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Aurora Textile Company

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AURORA TEXTILE COMPANY
KEUANGAN PERUSAHAAN LANJUTAN
Tugas

Disusun oleh
Audrya Puspita (1306415024)
Joddy Eka Negara (1306395350)
Richie Wibisono (1306408675)

FAKULTAS EKONOMI DAN BISNIS
UNIVESITAS INDONESIA
Depok
2016
AURORA TEXTILE COMPANY
Aurora Textile Company merupakan sebuah perusahaan tekstil yang memproduksi benang yang telah berdiri lama sejak awal 1900-an di Ameika Serikat. Pada Tahun 2003, Michael Pogonowski sebagai CFO Aurora Textile Company mempertimbangkan tentang pengadaan mesin baru ring-spinning Zinser 351 untuk menggantikan mesin lama yang telah ada sejak tahun 1997 di Hunter. Penggantian mesin baru tersebut diperkirakan dapat memberikan banyak kemajuan bagi perusahaan karena selain mesin tersebut dapat membuat produktivitas meningkat, keberadaan mesin tersebut juga dapat memberikan hasil produksi benang yang lebih berkualitas.
Dengan meningkatnya kualitas produksi, maka akan menyebabkan harga benang yang dijual akan naik sebesar 10%, yaitu $1.0235 per pon. Selain itu, mesin tersebut juga mampu membuat biaya operasi dalam produksi menjadi lebih efisien karena adanya penurunan biaya operasi seperti penurunan konsumsi tenaga pembangkit dan biaya perawatan karena perusahaan menggunakan mesin rotor-spinning dan ring-spinning.
Pengambilan keputusan untuk melakukan investasi pada mesin Zinster 351 berdampak pada jumlah penjualan yang akan turun sebesar 5% dari pasar tahun berjalan. Selain itu, hal tersebut juga akan berdampak pada kemungkinan terjadinya retur barang oleh konsumen yang jaug lebih tinggi.
Mesin Zinster ini diperkirakan memiliki masa manfaat selama 10 tahun dengan menggunakan straight line method tanpa nilai residu dengan biaya kapitalisasi mesin baru ini sebesar $ 8.25 juta. Hal yang perlu diperhatikan Aurora Textile Company dalam mengambil keputusan adalah perusahaan perlu mengadakan pelatihan untuk pegawainya yang akan menjadi operator mesin Zinster tersebut dengan perkiraan pelatihan dilakukan hanya satu kali pada installation period dan memakan biaya sebesar $ 50.000.
Aurora Textile Company memiliki target pasar yang luas, yaitu pasar domestik dan internasional dengan segmen pasar terbesar Aurora Textile Company adalah kaos kaki, pakaian rajutan, tenunan, dan produk industri. Diprediksikan bahwa di masa yang akan datang, industri tekstil di Amerika Serikat seiring berjalannya waktu akan mengalami peningkatan sebesar 2% dengan kenaikan harga dan biaya sebesar 1%.
Di era sekarang ini, Aurora Textile Company harus mampu menghadapi persaingan yang lebih ketat. Tingginya kuantitas benang import dapat membuat biaya produksi lebih murah bagi partner kerja Aurora Textile Company sehingga terjadi persaingan yang lebih ketat antar perusahaan.
Pemerintah Amerika Serikat telah mengeluarkan peraturan tentang perdagangan bebas dengan North American Free Trade Agreement (NAFTA) dan Caribbean Basin Initiative (CBI) yang mengharuskan industri tekstil mengadakan kerjasama perdagangan sehingga harga barang menurun di pasar Amerika Serikat. Perdagangan tersebut memaksa perusahaan tekstil Amerika Serikat untuk mampu menyesuaikan diri dengan tenaga kerja yang murah, standard lingkungan yang rendah, dan operasi bersubsidi pemerintah. Tak terkecuali dengan penggunaan kebijakan kuota dan tarif dalam industri tekstil sebagai alat tawar-menawar politik dengan negara lainnya.
Berdasrkan keadaan keuangan perusahaan yang mengalami penurunan dari tahun 1999 sampai 2002 serta dampak yang mungkin terjadi dari pengambilan keputusan, Michael Pogonowski dihadapkan dengan trade off antara berinvestasi pada mesin baru atau tetap menggunakan mesin yang telah ada ditambah dengan ketidakyakinan Michael Pogonowski terhadap para pemegang saham yang kelak akan mendukung pengambilan keputusan atau lebih fokus kepada deviden yang dibagikan. Ketidakyakinan tersebut didasarkan atas kerugian yang terjadi pada perusahaan dan industri ini termasuk kekhawatiran tentang resiko kewajiban terhadap retur konsumen yang lebih tinggi.

