Aspal Buton Project 2013

BUTON ASPHALT
EXTRACTION PROJECT
[Superpave Mix Design]
Highest ROI I Green Technology I The First In The World
Presentation By
Ignatius A. Wirawan
Agung Kristianto
Foreword
In order to support the Government of Indonesia in:
Developing infrastructure facilities,
Saving the Foreign Exchange Reserves,
Opening job opportunities and modernizing local communities,
Increasing local Governments income,
Reducing urbanization and developing technology by a concept of one
village one movement product based on natural resource basis,
herewith we would like to introduce THE BUTON ASPHALT EXTRACTION
PROJECT
This project is to produce a bitumen product called modifier from a purification
process of naturally occurring asphalt of Buton using full-extraction technique
an Eco Friendly Technology found by Ir. Sayono that has a Patent Certificate and
get recognition from world institution such as International Federation of
Investors Association (IFA), Texas A&M University, the Asphalt Institute.
This is a pioneering project, however, it is very unique, because it might be the
only one in the world and the result of the project will make the investor a world
class company.
Investment Presentation
Asphalt World
Petroleum Asphalt, Natural Asphalt, Modifier Asphalt
Investment Presentation 3
About Asphalt
Asphalt is a dark brown to black cementitious material in which
the predominating constituents are bitumens that occur in nature
or are obtained in petroleum processing. [ASTM, American
Society for Testing and Materials]
Petroleum Asphalt: Modern asphalt is a natural constituent of
petroleum. Practically all asphalt used in the world nowadays is
produced by modern oil refineries and is called petroleum asphalt.
In civil engineering and construction it is also called AC or asphalt
cement.
Naturally Occurring Asphalt: These asphalts occurred naturally.
The soft asphalt material is typified in the Trinidad Lake
depository called Trinidad Lake Asphalt (TLA), on the Island of
Trinidad, in Bermudez Lake in Venezuela.
The solid rock formation (asphaltite) can be found in Uintah Basin
in eastern part of the State of Utah, North America called
American Gilsonite Company (AGC).
Buton Asphalt in the Buton Island, south coast of Sulawesi. One of
the largest natural asphalt deposit in the world.
Conventional to Superpave
Ninety-eight percent of the worlds asphalt is a product of petroleum refining.
Modification techniques are used to meet highway needs.
The asphalt industry is responding to the increase in traffic and heavier loads on
highways, which have resulted in unwelcome pavement distresses and calls for
smoother and longer lasting roads.
In 1987, the Federal Highway Administration (FHWA), the highway industry and the
American Association of State Highway and Transportation Officials (AASHTO) in
USA, working through the National Academy of Science, initiated the Strategic
Highway Research Program (SHRP). From this program came the development of
the Superpave (Superior Performing Asphalt Pavement) mix design system
where modified asphalt plays a significant role.
The Superpave system addresses the performance properties of both asphalt
binders and mineral aggregates. In addition, asphalt binders are characterized by
their engineering properties so their performance can be predicted for the specific
climate and loading conditions where they are applied. The binders can be
improved with modifiers, when warranted, to offer an even greater level of
performancemaking roads last longer while maintaining smooth riding
surfaces.
Modifier Asphalt
Modified asphalt simply performs better than conventional asphalt cement.
Natural Modifier: natural asphalt is a perfect modifier for producing
Superpave. Trinidad Lake Asphalt (TLA) and Gilsonite Asphalt (AGC) are the
examples of natural modifier produced commercially and accepted by
international market as modifier for petroleum asphalt.
Synthetic Modifier: A wide variety of synthetic modifiers, which target
specific performance deficiencies of commodity asphalt, have been developed.
However, the success of synthetic modifiers has been inconsistent and the
opinions of engineers have been mixed. While synthetic modifier can offer
superior performance in many facets, a modifier that makes an asphalt
pavement more resilient to extreme heat or deformation may not allow for
greater strength or resistance to low temperature.
or
Buton Asphalt as Modifier
Buton natural asphalt mine deposit is one of the largest in the world which is
estimated around 700 million tons.
However, not as lucky as TLA and AGC, Buton natural asphalt has not yet
been categorized as international standard modifier because of its
inherent weaknesses.
Full-extraction process is the only solution to repair any weakness inherited in
Asbuton these days. A pilot test run toward this process has been successfully
tested by inventor named Sayono. By this process, all Asbuton weaknesses
are certainly able to be repaired today. Furthermore, this process also gives
possibility for Asbuton to be specified as an international standard natural
modifier product competing others.
Bitumen produced by full-extraction process from Asbuton is ready to match
its physical properties referred to as TLA and AGC. This approach is also
chosen as a marketing strategy consideration. Market is expected to absorb the
presence of Asbuton modifier because its specification is recognizable and
consistent among other well-known international natural modifiers.
It just need 20% addition of Asbuton modifier to petroleum asphalts to
match with Superpave Performance standard.
A Dutch geological expert, Hetzel, in 1936 has discovered that the
occurrence of Asbuton deposits in Buton Island spans about 70 km from
north to south.
According to a report released by the office of energy and mineral
resources in Province of Southeast Sulawesi, the estimated Asbuton deposit
is very enormous with asphalt (bitumen) content that varies from 10 to
50%.
The deposit locations expand from Lawele bay in the north to Sampolawa
bay in the south for about 70 km long and 10 to 15 km wide, plus Enreko
area in the Regency of North Buton (previously was the Regency of Muna).
