Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
INTI
New Planting Schedule
Land Clearing 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 2,000 2,000 - - - - - - - - - - - - - - -
Planting - 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - - - - -
Retired Plant - - - - - - - - - - - - - - - - - - - - - - - - - - (590) (829) (1,713) (1,115) (402)
Replanting Schedule
Land Clearing - - - - - - - - - - - - - - - - - - - - - - - - - - 590 829 1,713 1,115 402
Planting - - - - - - - - - - - - - - - - - - - - - - - - - - - 590 829 1,713 1,115

Planting Schedule - T. Tanam - 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590 829 1,713 1,115

PLASMA - Plantation Schedule - - - 5,000 - - - - - - - - - - - - - - - - - - - - - - - - - - -

LC 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - - - - - -
TBM 1 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - - - - -
TBM 2 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - - - -
TBM 3 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - - -
 Assumptions Remarks 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Kategori Lahan Sawit Inti K2

Kategori Lahan Sawit Plasma K2

Inflation Rate % 8% 8% 10% 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%

Increase in Exchange Rate % - 8% 5% 5% 5% 4% 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 2% 2%

Exchange Rate - Beginning Rp / USD 9,290 10,000 10,500 11,000 11,500 12,000 12,500 13,000 13,500 14,000 14,500 15,000 15,500 16,000 16,500 17,000 17,500 18,000 18,500 19,000 19,500 20,000 20,500
Exchange Rate - Ending Rp / USD 9,500 10,000 10,500 11,000 11,500 12,000 12,500 13,000 13,500 14,000 14,500 15,000 15,500 16,000 16,500 17,000 17,500 18,000 18,500 19,000 19,500 20,000 20,500 21,000
Exchange Rate - Average Rp / USD 9,500 9,600 10,250 10,750 11,250 11,750 12,250 12,750 13,250 13,750 14,250 14,750 15,250 15,750 16,250 16,750 17,250 17,750 18,250 18,750 19,250 19,750 20,250 20,750

Plantation Schedule - Inti Ha - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590 829 1,713 1,115
Plantation Schedule - Plasma Ha - - - - - - - - - - - - - - - - - - - - - - - -

Total Area % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Area Inti % 19% 19% 23% 28% 34% 40% 40% 40% 49% 57% 57% 57% 57% 57% 57% 57% 57% 57% 57% 54% 53% 50% 52% 55%
Area Penduduk % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Area Perusahaan % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Area Plasma % 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%
Area Prasarana % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Area Belum Terpakai % 61% 61% 57% 51% 45% 39% 39% 39% 31% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23% 25% 26% 30% 28% 25%

Total Area Ha 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710 24,710
Area Sawit - Inti Ha 4,649 4,649 5,672 7,000 8,500 10,000 10,000 10,000 12,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,410 13,171 12,288 12,885 13,598
Area TM - Inti Ha 4,247 4,649 4,649 4,649 4,649 5,672 7,000 8,500 10,000 10,000 10,000 12,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,410 12,581 10,869 9,753 9,941
Area TBM - Inti Ha 402 - 1,023 2,351 3,851 4,328 3,000 1,500 2,000 4,000 4,000 2,000 - - - - - - - - 590 1,419 3,132 3,657
Area Sawit - Plasma Ha 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Area TM - Plasma Ha 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Area TBM - Plasma Ha - - - - - - - - - - - - - - - - - - - - - - - -
Area Prasarana Ha - - - - - - - - - - - - - - - - - - - - - - - -
Area Belum Terpakai Ha 15,061 15,061 14,038 12,710 11,210 9,710 9,710 9,710 7,710 5,710 5,710 5,710 5,710 5,710 5,710 5,710 5,710 5,710 5,710 6,300 6,539 7,422 6,825 6,112

Plantation Investment
Land Clearing, Planting & Nursery Rp Mio/Ha 3.25 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
Immature Plant Year 1 Rp Mio/Ha 6.56 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
Immature Plant Year 2 Rp Mio/Ha 2.21 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
Immature Plant Year 3 Rp Mio/Ha 1.92 8% 8% 8% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%

Utilisasi Kebun Sawit Inti % 0.00% 1.48% 8.65% 30.00% 50.00% 80.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Utilisasi Kebun Sawit Plasma % 0.00% 1.93% 8.22% 28.38% 48.76% 80.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Total Area Tanam Sawit - Inti Ha 4,649 4,649 5,672 7,000 8,500 10,000 10,000 10,000 12,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,410 12,581 10,869 9,753 9,351
1998 Ha 590 590 590 590 590 590 590 590 590 590 590 590 590 590 590 590 590 590 590 - - - - -
1999 Ha 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 829 - - - -
2000 Ha 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 1,713 - - -
2001 Ha 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 1,115 - -
2002 Ha 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 402 -
2003 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2004 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2005 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2006 Ha - - 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023 1,023
2007 Ha - - - 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328 1,328
2008 Ha - - - - 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
2009 Ha - - - - - 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
2010 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2011 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2012 Ha - - - - - - - - 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
2013 Ha - - - - - - - - - 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
2014 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2015 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2016 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2017 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2018 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2019 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2020 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2021 Ha - - - - - - - - - - - - - - - - - - - - - - - -
2022 Ha - - - - - - - - - - - - - - - - - - - - - - -
2023 Ha - - - - - - - - - - - - - - - - - - - - - - - -

Standard Hasil Sawit Inti

1998 Ton / Ha 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - - - - -
1999 Ton / Ha 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - - - -
2000 Ton / Ha 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - - -
2001 Ton / Ha 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - -
2002 Ton / Ha - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 -
2003 Ton / Ha - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00
2004 Ton / Ha - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00
2005 Ton / Ha - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00
2006 Ton / Ha - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00
2007 Ton / Ha - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00
2008 Ton / Ha - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00
2009 Ton / Ha - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00
2010 Ton / Ha - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00
2011 Ton / Ha - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00
2012 Ton / Ha - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00
2013 Ton / Ha - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00
2014 Ton / Ha - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00
2015 Ton / Ha - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00
2016 Ton / Ha - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00
2017 Ton / Ha - - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00
2018 Ton / Ha - - - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00 25.00
2019 Ton / Ha - - - - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00 25.00
2020 Ton / Ha - - - - - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00 23.00
2021 Ton / Ha - - - - - - - - - - - - - - - - - - - - 6.00 13.00 16.00 19.00
2022 Ton / Ha - - - - - - - - - - - - - - - - - - - - - 6.00 13.00 16.00
2023 Ton / Ha - - - - - - - - - - - - - - - - - - - - - - 6.00 13.00

Total Hasil Standar Sawit Inti Ton 53,434 73,639 89,437 102,499 111,591 121,569 137,503 158,868 184,241 205,659 218,001 240,098 271,400 291,627 299,209 310,150 316,406 314,976 306,536 289,708 270,376 237,702 211,436 196,669
1998 Ton 11,210 13,570 14,750 14,750 14,750 14,750 14,750 14,750 13,570 13,570 12,980 12,980 11,800 11,800 11,210 11,210 10,030 10,030 9,440 - - - - -
1999 Ton 13,268 15,756 19,073 20,732 20,732 20,732 20,732 20,732 20,732 19,073 19,073 18,244 18,244 16,585 16,585 15,756 15,756 14,098 14,098 13,268 - - - -
2000 Ton 22,265 27,403 32,541 39,392 42,817 42,817 42,817 42,817 42,817 42,817 39,392 39,392 37,679 37,679 34,254 34,254 32,541 32,541 29,116 29,116 27,403 - - -
2001 Ton 6,690 14,496 17,841 21,186 25,646 27,877 27,877 27,877 27,877 27,877 27,877 25,646 25,646 24,531 24,531 22,301 22,301 21,186 21,186 18,956 18,956 17,841 - -
2002 Ton - 2,415 5,232 6,439 7,646 9,256 10,061 10,061 10,061 10,061 10,061 10,061 9,256 9,256 8,854 8,854 8,049 8,049 7,646 7,646 6,841 6,841 6,439 -
2003 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2004 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2005 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2006 Ton - - - - - 6,138 13,299 16,368 19,437 23,529 25,575 25,575 25,575 25,575 25,575 25,575 23,529 23,529 22,506 22,506 20,460 20,460 19,437 19,437
2007 Ton - - - - - - 7,968 17,264 21,248 25,232 30,544 33,200 33,200 33,200 33,200 33,200 33,200 30,544 30,544 29,216 29,216 26,560 26,560 25,232
2008 Ton - - - - - - - 9,000 19,500 24,000 28,500 34,500 37,500 37,500 37,500 37,500 37,500 37,500 34,500 34,500 33,000 33,000 30,000 30,000
2009 Ton - - - - - - - - 9,000 19,500 24,000 28,500 34,500 37,500 37,500 37,500 37,500 37,500 37,500 34,500 34,500 33,000 33,000 30,000
2010 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2011 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2012 Ton - - - - - - - - - - - 12,000 26,000 32,000 38,000 46,000 50,000 50,000 50,000 50,000 50,000 50,000 46,000 46,000
2013 Ton - - - - - - - - - - - - 12,000 26,000 32,000 38,000 46,000 50,000 50,000 50,000 50,000 50,000 50,000 46,000
2014 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2015 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2016 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2017 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2018 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2019 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2020 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2021 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2022 Ton - - - - - - - - - - - - - - - - - - - - - - - -
2023 Ton - - - - - - - - - - - - - - - - - - - - - - - -

Total Area Tanam Sawit - Plasma Ha 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
2000 Ha 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450 3,450
2001 Ha 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550

Standard Hasil Sawit Plasma

2000 Ton / Ha 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - - -
2001 Ton / Ha 6.00 13.00 16.00 19.00 23.00 25.00 25.00 25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00 20.00 19.00 19.00 17.00 17.00 16.00 - -

Total Hasil Standar Sawit Plasma Ton 54,150 75,350 90,350 108,800 121,900 125,000 125,000 125,000 125,000 125,000 118,100 115,000 111,550 110,000 103,100 100,000 96,550 95,000 88,100 85,000 81,550 24,800 - -
2000 Ton 44,850 55,200 65,550 79,350 86,250 86,250 86,250 86,250 86,250 86,250 79,350 79,350 75,900 75,900 69,000 69,000 65,550 65,550 58,650 58,650 55,200 - - -
2001 Ton 9,300 20,150 24,800 29,450 35,650 38,750 38,750 38,750 38,750 38,750 38,750 35,650 35,650 34,100 34,100 31,000 31,000 29,450 29,450 26,350 26,350 24,800

