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Terminal Bali Airport - Ground Floor - Rooms 944 m2 944 m2

Terminal Bali Airport - 1st Floor 94 Rooms 6.578 m2 6.578 m2

Terminal Bali Airport - 2nd Floor 94 Rooms 5.586 m2 5.586 m2

Total Rooms 188 Rooms 13.108 m2 12.164 m2

INVESTMENT AMOUNT

(000'S)

Construction Cost/Room 492.021

Total Construction Cost 92.500.000

Room Space 29 m2

Total Space Assumption 12.164 m2

Construction Cost/m2 7.604

Equity 27.750.000

Debt 67.183.521Interest p.a 11,00% @1-3 tahun

11,00% @4-7 tahun

Pre-Ops 500.000

IDC 2.433.521

Pre ops & IDC 2.933.521

TOTAL SEED CAPITAL 95.433.521

Reserved Value of Building & Equipment 17.935.229

1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Average Room Rate (Rp.) 800.000 860.000 924.500 993.838 1.068.375 1.148.503 1.234.641 1.327.239 1.426.782 1.533.791 1.648.825 1.772.487 1.905.424 2.048.330 2.201.955

Room Occupancy 60% 75% 75% 80% 80% 85% 85% 85% 85% 100% 100% 100% 100% 100% 100%

Room Nights Available (Roomdays) 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620 68.620

Room Nights Sold (Roomdays) 41.172 51.465 51.465 54.896 54.896 58.327 58.327 58.327 58.327 68.620 68.620 68.620 68.620 68.620 68.620

Meeting Room Capacity 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250Meeting Room Rate/pax 150.000 161.250 173.344 186.345 200.320 215.344 231.495 248.857 267.522 287.586 309.155 332.341 357.267 384.062 287.586

Meeting Room Occupancy 45% 60% 70% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80%

Revenue Sharing 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT TOTAL

(000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S)

RevPAR 32. 937 .600 4 4.25 9.9 00 47 .579 .39 3 5 4.5 57.7 03 5 8.64 9.53 1 6 6.988 .761 72.0 12.9 18 7 7.41 3.88 7 8 3.219 .929 10 5.24 8.73 4 113 .142 .389 1 21.6 28.0 68 13 0.75 0.17 3 1 40 .556 .436 15 1.0 98.1 69 1 .300 .043 .590

PROJECTED INCOME STATEMENT

REVENUES

R oo ms 100 % 32. 93 7. 600 4 4. 259 .9 00 47 .5 79. 39 3 54. 55 7. 703 5 8. 649 .5 31 66 .9 88. 76 1 7 2. 01 2. 918 77 .4 13. 88 7 83. 21 9. 929 10 5. 248 .7 34 113 .1 42. 38 9 12 1. 62 8. 068 130 .7 50. 17 3 1 40. 55 6. 436 15 1. 098 .1 69 1. 300 .0 43. 59 0

F oo d & Be ve rag es 24 % 7 .9 05. 02 4 1 0. 622 .3 76 11 .4 19. 05 4 13. 09 3. 849 1 4. 075 .8 87 16 .0 77. 30 3 1 7. 28 3. 100 18 .5 79. 33 3 19. 97 2. 783 2 5. 259 .6 96 27 .1 54. 17 3 29. 19 0. 736 3 1. 380 .0 41 33 .7 33. 54 5 36. 26 3. 560 3 12 .0 10. 46 2

Telephone 0% - - - - - - - - - - - - - - - -

Other Operating Dept 0% - - - - - - - - - - - - - - - -

M ee ti ng Ro om s 100 % 4 .5 39. 37 5 6. 50 6. 438 8 .1 60. 15 7 10. 02 5. 336 1 0. 777 .2 36 11 .5 85. 52 9 1 2. 45 4. 443 13 .3 88. 52 7 14. 39 2. 666 1 5. 472 .1 16 16 .6 32. 52 5 17. 87 9. 964 1 9. 220 .9 61 20 .6 62. 53 3 15. 47 2. 116 197 .1 69. 92 1

