TM7- FREE CASH FLOW

(CASHFLOW FROM ASSETS)

Free Cash Flow juga disebut Cash Flow From Assets.

Sebutan Cash Flow From Assets (CFFA) menunjukkan asalnya, sedangkan sebutan
Free Cash Flow (FCF) menunjukkan penggunaannya yg “bebas” utk dibayarkan kepada
kreditor dan pemegang saham.
CFFA adl jumlah kas dr keg operasi setelah digunakan utk membayar investasi dalam
net operating working capital dan fixed assets.
Jumlah uang kas inilah yg benar-benar bebas (FCF) utk didistribusikan kpd pemilik modal
(kreditor dan shareholder).

Cash Flow From Assets t.d. :

 Operating cash flow (arus kas operasi)
 Capital spending (pengeluaran modal)
 Change in Net Working Capital (perubahan modal kerja bersih)

Free Cash Flow t.d. :

 Cash yg dberikan kepada (diterima dari) pemegang saham
 Cash yg dberikan kepada (diterima dari) kreditor

Operating cash flow adl arus kas yg dihasilkan dr aktivitas produksi dan penj sehari-hari
(beban yg timbul dr keg financing tidak termasuk).
Capital spending = pembelian harta tetap – penjualan harta tetap.
Change in NWC = perubahan Current Asset – perubahan Current Liabilities

Besarnya CFFA (FCF) dapat dihitung dr angka-angka yg ada di Neraca 2 periode dan
Lap L/R 1 periode.

Contoh 1 :
U.S. CORPORATION
BALANCE SHEETS
2019 AND 2020
($ MILLIONS)
Assets Liabilities & Owner’s Equity
2019 2020 2019 2020
Current Assets : Current Liabilities :
Cash 104 160 A/P 232 266
A/R 455 688 N/P 196 123
Inventory 553 555 Total 428 389
Total 1112 1403
Longterm debt 408 454
Fixed Assets :
Net plant and equipment 1644 1709 Owner’s equity :
C/S and Surplus 600 640
R/E 1320 1629
Total 1920 2269

Total Assets 2756 3112 Total L & O’s equity 2756 3112

INCOME STATEMENT
2020
($ MILLIONS)
Net Sales 1509
Beginning Material 100
Material Purchase 300 Gross Profit 909
Ending Material -110 Operating Expenses (150)
Material used 290 Depreciation (65)
Direct Labor 152 Operating profit/income (EBIT) 694
Factory OH 150 Interest expenses (70)
Cost of manufacturing 592 Earning before tax (EBT) 624
Beginning WIP 150 Income tax (212)
Ending WIP -160 Net income (EAT) 412
Cost of goods man. 582
Beginning FG 303
Ending FG -285
Cost of goods sold 600 Note : Dividends 103
Gross profit 909 Addition to R/E 309

Operating CF : Net Capital Spending :

EBIT $ 694 Ending Net FA $ 1709
Deppreciation 65 Deppreciation 65
Taxes -212 Beginning Net FA -1644
Inflow 547 Outflow 130

Change in NWC : CF From Assets :

Ending NWC $ 1014 Operating CF (inflow) $ 547
Beginning NWC -684 Net Cap. Spending (outflow) -130
Outflow 330 Change in NWC (outflow) -330
(positif) 87

CF utk kreditor : CF utk pemegang saham :

Interest paid -$ 70 Dividend paid -$ 103
Net New borrowing 46 New equity raised 40
-24 -63

Free CF :
CF utk kreditor (outflow) -$ 24
CF utk Pemegang saham (outflow) -$ 63
(negatif) -$ 87

Ending NWC = 1403 – 389 = 1014

Beginning NWC = 1112 – 428 = 684
Net New borrowing = kenaikan hutang jk panjang = 454 – 408 = 46.
Net New equity raised = kenaikan C/S = 640 – 600 = 40

