Science Journal of Business and Management

2019; 7(3): 59-66

http://www.sciencepublishinggroup.com/j/sjbm
doi: 10.11648/j.sjbm.20190703.11
ISSN: 2331-0626 (Print); ISSN: 2331-0634 (Online)

Funding Strategy Bali-Mandara Toll Road Rest Area

Investment Plan
Erwin Rasyid1, Sri Saraswati2
1
STIE Unisadhuguna and Universitas Budi Luhur, Jakarta, Indonesia
2
STIE Unisadhuguna, Jakarta, Indonesia

Email address:

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

Received: May 22, 2019; Accepted: July 17, 2019; Published: August 5, 2019

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

activities: [11]
1. Introduction a. assessing the source of funds;
PT. JASAMARGA BALI TOL (JBT) is the regulator of b. developing an best funding structure;
the Toll Road. With its services, the company managed to c. analyzing interest rates on investment decisions;
obtain Rp. 122 billion in 2015 and Rp. 142 billion in 2016. d. negotiating with prospective funders
Although the annual income increased, they still have not 2.1. Sources and Types of Project Funding
reached the target to pay installments and bank interest with
the amount of Rp. 160 billion. [8] Basically, there are various kinds of funding sources for a
Therefore, the party from PT. JASAMARGA BALI TOL company, which are categorized as equity and debt. [1]
(JBT) took some actions to cover the deficit. One effort that A. Equity
can be done is to build a rest area that has the potential to 1. Issue shares Sales of newly issued shares will be funds
increase the number of toll road users and the revenue. "We that can be used to finance the project. The stock market
have to cover the deficit by looking for other sources of price is determined by the economic performance of the
income and that is legitimate." [8] company. By buying shares, new investors will become
stakeholders of the company, which means that the
2. Literature Review stockholders also have the company's equity [5].
2. Retained Earnings Project funds can come from
Project funding is an effort to obtain funds or capital used retained earnings of the company. This event means that
to finance a project which generally includes the following funds are obtained from within the organization itself.
60 Erwin Rasyid and Sri Saraswati: Funding Strategy Bali-Mandara
Toll Road Rest Area Investment Plan

Usually, this event is an important source for project the principal.

funding [6]. This structure is suitable for projects that do not produce
B. Debt production at all until a certain time. After generating cash
Debt is a sum (principal loan) borrowed in a certain period flow, the debtor starts paying back the loan.
to fund the project. Therefore, creditors will charge interest at C. Build Operate Transfer (BOT)
a fixed percentage and repay the principal by the terms of the In the BOT funding pattern, the term Full Limited or Non-
agreement [3]. Often, creditors need collateral for loaned Recourse Financing is also known to the sponsor party. Full
funds. The general agreement terms include: recourse financing occurs when the sponsor is responsible for
1. Arrangement and schedule of returns; repaying the debt from the project following the agreed loan
2. Security for the lender; rules. For short recourse, full financing is not required from
3. Fee and administration, fees; the sponsor. Usually, in limited recourse, financing loans are
4. Interest on loans. carried out for specific matters only, and/or half the
Loans or debts are considered not affected by inflation, obligations is left to third parties. For Non-Recourse
because once the interest and principal installments are financing, the lender only relies on cash flow and current and
determined by the schedule and the magnitude, generally the future income from a economic unit to repay the debt.
impact of inflation is not considered anymore [10]. Usually, for limited and non-recourse financing, guarantees
The arrangement and schedule of debt repayments in the are needed as assets from the economic unit (project) [15].
project are: The BOT pattern is widely used to finance large
1. Decreased Installments: the number of fixed infrastructure projects where the government or a State-
installments with interest calculated from the remaining Owned Enterprise (BUMN) wants to rely on companies that
principal. The amount of installments decreases over are experienced in building and operating a school that will
time. eventually be transferred to the government or BUMN [14].
2. Maturity returns: the principal loan repaid at maturity, The following is illustrating the BOT funding pattern with
that is, at the end of the loan. a limited resource structure.
3. Grace Period: the grace period for installments given by

Figure 1. BOT Pattern with Limited Resources Structure.

