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Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
Team 16 business plan submission (financial appendix)
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Team 16 business plan submission (financial appendix)

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  • 1. Key Assumption Currency 1 Convertion 1$= Rp 8,552 1€= $ 1.48 1€= Rp 12,657 2 Inflation Rate 6.70% Days, Month and 3 Year 1 Month = 25 workdays 1 Year = 300 days 4 Price from supplier: Jatropha seed free (from Indocement Plantation) Used Oil Rp. 1400/ litre (from restauran chain) Spiritus Rp. 9500/ litre each price assume increasing relative based on inflation 5 All activity is assumed no account receivable and no 6 Price for CER is assumed € 17 /tonCO2/year
  • 2. 1$= Rp 8,5521€= $ 1.481€= Rp 12,657Initial Fee per CDM Project € 75,000 = $ 111,000 = 0 1 2 3 Baseline Emission 1,610 1,610 1,610 Project Emission 0 0 0 Leakage 0 0 0 Emission Reduction 1,610 1,610 1,610Baseline emissionHousehold 2,146CO2 dari penggunaan minyak tanah per keluarga 0.75 ton/CO2 per year = 300emission per year 1,610 ton CO2Project EmissionLuas lahan Jathropa 170 ha = 1,700,000hasil per m2 0.19 liter/yearTotal hasil plant oil 321,970 liter/yearPenggunaan per kepala keluarga per tahun 150 liter/yearJumlah kepala keluarga yang dapat disupplai 2,146 kepala keluargaEmission per year 0.00kebutuhan untuk : 321,970 321,970 321,970Protos User 1,600 3,300 5,000 6,500Fuel Suplly needs 240,000 495,000 750,000 975,000Used Oil needs 300,000 350,000 428,030 653,030Spiritus requirement/week/household 0.7 litreSpiritus needs 58,240 120,120 182,000 236,600
  • 3. Rp 949,272,000 4 5 1,610 1,610 tonCO2 per year 0 0 tonCO2 per year 0 0 tonCO2 per year 1,610 1,610 tonCO2 per yearlt/yearm2 8,000 1,200,000 liter/year 878,030 liter/year 291,200 litre/year
  • 4. 1$=1€=1€=Initial Fee per CDM PERyfNRB,yNCVbiomassEFprojected_fossil_fuelƞoldƞnewHGpy Protos UserByBy,saving
  • 5. 1$= Rp 8,5521€= $ 1.481€= Rp 12,657Initial Fee per CDM Project € 75,000 = $ 111,000 = Rp 949,272,000 Year 0 1 2 3 4ERy 1,722.24 3,552.12 5,382.00 6,996.60fNRB,y 1.00NCVbiomass 0.02 TJ/tonnesEFprojected_fossil_fuel 71.50 tCO2/TJƞold 0.35 25 lt plant oil = 0.23ƞnew 0.55HGpy 8,999.99 TJ 1 kwh = 3599,99 Protos User = 1,600 1,700 1,700 1,500By = 4416.00 4692.00 4692.00 4140.00By,saving = 1605.818 1706.181818 1706.182 1505.454545
  • 6. 5 8,611.20tonnes woodsTJ (2.5 Kwh) 1,500 tonnes 4140.00 tonnes 1505.454545 tonnes
  • 7. 1$= Rp 8,5521€= $ 1.481€= Rp 12,657Initial Fee per CDM Project € 75,000 0 Baseline Emission Project Emission Leakage Emission Reductionused oil 100 ltgassoline 1 ltbiodiesel 1 ltused oil (100%) 1 ltSuplly needsUsed oil Capacity Leakage: jarak ke majalengka dari citeureup(per hari) 120 Total jarak tempuh per tahun 36,000 gassolineLeakage from program 7
  • 8. = $ 111,000 = Rp 949,272,000 Year 1 2 3 4 5 690 805 984 1,502 2,019 tonCO2 per year 150 175 214 326 438 tonCO2 per year 7 10 15 23 35 tonCO2 per year 533 620 755 1,153 1,547 tonCO2 per year = 80 biodiesel (liters) = 2.3 kg CO2 = 0.4991 kg CO2 = 0 kg CO2 240,000 495,000 750,000 975,000 1,200,000 1,200,000 (Lt/year) 300,000 350,000 428,030 653,030 878,030 878,030 (Lt/year)kmkm1 km = 0.19 kg CO2ton CO2
  • 9. 05-10-12Biokraftstoffe 1 $ = Rp 8,552 Rp N o t es 11:37 AMRevenue Projections inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Protos Sales (unit) 1,600 1,700 1,700 1,500 1,500 Price per unit ($) 20 21 23 24 26 Price per unit (Rp) 171,040 182,500 194,727 207,774 221,695 Total 273,664,000 310,249,456 331,036,170 311,660,817 332,542,092 % of Revenue 8.33% 6.28% 5.08% 3.56% 2.95%Fuel (Jatropha Oil) Sales (litres) 321,970 321,970 321,970 321,970 321,970 Price per unit (Rp) 3,500 3,735 3,985 4,252 4,537 Total 1,126,893,939 1,202,395,833 1,282,956,354 1,368,914,430 1,460,631,697 % of Revenue 34.32% 24.33% 19.68% 15.64% 12.97%Used Oil Sales (litres) 300,000 350,000 428,030 653,030 878,030 Price per unit (Rp) 3,500 3,735 3,985 4,252 4,537 Total 1,050,000,000 1,307,075,000 1,705,577,271 2,776,480,561 3,983,228,556 % of Revenue 31.98% 26.45% 26.17% 31.73% 35.37%Spiritus Sales (litres) 58,240 120,120 182,000 236,600 291,200 Price per unit (Rp) 10,000 10,670 11,385 12,148 12,962 Total 582,400,000 1,281,680,400 2,072,049,980 2,874,140,527 3,774,409,775 % of Revenue 17.74% 25.93% 31.79% 32.85% 33.52%CER from CDM Project Project AMS-II.G (tCO2/year) 1,722 3,552 5,382 6,997 8,611 Project AMS-I.G (tCO2/year) 1,610 1,610 1,610 1,610 Project AMS-I.H (tCO2/year) 620 755 1,153 1,547 Price per tCO2/year (€) 17 17 17 17 17 Price per tCO2/year (Rp) 145,384 145,384 145,384 145,384 145,384 Total 250,386,140 840,613,702 1,126,333,210 1,418,861,447 1,710,830,318 % of Revenue 7.63% 17.01% 17.28% 16.22% 15.19%Net Revenue 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439 Revenues by Months & Quarters Sales by Months & Quarters Year 1 Year 2 Year 3 Year 4 Year 5Months Year 1 Year 2 Year 3 Year 4 Year 5 Protos Jatropha Used oil Spiritus Protos Jatropha Used oil Spiritus Protos Jatropha Used oil Spiritus Protos Jatropha Used oil Spiritus Protos Jatropha Used oil SpiritusMonth 1 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 2 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 3 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267 Total 1st Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030 400 80,492 75,000 14,560 425 80,492 87,500 30,030 425 80,492 107,008 45,500 375 80,492 163,258 59,150 375 80,492 219,508 72,800Month 4 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 5 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 6 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267 Total 2nd Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030 400 80,492 75,000 14,560 425 80,492 87,500 30,030 425 80,492 107,008 45,500 375 80,492 163,258 59,150 375 80,492 219,508 72,800Month 7 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 8 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 9 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267 Total 3rd Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030 400 80,492 75,000 14,560 425 80,492 87,500 30,030 