PT.

BHUMI SAPROLITE INDONESIA

SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation
No. Description
Pre-Op M1 Pre-Op M2 Pre-Op M3 Pre-Op M4 Pre-Op M5 Pre-Op M6 Pre-Op M7
BALANCE SHEET
I Assets:
A Current Assets:
1 Kas dan bank 6,488,800 6,631,828 5,107,366 3,582,903 2,058,441 533,979 3,395,090
2 Piutang dagang - - - - - - -
3 Persediaan Nickel Plan - high grade - - - - - - -
4 Persediaan Nickel Plan - medium grade - - - - - - -
5 Persediaan Nickel Plan - low grade - - - - - - -
Sub Total Aktiva Lancar 6,488,800 6,631,828 5,107,366 3,582,903 2,058,441 533,979 3,395,090
B Fixed Assets:
1 Site Supporting Facilities & Equipments 18,800 22,560 26,320 30,080 33,840 37,600 37,600
2 Accumulated depreciation - - - - - - -
3 Accomodation & Comm. Facilities 161,700 194,040 226,380 258,720 291,060 323,400 323,400
4 Accumulated depreciation - - - - - - -
5 Nickel Plan& Supporting Equipments 24,456,533 29,347,840 34,239,147 39,130,453 44,021,760 48,913,067 49,579,733
6 Accumulated depreciation - - - - - - -
7 Vehicles - - - - - - -
8 Accumulated depreciation - - - - - - -
9 Office equipment - - - - - - -
10 Accumulated depreciation - - - - - - -
11 Furniture - - - - - - -
12 Accumulated depreciation - - - - - - -
Sub Total Fixed Assets 24,637,033 29,564,440 34,491,847 39,419,253 44,346,660 49,274,067 49,940,733
C Other Assets:
1 Perolehan dan perijinan pabrik 624,167 749,000 873,833 998,667 1,123,500 1,248,333 1,248,333
2 Biaya pra operasi - Nickel Plan 0 0 0 0 0 0 0
3 Bunga masa konstruksi - - - - - - -
Sub Total Other Assets 624,167 749,000 873,833 998,667 1,123,500 1,248,333 1,248,333
Total Assets 31,750,000 36,945,268 40,473,046 44,000,823 47,528,601 51,056,379 54,584,157
II Liabilities:
A Current Liabilities:
1 Account payable - - - - - - -
2 Tax payable - PPh ps 29 - - - - - - -
3 Reserve for reclamation - - - - - - -
Sub Total Current Liabilities - - - - - - -
B Long Term Liabilities:
1 Working capital loan - - - - - - -
2 Investment loan - 1,684,333 1,684,333 1,684,333 1,684,333 1,684,333 1,684,333
Sub Total Long Term Liabilities - 1,684,333 1,684,333 1,684,333 1,684,333 1,684,333 1,684,333
III Equity:
1 Capital 31,750,000 35,277,778 38,805,556 42,333,333 45,861,111 49,388,889 52,916,667
2 Retained earnings - - - - - - -
3 Current earnings - (16,843) (16,843) (16,843) (16,843) (16,843) (16,843)
Sub Total Equity 31,750,000 35,260,934 38,788,712 42,316,490 45,844,268 49,372,046 52,899,823
Total Liabilitues & Equity 31,750,000 36,945,268 40,473,046 44,000,823 47,528,601 51,056,379 54,584,157
check point - - - - - - -
RATIO ANALYSIS
1 Current Ratio
2 Leverage
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation Year Year Year Year Year

TOTAL
Pre-Op M8 Pre-Op M9 Pre-Op M10 2012 2013 2014 2015 2016
BALANCE SHEET

6,256,201 9,753,979 62,416,129 184,373,150 282,765,562 400,779,090 525,538,243 642,898,321 642,898,321

- - - - - - - - -
- - - - - - - - -
- - - 2,952,618 3,079,268 3,212,271 3,351,962 3,498,693 3,498,693
- - - - - - - - -
6,256,201 9,753,979 62,416,129 187,325,768 285,844,830 403,991,361 528,890,205 646,397,015 646,397,015

37,600 37,600 37,600 37,600 37,600 37,600 37,600 37,600 37,600

- - - (7,647) (15,295) (22,942) (30,590) (38,237) (38,237)
323,400 323,400 323,400 323,400 323,400 323,400 323,400 323,400 323,400
- - - (65,776) (131,553) (197,329) (263,105) (328,881) (328,881)
50,246,400 50,276,400 50,306,400 50,306,400 50,306,400 50,306,400 50,306,400 50,306,400 50,306,400
- - - (10,231,810) (20,463,620) (30,695,431) (40,927,241) (51,159,051) (51,159,051)
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
50,607,400 50,637,400 50,667,400 40,362,166 30,056,932 19,751,698 9,446,464 (858,769) (858,769)

