TUGAS MANAJEMEN KEUANGAN

STUDY KASUS PAYBACK PERIOD

KELOMPOK 1
Arif Rahman Hakim 09211750024002
Tika Dwi Septiani 09211750024008
Hari Widagdo Putra 09211750024012
Ahmad Arif Ibrahim 09211750024014

DOSEN :
Dr. Ir. Eko Budi Santoso, Lic.rer.reg.

PROGRAM MAGISTER MANAJEMEN TEKNOLOGI

BIDANG KEAHLIAN MANAJEMEN PROYEK
PROGRAM STUDI PASCA SARJANA
INSTITUT SEPULUH NOPEMBER
SURABAYA
2018

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 DAFTAR ISI

................................................................................................................................................................................ 1
DAFTAR ISI ......................................................................................................................................................... 2
BAB 1 PENDAHULUAN .................................................................................................................................... 3
1.1 LATAR BELAKANG................................................................................................................................. 3
1.2 RUMUSAN MASALAH ............................................................................................................................. 3
1.3 TUJUAN PENULISAN ............................................................................................................................... 3
BAB 2 TINJAUAN PUSTAKA .......................................................................................................................... 4
2.1 PENGANGGARAN MODAL ATAU INVESTASI ........................................................................................... 4
2.2 DEFINISI PAY BACK PERIOD.................................................................................................................... 4
2.3 PERHITUNGAN PAY BACK PERIOD .......................................................................................................... 5
2.4 KELEBIHAN DAN KEKURANGAN PAY BACK PERIOD ............................................................................... 5
2.5 PENGEMBANGAN PAY BACK PERIOD ...................................................................................................... 6
BAB 3 STUDI KASUS ........................................................................................................................................ 7
3.1 OVERVIEW PROJECT .............................................................................................................................. 7
3.2 STATEMENT OF CASHFLOW  ADA PADA HALAMAN LAMPIRAN ........................................................... 8
3.3 PERHITUNGAN PAYBACK PERIOD BANK LOAN........................................................................................ 8
BAB 4 KESIMPULAN DAN SARAN ................................................................................................................ 9
4.1 KESIMPULAN ......................................................................................................................................... 9
4.2 SARAN ................................................................................................................................................... 9
BAB 5 PENUTUP .............................................................................................................................................. 10
LAMPIRAN ........................................................................................................................................................ 11

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 BAB 1
PENDAHULUAN
1.1 Latar Belakang
Ilmu ekonomi muncul seiring dengan diturunkanya manusia dibumi ini dengan kebutuhan
manusia semakin tidak terbatas. Manusia juga mengenal bagaimana melakukan kegiatan ekonomi
seperti payback period. Pada dasarnya ilmu ekonomi adalah ilmu yang mempelajari perilaku manusia
dalam memilih dan menciptakan kemakmuran. Inti dari masalah ekonomi adalah adanya
ketidakseimbangan antara kebutuhan manusia yang tidak terbatas sebagai alat pemuas kebutuhan
yang jumlahnya terbatas. Disajikan metode payback period akan dengan mudah dan sederhana bisa di
hitung untuk mennentukan lamanya waktu pengembalian dana investasi serta memberikan informasi
mengenai lamanya break even project. Payback period juga digunakan untuk mengukur kecepatan
kembalinya dana, dan tidak mengukur keuntungan proyek pembangunan yang telah direncanakan.

1.2 Rumusan Masalah

1. Apa Defenisi Pay Back Period ?
2. Apa saja kelebihan dan kelemahan Pay Back Period?
3. Bagaimana Indikator Pay Back Period?

1.3 Tujuan Penulisan

1. Mengetahui Defenisi Pay Back Period
2. Mengetahui tentang kelebihan dan kelemahan Pay Back Period
3. Mengetahui Indokator Pay Back Period pada PT X

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 BAB 2
TINJAUAN PUSTAKA

2.1 Penganggaran Modal atau Investasi

Penganggaran modal (Capital Budgeting) adalah proses kegiatan yang mencakup seluruh
aktivitas perencanaan penggunaan dana dengan tujuan untuk memperoleh manfaat (benefit) pada
waktu yang akan datang. Penganggaran modal berkaitan dengan penilaian aktivitas investasi yang
diusulkan. Aktivitas suatu investasi ditujukan untuk mencapai tujuan yang diharapkan selama
periode tertentu di waktu yang akan datang, yang mempunyai titik awal (kapan investasi
dilaksanakan) dan titik akhir (kapan investasi akan berakhir).
Penganggaran modal meliputi seluruh periode investasi yang mencakup pengeluaran-
pengeluaran (cost) dan manfaat (benefit) yang dikuantifikasi, sehingga memungkinkan untuk
diadakan penilaian dan membandingkannya dengan alternatif investasi lainnya.
Penganggaran modal dalam prakteknya dimaksudkan untuk mengadakan analisis investasi
dari beberapa alternatif investasi yang tersedia, untuk kemudian menetapkan atau memilih
investasi yang paling menguntungkan. Ketidaktepatan dalam menetapkan pilihan investasi akan
menimbulkan kerugian-kerugian baik kerugian ril ataupun kerugian karena kehilangan
kesempatan untuk memperoleh manfaat yang lebih menguntungkan (opportunity cost) yang
sebenarnya dapat diwujudkan. Analisis investasi akan menyeleksi kesempatan-kesempatan
investasi yang ada, sehingga dapat dipilih investasi yang memberikan manfaat terbesar dari setiap
rupiah dana yang diinvestasikan.
Terdapatnya beberapa aspek menyebabkan penganggaran modal mempunyai posisi strategis
didalam perencanaan suatu investasi. Aspek-aspek tersebut diantaranya :
1. Pengaruh jangka panjang
2. Waktu tersedianya aktiva modal
3. Pengumpulan dana

2.2 Definisi Pay Back Period

Payback period adalah salah satu metode pengambilan keputusan dalam hal investasi atau
disebut juga penganggaran modal. Metode ini memperhitungkan atau memperkirakan jumlah
tahun yang dibutuhkan untuk menutupi pengeluaran awal. Dengan kata lain Pay Back Period
adalah suatu kriteria penganggaran modal yang digambarkan sebagai jumlah tahun yang
diperlukan untuk mengembalikan investasi kas awal. Berikut ini beberapa definisi dari pay back
period menurut beberapa pakar dan ahli diantaranya pengertian Payback Period menurut Dian
Wijayanto (2012:247) adalah periode yang diperlukan untuk menutup kembali pengeluaran
investasi (initial cash investment). Berdasarkan definisi dari Abdul Choliq dkk (2004), Payback

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 Period adalah jangka waktu kembalinya investasi yang telah dikeluarkan, melalui keuntungan
yang diperoleh dari suatu proyek yang telah direncanakan. Sedangkan menurut Bambang Riyanto
(2004) Payback period adalah suatu periode yang diperlukan untuk dapat menutup kembali
pengeluaran investasi dengan menggunakan proceeds atau aliran kas netto (net cash flows).

