36557 Ino Tacr Appendixiii

APPENDIX III

FINANCIAL MODELS FOR CLUSTERS AND INDIVIDUAL POM

CLUSTER GUNUNG MELIAU

Project Bio Diesel Plant

Capacity 8 Ton / dayBuyer CommunityRunning Capacity 6,000 hours / yearConstruction Period 6 monthsEquity 40%Debt 60%Loan Term 5 yearsGrace Period 1 yearInstallment Term 4 yearsInterest Rate 15%Administration Fee 1%Commitment Fee 0.25%

ASSUMPTIONSDepreciation 20 yearsInflation Rate 8%Exchange Rate Rp. 9,500 / USDIncome tax 30%Major Over Haul Every 5 yearsOperation Time 20 hours / day

25 days / month300 days / year

CPO Sludge 330 kg / hourPrice of Sludge USD 0.26 / kgRemnant Oil 130 kg / hourPrice of Remnant Oil USD 0.26 / kgMethane 80.5 kg / hourMethane Price USD 0.50 / kgCatalist 8.97 kg / hourCatalist Price USD 0.21 / kgNaOH 2.76 kg / hourNaOH Price USD 0.21 / kgProduction Bio Diesel 2,855,100 ltr / yearPrice of Bio Diesel USD 0.60 / ltrDensity 0.87 kg / ltrDiesel Operational 375,000 kWh / yearDiesel Fuel 0.33 ltr / kWhDiesel Fuel 123,750 ltr / yearDiesel Fuel Price USD 0.5 / ltr

GUNUNG MELIAU CLUSTERPROJECT FINANCIAL PERFORMANCE SUMMARY

8 TON BIO DIESEL PLANT

ITEM Description Unit Price Quantity TotalA Equipment & EPC1 Equipment 200,000.00 1 200,000.00 2 Engenering 40,000.00 1 40,000.00 3 Civil and Structural Works 40,000.00 1 40,000.00 4 Water Treatment 40,000.00 1 40,000.00 5 Remnant Oil Recovery system 105,000.00 1 105,000.00 6 Steam (Boiler ) generation 40,000.00 1 40,000.00 7 Bio diesel tank and pump 25,000.00 1 25,000.00 8 Control & monitoring system 10,000.00 1 10,000.00 9 Electrical works 15,000.00 1 15,000.00 10 Genset 15,000.00 2 30,000.00 11 Weighing bridge 30 ton 15,000.00 1 15,000.00 12 Pretreatment raw material 40,000.00 1 40,000.00 13 Laboratory and Workshop Equipment 5,000.00 1 5,000.00 14 Office Building 30,000.00 1 30,000.00

Sub Total Equipment & EPC 635,000.00

B Development Cost1 Land (Client Owned ) - - 2 Pre-Development 1% EPC 6,350.00 3 License -

Sub Total Development Cost 6,350.00

C Other Equipment1 - Car 18,500.00 1 18,500.00 2 - Truck 35,000.00 2 70,000.00 3 - Motor Cycle 1,250.00 2 2,500.00 4 - Office Equipment & Furniture 2,500.00 Ls 2,500.00

Sub Total Other Equipment 93,500.00

D - Professional fees 5% EPC 31,750.00

E Interest During Construction1 Interest During Construction 15% DEBT 79,481.75 2 Financing Fees 1% DEBT 5,298.78

Sub Total Interest During Construction 84,780.53

F Contingencies-for turnkey EPC cost 10% EPC 63,500.00

Total Project Cost 883,130.53

8 ton / day 110,391.32

GUNUNG MELIAU CLUSTER8 TON BIO DIESEL PLANTCAPITAL EXPENDITURE

ITEM Description Unit Price USD Total

Variable CostDirect Cost

A Operating Expense1 CPO Sludge input 0.26 1,980,000 kg / year 514,800.00 2 Remnant oil 0.26 780,000 kg / year 202,800.00 3 Methane 0.50 483,000 kg / year 241,500.00 4 Catalist 0.21 53,820 kg / year 11,302.20 5 NaOH 0.21 16,560 kg / year 3,477.60

Sub Total Operating Expense 973,879.80 B Utility1 - Steam 0.0055 7.200.000 kg / year 39,600.00 2 - Water 0.0001 50.400.000 kg / year 5,040.00 3 - Diesel 0.50 123,750 ltr / year 61,875.00

Sub Total Utility 106,515.00

Total Variable Cost 1,080,394.80 Fixed Cost

A Maintenance equipment 2.5% EPC 15,875.00

B Major Overhaul - every 5 years 10% EPC 63,500.00

C Operating labor1 - Management 500 2 persons 12 12,000.00 2 - Supervisor 250 3 persons 12 9,000.00 3 - Operator 150 6 persons x 2 shift 12 21,600.00 4 - Driver 150 2 persons 12 3,600.00

Sub Total Operating labor 46,200.00

D Office Expense1 - House Rent 200 1 12 2,400.00 2 - Telephone 150 2 12 3,600.00 3 - Stationary 100 Ls 12 1,200.00

- Sundry Expenses 4,000.00 Sub Total Office Expense 11,200.00

E Transportation Expense1 - Car Cost ( Fuel & maintenance) 200 1 12 2,400.00 2 - Motor Cycle Cost (Fuel & Maintenance) 75 2 12 1,800.00 3 - Truck Cost (Fuel & maintenance) 300 2 12 7,200.00

Sub Total Transportation Expense 11,400.00

F Indirect Cost1 - Laboratory 10% Labor cost 4,620.00

G Depreciation Expense1 - Depreciation Equipment 5% EPC 31,750.00 2 - Depreciation Other Equipment 20% Other Equipment 18,700.00

Sub Total Depreciation 50,450.00

Total Fixed Cost 203,245.00

Total Variable & Fixed Cost 1,283,639.80

Quantity

GUNUNG MELIAU CLUSTER8 TON BIO DIESEL PLANT

OPERATIONAL EXPENDITURE

2nd Smt 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Production Capacity 414 kg / hour 20 hours/day 22 days / month 546,480 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 Density 0.87 kg / ltr 475 ltr / hour 9,517 ltr / day 628,138 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 Annual Bio Diesel Sale 264 days / yearExchange rate Rp. 9,500 / USDCPO Sludge input 330 kg / hour 20 hours / day 25 days / month 495,000 1,980,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 Remnant oil input 130 kg / hour 20 hours / day 25 days / month 195,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 Methane 80.5 kg / hour 20 hours / day 25 days / month 120,750 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 Catalist 8.97 kg / hour 20 hours / day 25 days / month 13,455 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 NaOH 2.76 kg / hour 20 hours / day 25 days / month 4,140 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560

RevenueBio Diesel Revenue 0.60 / ltr 376,882.76 1,507,531.03 1,507,531.03 1,658,284.14 1,658,284.14 1,824,112.55 1,824,112.55 2,006,523.81 2,006,523.81 2,207,176.19 2,207,176.19 2,427,893.81 2,427,893.81 2,670,683.19

Total Revenue 376,882.76 1,507,531.03 1,507,531.03 1,658,284.14 1,658,284.14 1,824,112.55 1,824,112.55 2,006,523.81 2,006,523.81 2,207,176.19 2,207,176.19 2,427,893.81 2,427,893.81 2,670,683.19


A Operating Expense 1.08 1.17 1.26 1.36 1.47 1.59 1 CPO Sludge input USD 0.26 / kg 128,700.00 514,800.00 514,800.00 555,984.00 555,984.00 600,462.72 600,462.72 648,499.74 648,499.74 700,379.72 700,379.72 756,410.09 756,410.09 816,922.90 2 Remnant oil USD 0.26 / kg 50,700.00 202,800.00 202,800.00 219,024.00 219,024.00 236,545.92 236,545.92 255,469.59 255,469.59 275,907.16 275,907.16 297,979.73 297,979.73 321,818.11 3 Methane USD 0.50 / kg 60,375.00 241,500.00 241,500.00 260,820.00 260,820.00 281,685.60 281,685.60 304,220.45 304,220.45 328,558.08 328,558.08 354,842.73 354,842.73 383,230.15 4 Catalist USD 0.21 / kg 2,825.55 11,302.20 11,302.20 12,206.38 12,206.38 13,182.89 13,182.89 14,237.52 14,237.52 15,376.52 15,376.52 16,606.64 16,606.64 17,935.17 5 NaOH USD 0.21 / kg 869.40 3,477.60 3,477.60 3,755.81 3,755.81 4,056.27 4,056.27 3,477.60 3,477.60 4,731.24 4,731.24 5,109.74 5,109.74 5,518.51

Sub Total Operating Expense 243,469.95 973,879.80 973,879.80 1,051,790.18 1,051,790.18 1,135,933.40 1,135,933.40 1,225,904.90 1,225,904.90 1,324,952.72 1,324,952.72 1,430,948.93 1,430,948.93 1,545,424.85

B Utility1 - Steam USD 0.0055 / kg 7,200,000 hours 9,900.00 39,600.00 39,600.00 42,768.00 42,768.00 46,189.44 46,189.44 49,884.60 49,884.60 53,875.36 53,875.36 58,185.39 58,185.39 62,840.22 2 - Water USD 0.0001 / kg 50,400,000 kg 1,260.00 5,040.00 5,040.00 5,443.20 5,443.20 5,878.66 5,878.66 6,348.95 6,348.95 6,856.86 6,856.86 7,405.41 7,405.41 7,997.85 3 - Diesel USD 0.50 / kg 123,750 ltr / year 15,468.75 61,875.00 61,875.00 66,825.00 66,825.00 72,171.00 72,171.00 77,944.68 77,944.68 84,180.25 84,180.25 90,914.67 90,914.67 98,187.85

Sub Total Utility 26,628.75 106,515.00 106,515.00 115,036.20 115,036.20 124,239.10 124,239.10 134,178.22 134,178.22 144,912.48 144,912.48 156,505.48 156,505.48 169,025.92

Total Variable Cost 270,098.70 1,080,394.80 1,080,394.80 1,166,826.38 1,166,826.38 1,260,172.49 1,260,172.49 1,360,083.12 1,360,083.12 1,469,865.20 1,469,865.20 1,587,454.41 1,587,454.41 1,714,450.77

Fixed CostA Maintenance equipment 7,937.50 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00

B Major Overhaul - every 5 years1.08 1.17 1.26 1.36 1.47 1.59 1.71 1.85 2.00 2.16 2.33 2.52

C Operating labor1 - Management 6,000.00 12,000.00 12,960.00 13,996.80 15,116.54 16,325.87 17,631.94 19,042.49 20,565.89 22,211.16 23,988.06 25,907.10 27,979.67 30,218.04 2 - Supervisor 4,500.00 9,000.00 9,720.00 10,497.60 11,337.41 12,244.40 13,223.95 14,281.87 15,424.42 16,658.37 17,991.04 19,430.32 20,984.75 22,663.53 3 - Operator 10,800.00 21,600.00 23,328.00 25,194.24 27,209.78 29,386.56 31,737.49 34,276.49 37,018.60 39,980.09 43,178.50 46,632.78 50,363.40 54,392.47 4 - Driver 1,800.00 3,600.00 3,888.00 4,199.04 4,534.96 4,897.76 5,289.58 5,712.75 6,169.77 6,663.35 7,196.42 7,772.13 8,393.90 9,065.41

Sub Total Operating labor 21,300.00 46,200.00 49,896.00 53,887.68 58,198.69 62,854.59 67,882.96 73,313.59 79,178.68 85,512.98 92,354.01 99,742.33 107,721.72 116,339.46

D Office Expense1 - House Rent 1,200.00 2,400.00 2,592.00 2,799.36 3,023.31 3,265.17 3,526.39 3,808.50 4,113.18 4,442.23 4,797.61 5,181.42 5,595.93 6,043.61 2 - Telephone 1,800.00 3,600.00 3,888.00 4,199.04 4,534.96 4,897.76 5,289.58 5,712.75 6,169.77 6,663.35 7,196.42 7,772.13 8,393.90 9,065.41 3 - Stationary 600.00 1,200.00 1,296.00 1,399.68 1,511.65 1,632.59 1,763.19 1,904.25 2,056.59 2,221.12 2,398.81 2,590.71 2,797.97 3,021.80 4 - Sundry Expenses 2,000.00 4,000.00 4,320.00 4,665.60 5,038.85 5,441.96 5,877.31 6,347.50 6,855.30 7,403.72 7,996.02 8,635.70 4,000.00 10,072.68

Sub Total Office Expense 5,600.00 11,200.00 12,096.00 13,063.68 14,108.77 15,237.48 16,456.47 17,772.99 19,194.83 20,730.42 22,388.85 24,179.96 20,787.80 28,203.51

E Transportation Expense1 - Car Cost ( Fuel & maintenance) 1,200.00 2,400.00 2,592.00 2,799.36 3,023.31 3,265.17 3,526.39 3,808.50 4,113.18 4,442.23 4,797.61 5,181.42 5,595.93 6,043.61 2 - Motor Cycle Cost (Fuel & Maintenance) 900.00 1,800.00 1,944.00 2,099.52 2,267.48 2,448.88 2,644.79 2,856.37 3,084.88 3,331.67 3,598.21 3,886.06 4,196.95 4,532.71 3 - Truck Cost (Fuel & maintenance) 3,600.00 7,200.00 7,776.00 8,398.08 9,069.93 9,795.52 10,579.16 11,425.50 12,339.53 13,326.70 14,392.83 15,544.26 16,787.80 18,130.82

Sub Total Transportation Expense 5,700.00 11,400.00 12,312.00 13,296.96 14,360.72 15,509.57 16,750.34 18,090.37 19,537.60 21,100.60 22,788.65 24,611.74 26,580.68 28,707.14

F Indirect Cost1 - Laboratory 2,310.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00

G Depreciation Expense1 - Depreciation Equipment 15,875.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 2 - Depreciation Other Equipment 9,350.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00

Sub Total Depreciation 25,225.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00

Total Fixed Cost 68,072.50 139,745.00 139,745.00 139,745.00 139,745.00 164,546.64 172,034.77 180,121.95 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Variable & Fixed Cost 338,171.20 1,220,139.80 1,220,139.80 1,306,571.38 1,306,571.38 1,424,719.14 1,432,207.27 1,540,205.07 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23

EBIT 38,711.56 287,391.23 287,391.23 351,712.75 351,712.75 399,393.42 391,905.29 466,318.73 457,584.58 658,236.96 658,236.96 878,954.58 878,954.58 1,121,743.96

Loan Interest 15% 529,878.32 EPC 79,481.75 92,397.53 73,893.51 52,613.88 28,142.31 - - - - - - - -

Income before Tax 38,711.56 207,909.49 194,993.70 277,819.25 299,098.87 371,251.11 391,905.29 466,318.73 457,584.58 658,236.96 658,236.96 878,954.58 878,954.58 1,121,743.96

Income tax 30% 0 0 0 0 0 0 0 139,895.62 137,275.37 197,471.09 197,471.09 263,686.37 263,686.37 336,523.19

Income after tax 38,711.56 207,909.49 194,993.70 277,819.25 299,098.87 371,251.11 391,905.29 326,423.11 320,309.20 460,765.87 460,765.87 615,268.20 615,268.20 785,220.77

DESCRIPTION YEARS


PROJECTED INCOME STATEMENT

Production CapacityDensityAnnual Bio Diesel SaleExchange rateCPO Sludge inputRemnant oil inputMethaneCatalistNaOH

RevenueBio Diesel Revenue

Total Revenue

Variable CostDirect CostOperating ExpenseCPO Sludge inputRemnant oilMethaneCatalistNaOH

Sub Total Operating Expense

Utility - Steam - Water - Diesel

Sub Total Utility

Total Variable Cost

Fixed CostMaintenance equipment

Major Overhaul - every 5 years

Operating labor - Management - Supervisor - Operator - DriverSub Total Operating labor

Office Expense - House Rent - Telephone - Stationary - Sundry ExpensesSub Total Office Expense

Transportation Expense - Car Cost ( Fuel & maintenance) - Motor Cycle Cost (Fuel & Maintenance) - Truck Cost (Fuel & maintenance)Sub Total Transportation Expense

Indirect Cost - Laboratory

Depreciation Expense - Depreciation Equipment - Depreciation Other EquipmentSub Total Depreciation

Total Fixed Cost

Total Variable & Fixed Cost

EBIT

Loan Interest

Income before Tax

Income tax

Income after tax

DESCRIPTION 2020 2021 2022 2023 2024 2025 2026

2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552

2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000

53,820 53,820 53,820 53,820 53,820 53,820 53,820 16,560 16,560 16,560 16,560 16,560 16,560 16,560

2,670,683.19 2,937,751.51 2,937,751.51 3,231,526.66 3,231,526.66 3,554,679.32 3,554,679.32

2,670,683.19 2,937,751.51 2,937,751.51 3,231,526.66 3,231,526.66 3,554,679.32 3,554,679.32

1.71 1.85 2.00 816,922.90 882,276.73 882,276.73 952,858.87 952,858.87 1,029,087.58 1,029,087.58 321,818.11 347,563.56 347,563.56 375,368.65 375,368.65 405,398.14 405,398.14 383,230.15 413,888.56 413,888.56 446,999.65 446,999.65 482,759.62 482,759.62

17,935.17 19,369.98 19,369.98 20,919.58 20,919.58 22,593.15 22,593.15 5,518.51 5,960.00 5,960.00 6,436.79 6,436.79 6,951.74 6,951.74

1,545,424.85 1,669,058.84 1,669,058.84 1,802,583.54 1,802,583.54 1,946,790.23 1,946,790.23

62,840.22 67,867.44 67,867.44 73,296.84 73,296.84 79,160.58 79,160.58 7,997.85 8,637.67 8,637.67 9,328.69 9,328.69 10,074.98 10,074.98

98,187.85 106,042.88 106,042.88 114,526.31 114,526.31 123,688.41 123,688.41 169,025.92 182,547.99 182,547.99 197,151.83 197,151.83 212,923.98 212,923.98

1,714,450.77 1,851,606.83 1,851,606.83 1,999,735.37 1,999,735.37 2,159,714.20 2,159,714.20

15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00

2.72 2.94 3.17 3.43 3.70 4.00 4.32

32,635.48 35,246.32 38,066.03 41,111.31 44,400.22 47,952.23 51,788.41 24,476.61 26,434.74 28,549.52 30,833.48 33,300.16 35,964.18 38,841.31 58,743.87 63,443.38 68,518.85 74,000.36 79,920.39 86,314.02 93,219.14

9,790.65 10,573.90 11,419.81 12,333.39 13,320.06 14,385.67 15,536.52 125,646.62 135,698.35 146,554.21 158,278.55 170,940.83 184,616.10 199,385.39

6,527.10 7,049.26 7,613.21 8,222.26 8,880.04 9,590.45 10,357.68 9,790.65 10,573.90 11,419.81 12,333.39 13,320.06 14,385.67 15,536.52 3,263.55 3,524.63 3,806.60 4,111.13 4,440.02 4,795.22 5,178.84

10,878.49 11,748.77 12,688.68 13,703.77 14,800.07 15,984.08 17,262.80 30,459.79 32,896.57 35,528.29 38,370.56 41,440.20 44,755.42 48,335.85

6,527.10 7,049.26 7,613.21 8,222.26 8,880.04 9,590.45 10,357.68 4,895.32 5,286.95 5,709.90 6,166.70 6,660.03 7,192.84 7,768.26

19,581.29 21,147.79 22,839.62 24,666.79 26,640.13 28,771.34 31,073.05 31,003.71 33,484.01 36,162.73 39,055.75 42,180.21 45,554.62 49,198.99

4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00

31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00

188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 0 0 0 0 0 0 0

1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23

1,121,743.96 1,388,812.28 1,388,812.28 1,682,587.43 1,682,587.43 2,005,740.09 2,005,740.09

- - - - - - -

1,121,743.96 1,388,812.28 1,388,812.28 1,682,587.43 1,682,587.43 2,005,740.09 2,005,740.09

336,523.19 416,643.68 416,643.68 504,776.23 504,776.23 601,722.03 601,722.03

785,220.77 972,168.59 972,168.59 1,177,811.20 1,177,811.20 1,404,018.06 1,404,018.06



1 Lender / Banker PT. Bank2 Plafond Loan (US $) 529,878.32 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 15%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 79,481.75 10 Principal After IDC + AF + CF 615,983.55 11 Fixed Installment (Int + Prin) 215,757.69

1 st Smt 2 nd Smt 2007 2008 2009 2010 20111 Drawdown 529,878.32 2 IDC + AF + CF 86,105.23 3 Beginning Balance - Principal 615,983.55 615,983.55 615,983.55 492,623.38 350,759.20 187,615.39 4 Installments - Principal 123,360.16 141,864.19 163,143.81 187,615.39 5 Installments - Interest 79,481.75 92,397.53 73,893.51 52,613.88 28,142.31 6 Installments - Principal & Interest 79,481.75 215,757.69 215,757.69 215,757.69 215,757.69 7 Ending Balance - Principal 615,983.55 615,983.55 492,623.38 350,759.20 187,615.39 0

Description 2006 YEARS


PROJECTED LOAN SCHEDULE


CASHFLOW

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Cashflow From Operating ActivitiesEBIT - Tax 38,711.56 287,391.23 287,391.23 351,712.75 351,712.75 399,393.42 391,905.29 326,423.11 320,309.20 460,765.87 460,765.87 Depreciation 15,875.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 Other Depreciation 9,350.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00

Net Cashflow From Operating Activities 63,936.56 337,841.23 337,841.23 402,162.75 402,162.75 449,843.42 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87

Cashflow From Investing ActivitiesTotal Project Cost 883,130.53

Net Cashflow From Investing Activities (819,193.97) 337,841.23 337,841.23 402,162.75 402,162.75 449,843.42 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87

Cashflow From Financing ActivitiesEquity 353,252.21 Dividend Payment Medium Term Loan Disbursement 529,878.32 Interest Installment (Medium Term Loan) 0 79,481.75 92,397.53 73,893.51 52,613.88 28,142.31 Principal Installment (Medium Term Loan) 0 0 123,360.16 141,864.19 163,143.81 187,615.39

883,130.53 79,481.75 215,757.69 215,757.69 215,757.69 215,757.69

Increase (Decrease) Cash 63,936.56 258,359.49 122,083.54 186,405.06 186,405.06 234,085.72 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87

Beginning Cash Balance 63,936.56 322,296.05 444,379.59 630,784.65 817,189.71 1,051,275.43 1,493,630.72 1,870,503.83 2,241,263.03 2,752,478.91

Ending Cash Balance 63,936.56 322,296.05 444,379.59 630,784.65 817,189.71 1,051,275.43 1,493,630.72 1,870,503.83 2,241,263.03 2,752,478.91 3,263,694.78

ProjectCash Flow out 921,842.09 Cash Flow in (921,842.09) 258,359.49 245,443.70 328,269.25 349,548.87 421,701.11 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87 Cumulative Cash Flow (921,842.09) (663,482.60) (418,038.90) (89,769.65) 259,779.22 681,480.33 1,123,835.61 1,500,708.73 1,871,467.93 2,382,683.80 2,893,899.67 Project IRR 36.83%Payback Period 4 years

Devidend Payment (314,540.65) 180,851.64 171,810.59 229,788.47 244,684.21 295,190.78 309,648.70 263,811.18 259,531.44 357,851.11 357,851.11 Cumulative Devident Payback (314,540.65) (133,689.01) 38,121.58 267,910.05 512,594.26 807,785.04 1,117,433.74 1,381,244.92 1,640,776.36 1,998,627.47 2,356,478.58 Equity IRR 66.10%Shareholder's PaybackNPV 2,526,368.43 Payback Period 2 years

DESCRIPTION


CASHFLOW

Cashflow From Operating ActivitiesEBIT - TaxDepreciationOther Depreciation

Net Cashflow From Operating Activities

Cashflow From Investing ActivitiesTotal Project Cost

Net Cashflow From Investing Activities

Cashflow From Financing ActivitiesEquity Dividend Payment Medium Term Loan Disbursement Interest Installment (Medium Term Loan) Principal Installment (Medium Term Loan)

Increase (Decrease) Cash

Beginning Cash Balance

Ending Cash Balance

ProjectCash Flow outCash Flow inCumulative Cash FlowProject IRRPayback Period

Devidend PaymentCumulative Devident PaybackEquity IRRShareholder's PaybackNPVPayback Period

DESCRIPTION 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

615,268.20 615,268.20 785,220.77 785,220.77 972,168.59 972,168.59 1,177,811.20 1,177,811.20 1,404,018.06 1,404,018.06 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00

665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

3,263,694.78 3,929,412.98 4,595,131.18 5,430,801.95 6,266,472.72 7,289,091.32 8,311,709.91 9,539,971.11 10,768,232.31 12,222,700.37

3,929,412.98 4,595,131.18 5,430,801.95 6,266,472.72 7,289,091.32 8,311,709.91 9,539,971.11 10,768,232.31 12,222,700.37 13,677,168.44

665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06 3,559,617.88 4,225,336.08 5,061,006.85 5,896,677.62 6,919,296.21 7,941,914.81 9,170,176.01 10,398,437.21 11,852,905.27 13,307,373.33

466,002.74 466,002.74 584,969.54 584,969.54 715,833.02 715,833.02 859,782.84 859,782.84 1,018,127.65 1,018,127.65 2,822,481.32 3,288,484.07 3,873,453.60 4,458,423.14 5,174,256.16 5,890,089.17 6,749,872.01 7,609,654.85 8,627,782.50 9,645,910.14

SELLING PRICE DECREASE 0% 17% 25% 33%SENSITIVITY FOR SELLING PRICE 0.60 USD 0.50 USD 0.45 USD 0.40 USDPROJECT IRR 36.83% 18.13% 10.31% 3.01%PAYBACK PERIOD 4 9 14 19

INVESTMENT INCREASE 0% 20% 30% 40% 50%SENSITIVITY FOR INVESTMENT COST 883,130 USD 1,082,750 USD 1,185,850 USD 1,291,230 USD 1,398,970 USDPROJECT IRR 36.83% 30.86% 28.54% 26.54% 24.78%PAYBACK PERIOD 4 5 5 5 6

YEARS

BIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTERReferences Case

1 Cost of Fuel - EFB Internal 0.00 USD/ton2 Cost of Fuel - Biomass external Outside 2.16 USD/ton3 Borrowings 70%4 Tenure 7 years5 Cost o Borrowings 12% pa6 Annual Maintenance 3% pa7 Five Yr Major Overhaul 5% fifth year8 Carbon Credits - Biogas - - USD/ton9 Carbon Credits -Electricity 31,826 7 USD/ton10 Tech Service Agreements 1.50% 77,485.61 USD/yr11 Other operating Costs 50% 35,420.00 USD/yr12 Inflation Index 8%13 Tax Rate Maintained at na14 Investment Tax Allowance na15 CDM -> CER Rate 7.2 USD/ton16 Steam Sale Rate 0 USD/ton17 Treated Water Sale Rate 0 0 USD/m318 Power Sale rate to local demand 0 0 USD/kWh19 Power Sale rate to Grid 0.070 USD/KWh

a Average PBT Before Interest 1,886,963.26 USD/yrb Average PAT Before Interest 1,904,161.98 USD/yrc Equity Payback 8 yearsd Shareholders IRR 18.41%e Project IRR 17.30%f PBT/Turnover 40%

Note Shareholders' Payback - Equity/Average PAT

CASH FLOW BIO MASS POWER PLANT 5MW GUNUNG MELIAU CLUSTER

Inflow 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013Profit before tax 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 1,979,236.14 2,443,155.21 Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0 0

0 1,530,682.70 1,398,263.25 1,751,978.48 1,837,853.30 1,867,689.75 2,353,644.64 2,817,563.71

OutflowCapital Expenditure 9,851,421.19 (9,851,421.19) Fixed Assets Replacement 0 0 0 0 0 0 0 0 0Working capital (Debtors) 0 0 0 0 0 0 0 0 0Taxation 0 0 346,882 307,156 413,271 439033 447984 593,770.84 732,946.56

9,851,421.19 (9,851,421.19) 346,882 307,156 413,271 439033 447984 593,770.84 732,946.56

Surplus/(Deficit) (9,851,421.19) 1,530,682.70 1,091,106.83 1,338,707.48 1,398,819.86 1,419,705.38 1,759,873.80 2,084,617.15 Acumulative Cash Flow (9,851,421.19) (8,320,738.50) (7,229,631.67) (5,890,924.19) (4,492,104.33) (3,072,398.95) (1,312,525.15) 772,092.00 Payback 7 years

IRR 17.30%NPV @ 12% 3,899,118.73

Shareholder's IRRCashflow (2,955,426.36) 703,163.32 (808,416.51) (560,815.85) (500,703.48) (479,817.96) (139,649.53) 185,093.82

IRR 18.41%Cumulative Shareholder's Cash Flow 0 (2,252,263.04) (3,060,679.55) (3,621,495.40) (4,122,198.88) (4,602,016.84) (4,741,666.37) (4,556,572.56) Equity Payback 8 years 1 2 3 4 5 6 7

Diesel avoidance cost 0.20 (Rp.1.900) 39,782,664.00 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Economic cash flow (9,851,421.19) 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Cumulative Economic cash flow (9,851,421.19) (1,894,888.39) 6,061,644.41 14,018,177.21 21,974,710.01 29,931,242.81 37,887,775.61 45,844,308.41

Economic IRR 80.76%Payback Period 2 years

Sensitivity AnalysisSelling price to PLN 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.9 USD 0.10 USD 0.11 USD 0.12 USD 0.168 USDIRR Project 5.77% 10.09% 13.84% 17.30% 20.60% 23.81% 26.99% 30.15% 33.32% 48.90%Payback Period 13 10 8 7 6 5 5 4 4 3

Selling price to PLN 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.09 USD 0.10 USD 0.11 USD 0.12 USD 0.168 USDShareholder's IRR 2.58% 8.02% 13.14% 18.41% 24.18% 30.77% 38.51% 47.62% 58.12% 119.43%Payback Period Shareholder's 16 12 10 8 7 6 4 2 1 1

Diesel Avoidance Cost 0.10 USD 0.15 USD 0.16 USD 0.20 USD 0.25 USD 0.26 USDEIRR 40.34% 60.57% 64.61% 80.76% 100.96% 104.99%Payback Period 3 2 2 2 1 1


Inflow Profit before taxDepreciation

OutflowCapital Expenditure 9,851,421.19 Fixed Assets Replacement 0Working capital (Debtors) 0Taxation 0

9,851,421.19

Surplus/(Deficit)Acumulative Cash FlowPayback 7 years

IRR 17.30%NPV @ 12% 3,899,118.73

Shareholder's IRRCashflow

IRR 18.41%Cumulative Shareholder's Cash FlowEquity Payback 8 years

Diesel avoidance cost 0.20 (Rp.1.900) 39,782,664.00 Economic cash flowCumulative Economic cash flow


2,014 2,015 2,016 2,017 2,018 2,019 2,0202,587,540.50 2,894,329.70 2,450,946.05 3,158,581.98 2,988,935.78 3,423,704.03 3,318,874.01

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0

2,961,949.00 3,268,738.20 2,825,354.55 3,532,990.48 3,363,344.28 3,798,112.53 3,693,282.51

0 0 0 0 0 0 00 0 0 0 0 0 0

776,262.15 868,298.91 735,283.81 947,574.59 896,680.73 1,027,111.21 995,662.20 776,262.15 868,298.91 735,283.81 947,574.59 896,680.73 1,027,111.21 995,662.20

2,185,686.85 2,400,439.29 2,090,070.73 2,585,415.88 2,466,663.54 2,771,001.32 2,697,620.31 2,957,778.85 5,358,218.14 7,448,288.87 10,033,704.76 12,500,368.30 15,271,369.62 17,968,989.93

2,185,686.85 2,400,439.29 2,090,070.73 2,585,415.88 2,466,663.54 2,771,001.32 2,697,620.31

(2,370,885.71) 29,553.58 2,119,624.32 4,705,040.20 7,171,703.74 9,942,705.06 12,640,325.37 8 9 10 11 12 13 14