1,248,333 1,248,333 1,248,333 994,435 740,537 486,638 232,740 (21,158) (21,158)

0 0 250,767 200,614 150,460 100,307 50,153 (0) (0)
- - - 161,064 143,168 125,272 107,376 89,480 89,480
1,248,333 1,248,333 1,499,101 1,356,113 1,034,165 712,218 390,270 68,322 68,322
58,111,934 61,639,712 114,582,630 229,044,047 316,935,927 424,455,277 538,726,939 645,606,567 645,606,567

- - - - - - - - -
- - - 37,159,904 37,931,802 46,761,027 51,435,489 50,620,217 50,620,217
- - - 1,944 1,944 1,944 1,944 1,944 1,944
- - - 37,161,849 37,933,747 46,762,972 51,437,433 50,622,161 50,622,161

- - 50,231,400 40,185,120 30,138,840 20,092,560 10,046,280 0 0

1,684,333 1,684,333 1,684,333 1,490,635 1,117,976 745,317 372,659 (0) (0)
1,684,333 1,684,333 51,915,733 41,675,755 31,256,816 20,837,878 10,418,939 0 0

56,444,444 59,972,222 63,500,000 63,500,000 63,500,000 63,500,000 63,500,000 63,500,000 63,500,000

- - - (833,104) 86,706,443 184,245,364 293,354,428 413,370,567 413,370,567
(16,843) (16,843) (833,104) 87,539,547 97,538,921 109,109,064 120,016,140 118,113,839 118,113,839
56,427,601 59,955,379 62,666,896 150,206,443 247,745,364 356,854,428 476,870,567 594,984,406 594,984,406
58,111,934 61,639,712 114,582,630 229,044,047 316,935,927 424,455,277 538,726,939 645,606,567 645,606,567
- - - - - - - - -
RATIO ANALYSIS
#DIV/0! 504% 754% 864% 1028% 1277% 1277%
83% 28% 13% 6% 2% 0% 0%
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation
No. Description
Pre-Op M1 Pre-Op M2 Pre-Op M3 Pre-Op M4 Pre-Op M5 Pre-Op M6 Pre-Op M7
INCOME STATEMENT
I Sales:
1 Nickel Plan - High grade - - - - - - -
2 Nickel Plan - Medium grade - - - - - - -
3 Nickel Plan - Low grade - - - - - - -
4 Nickel Plan - - - - - - -
Total Sales - - - - - - -
II Cost of Good Sold:
1 Nickel Plan - High grade - - - - - - -
2 Nickel Plan - Medium grade - - - - - - -
3 Nickel Plan - Low grade - - - - - - -
4 Nickel Plan - - - - - - -
Total Cost of Good Sold - - - - - - -
III Gross Profit: - - - - - - -
IV General & Adm. Expenses:
1 Royalty - - - - - - -
2 Community Development - - - - - - -
3 Human resources - - - - - - -
4 Transportation - - - - - - -
5 Communication & Internet - - - - - - -
6 Adminstration - - - - - - -
7 Maintenance - - - - - - -
9 Reclamation - - - - - - -
10 Depreciation - - - - - - -
11 Amortization - - - - - - -
Total General & Adm. Expenses - - - - - - -
V Operating Profit - - - - - - -
VI Other Income/(Expenses)
1 Loan provision - (16,843) - - - - -
2 Interest expense - - - - - - -
3 Bank charges 0.5% - - - - - - -
Total Other Income/(Expenses) - (16,843) - - - - -
VII Profit Berfore Tax - (16,843) - - - - -
VIII Corporate Tax - - - - - - -
IX Net Profit - (16,843) - - - - -
check point - - - - - - -
RATIO ANALYSIS
1 Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2 Operating Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
3 Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation Year Year Year Year Year

TOTAL
Pre-Op M8 Pre-Op M9 Pre-Op M10 2012 2013 2014 2015 2016
INCOME STATEMENT

- - - - - - - - -
- - - 245,000,000 262,659,313 287,298,569 307,188,930 308,330,879 1,410,477,691
- - - - - - - - -
- - - - - - - - -
- - - 245,000,000 262,659,313 287,298,569 307,188,930 308,330,879 1,410,477,691