Contoh 2 :
Harley Davidson, Inc.
Balance Sheet
(in US $000)
12/31/19 12/31/20 Change
ASSETS
Cash 635,449 795,728 160,279
Account Receivable 775,264 964,465 189,201
Inventories 181,115 218,156 37,041
Other Current assets 73,436 88,237 14,801
Total CA 1,665,264 2,066,586 401,322
Plant, property & equipment 1,705,361 2,066,256 300,895
Accumulated depreciation (813,541) (973,660) (160,119)
Net PPE 891,820 1,032,596 140,776
Other assets 561,411 762,035 200,624
Total assets 3,118,495 3,861,217 742,722

LIABILITES
Account Payable 217,051 382,579 165,528
Accrued expenses 194,683 226,977 32,294
Income taxes payable 65,875 67,886 2,011
Shortterm notes 141,191 189,024 47,833
Other current liabilities 97,310 123,586 26,276
Total CL 716,110 990,052 273,942
Longterm Debt 646,102 638,250 (7,852)
Total Liabilites 1,362,212 1,628,302 266,090

EQUITIES
Common stock (par value) 3,242 3,254 12
PIC in excess of par 359,165 386,294 27,119
Treasury stock (425,546) (482,360) (56,814)
Retained earnings* 1,819,422 2,325,737 506,315
Total common equity 1,756,283 2,232,915 476,632

Total liabilities & equity 3,118,495 3,861,217 742,722

 Harley Davidson, Inc.
Income Statement Keterangan :
2020
(in US $000) *) Dalam Operating Expense
Sales 2,396,118 terdapat Depreciation Expenses
COGS 1,000,000 $160,119
Gross Profit 1,396,118
Operating Expense*) 500,000
Operating Income (EBIT) 896,118
Interest 17,849
EBT 878,269
Income Tax 298,052
EAT 580,217

A. Dari perspektif aset (CFFA) :

CFFA (4*) = After tax operating cashflow (1*) – Investment in assets

Investment Change in net Change in

in = operating working + Longterm
assets capital (2*) assets (3*)

Langkah 1 : Menghitung after tax operating cashflow

Operating income (EBIT) 896,118

Deppreciation 160,119
Earning before interest, tax, depr and amort (EBITDA) 1,056,237
Provision for income taxes 298,052
Increase in income tax payable 2,011
Cash taxes (296,041)
After tax cashflow from operation 760,196

Langkah 2 : Menghitung change in net operating working capital

Change in Change Change in

Net operating = in Current - noninterest-bearing
Working capital assets current liabilities
Change in Noninterest-bearing current liabilities = Perubahan A/P + Perubahan
Accrued Expense
= $165,528 + $32,294 = $197,822
Change in NOWC = $401,322 - $197,822 = $203,500

Langkah 3 : Menghitung Change in Longterm assets

Increase in = Increase in Gross + Increase in Other

Longterm assets Fixed Assets Longterm assets

Increase in LTA = $300,895 + $200,624 = $501,519

Langkah 4 : Menghitung Cashflow from assets

After tax cashflow from operation 760,196

Increase in NOWC (203,500)
Increase in LTA (501,519)
Cashflow from assets 55,177

CFFA bertanda positif berarti jumlah tsb dapat dibagikan/diberikan kepada pemilik
modal (FCF negative). Bila CFFA negatif berarti jumlah tsb harus ditutup/diminta dari
pemilik modal atau kreditor (FCF positif).

B. Dari perspektif keuangan (FCF)

Secara umum aliran kas antara investor/kreditor dan perusahaan berupa :

 Menerima pinjaman berbunga
 Menerbitkan saham
 Membayar bunga
 Membayar dividen
 Membayar hutang
 Membeli kembali saham

Dari Contoh di atas (US$ 000) :

Terima pinjaman berbunga:

Increase in Interest-bearing STN 47,833
Increase in Other interest-bearing CL 26,276
74,109
Menerbitkan saham :
Increase in CS (Par value) 12
 Increase in PICIEOP 27,119
27,131

Bayar bunga ke kreditor (17,849)

Bayar dividend ke pemegang saham :
R/E Dec 31, 2019 1,819,422
Net income 2020 580,217
2,399,639
R/E Dec 31, 2020 (2,325,737)
Dividend paid (73,902)

Bayar hutang :
Decrease in LT debt (7,852)
Beli kembali saham beredar :
Increase in Treasury stock (56,814)
Free cash flows (55,177)

FCF bertanda negatif artinya perusahaan membayar sejumlah itu kepada kreditor dan
shareholder.

