Manajemen Keuangan 11

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M anajemen Keuangan

(Pertemuan Kesebelas) “Sewa(leasing)”

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Cakupan Materi

•

Berbagai jenis leasing.

•

Konsekuensi akuntansi dari leasing.

•

Arus kas dari leasing.

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Jenis-jenis sewa

•

Dasar

– Sewa merupakan perjanjian kontraktual antara penyewa(lessee) dan pemilik (lessor).

– Perjanjian tersebut memberikan hak kepada lessee untuk menggunakan asset dan kewajiban membayar sejumlah biaya tertentu kepada lessor.

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Operating Leases

•

Biasanya tidak diamortisasi secara penuh. Hal ini berarti

bahwa pembayaran yang disyarakatkan dalam kontrak sewa tidak dapat menutupi keseluruhan biaya asset untuk lessor.

•

Biasanya mensyaratkan lessor untuk me-maintain asset.

•

Lessee menikmati keuntungan pilihan untuk pembatalan.

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Financial Leases

Bentuk yang sama sekali berbeda dari

operating leases

.

1. Lessor tidak wajib menanggung perawatan asset. 2. Diamortisasi secara penuh.

3. Lessee biasanya memiliki hak untuk memperbarui kontrak pada saat jatuh tempo.

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Jual dan Sewa Balik (

Sale and Lease Back

)

•

Jenis tertentu dari financial leases.

•

Terjadi ketika perusahaan menjual assetnya kepada

perusahaan lain dan menyewanya kembali dari perusahaan tersebut.

•

Dua set arus kas terjadi:

– Lessee memperoleh arus kas saat ini segera setelah penjualan terjadi. – Lessee setuju untuk melakukan pembayaran sewa periodik untuk

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Leveraged Leases

•

Leveraged lease merupakan bentuk lain dari financial lease.

•

Tiga bentuk perjanjian antara lessee, lessor, dan kreditor

(lender).

– Lessor memiliki asset dan berhak atas bayaran sewa dari lesse yang menyewa assetnya.

– Lessor membuat pinjaman untuk mendanai asset.

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Akuntansi dan Sewa

•

Dahulu, sewa merupakan jenis pembiayaan yang bersifat off

balance sheet.

•

Capital leases muncul dalam neraca – present value dari

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Akuntansi dan Sewa (lanjutan)

Balance Sheet

Truck dibeli dengan hutang

Truck $100,000 Debt $100,000

Land $100,000 Equity $100,000

Total Assets $200,000 Total Debt & Equity $200,000

O perating Lease

Truck Debt

Land $100,000 Equity $100,000

Total Assets $100,000 Total Debt & Equity $100,000

Capital Lease

Assets leased $100,000 Obligations under capital lease $100,000

Land $100,000 Equity $100,000

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Capital Lease

•

Sewa harus dikapitalisasi jika beberapa hal dibawah ini

terjadi:

– PV dari pembayaran sewa setidaknya 90% dari nilai pasar wajar dari asset pada awal sewa.

– Kontrak sewa memindahkan kepemilikan asset kepada lessee pada akhir periode sewa.

– Jangka waktu sewa mencapai 75% dari estimasi umur ekonomis asset. – Lessee dapat membeli asset pada tingkat harga tertentu pada saat

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Pajak dan Sewa

•

Manfaat utama dari sewa jangka panjang adalah untuk

mengurangi pajak.

•

Sewa memungkinkan terjadinya transfer manfaat pajak dari

pihak yang membutuhkan peralatan namun tidak dapat mendapatkan keuntungan pajak secara penuh kepada pihak lain yang bisa.

•

Namun rincian mengenai hubungan antara pajak dan sewa

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Arus Kas dari Sewa

Sebuah perusahaan, ClumZee Movers, ingin memiliki truk pengiriman.

Truk diharapkan dapat menghemat biaya hingga $4,500 per tahun.

Biaya truk adalah $25,000 dan memiliki umur manfaat 5 tahun. Jika perusahaan membeli truk, mereka akan mendepresiasikan

dengan metode garis lurus.

