2022 2023 2024 2025 2026 2027

Design Capacity (MT) - excl. Glycerine 120,000 120,000 120,000 120,000 120,000
Alkyd and Amino Resin (AR) 20,000 20,000 20,000 20,000 20,000
Unsaturated Polyster Resin (UPR) 20,000 20,000 20,000 20,000 20,000
Synthetic Latex Resin (SLR) 30,000 30,000 30,000 30,000 30,000
Biodiesel 50,000 50,000 50,000 50,000 50,000
Glycerine 5,000 5,000 5,000 5,000 5,000

Running Capacity (MT) - excl.Glycerine 72,000 98,000 109,000 111,500 114,000

Alkyd and Amino Resin (AR) 18,000 19,000 19,000 19,000 19,000
Unsaturated Polyster Resin (UPR) 14,000 16,000 18,000 19,000 19,000
Synthetic Latex Resin (SLR) 22,500 25,500 27,000 28,500 28,500
Biodiesel 17,500 37,500 45,000 45,000 47,500
Glycerine 1,750 3,750 4,500 4,500 4,750

Utilization Rate (%) 60% 82% 91% 93% 95%

Alkyd and Amino Resin (AR) 90% 95% 95% 95% 95%
Unsaturated Polyster Resin (UPR) 70% 80% 90% 95% 95%
Synthetic Latex Resin (SLR) 75% 85% 90% 95% 95%
Biodiesel 35% 75% 90% 90% 95%
Glycerine 35% 75% 90% 90% 95%

Sales Volume (MT) 68,725 99,367 112,492 115,771 118,521

Local 58,540 87,377 99,756 102,517 105,221
Alkyd and Amino Resin (AR) 13,386 15,127 15,200 15,200 15,200
Unsaturated Polyster Resin (UPR) 10,297 12,653 14,253 15,127 15,200
Synthetic Latex Resin (SLR) 17,060 20,180 21,490 22,690 22,800
Biodiesel 16,047 35,667 44,313 45,000 47,271
Glycerine 1,750 3,750 4,500 4,500 4,750

Export 10,186 11,990 12,736 13,254 13,300

Alkyd and Amino Resin (AR) 3,346 3,782 3,800 3,800 3,800
Unsaturated Polyster Resin (UPR) 2,574 3,163 3,563 3,782 3,800
Synthetic Latex Resin (SLR) 4,265 5,045 5,373 5,673 5,700
Biodiesel - - - - -
Glycerine - - - - -
Total Resins Sales 50,928 59,950 63,679 66,271 66,500
Total Bdf Sales 16,047 35,667 44,313 45,000 47,271

Sales Price (USD/MT)

Avg Resins Sales Price 1,281 1,382 1,491 1,607 1,734
Alkyd and Amino Resin (AR) 1,420 1,532 1,654 1,785 1,926
Unsaturated Polyster Resin (UPR) 1,472 1,588 1,714 1,850 1,997
Synthetic Latex Resin (SLR) 1,056 1,139 1,229 1,326 1,431

Avg Bdf Sales Price 770 828 892 962 962

RMC (USD/MT)
Local
Alkyd and Amino Resin (AR) 1,121 1,241 1,339 1,445 1,559
Unsaturated Polyster Resin (UPR) 1,192 1,286 1,388 1,497 1,616
Synthetic Latex Resin (SLR) 835 923 996 1,074 1,159
Biodiesel 637 698 766 840 840

Avg Resins RMC 1,020 1,119 1,208 1,301 1,404

Delta-P (% and USD/MT)

Local
Alkyd and Amino Resin (AR) % 22 20 20 20 20
Unsaturated Polyster Resin (UPR) % 20 20 20 20 20
Synthetic Latex Resin (SLR) % 22 20 20 20 20
Biodiesel USD/MT 133 130 126 122 122

Export
Alkyd and Amino Resin (AR) % 22 20 20 20 20
Unsaturated Polyster Resin (UPR) % 20 20 20 20 20
Synthetic Latex Resin (SLR) % 22 20 20 20 20
Biodiesel USD/MT - - - - -
Avg Resins Delta-P 260 276 298 321 347
Avg Bdf Delta-P 133 130 126 122 122

Cash and cash equivalent 15,804,471,315 108,787,397,110 65,716,337,816 63,395,748,307 78,389,047,849 107,983,533,042
Current Assets 223,494,343,786 424,372,115,506 516,546,182,235 599,851,810,268 673,173,117,625 744,918,330,282
Current Liabilities 199,771,749,377 94,855,853,599 114,164,446,398 142,922,689,937 155,078,996,993 162,054,636,693
Total Assets 625,913,877,439 788,390,241,425 823,242,309,751 882,204,355,596 930,748,777,830 977,283,802,432
Total Liabilities 274,551,873,743 410,941,168,716 387,069,306,943 358,253,611,052 298,442,493,821 219,057,224,377
Total Shareholder's Equity 351,362,003,696 377,449,072,708 436,173,002,808 523,950,744,544 632,306,284,009 758,226,578,055

