Agri Operating Model

INPUT SHEET
PLANTING SCHEDULE 2008 2009
in hectare - 2,500
1
1
4
PRE-OPERATING INVESTMENTS (Rp 000) 2008 2009
Concession Acquisition 18,750,000
Legal/ Notaris 78,400
Permit& Socializaton 39,000
Micro Survey 375,000
Blocking Survey 100,000 103,000
Feasibility Study 75,000 -
Consultants 100,000 100,000
Amdal and Factory's IMB 100,000 200,000
Profit/ Loss
Terracing Area 50%

Cost Escalation 5.0%
Salary Escalation 5.0%
GRTT/ ha 1,000,000
HGU/ ha 2,000,000
Rp to USD Exchange Rate (Rp/ USD) 9,212

Escalation 1.0%
Rotterdam CPO Price (USD/ Ton) 1,000

Escalation 0.0%
CPO Shipping Cost (USD/ Ton) 28

Escalation 0%
Kernel Price to CPO price 35%
Marketing Expense 2%
Cost of Debt Capital 12%
Cost of Self Equity Capital 8%
Grace Period of Estate Loan (year/s) 4
Grace Period of Factory Loan (year/s) 1
Leverage Ratio 65%
WACC 12.7%
Year 1
CPO Extraction Rate 25% 25%
Kernel Weight Rate to FFB 5% 3.7%
2008 2009
Land Productivity (Ton FFB/ ha) - -
FACTORY COST (Rp 000) 2008

30 Ton FFB/ hour 54,000,000
45 Ton FFB/ hour 81,000,000
60 Ton FFB/ hour 100,000,000
AUTO! Assumed 1 year Factory Erecting Period

FACTORY UNITS Start Build in Year: 2008 2009
30 Ton FFB/ hour 0 0
UNIT PRICE (Rp 000) 2008
BUILDING
HOUSING
1 Director Mess 100,000
2 Temporary Staff Mess 175,000
3 Mess Staf Permanent 250,000
4 Senior Manager 100,000
5 Estate manager 100,000
6 Askep 80,000
7 KTU 80,000
8 Ass Teknik 80,000
9 Ass D& L 80,000
10 Ass Surveyor 80,000
11 Ass Afdeling 80,000
NON-HOUSING
1 Estate's Building 100,000
2 Central Fertilizer Store 300,000
3 Estate's Fertilizer Store 160,000
4 Material Store 35,000
5 Divisional Office 80,000
6 Divisional Store 50,000
7 Employee's Hall 94,500
8 Genset House 2,400
9 Pump House 2,400
10 Small Mosque 64,000
11 Church 64,000
12 Mosque 150,000
13 Polyclinic 96,000
14 Footbal Field 14,000
15 Workshop 140,000
16 Security Post 6,000
17 Children Nursing house 64,000
18 Cafetaria of Koperasi 67,200
19 Mandor's House (Kopel) 45,500
20 Upkeeper's House (Kopel) 36,000
21 Harvester's House (Type 36) 25,200
22 Temporary Mess (G10) 126,000
23 Training Center 120,000
24 Training Center's Mess 100,000
25 Pos Menara Api (16m high security post)) 8,000
VEHICLES
RO
1 Toyota Fortuner 4WD 440,000
2 Mitsubishi Strada L200 260,000
3 Toyota Innova G Diesel 227,500
4 Truk PS 125 190,000
ESTATE
1 Ford Ranger DC 4x4 237,000
2 Ford Everest 331,000
3 Ford SC PickUP 189,500
4 Ford Ambulance 175,000
5 Dump Truk PS 120 180,000
6 Sepeda motor Mega Pro 17,500
7 Rig Radio 1,900
FACTORY
1 Ford Everest 4x4 331,000
2 Ford SC PickUP 189,500
3 Dump Truk PS 120 180,000
4 Mega Pro Motorcycles 17,500
HEAVY EQUIPMENTS
ESTATE
1 Road Grader Komatsu GD511A-1 954,000
2 Wheel Tractor FORD TS-90 4WD 320,000
3 Compactor 700,000
4 Trailer 5 Tons 55,000
5 Trailer Tangki Air 3 Tons 20,000
6 Tractor Backhoe Loader 617,500
OFFICE INVENTORIES
OFFICE
1 Office Equipment + Computer 90,000
ESTATE
1 Estate Office 90,000
2 Divisional Office 30,000
3 Staff's House 300,000
4 Polyclinic 25,000
5 Workshop 50,000
6 Rig + antenna + rotator (estate's Office) 10,000
7 Rig + antenna + rotator (Repr. Office) 10,000
8 20 Ton Solar Tank 70,000
9 Permanent Water Tank 70,000
MACHINERIES
ESTATE
1 Genset/Dinamo/Instalasi 60 KVA 140,000
2 Genset/Dinamo/Instalasi 30 KVA 70,000
3 Dompeng/Dinamo/Inst. 10KVA 25,000
4 Water Pump Installation 55,000
5 Nursery Water Pump 80,000
RO
1 Genset 30 KVA 70,000
2 Pompa Air Sanyo 2,000
3 SSB Radio 1,900
Monthly Salary& Benefits (Rp 000) 2008

HO& RO
Salary
1 Project Leader 100,000
2 Project Manager 90,000
3 Regional Controller 80,000
4 Fin Acc Manager 10,000
5 Repr. Office Head 8,000
6 D&L Manager 3,000
7 Staffs 3,000
8 Clerks 1,500
9 Security 1,200
10 Drivers 1,200
11 Officeboy 1,000
12 Radio Operator 1,000
ESTATE
Salary
1 Senior manager 50,000
2 Estate Manager 20,000
3 Chief Assistant 15,000
4 Estate's Assistant 3,000
5 Technical Assistant 3,000
6 Administration Head 3,000
7 D&L 3,000
8 Surveyor 3,000
9 Supervisor (Mandor) 1,000
10 Divisional Clerk 1,200
11 Medical Support/ Midwives 1,000
12 Nurses 800
13 Security Head 1,800
14 Securities 800
15 Genset Operator 800
16 Workshop Workers 1,200
17 Daily Employees 800
18 Estate's Office Adm. Staffs 800
FACTORY
Salary
Staffs
1 Mill Manager 9,663
2 KTU/Kasie 4,832
3 Processing Assistance 4,832
4 Maintenance Assistance 4,832
5 Electrical Assistance 4,832
6 Laboratory Assistance 4,832
Processing Department
1 Foreman Processing 2,416
2 Ramp Top 1,449
3 Ramp Bottom 1,449
4 Ramp Operator 1,208
5 Ramp Captain Operator 1,611
6 Transfer Trolley 966
7 Sterilizer Operator 966
8 Sterilizer Attendant 966
9 Chairman & Cage Hendling 1,288
10 Crane Operator 966
11 Press Station 966
12 Clarification Operator 966
13 Kernel Station 966
14 Unstripped Bunch Recycling 1,208
15 Engine Room - Turbin Operator 1,288
16 Power Supply - Diesel Engine Operator 1,208
17 Water Supply - Water Treatment Operator 966
18 Boiler House 966
19 Effluent Treatment Plant 1,208
20 Oil Despatch Attendance 966
21 Kernel Despatch Attendance 966
22 Sparemen Building Cleaning 966
23 Bulking PKS 966
24 Mill Compound Cleaning 966
Mill Office
1 Clerk Pembukuan/Kasir 1,611
2 Payroll 1,288
3 Production Clerk 1,208
4 Inventory Clerk/Purchasing 1,208
5 Despatch Clerk/Expenditure/Personalia 1,530
6 Bulking Clerk 966
7 Store Keeper 966
8 Store Attendanct 966
9 Computer Operator 966
10 Weighbridge Operator 1,208
11 SSB/Photocopy operator 805
12 Office Boy 805
Security
1 Komandan 1,449
2 Anggota 1,208
Laboratorium
1 Laboratory Analyst 3,221
2 Sample Boy 1,530
3 Sorter 1,208
4 FFB Grading 1,047
Driver
1 Nakhoda 1,369
2 Pool's Driver 1,047
3 Pick Up's Driver 1,047
Workshop
1 Foreman Maintenance 1,772
2 Grade 1 Filter 1,208
8 Maintenance Helper 886
9 Shilt Filter 886
10 Greaser 886
11 Maintenance Clerk 886
Others
1 Gardener 805
2 Servant 1,047
3 Night Watchman 1,047
2010 2011 2012 2013 2014
5,500 - - -
1 - - - -
3 - - - -
10 - - - -
2010 2011
- -
-
- -
200,000 200,000
Depreciation Years IMMATURE PLANT COST (Rp 000/ ha)
Land Administration 30 Land Clearing
Mature Plantations 20 Soil Conservation
Factory 20 Main& Collection Road Making
Building 10 Drain Making
Vehicles RO 10 Nursery/ Seeds
Vehicles Estate 10 Cover Crops Planting
Vehicles Factory 10 Lining, Holing, & Planting
Heavy Equipments Estate 15 Upkeep Immature I
Office Inventories RO 5 Upkeep Immature II
Office Inventories Estate 5 Upkeep Immature III
Machineries Estate 5 Ablation Cost
Machineries RO 5 General Charges& Adm.
IDC Estate 5
IDC Factory 5
COGS FFB 2012 Operating Expenses

Upkeep per Ha Mature Area 7,988 General Charges RO+HO/ Year (Rp)
Harvesting per Kg FFB 87 General Charges Estate/ Year (Rp)
Transportation per Kg FFB 41 General Charges Factory/ Year (Rp)
COGS CPO& Kernel 2012 Man Power

CPO COGS % 87.4% Medical Allowance 10%
Maintenance Cost to Factory Value 2% Employee Insurance 3.75%
Utilities Cost (Rp per Kg CPO) 2.5 Salary Month 13
Year 2 Year 3 Year 4 Year 5 Year 6
3.9% 4.1% 4.3% 4.5% 4.6%
2010 2011 2012 2013 2014

- - 7.0 15.0 19.0
2010 2011 2012

0 0 0
0 1 0
0 0 0
estate 5000 - 1 1
askep 2500 - 1 3
afdeling 750 - 4 10
QUANTITY (unit) 2008 2009 2010
HOUSING
1 Director Mess 1
2 Temporary Staff Mess 1 1 -
3 Mess Staf Permanent - 1 1
4 Senior Manager 1
5 Estate manager - 1 1
6 Askep - 1 3
7 KTU - 1 1
8 Ass Teknik - 1 1
9 Ass D& L - 2 2
10 Ass Surveyor - 2 2
11 Ass Afdeling - 4 10
NON-HOUSING
1 Estate's Building 1 1 -
2 Central Fertilizer Store - 1 1
3 Estate's Fertilizer Store 1 1 -
4 Material Store 1 1 -
5 Divisional Office - 4 10
6 Divisional Store - 4 10
7 Employee's Hall - 1 1
8 Genset House 3 3 -
9 Pump House 3 3 -
10 Small Mosque - 4 10
11 Church - 1 1
12 Mosque - 1 1
13 Polyclinic - 1 1
14 Footbal Field - 1 1
15 Workshop 1 1 -
16 Security Post 1 1 -
17 Children Nursing house - 1 1
18 Cafetaria of Koperasi - 1 1
19 Mandor's House (Kopel) 0 0 0
20 Upkeeper's House (Kopel)
21 Harvester's House (Type 36) 0
22 Temporary Mess (G10) - 1 1
23 Training Center 1
24 Training Center's Mess 1
25 Pos Menara Api (16m high security-post)) 4 10
RO
1 Toyota Fortuner 4WD 1
2 Mitsubishi Strada L200 1
3 Toyota Innova G Diesel 1
4 Truk PS 125 1
ESTATE
1 Ford Ranger DC 4x4 - 1 1
2 Ford Everest
3 Ford SC PickUP - 1 1
4 Ford Ambulance - 1 1
5 Dump Truk PS 120 - 4 10
6 Sepeda motor Mega Pro 6 6 -
7 Rig Radio - 2 2
FACTORY
1 Ford Everest 4x4 0 0 0
2 Ford SC PickUP 0 0 0
3 Dump Truk PS 120 0 0 0
4 Mega Pro Motorcycles 0 0 0
ESTATE
1 Road Grader Komatsu GD511A-1 1 2 1
2 Wheel Tractor FORD TS-90 4WD 2 5 2
3 Compactor 2 2 1
4 Trailer 5 Tons 1 2 1
5 Trailer Tangki Air 3 Tons 2 2 1
6 Tractor Backhoe Loader 1 3 3
OFFICE
1 Office Equipment + Computer 1 1
ESTATE
1 Estate Office 1 1 -
2 Divisional Office - 4 10
3 Staff's House - 13 21
4 Polyclinic - 1 1
5 Workshop 1 1 -
6 Rig + antenna + rotator (estate's Office)
1 1 -
7 Rig + antenna + rotator (Repr. Office) 0 0
8 20 Ton Solar Tank 1 1
9 Permanent Water Tank 3 3
ESTATE
1 Genset/Dinamo/Instalasi 60 KVA 1 2 1
2 Genset/Dinamo/Instalasi 30 KVA 3 3 1
3 Dompeng/Dinamo/Inst. 10KVA 3 3 2
4 Water Pump Installation 3 3
5 Nursery Water Pump 3 3
RO
1 Genset 30 KVA 1
2 Pompa Air Sanyo 1
3 SSB Radio 1
2008 2009 2010
1 Project Leader 1
2 Project Manager 1
3 Regional Controller 1
4 Fin Acc Manager 1
5 Repr. Office Head 1
6 D&L Manager 1
7 Staffs 5
8 Clerks 3
9 Security 3
10 Drivers 4
11 Officeboy 1
12 Radio Operator 1
1 Senior manager 0 0
2 Estate Manager 1 1 1
3 Chief Assistant 1 1 1
4 Estate's Assistant 3 3 3
5 Technical Assistant 1 0 0
6 Administration Head 1 1 1
7 D&L 2 2 2
8 Surveyor 2 2 2
9 Supervisor (Mandor) 18 18 18
10 Divisional Clerk 3 3 3
11 Medical Support/ Midwives 1 1 1
12 Nurses 1 1 1
13 Security Head 1 1 1
14 Securities 9 9 9
15 Genset Operator 2 2 2
16 Workshop Workers 9 9 9
17 Daily Employees 2 0 0
18 Estate's Office Adm. Staffs 6 6 6
Staffs
1 Mill Manager
2 KTU/Kasie
3 Processing Assistance
4 Maintenance Assistance
5 Electrical Assistance
6 Laboratory Assistance
1 Foreman Processing
2 Ramp Top
3 Ramp Bottom
4 Ramp Operator
5 Ramp Captain Operator
6 Transfer Trolley
7 Sterilizer Operator
8 Sterilizer Attendant
9 Chairman & Cage Hendling
10 Crane Operator
11 Press Station
12 Clarification Operator
13 Kernel Station
14 Unstripped Bunch Recycling
15 Engine Room - Turbin Operator
16 Power Supply - Diesel Engine Operator
17 Water Supply - Water Treatment Operator
18 Boiler House
19 Effluent Treatment Plant
20 Oil Despatch Attendance
21 Kernel Despatch Attendance
22 Sparemen Building Cleaning
23 Bulking PKS
24 Mill Compound Cleaning
Mill Office
1 Clerk Pembukuan/Kasir
2 Payroll
3 Production Clerk
4 Inventory Clerk/Purchasing
5 Despatch Clerk/Expenditure/Personalia
6 Bulking Clerk
7 Store Keeper
8 Store Attendanct
9 Computer Operator
10 Weighbridge Operator
11 SSB/Photocopy operator
12 Office Boy
Security
1 Komandan
2 Anggota
Laboratorium
1 Laboratory Analyst
2 Sample Boy
3 Sorter
4 FFB Grading
Driver
1 Nakhoda
2 Pool's Driver
3 Pick Up's Driver
Workshop
1 Foreman Maintenance
2 Grade 1 Filter
3 Grade 2 Filter
4 Grade 3 Filter
5 Grade 1 Filter
6 Grade 2 Filter
7 Grade 3 Filter
8 Maintenance Helper
9 Shilt Filter
10 Greaser
11 Maintenance Clerk
Others
1 Gardener
2 Servant
3 Night Watchman
2008
5,321
-
4,442
3,146
1,042
828
3,606
5,339
3,520
1,362
28,606
2008 2012
2,300,000,000
650,000,000
650,000,000
2015 2016 2017 2018 2019

22.0 25.0 25.0 27.0 27.0
- - - - -
- - - - -
- - - - -
2011 2012 2013 2014 2015
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0 0 4 9 0
- 78 172 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1 0 0 0 0
1 0 0 0 0
2 0 0 0 0
3 0 0 0 0
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2011 2012 2013 2014 2015
1
1
1
1
1
1
2
2
2
2
2
2
2
2
4
2
4
4
4
2
2
3
2
4
2
4
4
5
2
2
2
1
1
2
1
1
1
1
1
2
1
1
1
10
2
2
2
3
1
1
2
1
4
4
3
1
2
1
3
2
2
1
2
4
3
2020 2021 2022 2023 2024 2025 2026
27.0 27.0 27.0 27.0 25.0 25.0 24.0
1 2 3 4 5 6 7
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2016 2017 2018 2019 2020 2021 2022
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
0 0 0 0 0 0 0
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0
0
0
0
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
0
0
0
2016 2017 2018 2019 2020 2021 2022
2027 2028 2029 2030 2031 2032 2033 2034
24.0 22.0 22.0 21.0 21.0 19.0 19.0 17.0
8 9 10 11 12 13 14 15
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
2023 2024 2025 2026 2027 2028 2029 2030
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
0 0 0 0 0 0 0 0
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2023 2024 2025 2026 2027 2028 2029 2030
2035 2036
17.0 14.0
16 17
0 0
0 0
0 0
2031 2032 2033 2034 2035 2036
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2031 2032 2033 2034 2035 2036
TOTAL
0
1
2
2
1
2
4
2
2
4
4
14
2
2
2
2
14
14
2
6
6
14
2
2
2
2
2
2
2
2
13
0
250
2
1
1
14
0
1
1
1
1
2
0
2
2
14
12
4
1
1
2
3
4
9
5
4
5
7
2
14
34
2
2
2
0
2
6
4
7
8
6
6
1
1
1
LAND ADMINISTRATION
LAND ADMINISTRATION
Undepreciable
Concession Acquisition
1,000 Compensation for Cultivation
Legal/ Notaris
Permit& Socializaton
Micro Survey
Blocking Survey
Feasibility Study
Consultants
Amdal and Factory's IMB
Depreciable
2,000 HGU
IMMATURE PLANTS
HECTARAGE SCHEDULE (ha)
Land Clearing
50% Soil Conservation
Main& Collection Road Making
Drain Making
Nursery/ Seeds
Cover Crops Planting
Lining, Holing, & Planting
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
General Charges& Adm.
0%
IMMATURE PLANT COST (Rp 000/ ha)

Land Clearing
Soil Conservation
Drain Making
Nursery/ Seeds
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
IMMATURE PLANT VALUE (Rp 000)

Land Clearing
Soil Conservation
Drain Making
Nursery/ Seeds
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
FACTORY
FACTORY COST/ UNIT (Rp 000)
5%
Factory Capacities:
Factory Value
BUILDING, VEHICLES,EQU
UNIT PRICE (Rp 000)
BUILDING
5% HOUSING
1
2
3
4
5
6
7
8
9
10
11
NON-HOUSING
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
VEHICLES
RO
1
2
3
4
ESTATE
1
2
3
4
5
6
7
FACTORY
1
2
3
4
HEAVY EQUIPMENTS
ESTATE
1
2
3
4
5
6
OFFICE INVENTORIES
OFFICE
1
ESTATE
1
2
3
4
5
6
7
8
9
MACHINERIES
ESTATE
1
2
3
4
5
RO
1
2
3
YEARLY ADDITIONAL VALUE (Rp 000)

BUILDING
HOUSING
1
2
3
4
5
6
7
8
9
10
11
NON-HOUSING
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
VEHICLES
RO
1
2
3
4
ESTATE
1
2
3
4
5
6
FACTORY
1
2
3
4
HEAVY EQUIPMENTS
ESTATE
1
2
3
4
5
6
OFFICE INVENTORIES
RO
1
ESTATE
1
2
3
4
5
6
7
8
9
MACHINERIES
ESTATE
1
2
3
4
5
RO
1
2
3
DEPRECIATION
ACQUISITION COST CALCULATION
Undepreciable
Asset Additions
Pre-Operating
Mature Plantations
Immature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Heavy Equipments Estate
Office Inventories RO
Office Inventories Estate
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Deductions/Reclassification
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total Deduction/ Reclassification
Total Depreciable Acquisition Cost

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total fixed assets
DEPRECIATION EXPENSE
offset cell width
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Offset Start Column

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Depr.per yearly acquisition

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
0 Pre-Operating
1 Mature Plantations
2 Immature Plantations
3 Factory
4 Building
5 Vehicles RO
6 Vehicles Estate
7 Vehicles Factory
8 Heavy Equipments Estate
9 Office Inventories RO
10 Office Inventories Estate
11 Machineries Estate
12 Machineries RO
13 IDC Estate
14 IDC Factory
Allocated to Estate (FFB COGS)

Allocated to Factory (CPO& Kernel COGS)
Allocated to RO (Operating Expenses)
ACCUMULATED DEPRECIATION
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total
LAND ADMINISTRATION
ND ADMINISTRATION
Undepreciable
Concession Acquisition
Compensation for Cultivation
Legal/ Notaris
Permit& Socializaton
Micro Survey
Blocking Survey
Feasibility Study
Consultants
Amdal and Factory's IMB
Depreciable
Total Pre-operating
IMMATURE PLANTS
CTARAGE SCHEDULE (ha)
Land Clearing
Soil Conservation
Drain Making
Nursery/ Seeds
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
MATURE PLANT COST (Rp 000/ ha)

Land Clearing
Soil Conservation
Drain Making
Nursery/ Seeds
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
MATURE PLANT VALUE (Rp 000)

Land Clearing
Soil Conservation
Drain Making
Nursery/ Seeds
Upkeep Immature I
Upkeep Immature II
Upkeep Immature III
Ablation Cost
Total Immature Plant
FACTORY
CTORY COST/ UNIT (Rp 000)
Factory Capacities:
30 Ton FFB/ hour
45 Ton FFB/ hour
60 Ton FFB/ hour
Factory Value
30 Ton FFB/ hour
45 Ton FFB/ hour
60 Ton FFB/ hour
Total Factory
BUILDING, VEHICLES,EQUIPME
NIT PRICE (Rp 000)
ILDING
HOUSING
Director Mess
Temporary Staff Mess
Mess Staf Permanent
Senior Manager
Estate manager
Askep
KTU
Ass Teknik
Ass D& L
Ass Surveyor
Ass Afdeling
NON-HOUSING
Estate's Building
Central Fertilizer Store
Estate's Fertilizer Store
Material Store
Divisional Office
Divisional Store
Employee's Hall
Genset House
Pump House
Small Mosque
Church
Mosque
Polyclinic
Footbal Field
Workshop
Security Post
Children Nursing house
Cafetaria of Koperasi
Mandor's House (Kopel)
Upkeeper's House (Kopel)
Harvester's House (Type 36)
Temporary Mess (G10)
Training Center
Training Center's Mess
Pos Menara Api (16m high security post))
HICLES
Toyota Fortuner 4WD
Mitsubishi Strada L200
Toyota Innova G Diesel
Truk PS 125
ESTATE
Ford Ranger DC 4x4
Ford Everest
Ford SC PickUP
Ford Ambulance
Dump Truk PS 120
Sepeda motor Mega Pro
Rig Radio
FACTORY
Ford Everest 4x4
Ford SC PickUP
Dump Truk PS 120
Mega Pro Motorcycles
AVY EQUIPMENTS
ESTATE
Road Grader Komatsu GD511A-1
Wheel Tractor FORD TS-90 4WD
Compactor
Trailer 5 Tons
Trailer Tangki Air 3 Tons
Tractor Backhoe Loader
FICE INVENTORIES
OFFICE
Office Equipment + Computer
ESTATE
Estate Office
Divisional Office
Staff's House
Polyclinic
Workshop
Rig + antenna + rotator (estate's Office)
Rig + antenna + rotator (Repr. Office)
20 Ton Solar Tank
Permanent Water Tank
ACHINERIES
ESTATE
Genset/Dinamo/Instalasi 60 KVA
Dompeng/Dinamo/Inst. 10KVA
Water Pump Installation
Nursery Water Pump
Genset 30 KVA
Pompa Air Sanyo
SSB Radio
ARLY ADDITIONAL VALUE (Rp 000)

ILDING
HOUSING
Director Mess
Temporary Staff Mess
Mess Staf Permanent
Senior Manager
Estate manager
Askep
KTU
Ass Teknik
Ass D& L
Ass Surveyor
Ass Kebun
NON-HOUSING
Estate's Building
Central Fertilizer Store
Estate's Fertilizer Store
Material Store
Divisional Office
Divisional Store
Employee's Hall
Genset House
Pump House
Small Mosque
Church
Mosque
Polyclinic
Footbal Field
Workshop
Security Post
Children Nursing house
Cafetaria of Koperasi
Mandor's House (Kopel)
Upkeeper's House (Kopel)
Harvester's House (Type 36)
Temporary Mess (G10)
Training Center
Training Center's Mess
Pos Menara Api (16m high security post))
Total Building
HICLES
Toyota Fortuner 4WD
Mitsubishi Strada L200
Toyota Innova G Diesel
Truk PS 125
Total Vehicles RO
ESTATE
Ford Ranger DC 4x4
Ford Everest
Ford SC PickUP
Ford Ambulance
Dump Truk PS 120
Sepeda motor Mega Pro
Rig Radio
Total Vehicles Estate
FACTORY
Ford Everest 4x4
Ford SC PickUP
Dump Truk PS 120
Mega Pro Motorcycles
Total Vehicles Factory
AVY EQUIPMENTS
ESTATE
Road Grader Komatsu GD511A-1
Wheel Tractor FORD TS-90 4WD
Compactor
Trailer 5 Tons
Trailer Tangki Air 3 Tons
Tractor Backhoe Loader
Total Heavy Equipments Estate
FICE INVENTORIES
Office Equipment + Computer
Total Office Inventories RO
ESTATE
Estate Office
Divisional Office
Staff's House
Polyclinic
Workshop
Rig + antenna + rotator (estate's Office)
Rig + antenna + rotator (Repr. Office)
20 Ton Solar Tank
Permanent Water Tank
Total Office Inventories Estate
ACHINERIES
ESTATE
Dompeng/Dinamo/Inst. 10KVA
Water Pump Installation
Nursery Water Pump
Total Machineries Estate
Genset 30 KVA
Pompa Air Sanyo
SSB Radio
Total Machineries RO
DEPRECIATION
QUISITION COST CALCULATION
Undepreciable
Pre-Operating
Asset Additions
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
468,552,332
Deductions/Reclassification
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total Deduction/ Reclassification
Total Depreciable Acquisition Cost

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total fixed assets
PRECIATION EXPENSE
offset cell width
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Offset Start Column

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Depr.per yearly acquisition

Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Allocated to Estate (FFB COGS)

Allocated to Factory (CPO& Kernel COGS)
Allocated to RO (Operating Expenses)
CUMULATED DEPRECIATION
Pre-Operating
Mature Plantations
Factory
Building
Vehicles RO
Vehicles Estate
Vehicles Factory
Machineries Estate
Machineries RO
IDC Estate
IDC Factory
Total
2008 2009 2010 2011
18,750,000
2,500,000 5,500,000 -
78,400 - - -
- 39,000 - -
- 375,000 - -
100,000 103,000 - -
75,000 - - -
100,000 100,000 - -
100,000 200,000 200,000 200,000
21,703,400 6,317,000 200,000 200,000
5,000,000 11,000,000 -
5,000,000 11,000,000 - -
2008 2009 2010 2011

2500 5500 0 0
1250 2750 0 0
2500 5500 0 0
2500 5500 0 0
2500 5500 0 0
2500 5500 0 0
2500 5500 0 0
2500 5500 0
2500 5500
2500
2500 5500
2500 5500 0 0
2008 2009 2010 2011

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2008 2009 2010 2011

13,302,500 29,265,500 - -
- - - -
11,105,000 24,431,000 - -
- - - -
7,865,000 17,303,000 - -
2,605,000 5,731,000 - -
2,070,000 4,554,000 - -
- 9,015,000 19,833,000 -
- - 13,347,500 29,364,500
- - - 8,800,000
- - - -
3,405,000 7,491,000 - -
40,352,500 97,790,500 33,180,500 38,164,500
2008 2009 2010 2011
54,000,000 56,700,000 59,535,000 62,511,750

81,000,000 85,050,000 89,302,500 93,767,625
100,000,000 105,000,000 110,250,000 115,762,500
- - - -
- - - 93,767,625
- - - -
- - - 93,767,625
EQUIPMENTS, MACHINERIES, &

2008 2009 2010 2011
100,000 105,000 110,250 115,763

175,000 183,750 192,938 202,584
250,000 262,500 275,625 289,406
100,000 105,000 110,250 115,763
100,000 105,000 110,250 115,763
80,000 84,000 88,200 92,610
80,000 84,000 88,200 92,610
80,000 84,000 88,200 92,610
80,000 84,000 88,200 92,610
80,000 84,000 88,200 92,610
80,000 84,000 88,200 92,610
100,000 105,000 110,250 115,763

300,000 315,000 330,750 347,288
160,000 168,000 176,400 185,220
35,000 36,750 38,588 40,517
80,000 84,000 88,200 92,610
50,000 52,500 55,125 57,881
94,500 99,225 104,186 109,396
2,400 2,520 2,646 2,778
2,400 2,520 2,646 2,778
64,000 67,200 70,560 74,088
64,000 67,200 70,560 74,088
150,000 157,500 165,375 173,644
96,000 100,800 105,840 111,132
14,000 14,700 15,435 16,207
140,000 147,000 154,350 162,068
6,000 6,300 6,615 6,946
64,000 67,200 70,560 74,088
67,200 70,560 74,088 77,792
45,500 47,775 50,164 52,672
36,000 37,800 39,690 41,675
25,200 26,460 27,783 29,172
126,000 132,300 138,915 145,861
120,000 126,000 132,300 138,915
100,000 105,000 110,250 115,763
8,000 8,400 8,820 9,261
440,000 462,000 485,100 509,355

260,000 273,000 286,650 300,983
227,500 238,875 250,819 263,360
190,000 199,500 209,475 219,949
237,000 248,850 261,293 274,357

331,000 347,550 364,928 383,174
189,500 198,975 208,924 219,370
175,000 183,750 192,938 202,584
180,000 189,000 198,450 208,373
17,500 18,375 19,294 20,258
1,900 1,995 2,095 2,199
331,000 347,550 364,928 383,174

189,500 198,975 208,924 219,370
180,000 189,000 198,450 208,373
17,500 18,375 19,294 20,258
954,000 1,001,700 1,051,785 1,104,374

320,000 336,000 352,800 370,440
700,000 735,000 771,750 810,338
55,000 57,750 60,638 63,669
20,000 21,000 22,050 23,153
617,500 648,375 680,794 714,833
90,000 94,500 99,225 104,186
90,000 94,500 99,225 104,186

30,000 31,500 33,075 34,729
300,000 315,000 330,750 347,288
25,000 26,250 27,563 28,941
50,000 52,500 55,125 57,881
10,000 10,500 11,025 11,576
10,000 10,500 11,025 11,576
70,000 73,500 77,175 81,034
70,000 73,500 77,175 81,034
140,000 147,000 154,350 162,068
70,000 73,500 77,175 81,034
25,000 26,250 27,563 28,941
55,000 57,750 60,638 63,669
80,000 84,000 88,200 92,610
70,000 73,500 77,175 81,034

2,000 2,100 2,205 2,315
1,900 1,995 2,095 2,199
2008 2009 2010 2011
100,000 - - -
175,000 183,750 - -
- 262,500 275,625 -
100,000 - - -
- 105,000 110,250 -
- 84,000 264,600 -
- 84,000 88,200 -
- 84,000 88,200 -
- 168,000 176,400 -
- 168,000 176,400 -
- 336,000 882,000 -
100,000 105,000 - -
- 315,000 330,750 -
160,000 168,000 - -
35,000 36,750 - -
- 336,000 882,000 -
- 210,000 551,250 -
- 99,225 104,186 -
7,200 7,560 - -
7,200 7,560 - -
- 268,800 705,600 -
- 67,200 70,560 -
- 157,500 165,375 -
- 100,800 105,840 -
- 14,700 15,435 -
140,000 147,000 - -
6,000 6,300 - -
- 67,200 70,560 -
- 70,560 74,088 -
- - - -
- - - -
- - - -
- 132,300 138,915 -
120,000 - - -
100,000 - - -
- 33,600 88,200 -
1,050,400 3,826,305 5,364,434 -
440,000 - - -
260,000 - - -
227,500 - - -
190,000 - - -
1,117,500 - - -
- 248,850 261,293 -
- - - -
- 198,975 208,924 -
- 183,750 192,938 -
- 756,000 1,984,500 -
105,000 110,250 - -
- 3,990 4,190 -
105,000 1,501,815 2,651,843 -
- - - 383,174
- - - 219,370
- - - 416,745
- - - 60,775
- - - 1,080,064
954,000 2,003,400 1,051,785 -

