perhitungan iex

CASH FLOW PROJECTION OF MCV

SELLING PRICELand Building Land Building Total Total Selling Selling Total

Type of Villas Unit area area price price Land Building Price Price PriceSqm Sqm Rp.m/sqm Rp.m/sqm Sqm Sqm Rp.m US$. Tho Rp. M

1 Vila Type A (ex pool) 27 3,000 300 81,000 8,100 5,750 625 155,250 -

- - 0 0.6 5.5 0 - - - -

81,000 8,100 155,250

2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008Cost Sqm Rpm./sqm Total 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

1 Construction Cost

Building Cost 8,100 4 32,400 - 960 1,920 3,360 4,800 5,760 5,700 4,740 3,300 1,860 900

Pools 3,240 2 6,480 - 192 384 672 960 1,152 1,140 948 660 372 180

FF&E 8,100 2 16,200 - 480 960 1,680 2,400 2,880 2,850 2,370 1,650 930 450

Fees

Architect Fee 3,110 3,110 300 620 900 1,290

Enginnering Fee, QS, Landscape 1,166 194 194 194 194 194 194

CM 1,166 - 35 69 121 173 207 205 171 119 67 32

Insurance: 1.5% Build+pools 583 - 17 35 60 86 104 103 85 59 33 16

2 Land Cost

Macro Cost 81,000 0.18 14,337 14,337

Micro Infra Cost 115,714 0.05 5,786 5,627 500 500 827 900 900 1,000 1,000

3 Others

Permits & Licenses

Hotel Operator Fee 3,000 500 500 500 500 500 500

Developer's Overheads: 2,5% Sales 3,881 388 388 388 388 388 388 388 388 388 388

Promotion & Advertising: 4% of Sales 6,210 - 2,484 1,553 932 1,242 863 - - -

Commision: 3% of Sales 4,658 - 1,150 1,150 1,725 1,725 1,150 863 - - -

Legal & Accounting 500 250 250

45

98,978 15,525 7,770 9,129 10,532 13,369 13,336 15,095 8,702 6,176 3,651 1,624

Total

Collection - 5,750 9,200 15,525 20,700 25,300 25,013 20,988 16,388 10,063 5,463

IRR 96% Net Cash (15,525) (2,020) 71 4,993 7,331 11,964 9,917 12,285 10,211 6,412 3,839 NPV 34,368 (15,525) (17,545) (17,475) (12,482) (5,151) 6,814 16,731 29,016 39,227 45,639 49,478 Discount 15% - - 71 4,993 2,994 6,964 4,917 12,285 10,211 6,412 3,839

Funding From Equity 14,337 (4,337) (5,000) (5,000)Funding From Loan 1,188 2,020 - - - - - - - - -

Loan Repayment - - (71) (3,709) - - - - - - - Net Cash Flow - - - 1,284 4,278 11,243 16,160 28,445 38,656 45,068 48,907

Loan At Start 1,188 3,268 3,431 3,532 - - - - - - - Interest Capitalised 59 163 172 177 - - - - - - -

Repayment - - (71) (3,709) - - - - - - - Loan At End 1,248 3,431 3,532 - - - - - - - -

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 81,000 14,337 177 3 Micro 81,000 5,786 71

Cost of Land per sqm 248

Construction Cost Building Cost 8,100 32,400 4,000 Pools 8,100 6,480 800 FF&E 8,100 16,200 2,000 Fees

Architect Fee 8,100 3,110 384 Enginnering Fee, QS, Landscape 8,100 1,166 144 CM 8,100 1,166 144

Insurance 8,100 583 72 Cost of Building per sqm 7,544

GAE & OthersPermits & Licenses 81,000 - - Hotel Operator Fee 81,000 3,000 37 Office Rental & set up 81,000 1,200 15 Developer's Overheads: 2,5 % Sales 81,000 3,881 48 Promotion & Advertising: 5% of Sales 81,000 6,210 77 Commision: 5% of Sales 81,000 4,658 58 Legal & Accounting 81,000 500 6

Cost of others expense per sqm 240

Profit and Loss per Unit

Selling Price (Rp. m) 5,750

CostLand (Sqm) 3,000 Building (Sqm) 300 Land Cost (Rp. m) 745 Building Cost (Rp m) 2,263

