Manajemen Keuangan 11
M anajemen Keuangan
(Pertemuan Kesebelas)
“Sewa (leasing)”
Disampaikan oleh:
PPIM FE Unimal
Cakupan Materi
•
•
•
•
Berbagai jenis leasing.
Konsekuensi akuntansi dari leasing.
Arus kas dari leasing.
Analisis NPV dalam penentuan beli (investasi) atau leasing.
PPIM FE Unimal
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.
– Lessor merupakan perusahaan manufaktur (pembuat asset) atau
perusahaan leasing .
PPIM FE Unimal
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.
Pilihan ini memberikan lessee hak untuk membatalkan
kontrak sewa sebelum tempo berakhir.
PPIM FE Unimal
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.
4.
Secara umum, lessee tidak dapat membatalkan kontrak sewa.
PPIM FE Unimal
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
tetap berhak menggunakan asset tersebut.
PPIM FE Unimal
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.
– Lender menggunakan jenis nonrecourse loan. Ini berarti lessor tidak
berkewajiban kepada lender jika lessee gagal bayar.
PPIM FE Unimal
Akuntansi dan Sewa
• Dahulu, sewa merupakan jenis pembiayaan yang bersifat off
balance sheet.
• Capital leases muncul dalam neraca – present value dari
pembayaran sewa muncul pada dua sisi neraca.
PPIM FE Unimal
Akuntansi dan Sewa (lanjutan)
Balance Sheet
Truck dibeli dengan hutang
Truck
Land
Total Assets
$100,000
$100,000
$200,000
Debt
Equity
Total Debt & Equity
$100,000
$100,000
$200,000
$100,000
$100,000
Debt
Equity
Total Debt & Equity
$100,000
$100,000
$100,000
$100,000
$200,000
Obligations under capital lease $100,000
Equity
$100,000
Total Debt & Equity
$200,000
Operating Lease
Truck
Land
Total Assets
Capital Lease
Assets leased
Land
Total Assets
PPIM FE Unimal
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
kontrak sewa berakhir.
PPIM FE Unimal
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
tergantung dari aturan yang berlaku di masing-masing
negara.
PPIM FE Unimal
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.
Mereka dapat menyewa truk tersebut untuk limat tahun dari
Tiger Leasing dengan pembayaran sewa tahunan sebesar
$6,250.
PPIM FE Unimal
Arus kas dari Sewa
• Arus kas: Beli
Biaya truk
Year 0
–$25,000
Years 1-5
Penghematan stlh pajak
Depreciation Tax Shield
4,500× (1-.34) =
5,000× (.34) =
–$25,000
$2,970
$1,700
$4,670
• Arus kas: sewa
Year 0
Years 1-5
Pembayaran sewa
Penghematan stlh pajak
•
–6,250× (1-.34) = –$4,125
4,500× (1-.34) =
$2,970
–$1,155
Arus kas: Sewa ketimbang beli
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = –$5,825
PPIM FE Unimal
Arus Kas dari Sewa (lanjutan)
• Arus kas: Leasing Instead of Buying
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = –$5,825
• Arus kas: Buying Instead of Leasing
Year 0
–$25,000
Years 1-5
$4,670 –$1,155 = $5,825
• Dibutuhkan tingkat suku bunga untuk mendiskonto
arus kas masa depan .
• Tingkat suku bunga tersebut merupakan biaya hutang
setelah pajak.
PPIM FE Unimal
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
– Dengan adanya pajak korporat, one determines the increase in the
firm’s optimal debt level by discounting a future guaranteed after-tax
inflow at the after-tax riskless interest rate.
PPIM FE Unimal
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.
•
PPIM FE Unimal
Analisis NPV Keputusan Sewa Vs Beli (lanjutan)
•
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 5percent.
NPV Leasing Instead of Buying
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = -$5,825
5
NPV
$25,000
t 1
$5,825
(1.05)t
$219.20
NPV Buying Instead of Leasing
Year 0
-$25,000
Years 1-5
$4,670 – $1,155 = $5,825
5
NPV
$25,000
t 1
PPIM FE Unimal
$5,825
(1.05)t
$219.20
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.
– The interest tax shield will be lost.