640,000 1,680,000 705,600 -
1,400,000 1,470,000 771,750 -
55,000 115,500 60,638 -
40,000 42,000 22,050 -
617,500 1,945,125 2,042,381 -
3,706,500 7,256,025 4,654,204 -
90,000 94,500 - -
90,000 94,500 - -
90,000 94,500 - -
- 126,000 330,750 -
- 4,095,000 6,945,750 -
- 26,250 27,563 -
50,000 52,500 - -
10,000 10,500 - -
- - - -
- 73,500 77,175 -
- 220,500 231,525 -
150,000 4,698,750 7,612,763 -
140,000 294,000 154,350 -

210,000 220,500 77,175 -
75,000 78,750 55,125 -
165,000 173,250 - -
240,000 252,000 - -
830,000 1,018,500 286,650 -
70,000 - - -
2,000 - - -
1,900 - - -
73,900 - - -
2008 2009 2010 2011

21,703,400 6,317,000 200,000 200,000
5,000,000 11,000,000 - -
- - - 40,352,500
40,352,500 97,790,500 33,180,500 38,164,500
- - - 93,767,625
1,050,400 3,826,305 5,364,434 -
1,117,500 - - -
105,000 1,501,815 2,651,843 -
- - - 1,080,064
3,706,500 7,256,025 4,654,204 -
90,000 94,500 - -
150,000 4,698,750 7,612,763 -
830,000 1,018,500 286,650 -
73,900 - - -
1,982,528 8,138,722 13,307,338 17,213,718
- - - 4,606,827
54,458,328 135,325,117 67,057,732 195,185,234
40,352,500
5,000,000 16,000,000 16,000,000 16,000,000

- - - 40,352,500
40,352,500 138,143,000 171,323,500 169,135,500
- - - 93,767,625
1,050,400 4,876,705 10,241,139 10,241,139
1,117,500 1,117,500 1,117,500 1,117,500
105,000 1,606,815 4,258,658 4,258,658
- - - 1,080,064
3,706,500 10,962,525 15,616,729 15,616,729
90,000 184,500 184,500 184,500
150,000 4,848,750 12,461,513 12,461,513
830,000 1,848,500 2,135,150 2,135,150
73,900 73,900 73,900 73,900
1,982,528 10,121,250 23,428,589 40,642,307
- - - 4,606,827
54,458,328 189,783,445 256,841,177 411,673,911
2008 2009 2010 2011

1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
1 2 3 4
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
166,667 366,667 - -
- - - 2,017,625
- - - 4,688,381
105,040 382,631 536,443 -
111,750 - - -
10,500 150,182 265,184 -
- - - 108,006
247,100 483,735 310,280 -
18,000 18,900 - -
30,000 939,750 1,522,553 -
166,000 203,700 57,330 -
14,780 - - -
396,506 1,627,744 2,661,468 3,442,744
- - - 921,365
166,667 533,333 533,333 533,333

- - - 2,017,625
- - - 4,688,381
105,040 487,671 1,024,114 1,024,114
111,750 111,750 111,750 111,750
10,500 160,682 425,866 425,866
- - - 108,006
247,100 730,835 1,041,115 1,041,115
18,000 36,900 36,900 36,900
30,000 969,750 2,492,303 2,492,303
166,000 369,700 427,030 427,030
14,780 14,780 14,780 14,780
396,506 2,024,250 4,685,718 8,128,461
- - - 921,365
1,121,812 5,276,220 10,629,479 16,089,847

- - - 5,717,753
144,530 163,430 163,430 163,430
2008 2009 2010 2011

166,667 700,000 1,233,333 1,766,667
- - - 2,017,625
- - - -
- - - 4,688,381
105,040 592,711 1,616,824 2,640,938
111,750 223,500 335,250 447,000
10,500 171,182 597,047 1,022,913
- - - 108,006
247,100 977,935 2,019,050 3,060,166
18,000 54,900 91,800 128,700
30,000 999,750 3,492,053 5,984,355
166,000 535,700 962,730 1,389,760
14,780 29,560 44,340 59,120
396,506 2,420,756 7,106,474 15,234,935
- - - 921,365
1,266,342 6,705,993 17,498,901 39,469,932
2012 2013 2014 2015
- - - -
- - - -
2012 2013 2014 2015

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
5500 0 0 0
0 0 0 0
0 0 0 0
2012 2013 2014 2015

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2012 2013 2014 2015

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
19,360,000 - - -
- - - -
- - - -
19,360,000 - - -
2012 2013 2014 2015
65,637,338 68,919,204 72,365,165 75,983,423

98,456,006 103,378,807 108,547,747 113,975,134
121,550,625 127,628,156 134,009,564 140,710,042
- - - -
- - - -
- - - -
- - - -
ERIES, & OFFICE INVENTORIES

2012 2013 2014 2015
121,551 127,628 134,010 140,710

212,714 223,349 234,517 246,243
303,877 319,070 335,024 351,775
121,551 127,628 134,010 140,710
121,551 127,628 134,010 140,710
97,241 102,103 107,208 112,568
97,241 102,103 107,208 112,568
97,241 102,103 107,208 112,568
97,241 102,103 107,208 112,568
97,241 102,103 107,208 112,568
97,241 102,103 107,208 112,568
121,551 127,628 134,010 140,710

364,652 382,884 402,029 422,130
194,481 204,205 214,415 225,136
42,543 44,670 46,903 49,249
97,241 102,103 107,208 112,568
60,775 63,814 67,005 70,355
114,865 120,609 126,639 132,971
2,917 3,063 3,216 3,377
2,917 3,063 3,216 3,377
77,792 81,682 85,766 90,054
77,792 81,682 85,766 90,054
182,326 191,442 201,014 211,065
116,689 122,523 128,649 135,082
17,017 17,868 18,761 19,699
170,171 178,679 187,613 196,994
7,293 7,658 8,041 8,443
77,792 81,682 85,766 90,054
81,682 85,766 90,054 94,557
55,306 58,071 60,974 64,023
43,758 45,946 48,243 50,656
30,631 32,162 33,770 35,459
153,154 160,811 168,852 177,295
145,861 153,154 160,811 168,852
121,551 127,628 134,010 140,710
9,724 10,210 10,721 11,257
534,823 561,564 589,642 619,124

316,032 331,833 348,425 365,846
276,528 290,354 304,872 320,115
230,946 242,493 254,618 267,349
288,075 302,479 317,603 333,483

402,333 422,449 443,572 465,750
230,338 241,855 253,948 266,646
212,714 223,349 234,517 246,243
218,791 229,731 241,217 253,278
21,271 22,335 23,452 24,624
2,309 2,425 2,546 2,673
402,333 422,449 443,572 465,750

230,338 241,855 253,948 266,646
218,791 229,731 241,217 253,278
21,271 22,335 23,452 24,624
1,159,593 1,217,573 1,278,451 1,342,374

388,962 408,410 428,831 450,272
850,854 893,397 938,067 984,970
66,853 70,195 73,705 77,391
24,310 25,526 26,802 28,142
750,575 788,104 827,509 868,885
109,396 114,865 120,609 126,639
109,396 114,865 120,609 126,639

36,465 38,288 40,203 42,213
364,652 382,884 402,029 422,130
30,388 31,907 33,502 35,178
60,775 63,814 67,005 70,355
12,155 12,763 13,401 14,071
12,155 12,763 13,401 14,071
85,085 89,340 93,807 98,497
85,085 89,340 93,807 98,497
170,171 178,679 187,613 196,994
85,085 89,340 93,807 98,497
30,388 31,907 33,502 35,178
66,853 70,195 73,705 77,391
97,241 102,103 107,208 112,568
85,085 89,340 93,807 98,497

2,431 2,553 2,680 2,814
2,309 2,425 2,546 2,673
2012 2013 2014 2015
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- 232,283 548,769 -
- - - -
- 2,512,679 5,804,289 -
- - - -
- - - -
- - - -
- - - -
- 2,744,963 6,353,058 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2012 2013 2014 2015

- - - -
- - - -
97,790,500 33,180,500 38,164,500 19,360,000
19,360,000 - - -
- - - -
- 2,744,963 6,353,058 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
117,150,500 35,925,463 44,517,558 19,360,000
97,790,500 33,180,500 38,164,500 19,360,000
16,000,000 16,000,000 16,000,000 16,000,000

138,143,000 171,323,500 209,488,000 228,848,000
90,705,000 57,524,500 19,360,000 -
93,767,625 93,767,625 93,767,625 93,767,625
10,241,139 12,986,102 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
431,033,911 433,778,874 440,131,932 440,131,932
2012 2013 2014 2015

5 6 7 8
5 6 7 8
5 6 7 8
5 6 7 8
5 6 7 8
5 6 7 8
5 6 7 8
5 6 7 8
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 1 2 3
0 1 2 3
0 1 2 3
0 1 2 3
0 1 2 3
0 1 2 3
- - - -
4,889,525 1,659,025 1,908,225 968,000
- - - -
- 274,496 635,306 -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
533,333 533,333 533,333 533,333

6,907,150 8,566,175 10,474,400 11,442,400
4,688,381 4,688,381 4,688,381 4,688,381

1,024,114 1,298,610 1,933,916 1,933,916
111,750 111,750 111,750 111,750
425,866 425,866 425,866 425,866
108,006 108,006 108,006 108,006
1,041,115 1,041,115 1,041,115 1,041,115
36,900 18,900 - -
2,492,303 2,462,303 1,522,553 -
427,030 261,030 57,330 -
14,780 - - -
8,128,461 7,731,956 6,104,211 3,442,744
921,365 921,365 921,365 921,365
20,979,372 22,320,388 22,092,724 18,819,374

5,717,753 5,717,753 5,717,753 5,717,753
163,430 130,650 111,750 111,750
2012 2013 2014 2015

2,300,000 2,833,333 3,366,667 3,900,000
8,924,775 17,490,950 27,965,350 39,407,750
- - - -
9,376,763 14,065,144 18,753,525 23,441,906
3,665,052 4,963,662 6,897,578 8,831,495
558,750 670,500 782,250 894,000
1,448,779 1,874,645 2,300,511 2,726,376
216,013 324,019 432,026 540,032
4,101,281 5,142,396 6,183,511 7,224,627
165,600 184,500 184,500 184,500
8,476,658 10,938,960 12,461,513 12,461,513
1,816,790 2,077,820 2,135,150 2,135,150
73,900 73,900 73,900 73,900
23,363,396 31,095,352 37,199,563 40,642,307
1,842,731 2,764,096 3,685,461 4,606,827
66,330,487 94,499,278 122,421,505 147,070,382
2016 2017 2018 2019
- - - -
- - - -
2016 2017 2018 2019

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2016 2017 2018 2019

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2016 2017 2018 2019

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2016 2017 2018 2019
79,782,594 83,771,724 87,960,310 92,358,325

119,673,891 125,657,585 131,940,465 138,537,488
147,745,544 155,132,822 162,889,463 171,033,936
- - - -
- - - -
- - - -
- - - -
NTORIES
2016 2017 2018 2019
147,746 155,133 162,889 171,034

258,555 271,482 285,057 299,309
369,364 387,832 407,224 427,585
147,746 155,133 162,889 171,034
147,746 155,133 162,889 171,034
118,196 124,106 130,312 136,827
118,196 124,106 130,312 136,827
118,196 124,106 130,312 136,827
118,196 124,106 130,312 136,827
118,196 124,106 130,312 136,827
118,196 124,106 130,312 136,827
147,746 155,133 162,889 171,034

443,237 465,398 488,668 513,102
236,393 248,213 260,623 273,654
51,711 54,296 57,011 59,862
118,196 124,106 130,312 136,827
73,873 77,566 81,445 85,517
139,620 146,601 153,931 161,627
3,546 3,723 3,909 4,105
3,546 3,723 3,909 4,105
94,557 99,285 104,249 109,462
94,557 99,285 104,249 109,462
221,618 232,699 244,334 256,551
141,836 148,928 156,374 164,193
20,684 21,719 22,805 23,945
206,844 217,186 228,045 239,448
8,865 9,308 9,773 10,262
94,557 99,285 104,249 109,462
99,285 104,249 109,462 114,935
67,224 70,585 74,115 77,820
53,188 55,848 58,640 61,572
37,232 39,093 41,048 43,101
186,159 195,467 205,241 215,503
177,295 186,159 195,467 205,241
147,746 155,133 162,889 171,034
11,820 12,411 13,031 13,683
650,080 682,584 716,714 752,549

384,138 403,345 423,513 444,688
336,121 352,927 370,574 389,102
280,717 294,752 309,490 324,964
350,157 367,665 386,048 405,350

489,038 513,490 539,164 566,122
279,978 293,977 308,676 324,109
258,555 271,482 285,057 299,309
265,942 279,239 293,201 307,861
25,855 27,148 28,506 29,931
2,807 2,948 3,095 3,250
489,038 513,490 539,164 566,122

279,978 293,977 308,676 324,109
265,942 279,239 293,201 307,861
25,855 27,148 28,506 29,931
1,409,492 1,479,967 1,553,965 1,631,664

472,786 496,425 521,246 547,309
1,034,219 1,085,930 1,140,226 1,197,238
81,260 85,323 89,589 94,069
29,549 31,027 32,578 34,207
912,329 957,945 1,005,842 1,056,135
132,971 139,620 146,601 153,931
132,971 139,620 146,601 153,931

44,324 46,540 48,867 51,310
443,237 465,398 488,668 513,102
36,936 38,783 40,722 42,758
73,873 77,566 81,445 85,517
14,775 15,513 16,289 17,103
14,775 15,513 16,289 17,103
103,422 108,593 114,023 119,724
103,422 108,593 114,023 119,724
206,844 217,186 228,045 239,448
103,422 108,593 114,023 119,724
36,936 38,783 40,722 42,758
81,260 85,323 89,589 94,069
118,196 124,106 130,312 136,827
103,422 108,593 114,023 119,724

2,955 3,103 3,258 3,421
2,807 2,948 3,095 3,250
2016 2017 2018 2019
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2016 2017 2018 2019

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
16,000,000 16,000,000 16,000,000 16,000,000

228,848,000 228,848,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
440,131,932 440,131,932 440,131,932 440,131,932
2016 2017 2018 2019

9 10 11 12
9 10 11 12
9 10 11 12
9 10 10 10
9 10 10 10
9 10 10 10
9 10 10 10
9 10 11 12
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
0 0 0 0
0 0 0 0
0 0 1 2
0 0 1 2
0 0 1 2
0 0 1 2
0 0 0 0
4 5 6 7
4 5 6 7
4 5 6 7
4 5 6 7
4 5 6 7
4 5 6 7
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
533,333 533,333 533,333 533,333

11,442,400 11,442,400 11,442,400 11,442,400
4,688,381 4,688,381 4,688,381 4,688,381

1,933,916 1,933,916 1,828,876 1,446,246
111,750 111,750 - -
425,866 425,866 415,366 265,184
108,006 108,006 108,006 108,006
1,041,115 1,041,115 1,041,115 1,041,115
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
15,376,630 15,376,630 15,261,090 14,728,278

4,796,388 4,796,388 4,796,388 4,796,388
111,750 111,750 - -
2016 2017 2018 2019

4,433,333 4,966,667 5,500,000 6,033,333
50,850,150 62,292,550 73,734,950 85,177,350
- - - -
28,130,288 32,818,669 37,507,050 42,195,431
10,765,411 12,699,327 14,528,203 15,974,448
1,005,750 1,117,500 1,117,500 1,117,500
3,152,242 3,578,108 3,993,474 4,258,658
648,038 756,045 864,051 972,058
8,265,742 9,306,857 10,347,972 11,389,088
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
167,355,150 187,639,918 207,697,396 227,222,062
2020 2021 2022 2023
- - - -
- - - -
2020 2021 2022 2023

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2020 2021 2022 2023

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2020 2021 2022 2023

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2020 2021 2022 2023
96,976,242 101,825,054 106,916,306 112,262,122

145,464,362 152,737,581 160,374,460 168,393,183
179,585,633 188,564,914 197,993,160 207,892,818
- - - -
- - - -
- - - -
- - - -
2020 2021 2022 2023
179,586 188,565 197,993 207,893

314,275 329,989 346,488 363,812
448,964 471,412 494,983 519,732
179,586 188,565 197,993 207,893
179,586 188,565 197,993 207,893
143,669 150,852 158,395 166,314
143,669 150,852 158,395 166,314
143,669 150,852 158,395 166,314
143,669 150,852 158,395 166,314
143,669 150,852 158,395 166,314
143,669 150,852 158,395 166,314
179,586 188,565 197,993 207,893

538,757 565,695 593,979 623,678
287,337 301,704 316,789 332,629
62,855 65,998 69,298 72,762
143,669 150,852 158,395 166,314
89,793 94,282 98,997 103,946
169,708 178,194 187,104 196,459
4,310 4,526 4,752 4,989
4,310 4,526 4,752 4,989
114,935 120,682 126,716 133,051
114,935 120,682 126,716 133,051
269,378 282,847 296,990 311,839
172,402 181,022 190,073 199,577
25,142 26,399 27,719 29,105
251,420 263,991 277,190 291,050
10,775 11,314 11,880 12,474
114,935 120,682 126,716 133,051
120,682 126,716 133,051 139,704
81,711 85,797 90,087 94,591
64,651 67,883 71,278 74,841
45,256 47,518 49,894 52,389
226,278 237,592 249,471 261,945
215,503 226,278 237,592 249,471
179,586 188,565 197,993 207,893
14,367 15,085 15,839 16,631
790,177 829,686 871,170 914,728

466,923 490,269 514,782 540,521
408,557 428,985 450,434 472,956
341,213 358,273 376,187 394,996
425,618 446,899 469,244 492,706

594,428 624,150 655,357 688,125
340,315 357,331 375,197 393,957
314,275 329,989 346,488 363,812
323,254 339,417 356,388 374,207
31,427 32,999 34,649 36,381
3,412 3,583 3,762 3,950
594,428 624,150 655,357 688,125

340,315 357,331 375,197 393,957
323,254 339,417 356,388 374,207
31,427 32,999 34,649 36,381
1,713,247 1,798,909 1,888,855 1,983,297

574,674 603,408 633,578 665,257
1,257,099 1,319,954 1,385,952 1,455,250
98,772 103,711 108,896 114,341
35,917 37,713 39,599 41,579
1,108,941 1,164,388 1,222,608 1,283,738
161,627 169,708 178,194 187,104
161,627 169,708 178,194 187,104

53,876 56,569 59,398 62,368
538,757 565,695 593,979 623,678
44,896 47,141 49,498 51,973
89,793 94,282 98,997 103,946
17,959 18,856 19,799 20,789
17,959 18,856 19,799 20,789
125,710 131,995 138,595 145,525
125,710 131,995 138,595 145,525
251,420 263,991 277,190 291,050
125,710 131,995 138,595 145,525
44,896 47,141 49,498 51,973
98,772 103,711 108,896 114,341
143,669 150,852 158,395 166,314
125,710 131,995 138,595 145,525

3,592 3,771 3,960 4,158
3,412 3,583 3,762 3,950
2020 2021 2022 2023
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2020 2021 2022 2023

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
16,000,000 16,000,000 16,000,000 16,000,000

228,848,000 228,848,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
440,131,932 440,131,932 440,131,932 440,131,932
2020 2021 2022 2023

13 14 15 16
13 14 15 16
13 14 15 16
10 10 10 10
10 10 10 10
10 10 10 10
10 10 10 10
13 14 15 15
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
0 0 0 0
0 0 0 0
3 4 5 6
3 4 5 6
3 4 5 6
3 4 5 6
0 0 0 1
8 9 10 11
8 9 10 11
8 9 10 11
8 9 10 11
8 9 10 11
8 9 10 11
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
533,333 533,333 533,333 533,333

11,442,400 11,442,400 11,442,400 11,442,400
4,688,381 4,688,381 4,688,381 4,688,381

909,802 909,802 909,802 635,306
- - - -
- - - -
108,006 - - -
1,041,115 1,041,115 1,041,115 794,015
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
13,926,651 13,926,651 13,926,651 13,405,054

4,796,388 4,688,381 4,688,381 4,688,381
- - - -
2020 2021 2022 2023

6,566,667 7,100,000 7,633,333 8,166,667
96,619,750 108,062,150 119,504,550 130,946,950
- - - -
46,883,813 51,572,194 56,260,575 60,948,956
16,884,250 17,794,052 18,703,854 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
12,430,203 13,471,318 14,512,433 15,306,449
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
245,945,101 264,560,132 283,175,164 301,268,600
2024 2025 2026 2027
- - - -
- - - -
2024 2025 2026 2027

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2024 2025 2026 2027

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2024 2025 2026 2027

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2024 2025 2026 2027
117,875,228 123,768,989 129,957,439 136,455,311

176,812,842 185,653,484 194,936,158 204,682,966
218,287,459 229,201,832 240,661,923 252,695,020
- - - -
- - - -
- - - -
- - - -
2024 2025 2026 2027
218,287 229,202 240,662 252,695

382,003 401,103 421,158 442,216
545,719 573,005 601,655 631,738
218,287 229,202 240,662 252,695
218,287 229,202 240,662 252,695
174,630 183,361 192,530 202,156
174,630 183,361 192,530 202,156
174,630 183,361 192,530 202,156
174,630 183,361 192,530 202,156
174,630 183,361 192,530 202,156
174,630 183,361 192,530 202,156
218,287 229,202 240,662 252,695

654,862 687,605 721,986 758,085
349,260 366,723 385,059 404,312
76,401 80,221 84,232 88,443
174,630 183,361 192,530 202,156
109,144 114,601 120,331 126,348
206,282 216,596 227,426 238,797
5,239 5,501 5,776 6,065
5,239 5,501 5,776 6,065
139,704 146,689 154,024 161,725
139,704 146,689 154,024 161,725
327,431 343,803 360,993 379,043
209,556 220,034 231,035 242,587
30,560 32,088 33,693 35,377
305,602 320,883 336,927 353,773
13,097 13,752 14,440 15,162
139,704 146,689 154,024 161,725
146,689 154,024 161,725 169,811
99,321 104,287 109,501 114,976
78,583 82,513 86,638 90,970
55,008 57,759 60,647 63,679
275,042 288,794 303,234 318,396
261,945 275,042 288,794 303,234
218,287 229,202 240,662 252,695
17,463 18,336 19,253 20,216
960,465 1,008,488 1,058,912 1,111,858

567,547 595,925 625,721 657,007
496,604 521,434 547,506 574,881
414,746 435,483 457,258 480,121
517,341 543,208 570,369 598,887

722,531 758,658 796,591 836,421
413,655 434,337 456,054 478,857
382,003 401,103 421,158 442,216
392,917 412,563 433,191 454,851
38,200 40,110 42,116 44,222
4,147 4,355 4,573 4,801
722,531 758,658 796,591 836,421

413,655 434,337 456,054 478,857
392,917 412,563 433,191 454,851
38,200 40,110 42,116 44,222
2,082,462 2,186,585 2,295,915 2,410,710

698,520 733,446 770,118 808,624
1,528,012 1,604,413 1,684,633 1,768,865
120,058 126,061 132,364 138,982
43,657 45,840 48,132 50,539
1,347,925 1,415,321 1,486,087 1,560,392
196,459 206,282 216,596 227,426
196,459 206,282 216,596 227,426

65,486 68,761 72,199 75,809
654,862 687,605 721,986 758,085
54,572 57,300 60,165 63,174
109,144 114,601 120,331 126,348
21,829 22,920 24,066 25,270
21,829 22,920 24,066 25,270
152,801 160,441 168,463 176,887
152,801 160,441 168,463 176,887
305,602 320,883 336,927 353,773
152,801 160,441 168,463 176,887
54,572 57,300 60,165 63,174
120,058 126,061 132,364 138,982
174,630 183,361 192,530 202,156
152,801 160,441 168,463 176,887

4,366 4,584 4,813 5,054
4,147 4,355 4,573 4,801
2024 2025 2026 2027
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
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- - - -
- - - -
- - - -
- - - -
2024 2025 2026 2027

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
16,000,000 16,000,000 16,000,000 16,000,000

228,848,000 228,848,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
440,131,932 440,131,932 440,131,932 440,131,932
2024 2025 2026 2027

17 18 19 20
17 18 19 20
17 18 19 20
10 10 10 10
10 10 10 10
10 10 10 10
10 10 10 10
15 15 15 15
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
0 0 0 0
0 0 0 0
7 8 9 10
7 8 9 10
7 8 9 10
7 8 9 10
2 3 4 5
12 13 14 15
12 13 14 15
12 13 14 15
12 13 14 15
12 13 14 15
12 13 14 15
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
533,333 533,333 533,333 533,333

11,442,400 11,442,400 11,442,400 11,442,400
4,688,381 4,688,381 4,688,381 4,688,381

- - - -
- - - -
- - - -
- - - -
310,280 - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
12,286,014 11,975,733 11,975,733 11,975,733

4,688,381 4,688,381 4,688,381 4,688,381
- - - -
2024 2025 2026 2027

8,700,000 9,233,333 9,766,667 10,300,000
142,389,350 153,831,750 165,274,150 176,716,550
- - - -
65,637,338 70,325,719 75,014,100 79,702,481
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
318,242,995 334,907,109 351,571,224 368,235,339
2028 2029 2030 2031
- - - -
- - - -
2028 2029 2030 2031

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2028 2029 2030 2031

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2028 2029 2030 2031

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2028 2029 2030 2031
143,278,076 150,441,980 157,964,079 165,862,283

214,917,114 225,662,970 236,946,118 248,793,424
265,329,771 278,596,259 292,526,072 307,152,376
- - - -
- - - -
- - - -
- - - -
2028 2029 2030 2031
265,330 278,596 292,526 307,152

464,327 487,543 511,921 537,517
663,324 696,491 731,315 767,881
265,330 278,596 292,526 307,152
265,330 278,596 292,526 307,152
212,264 222,877 234,021 245,722
212,264 222,877 234,021 245,722
212,264 222,877 234,021 245,722
212,264 222,877 234,021 245,722
212,264 222,877 234,021 245,722
212,264 222,877 234,021 245,722
265,330 278,596 292,526 307,152

795,989 835,789 877,578 921,457
424,528 445,754 468,042 491,444
92,865 97,509 102,384 107,503
212,264 222,877 234,021 245,722
132,665 139,298 146,263 153,576
250,737 263,273 276,437 290,259
6,368 6,686 7,021 7,372
6,368 6,686 7,021 7,372
169,811 178,302 187,217 196,578
169,811 178,302 187,217 196,578
397,995 417,894 438,789 460,729
254,717 267,452 280,825 294,866
37,146 39,003 40,954 43,001
371,462 390,035 409,537 430,013
15,920 16,716 17,552 18,429
169,811 178,302 187,217 196,578
178,302 187,217 196,578 206,406
120,725 126,761 133,099 139,754
95,519 100,295 105,309 110,575
66,863 70,206 73,717 77,402
334,316 351,031 368,583 387,012
318,396 334,316 351,031 368,583
265,330 278,596 292,526 307,152
21,226 22,288 23,402 24,572
1,167,451 1,225,824 1,287,115 1,351,470

689,857 724,350 760,568 798,596
603,625 633,806 665,497 698,772
504,127 529,333 555,800 583,590
628,832 660,273 693,287 727,951

878,242 922,154 968,261 1,016,674
502,800 527,940 554,337 582,054
464,327 487,543 511,921 537,517
477,594 501,473 526,547 552,874
46,433 48,754 51,192 53,752
5,041 5,293 5,558 5,836
878,242 922,154 968,261 1,016,674

502,800 527,940 554,337 582,054
477,594 501,473 526,547 552,874
46,433 48,754 51,192 53,752
2,531,246 2,657,808 2,790,699 2,930,234

849,055 891,508 936,083 982,888
1,857,308 1,950,174 2,047,683 2,150,067
145,931 153,228 160,889 168,934
53,066 55,719 58,505 61,430
1,638,411 1,720,332 1,806,348 1,896,666
238,797 250,737 263,273 276,437
238,797 250,737 263,273 276,437

79,599 83,579 87,758 92,146
795,989 835,789 877,578 921,457
66,332 69,649 73,132 76,788
132,665 139,298 146,263 153,576
26,533 27,860 29,253 30,715
26,533 27,860 29,253 30,715
185,731 195,017 204,768 215,007
185,731 195,017 204,768 215,007
371,462 390,035 409,537 430,013
185,731 195,017 204,768 215,007
66,332 69,649 73,132 76,788
145,931 153,228 160,889 168,934
212,264 222,877 234,021 245,722
185,731 195,017 204,768 215,007

5,307 5,572 5,851 6,143
5,041 5,293 5,558 5,836
2028 2029 2030 2031
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
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- - - -
- - - -
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- - - -
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- - - -
2028 2029 2030 2031

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
16,000,000 16,000,000 16,000,000 16,000,000

228,848,000 228,848,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
440,131,932 440,131,932 440,131,932 440,131,932
2028 2029 2030 2031

21 22 23 24
20 20 20 20
20 20 20 20
10 10 10 10
10 10 10 10
10 10 10 10
10 10 10 10
15 15 15 15
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
1 2 3 4
1 2 3 4
11 12 13 14
11 12 13 14
11 12 13 14
11 12 13 14
6 7 8 9
16 17 18 19
16 17 18 19
16 17 18 19
16 17 18 19
16 17 18 19
16 17 18 19
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
533,333 533,333 533,333 533,333

11,442,400 11,442,400 11,442,400 9,424,775
4,688,381 4,688,381 4,688,381 -

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
11,975,733 11,975,733 11,975,733 9,958,108

4,688,381 4,688,381 4,688,381 -
- - - -
2028 2029 2030 2031

10,833,333 11,366,667 11,900,000 12,433,333
188,158,950 199,601,350 211,043,750 220,468,525
- - - -
84,390,863 89,079,244 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
384,899,453 401,563,568 418,227,682 428,185,791
2032 2033 2034 2035
- - - -
- - - -
2032 2033 2034 2035

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2032 2033 2034 2035

5,321 5,321 5,321 5,321
- - - -
4,442 4,442 4,442 4,442
- - - -
3,146 3,146 3,146 3,146
1,042 1,042 1,042 1,042
828 828 828 828
3,606 3,606 3,606 3,606
5,339 5,339 5,339 5,339
3,520 3,520 3,520 3,520
- - - -
1,362 1,362 1,362 1,362
2032 2033 2034 2035

- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
2032 2033 2034 2035
174,155,397 182,863,167 192,006,325 201,606,641

261,233,095 274,294,750 288,009,488 302,409,962
322,509,994 338,635,494 355,567,269 373,345,632
- - - -
- - - -
- - - -
- - - -
2032 2033 2034 2035
322,510 338,635 355,567 373,346

564,392 592,612 622,243 653,355
806,275 846,589 888,918 933,364
322,510 338,635 355,567 373,346
322,510 338,635 355,567 373,346
258,008 270,908 284,454 298,677
258,008 270,908 284,454 298,677
258,008 270,908 284,454 298,677
258,008 270,908 284,454 298,677
258,008 270,908 284,454 298,677
258,008 270,908 284,454 298,677
322,510 338,635 355,567 373,346

967,530 1,015,906 1,066,702 1,120,037
516,016 541,817 568,908 597,353
112,878 118,522 124,449 130,671
258,008 270,908 284,454 298,677
161,255 169,318 177,784 186,673
304,772 320,011 336,011 352,812
7,740 8,127 8,534 8,960
7,740 8,127 8,534 8,960
206,406 216,727 227,563 238,941
206,406 216,727 227,563 238,941
483,765 507,953 533,351 560,018
309,610 325,090 341,345 358,412
45,151 47,409 49,779 52,268
451,514 474,090 497,794 522,684
19,351 20,318 21,334 22,401
206,406 216,727 227,563 238,941
216,727 227,563 238,941 250,888
146,742 154,079 161,783 169,872
116,104 121,909 128,004 134,404
81,273 85,336 89,603 94,083
406,363 426,681 448,015 470,415
387,012 406,363 426,681 448,015
322,510 338,635 355,567 373,346
25,801 27,091 28,445 29,868
1,419,044 1,489,996 1,564,496 1,642,721

838,526 880,452 924,475 970,699
733,710 770,396 808,916 849,361
612,769 643,407 675,578 709,357
764,349 802,566 842,694 884,829

