Lampiran 1.

1
BIAYA INVESTASI PERKEBUNAN SAWIT
(A/D HARGA PASAR)

SKALA USAHA (HA) = 6,400

URAIAN SATUAN HARGA/SATUAN VOLUME JUMLAH
Pembukaan lahan (penubangan pohon, pembersihan lahan) Ha 5,000,000.00 6,400 32,000,000,000.00
Pembuatan jalan primer (20 m/ha) m 1,000,000 6,400 6,400,000,000
Pembuatan jalan sekunder (60 m/ha) ha 1,250,000 6,400 8,000,000,000
Pembuatan saluran air (6 HOK/ha) HOK 35,000 32,000 1,120,000,000
Pembuatan teras kontur (20% dari luas)(3 pop/HOK) HOK 35,000 60,160 2,105,600,000
Penanaman tiang pancang (1 HOK/ha) HOK 35,000 6,400 224,000,000
Pembuatan lubang tanam (60 x 60 x 50 cm) ( 5 HOK/ha) HOK 35,000 25,600 896,000,000
Penanaman + Pemupukan (3 HOK/ha) HOK 35,000 19,200 672,000,000
Penanaman cover crop (2 HOK/ha) HOK 35,000 12,800 448,000,000
Penyemprotan (1 HOK/ha) HOK 35,000 6,400 224,000,000
Herbisida (Round Up)(2 ltr/ha) ltr 60,000 12,800 768,000,000
Bibit penutup tanah kacangan :
* Pueraria Javanica (PJ) (3 kg/ha) kg 24,000 19,200 460,800,000
* Colopogonium Mucuniodes (CM) (3 kg/ha) kg 24,000 19,200 460,800,000
* Centrocema Pubescent (CP) (4 kg/ha) kg 30,000 25,600 768,000,000
Tiang pancang batang 150 960,000 144,000,000
Bibit sawit (umur 12-18 bulan) (142 pop/ha) populasi 18,000 908,800 16,358,400,000
Pupuk rock fosfat (200 gr/lbg tanam) kg 1,560 181,760 283,545,600
Spreyer Buah 300,000 320 96,000,000
Cangkul Buah 48,000 2,133 102,400,000
Sekop Buah 54,000 1,280 69,120,000
Parang Buah 48,000 640 30,720,000
TOTAL BIAYA KE-0 71,631,385,600

TAHUN KE-1 :
Herbisida (round up) (2 ltr/ha) liter 60,000 12,800 768,000,000
Bibit sawit (penyisipan) (7 pop/ha) populasi 18,000 44,800 806,400,000
Pupuk :
* Urea (1.127 gr/pop) kg 2,600 1,024,217.60 2,662,965,760
* TSP (1.232 gr/pop) kg 1,632 1,119,641.60 1,827,255,091
* MOP (1.056 gr/pop) kg 3,240 959,692.80 3,109,404,672
* Kiserit (704 gr/pop) kg 2,400 639,795.20 1,535,508,480

Tenaga kerja :
* Wiping lalang (pembersihan lahan radius 1 mtr) (4 HOK/ha) HOK 35,000 12,800 448,000,000
* Pemupukan (2 HOK/ha) HOK 35,000 12,800 448,000,000
* Pemberantasan lalang menggunakan herbisida (1 HOK/ha) HOK 35,000 6,400 224,000,000
TOTAL TAHUN KE-1 11,829,534,003

TAHUN KE-2 :
Herbisida (round up) (2 ltr/ha) liter 60,000 12,800 768,000,000
Pupuk :
* Urea (1.127 gr/pop) kg 2,600 1,024,218 2,662,965,760
* TSP (1.232 gr/pop) kg 1,632 1,119,642 1,827,255,091
* MOP (1.056 gr/pop) kg 3,240 959,693 3,109,404,672
* Kiserit (704 gr/pop) kg 2,400 639,795 1,535,508,480
Insektisida/fungisida (1 ltr/ha) liter 110,000 6,400 704,000,000
Tenaga kerja :
* Wiping lalang (pembersihan lahan radius 1,5 mtr)(1.5HOK/ha) HOK 35,000 9,600 336,000,000
* Pemupukan (2 HOK/ha) HOK 35,000 6,400 224,000,000
* Pemberantasan lalang menggunakan herbisida (1 HOK/ha) HOK 35,000 6,400 224,000,000
* Kastrasi (memtg & membuang bunga) (5 HOK/ha) HOK 35,000 32,000 1,120,000,000
TOTAL TAHUN KE-2 12,511,134,003