7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80

53,800,841.21 61,757,374.01 69,713,906.81 77,670,439.61 85,626,972.41 93,583,505.21 101,540,038.01







9,851,421.19


IRR 17.30%NPV @ 12% 3,899,118.73





2,021 2,022 2,023 2,024 2,025 2,0263,322,975.64 3,571,481.65 3,975,985.36 3,824,195.80 4,254,216.84 3,696,044.40

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0.00

3,697,384.14 3,945,890.15 4,350,393.86 4,198,604.30 4,628,625.34 4,070,452.90

0 0 0 0 0 00 0 0 0 0 0

996,892.69 1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32 996,892.69 1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32

2,700,491.45 2,874,445.65 3,157,598.25 3,051,345.56 3,352,360.29 2,961,639.58 20,669,481.38 23,543,927.03 26,701,525.29 29,752,870.84 33,105,231.13 36,066,870.71

2,700,491.45 2,874,445.65 3,157,598.25 3,051,345.56 3,352,360.29 2,961,639.58

15,340,816.82 18,215,262.48 21,372,860.73 24,424,206.29 27,776,566.58 30,738,206.16 15 16 17 18 19 20

7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80

109,496,570.81 117,453,103.61 125,409,636.41 133,366,169.21 141,322,702.01 149,279,234.81




PLANT OUTPUT & REVENUEBIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTERBASE MODEL

2007 2008 2009 2010 2011 2012 2013 20141 2 3 4 5 6 7 8

Steam Generation mt / year 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 Steam at 4 bar available for Sale 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424

Elect. Power Generation

Unit Installed Capacity (kW) 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Maximum Continous Rating 1 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Less:Auxillary Load (kW) 700 700 700 700 700 700 700 700

Net Capacity (kW) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

REPA Capacity (Mw) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

Capacity Utilisation (Normal Days) 1 1 1 1 1 1 1 1

Capacity Utilisation (Holidays) 1 1 1 1 1 1 1 1

No. Of Days (Normal Days) 264 264 264 264 264 264 264 264

No. Of Days (Holidays: School + Public) 101 101 101 101 101 101 101 101

No. of Days in a Year 365 365 365 365 365 365 365 365

Availability Factor (%) 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

Plant Production Days 318 318 318 318 318 318 318 318

Maintainance Days 47 47 47 47 47 47 47 47

ANNUAL REVENUE: USD/kwh USDAt: 0.070 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48

0.077 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13

Actual Despatch kwh x 1,000 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664

Actual Output 45,117,504 kW year

Full Potential Despatch kwh x 1,000 51,859,200 kW year

Ratio of actual to maximum potential energy output 87%


Steam Generation mt / yearSteam at 4 bar available for Sale


Unit Installed Capacity (kW)

Maximum Continous Rating 1

Less:Auxillary Load (kW)

Net Capacity (kW)

REPA Capacity (Mw)

Capacity Utilisation (Normal Days)

Capacity Utilisation (Holidays)

No. Of Days (Normal Days)

No. Of Days (Holidays: School + Public)

No. of Days in a Year

Availability Factor (%)

Plant Production Days

Maintainance Days

ANNUAL REVENUE: USD/kwhAt: 0.070

0.077

Actual Despatch kwh x 1,000

Actual Output

Full Potential Despatch kwh x 1,000

Ratio of actual to maximum potential energy output

2015 2016 2017 2018 2019 2020 2021 20229 10 11 12 13 14 15 16

189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

700 700 700 700 700 700 700 700

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1

264 264 264 264 264 264 264 264

101 101 101 101 101 101 101 101

365 365 365 365 365 365 365 365

0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

318 318 318 318 318 318 318 318

47 47 47 47 47 47 47 47

2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13

39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664







Net Capacity (kW)

REPA Capacity (Mw)








Maintainance Days


0.077


Actual Output



2023 2024 2025 202617 18 19 20

189,493,517 189,493,517 189,493,517 189,493,517 152,424 152,424 152,424 152,424

5,920 5,920 5,920 5,920

5,920 5,920 5,920 5,920

700 700 700 700

5,220 5,220 5,220 5,220

5,220 5,220 5,220 5,220

1 1 1 1

1 1 1 1

264 264 264 264

101 101 101 101

365 365 365 365

0.87 0.87 0.87 0.87

318 318 318 318

47 47 47 47

2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13

39,782,664 39,782,664 39,782,664 39,782,664

PROFIT AND LOSS SUMMARY - BIOMASS POWER PLANT 5 MWGUNUNG MELIAU CLUSTER ADB

Income Option USD / unit Qty 2006 2007 2008 2009 2010 20110 1 2 3 4 5

Steam Generation 0 189,493,517 0 0 0 0 0 0Sale of Steam ( mt / y ) 0 8.11 152,424 0 0 0 0 0 0Sale of Water ( mt / y ) 0 0 0 0 0 0 0 0 0Sale of Power to local demand ( kwh / y ) 0 0 0 0 0 0 0 0 0Sale of Power to GRID ( kwh / y ) 1 0.07 39,782,664 0 2,784,786.48 2,784,786.48 3,063,265.13 3,063,265.13 3,369,591.64 CER sale - Biomass energy displacement 7.20 31,826 0 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14

Bio Diesel (lt / y ) 0 0.58 28,885,100 0 0 0 0 0 0Organic Oil ( lt / y ) 4,180,000 0 0 0 0 0 0

Total sales 4,667,380.60 0 3,013,934.62 3,013,934.62 3,292,413.27 3,292,413.27 3,598,739.79

Fixed CostSalaries & related cost Inflation rate 8% 111,600.00 0 111,600.00 130,170.24 140,583.86 151,830.57 163,977.01 Maintenance cost (Plant) 3% EPC 7,488,170.00 0 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 Major Overhaul 5% EPC every 5 years 7,488,170.00 0 0 0 0 0 374,408.50

General admin cost 8% General admin cost 114,580.00 0 114,580.00 133,646.11 144,337.80 155,884.83 168,355.61 Insurance 0,5% EPC 7,488,170.00 0 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 Interest 12% loan 6,895,994.84 0 827,519.38 937,165.70 821,682.78 692,341.92 547,480.14 Depreciated 20 years 5% EPC 7,488,170.00 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

Total Fixed Cost 0 1,603,534.34 1,750,817.01 1,656,439.40 1,549,892.27 1,804,056.23 Variable CostsFuel cost - External Source 2.16 78,491 0 183,286.09 197,948.98 213,784.90 230,887.69 249,358.70 Other operating cost 50 % Other operating cost 35,420.00 0 70,840.00 41,313.89 44,619.00 48,188.52 52,043.60

Total Variable Costs 0 254,126.09 239,262.87 258,403.89 279,076.21 301,402.30 Total Fixed Cost & Variable Cost 0 1,857,660.43 1,990,079.87 1,914,843.30 1,828,968.47 2,105,458.53

Average Operational Cost 1,663,573 1,030,141.05 1,052,914.17 1,093,160.52 1,136,626.55 301,402.30 Base Year Operational Cost 0.026

Profit before tax 1,886,963.26 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 Taxation 30% 0 346,882.26 307,156.43 413,270.99 439,033.44 447,984.38Profit after tax (PAT) 1,904,161.98 0 809,391.94 716,698.33 964,298.98 1,024,411.36 1,045,296.88 Cumulative PAT 0 809,391.94 1,526,090.26 2,490,389.25 3,514,800.61 4,560,097.48 Inflation factor 1.00 0 1.08 1.17 1.26 1.36 1.47 Inflation rate 1.08 Tax ComputationProfit Before Tax 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 Add: Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 Adjusted Profit 0 1,530,682.70 1,398,263.25 1,751,978.48 1,837,853.30 1,867,689.75 Less: Capital Allowance not applicable 0 0 0 0 0 0Investment Tax Allowance not applicable 0 0 0 0 0 0Losses Brought Forward 0 0 1,530,682.70 2,928,945.95 4,680,924.42 6,518,777.72 Losses Carried Forward 0 1,530,682.70 2,928,945.95 4,680,924.42 6,518,777.72 8,386,467.48 Taxable Income 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 TAX na 0 346,882.26 307,156.43 413,270.99 439,033.44 447,984.38

Profit After Tax 0 809,391.94 716,698.33 964,298.98 1,024,411.36 1,045,296.88 Less:Dividend 1,684,681.63 0 703,163.32 (808,416.51) (560,815.85) (500,703.48) (479,817.96) Profit After Dividend 0 106,228.62 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 Accumulated Profit After Tax 0 106,228.62 1,631,343.46 3,156,458.29 4,681,573.13 6,206,687.96

PROFIT AND LOSS SUMMARY - BIOMASS POWER PLANT 5 MWGUNUNG MELIAU CLUSTERIncome Option USD / unit Qty

Steam Generation 0 189,493,517Sale of Steam ( mt / y ) 0 8.11 152,424Sale of Water ( mt / y ) 0 0 0Sale of Power to local demand ( kwh / y ) 0 0 0Sale of Power to GRID ( kwh / y ) 1 0.07 39,782,664 CER sale - Biomass energy displacement 7.20 31,826

Bio Diesel (lt / y ) 0 0.58 28,885,100Organic Oil ( lt / y ) 4,180,000

Total sales 4,667,380.60

Fixed CostSalaries & related cost Inflation rate 8% 111,600.00 Maintenance cost (Plant) 3% EPC 7,488,170.00 Major Overhaul 5% EPC every 5 years 7,488,170.00

General admin cost 8% General admin cost 114,580.00 Insurance 0,5% EPC 7,488,170.00 Interest 12% loan 6,895,994.84 Depreciated 20 years 5% EPC 7,488,170.00

Total Fixed CostVariable CostsFuel cost - External Source 2.16 78,491Other operating cost 50 % Other operating cost 35,420.00

Total Variable CostsTotal Fixed Cost & Variable Cost

Average Operational Cost 1,663,573Base Year Operational Cost 0.026

Profit before tax 1,886,963.26 Taxation 30%Profit after tax (PAT) 1,904,161.98 Cumulative PATInflation factor 1.00 Inflation rate 1.08 Tax ComputationProfit Before TaxAdd: DepreciationAdjusted ProfitLess: Capital Allowance not applicableInvestment Tax Allowance not applicableLosses Brought ForwardLosses Carried ForwardTaxable IncomeTAX na

Profit After TaxLess:Dividend 1,684,681.63 Profit After DividendAccumulated Profit After Tax

2012 2013 2014 2015 2016 20176 7 8 9 10 110 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 0

3,369,591.64 3,706,550.80 3,706,550.80 4,077,205.89 4,077,205.89 4,484,926.47 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14

0 0 0 0 0 00 0 0 0 0 0

3,598,739.79 3,935,698.95 3,935,698.95 4,306,354.03 4,306,354.03 4,714,074.62

111,600177,095.17 191,262.79 206,563.81 223,088.92 240,936.03 260,210.91 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61

0 0 0 0 374,408.50 0

181,824.06 196,369.98 212,079.58 229,045.95 247,369.63 267,159.20 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85

385,234.96 203,520.36 0 0 0 0374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

1,293,989.15 1,140,988.09 968,478.35 1,001,969.82 1,412,549.11 1,077,205.07

269,307.40 290,851.99 314,120.15 339,249.76 366,389.74 395,700.92 56,207.09 60,703.66 65,559.95 70,804.74 76,469.12 82,586.65

325,514.49 351,555.65 379,680.10 410,054.51 442,858.87 478,287.58 1,619,503.64 1,492,543.74 1,348,158.45 1,412,024.33 1,855,407.98 1,555,492.64 1,234,268.68 1,289,023.38 1,348,158.45 1,412,024.33 1,855,407.98 1,555,492.64

1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 3,158,581.98 593,770.84 732,946.56 776,262.15 868,298.91 735,283.81 947,574.59

1,385,465.30 1,710,208.65 1,811,278.35 2,026,030.79 1,715,662.23 2,211,007.38 5,945,562.78 7,655,771.43 9,467,049.78 11,493,080.57 13,208,742.81 15,419,750.19

1.59 1.71 1.85 2.00 2.16 2.33

1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 3,158,581.98 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

2,353,644.64 2,817,563.71 2,961,949.00 3,268,738.20 2,825,354.55 3,532,990.48 0 0 0 0 0 00 0 0 0 0 0

8,386,467.48 10,740,112.12 13,557,675.84 16,519,624.83 19,788,363.03 22,613,717.58 10,740,112.12 13,557,675.84 16,519,624.83 19,788,363.03 22,613,717.58 26,146,708.06

1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 3,158,581.98 593,770.84 732,946.56 776,262.15 868,298.91 735,283.81 947,574.59

1,385,465.30 1,710,208.65 1,811,278.35 2,026,030.79 1,715,662.23 2,211,007.38 (139,649.53) 185,093.82 2,185,686.85 2,400,439.29 2,090,070.73 2,585,415.88

1,525,114.84 1,525,114.84 (374,408.50) (374,408.50) (374,408.50) (374,408.50) 7,731,802.80 9,256,917.63 8,882,509.13 8,508,100.63 8,133,692.13 7,759,283.63












2018 2019 2020 2021 2022 202312 13 14 15 16 170 0 0 0 0 00 0 0 0 0 00 0 0 0 0 00 0 0 0 0 0

4,484,926.47 4,933,419.12 4,933,419.12 5,426,761.03 5,426,761.03 5,969,437.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 0 0 0 0 0 00 0 0 0 0 0

4,714,074.62 5,162,567.27 5,162,567.27 5,655,909.18 5,655,909.18 6,198,585.28

281,027.79 303,510.01 327,790.81 354,014.07 382,335.20 412,922.01 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 0 0 0 374,408.50 0 -

288,531.93 311,614.49 336,543.65 363,467.14 392,544.51 423,948.07 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 0 0 0 0 0 0

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

1,119,394.68 1,164,959.45 1,214,169.41 1,641,724.67 1,324,714.67 1,386,705.04

427,357.00 461,545.56 498,469.20 538,346.74 581,414.48 627,927.63 178,387.17 112,358.23 131,054.64 152,862.13 178,298.39 207,967.24 605,744.17 573,903.79 629,523.84 691,208.87 759,712.87 835,894.88

1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92 1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92

2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 896,680.73 1,027,111.21 995,662.20 996,892.69 1,071,444.49 1,192,795.61

2,092,255.04 2,396,592.82 2,323,211.81 2,326,082.95 2,500,037.15 2,783,189.75 17,512,005.23 19,908,598.05 22,231,809.86 24,557,892.81 27,057,929.96 29,841,119.72

2.52 2.72 2.94 3.17 3.43 3.70

2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

3,363,344.28 3,798,112.53 3,693,282.51 3,697,384.14 3,945,890.15 4,350,393.86 0 0 0 0 0 00 0 0 0 0 0

26,146,708.06 29,510,052.34 33,308,164.86 37,001,447.38 40,698,831.52 44,644,721.67 29,510,052.34 33,308,164.86 37,001,447.38 40,698,831.52 44,644,721.67 48,995,115.53

2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 896,680.73 1,027,111.21 995,662.20 996,892.69 1,071,444.49 1,192,795.61

2,092,255.04 2,396,592.82 2,323,211.81 2,326,082.95 2,500,037.15 2,783,189.75 2,466,663.54 2,771,001.32 2,697,620.31 2,700,491.45 2,874,445.65 3,157,598.25 (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50)

7,384,875.13 7,010,466.63 6,636,058.13 6,261,649.63 5,887,241.13 5,512,832.63












2024 2025 202618 19 200 0 00 0 00 0 00 0 0

5,969,437.14 6,566,380.85 6,566,380.85 229,148.14 229,148.14 229,148.14

0 0 00 0 0

6,198,585.28 6,795,529.00 6,795,529.00

445,955.78 481,632.24 520,162.82 137,985.61 137,985.61 137,985.61

- - 374,408.50

457,863.91 494,493.03 534,052.47 37,440.85 37,440.85 37,440.85 0 0 0

374,408.50 374,408.50 374,408.50

1,453,654.65 1,525,960.22 1,978,458.75

678,161.84 732,414.79 791,007.97 242,572.99 282,937.14 330,017.88 920,734.84 1,015,351.93 1,121,025.85

2,374,389.48 2,541,312.15 3,099,484.60 2,374,389.48 2,541,312.15 3,099,484.60

3,824,195.80 4,254,216.84 3,696,044.40 1,147,258.74 1,276,265.05 1,108,813.32 2,676,937.06 2,977,951.79 2,587,231.08

32,518,056.78 35,496,008.57 38,083,239.65 4.00 4.32 4.66

3,824,195.80 4,254,216.84 3,696,044.40 374,408.50 374,408.50 374,408.50

4,198,604.30 4,628,625.34 4,070,452.90 0 0 00 0 0

48,995,115.53 53,193,719.83 57,822,345.17 53,193,719.83 57,822,345.17 61,892,798.07

3,824,195.80 4,254,216.84 3,696,044.40 1,147,258.74 1,276,265.05 1,108,813.32

2,676,937.06 2,977,951.79 2,587,231.08 3,051,345.56 3,352,360.29 2,961,639.58 (374,408.50) (374,408.50) (374,408.50)

5,138,424.13 4,764,015.63 4,389,607.13

PROJECT FINANCIAL PERFORMANCE SUMMARYBIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTER

Rate

1 Sale of Steam ( mt / y ) 8.11 152,424 t 0 0% ASSUMPTIONS:

2 Sale of Power to local demand ( kwh / y ) - - kwh - 0%3 Sale of Power to GRID ( kwh / y ) 0.070 39,782,664 kwh 2,784,786 92% 1 Oil Palm Mill Cluster Capacity 150.00 mt FFB / hr4 CER sale - Biomass energy displacement 7.200 31,826 CER / yr 229,148 8%5 Total Year Revenue USD 3,013,934.62 100% 2 Tax Rate Maintained at: na

6 Production cost & Dep. USD 1,857,660.43 62%

7 Profit forecast before tax USD 1,156,274.20 38% 3 Inflation Factor: 8%8 Average Operational Cost USD 1,663,573

4 Debt: 70% percent9 Steam Boiler Capacity 25,000 kg / hr

10 Steam Generation per year 189,493,517 t / year 5 Equity: 30% percent11 Steam available for sale per year 152,424 t / year12 PPA Tenure 20 years 6 Loan Repayment Period: 7 years13 Installed capacity 5,920.00 kW14 Total Parasitic Load 900.0 kW 7 Average Interest Rate: 12% percent15 GRID Capacity 5,020 kW16 Actual dispatch capacity / year 39,782,664 kWh / year 8 Amount Borrowed: 6,895,994.84 USD17 Actual Output 45,117,504 kWh / year18 Project IRR 17.30% 9 Amount Equity: 2,955,426.36 USD19 Payback period approx: 7 years

10 Fuel cost: - USD / mt20 Power sold at 0.0700 USD / kw

21 Cost per kw 0.0233 USD / kw 11 Total EPC Project Cost: 9,851,421.19 USD

22 Steam sold at - USD / mt 12 Fuel Usage (moisture level % ): 124 150 mt / day23 Cost per mt steam 0.0049 USD / mt

13 Fuel disposal amount per year mt / year24 Shareholders' IRR 18.41%25 Economic IRR 80.76% 14 Ratio of fuel kg fuel = 3.99 kg steam26 Project Cost per kW 1,664.09 USD / kW kg fuel = 0.95 kw

15 Production days per year 318 days27 Full Potential Despatch kwh x 1,000 51,859,200 kWh / year

16 Implementation of Project : 20 years28 Ratio of actual to maximum potential energy output 87%

Tractors Petroleum Services Sdn Bhd

BIOMASS POWER PLANT 5 MW AT GUNUNG MELAIU

Base Model Biomass Power Plant

ITEM DESCRIPTION Quantity Measure Rate Load (kW) Amount USD Sub-Total USD

1 PRELIMINARIES AND GENERAL

1.1 MOBILISATION 2,500.00 1.2 EMPLOYER'S REPRESENTATIVE'S OFFICERS & EQUIP 2,500.00 1.3 TELEPHONE, FACSIMILE AND HANDPHONES 1,000.00 1.4 GEOTECHNICAL INVESTIGATION AND SITE SURVEYS 5,000.00 1.5 PROGRESS REPORTS & PHOTOGRAPHS 750.00 1.6 QUALITY ASSURANCE 0.2% 4,500,000.00 9,000.00 1.7 OBTAINING ALL NECESSARY APPROVALS & PERMITS 7,000.00 1.8 PREPARATION & SUBMISSION OF O & M MANUALS 1,500.00 1.9 OVERALL SYSTEM TESTING AND COMMISSIONING 8,000.00 1.10 OPERATION AND MAINTENANCE OF PLANT TILL HANDED OVER 1 8,000.00 8,000.00 1.11 WATCHING & SAFETY 6 800.00 4,800.00 50,050.00

1.12 PROVISIONAL SUMS - 1.12.1 - Cost inccured by Employer's Personnel 9,000.00 1.12.2 - Cost of testing Agency 4,200.00 1.12.3 - Qualified Engineer to visit and inspect plant after handing over 4 4,000.00 16,000.00 29,200.00

1.13 TRANSPORT FOR EMPLOYER'S PERSONNEL- Lease of 7 seater MPV, all cost with driver for 12 months 3 900.00 32,400.00 32,400.00

Sub-Total 0 111,650.00 111,650.00


2 PROPRIETARY ITEMS2.1 Weighbridge 1 Nr 10,000.00 2 10,000.00 2.2 Skid loaders 2 Nr 15,000.00 30,000.00 40,000.00

Sub-Total 2 40,000.00 40,000.00


3 CIVIL & STRUCTURAL WORKS Area m23.1 Preliminaries

3.1.1 TEMPORARY ACCESS 1 lot 1,000.00 1,000.00 3.1.2 TEMPORARY UTILITIES 1 lot 1,000.00 1,000.00 3.1.3 TEMPORARY SANITATION 1 lot 500.00 500.00 3.1.4 CONTRACTOR'S SITE OFFICES AND BUILDINGS 1 lot 2,500.00 2,500.00 3.1.5 Other 1 lot 2,500.00 2,500.00 7,500.00

3.2 Earthworks Included in Refinery works3.3 Gate & Fencing Included in Refinery works3.4 Roads 1,500 m2 50.00 75,000.00

Drains 2,000 m 20.00 40,000.00 3.5 Footings & Foundation & Plinth 1200 m3 30.00 36,000.00 3.6 Piling 2000 m 30.00 60,000.00 3.7 Guardhouse 16 m2 65.00 1,040.00 3.8 Office 200 m2 225.00 45,000.00 3.9 Raw water intake pump house 24 m2 50.00 1,200.00 3.10 Water treatment plant house 60 m2 50.00 3,000.00 261,240.00

3.11 Steel structure & buildings3.10.1 - Biomass fuel storage building 1000 m2 90.00 90,000.00 3.10.2 - Boiler house 450 m2 180.00 81,000.00 3.10.3 -Structure to support the Boiler auto fuel platform 1 lot 3,500.00 3,500.00 3.10.4 -Structure for Boiler staircase & ancillaries 1 lot 8,000.00 8,000.00 3.10.5 - Turbine house 300 m2 100.00 30,000.00 3.10.6 - Power house 200 m2 100.00 20,000.00 232,500.00

3.12 Maintenance / Manlift for 2 landings 1 Nr 40,000.00 40,000.00 40,000.00

3.13 Fire protection system3.12.1 -Diesel engine pump 1 lot 750.00 750.00 3.12.2 -Water ring piping system 1 lot 8,000.00 8,000.00 3.12.3 -Host reel & Hydrant system 3 Nr 1,500.00 4,500.00 3.12.4 -Portable extinguishers 3 Nr 100.00 300.00 3.12.5 - Alarm control panel system with sensors 1 lot 15,000.00 2 15,000.00 28,550.00

3.14 Fat trap and sumps 1 lot 5,500.00 5,500.00 5,500.00 3.15 Turfing & landscape works 2000 m2 7.50 15,000.00 15,000.00 3.16 Misc. & Other 1 lot 12,500.00 12,500.00 12,500.00

Sub-Total 2 602,790.00 602,790.00


2 602,790.00 602,790.00 3.16 Related Mechanical Works

3.16.1 Provision for Water & Steam Piping system 100 m 40.00 4,000.00 3.15.2 Provision for Interconnecting supports 1 lot 5,400.00 5,400.00 3.15.3 Terminal Headers & Valves and fittings 1 lot 30,000.00 30,000.00 3.15.4 Air Conditioning for Control room and power house 3 Nr 5,400.00 16,200.00 3.15.5 Sanitary & Sewage system 1 lot 12,000.00 12,000.00 67,600.00

Sub-Total 6 670,390.00 670,390.00

PROJECT COST BREAKDOWN May 9, 2006



Base Model Biomass Power PlantPROJECT COST BREAKDOWN

May 9, 2006


4 RAW WATER INTAKE & TREATMENT PLANT NOTE : WATER SUPPLY FOR TREATED JBA MAINS

Design Capacity : 30 m3 per hourOperating Capacity : 25 m3 per hour Quality : River waterOperating : 24 h / day & 8000 h / yearPump house located at the water intakeGeneral layout - see appendix

4.1 Pump house - Inlet channel, foundation, footings and plinths 1 lot4.2 Raw water intake piping with valves 1 lot4.3 Raw water pumps - ( 1 unit standby ) 2 Nr4.4 Self-Primming chamber 2 Nr4.5 Hoisting chain blockcap: 1 mt , manual operated with gentry 1 Nr4.6 Diesel driven power generating set with standby unit including piping and 1000 litre

diesel tank 1 Nr4.7 Floor mounted starter panel and Control system with Instruments, gauges, fittings

and valves for the automatic operation of the system with all motor and control cables 1 Nr

4.8 Interconnecting piping, expansion joint, pressure, non-return and main valves 1 lot4.9 Raw water main pipe line to treatment plant - HDPE PN6, size 200mm dia 1000 m

Sub-Total 0 0 45,045.05


INDUSTRIAL WATER TREATMENT PLANT NOTE : WATER SUPPLY FOR JBA MAINS THEREFORE THE WATER SUPPLY WILL START AT THE MIX BED PLANT

Design Capacity : 30 m3 per hourOperation Capacity : 25 m3 per hourQuality : Industrial use ( see appendix )Operating : 24 hours and 8000 h / year

4.10 Treatment plant - Foundation, footings and plinths 1 lot 1,621.62 4.11 Clarifier - cap ; 40 m3 /hr 2 Nr 21,621.62 4.12 Water storage tank - Process water & fire fighting 500 m3 32.43 16,216.22 4.13 Clarified water pump-sets - ( 1 standby ) 2 Nr 1,441.44 604.14 Chemical metering pumpsets for Alum and Soda Ash 2 Nr 180.18 0.184.15 Chemical metering pumpsets for Polyelectrolyte 1 Nr 180.18 0.184.16 Chemical tanks with mixer for Polyelectrolyte 1 Nr 180.18 0.184.17 Pressure Filter with auto backwash - cap: 120 m3 / hr operating at 3.5 kg/cm2 2 Nr 13,513.51

4.18 Mixed bed polisher filteration system 1 Nr 27,027.03 27,027.03 a Acid regenerant pump 2 Nr 1.1b Caustic regenerant Pump 2 Nr 1.1c Regeneration pump for Cation 2 Nr 1.1d Regeneration pump for Anion 2 Nr 1.1f Mixing blower for mixed beds and neutralization basin 2 Nr 6g Piping works for interconnection within Mix bed Plant

4.19 Pump-set ( 1 unit standby ) to transfer treated water to elevated storage tank. 2 Nr 2,252.25 30 4,504.50

4.20 Overhead MS storage tank with structure, platform, staircase etc 150 m3 72.07 10,810.81 4.21 Water flow metering - digital type with recorder 1 Nr 5,405.41 5,405.41 4.22 Piping works

a Pipe works from Clarifier to Clarified water tank with overflow and drain pipes. 1 Lot 4,504.50 4,504.50 b Pipe works for chemical and service water within the pump house 1 Lot 900.90 900.90

Pipe works for the water treatment house to and within the pressure filters 75 m 13.51 1,013.51 c Pipe works from pressure filter to and within the water storage tanks 10 m 13.51 135.14 d Pipe works from the water storage tanks to the elevated storage tank 20 m 13.51 270.27 e Pipe works from the elevated storage tank to the plants 100 m 13.51 1,351.35

4.23 Floor mounted starter panel and PMC system with Instruments, gauges, fittings and valves for the automatic operation of the system with all motor and control cables

1 Nr 10,810.81 10,810.81

82,950.45

Sub-Total 100.94 82,950.45 82,950.45


100.94 82,950.45 82,950.45 REVERSE OSMOSIS FEED WATER PLANTDesign Capacity : 40 m3 per hourOperation Capacity : 38 m3 per hourQuality : FEED WATER for BoilerOperating : 24 hours and 8000 h / year

4.24 Feed water booster pumpset 2 Nr 1,441.44 45 2,882.88

4.25 RO Membrane system in modual unit 1 Unit 54,054.05 54,054.05 4.26 Pipe works for service water within RO plant 1 lot 2,702.70 2,702.70 4.27 Pipe works for RO plant to feed water tank 50 m 16.22 810.81 4.28 Feed water tank cap: 150 m3 ( 10 hrs operation ) 150 m3 67.57 10,135.14 4.29 Pipe waorks for feed water tank toBoiler feed pump 20 m 16.22 324.32 4.30 Floor mounted starter panel and PMC system with Instruments, gauges, fittings

and valves for the automatic operation of the system with all motor and control cables

1 lot 10,810.81 10,810.81

4.31 Conductivity measurement unit 1 Nr 1,351.35 1,351.35 83,072.07

CONDENSOR COOLING TOWER TREATMENT SYSTEM4.32 Ciculating water pumpset 2 Nr 270.27 2 540.54 4.33 Dosing system 2 Nr 180.18 1 360.36 4.34 Control panel 1 Nr 540.54 540.54 4.35 Pipe works 1 Lot 900.90 900.90 2,342.34

Sub-Total 149 168,364.86 168,364.86




May 9, 2006

ITEM DESCRIPTION Quantity Measure Rate Load (kW) Amount USD Sub-Total USD5

EFB DEWATERING SYSTEM - conveying & other related works.

a The Biomass refuse fuel dewatering system, conveying & Other related works wita capacity of 15,000 kg ( average 45% moisture) Biomass per hour shall be suitable for 24 hours operation and located at the space provided at the existing Oil palm mill site.

b Biomass refuse consist of Fibre, Shell and Empty bunch form the oil palm mill process.

c The process begins at discharge of empty bunch from the oil palm mill conveyor which is fed into the chute of the EFB conveyor

d A weather shielded steel structure shall house the bunch crushers, dewatering presses, liquid tank, pump sets and ancillaries .

e Empty fruit bunch from outside source shall be loaded into the EFB conveyed and fed into dewatering process.

f The dewatered Biomass refuse together with the Fibre and Shell shall be transported to the Biomass power plant located at the proposed Kunak Refinery complex.

PERFORMANCE GUARANTEE :Capacity of 15,000 kg Biomass per hour and shall be suitable for 24 hours operation.

The final product of the process is dewatered empty bunch fibre with not more than 45 % moisture content.

Cut fibre strands at not more than 100 mm


5.1 Steel structure for EFB dewatering station to house 4 dewatering presses, 3 Bunch crushers and to support conveyors

2 Nrs 4,144.14 8,288.29

5.2 EFB Conveyor "Belt type" with cover and walkway, mounted on steel structure for lifting the fresh EFB from ground level and fed into the dewatering station complete with chutes and hydraulic control slide valves complete with drive.

