FS Gudang SIMULATION

FINANCIAL PROJECTION
KOTA WISATA LIFESTYLE MALL, KOTA WISATA, CIBUBUR
ITEM UNIT COST

(Rp)
CASH INFLOW :
Mall Revenue
12 Departement Store 1 35.0
Area of Tenant 11,603
Occupation Rate
Service Charge 35.0
12 Supermarket 1 35.0
Occupation Rate
Service Charge 35.0
12 Cinema 1 35.0
Occupation Rate
Service Charge 25.0
12 Speciality Shop 120 222.0

Occupation Rate
Service Charge 70.0
12 F&B 20 186.0
Occupation Rate
Service Charge 32.0
12 Outdoor 30 150.0
Occupation Rate
Service Charge 32.0
12 Sales Area 15 250.0

Occupation Rate
Service Charge 75.0
Total Rent Revenue 43,764

Total Service Charge Revenue 43,764
Kota Wisata Mall 24 Mei Page 1

362 Atrium & Counter 662 60.0
Utilities 70%
362 Parking 906 8.0
TOTAL CASH INFLOW
CASH OUTFLOW :
DEVELOPMENT COST
Land
Land Value 41,341 1,000.0 psm
Development Cost 41,341 750.0 psm
Permit
Land Permit
Building Permit 82,728 18.0 psm
Building
Shopping Mall (incl. M/E) 59,038 3,500.0 psm
Town Houses 0 0.0 psm
Shop Houses 0 0.0 psm
Parking Building 23,690 2,000.0 psm
Facilities
Professional Fess 82,728 55.0 psm
Contigency 2.50%
Insurance 0.15%
OPERATION COST
Employed Cost 82,728 110.0 psm
Administration Cost 82,728 8.5 psm
Utilities Cost 82,728 275.0 psm
Repair & Maintenance 82,728 25.0 psm
Cleaning Service 82,728 40.0 psm
Marketing & Promotion 82,728
Other Operation Cost 82,728 5.00%

Insurance & Building Land tax 82,728 0.45%
502 703 psm

TOTAL CASH OUTFLOW
NET CASH FLOW BEFORE TAX
CUMULATIVE NET CASH FLOW
RESIDUAL VALUE growth 7%
NET CASH FLOW AFTER ADJUSTED
NET PRESENT VALUE 13%

INTERNAL RATE OF RETURN
ADJUSTED PAYBACK PERIOD
SCENARIO - 1
FINANCING :
A. Cashflow available for Debt Service

B. Balance, Beginning of Year
C. Debt Drawdown 50%
D. Interest Capitalised
E. Debt Repayment
F. Balance, End of Year
G. Interest Expense 11%
Interest Coverage (A/G)

Burden Coverage (A/(E+G))
CASHFLOW FOR EQUITY HOLDER

TOTAL EQUITY REQUIRED

PROFIT ON EQUITY INVESTED BEFORE TAX
RETURN ON EQUITY INVESTED BERFORE TAX

TOTAL COST
(US $) 0 1 2 3
69% 69%
30,345 30,345
53,607,400 4,873,400 4,873,400

139,240 139,240
100% 100%
53,607,400 4,873,400 4,873,400
10,164,000 924,000 924,000

26,400 26,400
100% 100%
10,164,000 924,000 924,000
14,423,640 1,311,240 1,311,240

37,464 37,464
100% 100%
10,302,600 936,600 936,600
392,052,444 23,617,692 23,617,692

106,386 106,386
50% 50%
123,620,140 7,447,020 7,447,020
65,764,578 4,835,628 4,835,628

25,998 25,998
50% 50%
11,314,336 831,936 831,936
46,206,000 3,397,500 3,397,500

22,650 22,650
50% 50%
9,857,280 724,800 724,800
20,400,000 1,500,000 1,500,000

6,000 6,000
50% 50%
6,120,000 450,000 450,000
602,618,062 40,459,460 40,459,460

224,985,756 16,187,756 16,187,756

10% 15%
74,049,996 1,437,864 2,156,796
67,522,594 5,096,045 5,733,050

0% 0%
0 0
969,176,408 0 0 63,181,125 64,537,062
41,341,000 41,341,000
31,005,750 31,005,750
1,216,324 1,216,324
1,489,104 744,552 744,552
206,633,000 103,316,500 103,316,500

0 0 0
0 0 0
47,380,000 23,690,000 23,690,000
10,513,000 5,256,500 5,256,500
4,550,040 2,275,020 2,275,020
6,350,325 3,175,163 3,175,163
396,789 198,395 198,395
70% 80%
94,640,832 6,370,056 7,280,064
70% 80%
7,313,155 492,232 562,550
80% 90%
241,152,120 0 0 18,200,160 20,475,180
25% 25%
11,995,560 0 0 517,050 517,050
80% 80%
34,745,760 0 0 2,647,296 2,647,296
5% 5%
32,377,470 0 0 3,159,056 3,226,853
21,111,245 0 0 1,569,292 1,735,450

100% 100%

13,094,037 0 0 1,190,367 1,190,367
807,305,511 212,219,203 138,656,129 34,145,509 37,634,810
183,123,482 (212,219,203) (138,656,129) 29,035,615 26,902,252
(212,219,203) (350,875,332) (321,839,716) (294,937,464)
1,219,340,055 (212,219,203) (138,656,129) 29,035,615 26,902,252
108,051,023
17%
>12
TOTAL COST
(US $) 0 1 2 3
(212,219,203) (138,656,129) 29,035,615 26,902,252

0 111,945,629 207,049,828 204,549,828
175,437,666 106,109,601 69,328,065 0 0
5,836,028 25,776,134 0 0
17,430,776 0 0 2,500,000 3,000,000
111,945,629 207,049,828 204,549,828 201,549,828
266,866,835 5,836,028 25,776,134 22,637,981 22,335,481
N/A N/A 1.3 1.2

N/A N/A 1.2 1.1
(106,109,601) (69,328,065) 3,897,634 1,566,771

150,906,133
21%
175,437,666
1,142,092,272
651%

4 5 6 7 8
73% 75% 84% 84% 90%

32,118 33,029 36,575 36,575 39,259
4,873,400 4,873,400 4,873,400 4,873,400 4,873,400

139,240 139,240 139,240 139,240 139,240
100% 100% 100% 100% 100%
4,873,400 4,873,400 4,873,400 4,873,400 4,873,400
924,000 924,000 924,000 924,000 924,000

26,400 26,400 26,400 26,400 26,400
100% 100% 100% 100% 100%
924,000 924,000 924,000 924,000 924,000
1,311,240 1,311,240 1,311,240 1,311,240 1,311,240

37,464 37,464 37,464 37,464 37,464
100% 100% 100% 100% 100%
936,600 936,600 936,600 936,600 936,600
28,341,186 28,341,186 37,788,174 37,788,174 42,511,668

127,663 127,663 170,217 170,217 191,494
60% 60% 80% 80% 90%
8,936,410 8,936,410 11,915,190 11,915,190 13,404,580
4,835,628 5,802,828 5,802,828 5,802,828 6,769,842

25,998 31,198 31,198 31,198 36,397
50% 60% 60% 60% 70%
831,936 998,336 998,336 998,336 1,164,704
3,397,500 4,077,000 4,077,000 4,077,000 4,756,500

22,650 27,180 27,180 27,180 31,710
50% 60% 60% 60% 70%
724,800 869,760 869,760 869,760 1,014,720
1,500,000 1,800,000 1,800,000 1,800,000 2,100,000

6,000 7,200 7,200 7,200 8,400
50% 60% 60% 60% 70%
450,000 540,000 540,000 540,000 630,000
45,182,954 47,129,654 56,576,642 56,576,642 63,246,650

17,677,146 18,078,506 21,057,286 21,057,286 22,948,004

15% 25% 35% 50% 65%
2,156,796 3,594,660 5,032,524 7,189,320 9,346,116
5,733,050 6,370,056 6,370,056 6,370,056 6,370,056

50% 75% 85% 100% 100%
1,311,888 1,967,832 2,230,210 2,623,776 2,623,776
72,061,834 77,140,708 91,266,718 93,817,080 104,534,602
90% 100% 100% 100% 100%

8,190,072 9,100,080 9,100,080 9,100,080 9,100,080
90% 100% 100% 100% 100%
632,869 703,188 703,188 703,188 703,188
90% 100% 100% 100% 100%
20,475,180 22,750,200 22,750,200 22,750,200 22,750,200
30% 40% 60% 50% 50%
620,460 827,280 1,240,920 1,034,100 1,034,100
90% 100% 100% 100% 100%
2,978,208 3,309,120 3,309,120 3,309,120 3,309,120
5% 3.5% 3.5% 3.5% 2.5%
3,603,092 2,699,925 3,194,335 3,283,598 2,613,365
1,824,994 1,969,490 2,014,892 2,009,014 1,975,503

100% 100% 100% 100% 100%

1,190,367 1,190,367 1,190,367 1,190,367 1,190,367
39,515,242 42,549,649 43,503,102 43,379,667 42,675,923
32,546,592 34,591,059 47,763,615 50,437,413 61,858,679
(262,390,872) (227,799,813) (180,036,198) (129,598,785) (67,740,106)
32,546,592 34,591,059 47,763,615 50,437,413 61,858,679
4 5 6 7 8
32,546,592 34,591,059 47,763,615 50,437,413 61,858,679

201,549,828 198,049,828 195,549,828 192,549,828 189,619,052
0 0 0 0 0
0 0 0 0 0
3,500,000 2,500,000 3,000,000 2,930,776 0
198,049,828 195,549,828 192,549,828 189,619,052 189,619,052
21,977,981 21,647,981 21,345,481 21,019,288 20,858,096
1.5 1.6 2.2 2.4

1.3 1.4 2.0 2.1
7,068,611 10,443,077 23,418,134 26,487,348 41,000,584

9 10 11 12
90% 90% 90% 90%

39,259 39,259 39,259 39,259
4,873,400 4,873,400 4,873,400 4,873,400

139,240 139,240 139,240 139,240
100% 100% 100% 100%
4,873,400 4,873,400 4,873,400 4,873,400
924,000 924,000 924,000 924,000

26,400 26,400 26,400 26,400
100% 100% 100% 100%
924,000 924,000 924,000 924,000
1,311,240 1,311,240 1,311,240 1,311,240

37,464 37,464 37,464 37,464
100% 100% 100% 100%
936,600 936,600 936,600 936,600
42,511,668 42,511,668 42,511,668 42,511,668

191,494 191,494 191,494 191,494
90% 90% 90% 90%
13,404,580 13,404,580 13,404,580 13,404,580
6,769,842 6,769,842 6,769,842 6,769,842

36,397 36,397 36,397 36,397
70% 70% 70% 70%
1,164,704 1,164,704 1,164,704 1,164,704
4,756,500 4,756,500 4,756,500 4,756,500

31,710 31,710 31,710 31,710
70% 70% 70% 70%
1,014,720 1,014,720 1,014,720 1,014,720
2,100,000 2,100,000 2,100,000 2,100,000

8,400 8,400 8,400 8,400
70% 70% 70% 70%
630,000 630,000 630,000 630,000
63,246,650 63,246,650 63,246,650 63,246,650

22,948,004 22,948,004 22,948,004 22,948,004

75% 75% 75% 75%
10,783,980 10,783,980 10,783,980 10,783,980
6,370,056 6,370,056 6,370,056 6,370,056

100% 100% 100% 100%
2,623,776 2,623,776 2,623,776 2,623,776
105,972,466 105,972,466 105,972,466 105,972,466
100% 100% 100% 100%

