20.06.26 Nano II Model - Sent

Dashboard
Project NuTech
Assumption Historical
Scenario: Adj. Case 2 IDR bn 2017 2018 2019

Success Rate of New Contracts 50.0% Revenue 78 131 212
Gross Profit 18 30 46
X Discount & Growth Rate % to revenue 23% 23% 22%
EBITDA 10 14 22
WACC 12.4% % to revenue 13% 10% 11%
Terminal Growth 2.0% Net Profit 5 6 12
DLOM/CP 30.0% % to revenue 7% 5% 6%
X DCF MANAGEMENT CASE PGR

EV 258 134 1.0% 1.5%
(-) IBD Dec-19 (85) 11.4%
(+) Cash Dec-19 18 11.9%
Eqv 191 WACC 12.4%
Eqv DLOM 134 12.9%
Implied EV/EBITDA 8.94 13.4%
X DCF ADJUSTED CASE 134 PGR

EV 223 109 1.0% 1.5%
(-) IBD Dec-19 (85) 11.4%
(+) Cash Dec-19 18 11.9%
Eqv 156 WACC 12.4%
Eqv DLOM 109 12.9%
X GPTC (Dec 2019) LOW HIGH

EV/EBITDA 8.60 11.73
EBITDA 22 22 Low High
EV 193 263 M&A Preced 95 157
Eqv 126 196 GPTC (Apr 2 46 140
Eqv DLOM 88 137 GPTC (Dec 1 88 137
DCF Mgt. Ca 118 153
X GPTC (Apr 2020) LOW HIGH DCF Adj. Ca 96 125
EV/EBITDA 5.88 11.90 DCF Adj. Ca 80 138
EBITDA 22 22
EV 132 267
Eqv 65 200
Eqv DLOM 46 140
X M&A PRECEDENT LOW HIGH

EV/EBITDA 7.20 9.96
EBITDA 22 22
EV 162 224
Eqv 95 157
X DCF ADJUSTED CASE + SYNERGY

EV 223 0 PGR
EV Synergy 133 203 1.0% 1.5%
(-) IBD Dec-19 (85) 11.4%
(+) Cash Dec-19 18 11.9%
Eqv 290 WACC 12.4%
Eqv DLOM 203 12.9%
Management Case Adj. Case
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
257 326 413 525 667 180 226 304 361 423
55 69 84 106 129 38 48 64 74 92
21% 21% 20% 20% 19% 21% 21% 21% 21% 22%
30 39 49 66 82 19 24 32 36 48
12% 12% 12% 13% 12% 10% 11% 10% 10% 11%
13 18 22 31 38 8 13 17 18 25
5% 5% 5% 6% 6% 5% 6% 5% 5% 6%
PGR NEGOTIATION PRICE RANGE

2.0% 2.5% 3.0% PRICE EV/EBITDA EV/EBIT PE PBV
50 5.21 5.51 4.06 1.38
52 5.30 5.60 4.22 1.44
54 5.39 5.69 4.38 1.49
56 5.48 5.79 4.54 1.55
58 5.56 5.88 4.71 1.61
60 5.65 5.98 4.87 1.66
PGR 62 5.74 6.07 5.03 1.72
2.0% 2.5% 3.0% 64 5.83 6.16 5.19 1.77
66 5.92 6.26 5.36 1.83
68 6.01 6.35 5.52 1.88
Football Field
70 6.10 6.45 5.68 1.94
72 6.19 6.54 5.84 1.99
DCF Adj. Case 80 74 6.28 6.64
138 6.01 2.05
76 6.37 6.73 6.17 2.10
78 6.46 6.82 6.33 2.16
DCF Adj. Case 96 125
80 6.54 6.92 6.49 2.21
82 6.63 7.01 6.65 2.27
DCF Mgt. Case 84 6.72
118 7.11 153 6.82 2.33
86 6.81 7.20 6.98 2.38
88 6.90 7.29 7.14 2.44
GPTC (Dec 19) 88 137
90 6.99 7.39 7.30 2.49
92 7.08 7.48 7.47 2.55
GPTC (Apr 20) 46 94 7.17 7.58
140 7.63 2.60
96 7.26 7.67 7.79 2.66
98 7.35 7.77 7.95 2.71
M&A Precedent 10095 7.44 7.86 157 8.12 2.77
102 7.52 7.95 8.28 2.82
104 7.61 8.05 8.44 2.88
106 7.70 8.14 8.60 2.93
108 7.79 8.24 8.76 2.99
110 7.88 8.33 8.93 3.05
PGR
2.0% 2.5% 3.0%
1
2017-19 2019-24 Note Adj.
Act Mgt Adj,

65% 26% 15% Diff. due to 50% probability for (i) Potential OTC from non-transportation and non existing clients; (ii) Potent
59% 23% 15%
51% 30% 16% Diff. due to cost structure, refer to historical
54% 25% 15% Diff. due to interest expense and D/A calculation
Success Rate Low

109
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Critical Notes
If the success rate is 100%, the Adj. Case would have a higher value than Mgt. Case, due to;
1. Contract Listing provided by Nutech has a higher value than RKAP' Revenue
2. Adjustment on Cost Structure according to historical performance
3. Rationalized Debt Drawdown (70% from Sales, as precedent) implies to a lower interest expenses
4. Rescheduled Depreciation Expenses based on aging schedule of existing assets and future capex
5. WACC 12.4% and PGR 2%
rtation and non existing clients; (ii) Potential Recurring from non existing clients
Equity Value - Sensitivity for Acquiring Potential Contract

12
10
-
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1
Column AA
alue than Mgt. Case, due to;
lies to a lower interest expenses

xisting assets and future capex
Project Assumptions
Project NuTech
X General Assumption
Currency
Unit
Working Days
Months per Year
Months per Quarter
Quarters per Year
Thousand
Million
Billion
Financial Close Date

Model Start Date
X Revenue Assumption - Management Case
System
Hardware
Installation & Maintenance
X COGS Assumption - Management Case
System
Hardware
X OpEx - Management Case
Cash
Employee
Marketing
General & Administration
Non-Cash
Depreciation
Amortization
Allowance for Bad Debt
Interest and Other Income/Expenses,net
Tax Expense
X Working Capital - Management Case
Trade Receivable
Other Receivable
Inventory
Trade Payable
Other Payable
Advances
Advances from Customers
Accrued Expenses
X Capital Expenditure - Management
Fixed Assets
Tanah
Bangunan
Kendaraan
Mesin & Instalasi
Inventaris Kantor
X Equity Funding / Dividend (Management & Adjusted Case)
Equity Injection
Equity Injection
Dividend Payment Pay Out Ratio
X Revenue Assumption - Adjusted Case
System
Hardware
Management Services
X COGS Assumption - Adjusted Case
System
Hardware
X Opex - Adjusted Case

Selling Expenses
Salaries & welfare

Development
Transportation & Travel
Ops & Maintenance
Public relations
Office
Rent
Warranty
GA Expenses
Salaries & welfare

Office & Household Adm
Insurance & Rent
Depreciation
Employee benefits
Ops & Maintenance
Others
Other Income/Expenses
Other Income/(Expenses),net
Tax Expense
Tax
X Working Capital - Adjusted Case
Trade Receivable
Other Receivable
Inventory
Trade Payable
Other Payable
Advances
Advances from Customers
Accrued Expenses
X Capital Expenditure - Adjusted Case
Fixed Assets
Tanah
Bangunan
Kendaraan
Mesin & Instalasi
Inventaris Kantor
day(s)
month (s)
month (s)
qtr (s)
IDR
IDR
IDR
Date
Date
2017
%Revenue 80%
%Revenue 80%
%Revenue 69%
2017
Day(s) 165.4
Day(s) 4.9
Day(s) 39.0
Day(s) 8.9
Day(s) 3.5
Day(s) 4.3
Day(s) 0.1
Day(s) 81.6
Existing Asset Life Salvage Value New Asset Life

(n) (%) (n)
Rp 0 0% 0
Rp 20 0% 20
Rp 7 0% 7
Rp 14 0% 14
Rp 6 0% 5
Rp Juta
%
2017
%Revenue 80%
%Revenue 80%
%Revenue 69%
2017
% of Revenue 0.85%
% of Revenue 0.50%
% of Revenue 0.15%
% of Revenue 0.18%
% of Revenue 0.69%
% of Revenue 0.31%
% of Revenue 0.05%
% of Revenue 0.44%
2017
% of Revenue 5.84%
% of Revenue 0.85%
% of Revenue 0.42%
% of Revenue 0.77%
% of Revenue 0.35%
% of Revenue 0.16%
% of Revenue 0.14%
2017
% of Revenue 0.21%
2017
% EBT -30.32%
2017
Day(s) 165.4
Day(s) 4.9
Day(s) 39.0
Day(s) 8.9
Day(s) 3.5
Day(s) 4.3
Day(s) 0.1
Day(s) 81.6
Existing Asset Life Salvage Value New Asset Life

(n) (%) (n)
Rp 0 0% 0
Rp 20 0% 20
Rp 7 0% 7
Rp 14 0% 14
Rp 6 0% 5
IDR
Million
365
12
3
4
1,000 In_Thousand
1,000,000 In_Million
1,000,000,000 In_Billion
31-Dec-19
01-Jan-20
Growth 2020 2021

32.63% 131,429 174,858
20.00% 40,000 48,000
20.00% 85,624 102,749
2018 2019 2020 2021

80% 81% 81% 81%
84% 85% 81% 81%
68% 66% 74% 74%
Growth 2020 2021
15.00% (18,128) (20,847)

20.00% (2,764) (3,316)
20.00% (4,703) (5,644)
(1,702) (2,102)
0 0
0.00% (1,000) (1,000)
(9,557) (12,327)
(4,435) (6,187)
2018 2019 2020 2021

183.6 207.2 165 165
2.7 0.1 0 0
36.0 35.1 35 35
19.6 29.7 30 31
- 0.2 3 4
8.4 9.0 9 9
0.2 3.1 3 3
40.2 80.3 82 86
Salvage Value
(%) 2020 2021
0% 5,000 -
0% 5,000 -
0% - -
0% - -
0% 5,000 2,000
2020 2021
- -
40% 40%
Growth 2020 2021

26.37% 100,763 142,650
-6.32% 71,608 49,980
92.71% 8,037 33,562
2018 2019 2020 2021

80% 81% 80% 80%
84% 85% 80% 82%
68% 66% 66% 67%
2018 2019 2020 2021
1.16% 1.35% 1.35% 1.35%

0.59% 0.97% 0.97% 0.97%
0.18% 0.22% 0.22% 0.22%
0.09% 0.21% 0.21% 0.21%
0.17% 0.21% 0.21% 0.21%
0.23% 0.21% 0.21% 0.21%
0.04% 0.13% 0.13% 0.13%
0.47% 0.49% 0.49% 0.49%
2018 2019 2020 2021
5.79% 5.13% 5.13% 5.13%

0.71% 0.84% 0.84% 0.84%
0.49% 0.43% 0.43% 0.43%
0.55% 0.37% 0.37% 0.37%
0.21% 0.12% 0.12% 0.12%
0.17% 0.09% 0.09% 0.09%
0.33% 0.13% 0.13% 0.13%
2018 2019 2020 2021
-1.78% -0.80% 0.00% 0.00%
2018 2019 2020 2021
-36.15% -28.24% 25.00% 25.00%
2018 2019 2020 2021

183.6 207.2 165 162
2.7 0.1 0 0
36.0 35.1 35 35
19.6 29.7 30 31
- 0.2 3 4
8.4 9.0 9 9
0.2 3.1 3 3
40.2 80.3 82 86
Salvage Value
(%) 2020 2021
0% 5,000 -
0% 5,000 -
0% - -
0% - -
0% 5,000 2,000
2022 2023 2024
232,115 307,510 406,675
57,600 69,120 82,944
123,299 147,959 177,551
2022 2023 2024

82% 82% 83%
82% 82% 83%
74% 74% 74%
2022 2023 2024
(23,974) (27,570) (31,706)

(3,980) (4,776) (5,731)
(6,773) (8,127) (9,753)
(3,302) (3,902) (4,302)

0 0 0
(1,000) (1,000) (1,000)
(15,832) (20,350) (26,178)
(7,569) (10,030) (12,526)
2022 2023 2024

165 165 165
0 0 0
35 35 35
33 34 36
4 4 4
10 10 11
3 4 4
90 94 99
2022 2023 2024

- - -
10,000 - -
- - -
- - -
1,000 3,000 2,000
2022 2023 2024

- - -
40% 40% 40%
2022 2023 2024

208,475 198,875 257,000
56,340 104,220 55,150
39,001 58,342 110,842
2022 2023 2024

80% 81% 81%
82% 84% 85%
67% 68% 69%
2022 2023 2024
1.35% 1.35% 1.35%

0.97% 0.97% 0.97%
0.22% 0.22% 0.22%
0.21% 0.21% 0.21%
0.21% 0.21% 0.21%
0.21% 0.21% 0.21%
0.13% 0.13% 0.13%
0.49% 0.49% 0.49%
2022 2023 2024
5.13% 5.13% 5.13%

0.84% 0.84% 0.84%
0.43% 0.43% 0.43%
0.37% 0.37% 0.37%
0.12% 0.12% 0.12%
0.09% 0.09% 0.09%
0.13% 0.13% 0.13%
2022 2023 2024
0.00% 0.00% 0.00%
2022 2023 2024
25.00% 25.00% 25.00%
2022 2023 2024

159 156 153
0 0 0
35 35 35
33 34 36
4 4 4
10 10 11
3 4 4
90 94 99
2022 2023 2024

- - -
10,000 - -
- - -
- - -
1,000 3,000 2,000
Valuation
Project NuTech
Timing, Flags & Counter
Yearly Periods
Beginning of period Date
End of period Date
Year Year
X Traded Comps
X Precedent Transactions
X Free Cash Flow - Management Case
EBIT
Tax Expense
Depreciation, Amortization & Bad Debt Allowance
Capital Expenditures
Changes in Net Working Capital
ΔTrade receivables
ΔOther receivables
ΔInventories
ΔPrepaid Expense
ΔDeferred Tax Assets
ΔPrepaid tax
ΔAdvances
ΔOther Assets
ΔTrade payables
ΔOther payables
ΔTaxes Payable
ΔAdvances from customers
ΔAccrued expenses
Free Cash Flow

Terminal Value
Corporate Tax Rate 25%

WACC 12.4%
Terminal Growth Rate 2.00%
PV Factor
Discounted FCF 67,430
Terminal Value 190,679
Enterprise Value 258,109
(+) Cash on Hand 18,350
(-) Loan from Related Parties 79,890
(-) Interest Bearing Debt 5,369
Equity Value (based Dec 2019) 191,200
Equity Value DLOM (based Dec 2019) 133,840
X Free Cash Flow - Adjusted Case
EBIT
Tax Expense
Depreciation and Amortization
Capital Expenditures
Changes in Net Working Capital
ΔTrade receivables
ΔOther receivables
ΔInventories
ΔPrepaid Expense
ΔDeferred Tax Assets
ΔPrepaid tax
ΔAdvances
ΔOther Assets
ΔTrade payables
ΔOther payables
ΔTaxes Payable
ΔAdvances from customers
ΔAccrued expenses
Free Cash Flow

