Judul: Analisis finansial hutan tanaman Sengon (Paraserianthes falcataria (L) Nielsen) dan industri veneer: studi kasus PT Nityasa Idola, Kalimantan Barat
Abstrak: Forest plays significant role in human life. One of them will be that it serves as wood producer. As population is getting greater, the need for wood and its processed product also increases. Unfortunately, the fact that the area of Indonesian nature forest is declining has resulted in failure to satisfy the need for industrial wood. Thus, serving as solution to satisfy the need of industrial wood, industrial plantation is finally developed. In the time being, industrial plantation plays important role in the frame of satisfying the need of national industrial wood. From the perspective of wood volume recently produced, industrial plant forest has slowly replaced the role of nature forest in satisfying the need of wood. Industrial plantation is considered the integral part of business activity with relatively durable investment period thus increasing investment risk. Therefore, prior to the implementation of industrial plantation development, it is highly important to generate well-organized planning. One of the industrial plantation planning activities will be financial analysis. This research aims to analyze financial feasibility of industrial plantation and veneer industry in PT Nityasa Idola. The expectation will be that this research could provide information concerning financial feasibility for sengon industrial plantation and veneer industry in PT. Nityasa Idola. The method of data processing applied in this research is financial analysis with three criteria assessed; those are Net Present Value (NPV), Benefit Cost Ratio (BCR) and Internal Rate of Returns (IRR), and the feasibility analysis period is calculated within 24 years. The investment of sengon industrial forest utilization by PT Nityasa Idola is not feasible to conduct at interest rate of 12%. The NPV reaches (IDR 192,769,710,566), BCR is 0.22, and IRR is -3.15%. The investment of sengon forest utilization by PT Nityasa Idola is feasible to conduct at interest rate of 12%. The NPV reaches IDR 17,995,905,895, BCR is 1.88, and IRR is 27.43%. This obviously shows that the investment of sengon forest utilization by PT Nityasa Idola is feasible to conduct at interest rate of 27,43%. The investment of combined utilization between sengon industrial plantation and veneer industry by PT Nityasa Idola is not feasible to conduct at interest rate of 12%. The NPV reaches (IDR 173.221.397.004), BCR is 0.56, and IRR is 0.87%. It means the investment of combined utilization between sengon forest and veneer industry by PT Nityasa Idola is feasible to conduct at interest rate of no more than 0.87%. Industrial plantation (HTI) and Veneer industrial utilizations remain in operation since both could only yield intermediate product in one corporate group; thus, it is feasible to estimate that the benefit can be obtained in final product.
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Judul: Nilai aset tegakan hutan: studi kasus hutan tanaman pt.x di Provinsi Kalimantan Tengah
Abstrak: Industrial Forest Plantation (HTI) is regulated under Government Regulation (PP) No 7 / 1990 regarding Concession Right of Industrial Forest Plantation. In this Government Regulation, industrial forest plantation is defined as forest plantation which is established to increase potency and quality of production forest by application of intensive silviculture to fulfill the need of raw material for forest product industry (Mof, 1990). For the sustainable supply of wood from industrial forest plantation, it is required sustainable forest management. In industrial forest plantation, this can be evaluated from forest stands and value of forest stands asset. Valuation of stands asset was carried through by three calculation approaches namely the factual cost approach, “normal” management cost approach and in use value approach. This study was carried out in forest concession (IUPHHK-HT) of PT. X in Central Kalimantan Province. The results analysis of forest stands asset by three calculation approaches showed that the value of stands asset per hectare by in use value approach was higher one to five folds compared with the value of stands asset using factual cost approach and “normal” management cost approach. From the bussines point of view, the company would get benefits from the investment. Investment of cost by the company was still lower because the company has not implemented all of forest management activities. This could be seen from factual cost expenditure which was lower than “normal” management cost. In this first rotation, the company has not shown sustainable forest management. It was presented by the indicator the planting area not fit with annual planting plan, therefore there was fluctuation in each stands volume. Evaluation the value of stands asset also showed the fluctuative value, where the pattern of asset value trend should be in line with the stands growth. To achieve forest sustainability for the next rotation, harvesting should be carried out according to Annual Allowable Cut (AAC) based on the result of periodic forest inventory. AAC of volume is 1.501.531 m³/ year and based on area is 5.009 ha/year. Implementation of yield regulation according to area and volume, it will be expected that in the third rotation, the company would manage the forest regularly, it could produce constant value of stands stock and the value of stands asset for long period.
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Judul: Metrik Einstein (Anti-) Self-Dual Berdimensi Empat dengan Metode Cartan
Abstrak: Gravitational field equation can be formulated in differential forms (differential geometry), which describes gravity as a manifestation of the curvature of space-time. Curvature of space-time is characterized by a metric that satisfies the gravitational field equation. With differential forms it can be formulated the (anti-) self-dual Einstein equation, which is a modification of the Cartan structure in (anti-) self-dual basis. Calculation of (anti-) self-dual metric with (anti-) self-dual Einstein equation is simpler than the calculation using Christoffel symbols.
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