team 16 business plan submission (financial appendix)
TRANSCRIPT
Key Assumption
1Currency
Convertion
1 $ = 8,552Rp
1 € = 1.48$
1 € = 12,657Rp
2 Inflation Rate
6.70%
3Days, Month and
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
5
6
each price assume increasing relative based on inflation
All activity is assumed no account receivable and no
Price for CER is assumed € 17 /tonCO2/year
1 $ = 8,552Rp
1 € = 1.48$
1 € = 12,657Rp
Initial 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 1,610
Baseline emissionHousehold 2,146
CO2 dari penggunaan minyak tanah per keluarga 0.75 ton/CO2 per year= 300
emission per year 1,610 ton CO2
Project EmissionLuas lahan Jathropa 170 ha = 1,700,000
hasil per m2 0.19 liter/year
Total hasil plant oil 321,970 liter/year
Penggunaan per kepala keluarga per tahun 150 liter/year
Jumlah kepala keluarga yang dapat disupplai 2,146 kepala keluarga
Emission per year 0.00
kebutuhan untuk :
321,970
321,970
321,970
Protos User 1,600 3,300 5,000 6,500
Fuel Suplly needs 240,000 495,000 750,000 975,000
Used Oil needs 300,000 350,000 428,030 653,030
Spiritus requirement/week/household 0.7 litre
Spiritus needs 58,240 120,120 182,000 236,600
949,272,000Rp
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 year
lt/year
m2
8,000
1,200,000 liter/year
878,030 liter/year
291,200 litre/year
1 $ =
1 € =
1 € =
Initial Fee per CDM Project
ERy
fNRB,y
NCVbiomass
EFprojected_fossil_fuel
ƞold
ƞnew
HGpy
Protos User
By
By,saving
1 $ = 8,552Rp
1 € = 1.48$
1 € = 12,657Rp
Initial Fee per CDM Project 75,000€ = 111,000$ = 949,272,000Rp
0 1 2 3 4
ERy 1,722.24 3,552.12 5,382.00 6,996.60
fNRB,y 1.00
NCVbiomass 0.02 TJ/tonnes
EFprojected_fossil_fuel 71.50 tCO2/TJ
ƞold 0.35 25 lt plant oil = 0.23
ƞnew 0.55
HGpy 8,999.99 TJ
1 kwh = 3599,99
Protos User = 1,600 1,700 1,700 1,500
By = 4416.00 4692.00 4692.00 4140.00
By,saving = 1605.818 1706.181818 1706.182 1505.454545
Year
5
8,611.20
tonnes woods
TJ (2.5 Kwh)
1,500 tonnes
4140.00 tonnes
1505.454545 tonnes
Year
1 $ = 8,552Rp
1 € = 1.48$
1 € = 12,657Rp
Initial Fee per CDM Project 75,000€
0
Baseline Emission
Project Emission
Leakage
Emission Reduction
used oil 100 lt
gassoline 1 lt
biodiesel 1 lt
used oil (100%) 1 lt
Suplly needs
Used oil Capacity
Leakage: jarak ke majalengka dari citeureup
(per hari) 120
Total jarak tempuh per tahun 36,000
gassoline
Leakage from program 7
Year
= 111,000$ = 949,272,000Rp
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)
km
km
1 km = 0.19 kg CO2
ton CO2
Year
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552Rp Rp Notes
Revenue 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
Months 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 Spiritus
Month 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 24,267
Month 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 24,267
Month 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 72,800
Month 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 24,267
Month 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 24,267
Month 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 72,800
Month 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 24,267
Month 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 24,267
Month 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 72,800
Month 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 24,267
Month 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 24,267
Month 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 Litres
Average 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
Year 3 Year 4 Year 5Year 1 Year 2
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp Notes
Cost 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 5
Revenue 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
Cost of Revenue
Protos 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 1 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 2 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 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 1,630,106,404
Month 4 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 5 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 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 1,630,106,404
Month 7 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 8 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 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 1,630,106,404
Month 10 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 11 194,323,725 253,808,044 327,758,337 423,760,252 543,368,801
Month 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
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp Notes
Operating 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 5
Net 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 5Promotion 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 1Salaries 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 systemRent Office 60,000,000 64,020,000 68,309,340 72,886,066 77,769,432 ######### With Regular promotionUtilities 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 1,539,360
Total Operating Expenses 921,108,699 997,556,982 1,139,134,204 1,306,816,771 1,505,485,623 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) Jumlah
Allocation 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 2,000,000
Fixed 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
21700 buyers
#########
#########Every month 84 1008
TOTAL NUMBER OF BUYERS YEAR 1
05-10-12
11:37 AMSales & Marketing by Months & Quarters YEAR 3
(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 2,000,000
Month 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 36 630,000
Month 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
Month 6 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192TOTAL NUMBER OF BUYERS YEAR
31700 buyers
#########
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) Jumlah
Month 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 promotionTotal 3rd Quarter 79,695,843 90,956,238 108,710,725 134,380,080 164,697,577 Cooking competition Every 6 month 25 50 2,000,000
Month 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 4,300,000