425 80,492 107,008 45,500 375 80,492 163,258 59,150 375 80,492 219,508 72,800Month 10 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 11 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267Month 12 503,132,635 1,182,397,093 1,575,634,858 2,029,794,475 2,506,731,329 133 26,831 25,000 4,853 142 26,831 29,167 10,010 142 26,831 35,669 15,167 125 26,831 54,419 19,717 125 26,831 73,169 24,267 Total 4th Quarter 1,008,625,625 1,865,963,875 2,474,238,154 3,251,660,531 4,098,533,349 400 80,492 75,000 14,560 425 80,492 87,500 30,030 425 80,492 107,008 45,500 375 80,492 163,258 59,150 375 80,492 219,508 72,800 Total for year 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439 1,600 321,970 300,000 58,240 1,700 321,970 350,000 120,120 1,700 321,970 428,030 182,000 1,500 321,970 653,030 236,600 1,500 321,970 878,030 291,200 0 0 0 0 0 Unit Litres Litres Litres Unit Litres Litres Litres Unit Litres Litres Litres Unit Litres Litres Litres Unit Litres Litres LitresAverage Revenue by Month 273,612,007 411,834,533 543,162,749 729,171,482 938,470,203 by Quarter 820,836,020 1,235,503,598 1,629,488,246 2,187,514,446 2,815,410,610
  • 10. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp Notes 11:37 AMCost of Revenues inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Revenue 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Cost of RevenueProtos 42,760 COGM per Unit ($) 50 53 57 61 65 COGM per Unit (Rp) 427,600 456,249 486,818 519,435 554,237 Discount for retail/cooperative ($) 2 2 2 2 3 Discount for retail/cooperative (Rp) 17,104 18,250 19,473 20,777 22,169 Subsidy for user per Unit ($) 15 16 17 18 19 Subsidy for user per Unit (Rp) 128,280 136,875 146,045 155,830 166,271 Transportation cost per unit 200 213 228 0 0 Total Direct Costs per Unit (Rp) 573,184 611,587 652,564 696,042 742,677 Unit Sales 1,600 1,700 1,700 1,500 1,500 Total Direct Costs 917,094,400 1,039,698,458 1,109,358,254 1,044,063,738 1,114,016,008 % of Revenue 27.93% 21.04% 17.02% 11.93% 9.89% Gross margin -235% -235% -235% -235% -235%Jatropha Oil Price of Jatropha seed from partner 0 0 0 0 0 Processing & Transportation Cost per unit 1,500 1,601 1,708 1,822 1,944 Total Direct Costs per Unit 1,500 1,601 1,708 1,822 1,944 Unit Sales 321,970 321,970 321,970 321,970 321,970 Total Direct Costs 482,954,545 515,312,500 549,838,438 586,677,613 625,985,013 % of Revenue 14.71% 10.43% 8.44% 6.70% 5.56% Gross margin 57.14% 57.14% 57.14% 57.14% 57.14%Used Oil Price of Used Oil from source 1400 1494 1594 1701 1815 Transportation cost from source 200 213 228 243 259 Distribution cost to buyer & consumen 200 213 228 243 259 Filtering cost 10 11 11 12 13 Total Direct Costs per Unit 1810 1931 2061 2199 2346 Unit Sales 300,000 350,000 428,030 653,030 878,030 Total Direct Costs 543,000,000 675,944,500 882,027,103 1,435,837,090 2,059,898,196 % of Revenue 16.54% 13.68% 13.53% 16.41% 18.29% Gross margin 48.29% 48.29% 48.29% 48.29% 48.29%Spiritus Price from supplier 9,500 10,137 10,816 11,540 12,313 Distribution cost 200 213 228 243 259 Total Direct Costs per Unit 9,700 10,350 11,043 11,783 12,573 Unit Sales 58,240 120,120 182,000 236,600 291,200 Total Direct Costs 564,928,000 1,243,229,988 2,009,888,481 2,787,916,311 3,661,177,482 % of Revenue 17.21% 25.16% 30.84% 31.86% 32.51% Gross margin 3.00% 3.00% 3.00% 3.00% 3.00%CDM Project Auditor fee ($) 20,000 20,000 20,000 20,000 Auditor fee (Rp) 171,040,000 171,040,000 171,040,000 171,040,000 Total CDM Project Cost 0 171,040,000 171,040,000 171,040,000 171,040,000 All other costs % of Revenue 0.5% 16,416,720 24,710,072 32,589,765 43,750,289 56,308,212 Total Cost of Revenues 2,524,393,666 3,669,935,518 4,754,742,040 6,069,285,041 7,688,424,912 % of Revenue 76.9% 74.3% 72.9% 69.4% 68.3% Cost of Revenues by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 2 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 3 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801 Total 1st Quarter 582,971,174 761,424,131 983,275,012 1,271,280,755 1,630,106,404Month 4 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 5 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 6 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801 Total 2nd Quarter 582,971,174 761,424,131 983,275,012 1,271,280,755 1,630,106,404Month 7 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 8 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 9 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801 Total 3rd Quarter 582,971,174 761,424,131 983,275,012 1,271,280,755 1,630,106,404Month 10 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 11 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801Month 12 386,832,694 878,047,036 1,149,400,328 1,407,922,273 1,711,368,097 Total 4th Quarter 775,480,144 1,385,663,123 1,804,917,003 2,255,442,776 2,798,105,700 Total for year 2,524,393,666 3,669,935,518 4,754,742,040 6,069,285,041 7,688,424,912
  • 11. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp Notes 11:37 AMOperating Expenses inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439 Activities Year 1 Year 2 Year 3 Year 4 Year 5 Promotion Activities 58,293,360 60,693,360 60,693,360 ######### #########Sales & Marketing Marketing tools 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 Drivers Training for Trainers 900,000 900,000 900,000 900,000 900,000 Salaries and Benefits 118,800,000 126,759,600 135,252,493 144,314,410 153,983,476 Total 62,133,360 64,533,360 64,533,360 ######### ######### Commissions % of Revenue 5.00% 164,167,204 247,100,720 325,897,649 437,502,889 563,082,122 Promotion Activities 58,293,360 60,693,360 60,693,360 55,893,360 55,893,360 Marketing Tools 2,940,000 2,940,000 2,940,000 2,940,000 2,940,000 Training for Trainer 900,000 900,000 900,000 900,000 900,000 Total Sales and Marketing 345,100,564 438,393,680 525,683,502 641,550,659 776,798,958 % of Revenue 10.5% 8.9% 8.1% 7.3% 6.9%General, Operational & Administration Drivers Promotion Activity YEAR 1 Salaries and Benefits 423,450,000 451,821,150 490,802,608 523,686,383 568,688,973 Program Period Target buyers (per period) Target buyers (year) Jumlah Depreciation 64,141,414 5,808,081 8,087,121 10,366,162 10,366,162 Bundling