Total Revenue 799,740,874,965 894,201,232,350 1,296,526,054,000 1,551,867,701,557 1,727,780,455,231 1,854,564,279,774

Gross Profit 75,829,752,542 83,831,434,201 139,682,979,383 170,684,566,514 189,337,178,353 201,832,008,015
Income (Loss) from Operation 47,363,240,511 50,855,667,299 95,908,663,627 120,028,832,733 133,729,867,476 142,474,738,616
Net Income (loss) before Tax 9,443,336,777 26,087,069,013 58,723,930,100 87,777,741,736 108,355,539,465 125,920,294,046
Net Income (loss) after Tax 5,710,335,744 26,087,069,013 58,723,930,100 87,777,741,736 108,355,539,465 125,920,294,046
EBITDA 59,045,293,619 70,220,735,941 120,429,815,881 144,372,414,921 158,506,752,598 167,684,926,672
EBITDA (in USD) 5,392,264 6,106,151 10,472,158 12,554,123 13,783,196 14,581,298
Total Interest Expense 13,114,110,635 24,768,598,287 37,184,733,527 32,251,090,997 25,374,328,011 16,554,444,569
Depreciation & Amortization 11,682,053,108 19,365,068,642 24,521,152,254 24,343,582,188 24,776,885,122 25,210,188,056

Ratio Analysis
Gross Profit Margin 9% 9% 11% 11% 11% 11%
Operating Profit Margin 6% 6% 7% 8% 8% 8%
Net Profit Margin 1% 3% 5% 6% 6% 7%
ROA 1% 3% 7% 10% 12% 13%
ROE 2% 7% 13% 17% 17% 17%
Debt to Equity Ratio 78% 109% 89% 68% 47% 29%
Current Ratio (x) 1.1 4.5 4.5 4.2 4.3 4.6
EBITDA Growth 19% 72% 20% 10% 6%
NPAT Growth 357% 125% 49% 23% 16%
EBITDA Margin 8% 9% 9% 9% 9%

Cash Cost (USD)

DL 9 7 7 7 7
FOH 78 69 69 73 76
Selling 27 29 31 34 35
G&A 12 9 8 9 9
Total 125 114 116 123 127

03/08/2023
HISTORICAL INFORMATION
for the year ended 31 Dec 2008 (In-house)
I BALANCE SHEET 10,950
KNPT
31-Dec-08
ASSETS
Current Assets
Cash and Cash Equivalents 15,804,471,315
Cash Reserve
Account Receivable 139,072,058,990
Other Receivable 7,568,708,729
Inventory
Raw Materials 29,593,162,547
Goods In Process 6,718,048,565
Finished Goods 11,683,755,599
Others 2,452,355,659
Prepaid Taxes & Claim for Tax Refund 8,620,934,093
Prepaid Expenses & Others 386,698,666
Advanced Payment 1,594,149,623

Total Current Assets 223,494,343,786

Non Current Assets

Investment in Shares of Stock
- EBCI -
- ENG 647,573,887

Due from Related Parties 59,637,902,088

Deferred Tax Assets -

Fixed Assets;
Cost 432,018,436,648
Accum. Depreciation (141,348,963,422)
Fixed Assets - Net of Accum. Depreciation 290,669,473,226

Other Assets
Deferred Charges
Advances to contractor -
Unutilized Fixed Assets 357,997,300
Refundable Deposit 477,376,767
Goodwill
Intangible Assets 50,629,210,385
Total Other Assets 51,464,584,452

Total Non Current Assets 402,419,533,653

TOTAL ASSETS 625,913,877,439

LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Short Term Loan 49,058,744,622
Trade Payable
Non-LC 67,113,137,374
Usance LC 58,405,560,295
Taxes Payable 7,397,748,840
Accrued Expenses 4,209,177,815
Other Payables 13,587,380,431
Long Term Debt. - Current Maturities
Bank Loan
Obligation Under Capital Lease -
5-years BOND -
Total Current Liabilities 199,771,749,377

Non Current Liabilities

Accrual for Employees' Separation, Gratuity,
Compensation Benefits 11,008,624,780