1,067,508 1,120,883 1,176,928 1,235,774
611,156 641,714 673,800 707,490
564,392 592,612 622,243 653,355
580,518 609,544 640,021 672,022
56,439 59,261 62,224 65,335
6,128 6,434 6,756 7,094
1,067,508 1,120,883 1,176,928 1,235,774

611,156 641,714 673,800 707,490
580,518 609,544 640,021 672,022
56,439 59,261 62,224 65,335
3,076,745 3,230,583 3,392,112 3,561,717

1,032,032 1,083,634 1,137,815 1,194,706
2,257,570 2,370,448 2,488,971 2,613,419
177,380 186,250 195,562 205,340
64,502 67,727 71,113 74,669
1,991,499 2,091,074 2,195,628 2,305,409
290,259 304,772 320,011 336,011
290,259 304,772 320,011 336,011

96,753 101,591 106,670 112,004
967,530 1,015,906 1,066,702 1,120,037
80,627 84,659 88,892 93,336
161,255 169,318 177,784 186,673
32,251 33,864 35,557 37,335
32,251 33,864 35,557 37,335
225,757 237,045 248,897 261,342
225,757 237,045 248,897 261,342
451,514 474,090 497,794 522,684
225,757 237,045 248,897 261,342
80,627 84,659 88,892 93,336
177,380 186,250 195,562 205,340
258,008 270,908 284,454 298,677
225,757 237,045 248,897 261,342

6,450 6,773 7,111 7,467
6,128 6,434 6,756 7,094
2032 2033 2034 2035
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2032 2033 2034 2035

- - - -
- - - -
- - - -
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16,000,000 16,000,000 16,000,000 16,000,000

228,848,000 228,848,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
440,131,932 440,131,932 440,131,932 440,131,932
2032 2033 2034 2035

25 26 27 28
20 20 20 20
20 20 20 20
10 10 10 10
10 10 10 10
10 10 10 10
10 10 10 10
15 15 15 15
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
5 5 5 5
0 0 0 0
5 6 7 8
5 6 7 8
15 16 17 18
15 16 17 18
15 16 17 18
15 16 17 18
10 11 12 13
20 21 22 23
20 21 22 23
20 21 22 23
20 21 22 23
20 21 22 23
20 21 22 23
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533,333 533,333 533,333 533,333

4,535,250 2,876,225 968,000 -
- - - -
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5,068,583 3,409,558 1,501,333 533,333

- - - -
- - - -
2032 2033 2034 2035

12,966,667 13,500,000 14,033,333 14,566,667
225,003,775 227,880,000 228,848,000 228,848,000
- - - -
93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827
433,254,374 436,663,932 438,165,266 438,698,599
2036
2036
0
0
0
0
0
0
0
0
0
0
0
0
2036
5,321
-
4,442
-
3,146
1,042
828
3,606
5,339
3,520
-
1,362
2036
-
-
-
-
-
-
-
-
-
-
-
-
-
2036
211,686,973
317,530,460
392,012,914
-
-
-
-
2036
392,013
686,023
980,032
392,013
392,013
313,610
313,610
313,610
313,610
313,610
313,610
392,013
1,176,039
627,221
137,205
313,610
196,006
370,452
9,408
9,408
250,888
250,888
588,019
376,332
54,882
548,818
23,521
250,888
263,433
178,366
141,125
98,787
493,936
470,415
392,013
31,361
1,724,857
1,019,234
891,829
744,825
929,071
1,297,563
742,864
686,023
705,623
68,602
7,448
1,297,563
742,864
705,623
68,602
3,739,803
1,254,441
2,744,090
215,607
78,403
2,420,680
352,812
352,812
117,604
1,176,039
98,003
196,006
39,201
39,201
274,409
274,409
548,818
274,409
98,003
215,607
313,610
274,409
7,840
7,448
2036
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2036
- Land Administration
- HGU
-
- Immature Plantations
- Factory
- Building
- Vehicles RO
- Vehicles Estate
- Vehicles Factory
- Heavy Equipments Estate
- Office Inventories RO
- Office Inventories Estate
- Machineries Estate
- Machineries RO
- IDC Estate
- IDC Factory
-
16,000,000
228,848,000
-
93,767,625
19,339,160
1,117,500
4,258,658
1,080,064
15,616,729
184,500
12,461,513
2,135,150
73,900
40,642,307
4,606,827
440,131,932
2036
29
20
20
10
10
10
10
15
5
5
5
5
5
5
0
9
9
19
19
19
19
14
24
24
24
24
24
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
533,333
-
-
-
-
-
-
-
-
-
-
-
-
-
533,333
-
-
2036
15,100,000
228,848,000
-
93,767,625
19,339,160
1,117,500
4,258,658
1,080,064
15,616,729
184,500
12,461,513
2,135,150
73,900
40,642,307
4,606,827
439,231,932
8,000 ha
28,420,400 3.55
16,000,000 2.00
228,848,000 28.61
93,767,625 11.72
19,339,160 2.42
1,117,500 0.14
4,258,658 0.53
1,080,064 0.14
15,616,729 1.95
184,500 0.02
12,461,513 1.56
2,135,150 0.27
73,900 0.01
40,642,307 5.08
4,606,827 0.58
468,552,332 58.57
MAN POWER EXPENSES
Monthly Salary& Benefits (Rp 000)
HO& RO
Salary
1 Project Leader
2 Project Manager
3 Regional Controller
4 Fin Acc Manager
5 Repr. Office Head
6 D&L Manager
7 Staffs
8 Clerks
9 Security
10 Drivers
11 Officeboy
12 Radio Operator
Fringe and Benefit

Medical Allowance& Insurance
1 Project Leader
2 Project Manager
4 Fin Acc Manager
5 Repr. Office Head
6 D&L Manager
7 Staffs
8 Clerks
9 Security
10 Drivers
11 Officeboy
12 Radio Operator
ESTATE
5% Salary
1 Senior manager
2 Estate Manager
3 Chief Assistant
4 Estate's Assistant
5 Technical Assistant
6 Administration Head
7 D&L
8 Surveyor
9 Supervisor (Mandor)
10 Divisional Clerk
11 Medical Support/ Midwives
12 Nurses
13 Security Head
14 Securities
15 Genset Operator
16 Workshop Workers
17 Daily Employees
18 Estate's Office Adm. Staffs
Fringe and Benefit

13.75% Medical Allowance& Insurance
1 Senior manager
2 Estate Manager
3 Chief Assistant
7 D&L
8 Surveyor
10 Divisional Clerk
12 Nurses
13 Security Head
14 Securities
15 Genset Operator
16 Workshop Workers
17 Daily Employees
FACTORY
Salary
Staffs
1 Mill Manager
2 KTU/Kasie
2 Ramp Top
3 Ramp Bottom
4 Ramp Operator
6 Transfer Trolley
10 Crane Operator
11 Press Station
13 Kernel Station
18 Boiler House
23 Bulking PKS
Mill Office
2 Payroll
3 Production Clerk
6 Bulking Clerk
7 Store Keeper
8 Store Attendanct
9 Computer Operator
12 Office Boy
Security
1 Komandan
2 Anggota
Laboratorium
2 Sample Boy
3 Sorter
4 FFB Grading
Driver
1 Nakhoda
2 Pool's Driver
3 Pick Up's Driver
Workshop
2 Grade 1 Filter
3 Grade 2 Filter
4 Grade 3 Filter
5 Grade 1 Filter
6 Grade 2 Filter
7 Grade 3 Filter
9 Shilt Filter
10 Greaser
Others
1 Gardener
2 Servant
3 Night Watchman
Fringe and benefit

Staffs
1 Mill Manager
2 KTU/Kasie
2 Ramp Top
3 Ramp Bottom
4 Ramp Operator
6 Transfer Trolley
10 Crane Operator
11 Press Station
13 Kernel Station
18 Boiler House
23 Bulking PKS
Mill Office
2 Payroll
3 Production Clerk
6 Bulking Clerk
7 Store Keeper
8 Store Attendanct
9 Computer Operator
12 Office Boy
Security
1 Komandan
2 Anggota
Laboratorium
2 Sample Boy
3 Sorter
4 FFB Grading
Driver
1 Nakhoda
2 Pool's Driver
3 Pick Up's Driver
Workshop
2 Grade 1 Filter
3 Grade 2 Filter
4 Grade 3 Filter
5 Grade 1 Filter
6 Grade 2 Filter
7 Grade 3 Filter
9 Shilt Filter
10 Greaser
Others
1 Gardener
2 Servant
3 Night Watchman
PERSON QUANTITIES
HO& RO
1 Project Leader
2 Project Manager
4 Fin Acc Manager
5 Repr. Office Head
6 D&L Manager
7 Staffs
8 Clerks
9 Security
10 Drivers
11 Officeboy
12 Radio Operator
ESTATE
1 Senior manager
2 Estate Manager
3 Chief Assistant
7 D&L
8 Surveyor
10 Divisional Clerk
12 Nurses
13 Security Head
14 Securities
15 Genset Operator
16 Workshop Workers
17 Daily Employees
FACTORY
Staffs
1 Mill Manager
2 KTU/Kasie
2 Ramp Top
3 Ramp Bottom
4 Ramp Operator
6 Transfer Trolley
10 Crane Operator
11 Press Station
13 Kernel Station
18 Boiler House
23 Bulking PKS
Mill Office
2 Payroll
3 Production Clerk
6 Bulking Clerk
7 Store Keeper
8 Store Attendanct
9 Computer Operator
12 Office Boy
Security
1 Komandan
2 Anggota
Laboratorium
2 Sample Boy
3 Sorter
4 FFB Grading
Driver
1 Nakhoda
2 Pool's Driver
3 Pick Up's Driver
Workshop
2 Grade 1 Filter
3 Grade 2 Filter
4 Grade 3 Filter
5 Grade 1 Filter
6 Grade 2 Filter
7 Grade 3 Filter
9 Shilt Filter
10 Greaser
Others
1 Gardener
2 Servant
3 Night Watchman
MAN POWER EXPENSE/ MONTH

HO& RO
1 Project Leader
2 Project Manager
4 Fin Acc Manager
5 Repr. Office Head
6 D&L Manager
7 Staffs
8 Clerks
9 Security
10 Drivers
11 Officeboy
12 Radio Operator
ESTATE
1 Senior manager
2 Estate Manager
3 Chief Assistant
7 D&L
8 Surveyor
10 Divisional Clerk
12 Nurses
13 Security Head
14 Securities
15 Genset Operator
16 Workshop Workers
17 Daily Employees
FACTORY
Staffs
1 Mill Manager
2 KTU/Kasie
2 Ramp Top
3 Ramp Bottom
4 Ramp Operator
6 Transfer Trolley
10 Crane Operator
11 Press Station
13 Kernel Station
18 Boiler House
23 Bulking PKS
Mill Office
2 Payroll
3 Production Clerk
6 Bulking Clerk
7 Store Keeper
8 Store Attendanct
9 Computer Operator
12 Office Boy
Security
1 Komandan
2 Anggota
Laboratorium
2 Sample Boy
3 Sorter
4 FFB Grading
Driver
1 Nakhoda
2 Pool's Driver
3 Pick Up's Driver
Workshop
2 Grade 1 Filter
3 Grade 2 Filter
4 Grade 3 Filter
5 Grade 1 Filter
6 Grade 2 Filter
7 Grade 3 Filter
9 Shilt Filter
10 Greaser
Others
1 Gardener
2 Servant
3 Night Watchman
MAN POWER EXPENSE/ YEAR

13 months
HO& RO
ESTATE
FACTORY
PENSES Salary Benefit Show All
2008 2009 2010 2011 2012 2013
100,000 105,000 110,250 115,763 121,551 127,628

90,000 94,500 99,225 104,186 109,396 114,865
80,000 84,000 88,200 92,610 97,241 102,103
10,000 10,500 11,025 11,576 12,155 12,763
8,000 8,400 8,820 9,261 9,724 10,210
3,000 3,150 3,308 3,473 3,647 3,829
3,000 3,150 3,308 3,473 3,647 3,829
1,500 1,575 1,654 1,736 1,823 1,914
1,200 1,260 1,323 1,389 1,459 1,532
1,200 1,260 1,323 1,389 1,459 1,532
1,000 1,050 1,103 1,158 1,216 1,276
1,000 1,050 1,103 1,158 1,216 1,276
13,750 14,438 15,159 15,917 16,713 17,549

12,375 12,994 13,643 14,326 15,042 15,794
11,000 11,550 12,128 12,734 13,371 14,039
1,375 1,444 1,516 1,592 1,671 1,755
1,100 1,155 1,213 1,273 1,337 1,404
413 433 455 478 501 526
413 433 455 478 501 526
206 217 227 239 251 263
165 173 182 191 201 211
165 173 182 191 201 211
138 144 152 159 167 175
138 144 152 159 167 175
50,000 52,500 55,125 57,881 60,775 63,814
20,000 21,000 22,050 23,153 24,310 25,526
15,000 15,750 16,538 17,364 18,233 19,144
3,000 3,150 3,308 3,473 3,647 3,829
3,000 3,150 3,308 3,473 3,647 3,829
3,000 3,150 3,308 3,473 3,647 3,829
3,000 3,150 3,308 3,473 3,647 3,829
3,000 3,150 3,308 3,473 3,647 3,829
1,000 1,050 1,103 1,158 1,216 1,276
1,200 1,260 1,323 1,389 1,459 1,532
1,000 1,050 1,103 1,158 1,216 1,276
800 840 882 926 972 1,021
1,800 1,890 1,985 2,084 2,188 2,297
800 840 882 926 972 1,021
800 840 882 926 972 1,021
1,200 1,260 1,323 1,389 1,459 1,532
800 840 882 926 972 1,021
800 840 882 926 972 1,021
6,875 7,219 7,580 7,959 8,357 8,774

2,750 2,888 3,032 3,183 3,343 3,510
2,063 2,166 2,274 2,388 2,507 2,632
413 433 455 478 501 526
413 433 455 478 501 526
413 433 455 478 501 526
413 433 455 478 501 526
413 433 455 478 501 526
138 144 152 159 167 175
165 173 182 191 201 211
138 144 152 159 167 175
110 116 121 127 134 140
248 260 273 287 301 316
110 116 121 127 134 140
110 116 121 127 134 140
165 173 182 191 201 211
110 116 121 127 134 140
110 116 121 127 134 140
9,663 10,146 10,654 11,186 11,746 12,333

4,832 5,073 5,327 5,593 5,873 6,166
4,832 5,073 5,327 5,593 5,873 6,166
4,832 5,073 5,327 5,593 5,873 6,166
4,832 5,073 5,327 5,593 5,873 6,166
4,832 5,073 5,327 5,593 5,873 6,166
2,416 2,537 2,663 2,797 2,936 3,083

1,449 1,522 1,598 1,678 1,762 1,850
1,449 1,522 1,598 1,678 1,762 1,850
1,208 1,268 1,332 1,398 1,468 1,542
1,611 1,691 1,776 1,864 1,958 2,055
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
1,288 1,353 1,420 1,491 1,566 1,644
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
1,208 1,268 1,332 1,398 1,468 1,542
1,288 1,353 1,420 1,491 1,566 1,644
1,208 1,268 1,332 1,398 1,468 1,542
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
1,208 1,268 1,332 1,398 1,468 1,542
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
1,611 1,691 1,776 1,864 1,958 2,055

1,288 1,353 1,420 1,491 1,566 1,644
1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
1,530 1,606 1,687 1,771 1,860 1,953
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
966 1,015 1,065 1,119 1,175 1,233
1,208 1,268 1,332 1,398 1,468 1,542
805 846 888 932 979 1,028
805 846 888 932 979 1,028
1,449 1,522 1,598 1,678 1,762 1,850

1,208 1,268 1,332 1,398 1,468 1,542
3,221 3,382 3,551 3,729 3,915 4,111

1,530 1,606 1,687 1,771 1,860 1,953
1,208 1,268 1,332 1,398 1,468 1,542
1,047 1,099 1,154 1,212 1,272 1,336
1,369 1,437 1,509 1,585 1,664 1,747

1,047 1,099 1,154 1,212 1,272 1,336
1,047 1,099 1,154 1,212 1,272 1,336
1,772 1,860 1,953 2,051 2,153 2,261

1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
1,208 1,268 1,332 1,398 1,468 1,542
886 930 977 1,025 1,077 1,131
886 930 977 1,025 1,077 1,131
886 930 977 1,025 1,077 1,131
886 930 977 1,025 1,077 1,131
805 846 888 932 979 1,028

1,047 1,099 1,154 1,212 1,272 1,336
1,047 1,099 1,154 1,212 1,272 1,336
1,329 1,395 1,465 1,538 1,615 1,696

664 698 732 769 808 848
664 698 732 769 808 848
664 698 732 769 808 848
664 698 732 769 808 848
664 698 732 769 808 848
332 349 366 385 404 424

199 209 220 231 242 254
199 209 220 231 242 254
166 174 183 192 202 212
221 233 244 256 269 283
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
177 186 195 205 215 226
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
166 174 183 192 202 212
177 186 195 205 215 226
166 174 183 192 202 212
133 140 146 154 162 170
133 140 146 154 162 170
166 174 183 192 202 212
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
221 233 244 256 269 283

177 186 195 205 215 226
166 174 183 192 202 212
166 174 183 192 202 212
210 221 232 244 256 268
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
133 140 146 154 162 170
166 174 183 192 202 212
111 116 122 128 135 141
111 116 122 128 135 141
199 209 220 231 242 254

166 174 183 192 202 212
443 465 488 513 538 565

210 221 232 244 256 268
166 174 183 192 202 212
144 151 159 167 175 184
188 198 208 218 229 240

144 151 159 167 175 184
144 151 159 167 175 184
244 256 269 282 296 311

166 174 183 192 202 212
166 174 183 192 202 212
166 174 183 192 202 212
166 174 183 192 202 212
166 174 183 192 202 212
166 174 183 192 202 212
122 128 134 141 148 155
122 128 134 141 148 155
122 128 134 141 148 155
122 128 134 141 148 155
111 116 122 128 135 141

144 151 159 167 175 184
144 151 159 167 175 184
2008 2009 2010 2011 2012 2013
1 - - - - -
1 - - - - -
1 - - - - -
1 - - - - -
1 - - - - -
1 - - - - -
5 - - - - -
3 - - - - -
3 - - - - -
4 - - - - -
1 - - - - -
1 - - - - -
- - - - - -
1 1 1 - - -
1 1 1 - - -
3 3 3 - - -
1 - - - - -
1 1 1 - - -
2 2 2 - - -
2 2 2 - - -
18 18 18 - - -
3 3 3 - - -
1 1 1 - - -
1 1 1 - - -
1 1 1 - - -
9 9 9 - - -
2 2 2 - - -
9 9 9 - - -
2 - - - - -
6 6 6 - - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - - - -
- - - - - -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 4 -
- - - - 2 -
- - - - 4 -
- - - - 4 -
- - - - 4 -
- - - - 2 -
- - - - 2 -
- - - - 3 -
- - - - 2 -
- - - - 4 -
- - - - 2 -
- - - - 4 -
- - - - 4 -
- - - - 5 -
- - - - 2 -
- - - - 2 -
- - - - - -
- - - - - -
- - - 2 - -
- - - 1 - -
- - - 1 - -
- - - 2 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 1 - -
- - - 2 - -
- - - 1 - -
- - - 1 - -
- - - - - -
- - - - - -
- - - 1 - -
- - - 10 - -
- - - - - -
- - - - - -
- - - - 2 -
- - - - 2 -
- - - - 2 -
- - - - 3 -
- - - - - -
- - - - - -
- - - - 1 -
- - - - 1 -
- - - - 2 -
- - - - - -
- - - - - -
- - - - 1 -
- - - - 4 -
- - - - 4 -
- - - - 3 -
- - - - 1 -
- - - - 2 -
- - - - 1 -
- - - - 3 -
- - - - 2 -
- - - - 2 -
- - - - 1 -
- - - - - -
- - - - - -
- - - 2 - -
- - - 4 - -
- - - 3 - -
2008 2009 2010 2011 2012 2013
113,750 119,438 125,409 131,680 138,264 145,177

102,375 107,494 112,868 118,512 124,437 130,659
91,000 95,550 100,328 105,344 110,611 116,142
11,375 11,944 12,541 13,168 13,826 14,518
9,100 9,555 10,033 10,534 11,061 11,614
3,413 3,583 3,762 3,950 4,148 4,355
17,063 17,916 18,811 19,752 20,740 21,777
5,119 5,375 5,643 5,926 6,222 6,533
4,095 4,300 4,515 4,740 4,977 5,226
5,460 5,733 6,020 6,321 6,637 6,968
1,138 1,194 1,254 1,317 1,383 1,452
1,138 1,194 1,254 1,317 1,383 1,452
- - - - - -
22,750 47,775 75,246 79,008 82,958 87,106
17,063 35,831 56,434 59,256 62,219 65,330
10,238 21,499 33,861 35,554 37,331 39,198
3,413 3,583 3,762 3,950 4,148 4,355
3,413 7,166 11,287 11,851 12,444 13,066
6,825 14,333 22,574 23,702 24,887 26,132
6,825 14,333 22,574 23,702 24,887 26,132
20,475 42,998 67,721 71,107 74,662 78,396
4,095 8,600 13,544 14,221 14,932 15,679
1,138 2,389 3,762 3,950 4,148 4,355
910 1,911 3,010 3,160 3,318 3,484
2,048 4,300 6,772 7,111 7,466 7,840
8,190 17,199 27,088 28,443 29,865 31,358
1,820 3,822 6,020 6,321 6,637 6,968
12,285 25,799 40,633 42,664 44,797 47,037
1,820 1,911 2,007 2,107 2,212 2,323
5,460 11,466 18,059 18,962 19,910 20,905
- - - 12,724 13,361 14,029

- - - 6,362 6,680 7,014
- - - 6,362 6,680 7,014
- - - 6,362 6,680 7,014
- - - 6,362 6,680 7,014
- - - 6,362 6,680 7,014
- - - - 6,680 7,014
- - - - 4,008 4,209
- - - - 4,008 4,209
- - - - 3,340 3,507
- - - - 4,454 4,676
- - - - 2,672 2,806
- - - - 2,672 2,806
- - - - 2,672 2,806
- - - - 7,126 7,482
- - - - 2,672 2,806
- - - - 5,344 5,611
- - - - 5,344 5,611
- - - - 5,344 5,611
- - - - 3,340 3,507
- - - - 3,563 3,741
- - - - 5,010 5,261
- - - - 2,672 2,806
- - - - 5,344 5,611
- - - - 3,340 3,507
- - - - 5,344 5,611
- - - - 5,344 5,611
- - - - 6,680 7,014
- - - - 2,672 2,806
- - - - 2,672 2,806
- - - 4,241 4,454 4,676

- - - 1,697 1,781 1,870
- - - 1,591 1,670 1,754
- - - 3,181 3,340 3,507
- - - 2,015 2,115 2,221
- - - 1,272 1,336 1,403
- - - 1,272 1,336 1,403
- - - 1,272 1,336 1,403
- - - 1,272 1,336 1,403
- - - 3,181 3,340 3,507
- - - 1,060 1,113 1,169
- - - 1,060 1,113 1,169
- - - 1,909 2,004 2,104

- - - 15,905 16,701 17,536
- - - - 8,907 9,352
- - - - 4,231 4,442
- - - - 3,340 3,507
- - - - 4,342 4,559
- - - - 1,893 1,987
- - - - 1,447 1,520
- - - - 2,895 3,040
- - - - 2,449 2,572
- - - - 6,680 7,014
- - - - 6,680 7,014
- - - - 5,010 5,261
- - - - 1,670 1,754
- - - - 3,340 3,507
- - - - 1,670 1,754
- - - - 3,674 3,858
- - - - 2,449 2,572
- - - - 2,449 2,572
- - - - 1,225 1,286
- - - 2,121 2,227 2,338

- - - 5,514 5,790 6,079
- - - 4,135 4,342 4,559
2008 2009 2010 2011 2012 2013

4,745,309 4,982,574 5,231,703 5,493,288 5,767,952 6,056,350
1,673,945 3,443,861 5,386,583 5,655,913 5,938,708 6,235,644
- - - 1,264,053 3,493,998 3,668,698

2014 2015 2016 2017 2018 2019
134,010 140,710 147,746 155,133 162,889 171,034

120,609 126,639 132,971 139,620 146,601 153,931
107,208 112,568 118,196 124,106 130,312 136,827
13,401 14,071 14,775 15,513 16,289 17,103
10,721 11,257 11,820 12,411 13,031 13,683
4,020 4,221 4,432 4,654 4,887 5,131
4,020 4,221 4,432 4,654 4,887 5,131
2,010 2,111 2,216 2,327 2,443 2,566
1,608 1,689 1,773 1,862 1,955 2,052
1,608 1,689 1,773 1,862 1,955 2,052
1,340 1,407 1,477 1,551 1,629 1,710
1,340 1,407 1,477 1,551 1,629 1,710
18,426 19,348 20,315 21,331 22,397 23,517

16,584 17,413 18,284 19,198 20,158 21,165
14,741 15,478 16,252 17,065 17,918 18,814
1,843 1,935 2,032 2,133 2,240 2,352
1,474 1,548 1,625 1,706 1,792 1,881
553 580 609 640 672 706
553 580 609 640 672 706
276 290 305 320 336 353
221 232 244 256 269 282
221 232 244 256 269 282
184 193 203 213 224 235
184 193 203 213 224 235
67,005 70,355 73,873 77,566 81,445 85,517
26,802 28,142 29,549 31,027 32,578 34,207
20,101 21,107 22,162 23,270 24,433 25,655
4,020 4,221 4,432 4,654 4,887 5,131
4,020 4,221 4,432 4,654 4,887 5,131
4,020 4,221 4,432 4,654 4,887 5,131
4,020 4,221 4,432 4,654 4,887 5,131
4,020 4,221 4,432 4,654 4,887 5,131
1,340 1,407 1,477 1,551 1,629 1,710
1,608 1,689 1,773 1,862 1,955 2,052
1,340 1,407 1,477 1,551 1,629 1,710
1,072 1,126 1,182 1,241 1,303 1,368
2,412 2,533 2,659 2,792 2,932 3,079
1,072 1,126 1,182 1,241 1,303 1,368
1,072 1,126 1,182 1,241 1,303 1,368
1,608 1,689 1,773 1,862 1,955 2,052
1,072 1,126 1,182 1,241 1,303 1,368
1,072 1,126 1,182 1,241 1,303 1,368
9,213 9,674 10,158 10,665 11,199 11,759

3,685 3,870 4,063 4,266 4,479 4,703
2,764 2,902 3,047 3,200 3,360 3,528
553 580 609 640 672 706
553 580 609 640 672 706
553 580 609 640 672 706
553 580 609 640 672 706
553 580 609 640 672 706
184 193 203 213 224 235
221 232 244 256 269 282
184 193 203 213 224 235
147 155 163 171 179 188
332 348 366 384 403 423
147 155 163 171 179 188
147 155 163 171 179 188
221 232 244 256 269 282
147 155 163 171 179 188
147 155 163 171 179 188
12,949 13,597 14,277 14,991 15,740 16,527

6,475 6,798 7,138 7,495 7,870 8,264
6,475 6,798 7,138 7,495 7,870 8,264
6,475 6,798 7,138 7,495 7,870 8,264
6,475 6,798 7,138 7,495 7,870 8,264
6,475 6,798 7,138 7,495 7,870 8,264
3,237 3,399 3,569 3,748 3,935 4,132

1,942 2,040 2,142 2,249 2,361 2,479
1,942 2,040 2,142 2,249 2,361 2,479
1,619 1,700 1,785 1,874 1,968 2,066
2,158 2,266 2,379 2,498 2,623 2,755
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,727 1,813 1,904 1,999 2,099 2,204
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,619 1,700 1,785 1,874 1,968 2,066
1,727 1,813 1,904 1,999 2,099 2,204
1,619 1,700 1,785 1,874 1,968 2,066
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,619 1,700 1,785 1,874 1,968 2,066
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
2,158 2,266 2,379 2,498 2,623 2,755

1,727 1,813 1,904 1,999 2,099 2,204
1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
2,050 2,153 2,260 2,374 2,492 2,617
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,295 1,360 1,428 1,499 1,574 1,653
1,619 1,700 1,785 1,874 1,968 2,066
1,079 1,133 1,190 1,249 1,312 1,377
1,079 1,133 1,190 1,249 1,312 1,377
1,942 2,040 2,142 2,249 2,361 2,479

1,619 1,700 1,785 1,874 1,968 2,066
4,316 4,532 4,759 4,997 5,247 5,509

2,050 2,153 2,260 2,374 2,492 2,617
1,619 1,700 1,785 1,874 1,968 2,066
1,403 1,473 1,547 1,624 1,705 1,790
1,835 1,926 2,023 2,124 2,230 2,341

1,403 1,473 1,547 1,624 1,705 1,790
1,403 1,473 1,547 1,624 1,705 1,790
2,374 2,493 2,617 2,748 2,886 3,030

1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
1,619 1,700 1,785 1,874 1,968 2,066
1,187 1,246 1,309 1,374 1,443 1,515
1,187 1,246 1,309 1,374 1,443 1,515
1,187 1,246 1,309 1,374 1,443 1,515
1,187 1,246 1,309 1,374 1,443 1,515
1,079 1,133 1,190 1,249 1,312 1,377

1,403 1,473 1,547 1,624 1,705 1,790
1,403 1,473 1,547 1,624 1,705 1,790
1,781 1,870 1,963 2,061 2,164 2,272

890 935 982 1,031 1,082 1,136
890 935 982 1,031 1,082 1,136
890 935 982 1,031 1,082 1,136
890 935 982 1,031 1,082 1,136
890 935 982 1,031 1,082 1,136
445 467 491 515 541 568

267 280 294 309 325 341
267 280 294 309 325 341
223 234 245 258 271 284
297 312 327 344 361 379
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
237 249 262 275 289 303
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
223 234 245 258 271 284
237 249 262 275 289 303
223 234 245 258 271 284
178 187 196 206 216 227
178 187 196 206 216 227
223 234 245 258 271 284
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
297 312 327 344 361 379

237 249 262 275 289 303
223 234 245 258 271 284
223 234 245 258 271 284
282 296 311 326 343 360
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
178 187 196 206 216 227
223 234 245 258 271 284
148 156 164 172 180 189
148 156 164 172 180 189
267 280 294 309 325 341

223 234 245 258 271 284
594 623 654 687 721 757

282 296 311 326 343 360
223 234 245 258 271 284
193 203 213 223 234 246
252 265 278 292 307 322

193 203 213 223 234 246
193 203 213 223 234 246
326 343 360 378 397 417

223 234 245 258 271 284
223 234 245 258 271 284
223 234 245 258 271 284
223 234 245 258 271 284
223 234 245 258 271 284
223 234 245 258 271 284
163 171 180 189 198 208
163 171 180 189 198 208
163 171 180 189 198 208
163 171 180 189 198 208
148 156 164 172 180 189

193 203 213 223 234 246
193 203 213 223 234 246
2014 2015 2016 2017 2018 2019
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2014 2015 2016 2017 2018 2019
152,436 160,058 168,061 176,464 185,287 194,551

137,192 144,052 151,255 158,817 166,758 175,096
121,949 128,046 134,448 141,171 148,229 155,641
15,244 16,006 16,806 17,646 18,529 19,455
12,195 12,805 13,445 14,117 14,823 15,564
4,573 4,802 5,042 5,294 5,559 5,837
22,865 24,009 25,209 26,470 27,793 29,183
6,860 7,203 7,563 7,941 8,338 8,755
5,488 5,762 6,050 6,353 6,670 7,004
7,317 7,683 8,067 8,470 8,894 9,338
1,524 1,601 1,681 1,765 1,853 1,946
1,524 1,601 1,681 1,765 1,853 1,946
- - - - - -
91,462 96,035 100,836 105,878 111,172 116,731
68,596 72,026 75,627 79,409 83,379 87,548
41,158 43,216 45,376 47,645 50,027 52,529
4,573 4,802 5,042 5,294 5,559 5,837
13,719 14,405 15,125 15,882 16,676 17,510
27,438 28,810 30,251 31,763 33,352 35,019
27,438 28,810 30,251 31,763 33,352 35,019
82,315 86,431 90,753 95,290 100,055 105,058
16,463 17,286 18,151 19,058 20,011 21,012
4,573 4,802 5,042 5,294 5,559 5,837
3,658 3,841 4,033 4,235 4,447 4,669
8,232 8,643 9,075 9,529 10,005 10,506
32,926 34,572 36,301 38,116 40,022 42,023
7,317 7,683 8,067 8,470 8,894 9,338
49,389 51,859 54,452 57,174 60,033 63,035
2,439 2,561 2,689 2,823 2,965 3,113
21,951 23,048 24,201 25,411 26,681 28,015
14,730 15,466 16,240 17,052 17,904 18,800