Total Produksi TBS Ton - 2,551 15,164 61,630 115,234 197,255 262,503 283,868 309,241 330,659 336,101 355,098 382,950 401,627 402,309 410,150 412,956 409,976 394,636 374,708 351,926 262,502 211,436 196,669
Pre-mature Yield (self-input) Ton - - - - - - - - - - - - - - - - - - - - - - - -
Hasil TBS Inti Ton - 1,093 7,734 30,750 55,796 97,255 137,503 158,868 184,241 205,659 218,001 240,098 271,400 291,627 299,209 310,150 316,406 314,976 306,536 289,708 270,376 237,702 211,436 196,669
Hasil TBS Plasma Ton - 1,458 7,430 30,880 59,438 100,000 125,000 125,000 125,000 125,000 118,100 115,000 111,550 110,000 103,100 100,000 96,550 95,000 88,100 85,000 81,550 24,800 - -

Excess (Defficient) Capacity Ton - (2,551) (15,164) (61,630) 154,766 72,745 277,497 256,132 230,759 209,341 203,899 184,902 157,050 138,373 137,691 129,850 127,044 130,024 145,364 165,292 188,074 277,498 328,564 343,331

Pembangunan Pabrik - - - 0.67 1.00 1.67 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Pabrik I - - - 0.67 0.33 - - - - - - - - - - - - - - - - - - -
Pabrik II - - - - - 0.67 0.33 - - - - - - - - - - - - - - - - -
Pabrik III - - - - - - - - - - - - - - - - - - - - - - - -

Kapasitas Pabrik Ton / Year - - - - 270,000 270,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000 540,000
Pabrik I 45 ton / jam - - - - 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
Pabrik II 45 ton / jam - - - - - - 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000 270,000
Pabrik III 30 ton / jam - - - - - - - - - - - - - - -

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PT Kebun Ganda Prima
Income Statement
In Millions of Rupiah

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sales TBS 1,533 5,388 23,374 21,641 - - - - - - - - - - - - - - - - - -

Inti PT KGP 719 5,388 23,374 - - - - - - - - - - - - - - - - - - -
Plasma PT KGP 815 - - 21,641 - - - - - - - - - - - - - - - - - -
Sales CPO - - - 50,970 184,377 261,755 309,452 350,332 388,731 409,497 447,823 499,319 540,841 558,958 587,386 609,059 622,191 615,780 600,704 579,227 443,268 366,075
Inti PT KGP - - - 48,772 90,906 137,111 173,186 208,722 241,778 265,607 302,794 353,872 392,712 415,714 444,173 466,659 478,016 478,311 464,439 445,006 401,390 366,075
Plasma PT KGP - - - 2,198 93,471 124,644 136,266 141,609 146,953 143,890 145,029 145,447 148,129 143,245 143,213 142,399 144,174 137,469 136,266 134,221 41,878 -
Sales PK - - - 5,712 21,527 33,600 39,919 45,193 50,146 52,825 57,769 64,412 69,768 72,106 75,773 78,569 80,263 79,436 77,491 74,720 57,182 47,224
Inti PT KGP - - - 5,466 10,614 17,600 22,341 26,925 31,189 34,263 39,060 45,650 50,660 53,627 57,298 60,199 61,664 61,702 59,913 57,406 51,779 47,224
Plasma PT KGP - - - 246 10,913 16,000 17,578 18,268 18,957 18,562 18,709 18,763 19,109 18,479 18,474 18,369 18,598 17,734 17,578 17,315 5,402 -
Net Sales 1,533 5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877 462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215 678,195 653,947 500,450 413,299

Biaya Kebun Sawit 4,175 11,328 21,562 27,891 42,543 60,450 77,400 96,773 109,225 120,371 148,030 181,960 201,725 218,665 238,324 257,670 275,056 290,196 295,386 295,728 275,820 263,649
Biaya Panen & Pengumpulan 130 1,219 5,233 10,255 19,306 29,479 36,784 45,645 54,518 61,835 72,870 88,136 101,334 111,246 123,386 134,686 143,463 149,392 151,074 150,863 141,916 135,070
Biaya Pemeliharaan 3,794 3,931 7,422 8,016 10,562 14,078 18,462 23,240 24,867 26,607 34,164 42,647 45,633 48,827 52,245 55,902 59,815 64,002 65,596 65,848 60,866 58,445
Biaya Pemupukan 251 6,178 8,907 9,619 12,675 16,893 22,154 27,888 29,840 31,929 40,996 51,177 54,759 58,592 62,694 67,082 71,778 76,802 78,715 79,017 73,039 70,134
Biaya Overhead Kebun 2,184 2,314 3,710 4,007 5,280 7,037 9,228 11,617 12,430 13,300 17,077 21,318 22,810 24,407 26,115 27,944 29,900 31,993 32,789 32,915 30,425 29,215
Biaya Pabrik - - - 2,892 7,842 12,232 16,091 17,843 19,656 21,186 23,242 25,768 28,217 30,218 32,643 35,047 37,365 39,237 40,951 42,553 40,224 39,796
Biaya Pemrosesan - - - 995 3,746 5,596 6,535 7,618 8,715 9,479 10,716 12,365 13,876 14,873 16,224 17,478 18,567 19,123 19,429 19,525 15,583 13,430
Inti PT KGP - - - 952 1,847 2,931 3,657 4,539 5,421 6,148 7,245 8,763 10,076 11,061 12,268 13,392 14,265 14,854 15,021 15,000 14,111 13,430
Plasma PT KGP - - - 43 1,899 2,665 2,878 3,079 3,295 3,331 3,470 3,602 3,800 3,811 3,956 4,086 4,302 4,269 4,407 4,524 1,472 -
Biaya Perbaikan & Pemeliharaan - - - 1,034 2,234 3,620 5,212 5,577 5,968 6,385 6,832 7,311 7,822 8,370 8,956 9,583 10,254 10,971 11,739 12,561 13,440 14,381
Inti PT KGP - - - 990 1,102 1,896 2,917 3,323 3,712 4,142 4,620 5,181 5,680 6,225 6,772 7,342 7,878 8,522 9,076 9,650 12,171 14,381
Pembebanan Pabrik I - - - 990 1,102 1,264 1,459 1,661 1,856 2,071 2,310 2,591 2,840 3,113 3,386 3,671 3,939 4,261 4,538 4,825 6,085 7,191
Pembebanan Pabrik II - - - - - 632 1,459 1,661 1,856 2,071 2,310 2,591 2,840 3,113 3,386 3,671 3,939 4,261 4,538 4,825 6,085 7,191
Pembebanan Pabrik III - - - - - - - - - - - - - - - - - - - - - -
Plasma PT KGP - - - 45 1,133 1,724 2,295 2,254 2,256 2,244 2,213 2,130 2,142 2,145 2,184 2,240 2,376 2,449 2,663 2,911 1,270 -
Pembebanan Pabrik I - - - 45 1,133 1,149 1,148 1,127 1,128 1,122 1,106 1,065 1,071 1,072 1,092 1,120 1,188 1,225 1,332 1,455 635 -
Pembebanan Pabrik II - - - - - 575 1,148 1,127 1,128 1,122 1,106 1,065 1,071 1,072 1,092 1,120 1,188 1,225 1,332 1,455 635 -
Pembebanan Pabrik III - - - - - - - - - - - - - - - - - - - - - -
Biaya Overhead Pabrik - - - 862 1,862 3,016 4,344 4,648 4,973 5,321 5,694 6,092 6,519 6,975 7,463 7,986 8,545 9,143 9,783 10,468 11,200 11,984
Inti PT KGP - - - 825 918 1,580 2,431 2,769 3,093 3,451 3,850 4,318 4,733 5,188 5,644 6,119 6,565 7,102 7,564 8,042 10,142 11,984
Pembebanan Pabrik I - - - 825 918 1,053 1,215 1,385 1,547 1,726 1,925 2,159 2,367 2,594 2,822 3,059 3,282 3,551 3,782 4,021 5,071 5,992
Pembebanan Pabrik II - - - - - 527 1,215 1,385 1,547 1,726 1,925 2,159 2,367 2,594 2,822 3,059 3,282 3,551 3,782 4,021 5,071 5,992
Pembebanan Pabrik III - - - - - - - - - - - - - - - - - - - - - -
Plasma PT KGP - - - 37 944 1,436 1,913 1,879 1,880 1,870 1,844 1,775 1,785 1,787 1,820 1,867 1,980 2,041 2,219 2,426 1,058 -
Pembebanan Pabrik I - - - 37 944 958 956 939 940 935 922 887 893 894 910 934 990 1,021 1,110 1,213 529 -
Pembebanan Pabrik II - - - - - 479 956 939 940 935 922 887 893 894 910 934 990 1,021 1,110 1,213 529 -
Pembebanan Pabrik III - - - - - - - - - - - - - - - - - - - - - -
Biaya Pembelian TBS 1,120 - - 47,282 83,084 108,274 115,383 119,908 124,433 121,839 122,804 123,157 125,428 121,292 121,265 120,577 122,080 116,402 115,383 113,652 35,460 -
Plasma PT KGP 1,120 - - 47,282 83,084 108,274 115,383 119,908 124,433 121,839 122,804 123,157 125,428 121,292 121,265 120,577 122,080 116,402 115,383 113,652 35,460 -
COGS 7,479 13,642 25,272 82,072 138,748 187,993 218,103 246,140 265,743 276,696 311,153 352,204 378,181 394,582 418,348 441,237 464,401 477,828 484,509 484,848 381,929 332,659

Gross Profit (5,946) (8,254) (1,899) (3,748) 67,156 107,363 131,268 149,384 173,133 185,627 194,440 211,528 232,428 236,481 244,810 246,390 238,052 217,387 193,686 169,099 118,521 80,640
Gross Profit - Inti PT KGP (5,640) (8,254) (1,899) 19,573 49,831 80,818 99,893 116,627 139,087 152,458 161,032 177,981 198,347 203,794 212,347 214,392 206,018 187,346 164,514 141,076 110,501 80,640
Gross Profit - Plasma PT KGP (305) - - (23,322) 17,325 26,545 31,375 32,757 34,047 33,169 33,408 33,546 34,081 32,687 32,463 31,998 32,035 30,041 29,172 28,023 8,020 -