Jumlah Kebutuhan Investasi 95,972,053,606

Dana yang tersedia (Modal Sendiri) 14,395,808,041
Dana Pinjaman Bank 81,576,245,565
Lampiran 1.2
PERKIRAAN BIAYA PRODUKSI TANAMAN MENGHASILKAN
(A/D HARGA PASAR)
SKALA USAHA = 6400
URAIAN SATUAN HARGA/SAT VOLUME JUMLAH
Herbisida (round up) (2 ltr/ha) liter 60,000 12,800 768,000,000
Pupuk :
* Urea (1.056 gr/pop) kg 2,600 959,693 2,495,201,280
* TSP (1.232 gr/ha) kg 1,632 1,119,642 1,827,255,091
* MOP (1.056 pop/ha) kg 3,240 959,693 3,109,404,672
* Kiserit (986 gr/pop) kg 2,400 896,077 2,150,584,320
Insektisida/fungisida (1 ltr/ha) liter 60,000 6,400 384,000,000
Tenaga kerja : -
* Wiping lalang (pembersihan vegetasi radius 2 mtr) (2HOK)/ha HOK 35,000 12,800 448,000,000
* Pemupukan (2 HOK/ha) HOK 35,000 12,800 448,000,000
* Pemberantasan lalang menggunakan herbisada HOK 35,000 12,800 448,000,000
* Panen (30 HOK/ha) HOK 35,000 192,000 6,720,000,000
* Biaya angkut Rp/kg TBS 5 141,356,800 706,784,000
TOTAL 19,505,229,363
Lampiran 1.3
PROYEKSI PENERIMAAN
Harga TBS(Rp,-/kg) = 600
Skala Usaha (Ha) = 6400

UMUR PRODUKTIVITAS NILAI PRODUKSI

TANAMAN (TON/HA) (RP)
0 0 -
1 0 -
2 0 -
3 7 26,880,000,000
4 15 57,600,000,000
5 19 72,960,000,000
6 22 84,480,000,000
7 25 96,000,000,000
8 27 103,680,000,000
9 27 103,680,000,000
10 27 103,680,000,000
11 27 103,680,000,000
12 27 103,680,000,000
13 27 103,680,000,000
14 26 99,840,000,000
15 25 96,000,000,000
16 25 96,000,000,000
17 24 92,160,000,000
18 22 84,480,000,000
19 22 84,480,000,000
20 21 80,640,000,000
21 21 80,640,000,000
22 19 72,960,000,000
23 19 72,960,000,000
24 17 65,280,000,000
25 17 65,280,000,000
Lampiran 1.4.
PROYEKSI LABA-RUGI