system Every month 84 1008 Rent Office 60,000,000 64,020,000 68,309,340 72,886,066 77,769,432 ######### With Regular promotion ######### Utilities 12,000,000 12,804,000 13,661,868 14,577,213 15,553,886 Cooking competition Every 6 month 25 50 2,000,000 Total General,Op & Administration 559,591,414 534,453,231 580,860,937 621,515,823 672,378,453 Food bazaar in Independence day Once a year 50 50 4,300,000 % of Revenue 17.0% 10.8% 8.9% 7.1% 6.0% Microfinance program Every 4 month 132 396 9,504,000 Membership Every month 3 36 630,000 All other expenses % of Revenue 0.50% 16,416,720 24,710,072 32,589,765 43,750,289 56,308,212 Member get Member Every month 5 60 1,539,360Total Operating Expenses 921,108,699 997,556,982 1,139,134,204 1,306,816,771 1,505,485,623 TOTAL NUMBER OF BUYERS YEAR 1 1600 buyers ######### % of Revenue 28.1% 20.2% 17.5% 14.9% 13.4% YEAR 2 Program Period Target buyers (per period) Target buyers (year) JumlahAllocation of Operating Expenses between: Bundling system Every month 84 1008 #########Variable 781,127,284 911,084,902 1,045,235,875 1,205,147,331 1,397,956,143 With Regular promotion % of Total Operating Expense 85.16% 91.68% 92.07% 92.49% 93.09% Cooking competition Every 6 month 25 50 2,000,000Fixed 136,141,414 82,632,081 90,058,329 97,829,441 103,689,480 Food bazaar in Independence day Once a year 50 50 4,300,000 % of Total Operating Expense 14.84% 8.32% 7.93% 7.51% 6.91% Microfinance program Every 4 month 165 496 ######### Total 917,268,699 993,716,982 1,135,294,204 1,302,976,771 1,501,645,623 Membership Every month 3 36 630,000 Member get Member Every month 5 60 1,539,360 TOTAL NUMBER OF BUYERS YEAR 1700 buyers 2 #########
  • 12. Sales & Marketing by Months & Quarters YEAR 3 05-10-12 11:37 AM (Rp) Program Period Target buyers (per period) Target buyers (year) Jumlah Year 1 Year 2 Year 3 Year 4 Year 5 Bundling system Every month 84 1008 #########Month 1 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 With Regular promotionMonth 2 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Cooking competition Every 6 month 25 50 2,000,000Month 3 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Food bazaar in Independence day Once a year 50 50 4,300,000 Total 1st Quarter 79,695,843 90,956,238 108,710,725 134,380,080 164,697,577 Microfinance program Every 4 month 165 496 #########Month 4 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Membership Every month 3 36 630,000Month 5 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Member get Member Every month 5 60 1,539,360 TOTAL NUMBER OF BUYERS YEAR 1700 buyersMonth 6 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 3 ######### Total 2nd Quarter 79,695,843 90,956,238 108,710,725 134,380,080 164,697,577 YEAR 4Month 7 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Program Period Target buyers (per period) Target buyers (year) JumlahMonth 8 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Bundling system Every month 84 1008 #########Month 9 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 With Regular promotion Total 3rd Quarter 79,695,843 90,956,238 108,710,725 134,380,080 164,697,577 Cooking competition Every 6 month 25 50 2,000,000Month 10 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Food bazaar in Independence day Once a year 50 50 4,300,000Month 11 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Microfinance program Every 4 month 98 296 7,104,000Month 12 52,882,473 104,887,475 127,077,512 148,823,701 172,907,841 Membership Every month 3 36 630,000 Total 4th Quarter 106,013,035 165,524,967 199,551,329 238,410,421 282,706,226 Member get Member Every month 5 60 1,539,360 TOTAL NUMBER OF BUYERS YEAR 1500 buyers Total for year 345,100,564 438,393,680 525,683,502 641,550,659 776,798,958 3 ######### YEAR 5 Program Period Target buyers (per period) Target buyers (year) Jumlah General,Operational and Administrative by Months & Quarters Bundling system Every month 84 1008 ######### (Rp) With Regular promotion Year 1 Year 2 Year 3 Year 4 Year 5 Cooking competition Every 6 month 25 50 2,000,000Month 1 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Food bazaar in Independence day Once a year 50 50 4,300,000Month 2 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Microfinance program Every 4 month 98 296 7,104,000Month 3 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Membership Every month 3 36 630,000 Total 1st Quarter 129,229,315 110,886,304 120,121,353 130,183,555 142,558,253 Member get Member Every month 5 60 1,539,360 TOTAL NUMBER OF BUYERS YEAR 1500 buyersMonth 4 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 3 #########Month 5 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418Month 6 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Total 2nd Quarter 129,229,315 110,886,304 120,121,353 130,183,555 142,558,253Month 7 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418Month 8 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418Month 9 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Total 3rd Quarter 129,229,315 110,886,304 120,121,353 130,183,555 142,558,253Month 10 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418Month 11 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418Month 12 85,750,593 127,870,115 140,415,978 144,176,120 149,664,859 Total 4th Quarter 171,903,470 201,794,318 220,496,879 230,965,157 244,703,695 Total for year 559,591,414 534,453,231 580,860,937 621,515,823 672,378,453
