Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
2 Investment and Financing of the Semen Indonesia Project (all values in thousands unless otherwise noted)
INVESTMENT
Average exchange rate, Rp/$ 10,000
Cost of installed capacity, $/tonne $ 110
Installed capacity 20,000
Investment, US$ $ 2,200,000
Investment, Rp 22,000,000,000
Plant and equipment, Rp 17,600,000,000
Annual depreciation, Rp 1,760,000,000
Ratio plant with investment 0.8
Investment - plant 4,400,000,000
FINANCING
Equity - 0.000%
Debt 22,000,000,000 100.000%
Rupiah debt 22,000,000,000 100.000%
US$ debt, Rp - 0.000%
Total 22,000,000,000 100.000%
WACC 27.3000%
Exhibit 18.3 Semen Indonesia's Debt Service Schedules and Foreign Exchange Gains/Losses (millions of Rp and US$)
scale in million 1000
Scheduled at Rp10,000/$
Interest payment - - -
Principal payment - - -
Total payment - - -
Cfs in Rp on:
Cemex loan - - - -
IRR of Cfs Err:523
25,376 32,028
4 5 6 7 8
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Exhibit 18.4 Semen Indonesia's Pro Forma Income Statement (millions of rupiah)
scale in million 1000
77.000% 77.000%
15,400 15,400
58.00 58.00
1,471,813 1,857,627
22,665,913 28,607,463
(253) (328)
(3,890,887) (5,058,153)
(43,940) (57,122)
(676,676) (879,679)
(2.185) (2.251)
(854,057) (1,110,274)
(10.927) (11.255)
(4,270,285) (5,551,371)
(9,691,906) (12,599,477)
12,974,008 16,007,986
57% 56%
-1.000% -1.000%
(226,659) (286,075)
-11.00% -12.00%
(2,493,250) (3,432,896)
10,254,098 12,289,016
(1,760,000) (1,760,000)
8,494,098 10,529,016
- -
- -
(4,472,451) (2,569,281)
4,021,647 7,959,736
(1,875,256) 6,084,480
- (2,387,921)
4,021,647 5,571,815
158 174
18% 19%
Exhibit 18.5 Semen Indonesia's Capital Budget: Project Viewpoint (millions of rupiah)
scale in million 1000
0.000%
10,254,098 12,289,016
(3,076,229.48) (3,686,704.82)
7,177,869 8,602,311
(289,776) (626,314)
31,510,298
6,888,093 39,486,295
Exhibit 18.6 Semen Indonesia's Remittance and Capital Budget: Parent Viewpoint (millions of Rp and US$)
scale in million 1000
Dividend Remittance
Payout ratio 0.000% 0.000% 50.000% 50.000%
Dividends paid (Rp) - - 442,718 2,010,823
Less withholding tax @15% 15.000% - - (66,408) (301,624)
Net dividend remitted (Rp) - - 376,311 1,709,200
Net dividend remitted (US$) - - 18.7 67.4
Equity -
Debt -
Initial investment -
Terminal value
Gordon growth method
Exit multiple method 7.46
Free cash flow (FCF) - 7.2 7.7 27.2 75.8
0.000%
50.000%
2,785,907
(417,886)
2,368,021
73.9
286,075
(14,304)
271,771
8.5
-
-
-
-
-
5
73.9
8.5
-
82.4
458.4
458.4
614.7
540.8