Due to Shareholders & Related Parties 15,068,915,583

Due to Third Parties
Deferred Tax Liabilities 45,993,962,904

Long Term Debt - Long Term Portion

Bank Loan
Obligation Under Capital Lease 2,708,621,099
Shareholder Loan -

Total Non Current Liabilities 74,780,124,366

TOTAL LIABILITIES 274,551,873,743

SHAREHOLDERS' EQUITY
Capital Stock 555,275,300,000
Additional Paid In Capital
Dividend
Forex Translation Adjustment
Diff. resulting from change in subs. Eq. 173,566,403,365
Diff. arising fr restruc. trans.of common control entities
Retained Earnings - Beginning (383,190,035,413)
Net Income from Current Period 5,710,335,744
TOTAL SHAREHOLDERS' EQUITY 351,362,003,696

TOTAL LIAB. & SHAREHOLDERS' EQUITY 625,913,877,439

0
II INCOME STATEMENT

DESCRIPTION
NET SALES 799,740,874,965
COST OF GOODS SOLD 723,911,122,423

GROSS PROFIT 75,829,752,542

Gross Margin (%) 9.48

OPERATING EXPENSES:
Selling Expenses 18,062,042,168
General & Administrative Expenses 10,404,469,863
TOTAL OPERATING EXPENSES 28,466,512,031

OPERATING INCOME 47,363,240,511

Operating Margin (%) 5.92

OTHER INCOME (CHARGES)

Interest Income 370,175,845
Interest Expense (13,114,110,635)
Forex Gain (Loss) (16,925,271,246)
Gain on sale of property & equipment
Others - Net (8,250,697,698)
TOTAL OTHER INCOME (CHARGES) (37,919,903,734)

NET INCOME BEFORE TAX 9,443,336,777

PROVISION FOR INCOME TAX

Current
Deferred Tax Expense (3,733,001,033)

NET INCOME BEFORE EXTRAORDINARY ITEMS 5,710,335,744

Dividend
Extraordinary Item
Minority Interest

NET PROFIT/LOSS 5,710,335,744

Net Profit Margin (%) 1

II COST OF GOODS SOLD STATEMENT

Beginning Inventory #REF!

Purchases #REF!
Ending Inventory (29,593,162,547)
Raw Materials Used 593,394,933,411

Direct Labor 6,810,307,477

Factory Overhead:
Cash FOH 45,735,521,244
Depreciation expenses 10,562,827,586
Total FOH 56,298,348,830

Total Manufacturing Cost 656,503,589,718

 Work In Process
Beginning 8,890,608,106
Ending (6,718,048,565)

Finished Goods
Beginning 26,094,964,741
Purchases 50,823,764,022
Ending (11,683,755,599)

Cost of Goods Sold 723,911,122,423

III DETAILS OF OPERATIONAL EXPENSES

Selling Expenses
Salaries,Meal,Bonus,Wlfare,Pesangon 2,959,620,500
Freight Out 9,404,555,004
Export Expense 800,151,891
Claim Charges 863,936,333
Others 3,504,724,509
Total Cash Selling Expenses 17,532,988,237
Depreciation - Selling 529,053,931
Total Selling Expenses 18,062,042,168

General & Adm. Expenses

Salaries, Meal, Welfare,Pesangon 6,525,305,250
Professional & Management Fee
Telephone, Fax, & Telex 466,463,647
Insurance 112,782,094
Rent 224,456,327
Entertainment 171,363,442
Others 2,313,927,512
Total Cash General & Adm. 9,814,298,272
Depreciation 590,171,591
Total General & Adm. Expenses 10,404,469,863
IV DETAILS OF FIXED ASSETS
COST
Land 2,842,509,602
Land Improvements -
Building and improvements 17,545,639,971
Machinery, tank & factory equipment 381,089,264,720
Furniture and fixtures 17,503,173,117
Transportation equipment 12,820,532,027
Construction in Progress 217,317,211
Total Cost 432,018,436,648

ACCUMULATED DEPRECIATION
Land
Land Improvements
Building and improvements 10,885,532,795
Machinery, tank & factory equipment 105,385,416,518
Furniture and fixtures 16,905,691,463
Transportation equipment 8,172,322,646
Construction in Progress
Total Accumulated Depreciation 141,348,963,422

NET BOOK VALUE

Land 2,842,509,602
Land Improvements -
Building and improvements 6,660,107,176
Machinery, tank & factory equipment 275,703,848,202
Furniture and fixtures 597,481,654
Transportation equipment 4,648,209,381
Construction in Progress 217,317,211
Total Net Book Value 290,669,473,226

V INVENTORY BY SEGMENT (In MT) - END OF YEAR

Raw Materials
Plasticizers -
Alkyd
UPR 1,133
Water Based 635
Biodiesel 534
Total Raw Materials 2,302

Goods In Process
Plasticizers -
Alkyd 96
UPR 34
Water Based 332
Biodiesel 115
Total Goods In Process 577

Finished Goods
Plasticizers -
Alkyd 286
UPR 121
Water Based 555
Biodiesel 36
Total Finished Goods 998