TAHUN PENERIMAAN BIAYA LABA (RUGI) PENYUSUTAN PINJAMAN LABA (RUGI) PAJAK LABA (RUGI)
OPERASIONAL KOTOR AKTIVA (ANGS + BUNGA) SBLM PAJAK BERSIH
TETAP 10%
1 - ### - 3,838,882,144 11,050,417,850 (14,889,299,994) - (14,889,299,994)
2 - ### - 3,838,882,144 13,073,051,180 (14,889,299,994) - (14,889,299,994)
3 26,880,000,000 19,505,229,363 7,374,770,637 3,838,882,144 13,073,051,180 (9,537,162,688) - (9,537,162,688)
4 57,600,000,000 19,505,229,363 38,094,770,637 3,838,882,144 13,073,051,180 21,182,837,312 2,118,283,731 21,182,837,312
5 72,960,000,000 19,505,229,363 53,454,770,637 3,838,882,144 13,073,051,180 36,542,837,312 3,654,283,731 32,888,553,581
6 84,480,000,000 19,505,229,363 64,974,770,637 3,838,882,144 13,073,051,180 48,062,837,312 4,806,283,731 43,256,553,581
7 96,000,000,000 19,505,229,363 76,494,770,637 3,838,882,144 13,073,051,180 59,582,837,312 5,958,283,731 53,624,553,581
8 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
9 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
10 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
11 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
12 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
13 103,680,000,000 19,505,229,363 84,174,770,637 3,838,882,144 13,073,051,180 67,262,837,312 6,726,283,731 60,536,553,581
14 99,840,000,000 19,505,229,363 80,334,770,637 3,838,882,144 13,073,051,180 63,422,837,312 6,342,283,731 57,080,553,581
15 96,000,000,000 19,505,229,363 76,494,770,637 3,838,882,144 13,073,051,180 59,582,837,312 5,958,283,731 53,624,553,581
16 96,000,000,000 19,505,229,363 76,494,770,637 3,838,882,144 13,073,051,180 59,582,837,312 5,958,283,731 53,624,553,581
17 92,160,000,000 19,505,229,363 72,654,770,637 3,838,882,144 13,073,051,180 55,742,837,312 5,574,283,731 50,168,553,581
18 84,480,000,000 19,505,229,363 64,974,770,637 3,838,882,144 13,073,051,180 48,062,837,312 4,806,283,731 43,256,553,581
19 84,480,000,000 19,505,229,363 64,974,770,637 3,838,882,144 13,073,051,180 48,062,837,312 4,806,283,731 43,256,553,581
20 80,640,000,000 19,505,229,363 61,134,770,637 3,838,882,144 13,073,051,180 44,222,837,312 4,422,283,731 39,800,553,581
21 80,640,000,000 19,505,229,363 61,134,770,637 3,838,882,144 13,073,051,180 44,222,837,312 4,422,283,731 39,800,553,581
22 72,960,000,000 19,505,229,363 53,454,770,637 3,838,882,144 13,073,051,180 36,542,837,312 3,654,283,731 32,888,553,581
23 72,960,000,000 19,505,229,363 53,454,770,637 3,838,882,144 13,073,051,180 36,542,837,312 3,654,283,731 32,888,553,581
24 65,280,000,000 19,505,229,363 45,774,770,637 3,838,882,144 13,073,051,180 28,862,837,312 2,886,283,731 28,862,837,312
25 65,280,000,000 19,505,229,363 45,774,770,637 3,838,882,144 13,073,051,180 28,862,837,312 2,886,283,731 28,862,837,312
Lampiran 1.5.
PROYEKSI CASH-FLOW