Rental & Other Income (net) 0% - - - - - - - - - - - - - - - -

T OT AL R EV EN UE S 4 5. 38 1. 99 9 6 1. 38 8. 71 4 6 7. 15 8. 60 4 7 7. 67 6. 88 8 8 3. 50 2. 65 5 9 4. 65 1. 59 3 10 1. 75 0. 46 2 10 9. 38 1. 74 7 11 7. 58 5. 37 8 14 5. 98 0. 54 6 15 6. 92 9. 08 7 16 8. 69 8. 76 8 18 1. 35 1. 17 6 19 4. 95 2. 51 4 20 2. 83 3. 84 5 1 .8 09 .2 23 .9 74

22.691.000DEPARTMENTAL COSTS & EXPENSES

Rooms 10% 3.293.760 4.425.990 4.757.939 5.455.770 5.864.953 6.698.876 7.201.292 7.741.389 8.321.993 1 0.524.873 1 1.314.239 1 2.162.807 1 3.075.017 1 4.055.644 1 5.109.817 130.004.359

F oo d & Be ve rag e 55 % 4 .3 47. 76 3 5. 84 2. 307 6 .2 80. 48 0 7. 20 1. 617 7. 741 .7 38 8 .8 42. 51 7 9. 50 5. 705 10 .2 18. 63 3 10. 98 5. 031 1 3. 892 .8 33 14 .9 34. 79 5 16. 05 4. 905 1 7. 259 .0 23 18 .5 53. 45 0 19. 94 4. 958 171 .6 05. 75 4

Telephone 65% - - - - - - - - - - - - - - - -

Other Operating Dept 20% - - - - - - - - - - - - - - - -

Meeting Rooms 30% 1.361.813 1.951.931 2.448.047 3.007.601 3.233.171 3.475.659 3.736.333 4.016.558 4.317.800 4.641.635 4.989.757 5.363.989 5.766.288 6.198.760 4.641.635 5 9.150.976

TOTAL 9.003.336 1 2.220.228 1 3.486.466 1 5.664.988 1 6.839.862 1 9.017.051 2 0.443.330 2 1.976.580 2 3.624.823 2 9.059.341 3 1.238.792 3 3.581.701 3 6.100.329 3 8.807.853 3 9.696.410 360.761.089

4.501.668

O PE RA TI NG D EP AR TM EN TS I NC OM E 3 6. 37 8. 66 3 4 9. 16 8. 48 5 5 3. 67 2. 13 8 6 2. 01 1. 90 0 6 6. 66 2. 79 3 7 5. 63 4. 54 2 8 1. 30 7. 13 2 8 7. 40 5. 16 7 9 3. 96 0. 55 5 1 16 .9 21 .2 05 1 2 5. 69 0. 29 5 1 35 .1 17 .0 67 1 4 5. 25 0. 84 7 1 56 .1 44 .6 61 1 6 3. 13 7. 43 5 1 .4 48 .4 62 .8 84

18.189.332

UNDISTRIBUTED OPERATING COSTS

H ote l Ad mi ni st ra ti on & G en er al 7,5 % 3 .4 03. 65 0 4. 60 4. 154 5 .0 36. 89 5 5. 82 5. 767 6. 262 .6 99 7 .0 98. 86 9 7. 63 1. 285 8. 203 .6 31 8 .8 18. 90 3 1 0. 948 .5 41 11 .7 69. 68 1 12. 65 2. 408 1 3. 601 .3 38 14 .6 21. 43 9 15. 21 2. 538 135 .6 91. 79 8

Sales and Marketing 3,5% 1.152.816 1.549.097 1.665.279 1.909.520 2.052.734 2.344.607 2.520.452 2.709.486 2.912.698 3.683.706 3.959.984 4.256.982 4.576.256 4.919.475 5.288.436 45.501.526

Property Repairs & Maintenanc e 1% 453.820 613.887 671.586 776.769 835.027 946.516 1.017.505 1.093.817 1.175.854 1.459.805 1.569.291 1.686.988 1.813.512 1.949.525 2.028.338 18.092.240

Energy Costs 10% 4.538.200 6.138.871 6.715.860 7.767.689 8.350.265 9.465.159 10.175.046 10.938.175 11.758.538 14.598.055 15.692.909 16.869.877 18.135.118 19.495.251 20.283.384 180.922.397

Security Equipment 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 1 .500.000