Operating Expenses (278) (427) (2,375) (4,857) (12,048) (17,596) (21,691) (25,834) (29,006) (31,407) (36,812) (43,510) (48,114) (51,543) (55,900) (60,100) (63,981) (66,664) (67,912) (68,224) (57,111) (51,137)
Selling Expenses - - - (2,292) (8,668) (13,092) (15,783) (18,397) (21,048) (22,892) (25,879) (29,863) (33,512) (35,918) (39,182) (42,211) (44,840) (46,184) (46,921) (47,153) (37,634) (32,434)
Selling Expenses TBS - Inti - - - - - - - - - - - - - - - - - - - - - -
Selling Expenses CPO - - - (1,689) (6,317) (9,291) (11,097) (12,936) (14,800) (16,096) (18,196) (20,997) (23,563) (25,255) (27,550) (29,680) (31,528) (32,473) (32,991) (33,155) (26,461) (22,805)
Selling Expenses PK - - - (603) (2,351) (3,801) (4,686) (5,462) (6,249) (6,796) (7,683) (8,866) (9,949) (10,663) (11,632) (12,531) (13,312) (13,711) (13,930) (13,999) (11,172) (9,629)
G&A Expenses (ex. Dep) (278) (427) (2,375) (2,565) (3,380) (4,505) (5,908) (7,437) (7,957) (8,514) (10,932) (13,647) (14,602) (15,625) (16,718) (17,889) (19,141) (20,481) (20,991) (21,071) (19,477) (18,702)

EBITDA (6,223) (8,681) (4,274) (8,606) 55,108 89,766 109,578 123,550 144,128 154,220 157,628 168,018 184,314 184,938 188,910 186,290 174,072 150,723 125,774 100,874 61,410 29,503

Depreciation (891) (3,655) (4,976) (10,410) (16,486) (21,925) (26,460) (28,688) (32,255) (33,458) (35,239) (36,305) (33,949) (28,490) (24,714) (20,314) (15,914) (15,914) (15,914) (15,914) (15,702) (15,163)

Operating Profit (7,114) (12,336) (9,250) (19,016) 38,622 67,842 83,117 94,863 111,873 120,762 122,388 131,713 150,365 156,448 164,197 165,976 158,157 134,808 109,860 84,960 45,708 14,340

Other Income (Expenses) (82) - - - - - - - - - - - - - - - - - - - - -

Others - Net (82) - - - - - - - - - - - - - - - - - - - - -

EBIT (7,196) (12,336) (9,250) (19,016) 38,622 67,842 83,117 94,863 111,873 120,762 122,388 131,713 150,365 156,448 164,197 165,976 158,157 134,808 109,860 84,960 45,708 14,340

Interest Expenses (Income) (268) 1,157 5,252 18,893 33,190 45,717 46,189 40,325 39,610 36,550 25,209 11,363 (4,162) (18,671) (34,791) (52,658) (72,121) (92,664) (113,832) (135,469) (157,605) (180,269)
Interest Expenses - 1,350 5,252 18,893 33,190 45,717 46,189 40,325 39,610 36,550 25,209 11,363 - - - - - - - - - -
Interest Income (268) (193) - - - - - - - - - - (4,162) (18,671) (34,791) (52,658) (72,121) (92,664) (113,832) (135,469) (157,605) (180,269)

EBT (6,928) (13,493) (14,502) (37,908) 5,431 22,125 36,928 54,537 72,263 84,212 97,180 120,350 154,527 175,119 198,987 218,634 230,279 227,472 223,692 220,429 203,313 194,608

Income Tax 1,594 - - - - - - (16,361) (21,679) (25,263) (29,154) (36,105) (45,110) (46,934) (49,259) (49,793) (47,447) (40,443) (32,958) (25,488) (13,712) (4,302)

Net Income (5,334) (13,493) (14,502) (37,908) 5,431 22,125 36,928 38,176 50,584 58,948 68,026 84,245 109,418 128,185 149,728 168,841 182,831 187,030 190,734 194,941 189,601 190,307

Akumulasi EBT minus interest income (7,196) (20,882) (35,385) (73,293) (67,861) (45,736) (1,612) 66,611 153,376 275,496 367,244 465,470 578,907 680,818 772,751 854,516 915,494 929,952 889,446 817,958 699,470 547,833

Gross Margin -387.8% -153.2% -8.1% -4.8% 32.6% 36.4% 37.6% 37.8% 39.4% 40.2% 38.5% 37.5% 38.1% 37.5% 36.9% 35.8% 33.9% 31.3% 28.6% 25.9% 23.7% 19.5%
Gross Margin Inti -785.0% -153.2% -8.1% 36.1% 49.1% 52.2% 51.1% 49.5% 51.0% 50.8% 47.1% 44.5% 44.7% 43.4% 42.3% 40.7% 38.2% 34.7% 31.4% 28.1% 24.4% 19.5%
Gross Margin Plasma -37.5% 0.0% 0.0% -96.8% 16.6% 18.9% 20.4% 20.5% 20.5% 20.4% 20.4% 20.4% 20.4% 20.2% 20.1% 19.9% 19.7% 19.4% 19.0% 18.5% 17.0% 0.0%

Operating Margin -464.0% -229.0% -39.6% -24.3% 18.8% 23.0% 23.8% 24.0% 25.5% 26.1% 24.2% 23.4% 24.6% 24.8% 24.8% 24.1% 22.5% 19.4% 16.2% 13.0% 9.1% 3.5%
PT Kebun Ganda Prima
Balance Sheet (in Rp Mio)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Current Assets 1,764 4,795 7,834 4,535 6,969 16,154 31,298 42,698 49,612 55,710 60,885 63,712 70,100 118,271 263,772 421,795 598,191 789,227 989,877 1,193,924 1,401,122 1,612,005 1,808,848 2,010,269
Cash and Equivalents 71 4,342 3,140 840 840 840 840 840 840 840 840 840 840 40,858 180,371 335,365 507,169 694,313 891,840 1,095,380 1,303,426 1,516,275 1,734,194 1,946,827
Cash & Banks 71 842 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840 840
Time Deposit - 3,500 2,300 - - - - - - - - - - 40,018 179,531 334,525 506,329 693,473 891,000 1,094,539 1,302,586 1,515,434 1,733,353 1,945,986
Account Receivables 73 28 325 443 1,921 6,438 16,924 24,276 28,715 32,509 36,072 37,999 41,556 46,334 50,187 51,868 54,506 56,517 57,736 57,141 55,742 53,749 41,133 33,970
Other Receivables 1,571 300 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Inventory 49 7 2,239 1,121 2,077 6,746 11,404 15,451 17,926 20,231 21,842 22,742 25,574 28,948 31,083 32,431 34,385 36,266 38,170 39,274 39,823 39,851 31,391 27,342
Advances - - - - - - - - - - - - - - - - - - - - - - - -
Prepaid Expense - - 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676 1,676
Prepaid Taxes - 118 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405 405

Fixed Assets 51,678 51,595 57,301 73,976 149,301 202,563 281,390 297,596 285,299 315,283 342,273 324,056 296,590 260,655 227,076 198,956 174,613 154,669 139,124 123,580 108,036 92,492 77,160 62,366
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 17,659 17,659 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)
Mature Plant 35,620 36,619 17,659 57,720 57,720 57,720 69,163 89,524 114,362 141,188 181,591 211,087 255,616 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261
Processing Mill Machinery - - - - - 75,440 75,440 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433
Supporting Machinery 857 857 879 1,487 2,339 3,378 4,500 4,500 4,500 6,368 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366
Buildings 263 263 1,140 1,140 6,609 14,276 23,629 33,731 33,731 33,731 50,541 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527
Furniture and Fixtures 405 418 687 991 1,417 1,937 2,498 2,498 2,498 3,432 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431
Vehicles 1,435 1,012 2,668 4,126 6,171 8,665 11,359 11,359 11,359 15,841 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638
Heavy Tools - - - 1,094 2,627 4,498 6,518 6,518 6,518 9,880 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478
Construction in Progress - - 330 5,799 58,291 9,683 69,094 330 330 17,140 18,317 330 330 330 330 330 330 330 330 330 330 330 330 330
Accumulated Depreciation (4,561) (5,232) (6,123) (9,408) (14,014) (24,054) (40,171) (61,725) (87,815) (116,133) (148,018) (181,106) (215,976) (251,910) (285,489) (313,609) (337,953) (357,897) (373,441) (388,985) (404,529) (420,074) (435,406) (450,199)

Other Assets 15,728 15,415 16,894 16,524 16,154 15,784 15,414 15,044 14,674 14,304 13,934 13,564 13,194 12,824 12,454 12,084 11,714 11,344 10,974 10,604 10,234 9,864 9,494 9,124
Land Right 13,275 12,903 12,533 12,163 11,793 11,423 11,053 10,683 10,313 9,943 9,573 9,203 8,833 8,463 8,093 7,723 7,353 6,983 6,613 6,243 5,873 5,503 5,133 4,763
Deferred Tax Assets - Net 2,453 2,513 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107 4,107
Other Assets - - 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254 254

Total Assets 69,170 71,806 82,029 95,035 172,424 234,502 328,102 355,339 349,585 385,298 417,092 401,332 379,885 391,750 503,303 632,836 784,518 955,240 1,139,976 1,328,109 1,519,392 1,714,361 1,895,503 2,081,760

Liabilities

Current Liabilities 12,999 1,774 9,051 9,535 10,491 15,159 19,818 21,779 18,190 20,494 22,106 23,006 25,838 29,212 31,347 32,695 34,649 36,530 38,434 39,537 40,086 40,114 31,655 27,606
Account Payables 12,117 11 637 1,121 2,077 6,746 11,404 15,451 17,926 20,231 21,842 22,742 25,574 28,948 31,083 32,431 34,385 36,266 38,170 39,274 39,823 39,851 31,391 27,342
Other Payables - 1,572 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Taxes Payable 340 113 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Accrued Expenses 543 78 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255
Notes Payable - - 3,150 3,150 3,150 3,150 3,150 1,064 - - - - - - - - - - - - - - - -
Short Term Loan - - 5,000 5,000 5,000 5,000 5,000 5,000 - - - - - - - - - - - - - - - -
Other Current Liabilities - - - - - - - - - - - - - - - - - - - - - - - -

Non Current Liabilities 20,017 2,825 9,965 35,979 126,915 222,232 305,743 308,893 269,801 265,033 244,631 169,023 76,718 965 965 965 965 965 965 965 965 965 965 965
Other Long-term Liabilities - - - - - - - - - - - - - - - - - - - - - - - -
Current Portion of LT Liabilities - - 9,000 9,000 9,000 9,000 9,000 9,000 - - - - - - - - - - - - - - - -
Shareholder Loan 19,533 - - - - - - - - - - - - - - - - - - - - - - -
Debt Excess - - - 26,015 116,950 212,267 295,778 298,928 268,836 264,068 243,667 168,059 75,754 - - - - - - - - - - -
Plasma Plantation - Net 484 2,825 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965 965