BIAYA PAJAK TOTAL CASH FLOW INVESTASI PENDANAAN INVESTASI ANGSURAN KREDIT CASH FLOW SALDO KAS
PRODUKSI 10% PENGELUARAN OPERASIONAL AKTIVA TETAP MODAL SENDIRI PINJAMAN POKOK BUNGA NON OPRS AKHIR
TAHUN PENERIMAAN . + (-) KREDIT KREDIT .+ (-)
1 2 3 4 = (2 + 3) 5 = (1 - 4) 6 7 8 9 10 11=(7+8-6-9-10)
1 - - 0 - - 83,460,919,603 14,395,808,041 69,065,111,562 2,762,604,462 8,287,813,387 (11,050,417,850) (11,050,417,850)
2 - - 0 - - 12,511,134,003 0 12,511,134,003 3,283,901,713 9,789,149,468 (13,073,051,180) (24,123,469,030)
3 26,880,000,000 19,505,229,363 737,477,064 20,242,706,427 6,637,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) (30,559,226,638)
4 57,600,000,000 19,505,229,363 3,809,477,064 23,314,706,427 34,285,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) (9,346,984,245)
5 72,960,000,000 19,505,229,363 5,345,477,064 24,850,706,427 48,109,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 25,689,258,147
6 84,480,000,000 19,505,229,363 6,497,477,064 26,002,706,427 58,477,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 71,093,500,540
7 96,000,000,000 19,505,229,363 7,649,477,064 27,154,706,427 68,845,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 126,865,742,933
8 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 189,549,985,325
9 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 252,234,227,718
10 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 314,918,470,111
11 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 377,602,712,503
12 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 440,286,954,896
13 103,680,000,000 19,505,229,363 8,417,477,064 27,922,706,427 75,757,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 502,971,197,289
14 99,840,000,000 19,505,229,363 8,033,477,064 27,538,706,427 72,301,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 562,199,439,681
15 96,000,000,000 19,505,229,363 7,649,477,064 27,154,706,427 68,845,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 617,971,682,074
16 96,000,000,000 19,505,229,363 7,649,477,064 27,154,706,427 68,845,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 673,743,924,467
17 92,160,000,000 19,505,229,363 7,265,477,064 26,770,706,427 65,389,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 726,060,166,859
18 84,480,000,000 19,505,229,363 6,497,477,064 26,002,706,427 58,477,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 771,464,409,252
19 84,480,000,000 19,505,229,363 6,497,477,064 26,002,706,427 58,477,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 816,868,651,645
20 80,640,000,000 19,505,229,363 6,113,477,064 25,618,706,427 55,021,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 858,816,894,037
21 80,640,000,000 19,505,229,363 6,113,477,064 25,618,706,427 55,021,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 900,765,136,430
22 72,960,000,000 19,505,229,363 5,345,477,064 24,850,706,427 48,109,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 935,801,378,822
23 72,960,000,000 19,505,229,363 5,345,477,064 24,850,706,427 48,109,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 970,837,621,215
24 65,280,000,000 19,505,229,363 4,577,477,064 24,082,706,427 41,197,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 998,961,863,608
25 65,280,000,000 19,505,229,363 4,577,477,064 24,082,706,427 41,197,293,573 3,283,901,713 9,789,149,468 (13,073,051,180) 1,027,086,106,000
Lampiran 1.6.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS : 1 (dasar)
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 83,460,919,603 - 8,287,813,387 - 91,748,732,991 - 0.8929 (81,918,511,599)
2 12,511,134,003 - 9,789,149,468 - 22,300,283,471 - 0.7972 (17,777,649,451)
3 19,505,229,363 9,789,149,468 - 29,294,378,831 26,880,000,000 0.7118 (1,718,507,163)
4 19,505,229,363 9,789,149,468 2,118,283,731 31,412,662,562 57,600,000,000 0.6355 16,642,526,367
5 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 72,960,000,000 0.5674 22,703,507,395
6 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 84,480,000,000 0.5066 25,523,740,210
7 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 96,000,000,000 0.4523 27,479,010,424
8 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.4039 27,326,471,607
9 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.3606 24,398,635,364
10 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.3220 21,784,495,860
11 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.2875 19,450,442,733
12 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.2567 17,366,466,725
13 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 103,680,000,000 0.2292 15,505,773,862
14 19,505,229,363 9,789,149,468 6,342,283,731 35,636,662,562 99,840,000,000 0.2046 13,137,274,876
15 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 96,000,000,000 0.1827 11,098,311,432
16 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 96,000,000,000 0.1631 9,909,206,635
17 19,505,229,363 9,789,149,468 5,574,283,731 34,868,662,562 92,160,000,000 0.1456 8,344,159,082
18 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 84,480,000,000 0.1300 6,551,308,391
19 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 84,480,000,000 0.1161 5,849,382,492
20 19,505,229,363 9,789,149,468 4,422,283,731 33,716,662,562 80,640,000,000 0.1037 4,864,390,599
21 19,505,229,363 9,789,149,468 4,422,283,731 33,716,662,562 80,640,000,000 0.0926 4,343,205,892
22 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 72,960,000,000 0.0826 3,306,637,371
23 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 72,960,000,000 0.0738 2,952,354,796
24 19,505,229,363 9,789,149,468 2,886,283,731 32,180,662,562 65,280,000,000 0.0659 2,180,653,970
25 19,505,229,363 9,789,149,468 2,886,283,731 32,180,662,562 65,280,000,000 0.0588 1,947,012,473
TOTAL 191,250,300,344

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.28 8,044,089,751

FIRR 28.726% 0.29 (3,043,621,438)
NPV 0.12 191,250,300,344 PRESENT VALUE (101,414,668,212) 292,664,968,556
B/C RATIO 2.8858