  • 13. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp Notes 11:37 AMPersonnel inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Sales & Marketing Marketing Manager 36,000,000 38,412,000 40,985,604 43,731,639 46,661,659 Customer service 9,000,000 9,603,000 10,246,401 10,932,910 11,665,415 Tech support 18,000,000 19,206,000 20,492,802 21,865,820 23,330,830 Sales Person 45,000,000 48,015,000 51,232,005 54,664,549 58,327,074 Total Salary 108,000,000 115,236,000 122,956,812 131,194,918 139,984,978 Benefits Percent (%) 10% 10% 10% 10% 10% Total benefit costs 10,800,000 11,523,600 12,295,681 13,119,492 13,998,498 Total S & M Compensation 118,800,000 126,759,600 135,252,493 144,314,410 153,983,476 % of Revenue 3.6% 2.6% 2.1% 1.6% 1.4%General & Administration Chief Executive Officer 48,000,000 51,216,000 54,647,472 58,308,853 62,215,546 Chief Financial Officer 36,000,000 38,412,000 40,985,604 43,731,639 46,661,659 HR Manager 36,000,000 38,412,000 40,985,604 43,731,639 46,661,659 HR Staff 21,000,000 22,407,000 23,908,269 25,510,123 27,219,301 Accounting 42,000,000 44,814,000 47,816,538 51,020,246 54,438,603 Clerks and admin personnel 42,000,000 44,814,000 47,816,538 51,020,246 54,438,603 Total Salary 225,000,000 240,075,000 256,160,025 273,322,747 291,635,371 Benefits Percent (%) 10% 10% 10% 10% 10% Total benefit costs 22,500,000 24,007,500 25,616,003 27,332,275 29,163,537Total G & A Compensation 247,500,000 264,082,500 281,776,028 300,655,021 320,798,908 % of Revenue 7.5% 5.3% 4.3% 3.4% 2.8%
  • 14. Cost of Revenue 05-10-12 Operational 11:37 AM Operations Manager 36,000,000 38,412,000 40,985,604 43,731,639 46,661,659 Staff 63,000,000 67,221,000 71,724,807 76,530,369 81,657,904 Labor 54,000,000 57,618,000 61,478,406 65,597,459 69,992,489 Total Salary 153,000,000 163,251,000 174,188,817 185,859,468 198,312,052 Benefits Percent (%) 15% 15% 20% 20% 25% Total benefit costs 22,950,000 24,487,650 34,837,763 37,171,894 49,578,013 Total Salary Costs 175,950,000 187,738,650 209,026,580 223,031,361 247,890,065Total CORs Compensation 175,950,000 187,738,650 209,026,580 223,031,361 247,890,065 % of Revenue 5.4% 3.8% 3.2% 2.5% 2.2%Total Salary & Wages 486,000,000 518,562,000 553,305,654 590,377,133 629,932,401Total Benefits 56,250,000 60,018,750 72,749,447 77,623,660 92,740,048Total Compensation 542,250,000 578,580,750 626,055,101 668,000,793 722,672,449 % of Revenue 16.5% 11.7% 9.6% 7.6% 6.4%
  • 15. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp Notes AM 11:37Taxes inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Income Tax (Rate Federal & State) 10% 10% 10% 10% 10%Net Earnings Before Taxes (190,007,469) 263,175,051 616,092,524 1,369,737,893 2,067,731,904 Cumulative (190,007,469) 73,167,581 689,260,105 2,058,997,998 4,126,729,902Taxes 0 (26,317,505) (61,609,252) (136,973,789) (206,773,190) Percent of Revenues 0.0% -0.5% -0.9% -1.6% -1.8%
  • 16. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp 11:37 AMProperty and Equipment inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 PurchasedNet Revenues Assets 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Capital Expenditures Prepaid Rent of Depo & Office 60,000,000 Oil Drum (100 litre capacity) 25,915,404 15,498,737 16,666,667 22,790,404 22,790,404 Oil Galon (5 litre capacity) 10,000,000 Peeling Machine 20,000,000 Filtering Machine 5,000,000 Press Machine 20,000,000 Other Equipment 1,000,000 Total Capital Expenditures 141,915,404 15,498,737 16,666,667 22,790,404 22,790,404 0 % of Revenue 0.5% 0.3% 0.3% 0.3% 0.0%Depreciation on Rent of Depo & Office (allocated to Cost of Revenue) Depreciation Rate: Years 1 1 1 1 1 1 Year 0 60,000,000 0 0 0 0 Year 1 0 0 0 0 0 Year 2 0 0 0 0 Year 3 0 0 0 Year 4 0 0 Year 5 0 Total Depreciation 60,000,000 0 0 0 0Depreciation Oil Drum and Depo Equipment (allocated to Cost of Revenue) Depreciation Rate: Years 10 10 10 10 10 10 Year 0 2,591,540 2,591,540 2,591,540 2,591,540 2,591,540 Year 1 1,549,874 1,549,874 1,549,874 1,549,874 1,549,874 Year 2 1,666,667 1,666,667 1,666,667 1,666,667 Year 3 2,279,040 2,279,040 2,279,040 Year 4 2,279,040 2,279,040 Year 5 0 Total Depreciation 4,141,414 5,808,081 8,087,121 10,366,162 10,366,162Depreciation Office Utilities (allocated to General & Administrative Expenses) Depreciation Rate: Years 1 1 1 1 1 1 Year 0 1,000,000 0 0 0 0 Year 1 0 0 0 0 0 Year 2 0 0 0 0 Year 3 0 0 0 Year 4 0 0 Year 5 0 Total Depreciation 1,000,000 0 0 0 0Total Depreciation 65,141,414 5,808,081 8,087,121 10,366,162 10,366,162 % of Revenue 2.0% 0.1% 0.1% 0.1% 0.1%Property & Equipment Gross Asset Value 141,915,404 157,414,141 174,080,808 196,871,212 219,661,616 219,661,616 Accumulated Depreciation 65,141,414 70,949,495 79,036,616 89,402,778 99,768,939 Net Property and Equipment 141,915,404 92,272,727 103,131,313 117,834,596 130,258,838 119,892,677 % of Revenue 2.8% 2.1% 1.8% 1.5% 1.1% Capital Expenditures by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 15,498,737Month 2Month 3 Total 1st Quarter 15,498,737 0 0 0 0Month 4Month 5Month 6 Total 2nd Quarter 0 0 0 0 0Month 7Month 8Month 9 Total 3rd Quarter 0 0 0 0 0Month 10Month 11Month 12 Total 4th Quarter 0 0 0 0 0
  • 17. Total for year 15,498,737 0 0 0 05-10-12 0 11:37 AM
  • 18. 05-10-12Notes 11:37 AM
  • 19. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp Notes 11:37 AMWorking Capital inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Accounts Receivable % of Revenue Days Outstanding 0 0 0 0 0 Accounts Receivable 0 0 0 0 0 (Increase)/Decrease from Prev. Period 0 0 0 0 0Inventory % of Revenue Inventory Turns 0 0 0 0 0 Inventory Days 0 0 0 0 0 Inventory 0 0 0 0 0 (Increase)/Decrease from Prev. Period 0 0 0 0 0Other Current Assets % of Revenue Days 0 0 0 0 0 Other CA Value 0 0 0 0 0 (Increase)/Decrease from Prev. Period 0 0 0 0 0Accounts Payable & Accrued Expenses % of Revenue Days 0 0 0 0 0 AP & Accrued Value 0 0 0 0 0 Increase/(Decrease) from Prev. Period 0 0 0 0 0Other Current Liabilites % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% Days 0 0 0 0 0 Other Current Liabilities 0 0 0 0 0 Increase/(Decrease) from Prev. Period 0 0 0 0 0Net Working Capital 0 0 0 0 0Revenues by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 2 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 3 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 Total 1st Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030Month 4 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 5 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 6 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 Total 2nd Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030Month 7 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 8 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 9 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010 Total 3rd Quarter 758,239,485 1,025,350,172 1,347,904,944 1,832,799,084 2,387,703,030Month 10 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 11 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010Month 12 503,132,635 1,182,397,093 1,575,634,858 2,029,794,475 2,506,731,329 Total 4th Quarter 1,008,625,625 1,865,963,875 2,474,238,154 3,251,660,531 4,098,533,349 Total for year 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Accounts Receivable by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 - - - - -Month 2 - - - - -Month 3 - - - - -Month 4 - - - - -Month 5 - - - - -Month 6 - - - - -Month 7 - - - - -Month 8 - - - - -Month 9 - - - - -Month 10 - - - - -Month 11 - - - - -Month 12 - - - - -Inventory by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 - - - - -Month 2 - - - - -Month 3 - - - - -
