Analisis Investasi Pembangunan Pabrik Aspal Ekstraksi Di Buton

Nurochman, Maman (2023) Analisis Investasi Pembangunan Pabrik Aspal Ekstraksi Di Buton. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Pembangunan di Indonesia saat ini sangat pesat yang salah satunya ditandai dengan meningkatnya pembangunan prasarana fisik berupa pembangunan jalan dan jembatan. Aspal merupakan salah satu material yang paling dibutuhkan dalam setiap pekerjaan pembangunan infrastruktur tersebut. Berdasarkan data Pertamina Publish 2022, Kebutuhan aspal minyak rata-rata per tahun di Indonesia adalah sekitar 1,3 juta metrik ton. Lima puluh persen atau sekitar 600 ribu metrik ton diproduksi oleh Pertamina sedangkan sisanya masih impor dari luar negeri. Melihat peluang ini, Wika Bitumen mempunyai keinginan untuk menjadi pelopor perusahaan produsen aspal minyak dari material aspal buton di Indonesia dan berencana mendirikan pabrik aspal ekstraksi di Buton. Proyek Pembangunan pabrik aspal saat ini masih pada tahap evaluasi menarik untuk ditinjau kelayakan investasinya. Tahap awal penelitian adalah mengumpulkan data-data biaya investasi, biaya Operasional produksi dan rencana manfaat atau pendapatan dari penjualan produk. Selanjutnya dihitung perencanaan arus kasnya untuk mendapatkan parameter tinjauan kelayakan finansial yang meliputi: Net Present Value (NPV), Internal Rate of Return (IRR) dan Payback Period (PP). Dilakukan juga analisis sensitivitas untuk mengetahui variabel input apa saja yang mempunyai pengaruh besar pada perubahan tingkat kelayakan finansial atas investasi yang dilihat dari perubahan nilai NPV nya. Dari hasil penelitian diperoleh nilai NPV sebesar Rp 54,425 Miliar > 0,IRR 17,07% > MARR 14,52% dan PP di tahun ke 9, artinya secara finansial layak. Melalui analisis sensitivitas didapati bahwa tiga variabel sensitivitas utama yang paling berpengaruh terhadap perubahan nilai NPV yaitu: harga jual aspal, HPP dan volume produksi. Dari analisis sensitivitas juga diperoleh data bahwa proyek investasi ini sangat sensitif terutama terhadap perubahan harga jual aspal dan HPP, dengan menurunkan 2,5% atas harga jual aspal atau menaikkan 2,5% biaya HPP sudah menyebabkan NPV<0, yang artinya investasi menjadi tidak layak.
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Development in Indonesia is currently very rapid, one of which is marked by the increasing development of physical infrastructure in the form of road and bridge construction. Asphalt is one of the most needed materials in any infrastructure development work. Based on Pertamina Publish 2022 data, the average need for oil asphalt per year in Indonesia is around 1.3 million metric tons. Fifty percent or around 600 thousand metric tons are produced by Pertamina while the rest are still imported from abroad. Seeing this opportunity, Wika Bitumen has a desire to become a pioneer in producing oil asphalt from Buton asphalt in Indonesia and plans to build an asphalt extraction plant in Buton. The asphalt plant development project is currently still at an interesting evaluation stage to review its investment feasibility. The initial stage of the research was to collect data on investment costs, production operational costs and plans for benefits or income from product sales. Next, the cash flow planning is calculated to obtain the financial feasibility review parameters which include: Net Present Value (NPV), Internal Rate of Return (IRR) and Payback Period (PP). A sensitivity analysis was also carried out to find out what input variables have a major influence on changes in the level of financial feasibility of the investment as seen from changes in the NPV value. From the results of the study, the NPV value was Rp. 54.425 billion > 0, IRR 17.07% > MARR 14.52% and PP in year 9, meaning that it is financially feasible. Through sensitivity analysis it was found that the three main sensitivity variables that have the most influence on changes in the NPV value are: selling price of asphalt, HPP and production volume. From the sensitivity analysis it was also obtained data that this investment project is very sensitive, especially to changes in the selling price of asphalt and HPP, by reducing the selling price of asphalt by 2.5% or increasing 2.5% of the cost of HPP, it causes NPV<0, which means that investment is not worthy.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	analisis sensitivitas, investasi, kelayakan finansial, perencanaan arus kas, variabel input, sensitivity analysis, investment, financial feasibility, cash flow planning, input variables
Subjects:	H Social Sciences > HG Finance > HG4529 Investment analysis
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Maman Nurochman
Date Deposited:	13 Feb 2023 18:04
Last Modified:	13 Feb 2023 18:04
URI:	http://repository.its.ac.id/id/eprint/97164

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