B as e Ma nag em en t F ee 2 ,5 0% 2, 75 % 1 .1 34. 55 0 1. 53 4. 718 1 .8 46. 86 2 2. 13 6. 114 2. 296 .3 23 2 .6 02. 91 9 2. 79 8. 138 3. 007 .9 98 3 .2 33. 59 8 4. 01 4. 465 4.3 15 .5 50 4. 63 9. 21 6 4. 987 .1 57 5 .3 61. 19 4 5. 57 7. 931 4 9.4 86 .7 32- - - - -

NOVOTEL

APH BALI AIRPORT

7/29/2019 Bp Novotel Aph Bali Airport (15 Tahun).Xls

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AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT TOTAL

(000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S)

TOTAL 10.783.036 1 4.540.726 1 6.036.482 1 8.515.858 1 9.897.048 2 2.558.070 2 4.242.425 2 6.053.107 2 7.999.590 3 4.804.572 3 7.407.415 4 0.205.471 4 3.213.381 4 6.446.884 4 8.490.628 431.194.693

5.391.518

G RO SS OP ER AT IN G P RO FI T 2 5. 59 5. 62 8 3 4. 62 7. 75 9 3 7. 63 5. 65 6 4 3. 49 6. 04 2 4 6. 76 5. 74 5 5 3. 07 6. 47 1 5 7. 06 4. 70 7 6 1. 35 2. 06 0 6 5. 96 0. 96 4 8 2. 11 6. 63 3 8 8. 28 2. 88 1 9 4. 91 1. 59 7 10 2. 03 7. 46 6 1 09 .6 97 .7 76 1 1 4. 64 6. 80 7 1 .0 17 .2 68 .1 91

56,40% 56,41% 56,04% 56,00% 56,01% 56,08% 56,08% 56,09% 56,10% 56,25% 56,26% 56,26% 56,27% 56,27% 56,52% 56,23%

OCCUPANCY COSTS & INCENTIVE FEES 12.797.814

I nc en ti ve Ma nag em en t F ee s ( fr om G OP ) 6% 7 % 1 .7 91. 69 4 2. 42 3. 943 2 .6 34. 49 6 3. 04 4. 723 3. 273 .6 02 3 .7 15. 35 3 3. 99 4. 529 4. 294 .6 44 4 .6 17. 26 7 5. 74 8. 164 6.1 79 .8 02 6. 64 3. 81 2 7. 142 .6 23 7 .6 78. 84 4 8. 02 5. 276 7 1.2 08 .7 73

Property Costs 0,5% 226.910 306.944 335.793 388.384 417.513 473.258 508.752 546.909 587.927 729.903 784.645 843.494 906.756 974.763 1.014.169 9.046.120

F F & E Re serve 3% 1.361.460 1.841.661 2.014.758 2.330.307 2.505.080 2.839.548 3.052.514 3.281.452 3.527.561 4.379.416 4.707.873 5.060.963 5.440.535 5.848.575 6.085.015 54.276.719

TOTAL 3.380.064 4.572.548 4.985.047 5.763.414 6.196.195 7.028.159 7.555.796 8.123.005 8.732.756 10.857.483 11.672.320 12.548.269 13.489.914 14.502.182 15.124.461 134.531.612

1.690.032

REVENUE SHARING

Rent Cos t AP1 8.758.080 9.487.920 9.487.920 9.487.920 10.217.760 10.217.760 10.217.760 12.407.280 12.407.280 12.407.280 14.596.800 14.596.800 14.596.800 17.516.160 17.516.160 183.919.680

Conces sion AP1 7% 2.722.920 4.297.210 4.701.102 5.437.382 5.845.186 6.625.611 7.122.532 7.656.722 8.230.976 10.218.638 10.985.036 11.808.914 12.694.582 13.646.676 14.198.369 126.191.858

Compensation AP1 4.073.750 4.073.750 4.073.750 4.073.750 4.073.750 - - - - - - - - - - 20.368.750

R ev en ue S ha ri ng A P1 7 .4 07. 25 0 9. 71 1. 380 10 .1 15. 27 2 10. 85 1. 552 1 1. 989 .1 96 16 .8 43. 37 1 1 7. 34 0. 292 20 .0 64. 00 2 20. 63 8. 256 2 2. 625 .9 18 25 .5 81. 83 6 26. 40 5. 714 2 7. 291 .3 82 31 .1 62. 83 6 31. 71 4. 529 289 .7 42. 78 8