Cost per unit vila (before GAE & marketing) 3,008

GAE & Marketing per Unit 720

Total Cost per unit 3,729

Profit and Loss Before GAE (Rp.m) 2,742 48%

Profit and Loss After GAE (Rp.m) 2,021

CASH FLOW PROJECTION OF ZONE 1



1 Vila Type A 15 3,000 300 45,000 4,500 5,750 625 86,250 2 Vila Type B 50 1,000 150 50,000 7,500 2,500 272 125,000 3 Vila Type C - - - - -

65 95,000 12,000 211,250

2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008Cost Sqm Rpm./sqm Total 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

1 ConstructionBuilding Cost 12,000 4 48,000 - 1,920 3,840 5,040 6,480 7,680 6,960 5,760 4,560 3,120 1,920 720 Pools Type A 1,800 2 3,600 144 288 378 486 576 522 432 342 234 144 54 Pools Type B 2,000 2 4,000 160 320 420 540 640 580 480 380 260 160 60 FF&E 12,000 2 24,000 960 1,920 2,520 3,240 3,840 3,480 2,880 2,280 1,560 960 360 Fees

Architect Fee 4,128 500 600 1000 1,000 1,028 Enginnering Fee, QS 1,548 258 258 258 258 258 258 CM 1,548 62 124 163 209 248 224 186 147 101 62 23

Insurance: 1.5% Construction Cost 720 - 29 58 76 97 115 104 86 68 47 29 11 2 Land Cost

Macro 95,000 0.18 16,815 16,815 Micro 135,714 0.05 6,786 500 500 900 700 800 800 900 900 986

3 OthersPermits & LicensesHotel Operator 3,000 500 500 500 500 500 500 Developer's Overheads: 2,5% Sales 5,281 587 587 587 587 587 587 587 587 587 - - - Promotion & Advertising: 4% of Sales 8,450 - 2,535 1,690 1,268 1,268 845 845 - - - - Commision: 3% of Sales 6,338 - 2,075 2,075 1,288 1,575 1,325 1,363 863 - - - - Legal & Accounting 500 250 250

134,213 17,902 10,480 13,159 14,446 17,039 18,442 16,323 12,173 9,350 5,321 3,275 1,228 Total

Collection - 8,300 14,525 17,600 22,613 30,488 32,538 26,825 21,100 16,450 12,050 7,038

irr 105% Net Cash (17,902) (2,180) 1,366 3,154 5,573 12,046 16,214 14,652 11,750 11,129 8,775 5,809 NPV 48,130 Discount 15% - - 1,366 3,154 5,573 5,231 6,214 14,652 11,750 11,129 8,775 5,809

Funding From Equity 16,815 (6,815) (10,000)Funding From Loan 1,087 2,180 - - - - - - - - - -

Loan Repayment - - (1,366) (2,410) - - - - - - - - Net Cash Flow - - - 744 6,317 11,548 17,762 32,414 44,163 55,292 64,067 69,877

Loan At Start 1,087 3,321 3,487 2,295 - - - - - - - - Interest Capitalised 54 166 174 115 - - - - - - - -

Repayment - - (1,366) (2,410) - - - - - - - - Loan At End 1,141 3,487 2,295 - - - - - - - - -

Interest Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 95,000 16,815 177 3 Micro 95,000 6,786 71


Construction Cost Building Cost 12,000 48,000 4,000 Pools 12,000 7,600 633 FF&E 12,000 24,000 2,000 Fees


Insurance 12,000 720 60 Cost of Building per sqm 7,295

GAE & OthersPermits & Licenses 95,000 - - Hotel Operator Fee 95,000 3,000 32 Office Rental 95,000 1,200 13 Developer's Overheads: 2,5 % Sales 95,000 5,281 56 Promotion & Advertising: 4% of Sales 95,000 8,450 89 Commision: 3% of Sales 95,000 6,338 67 Legal & Accounting 95,000 500 5


Profit and Loss per UnitType A Type B

Selling Price (Rp. m) 5,750 2,500

CostLand (Sqm) 3,000 1,000 Building (Sqm) 300 150 Land Cost (Rp. m) 745 248 Building Cost (Rp m) 2,189 1,094

Cost per unit vila (before GAE & marketing) 2,934 1,343

GAE & Marketing per Unit 782 261

Total Cost per unit 3,716 1,603

Profit and Loss Before GAE (Rp.m) 2,816 1,157 49% 46%

Profit and Loss After GAE (Rp.m) 2,034 897

35% 36%

CASH FLOW PROJECTION OF WEST WING

Total 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 20092Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

