EXECUTIVE SUMMARY - INVESTASI OPTIMASILASI LAHAN WSKT DLM RIBUAN

PROJECT DATA HOTEL BANDUNG HOTEL MAKASAR

DATA SITE
LAND AREA 1,530 m² #REF! m²
BUILDING HEIGHT (HOTEL) 14.00 Floor 7,874 m² #REF! Floor #REF! m²
SEMI BASEMENT 1.00 Floor 717 m² 1.00 Floor #REF! m²
BUILDING COVERAGE (KDB) 42.88% 656 m² #REF! 624 m²
FLOOR AREA RATIO (KLB) 3.36 #REF!
TOTALl GFA (m²) 7,874 m² #REF! m²
TOTAL NSA (m²) 3,929 m² #REF! m²
EFFICIENCY HOTEL 54.90% #REF!
PRODUCT HOTEL 7,874 m² #REF! m²
ROOM RATE HOTEL Publik Rate Rp 575,000 /room Rp 590,000 /room
(Average Room Rate) ARR Rp 395,207 /room Rp 407,603 /room
ROOM AVAILABLE 135 roombay - roombay
KENAIKAN ROOM RATE / THN 5.00% 0.00%
OCCUPANCY Tahun 1 65.00% Tahun 1 75.00%
Tahun 2 70.00% Tahun 2 80.00%
Tahun 3 70.00% Tahun 3 85.00%
Tahun 4 70.00% Tahun 4 90.00%
Tahun 5 75.00% Tahun 5 90.00%
Tahun 6 dst 80.00% Tahun 6 dst 90.00%
PROJECT INVESMENT
1 LAND COST Rp 51,850,000 41.01% Rp #REF! #REF!
2 INFRASTRUCTURE & TECHNICAL COST Rp 9,298,920 Rp #REF!
3 BUILDING COST Rp 55,640,500 Rp #REF!
- BUILDING HOTEL Rp 6,500 /m² 6,500 /m²
- BOH Rp - /m² - /m²
- OFFICE BARE Rp - /m² 6,000 /m²
- FURNITURE, FIX & EQUIPMENT Rp 1,500 /m² 1,500 /m²
- BASEMENT Rp 4,500 /m² 5,000 /m²
- CONSTRUCTION SCHEDULE 18 Month 18 Month
4 PRE OPERATION 3,649,394 #REF!
5 OVERHEAD 6,000,000 #REF!
TOTAL PROJECT INVESMENT 126,438,814 #REF!
PERMODALAN
1 PERMODALAN EQUITY (30%) LOAN (70%) EQUITY (30%) LOAN (70%)
TH. 17 2,924,730 Rp - #REF! Rp #REF!
TH. 18 19,451,914 Rp 23,561,596 #REF! Rp #REF!
TH. 19 - Rp 28,650,574 - Rp #REF!
TOTAL 22,376,644 Rp 52,212,170 #REF! Rp #REF!
FINANCIAL ANALYSIS WKR WSKT WKR WSKT
1 LOAN RATE 10.00% - #REF! -
2 DISCOUNT RATE (WACC) 11.60% 11.60% #REF! #REF!
3 IRR 13.62% 13.08% #REF! #REF!
4 HAK PAKAI LANTAI OFFICE 50 m2 544 m2
5 NPV Rp 13,729,765 20,058,880 #REF! #REF!
6 PROFIT MARGIN selama (30 TH) Rp 242,895,004 104,097,859 #REF! -
8 PROSENTASE PROFIT SHARING 70.00% 30.00% 70.00% 30.00%
9 TOTAL REVENUE WKR SD TH 30 Rp 1,717,035,844 - #REF! -
10 TERMINAL VALUE HOTEL(BOOK VALUE TH KE 30) Rp - 1,633,275,000 - #REF!
11 PAY BACK PERIOD 10 Tahun 12 Bulan 22 Tahun 4 Bulan #REF! #REF! #REF! #REF!
14 WACC
- EQUITY 30% 20% 6.00% #REF! 20% #REF!
- BANK LOAN (- tax) 70% 10% 5.60% #REF! #REF! #REF!
11.60% #REF!

PEMBAGIAN PROFIT SHARING OPTIMALISASI LAHAN WSKT/ THN

Jakarta, 05 Oktober 2017 HOTEL BANDUNG HOTEL MAKASAR
Mengetahui PORSI WKR PORSI WSKT PORSI WKR PORSI WSKT
70.00% Tahun 30.00% Tahun 70.00% Tahun 30.00% Tahun

- 2017 - 2017 - 2017 - 2017

- 2018 - 2018 - 2018 - 2018
82,332 2019 35,285 2019 #REF! 2019 - 2019
( ) 338,854 2020 145,223 2020 #REF! 2020 - 2020
605,842 2021 259,646 2021 #REF! 2021 - 2021
941,362 2022 403,441 2022 #REF! 2022 - 2022
1,639,857 2023 702,796 2023 #REF! 2023 - 2023
2,407,715 2024 1,031,878 2024 #REF! 2024 - 2024
2,880,501 2025 1,234,501 2025 #REF! 2025 - 2025
3,400,079 2026 1,457,177 2026 #REF! 2026 - 2026
3,955,610 2027 1,695,262 2027 #REF! 2027 - 2027
4,553,090 2028 1,951,324 2028 #REF! 2028 - 2028
6,539,709 2029 2,802,732 2029 #REF! 2029 - 2029
7,311,813 2030 3,133,634 2030 #REF! 2030 - 2030
8,178,954 2031 3,505,266 2031 #REF! 2031 - 2031
9,075,656 2032 3,889,567 2032 #REF! 2032 - 2032
9,453,139 2033 4,051,345 2033 #REF! 2033 - 2033
9,976,835 2034 4,275,787 2034 #REF! 2034 - 2034
10,526,713 2035 4,511,449 2035 #REF! 2035 - 2035
11,104,085 2036 4,758,894 2036 #REF! 2036 - 2036
11,710,330 2037 5,018,713 2037 #REF! 2037 - 2037
12,346,893 2038 5,291,525 2038 #REF! 2038 - 2038
13,015,273 2039 5,577,974 2039 #REF! 2039 - 2039
13,717,077 2040 5,878,747 2040 #REF! 2040 - 2040
EXECUTIVE SUMMARY - INVESTASI OPTIMASILASI LAHAN WSKT DLM RIBUAN

PROJECT DATA HOTEL2041

14,453,978 BANDUNG
6,194,562 2041 #REF! HOTEL
2041MAKASAR - 2041
15,227,716 2042 6,526,164 2042 #REF! 2042 - 2042
16,040,138 2043 6,874,345 2043 #REF! 2043 - 2043
16,893,185 2044 7,239,937 2044 #REF! 2044 - 2044
17,788,892 2045 7,623,811 2045 #REF! 2045 - 2045
18,729,374 2046 8,026,875 2046 #REF! 2046 - 2046
242,895,004 104,097,859 #REF! -
346,992,863 #REF!
- - #REF! -
Analisis Sensitifitas (Profit Sharing) - HOTEL BANDUNG
Kondisi Normal Usulan Perubahan Kondisi
No Uraian
30.00% 25.00% 20.00% 15.00% 41.01%
1 Komposisi Profit Sharing
- NPV - Disc Rate 10 % (Rp 000) 13,729,765 15,752,379 17,774,994 19,797,608 9,275,968
- IRR 13.62% 13.92% 14.21% 14.49% 12.93%
- Payback period 10 Tahun 10 Tahun 10 Tahun 10 Tahun 11 Tahun
12 Bulan 11 Bulan 9 Bulan 8 Bulan 3 Bulan
18.00%

15.00% 14.21% 14.49%

13.62% 13.92%
12.93%
13.62% 13.62% 13.62% 13.62% 13.62%
12.00%
IRR

10.00% 10.00% 10.00% 10.00% 10.00%

9.00%

6.00%

3.00%
30.00% 25.00% 20.00% 15.00% 41.01%

Kenaikkan / Penurunan Parameter Analisis

Tabel 1
DATA SITE
TERASKITA HOTEL BANDUNG

SITE DATA
PLAN (m2)
Land Area 1,530
Building Height 14 LANTAI
Total GFA (m²) incl basement 7,874
Total GFA (m²) excl basement 7,157
Total NSA (m²) 3,929 55%
Floor Area Ratio (KLB) 5,139 3.4

DEVELOPMENT DATA
TOTAL TOTAL TOTAL GFA
Tipe FLOOR AREA/ UNIT Sirkulasi Eff
UNIT NSA (m2) (m2)

TOWER AREA 7,157

Hotel 14 31 126 3,929 3,228 7,157 55%
PARKIR AREA 717 ###
Semi Basement 717

TOTAL 126 3,929 3,228 7,874 50%

Tabel - 1.1

PROJECT INVESTMENT
TERASKITA HOTEL BANDUNG
INTEREST RATE 10.00% p.a. DLM RIBUAN
COST (Rp) AREA (m2) TOTAL COST PCT (%)
A. LAND COST 1,530.00 51,850,000 41.01%
LAND PRICE Rp. 33,889 /m2 of land 1,530 51,850,000

B. INFRASTRUCTURE & TECHNICAL COST 9,298,920 7.35%

INFRASTRUCTURE Rp. 500 /m2 of infra 1,530 765,000
PERMIT & LEGAL FEES
a. BLOCK PLAN Rp. 150 /m2 of total GFA 7,874 1,181,100
b. IMB Rp. 250 /m2 of total GFA 7,874 1,968,500
c. IPB Rp. 50 /m2 of total GFA 7,874 393,700
LANDSCAPING Rp. 500 /m2 of land 1,530 765,000
ENGINEERING & DESIGN FEES 4% /building cost 2,225,620
INITIAL JOINING FEE 1 / Lumpsum 2,000,000 2,000,000

C. BUILDING COST 55,640,500 44.01%

- Hotel Rp. 6,500 /m2 of building 7,157 46,520,500
- Furniture, Fix & Equipment Rp. 1,500 /m2 of building 3,929 5,893,500
- Basement Rp. 4,500 /m2 of building 717 3,226,500