3.703.625N ET OPERATING PROFIT 14. 808 .314 2 0.34 3.8 31 22 .535 .33 6 26.8 81.0 76 2 8.58 0.35 4 29 .204 .941 32.1 68.6 19 3 3.16 5.05 2 36 .589 .952 4 8.6 33.2 31 51 .02 8.72 5 55.9 57. 614 6 1.25 6.17 0 64 .032 .758 67.8 07.8 17 592 .993 .79 0

7.404.157

OVERHEAD

Adminis tr ation Cost 3% 1.361.460 1.841.661 2.014.758 2.330.307 2.505.080 2.839.548 3.052.514 3.281.452 3.527.561 4.379.416 4.707.873 5.060.963 5.440.535 5.848.575 6.085.015 54.276.719

General Cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -

Insurance 2.775.000 2.983.125 3.206.859 3.447.374 3.705.927 3.983.871 4.282.662 4.603.861 4.949.151 5.320.337 5.719.363 6.148.315 6.609.438 7.105.146 7.638.032 72.478.462

TOTAL 4.136.460 4.824.786 5.221.617 5.777.680 6.211.007 6.823.419 7.335.176 7.885.314 8.476.712 9.699.754 10.427.235 11.209.278 12.049.974 12.953.722 13.723.048 126.755.181

2.068.230 2.068.230

EBITDA 10. 671 .854 15.51 9.0 45 17 .313 .71 9 21.1 03.3 95 22.36 9.34 8 22 .381 .522 24.8 33.4 43 25.27 9.73 8 28 .113 .240 38.9 33.4 78 40 .60 1.49 0 44.7 48. 336 49.20 6.19 7 51 .079 .036 54.0 84.7 69 466 .238 .60 9

5.335.927

De pr eciation 2.157.429 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 64.722.857

Amortization 984.191 1.968.383 1.968.383 1.968.383 1.968.383 1.968.383 0 0 0 0 0 0 0 0 0 0 9.841.914

TOTAL 6.283.240 6 .283.240 6 .283.240 6 .283.240 6.283.240 4 .314.857 4 .314.857 4.314.857 4 .314.857 4 .314.857 4.314.857 4 .314.857 4 .314.857 4 .314.857 4 .314.857 74.564.771

EBIT 4.388.614 9.235.805 11.030.479 14.820.155 1 6.086.108 18.066.665 2 0.518.586 2 0.964.881 23.798.383 3 4.618.621 36.286.632 40.433.479 4 4.891.339 46.764.179 4 9.769.912 391.673.838

2.194.307

Interest 3.695.094 7.390.187 6.994.187 6.048.187 4.816.187 3.023.187 889.187 0 0 0 0 0 0 0 0 0 29.161.124

EBT (1.500.787) (3.001.574) 2 .2 41 .6 17 4 .9 82 .2 92 1 0. 00 3. 96 8 1 3. 06 2. 92 0 1 7. 17 7. 47 8 2 0. 51 8. 58 6 2 0. 96 4. 88 1 2 3. 79 8. 38 3 3 4. 61 8. 62 1 3 6. 28 6. 63 2 4 0. 43 3. 47 9 4 4. 89 1. 33 9 4 6. 76 4. 17 9 4 9. 76 9. 91 2 3 62 .5 12 .7 14

Tax (25%) - - - - - - - - - - -

NETT PROFIT (3.001.574) 2 .2 41 .6 17 4 .9 82 .2 92 1 0. 00 3. 96 8 1 3. 06 2. 92 0 1 7. 17 7. 47 8 2 0. 51 8. 58 6 2 0. 96 4. 88 1 2 3. 79 8. 38 3 3 4. 61 8. 62 1 3 6. 28 6. 63 2 4 0. 43 3. 47 9 4 4. 89 1. 33 9 4 6. 76 4. 17 9 4 9. 76 9. 91 2 3 62 .5 12 .7 14

(1.500.787)

Revenue Sharing AP1 (%) 25,30% 22,46% 21,13% 19,21% 19,24% 17,80% 17,04% 18,34% 17,55% 15,50% 16,30% 15,65% 15,05% 15,98% 15,64% 17,14%

NET PROFIT MARGIN -6,61% 3,65% 7,42% 12,88% 15,64% 18,15% 20,17% 19,17% 20,24% 23,71% 23,12% 23,97% 24,75% 23,99% 24,54% 20,04%