The steps of the BOT pattern above can be explained as included with the offtaker so that it may show the
follows: estimated cash flow that can be generated by the
1. Project vehicle signs a long-term sale-purchase project.
agreement. This event makes a guarantee for the project 3. Loans given by the lender will be used to finance the
that the product will get buyers for a certain period construction of the project.
sometime. Project vehicle contracts with Engineering, 4. Project vehicle binds a contract with an operator
Procurement and Construction (EPC) with contractors company that will carry out Operation & Maintenance
who will carry out construction of the project. (O & M) of this project in exchange for long-term O &
2. Project vehicle makes a credit/loan agreement with the M fees generated from project revenue. O & M can
borrower, bank or financial institution. In making this actually be done by the relevant parties, namely the
loan agreement, a Sales Purchase Agreement is also sponsor and project owner. However, this should be
 Science Journal of Business and Management 2019; 7(3): 59-66 61

discussed further and there should be a special b = the cumulative amount of cash flow in year n
agreement. As the guarantor of the offtake obligation c = the cumulative amount of cash flow in the year to n + L
stipulated in the Sales and Purchase Agreement with the B. Net Present Value
project vehicle, the government has limited liability Net Present Value is a method most commonly used by
shares in this BOT scheme. companies for evaluating the feasibility of a project [6]. This
method is used to overcome shortcomings in the payback
2.2. Capital Budgeting period method since this method calculates the time value of
Financial analysis to assess the feasibility of an investment money. In this method, the current monetary value is first
project is a method that is done by comparing the costs that calculated from the expected cumulative cash inflows in the
must be incurred with the revenue expected to be received future, and the present money value of cash outflows because
from the investment project [2]. For investments that are of the cost of capital of the project or discount rate desired.
projected to obtain sustainable income for a certain period, The difference between here value of the cash inflows
the calculation is done discounted cash flow. Some criteria in estimated to be derived from investments invested and the
capital budgeting that can be used to evaluate long-term investment value spent to finance the project is called the Net
investments are Payback Period, Net Present Value and Present Value (NPV). If the Net Present Value is positive,
Internal Rate of Return [3]. then the investment proposal can be accepted. This event
A. Payback Period means that the investment to be made can increase the value
A payback period of an investment describes time needed of the company. Whereas, if the Net Present Value obtained
to recover funds that have been invested in a project. Period is negative, then the investment proposal for the project is
is the time that the company takes from the very beginning of rejected, or it can reduce the value of the company.
the fund's investment until the cumulative net cash flow Meanwhile, if the Net Present Value results are zero, then it
reaches the same time as the initial investment made [11]. can be interpreted that the investment to be made will not
This payback period method is widely used because the change the value of the company. The company can accept or
calculations are easy to do and simple. Measurements with reject the investment proposal.
the payback period method are for consideration of company The Net Present Value formula is as follows:
liquidity. The shorter, an investment, the smaller the ) #$%
! = " − +,
(1 + ')%
uncertainty risk that will be caused. To wit, it can be said that
%
the shorter the period of return on investment produced by a
project, the more feasible for the project to be realized. Formula 3: Net Present Value
However, this method has several disadvantages. First, the Where:
payback period method does not allow for the time value of NPV = Present value of investment
money concept. This method also ignores cash flows CFt = Annual cash flow generated by the project
received after the return period or after the payback period is k = required rate of return
reached, so that this criterion is more a some of the speed of N = investment project age
return of funds and not a measure of profitability. IO = Initial Outlay / capital issued
Calculations with this method cannot provide a clear picture Besides taking into account the time value of money, other
whether investment can increase the value of the company or advantages of the Net Present Value method include:
not. 1. Considering all existing inflows;
The payback period formula is: 2. Considering the risks of future inflows for return on
If the cash flow per year has the same amount. investment capital;
3. Through calculations using the NPV method, it can be
= × 1 clearly seen whether the investment can increase the
ℎ value of the company or not;
Formula 1: Payback Period with Same Cash Flow 4. The shortcomings of the NPV method besides having to
If the cash flow is different, then it must be searched one determine earlier the required rate of return or the
by one by reducing the total investment with the cash flow calculation of the cost of capital; the results of this
until the total investment results are the same as the cash method are reflected in the value of the currency
flow in a particular year. invested not in percentage.
C. Internal Rate of Return (IRR)
Payback period = + × 1 This is the discount rate or the cost of capital that will
equate the sum of the present values of a project to zero. It is
Formula 2: Payback Period with Different Cash Flow the rate of discount in which discounted cash inflows and
Where: outflows of a project are balanced. In other words, internal
n = last year when the amount of cash flow still cannot rate of returns is the maximum rate of interest a firm can
cover the original investment afford to pay if a project is financed with borrowed funds and
a = total original investment the project cash inflows are to be used to liquidate the loan. It
is equally the minimum rate of interest a lender is willing to
62 Erwin Rasyid and Sri Saraswati: Funding Strategy Bali-Mandara
Toll Road Rest Area Investment Plan

