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Study Case Forderia di Torino S.p.A

Study Case Forderia di Torino S.p.A. Timothy Limanjaya 37408002 Krisna Soetanto 37408006 Andri Cendra 37408008 Nathanael 374070. Forderia di Torino S.p.A. Company Profile Founded in 1912 by Cerini family Produces precision castings for the aeronautics and automobile industry

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Study Case Forderia di Torino S.p.A

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  1. Study Case Forderia di Torino S.p.A • Timothy Limanjaya 37408002 • Krisna Soetanto 37408006 • Andri Cendra 37408008 • Nathanael 374070

  2. Forderia di Torino S.p.A • Company Profile • Founded in 1912 by Cerini family • Produces precision castings for the aeronautics and automobile industry • Customers: essentially OEMs (Original Equipment Manufacturers) • Listed on Milan Stock Exchange in 1991 • Cerini family owned 55% of the common shares of stock outstanding

  3. Mesin Lama danMesinBaru • Perusahaan berencanamenggantimesin semi otomatisuntukmencetakbesidenganmesinotomatis

  4. PerbandinganMesin Lama danBaru

  5. Mesin Lama dan Mesin Baru • Karena benefit yang didapat bukan berupa tambahan revenue, tapi berupa penghematan, maka operational cash flow dari pergantian mesin adalah penghematan dikurangi pajak [Saving*(1-T)] • Resale value juga ikut diperhitungkan • Cost of Capital perlu dihitung kembali karena 14% adalah rate yang dihitung pada 1984 dan tidak pernah di review lagi

  6. Pertimbangan Lain • Apakahpemecatan 24 orang yang bekerjapadamesin lama akanmenimbulkankekacauandiserikatpekerja, karena 24 oranginihanyaakandapatdipekerjakansebagai cleaning service officer dengangaji 4.13/jam? • Mesinbarudipercayamenghasilkanproduk yang lebihberkualitas, namunpengaruhnyaterhadappersaingantidakdapatdihitungdenganpasti • Kapasitasmaksimumdarimesinbaru 30% lebihbesardarimesin lama, namun data ekonomiEropa yang mengalamiperlambatanmenimbulkakeraguanapakahkapasitas yang besardarimesinbaruakandimanfaatkansecaramaksimal

  7. Menghitung WACC • WACC = Re.We + Rd(1-T).Wd • Re = Rf + beta*(Rm-Rf) = 5.3 + 1.25*6 = 12.8% • Rd = 6.8% • WACC = 12.8*0.67 + 6.8*0.57*0.33 = 9.86%

  8. Capital Expenditure • Capex = Cost of new machine – Resale of old machine – Saving in Tax • Saving in Tax = Capital Loss*(1-T) • Capital Loss = Resale Value-Book Value • Book Value =415000-130682 =284318 • Capital Loss =130000-384318 =154318 • Capex = 1010000 – 130000 – 154318*0.57 = 813643

  9. PerhitunganMatematis Kompensasidibayardenganasumsiperusahaanmemberi €3/jam kepada 24 karyawannyakarenamerekakehilanganpotensipendapatan€3/jam karenatidaklagimenjadi operator mesin

  10. Kesimpulan • Apabila perusahaan tidak membayar kompensasi, maka sebaiknya membeli mesin baru karena IRR>WACC • Apabila perusahaan membayar kompensasi, maka keputusan ditentukan setelah melihat IRR dari cash flow, apabila masih lebih besar dari WACC, maka mesin baru akan dibeli

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