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208

L A M P I R A N

LAMPIRAN‐1 RINCIAN BIAYA INVESTASI STRATEGI PENGEMBANGAN ALTERNATIF‐1 L‐1

Rekapitulasi Biaya Investasi Alternatif‐1 : Investasi Keseluruhan Proses Manufacturing

KOMPONEN

NO. I.

UNIT

VOLUME

HARGA SATUAN

BIAYA

Rp 000,‐

Rp 000,‐

BIAYA PRA KONSTRUKSI 1. Studi Kelayakan Teknis 2. Studi AMDAL 3. Perizinan Izin Produksi Izin Mendirikan Bangunan 4. Detailed Engineering Design

‐ ‐

Ls. Ls.

250,000.00 500,000.00

250,000.00 500,000.00

‐ ‐ ‐

Ls. Ls. Ls.

250,000.00 100,000.00 500,000.00

250,000.00 100,000.00 500,000.00

Sub Total ‐ I II.

1,600,000.00

BIAYA PENGADAAN LAHAN 1. 2. 3. 4.

Manufacturing Fraksi Organik Manufacturing Fertilzer Penunjang Manufacturing Infrastruktur & RTH

m2 m2 m2 m2

10,750.00 3,480.00 4,500.00 14,050.00

60.00 60.00 60.00 60.00

Sub Total ‐ II III.

1,966,800.00

BIAYA KONSTRUKSI MANUFACTURING FRAKSI ORGANIK 1. 2. 3. 4.

Pengadaan Equipment Installation Structure Buildings

%

10 19,550,000.00

Sub Total ‐ III IV.

24,142,500.00


%

10 23,090,000.00

Sub Total ‐ IV

23,090,000.00 2,309,000.00 1,978,000.00 2,835,000.00 30,212,000.00

BIAYA KONSTRUKSI BANGUNAN PENUNJANG MANUFACTURING 1. 2. 3. 4. 5.

Inventory Warehouse Workshop Operation Room Dormitory Office Building

m2 m2 m2 m2 m2

1,600.00 1,600.00 400.00 400.00 500.00

750.00 250.00 750.00 500.00 1,000.00

Sub Total ‐ V VI.

19,550,000.00 1,955,000.00 2,187,500.00 450,000.00

BIAYA KONSTRUKSI MANUFACTURING ORGANIC FERTILIZER 1. 2. 3. 4.

V.

645,000.00 208,800.00 270,000.00 843,000.00

1,200,000.00 400,000.00 300,000.00 200,000.00 500,000.00 2,600,000.00

BIAYA INFRASTRUKTUR 1. 2. 3. 4.

Jalan Di Lingkungan Industri Saluran Drainase Ruang Terbuka Hijau (RTH) Pagar

m2 m2 m2 m2

5,600.00 950.00 7,500.00 32,780.00

150.00 25.00 10.00 25.00

840,000.00 23,750.00 75,000.00 819,500.00

Sub Total ‐ VI

1,758,250.00

T O T A L

62,279,550.00

L‐2

Rincian Biaya Pengadaan Equipment (termasuk Mechanical & Electrical) Manufacturing Fraksi Organik Sampah Kota

NO.

1.

KOMPONEN PROSES

Raw Materials Handling Tipping Floor Bucket Haul System Hydraulic Grab Bucket Bridge Crane

2.

4.

5.

6.

10 100,000.0 1,000,000.0 10 75,000.0 750,000.0

3,750,000.0 50.0 Ton/jam 50.0 Ton/jam 50.0 Ton/jam

T O T A L

5 250,000.0 1,250,000.0 5 350,000.0 1,750,000.0 5 150,000.0 750,000.0

4,000,000.0 25 Ton/jam 25 Ton/jam

10 250,000.0 2,500,000.0 10 150,000.0 1,500,000.0

4,500,000.0 785.0 m3/unit 50 Ton/jam

10 300,000.0 3,000,000.0 10 150,000.0 1,500,000.0

550,000.0 45 Lt/det 40 Lt/det

Screener / Siever System Screener/Siever Chamber Screw Conveyor ke Proses Pengolahan Pupuk Organik

Rp 000,‐

100 m3/jam 5 Ton

Water & Waste Water System Water Supply System Waste Water Treatment

Biaya

10 75,000.0 750,000.0

Pulper/Slurrying System Slurrying Tank Screw Coveyor Ke Screener

Harga Satuan Rp 000,‐

357.2 m3/unit

Crusher/Shredder System Crusher Chamber Screw Conveyor ke Pulper

JUMLAH Unit

2,500,000.00

Magnetic Separator System Selector Chamber Magnetic Generator Screw Conveyor ke Crusher

3.

KAPASITAS

1 250,000.0 250,000.0 1 300,000.0 300,000.0

4,250,000.0 15 Ton/jam 15 Ton/jam

10 275,000.0 2,750,000.0 10 150,000.0 1,500,000.0

19,550,000.0

L‐3

Rincian Biaya Pengadaan Equipment (termasuk Mechanical & Electrical) Manufacturing Pengolahan Pupuk Organik

NO.

1.

KOMPONEN PROSES

5.

7.

m3/jam m3/min. Lt/jam Ton/jam

10 675,000.00 6,750,000.00

203.2 m3/Unit 15 Ton/jam

65 m3/jam

75,000.00 86,500.00 57,500.00 150,000.00

750,000.00 865,000.00 575,000.00 1,500,000.00

5 355,000.00 1,775,000.00 5 150,000.00 750,000.00 5 65,000.00 325,000.00

1,325,000.00 60.97 m3/unit 20 m3/jam

5 200,000.00 1,000,000.00 5 65,000.00 325,000.00 2,850,000.00

30.48 m3/unit 10.00 m3/jam

10 125,000.00 1,250,000.00 20 80,000.00 1,600,000.00 2,250,000.00

142.3 m3/unit 1.14 m3/unit 15.00 Ton/jam

5 175,000.00 875,000.00 5 125,000.00 625,000.00 5 150,000.00 750,000.00 2,550,000.00

40.00 Ton/jam 4.00 Ton/jam 4.00 Ton/jam

Packaging Unit Produk Granule Granule Milling Machine

10 10 10 10

2,850,000.00

Pelletizing Process Pelletizing Disc (Granulating) Rotary Dryer Conveyor Belt

8.

0.5 1.14 3.8 15

Drying Unit Drying Tank Blower Screw Conveyor

Rp 000,‐

3,690,000.00

Packaging Unit Produk Cair Packaging Feeder Pompa Dispenser

6.

225.8 m3/unit

Clarifying Unit Clarifying Tank Pompa ke Packaging Feeder

Biaya

6,750,000.00

Dewatering Unit Dewatering Tank Screw Conveyor ke Drying Unit Pompa ke Clarifying Unit

4.

Harga Satuan Rp 000,‐

Aerobic Digestion System Feeder Thermophyllic Bacteria Aerator System pH Regulator System Screw Conveyor

3.

JUMLAH Unit

Aerobic Digestion Tank Digestion Tank (Operasi 3 Hari)

2.

KAPASITAS

3 350,000.00 1,050,000.00 3 350,000.00 1,050,000.00 3 150,000.00 450,000.00 825,000.00

4.00 Ton/jam

T O T A L

3 275,000.00 825,000.00

23,090,000.00

L‐4

Rincian Kebutuhan Lahan Alternatif‐1 : Investasi Keseluruhan Proses Manufacturing

UKURAN EFEKTIF

KOMPONEN

NO.

RUANG ANTAR UNIT

m2 I.

m2

Komponen Manufacturing Pemisahan Fraksi Organik Sampah 1. 2. 3. 4. 5. 6. 7.

Raw Material Handling Magnetic Separator System Crusher/Shredder System Pulper/Slurrying System Water Supply System Waste Water Treatment Plant Screener/Siever System

30 m x 30 m x 10

10.0%

5 m x 5 m x 5

10.0%

5 m x 5 m x 10

10.0%

Dia. 10 m x H. 10 m x 10

10.0%

10 m x 10 m

‐

10 m x 15 m

‐

5 m x 5 m x 10

10.0%

Subtotal‐I II.

10,750.00

Aerobic Digestion Tank Aerobic Digestion System Dewatering System Clarifying System Packaging System Produk Cair Drying System Pelletizing System Packaging System Produk Ganule

Dia. 5.5 m x H. 10 m x 10

10.0%

5 m x 5 m x 10

‐

Dia. 7.5 m x H. 5 m x 5 Dia. 4.0 m x H. 5 m x 5

10.0%

Dia. 4.0 m x H. 3 m x 10

10.0%

Dia. 6.5 m x H. 5 m x 5

10.0%

25 m x 25 m x 3

10.0%

10 m x 10 m x 3

10.0%

Subtotal‐II

250.00 250.00 230.00 70.00 120.00 160.00 2,100.00 300.00 3,480.00

Komponen Penunjang Manufacturing 1. 2. 3. 4. 5.

IV.

9,000.00 150.00 300.00 800.00 100.00 150.00 250.00

Komponen Manufacturing Pupuk Organik 1. 2. 3. 4. 5. 6. 7. 8.

III.

LUAS


40 m x 40 m

‐

40 m x 40 m

‐

20 m x 20 m

‐

20 m x 20 m

‐

20 m x 20 m

20.0%

1,600.00 1,600.00 400.00 400.00 500.00

Subtotal‐III

4,500.00

Subtotal I‐III

18,730.00

Fasilitas Infrastruktur 1. Jalan Di Lingkungan Industri 2. Saluran Drainase 3. Ruang Terbuka Hijau (RTH)

30% Lahan Terbangun 5% Lahan Terbangun 40% Lahan Terbangun

‐

5,600.00 950.00 7,500.00

Subtotal IV

14,050.00

T O T A L

32,780.00

L‐5

Rincian Kebutuhan Biaya Struktur Alternatif‐1 : Investasi Keseluruhan Proses Manufacturing

KOMPONEN

NO.

I.

Plat Beton Dalam m

Volume m3

Harga Satuan Rp 000

Biaya Rp 000

0.15 0.25 0.25 0.30 0.25 0.25 0.25

1,350.00 37.50 75.00 240.00 25.00 37.50 62.50

1,000.00 1,000.00 1,000.00 2,500.00 1,000.00 1,000.00 1,000.00

1,350,000.00 37,500.00 75,000.00 600,000.00 25,000.00 37,500.00 62,500.00



Subtotal‐I II.

Luas m2

9,000.00 150.00 300.00 800.00 100.00 150.00 250.00 10,750.00

2,187,500.00



250.00 250.00 230.00 70.00 120.00 160.00 2,100.00 300.00

0.30 0.15 0.25 0.25 0.15 0.25 0.30 0.15

75.00 37.50 57.50 17.50 18.00 40.00 630.00 45.00

2,500.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 2,500.00 1,000.00

187,500.00 37,500.00 57,500.00 17,500.00 18,000.00 40,000.00 1,575,000.00 45,000.00

Subtotal‐II

3,480.00

1,978,000.00

T O T A L

14,230.00

4,165,500.00

L‐6

Rincian Kebutuhan Biaya Bangunan Gedung Alternatif‐1 : Investasi Keseluruhan Proses Manufacturing

NO.

I.

KOMPONEN

Subtotal‐I

150.00 300.00

1,000.00 150,000.00 1,000.00 300,000.00

450.00

450,000.00

Komponen Manufacturing Pupuk Organik 1. 2. 3. 4. 5. 6. 7.

Aerobic Digestion System Dewatering System Clarifying System Packaging System Produk Cair Drying System Pelletizing System Packaging System Produk Ganule

Subtotal‐II III.

Biaya Rp 000

Komponen Manufacturing Pemisahan Fraksi Organik Sampah 1. Magnetic Separator System 2. Crusher/Shredder System

II.

Harga Satuan Rp 000

Luas m2

250.00 230.00 70.00 120.00 160.00 2,100.00 300.00

500.00 500.00 500.00 1,000.00 250.00 1,000.00 1,000.00

3,230.00

125,000.00 115,000.00 35,000.00 120,000.00 40,000.00 2,100,000.00 300,000.00 2,835,000.00



1,600.00 1,600.00 400.00 400.00 500.00

750.00 250.00 750.00 500.00 1,000.00

1,200,000.00 400,000.00 300,000.00 200,000.00 500,000.00

Subtotal‐III

4,500.00

2,600,000.00

T O T A L

7,730.00

5,435,000.00

L‐7

Rincian Kebutuhan Biaya Infrastruktur Alternatif‐1 : Investasi Keseluruhan Proses Manufacturing

NO.

1. 2. 3. 4.

KOMPONEN

Jalan Di Lingkungan Industri Saluran Drainase Ruang Terbuka Hijau (RTH) Pagar T O T A L

Luas m2

Harga Satuan Rp 000

Biaya Rp 000

5,600.00 950.00 7,500.00 32,780.00

150.00 25.00 10.00 25.00

840,000.00 23,750.00 75,000.00 819,500.00

46,830.00

1,758,250.00

L‐8

LAMPIRAN‐2 RINCIAN BIAYA INVESTASI STRATEGI PENGEMBANGAN ALTERNATIF‐2 (PEMDA)

L‐9

Rekapitulasi Biaya Investasi Alternatif‐2 : Investasi Pemerintah Daerah Pada Proses Pemisahan Fraksi Organik

NO. I.

