89%

Incom
Year 0 Year 1
Sales Revenue 8,757,693,475
COGS
Beban Produksi - Direct RAW - 1,639,172,559
Beban Produksi - Indirect RAW - 453,240,395
Beban Gaji Produksi 97,500,000 2,064,900,000
Beban Sewa Bangunan 300,000,000 400,000,000
Beban Utilitas Produksi - 187,231,000
Misc Exp - -

Gross Margin - 397,500,000 4,013,149,520

Sales Expenses 1,412,005,220
Beban Gaji Non-Produksi 193,500,000 912,000,000
Beban Pemasaran - 985,778,776

Admin Expenses and Overhead

Beban Remunerasi Non-Gaji 24,250,000 248,075,000
Beban Registrasi Utilitas 6,000,000 4,000,000

Beban Utilitas Non-Produksi 1,500,000 24,600,000

Beban SDM 50,781,300 489,084,810
Beban Transport - 11,528,000
Beban Perawatan Gedung - -

EBITDA - 673,531,300 - 73,922,286

Beban Depresiasi 65,492,500 392,997,500

EBIT - 739,023,800 - 466,919,786

Beban Bunga - -

EBT - 739,023,800 - 466,919,786

Beban Pajak - -

Net Income - 739,023,800 - 466,919,786

37%

Statement o
Year 0 Year 1
Modal Awal 4,260,976,200
Net Income / Loss - 739,023,800 - 466,919,786
Setoran Modal 5,000,000,000 2,500,000,000
Dividend - 0
Penarikan Modal - 0
Modal Akhir 4,260,976,200 6,294,056,414

- Ba
- Year 0 Year 1
Cash in Bank 2,815,518,700 4,322,396,414
Direct Material - -
Indirect Material - -
- - -
Property and Plant 558,000,000 989,000,000
Equipment SDM 258,300,000 318,400,000
Equipment Kitchen 644,650,000 1,022,750,000
Kendaraan 50,000,000 100,000,000
Tanah - -
Akumulasi Depresiasi - 65,492,500 - 458,490,000
Total Assets 4,260,976,200 6,294,056,414
- -
Hutang Janga Pendek - -
Hutang Jangka Panjang - -
Total Liabilitas - -
Modal Akhir 4,260,976,200 6,294,056,414
 330% 790% 372% 183%
Income Statement
Year 2 Year 3 Year 4 Year 5
15,126,731,408 27,596,191,112 48,259,973,660 80,513,099,740

2,730,127,146 4,721,966,229 8,193,672,719 13,192,345,417

754,404,701 1,344,444,107 2,238,942,305 3,595,057,989
3,285,000,000 5,866,800,000 8,688,000,000 10,752,000,000
1,100,000,008 1,800,000,020 1,700,000,020 1,700,000,020
243,427,000 352,760,000 579,627,000 739,837,000
- - 219,006,000 314,821,125

7,013,772,553 13,510,220,756 26,640,725,616 50,219,038,189

2,817,106,228 5,659,535,932 10,528,141,460 19,224,703,920
1,355,500,000 2,136,900,000 2,872,250,000 3,204,000,000
1,463,467,596 2,289,173,375 3,312,856,955 4,455,555,697

386,708,333 666,975,000 963,354,167 1,163,000,000

4,000,000 8,000,000 2,000,000 2,000,000

36,200,000 49,400,000 66,600,000 67,600,000

737,185,650 1,112,877,730 1,652,863,625 1,782,989,600
33,518,859 73,185,828 91,711,112 125,780,568
10,000,000 - 10,000,000 -

170,085,886 1,514,172,891 7,140,948,297 20,193,408,404

496,621,000 732,756,625 935,239,375 1,026,860,875

- 326,535,114 781,416,266 6,205,708,922 19,166,547,529

- - - -

- 326,535,114 781,416,266 6,205,708,922 19,166,547,529

- 195,354,066 1,551,427,231 4,791,636,882

- 326,535,114 586,062,199 4,654,281,692 14,374,910,647

30% 279% 694% 209%

Statement of Changes of Equity

Year 2 Year 3 Year 4 Year 5
6,294,056,414 9,967,521,300 22,553,583,500 29,207,865,191
- 326,535,114 586,062,199 4,654,281,692 14,374,910,647
4,000,000,000 12,000,000,000 2,000,000,000
 0 0 0 0
0 0 0 0
9,967,521,300 22,553,583,500 29,207,865,191 43,582,775,838

Balance Sheet
Year 2 Year 3 Year 4 Year 5
7,896,482,300 12,281,451,125 19,413,622,191 34,297,543,713
- - - -
- - - -
- - - -
1,216,000,000 2,149,000,000 2,251,000,000 2,251,000,000
385,100,000 485,600,000 559,700,000 653,200,000
1,275,050,000 2,075,400,000 2,306,650,000 2,731,000,000
150,000,000 250,000,000 300,000,000 300,000,000
- 7,000,000,000 7,000,000,000 7,000,000,000
- 955,111,000 - 1,687,867,625 - 2,623,107,000 - 3,649,967,875
9,967,521,300 22,553,583,500 29,207,865,191 43,582,775,838

- - - -
- - - -
- - - -
9,967,521,300 22,553,583,500 29,207,865,191 43,582,775,838
 31% 341%

Year 6
92,341,236,080
COGS
13,783,369,982 Beban Produksi - Direct RAW
4,071,140,235 Beban Produksi - Indirect RAW
11,358,000,000 Beban Gaji Produksi
1,700,000,020 Beban Sewa Bangunan
Production Overhead
739,837,000 Beban Utilitas Produksi
434,453,153 Misc Exp

60,254,435,691 Gross Margin

22,342,738,480 Sales Expenses
3,204,000,000 Management WAGE Beban Gaji Non-Produksi
5,060,528,301 Beban Pemasaran

Admin Expenses and Overhead

1,213,500,000 Beban Remunerasi Non-Gaji
- Beban Registrasi Utilitas

67,600,000 Beban Utilitas Non-Produksi

1,783,801,800 Beban SDM
125,780,568 Beban Transport
10,000,000 Beban Perawatan Gedung

26,446,486,542
611,404,250
Food Cost
25,835,082,292 Labor Cost
- Production Overhead
Misc
25,835,082,292 Sales Exp
6,458,770,573 Marketing Exp
Admin Overhead
19,376,311,719
35% 214%
Revenue - GM
100,000,000,000
Year 6
43,582,775,838
80,000,000,000
19,376,311,719

60,000,000,000

40,000,000,000
 80,000,000,000

0 60,000,000,000
0
62,959,087,557 40,000,000,000

20,000,000,000

Year 6 -
1 2
54,285,259,682
-
(20,000,000,000)
-
- Sales Revenue Gross
2,251,000,000
653,200,000
2,731,000,000
300,000,000
7,000,000,000
- 4,261,372,125
62,959,087,557

-
-
-
62,959,087,557
 ### ### ### ### ### ###

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Average

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

18.72% 18.05% 17.11% 16.98% 16.39% 14.93%

5.18% 4.99% 4.87% 4.64% 4.47% 4.41%
23.58% 21.72% 21.26% 18.00% 13.35% 12.30%
4.57% 7.27% 6.52% 3.52% 2.11% 1.84%
2.14% 1.61% 1.28% 1.20% 0.92% 0.80%
0.00% 0.00% 0.00% 0.45% 0.39% 0.47%