EBITDA MARGIN 23,52% 25,28% 25,78% 27,17% 26,79% 23,65% 24,41% 23,11% 23,91% 26,67% 25,87% 26,53% 27,13% 26,20% 26,66% 25,77%

ROI -3,16% -0,80% 4,45% 14,99% 28,75% 46,84% 68,45% 90,54% 115,61% 152,07% 190,30% 232,89% 280,17% 329,43% 381,86% 763,72%

ROI Kompensasi 100% -3,24% -0,82% 4,56% 15,38% 29,50% 48,07% 70,25% 92,92% 118,65% 156,07% 195,30% 239,01% 287,54% 338,10% 391,91% 783,81%

ROE -10,82% 8,08% 17,95% 36,05% 47,07% 61,90% 73,94% 75,55% 85,76% 124,75% 130,76% 145,71% 161,77% 168,52% 179,35% 1306,35%

(3.001.574) (759.956) 4.222.335 14.226.303 27.289.224 44.466.701 64.985.287 85.950.169 109.748.551 144.367.172 180.653.804 221.087.284 265.978.623 312.742.802 362.512.714

PROJECTED RETAINED EARNING:

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Net Profit 0 (3.001.574) 2 .2 41 .6 17 4 .9 82 .2 92 1 0. 00 3. 96 8 1 3. 06 2. 92 0 1 7. 17 7. 47 8 2 0. 51 8. 58 6 2 0. 96 4. 88 1 2 3. 79 8. 38 3 3 4. 61 8. 62 1 3 6. 28 6. 63 2 4 0. 43 3. 47 9 4 4. 89 1. 33 9 4 6. 76 4. 17 9 4 9. 76 9. 91 2

Beginning Balance R/E 0 (3.001.574) (759.956) 4 .2 22 .3 35 1 4. 22 6. 30 3 2 7. 28 9. 22 4 3 1. 12 6. 69 1 3 6. 15 1. 69 4 3 9. 98 1. 60 3 4 4. 64 5. 99 0 5 5. 48 5. 22 7 6 4. 24 0. 30 2 7 3. 27 1. 64 7 8 2. 71 4. 09 0 9 0. 63 4. 78 9

(3.001.574) (759.956) 4 .2 22 .3 35 1 4. 22 6. 30 3 2 7. 28 9. 22 4 4 4. 46 6. 70 1 5 1. 64 5. 27 7 5 7. 11 6. 57 5 6 3. 77 9. 98 5 7 9. 26 4. 61 0 9 1. 77 1. 86 0 1 04 .6 73 .7 81 1 18 .1 62 .9 86 1 29 .4 78 .2 70 1 40 .4 04 .7 01

Deviden 0 0 0 0 0 0 13.340.010 15.493.583 17.134.973 19.133.996 23.779.383 27.531.558 31.402.134 35.448.896 38.843.481 42.121.410

Cadangan Modal 0 (3.001.574) (759.956) 4 .2 22 .3 35 1 4. 22 6. 30 3 2 7. 28 9. 22 4 3 1. 12 6. 69 1 3 6. 15 1. 69 4 3 9. 98 1. 60 3 4 4. 64 5. 99 0 5 5. 48 5. 22 7 6 4. 24 0. 30 2 7 3. 27 1. 64 7 8 2. 71 4. 09 0 9 0. 63 4. 78 9 9 8. 28 3. 29 1

Ending Balance R/E 0 (3.001.574) (759.956) 4 .2 22 .3 35 1 4. 22 6. 30 3 2 7. 28 9. 22 4 3 1. 12 6. 69 1 3 6. 15 1. 69 4 3 9. 98 1. 60 3 4 4. 64 5. 99 0 5 5. 48 5. 22 7 6 4. 24 0. 30 2 7 3. 27 1. 64 7 8 2. 71 4. 09 0 9 0. 63 4. 78 9 9 8. 28 3. 29 1

Porsi

Deviden 0% 0% 0% 0% 0% 0% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%

Cadangan Modal 0% 100% 100% 100% 100% 100% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70%