2 Nrs 4,324.32 8,648.65

5.3 Magnetic tramp metal separator complete with removal slid gear system mounted on the EFB feed conveyor to the dewatering station

2 Nrs 5,405.41 10,810.81

5.4 EFB Feeder shaftless screw conveyor to the dewatering presses 2 Nrs 1,351.35 2,702.70

5.5 EFB dewatering Single Screw Press complete with gearbox and Fluid coupling, V-belt transmission drive, output torque < 60,000 NM -capacity : 6 mt EFB / hr with 75 kw drive

4 Nrs 16,216.22 64,864.86

5.6 Bunch Crusher with feeder and Chutes " Armco FSM 15 " Progressive cutting by helical cutters with CT coil ampere control and capacity of: 15 mt / hr with 11kw Feeder & 90 kw crusher drive ( 1 standby )

2 Nr 29,729.73 59,459.46

5.7 Liquid SS. Tank - cap: 3 m3 tank with 2 units 3 kw pumpset 20 TDH 2 Nr 1,081.08 2,162.16

5.8 Belt Conveyor with cover and walkway, mounted on steel structure for transfer of biomass from the dewatering station to the fuel storage building complete with drive.

2 Nr 7,567.57 15,135.14

5.9 Steel structure for Biomass fuel storage 18m x 30m x 8m H 2 Nr 43,783.78 87,567.57 5.10 Conveyor " Belt type" mounted on steel structure for transfer of biomass fuel to

tranporter / truck 2 Nr 2,335.14 4,670.27

168,994.59 Note : End of items located at the Palm Oil Mill

Sub-Total 0 168,994.59 168,994.59

5.11 Unloading ramp for unloading biomass fuel into the storage area 2 units 4,504.50 9,009.01 5.12 Double girder electric overhead travelling crane - cap : 3.2 ton x 30 m span. Grab

piled cap: 1.6m31 Nr 88,288.29 88,288.29

5.13 Belt Conveyor with cover and walkway, mounted on steel structure for lifting the Biomass fuel from ground level at the walking floor conveyor and fed into the boiler house cross conveyor complete with chutes and hydraulic control slide valves complete wit

2 Nr 8,648.65 17,297.30

5.14 Distribution Conveyor "scraper type" with chute and hydraulic control slide valves complete with drive for transfer of Biomass fuel to the Boiler auto feeder

2 Nr 3,243.24 6,486.49

5.15 Only installation of the boiler auto feeder unit supplied by others. 2 Nr 720.72 1,441.44 5.16 All plateforms, walkways, ladders, supports, hanger, anchors, dust covers 2 lots 2,702.70 5,405.41

5.17 All necessary work and material for the integration of the complete biomass fuel handing system

2 lots 2,702.70 5,405.41

133,333.33

Sub-Total 0 302,327.93 302,327.93

NOTE : The 2 units EFB DEWATERING PLANT WILL BE LOCATION AND INSTALLED AT KUNAK AND APAS BALUNG PALM OIL MILLS BUT COST IS BUDGETED IN THIS PROJECT




May 9, 2006


6 STEAM (Boiler) GENERATOR BURNING BIOMASS - fire Grate type, drum with membrane walls

1

Design Capacity : 25,000 kg Steam per hourOperation Capacity : 25,800 kg Steam per hourDesign Pressure : 60 Bar.gOperating Pressure : 52 Bar.gTemperture : 450 deg. CBoiler Efficiency : 85 %Operating : 24 hours and 8000 h / year

6.1 AUTO BOILER CONTROL SYSTEM6.1.1 Automatic fuel feeding system 1 116.1.2 Buffer fuel conveyor 1 106.1.3 Fuel distribution conveyor 1 116.1.4 Fuel return conveyor 1 116.1.5 Fuel stokers 2 226.1.6 Auto air / fuel ratio control with dampers6.1.7 Auto de-ashing system with ash removal conveyors 2 226.1.8 PLC multi loop controllers 16.1.9 Frequency inverters for modulating control of fuel 2 226.1.10 Modulating feed water control with DP transmitters 16.1.11 Furnace pressure control with DP transmitters6.1.12 Electrode system for 2nd low water alarm6.1.13 Steam flow meter6.1.14 Water flow meter6.1.15 Pressure and temperature transmitters & gauges6.1.16 Soft starters for fan motors6.1.17 Automatic TDS control6.1.18 Smoke density monitor with chart recorder 1 36.1.19 Air compressor for control valves 1 116.1.20 Boiler control panel with mimic & PC terminal 56.1.21 Auto switch UPS with recharging sytem for control panel and PC terminal 3 1,100,000.00

Sub-Total 133 0 1,100,000.00


133 0 1,100,000.00 6.2 BOILER SYSTEM

6.2.1 Fully welded membrane walls6.2.2 Steam drum with baffles and demisters6.2.3 Water cooled grate6.2.4 Down comers, Risers and connecting pipes6.2.5 Fittings, safety valves and gauges6.2.6 Steel structure with platforms, stairways and galleries6.2.7 Super heater with safeyt valves, Soot blowers etc.6.2.8 Evaporator & Economizer6.2.9 Insulation with plastic coated steel cladding6.2.10 Thermal Deaerator6.2.11 Feed water tank 1 Nr6.2.12 Feed water pumps 2 20 m3 / h 3556.2.13 Chemical dosing system 0.336.2.14 ID fans 2 5606.2.15 Primary Fan 1 2006.2.16 Secondary fan 1 2006.2.17 HE Multi cyclones dust separator6.2.18 Mild steel chimney6.2.19 Main steam valve and piping system to turbine 1,204,307.21

Sub-Total 1448.33 0 2,304,307.21


7 POWER HOUSE (Turbine ) GenerationMulti stage steam turbo alternator - condensing type

Design Capacity 5.9 MWOperating Capacity 5.9 MWDispatch to PLN 5 MWParasitic load 0.9 MW-Biomass Power Plant 0.9 MW-Refinery 0 MW-PK Expeller Mill 0 MWGenerator output voltage 11 KV at 50 HzOperating condition 24 h / day & 8000 h / yearInlet pressure to turbine at stop valve 50 Bar. GInlet temperature to turbine at stop valve 450 deg. C ( superheated )Extraction quantity 0 mt / hrExtraction Pressure 0 Bar.gCondensing exhaust pressure 0.15 Bar. ACooling water inlet temperature 33 deg. CCooling water outlet temperature 43 deg. CCooling water quantity 1600 m3 / h

7.1 - 1 unit Multi stage Steam Turbine coupled to generator 1 Nr 2,405,000.00 2,405,000.00 7.2 - 1 lot Interconnecting piping 1 Nr 32,450.00 32,450.00 7.3 - 1 lot Electrical system & controls 1 Nr 95,000.00 5 95,000.00 7.4 - 2 units Cooling Tower 2 Nrs 103,000.00 206,000.00 7.5 - 2 units Cooling Tower Pumps 2 Nrs 14,000.00 450 28,000.00

- 2 units Cooling Tower fans 2 Nrs 8,100.00 180 16,200.00 7.6 - 1 unit Overhead crane 1 Nr 40,500.00 25 40,500.00 7.7 - 1 unit Diesel Gen-set (blackstart) 1.5 MW 415v 3 ph 50 Hz 2 Nr Provided - Not Required7.8 - 1 unit Diesel Gen-set (maintenance) 1 Nr Provided - Not Required7.9 - 1 Diesel delivery pump 1 Nr Provided 5 - Not Required7.10 - 1 unit Diesel tank 1 Nr Provided - Not Required7.11 - Air Compressor with dryer 1 Nr 21,500.00 11 21,500.00 7.12 - 1 lot Installation, testing & Commissioning 1 lot 16,750.00 16,750.00 2,861,400.00

Sub - Total 676 2,861,400.00 2,861,400.00




May 9, 2006


8 CONTROL & MONITORING SYSTEM8.1 -MMI hardware 1 lot 42,000.00 42,000.00 8.2 -MMI Software 1 lot 54,000.00 54,000.00 8.3 -UPS system with recharger 1 lot 2,200.00 2,200.00 8.4 -Operating system and development 1 lot 10,000.00 5 10,000.00 8.5 -CTV remote control monitoring system 4 Nrs 2,500.00 16 10,000.00 8.6 - Commissioning 1 lot 10,500.00 10,500.00 8.7 - Training 1 lot 8,500.00 8,500.00 8.8 - Operating manuals 3 lot 5,500.00 16,500.00 153,700.00

Sub - Total 21 153,700.00 153,700.00


9 ELECTRICAL WORKS9.1 Low Voltage system

9.1.1 -Transformers for stepdown to 400 V 50 Hz 1 lot 24,500.00 24,500.00 9.1.2 - Elect. Switchgear & panels 1 lot 119,000.00 119,000.00 9.1.3 - Supply & Feeder cabel 1 lot 32,500.00 32,500.00 9.1.4 - Internal Lighting 30 Nr 215.00 40 6,450.00 9.1.5 - External Lighting 12 Nr 215.00 40 2,580.00 9.1.6 - Cabling & Wiring works for Plant 1 lot 80,000.00 80,000.00 9.1.7 -Auto level control system 1 lot 8,000.00 8,000.00 9.1.8 -Earthing system 1 lot 30,000.00 30,000.00 9.1.9 - Lightning Protection System 1 lot 25,000.00 25,000.00 328,030.00

9.2 -High Voltage system9.2.1 -Transformers 11 / 20 kV 1 Nr 220,000.00 220,000.00 9.2.2 -Main switch board & breakers 1 lot 103,000.00 103,000.00 9.2.3 -Interconnection 1 lot 54,000.00 54,000.00 9.2.4 -HT Transmission Line 5 km 80,000.00 - 9.2.5 -Communication & Controls 1 lot 120,000.00 10 120,000.00 9.2.6 -Control system wiring & testing 1 lot 27,000.00 27,000.00 9.2.7 -TNB fee for testing and setting 1 lot 8,000.00 8,000.00 9.2.8 Commissioning & training 1 lot 16,000.00 16,000.00 548,000.00

Provision for other loads 100

Sub - Total 190 876,030.00 876,030.00

BIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTER

ITEM EPC Cost Unit Price USD Quantity Total

A EPC1 Preliminaries & General 111,650.00 111,650.00 2 Proprietary Items 40,000.00 40,000.00 3 Civil and Structural Works 670,390.00 670,390.00 4 Water Treatment 168,364.86 168,364.86 5 EFB dewatering, cutting and reduction system 302,327.93 302,327.93 6 Steam (Boiler ) generation 2,304,307.21 2,304,307.21 7 Power (Turbine) generation 2,861,400.00 2,861,400.00 8 Control & monitoring system 153,700.00 153,700.00 9 Electrical works 876,030.00 876,030.00

Sub Total EPC 7,488,170.00 7,488,170.00

B Other Costs1 Land (Client Owned ) 1.35 30.000 m2 40,500.00 2 Pre-Development 0,75% EPC 56,161.28 3 License 5,000.00 1 5,000.00 4 Professional fees 8% EPC 599,053.60

Sub Total Other Costs 700,714.88

Total Project Cost Before IDC & Contingencies 8,188,884.88 C Financing Fee & Contingencies1 Financing Fees 1.25% 86,199.94 2 Interest During Construction 12% 827,519.38 3 Contingencies-for turnkey EPC cost 10% EPC 748,817.00

Sub Total Financing Fee & Contingencies 1,662,536.32

TOTAL PROJECT COST 9,851,421.19

CAPITAL EXPENDITURE

BREAKDOWN FIXED & VARIABLE COSTBIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTER

ITEM Unit Price USD Quantity Total

FIXED COSTSA Salaries & Related Costs (Per Annum)1 Plant Manager 1,500.00 1 18,000.00 2 Assistant Engineer 700.00 1 8,400.00 3 Boiler man 500.00 3 18,000.00 4 Charge man 500.00 1 6,000.00 5 Technician 350.00 2 8,400.00 6 Plant Supervisors 500.00 3 18,000.00 7 Workers 300.00 6 21,600.00 8 Skid Loader Driver 200.00 3 7,200.00 9 Weighbridge Clerk 200.00 1 2,400.00

10 Lab Technician 300.00 1 3,600.00 Sub Total Salaries & Related Costs (Per Annum) 22 111,600.00

B Maintenance1 Piping 2,500.00 2 Valves 5,000.00 3 Chains & conveyors 2,000.00 4 Motors 2,500.00 5 Gear boxes 6,000.00 6 Fire grids 2,500.00 7 Annual Inspection of Plant

-(Boiler Tubes ) 10,000.00 -(Turbine seals, glands & hydraulics battery etc) 20,000.00

8 Other Spares & Consumables 10,000.00 9 Technical service agreement 77,485.61

Sub Total Maintenance 137,985.61

C General & Admin Costs 1 Auditors' Remuneration 1 2,500.00 2 R & M for staff housing 100.00 2 2,400.00 3 Entertainment 500.00 6 3,000.00 4 Medical 1 9,300.00 5 Secretarial & Legal Fees 250.00 3 9,000.00 6 Welfare & Amenities 1,000.00 5 5,000.00 7 Travelling & Accomodation 2,500.00 6 15,000.00 8 Postage & Stationery 250.00 12 3,000.00 9 Staff Training Ls 10,000.00

10 Telephone 500.00 Ls 6,000.00 11 Personel Insurance 5,580.00 12 Sundry Expenses 2,500.00 1 2,500.00 13 Security Expenses 150.00 6 10,800.00 14 Office Expenses 500.00 12 6,000.00 15 Generating License Fee 1,000.00 16 Bonus (@ 2 month gross salary) 21,900.00 17 Quit Rent & Cess 1,000.00 18 Leased Line 50 12 600.00

Sub Total General & Admin Costs 114,580.00

D Depreciation and InsuranceProject Cost depreciated 20 years 5% EPC 374,408.50 Insurance Equipment 0.5% EPC 37,440.85 Sub Total Depreciation and Insurance 411,849.35

TOTAL FIXED COSTS 776,014.96

VARIABLE COSTS

A Biomass Fuel cost 183,286.09

B Other Operating Cost1 Vehicle Running Costs 500.00 3 18,000.00 2 Loader Operating Costs 500.00 2 12,000.00 3 Fuel Costs For Black Start 200.00 2,400.00 4 Raw water treatment 0.10 320,000 32,000.00 5 Other Contigencies Not Provided For (10%) 6,440.00

Sub Total Other Operating Cost 70,840.00

TOTAL VARIABLE COSTS 254,126.09

TOTAL FIXED AND VARIABLE COSTS 1,030,141.05

Description

OPERATIONAL EXPENDITURE (OPEX) SUMMARYBIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTER

Item Description % of EPC USDFixed Costs

1 Salaries & Related Costs (Per Annum) 111,600.00 2 Maintenance cost plant 137,985.61 4 General & Admin Costs 114,580.00 3 Major Overhaul - every 5 years 5% 374,408.50 5 EPC Insurance 0.50% 37,440.85

Total Fixed Costs 776,014.96

Variable Costs1 Biomass Fuel cost 183,286.09 2 Other operating expence 70,840.00

Total Variable Costs 254,126.09

Total Fixed And Variable Cost 1,030,141.05

BIOMASS POWER PLANT 5 MW GUNUNG MELIAU CLUSTERPROJECTED LOAN SCHEDULE

1 Lender / Banker PT. Bank2 Plafond Loan (US $) 6,895,994.84 3 Tenor 74 Grace Period 15 Payment Period 66 Interest p.a 12%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 827,519.38

10 Principal After IDC + AF + CF 7,809,714.15 11 Fixed Installment (Int + Prin) 1,899,523.34

2006 2007 2008 2009 2010 2011 2012 20131 Drawdown 6,895,994.84 2 AF + CF 86,199.94 3 Beginning Balance - Principal 6,982,194.77 6,982,194.77 7,809,714.15 6,847,356.51 5,769,515.96 4,562,334.54 3,210,291.35 1,696,002.98 4 Installments - Principal 962,357.64 1,077,840.55 1,207,181.42 1,352,043.19 1,514,288.37 1,696,002.98 5 Installments - Interest 827,519.38 937,165.70 821,682.78 692,341.92 547,480.14 385,234.96 203,520.36 6 Installments - Principal & Interest 827,519.38 1,899,523.34 1,899,523.34 1,899,523.34 1,899,523.34 1,899,523.34 1,899,523.34 7 Ending Balance - Principal 6,982,194.77 7,809,714.15 6,847,356.51 5,769,515.96 4,562,334.54 3,210,291.35 1,696,002.98 0

Description YEARS

CDM REVENUE

Based on 12 MW ModelEnergy Displacement Energy Displacement 39,782,664 kWhRate of CO2 Savings 0.8 kg/CO2/kWhAnnual CO2Savings 31,826,131 kgCarbon Emission Reduction-Biomass 31,826 CER /year

Methane SequestrationBiogas Amount - Nm3/yrMethane Content - Nm3/yrCarbon Emission Reduction - Biogas - CER /year

Total CER 31,826 CER/year

CER rates 7.20 USD/CER

CER total Value 229,148.14 USD

Basic InformationPalm Oil MillsCapacity 1 Mill Capacity 270 Ton/HourOperating hours 2 Energy ConsumptionAnnual FFB processed 2.1 Electricity kW

2.2 Steam tons/hrDistance between POM to Power Plant

3

DESIGN CALCULATION FOR ENERGY BALANCE ( Fuel / Steam / Power )

1 Capacity of palm Oil Mill 150 mt FFB per hour2 Operating hours per day 9 hours / day3 Biomass Fuel Input mt FFB / hr Shell EFB Palm oil waste & Other Biomass 4 Palm Oil Mill PTPN XIII G. MELIAU 233 0 41.9 42 5 Palm Oil Mill PTPN XIII RIMBA BERLIAN 158 0 28.4 28 6 Palm Oil Mill PT. BINTANG HARAPAN DESA 150 0 27.0 27 7 Palm Oil Mill PT. SURYA BORNEO INDAH 150 0 27.0 27 8 Total available Biomass 691 0 124.4 124 Ton /hour

632,845 Ton/year9 Moisture content of Biomass ( Percentage on weight) 65% Percentage

10 Proposed power generation plant 5 MWh11 Output Voltage at Plant generator 11 kV @ 50 Hz12 Output Voltage at sub-station 11 kV @ 50 Hz13 Specific power requirement for power plant 900 kW14 Specific power requirement for Refinery - kW15 Specific power requirement for PK extraction mill - kW16 Specific power requirement for Other - 17 Extraction steam required for Process @ 4 bar.g ( 20 t for Refinery & 8 t Boiler water ) 0 kg / hr

18 Specific steam requirement for turbine 4.20 kg / KWh19 Turbine load factor 95%20 Boiler load factor 95%21 Biomass Waste fuel - Content Dry 6,233 kg / h22 Biogas Waste fuel - Content - Nm3 / h23 Average Calorific Value Of Dry total solids 15,000 KJ / Kg24 Average Calorific Value of Biogas 0 KJ / m3

25 Energy required to raise 1 kg of water @ 30C, atm to 50 450 deg. C 763.4 3196 KJ26 Assume boiler thermal efficiency 85%27 Actual energy required 3,760 KJ / Kg of water28 Steam can be produced by 1 kg of Biomass Fuel 3.99 kg steam29 Steam can be produced by 1 kg of Biogas Fuel 0.00 kg steam30 Steam produced by Biomass waste fuel 24,864 Kg / hr31 Steam produced by Biogas waste fuel - Kg / hr32 TOTAL Steam produced 24,864 Kg / hr

Turborgenerator capacity33 Max continous rating 0.80 % 5,920 kW34 Total Parasitic Load 0.12 900 kW35 Power for Despatch 0.68 % 5,020 kW

HP Steam required for power generation 4.2 kg / kW 24,864 kg / hr36 Turbine design capacity 7,400 kVA

Boiler plant capacity37 Total HP steam requirement 24,864 kg per hour38 Required Boiler Capacity 95% load factor 26,173 kg per hour39 SELECTED BOILER CAPACITY 25,000 kg per hour

A DRY WASTE FUEL REQUIRED PER HOUR 6,233 kg / hB ACTUAL WET WASTE FUEL REQUIRED PER HOUR 10,284 kg / h

78,491 ton/yearC DRY WASTE FUEL REQUIRED PER DAY (24 hours) 150 mt / dayD ACTUAL WET WASTE FUEL REQUIRED PER DAY with 65% moisture 246.83 mt / day

mt FFB / hr Operating hr Solid Fuel % of FFBE Total Dry fuel available at 150 9 83% 1,119 mt per day

355,976 mt per yearF Total Wet fuel 65% Moist. available 1,847 mt per dayG Excess / (Shortfall) Dry fuel 970 mt per dayH Excess / (Shortfall) Wet fuel with 65% Moisture 1,600 mt per day

BIOMASS POWER PLANT Base Model GUNUNG MELIAU CLUSTER

ADB Technical Assistance

Indonesia

Palm Oil Waste Biomass

Energy Generation & Requirement

RESULTS

GIVEN DATA

INPUT DATA

Steam Generation

FUEL COMPUTATION - Fuel cost per ton of EFB

Fixed VariableUSD USD USD

EFB Wet (65%) 1.00 0.50 0.50Processing Cost- Power 0.26 0.26- Maintenance 0.30 0.30- Labour 0.10 0.10- Consumables 0.10 0.10Transportation 0.35 0.35General Charges 0.05 0.05

2.16 0.76 1.40

0.63

CLUSTER KOTA PINANG

Project Bio Diesel Plant

Capacity 8 Ton / dayBuyer CommunityRunning Capacity 6,000 hours / yearConstruction Period 6 monthsEquity 40%Debt 60%Loan Term 5 yearsGrace Period 1 yearInstallment Term 4 yearsInterest Rate 18%Administration Fee 1%Commitment Fee 0,25 %




KOTA PINANG CLUSTERPROJECT BASE LINE


ITEM Description Unit Price Quantity TotalA Equipment & EPC1 Equipment 250,000.00 1 250,000.00 2 Engenering 50,000.00 1 50,000.00 3 Civil and Structural Works 50,000.00 1 50,000.00 4 Water Treatment 50,000.00 1 50,000.00 5 Remnant Oil Recovery system 110,000.00 1 110,000.00 6 Steam (Boiler ) generation 50,000.00 1 50,000.00 7 Bio diesel tank and pump 35,000.00 1 35,000.00 8 Control & monitoring system 15,000.00 1 15,000.00 9 Electrical works 20,000.00 1 20,000.00

10 Genset 15,000.00 2 30,000.00 11 Weighing bridge 30 ton 15,000.00 1 15,000.00 12 Pretreatment raw material 50,000.00 1 50,000.00 13 Laboratory and Workshop Equipment 5,000.00 1 5,000.00 14 Office Building 50,000.00 1 50,000.00


B Development Cost1 Land (Client Owned ) - - 2 Pre-Development 0.75% EPC 5,850.00 3 License -








Total Project Cost 1,048,770.00

8 ton / day 131,096.25

KOTA PINANG CLUSTER8 TON BIO DIESEL PLANTCAPITAL EXPENDITURE

ITEM Description Unit Price USD Total














F Indirect Cost1 - Laboratory 10% Labor cost 12 4,620.00

G Depreciation Expense1 - Depreciation Equipment 10% EPC 12 78,000.00 2 - Depreciation Other Equipment 10% Other Equipment 12 9,600.00




Quantity

KOTA PINANG CLUSTER8 TON BIO DIESEL PLANT


2nd Smt 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Production Capacity 414 kg / hour 20 hours/day 25 days / month 621,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 2,484,000.00 Density 0.87 kg / ltr 475 ltr / hour 9,517 ltr / day 713,775 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 2,855,100.00 Annual Bio Diesel Sale 300 days / yearExchange rate Rp. 9,500 / USDCPO Sludge input 330 kg / hour 20 hours / day 25 days / month 495,000 1,980,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 Remnant oil input 130 kg / hour 20 hours / day 25 days / month 195,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 Methane 80.5 kg / hour 20 hours / day 25 days / month 120,750 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 Catalist 8.97 kg / hour 20 hours / day 25 days / month 13,455 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 NaOH 2.76 kg / hour 20 hours / day 25 days / month 4,140 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560

RevenueBio Diesel Revenue 0.58 / ltr 413,238 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953

Total Revenue 413,238 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953 1,652,953


A Operating Expense1 CPO Sludge input USD 0.26 / kg 128,700.00 514,800.00 514,800.00 514,800.00 514,800.00 514,800.00 514,800.00 514,800.00 514,800.00 514,800.00 2 Remnant oil USD 0.26 / kg 50,700.00 202,800.00 202,800.00 202,800.00 202,800.00 202,800.00 202,800.00 202,800.00 202,800.00 202,800.00 3 Methane USD 0.50 / kg 60,375.00 241,500.00 241,500.00 241,500.00 241,500.00 241,500.00 241,500.00 241,500.00 241,500.00 241,500.00 4 Catalist USD 0.21 / kg 2,825.55 11,302.20 11,302.20 11,302.20 11,302.20 11,302.20 11,302.20 11,302.20 11,302.20 11,302.20 5 NaOH USD 0.21 / kg 869.40 3,477.60 3,477.60 3,477.60 3,477.60 3,477.60 3,477.60 3,477.60 3,477.60 3,477.60

Sub Total Operating Expense 243,469.95 973,879.80 973,879.80 973,879.80 973,879.80 973,879.80 973,879.80 973,879.80 973,879.80 973,879.80

B Utility1 - Steam USD 0.0055 / kg 7,200,000 hours 9,900.00 39,600.00 39,600.00 39,600.00 39,600.00 39,600.00 39,600.00 39,600.00 39,600.00 39,600.00 2 - Water USD 0.0001 / kg 50,400,000 kg 1,260.00 5,040.00 5,040.00 5,040.00 5,040.00 5,040.00 5,040.00 5,040.00 5,040.00 5,040.00 3 - Diesel USD 0.50 / kg 123,750 ltr / year 15,468.75 61,875.00 61,875.00 61,875.00 61,875.00 61,875.00 61,875.00 61,875.00 61,875.00 61,875.00

Sub Total Utility 26,628.75 106,515.00 106,515.00 106,515.00 106,515.00 106,515.00 106,515.00 106,515.00 106,515.00 106,515.00

Total Variable Cost 270,098.70 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80 1,080,394.80

Fixed CostA Maintenance equipment 9,750.00 19,500.00 19,500.00 19,500.00 19,500.00 19,500.00 19,500.00 19,500.00 19,500.00 19,500.00

B Major Overhaul - every 5 years 78,000.00 -

C Operating labor - 1 - Management 6,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 2 - Supervisor 4,500.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 3 - Operator 10,800.00 21,600.00 21,600.00 21,600.00 21,600.00 21,600.00 21,600.00 21,600.00 21,600.00 21,600.00 4 - Driver 1,800.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00

Sub Total Operating labor 21,300.00 46,200.00 46,200.00 46,200.00 46,200.00 46,200.00 46,200.00 46,200.00 46,200.00 46,200.00 -

D Office Expense - 1 - House Rent 1,200.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2 - Telephone 1,800.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3 - Stationary 600.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 4 - Sundry Expenses 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

Sub Total Office Expense 5,600.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 11,200.00 -

E Transportation Expense - 1 - Car Cost ( Fuel & maintenance) 1,200.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2,400.00 2 - Motor Cycle Cost (Fuel & Maintenance) 900.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 3 - Truck Cost (Fuel & maintenance) 3,600.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00

Sub Total Transportation Expense 5,700.00 11,400.00 11,400.00 11,400.00 11,400.00 11,400.00 11,400.00 11,400.00 11,400.00 11,400.00

F Indirect Cost1 - Laboratory 2,310.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00

- - - - - - - - G Depreciation Expense - - - - - - - - 1 - Depreciation Equipment 39,000.00 78,000.00 78,000.00 78,000.00 78,000.00 78,000.00 78,000.00 78,000.00 78,000.00 78,000.00 2 - Depreciation Other Equipment 4,800.00 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00

Sub Total Depreciation 43,800.00 87,600.00 87,600.00 87,600.00 87,600.00 87,600.00 87,600.00 87,600.00 87,600.00 87,600.00 -

Total Fixed Cost 88,460.00 180,520.00 180,520.00 180,520.00 180,520.00 258,520.00 180,520.00 180,520.00 180,520.00 180,520.00 - - - - - - - - - -

Total Variable & Fixed Cost 358,558.70 1,260,914.80 1,260,914.80 1,260,914.80 1,260,914.80 1,338,914.80 1,260,914.80 1,260,914.80 1,260,914.80 1,260,914.80

EBIT 54,679.46 392,037.83 392,037.83 392,037.83 392,037.83 314,037.83 392,037.83 392,037.83 392,037.83 392,037.83

Loan Interest 18% 60% EPC 84,240.00 84,240.00 100,456.20 81,194.86 58,466.48 0 0 0 0 0

Income before Tax (29,560.54) 307,797.83 291,581.63 310,842.97 333,571.35 314,037.83 392,037.83 392,037.83 392,037.83 392,037.83

Income tax 30% 92,339.35 87,474.49 93,252.89 100,071.40 94,211.35 117,611.35 117,611.35 117,611.35 117,611.35

Income after tax (29,560.54) 215,458.48 204,107.14 217,590.08 233,499.94 219,826.48 274,426.48 274,426.48 274,426.48 274,426.48

ProjectCash Flow out 1,019,209.46 Cash Flow in (1,019,209.46) 303,058.48 291,707.14 305,190.08 321,099.94 307,426.48 362,026.48 362,026.48 362,026.48 362,026.48

Project IRR 28%Equity IRR 47%Devidend Payment (449,068.54) 212,140.94 204,195.00 213,633.06 224,769.96 215,198.54 253,418.54 253,418.54 253,418.54 253,418.54 Shareholder's PaybackNPV $628,217.71Payback Period 1.30

DESCRIPTION YEARS



1 Lender / Banker PT. Bank2 Plafond Loan (US $) 468,000.00 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 18%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 84,240.00 10 Principal After IDC + AF + CF 558,090.00 11 Fixed Installment (Int + Prin) 207,463.63

1 st Smt 2 nd Smt 2007 2008 2009 2010 20111 Drawdown 468,000.00 2 IDC + AF + CF 90,090.00 3 Beginning Balance - Principal 558,090.00 558,090.00 558,090.00 451,082.57 324,813.79 175,816.64 4 Installments - Principal 107,007.43 126,268.77 148,997.15 175,816.64 5 Installments - Interest 84,240.00 100,456.20 81,194.86 58,466.48 31,647.00 6 Installments - Principal & Interest 84,240.00 207,463.63 207,463.63 207,463.63 207,463.63 7 Ending Balance - Principal 558,090.00 558,090.00 451,082.57 324,813.79 175,816.64 -

Description 2006 YEARS



2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cashflow From Operating ActivitiesEBIT - Tax 54,679 299,698 304,563 298,785 291,966 219,826 274,426 274,426 274,426 274,426 Depreciation 39,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 78,000 Other Depreciation 4,800 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600

Net Cashflow From Operating Activities 98,479 387,298 392,163 386,385 379,566 307,426 362,026 362,026 362,026 362,026

Cashflow From Investing ActivitiesTotal Project Cost 1,048,770

Net Cashflow From Investing Activities (950,291) 387,298 392,163 386,385 379,566 307,426 362,026 362,026 362,026 362,026

Cashflow From Financing Activities Capital 419,508 - Dividend Payment - Medium Term Loan Disbursement 629,262 - Interest Installment (Medium Term Loan) - 84,240 100,456 81,195 58,466 Principal Installment (Medium Term Loan) - - 107,007 126,269 148,997

1,048,770 84,240 207,464 207,464 207,464

Increase (Decrease) Cash 98,479 303,058 184,700 178,921 172,103 307,426 362,026 362,026 362,026 362,026

Beginning Cash Balance 98,479 401,538 586,238 765,159 937,262 1,244,688 1,606,715 1,968,741 2,330,768

Ending Cash Balance 98,479 401,538 586,238 765,159 937,262 1,244,688 1,606,715 1,968,741 2,330,768 2,692,794