PPIM FE Unimal
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.
• Clearly the NPV is a negative $219.20, which
agrees with our earlier calculations.
PPIM FE Unimal
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
Interest
Tax Deduction on interest
After-tax Interest Expense
Extra Cash that purchasing
firm genereates over leasing firm
$25,219.20 $20,655.16 $15,862.92 $10,831.07
$1,910.55 $1,564.78 $1,201.74
$649.59
$532.03
$408.59
$1,260.96 $1,032.76
$793.15
$ 5,825.00
$ 5,825.00
$ 5,825.00
$5,547.62
$820.54
$278.98
$541.55
$0.00
$420.27
$142.89
$277.38
$ 5,825.00
$ 5,825.00
$1,260.96 $25,219.20 0.05
$20,655.16 $25,219.20
$5,825. $1,260.96
After-Tax Lease Payments
Forgone Depreciation Tax Shield
–6,250× (1-.34) = –$4,125
– 5,000× (.34) = –$1,700
-$5,825
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.
PPIM FE Unimal
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:
• Cash Flows: Tiger Leasing
Year 0
Cost of truck
Years 1-5
–$25,000
Depreciation Tax Shield
5,000× (.34) = $1,700
6,250× (1-.34) =
Lease Payments
$4,125
–$25,000
5
NPV
$25,000
t 1
$5,825
(1.05)t
$5,825
$219.20
PPIM FE Unimal
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
– Leasing and accounting income
– 100% financing
PPIM FE Unimal
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?
Cash Flows: Tiger Leasing
Cost of truck
Depreciation Tax Shield
Lease Payments
Year 0
–$25,000
Years 1-5
5,000× (.34) =
6,200× (1 –.34) =
–$25,000
$1,700
$4,092
$5,792
NPV = 76.33
•
Cash Flows ClumZee Movers: Leasing Instead of Buying
Cost of truck we didn’t buy
Lost Depreciation Tax Shield
After-Tax Lease Payments
Year 0
$25,000
Years 1-5
5,000× (.25) =
6,200× (1 –.25) =
$25,000
NPV = -$543.91
PPIM FE Unimal
–$1,250
–$4,650
–$5,900
Reservations and Negotiations
• What is the smallest lease payment that Tiger Leasing will
accept? Set their NPV to zero and solve for $Lmin:
•
Cash Flows: Tiger Leasing
Year 0
-$25,000
Cost of truck
Years 1-5
Depreciation Tax Shield
Lease Payments
5,000× (.34) =
$1,700
$Lmin × (1 –.34) =
$Lmin × .66
$1,700 + $Lmin × .66
-$25,000
5
NPV
0
$25,000
t
5
$25,000 .66 Lmin
t 1
.66 Lmin $1,700
(1.05)t
1
$1
(1.05) t
5
t 1
5
Lmin
$1,700
(1.05) t
$1,700
t
t 1 (1.05)
5
$1
.66
t
t 1 (1.05)
$25,000
Lmin
PPIM FE Unimal
$6,173.29
Reservations and Negotiations
• What is the highest lease payment that ClumZee Movers can
pay? Set their NPV to zero and solve for $Lmax :
•
Cash Flows ClumZee Movers: Leasing Instead of Buying
Cost of truck we didn’t buy
Year 0
$25,000
Years 1-5
Lost Depreciation Tax Shield
After-Tax Lease Payments
5,000× (.25) =
– $1,250
– $Lmax × ( 1 –.25) = .75× Lmax
– 1,250 – .75× Lmax
$25,000
5
5
NPV
0 $25,000
t
5
$25,000
t
.75 Lmax $1,250
(1.05) t
1
.75 Lmax
t
1 (1.05)
5
t 1
$25,000
t 1
Lmax
5
$1,250
(1.05) t
No lease is possible: Lmin > Lmax
t 1
Lmax
$1,250
(1.05) t
.75
(1.05) t
$6,032.49
PPIM FE Unimal
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?
– The more sensitive is the value of an asset to use and maintenance
decisions, the more likely it is that the asset will be purchased instead
of leased.
PPIM FE Unimal
21.11 Summary and Conclusions
• There are three ways to value a lease.
1.
2.