accept for releasing fund to the borrower. Conventionally, if follows:

the internal rate of returns exceeds the prevailing rate (i.e. a. 5% of toll road users
external rate of return or cost of capital), the project is b. 25% of domestic tourists visiting Bandung Regency
considered viable. The internal rate of return is defined as: c. 1% of the population / local community
The form of cooperation between the JBT and the tenants /
) #$%
+, = " managers studied is:
%./ (1 + +--)% The form of cooperation between JBT and the Partners is
Formula 4: Internal Rate of Return (IRR) Build, use, deliver or build, operate and Transfer (BOT). JBT
Where: as Toll Road Business Entity (BUJT) Bali Mandara, Toll
NPV = 0 Road Concession Holders will hand over the construction of
CFt = Annual cash flow generated by the project facilities and infrastructure area to selected Partners. Partners
IRR = Discount rate will finance all Rest Area facilities and infrastructure. In a
N = investment project age certain period, the chosen partner will be given the
IO = Initial Outlay / capital issued Concession Right to manage the Rest Area Facilities and
If the calculation of Internal Rate of Return is greater than Infrastructure by providing profit sharing to JBT.
the cost of capital, then the resulting return is greater than JBT also has the right to employ some facilities and
expected. With this greater return, investment project infrastructure built and funded by selected partners, and to
proposals should be accepted. Conversely, if the Internal Rate run other businesses, including advertisements. After the
of Return is smaller than the cost of capital, it is estimated concession period has ended, all the rest area facilities and
that the return generated from the proposed investment is infrastructure are submitted by the selected Partner to JBT.
smaller than expected. If the return expected to be generated The pattern of cooperation for PT. Jasamarga Bali Tol is
from the investment is the same as the company expected, divided into two alternatives, namely:
the calculation of Internal Rate of Return will be the same as a. Rent Rooms and Concessions
the cost of capital. Rent a room that is calculated from the area and room
rental rates. Business concessions, which are calculated from
the results of sales (gross turnover) achieved. Room rental,
3. Research Method rates are assumed to be Rp. 300,000 per M2 / month with a
This qualitative study is descriptive research. Descriptive 15% increase every two years, and a business concession of
research is the type of research that aims to describe certain 7% is calculated from the sales (gross turnover) achieved.
social phenomena including the relationship of activities, b. Revenue Sharing Patterns
attitudes, views, and ongoing processes and the influence of a JBT receives a share of sales proceeds, assuming JBT gets
phenomenon in detail. Descriptive research is intended to 30% and managers 70% of total sales revenue achieved.
describe the problems in research [18]. 4.1. Source of Project Funding
The research data were secondary data obtained from
literature, books, and scientific works that are related to the Basically, there are various kinds of potential funding sources
problems addressed. The main purpose of this literature study for a company, which are categorized as equity and debt.
is to get theoretical concepts that regard the research
4.2. Collaboration by Renting Locations and Business
problems.
Concessions