45.82% 46.37% 48.96% 55.20% 62.37% 65.25% 54.00%

16.12% 18.62% 20.51% 21.82% 23.88% 24.20%
10.41% 8.96% 7.74% 5.95% 3.98% 3.47%
11.26% 9.67% 8.30% 6.86% 5.53% 5.48%

s and Overhead
2.83% 2.56% 2.42% 2.00% 1.44% 1.31%
0.05% 0.03% 0.03% 0.00% 0.00% 0.00%

0.28% 0.24% 0.18% 0.14% 0.08% 0.07%

5.58% 4.87% 4.03% 3.42% 2.21% 1.93%
0.13% 0.22% 0.27% 0.19% 0.16% 0.14%
0.00% 0.07% 0.00% 0.02% 0.00% 0.01%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Average

23.89% 23.04% 21.98% 21.62% 20.85% 19.34% 21.79%
33.99% 30.68% 29.00% 23.95% 17.33% 15.77% 25.12%
6.71% 8.88% 7.80% 4.72% 3.03% 2.64% 5.63%
0.00% 0.00% 0.00% 0.45% 0.39% 0.47% 0.22%
16.12% 18.62% 20.51% 21.82% 23.88% 24.20% 20.86%
11.26% 9.67% 8.30% 6.86% 5.53% 5.48% 7.85%
8.88% 7.98% 6.92% 5.77% 3.90% 3.47% 6.15%

Revenue - GM% - EBITDA - NI

00

00

00

00
00

00

00

00

-
1 2 3 4 5 6

00)

Sales Revenue Gross Margin EBITDA Net Income

 Cost Ratio (in average)
7%

9% 25%
Food Cost
Labor Cost
Production Overhead
Misc
Sales Exp
Marketing Exp
24% Admin Overhead

0% 29%
6%
 1,445,457,500 1,971,660,000 2,071,039,000
Balance Shee
Year 0 Year 1 Year 2
Cash in Bank 2,815,518,700 4,322,396,414 7,896,482,300
Direct Material - - -
Indirect Material - - -

Property and Plant 558,000,000 989,000,000 1,216,000,000

Equipment SDM 258,300,000 318,400,000 385,100,000
Equipment Kitchen 644,650,000 1,022,750,000 1,275,050,000
Kendaraan 50,000,000 100,000,000 150,000,000
Tanah - - -
Akumulasi Depresiasi - 65,492,500 - 458,490,000 - 955,111,000
Total Assets 4,260,976,200 6,294,056,414 9,967,521,300

Hutang Janga Pendek - - -

Hutang Jangka Panjang - - -
Total Liabilitas - - -
Modal Akhir 4,260,976,200 6,294,056,414 9,967,521,300
- - -
48% 58%

Total Assets 4,260,976,200 6,294,056,414 9,967,521,300

Average Total Assets 4,260,976,200 5,277,516,307 8,130,788,857
Fixed Assets 1,445,457,500 1,971,660,000 2,071,039,000
Average Fixed Assets 1,445,457,500 1,708,558,750 2,021,349,500

Balance Sheet
70,000,000,000

60,000,000,000

50,000,000,000

40,000,000,000

30,000,000,000

20,000,000,000

10,000,000,000

-
1 2 3 4 5 6 7

Current Assets Fixed Assets

 10,272,132,375 9,794,243,000 9,285,232,125 8,673,827,875
Balance Sheet
Year 3 Year 4 Year 5 Year 6
12,281,451,125 19,413,622,191 34,297,543,713 54,285,259,682
- - - - Mati
- - - -

2,149,000,000 2,251,000,000 2,251,000,000 2,251,000,000

485,600,000 559,700,000 653,200,000 653,200,000
2,075,400,000 2,306,650,000 2,731,000,000 2,731,000,000
250,000,000 300,000,000 300,000,000 300,000,000
7,000,000,000 7,000,000,000 7,000,000,000 7,000,000,000
- 1,687,867,625 - 2,623,107,000 - 3,649,967,875 - 4,261,372,125
22,553,583,500 29,207,865,191 43,582,775,838 62,959,087,557

- - - -
- - - -
- - - -
22,553,583,500 29,207,865,191 43,582,775,838 62,959,087,557
- - - -
126% 30% 49% 44% 59%

22,553,583,500 29,207,865,191 43,582,775,838 62,959,087,557

16,260,552,400 25,880,724,345 36,395,320,515 53,270,931,698
10,272,132,375 9,794,243,000 9,285,232,125 8,673,827,875
6,171,585,688 10,033,187,688 9,539,737,563 8,979,530,000

et

5 6 7

Assets
11,960,000,000 12,417,350,000 12,935,200,000
 Arus Kas
Year 0 Year 1 Year 2
Penerimaan Sales - 8,757,693,475 15,126,731,408
Pembayaran COGS - 397,500,000 - 4,744,543,954 - 8,112,958,855
Pembayaran Aktivitas Usaha - 276,031,300 - 4,087,071,806 - 6,843,686,666
Pembayaran Beban Bunga - - -
Pembayaran Beban Pajak - - -
Kas diperoleh Operasional - 673,531,300 - 73,922,286 170,085,886

Penjualan Aset - - -
Property and Plant 558,000,000 431,000,000 227,000,000
Equipment SDM 258,300,000 60,100,000 66,700,000
Equipment Kitchen 644,650,000 378,100,000 252,300,000
Kendaraan 50,000,000 50,000,000 50,000,000
Tanah - -
Kas diperolah Investasi - 1,510,950,000 - 919,200,000 - 596,000,000

Penyertaan Modal 5,000,000,000 2,500,000,000 4,000,000,000

Pembayaran Dividen - - -
Penerimaan Hutang - - -
Pembayaran Hutang - - -
Kas diperoleh Pendanaan 5,000,000,000 2,500,000,000 4,000,000,000

Kas Awal Tahun 5,000,000,000 2,815,518,700 4,322,396,414

Kas Akhir Tahun 2,815,518,700 4,322,396,414 7,896,482,300
 Arus Kas
Year 3 Year 4 Year 5 Year 6
27,596,191,112 48,259,973,660 80,513,099,740 92,341,236,080
- 14,085,970,356 - 21,619,248,044 - 30,294,061,551 - 32,086,800,389
- 11,996,047,866 - 19,499,777,319 - 30,025,629,785 - 33,807,949,149
- - - -
- 195,354,066 - 1,551,427,231 - 4,791,636,882 - 6,458,770,573
1,318,818,824 5,589,521,067 15,401,771,522 19,987,715,969

- - - -
933,000,000 102,000,000 - -
100,500,000 74,100,000 93,500,000 -
800,350,000 231,250,000 424,350,000 -
100,000,000 50,000,000 - -
7,000,000,000 - - -
- 8,933,850,000 - 457,350,000 - 517,850,000 -

12,000,000,000 2,000,000,000 - -
- - - -
- - - -
- - - -
12,000,000,000 2,000,000,000 - -

7,896,482,300 12,281,451,125 19,413,622,191 34,297,543,713

12,281,451,125 19,413,622,191 34,297,543,713 54,285,259,682
 EBITDA VALUATION MODEL

EBITDA FitFood Y6 26,446,486,542

EBITDA Multiplier 313%
Equity Value 82,777,502,875
Cash in Bank 54,285,259,682
Interest Bearing Debt 0
Enterprise Firm Value 137,062,762,557
ODEL
CAPEX
Property and Plant
Equipment SDM
Equipment Kitchen
Kendaraan
Tanah

