pt mandiri mega jaya - PT Hanson International Tbk

Transcription

An Independent Member of Baker Tilly International
BUSINESS VALUATION
BTICF/BV/0713-01
PT MANDIRI MEGA JAYA
VALUATION DATE
June 30, 2013
Central Business District Pluit
Pluit Selatan Raya C17
Jakarta 14450
INDONESIA
[email protected]
Ref. No. BTICF/BV/0713-01
Board of Directors
PT Mandiri Mega Jaya
Mayapada Tower Building, 21st Floor
Jl. Jend. Sudirman Kav. 28
Karet-Setiabudi
South Jakarta 12920
Re:
Business Valuation of PT Mandiri Mega Jaya
Dear Sir/Madam,
In accordance with the request to Baker Tilly Indonesia Corporate Finance (“BTICF”), based on
Proposal No. 021/VI/SV/13/BTICF dated June 20, 2013, BTICF as the independent consultant, has
performed business valuation of:
(“the Company”)
Identity of Assigner:
Name
Line of Business
Address
Phone
Fax
: PT Mandiri Mega Jaya
: Services, Trading, Industry, Construction, Workshop, Mining,
Agriculture, Transportation and Printing
: Mayapada Tower Building, 21st Floor
Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi, Jakarta 12920
: (62-21) 5213555
: (62-21) 5214555
Scope of Work
The valuation was done on business of the Company.
Valuation Purpose and Objective
Based on the information provided by the Company, the valuation of its business is intended for
management's internal purpose, based on assumptions taken by the management. Therefore to
accomodate such an objective, our valuation is based on Investment Value.
Valuation Approach and Method
Out of the many business valuation methods and approaches, we applied the income approach as
using Discounted Economic Income method or Discounted Cash Flow (DCF) Valuation method as
a single method to calculate the business value of the Company. In the DCF method, operations of
the Company are projected based on the management's business development plans. Future income
or projected cash flows are discounted based on the related risk level. Indicated value is a total
present value of future income, assuming the Company as a going concern, regardless of any
replacement of ownership or change in the Company’s management.
Definition and Valuation Basis Used
This valuation is based on Investment Value which is defined as the value of a company or shares
or interest in a company, specific to an investor, based on or which relates to the specific
requirements of an investor or a group of investors.
Valuation Date
Valuation cut off date is as of June 30, 2013, in conjunction with the purpose and objective of the
valuation.
Conclusion
Based on our review and analysis on all related aspects to determine the investment value of
business of the Company using DCF method as a single method, the computed investment value
of the Company's business, amounts to IDR 44.81 trillion as of June 30, 2013.
We herewith emphasize that in this valuation we are independent and do not have any interest on
the Company or the valuation results. We shall not take advantage, either now and in the future,
from the business or their reported investment value.
Sincerely yours,
Baker Tilly Indonesia Corporate Finance
Jakarta, 16th July 2013
TABLE OF CONTENTS
TABLE OF CONTENTS ................................................................................................................................ i
1.
EXECUTIVE SUMMARY ................................................................................................................. 1
1.1 VALUATION PURPOSE AND OBJECTIVE ..................................................................................... 1
1.2 VALUATION DATE ........................................................................................................................ 1
1.3 COMPANY HIGHLIGHTS ............................................................................................................... 1
1.4 PROJECTS PLAN ............................................................................................................................ 1
1.5 MARKETING ASPECT.................................................................................................................... 2
1.6 VALUATION APPROACH AND METHOD ..................................................................................... 3
1.7 VALUATION RESULT .................................................................................................................... 3
2.
BUSINESS PROFILE.......................................................................................................................... 5
2.1 GENERAL OVERVIEW................................................................................................................... 5
2.2 OWNERSHIP AND MANAGEMENT ............................................................................................... 5
2.3 CORPORATE STRUCTURE AND SUBSIDIARIES .......................................................................... 6
3.
PROJECTS PLAN ............................................................................................................................. 25
3.1 BEKASI PROJECT......................................................................................................................... 25
3.2 CENGKARENG PROJECT ............................................................................................................. 27
3.3 MAJA PROJECT............................................................................................................................ 29
3.4 SERPONG PROJECT ..................................................................................................................... 31
4.
INDUSTRY OUTLOOK ................................................................................................................... 34
4.1 GENERAL ECONOMIC CONDITIONS.......................................................................................... 34
4.2 GLOBAL’S PROPERTY INDUSTRY ............................................................................................. 36
4.3 PROPERTY DEVELOPMENT IN INDONESIA............................................................................... 40
4.4 SWOT ANALYSIS ....................................................................................................................... 43
5.
DESCRIPTION OF VALUATION OBJECT ............................................................................. 44
5.1 VALUATION PURPOSE AND OBJECTIVE ................................................................................... 44
5.2 DEFINITION OF VALUE............................................................................................................... 44
5.3 VALUATION BASIS ..................................................................................................................... 45
5.4 VALUATION DATE ...................................................................................................................... 45
6.
VALUATION METHODS ............................................................................................................... 46
6.1 GENERAL VALUATION METHODS ............................................................................................ 46
6.2 APPLIED VALUATION METHODS .............................................................................................. 46
6.3 CASH FLOWS ............................................................................................................................... 46
6.4 COST OF EQUITY ......................................................................................................................... 47
7.
DETERMINATION OF INDICATED VALUE ......................................................................... 49
7.1 FINANCIAL PROJECTIONS .......................................................................................................... 49
7.2 VALUATION RESULTS ................................................................................................................ 84
7.3 CONCLUSION ............................................................................................................................... 85
8.
DISCLAIMER ..................................................................................................................................... 86
APPENDICES
Business Valuation - PT Mandiri Mega Jaya
Strictly Private and Confidential
i
1.
EXECUTIVE SUMMARY
1.1
VALUATION PURPOSE AND OBJECTIVE
Baker Tilly Indonesia Corporate Finance (“BTICF”) has been appointed by
PT Mandiri Mega Jaya based on Proposal No. 021/VI/SV/13/BTICF dated
June 20, 2013, to perform a valuation of business of PT Mandiri Mega Jaya
(“the Company”).
Based on the information provided by the Company, the valuation is intended for
management's internal purpose. Therefore to accomodate that objective, our valuation
is based on Investment Value.
This valuation is prepared for such an objective and therefore is not valid under
different conditions, and cannot be used and quoted for any other purposes without
prior written consent from BTICF.
1.2
VALUATION DATE
Business valuation cut off date is as of June 30, 2013, taken in conjunction with the
purpose and objective of the valuation.
1.3
COMPANY HIGHLIGHTS
The Company was established based on Deed No. 33 dated July 31, 2012 of Anna
Maria Ira Kelana, S.H., MKn., Notary in Tangerang. The deed of establishment was
approved by the Ministry of Justice and Human Rights of the Republic of Indonesia
in its Decision Letter No. AHU-42083.AH.01.01.Tahun 2012 dated August 02, 2012.
The Company’s Articles of Association have been amended several times, most
recently by Notary Deed No. 11 dated June 11, 2013 of Anna Maria Ira Kelana, S.H.,
MKn., Notary in Tangerang, concerning the changes in capital structure. The
Ministry of Justice and Human Rights of the Republic of Indonesia has not yet
approved the last amendment on its Article of Association.
According to Article 3 of Article of Association, the scope of the Company’s activity
is mainly of services, trading, industry, construction, workshop, mining, agriculture,
transportation and printing.
1.4 PROJECTS PLAN
The Bekasi industrial estate project is located at Sukawangi District and Muara
Gembong District, Bekasi Regency, West Java, Indonesia. The Bekasi Land is
strategically located near Lippo Cikarang, Bekasi Fajar Industrial Estate (MM2100),
Jababeka Industrial Estate and Surya Semesta Industrial Park.
The Cengkareng Project is located at Pakuhaji District, West Jakarta Municipal,
Indonesia. It is strategically located near Soekarno-Hatta International Airport and
1
planned Cengkareng – Kunciran toll road. Via the airport toll road, the land is located
within 20 minutes drive from the renowned Pantai Indah Kapuk residential. Once the
Cengkareng – Kunciran toll road is completed, the land will have better and faster
access to residential and business districts in Serpong via the toll road.
The Maja Project is located nearby Banten industrial district of Cikande, Tigaraksa
and Cikupa, which are among the largest industrial estates in Indonesia. The area is
very suitable for the development of mid-low housing for population working in the
industrial estates nearby.
The Serpong Project is located at Rumpin District and Cisauk District, Banten
Province, Indonesia. It is strategically located near Bumi Serpong Damai (BSD),
Cisauk railway station and Jakarta-Serpong toll road (JORR1) connecting BSD City
and Jakarta. The length of the toll road is 13.5 km (8.4 miles).
1.5
MARKETING ASPECT
The global property investment market saw a modest 6% rise in activity during 2012
with volumes reaching USD 929 billion. Global property deals could exceed
USD 1 trillion in 2013 for the first time since 2007, helped by growing confidence in
North America and Asia and a greater appetite among sovereign wealth funds for real
estate.
Indonesia became the country's highest-yielding properties in Asia. Indonesia is able
to provide yield at 9.31% followed by the Philippines (8.62%). In 2013, real estate
prices in the region are predicted to stay in the upward trend not just because of the
rising prices of commodities, including some construction materials from the
replacement cost angle but also the growth expectations in the region and the
underlying demand from end-users, occupiers and investors.
Residential markets in most Asian cities continue to look good thanks to the genuine
demand from the local residents which have been growing due to natural birth rates
and migration of residents into urban centers. Beijing will continue to see robust
capital growth due to limited supply in the marketplace. Jakarta, Manila and the key
cities in India are typical cases showing sustained growth in the residential market as
they gradually recover from the global financial crisis which happened in the second
half of 2008. Other macro-reasons are their massive internal consumption base and
the trend of sustained inflation.
Indonesia remains ahead of other countries in South East Asia due to upbeat
economic growth, a rising middle class and stable inflation rates. All of these factors
have allowed for consistent price rises in almost every sector of Indonesia’s
residential property market, especially in capital city Jakarta. Knight Frank projected
residential demand remains strong for year 2014. According to the agency, the strong
economic fundamentals amid global economic crisis has been enticing investors to
shift investment to Indonesia.
Indonesia’s property sector continues to grow in tandem with the country’s strong
economic performance over the past few years. Strong demand for office space is
2
supported by rapid corporate expansion on the back of a favorable business
environment, triggering significant increase on prices of strata office space and office
rents. The residential market has also grown rapidly in response to increasing demand
for mid-level and luxury property, supported by the expanding middle class and a
low interest rate environment. Indonesia’s property sector is expected to continue
benefiting from these favorable conditions.
According to Indonesia Property Watch, soaring property prices in Jakarta and
surrounding areas did not necessarily indicate a bubble. Unlike property markets in
other countries, Indonesia's property price benchmark is set in accordance with
domestic purchasing power, there will be no bubble until the next five years.
Indonesia’s residential property price index (14 major cities) rose by 7.4% during the
year to end first quarter of 2013, the highest year-on-year (y-o-y) price increase, since
BI began publishing data in first quarter 2008. However, inflation property prices
increased only by 2.04%, demand is rising strongly yet. In the fourth quarter of 2012,
residential property sales in Indonesia soared by 26.7% from the previous quarter.
Small houses saw the highest sales growth, about 41% q-o-q in Q4 2012. In
December 2012, the total outstanding housing loans in Indonesia risen a stunning
21.74% y-o-y, to reach IDR 222.35 trillion (USD 22.79 billion).
Based on data from property consultant Cushman & Wakefield Indonesia, landed
house for the last three years has been increased up to the highest level. In the first
quarter of 2013, the average price of landed house increased by 25.1% compared to
the same period of 2012, and is estimated will increase by 28% in 2013.
1.6
VALUATION APPROACH AND METHOD
Out of the many business valuation methods and approaches, we applied the income
approach using Discounted Economic Income method or Discounted Cash Flow
(DCF) Valuation method as a single method to calculate the business value of the
Company.
In the DCF method, operations of the Company are projected based on the
management's business development plans. Future income or projected cash flows are
discounted based on the related risk level. Indicated value is a total present value of
future income, assuming the Company as a going concern, regardless of any
1.7 VALUATION RESULT
Based on the information provided by the Company, the valuation of its business is
intended for management's internal purpose, based on assumptions taken by the
management. Therefore to accomodate such an objective, our valuation is based on
Investment Value.
3
Based on our review and analysis on all related aspects to determine the investment
value of business of the Company using DCF method as a single method, the
computed investment value of the Company's business, amounts to
IDR 44.81 trillion as of June 30, 2013.
We herewith emphasize that in this valuation we are independent and do not have
any interest on the Company or the valuation results. We shall not take advantage,
either now and in the future, from the shares or their reported investment value.
OTHER VARIABLES THAT MAY AFFECT VALUE
• Any change in the business plan assumptions would necessarily impact and be
reflected on the computed business value. It’s assumed there are no subsequent
event that affect the economic earnings projection from the cut off date as of
June 30, 2013 until issuance of this report. If any, it would require revaluation of
the Company’s business value based on the affects of the subsequent event.
4
2.
BUSINESS PROFILE
2.1
GENERAL OVERVIEW
The Company was established based on Deed No. 33 dated July 31, 2012 of Anna
Maria Ira Kelana, S.H., MKn., Notary in Tangerang. The deed of establishment was
approved by the Ministry of Justice and Human Rights of the Republic of Indonesia
in its Decision Letter No. AHU-42083.AH.01.01.Tahun 2012 dated August 02, 2012.
The Company’s Articles of Association have been amended several times, most
recently by Notary Deed No. 11 dated June 11, 2013 of Anna Maria Ira Kelana, S.H.,
MKn., Notary in Tangerang, concerning the changes in capital structure. The
Ministry of Justice and Human Rights of the Republic of Indonesia has not yet
approved the last amendment on its Article of Association.
According to Article 3 of Article of Association, the scope of the Company’s activity
is mainly of services, trading, industry, construction, workshop, mining, agriculture,
transportation and printing.
The Company is located in Mayapada Tower Building 21st Floor, Jl. Jend. Sudirman
Kav. 28, Karet-Setiabudi, South Jakarta 12920.
Documents and data licenses owned by the Company are as follows:
• Trade license (SIUP) No. 03470-04/PB/1.824.271 dated June 10, 2013 which is
valid until June 10, 2018;
• Registration license (TDP) No. 09.03.1.68.84550 dated June 14, 2013 which is
• State of domicily (SKDP) No. 1336/1.824.1/12 dated August 08, 2012 which is
valid until August 08, 2013;
• Registered letter of Tax Obligor No. PEM-00320/WPJ.04/KP.0103/2013 dated
February 15, 2013;
• Taxpayer number (NPWP) 03.274.152.2-011.000;
2.2
OWNERSHIP AND MANAGEMENT
Based on Notary Deed No. 11 dated June 11, 2013 of Anna Maria Kelana,
S.H.,MKn., Notary in Tangerang, the Company’s authorized capital amounts to
IDR 4 trillion consisting of 4,000,000 shares with par value of IDR 1,000,000 per
share, all of shares have been issued and fully paid, with shareholding structure as
follows:
Shareholders
Authorized Capital
Issued-Fully Paid Capital
Mr. Benny Tjokrosaputro
Ms. Jumiah
Total
Number of
Shares
4,000,000
Total Amount
(IDR)
4,000,000,000,000
3,997,500
2,500
4,000,000
3,997,500,000,000
2,500,000,000
4,000,000,000,000
%
99.94
0.06
100.00
5
Based on Notary Deed No. 09 dated May 08, 2013 of Anna Maria Ira Kelana, S.H.,
MKn., Notary in Banten, the Company’s Board of Commissioners and Directors are
as follows:
Commissioner
President Director
Director
: Ms. Jumiah
: Mr. Benny Tjokrosaputro
: Mr. George Ignasius Ratulangi
2.3 CORPORATE STRUCTURE AND SUBSIDIARIES
As of June 30, 2013 the structure of subsidiaries based on year of establishment and
percentage of ownership are as follows:
No.
Subsidiaries
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
PT Armidian Karyatama (“AK”)
PT Bhandawibawa Asih (“BA”)
PT Bramind Mitra Utama (“BMU”)
PT Bumi Artamas Sentosa (BAS”)
PT Bumi Tunggal Persada (“BTP”)
PT Chandra Tribina (“CT”)
PT Citraindo Nusamaju (“CN”)
PT Duta International Global Mandiri (“DIGM”)
PT Graha Inter Jaya Agung (“GIJA”)
PT Grand Mitra Guna Mandiri (“GMGM”)
PT Harvest Time (“HT”)
PT Junti Mas Lestari (“JML”)
PT Majarata Indahtama (“MI”)
PT Putra Asih Laksana (“PAL”)
PT Putra Marga Tapa (“PMT”)
PT Sisi Harapan Gemilang (“SHG”)
PT Taruna Duta Subur (“TDS”)
Year of
Establishment
1994
1992
2008
1986
2011
1993
1992
2011
2011
2011
2010
2011
2011
1986
1986
2012
2011
% of
Ownership
99
99
99
99
99
99
99
99
99
99
77
99
99
80
99
99
99
2.3.1 PT Armidian Karyatama (“AK”)
AK was established based on Notary Deed No. 47 dated August 6, 1994 of Endang
Irawati Ekaputri, S.H., Notary in Jakarta and it was approved by the Ministry of
Justice and Human Rights in its Decision Letter No. C2-13.874 HT.01.01 TH.95
dated October 30, 1995 and it was published in the State Gazette No. 1232,
Supplement No. 09 dated January 30, 1996.
AK’s articles of association have been amended several times, most recently by
Notary Deed No. 54 dated May 27, 2013 of Anna Maria Ira Kelana, S.H., MKn.,
Notary in Tangerang, concerning the changes in shareholding composition,
management structure and domicile. The Ministry of Justice and Human Rights of
the Republic of Indonesia has not yet approved the last amendment on its Article of
Association.
According to Article 3 of article of association, the scope of AK’s activity is engaged
in services, trading, industry, construction, workshop, mining, agriculture,
transportation and printing. Currently, AK is located in Mayapada Tower Building
6
21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi, South Jakarta 12920 and has
not operated commercially.
MKn., Notary in Tangerang, AK’s authorized capital amounts to IDR 5.6 billion
consisting of 5,600 shares with par value of IDR 1,000,000 per share, all of shares
have been issued and fully paid, with shareholding structure as follows:
Shareholders
Authorized Capital
Total
Number of
Shares
5,600
Total Amount
(IDR)
5,600,000,000
5,544
56
5,600
5,544,000,000
56,000,000
5,600,000,000
%
99.00
1.00
100.00
MKn., Notary in Tangerang, the Board of Commissioners and Directors are as
follows:
Commissioner : Mr. Raden Agus Santosa
Director
To start its operations, AK has acquired licenses from the authority. Documents and
data licenses owned by AK are as follows:
• Trade license (SIUP) and Registration license (TDP) are still in process based on
Notary Letter No. 037/NOT/V/2013 dated May 27, 2013 from Anna Maria Ira
Kelana, S.H., MKn., Notary in Tangerang;
• State of domicily (SKDP) No. 443/1.824.1/13 dated June 03, 2013 which is valid
until June 03, 2014;
June 13, 2013;
• Taxpayer Number (NPWP) No. 01.680.752.1-011.000.
2.3.2 PT Bhandawibawa Asih (“BA”)
BA was established based on Notary Deed No. 290 dated July 28, 1992 of Benny
Kristianto, S.H., Notary in Jakarta. The Ministry of Justice of the Republic of
Indonesia approved the deed of establishment in its decision letter
No. C2-12260 HT.01.01.Th.93 dated November 15, 1993 and it was published in the
State Gazette No. 4028, Supplement No. 53 dated July 05, 1994.
BA’s articles of association have been amended several times, most recently by
Notary Deed No. 63 dated March 30, 2013 of Drs. Soebiantoro S.H., Notary in
Jakarta, concerning the changes in shareholding composition, management structure,
and capital structure. The amendment was approved by the Ministry of Justice and
Human Rights of the Republic of Indonesia No. AHU-23368.AH.01.02.Tahun 2013
dated May 01, 2013.
7
According to Article 3 of article of association, the scope of BA’s activity is mainly
engaged in trading, construction, transportation, distributor, agriculture, industry,
workshop, and services. Currently, BA is located in Jl. Tomang Raya No. 43,
Tomang, Grogol-Petamburan, West Jakarta and has not operated commercially.
Based on Notary Deed No. 63 dated March 30, 2013 of Drs. Soebiantoro S.H.,
Notary in Jakarta, BA’s authorized capital amounts to IDR 560 billion consisting of
560,000 shares with par value of IDR 1,000,000 per share, all of shares have been
issued and fully paid, with shareholding structure as follows:
Shareholders
Authorized Capital
Total
Number of
Shares
560,000
Total Amount
(IDR)
560,000,000,000
554,400
5,600
560,000
554,400,000,000
5,600,000,000
560,000,000,000
%
99.00
1.00
100.00
Based on Notary Deed No. 63 dated March 30, 2013 of Drs. Soebiantoro S.H.,
Notary in Jakarta, the Board of Commissioners and Directors are as follows:
Director
To start its operations, BA has acquired licenses from the authority. Documents and
data licenses owned by BA are as follows:
• Trade license (SIUP) No. 00035-03/PK/P/1.824.271 dated July 14, 2010 which is
valid until July 14, 2015;
• Registration license (TDP) No. 09.02.1.68.13253 dated July 30, 2010 which is
• State of domicily (SKDP) No. 549/1.824.00/2012 dated December 21, 2012 which
is valid until December 21, 2013;
• Taxpayer Number (NPWP) 1.614.011.3-031.
2.3.3 PT Bramind Mitra Utama (“BMU”)
BMU was established based on Notary Deed No. 10 dated September 23, 2008 of
Retno Wahyu Ningsih, S.H., Notary in Jakarta and it was approved by the Ministry
of Justice and Human Rights of the Republic of Indonesia in its Decision Letter
No. AHU-75745.AH.01.01.Tahun 2008 dated October 20, 2008 and it was published
in the State Gazette No. 1428, Supplement No. 6 dated January 20, 2009.
BMU’s articles of association have been amended several times, most recently by
management structure and capital structure. The amendment was approved by the
Ministry of Justice and Human Rights of the Republic of Indonesia
No. AHU-30107.AH.01.02.Tahun 2013 dated June 04, 2013.
