LEASING KG rev o k APRIL 2016.ppt

7/26/2019 LEASING KG rev o k APRIL 2016.ppt

1/21

Leases


2/21

Leases

Lessee (Penyewa)

Pihak yang memperoleh layanan

dari aset yang disewa, denganmelakukan serangkaian

pembayaran kepada pemilik

Lessor (Pemilik aset) Pemilik Aset yang disewakan

kepada lessee


3/21

Leasing

Types of Leases

Direct Lease lessor memiliki atau membeli aset

baru untuk disewakan kepada lessee yang tidak

dimiliki sebelumnya Sale and Leaseback lessee menjual aset secara

tunai kepada lessor lalu disewa kembali aseet

tersebut dari lessor Leveraged Lease- Lessor memberi pinjaman

sebagian dan sisanya dipenuhi oleh lessee atas

pembelian asset yang diperlukan lessee.


4/21

Operating Leases, biasanya memerlukan klausapemeliharaan oleh lessor untuk mempertahankan aset dan

melakukan pembayaran asuransi dan pajak.

Renewal options,ketentuan yang memberikan lessee pilihanuntuk kembali menyewa asset pada saat berakhirnya masa

sewa.

Purchase options, ketentuan yang sering dimasukkan dalamoperating dan financial leases yang memungkinkan lessee

untuk membeli aset pada saat jatuh tempo - biasanya pada

harga yang telah ditentukan.

Leasing Arrangements

Leasing


5/21

Lease vs. Purchase

Issue:

Membeli asset dengan

menentukan dan mengaturinancing mi!, atau

Membiayai asset dengan

inancial lease"


6/21

Leasing vs. Debt inancing:Potential #eneits

$% &le!ibel ' (yaman Sewa lebih mudah, lebih cepat dan memerlukan

lebih sedikit dokumentasi"

Sewa lebih mudah untuk menyetu)ui dari proyekpenganggaran modal"

Leasing menyederhanakan pembukuan untuk

tu)uan pa)ak"

Leasing memungkinkan sinkronisasi pembayaran

sewa dengan arus kas perusahaan

Leasing menghindari masalah


7/21


*% Lack o +estrictions

Leases tidak memiliki batasan

protective restrictions%"

% Avoiding +isiko .sang/

(ot really - only in cancelable operating

leases"0% 1onservation o 2orking 1apital

Leases usually have a lower initial

outlay than a purchase"


8/21


3% $445 &inancing/

Leases tidak memerlukan uang muka"

6% 7a! Savings

Leases memberikan ta! shield lebih besardari pada ta! shield depreciation"

8% 9emudahan mendapatkan 1redit

:al ini sering lebih mudah bagiperusahaan berisiko untuk mendapatkan

sewa daripada mendapatkan pembiayaan


9/21

The firm may avoid the cost of obsolescenceif the lessor

fails to accurately anticipate the obsolescence of assets and

sets the lease payment too low.

A lessee avoids many of the restrictive covenantsthat arenormally included as part of a long-term loan.

Leasing -- especially operating leases -- may proide the

firm with neededfinancial flexibility. !ale-leaseback arrangements may permit the firm to

increase its li"uidity by conerting an e#isting asset into

cash, which may then be used as working capital.

Adantages of Leasing

Leasing


10/21

STEP 1$ %ind the after-ta# cash outflows for each year under

the lease alternatie.

STEP 2$ %ind the after-ta# cash outflows for each year under

the purchase alternatie

STEP 3$ &alculate the present alue of the cash outflows

from !tep ' and !tep ( using the after-ta# cost of debt as the

discount rate.

STEP $ &hoose the alternatie with the lower present alue

of cash outflows.

The Lease-)ersus-*urchase +ecision

Leasing


11/21


oberts &ompany, a small machine shop, is contemplating

ac"uiring a new machine tool costing (,///.

Arrangements can be made to lease or purchase. The firmis in the / percent ta# bracket.

Lease" 7he irm would obtain a 3-year lease re;uiring annual

end-o-year payments o


12/21


Purchase" 7he irm would inance the purchase o the machine

with a =5, 3-year loan re;uiring end -o-year installment

payments o


13/21


!T"P # @ &ind the ater-ta! cash outlows or each year under the

lease alternative"

7he ater-ta! cash outlow rom the lease payments can be ound

as ollows@

A-7 utlow rom Lease B


14/21


!T"P $@ &ind the ater-ta! cash outlows or each year under the

purchase alternative"

&irst, the annual interest component o each loan payment must

be determined since only interest can be deducted or ta!

purposes as shown in 7able $6"$ on the ollowing slide"

Second, the A-7 outlows must be computed as shown in 7able

$6"*"

Leasing


15/21


Leasing


16/21


Leasing


17/21


!T"P %@ 1alculate the present value o the cash outlows rom

Step $ and Step * using the ater-ta! cost as the discount rate

Leasing


18/21


Leasing


19/21


!T"P &@ 1hoose the alternate with the smaller present value o

cash outlows"

#ecause the present value o cash outlows or leasing


20/21

Year 3-year 5-year 7-year 10-year

1 0.333 0.200 0.143 0.100

2 0.445 0.320 0.245 0.180

3 0.148 0.192 0.175 0.144

4 0.074 0.115 0.125 0.115

5 0.115 0.089 0.092

6 0.058 0.089 0.074

7 0.089 0.066

8 0.045 0.066

9 0.065

10 0.065

11 0.033

!"R#S $EPRE#%"T%&'


21/21

LEASING KG rev o k APRIL 2016.ppt

Documents