Asumsi (%) Market Value

Property and Plant
Equipment SDM
Equipment Kitchen
Kendaraan
Tanah

Estimasi ($$$) Market Value

Property and Plant
Equipment SDM
Equipment Kitchen
Kendaraan
Tanah

Liquidasi Fixed Assets

Total Property and Plant
Total Equipment SDM
Total Equipment Kitchen
Kendaraan
Tanah
Total Nilai Liquidasi Fix Aset

Liquidasi Current Assets

Cash in Bank
Total Liquidasi Current Aset

Enterprise Liquidation Value

 LIQUIDATION VALUATION MODEL
Year 0 Year 1 Year 2 Year 3 Year 4
558,000,000 431,000,000 227,000,000 933,000,000 102,000,000
258,300,000 60,100,000 66,700,000 100,500,000 74,100,000
644,650,000 378,100,000 252,300,000 800,350,000 231,250,000
50,000,000 50,000,000 50,000,000 100,000,000 50,000,000
- - - 7,000,000,000 -

Year 0 Year 1 Year 2 Year 3 Year 4

0.0% 0.0% 0.0% 0.0% 0.0%
25.0% 27.5% 30.0% 32.5% 35.0%
25.0% 27.5% 30.0% 32.5% 35.0%
25.0% 27.5% 30.0% 32.5% 35.0%
100.0% 125.0%

Year 0 Year 1 Year 2 Year 3 Year 4

- - - - -
64,575,000.0 16,527,500.0 20,010,000.0 32,662,500.0 25,935,000.0
161,162,500.0 103,977,500.0 75,690,000.0 260,113,750.0 80,937,500.0
12,500,000.0 13,750,000.0 15,000,000.0 32,500,000.0 17,500,000.0
- - - -
Estimasi Nilai Total Liquidasi Aset Tetap

Fixed Assets
-
194,772,500.0
841,012,500.0
91,250,000.0
12,250,000,000.0
13,377,035,000.0

Current Assets
54,285,259,682
54,285,259,682

67,662,294,681.9
 Year 5 Year 6
- -
93,500,000 -
424,350,000 -
- -
- - 12,935,200,000

Year 5 Year 6
0.0% 0.0%
37.5% 40.0%
37.5% 40.0%
37.5% 40.0%
150.0% 175.0%

Year 5 Year 6 Total

- - -
35,062,500.0 - 194,772,500.0
159,131,250.0 - 841,012,500.0
- - 91,250,000.0
- 12,250,000,000.0 12,250,000,000.0
13,377,035,000.0

Estimasi Nilai Total Liquidasi Aset Tetap 13,377,035,000.0

Current Assets Cash in Bank (Y5) 54,285,259,682
Valuasi Enterprise 67,662,294,682
 - Year 0 Year 1
Sales Revenue - 8,757,693,475
COGS - -
Beban Produksi - Direct RAW - 1,639,172,559
Beban Produksi - Indirect RAW - 453,240,395
Beban Gaji Produksi 97,500,000 2,064,900,000
Beban Sewa Bangunan 300,000,000 400,000,000
Beban Utilitas Produksi - 187,231,000
Misc Exp - -
- - -
Gross Margin - 397,500,000 4,013,149,520
Sales Expenses - 1,412,005,220
Beban Gaji Non-Produksi 193,500,000 912,000,000
Beban Pemasaran - 985,778,776
Admin Expenses and Overhead - -
Beban Remunerasi Non-Gaji 24,250,000 248,075,000
Beban Registrasi Utilitas 6,000,000 4,000,000
Beban Utilitas Non-Produksi 1,500,000 24,600,000
Beban SDM 50,781,300 489,084,810
Beban Transport - 11,528,000
Beban Perawatan Gedung - -
- - -
EBITDA - 673,531,300 - 73,922,286
Beban Depresiasi 65,492,500 392,997,500
- - -
EBIT - 739,023,800 - 466,919,786
Beban Bunga - -
- - -
EBT - 739,023,800 - 466,919,786
Beban Pajak - -
- Year 0 Year 1
Net Income - 739,023,800 - 466,919,786
Depreciation 65,492,500 392,997,500
^NWC - -
CAPEX 1,510,950,000 919,200,000
- - -
FCFE - 2,184,481,300 - 993,122,286
DCF - 2,184,481,300 - 821,235,959
KOE 20.93% -
NPV 6,957,020,869 -
IRR 20.33% -

BEP Analysis
 Normal Discounted
FCFE Y0 - 2,184,481,300 - 2,184,481,300
FCFE Y1 - 993,122,286 - 821,235,959
FCFE Y2 - 425,914,114 - 291,240,985
FCFE Y3 - 7,589,531,176 - 4,291,515,028
FCFE Y4 5,132,171,067 2,399,728,126
FCFE Y5 14,883,921,522 5,754,976,026
FCFE Y6 19,987,715,969 6,390,789,988
Akumulasi Cashflow Y1 - 3,177,603,586 - 3,005,717,259
Akumulasi Cashflow Y2 - 3,603,517,700 - 3,296,958,243
Akumulasi Cashflow Y3 - 11,193,048,875 - 7,588,473,271
Akumulasi Cashflow Y4 - 6,060,877,809 - 5,188,745,145
Akumulasi Cashflow Y5 8,823,043,713 566,230,881
Akumulasi Cashflow Y6 28,810,759,682 6,957,020,869
Tahun 4 4
Hari 149 329
BEP 4 Tahun 149 Hari 4 Tahun 329 Hari
Year 2 Year 3 Year 4 Year 5
15,126,731,408 27,596,191,112 48,259,973,660 80,513,099,740
- - - -
2,730,127,146 4,721,966,229 8,193,672,719 13,192,345,417
754,404,701 1,344,444,107 2,238,942,305 3,595,057,989
3,285,000,000 5,866,800,000 8,688,000,000 10,752,000,000
1,100,000,008 1,800,000,020 1,700,000,020 1,700,000,020
243,427,000 352,760,000 579,627,000 739,837,000
- - 219,006,000 314,821,125
- - - -
7,013,772,553 13,510,220,756 26,640,725,616 50,219,038,189
2,817,106,228 5,659,535,932 10,528,141,460 19,224,703,920
1,355,500,000 2,136,900,000 2,872,250,000 3,204,000,000
1,463,467,596 2,289,173,375 3,312,856,955 4,455,555,697
- - - -
386,708,333 666,975,000 963,354,167 1,163,000,000
4,000,000 8,000,000 2,000,000 2,000,000
36,200,000 49,400,000 66,600,000 67,600,000
737,185,650 1,112,877,730 1,652,863,625 1,782,989,600
33,518,859 73,185,828 91,711,112 125,780,568
10,000,000 - 10,000,000 -
- - - -
170,085,886 1,514,172,891 7,140,948,297 20,193,408,404
496,621,000 732,756,625 935,239,375 1,026,860,875
- - - -
- 326,535,114 781,416,266 6,205,708,922 19,166,547,529
- - - -
- - - -
- 326,535,114 781,416,266 6,205,708,922 19,166,547,529
- 195,354,066 1,551,427,231 4,791,636,882
Year 2 Year 3 Year 4 Year 5
- 326,535,114 586,062,199 4,654,281,692 14,374,910,647
496,621,000 732,756,625 935,239,375 1,026,860,875
- - - -
596,000,000 8,908,350,000 457,350,000 517,850,000
- - - -
- 425,914,114 - 7,589,531,176 5,132,171,067 14,883,921,522
- 291,240,985 - 4,291,515,028 2,399,728,126 5,754,976,026
- - - -
- - - -
- - - -
Year 6
92,341,236,080
-
13,783,369,982
4,071,140,235
11,358,000,000
1,700,000,020
739,837,000
434,453,153
-
60,254,435,691
22,342,738,480
3,204,000,000
5,060,528,301
-
1,213,500,000
-
67,600,000
1,783,801,800
125,780,568
10,000,000
-
26,446,486,542
611,404,250
-
25,835,082,292
-
-
25,835,082,292
6,458,770,573
Year 6
19,376,311,719
611,404,250
-
-
-
19,987,715,969
6,390,789,988
-
-
-
 Y1
Profitability Ratio Gross Profit Margin 46%
Profit Margin -5%
Net Profit Margin -5%

