Proyek Lanjut
13
FT Sipil - MK MK20000 Budi Susetyo
Abstract Kompetensi
Pengertian studi kasus cashflow Memahami beberapa kasus terkait
proyek dan investasi cashflow proyek dan investasi
Studi Kasus Cashflow Proyek & Investasi
Pendahuluan
Bahan bacaan keterkaitan antara anggaran investasi proyek dengan anggaran proyek
konstruksi diperlihatkan pada uraian berikut ini. Diperlihatkan aliran kas ((cahflow)
pembiayaan proyek dengan menggunakan pinjaman (bond).
( Berbagai permasalahan juga
akan berdampak pada aliran kas proyek konstruksi, seperti sengketa perburuhan, sert
serta
pembayaran yang terlambat.
We have focused so far on problems and concerns at the project level. While this is the
appropriate viewpoint for project managers, it is always worth bearing in mind that
projects must fit into broader organizational decisions and structures. This is part
particularly
true for the problem of project finance, since it is often the case that financing is planned
on a corporate or agency level, rather than a project level. Accordingly, project managers
should be aware of the concerns at this level of decision making.
maki
A construction project is only a portion of the general capital budgeting problem faced by
an owner. Unless the project is very large in scope relative to the owner, a particular
construction project is only a small portion of the capital budgeting pr
problem. Numerous
construction projects may be lumped together as a single category in the allocation of
investment funds. Construction projects would compete for attention with equipment
purchases or other investments in a private corporation.
Financing is usually performed at the corporate level using a mixture of long term
corporate debt and retained earnings. A typical set of corporate debt instruments would
include the different bonds and notes discussed in this chapter. Variations would typically
include
de different maturity dates, different levels of security interests, different currency
denominations, and, of course, different interest rates.
Grouping projects together for financing influences the type of financing that might be
obtained. As noted earlier,
lier, small and large projects usually involve different institutional
arrangements and financing arrangements. For small projects, the fixed costs of
undertaking particular kinds of financing may be prohibitively expensive. For example,
municipal bonds require
quire fixed costs associated with printing and preparation that do not
vary significantly with the size of the issue. By combining numerous small construction
projects, different financing arrangements become more practical.
While individual projects may not be considered at the corporate finance level, the
problems and analysis procedures described earlier are directly relevant to financial
planning for groups of projects and other investments. Thus, the net present values of
different financing arrangements
arrangements can be computed and compared. Since the net present
values of different sub-sets
sets of either investments or financing alternatives are additive,
each project or finance alternative can be disaggregated for closer attention or aggregated
to provide information
ation at a higher decision making level.
Coupon bonds are used to obtain loans which involve no payment of principal until the
maturity date. By combining loans of different maturities, however, it is possible to
In this financing plan, a series of coupon bonds were sold with maturity datdates ranging
from June 1988 to June 2012. Coupon interest payments on all outstanding bonds were to
be paid every six months, on December 1 and June 1 of each year. The interest rate or
"coupon rate" was larger on bonds with longer maturities, reflecting an assumption that
inflation would increase during this period. The total principal obtained for construction
was $26,250,000 from sale of these bonds. This amount represented the gross sale amount
before subtracting issuing costs or any sales discounts; the amount available to support
construction would be lower. The maturity dates for bonds were selected to require
relative high repayment amounts until December 1995, with a declining repayment
amount subsequently. By shifting the maturity dates and amounts ofof bonds, this pattern of
repayments could be altered. The initial interest payment (of $819,760 on December 1,
1987), reflected a payment for only a portion of a six month period since the bonds were
issued in late June of 1987.
Date Maturing Principal Corresponding Interest Rate Interest Due Annual Debt Service
The different participants in the construction process have quite distinct perspectives on
financing. In the realm of project finance, the revenues to one participant represent an
expenditure to some other participant. Payment delays
delays from one participant result in a
financial burden and a cash flow problem to other participants. It is common occurrence
in construction to reduce financing costs by delaying payments in just this fashion.
Shifting payment times does not eliminate financing
financing costs, however, since the financial
burden still exists.
Traditionally, many organizations have used payment delays both to shift financing
expenses to others or to overcome momentary shortfalls in financial resources. From the
owner's perspective,, this policy may have short term benefits, but it certainly has long
term costs. Since contractors do not have large capital assets, they typically do not have
large amounts of credit available to cover payment delays. Contractors are also perceived
as credit
edit risks in many cases, so loans often require a premium interest charge.
Contractors faced with large financing problems are likely to add premiums to bids or not
bid at all on particular work. For example, A. Maevis noted:
Even after bids are received and contracts signed, delays in payments may form th
the basis
for a successful claim against an agency on the part of the contractor.
The owner of a constructed facility usually has a better credit rating and can secure loans
at a lower borrowing rate, but there are some notable exceptions to this rule, particularly
for construction projects in developing countries. Under certain circumscircumstances, it is
advisable for the owner to advance periodic payments to the contractor in return for some
concession in the contract price. This is particularly true for large
large-scale construction
projects with long durations for which financing costs and capital
capital requirements are high.
If the owner is willing to advance these amounts to the contractor, the gain in lower
financing costs can be shared by both parties through prior agreement.
Unfortunately, the choice of financing during the construction period iis often left to the
contractor who cannot take advantage of all available options alone. The owner is often
shielded from participation through the traditional method of price quotation for
construction contracts. This practice merely exacerbates the problem
problem by excluding the
owner from participating in decisions which may reduce the cost of the project.
Under conditions of economic uncertainty, a premium to hedge the risk must be added to
the estimation of construction cost by both the owner and the contractor.
contractor. The larger and
longer the project is, the greater is the risk. For an unsophisticated owner who tries to
Table 2. shows an example of the effects of payment timing on the the general contractor and
subcontractors. The total contract price for this project is $5,100,000 with scheduled
payments from the owner shown in Column 2. The general contractor's expenses in each
period over the lifetime of the project are given in Column
Column 3 while the subcontractor's
expenses are shown in Column 4. If the general contractor must pay the subcontractor's
expenses as well as its own at the end of each period, the net cash flow of the general
contractor is obtained in Column 5, and its cumulative
cumulative cash flow in Column 6.
General General
Owner Contractor's Subcontractor's Contractor's Cumulative
Period Payments Expenses Expenses Net Cash Flow Cash Flow
Thus, the cumulative net cash flow from periods 1 through 5 as shown in Column 2 of
Table 3. results in maximum shortfall of $300,000 in period 5 in Column 3. For the case
of a two period payment delay to the subcontractors, the general contractor even runs a
positive balance during construction as shown in Column 5. The positive balance results
from the receipt of owner payments prior to reimbursing the subcontractor's expenses.
This positive balance can be placed in an interest bearing account to earn additional
revenues for the general contractor. Needless to say, however, these payment delays mean
extra costs and financing problems to the subcontractors. With a two period dela delay in
payments from the general contractor, the subcontractors have an unpaid balance of
$1,800,000, which would represent a considerable financial cost.
Period Net Cash Flow Cumulative Cash Flow Net Cash Flow Cumulative Cash Flow