South Buton Asphalt Deposit
No Location Asphalt Content (%) Deposit (Million Ton)
1 Kabungka 10 - 20 60
2 Winto 10 - 20 3.2
3 Winil 10 - 20 0.6
4 Siantopina 10 - 20 181.25
5 Olala 10 - 20 47.049
6 Enreko 10 - 20 174.725
7 Lawele 20 - 40 210
Source : Report on Asbuton Geo-Electric Sounding & Core Drilling In Lawele Village, South Sulawesi, 1997.

Boring-Log Data Example
Source: Alberta Research Council, Canada, 1989.
(TOR untuk Penetrasi pada 25 C ditentukan = 2)
The Invention
Technology, Patent, Award, Recognition
Ir. Sayono Technology
This project is prepared by using a technology that has been developed
since the early 1990s by Sayono, beginning with a number of researches,
followed by inventions and a certified patent on Buton natural asphalt
purification process.
Such process has undergone several stages of pilot run scale testing
procedures in Texas A&M University, one of the well-known research
institutions in the United States.
By these achievements, quality of Buton asphalt is now possible to be
repaired make it uniquely to compete with any existing similar
qualified products. The product resulted from this project is an
international standard pure bitumen required by infrastructure world,
especially by construction agencies which are involved in asphalt mixture
road pavement.
Therefore we would like to implement such achievements become a
commercial-scale production process.
Extraction Process
Pilot Run at Texas A&M University
The Test Result
Modified Asphalt
(PG Standard)
Petroleum-base
Asphalt
Modifier
Polymer SBS (styrene-butadiene-styrene)
Synthetic
Shell
Chemical
(Elastomer
)
BASF
Chemical
Du-Pont
Good Year
(Ultracote)
Naturally Occurring Asphalt
Trinidad Lake
Asphalt
(TLA)
American
Gilsonite Co.
(AGC)
Asbuton
Need to be specified for it
to be accepted by the
global market.
Mix Design SUPERPAVE
Source: www.asphaltinstitute.org
Pertamina Asphalt
Without modifier =
PG 46-10
Shell = PG 52-16
Pertamina Asphalt
with Modifier Asphalt
Button = PG 64-16
Patent
Property by the Patent Certificate No. ID 0 004 877: Extraction Process
for Refining the Buton Islands Asphalt Using Organic Solvents. From
the point of legal aspect, the process of Buton Asphalt Extraction is
protected legally from an attempt of duplication or plagiarism by others.
Six years were needed for the Patent Certificate to be issued as
verification process on other comparing documents (if any) was exercised
by the World Intellectual Property Organization (WIPO) in Geneva,
Switzerland, through a program called Patent Cooperation Treaty (PCT).
The invention was registered in the International Federation of
Inventors Associations (IFA) in Geneva, Switzerland, with reg no 191C in
2003. Indonesia is still represented by only one inventor.
This product has also already passed a number of international
standard certifications released by the Asphalt Institute, a reputable
asphalt standard-setting institution in United States.
Patent Document
World Intellectual Property Organization
Recognition
Pilot Test Run in Texas A&M University on November 7-14, 1997.
A number of Performance Graded (PG) certifications for the product by the
Asphalt Institute in 1998-2000.
Engineering, Procurement and Construction (EPC) Design Report by
China Machinery & Equipment Co., Beijing, China, on May 20, 2005.
Complete Test Result on quality of Asbuton-modified Aphalt by R&D
Centre for Roads and Bridges, the Ministry of Public Works, on March
4, 2008, and
Asbuton Modifier Technical Specification by Laboratory of Petroleum
Technology, Department of Chemical Engineering, UGM, on April 14,
2008.
Prelimenary Investment Presentation
Mr. Sayono
Recognition by Asphalt Institute
Product Certification
Result that
Asphalt Buton is Qualified
as the
Modifier for Superpave
(Superior Performing Asphalt Pavement)

Accredited in USA through The Asphalt
Institute, Lexington, Kentucky, USA.

Product Extensions:
The By Products:
Roofing Materials
Body Coating
Pipe Coating
Sealant

Technology Value
Business Projection
Market Demand, Estimate Price, Potential Revenue
Potential Revenue
From the perspective of material substance, this product is unique as
there are only two kind of similar products in the world which
comply with international specification, i.e. Trinidad Lake Asphalt
(TLA) and America Gilsonite Company (AGC).
Product margin generated by this project is relatively high caused by the
involvement of invention technology. Once the projects risk are
anticipated carefully, high-profit margins are typical for such invention-
based projects.
The end product is price at USD 1000/tons, this is lower than the
competition price of USD 1500 2000/ton and also lower than SHELL/
BP/ EXXON products, which is USD 2000 4000/ton. Adjustment of
selling price will have a positive impact to the profitability of the profit.
[Note: Price for Modifier Asbuton when price for crude oil US$ 60/Barrels is around USD
1000 to USD 1500 with competitor price is around USD 1500/Ton (AGC Modifier) and
USD 1250/Ton (TLA Modifier).]
Local Market Needs
According to Directorate General of Highway, the Ministry of Public Works,
domestic asphalt consumption in year 2012 is around 1,5 million tons and
grows 5% per year. Meanwhile, Pertamina can only provide asphalt below half
a million ton/year. The shortage is unfortunately compensated by importing.
International Market Needs
According to a New Report by Global Industry Analysts (GIA); the global market
for Asphalt is forecast to reach 118.4 million metric tons by the year 2015.
Prediction estimate, 20% of the global market(118.4 Million Metric Tons), needs to have
a SUPERPAVE Asphalt Modifier, to have a cost saving & build better road.