KOMPONEN

UNIT

VOLUME

HARGA SATUAN

BIAYA

Rp 000,‐

Rp 000,‐

BIAYA PRA KONSTRUKSI 1. Studi Kelayakan Teknis 2. Studi AMDAL 3. Perizinan Izin Produksi Izin Mendirikan Bangunan 4. Detailed Engineering Design

‐ ‐

Ls. Ls.

250,000.00 250,000.00 350,000.00 350,000.00

‐ ‐ ‐

Ls. Ls. Ls.

250,000.00 250,000.00 100,000.00 100,000.00 500,000.00 500,000.00

Sub Total ‐ I II.

1,450,000.00

BIAYA PENGADAAN LAHAN 1. Manufacturing Fraksi Organik 2. Penunjang Manufacturing 3. Infrastruktur & RTH

m2 m2 m2

10,750.00 60.00 645,000.00 2,900.00 60.00 174,000.00 10,300.00 60.00 618,000.00


1,437,000.00

BIAYA KONSTRUKSI MANUFACTURING FRAKSI ORGANIK 1. 2. 3. 4.


%

19,550,000.00 10 19,550,000.00 1,955,000.00 2,187,500.00 450,000.00

Sub Total ‐ III V.

24,142,500.00

BIAYA KONSTRUKSI BANGUNAN PENUNJANG MANUFACTURING 2. 3. 4. 5.

Workshop Operation Room Dormitory Office Building

m2 m2 m2 m2

1,600.00 400.00 400.00 500.00

250.00 750.00 500.00 1,000.00

Sub Total ‐ V VI.

400,000.00 300,000.00 200,000.00 500,000.00 1,400,000.00



m2 m2 m2 m2

4,100.00 700.00 5,500.00 23,950.00

150.00 25.00 10.00 25.00

615,000.00 17,500.00 55,000.00 598,750.00

Sub Total ‐ VI

1,286,250.00

T O T A L

29,715,750.00

L‐10

Rincian Kebutuhan Lahan Alternatif 2 : Investasi Pada Proses Manufacturing Fraksi Organik Sampah (PEMDA)

NO.

UKURAN EFEKTIF

KOMPONEN

RUANG ANTAR UNIT

m2 I.

m2



30 m x 30 m x 10

10.0%

5 m x 5 m x 5

10.0%

5 m x 5 m x 10

10.0%

Dia. 10 m x H. 10 m x 10

10.0%

10 m x 10 m

‐

10 m x 15 m

‐

5 m x 5 m x 10

10.0%

Subtotal‐I II.

9,000.00 150.00 300.00 800.00 100.00 150.00 250.00 10,750.00

Komponen Penunjang Manufacturing 1. 2. 3. 4.

III.

LUAS


40 m x 40 m

‐

20 m x 20 m

‐

20 m x 20 m

‐

20 m x 20 m

20.0%

1,600.00 400.00 400.00 500.00

Subtotal‐II

2,900.00

Subtotal I‐II

13,650.00



‐

4,100.00 700.00 5,500.00

Subtotal III

10,300.00

T O T A L

23,950.00

L‐11

Rincian Kebutuhan Biaya Struktur Alternatif 2 : Investasi Pada Proses Manufacturing Fraksi Organik Sampah (PEMDA)

NO.

KOMPONEN

Luas m2

Plat Beton Dalam m

Volume m3

Harga Satuan Rp 000

Biaya Rp 000

0.15 0.25 0.25 0.30 0.25 0.25 0.25

1,350.00 37.50 75.00 240.00 25.00 37.50 62.50

1,000.00 1,000.00 1,000.00 2,500.00 1,000.00 1,000.00 1,000.00

1,350,000.00 37,500.00 75,000.00 600,000.00 25,000.00 37,500.00 62,500.00



T O T A L

9,000.00 150.00 300.00 800.00 100.00 150.00 250.00 10,750.00

2,187,500.00

Rincian Kebutuhan Biaya Bangunan Gedung Alternatif 2 : Investasi Pada Proses Manufacturing Fraksi Organik Sampah (PEMDA)

KOMPONEN

NO.

I.

Harga Satuan Rp 000

Biaya Rp 000

Komponen Manufacturing Pemisahan Fraksi Organik Sampah 1. Magnetic Separator System 2. Crusher/Shredder System Subtotal‐I

II.

Luas m2

150.00 300.00

1,000.00 150,000.00 1,000.00 300,000.00

450.00

450,000.00

Komponen Penunjang Manufacturing 2. 3. 4. 5.


1,600.00 400.00 400.00 500.00

250.00 750.00 500.00 1,000.00

400,000.00 300,000.00 200,000.00 500,000.00

Subtotal‐II

2,900.00

1,400,000.00

T O T A L

3,350.00

1,850,000.00

L‐12

Rincian Kebutuhan Biaya Infrastruktur Alternatif 2 : Investasi Pada Proses Manufacturing Fraksi Organik Sampah (PEMDA)

NO.

1. 2. 3. 4.

KOMPONEN


Luas m2

Harga Satuan Rp 000

Biaya Rp 000

4,100.00 700.00 5,500.00 23,950.00

150.00 25.00 10.00 25.00

615,000.00 17,500.00 55,000.00 598,750.00

34,250.00

1,286,250.00

L‐13

L‐14

LAMPIRAN‐3 RINCIAN BIAYA INVESTASI STRATEGI PENGEMBANGAN ALTERNATIF‐2 (SWASTA)

L‐15

Rekapitulasi Biaya Investasi Alternatif‐2 : Investasi Swasta pada Proses Pupuk Organik

NO. I.

KOMPONEN

HARGA SATUAN Rp 000,‐

UNIT

VOLUME

‐ ‐

Ls. Ls.

250,000.00 250,000.00 500,000.00 500,000.00

‐ ‐ ‐

Ls. Ls. Ls.

250,000.00 250,000.00 100,000.00 100,000.00 500,000.00 500,000.00

BIAYA PRA KONSTRUKSI 1. Studi Kelayakan Teknis 2. Studi AMDAL 3. Perizinan Izin Produksi Izin Mendirikan Bangunan 4. Detailed Engineering Design Sub Total ‐ I

II.

1,600,000.00

BIAYA PENGADAAN LAHAN 2. Manufacturing Fertilzer 3. Penunjang Manufacturing 4. Infrastruktur & RTH

m2 m2 m2

3,480.00 4,500.00 6,100.00

60.00 208,800.00 60.00 270,000.00 60.00 366,000.00


844,800.00

BIAYA KONSTRUKSI MANUFACTURING ORGANIC FERTILIZER 1. 2. 3. 4.


%

23,090,000.00 10 23,090,000.00 2,309,000.00 1,978,000.00 2,835,000.00

Sub Total ‐ III IV.

30,212,000.00

BIAYA KONSTRUKSI BANGUNAN PENUNJANG MANUFACTURING 1. 2. 3. 4. 5.


m2 m2 m2 m2 m2

1,600.00 1,600.00 400.00 400.00 500.00

750.00 250.00 750.00 500.00 1,000.00

Sub Total ‐ IV V.

BIAYA Rp 000,‐

1,200,000.00 400,000.00 300,000.00 200,000.00 500,000.00 2,600,000.00



m2 m2 m2 m2

2,500.00 400.00 3,200.00 14,080.00

150.00 25.00 10.00 25.00

375,000.00 10,000.00 32,000.00 352,000.00

Sub Total ‐ V

769,000.00

T O T A L

36,025,800.00

L‐16

Rincian Kebutuhan Lahan Alternatif 2 : Investasi Pada Proses Manufacturing Pengolahan Pupuk Organik (SWASTA)

KOMPONEN

NO.

UKURAN EFEKTIF

RUANG ANTAR UNIT

m2 I.

m2



Dia. 5.5 m x H. 10 m x 10

10.0%

5 m x 5 m x 10

‐

Dia. 7.5 m x H. 5 m x 5 Dia. 4.0 m x H. 5 m x 5

10.0%

Dia. 4.0 m x H. 3 m x 10

10.0%

Dia. 6.5 m x H. 5 m x 5

10.0%

25 m x 25 m x 3

10.0%

10 m x 10 m x 3

10.0%

Subtotal‐II II.

250.00 250.00 230.00 70.00 120.00 160.00 2,100.00 300.00 3,480.00


III.

LUAS


40 m x 40 m

‐

40 m x 40 m

‐

20 m x 20 m

‐

20 m x 20 m

‐

20 m x 20 m

20.0%

1,600.00 1,600.00 400.00 400.00 500.00

Subtotal‐II

4,500.00

Subtotal I‐II

7,980.00



‐

2,500.00 400.00 3,200.00

Subtotal III

6,100.00

T O T A L

14,080.00

L‐17

Rincian Kebutuhan Biaya Struktur Alternatif 2 : Investasi Pada Proses Manufacturing Pengolahan Pupuk Organik (SWASTA)

KOMPONEN

NO.

Luas m2

Plat Beton Dalam Volume m m3

Harga Satuan Rp 000

Biaya Rp 000

2,500.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 2,500.00 1,000.00

187,500.00 37,500.00 57,500.00 17,500.00 18,000.00 40,000.00 1,575,000.00 45,000.00



T O T A L

250.00 250.00 230.00 70.00 120.00 160.00 2,100.00 300.00

0.30 0.15 0.25 0.25 0.15 0.25 0.30 0.15

75.00 37.50 57.50 17.50 18.00 40.00 630.00 45.00

3,480.00

1,978,000.00

Rincian Kebutuhan Biaya Bangunan Gedung Alternatif 2 : Investasi Pada Proses Manufacturing Pengolahan Pupuk Organik (SWASTA)

NO.

I.

KOMPONEN

Harga Satuan Rp 000

Biaya Rp 000

250.00 230.00 70.00 120.00 160.00 2,100.00 300.00

500.00 500.00 500.00 1,000.00 250.00 1,000.00 1,000.00

125,000.00 115,000.00 35,000.00 120,000.00 40,000.00 2,100,000.00 300,000.00

Komponen Manufacturing Pupuk Organik 1. 2. 3. 4. 5. 6. 7.

Aerobic Digestion System Dewatering System Clarifying System Packaging System Produk Cair Drying System Pelletizing System Packaging System Produk Ganule

Subtotal‐I II.

Luas m2

3,230.00

2,835,000.00



1,600.00 1,600.00 400.00 400.00 500.00

750.00 250.00 750.00 500.00 1,000.00

1,200,000.00 400,000.00 300,000.00 200,000.00 500,000.00

Subtotal‐II

4,500.00

2,600,000.00

T O T A L

7,730.00

5,435,000.00

L‐18

Rincian Kebutuhan Biaya Infrastruktur Alternatif 2 : Investasi Pada Proses Manufacturing Pengolahan Pupuk Organik (SWASTA)

KOMPONEN

NO.

1. 2. 3. 4.


Luas m2

Harga Satuan Rp 000

Biaya Rp 000

2,500.00 400.00 3,200.00 14,080.00

150.00 25.00 10.00 25.00

375,000.00 10,000.00 32,000.00 352,000.00

20,180.00

769,000.00

L‐19

L‐20

LAMPIRAN‐4 RINCIAN BIAYA MANUFACTURING BIAYA PENJUALAN, UMUM & ADMINISTRASI STRATEGI PENGEMBANGAN ALTERNATIF‐1

L‐21

Biaya Manufacturing (Manufacturing Cost) Strategi Pengembangan Alternatif‐1

NO.

U R A I AN

I.

Proses Pemisahan Fraksi Organik

1. 2. 3. 4. 5. 6. 7.

Tenaga Kerja Energi Listrik Retribusi Air Baku Pengolahan Air Limbah Transportasi Sampah Terbuang Equipment Maintenance Kontribusi PAD Kepada Pemda

SATUAN

Orang.bulan Kwh/tahun m3/tahun m3/tahun m3/tahun bulan Ton/Tahun

VOLUME

744 476,537 1,166,400 1,036,800 163,330 12 205,725

HARGA SATUAN

BIAYA

Rp

Rp

1,200,000.00 1,400.00 150.00 200.00 1,000.00 19,550,000.00 10,000.00

892,800,000.00 667,151,763.34 174,960,000.00 207,360,000.00 163,330,128.00 234,600,000.00 2,057,250,000.00

SUB JUMLAH ‐ I II.

Proses Pengolahan Pupuk

1. 2. 3. 4. 5. 6. 7. 8. 9.

Tenaga Kerja Energi Listrik Molasses Thermophilic Bacteria Kapur Pengatur pH Kemasan Produk Cair Kemasan Produk Granule Equipment Maintenance Lisensi Merk Produk Pupuk Cair Lisensi Merk Produk Pupuk Granule

4,397,451,891

Orang.bulan Kwh/tahun m3/tahun m3/tahun Can Zak bulan Ton/Tahun Ton/Tahun

684.00 932,887.03 33,871.94 3,387.19 600,000.00 300,000.00 12.00 6,000.00 15,000.00

1,200,000.00 1,400.00 20,000.00 2,500.00 750.00 500.00 23,090,000.00 100,000.00 100,000.00

820,800,000.00 1,306,041,848.93 677,438,713.22 8,467,983.92 450,000,000.00 150,000,000.00 277,080,000.00 600,000,000.00 1,500,000,000.00

SUB JUMLAH ‐ II

5,789,828,546

J U M L A H

10,187,280,437

L‐22

Rincian Kebutuhan Tenaga Kerja dan Energi Listrik Manufacturing Proses Pemisahan Fraksi Organik Sampah Kota

NO.

1.

KOMPONEN PROSES

Raw Materials Handling Tipping Floor Bucket Haul System Hydraulic Grab Bucket Bridge Crane

2.