ROA -7.42%
ROE -7.42%
*100% Equity
ROI -19.21%
Total CAPEX (Cumulative) 2,430,150,000

Y1
Rentabilty Ratio Rentabilitas Usaha -6.23%
*AKumulasi Modal Co-founder 7,500,000,000
Rentabilitas Ekonomi -6.23%
*AKumulasi Modal @TahunX 7,500,000,000

Y1
Liquidity Ratio Liquidity Growth 53.52%
Total Current Assets, CA 4,322,396,414
Total Current Liabilities, CL 0
NWC/Sales 49.36%

Y1
Assets Efficiency Ratio Total Asset TurnOver -8.85%
*Average Total Assets 5,277,516,307
Fixed Assets TurnOver -27.33%
*Average Fixed Assets 1,708,558,750
*Note = All Sales Paid in Cash and Digital Money
 Y2 Y3 Y4 Y5 Y6
46% 49% 55% 62% 65%
-2% 3% 13% 24% 28%
-2% 2% 10% 18% 21%

-3.28% 2.60% 15.94% 32.98% 30.78%

-3.28% 2.60% 15.94% 32.98% 30.78%

-10.79% 4.91% 37.56% 111.35% 150.09%

3,026,150,000 11,934,500,000 12,391,850,000 12,909,700,000 12,909,700,000

Y2 Y3 Y4 Y5 Y6
-4.35% 7.81% 62.06% 191.67% 258.35%
7,500,000,000 7,500,000,000 7,500,000,000 7,500,000,000 7,500,000,000
-2.84% 2.49% 18.25% 56.37% 75.99%
11,500,000,000 23,500,000,000 25,500,000,000 25,500,000,000 25,500,000,000

Y2 Y3 Y4 Y5 Y6
82.69% 55.53% 58.07% 76.67% 58.28%
7,896,482,300 12,281,451,125 19,413,622,191 34,297,543,713 54,285,259,682
0 0 0 0 0
52.20% 44.50% 40.23% 42.60% 58.79%

Y2 Y3 Y4 Y5 Y6
-4.02% 3.60% 17.98% 39.50% 36.37%
8,130,788,857 16,260,552,400 25,880,724,345 36,395,320,515 53,270,931,698
-16.15% 9.50% 46.39% 150.68% 215.78%
2,021,349,500 6,171,585,688 10,033,187,688 9,539,737,563 8,979,530,000
 Y0

Gross/Rev 54%
EBT/Rev
NI/Rev
-17.34%
*EAT/TA -17.34%
*EAT/Modal Akhir
-48.91%
*EAT YearX : Cumulative Investment Expenditure @Year 1,510,950,000

-14.78%
*EAT/ Modal Co-founder Only 5,000,000,000
-14.78%
*EAT/ (Modal Asing & Co-founder) @TahunX 5,000,000,000

-
2,815,518,700
0

-17.34%
4,260,976,200
-51.13%
1,445,457,500

Sales Revenue
COGS
Beban Produksi - Direct RAW
Beban Produksi - Indirect RAW
Beban Gaji Produksi
Beban Sewa Bangunan
Beban Utilitas Produksi
Misc Exp
Gross Margin
Sales Expenses
Beban Gaji Non-Produksi
Beban Pemasaran
Year 0 Year 1
- 8,757,693,475
- -
- 1,639,172,559
- 453,240,395
97,500,000 2,064,900,000
300,000,000 400,000,000
- 187,231,000
- -
- -
- 397,500,000 4,013,149,520
- 1,412,005,220
193,500,000 912,000,000
- 985,778,776

Admin Expenses and Overhead - -

Beban Remunerasi Non-Gaji 24,250,000 248,075,000
Beban Registrasi Utilitas 6,000,000 4,000,000
Beban Utilitas Non-Produksi 1,500,000 24,600,000
Beban SDM 50,781,300 489,084,810
Beban Transport - 11,528,000
Beban Perawatan Gedung - -
- -
EBITDA - 673,531,300 - 73,922,286
Beban Depresiasi 65,492,500 392,997,500
- -
EBIT - 739,023,800 - 466,919,786
Beban Bunga - -
- -
EBT - 739,023,800 - 466,919,786
Beban Pajak - -
Year 0 Year 1
Net Income - 739,023,800 - 466,919,786
Depreciation 65,492,500 392,997,500
^NWC - -
CAPEX 1,510,950,000 919,200,000

FCFE - 2,184,481,300 - 993,122,286

DCF - 2,184,481,300 - 821,235,959
KOE 20.93%
NPV 6,957,020,869
IRR 20.33%
Total Rev 272,594,925,475
Total EBITDA 54,717,648,434
Total Net Income 37,459,087,557
YEAR 0 1

Deficit 15% Deficit 10%

NPV - 4,148,997,549 - 414,652,175
IRR -12.29% -1.22%
Total Rev 231,705,686,653 245,335,432,927
Total EBITDA 23,126,044,299 33,656,579,011
Total Net Income 12,518,240,043 20,936,040,684

Sensitive Analaysis
200,000,000,000

150,000,000,000

100,000,000,000

50,000,000,000

-
1 2 3 4 5 6 7

(50,000,000,000)
 FCFE Discounted CashFlow
FCFE Y0 - 2,184,481,300 FCFE Y0
FCFE Y1 - 993,122,286 FCFE Y1
FCFE Y2 - 425,914,114 FCFE Y2
FCFE Y3 - 7,589,531,176 FCFE Y3
FCFE Y4 5,132,171,067 FCFE Y4
FCFE Y5 14,883,921,522 FCFE Y5
FCFE Y6 19,987,715,969 FCFE Y6
Akumulasi FCFE Y1 - 3,177,603,586 Akumulasi DCF Y1
Akumulasi FCFE Y2 - 3,603,517,700 Akumulasi DCF Y2
Akumulasi FCFE Y3 - 11,193,048,875 Akumulasi DCF Y3
Akumulasi FCFE Y4 - 6,060,877,809 Akumulasi DCF Y4
Akumulasi FCFE Y5 8,823,043,713 Akumulasi DCF Y5
Akumulasi FCFE Y6 28,810,759,682 Akumulasi DCF Y6
Tahun 4 Tahun
Hari 149 Hari
(Akumulasi Y4 / FCFE Y5)*365
BEP 4 Tahun 149 Hari BEP