US & Canada Market
AC or Asphalt Cement is a solid or semisolid
asphalt that has not been modified by the
addition. Modified AC is defined as an asphalt
cement to which a performance- improving
additive has been combined.
Asbuton specified such as TLA or AGC is potential
to fill in the global market for modifier.
It is shown in Table 5.5 that AC consumption in
the US is around 25 million tons whereas
Modified AC consumption is 2.5 million tons.
Meanwhile Table 5.6 shows that AC and Modified
AC consumptions in Canada are respectively
around 2.7 million and 190 thousand tons.
Using conservative assumption that proportion of
modifier ranges from 10 to 15% of its total
consumption (both AC and Modified AC),
therefore, market potentials for asphalt modifier
in the United States and Canada can be calculated.
European Market
In Europe EAPA or European Asphalt
Pavement Association released a report saying
that asphalt consumption in EU country
members in 2008 is listed in Table 5.7.
Total Bitumen (EAPA uses this term instead of
AC) consumption in Europe plus Australia,
Japan, New Zealand, Mexico and Venezuela in
2008 is around 26.27 million tonnes whereas
total Modified Bitumen (EAPAs term for
Modified AC) consumption, after multiplying
with each percentage respectively, is 3 million
tonnes.
One tonne equals to 1 metric ton or 1,000 kg.
Hence, using as same conservative assumption
as in the United States and in Canada, market
potentials for asphalt modifier in Europe and
some countries in Asia Pacific and Central
America can be calculated.
Letter of Intent
Product purchase warranty from both domestic and foreign:
The Ministry of Public Works of the Republic of Indonesia;
Letter of Intent from PT. Sapta Tunggal Perkasa (TLA and AGC
supplier based in Denpasar, Bali)
Letter of Intent from C&G Law (a legal association representing
asphalt producersin Adelaide, Australia)
Letter of Intent from Bellsouth Co. Ltd (a company running in
modified asphalt business from Owensboro, Kentucky, USA)
Letter of Intent from the Asphalt Associates Ltd (TLA and AGC
supplier based in Survey, United Kingdom)
Off Take agreement from Antech Co. Ltd (a trading company in
Daejeon, South Kore)
Letter of Intent Document
Letter of Intent Document
Bellsouth Co. Ltd, Owensboro, KY USA
Off take Agreement
Competition
No local competitor. There are numerous asphalt mining projects in the
island, but none will ever have the qualities and profitability of this project.
Head to head against high-capital multinational industries such as Shell
Elastomer (one of the biggest synthetic modifier producers), TLA, AGC,
Alberta Canada (tar sand refinery in Canada), etc.
Presently to make the asphalt, synthetic products, which are petroleum
based are manufactured by oil companies (SHELL, EXXON, etc).
However, these products are expensive, extremely dependent in oil price
which require highest maintenance.
Business Notes
This project is indeed a new technology. However, since a pilot test run
has been successful, hence engineering and financial aspects for the
projects equipment procurement are identified and calculated.
Condition of asphalt mine in Buton Island which is still not equipped with
sufficient infrastructures, such as lack of road access from mine location
to sea harbor, electrical and clean water supply, etc.
Invention-based project potentially disturb and destabilize the
continuation of similar existing products.
Immature preparation and management could result in failure of the
projects production and operational failure.
The most possible risk which often occurs is driven by these two
following major causes:
Lack of after-sales service (which causes distrust on buyers side
when, for instance), product delivery is not in time.
Unhealthy competition made by similar producers, if any.
Plant
Note of the Project
Extraction Schematic

CHILLER
< 0 oC
LIGHT VACCUM
PUMP > 100 MM Hg CONDENSER
40 oC
WORKING
TANK
DECANTER
HYDRO
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CENTRYFUGE
EXTRACTOR
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CONVEYOR
STEEL CONVEYOR
DESOLVENTIZER
CONVEYOR WASTE KE LAUT
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BOILER
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TREATMENT
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UNTUK PROSES
DAN PENDINGINAN
PELLETIZATION
BAGGING UNIT
SCHEMATIC
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Engine Design Full Extraction
