FEASIBILITY FINANCIAL ANALYSIS OF COMMERCIAL AREA INVESTMENT AT XYZ AIRPORT

• Main Author: Septiandy, Luthfi
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/33139
• Institution: Institut Teknologi Bandung

PT XYZ is enterprises that belong to West Java Provinces due to their status as regional owned enterprises. In May 2018 one of their unit XYZ Airport start the first flight to Surabaya. To increase the company growth, enterprises is necessary to determine new revenue stream. At airport industry the revenue divided into two type aero revenue and non-aero revenue. In this research focused on non-aero sector, at the moment XYZ has 12 Ha area that can utilize economically to investing. Based on best practice at the predecessor the favorable investment that can be conduct is developing commercial area surround the airport. The benchmark also shows that the commercial area consist of hotel facility, outlet, retail park and another supporting facility. Nevertheless based on result of financial report and performance, XYZ has limiting source in order of CAPEX. Therefore there is business model that firm can adopt Joint Venture Agreement (JV). JV is one of partnership agreement from Public Private Partnership that common used in Indonesia, based on Analytical Hierarchy Process calculation it resulting highest weight 37,74% biggest among other business model Kerja Sama Pengusahaan and Build Operate Transfer. For the financial aspect there three scenario that differences based on source of fund. The total investment that tenant need in order to develop commercial area is Rp. 491.302.150.000 otherwise for XYZ the investment is amount Rp. 188.647.712.794. From the analysis the Scenario 2 is favorable based on the result of feasibility with discounted payback period 9 years, NPV amount Rp. 3.637.491.236.349. The profitability index also shows that investment is profitable over the requirement ( > 1,00) also the internal rate of return higher than cost of capital with 27,68 %. At sensitivity analysis there four parameters as basis to calculate and the analysis shows interest rate with swing 10% from basis point resulting huge deviation from NPV -17,26%.