PEMBAHASAN
NPV atau Net Present Value digunakan sebagai salah satu alat yang dapat membantu keputusan finansial, yaitu memperkirakan apakah suatu pembelian atau investasi layak dijalankan dalam jangka panjang.
NPV merupakan arus kas yang diperkirakan pada masa yang akan datang yang didiskontokan pada saat ini sehingga dapat diperoleh rumus NPV sebagai berikut

Keterangan : a) –Cfo : Investasi Awal b) CF : Cash Flow c) K : Persentase Diskon d) N : Waktu

Bila | Penjelasan | Keputusan | NPV > 0 | Investasi yang dilakukan memberikan manfaat bagi perusahaan | Proyek layak dijalankan | NPV < 0 | Investasi yang dilakukan akan mengakibatkan kerugian bagi perusahaan | Proyek tidak layak dijalankan | NPV = 0 | Investasi yang dilakukan tidak mengakibatkan perusahaan untung ataupun merugi | Jika proyek dilaksanakan atau tidak dilaksanakanm maka tidak akan berpengaruh pada keuangan perusahaan. |

Metode NPV ini sangat cocok digunakan oleh perusahaan dalam memilih suatu keputusan termasuk permasalahan yang sedang dihadapi oleh Aurora Textile Company. Untuk mengitung free cash flow, kita perlu menghitung proyeksi net income untuk sepuluh tahun ke depan mulai tahun 2003 sampai 2012. Data yang tersedia menunjukkan bahwa terdapat penurunan volume penjualan sebesar 5% jika perusahaan menggunakan mesin baru. Namun, diprediksikan pula bahwa pada tahun berikutnya, industri tekstil di Amerika Serikat akan mengalami peningkatan sebesar 2% dengan kenaikan harga dan biaya sebesar 1%.
Biaya penjualan dan administrasi berubah sesuai dengan perubahan penjualan bersih dengan estimasi proporsi biaya sebesar 7% dari penjualan bersih. Metode depresiasi yang digunakan oleh mesin Zinser adalah straight-line method dengan umur 10 tahun dan tanpa adanya nilai residu dengan harga kapitalisasi mesin baru tersebut adalah sebesar $8.250.000.
Berikut merupakan tabel perhitungan free cash flow ($ in 000) at status quo

Berikut merupakan tabel perhitungan free cash flow instalasi Zinser ($ in 000)

Setelah mendapatkan nilai free cash flow atas instalasi Zinser, kemudian menghitung NPV tersebut. Berikut perhitungan NPV terkait keputusan instalasi Zinser

Berikut perhitungan kapasitas produksi at status quo

Berikut perhitungan kapasitas produksi instalasi Zinser

KESIMPULAN
Berdasarkan perhitungan NPV yang telah dilakukan terkait atas instalasi Zinser, maka diperoleh NPV dengan nilai positif (+). Diperolehnya NPV yang bernilai positif (+) menandakan bahwa investasi yang dilakukan akan memberikan manfaat bagi perusahaan sehingga proyek tersebut layak untuk dijalankan.Oleh karena itu, maka Aurora Textile Company sebaiknya memilih keputusan untuk mengganti mesin baru, yaitu Zinser.

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