VI EBITDA Calculation
Operating Profit 47,363,240,511
Add: Depreciation & Amortization 11,682,053,108
EBITDA 59,045,293,619
EBITDA in USD 5,392,264

Factory Overhead
Utility 9,263,139,948
Salaries,Wages,Overtime,Jamsostek, Welfare E 6,954,120,904
Tax Benefit 293,333,990
Packing 24,107,975,789
Factory Supplies 1,453,455,439
 Insurance Property 431,751,631
Testing & Research 157,792,625
Medical 217,026,850
Meal 508,797,975
Welfare 197,096,716
Telp., Fax, & Telex 172,850,476
Postage & Mail 3,769,424
Automobile Operating 614,902,081
Travelling 146,875,742
Entertainment 159,270,400
Repair & Maintenance 491,012,659
Office Supplies 105,897,929
Insurance 45,659,607
Education & Training 23,618,950
Permit & PBB 315,299,600
DPLK - Manulife 36,927,500
Others 34,945,011
Cash FOH 45,735,521,244
Depreciation Expenses 10,562,827,586
Total FOH 56,298,348,830

Direct Labor 6,810,307,477

PT ETERNAL BUANA CHEMICAL INDUSTRIES
Summary & Basic Assumptions
2022 2023 2024 2025 2026 2027 2028

I PRODUCTION (MT)
a. Design Capacity (MT)
Alkyd and Amino Resin (AR) 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Unsaturated Polyster Resin (UPR) 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Synthetic Latex Resin (SLR) 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Biodiesel 20,000 50,000 50,000 50,000 50,000 50,000 50,000
Glycerine 0.10 2,000 5,000 5,000 5,000 5,000 5,000 5,000
Total Capacity 92,000 125,000 125,000 125,000 125,000 125,000 125,000

b. Utilization Rate (%)

Alkyd and Amino Resin (AR) 61 90 95 95 95 95 95
Unsaturated Polyster Resin (UPR) 48 70 80 90 95 95 95
Synthetic Latex Resin (SLR) 55 75 85 90 95 95 95
Biodiesel 22 35 75 90 90 95 95
Glycerine 43 35 75 90 90 95 95

c. Running Capacity (MT)

Alkyd and Amino Resin (AR) 12,284 18,000 19,000 19,000 19,000 19,000 19,000
Unsaturated Polyster Resin (UPR) 9,561 14,000 16,000 18,000 19,000 19,000 19,000
Synthetic Latex Resin (SLR) 16,607 22,500 25,500 27,000 28,500 28,500 28,500
Biodiesel 4,303 17,500 37,500 45,000 45,000 47,500 47,500
Glycerine 864 1,750 3,750 4,500 4,500 4,750 4,750
Total Running Capacity 43,619 73,750 101,750 113,500 116,000 118,750 118,750

II OPERATIONAL TURNOVERS (Month)

a. Inventory Turnover
Raw Materials 0.50 0.50 0.50 0.50 0.50 0.50
Goods In Process 0.10 0.10 0.10 0.10 0.10 0.10
Finished Goods 1.00 1.00 1.00 1.00 1.00 1.00

b. Account Receivable Turnover

Specialty Resins
Export 1.00 1.00 1.00 1.00 1.00 1.00
Local 3.00 3.00 3.00 3.00 3.00 2.50
Biodiesel
Export 1.00 1.00 1.00 1.00 1.00 1.00
Local 3.00 3.00 3.00 3.00 3.00 3.00

c. Account Payable Turnover

Specialty Resins
Non-LC 0.25 0.25 0.25 0.25 0.25 0.25
Usance LC 3.00 3.00 3.00 3.00 3.00 3.00
Biodiesel
Non-LC 0.25 0.25 0.25 0.25 0.25 0.25
Usance LC 2.50 2.50 2.50 2.50 2.50 2.50

03/08/2023
PT ETERNAL BUANA CHEMICAL INDUSTRIES
Summary & Basic Assumptions
2022 2023 2024 2025 2026 2027 2028

III SALES TARGET (%)

Solvent Based (Alkyd Amino & UPR)
Local 80 80 80 80 80 80
Export 20 20 20 20 20 20
Water Based (Latex)
Local 80 80 80 80 80 80
Export 20 20 20 20 20 20
Biodiesel
Local 100 100 100 100 100 100
Glycerine
Local 100 100 100 100 100 100

b. Import Duty (%)

Plasticizers (DOP)
Alkyd and Amino Resin (AR) 5.00 5.00 5.00 5.00 5.00 5.00
Unsaturated Polyster Resin (UPR) 5.00 5.00 5.00 5.00 5.00 5.00
Synthetic Latex Resin (SLR) 5.00 5.00 5.00 5.00 5.00 5.00

c. Price Escalation %
Plasticizers (DOP)
Alkyd and Amino Resin (AR) 8.00 8.00 8.00 8.00 8.00
Unsaturated Polyster Resin (UPR) 8.00 8.00 8.00 8.00 8.00
Synthetic Latex Resin (SLR) 8.00 8.00 8.00 8.00 8.00
Biodiesel 7.53
Glycerine 7.53

d. Sales Price (USD/MT)