Terminal Value
Corporate Tax Rate 25%

WACC 12.4%
Terminal Growth Rate 2.00%
PV Factor
Discounted FCF 65,064
Terminal Value 157,955
Enterprise Value 223,019
(+) Cash on Hand 18,350
(-) Loan from Related Parties 79,890
(-) Interest Bearing Debt 5,369
Equity Value (based Dec 2019) 156,110
Equity Value DLOM (based Dec 2019) 109,277
X Relative Valuation
PER (Dec 2019) Low Median

PER 14.53 16.28
Net Income 12,323 12,323
Equity Value 178,987 200,613
Equity Value (DLOM) 125,291 140,429
PBV (Dec 2019) Low Median

PBV 1.56 1.58
Book Value 36,124 36,124
Equity Value 56,353 57,075
Equity Value (DLOM) 39,447 39,953
Jan/20 Jan/21 Jan/22
Dec/20 Dec/21 Dec/22
2020 2021 2022
General Information (Dec 2019)

Company Name Country Ticker
Anabatic TechnologiesIndonesia IDX: ATIC
Mphasis Ltd India BSE:526299
Silverlake Axis Ltd Singapore SGX:5CP
N2N Connect Berhad Malaysia KLSE:N2N
IRIS Corporation Berh Malaysia KLSE:IRIS
Willowglen MSC BerhaMalaysia KLSE:WILLOW
Kronologi Asia Berhad Malaysia KLSE:KRONO
Median
Simple Average
Multiples (25th Percentile)

Transaction Multiples
Company Name Country Desc
BMS Singapore IT Consulting
KPIT Tech India Software
YTL Malaysia IT Consulting
Kale Malaysia IT Consulting
BT Frontline Singapore IT Consulting
Median
Simple Average

26,952 36,148 45,178

(6,738) (9,037) (11,294)
2,702 3,102 4,302
(15,000) (2,000) (11,000)
13,285 (17,045) (19,627)
3,940 (32,056) (40,597)
(12) (19) (24)
(3,438) (5,270) (6,956)
0 0 0
0 0 0
0 0 0
(880) (1,664) (2,294)
0 0 0
2,909 5,505 7,587
1,810 639 881
0 0 0
376 709 949
8,579 15,112 20,828
21,201 11,168 7,558
0.89 0.79 0.71

18,869 8,847 5,329
74%
16,407 21,591 29,086

(4,102) (5,398) (7,271)
2,269 2,476 2,659
(15,000) (2,000) (11,000)
35,956 (8,751) (14,453)
38,663 (18,692) (31,764)
9 (12) (21)
2,245 (3,425) (5,948)
0 0 0
0 0 0
0 0 0
574 (1,096) (1,909)
0 0 0
(1,900) 3,625 6,312
1,252 421 733
0 0 0
(265) 477 815
(4,622) 9,952 17,329
35,530 7,919 (980)
0.89 0.79 0.71

31,622 6,273 (691)
71%
High
16.93
12,323
208,561
145,993
High
2.71
36,124
97,895
68,527
Jan/23 Jan/24
Dec/23 Dec/24
2023 2024
Description PE PBV EVEBITDA Dec 2019 EVEBITDA Apr 10 2020

IT Consulting NM 2.08 11.45 11.90
IT Consulting 16.13 3.34 11.73 7.89
Application Software 13.99 5.17 10.25 6.11
Application Software 27.20 1.56 10.77 7.04
Hardware 10.34 1.42 NM NM
Systems 17.09 1.58 8.60 5.88
Systems 16.43 1.56 10.37 6.40
16.28 1.58 10.57 6.72

16.86 2.39 10.53 7.54
14.53 1.56 10.28 6.18

16.93 2.71 11.28 7.68
Date Trx Value (IDR mm) EBITDA ImpliedEV/EBITDA

Nov-19 133,148 15,173 8.78
Jan-18 91 686,469 9.96
Jul-16 1,861,809 247,787 7.64
Sep-13 580,479 78,437 7.20
Dec-07 1,482,577 153,028 9.29
8.78
8.57
7.64
9.29
60,888 76,907
(15,222) (19,227)
4,902 5,302
(3,000) (2,000)
(23,624) (26,314)
(51,546) (65,592)
(30) (39)
(8,618) (11,499)
0 0
0 0
0 0
(2,999) (4,173)
0 0
9,918 13,800
1,151 1,602
0 0
1,270 1,703
27,229 37,884
23,944 34,668
341,431
0.63 0.56
15,024 19,361
190,679
33,150 44,006
(8,287) (11,001)
3,123 3,523
(3,000) (2,000)
(6,146) (5,809)
(21,925) (22,639)
(16) (17)
(4,528) (4,220)
0 0
0 0
0 0
(1,667) (1,722)
0 0
5,514 5,694
640 661
0 0
698 800
15,138 15,632
18,840 28,719
282,835
0.63 0.56
11,822 16,039
157,955
Revenue
Project NuTech
x
x
### ###
### ### ### ### ###
X
### ### ###
X
Revenue
Project NuTech
Monthly Periods
Beginning of period
End of period
Year
Counter
Month
Year
Escalation
Inflation rate
Index
Contract Listing 2020-2024
On Going Contracts
Non Recurring Income
Pengadaan Mesin ATM PT. BPD Kaltim Kaltara Tahun 2017 (Paket B)
Penyediaan Jasa Integrasi (Integrator) 22 Mesin Terminal Parkir Elektronik (TPE)
Pengadaan 10 (Sepuluh) MPOS DAMRI
Pengadaan Aplikasi POS Eksisting
Penyediaan Layanan Ticketing System untuk PT ASDP Indonesia Ferry (Persero) OPEX
Pengadaan Pemasangan 42 Gate untuk PT KCI
Implementation project DRC STS & SRIS
Penyediaan Sparepart Layanan KCI 2019
Change Request (CR) ARTS Front-End
Pengadaan Relokasi 43 Unit Gate untuk PT KCI
Pengadaan EDC, Aplikasi POS dan Pemeliharaan (Hardware)
Integrasi LinkAja pada sektor Transportasi (Reska)
Integrasi LinkAja pada sektor Transportasi (Damri)
Integrasi LinkAja pada sektor Transportasi (ASDP)
Integrasi LinkAja pada sektor Transportasi (Pelni)
Integrasi LinkAja pada sektor Transportasi (LRT Jakarta)
Integrasi LinkAja pada sektor Transportasi (Theme Park)
Pengadaan Perangkat Reader System Elektronik
Pengadaan dan Pemasangan Document Collaborative System Untuk PT Angkasa Pura II (Persero)
Penyediaan Support Pengembangan & Customisasi Layanan Sistem Tiket Elektronik PT KCI
Sparepart KCI
Total
Recurring Income
SAM Application Consultan 4

Pengadaan Managed Service Layanan E-Ticketing Rute Bandara Untuk PERUM DAMRI
Pengadaan Sewa dan Managed Service 3 (tiga) unit Vending Machine untuk PERUM DAMRI
Maintenance Service Agreement (MSA) Front-End ARTS Tahun 2019
Corrective Maintenance E- Parking PT Reska Multi Usaha
Pengadaan Maintenance Support Ticketing LRT Sumatera Selatan
Total
Potential Contracts
Penyediaan Layanan KCI 2020 (include CVIM)

Pekerjaan Relokasi Perangkat E-Ticketing di Stasiun Tanah Abang
Penambahan Penyediaan Layanan Ticketing System untuk PT ASDP Indonesia Ferry (Persero) CAPEX
Pengadaan Vending Machine Cetak E-KTP Untuk Dinas Kependudukan dan Pencatatan Sipil
Penambahan Bill Acceptor
Upgrade QR LRT Jakpro
MRT
CCTV KAI
Upgrade Aplikasi KCI
Sparepart KCI 2020
Land Slide
LRT JABODEBEK
TOA Transjakarta
VM KAI 200 Unit
BPBP
Vending Machine KAI
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Panjang Bd Lampung
Visitor Management
Integrasi Payment
Pengadaan proyek zimbra
CCTV Analytic KAI
Gate Adisumarmo
NVR KCI
Bendungan Bli Bli makasar
ANPR Jasamarga
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Tanjung Priuk
Pengadaan Gate
Penambahan Pekerjaan Sistem Antrian Bus Bandara Soekarno Hatta (Payment Channel)
Pengadaan Kiosk
Logistic Bandara AP2
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Tl Bayur - Padang
Modifikasi gate untuk QR Payment
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Pontianak
Airport Data Exchange
Pengadaan Top-Up Terminal & Aplikasi
Pengadaan Aplikasi Sistem Parkir
Pengadaan Kiosk & Aplikasi Sistem Antrian
Pengadaan E-ticketing Ecopark Perhutani Kawasan Kawah Putih
Digitalisasi Zonasi 2 Terminal
Pengadaan on truck CCTV
Pengadaan Cash Recycle Machine
Setlement Enginee untuk Cashless Pelabuhan
Pengadaan Smart Teller Machine (STS)
Pengadan Sistem Antrian Taxi Bandara Soekarno Hatta
Baggage Handling dan Railway Sensor
Pengembangan Server Based QR Payment Kci
Pengadaan Vending Machine
Smart Airport - Soekarno Hatta
Replacement System MRT Jakarta
E Ticketing System - LRT Jabodebek
Back - End System for Toll Road
Vending Machine KCI
Intermoda Applications
Smart Airport System
Ticketing System ASDP - (Pdang Bay-Lembar)
Spare Part KCI
DEWS - Radio Komunikasi Masyarakat
DEWS - Land slide
DEWS - Land Slide
DEWS - Sensor Ladang Gambut
Anjungan Dukcapil Mandiri
Hardware - Digitoc (theme park)
MRT - Tahap II
LRT - Jakpro Tahap II
ERP - Jakarta Tahap 1
Spare Part KCI
Aplikasi Intermoda
Ticketing System - Toll Road
Smart Airport
DEWS - Deteksi Tsunami
ERP - Tahap II
Replacement Gate KCI
Spare Part Gate KCI
Ticketing System - Toll Road Tahap II
Smart Airport Tahap II
Others
DEWS - Radio Komunikasi Masyarakat - Tahap II
Water Management System
Smart Airport Thap III
Spare Part KCI
Toll Road Tahap 3
LRT - Surabaya Kota
E-Terminal 5 Kota
Others
DEWS - Radio Komunikasi Masyarakat - Tahap III
Total
Recurring Income
Airport Wifi Managed Service
Managed Service E-Ticketing
Operation & Maintenance KCI
Operation & Maintenance ASDP
Operation & Maintenance LRT PALEMBANG
Operation & Maintenance RAILINK
Operation & Maintenance DAMRI
Penyewaan ATM - BPD KALTARA
Penyewaan Vending Machine
SAM Aplication Consultan
Tambahan ASDP Padang Bay - Lembar
O & M MRT Tahap 1
O & M LRT Jabodebek
O & M MRT Tahap I
O & M LRT Jabodebek
MRT - Tahap II
LRT - Jakpro Tahap
Tol Road
Total
Summary - Monthly
On Going Contracts
System
Hardware
Potential Contracts
System
Hardware
Total
Summary - Yearly
By Contract
Ongoing
Potential
Total
By Products
System
Hardware
I&M
Total
50% Probability for (i) Non Transportation; (ii) Potential Contract; (iii) Non Existing Clients
Date 1-Dec-19 1-Jan-20 1-Feb-20

Date 31-Dec-19 31-Jan-20 29-Feb-20
Year 2019 2020 2020
1 2
1 1
5% 5%
1.05 1.05
IDR Mn Hardware 18 18
IDR Mn System - -
IDR Mn Hardware - 6
IDR Mn System - -
IDR Mn System 1,195 1,195
IDR Mn Hardware - 20
IDR Mn System - -
IDR Mn Hardware - -
IDR Mn System - -
IDR Mn Hardware - 39
IDR Mn System - -
IDR Mn System - -
IDR Mn System - -
IDR Mn System - -
IDR Mn System - -
IDR Mn System - -
IDR Mn System - -
IDR Mn Hardware 4,294 1,074
IDR Mn System 8,522 -
IDR Mn System - -
IDR Mn Hardware - -
14,029 2,350
IDR Mn I&M 74 74
IDR Mn I&M 228 228
IDR Mn I&M - -
IDR Mn I&M 368 368
IDR Mn I&M 114 -
IDR Mn I&M - -
784 670
IDR Mn 36,360 System 100% - 6,060

IDR Mn - Hardware 50% - -
IDR Mn 4,600 System 100% - -
IDR Mn 40,768 Hardware 50% - 80
IDR Mn 143 Hardware 50% 143 -
IDR Mn - System 100% - -
IDR Mn 5,000 Hardware 100% - -
IDR Mn 3,000 System 100% - -
IDR Mn 25,625 System 100% - -
IDR Mn 3,500 System 50% - -
IDR Mn 3,500 Hardware 100% - 3,500
IDR Mn 557 System 50% - 557
IDR Mn 2,500 Hardware 100% - 2,500
IDR Mn 40,000 System 100% - -
IDR Mn 60,000 System 100% - -
IDR Mn 20,000 System 50% - -
IDR Mn 10,000 System 50% - -
IDR Mn 20,000 System 50% - -
IDR Mn 10,000 System 50% - -
IDR Mn 35,000 System 50% - -
IDR Mn 60,000 System 100% - -
IDR Mn 35,000 System 50% - -
IDR Mn 50,000 System 50% - -
IDR Mn 20,000 System 50% - -
IDR Mn 75,000 System 50% - -
IDR Mn 100,000 System 50% - -
IDR Mn 30,000 System 50% - -
IDR Mn 10,000 System 50% - -
IDR Mn 20,000 System 50% - -
IDR Mn 35,000 System 50% - -
IDR Mn 100,000 System 100% - -
IDR Mn 40,000 System 100% - -
IDR Mn 25,000 System 100% - -
IDR Mn 10,000 System 50% - -
143 12,697
IDR Mn 344 I&M 50% - -

IDR Mn - I&M 50% - -
IDR Mn - I&M 50% - -
IDR Mn 21,618 I&M 50% - -
IDR Mn 7,170 I&M 50% - -
IDR Mn 562 I&M 50% - -
IDR Mn 2,208 I&M 50% - -
IDR Mn 1,372 I&M 50% - -
IDR Mn 105 I&M 50% - -
IDR Mn 70 I&M 50% - -
IDR Mn 458 I&M 50% - -
IDR Mn 23,780 I&M 50% - -
IDR Mn 7,170 I&M 50% - -
IDR Mn 618 I&M 50% - -
IDR Mn 2,429 I&M 50% - -
IDR Mn 1,372 I&M 50% - -
IDR Mn 105 I&M 50% - -
IDR Mn 70 I&M 50% - -
IDR Mn 458 I&M 50% - -
IDR Mn 3,000 I&M 50% - -
IDR Mn 24,969 I&M 50% - -
IDR Mn 7,170 I&M 50% - -
IDR Mn 649 I&M 50% - -
IDR Mn 2,550 I&M 50% - -
IDR Mn 1,372 I&M 50% - -
IDR Mn 105 I&M 50% - -
IDR Mn 70 I&M 50% - -
IDR Mn 458 I&M 50% - -
IDR Mn 3,000 I&M 50% - -
IDR Mn 7,500 I&M 50% - -
IDR Mn 10,500 I&M 50% - -
IDR Mn 24,969 I&M 50% - -
IDR Mn 7,170 I&M 50% - -
IDR Mn 649 I&M 50% - -
IDR Mn 2,550 I&M 50% - -
IDR Mn 1,372 I&M 50% - -
IDR Mn 105 I&M 50% - -
IDR Mn 70 I&M 50% - -
IDR Mn 458 I&M 50% - -
IDR Mn 3,000 I&M 50% - -
IDR Mn 7,500 I&M 50% - -
IDR Mn 10,500 I&M 50% - -
IDR Mn 10,500 I&M 50% - -
IDR Mn 10,500 I&M 50% - -
IDR Mn 4,500 I&M 50% - -
IDR Mn 27,000 I&M 50% - -
- -
IDR Mn 9,717 1,195