8
According to Article 3 of article of association, the scope of BMU’s activity is
engaged in land transportation, printing, workshop, construction, and trade. Currently,
BMU is located in Serpong Garden Blok. B-9/6, Cobogo/Cisauk, Tangerang Regency
and has not operated commercially.
MKn., Notary in Tangerang, BMU’s authorized capital amounts to IDR 125 billion
Shareholders
Authorized Capital
Total
Number of
Shares
125,000
Total Amount
(IDR)
125,000,000,000
123,750
1,250
125,000
123,750,000,000
1,250,000,000
125,000,000,000
%
99.00
1.00
100.00
follows:
Director
To start its operations, BMU has acquired licenses from the authority. Documents
and data licenses owned by BMU are as follows:
• State of domicily (SKDU) No. 503/07-Ds.Cbg/2013 dated May 17, 2013 which is
valid until May 17, 2014;
May 22, 2013;
• Taxpayer Number (NPWP) 31.763.141.4-451.000.
2.3.4 PT Bumi Artamas Sentosa (“BAS”)
BAS was established based on Notary Deed No. 34 dated November 19, 1986 of
Mrs. Sitti Marjami Soepangat S.H., Notary in Jakarta and it was approved by The
Ministry of Justice of the Republic of Indonesia in its Decision Letter
No. C2-1412.HT.01.01.Th.88 dated February 17, 1988.
BAS’s articles of association have been amended several times, most recently by
Notary Deed No. 6 dated February 06, 2013 of Anna Maria Ira Kelana, S.H., MKn.,
management structure, domicile, and capital structure. The amendment was approved
by the Ministry of Justice and Human Rights of the Republic of Indonesia
No. AHU-19110.AH.01.02.Tahun 2013 dated April 11, 2013.
9
According to Article 2 of article of association, the scope of BAS’s activity is
engaged in trading, construction, services, industry, agriculture and transportation.
Currently, BAS is located in Mayapada Tower Building 21st Floor, Jl. Jend. Sudirman
Kav. 28, Karet-Setiabudi, South Jakarta 12920 and has not operated commercially.
Based on Notary Deed No. 6 dated February 06, 2013 of Anna Maria Ira Kelana,
S.H., MKn., Notary in Tangerang, BAS’s authorized capital amounts to
IDR 50 billion consisting of 10,000 shares with par value of IDR 5,000,000 per
share, all of shares have been issued and fully paid, with shareholding structure as
follows:
Shareholders
Authorized Capital
Total
Number of
Shares
10,000
Total Amount
(IDR)
50,000,000,000
9,900
100
10,000
49,500,000,000
500,000,000
50,000,000,000
%
99.00
1.00
100.00
S.H., MKn., Notary in Tangerang, the Board of Commissioners and Directors are as
follows:
Director
To start its operations, BAS has acquired licenses from the authority. Documents and
data licenses owned by BAS are as follows:
• Trade license (SIUP) No. 06971/P-01/1.824.271 dated October 16, 2012 which is
valid until October 16, 2017;
• Registration license (TDP) No. 09.05.1.46.75275 dated November 06, 2012 which
is valid until March 02, 2017;
• State of domicily (SKDP) No. 121/1.824.1/13 dated February 13, 2013 which is
valid until February 13, 2014;
2.3.5 PT Bumi Tunggal Persada (“BTP”)
BTP was established based on Notary Deed No. 01 dated December 14, 2011 of
Hartati, S.H., M.Kn., Notary in Karanganyar and it was approved by the Ministry of
Justice and Human Rights in its Decision Letter No. AHU-64401.AH.01.01.Tahun
2011 dated December 29, 2011.
BTP’s articles of association have been amended several times, most recently by
Notary Deed No. 67 dated March 30, 2013 of Drs. Soebiantoro, S.H., Notary in
Jakarta, concerning an concerning the changes in capital structure. The amendment
was approved by the Ministry of Justice and Human Rights of the Republic of
Indonesia No. AHU-23372.AH.01.02.Tahun 2013 dated May 01, 2013.
10
According to Article 3 of article of association, the scope of BTP’s activity is
engaged in agriculture, general trading, land transportation, industrial and/or services.
Currently, BTP is located in Mayapada Tower Building 21st Floor, Jl. Jend. Sudirman
Based on Notary Deed No. 67 dated March 30, 2013 of Drs. Soebiantoro, S.H.,
Notary in Jakarta, BTP’s authorized capital amounts to IDR 225 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
225,000
Total Amount
(IDR)
225,000,000,000
222,750
2,250
225,000
222,750,000,000
2,250,000,000
225,000,000,000
%
99.00
1.00
100.00
follows:
Director
To start its operations, BTP has acquired licenses from the authority. Documents and
data licenses owned by BTP are as follows:
• Trade license (SIUP) No. 510.41/0374/III/PK/2012 dated March 22, 2012 which
is valid until March 22, 2015;
• Registration license (TDP) No. 11.16.1.47.01877 dated March 22, 2012 which is
valid until March 22, 2017;
February 20, 2012;
2.3.6 PT Chandra Tribina (“CT”)
CT was established based on Notary Deed No. 292 dated December 24, 1993 of
Ir. Rusli, S.H., substitute Benny Kristianto S.H., Notary in Jakarta and amanded by
Notary Deed No. 165 dated February 19, 1994 of Benny Kristianto S.H., Notary in
Jakarta and it was approved by The Ministry of Justice of the Republic of Indonesia
in its Decision Letter No. C2-8409.HT.01.01 TAHUN 1994 dated May 30, 1994 and
it was published in the State Gazette No. 970, Supplement No. 10 dated
February 03, 1995.
11
CT’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in shareholding composition, management structure
dated May 01, 2013.
According to Article 3 of article of association, the scope of CT’s activity is engaged
in trading, construction, transportation, distributor, agriculture, industry, workshop,
and services. Currently, CT is located in Jl. Tomang Raya No. 43, Tomang, Grogol
Petamburan, West Jakarta 11440 and has not operated commercially.
Notary in Jakarta, CT’s authorized capital amounts to IDR 240 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
240,000
Total Amount
(IDR)
240,000,000,000
237,600
2,400
240,000
237,600,000,000
2,400,000,000
240,000,000,000
%
99.00
1.00
100.00
Director
To start its operations, CT has acquired licenses from the authority. Documents and
data licenses owned by CT are as follows:
• State of domicily (SKDP) No. 294/1.824.00/2013 dated May 24, 2013 which is
2.3.7 PT Citraindo Nusamaju (“CN”)
CN was established based on Notary Deed No. 297 dated March 31, 1992 of Benny
Kristianto S.H., Notary in Jakarta and amanded by Notary Deed No. 177 dated
October 19, 1993 of Benny Kristianto S.H., Notary in Jakarta and it was approved by
The Ministry of Justice of the Republic of Indonesia in its Decision Letter
No. C2-12173.HT.01.01.Th.93 dated November 13, 1993 and it was published in the
State Gazette No. 2026, Supplement No. 41 dated May 23, 1997.
12
CN’s articles of association have been amended several times, most recently by
dated May 02, 2013.
According to Article 3 of article of association, the scope of CN’s activity is engaged
in trading, construction, transportation, distributor, agriculture, industry workshop,
and services. Currently, CN is located in Jl. Tomang Raya No. 43, Tomang, Grogol
Petamburan, West Jakarta 11440 and has not operated commercially.
Notary in Jakarta, CN’s authorized capital amounts to IDR 50 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
50,000
Total Amount
(IDR)
50,000,000,000
49,500
500
50,000
49,500,000,000
500,000,000
50,000,000,000
%
99.00
1.00
100.00
Director
To start its operations, CN has acquired licenses from the authority. Documents and
data licenses owned by CN are as follows:
valid until March 07, 2014;
2.3.8 PT Duta International Global Mandiri (“DIGM”)
DIGM was established based on Notary Deed No. 22 dated December 05, 2011 of H.
Feby Rubein Hidayat, S.H., Notary in Jakarta and it was approved by the Ministry of
13
DIGM’s articles of association have been amended several times, most recently by
No. AHU-29761.AH.01.02.Tahun 2013 dated June 03, 2013.
According to Article 3 of article of association, the scope of DIGM’s activity is
engaged in trade, services, construction, industry, agriculture, construction,
workshop, land transportation and printing. Currently, DIGM is located in Mayapada
Tower Building 21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi, South
Jakarta 12920 and has not operated commercially.
MKn., Notary in Tangerang, DIGM’s authorized capital amounts to IDR 30 billion
consisting of 300,000 shares with par value of IDR 100,000 per share, all of shares
Shareholders
Authorized Capital
Total
Number of
Shares
300,000
Total Amount
(IDR)
30,000,000,000
29,700
3,000
300,000
29,700,000,000
300,000,000
30,000,000,000
%
99.00
1.00
100.00
follows:
Director
To start its operations, DIGM has acquired licenses from the authority. Documents
and data licenses owned by DIGM are as follows:
Notary Letter No. 016/NOT/IV/2013 dated May 15, 2013 from Anna Maria Ira
• State of domicily (SKDP) No. 404/1.824.1/13 dated May 17, 2013 which is valid
until May 17, 2014;
May 21, 2013;
2.3.9 PT Graha Inter Jaya Agung (“GIJA”)
GIJA was established based on Notary Deed No. 16 dated December 05, 2011 of H.
Feby Rubein Hidayat, S.H., Notary in Jakarta and it was approved by the Ministry of
14
GIJA’s articles of association have been amended several times, most recently by
No. AHU-29487.AH.01.02.Tahun 2013 dated May 31, 2013.
According to Article 3 of article of association, the scope of GIJA’s activity is
engaged in trade, services, construction, industry, agriculture, workshop, land
transportation and printing. Currently, GIJA is located in Mayapada Tower Building
MKn., Notary in Tangerang, GIJA’s authorized capital amounts to IDR 120 billion
consisting of 1,200,000 shares with par value of IDR 100,000 per share, all of shares
Shareholders
Authorized Capital
Total
Number of
Shares
1,200,000
Total Amount
(IDR)
120,000,000,000
1,188,000
12,000
1,200,000
118,800,000,000
1,200,000,000
120,000,000,000
%
99.00
1.00
100.00
Based on Notary No. 24 dated May 15, 2013 of Anna Maria Ira Kelana, S.H., MKn.,
Notary in Tangerang, the Board of Commissioners and Directors as of May 15, 2013
are as follows:
Director
To start its operations, GIJA has acquired licenses from the authority. Documents and
data licenses owned by GIJA are as follows:
until May 17, 2014;
May 21, 2013;
15
2.3.10 PT Grand Mitra Guna Mandiri (“GMGM”)
GMGM was established based on Notary Deed No. 14 dated December 05, 2011 of
H. Feby Rubein Hidayat, S.H., Notary in Jakarta and it was approved by the Ministry
of Justice and Human Rights in its Decision Letter No. AHU-60876.AH.01.01.Tahun
GMGM’s articles of association have been amended several times, most recently by
management structure and capital structure. The Ministry of Justice and Human
Rights of the Republic of Indonesia has recorded the changes through its letter No.
AHU-AH.01.10-20273 dated May 27, 2013.
According to Article 3 of article of association, the scope of GMGM’s activity is
engaged in trade, services, construction, industry, agriculture, workshop, land
transportation and printing. Currently, GMGM is located in Mayapada Tower
Building 21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi, South Jakarta 12920
MKn., Notary in Tangerang, GMGM’s authorized capital amounts to IDR 60 billion
consisting of 600,000 shares with par value of IDR 100,000 per share, all of shares
Shareholders
Authorized Capital
Total
Number of
Shares
600,000
Total Amount
(IDR)
60,000,000,000
594,000
6,000
600,000
59,400,000,000
600,000,000
60,000,000,000
%
99.00
1.00
100.00
follows:
Director
To start its operations, GMGM has acquired licenses from the authority. Documents
and data licenses owned by GMGM are as follows:
until May 17, 2014;
May 21, 2013;
16
2.3.11 PT Harvest Time (“HT”)
HT was established based on Notary Deed No. 26 dated January 28, 2010 of Merry
Susanti Siaril , S.H., Notary in Jakarta and it was approved by the Ministry of Justice
and Human Rights in its Decision Letter No. AHU-14015.AH.01.01.Tahun 2010
dated March 18, 2010.
HT’s articles of association have been amended several times, most recently by
Notary Deed No. 07 dated June 04, 2013 of Anna Maria Ira Kelana, S.H., MKn.,
Notary in Tangerang, concerning the changes in shareholding composition and
management structure. The Ministry of Justice and Human Rights of the Republic of
Indonesia has not yet approved the last amendment on its Article of Association.
According to Article 3 of article of association, the scope of HT’s activity is engaged
in general trading, construction, industrial, mining, land transport, agriculture,
printing, workshops and services. Currently, HT is located in Griya Hijau No. 71,
Pakualam, North Serpong, South Tangerang and has not operated commercially.
Based on Notary Deed No. 07 dated June 04, 2013 of Anna Maria Ira Kelana, S.H.,
MKn., Notary in Tangerang, HT’s authorized capital amounts to IDR 50 billion
Shareholders
Authorized Capital
Mr. Ir. Ishak
Mr. Khoirul Umam
Mr. Ir. H. Lukman Azadin
Total
Number of
Shares
50,000
Total Amount
(IDR)
50,000,000,000
38,500
4,000
2,500
5,000
50,000
38,500,000,000
4,000,000,000
2,500,000,000
5,000,000,000
50,000,000,000
%
77.00
8.00
5.00
10.00
100,00
Based on Notary Deed No. 07 dated June 04, 2013 of Anna Maria Ira Kelana, S.H.,
follows:
Director
To start its operations, HT has acquired licenses from the authority. Documents and
data licenses owned by HT are as follows:
Notary Letter No. 033/NOT/IV/2013 dated April 25, 2013 from Anna Maria Ira
• State of domicily (SKDU) No. 503/94/Kel.Pka/IV/2013 dated April 29, 2013
which is valid until April 26, 2014;
17
May 03, 2013;
• Taxpayer Number (NPWP) No. 03.040.549.2-411.000.
2.3.12 PT Junti Mas Lestari (“JML”)
JML was established based on Notary Deed No. 108 dated December 20, 2011 of
Martin Agustinus Wilamarta, S.H., S.Kom., M.H., LL.M., as a substitute of
Dr. Misahardi Wilamarta, S.H., M.H., M. Kn., LL. M., Notary in Jakarta and it was
approved by the Ministry of Justice and Human Rights in its Decision Letter
No. AHU-63758.AH.01.01.Tahun 2011 dated December 23, 2011.
JML’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in shareholding composition, management structure,
dated May 02, 2013.
According to Article 3 of article of association, the scope of JML’s activity is
engaged trade, services, construction, agribusiness, transportation and printing.
Currently, JML is located in Mayapada Tower Building 10th Floor, Jl. Jend. Sudirman
Notary in Jakarta, JML’s authorized capital amounts to IDR 150 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
150,000
Total Amount
(IDR)
150,000,000,000
148,500
1,500
150,000
148,500,000,000
1,500,000,000
150,000,000,000
%
99.00
1.00
100.00
Based on Notary Deed 76 dated March 30, 2013 of Drs. Soebiantoro, S.H., Notary in
Jakarta, the Board of Commissioners and Directors are as follows:
Director
To start its operations, JML has acquired licenses from the authority. Documents and
data licenses owned by JML are as follows:
• Trade license (SIUP) No. 10231-04/PM/P/1.824.271 dated February 05, 2013
which is valid until February 05, 2018;
• Registration license (TDP) No. 09.03.1.46.81917 dated February 14, 2013 which
is valid until January 06, 2017;
18
• State of domicily (SKDP) No. 1479/1.824.1/12 dated October 02, 2012 which is
valid until October 02, 2013;
October 24, 2012;
2.3.13 PT Majarata Indahtama (“MI”)
MI was established based on Notary Deed No. 35 dated October 21, 2011 of Lies
Herminingsih, S.H., Notary in Jakarta and it was approved by the Ministry of Justice
dated April 18, 2012.
MI’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in capital structure. The amendment was approved
by the Ministry of Justice and Human Rights of the Republic of Indonesia
No. AHU-22992.AH.01.02.Tahun 2013 dated April 30, 2013.
According to Article 3 of article of association, the scope of MI’s activity is engaged
in services, construction (contractor), general trading, agency, representatives,
advertising, transportation, agriculture and industry. Currently, MI is located in
Mayapada Tower Building 21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi,
South Jakarta 12920 and has not operated commercially.
Notary in Jakarta, MI’s authorized capital amounts to IDR 140 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
140,000
Total Amount
(IDR)
140,000,000,000
138,600
1,400
140,000
138,600,000,000
1,400,000,000
140,000,000,000
%
99.00
1.00
100.00
follows:
Director
To start its operations, MI has acquired licenses from the authority. Documents and
data licenses owned by MI are as follows:
• Trade license (SIUP) No. 03418-04/PB/1.824.271 dated May 29, 2013 which is
19
February 25, 2013;
2.3.14 PT Putra Asih Laksana (“PAL”)
PAL was established based on Notary Deed No. 27 dated January 16, 1986 of Willy
Silitonga, Notary in Jakarta. The Ministry of Justice of the Republic of Indonesia
approved the deed of establishment in its decision letter No. C24838.HT.01.01.TH86 dated July 08, 1986.
PAL’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in shareholding composition and management
structure. The Ministry of Justice and Human Rights of the Republic of Indonesia has
recorded the changes through its letter No. AHU-AH.01 10-15615 dated April 25,
2013.
According to Article 2 of article of association, the scope of PAL’s activity is
engaged in trading, construction, industry, distributor, agriculture, services, printing
and transportation. Currently, PAL is located in Jl. HR. Rasuna Said No. 25, Pakojan,
Pinang, Tangerang, Banten and has not operated commercially.
Notary in Jakarta, PAL’s authorized capital amounts to IDR 387 billion consisting of
3,870,000 shares with par value of IDR 100,000 per share, all of shares have been
Shareholders
Authorized Capital
Total
Number of
Shares
3,870,000
Total Amount
(IDR)
387,000,000,000
3,096,000
774,000
3,870,000
309,600,000,000
77,400,000,000
387,000,000,000
%
80.00
20.00
100.00
Director
To start its operations, PAL has acquired licenses from the authority. Documents and
data licenses owned by PAL are as follows:
20
• Trade license (SIUP) No. 1285/PK/IX/BPPMPT/2012 dated September 20, 2012
which is valid until September 20, 2017;
• Registration license (TDP) No. 30.06.1.68.07689 dated September 21, 2012 which
is valid until September 21, 2017;
• State of domicily (SKDP) No. 503/289-Ekbang/2012 dated July 31, 2012 which is
September 17, 2012;
2.3.15 PT Putra Marga Tapa (“PMT”)
PMT was established based on Notary Deed No. 56 dated October 23, 1986 of
Machdar Daud, S.H., Notary in Jakarta. The Ministry of Justice of the Republic of
Indonesia approved the deed of establishment in its decision letter
No. C2-3695 HT.01.01.Th87 dated May 12, 1987.
PMT’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in capital structure. The amendment was approved
by the Ministry of Justice and Human Rights of the Republic of Indonesia No. AHU22759.AH.01.02.Tahun 2013 dated April 29, 2013.
According to Article 3 of article of association, the scope of PMT’s activity is
engaged in contractor, trading, distributor, transportation, services, logging and
industry of development work. Currently, PMT is located in Mayapada Tower
Building 21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi, South Jakarta 12920
Notary in Jakarta, PMT’s authorized capital amounts to IDR 200 billion consisting of
2,000,000 shares with par value of IDR 100,000 per share, all of shares have been
Shareholders
Authorized Capital
Total
Number of
Shares
2,000,000
Total Amount
(IDR)
200,000,000,000
1,980,000
20,000
2,000,000
198,000,000,000
2,000,000,000
200,000,000,000
%
99.00
1.00
100.00
Based on Notary Deed No. 01 dated January 28, 2013 of Anna Maria Ira Kelana,
S.H.MKn., Notary in Tangerang, the Board of Commissioners and Directors are as
follows:
Director
21
To start its operations, PMT has acquired licenses from the authority. Documents and
data licenses owned by PMT are as follows:
• Trade license (SIUP) No. 03417-04/PB/1.824.271 dated May 29, 2013 which is
2.3.16 PT Sisi Harapan Gemilang (“SHG”)
SHG was established based on Notary Deed No. 32 dated July 31, 2012 of Anna
Maria Ira Kelana, S.H., MKn., Notary in Tangerang and it was approved by the
Ministry of Justice and Human Rights in its Decision Letter No. AHU41928.AH.01.01.Tahun 2012 dated August 02, 2012.
SHG’s articles of association have been amended several times, most recently by
dated May 02, 2013.
According to Article 3 of article of association, the scope of SHG’s activity is
engaged in services, trade, industry, construction, workshop, mining, agriculture,
transportation and printing. Currently, SHG is located in Mayapada Tower Building
Notary in Jakarta, SHG’s authorized capital amounts to IDR 250 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
250,000
Total Amount
(IDR)
250,000,000,000
247,500
2,500
250,000
247,500,000,000
2,500,000,000
250,000,000,000
%
99.00
1.00
100.00
Director
22
To start its operations, SHG has acquired licenses from the authority. Documents and
data licenses owned by SHG are as follows:
• Trade license (SIUP) No. 02824-04/PB/1.824.271 dated January 10, 2013 which is
valid until January 10, 2018;
• Registration license (TDP) No. 09.03.1.46.81539 dated January 25, 2013 which is
valid until January 23, 2018;
• State of domicily (SKDP) No. 1338/1.824.1/12 dated August 08, 2012 which is
December 20, 2012;
2.3.17 PT Taruna Duta Subur (“TDS”)
TDS was established based on Notary Deed No. 34 dated October 21, 2011 of Lies
Herminingsih, S.H., Notary in Jakarta and it was approved by the Ministry of Justice
dated March 26, 2012.
TDS’s articles of association have been amended several times, most recently by
Jakarta, concerning the changes in capital structure. The Ministry of Justice and
Human Rights of the Republic of Indonesia has not yet approved the last amendment
on its Article of Association.
