ANALISA KINERJA KEUANGAN PTPN V SEI PAGAR, Kab. Kampar

DAFTAR ISI
Halaman
DAFTAR ISI.................................................................................................................i
DAFTAR TABEL ....................................................................................................... v
DAFTAR GAMBAR.................................................................................................vii
I. PENDAHULUAN .................................................................................................... 1
1.1. Latar Belakang ................................................................................................... 1
1.2. Perumusan Masalah ........................................................................................... 5
1.3. Tujuan Penelitian ............................................................................................... 6
1.4. Manfaat Penelitian ............................................................................................. 6
II. TINJAUAN PUSTAKA......................................................................................... 7
2.1. Kerangka Teoritis............................................................................................... 7
2.1.1. Produksi ...................................................................................................... 7
2.1.2. Biaya ........................................................................................................... 9
2.1.3. Konsep Titik Impas ................................................................................... 10
2.1.4. Konsep Kemampulabaan .......................................................................... 12
2.1.5. Economic Value Added (EVA) ................................................................. 13
2.1.5.1. Menyejajarkan Keputusan-Keputusan dengan Kekayaan
Shareholder ........................................................................................ 14
2.1.5.2. Berakhirnya Kebingunan dari Banyaknya Tujuan(goals).................. 15
2.1.5.3. Hal Lebih Lanjut Mengenai EVA ...................................................... 16
2.1.5.4. Hal yang Harus Diperhatikan pada EVA ........................................... 16
2.1.5.5. Langkah-Langkah Perhitungan EVA................................................. 16
2.1.5.5.1. Net Operating Profit After Tax (NOPAT) .................................. 16
2.1.5.5.2. Invested Capital .......................................................................... 17
2.1.5.5.3. Weighted Average Cost of Capital (WACC) .............................. 17
2.1.5.5.4. Economic Value Added (EVA) ................................................... 17
2.1.5.6. Penyesuaian-Penyesuaian (Adjustments) ........................................... 17
2.1.5.6.1. Pajak Tangguhan (Deferred Tax)................................................ 19
2.1.5.6.2. Goodwill...................................................................................... 19
2.1.5.6.3. Reserve ........................................................................................ 20
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2.1.5.6.4. Resrtructuring Charges............................................................... 20
2.1.6. Perkebunan Rakyat PIR ............................................................................ 21
2.1.7. Pengolahan TBS Menjadi CPO dan Inti Sawit ......................................... 22
2.1.8. Proses Produksi TBS................................................................................. 23
2.1.9. Analisa Struktur Biaya .............................................................................. 25
2.1.9.1. Biaya Investasi ................................................................................... 26
2.1.9.2. Biaya Tetap Kebun............................................................................. 28
2.1.9.3. Biaya Tetap Pabrik............................................................................. 29
2.1.9.4. Biaya Variabel Kebun ........................................................................ 29
2.1.9.5. Biaya Variabel Pabrik ........................................................................ 30
2.2. Kajian Penelitian Terdahulu............................................................................. 30
2.3. Kerangka Pemikiran......................................................................................... 34
2.3.1. Analisa Harga Pokok di Tingkat Pelabuhan ............................................. 35
2.3.2. Analisa Titik Impas ................................................................................... 36
2.3.3. Analisa Kemampuan Memperoleh Laba................................................... 36
2.3.4. Analisa Eva ............................................................................................... 36
III. METODE PENELITIAN .................................................................................. 38
3.1. Lokasi dan Waktu Penelitian ........................................................................... 38
3.2. Metode Pengumpulan Data .............................................................................. 38
3.3. Metode Pengolahan dan Analisa Data ............................................................. 39
3.4. Variabel yang Perlu Diperhatikan.................................................................... 41