7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400

4,419 4,640 4,872 5,116 5,371 5,640
4,419 4,640 4,872 5,116 5,371 5,640
3,682 3,867 4,060 4,263 4,476 4,700
4,910 5,155 5,413 5,684 5,968 6,267
2,946 3,093 3,248 3,410 3,581 3,760
2,946 3,093 3,248 3,410 3,581 3,760
2,946 3,093 3,248 3,410 3,581 3,760
7,856 8,249 8,661 9,094 9,549 10,026
2,946 3,093 3,248 3,410 3,581 3,760
5,892 6,187 6,496 6,821 7,162 7,520
5,892 6,187 6,496 6,821 7,162 7,520
5,892 6,187 6,496 6,821 7,162 7,520
3,682 3,867 4,060 4,263 4,476 4,700
3,928 4,124 4,331 4,547 4,774 5,013
5,524 5,800 6,090 6,394 6,714 7,050
2,946 3,093 3,248 3,410 3,581 3,760
5,892 6,187 6,496 6,821 7,162 7,520
3,682 3,867 4,060 4,263 4,476 4,700
5,892 6,187 6,496 6,821 7,162 7,520
5,892 6,187 6,496 6,821 7,162 7,520
7,365 7,733 8,120 8,526 8,952 9,400
2,946 3,093 3,248 3,410 3,581 3,760
2,946 3,093 3,248 3,410 3,581 3,760
4,910 5,155 5,413 5,684 5,968 6,267

1,964 2,062 2,165 2,274 2,387 2,507
1,841 1,933 2,030 2,131 2,238 2,350
3,682 3,867 4,060 4,263 4,476 4,700
2,332 2,449 2,571 2,700 2,835 2,977
1,473 1,547 1,624 1,705 1,790 1,880
1,473 1,547 1,624 1,705 1,790 1,880
1,473 1,547 1,624 1,705 1,790 1,880
1,473 1,547 1,624 1,705 1,790 1,880
3,682 3,867 4,060 4,263 4,476 4,700
1,227 1,289 1,353 1,421 1,492 1,567
1,227 1,289 1,353 1,421 1,492 1,567
2,209 2,320 2,436 2,558 2,686 2,820

18,412 19,333 20,300 21,315 22,380 23,499
9,820 10,311 10,827 11,368 11,936 12,533

4,664 4,898 5,143 5,400 5,670 5,953
3,682 3,867 4,060 4,263 4,476 4,700
4,787 5,027 5,278 5,542 5,819 6,110
2,087 2,191 2,301 2,416 2,536 2,663

1,596 1,676 1,759 1,847 1,940 2,037
3,191 3,351 3,519 3,695 3,879 4,073
2,700 2,836 2,977 3,126 3,282 3,447
7,365 7,733 8,120 8,526 8,952 9,400
7,365 7,733 8,120 8,526 8,952 9,400
5,524 5,800 6,090 6,394 6,714 7,050
1,841 1,933 2,030 2,131 2,238 2,350
3,682 3,867 4,060 4,263 4,476 4,700
1,841 1,933 2,030 2,131 2,238 2,350
4,051 4,253 4,466 4,689 4,924 5,170
2,700 2,836 2,977 3,126 3,282 3,447
2,700 2,836 2,977 3,126 3,282 3,447
1,350 1,418 1,489 1,563 1,641 1,723
2,455 2,578 2,707 2,842 2,984 3,133

6,383 6,702 7,037 7,389 7,759 8,146
4,787 5,027 5,278 5,542 5,819 6,110
2014 2015 2016 2017 2018 2019

6,359,168 6,677,126 7,010,982 7,361,531 7,729,608 8,116,088
6,547,426 6,874,797 7,218,537 7,579,464 7,958,437 8,356,359
3,852,133 4,044,739 4,246,976 4,459,325 4,682,291 4,916,406

2020 2021 2022 2023 2024 2025
179,586 188,565 197,993 207,893 218,287 229,202

161,627 169,708 178,194 187,104 196,459 206,282
143,669 150,852 158,395 166,314 174,630 183,361
17,959 18,856 19,799 20,789 21,829 22,920
14,367 15,085 15,839 16,631 17,463 18,336
5,388 5,657 5,940 6,237 6,549 6,876
5,388 5,657 5,940 6,237 6,549 6,876
2,694 2,828 2,970 3,118 3,274 3,438
2,155 2,263 2,376 2,495 2,619 2,750
2,155 2,263 2,376 2,495 2,619 2,750
1,796 1,886 1,980 2,079 2,183 2,292
1,796 1,886 1,980 2,079 2,183 2,292
24,693 25,928 27,224 28,585 30,015 31,515

22,224 23,335 24,502 25,727 27,013 28,364
19,754 20,742 21,779 22,868 24,012 25,212
2,469 2,593 2,722 2,859 3,001 3,152
1,975 2,074 2,178 2,287 2,401 2,521
741 778 817 858 900 945
741 778 817 858 900 945
370 389 408 429 450 473
296 311 327 343 360 378
296 311 327 343 360 378
247 259 272 286 300 315
247 259 272 286 300 315
89,793 94,282 98,997 103,946 109,144 114,601
35,917 37,713 39,599 41,579 43,657 45,840
26,938 28,285 29,699 31,184 32,743 34,380
5,388 5,657 5,940 6,237 6,549 6,876
5,388 5,657 5,940 6,237 6,549 6,876
5,388 5,657 5,940 6,237 6,549 6,876
5,388 5,657 5,940 6,237 6,549 6,876
5,388 5,657 5,940 6,237 6,549 6,876
1,796 1,886 1,980 2,079 2,183 2,292
2,155 2,263 2,376 2,495 2,619 2,750
1,796 1,886 1,980 2,079 2,183 2,292
1,437 1,509 1,584 1,663 1,746 1,834
3,233 3,394 3,564 3,742 3,929 4,126
1,437 1,509 1,584 1,663 1,746 1,834
1,437 1,509 1,584 1,663 1,746 1,834
2,155 2,263 2,376 2,495 2,619 2,750
1,437 1,509 1,584 1,663 1,746 1,834
1,437 1,509 1,584 1,663 1,746 1,834
12,347 12,964 13,612 14,293 15,007 15,758

4,939 5,186 5,445 5,717 6,003 6,303
3,704 3,889 4,084 4,288 4,502 4,727
741 778 817 858 900 945
741 778 817 858 900 945
741 778 817 858 900 945
741 778 817 858 900 945
741 778 817 858 900 945
247 259 272 286 300 315
296 311 327 343 360 378
247 259 272 286 300 315
198 207 218 229 240 252
444 467 490 515 540 567
198 207 218 229 240 252
198 207 218 229 240 252
296 311 327 343 360 378
198 207 218 229 240 252
198 207 218 229 240 252
17,353 18,221 19,132 20,089 21,093 22,148

8,677 9,111 9,566 10,044 10,547 11,074
8,677 9,111 9,566 10,044 10,547 11,074
8,677 9,111 9,566 10,044 10,547 11,074
8,677 9,111 9,566 10,044 10,547 11,074
8,677 9,111 9,566 10,044 10,547 11,074
4,338 4,555 4,783 5,022 5,273 5,537

2,603 2,733 2,870 3,013 3,164 3,322
2,603 2,733 2,870 3,013 3,164 3,322
2,169 2,278 2,392 2,511 2,637 2,768
2,892 3,037 3,189 3,348 3,516 3,691
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
2,314 2,429 2,551 2,679 2,812 2,953
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
2,169 2,278 2,392 2,511 2,637 2,768
2,314 2,429 2,551 2,679 2,812 2,953
2,169 2,278 2,392 2,511 2,637 2,768
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
2,169 2,278 2,392 2,511 2,637 2,768
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
2,892 3,037 3,189 3,348 3,516 3,691

2,314 2,429 2,551 2,679 2,812 2,953
2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
2,748 2,885 3,029 3,181 3,340 3,507
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
1,735 1,822 1,913 2,009 2,109 2,215
2,169 2,278 2,392 2,511 2,637 2,768
1,446 1,518 1,594 1,674 1,758 1,846
1,446 1,518 1,594 1,674 1,758 1,846
2,603 2,733 2,870 3,013 3,164 3,322

2,169 2,278 2,392 2,511 2,637 2,768
5,784 6,074 6,377 6,696 7,031 7,383

2,748 2,885 3,029 3,181 3,340 3,507
2,169 2,278 2,392 2,511 2,637 2,768
1,880 1,974 2,073 2,176 2,285 2,399
2,458 2,581 2,710 2,846 2,988 3,138

1,880 1,974 2,073 2,176 2,285 2,399
1,880 1,974 2,073 2,176 2,285 2,399
3,181 3,341 3,508 3,683 3,867 4,060

2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
2,169 2,278 2,392 2,511 2,637 2,768
1,591 1,670 1,754 1,841 1,934 2,030
1,591 1,670 1,754 1,841 1,934 2,030
1,591 1,670 1,754 1,841 1,934 2,030
1,591 1,670 1,754 1,841 1,934 2,030
1,446 1,518 1,594 1,674 1,758 1,846

1,880 1,974 2,073 2,176 2,285 2,399
1,880 1,974 2,073 2,176 2,285 2,399
2,386 2,505 2,631 2,762 2,900 3,045

1,193 1,253 1,315 1,381 1,450 1,523
1,193 1,253 1,315 1,381 1,450 1,523
1,193 1,253 1,315 1,381 1,450 1,523
1,193 1,253 1,315 1,381 1,450 1,523
1,193 1,253 1,315 1,381 1,450 1,523
597 626 658 691 725 761

358 376 395 414 435 457
358 376 395 414 435 457
298 313 329 345 363 381
398 418 438 460 483 508
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
318 334 351 368 387 406
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
298 313 329 345 363 381
318 334 351 368 387 406
298 313 329 345 363 381
239 251 263 276 290 305
239 251 263 276 290 305
298 313 329 345 363 381
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
398 418 438 460 483 508

318 334 351 368 387 406
298 313 329 345 363 381
298 313 329 345 363 381
378 397 417 437 459 482
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
239 251 263 276 290 305
298 313 329 345 363 381
199 209 219 230 242 254
199 209 219 230 242 254
358 376 395 414 435 457

298 313 329 345 363 381
795 835 877 921 967 1,015

378 397 417 437 459 482
298 313 329 345 363 381
258 271 285 299 314 330
338 355 373 391 411 431

258 271 285 299 314 330
258 271 285 299 314 330
437 459 482 506 532 558

298 313 329 345 363 381
298 313 329 345 363 381
298 313 329 345 363 381
298 313 329 345 363 381
298 313 329 345 363 381
298 313 329 345 363 381
219 230 241 253 266 279
219 230 241 253 266 279
219 230 241 253 266 279
219 230 241 253 266 279
199 209 219 230 242 254

258 271 285 299 314 330
258 271 285 299 314 330
2020 2021 2022 2023 2024 2025
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2020 2021 2022 2023 2024 2025
204,279 214,493 225,217 236,478 248,302 260,717

183,851 193,043 202,695 212,830 223,472 234,645
163,423 171,594 180,174 189,182 198,642 208,574
20,428 21,449 22,522 23,648 24,830 26,072
16,342 17,159 18,017 18,918 19,864 20,857
6,128 6,435 6,757 7,094 7,449 7,822
30,642 32,174 33,783 35,472 37,245 39,108
9,193 9,652 10,135 10,642 11,174 11,732
7,354 7,722 8,108 8,513 8,939 9,386
9,805 10,296 10,810 11,351 11,918 12,514
2,043 2,145 2,252 2,365 2,483 2,607
2,043 2,145 2,252 2,365 2,483 2,607
- - - - - -
122,567 128,696 135,130 141,887 148,981 156,430
91,925 96,522 101,348 106,415 111,736 117,323
55,155 57,913 60,809 63,849 67,042 70,394
6,128 6,435 6,757 7,094 7,449 7,822
18,385 19,304 20,270 21,283 22,347 23,465
36,770 38,609 40,539 42,566 44,694 46,929
36,770 38,609 40,539 42,566 44,694 46,929
110,310 115,826 121,617 127,698 134,083 140,787
22,062 23,165 24,323 25,540 26,817 28,157
6,128 6,435 6,757 7,094 7,449 7,822
4,903 5,148 5,405 5,675 5,959 6,257
11,031 11,583 12,162 12,770 13,408 14,079
44,124 46,330 48,647 51,079 53,633 56,315
9,805 10,296 10,810 11,351 11,918 12,514
66,186 69,496 72,970 76,619 80,450 84,472
3,268 3,432 3,603 3,784 3,973 4,171
29,416 30,887 32,431 34,053 35,755 37,543
19,740 20,727 21,763 22,851 23,994 25,193

9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597

5,922 6,218 6,529 6,855 7,198 7,558
5,922 6,218 6,529 6,855 7,198 7,558
4,935 5,182 5,441 5,713 5,998 6,298
6,580 6,909 7,254 7,617 7,998 8,398
3,948 4,145 4,353 4,570 4,799 5,039
3,948 4,145 4,353 4,570 4,799 5,039
3,948 4,145 4,353 4,570 4,799 5,039
10,528 11,054 11,607 12,187 12,797 13,436
3,948 4,145 4,353 4,570 4,799 5,039
7,896 8,291 8,705 9,140 9,597 10,077
7,896 8,291 8,705 9,140 9,597 10,077
7,896 8,291 8,705 9,140 9,597 10,077
4,935 5,182 5,441 5,713 5,998 6,298
5,264 5,527 5,803 6,094 6,398 6,718
7,402 7,772 8,161 8,569 8,998 9,447
3,948 4,145 4,353 4,570 4,799 5,039
7,896 8,291 8,705 9,140 9,597 10,077
4,935 5,182 5,441 5,713 5,998 6,298
7,896 8,291 8,705 9,140 9,597 10,077
7,896 8,291 8,705 9,140 9,597 10,077
9,870 10,363 10,881 11,426 11,997 12,597
3,948 4,145 4,353 4,570 4,799 5,039
3,948 4,145 4,353 4,570 4,799 5,039
6,580 6,909 7,254 7,617 7,998 8,398

2,632 2,764 2,902 3,047 3,199 3,359
2,467 2,591 2,720 2,856 2,999 3,149
4,935 5,182 5,441 5,713 5,998 6,298
3,125 3,282 3,446 3,618 3,799 3,989
1,974 2,073 2,176 2,285 2,399 2,519
1,974 2,073 2,176 2,285 2,399 2,519
1,974 2,073 2,176 2,285 2,399 2,519
1,974 2,073 2,176 2,285 2,399 2,519
4,935 5,182 5,441 5,713 5,998 6,298
1,645 1,727 1,814 1,904 1,999 2,099
1,645 1,727 1,814 1,904 1,999 2,099
2,961 3,109 3,264 3,428 3,599 3,779

24,674 25,908 27,204 28,564 29,992 31,492
13,160 13,818 14,509 15,234 15,996 16,795

6,251 6,563 6,892 7,236 7,598 7,978
4,935 5,182 5,441 5,713 5,998 6,298
6,415 6,736 7,073 7,427 7,798 8,188
2,796 2,936 3,083 3,237 3,399 3,569

2,138 2,245 2,358 2,476 2,599 2,729
4,277 4,491 4,715 4,951 5,199 5,459
3,619 3,800 3,990 4,189 4,399 4,619
9,870 10,363 10,881 11,426 11,997 12,597
9,870 10,363 10,881 11,426 11,997 12,597
7,402 7,772 8,161 8,569 8,998 9,447
2,467 2,591 2,720 2,856 2,999 3,149
4,935 5,182 5,441 5,713 5,998 6,298
2,467 2,591 2,720 2,856 2,999 3,149
5,428 5,700 5,985 6,284 6,598 6,928
3,619 3,800 3,990 4,189 4,399 4,619
3,619 3,800 3,990 4,189 4,399 4,619
1,809 1,900 1,995 2,095 2,199 2,309
3,290 3,454 3,627 3,809 3,999 4,199

8,554 8,982 9,431 9,902 10,397 10,917
6,415 6,736 7,073 7,427 7,798 8,188
2020 2021 2022 2023 2024 2025

8,521,893 8,947,987 9,395,387 9,865,156 10,358,414 10,876,335
8,774,177 9,212,886 9,673,530 10,157,207 10,665,067 11,198,320
5,162,226 5,420,338 5,691,355 5,975,922 6,274,718 6,588,454

2026 2027 2028 2029 2030 2031
240,662 252,695 265,330 278,596 292,526 307,152

216,596 227,426 238,797 250,737 263,273 276,437
192,530 202,156 212,264 222,877 234,021 245,722
24,066 25,270 26,533 27,860 29,253 30,715
19,253 20,216 21,226 22,288 23,402 24,572
7,220 7,581 7,960 8,358 8,776 9,215
7,220 7,581 7,960 8,358 8,776 9,215
3,610 3,790 3,980 4,179 4,388 4,607
2,888 3,032 3,184 3,343 3,510 3,686
2,888 3,032 3,184 3,343 3,510 3,686
2,407 2,527 2,653 2,786 2,925 3,072
2,407 2,527 2,653 2,786 2,925 3,072
33,091 34,746 36,483 38,307 40,222 42,233

29,782 31,271 32,835 34,476 36,200 38,010
26,473 27,796 29,186 30,646 32,178 33,787
3,309 3,475 3,648 3,831 4,022 4,223
2,647 2,780 2,919 3,065 3,218 3,379
993 1,042 1,094 1,149 1,207 1,267
993 1,042 1,094 1,149 1,207 1,267
496 521 547 575 603 634
397 417 438 460 483 507
397 417 438 460 483 507
331 347 365 383 402 422
331 347 365 383 402 422
120,331 126,348 132,665 139,298 146,263 153,576
48,132 50,539 53,066 55,719 58,505 61,430
36,099 37,904 39,799 41,789 43,879 46,073
7,220 7,581 7,960 8,358 8,776 9,215
7,220 7,581 7,960 8,358 8,776 9,215
7,220 7,581 7,960 8,358 8,776 9,215
7,220 7,581 7,960 8,358 8,776 9,215
7,220 7,581 7,960 8,358 8,776 9,215
2,407 2,527 2,653 2,786 2,925 3,072
2,888 3,032 3,184 3,343 3,510 3,686
2,407 2,527 2,653 2,786 2,925 3,072
1,925 2,022 2,123 2,229 2,340 2,457
4,332 4,549 4,776 5,015 5,265 5,529
1,925 2,022 2,123 2,229 2,340 2,457
1,925 2,022 2,123 2,229 2,340 2,457
2,888 3,032 3,184 3,343 3,510 3,686
1,925 2,022 2,123 2,229 2,340 2,457
1,925 2,022 2,123 2,229 2,340 2,457
16,546 17,373 18,241 19,153 20,111 21,117

6,618 6,949 7,297 7,661 8,044 8,447
4,964 5,212 5,472 5,746 6,033 6,335
993 1,042 1,094 1,149 1,207 1,267
993 1,042 1,094 1,149 1,207 1,267
993 1,042 1,094 1,149 1,207 1,267
993 1,042 1,094 1,149 1,207 1,267
993 1,042 1,094 1,149 1,207 1,267
331 347 365 383 402 422
397 417 438 460 483 507
331 347 365 383 402 422
265 278 292 306 322 338
596 625 657 690 724 760
265 278 292 306 322 338
265 278 292 306 322 338
397 417 438 460 483 507
265 278 292 306 322 338
265 278 292 306 322 338
23,255 24,418 25,639 26,921 28,267 29,680

11,628 12,209 12,819 13,460 14,133 14,840
11,628 12,209 12,819 13,460 14,133 14,840
11,628 12,209 12,819 13,460 14,133 14,840
11,628 12,209 12,819 13,460 14,133 14,840
11,628 12,209 12,819 13,460 14,133 14,840
5,814 6,105 6,410 6,730 7,067 7,420

3,488 3,663 3,846 4,038 4,240 4,452
3,488 3,663 3,846 4,038 4,240 4,452
2,907 3,052 3,205 3,365 3,533 3,710
3,876 4,070 4,273 4,487 4,711 4,947
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
3,101 3,256 3,419 3,589 3,769 3,957
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,907 3,052 3,205 3,365 3,533 3,710
3,101 3,256 3,419 3,589 3,769 3,957
2,907 3,052 3,205 3,365 3,533 3,710
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,907 3,052 3,205 3,365 3,533 3,710
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
3,876 4,070 4,273 4,487 4,711 4,947

3,101 3,256 3,419 3,589 3,769 3,957
2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
3,682 3,866 4,060 4,262 4,476 4,699
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,326 2,442 2,564 2,692 2,827 2,968
2,907 3,052 3,205 3,365 3,533 3,710
1,938 2,035 2,137 2,243 2,356 2,473
1,938 2,035 2,137 2,243 2,356 2,473
3,488 3,663 3,846 4,038 4,240 4,452

2,907 3,052 3,205 3,365 3,533 3,710
7,752 8,139 8,546 8,974 9,422 9,893

3,682 3,866 4,060 4,262 4,476 4,699
2,907 3,052 3,205 3,365 3,533 3,710
2,519 2,645 2,778 2,916 3,062 3,215
3,295 3,459 3,632 3,814 4,004 4,205

2,519 2,645 2,778 2,916 3,062 3,215
2,519 2,645 2,778 2,916 3,062 3,215
4,263 4,477 4,700 4,936 5,182 5,441

2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
2,907 3,052 3,205 3,365 3,533 3,710
2,132 2,238 2,350 2,468 2,591 2,721
2,132 2,238 2,350 2,468 2,591 2,721
2,132 2,238 2,350 2,468 2,591 2,721
2,132 2,238 2,350 2,468 2,591 2,721
1,938 2,035 2,137 2,243 2,356 2,473

2,519 2,645 2,778 2,916 3,062 3,215
2,519 2,645 2,778 2,916 3,062 3,215
3,198 3,357 3,525 3,702 3,887 4,081

1,599 1,679 1,763 1,851 1,943 2,041
1,599 1,679 1,763 1,851 1,943 2,041
1,599 1,679 1,763 1,851 1,943 2,041
1,599 1,679 1,763 1,851 1,943 2,041
1,599 1,679 1,763 1,851 1,943 2,041
799 839 881 925 972 1,020

480 504 529 555 583 612
480 504 529 555 583 612
400 420 441 463 486 510
533 560 588 617 648 680
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
426 448 470 494 518 544
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
400 420 441 463 486 510
426 448 470 494 518 544
400 420 441 463 486 510
320 336 353 370 389 408
320 336 353 370 389 408
400 420 441 463 486 510
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
533 560 588 617 648 680

426 448 470 494 518 544
400 420 441 463 486 510
400 420 441 463 486 510
506 532 558 586 615 646
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
320 336 353 370 389 408
400 420 441 463 486 510
266 280 294 308 324 340
266 280 294 308 324 340
480 504 529 555 583 612

400 420 441 463 486 510
1,066 1,119 1,175 1,234 1,296 1,360

506 532 558 586 615 646
400 420 441 463 486 510
346 364 382 401 421 442
453 476 499 524 551 578

346 364 382 401 421 442
346 364 382 401 421 442
586 616 646 679 713 748

400 420 441 463 486 510
400 420 441 463 486 510
400 420 441 463 486 510
400 420 441 463 486 510
400 420 441 463 486 510
400 420 441 463 486 510
293 308 323 339 356 374
293 308 323 339 356 374
293 308 323 339 356 374
293 308 323 339 356 374
266 280 294 308 324 340

346 364 382 401 421 442
346 364 382 401 421 442
2026 2027 2028 2029 2030 2031
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2026 2027 2028 2029 2030 2031
273,753 287,441 301,813 316,903 332,748 349,386

246,378 258,697 271,631 285,213 299,474 314,447
219,002 229,952 241,450 253,523 266,199 279,509
27,375 28,744 30,181 31,690 33,275 34,939
21,900 22,995 24,145 25,352 26,620 27,951
8,213 8,623 9,054 9,507 9,982 10,482
41,063 43,116 45,272 47,535 49,912 52,408
12,319 12,935 13,582 14,261 14,974 15,722
9,855 10,348 10,865 11,409 11,979 12,578
13,140 13,797 14,487 15,211 15,972 16,771
2,738 2,874 3,018 3,169 3,327 3,494
2,738 2,874 3,018 3,169 3,327 3,494
- - - - - -
164,252 172,464 181,088 190,142 199,649 209,631
123,189 129,348 135,816 142,606 149,737 157,224
73,913 77,609 81,489 85,564 89,842 94,334
8,213 8,623 9,054 9,507 9,982 10,482
24,638 25,870 27,163 28,521 29,947 31,445
49,276 51,739 54,326 57,043 59,895 62,889
49,276 51,739 54,326 57,043 59,895 62,889
147,827 155,218 162,979 171,128 179,684 188,668
29,565 31,044 32,596 34,226 35,937 37,734
8,213 8,623 9,054 9,507 9,982 10,482
6,570 6,899 7,244 7,606 7,986 8,385
14,783 15,522 16,298 17,113 17,968 18,867
59,131 62,087 65,192 68,451 71,874 75,467
13,140 13,797 14,487 15,211 15,972 16,771
88,696 93,131 97,787 102,677 107,810 113,201
4,380 4,599 4,829 5,070 5,324 5,590
39,420 41,391 43,461 45,634 47,916 50,312
26,453 27,776 29,164 30,623 32,154 33,761

13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881

7,936 8,333 8,749 9,187 9,646 10,128
7,936 8,333 8,749 9,187 9,646 10,128
6,613 6,944 7,291 7,656 8,038 8,440
8,818 9,259 9,721 10,208 10,718 11,254
5,291 5,555 5,833 6,125 6,431 6,752
5,291 5,555 5,833 6,125 6,431 6,752
5,291 5,555 5,833 6,125 6,431 6,752
14,108 14,814 15,554 16,332 17,149 18,006
5,291 5,555 5,833 6,125 6,431 6,752
10,581 11,110 11,666 12,249 12,861 13,505
10,581 11,110 11,666 12,249 12,861 13,505
10,581 11,110 11,666 12,249 12,861 13,505
6,613 6,944 7,291 7,656 8,038 8,440
7,054 7,407 7,777 8,166 8,574 9,003
9,920 10,416 10,937 11,483 12,058 12,661
5,291 5,555 5,833 6,125 6,431 6,752
10,581 11,110 11,666 12,249 12,861 13,505
6,613 6,944 7,291 7,656 8,038 8,440
10,581 11,110 11,666 12,249 12,861 13,505
10,581 11,110 11,666 12,249 12,861 13,505
13,226 13,888 14,582 15,311 16,077 16,881
5,291 5,555 5,833 6,125 6,431 6,752
5,291 5,555 5,833 6,125 6,431 6,752
8,818 9,259 9,721 10,208 10,718 11,254

3,527 3,703 3,889 4,083 4,287 4,502
3,307 3,472 3,646 3,828 4,019 4,220
6,613 6,944 7,291 7,656 8,038 8,440
4,188 4,398 4,618 4,849 5,091 5,346
2,645 2,778 2,916 3,062 3,215 3,376
2,645 2,778 2,916 3,062 3,215 3,376
2,645 2,778 2,916 3,062 3,215 3,376
2,645 2,778 2,916 3,062 3,215 3,376
6,613 6,944 7,291 7,656 8,038 8,440
2,204 2,315 2,430 2,552 2,679 2,813
2,204 2,315 2,430 2,552 2,679 2,813
3,968 4,166 4,375 4,593 4,823 5,064

33,066 34,719 36,455 38,278 40,192 42,202
17,635 18,517 19,443 20,415 21,436 22,508

8,377 8,796 9,235 9,697 10,182 10,691
6,613 6,944 7,291 7,656 8,038 8,440
8,597 9,027 9,478 9,952 10,450 10,972
3,747 3,935 4,132 4,338 4,555 4,783

2,866 3,009 3,159 3,317 3,483 3,657
5,731 6,018 6,319 6,635 6,967 7,315
4,850 5,092 5,347 5,614 5,895 6,190
13,226 13,888 14,582 15,311 16,077 16,881
13,226 13,888 14,582 15,311 16,077 16,881
9,920 10,416 10,937 11,483 12,058 12,661
3,307 3,472 3,646 3,828 4,019 4,220
6,613 6,944 7,291 7,656 8,038 8,440
3,307 3,472 3,646 3,828 4,019 4,220
7,275 7,638 8,020 8,421 8,842 9,284
4,850 5,092 5,347 5,614 5,895 6,190
4,850 5,092 5,347 5,614 5,895 6,190
2,425 2,546 2,673 2,807 2,947 3,095
4,409 4,629 4,861 5,104 5,359 5,627

11,463 12,036 12,638 13,270 13,933 14,630
8,597 9,027 9,478 9,952 10,450 10,972
2026 2027 2028 2029 2030 2031

11,420,151 11,991,159 12,590,717 13,220,253 13,881,265 14,575,329
11,758,236 12,346,148 12,963,455 13,611,628 14,292,210 15,006,820
6,917,877 7,263,771 7,626,959 8,008,307 8,408,723 8,829,159

2032 2033 2034 2035 2036
322,510 338,635 355,567 373,346 392,013

290,259 304,772 320,011 336,011 352,812
258,008 270,908 284,454 298,677 313,610
32,251 33,864 35,557 37,335 39,201
25,801 27,091 28,445 29,868 31,361
9,675 10,159 10,667 11,200 11,760
9,675 10,159 10,667 11,200 11,760
4,838 5,080 5,334 5,600 5,880
3,870 4,064 4,267 4,480 4,704
3,870 4,064 4,267 4,480 4,704
3,225 3,386 3,556 3,733 3,920
3,225 3,386 3,556 3,733 3,920
44,345 46,562 48,890 51,335 53,902

39,911 41,906 44,001 46,202 48,512
35,476 37,250 39,112 41,068 43,121
4,435 4,656 4,889 5,134 5,390
3,548 3,725 3,911 4,107 4,312
1,330 1,397 1,467 1,540 1,617
1,330 1,397 1,467 1,540 1,617
665 698 733 770 809
532 559 587 616 647
532 559 587 616 647
443 466 489 513 539
443 466 489 513 539
161,255 169,318 177,784 186,673 196,006
64,502 67,727 71,113 74,669 78,403
48,376 50,795 53,335 56,002 58,802
9,675 10,159 10,667 11,200 11,760
9,675 10,159 10,667 11,200 11,760
9,675 10,159 10,667 11,200 11,760
9,675 10,159 10,667 11,200 11,760
9,675 10,159 10,667 11,200 11,760
3,225 3,386 3,556 3,733 3,920
3,870 4,064 4,267 4,480 4,704
3,225 3,386 3,556 3,733 3,920
2,580 2,709 2,845 2,987 3,136
5,805 6,095 6,400 6,720 7,056
2,580 2,709 2,845 2,987 3,136
2,580 2,709 2,845 2,987 3,136
3,870 4,064 4,267 4,480 4,704
2,580 2,709 2,845 2,987 3,136
2,580 2,709 2,845 2,987 3,136
22,173 23,281 24,445 25,668 26,951

8,869 9,312 9,778 10,267 10,780
6,652 6,984 7,334 7,700 8,085
1,330 1,397 1,467 1,540 1,617
1,330 1,397 1,467 1,540 1,617
1,330 1,397 1,467 1,540 1,617
1,330 1,397 1,467 1,540 1,617
1,330 1,397 1,467 1,540 1,617
443 466 489 513 539
532 559 587 616 647
443 466 489 513 539
355 372 391 411 431
798 838 880 924 970
355 372 391 411 431
355 372 391 411 431
532 559 587 616 647
355 372 391 411 431
355 372 391 411 431
31,164 32,723 34,359 36,077 37,880

15,582 16,361 17,179 18,038 18,940
15,582 16,361 17,179 18,038 18,940
15,582 16,361 17,179 18,038 18,940
15,582 16,361 17,179 18,038 18,940
15,582 16,361 17,179 18,038 18,940
7,791 8,181 8,590 9,019 9,470

4,675 4,908 5,154 5,411 5,682
4,675 4,908 5,154 5,411 5,682
3,896 4,090 4,295 4,510 4,735
5,194 5,454 5,726 6,013 6,313
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
4,155 4,363 4,581 4,810 5,051
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,896 4,090 4,295 4,510 4,735
4,155 4,363 4,581 4,810 5,051
3,896 4,090 4,295 4,510 4,735
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,896 4,090 4,295 4,510 4,735
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
5,194 5,454 5,726 6,013 6,313

4,155 4,363 4,581 4,810 5,051
3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
4,934 5,181 5,440 5,712 5,998
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,116 3,272 3,436 3,608 3,788
3,896 4,090 4,295 4,510 4,735
2,597 2,727 2,863 3,006 3,157
2,597 2,727 2,863 3,006 3,157
4,675 4,908 5,154 5,411 5,682