Total Liabilities 33,016 4,599 19,015 45,514 137,406 237,391 325,561 330,672 287,991 285,527 266,737 192,029 102,556 30,177 32,312 33,660 35,613 37,494 39,398 40,502 41,051 41,079 32,620 28,570

SHAREHOLDERS' EQUITY 36,154 67,207 63,014 49,521 35,018 (2,890) 2,542 24,667 61,595 99,771 150,355 209,303 277,329 361,574 470,991 599,176 748,904 917,746 1,100,577 1,287,607 1,478,341 1,673,282 1,862,883 2,053,189
Capital Stock 73,417 106,522 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662 107,662
Profit (Loss) Balance - Ending (37,264) (39,315) (44,648) (58,141) (72,644) (110,552) (105,120) (82,995) (46,067) (7,891) 42,693 101,641 169,667 253,912 363,329 491,514 641,242 810,084 992,915 1,179,945 1,370,679 1,565,620 1,755,221 1,945,527
Profit (Loss) Balance - Beginning (44,648) (58,141) (72,644) (110,552) (105,120) (82,995) (46,067) (7,891) 42,693 101,641 169,667 253,912 363,329 491,514 641,242 810,084 992,915 1,179,945 1,370,679 1,565,620 1,755,221
Current Period Profit (Loss) (13,493) (14,502) (37,908) 5,431 22,125 36,928 38,176 50,584 58,948 68,026 84,245 109,418 128,185 149,728 168,841 182,831 187,030 190,734 194,941 189,601 190,307

Total Liabilities & Equity 69,170 71,806 82,029 95,035 172,424 234,502 328,102 355,339 349,585 385,298 417,092 401,332 379,885 391,750 503,303 632,836 784,518 955,240 1,139,976 1,328,109 1,519,392 1,714,361 1,895,503 2,081,760

- - - - - - - - - - - - - - - - - - - - - - - -

Debt Portion 13.7% 42.1% 78.4% 101.3% 99.2% 92.6% 81.4% 72.7% 61.9% 44.7% 21.7% 0.3% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0%
PT Kebun Ganda prima
Statement of Cash Flows (in Rp Mio)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Net Income (5,333) (13,493) (14,502) (37,908) 5,431 22,125 36,928 38,176 50,584 58,948 68,026 84,245 109,418 128,185 149,728 168,841 182,831 187,030 190,734 194,941 189,601 190,307
Depreciation 891 3,655 4,976 10,410 16,486 21,925 26,460 28,688 32,255 33,458 35,239 36,305 33,949 28,490 24,714 20,314 15,914 15,914 15,914 15,914 15,702 15,163

Cash Profit (Loss) (4,442) (9,838) (9,526) (27,498) 21,918 44,049 63,389 66,864 82,839 92,406 103,265 120,550 143,366 156,675 174,442 189,155 198,746 202,944 206,648 210,855 205,303 205,470

Investment in Working Capital (5,113) 1,484 (1,478) (4,516) (10,486) (7,352) (4,440) (3,793) (3,563) (1,927) (3,556) (4,779) (3,853) (1,681) (2,638) (2,011) (1,219) 595 1,399 1,993 12,616 7,163
Account Receivables (297) (118) (1,478) (4,516) (10,486) (7,352) (4,440) (3,793) (3,563) (1,927) (3,556) (4,779) (3,853) (1,681) (2,638) (2,011) (1,219) 595 1,399 1,993 12,616 7,163
Inventory (2,231) 1,117 (956) (4,668) (4,658) (4,048) (2,475) (2,304) (1,611) (900) (2,832) (3,374) (2,135) (1,348) (1,953) (1,881) (1,904) (1,104) (549) (28) 8,459 4,050
Account Payables 626 484 956 4,668 4,658 4,048 2,475 2,304 1,611 900 2,832 3,374 2,135 1,348 1,953 1,881 1,904 1,104 549 28 (8,459) (4,050)
Other Current Assets (1,711) - - - - - - - - - - - - - - - - - - - - -
Other Current Liabilities (1,499) - - - - - - - - - - - - - - - - - - - - -

Capital Expenditure (6,596) (19,960) (79,931) (63,302) (94,943) (37,761) (13,793) (58,302) (58,874) (14,872) (7,404) - - - - - - - - - - -

Other Investments - Net (1,479) - - - - - - - - - - - - - - - - - - - - -

Deferred Tax Assets - Net (1,594) - - - - - - - - - - - - - - - - - - - - -
Other Non Current Assets 115 - - - - - - - - - - - - - - - - - - - - -

Cash Flows from Financing Act. 16,429 - - - - (2,086) (15,064) - - - - - - - - - - - - - - -

Notes Payable 3,150 - - - - (2,086) (1,064) - - - - - - - - - - - - - - -
Short Term Loan 5,000 - - - - - (5,000) - - - - - - - - - - - - - - -
Other Long-term Liabilities - - - - - - - - - - - - - - - - - - - - - -
Current Portion Liabilities 9,000 - - - - - (9,000) - - - - - - - - - - - - - - -
Shareholder Loan - - - - - - - - - - - - - - - - - - - - - -
Plasma Plantation - Net (1,861) - - - - - - - - - - - - - - - - - - - - -
Capital Stock 1,140 - - - - - - - - - - - - - - - - - - - - -

Net Cash Flows (1,200) (28,315) (90,936) (95,317) (83,511) (3,150) 30,092 4,768 20,401 75,608 92,305 115,771 139,513 154,994 171,804 187,144 197,527 203,539 208,047 212,848 217,919 212,633

Beginning Balance - TD 3,500 2,300 - - - - - - - - - - 40,018 179,531 334,525 506,329 693,473 891,000 1,094,539 1,302,586 1,515,434 1,733,353
Change in Time Deposits (1,200) (28,315) (90,936) (95,317) (83,511) (3,150) 30,092 4,768 20,401 75,608 92,305 115,771 139,513 154,994 171,804 187,144 197,527 203,539 208,047 212,848 217,919 212,633
Ending Balance - TD 2,300 - - - - - - - - - - 40,018 179,531 334,525 506,329 693,473 891,000 1,094,539 1,302,586 1,515,434 1,733,353 1,945,986

Beginning Balance - Debt Excess - - (26,015) (116,950) (212,267) (295,778) (298,928) (268,836) (264,068) (243,667) (168,059) (75,754) - - - - - - - - - -
Ending Balance - Debt Excess - (26,015) (116,950) (212,267) (295,778) (298,928) (268,836) (264,068) (243,667) (168,059) (75,754) - - - - - - - - - - -

Beginning Balance - Current Portion - 9,000 9,000 9,000 9,000 9,000 9,000 - - - - - - - - - - - - - - -
Ending Balance - Current Portion 9,000 9,000 9,000 9,000 9,000 9,000 - - - - - - - - - - - - - - - -
PT Kebun Ganda Prima
DCF Valuation (in Rp Mio)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Operating Profit (Loss) (12,336) (9,250) (19,016) 38,622 67,842 83,117 94,863 111,873 120,762 122,388 131,713 150,365 156,448 164,197 165,976 158,157
Tax - - - - - - (16,361) (21,679) (25,263) (29,154) (36,105) (45,110) (46,934) (49,259) (49,793) (47,447)
Depresiasi 891 3,655 4,976 10,410 16,486 21,925 26,460 28,688 32,255 33,458 35,239 36,305 33,949 28,490 24,714 20,314

Investment in Working Capital 1,484 (1,478) (4,516) (10,486) (7,352) (4,440) (3,793) (3,563) (1,927) (3,556) (4,779) (3,853) (1,681) (2,638) (2,011) (1,219)

Investment in FA & Plantations (19,960) (79,931) (63,302) (94,943) (37,761) (13,793) (58,302) (58,874) (14,872) (7,404) - - - - - -

Net Cash Flows (29,922) (87,005) (81,858) (56,397) 39,215 86,810 42,866 56,445 110,954 115,733 126,069 137,708 141,781 140,790 138,886 129,805

Discount Factor (15.32%) 0.8672 0.7520 0.6521 0.5655 0.4904 0.4252 0.3687 0.3198 0.2773 0.2405 0.2085 0.1808 0.1568 0.1360 0.1179 0.1022

Growth in Perpetuity (4%) 1,017,311

Present Value of Cash Flows (25,947) (65,426) (53,379) (31,891) 19,229 36,914 15,807 18,049 30,766 27,828 26,287 24,900 22,231 19,143 16,376 117,289

Total PV of Cash Flows 198,175

Cash and Banks 840

Time Deposit 2,300
Interest-bearing Debt (17,150)

Shareholders' Value 184,166

Lack of Marketability 12% 22,100
Shareholders' Value after LOM 162,066
PT Kebun Ganda Prima
Depreciation Schedule
In Millions of Rupiah

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Beginning Cost 84,000 63,337 56,828 63,423 83,384 163,315 226,617 321,560 359,321 373,114 431,416 490,290 505,162 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 56,019 35,620 36,619 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)
Mature Plant 24,757 24,757 17,659 17,659 57,720 57,720 57,720 69,163 89,524 114,362 141,188 181,591 211,087 255,616 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261
Processing Mill Machinery - - - - - - 75,440 75,440 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433
Supporting Machinery 824 857 857 879 1,487 2,339 3,378 4,500 4,500 4,500 6,368 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366
Buildings 282 263 263 1,140 1,140 6,609 14,276 23,629 33,731 33,731 33,731 50,541 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527
Furniture and Fixtures 403 405 418 687 991 1,417 1,937 2,498 2,498 2,498 3,432 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431
Vehicles 1,715 1,435 1,012 2,668 4,126 6,171 8,665 11,359 11,359 11,359 15,841 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638
Heavy Tools - - - - 1,094 2,627 4,498 6,518 6,518 6,518 9,880 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478
Construction in Progress - - - 330 5,799 58,291 9,683 69,094 330 330 17,140 18,317 330 330 330 330 330 330 330 330 330 330 330 330

Addition to Cost 1,816 1,022 6,647 60,021 85,400 146,410 115,739 156,218 38,631 85,128 116,087 62,354 51,932 47,646 - - - - - - - - - -
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 1,715 999 3,443 11,027 17,115 22,879 19,781 8,430 13,793 30,846 29,496 14,872 7,404 - - - - - - - - - - -
Mature Plant - - - 40,061 - - 11,443 20,361 24,838 26,826 40,403 29,496 44,529 47,646 - - - - - - - - - -
Processing Mill Machinery - - - - - 75,440 - 87,993 - - - - - - - - - - - - - - - -
Supporting Machinery 33 - 22 608 852 1,039 1,122 - - 1,868 1,998 - - - - - - - - - - - - -
Buildings - - 888 - 5,469 7,667 9,353 10,102 - - 16,810 17,986 - - - - - - - - - - - -
Furniture and Fixtures 2 24 309 304 426 520 561 - - 934 999 - - - - - - - - - - - - -
Vehicles 66 - 1,656 1,458 2,045 2,494 2,694 - - 4,483 4,796 - - - - - - - - - - - - -
Heavy Tools - - - 1,094 1,533 1,871 2,020 - - 3,362 3,597 - - - - - - - - - - - - -
Construction in Progress - - 330 5,469 57,961 34,500 68,764 29,331 - 16,810 17,986 - - - - - - - - - - - - -