9,100,080 9,100,080 9,100,080 9,100,080
100% 100% 100% 100%
703,188 703,188 703,188 703,188
100% 100% 100% 100%
22,750,200 22,750,200 22,750,200 22,750,200
80% 60% 60% 100%
1,654,560 1,240,920 1,240,920 2,068,200
100% 100% 100% 100%
3,309,120 3,309,120 3,309,120 3,309,120
2.5% 2.5% 2.5% 2.5%
2,649,312 2,649,312 2,649,312 2,649,312
2,008,323 1,987,641 1,987,641 2,029,005

100% 100% 100% 100%

1,190,367 1,190,367 1,190,367 1,190,367
43,365,150 42,930,828 42,930,828 43,799,472
62,607,316 63,041,638 63,041,638 62,172,994
(5,132,789) 57,908,849 120,950,488 183,123,482
1,036,216,573
62,607,316 63,041,638 63,041,638 1,098,389,567
9 10 11 12
62,607,316 63,041,638 63,041,638 1,098,389,567

189,619,052 189,619,052 189,619,052 189,619,052
0 0 0 0
0 0 0 0
0 0 0 0
189,619,052 189,619,052 189,619,052 189,619,052
20,858,096 20,858,096 20,858,096 20,858,096
41,749,221 42,183,543 42,183,543 1,077,531,471

ITEM UNIT COST TOTAL COST

(Rp) (US $) 0 1 2 3 4 5 6 7 8 9 10 11 12
CASH INFLOW : 70% 80% 84% 89% 91% 94% 97% 100% 100% 100% 100%
30,073 34,055 35,813 37,922 38,861 40,151 41,442 42,732 42,732 42,732 42,732
Mall Revenue 3,982 1,758 2,109 939 1,290 1,290 1,290
12 Departement Store 1 35.0 25,058,880 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080
Area of Tenant 5,424 65,088 65,088 65,088 65,088 65,088 65,088 65,088 65,088 65,088 65,088 65,088
Occupation Rate 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Service Charge 35.0 25,058,880 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080 2,278,080
12 Supermarket 1 35.0 17,075,520 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320
Area of Tenant 3,696 44,352 44,352 44,352 44,352 44,352 44,352 44,352 44,352 44,352 44,352 44,352
Occupation Rate 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Service Charge 35.0 17,075,520 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320 1,552,320
12 Cinema 1 35.0 11,185,020 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820 1,016,820
Area of Tenant for Rent 2,421 29,052 29,052 29,052 29,052 29,052 29,052 29,052 29,052 29,052 29,052 29,052
Occupation Rate 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Area of Tenant for SC 242 2,905 2,905 2,905 2,905 2,905 2,905 2,905 2,905 2,905 2,905 2,905
Service Charge 25.0 798,875 72,625 72,625 72,625 72,625 72,625 72,625 72,625 72,625 72,625 72,625 72,625
12 Speciality Shop 120 200.0 416,222,000 31,627,800 33,736,400 33,736,400 34,579,800 35,844,800 37,953,400 40,061,800 42,170,400 42,170,400 42,170,400 42,170,400
Area of Tenant 17,571 158,139 168,682 168,682 172,899 179,224 189,767 200,309 210,852 210,852 210,852 210,852
Occupation Rate 75% 80% 80% 82% 85% 90% 95% 100% 100% 100% 100%
Service Charge 70.0 145,677,700 11,069,730 11,807,740 11,807,740 12,102,930 12,545,680 13,283,690 14,021,630 14,759,640 14,759,640 14,759,640 14,759,640
12 Food Court & Fun World 20 35.0 17,470,635 1,182,895 1,273,895 1,364,895 1,455,895 1,546,895 1,637,860 1,728,860 1,819,860 1,819,860 1,819,860 1,819,860
Area of Tenant 4,333 33,797 36,397 38,997 41,597 44,197 46,796 49,396 51,996 51,996 51,996 51,996
Occupation Rate 65% 70% 75% 80% 85% 90% 95% 100% 100% 100% 100%
Service Charge 35.0 17,470,635 1,182,895 1,273,895 1,364,895 1,455,895 1,546,895 1,637,860 1,728,860 1,819,860 1,819,860 1,819,860 1,819,860
12 Outdoor 30 125.0 56,203,125 3,805,375 4,098,125 4,390,875 4,683,625 4,976,375 5,269,000 5,561,750 5,854,500 5,854,500 5,854,500 5,854,500
Area of Tenant 3,903 30,443 32,785 35,127 37,469 39,811 42,152 44,494 46,836 46,836 46,836 46,836
Occupation Rate 65% 70% 75% 80% 85% 90% 95% 100% 100% 100% 100%
Service Charge 32.0 14,388,000 974,176 1,049,120 1,124,064 1,199,008 1,273,952 1,348,864 1,423,808 1,498,752 1,498,752 1,498,752 1,498,752
12 Electr, Book Store & Fitness 3 35.0 20,916,840 0 1,130,640 1,695,960 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280
Area of Tenant 5,384 0 32,304 48,456 64,608 64,608 64,608 64,608 64,608 64,608 64,608 64,608
Occupation Rate 0% 50% 75% 100% 100% 100% 100% 100% 100% 100% 100%
Service Charge 35.0 20,916,840 0 1,130,640 1,695,960 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280 2,261,280
Total Rent Revenue 42,732 564,132,020 41,463,290 45,086,280 46,035,350 47,827,820 49,476,570 51,968,760 54,460,910 56,953,260 56,953,260 56,953,260 56,953,260
Total Service Charge Revenue 42,732 241,386,450 17,129,826 19,164,420 19,895,684 20,922,138 21,530,832 22,434,719 23,338,603 24,242,557 24,242,557 24,242,557 24,242,557
15% 20% 25% 35% 55% 70% 80% 90% 100% 100% 100%
362 Atrium & Counter 1,662 60.0 249,080,616 5,414,796 7,219,728 9,024,660 12,634,524 19,854,252 25,269,048 28,878,912 32,488,776 36,098,640 36,098,640 36,098,640
44,394
Utilities 70% 67,418,634 5,088,199 5,724,224 5,724,224 6,360,249 6,360,249 6,360,249 6,360,249 6,360,249 6,360,249 6,360,249 6,360,249
0% 50% 65% 75% 85% 100% 100% 100% 100% 100% 100%
362 Parking 6,186 2.0 0 2,239,332 2,911,132 3,358,998 3,806,864 4,478,664 4,478,664 4,478,664 4,478,664 4,478,664 4,478,664
1,031
TOTAL CASH INFLOW 1,122,017,720 0 0 62,186,500 71,490,585 75,231,944 81,993,356 90,925,890 99,460,296 105,765,604 112,071,155 115,320,033 115,320,033 115,320,033
CASH OUTFLOW :
DEVELOPMENT COST
Land
Land Value 41,341 0.0 psm 0 0
Development Cost 41,341 500.0 psm 20,670,500 20,670,500
Permit
Land Permit 1,215,553 1,215,553
Building Permit 82,601 18.0 psm 1,486,811 743,406 743,406
Building
Shopping Mall (incl. M/E) 58,911 3,500.0 psm 206,187,205 103,093,603 103,093,603
Town Houses 0 0.0 psm 0 0 0
Shop Houses 0 0.0 psm 0 0 0
Parking Building 23,690 1,650.0 psm 39,088,500 19,544,250 19,544,250
Facilities 10,577,075 5,288,538 5,288,538
Professional Fess 82,601 55.0 psm 4,543,035 2,271,517 2,271,517
Contigency 2.50% 6,131,893 3,065,946 3,065,946
Insurance 0.15% 383,779 191,890 191,890
OPERATION COST
80% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Employed Cost 82,601 110.0 psm 97,220,942 7,268,855 8,177,462 9,086,069 9,086,069 9,086,069 9,086,069 9,086,069 9,086,069 9,086,069 9,086,069 9,086,069
80% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Administration Cost 82,601 8.5 psm 7,512,527 561,684 631,895 702,105 702,105 702,105 702,105 702,105 702,105 702,105 702,105 702,105
80% 90% 90% 100% 100% 100% 100% 100% 100% 100% 100%
Utilities Cost 82,601 275.0 psm 240,780,836 0 0 18,172,139 20,443,656 20,443,656 22,715,173 22,715,173 22,715,173 22,715,173 22,715,173 22,715,173 22,715,173 22,715,173
25% 25% 30% 40% 60% 50% 50% 80% 60% 60% 100%
Repair & Maintenance 82,601 25.0 psm 11,977,091 0 0 516,254 516,254 619,505 826,006 1,239,009 1,032,508 1,032,508 1,652,013 1,239,009 1,239,009 2,065,016
80% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Cleaning Service 82,601 40.0 psm 35,353,070 0 0 2,643,220 2,973,623 3,304,025 3,304,025 3,304,025 3,304,025 3,304,025 3,304,025 3,304,025 3,304,025 3,304,025
4% 4% 3.50% 3.3% 3.0% 3.0% 2.5% 2.5% 2.5% 2.5% 2.5%
Marketing & Promotion 82,601 30,451,492 0 0 2,487,460 2,859,623 2,633,118 2,664,784 2,727,777 2,983,809 2,644,140 2,801,779 2,883,001 2,883,001 2,883,001
Other Operation Cost 82,601 5.00% 21,164,798 0 0 1,582,481 1,780,126 1,839,424 1,964,908 1,988,708 1,991,184 1,974,201 2,013,058 1,996,469 1,996,469 2,037,769
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Insurance & Building Land tax 82,601 0.45% 12,664,713 0 0 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338 1,151,338
503 705 psm

TOTAL CASH OUTFLOW 747,409,820 156,085,202 134,199,149 34,383,431 38,533,976 39,779,240 42,414,409 42,914,205 42,966,212 42,609,560 43,425,560 43,077,190 43,077,190 43,944,497
NET CASH FLOW BEFORE TAX 297,675,607 (156,085,202) (134,199,149) 27,803,069 32,956,609 35,452,704 39,578,947 48,011,685 56,494,084 63,156,044 68,645,595 72,242,843 72,242,843 71,375,536
CUMULATIVE NET CASH FLOW (156,085,202) (290,284,351) (262,481,282) (229,524,673) (194,071,969) (154,493,022) (106,481,337) (49,987,253) 13,168,791 81,814,386 154,057,228 226,300,071 297,675,607
RESIDUAL VALUE growth 0% 475,836,906
NET CASH FLOW AFTER ADJUSTED 773,512,513 (156,085,202) (134,199,149) 27,803,069 32,956,609 35,452,704 39,578,947 48,011,685 56,494,084 63,156,044 68,645,595 72,242,843 72,242,843 547,212,442
NET PRESENT VALUE 15% 24,067,800