Month 11 26,565,281 30,318,746 36,236,908 44,793,360 54,899,192 Microfinance program Every 4 month 98 296 7,104,000
Month 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 for year 345,100,564 438,393,680 525,683,502 641,550,659 776,798,958TOTAL NUMBER OF BUYERS YEAR
31500 buyers
#########
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 2,000,000
Month 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 4,300,000
Month 2 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418 Microfinance program Every 4 month 98 296 7,104,000
Month 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
Month 4 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418TOTAL NUMBER OF BUYERS YEAR
31500 buyers
#########
Month 5 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Month 6 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Total 2nd Quarter 129,229,315 110,886,304 120,121,353 130,183,555 142,558,253
Month 7 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Month 8 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Month 9 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Total 3rd Quarter 129,229,315 110,886,304 120,121,353 130,183,555 142,558,253
Month 10 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Month 11 43,076,438 36,962,101 40,040,451 43,394,518 47,519,418
Month 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
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp Notes
Personnel 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 5
Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
Sales & 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 29,163,537
Total 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%
05-10-12
11:37 AMCost of Revenue
Operational
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 175,950,000 187,738,650 209,026,580 223,031,361 247,890,065
Total COR's 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 486,000,000 518,562,000 553,305,654 590,377,133 629,932,401
Total Benefits 56,250,000 60,018,750 72,749,447 77,623,660 92,740,048
Total 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%
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp Notes
Taxes 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 5
Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
Income 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 4,126,729,902
Taxes 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%
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp
Property 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 5Purchased
Net Revenues Assets 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
Capital 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 0
Depreciation 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 10,366,162
Depreciation 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 0
Total 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 15,498,737
Month 2
Month 3
Total 1st Quarter 15,498,737 0 0 0 0
Month 4
Month 5
Month 6
Total 2nd Quarter 0 0 0 0 0
Month 7
Month 8
Month 9
Total 3rd Quarter 0 0 0 0 0
Month 10
Month 11
Month 12
Total 4th Quarter 0 0 0 0 0
05-10-12
11:37 AMTotal for year 15,498,737 0 0 0 0
05-10-12
11:37 AMNotes
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp Notes
Working 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 5
Net Revenues 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
Accounts 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 0
Inventory
% 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 0
Other 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 0
Accounts 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 0
Other 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 0
Net Working Capital 0 0 0 0 0
Revenues by Months & Quarters
(Rp)
Year 1 Year 2 Year 3 Year 4 Year 5Month 1 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 2 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 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 2,387,703,030
Month 4 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 5 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 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 2,387,703,030
Month 7 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 8 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 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 2,387,703,030
Month 10 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 11 252,746,495 341,783,391 449,301,648 610,933,028 795,901,010
Month 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 11,261,642,439
Accounts Receivable by Months & Quarters
(Rp)
Year 1 Year 2 Year 3 Year 4 Year 5
Month 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 - - - - -
05-10-12
11:37 AMMonth 4 - - - - -
Month 5 - - - - -
Month 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 - - - - -
05-10-12
11:37 AMAccounts Payble & Accrued Expenses 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 - - - - -
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 - - - - -
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp
Funding Projections inflasi = 6.70%
Years 1 to 5 1.00 = 1.48$
(Rp) 1.00 = 12,657 Rp
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 12.42% 11.59% 7.66% 6.93% 5.48%
Begin Year 1 Year 2 Year 3 Year 4 Year 5
Beginning Cash 50,000,000
Equity
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 50,000,000
Debt
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 50,000,000
Partnership Contribution
BSH (European Charity Program) 1,898,544,000
Indocement (Heidelberg Cement Group)
Shell Foundation (Indonesia) 949,272,000
Total Partnership Contribution 949,272,000 1,898,544,000 0 0 0 0
Interest
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 0
Retained 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%
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp
Income 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 5
NET REVENUES 3,283,344,080 4,942,014,392 6,517,952,984 8,750,057,782 11,261,642,439
COST 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 2,067,731,904
INTEREST 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 2,067,731,904
