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"ABSTRAKPraktek keinsinyuran ini mengajukan formulasi model atas permasalahan yang dihadapi oleh industri agribisnis minyak kelapa sawit (Crude Palm Oil), khususnya pada bagian operation field yang mengatur kegiatan pengiriman CPO dari mill ke refinery menggunakan armada truk tangki di Tarjun, Kalimantan Selatan. Dua skema model yang diajukan dalam laporan ini merupakan bentuk representasi matematis terhadap kondisi riil yang terjadi di lapangan: skema business as usual (BAU) dan skema dengan batasan emisi karbon. Performa kedua model dievaluasi dan dibandingkan efektivitasnya dalam menentukan trade-off yang paling optimal antara total biaya dan total emisi dengan menggunakan software Lingo 9. Hasil yang diperoleh menunjukkan bahwa dengan memilih jenis dan jumlah truk yang tepat sesuai dengan kondisi skema yang dihadapi, maka trade-off paling optimal antara total biaya dan total emisi dapat tercapai. Analisa dari perspektif manajerial perusahaan dan temuan lainnya termasuk potensi pengembangan model untuk kedepannya juga dijabarkan pada laporan ini.

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ABSTRACTThis study proposes a model formulation of problems faced by crude palm oil (CPO) industries, especially for operation field department which organizes CPO delivery activities from mill to refinery by using tank trucks in Tarjun, South Kalimantan. Two model schemes proposed in this study are mathematical representation of real life condition on the operation field: business as usual (BAU) scheme and emission scheme. The performance of two model schemes are then evaluated and compared in terms of their effectiveness in determining the most optimal trade off between total cost vs total emissions by using Lingo 9 software. The obtained results show that by choosing the right type of truck as well as the amount of units ordered, the desired optimum trade off would be achieved. Analysis from managerial perspective and other findings including the possibility of further developments are also described in this study."

"Tujuan dari penulisan laporan magang ini adalah untuk melakukan analisis terhadap proyek pengembangan sistem yang dikerjakan di PT ABC, Tbk, yakni proyek BI (business intelligence). Analisis dilakukan berdasarkan tahapan pengembangan sistem yang disusun oleh Konsultan XYZ (selaku pengembang sistem PT ABC, Tbk) dengan menggunakan metodologi PADBTD (Plan, Analysis, Design, Build, Test, Deploy). Metodologi ini kemudian akan dibandingkan dengan metodologi yang berlaku secara umum, yaitu metodologi FAST (Framework Application of System Thinking). Hasil analisis menunjukkan bahwa proyek pengembangan sistem di PT ABC, Tbk sudah sesuai dengan teori yang diajarkan.

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The purpose of this final internship report is to analyze information system development project of PT ABC, Tbk which is business intelligence project. This analysis is conducted based on information system development phases created by Consultant XYZ (information system developer of PT ABC, Tbk) called PADBTD (Plan, Analysis, Design, Build, Test and Deploy) methodology. The methodology, then compared with FAST (Framework Application of System Thinking) methodology, a general methodology. The results show that information system development of PT ABC, Tbk has aligned with the theory."

"ABSTRAKPada tahun 2008 PT Bayan Resources Tbk mencatatkan sahamnya di Bursa Efek Indonesia dengan kode BYAN pada harga Rp 5.800/lembar, perusahaan yang menduduki peringkat ke 8 di Indonesia dalam kategori produksi tersebut juga melakukan aliasi strategis yaitu dengan masuknya pembeli mayoritas produk perusahaan sebagai pemegang saham dan pada tahun 2010 perusahaan melakukan back door listing di bursa Australia dengan melakukan akuisisi Kangaroo Resources. Namun Volume transaksi saham perusahaan sangat minim diperdagangkan dengan kenaikan harga yang sangat tinggi, harga penutupan saham pada tanggal 30 Desember 2011 adalah sebesar Rp18.000. Tesis ini mencoba melihat kewajaran harga saham perusahaan melalui model free cash flow to the firm kemudian membandingkannya dengan model enterprise value to reserves dan price to earning ratio, hasil perhitungan yang dilakukan dengan menggunakan ketiga model tersebut menunjukkan bahwa nilai wajar harga saham perusahaan adalah sebesar Rp 7.450.