Machine & Equipment
No. Mesin dan Peralatan Jumlah Tailor Made Vendor Catatan
1 Conveyor 1 Transport dari Mining Pit
2 Hammer Mill 1 Khusus untuk Rock Asphalt
3 Stock Yard (Conveyor) 2 Menurunkan kadar air
4 Side Conveyor 2 Transfer RoM (Raw of Material)
5 Feed Conveyor to Sludge 1 Transfer RoM (Raw of Material)
6 Sludge Mixer or Bladder (+ Vent Condenser) 1 Pembuatan lumpur RoM
7 Chain Conveyor or Sludge Pump 1 Transfer lumpur
8 Extractor 1 Counter-Current Process
9 Sentrifuge Separator 1 Pemurnian Miscella (Solvent+Bitumen) > 99%
10 Screw Conveyor 1 Transfer Solid-Liquid
11 Desolventizer 1 Solvent Recovery
12 Economizer 1 Heat Recovery
13 Blower 1 Support untuk Dust Separation
14 Dust Separator 1 Separator debu halus, sedang, kasar.
15 Cyclone 3 Pengambilan Filler
16 Screw Conveyor 1 Transfer ampas
17 Conveyor to Dump 1 Sisa ampas dibuang untuk fill-in
18 Evaporator I 1 Memisah bitumen dari solvent
19 Dome & Condensor 1 Pendinginan
20 Solvent Work Tank 1 Menampung Make-Up Solvent (recycle)
21 Water-Solvent Separator 1 Mengambil Solvent dari air
22 Vacuum Jet 1 Menjaga kondisi Light Vacuum
23 Stripper Condenser 1 Mengambil Solvent
24 Fresh Solvent Tank 1 Mensupply kehilangan solvent dalam proses
25 Evaporator II 1 Menspesifikasi Modifier
26 Dome & Condensor 1 Pendinginan Oil
27 Oil Work Tank 1 Pemisahan Oil
28 Chain Cooler Conveyor + Bagging 1 Tangki Modifier dan Pengepakan
29 Bag Filler 1 Pengepakan Filler
30 Oil-Heated Boiler (10 MKCal) 1 Sumber pemanasan
31 1 MW Fluidized Power Plant 1 Supply listrik untuk penggerak
Infrastructure Notes
Electricity facilities are mostly in adequate, therefore, at the initial
stage, a diesel generator will be needed. However, the by product
is a coal like product which would be used to fire up the electricity.
This will need additional equipment, but is included in the
investment.
Skilled labor is not available, thus, key labor will have to be
imported. It is important to consider to move up the local
population as unemployment is quite high.
By Working with the local authorities, safety should not be a
problem.
Harbour & Plant Locations
Harbour & Plant
location
Infrastructure Value
Time Schedule
I LEGAL ASPECTS & COMPANY ESTABLISHMENT
- Set the Core Team (Head Office)
- Establishment of the Company
- Management of the Company Permits
- Preparation Head Office
- Licensing Branch Office (P. Buton)
- Handling Plant Location Permit
- EIA
II PRE-DEVELOPMENT PROJECT
- Plant Design & Lab. for Sample Modifier
- Conception Design
- Basic Design
- Detail Design
- Prequalification / Tender
- Product Licensing Abroad (Brand, MOU, JV, etc.)
- Making Sample in Lab. UGM
- Sample shipment to overseas
- Build Lab. for Modifier
III DEVELOPMENT PROJECT
Implemented in BUTON
- Soil Preparation Plant in Buton (+/- 2 Ha)
- Road Construction
- Construction of Plant
- Making Machines
- Delivery to the Plant Machinery
- Installation of Machinery
- Testing & Commissioning
- Procurement of Infrastructure (Tanks, Genset)
- Procurement of Vehicles Factory
- Procurement of Office Equipment Factory
- Employee Recruitment Factory
IV PRODUCTION
- Trial Production
- Commercial Production
V MARKETING
- Arrangements for Export Permit
- Member Renewal in the Asphalt Institute USA
- Membership in the Association of Asphalt (others)
Bln-20 Bln-13 Bln-14 Bln-15 Bln-16 Bln-03 Bln-04 Bln-17 Bln-18 Bln-19 Bln-05 Bln-06
No. ITEMS
Pre-Development Project Development Project
Bln-21 Bln-22 Bln-23 Bln-24 Bln-07 Bln-08 Bln-09 Bln-10 Bln-11 Bln-12 Bln-01 Bln-02
Financial Aspect
Size of the Project, Breakdown of Investment
Size of the project
This project will build 1 plant with 50.000 metric ton/amount
capacity.
With a total investment of US$ 34,831,267 Million, the project
feasibility analysis (10 years) result is: Payback Period is 4
Years, 8 Months with ROI 38,98% and ROA 16,61%.
The investment breakdown is as follows:
Plant & Equipment : 85,66%
and
Working Capital : 14,34%

Project Notes
The operational stages for the project are scheduled accordingly covering
technical design, detail engineering drawing design, plant construction,
production plan, pre-operational management scheme, project fund
sources scheme, operational and marketing timeframe schedule. All of
these would become a stage of activities that goes simultaneously.
From the Investors approval and due diligence is approx 20-24 months.
The commercial production can start after 20 months. Pre-marketing
should be conducted 9-12 months before commercial production. At the
present stage there are expressions of interest from Australia, China,
South Korea & UK.
Headed by Ir. Sayono as patent holders and inventor of Buton asphalt
extraction technology, the project will be executed by a group of selected
experts in their fields as well as management and marketing team with
international standards.