TAXES 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%
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552
Balance Sheet inflasi = 6.70%
Years 1 to 5 1.00€ = 1.48$
(Rp) 1.00€ = 12,657
Begin Year 1 Year 2 Year 3
ASSETS
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 191,915,404 129,569,069 191,407,085 717,868,483
LIABILITIES & 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
05-10-12
11:37 AMRp
Rp
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
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp
Cash 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 1,243,130,265
INVESTING 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) Owner's 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 1,188,955,363
CASH AT BEGINNING OF YEAR 50,000,000 37,296,342 88,275,772 600,033,887
CASH 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 1,788,989,250
NPV 1,298,237,347
IRR 49%
MIRR 41%
05-10-12
11:37 AM
Year 5
1,860,958,714
10,366,162
0
0
0
0
0
1,871,324,875
0
0
0
(35,150,638)
0
0
0
(35,150,638)
1,836,174,238
1,788,989,250
3,625,163,488
3,625,163,488
05-10-12
11:37 AMBiokraftstoffeIncome Statements
5 Years by Months & Quarters
(Rp)
BiokraftstoffeIncome Statement Year 1
Year 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 Projection
NET 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 3,283,344,080
COST 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 2,524,393,666
GROSS 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 58,422,770 116,299,941 758,950,414 758,950,414
OPERATING 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 71,009,779 140,001,127 921,108,699 921,108,699
EARNINGS 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 0
NET 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 2
Year 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 Projection
NET 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 4,942,014,392
COST 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 3,669,935,518
GROSS 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 1,272,078,874
OPERATING 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 69,340,020 234,816,763 997,556,982 997,556,982
EARNINGS 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 69,533,295 274,521,892 274,521,892
INTEREST 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 68,587,725 263,175,051 263,175,051
TAXES (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 66,394,599 236,857,546 236,857,546
BiokraftstoffeIncome Statement Year 3
Year 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 Projection
NET 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 6,517,952,984
COST 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 4,754,742,040
GROSS 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 1,763,210,944
OPERATING 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 1,139,134,204
EARNINGS 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 42,550,138 156,025,226 624,076,740 624,076,740
INTEREST 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 41,884,786 155,359,875 616,092,524 616,092,524
TAXES (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 37,696,308 139,823,887 554,483,271 554,483,271
BiokraftstoffeIncome Statement Year 3 Year 4 Year 5
Years 3, 4 & 5 by Quarters Annual Annual Annual
Year 5 Projection Projection Projection1st 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 Total
NET 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 0
COST 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 7,688,424,912
GROSS 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 3,573,217,527
OPERATING 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 1,505,485,623
EARNINGS 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 2,067,731,904
INTEREST 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 2,067,731,904
TAXES (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 DeleteCalculation Area
Tax Loss Carry Forward
Interest Income/(Expense)
Tax Loss Carry Forward
Cumulative 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 12
Year 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 73,167,581
Cumulative Net Earning Before Taxes 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 4,259,378,168
Interest 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)
Year 3 Year 4
Year 3 Year 4
05-10-12
11:37 AM
Biokraftstoffe 1 $ = 8,552 Rp Notes
Break-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 11,261,642,439
Total 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 9,190,070,535
Variable Costs/Revenue Ratio 1.01 0.93 0.89 0.83 0.81
Break-Even Point Revenues (20,156,094,729) 1,131,234,767 817,571,502 580,102,004 536,815,419
0
2,000,000,000
4,000,000,000
6,000,000,000
8,000,000,000
10,000,000,000
12,000,000,000
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
Rp
Years
Revenue vs Total Cost
Revenue
Total Cost
05-10-12
11:37 AMBiokraftstoffe 1 $ = 8,552 Rp
Cash 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 0
INVESTING 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 0
FINANCING 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 0
INCREASE/(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 0
CASH 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 50,000,000
CASH 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 37,296,342
BiokraftstoffeCash Flow Statement
Year 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
0
INVESTING 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)
0
FINANCING 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)
0
INCREASE/(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
0
CASH 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 37,296,342
CASH 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 88,275,772
BiokraftstoffeCash Flow Statement
Year 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
0
INVESTING 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)
0
FINANCING 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)
0
INCREASE/(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
0
CASH 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 88,275,772
CASH 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