Magnetic Separator System Selector Chamber Magnetic Generator Screw Conveyor ke Crusher

3.

Crusher/Shredder System Crusher Chamber Screw Conveyor ke Pulper

4.

Pulper/Slurrying System Slurrying Tank Mixer Blade Scrapper Floating Materials

5.

JUMLAH

Waktu Operasi

Unit

Jam

LABOR Org/Unit

3.57

Orang

ENERGI Per unit

Total

Kwatt

KWH

20

339.38

10 3.57 1 10 ‐

‐

10 3.57 1 10 4.00 142.90 10 3.57 ‐ 5.50 196.48

2.74

10

205.73

5 2.74 ‐ 3.50 48.00 5 2.74 1 5 6.00 82.29 5 2.74 1 5 5.50 75.43

2.73

10

245.51

10 2.73 1 10 3.50 95.48 10 2.73 ‐ 5.50 150.04

3.93

10

509.02

10 3.93 1 10 10 3.93 ‐ 2.50 98.13 10 3.93 ‐ 5.50 215.88

Water & Waste Water System

2

60.00

Water Supply System Waste Water Treatment

1 12.00 1 1 3.00 36.00 1 12.00 1 1 2.00 24.00

6.

Screw Coveyor Ke Screener

10 1.36 ‐

7.

Screener / Siever System Screener/Siever Chamber Screw Conveyor ke Proses Pengolahan Pupuk Organik JUMLAH

2.86

5.50 75.02

10

228.82

10 2.86 1 10 2.50 71.51 10 2.86 ‐ 5.50 157.32

62.00

1,588.46

L‐23

Rincian Kebutuhan Tenaga Kerja dan Energi Listrik Manufacturing Proses Pupuk Organik

NO.

1.

KOMPONEN PROSES

4.

5.

Orang

24.00

Total

Kwatt

KWH

10

1,320.00

10 72.00 1.0 10.0 10 24.00 ‐ 5.50 1,320.00

1,215.00 10 10 10 10

2.00 24.00 15.00 2.86

‐ ‐ ‐ ‐

0.75 5.00 0.50 5.50

1.22

5

15.00 1,200.00 75.00 157.30

139.41

5 2.21 1.0 5.0 3.50 38.64

Screw Conveyor ke Drying Unit Pompa ke Clarifying Unit

5 3.39 ‐ 5 1.22 ‐

Clarifying Unit

5.50 93.15 1.25 7.62

1.22

5

13.99

Clarifying Tank Steerer

5 ‐ ‐ ‐ ‐ 5 1.26 1 5 1.50 9.42

Pompa ke Packaging Feeder

5 1.22 ‐

Packaging Unit Produk Cair

0.75 4.57

1.52 10 1.52 2 20 1.52

Drying Unit

2.85

45.73

20

‐ ‐ 1.50 45.73

5

119.70

2.96

6

208.95

3 2.96 1 3 7.50 66.69 3 2.96 1 3 11.50 102.25 3 2.96 ‐ 4.50 40.01

Packaging Unit Produk Granule Granule Milling Machine

20

5 3.32 1 5 ‐ 5 3.32 ‐ 2.50 41.46 5 2.85 ‐ 5.50 78.24

Pelletizing Process Pelletizing Disc (Granulating) Rotary Dryer Conveyor Belt

8.

Org./Unit

ENERGI Per unit

Dewatering Tank

Drying Tank Blower Screw Conveyor 7.

Jam

Dewatering Unit

Packaging Feeder Pompa Dispenser 6.

Unit

LABOR

Aerobic Digestion System Feeder Thermophyllic Bacteria Aerator System pH Regulator System Screw Conveyor

3.

Waktu Operasi

Aerobic Digestion Tank Digestion Tank (Operasi 3 Hari) Mixer Blade

2.

JUMLAH

3.95

6

46.85

3 3.95 2 6 3.95 46.85

JUMLAH

57.00

3,109.62

Biaya Penjualan, Administrasi & Umum Strategi Pengembangan Alternatif‐1

NO. 1.

U R A I AN

VOLUME

HARGA SATUAN

BIAYA

Rp

Rp

Biaya Penjualan Distribusi Produk Pemasaran produk

2.

SATUAN

1,300,000,000.00 Ton/Tahun

21,000.00

50,000.00

1,050,000,000.00

Tahun

1

250,000,000.00

250,000,000.00

Personalia

1,926,000,000.00

Gaji

Tahun

1 1,716,000,000.00

1,716,000,000.00

Pengembangan SDM

Tahun

1 210,000,000.00

210,000,000.00

J U M L A H

3,226,000,000.00

L‐24

Rincian Biaya Gaji Strategi Pengembangan Alternatif‐1 NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

U R A I AN

Direktur Utama Direktur Produksi Direktur Sales & Marketing Manajer R & D Manajer Penjualan (Sales) Manajer Marketing Manajer Pabrik Staf Bagian Penjualan Staf Bagian Marketing Staf Bagian R & D Staf Bagian Produksi Pengawas Proses‐1 Pengawas Proses‐2

SATUAN

Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang

VOLUME

1 1 1 1 1 1 1 2 2 2 2 3 3

J U M L A H

21

HARGA SATUAN

BIAYA

Rp/Bulan

Rp/Tahun

35,000,000.00 20,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00

420,000,000.00 240,000,000.00 240,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00 72,000,000.00 72,000,000.00 1,716,000,000.00

L‐25

L‐26

LAMPIRAN‐5 RINCIAN BIAYA MANUFACTURING BIAYA PENJUALAN, UMUM & ADMINISTRASI STRATEGI PENGEMBANGAN ALTERNATIF‐2 (PEMDA)

L‐27

Rincian Biaya Manufacturing (Manufacturing Cost) Pemisahan Fraksi Organik Sampah Kota Strategi Pengembangan Alternatif‐2 (Pemda)

U R A I AN

NO.

1. 2. 3. 4. 5. 6.

SATUAN

Tenaga Kerja Energi Listrik Retribusi Air Baku Pengolahan Air Limbah Transportasi Sampah Terbuang Equipment Maintenance

HARGA SATUAN

BIAYA

Rp

Rp

1,200,000.00 1,400.00 150.00 200.00 1,000.00 19,550,000.00

892,800,000.00 667,151,763.34 174,960,000.00 207,360,000.00 163,330,128.00 234,600,000.00

VOLUME

Orang.bulan Kwh/tahun m3/tahun m3/tahun m3/tahun bulan

744 476,537 1,166,400 1,036,800 163,330 12

JUMLAH

2,340,201,891

Biaya Penjualan, Administrasi & Umum Strategi Pengembangan Alternatif‐2 (Pemda) U R A I AN

NO. 1.

SATUAN

HARGA SATUAN

BIAYA

Rp

Rp

Biaya Penjualan Distribusi Produk

Ton/Tahun

‐

‐

‐

Tahun

‐

‐

‐

Pemasaran produk

2.

VOLUME

Personalia

1,100,000,000.00

Gaji

Tahun

1 1,020,000,000.00

1,020,000,000.00

Pengembangan SDM

Tahun

1 80,000,000.00

80,000,000.00

J U M L A H

1,100,000,000.00

Rincian Biaya Gaji Strategi Pengembangan Alternatif‐2 (Pemda)

NO.

1. 2. 3. 5. 6. 7.

U R A I AN

Direktur Utama Direktur Produksi Direktur Keuangan Staf Bagian Keuangan Staf Bagian Poduksi Pengawas Proses J U M L A H

SATUAN

Orang Orang Orang Orang Orang Orang

VOLUME

1 1 1 1 1 3 8

HARGA SATUAN

BIAYA

Rp/Bulan

Rp/Tahun

35,000,000.00 20,000,000.00 20,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00

420,000,000.00 240,000,000.00 240,000,000.00 24,000,000.00 24,000,000.00 72,000,000.00 1,020,000,000.00

L‐28

LAMPIRAN‐6 RINCIAN BIAYA MANUFACTURING BIAYA PENJUALAN, UMUM & ADMINISTRASI STRATEGI PENGEMBANGAN ALTERNATIF‐2 (SWASTA)

L‐29

Rincian Biaya Manufacturing (Manufacturing Cost) Pengolahan Pupuk Organik Strategi Pengembangan Alternatif‐2 (Swasta)

U R A I AN

NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

SATUAN

Raw Materials (Pulp Fraksi Organik) Tenaga Kerja Energi Listrik Molasses Thermophilic Bacteria Kapur Pengatur pH Kemasan Produk Cair Kemasan Produk Granule Equipment Maintenance Lisensi Merk Produk Pupuk Cair Lisensi Merk Produk Pupuk Granule

Ton/Thn. Orang.bulan Kwh/tahun m3/tahun m3/tahun Can Zak bulan Ton/Tahun Ton/Tahun

HARGA SATUAN

BIAYA

Rp

Rp

50.00 1,200,000.00 1,400.00 20,000.00 2,500.00 750.00 500.00 23,090,000.00 100,000.00 100,000.00

6,435,667,775.63 820,800,000.00 1,306,041,848.93 677,438,713.22 8,467,983.92 450,000,000.00 150,000,000.00 277,080,000.00 600,000,000.00 1,500,000,000.00

VOLUME 128,713.36 684.00 932,887.03 33,871.94 3,387.19 600,000.00 300,000.00 12.00 6,000.00 15,000.00

JUMLAH

12,225,496,322

`

Biaya Penjualan, Administrasi & Umum Strategi Pengembangan Alternatif‐2 (Swasta) U R A I AN

NO. 1.

SATUAN

HARGA SATUAN

BIAYA

Rp

Rp

Biaya Penjualan Distribusi Produk

1,300,000,000.00 Ton/Tahun

21,000.00

50,000.00

1,050,000,000.00

Tahun

1

250,000,000.00

250,000,000.00

Pemasaran produk

2.

VOLUME

Personalia

1,824,000,000.00

Gaji

Tahun

1 1,644,000,000.00

1,644,000,000.00

Pengembangan SDM

Tahun

1 180,000,000.00

180,000,000.00

J U M L A H

3,124,000,000.00

Rincian Biaya Gaji Strategi Pengembangan Alternatif‐2 (Swasta) NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.

U R A I AN

Direktur Utama Direktur Produksi Direktur Sales & Marketing Manajer R & D Manajer Penjualan (Sales) Manajer Marketing Manajer Pabrik Staf Bagian Penjualan Staf Bagian Marketing Staf Bagian R & D Staf Bagian Produksi Pengawas Proses

SATUAN

Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang Orang

VOLUME

1 1 1 1 1 1 1 2 2 2 2 3

J U M L A H

18

HARGA SATUAN

BIAYA

Rp/Bulan

Rp/Tahun

35,000,000.00 20,000,000.00 20,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 10,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00

420,000,000.00 240,000,000.00 240,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00 48,000,000.00 72,000,000.00 1,644,000,000.00

L‐30

LAMPIRAN‐7 PAYMENT SCHEDULE MASA PINJAMAN 10 TAHUN L‐31

ALTERNATIF‐1 Debt Interest Rate

Tahun

Total Aset Operasi T‐1 Withdrawal

‐2 ‐1 1 2 3 4 5 6 7 8 9 10

60.0% 14.5%

PAYMENT SCHEDULE : 10 TAHUN 77,000,000.00 62,300,000.00 14,700,000.00 Repayment

18,690,000.00 ‐ 18,690,000.00 ‐ 8,820,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00 4,620,000.00

Balance of Repayment

Interest

46,200,000.00 41,580,000.00 36,960,000.00 32,340,000.00 27,720,000.00 23,100,000.00 18,480,000.00 13,860,000.00 9,240,000.00 4,620,000.00

9,409,050.00 8,739,150.00 5,359,200.00 4,689,300.00 4,019,400.00 3,349,500.00 2,679,600.00 2,009,700.00 1,339,800.00 669,900.00

46,200,000.00 46,200,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

65.0% 14.5%


20,247,500.00 ‐ 20,247,500.00 ‐ 9,555,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00 5,005,000.00

50,050,000.00 50,050,000.00


Interest

50,050,000.00 45,045,000.00 40,040,000.00 35,035,000.00 30,030,000.00 25,025,000.00 20,020,000.00 15,015,000.00 10,010,000.00 5,005,000.00

10,193,137.50 9,467,412.50 5,805,800.00 5,080,075.00 4,354,350.00 3,628,625.00 2,902,900.00 2,177,175.00 1,451,450.00 725,725.00

L‐32

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

70.0% 14.5%


21,805,000.00 ‐ 21,805,000.00 ‐ 10,290,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00 5,390,000.00

53,900,000.00 53,900,000.00


Interest

53,900,000.00 48,510,000.00 43,120,000.00 37,730,000.00 32,340,000.00 26,950,000.00 21,560,000.00 16,170,000.00 10,780,000.00 5,390,000.00

10,977,225.00 10,195,675.00 6,252,400.00 5,470,850.00 4,689,300.00 3,907,750.00 3,126,200.00 2,344,650.00 1,563,100.00 781,550.00

L‐33

ALTERNATIF‐2 (PEMDA) Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

60.0% 14.5%


8,940,000.00 ‐ 8,940,000.00 ‐ 2,220,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00 2,010,000.00


Interest

20,100,000.00 18,090,000.00 16,080,000.00 14,070,000.00 12,060,000.00 10,050,000.00 8,040,000.00 6,030,000.00 4,020,000.00 2,010,000.00

4,210,800.00 3,919,350.00 2,331,600.00 2,040,150.00 1,748,700.00 1,457,250.00 1,165,800.00 874,350.00 582,900.00 291,450.00