  • 20. Month 4 - - - - - 05-10-12Month 5 - - - - - 11:37 AMMonth 6 - - - - -Month 7 - - - - -Month 8 - - - - -Month 9 - - - - -Month 10 - - - - -Month 11 - - - - -Month 12 - - - - -Other Current Assets by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 - - - - -Month 2 - - - - -Month 3 - - - - -Month 4 - - - - -Month 5 - - - - -Month 6 - - - - -Month 7 - - - - -Month 8 - - - - -Month 9 - - - - -Month 10 - - - - -Month 11 - - - - -Month 12 - - - - -
  • 21. Accounts Payble & Accrued Expenses by Months & Quarters 05-10-12 11:37 AM (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 - - - - -Month 2 - - - - -Month 3 - - - - -Month 4 - - - - -Month 5 - - - - -Month 6 - - - - -Month 7 - - - - -Month 8 - - - - -Month 9 - - - - -Month 10 - - - - -Month 11 - - - - -Month 12 - - - - -Other Current Liabilities by Months & Quarters (Rp) Year 1 Year 2 Year 3 Year 4 Year 5Month 1 - - - - -Month 2 - - - - -Month 3 - - - - -Month 4 - - - - -Month 5 - - - - -Month 6 - - - - -Month 7 - - - - -Month 8 - - - - -Month 9 - - - - -Month 10 - - - - -Month 11 - - - - -Month 12 - - - - -
  • 22. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp 11:37 AMFunding Projections inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 RpProperty & Equipment Gross Asset Value 141,915,404 157,414,141 174,080,808 196,871,212 219,661,616 219,661,616 Accumulated Depreciation 65,141,414 70,949,495 79,036,616 89,402,778 99,768,939 Net Property and Equipment 141,915,404 92,272,727 103,131,313 117,834,596 130,258,838 119,892,677 % of Revenue 12.42% 11.59% 7.66% 6.93% 5.48% Begin Year 1 Year 2 Year 3 Year 4 Year 5Beginning Cash 50,000,000Equity Common 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 Increase / (Decrease) Previous Period 0 0 0 0 0 Total Equity 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000Debt Short Term Debt 150,000,000 Increase / (Decrease) Previous Period 150,000,000 (150,000,000) 0 0 0 Long Term Debt Current Portion 39,368,714 39,368,714 39,368,714 39,368,714 39,368,714 Long Term Portion 141,915,404 119,576,538 94,557,009 66,535,136 35,150,638 0 Total Long Term Debt 141,915,404 119,576,538 94,557,009 66,535,136 35,150,638 0 Increase / (Decrease) Previous Period Current Portion 0 0 0 0 0 Long Term Portion (22,338,866) (25,019,530) (28,021,873) (31,384,498) (35,150,638) Total Long Term Debt 141,915,404 (22,338,866) (25,019,530) (28,021,873) (31,384,498) (35,150,638)Total Equity & Debt 191,915,404 319,576,538 144,557,009 116,535,136 85,150,638 50,000,000Partnership ContributionBSH (European Charity Program) 1,898,544,000Indocement (Heidelberg Cement Group)Shell Foundation (Indonesia) 949,272,000 Total Partnership Contribution 949,272,000 1,898,544,000 0 0 0 0Interest Interest Rate Short Term Debt 9.0% 9.0% 9.0% 9.0% 9.0% Long Term Debt 12.0% 12.0% 12.0% 12.0% 12.0% Interest Expense Short Term Debt 13,500,000 0 0 0 0 Long Term Debt 14,349,185 11,346,841 7,984,216 4,218,077 0 Total Interest 27,849,185 11,346,841 7,984,216 4,218,077 0 Interest Income Interest Rate 4.0% 4.0% 4.0% 4.0% 4.0% Interest Income 0 0 0 0 0Retained Earnings Net Income (190,007,469) 236,857,546 554,483,271 1,232,764,104 1,860,958,714 Dividends Increase / (Decrease) Retained Earnings (190,007,469) 236,857,546 554,483,271 1,232,764,104 1,860,958,714 Beginning Retained Earnings 0 (190,007,469) 46,850,076 601,333,347 1,834,097,451 Ending Retained Earnings (190,007,469) 46,850,076 601,333,347 1,834,097,451 3,695,056,165 Cost of Debt 21.00% Cost of Equity 0.00% Cost of Capital 21.00%
  • 23. 05-10-12Biokraftstoffe 1$ = 8,552 Rp 11:37 AMIncome Statement inflasi = 6.70%Years 1 to 5 € 1.00 = $ 1.48(Rp) € 1.00 = 12,657 Rp Year 1 Year 2 Year 3 Year 4 Year 5NET REVENUES 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439COST OF REVENUE 2,524,393,666 3,669,935,518 4,754,742,040 6,069,285,041 7,688,424,912 % of Revenues 76.9% 74.3% 72.9% 69.4% 68.3%GROSS PROFIT 758,950,414 1,272,078,874 1,763,210,944 2,680,772,741 3,573,217,527 % of Revenues 23.1% 25.7% 27.1% 30.6% 31.7%OPERATING EXPENSES Sales & Marketing 345,100,564 438,393,680 525,683,502 641,550,659 776,798,958 General and Administration 559,591,414 534,453,231 580,860,937 621,515,823 672,378,453 All other expenses 16,416,720 24,710,072 32,589,765 43,750,289 56,308,212 Total Operating Expenses 921,108,699 997,556,982 1,139,134,204 1,306,816,771 1,505,485,623 % of Revenues 28.05% 20.19% 17.48% 14.93% 13.37%EARNINGS BEFORE INTEREST & TAXES (162,158,285) 274,521,892 624,076,740 1,373,955,970 2,067,731,904INTEREST INCOME / (EXPENSE) (27,849,185) (11,346,841) (7,984,216) (4,218,077) (0)NET EARNINGS BEFORE TAXES (190,007,469) 263,175,051 616,092,524 1,369,737,893 2,067,731,904TAXES 0 (26,317,505) (61,609,252) (136,973,789) (206,773,190)NET EARNINGS (190,007,469) 236,857,546 554,483,271 1,232,764,104 1,860,958,714 % of Revenues -5.8% 4.8% 8.5% 14.1% 16.5%
  • 24. 05-10-12Biokraftstoffe 1$ = 8,552 11:37 AMBalance Sheet inflasi = 6.70%Years 1 to 5 € 1.00 = $ 1.48(Rp) € 1.00 = 12,657 Begin Year 1 Year 2 Year 3ASSETS CURRENT ASSETS Cash 50,000,000 37,296,342 88,275,772 600,033,887 Accounts Receivable 0 0 0 Inventories 0 0 0 Other Current Assets 0 0 0 Total Current Assets 50,000,000 37,296,342 88,275,772 600,033,887 PROPERTY & EQUIPMENT 141,915,404 92,272,727 103,131,313 117,834,596 TOTAL ASSETS 191,915,404 129,569,069 191,407,085 717,868,483LIABILITIES & SHAREHOLDERS EQUITY CURRENT LIABILITIES Short Term Debt 0 150,000,000 0 0 Accounts Payable & Accrued Expen 0 0 0 Other Current Liab 0 0 0 Total Current Liabilities 0 150,000,000 0 0 LONG TERM DEBT 141,915,404 119,576,538 94,557,009 66,535,136 STOCKHOLDERS EQUITY Capital 50,000,000 50,000,000 50,000,000 50,000,000 Retained Earnings (190,007,469) 46,850,076 601,333,347 Total Equity 50,000,000 (140,007,469) 96,850,076 651,333,347 TOTAL LIABILITIES & EQUITY 191,915,404 129,569,069 191,407,085 717,868,483 0 0 0 0