3,896 4,090 4,295 4,510 4,735
10,388 10,908 11,453 12,026 12,627

4,934 5,181 5,440 5,712 5,998
3,896 4,090 4,295 4,510 4,735
3,376 3,545 3,722 3,908 4,104
4,415 4,636 4,867 5,111 5,366

3,376 3,545 3,722 3,908 4,104
3,376 3,545 3,722 3,908 4,104
5,713 5,999 6,299 6,614 6,945

3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
3,896 4,090 4,295 4,510 4,735
2,857 3,000 3,150 3,307 3,472
2,857 3,000 3,150 3,307 3,472
2,857 3,000 3,150 3,307 3,472
2,857 3,000 3,150 3,307 3,472
2,597 2,727 2,863 3,006 3,157

3,376 3,545 3,722 3,908 4,104
3,376 3,545 3,722 3,908 4,104
4,285 4,499 4,724 4,961 5,209

2,143 2,250 2,362 2,480 2,604
2,143 2,250 2,362 2,480 2,604
2,143 2,250 2,362 2,480 2,604
2,143 2,250 2,362 2,480 2,604
2,143 2,250 2,362 2,480 2,604
1,071 1,125 1,181 1,240 1,302

643 675 709 744 781
643 675 709 744 781
536 562 591 620 651
714 750 787 827 868
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
571 600 630 661 694
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
536 562 591 620 651
571 600 630 661 694
536 562 591 620 651
429 450 472 496 521
429 450 472 496 521
536 562 591 620 651
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
714 750 787 827 868

571 600 630 661 694
536 562 591 620 651
536 562 591 620 651
678 712 748 785 825
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
429 450 472 496 521
536 562 591 620 651
357 375 394 413 434
357 375 394 413 434
643 675 709 744 781

536 562 591 620 651
1,428 1,500 1,575 1,654 1,736

678 712 748 785 825
536 562 591 620 651
464 487 512 537 564
607 637 669 703 738

464 487 512 537 564
464 487 512 537 564
786 825 866 909 955

536 562 591 620 651
536 562 591 620 651
536 562 591 620 651
536 562 591 620 651
536 562 591 620 651
536 562 591 620 651
393 412 433 455 477
393 412 433 455 477
393 412 433 455 477
393 412 433 455 477
357 375 394 413 434

464 487 512 537 564
464 487 512 537 564
2032 2033 2034 2035 2036
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2032 2033 2034 2035 2036
366,855 385,198 404,458 424,681 445,915

330,170 346,678 364,012 382,213 401,323
293,484 308,158 323,566 339,745 356,732
36,686 38,520 40,446 42,468 44,591
29,348 30,816 32,357 33,974 35,673
11,006 11,556 12,134 12,740 13,377
55,028 57,780 60,669 63,702 66,887
16,508 17,334 18,201 19,111 20,066
13,207 13,867 14,560 15,289 16,053
17,609 18,489 19,414 20,385 21,404
3,669 3,852 4,045 4,247 4,459
3,669 3,852 4,045 4,247 4,459
- - - - -
220,113 231,119 242,675 254,808 267,549
165,085 173,339 182,006 191,106 200,662
99,051 104,003 109,204 114,664 120,397
11,006 11,556 12,134 12,740 13,377
33,017 34,668 36,401 38,221 40,132
66,034 69,336 72,802 76,443 80,265
66,034 69,336 72,802 76,443 80,265
198,102 208,007 218,407 229,328 240,794
39,620 41,601 43,681 45,866 48,159
11,006 11,556 12,134 12,740 13,377
8,805 9,245 9,707 10,192 10,702
19,810 20,801 21,841 22,933 24,079
79,241 83,203 87,363 91,731 96,318
17,609 18,489 19,414 20,385 21,404
118,861 124,804 131,044 137,597 144,476
5,870 6,163 6,471 6,795 7,135
52,827 55,468 58,242 61,154 64,212
35,449 37,222 39,083 41,037 43,089

17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545

10,635 11,167 11,725 12,311 12,927
10,635 11,167 11,725 12,311 12,927
8,862 9,305 9,771 10,259 10,772
11,816 12,407 13,028 13,679 14,363
7,090 7,444 7,817 8,207 8,618
7,090 7,444 7,817 8,207 8,618
7,090 7,444 7,817 8,207 8,618
18,906 19,852 20,844 21,886 22,981
7,090 7,444 7,817 8,207 8,618
14,180 14,889 15,633 16,415 17,236
14,180 14,889 15,633 16,415 17,236
14,180 14,889 15,633 16,415 17,236
8,862 9,305 9,771 10,259 10,772
9,453 9,926 10,422 10,943 11,490
13,294 13,958 14,656 15,389 16,158
7,090 7,444 7,817 8,207 8,618
14,180 14,889 15,633 16,415 17,236
8,862 9,305 9,771 10,259 10,772
14,180 14,889 15,633 16,415 17,236
14,180 14,889 15,633 16,415 17,236
17,725 18,611 19,541 20,519 21,545
7,090 7,444 7,817 8,207 8,618
7,090 7,444 7,817 8,207 8,618
11,816 12,407 13,028 13,679 14,363

4,727 4,963 5,211 5,472 5,745
4,431 4,653 4,885 5,130 5,386
8,862 9,305 9,771 10,259 10,772
5,613 5,893 6,188 6,498 6,822
3,545 3,722 3,908 4,104 4,309
3,545 3,722 3,908 4,104 4,309
3,545 3,722 3,908 4,104 4,309
3,545 3,722 3,908 4,104 4,309
8,862 9,305 9,771 10,259 10,772
2,954 3,102 3,257 3,420 3,591
2,954 3,102 3,257 3,420 3,591
5,317 5,583 5,862 6,156 6,463

44,312 46,527 48,854 51,296 53,861
23,633 24,815 26,055 27,358 28,726

11,226 11,787 12,376 12,995 13,645
8,862 9,305 9,771 10,259 10,772
11,521 12,097 12,702 13,337 14,004
5,022 5,273 5,537 5,814 6,104

3,840 4,032 4,234 4,446 4,668
7,681 8,065 8,468 8,891 9,336
6,499 6,824 7,165 7,523 7,900
17,725 18,611 19,541 20,519 21,545
17,725 18,611 19,541 20,519 21,545
13,294 13,958 14,656 15,389 16,158
4,431 4,653 4,885 5,130 5,386
8,862 9,305 9,771 10,259 10,772
4,431 4,653 4,885 5,130 5,386
9,749 10,236 10,748 11,285 11,849
6,499 6,824 7,165 7,523 7,900
6,499 6,824 7,165 7,523 7,900
3,250 3,412 3,583 3,762 3,950
5,908 6,204 6,514 6,840 7,182

15,361 16,129 16,936 17,783 18,672
11,521 12,097 12,702 13,337 14,004
2032 2033 2034 2035 2036

15,304,095 16,069,300 16,872,765 17,716,403 18,602,223
15,757,161 16,545,019 17,372,270 18,240,884 19,152,928
9,270,617 9,734,148 10,220,855 10,731,898 11,268,493

in Rp 1000
KEY ASSUMPTIONS
FINANCIAL ASSUMPTIONS 2008
Rp to USD Exchange Rate (Rp/ USD) 9,212
Escalation 1%
Rotterdam CPO Price (USD/ Ton) 1,000

Escalation 0%
IndonesianExport Duty (USD/ Ton) 100
CPO Shipping Cost (USD/ Ton) 28

Escalation 0%
Net Local CPO Price (Rp 000/ Ton) 8,033
Local Kernel Price (Rp 000/Ton) 2,812

Escalation 35%
Local FFB Price (Rp 000/ Ton) 2,149
Interest Rate 12%
WACC 12.7%
OPERATIONAL ASSUMPTIONS 2008

Land Productivity (Ton FFB/ ha) -
CPO Extraction Rate 25%
Kernel Weight Rate to FFB 3.7%
Planting Schedule -
Area:
Planting Year 2012 -
Mature Area -
REVENUE TRIGGERS
TOTAL PRODUCTION 2008
FFB:
Planting Year 2012
Planting Year 2013
Planting Year 2014
Estate Productivity (FFB Ton) -
CPO:
Planting Year 2012
Planting Year 2013
Planting Year 2014
CPO Production (Ton) -
Kernel:
Planting Year 2012
Planting Year 2013
Planting Year 2014
Kernel Production (Ton) -
SALES VALUE 2008

FFB Sales -
CPO Sales Value (Rp000) -
Kernel Sales Value (Rp 000) -
COGS TRIGGERS
FFB 2008
5% Unit Cost (Rp 000)
Upkeep /ha
Harvesting/ton
Transportation/ton
COGS (Rp 000)

Upkeep -
Harvesting -
Transportation -
Estate's Salary 1,673,945
Estate Depreciation& Amortization 1,121,812
Total COGS FFB 2,795,757
CPO& KERNEL 2008

5% COGS (Rp 000)
Material -
2% Factory Maintenance -
2.5 Factory Utilities -
Factory's Salary -
Factory Depreciation& Amortization -
87% Total COGS CPO -

13% Total COGS Kernel -
OPERATING EXPENSES
HO RO Expense 2008
RO Depreciation (Rp 000)
RO Depreciation 144,530
RO Man Power Expense (Rp 000)

RO Man Power Expense 4,745,309
5% RO General Charges (Rp 000)

RO General Charges 2,300,000
Estate& Factory Expense 2008

5% Estate General Charges (Rp 000)
Estate General Charges 650,000
5% Factory General Charges (Rp 000) 0

Factory General Charges -
INTEREST EXPENSES
Plantation Loan 2008
Beginning
Q1
Q2 6,557,281
Q3 13,242,429
Q4 20,055,445
148,751,200
65% Principal Withdrawal 26,229,125
Q1 6,557,281
Q2 6,557,281
Q3 6,557,281
Q4 6,557,281
3% Generated Interest
Q1 196,718
Q2 393,437
Q3 593,991
Q4 798,382
65% Interest Paid by Loan 1,288,643

Q1 127,867
Q2 255,734
Q3 386,094
Q4 518,948
35% Interest Paid by Equity 693,885

Q1 68,851
Q2 137,703
Q3 207,897
Q4 279,434
26,417,499
65% IDC Loan 769,695
Q1
Q2 127,867
Q3 255,734
Q4 386,094
Divider
Q1 116
Q2 115
Q3 114
Q4 113
4 Repayment Unit
Q1 -
Q2 -
Q3 -
Q4 -
175,168,699
Principal Repayment -
Q1 -
Q2 -
Q3 -
Q4 -
Ending Balance
Q1 6,557,281
Q2 13,242,429
Q3 20,055,445
Q4 26,998,820
Interest Expense 265,005,800

Q1 -
Q2 -
Q3 -
Q4 -
Factory Loan 2008

2011 Beginning
Q1
Q2 -
Q3 -
Q4 -
60,948,956
65% Principal Withdrawal -
Q1 -
Q2 -
Q3 -
Q4 -
Q1 -
Q2 -
Q3 -
Q4 -
65% Interest Paid by Loan -

Q1 -
Q2 -
Q3 -
Q4 -
35% Interest Paid by Equity -

Q1 -
Q2 -
Q3 -
Q4 -
2,994,437
65% IDC Loan -
Q1
Q2 -
Q3 -
Q4 -
Divider
Q1 116
Q2 115
Q3 114
Q4 113
1 Additional Repayment per Additional Withdrawal

Q1 -
Q2 -
Q3 -
Q4 -
63,943,394
Q1 -
Q2 -
Q3 -
Q4 -
Ending Balance
Q1 -
Q2 -
Q3 -
Q4 -
Q1 -
Q2 -
Q3 -
Q4 -
Estate Other Capex Loan 2008

Beginning
Q1
Q2 5,449,452
Q3 10,851,106
Q4 16,204,542
64,744,881
Q1 5,496,839
Q2 5,496,839
Q3 5,496,839
Q4 5,496,839
Q1 164,905
Q2 328,389
Q3 490,438
Q4 651,041

Q1 -
Q2 -
Q3 -
Q4 -
35% Interest Paid by Equity 1,634,774

Q1 164,905
Q2 328,389
Q3 490,438
Q4 651,041
-
65% IDC Loan -
Q1
Q2 -
Q3 -
Q4 -
Divider
Q1 116
Q2 115
Q3 114
Q4 113
Additional Repayment per Additional Withdrawal

Q1 47,387
Q2 47,799
Q3 48,218
Q4 48,645
64,744,881
Principal Repayment 478,022
Q1 47,387
Q2 95,185
Q3 143,403
Q4 192,048
Ending Balance
Q1 5,449,452
Q2 10,851,106
Q3 16,204,542
Q4 21,509,333

Q1 164,905
Q2 328,389
Q3 490,438
Q4 651,041
Factory Other Capex Loan 2008

2011 Beginning
Q1
Q2 -
Q3 -
Q4 -
702,042
65% Principal Withdrawal -
Q1 -
Q2 -
Q3 -
Q4 -
Q1 -
Q2 -
Q3 -
Q4 -

Q1 -
Q2 -
Q3 -
Q4 -
35% Interest Paid by Equity -

Q1 -
Q2 -
Q3 -
Q4 -
-
65% IDC Loan -
Q1
Q2 -
Q3 -
Q4 -
Divider
Q1 116
Q2 115
Q3 114
Q4 113

Q1 -
Q2 -
Q3 -
Q4 -
702,042
Q1 -
Q2 -
Q3 -
Q4 -
Ending Balance
Q1 -
Q2 -
Q3 -
Q4 -

Q1 -
Q2 -
Q3 -
Q4 -
Working Capital Loan 2008

Beginning
Q1
Q2 1,932,750
Q3 3,847,931
Q4 5,745,383
103,363,374
Q1 1,950,162
Q2 1,950,162
Q3 1,950,162
Q4 1,950,162
Q1 58,505
Q2 116,487
Q3 173,943
Q4 230,866

Q1 -
Q2 -
Q3 -
Q4 -
35% Interest Paid by Equity

Q1 58,505
Q2 116,487
Q3 173,943
Q4 230,866
-
65% IDC Loan -
Q1
Q2 -
Q3 -
Q4 -
Divider
Q1 112
Q2 111
Q3 110
Q4 109

Q1 17,412
Q2 17,569
Q3 17,729
Q4 17,891
103,363,374
Principal Repayment 175,705
Q1 17,412
Q2 34,981
Q3 52,710
Q4 70,601
Ending Balance
Q1 1,932,750
Q2 3,847,931
Q3 5,745,383
Q4 7,624,944

Q1 58,505
Q2 116,487
Q3 173,943
Q4 230,866
2009 2010 2011 2012
9,304 9,397 9,491 9,586
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
8,113 8,194 8,276 8,359
2,840 2,868 2,897 2,926
2,170 2,192 2,214 2,236
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2009 2010 2011 2012

- - - 7.00
25% 25% 25% 25%
3.9% 4.1% 4.3% 4.5%
2,500 5,500 - -
- - - 2,500
- - - -
- - - -
- - - 2,500
2009 2010 2011 2012

17,500
- - - 17,500
4,375
- - - 4,375
648
- - - 648
2009 2010 2011 2012

- - - -
- - - 36,570,758
- - - 1,894,365
2009 2010 2011 2012

- - - 7,988
- - - 87
- - - 41
- - - 19,969,048
- - - 1,516,667
- - - 716,667
3,443,861 5,386,583 5,655,913 5,938,708
5,276,220 10,629,479 16,089,847 20,979,372
8,720,081 16,016,062 21,745,760 49,120,461
2009 2010 2011 2012

- - - 49,120,461
- - 1,875,353 1,875,353
- - - 11
- - 1,264,053 3,493,998
- - 5,717,753 5,717,753
- - 7,741,157 52,621,421
- - 1,116,002 7,586,155
NSES
2009 2010 2011 2012
163,430 163,430 163,430 163,430
4,982,574 5,231,703 5,493,288 5,767,952
2,415,000 2,535,750 2,662,538 2,795,664
2009 2010 2011 2012

682,500 716,625 752,456 790,079
1 2 3 4
- - 752,456 790,079
SES
2009 2010 2011 2012
26,998,820 94,556,814 124,210,294 159,530,041
43,408,725 101,763,594 132,790,589 164,073,392
60,136,032 109,104,424 141,535,355 165,530,308
77,183,332 116,585,786 150,447,436 166,955,121
63,563,825 21,567,325 24,806,925 12,584,000

15,890,956 5,391,831 6,201,731 3,146,000
15,890,956 5,391,831 6,201,731 3,146,000
15,890,956 5,391,831 6,201,731 3,146,000
15,890,956 5,391,831 6,201,731 3,146,000
1,286,693 2,998,459 3,912,361 4,880,281

1,778,990 3,214,663 4,169,770 5,016,582
2,280,810 3,434,888 4,432,113 5,060,289
2,792,229 3,659,329 4,699,475 5,103,034
5,290,169 8,649,770 11,188,917 -

836,351 1,948,999 2,543,034 -
1,156,344 2,089,531 2,710,350 -
1,482,526 2,232,677 2,880,873 -
1,814,949 2,378,564 3,054,659 -
2,848,553 4,657,568 6,024,801 20,060,186

450,343 1,049,461 1,369,326 4,880,281
622,647 1,125,132 1,459,419 5,016,582
798,283 1,202,211 1,551,239 5,060,289
977,280 1,280,765 1,644,816 5,103,034
3,994,169 8,086,155 10,512,821 3,054,659

518,948 1,814,949 2,378,564 3,054,659
836,351 1,948,999 2,543,034 -
1,156,344 2,089,531 2,710,350 -
1,482,526 2,232,677 2,880,873 -
112 108 104 100

111 107 103 99
110 106 102 98
109 105 101 97
- - - 1,657,307
- - - 31,778
- - - 32,102
- - - 32,433
- - - 6,821,198
- - - 1,657,307
- - - 1,689,085
- - - 1,721,187
- - - 1,753,620
43,408,725 101,763,594 132,790,589 164,073,392

60,136,032 109,104,424 141,535,355 165,530,308
77,183,332 116,585,786 150,447,436 166,955,121
94,556,814 124,210,294 159,530,041 168,347,501
- - - 4,880,281
- - - 5,016,582
- - - 5,060,289
- - - 5,103,034
2009 2010 2011 2012

- - - 62,737,507
- - 15,237,239 63,303,960
- - 30,771,604 62,664,526
- - 46,603,096 62,025,092
- - 60,948,956 -
- - 15,237,239 -
- - 15,237,239 -
- - 15,237,239 -
- - 15,237,239 -
- - 457,117 1,882,125
- - 914,234 1,899,119
- - 1,380,265 1,879,936
- - 1,855,210 1,860,753
- - 2,994,437 -
- - 297,126 -
- - 594,252 -
- - 897,172 -
- - 1,205,887 -
- - 1,612,389 7,521,933
- - 159,991 1,882,125
- - 319,982 1,899,119
- - 483,093 1,879,936
- - 649,324 1,860,753
- - 1,788,551 1,205,887
- - - 1,205,887
- - 297,126 -
- - 594,252 -
- - 897,172 -
112 108 104 100

111 107 103 99
110 106 102 98
109 105 101 97
- - - 639,434
- - - -
- - - -
- - - -
- - - 2,557,736
- - - 639,434
- - - 639,434
- - - 639,434
- - - 639,434
- - 15,237,239 63,303,960
- - 30,771,604 62,664,526
- - 46,603,096 62,025,092
- - 62,737,507 61,385,658
- - - 1,882,125
- - - 1,899,119
- - - 1,879,936
- - - 1,860,753
2009 2010 2011 2012

21,509,333 43,431,657 55,008,050 53,019,200
27,068,815 46,373,369 54,511,314 52,489,008
32,576,015 49,283,538 54,014,262 51,958,816
38,030,457 52,161,866 53,516,892 51,428,624
23,213,382 13,500,431 130,000 -

5,803,345 3,375,108 32,500 -
5,803,345 3,375,108 32,500 -
5,803,345 3,375,108 32,500 -
5,803,345 3,375,108 32,500 -
819,380 1,404,203 1,651,217 1,590,576

986,165 1,492,454 1,636,314 1,574,670
1,151,381 1,579,759 1,621,403 1,558,764
1,315,014 1,666,109 1,606,482 1,542,859
- - - -
- - - -
- - - -
- - - -
- - - -
4,271,940 6,142,526 6,515,416 6,266,869

819,380 1,404,203 1,651,217 1,590,576
986,165 1,492,454 1,636,314 1,574,670
1,151,381 1,579,759 1,621,403 1,558,764
1,315,014 1,666,109 1,606,482 1,542,859
- - - -
- - - -
- - - -
- - - -
- - - -
112 108 104 100
111 107 103 99
110 106 102 98
109 105 101 97
51,816 31,251 313 -

52,282 31,543 316 -
52,758 31,841 319 -
53,242 32,144 322 -
1,291,057 1,924,038 2,118,850 2,120,768

243,863 433,396 529,236 530,192
296,146 464,939 529,552 530,192
348,903 496,780 529,870 530,192
402,145 528,924 530,192 530,192
27,068,815 46,373,369 54,511,314 52,489,008

32,576,015 49,283,538 54,014,262 51,958,816
38,030,457 52,161,866 53,516,892 51,428,624
43,431,657 55,008,050 53,019,200 50,898,432
819,380 1,404,203 1,651,217 1,590,576

986,165 1,492,454 1,636,314 1,574,670
1,151,381 1,579,759 1,621,403 1,558,764
1,315,014 1,666,109 1,606,482 1,542,859
2009 2010 2011 2012

- - - 685,000
- - 173,823 678,150
- - 345,942 671,300
- - 516,340 664,450
- - 702,042 -
- - 175,510 -
- - 175,510 -
- - 175,510 -
- - 175,510 -
- - 5,265 20,550
- - 10,480 20,345
- - 15,644 20,139
- - 20,756 19,934
- - - -
- - - -
- - - -
- - - -
- - - -
- - 52,144 80,967
- - 5,265 20,550
- - 10,480 20,345
- - 15,644 20,139
- - 20,756 19,934
- - - -
- - - -
- - - -
- - - -
- - - -
112 108 104 100

111 107 103 99
110 106 102 98
109 105 101 97
- - 1,688 -
- - 1,704 -
- - 1,721 -
- - 1,738 -
- - 17,041 27,400
- - 1,688 6,850
- - 3,392 6,850
- - 5,112 6,850
- - 6,850 6,850
- - 173,823 678,150
- - 345,942 671,300
- - 516,340 664,450
- - 685,000 657,600
- - 5,265 20,550
- - 10,480 20,345
- - 15,644 20,139
- - 20,756 19,934
2009 2010 2011 2012

7,624,944 19,491,844 34,534,617 54,967,291
10,635,543 23,311,852 39,728,135 63,764,957
13,617,076 27,092,574 44,865,140 72,462,950
16,569,270 30,833,627 49,945,055 81,060,211
12,439,985 16,185,344 22,379,250 37,875,503

3,109,996 4,046,336 5,594,812 9,468,876
3,109,996 4,046,336 5,594,812 9,468,876
3,109,996 4,046,336 5,594,812 9,468,876
3,109,996 4,046,336 5,594,812 9,468,876
322,048 706,145 1,203,883 1,933,085

412,366 820,746 1,359,688 2,197,015
501,812 934,167 1,513,799 2,457,955
590,378 1,046,399 1,666,196 2,715,873
- - - -
- - - -
- - - -
- - - -
- - - -
322,048 706,145 1,203,883 1,933,085

412,366 820,746 1,359,688 2,197,015
501,812 934,167 1,513,799 2,457,955
590,378 1,046,399 1,666,196 2,715,873
- - - -
- - - -
- - - -
- - - -
- - - -
108 104 100 96

107 103 99 95
106 102 98 94
105 101 97 93
28,796 38,907 55,948 98,634

29,065 39,285 56,513 99,672
29,340 39,670 57,090 100,733
29,619 40,063 57,678 101,816
573,085 1,142,572 1,946,575 3,287,139

99,398 226,329 401,294 671,210
128,463 265,613 457,808 770,882
157,803 305,283 514,897 871,615
187,422 345,346 572,576 973,431
10,635,543 23,311,852 39,728,135 63,764,957

13,617,076 27,092,574 44,865,140 72,462,950
16,569,270 30,833,627 49,945,055 81,060,211
19,491,844 34,534,617 54,967,291 89,555,656
322,048 706,145 1,203,883 1,933,085

412,366 820,746 1,359,688 2,197,015
501,812 934,167 1,513,799 2,457,955
590,378 1,046,399 1,666,196 2,715,873
2013 2014 2015 2016
9,682 9,779 9,877 9,975
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
8,443 8,527 8,612 8,698
2,955 2,984 3,014 3,044
2,258 2,281 2,304 2,327
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2013 2014 2015 2016

15.00 19.00 22.00 25.00
25% 25% 25% 25%
4.6% 5% 5% 5%
- - -
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2013 2014 2015 2016

37,500 47,500 55,000 62,500
38,500 82,500 104,500 121,000
- - -
76,000 130,000 159,500 183,500
9,375 11,875 13,750 15,625

9,625 20,625 26,125 30,250
- - -
19,000 32,500 39,875 45,875
1,463 1,948 2,338 2,781

1,425 3,218 4,285 5,143
- - -
2,887 5,165 6,622 7,924
2013 2014 2015 2016

- - - -
160,409,795 277,129,028 343,416,159 399,040,965
8,530,846 15,414,769 19,960,768 24,123,494
2013 2014 2015 2016

8,387 8,806 9,247 9,709
91 96 100 105
43 45 47 50
67,096,000 70,450,800 73,973,340 77,672,007

6,916,000 12,421,500 16,002,236 19,330,601
3,268,000 5,869,500 7,561,496 9,134,240
6,235,644 6,547,426 6,874,797 7,218,537
22,320,388 22,092,724 18,819,374 15,376,630
105,836,031 117,381,950 123,231,244 128,732,016
2013 2014 2015 2016

105,836,031 117,381,950 123,231,244 128,732,016
1,875,353 1,875,353 1,875,353 1,875,353
48 81 100 115
3,668,698 3,852,133 4,044,739 4,246,976
5,717,753 5,717,753 5,717,753 4,796,388
102,343,549 112,595,034 117,875,671 122,054,840

14,754,333 16,232,236 16,993,518 17,596,007
2013 2014 2015 2016

130,650 111,750 111,750 111,750
6,056,350 6,359,168 6,677,126 7,010,982
2,935,448 3,082,220 3,236,331 3,398,148
2013 2014 2015 2016

829,583 871,062 914,615 960,346
5 6 7 8
829,583 871,062 914,615 960,346
2013 2014 2015 2016
168,347,501 161,333,022 154,318,543 147,304,063
166,593,881 159,579,402 152,564,923 145,550,444
164,840,261 157,825,782 150,811,303 143,796,824
163,086,642 156,072,162 149,057,683 142,043,204
- - - -
- - - -
- - - -
- - - -
- - - -
5,050,425 4,839,991 4,629,556 4,419,122

4,997,816 4,787,382 4,576,948 4,366,513
4,945,208 4,734,773 4,524,339 4,313,905
4,892,599 4,682,165 4,471,730 4,261,296
- - - -
- - - -
- - - -
- - - -
- - - -
19,886,049 19,044,311 18,202,574 17,360,836

5,050,425 4,839,991 4,629,556 4,419,122
4,997,816 4,787,382 4,576,948 4,366,513
4,945,208 4,734,773 4,524,339 4,313,905
4,892,599 4,682,165 4,471,730 4,261,296
- - - -
- - - -
- - - -
- - - -
- - - -
96 92 88 84
95 91 87 83
94 90 86 82
93 89 85 81
- - - -
- - - -
- - - -
- - - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
166,593,881 159,579,402 152,564,923 145,550,444

164,840,261 157,825,782 150,811,303 143,796,824
163,086,642 156,072,162 149,057,683 142,043,204
161,333,022 154,318,543 147,304,063 140,289,584
5,050,425 4,839,991 4,629,556 4,419,122

4,997,816 4,787,382 4,576,948 4,366,513
4,945,208 4,734,773 4,524,339 4,313,905
4,892,599 4,682,165 4,471,730 4,261,296
2013 2014 2015 2016

61,385,658 58,827,922 56,270,186 53,712,451
60,746,224 58,188,488 55,630,753 53,073,017
60,106,790 57,549,054 54,991,319 52,433,583
59,467,356 56,909,620 54,351,885 51,794,149
- - - -
- - - -
- - - -
- - - -
- - - -
1,841,570 1,764,838 1,688,106 1,611,374

1,822,387 1,745,655 1,668,923 1,592,191
1,803,204 1,726,472 1,649,740 1,573,007
1,784,021 1,707,289 1,630,557 1,553,824
- - - -
- - - -
- - - -
- - - -
- - - -
7,251,181 6,944,253 6,637,324 6,330,396

1,841,570 1,764,838 1,688,106 1,611,374
1,822,387 1,745,655 1,668,923 1,592,191
1,803,204 1,726,472 1,649,740 1,573,007
1,784,021 1,707,289 1,630,557 1,553,824
- - - -
- - - -
- - - -
- - - -
- - - -
96 92 88 84
95 91 87 83
94 90 86 82
93 89 85 81
- - - -
- - - -
- - - -
- - - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
60,746,224 58,188,488 55,630,753 53,073,017

60,106,790 57,549,054 54,991,319 52,433,583
59,467,356 56,909,620 54,351,885 51,794,149
58,827,922 56,270,186 53,712,451 51,154,715
1,841,570 1,764,838 1,688,106 1,611,374
1,822,387 1,745,655 1,668,923 1,592,191
1,803,204 1,726,472 1,649,740 1,573,007
1,784,021 1,707,289 1,630,557 1,553,824
2013 2014 2015 2016

50,898,432 50,514,931 52,334,657 49,955,809
50,809,650 50,987,007 51,739,945 49,361,097
50,716,173 51,447,737 51,145,233 48,766,385
50,617,950 51,896,997 50,550,521 48,171,673
1,784,226 4,129,488 - -
446,056 1,032,372 - -
446,056 1,032,372 - -
446,056 1,032,372 - -
446,056 1,032,372 - -
1,540,335 1,546,419 1,570,040 1,498,674

1,537,671 1,560,581 1,552,198 1,480,833
1,534,867 1,574,403 1,534,357 1,462,992
1,531,920 1,587,881 1,516,516 1,445,150
- - - -
- - - -
- - - -
- - - -
- - - -
6,144,793 6,269,285 6,173,111 5,887,649

1,540,335 1,546,419 1,570,040 1,498,674
1,537,671 1,560,581 1,552,198 1,480,833
1,534,867 1,574,403 1,534,357 1,462,992
1,531,920 1,587,881 1,516,516 1,445,150
- - - -
- - - -
- - - -
- - - -
- - - -
96 92 88 84
95 91 87 83
94 90 86 82
93 89 85 81
4,646 11,221 - -
4,695 11,345 - -
4,745 11,471 - -
4,796 11,600 - -
2,167,727 2,309,763 2,378,848 2,378,848

534,838 560,297 594,712 594,712
539,534 571,642 594,712 594,712
544,279 583,112 594,712 594,712
549,075 594,712 594,712 594,712
50,809,650 50,987,007 51,739,945 49,361,097

50,716,173 51,447,737 51,145,233 48,766,385
50,617,950 51,896,997 50,550,521 48,171,673
50,514,931 52,334,657 49,955,809 47,576,961
1,540,335 1,546,419 1,570,040 1,498,674

1,537,671 1,560,581 1,552,198 1,480,833
1,534,867 1,574,403 1,534,357 1,462,992
1,531,920 1,587,881 1,516,516 1,445,150
2013 2014 2015 2016

657,600 630,200 602,800 575,400
650,750 623,350 595,950 568,550
643,900 616,500 589,100 561,700
637,050 609,650 582,250 554,850
- - - -
- - - -
- - - -
- - - -
- - - -
19,728 18,906 18,084 17,262

19,523 18,701 17,879 17,057
19,317 18,495 17,673 16,851
19,112 18,290 17,468 16,646
- - - -
- - - -
- - - -
- - - -
- - - -
77,679 74,391 71,103 67,815

19,728 18,906 18,084 17,262
19,523 18,701 17,879 17,057
19,317 18,495 17,673 16,851
19,112 18,290 17,468 16,646
- - - -
- - - -
- - - -
- - - -
- - - -
96 92 88 84
95 91 87 83
94 90 86 82
93 89 85 81
- - - -
- - - -
- - - -
- - - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
650,750 623,350 595,950 568,550

643,900 616,500 589,100 561,700
637,050 609,650 582,250 554,850
630,200 602,800 575,400 548,000
19,728 18,906 18,084 17,262

