Assumptions

Land Size 5,000 m2

Bulding Cost 10,000,000 /m2
Land Price 11,000,000 /m2

Inflation Rate 2.72% BPS

Financing Structure 100% equity
Interest Rate 9.00% BCA
Pre-Operating Expenses 1% of total investment
Tax Rate 22%
Raw Material Cost 40% of revenues
Staff Benefits 8.33% of salaries
IT Cost 0.3% of revenues
Assets Depreciation Rate 8.33% of fixed assets
Maintenance 0.50% of fixed assets
Car Expenses and Distribution 1% of revenues
Electricity Cost 4% of total revenues
Stationery 0.3% of revenues
Professional fees 0.2% of revenues
Marketing expenses 1.0% of revenues
Rent expense 3.33% of land price
Other expenses 0.3% of revenues
Accounts Receivable 16.67% of revenues
Inventory 24% of raw material cost
Accrued Expenses and Payables 16.67% of cost of sales
Annual unit sales 750,000
Price per unit of sales 200,000
Dividend payout ratio 50%
Constant growth forever 1%
Item Number Amount per Unit Total
Land 1 55,000,000,000 55,000,000,000
Building complex 1 50,000,000,000 50,000,000,000
Warehouses 500 5,000,000 2,500,000,000
Machinery 1 150,000,000,000 150,000,000,000
Vehicles 3 350,000,000 1,050,000,000
Lab 1 2,500,000,000 2,500,000,000
IT 1 400,000,000 400,000,000
Pre-operating expenses 1 2,614,500,000 2,614,500,000
Total 264,064,500,000
 Revenues
Item 2022 2023 2024 2025 2026 2027
Product X 150,000,000,000 154,080,000,000 158,270,976,000 162,575,946,547 166,998,012,293
Total 150,000,000,000 154,080,000,000 158,270,976,000 162,575,946,547 166,998,012,293
 2028 2029 2030 2031 2032 2033
171,540,358,228 176,206,255,971 180,999,066,134 185,922,240,733 190,979,325,681 196,173,963,339
171,540,358,228 176,206,255,971 180,999,066,134 185,922,240,733 190,979,325,681 196,173,963,339
 Cost of Sales
Item 2022 2023 2024 2025
Raw materials 60,000,000,000 61,632,000,000 63,308,390,400
Electricity 6,000,000,000 6,163,200,000 6,330,839,040
IT Cost 450,000,000 462,240,000 474,812,928
Depreciation 17,422,041,667 17,422,041,667 17,422,041,667
Maintenance 1,045,322,500 1,045,322,500 1,045,322,500
Car expenses and distribution 1,500,000,000 1,540,800,000 1,582,709,760
Total 86,417,364,167 88,265,604,167 90,164,116,295
Cost of Sales
2026 2027 2028 2029 2030
65,030,378,619 66,799,204,917 68,616,143,291 70,482,502,389 72,399,626,454
6,503,037,862 6,679,920,492 6,861,614,329 7,048,250,239 7,239,962,645
487,727,840 500,994,037 514,621,075 528,618,768 542,997,198
17,422,041,667 17,422,041,667 17,422,041,667 17,422,041,667 17,422,041,667
1,045,322,500 1,045,322,500 1,045,322,500 1,045,322,500 1,045,322,500
1,625,759,465 1,669,980,123 1,715,403,582 1,762,062,560 1,809,990,661
92,114,267,953 94,117,463,736 96,175,146,444 98,288,798,122 100,459,941,125
 2031 2032 2033
