN/Euro $15.99 $20.00 $20.00

c) Sesuaikan dengan inflasi

(3,298,750)
NPV dalam peso 566,162 621,430
869,715

Meminjamkan
Capex 3,298,750
Sedn ke prancis 869,715Tingkat int maks
4,168,465 12.19%

Keseimbangan 4,168,465 4,168,465 4,110,613

Minat 508,310 501,255
Kepala sekolah 57,852 120,175
Keseimbangan 4,168,465 4,110,613 3,990,438
 2011 2012 2013 2014 2015 2016 2017

600 660 660 660 660 660 660

782,456 920,951 985,417 1,054,396 1,128,204 1,207,178 1,291,681
1,544,897 1,818,343 1,945,627 2,081,821 2,227,549 2,383,477 2,550,321
1,923,432 2,058,072 2,202,137 2,356,287 2,521,227 2,697,713 2,886,553
4,250,785 4,797,366 5,133,181 5,492,504 5,876,9806,288,368 6,728,555
1.3037 1.395 1.4927 1.5971 1.7089 1.8286 1.9566
2.5741 2.7543 2.9471 3.1534 3.3742 3.6104 3.8631

600 660 660 660 660 660 660

751,158 884,113 946,001 1,012,221 1,083,076 1,158,891 1,240,014
726,101 854,621 914,445 978,456 1,046,948 1,120,234 1,198,651
1,793,155 1,918,676 2,052,983 2,196,692 2,350,460 2,514,993 2,691,042
3,270,414 3,657,410 3,913,429 4,187,369 4,480,484 4,794,118 5,129,707
1.2516 1.3392 1.433 1.5333 1.6406 1.7554 1.8783
1.2098 1.2945 1.3852 1.4821 1.5859 1.6969 1.8157

980,371 1,139,956 1,219,752 1,305,135 1,396,496 1,494,250 1,598,848

343,130 398,985 426,913 456,797 488,774 522,988 559,597

(29,167)

350,000
122,500 350,000 350,000 350,000 350,000 350,000 350,000
122,500 122,500 122,500 122,500 122,500 122,500
730,574
863,471 915,339 970,838 1,030,222 1,093,763 1,161,751

$40,755 $46,367 $47,315 $48,308 $49,347 $50,432 $51,564

 7% 7% 7% 7% 7% 7% 7%
3% 3% 3% 3% 3% 3% 3%
$17.93 $18.62 $19.35 $20.10 $20.88 $21.69 $22.53

9.12% 9.12% 9.12% 9.12% 9.12% 9.12% 9.12%

4.81% 4.81% 4.81% 4.81% 4.81% 4.81% 4.81%
$18.04 $18.79 $19.56 $20.36 $21.20 $22.07 $22.98

$20.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

683,820 783,440 915,339 970,838 1,030,222 866,394 888,710

3,990,438 3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795

486,601 462,552 423,422 363,437 289,369 199,029 117,649
197,219 320,888 491,917 607,401 740,853 667,365 771,061
3,793,219 3,472,331 2,980,414 2,373,014 1,632,161 964,795 193,734
 CAG 2018

660 1,382,099
2,728,843
3,088,611
7,199,553
2.0935 4.1335

660 1,326,815
1,282,556
2,879,415
5,488,786
2.0098 1.9427

1,710,767
10.0%
598,768

350,000
122,500 0
1,234,499

$52,744
7%
3% $23.41
9.12%
4.81% $23.93
 $25.00

911,697

193,734
23,624
888,073
(694,339)