INTERNAL RATE OF RETURN 16%
ADJUSTED PAYBACK PERIOD >12
TOTAL COST
SCENARIO - 1 (US $) 0 1 2 3 4 5 6 7 8 9 10 11 12
FINANCING :
A. Cashflow available for Debt Service (156,085,202) (134,199,149) 27,803,069 32,956,609 35,452,704 39,578,947 48,011,685 56,494,084 63,156,044 68,645,595 72,242,843 72,242,843 547,212,442
B. Balance, Beginning of Year 0 83,115,370 174,815,656 171,815,656 164,565,656 152,065,656 133,565,656 104,065,656 61,565,656 9,065,656 0 0 0
C. Debt Drawdown 50% 145,142,176 78,042,601 67,099,574 0 0 0 0 0 0 0 0 0 0 0
D. Interest Capitalised 5,072,769 24,600,712 0 0 0 0 0 0 0 0 0 0 0
E. Debt Repayment 174,815,656 0 0 3,000,000 7,250,000 12,500,000 18,500,000 29,500,000 42,500,000 52,500,000 9,065,656 0 0 0
F. Balance, End of Year 83,115,370 174,815,656 171,815,656 164,565,656 152,065,656 133,565,656 104,065,656 61,565,656 9,065,656 0 0 0 0
G. Interest Expense 13% 144,608,746 5,072,769 24,600,712 22,531,035 21,864,785 20,581,035 18,566,035 15,446,035 10,766,035 4,591,035 589,268 0 0 0
Interest Coverage (A/G) N/A N/A 1.2 1.5 1.7 2.1 3.1 5.2
Burden Coverage (A/(E+G)) N/A N/A 1.1 1.1 1.1 1.1 1.1 1.1
CASHFLOW FOR EQUITY HOLDER (78,042,601) (67,099,574) 2,272,034 3,841,824 2,371,669 2,512,911 3,065,650 3,228,048 6,065,009 58,990,671 72,242,842 72,242,842 547,212,442
NET PRESENT VALUE 15% 23,837,489
INTERNAL RATE OF RETURN 17%
TOTAL EQUITY REQUIRED 145,142,176

PROFIT ON EQUITY INVESTED BEFORE TAX 628,903,767
RETURN ON EQUITY INVESTED BERFORE TAX 433%
Kota Wisata Mall 31 Mei PPTx Page 13

LIFESTYLE MALL
ITEM UNIT COST

(Rp)
CASH INFLOW :
Mall Revenue
12 Departement Store 1 50.0
Occupation Rate
Service Charge 30.0
12 Supermarket 1 50.0
Occupation Rate
Service Charge 30.0
12 Cinema 1 50.0
Occupation Rate
Service Charge 30.0
12 Speciality Shop 180 170.0

Occupation Rate
Service Charge 100.0
12 F&B 20 220.0
Occupation Rate
12 Outdoor 30 75.0
Occupation Rate
Service Charge 50.0
12 Sales Area 15 170.0

Occupation Rate
Total Rent Revenue 39,000

Total Service Charge Revenue 39,000

LIFESTYLE MALL
362 Atrium & Counter 1,000 200.0
Utilities 70%
362 Parking 1,000 6.0
TOTAL CASH INFLOW
CASH OUTFLOW :
DEVELOPMENT COST
Land
Land Value 30,000 0.0 psm
Development Cost 30,000 0.0 psm
Permit
Land Permit
Building Permit 60,000 38.9 psm
Building
Shopping Mall (incl. M/E) 40,000 4,703.7 psm
Town Houses 0 0.0 psm
Shop Houses 0 0.0 psm
Parking Building 20,000 3,257.8 psm
Facilities
Professional Fess 60,000 89.6 psm
Contigency 5.00%
Insurance 0.15%
OPERATION COST
Employed Cost 60,000 237.5 psm
Administration Cost 60,000 13.8 psm
Utilities Cost 60,000 814.4 psm
Repair & Maintenance 60,000 40.7 psm
Cleaning Service 60,000 103.7 psm
Marketing & Promotion 60,000
Other Operation Cost 60,000 5.00%

LIFESTYLE MALL
Insurance & Building Land tax 60,000 0.50%
1,455 2,182 psm

TOTAL CASH OUTFLOW
NET CASH FLOW BEFORE TAX
CUMULATIVE NET CASH FLOW
RESIDUAL VALUE growth 7%
NET CASH FLOW AFTER ADJUSTED

ADJUSTED PAYBACK PERIOD
SCENARIO - 1
FINANCING :
A. Cashflow available for Debt Service

B. Balance, Beginning of Year
C. Debt Drawdown 50%
D. Interest Capitalised
E. Debt Repayment
F. Balance, End of Year
G. Interest Expense 13%
Interest Coverage (A/G)

Burden Coverage (A/(E+G))
CASHFLOW FOR EQUITY HOLDER

TOTAL EQUITY REQUIRED

PROFIT ON EQUITY INVESTED BEFORE TAX
RETURN ON EQUITY INVESTED BERFORE TAX

TOTAL COST
(US $) 0 1 2 3
67% 67%
26,000 26,000
33,000,000 3,000,000 3,000,000

60,000 60,000
100% 100%
19,800,000 1,800,000 1,800,000
33,000,000 3,000,000 3,000,000

60,000 60,000
100% 100%
19,800,000 1,800,000 1,800,000
19,800,000 1,800,000 1,800,000

36,000 36,000
100% 100%
11,880,000 1,080,000 1,080,000
304,776,000 18,360,000 18,360,000

108,000 108,000
50% 50%
179,280,000 10,800,000 10,800,000
71,808,000 5,280,000 5,280,000

24,000 24,000
50% 50%
32,640,000 2,400,000 2,400,000
18,360,000 1,350,000 1,350,000

18,000 18,000
50% 50%
12,240,000 900,000 900,000
13,872,000 1,020,000 1,020,000

6,000 6,000
50% 50%
8,160,000 600,000 600,000
494,616,000 33,810,000 33,810,000

283,800,000 19,380,000 19,380,000

10% 15%
372,860,000 7,240,000 10,860,000
253,814,361 19,155,801 21,550,276

0% 0%
0 0
1,405,090,361 0 0 79,585,801 85,600,276

79,585,800,811 85,600,275,912
0 0
0 0
1,591,813 1,591,813
2,331,639 1,165,819 1,165,819
188,148,293 94,074,147 94,074,147

0 0 0
0 0 0
65,155,785 32,577,893 32,577,893
14,128,593 7,064,296 7,064,296
5,375,352 2,687,676 2,687,676
12,665,204 6,332,602 6,332,602
401,149 200,575 200,575
70% 85%
150,325,948 9,974,233 12,111,569
80% 90%
8,888,878 664,589 747,663
80% 90%
517,988,491 0 0 39,093,471 43,980,155
25% 25%
14,171,383 0 0 610,835 610,835
80% 90%
66,607,306 0 0 4,979,986 5,602,484
10% 10%
142,268,356 0 0 7,958,580 8,560,028
45,012,518 0 0 3,164,085 3,580,637

100% 100%

14,708,797 0 0 1,337,163 1,337,163
1,249,769,506 145,694,821 144,103,008 67,782,943 76,530,534
172,914,055 (145,694,821) (144,103,008) 11,802,858 9,069,742
(145,694,821) (289,797,829) (277,994,970) (268,925,228)
688,366,322 (145,694,821) (144,103,008) 11,802,858 9,069,742
11,516,231
14%
>12
TOTAL COST
(US $) 0 1 2 3
(145,694,821) (144,103,008) 11,802,858 9,069,742

0 77,582,492 173,821,497 171,321,497
144,898,914 72,847,410 72,051,504 0 0
4,735,082 24,187,501 0 0
17,430,776 0 0 2,500,000 3,000,000
77,582,492 173,821,497 171,321,497 168,321,497
259,434,319 4,735,082 24,187,501 22,434,295 22,076,795
N/A N/A 0.5 0.4

N/A N/A 0.5 0.4
(72,847,410) (72,051,504) (13,131,437) (16,007,052)

28,799,860
15%
144,898,914
585,322,724
404%

4 5 6 7 8
71% 73% 83% 83% 89%

27,800 28,600 32,200 32,200 34,800
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000

60,000 60,000 60,000 60,000 60,000
100% 100% 100% 100% 100%
1,800,000 1,800,000 1,800,000 1,800,000 1,800,000
3,000,000 3,000,000 3,000,000 3,000,000 3,000,000

60,000 60,000 60,000 60,000 60,000
100% 100% 100% 100% 100%
1,800,000 1,800,000 1,800,000 1,800,000 1,800,000
1,800,000 1,800,000 1,800,000 1,800,000 1,800,000

36,000 36,000 36,000 36,000 36,000
100% 100% 100% 100% 100%
1,080,000 1,080,000 1,080,000 1,080,000 1,080,000
22,032,000 22,032,000 29,376,000 29,376,000 33,048,000

129,600 129,600 172,800 172,800 194,400
60% 60% 80% 80% 90%
12,960,000 12,960,000 17,280,000 17,280,000 19,440,000
5,280,000 6,336,000 6,336,000 6,336,000 7,392,000

24,000 28,800 28,800 28,800 33,600
50% 60% 60% 60% 70%
2,400,000 2,880,000 2,880,000 2,880,000 3,360,000
1,350,000 1,620,000 1,620,000 1,620,000 1,890,000

18,000 21,600 21,600 21,600 25,200
50% 60% 60% 60% 70%
900,000 1,080,000 1,080,000 1,080,000 1,260,000
1,020,000 1,224,000 1,224,000 1,224,000 1,428,000

6,000 7,200 7,200 7,200 8,400
50% 60% 60% 60% 70%
600,000 720,000 720,000 720,000 840,000
37,482,000 39,012,000 46,356,000 46,356,000 51,558,000

21,540,000 22,320,000 26,640,000 26,640,000 29,580,000

15% 25% 35% 50% 65%
10,860,000 18,100,000 25,340,000 36,200,000 47,060,000
21,550,276 23,944,751 23,944,751 23,944,751 23,944,751

50% 75% 85% 100% 100%
1,086,000 1,629,000 1,846,200 2,172,000 2,172,000
92,518,276 105,005,751 124,126,951 135,312,751 154,314,751

92,518,275,912 105,005,751,014 124,126,951,014 135,312,751,014 154,314,751,014
100% 100% 100% 100% 100%

14,248,905 14,248,905 14,248,905 14,248,905 14,248,905
100% 100% 100% 100% 100%
830,736 830,736 830,736 830,736 830,736
90% 100% 100% 100% 100%
43,980,155 48,866,839 48,866,839 48,866,839 48,866,839
30% 40% 60% 50% 50%
733,003 977,337 1,466,005 1,221,671 1,221,671
100% 100% 100% 100% 100%
6,224,982 6,224,982 6,224,982 6,224,982 6,224,982
10% 10% 10% 10% 10%
9,251,828 10,500,575 12,412,695 13,531,275 15,431,475
3,763,480 4,082,469 4,202,508 4,246,220 4,341,230

100% 100% 100% 100% 100%

1,337,163 1,337,163 1,337,163 1,337,163 1,337,163
80,370,252 87,069,006 89,589,834 90,507,792 92,503,002
12,148,024 17,936,745 34,537,117 44,804,959 61,811,749
(256,777,204) (238,840,459) (204,303,342) (159,498,383) (97,686,633)
12,148,024 17,936,745 34,537,117 44,804,959 61,811,749
4 5 6 7 8
12,148,024 17,936,745 34,537,117 44,804,959 61,811,749

168,321,497 164,821,497 162,321,497 159,321,497 156,390,721
0 0 0 0 0
0 0 0 0 0
3,500,000 2,500,000 3,000,000 2,930,776 0
164,821,497 162,321,497 159,321,497 156,390,721 156,390,721
21,654,295 21,264,295 20,906,795 20,521,294 20,330,794
0.6 0.8 1.7 2.2 3.0

0.5 0.8 1.4 1.9 3.0
(13,006,271) (5,827,549) 10,630,323 21,352,889 41,480,955

9 10 11 12
89% 89% 89% 89%

34,800 34,800 34,800 34,800
3,000,000 3,000,000 3,000,000 3,000,000

60,000 60,000 60,000 60,000
100% 100% 100% 100%
1,800,000 1,800,000 1,800,000 1,800,000
3,000,000 3,000,000 3,000,000 3,000,000

60,000 60,000 60,000 60,000
100% 100% 100% 100%
1,800,000 1,800,000 1,800,000 1,800,000
1,800,000 1,800,000 1,800,000 1,800,000