4. Results and Discussion In this cooperation, the income of PT. JBT is obtained
from:
The rest area built or studied is a rest area on one side of 1. Room rent that is calculated from the room area and
the toll road. Projection of vehicles through toll roads refers room rental rates;
to projections made in the existing toll road Business Plans. 2. Business concessions which are calculated from sales
The projected number of vehicles through one side of the toll (gross turnover) achieved.
road is assumed to be 50% of the projected number of Room rental rates are assumed to be Rp. 300,000 per M2 /
vehicles via the toll road that has been mentioned. month with a 15% increase every two years, and a business
The assumed compositions of Group 1 vehicle are as concession of 7% is calculated from the total sales (gross
follows: turnover) achieved.
a. Sedan / Jeep vehicles: 70% of the total Group 1 Costs that are borne by JBT include:
vehicles, with an average passenger of 4 (four) per a. Environmental maintenance costs, which are assumed
vehicle. to be 3% of total revenue;
b. Pick up vehicles: 10%, with an average number of b. 1% general fee calculated from total revenue;
passengers 2 (two) passengers per vehicle. c. Depreciation costs that include:
c. Bus Vehicles: 20%, with an average passenger number 1. 5% building (assuming a 20 year economic life)
of 20 people per vehicle. 2. Grounding parking and road environment and other
While the assumed number of rest area visitors are as
 Science Journal of Business and Management 2019; 7(3): 59-66 63

facilities 10% (assuming a 10 year economic life). projection for the TPW Project with the income from rooms
Based on the explanation above, the profit and loss rental and business concessions is as follows:
Table 1. Profit / Loss Projection Pattern for Rent of Room / Business Concession.

Profit / Loss Projection 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
Total Revenue 0,00 53,50 57,49 68,77 74,66 85,73 89,87 103,19 108,62 124,70 131,83
Operational Cost:
-Employee Cost 0,00 1,07 1,15 1,38 1,49 1,71 1,80 2,06 2,17 2,49 2,63
-Maitenance Cost 0,00 2,67 2,87 3,44 3,73 4,29 4,49 5,16 5,43 6,24 6,59
-General Fees 0,00 0,53 0,57 0,69 0,75 0,86 0,90 1,03 1,09 1,25 1,32
Operational Cost 0,00 4,27 4,59 5,51 5,97 6,86 7,19 8,25 8,69 9,98 10,54
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Total Cost 0,00 44,67 44,99 45,91 46,37 47,26 47,59 48,65 49,09 50,38 50,94
EBIT 0,00 8,83 12,50 22,86 28,29 38,47 42,28 54,54 59,53 74,32 80,89
Tax 0,00 2,20 3,12 5,72 7,07 9,62 10,57 13,63 14,88 18,58 20,22
EAT 0,00 6,63 9,38 17,14 21,22 28,85 31,71 40,91 44,65 55,74 60,67

While the cash flow projection is as follows:

Table 2. Projection of Cash Flow Patterns for Room Leases / Business Concessions.

Projection of Cash Flow 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
EBIT 0,00 8,82 12,49 22,87 28,28 38,47 42,28 54,53 59,53 74,33 80,89
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Tax 0,00 2,21 3,12 5,72 7,07 9,62 10,57 13,63 14,88 18,58 20,22
Operating Cash Flow 0,00 47,01 49,77 57,55 61,61 69,25 72,11 81,30 85,05 96,15 101,07
Investment/Reinvestment -500,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Salvage Value 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 188,85
Net Cash Flow -500,00 47,01 49,77 57,55 61,61 69,25 72,11 81,30 85,05 96,15 289,92

Based on data from the table above to test the feasibility of the project financially, NPV = -Rp is obtained. 75.72 billion at i
= 13% and a period of 10 years. The IRR is 9.52% and Payback Period is for 7 years 9 months. From these indicators, if the
room rental and business concessions are used, this investment is not feasible (NPV Indicator < 0 & IRR < 13%)
When the Revenue Sharing pattern is used, the TPW Project Profit / Loss Projection looks like this:

Table 3. Pattern of Revenue Sharing.

