DAFTAR PUSTAKA. 1. Imam Budi Rahardjo, Mengenal Batubara, Berita Iptek, 2006, Jakarta

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1 DAFTAR PUSTAKA 1. Imam Budi Rahardjo, Mengenal Batubara, Berita Iptek, 2006, Jakarta 2. Faridz Tirasonjaya, Ilmu Batubara, Gentry, D.W, O neill, T.J, Mine Investment Analysis, American Institute of Mining Metallurgical, Newyork, Leo Harry Sugianto, Andi Baso Sulfa, Teknik Dasar Pemilihan Alat Alat Besar, hal , PT. United Tractors, Jakarta. 5. Partanto Prodjosumarto, Pemindahan Tanah Mekanis, bab IV dan bab V, Jurusan Teknik Pertambangan ITB, Stermole, Frankin, J & Stermole, John, M, Economic Evaluation & Investment Decision Method, 6 th Edition, Investment Evaluation, Corporation, Syahrizal Hartaji, Strategi Investasi Penambangan Pig Iron Dengan Target Pasar PT. Krakatau Steel,Proyek Akhir MBA ITB, Mining Business Industry, risk trough mining industry 1997, reference/ endnotestart.html xv

2 Armada Type Jumlah Bahan bakar (liter / jam) LAMPIRAN A.1 Total Biaya Operasi Armada Utama (per jam) Oil & grease (liter / jam) bahan bakar (Rp / Jam) Oil & grease (Rp / Jam) Total Operating Cost Drilling Machine Rp 120, Rp 3, Rp 123, Bulldozer D375A Rp 720, Rp 15, Rp 735, Excavator PC Rp 624, Rp 13, Rp 637, PC750SE Rp 657, Rp 18, Rp 675, Wheel Loader WA Rp 200, Rp 2, Rp 202, Loading Shovel PC Rp 268, Rp 3, Rp 271, Dump Truck Hino JD Rp4,600, Rp215, Rp4,815, Motor Grader GD511A Rp 84, Rp 2, Rp 86, Kompaktor CA511DD Rp 120, Rp 3, Rp 123, Truk Air Mitsubishi Rp 56, Rp 1, Rp 57, Coal Processing Facility Rp 356, Rp 3, Rp 359, Conveyor Belt Bando Rp 304, Rp 1, Rp 305, Pompa Tambang Rp 40, Rp Rp 40, Generator Set 30 kva Rp 416, Rp Rp 416, kva Rp 64, Rp Rp 64, Total Rp8,914,037.50

3 LAMPIRAN A.2 Income Statement Pemilik KP Swakelola (US) Account Revenue 115,200, ,960, ,008, ,358, ,026, ,027, ,379, ,097,969 royalti 13.5 % 15,552,000 16,329,600 17,146,080 18,003,384 18,903,553 19,848,731 20,841,167 21,883,226 SGA 58,710 61,646 64,728 67,964 71,362 74,930 78,677 82,611 Survey Konsultan 840, , , , , , , ,000 Salary expense 856, , ,699 1,049,348 1,122,802 1,201,399 1,285,497 1,375,481 Blasting & drilling 1,260,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 Operating expense 6,602,139 6,932,246 7,278,858 7,642,801 8,024,941 8,426,188 8,847,497 9,289,872 Repair & maintenance 301, , , , , , , ,283 Contingencies 132, , , , , , , ,797 Total Operating Cost 25,603,002 27,830,284 29,083,379 30,400,412 31,784,669 33,239,609 34,768,867 36,376,271 Transport ke Stockpile 4,000,000 4,240,000 4,494,400 4,764,064 5,049,908 5,352,902 5,674,076 6,014,521 Transport ke Port Sungai 9,600,000 10,080,000 10,584,000 11,113,200 11,668,860 12,252,303 12,864,918 13,508,164 Loading service 15,600,000 16,380,000 17,199,000 18,058,950 18,961,898 19,909,992 20,905,492 21,950,767 Biaya Transport Barges 31,200,000 32,760,000 34,398,000 36,117,900 37,923,795 39,819,985 41,810,984 43,901,533 Total Transport Cost 60,400,000 63,460,000 66,675,400 70,054,114 73,604,460 77,335,182 81,255,471 85,374,985 EBITDA 29,196,998 29,669,716 31,249,221 32,903,874 34,637,190 36,452,845 38,354,680 40,346,713 Interest Expense 3,483,026 3,483,026 3,483,026 3,483,026 3,483,026 3,483,026 3,483,026 3,483,026 Depresiasi & Amortisasi 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 EBT 23,829,410 24,302,128 25,881,633 27,536,286 29,269,602 31,085,256 32,987,092 34,979,125 Tax 7,148,823 7,290,638 7,764,490 8,260,886 8,780,881 9,325,577 9,896,127 10,493,737 Net Income 16,680,587 17,011,489 18,117,143 19,275,400 20,488,721 21,759,679 23,090,964 24,485,387 Ket : income statement per tahun. Dari tahun ke1 hingga tahun ke8.