2.3 Perhitungan Pay Back Period

Payback Period atau Periode Pengembalian Modal dapat dihitung dengan cara
membagikan nilai investasi (cost of invesment) dengan aliran kas bersih yang masuk per
tahun (annual net cash flow). Adapun rumus untuk menghitung dibagi menjadi 2 yaitu
saat arus kas masuk diasumsikan stabil dan diasumsikan mengalami fluktuasi/tidak tetap.
a. Rumus periode pengembalian jika arus kas per tahun jumlahnya berbeda
Payback Period = n + (a-b) /(c-b) x 1 tahun
Keterangan:
n = Tahun terakhir dimana jumlah arus kas masih belum bisa menutup investasi mula-mula.
a = Jumlah investasi mula-mula.
b = Jumlah kumulatif arus kas pada tahun ke – n
c = Jumlah kumulatif arus kas pada tahun ke n + 1

b. Rumus periode pengembalian jika arus kas per tahun jumlahnya sama
Payback Peiod = (investasi awal) /(arus kas) x 1 tahun
Kesimpulan yang dapat diambil adalah jika periode pengembalian lebih cepat maka investasi
layak atau realistis untuk dilakukan namun jika periode pengembalian lebih lama maka tidak
layak. Jika usulan proyek investasi lebih dari satu, maka periode pengembalian yang lebih
cepat yang dipilih.

2.4 Kelebihan dan Kekurangan Pay Back Period

Jangka waktu yang diperlukan untuk mendapatkan kembali jumlah modal yang
ditanam, semakin cepat modal dapat diperoleh kembali berarti semakin kecil resiko yang
harus diambil/ dihadapi (Periode waktu yang menunjukkan berapa lama dana yang
diinvestasikan akan bisa kembali). Berikut ini adalah kelebihan menggunakan pay back
period sebagai metode penganggaran modal atau investasi.
Kelebihan:
 Menggunakan arus kas bebas, bukan accounting profit
 Mudah dihitung dan dipahami
 dapat digunakan sebagai alat penyaring kasar

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  Sering digunakan sebagai alat penyaring kasar untuk menghilangkan proyek
dengan tingkat pengembalian yang tidak nyata hingga tahun–tahun akhir.
 Menekankan pada pengembalian yang lebih awal yang lebih pasti dan
memberikan kebutuhan likuiditas bagi perusahaan.
Kerugian :
 Semua arus kas yang terjadi setelah periode pembayaran kembali diabaikan.
 mengabaikan nilai waktu uang
 pemilihan periode pengembalian maksimum bersifat arbitrer

2.5 Pengembangan Pay Back Period

Jika dalam penggunaan secara umum metode pay back period tidak memperhitungkan
nilai waktu uang, maka hal terebut justru akan mengurangi tingkat efektifitas dari hasil
perhitungan. Sebenarnya nilai waktu pada uang yang dimasukan dalam perhitungan akan
memunculkan nilai uang yang sesuai dengan niali yang ada saat itu. Jika dilihat akan jauh
lebih efektif dan memiliki tingakat akurasi penganggaran walaupun memang waktu yang
diperlukan akan lebih lama.

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 BAB 3
STUDI KASUS
3.1 Overview Project
Suatu perusahaan PT. X yang bergerak di bidang pengembang properti di Surabaya sedang
membangun proyek apartemen dengan summary sebagai berikut :
 Luas Tanah : + 9.558 m2
 Luas Bangunan : + 43.148,94 m2
 Total Basement : 2 lantai (Blok A-G) + 1 lantai (Blok H)
 Total Blok / Tower : 7 Blok / Tower
 Blok A = 8 lt  Blok E = 4 lt  Blok H = 4 lt
 Blok B = 8 lt  Blok F = 5 lt
 Blok C = 4 lt  Blok G = 8 lt
 Jumlah Unit : 229 unit
 Fungsi Bangunan : Hunian

Rincian Biaya Proyek adalah sebagai berikut (dalam juta Rp) :

 Land Cost / Biaya Lahan = 34.087
 Development Cost / Biaya Pengembangan = 32.500
 Construction Cost / Biaya Konstruksi = 325.000
 Property Cost / Biaya Properti = 4.080
 Marketing Expenses / Beban Pemasaran = 49.522
 General & Adm Expenses / Beban Umum & Adm = 17.204
 Bank Loan Repayment / Pengembalian Pinjaman = 227.500
 Loan Expenses / Beban Pinjaman / Bunga = 66.006
 Capital Expenditure / Pengeluaran Modal = 14
 Taxes / Pajak = 66.117
 Other Non Op. Expenses / Biaya non Operasional = 788
Total = 788.732

Pendanaan proyek diperoleh ini melalui (dalam juta Rp) :

 Income - Real Aging, Income - Projection Aging dari hasil penjualan = 800.987
 Loan Drawdown / Pinjaman Bank = 227.500
 Interest Income / Pendapatan Bunga = 25
 Other Non-Operating Income / Pendapatan Non Operasional Lainnya = 1.626
Total = 1.030.138

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3.2 Statement of Cashflow  ada pada halaman Lampiran

3.3 Perhitungan Payback Period Bank Loan

Dimana dari total Biaya Proyek sebesar 788.732 juta rupiah menggunakan dana pinjaman bank sebesar
227.500 juta rupiah, dengan penerimaan cashflow sebagai berikut :
Tahun Tahun Arus Kas Arus Kas
ke- Kumulatif
2017 1 36,720 36,720
2018 2 (23,463) 13,257
2019 3 92,287 105,545
129,462 Pada Tahun ke – 4 pengembalian pinjaman
2020 4 23,917
bank belum selesai, maka n = 4
2021 5 98,525 227,987
2022 6 (178) 227,809
2023 7 14,724 242,533
2024 8 (3,336) 239,197
Note : Nilai Arus Kas dalam juta rupiah

maka rumus payback period bank loan adalah sebagai berikut :

= 4,995 tahun atau 4 tahun 11 bulan 29 hari

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 BAB 4
KESIMPULAN DAN SARAN
4.1 Kesimpulan
1. Payback period adalah salah satu metode yang digunakan untuk menentukan kelayakan suatu
investasi berdasarkan lamanya waktu pengembalian nilai investasi.
2. Investasi dikatatakan layak apabila payback periodnya semakin cepat.
3. Kelebihan penggunaan metode payback period:
 Mudah dan sederhana
 Memberikan informasi mengenai break even project
 Dapat digunakan untuk mempertimbangkan resiko proyek dimana semakin pendek payback
period semakin kecil resiko kerugiannya.
 Dapat digunakan untuk mempertimbangkan dua proyek yang memiliki resiko dan rate of return
yang sama dengan melihat payback periodnya
4. Kerugian penggunaan metode payback period:
 Mengabaikan penerimaan yang diperoleh setelah payback period tercapai
 Tidak memberikan informasi tentang tambahan value untuk perusahaan
 Tidak mengukur keuntungan proyek
5. Dari hasil perhitungan didapatkan payback period sebesar 4 tahun 11 bulan sehingga investasi
dikatakan layak.
6. Dalam menilai kelayakan suatu investasi, perlu juga dilakukan perhitungan lainnya seperti IRR,
NPV, dan PI.