20,100,000.00 20,100,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

65.0% 14.5%


9,685,000.00 ‐ 9,685,000.00 ‐ 2,405,000.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00 2,177,500.00

21,775,000.00 21,775,000.00


Interest

21,775,000.00 19,597,500.00 17,420,000.00 15,242,500.00 13,065,000.00 10,887,500.00 8,710,000.00 6,532,500.00 4,355,000.00 2,177,500.00

4,561,700.00 4,245,962.50 2,525,900.00 2,210,162.50 1,894,425.00 1,578,687.50 1,262,950.00 947,212.50 631,475.00 315,737.50

L‐34

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

70.0% 14.5%


10,430,000.00 ‐ 10,430,000.00 ‐ 2,590,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00 2,345,000.00

23,450,000.00 23,450,000.00


Interest

23,450,000.00 21,105,000.00 18,760,000.00 16,415,000.00 14,070,000.00 11,725,000.00 9,380,000.00 7,035,000.00 4,690,000.00 2,345,000.00

4,912,600.00 4,572,575.00 2,720,200.00 2,380,175.00 2,040,150.00 1,700,125.00 1,360,100.00 1,020,075.00 680,050.00 340,025.00

L‐35

ALTERNATIF‐2 (SWASTA) `

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

60.0% 14.5%


10,830,000.00 ‐ 10,830,000.00 ‐ 9,840,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00 3,150,000.00


Interest

31,500,000.00 28,350,000.00 25,200,000.00 22,050,000.00 18,900,000.00 15,750,000.00 12,600,000.00 9,450,000.00 6,300,000.00 3,150,000.00

6,137,850.00 5,681,100.00 3,654,000.00 3,197,250.00 2,740,500.00 2,283,750.00 1,827,000.00 1,370,250.00 913,500.00 456,750.00

31,500,000.00 31,500,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

65.0% 14.5%


11,732,500.00 ‐ 11,732,500.00 ‐ 10,660,000.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00 3,412,500.00


Interest

34,125,000.00 30,712,500.00 27,300,000.00 23,887,500.00 20,475,000.00 17,062,500.00 13,650,000.00 10,237,500.00 6,825,000.00 3,412,500.00

6,649,337.50 6,154,525.00 3,958,500.00 3,463,687.50 2,968,875.00 2,474,062.50 1,979,250.00 1,484,437.50 989,625.00 494,812.50

34,125,000.00 34,125,000.00

L‐36

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5 6 7 8 9 10

70.0% 14.5%


12,635,000.00 ‐ 12,635,000.00 ‐ 11,480,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00 3,675,000.00

36,750,000.00 36,750,000.00


Interest

36,750,000.00 33,075,000.00 29,400,000.00 25,725,000.00 22,050,000.00 18,375,000.00 14,700,000.00 11,025,000.00 7,350,000.00 3,675,000.00

7,160,825.00 6,627,950.00 4,263,000.00 3,730,125.00 3,197,250.00 2,664,375.00 2,131,500.00 1,598,625.00 1,065,750.00 532,875.00

L‐37

L‐38

LAMPIRAN‐8 PAYMENT SCHEDULE MASA PINJAMAN 5 TAHUN L‐39

ALTERNATIF‐1 Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

60.0% 14.5%


18,690,000.00 ‐ 18,690,000.00 ‐ 8,820,000.00 9,240,000.00 9,240,000.00 9,240,000.00 9,240,000.00 9,240,000.00


Interest

46,200,000.00 36,960,000.00 27,720,000.00 18,480,000.00 9,240,000.00

9,409,050.00 8,069,250.00 4,019,400.00 2,679,600.00 1,339,800.00

46,200,000.00 46,200,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

65.0% 14.5%


20,247,500.00 ‐ 20,247,500.00 ‐ 9,555,000.00 10,010,000.00 10,010,000.00 10,010,000.00 10,010,000.00 10,010,000.00

50,050,000.00 50,050,000.00


Interest

50,050,000.00 40,040,000.00 30,030,000.00 20,020,000.00 10,010,000.00

10,193,137.50 8,741,687.50 4,354,350.00 2,902,900.00 1,451,450.00

L‐40

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

70.0% 14.5%


21,805,000.00 ‐ 21,805,000.00 ‐ 10,290,000.00 10,780,000.00 10,780,000.00 10,780,000.00 10,780,000.00 10,780,000.00

53,900,000.00 53,900,000.00


Interest

53,900,000.00 43,120,000.00 32,340,000.00 21,560,000.00 10,780,000.00

10,977,225.00 9,414,125.00 4,689,300.00 3,126,200.00 1,563,100.00

L‐41

ALTERNATIF‐2 (PEMDA) Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

60.0% 14.5%


8,940,000.00 ‐ 8,940,000.00 ‐ 2,220,000.00 4,020,000.00 4,020,000.00 4,020,000.00 4,020,000.00 4,020,000.00


Interest

20,100,000.00 16,080,000.00 12,060,000.00 8,040,000.00 4,020,000.00

4,210,800.00 3,627,900.00 1,748,700.00 1,165,800.00 582,900.00

20,100,000.00 20,100,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

65.0% 14.5%


9,685,000.00 ‐ 9,685,000.00 ‐ 2,405,000.00 4,355,000.00 4,355,000.00 4,355,000.00 4,355,000.00 4,355,000.00

21,775,000.00 21,775,000.00


Interest

21,775,000.00 17,420,000.00 13,065,000.00 8,710,000.00 4,355,000.00

4,561,700.00 3,930,225.00 1,894,425.00 1,262,950.00 631,475.00

L‐42

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

70.0% 14.5%


10,430,000.00 ‐ 10,430,000.00 ‐ 2,590,000.00 4,690,000.00 4,690,000.00 4,690,000.00 4,690,000.00 4,690,000.00

23,450,000.00 23,450,000.00


Interest

23,450,000.00 18,760,000.00 14,070,000.00 9,380,000.00 4,690,000.00

4,912,600.00 4,232,550.00 2,040,150.00 1,360,100.00 680,050.00

L‐43

ALTERNATIF‐2 (SWASTA) `

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

60.0% 14.5%


10,830,000.00 ‐ 10,830,000.00 ‐ 9,840,000.00 6,300,000.00 6,300,000.00 6,300,000.00 6,300,000.00 6,300,000.00


Interest

31,500,000.00 25,200,000.00 18,900,000.00 12,600,000.00 6,300,000.00

6,137,850.00 5,224,350.00 2,740,500.00 1,827,000.00 913,500.00

31,500,000.00 31,500,000.00

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

65.0% 14.5%


11,732,500.00 ‐ 11,732,500.00 ‐ 10,660,000.00 6,825,000.00 6,825,000.00 6,825,000.00 6,825,000.00 6,825,000.00


Interest

34,125,000.00 27,300,000.00 20,475,000.00 13,650,000.00 6,825,000.00

6,649,337.50 5,659,712.50 2,968,875.00 1,979,250.00 989,625.00

34,125,000.00 34,125,000.00

L‐44

Debt Interest Rate

Tahun


‐2 ‐1 1 2 3 4 5

70.0% 14.5%


12,635,000.00 ‐ 12,635,000.00 ‐ 11,480,000.00 7,350,000.00 7,350,000.00 7,350,000.00 7,350,000.00 7,350,000.00

36,750,000.00 36,750,000.00


Interest

36,750,000.00 29,400,000.00 22,050,000.00 14,700,000.00 7,350,000.00

7,160,825.00 6,095,075.00 3,197,250.00 2,131,500.00 1,065,750.00

L‐45

L‐46

LAMPIRAN‐9 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐1 (Masa Pinjaman 10 Tahun)

L‐47

L‐48

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.

Revenues/Sales ‐ Materi Daur‐ulang ‐ Pupuk Organik Cair ‐ Pupuk Organik Granule Total Revenues/Sales Biaya Manufacturing Gross Profit Operating Expenses SG&A R&D Social & Environmental Depreciation Earnings Before Interest & Taxes Interest of Long‐term Debt Earnings Before Taxes (EBT) Income Tax (Tax Rate = 30%) Earnings After Taxes (EAT)

U R A I A N

60 % 10 Tahun

Alternatif‐1

Debt Payment Schedule

Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari

300 Hari Produksi Harga

SKENARIO‐1.A

Materi Daur‐ulang Pupuk Organik Cair Pupuk Organik Granule

Produk

Hari Kerja per Tahun

15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 9,409,050 35,547,252 10,664,176 24,883,076

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 8,739,150 34,973,859 10,492,158 24,481,701

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 5,359,200 36,997,415 11,099,225 25,898,191

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 4,689,300 36,187,072 10,856,121 25,330,950

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 4,019,400 35,241,083 10,572,325 24,668,758

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 3,349,500 49,962,702 14,988,811 34,973,891

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 2,679,600 48,705,322 14,611,597 34,093,726

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 2,009,700 47,269,545 14,180,864 33,088,682

8

19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 1,339,800 45,638,247 13,691,474 31,946,773

9

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 669,900 43,792,629 13,137,789 30,654,840

10

Proforma Income Statement Alternatif‐1 Skenario‐1.A

23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

L‐49

36,979,797

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN

Growth Rate (g) 5.00%

Cost of Equity (Ke) 31.92%

3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

24,883,076 24,481,701 25,898,191 25,330,950 24,668,758 34,973,891 34,093,726 33,088,682 31,946,773 30,654,840 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 4,620,000 ‐ ‐ ‐ ‐ ‐

Investment in Fixed Assets (‐/‐)

Risk‐free Terminal Rate Value (Rf) 8.25% 164,050,278

28,512,993 28,111,618 29,528,107 28,960,867 28,298,675 38,603,808 37,723,642 36,718,598 35,576,690 34,284,757 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797

After‐tax Operating Cash Flow

Terminal Value

(77,000,000) 23,892,993 23,491,618 24,908,107 24,340,867 23,678,675 33,983,808 33,103,642 32,098,598 30,956,690 29,664,757 46,667,524 44,561,846 42,258,404 39,738,060 201,030,075

Free Cash Flow

NPV Rp 000,‐ 19.48% 69,154,324

WACC

(77,000,000) 23,892,993 23,491,618 24,908,107 24,340,867 23,678,675 33,983,808 33,103,642 32,098,598 30,956,690 29,664,757 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 164,050,278

Free Cash Flow

(77,000,000) 19,997,567 16,456,070 14,603,621 11,944,348 9,725,018 11,681,851 9,524,057 7,729,277 6,238,985 5,003,879 6,588,513 5,265,534 4,179,256 3,289,267 13,927,081

Discounted Free Cash Flow (77,000,000) (57,002,433) (40,546,363) (25,942,742) (13,998,394) (4,273,376) 7,408,475 16,932,532 24,661,810 30,900,795 35,904,674 42,493,187 47,758,721 51,937,977 55,227,244 69,154,324

Accumulated Discounted FCF

Pay Back Profitability Period Index (Tahun) 34.63% 3.19 1.90 IRR

1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693

Discount Factor at WACC

Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐1 (Skenario‐1 : 60% Debt dan Jangka Waktu Pinjaman 10 Tahun)

ROI 19.0%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (53,107,007) (29,615,389) (4,707,282) 19,633,585 43,312,260 77,296,068 110,399,710 142,498,309 173,454,998 203,119,755 249,787,279 294,349,125 336,607,529 376,345,589 577,375,665

Accumulated FCF

14,655,073

37,626,791 30,621,320 24,833,679 20,058,514 16,124,589 18,325,939 14,783,659 11,866,342 9,467,916 7,499,982 8,680,060 6,909,449 5,457,522 4,269,722 3,300,618

PV EBIT

L‐50

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

65 % 10 Tahun

Alternatif‐1


Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐2.A


Produk


15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 10,193,138 34,763,164 10,428,949 24,334,215

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 9,467,413 34,245,597 10,273,679 23,971,918

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 5,805,800 36,550,815 10,965,245 25,585,571

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 5,080,075 35,796,297 10,738,889 25,057,408

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 4,354,350 34,906,133 10,471,840 24,434,293

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 3,628,625 49,683,577 14,905,073 34,778,504

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 2,902,900 48,482,022 14,544,607 33,937,416

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 2,177,175 47,102,070 14,130,621 32,971,449

8

19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 1,451,450 45,526,597 13,657,979 31,868,618

9

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 725,725 43,736,804 13,121,041 30,615,763

10

Proforma Income Statement Alternatif‐1 Skenario‐2.A

23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

36,979,797

Terminal Value FCFt



3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

24,334,215 23,971,918 25,585,571 25,057,408 24,434,293 34,778,504 33,937,416 32,971,449 31,868,618 30,615,763 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 5,005,000 ‐ ‐ ‐ ‐ ‐



27,964,132 27,601,834 29,215,487 28,687,324 28,064,210 38,408,421 37,567,332 36,601,366 35,498,535 34,245,679 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797


Terminal Value

(77,000,000) 22,959,132 22,596,834 24,210,487 23,682,324 23,059,210 33,403,421 32,562,332 31,596,366 30,493,535 29,240,679 46,667,524 44,561,846 42,258,404 39,738,060 184,117,676

Free Cash Flow

NPV Rp 000,‐ 19.39% 65,645,946

WACC

(77,000,000) 22,959,132 22,596,834 24,210,487 23,682,324 23,059,210 33,403,421 32,562,332 31,596,366 30,493,535 29,240,679 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 147,137,878