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Abstract

In 2008, PT Bayan Resources Tbk listed its shares in Bursa Efek Indonesia with code BYAN at Rp 5,800/share, the Company ranked eighth in production category in Indonesia is also made strategic alliances with its majority buyer to part of shareholders and in 2010 the Company made a back door listing on Australian stock exchange through the acquisition of Kangaroo Resources. However the transaction volume is very low with significant price increase, the closing price on December 30, 2011 was Rp 18,000 per share. This thesis tries to see the reasonableness of the company's stock price through free cash flow to the firm model and then compare it with enterprise value to reserves and the price to earnings ratio models, the results of calculations performed using those three models indicate that the fair value of the company's stock price is Rp 7,450."

"State Owned Enterprises (SOE's) in Indonesia, had a significant role in national economics, but its performance did not show satisfying results. So, in 1988, government made reformation efforts in SOE through issued Presidential Instruction No. 5/1988 on State Owned Enterprises Soundness and Management improvement. But until 1998, all SOE that have been reformed still did not perform an improvement. It indicated from the ratio of Return on Asset were only under 4 %. With economical crisis in 1997, government convincing to continue the improvement effort of SOE to become an efficient and effective corporation.

PT Indosat Tbk, as the one of SOE indicated as anomaly in majority of SOE, because of it showed an increasing performance, after government effort to reform that corporation through privatization program in 1994. While several years the financial performance growth rapidly, and PT Indosat Tbk was admitted as The Managed Company from Far Eastern Economic Review. The performance as the result of activities of organization earned profit. However the performance information from financial reports could net be references for defining sustainable performance.

According to Kaplan and Norton theory, in performance measurement Balance Scorecard (BSC), BSC model was relationship model that characterized in systemic and dynamics from financial and non financial aspects. Financial aspects represented from profitability and revenue, whereas non financial aspects were customers, internal business process, growth and learning perspectives. Nowadays, with existing information technology, the relationship model of systemic and dynamic BSC model could be mapped through dynamics system approach. By means of Dynamic System those causal relationship were described in causal loops (cause-and effect relationship), which informed the state of the performance system and this information can be used in current decision making.

Model of system dynamics approach was useful, because of: first, described a simplified representation of system relationship without losing of essence of main object; second, system dynamics method was suitable for mechanism, pattern and trend based on structuring and analyzing of system, pattern of complex system, dynamics, and uncertainties; third, system dynamics could view dynamic process naturally in non linear behavior through simulation.

According to research results by PowerSim program, system dynamics model of PT Indosat Tbk indicated that financial performance (especially SLI) was referencing of " Limit To Growth" behavior. That means financial performance as reflected of corporate performance could not be forced to increase till the certain point. From simulation result, revenue indicator showed increase till year 2000, after that revenue will decrease. Whereas on profit, growth curve still growth until 2003 and then curve would decline.

From mapping system dynamics model of PT Indosat Tbk performance, factors that influence and had a causal relationship with the model consist of: traffic volume, revenue, profit, expenditures, dividend payable, maintenance & administration & general cost, marketing budget, research & development budget, personnel cost, total cost, material cost per unit, discount margin, price, government tariff, customer satisfaction index (CSI), operating excellent index (OEI), training index, external factors. Causal loops that formed of system model was presented by: marketing loop which impact to market share, and customer satisfaction; business internal process loop which includes factors due to all cost that spent for production process, and finally directed to operating excellent index; human development loop that was described through training index.