Sales (unit)

MCV 27 - 4 4 6 6 4 3 - - - Zone 1

Vila A 15 - 2 2 1 2 2 3 3 - - - - Vila B 50 - 12 12 8 8 6 4 - - - - - Vila C - - - - - - - - - - - - -

Total 92 - 14 14 9 10 12 11 9 6 4 3 - - - - -

Revenue

Collection MCV 155,250 - 5,750 9,200 15,525 20,700 25,300 25,013 20,988 16,388 10,063 5,463 863 Collection Zone 1 209,525 - 8,300 14,525 17,600 22,613 30,488 32,538 26,825 21,100 16,450 12,050 7,038 1,725 - - -

Total Revenue 366,500 - 8,300 14,525 17,600 22,613 36,238 41,738 42,350 41,800 41,750 37,063 28,025 18,113 10,063 5,463 863

CostMCV Cost 104,909 15,525 7,770 9,129 10,532 13,369 13,336 15,095 8,702 6,176 3,651 1,624 - Zone 1 Cost 139,139 17,902 10,480 13,159 14,446 17,039 18,442 16,323 12,173 9,350 5,321 3,275 1,228 - - - - Others

Office stet up and rental 1,200 360 60 60 60 60 60 60 60 60 60 60 60 60 60 60Master Planning 600 300 300Entrance Gate & ParkingBoardingMock Up: Zone 1 Type A 2,200 880 1,320 Zone 1 Type B 1,100 440 660 MCV 2,250 900 1,350

Total Cost 251,398 19,882 12,820 14,119 15,856 32,625 26,272 25,512 22,766 22,779 18,717 18,430 9,990 6,236 3,711 1,684 -

Surplus/(defisit) (19,882) (4,520) 406 1,744 (10,012) 9,965 16,225 19,584 19,021 23,033 18,632 18,035 11,876 6,352 3,779 863 (19,882) (24,401) (23,996) (22,252) (32,264) (22,298) (6,073) 13,511 32,532 55,565 74,197 92,232 104,109 - - 406 1,744 4,325 1,965 225 12,432 19,021 23,033 18,632 18,035 11,876

Funding From Equity 16,815 14,337 (8,000) (16,000) (7,152) - Funding From Loan 3,067 4,520 - - - - - - - - - - - - - -

Loan Repayment - - (406) (1,744) (4,325) (1,965) (225) (843) - - - - - - - - Net Cash Flow - - - - - - - 11,589 30,610 53,643 72,276 90,311 102,187 108,539 112,318 113,180

Loan At Start 3,067 7,740 8,127 8,127 6,790 2,804 979 803 - - - - - - - - Interest Capitalised 153 387 406 406 339 140 49 40 - - - - - - - -

Repayment - - (406) (1,744) (4,325) (1,965) (225) (843) - - - - - - - - Loan At End 3,220 8,127 8,127 6,790 2,804 979 803 - - - - - - - - -

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 81,000 14,337 177 3 Micro 115,714 5,786 50 4 Master Planning 81,000 276 3


Construction Cost Building Cost 8,100 32,400 4,000 Pools 3,240 6,480 2,000 FF&E 8,100 16,200 2,000 Fees


Insurance 8,100 583 72 Mock Up 8,100 2,250 278

Cost of Building per sqm 9,022

GAE & OthersPermits & Licenses 81,000 - - Hotel Operator Fee 81,000 3,000 37 Office Rental & set up 81,000 552 7 Developer's Overheads: 2,5 % Sales 81,000 3,881 48 Promotion & Advertising: 4% of Sales 81,000 6,210 77 Commision: 3% of Sales 81,000 4,658 58 Legal & Accounting 81,000 500 6









Profit and Loss After GAE (Rp.m) 1,656 29%





- - 0 0.6 5.5 0 - - - -

81,000 8,100 155,250


1 Construction Cost

Building Cost 8,100 4 32,400 - 960 1,920 3,360 4,800 5,760 5,520 4,560 3,120 1,680 720