4.2 Saran
1. Meningkakan income penjualan agar pengembaliannya dapat lebih cepat.
2. Membagi prosentase pendanaan proyek misal pendanaan corporate 50% pinjaman bank 50%
dimana membuat analisa Feasibility Study (FS) terlebih dahulu. Ukuran FS ditentukan oleh seluruh
instrumen yang ada dalam korporasi.

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 BAB 5
PENUTUP
Demikian yang dapat kami paparkan mengenai materi yang menjadi pokok bahasan dalam makalah ini,
tentunya masih banyak kekurangan dan kelemahannya, kerena terbatasnya pengetahuan dan kurangnya
rujukan atau referensi yang ada hubungannya dengan judul makalah ini.

Penulis banyak berharap para pembaca yang budiman dusi memberikan kritik dan saran yang membangun
kepada penulis demi sempurnanya makalah ini dan dan penulisan makalah di kesempatan-kesempatan
berikutnya. Semoga makalah ini berguna bagi penulis pada khususnya juga para pembaca yang budiman
pada umumnya.

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 LAMPIRAN
Financial Report Projection
- - - - - - - - - -
start until projection projection projection projection projection projection projection projection projection
DESCRIPTION
Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 7,594 344.95 344.95 344.95 344.95 344.95 344.95 344.95 344.95 344.95
Tower B 43,377 10,446.83 713.05 713.05 713.05 713.05 713.05 713.05 713.05 713.05 713.05

Tower C - - - - - - - - - - -

Tower E - - - - - - - - - - -
Tower F 51,116 18,418.34 724.98 752.26 752.26 752.26 752.26 752.26 752.26 752.26 752.26
Tower G 46,030 10,311.91 581.73 728.36 728.36 728.36 728.36 728.36 728.36 728.36 728.36
Tower H 45,270 12,628.06 700.14 701.84 756.39 756.39 756.39 756.39 756.39 756.39 756.39
SUB TOTAL 208,176 59,398.76 3,064.84 3,240.46 3,295.00 3,295.00 3,295.00 3,295.00 3,295.00 3,295.00 3,295.00

INCOME - PROJECTION
Tower A 119,716 115.31 230.61 293.65 360.15 426.65 491.58 560.07 628.56 695.44
Tower B 98,058 - - - - - - - - -
Tower C 89,318 - - - - - - - - -
Tower E 94,599 - - - - - - - - -
Tower F 29,952 - - - - - - - - -
Tower G 88,350 - - - - - - - - -

Tower H -
SUB TOTAL 519,994 - 115.31 230.61 293.65 360.15 426.65 491.58 560.07 628.56 695.44

tax 10% real aging 20,818 5,939.88 306.48 324.05 329.50 329.50 329.50 329.50 329.50 329.50 329.50

tax 10% projection 51,999 - 11.53 23.06 29.37 36.02 42.66 49.16 56.01 62.86 69.54

TOTAL OPERATION CASH INFLOW 65,338.64 3,498.17 3,818.18 3,947.52 4,020.67 4,093.82 4,165.24 4,240.58 4,315.92 4,389.49

OPERATION CASH OUTFLOW

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DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - -

Development Cost (32,500) (8,414) (510.99) (510.99) (510.99) (860.28) (436.83) (436.83) (436.83) (436.83) (436.83)

Construction Cost B, F, H (130,562) (8,555) (1,970.15) (1,970.15) (1,970.15) (3,316.86) (1,684.21) (1,684.21) (1,684.21) (1,684.21) (1,684.21)
Construction Cost A,G (128,697) (2,078.18) (2,078.18) (2,078.18) (3,498.72) (1,776.56) (1,776.56) (1,776.56) (1,776.56) (1,776.56)

Construction Cost C, E (65,741) (1,061.58) (1,061.58) (1,061.58) (1,787.23) (907.51) (907.51) (907.51) (907.51) (907.51)

Property Operation Cost -

Property Cost (4,080) - - - - - - - - -
Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others
TOTAL DIRECT EXPENSES OUTFLOW (16,969.40) (5,620.90) (5,620.90) (5,620.90) (9,463.09) (4,805.10) (4,805.10) (4,805.10) (4,805.10) (4,805.10)

INDIRECT EXPENSES

Marketing Expenses (49,522) (10,248) (311.38) (1,249.21) (1,070.57) (317.75) (317.75) (317.75) (325.04) (325.04) (325.04)
General and Administration
Expenses (17,204) (379) (29.87) (21.24) (55.38) (63.68) (55.38) (55.38) (55.38) (55.38) (6,880.39)

TOTAL INDIRECT EXPENSES OUTFLOW (10,627.76) (341.25) (1,270.44) (1,125.95) (381.44) (373.13) (373.13) (380.41) (380.41) (7,205.42)

TOTAL OPERATION CASH OUTFLOW (27,597.16) (5,962.15) (6,891.34) (6,746.85) (9,844.52) (5,178.24) (5,178.24) (5,185.52) (5,185.52) (12,010.53)

TOTAL OPERATION CASH 37,741.48 (2,463.98) (3,073.16) (2,799.33) (5,823.85) (1,084.42) (1,013.00) (944.94) (869.59) (7,621.04)

NON OPERATION CASH INFLOW

Shareholders' Equity -

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 Dividend
Loan Drawdown 227,500 - - - - - - - - 38,030.49

Interest Income 25 25

Other Non Operating Income 1,626 1,626

TOTAL NON OPERATION CASH INFLOW 1,651.06 - - - - - - - - 38,030.49

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - (18,970.02) 18,970.02 - - - - - - - -

Loan Repayment (227,500) - - - - - - - - - -
Loan Expense (66,006) - - - - - - - - - -

Capital Expenditures (14) (14.11)

Time Deposit/Market Securities - (10,000.00) 10,000.00 - - -

Taxes (66,117) (7,595.92) (5,882.17) (79.50) (86.78) (89.72) (91.38) (93.04) (94.66) (96.38) (98.09)

Other Non Operating Expenses (788) (787.67)

TOTAL NON OPERATION CASH OUTFLOW (37,367.72) 23,087.84 (79.50) (86.78) (89.72) (91.38) (93.04) (94.66) (96.38) (98.09)

NON OPERATION NET CASHFLOW (35,716.66) 23,087.84 (79.50) (86.78) (89.72) (91.38) (93.04) (94.66) (96.38) 37,932.40

TOTAL NET CASHFLOW 2,024.81 20,623.86 (3,152.67) (2,886.10) (5,913.57) (1,175.80) (1,106.04) (1,039.60) (965.97) 30,311.36

