Present Value - PERANCANGAN PROSES PRODUKSI ISOEUGENOL DAN VANILIN DARI EUGENOL MINYAK DAUN CEN

Kriteria Nilai Satuan

NPV 350,737,523,861 Rupiah

IRR 40.61% Persen

B/C rasio 2.36 _

BEP 7,751 Jumlah produk PBP 1.47 Tahun

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Lampiran 22 Proyeksi laporan laba-rugi industri isoeugenol pada harga bahan baku Rp. 200.000,-/kg

1 2 3 4 5 6 7 8 9 10

A. Penerimaan

1. Penjualan Produk 228,099,888,000 304,133,184,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 Total Pendapatan 228,099,888,000 304,133,184,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000 380,166,480,000

B. Pengeluaran

1. Biaya Tetap 1,196,028,775 886,960,838 914,041,399 942,324,929 971,868,561 1,002,732,224 1,034,978,785 1,068,674,188 1,103,887,613 1,140,691,632 2. Biaya Variabel 140,259,697,344 187,012,929,792 233,766,162,240 261,819,697,709 293,239,856,934 328,430,659,703 367,844,611,298 411,988,521,137 461,430,019,717 516,804,857,632 Total Pengeluaran 141,455,726,119 187,899,890,630 234,680,203,639 262,762,022,638 294,211,725,494 329,433,391,928 368,879,590,082 413,057,195,325 462,533,907,330 517,945,549,264

Laba Operasi 86,644,161,881 116,233,293,370 145,486,276,361 117,404,457,362 85,954,754,506 50,733,088,072 11,286,889,918 (32,890,715,325) (82,367,427,330) (137,779,069,264)

C. Pembayaran Bunga

1. Bunga Pinjaman 12,229,205,194 9,783,364,155 7,337,523,116 4,891,682,078 2,445,841,039 Total Pembayaran Bunga 12,229,205,194 9,783,364,155 7,337,523,116 4,891,682,078 2,445,841,039

Laba Sebelum Pajak 74,414,956,687 106,449,929,215 138,148,753,244 112,512,775,285 83,508,913,467 50,733,088,072 11,286,889,918 (32,890,715,325) (82,367,427,330) (137,779,069,264) Pajak Penghasilan 22,324,487,006 31,934,978,765 41,444,625,973 33,753,832,585 25,052,674,040 15,219,926,422 3,386,066,975 (9,867,214,597) (24,710,228,199) (41,333,720,779)

Laba Bersih 52,090,469,681 74,514,950,451 96,704,127,271 78,758,942,699 58,456,239,427 35,513,161,651 7,900,822,942 (23,023,500,727) (57,657,199,131) (96,445,348,485)

Uraian TAHUN KE - (Rupiah)

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Lampiran 23 Proyeksi arus kas industri isoeugenol pada harga bahan baku Rp. 200.000,-/kg TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 52,090,469,681 74,514,950,451 96,704,127,271 78,758,942,699 58,456,239,427 35,513,161,651 7,900,822,942 (23,023,500,727) (57,657,199,131) (96,445,348,485) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 43,675,732,836 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 101,910,043,283 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 145,585,776,119 52,618,472,181 74,707,952,951 96,897,129,771 78,951,945,199 58,649,241,927 35,706,164,151 8,093,825,442 (22,830,498,227) (57,464,196,631) (96,252,345,985)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 141,455,726,119 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 20,382,008,657 20,382,008,657 20,382,008,657 20,382,008,657 20,382,008,657

Total Kas Keluar 145,585,776,119 20,382,008,657 20,382,008,657 20,382,008,657 20,382,008,657 20,382,008,657

Aliran Kas Bersih 0 32,236,463,524 54,325,944,294 76,515,121,114 58,569,936,543 38,267,233,270 35,706,164,151 8,093,825,442 (22,830,498,227) (57,464,196,631) (96,252,345,985)

Arus Kas Awal Tahun 0 32,236,463,524 54,325,944,294 76,515,121,114 58,569,936,543 38,267,233,270 35,706,164,151 8,093,825,442 (22,830,498,227) (57,464,196,631) (96,252,345,985) Arus Kas Akhir Tahun 0 32,236,463,524 86,562,407,818 163,077,528,933 221,647,465,475 259,914,698,745 295,620,862,896 303,714,688,338 280,884,190,111 223,419,993,480 127,167,647,495

Uraian

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Lampiran 24 Perhitungan NPV, IRR, B/C Ratio dan PBP industri isoeugenol pada harga bahan baku Rp. 200.000,-/kg

Tahun Bt+Ct Akumulasi 0.12 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (145,585,776,119) (145,585,776,119) 1 (145,585,776,119) 1 (145,585,776,119) 1 (145,585,776,119) 1 32,236,463,524 (113,349,312,595) 0.8929 (101,209,601,216) 0.666667 (75,566,246,180) 0.625000 (63,256,000,760) 2 54,325,944,294 (59,023,368,301) 0.7972 (47,053,429,209) 0.444444 (26,232,581,901) 0.390625 (18,380,245,785) 3 76,515,121,114 17,491,752,814 0.7118 12,450,629,653 0.296296 5,182,736,392 0.244141 3,039,704,505 4 58,569,936,543 76,061,689,356 0.6355 48,337,203,586 0.197531 15,024,541,560 0.152588 7,375,671,934 5 38,267,233,270 114,328,922,626 0.5674 64,870,230,698 0.131687 15,055,632,834 0.095367 6,186,507,292 6 35,706,164,151 150,035,086,777 0.5066 76,012,444,230 0.087791 13,171,804,600 0.059605 4,530,694,737 7 8,093,825,442 158,128,912,219 0.4523 71,529,489,365 0.058528 9,254,915,759 0.037253 2,664,681,128 8 (22,830,498,227) 135,298,413,992 0.4039 54,644,760,184 0.039018 5,279,133,361 0.023283 1,272,297,469 9 (57,464,196,631) 77,834,217,361 0.3606 28,067,799,067 0.026012 2,024,646,613 0.014552 408,440,233 10 (96,252,345,985) (18,418,128,624) 0.3220 (5,930,144,485) 0.017342 (319,398,529) 0.009095 (53,934,350)