IDR Mn 4,312 1,155
IDR Mn 784 670
14,812 3,020
IDR Mn - 6,617
IDR Mn 143 6,080
IDR Mn - -
143 12,697
2020 2021
IDR Mn 40,511 -
IDR Mn 139,897 226,192
180,408 226,192
2020 2021
IDR Mn 100,763 142,650

71,608 49,980
IDR Mn 8,037 33,562
180,408 226,192
(iii) Non Existing Clients
1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20

2020 2020 2020 2020 2020 2020
3 4 5 6 7 8
1 1 1 1 1 1
5% 5% 5% 5% 5% 0%
1.05 1.05 1.05 1.05 1.05 0.00
18 18 18 18 18 18
- - - - - -
6 6 6 6 6 6
- - - - - -
1,195 1,195 1,195 1,195 1,195 1,195
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,335 - - - - -
244 - - - - -
733 - - - - -
- - - - - -
1,947 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
5,477 1,218 1,218 1,218 1,218 1,218
74 - - - - -
228 228 228 228 228 228
- 23 23 23 23 23
368 368 368 368 368 368
- - - - - -
- - - - - -
670 619 619 619 619 619
3,030 3,030 3,030 3,030 3,030 3,030

- - - - - -
- 4,600 - - - -
- - 3,875 3,875 5,813 7,750
- - - - - -
- - - - - -
- - - - - -
- - 5,000 - - -
- - - 3,000 - -
- - - - - -
- - - - - -
- - - - - -
- - - 15,625 - 10,000
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,030 7,630 11,905 25,530 8,843 20,780
- 38 38 38 38 38
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 38 38 38 38 38
5,454 1,195 1,195 1,195 1,195 1,195

23 23 23 23 23 23
670 619 619 619 619 619
6,147 1,837 1,837 1,837 1,837 1,837
3,030 7,630 3,030 21,655 3,030 13,030

- - 8,875 3,875 5,813 7,750
- 38 38 38 38 38
3,030 7,668 11,943 25,568 8,881 20,818
2022 2023 2024
- - -
303,816 361,437 422,992
303,816 361,437 422,992
2022 2023 2024
208,475 198,875 257,000

56,340 104,220 55,150
39,001 58,342 110,842
303,816 361,437 422,992

1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21
2020 2020 2020 2020 2021 2021
9 10 11 12 13 14
1 1 1 1 2 2
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
18 18 18 18
- - - -
6 6 6 6
- - - -
1,195 1,195 1,195 1,195
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
1,218 1,218 1,218 1,218 - -
- - - -
228 228 228 228
23 23 23 23
368 368 368 368
- - - -
- - - -
619 619 619 619 - -
3,030 3,030 3,030 3,030 - -

- - - - - -
- - - - - -
7,750 3,875 3,875 3,875 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,000 - 7,000 - - -
- - - 3,500 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 5,182
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 667 667
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 1,540 1,540
- - - - 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
17,780 6,905 13,905 10,405 2,332 7,513
38 38 38 38 - -
- - - - - -
- - - - - -
- - - - 1,802 1,802
- - - - 598 598
- - - - 47 47
- - - - 184 184
- - - - 114 114
- - - - 9 9
- - - - 6 6
- - - - 38 38
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
38 38 38 38 2,797 2,797
1,195 1,195 1,195 1,195 - -

23 23 23 23 - -
619 619 619 619 - -
1,837 1,837 1,837 1,837 - -
3,030 3,030 3,030 6,530 - 5,182

14,750 3,875 10,875 3,875 2,332 2,332
38 38 38 38 2,797 2,797
17,818 6,943 13,943 10,443 5,129 10,310
2021 2021 2021 2021 2021 2021
15 16 17 18 19 20
2 2 2 2 2 2
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,800 3,800 3,800 3,800 3,800 3,800
5,182 5,182 5,182 5,182 5,182 5,182
- - - 2,714 2,714 2,714
- 2,111 2,111 2,111 2,111 2,111
- - - - - 1,000
- - - - - -
- - - - - -
667 667 667 667 667 667
- - - 536 536 536
250 250 250 250 250 250
- - - - - -
- - - - - -
- - - 429 429 429
1,540 1,540 1,540 1,540 1,540 1,540
125 125 125 125 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
11,563 13,675 13,675 17,353 17,353 18,353
- - - - - -
- - - - - -
- - - - - -
1,802 1,802 1,802 1,802 1,802 1,802
598 598 598 598 598 598
47 47 47 47 47 47
184 184 184 184 184 184
114 114 114 114 114 114
9 9 9 9 9 9
6 6 6 6 6 6
38 38 38 38 38 38
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,797 2,797 2,797 2,797 2,797 2,797
- - - - - -
- - - - - -
- - - - - -
- - - - - -
9,232 9,232 9,232 12,482 12,482 13,482

2,332 4,443 4,443 4,871 4,871 4,871
2,797 2,797 2,797 2,797 2,797 2,797
14,360 16,471 16,471 20,150 20,150 21,150
2021 2021 2021 2021 2022 2022
21 22 23 24 25 26
2 2 2 2 3 3
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,800 3,800 3,800 3,800 2,000 -
5,182 5,182 5,182 5,182 3,000 -
2,714 2,714 2,714 2,714 1,000 -
2,111 2,111 2,111 2,111 1,000 -
1,000 1,000 1,000 1,000 1,000 1,000
2,500 2,500 2,500 2,500 2,500 2,500
1,250 1,250 1,250 1,250 1,250 1,250
667 667 667 667 - -
536 536 536 536 - -
250 250 250 250 - -
225 225 225 225 200 200
375 375 375 375 333 333
429 429 429 429 400 400
1,540 1,540 1,540 1,540 1,540 1,540
125 125 125 125 - -
- - - - - 3,023
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 3,958 3,958
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 2,310 2,310
- - - - 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
22,703 22,703 22,703 22,703 20,617 16,639
- - - - - -
- - - - - -
- - - - - -
1,802 1,802 1,802 1,802 - -
598 598 598 598 - -
47 47 47 47 - -
184 184 184 184 - -
114 114 114 114 - -
9 9 9 9 - -
6 6 6 6 - -
38 38 38 38 - -
- - - - 1,982 1,982
- - - - 598 598
- - - - 51 51
- - - - 202 202
- - - - 114 114
- - - - 9 9
- - - - 6 6
- - - - 38 38
- - - - 250 250
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,797 2,797 2,797 2,797 3,250 3,250
- - - - - -
- - - - - -
- - - - - -
- - - - - -
17,832 17,832 17,832 17,832 15,242 12,264

4,871 4,871 4,871 4,871 5,375 4,375
2,797 2,797 2,797 2,797 3,250 3,250
25,500 25,500 25,500 25,500 23,867 19,889
2022 2022 2022 2022 2022 2022
27 28 29 30 31 32
3 3 3 3 3 3
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,000 1,000 1,000 - - -
2,500 2,500 - - - -
1,250 1,250 - - - -
- - - - - -
- - - - - -
- - - - - -
200 - - - - -
333 - - - - -
400 400 400 - - -
1,540 - - - - -
- - - - - -
3,023 3,023 3,023 3,023 3,023 3,023
- 6,333 6,333 6,333 6,333 6,333
- - - 3,321 3,321 3,321
950 950 950 950 950 950
- - - 339 339 339
3,958 3,958 3,958 3,958 3,958 3,958
- - - - - -
- - - 714 714 714
1,000 1,000 1,000 1,000 1,000 1,000
250 250 250 250 250 250
2,310 2,310 2,310 2,310 2,310 2,310
125 125 125 125 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
18,839 23,099 19,349 22,324 22,324 22,324
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,982 1,982 1,982 1,982 1,982 1,982
598 598 598 598 598 598
51 51 51 51 51 51
202 202 202 202 202 202
114 114 114 114 114 114
9 9 9 9 9 9
6 6 6 6 6 6
38 38 38 38 38 38
250 250 250 250 250 250
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,250 3,250 3,250 3,250 3,250 3,250
- - - - - -
- - - - - -
- - - - - -
- - - - - -
12,514 18,314 14,564 17,939 17,939 17,939

6,325 4,785 4,785 4,385 4,385 4,385
3,250 3,250 3,250 3,250 3,250 3,250
22,089 26,349 22,599 25,574 25,574 25,574
2022 2022 2022 2022 2023 2023
33 34 35 36 37 38
3 3 3 3 4 4
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,023 3,023 3,023 3,023 1,750 -
6,333 6,333 6,333 6,333 3,000 -
3,321 3,321 3,321 3,321 2,938 2,938
950 950 950 950 500 -
339 339 339 339 125 -
3,958 3,958 3,958 3,958 2,500 -
2,500 2,500 2,500 2,500 2,500 2,500
714 714 714 714 - -
1,000 1,000 1,000 1,000 - -
250 250 250 250 - -
2,310 2,310 2,310 2,310 2,310 2,310
125 125 125 125 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 625 625
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 1,733 1,733
- - - - 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
24,824 24,824 24,824 24,824 18,105 10,230
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,982 1,982 1,982 1,982 - -
598 598 598 598 - -
51 51 51 51 - -
202 202 202 202 - -
114 114 114 114 - -
9 9 9 9 - -
6 6 6 6 - -
38 38 38 38 - -
250 250 250 250 - -
- - - - 2,081 2,081
- - - - 598 598
- - - - 54 54
- - - - 213 213
- - - - 114 114
- - - - 9 9
- - - - 6 6
- - - - 38 38
- - - - 250 250
- - - - 625 625
- - - - 875 875
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,250 3,250 3,250 3,250 4,862 4,862
- - - - - -
- - - - - -
- - - - - -
- - - - - -
20,439 20,439 20,439 20,439 13,438 6,063

4,385 4,385 4,385 4,385 4,668 4,168
3,250 3,250 3,250 3,250 4,862 4,862
28,074 28,074 28,074 28,074 22,967 15,092
2023 2023 2023 2023 2023 2023
39 40 41 42 43 44
4 4 4 4 4 4
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,938 2,938 - - - -
- - - - - -
- - - - - -
- - - - - -
2,500 2,500 - - - -
- - - - - -
- - - - - -
- - - - - -
2,310 - - - - -
- - - - - -
7,125 7,125 7,125 7,125 7,125 7,125
- 6,333 6,333 6,333 6,333 6,333
- 556 556 556 556 556
- - - 7,143 7,143 7,143
- - - 4,071 4,071 4,071
625 625 625 625 625 625
- - - 714 714 714
1,250 1,250 1,250 1,250 1,250 1,250
250 250 250 250 250 250
- - - - - -
1,733 1,733 1,733 1,733 1,733 1,733
125 125 125 125 125 125
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
18,855 23,434 17,996 29,925 29,925 29,925
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,081 2,081 2,081 2,081 2,081 2,081
598 598 598 598 598 598
54 54 54 54 54 54
213 213 213 213 213 213
114 114 114 114 114 114
9 9 9 9 9 9
6 6 6 6 6 6
38 38 38 38 38 38
250 250 250 250 250 250
625 625 625 625 625 625
875 875 875 875 875 875
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
4,862 4,862 4,862 4,862 4,862 4,862
- - - - - -
- - - - - -
- - - - - -
- - - - - -
13,438 13,438 8,000 19,929 19,929 19,929

5,418 9,996 9,996 9,996 9,996 9,996
4,862 4,862 4,862 4,862 4,862 4,862
23,717 28,296 22,858 34,787 34,787 34,787
2023 2023 2023 2023 2024 2024
45 46 47 48 49 50
4 4 4 4 5 5
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,125 7,125 7,125 7,125 3,750 -
6,333 6,333 6,333 6,333 3,000 -
556 556 556 556 - -
7,143 7,143 7,143 7,143 7,143 7,143
4,071 4,071 4,071 4,071 1,500 -
625 625 625 625 625 625
714 714 714 714 - -
1,250 1,250 1,250 1,250 - -
250 250 250 250 - -
1,250 1,250 1,250 1,250 1,250 1,250
1,733 1,733 1,733 1,733 1,733 1,733
125 125 125 125 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 625 625
- - - - - -
- - - - - -
- - - - - -
- - - - 1,733 1,733
- - - - 125 125
31,175 31,175 31,175 31,175 21,483 13,233
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,081 2,081 2,081 2,081 - -
598 598 598 598 - -
54 54 54 54 - -
213 213 213 213 - -
114 114 114 114 - -
9 9 9 9 - -
6 6 6 6 - -
38 38 38 38 - -
250 250 250 250 - -
625 625 625 625 - -
875 875 875 875 - -
- - - - 2,081 2,081
- - - - 598 598
- - - - 54 54
- - - - 213 213
- - - - 114 114
- - - - 9 9
- - - - 6 6
- - - - 38 38
- - - - 250 250
- - - - 625 625
- - - - 875 875
- - - - 875 875
- - - - 875 875
- - - - 375 375
- - - - 2,250 2,250
4,862 4,862 4,862 4,862 9,237 9,237
- - - - - -
- - - - - -
- - - - - -
- - - - - -
21,179 21,179 21,179 21,179 14,893 9,643

9,996 9,996 9,996 9,996 6,590 3,590
4,862 4,862 4,862 4,862 9,237 9,237
36,037 36,037 36,037 36,037 30,720 22,470
2024 2024 2024 2024 2024 2024
51 52 53 54 55 56
5 5 5 5 5 5
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,143 7,143 7,143 7,143 7,143 -
- - - - - -
625 625 - - - -
- - - - - -
- - - - - -
- - - - - -
1,250 1,250 1,250 1,250 1,250 1,250
1,733 1,733 1,733 1,733 1,733 1,733
- - - - - -
3,325 3,325 3,325 3,325 3,325 3,325
- 667 667 667 667 667
9,500 9,500 9,500 9,500 9,500 9,500
- - - 2,857 2,857 2,857
- - - - 3,958 3,958
625 625 625 625 625 625
- - - 536 536 536
- - - 1,429 1,429 1,429
- - - 143 143 143
1,733 1,733 1,733 1,733 1,733 1,733
125 125 125 125 125 125
26,058 26,725 26,100 31,064 35,022 27,879
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,081 2,081 2,081 2,081 2,081 2,081
598 598 598 598 598 598
54 54 54 54 54 54
213 213 213 213 213 213
114 114 114 114 114 114
9 9 9 9 9 9
6 6 6 6 6 6
38 38 38 38 38 38
250 250 250 250 250 250
625 625 625 625 625 625
875 875 875 875 875 875
875 875 875 875 875 875
875 875 875 875 875 875
375 375 375 375 375 375
2,250 2,250 2,250 2,250 2,250 2,250
9,237 9,237 9,237 9,237 9,237 9,237
- - - - - -
- - - - - -
- - - - - -
- - - - - -
22,468 22,468 21,843 25,379 29,337 22,194