4 LAMPIRAN A.3 Perhitungan NPV, IRR dan Payback Period Pemilik KP Swakelola (US) Tahun NAT Depreciation ,680, ,011, ,117, ,275, ,488, ,759, ,090, ,485,387 Retention for Growth 1,884,563 1,668,059 1,884,563 1,701,149 1,884,563 1,811,714 1,884,563 1,927,540 1,884,563 2,048,872 1,884,563 2,175,968 1,884,563 2,309,096 1,884,563 2,448,539 WACC (=11.73%) (37,251,613) ,897, ,194, ,189, ,232, ,324, ,468, ,666, ,921, Discounted Free Cash Flow (37,251,613) 15,123,687 13,774,988 13,042,767 12,342,894 11,674,727 11,037,523 10,430,458 9,852,644 Discounted Free Cash Flow (37,251,613) (22,127,926) (8,352,938) 4,689,829 17,032,723 28,707,450 39,744,973 50,175,431 60,028,075 (37,251,613) (20,354,523) (3,159,619) 15,030,372 34,262,794 54,587,206 76,055,480 98,721, ,643,321 NPV 60,028,075 IRR 47% PBP 2.18 ROI 52.64%

5 ROE 360% LAMPIRAN A.4 Income Statement Pemilik KP (US) Account Revenue 115,200, ,960, ,008, ,358, ,026, ,027, ,379, ,097,96 9 royalti 13.5 % 15,552,000 16,329,600 17,146,080 18,003,384 18,903,553 19,848,731 20,841,167 21,883,226 Net Revenue Pemilik KP 53,568,000 56,246,400 59,058,720 62,011,656 65,112,239 68,367,851 71,786,243 75,375,555 Community Development 4,800, , , , , , , ,000 Konsultasi & Survey 504, , , , , , , ,000 Transport Cost Transport ke Stockpile 4,000,000 4,240,000 4,494,400 4,764,064 5,049,908 5,352,902 5,674,076 6,014,521 Transport ke Port Sungai 9,600,000 10,080,000 10,584,000 11,113,200 11,668,860 12,252,303 12,864,918 13,508,164 Loading service 15,600,000 16,380,000 17,199,000 18,058,950 18,961,898 19,909,992 20,905,492 21,950,767 Biaya Transport Barges 31,200,000 32,760,000 34,398,000 36,117,900 37,923,795 39,819,985 41,810,984 43,901,533 Total Transportation Cost 60,400,000 63,460,000 66,675,400 70,054,114 73,604,460 77,335,182 81,255,471 85,374,985 Transport cost Pemilik KP 36,240,000 38,076,000 40,005,240 42,032,468 44,162,676 46,401,109 48,753,282 51,224,991 EBITDA 12,024,000 16,826,400 17,709,480 18,635,188 19,605,563 20,622,741 21,688,961 22,806,565 Interest Expense 2,056,702 2,056,702 2,056,702 2,056,702 2,056,702 2,056,702 2,056,702 2,056,702 Depresiasi & Amortisasi

