Lampiran 1.

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

SKALA USAHA (HA) = 2,458

URAIAN SATUAN HARGA/SATUAN
Pembukaan lahan (penubangan pohon, pembersihan lahan) Ha 5,000,000.00
Pembuatan jalan primer (20 m/ha) m 1,000,000
Pembuatan jalan sekunder (60 m/ha) ha 1,250,000
Pembuatan saluran air (6 HOK/ha) HOK 35,000
Pembuatan teras kontur (20% dari luas)(3 pop/HOK) HOK 35,000
Penanaman tiang pancang (1 HOK/ha) HOK 35,000
Pembuatan lubang tanam (60 x 60 x 50 cm) ( 5 HOK/ha) HOK 35,000
Penanaman + Pemupukan (3 HOK/ha) HOK 35,000
Penanaman cover crop (2 HOK/ha) HOK 35,000
Penyemprotan (1 HOK/ha) HOK 35,000
Herbisida (Round Up)(2 ltr/ha) ltr 60,000
Bibit penutup tanah kacangan :
* Pueraria Javanica (PJ) (3 kg/ha) kg 24,000
* Colopogonium Mucuniodes (CM) (3 kg/ha) kg 24,000
* Centrocema Pubescent (CP) (4 kg/ha) kg 30,000
Tiang pancang batang 150
Bibit sawit (umur 12-18 bulan) (142 pop/ha) populasi 18,000
Pupuk rock fosfat (200 gr/lbg tanam) kg 1,560
Spreyer Buah 300,000
Cangkul Buah 48,000
Sekop Buah 54,000
Parang Buah 48,000
TOTAL BIAYA KE-0

TAHUN KE-1 :
Herbisida (round up) (2 ltr/ha) liter 60,000
Bibit sawit (penyisipan) (7 pop/ha) populasi 18,000
Pupuk :
* Urea (1.127 gr/pop) kg 2,600
* SP36 (1.232 gr/pop) kg 1,632
* MOP (1.056 gr/pop) kg 3,240
* Kiserit (704 gr/pop) kg 2,400

Tenaga kerja :
* Wiping lalang (pembersihan lahan radius 1 mtr) (4 HOK/ha) HOK 35,000
* Pemupukan (2 HOK/ha) HOK 35,000
* Pemberantasan lalang menggunakan herbisida (1 HOK/ha) HOK 35,000
TOTAL TAHUN KE-1

TAHUN KE-2 :
Herbisida (round up) (2 ltr/ha) liter 60,000
Pupuk :
* Urea (1.127 gr/pop) kg 2,600
* SP36 (1.232 gr/pop) kg 1,632
* MOP (1.056 gr/pop) kg 3,240
* Kiserit (704 gr/pop) kg 2,400
Insektisida/fungisida (1 ltr/ha) liter 110,000
Tenaga kerja :
 * Wiping lalang (pembersihan lahan radius 1,5 mtr)(1.5HOK/ha) HOK 35,000
* Pemupukan (2 HOK/ha) HOK 35,000
* Pemberantasan lalang menggunakan herbisida (1 HOK/ha) HOK 35,000
* Kastrasi (memtg & membuang bunga) (5 HOK/ha) HOK 35,000
TOTAL TAHUN KE-2

Jumlah Kebutuhan Investasi

Dana yang tersedia (Modal Sendiri)
Dana Pinjaman Bank
VOLUME JUMLAH
2,458 12,290,000,000.00
2,458 2,458,000,000
2,458 3,072,500,000
12,290 430,150,000
23,105 808,682,000
2,458 86,030,000
9,832 344,120,000
7,374 258,090,000
4,916 172,060,000
2,458 86,030,000
4,916 294,960,000

7,374 176,976,000
7,374 176,976,000
9,832 294,960,000
368,700 55,305,000
349,036 6,282,648,000
69,807 108,899,232
123 36,870,000
819 39,328,000
492 26,546,400
246 11,798,400
27,510,929,032

4,916 294,960,000
17,206 309,708,000

393,363.57 1,022,745,287
430,012.35 701,780,158
368,582.02 1,194,205,732
245,721.34 589,731,226

4,916 172,060,000
4,916 172,060,000
2,458 86,030,000
4,543,280,403

4,916 294,960,000

393,364 1,022,745,287
430,012 701,780,158
368,582 1,194,205,732
245,721 589,731,226
2,458 270,380,000
 3,687 129,045,000
2,458 86,030,000
2,458 86,030,000
12,290 430,150,000
4,805,057,403