Free Cash Flow

(77,000,000) 19,230,604 15,853,404 14,227,085 11,656,661 9,506,742 11,534,950 9,418,413 7,654,852 6,187,923 4,970,065 6,643,957 5,313,892 4,220,852 3,324,537 12,902,011




1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701


ROI 19.1%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (54,040,868) (31,444,034) (7,233,547) 16,448,778 39,507,987 72,911,408 105,473,740 137,070,106 167,563,641 196,804,320 243,471,844 288,033,690 330,292,094 370,030,154 554,147,830

Accumulated FCF

14,714,242

37,655,467 30,668,012 24,890,501 20,119,732 16,186,127 18,409,898 14,862,707 11,938,884 9,533,055 7,557,337 8,753,105 6,972,904 5,511,841 4,315,504 3,338,552

PV EBIT

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


L‐51

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

70 % 10 Tahun

Alternatif‐1


Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐3.A


Produk


15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 10,977,225 33,979,077 10,193,723 23,785,354

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 10,195,675 33,517,334 10,055,200 23,462,134

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 6,252,400 36,104,215 10,831,265 25,272,951

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 5,470,850 35,405,522 10,621,656 24,783,865

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 4,689,300 34,571,183 10,371,355 24,199,828

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 3,907,750 49,404,452 14,821,336 34,583,116

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 3,126,200 48,258,722 14,477,617 33,781,106

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 2,344,650 46,934,595 14,080,379 32,854,217

8 19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 1,563,100 45,414,947 13,624,484 31,790,463

9

Alternatif‐1 Skenario‐3.A

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 781,550 43,680,979 13,104,294 30,576,685

10

Proforma Income Statement

23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

L‐52

L‐53

36,979,797

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

23,785,354 23,462,134 25,272,951 24,783,865 24,199,828 34,583,116 33,781,106 32,854,217 31,790,463 30,576,685 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 5,390,000 ‐ ‐ ‐ ‐ ‐



27,415,271 27,092,051 28,902,867 28,413,782 27,829,745 38,213,033 37,411,022 36,484,133 35,420,380 34,206,602 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797


Terminal Value

(77,000,000) 22,025,271 21,702,051 23,512,867 23,023,782 22,439,745 32,823,033 32,021,022 31,094,133 30,030,380 28,816,602 46,667,524 44,561,846 42,258,404 39,738,060 166,336,663

Free Cash Flow

NPV Rp 000,‐ 19.30% 62,046,550

WACC

(77,000,000) 22,025,271 21,702,051 23,512,867 23,023,782 22,439,745 32,823,033 32,021,022 31,094,133 30,030,380 28,816,602 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 129,356,866

Free Cash Flow

(77,000,000) 18,462,640 15,249,159 13,849,155 11,367,551 9,287,113 11,387,125 9,312,003 7,579,821 6,136,403 4,935,923 6,700,588 5,363,322 4,263,403 3,360,644 11,791,699




1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709



ROI 19.2%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (54,974,729) (33,272,679) (9,759,812) 13,263,970 35,703,715 68,526,748 100,547,770 131,641,904 161,672,283 190,488,885 237,156,409 281,718,255 323,976,659 363,714,719 530,051,383

Accumulated FCF

14,774,539

37,684,533 30,715,375 24,948,184 20,181,925 16,248,693 18,495,326 14,943,201 12,012,808 9,599,487 7,615,874 8,827,714 7,037,767 5,567,407 4,362,375 3,377,417

PV EBIT

L‐54

LAMPIRAN‐10 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 (Masa Pinjaman 10 Tahun) PEMDA

L‐55

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.

Revenues/Sales ‐ Materi Daur‐ulang ‐ Pulp Fraksi Organik Total Revenues/Sales Biaya Manufacturing Gross Profit Operating Expenses SG&A R&D Social & Environmental Depreciation Earnings Before Interest & Taxes Interest of Long‐term Debt Earnings Before Taxes (EBT) Income Tax (Tax Rate = 30%) Earnings After Taxes (EAT)

U R A I A N

60 % 10 Tahun

Alternatif‐2 (PEMDA)


Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐1.A

Materi Daur‐ulang Pulp Fraksi Organik

Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,210,800 12,174,206 3,652,262 8,521,944

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 3,919,350 12,809,353 3,842,806 8,966,547

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 2,331,600 14,778,461 4,433,538 10,344,923

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 2,040,150 15,492,863 4,647,859 10,845,004

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 1,748,700 16,253,189 4,875,957 11,377,232

5

6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 1,457,250 20,880,414 6,264,124 14,616,290

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 1,165,800 21,747,399 6,524,220 15,223,179

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 874,350 22,676,140 6,802,842 15,873,298

8 19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 582,900 23,673,023 7,101,907 16,571,116

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 291,450 24,745,082 7,423,524 17,321,557

10

Tabel 3.36. Proforma Income Statement Alternatif‐2 (PEMDA) Skenario‐1.A

23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

L‐56

L‐57

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,521,944 8,966,547 10,344,923 10,845,004 11,377,232 14,616,290 15,223,179 15,873,298 16,571,116 17,321,557 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 2,010,000 ‐ ‐ ‐ ‐ ‐



10,180,194 10,624,797 12,003,173 12,503,254 13,035,482 16,274,540 16,881,429 17,531,548 18,229,366 18,979,807 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 8,170,194 8,614,797 9,993,173 10,493,254 11,025,482 14,264,540 14,871,429 15,521,548 16,219,366 16,969,807 23,127,470 23,795,967 24,535,067 25,352,020 142,726,736

Free Cash Flow

NPV Rp 000,‐ 19.48% 34,449,922

WACC

(33,500,000) 8,170,194 8,614,797 9,993,173 10,493,254 11,025,482 14,264,540 14,871,429 15,521,548 16,219,366 16,969,807 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 116,471,930

Free Cash Flow

(33,500,000) 6,838,156 6,034,736 5,858,996 5,149,162 4,528,252 4,903,401 4,278,573 3,737,557 3,268,837 2,862,483 3,265,132 2,811,788 2,426,460 2,098,481 9,887,907

Discounted Free Cash Flow (33,500,000) (26,661,844) (20,627,109) (14,768,113) (9,618,950) (5,090,698) (187,297) 4,091,276 7,828,833 11,097,671 13,960,154 17,225,286 20,037,074 22,463,534 24,562,015 34,449,922



1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693


Accumulated FCF

ROI 19.3%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (25,329,806) (16,715,009) (6,721,836) 3,771,418 14,796,900 29,061,440 43,932,869 59,454,418 75,673,784 92,643,591 115,771,061 139,567,027 164,102,095 189,454,114 332,180,851

Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 PEMDA (Skenario‐1 : 60% Debt dan Jangka Waktu Pinjaman 10 Tahun)

6,469,966

13,713,655 11,718,593 10,031,627 8,603,654 7,393,517 7,678,517 6,592,224 5,670,910 4,888,518 4,223,186 4,330,030 3,736,922 3,232,090 2,801,745 2,434,307

PV EBIT

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

65 % 10 Tahun



Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐2.A


Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,561,700 11,823,306 3,546,992 8,276,314

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 4,245,963 12,482,740 3,744,822 8,737,918

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 2,525,900 14,584,161 4,375,248 10,208,913

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 2,210,163 15,322,850 4,596,855 10,725,995

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 1,894,425 16,107,464 4,832,239 11,275,225

5

6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 1,578,688 20,758,976 6,227,693 14,531,283

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 1,262,950 21,650,249 6,495,075 15,155,174

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 947,213 22,603,278 6,780,983 15,822,295

8 19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 631,475 23,624,448 7,087,334 16,537,114

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 315,738 24,720,794 7,416,238 17,304,556

10


23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

L‐58

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,276,314 8,737,918 10,208,913 10,725,995 11,275,225 14,531,283 15,155,174 15,822,295 16,537,114 17,304,556 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 2,177,500 ‐ ‐ ‐ ‐ ‐



9,934,564 10,396,168 11,867,163 12,384,245 12,933,475 16,189,533 16,813,424 17,480,545 18,195,364 18,962,806 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 7,757,064 8,218,668 9,689,663 10,206,745 10,755,975 14,012,033 14,635,924 15,303,045 16,017,864 16,785,306 23,127,470 23,795,967 24,535,067 25,352,020 130,719,321

Free Cash Flow

NPV Rp 000,‐ 19.39% 32,660,542

WACC

(33,500,000) 7,757,064 8,218,668 9,689,663 10,206,745 10,755,975 14,012,033 14,635,924 15,303,045 16,017,864 16,785,306 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 104,464,514

Free Cash Flow

(33,500,000) 6,497,329 5,766,023 5,694,047 5,023,855 4,434,423 4,838,669 4,233,333 3,707,469 3,250,437 2,853,014 3,292,609 2,837,611 2,450,610 2,120,982 9,160,131

Discounted Free Cash Flow (33,500,000) (27,002,671) (21,236,648) (15,542,601) (10,518,746) (6,084,323) (1,245,654) 2,987,678 6,695,147 9,945,584 12,798,598 16,091,207 18,928,818 21,379,429 23,500,411 32,660,542



1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701


Accumulated FCF

ROI 19.4%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (25,742,936) (17,524,268) (7,834,605) 2,372,140 13,128,115 27,140,149 41,776,073 57,079,118 73,096,981 89,882,287 113,009,757 136,805,724 161,340,791 186,692,811 317,412,132


6,499,148

13,724,106 11,736,462 10,054,580 8,629,912 7,421,734 7,713,696 6,627,473 5,705,578 4,922,151 4,255,482 4,366,468 3,771,241 3,264,259 2,831,787 2,462,284

PV EBIT

L‐59

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

70 % 10 Tahun



Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐3.A


Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,912,600 11,472,406 3,441,722 8,030,684

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 4,572,575 12,156,128 3,646,838 8,509,289

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 2,720,200 14,389,861 4,316,958 10,072,903

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 2,380,175 15,152,838 4,545,851 10,606,986

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 2,040,150 15,961,739 4,788,522 11,173,217

5

6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 1,700,125 20,637,539 6,191,262 14,446,277

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 1,360,100 21,553,099 6,465,930 15,087,169

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 1,020,075 22,530,415 6,759,125 15,771,291

8 19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 680,050 23,575,873 7,072,762 16,503,111

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 340,025 24,696,507 7,408,952 17,287,555

10


23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

L‐60

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


16,150,838


1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,030,684 8,509,289 10,072,903 10,606,986 11,173,217 14,446,277 15,087,169 15,771,291 16,503,111 17,287,555 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 2,345,000 ‐ ‐ ‐ ‐ ‐



9,688,934 10,167,539 11,731,153 12,265,236 12,831,467 16,104,527 16,745,419 17,429,541 18,161,361 18,945,805 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 7,343,934 7,822,539 9,386,153 9,920,236 10,486,467 13,759,527 14,400,419 15,084,541 15,816,361 16,600,805 23,127,470 23,795,967 24,535,067 25,352,020 118,095,210

Free Cash Flow

NPV Rp 000,‐ 19.30% 30,808,774

WACC

(33,500,000) 7,343,934 7,822,539 9,386,153 9,920,236 10,486,467 13,759,527 14,400,419 15,084,541 15,816,361 16,600,805 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 91,840,404

Free Cash Flow

(33,500,000) 6,156,039 5,496,584 5,528,474 4,897,926 4,340,023 4,773,521 4,187,772 3,677,160 3,231,913 2,843,510 3,320,674 2,864,007 2,475,315 2,144,018 8,371,836




1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709


Accumulated FCF

ROI 19.5%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (26,156,066) (18,333,526) (8,947,374) 972,863 11,459,330 25,218,857 39,619,277 54,703,818 70,520,179 87,120,983 110,248,453 134,044,420 158,579,487 183,931,507 302,026,717


6,528,900

13,734,700 11,754,587 10,077,881 8,656,589 7,450,422 7,749,490 6,663,366 5,740,906 4,956,451 4,288,444 4,403,687 3,806,322 3,297,166 2,862,543 2,490,948

PV EBIT

L‐61

L‐62

LAMPIRAN‐11 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 (Masa Pinjaman 10 Tahun) SWASTA L‐63

SKENARIO‐1.A

U R A I A N

Revenues/Sales ‐ Pupuk Organik Cair ‐ Pupuk Organik Granule Total Revenues/Sales Biaya Manufacturing Gross Profit Operating Expenses SG&A R&D Social & Environmental Depreciation Earnings Before Interest & Taxes Interest of Long‐term Debt Earnings Before Taxes (EBT) Income Tax (Tax Rate = 30%) Earnings After Taxes (EAT)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 6,137,850 23,467,854 7,040,356 16,427,498

1 18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 5,681,100 22,497,854 6,749,356 15,748,498

2 18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 3,654,000 22,965,739 6,889,722 16,076,018

3 18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 3,197,250 21,718,074 6,515,422 15,202,652

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 2,740,500 20,311,223 6,093,367 14,217,856

5 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 2,283,750 30,729,832 9,218,950 21,510,882

6 22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 1,827,000 28,957,037 8,687,111 20,269,926

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 1,370,250 26,974,318 8,092,295 18,882,023

8

TAHUN

22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 913,500 24,761,335 7,428,400 17,332,934

9

22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 456,750 22,295,745 6,688,723 15,607,021

10

28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

Proforma Income Statement Alternatif‐2 (SWASTA) Skenario‐1.A

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

NO.