36,000 36,000 36,000 36,000
100% 100% 100% 100%
1,080,000 1,080,000 1,080,000 1,080,000
33,048,000 33,048,000 33,048,000 33,048,000

194,400 194,400 194,400 194,400
90% 90% 90% 90%
19,440,000 19,440,000 19,440,000 19,440,000
7,392,000 7,392,000 7,392,000 7,392,000

33,600 33,600 33,600 33,600
70% 70% 70% 70%
3,360,000 3,360,000 3,360,000 3,360,000
1,890,000 1,890,000 1,890,000 1,890,000

25,200 25,200 25,200 25,200
70% 70% 70% 70%
1,260,000 1,260,000 1,260,000 1,260,000
1,428,000 1,428,000 1,428,000 1,428,000

8,400 8,400 8,400 8,400
70% 70% 70% 70%
840,000 840,000 840,000 840,000
51,558,000 51,558,000 51,558,000 51,558,000

29,580,000 29,580,000 29,580,000 29,580,000

75% 75% 75% 75%
54,300,000 54,300,000 54,300,000 54,300,000
23,944,751 23,944,751 23,944,751 23,944,751

100% 100% 100% 100%
2,172,000 2,172,000 2,172,000 2,172,000
161,554,751 161,554,751 161,554,751 161,554,751

161,554,751,014 161,554,751,014 161,554,751,014 161,554,751,014
100% 100% 100% 100%

14,248,905 14,248,905 14,248,905 14,248,905
100% 100% 100% 100%
830,736 830,736 830,736 830,736
100% 100% 100% 100%
48,866,839 48,866,839 48,866,839 48,866,839
80% 60% 60% 100%
1,954,674 1,466,005 1,466,005 2,443,342
100% 100% 100% 100%
6,224,982 6,224,982 6,224,982 6,224,982
10% 10% 10% 10%
16,155,475 16,155,475 16,155,475 16,155,475
4,414,081 4,389,647 4,389,647 4,438,514

100% 100% 100% 100%

1,337,163 1,337,163 1,337,163 1,337,163
94,032,854 93,519,753 93,519,753 94,545,956
67,521,897 68,034,998 68,034,998 67,008,795
(30,164,737) 37,870,262 105,905,260 172,914,055
515,452,267
67,521,897 68,034,998 68,034,998 582,461,062
9 10 11 12
67,521,897 68,034,998 68,034,998 582,461,062

156,390,721 156,390,721 156,390,721 156,390,721
0 0 0 0
0 0 0 0
0 0 0 0
156,390,721 156,390,721 156,390,721 156,390,721
20,330,794 20,330,794 20,330,794 20,330,794
3.3 3.3 3.3 28.6

3.3 3.3 3.3 28.6
47,191,103 47,704,205 47,704,205 562,130,268

UNIT COST TOTAL COST

ITEM
(Rp) (Rp) 0 1 2 3 4 5 6 7 8 9 10 11 12
CASH INFLOW : 50.0% 60.0% 75.0% 90.00% 90.00% 90% 90% 90% 90% 90% 90%
25,000 30,000 37,500 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000
Office Revenue 5,000 7,500 7,500 0 0 0 0
1 Podium Floor 100 68.2 571,537,313 20,460,000 24,552,000 46,035,000 46,035,000 46,035,000 57,543,750 57,543,750 57,543,750 71,929,688 71,929,688 71,929,688
Area of Tenant 50,000 25,000 30,000 37,500 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000
Occupation Rate 50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
Service Charge 46.2 2,958,600,805 231,000,000 237,930,000 245,067,900 252,419,937 259,992,535 267,792,311 275,826,080 284,100,863 292,623,889 301,402,605 310,444,684
114.4
2 Typical Floor 0 0 0 0 0 0 0 0 0 0 0 0 0
Area of Tenant 0 - - - - - - - - - - -
Occupation Rate 50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
Service Charge 118.8 0 - 0 0 0 0 0 0 0 0 0 0 0
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
- - - - - - - - - - -
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
50% 75% 85% 85.00% 85% 85% 85% 85% 85% 85% 85%
0 - 0 0 0 0 0 0 0 0 0 0 0
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 - 0 0 0 0 0 0 0 0 0 0 0
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 - 0 0 0 0 0 0 0 0 0 0 0
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 - 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
0 0 0 0 0 0 0 0 0 0 0 0
92% Total Rent Revenue 50,000 571,537,313 - 20,460,000 24,552,000 46,035,000 46,035,000 46,035,000 57,543,750 57,543,750 57,543,750 71,929,688 71,929,688 71,929,688
Total Service Charge Revenue 50,000 2,958,600,805 - 231,000,000 237,930,000 245,067,900 252,419,937 259,992,535 267,792,311 275,826,080 284,100,863 292,623,889 301,402,605 310,444,684
Total NLA 50,000 20% 30% 40% 60.00% 70% 80% 80% 80% 85% 85% 85%
300 Atrium & Counter 0 0 0 0 0 0 0 0 0 0 0 0
80% Utilities 100% 170,551,671 8,338,373 10,506,350 13,758,315 14,446,231 15,168,543 15,926,970 16,723,318 17,559,484 18,437,458 19,359,331 20,327,298
0% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
200 Parking 4,444 10.0 10,000,000 0 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
556
Parking RatioParking RatioParking Ratio 90
TOTAL CASH INFLOW 3,710,689,788 - 0 233,818,536 246,589,515 275,275,094 282,511,051 289,976,470 308,036,728 315,983,834 324,183,687 345,591,931 354,322,462 363,331,502
CASH OUTFLOW :
DEVELOPMENT COST
Land Acquisition Value 163,333 5,000 psm 816,666,667 816,666,667 -
Land Permit 0.0 6,214,104 6,214,104 0
0.0 -
Building & Infrastructure 327,654,071 0.0 260,746,031 131,073,828 129,672,203
Utilities Cost 0.0 4,936,537 0 4,936,537
Profesional Fees 0.0 3,950,635 3,950,635 0
Other Expenditure 0.0 51,806,764 0 51,799,359
OPERATION COST
30% 50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
10% Employed Cost 54,444 241.6 psm 164,578,112 - 1,972,875 6,576,249 8,680,649 10,850,811 11,935,892 13,129,481 14,442,430 15,886,673 17,475,340 19,222,874 21,145,161 23,259,677
50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
3% Administration Cost 54,444 12.8 psm 7,427,753 - 104,230 347,432 429,426 568,052 681,662 700,423 719,185 737,946 756,707 775,469 794,230 812,991
50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
5% Utilities Cost 54,444 382.9 psm 216,316,478 - 3,126,890 10,422,966 13,132,937 17,197,894 18,057,789 18,960,678 19,908,712 20,904,148 21,949,355 23,046,823 24,199,164 25,409,122
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
3% Repair & Maintenance 54,444 127.6 psm 91,081,407 - 2,084,593 6,948,644 7,157,103 7,371,816 7,592,971 7,820,760 8,055,383 8,297,044 8,545,956 8,802,334 9,066,404 9,338,397
50% 60% 75% 90% 90% 90% 90% 90% 90% 90% 90%
10% Cleaning Service 54,444 40.3 psm 27,429,685 - 328,812 1,096,042 1,446,775 1,808,469 1,989,315 2,188,247 2,407,072 2,647,779 2,912,557 3,203,812 3,524,194 3,876,613
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Marketing & Promotion 54,444 102,292,991 - 2,104,367 7,014,556 7,397,685 8,258,253 8,475,332 8,699,294 9,241,102 9,479,515 9,725,511 10,367,758 10,629,674 10,899,945
Other Operation Cost & Capex Reserved 54,444 10.00% 345,653,008 - 11,690,927 23,381,854 24,658,951 27,527,509 28,251,105 28,997,647 30,803,673 31,598,383 32,418,369 34,559,193 35,432,246 36,333,150
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
3% Insurance & Building Land tax 0 1.00% 41,885,548 - 982,962 3,276,541 3,358,454 3,442,416 3,528,476 3,616,688 3,707,105 3,799,783 3,894,777 3,992,147 4,091,950 4,194,249
1,027 psm
TOTAL CASH OUTFLOW 2,140,985,720 957,905,235 208,803,754 59,064,283 66,261,982 77,025,220 80,512,542 84,113,219 89,284,661 93,351,271 97,678,571 103,970,410 108,883,024 114,124,145
NET CASH FLOW BEFORE TAX Laba 1,198,642,494 (957,905,235) (208,803,754) 174,754,252 180,327,533 198,249,874 201,998,509 205,863,251 218,752,067 222,632,563 226,505,116 241,621,521 245,439,438 249,207,357
75% 73% 72% 72% 71% 71% 70% 70% 70% 69% 69%
CUMULATIVE NET CASH FLOW (1,594,914,819) (957,905,235) (1,166,708,989) (991,954,737) (811,627,204) (613,377,330) (411,378,820) (205,515,569) 13,236,498 235,869,061 462,374,177 703,995,698 949,435,137 1,198,642,494
RESIDUAL VALUE growth 5% 3,488,903,002
NET CASH FLOW AFTER ADJUSTED 4,687,545,496 (957,905,235) (208,803,754) 174,754,252 180,327,533 198,249,874 201,998,509 205,863,251 218,752,067 222,632,563 226,505,116 241,621,521 245,439,438 3,738,110,359
0.89 0.79 0.70 0.62 0.55 0.49 0.44 0.39 0.35 0.31 0.27 0.24 0.22
NET PRESENT VALUE 12.50% 685,254,544 (851,471,320) (164,980,744) 122,735,497 112,577,591 110,014,596 99,639,842 90,263,292 85,257,381 77,128,695 69,751,378 66,139,037 59,719,213 808,480,086
INTERNAL RATE OF RETURN 19.83%
FP Page 26
Nama Property Industri - WAREHOUSE
Developer PT. WIKA REALTY
Tipe Property OFFICE BUILDING
Tipe Office LEASING - OFFICE - B
Year Operate 2020
Total Floor 1 Lantai Ha
Luas Tanah 163,333 M2 16.3
Luas Bangunan 54,444 M2
Luas Leaseable 50,000 M2
Luas Common Area 0 M2
Luas Bangunan Parkir Efektif 4,444 M2
Luas Dasar Bangunan 50,000 M2
KDB 31%
KLB 0
Kapasitas Parkir 556 Lot
Ratio Terhadap Sellable Area 1:60 Unit Mobil Parama
Nilai Bangunan 327,646,667 IDR (000) 57,000,000 Tanah
Nilai Tanah 816,666,667 3300
TOTAL INVESTASI 1,144,313,333 17,273
Area Sewa Efektif 50,000

Tarif Sewa/m2/bln 68
Rata2 Pendapatan/ tahun (80% occ) 32,736,000 163680000
Rata Pendapatan per 5 tahun 340,682,683
Rata Biaya per 5 tahun 103,601,484
Proyeksi Laba 237,081,199 70% Bangunan 141,000,000 198000000
HPP Sewa (Payback) 27 40%
Capex
CAPITAL EXPENDITURES FOR INITIAL INVESTMENT

Industri - WAREHOUSE
Sqm Rp/Sqm Rp.000
A. Land Acquisition Value 816,666,667
- Land Acquisition Value 163,333 5,000 816,666,667