36,859,266,838
5,528,890,026
31,330,376,812
Lampiran 1.2
PERKIRAAN BIAYA PRODUKSI TANAMAN MENGHASILKAN
(A/D HARGA PASAR)
SKALA USAHA = 2458
URAIAN SATUAN HARGA/SAT VOLUME JUMLAH
Herbisida (round up) (2 ltr/ha) liter 60,000 4,916 294,960,000
Pupuk :
* Urea (1.056 gr/pop) kg 2,600 368,582 958,313,242
* SP36 (1.232 gr/ha) kg 1,632 430,012 701,780,158
* MOP (1.056 pop/ha) kg 3,240 368,582 1,194,205,732
* Kiserit (986 gr/pop) kg 2,400 344,149 825,958,790
Insektisida/fungisida (1 ltr/ha) liter 60,000 2,458 147,480,000
Tenaga kerja : -
* Wiping lalang (pembersihan vegetasi radius 2 mtr) (2HOK)/ha HOK 35,000 4,916 172,060,000
* Pemupukan (2 HOK/ha) HOK 35,000 4,916 172,060,000
* Pemberantasan lalang menggunakan herbisada HOK 35,000 4,916 172,060,000
* Panen (30 HOK/ha) HOK 35,000 73,740 2,580,900,000
* Biaya angkut Rp/kg TBS 5 54,289,846 271,449,230
TOTAL 7,491,227,152
Lampiran 1.3
PROYEKSI PENERIMAAN
S(Rp,-/kg) = 1200
Usaha (Ha) = 2458

tahun produktifitas Klas II produktifitas Klas III

2011 - -
2012 - -
2013 7 6
2014 15 13
2015 19 16
2016 22 19
2017 25 23
2018 27 25
2019 27 25
2020 27 25
2021 27 25
2022 27 25
2023 27 25
2024 25 23
2025 25 23
2026 24 22
2027 24 22
2028 22 20
2029 22 20
2030 21 19
2031 21 19
2032 19 19
2033 19 17
2034 17 16
2035 17 16
total
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 - - - 1,474,370,674 4,244,051,105 (5,718,421,779) - (5,718,421,779)
2 - - - 1,474,370,674 5,020,868,719 (5,718,421,779) - (5,718,421,779)
3 8,297,016,000 7,491,227,152 805,788,848 1,474,370,674 5,020,868,719 (5,689,450,545) - (5,689,450,545)
4 24,512,400,000 7,491,227,152 17,021,172,848 1,474,370,674 5,020,868,719 10,525,933,455 1,052,593,346 10,525,933,455
5 42,161,376,000 7,491,227,152 34,670,148,848 1,474,370,674 5,020,868,719 28,174,909,455 2,817,490,946 25,357,418,510
6 55,417,176,000 7,491,227,152 47,925,948,848 1,474,370,674 5,020,868,719 41,430,709,455 4,143,070,946 37,287,638,510
7 64,899,048,000 7,491,227,152 57,407,820,848 1,474,370,674 5,020,868,719 50,912,581,455 5,091,258,146 45,821,323,310
8 72,632,160,000 7,491,227,152 65,140,932,848 1,474,370,674 5,020,868,719 58,645,693,455 5,864,569,346 52,781,124,110
9 76,829,856,000 7,491,227,152 69,338,628,848 1,474,370,674 5,020,868,719 62,843,389,455 6,284,338,946 56,559,050,510
10 78,312,000,000 7,491,227,152 70,820,772,848 1,474,370,674 5,020,868,719 64,325,533,455 6,432,553,346 57,892,980,110
11 78,312,000,000 7,491,227,152 70,820,772,848 1,474,370,674 5,020,868,719 64,325,533,455 6,432,553,346 57,892,980,110
12 78,312,000,000 7,491,227,152 70,820,772,848 1,474,370,674 5,020,868,719 64,325,533,455 6,432,553,346 57,892,980,110
13 78,312,000,000 7,491,227,152 70,820,772,848 1,474,370,674 5,020,868,719 64,325,533,455 6,432,553,346 57,892,980,110
14 75,941,424,000 7,491,227,152 68,450,196,848 1,474,370,674 5,020,868,719 61,954,957,455 6,195,495,746 55,759,461,710
15 73,966,944,000 7,491,227,152 66,475,716,848 1,474,370,674 5,020,868,719 59,980,477,455 5,998,047,746 53,982,429,710
16 71,299,512,000 7,491,227,152 63,808,284,848 1,474,370,674 5,020,868,719 57,313,045,455 5,731,304,546 51,581,740,910
17 70,312,272,000 7,491,227,152 62,821,044,848 1,474,370,674 5,020,868,719 56,325,805,455 5,632,580,546 50,693,224,910
18 67,200,624,000 7,491,227,152 59,709,396,848 1,474,370,674 5,020,868,719 53,214,157,455 5,321,415,746 47,892,741,710
19 65,226,144,000 7,491,227,152 57,734,916,848 1,474,370,674 5,020,868,719 51,239,677,455 5,123,967,746 46,115,709,710
20 62,558,712,000 7,491,227,152 55,067,484,848 1,474,370,674 5,020,868,719 48,572,245,455 4,857,224,546 43,715,020,910
21 61,571,472,000 7,491,227,152 54,080,244,848 1,474,370,674 5,020,868,719 47,585,005,455 4,758,500,546 42,826,504,910
22 58,459,824,000 7,491,227,152 50,968,596,848 1,474,370,674 5,020,868,719 44,473,357,455 4,447,335,746 40,026,021,710
23 56,840,544,000 7,491,227,152 49,349,316,848 1,474,370,674 5,020,868,719 42,854,077,455 4,285,407,746 38,568,669,710
24 52,632,624,000 7,491,227,152 45,141,396,848 1,474,370,674 5,020,868,719 38,646,157,455 3,864,615,746 38,646,157,455
25 50,835,744,000 7,491,227,152 43,344,516,848 1,474,370,674 5,020,868,719 36,849,277,455 3,684,927,746 36,849,277,455
Lampiran 1.5.
PROYEKSI CASH-FLOW