28,909,679,151
98,919,469
 Normal Scenario
Year 2 Year 3 Year 4 Year 5
15,126,731,408 27,596,191,112 48,259,973,660 80,513,099,740
- - - -
2,730,127,146 4,721,966,229 8,193,672,719 13,192,345,417
754,404,701 1,344,444,107 2,238,942,305 3,595,057,989
3,285,000,000 5,866,800,000 8,688,000,000 10,752,000,000
1,100,000,008 1,800,000,020 1,700,000,020 1,700,000,020
243,427,000 352,760,000 579,627,000 739,837,000
- - 219,006,000 314,821,125
- - - -
7,013,772,553 13,510,220,756 26,640,725,616 50,219,038,189
2,817,106,228 5,659,535,932 10,528,141,460 19,224,703,920
1,355,500,000 2,136,900,000 2,872,250,000 3,204,000,000
1,463,467,596 2,289,173,375 3,312,856,955 4,455,555,697

- - - -
386,708,333 666,975,000 963,354,167 1,163,000,000
4,000,000 8,000,000 2,000,000 2,000,000
36,200,000 49,400,000 66,600,000 67,600,000
737,185,650 1,112,877,730 1,652,863,625 1,782,989,600
33,518,859 73,185,828 91,711,112 125,780,568
10,000,000 - 10,000,000 -
- - - -
170,085,886 1,514,172,891 7,140,948,297 20,193,408,404
496,621,000 732,756,625 935,239,375 1,026,860,875
- - - -
- 326,535,114 781,416,266 6,205,708,922 19,166,547,529
- - - -
- - - -
- 326,535,114 781,416,266 6,205,708,922 19,166,547,529
- 195,354,066 1,551,427,231 4,791,636,882
Year 2 Year 3 Year 4 Year 5
- 326,535,114 586,062,199 4,654,281,692 14,374,910,647
496,621,000 732,756,625 935,239,375 1,026,860,875
- - - -
596,000,000 8,908,350,000 457,350,000 517,850,000

- 425,914,114 - 7,589,531,176 5,132,171,067 14,883,921,522

- 291,240,985 - 4,291,515,028 2,399,728,126 5,754,976,026
 2 3 4 5

Deficit 5% Normal Surplurs 5% Surplus 10%

3,319,693,200 6,957,020,869 9,527,305,226 12,072,896,314
9.71% 20.33% 27.83% 35.19%
258,965,179,201 272,594,925,475 286,224,671,748 299,854,418,022
44,187,113,722 54,717,648,434 62,412,288,957 70,174,151,684
29,353,841,326 37,459,087,557 43,492,359,262 49,364,820,313

6 7
Discounted CashFlow
- 2,184,481,300
- 821,235,959
- 291,240,985
- 4,291,515,028
2,399,728,126
5,754,976,026
6,390,789,988
- 3,005,717,259
- 3,296,958,243
- 7,588,473,271
- 5,188,745,145
566,230,881
6,957,020,869
4
329
(Akumulasi Y4 / DCF Y5)*365
4 Tahun 347 Hari
Year 6 Year 0
92,341,236,080 Sales Revenue -
- COGS
13,783,369,982 Beban Produksi - Direct RAW -
4,071,140,235 Beban Produksi - Indirect RA -
11,358,000,000 Beban Gaji Produksi 97,500,000
1,700,000,020 Beban Sewa Bangunan 300,000,000
739,837,000 Beban Utilitas Produksi -
434,453,153 Misc Exp -
-
60,254,435,691 Gross Margin - 397,500,000
22,342,738,480 Sales Expenses
3,204,000,000 Beban Gaji Non-Produksi 193,500,000
5,060,528,301 Beban Pemasaran -

- Admin Expenses and Overhead -

1,213,500,000 Beban Remunerasi Non-Gaji 24,250,000
- Beban Registrasi Utilitas 6,000,000
67,600,000 Beban Utilitas Non-Produksi 1,500,000
1,783,801,800 Beban SDM 50,781,300
125,780,568 Beban Transport -
10,000,000 Beban Perawatan Gedung -
- -
26,446,486,542 EBITDA - 673,531,300
611,404,250 Beban Depresiasi 65,492,500
-
25,835,082,292 EBIT - 739,023,800
- Beban Bunga -
-
25,835,082,292 EBT - 739,023,800
6,458,770,573 Beban Pajak -
Year 6
19,376,311,719 Net Income - 739,023,800
611,404,250 Depreciation 65,492,500
- ^NWC 0
- CAPEX 1,510,950,000

19,987,715,969 FCFE - 2,184,481,300

6,390,789,988 DCF - 2,184,481,300
KOE 20.93%
NPV - 4,148,997,549
IRR -12.29%
Total Rev 231,705,686,653
 Total EBITDA 23,126,044,299
Total Net Income 12,518,240,043
6 YEAR 0
37,459,087,557

Surplus 15% Year 0

14,519,244,998 Sales Revenue -
42.04% COGS
313,484,164,296 Beban Produksi - Direct RAW -
77,801,570,002 Beban Produksi - Indirect RA -
55,085,384,051 Beban Gaji Produksi 97,500,000
Beban Sewa Bangunan 300,000,000
Beban Utilitas Produksi -
Misc Exp -

Gross Margin - 397,500,000

Sales Expenses
Beban Gaji Non-Produksi 193,500,000
Beban Pemasaran -

Admin Expenses and Overhead

Beban Remunerasi Non-Gaji 24,250,000

Beban Registrasi Utilitas 6,000,000

Beban Utilitas Non-Produksi 1,500,000

Beban SDM 50,781,300
Beban Transport -
Beban Perawatan Gedung -

EBITDA - 673,531,300
Beban Depresiasi 65,492,500

EBIT - 739,023,800
Beban Bunga -

EBT - 739,023,800
Beban Pajak -

Net Income - 739,023,800

Depreciation 65,492,500
^NWC 0
CAPEX 1,510,950,000
FCFE - 2,184,481,300
DCF - 2,184,481,300
KOE 22.45%
NPV 9,527,305,226
IRR 27.83%
Total Rev 286,224,671,748
Total EBITDA 62,412,288,957
Total Net Income 43,492,359,262
YEAR 0
 Deficit 15%
Year 1 Year 2 Year 3 Year 4
7,444,039,453 12,857,721,697 23,456,762,445 41,020,977,611

1,639,172,559 2,730,127,146 4,721,966,229 8,193,672,719

453,240,395 754,404,701 1,344,444,107 2,238,942,305
2,064,900,000 3,285,000,000 5,866,800,000 8,688,000,000
400,000,000 1,100,000,008 1,800,000,020 1,700,000,020
187,231,000 243,427,000 352,760,000 579,627,000
- - - 219,006,000

2,699,495,499 4,744,762,841 9,370,792,090 19,401,729,567

1,200,204,437 2,394,540,294 4,810,605,542 8,948,920,241
912,000,000 1,355,500,000 2,136,900,000 2,872,250,000
985,778,776 1,463,467,596 2,289,173,375 3,312,856,955