CF dari/ke pemegang saham :

Increase in CS (Par value) 12
Increase in PICIEOP 27,119
Dividend paid (73,902)
Increase in Treasury stock (56,814)
(103,585)

CF dari/ke kreditor :
Increase in Interest-bearing STN 47,833
Increase in Other interest-bearing CL 26,276
Bayar bunga ke kreditor (17,849)
Decrease in LT debt (7,852)
48,408
Free cash flow (55,177)

Contoh 3 :
Sebuah perusahaan menambah jenis produk dg pengeluaran awal $200,000 untuk
membeli peralatan produksi plus $30,000 untuk modal kerja. Prsh akan dapat menjual
produk baru tsb 100.000 unit per tahun selama 4 th dg harga jual $6 per unit. Produk
dihasilkan dg biaya variabel $3 per unit dan biaya tetap $90,000 per tahun (belum
termasuk penyusutan). Pajak 34%.
Berapa tambahan Free cash flow dr produk baru tsb ?

Th 1, 2, dan 3 :
Sales (100.000 x $6) = $600,000
VC (100.000 x $3) = $300,000
FC = 90,000
TC 390,000
210,000
Depreciation ($200,000 : 4) = 50,000
EBIT 160,000
Interest expense 0
EBT 160,000
Less : Taxes 34% (54,400)
EAT 105,600
Add : Depreciation 50,000
Free cash flow 155,600

Th 4 :
Krn “proyek produk baru” selesai pada akhir tahun ke 4, maka investasi yg tertanam dlm
modal kerja ($30,000) dilikuidasi dan memperoleh cash inflow. Maka free cash flow-nya
adl :

Free cash flow biasa 155,600

Add : Working capital 30,000
Free cash flow 185,600

Total FCF proyek = (3 x $ 155,600) + $ 185,600 = $652,400

CONTOH 4 :
Dalam th 2020 Dulkolap Inc. mempunyai Income Statement dan informasi lain sbb.
(dalam jutaan $) :

Income Statement Informasi dlm Neraca akhir tahun

2020
Net Sales $600 2019 2020
COGS 300
Fixed Assets $500 Fixed Assets $750
Depreciation 150
Current Assets 2130 Current Assets 2260
EBIT 150
Longterm Liab. 700 Longterm Liab. 941
Interest 30
EBT 120
Pertanyaan :
Taxes 41
Berapa Operating Cash Flow, Capital Spending, Change
Net Income 79
in Net Working Capital, dan Free Cash Flow (Cash Flow
from Assets) ? Berapa arus kas dari/ke kreditor dan
Dividends 30
pemegang saham ?
Add. to R/E 49
EBIT $150 CA awal $2130 CA akhir $2260
Depreciation 150 CL awal -1620 CL akhir -1710
Taxes -41 WC awal 510 WC akhir 550
Operating CF 259

WC akhir $550 FA akhir $750 Operating CF $259

WC awal -510 FA awal -500 Capital Spending -400
Change in Net WC 40 Kenaikan FA 250 Change in NWC -40
Depreciation 150 CF from assets -181
Cap. spending 400

CF to stockholders : CF to creditor *:
Dividends paid -30 Interest paid -30
New borrowing 241
211

*) Net New borrowing = Kenaikan Longterm liabilities = 241

Free CF : Free CF :
Terima pinjaman dari kreditor $ 241 CF from creditor $ 211
Bayar bunga ke kreditor -30 CF to stockholders -30
Bayar dividen ke pemegang saham -30 181
181

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