D. PRE OPERATION 3,649,394 2.89%

- CONTIGENCY 1.00% of B+C 649,394
- PRE-OPENING ( Pra Marketing, Operasional, training dll) 1 / Lumpsum 3,000,000 3,000,000

E. OVERHEAD COST 6,000,000 4.75%

- OVERHEAD & MAINTENANCE COST 24 250,000 /bln 6,000,000

CONSTRUCTION COST (B+C) 64,939,420

TOTAL PROJECT COST (B+C+D+E) excl land & interest 74,588,814
TOTAL COST (A+B+C+D+E, excl interest) 126,438,814 100%
INTEREST 3,189,000
TOTAL COST (incl interest) 129,627,814
INVESTMENT SCHEDULE
TERASKITA HOTEL BANDUNG

Tahun - 2017 Tahun - 18

No Uraian Total
Twl - 1 Twl - 2 Twl - 3 Twl - 4 Twl - 1 Twl - 2 Twl - 3 Twl - 4 Twl - 1

A. Jadwal Fisik
- Land Cost 100.00% 100.00%
- Infrastructure & Technical Cost 100.00% 25.00% 25.00% 25.00% 25.00%
- Building Cost 100.00% 10.00% 20.00% 25.00% 35.00%
- Pre Operation 100.00% 25.00% 25.00% 25.00% 25.00%
- Overhead Cost 100.00% 10.00% 10.00% 10.00% 10.00% 15.00% 15.00%

B. Jadwal Biaya (Rp)

- Land Cost - - - - - - - - - -
- Infrastructure & Technical Cost 9,298,920 - - - 2,324,730 2,324,730 2,324,730 2,324,730 - -
- Building Cost 55,640,500 - - - - - 5,564,050 11,128,100 13,910,125 19,474,175
- Pre Operation 3,649,394 - - - - - 912,349 912,349 912,349 912,349
- Overhead Cost 6,000,000 - - - 600,000 600,000 600,000 600,000 900,000 900,000
Bunga Masa Pembangunan (Rp) - - - - - - - - - -
Total Biaya Investasi 74,588,814 - - - 2,924,730 2,924,730 9,401,129 14,965,179 15,722,474 21,286,524

C. Sumber Dana (Rp)

- Dana Sendiri (30%) 22,376,644 - - - 2,924,730 2,924,730 9,401,129 7,126,056
- Dana Pinjaman diluar Land Cost (70%) 52,212,170 - - - - - - 7,839,123 15,722,474 21,286,524
Total Sumber Dana 74,588,814 - - - 2,924,730 2,924,730 9,401,129 14,965,179 15,722,474 21,286,524

D. Bunga Masa Pembangunan (Rp)

- Saldo Awal KI - - - - - - - 7,839,123 23,561,596
- Saldo Akhir KI - - - - - - 7,839,123 23,561,596 44,848,120
- Bunga KI 3,189,000 - - - - - - - 196,000 589,000

Project Investasi Total 2017 2018 2019

- Land Cost - - - -
- Infrastructure & Technical Cost 9,298,920 2,324,730 6,974,190 -
- Building Cost 55,640,500 - 30,602,275 25,038,225
- Marketing Cost (Pre Operate) 3,649,394 - 2,737,046 912,349
- Overhead Cost (Pre Operate) 6,000,000 600,000 2,700,000 2,700,000
- Bunga Masa Pembangunan (Rp) 3,189,000 - 196,000 2,993,000
 Total Biaya Investasi (Incld IDC) 77,777,814 2,924,730 43,209,511 28,650,574
Total Biaya Investasi (Excld IDC) 74,588,814 2,924,730 43,013,511 25,657,574

No Uraian Total 2017 2018 2019 2020 2021 2022 2023 2024 2025

A. Sumber Dana (Rp)

- Dana Sendiri (30%) 22,376,644 2,924,730 19,451,914 -
- Dana Pinjaman diluar Land Cost (70%) 52,212,170 - 23,561,596 28,650,574

B. Akumulasi
- Dana Sendiri (30%) 22,376,644 2,924,730 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644
- Dana Pinjaman diluar Land Cost (70%) 52,212,170 - 23,561,596 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170

PERHITUNGAN INVESTMENT COST

No Uraian 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

A. HOTEL Porsion 100%

A.1. Investment
- Land - - - - - - - - - -
- Infrastructure & Licence 2,324,730 6,974,190 - - - - - - - -
- Building - 30,602,275 25,038,225 - - - - - - -
- Overhead 600,000 5,437,046 3,612,349 - - - - - - -
- Bunga Masa Pembangunan - 196,000 2,993,000 - - - - - - -
Total 2,924,730 43,209,511 31,643,574 - - - - - - -
A.2. Sumber Dana
Dana Sendiri (30%) 2,924,730 19,451,914 - - - - - - - -
Dana Pinjaman diluar Land Cost (70%) - 23,561,596 28,650,574 - - - - - - -
Total 2,924,730 43,013,511 28,650,574 - - - - - - -
A.3. Akumulasi Sumber Dana
Dana Sendiri (30%) 2,924,730 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644
Dana Pinjaman diluar Land Cost (70%) - 23,561,596 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170 52,212,170
PERHITUNGAN DEPRESIASI & AMORTISASI HOTEL
1 2 3 4 5 6 7 8
No Uraian 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

A. Harga Perolehan Awal

- Land - - - - - - - - - -
- Infrastructure & Licence - 2,324,730 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920
- Building - - 30,602,275 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500
- Overhead - 600,000 6,037,046 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394
- Bunga Masa Pembangunan - - 196,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000
Total Harga Perolehan Awal - 2,924,730 46,134,241 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814
B. Penambahan (per tahun)
- Land - - - - - - - - - -
- Infrastructure & Licence 2,324,730 6,974,190 - - - - - - - -
- Building - 30,602,275 25,038,225 - - - - - - -
- Overhead 600,000 5,437,046 3,612,349 - - - - - - -
- Bunga Masa Pembangunan - 196,000 2,993,000 - - - - - - -
C. Harga Perolehan Akhir (akumulasi)
- Land - - - - - - - - - -
- Infrastructure & Licence 2,324,730 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920 9,298,920
- Building - 30,602,275 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500 55,640,500
- Overhead 600,000 6,037,046 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394 9,649,394
- Bunga Masa Pembangunan - 196,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000 3,189,000
Total Harga Perolehan Akhir 2,924,730 46,134,241 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814 77,777,814
D. Akumulasi Penyusutan Awal
- Land - - - - - - - - - -
- Infrastructure & Licence - - - 232,473 464,946 697,419 929,892 1,162,365 1,394,838 1,627,311
- Building - - - 1,391,013 2,782,025 4,173,038 5,564,050 6,955,063 8,346,075 9,737,088
- Overhead - - - 241,235 482,470 723,705 964,939 1,206,174 1,447,409 1,688,644
- Bunga Masa Pembangunan - - - 79,725 159,450 239,175 318,900 398,625 478,350 558,075
Total Harga Perolehan Awal - - - 1,944,445 3,888,891 5,833,336 7,777,781 9,722,227 11,666,672 13,611,117
E. Penyusutan
- Land - - - - - - - - - -
- Infrastructure & Licence - - 232,473 232,473 232,473 232,473 232,473 232,473 232,473 232,473
- Building - - 1,391,013 1,391,013 1,391,013 1,391,013 1,391,013 1,391,013 1,391,013 1,391,013
- Overhead - - 241,235 241,235 241,235 241,235 241,235 241,235 241,235 241,235
- Bunga Masa Pembangunan - - 79,725 79,725 79,725 79,725 79,725 79,725 79,725 79,725
 Total Penyusutan - - 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
\
F. Akumulasi Penyusutan Akhir
- Land - - - - - - - - - -
- Infrastructure & Licence - - 232,473 464,946 697,419 929,892 1,162,365 1,394,838 1,627,311 1,859,784
- Building - - 1,391,013 2,782,025 4,173,038 5,564,050 6,955,063 8,346,075 9,737,088 11,128,100
- Overhead - - 241,235 482,470 723,705 964,939 1,206,174 1,447,409 1,688,644 1,929,879
- Bunga Masa Pembangunan - - 79,725 159,450 239,175 318,900 398,625 478,350 558,075 637,800
Total Harga Perolehan Akhir - - 1,944,445 3,888,891 5,833,336 7,777,781 9,722,227 11,666,672 13,611,117 15,555,563
G. Nilai Buku
- Land - - - - - - - - - -
- Infrastructure & Licence 2,324,730 9,298,920 9,066,447 8,833,974 8,601,501 8,369,028 8,136,555 7,904,082 7,671,609 7,439,136
- Building - 30,602,275 54,249,488 52,858,475 51,467,463 50,076,450 48,685,438 47,294,425 45,903,413 44,512,400
- Overhead 600,000 6,037,046 9,408,159 9,166,924 8,925,690 8,684,455 8,443,220 8,201,985 7,960,750 7,719,515
- Bunga Masa Pembangunan - 196,000 3,109,275 3,029,550 2,949,825 2,870,100 2,790,375 2,710,650 2,630,925 2,551,200
Total Harga Perolehan Akhir 2,924,730 46,134,241 75,833,369 73,888,923 71,944,478 70,000,033 68,055,587 66,111,142 64,166,697 62,222,251
 DLM RIBUAN
Tahun - 19
Twl - 2 Twl - 3 Twl - 4

10.00% 0.00%

15.00% 15.00%

- - -
- - -
5,564,050 - -
- - -
900,000 900,000 -
- - -
6,464,050 900,000 -

-
6,464,050 900,000 -
6,464,050 900,000 -

44,848,120 51,312,170 -
51,312,170 52,212,170 -
1,121,000 1,283,000 -
 DLM RIBUAN
2026 2027 2028 2029 2030

22,376,644 22,376,644 22,376,644 22,376,644 22,376,644

52,212,170 52,212,170 52,212,170 52,212,170 52,212,170

DLM RIBUAN
2027 2028 2029 2030 2031

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

22,376,644 22,376,644 22,376,644 22,376,644 22,376,644

52,212,170 52,212,170 52,212,170 52,212,170 52,212,170
 DLM RIBUAN
9 10 11 12 13
2027 2028 2029 2030 2031

- - - - -
9,298,920 9,298,920 9,298,920 9,298,920 9,298,920
55,640,500 55,640,500 55,640,500 55,640,500 55,640,500
9,649,394 9,649,394 9,649,394 9,649,394 9,649,394
3,189,000 3,189,000 3,189,000 3,189,000 3,189,000
77,777,814 77,777,814 77,777,814 77,777,814 77,777,814