Alkyd and Amino Resin (AR)
Local 1,438 1,551 1,673 1,806 1,948 2,103
Export 1,350 1,458 1,575 1,701 1,837 1,984
Unsaturated Polyster Resin (UPR)
Local 1,490 1,608 1,735 1,872 2,020 2,180
Export 1,400 1,512 1,633 1,764 1,905 2,057
Synthetic Latex Resin (SLR)
Local 1,070 1,154 1,245 1,343 1,449 1,563
Export 1,000 1,080 1,166 1,260 1,360 1,469
Biodiesel
Local 770 828 892 962 962 962
Export
Glycerine
Local 100 100 100 100 100 100

*) Biodiesel : 1 liter = 0.8610 kg

03/08/2023
PT ETERNAL BUANA CHEMICAL INDUSTRIES
Summary & Basic Assumptions
2022 2023 2024 2025 2026 2027 2028

IV DELTA P (% except Biodiesel in USD/MT)

Local
Alkyd 22 20 20 20 20 20
UPR 20 20 20 20 20 20
Water Based (Latex) 22 20 20 20 20 20
Biodiesel - USD/MT 133 130 126 122 122 122

Export
Alkyd 22 20 20 20 20 20
UPR 20 20 20 20 20 20
Water Based (Latex) 22 20 20 20 20 20
Biodiesel - USD/MT

V RAW MATERIALS COST & PURCHASES

a. RMC per MT
Avg RMC Resins 1,020 1,119 1,208 1,301 1,404 1,515
Alkyd 1,121 1,241 1,339 1,445 1,559 1,682
UPR 1,192 1,286 1,388 1,497 1,616 1,744
Water Based (Latex) 835 923 996 1,074 1,159 1,250
Biodiesel 637 698 766 840 840 840

b. Raw Material Efficiency Usage (%)

Alkyd 100 100 100 100 100 100
UPR 100 100 100 100 100 100
Water Based (Latex) 100 100 100 100 100 100

c. RM Price Escalation % (from prev. year)

Stearin 10 10 10
Methanol 5 5 5
Catalyst 5 5 5
Additives 5 5 5
Other 5 5 5

03/08/2023
PT ETERNAL BUANA CHEMICAL INDUSTRIES
Summary & Basic Assumptions
2022 2023 2024 2025 2026 2027 2028

d. Raw Materials Price (USD/MT)

Stearin 580 638 702 772 772 772
Methanol 300 315 331 347 347 347
Catalyst 7,725 8,111 8,517 8,943 8,943 8,943
Additives 515 541 568 596 596 596
Other

e. RM Consumption per MT Biodiesel (MT)

Stearin 1.0250 1.0250 1.0250 1.0250 1.0250 1.0250
Methanol 0.1285 0.1285 0.1285 0.1285 0.1285 0.1285
Catalyst 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050
Additives 0.0100 0.0100 0.0100 0.0100 0.0100 0.0100
Other
Total - 1.1685 1.1685 1.1685 1.1685 1.1685 1.1685

f. Total RMC per MT Output Biodiesel (USD/MT)

Stearin 595 654 719 791 791 791
Methanol - 39 40 43 45 45 45
Catalyst - 3 4 4 4 4 4
Additives - 0 0 0 1 1 1
Other - - - - - - -
Total - 637 698 766 840 840 840

g. Purchases (%)
Non-LC 55 70 70 75 80 80
LC (Usance & SKBDN) 45 30 30 25 20 20

VI ESCALATION OF COST & EXPENSES (%)

KNPT
* Direct Labor & Salaries, Meal, Welfare 100 107 114 123 131 140 150
FOH (exclude Depreciation & Amortization) 100 105 110 116 122 128 134
Selling Expenses (based on Sales Value) 2.5 2.5 2.5 2.5 2.5 2.5
General & Administrative Expenses 100 105 110 116 122 128 134

Cashcost (USD/MT)
Direct Labor 9 7 7 7 7 8
FOH 78 69 69 73 76 80
Selling 27 29 31 34 35 37
G&A 12 9 8 9 9 9

Total 125 114 116 123 127 134

Depreciation 23

Calculation of 1 Kg of steam (Excl. VAT) :

Rph
- Gas 5,000 375
- Water ( 1.2 ltr @ Rp 10 ) 10 12
- Electricity 129
Total cost of 1Kg of steam 516

To produce 1MT of Biodiesel, calculation of utility cost :