YEARDESCRIPTION


CASHFLOW

References Case Referen1 Cost of Fuel - EFB Internal 0.00 USD/ton - USD/ton USD/ 0.81 USD/ton2 Cost of Fuel - Biomass external Outside 2.16 USD/ton 2.16 USD/ton USD/ 0.81 USD/ton3 Borrowings 70% 65% 65%4 Tenure 7 years 7 years 5 5 Cost o Borrowings 12% pa 17% pa pa 17% pa6 Annual Maintenance 3% pa 3% pa pa 3% pa7 Five Yr Major Overhaul 5% fifth year 5% fifth year fifth y 5% fifth year8 Carbon Credits - Biogas - - USD/ton - - 9 Carbon Credits -Electricity 25,859 7 USD/ton 186,182.87 USD/yr USD/ 178,336.08 USD/yr10 Tech Service Agreements 1.50% 77,485.61 USD/yr 77,485.61 USD/yr USD/ 44.31 USD/yr11 Other operating Costs 50% 35,420.00 USD/yr 35,420.00 USD/yr USD/ 104.05 USD/yr12 Inflation Index 8% 10% 9%13 Tax Rate Maintained at na na pa na14 Investment Tax Allowance na na na15 CDM -> CER Rate 7.2 USD/ton 7.2 7.2 16 Steam Sale Rate 0 USD/ton 0 017 Treated Water Sale Rate 0 0 USD/m3 0 018 Power Sale rate to local demand 0 0 USD/kWh 0 019 Power Sale rate to Grid 0.050 USD/KWh 0.070 0.048

- -

a Average PBT Before Interest 687,858.07 USD/yr 687,858.07 USD/yr USD/ 1,175,172 USD/yrb Average PAT Before Interest 796,071.96 USD/yr 796,071.96 USD/yr USD/ 854,188 USD/yrc Equity Payback 14 years 14.00 d Shareholders IRR 5.41% 5% 23.00%e Project IRR 8.08% 8.08% 17.72%f PBT/Turnover 22% 22% 42.81%


Conservative Case Best CaseBIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTER

CASH FLOW BIO MASS POWER PLANT 5MW KOTA PINANG CLUSTER

Inflow 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,016Profit before tax 0 317,655.64 185,236.19 260,472.77 346,347.59 268,770.86 754,725.75 1,100,490.30 1,244,875.59 1,421,694.83 978,311.18 Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0 0 0 0 0

0 692,064.14 559,644.69 634,881.27 720,756.09 643,179.36 1,129,134.25 1,474,898.80 1,619,284.09 1,796,103.33 1,352,719.68 OutflowCapital Expenditure 9,851,421.19 (9,851,421.19) Fixed Assets Replacement 0 0 0 0 0 0 0 0 0 0 0 0Working capital (Debtors) 0 0 0 0 0 0 0 0 0 0 0 0Taxation 0 0 95,297 55,571 103,904 103904 80631 226,417.72 330,147.09 373,462.68 426,508.45 293,493.35

9,851,421.19 (9,851,421.19) 95,297 55,571 103,904 103904 80631 226,417.72 330,147.09 373,462.68 426,508.45 293,493.35

Surplus/(Deficit) (9,851,421.19) 596,767.45 504,073.84 530,976.99 616,851.82 562,548.10 902,716.52 1,144,751.71 1,245,821.41 1,369,594.88 1,059,226.32 Cumulative Cash Flow (9,851,421.19) (9,254,653.75) (8,750,579.91) (8,219,602.92) (7,602,751.10) (7,040,203.00) (6,137,486.48) (4,992,734.77) (3,746,913.35) (2,377,318.48) (1,318,092.15)

IRR 8.08%NPV @ 12% (2,529,954.18) Payback Period 11 years

Shareholder's IRRCashflow (2,955,426.36) (230,751.93) (1,395,449.50) (1,368,546.34) (1,282,671.52) (1,336,975.24) (996,806.81) (754,771.62) 1,245,821.41 1,369,594.88 1,059,226.32

IRR 5.41%Acumulative Shareholder's Payback 0 (3,186,178.29) (4,581,627.79) (5,950,174.13) (7,232,845.65) (8,569,820.89) (9,566,627.70) (10,321,399.32) (9,075,577.91) (7,705,983.03) (6,646,756.71) Equity Payback 14 years 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00

Diesel avoidance cost 0.20 (Rp. 1.900) 39,782,664.00 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Economic cash flow (9,851,421.19) 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Cumulative Economic Cash Flow (9,851,421.19) (1,894,888.39) 6,061,644.41 14,018,177.21 21,974,710.01 29,931,242.81 37,887,775.61 45,844,308.41 53,800,841.21 61,757,374.01 69,713,906.81

Economic IRR 81%Payback Period 2 years

CASH FLOW BIO MASS POWER PLANT 5MW KOTA PINANG CLUSTER



9,851,421.19

Surplus/(Deficit)Cumulative Cash Flow

IRR 8.08%NPV @ 12% (2,529,954.18) Payback Period 11 years


IRR 5.41%Acumulative Shareholder's PaybackEquity Payback 14 years

Diesel avoidance cost 0.20 (Rp. 1.900) 39,782,664.00 Economic cash flowCumulative Economic Cash Flow

Economic IRR 81%Payback Period 2 years

2,017 2,018 2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,0261,542,980.14 1,373,333.94 1,650,838.54 1,546,008.53 1,377,120.13 1,625,626.14 1,839,840.83 1,688,051.26 1,908,754.38 1,350,581.94

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0 0 0 0.00

1,917,388.64 1,747,742.44 2,025,247.04 1,920,417.03 1,751,528.63 2,000,034.64 2,214,249.33 2,062,459.76 2,283,162.88 1,724,990.44

0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

462,894.04 412,000.18 495,251.56 463,802.56 413,136.04 487,687.84 551,952.25 506,415.38 572,626.32 405,174.58 462,894.04 412,000.18 495,251.56 463,802.56 413,136.04 487,687.84 551,952.25 506,415.38 572,626.32 405,174.58

1,454,494.60 1,335,742.26 1,529,995.48 1,456,614.47 1,338,392.59 1,512,346.80 1,662,297.08 1,556,044.39 1,710,536.57 1,319,815.86 136,402.45 1,472,144.71 3,002,140.19 4,458,754.65 5,797,147.25 7,309,494.04 8,971,791.12 10,527,835.51 12,238,372.08 13,558,187.94

1,454,494.60 1,335,742.26 1,529,995.48 1,456,614.47 1,338,392.59 1,512,346.80 1,662,297.08 1,556,044.39 1,710,536.57 1,319,815.86

(5,192,262.11) (3,856,519.85) (2,326,524.37) (869,909.90) 468,482.69 1,980,829.49 3,643,126.57 5,199,170.95 6,909,707.52 8,229,523.38 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00

7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80

77,670,439.61 85,626,972.41 93,583,505.21 101,540,038.01 109,496,570.81 117,453,103.61 125,409,636.41 133,366,169.21 141,322,702.01 149,279,234.81

Sensitivity AnalysisSelling price to PLN 0.03 USD 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.10 USD 0.12 USDIRR Project -2.41% 3.76% 8.08% 11.68% 14.90% 17.91% 23.57% 29.00%Payback Period 21 15 11 9 8 7 5 4

Selling price to PLN 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.09 USD 0.10 USD 0.11 USDShareholder's IRR 0.08% 5.41% 10.12% 14.69% 19.40% 24.46% 30.04% 36.30%Payback Period Shareholder's 19 14 11 10 8 7 7 5

Diesel Avoidance Cost 0.10 USD 0.16 USD 0.20 USD 0.25 USD 0.30 USDEIRR 40% 65% 81% 101% 121%Payback Period 3 2 2 1 1

PLANT OUTPUT REVENUEBIOMASS POWER PLANT 5 MW

KOTA PINANG CLUSTERBASE MODEL

2007 2008 2009 2010 2011 2012 2013 2014 2015 20161 2 3 4 5 6 7 8 9 10

Steam Generation mt / year 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 Steam at 4 bar available for Sale 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424


Unit Installed Capacity (kW) 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Maximum Continous Rating 1 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Less:Auxillary Load (kW) 700 700 700 700 700 700 700 700 700 700

Net Capacity (kW) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

REPA Capacity (Mw) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

Capacity Utilisation (Normal Days) 1 1 1 1 1 1 1 1 1 1

Capacity Utilisation (Holidays) 1 1 1 1 1 1 1 1 1 1

No. Of Days (Normal Days) 264 264 264 264 264 264 264 264 264 264

No. Of Days (Holidays: School + Public) 101 101 101 101 101 101 101 101 101 101

No. of Days in a Year 365 365 365 365 365 365 365 365 365 365

Availability Factor (%) 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

Plant Production Days 318 318 318 318 318 318 318 318 318 318

Maintainance Days 47 47 47 47 47 47 47 47 47 47

ANNUAL REVENUE: USD/kwh USDAt: 0.050 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20

0.055 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52

Actual Despatch kwh x 1,000 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664




PLANT OUTPUT REVENUEBIOMASS POWER PLANT 5 MW

KOTA PINANG CLUSTERBASE MODEL






Net Capacity (kW)

REPA Capacity (Mw)








Maintainance Days


0.055


Actual Output



2017 2018 2019 2020 2021 2022 2023 2024 2025 202611 12 13 14 15 16 17 18 19 20

189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

700 700 700 700 700 700 700 700 700 700

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1

264 264 264 264 264 264 264 264 264 264

101 101 101 101 101 101 101 101 101 101

365 365 365 365 365 365 365 365 365 365

0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

318 318 318 318 318 318 318 318 318 318

47 47 47 47 47 47 47 47 47 47

1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52 2,188,046.52

39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664

PROFIT AND LOSS SUMMARYBIOMASS POWER PLANT 5 MW

KOTA PINANG CLUSTER

Income Option USD / unit Qty 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013 2,0140 1 2 3 4 5 6 7 8

Steam Generation 0 189,493,517 0 0 0 0 0 0 0 0 0Sale of Steam ( mt / y ) 0 1.31 152,424 0 0 0 0 0 0 0 0 0Sale of Water ( mt / y ) 0 0 0 0 0 0 0 0 0 0 0 0Sale of Power to local demand ( kwh / y ) 0 0 0 0 0 0 0 0 0 0 0 0Sale of Power to GRID ( kwh / y ) 1 0.05 39,782,664 0 1,989,133.20 1,989,133.20 1,989,133.20 1,989,133.20 2,188,046.52 2,188,046.52 2,406,851.17 2,406,851.17 CER sale - Biomass energy displacement 7.20 25,859 0 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87

Bio Diesel (lt / y ) 0 0.58 28,885,100 0 0 0 0 0 0 0 0 0Organic Oil ( lt / y ) 4,180,000 0 0 0 0 0 0 0 0 0

Total sales 3,086,235.02 - 2,175,316.07 2,175,316.07 2,175,316.07 2,175,316.07 2,374,229.39 2,374,229.39 2,593,034.04 2,593,034.04

Fixed CostSalaries & related cost Inflation rate 8% 111,600.00 0 111,600.00 130,170.24 140,583.86 151,830.57 163,977.01 177,095.17 191,262.79 206,563.81 Maintenance cost (Plant) 3% EPC 7,488,170.00 0 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 Major Overhaul 5% EPC every 5 years 7,488,170.00 0 0 0 0 0 374,408.50 0 0 0

General admin cost 8% General admin cost 114,580.00 0 114,580.00 133,646.11 144,337.80 155,884.83 168,355.61 181,824.06 196,369.98 212,079.58 Insurance 0,5% EPC 7,488,170.00 0 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 Interest 12% loan 6,895,994.84 0 827,519.38 937,165.70 821,682.78 692,341.92 547,480.14 385,234.96 203,520.36 0Depreciated 20 years 5% EPC 7,488,170.00 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

Total Fixed Cost 0 1,603,534.34 1,750,817.01 1,656,439.40 1,549,892.27 1,804,056.23 1,293,989.15 1,140,988.09 968,478.35 Variable CostsFuel cost - External Source 2.16 78,491 0 183,286.09 197,948.98 213,784.90 230,887.69 249,358.70 269,307.40 290,851.99 314,120.15 Other operating cost 50 % Other operating cost 35,420.00 0 70,840.00 41,313.89 44,619.00 48,188.52 52,043.60 56,207.09 60,703.66 65,559.95

Total Variable Costs 0 254,126.09 239,262.87 258,403.89 279,076.21 301,402.30 325,514.49 351,555.65 379,680.10 Total Fixed Cost & Variable Cost 0 1,857,660.43 1,990,079.87 1,914,843.30 1,828,968.47 2,105,458.53 1,619,503.64 1,492,543.74 1,348,158.45

Average Operational Cost 1,726,401.93 0 1,030,141.05 1,052,914.18 1,093,160.51 1,136,626.56 1,557,978.39 1,234,268.68 1,289,023.38 1,348,158.45 Base Year Operational Cost 0.023

Profit before tax 687,858.07 0 317,655.64 185,236.19 260,472.77 346,347.59 268,770.86 754,725.75 1,100,490.30 1,244,875.59 Taxation 30% 0 95,296.69 55,570.86 103,904.28 103,904.28 80,631.26 226,417.72 330,147.09 373,462.68Profit after tax (PAT) 796,071.96 0 222,358.95 129,665.34 156,568.49 242,443.32 188,139.60 528,308.02 770,343.21 871,412.91 Cumulative PAT 0 222,358.95 352,024.28 508,592.78 751,036.09 939,175.69 1,467,483.71 2,237,826.93 3,109,239.84

Inflation factor 1.00 0 1.08 1.17 1.26 1.36 1.47 1.59 1.71 1.85 Inflation rate 1.08 Tax ComputationProfit Before Tax 0 317,655.64 185,236.19 260,472.77 346,347.59 268,770.86 754,725.75 1,100,490.30 1,244,875.59 Add: Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 Adjusted Profit 0 692,064.14 559,644.69 634,881.27 720,756.09 643,179.36 1,129,134.25 1,474,898.80 1,619,284.09 Less: Capital Allowance not applicable 0 0 0 0 0 0 0 0 0Investment Tax Allowance not applicable 0 0 0 0 0 0 0 0 0Losses Brought Forward 0 0 692,064.14 1,251,708.83 1,886,590.10 2,607,346.20 3,250,525.56 4,379,659.80 5,854,558.61 Losses Carried Forward 0 692,064.14 1,251,708.83 1,886,590.10 2,607,346.20 3,250,525.56 4,379,659.80 5,854,558.61 7,473,842.69 Taxable Income 317,655.64 185,236.19 260,472.77 346,347.59 268,770.86 754,725.75 1,100,490.30 1,244,875.59 TAX na 0 95,296.69 55,570.86 103,904.28 103,904.28 80,631.26 226,417.72 330,147.09 373,462.68

Profit After Tax 0 222,358.95 129,665.34 156,568.49 242,443.32 188,139.60 528,308.02 770,343.21 871,412.91 Less:Dividend 559,247.49 0 (230,751.93) (1,395,449.50) (1,368,546.34) (1,282,671.52) (1,336,975.24) (996,806.81) (754,771.62) 1,245,821.41 Profit After Dividend 0 453,110.88 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 (374,408.50) Accumulated Profit After Tax 0 453,110.88 1,978,225.72 3,503,340.55 5,028,455.39 6,553,570.22 8,078,685.06 9,603,799.89 9,229,391.39

PROFIT AND LOSS SUMMARYBIOMASS POWER PLANT 5 MW

KOTA PINANG CLUSTER

Income

Steam GenerationSale of Steam ( mt / y )Sale of Water ( mt / y )Sale of Power to local demand ( kwh / y )Sale of Power to GRID ( kwh / y )CER sale - Biomass energy displacement

Bio Diesel (lt / y )Organic Oil ( lt / y )

Total sales

Fixed CostSalaries & related costMaintenance cost (Plant)Major Overhaul

General admin costInsuranceInterestDepreciated 20 years

Total Fixed CostVariable CostsFuel cost - External SourceOther operating cost


Average Operational CostBase Year Operational Cost

Profit before taxTaxationProfit after tax (PAT)Cumulative PAT

Inflation factorInflation rateTax ComputationProfit Before TaxAdd: DepreciationAdjusted ProfitLess: Capital AllowanceInvestment Tax AllowanceLosses Brought ForwardLosses Carried ForwardTaxable IncomeTAX

Profit After TaxLess:DividendProfit After DividendAccumulated Profit After Tax

2,015 2,016 2,017 2,018 2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,0269 10 11 12 13 14 15 16 17 18 19 200 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

2,647,536.29 2,647,536.29 2,912,289.92 2,912,289.92 3,203,518.91 3,203,518.91 3,523,870.80 3,523,870.80 3,876,257.88 3,876,257.88 4,263,883.67 4,263,883.67 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87 186,182.87

0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

2,833,719.16 2,833,719.16 3,098,472.79 3,098,472.79 3,389,701.78 3,389,701.78 3,710,053.67 3,710,053.67 4,062,440.75 4,062,440.75 4,450,066.54 4,450,066.54

111,600223,088.92 240,936.03 260,210.91 281,027.79 303,510.01 327,790.81 354,014.07 382,335.20 412,922.01 445,955.78 481,632.24 520,162.82 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61

0 374,408.50 0 0 0 0 374,408.50 0 - - - 374,408.50

229,045.95 247,369.63 267,159.20 288,531.93 311,614.49 336,543.65 363,467.14 392,544.51 423,948.07 457,863.91 494,493.03 534,052.47 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85

0 0 0 0 0 0 0 0 0 0 0 0374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

1,001,969.82 1,412,549.11 1,077,205.07 1,119,394.68 1,164,959.45 1,214,169.41 1,641,724.67 1,324,714.67 1,386,705.04 1,453,654.65 1,525,960.22 1,978,458.75

339,249.76 366,389.74 395,700.92 427,357.00 461,545.56 498,469.20 538,346.74 581,414.48 627,927.63 678,161.84 732,414.79 791,007.97 70,804.74 76,469.12 82,586.65 178,387.17 112,358.23 131,054.64 152,862.13 178,298.39 207,967.24 242,572.99 282,937.14 330,017.88

410,054.51 442,858.87 478,287.58 605,744.17 573,903.79 629,523.84 691,208.87 759,712.87 835,894.88 920,734.84 1,015,351.93 1,121,025.85 1,412,024.33 1,855,407.98 1,555,492.64 1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92 2,374,389.48 2,541,312.15 3,099,484.60 1,412,024.33 1,855,407.98 1,555,492.64 1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92 2,374,389.48 2,541,312.15 3,099,484.60

1,421,694.83 978,311.18 1,542,980.14 1,373,333.94 1,650,838.54 1,546,008.53 1,377,120.13 1,625,626.14 1,839,840.83 1,688,051.26 1,908,754.38 1,350,581.94 426,508.45 293,493.35 462,894.04 412,000.18 495,251.56 463,802.56 413,136.04 487,687.84 551,952.25 506,415.38 572,626.32 405,174.58

995,186.38 684,817.82 1,080,086.10 961,333.76 1,155,586.98 1,082,205.97 963,984.09 1,137,938.30 1,287,888.58 1,181,635.89 1,336,128.07 945,407.36 4,104,426.22 4,789,244.04 5,869,330.14 6,830,663.90 7,986,250.88 9,068,456.85 10,032,440.94 11,170,379.23 12,458,267.82 13,639,903.70 14,976,031.77 15,921,439.13

2.00 2.16 2.33 2.52 2.72 2.94 3.17 3.43 3.70 4.00 4.32 4.66

1,421,694.83 978,311.18 1,542,980.14 1,373,333.94 1,650,838.54 1,546,008.53 1,377,120.13 1,625,626.14 1,839,840.83 1,688,051.26 1,908,754.38 1,350,581.94 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

1,796,103.33 1,352,719.68 1,917,388.64 1,747,742.44 2,025,247.04 1,920,417.03 1,751,528.63 2,000,034.64 2,214,249.33 2,062,459.76 2,283,162.88 1,724,990.44 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

7,473,842.69 9,269,946.02 10,622,665.70 12,540,054.34 14,287,796.78 16,313,043.82 18,233,460.85 19,984,989.48 21,985,024.12 24,199,273.45 26,261,733.21 28,544,896.10 9,269,946.02 10,622,665.70 12,540,054.34 14,287,796.78 16,313,043.82 18,233,460.85 19,984,989.48 21,985,024.12 24,199,273.45 26,261,733.21 28,544,896.10 30,269,886.54 1,421,694.83 978,311.18 1,542,980.14 1,373,333.94 1,650,838.54 1,546,008.53 1,377,120.13 1,625,626.14 1,839,840.83 1,688,051.26 1,908,754.38 1,350,581.94

426,508.45 293,493.35 462,894.04 412,000.18 495,251.56 463,802.56 413,136.04 487,687.84 551,952.25 506,415.38 572,626.32 405,174.58

995,186.38 684,817.82 1,080,086.10 961,333.76 1,155,586.98 1,082,205.97 963,984.09 1,137,938.30 1,287,888.58 1,181,635.89 1,336,128.07 945,407.36 1,369,594.88 1,059,226.32 1,454,494.60 1,335,742.26 1,529,995.48 1,456,614.47 1,338,392.59 1,512,346.80 1,662,297.08 1,556,044.39 1,710,536.57 1,319,815.86 (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50)

8,854,982.89 8,480,574.39 8,106,165.89 7,731,757.39 7,357,348.89 6,982,940.39 6,608,531.89 6,234,123.39 5,859,714.89 5,485,306.39 5,110,897.89 4,736,489.39

PROJECT FINANCIAL PERFORMANCE SUMMARYBIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTER

Rate


2 Sale of Power to local demand ( kwh / y ) - - kwh - 0%

3 Sale of Power to GRID ( kwh / y ) 0.050 39,782,664 kwh 1,989,133 91% 1 Oil Palm Mill Cluster Capacity 255 mt FFB / hr4 CER sale - Biomass energy displacement 7.200 25,859 CER / yr 186,183 9%

5 Total Year Revenue USD 2,175,316.07 100% 2 Tax Rate Maintained at: na


7 Profit forecast before tax USD 317,655.64 15% 3 Inflation Factor: 8%8 Operational cost average USD 1,726,401.93 / year





22 Steam sold at - USD / mt 12 Fuel Usage (moisture level % ): 160 150 mt / day23 Cost per mt steam 0.0049 USD / mt24 Diesel avoidance cost 0.20 USD 13 Fuel disposal amount per year mt / year25 Shareholders' IRR 5.41%

14 Ratio of fuel kg fuel = 3.99 kg steam26 Economic IRR 80.76% kg fuel = 0.95 kw27 Project Cost per kW 1,664.09 USD / kW 15 Production days per year 318 days

28 Full Potential Despatch kwh x 1,000 51,859,200 kWh / year 16 Implementation of Project : 20 years

29 Ratio of actual to maximum potential energy output 87%

BREAKDOWN FIXED VARIABLE COSTBIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTER






8 Other Spares & Consumables 10,000.00 9 Technical service agreemen 77,485.61







VARIABLE COSTS

A Biomass Fuel cost 2.16 78,490.57 183,286.09





Description

Tractors Petroleum Services Sdn Bhd 1 of 5



1.1 MOBILISATION 2,500.00 1.2 EMPLOYER'S REPRESENTATIVE'S OFFICERS & EQUIP 2,500.00 1.3 TELEPHONE, FACSIMILE AND HANDPHONES 1,000.00 1.4 GEOTECHNICAL INVESTIGATION AND SITE SURVEYS 5,000.00 1.5 PROGRESS REPORTS & PHOTOGRAPHS 750.00 1.6 QUALITY ASSURANCE 0.2% 4,500,000.00 9,000.00 1.7 OBTAINING ALL NECESSARY APPROVALS & PERMITS 7,000.00 1.8 PREPARATION & SUBMISSION OF O & M MANUALS 1,500.00 1.9 OVERALL SYSTEM TESTING AND COMMISSIONING 8,000.00 1.10 OPERATION AND MAINTENANCE OF PLANT TILL HANDED OVER 1 8,000.00 8,000.00 1.11 WATCHING & SAFETY 6 800.00 4,800.00 50,050.00



Sub-Total 0 111,650.00 111,650.00



Sub-Total 2 40,000.00 40,000.00





Drains 2,000 m 20.00 40,000.00 3.5 Footings & Foundation & Plinth 1200 m3 30.00 36,000.00 3.6 Piling 2000 m 30.00 60,000.00 3.7 Guardhouse 16 m2 65.00 1,040.00 3.8 Office 200 m2 225.00 45,000.00 3.9 Raw water intake pump house 24 m2 50.00 1,200.00 3.10 Water treatment plant house 60 m2 50.00 3,000.00 261,240.00





Sub-Total 2 602,790.00 602,790.00




Sub-Total 6 670,390.00 670,390.00

PROJECT COST BREAKDOWN May 9, 2006Base Model Biomass Power Plant

BIOMASS POWER PLANT 5 MW AT KOTA PINANG







4.1 Pump house - Inlet channel, foundation, footings and plinths 1 lot4.2 Raw water intake piping with valves 1 lot4.3 Raw water pumps - ( 1 unit standby ) 2 Nr4.4 Self-Primming chamber 2 Nr4.5 Hoisting chain blockcap: 1 mt , manual operated with gentry 1 Nr4.6 Diesel driven power generating set with standby unit including piping and 1000 lit

diesel tank 1 Nr4.7 Floor mounted starter panel and Control system with Instruments, gauges, fittings



Sub-Total 0 0 45,045.05











1 Nr 10,810.81 10,810.81

82,950.45

Sub-Total 100.94 82,950.45 82,950.45






1 lot 10,810.81 10,810.81

4.31 Conductivity measurement unit 1 Nr 1,351.35 1,351.35 83,072.07


Sub-Total 149 168,364.86 168,364.86




ITEM DESCRIPTION Quantity Measure Rate Load (kW) Amount USD Sub-Total USD5

EFB DEWATERING SYSTEM - conveying & other related works.

a The Biomass refuse fuel dewatering system, conveying & Other related works with a capacity of 15,000 kg ( average 45% moisture) Biomass per hour shall be suitable for 24 hours operation and located at the space provided at the existing Opalm mill site.











2 Nrs 4,144.14 8,288.29

5.2 EFB Conveyor "Belt type" with cover and walkway, mounted on steel structure for lifting the fresh EFB from ground level and fed into the dewatering station complewith chutes and hydraulic control slide valves complete with drive.

2 Nrs 4,324.32 8,648.65


2 Nrs 5,405.41 10,810.81



4 Nrs 16,216.22 64,864.86


2 Nr 29,729.73 59,459.46



2 Nr 7,567.57 15,135.14




Sub-Total 0 168,994.59 168,994.59


piled cap: 1.6m31 Nr 88,288.29 88,288.29


2 Nr 8,648.65 17,297.30


2 Nr 3,243.24 6,486.49

5.15 Only installation of the boiler auto feeder unit supplied by others. 2 Nr 720.72 1,441.44 5.16 All plateforms, walkways, ladders, supports, hanger, anchors, dust covers 2 lots 2,702.70 5,405.41


2 lots 2,702.70 5,405.41

133,333.33

Sub-Total 0 302,327.93 302,327.93






6 STEAM (Boiler) GENERATOR BURNING BIOMASS - fire Grate type, drum with membrane walls

1


6.1 AUTO BOILER CONTROL SYSTEM6.1.1 Automatic fuel feeding system 1 116.1.2 Buffer fuel conveyor 1 106.1.3 Fuel distribution conveyor 1 116.1.4 Fuel return conveyor 1 116.1.5 Fuel stokers 2 226.1.6 Auto air / fuel ratio control with dampers6.1.7 Auto de-ashing system with ash removal conveyors 2 226.1.8 PLC multi loop controllers 16.1.9 Frequency inverters for modulating control of fuel 2 226.1.10 Modulating feed water control with DP transmitters 16.1.11 Furnace pressure control with DP transmitters6.1.12 Electrode system for 2nd low water alarm6.1.13 Steam flow meter6.1.14 Water flow meter6.1.15 Pressure and temperature transmitters & gauges6.1.16 Soft starters for fan motors6.1.17 Automatic TDS control6.1.18 Smoke density monitor with chart recorder 1 36.1.19 Air compressor for control valves 1 116.1.20 Boiler control panel with mimic & PC terminal 56.1.21 Auto switch UPS with recharging sytem for control panel and PC terminal 3 1,100,000.00

Sub-Total 133 0 1,100,000.00


133 0 1,100,000.00 6.2 BOILER SYSTEM

6.2.1 Fully welded membrane walls6.2.2 Steam drum with baffles and demisters6.2.3 Water cooled grate6.2.4 Down comers, Risers and connecting pipes6.2.5 Fittings, safety valves and gauges6.2.6 Steel structure with platforms, stairways and galleries6.2.7 Super heater with safeyt valves, Soot blowers etc.6.2.8 Evaporator & Economizer6.2.9 Insulation with plastic coated steel cladding6.2.10 Thermal Deaerator6.2.11 Feed water tank 1 Nr6.2.12 Feed water pumps 2 20 m3 / h 3556.2.13 Chemical dosing system 0.336.2.14 ID fans 2 5606.2.15 Primary Fan 1 2006.2.16 Secondary fan 1 2006.2.17 HE Multi cyclones dust separator6.2.18 Mild steel chimney6.2.19 Main steam valve and piping system to turbine 1,204,307.21

Sub-Total 1448.33 0 2,304,307.21






Design Capacity 5.9 MWOperating Capacity 5.9 MWDispatch to PLN 5 MWParasitic load 0.9 MW-Biomass Power Plant 0.9 MW-Refinery 0 MW-PK Expeller Mill 0 MWGenerator output voltage 11 KV at 50 HzOperating condition 24 h / day & 8000 h / yearInlet pressure to turbine at stop valve 50 Bar. GInlet temperature to turbine at stop valve 450 deg. C ( superheated )Extraction quantity 0 mt / hrExtraction Pressure 0 Bar.gCondensing exhaust pressure 0.15 Bar. ACooling water inlet temperature 33 deg. CCooling water outlet temperature 43 deg. CCooling water quantity 1600 m3 / h


- 2 units Cooling Tower fans 2 Nrs 8,100.00 180 16,200.00 7.6 - 1 unit Overhead crane 1 Nr 40,500.00 25 40,500.00 7.7 - 1 unit Diesel Gen-set (blackstart) 1.5 MW 415v 3 ph 50 Hz 2 Nr Provided - Not Required7.8 - 1 unit Diesel Gen-set (maintenance) 1 Nr Provided - Not Required7.9 - 1 Diesel delivery pump 1 Nr Provided 5 - Not Required7.10 - 1 unit Diesel tank 1 Nr Provided - Not Required7.11 - Air Compressor with dryer 1 Nr 21,500.00 11 21,500.00 7.12 - 1 lot Installation, testing & Commissioning 1 lot 16,750.00 16,750.00 2,861,400.00

Sub - Total 676 2,861,400.00 2,861,400.00



Sub - Total 21 153,700.00 153,700.00






Sub - Total 190 876,030.00 876,030.00



Sub Total EPC 7,488,170.00 7,488,170.00






CAPITAL EXPENDITUREBIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTER







OPERATIONAL EXPENDITURE (OPEX) SUMMARYBIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTER

1 Lender / Banker PT. Bank2 Plafond Loan (US $) 6,895,994.84 3 Tenor 74 Grace Period 15 Payment Period 66 Interest p.a 12%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 827,519.38

10 Principal After IDC + AF + CF 7,809,714.15 11 Fixed Installment (Int + Prin) 1,899,523.34


Description YEARS

BIOMASS POWER PLANT 5 MW KOTA PINANG CLUSTERPROJECTED LOAN SCHEDULE






CDM REVENUE

1 Capacity of palm Oil Mill 255 mt FFB per hour2 Operating hours per day 12 hours / day3 Biomass Fuel Input mt FFB / hr Shell EFB Palm oil waste & Other Biomass 4 Palm Oil Mill Asam Jawa 210 0 37.8 38 5 Palm Oil Mill Aek Torop 150 0 27.0 27 6 Palm Oil Mill Nubika Jaya 170 0 30.6 31 7 Palm Oil Milk Aek Raso 120 0 21.6 22 8 Palm Oil Mill Supra Matra abadi 120 0 21.6 22 9 Palm Oil Mill Abdi Budi Mulia 120 0 21.6 22 10 Total available Biomass 890 0 160.2 160 Ton /hour

815,098 Ton/year11 Moisture content of Biomass ( Percentage on weight) 65% Percentage12 Proposed power generation plant 5 MWh13 Output Voltage at Plant generator 11 kV @ 50 Hz14 Output Voltage at sub-station 11 kV @ 50 Hz15 Specific power requirement for power plant 900 kW16 Specific power requirement for Refinery - kW17 Specific power requirement for PK extraction mill - kW18 Specific power requirement for Other - 19 Extraction steam required for Process @ 4 bar.g ( 20 t for Refinery & 8 t Boiler water ) 0 kg / hr