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

- - - - -
9,298,920 9,298,920 9,298,920 9,298,920 9,298,920
55,640,500 55,640,500 55,640,500 55,640,500 55,640,500
9,649,394 9,649,394 9,649,394 9,649,394 9,649,394
3,189,000 3,189,000 3,189,000 3,189,000 3,189,000
77,777,814 77,777,814 77,777,814 77,777,814 77,777,814

- - - - -
1,859,784 2,092,257 2,324,730 2,557,203 2,789,676
11,128,100 12,519,113 13,910,125 15,301,138 16,692,150
1,929,879 2,171,114 2,412,349 2,653,583 2,894,818
637,800 717,525 797,250 876,975 956,700
15,555,563 17,500,008 19,444,454 21,388,899 23,333,344

- - - - -
232,473 232,473 232,473 232,473 232,473
1,391,013 1,391,013 1,391,013 1,391,013 1,391,013
241,235 241,235 241,235 241,235 241,235
79,725 79,725 79,725 79,725 79,725
 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445

- - - - -
2,092,257 2,324,730 2,557,203 2,789,676 3,022,149
12,519,113 13,910,125 15,301,138 16,692,150 18,083,163
2,171,114 2,412,349 2,653,583 2,894,818 3,136,053
717,525 797,250 876,975 956,700 1,036,425
17,500,008 19,444,454 21,388,899 23,333,344 25,277,790

- - - - -
7,206,663 6,974,190 6,741,717 6,509,244 6,276,771
43,121,388 41,730,375 40,339,363 38,948,350 37,557,338
7,478,281 7,237,046 6,995,811 6,754,576 6,513,341
2,471,475 2,391,750 2,312,025 2,232,300 2,152,575
60,277,806 58,333,361 56,388,915 54,444,470 52,500,025
Tabel - 2.1
PROJECTION PROFIT & (LOSS)
TERASKITA HOTEL BANDUNG

2017 2018 2019 2020 2021 2022 2023 2024 2025

DESCRIPTION
1 2 3 4 5 6 7 8 9

STATISTIC
ROOM 1 135 135 135 135 135 135 135
Number of Days 2 180 365 365 365 365 365 365
ROOM AVAILABLE 3=1x2 24,300 49,275 49,275 49,275 49,275 49,275 49,275
ROOM OCCUPIED 4=3x5 15,795 34,493 34,493 34,493 36,956 39,420 39,420
OCCUPANCY % 5 65 70 70 70 75 80 80
AVERAGE ROOM RATE 5.00% 395,207 414,967 435,715 457,501 480,376 504,395 529,615
REVENUE
ROOM 6,242,288 14,313,249 15,028,900 15,780,353 17,752,896 19,883,251 20,877,423
FOOD & BEVERAGE 60.00% 3,745,373 8,587,950 9,017,340 9,468,212 10,651,737 11,929,951 12,526,454
MOD (Lundry + BC) 1.50% 93,634 214,699 225,433 236,705 266,293 298,249 313,161
SPA 5.00% 312,114 715,662 751,445 789,018 887,645 994,163 1,043,871
OTHER INCOME 1.00% 62,423 143,132 150,289 157,804 177,529 198,833 208,774
TOTAL REVENUE 10,455,833 23,974,692 25,173,407 26,432,092 29,736,100 33,304,445 34,969,684
COST OF SALES
ROOM 15.00% 936,343 2,146,987 2,254,335 2,367,053 2,662,934 2,982,488 3,131,613
FOOD & BEVERAGE 45.00% 1,685,418 3,864,577 4,057,803 4,260,695 4,793,282 5,368,478 5,636,904
MOD (Lundry + BC) 60.00% 56,181 128,819 135,260 142,023 159,776 178,949 187,897
SPA 70.00% 218,480 500,964 526,011 552,312 621,351 695,914 730,710
OTHER INCOME 70.00% 43,696 100,193 105,202 110,462 124,270 139,183 146,142
TOTAL COST OF SALES 2,940,118 6,741,540 7,078,612 7,432,546 8,361,614 9,365,011 9,833,266
DEPARTEMEN PROFIT
ROOM 5,305,945 12,166,262 12,774,565 13,413,300 15,089,961 16,900,763 17,745,810
FOOD & BEVERAGE 2,059,955 4,723,372 4,959,537 5,207,517 5,858,456 6,561,473 6,889,550
MOD (Lundry + BC) 37,454 85,879 90,173 94,682 106,517 119,300 125,265
SPA 93,634 214,699 225,433 236,705 266,293 298,249 313,161
OTHER INCOME 18,727 42,940 45,087 47,341 53,259 59,650 62,632
TOTAL DEPT. PROFIT (LABA KOTOR) 7,515,715 17,233,152 18,094,795 18,999,545 21,374,486 23,939,434 25,136,418
72% 72% 72% 72% 72% 72% 72%
Tabel - 2.2
PROJECTION PROFIT & (LOSS)
TERASKITA HOTEL BANDUNG

2017 2018 2019 2020 2021 2022 2023 2024 2025

DESCRIPTION
1 2 3 4 5 6 7 8 9
OVERHEAD EXPENSES :
ADMINISTRATION & GENERAL AFFAIR
PAYROLL & REL. EXP. 10.00% 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
SALES & MARKETING, PROMO 3.00% 313,675 719,241 755,202 792,963 892,083 999,133 1,049,091
TOTAL Administrasi & General Affrair 1,359,258 3,116,710 3,272,543 3,436,172 3,865,693 4,329,578 4,546,059
HEAT LIGHT & POWER
HEAT LIGHT & POWER 10.00% 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
TOTAL Heat Light & Power 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
REPAIR & MAINTENANCE
REPAIR & MAINTENANCE 3.00% 313,675 719,241 755,202 792,963 892,083 999,133 1,049,091
TOTAL Repair & Maintenance 313,675 719,241 755,202 792,963 892,083 999,133 1,049,091
TOTAL OVERHEAD EXPS 2,718,517 6,233,420 6,545,086 6,872,344 7,731,386 8,659,156 9,092,118
G.O.P. 4,797,199 10,999,732 11,549,709 12,127,201 13,643,100 15,280,278 16,044,300
% GOP 46% 46% 46% 46% 46% 46% 46%
BASIC FEE 2.20% 230,028 527,443 553,815 581,506 654,194 732,698 769,333
INSENTIVE FEE 5.50% 575,071 1,318,608 1,384,537 1,453,765 1,635,486 1,831,744 1,923,333
CAPITAL EXPENSES :
INSURANCE 0.80% 83,647 191,798 201,387 211,457 237,889 266,436 279,757
PBB 0.80% 83,647 191,798 201,387 211,457 237,889 266,436 279,757
SINGKING FUND 4.00% 418,233 958,988 1,006,936 1,057,284 1,189,444 1,332,178 1,398,787

TOTAL CAPITAL EXPENSES : 1,390,626 3,188,634 3,348,063 3,515,468 3,954,901 4,429,491 4,650,968
EBITDA 3,406,573 7,811,098 8,201,646 8,611,733 9,688,199 10,850,787 11,393,332
DEPRECIATION - - 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
-
EBIT - - 1,462,127 5,866,653 6,257,201 6,667,288 7,743,754 8,906,342 9,448,886
INTEREST - - 1,305,304 5,221,217 5,103,217 4,874,217 4,620,217 4,320,217 3,962,217
EBT - - 156,823 645,436 1,153,984 1,793,071 3,123,537 4,586,125 5,486,669
-
TAX (PPh) 25% 0 0 39,206 161,359 288,496 448,268 780,884 1,146,531 1,371,667

EAT - - 117,617 484,077 865,488 1,344,803 2,342,652 3,439,594 4,115,002

SHARING PROFIT/KOMPENSASI
KOMPENSASI WSKT 30.00% 35,285 145,223 259,646 403,441 702,796 1,031,878 1,234,501
EAT WKR 70.00% 82,332 338,854 605,842 941,362 1,639,857 2,407,715 2,880,501
Tabel - 2.3 2.02%
PROJECTION CASH FLOW 84% 31,218,750
TERASKITA HOTEL BANDUNG

2017 2018 2019 2020 2021 2022 2023 2024 2025

DESCRIPTION
1 2 3 4 5 6 7 8 9
CASH IN FLOW :

SELF FINANCE (30%) 2,924,730 19,451,914 - - - - - - -

BANK LOAN (70%) - 23,561,596 28,650,574 - - - - - -
WORKING CAPITAL 209,000 2,500,000
CASH SALES 90% 9,410,250 21,577,223 22,656,066 23,788,883 26,762,490 29,974,001 31,472,716
A/R COLLECTED - 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445
TOTAL INFLOW 2,924,730 43,222,511 40,560,823 22,622,807 25,053,535 26,306,223 29,405,699 32,947,611 34,803,160
A/R Beginning - 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445
A/R Ending 10% (1,045,583) (2,397,469) (2,517,341) (2,643,209) (2,973,610) (3,330,445) (3,496,968)
CASH OUT FLOW :
COST CONSTRUCTION/ DEVELOPMENT 2,324,730 37,576,465 25,038,225 -
PRE OPENING Expenses 600,000 5,437,046 3,612,349 -
INTEREST DURING CONSTRUCTION (IDC) - 196,000 2,993,000 -
COST OF SALES DEPT. 100% 2,940,118 6,741,540 7,078,612 7,432,546 8,361,614 9,365,011 9,833,266
ADM. & GEN. EXP. & SALES PROMOTION 100% 1,359,258 3,116,710 3,272,543 3,436,172 3,865,693 4,329,578 4,546,059
HEAT, LIGHT & POWER EXP. 100% 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
REPAIR & MAINT. EXP. 100% 313,675 719,241 755,202 792,963 892,083 999,133 1,049,091
INSURANCE 83,647 191,798 201,387 211,457 237,889 266,436 279,757
PBB 83,647 191,798 201,387 211,457 237,889 266,436 279,757
SINGKING FUND 418,233 958,988 1,006,936 1,057,284 1,189,444 1,332,178 1,398,787
FEE MANAGEMENT (BASIC & INSENTIF FEE) 805,099 1,846,051 1,938,352 2,035,271 2,289,680 2,564,442 2,692,666
TAX 39,206 161,359 288,496 448,268 780,884 1,146,531 1,371,667
KOMPENSASI WSKT 35,285 145,223 259,646 403,441 702,796 1,031,878 1,234,501
LOAN REPAYMENT - 1,180,000 2,290,000 2,540,000 3,000,000 3,580,000 4,200,000
INTEREST - - 1,305,304 5,221,217 5,103,217 4,874,217 4,620,217 4,320,217 3,962,217
TOTAL CASH OUT 2,924,730 43,209,511 40,072,629 22,871,393 24,913,120 26,086,284 29,151,798 32,532,284 34,344,737
SURPLUS/ DEFICIT - 13,000 488,194 (248,587) 140,415 219,939 253,901 415,326 458,423
KUMULATIF - 13,000 501,194 252,607 393,023 612,962 866,863 1,282,189 1,740,612