Profit / Loss Projection 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
Total Revenue 0,00 61,77 71,45 81,81 93,66 107,24 122,78 140,58 160,96 184,30 211,03
Operational Cost:
- Employee Cost 0,00 1,24 1,43 1,64 1,87 2,14 2,46 2,81 3,22 3,69 4,22
- Maitenance Cost 0,00 3,09 3,57 4,09 4,68 5,36 6,14 7,03 8,05 9,22 10,55
- General Fees 0,00 0,62 0,71 0,82 0,94 1,07 1,23 1,41 1,61 1,84 2,11
Operational Cost 0,00 4,95 5,71 6,55 7,49 8,57 9,83 11,25 12,88 14,75 16,88
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Total Cost 0,00 45,35 46,11 46,95 47,89 48,97 50,23 51,65 53,28 55,15 57,28
EBIT 0,00 16,42 25,34 34,86 45,77 58,27 72,55 88,93 107,68 129,15 153,75
Tax 0,00 4,11 6,33 8,72 11,44 14,56 18,44 22,23 26,92 32,29 38,44
EAT 0,00 12,31 19,01 26,14 34,33 43,71 54,11 66,70 80,76 96,86 115,31

Cash flow projection:

Table 4. Projection of Revenue Sharing.

Projection of Cash Flow 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
EBIT 0,00 16,43 25,34 34,86 45,77 58,26 72,56 88,93 107,69 129,16 153,75
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Tax 0,00 4,11 6,33 8,72 11,44 14,56 18,14 22,23 26,92 32,29 38,44
Operating Cash Flow 0,00 52,72 59,41 66,54 74,73 84,10 94,82 107,10 121,17 137,27 155,71
Investment/Reinvestment -500,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Salvage Value 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 188,85
Net Cash Flow -500,00 52,72 59,41 66,54 74,73 84,10 94,82 107,10 121,17 137,27 344,56
Based on data from the table above to test the feasibility of the project financially, the results of NPV = Rp. 12.93 billion at i
64 Erwin Rasyid and Sri Saraswati: Funding Strategy Bali-Mandara
Toll Road Rest Area Investment Plan

= 13% and a period of 10 years. The IRR is 13.55% and Payback Period is for 6 years 8 months. From these indicators, if a
profit sharing scheme is used, this investment is feasible (Indicator NPV < 0 & IRR < 13%).
When using the "Debt" funding pattern, the Profit / Loss Projections of the TPW Project with the pattern of Room Leases
and Business Concessions are follows:

Table 5. Profit / Loss Patterns of Debt Funding / Debt and Business Concessions.

Profit / Loss Projection 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
Total Revenue 0 53,5 57,49 68,77 74,66 85,73 89,87 103,19 108,62 124,7 131,83
Operational Cost:
-Employee Cost 0,00 1,07 1,15 1,38 1,49 1,71 1,80 2,06 2,17 2,49 2,64
-Maitenance Cost 0,00 2,67 2,87 3,44 3,73 4,29 4,49 5,16 5,43 6,24 6,59
-General Fees 0,00 0,53 0,57 0,69 0,75 0,86 0,90 1,03 1,09 1,25 1,32
Operational Cost 0,00 4,27 4,59 5,51 5,97 6,86 7,19 8,25 8,69 9,98 10,55
Debt Cost 0,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Total Cost 0,00 94,67 94,99 95,91 96,37 97,26 97,59 98,65 99,09 100,38 100,95
EBIT 0,00 -41,17 -37,50 -27,14 -21,71 -11,53 -7,72 4,54 9,53 24,32 30,88
Interest 0,00 50,00 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00
EAI 0,00 -91,17 -82,50 -67,14 -56,71 -41,53 -32,72 -15,46 -5,47 14,32 25,88
Tax 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,14 2,38 6,08 7,72
EAT 0,00 -91,17 -82,50 -67,14 -56,71 -41,53 -32,72 -16,60 -7,85 8,24 18,16

Cash flow projection follow:

Table 6. Projection of Cash Flow Patterns of Debt / Debt Funding and Business Concessions.