60 % 10 Tahun

Alternatif‐2 (SWASTA)


Rp/Kg

20.00 3,000 50.00 2,000

Ton/Hari


Pupuk Organik Cair Pupuk Organik Granule

Produk


L‐64

L‐65

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


16,427,498 15,748,498 16,076,018 15,202,652 14,217,856 21,510,882 20,269,926 18,882,023 17,332,934 15,607,021 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 3,150,000 ‐ ‐ ‐ ‐ ‐



18,512,298 17,833,298 18,160,818 17,287,452 16,302,656 23,595,682 22,354,726 20,966,823 19,417,734 17,691,821 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 15,362,298 14,683,298 15,010,818 14,137,452 13,152,656 20,445,682 19,204,726 17,816,823 16,267,734 14,541,821 26,271,904 23,819,384 21,133,255 18,190,736 81,362,723

Free Cash Flow

NPV Rp 000,‐ 19.48% 30,114,867

WACC

(52,500,000) 15,362,298 14,683,298 15,010,818 14,137,452 13,152,656 20,445,682 19,204,726 17,816,823 16,267,734 14,541,821 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 66,395,922

Free Cash Flow

(52,500,000) 12,857,685 10,285,770 8,800,841 6,937,413 5,401,899 7,028,153 5,525,281 4,290,255 3,278,585 2,452,928 3,709,063 2,814,555 2,090,029 1,505,715 5,636,695




1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693


ROI 16.8%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (37,137,702) (22,454,405) (7,443,587) 6,693,865 19,846,521 40,292,203 59,496,929 77,313,752 93,581,486 108,123,308 134,395,212 158,214,596 179,347,851 197,538,587 278,901,309

Accumulated FCF

Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 SWASTA (Skenario‐1 : 60% Debt dan Jangka Waktu Pinjaman 10 Tahun)

8,818,656

24,778,898 19,739,588 15,607,150 12,226,241 9,467,524 11,348,338 8,856,697 6,825,315 5,174,485 3,837,912 4,878,187 3,668,872 2,691,210 1,904,497 1,274,924

PV EBIT

SKENARIO‐2.A

U R A I A N


NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

65 % 10 Tahun



Rp/Kg

18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 6,154,525 22,024,429 6,607,329 15,417,100

2 18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 3,958,500 22,661,239 6,798,372 15,862,868

3 18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 3,463,688 21,451,636 6,435,491 15,016,145

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 2,968,875 20,082,848 6,024,854 14,057,994

5 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 2,474,063 30,539,520 9,161,856 21,377,664

6 22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 1,979,250 28,804,787 8,641,436 20,163,351

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 1,484,438 26,860,131 8,058,039 18,802,091

8 22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 989,625 24,685,210 7,405,563 17,279,647

9

22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 494,813 22,257,682 6,677,305 15,580,378

10

28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 6,649,338 22,956,366 6,886,910 16,069,456

1

TAHUN


20.00 3,000 50.00 2,000

Ton/Hari



Produk


L‐66

L‐67

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


17,572,318

16,069,456 15,417,100 15,862,868 15,016,145 14,057,994 21,377,664 20,163,351 18,802,091 17,279,647 15,580,378 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 3,412,500 ‐ ‐ ‐ ‐ ‐



18,154,256 17,501,900 17,947,668 17,100,945 16,142,794 23,462,464 22,248,151 20,886,891 19,364,447 17,665,178 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 14,741,756 14,089,400 14,535,168 13,688,445 12,730,294 20,049,964 18,835,651 17,474,391 15,951,947 14,252,678 26,271,904 23,819,384 21,133,255 18,190,736 74,517,782

Free Cash Flow

NPV Rp 000,‐ 19.39% 27,960,025

WACC

(52,500,000) 14,741,756 14,089,400 14,535,168 13,688,445 12,730,294 20,049,964 18,835,651 17,474,391 15,951,947 14,252,678 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 59,550,982

Free Cash Flow

(52,500,000) 12,347,718 9,884,790 8,541,466 6,737,581 5,248,386 6,923,702 5,448,072 4,233,521 3,237,061 2,422,541 3,740,276 2,840,404 2,110,831 1,521,860 5,221,819




1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701


ROI 16.9%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (37,758,244) (23,668,843) (9,133,676) 4,554,770 17,285,064 37,335,027 56,170,678 73,645,070 89,597,016 103,849,694 130,121,598 153,940,982 175,074,237 193,264,973 267,782,755

Accumulated FCF


8,852,040

24,797,783 19,769,687 15,642,861 12,263,555 9,503,656 11,400,330 8,904,054 6,867,039 5,210,085 3,867,262 4,919,239 3,702,566 2,717,995 1,924,919 1,289,577

PV EBIT

SKENARIO‐3.A


1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 3,730,125 21,185,199 6,355,560 14,829,639

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 3,197,250 19,854,473 5,956,342 13,898,131

5 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 2,664,375 30,349,207 9,104,762 21,244,445

6 22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 2,131,500 28,652,537 8,595,761 20,056,776

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 1,598,625 26,745,943 8,023,783 18,722,160

8 22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 1,065,750 24,609,085 7,382,725 17,226,359

9

10 22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 532,875 22,219,620 6,665,886 15,553,734

18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 4,263,000 22,356,739 6,707,022 15,649,718

3

18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 6,627,950 21,551,004 6,465,301 15,085,703

2

28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 7,160,825 22,444,879 6,733,464 15,711,415

1

TAHUN

U R A I A N

70 % 10 Tahun

NO.




Rp/Kg

20.00 3,000 50.00 2,000

Ton/Hari



Produk


L‐68

L‐69

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


17,462,411

15,711,415 15,085,703 15,649,718 14,829,639 13,898,131 21,244,445 20,056,776 18,722,160 17,226,359 15,553,734 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 3,675,000 ‐ ‐ ‐ ‐ ‐



17,796,215 17,170,503 17,734,518 16,914,439 15,982,931 23,329,245 22,141,576 20,806,960 19,311,159 17,638,534 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 14,121,215 13,495,503 14,059,518 13,239,439 12,307,931 19,654,245 18,466,576 17,131,960 15,636,159 13,963,534 26,271,904 23,819,384 21,133,255 18,190,736 67,321,289

Free Cash Flow

NPV Rp 000,‐ 19.30% 25,765,367

WACC

(52,500,000) 14,121,215 13,495,503 14,059,518 13,239,439 12,307,931 19,654,245 18,466,576 17,131,960 15,636,159 13,963,534 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 52,354,489

Free Cash Flow

(52,500,000) 11,837,081 9,482,748 8,281,101 6,536,719 5,093,870 6,818,545 5,370,247 4,176,260 3,195,090 2,391,778 3,772,157 2,866,826 2,132,110 1,538,389 4,772,444

Discounted Free Cash Flow (52,500,000) (40,662,919) (31,180,171) (22,899,070) (16,362,350) (11,268,480) (4,449,935) 920,312 5,096,573 8,291,663 10,683,441 14,455,598 17,322,424 19,454,534 20,992,923 25,765,367



1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709


ROI 16.9%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (38,378,785) (24,883,282) (10,823,764) 2,415,675 14,723,606 34,377,851 52,844,427 69,976,387 85,612,546 99,576,080 125,847,984 149,667,368 170,800,623 188,991,359 256,312,648

Accumulated FCF


8,886,052

24,816,924 19,800,219 15,679,113 12,301,463 9,540,392 11,453,231 8,952,277 6,909,559 5,246,392 3,897,217 4,961,169 3,737,008 2,745,396 1,945,825 1,304,589

PV EBIT

L‐70

LAMPIRAN‐12 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐1 (Masa Pinjaman 5 Tahun)

L‐71

L‐72

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

60 % 5 Tahun

Alternatif‐1


Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐1.B


Produk


15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 9,409,050 35,547,252 10,664,176 24,883,076

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 8,069,250 35,643,759 10,693,128 24,950,631

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 4,019,400 38,337,215 11,501,165 26,836,051

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 2,679,600 38,196,772 11,459,031 26,737,740

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 1,339,800 37,920,683 11,376,205 26,544,478

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 ‐ 53,312,202 15,993,661 37,318,541

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 ‐ 51,384,922 15,415,477 35,969,446

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 ‐ 49,279,245 14,783,774 34,495,472

8

19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 ‐ 46,978,047 14,093,414 32,884,633

9

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 ‐ 44,462,529 13,338,759 31,123,770

10

Proforma Income Statement Alternatif‐1 Skenario‐1.B

23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

36,979,797

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


32,919,992


3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

24,883,076 24,950,631 26,836,051 26,737,740 26,544,478 37,318,541 35,969,446 34,495,472 32,884,633 31,123,770 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

9,240,000 9,240,000 9,240,000 9,240,000 9,240,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



28,512,993 28,580,548 30,465,967 30,367,657 30,174,395 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797


Terminal Value

(77,000,000) 19,272,993 19,340,548 21,225,967 21,127,657 20,934,395 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 201,030,075

Free Cash Flow

NPV Rp 000,‐ 19.48% 65,209,696

WACC

(77,000,000) 19,272,993 19,340,548 21,225,967 21,127,657 20,934,395 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 164,050,278

Free Cash Flow

(77,000,000) 16,130,795 13,548,212 12,444,782 10,367,588 8,597,920 14,075,932 11,392,903 9,180,516 7,359,111 5,862,285 6,588,513 5,265,534 4,179,256 3,289,267 13,927,081




1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693



ROI 19.0%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (57,727,007) (38,386,459) (17,160,492) 3,967,165 24,901,560 65,850,018 105,449,380 143,574,769 180,089,318 214,843,005 261,510,529 306,072,375 348,330,779 388,068,839 589,098,915

Accumulated FCF

14,655,073

37,626,791 30,621,320 24,833,679 20,058,514 16,124,589 18,325,939 14,783,659 11,866,342 9,467,916 7,499,982 8,680,060 6,909,449 5,457,522 4,269,722 3,300,618

PV EBIT

L‐73

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

65 % 5 Tahun

Alternatif‐1


Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐2.B


Produk


15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 10,193,138 34,763,164 10,428,949 24,334,215

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 8,741,688 34,971,322 10,491,396 24,479,925

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 4,354,350 38,002,265 11,400,680 26,601,586

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 2,902,900 37,973,472 11,392,041 26,581,430

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 1,451,450 37,809,033 11,342,710 26,466,323

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 ‐ 53,312,202 15,993,661 37,318,541

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 ‐ 51,384,922 15,415,477 35,969,446

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 ‐ 49,279,245 14,783,774 34,495,472

8 19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 ‐ 46,978,047 14,093,414 32,884,633

9

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 ‐ 44,462,529 13,338,759 31,123,770

10


23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

L‐74

36,979,797

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

24,334,215 24,479,925 26,601,586 26,581,430 26,466,323 37,318,541 35,969,446 34,495,472 32,884,633 31,123,770 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

10,010,000 10,010,000 10,010,000 10,010,000 10,010,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



27,964,132 28,109,842 30,231,502 30,211,347 30,096,240 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797


Terminal Value

(77,000,000) 17,954,132 18,099,842 20,221,502 20,201,347 20,086,240 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 184,117,676

Free Cash Flow

NPV Rp 000,‐ 19.39% 61,397,159

WACC

(77,000,000) 17,954,132 18,099,842 20,221,502 20,201,347 20,086,240 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 147,137,878

Free Cash Flow

(77,000,000) 15,038,408 12,698,420 11,882,992 9,943,291 8,281,060 14,140,420 11,453,822 9,236,639 7,409,742 5,907,116 6,643,957 5,313,892 4,220,852 3,324,537 12,902,011




1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701



ROI 19.1%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (59,045,868) (40,946,026) (20,724,524) (523,177) 19,563,062 60,511,520 100,110,883 138,236,271 174,750,821 209,504,507 256,172,031 300,733,878 342,992,282 382,730,342 566,848,018

Accumulated FCF

14,714,242

37,655,467 30,668,012 24,890,501 20,119,732 16,186,127 18,409,898 14,862,707 11,938,884 9,533,055 7,557,337 8,753,105 6,972,904 5,511,841 4,315,504 3,338,552

PV EBIT

L‐75

L‐76

U R A I A N


NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

70 % 5 Tahun

Alternatif‐1


Rp/Kg

101.77 500 20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐3.B


Produk


15,264,795 18,000,000 30,000,000 63,264,795 10,187,280 53,077,515 8,121,213 3,226,000 632,648 632,648 3,629,917 44,956,302 10,977,225 33,979,077 10,193,723 23,785,354

1 15,264,795 18,000,000 30,000,000 63,264,795 11,206,008 52,058,787 8,345,777 3,387,300 664,280 664,280 3,629,917 43,713,009 9,414,125 34,298,884 10,289,665 24,009,219

2 15,264,795 18,000,000 30,000,000 63,264,795 12,326,609 50,938,186 8,581,570 3,556,665 697,494 697,494 3,629,917 42,356,615 4,689,300 37,667,315 11,300,195 26,367,121

3 15,264,795 18,000,000 30,000,000 63,264,795 13,559,270 49,705,525 8,829,153 3,734,498 732,369 732,369 3,629,917 40,876,372 3,126,200 37,750,172 11,325,051 26,425,120

4 15,264,795 18,000,000 30,000,000 63,264,795 14,915,197 48,349,598 9,089,115 3,921,223 768,988 768,988 3,629,917 39,260,483 1,563,100 37,697,383 11,309,215 26,388,168

5

6 19,080,994 22,500,000 37,500,000 79,080,994 16,406,717 62,674,277 9,362,075 4,117,284 807,437 807,437 3,629,917 53,312,202 ‐ 53,312,202 15,993,661 37,318,541