Rph
- Steam ( 350 kg @ 516 ) 516 180,600
- Demineralized Water ( 150ltr @ Rp.1 10 1,500
- Electric Power ( 30kwh @ 800 ) 800 24,000
- Nitrogen ( 3 Nm3/h @ Rp 800 ) 800 2,400
Total 208,500

03/08/2023
PT ETERNAL BUANA CHEMICAL INDUSTRIES
Summary & Basic Assumptions
2022 2023 2024 2025 2026 2027 2028

VII DEPRECIATION & AMORTIZATION RATE

Land Improvements 20 years Depreciation allocated to:
Building and improvements 20 years - FOH 95%
Machinery, tank & factory equipment 20 years - General & Adminstrative 5%
Furniture and fixtures 5 years
Transportation equipment 5 years
Deferred Charges 5 years
Intangible Assets 13 years

VIII INTEREST RATE

Time Deposit 5.00 5.00 5.00 5.00 5.00 5.00
Short Term Loan - USD 10.00 10.00 10.00 10.00 10.00 10.00
Short Term Loan - IDR 14.50 13.50 13.50 13.50 13.50 13.50
Long Term Loan - IDR 14.50 13.50 13.50 13.50 13.50 13.50
Long Term Loan - USD 10.00 10.00 10.00 10.00 10.00 10.00
Shareholder Loan - USD 8.00 10.00 10.00 10.00 10.00 10.00
Obligation Under Capital Lease 14.00 14.00 14.00 14.00 14.00 14.00

IX FUND INJECTION AND LOAN REPAYMENT SCHEDULE

a. Short Term Loan (in IDR)
* Beginning Balance 49,058,744,622 - - - - -
Add:
- New Loan - - - - -
Less:
- Repayment (49,058,744,622) - - -
- - - - - -
Ending Balance - - - - - -
* Interest Expense 3,556,758,985 - - - - -

b. Long Term Loan (in IDR)

* Beginning Balance - 287,869,697,148 259,082,727,433 215,902,272,861 158,328,333,431 86,360,909,144
Add:
- New Loan 287,869,697,148 -
Less:
- Repayments:
> Installment payment - (28,786,969,715) (43,180,454,572) (57,573,939,430) (71,967,424,287) (86,360,909,144)
- Repayment - (28,786,969,715) (43,180,454,572) (57,573,939,430) (71,967,424,287) (86,360,909,144)
-
Ending Balance 287,869,697,148 259,082,727,433 215,902,272,861 158,328,333,431 86,360,909,144 -
* Interest Expense 20,870,553,043 36,919,288,659 32,061,487,520 25,260,565,925 16,516,523,874 5,829,361,367
Repayment (%) 10.0% 15.0% 20.0% 25.0% 30.0%

X FOREIGN EXCHANGE RATE and TAX RATE

a. Foreign Exchange Rate (IDR/USD 1)
As of December 31, 10,950 11,500 11,500 11,500 11,500 11,500 11,500

b. Witholding Tax Rate (%) 28 25 25 25 25 25

03/08/2023
Financial Projection (in IDR Currency)
2022 2023 2024 2025 2026 2027 2028

ASSETS
Current Assets
Cash and Cash Equivalents 15,804,471,315 108,787,397,110 65,716,337,816 63,395,748,307 78,389,047,849 107,983,533,042 213,139,671,266
Cash Reserve - - - - - - -
Account Receivable 139,072,058,990 199,809,311,976 293,953,156,000 353,334,873,189 393,080,146,760 421,528,267,928 396,805,685,936
Other Receivable 7,568,708,729 - - - - -
Inventory
Raw Materials 29,593,162,547 34,290,119,792 46,834,570,833 54,222,109,927 59,572,072,895 63,854,137,363 67,391,612,732
Goods In Process 6,718,048,565 6,401,090,625 8,997,166,167 10,711,435,372 11,914,414,579 12,770,827,473 13,478,322,546
Finished Goods 11,683,755,599 64,010,906,250 89,971,661,667 107,114,353,721 119,144,145,790 127,708,274,726 134,783,225,464
Chemical & Factory Supplies 2,452,355,659 2,452,355,659 2,452,355,659 2,452,355,659 2,452,355,659 2,452,355,659 2,452,355,659
Prepaid Taxes & Claim for Tax Refund 8,620,934,093 8,620,934,093 8,620,934,093 8,620,934,093 8,620,934,093 8,620,934,093 8,620,934,093
Prepaid Expenses 386,698,666 - - - - -
Advanced Payment 1,594,149,623 - - - - - -

Total Current Assets 223,494,343,786 424,372,115,506 516,546,182,235 599,851,810,268 673,173,117,625 744,918,330,282 836,671,807,697