IV. GAMBARAN UMUM PTPN V SEI PAGAR .................................................. 42
4.1. Deskripsi Kawasan Proyek .............................................................................. 42
4.2. Komposisi Tanaman ........................................................................................ 42
4.3. Kebun Plasma dan KKPA................................................................................ 43
4.4. Pembangunan Kebun Kelapa sawit Pola KKPA.............................................. 44
4.5. Proses Pengolahan TBS ................................................................................... 44
4.6. Proses Pemurnian Minyak Sawit ..................................................................... 46
4.7. Gambaran Umum PTPN V .............................................................................. 48
4.7.1. Luas Areal, Produktivitas, dan Biaya Produksi Tanaman ........................ 49
4.7.2. Volume, Nilai Penjualan, dan Harga Jual ................................................. 54
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4.7.3. Sumberdaya Manusia ................................................................................ 56
4.7.4. Investasi dan Sumber Dana....................................................................... 56
4.7.5. Kemitraan dan Bina Lingkungan .............................................................. 58
V. HASIL DAN PEMBAHASAN ............................................................................ 60
5.1. Perkembangan TBS, Kapasitas Olah, dan Poduksi CPO................................. 60
5.1.1. Perkembangan Produksi CPO ................................................................... 60
5.1.2. Perkembangan Kapasitas Olah dan Produksi CPO Pabrik PKS ............... 61
5.1.3. Perbandingan Jumlah TBS dan CPO Diolah ............................................ 63
5.2. Analisa Struktur Biaya ..................................................................................... 65
5.2.1. Biaya Investasi .......................................................................................... 66
5.2.2. Biaya Tetap dan Biaya Variabel Kebun dan Pabrik.................................. 68
5.2.2.1. Biaya Tetap Kebun............................................................................. 68
5.2.2.2. Biaya Tetap Pabrik............................................................................. 69
5.2.2.3. Biaya Variabel Kebun ........................................................................ 70
5.2.2.4. Biaya Variabel Pabrik ........................................................................ 71
5.3. Analisa Penerimaan PTPN V SEI PAGAR ..................................................... 73
5.3.1. Analisa Harga Pokok ................................................................................ 73
5.3.2. Harga Pokok di Tingkat Pelabuhan .......................................................... 73
5.3.3. Analisa Titik Impas ................................................................................... 78
5.3.4. Analisa Kemampuan Memperoleh Laba (Profitabilitas) .......................... 81
5.4. Perbandingan antara PTPN V Sei Pagar terhadap PTPN V............................. 84
5.4.1. Luas Areal Kebun Sendiri/Inti .................................................................. 84
5.4.2. Produksi Kebun Sendiri/Inti...................................................................... 85
5.4.3. Produktivitas dan Rendemen Kebun Sendiri/Inti...................................... 85
5.4.4. Biaya Produksi Kebun Sendiri/inti............................................................ 86
5.4.5. Nilai Penjualan, SDM, dan Investasi ........................................................ 87
5.5. Perbandingan Hasil Penelitian Terdahulu........................................................ 88
5.6. Analisa EVA PTPN V...................................................................................... 89
5.6.1. NOPAT (Net Operating Profit After Tax) ................................................ 89
5.6.2. Invested Capital ........................................................................................ 90
5.6.3. Weighted Average Cost of Capital (WACC) ............................................ 92
5.6.4. Economic Value Added (EVA) ................................................................. 94
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5.6.5. Perbedaan Kriteria EVA pada Hasil Audit PTPN V................................. 95
5.7. Perbandingan Nilai EVA PTPN V................................................................... 96
5.7.1. Nilai EVA Perusahaan Perkebunan Swasta .............................................. 96
5.7.2. Perbandingan Nilai EVA antara PTPN V dengan Perusahaan Sejenis..... 99
5.7.3. Nilai EVA PTPN yang lain..................................................................... 102
VI. KESIMPULAN DAN SARAN......................................................................... 104
6.1. Kesimpulan .................................................................................................... 104
6.2. Saran............................................................................................................... 106
DAFTAR PUSTAKA .............................................................................................. 107
LAMPIRAN............................................................................................................. 109