611,323 mt per yearF Total Wet fuel 65% Moist. available 3,172 mt per day

G Excess / (Shortfall) Dry fuel 1,773 mt per day

H Excess / (Shortfall) Wet fuel with 65% Moisture 2,925 mt per day

RESULTS

GIVEN DATA

INPUT DATA

Steam Generation

Indonesia




BIOMASS POWER PLANT Base Model





2.16 0.76 1.40

0.63

CLUSTER SIAK HULU

References Case Refer1 Cost of Fuel - EFB Internal 0.00 USD/ton - USD/ton USD 0.81 USD/ton2 Cost of Fuel - Biomass external Outside 2.16 USD/ton 2.16 USD/ton USD 0.81 USD/ton3 Borrowings 70% 65% 65%4 Tenure 7 years 7 years 5 5 Cost o Borrowings 12% pa 17% pa pa 17% pa6 Annual Maintenance 3% pa 3% pa pa 3% pa7 Five Yr Major Overhaul 5% fifth year 5% fifth year fifth 5% fifth year8 Carbon Credits - Biogas - - USD/ton - - 9 Carbon Credits -Electricity 31,826 7 USD/ton 229,148.14 USD/yr USD 178,336.08 USD/yr10 Tech Service Agreements 1.50% 77,485.61 USD/yr 77,485.61 USD/yr USD 44.31 USD/yr11 Other operating Costs 50% 35,420.00 USD/yr 35,420.00 USD/yr USD 104.05 USD/yr12 Inflation Index 8% 10% 9%13 Tax Rate Maintained at na na pa na14 Investment Tax Allowance na na na15 CDM -> CER Rate 7.2 USD/ton 7.2 7.2 16 Steam Sale Rate 0 USD/ton 0 017 Treated Water Sale Rate 0 0 USD/m3 0 018 Power Sale rate to local demand 0 0 USD/kWh 0 019 Power Sale rate to Grid 0.070 USD/KWh 0.070 0.048

- -

a Average PBT Before Interest 1,886,963.26 USD/yr 1,886,963.26 USD/yr USD 1,175,172 USD/yrb Average PAT Before Interest 1,904,161.98 USD/yr 1,904,161.98 USD/yr USD 854,188 USD/yrc Equity Payback 8 years 8.00 d Shareholders IRR 18.41% 18% 23.00%e Project IRR 17.30% 17.30% 17.72%f PBT/Turnover 40% 40% 42.81%


Conservative Case Best CaseBIOMASS POWER PLANT 5 MW SIAK HULU CLUSTER

Inflow 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013Profit before tax 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 1,979,236.14 2,443,155.21 Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0 0

0 1,530,682.70 1,398,263.25 1,751,978.48 1,837,853.30 1,867,689.75 2,353,644.64 2,817,563.71

OutflowCapital Expenditure 9,851,421.19 (9,851,421.19) Fixed Assets Replacement 0 0 0 0 0 0 0 0 0Working capital (Debtors) 0 0 0 0 0 0 0 0 0Taxation 0 0 346,882 307,156 413,271 439033 447984 593,770.84 732,946.56

9,851,421.19 (9,851,421.19) 346,882 307,156 413,271 439033 447984 593,770.84 732,946.56

Surplus/(Deficit) (9,851,421.19) 1,530,682.70 1,091,106.83 1,338,707.48 1,398,819.86 1,419,705.38 1,759,873.80 2,084,617.15 Acumulative Cash Flow (9,851,421.19) (8,320,738.50) (7,229,631.67) (5,890,924.19) (4,492,104.33) (3,072,398.95) (1,312,525.15) 772,092.00 Payback 7 years

IRR 17.30%NPV @ 12% 3,899,118.73

Shareholder's IRRCashflow (2,955,426.36) 703,163.32 (808,416.51) (560,815.85) (500,703.48) (479,817.96) (139,649.53) 185,093.82

IRR 18.41%Cumulative Shareholder's Cash Flow 0 (2,252,263.04) (3,060,679.55) (3,621,495.40) (4,122,198.88) (4,602,016.84) (4,741,666.37) (4,556,572.56) Equity Payback 8 years 1 2 3 4 5 6 7

Diesel avoidance cost 0.20 (Rp.1.900) 39,782,664.00 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Economic cash flow (9,851,421.19) 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 Cumulative Economic cash flow (9,851,421.19) (1,894,888.39) 6,061,644.41 14,018,177.21 21,974,710.01 29,931,242.81 37,887,775.61 45,844,308.41


Sensitivity AnalysisSelling price to PLN 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.9 USD 0.10 USD 0.11 USD 0.12 USDIRR Project 5.77% 10.09% 13.84% 17.30% 20.60% 23.81% 26.99% 30.15% 33.32%Payback Period 13 10 8 7 6 5 5 4 4

Selling price to PLN 0.04 USD 0.05 USD 0.06 USD 0.07 USD 0.08 USD 0.09 USD 0.10 USD 0.11 USD 0.12 USDShareholder's IRR 2.58% 8.02% 13.14% 18.41% 24.18% 30.77% 38.51% 47.62% 58.12%Payback Period Shareholder's 16 12 10 8 7 6 4 2 1


CASH FLOW BIO MASS POWER PLANT 5MW SIAK HULU CLUSTER



9,851,421.19


IRR 17.30%NPV @ 12% 3,899,118.73





Sensitivity AnalysisSelling price to PLN 0.04 USD 0.05 USD 0.06 USDIRR Project 5.77% 10.09% 13.84%Payback Period 13 10 8

Selling price to PLN 0.04 USD 0.05 USD 0.06 USDShareholder's IRR 2.58% 8.02% 13.14%Payback Period Shareholder's 16 12 10

Diesel Avoidance Cost 0.10 USD 0.15 USD 0.16 USDEIRR 40.34% 60.57% 64.61%Payback Period 3 2 2


2,014 2,015 2,016 2,017 2,018 2,019 2,020 2,0212,587,540.50 2,894,329.70 2,450,946.05 3,158,581.98 2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0 0 0 0

2,961,949.00 3,268,738.20 2,825,354.55 3,532,990.48 3,363,344.28 3,798,112.53 3,693,282.51 3,697,384.14

0 0 0 0 0 0 0 00 0 0 0 0 0 0 0

776,262.15 868,298.91 735,283.81 947,574.59 896,680.73 1,027,111.21 995,662.20 996,892.69 776,262.15 868,298.91 735,283.81 947,574.59 896,680.73 1,027,111.21 995,662.20 996,892.69

2,185,686.85 2,400,439.29 2,090,070.73 2,585,415.88 2,466,663.54 2,771,001.32 2,697,620.31 2,700,491.45 2,957,778.85 5,358,218.14 7,448,288.87 10,033,704.76 12,500,368.30 15,271,369.62 17,968,989.93 20,669,481.38

2,185,686.85 2,400,439.29 2,090,070.73 2,585,415.88 2,466,663.54 2,771,001.32 2,697,620.31 2,700,491.45

(2,370,885.71) 29,553.58 2,119,624.32 4,705,040.20 7,171,703.74 9,942,705.06 12,640,325.37 15,340,816.82 8 9 10 11 12 13 14 15

7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80

53,800,841.21 61,757,374.01 69,713,906.81 77,670,439.61 85,626,972.41 93,583,505.21 101,540,038.01 109,496,570.81



9,851,421.19


IRR 17.30%NPV @ 12% 3,899,118.73





Sensitivity AnalysisSelling price to PLN 0.04 USD 0.05 USD 0.06 USDIRR Project 5.77% 10.09% 13.84%Payback Period 13 10 8

Selling price to PLN 0.04 USD 0.05 USD 0.06 USDShareholder's IRR 2.58% 8.02% 13.14%Payback Period Shareholder's 16 12 10

Diesel Avoidance Cost 0.10 USD 0.15 USD 0.16 USDEIRR 40.34% 60.57% 64.61%Payback Period 3 2 2


2,022 2,023 2,024 2,025 2,0263,571,481.65 3,975,985.36 3,824,195.80 4,254,216.84 3,696,044.40

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 0 0 0 0 0.00

3,945,890.15 4,350,393.86 4,198,604.30 4,628,625.34 4,070,452.90

0 0 0 0 00 0 0 0 0

1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32 1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32

2,874,445.65 3,157,598.25 3,051,345.56 3,352,360.29 2,961,639.58 23,543,927.03 26,701,525.29 29,752,870.84 33,105,231.13 36,066,870.71

2,874,445.65 3,157,598.25 3,051,345.56 3,352,360.29 2,961,639.58

18,215,262.48 21,372,860.73 24,424,206.29 27,776,566.58 30,738,206.16 16 17 18 19 20

7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80 7,956,532.80

117,453,103.61 125,409,636.41 133,366,169.21 141,322,702.01 149,279,234.81

2007 2008 2009 2010 2011 2012 2013 2014 2015 20161 2 3 4 5 6 7 8 9 10

Steam Generation mt / year 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 Steam at 4 bar available for Sale 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424


Unit Installed Capacity (kW) 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Maximum Continous Rating 1 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

Less:Auxillary Load (kW) 700 700 700 700 700 700 700 700 700 700

Net Capacity (kW) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

REPA Capacity (Mw) 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

Capacity Utilisation (Normal Days) 1 1 1 1 1 1 1 1 1 1

Capacity Utilisation (Holidays) 1 1 1 1 1 1 1 1 1 1

No. Of Days (Normal Days) 264 264 264 264 264 264 264 264 264 264

No. Of Days (Holidays: School + Public) 101 101 101 101 101 101 101 101 101 101

No. of Days in a Year 365 365 365 365 365 365 365 365 365 365

Availability Factor (%) 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

Plant Production Days 318 318 318 318 318 318 318 318 318 318

Maintainance Days 47 47 47 47 47 47 47 47 47 47

ANNUAL REVENUE: USD/kwh USDAt: 0.070 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48

0.077 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13

Actual Despatch kwh x 1,000 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664




BIOMASS POWER PLANT 5 MW SIAK HULU CLUSTERBASE MODEL

PLANT OUTPUT & REVENUE






Net Capacity (kW)

REPA Capacity (Mw)








Maintainance Days


0.077


Actual Output



BIOMASS POWER PLANT 5 MW SIAK HULU CLUSTERBASE MODEL

PLANT OUTPUT & REVENUE

2017 2018 2019 2020 2021 2022 2023 2024 2025 202611 12 13 14 15 16 17 18 19 20

189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 189,493,517 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424 152,424

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920 5,920

700 700 700 700 700 700 700 700 700 700

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220 5,220

1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1

264 264 264 264 264 264 264 264 264 264

101 101 101 101 101 101 101 101 101 101

365 365 365 365 365 365 365 365 365 365

0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87 0.87

318 318 318 318 318 318 318 318 318 318

47 47 47 47 47 47 47 47 47 47

2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 2,784,786.48 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13 3,063,265.13

39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664 39,782,664

Income Option USD / unit Qty 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,0160 1 2 3 4 5 6 7 8 9 10

Steam Generation 0 189,493,517 0 0 0 0 0 0 0 0 0 0 0Sale of Steam ( mt / y ) 0 8.11 152,424 0 0 0 0 0 0 0 0 0 0 0Sale of Water ( mt / y ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0Sale of Power to local demand ( kwh / y ) 0 0 0 0 0 0 0 0 0 0 0 0 0 0Sale of Power to GRID ( kwh / y ) 1 0.07 39,782,664 0 2,784,786.48 2,784,786.48 3,063,265.13 3,063,265.13 3,369,591.64 3,369,591.64 3,706,550.80 3,706,550.80 4,077,205.89 4,077,205.89 CER sale - Biomass energy displacement 7.20 31,826 0 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14

Bio Diesel (lt / y ) 0 0.58 28,885,100 0 0 0 0 0 0 0 0 0 0 0Organic Oil ( lt / y ) 4,180,000 0 0 0 0 0 0 0 0 0 0 0

Total sales 4,667,380.60 0 3,013,934.62 3,013,934.62 3,292,413.27 3,292,413.27 3,598,739.79 3,598,739.79 3,935,698.95 3,935,698.95 4,306,354.03 4,306,354.03

Fixed CostSalaries & related cost Inflation rate 8% 111,600.00 0 111,600.00 130,170.24 140,583.86 151,830.57 163,977.01 177,095.17 191,262.79 206,563.81 223,088.92 240,936.03 Maintenance cost (Plant) 3% EPC 7,488,170.00 0 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 Major Overhaul 5% EPC every 5 years 7,488,170.00 0 0 0 0 0 374,408.50 0 0 0 0 374,408.50

General admin cost 8% General admin cost 114,580.00 0 114,580.00 133,646.11 144,337.80 155,884.83 168,355.61 181,824.06 196,369.98 212,079.58 229,045.95 247,369.63 Insurance 0,5% EPC 7,488,170.00 0 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 Interest 12% loan 6,895,994.84 0 827,519.38 937,165.70 821,682.78 692,341.92 547,480.14 385,234.96 203,520.36 0 0 0Depreciated 20 years 5% EPC 7,488,170.00 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

Total Fixed Cost 0 1,603,534.34 1,750,817.01 1,656,439.40 1,549,892.27 1,804,056.23 1,293,989.15 1,140,988.09 968,478.35 1,001,969.82 1,412,549.11 Variable CostsFuel cost - External Source 2.16 78,491 0 183,286.09 197,948.98 213,784.90 230,887.69 249,358.70 269,307.40 290,851.99 314,120.15 339,249.76 366,389.74 Other operating cost 50 % Other operating cost 35,420.00 0 70,840.00 41,313.89 44,619.00 48,188.52 52,043.60 56,207.09 60,703.66 65,559.95 70,804.74 76,469.12

Total Variable Costs 0 254,126.09 239,262.87 258,403.89 279,076.21 301,402.30 325,514.49 351,555.65 379,680.10 410,054.51 442,858.87 Total Fixed Cost & Variable Cost 0 1,857,660.43 1,990,079.87 1,914,843.30 1,828,968.47 2,105,458.53 1,619,503.64 1,492,543.74 1,348,158.45 1,412,024.33 1,855,407.98

Average Operational Cost 1,663,573 1,030,141.05 1,052,914.17 1,093,160.52 1,136,626.55 301,402.30 1,234,268.68 1,289,023.38 1,348,158.45 1,412,024.33 1,855,407.98Base Year Operational Cost 0.026

Profit before tax 1,886,963.26 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 Taxation 30% 0 346,882.26 307,156.43 413,270.99 439,033.44 447,984.38 593,770.84 732,946.56 776,262.15 868,298.91 735,283.81 Profit after tax (PAT) 1,904,161.98 0 809,391.94 716,698.33 964,298.98 1,024,411.36 1,045,296.88 1,385,465.30 1,710,208.65 1,811,278.35 2,026,030.79 1,715,662.23 Cumulative PAT 0 809,391.94 1,526,090.26 2,490,389.25 3,514,800.61 4,560,097.48 5,945,562.78 7,655,771.43 9,467,049.78 11,493,080.57 13,208,742.81 Inflation factor 1.00 0 1.08 1.17 1.26 1.36 1.47 1.59 1.71 1.85 2.00 2.16 Inflation rate 1.08 Tax ComputationProfit Before Tax 0 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 Add: Depreciation 0 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 Adjusted Profit 0 1,530,682.70 1,398,263.25 1,751,978.48 1,837,853.30 1,867,689.75 2,353,644.64 2,817,563.71 2,961,949.00 3,268,738.20 2,825,354.55 Less: Capital Allowance not applicable 0 0 0 0 0 0 0 0 0 0 0Investment Tax Allowance not applicable 0 0 0 0 0 0 0 0 0 0 0Losses Brought Forward 0 0 1,530,682.70 2,928,945.95 4,680,924.42 6,518,777.72 8,386,467.48 10,740,112.12 13,557,675.84 16,519,624.83 19,788,363.03 Losses Carried Forward 0 1,530,682.70 2,928,945.95 4,680,924.42 6,518,777.72 8,386,467.48 10,740,112.12 13,557,675.84 16,519,624.83 19,788,363.03 22,613,717.58 Taxable Income 1,156,274.20 1,023,854.75 1,377,569.98 1,463,444.80 1,493,281.25 1,979,236.14 2,443,155.21 2,587,540.50 2,894,329.70 2,450,946.05 TAX na 0 346,882.26 307,156.43 413,270.99 439,033.44 447,984.38 593,770.84 732,946.56 776,262.15 868,298.91 735,283.81

Profit After Tax 0 809,391.94 716,698.33 964,298.98 1,024,411.36 1,045,296.88 1,385,465.30 1,710,208.65 1,811,278.35 2,026,030.79 1,715,662.23 Less:Dividend 1,684,681.63 0 703,163.32 (808,416.51) (560,815.85) (500,703.48) (479,817.96) (139,649.53) 185,093.82 2,185,686.85 2,400,439.29 2,090,070.73 Profit After Dividend 0 106,228.62 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 1,525,114.84 (374,408.50) (374,408.50) (374,408.50) Accumulated Profit After Tax 0 106,228.62 1,631,343.46 3,156,458.29 4,681,573.13 6,206,687.96 7,731,802.80 9,256,917.63 8,882,509.13 8,508,100.63 8,133,692.13

PROFIT AND LOSS SUMMARY - BIOMASS POWER PLANT 5 MW

5MW BASE MODEL - BIO MASS POWER PLANT PROJECT SIAK HULU CLUSTER

Income Option USD / unit Qty









Profit before tax 1,886,963.26 Taxation 30%Profit after tax (PAT) 1,904,161.98 Cumulative PAT

Inflation factor 1.00 Inflation rate 1.08 Tax ComputationProfit Before TaxAdd: DepreciationAdjusted ProfitLess: Capital Allowance not applicableInvestment Tax Allowance not applicableLosses Brought ForwardLosses Carried ForwardTaxable IncomeTAX na


PROFIT AND LOSS SUMMARY - BIOMASS POWER PLANT 5 MW

5MW BASE MODEL - BIO MASS POWER PLANT PROJECT SIAK HULU CLUSTER2,017 2,018 2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,026

11 12 13 14 15 16 17 18 19 200 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

4,484,926.47 4,484,926.47 4,933,419.12 4,933,419.12 5,426,761.03 5,426,761.03 5,969,437.14 5,969,437.14 6,566,380.85 6,566,380.85 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14 229,148.14

0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

4,714,074.62 4,714,074.62 5,162,567.27 5,162,567.27 5,655,909.18 5,655,909.18 6,198,585.28 6,198,585.28 6,795,529.00 6,795,529.00

111,600260,210.91 281,027.79 303,510.01 327,790.81 354,014.07 382,335.20 412,922.01 445,955.78 481,632.24 520,162.82 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61 137,985.61

0 0 0 0 374,408.50 0 - - - 374,408.50

267,159.20 288,531.93 311,614.49 336,543.65 363,467.14 392,544.51 423,948.07 457,863.91 494,493.03 534,052.47 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 37,440.85 0 0 0 0 0 0 0 0 0 0

374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

1,077,205.07 1,119,394.68 1,164,959.45 1,214,169.41 1,641,724.67 1,324,714.67 1,386,705.04 1,453,654.65 1,525,960.22 1,978,458.75

395,700.92 427,357.00 461,545.56 498,469.20 538,346.74 581,414.48 627,927.63 678,161.84 732,414.79 791,007.97 82,586.65 178,387.17 112,358.23 131,054.64 152,862.13 178,298.39 207,967.24 242,572.99 282,937.14 330,017.88

478,287.58 605,744.17 573,903.79 629,523.84 691,208.87 759,712.87 835,894.88 920,734.84 1,015,351.93 1,121,025.85 1,555,492.64 1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92 2,374,389.48 2,541,312.15 3,099,484.60 1,555,492.64 1,725,138.84 1,738,863.24 1,843,693.25 2,332,933.54 2,084,427.53 2,222,599.92 2,374,389.48 2,541,312.15 3,099,484.60

3,158,581.98 2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 3,824,195.80 4,254,216.84 3,696,044.40 947,574.59 896,680.73 1,027,111.21 995,662.20 996,892.69 1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32

2,211,007.38 2,092,255.04 2,396,592.82 2,323,211.81 2,326,082.95 2,500,037.15 2,783,189.75 2,676,937.06 2,977,951.79 2,587,231.08 15,419,750.19 17,512,005.23 19,908,598.05 22,231,809.86 24,557,892.81 27,057,929.96 29,841,119.72 32,518,056.78 35,496,008.57 38,083,239.65

2.33 2.52 2.72 2.94 3.17 3.43 3.70 4.00 4.32 4.66

3,158,581.98 2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 3,824,195.80 4,254,216.84 3,696,044.40 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50 374,408.50

3,532,990.48 3,363,344.28 3,798,112.53 3,693,282.51 3,697,384.14 3,945,890.15 4,350,393.86 4,198,604.30 4,628,625.34 4,070,452.90 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

22,613,717.58 26,146,708.06 29,510,052.34 33,308,164.86 37,001,447.38 40,698,831.52 44,644,721.67 48,995,115.53 53,193,719.83 57,822,345.17 26,146,708.06 29,510,052.34 33,308,164.86 37,001,447.38 40,698,831.52 44,644,721.67 48,995,115.53 53,193,719.83 57,822,345.17 61,892,798.07

3,158,581.98 2,988,935.78 3,423,704.03 3,318,874.01 3,322,975.64 3,571,481.65 3,975,985.36 3,824,195.80 4,254,216.84 3,696,044.40 947,574.59 896,680.73 1,027,111.21 995,662.20 996,892.69 1,071,444.49 1,192,795.61 1,147,258.74 1,276,265.05 1,108,813.32

2,211,007.38 2,092,255.04 2,396,592.82 2,323,211.81 2,326,082.95 2,500,037.15 2,783,189.75 2,676,937.06 2,977,951.79 2,587,231.08 2,585,415.88 2,466,663.54 2,771,001.32 2,697,620.31 2,700,491.45 2,874,445.65 3,157,598.25 3,051,345.56 3,352,360.29 2,961,639.58 (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50) (374,408.50)

7,759,283.63 7,384,875.13 7,010,466.63 6,636,058.13 6,261,649.63 5,887,241.13 5,512,832.63 5,138,424.13 4,764,015.63 4,389,607.13

Rate


2 Sale of Power to local demand ( kwh / y ) - - kwh - 0%3 Sale of Power to GRID ( kwh / y ) 0.070 39,782,664 kwh 2,784,786 92% 1 Oil Palm Mill Cluster Capacity 270.00 mt FFB / hr4 CER sale - Biomass energy displacement 7.200 31,826 CER / yr 229,148 8%5 Total Year Revenue USD 3,013,934.62 100% 2 Tax Rate Maintained at: na


7 Profit forecast before tax USD 1,156,274.20 38% 3 Inflation Factor: 8%8 Average Operational Cost USD 1,663,573





22 Steam sold at - USD / mt 12 Fuel Usage (moisture level % ): 164 150 mt / day23 Cost per mt steam 0.0049 USD / mt

13 Fuel disposal amount per year mt / year24 Shareholders' IRR 18.41%25 Economic IRR 80.76% 14 Ratio of fuel kg fuel = 3.99 kg steam26 Project Cost per kW 1,664.09 USD / kW kg fuel = 0.95 kw

15 Production days per year 318 days27 Full Potential Despatch kwh x 1,000 51,859,200 kWh / year

16 Implementation of Project : 20 years28 Ratio of actual to maximum potential energy output 87%

PROJECT FINANCIAL PERFORMANCE SUMMARYBIOMASS POWER PLANT 5 MW SIAK HULU CLUSTER


BIOMASS POWER PLANT 5 MW AT SIAK HULUBase Model Biomass Power Plant



1.1 MOBILISATION 2,500.00 1.2 EMPLOYER'S REPRESENTATIVE'S OFFICERS & EQUIP 2,500.00 1.3 TELEPHONE, FACSIMILE AND HANDPHONES 1,000.00 1.4 GEOTECHNICAL INVESTIGATION AND SITE SURVEYS 5,000.00 1.5 PROGRESS REPORTS & PHOTOGRAPHS 750.00 1.6 QUALITY ASSURANCE 0.2% 4,500,000.00 9,000.00 1.7 OBTAINING ALL NECESSARY APPROVALS & PERMITS 7,000.00 1.8 PREPARATION & SUBMISSION OF O & M MANUALS 1,500.00 1.9 OVERALL SYSTEM TESTING AND COMMISSIONING 8,000.00

1.10 OPERATION AND MAINTENANCE OF PLANT TILL HANDED OVER 1 8,000.00 8,000.00 1.11 WATCHING & SAFETY 6 800.00 4,800.00 50,050.00



Sub-Total 0 111,650.00 111,650.00



Sub-Total 2 40,000.00 40,000.00





Drains 2,000 m 20.00 40,000.00 3.5 Footings & Foundation & Plinth 1200 m3 30.00 36,000.00 3.6 Piling 2000 m 30.00 60,000.00 3.7 Guardhouse 16 m2 65.00 1,040.00 3.8 Office 200 m2 225.00 45,000.00 3.9 Raw water intake pump house 24 m2 50.00 1,200.00

3.10 Water treatment plant house 60 m2 50.00 3,000.00 261,240.00





Sub-Total 2 602,790.00 602,790.00




Sub-Total 6 670,390.00 670,390.00

PROJECT COST BREAKDOWN May 9, 2006


BIOMASS POWER PLANT 5 MW AT SIAK HULUBase Model Biomass Power PlantPROJECT COST BREAKDOWN

May 9, 2006




4.1 Pump house - Inlet channel, foundation, footings and plinths 1 lot4.2 Raw water intake piping with valves 1 lot4.3 Raw water pumps - ( 1 unit standby ) 2 Nr4.4 Self-Primming chamber 2 Nr4.5 Hoisting chain blockcap: 1 mt , manual operated with gentry 1 Nr4.6 Diesel driven power generating set with standby unit including piping and 1000

litre diesel tank 1 Nr4.7 Floor mounted starter panel and Control system with Instruments, gauges, fittings



Sub-Total 0 0 45,045.05











1 Nr 10,810.81 10,810.81

82,950.45

Sub-Total 100.94 82,950.45 82,950.45






1 lot 10,810.81 10,810.81



May 9, 20064.31 Conductivity measurement unit 1 Nr 1,351.35 1,351.35 83,072.07


Sub-Total 149 168,364.86 168,364.86

ITEM DESCRIPTION Quantity Measure Rate Load (kW) Amount USD Sub-Total USD5 EFB DEWATERING SYSTEM - conveying & other related works.

a The Biomass refuse fuel dewatering system, conveying & Other related works with a capacity of 15,000 kg ( average 45% moisture) Biomass per hour shall be suitable for 24 hours operation and located at the space provided at the existing Oil palm mill site.











2 Nrs 4,144.14 8,288.29

5.2 EFB Conveyor "Belt type" with cover and walkway, mounted on steel structure for lifting the fresh EFB from ground level and fed into the dewatering station complete with chutes and hydraulic control slide valves complete with drive.

2 Nrs 4,324.32 8,648.65


2 Nrs 5,405.41 10,810.81



4 Nrs 16,216.22 64,864.86


2 Nr 29,729.73 59,459.46



2 Nr 7,567.57 15,135.14




Sub-Total 0 168,994.59 168,994.59


piled cap: 1.6m31 Nr 88,288.29 88,288.29


2 Nr 8,648.65 17,297.30


2 Nr 3,243.24 6,486.49




May 9, 20065.15 Only installation of the boiler auto feeder unit supplied by others. 2 Nr 720.72 1,441.44 5.16 All plateforms, walkways, ladders, supports, hanger, anchors, dust covers 2 lots 2,702.70 5,405.41


2 lots 2,702.70 5,405.41

133,333.33

Sub-Total 0 302,327.93 302,327.93


6 STEAM (Boiler) GENERATOR BURNING BIOMASS - fire Grate type, drum withmembrane walls

1


6.1 AUTO BOILER CONTROL SYSTEM6.1.1 Automatic fuel feeding system 1 116.1.2 Buffer fuel conveyor 1 106.1.3 Fuel distribution conveyor 1 116.1.4 Fuel return conveyor 1 116.1.5 Fuel stokers 2 226.1.6 Auto air / fuel ratio control with dampers6.1.7 Auto de-ashing system with ash removal conveyors 2 226.1.8 PLC multi loop controllers 16.1.9 Frequency inverters for modulating control of fuel 2 22

6.1.10 Modulating feed water control with DP transmitters 16.1.11 Furnace pressure control with DP transmitters6.1.12 Electrode system for 2nd low water alarm6.1.13 Steam flow meter6.1.14 Water flow meter6.1.15 Pressure and temperature transmitters & gauges6.1.16 Soft starters for fan motors6.1.17 Automatic TDS control6.1.18 Smoke density monitor with chart recorder 1 36.1.19 Air compressor for control valves 1 116.1.20 Boiler control panel with mimic & PC terminal 56.1.21 Auto switch UPS with recharging sytem for control panel and PC terminal 3 1,100,000.00

Sub-Total 133 0 1,100,000.00


133 0 1,100,000.00 6.2 BOILER SYSTEM

6.2.1 Fully welded membrane walls6.2.2 Steam drum with baffles and demisters6.2.3 Water cooled grate6.2.4 Down comers, Risers and connecting pipes6.2.5 Fittings, safety valves and gauges6.2.6 Steel structure with platforms, stairways and galleries6.2.7 Super heater with safeyt valves, Soot blowers etc.6.2.8 Evaporator & Economizer6.2.9 Insulation with plastic coated steel cladding

6.2.10 Thermal Deaerator6.2.11 Feed water tank 1 Nr6.2.12 Feed water pumps 2 20 m3 / h 3556.2.13 Chemical dosing system 0.336.2.14 ID fans 2 5606.2.15 Primary Fan 1 2006.2.16 Secondary fan 1 2006.2.17 HE Multi cyclones dust separator6.2.18 Mild steel chimney6.2.19 Main steam valve and piping system to turbine 1,204,307.21

Sub-Total 1448.33 0 2,304,307.21



Design Capacity 5.9 MWOperating Capacity 5.9 MWDispatch to PLN 5 MWParasitic load 0.9 MW-Biomass Power Plant 0.9 MW-Refinery 0 MW-PK Expeller Mill 0 MWGenerator output voltage 11 KV at 50 HzOperating condition 24 h / day & 8000 h / yearInlet pressure to turbine at stop valve 50 Bar. GInlet temperature to turbine at stop valve 450 deg. C ( superheated )



May 9, 2006Extraction quantity 0 mt / hrExtraction Pressure 0 Bar.gCondensing exhaust pressure 0.15 Bar. ACooling water inlet temperature 33 deg. CCooling water outlet temperature 43 deg. CCooling water quantity 1600 m3 / h


- 2 units Cooling Tower fans 2 Nrs 8,100.00 180 16,200.00 7.6 - 1 unit Overhead crane 1 Nr 40,500.00 25 40,500.00 7.7 - 1 unit Diesel Gen-set (blackstart) 1.5 MW 415v 3 ph 50 Hz 2 Nr Provided - Not Required7.8 - 1 unit Diesel Gen-set (maintenance) 1 Nr Provided - Not Required7.9 - 1 Diesel delivery pump 1 Nr Provided 5 - Not Required

7.10 - 1 unit Diesel tank 1 Nr Provided - Not Required7.11 - Air Compressor with dryer 1 Nr 21,500.00 11 21,500.00 7.12 - 1 lot Installation, testing & Commissioning 1 lot 16,750.00 16,750.00 2,861,400.00

