Brigham Mini Case Solution Chapter 14 (Indonesia)

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TUGAS KELOMPOK FINANCIAL MANAGEMENT MINI CASE CHAPTER 14 Betty Simmons, the new financial manager of Southeast Chemicals (SEC), a Georgia producer of specialized chemicals for use in fruit orchards, must prepare a financial forecast for 2005. SEC’s 2004 sales were $2 billion, and the marketing department is forecasting a 25 percent increase for 2005. Simmons thinks the company was operating at full capacity in 2004, but she is not sure about this. The 2004 financial statements, plus some other data, are shown below. Assume that you were recently hired as Simmons’ assistant, and your first major task is to help her develop the forecast. She asked you to begin by answering the following set of questions. a. Describe three ways that pro forma…show more content…
Selanjutnya pilih aset-aset tadi dan lakukan analisis pengaruhnya terhadap kebijakan pendanaan perusahaan, seperti pada hutang, dividen, ataupun saham. Nilai AFN nantinya bisa positif ataupun negatif. Jika nilainya positif berarti perusahaan membutuhkan dana eksternal, namun jika negatif perusahaan bisa mengurangi dana eksternal dengan melunasi hutangnya, membeli lagi sahamnya dan sebagainya. Cara melakukan proyeksi pada biaya bunga bisa dilakukan dengan melihat bagaimana bunga itu dibayarkan. Pertama bunga bisa dibayarkan pada akhir tahun, kedua bunga bisa dibayarkan pada awal tahun, dan ketiga bisa dengan menggunaka rata-rata awal dan akhir tahun. Jika dibayarkan pada awal tahun, jumlah n tahun akan berkurang, maka akan terjadi over estimasi nilai awal sepanjang umur hutang akan ditambahkan berbeda dengan jika pembayaran dilakukan pada awal tahun, tidak akan ada pengaruh pada perubahan umur piutang 2 TUGAS KELOMPOK FINANCIAL MANAGEMENT MINI CASE CHAPTER 14 f. Now estimate the 2005 financial requirements using the percent of sales approach. Assume (1) that each type of asset, as well as payables, accruals, and fixed and variable costs, will be the same percent of sales in 2005 as in 2004; (2) that the payout ratio is held constant at 40 percent; (3) that external funds needed are financed 50 percent by notes payable and 50 percent by longterm debt (no new common stock will be issued); (4) that all debt carries an interest rate of 10 percent; and
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