6 EBT 9,967,298 14,769,698 15,652,778 16,578,486 17,548,861 18,566,039 19,632,259 20,749,863 Tax 2,990,189 4,430,909 4,695,833 4,973,546 5,264,658 5,569,812 5,889,678 6,224,959 Net Income 6,977,109 10,338,789 10,956,945 11,604,940 12,284,202 12,996,227 13,742,581 14,524,904 LAMPIRAN A.5 Perhitungan NPV, IRR dan Payback Period Pemilik KP (US) Tahun NAT Depreciation Retention for Growth WACC (=11.73%) Discounted Free Cash Flow Discounted (21,996,813) (16,376,458) (8,922,213) (1,851,402) 4,851,585 0 (21,996,813) (21,996,813) (21,996,813) 1 6,977, ,711 6,279, ,620,355 (15,717,415) 2 10,338,789 1,033,879 9,304, ,454,245 (6,412,506) 3 10,956,945 1,095,694 9,861, ,070,811 3,448, ,604,940 1,160,494 10,444, ,702,987 13,893, ,284,202 1,228,420 11,055, ,350,651 11,202,236 24,948, ,996,227 1,299,623 11,696, ,013,597 17,215,833 36,645, ,742,581 1,374,258 12,368, ,691,557 22,907,389 49,013, ,452, ,384,207 28,291,597

7 14,524,904 13,072,413 62,086,314 NPV 28,291,597 IRR 38% PBP 2.69 ROI 51.22% ROE % LAMPIRAN A.6 Income Statement Kontraktor (US) Account Revenue 115,200, ,960, ,008, ,358, ,026, ,027, ,379, ,097,969 Net Revenue Kontraktor 46,080,000 48,384,000 50,803,200 53,343,360 56,010,528 58,811,054 61,751,607 64,839,187 SGA 58,710 61,646 64,728 67,964 71,362 74,930 78,677 82,611 Survey Konsultan 336, , , , , , , ,000 Salary expense 856, , ,699 1,049,348 1,122,802 1,201,399 1,285,497 1,375,481 Blasting & drilling 1,260,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 2,295,000 Operating expense 6,602,139 6,932,246 7,278,858 7,642,801 8,024,941 8,426,188 8,847,497 9,289,872 Repair & maintenance 301, , , , , , , ,283 Contingencies 132, , , , , , , ,797 Total Operating Cost 9,547,002 10,996,684 11,433,299 11,893,028 12,377,116 12,886,878 13,423,700 13,989,045

8 Transport ke Stockpile 4,000,000 4,240,000 4,494,400 4,764,064 5,049,908 5,352,902 5,674,076 6,014,521 Transport ke Port Sungai 9,600,000 10,080,000 10,584,000 11,113,200 11,668,860 12,252,303 12,864,918 13,508,164 Loading service 15,600,000 16,380,000 17,199,000 18,058,950 18,961,898 19,909,992 20,905,492 21,950,767 Biaya Transport Barges 31,200,000 32,760,000 34,398,000 36,117,900 37,923,795 39,819,985 41,810,984 43,901,533 Total Transportation Cost 60,400,000 63,460,000 66,675,400 70,054,114 73,604,460 77,335,182 81,255,471 85,374,985 Transportation Cost Kontraktor 24,160,000 25,384,000 26,670,160 28,021,646 29,441,784 30,934,073 32,502,188 34,149,994 EBITDA 12,372,998 12,003,316 12,699,741 13,428,687 14,191,628 14,990,103 15,825,719 16,700,149 Interest Expense 1,426,324 1,426,324 1,426,324 1,426,324 1,426,324 1,426,324 1,426,324 1,426,324 Depresiasi & Amortisasi 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 1,884,563 EBT 9,062,112 8,692,430 9,388,855 10,117,800 10,880,741 11,679,217 12,514,833 13,389,262 Tax 2,718,633 2,607,729 2,816,656 3,035,340 3,264,222 3,503,765 3,754,450 4,016,779 Net Income 6,343,478 6,084,701 6,572,198 7,082,460 7,616,519 8,175,452 8,760,383 9,372,484 Tahun NAT Depreciation LAMPIRAN A.7 Perhitungan NPV, IRR dan Payback Period Kontraktor (US) Retention for Growth WACC (=11.73%) Discounted Discounted (15,254,800) (8,458,090) (2,561,293) 3,031,211 0 (15,254,800) (15,254,800) (15,254,800) 1 6,343,478 1,884, ,348 7,593, ,796,710 (7,661,107) 2 6,084,701 1,884, ,470 7,360, ,896,796 (300,314) 3 6,572,198 1,884, ,220 7,799, ,592,504 7,499, ,