  • 25. 05-10-12Rp 11:37 AMRp Year 4 Year 5 1,788,989,250 3,625,163,488 0 0 0 0 0 0 1,788,989,250 3,625,163,488 130,258,838 119,892,677 1,919,248,089 3,745,056,165 0 0 0 0 0 0 0 0 35,150,638 0 50,000,000 50,000,000 1,834,097,451 3,695,056,165 1,884,097,451 3,745,056,165 1,919,248,089 3,745,056,165 0 0
  • 26. 05-10-12Biokraftstoffe 1$ = 8,552 Rp 11:37 AMCash Flow Statememt inflasi = 6.70%Years 1 to 5 € 1.00 = $ 1.48(Rp) € 1.00 = 12,657 Rp Begin Year 1 Year 2 Year 3 Year 4OPERATING ACTIVITIES Net Earnings (190,007,469) 236,857,546 554,483,271 1,232,764,104 Depreciation 65,141,414 5,808,081 8,087,121 10,366,162 Working Capital Changes (Increase)/Decrease Accounts Receivable 0 0 0 0 (Increase)/Decrease Inventories 0 0 0 0 (Increase)/Decrease Other Current Assets 0 0 0 0 Increase/(Decrease) Accts Pay & Accrd Expenses 0 0 0 0 Increase/(Decrease) Other Current Liab 0 0 0 0 Net Cash Provided/(Used) by Operating Activities (124,866,055) 242,665,626 562,570,392 1,243,130,265INVESTING ACTIVITIES Property & Equipment (141,915,404) (15,498,737) (16,666,667) (22,790,404) (22,790,404) Initial Fee for CDM Project Project AMS-II.G (949,272,000) Project AMS-I.G (949,272,000) Project AMS-I.H (949,272,000) Net Cash Used in Investing Activities (1,091,187,404) (1,914,042,737) (16,666,667) (22,790,404) (22,790,404)FINANCING ACTIVITIES Increase/(Decrease) Short Term Debt 150,000,000 (150,000,000) 0 0 Increase/(Decrease) Long Term Debt 141,915,404 (22,338,866) (25,019,530) (28,021,873) (31,384,498) Increase/(Decrease) Owners Capital 50,000,000 0 0 0 0 Increase/(Decrease) Partnership Contribution 949,272,000 1,898,544,000 0 0 0 Dividends Declared 0 0 0 0 Net Cash Provided / (Used) by Financing 1,141,187,404 2,026,205,134 (175,019,530) (28,021,873) (31,384,498)INCREASE/(DECREASE) IN CASH 50,000,000 (12,703,658) 50,979,430 511,758,115 1,188,955,363CASH AT BEGINNING OF YEAR 50,000,000 37,296,342 88,275,772 600,033,887CASH AT END OF YEAR 50,000,000 37,296,342 88,275,772 600,033,887 1,788,989,250 (1,091,187,404) 37,296,342 88,275,772 600,033,887 1,788,989,250NPV 1,298,237,347IRR 49%MIRR 41%
  • 27. 05-10-12 11:37 AM Year 51,860,958,714 10,366,162 0 0 0 0 01,871,324,875 0 0 0 (35,150,638) 0 0 0 (35,150,638)1,836,174,2381,788,989,2503,625,163,4883,625,163,488
  • 28. 05-10-12Biokraftstoffe 11:37 AMIncome Statements5 Years by M onths & Quarters(Rp)BiokraftstoffeIncome Statement Year 1Year 1 by Months Total Annual Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 12 Months ProjectionNET REVENUES 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 252,746,495 503,132,635 3,283,344,080 3,283,344,080COST OF REVENUE 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 194,323,725 386,832,694 2,524,393,666 2,524,393,666GROSS PROFIT 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 58,422,770 116,299,941 758,950,414 758,950,414OPERATING EXPENSES Sales & Marketing 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 26,565,281 52,882,473 345,100,564 345,100,564 General and Administration 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 43,076,438 85,750,593 559,591,414 559,591,414 All other expenses 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 1,368,060 16,416,720 Total Operating Expenses 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 71,009,779 140,001,127 921,108,699 921,108,699EARNINGS BEFORE INTEREST & TAXES (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (12,587,009) (23,701,186) (162,158,285) (162,158,285)INTEREST INCOME / (EXPENSE) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (2,320,765) (27,849,185) (27,849,185)NET EARNINGS BEFORE TAXES (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (26,021,952) (190,007,469) (190,007,469)TAXES 0 0 0 0 0 0 0 0 0 0 0 0 0 0NET EARNINGS (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (26,021,952) (190,007,469) (190,007,469)BiokraftstoffeIncome Statement Year 2Year 2 by Months Total Annual Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 12 Months ProjectionNET REVENUES 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 341,783,391 1,182,397,093 4,942,014,392 4,942,014,392COST OF REVENUE 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 253,808,044 878,047,036 3,669,935,518 3,669,935,518GROSS PROFIT 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 87,975,347 304,350,057 1,272,078,874 1,272,078,874OPERATING EXPENSES Sales & Marketing 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 30,318,746 104,887,475 438,393,680 438,393,680 General and Administration 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 36,962,101 127,870,115 534,453,231 534,453,231 All other expenses 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 2,059,173 24,710,072 24,710,072 Total Operating Expenses 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 69,340,020 234,816,763 997,556,982 997,556,982EARNINGS BEFORE INTEREST & TAXES 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 18,635,327 69,533,295 274,521,892 274,521,892INTEREST INCOME / (EXPENSE) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (945,570) (11,346,841) (11,346,841)NET EARNINGS BEFORE TAXES 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 17,689,757 68,587,725 263,175,051 263,175,051TAXES (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (2,193,125) (26,317,505) (26,317,505)NET EARNINGS 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 66,394,599 236,857,546 236,857,546BiokraftstoffeIncome Statement Year 3Year 3 by Months Total Annual Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 12 Months ProjectionNET REVENUES 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 449,301,648 1,575,634,858 6,517,952,984 6,517,952,984COST OF REVENUE 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 327,758,337 1,149,400,328 4,754,742,040 4,754,742,040GROSS PROFIT 