3,590 4,257 4,257 5,685 5,685 5,685
9,237 9,237 9,237 9,237 9,237 9,237
35,295 35,961 35,336 40,301 44,259 37,116
2024 2024 2024 2024 2025 2025
57 58 59 60 61 62
5 5 5 5 6 6
0% 0% 0% 0% 0% 0%
0.00 0.00 0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
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- - - - - -
- - - - - -
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- - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,250 1,250 1,250 1,250 - -
- - - - - -
- - - - - -
3,325 3,325 3,325 3,325 1,750 -
667 667 667 667 - -
9,500 9,500 9,500 9,500 5,000 -
2,857 2,857 2,857 2,857 2,857 2,857
3,958 3,958 3,958 3,958 1,250 -
625 625 625 625 625 625
536 536 536 536 - -
1,429 1,429 1,429 1,429 - -
143 143 143 143 - -
1,733 1,733 1,733 1,733 1,733 1,733
125 125 125 125 - -
26,147 26,147 26,147 26,147 13,215 5,215
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,081 2,081 2,081 2,081 - -
598 598 598 598 - -
54 54 54 54 - -
213 213 213 213 - -
114 114 114 114 - -
9 9 9 9 - -
6 6 6 6 - -
38 38 38 38 - -
250 250 250 250 - -
625 625 625 625 - -
875 875 875 875 - -
875 875 875 875 - -
875 875 875 875 - -
375 375 375 375 - -
2,250 2,250 2,250 2,250 - -
9,237 9,237 9,237 9,237 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
22,194 22,194 22,194 22,194 11,482 3,482

3,953 3,953 3,953 3,953 1,733 1,733
9,237 9,237 9,237 9,237 - -
35,384 35,384 35,384 35,384 13,215 5,215
2025 2025 2025 2025 2025 2025
63 64 65 66
6 6 6 6
0% 0% 0% 0%
0.00 0.00 0.00 0.00
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,857 2,857 2,857 2,857 2,857 -
- - - - - -
625 625 - - - -
- - - - - -
- - - - - -
- - - - - -
1,733 1,733 1,733 1,733 1,733 1,733
- - - - - -
5,215 5,215 4,590 4,590 4,590 1,733
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,482 3,482 2,857 2,857 2,857 -

1,733 1,733 1,733 1,733 1,733 1,733
- - - - - -
5,215 5,215 4,590 4,590 4,590 1,733
1-Sep-25 1-Oct-25
30-Sep-25 31-Oct-25
2025 2025
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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- -
- -
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- -
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- -
- -
- -
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- -
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- -
- -
- -
- -
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- -
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- -
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- -
- -
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- -
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- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
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- -
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- -
- -
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- -
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- -
- -
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- -
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- -
- -
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- -
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- -
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- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Asset, Depreciation and Amortization
Project NuTech
Yearly Periods
End of period Date
Year Year
Counter
Year
Escalation
Inflation rate
Index
X Investment Schedule
Capital Expenditure
Tanah IDR Mn
Bangunan IDR Mn
Kendaraan IDR Mn
Mesin & Instalasi IDR Mn
Inventaris Kantor IDR Mn
X Aset Tetap Existing
Tanah Life Cycle Residual

0 0%
Acquisition Cost
Beginning IDR Mn
Deductions/Disposal IDR Mn
Ending IDR Mn
Bangunan Life Cycle Residual

20 0%
Acquisition Cost
Beginning IDR Mn
Deductions IDR Mn
Ending IDR Mn
Accumulated Depreciation
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Kendaraan Life Cycle Residual

7 0%
Acquisition Cost
Beginning IDR Mn
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Mesin dan Instalasi Life Cycle Residual

14 0%
Acquisition Cost
Beginning IDR Mn
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Alat Kantor Life Cycle Residual

6 0%
Acquisition Cost
Beginning IDR Mn
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
X Aset Tetap (Baru)
Tanah Life Cycle Residual

0 0%
Acquisition Cost
Beginning IDR Mn
Addition IDR Mn
Deductions/Disposal IDR Mn
Ending IDR Mn
Net Book Value
Bangunan Life Cycle Residual

20 0%
Acquisition Cost
Beginning IDR Mn
Addition
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Kendaraan Life Cycle Residual

7 0%
Acquisition Cost
Beginning IDR Mn
Addition
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Mesin & Instalasi Life Cycle Residual

14 0%
Acquisition Cost
Beginning IDR Mn
Addition
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
Alat Kantor Life Cycle Residual

5 0%
Acquisition Cost
Beginning IDR Mn
Addition
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value
X Summary
Aset Tetap
Acquisition Cost
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Beginning IDR Mn
Addition IDR Mn
Deductions IDR Mn
Ending IDR Mn
Net Book Value

1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24
31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2019 2020 2021 2022 2023 2024
1 2 3 4 5
5% 5% 5% 5% 5%
1.00 1.00 1.00 1.00 1.00
2020 2021 2022 2023 2024

5,000 - - - -
5,000 - 10,000 - -
- - - - -
- - - - -
5,000 2,000 1,000 3,000 2,000
5737 5737 5737 5737 5737
5737 5737 5737 5737 5737 5737
3,468 3,468 3,468 3,468 3,468
3468 3,468 3,468 3,468 3,468 3,468
995 1,168 1,341 1,515 1,688

173 173 173 173 173
995 1,168 1,341 1,515 1,688 1,862
2473 2,300 2,126 1,953 1,780 1,606
1,121 1,121 1,121 1,121 1,121
1121 1,121 1,121 1,121 1,121 1,121
764 924 1,084 1,121 1,121

160 160 37 - -
764 924 1,084 1,121 1,121 1,121
358 198 37 - - -
2,353 2,353 2,353 2,353 2,353
2353 2,353 2,353 2,353 2,353 2,353
1,919 2,087 2,255 2,353 2,353

168 168 98 - -
1919 2,087 2,255 2,353 2,353 2,353
434 266 98 - - -
3,103 3,103 3,103 3,103 3,103
3103 3,103 3,103 3,103 3,103 3,103
2,261 2,778 3,103 3,103 3,103

517 324 - - -
2261 2,778 3,103 3,103 3,103 3,103
842 324 - - - -
- 5,000 5,000 5,000 5,000

5,000 - - - -
0 5,000 5,000 5,000 5,000 5,000
5,000 5,000 5,000 5,000 5,000
- 5,000 5,000 15,000 15,000

5,000 - 10,000 - -
0 5,000 5,000 15,000 15,000 15,000
- 250 500 1,250 2,000

250 250 750 750 750
0 250 500 1,250 2,000 2,750
0 4,750 4,500 13,750 13,000 12,250
- - - - -
- - - - -
0 - - - - -
- - - - -
- - - - -
0 - - - - -
0 - - - - -
- - - - -
- - - - -
0 - - - - -
- - - - -
- - - - -
0 - - - - -
0 - - - - -
- 5,000 7,000 8,000 11,000

5,000 2,000 1,000 3,000 2,000
0 5,000 7,000 8,000 11,000 13,000
- 1,000 2,400 4,000 6,200

1,000 1,400 1,600 2,200 2,600
0 1,000 2,400 4,000 6,200 8,800
0 4,000 4,600 4,000 4,800 4,200
15,782 30,782 32,782 43,782 46,782

15,000 2,000 11,000 3,000 2,000
- - - - -
30,782 32,782 43,782 46,782 48,782
5,938 8,207 10,683 13,342 16,465

2,269 2,476 2,659 3,123 3,523
- - - - -
8,207 10,683 13,342 16,465 19,989
22,575 22,099 30,440 30,317 28,793

Funding
Project NuTech
Monthly Periods
End of period Date
Year Year
x Bank Loans
Short Term Bank Loan

Monthly Interest Rate Period (Months)
Beg. Balance IDR Mn 10.50% 9.00
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
Interest Expense IDR Mn
Yearly
Beg. Balance IDR Mn
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
Long-Term Bank Loan

Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
Yearly
Beg. Balance IDR Mn
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
CPLTD IDR Mn
End. Balance (excld CPLTD) IDR Mn
x Financial Institution Loan
Financial Institution Loan - Existing

Loan Schedule
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
Yearly
Beg. Balance IDR Mn
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
CPLTD IDR Mn
End. Balance (excld CPLTD) IDR Mn
x Loan from Related Parties
Loan from Metra

Loan Schedule
Monthly Interest Rate
Beg. Balance IDR Mn 10.00%
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
Yearly
Beg. Balance IDR Mn
Drawdown IDR Mn
Payment IDR Mn
End. Balance IDR Mn
x Revolving Credit Facility - Yearly (Management Case)
[-] Beginning Debt

[+] Minimum Total Debt Balance
[-] Net ST Bank Loan Issued / (Repaid)
[-] Net LT Debt Issued / (Repaid)
[-] Net Financial Institution Loan Issued / (Repaid)
[-] Loan from Related Parties Issued / (Repaid)
Cash Available / (Needed) For Revolving Credit Facility
Facility Amount Outstanding (Beginning)

Net Drawing (Repayment)
Facility Amount Outstanding (Ending)
Interest Rate on Drawn Revolver

Minimum Cash Balance (% of Sales)
Annual Interest Expense on Drawn Amount
x Revolving Credit Facility - Yearly (Adjusted Case)
[-] Beginning Debt

[+] Minimum Total Debt Balance
[-] Net ST Bank Loan Issued / (Repaid)
[-] Net LT Debt Issued / (Repaid)
[-] Net Financial Institution Loan Issued / (Repaid)
[-] Loan from Related Parties Issued / (Repaid)
Cash Available / (Needed) For Revolving Credit Facility
Facility Amount Outstanding (Beginning)

Net Drawing (Repayment)
Facility Amount Outstanding (Ending)
Interest Rate on Drawn Revolver

Minimum Cash Balance (% of Sales)
Annual Interest Expense on Drawn Amount

x Equity Issuance/Dividend - Yearly
Equity Issuance & Dividend Payment

Issuance of New Shares
Dividend Payout Ratio
1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20
31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20 30-Apr-20
2019 2020 2020 2020 2020
Flag 1 1 1 1
4,000 3,556 3,111 2,667
- - - -
(444) (444) (444) (444)
4,000 3,556 3,111 2,667 2,222
(35) (31) (27) (23)
FY FY FY FY
2020 2021 2022 2023
4,000 - - -
- - - -
(4,000) - - -
4,000 - - - -
(175) - - -
Flag 1 1 1 1
1,315 1,228 1,140 1,052
- - - -
(1,315) (88) (88) (88) (88)
1,315 1,228 1,140 1,052 965
(12) (11) (10) (10)
FY FY FY FY
2020 2021 2022 2023
1,315 263 - -
- - - -
(1,315) (1,052) (263) - -
1,315 263 - - -
(92) (5) - -
263 - - -
- - - -
Flag 1 1 1 1
54 41 27 14
- - - - -
(14) (14) (14) (14)
54 41 27 14 -
(0) (0) (0) (0)
FY FY FY FY
2020 2021 2022 2023
54 - - -
- - - -
(54) - - -
54 - - - -
(1) - - -
- - - -
- - - -
79,890 66,368 66,881 59,921

- 6,063 - -
(13,522) (5,550) (6,961) (500)
79,890 66,368 66,881 59,921 59,421
(666) (553) (557) (499)
FY FY FY FY
2020 2021 2022 2023
79,890 30,421 - -
6,063 - - -
(55,532) (30,421) - -
79,890 30,421 - - -
(5,183) (1,167) - -
2020 2021 2022 2023
(85,259) (92,361) (117,206) (148,884)

92,361 117,206 148,884 189,320
4,000 - - -
1,052 263 - -
54 - - -
49,469 30,421 - -
61,677 55,529 31,678 40,437
- 61,677 117,206 148,884

61,677 55,529 31,678 40,437
61,677 117,206 148,884 189,320
10% 10% 10% 10% 10%

80% 80% 80% 80% 80%
- (6,168) (11,721) (14,888)
2020 2021 2022 2023
(85,259) (57,210) (70,294) (92,529)

57,210 70,294 92,529 107,877
4,000 - - -
1,052 263 - -
54 - - -
49,469 30,421 - -
26,526 43,768 22,235 15,347
- 26,526 70,294 92,529

26,526 43,768 22,235 15,347
26,526 70,294 92,529 107,877
10% 10% 10% 10% 10%

70% 70% 70% 70% 70%
- (2,653) (7,029) (9,253)

2020 2021 2022 2023
- - - -
40% 40% 40% 40%
1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20
2020 2020 2020 2020 2020 2020
1 1 1 1 1 -
2,222 1,778 1,333 889 444 -
- - - - - -
(444) (444) (444) (444) (444) -
1,778 1,333 889 444 - -
(19) (16) (12) (8) (4) -
FY FY
2024 2025
- -
- -
- -
- -
- (0)
1 1 1 1 1 1
965 877 789 702 614 526
- - - - - -
(88) (88) (88) (88) (88) (88)
877 789 702 614 526 438
(9) (8) (7) (6) (6) (5)
FY FY
2024 2025
- -
- -
- -
- -
- -
- -
- -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
FY FY
2024 2025
- -
- -
- -
- -
- -
- -
- -
59,421 46,421 45,921 45,421 44,921 44,421

- - - - - -
(13,000) (500) (500) (500) (500) (13,000)
46,421 45,921 45,421 44,921 44,421 31,421
(495) (387) (383) (379) (374) (370)
FY FY
2024 2025
- -
- -
- -
- -
- -
2024
(189,320)
240,994
-
-
-
-
51,674
189,320
51,674
240,994
10%
80%
(18,932)
2024
(107,877)
123,724
-
-
-
-
15,847
107,877
15,847
123,724
10%
70%
(10,788)
2024 2025
-
40%
1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21
2020 2020 2021 2021 2021 2021
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1 1 1 1 1 -
438 351 263 175 88 -
- - - - - -
(88) (88) (88) (88) (88) -
351 263 175 88 - -
(4) (3) (2) (2) (1) -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
31,421 30,921 30,421 29,921 16,921 16,421

- - - - - -
(500) (500) (500) (13,000) (500) (500)
30,921 30,421 29,921 16,921 16,421 15,921
(262) (258) (254) (249) (141) (137)

2021 2021 2021 2021 2021 2021
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
15,921 15,421 14,921 83 - -

- - - - - -
(500) (500) (14,838) (83) - -
15,421 14,921 83 - - -
(133) (129) (124) (1) - -