Financial Summary
`
GENERAL INFORMATION
NAME OF PROJECT Asphalt Buton Extraction
LOCATION Kabungka, P. Buton, Sulawesi Tenggara
TOTAL INVESTMENT USD 29.835.060
TOTAL WORKING CAPITAL USD 4.996.207
PROJECT PERIOD 15 years (included 2 years Pre Operation)
PRODUCTION MACHINE Indonesia
PROSES Use Patent owned by Ir. SAYONO (Inventor)
No. Patent: ID 0004877, Extraction Process for Refining
The Buton Island's Asphalt Using Organic Solvents
PRODUCTION CAPACITY 50.000 Nominal Ton / Year
with work days 300 days per years, 24 hours per day
EXPORT MARKET Korea ( FOB Selling price ), Australia, England, USA
LABOUR On Plant Site, P. Buton 149 person
On Head Office, Jakarta 26 person
INVESTMENT SCHEDULE Preparation (pra construction) during 6 months USD 1.589.500
Construction during 18 months USD 28.245.560
WORKING CAPITAL SCHEDULE During 4 months Operasional on Year 3 4.996.207
34.831.267
10 Tahun 12 Tahun 15 Tahun
PROJECT FEASIBILITY ANALYSIS 1. Payback Period 4 Years 8 Months 4 Years 8 Months 4 Years 8 Months
2. NPV USD 54.693.887 USD 70.335.469 USD 100.792.043
3. IRR 39,28% 40,89% 42,27%
FINANCIAL ANALYSIS 1. Gross Profit Margin 69,60% 68,63% 68,12%
2. Operating Income Ratio 37,02% 35,31% 39,10%
3. Net Profit Margin 27,77% 26,48% 29,33%
4. R O I 38,98% 38,89% 45,57%
5. R O A 16,61% 14,09% 13,01%
FINANCIAL POSITION 1. Total Asset USD 147.829.844 USD 174.805.180 USD 249.113.818
2. Retain Earnings USD 108.611.860 USD 135.471.321 USD 206.352.255
3. Cash Balance USD 131.395.196 USD 163.208.975 USD 236.263.740
T O T A L
Profit & Loss
Year 1 Year 2 Year Year Year Year Year Year Year Year Year Year Year Year Year
USD % (6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 TOTAL REVENUE Prod. & Sales 703.634.228 100,00% 0 0 29.166.667 39.950.000 45.951.000 52.176.060 54.121.608 55.204.040 56.584.141 57.998.745 59.448.713 60.934.931 62.458.304 64.019.762 65.620.256
2 COST OF GOOD SOLD COGS 224.289.295 31,88% 0 0 8.661.028 11.610.515 13.271.234 15.134.374 16.157.451 17.037.225 18.006.498 19.049.850 20.166.129 21.360.438 20.203.806 21.084.034 22.546.715
3 GROSS PROFIT 479.344.933 68,12% 0 0 20.505.639 28.339.485 32.679.766 37.041.686 37.964.157 38.166.815 38.577.643 38.948.895 39.282.584 39.574.493 42.254.499 42.935.728 43.073.541
4 OPERATING EXPENSES
- Head Office Overhead Fixed Cost 0 0 785.567 834.333 886.514 942.347 1.002.088 977.111 1.045.509 1.118.694 1.197.003 1.280.793 1.370.449 1.466.380 1.569.027
- Transport Cost (Factory - Banabungi) 4 Ton 33,33 0 0 243.056 326.389 368.056 409.722 416.667 416.667 416.667 416.667 416.667 416.667 416.667 416.667 416.667
- Transport Cost (Banabungi - Makasar) 1 Ton 15,00 0 0 437.500 587.500 662.500 737.500 750.000 750.000 750.000 750.000 750.000 750.000 750.000 750.000 750.000
- Transport Cost (Makasar - Overseas) 30 Ton 4.990 0 0 4.851.389 6.514.722 7.346.389 8.178.056 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667
- Retribution Local Government Ton Production1,20 0 0 210.000 240.000 270.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000
Total Operating Expenses 134.208.592 19,07% 0 0 6.527.511 8.502.944 9.533.458 10.567.624 10.785.421 10.760.444 10.828.842 10.902.028 10.980.336 11.064.127 11.153.782 11.249.714 11.352.360
5 MORTGAGE DEBT 10% / annum 10% 35.000.000 0 0 3.500.000 3.500.000 3.500.000 3.500.000 3.500.000 10.500.000 10.500.000 10.500.000 10.500.000 10.500.000 0 0 0
6 EARNINGS BEFORE TAX 275.136.340 39,10% 0 0 10.478.128 16.336.540 19.646.308 22.974.062 23.678.736 16.906.371 17.248.801 17.546.867 17.802.248 18.010.367 31.100.717 31.686.015 31.721.181
7 Income Tax 25% 0 0 2.619.532 4.084.135 4.911.577 5.743.515 5.919.684 4.226.593 4.312.200 4.386.717 4.450.562 4.502.592 7.775.179 7.921.504 7.930.295
8 NET EARNINGS 206.352.255 29,33% 0 0 7.858.596 12.252.405 14.734.731 17.230.546 17.759.052 12.679.778 12.936.601 13.160.150 13.351.686 13.507.775 23.325.537 23.764.511 23.790.886
Note :
1 Retribution Local Government = 6 % x USD 20 /Ton Raw Material
2 Transport Cost to Overseas, size 40 Feet (30 Ton) = USD 4.990
3 Transport Cost Factory - Banabungi IDR 300.000 /4 Ton = USD 33,33 / 4 Ton