Projection of Cash Flow 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
EBIT 0,00 -41,17 -37,50 -27,14 -21,71 -11,53 -7,72 4,54 9,53 24,32 30,88
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Tax 0,00 0,00 0,00 0,00 0,00 0,00 0,00 1,14 2,38 6,08 7,72
Operating Cash flow 0,00 -0,77 2,90 13,26 18,69 28,87 32,68 43,80 47,55 58,64 63,56
Investment/Reinvestment -500,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Salvage Value 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 188,85
Net Cash flow -500,00 -0,77 2,90 13,26 18,69 28,87 32,68 43,80 47,55 58,64 252,41

Based on data from the table above to test the feasibility of the project financially, NPV = -Rp is obtained. 316,009 billion at
i = 13% and ten years. The IRR was < 1% and Payback Period is for more than 10 years. From these indicators, if the pattern
of rental rooms / business concessions is used, this investment is not feasible (Indicator NPV < 0 & IRR < 13%). When using
the Revenue Sharing pattern, the Profit / Loss Projection with the Revenue Sharing pattern is as follows:

Table 7. Projected Profit / Loss Pattern for Debt / Debt Funding with Revenue Sharing.

Profit / Loss Projection 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
Total Revenue 0,00 61,77 71,45 81,81 93,66 107,24 122,76 140,50 160,96 184,30 211,03
Operational Cost
-Employee Cost 0,00 1,24 1,43 1,64 1,87 2,14 2,46 2,81 3,22 3,69 4,22
-Maitenance Cost 0,00 3,09 3,57 4,09 4,68 5,36 6,14 7,03 8,05 9,22 10,55
-General Fees 0,00 0,62 0,71 0,82 0,94 1,07 1,23 1,41 1,61 1,84 2,11
Operational Cost 0,00 4,95 5,71 6,55 7,49 8,57 9,83 11,25 12,88 14,75 16,88
Debt Cost 0,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Total Cost 0,00 95,35 96,11 96,95 97,89 98,97 100,23 101,65 103,28 105,15 107,28
EBIT 0,00 -33,58 -24,66 -15,14 -4,23 8,27 22,53 38,85 57,68 79,15 103,75
Interest 0,00 50,00 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00
EAI 0,00 -83,58 -69,66 -55,14 -39,23 -21,73 -2,47 18,85 42,68 69,15 98,75
Tax 0,00 0,00 0,00 0,00 0,00 0,00 0,00 9,71 14,42 19,79 25,94
EAT 0,00 -83,58 -69,66 -55,14 -39,23 -21,73 -2,47 9,14 28,26 49,36 72,81

And the cash flow is as follows:

 Science Journal of Business and Management 2019; 7(3): 59-66 65

Table 8. Projection of Cash Flow Pattern of Funding Debt / Debt with Revenue Sharing.

Projection of Cash Flow 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
JBT 0 1 2 3 4 5 6 7 8 9 10
EBIT 0,00 -33,58 -24,66 -15,14 -4,23 8,27 22,53 38,85 57,68 79,15 103,75
Depreciation 0,00 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40 40,40
Tax 0,00 0,00 0,00 0,00 0,00 2,07 5,63 9,71 14,42 19,79 25,94
Operating Cash Flow 0,00 6,82 15,74 25,26 36,17 46,60 57,30 69,54 83,66 99,76 118,21
Investment/Reinvestment -500,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Salvage Value 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 188,85
Net Cash Flow -500,00 6,82 15,74 25,26 36,17 46,60 57,30 69,54 83,66 99,76 307,06

