PERHITUNGAN TINGKAT DISKONCAPMProporsi Modal

1 Modal Sendiri 30.00%2 Hutang 70.00%

Total 100.00%

Cost of EquityRisk Free (Rf) 9.04%Beta 94.00%RM-RF = RMP 2.560%

11.45%

Cost of Debt 10.91%

WACC 11.07%

TAX 25%

1.6E+012

Tahun Cash Flow (Rp000) Net Present Value (Rp000)

1 (286,468,164) (257,914,640)2 (846,765,816) (686,376,774)3 (644,099,060) (470,058,119)4 144,251,594 94,780,532 5 218,396,812 129,194,626 6 298,433,146 158,944,258 7 295,965,579 141,918,372 8 292,885,209 126,442,911 9 284,010,552 110,390,361

10 367,252,506 128,517,147 11 395,289,145 124,540,564 12 386,598,358 109,661,852 13 313,694,103 80,112,734 14 377,742,228 86,854,109 15 361,946,980 74,927,186 16 353,377,224 65,861,656 17 344,100,648 57,740,324 18 415,794,995 62,816,338 19 403,502,386 54,883,158 20 389,655,825 47,717,072 21 374,540,685 41,294,408 22 456,120,814 45,276,388 23 436,391,509 39,000,287 24 414,210,640 33,328,241 25 389,851,670 28,241,657 26 480,794,132 31,358,087 27 449,346,248 26,385,854 28 414,041,215 21,889,369 29 375,099,642 17,854,017 30 473,376,799 20,285,975

NPV 545,867,951 Discount Rate 11.07%

IRR 14.79%PP

Akumulasi NPV (Rp000) NPV 12% NPV 12.5%

(257,914,640) (255,775,146) (254,638,368) (944,291,414) (675,036,524) (669,049,534) (1,414,349,533) (458,456,989) (452,371,356) (1,319,569,000) 91,674,496 90,055,560 (1,190,374,374) 123,924,216 121,194,715 (1,031,430,116) 151,195,519 147,208,173 (889,511,744) 133,879,797 129,769,774 (763,068,833) 118,291,424 114,150,353 (652,678,472) 102,417,052 98,392,450 (524,161,325) 118,245,478 113,093,994 (399,620,761) 113,636,183 108,202,462 (289,958,909) 99,230,169 94,065,363 (209,846,175) 71,890,592 67,845,893 (122,992,065) 77,293,544 72,620,665 (48,064,880) 66,126,360 61,852,480 17,796,776 57,643,480 53,678,231 75,537,100 50,116,312 46,461,434 138,353,438 54,069,811 49,903,827 193,236,596 46,849,362 43,047,524 240,953,668 40,394,359 36,951,385 282,248,077 34,667,340 31,571,559 327,524,464 37,694,969 34,176,249 366,524,751 32,200,437 29,064,863 399,852,992 27,289,068 24,522,272 428,094,649 22,932,364 20,515,700 459,452,736 25,251,697 22,490,213 485,838,590 21,071,454 18,683,706 507,727,959 17,335,602 15,302,872 525,581,976 14,022,453 12,323,200 545,867,951 15,800,335 13,823,923

375,875,216 294,909,584 12.00%

NPV 13% NPV 14% NPV 15%

(253,511,650) (251,287,863) (249,102,751) (663,141,840) (651,558,800) (640,276,609) (446,392,958) (434,748,519) (423,505,587) 88,472,204 85,408,524 82,476,317 118,537,040 113,428,461 108,581,814 143,342,969 135,962,127 129,020,885 125,803,320 118,278,892 111,264,424 110,171,660 102,673,562 95,744,694 94,542,805 87,335,501 80,733,525 108,188,309 99,064,090 90,779,203 103,050,952 93,532,281 84,964,723 89,190,517 80,242,008 72,257,997 64,045,200 57,114,093 50,984,062 68,249,163 60,329,207 53,385,802 57,871,975 50,707,499 44,481,288 50,001,549 43,427,110 37,763,576 43,087,565 37,093,944 31,975,858 46,075,205 39,318,047 33,598,364 39,569,055 33,469,863 28,352,225 33,815,227 28,352,029 23,808,080 28,764,159 23,905,461 19,899,600 30,999,460 25,537,193 21,073,050 26,246,542 21,432,099 17,531,778 22,046,447 17,844,518 14,470,152 18,362,775 14,732,557 11,842,773 20,041,011 15,937,971 12,700,339 16,575,367 13,066,225 10,321,420 13,515,968 10,561,066 8,269,972 10,836,070 8,392,782 6,514,923 12,101,903 9,290,978 7,149,436

220,457,970 88,842,904 (22,938,672)13.00% 13.00% 13.00%

NPV 16%

(246,955,314) (629,284,941) (412,647,005) 79,668,871 103,981,565 122,489,573 104,721,362 89,337,445 74,681,421 83,250,121 77,246,179 65,127,459 45,556,725 47,291,565 39,063,857 32,878,404 27,599,402 28,749,841 24,051,619 20,022,642 16,591,331 17,418,234 14,366,221 11,755,186 9,537,832 10,140,315 8,169,875 6,489,629 5,068,331 5,514,007