BIAYA PAJAK TOTAL CASH FLOW INVESTASI PENDANAAN INVESTASI ANGSURAN KREDIT
PRODUKSI 10% PENGELUARAN OPERASIONAL AKTIVA TETAP MODAL SENDIRI PINJAMAN POKOK
TAHUN PENERIMAAN . + (-) KREDIT
1 2 3 4 = (2 + 3) 5 = (1 - 4) 6 7 8 9
1 - - 0 - #VALUE! 32,054,209,435 5,528,890,026 26,525,319,409 1,061,012,776
2 - - 0 - - 4,805,057,403 0 4,805,057,403 1,261,223,502
3 8,297,016,000 7,491,227,152 80,578,885 7,571,806,037 725,209,963 1,261,223,502
4 24,512,400,000 7,491,227,152 1,702,117,285 9,193,344,437 15,319,055,563 1,261,223,502
5 42,161,376,000 7,491,227,152 3,467,014,885 10,958,242,037 31,203,133,963 1,261,223,502
6 55,417,176,000 7,491,227,152 4,792,594,885 12,283,822,037 43,133,353,963 1,261,223,502
7 64,899,048,000 7,491,227,152 5,740,782,085 13,232,009,237 51,667,038,763 1,261,223,502
8 72,632,160,000 7,491,227,152 6,514,093,285 14,005,320,437 58,626,839,563 1,261,223,502
9 76,829,856,000 7,491,227,152 6,933,862,885 14,425,090,037 62,404,765,963 1,261,223,502
10 78,312,000,000 7,491,227,152 7,082,077,285 14,573,304,437 63,738,695,563 1,261,223,502
11 78,312,000,000 7,491,227,152 7,082,077,285 14,573,304,437 63,738,695,563 1,261,223,502
12 78,312,000,000 7,491,227,152 7,082,077,285 14,573,304,437 63,738,695,563 1,261,223,502
13 78,312,000,000 7,491,227,152 7,082,077,285 14,573,304,437 63,738,695,563 1,261,223,502
14 75,941,424,000 7,491,227,152 6,845,019,685 14,336,246,837 61,605,177,163 1,261,223,502
15 73,966,944,000 7,491,227,152 6,647,571,685 14,138,798,837 59,828,145,163 1,261,223,502
16 71,299,512,000 7,491,227,152 6,380,828,485 13,872,055,637 57,427,456,363 1,261,223,502
17 70,312,272,000 7,491,227,152 6,282,104,485 13,773,331,637 56,538,940,363 1,261,223,502
18 67,200,624,000 7,491,227,152 5,970,939,685 13,462,166,837 53,738,457,163 1,261,223,502
19 65,226,144,000 7,491,227,152 5,773,491,685 13,264,718,837 51,961,425,163 1,261,223,502
20 62,558,712,000 7,491,227,152 5,506,748,485 12,997,975,637 49,560,736,363 1,261,223,502
21 61,571,472,000 7,491,227,152 5,408,024,485 12,899,251,637 48,672,220,363 1,261,223,502
22 58,459,824,000 7,491,227,152 5,096,859,685 12,588,086,837 45,871,737,163 1,261,223,502
23 56,840,544,000 7,491,227,152 4,934,931,685 12,426,158,837 44,414,385,163 1,261,223,502
24 52,632,624,000 7,491,227,152 4,514,139,685 12,005,366,837 40,627,257,163 1,261,223,502
25 50,835,744,000 7,491,227,152 4,334,451,685 11,825,678,837 39,010,065,163 1,261,223,502
GSURAN KREDIT CASH FLOW SALDO KAS
BUNGA NON OPRS AKHIR
KREDIT .+ (-)
10 11=(7+8-6-9-10)
3,183,038,329 (4,244,051,105) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
3,759,645,217 (5,020,868,719) #VALUE!
Lampiran 1.6.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS : 1 (dasar)
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 32,054,209,435 - 3,183,038,329 - 35,237,247,764 -
2 4,805,057,403 - 3,759,645,217 - 8,564,702,621 -
3 7,491,227,152 3,759,645,217 - 11,250,872,370 16
4 7,491,227,152 3,759,645,217 1,052,593,346 12,303,465,715 19
5 7,491,227,152 3,759,645,217 2,817,490,946 14,068,363,315 23
6 7,491,227,152 3,759,645,217 4,143,070,946 15,393,943,315 25
7 7,491,227,152 3,759,645,217 5,091,258,146 16,342,130,515 25
8 7,491,227,152 3,759,645,217 5,864,569,346 17,115,441,715 25
9 7,491,227,152 3,759,645,217 6,284,338,946 17,535,211,315 25
10 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 25
11 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 25
12 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 23
13 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 23
14 7,491,227,152 3,759,645,217 6,195,495,746 17,446,368,115 22
15 7,491,227,152 3,759,645,217 5,998,047,746 17,248,920,115 22
16 7,491,227,152 3,759,645,217 5,731,304,546 16,982,176,915 20
17 7,491,227,152 3,759,645,217 5,632,580,546 16,883,452,915 20
18 7,491,227,152 3,759,645,217 5,321,415,746 16,572,288,115 19
19 7,491,227,152 3,759,645,217 5,123,967,746 16,374,840,115 19
20 7,491,227,152 3,759,645,217 4,857,224,546 16,108,096,915 19
21 7,491,227,152 3,759,645,217 4,758,500,546 16,009,372,915 17
22 7,491,227,152 3,759,645,217 4,447,335,746 15,698,208,115 16
23 7,491,227,152 3,759,645,217 4,285,407,746 15,536,280,115 16
24 7,491,227,152 3,759,645,217 3,864,615,746 15,115,488,115 -
25 7,491,227,152 3,759,645,217 3,684,927,746 14,935,800,115 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 28.726%
NPV 0.12 #VALUE! PRESENT VALUE
B/C RATIO #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (6,827,728,492)
0.7118 (8,008,148,712)
0.6355 (7,819,074,877)
0.5674 (7,982,767,148)
0.5066 (7,799,050,749)
0.4523 (7,392,349,904)
0.4039 (6,912,639,838)
0.3606 (6,323,372,981)
0.3220 (5,693,589,804)
0.2875 (5,083,562,325)
0.2567 (4,538,894,933)
0.2292 (4,052,584,762)
0.2046 (3,569,872,570)
0.1827 (3,151,313,212)
0.1631 (2,770,160,917)
0.1456 (2,458,979,370)
0.1300 (2,155,053,551)
0.1161 (1,901,229,906)
0.1037 (1,669,874,297)
0.0926 (1,481,821,339)
0.0826 (1,297,339,327)
0.0738 (1,146,390,348)
0.0659 (995,840,150)
0.0588 (878,573,149)
#VALUE!