Following the sensitivity analysis on selected key variables from system PT Indosat Tbk performance resulted that customer factor such as customer satisfaction related to product price had a significant impact on revenue and profit. Increasing price to 5 % could be enough to increase the financial performance, although market share decreased. However taking 10 % discount on price would decreased a financial performance, although there were an escalation of market share. Changing 10 % to CSI and market share had a significant impact on revenue and profit. This conditions meet along with behavior of Telecommunication industries structure in Indonesia, that still had an opportunity in market (because of Oligopoly structure), and fast growing information technology. Because of that, market research was needed to understand customer expectation and perception of product and services, with the result fitting and matching between customer and corporate goals.

Besides all factors above, an available capital for expenditures and reinvestment of business operation development had a significant impact on sustainable performance, it identified from changing behavior of the model. It was accordance with behavior telecommunication that had difficulties of barrier to entry. Because of investment was necessarily in network infrastructures far staying with appropriate technology development. Therefore government could support this condition with provided regulation that facilitated the corporation to cooperate with foreign investors, so PT Indosat could improve the infrastructures quality and operational efficiency, to generate more revenues for the forthcoming years."

"Skripsi ini membahas analisis rancangan kebijakan industri biodiesel berbahan baku minyak kelapa sawit di Indonesia yang mengadopsi dari kesuksesan sistem kebijakan Brazil. Model sistem dinamis digunakan untuk mendapatkan proyeksi dari setiap alternatif kebijakan. Selain itu teori analisis kebijakan menjadi dasar dalam menganalisis setiap alternatif kebijakan dan dampaknya terhadap indikator keberlanjutan. Hasil penelitian menunjukkan bahwa alternatif kebijakan yang berfokus kepada perusahaan Kelapa Sawit-CPO dan perusahaan Biodiesel memberikan dampak yang paling baik terhadap indikator keberlanjutan namun memerlukan biaya pemerintah yang paling besar. Beberapa alternatif kebijakan dianalisis untuk menjadi bahan pertimbangan mengenai kebijakan pemerintah terhadap industri biodiesel di Indonesia.

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The focus of this study is to analyze policy design for palm oil biodiesel industry in Indonesia which adopt and learn from Brazil policy success strory. System Dynamis model is used to obtain projection of every alternative policy. Besides that, policy analysis is a basic to analyze every alternative policy and its outcome as sustainable indicators.

This study shows that alternative policy which focuses on both company, palm plantation-CPO mills and biodiesel plant, gives best sustainable indicators outcome, though it costs a lot by government. Some alternative policy are analyzed to be considered in government policy for biodiesel ndustry."

"Penulisan karya akhir ini mengulas penerapan model FCFF untuk menentukan nilai intrinsik suatu saham yang dapat digunakan sebagai alat pengambilan keputusan bagi investor yang tertarik. Karya akhir ini mengambil studi kasus salah satu perusahaan perkebunan terkemuka di Indonesia, yaitu PT. Astra Agro Lestari Tbk. Saat ini, usaha agribisnis kelapa sawit sedang berkembang dengan pesat seiring dengan masih besarnya potensi yang dimiiiki oleh bangsa Indonesia. PT. Astra Agro Lestari merupakan salah satu anak perusahaan dari PT. Astra Internasional, yang memfokuskan bisnisnya dalam bidang pengelolaan perkebunan kelapa sawit dan produksi CPO. Saat ini Astra Agra Lestari merupakan emiten yang memiliki area perkebunan terbesar dengan luas area mencapai 200,000 hektar. Selain CPO, Astra Agra juga memproduksi karet, teh, dan juga kakao. Namun, CPO masih merupakan kontributor terbesar terhadap pendapatan perseroan.Untuk melakukan analisis yang menyeluruh atas kondisi perusahaan dapat dilakukan melalui analisis fundamental. Analisis fundamental dibuat berdasarkan pada pendekatan Five Forces of Porter. Kemudian dilakukan analisis terhadap laporan keuangan perusahaan selama lima tahun kebelakang, yaitu dari tahun 2001 sampai dengan 2005. Dad seluruh analisis tersebut, penulis dapat membuat asumsi-asumsi yang diperlukan dalam menyusun proyeksi laporan keuangan baik neraca maupun laporan laba ¬rugi dalam lima tahun kedepan.Proyeksi laporan keuangan tersebut digunakan untuk menghitung proyeksi free cash flow to the firm (FCFF) dari tahun 2006 sampai dengan 2010, dan dengan menggunakan metode Discounted Cash Flow Valuation (DCF), maka diperoleh value of the firm PT Astra Agro Lestari. Selanjutnya dapat dihitung intrinsic value of the equity per share dari perusahaan, yang didapat nilainya sebesar Rp. 7.151.- per lembar saham. Dari perbandingan antara nilai pasar dengan intrinsic value per share tersebut, dapat disimpulkan bahwa PT. Astra Agro Lestari telah menjalankan bisnsnya dengan balk. Iiasil valuasi menunjukkan, bahwa harga saham PT. Astra Agro Lestari pada tanggal 29 Desember 2005 dalam posisi undervalue, yaitu sebesar Rp. 4.900/lembar saham, dibandingkan dengan instrinsic value per share hasi I valuasi FCFF sebesar Rp.7.15 L .-/lembar saham.