TABEL PENGEMBALIAN PINJAMAN

2017 2018 2019 2020 2021 2022 2023 2024 2025
DESCRIPTION
1 2 3 4 5 6 7 8 9
- Saldo Awal KI 52,212,170 52,212,170 51,032,170 48,742,170 46,202,170 43,202,170 39,622,170
- Angsuran - 1,180,000 2,290,000 2,540,000 3,000,000 3,580,000 4,200,000
- Bunga - - 1,305,304 5,221,217 5,103,217 4,874,217 4,620,217 4,320,217 3,962,217
Total Bayar 1,305,304 6,401,217 7,393,217 7,414,217 7,620,217 7,900,217 8,162,217
- Saldo Akhir KI 52,212,170 51,032,170 48,742,170 46,202,170 43,202,170 39,622,170 35,422,170
Tabel - 2
FEASIBILITY ANALYSIS - OPTIMALISASI LAHAN WSKT
TERASKITA HOTEL BANDUNG

2017 2018 2019 2020 2021 2022 2023 2024 2025

DESCRIPTION
1 2 3 4 5 6 7 8 9

- Investment (2,924,730) (43,013,511) (28,650,574) - -

- EBITDA - - 3,406,573 7,811,098 8,201,646 8,611,733 9,688,199 10,850,787 11,393,332
- Working Capital - (209,000) (2,500,000) - - - - - -
- Kompensasi/sharing profit ke WSKT (35,285) (145,223) (259,646) (403,441) (702,796) (1,031,878) (1,234,501)
- Terminal Value (book value thn 30)

- Free Cash Flow (FCF) (2,924,730) (43,222,511) (27,779,286) 7,665,875 7,942,000 8,208,292 8,985,403 9,818,909 10,158,831
- Accumulated FCF (2,924,730) (46,147,241) (73,926,527) (66,260,652) (58,318,652) (50,110,359) (41,124,956) (31,306,047) (21,147,216)
- Discount Factor/WACC 11.60% 0.90 0.80 0.72 0.64 0.58 0.52 0.46 0.42 0.37
- Discounted FCF (2,620,726) (34,704,165) (19,986,120) 4,942,025 4,587,847 4,248,813 4,167,621 4,080,841 3,783,258
- Accumulated Discounted FCF (2,620,726) (37,324,891) (57,311,011) (52,368,986) (47,781,139) (43,532,326) (39,364,705) (35,283,864) (31,500,606)

- NPV 13,729,765 13,729,765 WACC (Weigthed Average Cost of Capital) Terminal Value dengan metode
- IRR 13.62% - Equity 30% 20.00% 6.00% CF Th-30
- Payback Period 10 Tahun 12 Bulan - Loan 70% 10.00% 5.60% Terminal Cap Rate (DR-Growth)
WACC (Weigthed Average Cost of Capital) 11.60% Terminal Value (Going Concern

FEASIBILITY ANALYSIS - WSKT (LAHAN BANDUNG)

2017 2018 2019 2020 2021 2022 2023 2024 2025
DESCRIPTION
1 2 3 4 5 6 7 8 9

- Land Investment (WSKT) (51,850,000)

- Kompensasi WSK/ THN 30.00% 35,285 145,223 259,646 403,441 702,796 1,031,878 1,234,501
- Terminal Value (book value thn 30)

- Free Cash Flow (FCF) (51,850,000) - 35,285 145,223 259,646 403,441 702,796 1,031,878 1,234,501
- Accumulated FCF (51,850,000) (51,850,000) (51,814,715) (51,669,492) (51,409,845) (51,006,404) (50,303,609) (49,271,731) (48,037,230)
- Discount Factor/WACC 11.60% 0.90 0.80 0.72 0.64 0.58 0.52 0.46 0.42 0.37
- Discounted FCF (46,460,573) - 25,386 93,622 149,990 208,831 325,972 428,859 459,741
- Accumulated Discounted FCF (46,460,573) (46,460,573) (46,435,187) (46,341,565) (46,191,575) (45,982,744) (45,656,773) (45,227,913) (44,768,172)
- NPV 20,058,880 Terminal Value dengan metode Likuidasi value/book value
- IRR 13.08% Book Value saat ini 51,850,000
- Payback Period 22 Tahun 4 Bulan Rata2 kenaikan inflasi / thn 5.00%
NILAI TERMINAL VALUE THN KE 30 1,633,275,000
Tabel - 2.4
BALANCE SHEET
TERASKITA HOTEL BANDUNG

2017 2018 2019 2020 2021 2022 2023 2024 2025

DESCRIPTION
1 2 3 4 5 6 7 8 9

ASSETS
Current Assets
- Cash and cash equivalents - 13,000 501,194 252,607 393,023 612,962 866,863 1,282,189 1,740,612
- Account Receivable - - 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
- Inventories - - - - - - - - -
Total Current Assets - 13,000 1,546,778 2,650,077 2,910,364 3,256,171 3,840,473 4,612,634 5,237,581
Non Current Assets
- Land - - - - - - - - -
- Infrastructure & Licence 2,324,730 9,298,920 9,066,447 8,833,974 8,601,501 8,369,028 8,136,555 7,904,082 7,671,609
- Building - 30,602,275 54,249,488 52,858,475 51,467,463 50,076,450 48,685,438 47,294,425 45,903,413
- Overhead 600,000 6,037,046 9,408,159 9,166,924 8,925,690 8,684,455 8,443,220 8,201,985 7,960,750
- Bunga Masa Pembangunan - 196,000 3,109,275 3,029,550 2,949,825 2,870,100 2,790,375 2,710,650 2,630,925
Total Non Current Assets 2,924,730 46,134,241 75,833,369 73,888,923 71,944,478 70,000,033 68,055,587 66,111,142 64,166,697

Total Assets 2,924,730 46,147,241 77,380,146 76,539,000 74,854,842 73,256,204 71,896,061 70,723,776 69,404,278
LIABILITIES AND EQUITY
Current Liabilities
- Working Capital - 209,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000
Total Current Liabilities - 209,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000 2,709,000
Non Current Liabilities
- Bank Loan - 23,561,596 52,212,170 51,032,170 48,742,170 46,202,170 43,202,170 39,622,170 35,422,170
- Shareholder Loan - - - - - - - - -
Total Non Current Assets - 23,561,596 52,212,170 51,032,170 48,742,170 46,202,170 43,202,170 39,622,170 35,422,170
Equity
- Share Capital 2,924,730 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644
- Retained Earning - - 82,332 421,186 1,027,027 1,968,390 3,608,246 6,015,962 8,896,463
Total Equity 2,924,730 22,376,644 22,458,976 22,797,830 23,403,672 24,345,034 25,984,891 28,392,606 31,273,108

Total Liabilities and Equity 2,924,730 46,147,241 77,380,146 76,539,000 74,854,842 73,256,204 71,896,061 70,723,776 69,404,278
 DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14

135 135 135 160 160

365 365 365 365 365
49,275 49,275 49,275 58,400 58,400
39,420 39,420 39,420 46,720 46,720
80 80 80 80 80
556,096 583,901 613,096 643,751 675,939

21,921,304 23,017,377 24,168,244 30,076,047 31,579,870

13,152,783 13,810,426 14,500,947 18,045,628 18,947,922
328,820 345,261 362,524 451,141 473,698
1,096,065 1,150,869 1,208,412 1,503,802 1,578,994
219,213 230,174 241,682 300,760 315,799
36,718,185 38,554,107 40,481,809 50,377,378 52,896,282

3,288,196 3,452,607 3,625,237 4,511,407 4,736,981

5,918,752 6,214,692 6,525,426 8,120,533 8,526,565
197,292 207,156 217,514 270,684 284,219
767,246 805,608 845,889 1,052,662 1,105,295
153,449 161,122 169,178 210,532 221,059
10,324,934 10,841,185 11,383,243 14,165,818 14,874,119

18,633,109 19,564,771 20,543,008 25,564,640 26,842,890

7,234,030 7,595,735 7,975,521 9,925,095 10,421,357
131,528 138,104 145,009 180,456 189,479
328,820 345,261 362,524 451,141 473,698
65,764 69,052 72,505 90,228 94,740

26,393,250 27,712,922 29,098,566 36,211,560 38,022,164

72% 72% 72% 73% 73%
 DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14

3,671,818 3,855,411 4,048,181 5,037,738 5,289,628

1,101,546 1,156,623 1,214,454 1,511,321 1,586,888
4,773,364 5,012,034 5,262,635 6,549,059 6,876,517