- Development Costs 163,333 - -
B. Land Permit 6,214,104 1.9%

C. Consultant Fee 3,950,635 1.2%
D. Construction 260,746,031 79.6%
1. Main Building
a. Site Preparation 1,401,626 0.5%
b. Foundation 9,610,674 3.7%
c. Structure 23,333,879 8.9%
d. Finishing 22,916,911 8.8%
e. Mechanical dan Electrical 47,113,683 18.1%
f. Procurement 144,573,854 55.4%
2. Infrastructure 11,795,405 4.5%
E. Utilities Cost 4,936,537 1.5%
F. OTHER EXPENDITURE 51,799,359 15.8%
GRAND TOTAL 1,144,313,333
GRAND TOTAL w/o LAND ACQUISATION 327,646,667
30 Year
10,921,556
54,444 Rp 6,018 Rp/Sqm
Exchange rate US$ 1 = 13,500
Page 28
Capex
Realization Plan
Year 0 Year 1 Total
816,666,667 - 816,666,667
816,666,667 816,666,667
- -
6,214,104 - 6,214,104
3,950,635 - 3,950,635
131,073,828 129,672,203 260,746,031
1,401,626 - 1,401,626
4,805,337 4,805,337 9,610,674
11,666,939 11,666,939 23,333,879
11,458,456 11,458,456 22,916,911
23,556,841 23,556,841 47,113,683
72,286,927 72,286,927 144,573,854
5,897,702 5,897,702 11,795,405
- 4,936,537 4,936,537
- 51,799,359 51,799,359
957,905,235 186,408,099 1,144,313,333
957,905,234.58 186,408,098.75 1,144,313,333.33
70% 801,019,333.33
50% 572,156,666.67
30% 343,294,000.00
Page 29
Summary of Valuation
Industri - WAREHOUSE
100% Equity - 0% 0% Equity - 100%
Debt Funding Debt Funding
NPV 13,398,341,829 10,914,095,458
Cost of Capital (WACC) 10.00% 7.00%
IRR 11.52% 16.79%
CREDIT INTEREST (AFTER TAX) 7.00% 7.00%
ROI 18.43% 6.52%
Payback (YEAR) 7 9
Conclusion Feasible Feasible

Reason for Conclusion NPV Positive, WACC < IRR NPV Positive, WACC < IRR
Difference between WACC Vs IRR 1.52% 9.79%

Difference between IRR Vs Credit Interes 4.52% 9.79%
Rank by:
- NPV 2 1
- WACC Vs IRR 1 5
- Payback 1 5
- IRR Vs Credit Interest 1 5
- ROI 1 5
50% Equity - 50% 30% Equity - 70% 70% Equity - 30%
Debt Funding Debt Funding Debt Funding
11,178,741,271 9,828,218,054 12,232,424,912
8.50% 7.90% 9.10%
12.86% 13.83% 12.20%
7.00% 7.00% 7.00%
12.65% 10.20% 15.11%
8 9 8
Feasible Feasible Feasible

NPV Positive, WACC < IRR NPV Positive, WACC < IRR NPV Positive, WACC < IRR
4.36% 5.93% 3.10%

5.86% 6.83% 5.20%
4 5 3
3 4 2
3 4 2
3 ### 4 1
3 4 2
Net Present Value & IRR Computation
1 100% Equity Funding
Year Cost of Investment Operating Cash Flow Cummulative Cash Flow

0 (957,905,235) (957,905,235)
1 (208,803,754) (1,166,708,989)
2 174,754,252 (991,954,737)
3 180,327,533 (811,627,204)
4 198,249,874 (613,377,330)
5 201,998,509 (411,378,821)
6 205,863,251 (205,515,570)
7 218,752,067 13,236,497
8 222,632,563 235,869,060
9 226,505,117 462,374,177
10 241,621,521 703,995,698
11 245,439,438 949,435,135
12 249,207,357 1,198,642,493
12 Terminal Value 49,672,381,115 50,871,023,608
2,365,351,482
WACC 10.00%
Cost of Debt 7.00%

Cost of Equity 10.00%
Debt - 0%
Equity 1,166,708,989.06 100%
Total Investment 1,166,708,989.06 100%
ROI 18.43%
2 50% Equity - 50 % Debt Funding

0 (478,952,617.29) (478,952,617)
1 (104,401,877.24) (583,354,495)
2 20,271,952 (563,082,542)
3 25,845,233 (537,237,309)
4 43,767,574 (493,469,735)
5 47,516,209 (445,953,526)
6 51,380,951 (394,572,576)
7 218,752,067 (175,820,508)
8 222,632,563 46,812,055
9 226,505,117 273,317,172
10 241,621,521 514,938,692
11 245,439,438 760,378,130
12 249,207,357 1,009,585,487
12 Terminal Value 47,788,199,450 48,797,784,937
1,592,939,982
WACC 8.50%
Cost of Debt 7.00%

Debt 572,156,666.67 50%

Equity 572,156,666.67 50%
ROI 12.65%

0 (287,371,570) (287,371,570)
1 (55,922,430) (343,294,000)
2 (41,520,968) (384,814,968)
3 (35,947,687) (420,762,654)
4 (18,025,346) (438,788,001)
5 (14,276,711) (453,064,712)
6 (10,411,969) (463,476,681)
7 218,752,067 (244,724,614)
8 222,632,563 (22,092,051)
9 226,505,117 204,413,066
10 241,621,521 446,034,587
11 245,439,438 691,474,024
12 249,207,357 940,681,382
12 Terminal Value 46,488,763,819 47,429,445,201
1,283,975,382
WACC 7.90%
Cost of Debt 7.00%

Debt 801,019,333.33 70%

Equity 343,294,000.00 30%
ROI 10.20%

0 (670,533,664) (670,533,664)
1 (130,485,669) (801,019,333)
2 82,064,872 (718,954,461)
3 87,638,153 (631,316,308)
4 105,560,494 (525,755,814)
5 109,309,129 (416,446,685)
6 113,173,871 (303,272,814)
7 218,752,067 (84,520,747)
8 222,632,563 138,111,816
9 226,505,117 364,616,933
10 241,621,521 606,238,454
11 245,439,438 851,677,891
12 249,207,357 1,100,885,248
12 Terminal Value 48,707,312,457 1,100,885,248
1,901,904,582
WACC 9.10%
Cost of Debt 7.00%

Debt 343,294,000 30%

Equity 801,019,333 70%
ROI 15.11%

0 - -
1 - - -
2 (134,210,348) (134,210,348)
3 (128,637,067) (262,847,414)
4 (110,714,726) (373,562,141)
5 (106,966,091) (480,528,232)
6 (103,101,349) (583,629,581)
7 218,752,067 (364,877,514)
8 222,632,563 (142,244,951)
9 226,505,117 84,260,166
10 241,621,521 325,881,687
11 245,439,438 571,321,124
12 249,207,357 820,528,482
12 Terminal Value 43,077,745,287 820,528,482
820,528,482
WACC 7.00%
Cost of Debt 7.00%

Debt 1,144,313,333 100%

Equity - 0%
ROI 6.52%
Net Present Value Computation IRR Computation
Discount Factor Discounted Cash Flow Discount Factor Discounted Cash Flow
1 (957,905,235) 1 (957,905,234.58)
0.909091 (189,821,595) 0.896669 (187,227,877)
0.826446 144,425,002 0.804015 140,505,127
0.751315 135,482,745 0.720936 130,004,585
0.683013 135,407,331 0.646441 128,156,830
0.620921 125,425,181 0.579644 117,087,143
0.564474 116,204,438 0.519749 106,997,118
0.513158 112,254,399 0.466042 101,947,746
0.466507 103,859,734 0.417886 93,034,999
0.424098 96,060,281 0.374705 84,872,677
0.385543 93,155,556 0.335987 81,181,618
0.350494 86,025,026 0.301269 73,943,269
0.318631 79,405,144 0.270139 67,320,506
0.318631 15,827,151,412 0.270139 13,418,423,322
Net Present Value 15,907,129,419 Net Present Value 13,398,341,829
0.91 1 IRR 11.52%

0.83 2
0.75 3
0.68 4
0.62 5
0.56 6
0.51 7
0.47 8
0.42 9
0.39 10
0.35 11
0.32 12
0.29 13
1 (478,952,617) 1 (478,952,617)
0.921659 (96,222,928) 0.886043 (92,504,551)
0.849455 17,220,117 0.785072 15,914,946
0.782908 20,234,442 0.695608 17,978,143
0.721574 31,581,556 0.616338 26,975,633
0.665045 31,600,437 0.546102 25,948,709
0.612945 31,493,701 0.483870 24,861,704
0.564926 123,578,807 0.428730 93,785,505
0.520669 115,917,974 0.379873 84,572,085
0.479880 108,695,202 0.336584 76,237,942
0.442285 106,865,675 0.298228 72,058,224
0.407636 100,050,031 0.264243 64,855,540
0.375702 93,627,624 0.234130 58,346,981
0.375702 17,954,107,012 0.234130 11,188,663,028
IRR 12.86%
1 (287,371,570) 1 (287,371,570)
0.926784 (51,828,016) 0.878538 (49,129,981)
0.858929 (35,663,550) 0.771829 (32,047,090)
0.796041 (28,615,848) 0.678081 (24,375,450)
0.737758 (13,298,352) 0.595720 (10,738,061)
0.683743 (9,761,599) 0.523363 (7,471,899)
0.633682 (6,597,877) 0.459794 (4,787,362)
0.587286 128,470,097 0.403947 88,364,154
0.544288 121,176,144 0.354882 79,008,390
0.504437 114,257,578 0.311778 70,619,251
0.467504 112,959,085 0.273909 66,182,210
0.433275 106,342,889 0.240639 59,062,329
0.401553 100,069,913 0.211411 52,685,080
0.401553 18,667,693,506 0.211411 9,828,218,054
IRR 13.83%
1 (670,533,664) 1 (670,533,664)
0.916590 (119,601,897) 0.891237 (116,293,654)
0.840138 68,945,797 0.794303 65,184,404
0.770062 67,486,820 0.707913 62,040,146
0.705831 74,507,915 0.630918 66,599,997
0.646958 70,718,441 0.562297 61,464,228
0.592996 67,111,611 0.501140 56,715,970
0.543534 118,899,194 0.446635 97,702,249
0.498198 110,915,102 0.398057 88,620,517
0.456643 103,432,081 0.354763 80,355,723
0.418555 101,131,886 0.316178 76,395,470
0.383643 94,161,223 0.281790 69,162,318
0.351644 87,632,228 0.251141 62,586,296
0.351644 17,127,625,559 0.251141 12,232,424,912
IRR 12.20%
1 - 1 -
0.916590 - 0.891237 -
0.840138 (112,755,179) 0.794303 (106,603,730)
0.770062 (99,058,530) 0.707913 (91,063,791)
0.705831 (78,145,934) 0.630918 (69,851,894)
0.646958 (69,202,594) 0.562297 (60,146,744)
0.592996 (61,138,650) 0.501140 (51,668,225)
0.543534 118,899,194 0.446635 97,702,249
0.498198 110,915,102 0.398057 88,620,517
0.456643 103,432,081 0.354763 80,355,723
0.418555 101,131,886 0.316178 76,395,470
0.383643 94,161,223 0.281790 69,162,318
0.351644 87,632,228 0.251141 62,586,296
0.351644 15,148,023,038 0.251141 10,818,607,269
IRR 16.79%
Cost of Debt = r (1-t)
Cost of Equity = Rf + B (Rf-Rm)
Cost of Debt = 10.00% x (1-30%) (Bank Mandiri per 31 Mar 2011-

= 7.00%
Cost of Equity = 6.00% + 4% market risk premium taken from

= 10.0%
Perpetuity Growth 5.00%

(Bank Mandiri per 31 Mar 2011- 11.25% Lending Rate for Corporation)
market risk premium taken from median