According to Article 3 of article of association, the scope of TDS’s activity is
engaged in services, construction, general trading, agency, representatives,
advertising, transportation, agriculture and industry. Currently, TDS is located in
Mayapada Tower Building 21st Floor, Jl. Jend. Sudirman Kav. 28, Karet-Setiabudi,
South Jakarta 12920 and has not operated commercially.
Notary in Jakarta, TDS’s authorized capital amounts to IDR 490 billion consisting of
Shareholders
Authorized Capital
Total
Number of
Shares
490,000
Total Amount
(IDR)
490,000,000,000
485,100
4,900
490,000
485,100,000,000
4,900,000,000
490,000,000,000
%
99.00
1.00
100.00
23
follows:
Director
To start its operations, TDS has acquired licenses from the authority. Documents and
data licenses owned by TDS are as follows:
• Trade license (SIUP) Besar No. 03419-04/PB/1.824.271 dated May 29, 2013
which is valid until May 29, 2018;
February 25, 2013;
24
3.
PROJECTS PLAN
3.1
BEKASI PROJECT
General Condition
Bekasi Regency is regency of West Java, Indonesia. The capital city is Cikarang. It is
bordered by DKI Jakarta and Bekasi Municipality to the east, by Bogor Regency to
the south, and by Karawang Regency to the east.
It has an area of 1,484.37 km2 and 2,499,827 people in 2012, with a density of 1,684
people/km2. Geographically it is located at 106°58'5''-107°17'45'' East Longitude and
05°54'50''-06°29'15'' South Latitude.
Bekasi area generally classified in dry climates with low humidity levels.
Environmental conditions are very hot day. This is especially influenced by land use
increased primarily industrial/trade and settlements. Estimated daily temperatures
ranged from 28°C-33°C.
Location
The Bekasi industrial estate project is located at Sukawangi District and Muara
Gembong District, Bekasi Regency, West Java, Indonesia. The Bekasi Land is
strategically located near Lippo Cikarang, Bekasi Fajar Industrial Estate (MM2100),
Jababeka Industrial Estate and Surya Semesta Industrial Park.
Once Cibitung-Cilincing toll road is completed, the land will have direct access to
Tanjung Priok Port via the toll road. The distance between the Tanjung Priok Port
and the land is only 15 km, significantly than its competitors in Cibitung, Cikarang
and Karawang (more than 40 km each). The completion of Cibitung-Cilincing toll
road (JORR2) in 2015 will push up the future value of the Bekasi Project.
The Soekarno-Hatta International Airport is accessible from the land via Pluit-Priok
toll road, continued by Pluit-Cengkareng toll road. The land will be connected to
other industrial estates as industrial estates in Cibitung, Cikarang and Karawang via
Cibitung-Cilincing toll road once the toll road is completed.
Following is the location map of the Bekasi Project:
25
Source: Management
Facilities
Road access within and out of the area is vital. Wide road within and out of the area
must be built to enable access for big containers. Land preparation costs mostly
consist of land flattening and road constructions. Flattening of land has to be
perfomed before land plot is ready for sale.
Electrical supply can be sourced from PLN (state-owned power producer) or directly
from private power producer such as PT Cikarang Listrindo. Water supply can be
sourced from PAM (stated-owned water supplier) or by processing water from
Citarum river situated nearby. Security and fire brigade offices should be set up to
prevent burglary and fire.
As the fourth largest city in Indonesia, Bekasi has notable trade, business and
processing industries which is primarily clustered in the area of Karawang. As an
urban residential area, Bekasi has complete public facilities such as shopping centers,
hospitals, schools, transportation mode and others.
Existence of various multinational and domestic manufacturing facilities near the
area, is logical for companies operating in the upstream or downstream of those
industries to open up new facilities nearby. Companies that have already existed in
the area should look into surrounding areas when they consider expanding their
facilities. Existence of numerous industries in the area has attracted workers with
specialized skills to live near the area.
Project Schedule
Promotion and marketing activities of the Bekasi Project is planned to start in the half
year of 2014, and the industrial estates are estimated to develop and ready to sell in
October 2014. Following is the planning schedule of the Bekasi Project:
26
No.
Description
2013
2014
Q1Q2Q3Q4
2015-2022
1. Licenses, design and feasibility study process
2. Infrastructures
3. Promotion and marketing activities
4. Public facilities
5. Land (ready to sell)
3.2
CENGKARENG PROJECT
General Condition
Cengkareng is a subdistrict of West Jakarta, Jakarta, Indonesia. Soekarno-Hatta
International Airport, the largest airport in Indonesia and the headquarters of Garuda
Indonesia, is located just to the west of Cengkareng. The Tangerang-Jakarta railway
line passes through Cengkareng to the west.
Totally, Cengkareng has administrative area of 27.93 km2 divided into six sub
districts. The sub district of Cengkareng is divided into six sub districts as follows:
Kedaung Kali Angke, Kapuk, Cengkareng Barat, Cengkareng Timur, Rawa Buaya
and Duri Kosambi.
Geographically, West Jakarta Municipal located between 60°12' North Latitude and
106°48' East Longitude, with total area of 12,615.14 Ha. West Jakarta is bounded by
North Jakarta to the north, Central Jakarta to the east, South Jakarta to the south, and
Tangerang to the west.
Location
The Cengkareng Project is located at Pakuhaji District, West Jakarta Municipal,
Indonesia. It is strategically located near Soekarno-Hatta International Airport and
planned Cengkareng-Kunciran toll road. Via the airport toll road, the land is located
within 20 minutes drive from the renowned Pantai Indah Kapuk residential. Once the
Cengkareng-Kunciran toll road is completed, the land will have better and faster
access to residential and business districts in Serpong via the toll road.
27
Following is the location map of the Cengkareng Project:
Source: Management
Facilities
The Cengkareng Project have ample growth potential, since it is located near the
prime residential area of West Jakarta. Nevertheless, investment must be made in
connecting the land to the airport toll road and making the toll road access to improve
accessibility of the land. Upper middle and high class residential developments are
plentiful near the area, highlighting popularity of the area to upper middle class
citizens.
Project Schedule
Promotion and marketing activities of the Cengkareng Project is planned to start in
the half year of 2014, and the industrial estates are estimated to develop and ready to
sell in October 2014. Following is the planning schedule of the Cengkareng Project:
No.
Description
2013
2014
Q1Q2Q3Q4
2015-2022
2. Infrastructures
4. Marketing office/gallery
5. Land & building (ready to sell)
28
3.3
MAJA PROJECT
General Condition
Maja is a district whereas Lebak is a regency of Banten province, Indonesia.
Rangkasbitung is the capital of the regency. It is bordered by Pandeglang Regency to
the west, by Serang Regency to the north, by Tangerang Regency to the north-east,
and by Bogor Regency and Sukabumi Regency of West Java to the east.
The regency is subdivided into 28 districts. To the southern coast of the regency,
there are Sawarna and Ciantir Beach which can be accessed from Jakarta for 6 hours
drive. Ciantir Beach is suitable for professional surfer with high tide of Indian Ocean.
Geographically, Lebak is located between 6°18'-7°00' South Latitude and
105º25'-106º30' East Longitude, with total area of 3,044.72 km2. In 2011, Lebak had
a population of 1,228,884 people.
Location
The Maja Project is located nearby Banten industrial district of Cikande, Tigaraksa
and Cikupa, which are among the largest industrial estates in Indonesia. The area is
very suitable for the development of mid-low housing for population working in the
industrial estates nearby.
Following is the location map of the Maja Project:
Source : Management
29
Source: http://abdywae99.wordpress.com/2010/10/18/28/
Facilities
Twin railroads from Serpong (South Tangerang) to Maja (Lebak), Banten, of 33 km,
is estimated to operate by the end of 2013. Currently, it is completing electrification,
signal and telecoms facilities. The area already has water piping network from the
local water distribution agency.
One of the biggest developers, Ciputra Group will build 20,000 units of houses in the
District Maja, Lebak Regency, which will be developed as a "Satellite City". The
construction will be realized in 2013 with the modern concept including trading area,
sports and other public facilities.
The distance from Jakarta to Maja is approximately about 70 km and if use the train
only 1.5 hours. Currently, PT Kereta Api Indonesia (KAI) is operating the electric
train (KRL) Commuter Line with double line (Maja-Serpong-Tanah Abang-Jakarta).
They plan to open Maja-Serpong toll road (50 km) and Balaraja-Maja (40 km). Maja
is a district that is free from landslide, flood and tectonic earthquake. In addition,
supply of clean water can be brought from the Karian dam.
Construction of public facilities is key in determining success. The following
facilities need to be built in the Maja Project area:
1. Shuttle bus from Maja to Jakarta (essentially popular shopping area in Jakarta and
CBD). Ciputra Group has exemplified the importance of shuttle bus in
determining success of middle class housing in Citra Raya, Tangerang.
2. Maja Train Station needs to be revamped to cater more commuters.
30
3. More public schools need to be built near the area along with a few private
schools to cater for higher-end citizens. Public schools should be built with
collaboration from the local government.
4. More public health facilities such as public hospitals and clinics. These facilities
need also to be built with collaboration from the local government.
5. Building for religious activities such as mosque and church.
6. Traditional market and shops.
Project Schedule
Promotion and marketing activities of the Maja Project is planned to start in the half
year of 2014, and the industrial estates are estimated to develop and ready to sell in
October 2014. Following is the planning schedule of the Maja Project:
No.
Description
2013
2014
Q1Q2Q3Q4
2015-2022
2. Infrastructures
4. Public facilities
3.4
SERPONG PROJECT
General Condition
Serpong is situated in Tangerang, West Java, Indonesia, with geographical
coordinates are 6°19'1" South Latitude and 106°39'51" East Longitude. It is one of 29
districts of Tangerang Regency, Banten Province, located about 25 km west of
Jakarta. Serpong is the third largest urban center with an area of 2,404 ha in the
Jabotabek region after Jakarta and Bekasi.
Tangerang is an industrial and manufacturing hub on Java and is home to over
1,000 factories. Many international corporations have plants in the city. Tangerang
tends to be hot and humid, with little in the way of trees or geographical features.
Certain areas consist of swamps, including the areas near the Soekarno-Hatta
International Airport.
The boundaries of Tangerang is north bordering the Java Sea, the east by the City of
Tangerang and South Tangerang City, next to the south bordering Regency of Bogor
and Depok City, while the west bordering with Regency of Lebak and Serang.
The average air temperature ranges from 21.5°C-34.1°C. Average air humidity and
sun intensity approximately 79.9% and 54.5%. The average rainfall is 10.9 mm in a
year. The average wind speed in a year is 3.5 km/hour with a maximum speed of
24 km/hour.
31
Location
The Serpong Project is located at Rumpin District and Cisauk District, Banten
Province, Indonesia. It is strategically located near Bumi Serpong Damai (BSD),
Cisauk railway station and Jakarta-Serpong toll road (JORR1) connecting BSD City
and Jakarta. The length of the toll road is 13.5 km (8.4 miles).
From Serpong to Ulujami, 3 exits are available. First is East BSD, second is West
Pondok Ranji Toll Gate, the last is Bintaro sector 3. Another part of this highway will
be built soon. The third part is from Rawabuntu to Malang Nengah, whereas the
fourth part lies from Malang Nengah to Citra Raya and the fifth part lies from Citra
Raya to Pasar Kemis. From Pasar Kemis, the toll road will continue until
Soekarno-Hatta International Airport, passing Sepatan & Teluk Naga.
Following is the location map of the Serpong Project:
Source: Management
Facilities
As the third largest urban center in the Jabotabek region in Indonesia, Serpong has
notable trade, business and processing industries which is primarily clustered in the
area of BSD. As an urban residential area, Serpong has complete public facilities
such as shopping centers, hospitals, schools, transportation mode and others.
32
Project Schedule
Promotion and marketing activities of the Serpong Project is planned to start in the
half year of 2014, and the industrial estates are estimated to develop and ready to sell
in October 2014. Following is the planning schedule of the Serpong Project:
No.
Description
2013
2014
Q1Q2Q3Q4
2015-2022
2. Infrastructures
4. Marketing office/gallery
33
4.
INDUSTRY OUTLOOK
4.1 GENERAL ECONOMIC CONDITIONS
According to the World Bank in its two-yearly Global Economic Prospects Report
2013, the world economy is set to grow at 2.2%, less than the 2.3% growth registered
last year. The World Bank, in its January forecast, had expected the global economy
to grow by 2.4%. The world's economy is slowly getting back on its feet. However,
the recovery remains hesitant and uneven, and predicted that the global economy will
expand 3% in 2014 and 3.3% in 2015.
The World Bank cut its forecast for developing economies and expects Gross
Domestic Product (GDP) in Europe, reeling under austerity measures and weak
consumer sentiment, to contract by 0.6%. It predicted developing countries
collectively to expand 5.1%, less than the 5.5% it estimated in January. The World
Bank cut China’s growth forecast to 7.7% from 8.4%, Brazil’s economic growth to
2.9% from 3.4% and India’s growth outlook to 5.7% from 6.1%, estimated in
January.
Overall, growth in high-income countries is projected to accelerate slowly, with GDP
expanding a modest 1.2% in 2013, but firming to 2.0% and 2.3% in 2014 and 2015,
respectively. The report noted that the austerity measures, including budget controls
on spending in European countries have aggravated challenges to economic growth.
The financial conditions in high-income countries have improved and risks are down,
but growth remains subdued, especially in Europe.
However, the World Bank raised its outlook for the economies of U.S. and Japan,
which have benefited from aggressive stimulus measures. The recovery is on more
solid ground in the U.S., where a fairly robust private sector recovery is being held
back, but not extinguished by fiscal tightening. Meanwhile, in Japan, a dramatic
relaxation of macroeconomic policy has sparked an uptick in activity, at least over
the short term.
In the U.S., the avoidance of the fiscal cliff and expansion of monetary easing along
with gradual recovery in the housing sector, have somewhat improved growth
prospects. Economic growth there is forecast to slow to 1.9% in 2013, before picking
up to 2.6% in 2014. In Japan, policymakers have taken bold expansionary measures
in an attempt to resuscitate the economy from the grip of deflation, but the results of
these policies remain uncertain. GDP growth is projected at 1.3% in 2013 and 1.6%
in 2014.
For Indonesia, the positive development of the global economy in 2013 has become a
positive momentum in running the economy as well as implementing national
development. On this basis, the Indonesian Government is optimistic that the
economic performance will perform to the higher range of 6.3%-6.8% in 2013 and
6.7%-7.2% in 2014.
Although the economic performance is getting prospective, it needs to be aware of
some challenges. From the domestic perspective, there is a need to improve
34
investment climate in order to improve performance of foreign direct investment. To
support it, should maintain a thorough evaluation and improvement of all aspects
related, such as business procedure, law, taxation, land acquisition, bureaucracy
performance, infrastructure condition and other related substance regulation.
Badan Pusat Statistik (BPS) recorded inflation in 2012 is quite restrained because
there is no increase or price fluctuations. Inflation in 2012 controlled the range of
3.5% to 5.5%. The inflation rate in 2012 is lower than the target set in the budget of
government revenue and expenditure 2012. It shows that the Indonesian economy is
quite stable.
Public consumption is predicted to grow in the range of 5.8%-6.3%. The growth was
supported by rising incomes associated increase in the minimum wage and the
province plans to increase salaries of civil servants. The public revenues will increase
through export growth in line with expectations of improving global economy.
The following is the Indonesia’s macro-economic condition in general:
Indicator
Real Economy Growth (%)
Inflation (%)
Average rate of exchange
rate (IDR/USD)
SBI rate – 3 months (%)
Average price of World’s
Oil (USD/ barel)
Oil production (million
barrels/day)
Realization Realization Realization Realization Revised State
budget 2013
2009
2010
2011
2012
4.4
6.0
6.5
6.23
6.2
7.2
2.78
5.5
3.79
4.3
2014*)
6.4-6.9
3.5-5.5
9,300
9,300
8,779
9,384
9,600
9,600-9,800
7.6
6.5
4.84
3.2
5
4.5-5.5
61.6
60
111.5
113
108
100-120
0.952
0.970
0.898
0.861
0.840
0,90-0,93
Source: The Ministry of Finance
Note : *) based on Assembly on the Preparation for National Development (Musrenbangnas)
Indonesia continues to post significant economic growth. As of March 2013, the
country's economy baseline outlook for growth is expected to be 6.2% in 2013 and
increase to 6.5% in 2014. The country’s gross national income per capita has steadily
risen from USD 2,200 in the year 2000 to USD 3,563 in 2012. In terms of
macroeconomic stability, Indonesia has managed to fulfill many of its fiscal targets,
including a significant drop in Debt-to-GDP ratio from 61% in 2003 to 24% in 2012.
Indonesia has formulated a long-term development plan which spans from 2005 to
2025. It is segmented into 5-year medium-term plans, each with different
development priorities. The current medium-term development plan covering
2009-2014 is the second phase and focuses on promoting quality of human resources,
development of science and technology and strengthening economic competitiveness.
The government states economy growth in the second quarter of 2013 to be lower
compared to the first quarter. According to Minister of National Development
Planning, economy growth in second quarter is estimated to be similar to economic
observers’ estimation of 5.9%-6.1%. Several contributions to economic growth
slowed down during the second quarter 2013, such as export which had difficult time
reaching its highest target. In addition, investment growth is expected to also be
slower or stagnate, as well as absorption of government spending.
35
The government expects economic growth in 2014 ranged from 6.4%-6.9%.
However, with the reduction of Quantitative Easing (QE) by the Fed, economic
growth in 2014 is estimated to be below the target. According to Minister of Finance,
growth in 2014 will be lower than the target limit due to the global pressures that have
been shown in the financial markets through capital outflow.
Continued global recovery is expected to result in higher GDP growth compared to
2012 (6.23%) as it will result in better demand for Indonesian products, such as
commodities. The main pillar of Indonesia's GDP growth, domestic consumption, is
expected to grow due to the population's higher purchasing power and the upcoming
legislative and presidential elections.
In 2014, Indonesian exports are expected to rise by 6.9%-7.1%, and household
consumption is expected to rise by 5.2%-5.6%. Foreign investment is also assumed to
remain strong, although political elections in 2014 can make some investors cautious.
4.2
GLOBAL’S PROPERTY INDUSTRY
The global property investment market saw a modest 6% rise in activity during 2012
with volumes reaching USD 929 billion. Global property deals could exceed
USD 1 trillion in 2013 for the first time since 2007, helped by growing confidence in
North America and Asia and a greater appetite among sovereign wealth funds for real
estate (source: http://news.investors.com/business-inside-real-estate/031413-648058global-real-estate-deals-forecast-trillion-in-2013.htm).
Indonesia became the country's highest-yielding properties in Asia. Indonesia is able
to provide yield at 9.31% followed by the Philippines (8.62%). Below are property
yields of Asia region in 2012:
Source: Global property world
Following is the top ten cities of largest property deal transaction in 2012 (in billion
USD):
36
New York
7.63
Hongkong
6.66
London
5.7
Los Angeles
3.58
Tokyo
3.12
Moskow
2.67
San Francisco
2.38
Houston
1.94
Chicago
1.82
Washington DC
1.79
0
1
2
3
4
5
6
7
8
9
Source: Bisnis Indonesia, March 20, 2013
In 2013, real estate prices in the region are predicted to stay in the upward trend not
just because of the rising prices of commodities, including some construction
materials from the replacement cost angle but also the growth expectations in the
region and the underlying demand from end-users, occupiers and investors.
Looking at the prospective GDP growth in the region, China is going to be the key
driver which is predicted to generate a significant positive spill-over to the rest of
countries in Asia. The main reason is that massive investment has been made in a
number of infrastructure projects which will definitely drive growth. Meanwhile, the
prevailing relaxed monetary policy is going to sustain in 2013 given the rate of price
inflation has been staying at low level. Comparing 2013 to 2012, the only difference
is that the growth rate of real estate prices is expected to taper off slightly from the
range of 5%-9% per year in 2012 to 2%-5% per year in 2013
(source: http://www.colliers.com/~/media/files/marketresearch/apac/hongkong/asiaresearch/asia_2013_forecast).
Below is the year-on-year change forecast of Asia’s real estate:
Source: Asia Real Estate 2013 Forecast, Colliers International
37
Below is the direct commercial real estate investment in 2006-2013:
Source: JonesLang Lasalle
Due to the strong underlying genuine demand, the flow of liquidity and the additional
push from price inflation, residential real estate prices in most Asian cities showed
different degrees of upsurge from flat growth to more than 26% in 2012. As a
pre-emptive move to stop residential markets from developing into asset bubbles,
individual governments have built up firewalls in terms of buying and lending
restrictions
to
cool
residential
prices
in
their
home
markets
(source: http://www.colliers.com/~/media/files/marketresearch/apac/hongkong/asiaresearch/asia_2013_forecast).
Due to the implementation of additional buyers’ stamp duty (ABSD) since late
December 2011, Singapore was just one of the few cities in Asia recording negative
price growth in 2012. Following suit, Hong Kong introduced buyers’ stamp duty
(BSD) in 4Q 2012 to restrict non-local buying activity in the residential market.
Although residential prices in Hong Kong managed to rise 3% in 2012, the market
direction is predicted to reverse in 2013.
Below is the forecast of residential capital values in 2013:
38
Residential markets in most Asian cities continue to look good thanks to the genuine
demand from the local residents which have been growing due to natural birth rates
and migration of residents into urban centers. Beijing will continue to see robust
capital growth due to limited supply in the marketplace. Jakarta, Manila and the key
cities in India are typical cases showing sustained growth in the residential market as
they gradually recover from the global financial crisis which happened in the second
half of 2008. Other macro-reasons are their massive internal consumption base and
the trend of sustained inflation.
