ANALISA KELAYAKAN USAHA PEMBANGUNAN KEBUN DAN PABRIK PENGOLAHAN KELAPA SAWIT STUDI KASUS PADA PT XYZ

The decision to invest in palm oil plantations should be carefully considered, as charactheristic of its industry very different with other industries. Large capital investment fund, continous fund spending, time need for start production, and long time payback period make palm oil industry have a high risk profile. However, along with the bright prospect of oil palm industry, many investors are keen to get into its industry. Indonesia is the world's largest palm oil, and location of oil palm plantations in Indonesia are concentrated on the island of Sumatra and Kalimantan. Palm oil plantation investment opportunities through the opening of new plantations land only available in Papua island. On the other hand, based on observationof the author, it is difficult to find success story about the palm oil plantations in Papua PT XYZ is a private company which is planning to build a palm oil plantation area of 18,000 hectares and 2 (two) units of palm oil mills total capacity of 90 tonnes of fresh fruit bunches (FFB) per hour, which is located in Keerom District, Papua. Based on the results of the feasibility study of the financial aspects of the project, it was concluded that the project is feasible with the parameters of the Net Present Value (NPV) is Rp 286,305,812,000.00, Internal Rate of Return (IRR) of 15.90% and a payback period for 10.5 years. Based on the results of the sensitivity analysis, the project is considered to be more sensitive to changes in selling prices of CPO compared to changes in interest rates, and changes in the costs