By
Kanza Furqaniqisti 11409012
BACHELOR’S DEGREE in
ACCOUNTING
BUSINESS & COMMUNICATION
SWISS GERMAN UNIVERSITY The Prominence Tower
Jalan Jalur Sutera Barat No. 15, Alam Sutera Tangerang, Banten 15143 - Indonesia
JULY 2018
Revision After Thesis Defense on July 18th, 2018
Kanza Furqaniqisti STATEMENT BY THE AUTHOR
I hereby declare that this submission is my own work and to the best of my knowledge, it contains no material previously published or written by another person, nor material which to a substantial extent has been accepted for the award of any other degree or diploma at any educational institution, except where due acknowledgement is made in the thesis.
Kanza Furqaniqisti
____________________________________________
Student Date
Approved by:
Imelda Suardi, SE, M.Acc
____________________________________________
Thesis Advisor Date
Dr. Nila Krisnawati Hidayat, SE, MM
____________________________________________
Dean Date
Kanza Furqaniqisti ABSTRACT
ANALYSIS OF E-TOLL IMPLEMENTATION TOWARDS REVENUE AND CAPITAL EXPENDITURE AT PT. JASA MARGA
By
Kanza Furqaniqisti
Imelda Suardi, SE, MAcc, Thesis Advisor
SWISS GERMAN UNIVERSITY
The aim of this research is to analyze the implementation E-toll in PT. Jasa Marga from revenue and capital expenditure perspective. This research analyze the implementation of E-toll through observing the total toll revenue, toll revenue from gates, capital expenditure in E-toll, and capital expenditure to sales revenue ratio in PT. Jasa Marga (Persero) Tbk in CTC Branch. The sample data used is from the year 2010 until 2017. PT. Jasa Marga issue E-toll card with aim to reduce the number of congestion and reduce transaction time in tollbooths due to the faster transaction.
Even though Indonesian Governement already issued a regulation in 2017 that requires to implementing electronic payment system in all toll roads in Indonesia by using E-toll card, yet the cash revenue is still higher than revenue from E-toll. In terms of the capital expenditure, PT. Jasa Marga has great performance in managing their capex since they already reaped the revenue generated from investment in E-toll.
Keywords: E-Toll, Revenue, Capital Expenditure,
Kanza Furqaniqisti
© Copyright 2018 by Kanza Furqaniqisti
All rights reserved
Kanza Furqaniqisti DEDICATION
I dedicate this thesis to my parents who always support and always praying for my best.
Kanza Furqaniqisti ACKNOWLEDGEMENTS
First of all, I would like to sincerely thanks to The Almighty Allah SWT because with Allah SWT power and blessings I was able to finish this thesis properly. In my thesis- writing journey, I also accompanied and guided by some extraordinary people.
Therefore, I would like to express my deepest gratitude and thank you to these parties below.
To my parents and my sister, thank you for your love, never ending prayer, and all the support. Mom and dad, thank you for the guidance you had gave to me during my studies, support me in fulfilling the necessities that I cannot afford with your help and support that you gave so that I can finish my thesis properly.
I would like to thank Mrs. Imelda Suardi as my thesis advisor for the great supports, kind care, and patiently guides me throughout this process. To all my accounting lecturers, Mr. Indra Pratama, Mr. Nurdayadi, Mr. Yosman Bustaman, Mr. Alfiandri, and Ms. Nenengthank you for the sincere and guidance in sharing countless knowledge for us. And Ms. Liana Rahardja that used to became a part of SGU.
This thesis would never had a chance without the help of Mr. Agus Setiawan, thank you for letting me in to be able to do my thesis at PT. Jasa Marga (Persero) Tbk. Also, Mr. Taufik Akbar as the Deputy General Manager of Toll Collection Management and Mr. Aruji Murtiant as the Deputy General Manager of Finance of JM CTC Branch and all the team members that always help and guide me in the process of my thesis writing.
To my accounting fellow, Raisa, Bella, Rocky, Dian, Faiz, Rony, Reza who have supported each other in order to finish the thesis work on time. These past four years has been such a roller coaster ride. Pretty sure, I would not be able to go through it without the help of each other and everyone of them.
At the end, I hope Allah SWT can give back all of your kindness that you all have given to me. Thank you for all the support.