Indonesia remains ahead of other countries in South East Asia due to upbeat
economic growth, a rising middle class and stable inflation rates. All of these factors
have allowed for consistent price rises in almost every sector of Indonesia’s
residential property market, especially in capital city Jakarta. Knight Frank projected
residential demand remains strong for year 2014. According to the agency, the strong
economic fundamentals amid global economic crisis has been enticing investors to
shift investment to Indonesia. Below is the historical investment prospect rankings:
39
Jakarta (Indonesia) has the second largest market in ASEAN for real estate
investment. Below is the real estate investment market size in the Asia Pacific region:
Source: Asia Real Estate Investment Market 2013 (April 2013)
4.3
PROPERTY DEVELOPMENT IN INDONESIA
Indonesia’s property sector continues to grow in tandem with the country’s strong
economic performance over the past few years. Strong demand for office space is
supported by rapid corporate expansion on the back of a favorable business
environment, triggering significant increase on prices of strata office space and office
rents. The residential market has also grown rapidly in response to increasing demand
for mid-level and luxury property, supported by the expanding middle class and a
40
low interest rate environment. Indonesia’s property sector is expected to continue
benefiting
from
these
favorable
conditions
(source:
http://www.gbgindonesia.com/en/property/article/2011/property_in_indonesia_overv
iew.php).
According to Indonesia Property Watch, soaring property prices in Jakarta and
surrounding areas did not necessarily indicate a bubble. Unlike property markets in
other countries, Indonesia's property price benchmark is set in accordance with
domestic purchasing power, there will be no bubble until the next five years.
Demand for property from Indonesian middle-class citizens are huge and the
company needs huge capital to funds its business plan. Demand for residential and
office units in the country has been rising over the past three years and mortgage
loans have been boosted by the central bank keeping benchmark lending rates at a
record low (source: http://www.reuters.com/article/2013/05/08/indonesia-sinarmasidUSL3N0DP2G720130508).
A big risk to Indonesia's property sector is the possible hike in the price of subsidized
fuel. The government intends to raise this price in June 2013 to relieve the budget
deficit. This step will subsequently result in higher inflation and thus is most likely to
be followed by a higher central bank interest rate, making it more expensive for
Indonesians
to
buy
a
mortgage
(source:
http://www.indonesiainvestments.com/news/news-columns/the-rising-property-market-of-indonesia-is-thesky-the-limit/item726).
Based on Bank Indonesia (BI) survey, the main obstacles of property industry in
Indonesia are as follows (in percentages):
Prices of building
materials
Mortgage rates
Licensing
Tax
21.67
18.06
16.93
15.69
Source: Bisnis Indonesia, October 25, 2012
Indonesia’s residential property price index (14 major cities) rose by 7.4% during the
year to end first quarter of 2013, the highest year-on-year (y-o-y) price increase, since
BI began publishing data in first quarter 2008. However, inflation property prices
increased only by 2.04%, demand is rising strongly yet. In the fourth quarter of 2012,
residential property sales in Indonesia soared by 26.7% from the previous quarter.
Small houses saw the highest sales growth, about 41% q-o-q in Q4 2012. In
December 2012, the total outstanding housing loans in Indonesia risen a stunning
21.74% y-o-y, to reach IDR 222.35 trillion (USD 22.79 billion) (source:
41
http://www.globalpropertyguide.com/Asia/indonesia).
The residential leasing market is popular among most expatriates despite its small
representing only 7% of total stock in Jakarta market. However, rent growth is
anticipated to pick up additional momentum to about 6% in 2013 due to limited stock
availability. In the sales market, demand for strata-title units has been growing since
early 2012. Given the ongoing trend and limited stock in the sub-markets like the
CBD and South Jakarta, prices could go up by 11% in 2013. Following is the growth
of property industry in Indonesia 2012-2013:
Description
2012
2013*)
Rental
Capital Values
Rental
Capital Values
Office
34.5%
31.6%
35.0%
20.7%
Residential
3.2%
11.8%
5.5%
10.6%
Retail
17.8%
2.1%
20.0%
3.2%
Industrial
18.0%
24.5%
5.0%
10.5%
Based on data from property consultant Cushman & Wakefield Indonesia, landed
house for the last three years has been increased up to the highest level. In the first
quarter of 2013, the average price of landed house increased by 25.1% compared to
the same period of 2012, and is estimated will increase by 28% in 2013.
Below are Average Selling Price (ASP) of Land in Jabodetabek area in 2011-2013:
Source: http://indonesiacompanynews.wordpress.com/2013/05/13/harga-rumah-tak-terkendali/
Below are demand and supply of residentials in Jabodetabek area during 2007-2013
(units):
Year
Demand
Supply
2007
204,934
237,801
2008
216,446
248,529
2009
228,868
264,515
2010
256,333
289,877
2011
272,139
298,897
2012
284,997
307,342
2013*)
300,848
318,046
Source: Kompas, May 13, 2013
*) estimation
42
4.4
SWOT ANALYSIS
Positive and negative industry condition reflects the opportunities and threats that are
encountered by the Company. Considering those things, therefore the Company
needs to decide the strategies that can be implemented or used in the financial
projection.
To continue the business continuity and increase the market competition, therefore
the Company has identified its stregths, weaknesses, opportunities and threats as
follows:
Strengths
• Projects strategic location and has a large land bank;
Weaknesses
• Need huge capital to funds its Projects;
Opportunities
• Potential demand for property from Indonesian middle-class citizens;
Threats
• Competitive competition;
• Changing in government rules.
43
5.
DESCRIPTION OF VALUATION OBJECT
5.1
VALUATION PURPOSE AND OBJECTIVE
Baker Tilly Indonesia Corporate Finance (“BTICF”) has been appointed by
PT Mandiri Mega Jaya based on Proposal No. 021/VI/SV/13/BTICF dated
June 20, 2013, to perform a valuation of business of PT Mandiri Mega Jaya
(“the Company”).
Based on the information provided by the Company, the valuation is intended for
management's internal purpose. Therefore to accomodate that objective, our valuation
is based on Investment Value.
This valuation is prepared for such an objective and therefore is not valid under
different conditions, and cannot be used and quoted for any other purposes without
prior written consent from BTICF.
5.2
DEFINITION OF VALUE
To gain an understanding of the assignment of valuation that will be conducted, then
first should be formulated and defined the value to be obtained, because this will
relate to the valuation purpose and affect the valuation method selected.
In business valuation, three types of value that can be used are as follows:
1. Fair Market Value
The estimated amount of cash or which is equivalent that can be obtained from sale
and purchase a company or shares or interest of the company between willing buyer
and willing seller, both have the ability to conduct a transaction, act without
compulsion and each has fact and relevant information.
2. Investment Value
Investment value is synonymous with the calculation of economic benefits and in
order not to cause potential doubts and misunderstandings to the assignor and who
read the report. Investment value is only commonly used in business valuation. In
business valuation, investment value is a value of a company or shares or interest in a
company that specific to an investor, based on or related to the specific requirements
of a or group of investors.
3. Fair Value
Fair value is amount of money for an asset that can be exchanged or a liability settled
between market players (willing and knowing parties) in arm’s length sale
transaction. In business valuation, fair value is a value of a company or shares that
apply specifically to the case of dissenting shareholder. Fair value is a value that
reserve the right to be accepted by a (group of) shareholders who rejected on
corporate action taken by majority shareholders. In this case, the basis of valuation
used is in addition to market value.
44
5.3
VALUATION BASIS
Based on the information provided by the Company, the valuation of its business is
intended for management's internal purpose, based on assumptions taken by the
management. Therefore to accomodate such an objective, our valuation is based on
Investment Value.
5.4
VALUATION DATE
Business valuation cut off date is as of June 30, 2013, taken in conjunction with the
purpose and objective of the valuation.
45
6.
VALUATION METHODS
6.1
GENERAL VALUATION METHODS
For business valuation, valuation procedures is carried out by applying general
approach and method in valuing enterprise or equity. General approaches for business
valuation that are commonly used are as follows:
1.
Asset Based Approach
A common method in determine indication value of a business or equity by
using one or more methods based on revaluation of assets and liabilities from an
entitiy.
2.
Market Approach
A common method in determine indication value of a business, ownership of a
business and securities by using one or more method that compares objects that
are being valued with the business, ownership of a business or securities that
has been sold.
3.
Income Approach
A common method in determine indication value of a company, ownership of a
company or securities by using one or more methods, whereas the value is
determined by converting benefit (income) that could be anticipated as a
numerator with relevant denominator.
The determination and confidence upon method and procedure accuracy depends on
appraiser consideration and is not based on a certain formula.
6.2
APPLIED VALUATION METHODS
Out of the many business valuation methods and approaches, we applied the income
approach using Discounted Economic Income method or Discounted Cash Flow
(DCF) Valuation method as a single method to calculate the business value of the
Company.
In the DCF method, operations of the Company are projected based on the
management's business development plans. Future income or projected cash flows are
discounted based on the related risk level. Indicated value is a total present value of
future income, assuming the Company as a going concern, regardless of any
6.3 CASH FLOWS
For valuation using DCF Methods, there are 3 (three) cash flows models can be
discounted, which are dividend, free cash flows to equity and free cash flows to firm.
In the valuation, Free Cash Flow (FCF) which will applied as discounted economic
income that can be used as an indicated business value is Free Cash Flows to the Firm
46
(FCFF).
The understanding of FCFF means that cash flow that has acquired is free from
supply duty capital expenditure, as well for maintaining company operation and
supplying reserve for replacement, working capital and for growth by supplying
additional fund for capital expenditure that can be calculated as follows:
EBIT
- Income tax on EBIT
+ Non cash charges
- Capital Expenditure
-/+ Changes in working capital
= Free Cash Flow to the Firm/ Business
The purpose in selecting FCFF firm is with the assumption that there won’t be any
changes in the Company’s capital structures in the future. Therefore in the calculated
projection, it is excluded the adjustment towards capital structure from equity and
liabilities (discount rate is only applied cost of equity).
6.4
COST OF EQUITY
The risk and return model that has been in use the longest and is still the standard in
most analyses is the Capital Asset Pricing Model (CAPM). In particular, the
expected return on an equity can be written as a formula as follows:
Ce = Rf + ß (Rm-Rf) - CDS
Ce = Rf + ß . Rp - CDS
Whereas :
= risk free rate
Rf
Rm
= expected return on market portfolio
Rp
= difference between Rm dengan Rf
CDS = country default spread
ß
= sensitivity between return on investment and market
Rf (Risk free rate), generally used is that rate available on instruments considered to
have virtually no possibility of default, such as country’s obligation. For this
valuation, we use an average yield of 5.39% from Surat Utang Negara (SUN)
obligation which has maturity up to 10 years.
Rp (Equity Risk Premium - ERP), is the premium demanded by investors for
investing in the market portfolio, which includes all risky assets in the market, instead
of investing in a riskless asset. To determine equity market risk premium, conclude
country-specific risk premiums such as share price volatily to result base equity
market risk premium.
47
To reach the ERP figure, we can use approach as follows:
Research result which has been done by Aswath Damodaran about “Country Default
Spreads and Risk Premiums” has been released on January 2013 stated that the
emerging market average of 1.5 (equity markets are about 1.5 times more volatile
than US country. By applying this ratio to Indonesian market, total risk premium for
the country in long term period is 8.80%.
CDS (Country Default Spread), level (rating) default bonds issued by Government,
in this valuation we applied 2% of CDS based on Indonesia's rating Baa3 by Moody's
independent agency (source: www.moodys.com).
ß (Beta), use based on unlevered beta of real estate (development) industry for this
valuation is 0.75, based on “Betas by Sector” by Aswath Damodaran per January
2013.
Cost of Equity
Description




Rf
Rm-Rf
ß
CDS
Total
5.39%
8.80%
0.75
2.00%
10.00%
48
7.
DETERMINATION OF INDICATED VALUE
7.1
FINANCIAL PROJECTIONS
7.1.1 PT Bramind Mitra Utama (“BMU”)
During the projection period, it is assumed that there will be no changes in the tax
and customs duty regulations. It is also assumed that there will be no changes in the
management and accounting policies throughout the projection period.
Sales
This account represents net sales of unit sold. Assumption and projection of sales
during the projection period are as follows:
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Commercial (LA 90/BA 180)
unit
-
T otal
% of unit sold in a year
Average selling price per unit
million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land area (LA) sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Average selling price of land
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
-
46
33
21
16
9
18
91
66
43
31
18
36
91
66
43
31
18
36
69
49
32
23
14
27
69
49
32
23
14
27
46
33
21
16
9
18
46
33
21
16
9
18
-
-
-
143
286
286
214
214
143
143
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
5,484
4,935
3,834
3,276
2,730
1,638
10,968
9,870
7,668
6,552
5,460
3,276
10,968
9,870
7,668
6,552
5,460
3,276
8,226
7,403
5,751
4,914
4,095
2,457
8,226
7,403
5,751
4,914
4,095
2,457
5,484
4,935
3,834
3,276
2,730
1,638
5,484
4,935
3,834
3,276
2,730
1,638
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
IDR/sqm
% increase of selling price per unit
Sales
million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
20%
-
-
Revenue Recognition
Year 0
Year 1
PRO JECTIO N (million IDR)
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Total Net Sales
20%
66,306
60,713
47,709
41,096
32,815
31,251
80%
20%
20%
159,134
145,711
114,502
98,630
78,756
75,003
80%
20%
20%
190,960
174,853
137,402
118,356
94,507
90,004
80%
20%
20%
171,864
157,368
123,662
106,521
85,057
81,004
80%
20%
20%
206,237
188,842
148,394
127,825
102,068
97,204
80%
20%
20%
164,990
151,073
118,716
102,260
81,654
77,763
80%
20%
20%
197,988
181,288
142,459
122,712
97,985
93,316
-
80%
20%
80%
20%
-
-
53,045
48,570
38,167
32,877
26,252
25,001
140,568
128,711
101,143
87,123
69,568
66,253
184,595
169,025
132,822
114,411
91,357
87,004
175,684
160,865
126,410
108,888
86,947
82,804
199,363
182,547
143,448
123,564
98,666
93,964
173,239
158,627
124,651
107,373
85,737
81,652
191,388
175,245
137,710
118,621
94,719
90,206
39,598
36,258
28,492
24,542
19,597
18,663
-
-
223,912
593,367
779,214
741,597
841,551
731,279
807,889
167,149
49
Cost of Sales
Cost of sales consist of construction cost, land development cost and land aqcuisition
cost. Assumption and projection of cost of sales during the projection period are as
follows:
Description
ASSUMPTIO NS
Construction cost
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land development cost
Land acquisition cost
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
% increase of construction cost
% increase of land development cost
Cost of Sales
Construction
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land development
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land acquisition
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2022P
10%
10%
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
115,599
252,128
275,151
225,357
246,251
179,489
196,343
-
-
-
12,442
11,943
9,665
8,494
6,056
11,892
27,372
26,274
21,263
18,687
13,323
26,162
30,109
28,901
23,389
20,556
14,656
28,778
24,840
23,844
19,296
16,959
12,091
23,742
27,324
26,228
21,226
18,655
13,300
26,116
20,038
19,234
15,565
13,680
9,753
19,152
22,041
21,157
17,122
15,048
10,729
21,067
-
-
-
11,059
9,952
7,732
6,607
5,506
3,303
24,331
21,895
17,010
14,535
12,112
7,267
26,764
24,084
18,711
15,988
13,323
7,994
22,080
19,870
15,437
13,190
10,992
6,595
24,288
21,857
16,980
14,509
12,091
7,255
17,811
16,028
12,452
10,640
8,867
5,320
19,592
17,631
13,698
11,704
9,753
5,852
-
-
-
2,742
2,468
1,917
1,638
1,365
819
5,484
4,935
3,834
3,276
2,730
1,638
5,484
4,935
3,834
3,276
2,730
1,638
4,113
3,701
2,876
2,457
2,048
1,229
4,113
3,701
2,876
2,457
2,048
1,229
2,742
2,468
1,917
1,638
1,365
819
2,742
2,468
1,917
1,638
1,365
819
-
Revenue Recognition
Year 0
Year 1
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
20,995
19,490
15,451
13,391
10,341
12,811
50,998
47,356
37,548
32,546
25,118
31,257
61,323
56,957
45,169
39,156
30,200
37,742
53,298
49,516
39,273
34,049
26,246
32,935
54,787
50,912
40,387
35,018
26,977
33,993
43,618
40,541
32,164
27,891
21,476
27,153
43,619
40,550
32,176
27,904
21,475
27,249
8,875
8,251
6,547
5,678
4,369
5,548
-
-
92,479
224,822
270,547
235,316
242,072
192,841
192,972
39,269
Operating Expenses
During the projection period, operating expenses are projected at 15% of net
revenues. Depreciation and amortization are depreciated/amortized based of
estimated useful life.
BMU will increase the capital expenditure by building marketing office in 2014
amounts to IDR 1,466 million.