3,671,818 3,855,411 4,048,181 5,037,738 5,289,628

3,671,818 3,855,411 4,048,181 5,037,738 5,289,628

1,101,546 1,156,623 1,214,454 1,511,321 1,586,888

1,101,546 1,156,623 1,214,454 1,511,321 1,586,888
9,546,728 10,024,068 10,525,270 13,098,118 13,753,033
16,846,522 17,688,855 18,573,296 23,113,442 24,269,130
46% 46% 46% 46% 46%
807,800 848,190 890,600 1,108,302 1,163,718
2,019,500 2,120,476 2,226,500 2,770,756 2,909,296

293,745 308,433 323,854 403,019 423,170

293,745 308,433 323,854 403,019 423,170
1,468,727 1,542,164 1,619,272 2,015,095 2,115,851

4,883,519 5,127,696 5,384,081 6,700,191 7,035,206

11,963,004 12,561,158 13,189,215 16,413,251 17,233,925
1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
10,018,558 10,616,713 11,244,770 14,468,805 15,289,479
3,542,217 3,082,217 2,572,217 2,012,217 1,362,217
6,476,341 7,534,496 8,672,553 12,456,588 13,927,262
1,619,085 1,883,624 2,168,138 3,114,147 3,481,816

4,857,256 5,650,872 6,504,415 9,342,441 10,445,447

1,457,177 1,695,262 1,951,324 2,802,732 3,133,634
3,400,079 3,955,610 4,553,090 6,539,709 7,311,813
 DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14

- - - - -
- - - - -

33,046,366 34,698,696 36,433,628 45,339,640 47,606,654

3,496,968 3,671,818 3,855,411 4,048,181 5,037,738
36,543,335 38,370,515 40,289,039 49,387,821 52,644,392
3,496,968 3,671,818 3,855,411 4,048,181 5,037,738
(3,671,818) (3,855,411) (4,048,181) (5,037,738) (5,289,628)

10,324,934 10,841,185 11,383,243 14,165,818 14,874,119

4,773,364 5,012,034 5,262,635 6,549,059 6,876,517
3,671,818 3,855,411 4,048,181 5,037,738 5,289,628
1,101,546 1,156,623 1,214,454 1,511,321 1,586,888
293,745 308,433 323,854 403,019 423,170
293,745 308,433 323,854 403,019 423,170
1,468,727 1,542,164 1,619,272 2,015,095 2,115,851
2,827,300 2,968,666 3,117,099 3,879,058 4,073,014
1,619,085 1,883,624 2,168,138 3,114,147 3,481,816
1,457,177 1,695,262 1,951,324 2,802,732 3,133,634
4,600,000 5,100,000 5,600,000 6,500,000 7,900,000
3,542,217 3,082,217 2,572,217 2,012,217 1,362,217
35,973,660 37,754,051 39,584,274 48,393,224 51,540,024
569,675 616,463 704,765 994,597 1,104,368
2,310,287 2,926,750 3,631,516 4,626,113 5,730,481

DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14
35,422,170 30,822,170 25,722,170 20,122,170 13,622,170
 4,600,000 5,100,000 5,600,000 6,500,000 7,900,000
3,542,217 3,082,217 2,572,217 2,012,217 1,362,217
8,142,217 8,182,217 8,172,217 8,512,217 9,262,217
30,822,170 25,722,170 20,122,170 13,622,170 5,722,170
 DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14

11,963,004 12,561,158 13,189,215 16,413,251 17,233,925

-
(1,457,177) (1,695,262) (1,951,324) (2,802,732) (3,133,634)

10,505,827 10,865,897 11,237,891 13,610,518 14,100,291

(10,641,389) 224,508 11,462,398 25,072,917 39,173,207
0.33 0.30 0.27 0.24 0.22
3,505,809 3,249,073 3,011,026 3,267,685 3,033,398
(27,994,796) (24,745,724) (21,734,698) (18,467,013) (15,433,616)

Terminal Value dengan metode CF/Going Concern

20,123,985
Terminal Cap Rate (DR-Growth) 6.60%
Terminal Value (Going Concern) 304,908,861

2026 2027 2028 2029 2030

10 11 12 13 14

1,457,177 1,695,262 1,951,324 2,802,732 3,133,634

1,457,177 1,695,262 1,951,324 2,802,732 3,133,634

(46,580,053) (44,884,792) (42,933,467) (40,130,735) (36,997,101)
0.33 0.30 0.27 0.24 0.22
486,262 506,910 522,828 672,895 674,139
(44,281,910) (43,775,000) (43,252,172) (42,579,277) (41,905,138)
 DLM RIBUAN
2026 2027 2028 2029 2030
10 11 12 13 14

2,310,287 2,926,750 3,631,516 4,626,113 5,730,481

3,671,818 3,855,411 4,048,181 5,037,738 5,289,628
- - - - -
5,982,105 6,782,161 7,679,697 9,663,851 11,020,109

- - - - -
7,439,136 7,206,663 6,974,190 6,741,717 6,509,244
44,512,400 43,121,388 41,730,375 40,339,363 38,948,350
7,719,515 7,478,281 7,237,046 6,995,811 6,754,576
2,551,200 2,471,475 2,391,750 2,312,025 2,232,300
62,222,251 60,277,806 58,333,361 56,388,915 54,444,470

68,204,357 67,059,967 66,013,057 66,052,766 65,464,579

2,709,000 2,709,000 2,709,000 2,709,000 2,709,000

2,709,000 2,709,000 2,709,000 2,709,000 2,709,000

30,822,170 25,722,170 20,122,170 13,622,170 5,722,170

- - - - -
30,822,170 25,722,170 20,122,170 13,622,170 5,722,170

22,376,644 22,376,644 22,376,644 22,376,644 22,376,644

12,296,543 16,252,153 20,805,243 27,344,952 34,656,765
34,673,187 38,628,797 43,181,887 49,721,596 57,033,409

68,204,357 67,059,967 66,013,057 66,052,766 65,464,579

Tabel - 3.1
Proyeksi Keuangan
Offices - Waskita MT. Haryono
Cashflow Projection

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9
INFLOW PROJECT
SALEABLE AREA OFFICE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Occupancy #VALUE! 80% 90% 95% 95% 95% 95% 95%
Rentable Area #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Rate Rp/m²/Bln 10% 125,000 138,000 152,000 167,000 184,000 202,000 222,000

SALEABLE AREA RETAIL #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Occupancy 80% 90% 95% 95% 95% 95% 95%
Rentable Area #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Rate Rp/m²/Bln 10% 140,000 154,000 169,000 186,000 205,000 226,000 249,000

Service Charge Rp/m²/Bln 5% 50,000 53,000 56,000 59,000 62,000 65,000 68,000
Rental Revenue Office #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Rental Revenue Retail #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Service Charge Revenue #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Downpayment Rental 18% #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Rental Income 82% #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Service Charge #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Working capital 1,000,000
Loan - - -
Equity+ Hutang Pemegang Saham - -
Total Inflow Revenue 1,000,000 - #REF! #REF! #REF! #REF! #REF! #REF! #REF!
-
OUTFLOW PROJECT
OPERATING EXPENSES
Over Head #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Promosi/ Marketing #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Asumsi over head 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
- Asumsi promosi/marketing 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Sub total Operating Expenses #REF! #REF! #REF! #REF! #REF! #REF! #REF!

TAX EXPENSES
Income Taxes 5% #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Sub Total Tax Expenses #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Cost of service charges #REF! #REF! #REF! #REF! #REF! #REF! #REF!
OTHERS EXPENSES
 Land Cost - - - - - - - - -
Construction Cost 49,258 - - - - - - - - -
Pre Opening Expense - - - - - - - - -
Interest bank 11% - #VALUE! - - (200,000) (400,000) (660,000) (1,060,000) (1,510,000)

Sub Total Other Expenses - #VALUE! - - (200,000) (400,000) (660,000) (1,060,000) (1,510,000)

Loan Repayment Bank - 2,000,000 2,000,000 2,600,000 4,000,000 4,500,000 6,000,000

Equity Repayment
Total Outflow Project - #VALUE! - 2,000,000 1,800,000 2,200,000 3,340,000 3,440,000 4,490,000

SURPLUS/ DEFICIT 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Kumulatif 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

TABEL PENGEMBALIAN PINJAMAN

2013 2014 2015 2016 2017 2018 2019 2020 2021
DESCRIPTION
1 2 3 4 5 6 7 8 9

- Saldo Awal KI - - (2,000,000) (4,000,000) (6,600,000) (10,600,000) (15,100,000)

- Angsuran - 2,000,000 2,000,000 2,600,000 4,000,000 4,500,000 6,000,000
- Bunga - - (200,000) (400,000) (660,000) (1,060,000) (1,510,000)
Total Bayar - 2,000,000 1,800,000 2,200,000 3,340,000 3,440,000 4,490,000
- Saldo Akhir KI - (2,000,000) (4,000,000) (6,600,000) (10,600,000) (15,100,000) (21,100,000)
Tabel - 3.2

Proyeksi Keuangan
Offices - Waskita MT. Haryono

PROJECTION PROFIT & (LOSS) OFFICE

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9

1 Sales Revenue
- Rental Revenue Office 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Service Charge Revenue 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Revenue 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
2 Cost of Goods Sold (COGS) #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Gross Profit 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
3 Marketing & Promotion Cost 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Income From Operations 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

4 Cost of service charges 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EBITDA 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

5 Depreciation & Amortization 0 0 0 0 0 0 0 0 0

EBIT 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

6 Interest 0 #VALUE! 0 0 (200,000) (400,000) (660,000) (1,060,000) (1,510,000)

EBT 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

7 Tax (PPh Final) 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EAT 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Tabel - 3.3 #VALUE!