BEGINNING BALANCE - 2,024.81 22,648.68 19,496.01 16,609.91 10,696.34 9,520.54 8,414.50 7,374.90 6,408.93

ENDING BALANCE 2,024.81 22,648.68 19,496.01 16,609.91 10,696.34 9,520.54 8,414.50 7,374.90 6,408.93 36,720.29

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

13
STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 344.95 344.95 344.95 344.95 344.95 344.95 192.95 192.95 192.95 192.95 192.95 192.95

Tower B 43,377 713.05 713.05 713.05 713.05 713.05 651.68 84.73 84.73 84.73 84.73 84.73 84.73

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 752.26 752.26 752.26 752.26 752.26 752.26 441.12 441.12 475.65 432.47 377.77 377.77

Tower G 46,030 728.36 728.36 728.36 728.36 728.36 728.36 81.82 81.82 81.82 81.82 54.55 54.55

Tower H 45,270 756.39 756.39 756.39 756.39 756.39 756.39 239.16 239.16 182.91 182.91 182.91 182.91

SUB TOTAL 208,176 3,295.00 3,295.00 3,295.00 3,295.00 3,295.00 3,233.64 1,039.78 1,039.78 1,018.06 974.88 892.91 892.91

INCOME - PROJECTION

Tower A 119,716 765.99 836.54 905.42 978.09 1,050.75 1,121.70 1,196.55 1,271.39 1,344.47 1,421.56 1,498.65 1,573.92

Tower B 98,058 - - - - - - 229.34 458.69 584.07 716.33 848.60 977.74

Tower C 89,318 - - - - - - - - - - - -

Tower E 94,599 - - - - - - - - - - - -

Tower F 29,952 - - - - - - - - - - - -

Tower G 88,350 - - - - - - - - - - - -

Tower H -

SUB TOTAL 519,994 765.99 836.54 905.42 978.09 1,050.75 1,121.70 1,425.89 1,730.08 1,928.54 2,137.89 2,347.24 2,551.66

tax 10% real aging 20,818 329.50 329.50 329.50 329.50 329.50 323.36 103.98 103.98 101.81 97.49 89.29 89.29

tax 10% projection 51,999 76.60 83.65 90.54 97.81 105.08 112.17 142.59 173.01 192.85 213.79 234.72 255.17

TOTAL OPERATION CASH INFLOW 4,467.09 4,544.70 4,620.47 4,700.40 4,780.33 4,790.87 2,712.23 3,046.84 3,241.26 3,424.05 3,564.17 3,789.02

OPERATION CASH OUTFLOW

14
DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) (436.83) (383.63) (383.63) (527.97) (527.97) (1,392.34) (1,669.95) (1,373.86) (1,373.86) (1,425.03) (1,425.03) (2,639.76)

Construction Cost B, F, H (130,562) (1,684.21) (1,479.11) (1,479.11) (2,035.63) (2,035.63) (5,368.23) (6,438.58) (5,296.97) (5,296.97) (5,494.27) (5,494.27) (10,177.75)

Construction Cost A,G (128,697) (1,776.56) (1,560.21) (1,560.21) (2,147.24) (2,147.24) (5,662.57) (6,791.60) (5,587.41) (5,587.41) (5,795.51) (5,795.51) (10,735.79)

Construction Cost C, E (65,741) (907.51) (796.99) (796.99) (1,096.86) (1,096.86) (2,892.57) (3,469.31) (2,854.18) (2,854.18) (2,960.48) (2,960.48) (5,484.09)

Property Operation Cost -

Property Cost (4,080) - - - - - - - - - - - -

Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (4,805.10) (4,219.94) (4,219.94) (5,807.69) (5,807.69) (15,315.71) (18,369.44) (15,112.41) (15,112.41) (15,675.29) (15,675.29) (29,037.39)

INDIRECT EXPENSES

Marketing Expenses (49,522) (332.54) (332.54) (332.54) (340.26) (340.26) (340.26) (816.99) (816.99) (816.99) (839.25) (839.25) (839.25)
General and Administration
Expenses (17,204) (55.38) (55.38) (55.38) (55.38) (55.38) (55.38) (63.68) (63.68) (63.68) (63.68) (63.68) (63.68)

TOTAL INDIRECT EXPENSES OUTFLOW (387.91) (387.91) (387.91) (395.64) (395.64) (395.64) (880.67) (880.67) (880.67) (902.93) (902.93) (902.93)

TOTAL OPERATION CASH OUTFLOW (5,193.02) (4,607.86) (4,607.86) (6,203.34) (6,203.34) (15,711.35) (19,250.11) (15,993.09) (15,993.09) (16,578.22) (16,578.22) (29,940.33)

TOTAL OPERATION CASH (725.93) (63.16) 12.61 (1,502.94) (1,423.01) (10,920.48) (16,537.88) (12,946.25) (12,751.82) (13,154.17) (13,014.06) (26,151.30)

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

15
 Loan Drawdown 227,500 3,057.79 2,685.42 2,685.42 3,695.81 3,695.81 9,746.36 11,689.64 9,616.99 9,616.99 9,975.18 9,975.18 18,478.34

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW 3,057.79 2,685.42 2,685.42 3,695.81 3,695.81 9,746.36 11,689.64 9,616.99 9,616.99 9,975.18 9,975.18 18,478.34

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - -

Loan Repayment (227,500) - - - - - - - - - - - -

Loan Expense (66,006) (380.30) (410.88) (437.74) (464.59) (501.55) (538.51) (635.97) (752.87) (849.04) (945.21) (1,044.96) (1,144.71)

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (99.76) (101.52) (103.29) (105.01) (106.83) (108.64) (108.88) (61.64) (69.25) (73.67) (77.82) (81.00)

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (480.07) (512.41) (541.03) (569.60) (608.38) (647.15) (744.85) (814.51) (918.28) (1,018.87) (1,122.78) (1,225.71)

NON OPERATION NET CASHFLOW 2,577.73 2,173.01 2,144.39 3,126.20 3,087.43 9,099.21 10,944.79 8,802.48 8,698.71 8,956.31 8,852.41 17,252.63

TOTAL NET CASHFLOW 1,851.80 2,109.85 2,157.00 1,623.27 1,664.42 (1,821.27) (5,593.09) (4,143.77) (4,053.12) (4,197.86) (4,161.65) (8,898.68)

BEGINNING BALANCE 36,720.29 38,572.09 40,681.94 42,838.95 44,462.21 46,126.64 44,305.37 38,712.28 34,568.51 30,515.39 26,317.53 22,155.88

ENDING BALANCE 38,572.09 40,681.94 42,838.95 44,462.21 46,126.64 44,305.37 38,712.28 34,568.51 30,515.39 26,317.53 22,155.88 13,257.20

16
 - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 69.04 69.04 69.04 69.04 69.04 69.04 6,864.04 69.04 974.32 33.77 33.77