- - - -
248,075,000 386,708,333 666,975,000 963,354,167
4,000,000 4,000,000 8,000,000 2,000,000
24,600,000 36,200,000 49,400,000 66,600,000
489,084,810 737,185,650 1,112,877,730 1,652,863,625
11,528,000 33,518,859 73,185,828 91,711,112
- 10,000,000 - 10,000,000
- - - -
- 1,175,775,524 - 1,676,357,891 - 1,776,325,386 1,481,173,467
392,997,500 496,621,000 723,921,625 902,415,250

- 1,568,773,024 - 2,172,978,891 - 2,500,247,011 578,758,217

- - - -

- 1,568,773,024 - 2,172,978,891 - 2,500,247,011 578,758,217

- - - 144,689,554

- 1,568,773,024 - 2,172,978,891 - 2,500,247,011 434,068,663

392,997,500 496,621,000 723,921,625 902,415,250
0 0 0 0
919,200,000 596,000,000 8,908,350,000 457,350,000

- 2,094,975,524 - 2,272,357,891 - 10,684,675,386 879,133,913

- 1,732,384,075 - 1,553,843,200 - 6,041,670,286 411,070,159
 1 2 3 4

Surplus 5%
Year 1 Year 2 Year 3 Year 4
9,195,578,148 15,883,067,978 28,976,000,668 50,672,972,343

1,721,131,187 2,866,633,504 4,958,064,540 8,603,356,355

475,902,415 792,124,936 1,411,666,312 2,350,889,420
2,064,900,000 3,285,000,000 5,866,800,000 8,688,000,000
400,000,000 1,100,000,008 1,800,000,020 1,700,000,020
187,231,000 243,427,000 352,760,000 579,627,000
- - - 219,006,000

4,346,413,546 7,595,882,531 14,586,709,795 28,532,093,547

1,482,605,481 2,957,961,539 5,942,512,729 11,054,548,533
912,000,000 1,355,500,000 2,136,900,000 2,872,250,000
985,778,776 1,463,467,596 2,289,173,375 3,312,856,955

248,075,000 386,708,333 666,975,000 963,354,167

4,000,000 4,000,000 8,000,000 2,000,000

24,600,000 36,200,000 49,400,000 66,600,000

489,084,810 737,185,650 1,112,877,730 1,652,863,625
11,528,000 33,518,859 73,185,828 91,711,112
- 10,000,000 - 10,000,000

188,741,479 611,340,553 2,307,685,133 8,505,909,156

392,997,500 496,621,000 723,921,625 902,415,250

- 204,256,021 114,719,553 1,583,763,508 7,603,493,906

- - - -

- 204,256,021 114,719,553 1,583,763,508 7,603,493,906

- 28,679,888 395,940,877 1,900,873,476

- 204,256,021 86,039,665 1,187,822,631 5,702,620,429

392,997,500 496,621,000 723,921,625 902,415,250
0 0 0 0
919,200,000 596,000,000 8,908,350,000 457,350,000
- 730,458,521 - 13,339,335 - 6,996,605,744 6,147,685,679
- 604,033,171 - 9,121,466 - 3,956,244,200 2,874,567,906

1 2 3 4
Year 5 Year 6
68,436,134,779 78,490,050,668 Sales Revenue
COGS
13,192,345,417 13,783,369,982 Beban Produksi - Direct RAW
3,595,057,989 4,071,140,235 Beban Produksi - Indirect RA
10,752,000,000 11,358,000,000 Beban Gaji Produksi
1,700,000,020 1,700,000,020 Beban Sewa Bangunan
739,837,000 739,837,000 Beban Utilitas Produksi
314,821,125 434,453,153 Misc Exp

38,142,073,228 46,403,250,279 Gross Margin

16,340,998,332 18,991,327,708 Sales Expenses
3,204,000,000 3,204,000,000 Beban Gaji Non-Produksi
4,455,555,697 5,060,528,301 Beban Pemasaran

- - Admin Expenses and Overhead

1,163,000,000 1,213,500,000 Beban Remunerasi Non-Gaji
2,000,000 - Beban Registrasi Utilitas
67,600,000 67,600,000 Beban Utilitas Non-Produksi
1,782,989,600 1,783,801,800 Beban SDM
125,780,568 125,780,568 Beban Transport
- 10,000,000 Beban Perawatan Gedung
- -
11,000,149,031 15,946,711,902 EBITDA
986,040,375 540,561,750 Beban Depresiasi

10,014,108,656 15,406,150,152 EBIT

- - Beban Bunga

10,014,108,656 15,406,150,152 EBT

2,503,527,164 3,851,537,538 Beban Pajak

7,510,581,492 11,554,612,614 Net Income

986,040,375 540,561,750 Depreciation
0 0 ^NWC
517,850,000 - CAPEX

7,978,771,867 12,095,174,364 FCFE

3,085,049,914 3,867,261,239 DCF
KOE
NPV
IRR
Total Rev
 Total EBITDA
Total Net Income
5 6 YEAR

Year 5 Year 6
84,538,754,727 96,958,297,884 Sales Revenue
COGS
13,851,962,688 14,472,538,481 Beban Produksi - Direct RAW
3,774,810,888 4,274,697,247 Beban Produksi - Indirect RA
10,752,000,000 11,358,000,000 Beban Gaji Produksi
1,700,000,020 1,700,000,020 Beban Sewa Bangunan
739,837,000 739,837,000 Beban Utilitas Produksi
314,821,125 434,453,153 Misc Exp

53,405,323,006 63,978,771,984 Gross Margin

20,185,939,116 23,459,875,404 Sales Expenses
3,204,000,000 3,204,000,000 Beban Gaji Non-Produksi
4,455,555,697 5,060,528,301 Beban Pemasaran

Admin Expenses and Overhead

1,163,000,000 1,213,500,000 Beban Remunerasi Non-Gaji

2,000,000 - Beban Registrasi Utilitas

67,600,000 67,600,000 Beban Utilitas Non-Produksi

1,782,989,600 1,783,801,800 Beban SDM
125,780,568 125,780,568 Beban Transport
- 10,000,000 Beban Perawatan Gedung

22,418,458,025 29,053,685,911 EBITDA

986,040,375 540,561,750 Beban Depresiasi

21,432,417,650 28,513,124,161 EBIT

- - Beban Bunga

21,432,417,650 28,513,124,161 EBT

5,358,104,413 7,128,281,040 Beban Pajak

16,074,313,238 21,384,843,121 Net Income

986,040,375 540,561,750 Depreciation
0 0 ^NWC
517,850,000 - CAPEX
16,542,503,613 21,925,404,871 FCFE
6,396,278,800 7,010,338,657 DCF
KOE
NPV
IRR
Total Rev
Total EBITDA
Total Net Income
5 6 YEAR
 Deficit 10%
Year 0 Year 1 Year 2 Year 3
- 7,881,924,127 13,614,058,267 24,836,572,001

- 1,639,172,559 2,730,127,146 4,721,966,229

- 453,240,395 754,404,701 1,344,444,107
97,500,000 2,064,900,000 3,285,000,000 5,866,800,000
300,000,000 400,000,000 1,100,000,008 1,800,000,020
- 187,231,000 243,427,000 352,760,000
- - - -

- 397,500,000 3,137,380,173 5,501,099,412 10,750,601,645

1,270,804,698 2,535,395,605 5,093,582,339
193,500,000 912,000,000 1,355,500,000 2,136,900,000
- 985,778,776 1,463,467,596 2,289,173,375