3.
Use the real-world convention of discounting the incremental aftertax cash flows at the lessor’s after-tax rate on secured debt.
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.
Use APV (presented in the appendix to this chapter).
• They all yield the same answer.
• The easiest way is the least intuitive.
PPIM FE Unimal
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
Which is the same value as the easier NPV analysis.
PPIM FE Unimal
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
–$1,250
5,000× (.25) =
After-Tax Lease Payments
–$4,650
6,200× (1 –.25) =
$25,000
–$5,900
5
All - equity value $25,000
PPIM FE Unimal
t 1
$5,900
(1.06667) t
$591.38
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.
• This payment would support a loan of $25,543.91
5
Increased debt capacity $25,543.91
t 1
PPIM FE Unimal
$5,900
(1.05) t
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
3
0
1
2
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
After-tax Interest Expense
$1,277.20 $1,046.06
$803.36 $548.53 $280.95
$1,135.30
$425.73
$348.69
(1.06667) (1.06667)2
APV
$267.79
(1.06667)3
$591.38 $1,135.30
$182.84
(1.06667)4
$93.65
(1.06667)5
$543.91
PPIM FE Unimal
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
Outstanding Balance of the Loan
Interest
Tax Deduction on interest
After-tax Interest Expense
Extra Cash that purchasing
firm genereates over leasing firm
$1,135.30
$ 5,825.00
$425.73
$348.69
(1.06667) (1.06667)2
APV
PPIM FE Unimal
0
1
2
3
$25,219.20 $20,655.16 $15,862.92 $10,831.07
$1,910.55 $1,564.78 $1,201.74
$649.59
$532.03
$408.59
$1,260.96 $1,032.76
$793.15
$ 5,825.00
$267.79
(1.06667)3
$591.38 $1,135.30
$ 5,825.00
$182.84
(1.06667)4
$543.91
4
$5,547.62
$820.54
$278.98
$541.55
5
$0.00
$420.27
$142.89
$277.38
$ 5,825.00
$ 5,825.00
$93.65
(1.06667)5
Terima Kasih
PPIM FE Unimal
(Pertemuan Kesebelas)
“Sewa (leasing)”
Disampaikan oleh:
PPIM FE Unimal
Cakupan Materi
•
•
•
•
Berbagai jenis leasing.
Konsekuensi akuntansi dari leasing.
Arus kas dari leasing.
Analisis NPV dalam penentuan beli (investasi) atau leasing.
PPIM FE Unimal
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.
– Lessor merupakan perusahaan manufaktur (pembuat asset) atau
perusahaan leasing .
PPIM FE Unimal
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.
Pilihan ini memberikan lessee hak untuk membatalkan
kontrak sewa sebelum tempo berakhir.
PPIM FE Unimal
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.
4.
Secara umum, lessee tidak dapat membatalkan kontrak sewa.
PPIM FE Unimal
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
tetap berhak menggunakan asset tersebut.
PPIM FE Unimal
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.
– Lender menggunakan jenis nonrecourse loan. Ini berarti lessor tidak
berkewajiban kepada lender jika lessee gagal bayar.
PPIM FE Unimal
Akuntansi dan Sewa
• Dahulu, sewa merupakan jenis pembiayaan yang bersifat off
balance sheet.
• Capital leases muncul dalam neraca – present value dari
pembayaran sewa muncul pada dua sisi neraca.
PPIM FE Unimal
Akuntansi dan Sewa (lanjutan)
Balance Sheet
Truck dibeli dengan hutang
Truck
Land
Total Assets
$100,000
$100,000
$200,000
Debt
Equity
Total Debt & Equity
$100,000
$100,000
$200,000
$100,000
$100,000
Debt
Equity
Total Debt & Equity
$100,000
$100,000
$100,000
$100,000
$200,000
Obligations under capital lease $100,000
Equity
$100,000
Total Debt & Equity
$200,000
Operating Lease
Truck
Land
Total Assets
Capital Lease
Assets leased
Land
Total Assets
PPIM FE Unimal
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
kontrak sewa berakhir.
PPIM FE Unimal
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
tergantung dari aturan yang berlaku di masing-masing
negara.
PPIM FE Unimal
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.