Projected Income Statement
Breeze BSD City
(In Thousand Rupiah)
Year 0
Average Sqm rented -
REVENUE -
1 Rental Income
Podium Floor -
Typical Floor -
Final Tax - at 10% -
Total - Rental Income -
2 Service Charges
Podium Floor -
Typical Floor -
Final Tax - at 10% -
Total - Service Charges -
3 Others
Atrium and Counter -
Utilities -
Parking -
Final Tax - at 10%
Total - Others -
Revenue per Sqm -
OPERATING COSTS -
Employee costs -
Administration costs -
Utilities -
Repair and maintenance -
Cleaning service -
Marketing and promotion -
Insurance and Building Land Tax -
Depreciation -
Others -
Operating Costs per Sqm -
NET OPERATING INCOME -
Net Operating Income per Sqm -
Add: Depreciation -
OPERATING CASH FLOW (EBITDA) -
Net Operating Margin -
(957,905,235)
FUNDING SCHEME 11.52%
1 50% Equity - 50% Debt Funding
CASH FLOW MUTATION

Year 0
Beginning balance of cash -
Addition from operating cash flow
Capex (957,905,235)
Repayment of loan -
Payments of interest expenses -
Ending balance (957,905,235)
Cash flow for equity -
Year 0
Total Capex 957,905,235
50% shouldered by equity 50% 478,952,617
50% shouldered by debt 50% 478,952,617.29
Interest rate after tax 7.00%
LOAN MUTATION
Year 0
Beginning balance of loans -
Additions 478,952,617
Payments
Interest during construction
Ending balance of loans 478,952,617
478,952,617
Interest expense
(478,952,617)
12.86%
CASH FLOW MUTATION

Year 0
Addition from operating cash flow
Capex financed by 50% debt drawdown (957,905,235)
Repayment of loan -
Year 0
LOAN MUTATION
Year 0
Payments -
Interest during construction -
670,533,664
Interest expense
(287,371,570)
13.83%
CASH FLOW MUTATION

Year 0
Addition from operating cash flow -
Repayment of loan -
Year 0
LOAN MUTATION
Year 0
Payments
Interest expense
(670,533,664)
12.20%
CASH FLOW MUTATION

Year 0
Repayment of loan -
Year 0
0% shouldered by debt 0% -
LOAN MUTATION
Year 0
Additions -
Payments
Ending balance of loans -
Interest expense
(957,905,235)
11.52%
CASH FLOW MUTATION

Year 0
Capex financed by 50% debt drawdown -
Repayment of loan -
Ending balance -
Year 0
100% shouldered by equity 0% -
LOAN MUTATION
Year 0
Additions -
Payments
Ending balance of loans -
Interest expense
-
16.79%
957,905,235
Year 1 Year 2 Year 3 Year 4 Year 5
- 25,000 30,000 37,500 45,000
- 233,818,536 246,589,515 275,275,093 282,511,051
- 20,460,000 24,552,000 46,035,000 46,035,000

- - - - -
- (2,046,000) (2,455,200) (4,603,500) (4,603,500)
- 18,414,000 22,096,800 41,431,500 41,431,500
- 231,000,000 237,930,000 245,067,900 252,419,937

- 0 0 0 0
- (23,100,000) (23,793,000) (24,506,790) (25,241,994)
- 207,900,000 214,137,000 220,561,110 227,177,943
- 0 0 0 0
- 8,338,373 10,506,350 13,758,315 14,446,231
- - 1,000,000 1,000,000 1,000,000
(833,837) (1,150,635) (1,475,832) (1,544,623)
- 7,504,536 10,355,715 13,282,483 13,901,608
- 9,353 8,220 7,341 6,278
33,317,211 69,985,839 77,183,537 87,946,775 91,434,098

1,972,875 6,576,249 8,680,649 10,850,811 11,935,892
104,230 347,432 429,426 568,052 681,662
3,126,890 10,422,966 13,132,937 17,197,894 18,057,789
2,084,593 6,948,644 7,157,103 7,371,816 7,592,971
328,812 1,096,042 1,446,775 1,808,469 1,989,315
2,104,367 7,014,556 7,397,685 8,258,253 8,475,332
982,962 3,276,541 3,358,454 3,442,416 3,528,476
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556
11,690,927 23,381,854 24,658,951 27,527,509 28,251,105
- 2,799 2,573 2,345 2,032
(33,317,211) 163,832,697 169,405,978 187,328,318 191,076,953
- 6,553 5,647 4,995 4,246
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556

(22,395,656) 174,754,252 180,327,533 198,249,874 201,998,509
- 70% 69% 68% 68%
(186,408,099) 174,754,252 180,327,533 198,249,874 201,998,509

20,271,952 25,845,233 43,767,574
- 174,754,252 180,327,533 198,249,874 201,998,509
(186,408,099) - - - -
- (114,431,333) (114,431,333) (114,431,333) (114,431,333)
- (40,050,967) (40,050,967) (40,050,967) (40,050,967)
(186,408,099) 20,271,952 25,845,233 43,767,574 47,516,209
- 20,271,952 46,117,186 89,884,759 137,400,968
Year 1 Total
186,408,099 1,144,313,333
93,204,049 572,156,667
93,204,049.38 572,156,667

- - -
93,204,049 - - - -
-
93,204,049 - - - -
93,204,049 - - - -
(40,050,967) (40,050,967) (40,050,967) (40,050,967)
(93,204,049) 20,271,952 25,845,233 43,767,574 47,516,209

(41,520,968) (35,947,687) (18,025,346)
- 174,754,252 180,327,533 198,249,874 201,998,509
(186,408,099) - - - -
- (160,203,867) (160,203,867) (160,203,867) (160,203,867)
- (56,071,353) (56,071,353) (56,071,353) (56,071,353)
(186,408,099) (41,520,968) (35,947,687) (18,025,346) (14,276,711)
- (41,520,968) (77,468,654) (95,494,001) (109,770,712)
Year 1 Total
186,408,099 1,144,313,333
55,922,430 343,294,000
130,485,669.13 801,019,333

- - -
130,485,669 - - - -
- - - -
130,485,669 - - - -
130,485,669 (41,520,968) (118,989,622) (214,483,623) (324,254,335)
(56,071,353) (56,071,353) (56,071,353) (56,071,353)
(55,922,430) (41,520,968) (35,947,687) (18,025,346) (14,276,711)

- - 82,064,872 87,638,153 105,560,494
- 174,754,252 180,327,533 198,249,874 201,998,509
(186,408,099) - - - -
- (68,658,800) (68,658,800) (68,658,800) (68,658,800)
- (24,030,580) (24,030,580) (24,030,580) (24,030,580)
(186,408,099) 82,064,872 87,638,153 105,560,494 109,309,129
- 82,064,872 169,703,026 275,263,519 384,572,648
Year 1 Total
186,408,099 1,144,313,333
130,485,669 801,019,333
55,922,429.63 343,294,000
287,371,570 55,922,430 - - -
55,922,430 - - - -
- - - - -
55,922,430 - - - -
(24,030,580) (24,030,580) (24,030,580) (24,030,580)
(130,485,669) 82,064,872 87,638,153 105,560,494 109,309,129

- - 174,754,252 180,327,533 198,249,874
- 174,754,252 180,327,533 198,249,874 201,998,509
(186,408,099) - - - -
- 0 0 0 0
- - - - -
(186,408,099) 174,754,252 180,327,533 198,249,874 201,998,509
- 174,754,252 355,081,786 553,331,659 755,330,168
Year 1 Total
186,408,099 1,144,313,333
186,408,099 1,144,313,333
- 0

- - - - -
- - - - -
- - - - -
- - - - -
- - - -
(186,408,099) 174,754,252 180,327,533 198,249,874 201,998,509

- - (134,210,348) (128,637,067) (110,714,726)
- 174,754,252 180,327,533 198,249,874 201,998,509
- - - - -
- (228,862,667) (228,862,667) (228,862,667) (228,862,667)
- (80,101,933) (80,101,933) (80,101,933) (80,101,933)
- (134,210,348) (128,637,067) (110,714,726) (106,966,091)
- (134,210,348) (262,847,414) (373,562,141) (480,528,232)
Year 1 Total
186,408,099 1,144,313,333
- 0
186,408,098.75 1,144,313,333

- - -
- - - - -
- - - - -
- - - - -
- (80,101,933) (80,101,933) (80,101,933) (80,101,933)
- (134,210,348) (128,637,067) (110,714,726) (106,966,091)
186,408,099 (308,964,600) (308,964,600) (308,964,600) (308,964,600)

45,000 45,000 45,000 45,000 45,000
289,976,470 308,036,728 315,983,834 324,183,688 345,591,931
46,035,000 57,543,750 57,543,750 57,543,750 71,929,688

- - - - -
(4,603,500) (5,754,375) (5,754,375) (5,754,375) (7,192,969)
41,431,500 51,789,375 51,789,375 51,789,375 64,736,719
259,992,535 267,792,311 275,826,080 284,100,863 292,623,889

0 0 0 0 0
(25,999,254) (26,779,231) (27,582,608) (28,410,086) (29,262,389)
233,993,281 241,013,080 248,243,472 255,690,777 263,361,500
0 0 0 0 0
15,168,543 15,926,970 16,723,318 17,559,484 18,437,458
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
(1,616,854) (1,692,697) (1,772,332) (1,855,948) (1,943,746)
14,551,689 15,234,273 15,950,986 16,703,536 17,493,712
6,444 6,845 7,022 7,204 7,680
95,034,775 100,206,216 104,272,826 108,600,127 114,891,965

13,129,481 14,442,430 15,886,673 17,475,340 19,222,874
700,423 719,185 737,946 756,707 775,469
18,960,678 19,908,712 20,904,148 21,949,355 23,046,823
7,820,760 8,055,383 8,297,044 8,545,956 8,802,334
2,188,247 2,407,072 2,647,779 2,912,557 3,203,812
8,699,294 9,241,102 9,479,515 9,725,511 10,367,758
3,616,688 3,707,105 3,799,783 3,894,777 3,992,147
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556
28,997,647 30,803,673 31,598,383 32,418,369 34,559,193
2,112 2,227 2,317 2,413 2,553
194,941,695 207,830,512 211,711,008 215,583,561 230,699,965
4,332 4,618 4,705 4,791 5,127
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556

205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
67% 67% 67% 67% 67%
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521

47,516,209 51,380,951 218,752,067 222,632,563 226,505,117
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
- - - - -
(114,431,333) 0 - -
(40,050,967) - - - -
51,380,951 218,752,067 222,632,563 226,505,117 241,621,521
188,781,919 407,533,986 630,166,549 856,671,666 1,098,293,187

- -
- - - - -
-
- - - - -
(40,050,967) -
51,380,951 218,752,067 222,632,563 226,505,117 241,621,521

(14,276,711) (10,411,969) 218,752,067 222,632,563 226,505,117
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
- - - - -
(160,203,867) 0 -
(56,071,353) - -
(10,411,969) 218,752,067 222,632,563 226,505,117 241,621,521
(120,182,681) 98,569,386 321,201,949 547,707,066 789,328,587

-
- - - - -
-
- - - - -
- - - - -
(444,437,016) (345,867,629) (24,665,680) 523,041,386 1,312,369,973
(56,071,353)
(10,411,969) 218,752,067 222,632,563 226,505,117 241,621,521

109,309,129 113,173,871 218,752,067 222,632,563 226,505,117
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
- - - - -
(68,658,800) - - - -
(24,030,580) - - -
113,173,871 218,752,067 222,632,563 226,505,117 241,621,521
497,746,519 716,498,586 939,131,149 1,165,636,266 1,407,257,787

- - - - -
- - - - -
- - - -
- - - - -
- - - - -
(24,030,580)
113,173,871 218,752,067 222,632,563 226,505,117 241,621,521