7.1.2 PT Bhandawibawa Asih (“BA”)
50
Sales
Description
ASSUMPTIO NS
Unit sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2013P
2015P
-
T otal
Average selling price per unit million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
Average selling price of land IDR/sqm
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Sales
million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2018P
2019P
2020P
2021P
2022P
-
209
150
97
72
42
84
418
301
195
143
83
167
418
301
195
143
83
167
313
225
146
107
63
125
313
225
146
107
63
125
209
150
97
72
42
84
209
150
97
72
42
84
-
1,307
1,307
980
980
653
653
-
15%
15%
10%
10%
-
-
-
653
-
10%
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
25,056
22,545
17,532
15,036
12,510
7,515
50,112
45,090
35,064
30,072
25,020
15,030
50,112
45,090
35,064
30,072
25,020
15,030
37,584
33,818
26,298
22,554
18,765
11,273
37,584
33,818
26,298
22,554
18,765
11,273
25,056
22,545
17,532
15,036
12,510
7,515
25,056
22,545
17,532
15,036
12,510
7,515
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
20%
-
-
Revenue Recognition
Year 0
Year 1
Total Net Sales
2017P
-
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2016P
unit
Land area (LA) sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2014P
20%
302,946
277,360
218,163
188,620
150,372
143,379
80%
20%
20%
20%
727,070
665,665
523,591
452,687
360,894
344,109
80%
20%
20%
20%
872,484
798,798
628,309
543,225
433,072
412,930
80%
20%
20%
785,236
718,918
565,478
488,902
389,765
371,637
80%
20%
20%
942,283
862,702
678,574
586,683
467,718
445,965
80%
20%
20%
753,827
690,161
542,859
469,346
374,174
356,772
80%
20%
20%
904,592
828,194
651,431
563,215
449,009
428,126
-
80%
20%
80%
20%
-
-
242,357
221,888
174,530
150,896
120,298
114,703
642,245
588,004
462,505
399,874
318,789
303,963
843,402
772,171
607,366
525,117
418,636
399,166
802,686
734,894
578,044
499,767
398,426
379,896
910,874
833,945
655,955
567,127
452,127
431,099
791,518
724,669
570,002
492,813
392,883
374,610
874,439
800,587
629,717
544,441
434,042
413,855
180,918
165,639
130,286
112,643
89,802
85,625
-
-
1,024,672
2,715,380
3,565,858
3,393,713
3,851,127
3,346,496
3,697,082
764,913
Cost of Sales
follows:
51
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land development
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land acquisition
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2022P
10%
10%
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
529,051
1,153,893
1,259,263
1,031,378
1,127,001
821,458
898,594
-
-
-
56,846
54,559
44,195
38,986
27,751
54,559
125,061
120,030
97,230
85,770
61,053
120,030
137,567
132,033
106,953
94,347
67,158
132,033
113,493
108,927
88,236
77,836
55,406
108,927
124,842
119,820
97,059
85,620
60,946
119,820
91,551
87,868
71,177
62,788
44,694
87,868
100,706
96,654
78,295
69,066
49,163
96,654
-
-
-
50,530
45,466
35,356
30,323
25,229
15,155
111,165
100,025
77,784
66,710
55,503
33,342
122,282
110,027
85,562
73,381
61,053
36,676
100,882
90,772
70,589
60,539
50,369
30,257
110,971
99,850
77,648
66,593
55,406
33,283
81,378
73,223
56,942
48,835
40,631
24,408
89,516
80,545
62,636
53,718
44,694
26,848
-
-
-
12,528
11,273
8,766
7,518
6,255
3,758
25,056
22,545
17,532
15,036
12,510
7,515
25,056
22,545
17,532
15,036
12,510
7,515
18,792
16,909
13,149
11,277
9,383
5,636
18,792
16,909
13,149
11,277
9,383
5,636
12,528
11,273
8,766
7,518
6,255
3,758
12,528
11,273
8,766
7,518
6,255
3,758
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
95,923
89,038
70,654
61,461
47,388
58,777
233,006
216,339
171,700
149,378
115,100
143,403
280,180
260,204
206,546
179,714
138,390
173,156
243,514
226,207
179,588
156,274
120,270
151,101
250,317
232,584
184,679
160,722
123,619
155,955
199,287
185,206
147,079
128,010
98,411
124,574
199,291
185,250
147,134
128,070
98,406
125,015
40,550
37,694
29,939
26,061
20,022
25,452
-
-
423,241
1,028,925
1,238,189
1,076,955
1,107,876
882,566
883,167
179,719
Operating Expenses
BA will increase the capital expenditure by building marketing office in 2014
7.1.3 PT Bumi Tunggal Persada (“BTP”)
Sales
52
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
ASSUMPTIONS
Unit sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
unit
-
Total
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land area (LA) sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
105
75
49
36
21
42
210
151
98
72
42
84
210
151
98
72
42
84
157
113
73
54
31
63
157
113
73
54
31
63
105
75
49
36
21
42
105
75
49
36
21
42
-
-
-
328
656
656
492
492
328
328
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
12,576
11,310
8,802
7,539
6,270
3,771
25,152
22,620
17,604
15,078
12,540
7,542
25,152
22,620
17,604
15,078
12,540
7,542
18,864
16,965
13,203
11,309
9,405
5,657
18,864
16,965
13,203
11,309
9,405
5,657
12,576
11,310
8,802
7,539
6,270
3,771
12,576
11,310
8,802
7,539
6,270
3,771
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
Sales
million IDR
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
-
20%
-
-
Revenue Recognition
Year 0
Year 1
PROJECTION (million IDR)
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Total Net Sales
20%
152,053
139,142
109,529
94,573
75,366
71,947
80%
20%
20%
364,928
333,940
262,871
226,976
180,879
172,673
80%
20%
20%
437,914
400,728
315,445
272,371
217,055
207,207
80%
20%
20%
394,122
360,655
283,900
245,134
195,350
186,486
80%
20%
20%
472,947
432,786
340,680
294,161
234,420
223,784
80%
20%
20%
378,357
346,229
272,544
235,329
187,536
179,027
80%
20%
20%
454,029
415,474
327,053
282,394
225,043
214,832
-
80%
20%
80%
20%
-
-
121,643
111,313
87,624
75,659
60,293
57,558
322,353
294,980
232,202
200,495
159,777
152,527
423,317
387,370
304,930
263,292
209,820
200,300
402,881
368,669
290,209
250,581
199,691
190,630
457,182
418,360
329,324
284,355
226,606
216,324
397,275
363,540
286,171
247,095
196,913
187,978
438,895
401,625
316,151
272,981
217,542
207,671
90,806
83,095
65,411
56,479
45,009
42,966
-
-
514,089
1,362,335
1,789,029
1,702,662
1,932,151
1,678,973
1,854,865
383,765
Cost of Sales
follows:
53
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land development
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land acquisition
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2022P
10%
10%
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
265,432
578,924
631,789
517,456
565,432
412,137
450,837
-
-
-
28,532
27,370
22,188
19,548
13,909
27,377
62,770
60,214
48,814
43,005
30,600
60,230
69,047
66,236
53,696
47,305
33,660
66,253
56,964
54,645
44,299
39,027
27,769
54,659
62,660
60,109
48,729
42,929
30,546
60,125
45,951
44,080
35,735
31,482
22,401
44,092
50,546
48,488
39,308
34,630
24,641
48,501
-
-
-
25,362
22,809
17,751
15,204
12,645
7,605
55,796
50,179
39,052
33,448
27,818
16,731
61,375
55,197
42,957
36,793
30,600
18,404
50,634
45,537
35,439
30,354
25,245
15,183
55,698
50,091
38,983
33,389
27,769
16,701
40,845
36,733
28,588
24,486
20,364
12,248
44,930
40,407
31,446
26,934
22,401
13,472
-
-
-
6,288
5,655
4,401
3,770
3,135
1,886
12,576
11,310
8,802
7,539
6,270
3,771
12,576
11,310
8,802
7,539
6,270
3,771
9,432
8,483
6,602
5,654
4,703
2,828
9,432
8,483
6,602
5,654
4,703
2,828
6,288
5,655
4,401
3,770
3,135
1,886
6,288
5,655
4,401
3,770
3,135
1,886
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
48,145
44,667
35,472
30,817
23,751
29,494
116,949
108,529
86,202
74,897
57,688
71,959
140,627
130,535
103,697
90,108
69,361
86,889
122,224
113,480
90,163
78,355
60,279
75,822
125,638
116,679
92,719
80,585
61,958
78,258
100,025
92,911
73,841
64,184
49,323
62,511
100,028
92,933
73,869
64,214
49,321
62,732
20,353
18,910
15,031
13,067
10,035
12,772
-
-
212,346
516,226
621,216
540,323
555,837
442,796
443,097
90,167
Operating Expenses
BTP will increase the capital expenditure by building marketing office in 2014
7.1.4 PT Chandra Tribina (“CT”)
54
Sales
Description
2013P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2015P
million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land area (LA) sold
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
2018P
2019P
2020P
2021P
2022P
-
106
76
49
36
21
42
212
153
99
73
42
85
212
153
99
73
42
85
159
114
74
54
32
63
159
114
74
54
32
63
106
76
49
36
21
42
106
76
49
36
21
42
-
-
-
331
663
663
497
497
331
331
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
12,708
11,445
8,892
7,623
6,330
3,807
25,416
22,890
17,784
15,246
12,660
7,614
25,416
22,890
17,784
15,246
12,660
7,614
19,062
17,168
13,338
11,435
9,495
5,711
19,062
17,168
13,338
11,435
9,495
5,711
12,708
11,445
8,892
7,623
6,330
3,807
12,708
11,445
8,892
7,623
6,330
3,807
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
IDR/sqm
Sales
million IDR
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
20%
-
-
Revenue Recognition
Year 0
Year 1
Total Net Sales
2017P
-
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2016P
unit
T otal
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2014P
20%
153,649
140,802
110,649
95,627
76,088
72,634
80%
20%
20%
368,758
337,926
265,558
229,505
182,610
174,321
80%
20%
20%
442,510
405,511
318,670
275,406
219,132
209,185
80%
20%
20%
398,259
364,960
286,803
247,865
197,219
188,267
80%
20%
20%
477,911
437,952
344,164
297,438
236,663
225,920
80%
20%
20%
382,329
350,361
275,331
237,951
189,330
180,736
80%
20%
20%
458,794
420,434
330,397
285,541
227,197
216,883
-
80%
20%
80%
20%
-
-
122,919
112,642
88,519
76,502
60,870
58,107
325,737
298,501
234,577
202,729
161,306
153,983
427,760
391,994
308,048
266,226
211,828
202,212
407,109
373,070
293,177
253,373
201,602
192,450
461,981
423,353
332,692
287,524
228,774
218,389
401,445
367,879
289,098
249,848
198,797
189,773
443,501
406,419
319,384
276,023
219,623
209,654
91,759
84,087
66,079
57,108
45,439
43,377
-
-
519,560
1,376,833
1,808,067
1,720,781
1,952,713
1,696,840
1,874,604
387,849
Cost of Sales
follows:
55
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land development
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land acquisition
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2022P
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
268,249
585,067
638,493
522,947
571,431
416,509
455,620
-
-
-
28,831
27,697
22,415
19,765
14,042
27,639
63,429
60,933
49,314
43,484
30,893
60,805
69,772
67,026
54,245
47,832
33,982
66,886
57,562
55,297
44,752
39,462
28,035
55,181
63,318
60,827
49,227
43,408
30,838
60,699
46,433
44,606
36,100
31,832
22,615
44,513
51,076
49,067
39,710
35,016
24,876
48,964
-
-
-
25,628
23,081
17,932
15,373
12,766
7,677
56,381
50,778
39,451
33,821
28,084
16,890
62,019
55,855
43,396
37,203
30,893
18,579
51,166
46,081
35,802
30,692
25,486
15,328
56,282
50,689
39,382
33,762
28,035
16,861
41,274
37,172
28,880
24,758
20,559
12,365
45,401
40,889
31,768
27,234
22,615
13,601
-
-
-
6,354
5,723
4,446
3,812
3,165
1,904
12,708
11,445
8,892
7,623
6,330
3,807
12,708
11,445
8,892
7,623
6,330
3,807
9,531
8,584
6,669
5,717
4,748
2,855
9,531
8,584
6,669
5,717
4,748
2,855
6,354
5,723
4,446
3,812
3,165
1,904
6,354
5,723
4,446
3,812
3,165
1,904
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
48,650
45,200
35,835
31,160
23,978
29,776
118,177
109,825
87,084
75,732
58,240
72,646
142,103
132,093
104,758
91,112
70,025
87,718
123,507
114,834
91,085
79,228
60,856
76,546
126,957
118,072
93,667
81,483
62,550
79,005
101,075
94,020
74,596
64,899
49,795
63,108
101,077
94,043
74,624
64,930
49,793
63,331
20,566
19,136
15,185
13,212
10,131
12,894
-
-
214,599
521,703
627,808
546,056
561,734
447,493
447,798
91,124
Operating Expenses
CT will increase the capital expenditure by building marketing office in 2014
7.1.5 PT Citraindo Nusamaju (“CN”)
56
Sales
Description
ASSUMPTIO NS
Unit sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2013P
2015P
-
Total
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Sales
million IDR
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
-
2018P
2019P
2020P
2021P
2022P
17
12
8
6
3
7
34
25
16
12
7
14
34
25
16
12
7
14
26
18
12
9
5
10
26
18
12
9
5
10
17
12
8
6
3
7
17
12
8
6
3
7
-
-
-
53
107
107
80
80
53
53
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
2,052
1,845
1,440
1,218
1,020
612
4,104
3,690
2,880
2,436
2,040
1,224
4,104
3,690
2,880
2,436
2,040
1,224
3,078
2,768
2,160
1,827
1,530
918
3,078
2,768
2,160
1,827
1,530
918
2,052
1,845
1,440
1,218
1,020
612
2,052
1,845
1,440
1,218
1,020
612
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
20%
-
-
Revenue Recognition
Year 0
Year 1
Total Net Sales
2017P
-
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2016P
unit
Land area (LA) sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2014P
20%
24,810
22,698
17,919
15,279
12,261
11,676
80%
20%
20%
59,545
54,476
43,005
36,670
29,425
28,023
80%
20%
20%
71,453
65,371
51,607
44,004
35,310
33,628
80%
20%
20%
64,308
58,834
46,446
39,604
31,779
30,265
80%
20%
20%
77,170
70,600
55,735
47,525
38,135
36,318
80%
20%
20%
61,736
56,480
44,588
38,020
30,508
29,054
80%
20%
20%
74,083
67,776
53,506
45,624
36,610
34,865
80%
20%
-
80%
20%
-
-
19,848
18,159
14,335
12,223
9,808
9,341
52,598
48,120
37,988
32,392
25,992
24,754
69,072
63,192
49,886
42,537
34,133
32,507
65,737
60,141
47,478
40,484
32,486
30,938
74,597
68,247
53,877
45,940
36,864
35,107
64,823
59,304
46,817
39,921
32,034
30,507
71,614
65,517
51,722
44,103
35,390
33,703
14,817
13,555
10,701
9,125
7,322
6,973
-
-
83,715
221,844
291,327
277,263
314,634
273,406
302,048
62,493
Cost of Sales
follows:
57
Description
ASSUMPTIO NS
Construction cost
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land development
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land acquisition
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2022P
10%
10%
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
43,218
94,261
102,869
84,253
92,064
67,104
73,405
-
-
-
4,655
4,465
3,630
3,158
2,263
4,443
10,242
9,823
7,986
6,948
4,978
9,775
11,266
10,805
8,785
7,643
5,476
10,752
9,295
8,914
7,247
6,305
4,517
8,871
10,224
9,806
7,972
6,936
4,969
9,758
7,498
7,191
5,846
5,086
3,644
7,156
8,247
7,910
6,431
5,595
4,009
7,871
-
-
-
4,138
3,721
2,904
2,456
2,057
1,234
9,104
8,186
6,389
5,404
4,525
2,715
10,014
9,004
7,028
5,944
4,978
2,987
8,262
7,428
5,798
4,904
4,107
2,464
9,088
8,171
6,378
5,394
4,517
2,710
6,665
5,992
4,677
3,956
3,313
1,988
7,331
6,592
5,145
4,351
3,644
2,186
-
-
-
1,026
923
720
609
510
306
2,052
1,845
1,440
1,218
1,020
612
2,052
1,845
1,440
1,218
1,020
612
1,539
1,384
1,080
914
765
459
1,539
1,384
1,080
914
765
459
1,026
923
720
609
510
306
1,026
923
720
609
510
306
-
Revenue Recognition
Year 0
Year 1
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
7,856
7,287
5,803
4,979
3,864
4,787
19,082
17,704
14,103
12,100
9,385
11,678
22,946
21,294
16,965
14,558
11,284
14,101
19,943
18,512
14,751
12,659
9,806
12,305
20,500
19,034
15,169
13,019
10,079
12,701
16,321
15,157
12,080
10,370
8,024
10,145
16,321
15,160
12,085
10,374
8,023
10,181
3,321
3,085
2,459
2,111
1,633
2,073
-
-
34,575
84,053
101,147
87,976
90,502
72,096
72,145
14,681
Operating Expenses
CN will increase the capital expenditure by building marketing office in 2014
amounts to IDR 551 million.
7.1.6 PT Graha Inter Jaya Agung (“GIJA”)
58
Sales
Description
ASSUMPTIO NS
Unit sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2013P
2015P
Total
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Sales
million IDR
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2018P
2019P
2020P
2021P
2022P
-
31
22
14
11
6
12
62
45
29
21
12
25
62
45
29
21
12
25
46
33
22
16
9
18
46
33
22
16
9
18
-
-
97
193
193
145
145
-
10%
20%
20%
15%
15%
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
3,708
3,345
2,592
2,226
1,830
1,107
7,416
6,690
5,184
4,452
3,660
2,214
7,416
6,690
5,184
4,452
3,660
2,214
5,562
5,018
3,888
3,339
2,745
1,661
5,562
5,018
3,888
3,339
2,745
1,661
3,708
3,345
2,592
2,226
1,830
1,107
3,708
3,345
2,592
2,226
1,830
1,107
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
20%
-
-
Revenue Recognition
Year 0
Year 1
Total Net Sales
2017P
-
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2016P
unit
Land area (LA) sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2014P
20%
44,833
41,152
32,254
27,924
21,997
21,120
80%
20%
20%
107,598
98,765
77,410
67,018
52,793
50,689
80%
20%
20%
129,118
118,518
92,892
80,422
63,351
60,827
80%
20%
20%
116,206
106,666
83,603
72,379
57,016
54,744
80%
20%
20%
139,447
127,999
100,323
86,855
68,419
65,693
80%
20%
31
22
14
11
6
12
31
22
14
11
6
12
-
97
97
-
10%
10%
-
20%
111,558
102,399
80,258
69,484
54,735
52,554
80%
20%
20%
133,869
122,879
96,310
83,381
65,682
63,065
80%
20%
-
80%
20%
-
-
35,866
32,922
25,803
22,339
17,598
16,896
95,045
87,242
68,379
59,199
46,633
44,775
124,814
114,567
89,795
77,741
61,239
58,799
118,788
109,036
85,460
73,988
58,283
55,961
134,799
123,732
96,979
83,960
66,139
63,503
117,136
107,519
84,271
72,958
57,472
55,182
129,407
118,783
93,100
80,602
63,493
60,963
26,774
24,576
19,262
16,676
13,136
12,613
-
-
151,424
401,274
526,956
501,516
569,112
494,539
546,348
113,037
Cost of Sales
follows:
59
Description
ASSUMPTIO NS
Construction cost
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land development
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Land acquisition
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2022P
10%
10%
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
78,176
170,507
186,077
152,403
166,533
121,383
132,781
-
-
-
8,413
8,095
6,534
5,772
4,060
8,037
18,508
17,809
14,375
12,698
8,931
17,681
20,358
19,590
15,812
13,968
9,824
19,449
16,796
16,161
13,045
11,523
8,105
16,046
18,475
17,778
14,350
12,676
8,915
17,650
13,548
13,037
10,523
9,295
6,538
12,943
14,903
14,341
11,575
10,225
7,192
14,238
-
-
-
7,478
6,746
5,227
4,489
3,691
2,232
16,451
14,841
11,500
9,876
8,119
4,911
18,096
16,325
12,650
10,864
8,931
5,403
14,929
13,468
10,436
8,962
7,368
4,457
16,422
14,815
11,480
9,859
8,105
4,903
12,043
10,864
8,418
7,230
5,944
3,595
13,247
11,951
9,260
7,953
6,538
3,955
-
-
-
1,854
1,673
1,296
1,113
915
554
3,708
3,345
2,592
2,226
1,830
1,107
3,708
3,345
2,592
2,226
1,830
1,107
2,781
2,509
1,944
1,670
1,373
830
2,781
2,509
1,944
1,670
1,373
830
1,854
1,673
1,296
1,113
915
554
1,854
1,673
1,296
1,113
915
554
-
Revenue Recognition
Year 0
Year 1
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
14,195
13,211
10,446
9,099
6,932
8,658
34,482
32,098
25,385
22,115
16,837
21,124
41,463
38,606
30,537
26,606
20,244
25,507
36,037
33,562
26,551
23,136
17,593
22,258
37,044
34,508
27,304
23,794
18,083
22,973
29,492
27,479
21,745
18,951
14,396
18,350
29,493
27,486
21,753
18,960
14,395
18,415
6,001
5,593
4,426
3,858
2,929
3,749
-
-
62,541
152,041
182,963
159,138
163,707
130,413
130,502
26,556
Operating Expenses
GIJA will increase the capital expenditure by building marketing office in 2014
amounts to IDR 993 million.
7.1.7 PT Putra Marga Tapa (“PMT”)
60
Sales
Description
ASSUMPTIO NS
Unit sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2013P
2015P
Total
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
sqm
120
150
180
210
300
90
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
Sales
million IDR
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2018P
2019P
2020P
2021P
2022P
-
110
79
52
38
22
44
221
159
103
76
44
88
221
159
103
76
44
88
165
119
77
57
33
66
165
119
77
57
33
66
110
79
52
38
22
44
110
79
52
38
22
44
-
-
345
690
690
518
518
345
345
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,008
1,282
1,555
1,829
2,504
1,192
1,209
1,538
1,867
2,195
3,005
1,431
1,451
1,845
2,240
2,634
3,606
1,717
1,741
2,214
2,688
3,161
4,327
2,061
2,089
2,657
3,225
3,793
5,193
2,473
2,507
3,189
3,870
4,552
6,231
2,967
3,009
3,827
4,645
5,463
7,478
3,561
3,610
4,592
5,574
6,555
8,973
4,273
4,332
5,510
6,688
7,866
10,768
5,127
-
-
-
13,236
11,910
9,270
7,938
6,600
3,969
26,472
23,820
18,540
15,876
13,200
7,938
26,472
23,820
18,540
15,876
13,200
7,938
19,854
17,865
13,905
11,907
9,900
5,954
19,854
17,865
13,905
11,907
9,900
5,954
13,236
11,910
9,270
7,938
6,600
3,969
13,236
11,910
9,270
7,938
6,600
3,969
-
-
-
9,822,006
9,882,521
9,922,864
9,951,681
9,801,835
11,818,992
12,013,283
12,101,025
12,159,520
12,201,303
11,984,035
14,908,790
14,665,502
14,787,430
14,868,716
14,926,777
14,624,859
18,689,148
17,873,121
18,037,736
18,147,480
18,225,868
17,818,249
23,305,437
21,749,715
21,967,386
22,112,499
22,216,151
21,677,159
28,932,831
26,431,826
26,715,175
26,904,074
27,039,002
26,337,377
35,782,334
32,083,576
32,447,953
32,690,872
32,864,385
31,962,117
44,108,031
-
20%
-
-
Revenue Recognition
Year 0
Year 1
Total Net Sales
2017P
-
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2016P
unit
Land area (LA) sold
Type 1 (LA 120/BA 90)
Type 2 (LA 150/BA 120)
Type 3 (LA 180/BA 150)
Type 4 (LA 210/BA 180)
Type 5 (LA 300/BA 220)
2014P
20%
160,033
146,523
115,353
99,579
79,333
75,725
80%
20%
20%
384,080
351,655
276,847
238,988
190,399
181,739
80%
20%
20%
460,896
421,986
332,217
286,786
228,479
218,087
80%
20%
20%
414,806
379,788
298,995
258,108
205,631
196,278
80%
20%
20%
497,767
455,745
358,794
309,729
246,758
235,534
80%
20%
20%
398,214
364,596
287,035
247,783
197,406
188,427
80%
20%
-
20%
477,857
437,515
344,442
297,340
236,887
226,112
80%
20%
-
80%
20%
-
-
128,027
117,218
92,282
79,663
63,466
60,580
339,270
310,629
244,549
211,107
168,186
160,536
445,533
407,920
321,143
277,227
220,863
210,817
424,024
388,227
305,640
263,843
210,201
200,640
481,175
440,554
346,834
299,405
238,532
227,682
418,125
382,826
301,387
260,172
207,276
197,848
461,928
422,932
332,961
287,429
228,991
218,575
95,571
87,503
68,888
59,468
47,377
45,222
-
-
541,236
1,434,277
1,883,503
1,792,575
2,034,183
1,767,635
1,952,816
404,031
Cost of Sales
follows:
61
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2013P
2014P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
IDR/sqm
IDR/sqm
IDR/sqm
2,500,000
2,500,000
2,500,000
2,500,000
2,500,000
3,000,000
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,300,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,630,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,993,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
4,392,300
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,831,530
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
5,314,683
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,846,151
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
6,430,766
-
1,666,667
500,000
1,833,333
500,000
2,016,667
500,000
2,218,333
500,000
2,440,167
500,000
2,684,183
500,000
2,952,602
500,000
3,247,862
500,000
3,572,648
500,000
-
Cost of Sales
Construction
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land development
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
Land acquisition
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
2015P
million IDR
sqm
90
120
150
180
220
180
sqm
120
150
180
210
300
90
sqm
120
150
180
210
300
90
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
279,447
609,491
665,148
544,778
595,287
433,897
474,641
-
-
-
30,029
28,822
23,368
20,582
14,641
28,815
66,064
63,409
51,410
45,281
32,210
63,393
72,671
69,750
56,551
49,809
35,431
69,732
59,953
57,544
46,654
41,092
29,231
57,529
65,949
63,298
51,320
45,201
32,154
63,282
48,362
46,418
37,635
33,148
23,579
46,407
53,199
51,060
41,398
36,462
25,937
51,047
-
-
-
26,693
24,019
18,695
16,008
13,310
8,004
58,724
52,841
41,128
35,218
29,282
17,609
64,596
58,125
45,241
38,740
32,210
19,370
53,292
47,953
37,324
31,961
26,573
15,980
58,621
52,748
41,056
35,157
29,231
17,578
42,989
38,682
30,108
25,782
21,436
12,891
47,288
42,550
33,118
28,360
23,579
14,180
-
-
-
6,618
5,955
4,635
3,969
3,300
1,985
13,236
11,910
9,270
7,938
6,600
3,969
13,236
11,910
9,270
7,938
6,600
3,969
9,927
8,933
6,953
5,954
4,950
2,977
9,927
8,933
6,953
5,954
4,950
2,977
6,618
5,955
4,635
3,969
3,300
1,985
6,618
5,955
4,635
3,969
3,300
1,985
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 120/BA 90)
T ype 2 (LA 150/BA 120)
T ype 3 (LA 180/BA 150)
T ype 4 (LA 210/BA 180)
T ype 5 (LA 300/BA 220)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
50,672
47,037
37,358
32,448
25,001
31,043
123,087
114,287
90,786
78,861
60,724
75,738
148,007
137,460
109,211
94,877
73,012
91,451
128,638
119,500
94,957
82,502
63,452
79,803
132,232
122,869
97,649
84,850
65,219
82,367
105,274
97,840
77,767
67,581
51,919
65,793
105,277
97,864
77,797
67,613
51,917
66,026
21,421
19,913
15,830
13,758
10,563
13,442
-
-
223,558
543,482
654,017
568,852
585,185
466,175
466,492
94,928
Operating Expenses
PMT will increase the capital expenditure by building marketing office in 2014
7.1.8 PT Juntimas Lestari (“JML”)
Sales
62
Description
2013P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Shophouse (LA 48/BA 96)
Commercial (LA 2000)
T otal
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
Total Net Sales
2017P
2018P
2019P
2020P
2021P
2022P
-
165
165
165
124
101
83
54
24
186
4
331
331
331
248
201
165
108
48
372
9
331
331
331
248
201
165
108
48
372
9
248
248
248
186
151
124
81
36
279
7
248
248
248
186
151
124
81
36
279
7
165
165
165
124
101
83
54
24
186
4
165
165
165
124
101
83
54
24
186
4
-
-
-
1,072
2,143
2,143
1,608
1,608
1,072
1,072
-
-
-
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
11,909
11,909
14,886
14,880
14,874
14,886
11,902
5,950
8,928
8,800
23,818
23,818
29,772
29,760
29,748
29,772
23,804
11,900
17,856
17,600
23,818
23,818
29,772
29,760
29,748
29,772
23,804
11,900
17,856
17,600
17,863
17,863
22,329
22,320
22,311
22,329
17,853
8,925
13,392
13,200
17,863
17,863
22,329
22,320
22,311
22,329
17,853
8,925
13,392
13,200
11,909
11,909
14,886
14,880
14,874
14,886
11,902
5,950
8,928
8,800
11,909
11,909
14,886
14,880
14,874
14,886
11,902
5,950
8,928
8,800
-
-
-
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
-
10%
20%
20%
15%
15%
10%
10%
-
IDR/sqm
20%
20%
20%
20%
20%
20%
20%
20%
million IDR
-
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2016P
-
Sales
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2015P
unit
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2014P
28,029
33,913
38,609
37,648
43,889
48,696
40,768
21,480
82,144
13,879
80%
20%
67,269
81,391
92,660
90,354
105,335
116,870
97,842
51,552
197,145
33,309
80%
20%
80,723
97,670
111,193
108,425
126,402
140,244
117,411
61,862
236,574
39,971
80%
20%
72,650
87,903
100,073
97,583
113,762
126,220
105,670
55,676
212,916
35,974
80%
20%
87,181
105,483
120,088
117,099
136,514
151,464
126,803
66,811
255,499
43,169
80%
20%
69,744
84,387
96,070
93,679
109,211
121,171
101,443
53,449
204,400
34,535
80%
20%
83,693
101,264
115,284
112,415
131,053
145,405
121,731
64,139
245,279
41,442
80%
20%
-
80%
20%
-
-
22,423
27,130
30,887
30,118
35,112
38,957
32,614
17,184
65,715
11,103
59,421
71,896
81,850
79,813
93,046
103,235
86,427
45,538
174,144
29,423
78,032
94,414
107,486
104,811
122,188
135,570
113,497
59,800
228,688
38,639
74,265
89,856
102,297
99,751
116,290
129,025
108,018
56,913
217,648
36,773
84,274
101,967
116,085
113,196
131,963
146,415
122,577
64,584
246,983
41,730
73,232
88,606
100,874
98,363
114,672
127,230
106,515
56,122
214,620
36,262
80,904
97,888
111,442
108,668
126,685
140,559
117,674
62,001
237,103
40,061
16,739
20,253
23,057
22,483
26,211
29,081
24,346
12,828
49,056
8,288
-
-
311,243
824,793
1,083,125
1,030,836
1,169,775
1,016,494
1,122,984
232,341
63
Cost of Sales
follows:
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
10%
10%
million IDR
sqm
22
36
36
45
60
90
120
150
96
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
197,826
434,029
476,242
392,008
430,317
314,971
345,873
-
-
-
6,604
10,807
10,807
10,128
14,593
18,012
15,711
8,639
48,613
14,530
23,776
23,776
22,281
32,104
39,627
34,563
19,007
106,949
15,983
26,154
26,154
24,509
35,314
43,589
38,020
20,907
117,643
13,186
21,577
21,577
20,220
29,134
35,961
31,366
17,249
97,056
14,504
23,734
23,734
22,242
32,048
39,557
34,503
18,973
106,761
10,636
17,405
17,405
16,311
23,502
29,009
25,302
13,914
78,292
11,700
19,146
19,146
17,942
25,852
31,909
27,832
15,305
86,121
-
-
-
4,803
4,803
6,004
6,002
5,999
6,004
4,800
2,400
3,601
3,549
10,567
10,567
13,209
13,204
13,198
13,209
10,561
5,280
7,922
7,809
11,624
11,624
14,530
14,524
14,518
14,530
11,617
5,808
8,714
8,589
9,590
9,590
11,987
11,982
11,977
11,987
9,584
4,791
7,189
7,086
10,549
10,549
13,186
13,180
13,175
13,186
10,543
5,270
7,908
7,795
7,736
7,736
9,670
9,666
9,662
9,670
7,731
3,865
5,799
5,716
8,509
8,509
10,636
10,632
10,628
10,636
8,504
4,251
6,379
6,288
-
-
-
595
595
744
744
744
744
595
298
446
440
1,191
1,191
1,489
1,488
1,487
1,489
1,190
595
893
880
1,191
1,191
1,489
1,488
1,487
1,489
1,190
595
893
880
893
893
1,116
1,116
1,116
1,116
893
446
670
660
893
893
1,116
1,116
1,116
1,116
893
446
670
660
595
595
744
744
744
744
595
298
446
440
595
595
744
744
744
744
595
298
446
440
-
80%
20%
80%
20%
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
9,602
12,965
14,044
13,499
17,068
19,808
16,885
9,069
42,128
3,191
23,431
31,668
34,290
32,953
41,699
48,411
41,273
22,172
103,143
7,749
28,295
38,281
41,432
39,811
50,413
58,551
49,925
26,824
124,953
9,313
24,694
33,441
36,178
34,759
44,046
51,173
43,640
23,451
109,382
8,091
25,491
34,553
37,365
35,894
45,516
52,900
45,119
24,249
113,254
8,313
20,363
27,624
29,862
28,684
36,393
42,310
36,090
19,399
90,698
6,616
20,437
27,747
29,985
28,799
36,560
42,517
36,271
19,499
91,265
6,614
4,161
5,650
6,105
5,864
7,445
8,658
7,386
3,971
18,589
1,346
-
-
158,261
386,788
467,799
408,855
422,655
338,040
339,693
69,175
64
Operating Expenses
During the projection period, JML will increase the capital expenditure by building
marketing office, shuttle bus terminal, shuttle bus, school, hospital and prayer
facilities in 2014-2016 amounts to IDR 6,142 million, IDR 5,207 million and
IDR 4,616 million respectively.