4 Transport Cost Banabungi - Makasar USD 15 / Ton
T O T A L (15 Years)
NO. ITEMS Ref. Standar
Cash Flow
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
I INCOME
- Sales Prod. & Sales 0 0 26.736.111 39.051.389 45.450.917 51.657.305 53.959.479 55.113.837 56.469.133 57.880.861 59.327.883 60.811.080 62.331.357 63.889.641 65.486.882
II EXPENSES
- Purchase Raw Material Raw Material 0 0 4.083.333 4.369.167 5.247.458 6.227.302 6.553.980 7.012.759 7.503.652 8.028.907 8.590.931 9.192.296 9.835.757 10.524.260 11.260.958
- Purchase Solvent BP (Solvent) 0 0 2.654.167 2.839.958 3.410.848 4.047.746 4.260.087 4.558.293 4.877.374 5.218.790 5.584.105 5.974.992 6.393.242 6.840.769 7.319.623
- Purchase Diesel Fuel BP (Diesel Fuel) 0 0 1.057.583 1.131.614 1.359.092 1.612.871 1.697.481 1.816.304 1.943.446 2.079.487 2.225.051 2.380.805 2.547.461 2.725.783 2.916.588
- Water Cooling Cost BP (Others) 0 0 47.775 57.330 67.721 79.008 82.958 87.106 91.462 96.035 100.836 105.878 111.172 116.731 122.567
- Water Cleaner Cost BP (Others) 0 0 8.400 10.080 11.907 13.892 14.586 15.315 16.081 16.885 17.729 18.616 19.547 20.524 21.550
- Direct Labor Cost COGS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Repair & Maintenance COGS 0 0 449.064 480.498 514.133 550.123 588.631 629.835 673.924 721.099 771.576 825.586 883.377 945.213 1.011.378
- Plant Overhead COGS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Insurance Cost COGS 0 0 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688
- Laboratory Cost (Quality Test) COGS 0 0 100.000 107.000 114.490 122.504 131.080 140.255 150.073 160.578 171.819 183.846 196.715 210.485 225.219
- Head Office Overhead P-L 0 0 696.667 745.433 797.614 853.447 913.188 977.111 1.045.509 1.118.694 1.197.003 1.280.793 1.370.449 1.466.380 1.569.027
- Transport Cost (Factory - Banabungi) P-L 0 0 243.056 326.389 368.056 409.722 416.667 416.667 416.667 416.667 416.667 416.667 416.667 416.667 416.667
- Transport Cost (Banabungi - Makasar) P-L 0 0 437.500 587.500 662.500 737.500 750.000 750.000 750.000 750.000 750.000 750.000 750.000 750.000 750.000
- Transport Cost (Makasar - Overseas) P-L 0 0 4.851.389 6.514.722 7.346.389 8.178.056 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667 8.316.667
- Retribution Local Government P-L 0 0 210.000 240.000 270.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000 300.000
- Mortgage Debt P-L 0 0 3.500.000 3.500.000 3.500.000 3.500.000 3.500.000 10.500.000 10.500.000 10.500.000 10.500.000 10.500.000 0 0 0
- Taxes 0 0 0 2.619.532 4.084.135 4.911.577 5.743.515 5.919.684 4.226.593 4.312.200 4.386.717 4.450.562 4.502.592 7.775.179 7.921.504
Total Operating Expenses 0 0 18.488.621 23.678.912 27.904.031 31.693.435 33.418.528 41.589.685 40.961.134 42.185.697 43.478.788 44.846.396 35.793.332 40.558.346 42.301.435
III OPERATIONAL INCOME 0 0 8.247.490 15.372.477 17.546.886 19.963.870 20.540.951 13.524.153 15.507.999 15.695.164 15.849.094 15.964.684 26.538.024 23.331.295 23.185.446
IV INVESTMENT EXPENSES
- Pre Development Period (6 Months) Pre-Dev (1.589.500) 0
- Development Period (18 Months) Pre-Dev
* Plant & Office (Buton) Pre-Dev 0 (27.213.060)
* Head Office Overhead 0 (1.032.500)
Total Investment Expenses (1.589.500) (28.245.560) 0 0 0 0 0 0 0 0 0 0 0 0 0
V CAPITAL INJECTION
- For Investment Expenses 29.835.060 1.589.500 28.245.560 0 0 0 0 0 0 0 0 0 0 0 0 0
- For Working Capital *) 4.996.207 0 0 4.996.207 0 0 0 0 0 0 0 0 0 0 0 0
Total Capital Injection 34.831.267 1.589.500 28.245.560 4.996.207 0 0 0 0 0 0 0 0 0 0 0 0
VI NET SURPLUS 0 0 13.243.697 15.372.477 17.546.886 19.963.870 20.540.951 13.524.153 15.507.999 15.695.164 15.849.094 15.964.684 26.538.024 23.331.295 23.185.446
VII BALANCE BROUGH FORWARD 0 0 0 13.243.697 28.616.174 46.163.060 66.126.929 86.667.881 100.192.033 115.700.032 131.395.196 147.244.291 163.208.975 189.746.999 213.078.294
VIII BALANCE CARRIER FORWARD 0 0 13.243.697 28.616.174 46.163.060 66.126.929 86.667.881 100.192.033 115.700.032 131.395.196 147.244.291 163.208.975 189.746.999 213.078.294 236.263.740
Note :
*) Working Capital = 4 Months x Operational Expenses on Year 3
NO. ITEMS Ref.