Pools 3,240 2 6,480 - 192 384 672 960 1,152 1,104 912 624 336 144

FF&E 8,100 2 16,200 - 480 960 1,680 2,400 2,880 2,760 2,280 1,560 840 360

Fees

Architect Fee 3,110 3,110 300 620 900 1,290


CM 1,166 - 35 69 121 173 207 199 164 112 60 26


2 Land Cost

Macro Cost 81,000 0.18 14,337 14,337

Micro Infra Cost 115,714 0.05 5,786 5,786 500 500 986 900 900 1,000 1,000

3 Others

Permits & Licenses



Promotion & Advertising: 4% of Sales 6,210 - 920 920 1,380 1,380 920 690 - - -

Commision: 3% of Sales 4,658 - 690 690 1,035 1,035 690 518 - - -


99,478 15,525 5,746 8,196 10,291 12,817 13,796 14,262 8,386 5,861 3,335 1,263

Total

Collection - 5,750 9,200 15,525 20,700 25,300 25,013 20,988 16,388 10,063 5,463

IRR 119% Net Cash (15,525) 4 1,004 5,234 7,883 11,504 10,750 12,601 10,527 6,728 4,200 NPV 39,502 (15,525) (15,521) (14,518) (9,284) (1,400) 10,104 20,854 33,456 43,982 50,710 54,910 Discount 15% - 4 1,004 5,234 3,546 6,504 5,750 12,601 10,527 6,728 4,200

Funding From Equity 14,337 (4,337) (5,000) (5,000)Funding From Loan 1,188 - - - - - - - - - -

Loan Repayment - (4) (1,004) (386) - - - - - - - Net Cash Flow - - - 4,848 8,394 14,899 20,649 33,250 43,777 50,505 54,704

Loan At Start 1,188 1,248 1,306 368 - - - - - - - Interest Capitalised 59 62 65 18 - - - - - - -

Repayment - (4) (1,004) (386) - - - - - - - Loan At End 1,248 1,306 368 - - - - - - - -





65 95,000 12,000 211,250





Macro 95,000 0.18 16,815 16,815 Micro 135,714 0.05 6,786 500 500 900 700 800 800 900 900 786

3 OthersPermits & LicensesHotel Operator 3,000 500 500 500 500 500 500 Developer's Overheads: 2,5% Sales 5,281 587 587 587 587 587 587 587 587 587 - - - Promotion & Advertising: 4% of Sales 8,450 - 1,660 1,660 1,030 1,260 1,060 1,090 690 - - - - Commision: 3% of Sales 6,338 - 1,245 1,245 773 945 795 818 518 - - - - Legal & Accounting 500 250 250

134,714 17,902 8,775 12,299 13,693 16,402 18,127 16,023 12,518 9,150 5,321 3,275 1,228 Total

Collection - 8,300 14,525 17,600 22,613 30,488 32,538 26,825 21,100 16,450 12,050 7,038

irr 118% Net Cash (17,902) (475) 2,226 3,907 6,211 12,361 16,514 14,307 11,950 11,129 8,775 5,809 NPV 53,104 Discount 15% - - 2,226 3,907 6,211 5,546 6,514 14,307 11,950 11,129 8,775 5,809

Funding From Equity 16,815 (6,815) (10,000)Funding From Loan 1,087 475 - - - - - - - - - -

Loan Repayment - - (1,781) - - - - - - - - - Net Cash Flow - - 444 4,351 10,562 16,107 22,622 36,928 48,878 60,007 68,782 74,591

Loan At Start 1,087 1,616 1,696 - - - - - - - - - Interest Capitalised 54 81 85 - - - - - - - - -

Repayment - - (1,781) - - - - - - - - - Loan At End 1,141 1,696 - - - - - - - - - -

Interest Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

PROFIT & LOSS CALCULATION OF ZONE 1

Standard Cost per Component TYPE A

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 45,000 7,965 177 3 Micro 64,286 3,214 50 4 Master Planning 45,000 153 3.4



Architect Fee 4,500 1,548 344 Enginnering Fee, QS, Landscape 4,500 581 129 CM 4,500 581 129



GAE & OthersPermits & Licenses 45,000 - - Hotel Operator Fee 45,000 1,421 32 Office Rental 45,000 307 7 Developer's Overheads: 2,5 % Sales 45,000 2,502 56 Promotion & Advertising: 4% of Sales 45,000 4,003 89 Commision: 3% of Sales 45,000 3,002 67 Legal & Accounting 45,000 237 5