74,368,896,293 76,391,730,272 78,469,585,336
7,436,889,629 7,639,173,027 7,846,958,534
557,766,722 572,937,977 588,521,890
17,422,041,667 17,422,041,667 17,422,041,667
1,045,322,500 1,045,322,500 1,045,322,500
1,859,222,407 1,909,793,257 1,961,739,633
102,690,139,219 104,980,998,700 107,334,169,559
 Number Amount per Person Total
CEO 1 600,000,000 600,000,000
CFO 1 360,000,000 360,000,000
Chief marketing 1 360,000,000 360,000,000
Quality control director 1 360,000,000 360,000,000
Accountant 1 192,000,000 192,000,000
Marketing 1 168,000,000 168,000,000
Procurement 1 168,000,000 168,000,000
Warehouse managers 3 120,000,000 360,000,000
IT officer 1 240,000,000 240,000,000
Lab technicians 3 240,000,000 720,000,000
Production supervisors 3 240,000,000 720,000,000
Maintenance 2 180,000,000 360,000,000
Workers 25 96,000,000 2,400,000,000
Total 44 7,008,000,000
 Operating Expenses
Item 2022 2023 2024 2025 2026
Salaries 7,008,000,000 7,198,617,600 7,394,419,999 7,595,548,223
Staff Benefits 584,000,000 599,884,800 616,201,667 632,962,352
Stationery 450,000,000 462,240,000 474,812,928 487,727,840
Professional Fees 300,000,000 308,160,000 316,541,952 325,151,893
Marketing Expenses 1,500,000,000 1,540,800,000 1,582,709,760 1,625,759,465
Rent Expense 1,831,500,000 1,881,316,800 1,932,488,617 1,985,052,307
Other Expenses 450,000,000 462,240,000 474,812,928 487,727,840
Total 12,123,500,000 12,453,259,200 12,791,987,850 13,139,929,920
rating Expenses
2027 2028 2029 2030 2031 2032
7,802,147,134 8,014,365,536 8,232,356,279 8,456,276,370 8,686,287,087 8,922,554,096
650,178,928 667,863,795 686,029,690 704,689,697 723,857,257 743,546,175
500,994,037 514,621,075 528,618,768 542,997,198 557,766,722 572,937,977
333,996,025 343,080,716 352,412,512 361,998,132 371,844,481 381,958,651
1,669,980,123 1,715,403,582 1,762,062,560 1,809,990,661 1,859,222,407 1,909,793,257
2,039,045,730 2,094,507,774 2,151,478,385 2,209,998,597 2,270,110,559 2,331,857,567
500,994,037 514,621,075 528,618,768 542,997,198 557,766,722 572,937,977
13,497,336,014 13,864,463,553 14,241,576,962 14,628,947,855 15,026,855,237 15,435,585,699
 2033
9,165,247,567
763,770,631
588,521,890
392,347,927
1,961,739,633
2,395,284,092
588,521,890
15,855,433,630
 Items 2022 2023 2024 2025
Revenues 150,000,000,000 154,080,000,000 158,270,976,000
Cost of Sales 86,417,364,167 88,265,604,167 90,164,116,295
Gross Profit 63,582,635,833 65,814,395,833 68,106,859,705
Opex 12,123,500,000 12,453,259,200 12,791,987,850
Operating profit 51,459,135,833 53,361,136,633 55,314,871,855
Interest expense - - -
Earnings before tax 51,459,135,833 53,361,136,633 55,314,871,855
Tax 11,321,009,883 11,739,450,059 12,169,271,808
Net income 40,138,125,950 41,621,686,574 43,145,600,047