56,133,605,753

(182,710,591,609) (201,797,959,717)

Present Value

Kriteria Nilai Satuan

NPV 56,133,605,753 Rupiah

IRR 20.93% Persen

B/C rasio 1.19 _ BEP 7,367 Jumlah produk PBP 1.80 Tahun

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Lampiran 25 Jenis dan jumlah input lain di luar bahan baku dan tenaga kerja pada industri isoeugenol

No Jenis biaya Biaya/tahun

(Rupiah)

A Biaya Tetap

1. Administrasi dan Pemasaran 36.000.000

2. Penyusutan 528.002.500

3. Pemeliharaan 246.128.750

4. Asuransi 1.897.525

5. Riset dan Pengembangan (R&D) 15.000.000

Sub Total 827.028.775

B Biaya Variabel

1. Bahan Pembantu 67.962.240

2. Kemasan 579.000.000

3. Bahan Bakar 168.000.000

Sub Total 814.962.240

TOTAL 1.641.991.015

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Lampiran 26 Perhitungan nilai tambah industri isoeugenol pada harga bahan baku Rp 180.000,-; Rp 190.000,- dan Rp 200.000,- per kg

No Variabel Perhitungan Nilai

I Output, input dan harga :

1. Output (kg/th) a 1.157.280 1.157.280 1.157.280

2. Bahan baku (kg/th) b 1.164.000 1.164.000 1.164.000

3. Tenaga kerja (HOK/th) c 8.400 8.400 8.400

4. Faktor konversi d = a/b 0,9942268 0,994227 0,9942268

5. Koefisien tenaga kerja (HOK/kg) e = c/b 0,01 0,01 0,01

6. Harga output (Rp/kg) f 328.500 328.500 328.500

7. Upah rata-rata tenaga kerja (Rp/HOK) g 61.929 61.929 61.929

II Pendapatan dan keuntungan

8. Harga bahan baku (Rp/kg) h 180.000 190.000 200.000

9. Sumbangan input lain (Rp/kg) i 1.411 1.411 1.411

10. Nilai output (Rp/kg) j = dxf 326.604 326.604 326.604

11 a. Nilai tambah (Rp/kg) k = j-i-h 145.193 135.193 125.193

b. Rasio nilai tambah (%) l(%) = k/j x 100% 44,46 41,39 38,33

12 a. Imbalan tenaga kerja (Rp/kg) m = exg 447,00 447,00 447,00

b. Bagian tenaga kerja (%)

n(%) = m/k x

100% 0,31 0,33 0,36

13 a. Keuntungan (Rp/kg) o = k-m 144.746 134.746 124.746

b. Tingkat keuntungan (%) p(%) = o/j x 100% 44,32 41,26 38,19

III Balas Jasa Pemilik Faktor Produksi

Marjin Keuntungan (Rp/kg) q = j-h 146.604 136.604 126.604

a. Pendapatan tenaga kerja (%) r(%) = m/q x 100% 0,30 0,33 0,35

b. Sumbangan input lain (%) s(%) = i/q x 100% 0,96 1,03 1,11

c. Keuntungan perusahaan (%) t(%) = o/q x 100% 98,73 98,64 98,53

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Lampiran 27 Biaya investasi industri vanilin berbahan dasar eugenol MDC

No Uraian Jumlah Unit Harga /unit Jumlah Total biaya

140

Lampiran 28 Biaya investasi industri vanilin berbahan dasar eugenol MDC (Lanjutan)

No Uraian Jumlah Unit Harga /unit Jumlah Total biaya

(Rupiah) (Rupiah) (Rupiah) 6 Kendaraan

1. Mobil operasi 1 unit 130.000.000 130.000.000 2. Mobil bak terbuka 1 unit 65.000.000 65.000.000 3. Sepeda motor 2 unit 12.000.000 24.000.000

Sub total VI 219.000.000

7 Pra Operasi

1. Studi Kelayakan 1 paket 85.000.000 85.000.000 2. Instalasi mesin & alat 1 paket 200.000.000 200.000.000

3. Perizinan 1 paket 50.000.000 50.000.000

Sub total VII 335.000.000

Total Investasi 4.130.050.000

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Lampiran 29 Biaya bahan baku, bahan pembantu dan utilitas industri vanilin

No Uraian Kebutuhan Unit Harga/unit Biaya/bulan Biaya/tahun

(Rupiah) (Rupiah) (Rupiah)

142

Lampiran 30 Biaya tenaga kerja tak langsung dan tenaga kerja langsung pada industri vanillin

No Uraian Jumlah Gaji/orang/bulan Gaji/bulan Biaya/tahun (Rupiah) (Rupiah) (Rupiah) 1 Tenaga kerja tak langsung

1. Direktur 1 7.000.000 7.000.000 84.000.000 2. Manager 2 5.000.000 10.000.000 120.000.000 3. Supervisor 3 2.500.000 7.500.000 90.000.000 4. Staf administrasi 3 900.000 2.700.000 32.400.000 5. Satpam 3 750.000 2.250.000 27.000.000 6. Pembantu umum 2 650.000 1.300.000 15.600.000

Sub Total 14 369.000.000

2 Tenaga kerja langsung

1. Operator 7 1.150.000 8.050.000 96.600.000 2. Pekerja 7 650.000 4.550.000 54.600.000

Sub Total 14 151.200.000

Total 520.200.000

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Lampiran 31 Biaya tetap dan biaya variabel industri vanilin berbahan dasar eugenol MDC

1 2 3 4 5 6 7 8 9 10

A Biaya Tetap

1 Tenaga Kerja Tak Langsung 369,000,000 387,450,000 406,822,500 427,163,625 448,521,806 470,947,897 494,495,291 519,220,056 545,181,059 572,440,112 2 Administrasi dan Pemasaran 48,000,000 50,400,000 52,920,000 55,566,000 58,344,300 61,261,515 64,324,591 67,540,820 70,917,861 74,463,754 3 Penyusutan 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 4 Pemeliharaan 246,128,750 251,051,325 256,072,352 261,193,799 266,417,675 271,746,028 277,180,949 282,724,568 288,379,059 294,146,640 5 Asuransi 1,897,525 1,907,013 1,916,548 1,926,130 1,935,761 1,945,440 1,955,167 1,964,943 1,974,768 1,984,641 6 Riset dan Pengembangan (R & D) 25,000,000 26,250,000 27,562,500 28,940,625 30,387,656 31,907,039 33,502,391 35,177,511 36,936,386 38,783,205 Sub Total 1,218,028,775 910,060,838 938,296,399 967,792,679 998,609,698 1,030,810,418 1,064,460,889 1,099,630,397 1,136,391,633 1,174,820,853

