FINANCE STRATEGY ALTERNATIVES TO SUPPORT BUSINESS GROWTH AT PT PELABUHAN INDONESIA III (PERSERO)

• Main Author: Prasetiyo, Nanang
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/42977
• Institution: Institut Teknologi Bandung

PT Pelabuhan Indonesia III (Persero) or Pelindo III is a State-Owned Enterprise with its business sector, namely port services, namely, shipbuilding and delays services, port loading and unloading services, container stacking in ports, property and other supporting services related. As a State-Owned Enterprise, PT Pelabuhan Indonesia III (Persero) also has duties and obligations to the interests of the state. Corporate investment is not always the nature of increasing income but also the nature of the minimum service to the community. In 2019, the General Meeting of Shareholders stipulates that the Company's investment expenditure is IDR 6.41 trillion. Revenues are targeted to increase by 9.12% in 2019. Pelindo III has a long-term debt in the form of a global bond of $ 1 billion. So besides the investment expenditure Pelindo III also has the obligation to pay bond interest in dollars. This research is intended to find out whether Pelindo III requires additional funding from external sources for operational activities and investment spending. The internal growth rate calculation produces a value of 3.28% or much lower when compared to the increase in the sales target of 2109, which is 9.12%. So that it can be interpreted that additional additional funds are needed or other than additional retained earnings to meet the achievement of 2019 revenue targets, with the consequence of increasing the debt ratio. Calculation of sustainable growth rate produces a value of 10.33% or higher than the growth of targeted companies, which means that the Company can still increase the amount of its debt to meet the company's funding needs. In order to find out the amount of funds needed to be formulated proform based on 2018 data and 2019 target. External funding needs (EFN) is Rp 5 trillion. The author analyzes with several choices, namely the addition of paid-up capital by the Shareholders, long-term Bank Loans in rupiah, Issuance of global bonds and Innitial Public Offering. Based on the analysis of financial ratios especially ROA (return on assets) and ROE (Return on equity) it is known that the highest increase in ROA is from alternative paid-in capital, there is ROA from 4.54% to 3.65%. And the lowest ROE decline is an alternative to global bond issuance, from 13.38% to 9.16%. Global bond issuance is the best alternative in the short term. PT Pelabuhan Indonesia III (Persero) has good experience in terms of issuing global bonds. The global bond is considered to have an effective impact on the Current Ratio because the Company has no obligation to make principal repayments during the loan period. Companies can consider an Initial public offering in the long term. This is indicated by the increase in value per share from Rp. 72.86 million to Rp. 82.93 million.