FEASIBILITY ANALYSIS
OFFICE - Waskita MT. Haryono

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9
- Investment - #VALUE!
- EBITDA #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- WORKING CAPITAL - - - - - - - - -
- d WC - - - - - - - - -
- Capex
- Nilai Sisa

- Free Cash Flow (FCF) - #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated FCF - #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- Discount Factor 11.60% 0.90 0.80 0.72 0.64 0.58 0.52 0.46 0.42 0.37

- Discounted FCF - #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated Discounted FCF - #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- NPV #VALUE!
- IRR #VALUE!
- Payback Period #VALUE! #VALUE!
- Discounted Payback Period
Accumulated FCF (Discounted) - #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Discounted Payback Period #VALUE! #VALUE!
- Profitabilitas Index (PI) #REF!
Tabel - 3.4

BALANCE SHEET
OFFICE Waskita MT. Haryono

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9

ASSETS
Current Assets
- Cash and cash equivalents 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Account Receivable 0 0 0 0 0 0 0 0 0
- Inventories 0 0 0 0 0 0 0 0 0
Total Current Assets 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Non Current Assets
- Land 0 0 0 0 0 0 0 0 0
- Infrastructure & Licence 0 0 0 0 0 0 0 0 0
- Building 0 0 0 0 0 0 0 0 0
- Overhead 0 0 0 0 0 0 0 0 0
Total Non Current Assets 0 0 0 0 0 0 0 0 0

Total Assets 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
LIABILITIES AND EQUITY
Current Liabilities
- Trade Payables 0 0 0 0 0 0 0 0 0
- Working Capital 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
- Advances Payables 0 0 0 0 0 0 0 0 0
Total Current Liabilities 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Non Current Liabilities
- Bank Loan 0 0 0 (2,000,000) (4,000,000) (6,600,000) (10,600,000) (15,100,000) (21,100,000)
- Shareholder Loan 0 0 0 0 0 0 0 0 0
Total Non Current Assets 0 0 0 (2,000,000) (4,000,000) (6,600,000) (10,600,000) (15,100,000) (21,100,000)
Equity
- Share Capital 0 0 0 0 0 0 0 0 0
- Retained Earning 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Equity 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Total Liabilities and Equity 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

#REF! #REF! #REF! #REF! #REF! #REF!

95% 95% 95% 95% 95% 95%
#REF! #REF! #REF! #REF! #REF! #REF!
244,000 268,000 295,000 325,000 358,000 394,000

#REF! #REF! #REF! #REF! #REF! #REF!

95% 95% 95% 95% 95% 95%
#REF! #REF! #REF! #REF! #REF! #REF!
274,000 301,000 331,000 364,000 400,000 440,000

71,000 75,000 79,000 83,000 87,000 91,000

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

-

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
#REF! #REF! #REF! #REF! #REF! #REF!
-

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
 - - - - - -
- - - - - -
- - - - - -
(2,110,000) (2,900,000) (3,800,000) - - -

(2,110,000) (2,900,000) (3,800,000) - - -

-
7,900,000 9,000,000 (38,000,000) - - -

5,790,000 6,100,000 (41,800,000) - - -

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

2022 2023 2024 2025 2026 2027

10 11 12 13 14 15

(21,100,000) (29,000,000) (38,000,000) - - -

7,900,000 9,000,000 (38,000,000) - - -
(2,110,000) (2,900,000) (3,800,000) - - -
5,790,000 6,100,000 (41,800,000) - - -
(29,000,000) (38,000,000) - - - -
 2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
#REF! #REF! #REF! #REF! #REF! #REF!

(2,110,000) (2,900,000) (3,800,000) 0 0 0

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

2022 2023 2024 2025 2026 2027

10 11 12 13 14 15

#REF! #REF! #REF! #REF! #REF! #REF!

 - - - - - -
-

Err:509

#REF! #REF! #REF! #REF! #REF! #REF!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.33 0.30 0.27 0.24 0.22 0.19

#REF! #REF! #REF! #REF! #REF! #REF!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#REF! #REF! #REF! #REF! #REF! #REF!

 2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
0 0 0 0 0 0
#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
0 0 0 0 0 0
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

(29,000,000) (38,000,000) 0 0 0 0
0 0 0 0 0 0
(29,000,000) (38,000,000) 0 0 0 0

0 0 0 0 0 0
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

Tabel - 4.1

Proyeksi Keuangan
Hotel & Offices - Waskita MT. Haryono

PROJECTION PROFIT & (LOSS) OFFICE

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9

1 Sales Revenue
- Hotel Revenue 0 0 10,455,833 23,974,692 25,173,407 26,432,092 29,736,100 33,304,445 34,969,684
- Office Revenue 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Revenue 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
2 Cost of Goods Sold (COGS)
- Hotel 4,299,376 9,858,250 10,351,155 10,868,718 12,227,307 13,694,589 14,379,325
- Office 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total COGS 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Gross Profit 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF!
3 Operating Expense
- Hotel 0 0 1,359,258 3,116,710 3,272,543 3,436,172 3,865,693 4,329,578 4,546,059
- Office 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total COGS 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Income From Operations 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
4 Others Expenses
- Hotel 0 0 1,390,626 3,188,634 3,348,063 3,515,468 3,954,901 4,429,491 4,650,968
- Office 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Others Expenses 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EBITDA 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
5 Depreciation & Amortization
- Hotel 0 0 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
- Office 0 0 0 0 0 0 0 0 0
Depreciation & Amortization 0 0 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
EBIT 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!

6 Interest
 - Hotel 0 0 1,305,304 5,221,217 5,103,217 4,874,217 4,620,217 4,320,217 3,962,217
- Office 0 #VALUE! 0 0 (200,000) (400,000) (660,000) (1,060,000) (1,510,000)
Interest 0 #VALUE! 1,305,304 5,221,217 4,903,217 4,474,217 3,960,217 3,260,217 2,452,217
EBT 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

7 Tax
- Hotel 0 0 39,206 161,359 288,496 448,268 780,884 1,146,531 1,371,667
- Office 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Tax 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EAT 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EAT PROPOSAL AWAL 0 (8,522,480) (14,187,268) (8,437,151) (4,557,377) (2,137,279) (1,151) 2,351,570 5,033,608
Tabel - 4.2

Proyeksi Keuangan
Offices & Hotel - Waskita MT. Haryono

Cashflow Projection

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9
I Cash Flow from Operating Activities
1 Cash Sales
- Hotel 10,455,833 23,974,692 25,173,407 26,432,092 29,736,100 33,304,445 34,969,684
- Office #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Cash Inflow 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
2 Account Receivable (Hotel)
- A/R Beginning 0 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445
- A/R Ending (1,045,583) (2,397,469) (2,517,341) (2,643,209) (2,973,610) (3,330,445) (3,496,968)
3 Cash Payment
- Cash Payment Hotel 7,049,260 16,163,595 16,971,761 17,820,358 20,047,901 22,453,658 23,576,352
- Cash Payment Office #REF! #REF! #REF! #REF! #REF! #REF! #REF!
4 Tax
- Hotel 39,206 161,359 288,496 448,268 780,884 1,146,531 1,371,667
- Office #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Cash From Operating Activities 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF!
II Cash Flow from Investment Activities
- Hotel 2,924,730 43,013,511 28,650,574 - - - - - -
- Office - - - - - - - - -
Total Investment 2,924,730 43,013,511 28,650,574 0 0 0 0 0 0
III Cash Flow from Financing Activities
1 Self Finance
- Hotel 2,924,730 19,451,914 - - - - - - -
- Office - - - - - - - - -
Total Self Finance 2,924,730 19,451,914 0 0 0 0 0 0 0
2 Loan
- Hotel - 23,561,596 28,650,574 - - - - - -
- Office - - - - - - - - -
Total Loan 0 23,561,596 28,650,574 0 0 0 0 0 0
3 Working Capital
- Hotel - 209,000 2,500,000 - - - - - -
 - Office - - - - - - - - -
Total Working Capital 0 209,000 2,500,000 0 0 0 0 0 0
4 Repayment Loan
- Hotel - - - 1,180,000 2,290,000 2,540,000 3,000,000 3,580,000 4,200,000
- Office - - - 2,000,000 2,000,000 2,600,000 4,000,000 4,500,000 6,000,000
Total Repayment Loan 0 0 0 3,180,000 4,290,000 5,140,000 7,000,000 8,080,000 10,200,000
5 Interest Payment
- Hotel - - 1,305,304 5,221,217 5,103,217 4,874,217 4,620,217 4,320,217 3,962,217
- Office - #VALUE! - - (200,000) (400,000) (660,000) (1,060,000) (1,510,000)
Total Interest 0 #VALUE! 1,305,304 5,221,217 4,903,217 4,474,217 3,960,217 3,260,217 2,452,217
Cash From Financing Activities 2,924,730 #VALUE! 29,845,269 (8,401,217) (9,193,217) (9,614,217) (10,960,217) (11,340,217) (12,652,217)

Begining Cash 0 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF!

Ending Cash - #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Tabel - 4.3

FEASIBILITY ANALYSIS
OFFICE & HOTEL - Waskita MT. Haryono

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9
- Investment (2,924,730) #VALUE! (28,650,574) - - - - - -
- EBITDA - - #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- d WC - (209,000) (2,500,000) - - - - - -
- Capex - - (35,285) (145,223) (259,646) (403,441) (702,796) (1,031,878) (1,234,501)
- Nilai Sisa/Terminal Value - - - - - - - - -
- Free Cash Flow (FCF) (2,924,730) #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated FCF (2,924,730) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- Discount Factor 11.60% 0.90 0.80 0.72 0.64 0.58 0.52 0.46 0.42 0.37
- Discounted FCF (2,620,726) #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated Discounted FCF (2,620,726) #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- NPV #VALUE!
- IRR #VALUE!
- Payback Period #VALUE! #VALUE!
- Discounted Payback Period
Accumulated FCF (Discounted) (2,620,726) #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Discounted Payback Period #VALUE! #VALUE!
- Profitabilitas Index (PI) #REF!