B Biaya Variabel

1 Biaya Bahan baku & pembantu 153,035,558,784 204,047,411,712 255,059,264,640 285,666,376,397 319,946,341,564 358,339,902,552 401,340,690,858 449,501,573,761 503,441,762,613 563,854,774,126 2 Biaya Kemasan 230,688,000 307,584,000 384,480,000 430,617,600 482,291,712 540,166,717 604,986,724 677,585,130 758,895,346 849,962,788 3 Tenaga Kerja Langsung 90,720,000 120,960,000 151,200,000 170,100,000 191,362,500 215,282,813 242,193,164 272,467,310 306,525,723 344,841,439 4 Bahan Bakar 219,600,000 292,800,000 366,000,000 411,750,000 463,218,750 521,121,094 586,261,230 659,543,884 741,986,870 834,735,229 Sub Total 153,576,566,784 204,768,755,712 255,960,944,640 286,678,843,997 321,083,214,526 359,616,473,176 402,774,131,976 451,111,170,086 505,249,170,552 565,884,313,581

Jumlah 154,794,595,559 205,678,816,550 256,899,241,039 287,646,636,676 322,081,824,224 360,647,283,594 403,838,592,865 452,210,800,483 506,385,562,185 567,059,134,434

Uraian TAHUN KE- (Rupiah)

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Lampiran 32 Nilai peralatan mesin, biaya pemeliharaan, asuransi, nilai sisa dan biaya penyusutan industri vanilin

1 2 3 4 5 6 7 8 9 10

PERIZINAN,STUDI KELAYAKAN&INSTALASI

Perizinan 50,000,000 0 0 0 50,000,000

Studi kelayakan 85,000,000 85,000,000

Instalasi mesin &alat 200,000,000 200,000,000

Sub Total 335,000,000 0 0 0 335,000,000

TANAH DAN BANGUNAN

Tanah 250,000,000 0 5,000,000 125,000 0 0 0 0 0 0 0 0 0 0

Bangunan 450,000,000 67,500,000 9,000,000 225,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 Sub Total 700,000,000 67,500,000 14,000,000 350,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000 38,250,000

MESIN DAN PERALATAN

Alat dan mesin proses 2,780,000,000 417,000,000 208,500,000 1,390,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 139,000,000 Peralatan umum 65,500,000 9,825,000 4,912,500 32,750 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 3,275,000 Peralatan kantor 30,550,000 4,582,500 2,291,250 15,275 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 1,527,500 Kendaraan 219,000,000 32,850,000 16,425,000 109,500 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 10,950,000 Sub Total 3,095,050,000 464,257,500 232,128,750 1,547,525 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500 154,752,500

Jumlah 4,130,050,000 531,757,500 246,128,750 1,897,525 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

Biaya Penyusutan Tahun ke- (Rupiah)

Uraian Nilai Nilai Sisa O & M Asuransi

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Lampiran 33 Proyeksi laporan laba-rugi industri vanilin berbahan dasar eugenol MDC

1 2 3 4 5 6 7 8 9 10

Penerimaan

1. Penjualan Produk 276,670,080,000 368,893,440,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 Total Pendapatan 276,670,080,000 368,893,440,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000

Pengeluaran

1. Biaya Tetap 1,218,028,775 910,060,838 938,296,399 967,792,679 998,609,698 1,030,810,418 1,064,460,889 1,099,630,397 1,136,391,633 1,174,820,853 2. Biaya Variabel 153,576,566,784 204,768,755,712 255,960,944,640 286,678,843,997 321,083,214,526 359,616,473,176 402,774,131,976 451,111,170,086 505,249,170,552 565,884,313,581 Total Pengeluaran 154,794,595,559 205,678,816,550 256,899,241,039 287,646,636,676 322,081,824,224 360,647,283,594 403,838,592,865 452,210,800,483 506,385,562,185 567,059,134,434 Laba Operasi 121,875,484,441 163,214,623,450 204,217,558,961 173,470,163,324 139,034,975,776 100,469,516,406 57,278,207,135 8,905,999,517 (45,268,762,185) (105,942,334,434)

Pembayaran Bunga

1. Bunga Pinjaman 13,349,670,227 10,679,736,182 8,009,802,136 5,339,868,091 2,669,934,045 Total Pembayaran Bunga 13,349,670,227 10,679,736,182 8,009,802,136 5,339,868,091 2,669,934,045

Laba Sebelum Pajak 108,525,814,214 152,534,887,269 196,207,756,825 168,130,295,233 136,365,041,730 100,469,516,406 57,278,207,135 8,905,999,517 (45,268,762,185) (105,942,334,434) Pajak Penghasilan 32,557,744,264 45,760,466,181 58,862,327,047 50,439,088,570 40,909,512,519 30,140,854,922 17,183,462,140 2,671,799,855 (13,580,628,655) (31,782,700,330)

Laba Bersih 75,968,069,950 106,774,421,088 137,345,429,777 117,691,206,663 95,455,529,211 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104)

Uraian TAHUN KE - (Rupiah)

119

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Lampiran 34 Proyeksi arus kas industri vanilin berbahan dasar eugenol MDC

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 75,968,069,950 106,774,421,088 137,345,429,777 117,691,206,663 95,455,529,211 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 47,677,393,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 111,247,251,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 158,924,645,559 76,496,072,450 106,967,423,588 137,538,432,277 117,884,209,163 95,648,531,711 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 154,794,595,559 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 Total Kas Keluar 158,924,645,559 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378

Aliran Kas Bersih 0 54,246,622,072 84,717,973,210 115,288,981,899 95,634,758,785 73,399,081,333 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