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DAFTAR TABEL
Nomor
Halaman
1. Perkembangan Luas Areal Perkebunan Kelapa Sawit Indonesia, 1998-2003 .......... 1
2. Luas Areal Perkebunan Kelapa Sawit Indonesia Menurut Wilayah dan Status
Pengolahannya, 2003 ................................................................................................ 2
3. Perkembangan Produksi Minyak Sawit (CPO) Menurut Pengusahaannya,
1998-2003 ................................................................................................................. 3
4. Produksi Kelapa Sawit di Indonesia Menurut Wilayah dan Stratus
Pengolahannya, 2003 ................................................................................................ 4
5. Daftar Penyesuaian Terhadap NOPAT dan Modal................................................. 18
6. Tingkat Kematangan Buah Kelapa Sawit ............................................................... 24
7. Produktivitas Kelapa Sawit Menurut Umur Tanaman ............................................ 27
8. Umur Kelapa Sawit PTPN V SEI PAGAR Berdasarkan Tahun Tanam ................ 28
9. Luas Aeal Tanaman Kebun Sendiri/Inti (Ha) ......................................................... 49
10. Produksi Kebun Sendiri/Inti (ton)......................................................................... 50
11. Produktivitas Kebun Sendiri/Inti (Kg/Ha) ............................................................ 52
12. Rendemen Minyak dan Inti sawit Kebun Sendiri/Inti (%).................................... 52
13. Biaya Produksi Kebun Sendiri/Inti (Rp Juta)........................................................ 52
14. Biaya Produksi Kelapa Sawit (MS + IS) (Rp/Kg) ................................................ 53
15. Volume Penjualan (ton) ........................................................................................ 54
16. Nilai Penjualan (Rp Juta) ...................................................................................... 54
17. Harga Jual Rata-rata (Rp/Kg)................................................................................ 55
18. Tenaga Kerja PTPN V .......................................................................................... 56
19. Investasi dan Sumber Dana (Rp. Juta) .................................................................. 56
20. Perkembangan Produksi TBS Kebun PTPN V. SEI PAGAR
tahun 2001 sampai dengan Agustus 2004............................................................. 60
21. Perkembangan Pengolahan TBS, Kapasitas Pabrik, Rendemen Produksi
CPO PTPN V SEI PAGAR Tahun 2001 s/d Agustus 2004.................................. 62
22. Perbandingan Jumlah TBS dan CPO Diolah PTPN V Tahun 2001-2004 ............ 63
23. Beban Biaya Tetap Tingkat Kebun dan Tingkat Pabrik PTPN V
SEI PAGAR Tahun 2001- Agustus 2004 ............................................................. 67
24. Komponen Biaya Tetap Kebun PTPN V. SEI PAGAR
Tahun 2001 s/d Agustus Tahun 2004 ................................................................... 68
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25. Komponen Biaya Tetap Pabrik PTPN V SEI PAGAR
Tahun 2001- Agustus Tahun 2004........................................................................ 69
26. Komponen Biaya Variabel Kebun PTPN V SEI PAGAR
Tahun 2001 – Agustus Tahun 2004 ...................................................................... 70
27. Komponen Biaya Variabel Pabrik PTPN V SEI PAGAR
Tahun 2001 – Agustus Tahun 2004 ...................................................................... 71
28. Komponen Biaya Tingkat Pelabuhan PTPN V SEI PAGAR
Tahun 2001 – Agustus Tahun 2004 ...................................................................... 74
29.Harga Pokok Minyak Sawit PTPN V. SEI PAGAR di Tingkat Pelabuhan
Tahun 2001 sampai Agustus Tahun 2004.............................................................. 76
30. Marjin antara Harga Jual CPO dengan Harga Pokok Minyak Sawit
PTPN V SEI PAGAR Tahun 2001- Agustus Tahun 2004.................................... 77
31. Perhitungan Titik Impas Produksi CPO PTPN V Sei Pagar
Tahun 2001 sampai Agustus Tahun 2004............................................................. 78
32. Selisih antara Produksi Nyata dengan Titik Impas PTPN V Sei Pagar
Tahun 2001 sampai Agustus Tahun 2004............................................................. 80
33. Nilai MIR, MOS dan Profitabilitas PTPN V Sei Pagar
Tahun 2001 sampai Agustus Tahun 2004............................................................ 81
34. NOPAT (Financing Approach) PTPN V Tahun 2000 sampai Tahun 2003 ......... 89
35. NOPAT (Operating Approach) PTPN V Tahun 2000 sampai Tahun 2003 ......... 90
36. Invested Capital (pendekatan keuangan) PTPN V tahun 2000 – tahun 2003....... 91
37. Invested Capital (pendekatan operasi) PTPN V tahun 2000 – tahun 2003........... 91
38. WACC PTPN V Tahun 2000 sampai Tahun 2003 ............................................... 92
39. EVA PTPN V Tahun 2000 sampai Tahun 2003 ................................................... 94
40. Nilai EVA AALI, LONDON,dan BAKRIE Tahun 2001 – tahun 2003 ............... 96
41. Nilai EVA PTPN I, PTPN III, dan PTPN XIII Tahun 2002 – 2003 ................... 103
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DAFTAR GAMBAR
Nomor
Halaman
1. Kerangka Pemikiran................................................................................................ 37
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