24,250,000 248,075,000 386,708,333 666,975,000

6,000,000 4,000,000 4,000,000 8,000,000
1,500,000 24,600,000 36,200,000 49,400,000
50,781,300 489,084,810 737,185,650 1,112,877,730
- 11,528,000 33,518,859 73,185,828
- - 10,000,000 -

- 673,531,300 - 808,491,111 - 1,060,876,632 - 679,492,627

65,492,500 392,997,500 496,621,000 723,921,625

- 739,023,800 - 1,201,488,611 - 1,557,497,632 - 1,403,414,252

- - - -

- 739,023,800 - 1,201,488,611 - 1,557,497,632 - 1,403,414,252

- - - -

- 739,023,800 - 1,201,488,611 - 1,557,497,632 - 1,403,414,252

65,492,500 392,997,500 496,621,000 723,921,625
0 0 0 0
1,510,950,000 919,200,000 596,000,000 8,908,350,000

- 2,184,481,300 - 1,727,691,111 - 1,656,876,632 - 9,587,842,627

- 2,184,481,300 - 1,428,668,036 - 1,132,975,795 - 5,421,464,089
20.93%
- 414,652,175
-1.22%
245,335,432,927
 33,656,579,011
20,936,040,684
0 1 2 3

Surplus 10%
Year 0 Year 1 Year 2 Year 3
- 9,633,462,822 16,639,404,549 30,355,810,223

- 1,803,089,815 3,003,139,861 5,194,162,852

- 498,564,435 829,845,171 1,411,666,312
97,500,000 2,064,900,000 3,285,000,000 5,866,800,000
300,000,000 400,000,000 1,100,000,008 1,800,000,020
- 187,231,000 243,427,000 352,760,000
- - - -

- 397,500,000 4,679,677,572 8,177,992,509 15,730,421,039

1,553,205,742 3,098,816,851 6,225,489,525
193,500,000 912,000,000 1,355,500,000 2,136,900,000
- 985,778,776 1,463,467,596 2,289,173,375

24,250,000 248,075,000 386,708,333 666,975,000

6,000,000 4,000,000 4,000,000 8,000,000

1,500,000 24,600,000 36,200,000 49,400,000

50,781,300 489,084,810 737,185,650 1,112,877,730
- 11,528,000 33,518,859 73,185,828
- - 10,000,000 -

- 673,531,300 451,405,244 1,052,595,219 3,168,419,580

65,492,500 392,997,500 496,621,000 723,921,625

- 739,023,800 58,407,744 555,974,219 2,444,497,955

- - - -

- 739,023,800 58,407,744 555,974,219 2,444,497,955

- 14,601,936 138,993,555 611,124,489

- 739,023,800 43,805,808 416,980,665 1,833,373,467

65,492,500 392,997,500 496,621,000 723,921,625
0 0 0 0
1,510,950,000 919,200,000 596,000,000 8,908,350,000
- 2,184,481,300 - 482,396,692 317,601,665 - 6,351,054,908
- 2,184,481,300 - 398,905,065 217,176,700 - 3,591,216,236
22.45%
12,072,896,314
35.19%
299,854,418,022
70,174,151,684
49,364,820,313
0 1 2 3
10%
Year 4 Year 5 Year 6
43,433,976,294 72,461,789,766 83,107,112,472

8,193,672,719 13,192,345,417 13,783,369,982

2,238,942,305 3,595,057,989 4,071,140,235
8,688,000,000 10,752,000,000 11,358,000,000
1,700,000,020 1,700,000,020 1,700,000,020
579,627,000 739,837,000 739,837,000
219,006,000 314,821,125 434,453,153

21,814,728,250 42,167,728,215 51,020,312,083

9,475,327,314 17,302,233,528 20,108,464,632
2,872,250,000 3,204,000,000 3,204,000,000
3,312,856,955 4,455,555,697 5,060,528,301

963,354,167 1,163,000,000 1,213,500,000

2,000,000 2,000,000 -
66,600,000 67,600,000 67,600,000
1,652,863,625 1,782,989,600 1,783,801,800
91,711,112 125,780,568 125,780,568
10,000,000 - 10,000,000

3,367,765,077 14,064,568,822 19,446,636,782

902,415,250 986,040,375 540,561,750

2,465,349,827 13,078,528,447 18,906,075,032

- - -

2,465,349,827 13,078,528,447 18,906,075,032

616,337,457 3,269,632,112 4,726,518,758

1,849,012,370 9,808,896,336 14,179,556,274

902,415,250 986,040,375 540,561,750
0 0 0
457,350,000 517,850,000 -

2,294,077,620 10,277,086,711 14,720,118,024

1,072,677,142 3,973,709,989 4,706,549,914
 4 5 6

10%
Year 4 Year 5 Year 6
53,085,971,026 88,564,409,714 101,575,359,688

9,013,039,991 14,511,579,959 15,161,706,980

2,462,836,536 3,954,563,788 4,478,254,259
8,688,000,000 10,752,000,000 11,358,000,000
1,700,000,020 1,700,000,020 1,700,000,020
579,627,000 739,837,000 739,837,000
219,006,000 314,821,125 434,453,153

30,423,461,479 56,591,607,823 67,703,108,277

11,580,955,606 21,147,174,312 24,577,012,328
2,872,250,000 3,204,000,000 3,204,000,000
3,312,856,955 4,455,555,697 5,060,528,301

963,354,167 1,163,000,000 1,213,500,000

2,000,000 2,000,000 -

66,600,000 67,600,000 67,600,000

1,652,863,625 1,782,989,600 1,783,801,800
91,711,112 125,780,568 125,780,568
10,000,000 - 10,000,000

9,870,870,015 24,643,507,646 31,660,885,280

902,415,250 986,040,375 540,561,750

8,968,454,765 23,657,467,271 31,120,323,530

- - -

8,968,454,765 23,657,467,271 31,120,323,530

2,242,113,691 5,914,366,818 7,780,080,882

6,726,341,074 17,743,100,453 23,340,242,647

902,415,250 986,040,375 540,561,750
0 0 0
457,350,000 517,850,000 -
7,171,406,324 18,211,290,828 23,880,804,397
3,353,244,706 7,041,527,460 7,635,550,049

4 5 6
 Deficit 5%
Year 0 Year 1 Year 2
Sales Revenue - 8,319,808,801 14,370,394,838
COGS
Beban Produksi - Direct RAW - 1,639,172,559 2,730,127,146
Beban Produksi - Indirect RA - 453,240,395 754,404,701
Beban Gaji Produksi 97,500,000 2,064,900,000 3,285,000,000
Beban Sewa Bangunan 300,000,000 400,000,000 1,100,000,008
Beban Utilitas Produksi - 187,231,000 243,427,000
Misc Exp - - -

Gross Margin - 397,500,000 3,575,264,846 6,257,435,982

Sales Expenses 1,341,404,959 2,676,250,917
Beban Gaji Non-Produksi 193,500,000 912,000,000 1,355,500,000
Beban Pemasaran - 985,778,776 1,463,467,596

Admin Expenses and Overhead

Beban Remunerasi Non-Gaji 24,250,000 248,075,000 386,708,333
Beban Registrasi Utilitas 6,000,000 4,000,000 4,000,000
Beban Utilitas Non-Produksi 1,500,000 24,600,000 36,200,000
Beban SDM 50,781,300 489,084,810 737,185,650
Beban Transport - 11,528,000 33,518,859
Beban Perawatan Gedung - - 10,000,000