PARAMETER PROPOSAL AWAL Simulasi

BISNIS PLAN (NEW)
(penambahan/p
- NPV 35,569,541 #VALUE! engurangan)
- WACC 11.60% 11.60%
- IRR 17.33% #VALUE!
- Tingkat kenaikan rate/tahun hotel (average) 10.00% 7.50% 0.00%
- Start average room rate (Hotel) 410,000 395,207 -
- Start occupancy (Hotel) 60.00% 55.00% 0.00%
- Start average office rent 125,000 125,000 -
- Start average retail rent 140,000 140,000 -
- Tingkat kenaikan rate/tahun office & retail (averag 10.00% 10.00% 0.00%
- Project cost (Incld. Land) 182,349,398 126,439
- Laba bersih (15th) Err:509 #VALUE!
- Payback Period 10 Tahun 4 Bulan #VALUE! 2 Bulan
- Profitabilitas Index (PI) 1.31 #REF!
- Proyeksi Project 15 Tahun 15 Tahun
- Occupancy 2013 2014 2015 2016 2017 2018 2019 2020 2021
Start Occupancy (Proposal Awal) 60% 80% 90% 90% 90% 90% 90%
Start Occupancy (Bisnis plan/New) 55% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0%
Tabel - 4.4

BALANCE SHEET
OFFICE & HOTEL Waskita MT. Haryono

2013 2014 2015 2016 2017 2018 2019 2020 2021

DESCRIPTION
1 2 3 4 5 6 7 8 9

ASSETS
Current Assets
- Cash and cash equivalents 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Account Receivable 0 0 1,045,583 2,397,469 2,517,341 2,643,209 2,973,610 3,330,445 3,496,968
- Inventories 0 0 0 0 0 0 0 0 0
Total Current Assets 1,000,000 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Non Current Assets
- Land 0 0 0 0 0 0 0 0 0
- Infrastructure & Licence 2,324,730 9,298,920 9,066,447 8,833,974 8,601,501 8,369,028 8,136,555 7,904,082 7,671,609
- Building 0 30,602,275 54,249,488 52,858,475 51,467,463 50,076,450 48,685,438 47,294,425 45,903,413
- Overhead 600,000 6,037,046 9,408,159 9,166,924 8,925,690 8,684,455 8,443,220 8,201,985 7,960,750
Total Non Current Assets 2,924,730 45,938,241 72,724,094 70,859,373 68,994,653 67,129,933 65,265,212 63,400,492 61,535,772

Total Assets 3,924,730 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
LIABILITIES AND EQUITY
Current Liabilities
- Trade Payables 0 0 0 0 0 0 0 0 0
- Working Capital 1,000,000 1,209,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000
- Advances Payables 0 0 0 0 0 0 0 0 0
Total Current Liabilities 1,000,000 1,209,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000
Non Current Liabilities
- Bank Loan 0 23,561,596 52,212,170 49,032,170 44,742,170 39,602,170 32,602,170 24,522,170 14,322,170
- Shareholder Loan 0 0 0 0 0 0 0 0 0
Total Non Current Assets 0 23,561,596 52,212,170 49,032,170 44,742,170 39,602,170 32,602,170 24,522,170 14,322,170
Equity
- Share Capital 2,924,730 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644
- Retained Earning 0 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Equity 2,924,730 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Total Liabilities and Equity 3,924,730 #VALUE! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
 2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

36,718,185 38,554,107 40,481,809 50,377,378 52,896,282 55,541,100

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

15,098,298 15,853,219 16,645,878 20,714,877 21,750,636 22,838,169

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

4,773,364 5,012,034 5,262,635 6,549,059 6,876,517 7,220,343

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

4,883,519 5,127,696 5,384,081 6,700,191 7,035,206 7,386,966

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445

0 0 0 0 0 0
1,944,445 1,944,445 1,944,445 1,944,445 1,944,445 1,944,445
#REF! #REF! #REF! #REF! #REF! #REF!
 3,542,217 3,082,217 2,572,217 2,012,217 1,362,217 572,217
(2,110,000) (2,900,000) (3,800,000) 0 0 0
1,432,217 182,217 (1,227,783) 2,012,217 1,362,217 572,217
#REF! #REF! #REF! #REF! #REF! #REF!

1,619,085 1,883,624 2,168,138 3,114,147 3,481,816 3,894,740

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!
8,091,182 17,007,828 17,007,828 17,007,828 17,007,828 17,007,828
 2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

36,718,185 38,554,107 40,481,809 50,377,378 52,896,282 55,541,100

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

3,496,968 3,671,818 3,855,411 4,048,181 5,037,738 5,289,628

(3,671,818) (3,855,411) (4,048,181) (5,037,738) (5,289,628) (5,554,110)

24,755,181 25,992,949 27,292,594 33,964,128 35,662,358 37,445,478

#REF! #REF! #REF! #REF! #REF! #REF!

1,619,085 1,883,624 2,168,138 3,114,147 3,481,816 3,894,740

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

- - - - - -
- - - - - -
0 0 0 0 0 0

- - - - - -
- - - - - -
0 0 0 0 0 0

- - - - - -
- - - - - -
0 0 0 0 0 0

- - - - - -
 - - - - - -
0 0 0 0 0 0

4,600,000 5,100,000 5,600,000 6,500,000 7,900,000 8,032,170

7,900,000 9,000,000 (38,000,000) - - -
12,500,000 14,100,000 (32,400,000) 6,500,000 7,900,000 8,032,170

3,542,217 3,082,217 2,572,217 2,012,217 1,362,217 572,217

(2,110,000) (2,900,000) (3,800,000) - - -
1,432,217 182,217 (1,227,783) 2,012,217 1,362,217 572,217
(13,932,217) (14,282,217) 33,627,783 (8,512,217) (9,262,217) (8,604,387)

#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!
2022 2023 2024 2025 2026 2027
10 11 12 13 14 15
- - - - - -
#REF! #REF! #REF! #REF! #REF! #REF!
- - - - - -
(1,457,177) (1,695,262) (1,951,324) (2,802,732) (3,133,634) (3,505,266)
- - - - - Err:509
#REF! #REF! #REF! #REF! #REF! #REF!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0.33 0.30 0.27 0.24 0.22 0.19
#REF! #REF! #REF! #REF! #REF! #REF!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#REF! #REF! #REF! #REF! #REF! #REF!

2022 2023 2024 2025 2026 2027
90% 90% 90% 90% 90% 90%
85.0% 85.0% 85.0% 85.0% 85.0% 85.0%
 2022 2023 2024 2025 2026 2027
10 11 12 13 14 15

#REF! #REF! #REF! #REF! #REF! #REF!

3,671,818 3,855,411 4,048,181 5,037,738 5,289,628 5,554,110
0 0 0 0 0 0
#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
7,439,136 7,206,663 6,974,190 6,741,717 6,509,244 6,276,771
44,512,400 43,121,388 41,730,375 40,339,363 38,948,350 37,557,338
7,719,515 7,478,281 7,237,046 6,995,811 6,754,576 6,513,341
59,671,051 57,806,331 55,941,611 54,076,890 52,212,170 50,347,450

#REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0
3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000
0 0 0 0 0 0
3,709,000 3,709,000 3,709,000 3,709,000 3,709,000 3,709,000

1,822,170 (12,277,830) 20,122,170 13,622,170 5,722,170 (2,310,000)

0 0 0 0 0 0
1,822,170 (12,277,830) 20,122,170 13,622,170 5,722,170 (2,310,000)

22,376,644 22,376,644 22,376,644 22,376,644 22,376,644 22,376,644

#REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF!

Analisis Sensitifitas (Profit Sharing) - HOTEL MAKASAR
Kondisi Normal Usulan Perubahan Kondisi
No Uraian
30.00% 27.18% 25.00% 20.00% 15.00%
1 Komposisi Profit Sharing
- NPV - Disc Rate 10 % (Rp 000) #REF! 13,157,880 14,127,513 16,351,442 18,575,371
- IRR #REF! 13.20% 13.32% 13.59% 13.86%
- Payback Period #REF! 11 Tahun 11 Tahun 11 Tahun 11 Tahun
#REF! 3 Bulan 2 Bulan 1 Bulan 0 Bulan

17.00%

13.86%
14.00% 13.59%
13.20% 13.32%
IRR

11.00%

10.00% 10.00% 10.00% 10.00% 10.00%

8.00%

5.00%
30.00% 27.18% 25.00% 20.00% 15.00%

Kenaikkan / Penurunan Parameter Analisis

PROJECTION PROFIT & (LOSS)
###
DLM RIBUAN
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
DESCRIPTION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

RETAIL SEWA
Saleable Komersial - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Growth 5%
Rate Komersial 225 236 248 260 273 287 302 317 332 349 367 385 404 424 445 468 491 516 541 569 597 627 658 691 726 762 800 840
Occ Komersial 75 80 85 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90
HOTEL
Jumlah Kamar 3 3 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6
Number of Days 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Room Available 36 36 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72 72
Occupancy % 67% 100% 65% 70% 70% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 80% 80% 80% 80% 80% 80% 80% 80%
Room Occupied 24 36 47 50 50 54 54 54 54 54 54 54 54 54 54 54 54 54 54 54 58 58 58 58 58 58 58 58
Average Room Rate 5% 600 630 662 695 729 766 804 844 886 931 977 1,026 1,078 1,131 1,188 1,247 1,310 1,375 1,444 1,516 1,592 1,672 1,755 1,843 1,935 2,032 2,133 2,240
SERVICE APARTMEN
Jumlah Kamar #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Number of Days 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12
Room Available #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Occupancy % 60% 60% 65% 70% 70% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 80% 80% 80% 80% 80% 80% 80% 80%
Room Occupied #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Sewa/bulan 5% 500 525 551 579 608 638 670 704 739 776 814 855 898 943 990 1,039 1,091 1,146 1,203 1,263 1,327 1,393 1,463 1,536 1,613 1,693 1,778 1,867

REVENUE
KOMERSIAL - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
HOTEL 22,680 30,958 35,007 36,757 41,352 43,419 45,590 47,870 50,263 52,776 55,415 58,186 61,095 64,150 67,357 70,725 74,261 77,974 81,873 91,698 96,283 101,097 106,152 111,459 117,032 122,884 129,028
FOOD & BEVERAGE 70.00% 15,876 21,671 24,505 25,730 28,946 30,393 31,913 33,509 35,184 36,943 38,790 40,730 42,767 44,905 47,150 49,508 51,983 54,582 57,311 64,189 67,398 70,768 74,306 78,022 81,923 86,019 90,320
SPA 5.00% 1,134 1,548 1,750 1,838 2,068 2,171 2,280 2,393 2,513 2,639 2,771 2,909 3,055 3,207 3,368 3,536 3,713 3,899 4,094 4,585 4,814 5,055 5,308 5,573 5,852 6,144 6,451
OTHER INC / MISC 1.70% 386 526 595 625 703 738 775 814 854 897 942 989 1,039 1,091 1,145 1,202 1,262 1,326 1,392 1,559 1,637 1,719 1,805 1,895 1,990 2,089 2,193
SERVICE APARTEMEN #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL REVENUE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