Financial Analysis
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 Operational Income 0 0 26.736.111 39.051.389 45.450.917 51.657.305 53.959.479 55.113.837 56.469.133 57.880.861 59.327.883 60.811.080 62.331.357 63.889.641 65.486.882
2 Operational Expenses 0 0 18.488.621 23.678.912 27.904.031 31.693.435 33.418.528 41.589.685 40.961.134 42.185.697 43.478.788 44.846.396 35.793.332 40.558.346 42.301.435
NET PROCEED 0 0 8.247.490 15.372.477 17.546.886 19.963.870 20.540.951 13.524.153 15.507.999 15.695.164 15.849.094 15.964.684 26.538.024 23.331.295 23.185.446
3 Initial Cash Flows
- Investment (1.589.500) (28.245.560)
- Working Capital (4.996.207)
4 Net Cash Flow (1.589.500) (28.245.560) 3.251.283 15.372.477 17.546.886 19.963.870 20.540.951 13.524.153 15.507.999 15.695.164 15.849.094 15.964.684 26.538.024 23.331.295 23.185.446
5 Acc. Net Cash Flow (1.589.500) (29.835.060) (26.583.777) (11.211.301) 6.335.585 26.299.455 46.840.406 60.364.559 75.872.558 91.567.722 107.416.817 123.381.501 149.919.525 173.250.820 196.436.266
6 PROJECT ANALYSIS
- PAYBACK PERIOD 4 Years 8 Months 4 Years 8 Months 4 Years 8 Months
- Discount Factor 7% 7% 7%
- Net Present Value (NPV) USD 100.792.043 USD 70.335.469 USD 54.693.887
- IRR 42,27% 40,89% 39,28%
15 Years (include 2 Years Pre-Operation) 12 Years (include 2 Years Pre-Operation) 10 Years (include 2 Years Pre-Operation)
NO. ITEMS
Product & Sales Projection
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 PRODUCTION VOLUME
- Production Capabilities % 70% 80% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
- Total Production (Modifier) 50.000 Ton 0 0 35.000 40.000 45.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000
- Beginning Inventory Ton 0 0 0 5.833 6.667 7.500 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333
- Ending Inventory Ton 0 0 5.833 6.667 7.500 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333 8.333
2 SALES Ton 0 0 29.167 39.167 44.167 49.167 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000
3 PRICE 1.000 USD/Ton 0 0 1.000 1.020 1.040 1.061 1.082 1.104 1.132 1.160 1.189 1.219 1.249 1.280 1.312
4 TOTAL SALES USD 0 0 29.166.667 39.950.000 45.951.000 52.176.060 54.121.608 55.204.040 56.584.141 57.998.745 59.448.713 60.934.931 62.458.304 64.019.762 65.620.256
5 RECEIVABLE USD 0 0 2.430.556 3.329.167 3.829.250 4.348.005 4.510.134 4.600.337 4.715.345 4.833.229 4.954.059 5.077.911 5.204.859 5.334.980 5.468.355
6 CASH RECEIPT USD 0 0 26.736.111 39.051.389 45.450.917 51.657.305 53.959.479 55.113.837 56.469.133 57.880.861 59.327.883 60.811.080 62.331.357 63.889.641 65.486.882
Note:
1 Inventory of Finish Goods = 2 months production
2 Price goods increase 2 % to 2,5% / year
3 Receivable Life in 1 month
NO. ITEMS Standar Unit
Cost of Good Sold
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 COST OF PRODUCTION
VARIABLE COST:
- Raw Material Cost Raw Material 0 0 3.500.000 4.239.167 5.102.117 6.065.108 6.482.519 6.936.296 7.421.836 7.941.365 8.497.260 9.092.069 9.728.513 10.409.509 11.138.175
- Cost of Solvent BP(Solvent) 0 0 2.275.000 2.755.458 3.316.376 3.942.320 4.213.637 4.508.592 4.824.194 5.161.887 5.523.219 5.909.845 6.323.534 6.766.181 7.239.814
- Cost of Diesel Fuel BP(Diesel Fuel) 0 0 906.500 1.097.944 1.321.448 1.570.863 1.678.972 1.796.501 1.922.256 2.056.813 2.200.790 2.354.846 2.519.685 2.696.063 2.884.787
- Other Cost:
- Water Cooling BP(Others) 0 0 47.775 57.330 67.721 79.008 82.958 87.106 91.462 96.035 100.836 105.878 111.172 116.731 122.567
- Water Cleaner (Processing) BP(Others) 0 0 8.400 10.080 11.907 13.892 14.586 15.315 16.081 16.885 17.729 18.616 19.547 20.524 21.550
- Labor Cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Variable Cost 0 0 6.737.675 8.159.979 9.819.569 11.671.190 12.472.674 13.343.810 14.275.828 15.272.985 16.339.836 17.481.253 18.702.451 20.009.008 21.406.893
FIXED COST:
- Repair & Maintenance Fixed Cost 0 0 449.064 480.498 514.133 550.123 588.631 629.835 673.924 721.099 771.576 825.586 883.377 945.213 1.011.378
- Plant Overhead Fixed Cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
- Insurance Cost Fixed Cost 0 0 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688
- Laboratory Cost (Quality Test) Fixed Cost 0 0 100.000 107.000 114.490 122.504 131.080 140.255 150.073 160.578 171.819 183.846 196.715 210.485 225.219
- Depreciation Fixed Assets Fixed Cost 0 0 2.739.056 2.739.056 2.739.056 2.739.056 2.739.056 2.703.556 2.703.556 2.703.556 2.703.556 2.703.556 0 0 0
- Amortization (Cost Put Off) Fixed Cost 0 0 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.752 0 0 0
Total Fixed Cost 0 0 3.655.558 3.693.992 3.735.117 3.779.121 3.826.205 3.841.085 3.894.991 3.952.671 4.014.388 4.080.428 1.229.780 1.305.386 1.386.285
TOTAL COST OF PRODUCTION 0 0 10.393.233 11.853.972 13.554.686 15.450.311 16.298.878 17.184.894 18.170.819 19.225.656 20.354.224 21.561.681 19.932.231 21.314.394 22.793.179
2 BEGINNING FINISH GOODS 0 0 0 1.732.206 1.975.662 2.259.114 2.575.052 2.716.480 2.864.149 3.028.470 3.204.276 3.392.371 3.593.613 3.322.038 3.552.399
3 ENDING FINISH GOODS 0 0 1.732.206 1.975.662 2.259.114 2.575.052 2.716.480 2.864.149 3.028.470 3.204.276 3.392.371 3.593.613 3.322.038 3.552.399 3.798.863
4 COST OF GOOD SOLD 0 0 8.661.028 11.610.515 13.271.234 15.134.374 16.157.451 17.037.225 18.006.498 19.049.850 20.166.129 21.360.438 20.203.806 21.084.034 22.546.715
Note :
1 Labor cost increase 7 % / Tahun
2 Ending Inventory of Finished Goods = 2 months production
NO. ITEMS Ref.