19,523 18,701 17,879 17,057
19,317 18,495 17,673 16,851
19,112 18,290 17,468 16,646
2013 2014 2015 2016

89,555,656 92,160,963 87,971,828 83,782,694
90,234,726 91,113,679 86,924,545 82,735,410
90,895,437 90,066,396 85,877,261 81,688,126
91,537,586 89,019,112 84,829,977 80,640,843
6,682,643 - - -
1,670,661 - - -
1,670,661 - - -
1,670,661 - - -
1,670,661 - - -
2,736,789 2,764,829 2,639,155 2,513,481

2,757,162 2,733,410 2,607,736 2,482,062
2,776,983 2,701,992 2,576,318 2,450,644
2,796,247 2,670,573 2,544,899 2,419,225
- - - -
- - - -
- - - -
- - - -
- - - -
2,736,789 2,764,829 2,639,155 2,513,481

2,757,162 2,733,410 2,607,736 2,482,062
2,776,983 2,701,992 2,576,318 2,450,644
2,796,247 2,670,573 2,544,899 2,419,225
- - - -
- - - -
- - - -
- - - -
- - - -
92 88 84 80
91 87 83 79
90 86 82 78
89 85 81 77
18,159 - - -
18,359 - - -
18,563 - - -
18,771 - - -
4,077,336 4,189,135 4,189,135 4,189,135

991,590 1,047,284 1,047,284 1,047,284
1,009,949 1,047,284 1,047,284 1,047,284
1,028,512 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
90,234,726 91,113,679 86,924,545 82,735,410

90,895,437 90,066,396 85,877,261 81,688,126
91,537,586 89,019,112 84,829,977 80,640,843
92,160,963 87,971,828 83,782,694 79,593,559
2,736,789 2,764,829 2,639,155 2,513,481

2,757,162 2,733,410 2,607,736 2,482,062
2,776,983 2,701,992 2,576,318 2,450,644
2,796,247 2,670,573 2,544,899 2,419,225
2017 2018 2019 2020
10,075 10,176 10,278 10,380
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
8,785 8,873 8,962 9,052
3,075 3,106 3,137 3,168
2,350 2,374 2,397 2,421
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2017 2018 2019 2020

25.00 27.00 27.00 27.00
25% 25% 25% 25%
5% 5% 5% 5%
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2017 2018 2019 2020

62,500 67,500 67,500 67,500
137,500 137,500 148,500 148,500
- - - -
200,000 205,000 216,000 216,000
15,625 16,875 16,875 16,875

34,375 34,375 37,125 37,125
- - - -
50,000 51,250 54,000 54,000
2,875 3,375 3,375 3,375

6,119 6,325 7,425 7,425
- - - -
8,994 9,700 10,800 10,800
2017 2018 2019 2020

- - - -
439,271,253 454,755,564 483,948,653 488,788,140
27,654,871 30,124,783 33,876,406 34,215,170
2017 2018 2019 2020

10,194 10,704 11,239 11,801
111 116 122 128
52 55 58 61
81,555,607 85,633,388 89,915,057 94,410,810

22,122,214 23,809,033 26,340,920 27,657,966
10,453,354 11,250,422 12,446,808 13,069,149
7,579,464 7,958,437 8,356,359 8,774,177
15,376,630 15,261,090 14,728,278 13,926,651
137,087,269 143,912,370 151,787,423 157,838,752
2017 2018 2019 2020

137,087,269 143,912,370 151,787,423 157,838,752
1,875,353 1,875,353 1,875,353 1,875,353
125 128 135 135
4,459,325 4,682,291 4,916,406 5,162,226
4,796,388 4,796,388 4,796,388 4,796,388
129,542,934 135,702,947 142,790,365 148,294,074

18,675,526 19,563,583 20,585,339 21,378,780
2017 2018 2019 2020

111,750 - - -
7,361,531 7,729,608 8,116,088 8,521,893
3,568,055 3,746,458 3,933,781 4,130,470
2017 2018 2019 2020

1,008,363 1,058,782 1,111,721 1,167,307
9 10 11 12
1,008,363 1,058,782 1,111,721 1,167,307
2017 2018 2019 2020
140,289,584 133,275,105 126,260,626 119,246,147
138,535,964 131,521,485 124,507,006 117,492,527
136,782,345 129,767,865 122,753,386 115,738,907
135,028,725 128,014,246 120,999,766 113,985,287
- - - -
- - - -
- - - -
- - - -
- - - -
4,208,688 3,998,253 3,787,819 3,577,384

4,156,079 3,945,645 3,735,210 3,524,776
4,103,470 3,893,036 3,682,602 3,472,167
4,050,862 3,840,427 3,629,993 3,419,559
- - - -
- - - -
- - - -
- - - -
- - - -
16,519,099 15,677,361 14,835,624 13,993,886

4,208,688 3,998,253 3,787,819 3,577,384
4,156,079 3,945,645 3,735,210 3,524,776
4,103,470 3,893,036 3,682,602 3,472,167
4,050,862 3,840,427 3,629,993 3,419,559
- - - -
- - - -
- - - -
- - - -
- - - -
80 76 72 68
79 75 71 67
78 74 70 66
77 73 69 65
- - - -
- - - -
- - - -
- - - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
138,535,964 131,521,485 124,507,006 117,492,527

136,782,345 129,767,865 122,753,386 115,738,907
135,028,725 128,014,246 120,999,766 113,985,287
133,275,105 126,260,626 119,246,147 112,231,667
4,208,688 3,998,253 3,787,819 3,577,384

4,156,079 3,945,645 3,735,210 3,524,776
4,103,470 3,893,036 3,682,602 3,472,167
4,050,862 3,840,427 3,629,993 3,419,559
2017 2018 2019 2020

51,154,715 48,596,979 46,039,243 43,481,508
50,515,281 47,957,545 45,399,810 42,842,074
49,875,847 47,318,111 44,760,376 42,202,640
49,236,413 46,678,677 44,120,942 41,563,206
- - - -
- - - -
- - - -
- - - -
- - - -
1,534,641 1,457,909 1,381,177 1,304,445

1,515,458 1,438,726 1,361,994 1,285,262
1,496,275 1,419,543 1,342,811 1,266,079
1,477,092 1,400,360 1,323,628 1,246,896
- - - -
- - - -
- - - -
- - - -
- - - -
6,023,468 5,716,539 5,409,611 5,102,683

1,534,641 1,457,909 1,381,177 1,304,445
1,515,458 1,438,726 1,361,994 1,285,262
1,496,275 1,419,543 1,342,811 1,266,079
1,477,092 1,400,360 1,323,628 1,246,896
- - - -
- - - -
- - - -
- - - -
- - - -
80 76 72 68
79 75 71 67
78 74 70 66
77 73 69 65
- - - -
- - - -
- - - -
- - - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
50,515,281 47,957,545 45,399,810 42,842,074

49,875,847 47,318,111 44,760,376 42,202,640
49,236,413 46,678,677 44,120,942 41,563,206
48,596,979 46,039,243 43,481,508 40,923,772
1,534,641 1,457,909 1,381,177 1,304,445
1,515,458 1,438,726 1,361,994 1,285,262
1,496,275 1,419,543 1,342,811 1,266,079
1,477,092 1,400,360 1,323,628 1,246,896
2017 2018 2019 2020

47,576,961 45,198,113 42,819,265 40,440,417
46,982,249 44,603,401 42,224,553 39,845,705
46,387,537 44,008,689 41,629,841 39,250,992
45,792,825 43,413,977 41,035,129 38,656,280
- - - -
- - - -
- - - -
- - - -
- - - -
1,427,309 1,355,943 1,284,578 1,213,212

1,409,467 1,338,102 1,266,737 1,195,371
1,391,626 1,320,261 1,248,895 1,177,530
1,373,785 1,302,419 1,231,054 1,159,688
- - - -
- - - -
- - - -
- - - -
- - - -
5,602,187 5,316,725 5,031,264 4,745,802

1,427,309 1,355,943 1,284,578 1,213,212
1,409,467 1,338,102 1,266,737 1,195,371
1,391,626 1,320,261 1,248,895 1,177,530
1,373,785 1,302,419 1,231,054 1,159,688
- - - -
- - - -
- - - -
- - - -
- - - -
80 76 72 68
79 75 71 67
78 74 70 66
77 73 69 65
- - - -
- - - -
- - - -
- - - -
2,378,848 2,378,848 2,378,848 2,378,848

594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
46,982,249 44,603,401 42,224,553 39,845,705

46,387,537 44,008,689 41,629,841 39,250,992
45,792,825 43,413,977 41,035,129 38,656,280
45,198,113 42,819,265 40,440,417 38,061,568
1,427,309 1,355,943 1,284,578 1,213,212

1,409,467 1,338,102 1,266,737 1,195,371
1,391,626 1,320,261 1,248,895 1,177,530
1,373,785 1,302,419 1,231,054 1,159,688
2017 2018 2019 2020

548,000 520,600 493,200 465,800
541,150 513,750 486,350 458,950
534,300 506,900 479,500 452,100
527,450 500,050 472,650 445,250
- - - -
- - - -
- - - -
- - - -
- - - -
16,440 15,618 14,796 13,974

16,235 15,413 14,591 13,769
16,029 15,207 14,385 13,563
15,824 15,002 14,180 13,358
- - - -
- - - -
- - - -
- - - -
- - - -
64,527 61,239 57,951 54,663

16,440 15,618 14,796 13,974
16,235 15,413 14,591 13,769
16,029 15,207 14,385 13,563
15,824 15,002 14,180 13,358
- - - -
- - - -
- - - -
- - - -
- - - -
80 76 72 68
79 75 71 67
78 74 70 66
77 73 69 65
- - - -
- - - -
- - - -
- - - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
541,150 513,750 486,350 458,950

534,300 506,900 479,500 452,100
527,450 500,050 472,650 445,250
520,600 493,200 465,800 438,400
16,440 15,618 14,796 13,974

16,235 15,413 14,591 13,769
16,029 15,207 14,385 13,563
15,824 15,002 14,180 13,358
2017 2018 2019 2020

79,593,559 75,404,424 71,215,290 67,026,155
78,546,275 74,357,141 70,168,006 65,978,871
77,498,992 73,309,857 69,120,722 64,931,588
76,451,708 72,262,573 68,073,439 63,884,304
- - - -
- - - -
- - - -
- - - -
- - - -
2,387,807 2,262,133 2,136,459 2,010,785

2,356,388 2,230,714 2,105,040 1,979,366
2,324,970 2,199,296 2,073,622 1,947,948
2,293,551 2,167,877 2,042,203 1,916,529
- - - -
- - - -
- - - -
- - - -
- - - -
2,387,807 2,262,133 2,136,459 2,010,785

2,356,388 2,230,714 2,105,040 1,979,366
2,324,970 2,199,296 2,073,622 1,947,948
2,293,551 2,167,877 2,042,203 1,916,529
- - - -
- - - -
- - - -
- - - -
- - - -
76 72 68 64
75 71 67 63
74 70 66 62
73 69 65 61
- - - -
- - - -
- - - -
- - - -
4,189,135 4,189,135 4,189,135 4,189,135

1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
78,546,275 74,357,141 70,168,006 65,978,871

77,498,992 73,309,857 69,120,722 64,931,588
76,451,708 72,262,573 68,073,439 63,884,304
75,404,424 71,215,290 67,026,155 62,837,020
2,387,807 2,262,133 2,136,459 2,010,785

2,356,388 2,230,714 2,105,040 1,979,366
2,324,970 2,199,296 2,073,622 1,947,948
2,293,551 2,167,877 2,042,203 1,916,529
2021 2022 2023 2024
10,484 10,589 10,695 10,802
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
9,142 9,234 9,326 9,419
3,200 3,232 3,264 3,297
2,446 2,470 2,495 2,520
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2021 2022 2023 2024

27.00 27.00 27.00 25.00
25% 25% 25% 25%
5% 5% 5% 5%
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2021 2022 2023 2024

67,500 67,500 67,500 62,500
148,500 148,500 148,500 148,500
- - - -
216,000 216,000 216,000 211,000
16,875 16,875 16,875 15,625

37,125 37,125 37,125 37,125
- - - -
54,000 54,000 54,000 52,750
3,375 3,375 3,375 3,125

7,425 7,425 7,425 7,425
- - - -
10,800 10,800 10,800 10,550
2021 2022 2023 2024

- - - -
493,676,021 498,612,781 503,598,909 496,860,942
34,557,321 34,902,895 35,251,924 34,780,266
2021 2022 2023 2024

12,391 13,011 13,662 14,345
134 141 148 156
64 67 70 74
99,131,350 104,087,918 109,292,314 114,756,930

29,040,864 30,492,907 32,017,553 32,840,226
13,722,606 14,408,736 15,129,173 15,517,909
9,212,886 9,673,530 10,157,207 10,665,067
13,926,651 13,926,651 13,405,054 12,286,014
165,034,357 172,589,743 180,001,301 186,066,145
2021 2022 2023 2024

165,034,357 172,589,743 180,001,301 186,066,145
1,875,353 1,875,353 1,875,353 1,875,353
135 135 135 132
5,420,338 5,691,355 5,975,922 6,274,718
4,688,381 4,688,381 4,688,381 4,688,381
154,714,225 161,554,500 168,280,914 173,842,733

22,304,339 23,290,466 24,260,178 25,061,996
2021 2022 2023 2024

- - - -
8,947,987 9,395,387 9,865,156 10,358,414
4,336,993 4,553,843 4,781,535 5,020,612
2021 2022 2023 2024

1,225,672 1,286,956 1,351,303 1,418,868
13 14 15 16
1,225,672 1,286,956 1,351,303 1,418,868
2021 2022 2023 2024
112,231,667 105,217,188 98,202,709 91,188,230
110,478,048 103,463,568 96,449,089 89,434,610
108,724,428 101,709,948 94,695,469 87,680,990
106,970,808 99,956,329 92,941,849 85,927,370
- - - -
- - - -
- - - -
- - - -
- - - -
3,366,950 3,156,516 2,946,081 2,735,647

3,314,341 3,103,907 2,893,473 2,683,038
3,261,733 3,051,298 2,840,864 2,630,430
3,209,124 2,998,690 2,788,255 2,577,821
- - - -
- - - -
- - - -
- - - -
- - - -
13,152,149 12,310,411 11,468,674 10,626,936

3,366,950 3,156,516 2,946,081 2,735,647
3,314,341 3,103,907 2,893,473 2,683,038
3,261,733 3,051,298 2,840,864 2,630,430
3,209,124 2,998,690 2,788,255 2,577,821
- - - -
- - - -
- - - -
- - - -
- - - -
64 60 56 52
63 59 55 51
62 58 54 50
61 57 53 49
- - - -
- - - -
- - - -
- - - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
110,478,048 103,463,568 96,449,089 89,434,610

108,724,428 101,709,948 94,695,469 87,680,990
106,970,808 99,956,329 92,941,849 85,927,370
105,217,188 98,202,709 91,188,230 84,173,750
3,366,950 3,156,516 2,946,081 2,735,647

3,314,341 3,103,907 2,893,473 2,683,038
3,261,733 3,051,298 2,840,864 2,630,430
3,209,124 2,998,690 2,788,255 2,577,821
2021 2022 2023 2024

40,923,772 38,366,036 35,808,300 33,250,565
40,284,338 37,726,602 35,168,867 32,611,131
39,644,904 37,087,168 34,529,433 31,971,697
39,005,470 36,447,734 33,889,999 31,332,263
- - - -
- - - -
- - - -
- - - -
- - - -
1,227,713 1,150,981 1,074,249 997,517

1,208,530 1,131,798 1,055,066 978,334
1,189,347 1,112,615 1,035,883 959,151
1,170,164 1,093,432 1,016,700 939,968
- - - -
- - - -
- - - -
- - - -
- - - -
4,795,755 4,488,826 4,181,898 3,874,970

1,227,713 1,150,981 1,074,249 997,517
1,208,530 1,131,798 1,055,066 978,334
1,189,347 1,112,615 1,035,883 959,151
1,170,164 1,093,432 1,016,700 939,968
- - - -
- - - -
- - - -
- - - -
- - - -
64 60 56 52
63 59 55 51
62 58 54 50
61 57 53 49
- - - -
- - - -
- - - -
- - - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
40,284,338 37,726,602 35,168,867 32,611,131

39,644,904 37,087,168 34,529,433 31,971,697
39,005,470 36,447,734 33,889,999 31,332,263
38,366,036 35,808,300 33,250,565 30,692,829
1,227,713 1,150,981 1,074,249 997,517
1,208,530 1,131,798 1,055,066 978,334
1,189,347 1,112,615 1,035,883 959,151
1,170,164 1,093,432 1,016,700 939,968
2021 2022 2023 2024

38,061,568 35,682,720 33,303,872 30,925,024
37,466,856 35,088,008 32,709,160 30,330,312
36,872,144 34,493,296 32,114,448 29,735,600
36,277,432 33,898,584 31,519,736 29,140,888
- - - -
- - - -
- - - -
- - - -
- - - -
1,141,847 1,070,482 999,116 927,751

1,124,006 1,052,640 981,275 909,909
1,106,164 1,034,799 963,433 892,068
1,088,323 1,016,958 945,592 874,227
- - - -
- - - -
- - - -
- - - -
- - - -
4,460,340 4,174,878 3,889,417 3,603,955

1,141,847 1,070,482 999,116 927,751
1,124,006 1,052,640 981,275 909,909
1,106,164 1,034,799 963,433 892,068
1,088,323 1,016,958 945,592 874,227
- - - -
- - - -
- - - -
- - - -
- - - -
64 60 56 52
63 59 55 51
62 58 54 50
61 57 53 49
- - - -
- - - -
- - - -
- - - -
2,378,848 2,378,848 2,378,848 2,378,848

594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
37,466,856 35,088,008 32,709,160 30,330,312

36,872,144 34,493,296 32,114,448 29,735,600
36,277,432 33,898,584 31,519,736 29,140,888
35,682,720 33,303,872 30,925,024 28,546,176
1,141,847 1,070,482 999,116 927,751

1,124,006 1,052,640 981,275 909,909
1,106,164 1,034,799 963,433 892,068
1,088,323 1,016,958 945,592 874,227
2021 2022 2023 2024

438,400 411,000 383,600 356,200
431,550 404,150 376,750 349,350
424,700 397,300 369,900 342,500
417,850 390,450 363,050 335,650
- - - -
- - - -
- - - -
- - - -
- - - -
13,152 12,330 11,508 10,686

12,947 12,125 11,303 10,481
12,741 11,919 11,097 10,275
12,536 11,714 10,892 10,070
- - - -
- - - -
- - - -
- - - -
- - - -
51,375 48,087 44,799 41,511

13,152 12,330 11,508 10,686
12,947 12,125 11,303 10,481
12,741 11,919 11,097 10,275
12,536 11,714 10,892 10,070
- - - -
- - - -
- - - -
- - - -
- - - -
64 60 56 52
63 59 55 51
62 58 54 50
61 57 53 49
- - - -
- - - -
- - - -
- - - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
431,550 404,150 376,750 349,350

424,700 397,300 369,900 342,500
417,850 390,450 363,050 335,650
411,000 383,600 356,200 328,800
13,152 12,330 11,508 10,686

12,947 12,125 11,303 10,481
12,741 11,919 11,097 10,275
12,536 11,714 10,892 10,070
2021 2022 2023 2024

62,837,020 58,647,886 54,458,751 50,269,616
61,789,737 57,600,602 53,411,467 49,222,333
60,742,453 56,553,318 52,364,184 48,175,049
59,695,169 55,506,035 51,316,900 47,127,765
- - - -
- - - -
- - - -
- - - -
- - - -
1,885,111 1,759,437 1,633,763 1,508,088

1,853,692 1,728,018 1,602,344 1,476,670
1,822,274 1,696,600 1,570,926 1,445,251
1,790,855 1,665,181 1,539,507 1,413,833
- - - -
- - - -
- - - -
- - - -
- - - -
1,885,111 1,759,437 1,633,763 1,508,088

1,853,692 1,728,018 1,602,344 1,476,670
1,822,274 1,696,600 1,570,926 1,445,251
1,790,855 1,665,181 1,539,507 1,413,833
- - - -
- - - -
- - - -
- - - -
- - - -
60 56 52 48
59 55 51 47
58 54 50 46
57 53 49 45
- - - -
- - - -
- - - -
- - - -
4,189,135 4,189,135 4,189,135 4,189,135

1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
61,789,737 57,600,602 53,411,467 49,222,333

60,742,453 56,553,318 52,364,184 48,175,049
59,695,169 55,506,035 51,316,900 47,127,765
58,647,886 54,458,751 50,269,616 46,080,481
1,885,111 1,759,437 1,633,763 1,508,088

1,853,692 1,728,018 1,602,344 1,476,670
1,822,274 1,696,600 1,570,926 1,445,251
1,790,855 1,665,181 1,539,507 1,413,833
2025 2026 2027 2028
10,910 11,019 11,129 11,240
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
9,513 9,608 9,705 9,802
3,330 3,363 3,397 3,431
2,545 2,570 2,596 2,622
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2025 2026 2027 2028

25.00 24.00 24.00 22.00
25% 25% 25% 25%
5% 5% 5% 5%
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2025 2026 2027 2028

62,500 60,000 60,000 55,000
137,500 137,500 132,000 132,000
- - - -
200,000 197,500 192,000 187,000
15,625 15,000 15,000 13,750

34,375 34,375 33,000 33,000
- - - -
50,000 49,375 48,000 46,750
3,125 3,000 3,000 2,750

6,875 6,875 6,600 6,600
- - - -
10,000 9,875 9,600 9,350
2025 2026 2027 2028

- - - -
475,667,822 474,419,194 465,819,595 458,225,765
33,296,748 33,209,344 32,607,372 32,075,804
2025 2026 2027 2028

15,062 15,815 16,606 17,436
163 172 180 189
77 81 85 89
120,494,776 126,519,515 132,845,491 139,487,765

32,684,585 33,889,829 34,593,365 35,377,121
15,444,364 16,013,875 16,346,315 16,716,661
11,198,320 11,758,236 12,346,148 12,963,455
11,975,733 11,975,733 11,975,733 11,975,733
191,797,779 200,157,189 208,107,052 216,520,736
2025 2026 2027 2028

191,797,779 200,157,189 208,107,052 216,520,736
1,875,353 1,875,353 1,875,353 1,875,353
125 123 120 117
6,588,454 6,917,877 7,263,771 7,626,959
4,688,381 4,688,381 4,688,381 4,688,381
179,126,381 186,720,419 193,970,907 201,641,891

25,823,712 26,918,504 27,963,769 29,069,655
2025 2026 2027 2028

- - - -
10,876,335 11,420,151 11,991,159 12,590,717
5,271,642 5,535,224 5,811,985 6,102,585
2025 2026 2027 2028

1,489,812 1,564,303 1,642,518 1,724,644
17 18 19 20
1,489,812 1,564,303 1,642,518 1,724,644
2025 2026 2027 2028
84,173,750 77,159,271 70,144,792 63,130,313
82,420,131 75,405,651 68,391,172 61,376,693
80,666,511 73,652,032 66,637,552 59,623,073
78,912,891 71,898,412 64,883,933 57,869,453
- - - -
- - - -
- - - -
- - - -
- - - -
2,525,213 2,314,778 2,104,344 1,893,909

2,472,604 2,262,170 2,051,735 1,841,301
2,419,995 2,209,561 1,999,127 1,788,692
2,367,387 2,156,952 1,946,518 1,736,084
- - - -
- - - -
- - - -
- - - -
- - - -
9,785,198 8,943,461 8,101,723 7,259,986

2,525,213 2,314,778 2,104,344 1,893,909
2,472,604 2,262,170 2,051,735 1,841,301
2,419,995 2,209,561 1,999,127 1,788,692
2,367,387 2,156,952 1,946,518 1,736,084
- - - -
- - - -
- - - -
- - - -
- - - -
48 44 40 36
47 43 39 35
46 42 38 34
45 41 37 33
- - - -
- - - -
- - - -
- - - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
82,420,131 75,405,651 68,391,172 61,376,693

80,666,511 73,652,032 66,637,552 59,623,073
78,912,891 71,898,412 64,883,933 57,869,453
77,159,271 70,144,792 63,130,313 56,115,834
2,525,213 2,314,778 2,104,344 1,893,909

2,472,604 2,262,170 2,051,735 1,841,301
2,419,995 2,209,561 1,999,127 1,788,692
2,367,387 2,156,952 1,946,518 1,736,084
2025 2026 2027 2028

30,692,829 28,135,093 25,577,357 23,019,622
30,053,395 27,495,659 24,937,924 22,380,188
29,413,961 26,856,225 24,298,490 21,740,754
28,774,527 26,216,791 23,659,056 21,101,320
- - - -
- - - -
- - - -
- - - -
- - - -
920,785 844,053 767,321 690,589

901,602 824,870 748,138 671,406
882,419 805,687 728,955 652,223
863,236 786,504 709,772 633,040
- - - -
- - - -
- - - -
- - - -
- - - -
3,568,041 3,261,113 2,954,185 2,647,256

920,785 844,053 767,321 690,589
901,602 824,870 748,138 671,406
882,419 805,687 728,955 652,223
863,236 786,504 709,772 633,040
- - - -
- - - -
- - - -
- - - -
- - - -
48 44 40 36
47 43 39 35
46 42 38 34
45 41 37 33
- - - -
- - - -
- - - -
- - - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
30,053,395 27,495,659 24,937,924 22,380,188

29,413,961 26,856,225 24,298,490 21,740,754
28,774,527 26,216,791 23,659,056 21,101,320
28,135,093 25,577,357 23,019,622 20,461,886
920,785 844,053 767,321 690,589
901,602 824,870 748,138 671,406
882,419 805,687 728,955 652,223
863,236 786,504 709,772 633,040
2025 2026 2027 2028

28,546,176 26,167,328 23,788,480 21,409,632
27,951,464 25,572,616 23,193,768 20,814,920
27,356,752 24,977,904 22,599,056 20,220,208
26,762,040 24,383,192 22,004,344 19,625,496
- - - -
- - - -
- - - -
- - - -
- - - -
856,385 785,020 713,654 642,289

838,544 767,178 695,813 624,448
820,703 749,337 677,972 606,606
802,861 731,496 660,130 588,765
- - - -
- - - -
- - - -
- - - -
- - - -
3,318,493 3,033,031 2,747,569 2,462,108

856,385 785,020 713,654 642,289
838,544 767,178 695,813 624,448
820,703 749,337 677,972 606,606
802,861 731,496 660,130 588,765
- - - -
- - - -
- - - -
- - - -
- - - -
48 44 40 36
47 43 39 35
46 42 38 34
45 41 37 33
- - - -
- - - -
- - - -
- - - -
2,378,848 2,378,848 2,378,848 2,378,848

594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
27,951,464 25,572,616 23,193,768 20,814,920

27,356,752 24,977,904 22,599,056 20,220,208
26,762,040 24,383,192 22,004,344 19,625,496
26,167,328 23,788,480 21,409,632 19,030,784
856,385 785,020 713,654 642,289

838,544 767,178 695,813 624,448
820,703 749,337 677,972 606,606
802,861 731,496 660,130 588,765
2025 2026 2027 2028

328,800 301,400 274,000 246,600
321,950 294,550 267,150 239,750
315,100 287,700 260,300 232,900
308,250 280,850 253,450 226,050
- - - -
- - - -
- - - -
- - - -
- - - -
9,864 9,042 8,220 7,398

9,659 8,837 8,015 7,193
9,453 8,631 7,809 6,987
9,248 8,426 7,604 6,782
- - - -
- - - -
- - - -
- - - -
- - - -
38,223 34,935 31,647 28,359

9,864 9,042 8,220 7,398
9,659 8,837 8,015 7,193
9,453 8,631 7,809 6,987
9,248 8,426 7,604 6,782
- - - -
- - - -
- - - -
- - - -
- - - -
48 44 40 36
47 43 39 35
46 42 38 34
45 41 37 33
- - - -
- - - -
- - - -
- - - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
321,950 294,550 267,150 239,750

315,100 287,700 260,300 232,900
308,250 280,850 253,450 226,050
301,400 274,000 246,600 219,200
9,864 9,042 8,220 7,398

9,659 8,837 8,015 7,193
9,453 8,631 7,809 6,987
9,248 8,426 7,604 6,782
2025 2026 2027 2028

46,080,481 41,891,347 37,702,212 33,513,077
45,033,198 40,844,063 36,654,928 32,465,794
43,985,914 39,796,779 35,607,645 31,418,510
42,938,630 38,749,496 34,560,361 30,371,226
- - - -
- - - -
- - - -
- - - -
- - - -
1,382,414 1,256,740 1,131,066 1,005,392

1,350,996 1,225,322 1,099,648 973,974
1,319,577 1,193,903 1,068,229 942,555
1,288,159 1,162,485 1,036,811 911,137
- - - -
- - - -
- - - -
- - - -
- - - -
1,382,414 1,256,740 1,131,066 1,005,392

1,350,996 1,225,322 1,099,648 973,974
1,319,577 1,193,903 1,068,229 942,555
1,288,159 1,162,485 1,036,811 911,137
- - - -
- - - -
- - - -
- - - -
- - - -
44 40 36 32
43 39 35 31
42 38 34 30
41 37 33 29
- - - -
- - - -
- - - -
- - - -
4,189,135 4,189,135 4,189,135 4,189,135

1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
45,033,198 40,844,063 36,654,928 32,465,794

43,985,914 39,796,779 35,607,645 31,418,510
42,938,630 38,749,496 34,560,361 30,371,226
41,891,347 37,702,212 33,513,077 29,323,943
1,382,414 1,256,740 1,131,066 1,005,392

1,350,996 1,225,322 1,099,648 973,974
1,319,577 1,193,903 1,068,229 942,555
1,288,159 1,162,485 1,036,811 911,137
2029 2030 2031 2032
11,353 11,466 11,581 11,697
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
9,900 9,999 10,099 10,200
3,465 3,500 3,535 3,570
2,648 2,675 2,701 2,728
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2029 2030 2031 2032

22.00 21.00 21.00 19.00
25% 25% 25% 25%
5% 5% 5% 5%
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2029 2030 2031 2032

55,000 52,500 52,500 47,500
121,000 121,000 115,500 115,500
- - - -
176,000 173,500 168,000 163,000
13,750 13,125 13,125 11,875

30,250 30,250 28,875 28,875
- - - -
44,000 43,375 42,000 40,750
2,750 2,625 2,625 2,375

6,050 6,050 5,775 5,775
- - - -
8,800 8,675 8,400 8,150
2029 2030 2031 2032

- - - -
435,584,021 433,690,716 424,142,021 415,633,934
30,490,882 30,358,350 29,689,941 29,094,375
2029 2030 2031 2032

18,308 19,223 20,184 21,194
199 209 219 230
94 99 103 109
146,462,153 153,785,261 161,474,524 169,548,250

34,960,919 36,187,531 36,792,395 37,482,252
16,519,995 17,099,603 17,385,417 17,711,394
13,611,628 14,292,210 15,006,820 15,757,161
11,975,733 11,975,733 9,958,108 5,068,583
223,530,429 233,340,338 240,617,265 245,567,641
2029 2030 2031 2032

223,530,429 233,340,338 240,617,265 245,567,641
1,875,353 1,875,353 1,875,353 1,875,353
110 108 105 102
8,008,307 8,408,723 8,829,159 9,270,617
4,688,381 4,688,381 - -
208,101,655 217,025,477 219,655,324 224,367,784

30,000,925 31,287,426 31,666,557 32,345,928
2029 2030 2031 2032

- - - -
13,220,253 13,881,265 14,575,329 15,304,095
6,407,714 6,728,100 7,064,505 7,417,730
2029 2030 2031 2032

1,810,876 1,901,419 1,996,490 2,096,315
21 22 23 24
1,810,876 1,901,419 1,996,490 2,096,315
2029 2030 2031 2032
56,115,834 49,101,354 42,086,875 35,072,396
54,362,214 47,347,735 40,333,255 33,318,776
52,608,594 45,594,115 38,579,636 31,565,156
50,854,974 43,840,495 36,826,016 29,811,537
- - - -
- - - -
- - - -
- - - -
- - - -
1,683,475 1,473,041 1,262,606 1,052,172

1,630,866 1,420,432 1,209,998 999,563
1,578,258 1,367,823 1,157,389 946,955
1,525,649 1,315,215 1,104,780 894,346
- - - -
- - - -
- - - -
- - - -
- - - -
6,418,248 5,576,511 4,734,773 3,893,036

1,683,475 1,473,041 1,262,606 1,052,172
1,630,866 1,420,432 1,209,998 999,563
1,578,258 1,367,823 1,157,389 946,955
1,525,649 1,315,215 1,104,780 894,346
- - - -
- - - -
- - - -
- - - -
- - - -
32 28 24 20
31 27 23 19
30 26 22 18
29 25 21 17
- - - -
- - - -
- - - -
- - - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
54,362,214 47,347,735 40,333,255 33,318,776