7.1.9 PT Grand Mitra Guna Mandiri (“GMGM”)
Sales
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
unit
-
T otal
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
-
65
65
65
48
39
32
21
9
73
2
129
129
129
97
79
65
42
19
145
3
129
129
129
97
79
65
42
19
145
3
97
97
97
73
59
48
32
14
109
3
97
97
97
73
59
48
32
14
109
3
65
65
65
48
39
32
21
9
73
2
65
65
65
48
39
32
21
9
73
2
-
-
-
419
837
837
628
628
419
419
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
-
4,651
4,651
5,814
5,808
5,816
5,814
4,642
2,325
3,490
3,400
9,302
9,302
11,628
11,616
11,633
11,628
9,284
4,650
6,979
6,800
9,302
9,302
11,628
11,616
11,633
11,628
9,284
4,650
6,979
6,800
6,977
6,977
8,721
8,712
8,725
8,721
6,963
3,488
5,234
5,100
6,977
6,977
8,721
8,712
8,725
8,721
6,963
3,488
5,234
5,100
4,651
4,651
5,814
5,808
5,816
5,814
4,642
2,325
3,490
3,400
4,651
4,651
5,814
5,808
5,816
5,814
4,642
2,325
3,490
3,400
-
65
Description
2013P
ASSUMPTIO NS
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2014P
2016P
2017P
2018P
2019P
2020P
2021P
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
2022P
IDR/sqm
-
-
Sales
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2015P
20%
20%
20%
20%
20%
20%
20%
-
20%
million IDR
-
-
Revenue Recognition
Year 0
Year 1
10,947
13,245
15,079
14,695
17,163
19,019
15,900
8,393
32,107
5,362
80%
20%
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Total Net Sales
26,273
31,789
36,190
35,267
41,191
45,646
38,160
20,144
77,056
12,869
80%
20%
31,528
38,147
43,428
42,321
49,429
54,775
45,792
24,173
92,467
15,443
28,375
34,332
39,085
38,089
44,486
49,298
41,213
21,756
83,220
13,899
80%
20%
34,050
41,198
46,903
45,706
53,383
59,157
49,456
26,107
99,865
16,679
80%
20%
27,240
32,959
37,522
36,565
42,706
47,326
39,565
20,886
79,892
13,343
80%
20%
32,688
39,550
45,026
43,878
51,248
56,791
47,477
25,063
95,870
16,012
80%
20%
-
80%
20%
80%
20%
-
-
8,758
10,596
12,063
11,756
13,730
15,215
12,720
6,715
25,685
4,290
23,208
28,080
31,968
31,153
36,385
40,321
33,708
17,794
68,066
11,368
30,477
36,875
41,981
40,910
47,781
52,949
44,266
23,367
89,385
14,929
29,006
35,095
39,954
38,935
45,474
50,393
42,129
22,239
85,070
14,208
32,915
39,825
45,339
44,183
51,604
57,185
47,807
25,237
96,536
16,123
28,602
34,607
39,398
38,393
44,842
49,692
41,543
21,930
83,886
14,010
31,598
38,232
43,526
42,416
49,539
54,898
45,895
24,227
92,674
15,478
6,538
7,910
9,005
8,776
10,250
11,358
9,495
5,013
19,174
3,202
-
-
121,529
322,051
422,920
402,503
456,753
396,903
438,483
90,721
Cost of Sales
follows:
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
IDR/sqm
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
66
Description
ASSUMPTIO NS
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
million IDR
sqm
22
36
36
45
60
90
120
150
96
0
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
2014P
2015P
Total Cost of Sales
2017P
2018P
2019P
2020P
2021P
2022P
-
-
77,260
169,507
185,994
153,097
168,059
123,011
135,080
-
-
-
2,579
4,221
4,221
3,953
5,706
7,035
6,127
3,376
19,001
-
5,675
9,286
9,286
8,697
12,554
15,477
13,480
7,427
41,802
-
6,242
10,215
10,215
9,566
13,809
17,025
14,828
8,170
45,982
-
5,150
8,427
8,427
7,892
11,393
14,045
12,233
6,740
37,935
-
5,665
9,270
9,270
8,682
12,532
15,450
13,457
7,414
41,729
-
4,154
6,798
6,798
6,366
9,190
11,330
9,868
5,437
30,601
-
4,570
7,478
7,478
7,003
10,109
12,463
10,855
5,981
33,661
-
-
-
-
1,876
1,876
2,345
2,343
2,346
2,345
1,872
938
1,407
1,371
4,127
4,127
5,159
5,154
5,161
5,159
4,119
2,063
3,096
3,017
4,540
4,540
5,675
5,669
5,677
5,675
4,531
2,269
3,406
3,319
3,745
3,745
4,682
4,677
4,684
4,682
3,738
1,872
2,810
2,738
4,120
4,120
5,150
5,145
5,152
5,150
4,112
2,059
3,091
3,012
3,021
3,021
3,777
3,773
3,778
3,777
3,015
1,510
2,267
2,209
3,323
3,323
4,154
4,150
4,156
4,154
3,317
1,661
2,493
2,429
-
-
-
233
233
291
290
291
291
232
116
174
170
465
465
581
581
582
581
464
233
349
340
465
465
581
581
582
581
464
233
349
340
349
349
436
436
436
436
348
174
262
255
349
349
436
436
436
436
348
174
262
255
233
233
291
290
291
291
232
116
174
170
233
233
291
290
291
291
232
116
174
170
-
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2016P
80%
20%
-
-
3,750
5,064
5,485
5,269
6,675
7,736
6,585
3,544
16,466
1,233
9,151
12,369
13,393
12,862
16,306
18,908
16,097
8,664
40,314
2,994
11,051
14,951
16,182
15,539
19,714
22,868
19,472
10,482
48,839
3,598
9,645
13,061
14,130
13,567
17,224
19,987
17,020
9,164
42,753
3,126
9,956
13,495
14,594
14,010
17,799
20,661
17,597
9,476
44,267
3,212
7,953
10,789
11,663
11,196
14,231
16,525
14,076
7,580
35,450
2,556
7,982
10,837
11,711
11,241
14,297
16,606
14,146
7,619
35,672
2,555
1,625
2,207
2,385
2,289
2,911
3,382
2,881
1,552
7,266
520
-
-
61,808
151,058
182,697
159,676
165,066
132,021
132,666
27,016
Operating Expenses
During the projection period, GMGM will increase the capital expenditure by
building marketing office, shuttle bus terminal, shuttle bus, school, hospital and
prayer facilities in 2014-2016 amounts to IDR 2,401 million, IDR 2,035 million and
7.1.10 PT Putra Asih Laksana (“PAL”)
67
Sales
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
unit
T otal
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
-
-
359
359
359
269
218
179
117
52
404
10
718
718
718
538
436
359
235
103
807
19
718
718
718
538
436
359
235
103
807
19
538
538
538
404
327
269
176
77
605
14
538
538
538
404
327
269
176
77
605
14
359
359
359
269
218
179
117
52
404
10
359
359
359
269
218
179
117
52
404
10
-
-
-
2,325
4,651
4,651
3,488
3,488
2,325
2,325
-
-
-
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
-
25,834
25,834
32,292
32,292
32,294
32,292
25,828
12,900
19,373
19,200
51,667
51,667
64,584
64,584
64,587
64,584
51,656
25,800
38,746
38,400
51,667
51,667
64,584
64,584
64,587
64,584
51,656
25,800
38,746
38,400
38,750
38,750
48,438
48,438
48,440
48,438
38,742
19,350
29,059
28,800
38,750
38,750
48,438
48,438
48,440
48,438
38,742
19,350
29,059
28,800
25,834
25,834
32,292
32,292
32,294
32,292
25,828
12,900
19,373
19,200
25,834
25,834
32,292
32,292
32,294
32,292
25,828
12,900
19,373
19,200
-
-
-
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
-
20%
Total Net Sales
20%
15%
15%
10%
10%
-
20%
20%
20%
20%
20%
20%
20%
million IDR
-
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
20%
IDR/sqm
Sales
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
10%
60,802
73,567
83,753
81,701
95,290
105,636
88,468
46,570
178,243
30,281
80%
20%
145,926
176,561
201,007
196,084
228,697
253,525
212,323
111,768
427,783
72,675
80%
20%
175,111
211,873
241,209
235,300
274,436
304,230
254,788
134,122
513,339
87,210
80%
20%
157,600
190,686
217,088
211,770
246,993
273,807
229,309
120,710
462,005
78,489
80%
20%
189,119
228,823
260,505
254,124
296,391
328,569
275,171
144,852
554,406
94,186
80%
20%
151,296
183,059
208,404
203,299
237,113
262,855
220,136
115,881
443,525
75,349
80%
20%
181,555
219,670
250,085
243,959
284,536
315,426
264,164
139,058
532,230
90,419
-
80%
20%
80%
20%
-
-
48,642
58,854
67,002
65,361
76,232
84,508
70,774
37,256
142,594
24,225
128,901
155,962
177,556
173,207
202,016
223,947
187,552
98,729
377,875
64,196
169,274
204,811
233,168
227,457
265,288
294,089
246,295
129,651
496,228
84,303
161,102
194,924
221,912
216,476
252,481
279,892
234,405
123,392
472,272
80,233
182,816
221,196
251,822
245,653
286,512
317,617
265,998
140,023
535,926
91,047
158,860
192,212
218,824
213,464
248,969
275,998
231,143
121,675
465,701
79,117
175,503
212,348
241,749
235,827
275,051
304,912
255,358
134,422
514,489
87,405
36,311
43,934
50,017
48,792
56,907
63,085
52,833
27,812
106,446
18,084
-
-
675,449
1,789,941
2,350,564
2,237,088
2,538,609
2,205,964
2,437,065
504,220
68
Cost of Sales
follows:
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
2014P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
IDR/sqm
IDR/sqm
IDR/sqm
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2015P
million IDR
sqm
22
36
36
45
60
90
120
150
96
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
429,281
941,836
1,033,438
850,650
933,779
683,481
750,538
-
-
-
14,327
23,444
23,444
21,979
31,683
39,073
34,093
18,731
105,485
31,519
51,577
51,577
48,353
69,702
85,961
75,005
41,208
232,067
34,671
56,734
56,734
53,189
76,672
94,557
82,505
45,329
255,273
28,604
46,806
46,806
43,881
63,254
78,010
68,067
37,396
210,601
31,464
51,487
51,487
48,269
69,580
85,811
74,873
41,136
231,661
23,074
37,757
37,757
35,397
51,025
62,928
54,907
30,166
169,884
25,381
41,532
41,532
38,937
56,128
69,221
60,398
33,183
186,873
-
-
-
10,420
10,420
13,024
13,024
13,025
13,024
10,417
5,203
7,814
7,744
22,923
22,923
28,654
28,654
28,655
28,654
22,918
11,447
17,190
17,037
25,215
25,215
31,519
31,519
31,521
31,519
25,210
12,591
18,909
18,740
20,803
20,803
26,003
26,003
26,005
26,003
20,798
10,388
15,600
15,461
22,883
22,883
28,604
28,604
28,605
28,604
22,878
11,427
17,160
17,007
16,781
16,781
20,976
20,976
20,977
20,976
16,777
8,379
12,584
12,472
18,459
18,459
23,074
23,074
23,075
23,074
18,455
9,217
13,842
13,719
-
-
-
1,292
1,292
1,615
1,615
1,615
1,615
1,291
645
969
960
2,583
2,583
3,229
3,229
3,229
3,229
2,583
1,290
1,937
1,920
2,583
2,583
3,229
3,229
3,229
3,229
2,583
1,290
1,937
1,920
1,938
1,938
2,422
2,422
2,422
2,422
1,937
968
1,453
1,440
1,938
1,938
2,422
2,422
2,422
2,422
1,937
968
1,453
1,440
1,292
1,292
1,615
1,615
1,615
1,615
1,291
645
969
960
1,292
1,292
1,615
1,615
1,615
1,615
1,291
645
969
960
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
10%
10%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
20,830
28,124
30,466
29,294
37,058
42,970
36,641
19,663
91,414
6,963
50,828
68,698
74,384
71,513
90,534
105,018
89,565
48,071
223,809
16,906
61,381
83,043
89,878
86,397
109,455
127,013
108,339
58,157
271,135
20,320
53,569
72,543
78,481
75,432
95,629
111,009
94,701
50,843
237,347
17,653
55,296
74,955
81,056
77,896
98,822
114,756
97,911
52,574
245,750
18,138
44,174
59,925
64,780
62,249
79,015
91,782
78,318
42,058
196,804
14,435
44,334
60,192
65,046
62,497
79,377
92,231
78,710
42,274
198,035
14,430
9,026
12,257
13,244
12,725
16,163
18,782
16,029
8,609
40,337
2,936
-
-
343,424
839,325
1,015,118
887,208
917,154
733,541
737,127
150,108
Operating Expenses
69
During the projection period, PAL will increase the capital expenditure by building
facilities in 2014-2016 amounts to IDR 13,323 million, IDR 11,295 million and IDR
10,014 million respectively.