0.28 8,044,089,751
0.29 (3,043,621,438)
#VALUE! (87,074,335,455)
Lampiran 1.7.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 2 : Manfaat -10%
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 32,054,209,435 - 3,183,038,329 - 35,237,247,764 -
2 4,805,057,403 - 3,759,645,217 - 8,564,702,621 -
3 7,491,227,152 3,759,645,217 - 11,250,872,370 14
4 7,491,227,152 3,759,645,217 1,052,593,346 12,303,465,715 17
5 7,491,227,152 3,759,645,217 2,817,490,946 14,068,363,315 21
6 7,491,227,152 3,759,645,217 4,143,070,946 15,393,943,315 23
7 7,491,227,152 3,759,645,217 5,091,258,146 16,342,130,515 23
8 7,491,227,152 3,759,645,217 5,864,569,346 17,115,441,715 23
9 7,491,227,152 3,759,645,217 6,284,338,946 17,535,211,315 23
10 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 23
11 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 23
12 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 21
13 7,491,227,152 3,759,645,217 6,432,553,346 17,683,425,715 21
14 7,491,227,152 3,759,645,217 6,195,495,746 17,446,368,115 20
15 7,491,227,152 3,759,645,217 5,998,047,746 17,248,920,115 20
16 7,491,227,152 3,759,645,217 5,731,304,546 16,982,176,915 18
17 7,491,227,152 3,759,645,217 5,632,580,546 16,883,452,915 18
18 7,491,227,152 3,759,645,217 5,321,415,746 16,572,288,115 17
19 7,491,227,152 3,759,645,217 5,123,967,746 16,374,840,115 17
20 7,491,227,152 3,759,645,217 4,857,224,546 16,108,096,915 17
21 7,491,227,152 3,759,645,217 4,758,500,546 16,009,372,915 15
22 7,491,227,152 3,759,645,217 4,447,335,746 15,698,208,115 14
23 7,491,227,152 3,759,645,217 4,285,407,746 15,536,280,115 14
24 7,491,227,152 3,759,645,217 3,864,615,746 15,115,488,115 -
25 7,491,227,152 3,759,645,217 3,684,927,746 14,935,800,115 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 25.279%
NPV 0.12 #VALUE!
B/C RATIO #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (6,827,728,492)
0.7118 (8,008,148,713)
0.6355 (7,819,074,878)
0.5674 (7,982,767,149)
0.5066 (7,799,050,750)
0.4523 (7,392,349,905)
0.4039 (6,912,639,839)
0.3606 (6,323,372,982)
0.3220 (5,693,589,804)
0.2875 (5,083,562,325)
0.2567 (4,538,894,934)
0.2292 (4,052,584,762)
0.2046 (3,569,872,571)
0.1827 (3,151,313,212)
0.1631 (2,770,160,917)
0.1456 (2,458,979,370)
0.1300 (2,155,053,552)
0.1161 (1,901,229,906)
0.1037 (1,669,874,297)
0.0926 (1,481,821,339)
0.0826 (1,297,339,327)
0.0738 (1,146,390,348)
0.0659 (995,840,150)
0.0588 (878,573,149)
#VALUE!