Cost Overhead (Factory & Head Office)
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 FACTORY OVERHEAD (Buton Island)
- Repair & Maintenance Maintenance/yr 3,0% 449.064 480.498 514.133 550.123 588.631 629.835 673.924 721.099 771.576 825.586 883.377 945.213 1.011.378
- Cost of Factory Overhead Labor Cost 30,0% 0 0 0 0 0 0 0 0 0 0 0 0 0
- Insurance Maintenance/yr 1,0% 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688 149.688
- Laboratory Cost (Quality Test) per year 100.000 100.000 107.000 114.490 122.504 131.080 140.255 150.073 160.578 171.819 183.846 196.715 210.485 225.219
- Depreciation Fixed Assets Assets 0 0 2.739.056 2.739.056 2.739.056 2.739.056 2.739.056 2.703.556 2.703.556 2.703.556 2.703.556 2.703.556 0 0 0
- Amortization (Cost Put Off) Assets 0 0 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.750 217.752 0 0 0
Total Factory Fixed Cost 0 0 3.655.558 3.693.992 3.735.117 3.779.121 3.826.205 3.841.085 3.894.991 3.952.671 4.014.388 4.080.428 1.229.780 1.305.386 1.386.285
2 OVERHEAD KANTOR PUSAT (JKT)
- Bod, BoC & Staff Salary (Head Office) Pre-Dev 12 0 0 522.000 558.540 597.638 639.472 684.236 732.132 783.381 838.218 896.893 959.676 1.026.853 1.098.733 1.175.644
- Head Office Rent Pre-Dev 0 0 81.000 86.670 92.737 99.228 106.174 113.607 121.559 130.068 139.173 148.915 159.339 170.493 182.428
- Official Travel Abroad Pre-Dev 12.500 2 0 0 25.000 26.750 28.623 30.626 32.770 35.064 37.518 40.145 42.955 45.961 49.179 52.621 56.305
- Domestic Official Travel Pre-Dev 1.000 12 0 0 12.000 12.840 13.739 14.701 15.730 16.831 18.009 19.269 20.618 22.062 23.606 25.258 27.026
- Head Office Overhead Pre-Dev 2.500 12 0 0 30.000 32.100 34.347 36.751 39.324 42.077 45.022 48.173 51.546 55.154 59.015 63.146 67.566
- Other Cost Pre-Dev 2.222 12 0 0 26.667 28.533 30.531 32.668 34.955 37.401 40.019 42.821 45.818 49.026 52.457 56.129 60.058
- Depreciation Fixed Assets Assets 0 0 88.900 88.900 88.900 88.900 88.900 0 0 0 0 0 0 0 0
Total Head Office Fixed Cost 0 0 785.567 834.333 886.514 942.347 1.002.088 977.111 1.045.509 1.118.694 1.197.003 1.280.793 1.370.449 1.466.380 1.569.027
Note :
1 All cost (except Depreciation & Amortization) increase 7 % / year
NO. ITEMS Ref. USD Unit
Raw Material Cost
(6 months) (18 months) 3 4 5 6 7 8 9 10 11 12 13 14 15
1 PRODUCTION
- Production Capabilities % 70% 80% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
- Total Production (Modifier) 50.000 Ton 0 0 35.000 40.000 45.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000
2 RAW MATERIAL
- Standard of Raw Material Required 1 Ton Modifier = Kali 0 0 5 5 5 5 5 5 5 5 5 5 5 5 5
5 Ton Raw Material
- Standar Price Raw Material 1 Ton = 20,00 USD 0 0 20,00 21,40 22,90 24,50 26,22 28,05 30,01 32,12 34,36 36,77 39,34 42,10 45,04
- Beginning Inventory Ton 0 0 0 29.167 33.333 37.500 41.667 41.667 41.667 41.667 41.667 41.667 41.667 41.667 41.667
USD 0 0 0 583.333 713.333 858.675 1.020.869 1.092.330 1.168.793 1.250.609 1.338.151 1.431.822 1.532.049 1.639.293 1.754.043
- Purchase Raw Material Ton 0 0 204.167 204.167 229.167 254.167 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000
USD 0 0 4.083.333 4.369.167 5.247.458 6.227.302 6.553.980 7.012.759 7.503.652 8.028.907 8.590.931 9.192.296 9.835.757 10.524.260 11.260.958
- Ending Inventory Ton 0 0 29.167 33.333 37.500 41.667 41.667 41.667 41.667 41.667 41.667 41.667 41.667 41.667 41.667
USD 0 0 583.333 713.333 858.675 1.020.869 1.092.330 1.168.793 1.250.609 1.338.151 1.431.822 1.532.049 1.639.293 1.754.043 1.876.826
- Raw Material Consumption Ton 0 0 175.000 200.000 225.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000 250.000
USD 0 0 3.500.000 4.239.167 5.102.117 6.065.108 6.482.519 6.936.296 7.421.836 7.941.365 8.497.260 9.092.069 9.728.513 10.409.509 11.138.175
Note :
1 Price of Raw Material increase 7 % / year
2 Raw Material stock for using 2 month production
3 FIFO method
NO. ITEMS Standar Satuan
Thank You
For further information please contact:

Ignatius Wirawan N. I 0817 0090 263 I @ ignatiuslegioner@yahoo.com
Agung Kristianto I 0811 142 260 I @ agungkrist.amdg@gmail.com

Aspal Buton Project 2013

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