7.1.11 PT Harvest Time (“HT”)
Sales
Description
2013P
ASSUMPTIO NS
Unit sold
Type 1 (LA 72/BA 22)
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
unit
-
Total
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
2014P
-
735
735
735
551
447
368
241
106
827
20
1,470
1,470
1,470
1,103
894
735
481
212
1,654
40
1,470
1,470
1,470
1,103
894
735
481
212
1,654
40
1,103
1,103
1,103
827
671
551
361
159
1,241
30
1,103
1,103
1,103
827
671
551
361
159
1,241
30
735
735
735
551
447
368
241
106
827
20
735
735
735
551
447
368
241
106
827
20
4,764
9,528
9,528
7,146
7,146
4,764
4,764
-
-
-
-
-
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
-
52,927
52,927
66,159
66,156
66,156
66,150
52,910
26,450
39,696
39,600
105,854
105,854
132,318
132,312
132,312
132,300
105,820
52,900
79,392
79,200
105,854
105,854
132,318
132,312
132,312
132,300
105,820
52,900
79,392
79,200
79,391
79,391
99,239
99,234
99,234
99,225
79,365
39,675
59,544
59,400
79,391
79,391
99,239
99,234
99,234
99,225
79,365
39,675
59,544
59,400
52,927
52,927
66,159
66,156
66,156
66,150
52,910
26,450
39,696
39,600
52,927
52,927
66,159
66,156
66,156
66,150
52,910
26,450
39,696
39,600
-
-
-
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
-
10%
20%
20%
15%
15%
10%
10%
-
IDR/sqm
20%
20%
20%
20%
20%
20%
20%
20%
70
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
ASSUMPTIO NS
Sales
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
million IDR
-
-
124,570
150,722
171,591
167,380
195,210
216,394
181,231
95,487
365,230
62,455
Revenue Recognition
Year 0
Year 1
80%
20%
Type 4 (LA 120/BA 45)
Type 5 (LA 148/BA 60)
Type 6 (LA 180/BA 90)
Type 7 (LA 220/BA 120)
Type 8 (LA 250/BA 150)
Total Net Revenues
298,968
361,734
411,818
401,713
468,504
519,345
434,955
229,168
876,552
149,892
80%
20%
358,762
434,081
494,182
482,055
562,205
623,214
521,946
275,002
1,051,862
179,870
80%
20%
322,886
390,673
444,764
433,850
505,984
560,893
469,751
247,502
946,676
161,883
387,463
468,807
533,716
520,619
607,181
673,072
563,701
297,002
1,136,011
194,260
80%
20%
309,970
375,046
426,973
416,496
485,745
538,457
450,961
237,602
908,809
155,408
80%
20%
371,965
450,055
512,368
499,795
582,894
646,149
541,153
285,122
1,090,571
186,489
80%
20%
-
80%
20%
80%
20%
-
-
99,656
120,578
137,273
133,904
156,168
173,115
144,985
76,389
292,184
49,964
264,089
319,532
363,773
354,846
413,845
458,755
384,210
202,432
774,287
132,404
346,803
419,611
477,709
465,987
543,464
602,441
504,547
265,835
1,016,800
173,874
330,061
399,354
454,647
443,491
517,228
573,357
480,190
253,002
967,713
165,480
374,548
453,180
515,926
503,266
586,942
650,636
544,911
287,102
1,098,144
187,784
325,469
393,798
448,322
437,320
510,032
565,380
473,509
249,482
954,249
163,178
359,566
435,053
495,289
483,135
563,464
624,610
523,115
275,618
1,054,218
180,273
74,393
90,011
102,474
99,959
116,579
129,230
108,231
57,024
218,114
37,298
-
-
1,384,216
3,668,173
4,817,072
4,584,524
5,202,438
4,520,739
4,994,340
1,033,312
Cost of Sales
follows:
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2022P
10%
10%
million IDR
sqm
22
36
36
45
60
90
120
150
96
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
879,653
1,929,945
2,117,648
1,743,091
1,913,432
1,400,538
1,537,946
-
-
-
29,353
48,031
48,031
45,027
64,904
80,042
69,841
38,405
216,145
64,576
105,669
105,669
99,060
142,790
176,091
153,651
84,492
475,518
71,033
116,236
116,236
108,966
157,069
193,700
169,016
92,941
523,070
58,602
95,895
95,895
89,897
129,582
159,803
139,438
76,676
431,533
64,463
105,484
105,484
98,887
142,540
175,783
153,382
84,344
474,686
47,273
77,355
77,355
72,517
104,529
128,908
112,480
61,852
348,103
52,000
85,091
85,091
79,769
114,982
141,798
123,728
68,038
382,914
-
71
Description
ASSUMPTIO NS
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
2014P
2015P
Total Cost of Sales
2017P
2018P
2019P
2020P
2021P
-
21,347
21,347
26,684
26,683
26,683
26,681
21,340
10,668
16,011
15,972
46,964
46,964
58,705
58,702
58,702
58,697
46,949
23,470
35,224
35,138
51,660
51,660
64,576
64,573
64,573
64,567
51,644
25,817
38,746
38,652
42,620
42,620
53,275
53,272
53,272
53,268
42,606
21,299
31,965
31,888
46,882
46,882
58,602
58,600
58,600
58,594
46,867
23,429
35,162
35,077
34,380
34,380
42,975
42,973
42,973
42,969
34,369
17,181
25,785
25,723
37,818
37,818
47,273
47,270
47,270
47,266
37,806
18,899
28,364
28,295
-
-
-
2,646
2,646
3,308
3,308
3,308
3,308
2,646
1,323
1,985
1,980
5,293
5,293
6,616
6,616
6,616
6,615
5,291
2,645
3,970
3,960
5,293
5,293
6,616
6,616
6,616
6,615
5,291
2,645
3,970
3,960
3,970
3,970
4,962
4,962
4,962
4,961
3,968
1,984
2,977
2,970
3,970
3,970
4,962
4,962
4,962
4,961
3,968
1,984
2,977
2,970
2,646
2,646
3,308
3,308
3,308
3,308
2,646
1,323
1,985
1,980
2,646
2,646
3,308
3,308
3,308
3,308
2,646
1,323
1,985
1,980
-
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
42,677
57,620
62,419
60,015
75,916
88,024
75,062
40,317
187,312
14,362
104,135
140,746
152,397
146,506
185,465
215,129
183,478
98,565
458,597
34,869
125,756
170,137
184,140
176,999
224,227
260,186
221,938
119,244
555,571
41,909
109,751
148,625
160,791
154,536
195,904
227,402
194,000
104,248
486,338
36,409
113,290
153,565
166,065
159,585
202,444
235,077
200,576
107,797
503,555
37,409
90,502
122,772
132,720
127,528
161,868
188,015
160,439
86,236
403,264
29,772
90,831
123,320
133,265
128,037
162,610
188,934
161,242
86,679
405,785
29,761
18,493
25,111
27,134
26,069
33,112
38,474
32,836
17,652
82,652
6,055
-
-
703,722
1,719,887
2,080,108
1,818,003
1,879,364
1,503,117
1,510,464
307,589
Operating Expenses
During the projection period, HT will increase the capital expenditure by building
facilities in 2014-2016 amounts to IDR 27,296 million, IDR 23,140 million and IDR
20,516 million respectively.
7.1.12 PT Armidian Karyatama (“AK”)
Sales
2022P
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2016P
72
Description
2013P
ASSUMPTIO NS
Unit sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
-
T otal
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
Total Net Sales
2017P
2018P
2019P
2020P
2021P
-
200
200
200
150
121
100
65
29
225
5
399
399
399
299
243
199
131
57
449
11
399
399
399
299
243
199
131
57
449
11
299
299
299
224
182
150
98
43
337
8
299
299
299
224
182
150
98
43
337
8
200
200
200
150
121
100
65
29
225
5
200
200
200
150
121
100
65
29
225
5
2022P
1,293
2,586
2,586
1,939
1,939
1,293
1,293
-
-
-
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
-
14,364
14,364
17,955
17,952
17,952
17,946
14,366
7,175
10,776
10,600
28,728
28,728
35,910
35,904
35,905
35,892
28,732
14,350
21,552
21,200
28,728
28,728
35,910
35,904
35,905
35,892
28,732
14,350
21,552
21,200
21,546
21,546
26,933
26,928
26,929
26,919
21,549
10,763
16,164
15,900
21,546
21,546
26,933
26,928
26,929
26,919
21,549
10,763
16,164
15,900
14,364
14,364
17,955
17,952
17,952
17,946
14,366
7,175
10,776
10,600
14,364
14,364
17,955
17,952
17,952
17,946
14,366
7,175
10,776
10,600
-
-
-
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
-
10%
20%
20%
15%
15%
10%
10%
-
IDR/sqm
20%
20%
20%
20%
20%
20%
20%
20%
million IDR
-
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2016P
-
Sales
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2015P
unit
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2014P
33,807
40,905
46,568
45,420
52,973
58,706
49,207
25,902
99,146
16,718
80%
20%
81,138
98,172
111,764
109,008
127,135
140,894
118,098
62,166
237,951
40,123
80%
20%
97,365
117,806
134,117
130,810
152,562
169,073
141,717
74,599
285,542
48,147
80%
20%
87,629
106,025
120,705
117,729
137,306
152,166
127,546
67,139
256,988
43,332
80%
20%
105,154
127,230
144,846
141,275
164,767
182,599
153,055
80,567
308,385
51,999
80%
20%
84,123
101,784
115,877
113,020
131,814
146,079
122,444
64,453
246,708
41,599
80%
20%
100,948
122,141
139,052
135,624
158,177
175,295
146,933
77,344
296,050
49,919
80%
20%
-
80%
20%
-
-
27,046
32,724
37,255
36,336
42,378
46,965
39,366
20,722
79,317
13,374
71,671
86,718
98,725
96,291
112,303
124,457
104,320
54,913
210,190
35,442
94,120
113,879
129,646
126,449
147,477
163,438
136,994
72,112
276,024
46,542
89,576
108,381
123,387
120,345
140,357
155,548
130,380
68,631
262,698
44,295
101,649
122,989
140,018
136,565
159,275
176,513
147,953
77,881
298,106
50,265
88,330
106,873
121,671
118,671
138,405
153,383
128,566
67,676
259,043
43,679
97,583
118,070
134,417
131,103
152,904
169,452
142,035
74,766
286,181
48,255
20,190
24,428
27,810
27,125
31,635
35,059
29,387
15,469
59,210
9,984
-
-
375,483
995,030
1,306,680
1,243,599
1,411,215
1,226,297
1,354,766
280,296
73
Cost of Sales
follows:
Description
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
sqm
22
36
36
45
60
90
120
150
96
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
238,670
523,640
574,569
472,944
519,162
380,002
417,285
-
-
-
7,966
13,035
13,035
12,219
17,613
21,715
18,963
10,418
58,675
17,525
28,678
28,678
26,881
38,748
47,772
41,719
22,920
129,086
19,278
31,545
31,545
29,569
42,623
52,549
45,891
25,212
141,994
15,904
26,025
26,025
24,394
35,164
43,353
37,860
20,800
117,145
17,495
28,628
28,628
26,834
38,680
47,689
41,646
22,880
128,860
12,829
20,994
20,994
19,678
28,366
34,972
30,540
16,778
94,497
14,112
23,093
23,093
21,646
31,202
38,469
33,594
18,456
103,947
-
-
-
5,793
5,793
7,242
7,241
7,241
7,238
5,794
2,894
4,346
4,275
12,746
12,746
15,932
15,929
15,930
15,924
12,747
6,367
9,562
9,406
14,020
14,020
17,525
17,522
17,523
17,516
14,022
7,003
10,518
10,346
11,567
11,567
14,458
14,456
14,456
14,451
11,568
5,778
8,677
8,536
12,723
12,723
15,904
15,902
15,902
15,896
12,725
6,355
9,545
9,389
9,330
9,330
11,663
11,661
11,661
11,657
9,332
4,661
7,000
6,885
10,264
10,264
12,829
12,827
12,828
12,823
10,265
5,127
7,700
7,574
-
-
-
718
718
898
898
898
897
718
359
539
530
1,436
1,436
1,796
1,795
1,795
1,795
1,437
718
1,078
1,060
1,436
1,436
1,796
1,795
1,795
1,795
1,437
718
1,078
1,060
1,077
1,077
1,347
1,346
1,346
1,346
1,077
538
808
795
1,077
1,077
1,347
1,346
1,346
1,346
1,077
538
808
795
718
718
898
898
898
897
718
359
539
530
718
718
898
898
898
897
718
359
539
530
-
80%
20%
80%
20%
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2022P
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
11,582
15,638
16,940
16,285
20,601
23,880
20,381
10,937
50,848
3,844
28,261
38,197
41,359
39,756
50,329
58,363
49,817
26,737
124,492
9,334
34,129
46,174
49,974
48,030
60,847
70,587
60,260
32,347
150,817
11,218
29,785
40,336
43,637
41,935
53,161
61,692
52,674
28,279
132,023
9,746
30,746
41,676
45,069
43,305
54,936
63,775
54,460
29,242
136,697
10,014
24,561
33,319
36,019
34,606
43,925
51,007
43,562
23,393
109,471
7,969
24,651
33,468
36,167
34,744
44,127
51,257
43,780
23,513
110,156
7,966
5,019
6,815
7,364
7,074
8,985
10,438
8,916
4,788
22,437
1,621
-
-
190,936
466,646
564,383
493,269
509,918
407,834
409,828
83,457
74
Operating Expenses
During the projection period, AK will increase the capital expenditure by building
7.1.13 PT Taruna Duta Subur (“TDS”)
Sales
This account represents net sales of unit sold and land sold. Assumption and
projection of sales during the projection period are as follows:
Maja
De scription
ASSUMPTIO NS
Unit sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
unit
-
T otal
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
Land area (LA) sold
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
sqm
72
72
90
120
148
180
220
250
48
2000
-
100
100
100
75
61
50
33
14
113
3
200
200
200
150
122
100
65
29
225
5
200
200
200
150
122
100
65
29
225
5
150
150
150
113
91
75
49
22
169
4
150
150
150
113
91
75
49
22
169
4
100
100
100
75
61
50
33
14
113
3
100
100
100
75
61
50
33
14
113
3
-
1,298
1,298
974
974
649
649
-
15%
15%
10%
10%
-
-
-
649
-
-
10%
118
142
162
211
303
409
523
627
307
2,190
141
171
195
253
364
491
628
752
368
2,629
169
205
233
304
437
589
754
903
442
3,154
203
246
280
364
524
707
904
1,083
530
3,785
244
295
336
437
629
848
1,085
1,300
636
4,542
293
354
403
525
755
1,017
1,302
1,560
763
5,451
351
425
484
630
906
1,221
1,563
1,871
916
6,541
422
510
581
755
1,087
1,465
1,875
2,246
1,099
7,849
506
612
697
907
1,304
1,758
2,250
2,695
1,319
9,419
-
-
-
7,214
7,214
9,018
9,012
9,013
9,018
7,194
3,600
5,410
5,400
14,429
14,429
18,036
18,024
18,026
18,036
14,388
7,200
10,819
10,800
14,429
14,429
18,036
18,024
18,026
18,036
14,388
7,200
10,819
10,800
10,822
10,822
13,527
13,518
13,520
13,527
10,791
5,400
8,114
8,100
10,822
10,822
13,527
13,518
13,520
13,527
10,791
5,400
8,114
8,100
7,214
7,214
9,018
9,012
9,013
9,018
7,194
3,600
5,410
5,400
7,214
7,214
9,018
9,012
9,013
9,018
7,194
3,600
5,410
5,400
-
20%
20%
75
Description
2013P
ASSUMPTIO NS
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2014P
2016P
2017P
2018P
1,799,030
1,940,231
1,867,613
1,849,459
1,969,671
2,061,261
2,105,271
2,158,084
3,755,672
1,577,143
2,214,294
2,419,027
2,313,736
2,287,413
2,461,713
2,594,513
2,658,325
2,734,901
5,051,307
1,892,571
2,718,158
3,002,658
2,856,343
2,819,765
3,061,974
3,246,515
3,335,191
3,441,601
6,660,518
2,271,086
3,328,894
3,712,997
3,515,458
3,466,073
3,793,080
4,042,228
4,161,949
4,305,613
8,651,467
2,725,303
2019P
2020P
2021P
2022P
4,068,487
4,576,384
4,315,180
4,249,879
4,682,278
5,011,725
5,170,030
5,359,997
11,106,490
3,270,363
4,963,381
5,624,528
5,284,510
5,199,505
5,762,374
6,191,226
6,397,298
6,644,584
14,124,990
3,924,436
6,045,374
6,895,588
6,458,335
6,349,022
7,072,853
7,624,343
7,889,344
8,207,347
17,826,911
4,709,323
IDR/sqm
-
-
Sales
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
2015P
20%
20%
20%
20%
20%
20%
20%
-
20%
million IDR
-
-
16,980
20,545
23,389
22,801
26,596
29,500
24,641
12,996
49,772
8,517
Revenue Recognition
Year 0
Year 1
80%
20%
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Total Net Sales
40,752
49,307
56,134
54,723
63,830
70,801
59,139
31,191
119,453
20,440
80%
20%
48,902
59,169
67,361
65,667
76,596
84,961
70,967
37,429
143,343
24,528
80%
20%
44,012
53,252
60,625
59,100
68,936
76,465
63,871
33,686
129,009
22,075
80%
20%
52,814
63,902
72,750
70,921
82,723
91,758
76,645
40,424
154,811
26,490
80%
20%
42,251
51,122
58,200
56,736
66,179
73,406
61,316
32,339
123,849
21,192
80%
20%
50,702
61,346
69,840
68,084
79,414
88,087
73,579
38,807
148,618
25,430
80%
20%
-
80%
20%
-
-
13,584
16,436
18,711
18,241
21,277
23,600
19,713
10,397
39,818
6,813
35,997
43,555
49,585
48,338
56,383
62,540
52,240
27,552
105,517
18,055
47,272
57,196
65,116
63,478
74,042
82,129
68,602
36,182
138,565
23,710
44,990
54,435
61,972
60,414
70,468
78,164
65,290
34,435
131,876
22,566
51,054
61,772
70,325
68,557
79,966
88,699
74,090
39,076
149,650
25,607
44,364
53,678
61,110
59,573
69,488
77,076
64,381
33,956
130,041
22,252
49,012
59,301
67,512
65,814
76,767
85,151
71,126
37,513
143,664
24,583
10,140
12,269
13,968
13,617
15,883
17,617
14,716
7,761
29,724
5,086
-
-
188,590
499,763
656,292
624,609
708,795
615,919
680,444
140,781
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
Bekasi
Description
ASSUMPTIO NS
Unsold Land
Land sold
sqm
sqm
1,120,975
-
1,120,975
-
% of land sold in a year
Average selling price per sqm
% increase of selling price per sqm
Sales
IDR/sqm
million IDR
1,190,476
1,428,571
20%
-
-
Revenue Recognition
Year 0
Year 1
1,120,975
112,098
1,008,878
224,195
784,683
224,195
560,488
168,146
392,341
168,146
224,195
112,098
112,098
112,098
10%
20%
20%
15%
15%
10%
10%
1,714,286
20%
2,057,143
20%
2,468,571
20%
2,962,286
20%
3,554,743
20%
4,265,691
20%
5,118,830
20%
192,167
461,201
553,441
498,097
597,717
478,173
573,808
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
80%
20%
Total Net Sales
-
-
153,734
407,394
534,993
509,166
577,793
502,082
554,681
Cost of Sales
follows:
76
114,762
Maja
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
1,500,000
1,500,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2,250,000
1,650,000
1,650,000
1,650,000
1,650,000
2,200,000
2,200,000
2,200,000
2,200,000
2,475,000
1,815,000
1,815,000
1,815,000
1,815,000
2,420,000
2,420,000
2,420,000
2,420,000
2,722,500
1,996,500
1,996,500
1,996,500
1,996,500
2,662,000
2,662,000
2,662,000
2,662,000
2,994,750
2,196,150
2,196,150
2,196,150
2,196,150
2,928,200
2,928,200
2,928,200
2,928,200
3,294,225
2,415,765
2,415,765
2,415,765
2,415,765
3,221,020
3,221,020
3,221,020
3,221,020
3,623,648
2,657,342
2,657,342
2,657,342
2,657,342
3,543,122
3,543,122
3,543,122
3,543,122
3,986,012
2,923,076
2,923,076
2,923,076
2,923,076
3,897,434
3,897,434
3,897,434
3,897,434
4,384,613
3,215,383
3,215,383
3,215,383
3,215,383
4,287,178
4,287,178
4,287,178
4,287,178
4,823,075
-
333,333
50,000
366,667
50,000
403,333
50,000
443,667
50,000
488,033
50,000
536,837
50,000
590,520
50,000
649,572
50,000
714,530
50,000
-
ASSUMPTIO NS
Construction cost
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land development
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
Land acquisition
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
million IDR
sqm
22
36
36
45
60
90
120
150
96
0
sqm
72
72
90
120
148
180
220
250
48
2000
sqm
72
72
90
120
148
180
220
250
48
2000
10%
10%
Total Cost of Sales
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
119,844
262,937
288,509
237,480
260,687
190,810
209,530
-
-
-
4,001
6,547
6,547
6,134
8,843
10,912
9,496
5,227
29,455
-
8,802
14,404
14,404
13,494
19,454
24,006
20,891
11,500
64,802
-
9,682
15,844
15,844
14,844
21,399
26,407
22,981
12,650
71,282
-
7,988
13,071
13,071
12,246
17,654
21,785
18,959
10,436
58,807
-
8,787
14,378
14,378
13,471
19,420
23,964
20,855
11,480
64,688
-
6,444
10,544
10,544
9,879
14,241
17,574
15,294
8,418
47,438
-
7,088
11,599
11,599
10,866
15,665
19,331
16,823
9,260
52,182
-
-
-
-
2,910
2,910
3,637
3,635
3,635
3,637
2,902
1,452
2,182
2,178
6,402
6,402
8,002
7,997
7,998
8,002
6,383
3,194
4,800
4,792
7,042
7,042
8,802
8,796
8,797
8,802
7,022
3,514
5,280
5,271
5,809
5,809
7,262
7,257
7,258
7,262
5,793
2,899
4,356
4,348
6,390
6,390
7,988
7,983
7,984
7,988
6,372
3,189
4,792
4,783
4,686
4,686
5,858
5,854
5,855
5,858
4,673
2,338
3,514
3,508
5,155
5,155
6,444
6,439
6,440
6,444
5,140
2,572
3,865
3,858
-
-
-
361
361
451
451
451
451
360
180
270
270
721
721
902
901
901
902
719
360
541
540
721
721
902
901
901
902
719
360
541
540
541
541
676
676
676
676
540
270
406
405
541
541
676
676
676
676
540
270
406
405
361
361
451
451
451
451
360
180
270
270
361
361
451
451
451
451
360
180
270
270
-
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 72/BA 22)
T ype 2 (LA 72/BA 36)
T ype 3 (LA 90/BA 36)
T ype 4 (LA 120/BA 45)
T ype 5 (LA 148/BA 60)
T ype 6 (LA 180/BA 90)
T ype 7 (LA 220/BA 120)
T ype 8 (LA 250/BA 150)
10%
10%
80%
20%
-
-
5,817
7,854
8,508
8,175
10,343
12,000
10,206
5,487
25,526
1,958
14,194
19,185
20,773
19,958
25,268
29,328
24,947
13,415
62,496
4,755
17,141
23,191
25,100
24,111
30,549
35,470
30,176
16,230
75,711
5,715
14,960
20,259
21,917
21,051
26,690
31,001
26,378
14,189
66,276
4,965
15,442
20,932
22,636
21,739
27,581
32,047
27,272
14,672
68,622
5,101
12,336
16,735
18,091
17,372
22,053
25,631
21,814
11,737
54,955
4,060
12,381
16,810
18,165
17,442
22,154
25,757
21,924
11,797
55,299
4,058
2,521
3,423
3,699
3,551
4,511
5,245
4,465
2,403
11,264
826
-
-
95,875
234,318
283,395
247,686
256,045
204,785
205,786
41,906
77
Bekasi
Description
2013P
ASSUMPTIO NS
Land sold
IDR/sqm
IDR/sqm
2014P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
-
-
112,098
224,195
224,195
168,146
168,146
112,098
112,098
-
250,000
166,667
275,000
166,667
302,500
166,667
332,750
166,667
366,025
166,667
402,628
166,667
442,890
166,667
487,179
166,667
535,897
166,667
-
Cost of Sales
2015P
10%
million IDR
-
10%
-
52,592
Revenue Recognition
Year 0
Year 1
10%
111,967
80%
20%
10%
119,427
80%
20%
10%
95,725
80%
20%
10%
102,495
80%
20%
10%
73,295
80%
20%
10%
-
78,756
80%
20%
80%
20%
80%
20%
Total Cost of Sales
-
-
42,074
100,092
117,935
100,465
101,141
79,135
77,663
15,751
Operating Expenses
revenues for Maja Project and 10% of net revenues for Bekasi Project. Depreciation
and amortization are depreciated/ amortized based of estimated useful life.