0.25 3,363,340,660
0.26 (8,702,218,600)

#VALUE! (87,074,335,467)
Lampiran 1.8.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 3 : Biaya Investasi +10%
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 35,259,630,379 - 3,173,366,734 - 38,432,997,113 -
2 5,285,563,143 - 3,649,067,417 - 8,934,630,560 -
3 7,491,227,152 3,649,067,417 - 11,140,294,569 16
4 7,491,227,152 3,649,067,417 1,052,593,346 12,192,887,915 19
5 7,491,227,152 3,649,067,417 2,817,490,946 13,957,785,515 23
6 7,491,227,152 3,649,067,417 4,143,070,946 15,283,365,515 25
7 7,491,227,152 3,649,067,417 5,091,258,146 16,231,552,715 25
8 7,491,227,152 3,649,067,417 5,864,569,346 17,004,863,915 25
9 7,491,227,152 3,649,067,417 6,284,338,946 17,424,633,515 25
10 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 25
11 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 25
12 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 23
13 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 23
14 7,491,227,152 3,649,067,417 6,195,495,746 17,335,790,315 22
15 7,491,227,152 3,649,067,417 5,998,047,746 17,138,342,315 22
16 7,491,227,152 3,649,067,417 5,731,304,546 16,871,599,115 20
17 7,491,227,152 3,649,067,417 5,632,580,546 16,772,875,115 20
18 7,491,227,152 3,649,067,417 5,321,415,746 16,461,710,315 19
19 7,491,227,152 3,649,067,417 5,123,967,746 16,264,262,315 19
20 7,491,227,152 3,649,067,417 4,857,224,546 15,997,519,115 19
21 7,491,227,152 3,649,067,417 4,758,500,546 15,898,795,115 17
22 7,491,227,152 3,649,067,417 4,447,335,746 15,587,630,315 16
23 7,491,227,152 3,649,067,417 4,285,407,746 15,425,702,315 16
24 7,491,227,152 3,649,067,417 3,864,615,746 15,004,910,315 -
25 7,491,227,152 3,649,067,417 3,684,927,746 14,825,222,315 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 27.4095%
NPV 0.12 #VALUE!
B/C RATIO #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (7,122,632,781)
0.7118 (7,929,441,618)
0.6355 (7,748,800,686)
0.5674 (7,920,022,334)
0.5066 (7,743,028,593)
0.4523 (7,342,330,123)
0.4039 (6,867,979,319)
0.3606 (6,283,497,518)
0.3220 (5,657,986,711)
0.2875 (5,051,773,849)
0.2567 (4,510,512,366)
0.2292 (4,027,243,184)
0.2046 (3,547,246,161)
0.1827 (3,131,111,061)
0.1631 (2,752,123,282)
0.1456 (2,442,874,339)
0.1300 (2,140,674,059)
0.1161 (1,888,391,074)
0.1037 (1,658,411,054)
0.0926 (1,471,586,300)
0.0826 (1,288,200,900)
0.0738 (1,138,231,038)
0.0659 (988,555,052)
0.0588 (872,068,597)
#VALUE!