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 121,543,310 426,234,530 1,763,210,944 1,763,210,944OPERATING EXPENSES Sales & Marketing 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 36,236,908 127,077,512 525,683,502 525,683,502 General and Administration 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 40,040,451 140,415,978 580,860,937 580,860,937 All other expenses 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 2,715,814 32,589,765 32,589,765 Total Operating Expenses 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 78,993,173 270,209,304 1,139,134,204 1,139,134,204EARNINGS BEFORE INTEREST & TAXES 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 42,550,138 156,025,226 624,076,740 624,076,740INTEREST INCOME / (EXPENSE) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (665,351) (7,984,216) (7,984,216)NET EARNINGS BEFORE TAXES 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 41,884,786 155,359,875 616,092,524 616,092,524TAXES (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (4,188,479) (15,535,987) (61,609,252) (61,609,252)NET EARNINGS 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 139,823,887 554,483,271 554,483,271BiokraftstoffeIncome Statement Year 3 Year 4 Year 5Years 3, 4 & 5 by Quarters Annual Annual Annual Year 3 Year 4 Year 5 Projection Projection Projection 1st Qtr 2nd Qrtr 3rd Qrtr 4th Qrtr Total 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr TotalNET REVENUES 1,347,904,944 1,347,904,944 1,347,904,944 2,474,238,154 6,517,952,984 1,832,799,084 1,832,799,084 1,832,799,084 3,251,660,531 8,750,057,782 2,387,703,030 2,387,703,030 2,387,703,030 4,098,533,349 11,261,642,439 6,517,952,984 8,750,057,782 ############ 0 0 0COST OF REVENUE 983,275,012 983,275,012 983,275,012 1,804,917,003 4,754,742,040 1,271,280,755 1,271,280,755 1,271,280,755 2,255,442,776 6,069,285,041 1,630,106,404 1,630,106,404 1,630,106,404 2,798,105,700 7,688,424,912 4,754,742,040 6,069,285,041 7,688,424,912GROSS PROFIT 364,629,931 364,629,931 364,629,931 669,321,151 1,763,210,944 561,518,329 561,518,329 561,518,329 996,217,754 2,680,772,741 757,596,626 757,596,626 757,596,626 1,300,427,649 3,573,217,527 1,763,210,944 2,680,772,741 3,573,217,527OPERATING EXPENSES Sales & Marketing 108,710,725 108,710,725 108,710,725 199,551,329 525,683,502 134,380,080 134,380,080 134,380,080 238,410,421 641,550,659 164,697,577 164,697,577 164,697,577 282,706,226 776,798,958 525,683,502 641,550,659 776,798,958 General and Administration 120,121,353 120,121,353 120,121,353 220,496,879 580,860,937 130,183,555 130,183,555 130,183,555 230,965,157 621,515,823 142,558,253 142,558,253 142,558,253 244,703,695 672,378,453 580,860,937 621,515,823 672,378,453 Total Operating Expenses 228,832,077 228,832,077 228,832,077 420,048,208 1,106,544,440 264,563,635 264,563,635 264,563,635 469,375,578 1,263,066,483 307,255,830 307,255,830 307,255,830 527,409,921 1,449,177,411 1,139,134,204 1,306,816,771 1,505,485,623EARNINGS BEFORE INTEREST & TAXES 135,797,854 135,797,854 135,797,854 249,272,943 656,666,505 296,954,694 296,954,694 296,954,694 526,842,176 1,417,706,259 450,340,796 450,340,796 450,340,796 773,017,728 2,124,040,116 624,076,740 1,373,955,970 2,067,731,904INTEREST INCOME / (EXPENSE) (1,996,054) (1,996,054) (1,996,054) (1,996,054) (7,984,216) (1,054,519) (1,054,519) (1,054,519) (1,054,519) (4,218,077) (0) (0) (0) (0) (0) (7,984,216) (4,218,077) (0)NET EARNINGS BEFORE TAXES 133,801,800 133,801,800 133,801,800 247,276,889 648,682,288 295,900,175 295,900,175 295,900,175 525,787,657 1,413,488,182 450,340,796 450,340,796 450,340,796 773,017,728 2,124,040,116 616,092,524 1,369,737,893 2,067,731,904TAXES (13,380,180) (13,380,180) (13,380,180) (24,727,689) (64,868,229) (29,590,017) (29,590,017) (29,590,017) (52,578,766) (141,348,818) (45,034,080) (45,034,080) (45,034,080) (77,301,773) (212,404,012) (61,609,252) (136,973,789) (206,773,190)NET EARNINGS 120,421,620 120,421,620 120,421,620 222,549,200 583,814,060 266,310,157 266,310,157 266,310,157 473,208,891 1,272,139,364 405,306,717 405,306,717 405,306,717 695,715,955 1,911,636,105 554,483,271 1,232,764,104 1,860,958,714 Do Not Delete Calculation Area Tax Loss Carry Forward Interest Income/(Expense)Tax Loss Carry ForwardCumulative Net Earning Before Taxes Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12Year 1 (14,907,774) (29,815,549) (44,723,323) (59,631,097) (74,538,872) (89,446,646) (104,354,420) (119,262,195) (134,169,969) (149,077,744) (163,985,518) (190,007,469)Year 2 (172,317,712) (154,627,956) (136,938,199) (119,248,442) (101,558,685) (83,868,928) (66,179,171) (48,489,414) (30,799,657) (13,109,900) 4,579,857 73,167,581Cumulative Net Earning Before Taxes Year 3 Year 4 Year 5 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 206,969,381 340,771,181 474,572,981 721,849,870 1,017,750,045 1,313,650,220 1,609,550,395 2,135,338,052 2,585,678,848 3,036,019,644 3,486,360,440 4,259,378,168Interest Income/(Expense) Total Year Per Month Per Qtr Year 1 (27,849,185) (2,320,765) (6,962,296) Year 2 (11,346,841) (945,570) (2,836,710) Year 3 (7,984,216) (665,351) (1,996,054) Year 4 (4,218,077) (1,054,519) (1,054,519) Year 5 (0) (0) (0)
  • 29. 05-10-12 11:37 AMBiokraftstoffe 1 $ = 8,552 Rp NotesBreak-Even Analysis inflasi = 6.70%Years 1 to 5 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp 0 1 2 3 4 5Revenue 0 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439Total Costs & Expenses Variable 3,305,520,950 4,581,020,419 5,799,977,915 7,274,432,372 9,086,381,055 Fixed 136,141,414 82,632,081 90,058,329 97,829,441 103,689,480 Total 0 3,441,662,364 4,663,652,500 5,890,036,245 7,372,261,813 9,190,070,535Variable Costs/Revenue Ratio 1.01 0.93 0.89 0.83 0.81Break-Even Point Revenues (20,156,094,729) 1,131,234,767 817,571,502 580,102,004 536,815,419 Revenue vs Total Cost 12,000,000,000 10,000,000,000 8,000,000,000 Rp 6,000,000,000 Revenue Total Cost 4,000,000,000 2,000,000,000 0 0 0.25 0.5 0.75 1 1.25 1.5 1.75 2 2.25 2.5 2.75 3 3.25 3.5 3.75 4 4.25 4.5 4.75 5 Years