- - - - - - - - -
- - - 103,282,342 110,724,239 115,506,017 120,528,209 125,803,483 575,844,290
- - - - - - - - -
- - - - - - - - -
- - - 103,282,342 110,724,239 115,506,017 120,528,209 125,803,483 575,844,290
- - - 141,717,658 151,935,074 171,792,551 186,660,721 182,527,396 834,633,401

- - - 8,700,045 9,598,048 10,494,021 11,217,307 11,258,832 51,268,252

- - - 116,667 120,000 120,000 120,000 120,000 596,667
- - - 713,048 784,353 862,788 949,067 1,043,974 4,353,229
- - - 25,600 30,976 35,138 38,652 42,517 172,884
- - - 10,667 12,907 15,617 18,897 21,436 79,523
- - - 10,667 12,907 15,617 18,897 21,436 79,523
- - - - - - - - -
- - - 23,333 23,333 23,333 23,333 23,333 116,667
- - - - - - - - -
- - - 17,896 17,896 17,896 17,896 17,896 89,480
- - - 9,617,923 10,600,419 11,584,411 12,404,048 12,549,424 56,756,225
- - - 132,099,735 141,334,655 160,208,141 174,256,673 169,977,972 777,877,176

- - (502,314) - - - - - (519,157)
- - (313,946) (7,032,784) (5,469,943) (3,907,102) (2,344,261) (781,420) (19,849,456)
- - - (367,500) (393,989) (430,948) (460,783) (462,496) (2,115,717)
- - (816,260) (7,400,284) (5,863,932) (4,338,050) (2,805,045) (1,243,917) (22,484,330)
- - (816,260) 124,699,451 135,470,723 155,870,091 171,451,628 168,734,055 755,392,845
- - - 37,159,904 37,931,802 46,761,027 51,435,489 50,620,217 223,908,439
- - (816,260) 87,539,547 97,538,921 109,109,064 120,016,140 118,113,839 531,484,406
- - - - - - - - -
RATIO ANALYSIS
#DIV/0! #DIV/0! #DIV/0! 57.84% 57.84% 59.80% 60.76% 59.20% 59.17%
#DIV/0! #DIV/0! #DIV/0! 53.92% 53.81% 55.76% 56.73% 55.13% 55.15%
#DIV/0! #DIV/0! #DIV/0! 35.73% 37.14% 37.98% 39.07% 38.31% 37.68%
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation
No. Description
Pre-Op M1 Pre-Op M2 Pre-Op M3 Pre-Op M4 Pre-Op M5 Pre-Op M6 Pre-Op M7
CASH FLOW
I Cash In Flows:
1 Capital 31,750,000 3,527,778 3,527,778 3,527,778 3,527,778 3,527,778 3,527,778
2 Shareholder's loan - - - - - - -
3 Bank loan - 1,684,333 - - - - -
4 Sales - - - - - - -
5 Interest income - - - - - - -
Total Cash In Flows 31,750,000 5,212,111 3,527,778 3,527,778 3,527,778 3,527,778 3,527,778
II Cash Out Flows:
1 Preliminary Expenses:
- Land acquisition 333,333 66,667 66,667 66,667 66,667 66,667 -
- Exploration & Modelling Consultant 250,000 50,000 50,000 50,000 50,000 50,000 -
- Permits 40,833 8,167 8,167 8,167 8,167 8,167 -
- Site Supporting Facilities 18,800 3,760 3,760 3,760 3,760 3,760 -
- Accomodation & Comm. Facilities 161,700 32,340 32,340 32,340 32,340 32,340 -
- Nickel Plan& Supporting Equipments 24,456,533 4,891,307 4,891,307 4,891,307 4,891,307 4,891,307 666,667
- Vehicles - - - - - - -
- Office Equipments - - - - - - -
- Furnitures - - - - - - -
2 Nickel Plan Cost:
- Nickel Plancontractors - - - - - - -
- Human resources 0 0 0 0 0 0 0
- Solar Fuel - - - - - - -
- Lubricants - - - - - - -
- Maintenance - - - - - - -
3 General & Administrative Expenses:
- Royalty - - - - - - -
- Community Development - - - - - - -
- Human resources 0 0 0 0 0 0 0
- Transportation - - - - - - -
- Communication & internet - - - - - - -
- Administration - - - - - - -
- Maintenance - - - - - - -
- Reclamation - - - - - - -
4 Insurance - - - - - - -
5 Repayment working capital loan - - - - - - -
6 Repayment investment loan - - - - - - -
7 Provision working capital loan - - - - - - -
8 Provision investment loan - 16,843 - - - - -
9 Interest working capital loan - - - - - - -
10 Interest Investment loan - - - - - - -
11 Bank charges - - - - - - -
12 Corporate tax - - - - - - -
Total Cash Out Flows 25,261,200 5,069,083 5,052,240 5,052,240 5,052,240 5,052,240 666,667
III Cash Generated 6,488,800 143,028 (1,524,462) (1,524,462) (1,524,462) (1,524,462) 2,861,111
IV Beginning Balance - 6,488,800 6,631,828 5,107,366 3,582,903 2,058,441 533,979
V Ending Balance 6,488,800 6,631,828 5,107,366 3,582,903 2,058,441 533,979 3,395,090
check point -
RATIO ANALYSIS
1 Hurdle Rate
2 EBITDA - - - - - - -
3 Net Present Value
4 Internal Rate of Return
5 Payback Period (month)
6 ROI
check point - ebitda
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation Year Year Year Year Year