0.27 4,965,635,976
0.28 (7,162,815,397)

#VALUE! (86,472,647,602)
Lampiran 1.9.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 4 : Biaya operasional +10%
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 32,054,209,435 - 3,183,038,329 - 35,237,247,764 -
2 4,805,057,403 - 3,759,645,217 - 8,564,702,621 -
3 8,240,349,868 3,759,645,217 - 11,999,995,085 16
4 8,240,349,868 3,759,645,217 1,052,593,346 13,052,588,431 19
5 8,240,349,868 3,759,645,217 2,817,490,946 14,817,486,031 23
6 8,240,349,868 3,759,645,217 4,143,070,946 16,143,066,031 25
7 8,240,349,868 3,759,645,217 5,091,258,146 17,091,253,231 25
8 8,240,349,868 3,759,645,217 5,864,569,346 17,864,564,431 25
9 8,240,349,868 3,759,645,217 6,284,338,946 18,284,334,031 25
10 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 25
11 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 25
12 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
13 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
14 8,240,349,868 3,759,645,217 6,195,495,746 18,195,490,831 22
15 8,240,349,868 3,759,645,217 5,998,047,746 17,998,042,831 22
16 8,240,349,868 3,759,645,217 5,731,304,546 17,731,299,631 20
17 8,240,349,868 3,759,645,217 5,632,580,546 17,632,575,631 20
18 8,240,349,868 3,759,645,217 5,321,415,746 17,321,410,831 19
19 8,240,349,868 3,759,645,217 5,123,967,746 17,123,962,831 19
20 8,240,349,868 3,759,645,217 4,857,224,546 16,857,219,631 19
21 8,240,349,868 3,759,645,217 4,758,500,546 16,758,495,631 17
22 8,240,349,868 3,759,645,217 4,447,335,746 16,447,330,831 16
23 8,240,349,868 3,759,645,217 4,285,407,746 16,285,402,831 16
24 8,240,349,868 3,759,645,217 3,864,615,746 15,864,610,831 -
25 8,240,349,868 3,759,645,217 3,684,927,746 15,684,922,831 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 35.6185%
NPV 0.12 #VALUE!
B/C RATIO #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (6,827,728,492)
0.7118 (8,541,359,464)
0.6355 (8,295,155,906)
0.5674 (8,407,839,495)
0.5066 (8,178,579,630)
0.4523 (7,731,214,977)
0.4039 (7,215,197,939)
0.3606 (6,593,514,143)
0.3220 (5,934,787,269)
0.2875 (5,298,917,204)
0.2567 (4,731,176,076)
0.2292 (4,224,264,353)
0.2046 (3,723,157,920)
0.1827 (3,288,175,131)
0.1631 (2,892,359,059)
0.1456 (2,568,084,854)
0.1300 (2,252,469,162)
0.1161 (1,988,208,130)
0.1037 (1,747,533,425)
0.0926 (1,551,159,846)
0.0826 (1,359,248,708)
0.0738 (1,201,666,582)
0.0659 (1,045,193,930)
0.0588 (922,639,024)
#VALUE!

0.35 6,556,147,756
0.36 (4,043,617,102)