Profit and Loss Before GAE (Rp.m) 2,313 948 40% 38%

Profit and Loss After GAE (Rp.m) 1,549 693 27% 28%

FILE A-West wing Menjangan likely scenario.xlsHPP Z1 - 1

TYPE B

Sqm Rp.m Rp.th/sqm

50,000 8,850 177 71,429 3,572 50 50,000 170 3.4

230

7,500 30,000 4,000 2,000 4,000 2,000 7,500 15,000 2,000

7,500 2,580 344 7,500 968 129 7,500 968 129 7,500 450 60 7,500 1,100 147

8,809

50,000 - - 50,000 1,579 32 50,000 341 7 50,000 2,780 56 50,000 4,447 89 50,000 3,336 67 50,000 263 5

255



Sales (unit)

MCV 27 - 4 4 6 6 4 3 - - - Zone 1


Total 92 - 14 14 9 10 12 11 9 6 4 3 - - - - -

Revenue


- Total Revenue 366,500 - 8,300 14,525 17,600 22,613 36,238 41,738 42,350 41,800 41,750 37,063 28,025 18,113 10,063 5,463 863

CostMCV Cost 99,478 15,525 5,746 8,196 10,291 12,817 13,796 14,262 8,386 5,861 3,335 1,263 - Zone 1 Cost 134,714 17,902 8,775 12,299 13,693 16,402 18,127 16,023 12,518 9,150 5,321 3,275 1,228 - - - - Others -

Office stet up and rental 1,200 360 60 60 60 60 60 60 60 60 60 60 60 60 60 60Master Planning 600 300 300Entrance Gate & Parking - Boarding - Mock Up: - Zone 1 Type A 2,200 880 1,320 Zone 1 Type B 1,100 440 660 MCV 2,250 900 1,350

Total Cost 241,542 19,882 11,115 13,259 15,103 31,987 23,933 24,279 22,869 22,027 19,177 17,597 9,674 5,921 3,395 1,323 -

Surplus/(defisit) (19,882) (2,815) 1,266 2,497 (9,375) 12,304 17,458 19,481 19,773 22,573 19,466 18,351 12,192 6,668 4,140 863 (19,882) (22,696) (21,431) (18,934) (28,309) (16,004) 1,454 20,935 40,708 63,281 82,746 101,097 113,289 - - 1,266 2,497 4,962 4,304 1,458 12,329 19,773 22,573 19,466 18,351 12,192

Funding From Equity 16,815 14,337 (8,000) (16,000) (7,152) - Funding From Loan 3,067 2,815 - - - - - - - - - - - - - -

Loan Repayment - - (1,266) (2,497) (3,318) - - - - - - - - - - - Net Cash Flow - - - - 1,644 5,949 7,407 19,735 39,508 62,081 81,547 99,898 112,089 118,757 122,897 123,759

Loan At Start 3,067 6,035 6,336 5,387 3,160 - - - - - - - - - - - Interest Capitalised 153 302 317 269 158 - - - - - - - - - - -

Repayment - - (1,266) (2,497) (3,318) - - - - - - - - - - - Loan At End 3,220 6,336 5,387 3,160 - - - - - - - - - - - -