TOTAL
Pre-Op M8 Pre-Op M9 Pre-Op M10 2012 2013 2014 2015 2016
CASH FLOW

3,527,778 3,527,778 3,527,778 - - - - - 63,500,000

- - 50,231,400 - - - - - 50,231,400
- - - - - - - - 1,684,333
- - - 245,000,000 262,659,313 287,298,569 307,188,930 308,330,879 1,410,477,691
- - - - - - - - -
3,527,778 3,527,778 53,759,178 245,000,000 262,659,313 287,298,569 307,188,930 308,330,879 1,525,893,425

- - - - - - - - 666,667
- - - - - - - - 500,000
- - - - - - - - 81,667
- - - - - - - - 37,600
- - - - - - - - 323,400
666,667 30,000 30,000 - - - - - 50,306,400
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
- - - 93,180,000 97,585,500 102,204,938 107,048,851 112,128,302 512,147,590
0 0 123,264 1,479,168 1,627,085 1,789,793 1,968,773 2,165,650 9,153,733
- - 62,400 920,565 982,931 988,772 994,612 1,000,453 4,949,733
- - 2,016 24,281 24,428 24,573 24,718 24,863 124,879
- - - 21,660 21,660 21,660 21,660 21,660 108,300
-
- - - 8,700,045 9,598,048 10,494,021 11,217,307 11,258,832 51,268,252
- - - 116,667 120,000 120,000 120,000 120,000 596,667
0 0 59,421 713,048 784,353 862,788 949,067 1,043,974 4,412,650
- - 2,000 25,600 30,976 35,138 38,652 42,517 174,884
- - 833 10,667 12,907 15,617 18,897 21,436 80,356
- - 833 10,667 12,907 15,617 18,897 21,436 80,356
- - - - - - - - -
- - - 21,389 23,333 23,333 23,333 23,333 114,722
- - - - - - - - -
- - - 10,046,280 10,046,280 10,046,280 10,046,280 10,046,280 50,231,400
- - - 372,659 372,659 372,659 372,659 372,659 1,863,294
- - 502,314 - - - - - 502,314
- - - - - - - - 16,843
- - 313,946 6,781,239 5,274,297 3,767,355 2,260,413 753,471 19,150,721
- - - 251,545 195,646 139,747 83,848 27,949 698,735
- - - 367,500 393,989 430,948 460,783 462,496 2,115,717
- - - - 37,159,904 37,931,802 46,761,027 51,435,489 173,288,223
666,667 30,000 1,097,028 123,042,979 164,266,902 169,285,041 182,429,777 190,970,800 882,995,103
2,861,111 3,497,778 52,662,150 121,957,021 98,392,412 118,013,528 124,759,153 117,360,079 642,898,321
3,395,090 6,256,201 9,753,979 62,416,129 184,373,150 282,765,562 400,779,090 525,538,243 -
6,256,201 9,753,979 62,416,129 184,373,150 282,765,562 400,779,090 525,538,243 642,898,321 642,898,321
- - - - - - - - -
RATIO ANALYSIS
12.00%
- - - 129,357,305 141,416,248 160,283,380 174,325,225 170,039,484 775,421,642
23,672,924
16.50%
1
1012%
-
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