Arus Kas Awal Tahun 0 54,246,622,072 84,717,973,210 115,288,981,899 95,634,758,785 73,399,081,333 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604) Arus Kas Akhir Tahun 0 54,246,622,072 138,964,595,281 254,253,577,180 349,888,335,966 423,287,417,298 493,809,081,282 534,096,828,777 540,524,030,939 509,028,899,910 435,062,268,306

Uraian

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Lampiran 35 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin berbahan dasar eugenol MDC

Tahun Bt+Ct Akumulasi 0.12 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (158,924,645,559) (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 54,246,622,072 (104,678,023,487) 0.8929 (93,467,007,172) 0.666667 (69,785,383,884) 0.625000 (58,416,879,482) 2 84,717,973,210 (19,960,050,278) 0.7972 (15,912,152,081) 0.444444 (8,871,124,586) 0.390625 (6,215,684,407) 3 115,288,981,899 95,328,931,621 0.7118 67,855,133,528 0.296296 28,245,581,124 0.244141 16,566,194,709 4 95,634,758,785 190,963,690,407 0.6355 121,357,425,253 0.197531 37,721,248,730 0.152588 18,517,673,531 5 73,399,081,333 264,362,771,739 0.5674 149,999,436,685 0.131687 34,813,140,322 0.095367 14,305,061,024 6 70,521,663,984 334,884,435,723 0.5066 169,662,877,135 0.087791 29,400,005,331 0.059605 10,112,695,523 7 40,287,747,494 375,172,183,218 0.4523 169,708,842,695 0.058528 21,957,951,281 0.037253 6,322,147,053 8 6,427,202,162 381,599,385,380 0.4039 154,121,591,562 0.039018 14,889,413,604 0.023283 3,588,422,936 9 (31,495,131,029) 350,104,254,351 0.3606 126,251,103,908 0.026012 9,107,015,101 0.014552 1,837,195,362 10 (73,966,631,604) 276,137,622,747 0.3220 88,908,924,140 0.017342 4,788,648,846 0.009095 808,621,954 779,561,530,094 (56,658,149,691) (151,499,197,356) Present Value

Kriteria Nilai Satuan

NPV 779,561,530,094 Rupiah

IRR 47.43 Persen

B/C rasio 3.91 _ BEP 5,053 Jumlah produk PBP 1.25 Tahun

121

148

Lampiran 36 Proyeksi laporan laba-rugi industri vanilin pada tingkat suku bunga 16 %

1 2 3 4 5 6 7 8 9 10

A. Penerimaan

1. Penjualan Produk 276,670,080,000 368,893,440,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 Total Pendapatan 276,670,080,000 368,893,440,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000 461,116,800,000

B. Pengeluaran

C. Pembayaran Bunga

1. Bunga Pinjaman 17,799,560,303 14,239,648,242 10,679,736,182 7,119,824,121 3,559,912,061 Total Pembayaran Bunga 17,799,560,303 14,239,648,242 10,679,736,182 7,119,824,121 3,559,912,061

Laba Sebelum Pajak 104,075,924,138 148,974,975,208 193,537,822,779 166,350,339,203 135,475,063,715 100,469,516,406 57,278,207,135 8,905,999,517 (45,268,762,185) (105,942,334,434) Pajak Penghasilan 31,222,777,242 44,692,492,562 58,061,346,834 49,905,101,761 40,642,519,114 30,140,854,922 17,183,462,140 2,671,799,855 (13,580,628,655) (31,782,700,330)

Laba Bersih 72,853,146,897 104,282,482,646 135,476,475,945 116,445,237,442 94,832,544,600 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104)

Uraian TAHUN KE - (Rupiah)

122

149

Lampiran 37 Proyeksi arus kas industri vanilin pada tingkat suku bunga 16 %

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 72,853,146,897 104,282,482,646 135,476,475,945 116,445,237,442 94,832,544,600 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 47,677,393,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 111,247,251,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 158,924,645,559 73,381,149,397 104,475,485,146 135,669,478,445 116,638,239,942 95,025,547,100 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 154,794,595,559 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378

Total Kas Keluar 158,924,645,559 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378

Aliran Kas Bersih 0 51,131,699,019 82,226,034,768 113,420,028,067 94,388,789,564 72,776,096,722 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

Arus Kas Awal Tahun 0 51,131,699,019 82,226,034,768 113,420,028,067 94,388,789,564 72,776,096,722 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604) Arus Kas Akhir Tahun 0 51,131,699,019 133,357,733,786 246,777,761,853 341,166,551,417 413,942,648,140 484,464,312,124 524,752,059,618 531,179,261,780 499,684,130,751 425,717,499,147

Uraian

123

150

Lampiran 38 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin pada tingkat suku bunga 16 %

Tahun Bt+Ct Akumulasi 0.16 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (158,924,645,559) (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 51,131,699,019 (107,792,946,540) 0.8621 (92,924,953,914) 0.666667 (71,862,000,291) 0.625000 (58,078,096,196) 2 82,226,034,768 (25,566,911,773) 0.7432 (19,000,380,331) 0.444444 (11,363,060,536) 0.390625 (7,422,023,567) 3 113,420,028,067 87,853,116,294 0.6407 56,283,773,099 0.296296 26,030,526,946 0.244141 13,741,155,542 4 94,388,789,564 182,241,905,858 0.5523 100,650,582,266 0.197531 35,998,425,906 0.152588 15,358,060,038 5 72,776,096,722 255,018,002,581 0.4761 121,417,390,194 0.131687 33,582,555,706 0.095367 11,579,264,659 6 70,521,663,984 325,539,666,565 0.4104 133,615,234,728 0.087791 28,579,614,074 0.059605 7,964,088,603 7 40,287,747,494 365,827,414,059 0.3538 129,440,541,936 0.058528 21,411,023,777 0.037253 4,822,035,951 8 6,427,202,162 372,254,616,221 0.3050 113,547,134,358 0.039018 14,524,795,268 0.023283 2,643,725,238 9 (31,495,131,029) 340,759,485,192 0.2630 89,603,722,094 0.026012 8,863,936,210 0.014552 1,303,905,768 10 (73,966,631,604) 266,792,853,588 0.2267 60,477,565,425 0.017342 4,626,596,252 0.009095 550,040,253