Tower B 43,377 25.00 - - - - - - 21,532.27 - - -

Tower C - - - - - - - - - - - -

Tower E - - - - - - - - - - - -

Tower F 51,116 161.32 156.77 135.41 118.14 118.14 118.14 118.14 15,433.82 118.14 118.14 118.14

Tower G 46,030 54.55 54.55 54.55 - - - 24,302.17 - - - -

Tower H 45,270 55.09 55.09 - - - - - 19,345.23 - - -

SUB TOTAL 208,176 365.00 335.45 259.00 187.18 187.18 187.18 31,284.35 56,380.36 1,092.45 151.91 151.91

INCOME - PROJECTION

Tower A 119,716 1,653.32 1,732.72 1,810.25 1,892.04 1,973.82 2,053.68 1,987.46 1,921.25 1,921.25 3,320.14 3,299.87

Tower B 98,058 1,113.97 1,250.20 1,383.22 1,523.54 1,663.86 1,800.87 1,687.27 1,573.67 1,573.67 1,573.67 1,573.67

Tower C 89,318 - - - - - - - 206.84 413.67 532.95 652.24

Tower E 94,599 - - - - - - - 219.06 438.13 564.47 690.80

Tower F 29,952 144.37 288.75 367.68 450.94 534.20 615.50 548.09 480.69 480.69 480.69 480.69

Tower G 88,350 432.25 864.50 1,100.81 1,337.13 1,573.44 1,809.75 1,613.81 1,417.88 1,417.88 1,417.88 1,417.88

Tower H -

SUB TOTAL 519,994 3,343.92 4,136.18 4,661.97 5,203.64 5,745.32 6,279.80 5,836.64 5,819.38 6,245.28 7,889.79 8,115.13

17
 tax 10% real aging 20,818 36.50 33.55 25.90 18.72 18.72 18.72 3,128.44 5,638.04 109.25 15.19 15.19

tax 10% projection 51,999 334.39 413.62 466.20 520.36 574.53 627.98 583.66 581.94 624.53 788.98 811.51

TOTAL OPERATION CASH INFLOW 4,079.81 4,918.79 5,413.06 5,929.91 6,525.75 7,113.67 40,833.09 68,419.71 8,071.51 8,845.87 9,093.75

OPERATION CASH OUTFLOW

DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - -

Development Cost (32,500) (1,989.78) (1,704.99) (2,318.17) 64.17 - - - - - - -

Construction Cost B, F, H (130,562) (7,671.69) (6,573.67) (8,937.84) (8,937.84) (8,937.84) (11,019.14) - - - - -

Construction Cost A,G (128,697) (8,092.33) (6,934.10) (9,427.90) (9,427.90) (9,427.90) (11,623.31) - - - - -

Construction Cost C, E (65,741) (4,133.75) (3,542.10) (4,815.99) (4,815.99) (4,815.99) (5,937.46) - - - - -

Property Operation Cost -

Property Cost (4,080) - - - - - - (627.73) (575.41) (523.10) (470.79) (418.48)

Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (21,887.54) (18,754.86) (25,499.91) (23,117.56) (23,181.74) (28,579.91) (627.73) (575.41) (523.10) (470.79) (418.48)

INDIRECT EXPENSES
Marketing Expenses

18
 (49,522) (2,040.77) (2,040.77) (2,040.77) (2,073.24) (2,073.24) (2,073.24) (75.00) (945.52) (945.52) (971.64) (971.64)
General and Administration
Expenses (17,204) (73.24) (73.24) (73.24) (73.24) (73.24) (73.24) (100.00) (100.00) (100.00) (100.00) (100.00)

TOTAL INDIRECT EXPENSES OUTFLOW (2,114.01) (2,114.01) (2,114.01) (2,146.48) (2,146.48) (2,146.48) (175.00) (1,045.52) (1,045.52) (1,071.64) (1,071.64)

TOTAL OPERATION CASH OUTFLOW (24,001.55) (20,868.87) (27,613.92) (25,264.04) (25,328.22) (30,726.38) (802.73) (1,620.94) (1,568.63) (1,542.43) (1,490.12)

TOTAL OPERATION CASH (19,921.74) (15,950.07) (22,200.86) (19,334.14) (18,802.46) (23,612.71) 40,030.36 66,798.78 6,502.88 7,303.44 7,603.63

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 13,928.43 11,934.91 16,227.22 16,227.22 16,227.22 20,005.94 - - - - -

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW 13,928.43 11,934.91 16,227.22 16,227.22 16,227.22 20,005.94 - - - - -

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - 20,000.00 - - 20,000.00 - - - - - - -

Loan Repayment (227,500) - - - - - - (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79)

Loan Expense (66,006) (1,329.49) (1,468.78) (1,588.13) (1,750.40) (1,912.67) (2,074.94) (2,275.00) (2,219.52) (2,164.03) (2,108.54) (2,053.05)

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (86.11) (92.72) (111.79) (123.02) (134.77) (148.31) (161.67) (928.02) (1,554.99) (183.44) (201.04)
Other Non Operating Expenses

19
 (788)

TOTAL NON OPERATION CASH OUTFLOW 18,584.39 (1,561.50) (1,699.92) 18,126.58 (2,047.44) (2,223.26) (7,985.47) (8,696.33) (9,267.81) (7,840.77) (7,802.88)

NON OPERATION NET CASHFLOW 32,512.83 10,373.41 14,527.30 34,353.79 14,179.77 17,782.68 (7,985.47) (8,696.33) (9,267.81) (7,840.77) (7,802.88)

TOTAL NET CASHFLOW 12,591.09 (5,576.67) (7,673.56) 15,019.66 (4,622.69) (5,830.03) 32,044.90 58,102.45 (2,764.93) (537.33) (199.26)

BEGINNING BALANCE 13,257.20 25,848.29 20,271.62 12,598.06 27,617.72 22,995.03 17,165.00 49,209.89 107,312.34 104,547.42 104,010.08

ENDING BALANCE 25,848.29 20,271.62 12,598.06 27,617.72 22,995.03 17,165.00 49,209.89 107,312.34 104,547.42 104,010.08 103,810.82

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 33.77 - - - - - - - - - - -

Tower B 43,377 - - - - - - - 230.49 - - - -

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 90.86 90.86 90.86 90.86 90.86 55.68 55.68 51.82 - - - -

Tower G 46,030 - - - - - - - 37.45 - - - -

Tower H 45,270 - - - - - - - 741.85 - - - -

SUB TOTAL 208,176 124.64 90.86 90.86 90.86 90.86 55.68 55.68 1,061.60 - - - -

20
INCOME - PROJECTION

Tower A 119,716 3,301.29 3,280.41 3,259.52 3,281.87 3,260.36 3,238.85 3,261.87 3,239.71 3,217.56 3,198.50 3,132.91 3,067.33

Tower B 98,058 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67 1,573.67

Tower C 89,318 891.57 1,014.43 1,134.39 1,260.94 1,387.49 1,511.05 1,641.39 1,538.94 1,433.41 1,433.41 1,433.41 1,433.41