Based on data from the table above to test the feasibility of additional new facilities.
the project financially, NPV = -Rp is obtained. 204,439
billion at I = 13% and ten years. The IRR is 5.29% and the
payback period is 9-years and 8-months. From these References
indicators, if room rental / business concessions pattern is
used, this investment is not feasible (NPV Indicator < 0 & [1] Abdul, Halim. 2003. Analisis Investasi. Jakarta: Salemba
Empat.
IRR < 13%).
[2] Adi, Erlangga 2018. Analisis Kelayakan Investasi Pada,
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Based on the results of the analysis using capital budgeting, [3] Adisaputro, Gunawan, dkk. 2007. Anggaran Bisnis, Analisis,
conclusions are obtained: Perencanaan dan Pengendalian Laba. Yogyakarta: UPP STIM
Investing in a rest area using a loan from the Bank Income YKPN.
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financially using the Net Present Value (NPV) indicator untuk Rencana Perluasan Jaringan Pada PT. Telkom (Persero)
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[5] Fahmi, Irham. 2006. Analisis Investasi Dalam Perspektif
than 10 years. From the indicators, it can be seen that Ekonomi, Dan Politik. Bandung: PT. Radika Aditama. Fahmi,
financially, for JBT, when using a lease and concession pattern, Yofi. L. Hadi. 2009. Teori Portofolio, Dan Analisis Investasi.
this investment is not feasible to do with the feasibility Cetakan Pertama. Bandung: Alfabeta.
indicator NPV> 0 and IRR> 13%. Likewise, with the revenue-
[6] Husnan, Suaddan Suwarsono. 2008. Studi Kelayakan Proyek
sharing pattern obtained by the Net Present Value (NPV) of - Edisi Keempat. Yogyakarta: UPP AMP YKPN.
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Return (IRR) of 5.29% with a PayBack Period for 9 years 8 [7] Jasa marga. Jasamarga Bali Tol (JBT).
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akperusahaan/detail.aspx?title=PT%20Jasamarga%20Bali%20
this investment is not feasible to be implemented with the Tol%20(JBT)/ (13 Maret 2018).
feasibility indicator NPV > 0 and IRR > 13%.
Investing in the rest area by using its own capital is not [8] Jumingan. 2009. Studi Kelayakan Bisnis Teori Dan
feasible because it takes a long time to collect a large amount Pembuatan Proposal Kelayakan. Jakarta: PT. Bumi Aksara.
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the risk of an increase in exchange rates or price increases.
Investing in the rest area using the BOT funding pattern is [9] Kasmir dan Jakfar. 2004. Studi Kelayakan Bisnis. Jakarta:
feasible. This event can be seen from the project NPV’s Prenada Media.
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using the built operate Transfer (BOT) funding pattern,
[11] Kementrian PUPR Republik Indonesia. Tujuan dan manfaat
because now PT. JBT still has a debt burden which must be jalan tol. http://pjt.pu.go.id/konten/jalan-tol/tujuan-dan-
paid. The government regulations allow the use of funding manfaat (12 maret 2018).
patterns with BOT. Another advantages are, they do not need
to pay for building assets on the land, they do not bear the [12] Kusniarti, S. 2016. Ini Rincian Pembangunan Rest Area di Tol
Bali Mandara, Fasilitasnya Benar-Benar Menakjubkan.
risks if there is an increase for rates or price increases. They http://bali.tribunnews.com/2016/12/27/ini-rincian-
have control over live performance, service standards and pembangunan-rest-area-di-tol-bali-mandara-fasilitasnya-
maintenance of the assets built, they have the ability to benar-benar-menakjubkan/ (13 maret 2018).
terminate the contract if the performance standard is not
[13] Nasution, S.H. 2011.Analisa Waktu Pelayanan Dan Profil
fulfilled even though the facility can still be used Pemakai Jalan Tol di Gerbang Tol Balmera.
continuously, they get royalties or profit parts every year http://repository.usu.ac.id/handle/123456789/ 22937/ (13
from the private sector that manages the asset, and they get maret 2018).
66 Erwin Rasyid and Sri Saraswati: Funding Strategy Bali-Mandara
Toll Road Rest Area Investment Plan

[14] Shim K. Jae dan G. Siegel G. Joel. 2001. Budgeting. Jakarta: [17] Umar, Husein. 2005. Studi Kelayakan Bisnis Edisi 3. Jakarta:
PT. Gelora Aksara Pratama. PT. Gramedia Pustaka Umum.
[15] Subagyo, Ahmad. 1997. Studi Kelayakan. Jakarta: PT. [18] Ummah, M. B. A. 2010. Data dan Jenis Data Penelitian.
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data-penelitian/ (12 maret 2018).
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