Mereka dapat menyewa truk tersebut untuk limat tahun dari
Tiger Leasing dengan pembayaran sewa tahunan sebesar
$6,250.
PPIM FE Unimal
Arus kas dari Sewa
• Arus kas: Beli
Biaya truk
Year 0
–$25,000
Years 1-5
Penghematan stlh pajak
Depreciation Tax Shield
4,500× (1-.34) =
5,000× (.34) =
–$25,000
$2,970
$1,700
$4,670
• Arus kas: sewa
Year 0
Years 1-5
Pembayaran sewa
Penghematan stlh pajak
•
–6,250× (1-.34) = –$4,125
4,500× (1-.34) =
$2,970
–$1,155
Arus kas: Sewa ketimbang beli
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = –$5,825
PPIM FE Unimal
Arus Kas dari Sewa (lanjutan)
• Arus kas: Leasing Instead of Buying
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = –$5,825
• Arus kas: Buying Instead of Leasing
Year 0
–$25,000
Years 1-5
$4,670 –$1,155 = $5,825
• Dibutuhkan tingkat suku bunga untuk mendiskonto
arus kas masa depan .
• Tingkat suku bunga tersebut merupakan biaya hutang
setelah pajak.
PPIM FE Unimal
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
– Dengan adanya pajak korporat, one determines the increase in the
firm’s optimal debt level by discounting a future guaranteed after-tax
inflow at the after-tax riskless interest rate.
PPIM FE Unimal
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.
•
PPIM FE Unimal
Analisis NPV Keputusan Sewa Vs Beli (lanjutan)
•
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 5percent.
NPV Leasing Instead of Buying
Year 0
$25,000
Years 1-5
–$1,155 – $4,670 = -$5,825
5
NPV
$25,000
t 1
$5,825
(1.05)t
$219.20
NPV Buying Instead of Leasing
Year 0
-$25,000
Years 1-5
$4,670 – $1,155 = $5,825
5
NPV
$25,000
t 1
PPIM FE Unimal
$5,825
(1.05)t
$219.20
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.
– The interest tax shield will be lost.
PPIM FE Unimal
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.
• Clearly the NPV is a negative $219.20, which
agrees with our earlier calculations.
PPIM FE Unimal
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
Interest
Tax Deduction on interest
After-tax Interest Expense
Extra Cash that purchasing
firm genereates over leasing firm
$25,219.20 $20,655.16 $15,862.92 $10,831.07
$1,910.55 $1,564.78 $1,201.74
$649.59
$532.03
$408.59
$1,260.96 $1,032.76
$793.15
$ 5,825.00
$ 5,825.00
$ 5,825.00
$5,547.62
$820.54
$278.98
$541.55
$0.00
$420.27
$142.89
$277.38
$ 5,825.00
$ 5,825.00
$1,260.96 $25,219.20 0.05
$20,655.16 $25,219.20
$5,825. $1,260.96
After-Tax Lease Payments
Forgone Depreciation Tax Shield
–6,250× (1-.34) = –$4,125
– 5,000× (.34) = –$1,700
-$5,825
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.
PPIM FE Unimal
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:
• Cash Flows: Tiger Leasing
Year 0
Cost of truck
Years 1-5
–$25,000
Depreciation Tax Shield
5,000× (.34) = $1,700
6,250× (1-.34) =
Lease Payments
$4,125
–$25,000
5
NPV
$25,000
t 1
$5,825
(1.05)t
$5,825
$219.20
PPIM FE Unimal
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
– Leasing and accounting income
– 100% financing
PPIM FE Unimal
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?