Dividend payment 20,069,062,975 20,810,843,287 21,572,800,023

 2026 2027 2028 2029
162,575,946,547 166,998,012,293 171,540,358,228 176,206,255,971
92,114,267,953 94,117,463,736 96,175,146,444 98,288,798,122
70,461,678,595 72,880,548,558 75,365,211,784 77,917,457,850
13,139,929,920 13,497,336,014 13,864,463,553 14,241,576,962
57,321,748,675 59,383,212,544 61,500,748,231 63,675,880,888
- - - -
57,321,748,675 59,383,212,544 61,500,748,231 63,675,880,888
12,610,784,708 13,064,306,760 13,530,164,611 14,008,693,795
44,710,963,966 46,318,905,784 47,970,583,620 49,667,187,093

22,355,481,983 23,159,452,892 23,985,291,810 24,833,593,546

 2030 2031 2032 2033
180,999,066,134 185,922,240,733 190,979,325,681 196,173,963,339
100,459,941,125 102,690,139,219 104,980,998,700 107,334,169,559
80,539,125,009 83,232,101,514 85,998,326,981 88,839,793,780
14,628,947,855 15,026,855,237 15,435,585,699 15,855,433,630
65,910,177,153 68,205,246,277 70,562,741,281 72,984,360,150
- - - -
65,910,177,153 68,205,246,277 70,562,741,281 72,984,360,150
14,500,238,974 15,005,154,181 15,523,803,082 16,056,559,233
51,409,938,180 53,200,092,096 55,038,938,199 56,927,800,917

25,704,969,090 26,600,046,048 27,519,469,100 28,463,900,458

 2022 2023 2024
Assets

Cash 12,493,998,669 49,963,243,623

Receivables 25,000,000,000 25,680,000,000
Inventory 14,400,000,000 14,791,680,000
Total Current Assets 51,893,998,669 90,434,923,623
Gross Fixed Assets 264,064,500,000 264,064,500,000 264,064,500,000
Accumulated Depreciation 17,422,041,667 34,844,083,333
Net Fixed Assets 264,064,500,000 246,642,458,333 229,220,416,667
Total Assets 264,064,500,000 298,536,457,003 319,655,340,290

Liabilities and Equity

Accrued Expenses and Payables 14,402,894,028 14,710,934,028

Long-term Loans - -
Total Liabilities 14,402,894,028 14,710,934,028
Common Stock 264,064,500,000 264,064,500,000 264,064,500,000
Retained Earnings 20,069,062,975 40,879,906,262
Shareholders' Equity 264,064,500,000 284,133,562,975 304,944,406,262
Liabilities and Equity 264,064,500,000 298,536,457,003 319,655,340,290

- - -
 2025 2026 2027 2028 2029

88,173,674,305 127,145,450,968 166,899,282,221 207,456,439,950 248,838,774,636

26,378,496,000 27,095,991,091 27,833,002,049 28,590,059,705 29,367,709,329
15,194,013,696 15,607,290,869 16,031,809,180 16,467,874,390 16,915,800,573
129,746,184,001 169,848,732,927 210,764,093,450 252,514,374,045 295,122,284,537
264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000
52,266,125,000 69,688,166,667 87,110,208,333 104,532,250,000 121,954,291,667
211,798,375,000 194,376,333,333 176,954,291,667 159,532,250,000 142,110,208,333
341,544,559,001 364,225,066,261 387,718,385,117 412,046,624,045 437,232,492,871

15,027,352,716 15,352,377,992 15,686,243,956 16,029,191,074 16,381,466,354

- - - - -
15,027,352,716 15,352,377,992 15,686,243,956 16,029,191,074 16,381,466,354
264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000
62,452,706,285 84,808,188,269 107,967,641,161 131,952,932,971 156,786,526,517
326,517,206,285 348,872,688,269 372,032,141,161 396,017,432,971 420,851,026,517
341,544,559,001 364,225,066,261 387,718,385,117 412,046,624,045 437,232,492,871

- - - - -
 2030 2031 2032 2033

291,068,731,090 334,169,364,626 378,164,357,659 423,078,036,769

30,166,511,022 30,987,040,122 31,829,887,613 32,695,660,557
17,375,910,349 17,848,535,110 18,334,015,265 18,832,700,481
338,611,152,461 383,004,939,858 428,328,260,538 474,606,397,806
264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000
139,376,333,333 156,798,375,000 174,220,416,667 191,642,458,333
124,688,166,667 107,266,125,000 89,844,083,333 72,422,041,667
463,299,319,128 490,271,064,858 518,172,343,872 547,028,439,473