COST OF SALES
KOMERSIAL 0.00% - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
HOTEL 15.00% - 3,402 4,644 5,251 5,514 6,203 6,513 6,839 7,180 7,539 7,916 8,312 8,728 9,164 9,622 10,104 10,609 11,139 11,696 12,281 13,755 14,442 15,165 15,923 16,719 17,555 18,433 19,354
FOOD & BEVERAGE 45.00% - 7,144 9,752 11,027 11,578 13,026 13,677 14,361 15,079 15,833 16,624 17,456 18,329 19,245 20,207 21,218 22,278 23,392 24,562 25,790 28,885 30,329 31,846 33,438 35,110 36,865 38,708 40,644
SPA 50.00% - 567 774 875 919 1,034 1,085 1,140 1,197 1,257 1,319 1,385 1,455 1,527 1,604 1,684 1,768 1,857 1,949 2,047 2,292 2,407 2,527 2,654 2,786 2,926 3,072 3,226
OTHER INC / MISC 50.00% - 193 263 298 312 351 369 388 407 427 449 471 495 519 545 573 601 631 663 696 779 818 859 902 947 995 1,045 1,097
SERVICE APARTEMEN 45.00% - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL COST OF SALES - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

DEPARTEMEN PROFIT
KOMERSIAL 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
HOTEL 0 19,278 26,314 29,756 31,243 35,149 36,906 38,752 40,689 42,724 44,860 47,103 49,458 51,931 54,527 57,254 60,116 63,122 66,278 69,592 77,943 81,840 85,932 90,229 94,741 99,478 104,451 109,674
FOOD & BEVERAGE 0 8,732 11,919 13,478 14,151 15,920 16,716 17,552 18,430 19,351 20,319 21,335 22,402 23,522 24,698 25,933 27,229 28,591 30,020 31,521 35,304 37,069 38,922 40,868 42,912 45,057 47,310 49,676
OFFICE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SPA 0 567 774 875 919 1,034 1,085 1,140 1,197 1,257 1,319 1,385 1,455 1,527 1,604 1,684 1,768 1,857 1,949 2,047 2,292 2,407 2,527 2,654 2,786 2,926 3,072 3,226
OTHER INC / MISC 0 193 263 298 312 351 369 388 407 427 449 471 495 519 545 573 601 631 663 696 779 818 859 902 947 995 1,045 1,097
SERVICE APARTEMEN - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL DEPT. PROFIT (LABA KOTOR) 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 73% 73% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Tabel - 2.2
PROJECTION PROFIT & (LOSS)
###
DLM RIBUAN
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
DESCRIPTION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

OVERHEAD EXPENSES :
ADMINISTRATION & GENERAL AFFAIR
PAYROLL & REL. EXP. 6.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
SALES & MARKETING, PROMO 5.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL Administrasi & General Affrair #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

HEAT LIGHT & POWER

HEAT LIGHT & POWER 5.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL Heat Light & Power #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

REPAIR & MAINTENANCE

REPAIR & MAINTENANCE 3.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL Repair & Maintenance #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

TOTAL OVERHEAD EXPS #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

G.O.P. #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

% GOP #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BASIC FEE 5.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
INSENTIVE FEE 5.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
SEWA LAHAN #REF! #REF! - - -
CAPITAL EXPENSES :
INSURANCE 0.80% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
PBB 0.80% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
SINGKING FUND 3.00% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

TOTAL CAPITAL EXPENSES : #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

EBITDA #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

DEPRECIATION #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
-
EBIT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

INTEREST - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

EBT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
-
TAX (PPh) 25% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

EAT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

SHARING PROFIT/KOMPENSASI
KOMPENSASI KAI - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EAT WKR #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Tabel - 2.3 #REF!
PROJECTION CASH FLOW #REF!
###
DLM RIBUAN
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
DESCRIPTION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
CASH IN FLOW :

SELF FINANCE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
BANK LOAN #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
WORKING CAPITAL 4,000,000
CASH SALES 100% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
A/R COLLECTED - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL INFLOW #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
A/R Beginning - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
A/R Ending 0% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
CASH OUT FLOW :
LAND #REF! #REF! - - - - - - - - - - - - - - - - - - - - - - - - -
COST CONSTRUCTION/ DEVELOPMENT #REF! #REF! #REF! #REF!
PRE OPENING Expenses #REF! #REF! #REF! #REF!
INTEREST DURING CONSTRUCTION (IDC) #REF! #REF! #REF! #REF!
COST OF SALES DEPT. 100% - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
ADM. & GEN. EXP. & SALES PROMOTION 100% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
HEAT, LIGHT & POWER EXP. 100% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
REPAIR & MAINT. EXP. 100% #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
INSURANCE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
PBB #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
SINGKING FUND #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
FEE MANAGEMENT (BASIC & INSENTIF FEE) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TAX #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

LOAN REPAYMENT 3,000,000 4,000,000 6,000,000 7,000,000 7,000,000 9,000,000 9,000,000 11,000,000 11,069,176 15,000,000 25,000,000 100,000,000 #REF!
INTEREST - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
TOTAL CASH OUT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

SURPLUS/ DEFICIT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
KUMULATIF #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

TABEL PENGEMBALIAN PINJAMAN

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
DESCRIPTION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
- Saldo Awal KI #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Angsuran - - - 3,000,000 4,000,000 6,000,000 7,000,000 7,000,000 9,000,000 9,000,000 11,000,000 11,069,176 15,000,000 25,000,000 100,000,000 #REF! - - - - - - - - - - - - - -
- Bunga - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Total Bayar #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Saldo Akhir KI #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Tabel - 2
FEASIBILITY ANALYSIS - OPTIMALISASI LAHAN WSKT
###
DLM RIBUAN
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048
DESCRIPTION
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

- Investment #REF! #REF! #REF! #REF! #REF!

- Ebitda #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Depreciation - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Working Capital 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000
- Working Capital (4,000,000) - - - - - - - - -
- Terminal Value (book value thn 30)

- Free Cash Flow (FCF) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated FCF #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Discount Factor/WACC #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Discounted FCF #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
- Accumulated Discounted FCF #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

- NPV #REF! #REF! WACC (Weigthed Average Cost of Capital) Terminal Value dengan metode CF/Going Concern
- IRR #REF! - Equity #REF! 17.85% #REF! CF Th-30 #REF!
- Payback Period #REF! #REF! - Loan #REF! 7.50% #REF! Terminal Cap Rate (DR-Growth) #REF!
WACC (Weigthed Average Cost of Capital) #REF! Terminal Value (Going Concern) #REF!
Proyek 4,500,000
Tahun 1 2
bulan 1 2 3 4 5 6 7 8 9 10 11 12 13
Jumlah Proyek 1 2 2 3 3 3 3 3 3 3 3 3 3
Revenue 468,000,000 4500000 ### ### ### ### ### ### ### ### ### ### ### 13500000
 3
14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3
### ### ### ### ### ### ### ### ### ### ### 13500000 ### ### ### ### ### ### ### ### ### ### ###
Nilai dollar 14528.75

Komputer Harga Beli Upgrade per tUpgrade per bulan Per Tahun
Software
Autocad -
Sketch up 10,097,481
Windows 3,500,000
Micr Office 4,700,000
Corel Draw
Photoshop 269,800 269,800
Hardware
Laptop / Komp 15,000,000

Rumah
Kontrakan 24,000,000 2,000,000
Interior 20,000,000 500,000
Listrik 1,000,000

SDM
Pegawai 5,000,000 60,000,000
OB 3,500,000 42,000,000
Tahun 1 2 3
Revenue 1,602,000,000 144,000,000 162,000,000 162,000,000
Pajak 2.50% 40,050,000 3,600,000 4,050,000 4,050,000
1,561,950,000 140,400,000 157,950,000 157,950,000

Software 18,567,281 18,567,281

Hardware 15,000,000 15,000,000
Rumah 284,000,000 44,000,000 24,000,000 24,000,000 24,000,000
SDM 1,122,000,000 102,000,000 102,000,000 102,000,000 102,000,000
1,439,567,281 179,567,281 126,000,000 126,000,000 126,000,000

122,382,719 (179,567,281) 14,400,000 31,950,000 31,950,000

Investor 179,567,281 179,567,281

Sharing Pro 70.00% (211,365,000) (10,080,000) (22,365,000) (22,365,000)
pengembalian -

Sisa 90,585,000 - 4,320,000 9,585,000 9,585,000

Akumulasi - 4,320,000 13,905,000 23,490,000

(88,982,281) (179,567,281) 4,320,000 9,585,000 9,585,000

Modal sendiri 20% 30.00% 6.00%

Investor 10.00% 70.00% 7.00%
13.00%

NPV -Rp19,229,889.95
IRR 10.10%

pendapatan bersih
investor 211,365,000
gw 90,585,000 600000000 690,585,000
 4 5 6 7 8 9 10
162,000,000 162,000,000 162,000,000 162,000,000 162,000,000 162,000,000 162,000,000
4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000
157,950,000 157,950,000 157,950,000 157,950,000 157,950,000 157,950,000 157,950,000

24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000 24,000,000

102,000,000 102,000,000 102,000,000 102,000,000 102,000,000 102,000,000 102,000,000
126,000,000 126,000,000 126,000,000 126,000,000 126,000,000 126,000,000 126,000,000

31,950,000 31,950,000 31,950,000 31,950,000 31,950,000 31,950,000 31,950,000

(22,365,000) (22,365,000) (22,365,000) (22,365,000) (22,365,000) (22,365,000) (22,365,000)

9,585,000 9,585,000 9,585,000 9,585,000 9,585,000 9,585,000 9,585,000

33,075,000 42,660,000 52,245,000 61,830,000 71,415,000 81,000,000 90,585,000

9,585,000 9,585,000 9,585,000 9,585,000 9,585,000 9,585,000 9,585,000