Deduction to Cost 22,479 7,532 51 40,061 5,469 83,107 20,796 118,456 24,838 26,826 57,212 47,483 44,529 47,646 - - - - - - - - - -
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 22,113 - - 40,061 - - 11,443 20,361 24,838 26,826 40,403 29,496 44,529 47,646 - - - - - - - - - -
Mature Plant - 7,098 - - - - - - - - - - - - - - - - - - - - - -
Processing Mill Machinery - - - - - - - - - - - - - - - - - - - - - - - -
Supporting Machinery - - - - - - - - - - - - - - - - - - - - - - - -
Buildings 19 - 11 - - - - - - - - - - - - - - - - - - - - -
Furniture and Fixtures 1 10 40 - - - - - - - - - - - - - - - - - - - - -
Vehicles 346 424 - - - - - - - - - - - - - - - - - - - - - -
Heavy Tools - - - - - - - - - - - - - - - - - - - - - - - -
Construction in Progress - - - - 5,469 83,107 9,353 98,095 - - 16,810 17,986 - - - - - - - - - - - -

Ending Cost 63,337 56,828 63,423 83,384 163,315 226,617 321,560 359,321 373,114 431,416 490,290 505,162 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565 512,565
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 35,620 36,619 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)
Mature Plant 24,757 17,659 17,659 57,720 57,720 57,720 69,163 89,524 114,362 141,188 181,591 211,087 255,616 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261
Processing Mill Machinery - - - - - 75,440 75,440 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433 163,433
Supporting Machinery 857 857 879 1,487 2,339 3,378 4,500 4,500 4,500 6,368 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366
Buildings 263 263 1,140 1,140 6,609 14,276 23,629 33,731 33,731 33,731 50,541 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527 68,527
Furniture and Fixtures 405 418 687 991 1,417 1,937 2,498 2,498 2,498 3,432 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431
Vehicles 1,435 1,012 2,668 4,126 6,171 8,665 11,359 11,359 11,359 15,841 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638
Heavy Tools - - - 1,094 2,627 4,498 6,518 6,518 6,518 9,880 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478
Construction in Progress - - 330 5,799 58,291 9,683 69,094 330 330 17,140 18,317 330 330 330 330 330 330 330 330 330 330 330 330 330

Beginning Acc. Depreciation 3,417 4,561 5,232 6,123 9,408 14,014 24,054 40,171 61,725 87,815 116,133 148,018 181,106 215,976 251,910 285,489 313,609 337,953 357,897 373,441 388,985 404,529 420,074 435,406
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant - - - - - - - - - - - - - - - - - - - - - - - -
Mature Plant 1,057 2,047 3,038 3,744 6,053 8,361 10,670 13,437 17,018 21,592 27,240 34,503 42,947 53,172 65,302 77,432 89,563 101,693 113,824 125,954 138,085 150,215 162,345 174,264
Processing Mill Machinery - - - - - - 3,772 11,316 23,260 39,603 55,946 72,290 88,633 104,976 121,320 137,663 150,234 159,034 163,433 163,433 163,433 163,433 163,433 163,433
Supporting Machinery 668 828 835 844 974 1,276 1,784 2,516 3,241 3,843 4,649 5,647 6,420 7,194 7,967 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366
Buildings 33 40 47 49 95 415 1,118 2,289 3,964 5,640 7,316 9,831 13,244 16,658 20,072 23,486 26,899 30,313 33,727 37,141 40,555 43,968 47,382 50,796
Furniture and Fixtures 293 345 369 411 512 699 990 1,394 1,797 2,139 2,572 3,071 3,458 3,844 4,231 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431
Vehicles 1,367 1,300 944 1,076 1,500 2,333 3,664 5,535 7,405 8,984 11,050 13,577 15,565 17,553 19,541 20,633 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638
Heavy Tools - - - - 273 930 2,055 3,684 5,040 6,013 7,359 9,099 10,838 12,578 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478
Construction in Progress - - - - - - - - - - - - - - - - - - - - - - - -

Addition - Depreciation 1,392 1,098 891 3,285 4,606 10,040 16,116 21,555 26,090 28,318 31,885 33,088 34,869 35,935 33,579 28,120 24,344 19,944 15,544 15,544 15,544 15,544 15,332 14,793
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant - - - - - - - - - - - - - - - - - - - - - - - -
Mature Plant 990 990 706 2,309 2,309 2,309 2,767 3,581 4,574 5,648 7,264 8,443 10,225 12,130 12,130 12,130 12,130 12,130 12,130 12,130 12,130 12,130 11,918 11,424
Processing Mill Machinery - - - - - 3,772 7,544 11,944 16,343 16,343 16,343 16,343 16,343 16,343 16,343 12,571 8,799 4,400 - - - - - -
Supporting Machinery 159 7 9 131 301 509 732 724 603 806 998 773 773 773 400 - - - - - - - - -
Buildings 9 7 2 46 320 703 1,171 1,676 1,676 1,676 2,514 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,369
Furniture and Fixtures 53 27 41 102 187 291 403 403 342 433 499 387 387 387 200 - - - - - - - - -
Vehicles 181 67 132 424 833 1,332 1,870 1,870 1,579 2,066 2,527 1,988 1,988 1,988 1,092 5 - - - - - - - -
Heavy Tools - - - 273 657 1,124 1,630 1,356 973 1,346 1,740 1,740 1,740 899 - - - - - - - - - -
Construction in Progress - - - - - - - - - - - - - - - - - - - - - - - -

Deduction - Depreciation 249 427 - - - - - - - - - - - - - - - - - - - - - -

Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant - - - - - - - - - - - - - - - - - - - - - - - -
Mature Plant - - - - - - - - - - - - - - - - - - - - - - - -
Processing Mill Machinery - - - - - - - - - - - - - - - - - - - - - - - -
Supporting Machinery - - - - - - - - - - - - - - - - - - - - - - - -
Buildings 1 - - - - - - - - - - - - - - - - - - - - - - -
Furniture and Fixtures - 3 - - - - - - - - - - - - - - - - - - - - - -
Vehicles 248 424 - - - - - - - - - - - - - - - - - - - - - -
Heavy Tools - - - - - - - - - - - - - - - - - - - - - - - -
Construction in Progress - - - - - - - - - - - - - - - - - - - - - - - -

Ending Acc. Depreciation 4,561 5,232 6,123 9,408 14,014 24,054 40,171 61,725 87,815 116,133 148,018 181,106 215,976 251,910 285,489 313,609 337,953 357,897 373,441 388,985 404,529 420,074 435,406 450,199
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant - - - - - - - - - - - - - - - - - - - - - - - -
Mature Plant 2,047 3,038 3,744 6,053 8,361 10,670 13,437 17,018 21,592 27,240 34,503 42,947 53,172 65,302 77,432 89,563 101,693 113,824 125,954 138,085 150,215 162,345 174,264 185,688
Processing Mill Machinery - - - - - 3,772 11,316 23,260 39,603 55,946 72,290 88,633 104,976 121,320 137,663 150,234 159,034 163,433 163,433 163,433 163,433 163,433 163,433 163,433
Supporting Machinery 828 835 844 974 1,276 1,784 2,516 3,241 3,843 4,649 5,647 6,420 7,194 7,967 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366 8,366
Buildings 40 47 49 95 415 1,118 2,289 3,964 5,640 7,316 9,831 13,244 16,658 20,072 23,486 26,899 30,313 33,727 37,141 40,555 43,968 47,382 50,796 54,165
Furniture and Fixtures 345 369 411 512 699 990 1,394 1,797 2,139 2,572 3,071 3,458 3,844 4,231 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431 4,431
Vehicles 1,300 944 1,076 1,500 2,333 3,664 5,535 7,405 8,984 11,050 13,577 15,565 17,553 19,541 20,633 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638 20,638
Heavy Tools - - - 273 930 2,055 3,684 5,040 6,013 7,359 9,099 10,838 12,578 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478 13,478
Construction in Progress - - - - - - - - - - - - - - - - - - - - - - - -

Net Book Value 58,776 51,595 57,301 73,976 149,301 202,563 281,390 297,596 285,299 315,283 342,273 324,056 296,590 260,655 227,076 198,956 174,613 154,669 139,124 123,580 108,036 92,492 77,160 62,366
Land - - - - - - - - - - - - - - - - - - - - - - - -
Immature Plant 35,620 36,619 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)
Mature Plant 22,710 14,621 13,915 51,667 49,358 47,050 55,726 72,506 92,770 113,948 147,087 168,140 202,444 237,959 225,829 213,698 201,568 189,437 177,307 165,176 153,046 140,916 128,997 117,573
Processing Mill Machinery - - - - - 71,668 64,124 140,174 123,830 107,487 91,144 74,800 58,457 42,114 25,770 13,199 4,400 - - - - - - -
Supporting Machinery 29 23 35 512 1,063 1,593 1,984 1,260 657 1,719 2,719 1,946 1,173 400 - - - - - - - - - -
Buildings 223 216 1,091 1,045 6,194 13,158 21,341 29,767 28,091 26,415 40,710 55,283 51,869 48,455 45,042 41,628 38,214 34,800 31,386 27,973 24,559 21,145 17,731 14,362
Furniture and Fixtures 59 49 277 479 718 946 1,104 701 359 859 1,360 973 586 200 - - - - - - - - - -
Vehicles 135 68 1,592 2,626 3,838 5,001 5,824 3,953 2,375 4,791 7,060 5,072 3,084 1,096 5 - - - - - - - - -
Heavy Tools - - - 820 1,697 2,443 2,834 1,478 505 2,521 4,379 2,639 899 - - - - - - - - - - -
Construction in Progress - - 330 5,799 58,291 9,683 69,094 330 330 17,140 18,317 330 330 330 330 330 330 330 330 330 330 330 330 330