9 ,082,460 1,884,563 8,258,777 5,300,279 8,331,489 15,758,004 7,616,519 1,884, ,652 8,739, ,020,094 13,351,583 24,497,433 8,175,452 1,884, ,545 9,242, ,751,848 18,103,431 33,739,903 8,760,383 1,884, ,038 9,768, ,495,378 22,598,809 43,508,810 9,372,484 1,884, ,248 10,319, ,250,472 26,849,281 53,828,607 NPV 26,849, IRR 50% PBP 2.04 ROI 48.33% ROE % LAMPIRAN A.8 Income Statement Jasa Transportasi Darat (US) Account Revenue 8,760,000 9,285,600 9,842,736 10,433,300 11,059,298 11,722,856 12,426,227 13,171,801 Gaji Sopir 2,354,839 2,354,839 2,354,839 2,354,839 2,354,839 2,354,839 2,354,839 2,354,839

10 Bahan Bakar 2,354,839 2,472,581 2,596,210 2,726,020 2,862,321 3,005,437 3,155,709 3,313,495 Bongkar Muat 490, , , , , , , ,591 Terpal 58,871 58,871 58,871 58,871 58,871 58,871 58,871 58,871 Pungutan Liar 588, , , , , , , ,710 Biaya Jalan 470, , , , , , , ,699 Repair & maintenance 422, , , , , , , ,000 Total Operating Cost 6,740,817 6,882,108 7,030,462 7,186,235 7,349,796 7,521,535 7,701,862 7,891,204 EBITDA 2,019,183 2,403,492 2,812,274 3,247,065 3,709,502 4,201,321 4,724,366 5,280,597 Interest Expense 868, , , , , , , ,054 Depresiasi & Amortisasi 1,055,000 1,055,000 1,055,000 1,055,000 1,055,000 1,055,000 1,055,000 1,055,000 EBT 96, , ,220 1,324,011 1,786,448 2,278,267 2,801,312 3,357,543 Tax 28, , , , , , ,394 1,007,263 Net Income 67, , , ,808 1,250,514 1,594,787 1,960,918 2,350,280 LAMPIRAN A.9 Perhitungan NPV, IRR dan Payback Period Jasa Transportasi Darat (US)

11 Tahun NAT Depreciation Retention for Growth 67,290 1,055,000 6, ,307 1,055,000 33, ,454 1,055,000 62, ,808 1,055,000 92,681 1,250,514 1,055, ,051 1,594,787 1,055, ,479 1,960,918 1,055, ,092 2,350,280 1,055, ,028 WACC (=11.60%) (9,284,000) ,115, ,357, ,615, ,889, ,180, ,490, ,819, ,170, Discounted (9,284,000) 998,479 1,087,646 1,158,153 1,212,395 1,252,499 1,280,347 1,297,605 1,305,749 Discounted (9,284,000) (8,285,521) (7,197,874) (6,039,722) (4,827,326) (3,574,828) (2,294,481) (996,876) 308,874 (9,284,000) (8,168,439) (6,810,763) (5,195,554) (3,306,427) (1,125,965) 1,364,343 4,184,169 7,354,421 NPV 308,874 IRR 13% PBP 7.02 ROI 26.87% ROE 81.77%