TAHUN

19,080,994 22,500,000 37,500,000 79,080,994 18,047,389 61,033,605 9,648,683 4,323,149 847,809 847,809 3,629,917 51,384,922 ‐ 51,384,922 15,415,477 35,969,446

7 19,080,994 22,500,000 37,500,000 79,080,994 19,852,128 59,228,866 9,949,621 4,539,306 890,199 890,199 3,629,917 49,279,245 ‐ 49,279,245 14,783,774 34,495,472

8 19,080,994 22,500,000 37,500,000 79,080,994 21,837,340 57,243,653 10,265,606 4,766,271 934,709 934,709 3,629,917 46,978,047 ‐ 46,978,047 14,093,414 32,884,633

9

19,080,994 22,500,000 37,500,000 79,080,994 24,021,074 55,059,919 10,597,391 5,004,585 981,445 981,445 3,629,917 44,462,529 ‐ 44,462,529 13,338,759 31,123,770

10


23,851,242 28,125,000 46,875,000 98,851,242 26,423,182 72,428,060 10,945,764 5,254,814 1,030,517 1,030,517 3,629,917 61,482,296 ‐ 61,482,296 18,444,689 43,037,607

11

23,851,242 28,125,000 46,875,000 98,851,242 29,065,500 69,785,742 11,311,557 5,517,555 1,082,043 1,082,043 3,629,917 58,474,185 ‐ 58,474,185 17,542,256 40,931,930

12

23,851,242 28,125,000 46,875,000 98,851,242 31,972,050 66,879,192 11,695,639 5,793,433 1,136,145 1,136,145 3,629,917 55,183,553 ‐ 55,183,553 16,555,066 38,628,487

13

23,851,242 28,125,000 46,875,000 98,851,242 35,169,255 63,681,987 12,098,925 6,083,104 1,192,952 1,192,952 3,629,917 51,583,062 ‐ 51,583,062 15,474,919 36,108,144

14

23,851,242 28,125,000 46,875,000 98,851,242 38,686,181 60,165,062 12,522,375 6,387,259 1,252,600 1,252,600 3,629,917 47,642,686 ‐ 47,642,686 14,292,806 33,349,880

15

dalam Rp 000,‐

36,979,797

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917 3,629,917

(+/+)

(+/+)

23,785,354 24,009,219 26,367,121 26,425,120 26,388,168 37,318,541 35,969,446 34,495,472 32,884,633 31,123,770 43,037,607 40,931,930 38,628,487 36,108,144 33,349,880

Depreciation

EAT

10,780,000 10,780,000 10,780,000 10,780,000 10,780,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



27,415,271 27,639,136 29,997,037 30,055,037 30,018,085 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797


Terminal Value

(77,000,000) 16,635,271 16,859,136 19,217,037 19,275,037 19,238,085 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 166,336,663

Free Cash Flow

NPV Rp 000,‐ 19.30% 57,497,969

WACC

(77,000,000) 16,635,271 16,859,136 19,217,037 19,275,037 19,238,085 40,948,458 39,599,362 38,125,388 36,514,550 34,753,687 46,667,524 44,561,846 42,258,404 39,738,060 36,979,797 129,356,866

Free Cash Flow

(77,000,000) 13,944,483 11,846,237 11,318,897 9,516,680 7,962,045 14,206,036 11,515,853 9,293,831 7,461,377 5,952,871 6,700,588 5,363,322 4,263,403 3,360,644 11,791,699




1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709



ROI 19.2%

EBIT

44,956,302 43,713,009 42,356,615 40,876,372 39,260,483 53,312,202 51,384,922 49,279,245 46,978,047 44,462,529 61,482,296 58,474,185 55,183,553 51,583,062 47,642,686 Rata‐rata

(77,000,000) (60,364,729) (43,505,594) (24,288,557) (5,013,520) 14,224,565 55,173,023 94,772,385 132,897,774 169,412,323 204,166,010 250,833,534 295,395,380 337,653,784 377,391,844 543,728,508

Accumulated FCF

14,774,539

37,684,533 30,715,375 24,948,184 20,181,925 16,248,693 18,495,326 14,943,201 12,012,808 9,599,487 7,615,874 8,827,714 7,037,767 5,567,407 4,362,375 3,377,417

PV EBIT

L‐77

L‐78

LAMPIRAN‐13 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 (Masa Pinjaman 5 Tahun) PEMDA

L‐79

L‐80

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

60 % 5 Tahun



Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐1.B


Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,210,800 12,174,206 3,652,262 8,521,944

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 3,627,900 13,100,803 3,930,241 9,170,562

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 1,748,700 15,361,361 4,608,408 10,752,953

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 1,165,800 16,367,213 4,910,164 11,457,049

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 582,900 17,418,989 5,225,697 12,193,292

5

6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 ‐ 22,337,664 6,701,299 15,636,365

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 ‐ 22,913,199 6,873,960 16,039,239

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 ‐ 23,550,490 7,065,147 16,485,343

8

19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 ‐ 24,255,923 7,276,777 16,979,146

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 ‐ 25,036,532 7,510,959 17,525,572

10

Proforma Income Statement Alternatif‐2 (PEMDA) Skenario‐1.B

23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

L‐81

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,521,944 9,170,562 10,752,953 11,457,049 12,193,292 15,636,365 16,039,239 16,485,343 16,979,146 17,525,572 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

4,020,000 4,020,000 4,020,000 4,020,000 4,020,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



10,180,194 10,828,812 12,411,203 13,115,299 13,851,542 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 6,160,194 6,808,812 8,391,203 9,095,299 9,831,542 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 142,726,736

Free Cash Flow

NPV Rp 000,‐ 19.48% 32,733,753

WACC

(33,500,000) 6,160,194 6,808,812 8,391,203 9,095,299 9,831,542 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 116,471,930

Free Cash Flow

(33,500,000) 5,155,859 4,769,628 4,919,761 4,463,170 4,037,892 5,944,982 5,091,642 4,368,940 3,756,165 3,235,945 3,265,132 2,811,788 2,426,460 2,098,481 9,887,907

Discounted Free Cash Flow (33,500,000) (28,344,141) (23,574,513) (18,654,752) (14,191,582) (10,153,690) (4,208,709) 882,934 5,251,874 9,008,039 12,243,985 15,509,117 18,320,905 20,747,365 22,845,845 32,733,753



1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693


ROI 19.3%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (27,339,806) (20,530,994) (12,139,791) (3,044,492) 6,787,050 24,081,665 41,779,154 59,922,748 78,560,144 97,743,966 120,871,436 144,667,402 169,202,470 194,554,489 337,281,226

Accumulated FCF


6,469,966

13,713,655 11,718,593 10,031,627 8,603,654 7,393,517 7,678,517 6,592,224 5,670,910 4,888,518 4,223,186 4,330,030 3,736,922 3,232,090 2,801,745 2,434,307

PV EBIT

L‐82

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

65 % 5 Tahun



Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐2.B


Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,561,700 11,823,306 3,546,992 8,276,314

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 3,930,225 12,798,478 3,839,543 8,958,934

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 1,894,425 15,215,636 4,564,691 10,650,945

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 1,262,950 16,270,063 4,881,019 11,389,044

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 631,475 17,370,414 5,211,124 12,159,290

5 6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 ‐ 22,337,664 6,701,299 15,636,365

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 ‐ 22,913,199 6,873,960 16,039,239

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 ‐ 23,550,490 7,065,147 16,485,343

8

19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 ‐ 24,255,923 7,276,777 16,979,146

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 ‐ 25,036,532 7,510,959 17,525,572

10


23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN



1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,276,314 8,958,934 10,650,945 11,389,044 12,159,290 15,636,365 16,039,239 16,485,343 16,979,146 17,525,572 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

4,355,000 4,355,000 4,355,000 4,355,000 4,355,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



9,934,564 10,617,184 12,309,195 13,047,294 13,817,540 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 5,579,564 6,262,184 7,954,195 8,692,294 9,462,540 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 130,719,321

Free Cash Flow

NPV Rp 000,‐ 19.39% 30,812,043

WACC

(33,500,000) 5,579,564 6,262,184 7,954,195 8,692,294 9,462,540 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 104,464,514

Free Cash Flow

(33,500,000) 4,673,452 4,393,400 4,674,214 4,278,428 3,901,171 5,972,218 5,118,867 4,395,649 3,782,007 3,260,692 3,292,609 2,837,611 2,450,610 2,120,982 9,160,131

Discounted Free Cash Flow (33,500,000) (28,826,548) (24,433,148) (19,758,934) (15,480,506) (11,579,334) (5,607,116) (488,249) 3,907,400 7,689,408 10,950,099 14,242,709 17,080,320 19,530,930 21,651,912 30,812,043



1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701



ROI 19.4%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (27,920,436) (21,658,251) (13,704,056) (5,011,762) 4,450,778 21,745,392 39,442,882 57,586,475 76,223,871 95,407,693 118,535,163 142,331,130 166,866,197 192,218,217 322,937,538

Accumulated FCF

6,499,148

13,724,106 11,736,462 10,054,580 8,629,912 7,421,734 7,713,696 6,627,473 5,705,578 4,922,151 4,255,482 4,366,468 3,771,241 3,264,259 2,831,787 2,462,284

PV EBIT

L‐83

L‐84

U R A I A N


NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

70 % 5 Tahun



Rp/Kg

101.77 500 429.04 50

Ton/Hari


SKENARIO‐3.B


Produk


15,264,795 6,435,668 21,700,463 2,340,202 19,360,261 2,975,255 1,100,000 ‐ 217,005 1,658,250 16,385,006 4,912,600 11,472,406 3,441,722 8,030,684

1 15,264,795 7,079,235 22,344,030 2,574,222 19,769,807 3,041,105 1,155,000 ‐ 227,855 1,658,250 16,728,703 4,232,550 12,496,153 3,748,846 8,747,307

2 15,264,795 7,787,158 23,051,953 2,831,644 20,220,309 3,110,248 1,212,750 ‐ 239,248 1,658,250 17,110,061 2,040,150 15,069,911 4,520,973 10,548,938

3 15,264,795 8,565,874 23,830,669 3,114,809 20,715,860 3,182,847 1,273,388 ‐ 251,210 1,658,250 17,533,013 1,360,100 16,172,913 4,851,874 11,321,039

4 15,264,795 9,422,461 24,687,256 3,426,290 21,260,967 3,259,077 1,337,057 ‐ 263,770 1,658,250 18,001,889 680,050 17,321,839 5,196,552 12,125,287

5

6 19,080,994 10,364,707 29,445,701 3,768,919 25,676,783 3,339,119 1,403,910 ‐ 276,959 1,658,250 22,337,664 ‐ 22,337,664 6,701,299 15,636,365

TAHUN

19,080,994 11,401,178 30,482,172 4,145,810 26,336,361 3,423,162 1,474,105 ‐ 290,807 1,658,250 22,913,199 ‐ 22,913,199 6,873,960 16,039,239

7 19,080,994 12,541,296 31,622,290 4,560,391 27,061,898 3,511,408 1,547,810 ‐ 305,347 1,658,250 23,550,490 ‐ 23,550,490 7,065,147 16,485,343

8 19,080,994 13,795,425 32,876,419 5,016,431 27,859,989 3,604,066 1,625,201 ‐ 320,615 1,658,250 24,255,923 ‐ 24,255,923 7,276,777 16,979,146

9

19,080,994 15,174,968 34,255,962 5,518,074 28,737,888 3,701,356 1,706,461 ‐ 336,645 1,658,250 25,036,532 ‐ 25,036,532 7,510,959 17,525,572

10


23,851,242 16,692,465 40,543,707 6,069,881 34,473,826 3,803,512 1,791,784 ‐ 353,478 1,658,250 30,670,314 ‐ 30,670,314 9,201,094 21,469,220

11

23,851,242 18,361,711 42,212,953 6,676,869 35,536,084 3,910,775 1,881,373 ‐ 371,152 1,658,250 31,625,309 ‐ 31,625,309 9,487,593 22,137,717

12

23,851,242 20,197,882 44,049,125 7,344,556 36,704,569 4,023,401 1,975,442 ‐ 389,709 1,658,250 32,681,167 ‐ 32,681,167 9,804,350 22,876,817

13

23,851,242 22,217,671 46,068,913 8,079,012 37,989,901 4,141,659 2,074,214 ‐ 409,195 1,658,250 33,848,243 ‐ 33,848,243 10,154,473 23,693,770

14

23,851,242 24,439,438 48,290,680 8,886,913 39,403,767 4,265,829 2,177,925 ‐ 429,654 1,658,250 35,137,938 ‐ 35,137,938 10,541,381 24,596,557

15

dalam Rp 000,‐

26,254,807

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


16,547,533


1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250 1,658,250

(+/+)

(+/+)

8,030,684 8,747,307 10,548,938 11,321,039 12,125,287 15,636,365 16,039,239 16,485,343 16,979,146 17,525,572 21,469,220 22,137,717 22,876,817 23,693,770 24,596,557

Depreciation

EAT

4,690,000 4,690,000 4,690,000 4,690,000 4,690,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



9,688,934 10,405,557 12,207,188 12,979,289 13,783,537 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807


Terminal Value

(33,500,000) 4,998,934 5,715,557 7,517,188 8,289,289 9,093,537 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 118,095,210

Free Cash Flow

NPV Rp 000,‐ 19.30% 28,829,846

WACC

(33,500,000) 4,998,934 5,715,557 7,517,188 8,289,289 9,093,537 17,294,615 17,697,489 18,143,593 18,637,396 19,183,822 23,127,470 23,795,967 24,535,067 25,352,020 26,254,807 91,840,404