52,608,594 45,594,115 38,579,636 31,565,156
50,854,974 43,840,495 36,826,016 29,811,537
49,101,354 42,086,875 35,072,396 28,057,917
1,683,475 1,473,041 1,262,606 1,052,172

1,630,866 1,420,432 1,209,998 999,563
1,578,258 1,367,823 1,157,389 946,955
1,525,649 1,315,215 1,104,780 894,346
2029 2030 2031 2032

20,461,886 17,904,150 15,346,414 12,788,679
19,822,452 17,264,716 14,706,981 12,149,245
19,183,018 16,625,282 14,067,547 11,509,811
18,543,584 15,985,848 13,428,113 10,870,377
- - - -
- - - -
- - - -
- - - -
- - - -
613,857 537,125 460,392 383,660

594,674 517,941 441,209 364,477
575,491 498,758 422,026 345,294
556,308 479,575 402,843 326,111
- - - -
- - - -
- - - -
- - - -
- - - -
2,340,328 2,033,400 1,726,472 1,419,543

613,857 537,125 460,392 383,660
594,674 517,941 441,209 364,477
575,491 498,758 422,026 345,294
556,308 479,575 402,843 326,111
- - - -
- - - -
- - - -
- - - -
- - - -
32 28 24 20
31 27 23 19
30 26 22 18
29 25 21 17
- - - -
- - - -
- - - -
- - - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
19,822,452 17,264,716 14,706,981 12,149,245

19,183,018 16,625,282 14,067,547 11,509,811
18,543,584 15,985,848 13,428,113 10,870,377
17,904,150 15,346,414 12,788,679 10,230,943
613,857 537,125 460,392 383,660
594,674 517,941 441,209 364,477
575,491 498,758 422,026 345,294
556,308 479,575 402,843 326,111
2029 2030 2031 2032

19,030,784 16,651,936 14,273,088 11,894,240
18,436,072 16,057,224 13,678,376 11,299,528
17,841,360 15,462,512 13,083,664 10,704,816
17,246,648 14,867,800 12,488,952 10,110,104
- - - -
- - - -
- - - -
- - - -
- - - -
570,924 499,558 428,193 356,827

553,082 481,717 410,351 338,986
535,241 463,875 392,510 321,144
517,399 446,034 374,669 303,303
- - - -
- - - -
- - - -
- - - -
- - - -
2,176,646 1,891,184 1,605,722 1,320,261

570,924 499,558 428,193 356,827
553,082 481,717 410,351 338,986
535,241 463,875 392,510 321,144
517,399 446,034 374,669 303,303
- - - -
- - - -
- - - -
- - - -
- - - -
32 28 24 20
31 27 23 19
30 26 22 18
29 25 21 17
- - - -
- - - -
- - - -
- - - -
2,378,848 2,378,848 2,378,848 2,378,848

594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
18,436,072 16,057,224 13,678,376 11,299,528

17,841,360 15,462,512 13,083,664 10,704,816
17,246,648 14,867,800 12,488,952 10,110,104
16,651,936 14,273,088 11,894,240 9,515,392
570,924 499,558 428,193 356,827

553,082 481,717 410,351 338,986
535,241 463,875 392,510 321,144
517,399 446,034 374,669 303,303
2029 2030 2031 2032

219,200 191,800 164,400 137,000
212,350 184,950 157,550 130,150
205,500 178,100 150,700 123,300
198,650 171,250 143,850 116,450
- - - -
- - - -
- - - -
- - - -
- - - -
6,576 5,754 4,932 4,110

6,371 5,549 4,727 3,905
6,165 5,343 4,521 3,699
5,960 5,138 4,316 3,494
- - - -
- - - -
- - - -
- - - -
- - - -
25,071 21,783 18,495 15,207

6,576 5,754 4,932 4,110
6,371 5,549 4,727 3,905
6,165 5,343 4,521 3,699
5,960 5,138 4,316 3,494
- - - -
- - - -
- - - -
- - - -
- - - -
32 28 24 20
31 27 23 19
30 26 22 18
29 25 21 17
- - - -
- - - -
- - - -
- - - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
212,350 184,950 157,550 130,150

205,500 178,100 150,700 123,300
198,650 171,250 143,850 116,450
191,800 164,400 137,000 109,600
6,576 5,754 4,932 4,110

6,371 5,549 4,727 3,905
6,165 5,343 4,521 3,699
5,960 5,138 4,316 3,494
2029 2030 2031 2032

29,323,943 25,134,808 20,945,673 16,756,539
28,276,659 24,087,524 19,898,390 15,709,255
27,229,375 23,040,241 18,851,106 14,661,971
26,182,092 21,992,957 17,803,822 13,614,688
- - - -
- - - -
- - - -
- - - -
- - - -
879,718 754,044 628,370 502,696

848,300 722,626 596,952 471,278
816,881 691,207 565,533 439,859
785,463 659,789 534,115 408,441
- - - -
- - - -
- - - -
- - - -
- - - -
879,718 754,044 628,370 502,696

848,300 722,626 596,952 471,278
816,881 691,207 565,533 439,859
785,463 659,789 534,115 408,441
- - - -
- - - -
- - - -
- - - -
- - - -
28 24 20 16
27 23 19 15
26 22 18 14
25 21 17 13
- - - -
- - - -
- - - -
- - - -
4,189,135 4,189,135 4,189,135 4,189,135

1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284 1,047,284
28,276,659 24,087,524 19,898,390 15,709,255

27,229,375 23,040,241 18,851,106 14,661,971
26,182,092 21,992,957 17,803,822 13,614,688
25,134,808 20,945,673 16,756,539 12,567,404
879,718 754,044 628,370 502,696

848,300 722,626 596,952 471,278
816,881 691,207 565,533 439,859
785,463 659,789 534,115 408,441
2033 2034 2035 2036
11,814 11,932 12,051 12,172
1,000 1,000 1,000 1,000
100 100 100 100
28 28 28 28
10,302 10,405 10,509 10,614
3,606 3,642 3,678 3,715
2,756 2,783 2,811 2,839
12% 12% 12% 12%
12.7% 12.7% 12.7% 12.7%
2033 2034 2035 2036

19.00 17.00 17.00 14.03
25% 25% 25% 25%
5% 5% 5% 5%
2,500 2,500 2,500 2,500

5,500 5,500 5,500 5,500
- - - -
8,000 8,000 8,000 8,000
2033 2034 2035 2036

47,500 42,500 42,500 35,063
104,500 104,500 93,500 93,500
- - - -
152,000 147,000 136,000 128,563
11,875 10,625 10,625 8,766

26,125 26,125 23,375 23,375
- - - -
38,000 36,750 34,000 32,141
2,375 2,125 2,125 1,753

5,225 5,225 4,675 4,675
- - - -
7,600 7,350 6,800 6,428
2033 2034 2035 2036

- - - -
391,460,869 382,369,705 357,294,576 341,132,579
27,402,261 26,765,879 25,010,620 23,879,281
2033 2034 2035 2036

22,253 23,366 24,534 25,761
241 254 266 280
114 120 126 132
178,025,663 186,926,946 196,273,293 206,086,958

36,700,414 37,267,822 36,203,027 35,934,332
17,341,954 17,610,070 17,106,925 16,979,959
16,545,019 17,372,270 18,240,884 19,152,928
3,409,558 1,501,333 533,333 533,333
252,022,608 260,678,440 268,357,462 278,687,511
2033 2034 2035 2036

252,022,608 260,678,440 268,357,462 278,687,511
1,875,353 1,875,353 1,875,353 1,875,353
95 92 85 80
9,734,148 10,220,855 10,731,898 11,268,493
- - - -
230,414,546 238,405,123 245,563,232 255,060,675

33,217,658 34,369,617 35,401,564 36,770,761
2033 2034 2035 2036

- - - -
16,069,300 16,872,765 17,716,403 18,602,223
7,788,616 8,178,047 8,586,950 9,016,297
2033 2034 2035 2036

2,201,131 2,311,187 2,426,747 2,548,084
25 26 27 28
2,201,131 2,311,187 2,426,747 2,548,084
2033 2034 2035 2036
28,057,917 21,043,438 14,028,958 7,014,479
26,304,297 19,289,818 12,275,339 5,260,859
24,550,677 17,536,198 10,521,719 3,507,240
22,797,057 15,782,578 8,768,099 1,753,620
- - - -
- - - -
- - - -
- - - -
- - - -
841,738 631,303 420,869 210,434

789,129 578,695 368,260 157,826
736,520 526,086 315,652 105,217
683,912 473,477 263,043 52,609
- - - -
- - - -
- - - -
- - - -
- - - -
3,051,298 2,209,561 1,367,823 526,086

841,738 631,303 420,869 210,434
789,129 578,695 368,260 157,826
736,520 526,086 315,652 105,217
683,912 473,477 263,043 52,609
- - - -
- - - -
- - - -
- - - -
- - - -
16 12 8 4
15 11 7 3
14 10 6 2
13 9 5 1
- - - -
- - - -
- - - -
- - -
7,014,479 7,014,479 7,014,479 7,014,479

1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
1,753,620 1,753,620 1,753,620 1,753,620
26,304,297 19,289,818 12,275,339 5,260,859

24,550,677 17,536,198 10,521,719 3,507,240
22,797,057 15,782,578 8,768,099 1,753,620
21,043,438 14,028,958 7,014,479 (0)
841,738 631,303 420,869 210,434

789,129 578,695 368,260 157,826
736,520 526,086 315,652 105,217
683,912 473,477 263,043 52,609
2033 2034 2035 2036

10,230,943 7,673,207 5,115,471 2,557,736
9,591,509 7,033,773 4,476,038 1,918,302
8,952,075 6,394,339 3,836,604 1,278,868
8,312,641 5,754,905 3,197,170 639,434
- - - -
- - - -
- - - -
- - - -
- - - -
306,928 230,196 153,464 76,732

287,745 211,013 134,281 57,549
268,562 191,830 115,098 38,366
249,379 172,647 95,915 19,183
- - - -
- - - -
- - - -
- - - -
- - - -
1,112,615 805,687 498,758 191,830

306,928 230,196 153,464 76,732
287,745 211,013 134,281 57,549
268,562 191,830 115,098 38,366
249,379 172,647 95,915 19,183
- - - -
- - - -
- - - -
- - - -
- - - -
16 12 8 4
15 11 7 3
14 10 6 2
13 9 5 1
- - - -
- - - -
- - - -
- - -
2,557,736 2,557,736 2,557,736 2,557,736

639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
639,434 639,434 639,434 639,434
9,591,509 7,033,773 4,476,038 1,918,302

8,952,075 6,394,339 3,836,604 1,278,868
8,312,641 5,754,905 3,197,170 639,434
7,673,207 5,115,471 2,557,736 0
306,928 230,196 153,464 76,732
287,745 211,013 134,281 57,549
268,562 191,830 115,098 38,366
249,379 172,647 95,915 19,183
2033 2034 2035 2036

9,515,392 7,136,544 4,757,696 2,378,848
8,920,680 6,541,832 4,162,984 1,784,136
8,325,968 5,947,120 3,568,272 1,189,424
7,731,256 5,352,408 2,973,560 594,712
- - - -
- - - -
- - - -
- - - -
- - - -
285,462 214,096 142,731 71,365

267,620 196,255 124,890 53,524
249,779 178,414 107,048 35,683
231,938 160,572 89,207 17,841
- - - -
- - - -
- - - -
- - - -
- - - -
1,034,799 749,337 463,875 178,414

285,462 214,096 142,731 71,365
267,620 196,255 124,890 53,524
249,779 178,414 107,048 35,683
231,938 160,572 89,207 17,841
- - - -
- - - -
- - - -
- - - -
- - - -
16 12 8 4
15 11 7 3
14 10 6 2
13 9 5 1
- - - -
- - - -
- - - -
- - -
2,378,848 2,378,848 2,378,848 2,378,848

594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
594,712 594,712 594,712 594,712
8,920,680 6,541,832 4,162,984 1,784,136

8,325,968 5,947,120 3,568,272 1,189,424
7,731,256 5,352,408 2,973,560 594,712
7,136,544 4,757,696 2,378,848 0
285,462 214,096 142,731 71,365

267,620 196,255 124,890 53,524
249,779 178,414 107,048 35,683
231,938 160,572 89,207 17,841
2033 2034 2035 2036

109,600 82,200 54,800 27,400
102,750 75,350 47,950 20,550
95,900 68,500 41,100 13,700
89,050 61,650 34,250 6,850
- - - -
- - - -
- - - -
- - - -
- - - -
3,288 2,466 1,644 822

3,083 2,261 1,439 617
2,877 2,055 1,233 411
2,672 1,850 1,028 206
- - - -
- - - -
- - - -
- - - -
- - - -
11,919 8,631 5,343 2,055

3,288 2,466 1,644 822
3,083 2,261 1,439 617
2,877 2,055 1,233 411
2,672 1,850 1,028 206
- - - -
- - - -
- - - -
- - - -
- - - -
16 12 8 4
15 11 7 3
14 10 6 2
13 9 5 1
- - - -
- - - -
- - - -
- - -
27,400 27,400 27,400 27,400

6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
6,850 6,850 6,850 6,850
102,750 75,350 47,950 20,550

95,900 68,500 41,100 13,700
89,050 61,650 34,250 6,850
82,200 54,800 27,400 0
3,288 2,466 1,644 822

3,083 2,261 1,439 617
2,877 2,055 1,233 411
2,672 1,850 1,028 206
2033 2034 2035 2036

12,567,404 8,378,269 4,189,135 (0)
11,520,120 7,330,986 3,141,851 -
10,472,837 6,283,702 2,094,567 -
9,425,553 5,236,418 1,047,284 -
- - - -
- - - -
- - - -
- - - -
- - - -
377,022 251,348 125,674 (0)

345,604 219,930 94,256 -
314,185 188,511 62,837 -
282,767 157,093 31,419 -
- - - -
- - - -
- - - -
- - - -
- - - -
377,022 251,348 125,674

345,604 219,930 94,256
314,185 188,511 62,837
282,767 157,093 31,419
- - -
- - -
- - -
- - -
- - -
12 8 4
11 7 3
10 6 2
9 5 1
- - -
- - -
- - -
- -
4,189,135 4,189,135 4,189,135

1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284
1,047,284 1,047,284 1,047,284
11,520,120 7,330,986 3,141,851

10,472,837 6,283,702 2,094,567
9,425,553 5,236,418 1,047,284
8,378,269 4,189,135 (0)
377,022 251,348 125,674

345,604 219,930 94,256
314,185 188,511 62,837
282,767 157,093 31,419
Working Capital
(Rp 000) 2008 2009 2010 2011
360 days p.a.
Accounts Receivable
Beginning - - - -
Ending 30 - - - -
- - - -
Accounts Payable
Beginning - - - -
Ending 45 - - - -
- - - -
FFB Inventories
Beginning - - - -
Ending 1 - - - -
- - - -
CPO Inventories
Beginning - - - -
Ending 30 - - - 645,096
- - - (645,096)
Kernel Inventories
Beginning - - - -
Ending 30 - - - 93,000
- - - (93,000)
Change to Cash - - - (738,097)

Available Working Capital
Proposed for New Injection 12,000,998 19,138,439 24,900,530 34,429,615
103,363,374
Funded by Loan 65% 7,800,649 12,439,985 16,185,344 22,379,250
Funded by Equity 35% 4,200,349 6,698,454 8,715,185 12,050,365
2012 2013 2014 2015 2016 2017
- 3,205,427 14,078,387 24,378,650 30,281,411 35,263,705

3,205,427 14,078,387 24,378,650 30,281,411 35,263,705 38,910,510
(3,205,427) (10,872,960) (10,300,263) (5,902,761) (4,982,294) (3,646,805)
- 4,168,378 11,116,136 12,613,130 13,777,539 14,920,760

4,168,378 11,116,136 12,613,130 13,777,539 14,920,760 15,991,711
(4,168,378) (6,947,759) (1,496,994) (1,164,409) (1,143,221) (1,070,952)
- 108,696 476,774 823,689 1,020,709 1,186,038

108,696 476,774 823,689 1,020,709 1,186,038 1,305,612
(108,696) (368,077) (346,915) (197,020) (165,329) (119,573)
645,096 4,385,118 8,528,629 9,382,919 9,822,973 10,171,237

4,385,118 8,528,629 9,382,919 9,822,973 10,171,237 10,795,244
(3,740,022) (4,143,511) (854,290) (440,053) (348,264) (624,008)
93,000 632,180 1,229,528 1,352,686 1,416,126 1,466,334

632,180 1,229,528 1,352,686 1,416,126 1,466,334 1,556,294
(539,179) (597,348) (123,159) (63,440) (50,207) (89,960)
(3,424,947) (9,034,137) (10,127,634) (5,438,866) (4,402,874) (3,409,395)
58,270,005 10,280,989 - - - -
37,875,503 6,682,643 - - - -
20,394,502 3,598,346 - - - -
2018 2019 2020 2021 2022 2023
38,910,510 40,406,696 43,152,088 43,583,609 44,019,445 44,459,640

40,406,696 43,152,088 43,583,609 44,019,445 44,459,640 44,904,236
(1,496,185) (2,745,393) (431,521) (435,836) (440,194) (444,596)
15,991,711 16,901,131 17,981,380 18,868,727 19,800,441 20,778,742

16,901,131 17,981,380 18,868,727 19,800,441 20,778,742 21,805,957
(909,420) (1,080,248) (887,347) (931,715) (978,300) (1,027,215)
1,305,612 1,351,635 1,438,403 1,452,787 1,467,315 1,481,988

1,351,635 1,438,403 1,452,787 1,467,315 1,481,988 1,496,808
(46,023) (86,768) (14,384) (14,528) (14,673) (14,820)
10,795,244 11,308,579 11,899,197 12,357,840 12,892,852 13,462,875

11,308,579 11,899,197 12,357,840 12,892,852 13,462,875 14,023,410
(513,334) (590,618) (458,642) (535,013) (570,023) (560,535)
1,556,294 1,630,299 1,715,445 1,781,565 1,858,695 1,940,872

1,630,299 1,715,445 1,781,565 1,858,695 1,940,872 2,021,681
(74,005) (85,146) (66,120) (77,130) (82,177) (80,809)
(1,220,127) (2,427,677) (83,320) (130,792) (128,768) (73,545)
- - - - - -
- - - - - -
- - - - - -
2024 2025 2026 2027 2028 2029 2030
44,904,236 44,303,434 42,413,714 42,302,378 41,535,581 40,858,464 38,839,575

44,303,434 42,413,714 42,302,378 41,535,581 40,858,464 38,839,575 38,670,756
600,802 1,889,720 111,336 766,798 677,116 2,018,889 168,820
21,805,957 22,741,292 23,535,747 24,621,851 25,658,820 26,755,929 27,679,808

22,741,292 23,535,747 24,621,851 25,658,820 26,755,929 27,679,808 28,956,099
(935,335) (794,455) (1,086,104) (1,036,969) (1,097,109) (923,879) (1,276,290)
1,496,808 1,476,781 1,413,790 1,410,079 1,384,519 1,361,949 1,294,653

1,476,781 1,413,790 1,410,079 1,384,519 1,361,949 1,294,653 1,289,025
20,027 62,991 3,711 25,560 22,571 67,296 5,627
14,023,410 14,486,894 14,927,198 15,560,035 16,164,242 16,803,491 17,341,805

14,486,894 14,927,198 15,560,035 16,164,242 16,803,491 17,341,805 18,085,456
(463,485) (440,304) (632,837) (604,207) (639,249) (538,314) (743,652)
2,021,681 2,088,500 2,151,976 2,243,209 2,330,314 2,422,471 2,500,077

2,088,500 2,151,976 2,243,209 2,330,314 2,422,471 2,500,077 2,607,285
(66,818) (63,476) (91,233) (87,105) (92,157) (77,606) (107,208)
1,025,860 2,243,386 477,082 1,138,014 1,065,390 2,394,145 599,877
- - - - - - -
- - - - - - -
- - - - - - -
2031 2032 2033 2034 2035 2036
38,670,756 37,819,330 37,060,692 34,905,261 34,094,632 31,858,766

37,819,330 37,060,692 34,905,261 34,094,632 31,858,766 30,417,655
851,425 758,638 2,155,432 810,629 2,235,866 1,441,111
28,956,099 30,170,472 31,455,641 32,527,831 33,909,176 35,053,933

30,170,472 31,455,641 32,527,831 33,909,176 35,053,933 36,412,263
(1,214,373) (1,285,170) (1,072,190) (1,381,345) (1,144,757) (1,358,330)
1,289,025 1,260,644 1,235,356 1,163,509 1,136,488 1,061,959

1,260,644 1,235,356 1,163,509 1,136,488 1,061,959 1,013,922
28,381 25,288 71,848 27,021 74,529 48,037
18,085,456 18,304,610 18,697,315 19,201,212 19,867,094 20,463,603

18,304,610 18,697,315 19,201,212 19,867,094 20,463,603 21,255,056
(219,154) (392,705) (503,897) (665,881) (596,509) (791,454)
2,607,285 2,638,880 2,695,494 2,768,138 2,864,135 2,950,130

2,638,880 2,695,494 2,768,138 2,864,135 2,950,130 3,064,230
(31,594) (56,614) (72,644) (95,997) (85,996) (114,100)
1,843,431 1,619,776 2,722,928 1,457,117 2,772,647 1,941,925
- - - - - -
- - - - - -
- - - - - -
Income Statement
(Rp 000) 2008 2009
Sales
FFB - -
CPO - -
Kernel - -
- -
COGS
FFB - -
CPO - -
Kernel - -
- -
Gross Profit - -
Operating Expenses
HO-RO Depreciation 144,530 163,430
HO-RO Man Power Expense 4,745,309 4,982,574
HO-RO General Charges 2,300,000 2,415,000
Estate General Charges 650,000 682,500
Estate Man & Depr. Amort. during Immature 2,795,757 8,720,081
Factory General Charges - -
Factory Man & Depr. Amort. Before Production - -
Selling Expense of 2% - -
10,635,596 16,963,585
Operating Income (10,635,596) (16,963,585)
Interest Expense
From Estate Investment 1,634,774 4,271,940
From Factory Investment - -
From Working Capital Loan 579,801
1,634,774 4,851,741
Earnings before Tax (12,270,370) (21,815,327)
Tax - current - -
Deferred Tax
Earnings after Tax (12,270,370) (21,815,327)
starting col beg - -

starting col use -
width beg 1 2
width 1 2
Deferred Tax- Beg
Deferred Tax- Add 3,698,611 6,562,098
Deferred Tax- Use -
Ending 10,260,709
Cashflow Statement
(Rp 000) 2008 2009
Operating Cash Flow
Earnings after Tax (12,270,370) (21,815,327)
Cash Basis Adjustments:

Depreciation& Amortization 1,266,342 5,439,650
Working Capital - -
Prepaid Expenses
Deferred Tax - -
Operating Cash Flow (11,004,027) (16,375,676)
Investing Cashflow
Pre-Operating 5,553 26,703,400 17,317,000
-
Immature Plantations 28,606 40,352,500 97,790,500
Factory 11,721 - -
Building 2,417 1,050,400 3,826,305
Vehicles RO 140 1,117,500 -
Vehicles Estate 532 105,000 1,501,815
Vehicles Factory 135 - -
Heavy Equipments Estate 1,952 3,706,500 7,256,025
Office Inventories RO 23 90,000 94,500
Office Inventories Estate 1,558 150,000 4,698,750
Machineries Estate 267 830,000 1,018,500
Machineries RO 9 73,900 -
IDC Estate 5,080 1,982,528 8,138,722
IDC Factory 576 - -
Investing Cashflow 58,569 76,161,728 141,642,117
Financing Cashflow
Equity Withdrawal 26,656,605 49,574,741
Additional Equity for Working Capital Need 4,200,349 6,698,454
35% 35%
Bank Loans: 35% 35%
Plantation Loan Withdrawal 26,229,125 63,563,825
Plantation IDC Loan Withdrawal 769,695 3,994,169
Factory Loan Withdrawal - -
Factory IDC Loan Withdrawal - -
Estate Other Capex Loan Withdrawal 21,987,355 23,213,382
Factory Other Capex Loan Withdrawal - -
Working Capital Loan Withdrawal 7,800,649 12,439,985
56,786,824 103,211,361
Bank Loan Repayment For:

Plantation Loan - -
Factory Loan - -
Estate Other Capex Loan 478,022 1,291,057
Factory Other Capex Loan - -
Working Capital Loan Repayment 175,705 573,085
653,727 1,864,142
Financing Cashflow 86,990,051 157,620,413
Beginning Cash Balance - (175,705)

Surplus/ Deficit Cash (175,705) (397,380)
Ending Cash Balance (175,705) (573,085)
35% 35%
65% 65%
Cash Deficit before Working Capital Injection 12,000,998 19,138,439
Balance Sheet
(Rp 000) 2008 2009
Assets
Current Assets
Cash& Cash Equivalents (175,705) (573,085)
Accounts Receivable - -
Inventories - -
Prepaid Expenses
Non-current Assets
Deferred Tax Asset - -
Cummulative Acquisition Cost:
Pre-operating 26,703,400 44,020,400
Mature Plantation - -
Immature Plantation 40,352,500 138,143,000
Factory - -
Building 1,050,400 4,876,705
Vehicles RO 1,117,500 1,117,500
Vehicles Estate 105,000 1,606,815
Vehicles Factory - -
Heavy Equipments Estate 3,706,500 10,962,525
Office Inventories RO 90,000 184,500
Office Inventories Estate 150,000 4,848,750
Machineries Estate 830,000 1,848,500
Machineries RO 73,900 73,900
IDC Estate 1,982,528 10,121,250
IDC Factory - -
Cummulative Depreciation Expense:

Pre-operating 166,667 700,000
Immature Plantation - -
Factory - -
Building 105,040 592,711
Vehicles RO 111,750 223,500
Vehicles Estate 10,500 171,182
Heavy Equipments Estate 247,100 977,935
Office Inventories Estate 30,000 999,750
Machineries Estate 166,000 535,700
IDC Estate 396,506 2,420,756
IDC Factory - -
Book Value after Depreciation:

Pre-operating 26,536,733 43,320,400
Immature Plantation 40,352,500 138,143,000
Factory - -
Building 945,360 4,283,995
Vehicles RO 1,005,750 894,000
Vehicles Estate 94,500 1,435,634
Heavy Equipments Estate 3,459,400 9,984,590
Office Inventories Estate 120,000 3,849,000
Machineries Estate 664,000 1,312,800
IDC Estate 1,586,023 7,700,495
IDC Factory - -
TOTAL ASSETS 74,719,681 210,524,768
Liabilities& Equity
Current Liabilities
Accounts Payable - -
Taxes Payable
Long-term Liabilities
Outstanding Bank Loan:
Plantation Loan 26,998,820 94,556,814
Factory Loan - -
Estate Other Capex Loan 21,509,333 43,431,657
Factory Other Capex Loan - -
Working Capital Loan 7,624,944 19,491,844
Equity
Capital Injection 30,856,954 87,130,149
Retained Earnings (12,270,370) (34,085,697)
Tax Effect - -
TOTAL LIABILITIES& EQUITY 74,719,681 210,524,768
- - -
-
2010 2011 2012 2013 2014
- - - - -
- - 36,570,758 160,409,795 277,129,028
- - 1,894,365 8,530,846 15,414,769
- - 38,465,124 168,940,641 292,543,797
- - - - -
- - 52,621,421 102,343,549 112,595,034
- - 7,586,155 14,754,333 16,232,236
- - 60,207,576 117,097,882 128,827,270
- - (21,742,452) 51,842,759 163,716,527
163,430 163,430 163,430 130,650 111,750

5,231,703 5,493,288 5,767,952 6,056,350 6,359,168
2,535,750 2,662,538 2,795,664 2,935,448 3,082,220
716,625 752,456 790,079 829,583 871,062
16,016,062 21,745,760 - - -
- 752,456 790,079 829,583 871,062
- 8,857,159 - - -
- - 769,302 3,378,813 5,850,876
24,663,570 40,427,087 11,076,507 14,160,427 17,146,138
(24,663,570) (40,427,087) (32,818,960) 37,682,332 146,570,389
6,142,526 6,515,416 26,327,055 26,030,841 25,313,596

- 52,144 7,602,900 7,328,860 7,018,644
1,826,605 3,507,457 5,743,566 9,303,927 11,067,181
7,969,130 10,075,017 39,673,521 42,663,629 43,399,421
- 9,379,866 42,410,193
(32,632,700) (50,502,104) (72,492,480) (14,361,163) 60,760,776
- - - - 18,210,733
(32,632,700) (50,502,104) (72,492,480) (14,361,163) 42,550,043
- - - - 1
- - - 1 2
3 4 4 4 4
3 4 5 5 5
9,807,310 15,168,131 21,765,244 4,325,849 -
- - - - 18,210,733
20,068,019 35,236,150 57,001,394 57,628,632 32,855,801
2010 2011 2012 2013 2014
(32,632,700) (50,502,104) (72,492,480) (14,361,163) 42,550,043
10,792,909 21,971,030 26,860,555 28,168,791 27,922,227

- (738,097) (3,424,947) (9,034,137) (10,127,634)
- - - - -
(21,839,792) (29,269,170) (49,056,872) 4,773,491 60,344,637
200,000 200,000 - - -
33,180,500 38,164,500 19,360,000 - -

- 93,767,625 - - -
5,364,434 - - 2,744,963 6,353,058
- - - - -
2,651,843 - - - -
- 1,080,064 - - -
4,654,204 - - - -
- - - - -
7,612,763 - - - -
286,650 - - - -
- - - - -
13,307,338 17,213,718 - - -
- 4,606,827 - - -
67,257,732 155,032,734 19,360,000 2,744,963 6,353,058

23,540,206 54,261,457 6,776,000 960,737 2,223,570
8,715,185 12,050,365 20,394,502 3,598,346 -
35% 35% 29% 35% 35%
35% 35% 35% 35% #DIV/0!
21,567,325 24,806,925 12,584,000 - -
8,086,155 10,512,821 3,054,659 - -
- 60,948,956 - - -
- 1,788,551 1,205,887 - -
13,500,431 130,000 - 1,784,226 4,129,488
- 702,042 - - -
16,185,344 22,379,250 37,875,503 6,682,643 -
59,339,255 121,268,545 54,720,048 8,466,869 4,129,488
- - 6,821,198 7,014,479 7,014,479

- - 2,557,736 2,557,736 2,557,736
1,924,038 2,118,850 2,120,768 2,167,727 2,309,763
- 17,041 27,400 27,400 27,400
1,142,572 1,946,575 3,287,139 4,077,336 4,189,135
3,066,610 4,082,467 14,814,241 15,844,677 16,098,512
88,528,037 183,497,901 67,076,309 (2,818,725) (9,745,454)
(573,085) (1,142,572) (1,946,575) (3,287,139) (4,077,336)

(569,487) (804,004) (1,340,563) (790,197) 44,246,125
(1,142,572) (1,946,575) (3,287,139) (4,077,336) 40,168,789
35% 35% 33% 35% 35%

65% 65% 67% 65% 65%
24,900,530 34,429,615 58,270,005 10,280,989 -
2010 2011 2012 2013 2014
(1,142,572) (1,946,575) (3,287,139) (4,077,336) 40,168,789

- - 3,205,427 14,078,387 24,378,650
- 738,097 5,125,994 10,234,930 11,559,295
- - - - -
44,220,400 44,420,400 44,420,400 44,420,400 44,420,400
- 40,352,500 138,143,000 171,323,500 209,488,000
171,323,500 209,488,000 228,848,000 228,848,000 228,848,000
- 93,767,625 93,767,625 93,767,625 93,767,625
10,241,139 10,241,139 10,241,139 12,986,102 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
- 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
23,428,589 40,642,307 40,642,307 40,642,307 40,642,307
- 4,606,827 4,606,827 4,606,827 4,606,827
1,233,333 1,766,667 2,300,000 2,833,333 3,366,667

- 2,017,625 8,924,775 17,490,950 27,965,350
- 40,352,500 138,143,000 171,323,500 209,488,000
- 4,688,381 9,376,763 14,065,144 18,753,525
1,616,824 2,640,938 3,665,052 4,963,662 6,897,578
335,250 447,000 558,750 670,500 782,250
597,047 1,022,913 1,448,779 1,874,645 2,300,511
- 108,006 216,013 324,019 432,026
2,019,050 3,060,166 4,101,281 5,142,396 6,183,511
91,800 128,700 165,600 184,500 184,500
3,492,053 5,984,355 8,476,658 10,938,960 12,461,513
962,730 1,389,760 1,816,790 2,077,820 2,135,150
44,340 59,120 73,900 73,900 73,900
7,106,474 15,234,935 23,363,396 31,095,352 37,199,563
- 921,365 1,842,731 2,764,096 3,685,461
42,987,067 42,653,733 42,120,400 41,587,067 41,053,733