Addition Depretiation
Mature Plant 2,309 2,309 2,309 2,767 3,581 4,574 5,648 7,264 8,443 10,225 12,130 12,130 12,130 12,130 12,130 12,130 12,130 12,130 12,130 11,918 11,424
Existing 990 990 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 706 494 -
New 1,602 1,602 1,602 2,060 2,875 3,868 4,941 6,557 7,737 9,518 11,424 11,424 11,424 11,424 11,424 11,424 11,424 11,424 11,424 11,424 11,424
Processing Mill Machinery - - 3,772 7,544 11,944 16,343 16,343 16,343 16,343 16,343 16,343 16,343 12,571 8,799 4,400 - - - - - -
Existing - - - - - - - - - - - - - - - - - - - - - - - -
New - - 3,772 7,544 11,944 16,343 16,343 16,343 16,343 16,343 16,343 16,343 12,571 8,799 4,400 - - - - - -
Supporting Machinery 131 301 509 732 724 603 806 998 773 773 773 400 - - - - - - - - -
Existing 9 9 9 9 8 - - - - - - - - - - - - - - - - -
New 122 292 500 724 724 603 806 998 773 773 773 400 - - - - - - - - -
Buildings 46 320 703 1,171 1,676 1,676 1,676 2,514 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,369
Existing 2 2 2 2 2 2 2 2 - - - - - - - - - - - - - -
New 44 318 701 1,169 1,674 1,674 1,674 2,514 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,414 3,369
Furniture and Fixtures 102 187 291 403 403 342 433 499 387 387 387 200 - - - - - - - - -
Existing 41 41 41 41 41 41 41 30 - - - - - - - - - - - - - -
New 61 146 250 362 362 301 403 499 387 387 387 200 - - - - - - - - -
Vehicles 424 833 1,332 1,870 1,870 1,579 2,066 2,527 1,988 1,988 1,988 1,092 5 - - - - - - - -
Existing 132 132 132 132 132 132 132 132 132 132 132 132 132 5 - - - - - - - -
New 292 701 1,199 1,738 1,738 1,447 1,934 2,395 1,856 1,856 1,856 959 - - - - - - - - -
Heavy Tools - 273 657 1,124 1,630 1,356 973 1,346 1,740 1,740 1,740 899 - - - - - - - - - -
Existing - - - - - - - - - - - - - - - - - - - - - -
New 273 657 1,124 1,630 1,356 973 1,346 1,740 1,740 1,740 899 - - - - - - - - - -

Net Book Value - Exsisting

Mature Plant 13,915 13,208 12,502 11,796 11,089 10,383 9,677 8,970 8,264 7,558 6,851 6,145 5,439 4,732 4,026 3,320 2,613 1,907 1,200 494 - -
Processing Mill Machinery - - - - -
M

H
PT Kebun Ganda Prima
Capex Schedules - Inti (in Rp Mio)

PLANTATION/PRODUCTION YEAR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

PLANTATION SCHEDULE (Ha) 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590 829 1,713 1,115

BREAKDOWN OF CAPEX (Ha)

Lahan TBM
Beginning Balance - 590 1,419 3,132 3,657 3,230 1,518 402 - 1,023 2,351 3,851 4,328 3,000 1,500 2,000 4,000 4,000 2,000 - - - - - - - - 590 1,419 3,132
Addition TBM 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590 829 1,713 1,115
Reclass to TM - - - 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590
Ending Balance 590 1,419 3,132 3,657 3,230 1,518 402 - 1,023 2,351 3,851 4,328 3,000 1,500 2,000 4,000 4,000 2,000 - - - - - - - - 590 1,419 3,132 3,657

Lahan TM
Beginning Balance - - - - 590 1,419 3,132 4,247 4,649 4,649 4,649 4,649 5,672 7,000 8,500 10,000 10,000 10,000 12,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,410 12,581 10,869 9,753
Retired Plants - - - - - - - - - - - - - - - - - - - - - - - - - (590) (829) (1,713) (1,115) (402)
Reclass from TBM - - - 590 829 1,713 1,115 402 - - - 1,023 1,328 1,500 1,500 - - 2,000 2,000 - - - - - - - - - - 590
Ending Balance - - - 590 1,419 3,132 4,247 4,649 4,649 4,649 4,649 5,672 7,000 8,500 10,000 10,000 10,000 12,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 13,410 12,581 10,869 9,753 9,941

Capex Rate TBM (Rp Mio/Ha)

Land Clearing, Planting & Nursery 1.76 1.90 2.05 2.21 2.39 2.58 2.79 3.01 3.25 3.51 3.79 4.10 4.42 4.78 5.11 5.47 5.85 6.26 6.70 7.17 7.67 8.21 8.78 9.40 10.06 10.76 11.51 12.32 13.18 14.11
Immature I 3.54 3.83 4.13 4.46 4.82 5.21 5.62 6.07 6.56 7.08 7.65 8.26 8.92 9.64 10.31 11.03 11.80 12.63 13.51 14.46 15.47 16.56 17.72 18.96 20.28 21.70 23.22 24.85 26.59 28.45
Immature II 1.19 1.29 1.39 1.50 1.62 1.75 1.89 2.05 2.21 2.39 2.58 2.78 3.01 3.25 3.47 3.72 3.98 4.25 4.55 4.87 5.21 5.58 5.97 6.38 6.83 7.31 7.82 8.37 8.96 9.58
Immature III 1.04 1.12 1.21 1.31 1.41 1.53 1.65 1.78 1.92 2.08 2.24 2.42 2.61 2.82 3.02 3.23 3.46 3.70 3.96 4.24 4.53 4.85 5.19 5.56 5.94 6.36 6.81 7.28 7.79 8.34

Capex TBM Value (Rp Mio)

Land Clearing, Planting & Nursery 1,457 3,250 2,285 891 - - - - 4,319 5,268 5,690 - - 9,557 10,225 - - - - - - - - - - - - - - -
Immature I 2,090 3,173 7,078 4,977 1,940 - - - 6,709 9,406 11,474 12,392 - - 20,621 22,064 - - - - - - - - - - - - - -
Immature II - 760 1,154 2,575 1,811 706 - - - 2,441 3,422 4,174 4,508 - - 7,432 7,952 - - - - - - - - - - - - -
Immature III - - 715 1,085 2,420 1,701 663 - - - 2,293 3,215 3,922 4,236 - - 6,919 7,404 - - - - - - - - - - - -
Total Capex TBM Value 3,547 7,184 11,232 9,527 6,170 2,407 663 - 11,027 17,115 22,879 19,781 8,430 13,793 30,846 29,496 14,872 7,404 - - - - - - - - - - - -

Reclassification to TM
Land Clearing, Planting & Nursery - - - - - 4,319 5,268 5,690 - - 9,557 10,225 - - - - - - - - - - -
Immature I - - - - 6,709 9,406 11,474 12,392 - - 20,621 22,064 - - - - - - - - - - -
Immature II - - - - 2,441 3,422 4,174 4,508 - - 7,432 7,952 - - - - - - - - - - -
Immature III - - - - 2,293 3,215 3,922 4,236 - - 6,919 7,404 - - - - - - - - - - -
Total Capex Value Reclass. - - - - 11,443 20,361 24,838 26,826 - - 44,529 47,646 - - - - - - - - - - -

BREAKDOWN OF CAPEX (Rp Mio)

TBM Capex Value
Beginning Balance - 40,061 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)
Addition TBM 40,061 - 11,027 17,115 22,879 19,781 8,430 13,793 30,846 29,496 14,872 7,404 - - - - - - - - - - - -
Reclass to TM - - 40,061 - - 11,443 20,361 24,838 26,826 40,403 29,496 44,529 47,646 - - - - - - - - - - -
Ending Balance 40,061 40,061 11,027 28,142 51,021 59,359 47,428 36,382 40,403 29,496 14,872 (22,253) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899) (69,899)

TM Capex Value
Beginning Balance 17,659 17,659 17,659 57,720 57,720 57,720 69,163 89,524 114,362 141,188 181,591 211,087 255,616 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261
Reclass from TBM - - 40,061 - - 11,443 20,361 24,838 26,826 40,403 29,496 44,529 47,646 - - - - - - - - - - -
Ending Balance 17,659 17,659 57,720 57,720 57,720 69,163 89,524 114,362 141,188 181,591 211,087 255,616 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261 303,261
 Unlevered
Adj. Levered Beta Total Interest- Income Tax
Company Name Ticker Country Unit BV Equity DE Ratio Beta Description
Weekly Period Obs Liabilities bearing Debt Rate Weekly

01/07/00 Astra Agro Lestari operates rubber plantations and manufactures cooking
Astra Agro Lestari AALI IJ Indonesia 1.12 to 307 bio IDR 696.93 73.91 2,421.33 0.0305 30.00% 1.10 oil. Through its subsidiaries, the Company also operates a variety of other
12/16/05 plantations such as palm oil, tea, and coca plantations

01/07/00 Bakrie Sumatera Plantations operates rubber, palm oil, and fresh fruit
Bakrie Sumatra Plantation UNSP IJ Indonesia 1.00 to 302 bio IDR 749.95 553.67 459.96 1.2037 30.00% 0.54 plantations. The Company also processes and trades agricultural and
12/16/05 industrial products
01/07/00
PP London Sumatera Indonesia cultivates, harvests, and processes palm oil,
PP London Sumatera LSIP IJ Indonesia 1.07 to 307 bio IDR 1,600.66 1,066.17 1,066.05 1.0001 30.00% 0.63
rubber, coconut, coca, coffee, and tea
12/16/05
Average All 0.59
Levered Beta & Expected Return (CNIS) Remarks
Debt to Equity 15.81% DE as of 2005
Tax Rate 30%
Unlevered Beta - Weekly 0.59
Levered Beta - Weekly 0.65
Risk-free Return 13.65% per 29-12-05 (BES)
Market Risk Premium 7.50% 6.28
Equity Risk Premium 4.88%
Expected Return 18.53%
Debt Portion 40% 30%
Cost of Debt 15.00% Assumption
Equity Portion 60% 70%
Cost of Equity 18.53%
WACC 15.32%
PT CITRANUSA INTISAWIT
Capex Schedules - Plasma (in Rp Mio)

PLANTATION/PRODUCTION YEAR 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

PLANTATION SCHEDULE (Ha) - - 3,450 1,550 - - - - - - - -

BREAKDOWN OF CAPEX (Ha)

Lahan TBM
Beginning Balance - - - 3,450 5,000 5,000 1,550 - - - - -
Addition TBM - - 3,450 1,550 - - - - - - - -
Reclass to TM - - - - - 3,450 1,550 - - - - -
Ending Balance - - 3,450 5,000 5,000 1,550 - - - - - -