12 LAMPIRAN A.10 Income Statement Pemilik Jalan Tambang (US) Keterangan Jumlah Satuan Jumlah Batubara / hari ton Tarif Jalan (Rupiah) 1000 per ton Panjang Jalan 15 km Pendapatan per hari Rp 30,000,000 Rupiah Pendapatan per tahun Rp 10,800,000,000 Rupiah dalam US 1,161,290 US Account Revenue 1,161,290 1,230,968 1,304,826 1,383,115 1,466,102 1,554,068 1,647,313 1,746,151 Pemeliharaan Jalan 232, , , , , , , ,230 Pengelolaan Jalan 116, , , , , , , ,405 Total Operating Cost 348, , , , , , , ,635 EBITDA 812, , , ,058 1,031,726 1,095,041 1,162,226 1,233,516 Interest Expense 1,655,252 1,655,252 1,655,252 1,655,252 1,655,252 1,655,252 1,655,252 1,655,252 Depresiasi & Amortisasi 840, , , , , , , ,000 EBT 1,682,348 1,632,413 1,579,423 1,523,193 1,463,525 1,400,210 1,333,026 1,261,736

13 Tax Net Income 1,682,348 1,632,413 1,579,423 1,523,193 1,463,525 1,400,210 1,333,026 1,261,736 LAMPIRAN A.11 Perhitungan NPV, IRR dan Payback Period Pemilik Jalan Tambang (US) Tahun NAT Depreciation (1,682,348) (1,632,413) (1,579,423) (1,523,193) (1,463,525) (1,400,210) (1,333,026) (1,261,736) Retention for Growth 840,000 (168,235) 840,000 (163,241) 840,000 (157,942) 840,000 (152,319) 840,000 (146,353) 840,000 (140,021) 840,000 (133,303) 840,000 (126,174) WACC (=11.73%) (17,703,225) (674,113) (629,172) (581,481) (530,874) (477,173) (420,189) (359,723) (295,562) Discounted (17,703,225) (603,363) (504,035) (416,939) (340,702) (274,097) (216,033) (165,534) (121,735) Discounted (17,703,225) (18,306,588) (18,810,623) (19,227,562) (19,568,264) (19,842,361) (20,058,393) (20,223,928) (20,345,663) (17,703,225) (18,377,338) (19,006,510) (19,587,991) (20,118,865) (20,596,037) (21,016,227) (21,375,950) (21,671,512) NPV (20,345,662.77) IRR

14 PBP ROI ROE LAMPIRAN A.12 Kebutuhan Tenaga Kerja dan Biaya Gaji Integrated Loading Port Head Office Jumlah Gaji Pengeluaran Gaji PPH 10% Total General Manager 1 Rp20,000,000 Rp 20,000,000 Rp 2,000,000 Rp 22,000,000 Manajer Teknik & Operasi 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Personalia 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Pemasaran 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Keuangan 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manager Akuntansi 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Staff / Administrasi 10 Rp 3,000,000 Rp 30,000,000 Rp 3,000,000 Rp 33,000,000 Sekertaris 1 Rp 4,000,000 Rp 4,000,000 Rp 400,000 Rp 4,400,000 Mine Office Jumlah Gaji Pengeluaran Gaji PPH 10% Total Site Manager 1 Rp10,000,000 Rp 10,000,000 Rp 1,000,000 Rp 11,000,000 Load Master 1 Rp 6,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Supervisor Produksi & Kontrol 1 Rp 6,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Office Staff 4 Rp 3,000,000 Rp 12,000,000 Rp 1,200,000 Rp 13,200,000 Sekertaris 1 Rp 3,500,000 Rp 3,500,000 Rp 350,000 Rp 3,850,000