2021 2021 2022 2022 2022 2022
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2022 2022 2022 2022 2022 2022
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
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Yearly Periods
Beginning of period Date 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24
End of period Date 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
Year Year 2017 2018 2019 2020 2021 2022 2023 2024
X Income Statement
Total revenue
System IDR Mn 43,226 80,610 109,363 131,429 174,858 232,115 307,510 406,675
Hardware IDR Mn 11,974 17,387 51,525 40,000 48,000 57,600 69,120 82,944
Installation & Maintenance IDR Mn 22,817 32,908 51,203 85,624 102,749 123,299 147,959 177,551
Total 78,018 130,904 212,091 257,054 325,607 413,015 524,589 667,170
COGS
System IDR Mn (34,724) (64,241) (88,606) (106,129) (141,635) (190,335) (252,158) (337,540)
Hardware IDR Mn (9,560) (14,580) (43,683) (32,300) (38,880) (47,232) (56,678) (68,844)
Installation & Maintenance IDR Mn (15,653) (22,365) (33,805) (63,376) (76,035) (91,241) (109,490) (131,388)
Total (59,937) (101,187) (166,094) (201,805) (256,550) (328,808) (418,326) (537,772)
Gross profit 18,081 29,718 45,998 55,248 69,058 84,207 106,263 129,398
Gross Profit Margin 23.2% 22.7% 21.7% 21.5% 21.2% 20.4% 20.3% 19.4%
Selling Expenses
Salaries & welfare IDR Mn (667) (1,519) (2,863)
Development IDR Mn (393) (770) (2,052)
Transportation & Travel IDR Mn (113) (235) (471)
Ops & Maintenance IDR Mn (137) (122) (445)
Public relations IDR Mn (540) (220) (445)
Office IDR Mn (245) (299) (436)
Rent IDR Mn (35) (54) (272)
Warranty IDR Mn (340) (609) (1,029)
Total (2,470) (3,829) (8,012) (20,892) (24,164) (27,954) (32,346) (37,437)
GA Expenses
Salaries & welfare IDR Mn (4,560) (7,575) (10,876)
Office & Household Adm IDR Mn (660) (932) (1,773)
Insurance & Rent IDR Mn (330) (638) (917)
Depreciation IDR Mn (597) (716) (786)
Employee benefits IDR Mn (273) (277) (257)
Ops & Maintenance IDR Mn (128) (218) (184)
Others IDR Mn (112) (430) (267)
Total (6,659) (10,786) (15,059) (7,405) (8,746) (11,075) (13,029) (15,055)
Other Operating Income/Expenses

Other Operating Income/(Expenses),net IDR Mn 165 (2,328) (1,689)
Total
Operating Profit 9,117 12,775 21,237 26,952 36,148 45,178 60,888 76,907
Operating Profit Margin 11.7% 9.8% 10.0% 10.5% 11.1% 10.9% 11.6% 11.5%
Add Back:
Depreciation IDR Mn 700 778 888 1,702 2,102 3,302 3,902 4,302
Amortization IDR Mn - - 322 - - - - -
Allowance for Receivables IDR Mn - - - 1,000 1,000 1,000 1,000 1,000
EBITDA 9,817 13,553 22,447 29,653 39,250 49,480 65,789 82,209

EBITDA Margin 12.6% 10.4% 10.6% 11.5% 12.1% 12.0% 12.5% 12.3%
Financial Charges
Interest Expense IDR Mn (1,782) (3,874) (4,044) (9,557) (12,327) (15,832) (20,350) (26,178)
Total (1,782) (3,874) (4,044) (9,557) (12,327) (15,832) (20,350) (26,178)
EBT 7,334 8,900 17,193 17,395 23,822 29,346 40,537 50,729

EBT Margin 9.4% 6.8% 8.1% 6.8% 7.3% 7.1% 7.7% 7.6%
Current Income Tax IDR Mn (2,224) (3,217) (4,855) (4,435) (6,187) (7,569) (10,030) (12,526)
Deferred Income Tax IDR Mn 68 685 (16) -
Net Profit 5,179 6,368 12,323 12,960 17,635 21,777 30,507 38,203
Net Profit Margin 6.6% 4.9% 5.8% 5.0% 5.4% 5.3% 5.8% 5.7%
Dividend IDR Mn (2,039) (1,554) (3,255) (5,184) (7,054) (8,711) (12,203) (15,281)
X Balance Sheet
Current Assets
Cash on hand and in banks IDR Mn 584 2,180 18,350 34,484 54,234 72,917 110,203 162,052
Trade receivables IDR Mn 35,344 65,848 120,391 115,451 146,507 186,105 236,650 301,242
Other receivables IDR Mn 1,051 960 58 70 89 113 143 182
Inventories IDR Mn 6,402 9,984 15,989 19,427 24,697 31,653 40,271 51,770
Advances IDR Mn 702 2,336 4,091 4,971 6,636 8,930 11,929 16,102
Prepaid tax IDR Mn 193 - 6,042 6,042 6,042 6,042 6,042 6,042
Total Current Assets 44,276 81,308 164,923 180,445 238,205 305,760 405,238 537,391
Non Current Assets

Deferred tax assets IDR Mn 303 942 1,042 1,042 1,042 1,042 1,042 1,042
Fixed assets - book value IDR Mn 9,760 10,037 9,844 23,142 23,040 30,738 29,836 27,534
Other Non-Current assets IDR Mn - 1,104 1,115 1,115 1,115 1,115 1,115 1,115
Total Non Current Assets 10,063 12,082 12,000 25,298 25,196 32,894 31,992 29,690
Total Assets 54,340 93,391 176,922 205,743 263,401 338,654 437,230 567,081
Current Liabilities
Short-Term Bank Loans IDR Mn 11,465 5,321 4,000 - - - - -
Revolving Credit Facility IDR Mn 61,677 117,206 148,884 189,320 240,994
Trade payables IDR Mn 1,460 5,447 13,530 16,439 21,944 29,531 39,449 53,249
Other payables IDR Mn 567 - 99 1,909 2,548 3,428 4,580 6,182
Accrued expenses IDR Mn 13,404 11,148 36,552 45,131 60,243 81,071 108,300 146,184
Taxes payable IDR Mn 1,557 3,500 1,910 1,910 1,910 1,910 1,910 1,910
Advances from customers IDR Mn 20 66 1,773 2,149 2,858 3,807 5,077 6,780
Total Current Liabilities 28,473 25,481 57,864 129,215 206,708 268,631 348,636 455,299
Non Current Liabilities

Long term bank loans IDR Mn 3,420 2,368 1,315 263 - - - -
Long term financial institutions loans IDR Mn 286 169 54 - - - - -
Loan from Related Parties, net IDR Mn - 36,667 79,890 30,421 - - - -
Liabilities for employee benefits IDR Mn 1,214 1,302 1,676 1,945 2,212 2,476 2,743 3,009
Total non Current Liabilities 4,919 40,506 82,935 32,628 2,212 2,476 2,743 3,009
Total Liabilities 33,393 65,988 140,799 161,843 208,920 271,107 351,379 458,308
Equity
Capital stock IDR Mn 6,000 7,500 7,500 7,500 7,500 7,500 7,500 7,500
Retained earnings IDR Mn 14,947 19,770 28,838 36,614 47,195 60,261 78,566 101,487
Other equity component IDR Mn - 133 (214) (214) (214) (214) (214) (214)
Total Equity 20,947 27,403 36,124 43,900 54,481 67,547 85,851 108,773
Total Liabilities and Equity 54,340 93,391 176,922 205,743 263,401 338,654 437,230 567,081
Checker 1 1 1 1 1 1 1 1
X Cash Flow Statement
Cash Flow Operating

Net Income 5,179 6,368 12,323 12,960 17,635 21,777 30,507 38,203
Adjustments:
Depreciation 700 778 888 1,702 2,102 3,302 3,902 4,302
Amortization - - 322 - - - - -
Employee Benefits Liability Provision 273 277 257 269 267 264 267 266
Alowance for Receivables - 2,465 26 1,000 1,000 1,000 1,000 1,000
Gain on sale of Fixed Assets - - (3)
Working Capital Changes:

ΔTrade receivables (13,308) (13,859) (54,569) 3,940 (32,056) (40,597) (51,546) (65,592)
ΔOther receivables 47 (19,019) 902 (12) (19) (24) (30) (39)
ΔInventories (3,465) (3,582) (6,005) (3,438) (5,270) (6,956) (8,618) (11,499)
ΔPrepaid Expense 30 - - - - - - -
ΔDeferred Tax Assets - - - - -
ΔPrepaid tax (193) 193 (6,042) - - - - -
ΔAdvances 1,516 (1,633) (1,756) (880) (1,664) (2,294) (2,999) (4,173)
ΔOther Assets 121 - - - - - - -
ΔTrade payables (523) 3,932 8,084 2,909 5,505 7,587 9,918 13,800
ΔOther payables 557 (511) 0 1,810 639 881 1,151 1,602
ΔTaxes Payable (2,695) 1,942 (1,326) - - - - -
ΔAdvances from customers (281) 46 1,707 376 709 949 1,270 1,703
ΔAccrued expenses 710 (2,257) 25,404 8,579 15,112 20,828 27,229 37,884
Payment of employee Benefits - - (346)

Cash flow provided from operating activities (9,804) (21,725) (16,383) 29,216 3,959 6,716 12,052 17,457
Cash Flow Investing

Acquisitions of fixed assets (532) (1,055) (695) (15,000) (2,000) (11,000) (3,000) (2,000)
Disposal of fixed assets - - 3 - - - - -
Acquisitions of intangible assets - (1,104) (333)
Cash flow provided from investing activities (2,571) (3,659) (4,236) (15,000) (2,000) (11,000) (3,000) (2,000)
Cash Flow Financing

Proceed from ST Bank Loans - - - - - - - -
Payment of ST Bank Loans - - - (4,000) - - - -
Proceed from LT Bank Loans 9,948 - 3,392 - - - - -
Payment from LT Bank Loans - (8,517) (5,765) (1,052) (263) - - -
Proceed from Financial Institution Loan - - - - - - - -
Payments for Financial Institution Loan (153) (116) (115) (54) - - - -
Proceed/(Payment) for Revolving Credit Facility 61,677 55,529 31,678 40,437 51,674
Proceed from loan from related parties 6 36,667 85,591 6,063 - - - -
payment for loan from related parties - - (42,270) (55,532) (30,421) - - -
Issuance of New Shares - 1,500 - - - - - -
Dividend Payment (2,039) (1,554) (3,255) (5,184) (7,054) (8,711) (12,203) (15,281)
Cash Flow from Financing 9,801 25,659 36,788 1,917 17,791 22,967 28,234 36,393
Net Cash Flow (2,573) 275 16,170 16,133 19,750 18,683 37,285 51,850
Cash Beg. Balance 2,692 584 2,180 18,350 34,484 54,234 72,917 110,203
Cash Ending Balance 119 859 18,350 34,484 54,234 72,917 110,203 162,052
Bank Overdraft 465 1,321 -
Cash on Hand and in Banks 584 2,180 18,350 34,484 54,234 72,917 110,203 162,052
Yearly Periods
Beginning of period Date 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24
End of period Date 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
Year Year 2017 2018 2019 2020 2021 2022 2023 2024
X Income Statement
Total revenue
System IDR Mn 43,226 80,610 109,363 100,763 142,650 208,475 198,875 257,000
Hardware IDR Mn 11,974 17,387 51,525 71,608 49,980 56,340 104,220 55,150
Installation & Maintenance IDR Mn 22,817 32,908 51,203 8,037 33,562 39,001 58,342 110,842
Management Services IDR Mn - - - - - - - -
Total 78,018 130,904 212,091 180,408 226,192 303,816 361,437 422,992
COGS
System IDR Mn (34,724) (64,241) (88,606) (80,301) (114,629) (167,523) (160,469) (208,221)
Hardware IDR Mn (9,560) (14,580) (43,683) (57,169) (41,138) (46,372) (87,070) (46,757)
Installation & Maintenance IDR Mn (15,653) (22,365) (33,805) (5,306) (22,591) (26,252) (39,647) (76,039)
Total (59,937) (101,187) (166,094) (142,776) (178,357) (240,147) (287,186) (331,017)
Gross profit 18,081 29,718 45,998 37,632 47,835 63,668 74,251 91,975
Gross Profit Margin 23.2% 22.7% 21.7% 20.9% 21.1% 21.0% 20.5% 21.7%
Selling Expenses
Salaries & welfare IDR Mn (667) (1,519) (2,863) (2,435) (3,053) (4,101) (4,879) (5,710)
Development IDR Mn (393) (770) (2,052) (1,746) (2,189) (2,940) (3,498) (4,093)
Transportation & Travel IDR Mn (113) (235) (471) (400) (502) (674) (802) (939)
Ops & Maintenance IDR Mn (137) (122) (445) (378) (474) (637) (758) (887)
Public relations IDR Mn (540) (220) (445) (378) (474) (637) (758) (887)
Office IDR Mn (245) (299) (436) (371) (465) (625) (743) (870)
Rent IDR Mn (35) (54) (272) (232) (290) (390) (464) (543)
Warranty IDR Mn (340) (609) (1,029) (875) (1,097) (1,474) (1,753) (2,052)
Total (2,470) (3,829) (8,012) (6,815) (8,545) (11,477) (13,654) (15,979)
-3.8% -3.8% -3.8% -3.8% -3.8%
GA Expenses
Salaries & welfare IDR Mn (4,560) (7,575) (10,876) (9,251) (11,599) (15,579) (18,534) (21,690)
Office & Household Adm IDR Mn (660) (932) (1,773) (1,508) (1,891) (2,540) (3,021) (3,536)
Insurance & Rent IDR Mn (330) (638) (917) (780) (978) (1,314) (1,563) (1,829)
Depreciation IDR Mn (597) (716) (786) (2,269) (2,476) (2,659) (3,123) (3,523)
Employee benefits IDR Mn (273) (277) (257) (218) (274) (368) (437) (512)
Ops & Maintenance IDR Mn (128) (218) (184) (156) (196) (263) (313) (367)
Others IDR Mn (112) (430) (267) (227) (285) (383) (455) (533)
Total (6,659) (10,786) (15,059) (14,410) (17,699) (23,105) (27,448) (31,990)
-8.0% -7.8% -7.6% -7.6% -7.6%
Other Operating Income/Expenses
Other Operating Income/(Expenses),net IDR Mn 165 (2,328) (1,689) - - - - -
Total
Operating Profit 9,117 12,775 21,237 16,407 21,591 29,086 33,150 44,006
Operating Profit Margin 11.7% 9.8% 10.0% 9.1% 9.5% 9.6% 9.2% 10.4%
Add Back:
Depreciation IDR Mn 700 778 888 2,269 2,476 2,659 3,123 3,523
Amortization IDR Mn - - 322
EBITDA 9,817 13,553 22,447 18,676 24,068 31,745 36,273 47,529

EBITDA Margin 12.6% 10.4% 10.6% 10.4% 10.6% 10.4% 10.0% 11.2%
Financial Charges
Interest Expense IDR Mn (1,782) (3,874) (4,044) (5,451) (3,824) (7,029) (9,253) (10,788)
Total (1,782) (3,874) (4,044) (5,451) (3,824) (7,029) (9,253) (10,788)
EBT 7,334 8,900 17,193 10,956 17,767 22,056 23,897 33,218

EBT Margin 9.4% 6.8% 8.1% 6.1% 7.9% 7.3% 6.6% 7.9%
Current Income Tax IDR Mn (2,224) (3,217) (4,855) (2,739) (4,442) (5,514) (5,974) (8,304)
Deferred Income Tax IDR Mn 68 685 (16) -
Net Profit 5,179 6,368 12,323 8,217 13,325 16,542 17,923 24,913
Net Profit Margin 6.6% 4.9% 5.8% 4.6% 5.9% 5.4% 5.0% 5.9%
Dividend IDR Mn (2,039) (1,554) (3,255) (3,287) (5,330) (6,617) (7,169) (9,965)
X Balance Sheet
Current Assets
Cash on hand and in banks IDR Mn 584 2,180 18,350 18,725 31,797 41,427 61,772 88,547
Trade receivables IDR Mn 35,344 65,848 120,391 81,729 100,420 132,185 154,110 176,748
Other receivables IDR Mn 1,051 960 58 49 62 83 99 115
Inventories IDR Mn 6,402 9,984 15,989 13,745 17,170 23,118 27,647 31,866
Advances IDR Mn 702 2,336 4,091 3,517 4,613 6,522 8,189 9,911
Prepaid tax IDR Mn 193 - 6,042 6,042 6,042 6,042 6,042 6,042
Total Current Assets 44,276 81,308 164,923 123,807 160,104 209,377 257,858 313,231
Non Current Assets