EBITDA - 673,531,300 - 441,206,699 - 445,395,373

Beban Depresiasi 65,492,500 392,997,500 496,621,000

EBIT - 739,023,800 - 834,204,199 - 942,016,373

Beban Bunga - - -

EBT - 739,023,800 - 834,204,199 - 942,016,373

Beban Pajak - - -

Net Income - 739,023,800 - 834,204,199 - 942,016,373

Depreciation 65,492,500 392,997,500 496,621,000
^NWC 0 0 0
CAPEX 1,510,950,000 919,200,000 596,000,000

FCFE - 2,184,481,300 - 1,360,406,699 - 1,041,395,373

DCF - 2,184,481,300 - 1,124,951,997 - 712,108,390
KOE 20.93%
NPV 3,319,693,200
IRR 9.71%
Total Rev 258,965,179,201
Total EBITDA 44,187,113,722
Total Net Income 29,353,841,326
YEAR 0 1 2

Suplus 15
Year 0 Year 1 Year 2
Sales Revenue - 10,071,347,496 17,395,741,119
COGS
Beban Produksi - Direct RAW - 1,885,048,443 3,139,646,218
Beban Produksi - Indirect RA - 521,226,454 867,565,406
Beban Gaji Produksi 97,500,000 2,064,900,000 3,285,000,000
Beban Sewa Bangunan 300,000,000 400,000,000 1,100,000,008
Beban Utilitas Produksi - 187,231,000 243,427,000
Misc Exp - - -

Gross Margin - 397,500,000 5,012,941,598 8,760,102,487

Sales Expenses 1,623,806,003 3,239,672,162
Beban Gaji Non-Produksi 193,500,000 912,000,000 1,355,500,000
Beban Pemasaran - 985,778,776 1,463,467,596

Admin Expenses and Overhead

Beban Remunerasi Non-Gaji 24,250,000 248,075,000 386,708,333

Beban Registrasi Utilitas 6,000,000 4,000,000 4,000,000

Beban Utilitas Non-Produksi 1,500,000 24,600,000 36,200,000

Beban SDM 50,781,300 489,084,810 737,185,650
Beban Transport - 11,528,000 33,518,859
Beban Perawatan Gedung - - 10,000,000

EBITDA - 673,531,300 714,069,009 1,493,849,886

Beban Depresiasi 65,492,500 392,997,500 496,621,000

EBIT - 739,023,800 321,071,509 997,228,886

Beban Bunga - - -

EBT - 739,023,800 321,071,509 997,228,886

Beban Pajak - 80,267,877 249,307,222

Net Income - 739,023,800 240,803,632 747,921,665

Depreciation 65,492,500 392,997,500 496,621,000
^NWC 0 0 0
CAPEX 1,510,950,000 919,200,000 596,000,000
FCFE - 2,184,481,300 - 285,398,868 648,542,665
DCF - 2,184,481,300 - 236,002,974 443,474,865
KOE 20.93%
NPV 14,519,244,998
IRR 42.04%
Total Rev 313,484,164,296
Total EBITDA 77,801,570,002
Total Net Income 55,085,384,051
YEAR 0 1 2
 Deficit 5%
Year 3 Year 4 Year 5 Year 6
26,216,381,556 45,846,974,977 76,487,444,753 87,724,174,276

4,721,966,229 8,193,672,719 13,192,345,417 13,783,369,982

1,344,444,107 2,238,942,305 3,595,057,989 4,071,140,235
5,866,800,000 8,688,000,000 10,752,000,000 11,358,000,000
1,800,000,020 1,700,000,020 1,700,000,020 1,700,000,020
352,760,000 579,627,000 739,837,000 739,837,000
- 219,006,000 314,821,125 434,453,153

12,130,411,201 24,227,726,933 46,193,383,202 55,637,373,887

5,376,559,135 10,001,734,387 18,263,468,724 21,225,601,556
2,136,900,000 2,872,250,000 3,204,000,000 3,204,000,000
2,289,173,375 3,312,856,955 4,455,555,697 5,060,528,301

666,975,000 963,354,167 1,163,000,000 1,213,500,000

8,000,000 2,000,000 2,000,000 -
49,400,000 66,600,000 67,600,000 67,600,000
1,112,877,730 1,652,863,625 1,782,989,600 1,783,801,800
73,185,828 91,711,112 125,780,568 125,780,568
- 10,000,000 - 10,000,000

417,340,132 5,254,356,687 17,128,988,613 22,946,561,662

723,921,625 902,415,250 986,040,375 540,561,750

- 306,581,493 4,351,941,437 16,142,948,238 22,405,999,912

- - - -

- 306,581,493 4,351,941,437 16,142,948,238 22,405,999,912

- 1,087,985,359 4,035,737,060 5,601,499,978

- 306,581,493 3,263,956,078 12,107,211,179 16,804,499,934

723,921,625 902,415,250 986,040,375 540,561,750
0 0 0 0
8,908,350,000 457,350,000 517,850,000 -

- 8,491,009,868 3,709,021,328 12,575,401,554 17,345,061,684

- 4,801,257,892 1,734,284,124 4,862,370,065 5,545,838,590
 3 4 5 6

Suplus 15%
Year 3 Year 4 Year 5 Year 6
31,735,619,779 55,498,969,709 92,590,064,701 106,192,421,492

5,430,261,163 9,422,723,627 15,171,197,229 15,850,875,479

1,546,110,723 2,574,783,651 4,134,316,687 4,681,811,270
5,866,800,000 8,688,000,000 10,752,000,000 11,358,000,000
1,800,000,020 1,700,000,020 1,700,000,020 1,700,000,020
352,760,000 579,627,000 739,837,000 739,837,000
- 219,006,000 314,821,125 434,453,153

16,739,687,873 32,314,829,411 59,777,892,639 71,427,444,570

6,508,466,322 12,107,362,679 22,108,409,508 25,694,149,252
2,136,900,000 2,872,250,000 3,204,000,000 3,204,000,000
2,289,173,375 3,312,856,955 4,455,555,697 5,060,528,301

666,975,000 963,354,167 1,163,000,000 1,213,500,000

8,000,000 2,000,000 2,000,000 -

49,400,000 66,600,000 67,600,000 67,600,000

1,112,877,730 1,652,863,625 1,782,989,600 1,783,801,800
73,185,828 91,711,112 125,780,568 125,780,568
- 10,000,000 - 10,000,000

3,894,709,617 11,235,830,873 26,868,557,266 34,268,084,649

723,921,625 902,415,250 986,040,375 540,561,750

3,170,787,992 10,333,415,623 25,882,516,891 33,727,522,899

- - - -

3,170,787,992 10,333,415,623 25,882,516,891 33,727,522,899

792,696,998 2,583,353,906 6,470,629,223 8,431,880,725

2,378,090,994 7,750,061,718 19,411,887,669 25,295,642,174

723,921,625 902,415,250 986,040,375 540,561,750
0 0 0 0
8,908,350,000 457,350,000 517,850,000 -
- 5,806,337,381 8,195,126,968 19,880,078,044 25,836,203,924
- 3,283,204,660 3,831,921,506 7,686,776,120 8,260,761,440

3 4 5 6