#VALUE! (91,150,542,762)
Lampiran 1.10.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 5 : Manfaat -10% ; B. Investasi +10%
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 35,259,630,379 - 3,173,366,734 - 38,432,997,113 -
2 5,285,563,143 - 3,649,067,417 - 8,934,630,560 -
3 7,491,227,152 3,649,067,417 - 11,140,294,569 14
4 7,491,227,152 3,649,067,417 1,052,593,346 12,192,887,915 17
5 7,491,227,152 3,649,067,417 2,817,490,946 13,957,785,515 21
6 7,491,227,152 3,649,067,417 4,143,070,946 15,283,365,515 23
7 7,491,227,152 3,649,067,417 5,091,258,146 16,231,552,715 23
8 7,491,227,152 3,649,067,417 5,864,569,346 17,004,863,915 23
9 7,491,227,152 3,649,067,417 6,284,338,946 17,424,633,515 23
10 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 23
11 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 23
12 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 21
13 7,491,227,152 3,649,067,417 6,432,553,346 17,572,847,915 21
14 7,491,227,152 3,649,067,417 6,195,495,746 17,335,790,315 20
15 7,491,227,152 3,649,067,417 5,998,047,746 17,138,342,315 20
16 7,491,227,152 3,649,067,417 5,731,304,546 16,871,599,115 18
17 7,491,227,152 3,649,067,417 5,632,580,546 16,772,875,115 18
18 7,491,227,152 3,649,067,417 5,321,415,746 16,461,710,315 17
19 7,491,227,152 3,649,067,417 5,123,967,746 16,264,262,315 17
20 7,491,227,152 3,649,067,417 4,857,224,546 15,997,519,115 17
21 7,491,227,152 3,649,067,417 4,758,500,546 15,898,795,115 15
22 7,491,227,152 3,649,067,417 4,447,335,746 15,587,630,315 14
23 7,491,227,152 3,649,067,417 4,285,407,746 15,425,702,315 14
24 7,491,227,152 3,649,067,417 3,864,615,746 15,004,910,315 -
25 7,491,227,152 3,649,067,417 3,684,927,746 14,825,222,315 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 24.0965%
NPV 0.12 #VALUE!
B/C RATIO #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (7,122,632,781)
0.7118 (7,929,441,619)
0.6355 (7,748,800,687)
0.5674 (7,920,022,336)
0.5066 (7,743,028,595)
0.4523 (7,342,330,124)
0.4039 (6,867,979,320)
0.3606 (6,283,497,519)
0.3220 (5,657,986,712)
0.2875 (5,051,773,850)
0.2567 (4,510,512,367)
0.2292 (4,027,243,184)
0.2046 (3,547,246,162)
0.1827 (3,131,111,062)
0.1631 (2,752,123,283)
0.1456 (2,442,874,339)
0.1300 (2,140,674,060)
0.1161 (1,888,391,074)
0.1037 (1,658,411,054)
0.0926 (1,471,586,301)
0.0826 (1,288,200,900)
0.0738 (1,138,231,039)
0.0659 (988,555,052)
0.0588 (872,068,597)
#VALUE!

0.24 1,283,957,483
0.25 (12,021,822,752)

#VALUE! (86,472,647,614)
Lampiran 1.11.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 6 : Manfaat -10 ; Biaya operasional +10
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 32,054,209,435 - 3,183,038,329 - 35,237,247,764 -
2 4,805,057,403 - 3,759,645,217 - 8,564,702,621 -
3 8,240,349,868 3,759,645,217 - 11,999,995,085 14
4 8,240,349,868 3,759,645,217 1,052,593,346 13,052,588,431 17
5 8,240,349,868 3,759,645,217 2,817,490,946 14,817,486,031 21
6 8,240,349,868 3,759,645,217 4,143,070,946 16,143,066,031 24
7 8,240,349,868 3,759,645,217 5,091,258,146 17,091,253,231 23
8 8,240,349,868 3,759,645,217 5,864,569,346 17,864,564,431 23
9 8,240,349,868 3,759,645,217 6,284,338,946 18,284,334,031 23
10 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
11 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
12 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 21
13 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 21
14 8,240,349,868 3,759,645,217 6,195,495,746 18,195,490,831 20
15 8,240,349,868 3,759,645,217 5,998,047,746 17,998,042,831 20
16 8,240,349,868 3,759,645,217 5,731,304,546 17,731,299,631 18
17 8,240,349,868 3,759,645,217 5,632,580,546 17,632,575,631 18
18 8,240,349,868 3,759,645,217 5,321,415,746 17,321,410,831 17
19 8,240,349,868 3,759,645,217 5,123,967,746 17,123,962,831 17
20 8,240,349,868 3,759,645,217 4,857,224,546 16,857,219,631 17
21 8,240,349,868 3,759,645,217 4,758,500,546 16,758,495,631 15
22 8,240,349,868 3,759,645,217 4,447,335,746 16,447,330,831 14
23 8,240,349,868 3,759,645,217 4,285,407,746 16,285,402,831 14
24 8,240,349,868 3,759,645,217 3,864,615,746 15,864,610,831 -
25 8,240,349,868 3,759,645,217 3,684,927,746 15,684,922,831 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 24.5964%
NPV 0.12 #VALUE!
B/C RATIO #VALUE! #VALUE!