534,185,964,296

(68,532,232,248) (166,462,489,270)

Present Value

Kriteria Nilai Satuan

NPV 534,185,964,296 Rupiah

IRR 45.68 Persen

B/C rasio 2.97 _ PBP 1.38 Tahun

124

151

Lampiran 39 Proyeksi laporan laba-rugi industri vanilin pada tingkat suku bunga 20 %

1 2 3 4 5 6 7 8 9 10

A.Penerimaan

B.Pengeluaran

C.Pembayaran Bunga

1. Bunga Pinjaman 22,249,450,378 17,799,560,303 13,349,670,227 8,899,780,151 4,449,890,076 Total Pembayaran Bunga 22,249,450,378 17,799,560,303 13,349,670,227 8,899,780,151 4,449,890,076

Laba Sebelum Pajak 99,626,034,063 145,415,063,148 190,867,888,734 164,570,383,173 134,585,085,700 100,469,516,406 57,278,207,135 8,905,999,517 (45,268,762,185) (105,942,334,434) Pajak Penghasilan 29,887,810,219 43,624,518,944 57,260,366,620 49,371,114,952 40,375,525,710 30,140,854,922 17,183,462,140 2,671,799,855 (13,580,628,655) (31,782,700,330)

Laba Bersih 69,738,223,844 101,790,544,203 133,607,522,114 115,199,268,221 94,209,559,990 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104)

Uraian TAHUN KE - (Rupiah)

125

152

Lampiran 40 Proyeksi arus kas industri vanilin pada tingkat suku bunga 20 %

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 69,738,223,844 101,790,544,203 133,607,522,114 115,199,268,221 94,209,559,990 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 47,677,393,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 111,247,251,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 158,924,645,559 70,266,226,344 101,983,546,703 133,800,524,614 115,392,270,721 94,402,562,490 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 154,794,595,559 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378

Total Kas Keluar 158,924,645,559 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378 22,249,450,378

Aliran Kas Bersih 0 48,016,775,966 79,734,096,325 111,551,074,235 93,142,820,343 72,153,112,112 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

Arus Kas Awal Tahun 0 48,016,775,966 79,734,096,325 111,551,074,235 93,142,820,343 72,153,112,112 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604) Arus Kas Akhir Tahun 0 48,016,775,966 127,750,872,291 239,301,946,526 332,444,766,869 404,597,878,981 475,119,542,965 515,407,290,459 521,834,492,621 490,339,361,592 416,372,729,988

Uraian

126

153

Lampiran 41 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin pada tingkat suku bunga 20 %

Tahun Bt+Ct Akumulasi 0.2 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (158,924,645,559) (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 48,016,775,966 (110,907,869,593) 0.8333 (92,423,224,661) 0.666667 (73,938,579,729) 0.625000 (57,764,515,413) 2 79,734,096,325 (31,173,773,268) 0.6944 (21,648,453,658) 0.444444 (13,855,010,341) 0.390625 (8,456,427,210) 3 111,551,074,235 80,377,300,967 0.5787 46,514,641,763 0.296296 23,815,496,583 0.244141 11,356,113,712 4 93,142,820,343 173,520,121,310 0.4823 83,680,614,058 0.197531 34,275,579,518 0.152588 12,768,648,385 5 72,153,112,112 245,673,233,422 0.4019 98,730,562,557 0.131687 32,352,030,739 0.095367 9,415,680,175 6 70,521,663,984 316,194,897,406 0.3349 105,893,031,378 0.087791 27,759,222,818 0.059605 6,311,716,519 7 40,287,747,494 356,482,644,900 0.2791 99,487,763,749 0.058528 20,864,096,272 0.037253 3,706,208,011 8 6,427,202,162 362,909,847,062 0.2326 84,401,231,596 0.039018 14,160,176,932 0.023283 1,965,119,308 9 (31,495,131,029) 331,414,716,033 0.1938 64,230,392,269 0.026012 8,620,857,319 0.014552 934,675,223 10 (73,966,631,604) 257,448,084,429 0.1615 41,579,302,940 0.017342 4,464,543,658 0.009095 378,161,557

351,521,216,431

(80,406,231,792) (178,309,265,291)

Present Value

Kriteria Nilai Satuan

NPV 351,521,216,431 Rupiah

IRR 42.93 Persen

B/C rasio 2.29 _ PBP 1.52 Tahun

127

154

Lampiran 42 Proyeksi laporan laba-rugi industri vanilin pada tingkat suku bunga 24 %

1 2 3 4 5 6 7 8 9 10

A. Penerimaan

B. Pengeluaran

C. Pembayaran Bunga

1. Bunga Pinjaman 26,699,340,454 21,359,472,363 16,019,604,272 10,679,736,182 5,339,868,091 Total Pembayaran Bunga 26,699,340,454 21,359,472,363 16,019,604,272 10,679,736,182 5,339,868,091

Laba Sebelum Pajak 95,176,143,987 141,855,151,087 188,197,954,688 162,790,427,143 133,695,107,685 100,469,516,406 57,278,207,135 8,905,999,517 (45,268,762,185) (105,942,334,434) Pajak Penghasilan 28,552,843,196 42,556,545,326 56,459,386,407 48,837,128,143 40,108,532,305 30,140,854,922 17,183,462,140 2,671,799,855 (13,580,628,655) (31,782,700,330)

Laba Bersih 66,623,300,791 99,298,605,761 131,738,568,282 113,953,299,000 93,586,575,379 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104)

Uraian TAHUN KE - (Rupiah)

128

155

Lampiran 43 Proyeksi arus kas industri vanilin pada tingkat suku bunga 24 %

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 66,623,300,791 99,298,605,761 131,738,568,282 113,953,299,000 93,586,575,379 70,328,661,484 40,094,744,994 6,234,199,662 (31,688,133,529) (74,159,634,104) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 47,677,393,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 111,247,251,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 158,924,645,559 67,151,303,291 99,491,608,261 131,931,570,782 114,146,301,500 93,779,577,879 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 154,794,595,559 0 0 0 0 0 0 0 0 0 0