Sub - Total 676 2,861,400.00 2,861,400.00



Sub - Total 21 153,700.00 153,700.00






Sub - Total 190 876,030.00 876,030.00

BIOMASS POWER PLANT 5 MW SIAK HULU CLUSTER



Sub Total EPC 7,488,170.00 7,488,170.00






CAPITAL EXPENDITURE

BREAKDOWN FIXED & VARIABLE COSTBIOMASS POWER PLANT 5 MW SIAK HULU CLUSTER






8 Other Spares & Consumables 10,000.00 9 Technical service agreement 77,485.61







VARIABLE COSTS

A Biomass Fuel cost 183,286.09





Description

OPERATIONAL EXPENDITURE (OPEX) SUMMARYBIOMASS POWER PLANT 5 MW SIAK HULU CLUSTER







BIOMASS POWER PLANT 5 MW SIAK HULU CLUSTERPROJECTED LOAN SCHEDULE

1 Lender / Banker PT. Bank2 Plafond Loan (US $) 6,895,994.84 3 Tenor 74 Grace Period 15 Payment Period 66 Interest p.a 12%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 827,519.38 10 Principal After IDC + AF + CF 7,809,714.15 11 Fixed Installment (Int + Prin) 1,899,523.34


Description YEARS

CDM REVENUE






Basic InformationPalm Oil MillsCapacity 1 Mill Capacity 270 Ton/HourOperating hours 2 Energy ConsumptionAnnual FFB processed 2.1 Electricity kW

2.2 Steam tons/hrDistance between POM to Power Plant

3


1 Capacity of palm Oil Mill 270 mt FFB per hour2 Operating hours per day 16 hours / day3 Biomass Fuel Input mt FFB / hr Shell EFB Palm oil waste & Other Biomass 4 Palm Oil Mill Indo Sawit 210 0 37.8 38 5 Palm Oil Mill Multi Palma Sejahtera 150 0 27 27 6 Palm Oil Mill Sinar Dian Permai 250 0 45 45 7 Palm Oil Mill PTPN 5 Sei Pagar 150 0 27 27 8 Palm Oil Mill Meridean Sejati Surya 150 0 27 27 8 Total available Biomass 0 163.8 164 Ton /hour

833,414 Ton/year9 Moisture content of Biomass ( Percentage on weight) 65% Percentage

10 Proposed power generation plant 5 MWh11 Output Voltage at Plant generator 11 kV @ 50 Hz12 Output Voltage at sub-station 11 kV @ 50 Hz13 Specific power requirement for power plant 900 kW14 Specific power requirement for Refinery - kW15 Specific power requirement for PK extraction mill - kW16 Specific power requirement for Other - 17 Extraction steam required for Process @ 4 bar.g ( 20 t for Refinery & 8 t Boiler water ) 0 kg / hr









833,414 mt per yearF Total Wet fuel 65% Moist. available 4,324 mt per dayG Excess / (Shortfall) Dry fuel 2,471 mt per dayH Excess / (Shortfall) Wet fuel with 65% Moisture 4,077 mt per day


RESULTS

GIVEN DATA

INPUT DATA

Steam Generation

BIOMASS POWER PLANT Base Model


Indonesia





2.16 0.76 1.40

0.63

SIAK HULU CLUSTERPROJECT FINANCIAL PERFORMANCE SUMMARY


Project Bio Diesel PlantLocation Siak Hulu Kampar RegencyCapacity 8 Ton / dayBuyer CommunityRunning Capacity 6,000 hours / yearConstruction Period 6 monthsEquity 40%Debt 60%Loan Term 5 yearsGrace Period 1 yearInstallment Term 4 yearsInterest Rate 15%Administration Fee 1%Commitment Fee 0.25%




SIAK HULU CLUSTER8 TON BIO DIESEL PLANTCAPITAL EXPENDITURE

ITEM Description Unit Price Quantity TotalA Equipment & EPC1 Equipment 200,000.00 1 200,000.00 2 Engenering 40,000.00 1 40,000.00 3 Civil and Structural Works 40,000.00 1 40,000.00 4 Water Treatment 40,000.00 1 40,000.00 5 Remnant Oil Recovery system 105,000.00 1 105,000.00 6 Steam (Boiler ) generation 40,000.00 1 40,000.00 7 Bio diesel tank and pump 25,000.00 1 25,000.00 8 Control & monitoring system 10,000.00 1 10,000.00 9 Electrical works 15,000.00 1 15,000.00 10 Genset 15,000.00 2 30,000.00 11 Weighing bridge 30 ton 15,000.00 1 15,000.00 12 Pretreatment raw material 40,000.00 1 40,000.00 13 Laboratory and Workshop Equipment 5,000.00 1 5,000.00 14 Office Building 30,000.00 1 30,000.00


B Development Cost1 Land (Client Owned ) - - 2 Pre-Development 1% EPC 6,350.00 3 License -








Total Project Cost 883,130.53

SIAK HULU CLUSTER8 TON BIO DIESEL PLANT


ITEM Description Unit Price USD Quantity Total














F Indirect Cost1 - Laboratory 10% Labor cost 4,620.00

G Depreciation Expense1 - Depreciation Equipment 5% EPC 31,750.00 2 - Depreciation Other Equipment 20% Other Equipment 18,700.00




2nd Smt 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Production Capacity 414 kg / hour 20 hours/day 22 days / month 546,480 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 2,185,920 Density 0.87 kg / ltr 475 ltr / hour 9,517 ltr / day 628,138 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 2,512,552 Annual Bio Diesel Sale 264 days / yearExchange rate Rp. 9,500 / USDCPO Sludge input 330 kg / hour 20 hours / day 25 days / month 495,000 1,980,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 2,760,000 Remnant oil input 130 kg / hour 20 hours / day 25 days / month 195,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 780,000 Methane 80.5 kg / hour 20 hours / day 25 days / month 120,750 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 483,000 Catalist 8.97 kg / hour 20 hours / day 25 days / month 13,455 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 53,820 NaOH 2.76 kg / hour 20 hours / day 25 days / month 4,140 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560 16,560

RevenueBio Diesel Revenue 0.60 / ltr 376,882.76 1,507,531.03 1,507,531.03 1,658,284.14 1,658,284.14 1,824,112.55 1,824,112.55 2,006,523.81 2,006,523.81 2,207,176.19 2,207,176.19 2,427,893.81 2,427,893.81 2,670,683.19 2,670,683.19 2,937,751.51 2,937,751.51 3,231,526.66 3,231,526.66 3,554,679.32 3,554,679.32

Total Revenue 376,882.76 1,507,531.03 1,507,531.03 1,658,284.14 1,658,284.14 1,824,112.55 1,824,112.55 2,006,523.81 2,006,523.81 2,207,176.19 2,207,176.19 2,427,893.81 2,427,893.81 2,670,683.19 2,670,683.19 2,937,751.51 2,937,751.51 3,231,526.66 3,231,526.66 3,554,679.32 3,554,679.32


A Operating Expense 1.08 1.17 1.26 1.36 1.47 1.59 1.71 1.85 2.00 1 CPO Sludge input USD 0.26 / kg 128,700.00 514,800.00 514,800.00 555,984.00 555,984.00 600,462.72 600,462.72 648,499.74 648,499.74 700,379.72 700,379.72 756,410.09 756,410.09 816,922.90 816,922.90 882,276.73 882,276.73 952,858.87 952,858.87 1,029,087.58 1,029,087.58 2 Remnant oil USD 0.26 / kg 50,700.00 202,800.00 202,800.00 219,024.00 219,024.00 236,545.92 236,545.92 255,469.59 255,469.59 275,907.16 275,907.16 297,979.73 297,979.73 321,818.11 321,818.11 347,563.56 347,563.56 375,368.65 375,368.65 405,398.14 405,398.14 3 Methane USD 0.50 / kg 60,375.00 241,500.00 241,500.00 260,820.00 260,820.00 281,685.60 281,685.60 304,220.45 304,220.45 328,558.08 328,558.08 354,842.73 354,842.73 383,230.15 383,230.15 413,888.56 413,888.56 446,999.65 446,999.65 482,759.62 482,759.62 4 Catalist USD 0.21 / kg 2,825.55 11,302.20 11,302.20 12,206.38 12,206.38 13,182.89 13,182.89 14,237.52 14,237.52 15,376.52 15,376.52 16,606.64 16,606.64 17,935.17 17,935.17 19,369.98 19,369.98 20,919.58 20,919.58 22,593.15 22,593.15 5 NaOH USD 0.21 / kg 869.40 3,477.60 3,477.60 3,755.81 3,755.81 4,056.27 4,056.27 3,477.60 3,477.60 4,731.24 4,731.24 5,109.74 5,109.74 5,518.51 5,518.51 5,960.00 5,960.00 6,436.79 6,436.79 6,951.74 6,951.74

Sub Total Operating Expense 243,469.95 973,879.80 973,879.80 1,051,790.18 1,051,790.18 1,135,933.40 1,135,933.40 1,225,904.90 1,225,904.90 1,324,952.72 1,324,952.72 1,430,948.93 1,430,948.93 1,545,424.85 1,545,424.85 1,669,058.84 1,669,058.84 1,802,583.54 1,802,583.54 1,946,790.23 1,946,790.23

B Utility1 - Steam USD 0.0055 / kg 7,200,000 hours 9,900.00 39,600.00 39,600.00 42,768.00 42,768.00 46,189.44 46,189.44 49,884.60 49,884.60 53,875.36 53,875.36 58,185.39 58,185.39 62,840.22 62,840.22 67,867.44 67,867.44 73,296.84 73,296.84 79,160.58 79,160.58 2 - Water USD 0.0001 / kg 50,400,000 kg 1,260.00 5,040.00 5,040.00 5,443.20 5,443.20 5,878.66 5,878.66 6,348.95 6,348.95 6,856.86 6,856.86 7,405.41 7,405.41 7,997.85 7,997.85 8,637.67 8,637.67 9,328.69 9,328.69 10,074.98 10,074.98 3 - Diesel USD 0.50 / kg 123,750 ltr / year 15,468.75 61,875.00 61,875.00 66,825.00 66,825.00 72,171.00 72,171.00 77,944.68 77,944.68 84,180.25 84,180.25 90,914.67 90,914.67 98,187.85 98,187.85 106,042.88 106,042.88 114,526.31 114,526.31 123,688.41 123,688.41

Sub Total Utility 26,628.75 106,515.00 106,515.00 115,036.20 115,036.20 124,239.10 124,239.10 134,178.22 134,178.22 144,912.48 144,912.48 156,505.48 156,505.48 169,025.92 169,025.92 182,547.99 182,547.99 197,151.83 197,151.83 212,923.98 212,923.98

Total Variable Cost 270,098.70 1,080,394.80 1,080,394.80 1,166,826.38 1,166,826.38 1,260,172.49 1,260,172.49 1,360,083.12 1,360,083.12 1,469,865.20 1,469,865.20 1,587,454.41 1,587,454.41 1,714,450.77 1,714,450.77 1,851,606.83 1,851,606.83 1,999,735.37 1,999,735.37 2,159,714.20 2,159,714.20

Fixed CostA Maintenance equipment 7,937.50 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00 15,875.00

B Major Overhaul - every 5 years1.08 1.17 1.26 1.36 1.47 1.59 1.71 1.85 2.00 2.16 2.33 2.52 2.72 2.94 3.17 3.43 3.70 4.00 4.32

C Operating labor1 - Management 6,000.00 12,000.00 12,960.00 13,996.80 15,116.54 16,325.87 17,631.94 19,042.49 20,565.89 22,211.16 23,988.06 25,907.10 27,979.67 30,218.04 32,635.48 35,246.32 38,066.03 41,111.31 44,400.22 47,952.23 51,788.41 2 - Supervisor 4,500.00 9,000.00 9,720.00 10,497.60 11,337.41 12,244.40 13,223.95 14,281.87 15,424.42 16,658.37 17,991.04 19,430.32 20,984.75 22,663.53 24,476.61 26,434.74 28,549.52 30,833.48 33,300.16 35,964.18 38,841.31 3 - Operator 10,800.00 21,600.00 23,328.00 25,194.24 27,209.78 29,386.56 31,737.49 34,276.49 37,018.60 39,980.09 43,178.50 46,632.78 50,363.40 54,392.47 58,743.87 63,443.38 68,518.85 74,000.36 79,920.39 86,314.02 93,219.14 4 - Driver 1,800.00 3,600.00 3,888.00 4,199.04 4,534.96 4,897.76 5,289.58 5,712.75 6,169.77 6,663.35 7,196.42 7,772.13 8,393.90 9,065.41 9,790.65 10,573.90 11,419.81 12,333.39 13,320.06 14,385.67 15,536.52

Sub Total Operating labor 21,300.00 46,200.00 49,896.00 53,887.68 58,198.69 62,854.59 67,882.96 73,313.59 79,178.68 85,512.98 92,354.01 99,742.33 107,721.72 116,339.46 125,646.62 135,698.35 146,554.21 158,278.55 170,940.83 184,616.10 199,385.39

D Office Expense1 - House Rent 1,200.00 2,400.00 2,592.00 2,799.36 3,023.31 3,265.17 3,526.39 3,808.50 4,113.18 4,442.23 4,797.61 5,181.42 5,595.93 6,043.61 6,527.10 7,049.26 7,613.21 8,222.26 8,880.04 9,590.45 10,357.68 2 - Telephone 1,800.00 3,600.00 3,888.00 4,199.04 4,534.96 4,897.76 5,289.58 5,712.75 6,169.77 6,663.35 7,196.42 7,772.13 8,393.90 9,065.41 9,790.65 10,573.90 11,419.81 12,333.39 13,320.06 14,385.67 15,536.52 3 - Stationary 600.00 1,200.00 1,296.00 1,399.68 1,511.65 1,632.59 1,763.19 1,904.25 2,056.59 2,221.12 2,398.81 2,590.71 2,797.97 3,021.80 3,263.55 3,524.63 3,806.60 4,111.13 4,440.02 4,795.22 5,178.84 4 - Sundry Expenses 2,000.00 4,000.00 4,320.00 4,665.60 5,038.85 5,441.96 5,877.31 6,347.50 6,855.30 7,403.72 7,996.02 8,635.70 4,000.00 10,072.68 10,878.49 11,748.77 12,688.68 13,703.77 14,800.07 15,984.08 17,262.80

Sub Total Office Expense 5,600.00 11,200.00 12,096.00 13,063.68 14,108.77 15,237.48 16,456.47 17,772.99 19,194.83 20,730.42 22,388.85 24,179.96 20,787.80 28,203.51 30,459.79 32,896.57 35,528.29 38,370.56 41,440.20 44,755.42 48,335.85

E Transportation Expense1 - Car Cost ( Fuel & maintenance) 1,200.00 2,400.00 2,592.00 2,799.36 3,023.31 3,265.17 3,526.39 3,808.50 4,113.18 4,442.23 4,797.61 5,181.42 5,595.93 6,043.61 6,527.10 7,049.26 7,613.21 8,222.26 8,880.04 9,590.45 10,357.68 2 - Motor Cycle Cost (Fuel & Maintenance) 900.00 1,800.00 1,944.00 2,099.52 2,267.48 2,448.88 2,644.79 2,856.37 3,084.88 3,331.67 3,598.21 3,886.06 4,196.95 4,532.71 4,895.32 5,286.95 5,709.90 6,166.70 6,660.03 7,192.84 7,768.26 3 - Truck Cost (Fuel & maintenance) 3,600.00 7,200.00 7,776.00 8,398.08 9,069.93 9,795.52 10,579.16 11,425.50 12,339.53 13,326.70 14,392.83 15,544.26 16,787.80 18,130.82 19,581.29 21,147.79 22,839.62 24,666.79 26,640.13 28,771.34 31,073.05

Sub Total Transportation Expense 5,700.00 11,400.00 12,312.00 13,296.96 14,360.72 15,509.57 16,750.34 18,090.37 19,537.60 21,100.60 22,788.65 24,611.74 26,580.68 28,707.14 31,003.71 33,484.01 36,162.73 39,055.75 42,180.21 45,554.62 49,198.99

F Indirect Cost1 - Laboratory 2,310.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00 4,620.00

G Depreciation Expense1 - Depreciation Equipment 15,875.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 2 - Depreciation Other Equipment 9,350.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00

Sub Total Depreciation 25,225.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00 50,450.00

Total Fixed Cost 68,072.50 139,745.00 139,745.00 139,745.00 139,745.00 164,546.64 172,034.77 180,121.95 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 188,856.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Variable & Fixed Cost 338,171.20 1,220,139.80 1,220,139.80 1,306,571.38 1,306,571.38 1,424,719.14 1,432,207.27 1,540,205.07 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23 1,548,939.23

EBIT 38,711.56 287,391.23 287,391.23 351,712.75 351,712.75 399,393.42 391,905.29 466,318.73 457,584.58 658,236.96 658,236.96 878,954.58 878,954.58 1,121,743.96 1,121,743.96 1,388,812.28 1,388,812.28 1,682,587.43 1,682,587.43 2,005,740.09 2,005,740.09

Loan Interest 15% 529,878.32 EPC 79,481.75 92,397.53 73,893.51 52,613.88 28,142.31 - - - - - - - - - - - - - - -

Income before Tax 38,711.56 207,909.49 194,993.70 277,819.25 299,098.87 371,251.11 391,905.29 466,318.73 457,584.58 658,236.96 658,236.96 878,954.58 878,954.58 1,121,743.96 1,121,743.96 1,388,812.28 1,388,812.28 1,682,587.43 1,682,587.43 2,005,740.09 2,005,740.09

Income tax 30% 0 0 0 0 0 0 0 139,895.62 137,275.37 197,471.09 197,471.09 263,686.37 263,686.37 336,523.19 336,523.19 416,643.68 416,643.68 504,776.23 504,776.23 601,722.03 601,722.03

Income after tax 38,711.56 207,909.49 194,993.70 277,819.25 299,098.87 371,251.11 391,905.29 326,423.11 320,309.20 460,765.87 460,765.87 615,268.20 615,268.20 785,220.77 785,220.77 972,168.59 972,168.59 1,177,811.20 1,177,811.20 1,404,018.06 1,404,018.06

Project

DESCRIPTION YEARS



2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Cashflow From Operating ActivitiesEBIT - Tax 38,711.56 287,391.23 287,391.23 351,712.75 351,712.75 399,393.42 391,905.29 326,423.11 320,309.20 460,765.87 460,765.87 615,268.20 615,268.20 785,220.77 785,220.77 972,168.59 972,168.59 1,177,811.20 1,177,811.20 1,404,018.06 1,404,018.06 Depreciation 15,875.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 31,750.00 Other Depreciation 9,350.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00 18,700.00

Net Cashflow From Operating Activities 63,936.56 337,841.23 337,841.23 402,162.75 402,162.75 449,843.42 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87 665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

Cashflow From Investing ActivitiesTotal Project Cost 883,130.53

Net Cashflow From Investing Activities (819,193.97) 337,841.23 337,841.23 402,162.75 402,162.75 449,843.42 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87 665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

Cashflow From Financing ActivitiesEquity 353,252.21 Dividend Payment Medium Term Loan Disbursement 529,878.32 Interest Installment (Medium Term Loan) 0 79,481.75 92,397.53 73,893.51 52,613.88 28,142.31 Principal Installment (Medium Term Loan) 0 0 123,360.16 141,864.19 163,143.81 187,615.39

883,130.53 79,481.75 215,757.69 215,757.69 215,757.69 215,757.69

Increase (Decrease) Cash 63,936.56 258,359.49 122,083.54 186,405.06 186,405.06 234,085.72 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87 665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06

Beginning Cash Balance 63,936.56 322,296.05 444,379.59 630,784.65 817,189.71 1,051,275.43 1,493,630.72 1,870,503.83 2,241,263.03 2,752,478.91 3,263,694.78 3,929,412.98 4,595,131.18 5,430,801.95 6,266,472.72 7,289,091.32 8,311,709.91 9,539,971.11 10,768,232.31 12,222,700.37

Ending Cash Balance 63,936.56 322,296.05 444,379.59 630,784.65 817,189.71 1,051,275.43 1,493,630.72 1,870,503.83 2,241,263.03 2,752,478.91 3,263,694.78 3,929,412.98 4,595,131.18 5,430,801.95 6,266,472.72 7,289,091.32 8,311,709.91 9,539,971.11 10,768,232.31 12,222,700.37 13,677,168.44

ProjectCash Flow out 921,842.09 Cash Flow in (921,842.09) 258,359.49 245,443.70 328,269.25 349,548.87 421,701.11 442,355.29 376,873.11 370,759.20 511,215.87 511,215.87 665,718.20 665,718.20 835,670.77 835,670.77 1,022,618.59 1,022,618.59 1,228,261.20 1,228,261.20 1,454,468.06 1,454,468.06 Cumulative Cash Flow (921,842.09) (663,482.60) (418,038.90) (89,769.65) 259,779.22 681,480.33 1,123,835.61 1,500,708.73 1,871,467.93 2,382,683.80 2,893,899.67 3,559,617.88 4,225,336.08 5,061,006.85 5,896,677.62 6,919,296.21 7,941,914.81 9,170,176.01 10,398,437.21 11,852,905.27 13,307,373.33 Project IRR 36.83%Payback Period 4 years

Devidend Payment (314,540.65) 180,851.64 171,810.59 229,788.47 244,684.21 295,190.78 309,648.70 263,811.18 259,531.44 357,851.11 357,851.11 466,002.74 466,002.74 584,969.54 584,969.54 715,833.02 715,833.02 859,782.84 859,782.84 1,018,127.65 1,018,127.65 Cumulative Devident Payback (314,540.65) (133,689.01) 38,121.58 267,910.05 512,594.26 807,785.04 1,117,433.74 1,381,244.92 1,640,776.36 1,998,627.47 2,356,478.58 2,822,481.32 3,288,484.07 3,873,453.60 4,458,423.14 5,174,256.16 5,890,089.17 6,749,872.01 7,609,654.85 8,627,782.50 9,645,910.14 Equity IRR 66.10%Shareholder's PaybackNPV 2,526,368.43 Payback Period 2 years

SELLING PRICE DECREASE 0% 17% 25% 33%SENSITIVITY FOR SELLING PRICE 0.60 USD 0.50 USD 0.45 USD 0.40 USDPROJECT IRR 36.83% 18.13% 10.31% 3.01%PAYBACK PERIOD 4 9 14 19

INVESTMENT INCREASE 0% 20% 30% 40% 50%SENSITIVITY FOR INVESTMENT COST 883,130 USD 1,082,750 USD 1,185,850 USD 1,291,230 USD 1,398,970 USDPROJECT IRR 36.83% 30.86% 28.54% 26.54% 24.78%PAYBACK PERIOD 4 5 5 5 6

DESCRIPTION YEARS


CASHFLOW

POM PT. INTI INDO SAWIT SUBUR BUATAN I

YEAR 0 1 2 3 4 5

BIOGASMethane SequestrationBiogas Amount Nm3/yr 5,748,019 Methane Content Nm3/yr 3,592,512 Carbon Emission Reduction CER/year 25,468

Total CER CER/year 25,468

CER rates USD/CER 7.20

Income CER Value USD/yr 183,367.80 183,367.80 183,367.80 183,367.80 183,367.80

Operational Expenses assumption 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

Capital investment USD 688,500.00 Total Outflow USD 688,500.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Payback-cumulative USD (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00

IRR 22%Payback 4 yearsPBT 173,368 Ratio PBT:investment 0.25 NPV 12% 259,881.01 (over period 4 years)

pg gp y ( p ) yg

Leverage cash flowEquity cash flow (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Cumulative Cash Flow (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00 IRR 22%Payback 4 years

Invesment cost 688,500.00 Interest charge 12% 82,620.00 82,620.00 82,620.00 82,620.00 82,620.00 Equity cash flow (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Cumulative Cash Flow (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00 IRR Leverage 22%Payback 4 years

Sensitivity CER priceCER rates 6.00 USD 7.00 USD 7.20 USD 8.00 USD 9.00 USDIRR 16% 21% 22% 25% 29%Payback 5 5 4 4 4Sensitivity Invesment costInvesment cost 500,000.00 USD 600,000.00 USD 688,500.00 USD 1,000,000.00 USD 1,337,000.00 USD 1.500.000.00 USDIRR 33% 26% 22% 11% 5% 3%Payback 3 4 4 6 8 9

PT. INTI INDO SAWIT SUBUR BUATAN IBIOGAS CAPTURE SYSTEM

CASH FLOW

YEAR

BIOGASMethane SequestrationBiogas Amount Nm3/yrMethane Content Nm3/yrCarbon Emission Reduction CER/year

Total CER CER/year

CER rates USD/CER

Income CER Value USD/yr

Operational Expenses assumption

Capital investment USDTotal Outflow USDCash Flow USDPayback-cumulative USD

IRR 22%Payback 4 yearsPBT 173,368 Ratio PBT:investment 0.25 NPV 12%

pg gp y ( p ) yg

Leverage cash flowEquity cash flowCumulative Cash FlowIRR 22%Payback 4 years

Invesment costInterest charge 12%Equity cash flowCumulative Cash FlowIRR Leverage 22%Payback 4 years

Sensitivity CER priceCER ratesIRRPaybackSensitivity InvesmenInvesment costIRRPayback

6 7 8 9 10

183,367.80 183,367.80 183,367.80 183,367.80 183,367.80

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00

173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00

82,620.00 82,620.00 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00

Item Description Qty Total (USD)1 Biogas reactors (for about 650 N cubic meters sludge / day 1 540,000.00 2 Pumps and piping system transfer of sludge (raw / treated) 1 40,500.00 3 Compressor / scrubber system (moisure/H2S/CO2) 1 54,000.00 4 Gas collector, receiving/compressed stroge system/regulators, fire prevention etc. 1 54,000.00

One Unit Biogas Capture System 1 688,500.00


INVESTMENT COST

Assumption : 0.6 m3 POME/t FFB (Assumpt

Plant Cap FFB/year POME POME Ret timeton/hour tons/year m3/year m3/day days

Sei Pagar 30 150,000 67,500 355 17 650 (tons/day) 293 17

PT.SSDP 90 360,000 216,000 720 17 PT. Ramajaya 60 360,000 216,000 720 17

60 360,000 198,000 660 17 Asam Jawa 60 240,000 144,000 480 17 Gnng Meliau 60 230,000 126,500 422 17 Inti Indo Sawit 60 210,000 115,500 385 17

1 year 300 days POME A Jw= 0.6 POME Gn Meliau=

CER CER/year EFB juicetCO2-eq U$D m3/day

Sei Pagar 14,529.4 72,646.9 23 12,592.1 0

PT.SSDP 47,628.0 238,140.0 53 PT. Ramajaya 47,628.0 238,140.0 53

43,659.0 218,295.0 55 Asam Jawa 31,752.0 158,760.0 37 Gnng Meliau 27,893.3 139,466.3 34 Inti Indo Sawit 25,467.8 31

356,548.5 238,140.0 1,190,700.0

Prices : NOVAVIRO TECHNOLOGY• 400 m3 POME/day (FFB: 30 t/h or 600 t/d or 180,00 t/y): RM2.430 million • 600 m3 POME/day (FFB: 45 t/h or 900 t/d or 270,00 t/y): RM3.554 million • 800 m3 POME/day (FFB: 60 t/h or 1200 t/d or 360,00 t/y): RM4.590 million • 1200 m3 POME/day (FFB: 90 t/h or 1800 t/d or 540,00 t/y): RM6.760 million

t) Reduction of BOD raw POME to BOD 3500 to comply with land application requirement

V tank CODin BODout Removal CH4 Energy Diesel Oil MWh/yrmg/l eff tons/year MJ/year liter/year liter/day

6,039 48,000 3,500 0.854 691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 4,973 48,000 3,500 0.854 599.6 113,877,138.8 3,240,301.0 10,801.00

12,240 50,000 4,000 0.840 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 12,240 50,000 4,000 0.840 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 11,220 50,000 4,000 0.840 2,079.0 75,918,092.6 2,160,200.7 7,200.67 8,160 50,000 4,000 0.840 1,512.0 - - - - 7,168 50,000 4,000 0.840 1,328.3 - - - - 6,545 50,000 4,000 0.840 1,212.8

= 0.55 POME Sei Pagar 0.45 POME Indo Swit 0.55197.0

CH4(0 C) CH4(35 C) Biogas (35 C) COD converted biogas/kg COD convertedNm3/yr Nm3/yr m3/yr m3/hour m3/day tons/yr m3/kg COD

970,372 1,095,930 1,753,488 244 5,844.96 25.9776 2767.5 0.6336840,989 949,806 1,519,690 211 5,065.63 25.98 2398.5 0.6336

3,180,926 3,592,512 5,748,019 798 19,160.06 26.6112 9072 0.63363,180,926 3,592,512 5,748,019 798 19,160.06 26.6112 9072 0.63362,915,849 3,293,136 5,269,018 732 17,563.39 26.6112 8316 0.63362,120,617 2,395,008 3,832,013 532 12,773.38 26.6112 6048 0.63361,862,903 2,103,948 3,366,317 468 11,221.06 26.6112 5313 0.6336

Novaviro design Digester Plant BODin 25,000 mg/lCODin 53,630 mg/l V tank = 6,800 POME 400 m3/dayFFB 600 t/day

1,800 t FFB/year

BOD out 1,000 mg/l COD out = 2,000 COD tot 8,000 mg/lCOD disslv 3,000 mg/l

Rem eff = 0.85082976

Need existing : deoiling pond, cooling pondacidification pond 2000 m3

Screen FilterStainless Steel Feeding TankAD tank Fixed Roof tank

Floating Roof Tank 700 m3 gas capacit

Catalytic Conversion Cycle

Plant Capacity = 670 liter/hour Raw Material = 20000 ton/year Density = 828 kg/m3Extracted Oil

0.4 0.56Plant Cap FFB/year Availb EFB dried to 30% Org oil Org oil CER CER Investmenttons/hour tons/year tons/year tons/year liter/year liter/year US $ US $

Sei Pagar 30 150,000 17,250 7,962 3,185 4,458 PT.SSDP 60 360,000 55,440 25,588 10,235 14,329 PT. Ramajaya 90 360,000 - - - Sinar Agri 45 150,000 - - - 67%500-600 tFFB/day - - - Inti Indo sawit 60 210,000 23,100 10,662 4,265 5,970 700 tFFB/day - - - - Meridian Sejati 45 150,000 16,500 7,615 3,046 4,265 Multi Palma Sejahtera 45 150,000 16,500 7,615 3,046 4,265 Total EFB available 128,790 23,777 33,287

availablePlant Cap FFB/year EFB EFB Operating EFB rate Oil ectraction rateton/hour tons/year tons/year tons/day hours tons/hour tons/year CPO

Sei Pagar 30 150,000 34,500 164 3,700 9.32 333 PT.SSDP 90 360,000 79,200 264 4,950 16.00 792 PT. Ramajaya 60 360,000 79,200 264 5,000 15.84 792 Sinar Agri 45 150,000 33,000 110 4,500 7.33 330 500-600 tFFB/day - Inti Indo sawit 60 210,000 46,200 154 4,500 10.27 405 700 tFFB/day - - Meridian Sejati 45 150,000 16,500 55 5,000 3.30 165 Multi Palma Sejh 45 150,000 16,500 55 5,000 3.30 165 Asam Jawa 60 240,000 55,200 184 5000 11.04 450 Gnng Meliau 60 230,000 50,600 169 4,800 10.54 450 Aek ToropMulti Prima Entakai 60 180,000 39,600 132 4,800 8.25 396

EFB rate calculation is based on an annual average available FFB (tons/year)Input ROR

FFB/day EFB/day ROR syst EFB rate EFB (tons/year)tons/day tons/day hours/day tons/hour required for 9tons/h

Sei Pagar 30 650 149.5 16 9.34 33,300 PT.SSDP 1200 264.0 15.84 16 16.50 PT. Ramajaya 1200 264.0 16 16.50 Asam Jawa 60 800 184.0 16 11.50 45,000 Gnng Meliau 60 700 161.0 16 10.06 45,000 Inti Indo Sawit 60 700 154.0 16 9.63 40,500 Sinar Agri 45 600 16Aek Torop 16Multi Prima Entakai 60 600 132.0 16 8.25

Assumptions :oil extraction rate = 1% EFBPrice of CPO = 350 USD 3580 hoursOperation & maintenance = 10% FFB 172.50 EFB/dayoperation & maintenance = RM 0.33/m ton FFB

GivenEFB press has an EFB input rate of = 9 tons/hourCapital investment = 108,611 USD