Free Cash Flow

(33,500,000) 4,190,347 4,016,092 4,427,648 4,092,677 3,763,532 5,999,931 5,146,590 4,422,866 3,808,363 3,285,948 3,320,674 2,864,007 2,475,315 2,144,018 8,371,836

Discounted Free Cash Flow (33,500,000) (29,309,653) (25,293,561) (20,865,913) (16,773,235) (13,009,703) (7,009,772) (1,863,182) 2,559,684 6,368,047 9,653,995 12,974,670 15,838,677 18,313,992 20,458,010 28,829,846



1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709



ROI 19.5%

EBIT

16,385,006 16,728,703 17,110,061 17,533,013 18,001,889 22,337,664 22,913,199 23,550,490 24,255,923 25,036,532 30,670,314 31,625,309 32,681,167 33,848,243 35,137,938 Rata‐rata

(33,500,000) (28,501,066) (22,785,509) (15,268,321) (6,979,032) 2,114,505 19,409,120 37,106,609 55,250,203 73,887,599 93,071,421 116,198,891 139,994,857 164,529,925 189,881,944 307,977,155

Accumulated FCF

6,528,900

13,734,700 11,754,587 10,077,881 8,656,589 7,450,422 7,749,490 6,663,366 5,740,906 4,956,451 4,288,444 4,403,687 3,806,322 3,297,166 2,862,543 2,490,948

PV EBIT

L‐85

L‐86

LAMPIRAN‐14 Proyeksi Income Statement & Analisis Kelayakan Investasi Strategi Pengembangan Alternatif‐2 (Masa Pinjaman 5 Tahun) SWASTA

L‐87

U R A I A N


NO.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

60 % 5 Tahun



Rp/Kg

20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐1.B


Produk


18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 6,137,850 23,467,854 7,040,356 16,427,498

1 18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 5,224,350 22,954,604 6,886,381 16,068,223

2 18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 2,740,500 23,879,239 7,163,772 16,715,468

3 18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 1,827,000 23,088,324 6,926,497 16,161,827

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 913,500 22,138,223 6,641,467 15,496,756

5

6 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 ‐ 33,013,582 9,904,075 23,109,507

TAHUN

22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 ‐ 30,784,037 9,235,211 21,548,826

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 ‐ 28,344,568 8,503,370 19,841,198

8 22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 ‐ 25,674,835 7,702,450 17,972,384

9

22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 ‐ 22,752,495 6,825,748 15,926,746

10

Proforma Income Statement Alternatif‐2 (SWASTA) Skenario‐1.B

28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

L‐88

L‐89

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


16,427,498 16,068,223 16,715,468 16,161,827 15,496,756 23,109,507 21,548,826 19,841,198 17,972,384 15,926,746 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

6,300,000 6,300,000 6,300,000 6,300,000 6,300,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



18,512,298 18,153,023 18,800,268 18,246,627 17,581,556 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 12,212,298 11,853,023 12,500,268 11,946,627 11,281,556 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 81,362,723

Free Cash Flow

NPV Rp 000,‐ 19.48% 27,425,348

WACC

(52,500,000) 12,212,298 11,853,023 12,500,268 11,946,627 11,281,556 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 66,395,922

Free Cash Flow

(52,500,000) 10,221,249 8,303,139 7,328,905 5,862,350 4,633,424 8,660,482 6,799,494 5,279,736 4,042,308 3,038,205 3,709,063 2,814,555 2,090,029 1,505,715 5,636,695

Discounted Free Cash Flow (52,500,000) (42,278,751) (33,975,611) (26,646,706) (20,784,356) (16,150,932) (7,490,451) (690,957) 4,588,779 8,631,087 11,669,292 15,378,354 18,192,910 20,282,938 21,788,653 27,425,348



1.0000 0.8370 0.7005 0.5863 0.4907 0.4107 0.3437 0.2877 0.2408 0.2015 0.1687 0.1412 0.1182 0.0989 0.0828 0.0693


Accumulated FCF

ROI 16.8%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (40,287,702) (28,434,680) (15,934,412) (3,987,785) 7,293,771 32,488,078 56,121,704 78,047,702 98,104,886 116,116,433 142,388,337 166,207,721 187,340,976 205,531,712 286,894,434


8,818,656

24,778,898 19,739,588 15,607,150 12,226,241 9,467,524 11,348,338 8,856,697 6,825,315 5,174,485 3,837,912 4,878,187 3,668,872 2,691,210 1,904,497 1,274,924

PV EBIT

L‐90

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

65 % 5 Tahun



Rp/Kg

20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐2.B


Produk


18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 6,649,338 22,956,366 6,886,910 16,069,456

1 18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 5,659,713 22,519,242 6,755,772 15,763,469

2 18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 2,968,875 23,650,864 7,095,259 16,555,605

3 18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 1,979,250 22,936,074 6,880,822 16,055,252

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 989,625 22,062,098 6,618,629 15,443,469

5 6 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 ‐ 33,013,582 9,904,075 23,109,507

TAHUN

22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 ‐ 30,784,037 9,235,211 21,548,826

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 ‐ 28,344,568 8,503,370 19,841,198

8

22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 ‐ 25,674,835 7,702,450 17,972,384

9

22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 ‐ 22,752,495 6,825,748 15,926,746

10


28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


16,069,456 15,763,469 16,555,605 16,055,252 15,443,469 23,109,507 21,548,826 19,841,198 17,972,384 15,926,746 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

6,825,000 6,825,000 6,825,000 6,825,000 6,825,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



18,154,256 17,848,269 18,640,405 18,140,052 17,528,269 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 11,329,256 11,023,269 11,815,405 11,315,052 10,703,269 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 74,517,782

Free Cash Flow

NPV Rp 000,‐ 19.39% 25,063,124

WACC

(52,500,000) 11,329,256 11,023,269 11,815,405 11,315,052 10,703,269 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 59,550,982

Free Cash Flow

(52,500,000) 9,489,402 7,733,665 6,943,221 5,569,374 4,412,693 8,700,159 6,835,851 5,312,012 4,070,119 3,061,439 3,740,276 2,840,404 2,110,831 1,521,860 5,221,819

Discounted Free Cash Flow (52,500,000) (43,010,598) (35,276,933) (28,333,712) (22,764,338) (18,351,645) (9,651,486) (2,815,635) 2,496,377 6,566,496 9,627,935 13,368,211 16,208,615 18,319,445 19,841,305 25,063,124



1.0000 0.8376 0.7016 0.5876 0.4922 0.4123 0.3453 0.2892 0.2423 0.2029 0.1700 0.1424 0.1192 0.0999 0.0837 0.0701


ROI 16.9%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (41,170,744) (30,147,475) (18,332,069) (7,017,018) 3,686,251 28,880,558 52,514,184 74,440,182 94,497,366 112,508,913 138,780,817 162,600,201 183,733,456 201,924,192 276,441,974

Accumulated FCF


8,852,040

24,797,783 19,769,687 15,642,861 12,263,555 9,503,656 11,400,330 8,904,054 6,867,039 5,210,085 3,867,262 4,919,239 3,702,566 2,717,995 1,924,919 1,289,577

PV EBIT

L‐91

L‐92

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

NO.


U R A I A N

70 % 5 Tahun



Rp/Kg

20.00 3,000 50.00 2,000

Ton/Hari


SKENARIO‐3.B


Produk


18,000,000 30,000,000 48,000,000 12,225,496 35,774,504 6,168,800 3,124,000 480,000 480,000 2,084,800 29,605,704 7,160,825 22,444,879 6,733,464 15,711,415

1 18,000,000 30,000,000 48,000,000 13,448,046 34,551,954 6,373,000 3,280,200 504,000 504,000 2,084,800 28,178,954 6,095,075 22,083,879 6,625,164 15,458,715

2 18,000,000 30,000,000 48,000,000 14,792,851 33,207,149 6,587,410 3,444,210 529,200 529,200 2,084,800 26,619,739 3,197,250 23,422,489 7,026,747 16,395,743

3 18,000,000 30,000,000 48,000,000 16,272,136 31,727,864 6,812,541 3,616,421 555,660 555,660 2,084,800 24,915,324 2,131,500 22,783,824 6,835,147 15,948,677

4 18,000,000 30,000,000 48,000,000 17,899,349 30,100,651 7,048,928 3,797,242 583,443 583,443 2,084,800 23,051,723 1,065,750 21,985,973 6,595,792 15,390,181

5

6 22,500,000 37,500,000 60,000,000 19,689,284 40,310,716 7,297,134 3,987,104 612,615 612,615 2,084,800 33,013,582 ‐ 33,013,582 9,904,075 23,109,507

TAHUN

22,500,000 37,500,000 60,000,000 21,658,212 38,341,788 7,557,751 4,186,459 643,246 643,246 2,084,800 30,784,037 ‐ 30,784,037 9,235,211 21,548,826

7 22,500,000 37,500,000 60,000,000 23,824,034 36,175,966 7,831,398 4,395,782 675,408 675,408 2,084,800 28,344,568 ‐ 28,344,568 8,503,370 19,841,198

8

22,500,000 37,500,000 60,000,000 26,206,437 33,793,563 8,118,728 4,615,571 709,179 709,179 2,084,800 25,674,835 ‐ 25,674,835 7,702,450 17,972,384

9

22,500,000 37,500,000 60,000,000 28,827,081 31,172,919 8,420,424 4,846,349 744,638 744,638 2,084,800 22,752,495 ‐ 22,752,495 6,825,748 15,926,746

10


28,125,000 46,875,000 75,000,000 31,709,789 43,290,211 8,737,206 5,088,667 781,869 781,869 2,084,800 34,553,005 ‐ 34,553,005 10,365,902 24,187,104

11

28,125,000 46,875,000 75,000,000 34,880,768 40,119,232 9,069,826 5,343,100 820,963 820,963 2,084,800 31,049,406 ‐ 31,049,406 9,314,822 21,734,584

12

28,125,000 46,875,000 75,000,000 38,368,845 36,631,155 9,419,077 5,610,255 862,011 862,011 2,084,800 27,212,078 ‐ 27,212,078 8,163,623 19,048,455

13

28,125,000 46,875,000 75,000,000 42,205,729 32,794,271 9,785,791 5,890,768 905,112 905,112 2,084,800 23,008,480 ‐ 23,008,480 6,902,544 16,105,936

14

28,125,000 46,875,000 75,000,000 46,426,302 28,573,698 10,170,841 6,185,306 950,367 950,367 2,084,800 18,402,857 ‐ 18,402,857 5,520,857 12,882,000

15

dalam Rp 000,‐

L‐93

14,966,800

Terminal Value FCFt

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

TAHUN


15,711,415 15,458,715 16,395,743 15,948,677 15,390,181 23,109,507 21,548,826 19,841,198 17,972,384 15,926,746 24,187,104 21,734,584 19,048,455 16,105,936 12,882,000

(+/+)

EAT


2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800 2,084,800

(+/+)

Depreciation

7,350,000 7,350,000 7,350,000 7,350,000 7,350,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐



17,796,215 17,543,515 18,480,543 18,033,477 17,474,981 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800


Terminal Value

(52,500,000) 10,446,215 10,193,515 11,130,543 10,683,477 10,124,981 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 67,321,289

Free Cash Flow

NPV Rp 000,‐ 19.30% 22,664,061

WACC

(52,500,000) 10,446,215 10,193,515 11,130,543 10,683,477 10,124,981 25,194,307 23,633,626 21,925,998 20,057,184 18,011,546 26,271,904 23,819,384 21,133,255 18,190,736 14,966,800 52,354,489

Free Cash Flow

(52,500,000) 8,756,520 7,162,574 6,555,926 5,274,762 4,190,415 8,740,530 6,872,872 5,344,903 4,098,482 3,085,152 3,772,157 2,866,826 2,132,110 1,538,389 4,772,444

Discounted Free Cash Flow (52,500,000) (43,743,480) (36,580,907) (30,024,981) (24,750,219) (20,559,804) (11,819,274) (4,946,401) 398,502 4,496,984 7,582,136 11,354,293 14,221,118 16,353,229 17,891,617 22,664,061



1.0000 0.8382 0.7027 0.5890 0.4937 0.4139 0.3469 0.2908 0.2438 0.2043 0.1713 0.1436 0.1204 0.1009 0.0846 0.0709


ROI 16.9%

EBIT

29,605,704 28,178,954 26,619,739 24,915,324 23,051,723 33,013,582 30,784,037 28,344,568 25,674,835 22,752,495 34,553,005 31,049,406 27,212,078 23,008,480 18,402,857 Rata‐rata

(52,500,000) (42,053,785) (31,860,270) (20,729,727) (10,046,250) 78,731 25,273,038 48,906,664 70,832,662 90,889,846 108,901,393 135,173,297 158,992,681 180,125,936 198,316,672 265,637,960

Accumulated FCF


8,886,052

24,816,924 19,800,219 15,679,113 12,301,463 9,540,392 11,453,231 8,952,277 6,909,559 5,246,392 3,897,217 4,961,169 3,737,008 2,745,396 1,945,825 1,304,589

PV EBIT

Program Magister Ad dministrasi B Bisnis Sekollah Bisnis da an Manajemen INSTITU UT TEKNOL LOGI BAND DUNG 2008 8

DAFTA PUSTAKA. Ulrich, Karl T. and Steven D. Eppinger, 2003, Product Design and Development, New York: U.S.A, McGraw Hill, 3 rd Edition

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