Total 0% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

PROJECTED CASH FLOW

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

CASH INFLOW

Opening Balance 95.433.521

Net Earning (3.001.574) 2 .2 41 .6 17 4 .9 82 .2 92 1 0. 00 3. 96 8 1 3. 06 2. 92 0 1 7. 17 7. 47 8 2 0. 51 8. 58 6 2 0. 96 4. 88 1 2 3. 79 8. 38 3 3 4. 61 8. 62 1 3 6. 28 6. 63 2 4 0. 43 3. 47 9 4 4. 89 1. 33 9 4 6. 76 4. 17 9 4 9. 76 9. 91 2

Depreciation 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857 4.314.857

Amortization 1.968.383 1.968.383 1.968.383 1.968.383 1.968.383 0 0 0 0 0 0 0 0 0 0

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AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT TOTAL

(000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S)

TOTAL CASH INFLOW 9 5. 43 3. 52 1 3 .2 81 .6 66 8 .5 24 .8 57 1 1. 26 5. 53 1 1 6. 28 7. 20 8 1 9. 34 6. 16 0 2 1. 49 2. 33 5 2 4. 83 3. 44 3 2 5. 27 9. 73 8 2 8. 11 3. 24 0 3 8. 93 3. 47 8 4 0. 60 1. 49 0 4 4. 74 8. 33 6 4 9. 20 6. 19 7 5 1. 07 9. 03 6 5 4. 08 4. 76 9

1.640.833

CASH OUTFLOW

Construction Cost 92.500.000

IDC 2.433.521

Loan Repayment 3.600.000 8.600.000 11.200.000 16.300.000 19.400.000 8.083.521 0 0 0 0 0 0 0 0 0

Deviden 0 0 0 0 0 13.340.010 15.493.583 17.134.973 19.133.996 23.779.383 27.531.558 31.402.134 35.448.896 38.843.481 42.121.410

BALANCE (SURPLUS/DEFISIT) 5 00 .0 00 ( 31 8. 33 4) ( 75 .1 43 ) 6 5. 53 1 ( 12 .7 92 ) ( 53 .8 40 ) 6 8. 80 4 9 .3 39 .8 60 8 .1 44 .7 66 8 .9 79 .2 44 1 5. 15 4. 09 5 1 3. 06 9. 93 2 1 3. 34 6. 20 2 1 3. 75 7. 30 1 1 2. 23 5. 55 5 1 1. 96 3. 35 9

NET CASH ENDING 5 00 .0 00 1 81 .6 66 1 06 .5 24 1 72 .0 55 1 59 .2 63 1 05 .4 23 1 74 .2 27 9 .5 14 .0 87 1 7. 65 8. 85 3 2 6. 63 8. 09 7 4 1. 79 2. 19 2 5 4. 86 2. 12 3 6 8. 20 8. 32 5 8 1. 96 5. 62 6 9 4. 20 1. 18 2 1 06 .1 64 .5 41

PROJECTED BALANCE SHEET

CURRENT YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 YEAR 12 YEAR 13 YEAR 14 YEAR 15

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

ASSETS

Cash 181.666 106.524 172.055 159.263 105.423 174.227 9 .514.087 17.658.853 26.638.097 41.792.192 54.862.123 68.208.325 81.965.626 94.201.182 106.164.541

Current Assets 0 181.666 106.524 172.055 159.263 105.423 174.227 9.514.087 1 7.658.853 2 6.638.097 4 1.792.192 5 4.862.123 6 8.208.325 8 1.965.626 9 4.201.182 106.164.541

B ui ldi ng 81 .4 75. 00 0 8 1. 47 5. 000 8 1. 475 .0 00 81 .4 75. 00 0 8 1. 47 5. 000 8 1. 475 .0 00 81 .4 75. 00 0 8 1. 47 5. 000 81 .4 75. 00 0 8 1. 47 5. 000 8 1. 475 .0 00 81 .4 75. 00 0 8 1. 47 5. 000 8 1. 475 .0 00 81 .4 75. 00 0 8 1. 47 5. 000

FF&E 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607 3.616.607

A ccumulated D epreciat ion (4. 31 4. 85 7) (8. 62 9. 71 4) (12 .9 44 .5 71 ) (1 7. 25 9. 42 8) (21 .5 74 .2 86 ) (2 5. 88 9. 14 3) (30 .2 04 .0 00 ) (3 4. 51 8. 85 7) (38 .8 33 .7 14 ) (4 3. 14 8. 57 1) (47 .4 63 .4 28 ) (5 1. 77 8. 28 5) (56 .0 93 .1 43 ) (6 0. 40 8. 00 0) (64 .7 22 .8 57 )