(118,118,247)13.00%

Tahun ke- Nilai Tanah % Kontribusi Tetap

(1) (2) (3) 1 219,471,288,000 0.6% 2 228,557,399,323 0.6% 3 238,019,675,655 0.6% 4 247,873,690,227 0.6% 5 258,135,661,003 0.6% 6 268,822,477,368 0.6% 7 279,951,727,931 0.6% 8 291,541,729,468 0.6% 9 303,611,557,068 0.6% 10 316,181,075,530 0.6% 11 329,270,972,057 0.6% 12 342,902,790,300 0.6% 13 357,098,965,819 0.6% 14 371,882,863,004 0.6% 15 387,278,813,532 0.6% 16 403,312,156,412 0.6% 17 420,009,279,688 0.6% 18 437,397,663,867 0.6% 19 455,505,927,151 0.6% 20 474,363,872,535 0.6% 21 494,002,536,858 0.6% 22 514,454,241,884 0.6% 23 535,752,647,498 0.6% 24 557,932,807,104 0.6% 25 581,031,225,318 0.6% 26 605,085,918,046 0.6% 27 630,136,475,054 0.6% 28 656,224,125,121 0.6% 29 683,391,803,901 0.6% 30 711,684,224,582 0.6%

Jumlah

Kontribusi Tetap (Rp)

(4) = (2)*(3) 1,316,827,728 1,371,344,396 1,428,118,054 1,487,242,141 1,548,813,966 1,612,934,864 1,679,710,368 1,749,250,377 1,821,669,342 1,897,086,453 1,975,625,832 2,057,416,742 2,142,593,795 2,231,297,178 2,323,672,881 2,419,872,938 2,520,055,678 2,624,385,983 2,733,035,563 2,846,183,235 2,964,015,221 3,086,725,451 3,214,515,885 3,347,596,843 3,486,187,352 3,630,515,508 3,780,818,850 3,937,344,751 4,100,350,823 4,270,105,347 75,605,313,548

Cash Flow Kontribusi Tetap Net Cash Flow

(1) (2) (3) (4) = (2) - (3)1 (286,468,164,000) 1,316,827,728 (287,784,991,728)2 (846,765,816,000) 1,371,344,396 (848,137,160,396)3 (644,099,060,000) 1,428,118,054 (645,527,178,054)4 144,251,594,000 1,487,242,141 142,764,351,859 5 218,396,812,000 1,548,813,966 216,847,998,034 6 298,433,146,000 1,612,934,864 296,820,211,136 7 295,965,579,000 1,679,710,368 294,285,868,632 8 292,885,209,000 1,749,250,377 291,135,958,623 9 284,010,552,000 1,821,669,342 282,188,882,658

10 367,252,506,000 1,897,086,453 365,355,419,547 11 395,289,145,000 1,975,625,832 393,313,519,168 12 386,598,358,000 2,057,416,742 384,540,941,258 13 313,694,103,000 2,142,593,795 311,551,509,205 14 377,742,228,000 2,231,297,178 375,510,930,822 15 361,946,980,000 2,323,672,881 359,623,307,119 16 353,377,224,000 2,419,872,938 350,957,351,062 17 344,100,648,000 2,520,055,678 341,580,592,322 18 415,794,995,000 2,624,385,983 413,170,609,017 19 403,502,386,000 2,733,035,563 400,769,350,437 20 389,655,825,000 2,846,183,235 386,809,641,765 21 374,540,685,000 2,964,015,221 371,576,669,779 22 456,120,814,000 3,086,725,451 453,034,088,549 23 436,391,509,000 3,214,515,885 433,176,993,115 24 414,210,640,000 3,347,596,843 410,863,043,157 25 389,851,670,000 3,486,187,352 386,365,482,648 26 480,794,132,000 3,630,515,508 477,163,616,492 27 449,346,248,000 3,780,818,850 445,565,429,150 28 414,041,215,000 3,937,344,751 410,103,870,249 29 375,099,642,000 4,100,350,823 370,999,291,177 30 473,376,799,000 4,270,105,347 469,106,693,653

Jumlah

Tahun ke-

(5) (6) = (4) x (5) 12.29% - 012.29% - 12.29% - 12.29% 17,545,738,843 12.29% 26,650,618,958 12.29% 36,479,203,949 12.29% 36,167,733,255 12.29% 35,780,609,315 12.29% 34,681,013,679 12.29% 44,902,181,062 12.29% 48,338,231,506 12.29% 47,260,081,681 12.29% 38,289,680,481 12.29% 46,150,293,398 12.29% 44,197,704,445 12.29% 43,132,658,445 12.29% 41,980,254,796 12.29% 50,778,667,848 12.29% 49,254,553,169 12.29% 47,538,904,973 12.29% 45,666,772,716 12.29% 55,677,889,483 12.29% 53,237,452,454 12.29% 50,495,068,004 12.29% 47,484,317,817 12.29% 58,643,408,467 12.29% 54,759,991,242 12.29% 50,401,765,654 12.29% 45,595,812,886 12.29% 57,653,212,650

Jumlah 1,208,743,821,175

% Pembagian Keuntungan

Pembagian Keuntungan