Tower E 94,599 944.28 1,074.41 1,201.47 1,335.49 1,469.52 1,600.39 1,738.44 1,629.93 1,518.17 1,518.17 1,518.17 1,518.17

Tower F 29,952 480.69 480.69 480.69 480.69 480.69 480.69 480.69 480.69 480.69 480.69 480.69 480.69

Tower G 88,350 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88

Tower H -

SUB TOTAL 519,994 8,609.37 8,841.47 9,067.61 9,350.53 9,589.60 9,822.52 10,113.93 9,880.81 9,641.37 9,622.31 9,556.73 9,491.14

tax 10% real aging 20,818 12.46 9.09 9.09 9.09 9.09 5.57 5.57 106.16 - - - -

tax 10% projection 51,999 860.94 884.15 906.76 935.05 958.96 982.25 1,011.39 988.08 964.14 962.23 955.67 949.11

TOTAL OPERATION CASH INFLOW 9,607.40 9,825.57 10,074.32 10,385.53 10,648.51 10,866.02 11,186.57 12,036.66 10,605.51 10,584.54 10,512.40 10,440.26

OPERATION CASH OUTFLOW

DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) - - - - - - - - - - - -

Construction Cost B, F, H (130,562) - - - - - - - - - - - -

Construction Cost A,G (128,697) - - - - - - - - - - - -

Construction Cost C, E (65,741) - - - - - - - - - - - -

Property Operation Cost -

Property Cost

21
 (4,080) (313.86) (261.55) (209.24) (156.93) (104.62) (52.31) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (313.86) (261.55) (209.24) (156.93) (104.62) (52.31) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

INDIRECT EXPENSES

Marketing Expenses (49,522) (998.54) (998.54) (998.54) (1,026.24) (1,026.24) (1,026.24) (1,054.78) (75.00) (75.00) (75.00) (75.00) (75.00)
General and Administration
Expenses (17,204) (115.00) (115.00) (115.00) (115.00) (115.00) (115.00) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25)

TOTAL INDIRECT EXPENSES OUTFLOW (1,113.54) (1,113.54) (1,113.54) (1,141.24) (1,141.24) (1,141.24) (1,187.03) (207.25) (207.25) (207.25) (207.25) (207.25)

TOTAL OPERATION CASH OUTFLOW (1,427.40) (1,375.09) (1,322.78) (1,298.17) (1,245.86) (1,193.55) (1,187.03) (207.25) (207.25) (207.25) (207.25) (207.25)

TOTAL OPERATION CASH 8,180.00 8,450.48 8,751.54 9,087.36 9,402.64 9,672.47 9,999.54 11,829.41 10,398.26 10,377.29 10,305.15 10,233.01

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 - - - - - - - - - - - -

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW - - - - - - - - - - - -

22
NON OPERATION CASH OUTFLOW
Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - -

Loan Repayment (227,500) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79)

Loan Expense (66,006) (1,942.08) (1,886.59) (1,831.10) (1,775.61) (1,720.12) (1,664.64) (1,609.15) (1,553.66) (1,498.17) (1,442.69) (1,387.20) (1,331.71)

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (248.29) (218.35) (223.31) (228.96) (236.03) (242.01) (246.96) (254.24) (1,040.84) (1,205.17) (1,202.79) (1,194.59)

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (7,739.15) (7,653.73) (7,603.20) (7,553.36) (7,504.95) (7,455.44) (7,404.89) (7,356.69) (8,087.80) (8,196.65) (8,138.77) (8,075.09)

NON OPERATION NET CASHFLOW (7,739.15) (7,653.73) (7,603.20) (7,553.36) (7,504.95) (7,455.44) (7,404.89) (7,356.69) (8,087.80) (8,196.65) (8,138.77) (8,075.09)

TOTAL NET CASHFLOW 440.85 796.75 1,148.34 1,534.00 1,897.70 2,217.03 2,594.65 4,472.72 2,310.46 2,180.64 2,166.37 2,157.92

BEGINNING BALANCE 105,544.64 105,985.49 106,782.24 107,930.59 109,464.58 111,362.28 113,579.31 116,173.96 120,646.68 122,957.14 125,137.78 127,304.15

ENDING BALANCE 105,985.49 106,782.24 107,930.59 109,464.58 111,362.28 113,579.31 116,173.96 120,646.68 122,957.14 125,137.78 127,304.15 129,462.07

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

23
INCOME - REAL AGING

Tower A 22,382 - - - - - - - - - - - -

Tower B 43,377 - - - - - - - - - - - -

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 - - - - - - - - - - - -

Tower G 46,030 - - - - - - - - - - - -

Tower H 45,270 - - - - - - - - - - - -

SUB TOTAL 208,176 - - - - - - - - - - - -

INCOME - PROJECTION

Tower A 119,716 3,047.70 2,980.15 2,912.60 2,892.38 2,822.80 2,753.22 2,732.39 2,660.73 2,589.06 2,567.61 2,493.80 2,419.98

Tower B 98,058 4,356.04 4,315.71 4,275.39 4,318.54 4,277.00 4,235.47 4,279.91 4,237.13 4,194.35 4,240.12 4,196.06 4,152.00

Tower C 89,318 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41 1,433.41

Tower E 94,599 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17 1,518.17

Tower F 29,952 480.69 480.69 480.69 480.69 480.69 480.69 2,232.22 2,206.84 2,181.45 2,208.61 2,182.47 2,156.32

Tower G 88,350 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 1,417.88 6,661.88 6,585.88 6,509.88 6,433.88 6,357.88 6,281.88

Tower H -

SUB TOTAL 519,994 12,253.88 12,146.00 12,038.13 12,061.05 11,949.94 11,838.83 18,857.98 18,642.15 18,426.32 18,401.81 18,181.78 17,961.76

tax 10% real aging 20,818 - - - - - - - - - - - -

tax 10% projection 51,999 1,225.39 1,214.60 1,203.81 1,206.11 1,194.99 1,183.88 1,885.80 1,864.22 1,842.63 1,840.18 1,818.18 1,796.18

TOTAL OPERATION CASH INFLOW 13,479.27 13,360.60 13,241.94 13,267.16 13,144.94 13,022.72 20,743.78 20,506.37 20,268.96 20,241.99 19,999.96 19,757.94

OPERATION CASH OUTFLOW

24
DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) - - - - - - - - - - - -

Construction Cost B, F, H (130,562) - - - - - - - - - - - -

Construction Cost A,G (128,697) - - - - - - - - - - - -

Construction Cost C, E (65,741) - - - - - - - - - - - -

Property Operation Cost -

Property Cost (4,080) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

INDIRECT EXPENSES

Marketing Expenses (49,522) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00)
General and Administration
Expenses (17,204) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25) (132.25)

TOTAL INDIRECT EXPENSES OUTFLOW (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25)

TOTAL OPERATION CASH OUTFLOW (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25) (207.25)