Non Current Assets

Investment in Shares of Stock
- ENG 647,573,887 647,573,887 647,573,887 647,573,887 647,573,887 647,573,887 647,573,887

Due from Related Parties 59,637,902,088 32,800,846,148 - - - - -

Fixed Assets;
Cost 432,018,436,648 432,018,436,648 432,018,436,648 432,018,436,648 432,018,436,648 432,018,436,648 432,018,436,648
Accum. Depreciation (141,348,963,422) (157,866,957,980) (177,813,817,967) (197,583,107,888) (217,785,700,744) (238,421,596,533) (259,057,492,323)
Fixed Assets - Net of Accum. Depreciation 290,669,473,226 274,151,478,668 254,204,618,681 234,435,328,760 214,232,735,904 193,596,840,115 172,960,944,325

Other Assets
Deferred Charges - 8,636,090,914 6,908,872,732 5,181,654,549 3,454,436,366 1,727,218,183 -
Unutilized Fixed Assets 357,997,300 - - - - - -
Refundable Deposit 477,376,767 - - - - - -
Intangible Assets 50,629,210,385 47,782,136,301 44,935,062,217 42,087,988,133 39,240,914,049 36,393,839,965 33,546,765,881
Total Other Assets 51,464,584,452 56,418,227,215 51,843,934,949 47,269,642,682 42,695,350,415 38,121,058,148 33,546,765,881

Total Non Current Assets 402,419,533,653 364,018,125,919 306,696,127,517 282,352,545,328 257,575,660,206 232,365,472,149 207,155,284,093

TOTAL ASSETS 625,913,877,439 788,390,241,425 823,242,309,751 882,204,355,596 930,748,777,830 977,283,802,432 1,043,827,091,790

03/08/2023
Financial Projection (in IDR Currency)
2022 2023 2024 2025 2026 2027 2028

PROJECTED BALANCE SHEET (Continued)

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities
Short Term Loan 49,058,744,622 - - - - - -
Trade Payable
Non-LC 67,113,137,374 6,131,522,571 11,917,488,333 14,529,892,713 17,419,931,577 19,881,822,117 20,830,567,734
Usance LC 58,405,560,295 57,770,464,434 57,441,330,833 69,735,409,355 65,149,916,909 55,811,905,432 58,666,530,819
Taxes Payable 7,397,748,840
Accrued Expenses 4,209,177,815 - - - - - -
Other Payables 13,587,380,431 - - - - -
Long Term Debt. - Current Maturities
Bank Loan - 28,786,969,715 43,180,454,572 57,573,939,430 71,967,424,287 86,360,909,144 -
Contractors & supplier - 2,166,896,879 1,625,172,659 1,083,448,440 541,724,220 - -
Shareholder Loan - - - - - - -
Total Current Liabilities 199,771,749,377 94,855,853,599 114,164,446,398 142,922,689,937 155,078,996,993 162,054,636,693 79,497,098,553

Non Current Liabilities

Accrual for Employees' Separation, Gratuity,
Compensation Benefits 11,008,624,780 11,008,624,780 11,008,624,780 11,008,624,780 11,008,624,780 11,008,624,780 11,008,624,780

Due to Shareholders & Related Parties 15,068,915,583 - - - - - -

Due to Third Parties - - - - - -
Deferred Tax Liabilities 45,993,962,904 45,993,962,904 45,993,962,904 45,993,962,904 45,993,962,904 45,993,962,904 45,993,962,904

Long Term Debt - Long Term Portion

Bank Loan - 259,082,727,433 215,902,272,861 158,328,333,431 86,360,909,144 - -
Contractors & supplier 2,708,621,099 - - - - - -
Shareholder Loan - - - - - - -

Total Non Current Liabilities 74,780,124,366 316,085,315,117 272,904,860,545 215,330,921,115 143,363,496,828 57,002,587,684 57,002,587,684

TOTAL LIABILITIES 274,551,873,743 410,941,168,716 387,069,306,943 358,253,611,052 298,442,493,821 219,057,224,377 136,499,686,237

SHAREHOLDERS' EQUITY
Capital Stock 555,275,300,000 555,275,300,000 555,275,300,000 555,275,300,000 555,275,300,000 555,275,300,000 555,275,300,000
Diff. resulting from change in subs. eq. 173,566,403,365 173,566,403,365 173,566,403,365 173,566,403,365 173,566,403,365 173,566,403,365 173,566,403,365
Retained Earning (383,190,035,413) (377,479,699,669) (351,392,630,657) (292,668,700,557) (204,890,958,821) (96,535,419,356) 29,384,874,690
Net Income for current period 5,710,335,744 26,087,069,013 58,723,930,100 87,777,741,736 108,355,539,465 125,920,294,046 149,100,827,498
TOTAL SHAREHOLDERS' EQUITY 351,362,003,696 377,449,072,708 436,173,002,808 523,950,744,544 632,306,284,009 758,226,578,055 907,327,405,553