Aliran Kas Bersih 0 44,901,852,913 77,242,157,883 109,682,120,404 91,896,851,122 71,530,127,501 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604)

Arus Kas Awal Tahun 0 44,901,852,913 77,242,157,883 109,682,120,404 91,896,851,122 71,530,127,501 70,521,663,984 40,287,747,494 6,427,202,162 (31,495,131,029) (73,966,631,604) Arus Kas Akhir Tahun 0 44,901,852,913 122,144,010,796 231,826,131,199 323,722,982,321 395,253,109,822 465,774,773,806 506,062,521,300 512,489,723,462 480,994,592,433 407,027,960,829

Uraian

129

156

Lampiran 44 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin pada tingkat suku bunga 24 %

Tahun Bt+Ct Akumulasi 0.24 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (158,924,645,559) (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 (158,924,645,559) 1 44,901,852,913 (114,022,792,646) 0.8065 (91,953,865,037) 0.666667 (76,015,195,098) 0.625000 (57,471,165,648) 2 77,242,157,883 (36,780,634,763) 0.6504 (23,920,808,249) 0.444444 (16,346,948,784) 0.390625 (9,344,065,722) 3 109,682,120,404 72,901,485,640 0.5245 38,235,900,545 0.296296 21,600,440,190 0.244141 9,334,936,656 4 91,896,851,122 164,798,336,762 0.4230 69,705,345,409 0.197531 32,552,757,879 0.152588 10,636,191,621 5 71,530,127,501 236,328,464,263 0.3411 80,613,468,378 0.131687 31,121,443,854 0.095367 7,687,899,435 6 70,521,663,984 306,850,128,247 0.2751 84,410,446,622 0.087791 26,938,831,561 0.059605 5,031,254,686 7 40,287,747,494 347,137,875,741 0.2218 77,010,546,510 0.058528 20,317,168,768 0.037253 2,868,866,418 8 6,427,202,162 353,565,077,903 0.1789 63,255,148,744 0.039018 13,795,558,595 0.023283 1,472,773,700 9 (31,495,131,029) 322,069,946,874 0.1443 46,468,112,828 0.026012 8,377,778,428 0.014552 676,200,039 10 (73,966,631,604) 248,103,315,270 0.1164 28,867,934,812 0.017342 4,302,491,064 0.009095 262,552,338

213,767,585,002

(92,280,319,103) (187,769,202,037)

Present Value

Kriteria Nilai Satuan

NPV 213,767,585,002 Rupiah

IRR 38.54 Persen

B/C rasio 1.78 _ PBP 1.65 Tahun

130

157

Lampiran 45 Proyeksi laporan laba-rugi industri vanilin pada harga bahan baku Rp. 190.000,-/kg

1 2 3 4 5 6 7 8 9 10

A. Penerimaan

B. Pengeluaran

1. Biaya Tetap 1,218,028,775 910,060,838 938,296,399 967,792,679 998,609,698 1,030,810,418 1,064,460,889 1,099,630,397 1,136,391,633 1,174,820,853 2. Biaya Variabel 160,560,566,784 214,080,755,712 267,600,944,640 299,715,643,997 335,684,430,526 375,969,835,096 421,089,897,327 471,624,827,278 528,224,466,607 591,616,645,163 Total Pengeluaran 161,778,595,559 214,990,816,550 268,539,241,039 300,683,436,676 336,683,040,224 377,000,645,514 422,154,358,216 472,724,457,675 529,360,858,240 592,791,466,016 Laba Operasi 114,891,484,441 153,902,623,450 192,577,558,961 160,433,363,324 124,433,759,776 84,116,154,486 38,962,441,784 (11,607,657,675) (68,244,058,240) (131,674,666,016)

C. Pembayaran Bunga

1. Bunga Pinjaman 13,936,326,227 11,149,060,982 8,361,795,736 5,574,530,491 2,787,265,245 Total Pembayaran Bunga 13,936,326,227 11,149,060,982 8,361,795,736 5,574,530,491 2,787,265,245

Laba Sebelum Pajak 100,955,158,214 142,753,562,469 184,215,763,225 154,858,832,833 121,646,494,530 84,116,154,486 38,962,441,784 (11,607,657,675) (68,244,058,240) (131,674,666,016) Pajak Penghasilan 30,286,547,464 42,826,068,741 55,264,728,967 46,457,649,850 36,493,948,359 25,234,846,346 11,688,732,535 (3,482,297,303) (20,473,217,472) (39,502,399,805) Laba Bersih 70,668,610,750 99,927,493,728 128,951,034,257 108,401,182,983 85,152,546,171 58,881,308,140 27,273,709,249 (8,125,360,373) (47,770,840,768) (92,172,266,211)

Uraian TAHUN KE - (Rupiah)

131

158

Lampiran 46 Proyeksi arus kas industri vanilin pada harga bahan baku Rp. 190.000,-/kg

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

A. Arus Kas

1. Laba Bersih 0 70,668,610,750 99,927,493,728 128,951,034,257 108,401,182,983 85,152,546,171 58,881,308,140 27,273,709,249 (8,125,360,373) (47,770,840,768) (92,172,266,211) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 49,772,593,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 116,136,051,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 165,908,645,559 71,196,613,250 100,120,496,228 129,144,036,757 108,594,185,483 85,345,548,671 59,074,310,640 27,466,711,749 (7,932,357,873) (47,577,838,268) (91,979,263,711)

B. Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 161,778,595,559 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 23,227,210,378 23,227,210,378 23,227,210,378 23,227,210,378 23,227,210,378 Total Kas Keluar 165,908,645,559 23,227,210,378 23,227,210,378 23,227,210,378 23,227,210,378 23,227,210,378

Aliran Kas Bersih 0 47,969,402,872 76,893,285,850 105,916,826,379 85,366,975,105 62,118,338,293 59,074,310,640 27,466,711,749 (7,932,357,873) (47,577,838,268) (91,979,263,711)