15 Mekanik 2 Rp 3,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Operator Armada Tambang 30 Rp 2,750,000 Rp 82,500,000 Rp 8,250,000 Rp 90,750,000 Welder 2 Rp 2,500,000 Rp 5,000,000 Rp 500,000 Rp 5,500,000 Total Tenaga Kerja 59 Total Gaji Rp286,000, Biaya Gaji LAMPIRAN A.13 Biaya Operasional Integrated Loading Port Head Office Jumlah Gaji Pengeluaran Gaji PPH 10% Total General Manager 1 Rp20,000,000 Rp 20,000,000 Rp 2,000,000 Rp 22,000,000 Manajer Teknik & Operasi 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Personalia 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Pemasaran 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manajer Keuangan 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Manager Akuntansi 1 Rp15,000,000 Rp 15,000,000 Rp 1,500,000 Rp 16,500,000 Staff / Administrasi 10 Rp 3,000,000 Rp 30,000,000 Rp 3,000,000 Rp 33,000,000 Sekertaris 1 Rp 4,000,000 Rp 4,000,000 Rp 400,000 Rp 4,400,000 Mine Office Jumlah Gaji Pengeluaran Gaji PPH 10% Total Site Manager 1 Rp10,000,000 Rp 10,000,000 Rp 1,000,000 Rp 11,000,000 Load Master 1 Rp 6,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Supervisor Produksi & Kontrol 1 Rp 6,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Office Staff 4 Rp 3,000,000 Rp 12,000,000 Rp 1,200,000 Rp 13,200,000

16 Sekertaris 1 Rp 3,500,000 Rp 3,500,000 Rp 350,000 Rp 3,850,000 Mekanik 2 Rp 3,000,000 Rp 6,000,000 Rp 600,000 Rp 6,600,000 Operator Armada Tambang 30 Rp 2,750,000 Rp 82,500,000 Rp 8,250,000 Rp 90,750,000 Welder 2 Rp 2,500,000 Rp 5,000,000 Rp 500,000 Rp 5,500,000 Total Tenaga Kerja 59 Total Gaji Rp286,000, Biaya Operasi Armada Loading Port Armada Type Jumlah Bahan bakar (liter / jam) Oil & grease (liter / jam) bahan bakar (Rp / Jam) Oil & grease (Rp / Jam) Total Operating Cost Bulldozer D375A Rp 144, Rp 3, Rp 147, Excavator PC750SE Rp 109, Rp 3, Rp 112, Wheel Loader WA Rp 400, Rp 5, Rp 405, Loading Shovel PC Rp 268, Rp 3, Rp 271, Dump Truck Hino JD Rp2,400, Rp 37, Rp2,437, Kompaktor CA511DD Rp 120, Rp 3, Rp 123, Truk Air Mitsubishi Rp 56, Rp 1, Rp 57, Conveyor Belt Bando Rp 608, Rp 3, Rp 611, Generator Set 30 kva Rp 416, Rp Rp 416, kva Rp 64, Rp Rp 64, Total Rp4,645,787.50

17 3. Biaya Administrasi Umum Biaya administrasi dan umum IDR USD Pemeliharaan Infrastruktur Tambang 8,000, Office stationary & equipment 1,000, Telefon & Internet 3,000, Listrik Catering & akomodasi 28,000,000 3, Air Minum 500, Tak terduga 5,000, Total 45,500,000 4, Biaya Sampling Batubara Biaya Sampling (US / Konsultasi & Survey ton) Sampling di Truk 0.09 Sampling Loading 0.11 Sampling di Crane 0.15 Total biaya sampling 0.35

18 Total biaya sampling 2.4 juta ton LAMPIRAN A.14 Income Statement Integrated Loading Port (US) Account Revenue Loading Fee 9,600,000 10,080,000 10,584,000 11,113,200 11,668,860 12,252,303 12,864,918 13,508,164 Blending Fee 2,400,000 2,520,000 2,646,000 2,778,300 2,917,215 3,063,076 3,216,230 3,377,041 Survey Fee 840, , , , , , , ,000 Transport Fee (barges) 16,800,000 17,976,000 19,234,320 20,580,722 22,021,373 23,562,869 25,212,270 26,977,129 Total Revenue 29,640,000 31,416,000 33,304,320 35,312,222 37,447,448 39,718,248 42,133,418 44,702,334 Expenses SGA 58,710 61,645 64,727 67,964 71,362 74,930 78,677 82,610 Salary Expense 369, , , , , , , ,888 Operating Cost 3,776,576 3,965,404 4,163,675 4,371,858 4,590,451 4,819,974 5,060,973 5,314,021 Repair & maintenance 155, , , , , , , ,226 Contingencies 77,900 81,795 85,885 90,179 94,688 99, , ,613 Tug & Barge Cost 15,120,000 16,178,400 17,310,888 18,522,650 19,819,236 21,206,582 22,691,043 24,279,416 Total Operating Cost 19,558,018 20,842,009 22,211,589 23,672,533 25,231,007 26,893,602 28,667,352 30,559,775