Lahan TM
Beginning Balance - - - - - - 3,450 5,000 5,000 5,000 5,000 5,000
Reclass from TBM - - - - - 3,450 1,550 - - - - -
Ending Balance - - - - - 3,450 5,000 5,000 5,000 5,000 5,000 5,000

Capex Rate TBM (Rp Mio/Ha)

Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -

Capex TBM Value (Rp Mio)

Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -
Total Capex TBM Value - - - - - -

Reclassification to TM
Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -
Total Capex Value Reclass. - - - - - -

BREAKDOWN OF CAPEX (Rp Mio)

TBM Capex Value
Beginning Balance - - - - - -
Addition TBM - - - - - -
Reclass to TM - - - - - -
Ending Balance - - - - - -

TM Capex Value
Beginning Balance - - - - - -
Reclass from TBM - - - - - -
Ending Balance - - - - - -
PT CITRANUSA INTISAWIT
Capex Schedules - Plasma (in Rp Mio)

PLANTATION/PRODUCTION YEAR 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

PLANTATION SCHEDULE (Ha) - - - - - - - - - - - -

BREAKDOWN OF CAPEX (Ha)

Lahan TBM
Beginning Balance - - - - - - - - - - - -
Addition TBM - - - - - - - - - - - -
Reclass to TM - - - - - - - - - - - -
Ending Balance - - - - - - - - - - - -

Lahan TM
Beginning Balance 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Reclass from TBM - - - - - - - - - - - -
Ending Balance 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000

Capex Rate TBM (Rp Mio/Ha)

Land Clearing - - - - - - - - - - - -
Immature I - - - - - - - - - - - -
Immature II - - - - - - - - - - - -
Immature III - - - - - - - - - - - -

Capex TBM Value (Rp Mio)

Land Clearing - - - - - - - - - - - -
Immature I - - - - - - - - - - - -
Immature II - - - - - - - - - - - -
Immature III - - - - - - - - - - - -
Total Capex TBM Value - - - - - - - - - - - -

Reclassification to TM
Land Clearing - - - - - - - - - - - -
Immature I - - - - - - - - - - - -
Immature II - - - - - - - - - - - -
Immature III - - - - - - - - - - - -
Total Capex Value Reclass. - - - - - - - - - - - -

BREAKDOWN OF CAPEX (Rp Mio)

TBM Capex Value
Beginning Balance - - - - - - - - - - - -
Addition TBM - - - - - - - - - - - -
Reclass to TM - - - - - - - - - - - -
Ending Balance - - - - - - - - - - - -

TM Capex Value
Beginning Balance - - - - - - - - - - - -
Reclass from TBM - - - - - - - - - - - -
Ending Balance - - - - - - - - - - - -
PT CITRANUSA INTISAWIT
Capex Schedules - Plasma (in Rp Mio)

PLANTATION/PRODUCTION YEAR 2022 2023 2024 2025 2026 2027

PLANTATION SCHEDULE (Ha) - - - - - -

BREAKDOWN OF CAPEX (Ha)

Lahan TBM
Beginning Balance - - - - - -
Addition TBM - - - - - -
Reclass to TM - - - - - -
Ending Balance - - - - - -

Lahan TM
Beginning Balance 5,000 5,000 5,000 5,000 5,000 5,000
Reclass from TBM - - - - - -
Ending Balance 5,000 5,000 5,000 5,000 5,000 5,000

Capex Rate TBM (Rp Mio/Ha)

Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -

Capex TBM Value (Rp Mio)

Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -
Total Capex TBM Value - - - - - -

Reclassification to TM
Land Clearing - - - - - -
Immature I - - - - - -
Immature II - - - - - -
Immature III - - - - - -
Total Capex Value Reclass. - - - - - -

BREAKDOWN OF CAPEX (Rp Mio)

TBM Capex Value
Beginning Balance - - - - - -
Addition TBM - - - - - -
Reclass to TM - - - - - -
Ending Balance - - - - - -

TM Capex Value
Beginning Balance - - - - - -
Reclass from TBM - - - - - -
Ending Balance - - - - - -
PT CITRANUSA INTISAWIT
Depreciation Schedule (in Rp Mio)
- Plantations and Plants

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Beginning Cost - 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) na 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Kendaraan dan Alat Berat na

Addition to Cost - - - - - - - - - - - - - -
Land Right (Plantation) na - - - - - - - - - - - - -
Kendaraan dan Alat Berat na

Deduction to Cost - - - - - - - - - - - - - -
Land Right (Plantation) na - - - - - - - - - - - - -
Kendaraan dan Alat Berat na

Ending Cost 10,985 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Kendaraan dan Alat Berat 2,681

Beginning Acc. Depreciation - 5,133 5,465 5,798 6,130 6,462 6,794 7,126 7,458 7,791 8,123 8,304 8,304 8,304
Land Right (Plantation) na 5,133 5,465 5,798 6,130 6,462 6,794 7,126 7,458 7,791 8,123 8,304 8,304 8,304

Addition - Depreciation - 332 332 332 332 332 332 332 332 332 181 - - -
Land Right (Plantation) na 332 332 332 332 332 332 332 332 332 181 - - -

Deduction - Depreciation - - - - - - - - - - - - - -
Land Right (Plantation) na - - - - - - - - - - - - -

Ending Acc. Depreciation 5,133 5,465 5,798 6,130 6,462 6,794 7,126 7,458 7,791 8,123 8,304 8,304 8,304 8,304
Land Right (Plantation) 5,133 5,465 5,798 6,130 6,462 6,794 7,126 7,458 7,791 8,123 8,304 8,304 8,304 8,304

Net Book Value 3,171 2,838 2,506 2,174 1,842 1,510 1,178 845 513 181 - - - -
Land Right (Plantation) 3,171 2,838 2,506 2,174 1,842 1,510 1,178 845 513 181 - - - -
PT CITRANUSA INTISAWIT
Depreciation Schedule (in Rp Mio)
- Plantations and Plants

2018 2019 2020 2021 2022 2023 2024 2025 2026

Beginning Cost 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Kendaraan dan Alat Berat

Addition to Cost - - - - - - - - -
Land Right (Plantation) - - - - - - - - -
Kendaraan dan Alat Berat

Deduction to Cost - - - - - - - - -
Land Right (Plantation) - - - - - - - - -
Kendaraan dan Alat Berat

Ending Cost 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Kendaraan dan Alat Berat

Beginning Acc. Depreciation 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304

Addition - Depreciation - - - - - - - - -
Land Right (Plantation) - - - - - - - - -

Deduction - Depreciation - - - - - - - - -
Land Right (Plantation) - - - - - - - - -

Ending Acc. Depreciation 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304
Land Right (Plantation) 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304 8,304

Net Book Value - - - - - - - - -

Land Right (Plantation) - - - - - - - - -
Standard Hasil TBS

Umur 3 4 5 6 7 8 9
K2 6.00 13.00 16.00 19.00 23.00 25.00 25.00
K3 6.25 11.00 14.50 16.75 19.75 22.00 22.00

Pabrik

Capacity PabrikBiaya Mill Capacity

30 ton / jam 50000 180000
45 ton / jam 60000 270000
60 ton / jam 70000 360000
 10 11 12 13 14 15 16 17 18
25.00 25.00 25.00 25.00 23.00 23.00 22.00 22.00 20.00
22.00 22.00 22.00 21.75 21.00 20.75 20.00 19.75 19.00
 19 20 21 22 23 24
20.00 19.00 19.00 17.00 17.00 16.00
18.75 18.00 17.50 16.00 15.75 15.00
 2003 2004 2005
Liquidity Ratios
Current Ratio (´) 0.01 2.53 6.78
Current Assets 193 4,495 6,109
Current Liabilities 12,999 1,774 901
Quick Ratio (´) 0.01 2.53 4.30
Current Assets ex Inventory 145 4,488 3,870
Current Liabilities 12,999 1,774 901
Cash Ratio (´) #REF! #REF! #REF!
Cash and Cash Equivalent #REF! #REF! #REF!
Current Liabilities 12,999 1,774 901
Capital Structure & Solvability Ratios
Interest Coverage Ratios (´) Err:504 Err:504 -
After Tax EBIT + Interest Expense #VALUE! #VALUE! (5,037)
Interest Expense #VALUE! #VALUE! -
Interest-bearing Debt to Equity (´) - - 0.14
Interest-bearing Debt - - 9,000
Shareholders' Equity 36,154 67,207 63,014
Asset Utilization Ratios
Account Receivable Turnover (days) - - 41.98
Account Receivable Turnover (´) #REF! #REF! 8.70
Net Sales #REF! #REF! 1,533
Average Account Receivable 73 51 176
Inventory Turnover (days) - - 54.80
Inventory Turnover (x) #REF! #REF! 6.66
Cost of Goods Sold #REF! #REF! 7,479
Average Inventory 49 28 1,123
Asset Turnover (days) - - 18,309.81
Asset Turnover (´) #REF! #REF! 0.02
Net Sales #REF! #REF! 1,533
Average Total Assets inc. cash 69,170 70,488 76,918
Fixed Assets Turnover (days) - - -
Fixed Assets Turnover (´) #REF! #REF! #VALUE!
Net Sales #REF! #REF! 1,533
Average Fixed Assets #VALUE! #VALUE! #VALUE!
Account Payable Turnover (days) - - 15.82
Account Payable Turnover (´) #REF! #REF! 23.07
Cost of Goods Sold #REF! #REF! 7,479
Average Account Payables 12,117 6,064 324
Profitability Ratios
Gross Profit Margin (%) - - -387.76%
Gross Profit #REF! #REF! (5,946)
Net Sales #REF! #REF! 1,533
EBITDA Margin (%) - - -405.87%
EBITDA #REF! #REF! (6,223)
Net Sales #REF! #REF! 1,533
Operating Profit Margin (%) - - -463.96%
Operating Profit #REF! #REF! (7,114)
Net Sales #REF! #REF! 1,533
EBIT Margin (%) - - -469.31%
EBIT #REF! #REF! (7,196)
 Net Sales #REF! #REF! 1,533
Pretax Profit Margin (%) - - -451.84%
EBT #REF! #REF! (6,928)
Net Sales #REF! #REF! 1,533
Net Profit Margin (%) - - -347.87%
Net Income #REF! #REF! (5,334)
Net Sales #REF! #REF! 1,533
Return on Assets (%) - - -6.55%
EBIT (1-Tax) #VALUE! #VALUE! (5,037)
Average Total Assets inc. cash 69,170 70,488 76,918
Return on Common Equity (%) #REF! #REF! -8.19%
Net Income #REF! #REF! (5,334)
Average Shareholders' Equity 36,154 51,680 65,110
2006 2007 2008 2009 2010 2011 2012 2013