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The aim of this final assignment is to study the implementation of FCFF model to determine the intrinsic value of a share that can be used as a tool for an interested investor in making decision. This final assignment took case study the one of the largest plantation firm in Indonesia, that is PT Astra Agra Lestari Tbk Today, palm oil business has been growing lastly meanwhile Indonesia still has great potency to develop. PT. Astra Agro Lestari is one of the subsidiary of PT Astra Internasional, which focused it's business in palm oil plantation and produces crude palm oil. Nowadays, PT. Astra Agro Lestari is the firm that listing on Jakarta Stock Exchange that has largest plantation area, about 200,000 hectare. Besides CPO (crude palm oil), firm also produces rubber, tea, and cocoa. But CPO is still the product that has biggest contribution to the sales of the firm.To do whole analysis about the condition of the firm, we can use fundamental analysis. Fundamental analysis is done by Five Forces of Porter approach. Then we analyse the firm's financial statement in the past five years from year 2001 to year 2005. From the all analysis, the writer can make assumptions that it need to create financial statement projection, both balance sheet and income statement for the next five years.This financial statement projection are used to calculate free cash flow to the firm (FCFF) projection from year 2006 to year 2010, and by Discounted Cash Flow Valuation (DCF) method we can get value of Astra Agro Lestari. After that we can calculate intrinsic value of the equity per share and we find the value is Rp. 7.151. - Per share.From the comparation between market value and intrinsic value per share, we can conclude that PT. Astra Agro Lestari has done its business well. The result of valuation shows that the value of share on 29 December 2005 is undervalue, that is Rp. 4.900 per share, while the intrinsic value per share is Rp. 7.151 per share."

"ABSTRAKSkripsi ini membahas masalah aksi go public melalui backdoor listing. Go Publicmerupakan keinginan hampir seluruh perusahaan privat karena perusahaanmembutuhkan modal untuk memperluas usahanya dengan tujuan meningkatkankeuntungan. Opsi pendanaan perusahaan, salah satunya adalah melalui listing diPasar Modal karena jauh lebih menguntungkan dari pada mengajukan kreditperbankan atau alternatif pembaiayaan lain. Status listed di bursa memberikanbanyak kelebihan, diantaranya (1) akses ke pasar modal dan biaya yang lebihsedkiti; (2) meningkatkan reputasi dan profil perusahaan; (3) likuiditas perusahaanterjamin; dan (4) penggunaan saham untuk membayar akuisisi dan ativitasaktivitaslain. Akan tetapi Initial Public Offering (IPO) sebagai syarat menjadiperusahaan public merupakan proses yang membutuhkan banyak biaya. Ternyataterdapat alternatif cara menjadi perusahaan terbuka tanpa melalui IPO, yaituperusahaan yang sudah listed diakuisisi oleh perusahaan privat. Setelah akuisisi,perusahana privat akan menjadi pengendali perusahaan publik dan secara tidaklangsung menjadi perusahaan publik. Go public dengan cara ini dikenal denganistilah backdoor listing. Di dalam Pasar Modal Indonesia, belum ada pengaturanyang spesifik mengatur backdoor listing sekalipun praktek ini sudah seringdilakukan melalui akuisi dan tunduk pada ketentuan akuisisi perusahaan. Namun,pemotongan prosedur IPO tetap membutuhkan pengaturan lebih lanjut lagiterutama pengaturan yang mengatur keterbukaan informasi untuk melindungiinvestor.