25
TOTAL OPERATION CASH 13,272.02 13,153.35 13,034.69 13,059.91 12,937.69 12,815.47 20,536.53 20,299.12 20,061.71 20,034.74 19,792.71 19,550.69

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 - - - - - - - - - - - -

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW - - - - - - - - - - - -

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - -

Loan Repayment (227,500) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79)

Loan Expense (66,006) (1,276.22) (1,220.73) (1,165.25) (1,109.76) (1,054.27) (998.78) (943.29) (887.81) (832.32) (776.83) (721.34) (665.85)

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (1,186.39) (1,531.73) (1,518.25) (1,504.77) (1,507.63) (1,493.74) (1,479.85) (2,357.25) (2,330.27) (2,303.29) (2,300.23) (2,272.72)

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (8,011.40) (8,301.26) (8,232.29) (8,163.31) (8,110.69) (8,041.31) (7,971.94) (8,793.84) (8,711.38) (8,628.91) (8,570.36) (8,487.37)

NON OPERATION NET CASHFLOW (8,011.40) (8,301.26) (8,232.29) (8,163.31) (8,110.69) (8,041.31) (7,971.94) (8,793.84) (8,711.38) (8,628.91) (8,570.36) (8,487.37)

TOTAL NET CASHFLOW 5,260.61 4,852.10 4,802.41 4,896.60 4,827.00 4,774.15 12,564.59 11,505.28 11,350.33 11,405.83 11,222.35 11,063.32

BEGINNING BALANCE 129,462.07 134,722.69 139,574.78 144,377.19 149,273.79 154,100.78 158,874.93 171,439.53 182,944.80 194,295.13 205,700.96 216,923.32

26
ENDING BALANCE 134,722.69 139,574.78 144,377.19 149,273.79 154,100.78 158,874.93 171,439.53 182,944.80 194,295.13 205,700.96 216,923.32 227,986.63

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 - - - - - - - - - - - -

Tower B 43,377 - - - - - - - - - - - -

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 - - - - - - - - - - - -

Tower G 46,030 - - - - - - - - - - - -

Tower H 45,270 - - - - - - - - - - - -

SUB TOTAL 208,176 - - - - - - - - - - - -

INCOME - PROJECTION

Tower A 119,716 572.65 523.07 473.50 422.43 371.37 320.31 267.71 215.12 162.52 108.35 54.17 -

Tower B 98,058 982.50 897.45 812.39 724.78 637.17 549.56 459.32 369.08 278.84 185.89 92.95 -

Tower C 89,318 1,433.41 3,942.71 3,906.35 3,945.26 3,907.80 3,870.34 3,910.42 3,871.84 3,833.26 3,874.54 3,834.80 3,795.06

Tower E 94,599 1,518.17 4,175.84 4,137.32 4,178.53 4,138.86 4,099.19 4,141.64 4,100.77 4,059.91 4,103.63 4,061.55 4,019.46

Tower F 29,952 326.09 326.09 326.09 326.09 326.09 326.09 272.55 219.00 165.46 110.30 55.15 -

Tower G 88,350 961.88 961.88 961.88 961.88 961.88 961.88 801.56 641.25 480.94 320.63 160.31 -

27
 Tower H -

SUB TOTAL 519,994 5,794.71 10,827.04 10,617.52 10,558.97 10,343.16 10,127.36 9,853.20 9,417.06 8,980.92 8,703.34 8,258.93 7,814.52

tax 10% real aging 20,818 - - - - - - - - - - - -

tax 10% projection 51,999 579.47 1,082.70 1,061.75 1,055.90 1,034.32 1,012.74 985.32 941.71 898.09 870.33 825.89 781.45

TOTAL OPERATION CASH INFLOW 6,374.18 11,909.74 11,679.27 11,614.86 11,377.48 11,140.10 10,838.52 10,358.77 9,879.02 9,573.68 9,084.83 8,595.97

OPERATION CASH OUTFLOW

DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) - - - - - - - - - - - -

Construction Cost B, F, H (130,562) - - - - - - - - - - - -

Construction Cost A,G (128,697) - - - - - - - - - - - -

Construction Cost C, E (65,741) - - - - - - - - - - - -

Property Operation Cost -

Property Cost (4,080) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
28
 Others

TOTAL DIRECT EXPENSES OUTFLOW (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

INDIRECT EXPENSES

Marketing Expenses (49,522) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00)
General and Administration
Expenses (17,204) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09) (152.09)

TOTAL INDIRECT EXPENSES OUTFLOW (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09)

TOTAL OPERATION CASH OUTFLOW (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09) (227.09)

TOTAL OPERATION CASH 6,147.09 11,682.65 11,452.18 11,387.78 11,150.39 10,913.01 10,611.43 10,131.68 9,651.93 9,346.59 8,857.74 8,368.89

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 - - - - - - - - - - - -

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW - - - - - - - - - - - -

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - (40,000.00)

Loan Repayment (227,500) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) (5,548.79) -

Loan Expense (66,006) (610.37) (554.88) (499.39) (443.90) (388.42) (332.93) (277.44) (221.95) (166.46) (110.98) (55.49) 0.00

Capital Expenditures (14)

29
 Time Deposit/Market Securities -

Taxes (66,117) (2,245.22) (724.34) (1,353.38) (1,327.19) (1,319.87) (1,292.90) (1,265.92) (1,231.65) (1,177.13) (1,122.62) (1,087.92) (1,032.37)

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (8,404.38) (6,828.01) (7,401.56) (7,319.88) (7,257.08) (7,174.61) (7,092.15) (7,002.39) (6,892.39) (6,782.38) (6,692.19) (41,032.37)

NON OPERATION NET CASHFLOW (8,404.38) (6,828.01) (7,401.56) (7,319.88) (7,257.08) (7,174.61) (7,092.15) (7,002.39) (6,892.39) (6,782.38) (6,692.19) (41,032.37)

TOTAL NET CASHFLOW (2,257.29) 4,854.65 4,050.62 4,067.90 3,893.32 3,738.40 3,519.28 3,129.29 2,759.54 2,564.21 2,165.54 (32,663.48)

BEGINNING BALANCE 227,986.63 225,729.35 230,583.99 234,634.62 238,702.51 242,595.83 246,334.22 249,853.50 252,982.79 255,742.33 258,306.55 260,472.09

ENDING BALANCE 225,729.35 230,583.99 234,634.62 238,702.51 242,595.83 246,334.22 249,853.50 252,982.79 255,742.33 258,306.55 260,472.09 227,808.61

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23

STATEMENT OF CASHFLOW

OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 - - - - - - - - - - - -

Tower B 43,377 - - - - - - - - - - - -

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 - - - - - - - - - - - -

Tower G 46,030 - - - - - - - - - - - -
Tower H
30
 45,270 - - - - - - - - - - - -