F ix ed As se ts 85 .0 91. 60 7 80. 77 6. 750 7 6. 461 .8 93 72 .1 47. 03 5 67. 83 2. 178 6 3. 517 .3 21 59 .2 02. 46 4 5 4. 88 7. 607 50 .5 72. 75 0 46. 25 7. 893 4 1. 943 .0 36 37 .6 28. 17 8 33. 31 3. 321 2 8. 998 .4 64 24 .6 83. 60 7 20. 36 8. 750

P re -O pe ra si on al C os t 2 .4 33 .5 21 4 65 .1 38 ( 1. 50 3. 24 5) ( 3. 47 1. 62 8) ( 5. 44 0. 01 0) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3) ( 7. 40 8. 39 3)

O the r As se ts 2. 433 .5 21 46 5. 13 8 ( 1. 50 3. 245 ) ( 3. 471 .6 28) ( 5.4 40. 01 0) ( 7. 40 8. 393 ) ( 7. 408 .3 93) ( 7.4 08. 39 3) ( 7. 40 8. 393 ) ( 7. 408 .3 93) ( 7.40 8. 39 3) ( 7. 408 .3 93) ( 7.4 08. 39 3) ( 7. 40 8. 393 ) ( 7. 408 .3 93) ( 7.4 08. 39 3)

TOTAL ASSETS 8 7. 52 5. 12 8 8 1. 42 3. 55 4 7 5. 06 5. 17 2 6 8. 84 7. 46 3 6 2. 55 1. 43 1 5 6. 21 4. 35 1 5 1. 96 8. 29 8 5 6. 99 3. 30 1 6 0. 82 3. 20 9 6 5. 48 7. 59 6 7 6. 32 6. 83 4 8 5. 08 1. 90 9 9 4. 11 3. 25 4 1 03 .5 55 .6 97 1 11 .4 76 .3 95 1 19 .1 24 .8 97

LIABILITIES

Long-term Debt/Sub-Loan 67.183.521 63.583.521 54.983.521 43.783.521 27.483.521 8.083.521 0 0 0 0 0 0 0 0 0 0

Total Liabilities 67.183.521 63.583.521 54.983.521 43.783.521 27.483.521 8.083.521 0 0 0 0 0 0 0 0 0 0

EQUITY

P ai d- in C ap it al 27 .7 50. 00 0 27. 75 0. 000 2 7. 750 .0 00 27 .7 50. 00 0 27. 75 0. 000 2 7. 750 .0 00 27 .7 50. 00 0 2 7. 75 0. 000 27 .7 50. 00 0 27. 75 0. 000 2 7. 750 .0 00 27 .7 50. 00 0 27. 75 0. 000 2 7. 750 .0 00 27 .7 50. 00 0 27. 75 0. 000

Retained Ear nings 0 0 (3.001.574) (759.956) 4.222.335 14.226.303 27.289.224 31.126.691 36.151.694 39.981.603 44.645.990 55.485.227 64.240.302 73.271.647 82.714.090 90.634.789

Earnings 0 (3.001.574) 2.241.617 4.982.292 1 0.003.968 1 3.062.920 1 7.177.478 2 0.518.586 2 0.964.881 2 3.798.383 3 4.618.621 3 6.286.632 4 0.433.479 4 4.891.339 4 6.764.179 4 9.769.912

Deviden Pay-out 0 0 0 0 0 (13.340.010) (15.493.583) (17.134.973) (19.133.996) (23.779.383) (27.531.558) (31.402.134) (35.448.896) (38.843.481) (42.121.410)

T ot al E qu it y 27 .7 50. 00 0 24. 74 8. 426 2 6. 990 .0 44 31 .9 72. 33 5 41. 97 6. 303 5 5. 039 .2 24 58 .8 76. 69 1 6 3. 90 1. 694 67 .7 31. 60 3 72. 39 5. 990 8 3. 235 .2 27 91 .9 90. 30 2 10 1. 02 1. 647 110 .4 64. 09 0 1 18. 38 4. 789 12 6. 033 .2 91