ANALISIS SENSITIVITAS :
KASUS 1 : Dasar
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 90% 110% 110%
5. Manfaat -10%; Biaya Investasi +10% 90% 100% 110%
6. Manfaat -10%; Biaya operasional +10% 90% 110% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10%
Lampiran 1.7.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 2 : Manfaat -10%
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 83,460,919,603 - 8,287,813,387 - 91,748,732,991 - 0.8929 (81,918,511,599)
2 12,511,134,003 - 9,789,149,468 - 22,300,283,471 - 0.7972 (17,777,649,451)
3 19,505,229,363 9,789,149,468 - 29,294,378,831 24,192,000,000 0.7118 (3,631,772,469)
4 19,505,229,363 9,789,149,468 2,118,283,731 31,412,662,562 51,840,000,000 0.6355 12,981,942,235
5 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 65,664,000,000 0.5674 18,563,561,056
6 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 76,032,000,000 0.5066 21,243,720,499
7 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 86,400,000,000 0.4523 23,136,457,957
8 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.4039 23,139,010,300
9 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.3606 20,659,830,625
10 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.3220 18,446,277,343
11 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.2875 16,469,890,485
12 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.2567 14,705,259,362
13 19,505,229,363 9,789,149,468 6,726,283,731 36,020,662,562 93,312,000,000 0.2292 13,129,695,859
14 19,505,229,363 9,789,149,468 6,342,283,731 35,636,662,562 89,856,000,000 0.2046 11,094,350,667
15 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 86,400,000,000 0.1827 9,344,427,323
16 19,505,229,363 9,789,149,468 5,958,283,731 35,252,662,562 86,400,000,000 0.1631 8,343,238,682
17 19,505,229,363 9,789,149,468 5,574,283,731 34,868,662,562 82,944,000,000 0.1456 7,001,900,836
18 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 76,032,000,000 0.1300 5,452,733,933
19 19,505,229,363 9,789,149,468 4,806,283,731 34,100,662,562 76,032,000,000 0.1161 4,868,512,441
20 19,505,229,363 9,789,149,468 4,422,283,731 33,716,662,562 72,576,000,000 0.1037 4,028,421,805
21 19,505,229,363 9,789,149,468 4,422,283,731 33,716,662,562 72,576,000,000 0.0926 3,596,805,183
22 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 65,664,000,000 0.0826 2,703,677,615
23 19,505,229,363 9,789,149,468 3,654,283,731 32,948,662,562 65,664,000,000 0.0738 2,413,997,871
24 19,505,229,363 9,789,149,468 2,886,283,731 32,180,662,562 58,752,000,000 0.0659 1,750,575,599
25 19,505,229,363 9,789,149,468 2,886,283,731 32,180,662,562 58,752,000,000 0.0588 1,563,013,928
TOTAL 141,309,368,085

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.25 3,363,340,660

FIRR 25.279% 0.26 (8,702,218,600)
NPV 0.12 141,309,368,085
B/C RATIO 2.3676 (103,327,933,518) 244,637,301,603

ANALISIS SENSITIVITAS :
KASUS 2 : Manfaat -10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 100% 100% 110%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 100%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%
Lampiran 1.8.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 3 : Biaya Investasi +10%
COST BENEFIT DISCOUNT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 91,807,011,564 - 8,262,631,041 - 100,069,642,604 - 0.8929
2 13,762,247,404 - 9,501,233,307 - 23,263,480,711 - 0.7972
3 19,505,229,363 9,501,233,307 - 29,006,462,670 26,880,000,000 0.7118
4 19,505,229,363 9,501,233,307 2,118,283,731 31,124,746,401 57,600,000,000 0.6355
5 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 72,960,000,000 0.5674
6 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 84,480,000,000 0.5066
7 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 96,000,000,000 0.4523
8 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.4039
9 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.3606
10 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.3220
11 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.2875
12 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.2567
13 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 103,680,000,000 0.2292
14 19,505,229,363 9,501,233,307 6,342,283,731 35,348,746,401 99,840,000,000 0.2046
15 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 96,000,000,000 0.1827
16 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 96,000,000,000 0.1631
17 19,505,229,363 9,501,233,307 5,574,283,731 34,580,746,401 92,160,000,000 0.1456
18 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 84,480,000,000 0.1300
19 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 84,480,000,000 0.1161
20 19,505,229,363 9,501,233,307 4,422,283,731 33,428,746,401 80,640,000,000 0.1037
21 19,505,229,363 9,501,233,307 4,422,283,731 33,428,746,401 80,640,000,000 0.0926
22 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 72,960,000,000 0.0826
23 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 72,960,000,000 0.0738
24 19,505,229,363 9,501,233,307 2,886,283,731 31,892,746,401 65,280,000,000 0.0659
25 19,505,229,363 9,501,233,307 2,886,283,731 31,892,746,401 65,280,000,000 0.0588
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.27