Kanza Furqaniqisti TABLE OF CONTENTS
Page
STATEMENT BY THE AUTHOR ...2
ABSTRACT ...3
DEDICATION ...5
ACKNOWLEDGEMENTS ...6
TABLE OF CONTENTS ...7
LIST OF FIGURES ... 10
LIST OF TABLES... 11
CHAPTER 1 - INTRODUCTION ... 12
1.1 Background ... 12
1.2 Research Problems ... 15
1.3 Research Questions ... 15
1.4 Research Objectives ... 16
1.5 Scope and Limitations ... 16
1.6 Significance of Studies ... 16
1.7 Thesis Structures ... 18
CHAPTER 2 - LITERATURE REVIEW ... 19
2.1 Theoretical Perspectives ... 19
2.1.1 E-Toll ... 19
2.1.2 Benefits of Electronic Payment in Toll Road... 23
2.1.3 Mechanism of E-toll Implementation ... 24
2.1.4 Revenue ... 26
2.1.4.1 Revenue Recognition ... 26
2.1.4.2 Revenue Measurement ... 28
2.1.4.3 Revenue in PT. Jasa Marga ... 30
2.1.5 Capital Expenditure ... 32
2.1.5.1 Acquisition of Property, Plant, and Equipment ... 33
Kanza Furqaniqisti
2.1.6 Electronic Payment System... 34
2.2 Previous Studies ... 36
2.3 Gap Analysis / Differences ... 39
CHAPTER 3 – RESEARCH METHODS ... 41
3.1 Type of Study ... 41
3.2 Type of Data ... 41
3.3 Sampling Design ... 41
3.4 Data Sources and Collection ... 43
3.5 Location and Time Frame ... 44
3.6 Theoretical Framework ... 44
3.7 Research Process ... 45
3.8 Method of Data Analysis ... 47
Table 3.2 ... 49
Method of Data Analysis ... 49
CHAPTER 4 – RESULTS AND DISCUSSIONS ... 50
4.1 Company Profile ... 50
4.1.1 Company Background ... 50
4.1.1.1 Branch Office Background... 51
4.1.2 Company Business ... 51
4.1.2.1 Branch Office Business ... 52
4.1.3 Organization Structures ... 53
4.1.4 Organization Structures Branch Office ... 54
4.2 Data Analysis ... 55
4.2.1 Analysis Total Toll Revenue ... 55
4.2.2 Toll Revenue from Each Toll Gates ... 59
4.2.2.1 Number of Booths Analysis ... 61
4.2.2.2 Revenue from Group of Vehicles Analysis ... 62
4.2.2.3 Volume of Vehicles Transaction from Group Analysis ... 65
4.2.2.4 Results Analysis ... 67
4.2.3 Total Capital Expenditure ... 69
4.2.3.1 Analysis of Toll Road Operational Support Facilities ... 70
Kanza Furqaniqisti
CHAPTER 5 – CONCLUSIONS AND RECCOMENDATIONS ... 78
5.1 Conclusions ... 78
5.2 Recommendations ... 79
GLOSSARY ... 80
REFERENCES ... 81
Bibliography ... 81
APPENDIX 1 - Cash Revenue From Each Toll Gates ... 85
APPENDIX 2 – E-Toll Revenue From Each Toll Gate ... 86
APPENDIX 3 – Cash Revenue From Group of Vehicles ... 87
APPENDIX 4 – E-Toll Revenue From Group of Vehicles ... 88
APPENDIX 5 – Summary of Cash Revenue From Group ... 89
APPENDIX 6 – Summary of E-Toll Revenue From Group ... 90
APPENDIX 7 – Calculation of Cash & E-Toll Revenue Percentage... 91
APPENDIX 8 – Cash Volume Transaction from Group ... 92
APPENDIX 9 – E-Toll Volume Transaction from Group... 93
APPENDIX 10 – Summary of Cash Volume Transaction from Group ... 94
APPENDIX 11 – Summary of E-Toll Volume Transaction from Group ... 95
APPENDIX 12 – Calculation of Cash & E-toll Volume of Vehicles Transaction Percentage ... 96
APPENDIX 13 – Interview #1 ... 97
APPENDIX 14 – Interview #2 ... 103
APPENDIX 15 – Purchase -toll Equipment ... 105
APPENDIX 16 – Purchase of E-toll Equipment for Each Booths ... 109
APPENDIX 17 – Pictures of Additional E-Toll Equipment... 110
CURRICULUM VITAE ... 113