Arus Kas Awal Tahun 0 47,969,402,872 76,893,285,850 105,916,826,379 85,366,975,105 62,118,338,293 59,074,310,640 27,466,711,749 (7,932,357,873) (47,577,838,268) (91,979,263,711) Arus Kas Akhir Tahun 0 47,969,402,872 124,862,688,721 230,779,515,100 316,146,490,206 378,264,828,498 437,339,139,138 464,805,850,887 456,873,493,015 409,295,654,747 317,316,391,035

Uraian

132

159

Lampiran 47 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin pada harga bahan baku Rp. 190.000,-/kg

Tahun Bt+Ct Akumulasi 0.12 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (172,892,645,559) (172,892,645,559) 1 (172,892,645,559) 1 (172,892,645,559) 1 (172,892,645,559) 1 41,692,183,672 (131,200,461,887) 0.8929 (117,148,892,419) 0.666667 (87,467,018,325) 0.625000 (73,218,057,762) 2 69,068,598,490 (62,131,863,398) 0.7972 (49,531,521,501) 0.444444 (27,614,133,896) 0.390625 (19,348,250,586) 3 96,544,670,859 34,412,807,461 0.7118 24,495,036,351 0.296296 10,196,377,200 0.244141 5,980,233,484 4 75,099,191,425 109,511,998,887 0.6355 69,594,875,292 0.197531 21,632,014,652 0.152588 10,619,335,219 5 50,837,595,253 160,349,594,139 0.5674 90,982,359,715 0.131687 21,115,957,003 0.095367 8,676,753,971 6 47,626,957,296 207,976,551,435 0.5066 105,367,393,432 0.087791 18,258,572,417 0.059605 6,280,386,056 7 14,645,676,004 222,622,227,439 0.4523 100,702,989,899 0.058528 13,029,558,808 0.037253 3,751,478,713 8 (22,291,917,907) 200,330,309,532 0.4039 80,910,052,076 0.039018 7,816,576,626 0.023283 1,883,833,950 9 (63,660,545,507) 136,669,764,025 0.3606 49,284,487,019 0.026012 3,555,094,202 0.014552 717,183,677 10 (109,991,895,819) 26,677,868,206 0.3220 8,589,559,572 0.017342 462,635,050 0.009095 78,121,589

190,353,693,877

(191,907,011,823) (227,471,627,247)

Present Value

Kriteria Nilai Satuan

NPV 484,957,611,986 Rupiah

IRR 42.25 Persen

B/C rasio 2.60 _ BEP 4,835 Jumlah produk PBP 1.41 Tahun

133

160

Lampiran 48 Proyeksi laporan laba-rugi industri vanilin pada harga bahan baku Rp. 200.000,-/kg

1 2 3 4 5 6 7 8 9 10

A. Penerimaan

B. Pengeluaran

1. Biaya Tetap 1,218,028,775 910,060,838 938,296,399 967,792,679 998,609,698 1,030,810,418 1,064,460,889 1,099,630,397 1,136,391,633 1,174,820,853 2. Biaya Variabel 167,544,566,784 223,392,755,712 279,240,944,640 312,752,443,997 350,285,646,526 392,323,197,016 439,405,662,677 492,138,484,471 551,199,762,663 617,348,976,745 Total Pengeluaran 168,762,595,559 224,302,816,550 280,179,241,039 313,720,236,676 351,284,256,224 393,354,007,434 440,470,123,566 493,238,114,868 552,336,154,296 618,523,797,598

Laba Operasi 107,907,484,441 144,590,623,450 180,937,558,961 147,396,563,324 109,832,543,776 67,762,792,566 20,646,676,434 (32,121,314,868) (91,219,354,296) (157,406,997,598)

C. Pembayaran Bunga

1. Bunga Pinjaman 14,522,982,227 11,618,385,782 8,713,789,336 5,809,192,891 2,904,596,445 Total Pembayaran Bunga 14,522,982,227 11,618,385,782 8,713,789,336 5,809,192,891 2,904,596,445

Laba Sebelum Pajak 93,384,502,214 132,972,237,669 172,223,769,625 141,587,370,433 106,927,947,330 67,762,792,566 20,646,676,434 (32,121,314,868) (91,219,354,296) (157,406,997,598) Pajak Penghasilan 28,015,350,664 39,891,671,301 51,667,130,887 42,476,211,130 32,078,384,199 20,328,837,770 6,194,002,930 (9,636,394,460) (27,365,806,289) (47,222,099,280)

Laba Bersih 65,369,151,550 93,080,566,368 120,556,638,737 99,111,159,303 74,849,563,131 47,433,954,796 14,452,673,504 (22,484,920,407) (63,853,548,007) (110,184,898,319)

Uraian TAHUN KE - (Rupiah)

134

161

Lampiran 49 Proyeksi arus kas industri vanilin pada harga bahan baku Rp. 200.000,-/kg

TAHUN KE - (Rupiah)

0 1 2 3 4 5 6 7 8 9 10

Arus Kas

1. Laba Bersih 0 65,369,151,550 93,080,566,368 120,556,638,737 99,111,159,303 74,849,563,131 47,433,954,796 14,452,673,504 (22,484,920,407) (63,853,548,007) (110,184,898,319) 2. Penyusutan 0 528,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500 193,002,500

3. Nilai Sisa 0 0 0 0 0 0 0 0 0 0 0

4. Pengembalian Modal Kerja 0 0 0 0 0 0 0 0 0 0 0

5. Modal Sendiri 51,867,793,668 0 0 0 0 0 0 0 0 0 0

6. Modal Pinjaman 121,024,851,891 0 0 0 0 0 0 0 0 0 0

Total Kas Masuk 172,892,645,559 65,897,154,050 93,273,568,868 120,749,641,237 99,304,161,803 75,042,565,631 47,626,957,296 14,645,676,004 (22,291,917,907) (63,660,545,507) (109,991,895,819)

Kas Keluar

1. Biaya Modal Tetap 4,130,050,000

2. Biaya Modal Kerja 168,762,595,559 0 0 0 0 0 0 0 0 0 0

3. Angsuran Pinjaman 0 24,204,970,378 24,204,970,378 24,204,970,378 24,204,970,378 24,204,970,378

Total Kas Keluar 172,892,645,559 24,204,970,378 24,204,970,378 24,204,970,378 24,204,970,378 24,204,970,378