FIRR 27.4095% 0.28
NPV 0.12 184,824,635,318
B/C RATIO 2.6893 (109,406,973,702)

ANALISIS SENSITIVITAS :
KASUS 3 : Manfaat -10% ; Biaya operasional +10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 100% 100% 110%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%
 NPV

(89,347,895,182)
(18,545,504,393)
(1,513,574,126)
16,825,502,292
22,866,878,757
25,669,607,498
27,609,249,073
27,442,756,116
24,502,460,818
21,877,197,159
19,533,211,749
17,440,367,633
15,571,756,815
13,196,188,227
11,150,912,638
9,956,171,998
8,386,092,442
6,588,748,890
5,882,811,509
4,894,237,936
4,369,855,300
3,330,431,486
2,973,599,541
2,199,622,492
1,963,948,653
184,824,635,318

4,965,635,976
(7,162,815,397)

294,231,609,020
Lampiran 1.9.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 4 : Biaya operasional +10%
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 83,460,919,603 - 8,287,813,387 - 91,748,732,991 - 0.8929 (81,918,511,599)
2 12,511,134,003 - 9,789,149,468 - 22,300,283,471 - 0.7972 (17,777,649,451)
3 21,455,752,300 9,789,149,468 - 31,244,901,767 26,880,000,000 0.7118 (3,106,850,862)
4 21,455,752,300 9,789,149,468 2,118,283,731 33,363,185,499 57,600,000,000 0.6355 15,402,933,779
5 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 72,960,000,000 0.5674 21,596,728,299
6 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 84,480,000,000 0.5066 24,535,544,588
7 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 96,000,000,000 0.4523 26,596,692,904
8 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.4039 26,538,688,108
9 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.3606 23,695,257,239
10 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.3220 21,156,479,678
11 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.2875 18,889,713,998
12 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.2567 16,865,816,069
13 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 103,680,000,000 0.2292 15,058,764,348
14 21,455,752,300 9,789,149,468 6,342,283,731 37,587,185,499 99,840,000,000 0.2046 12,738,159,238
15 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 96,000,000,000 0.1827 10,741,958,184
16 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 96,000,000,000 0.1631 9,591,034,093
17 21,455,752,300 9,789,149,468 5,574,283,731 36,819,185,499 92,160,000,000 0.1456 8,060,076,455
18 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 84,480,000,000 0.1300 6,297,663,188
19 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 84,480,000,000 0.1161 5,622,913,560
20 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 80,640,000,000 0.1037 4,662,186,196
21 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 80,640,000,000 0.0926 4,162,666,246
22 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 72,960,000,000 0.0826 3,145,441,259
23 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 72,960,000,000 0.0738 2,808,429,696
24 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 65,280,000,000 0.0659 2,052,149,416
25 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 65,280,000,000 0.0588 1,832,276,264
TOTAL 179,248,560,892