WIRELESS DATA & VOICE NETWORK WITH CISCO SYSTEM

DISTANCE 5000 METER, bandwidth 1 Mbyte

RADIO ANTENA (TOWER) TABLE

NO KODE GAMBAR NAMA PRODUK CISCO KODE PRODUK CISCO COMPATIBILITY JUMLAH HARGA SATUAN TOTAL

1 A1 AIR-ANT 24120 1 $461.11 $461.11

2 A2 13.5 dBi Yagi Mast Mount Antenna AIR ANT 1949 4 $239.74 $958.96

3 B 50FT Low Loss Cable Assembly with RP-TNC Connectors AIR -CAB050LL-R Cisco Wireless Antennas 5 $130.04 $650.20

4 C 2.4 and 5GHZ Lightning Arrestor RP-TNC Connector AIR-ACC245LA-R 5 $137.68 $1,045.00

5 D 5FT Low-Loss 2.4GHZ RF Cable with RP-TNC Connectors AIR–CAB005LL-R Cisco Aironet 1300 Series 5 $62.90 $314.50

$3,429.77

RADIO NETWORKING (ROUTER) TABLE

NO KODE GAMBAR NAMA PRODUK CISCO KODE PRODUK CISCO COMPATIBILITY JUMLAH HARGA SATUAN TOTAL

1 E Aironet 1310 Outdoor AP/BR with RP-TNC Connectors AIR-BR1310G-A-K9-R 5 $741.29 $3,706.45

2 F 48V Power Injector AIR-PWRINJ-BLR2 Cisco Aironet 1300 Series 5 $188.91 $944.55

3 G1 3825 Voice Bundle, PVDM2-64, SP Serv, 64F/256D CISCO3825-V/K9 1 $7,073.78 $7,073.78

4 G2 2821 Voice Bundle with PVDM2-32 and IOS SP Services CISCO2821-V/K9 4 $2,680.26 $10,721.04

5 H 1841 with WIC-1DSU-T1-V2 Ip Base 32FL 128DR (Router) CISCO1841-T1 1 $1,494.85 $1,494.85

6 I V.35 Cable DTE Male 10-Feet CAB-V35MT Cisco Router 1 $65.59 $65.59

7 J 4-Port 802.3AF Capable Inline Power Module for Hwic-4ESW ILPM-4 1 $105.32 $105.32

$24,111.58

Fisik Tower

Biaya Pembangunan Fisik Tower

Rangka Besi 5 $5,435.00 $27,175.00

TOTAL INVESTASI $54,716.35

Note: $1 = Rp. 9400,00 TOTAL INVESTASI Rp514,333,690.00

ADD COST MCV 236,710,391

ADD COST CFZ1 277,623,299

2.4 GHz 12 Dbi Omni Mast Mt. Antenna with RP-TNC Connector

http://www.provantage.com/YAIRO069.htm





- - 0 0.6 5.5 0 - - - -

81,000 8,100 155,250


1 Construction Cost

Building Cost 8,100 4 32,400 - 960 1,920 3,360 4,800 5,760 5,520 4,560 3,120 1,680 720

Pools 3,240 2 6,480 - 192 384 672 960 1,152 1,104 912 624 336 144

FF&E 8,100 2 16,200 - 480 960 1,680 2,400 2,880 2,760 2,280 1,560 840 360

Fees

Architect Fee 3,110 3,110 300 620 900 1,290


CM 1,166 - 35 69 121 173 207 199 164 112 60 26


2 Land Cost

Macro Cost 81,000 0.18 14,337 14,337

Micro Infra Cost 115,714 0.05 5,786 5,786 500 500 986 900 900 1,000 1,000

3 Others

Permits & Licenses



Promotion & Advertising: 4% of Sales 6,210 - 920 920 1,380 1,380 920 690 - - -

Commision: 3% of Sales 4,658 - 690 690 1,035 1,035 690 518 - - -


4 Network Investment Cost 237 237

99,715 15,762 5,746 8,196 10,291 12,817 13,796 14,262 8,386 5,861 3,335 1,263

Total

Collection - 5,750 9,200 15,525 20,700 25,300 25,013 20,988 16,388 10,063 5,463

IRR 117% Net Cash (15,762) 4 1,004 5,234 7,883 11,504 10,750 12,601 10,527 6,728 4,200 NPV 39,274 (15,762) (15,758) (14,755) (9,521) (1,637) 9,867 20,617 33,219 43,745 50,473 54,673 Discount 15% - 4 1,004 5,234 3,546 6,504 5,750 12,601 10,527 6,728 4,200

Funding From Equity 14,337 (4,337) (5,000) (5,000)Funding From Loan 1,425 - - - - - - - - - -

Loan Repayment - (4) (1,004) (674) - - - - - - - Net Cash Flow - - - 4,560 8,106 14,610 20,361 32,962 43,489 50,217 54,416

Loan At Start 1,425 1,496 1,568 642 - - - - - - - Interest Capitalised 71 75 78 32 - - - - - - -

Repayment - (4) (1,004) (674) - - - - - - - Loan At End 1,496 1,568 642 - - - - - - - -

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 81,000 14,337 177 3 Micro 115,714 5,786 50 4 Master Planning 81,000 276 3






GAE & OthersPermits & Licenses 81,000 - - Hotel Operator Fee 81,000 3,000 37 Office Rental & set up 81,000 552 7 Developer's Overheads: 2,5 % Sales 81,000 3,881 48 Promotion & Advertising: 4% of Sales 81,000 6,210 77 Commision: 3% of Sales 81,000 4,658 58 Legal & Accounting 81,000 500 6 Network Investment 81,000 237 2.92