201,998,509 205,863,251 218,752,067 222,632,563 226,505,117
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
- - - - -
0 - - - -
- - - -
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
961,193,419 1,179,945,486 1,402,578,049 1,629,083,166 1,870,704,687

- - - - -
- - - - -
- - - -
- - - - -
- - - - -
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521

(106,966,091) (103,101,349) 218,752,067 222,632,563 226,505,117
205,863,251 218,752,067 222,632,563 226,505,117 241,621,521
- - - - -
(228,862,667) - - - -
(80,101,933) - - -
(103,101,349) 218,752,067 222,632,563 226,505,117 241,621,521
(583,629,581) (364,877,514) (142,244,951) 84,260,166 325,881,687

- - - - -
- - - - -
- - - -
- - - - -
- - - - -
(80,101,933)
(103,101,349) 218,752,067 222,632,563 226,505,117 241,621,521
(308,964,600) - - - -
Year 11 Year 12
45,000 45,000
354,322,461 363,331,502
71,929,688 71,929,688
- -
(7,192,969) (7,192,969)
64,736,719 64,736,719
301,402,605 310,444,684
0 0
(30,140,261) (31,044,468)
271,262,344 279,400,216
0 0
19,359,331 20,327,298
1,000,000 1,000,000
(2,035,933) (2,132,730)
18,323,398 19,194,568
7,874 8,074
119,804,579 125,045,700
21,145,161 23,259,677
794,230 812,991
24,199,164 25,409,122
9,066,404 9,338,397
3,524,194 3,876,613
10,629,674 10,899,945
4,091,950 4,194,249
10,921,556 10,921,556
35,432,246 36,333,150
2,662 2,779
234,517,882 238,285,802
5,212 5,295
10,921,556 10,921,556
245,439,438 249,207,357
66% 66%
245,439,438 249,207,357
Year 11 Year 12
241,621,521 245,439,438
245,439,438 249,207,357
- -
- -
- -
245,439,438 249,207,357
1,343,732,624 1,592,939,982
Year 11 Year 12
- -
- -
- -
- -
245,439,438 249,207,357
Year 11 Year 12
241,621,521 245,439,438
245,439,438 249,207,357
- -
- -
245,439,438 249,207,357
1,034,768,024 1,283,975,382
Year 11 Year 12
- -
- -
- -
- -
2,347,137,997 3,631,113,379
245,439,438 249,207,357
Year 11 Year 12
241,621,521 245,439,438
245,439,438 249,207,357
- -
- -
- -
245,439,438 249,207,357
1,652,697,224 1,901,904,582
Year 11 Year 12
- -
- -
- -
- -
- -
245,439,438 249,207,357
Year 11 Year 12
241,621,521 245,439,438
245,439,438 249,207,357
- -
- -
- -
245,439,438 249,207,357
2,116,144,124 2,365,351,482
Year 11 Year 12
- -
- -
- -
- -
- -
245,439,438 249,207,357
Year 11 Year 12
241,621,521 245,439,438
245,439,438 249,207,357
- -
- -
- -
245,439,438 249,207,357
571,321,124 820,528,482
Year 11 Year 12
- -
- -
- -
- -
- -
245,439,438 249,207,357
- -
WORK BREAKDOWN SCHEDULE
PROJECT : OFFICE
BUDGET REV
Description
Vol UoM
Permit Permit
Amdal / Lalin Amdal / Lalin 1 ua
IPR Ijin Pemanfaatan Ruang 1 ua
IMB Ijin Mendirikan Bangunan 1 ua
Green Building 1 ua
ILH Ijin Layak Huni 1 ua
Rekomendasi Instansi terkait Rekomendasi Instansi terkait 1 ua
Consultant Fee Consultant Fee
Foreign Arsitektur Foreign Arsitektur u/ Konsep Design Arch 54,444 m2
Local Arsitektur Local Arsitektur u/ Detail Design Arch 54,444 m2
Struktur Struktur 54,444 m2
M/E M/E 54,444 m2
Interior Interior 54,444 m2
Soil Investigation Soil Investigation 54,444 m2
Signage Signage 54,444 m2
Mall 54,444 m2
Lighting
Lakeside Park
Quantity Surveyor Quantity Surveyor 54,444 m2
Parkir dan Saluran Parkir dan Saluran 25,000 m2
Construction Management Consultan Management 54,444 m2
Construction Construction
Main Building Main Building
Site Preparation Site Preparation
Site Offfice & furniture m2
Site Offfice & Furniture 100
Addendum Site Office
Basement 6,000
Cut and Fill m3
Grading (Parkiran)
Pagar Proyek m1
Pagar Proyek 1,000
Addendum Pagar Proyek
Jalan Proyek Jalan Proyek 1,200 m2
Foundation Foundation 54,444 m2
Supply
Structure Structure
Basement Basement 3,000 m2
Parking Floor Floor 1 1,500 m2
Facility Floor Floor 2 1,500 m2
Typical Floor Floor 3 1,500 m2
Finishing Finishing
Basement Basement 3,000 m2
Parking Floor Floor 1 1,500 m2
Facility Floor Floor 2 1,500 m2
Typical Floor Floor 3 1,500 m2
Mechanical dan Electrical Mechanical dan Electrical

Pek. Electrical Pek. Electrical 54,444 m2
Pek. Electronic Pek. Electronic 54,444 m2
Pek. Tata udara Pek. Tata udara 54,444 m2
Pek. Plumbing Pek. Plumbing 54,444 m2
Pek. Fire Fighting Pek. Fire Fighting 54,444 m2
Pek. Transportasi gedung Pek. Transportasi gedung 54,444 m2
Building Automation System Building Automation System 54,444 m2
Procurement Procurement
Genset Genset 1 ua
Passenger Elevator Passenger Elevator 4 ua
Freight Elevator Freight Elevator 1 ua
Escalator Escalator 2 ua
Travelator Travelator - ua
Pompa Pompa 1 ua
Panel Listrik Panel Listrik 1 ua
Kabel Tray Kabel Tray 1 ua
Lampu penerangan Lampu penerangan 1 ua
STP (Sewage Treatment Plant) STP (Sewage Treatment Plant) 1 ua
Curtain Wall Glass Curtain Wall Glass 12,600 m2
Trafo Trafo 3 ua
Air Conditioner Air Conditioner 3 ua
Tanki LPG Tanki LPG 1 ua
Alat Ukur Total Station Alat Ukur Total Station 1 ua
Pompa & Filtrasi Pool Pompa & Filtrasi Pool 1 ua
Infrastructure Infrastructure
Jalan Proyek ROW 15
Jalan, Parkir dan Saluran 200 m2
Jalan, Parkir dan Saluran (Tahap I)
Covered Circulation (Teracce & Parkir) Covered Circulation (Teracce & Parkir) 600 m2
Landscape Landscape (Tahap I) 400 m2
Hardscape & Pavement Hardscape & Pavement - m2
Sclupture & water feature Sclupture & water feature - m2
Bridge / Cover Dam Bridge/jetty - m2
Tent Structure Tent Structure - m2
Platform/Lake Deck Platform/Lake Deck - m2
Service Building Service Building 350 m2
Utility Building Utility Building 200 m2
Lake Improvement Lake Improvement - m2
On Lake Stage On Lake Stage - m2
Cable Ski - ua
Customs ( material import ) 1 ua
Utilities Cost Utilities Cost
PLN (BP, UJL) PLN (BP, UJL) 2,300 kva
PAM / Water Distribution PAM / Water Distribution 1 ua
TOTAL
Note : Asumsi Kurs : 1 USD = Rp.13.500,-
BUDGET REVISI
(Rp.) (Rp.)
Price/unit Total Cost
138,714,079,888
2,297,306,813
255,256,313 255,256,313
293,544,759 293,544,759
1,186,941,853 1,186,941,853
191,442,234 191,442,234
191,442,234 191,442,234
178,679,419 178,679,419
9,759,654,377
75,546 4,113,062,774
20,589 1,120,980,115
7,491 407,826,674
10,308 561,236,636
7,308 397,880,161
868 47,250,780
5,346 291,047,698
8,836 481,059,974
0
6,745 367,209,113
1,914 47,860,559
35,343 1,924,239,894
124,832,118,698
120,471,447,846
7,676,278,045
1,467,724 146,772,380
15,315 91,892,273
0
127,628 127,628,156
126,565 151,877,506
131,475 7,158,107,731
8,626,356,330
1,181,539 3,544,617,667 1181539.2
1,133,768 1,700,652,573 1133768.4
1,124,088 1,686,132,153 1124088.1
1,129,969 1,694,953,938 1129969.3
1212467.5
893601.92
8,472,206,558
1,090,567 3,271,701,182 1090567.1
1,154,967 1,732,450,343 1154966.9
1,155,505 1,733,257,513 1155505
1,156,532 1,734,797,520 1156531.7
599818.03
1276281.6
382884.47
35,090,652,516
229,731 12,507,559,313 229730.68
76,577 4,169,186,438 76576.894
102,103 5,558,915,250 102102.53
95,721 5,211,483,047 95721.117
95,721 5,211,483,047 95721.117
25,526 1,389,728,813 25525.631
19,144 1,042,296,609 19144.223
53,447,846,666
3,315,017,416 3,315,017,416 3.315E+09
1,030,189,563 4,120,758,253 1.03E+09
581,394,110 581,394,110 581394110
535,494,575 1,070,989,150 535494575
1,017,439,693 0 1.017E+09
2,600,973,650 2,600,973,650 2.601E+09
4,589,953,500 4,589,953,500 4.59E+09
1,529,984,500 1,529,984,500 1.53E+09
3,059,969,000 3,059,969,000 3.06E+09
1,376,986,050 1,376,986,050 1.377E+09
1,529,985 19,277,804,700 1529984.5
413,095,815 1,239,287,445 413095815
3,123,249,159 9,369,747,477 3.123E+09
688,493,025 688,493,025 688493025
75,693,970 75,693,970 75693970
550,794,420 550,794,420 550794420
4,360,670,853
402028.69
402,029 80,405,738
1,276,282 765,768,938 1276281.6
127,628 51,051,263 127628.16
319,070 0 319070.39
5,615,639 0 5615638.9
4,466,985 0 4466985.5
3,190,704 0 3190703.9
3,828,845 0 3828844.7
4,466,985 1,563,444,914 4466985.5
3,500,000 700,000,000 3500000
75,000 0 75000
3,828,845 0 3828844.7
4,000,000,000 0 4E+09
1,200,000,000 1,200,000,000 1.2E+09
1,825,000,000
750,000 1,725,000,000 750000
100,000,000 100,000,000 100000000
138,714,079,888
FIXED COSTS AND VARIABLE COSTS
Y0 Y1
Employee costs - 1,972,875
Administration costs - 104,230
Utilities - 3,126,890
Repair and maintenance - 2,084,593
Cleaning service - 328,812
Insurance and Building Land Tax - 982,962
Depreciation - 10,921,556
Others - 11,690,927
Fixed Costs - 31,212,844
Marketing and promotion - 2,104,367

Variable Costs - 2,104,367
Total - 33,317,211
Average Sqm rented - -
Y0 Y1
Fixed Costs - 31,212,844
Variable Costs - 2,104,367
Y0 Y1
Fixed Costs - -
Variable Costs - -
Trend Analysis of Fixed Costs Vs V

Rupiah
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
-
Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7
YEAR
-
Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7
YEAR
Y0 Y1
Net Operating Income Margin 0% 0%
Percentage Net Operati