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.35 6,556,147,756

FIRR 35.6185% 0.36 (4,043,617,102)
NPV 0.12 179,248,560,892
B/C RATIO 2.7436 (102,803,011,911) 282,051,572,803

ANALISIS SENSITIVITAS :
KASUS 4 : Manfaat -10% ; Biaya operasional +10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 100% 110% 100%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%
Lampiran 1.10.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 5 : Manfaat -10% ; B. Investasi +10%
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 91,807,011,564 - 8,262,631,041 - 100,069,642,604 - 0.8929 (89,347,895,182)
2 13,762,247,404 - 9,501,233,307 - 23,263,480,711 - 0.7972 (18,545,504,393)
3 19,505,229,363 9,501,233,307 - 29,006,462,670 24,192,000,000 0.7118 (3,426,839,433)
4 19,505,229,363 9,501,233,307 2,118,283,731 31,124,746,401 51,840,000,000 0.6355 13,164,918,161
5 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 65,664,000,000 0.5674 18,726,932,418
6 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 76,032,000,000 0.5066 21,389,587,786
7 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 86,400,000,000 0.4523 23,266,696,606
8 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.4039 23,255,294,808
9 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.3606 20,763,656,079
10 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.3220 18,538,978,642
11 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.2875 16,552,659,501
12 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.2567 14,779,160,269
13 19,505,229,363 9,501,233,307 6,726,283,731 35,732,746,401 93,312,000,000 0.2292 13,195,678,812
14 19,505,229,363 9,501,233,307 6,342,283,731 35,348,746,401 89,856,000,000 0.2046 11,153,264,018
15 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 86,400,000,000 0.1827 9,397,028,530
16 19,505,229,363 9,501,233,307 5,958,283,731 34,964,746,401 86,400,000,000 0.1631 8,390,204,044
17 19,505,229,363 9,501,233,307 5,574,283,731 34,580,746,401 82,944,000,000 0.1456 7,043,834,196
18 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 76,032,000,000 0.1300 5,490,174,433
19 19,505,229,363 9,501,233,307 4,806,283,731 33,812,746,401 76,032,000,000 0.1161 4,901,941,458
20 19,505,229,363 9,501,233,307 4,422,283,731 33,428,746,401 72,576,000,000 0.1037 4,058,269,142
21 19,505,229,363 9,501,233,307 4,422,283,731 33,428,746,401 72,576,000,000 0.0926 3,623,454,591
22 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 65,664,000,000 0.0826 2,727,471,730
23 19,505,229,363 9,501,233,307 3,654,283,731 32,660,746,401 65,664,000,000 0.0738 2,435,242,616
24 19,505,229,363 9,501,233,307 2,886,283,731 31,892,746,401 58,752,000,000 0.0659 1,769,544,121
25 19,505,229,363 9,501,233,307 2,886,283,731 31,892,746,401 58,752,000,000 0.0588 1,579,950,108
TOTAL 134,883,703,060

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.24 1,283,957,483

FIRR 24.0965% 0.25 (12,021,822,752)
NPV 0.12 134,883,703,060
B/C RATIO 2.2117 (111,320,239,008) 246,203,942,068

ANALISIS SENSITIVITAS :
KASUS 5 : Manfaat -10% ; Biaya operasional +10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 90% 110% 100%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%
Lampiran 1.11.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 6 : Manfaat -10 ; Biaya operasional +10
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 83,460,919,603 - 8,287,813,387 - 91,748,732,991 - 0.8929 (81,918,511,599)
2 12,511,134,003 - 9,789,149,468 - 22,300,283,471 - 0.7972 (17,777,649,451)
3 21,455,752,300 9,789,149,468 - 31,244,901,767 24,192,000,000 0.7118 (5,020,116,168)
4 21,455,752,300 9,789,149,468 2,118,283,731 33,363,185,499 51,840,000,000 0.6355 11,742,349,647
5 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.5674 17,456,781,959
6 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 80,256,000,000 0.5066 22,395,534,732
7 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.4523 22,254,140,437
8 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.4039 22,351,226,800
9 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.3606 19,956,452,500
10 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.3220 17,818,261,161
11 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2875 15,909,161,751
12 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2567 14,204,608,706
13 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2292 12,682,686,344
14 21,455,752,300 9,789,149,468 6,342,283,731 37,587,185,499 89,856,000,000 0.2046 10,695,235,029
15 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.1827 8,988,074,076
16 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.1631 8,025,066,139
17 21,455,752,300 9,789,149,468 5,574,283,731 36,819,185,499 82,944,000,000 0.1456 6,717,818,209
18 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 76,032,000,000 0.1300 5,199,088,730
19 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 76,032,000,000 0.1161 4,642,043,509
20 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 72,576,000,000 0.1037 3,826,217,402
21 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 72,576,000,000 0.0926 3,416,265,538
22 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.0826 2,542,481,503
23 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.0738 2,270,072,771
24 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 58,752,000,000 0.0659 1,622,071,045
25 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 58,752,000,000 0.0588 1,448,277,719
TOTAL 131,447,638,489