Deferred tax assets IDR Mn 303 942 1,042 1,042 1,042 1,042 1,042 1,042
Fixed assets - book value IDR Mn 9,760 10,037 9,844 22,575 22,099 30,440 30,317 28,793
Other Non-Current assets IDR Mn - 1,104 1,115 1,115 1,115 1,115 1,115 1,115
Total Non Current Assets 10,063 12,082 12,000 24,731 24,255 32,596 32,473 30,950
Total Assets 54,340 93,391 176,922 148,538 184,359 241,973 290,331 344,180
Current Liabilities
Short-Term Bank Loans IDR Mn 11,465 5,321 4,000 - - - - -
Revolving Credit Facility IDR Mn 26,526 70,294 92,529 107,877 123,724
Trade payables IDR Mn 1,460 5,447 13,530 11,631 15,256 21,568 27,082 32,776
Other payables IDR Mn 567 - 99 1,350 1,771 2,504 3,144 3,805
Accrued expenses IDR Mn 13,404 11,148 36,552 31,930 41,882 59,211 74,349 89,982
Taxes payable IDR Mn 1,557 3,500 1,910 1,910 1,910 1,910 1,910 1,910
Advances from customers IDR Mn 20 66 1,773 1,508 1,986 2,800 3,498 4,299
Total Current Liabilities 28,473 25,481 57,864 74,855 133,098 180,522 217,860 256,495

Long term bank loans IDR Mn 3,420 2,368 1,315 263 - - - -
Long term financial institutions loans IDR Mn 286 169 54 - - - - -
Loan from Related Parties, net IDR Mn - 36,667 79,890 30,421 - - - -
Liabilities for employee benefits IDR Mn 1,214 1,302 1,676 1,945 2,212 2,476 2,743 3,009
Total non Current Liabilities 4,919 40,506 82,935 32,628 2,212 2,476 2,743 3,009
Total Liabilities 33,393 65,988 140,799 107,484 135,310 182,998 220,603 259,504
Equity
Capital stock IDR Mn 6,000 7,500 7,500 7,500 7,500 7,500 7,500 7,500
Retained earnings IDR Mn 14,947 19,770 28,838 33,768 41,764 51,689 62,443 77,391
Other equity component IDR Mn - 133 (214) (214) (214) (214) (214) (214)
Total Equity 20,947 27,403 36,124 41,054 49,049 58,975 69,728 84,676
Total Liabilities and Equity 54,340 93,391 176,922 148,538 184,359 241,973 290,331 344,180
Checker 1 1 1 1 1 1 1 1
X Cash Flow Statement
Cash Flow Operating

Net Income 5,179 6,368 12,323 8,217 13,325 16,542 17,923 24,913
Adjustments:
Depreciation 700 778 888 2,269 2,476 2,659 3,123 3,523
Amortization - - 322 - - - - -
Employee Benefits Liability Provision 273 277 257 269 267 264 267 266
Alowance for Receivables - 2,465 26
Gain on sale of Fixed Assets - - (3)
Working Capital Changes:

ΔTrade receivables (13,308) (13,859) (54,569) 38,663 (18,692) (31,764) (21,925) (22,639)
ΔOther receivables 47 (19,019) 902 9 (12) (21) (16) (17)
ΔInventories (3,465) (3,582) (6,005) 2,245 (3,425) (5,948) (4,528) (4,220)
ΔPrepaid Expense 30 - - - - - - -
ΔDeferred Tax Assets - - - - -
ΔPrepaid tax (193) 193 (6,042) - - - - -
ΔAdvances 1,516 (1,633) (1,756) 574 (1,096) (1,909) (1,667) (1,722)
ΔOther Assets 121 - - - - - - -
ΔTrade payables (523) 3,932 8,084 (1,900) 3,625 6,312 5,514 5,694
ΔOther payables 557 (511) 0 1,252 421 733 640 661
ΔTaxes Payable (2,695) 1,942 (1,326) - - - - -
ΔAdvances from customers (281) 46 1,707 (265) 477 815 698 800
ΔAccrued expenses 710 (2,257) 25,404 (4,622) 9,952 17,329 15,138 15,632
Payment of employee Benefits - - (346)

Cash flow provided from operating activities (9,804) (21,725) (16,383) 46,711 7,318 5,012 15,167 22,894
Cash Flow Investing

Acquisitions of fixed assets (532) (1,055) (695) (15,000) (2,000) (11,000) (3,000) (2,000)
Disposal of fixed assets - - 3 - - - - -
Acquisitions of intangible assets - (1,104) (333)
Cash flow provided from investing activities (2,571) (3,659) (4,236) (15,000) (2,000) (11,000) (3,000) (2,000)
Cash Flow Financing

Proceed from ST Bank Loans - - - - - - - -
Payment of ST Bank Loans - - - (4,000) - - - -
Proceed from LT Bank Loans 9,948 - 3,392 - - - - -
Payment from LT Bank Loans - (8,517) (5,765) (1,052) (263) - - -
Proceed from Financial Institution Loan - - - - - - - -
Payments for Financial Institution Loan (153) (116) (115) (54) - - - -
Proceed/(Payment) for Revolving Credit Facility 26,526 43,768 22,235 15,347 15,847
Proceed from loan from related parties 6 36,667 85,591 6,063 - - - -
payment for loan from related parties - - (42,270) (55,532) (30,421) - - -
Issuance of New Shares - 1,500 - - - - - -
Dividend Payment (2,039) (1,554) (3,255) (3,287) (5,330) (6,617) (7,169) (9,965)
Cash Flow from Financing 9,801 25,659 36,788 (31,336) 7,754 15,618 8,178 5,882
Net Cash Flow (2,573) 275 16,170 375 13,072 9,630 20,345 26,776
Cash Beg. Balance 2,692 584 2,180 18,350 18,725 31,797 41,427 61,772
Cash Ending Balance 119 859 18,350 18,725 31,797 41,427 61,772 88,547
Bank Overdraft 465 1,321 -
Cash on Hand and in Banks 584 2,180 18,350 18,725 31,797 41,427 61,772 88,547
Timing
Project NuTech
Monthly Periods
End of period Date
Year Year
Counter
Month
Year
Yearly Periods
End of period Date
Year Year
Counter
Year
Days in Year
1-Jan-17 1-Jan-18
31-Dec-17 31-Dec-18
2017 2018
1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20
2019 2020 2020 2020 2020 2020
1.0 2.0 3.0 4.0 5.0

1 1 1 1 1
1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24

31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2019 2020 2021 2022 2023 2024
1 2 3 4 5
365 365 365 366 365
1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20
2020 2020 2020 2020 2020 2020
6.0 7.0 8.0 9.0 10.0 11.0

1 1 1 1 1 1
1-Jan-25 1-Jan-26
31-Dec-25 31-Dec-26
2025 2026
6
365
2020 2021 2021 2021 2021 2021
12.0 13.0 14.0 15.0 16.0 17.0

1 2 2 2 2 2
2021 2021 2021 2021 2021 2021
18.0 19.0 20.0 21.0 22.0 23.0

2 2 2 2 2 2
2021 2022 2022 2022 2022 2022
24.0 25.0 26.0 27.0 28.0 29.0

2 3 3 3 3 3
2022 2022 2022 2022 2022 2022
30.0 31.0 32.0 33.0 34.0 35.0

3 3 3 3 3 3
2022 2023 2023 2023 2023 2023
36.0 37.0 38.0 39.0 40.0 41.0

3 4 4 4 4 4
2023 2023 2023 2023 2023 2023
42.0 43.0 44.0 45.0 46.0 47.0

4 4 4 4 4 4
2023 2024 2024 2024 2024 2024
48.0 49.0 50.0 51.0 52.0 53.0

4 5 5 5 5 5
2024 2024 2024 2024 2024 2024
54.0 55.0 56.0 57.0 58.0 59.0

5 5 5 5 5 5
2024 2025 2025 2025 2025 2025
60.0 61.0 62.0 63.0 64.0 65.0

5 6 6 6 6 6
2025 2025 2025 2025 2025 2025
66.0 67.0 68.0 69.0 70.0 71.0

6 6 6 6 6 6
1-Dec-25
31-Dec-25
2025
72.0
6
Weighted Average Cost of Capital Analysis (IDR)
WACC Calculation Unlevered Beta

Capital Structure Raw Debt/ Corp. Income Unlevered
Debt-to-Total Capitalization(1) 70.2% Company Beta Equity Tax Rate Beta
Equity-to-Total Capitalization 29.8% Anabatic Technologies 1.01 144.9% 25.0% 0.48
Mphasis Ltd 0.53 7.3% 30.0% 0.50
Silverlake Axis Ltd 1.97 5.3% 17.0% 1.89
Cost of Debt N2N Connect Berhad 0.83 6.4% 24.0% 0.79
Cost of Debt (2)
10.0% IRIS Corporation Berhad 2.29 12.3% 24.0% 2.09
Corp. Income Tax Rate 25.0% Willowglen MSC Berhad 1.01 1.7% 24.0% 1.00
After-tax Cost of Debt 7.5% Kronologi Asia Berhad 4.84 14.5% 24.0% 4.36
Mean 1.78 27.5% 1.59
Cost of Equity Median 1.01 7.3% 1.00
Risk-free Rate(3) 7.7%
Market Risk Premium(4) 2.7% 25th Percentile 0.65
Levered Beta 5.5 75th Percentile 1.99
Specific Risk 1% Relevered Beta
Cost of Equity 23.8% Mean Target Target
Unlevered Debt/ Marginal Relevered
Beta Equity Tax Rate Beta
WACC (Calculated) 12.4% Relevered Beta 1.99 236.0% 25.0% 5.51
Notes:
(1) Historical Capital Structure of the Company
Source: Fin Statement
(2) Average Interest Rate p.a. on Outstanding Debt Instruments
Source: Fin Statement
(3) Average of last 10 years historical yield on 10-years SUN
Source: Bloomberg
(4) Average of last 10 years historical Market Risk Premium (Indonesia)
Source: Bloomberg
Historical Data for CoD & CoE IDR

10-Year Indo Market
Years SUN Yield Risk Prem
31-Jul-20 6.8% 2.2%
31-Dec-19 7.1% 2.9%
31-Dec-18 8.0% 2.5%
31-Dec-17 6.3% 4.9%
31-Dec-16 8.0% 2.1%
31-Dec-15 8.7% 1.8%
31-Dec-14 7.8% 2.4%
31-Dec-13 8.5% 1.8%
31-Dec-12 5.2% 7.4%
31-Dec-11 6.0% 8.0%
31-Dec-10 7.6% 6.9%
Mean 7.3% 4.1%

Median 7.7% 2.7%
Revenue
Project NuTech
X
X
Revenue
Project NuTech
Monthly Periods
Beginning of period
End of period
Year
Revenue Assumption
System Ticketing
Jumlah Tempat Wisata
Harga Keperluan System/wisata
Harga Keperluan Pengadaan Gate/wisata
Total potential Market Size
Success Rate
Total potential Sales
RKAP Recognition
Dukcapil Mandiri
Total Jumlah Kabupaten di Indonesia
Total Jumlah Kota di Indonesia
Total Jumlah Kabupaten dan Kota
keperluan unit mesin per kabupaten atau kota
Harga per unit mesin
Total Potential Market Size
Success Rate
Total Potential Sales
RKAP Recognition
Potential Synergy
Total Potential Sales
2019 EBITDA Margin
Total Additional EBITDA
Implied EV/EBITDA - Adjusted Case

Total Additional EV
Date
Date
Year
Location 928 Nutech - Chief Marketing Officer

IDR Mn 50 Nutech - Chief Marketing Officer
IDR Mn 150 Nutech - Chief Marketing Officer
IDR Mn 185,600
50% Nutech - Chief Marketing Officer
IDR Mn 92,800
IDR Mn 20,000
IDR Mn 72,800
Amount 416 Nutech - Chief Marketing Officer

Amount 514
Unit 160 Nutech - Chief Marketing Officer
IDR Mn 411,200
25% Nutech - Chief Marketing Officer
IDR Mn 102,800
IDR Mn 15,000
IDR Mn 87,800
IDR Mn 160,600
% 10.6%
IDR Mn 16,997
x 7.8
IDR Mn 133,412
Returns
Project NuTech
Adjusted Case
Holding Period Yield
Holding Period Year(s) 5

Entry Multiple 8.0
Initial Equity Value Rp Juta 112,666
Exit Period Year 2024

Exit Multiple x 8.0
EBITDA at Exit Rp Juta 47,529
EV at Exit Rp Juta 380,232
Cash at Exit Rp Juta 88,547
Debt at Exit Rp Juta 123,724
Equity Value at Exit Rp Juta 345,055
Total Dividend Rp Juta 32,368
Holding Period Yield % 235.0%
Annual Holding Period Yield % 27.4%
Internal Rate of Return
Dec/19 Dec/20 Dec/21 Dec/22 Dec/23

2019 2020 2021 2022 2023
Dividend Rp Juta 3,287 5,330 6,617 7,169
Investment Value Rp Juta (112,666)
Exit Value Rp Juta
Total Rp Juta (112,666) 3,287 5,330 6,617 7,169
IRR % 28.5%
Exit (x)
2 6.0 7.0 8.0
6.0
7.0
Entry (x) 8.0
9.0
10.0
Exit (x)
0 6.0 7.0 8.0
6.0
7.0
Entry (x) 8.0
9.0
10.0
Exit (x)
Dec/24 0 6.0 7.0 8.0
2024 6.0
9,965 7.0
Entry (x) 8.0
345,055 9.0
355,021 10.0
Exit (x)
9.0 10.0
Exit (x)
9.0 10.0
Exit (x)
9.0 10.0
Profit & Loss Statement
2017 2018 2019
Revenue
System 43,226 80,610 109,363
Hardware 11,974 17,387 51,525
Installation & System 22,817 32,908 51,203
Total Revenue 78,018 130,904 212,091
Cost of Production
System (34,724) (64,241) (88,606)
Hardware (9,560) (14,580) (43,683)
Installation & System (15,653) (22,365) (33,805)
Total (59,937) (101,187) (166,094)
Gross Profit 18,081 29,718 45,998
Gross Profit Margin 23.2% 22.7% 21.7%
Operating Costs
Selling Expenses
Salaries & welfare (667) (1,519) (2,863)
Development (393) (770) (2,052)
Transportation & Travel (113) (235) (471)
Ops & Maintenance (137) (122) (445)
Public relations (540) (220) (445)
Office (245) (299) (436)
Rent (35) (54) (272)
Warranty (340) (609) (1,029)
G & A Expenses
Salaries & welfare (4,560) (7,575) (10,876)
Office & Household Adm (660) (932) (1,773)
Insurance & Rent (330) (638) (917)
Depreciation (597) (716) (786)
Employee benefits (273) (277) (257)
Ops & Maintenance (128) (218) (184)
Others (112) (430) (267)
Other Income
Loss on Foreign Exchange, net 4 (11) (96)
Other 161 (2,317) (1,594)
Other Income/(Expenses),net 165 (2,328) (1,689)
Total Operating Costs (8,964) (16,943) (24,761)
EBITDA 9,817 13,553 22,447