During the projection period, TDS will increase the capital expenditure by building
IDR 2,796 million respectively for the Maja Project, and by building marketing
office, security and fire brigade office, fire truck and patrol cars in 2014 and 2015
amounts to IDR 6,819 million and 2,769 million respectively for the Bekasi Project.
7.1.14 PT Bumi Artamas Sentosa (“BAS”)
Sales
Description
ASSUMPTIO NS
Unit sold
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
Total
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
unit
-
-
57
46
38
33
24
39
115
92
76
65
47
79
115
92
76
65
47
79
86
69
57
49
35
59
86
69
57
49
35
59
57
46
38
33
24
39
57
46
38
33
24
39
-
-
237
474
474
355
355
237
237
-
-
-
10%
20%
20%
15%
15%
10%
10%
-
78
-
Description
2013P
ASSUMPTIO NS
million IDR
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Land area (LA) sold
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
sqm
120
150
180
210
250
150
IDR/sqm
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
2014P
2015P
2019P
2020P
2021P
2022P
1,933
2,475
3,016
3,558
4,435
3,068
2,320
2,970
3,619
4,269
5,322
3,681
2,784
3,563
4,343
5,123
6,386
4,417
3,340
4,276
5,212
6,148
7,664
5,301
4,008
5,131
6,254
7,377
9,196
6,361
4,810
6,158
7,505
8,853
11,036
7,633
5,772
7,389
9,006
10,623
13,243
9,160
-
-
-
6,876
6,870
6,876
6,867
5,900
5,895
13,752
13,740
13,752
13,734
11,800
11,790
13,752
13,740
13,752
13,734
11,800
11,790
10,314
10,305
10,314
10,301
8,850
8,843
10,314
10,305
10,314
10,301
8,850
8,843
6,876
6,870
6,876
6,867
5,900
5,895
6,876
6,870
6,876
6,867
5,900
5,895
-
-
-
11,949,869
12,060,812
12,134,775
12,187,605
12,415,832
13,190,420
14,755,780
14,916,641
15,023,882
15,100,483
15,431,398
16,554,504
18,164,467
18,388,003
18,537,027
18,643,473
19,103,318
20,664,005
22,300,645
22,602,440
22,803,637
22,947,349
23,568,186
25,675,266
27,314,387
27,713,449
27,979,490
28,169,520
28,990,447
31,776,625
33,386,238
33,905,711
34,252,026
34,499,394
35,568,023
39,194,887
40,733,357
41,401,383
41,846,733
42,164,840
43,539,064
48,203,095
-
-
20%
-
110,767
113,338
115,216
116,335
104,665
120,555
Revenue Recognition
Year 0
Year 1
20%
265,841
272,010
276,519
279,204
251,196
289,333
80%
20%
Total Net Sales
2018P
1,611
2,062
2,513
2,965
3,696
2,556
20%
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
2017P
1,342
1,718
2,095
2,471
3,080
2,130
Sales
million IDR
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
2016P
80%
20%
20%
319,009
326,413
331,823
335,045
301,435
347,199
80%
20%
20%
287,108
293,771
298,641
301,540
271,292
312,479
20%
344,530
352,526
358,369
361,849
325,550
374,975
80%
20%
20%
275,624
282,020
286,695
289,479
260,440
299,980
80%
20%
20%
330,749
338,425
344,034
347,375
312,528
359,976
80%
20%
-
80%
20%
80%
20%
-
-
88,614
90,670
92,173
93,068
83,732
96,444
234,826
240,276
244,259
246,630
221,890
255,577
308,376
315,532
320,762
323,877
291,387
335,626
293,489
300,300
305,277
308,241
277,320
319,423
333,046
340,775
346,423
349,787
314,698
362,476
289,405
296,121
301,030
303,953
273,462
314,979
319,724
327,144
332,566
335,795
302,110
347,977
66,150
67,685
68,807
69,475
62,506
71,995
-
-
544,701
1,443,458
1,895,560
1,804,050
2,047,205
1,778,950
1,965,317
406,617
Cost of Sales
follows:
Description
ASSUMPTIO NS
Construction cost
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,000,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,300,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,630,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
3,993,000
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,392,300
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
4,831,530
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,314,683
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
5,846,151
5,894,869
5,894,869
5,894,869
5,894,869
5,894,869
6,430,766
-
1,666,667
833,333
1,833,333
833,333
2,016,667
833,333
2,218,333
833,333
2,440,167
833,333
2,684,183
833,333
2,952,602
833,333
3,247,862
833,333
3,572,648
833,333
-
IDR/sqm
IDR/sqm
IDR/sqm
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
79
Description
ASSUMPTIO NS
Cost of Sales
Construction
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Land development
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Land acquisition
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
2013P
million IDR
sqm
150
200
250
300
400
300
sqm
120
150
180
210
250
150
sqm
120
150
180
210
250
150
2014P
2015P
Total Cost of Sales
2017P
2018P
2019P
2020P
2021P
2022P
-
-
309,669
674,724
735,649
602,000
657,290
478,739
523,339
-
-
-
28,600
30,480
31,778
32,643
31,412
42,798
62,920
67,056
69,911
71,814
69,106
94,155
69,212
73,761
76,902
78,996
76,016
103,570
57,100
60,853
63,444
65,171
62,713
85,446
62,810
66,938
69,788
71,688
68,985
93,990
46,060
49,088
51,178
52,572
50,589
68,926
50,666
53,997
56,296
57,829
55,648
75,819
-
-
-
13,867
13,855
13,867
13,848
11,898
11,888
30,507
30,480
30,507
30,467
26,176
26,154
33,557
33,528
33,557
33,513
28,794
28,770
27,685
27,661
27,685
27,648
23,755
23,735
30,453
30,427
30,453
30,413
26,131
26,108
22,332
22,313
22,332
22,303
19,162
19,146
24,566
24,544
24,566
24,533
21,079
21,061
-
-
-
5,730
5,725
5,730
5,723
4,917
4,913
11,460
11,450
11,460
11,445
9,833
9,825
11,460
11,450
11,460
11,445
9,833
9,825
8,595
8,588
8,595
8,584
7,375
7,369
8,595
8,588
8,595
8,584
7,375
7,369
5,730
5,725
5,730
5,723
4,917
4,913
5,730
5,725
5,730
5,723
4,917
4,913
-
Revenue Recognition
Year 0
Year 1
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
2016P
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
-
-
38,557
40,048
41,099
41,771
38,581
47,679
93,548
97,200
99,777
101,423
93,737
116,027
112,360
116,789
119,911
121,908
112,738
139,759
97,549
101,429
104,163
105,914
98,003
121,672
100,162
104,182
107,014
108,829
100,761
125,284
79,670
82,891
85,160
86,615
80,232
99,881
79,594
82,838
85,121
86,587
80,248
100,031
16,192
16,853
17,318
17,617
16,329
20,358
-
-
247,735
601,713
723,464
628,730
646,232
514,449
514,419
104,668
Operating Expenses
BAS will increase the capital expenditure by building marketing office in 2014
7.1.15 PT Majarata Indahtama (“MI”)
Sales
This account represents net sales of unit sold and land sold. Assumption and
projection of sales during the projection period are as follows:
80
Cengkareng
Description
ASSUMPTIO NS
Unit sold
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
2013P
-
Total
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
million IDR
Land area (LA) sold
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
sqm
120
150
180
210
250
150
Total Net Sales
2017P
2018P
2019P
2020P
2021P
2022P
-
61
49
41
35
25
42
121
97
81
69
50
83
121
97
81
69
50
83
91
73
61
52
38
62
91
73
61
52
38
62
61
49
41
35
25
42
61
49
41
35
25
42
-
-
-
251
502
502
377
377
251
251
-
-
10%
20%
20%
15%
15%
10%
10%
-
1,342
1,718
2,095
2,471
3,080
2,130
1,611
2,062
2,513
2,965
3,696
2,556
1,933
2,475
3,016
3,558
4,435
3,068
2,320
2,970
3,619
4,269
5,322
3,681
2,784
3,563
4,343
5,123
6,386
4,417
3,340
4,276
5,212
6,148
7,664
5,301
4,008
5,131
6,254
7,377
9,196
6,361
4,810
6,158
7,505
8,853
11,036
7,633
5,772
7,389
9,006
10,623
13,243
9,160
-
-
-
7,284
7,290
7,290
7,287
6,250
6,240
14,568
14,580
14,580
14,574
12,500
12,480
14,568
14,580
14,580
14,574
12,500
12,480
10,926
10,935
10,935
10,931
9,375
9,360
10,926
10,935
10,935
10,931
9,375
9,360
7,284
7,290
7,290
7,287
6,250
6,240
7,284
7,290
7,290
7,287
6,250
6,240
-
-
-
11,949,869
12,060,812
12,134,775
12,187,605
12,415,832
13,190,420
14,755,780
14,916,641
15,023,882
15,100,483
15,431,398
16,554,504
18,164,467
18,388,003
18,537,027
18,643,473
19,103,318
20,664,005
22,300,645
22,602,440
22,803,637
22,947,349
23,568,186
25,675,266
27,314,387
27,713,449
27,979,490
28,169,520
28,990,447
31,776,625
33,386,238
33,905,711
34,252,026
34,499,394
35,568,023
39,194,887
40,733,357
41,401,383
41,846,733
42,164,840
43,539,064
48,203,095
-
IDR/sqm
20%
20%
20%
20%
20%
20%
20%
20%
million IDR
-
-
Revenue Recognition
Year 0
Year 1
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
2016P
-
Sales
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
2015P
unit
Type 1 (LA 120/BA 150)
Type 2 (LA 150/BA 200)
Type 3 (LA 180/BA 250)
Type 4 (LA 210/BA 300)
Type 5 (LA 250/BA 400)
2014P
117,340
120,267
122,153
123,450
110,874
127,611
80%
20%
281,615
288,640
293,168
296,281
266,097
306,265
80%
20%
337,938
346,368
351,802
355,537
319,317
367,519
80%
20%
304,145
311,731
316,622
319,983
287,385
330,767
80%
20%
364,973
374,077
379,946
383,980
344,862
396,920
80%
20%
291,979
299,262
303,957
307,184
275,890
317,536
80%
20%
350,375
359,114
364,748
368,621
331,068
381,043
80%
20%
-
80%
20%
-
-
93,872
96,213
97,723
98,760
88,699
102,088
248,760
254,965
258,965
261,715
235,053
270,535
326,674
334,822
340,075
343,686
308,673
355,268
310,903
318,658
323,658
327,094
293,772
338,117
352,808
361,608
367,281
371,181
333,367
383,689
306,578
314,225
319,155
322,543
289,684
333,413
338,695
347,144
352,590
356,333
320,032
368,342
70,075
71,823
72,950
73,724
66,214
76,209
-
-
577,356
1,529,993
2,009,198
1,912,202
2,169,934
1,885,598
2,083,137
430,994
81
Bekasi
Description
2013P
ASSUMPTIO NS
Unsold Land
Land sold
sqm
sqm
2014P
120,155
-
2015P
120,155
-
120,155
12,016
IDR/sqm
Sales
million IDR
1,190,476
1,428,571
20%
-
-
2016P
2017P
108,140
24,031
2018P
84,109
24,031
2019P
60,078
18,023
2020P
42,054
18,023
2021P
24,031
12,016
2022P
12,016
12,016
10%
20%
20%
15%
15%
10%
10%
1,714,286
20%
2,057,143
20%
2,468,571
20%
2,962,286
20%
3,554,743
20%
4,265,691
20%
5,118,830
20%
20,598
Revenue Recognition
Year 0
Year 1
49,435
80%
20%
59,322
80%
20%
53,390
80%
20%
64,068
80%
20%
51,254
80%
20%
-
-
61,505
80%
20%
80%
20%
80%
20%
Total Net Sales
-
-
16,478
43,668
57,345
54,576
61,932
53,817
59,455
12,301
Cost of Sales
follows:
Cengkareng
Description
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
2,750,000
2,750,000
2,750,000
2,750,000
2,750,000
3,000,000
3,025,000
3,025,000
3,025,000
3,025,000
3,025,000
3,300,000
3,327,500
3,327,500
3,327,500
3,327,500
3,327,500
3,630,000
3,660,250
3,660,250
3,660,250
3,660,250
3,660,250
3,993,000
4,026,275
4,026,275
4,026,275
4,026,275
4,026,275
4,392,300
4,428,903
4,428,903
4,428,903
4,428,903
4,428,903
4,831,530
4,871,793
4,871,793
4,871,793
4,871,793
4,871,793
5,314,683
5,358,972
5,358,972
5,358,972
5,358,972
5,358,972
5,846,151
5,894,869
5,894,869
5,894,869
5,894,869
5,894,869
6,430,766
-
1,666,667
833,333
1,833,333
833,333
2,016,667
833,333
2,218,333
833,333
2,440,167
833,333
2,684,183
833,333
2,952,602
833,333
3,247,862
833,333
3,572,648
833,333
-
ASSUMPTIO NS
Construction cost
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
IDR/sqm
IDR/sqm
IDR/sqm
Cost of Sales
Construction
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Land development
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Land acquisition
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
million IDR
sqm
150
200
250
300
400
300
sqm
120
150
180
210
250
150
sqm
120
150
180
210
250
150
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
-
-
328,225
715,154
779,729
638,072
696,674
507,424
554,696
-
-
-
30,297
32,343
33,691
34,639
33,275
45,302
66,653
71,155
74,120
76,206
73,205
99,665
73,318
78,271
81,532
83,827
80,526
109,632
60,488
64,573
67,264
69,157
66,434
90,446
66,537
71,031
73,990
76,073
73,077
99,491
48,793
52,089
54,260
55,787
53,590
72,960
53,673
57,298
59,686
61,366
58,949
80,256
-
-
-
14,689
14,702
14,702
14,695
12,604
12,584
32,317
32,343
32,343
32,330
27,729
27,685
35,548
35,578
35,578
35,563
30,502
30,453
29,327
29,352
29,352
29,339
25,164
25,124
32,260
32,287
32,287
32,273
27,681
27,636
23,657
23,677
23,677
23,667
20,299
20,267
26,023
26,045
26,045
26,034
22,329
22,293
-
-
-
6,070
6,075
6,075
6,073
5,208
5,200
12,140
12,150
12,150
12,145
10,417
10,400
12,140
12,150
12,150
12,145
10,417
10,400
9,105
9,113
9,113
9,109
7,813
7,800
9,105
9,113
9,113
9,109
7,813
7,800
6,070
6,075
6,075
6,073
5,208
5,200
6,070
6,075
6,075
6,073
5,208
5,200
-
Revenue Recognition
Year 0
Year 1
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
82
Description
2013P
T ype 1 (LA 120/BA 150)
T ype 2 (LA 150/BA 200)
T ype 3 (LA 180/BA 250)
T ype 4 (LA 210/BA 300)
T ype 5 (LA 250/BA 400)
Total Cost of Sales
2014P
2015P
2016P
2017P
2018P
2019P
2020P
2021P
2022P
-
-
40,845
42,496
43,574
44,326
40,870
50,469
99,099
103,143
105,784
107,627
99,298
122,817
119,027
123,928
127,130
129,364
119,426
147,938
103,337
107,630
110,434
112,391
103,817
128,793
106,105
110,551
113,457
115,485
106,738
132,616
84,397
87,959
90,287
91,912
84,992
105,727
84,317
87,902
90,246
91,883
85,008
105,885
17,153
17,884
18,361
18,694
17,297
21,550
-
-
262,580
637,768
766,814
666,403
684,953
545,274
545,242
110,939
Bekasi
Description
2013P
ASSUMPTIO NS
Land sold
sqm
IDR/sqm
IDR/sqm
2014P
million IDR
2016P
2017P
2018P
2019P
2020P
2021P
2022P
-
-
12,016
24,031
24,031
18,023
18,023
12,016
12,016
-
250,000
166,667
275,000
166,667
302,500
166,667
332,750
166,667
366,025
166,667
402,628
166,667
442,890
166,667
487,179
166,667
535,897
166,667
-
Cost of Sales
2015P
10%
-
-
Revenue Recognition
Year 0
Year 1
10%
5,637
80%
20%
10%
12,001
80%
20%
10%
12,801
80%
20%
10%
10,261
80%
20%
10%
10,986
80%
20%
10%
7,856
80%
20%
10%
8,442
80%
20%
-
80%
20%
Total Cost of Sales
-
-
4,510
10,729
12,641
10,769
10,841
8,482
8,325
Operating Expenses
revenues for the Cengkareng Project and 10% of net revenues for the Bekasi Project.
Depreciation and amortization are depreciated/amortized based of estimated useful
life.
During the projection period, MI will increase the capital expenditure by building
marketing office in 2014 amounts to IDR 5,144 million for the Cengkareng Project,
and by building marketing office, security and fire brigade office, fire truck and
patrol cars in 2014 and 2015 amounts to IDR 731 million and IDR 297 million
respectively for the Bekasi Project.
7.1.16 PT Sisi Harapan Gemilang (“SHG”)
Sales
This account represents net sales of land sold. Assumption and projection of sales
83
1,688
Description
ASSUMPTIO NS
Unsold Land
Land sold
sqm
sqm
2013P
2014P
2015P
2016P
2017P
2018P
2019P
2020P
945,272
-
945,272
-
945,272
94,527
850,745
189,054
661,691
189,054
472,636
141,791
330,845
141,791
189,054
94,527
Sales
IDR/sqm
1,190,476
million IDR
1,428,571
20%
-
-
Revenue Recognition
Year 0
Year 1
2021P
94,527
94,527
10%
20%
20%
15%
15%
10%
10%
1,785,714
20%
2,232,143
20%
2,790,179
20%
3,487,723
20%
4,359,654
20%
5,449,568
20%
6,811,959
20%
162,047
388,912
466,694
420,025
504,030
403,224
483,869
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
80%
20%
2022P
80%
20%
-
-
80%
20%
Total Net Sales
-
-
129,637
343,539
451,138
429,359
487,229
423,385
467,740
96,774
Cost of Sales
follows:
De scription
2013P
ASSUMPTIO NS
Land sold
sqm
IDR/sqm
IDR/sqm
2014P
2017P
2018P
2019P
2020P
2021P
2022P
-
94,527
189,054
189,054
141,791
141,791
94,527
94,527
-
250,000
166,667
275,000
166,667
302,500
166,667
332,750
166,667
366,025
166,667
402,628
166,667
442,890
166,667
487,179
166,667
535,897
166,667
589,487
166,667
10%
million IDR
2016P
-
Cost of Sales
2015P
-
-
Revenue Recognition
Year 0
Year 1
10%
44,349
80%
20%
10%
94,417
80%
20%
10%
100,708
80%
20%
10%
80,721
80%
20%
10%
86,430
80%
20%
10%
61,806
80%
20%
10%
10%
66,411
80%
20%
80%
20%
Total Cost of Sale s
-
-
35,479
84,403
99,450
84,718
85,288
66,731
65,490
Operating Expenses
During the projection period, SHG will increase the capital expenditure by building
marketing office, security and fire brigade office, fire truck and patrol cars in 2014
and 2015 amounts to IDR 5,750 million and IDR 2,335 million, respectively.
7.2
VALUATION RESULTS
Based on the study and analyses above, the followings are indications of investment
values of the business of the Company as at June 30, 2013 by using the DCF method
with 8.80% market risk premium (see Appendix 4):
84
13,282
Description
PT Bramind Mitra Utama
PT Bhandawibawa Asih
PT Bumi Tunggal Persada
PT Chandra Tribina
PT Citraindo Nusamaju
PT Graha Inter Jaya Agung
PT Putra Marga Tapa
PT Juntimas Lestari
PT Grand Mitra Guna Mandiri
PT Putra Asih Laksana
PT Harvest Time
PT Armidian Karyatama
PT Taruna Duta Subur
PT Bumi Artamas Sentosa
PT Majarata Indahtama
PT Sisi Harapan Gemilang
Total Business Value of MMJ - Consolidated
7.3
Value (billion IDR)
1,413
6,472
3,246
3,281
528
956
3,418
1,661
647
3,615
7,417
2,005
2,272
3,239
3,569
1,069
Location
Serpong
Serpong
Serpong
Serpong
Serpong
Serpong
Serpong
Maja
Maja
Maja
Maja
Maja
Maja & Bekasi
Cengkareng
Cengkareng & Bekasi
Bekasi
Land alloted (sqm)
219,514
1,002,646
503,180
508,755
82,504
148,724
529,755
1,190,978
465,524
2,583,521
5,293,072
1,436,916
1,842,428
393,407
536,865
945,272
44,808
CONCLUSION
Based on our review and analysis on all related aspects to determine the investment
value of business of the Company using DCF method as a single method, the
computed investment value of the Company's business, amounts to
IDR 44.81 trillion as of June 30, 2013.
We herewith emphasize that in this valuation we are independent and do not have any
interest on the Company or the valuation results. We shall not take advantage, either
now and in the future, from the shares or their reported investment value.
OTHER VARIABLES THAT MAY AFFECT VALUE
•
Any change in the business plan assumptions would necessarily impact and be
reflected on the computed business value. It’s assumed there are no subsequent
event that affect the economic earnings projection from the cut off date as of
June 30, 2013 until issuance of this report. If any, it would require revaluation of
the Company’s business value based on the affects of the subsequent event.
85
8. DISCLAIMER
1.
We have obtained and relied upon the following information for our valuation:
•
•
Business plan and financial projection of the Company and its subsidiaries;
Other relevant documents and information provided by the Company.
2.
We assume that following the cut off date up to this report issuance there has not been
any significant change in business performance of the Company which may affect the
concluded business value.
3.
All data provided by management of the Company are the responsibility of
management of the Company, and the Company herewith discharges BTICF and its
employees from any liability arising from misinformation, if any.
4.
This report is limited in nature due to consideration of the limitations of the relevant
information. This valuation report is to be used only for internal purposes of the
Company as described in the report and not for any other party.
5.
We do not have any interest in assets, property or business interests that are the
subjects of this valuation, either now or in the future. The compensation we received
from this valuation assignment is independent of the computed values.
6.
The valuation is based on current market conditions. We are not responsible for any
future changes in market condition which may affect the currently determined value.
86

pt mandiri mega jaya - PT Hanson International Tbk

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