19 EBITDA 10,081,982 10,573,991 11,092,731 11,639,690 12,216,440 12,824,646 13,466,066 14,142,559 Interest Expense 1,065,115 1,065,115 1,065,115 1,065,115 1,065,115 1,065,115 1,065,115 1,065,115 Depresiasi & Amortisasi 973, , , , , , , ,750 EBT 8,043,118 8,535,127 9,053,866 9,600,825 10,177,576 10,785,782 11,427,201 12,103,694 Tax 2,412,935 2,560,538 2,716,160 2,880,248 3,053,273 3,235,735 3,428,160 3,631,108 Net Income 5,630,182 5,974,589 6,337,707 6,720,578 7,124,303 7,550,047 7,999,041 8,472,586 LAMPIRAN A.15 Perhitungan NPV, IRR dan Payback Period Integrated Loading Port (US) Tahun NAT Depreciation Retention for Growth 5,630, , ,018 5,974, , ,459 6,337, , ,771 6,720, , ,058 7,124, , ,430 7,550, , ,005 WACC (=11.73%) (11,391,600) ,040, ,350, ,677, ,022, ,385, ,768, Discounted Discounted (11,391,600) (5,984,699) (896,953) 3,891,147 8,397,866 (11,391,600) 5,406,901 5,087,746 4,788,100 4,506,719 4,242,442 12,640,308 3,994,184 16,634,491 (11,391,600) (5,350,686) 1,000,194 7,677,880 14,700,150 22,085,773 29,854,565

20 7 8 7,999, , ,904 8,472, , ,259 8,172, ,599, ,760,934 20,395,426 3,541,750 23,937,175 38,027,452 46,626,529 NPV 23,937,175 IRR 56% PBP 2.18 ROI 58.88% ROE % LAMPIRAN B PEMBOBOTAN KRITERIA KELAYAKAN USAHA 1. Nilai bobot tiap kriteria Penilaian Bobot Skor KP Swakelola Pemilik KP Kontraktor Cargo Owner Jalan Tambang Loading Port + Strategic Value 27% Financial Performance Initial Investment 8% Cargo Sungai

21 NPV 8% 37,251,613 21,996,813 15,254,800 9,284,000 17,703,225 11,361,600 3,548,380 60,028,075 28,291,597 26,849, ,874 19,803,982 23,937,175 2,501,469 IRR 8% 47% 38% 50% 13% 56% 28% PBP(tahun) 8% ROI 8% 52.64% 51.22% 48.33% 26.87% 58.88% 28% ROE 8% 360% % % 81.77% 408% 177% Total 48% Resiko Usaha Sengketa Lahan 5.00% Regulasi 5.00% Operasi 5.00% Business Risk 5.00% Keamanan 5.00% Total 25.00% Total % 2. Skor tiap kriteria Penilaian Bobot Skor KP Swakelola Pemilik KP Kontraktor Cargo Owner Jalan Tambang Loading Port + Strategic Value 27% Financial Performance Initial Investment 8% NPV 8% Cargo Sungai

22 IRR 8% PBP(tahun) 8% ROI 8% ROE 8% Total 48% Resiko Usaha Sengketa Lahan 6.00% Regulasi 6.00% Operasi 6.00% Business Risk 6.00% Keamanan 6.00% Total 25.00% Total %