Volume 7, Issue 3, June 2019, Page: 59-66
Funding Strategy Bali-Mandara Toll Road Rest Area Investment Plan
Erwin Rasyid, STIE Unisadhuguna and Universitas Budi Luhur, Jakarta, Indonesia
Sri Saraswati, STIE Unisadhuguna, Jakarta, Indonesia
Received: May 22, 2019;       Accepted: Jul. 17, 2019;       Published: Aug. 5, 2019
DOI: 10.11648/j.sjbm.20190703.11      View  27      Downloads  10
Abstract
Construction of toll roads in Bali by PT. Jasamarga Bali Tol (JBT) as by PT. JBT has to pay the loans used for due to the loans of building the road. Even, though PT. JBT’s income is increasing, it has not been able to cover the obligations of the company to pay the loan. Then, PT. JBT considers making a rest area as a business unit to multiply their income. An effective analysis of investment will provide financial solutions for PT. JBT. This study aims at identifying the best funding pattern that can be implemented for the rest area investment plan. This research focuses on three funding patterns, namely the pattern of loans/debts, own costs, and Build-Operate-Transfer. After the results of the study, the following results were obtained: In the room rental pattern + business concession, there was a 7 year 9 month payback period, internal rate of return 9.52% (IRR <13%), and net present value of –Rp 75.72 billion in I = 13% and a period of10 years (NPV < 0). Meanwhile, the revenue-sharing pattern obtained a 6-year 8-month payback period, internal rate of return 13.55% (IRR > 13%), and the net present value of Rp. 12.93 billion (NPV > 0). Lastly, the loan pattern is not feasible because the NPV project is smaller than 0 (zero) and IRR <13%. The cost pattern is not feasible because it takes a long time to raise funds and the BOT pattern is possible because the NPV value is greater than 0 (zero) and IRR > 13%.
Keywords
Funding Pattern, Business Feasibility Analysis, Capital Budgeting
To cite this article
Erwin Rasyid, Sri Saraswati, Funding Strategy Bali-Mandara Toll Road Rest Area Investment Plan, Science Journal of Business and Management. Vol. 7, No. 3, 2019, pp. 59-66. doi: 10.11648/j.sjbm.20190703.11
Copyright
Copyright © 2019 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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