TOTAL LIAB. & SHAREHOLDERS' EQUITY 625,913,877,439 788,390,241,425 823,242,309,751 882,204,355,596 930,748,777,830 977,283,802,432 1,043,827,091,790

03/08/2023
 2029

377,651,418,683
-
417,727,325,978
-

71,212,086,131
14,242,417,226
142,424,172,262
2,452,355,659
8,620,934,093
-
-

1,034,330,710,032

647,573,887

432,018,436,648
(279,693,388,113)
152,325,048,535

-
-
-
30,699,691,797
30,699,691,797

183,672,314,219

1,218,003,024,251

03/08/2023
 2029

21,873,332,238
61,794,824,332

-
-

-
-
-
83,668,156,570

11,008,624,780

-
-
45,993,962,904

-
-
-

57,002,587,684

140,670,744,254

555,275,300,000
173,566,403,365
178,485,702,188
170,004,874,445
1,077,332,279,997

1,218,003,024,251

03/08/2023
Financial Projection (in IDR Currency)
PROJECTED CASH FLOW STATEMENT
CASH FLOW FROM OPERATIONS
Cash Inflow
Trade Receivable collection
Other Income
Due from related parties
Cash Outflow
Payment for Non LC Purchases
Payment for LC Purchases
Payment for Convertion Cost
Payment for Selling Expenses
Payment for G&A Expenses
Payment for Accrued Expenses
Payment for Other Payables
Payment to Related Parties
Payment for Taxes & Others
Net Cash Flow from Operations
CASH FLOW FROM FINANCING ACTIVITIES
Cash Inflow
Proceeds from New Loan:
- Long Term Loan
Cash Outflow
Loan Repayments:
- Short Term Loan - IDR
- Long Term Loan
Interest Paid:
- Short Term Loan - IDR
- Long Term Loan
- Others
Net Cash Flow from Financing
Increase (Decrease) in Cash Balance
Cash Balance - Beginning
Cash Balance - Ending
Cash on Hand & In Bank
Cash Reserve
2023 2024 2025 2026 2027 2028 2029
833,463,979,364 1,202,382,209,976 1,492,485,984,368 1,688,035,181,660 1,826,116,158,606 1,986,935,633,723 2,054,814,049,828
8,790,781,462 - - - - -
26,837,055,940 32,800,846,148 - -
(486,673,790,795) (756,437,756,405) (899,576,243,761) (1,069,986,311,584) (1,224,342,846,277) (1,292,970,218,842) (1,366,229,289,214)
(350,232,998,638) (326,996,443,100) (374,358,199,253) (362,210,942,595) (316,039,195,682) (320,625,115,727) (338,689,719,917)
(71,795,904,504) (85,758,230,309) (95,460,306,401) (102,986,169,658) (108,979,278,383) (114,619,278,473) (120,554,651,099)
(22,355,030,809) (32,413,151,350) (38,796,692,539) (43,194,511,381) (46,364,106,994) (49,055,326,293) (51,893,392,247)
(9,652,482,661) (10,135,106,794) (10,641,862,133) (11,173,955,240) (11,732,653,002) (12,319,285,652) (12,935,249,935)
(4,209,177,815) - - - - - -
(13,587,380,431) - - - - - -
(15,068,915,583)
(7,397,748,840) - - - - - -
(111,881,613,309) 23,442,368,167 73,652,680,279 98,483,291,203 118,658,078,268 197,346,408,736 164,511,747,417
287,869,697,148 - - - - - -
(49,058,744,622) - - - - - -
- (28,786,969,715) (43,180,454,572) (57,573,939,430) (71,967,424,287) (86,360,909,144) -
(3,556,758,985) - - - - - -
(20,870,553,043) (36,919,288,659) (32,061,487,520) (25,260,565,925) (16,516,523,874) (5,829,361,367) -
(8,636,090,914) -
204,864,539,105 (66,513,427,462) (75,973,269,789) (83,489,991,660) (89,063,593,076) (92,190,270,512) -
92,982,925,795 (43,071,059,294) (2,320,589,509) 14,993,299,542 29,594,485,192 105,156,138,224 164,511,747,417
15,804,471,315 108,787,397,110 65,716,337,816 63,395,748,307 78,389,047,849 107,983,533,042 213,139,671,266
108,787,397,110 65,716,337,816 63,395,748,307 78,389,047,849 107,983,533,042 213,139,671,266 377,651,418,683
108,787,397,110 65,716,337,816 63,395,748,307 78,389,047,849 107,983,533,042 213,139,671,266 377,651,418,683
- - - - - - -
03/08/2023