80%
70%
60%
50%
40%
30%
20%
10%
0%
Y0 Y1 Y2 Y3 Y4 Y5 Y6
YEAR
Y2 Y3 Y4 Y5 Y6 Y7
6,576,249 8,680,649 10,850,811 11,935,892 13,129,481 14,442,430
347,432 429,426 568,052 681,662 700,423 719,185
10,422,966 13,132,937 17,197,894 18,057,789 18,960,678 19,908,712
6,948,644 7,157,103 7,371,816 7,592,971 7,820,760 8,055,383
1,096,042 1,446,775 1,808,469 1,989,315 2,188,247 2,407,072
3,276,541 3,358,454 3,442,416 3,528,476 3,616,688 3,707,105
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556 10,921,556
23,381,854 24,658,951 27,527,509 28,251,105 28,997,647 30,803,673
62,971,283 69,785,852 79,688,522 82,958,766 86,335,480 90,965,114
7,014,556 7,397,685 8,258,253 8,475,332 8,699,294 9,241,102

7,014,556 7,397,685 8,258,253 8,475,332 8,699,294 9,241,102
69,985,839 77,183,537 87,946,775 91,434,098 95,034,775 100,206,216
25,000 30,000 37,500 45,000 45,000 45,000
Y2 Y3 Y4 Y5 Y6 Y7
62,971,283 69,785,852 79,688,522 82,958,766 86,335,480 90,965,114
7,014,556 7,397,685 8,258,253 8,475,332 8,699,294 9,241,102
Y2 Y3 Y4 Y5 Y6 Y7
90% 90% 91% 91% 91% 91%
10% 10% 9% 9% 9% 9%
of Fixed Costs Vs Variable Costs
Fixed Costs
GAP Variable Costs
Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12

YEAR
Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12
YEAR
Y2 Y3 Y4 Y5 Y6 Y7
70% 69% 68% 68% 67% 67%
Net Operating Income Margin
Net Operating Income Margin
3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12

YEAR
Y8 Y9 Y10 Y11 Y12
15,886,673 17,475,340 19,222,874 21,145,161 23,259,677
737,946 756,707 775,469 794,230 812,991
20,904,148 21,949,355 23,046,823 24,199,164 25,409,122
8,297,044 8,545,956 8,802,334 9,066,404 9,338,397
2,647,779 2,912,557 3,203,812 3,524,194 3,876,613
3,799,783 3,894,777 3,992,147 4,091,950 4,194,249
10,921,556 10,921,556 10,921,556 10,921,556 10,921,556
31,598,383 32,418,369 34,559,193 35,432,246 36,333,150
94,793,311 98,874,616 104,524,207 109,174,905 114,145,755
9,479,515 9,725,511 10,367,758 10,629,674 10,899,945

9,479,515 9,725,511 10,367,758 10,629,674 10,899,945
104,272,826 108,600,127 114,891,965 119,804,579 125,045,700
45,000 45,000 45,000 45,000 45,000
Y8 Y9 Y10 Y11 Y12

94,793,311 98,874,616 104,524,207 109,174,905 114,145,755
9,479,515 9,725,511 10,367,758 10,629,674 10,899,945
Y8 Y9 Y10 Y11 Y12

91% 91% 91% 91% 91%
9% 9% 9% 9% 9%
Y8 Y9 Y10 Y11 Y12
67% 67% 67% 66% 66%
RF,MRP & COD
Government bonds for Risk Free
INFORMASI OBLIGASI NEGARA

YANG DIPERDAGANGKAN DI PASAR SEKUNDER
Tgl. Jatuh
No. Seri Tgl. Terbit
Tempo
1 FR0016 20-Nov-02 15-Aug-11
2 FR0017 20-Nov-02 15-Jan-12
3 FR0018 20-Nov-02 15-Jul-12
4 FR0019 20-Nov-02 15-Jun-13
5 FR0020 20-Nov-02 15-Dec-13
6 FR0022 10-Apr-03 15-Sep-11
7 FR0023 11-Sep-03 15-Dec-12
8 FR0025 29-Apr-04 15-Oct-11
9 FR0026 26-Aug-04 15-Oct-14
10 FR0027 27-Jan-05 15-Jun-15
11 FR0028 24-Feb-05 15-Jul-17
12 FR0030 19-May-05 15-May-16
13 FR0031 16-Jun-05 15-Nov-20
14 FR0032 1-Sep-05 15-Jul-18
15 FR0033 26-Jan-06 15-Mar-13
16 FR0034 26-Jan-06 15-Jun-21
17 FR0035 16-Feb-06 15-Jun-22
18 FR0036 20-Apr-06 15-Sep-19
19 FR0037 18-May-06 15-Sep-26
20 FR0038 24-Aug-06 15-Aug-18
21 FR0039 24-Aug-06 15-Aug-23
22 FR0040 21-Sep-06 15-Sep-25
23 FR0042 25-Jan-07 15-Jul-27
24 FR0043 22-Feb-07 15-Jul-22
25 FR0044 19-Apr-07 15-Sep-24
26 FR0045 24-May-07 15-May-37
27 FR0046 19-Jul-07 15-Jul-23
28 FR0047 30-Aug-07 15-Feb-28
29 FR0048 27-Sep-07 15-Sep-18
30 FR0049 14-Feb-08 15-Sep-13
31 FR0050 24-Jan-08 15-Jul-38
32 FR0051 15-Jan-09 15-May-14
33 FR0052 20-Aug-09 15-Aug-30
34 FR0053 8-Jul-10 15-Jul-21
35 FR0054 22-Jul-10 15-Jul-31
36 FR0055 23-Sep-10 15-Sep-16
37 FR0056 23-Sep-10 15-Sep-26
38 FR0057 21-Apr-11 15-May-41
39 ORI003 12-Sep-07 12-Sep-11
40 ORI004 12-Mar-08 12-Mar-12
41 ORI005 3-Sep-08 15-Sep-13
Page 73
RF,MRP & COD
42 ORI006 12-Aug-09 15-Aug-12

43 ORI007 4-Aug-10 15-Aug-13
44 VR0017 25-Jun-02 25-Jun-11
45 VR0018 25-Oct-02 25-Oct-12
46 VR0019 20-Nov-02 25-Dec-14
47 VR0020 20-Nov-02 25-Apr-15
48 VR0021 20-Nov-02 25-Nov-15
49 VR0022 20-Nov-02 25-Mar-16
50 VR0023 20-Nov-02 25-Oct-16
51 VR0024 20-Nov-02 25-Feb-17
52 VR0025 20-Nov-02 25-Sep-17
53 VR0026 20-Nov-02 25-Jan-18
54 VR0027 20-Nov-02 25-Jul-18
55 VR0028 20-Nov-02 25-Aug-18
56 VR0029 20-Nov-02 25-Aug-19
57 VR0030 20-Nov-02 25-Dec-19
58 VR0031 20-Nov-02 25-Jul-20
Posisi Per 31 Mei 2011
Source: www.bi.go.id
Page 74
RF,MRP & COD
Lending Rate for Cost of Debt
GASI NEGARA
DI PASAR SEKUNDER
Tingkat Year of
Kupon Due Date
13.45% 9
13.15% 9
13.18% 10
14.25% 11
14.28% 11
12.00% 8
11.00% 9
10.00% 7
11.00% 10
9.50% 10
10.00% 12
10.75% 11
11.00% 15
15.00% 13
12.50% 7
12.80% 15
12.90% 16
11.50% 13
12.00% 20
11.60% 12
11.75% 17
11.00% 19
10.25% 20
10.25% 15
10.00% 17
9.75% 30 Yang paling lama
9.50% 16
10.00% 20
9.00% 11
9.00% 6
10.50% 30
11.25% 5
10.50% 21
8.25% 11
9.50% 21
7.38% 6
8.38% 16
9.50% 30 Market risk premium
9.40% 4
9.50% 4
11.45% 5
Page 75
RF,MRP & COD
9.35% 3
7.95% 3
6.37% 9
5.19% 10
6.37% 12
5.19% 12
4.88% 13
6.37% 13
5.19% 14
4.88% 14
6.37% 15
5.19% 15
5.19% 16
4.88% 16
4.88% 17
6.37% 17
5.19% 18
Mei 2011
Page 76
RF,MRP & COD
Page 77
RF,MRP & COD
r Cost of Debt
Page 78
RF,MRP & COD
Page 79
RF,MRP & COD
Page 80
RF,MRP & COD
Page 81
RF,MRP & COD
Page 82

FS Gudang SIMULATION

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FINANCIAL PROJECTION

KOTA WISATA LIFESTYLE MALL, KOTA WISATA, CIBUBUR

ITEM UNIT COST

12 Speciality Shop 120 222.0

12 Sales Area 15 250.0

Total Rent Revenue 43,764

Kota Wisata Mall 24 Mei Page 1

362 Atrium & Counter 662 60.0

362 Parking 906 8.0

TOTAL CASH INFLOW

Employed Cost 82,728 110.0 psm

Administration Cost 82,728 8.5 psm

Utilities Cost 82,728 275.0 psm

Repair & Maintenance 82,728 25.0 psm

Cleaning Service 82,728 40.0 psm

Marketing & Promotion 82,728

Other Operation Cost 82,728 5.00%

Kota Wisata Mall 24 Mei Page 2

502 703 psm

NET CASH FLOW BEFORE TAX

CUMULATIVE NET CASH FLOW

RESIDUAL VALUE growth 7%

NET CASH FLOW AFTER ADJUSTED

NET PRESENT VALUE 13%

A. Cashflow available for Debt Service

Interest Coverage (A/G)

CASHFLOW FOR EQUITY HOLDER

TOTAL EQUITY REQUIRED

Kota Wisata Mall 24 Mei Page 3

53,607,400 4,873,400 4,873,400

10,164,000 924,000 924,000

14,423,640 1,311,240 1,311,240

392,052,444 23,617,692 23,617,692

65,764,578 4,835,628 4,835,628

46,206,000 3,397,500 3,397,500

20,400,000 1,500,000 1,500,000

602,618,062 40,459,460 40,459,460

Kota Wisata Mall 24 Mei Page 4

67,522,594 5,096,045 5,733,050

969,176,408 0 0 63,181,125 64,537,062

206,633,000 103,316,500 103,316,500

21,111,245 0 0 1,569,292 1,735,450

Kota Wisata Mall 24 Mei Page 5

807,305,511 212,219,203 138,656,129 34,145,509 37,634,810

183,123,482 (212,219,203) (138,656,129) 29,035,615 26,902,252

(212,219,203) (350,875,332) (321,839,716) (294,937,464)

1,219,340,055 (212,219,203) (138,656,129) 29,035,615 26,902,252

(212,219,203) (138,656,129) 29,035,615 26,902,252

N/A N/A 1.3 1.2

(106,109,601) (69,328,065) 3,897,634 1,566,771

Kota Wisata Mall 24 Mei Page 6

73% 75% 84% 84% 90%

4,873,400 4,873,400 4,873,400 4,873,400 4,873,400

924,000 924,000 924,000 924,000 924,000

1,311,240 1,311,240 1,311,240 1,311,240 1,311,240

28,341,186 28,341,186 37,788,174 37,788,174 42,511,668

4,835,628 5,802,828 5,802,828 5,802,828 6,769,842

3,397,500 4,077,000 4,077,000 4,077,000 4,756,500

1,500,000 1,800,000 1,800,000 1,800,000 2,100,000

45,182,954 47,129,654 56,576,642 56,576,642 63,246,650

Kota Wisata Mall 24 Mei Page 7

5,733,050 6,370,056 6,370,056 6,370,056 6,370,056

72,061,834 77,140,708 91,266,718 93,817,080 104,534,602

90% 100% 100% 100% 100%