Profit and Loss After GAE (Rp.m) 1,647 29%





65 95,000 12,000 211,250





Macro 95,000 0.18 16,815 16,815 Micro 135,714 0.05 6,786 500 500 900 700 800 800 900 900 786

3 OthersPermits & LicensesHotel Operator 3,000 500 500 500 500 500 500 Developer's Overheads: 2,5% Sales 5,281 587 587 587 587 587 587 587 587 587 - - - Promotion & Advertising: 4% of Sales 8,450 - 1,660 1,660 1,030 1,260 1,060 1,090 690 - - - - Commision: 3% of Sales 6,338 - 1,245 1,245 773 945 795 818 518 - - - - Legal & Accounting 500 250 250

4 Network Investment Cost 278 278 134,992 18,180 8,775 12,299 13,693 16,402 18,127 16,023 12,518 9,150 5,321 3,275 1,228

Total

Collection - 8,300 14,525 17,600 22,613 30,488 32,538 26,825 21,100 16,450 12,050 7,038

irr 117% Net Cash (18,180) (475) 2,226 3,907 6,211 12,361 16,514 14,307 11,950 11,129 8,775 5,809 NPV 52,836 Discount 15% - - 2,226 3,907 6,211 5,546 6,514 14,307 11,950 11,129 8,775 5,809

Funding From Equity 16,815 (6,815) (10,000)Funding From Loan 1,365 475 - - - - - - - - - -

Loan Repayment - - (2,103) - - - - - - - - - Net Cash Flow - - 123 4,029 10,240 15,786 22,300 36,606 48,556 59,685 68,460 74,269

Loan At Start 1,365 1,908 2,003 - - - - - - - - - Interest Capitalised 68 95 100 - - - - - - - - -

Repayment - - (2,103) - - - - - - - - - Loan At End 1,433 2,003 - - - - - - - - - -

Interest Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%

PROFIT & LOSS CALCULATION OF ZONE 1

Standard Cost per Component TYPE A

Sqm Rp.m Rp.th/sqm

Land1 Land2 Macro 45,000 7,965 177 3 Micro 64,286 3,214 50 4 Master Planning 45,000 153 3.4



Architect Fee 4,500 1,548 344 Enginnering Fee, QS, Landscape 4,500 581 129 CM 4,500 581 129



GAE & OthersPermits & Licenses 45,000 - - Hotel Operator Fee 45,000 1,421 32 Office Rental 45,000 307 7 Developer's Overheads: 2,5 % Sales 45,000 2,502 56 Promotion & Advertising: 4% of Sales 45,000 4,003 89 Commision: 3% of Sales 45,000 3,002 67 Legal & Accounting 45,000 237 5 Network Investment 45,000 278 6








Profit and Loss Before GAE (Rp.m) 2,313 948 40% 38%

Profit and Loss After GAE (Rp.m) 1,530 687 27% 27%

FILE A-West wing Menjangan likely scenario.xlsHPP Z1 - 1

TYPE B

Sqm Rp.m Rp.th/sqm

50,000 8,850 177 71,429 3,572 50 50,000 170 3.4

230

7,500 30,000 4,000 2,000 4,000 2,000 7,500 15,000 2,000

7,500 2,580 344 7,500 968 129 7,500 968 129 7,500 450 60 7,500 1,100 147

8,809

50,000 - - 50,000 1,579 32 50,000 341 7 50,000 2,780 56 50,000 4,447 89 50,000 3,336 67 50,000 263 5 50,000 278 6

260



Sales (unit)

MCV 27 - 4 4 6 6 4 3 - - - Zone 1


Total 92 - 14 14 9 10 12 11 9 6 4 3 - - - - -

Revenue


- Total Revenue 366,500 - 8,300 14,525 17,600 22,613 36,238 41,738 42,350 41,800 41,750 37,063 28,025 18,113 10,063 5,463 863

CostMCV Cost 99,478 15,525 5,746 8,196 10,291 12,817 13,796 14,262 8,386 5,861 3,335 1,263 - Zone 1 Cost 134,714 17,902 8,775 12,299 13,693 16,402 18,127 16,023 12,518 9,150 5,321 3,275 1,228 - - - - Others -