SUB TOTAL 208,176 - - - - - - - - - - - -

INCOME - PROJECTION

Tower A 119,716 - - - - - - - - - - - -

Tower B 98,058 - - - - - - - - - - - -

Tower C 89,318 3,837.59 895.71 819.00 739.98 660.97 581.96 500.58 419.19 337.81 253.99 170.16 86.34

Tower E 94,599 4,064.49 948.67 867.42 783.74 700.05 616.37 530.17 443.98 357.78 269.00 180.22 91.44

Tower F 29,952 - - - - - - - - - - - -

Tower G 88,350 - - - - - - - - - - - -

Tower H -

SUB TOTAL 519,994 7,902.08 1,844.37 1,686.42 1,523.72 1,361.02 1,198.33 1,030.75 863.17 695.60 522.99 350.39 177.78

tax 10% real aging 20,818 - - - - - - - - - - - -

tax 10% projection 51,999 790.21 184.44 168.64 152.37 136.10 119.83 103.07 86.32 69.56 52.30 35.04 17.78

TOTAL OPERATION CASH INFLOW 8,692.28 2,028.81 1,855.06 1,676.09 1,497.13 1,318.16 1,133.82 949.49 765.16 575.29 385.43 195.56

OPERATION CASH OUTFLOW

DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) - - - - - - - - - - - -

Construction Cost B, F, H (130,562) - - - - - - - - - - - -

Construction Cost A,G (128,697) - - - - - - - - - - - -

Construction Cost C, E (65,741) - - - - - - - - - - - -

31
 Property Operation Cost -

Property Cost (4,080) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

INDIRECT EXPENSES

Marketing Expenses (49,522) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00)
General and Administration
Expenses (17,204) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90) (174.90)

TOTAL INDIRECT EXPENSES OUTFLOW (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90)

TOTAL OPERATION CASH OUTFLOW (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90) (249.90)

TOTAL OPERATION CASH 8,442.38 1,778.91 1,605.16 1,426.19 1,247.22 1,068.26 883.92 699.59 515.25 325.39 135.52 (54.34)

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 - - - - - - - - - - - -

Interest Income 25

Other Non Operating Income 1,626

32
TOTAL NON OPERATION CASH INFLOW - - - - - - - - - - - -

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - -

Loan Repayment (227,500) - - - - - - - - - - - -

Loan Expense (66,006) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (976.82) (987.76) (230.55) (210.80) (190.46) (170.13) (149.79) (128.84) (107.90) (86.95) (65.37) (43.80)

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (976.82) (987.76) (230.55) (210.80) (190.46) (170.13) (149.79) (128.84) (107.90) (86.95) (65.37) (43.80)

NON OPERATION NET CASHFLOW (976.82) (987.76) (230.55) (210.80) (190.46) (170.13) (149.79) (128.84) (107.90) (86.95) (65.37) (43.80)

TOTAL NET CASHFLOW 7,465.57 791.15 1,374.61 1,215.39 1,056.76 898.13 734.13 570.75 407.36 238.44 70.15 (98.14)

BEGINNING BALANCE 227,808.61 235,274.18 236,065.33 237,439.94 238,655.33 239,712.09 240,610.22 241,344.35 241,915.10 242,322.45 242,560.89 242,631.05

ENDING BALANCE 235,274.18 236,065.33 237,439.94 238,655.33 239,712.09 240,610.22 241,344.35 241,915.10 242,322.45 242,560.89 242,631.05 242,532.91

- - - - - - - - - - - -
projection projection projection projection projection projection projection projection projection projection projection projection
DESCRIPTION
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24

STATEMENT OF CASHFLOW

33
OPERATION CASH INFLOW

INCOME - REAL AGING

Tower A 22,382 - - - - - - - - - - - -

Tower B 43,377 - - - - - - - - - - - -

Tower C - - - - - - - - - - - - -

Tower E - - - - - - - - - - - - -

Tower F 51,116 - - - - - - - - - - - -

Tower G 46,030 - - - - - - - - - - - -

Tower H 45,270 - - - - - - - - - - - -

SUB TOTAL 208,176 - - - - - - - - - - - -

INCOME - PROJECTION

Tower A 119,716 - - - - - - - - - - - -

Tower B 98,058 - - - - - - - - - - - -

Tower C 89,318 - - - - - - - - - - - -

Tower E 94,599 - - - - - - - - - - - -

Tower F 29,952 - - - - - - - - - - - -

Tower G 88,350 - - - - - - - - - - - -

Tower H -

SUB TOTAL 519,994 - - - - - - - - - - - -

tax 10% real aging 20,818 - - - - - - - - - - - -

tax 10% projection 51,999 - - - - - - - - - - - -

TOTAL OPERATION CASH INFLOW

34
 - - - - - - - - - - - -

OPERATION CASH OUTFLOW

DIRECT EXPENSES
Project Cost

Land Acquisition - - - - - - - - - - - - -

Development Cost (32,500) - - - - - - - - - - - -

Construction Cost B, F, H (130,562) - - - - - - - - - - - -

Construction Cost A,G (128,697) - - - - - - - - - - - -

Construction Cost C, E (65,741) - - - - - - - - - - - -

Property Operation Cost -

Property Cost (4,080) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Staff Expenses
Others
Cost of Revenue
Room
Food and Beverage
Others
Club Operation Cost
Contracting Cost
Consultancy Cost
Others

TOTAL DIRECT EXPENSES OUTFLOW (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

INDIRECT EXPENSES

Marketing Expenses (49,522) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00) (75.00)
General and Administration
Expenses (17,204) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14) (201.14)

TOTAL INDIRECT EXPENSES OUTFLOW (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14)

35
TOTAL OPERATION CASH OUTFLOW (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14)

TOTAL OPERATION CASH (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14)

NON OPERATION CASH INFLOW

Shareholders' Equity -
Dividend

Loan Drawdown 227,500 - - - - - - - - - - - -

Interest Income 25

Other Non Operating Income 1,626

TOTAL NON OPERATION CASH INFLOW - - - - - - - - - - - -

NON OPERATION CASH OUTFLOW

Investment
Dividend

Affiliated Companies -

Interproject - - - - - - - - - - - - -

Loan Repayment (227,500) - - - - - - - - - - - -

Loan Expense (66,006) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Capital Expenditures (14)

Time Deposit/Market Securities -

Taxes (66,117) (22.22) - - - - - - - - - - -

Other Non Operating Expenses (788)

TOTAL NON OPERATION CASH OUTFLOW (22.22) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NON OPERATION NET CASHFLOW (22.22) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

36
TOTAL NET CASHFLOW (298.36) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14) (276.14)

BEGINNING BALANCE 242,532.91 242,234.55 241,958.41 241,682.28 241,406.14 241,130.01 240,853.87 240,577.73 240,301.60 240,025.46 239,749.33 239,473.19

ENDING BALANCE 242,234.55 241,958.41 241,682.28 241,406.14 241,130.01 240,853.87 240,577.73 240,301.60 240,025.46 239,749.33 239,473.19 239,197.06

37