USULAN UNTUK MENGATASI MASALAH PENDANAAN PROYEK PIM-2

• Main Author: (NIM : 28100002), Andriano
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/5210
• Institution: Institut Teknologi Bandung

<b>Abstract :</b><p align="justify">The aim of this paper is to identify the factors that cause a financial problem in funding of the construction of the urea fertilizer plant, PIM-2 in Aceh and to study the solution alternative. <br /> <br /> The construction of the PIM-2 project was suspended because the security condition at site in Aceh was not conducive and this security as well as the suspension of the project has resulted in financial problem and to solve the problem will be needed an external fund. <br /> <br /> Financing analyses to the external fund needed come from debt and equity will be approached by focusing on Return On Invested Capital, but the future ROIC is unknown and uncertained, and the degree of leverage will be approach by calculating the earnings and risk that come from the financing strategy. <br /> <br /> Range of earnings chart shows the company earnings and through the coverage ratio analyses and risk index will show the company capability to cover the obligation and trend to bankrupt accordingly. <br /> <br /> The progress achieved at the time of suspension work was 49,53%, the expenditures was US$ 204 million. The budget increase from US$ 310 million to US$ 358 million and the external fund that still needed to complete the project will be US$ 140 million. <br /> <br /> The solution proposed to fulfill the fund will be by debt and equity in certain proportion to get the distress cost equivalent to tax shield. <br /> <br /> The calculated ROIC is 8,4% while the after tax interest rate is 5,6%. Solution alternative will consist of 20,77% additional debt and 79,23% additional equity.