FOUR DIGITS COST ANALYSIS

Pra Operation
No. Description
Pre-Op M1 Pre-Op M2 Pre-Op M3 Pre-Op M4 Pre-Op M5 Pre-Op M6 Pre-Op M7
I Nickel Plan Production - wmt - - - - - - -
II Shipment of Nickel Plan - wmt - - - - - - -
1 Mining Cost - - - - - - -
2 Pembakaran - - - - - - -
3 Loading & Unloading in Stockpile - - - - - - -
4 Pengepakan - - - - - - -
Sub Total - - - - - - -
II Direct Nickel PlanExpenses:
1 Human Resources - - - - - - -
2 Fuel - - - - - - -
3 Lubricant - - - - - - -
4 Maintenance - - - - - - -
5 Amortization & Depreciation - - - - - - -
Sub Total - - - - - - -
III General & Adm. Expenses:
1 Royalty Pemerintah Daerah - - - - - - -
2 Royalty Masyarakat - - - - - - -
3 Royalty Pemerintah Pusat - - - - - - -
4 Community Development - - - - - - -
5 Reserve for Reclamation - - - - - - -
6 Human Resources - - - - - - -
7 Transportation - - - - - - -
8 Communication & Internet - - - - - - -
9 Administration - - - - - - -
10 Maintenance - - - - - - -
12 Depreciation - - - - - - -
13 Amortization - - - - - - -
Sub Total - - - - - - -
IV Other Expenses:
1 Interest expense - - - - - - -
2 Bank charges 0.5% - - - - - - -
Sub Total - - - - - - -
V Total Cost/wmt - - - - - - -
VI Sales /wmt - - - - - - -
VII EBIT/wmt - - - - - - -
VIII Tax/wmt - - - - - - -
IX Net Profit/wmt - - - - - - -
 PT. BHUMI SAPROLITE INDONESIA
SUMMARY FINANCIAL PROJECTION
PABRIK NICKEL

Pra Operation Year Year Year Year Year

TOTAL
Pre-Op M8 Pre-Op M9 Pre-Op M10 2020 2021 2022 2023 2024
- - - 39,000 39,000 39,000 39,000 39,000 195,000
- - - 35,000 36,000 36,000 36,000 36,000 179,000
- - - 553.8462 556.1538 558.4615 560.7692 563 2,792.3077
- - - 160.0000 164.0000 168.1000 172.3025 176.6101 841.0126
- - - - - - - - -
- - - 36.9231 37.0769 37.2308 37.3846 37.5385 186.1538
- - - 750.7692 757.2308 763.7923 770.4563 777.2254 3,819.4741

- - - 37.9274 42 45.8921 50.4813 55.5295 231.5505

- - - 23.6042 25.2034 25.3531 25.5029 25.6526 125.3162
- - - 0.6226 0.6264 0.6301 0.6338 0.6375 3.1503
- - - 0.5554 0.5554 0.5554 0.5554 0.5554 2.7769
- - - 272.0330 272.0330 272.0330 272.0330 272.0330 1,360.1648
- - - 334.7426 340.1382 344.4637 349.2064 354.4080 1,722.9588

- - - 0.8000 0.8000 0.8000 0.8000 0.8000 4.0000

- - - 0.5000 0.5000 0.5000 0.5000 0.5000 2.5000
- - - 247.2727 265.3124 290.2006 310.2918 311.4453 1,424.5229
- - - 3.3333 3.3333 3.3333 3.3333 3.3333 16.6667
- - - 0.6667 0.6481 0.6481 0.6481 0.6481 3.2593
- - - 20.3728 21.7876 23.9663 26.3630 28.9993 121.4889
- - - 0.7314 0.8604 0.9761 1.0737 1.1810 4.8227
- - - 0.3048 0.3585 0.4338 0.5249 0.5954 2.2174
- - - 0.3048 0.3585 0.4338 0.5249 0.5954 2.2174
- - - - - - - - -
- - - - - - - - -
- - - 0.5113 0.4971 0.4971 0.4971 0.4971 2.4998
- - - 274.7978 294.4561 321.7892 344.5569 348.5951 1,584.1951

- - - 200.9367 151.9429 108.5306 65.1184 21.7061 548.2346

- - - 10.5000 10.9441 11.9708 12.7995 12.8471 59.0616
- - - 211.4367 162.8870 120.5014 77.9179 34.5532 607.2962
- - - 1,571.7463 1,554.7120 1,550.5466 1,542.1375 1,514.7818 7,733.9242
- - - 7,000.0000 7,296.0920 7,980.5158 8,533.0258 8,564.7466 39,374.3803
- - - 5,428.2537 5,741.3800 6,429.9692 6,990.8883 7,049.9648 31,640.4561
- - - 1,061.7116 1,053.6612 1,298.9174 1,428.7636 1,406.1171 6,249.1709
- - - 4,366.5422 4,687.7188 5,131.0518 5,562.1247 5,643.8477 25,391.2853