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Arus kas dari Sewa

•

Arus kas: Beli

Year 0 Years 1-5 Biaya truk –$25,000

Penghematan stlh pajak 4,500× (1-.34) = $2,970 Depreciation Tax Shield 5,000× (.34) = $1,700

–$25,000 $4,670

•

Arus kas: sewa

Year 0 Years 1-5

Pembayaran sewa –6,250× (1-.34) = –$4,125 Penghematan stlh pajak 4,500× (1-.34) = $2,970 –$1,155

• Arus kas: Sewa ketimbang beli

Year 0 Years 1-5

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Arus Kas dari Sewa (lanjutan)

•

Arus kas: Leasing Instead of Buying

Year 0 Years 1-5

$25,000 –$1,155 – $4,670 = –$5,825

•

Arus kas: Buying Instead of Leasing

Year 0 Years 1-5

–$25,000 $4,670 –$1,155 = $5,825

•

Dibutuhkan tingkat suku bunga untuk mendiskonto

arus kas masa depan .

•

Tingkat suku bunga tersebut merupakan biaya hutang

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A Detour on Discounting and Debt Capacity with

Corporate Taxes

•

PV dari arus kas bebas risiko

– Dengan adanya pajak korporat, perusahaan seharusnya mendiskonto arus kas bebas risiko dengan menggunakan suku bunga bebas risiko setelah pajak.

•

Tingkat hutang optimal dan arus kas bebas risiko

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Analisis NPV Keputusan Sewa Vs Beli

•

Pembayaran sewa hampir sama dengan jasa hutang pada

obligasi dengan jaminan yang dikeluarkan oleh lessee.

•

Pada kenyataannya, banyak perusahaan mendiskonto

depreciation tax shields dan pembayaran pajak setelah pajak

pada tingkat suku bunga setelah pajak dari hutang yang dikeluarkan oleh lessee.

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Analisis NPV Keputusan Sewa Vs Beli (lanjutan)

NPV Buying Instead of Leasing

Year 0 Years 1-5

-$25,000 $4,670 – $1,155 = $5,825

• Terdapat metode sederhana dalam mengevaluasi sewa : diskonto semua arus kas pada suku bunga setelah pajak dari secured debt

yang dikeluarkan lessee. Misalkan tingkat suku bunga adalah 5-percent.

NPV Leasing Instead of Buying

Year 0 Years 1-5

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Debt Displacement

dan Valuasi Sewa

•

Considering the issues of debt displacement allows for a

more intuitive understanding of the lease versus buy decision.

•

Leases displace debt—this is a hidden cost of leasing. If a

firm leases, it will not use as much regular debt as it would otherwise.

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21.7 Debt Displacement and Lease Valuation

• The debt displaced by leasing results in

forgone interest tax shields on the debt that

ClumZee movers didn’t go into when they

leased instead of bought the truck.

• Suppose ClumZee agrees to a lease payment of

$6,250 before tax. This payment would support

a loan of $25,219.20 (see the next slide)

• In exchange for this, they get the use of a truck

worth $25,000.

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21.7 Debt Displacement and Lease Valuation

Suppose ClumZee agrees to a lease payment of $6,250 before tax. This payment would support a loan of

$25,219.20 0 1 2 3 4 5

Outstanding Balance of the Loan $25,219.20 $20,655.16 $15,862.92 $10,831.07 $5,547.62 $0.00 Interest $1,910.55 $1,564.78 $1,201.74 $820.54 $420.27 Tax Deduction on interest $649.59 $532.03 $408.59 $278.98 $142.89 After-tax Interest Expense $1,260.96 $1,032.76 $793.15 $541.55 $277.38 Extra Cash that purchasing

firm genereates over leasing firm $ 5,825.00 $ 5,825.00 $ 5,825.00 $5,825.00 $5,825.00

05

After-Tax Lease Payments –6,250× (1-.34) = –$4,125

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21.8 Does Leasing Ever Pay: The Base Case

•

In the above example, ClumZee Movers chose to buy,

because the NPV of leasing was a negative $219.20

•

Note that this is the opposite of the NPV that Tiger

Leasing would have:

825 , 5 $

5

• Cash Flows: Tiger Leasing

Year 0 Years 1-5

Cost of truck –$25,000

Depreciation Tax Shield 5,000× (.34) = $1,700

Lease Payments 6,250× (1-.34) =

$4,125

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21.9 Reasons for Leasing

•

Good Reasons

– Taxes may be reduced by leasing.

– The lease contract may reduce certain types of uncertainty.

– Transactions costs can be higher for buying an asset and financing it with debt or equity than for leasing the asset.

•

Bad Reasons

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A Tax Arbitrage

• Suppose ClumZee movers is actually in the 25% tax bracket and Tiger Leasing is in the 34% tax bracket. If Tiger reduces the lease payment to $6,200, can both firms have a positive NPV?