16,743,323,521 17,115,023,203 17,496,833,117 17,889,028,260

- - - -
16,743,323,521 17,115,023,203 17,496,833,117 17,889,028,260
264,064,500,000 264,064,500,000 264,064,500,000 264,064,500,000
182,491,495,607 209,091,541,655 236,611,010,755 265,074,911,213
446,555,995,607 473,156,041,655 500,675,510,755 529,139,411,213
463,299,319,128 490,271,064,858 518,172,343,872 547,028,439,473

- - - -
 Item 2022 2023 2024
Operating Activities
Net Profit 40,138,125,950 41,621,686,574
Depreciation 17,422,041,667 17,422,041,667
Change in AR (25,000,000,000) (680,000,000)
Change in Inv (14,400,000,000) (391,680,000)
Change in AP 14,402,894,028 308,040,000
Cash Flow from Operating 32,563,061,644 58,280,088,241
Investing Activities
Change in Gross Fixed Assets (264,064,500,000) - -
Cash from Investing (264,064,500,000) - -
Activities
Financing Activities
Change in Common Stock 264,064,500,000 - -
Dividends (20,069,062,975) (20,810,843,287)
Change in Long-term Loans - - -
Cash Flow from Financing
Activities 264,064,500,000 (20,069,062,975) (20,810,843,287)
Net Cash Flow - 12,493,998,669 37,469,244,954
Cash At The Beginning
Period - 12,493,998,669

Cash At The Ending Period - 12,493,998,669 49,963,243,623

 2025 2026 2027 2028

43,145,600,047 44,710,963,966 46,318,905,784 47,970,583,620

17,422,041,667 17,422,041,667 17,422,041,667 17,422,041,667
(698,496,000) (717,495,091) (737,010,958) (757,057,656)
(402,333,696) (413,277,173) (424,518,312) (436,065,210)
316,418,688 325,025,276 333,865,964 342,947,118
59,783,230,706 61,327,258,646 62,913,284,146 64,542,449,539

- - - -
- - - -

- - - -
(21,572,800,023) (22,355,481,983) (23,159,452,892) (23,985,291,810)
- - - -
(21,572,800,023) (22,355,481,983) (23,159,452,892) (23,985,291,810)
38,210,430,682 38,971,776,662 39,753,831,253 40,557,157,729

49,963,243,623 88,173,674,305 127,145,450,968 166,899,282,221

88,173,674,305 127,145,450,968 166,899,282,221 207,456,439,950

 2029 2030 2031 2032

49,667,187,093 51,409,938,180 53,200,092,096 55,038,938,199

17,422,041,667 17,422,041,667 17,422,041,667 17,422,041,667
(777,649,624) (798,801,694) (820,529,100) (842,847,491)
(447,926,183) (460,109,776) (472,624,761) (485,480,155)
352,275,280 361,857,167 371,699,682 381,809,914
66,215,928,232 67,934,925,544 69,700,679,584 71,514,462,133

- - - -
- - - -

- - - -
(24,833,593,546) (25,704,969,090) (26,600,046,048) (27,519,469,100)
- - - -
(24,833,593,546) (25,704,969,090) (26,600,046,048) (27,519,469,100)
41,382,334,685 42,229,956,454 43,100,633,536 43,994,993,034

207,456,439,950 248,838,774,636 291,068,731,090 334,169,364,626

248,838,774,636 291,068,731,090 334,169,364,626 378,164,357,659

 2033

56,927,800,917
17,422,041,667
(865,772,943)
(498,685,215)
392,195,143
73,377,579,568

-
-

-
(28,463,900,458)
-
(28,463,900,458)
44,913,679,110

378,164,357,659

423,078,036,769
Cost of debt 9.00%
Tax 22.00%
After-tax cost of debt 7.02% Debt 0%

Risk-free rate 7%
Beta 0.89
Market return 14.00%
Cost of equity 13.23% Equity 100%

WACC 13.23%
 0 1 2
2022 2023 2024
Operating profit
Tax
NOPAT
Depreciation expense
Capex
Change in NWC
Horizon value
Free Cash Flow

Payback period
NPV
IRR
 3 4 5 6
2025 2026 2027 2028
 7 8 9 10
2029 2030 2031 2032
2033