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All Journal Advances in Management & Financial Reporting Advances: Jurnal Ekonomi & Bisnis
Muhammad Fauzan Akbar Rafsanjani
Universitas Kebangsaan Republik Indonesia, Bandung, Indonesia
Economics, Econometrics & Finance

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Impact of Interest Rate Hike on Financing Debt, Indonesian Government Toll Road Project Azhar Eka Septiana; Neyla Mutiara Sabrina; Silvia Ananda Putri; Kayla Ardi Putri; Muhammad Fauzan Akbar Rafsanjani; Galuh Boga Guswara
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.838

Abstract

Purpose: This study analyzes the impact of rising interest rates on the sustainability of debt financing in Indonesian government toll road projects, using the Cisumdawu Toll Road project as a case study. Research Method: The study employed a quantitative case study approach, using financial feasibility analysis and scenario-based sensitivity analysis. Secondary data were obtained from Bank Indonesia benchmark interest rates (BI 7-Day Reverse Repo Rate), project financing structures, and toll road investment assumptions. Financial indicators used in the analysis included Cost of Debt, Weighted Average Cost of Capital (WACC), Debt Service Coverage Ratio (DSCR), Net Present Value (NPV), and Internal Rate of Return (IRR). Results and Discussion: The findings indicate that rising interest rates significantly increase borrowing costs and debt-servicing obligations, thereby reducing project cash-flow resilience and investment feasibility. Higher interest rates also weaken DSCR performance, increase WACC, and reduce NPV and IRR values. Implications: The study highlights the importance of stable monetary policy, effective governance of infrastructure financing, and government support mechanisms in maintaining the resilience of long-term infrastructure investment. Originality: Integrating interest rate sensitivity analysis with debt financing sustainability in the context of the Cisumdawu Toll Road project, which has rarely been discussed comprehensively in previous infrastructure financing studies in Indonesia.
Cost-Volume-Profit Analysis as a Tool for Financial Resilience Amid Macroeconomic Volatility: Empirical Evidence from PT Wilmar Cahaya Indonesia Tbk Moh Adistian; Neng Dinda Septia; Muhammad Fauzan Akbar Rafsanjani; Neysha Putri Vaquitasari; Asri Sundari
Advances in Management & Financial Reporting Vol. 4 No. 3 (2026): June - September
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/amfr.v4i3.948

Abstract

Purpose: This study aims to analyze the Break-Even Point (BEP) and Margin of Safety (MOS) as Cost-Volume-Profit (CVP) indicators for evaluating sales safety and profit planning at PT Wilmar Cahaya Indonesia Tbk (CEKA) during 2022–2024. Research Method: A descriptive quantitative case study was employed using audited annual financial statements as secondary data obtained from the Indonesia Stock Exchange. Cost accounts were classified into fixed and variable costs using the Account Analysis Method based on the Notes to Financial Statements (CALK). Data were analyzed using Cost-Volume-Profit (CVP) through the calculation of the Contribution Margin Ratio, Break-Even Point, and Margin of Safety. Results and Discussion: Net sales increased from IDR 6.14 trillion in 2022 to IDR 8.00 trillion in 2024. The Margin of Safety Ratio rose from 60.37% to 70.19%, while the Break-Even Point remained relatively stable, indicating an increasing sales safety margin. Inflation, exchange rates, and crude palm oil (CPO) prices were used only as contextual information in interpreting the findings. Implications: The findings support managerial decision-making in sales safety evaluation, cost control, and profit planning through periodic CVP analysis. Originality: This study positions Margin of Safety as a sales safety indicator within the CVP framework and interprets macroeconomic conditions as contextual information rather than causal determinants.
Co-Authors Asri Sundari Azhar Eka Septiana Galuh Boga Guswara Kayla Ardi Putri Moh Adistian Neng Dinda Septia Neyla Mutiara Sabrina Neysha Putri Vaquitasari Silvia Ananda Putri