Year 0 Years 1-5 Cost of truck –$25,000

Depreciation Tax Shield 5,000× (.34) = $1,700 Lease Payments 6,200× (1 –.34) = $4,092

–$25,000 $5,792

NPV = 76.33

• Cash Flows ClumZee Movers: Leasing Instead of Buying

Year 0 Years 1-5 Cost of truck we didn’t buy $25,000

Lost Depreciation Tax Shield 5,000× (.25) = –$1,250 After-Tax Lease Payments 6,200× (1 –.25) = –$4,650

$25,000 –$5,900

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Reservations and Negotiations

•

What is the smallest lease payment that Tiger Leasing will

accept? Set their NPV to zero and solve for $L_min:

Year 0 Years 1-5 Cost of truck -$25,000

Depreciation Tax Shield 5,000× (.34) = $1,700

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Reservations and Negotiations

•

What is the highest lease payment that ClumZee Movers can

pay? Set their NPV to zero and solve for $L_max:

• Cash Flows ClumZee Movers: Leasing Instead of Buying

Year 0 Years 1-5 Cost of truck we didn’t buy $25,000

Lost Depreciation Tax Shield 5,000× (.25) = – $1,250 After-Tax Lease Payments – $L_max× ( 1 –.25) = .75× L_max

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21.10 Some Unanswered Questions

•

Are the Uses of Leases and of Debt Complementary?

•

Why are Leases offered by Both Manufacturers and Third

Party Lessors?

– For manufacturer lessors, the basis for determining capital cost allowance is the manufacturer’s cost.

– For third party lessors, the basis is the sale price that the lessor paid to the manufacturer.

•

Why are Some Assets Leased More than Others?

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21.11 Summary and Conclusions

• There are three ways to value a lease.

1. Use the real-world convention of discounting the incremental after-tax cash flows at the lessor’s after-after-tax rate on secured debt.

2. Calculate the increase in debt capacity by discounting the difference between the cash flows of the purchase and the cash flows of the lease by the after-tax interest rate. The increase in debt capacity from a purchase is compared to the extra outflow at year 0 from a purchase.

3. Use APV (presented in the appendix to this chapter).

• They all yield the same answer.

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Appendix 21A: APV Approach to Leasing

APV = All-Equity Value + Financing NPV

Calculations shown on the following slides will show that for the latest Clumzee Movers example (tax rate is 25%)

APV = $591.38 – $1,135.30

APV = –$543.91

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Appendix 21A: APV Approach to Leasing

APV = All-Equity Value + Financing NPV

•

To find the all-equity value, discount the cash flows at

the pre-tax interest rate. The after-tax rate was 5% which implies a pretax rate of

6.66% = 5%/ (1-.25).

Cash Flows ClumZee Movers: Leasing Instead of Buying

Year 0 Years 1-5

Cost of truck we didn’t buy $25,000

Lost Depreciation Tax Shield 5,000× (.25) = –$1,250

After-Tax Lease Payments 6,200× (1 –.25) = –$4,650

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Appendix 21A: APV Approach to Leasing

APV = All-Equity Value + Financing NPV

•

The NPV of the financing is the forgone interest tax

shields on the debt that ClumZee movers didn’t go into when they leased instead of bought the truck.

•

ClumZee agreed to a lease payment of $5,900.

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Appendix 21A: APV Approach to Leasing

The lost interest tax shield associated with this additional debt capacity of $25,543.91 has a present value of $1,135.30

0

1

2

3

4

5 Outstanding Balance of the Loan $25,543.91

$20,921.11 $16,067.16 $10,970.52 $5,619.05

$0.00

Interest

$1,702.93

$1,394.74

$1,071.14

$731.37 $374.60

Tax Deduction on interest

$425.73

$348.69

$267.79

$182.84

$93.65

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21.7 Debt Displacement and Lease Valuation

The lost interest tax shield associated with this additional debt capacity of

$25,219.20

has a present value of $ $1,135.30

0 1 2 3 4 5

Outstanding Balance of the Loan $25,219.20 $20,655.16 $15,862.92 $10,831.07 $5,547.62 $0.00

Interest $1,910.55 $1,564.78 $1,201.74 $820.54 $420.27

Tax Deduction on interest $649.59 $532.03 $408.59 $278.98 $142.89

After-tax Interest Expense $1,260.96 $1,032.76 $793.15 $541.55 $277.38

Extra Cash that purchasing

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