TOTAL LEABILITIES & EQUITY 9 4. 93 3. 52 1 8 8. 33 1. 94 7 8 1. 97 3. 56 5 7 5. 75 5. 85 6 6 9. 45 9. 82 4 6 3. 12 2. 74 5 5 8. 87 6. 69 1 6 3. 90 1. 69 4 6 7. 73 1. 60 3 7 2. 39 5. 99 0 8 3. 23 5. 22 7 9 1. 99 0. 30 2 1 01 .0 21 .6 47 1 10 .4 64 .0 90 1 18 .3 84 .7 89 1 26 .0 33 .2 91

(7. 40 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3) (6. 90 8. 39 3)

TREND ANALYSIS

Revenue (%) n/a 35% 9% 16% 8% 13% 8% 8% 7% 24% 8% 8% 8% 7% 4% 161,87%

Expense (%) n/a 17% 8% 11% 8% 10% 8% 8% 7% 14% 8% 8% 8% 8% 6%

Ebitda (%) n/a 45% 12% 22% 6% 0% 11% 2% 11% 38% 4% 10% 10% 4% 6%

Net Profit Margin (%) n/a -175% 122% 101% 31% 31% 19% 2% 14% 45% 5% 11% 11% 4% 6%

Current Assets (%) n/a -41% 62% -7% -34% 65% 5361% 86% 51% 57% 31% 24% 20% 15% 13%

Fixed Assets (%) -5% -5% -6% -6% -6% -7% -7% -8% -9% -9% -10% -11% -13% -15% -17%

Other Assets (%) -81% -423% 131% 57% 36% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Total Assets (%) -7% -8% -8% -9% -10% -8% 10% 7% 8% 17% 11% 11% 10% 8% 7%

Equity (%) n/a 9% 18% 31% 31% 7% 9% 6% 7% 15% 11% 10% 9% 7% 6%

COMMON SIZE

Revenue (%) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Expense (%) 9% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%

Depresiasi & Ammortisasi (%) 14% 10% 9% 8% 8% 5% 4% 4% 4% 3% 3% 3% 2% 2% 2%

EBITDA (%) 24% 25% 26% 27% 27% 24% 24% 23% 24% 27% 26% 27% 27% 26% 27%NPM (%) -7% 4% 7% 13% 16% 18% 20% 19% 20% 24% 23% 24% 25% 24% 25%

Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Current Assets 0% 0% 0% 0% 0% 0% 0% 17% 29% 41% 55% 64% 72% 79% 85% 89%

Fixed Assets 97% 99% 102% 105% 108% 113% 114% 96% 83% 71% 55% 44% 35% 28% 22% 17%

Other Assets 3% 1% -2% -5% -9% -13% -14% -13% -12% -11% -10% -9% -8% -7% -7% -6%

Liabilities 71% 72% 67% 58% 40% 13% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Equity 29% 28% 33% 42% 60% 87% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

PROFITABILITY RATIOS

EBITDA Margins (%) 24% 25% 26% 27% 27% 24% 24% 23% 24% 27% 26% 27% 27% 26% 27%

EBIT Margins (%) 10% 15% 16% 19% 19% 19% 20% 19% 20% 24% 23% 24% 25% 24% 25% 302%

EBT Margins (%) -7% 4% 7% 13% 16% 18% 20% 19% 20% 24% 23% 24% 25% 24% 25%

Net Profit Margins (%) -9% 5% 10% 18% 22% 26% 28% 27% 29% 33% 32% 33% 34% 33% 33% 355,60%

ROI (%) -4% 3% 7% 15% 19% 26% 31% 31% 35% 52% 54% 60% 67% 70% 74%

ROE (%) -12% 8% 16% 24% 24% 29% 32% 31% 33% 42% 39% 40% 41% 40% 39%

ROA (%) -4% 3% 7% 16% 23% 33% 36% 34% 36% 45% 43% 43% 43% 42% 42%

7/29/2019 Bp Novotel Aph Bali Airport (15 Tahun).Xls

4/4

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT TOTAL

(000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S) (000'S)

LEVERAGE RATIOS

Debt to Equity (%) n/a 257% 204% 137% 65% 15% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Debt to Assets (%) 77% 78% 73% 64% 44% 14% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Time Interest Earned 59% 132% 182% 308% 532% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a