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All Journal Journal of Business and Management JAM : Jurnal Aplikasi Manajemen Journal of Engineering and Management in Industrial System Journal of Accounting and Investment Journal of Economic, Bussines and Accounting (COSTING) JURNAL MANAJEMEN BISNIS Ekonomi dan Bisnis JBMR: Journal of Business and Management Review Warta Pengabdian Andalas: Jurnal Ilmiah Pengembangan Dan Penerapan Ipteks Journal Research of Social Science, Economics, and Management International Journal of Entrepreneurship and Sustainability Studies Amkop Management Accounting Review (AMAR) Journal Integration of Management Studies ManBiz: Journal of Management and Business
Sylviana Maya Damayanti
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Religion Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Medicine & Pharmacology Social Sciences Other

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FINANCIAL RESTRUCTURING, COST OPTIMIZATION, AND HUMAN RESOURCE TRANSFORMATION IN A DISTRIBUTION COMPANY (PT ASAR ABADI INDONESIA) Satrioutomo, Adrian; Sumirat, Erman Arif; Damayanti, Sylviana Maya
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/t8rppq26

Abstract

Penelitian ini bertujuan untuk mengevaluasi kondisi keuangan serta beban operasional PT Asar Abadi Indonesia (AAI), sekaligus menyusun strategi restrukturisasi yang tepat guna meningkatkan kestabilan finansial dan efisiensi biaya operasional. Hasil analisis rasio keuangan menunjukkan adanya penurunan signifikan dalam performa perusahaan, yang ditandai dengan melemahnya Return on Equity (ROE), meningkatnya Debt to Equity Ratio (DER) hingga mencapai 11,99, serta turunnya skor Altman Z menjadi 3,33 pada tahun 2023. Proyeksi keuangan dalam berbagai scenario baik pesimistis, moderat, maupun optimistis secara konsisten memperlihatkan tren negatif terhadap laba bersih dan ekuitas perusahaan. Sebagai langkah penanganan, penelitian ini merekomendasikan strategi utama berupa Debt-to-Equity Swap (DES), dengan fokus pada pengurangan utang kepada pihak berelasi guna menurunkan DER menjadi 5,91. Di samping itu, dilakukan analisis terhadap beban umum dan administrasi (G&A) menggunakan metode common size, dengan pembanding empat perusahaan distribusi yang tercatat di Bursa Efek Indonesia (BEI). Hasil analisis benchmarking menunjukkan bahwa alokasi biaya AAI dinilai kurang efisien, khususnya dalam aspek sumber daya manusia, operasional kantor, dan layanan profesional. Untuk mendukung efisiensi operasional, studi ini juga mengusulkan struktur organisasi baru untuk seluruh entitas dalam grup perusahaan, lengkap dengan rencana implementasi bertahap. Selain itu, penelitian ini menyoroti pentingnya kepatuhan terhadap batas wilayah distribusi sebagai upaya untuk menghindari lonjakan biaya yang tidak perlu. Serangkaian strategi ini diharapkan mampu memperbaiki struktur biaya G&A perusahaan serta memulihkan profitabilitas jangka panjang.
RISK MANAGEMENT IN PROJECT FINANCING OF FERRONICKEL PROJECT: A CASE STUDY OF PT NIKEL MAJU BERSAMA Veldman, Edward; Damayanti, Sylviana Maya
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 4 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v8i4.15561

Abstract

This study aims to identify key financial risks in the financing strategy of the Venus Project by PT Nikel Maju Bersama (PT NMB), and to develop effective mitigation plans to ensure the project's continuity and success. The Venus Project is part of Indonesia’s nickel down streaming agenda supporting the electric vehicle (EV) battery ecosystem. A qualitative approach was applied through in-depth interviews and Focus Group Discussions (FGDs) with internal and external stakeholders. Data analysis employed coding methods, SWOT, PESTEL, and stakeholder mapping. The findings reveal that financial risks such as funding delays, capital cost overruns, and market uncertainty significantly threaten project viability. Moreover, the lack of formal documentation on mitigation strategies was noted. Based on these findings, the study proposes a comprehensive risk management framework, including mitigation strategies such as optimized capital structure, financial hedging, and robust covenant design. This study contributes practical insights into financial risk management for large-scale mining projects, especially those utilizing project finance structures. Keywords: Risk Management, Project Financing, Ferronickel, Nickel Down streaming, PT Nikel Maju Bersama
Co-Authors Arry Akhmad Arman Astari, Yen Syifa Aulia Rinald Muhammad, Aulia Rinald Barus, Ralang Argi Bo, Liu Danial Dini Lestari, Dini Dwiarso, Adhi Priyo Erman Sumirat FAJAR NUGROHO Firmansyah Arifin, Firmansyah Gatot Yudoko Gerry Julian Agusty, Gerry Julian Gina Dwi Jayanthi, Gina Dwi Handayani, Fanty Hidavat, Agustini Hidayat Ihsan Abditama, Hidayat Ihsan Irma Damajanti Isrochmani Murtaqi Jagat Prirayani Jota, Astrid Laregan Karenina, Melita Jenar Kevin Hanafi Lubis, Khayruna Maryadi, Martya Putri Mulyono, Jane Julia Nugraha Yanureza Raeputranto Nugroho, Edwin Adi Padmodipoero, Faya Daffani Awinatama Pratama, Aditya Firza Prirayani, Jagat Purwaningrum, Rr Diah Asih Putri, Arinda Mentari Putri, Gaitsa Farah Zahira Rifqi, Audi Rohmat Agung Sholehuddin, Rohmat Agung Rupiani, Dewi Salsabilla, Zahra Santoso, Octaviani Ratna Sari Saraya, Getha Satrioutomo, Adrian Senator Kramadibrata, Senator Siahaan, Uke Marius Sobrizal, Yudi Abdillah Soemari, Herlien Dwiarti Subiakto Soekarno Sudarso Kaderi Wiryono Sumirat, Erman Arif Syaputra, Arifa Rizki Tatengkeng, Aaron Kevin Sammy Tinton S, Bonifacius Perdana Turas Hari Mukti, Turas Hari Veldman, Edward Wicaksana, Pramudya Wikaningtyas, Pratiwi Yudha Nugraha Wibisana, Yudha Nugraha