Aliran Kas Bersih 0 41,692,183,672 69,068,598,490 96,544,670,859 75,099,191,425 50,837,595,253 47,626,957,296 14,645,676,004 (22,291,917,907) (63,660,545,507) (109,991,895,819)

Arus Kas Awal Tahun 0 41,692,183,672 69,068,598,490 96,544,670,859 75,099,191,425 50,837,595,253 47,626,957,296 14,645,676,004 (22,291,917,907) (63,660,545,507) (109,991,895,819) Arus Kas Akhir Tahun 0 41,692,183,672 110,760,782,161 207,305,453,020 282,404,644,446 333,242,239,698 380,869,196,994 395,514,872,998 373,222,955,091 309,562,409,584 199,570,513,765

Uraian

135

162

Lampiran 50 Perhitungan NPV, IRR, B/C Ratio dan PBP industri vanilin pada harga bahan baku Rp. 200.000,-/kg

Kriteria Nilai Satuan

NPV 190,353,693,877 Rupiah

IRR 30.92 Persen

B/C rasio 1.56 _ BEP 4,634 Jumlah produk PBP 1.63 Tahun

Tahun Bt+Ct Akumulasi 0.12 0.5 0.6

(Rp.) (Rp.) DF PV (Rp.) DF PV (Rp.) DF PV (Rp.)

0 (172,892,645,559) 172,892,645,559) 1 (172,892,645,559) 1 (172,892,645,559) 1 (172,892,645,559) 1 41,692,183,672 131,200,461,887) 0.8929 (117,148,892,419) 0.666667 (87,467,018,325) 0.625000 (73,218,057,762) 2 69,068,598,490 (62,131,863,398) 0.7972 (49,531,521,501) 0.444444 (27,614,133,896) 0.390625 (19,348,250,586) 3 96,544,670,859 34,412,807,461 0.7118 24,495,036,351 0.296296 10,196,377,200 0.244141 5,980,233,484 4 75,099,191,425 109,511,998,887 0.6355 69,594,875,292 0.197531 21,632,014,652 0.152588 10,619,335,219 5 50,837,595,253 160,349,594,139 0.5674 90,982,359,715 0.131687 21,115,957,003 0.095367 8,676,753,971 6 47,626,957,296 207,976,551,435 0.5066 105,367,393,432 0.087791 18,258,572,417 0.059605 6,280,386,056 7 14,645,676,004 222,622,227,439 0.4523 100,702,989,899 0.058528 13,029,558,808 0.037253 3,751,478,713 8 (22,291,917,907) 200,330,309,532 0.4039 80,910,052,076 0.039018 7,816,576,626 0.023283 1,883,833,950 9 (63,660,545,507) 136,669,764,025 0.3606 49,284,487,019 0.026012 3,555,094,202 0.014552 717,183,677 10 (109,991,895,819) 26,677,868,206 0.3220 8,589,559,572 0.017342 462,635,050 0.009095 78,121,589

Present Value 190,353,693,877 (191,907,011,823) (227,471,627,247)

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163

Lampiran 51 Jenis dan jumlah input lain di luar bahan baku dan tenaga kerja pada industri vanillin

No Jenis biaya Biaya/tahun

(Rupiah) A Biaya Tetap

1. Administrasi dan Pemasaran 48.000.000

2. Penyusutan 528.002.500

3. Pemeliharaan 246.128.750

4. Asuransi 1.897.525

5. Riset dan Pengembangan (R&D)

25.000.000

Sub Total 849.028.775

B Biaya Variabel

1. Bahan Pembantu 45.539.264.640

2. Kemasan 384.480.000

3. Bahan Bakar 366.000.000

Sub Total 46.289.744.640

TOTAL 47.138.773.415

164

Lampiran 52 Perhitungan nilai tambah industri vanilin pada harga bahan baku eugenol Rp 180.000,-; Rp 190.000,- dan Rp 200.000,- per kg

No Variabel Perhitungan Nilai

I Output, input dan harga :

1. Output (kg/th) a 853.920 853.920 853.920

2. Bahan baku (kg/th) b 1.164.000 1.164.000 1.164.000

3. Tenaga kerja (HOK/th) c 8.400 8.400 8.400

4. Faktor konversi d = a/b 0,73 0,73 0,73

5. Koefisien tenaga kerja (HOK/kg) e = c/b 0,01 0,01 0,01

6. Harga output (Rp/kg) f 540.000 540.000 540.000

7. Upah rata-rata tenaga kerja (Rp/HOK) g 61.929 61.929 61.929

II Pendapatan dan keuntungan

8. Harga bahan baku (Rp/kg) h 180.000 190.000 200.000

9. Sumbangan input lain (Rp/kg) i 40.497 40.497 40.497

10. Nilai output (Rp/kg) j = dxf 396.148 396.148 396.148

11 a. Nilai tambah (Rp/kg) k = j-i-h 175.651 165.651 155.651

b. Rasio nilai tambah (%) l(%) = k/j x 100% 44,34 41,82 39,29

12 a. Imbalan tenaga kerja (Rp/kg) m = exg 2.190 2.190 2.190

b. Bagian tenaga kerja (%) n(%) = m/k x 100% 1,25 1,32 1,41

13 a. Keuntungan (Rp/kg) o = k-m 173.461 163.461 153.461

b. Tingkat keuntungan (%) p(%) = o/j x 100% 43,79 41,26 38,74 III Balas Jasa Pemilik Faktor Produksi

Marjin Keuntungan (Rp/kg) q = j-h 216.148 206.148 196.148

a. Pendapatan tenaga kerja (%) r(%) = m/q x 100% 1,01 1,06 1,12

b. Sumbangan input lain (%) s(%) = i/q x 100% 18,74 19,64 20,65

c. Keuntungan perusahaan (%) t(%) = o/q x 100% 80,25 79,29 78,24

Dalam dokumen PERANCANGAN PROSES PRODUKSI ISOEUGENOL DAN VANILIN DARI EUGENOL MINYAK DAUN CENGKEH EDY MULYONO (Halaman 123-154)