Office stet up and rental 1,200 360 60 60 60 60 60 60 60 60 60 60 60 60 60 60Master Planning 600 300 300Entrance Gate & Parking - Boarding - Mock Up: - Zone 1 Type A 2,200 880 1,320 Zone 1 Type B 1,100 440 660 MCV 2,250 900 1,350

Total Cost 241,542 19,882 11,115 13,259 15,103 31,987 23,933 24,279 22,869 22,027 19,177 17,597 9,674 5,921 3,395 1,323 -

Additional IT Costs 277.62 236.71

Surplus/(defisit) (20,159) (2,815) 1,266 2,497 (9,611) 12,304 17,458 19,481 19,773 22,573 19,466 18,351 12,192 6,668 4,140 863 Akumulasi Surplus & Defisit (20,159) (22,974) (21,708) (19,212) (28,823) (16,519) 940 20,420 40,193 62,766 82,232 100,582 112,774

- - 1,266 2,497 4,726 4,304 1,458 12,329 19,773 22,573 19,466 18,351 12,192 Funding From Equity 16,815 14,337 (8,000) (16,000) (7,152) -

Funding From Loan 3,344 2,815 - - - - - - - - - - - - - - Loan Repayment - - (1,266) (2,497) (3,673) - - - - - - - - - - -

Net Cash Flow - - - - 1,053 5,357 6,816 19,144 38,917 61,490 80,956 99,307 111,498 118,166 122,306 123,168

Loan At Start 3,344 6,326 6,642 5,709 3,498 - - - - - - - - - - - Interest Capitalised 167 316 332 285 175 - - - - - - - - - - -

Repayment - - (1,266) (2,497) (3,673) - - - - - - - - - - - Loan At End 3,512 6,642 5,709 3,498 - - - - - - - - - - - -

ASUMSI

1 Unit terjualKet 2006 Q 3 2006 Q 4 2007 Q 1 2007 Q 2 2007 Q 3 2007 Q 4 Total

MCV 4 4 6 6 4 3 27

Ket 2005 Q 3 2005 Q 4 2006 Q 1 2006 Q 2 2006 Q 3 2006 Q 4 2007 Q 1 TotalZ.1 Tipe A 2 2 1 2 2 3 3 15Z.1 Tipe B 12 12 8 8 6 4 50

2 Pembayaran

Ket2006 Q 3 2006 Q 4 2007 Q 1 2007 Q 2 2007 Q 3 2007 Q 4

TotalTermin I Termin II Termin III Termin IV Termin V Termin VIMCV 25% 15% 15% 15% 25% 5% 100%

Ket2005 Q 3 2005 Q 4 2006 Q 1 2006 Q 2 2006 Q 3 2006 Q 4

TotalTermin I Termin II Termin III Termin IV Termin V Termin VIZ.1 Tipe A 20% 15% 15% 15% 25% 10% 100%Z.1 Tipe B 20% 15% 15% 15% 25% 10% 100%

3 Tingkat bunga bank 5%4 Pembangunan hotel menggunakan modal sendiri sebesar 14.337 untuk MCV dan 16.815 untuk Z1.5 Tingkat diskonto 15%6 General Administrative Expense & Others per unit didasarkan pada luas tanah7 Net cash positif akan dibayarkan semua untuk pelunasan hutang bank beserta bunganya8 Profit & loss per unit belum termasuk pembayaran bunga

DENGAN SEMUA ASUMSI DI ATAS MAKA PROJECT MJBR (DENGAN INVESTASI TEKNOLOGI VOICE & DATA NETWORKING)AKAN MENCAPAI BEP PADA KUARTER KEEMPAT TAHUN 2006 (PERHITUNGAN DAPAT DILIHAT PADA SHEET RESUME FIX+ADD.COST)

BERDASARKAN PERHITUNGAN IRR, PROJECT MJBR (DENGAN INVESTASI TEKNOLOGI VOICE & DATA NETWORKING)DAPAT DITERIMA KRN TINGKAT IRR > DARIPADA TINGKAT BUNGA DISKONTO 15%. PERHITUNGAN NPV PROJECT INI JUGA MENUNJUKKAN HASIL POSITIF. (SEMUA PERHITUNGAN DAPAT DILIHAT PADA SHEET RESUME FIX+ADD.COST)

AKAN MENCAPAI BEP PADA KUARTER KEEMPAT TAHUN 2006 (PERHITUNGAN DAPAT DILIHAT PADA SHEET RESUME FIX+ADD.COST)

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