2.03 2.24 2.06 2.53 2.61 2.63 2.63 2.68

2,809 5,244 14,428 29,573 40,973 47,887 53,985 59,159
1,385 2,341 7,009 11,668 15,715 18,190 20,494 22,106
1.22 1.35 1.10 1.56 1.62 1.65 1.65 1.69
1,688 3,166 7,683 18,169 25,521 29,961 33,754 37,317
1,385 2,341 7,009 11,668 15,715 18,190 20,494 22,106
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
1,385 2,341 7,009 11,668 15,715 18,190 20,494 22,106

- - - - (0.04) (0.26) (0.65) (0.98)

(9,985) (11,727) (32,204) (6,155) 1,772 11,993 26,078 38,701
(1,350) (5,252) (18,893) (33,190) (45,717) (46,189) (40,325) (39,610)
0.71 3.60 (76.57) 119.91 12.48 4.36 2.65 1.62
35,015 125,950 221,267 304,778 307,928 268,836 264,068 243,667
49,521 35,018 (2,890) 2,542 24,667 61,595 99,771 150,355

26.01 18.46 19.48 20.71 25.46 27.68 28.25 28.52

14.04 19.77 18.74 17.63 14.34 13.19 12.92 12.80
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
384 1,182 4,179 11,681 20,600 26,496 30,612 34,290
44.95 23.10 19.62 23.87 26.07 27.93 28.29 28.89
8.12 15.80 18.60 15.29 14.00 13.07 12.90 12.63
13,642 25,272 82,072 138,748 187,993 218,103 246,140 265,743
1,680 1,599 4,411 9,075 13,428 16,689 19,078 21,036
5,997.46 2,088.31 948.17 498.65 422.30 368.23 339.08 333.66
0.06 0.17 0.38 0.73 0.86 0.99 1.08 1.09
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
88,532 133,730 203,463 281,302 341,721 352,462 367,442 401,195
- - - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
23.52 23.10 19.62 23.87 26.07 27.93 28.29 28.89
15.52 15.80 18.60 15.29 14.00 13.07 12.90 12.63
13,642 25,272 82,072 138,748 187,993 218,103 246,140 265,743
879 1,599 4,411 9,075 13,428 16,689 19,078 21,036

-153.19% -8.12% -4.79% 32.62% 36.35% 37.57% 37.77% 39.45%

(8,254) (1,899) (3,748) 67,156 107,363 131,268 149,384 173,133
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-161.12% -18.28% -10.99% 26.76% 30.39% 31.36% 31.24% 32.84%
(8,681) (4,274) (8,606) 55,108 89,766 109,578 123,550 144,128
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-228.96% -39.58% -24.28% 18.76% 22.97% 23.79% 23.98% 25.49%
(12,336) (9,250) (19,016) 38,622 67,842 83,117 94,863 111,873
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-228.96% -39.58% -24.28% 18.76% 22.97% 23.79% 23.98% 25.49%
(12,336) (9,250) (19,016) 38,622 67,842 83,117 94,863 111,873
 5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-250.43% -62.05% -48.40% 2.64% 7.49% 10.57% 13.79% 16.47%
(13,493) (14,502) (37,908) 5,431 22,125 36,928 54,537 72,263
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-250.43% -62.05% -48.40% 2.64% 7.49% 10.57% 9.65% 11.53%
(13,493) (14,502) (37,908) 5,431 22,125 36,928 38,176 50,584
5,388 23,374 78,323 205,904 295,356 349,371 395,524 438,877
-9.75% -4.84% -6.54% 9.61% 13.90% 16.51% 18.07% 19.52%
(8,635) (6,475) (13,311) 27,035 47,489 58,182 66,404 78,311
88,532 133,730 203,463 281,302 341,721 352,462 367,442 401,195
-23.98% -34.31% -235.98% -3121.64% 162.63% 85.62% 47.32% 40.45%
(13,493) (14,502) (37,908) 5,431 22,125 36,928 38,176 50,584
56,267 42,270 16,064 (174) 13,604 43,131 80,683 125,063
2014 2015 2016 2017 2018 2019 2020 2021 2022

2.69 2.65 3.99 8.36 12.85 17.21 21.56 25.71 30.15

61,987 68,375 116,545 262,047 420,070 596,465 787,502 988,151 1,192,199
23,006 25,838 29,212 31,347 32,695 34,649 36,530 38,434 39,537
1.71 1.66 3.00 7.37 11.86 16.22 20.56 24.72 29.16
39,244 42,801 87,597 230,963 387,639 562,080 751,236 949,981 1,152,925
23,006 25,838 29,212 31,347 32,695 34,649 36,530 38,434 39,537
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
23,006 25,838 29,212 31,347 32,695 34,649 36,530 38,434 39,537

(1.31) (2.40) (7.11) - - - - - -

47,983 60,463 80,836 105,256 109,514 114,938 116,183 110,710 94,366
(36,550) (25,209) (11,363) - - - - - -
0.80 0.27 - - - - - - -
168,059 75,754 - - - - - - -
209,303 277,329 361,574 470,991 599,176 748,904 917,746 1,100,577 1,287,607

29.24 28.72 28.45 28.85 29.51 29.27 29.47 29.68 30.16

12.48 12.71 12.83 12.65 12.37 12.47 12.39 12.30 12.10
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
37,036 39,777 43,945 48,261 51,028 53,187 55,512 57,127 57,438
29.41 28.34 28.25 28.97 29.38 29.15 29.22 29.25 29.58
12.41 12.88 12.92 12.60 12.42 12.52 12.49 12.48 12.34
276,696 311,153 352,204 378,181 394,582 418,348 441,237 464,401 477,828
22,292 24,158 27,261 30,016 31,757 33,408 35,325 37,218 38,722
323.07 281.99 249.81 267.52 328.56 390.05 461.74 544.35 647.89
1.13 1.29 1.46 1.36 1.11 0.94 0.79 0.67 0.56
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
409,212 390,608 385,818 447,527 568,070 708,677 869,879 1,047,608 1,234,042
- - - - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
29.41 28.34 28.25 28.97 29.38 29.15 29.22 29.25 29.58
12.41 12.88 12.92 12.60 12.42 12.52 12.49 12.48 12.34
276,696 311,153 352,204 378,181 394,582 418,348 441,237 464,401 477,828
22,292 24,158 27,261 30,016 31,757 33,408 35,325 37,218 38,722

40.15% 38.46% 37.52% 38.06% 37.47% 36.92% 35.83% 33.89% 31.27%

185,627 194,440 211,528 232,428 236,481 244,810 246,390 238,052 217,387
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
33.36% 31.18% 29.80% 30.19% 29.31% 28.49% 27.09% 24.78% 21.68%
154,220 157,628 168,018 184,314 184,938 188,910 186,290 174,072 150,723
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
26.12% 24.21% 23.36% 24.63% 24.79% 24.76% 24.14% 22.52% 19.39%
120,762 122,388 131,713 150,365 156,448 164,197 165,976 158,157 134,808
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
26.12% 24.21% 23.36% 24.63% 24.79% 24.76% 24.14% 22.52% 19.39%
120,762 122,388 131,713 150,365 156,448 164,197 165,976 158,157 134,808
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
18.21% 19.22% 21.35% 25.31% 27.75% 30.01% 31.80% 32.78% 32.72%
84,212 97,180 120,350 154,527 175,119 198,987 218,634 230,279 227,472
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
12.75% 13.45% 14.94% 17.92% 20.31% 22.58% 24.55% 26.03% 26.90%
58,948 68,026 84,245 109,418 128,185 149,728 168,841 182,831 187,030
462,323 505,592 563,732 610,609 631,064 663,158 687,627 702,453 695,215
20.66% 21.93% 23.90% 23.52% 19.28% 16.22% 13.36% 10.57% 7.65%
84,533 85,672 92,199 105,256 109,514 114,938 116,183 110,710 94,366
409,212 390,608 385,818 447,527 568,070 708,677 869,879 1,047,608 1,234,042
32.78% 27.96% 26.37% 26.28% 23.96% 22.21% 20.26% 18.12% 15.66%
58,948 68,026 84,245 109,418 128,185 149,728 168,841 182,831 187,030
179,829 243,316 319,451 416,283 535,084 674,040 833,325 ### ###
 2023 2024 2025 2026

34.91 40.14 57.09 72.76

1,399,396 1,610,279 1,807,123 2,008,543
40,086 40,114 31,655 27,606
33.92 39.15 56.10 71.77
1,359,573 1,570,429 1,775,732 1,981,202
40,086 40,114 31,655 27,606
#REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF!
40,086 40,114 31,655 27,606

- - - -
76,902 59,472 31,996 10,038
- - - -
- - - -
- - - -
1,478,341 1,673,282 1,862,883 2,053,189

30.38 30.56 34.60 33.16

12.02 11.95 10.55 11.01
678,195 653,947 500,450 413,299
56,442 54,746 47,441 37,551
29.79 29.99 34.04 32.22
12.25 12.17 10.72 11.33
484,509 484,848 381,929 332,659
39,548 39,837 35,621 29,367
766.25 902.46 ### ###
0.48 0.40 0.28 0.21
678,195 653,947 500,450 413,299
1,423,751 1,616,876 1,804,932 1,988,631
- - - -
#VALUE! #VALUE! #VALUE! #VALUE!
678,195 653,947 500,450 413,299
#VALUE! #VALUE! #VALUE! #VALUE!
29.79 29.99 34.04 32.22
12.25 12.17 10.72 11.33
484,509 484,848 381,929 332,659
39,548 39,837 35,621 29,367

28.56% 25.86% 23.68% 19.51%

193,686 169,099 118,521 80,640
678,195 653,947 500,450 413,299
18.55% 15.43% 12.27% 7.14%
125,774 100,874 61,410 29,503
678,195 653,947 500,450 413,299
16.20% 12.99% 9.13% 3.47%
109,860 84,960 45,708 14,340
678,195 653,947 500,450 413,299
16.20% 12.99% 9.13% 3.47%
109,860 84,960 45,708 14,340
 678,195 653,947 500,450 413,299
32.98% 33.71% 40.63% 47.09%
223,692 220,429 203,313 194,608
678,195 653,947 500,450 413,299
28.12% 29.81% 37.89% 46.05%
190,734 194,941 189,601 190,307
678,195 653,947 500,450 413,299
5.40% 3.68% 1.77% 0.50%
76,902 59,472 31,996 10,038
1,423,751 1,616,876 1,804,932 1,988,631
13.79% 12.37% 10.72% 9.72%
190,734 194,941 189,601 190,307
### ### ### ###