  • 30. 05-10-12Biokraftstoffe 1 $ = 8,552 Rp 11:37 AMCash Flow Statement inflasi = 6.70%Year 1 by Months 1.00 = $ 1.48(Rp) 1.00 = 12,657 Rp Begin Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 1OPERATING ACTIVITIES Net Earnings 0 (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (14,907,774) (26,021,952) (190,007,469) (190,007,469) Depreciation 0 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 5,428,451 65,141,414 65,141,414 Working Capital Changes 0 0 (Increase)/Decrease Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Accts Pay & Accrd Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Other Current Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Cash Provided/(Used) by Operating Activities 0 (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (20,593,500) (124,866,055) (124,866,055) 0 0INVESTING ACTIVITIES 0 0 Property & Equipment (141,915,404) (15,498,737) 0 0 0 0 0 0 0 0 0 0 0 (15,498,737) (15,498,737) Initial Fee for CDM Project 0 0 Project AMS-II.G (949,272,000) 0 Project AMS-I.G 0 (949,272,000) (949,272,000) (949,272,000) Project AMS-I.H 0 (949,272,000) (949,272,000) (949,272,000) Net Cash Used in Investing Activities (1,091,187,404) (15,498,737) 0 0 0 0 0 0 0 0 0 0 (1,898,544,000) (1,914,042,737) ############ 0 0FINANCING ACTIVITIES 0 0 Increase/(Decrease) Short Term Debt 0 150,000,000 0 150,000,000 150,000,000 Increase/(Decrease) Long Term Debt 141,915,404 0 (22,338,866) (22,338,866) (22,338,866) Increase/(Decrease) Owner Capital 50,000,000 0 0 0 0 Increase/(Decrease) Partnership Contribution 949,272,000 1,898,544,000 1,898,544,000 1,898,544,000 Dividends Declared 0 0 0 0 Net Cash Provided / (Used) by Financing 1,141,187,404 2,048,544,000 0 0 0 0 0 0 0 0 0 0 (22,338,866) 2,026,205,134 2,026,205,134 0 0INCREASE/(DECREASE) IN CASH 50,000,000 2,023,565,939 (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (9,479,323) (1,941,476,366) (12,703,658) (12,703,658) 0 0CASH AT BEGINNING OF PERIOD 0 50,000,000 2,073,565,939 2,064,086,616 2,054,607,293 2,045,127,970 2,035,648,647 2,026,169,324 2,016,690,000 2,007,210,677 1,997,731,354 1,988,252,031 1,978,772,708 50,000,000CASH AT END OF PERIOD 50,000,000 2,073,565,939 2,064,086,616 2,054,607,293 2,045,127,970 2,035,648,647 2,026,169,324 2,016,690,000 2,007,210,677 1,997,731,354 1,988,252,031 1,978,772,708 37,296,342 37,296,342BiokraftstoffeCash Flow StatementYear 2 by Months Estimated(Rp) Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 2OPERATING ACTIVITIES Net Earnings 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 15,496,631 66,394,599 236,857,546 236,857,546 Depreciation 484,007 484,007 484,007 484,007 484,007 484,007 484,007 484,007 484,007 484,007 484,007 484,007 5,808,081 5,808,081 Working Capital Changes 0 (Increase)/Decrease Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Accts Pay & Accrd Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Other Current Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Cash Provided/(Used) by Operating Activities 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 66,878,606 242,665,626 242,665,626 0INVESTING ACTIVITIES 0 Property & Equipment (16,666,667) 0 0 0 0 0 0 0 0 0 0 0 (16,666,667) (16,666,667) Initial Fee for CDM Project 0 Project AMS-II.G 0 Project AMS-I.G 0 Project AMS-I.H 0 0 Net Cash Used in Investing Activities (16,666,667) 0 0 0 0 0 0 0 0 0 0 0 (16,666,667) (16,666,667) 0FINANCING ACTIVITIES 0 Increase/(Decrease) Short Term Debt 0 (150,000,000) (150,000,000) (150,000,000) Increase/(Decrease) Long Term Debt 0 (25,019,530) (25,019,530) (25,019,530) Increase/(Decrease) Owner Capital 0 0 0 0 Increase/(Decrease) Partnership Contribution 0 Dividends Declared 0 0 0 Net Cash Provided / (Used) by Financing 0 0 0 0 0 0 0 0 0 0 0 (175,019,530) (175,019,530) (175,019,530) 0INCREASE/(DECREASE) IN CASH (686,028) 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 15,980,638 (108,140,924) 50,979,430 50,979,430 0CASH AT BEGINNING OF PERIOD 37,296,342 36,610,313 52,590,951 68,571,590 84,552,228 100,532,866 116,513,504 132,494,143 148,474,781 164,455,419 180,436,057 196,416,695 37,296,342CASH AT END OF PERIOD 36,610,313 52,590,951 68,571,590 84,552,228 100,532,866 116,513,504 132,494,143 148,474,781 164,455,419 180,436,057 196,416,695 88,275,772 88,275,772BiokraftstoffeCash Flow StatementYear 3 by Months Estimated(Rp) Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Year 3OPERATING ACTIVITIES Net Earnings 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 37,696,308 139,823,887 554,483,271 554,483,271 Depreciation 673,927 673,927 673,927 673,927 673,927 673,927 673,927 673,927 673,927 673,927 673,927 673,927 8,087,121 8,087,121 Working Capital Changes 0 (Increase)/Decrease Accounts Receivable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (Increase)/Decrease Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Accts Pay & Accrd Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Increase/(Decrease) Other Current Liab 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Cash Provided/(Used) by Operating Activities 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 140,497,814 562,570,392 562,570,392 0INVESTING ACTIVITIES 0 Property & Equipment (22,790,404) 0 0 0 0 0 0 0 0 0 0 0 (22,790,404) (22,790,404) Initial Fee for CDM Project 0 Project AMS-II.G 0 Project AMS-I.G 0 Project AMS-I.H 0 0 Net Cash Used in Investing Activities (22,790,404) 0 0 0 0 0 0 0 0 0 0 0 (22,790,404) (22,790,404) 0FINANCING ACTIVITIES 0 Increase/(Decrease) Short Term Debt 0 0 0 0 Increase/(Decrease) Long Term Debt 0 (28,021,873) (28,021,873) (28,021,873) Increase/(Decrease) Owner Capital 0 0 0 0 Increase/(Decrease) Partnership Contribution 0 Dividends Declared 0 0 0 Net Cash Provided / (Used) by Financing 0 0 0 0 0 0 0 0 0 0 0 (28,021,873) (28,021,873) (28,021,873) 0INCREASE/(DECREASE) IN CASH 15,579,830 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 38,370,234 112,475,941 511,758,115 511,758,115 0CASH AT BEGINNING OF PERIOD 88,275,772 103,855,602 142,225,837 180,596,071 218,966,305 257,336,540 295,706,774 334,077,009 372,447,243 410,817,477 449,187,712 487,557,946 88,275,772CASH AT END OF PERIOD 103,855,602 142,225,837 180,596,071 218,966,305 257,336,540 295,706,774 334,077,009 372,447,243 410,817,477 449,187,712 487,557,946 600,033,887 600,033,887

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