Cash Flows: Tiger Leasing
Cost of truck
Depreciation Tax Shield
Lease Payments
Year 0
–$25,000
Years 1-5
5,000× (.34) =
6,200× (1 –.34) =
–$25,000
$1,700
$4,092
$5,792
NPV = 76.33
•
Cash Flows ClumZee Movers: Leasing Instead of Buying
Cost of truck we didn’t buy
Lost Depreciation Tax Shield
After-Tax Lease Payments
Year 0
$25,000
Years 1-5
5,000× (.25) =
6,200× (1 –.25) =
$25,000
NPV = -$543.91
PPIM FE Unimal
–$1,250
–$4,650
–$5,900
Reservations and Negotiations
• What is the smallest lease payment that Tiger Leasing will
accept? Set their NPV to zero and solve for $Lmin:
•
Cash Flows: Tiger Leasing
Year 0
-$25,000
Cost of truck
Years 1-5
Depreciation Tax Shield
Lease Payments
5,000× (.34) =
$1,700
$Lmin × (1 –.34) =
$Lmin × .66
$1,700 + $Lmin × .66
-$25,000
5
NPV
0
$25,000
t
5
$25,000 .66 Lmin
t 1
.66 Lmin $1,700
(1.05)t
1
$1
(1.05) t
5
t 1
5
Lmin
$1,700
(1.05) t
$1,700
t
t 1 (1.05)
5
$1
.66
t
t 1 (1.05)
$25,000
Lmin
PPIM FE Unimal
$6,173.29
Reservations and Negotiations
• What is the highest lease payment that ClumZee Movers can
pay? Set their NPV to zero and solve for $Lmax :
•
Cash Flows ClumZee Movers: Leasing Instead of Buying
Cost of truck we didn’t buy
Year 0
$25,000
Years 1-5
Lost Depreciation Tax Shield
After-Tax Lease Payments
5,000× (.25) =
– $1,250
– $Lmax × ( 1 –.25) = .75× Lmax
– 1,250 – .75× Lmax
$25,000
5
5
NPV
0 $25,000
t
5
$25,000
t
.75 Lmax $1,250
(1.05) t
1
.75 Lmax
t
1 (1.05)
5
t 1
$25,000
t 1
Lmax
5
$1,250
(1.05) t
No lease is possible: Lmin > Lmax
t 1
Lmax
$1,250
(1.05) t
.75
(1.05) t
$6,032.49
PPIM FE Unimal
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?
– The more sensitive is the value of an asset to use and maintenance
decisions, the more likely it is that the asset will be purchased instead
of leased.
PPIM FE Unimal
21.11 Summary and Conclusions
• There are three ways to value a lease.
1.
2.
3.
Use the real-world convention of discounting the incremental aftertax cash flows at the lessor’s after-tax rate on secured debt.
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.
Use APV (presented in the appendix to this chapter).
• They all yield the same answer.
• The easiest way is the least intuitive.
PPIM FE Unimal
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
Which is the same value as the easier NPV analysis.
PPIM FE Unimal
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
–$1,250
5,000× (.25) =
After-Tax Lease Payments
–$4,650
6,200× (1 –.25) =
$25,000
–$5,900
5
All - equity value $25,000
PPIM FE Unimal
t 1
$5,900
(1.06667) t
$591.38
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.
• This payment would support a loan of $25,543.91
5
Increased debt capacity $25,543.91
t 1
PPIM FE Unimal
$5,900
(1.05) t
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
3
0
1
2
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
After-tax Interest Expense
$1,277.20 $1,046.06
$803.36 $548.53 $280.95
$1,135.30
$425.73
$348.69
(1.06667) (1.06667)2
APV
$267.79
(1.06667)3
$591.38 $1,135.30
$182.84
(1.06667)4
$93.65
(1.06667)5
$543.91
PPIM FE Unimal
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
Outstanding Balance of the Loan
Interest
Tax Deduction on interest
After-tax Interest Expense
Extra Cash that purchasing
firm genereates over leasing firm
$1,135.30
$ 5,825.00
$425.73
$348.69
(1.06667) (1.06667)2
APV
PPIM FE Unimal
0
1
2
3
$25,219.20 $20,655.16 $15,862.92 $10,831.07
$1,910.55 $1,564.78 $1,201.74
$649.59
$532.03
$408.59
$1,260.96 $1,032.76
$793.15
$ 5,825.00
$267.79
(1.06667)3
$591.38 $1,135.30
$ 5,825.00
$182.84
(1.06667)4
$543.91
4
$5,547.62
$820.54
$278.98
$541.55
5
$0.00
$420.27
$142.89
$277.38
$ 5,825.00
$ 5,825.00
$93.65
(1.06667)5
Terima Kasih
PPIM FE Unimal