EBITDA Margin 13% 10% 11%
Depreciation (597) (716) (786)
Amortization 0 0 0
D&A Expenses (excl. COGS) (597) (716) (786)
Depreciation from COGS (103) (62) (102)
Amortization from COGS 0 0 (322)
Total D&A Expenses (700) (778) (1,210)
Operating Income 9,117 12,775 21,237

Operating Margin 11.7% 9.8% 10.0%
Financial Charges
Interest Expense (1,782) (3,874) (4,044)
Total (1,782) (3,874) (4,044)
EBT 7,334 8,900 17,193

EBIT Margin 9.4% 6.8% 8.1%
Current Income Tax (2,224) (3,217) (4,855)

Deferred Income Tax 68 685 (16)
Net Profit After Tax 5,179 6,368 12,323
NPAT Margin 6.6% 4.9% 5.8%
Dividend (2,039) (1,554) (3,255)

Current Earnings
Balance Sheet
Assets
Current Assets
Cash on hand and in banks 584 2,180 18,350
Trade receivables 35,344 65,848 120,391
Other receivables 1,051 960 58
Inventories 6,402 9,984 15,989
Advances 702 2,336 4,091
Prepaid tax 193 0 6,042
Total Current Assets 44,276 81,308 164,923
Non Current Assets (net)

Deferred tax assets 303 942 1,042
Fixed assets - book value 9,760 10,037 9,844
Other Non-Current assets 0 1,104 1,115
Total Non-current assets 10,063 12,082 12,000
Total Assets 54,340 93,391 176,922
Liabilities
Current Liabilities
Bank loans 11,465 5,321 4,000
Trade payables 1,460 5,447 13,530
Other payables 567 36,667 28,692
Accrued expenses 13,404 11,148 36,552
Taxes payable 1,557 3,500 1,910
Advances from customers 20 66 1,773
CPLTD- Bank loans 1,052 1,052 1,052
CPLTD- Financial institution loans 111 169 54
Total Current Liabilities 29,636 63,370 87,563

Long term bank loans 2,368 1,315 263
Long term financial institutions loans 175 0 0
Long Term portion of Other Payables (Related Parties) 0 0 51,297
Liabilities for employee benefits 1,214 1,302 1,676
Total Non Current Liabilities 3,756 2,617 53,235
Total Liabilities 33,393 65,988 140,799
Equity
Capital stock 6000 7500 7500
Retained earnings 14,947 19,770 28,838
Other equity component 0 133 (214)
Total Equity 20,947 27,403 36,124
Total Liabilities & Equity 54,340 93,391 176,922
Check! 1 1 1
Cash Flow Statement

Operating Activities
EBT 7,334 8,900 17,193
Adjustments:
Depreciation 700 778 888
Amortization 0 0 322
Employee Benefits Liability Provision 273 277 257
Alowance for Receivables 0 2,465 26
Interest Expense 0 3,874 4,044
Gain on sale of Fixed Assets 0 0 (3)
Interest Income 0 (53) (44)
Change in Working Capital:

ΔTrade receivables (13,308) (13,859) (54,569)
ΔOther receivables 47 (19,019) 902
ΔInventories (3,465) (3,582) (6,005)
ΔPrepaid Expense 30 0 0
ΔPrepaid tax (193) 193 (6,042)
ΔAdvances 1,516 (1,633) (1,756)
ΔOther Assets 121 0 0
ΔTrade payables (523) 3,932 8,084
ΔOther payables 557 (511) 0
ΔTaxes Payable (2,695) 1,942 (1,326)
ΔAdvances from customers (281) 46 1,707
ΔAccrued expenses 710 (2,257) 25,404
Payment of employee Benefits 0 0 (346)

Corporate Income Tax Paid (628) (3,217) (5,119)
Cash Flow from Operating (9,804) (21,725) (16,383)
Investing Activities
Acquisitions of fixed assets (532) (1,055) (695)
Disposal of fixed assets 0 0 3
Acquisitions of intangible assets 0 (1,104) (333)
Interest Received 0 53 44
Dividend Payment (2,039) (1,554) (3,255)
Cash Flow from Investment (2,571) (3,659) (4,236)
Financing Activities
Proceed from Bank Loans 9,948 0 3,392
Payments for Bank Loans 0 (8,517) (5,765)
Proceed from Financial Institution Loan 0 0 0
Payments for Financial Institution Loan (153) (116) (115)
Proceed from loan from related parties 6 36,667 85,591
payment for loan from related parties 0 0 (42,270)
Issuance of New Shares 0 1,500 0
Interest Paid 0 (3,874) (4,044)
Cash Flow from Financing 9,801 25,659 36,788
Net Cash Flow (2,573) 275 16,170

Cash Beg. Balance 2,692 584 2,180
Cash Ending Balance 119 859 18,350
Bank Overdraft 465 1,321 0
Cash on Hand and in Banks 584 2,180 18,350
Revenue
Project NuTech
x
x
### ### ###
### ### ### ### ### ###
X
X
### ###
Revenue
Project NuTech
Monthly Periods
Beginning of period
End of period
Year
Contract Listing 2020-2024
On Going Contracts
Pengadaan Mesin ATM PT. BPD Kaltim Kaltara Tahun 2017 (Paket B)
Penyediaan Jasa Integrasi (Integrator) 22 Mesin Terminal Parkir Elektronik (TPE)
Pengadaan 10 (Sepuluh) MPOS DAMRI
Pengadaan Aplikasi POS Eksisting
Penyediaan Layanan Ticketing System untuk PT ASDP Indonesia Ferry (Persero) OPEX
Pengadaan Pemasangan 42 Gate untuk PT KCI
Implementation project DRC STS & SRIS
Penyediaan Sparepart Layanan KCI 2019
Change Request (CR) ARTS Front-End
Pengadaan Relokasi 43 Unit Gate untuk PT KCI
Pengadaan EDC, Aplikasi POS dan Pemeliharaan (Hardware)
Integrasi LinkAja pada sektor Transportasi (Reska)
Integrasi LinkAja pada sektor Transportasi (Damri)
Integrasi LinkAja pada sektor Transportasi (ASDP)
Integrasi LinkAja pada sektor Transportasi (Pelni)
Integrasi LinkAja pada sektor Transportasi (LRT Jakarta)
Integrasi LinkAja pada sektor Transportasi (Theme Park)
Pengadaan Perangkat Reader System Elektronik
Pengadaan dan Pemasangan Document Collaborative System Untuk PT Angkasa Pura II (Persero)
Penyediaan Support Pengembangan & Customisasi Layanan Sistem Tiket Elektronik PT KCI
Sparepart KCI
Total
Recurring Income
Pengadaan Managed Service Layanan E-Ticketing Rute Bandara Untuk PERUM DAMRI
Pengadaan Sewa dan Managed Service 3 (tiga) unit Vending Machine untuk PERUM DAMRI
Maintenance Service Agreement (MSA) Front-End ARTS Tahun 2019
Corrective Maintenance E- Parking PT Reska Multi Usaha
Pengadaan Maintenance Support Ticketing LRT Sumatera Selatan
Total
Potential Contracts
Penyediaan Layanan KCI 2020 (include CVIM)

Pekerjaan Relokasi Perangkat E-Ticketing di Stasiun Tanah Abang
Penambahan Penyediaan Layanan Ticketing System untuk PT ASDP Indonesia Ferry (Persero) CAPEX
Pengadaan Vending Machine Cetak E-KTP Untuk Dinas Kependudukan dan Pencatatan Sipil
Penambahan Bill Acceptor
Upgrade QR LRT Jakpro
MRT
CCTV KAI
Upgrade Aplikasi KCI
Sparepart KCI 2020
Land Slide
LRT JABODEBEK
TOA Transjakarta
VM KAI 200 Unit
BPBP
Vending Machine KAI
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Panjang Bd Lampung
Visitor Management
Integrasi Payment
Pengadaan proyek zimbra
CCTV Analytic KAI
Gate Adisumarmo
NVR KCI
Bendungan Bli Bli makasar
ANPR Jasamarga
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Tanjung Priuk
Pengadaan Gate
Penambahan Pekerjaan Sistem Antrian Bus Bandara Soekarno Hatta (Payment Channel)
Pengadaan Kiosk
Logistic Bandara AP2
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Tl Bayur - Padang
Modifikasi gate untuk QR Payment
Pengadaan Auto Gate System Pelindo 2 Cabang Pelabuhan Pontianak
Airport Data Exchange
Pengadaan Top-Up Terminal & Aplikasi
Pengadaan Aplikasi Sistem Parkir
Pengadaan Kiosk & Aplikasi Sistem Antrian
Pengadaan E-ticketing Ecopark Perhutani Kawasan Kawah Putih
Digitalisasi Zonasi 2 Terminal
Pengadaan on truck CCTV
Pengadaan Cash Recycle Machine
Setlement Enginee untuk Cashless Pelabuhan
Pengadaan Smart Teller Machine (STS)
Pengadan Sistem Antrian Taxi Bandara Soekarno Hatta
Baggage Handling dan Railway Sensor
Pengembangan Server Based QR Payment Kci
Pengadaan Vending Machine
Smart Airport - Soekarno Hatta
Replacement System MRT Jakarta
E Ticketing System - LRT Jabodebek
Back - End System for Toll Road
Vending Machine KCI
Intermoda Applications
Smart Airport System
Ticketing System ASDP - (Pdang Bay-Lembar)
Spare Part KCI
DEWS - Land slide
DEWS - Land Slide
DEWS - Sensor Ladang Gambut
MRT - Tahap II
LRT - Jakpro Tahap II
Spare Part KCI
Aplikasi Intermoda
Ticketing System - Toll Road
Smart Airport
ERP - Tahap II
Replacement Gate KCI
Spare Part Gate KCI
Ticketing System - Toll Road Tahap II
Smart Airport Tahap II
Others
DEWS - Radio Komunikasi Masyarakat - Tahap II
Water Management System
Smart Airport Thap III
Spare Part KCI
Toll Road Tahap 3
LRT - Surabaya Kota
E-Terminal 5 Kota
Others
DEWS - Radio Komunikasi Masyarakat - Tahap III
Total
Recurring Income
Airport Wifi Managed Service
Managed Service E-Ticketing
O & M MRT Tahap 1
O & M LRT Jabodebek
O & M MRT Tahap I
O & M LRT Jabodebek
MRT - Tahap II
LRT - Jakpro Tahap
Tol Road
Total
Summary - Monthly
On Going Contracts
System
Hardware
Potential Contracts
System
Hardware
Total
Summary - Yearly
By Contract
Ongoing
Potential
Total
By Products
System
Hardware
I&M
Total
Date 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20
Date 31-Dec-19 31-Jan-20 29-Feb-20 31-Mar-20
Year 2019 2020 2020 2020
IDR Mn Hardware 18 18 18
IDR Mn System - - -
IDR Mn Hardware - 6 6
IDR Mn System - - -
IDR Mn System 1,195 1,195 1,195
IDR Mn Hardware - 20 -
IDR Mn System - - -
IDR Mn Hardware - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - 1,335
IDR Mn System - - 244
IDR Mn System - - 733
IDR Mn System - - -
IDR Mn System - - 1,947
IDR Mn System - - -
IDR Mn Hardware 4,294 1,074 -
IDR Mn System 8,522 - -
IDR Mn System - - -
14,029 2,350 5,477

IDR Mn I&M 74 74 74
IDR Mn I&M 228 228 228
IDR Mn I&M - - -
IDR Mn I&M 368 368 368
IDR Mn I&M 114 - -
IDR Mn I&M - - -
784 670 670
IDR Mn System - 6,060 3,030

IDR Mn System - - -
IDR Mn Hardware 287 - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn Hardware - 3,500 -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - 1,115 -
IDR Mn System - - -
IDR Mn Hardware - 2,500 -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System - - -
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn Hardware
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn Hardware
IDR Mn Hardware
IDR Mn System
IDR Mn Hardware
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn Hardware
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn System
IDR Mn Hardware
IDR Mn System
IDR Mn Hardware
IDR Mn Hardware
287 13,335 3,030
IDR Mn I&M - - -
IDR Mn I&M - - -
IDR Mn I&M - - -
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
IDR Mn I&M
- - -
IDR Mn 9,717 1,195 5,454

IDR Mn 4,312 1,155 23
IDR Mn 784 670 670
14,812 3,020 6,147
IDR Mn - 7,175 3,030

IDR Mn 287 6,160 -
IDR Mn - - -
287 13,335 3,030
2020 2021 2022
IDR Mn 40,511 - -
IDR Mn 185,209 330,384 535,132
225,720 330,384 535,132
2020 2021 2022
IDR Mn 104,820 190,300 354,950

112,519 72,960 102,180
IDR Mn 8,381 67,124 78,002
225,720 330,384 535,132

1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20
2020 2020 2020 2020 2020 2020
18 18 18 18 18 18
- - - - - -
6 6 6 6 6 6
- - - - - -
1,195 1,195 1,195 1,195 1,195 1,195
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,218 1,218 1,218 1,218 1,218 1,218

- - - - - -
228 228 228 228 228 228
23 23 23 23 23 23
368 368 368 368 368 368
- - - - - -
- - - - - -
619 619 619 619 619 619
3,030 3,030 3,030 3,030 3,030 3,030

- - - - - -
4,600 - - - - -
- 7,750 7,750 11,625 15,500 15,500
- - - - - -
- - - - - -
- - - - - -
- 5,000 - - - -
- - 3,000 - - -
- - - - - -
- - - - - -
- - - - - -
- - 15,625 - 10,000 -
- - - - - 7,000
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,630 15,780 29,405 14,655 28,530 25,530
76 76 76 76 76 76
- - - - - -
- - - - - -
76 76 76 76 76 76
1,195 1,195 1,195 1,195 1,195 1,195

23 23 23 23 23 23
619 619 619 619 619 619
1,837 1,837 1,837 1,837 1,837 1,837
7,630 3,030 21,655 3,030 13,030 3,030

- 12,750 7,750 11,625 15,500 22,500
76 76 76 76 76 76
7,706 15,856 29,481 14,731 28,606 25,606
2023 2024
- -
657,374 698,234
657,374 698,234
2023 2024
394,750 375,250
145,940 101,300
116,684 221,684
657,374 698,234
1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21
2020 2020 2020 2021 2021 2021
18 18 18
- - -
6 6 6
- - -
1,195 1,195 1,195
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
1,218 1,218 1,218 - - -

- - -
228 228 228
23 23 23
368 368 368
- - -
- - -
619 619 619 - - -
3,030 3,030 3,030

- - -
- - -
7,750 7,750 7,750
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- 7,000 -
- - 7,000
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
3,800
5,182 5,182
667 667 667
500
3,080 3,080 3,080

250 250 250
10,780 17,780 17,780 3,997 9,178 13,478
76 76 76
- - -
- - -
3,603 3,603 3,603
1,195 1,195 1,195
94 94 94
368 368 368
229 229 229
18 18 18
12 12 12
76 76 76
76 76 76 5,594 5,594 5,594
1,195 1,195 1,195 - - -

23 23 23 - - -
619 619 619 - - -
1,837 1,837 1,837 - - -
3,030 3,030 10,030 - 5,182 9,482