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.24 7,660,804,176

FIRR 24.5964% 0.25 (5,184,176,248)
NPV 0.12 131,447,638,489
B/C RATIO 2.2553 (104,716,277,217) 236,163,915,706

ANALISIS SENSITIVITAS :
KASUS 6 : Manfaat -10% ; Biaya operasional +10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 90% 110% 100%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%
Lampiran 1.12.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 7 : Manfaat -10% ; B. Investasi +10% ; B. operasional +10%
COST BENEFIT DISCOUNT NPV
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL FACTOR
OPERASIONAL PINJAMAN BIAYA PENERIMAAN) 0.12
1 91,807,011,564 - 8,262,631,041 - 100,069,642,604 - 0.8929 (89,347,895,182)
2 13,762,247,404 - 9,501,233,307 - 23,263,480,711 - 0.7972 (18,545,504,393)
3 21,455,752,300 9,789,149,468 - 31,244,901,767 24,192,000,000 0.7118 (5,020,116,168)
4 21,455,752,300 9,789,149,468 2,118,283,731 33,363,185,499 51,840,000,000 0.6355 11,742,349,647
5 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.5674 17,456,781,959
6 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 76,032,000,000 0.5066 20,255,524,876
7 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.4523 22,254,140,437
8 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.4039 22,351,226,800
9 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.3606 19,956,452,500
10 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.3220 17,818,261,161
11 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2875 15,909,161,751
12 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2567 14,204,608,706
13 21,455,752,300 9,789,149,468 6,726,283,731 37,971,185,499 93,312,000,000 0.2292 12,682,686,344
14 21,455,752,300 9,789,149,468 6,342,283,731 37,587,185,499 89,856,000,000 0.2046 10,695,235,029
15 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.1827 8,988,074,076
16 21,455,752,300 9,789,149,468 5,958,283,731 37,203,185,499 86,400,000,000 0.1631 8,025,066,139
17 21,455,752,300 9,789,149,468 5,574,283,731 36,819,185,499 82,944,000,000 0.1456 6,717,818,209
18 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 76,032,000,000 0.1300 5,199,088,730
19 21,455,752,300 9,789,149,468 4,806,283,731 36,051,185,499 76,032,000,000 0.1161 4,642,043,509
20 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 72,576,000,000 0.1037 3,826,217,402
21 21,455,752,300 9,789,149,468 4,422,283,731 35,667,185,499 72,576,000,000 0.0926 3,416,265,538
22 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.0826 2,542,481,503
23 21,455,752,300 9,789,149,468 3,654,283,731 34,899,185,499 65,664,000,000 0.0738 2,270,072,771
24 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 58,752,000,000 0.0659 1,622,071,045
25 21,455,752,300 9,789,149,468 2,886,283,731 34,131,185,499 58,752,000,000 0.0588 1,448,277,719
TOTAL 121,110,390,107

EVALUASI EKONOMI DISCOUNT RATE HASIL 0.23 1,542,206,869

FIRR 23.1105% 0.24 (12,410,774,063)
NPV 0.12 121,110,390,107
B/C RATIO 2.0726 (112,913,515,743) 234,023,905,850

ANALISIS SENSITIVITAS :
KASUS 7 : Manfaat -10% ; Biaya investasi +10% ; Biaya operasional +10%
KASUS Manfaat Biaya Biaya
Investasi Operasional
1. Dasar 100% 100% 100%
2. Manfaat -10% 90% 100% 100%
3. Biaya Investasi + 10% 100% 110% 100%
4. Biaya operasional +10% 100% 100% 110%
5. Manfaat -10%; Biaya Investasi +10% 90% 110% 100%
6. Manfaat -10%; Biaya operasional +10% 90% 100% 110%
7. Manfaat -10%; Biaya Investasi +10%; Biaya operasional +10% 90% 110% 110%