Analisis leverage rencana investasi pembangunan pabrik pengolahan kelapa sawit (pks) pt. ema: studi kasus permohonan kredit di bank

Hadi, Rochman (2001) Analisis leverage rencana investasi pembangunan pabrik pengolahan kelapa sawit (pks) pt. ema: studi kasus permohonan kredit di bank. Masters thesis, Institut Pertanian Bogor.

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Abstract

Leverage Analysis of Palm Oil Factory Investment Planning of PT EMA (A Case Study of Credit Proposal Analysis in Bank "X") Rochman Hadi The purpose of this study is to assess the feasibility palm oil factory construction investment planning of PT EMA, business risks and financial risks by conducting leverage analysis (operating, financial and their combination), determining credit share of Bank "X" and sensitivity analysis to know the impact of increasing interest cost and fresh fruit bunch (TBS) price to projec's feasibility. The results of the study shows that the project is feasible or profitable with positif NPV amount to Rp. 5.456,0 million and IRR = 29,38%. Payback period 5 years 1 month and Return on Equity = 18%. Leverage analysis shows that in 2004 the maximum decreased of sales for the company to maintain its ability to pay interest or avoid losses is 31,44%. Credit share of Bank "X" which is 65% of total project cost is feasible because operating profit (earning before interest and tax) earned is higher than interest cost. Project is insensitive to the increase of credit interest, on the contrary it is quite sensitive to the increase of fresh fruit bunch (TBS) price. Project is still feasible even though credit interest increases up to 35% per annum (from 20% p.a), but it is unfeasible whenever the price of fresh fruit bunch (TBS) increases 10%. PT EMA is suggested to materialize its investment planning to construct palm oil factory (PKS) as it is feasible and profitable. External financing cost from Bank "X" can be utilized up to 65%

Item Type:	Thesis (Masters)
Subjects:	Manajemen Keuangan
Depositing User:	Library
Date Deposited:	04 Aug 2011 01:23
Last Modified:	04 Aug 2011 01:23
URI:	http://repository.sb.ipb.ac.id/id/eprint/85

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