SimplePrice CPO Invest Op & maint Cost 1st yr Payback Cost

USD USD USD USD yr

116,550 108,611 15,000 123,611 1.1 277,200 108,611 36,000 144,611 0.5 277,200 108,611 36,000 144,611 0.5 115,500 108,611 15,000 123,611 1.1

141,750 108,611 21,000 129,611 11.0 months

57,750 108,611 15,000 123,611 2.1 57,750 108,611 15,000 123,611 2.1

157,500 108,611 19,565 128,176 0.8 157,500 108,611 20,455 129,066 0.8

138,600 108,611 18,000

18.15789474

FFB requiredtons/year

144,783 (at 3450hours operation/year)

195,652 Asam Jawa required 1 ROR plant204,545 Cap= 9tons EFB/hour204,545 Required FFB = 45000 tons/hour





YEAR 0 1 2 3 4 5Remnant OilTotal Remnant Oil tons/year 405

Oil sales USD/ton 175.00

Income sales USD/yr 70,875.00 70,875.00 70,875.00 70,875.00 70,875.00

Operasional & Maintenance 10%/tFFB 21,000.00 21,000.00 21,000.00 21,000.00 21,000.00 Interest expenses 11,404.05 13,114.66 11,616.48 9,893.58 7,912.23 Repayment (Principal) - 23,102.51 23,102.51 23,102.51 23,102.51

Capital investment USD 108,610.00 Total Outflow USD 108,610.00 32,404.05 57,217.17 55,718.99 53,996.09 52,014.74 Cash Flow USD (108,610.00) 38,470.95 13,657.83 15,156.01 16,878.91 18,860.26 Payback-cumulative USD (108,610.00) (70,139.05) (56,481.22) (41,325.21) (24,446.29) (5,586.04)


Debt Component 87,431 -23,102.51Invesment cost 108,610.00 - Borrowing 70% 76,027.00 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 Interest charge 15% - 11,404.05 13,114.66 11,616.48 9,893.58 7,912.23 Repayment (Principal) 6 years - - 23,102.51 23,102.51 23,102.51 23,102.51 Balance out standing 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 37,557.96

Leverage cash flowEquity cash flow (32,583.00) 2,253.78 (21,061.16) (17,840.07) (14,135.83) (9,875.95) Cumulative Cash Flow (32,583.00) (30,329.22) (51,390.38) (69,230.45) (83,366.28) (93,242.23) IRR 9%Payback 9 years

Invesment cost 108,610.00 Interest charge 15% 16,291.50 16,291.50 16,291.50 16,291.50 16,291.50 Equity cash flow (108,610.00) 2,253.78 (21,061.16) (17,840.07) (14,135.83) (9,875.95) Cumulative Cash Flow (108,610.00) (106,356.22) (127,417.38) (145,257.45) (159,393.28) (169,269.23) IRR Leverage 0%Payback >11 years

Sensitivity CPO price / tonOil sales 125.00 USD 150.00 USD 175.00 USD 200.00 USD 220.00 USDIRR -2% 10% 20% 30% 38%Payback >11 8 6 4 3

PT. INTI INDO SAWIT SUBUR BUATAN IREMNANT OIL RECOVERY

CASH FLOW

YEARRemnant OilTotal Remnant Oil tons/year

Oil sales USD/ton

Income sales USD/yr

Operasional & Maintenance 10%/tFFBInterest expensesRepayment (Principal)



Debt ComponentInvesment costBorrowing 70%Interest charge 15%Repayment (Principal) 6 yearsBalance out standing


Invesment costInterest charge 15%Equity cash flowCumulative Cash FlowIRR Leverage 0%Payback >11 years

6 7 8 9 10

70,875.00 70,875.00 70,875.00 70,875.00 70,875.00

21,000.00 21,000.00 21,000.00 21,000.00 21,000.00 5,633.69 3,013.37 - - -

23,102.51 23,102.51 - - -

49,736.20 47,115.88 21,000.00 21,000.00 21,000.00 21,138.80 23,759.12 49,875.00 49,875.00 49,875.00 15,552.76 39,311.88 89,186.88 139,061.88 188,936.88

37,557.96 20,089.14 5,633.69 3,013.37

23,102.51 23,102.51 20,089.14 (0)

(4,977.08) 23,759.12 49,875.00 49,875.00 49,875.00 (98,219.31) (74,460.19) (24,585.19) 25,289.81 75,164.81

16,291.50 16,291.50 (4,977.08) 23,759.12 49,875.00 49,875.00 49,875.00

(174,246.31) (150,487.19) (100,612.19) (50,737.19) (862.19)

Item Description Qty Total (US$)1 Mobilization & insurance 2,222.00

2 Empty Bunch Press – EBP 75H 1 unit 54,166.00 3 Elevator, Chutes and Gear Motor 1 lot 14,444.00 4 Oil Tank, Piping, Gutter and 1 1 set 6,111.00 5 Platform, Structure and 1 set 18,889.00 6 Modification 1 lot 1,667.00 7 Electrification 1 lot 11,111.00

One ROR line Subtotal 108,610.00


INVESTMENT COST

POM MULTI PRIMA ENTAKAI

YEAR 0 1 2 3 4 5






Capital investment USD 688,500.00 Total Outflow USD 688,500.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Payback-cumulative USD (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00


pg gp y ( p ) yg

Leverage cash flowEquity cash flow (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Cumulative Cash Flow (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00 IRR 22%Payback 4 years

Invesment cost 688,500.00 Interest charge 12% 82,620.00 82,620.00 82,620.00 82,620.00 82,620.00 Equity cash flow (688,500.00) 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 Cumulative Cash Flow (688,500.00) (515,132.20) (341,764.40) (168,396.60) 4,971.20 178,339.00 IRR Leverage 22%Payback 4 years

Sensitivity CER priceCER rates 6.00 USD 7.00 USD 7.20 USD 8.00 USD 9.00 USDIRR 16% 21% 22% 25% 29%Payback 5 5 4 4 4Sensitivity Invesment costInvesment cost 500,000.00 USD 600,000.00 USD 688,500.00 USD 1,000,000.00 USD 1,337,000.00 USD 1.500.000.00 USDIRR 33% 26% 22% 11% 5% 3%Payback 3 4 4 6 8 9


CASH FLOW

YEAR


Total CER CER/year

CER rates USD/CER





pg gp y ( p ) yg



Sensitivity CER priceCER ratesIRRPaybackSensitivity InvesmenInvesment costIRRPayback

6 7 8 9 10

183,367.80 183,367.80 183,367.80 183,367.80 183,367.80

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00

173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00

82,620.00 82,620.00 173,367.80 173,367.80 173,367.80 173,367.80 173,367.80 351,706.80 525,074.60 698,442.40 871,810.20 1,045,178.00




INVESTMENT COST

Assumption : 0.6 m3 POME/t FFB (Assumpt

Plant Cap FFB/year POME POME Ret timeton/hour tons/year m3/year m3/day days

Sei Pagar 30 150,000 67,500 355 17 650 (tons/day) 293 17

PT.SSDP 90 360,000 216,000 720 17 PT. Ramajaya 60 360,000 216,000 720 17

60 360,000 198,000 660 17 Asam Jawa 60 240,000 144,000 480 17 Gnng Meliau 60 230,000 126,500 422 17 Inti Indo Sawit 60 210,000 115,500 385 17

1 year 300 days POME A Jw= 0.6 POME Gn Meliau=

CER CER/year EFB juicetCO2-eq U$D m3/day

Sei Pagar 14,529.4 72,646.9 23 12,592.1 0

PT.SSDP 47,628.0 238,140.0 53 PT. Ramajaya 47,628.0 238,140.0 53

43,659.0 218,295.0 55 Asam Jawa 31,752.0 158,760.0 37 Gnng Meliau 27,893.3 139,466.3 34 Inti Indo Sawit 25,467.8 31

356,548.5 238,140.0 1,190,700.0

Prices : NOVAVIRO TECHNOLOGY• 400 m3 POME/day (FFB: 30 t/h or 600 t/d or 180,00 t/y): RM2.430 million • 600 m3 POME/day (FFB: 45 t/h or 900 t/d or 270,00 t/y): RM3.554 million • 800 m3 POME/day (FFB: 60 t/h or 1200 t/d or 360,00 t/y): RM4.590 million • 1200 m3 POME/day (FFB: 90 t/h or 1800 t/d or 540,00 t/y): RM6.760 million

t) Reduction of BOD raw POME to BOD 3500 to comply with land application requirement

V tank CODin BODout Removal CH4 Energy Diesel Oil MWh/yrmg/l eff tons/year MJ/year liter/year liter/day

6,039 48,000 3,500 0.854 691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 4,973 48,000 3,500 0.854 599.6 113,877,138.8 3,240,301.0 10,801.00

12,240 50,000 4,000 0.840 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 12,240 50,000 4,000 0.840 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 11,220 50,000 4,000 0.840 2,079.0 75,918,092.6 2,160,200.7 7,200.67 8,160 50,000 4,000 0.840 1,512.0 - - - - 7,168 50,000 4,000 0.840 1,328.3 - - - - 6,545 50,000 4,000 0.840 1,212.8

= 0.55 POME Sei Pagar 0.45 POME Indo Swit 0.55197.0

CH4(0 C) CH4(35 C) Biogas (35 C) COD converted biogas/kg COD convertedNm3/yr Nm3/yr m3/yr m3/hour m3/day tons/yr m3/kg COD

970,372 1,095,930 1,753,488 244 5,844.96 25.9776 2767.5 0.6336840,989 949,806 1,519,690 211 5,065.63 25.98 2398.5 0.6336

3,180,926 3,592,512 5,748,019 798 19,160.06 26.6112 9072 0.63363,180,926 3,592,512 5,748,019 798 19,160.06 26.6112 9072 0.63362,915,849 3,293,136 5,269,018 732 17,563.39 26.6112 8316 0.63362,120,617 2,395,008 3,832,013 532 12,773.38 26.6112 6048 0.63361,862,903 2,103,948 3,366,317 468 11,221.06 26.6112 5313 0.6336

Novaviro design Digester Plant BODin 25,000 mg/lCODin 53,630 mg/l V tank = 6,800 POME 400 m3/dayFFB 600 t/day

1,800 t FFB/year

BOD out 1,000 mg/l COD out = 2,000 COD tot 8,000 mg/lCOD disslv 3,000 mg/l

Rem eff = 0.85082976

Need existing : deoiling pond, cooling pondacidification pond 2000 m3

Screen FilterStainless Steel Feeding TankAD tank Fixed Roof tank

Floating Roof Tank 700 m3 gas capacit













USD USD USD USD yr

116,550 108,611 15,000 123,611 1.1 277,200 108,611 36,000 144,611 0.5 277,200 108,611 36,000 144,611 0.5 115,500 108,611 15,000 123,611 1.1

141,750 108,611 21,000 129,611 11.0 months

57,750 108,611 15,000 123,611 2.1 57,750 108,611 15,000 123,611 2.1

157,500 108,611 19,565 128,176 0.8 157,500 108,611 20,455 129,066 0.8

138,600 108,611 18,000

18.15789474








YEAR 0 1 2 3 4 5Remnant OilTotal Remnant Oil tons/year 405



Operasional & Maintenance 10%/tFFB 21,000.00 21,000.00 21,000.00 21,000.00 21,000.00 Interest expenses 11,404.05 13,114.66 11,616.48 9,893.58 7,912.23 Repayment (Principal) - 23,102.51 23,102.51 23,102.51 23,102.51

Capital investment USD 108,610.00 Total Outflow USD 108,610.00 32,404.05 57,217.17 55,718.99 53,996.09 52,014.74 Cash Flow USD (108,610.00) 38,470.95 13,657.83 15,156.01 16,878.91 18,860.26 Payback-cumulative USD (108,610.00) (70,139.05) (56,481.22) (41,325.21) (24,446.29) (5,586.04)


Debt Component 87,431 -23,102.51Invesment cost 108,610.00 - Borrowing 70% 76,027.00 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 Interest charge 15% - 11,404.05 13,114.66 11,616.48 9,893.58 7,912.23 Repayment (Principal) 6 years - - 23,102.51 23,102.51 23,102.51 23,102.51 Balance out standing 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 37,557.96

Leverage cash flowEquity cash flow (32,583.00) 2,253.78 (21,061.16) (17,840.07) (14,135.83) (9,875.95) Cumulative Cash Flow (32,583.00) (30,329.22) (51,390.38) (69,230.45) (83,366.28) (93,242.23) IRR 9%Payback 9 years

Invesment cost 108,610.00 Interest charge 15% 16,291.50 16,291.50 16,291.50 16,291.50 16,291.50 Equity cash flow (108,610.00) 2,253.78 (21,061.16) (17,840.07) (14,135.83) (9,875.95) Cumulative Cash Flow (108,610.00) (106,356.22) (127,417.38) (145,257.45) (159,393.28) (169,269.23) IRR Leverage 0%Payback >11 years



CASH FLOW

YEARRemnant OilTotal Remnant Oil tons/year

Oil sales USD/ton

Income sales USD/yr

Operasional & Maintenance 10%/tFFBInterest expensesRepayment (Principal)





Invesment costInterest charge 15%Equity cash flowCumulative Cash FlowIRR Leverage 0%Payback >11 years

6 7 8 9 10

70,875.00 70,875.00 70,875.00 70,875.00 70,875.00

21,000.00 21,000.00 21,000.00 21,000.00 21,000.00 5,633.69 3,013.37 - - -

23,102.51 23,102.51 - - -

49,736.20 47,115.88 21,000.00 21,000.00 21,000.00 21,138.80 23,759.12 49,875.00 49,875.00 49,875.00 15,552.76 39,311.88 89,186.88 139,061.88 188,936.88

37,557.96 20,089.14 5,633.69 3,013.37

23,102.51 23,102.51 20,089.14 (0)

(4,977.08) 23,759.12 49,875.00 49,875.00 49,875.00 (98,219.31) (74,460.19) (24,585.19) 25,289.81 75,164.81

16,291.50 16,291.50 (4,977.08) 23,759.12 49,875.00 49,875.00 49,875.00

(174,246.31) (150,487.19) (100,612.19) (50,737.19) (862.19)

Item Description Qty Total (US$)1 Mobilization & insurance 2,222.00

2 Empty Bunch Press – EBP 75H 1 unit 54,166.00 3 Elevator, Chutes and Gear Motor 1 lot 14,444.00 4 Oil Tank, Piping, Gutter and 1 1 set 6,111.00 5 Platform, Structure and 1 set 18,889.00 6 Modification 1 lot 1,667.00 7 Electrification 1 lot 11,111.00



INVESTMENT COST

POM PT. RAMAJAYA PRAMUKTI

YEAR 0 1 2 3 4 5BIOGASMethane SequestrationBiogas Amount Nm3/yr 5,748,019 Methane Content Nm3/yr 3,592,512 Carbon Emission Reduction CER/year 47,628 Total CER CER/year 47,628 CER rates USD/CER 7.20 Income CER Value USD/yr 342,921.60 342,921.60 342,921.60 342,921.60 342,921.60 Operational Expenses assumption 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

Capital investment USD 1,377,000.00 Total Outflow USD 1,377,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (1,377,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow USD (1,377,000.00) (1,044,078.40) (711,156.80) (378,235.20) (45,313.60) 287,608.00


p , ,g gp y ( p ) yg0

Leverage cash flowEquity cash flow (1,377,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow (1,377,000.00) (1,044,078.40) (711,156.80) (378,235.20) (45,313.60) 287,608.00 IRR 20%Payback Period 11 years

Invesment cost 1,377,000.00 Interest charge 12% 165,240.00 165,240.00 165,240.00 165,240.00 165,240.00 Equity cash flow (1,377,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow (1,377,000.00) (1,044,078.40) (711,156.80) (378,235.20) (45,313.60) 287,608.00 IRR Leverage 20%Payback Period 11 years

Sensitivity CER priceCER rates 6.00 USD 7.00 USD 7.20 USD 8.00 USD 9.00 USDIRR 15% 20% 20% 24% 28%Payback 5 5 5 4 4

Sensitivity Invesment costInvesment cost 688,500.00 USD 1,000,000.00 USD 1,337,000.00 USD 1.500.000.00 USDIRR 47% 31% 20% 18%Payback 3 4 5 5

PT. RAMAJAYA PRAMUKTIBIOGAS CAPTURE SYSTEM

CASH FLOW

YEARBIOGASMethane SequestrationBiogas Amount Nm3/yrMethane Content Nm3/yrCarbon Emission Reduction CER/yearTotal CER CER/yearCER rates USD/CERIncome CER Value USD/yrOperational Expenses assumption

Capital investment USDTotal Outflow USDCash Flow USDCumulative Cash Flow USD


pg gp y ( p ) yg0

Leverage cash flowEquity cash flowCumulative Cash FlowIRR 20%Payback Period 11 years

Invesment costInterest charge 12%Equity cash flowCumulative Cash FlowIRR Leverage 20%Payback Period 11 years

6 7 8 9 10

342,921.60 342,921.60 342,921.60 342,921.60 342,921.60 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 620,529.60 953,451.20 1,286,372.80 1,619,294.40 1,952,216.00

332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 620,529.60 953,451.20 1,286,372.80 1,619,294.40 1,952,216.00

165,240.00 165,240.00 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 620,529.60 953,451.20 1,286,372.80 1,619,294.40 1,952,216.00


One Unit Biogas Capture System 1 688,500.00 Two Unit Biogas Capture System 2 1,377,000.00

PT. RAMAJAYA PRAMUKTIBIOGAS CAPTURE SYSTEM

INVESTMENT COST

Assumption : 0.6 m3 POME/t FFB (Assumpt) Reduction of BOD raw POME to BO

Plant Cap FFB/year POME POME Ret time V tank CODin BODout Removalton/hour tons/year m3/year m3/day days mg/l eff

Sei Pagar 30 150,000 67,500 355 17 6,039 48,000 3,500 0.854 650 (tons/day) 293 17 4,973 48,000 3,500 0.854

PT.SSDP 90 360,000 216,000 720 17 12,240 50,000 4,000 0.840 PT. Ramajaya 60 360,000 216,000 720 17 12,240 50,000 4,000 0.840

60 360,000 198,000 660 17 11,220 50,000 4,000 0.840 Asam Jawa 60 240,000 144,000 480 17 8,160 50,000 4,000 0.840 Gnng Meliau 60 230,000 126,500 422 17 7,168 50,000 4,000 0.840 Inti Indo Sawit 60 210,000 115,500 385 17 6,545 50,000 4,000 0.840

1 year 300 days POME A Jw= 0.6 POME Gn Meliau= 0.55 POME Sei Pagar 0.45197.0

CER CER/year EFB juice CH4(0 C) CH4(35 C) Biogas (35 C)tCO2-eq U$D m3/day Nm3/yr Nm3/yr m3/yr m3/hour

Sei Pagar 14,529.4 72,646.9 23 970,372 1,095,930 1,753,488 244 12,592.1 0 840,989 949,806 1,519,690 211

PT.SSDP 47,628.0 238,140.0 53 3,180,926 3,592,512 5,748,019 798 PT. Ramajaya 47,628.0 238,140.0 53 3,180,926 3,592,512 5,748,019 798

43,659.0 218,295.0 55 2,915,849 3,293,136 5,269,018 732 Asam Jawa 31,752.0 158,760.0 37 2,120,617 2,395,008 3,832,013 532 Gnng Meliau 27,893.3 139,466.3 34 1,862,903 2,103,948 3,366,317 468 Inti Indo Sawit 25,467.8 31

356,548.5 238,140.0 1,190,700.0

Prices : NOVAVIRO TECHNOLOGY Novaviro desig• 400 m3 POME/day (FFB: 30 t/h or 600 t/d or 180,00 t/y): RM2.430 million BODin• 600 m3 POME/day (FFB: 45 t/h or 900 t/d or 270,00 t/y): RM3.554 million CODin• 800 m3 POME/day (FFB: 60 t/h or 1200 t/d or 360,00 t/y): RM4.590 million POME• 1200 m3 POME/day (FFB: 90 t/h or 1800 t/d or 540,00 t/y): RM6.760 million FFB

BOD outCOD totCOD disslv

Rem eff =

Need existing

Screen FilterStainless SteeAD tank

OD 3500 to comply with land application requirement

CH4 Energy Diesel Oil MWh/yrtons/year MJ/year liter/year liter/day

691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 599.6 113,877,138.8 3,240,301.0 10,801.00

2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,079.0 75,918,092.6 2,160,200.7 7,200.67 1,512.0 - - - - 1,328.3 - - - - 1,212.8

POME Indo Swit 0.55

COD converted biogas/kg COD convertedm3/day tons/yr m3/kg COD

5,844.96 25.9776 2767.5 0.63365,065.63 25.98 2398.5 0.6336

19,160.06 26.6112 9072 0.633619,160.06 26.6112 9072 0.633617,563.39 26.6112 8316 0.633612,773.38 26.6112 6048 0.633611,221.06 26.6112 5313 0.6336

gn Digester Plant25,000 mg/l53,630 mg/l V tank = 6,800 m3

400 m3/day600 t/day

1,800 t FFB/year

1,000 mg/l COD out = 2,000 8,000 mg/l3,000 mg/l

0.850829759

: deoiling pond, cooling pondacidification pond 2000 m3

el Feeding TankFixed Roof tankFloating Roof Tank 700 m3 gas capacity





Year 0 1 2 3 4

Income 0.60 USD 4,180,800 litres/year 2,508,480.00 2,508,480.00 2,508,480.00 2,508,480.00

MaintenanceKDS 1.00 USD/ton 8,252 ton 8,251.58 8,251.58 8,251.58 8,251.58 CCC catalyst 1.20 USD/kg 31,200 37,440.00 37,440.00 37,440.00 37,440.00 Import Duties for catalyst 21% 6,552.00 6,552.00 6,552.00 6,552.00

Total Maintenance 52,243.58 52,243.58 52,243.58 52,243.58

Fixed CostMaintenance 135,000.00 135,000.00 135,000.00 135,000.00 General Admin 96,000.00 96,000.00 96,000.00 96,000.00 Salary and wages 238,400.00 238,400.00 238,400.00 238,400.00 Other operating expenses 46,000.00 46,000.00 46,000.00 46,000.00

Total Fixed Cost 515,400.00 515,400.00 515,400.00 515,400.00

Total Operational Cost 567,643.58 567,643.58 567,643.58 567,643.58

Installments - Principal & Interest - - - -

Total Expenses 567,643.58 567,643.58 567,643.58 567,643.58

Gross Profit Margin 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42

Capital Cost 7,268,281.25

Cash Flow (7,268,281.25) 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 Payback Cumulative (7,268,281.25) (5,327,444.83) (3,386,608.41) (1,445,771.99) 495,064.43 IRR Project 23%Payback Project 4 years

Equity 2,180,484.38 Cash flow (2,180,484.38) 1940836.42 1940836.42 1940836.42 1940836.42Payback Cumulative (2,180,484.38) (239,647.95) 1701188.47 3642024.89 5582861.31IRR Equity 89%Payback Equity 2 years

Sensitivity Organic Disel PlantPrice 0.50 USD 0.60 USD 0.70 USD 0.80 USD

IRR 16% 23% 30% 37%Payback 5 4 4 3

PT RAMAJAYA PRAMUKTIFinancial Analysis of the Organic Diesel Plant

Year

Income 0.60 USD 4,180,800 litres/year

MaintenanceKDS 1.00 USD/ton 8,252 tonCCC catalyst 1.20 USD/kg 31,200Import Duties for catalyst 21%

Total Maintenance

Fixed CostMaintenanceGeneral AdminSalary and wagesOther operating expenses

Total Fixed Cost

Total Operational Cost

Installments - Principal & Interest

Total Expenses

Gross Profit Margin

Capital Cost

Cash FlowPayback CumulativeIRR ProjectPayback Project

EquityCash flowPayback CumulativeIRR EquityPayback Equity

5 6 7 8 9 10

2,508,480.00 2,508,480.00 2,508,480.00 2,508,480.00 2,508,480.00 2,508,480.00

8,251.58 8,251.58 8,251.58 8,251.58 8,251.58 8,251.58 37,440.00 37,440.00 37,440.00 37,440.00 37,440.00 37,440.00 6,552.00 6,552.00 6,552.00 6,552.00 6,552.00 6,552.00

52,243.58 52,243.58 52,243.58 52,243.58 52,243.58 52,243.58

135,000.00 135,000.00 135,000.00 135,000.00 135,000.00 135,000.00 96,000.00 96,000.00 96,000.00 96,000.00 96,000.00 96,000.00

238,400.00 238,400.00 238,400.00 238,400.00 238,400.00 238,400.00 46,000.00 46,000.00 46,000.00 46,000.00 46,000.00 46,000.00

515,400.00 515,400.00 515,400.00 515,400.00 515,400.00 515,400.00

567,643.58 567,643.58 567,643.58 567,643.58 567,643.58 567,643.58

- - - - - -

567,643.58 567,643.58 567,643.58 567,643.58 567,643.58 567,643.58

1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42

1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 1,940,836.42 2,435,900.86 4,376,737.28 6,317,573.70 8,258,410.12 10,199,246.54 12,140,082.96

1940836.42 1940836.42 1940836.42 1940836.42 1940836.42 1940836.427523697.73 9464534.15 11405370.57 13346206.99 15287043.41 17227879.84

0.90 USD43%

3

1 Lender / Banker PT. Bank2 Plafond Loan 70% Investment Cost USD - 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 6%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) - 10 Principal After IDC + AF + CF - 11 Fixed Installment (Int + Prin) 0.00

2007 2008 2009 2010 2011 20121 Drawdown - 2 AF + CF - 3 Beginning Balance - Principal - - - - - - 4 Installments - Principal - - - - 5 Installments - Interest - - - - - 6 Installments - Principal & Interest - - - - - 7 Ending Balance - Principal - - - - - -

Description YEARS

PT RAMAJAYA PRAMUKTIORGANIC DIESEL PLANT


Item Decription USDA Maintenance cost 0.51 1 KDS 1 USD/ton 8,251.58 ton 8,251.58 2 CCC catalyst 1.2 USD/kg 31,200.00 37,440.00 3 Import Duties for catalyst 21% 6,552.00

Total Maintenance cost 52,243.58

B Fixed Cost1 Maintenance 135,000.00 2 General Admin 96,000.00 3 Salary and wages 238,400.00 4 Other operating expenses 46,000.00


Total Operational Cost 567,643.58

PT RAMAJAYA PRAMUKTIORGANIC DIESEL PLANT

OPERATIONAL COST

YEAR 0 1 2 3 4 5Remnant OilTotal Remnant Oil tons/year 792 Income sales USD/yr 138,600.00 138,600.00 138,600.00 138,600.00 138,600.00 Oil sales USD/ton 175.00 Operasional & Maintenance 10%/tFFB 36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 Interest expenses 19,549.80 22,482.27 19,913.97 16,960.41 13,563.83 Repayment (Principal) - 39,604.30 39,604.30 39,604.30 39,604.30

Capital investment USD 217,220.00 Total Outflow USD 217,220.00 55,549.80 98,086.57 95,518.27 92,564.72 89,168.13 Cash Flow USD (217,220.00) 83,050.20 40,513.43 43,081.73 46,035.28 49,431.87 Payback-cumulative USD (217,220.00) (134,169.80) (93,656.37) (50,574.64) (4,539.36) 44,892.51


149,882 Debt Component -39,604.30Invesment cost 217,220.00 Borrowing 60% 130,332.00 130,332.00 149,881.80 132,759.77 113,069.43 90,425.54 Interest charge 15% - 19,549.80 22,482.27 19,913.97 16,960.41 13,563.83 Repayment (Principal) 6 years - - 39,604.30 39,604.30 39,604.30 39,604.30 Balance out standing 130,332.00 149,881.80 132,759.77 113,069.43 90,425.54 64,385.07

Leverage cash flowEquity cash flow (86,888.00) 63,500.40 (21,573.15) (16,436.54) (10,529.43) (3,736.27) Cumulative Cash Flow (86,888.00) (23,387.60) (44,960.75) (61,397.28) (71,926.72) (75,662.99) Equity IRR 20%Payback 2 years

Invesment cost 217,220.00 Interest charge 15% 32,583.00 32,583.00 32,583.00 32,583.00 32,583.00 Equity cash flow (217,220.00) 63,500.40 (21,573.15) (16,436.54) (10,529.43) (3,736.27) Cumulative Cash Flow (217,220.00) (153,719.60) (175,292.75) (191,729.28) (202,258.72) (205,994.99) IRR Leverage 6%Payback 7 years

Sensitivity CPO price / tonOil sales 125.00 USD 150.00 USD 175.00 USD 200.00 USD 220.00 USDIRR 4% 15% 25% 35% 43%Payback 9 7 5 3 3

PT. RAMAJAYA PRAMUKTIREMNANT OIL RECOVERY

CASH FLOW

YEARRemnant OilTotal Remnant Oil tons/yearIncome sales USD/yrOil sales USD/tonOperasional & Maintenance 10%/tFFBInterest expensesRepayment (Principal)




Leverage cash flowEquity cash flowCumulative Cash FlowEquity IRR 20%Payback 2 years


6 7 8 9 10

138,600.00 138,600.00 138,600.00 138,600.00 138,600.00

36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 9,657.76 5,165.78 - - -

39,604.30 39,604.30 - - -

85,262.06 80,770.08 36,000.00 36,000.00 36,000.00 53,337.94 57,829.92 102,600.00 102,600.00 102,600.00 98,230.44 156,060.36 258,660.36 361,260.36 463,860.36

64,385.07 34,438.52 9,657.76 5,165.78

39,604.30 39,604.30 34,438.52 (0)

4,075.87 13,059.84 102,600.00 102,600.00 102,600.00 (71,587.11) (58,527.28) 44,072.72 146,672.72 249,272.72

32,583.00 32,583.00 4,075.87 13,059.84 102,600.00 102,600.00 102,600.00

(201,919.11) (188,859.28) (86,259.28) 16,340.72 118,940.72

Item Description Total (USD)1 Mobilization & Insurance 2,222.00 2 Empty Bunch Press - EBP 75H (Hydraulic) 1 unit 54,166.00 3 Elevator, Chutes and Gear Motor 1 lot 14,444.00 4 Oil Tank, Piping, Gutter and 1 unit SS pump 1 set 6,111.00 5 Platform, Structure and Foundantion 1 set 18,889.00 6 Modification 1 lot 1,667.00 7 Electrication 1 lot 11,111.00

One ROR line Subtotal 108,610.00 For two ROR lines Total 217,220.00

Qty

PT. RAMAJAYA PRAMUKTIREMNANT OIL RECOVERY

INVESTMENT COST









USD USD USD USD yr

116,550 108,611 15,000 123,611 1.1 277,200 108,611 36,000 144,611 0.5 277,200 108,611 36,000 144,611 0.5 115,500 108,611 15,000 123,611 1.1

141,750 108,611 21,000 129,611 11.0 months

57,750 108,611 15,000 123,611 2.1 57,750 108,611 15,000 123,611 2.1

157,500 108,611 19,565 128,176 0.8 157,500 108,611 20,455 129,066 0.8

138,600 108,611 18,000

18.15789474








POM (PTPN V) PT. PERKEBUNAN NUSANTARA V

YEAR 0 1 2 3 4 5 6




Income CER Value USD/yr 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50

Operational Expenses assumption 10,000.00 10,000 10,000 10,000 10,000 10,000 10,000

Capital investment USD 688,500.00 Total Outflow USD 688,500.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (688,500.00) 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 Cumulative Cash Flow USD (688,500.00) (593,888.50) (499,277.00) (404,665.50) (310,054.00) (215,442.50) (120,831.00)

IRR 12.42%Payback 8 yearsPBT 94,612 Ratio PBT:investment 0.14 NPV 12% -164,630.62 (over period 8 years)

p ,g gp y ( p ) yg

Leverage cash flowEquity cash flow (688,500.00) 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 Cumulative Cash Flow USD (688,500.00) (593,888.50) (499,277.00) (404,665.50) (310,054.00) (215,442.50) (120,831.00) IRR 6%Payback 8 years