7,750 14,750 7,750 3,997 3,997 3,997
76 76 76 5,594 5,594 5,594
10,856 17,856 17,856 9,590 14,772 19,072

2021 2021 2021 2021 2021 2021
- - - - - -
- - - - - -
3,800 3,800 3,800 3,800 3,800 3,800
5,182 5,182 5,182 5,182 5,182 5,182
5,429 5,429 5,429 5,429
2,111 2,111 2,111 2,111 2,111 2,111
2,000 2,000
5,000
2,500
667 667 667 667 667 667
1,071 1,071 1,071 1,071
500 500 500 500 500 500
450
750
857 857 857 857
3,080 3,080 3,080 3,080 3,080 3,080
250 250 250 250 250 250
15,590 15,590 22,947 22,947 24,947 33,647
3,603 3,603 3,603 3,603 3,603 3,603

1,195 1,195 1,195 1,195 1,195 1,195
94 94 94 94 94 94
368 368 368 368 368 368
229 229 229 229 229 229
18 18 18 18 18 18
12 12 12 12 12 12
76 76 76 76 76 76
5,594 5,594 5,594 5,594 5,594 5,594
- - - - - -
- - - - - -
- - - - - -
- - - - - -
9,482 9,482 15,982 15,982 17,982 26,682

6,108 6,108 6,965 6,965 6,965 6,965
5,594 5,594 5,594 5,594 5,594 5,594
21,183 21,183 28,540 28,540 30,540 39,240

2021 2021 2021 2022 2022 2022
- - - - - -
- - - - - -
3,800 3,800 3,800 2,000
5,182 5,182 5,182 3,000
5,429 5,429 5,429 2,000
2,111 2,111 2,111 1,000
2,000 2,000 2,000 2,000 2,000 2,000
5,000 5,000 5,000 5,000 5,000 5,000
2,500 2,500 2,500 2,500 2,500 2,500
667 667 667
1,071 1,071 1,071
500 500 500
450 450 450 400 400 400
750 750 750 667 667 667
857 857 857 800 800 800
3,080 3,080 3,080 3,080 3,080 3,080
250 250 250
6,045 6,045
950
7,917 7,917 7,917
2,000
500
4,620 4,620 4,620
250 250 250
33,647 33,647 33,647 35,233 33,279 36,729
3,603 3,603 3,603

1,195 1,195 1,195
94 94 94
368 368 368
229 229 229
18 18 18
12 12 12
76 76 76
3,963 3,963 3,963
1,195 1,195 1,195
103 103 103
405 405 405
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
5,594 5,594 5,594 6,500 6,500 6,500
- - - - - -
- - - - - -
- - - - - -
- - - - - -
26,682 26,682 26,682 25,483 24,529 25,029

6,965 6,965 6,965 9,750 8,750 11,700
5,594 5,594 5,594 6,500 6,500 6,500
39,240 39,240 39,240 41,733 39,779 43,229

2022 2022 2022 2022 2022 2022
- - - - - -
- - - - - -
2,000 2,000
5,000
2,500
800 800
6,045 6,045 6,045 6,045 6,045 6,045

6,333 6,333 6,333 6,333 6,333 6,333
6,643 6,643 6,643 6,643
950 950 950 950 950 950
679 679 679 679
7,917 7,917 7,917 7,917 7,917 7,917
5,000
1,429 1,429 1,429 1,429
2,000 2,000 2,000 2,000 2,000 2,000
500 500 500 500 500 500
4,620 4,620 4,620 4,620 4,620 4,620
250 250 250 250 250 250
38,915 31,415 37,365 37,365 37,365 42,365
3,963 3,963 3,963 3,963 3,963 3,963

1,195 1,195 1,195 1,195 1,195 1,195
103 103 103 103 103 103
405 405 405 405 405 405
229 229 229 229 229 229
18 18 18 18 18 18
12 12 12 12 12 12
76 76 76 76 76 76
500 500 500 500 500 500
6,500 6,500 6,500 6,500 6,500 6,500
- - - - - -
- - - - - -
- - - - - -
- - - - - -
30,295 22,795 29,545 29,545 29,545 34,545

8,620 8,620 7,820 7,820 7,820 7,820
6,500 6,500 6,500 6,500 6,500 6,500
45,416 37,916 43,866 43,866 43,866 48,866

2022 2022 2022 2023 2023 2023
- - - - - -
- - - - - -
6,045 6,045 6,045 3,500
6,333 6,333 6,333 3,000
6,643 6,643 6,643 5,875 5,875 5,875
950 950 950 500
679 679 679 250
7,917 7,917 7,917 5,000
5,000 5,000 5,000 5,000 5,000 5,000
1,429 1,429 1,429
2,000 2,000 2,000
500 500 500
4,620 4,620 4,620 4,620 4,620 4,620
250 250 250
14,250
1,250 1,250 1,250
2,500
500
3,465 3,465 3,465

250 250 250
42,365 42,365 42,365 32,710 20,460 37,710
3,963 3,963 3,963

1,195 1,195 1,195
103 103 103
405 405 405
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
4,161 4,161 4,161
1,195 1,195 1,195
108 108 108
425 425 425
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
1,250 1,250 1,250
1,750 1,750 1,750
6,500 6,500 6,500 9,724 9,724 9,724
- - - - - -
- - - - - -
- - - - - -
- - - - - -
34,545 34,545 34,545 23,875 12,125 26,875

7,820 7,820 7,820 8,835 8,335 10,835
6,500 6,500 6,500 9,724 9,724 9,724
48,866 48,866 48,866 42,434 30,184 47,434

2023 2023 2023 2023 2023 2023
- - - - - -
- - - - - -
5,875
5,000
14,250 14,250 14,250 14,250 14,250 14,250

6,333 6,333 6,333 6,333 6,333 6,333
556 556 556 556 556 556
14,286 14,286 14,286 14,286
8,143 8,143 8,143 8,143
1,250 1,250 1,250 1,250 1,250 1,250
1,429 1,429 1,429 1,429
2,500 2,500 2,500 2,500 2,500 2,500
500 500 500 500 500 500
2,500
3,465 3,465 3,465 3,465 3,465 3,465
250 250 250 250 250 250
39,979 29,104 52,961 52,961 52,961 55,461
4,161 4,161 4,161 4,161 4,161 4,161

1,195 1,195 1,195 1,195 1,195 1,195
108 108 108 108 108 108
425 425 425 425 425 425
229 229 229 229 229 229
18 18 18 18 18 18
12 12 12 12 12 12
76 76 76 76 76 76
500 500 500 500 500 500
1,250 1,250 1,250 1,250 1,250 1,250
1,750 1,750 1,750 1,750 1,750 1,750
9,724 9,724 9,724 9,724 9,724 9,724
- - - - - -
- - - - - -
- - - - - -
- - - - - -
26,875 16,000 39,857 39,857 39,857 42,357

13,104 13,104 13,104 13,104 13,104 13,104
9,724 9,724 9,724 9,724 9,724 9,724
49,703 38,828 62,685 62,685 62,685 65,185

2023 2023 2023 2024 2024 2024
- - - - - -
- - - - - -
14,250 14,250 14,250 7,500
6,333 6,333 6,333 3,000
556 556 556
14,286 14,286 14,286 14,286 14,286 14,286
8,143 8,143 8,143 3,000
1,250 1,250 1,250 1,250 1,250 1,250
1,429 1,429 1,429
2,500 2,500 2,500
500 500 500
2,500 2,500 2,500 2,500 2,500 2,500
3,465 3,465 3,465 3,465 3,465 3,465
250 250 250
6,650
9,500
1,250 1,250 1,250
3,465 3,465 3,465

250 250 250
55,461 55,461 55,461 39,966 26,466 42,616
4,161 4,161 4,161

1,195 1,195 1,195
108 108 108
425 425 425
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
1,250 1,250 1,250
1,750 1,750 1,750
4,161 4,161 4,161
1,195 1,195 1,195
108 108 108
425 425 425
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
1,250 1,250 1,250
1,750 1,750 1,750
1,750 1,750 1,750
1,750 1,750 1,750
750 750 750
4,500 4,500 4,500
9,724 9,724 9,724 18,474 18,474 18,474
- - - - - -
- - - - - -
- - - - - -
- - - - - -
42,357 42,357 42,357 29,786 19,286 35,436

13,104 13,104 13,104 10,180 7,180 7,180
9,724 9,724 9,724 18,474 18,474 18,474
65,185 65,185 65,185 58,439 44,939 61,089

2024 2024 2024 2024 2024 2024
- - - - - -
- - - - - -
14,286 14,286 14,286 14,286
1,250
2,500 2,500 2,500 2,500 2,500 2,500

3,465 3,465 3,465 3,465 3,465
6,650 6,650 6,650 6,650 6,650 6,650

667 667 667 667 667 667
9,500 9,500 9,500 9,500 9,500 9,500
2,857 2,857 2,857 2,857
3,958 3,958 3,958
1,250 1,250 1,250 1,250 1,250 1,250
1,071 1,071 1,071 1,071
2,857 2,857 2,857 2,857
286 286 286 286
3,465 3,465 3,465 3,465 3,465 3,465
250 250 250 250 250 250
43,282 42,032 49,104 53,062 38,776 35,311

4,161 4,161 4,161 4,161 4,161 4,161
1,195 1,195 1,195 1,195 1,195 1,195
108 108 108 108 108 108
425 425 425 425 425 425
229 229 229 229 229 229
18 18 18 18 18 18
12 12 12 12 12 12
76 76 76 76 76 76
500 500 500 500 500 500
1,250 1,250 1,250 1,250 1,250 1,250
1,750 1,750 1,750 1,750 1,750 1,750
1,750 1,750 1,750 1,750 1,750 1,750
1,750 1,750 1,750 1,750 1,750 1,750
750 750 750 750 750 750
4,500 4,500 4,500 4,500 4,500 4,500
18,474 18,474 18,474 18,474 18,474 18,474
- - - - - -
- - - - - -
- - - - - -
- - - - - -
35,436 34,186 38,400 42,358 28,073 28,073

7,847 7,847 10,704 10,704 10,704 7,239
18,474 18,474 18,474 18,474 18,474 18,474
61,756 60,506 67,577 71,536 57,250 53,785

2024 2024 2024 2025 2025 2025
- - - - - -
- - - - - -
2,500 2,500 2,500
6,650 6,650 6,650 3,500

667 667 667
9,500 9,500 9,500 5,000
2,857 2,857 2,857 2,857 2,857 2,857
3,958 3,958 3,958 1,250
1,250 1,250 1,250 1,250 1,250 1,250
1,071 1,071 1,071
2,857 2,857 2,857
286 286 286
3,465 3,465 3,465 3,465 3,465 3,465
250 250 250
35,311 35,311 35,311 17,322 7,572 7,572

4,161 4,161 4,161
1,195 1,195 1,195
108 108 108
425 425 425
229 229 229
18 18 18
12 12 12
76 76 76
500 500 500
1,250 1,250 1,250
1,750 1,750 1,750
1,750 1,750 1,750
1,750 1,750 1,750
750 750 750
4,500 4,500 4,500
18,474 18,474 18,474 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
28,073 28,073 28,073 13,857 4,107 4,107

7,239 7,239 7,239 3,465 3,465 3,465
18,474 18,474 18,474 - - -
53,785 53,785 53,785 17,322 7,572 7,572

2025 2025 2025 2025 2025 2025
- - - - - -
- - - - - -
2,857 2,857 2,857 2,857
1,250
3,465 3,465 3,465 3,465 3,465
7,572 6,322 6,322 6,322 3,465 -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
4,107 2,857 2,857 2,857 - -

3,465 3,465 3,465 3,465 3,465 -
- - - - - -
7,572 6,322 6,322 6,322 3,465 -

1-Oct-25
31-Oct-25
2025
-
-
-
-
-
-
-
-
-
-
-
Negotiation Rationale
Project NuTech
LTM Jun-2017 LTM Jun-2017
Audited DD Adjusted
Equity Value 40,000 40,000

Cash 2,735 2,735
Interest Bearing Debt (18,846) (18,846)
DD Adjustment LTM Jun-2017 (2,805) (2,805)
Enterprise Value 58,915 58,915
EBITDA 7,178 7,131

Implied EV to EBITDA 8.21 8.26
EBITDA 2019 22,447 22,447

EV 2019 184,230 185,453
Cash 18,350 18,350

Interest Bearing Debt (85,259) (85,259)
Equity Value 100% 117,321 118,544
*Price Negotiation was conducted in Oct-2017

In LTM Sep 2017 and 2017E were only deducted by DD Findings until Jun 2017
LTM Sep-2017 LTM Sep-2017 2017A 2017E
Inhouse Negotiation Audited Analysis
40,000 40,000 40,000 40,000

1,518 1,518 584 1,518
(21,004) (21,004) (15,171) (21,004)
(2,602) (2,602)
62,089 59,487 54,587 62,089
10,023 10,023 9,817 8,642

6.19 5.94 5.56 7.18
22,447 22,447 22,447 22,447

139,050 133,223 124,818 161,270
18,350 18,350 18,350 18,350

(85,259) (85,259) (85,259) (85,259)
72,141 66,314 57,908 94,361
Findings until Jun 2017

20.06.26 Nano II Model - Sent

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Scenario: Adj. Case 2 IDR bn 2017 2018 2019

X DCF MANAGEMENT CASE PGR

X DCF ADJUSTED CASE 134 PGR

X GPTC (Dec 2019) LOW HIGH

X M&A PRECEDENT LOW HIGH

X DCF ADJUSTED CASE + SYNERGY

PGR NEGOTIATION PRICE RANGE

Act Mgt Adj,

51% 30% 16% Diff. due to cost structure, refer to historical

Success Rate Low

Equity Value - Sensitivity for Acquiring Potential Contract

alue than Mgt. Case, due to;

lies to a lower interest expenses

Financial Close Date

X Revenue Assumption - Management Case

X COGS Assumption - Management Case

X OpEx - Management Case

X Working Capital - Management Case

X Capital Expenditure - Management

X Equity Funding / Dividend (Management & Adjusted Case)

X Revenue Assumption - Adjusted Case

X COGS Assumption - Adjusted Case

X Opex - Adjusted Case

Salaries & welfare

Salaries & welfare

X Working Capital - Adjusted Case

X Capital Expenditure - Adjusted Case

Existing Asset Life Salvage Value New Asset Life

Existing Asset Life Salvage Value New Asset Life

Growth 2020 2021

2018 2019 2020 2021

Growth 2020 2021

15.00% (18,128) (20,847)

2018 2019 2020 2021

Growth 2020 2021

2018 2019 2020 2021

1.16% 1.35% 1.35% 1.35%

2018 2019 2020 2021

5.79% 5.13% 5.13% 5.13%

2018 2019 2020 2021

-1.78% -0.80% 0.00% 0.00%

2018 2019 2020 2021

-36.15% -28.24% 25.00% 25.00%

2018 2019 2020 2021

2022 2023 2024

2022 2023 2024

(23,974) (27,570) (31,706)

(3,302) (3,902) (4,302)

2022 2023 2024

2022 2023 2024

2022 2023 2024

2022 2023 2024

2022 2023 2024

1.35% 1.35% 1.35%

2022 2023 2024

5.13% 5.13% 5.13%

2022 2023 2024

0.00% 0.00% 0.00%

2022 2023 2024

25.00% 25.00% 25.00%

2022 2023 2024