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%
 DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (6,827,728,492)
0.7118 (8,541,359,465)
0.6355 (8,295,155,907)
0.5674 (8,407,839,496)
0.5066 (8,178,579,630)
0.4523 (7,731,214,978)
0.4039 (7,215,197,940)
0.3606 (6,593,514,143)
0.3220 (5,934,787,270)
0.2875 (5,298,917,205)
0.2567 (4,731,176,076)
0.2292 (4,224,264,354)
0.2046 (3,723,157,920)
0.1827 (3,288,175,132)
0.1631 (2,892,359,059)
0.1456 (2,568,084,854)
0.1300 (2,252,469,162)
0.1161 (1,988,208,130)
0.1037 (1,747,533,426)
0.0926 (1,551,159,846)
0.0826 (1,359,248,708)
0.0738 (1,201,666,582)
0.0659 (1,045,193,930)
0.0588 (922,639,024)
#VALUE!

0.24 7,660,804,176
0.25 (5,184,176,248)

(91,150,542,773)
Lampiran 1.12.
FINANCIAL INTERNAL RATE OF RETURN (FIRR)
KASUS 7 : Manfaat -10% ; B. Investasi +10% ; B. operasional +10%
COST BENEFIT
TAHUN INVESTASI BIAYA BUNGA PAJAK TOTAL (TOTAL
OPERASIONAL PINJAMAN BIAYA PENERIMAAN)
1 35,259,630,379 - 3,173,366,734 - 38,432,997,113 -
2 5,285,563,143 - 3,649,067,417 - 8,934,630,560 -
3 8,240,349,868 3,759,645,217 - 11,999,995,085 14
4 8,240,349,868 3,759,645,217 1,052,593,346 13,052,588,431 17
5 8,240,349,868 3,759,645,217 2,817,490,946 14,817,486,031 21
6 8,240,349,868 3,759,645,217 4,143,070,946 16,143,066,031 23
7 8,240,349,868 3,759,645,217 5,091,258,146 17,091,253,231 23
8 8,240,349,868 3,759,645,217 5,864,569,346 17,864,564,431 23
9 8,240,349,868 3,759,645,217 6,284,338,946 18,284,334,031 23
10 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
11 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 23
12 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 21
13 8,240,349,868 3,759,645,217 6,432,553,346 18,432,548,431 21
14 8,240,349,868 3,759,645,217 6,195,495,746 18,195,490,831 20
15 8,240,349,868 3,759,645,217 5,998,047,746 17,998,042,831 20
16 8,240,349,868 3,759,645,217 5,731,304,546 17,731,299,631 18
17 8,240,349,868 3,759,645,217 5,632,580,546 17,632,575,631 18
18 8,240,349,868 3,759,645,217 5,321,415,746 17,321,410,831 17
19 8,240,349,868 3,759,645,217 5,123,967,746 17,123,962,831 17
20 8,240,349,868 3,759,645,217 4,857,224,546 16,857,219,631 17
21 8,240,349,868 3,759,645,217 4,758,500,546 16,758,495,631 15
22 8,240,349,868 3,759,645,217 4,447,335,746 16,447,330,831 14
23 8,240,349,868 3,759,645,217 4,285,407,746 16,285,402,831 14
24 8,240,349,868 3,759,645,217 3,864,615,746 15,864,610,831 -
25 8,240,349,868 3,759,645,217 3,684,927,746 15,684,922,831 -
TOTAL

EVALUASI EKONOMI DISCOUNT RATE HASIL

FIRR 23.1105%
NPV 0.12 #VALUE!
B/C RATIO #VALUE! #VALUE!

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%
DISCOUNT NPV
FACTOR
0.12
0.8929 #VALUE!
0.7972 (7,122,632,781)
0.7118 (8,541,359,465)
0.6355 (8,295,155,907)
0.5674 (8,407,839,496)
0.5066 (8,178,579,631)
0.4523 (7,731,214,978)
0.4039 (7,215,197,940)
0.3606 (6,593,514,143)
0.3220 (5,934,787,270)
0.2875 (5,298,917,205)
0.2567 (4,731,176,076)
0.2292 (4,224,264,354)
0.2046 (3,723,157,920)
0.1827 (3,288,175,132)
0.1631 (2,892,359,059)
0.1456 (2,568,084,854)
0.1300 (2,252,469,162)
0.1161 (1,988,208,130)
0.1037 (1,747,533,426)
0.0926 (1,551,159,846)
0.0826 (1,359,248,708)
0.0738 (1,201,666,582)
0.0659 (1,045,193,930)
0.0588 (922,639,024)
#VALUE!

0.23 1,542,206,869
0.24 (12,410,774,063)

(91,150,542,774)