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AbstractThis thesis concerning on going public by backdoor listing. Going Public is thedream of many private companies because they need to raise capital to expandtheir business for raising much profit. Fundind options to company for raisingcapitals, one of many options is by listed in capital market because it is moreprofitable for gaining investors than propose credit to the bank for financing, orothers alternative funding. The listing status brings a lot of advantages to thecompany. Some of the advanteges include (1) access to capital markets and lowercost of capital; (2) enhanced company reputation and profile; (3) providingliquidity for owners to cash out; and (4) use of stock to pay for acquisitions, andetc. However going public by Initial Public Offering (IPO) is also costly processand alternative routes for going public are also available. It is called backdoorlisting. Backdoor listing is a technique in which public company is acquired byprivat company as the public company is the shell or defunct company. As aresult, the private company becomes public by obtaining control of the publiccompany. In Indonesian capital market, there are no specific regulationconcerning on backdoor listing activity even though this practice is often donethrough the acquisition and subject to the provisions of company acquisition.However, it cuts IPO procedures and still requires further regulation, especiallyregulation concerning on disclosure information to protect investors."

"Penilaian kinerja perlu dilakukan untuk mengevaluasi keberhasilan tujuan perusahaan. Beberapa pendekatan peilaian kinerja keuangan diantaranya adalah Return on Equity (ROE), Economic Value Added (EVA), dan Market Value Added (MVA). Penggunaan pendekatan EVA dan MVA dilakukan untuk mengatasi kekurangan pada pendekatan ROE, dimana ROE tidak memasukkan faktor biaya modal untuk pengukuran apakah perusahaan berhasil menciptakan nilai tambah bagi para pemegang sahamnya. Penulisan ini bertujuan untuk mengukur kinerja keuangan PT. Astra Argo Lestari, Tbk, dan PT. Bakrie Sumatera Plantation, Tbk pada periode 2003-2007, dengan menggunakan ketiga pendekatan yang sudah disebutkan. Dengan ketiga pendekatan penilaian kinerja yang digunakan, dapat disimpulkan bahwa kedua perusahaan memiliki kinerja yang bagus yang ditandai dengan kenaikan nilai MVA. Sedangkan untuk meningkatkan nilai EVA perusahaan dapat mempertimbangkan pinjaman kepada institusi yang menawarkan bunga yang lebih kecil sehingga bisa mengurangi nilai cost of debt . Selain itu perusahaan juga sebaiknya menurunkan nilai cost of equity, dengan cara menurunkan nilai beta perusahaan

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Performance appraisal needs to be done to evaluate the success of the company's goals. Several approaches to assessing financial performance include Return on Equity (ROE), Economic Value Added (EVA), and Market Value Added (MVA). The use of EVA and MVA approaches is done to overcome the shortcomings of the ROE approach, where ROE does not include the cost of capital factor for measuring whether the company has succeeded in creating added value for its shareholders. This writing aims to measure the financial performance of PT. Astra Argo Lestari, Tbk, and PT. Bakrie Sumatera Plantation, Tbk in the period 2003-2007, using the three approaches already mentioned. With the three performance appraisal approaches used, it can be concluded that both companies have good performance which is indicated by an increase in MVA value. Meanwhile , to increase the EVA value , the company can consider loans to institutions that offer lower interest rates so that it can reduce the cost of debt . In addition, the company should also reduce the value of the cost of equity, by lowering the beta value of the company."