Invesment cost 688,500.00 Interest charge 12% 82,620.00 82,620.00 82,620.00 82,620.00 82,620.00 82,620.00 Equity cash flow (688,500.00) 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 Cumulative Cash Flow USD (688,500.00) (593,888.50) (499,277.00) (404,665.50) (310,054.00) (215,442.50) (120,831.00) IRR Leverage 6%Payback 8 years

Sensitivity CER priceCER rates 6.00 USD 7.00 USD 7.20 USD 8.00 USD 9.00 USD 10.00 USDIRR 9.32% 11.92% 12.42% 14.38% 16.75% 19.05%Payback 9 8 8 7 6 6

Sensitivity Invesment costInvesment cost 400.000.00 USD 500.000.00 USD 600,000.00 USD 688,500.00 USD 1,000,000.00 USD 1,337,000.00 USDIRR 23.29% 18.26% 14.76% 12.42% 7.03% 3.56%Payback 5 6 7 8 11 15

YEAR


Total CER CER/year

CER rates USD/CER




IRR 12.42%Payback 8 yearsPBT 94,612 Ratio PBT:investment 0.14 NPV 12%

pg gp y ( p ) yg

Leverage cash flowEquity cash flowCumulative Cash Flow USDIRR 6%Payback 8 years

Invesment costInterest charge 12%Equity cash flowCumulative Cash Flow USDIRR Leverage 6%Payback 8 years

7 8 9 10 11 12 13

104,611.50 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50

10,000 10,000 10,000 10,000 10,000 10,000 10,000

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50

(26,219.50) 68,392.00 163,003.50 257,615.00 352,226.50 446,838.00 541,449.50

94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 (26,219.50) 68,392.00 163,003.50 257,615.00 352,226.50 446,838.00 541,449.50

82,620.00 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50

(26,219.50) 68,392.00 163,003.50 257,615.00 352,226.50 446,838.00 541,449.50

11.00 USD21.30%

5.00

1.500.000.00 USD2.32%

16

PTPN V SEI PAGARBIOGAS CAPTURE SYSTEM

CASH FLOW

YEAR


Total CER CER/year

CER rates USD/CER




IRR 12.42%Payback 8 yearsPBT 94,612 Ratio PBT:investment 0.14 NPV 12%

pg gp y ( p ) yg


Invesment costInterest charge 12%Equity cash flowCumulative Cash Flow USDIRR Leverage 6%Payback 8 years

14 15 16 17 18 19 20

104,611.50 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50 104,611.50

10,000 10,000 10,000 10,000 10,000 10,000 10,000

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50

636,061.00 730,672.50 825,284.00 919,895.50 1,014,507.00 1,109,118.50 1,203,730.00

94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 636,061.00 730,672.50 825,284.00 919,895.50 1,014,507.00 1,109,118.50 1,203,730.00

94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 94,611.50 636,061.00 730,672.50 825,284.00 919,895.50 1,014,507.00 1,109,118.50 1,203,730.00








Sei Pagar 14,529.4 72,646.9 23 970,372 1,095,930 1,753,488 244 12,592.1 0 840,989 949,806 1,519,690 211



356,548.5 238,140.0 1,190,700.0



Rem eff =

Need existing




691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 599.6 113,877,138.8 3,240,301.0 10,801.00

2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,079.0 75,918,092.6 2,160,200.7 7,200.67 1,512.0 - - - - 1,328.3 - - - - 1,212.8

POME Indo Swit 0.55


5,844.96 25.9776 2767.5 0.63365,065.63 25.98 2398.5 0.6336

19,160.06 26.6112 9072 0.633619,160.06 26.6112 9072 0.633617,563.39 26.6112 8316 0.633612,773.38 26.6112 6048 0.633611,221.06 26.6112 5313 0.6336


400 m3/day600 t/day

1,800 t FFB/year


0.850829759





PTPN V SEI PAGARBIOGAS CAPTURE SYSTEM

INVESTMENT COST





YEAR 0 1 2 3 4 5

Remnant OilTotal Remnant Oil tons/year 333



Operasional & Maintance 10%/tFFB 15,000 15,000 15,000 15,000 15,000 Interest expenses 11,404 13,115 11,616 9,894 7,912 Repayment (Principal) - 23,103 23,103 23,103 23,103

Capital investment USD 108,610.00 Total Outflow USD 108,610.00 26,404.05 51,217.17 49,718.99 47,996.09 46,014.74 Cash Flow USD (108,610.00) 31,870.95 7,057.83 8,556.01 10,278.91 12,260.26 Cumulative Cash Flow USD (108,610.00) (76,739.05) (69,681.22) (61,125.21) (50,846.29) (38,586.04)

IRR 13%Payback 8 yearsPBT 31,871 Ratio PBT:investment 0.29 NPV 15% -16,327.62 (over period 8 years)

Debt Component 87,431 -23,102.51Invesment cost 108,610.00 Borrowing 70% 76,027.00 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 Interest charge 15% - 11,404.05 13,114.66 11,616.48 9,893.58 7,912.23 Repayment (Principal) 6 years - - 23,102.51 23,102.51 23,102.51 23,102.51 Balance out standing 76,027.00 87,431.05 77,443.20 65,957.17 52,748.23 37,557.96

Leverage cash flowEquity cash flow (32,583.00) (4,346.22) (27,661.16) (24,440.07) (20,735.83) (16,475.95) Cumulative Cash Flow USD (32,583.00) (36,929.22) (64,590.38) (89,030.45) (109,766.28) (126,242.23) IRR 1%Payback 10 years

Invesment cost 108,610.00 Interest charge 15% 16,291.50 16,291.50 16,291.50 16,291.50 16,291.50 Equity cash flow (108,610.00) (4,346.22) (27,661.16) (24,440.07) (20,735.83) (16,475.95) Cumulative Cash Flow USD (108,610.00) (112,956.22) (140,617.38) (165,057.45) (185,793.28) (202,269.23) IRR Leverage -5%Payback >11 years


PTPN V SEI PAGARREMNANT OIL RECOVERY

CASH FLOW

YEAR

Remnant OilTotal Remnant Oil tons/year

Oil sales USD/ton

Income sales USD/yr

Operasional & Maintance 10%/tFFBInterest expensesRepayment (Principal)





Invesment costInterest charge 15%Equity cash flowCumulative Cash Flow USDIRR Leverage -5%Payback >11 years

6 7 8 9 10

58,275.00 58,275.00 58,275.00 58,275.00 58,275.00

15,000 15,000 15,000 15,000 15,000 5,634 3,013 - - -

23,103 23,103 - - -

43,736.20 41,115.88 15,000.00 15,000.00 15,000.00 14,538.80 17,159.12 43,275.00 43,275.00 43,275.00

(24,047.24) (6,888.12) 36,386.88 79,661.88 122,936.88

37,557.96 20,089.14 5,633.69 3,013.37

23,102.51 23,102.51 20,089.14 (0)

(11,577.08) 17,159.12 43,275.00 43,275.00 43,275.00 (137,819.31) (120,660.19) (77,385.19) (34,110.19) 9,164.81

16,291.50 16,291.50 (11,577.08) 17,159.12 43,275.00 43,275.00 43,275.00

(213,846.31) (196,687.19) (153,412.19) (110,137.19) (66,862.19)



Qty

PTPN V SEI PAGARREMNANT OIL RECOVERY

INVESTMENT COST









USD USD USD USD yr

116,550 108,611 15,000 123,611 1.1 277,200 108,611 36,000 144,611 0.5 277,200 108,611 36,000 144,611 0.5 115,500 108,611 15,000 123,611 1.1

141,750 108,611 21,000 129,611 11.0 months

57,750 108,611 15,000 123,611 2.1 57,750 108,611 15,000 123,611 2.1

157,500 108,611 19,565 128,176 0.8 157,500 108,611 20,455 129,066 0.8

138,600 108,611 18,000

18.15789474








POM SINAR AGRO RAYA

YEAR 0 1 2 3 4 5






Capital investment USD 688,500.00 Total Outflow USD 698,500.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (698,500.00) 120,977.00 120,977.00 120,977.00 120,977.00 120,977.00 Cumulative Cash Flow USD (698,500.00) (577,523.00) (456,546.00) (335,569.00) (214,592.00) (93,615.00)

IRR 11%Payback 6 yearsPBT 120,977 Ratio PBT:investment 0.24 NPV 12% -48,128.86 (over period 5 years)

pg gp y ( p ) yg

Leverage cash flowEquity cash flow (688,500.00) 120,977.00 120,977.00 120,977.00 120,977.00 120,977.00 Cumulative Cash Flow (688,500.00) (567,523.00) (446,546.00) (325,569.00) (204,592.00) (83,615.00) IRR 12%Payback 6 years

Invesment cost 688,500.00 Interest charge 12% 82,620.00 82,620.00 82,620.00 82,620.00 82,620.00 Equity cash flow (688,500.00) 120,977.00 120,977.00 120,977.00 120,977.00 120,977.00 Cumulative Cash Flow (688,500.00) (567,523.00) (446,546.00) (325,569.00) (204,592.00) (83,615.00) IRR Leverage 12%Payback 6 years


Sensitivity Invesment costInvesment cost 500,000.00 USD 600,000.00 USD 688,500.00 USD 800,000.00 USD 900,000.00 USDIRR 20% 15% 11% 8% 6%Payback 5 6 6 7 8

PT SINAR AGRO RAYABIOGAS CAPTURE SYSTEM

CASH FLOW

YEAR


Total CER CER/year

CER rates USD/CER





pg gp y ( p ) yg



6 7 8 9 10

130,977.00 130,977.00 130,977.00 130,977.00 130,977.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 120,977.00 120,977.00 120,977.00 120,977.00 120,977.00

27,362.00 148,339.00 269,316.00 390,293.00 511,270.00

120,977.00 120,977.00 120,977.00 120,977.00 120,977.00 37,362.00 158,339.00 279,316.00 400,293.00 521,270.00

82,620.00 82,620.00 120,977.00 120,977.00 120,977.00 120,977.00 120,977.00

37,362.00 158,339.00 279,316.00 400,293.00 521,270.00



PT SINAR AGRO RAYABIOGAS CAPTURE SYSTEM

INVESTMENT COST





60 360,000 198,000 660 17 11,220 50,000 4,000 0.840 SINAR AGRO 60 150,000 82,500 275 17 4,675 50,000 4,000 0.840 Gnng Meliau 60 230,000 126,500 422 17 7,168 50,000 4,000 0.840 Inti Indo Sawit 60 210,000 115,500 385 17 6,545 50,000 4,000 0.840



Sei Pagar 14,529.4 72,646.9 23 970,372 1,095,930 1,753,488 244 12,592.1 0 840,989 949,806 1,519,690 211


43,659.0 218,295.0 55 2,915,849 3,293,136 5,269,018 732 SINAR AGRO 18,191.3 90,956.3 23 1,214,937 1,372,140 2,195,424 305 Gnng Meliau 27,893.3 139,466.3 34 1,862,903 2,103,948 3,366,317 468 Inti Indo Sawit 25,467.8 31

356,548.5 238,140.0 1,190,700.0



Rem eff =

Need existing




691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 599.6 113,877,138.8 3,240,301.0 10,801.00

2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,079.0 43,494,740.5 1,237,615.0 4,125.38

866.3 - - - - 1,328.3 - - - - 1,212.8

POME Indo Swit 0.55


5,844.96 25.9776 2767.5 0.63365,065.63 25.98 2398.5 0.6336

19,160.06 26.6112 9072 0.633619,160.06 26.6112 9072 0.633617,563.39 26.6112 8316 0.63367,318.08 26.6112 3465 0.6336

11,221.06 26.6112 5313 0.6336


400 m3/day600 t/day

1,800 t FFB/year


0.850829759







IncomeSavings from diesel generation 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 Export of electricity to PLN 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 Total Income 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00

ExpensesOperational & Maintenance 10% 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 Salary and Wages 4% 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 General Administrative Expenses 2% 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80

Total Expenses 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 Cash inflowProfit before tax 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 Cash outflowCapital Expenses (269,790.00)

Tax 30% 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 Surplus(defisit) (269,790.00) 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 IRR 27%Payback - Cumulative cashflow (269,790.00) (187,463.42) (105,136.84) (22,810.26) 59,516.32 141,842.90 224,169.48 306,496.06 388,822.64 471,149.22 Payback 3.28

90% 80%Export of electricity to PLN (USD) 144,480 130,032 115,584 Total Income USD) 155,380 139,842 124,304 Export of electricity to PLN (kWe) 3,612,000 3,250,800 2,889,600 IRR (%) 27% 20% 13%Payback (years) 3.28 3.97 2.33

PT. SINAR AGRO RAYACash flow of Interconnection System to PLN

Year

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

1 2 3 4 5 6

IRR (%)Payback (years)

1 Lender / Banker PT. Bank2 Plafond Loan 70% Investment Cost USD 188,853.00 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 15%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 28,327.95

10 Principal After IDC + AF + CF 219,541.61 11 Fixed Installment (Int + Prin) 76,897.82

2007 2008 2009 2010 2011 20121 Drawdown 188,853.00 2 AF + CF 2,360.66 3 Beginning Balance - Principal 191,213.66 191,213.66 219,541.61 175,575.03 125,013.47 66,867.67 4 Installments - Principal 43,966.58 50,561.56 58,145.80 66,867.67 5 Installments - Interest 28,327.95 32,931.24 26,336.26 18,752.02 10,030.15 6 Installments - Principal & Interest 28,327.95 76,897.82 76,897.82 76,897.82 76,897.82 7 Ending Balance - Principal 191,213.66 219,541.61 175,575.03 125,013.47 66,867.67 (0)

Description YEARS

PT. SINAR AGRO RAYAINTERCONNECTION TO GRID


Installed Capacity Turbine 1 Unit 1,800 kWeTurbine Load Factor 89% capacity 1,602 kWeInternal Usage for factory 800 kWeFor Housing 200 kWeExport to electricity 602 kWeOperation Time 20 hours

300 daysOperation hour per year 6,000 hoursElectricity production 9,612,000 kWh/year

Diesel fuel consumption 20,000 liter/yearDiesel avoidance 20,000 liter/year 0.545 USD 10,900 USD

Availablility for Electricity Export 602 kWe 6,000 hours 3,612,000 kWh/yearIncome from energy sales 0.04 USD 3,612,000 kWh/year 144,480 USD

Total Revenue (Sales+Diesel Avoidance) 155,380 USD

PT. SINAR AGRO RAYAInterconnection to the Grid

Electricity Output and Revenue

No Equipment Unit Price (US $) Total (US $)1 Transformator merk Unindo 750 kVA 0.4/20KV 1 28,300.00 28,300.00 2 Cubicle inc SM6 + LB 5. 630 A + Earthing switch & Interlocking switch 1 4,800.00 4,800.00 3 Cubicle out going SM 6 – Qm + Fuse 32 A 1 7,500.00 7,500.00 4 Cubicle metering with (Amp meter .Volt meter .kWh meter) 1 4,700.00 4,700.00 5 Cable for low Voltage NYFGBY 3x (4 x 240 mm).per meter US $ 226/m 500 226.00 113,000.00 6 Cable 20 kV for N2XSEBY 2x(3x240mm) per meter US $ 253 50 253.00 12,650.00 7 Cable 20 kV 3x35 mm per meter US $ 34 10 34.00 340.00 8 Capacitor Bank 400kVAR 67,500.00 67,500.00 9 Synchronizer with Protection and Circuit Breaker 31,000.00 31,000.00

Total 269,790.00

PT. SINAR AGRO RAYAInterconnection to the Grid

Investment Cost

POM SINAR SIAK DIAN PERMAI








Sei Pagar 14,529.4 72,646.9 23 970,372 1,095,930 1,753,488 244 12,592.1 0 840,989 949,806 1,519,690 211



356,548.5 238,140.0 1,190,700.0



Rem eff =

Need existing




691.9 34,739,305.8 988,484.7 3,294.95 9,649.81 599.6 113,877,138.8 3,240,301.0 10,801.00

2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,268.0 113,877,138.8 3,240,301.0 10,801.00 31,632.54 2,079.0 75,918,092.6 2,160,200.7 7,200.67 1,512.0 - - - - 1,328.3 - - - - 1,212.8

POME Indo Swit 0.55


5,844.96 25.9776 2767.5 0.63365,065.63 25.98 2398.5 0.6336

19,160.06 26.6112 9072 0.633619,160.06 26.6112 9072 0.633617,563.39 26.6112 8316 0.633612,773.38 26.6112 6048 0.633611,221.06 26.6112 5313 0.6336


400 m3/day600 t/day

1,800 t FFB/year


0.850829759







YEAR 0 1 2 3 4 5

Methane SequestrationBiogas Amount Nm3/yr 5,748,019 Methane Content Nm3/yr 3,592,512 Carbon Emission Reduction CER/year 47,628 Total CER CER/year 47,628 CER rates USD/CER 7.20 Income CER Value USD/yr 342,921.60 342,921.60 342,921.60 342,921.60 342,921.60 Operational Expenses assumption 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

Capital investment USD 1,377,000.00 Total Outflow USD 1,387,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 Cash Flow USD (1,387,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow USD (1,387,000.00) (1,054,078.40) (721,156.80) (388,235.20) (55,313.60) 277,608.00

IRR 20%Payback 5 yearsPBT 332,922 Ratio PBT:investment 0.17 NPV 12% 345,437.01 (over period 5 years)p , ,g gp y ( p ) ygLeverage cash flowEquity cash flow (1,377,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow (1,377,000.00) (1,044,078.40) (711,156.80) (378,235.20) (45,313.60) 287,608.00 IRR 20%Payback 5 years

Invesment cost 1,377,000.00 Interest charge 12% 165,240.00 165,240.00 165,240.00 165,240.00 165,240.00 Equity cash flow (1,377,000.00) 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 Cumulative Cash Flow (1,377,000.00) (1,044,078.40) (711,156.80) (378,235.20) (45,313.60) 287,608.00 IRR Leverage 20%Payback 5 years


Sensitivity Invesment costInvesment cost 600.000.00 USD 688,500.00 USD 1,000,000.00 USD 1,337,000.00 USD 1.500.000.00 USDIRR 54% 47% 31% 20% 18%Payback 2 3 4 5 5

PT. SINAR SIAK DIAN PERMAIBIOGAS CAPTURE SYSTEM

CASH FLOW

YEAR

Methane SequestrationBiogas Amount Nm3/yrMethane Content Nm3/yrCarbon Emission Reduction CER/yearTotal CER CER/yearCER rates USD/CERIncome CER Value USD/yrOperational Expenses assumption


IRR 20%Payback 5 yearsPBT 332,922 Ratio PBT:investment 0.17 NPV 12%pg gp y ( p ) ygLeverage cash flowEquity cash flowCumulative Cash FlowIRR 20%Payback 5 years


6 7 8 9 10

342,921.60 342,921.60 342,921.60 342,921.60 342,921.60 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 610,529.60 943,451.20 1,276,372.80 1,609,294.40 1,942,216.00

332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 620,529.60 953,451.20 1,286,372.80 1,619,294.40 1,952,216.00

165,240.00 165,240.00 332,921.60 332,921.60 332,921.60 332,921.60 332,921.60 620,529.60 953,451.20 1,286,372.80 1,619,294.40 1,952,216.00


One Unit Biogas Capture System 1 688,500.00 Two Unit Biogas Capture System 2 1,377,000.00

PT. SINAR SIAK DIAN PERMAIBIOGAS CAPTURE SYSTEM

INVESTMENT COST

1 Lender / Banker PT. Bank2 Plafond Loan 70% Investment Cost USD 122,500.00 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 15%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 18,375.00 10 Principal After IDC + AF + CF 142,406.25 11 Fixed Installment (Int + Prin) 49,879.98


Description YEARS

PT. SINAR SIAK DIAN PERMAIBIO MASS GASIFICATION


Calculation Unit GasificationIncome from electricity production

A0 Number of gasification system unit 7A1 Electricity production kW 20A2 Electricity usage during operation kW 0A3 Other load kW 0A4 Total electricity sale A1-A2-A3 kW 140A5 Operation day day/y 365

Operation (hour/day) h/d 4A6 Operation hour per year A5x24 h/y 1,460A7 Potential electricity for sale A4xA6 kWh/y 204,400A8 Electricity tariff US$/kWh 0.045A9 Electricity tariff A8x10000 Rp/kWh 450.00 A10 Income from sell electricity A7xA8 US$/y 9,198,000

Avoided costDaily use of generating set h/d 4Daily use of diesel l/d 160Annual diesel consumptionInstalled capacity kW/hh 3Group consumer hh 40Installed capacity kW 120Energy generation kWh/d 480Diesel oil usage kWh/l 3Cost generation per day US$/d 87.68Salary and wages US$/y 5,000Annual cost US$/y 37,003

kWh/y 175,200Diesel consumption per year l/y 58,400

B1 Diesel oil current consumption 160 l/d l/y 58,400B2 Price of diesel oil Rp/l 5,480B3 Price of diesel oil B2/10000 US$/l 0.548B4 Avoided cost of diesel oil B1xB3/1000 US$/y 32,003

B4+A10 US$/y 9,198,000

Raw Material (Shell)C1 Raw Material needed 25 kg/h.unit kg/h 175.0C2 Raw Material needed kg/y 255,500C6 Price of shell Rp/kg 50C7 Price of shell US$/kg 0.005C8 Total raw material needed US$/y 1,278C1 Total A15+a5+B9 US$/y 1,278

Variable cost- fuel input US$/kWh 0.0073- others (lubricant) (40 l/y) US$/kWh 0.0005

Fixed cost - labour ( MM/y, US$/MM) US$/kWh 0.0137- others US$/kWh 0Total operational cost US$/kWh 0.0214expenses US$/d 10.29

US$/y 8,757.50

Maximum operating hours y/h 5,000Maximum energy potential kWh/y 700,000Excess energy sale kWh/y 524,800Production cost of excess energy US$/y 11,255Sale price US$/kWh 0.045Annual Income US$/y 23,616

Item

Total Income from project

Operational Cost

PT. SINAR SIAK DIAN PERMAIBIOMASS GASIFICATION SYSTEM

OUTPUT AND REVENUE

Investment Total

Gasifier 7 Unit 20,000 USD 140,000BoP 7 Unit 10,000 USD (50% Gasifier price) 35,000TOTAL INVESTMENT COST 175,000


INVESTMENT COST

Gasification20 kW

A1 Total electricity sale MWh 175A2 CO2 emission per MWh electricity sale t-CO2/MWh 0.8

A3 Sub Total CO2 emission reduction A1xA2 t-CO2 140A4 Total fossil fuel purchased 58,400 liter 58,400A5 Calorific value of fossil fuel kJ/liter 41,709A6 Fossil fuel energy A4xA5/10^9 TJ 2.44A7 Carbon emission factor for fossil fuel t-C/TJ 21.1A8 Fraction of Carbon Oxidised 0.99A9 Sub Total CO2 emission reduction A6xA7xA8x44/12 t-CO2 187A10 Total methane gas per year m3 0A11 Density of methane gas m3-CO2/t-CO2 0.00071A12 Methane gas emission per year A10xA11 t-CH4 0A13 Sub Total CO2 emission reduction A12x21 t-CO2 0A14 Total CO2 emission reduction A3+A9+A13 t-CO2 327

Item Formula Unit

PT. SINAR SIAK DIAN PERMAICO2 Reduction due to Implementation of Gasification Power Plant

Year 0 1 2 3 4 5 6 7 8 9 10IncomeDiesel cost avoidance 37,003 37,003 37,003 37,003 37,003 37,003 37,003 37,003 37,003 37,003CER 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634

5 US$/t-CO2eqExcess energy sales (USD/kWh equivalent) 0.045 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 9,198.00 Total Income 47,835 47,835 47,835 47,835 47,835 47,835 47,835 47,835 47,835 47,835

8,758Operational Expenses 8,758 8,758 8,758 8,758 8,758 8,758 8,758 8,758 8,758 8,758Interest Expenses 0 18,375 21,361 17,083 12,164 6,506Total Expenses 27,133 30,118 25,841 20,921 15,264 8,758 8,758 8,758 8,758 8,758

Total Out flow 175,000 27,133 30,118 25,841 20,921 15,264 8,758 8,758 8,758 8,758 8,758

Cash flow -175,000 20,702 17,716 21,994 26,914 32,571 39,077 39,077 39,077 39,077 39,077Payback - Cumulative cashflow -175,000 -154,298 -136,581 -114,587 -87,673 -55,102 -16,025 23,053 62,130 101,207 140,285IRR 11%Payback 9.45

Sensitivity Analysis Bio Mass Gasification5US$/t 3US$/t 7US$/t

IRR 11% 10% 11%Payback 9.45 9.73 9.19

2500 hrs/yr 3750 hr/yr 5000 hrs/yrIRR 14% 19% 23%PP 7.64 6.28 5.39

Investment cost 175,000Borrowings 70.00% 122,500 122,500 102,083 84,583 67,083 49,583 32,083 14,583Interest charge 15% 0 0 0 0 0 0 0 0Repayment (Principal) yrs. 6 0 20,417 17,500 17,500 17,500 17,500 17,500 17,500Balance o/s 122,500 102,083 84,583 67,083 49,583 32,083 14,583 -2,917

-52500 20,702 -2,700 4,494 9,414 15,071 21,577 21,577 21,57717%


CASH FLOW

Year 1 2 3 4 5 6 7 8 9 10

IncomeSavings from diesel generation 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 10,900.00 Export of electricity to PLN 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 144,480.00 Total Income 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00 155,380.00

ExpensesOperational & Maintenance 10% 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 26,979.00 Salary and Wages 4% 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 10,791.60 General Administrative Expenses 2% 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80 5,395.80

Total Expenses 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 37,770.60 Cash inflowProfit before tax 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 117,609.40 Cash outflowCapital Expenses (269,790.00)

Tax 30% 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 35,282.82 Surplus(defisit) (269,790.00) 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 82,326.58 IRR 27%Payback - Cumulative cashflow (269,790.00) (187,463.42) (105,136.84) (22,810.26) 59,516.32 141,842.90 224,169.48 306,496.06 388,822.64 471,149.22 Payback 3.28

90% 80%Export of electricity to PLN (USD) 144,480 130,032 115,584 Total Income USD) 155,380 139,842 124,304 Export of electricity to PLN (kWe) 3,612,000 3,250,800 2,889,600 IRR (%) 27% 20% 13%Payback (years) 3.28 3.97 2.33

PT SINAR SIAK DIAN PERMAICash flow of Interconnection System to PLN

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

1 2 3 4 5 6

IRR (%)Payback (years)

1 Lender / Banker PT. Bank2 Plafond Loan 70% Investment Cost USD 188,853.00 3 Tenor 54 Grace Period 15 Payment Period 46 Interest p.a 15%7 Administration Fee 1%8 Commitment Fee 0.25%9 Interest During Contruction (IDC) 28,327.95

10 Principal After IDC + AF + CF 219,541.61 11 Fixed Installment (Int + Prin) 76,897.82


Description YEARS

PT. SINAR SIAK DIAN PERMAIINTERCONNECTION TO GRID


No Equipment Unit Price (US $) Total (US $)1 Transformator merk Unindo 750 kVA 0.4/20KV 1 28,300.00 28,300.00 2 Cubicle inc SM6 + LB 5. 630 A + Earthing switch & Interlocking switch 1 4,800.00 4,800.00 3 Cubicle out going SM 6 – Qm + Fuse 32 A 1 7,500.00 7,500.00 4 Cubicle metering with (Amp meter .Volt meter .kWh meter) 1 4,700.00 4,700.00 5 Cable for low Voltage NYFGBY 3x (4 x 240 mm).per meter US $ 226/m 500 226.00 113,000.00 6 Cable 20 kV for N2XSEBY 2x(3x240mm) per meter US $ 253 50 253.00 12,650.00 7 Cable 20 kV 3x35 mm per meter US $ 34 10 34.00 340.00 8 Capacitor Bank 400kVAR 67,500.00 67,500.00 9 Synchronizer with Protection and Circuit Breaker 31,000.00 31,000.00

Total 269,790.00

PT. SINAR SIAK DIAN PERMAIInterconnection to the Grid

Investment Cost









USD USD USD USD yr

116,550 108,611 15,000 123,611 1.1 277,200 108,611 36,000 144,611 0.5 277,200 108,611 36,000 144,611 0.5 115,500 108,611 15,000 123,611 1.1

141,750 108,611 21,000 129,611 11.0 months

57,750 108,611 15,000 123,611 2.1 57,750 108,611 15,000 123,611 2.1

157,500 108,611 19,565 128,176 0.8 157,500 108,611 20,455 129,066 0.8

138,600 108,611 18,000

18.15789474








YEAR 0 1 2 3 4 5

Total Remnant Oil tons/year 792 Oil sales USD/ton 175.00 Income sales USD/yr 138,600.00 138,600.00 138,600.00 138,600.00 138,600.00 Operasional & Maintenance 10%/tFFB 36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 Interest expenses 19,549.80 22,482.27 19,913.97 16,960.41 13,563.83 Repayment (Principal) - 39,604.30 39,604.30 39,604.30 39,604.30

Capital investment USD 217,220.00 Total Outflow USD 217,220.00 55,549.80 98,086.57 95,518.27 92,564.72 89,168.13 Cash Flow USD (217,220.00) 83,050.20 40,513.43 43,081.73 46,035.28 49,431.87 Cumulative Cash Flow USD (217,220.00) (134,169.80) (93,656.37) (50,574.64) (4,539.36) 44,892.51


Debt Component 149,882 -39,604.30Invesment cost 217,220.00 Borrowing 60% 130,332.00 130,332.00 149,881.80 132,759.77 113,069.43 90,425.54 Interest charge 15% 0 19,549.80 22,482.27 19,913.97 16,960.41 13,563.83 Repayment (Principal) 6 years 0 0 39,604.30 39,604.30 39,604.30 39,604.30 Balance out standing 130,332.00 149,881.80 132,759.77 113,069.43 90,425.54 64,385.07

Leverage cash flowEquity cash flow (86,888.00) 20,964 (19,005) (13,483) (7,133) 170 Cumulative Cash Flow (86,888.00) (65,924) (84,929) (98,412) (105,545) (105,375) IRR 17%Payback 2 years

Invesment cost 217,220 Interest charge 15% 32,583 32,583 32,583 32,583 32,583 Equity cash flow (217,220) 20,964 (19,005) (13,483) (7,133) 170 Cumulative Cash Flow (217,220) (196,256) (215,261) (228,744) (235,877) (235,707) IRR Leverage 6%Payback 8 years

Sensitivity CPO price / tonOil sales 125.00 USD 150.00 USD 175.00 USD 200.00 USD 220.00 USDIRR 4% 15% 25% 35% 43%Payback 9 7 5 3 3

PT. SINAR SIAK DIAN PERMAIREMNANT OIL RECOVERY

CASH FLOW

YEAR

Total Remnant Oil tons/yearOil sales USD/tonIncome sales USD/yrOperasional & Maintenance 10%/tFFBInterest expensesRepayment (Principal)






6 7 8 9 10

138,600.00 138,600.00 138,600.00 138,600.00 138,600.00 36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 9,657.76 5,165.78 - - -

39,604.30 39,604.30 - - -

85,262.06 80,770.08 36,000.00 36,000.00 36,000.00 53,337.94 57,829.92 102,600.00 102,600.00 102,600.00 98,230.44 156,060.36 258,660.36 361,260.36 463,860.36

64,385.07 34,438.52 9,657.76 5,165.78

39,604.30 39,604.30 34,438.52 (0)

8,568 57,830 102,600 102,600 102,600 (96,807) (38,977) 63,623 166,223 268,823

32,583 32,583 8,568 57,830 102,600 102,600 102,600

(227,139) (169,309) (66,709) 35,891 138,491


One ROR line Subtotal 108,610.00 For two ROR lines Total 217,220.00

Qty

PT. SINAR SIAK DIAN PERMAIREMNANT OIL RECOVERY

INVESTMENT COST

Documents

36557 Ino Tacr Appendixiii