- 38,334,875 129,218,225 153,832,550 181,522,650
171,323,500 169,135,500 90,705,000 57,524,500 19,360,000
- 89,079,244 84,390,863 79,702,481 75,014,100
8,624,315 7,600,201 6,576,087 8,022,439 12,441,582
782,250 670,500 558,750 447,000 335,250
3,661,611 3,235,745 2,809,879 2,384,013 1,958,148
- 972,058 864,051 756,045 648,038
13,597,679 12,556,563 11,515,448 10,474,333 9,433,218
92,700 55,800 18,900 - -
8,969,460 6,477,158 3,984,855 1,522,553 -
1,172,420 745,390 318,360 57,330 -
29,560 14,780 - - -
16,322,115 25,407,372 17,278,910 9,546,955 3,442,744
- 3,685,461 2,764,096 1,842,731 921,365
266,420,104 399,415,901 398,168,107 387,935,978 422,237,561
- - 4,168,378 11,116,136 12,613,130
124,210,294 159,530,041 168,347,501 161,333,022 154,318,543

- 62,737,507 61,385,658 58,827,922 56,270,186
55,008,050 53,019,200 50,898,432 50,514,931 52,334,657
- 685,000 657,600 630,200 602,800
34,534,617 54,967,291 89,555,656 92,160,963 87,971,828
119,385,540 185,697,362 212,867,864 217,426,947 219,650,518

(66,718,397) (117,220,501) (189,712,981) (204,074,144) (161,524,101)
- - - - -
266,420,104 399,415,901 398,168,107 387,935,978 422,237,561
- - - - -
- - - - -
2015 2016 2017 2018 2019
- - - - -
343,416,159 399,040,965 439,271,253 454,755,564 483,948,653
19,960,768 24,123,494 27,654,871 30,124,783 33,876,406
363,376,927 423,164,459 466,926,124 484,880,348 517,825,059
- - - - -
117,875,671 122,054,840 129,542,934 135,702,947 142,790,365
16,993,518 17,596,007 18,675,526 19,563,583 20,585,339
134,869,188 139,650,847 148,218,460 155,266,530 163,375,704
228,507,739 283,513,612 318,707,664 329,613,818 354,449,355
111,750 111,750 111,750 - -

6,677,126 7,010,982 7,361,531 7,729,608 8,116,088
3,236,331 3,398,148 3,568,055 3,746,458 3,933,781
914,615 960,346 1,008,363 1,058,782 1,111,721
- - - - -
914,615 960,346 1,008,363 1,058,782 1,111,721
- - - - -
7,267,539 8,463,289 9,338,522 9,697,607 10,356,501
19,121,976 20,904,861 22,396,585 23,291,236 24,629,811
209,385,763 262,608,751 296,311,079 306,322,583 329,819,544
24,375,684 23,248,485 22,121,286 20,994,086 19,866,887

6,708,427 6,398,211 6,087,995 5,777,778 5,467,562
10,870,804 10,368,108 9,865,412 9,362,716 8,860,020
41,954,916 40,014,804 38,074,693 36,134,581 34,194,469
61,661,168 78,784,373 91,638,468 96,585,327 102,858,353
105,769,679 143,809,574 166,597,918 173,602,675 192,766,722
31,713,404 43,125,372 49,961,875 52,063,302 57,812,517
74,056,275 100,684,202 116,636,043 121,539,372 134,954,206
2 3 4 5 6
3 4 5 6 7
4 4 4 4 4
5 5 5 5 5
- - - - -
31,713,404 26,091,093 4,325,849 - -
9,545,820 - - - -
2015 2016 2017 2018 2019
74,056,275 100,684,202 116,636,043 121,539,372 134,954,206
24,648,877 20,284,768 20,284,768 20,057,478 19,524,666

(5,438,866) (4,402,874) (3,409,395) (1,220,127) (2,427,677)
- - - - -
93,266,287 116,566,096 133,511,416 140,376,723 152,051,194
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
7,014,479 7,014,479 7,014,479 7,014,479 7,014,479

2,557,736 2,557,736 2,557,736 2,557,736 2,557,736
2,378,848 2,378,848 2,378,848 2,378,848 2,378,848
27,400 27,400 27,400 27,400 27,400
4,189,135 4,189,135 4,189,135 4,189,135 4,189,135
16,167,598 16,167,598 16,167,598 16,167,598 16,167,598
(16,167,598) (16,167,598) (16,167,598) (16,167,598) (16,167,598)
40,168,789 117,267,478 217,665,976 335,009,795 459,218,920

77,098,689 100,398,498 117,343,818 124,209,126 135,883,597
117,267,478 217,665,976 335,009,795 459,218,920 595,102,517
- - - - -
2015 2016 2017 2018 2019
117,267,478 217,665,976 335,009,795 459,218,920 595,102,517

30,281,411 35,263,705 38,910,510 40,406,696 43,152,088
12,259,808 12,823,609 13,657,150 14,290,512 15,053,045
- - - - -
44,420,400 44,420,400 44,420,400 44,420,400 44,420,400
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
93,767,625 93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
3,900,000 4,433,333 4,966,667 5,500,000 6,033,333

39,407,750 50,850,150 62,292,550 73,734,950 85,177,350
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
23,441,906 28,130,288 32,818,669 37,507,050 42,195,431
8,831,495 10,765,411 12,699,327 14,528,203 15,974,448
894,000 1,005,750 1,117,500 1,117,500 1,117,500
2,726,376 3,152,242 3,578,108 3,993,474 4,258,658
540,032 648,038 756,045 864,051 972,058
7,224,627 8,265,742 9,306,857 10,347,972 11,389,088
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
40,520,400 39,987,067 39,453,733 38,920,400 38,387,067

189,440,250 177,997,850 166,555,450 155,113,050 143,670,650
- - - - -
70,325,719 65,637,338 60,948,956 56,260,575 51,572,194
10,507,666 8,573,750 6,639,834 4,810,958 3,364,712
223,500 111,750 - - -
1,532,282 1,106,416 680,550 265,184 -
540,032 432,026 324,019 216,013 108,006
8,392,102 7,350,987 6,309,872 5,268,757 4,227,641
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
481,290,648 566,950,473 668,489,869 774,771,064 894,637,920
13,777,539 14,920,760 15,991,711 16,901,131 17,981,380
147,304,063 140,289,584 133,275,105 126,260,626 119,246,147

53,712,451 51,154,715 48,596,979 46,039,243 43,481,508
49,955,809 47,576,961 45,198,113 42,819,265 40,440,417
575,400 548,000 520,600 493,200 465,800
83,782,694 79,593,559 75,404,424 71,215,290 67,026,155
219,650,518 219,650,518 219,650,518 219,650,518 219,650,518

(87,467,825) 13,216,377 129,852,419 251,391,792 386,345,997
- - - - -
481,290,648 566,950,473 668,489,869 774,771,064 894,637,920
- - - - -
- - - - -
2020 2021 2022 2023 2024
- - - - -
488,788,140 493,676,021 498,612,781 503,598,909 496,860,942
34,215,170 34,557,321 34,902,895 35,251,924 34,780,266
523,003,310 528,233,343 533,515,676 538,850,833 531,641,208
- - - - -
148,294,074 154,714,225 161,554,500 168,280,914 173,842,733
21,378,780 22,304,339 23,290,466 24,260,178 25,061,996
169,672,854 177,018,564 184,844,966 192,541,092 198,904,729
353,330,456 351,214,779 348,670,710 346,309,741 332,736,479
- - - - -
8,521,893 8,947,987 9,395,387 9,865,156 10,358,414
4,130,470 4,336,993 4,553,843 4,781,535 5,020,612
1,167,307 1,225,672 1,286,956 1,351,303 1,418,868
- - - - -
1,167,307 1,225,672 1,286,956 1,351,303 1,418,868
- - - - -
10,460,066 10,564,667 10,670,314 10,777,017 10,632,824
25,447,042 26,300,991 27,193,454 28,126,314 28,849,587
327,883,414 324,913,788 321,477,256 318,183,427 303,886,893
18,739,688 17,612,489 16,485,289 15,358,090 14,230,891

5,157,346 4,847,130 4,536,913 4,226,697 3,916,481
8,357,324 7,854,628 7,351,931 6,849,235 6,346,539
32,254,357 30,314,246 28,374,134 26,434,022 24,493,910
101,914,544 100,860,572 99,690,297 98,397,269 93,614,232
193,714,513 193,738,971 193,412,825 193,352,135 185,778,751
58,096,854 58,104,191 58,006,348 57,988,141 55,716,125
135,617,659 135,634,779 135,406,478 135,363,995 130,062,625
7 8 9 10 11
8 9 10 11 12
4 4 4 4 4
5 5 5 5 5
- - - - -
- - - - -
- - - - -
2020 2021 2022 2023 2024
135,617,659 135,634,779 135,406,478 135,363,995 130,062,625
18,723,038 18,615,032 18,615,032 18,093,436 16,974,395

(83,320) (130,792) (128,768) (73,545) 1,025,860
- - - - -
154,257,377 154,119,019 153,892,742 153,383,886 148,062,881
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
7,014,479 7,014,479 7,014,479 7,014,479 7,014,479

2,557,736 2,557,736 2,557,736 2,557,736 2,557,736
2,378,848 2,378,848 2,378,848 2,378,848 2,378,848
27,400 27,400 27,400 27,400 27,400
4,189,135 4,189,135 4,189,135 4,189,135 4,189,135
16,167,598 16,167,598 16,167,598 16,167,598 16,167,598
(16,167,598) (16,167,598) (16,167,598) (16,167,598) (16,167,598)
595,102,517 733,192,296 871,143,718 1,008,868,862 1,146,085,150

138,089,779 137,951,422 137,725,144 137,216,288 131,895,283
733,192,296 871,143,718 1,008,868,862 1,146,085,150 1,277,980,433
- - - - -
2020 2021 2022 2023 2024
733,192,296 871,143,718 1,008,868,862 1,146,085,150 1,277,980,433

43,583,609 44,019,445 44,459,640 44,904,236 44,303,434
15,592,191 16,218,862 16,885,735 17,541,899 18,052,175
- - - - -
44,420,400 44,420,400 44,420,400 44,420,400 44,420,400
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
93,767,625 93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
6,566,667 7,100,000 7,633,333 8,166,667 8,700,000

96,619,750 108,062,150 119,504,550 130,946,950 142,389,350
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
46,883,813 51,572,194 56,260,575 60,948,956 65,637,338
16,884,250 17,794,052 18,703,854 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
12,430,203 13,471,318 14,512,433 15,306,449 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
37,853,733 37,320,400 36,787,067 36,253,733 35,720,400

132,228,250 120,785,850 109,343,450 97,901,050 86,458,650
- - - - -
46,883,813 42,195,431 37,507,050 32,818,669 28,130,288
2,454,910 1,545,108 635,306 - -
- - - - -
- - - - -
- - - - -
3,186,526 2,145,411 1,104,296 310,280 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1,014,975,329 1,135,374,225 1,255,591,405 1,375,815,018 1,490,645,380
18,868,727 19,800,441 20,778,742 21,805,957 22,741,292
112,231,667 105,217,188 98,202,709 91,188,230 84,173,750

40,923,772 38,366,036 35,808,300 33,250,565 30,692,829
38,061,568 35,682,720 33,303,872 30,925,024 28,546,176
438,400 411,000 383,600 356,200 328,800
62,837,020 58,647,886 54,458,751 50,269,616 46,080,481
219,650,518 219,650,518 219,650,518 219,650,518 219,650,518

521,963,656 657,598,435 793,004,913 928,368,908 1,058,431,533
- - - - -
1,014,975,329 1,135,374,225 1,255,591,405 1,375,815,018 1,490,645,380
- - - - -
- - - - -
2025 2026 2027 2028 2029
- - - - -
475,667,822 474,419,194 465,819,595 458,225,765 435,584,021
33,296,748 33,209,344 32,607,372 32,075,804 30,490,882
508,964,569 507,628,537 498,426,967 490,301,569 466,074,903
- - - - -
179,126,381 186,720,419 193,970,907 201,641,891 208,101,655
25,823,712 26,918,504 27,963,769 29,069,655 30,000,925
204,950,092 213,638,923 221,934,677 230,711,546 238,102,580
304,014,477 293,989,614 276,492,290 259,590,023 227,972,323
- - - - -
10,876,335 11,420,151 11,991,159 12,590,717 13,220,253
5,271,642 5,535,224 5,811,985 6,102,585 6,407,714
1,489,812 1,564,303 1,642,518 1,724,644 1,810,876
- - - - -
1,489,812 1,564,303 1,642,518 1,724,644 1,810,876
- - - - -
10,179,291 10,152,571 9,968,539 9,806,031 9,321,498
29,306,892 30,236,551 31,056,719 31,948,620 32,571,216
274,707,585 263,753,063 245,435,571 227,641,403 195,401,107
13,103,691 11,976,492 10,849,293 9,722,094 8,594,894

3,606,264 3,296,048 2,985,832 2,675,616 2,365,399
5,843,843 5,341,147 4,838,451 4,335,754 3,833,058
22,553,799 20,613,687 18,673,575 16,733,464 14,793,352
84,598,951 81,134,667 75,450,982 69,913,520 60,032,263
167,554,835 162,004,709 151,311,013 140,994,419 120,575,492
50,248,951 48,583,913 45,375,804 42,280,826 36,155,148
117,305,885 113,420,796 105,935,209 98,713,593 84,420,345
12 13 14 15 16
13 14 15 16 17
4 4 4 4 4
5 5 5 5 5
- - - - -
- - - - -
- - - - -
2025 2026 2027 2028 2029
117,305,885 113,420,796 105,935,209 98,713,593 84,420,345
16,664,115 16,664,115 16,664,115 16,664,115 16,664,115

2,243,386 477,082 1,138,014 1,065,390 2,394,145
- - - - -
136,213,385 130,561,992 123,737,338 116,443,098 103,478,604
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
7,014,479 7,014,479 7,014,479 7,014,479 7,014,479

2,557,736 2,557,736 2,557,736 2,557,736 2,557,736
2,378,848 2,378,848 2,378,848 2,378,848 2,378,848
27,400 27,400 27,400 27,400 27,400
4,189,135 4,189,135 4,189,135 4,189,135 4,189,135
16,167,598 16,167,598 16,167,598 16,167,598 16,167,598
(16,167,598) (16,167,598) (16,167,598) (16,167,598) (16,167,598)
1,277,980,433 1,398,026,221 1,512,420,615 1,619,990,356 1,720,265,856

120,045,787 114,394,395 107,569,740 100,275,500 87,311,006
1,398,026,221 1,512,420,615 1,619,990,356 1,720,265,856 1,807,576,862
- - - - -
2025 2026 2027 2028 2029
1,398,026,221 1,512,420,615 1,619,990,356 1,720,265,856 1,807,576,862

42,413,714 42,302,378 41,535,581 40,858,464 38,839,575
18,492,965 19,213,323 19,879,076 20,587,911 21,136,534
- - - - -
44,420,400 44,420,400 44,420,400 44,420,400 44,420,400
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
93,767,625 93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
9,233,333 9,766,667 10,300,000 10,833,333 11,366,667

153,831,750 165,274,150 176,716,550 188,158,950 199,601,350
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
70,325,719 75,014,100 79,702,481 84,390,863 89,079,244
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
35,187,067 34,653,733 34,120,400 33,587,067 33,053,733

75,016,250 63,573,850 52,131,450 40,689,050 29,246,650
- - - - -
23,441,906 18,753,525 14,065,144 9,376,763 4,688,381
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1,592,578,123 1,690,917,425 1,781,722,006 1,865,365,110 1,934,541,736
23,535,747 24,621,851 25,658,820 26,755,929 27,679,808
77,159,271 70,144,792 63,130,313 56,115,834 49,101,354

28,135,093 25,577,357 23,019,622 20,461,886 17,904,150
26,167,328 23,788,480 21,409,632 19,030,784 16,651,936
301,400 274,000 246,600 219,200 191,800
41,891,347 37,702,212 33,513,077 29,323,943 25,134,808
219,650,518 219,650,518 219,650,518 219,650,518 219,650,518

1,175,737,418 1,289,158,214 1,395,093,423 1,493,807,017 1,578,227,361
- - - - -
1,592,578,123 1,690,917,425 1,781,722,006 1,865,365,110 1,934,541,736
- - - - -
- - - - -
2030 2031 2032 2033 2034
- - - - -
433,690,716 424,142,021 415,633,934 391,460,869 382,369,705
30,358,350 29,689,941 29,094,375 27,402,261 26,765,879
464,049,066 453,831,963 444,728,310 418,863,129 409,135,584
- - - - -
217,025,477 219,655,324 224,367,784 230,414,546 238,405,123
31,287,426 31,666,557 32,345,928 33,217,658 34,369,617
248,312,903 251,321,881 256,713,712 263,632,203 272,774,740
215,736,163 202,510,082 188,014,598 155,230,926 136,360,844
- - - - -
13,881,265 14,575,329 15,304,095 16,069,300 16,872,765
6,728,100 7,064,505 7,417,730 7,788,616 8,178,047
1,901,419 1,996,490 2,096,315 2,201,131 2,311,187
- - - - -
1,901,419 1,996,490 2,096,315 2,201,131 2,311,187
- - - - -
9,280,981 9,076,639 8,894,566 8,377,263 8,182,712
33,693,185 34,709,453 35,809,021 36,637,440 37,855,898
182,042,978 167,800,628 152,205,577 118,593,486 98,504,946
7,467,695 6,340,496 5,213,297 4,086,097 2,958,898

2,055,183 1,744,967 1,434,750 1,124,534 814,318
3,330,362 2,827,666 2,324,970 1,822,274 1,319,577
12,853,240 10,913,128 8,973,017 7,032,905 5,092,793
55,802,723 49,284,900 42,893,721 32,057,918 25,188,051
113,387,015 107,602,600 100,338,839 79,502,663 68,224,102
33,998,605 32,263,280 30,084,152 23,833,299 20,449,731
79,388,411 75,339,320 70,254,687 55,669,364 47,774,372
17 18 19 20 21
18 19 20 21 22
4 4 4 4 4
5 5 5 5 5
- - - - -
- - - - -
- - - - -
2030 2031 2032 2033 2034
79,388,411 75,339,320 70,254,687 55,669,364 47,774,372
16,664,115 9,958,108 5,068,583 3,409,558 1,501,333

599,877 1,843,431 1,619,776 2,722,928 1,457,117
- - - - -
96,652,402 87,140,859 76,943,047 61,801,850 50,732,822
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
7,014,479 7,014,479 7,014,479 7,014,479 7,014,479

2,557,736 2,557,736 2,557,736 2,557,736 2,557,736
2,378,848 2,378,848 2,378,848 2,378,848 2,378,848
27,400 27,400 27,400 27,400 27,400
4,189,135 4,189,135 4,189,135 4,189,135 4,189,135
16,167,598 16,167,598 16,167,598 16,167,598 16,167,598
(16,167,598) (16,167,598) (16,167,598) (16,167,598) (16,167,598)
1,807,576,862 1,888,061,667 1,959,034,928 2,019,810,377 2,065,444,630

80,484,805 70,973,262 60,775,449 45,634,253 34,565,224
1,888,061,667 1,959,034,928 2,019,810,377 2,065,444,630 2,100,009,854
- - - - -
2030 2031 2032 2033 2034
1,888,061,667 1,959,034,928 2,019,810,377 2,065,444,630 2,100,009,854

38,670,756 37,819,330 37,060,692 34,905,261 34,094,632
21,981,767 22,204,134 22,628,166 23,132,859 23,867,716
- - - - -
44,420,400 44,420,400 44,420,400 44,420,400 44,420,400
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
93,767,625 93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
11,900,000 12,433,333 12,966,667 13,500,000 14,033,333

211,043,750 220,468,525 225,003,775 227,880,000 228,848,000
228,848,000 228,848,000 228,848,000 228,848,000 228,848,000
93,767,625 93,767,625 93,767,625 93,767,625 93,767,625
19,339,160 19,339,160 19,339,160 19,339,160 19,339,160
1,117,500 1,117,500 1,117,500 1,117,500 1,117,500
4,258,658 4,258,658 4,258,658 4,258,658 4,258,658
1,080,064 1,080,064 1,080,064 1,080,064 1,080,064
15,616,729 15,616,729 15,616,729 15,616,729 15,616,729
184,500 184,500 184,500 184,500 184,500
12,461,513 12,461,513 12,461,513 12,461,513 12,461,513
2,135,150 2,135,150 2,135,150 2,135,150 2,135,150
73,900 73,900 73,900 73,900 73,900
40,642,307 40,642,307 40,642,307 40,642,307 40,642,307
4,606,827 4,606,827 4,606,827 4,606,827 4,606,827
32,520,400 31,987,067 31,453,733 30,920,400 30,387,067

17,804,250 8,379,475 3,844,225 968,000 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
1,999,038,839 2,059,424,935 2,114,797,194 2,155,371,150 2,188,359,269
28,956,099 30,170,472 31,455,641 32,527,831 33,909,176
42,086,875 35,072,396 28,057,917 21,043,438 14,028,958

15,346,414 12,788,679 10,230,943 7,673,207 5,115,471
14,273,088 11,894,240 9,515,392 7,136,544 4,757,696
164,400 137,000 109,600 82,200 54,800
20,945,673 16,756,539 12,567,404 8,378,269 4,189,135
219,650,518 219,650,518 219,650,518 219,650,518 219,650,518

1,657,615,772 1,732,955,092 1,803,209,779 1,858,879,143 1,906,653,515
- - - - -
1,999,038,839 2,059,424,935 2,114,797,194 2,155,371,150 2,188,359,269
- - - - -
- - - - -
2035 2036
- -
357,294,576 341,132,579
25,010,620 23,879,281
382,305,196 365,011,860
- -
245,563,232 255,060,675
35,401,564 36,770,761
280,964,797 291,831,436
101,340,400 73,180,424
- -
17,716,403 18,602,223
8,586,950 9,016,297
2,426,747 2,548,084
- -
2,426,747 2,548,084
- -
7,646,104 7,300,237
38,802,950 40,014,925
62,537,450 33,165,498
1,831,699 704,500
504,101 193,885
816,881 314,185
3,152,682 1,212,570
13,829,181
45,555,587 31,952,929
13,649,176 9,568,379
31,906,411 22,384,550
22 23
23 24
4 4
5 5
- -
- -
- -
2035 2036
31,906,411 22,384,550
533,333 533,333
2,772,647 1,941,925
- -
35,212,391 24,859,808
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
7,014,479 7,014,479
2,557,736 2,557,736
2,378,848 2,378,848
27,400 27,400
4,189,135 -
16,167,598 11,978,463
(16,167,598) (11,978,463)
2,100,009,854 2,119,054,648
19,044,794 12,881,345
2,119,054,648 2,131,935,993
- -
2035 2036
2,119,054,648 2,131,935,993
31,858,766 30,417,655
24,475,692 25,333,208
- -
44,420,400 44,420,400
228,848,000 228,848,000
228,848,000 228,848,000
93,767,625 93,767,625
19,339,160 19,339,160
1,117,500 1,117,500
4,258,658 4,258,658
1,080,064 1,080,064
15,616,729 15,616,729
184,500 184,500
12,461,513 12,461,513
2,135,150 2,135,150
73,900 73,900
40,642,307 40,642,307
4,606,827 4,606,827
14,566,667 15,100,000
228,848,000 228,848,000
228,848,000 228,848,000
93,767,625 93,767,625
19,339,160 19,339,160
1,117,500 1,117,500
4,258,658 4,258,658
1,080,064 1,080,064
15,616,729 15,616,729
184,500 184,500
12,461,513 12,461,513
2,135,150 2,135,150
73,900 73,900
40,642,307 40,642,307
4,606,827 4,606,827
29,853,733 29,320,400
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
2,205,242,839 2,217,007,256
35,053,933 36,412,263
7,014,479 (0)
2,557,736 0
2,378,848 0
27,400 0
(0) -
219,650,518 219,650,518
1,938,559,926 1,960,944,476
- -
2,205,242,839 2,217,007,256
- -
- -
Sales
COGS 1
Gross Profit
OPEX
Interest Expense
EBT
Tax
EAT
Operating Cash Flow
Investing Cash Flow
Financing Cashflow
Cash Surplus/ Deficit
Cash Balance
Current Assets 10
Non-current Assets 8
Current Liabilities
Long Term Liabilities 6
Equity
Total Assets 4
2
0
STARTING YEAR: 2013 ENDING YEAR:
0 1 2 3 4 5
2008 2009 2010 2011 2012
Sales - - - - 38,465
COGS - - - - 60,208
Gross Profit - - - - (21,742)
OPEX 10,636 16,964 24,664 40,427 11,077
Interest Expense 1,635 4,852 7,969 10,075 39,674
EBT (12,270) (21,815) (32,633) (50,502) (72,492)
Tax - - - - -
EAT (12,270) (21,815) (32,633) (50,502) (72,492)
Operating Cash Flow (11,004) (16,376) (21,840) (29,269) (49,057)
Investing Cash Flow 76,162 141,642 67,258 155,033 19,360
Financing Cashflow 86,990 157,620 88,528 183,498 67,076
Cash Surplus/ Deficit (176) (397) (569) (804) (1,341)
Cash Balance (176) (573) (1,143) (1,947) (3,287)
Current Assets (176) (573) (1,143) (1,208) 5,044
Non-current Assets 74,895 211,098 267,563 400,624 393,124
Current Liabilities - - - - 4,168
Long Term Liabilities 56,133 157,480 213,753 330,939 370,845
Equity 18,587 53,044 52,667 68,477 23,155
Total Assets 74,720 210,525 266,420 399,416 398,168
Sales
COGS9
Gross Profit
OPEX
Interest Expense
EBT
Tax
EAT
Operating Cash Flow
Investing Cash Flow
Financing Cashflow
Cash Surplus/ Deficit
Cash Balance
10 Current Assets
Non-current Assets
8 Current Liabilities
6 Long Term Liabilities
Equity
4 Total Assets
2
0
2020 Unlabel Label 1,000
in Rp Mn
6 7 8 9 10 11
2013 2014 2015 2016 in Rp Bn
2017 2018
168,941 292,544 363,377 423,164 466,926 484,880
117,098 128,827 134,869 139,651 148,218 155,267
51,843 163,717 228,508 283,514 318,708 329,614
14,160 17,146 19,122 20,905 22,397 23,291
42,664 43,399 41,955 40,015 38,075 36,135
(14,361) 60,761 105,770 143,810 166,598 173,603
- 18,211 31,713 43,125 49,962 52,063
(14,361) 42,550 74,056 100,684 116,636 121,539
4,773 60,345 93,266 116,566 133,511 140,377
2,745 6,353 - - - -
(2,819) (9,745) (16,168) (16,168) (16,168) (16,168)
(790) 44,246 77,099 100,398 117,344 124,209
(4,077) 40,169 117,267 217,666 335,010 459,219
20,236 76,107 159,809 265,753 387,577 513,916
367,700 346,131 321,482 301,197 280,912 260,855
11,116 12,613 13,778 14,921 15,992 16,901
363,467 351,498 335,330 319,163 302,995 286,828
13,353 58,126 132,183 232,867 349,503 471,042
387,936 422,238 481,291 566,950 668,490 774,771
ense
ash Flow
sh Flow
ashflow
s/ Deficit
e
ets
Assets
lities
iabilities
12 13 14 15 16 17
2019 2020 2021 2022 2023 2024
517,825 523,003 528,233 533,516 538,851 531,641
163,376 169,673 177,019 184,845 192,541 198,905
354,449 353,330 351,215 348,671 346,310 332,736
24,630 25,447 26,301 27,193 28,126 28,850
34,194 32,254 30,314 28,374 26,434 24,494
192,767 193,715 193,739 193,413 193,352 185,779
57,813 58,097 58,104 58,006 57,988 55,716
134,954 135,618 135,635 135,406 135,364 130,063
152,051 154,257 154,119 153,893 153,384 148,063
- - - - - -
(16,168) (16,168) (16,168) (16,168) (16,168) (16,168)
135,884 138,090 137,951 137,725 137,216 131,895
595,103 733,192 871,144 1,008,869 1,146,085 1,277,980
653,308 792,368 931,382 1,070,214 1,208,531 1,340,336
241,330 222,607 203,992 185,377 167,284 150,309
17,981 18,869 19,800 20,779 21,806 22,741
270,660 254,492 238,325 222,157 205,990 189,822
605,997 741,614 877,249 1,012,655 1,148,019 1,278,082
894,638 1,014,975 1,135,374 1,255,591 1,375,815 1,490,645
18 19 20 21 22
2025 2026 2027 2028 2029
508,965 507,629 498,427 490,302 466,075
204,950 213,639 221,935 230,712 238,103
304,014 293,990 276,492 259,590 227,972
29,307 30,237 31,057 31,949 32,571
22,554 20,614 18,674 16,733 14,793
167,555 162,005 151,311 140,994 120,575
50,249 48,584 45,376 42,281 36,155
117,306 113,421 105,935 98,714 84,420
136,213 130,562 123,737 116,443 103,479
- - - - -
(16,168) (16,168) (16,168) (16,168) (16,168)
120,046 114,394 107,570 100,276 87,311
1,398,026 1,512,421 1,619,990 1,720,266 1,807,577
1,458,933 1,573,936 1,681,405 1,781,712 1,867,553
133,645 116,981 100,317 83,653 66,989
23,536 24,622 25,659 26,756 27,680
173,654 157,487 141,319 125,152 108,984
1,395,388 1,508,809 1,614,744 1,713,458 1,797,878
1,592,578 1,690,917 1,781,722 1,865,365 1,934,542
23 24 25 26 27
2030 2031 2032 2033 2034
464,049 453,832 444,728 418,863 409,136
248,313 251,322 256,714 263,632 272,775
215,736 202,510 188,015 155,231 136,361
33,693 34,709 35,809 36,637 37,856
12,853 10,913 8,973 7,033 5,093
113,387 107,603 100,339 79,503 68,224
33,999 32,263 30,084 23,833 20,450
79,388 75,339 70,255 55,669 47,774
96,652 87,141 76,943 61,802 50,733
- - - - -
(16,168) (16,168) (16,168) (16,168) (16,168)
80,485 70,973 60,775 45,634 34,565
1,888,062 1,959,035 2,019,810 2,065,445 2,100,010
1,948,714 2,019,058 2,079,499 2,123,483 2,157,972
50,325 40,367 35,298 31,888 30,387
28,956 30,170 31,456 32,528 33,909
92,816 76,649 60,481 44,314 28,146
1,877,266 1,952,606 2,022,860 2,078,530 2,126,304
1,999,039 2,059,425 2,114,797 2,155,371 2,188,359
28 29
2035 2036
382,305 365,012
280,965 291,831
101,340 73,180
38,803 40,015
3,153 1,213
45,556 31,953
13,649 9,568
31,906 22,385
35,212 24,860
- -
(16,168) (11,978)
19,045 12,881
2,119,055 2,131,936
2,175,389 2,187,687
29,854 29,320
35,054 36,412
11,978 (0)
2,158,210 2,180,595
2,205,243 2,217,007
Project Financial Feasi
(Rp 000) 2008 2009
Investing Cashflow 468,552,332 76,161,728 141,642,117
Proceeds:
1,960,944,476 EAT (12,270,370) (21,815,327)
439,231,932 Depr. & Amort. Expense 1,266,342 5,439,650
437,576,704 Interest Expense after tax 1,144,342 3,396,219
29,320,400 Salvage Value
2,867,073,512 (9,859,686) (12,979,457)
2,398,521,180 FCF (86,021,414) (154,621,574)

Cumm. FCF (86,021,414) (240,642,989)
12 12
- -
WACC 12.70%
NPV 144,517,486
IRR 16.46%
PP 9 years 9 months
al Feasibility
2010 2011 2012 2013 2014
67,257,732 155,032,734 19,360,000 2,744,963 6,353,058
(32,632,700) (50,502,104) (72,492,480) (14,361,163) 42,550,043

10,792,909 21,971,030 26,860,555 28,168,791 27,922,227
5,578,391 7,052,512 27,771,465 29,864,540 30,379,595
(16,261,400) (21,478,562) (17,860,461) 43,672,168 100,851,865
(83,519,133) (176,511,296) (37,220,461) 40,927,206 94,498,807

(324,162,121) (500,673,417) (537,893,878) (496,966,672) (402,467,865)
12 12 12 12 12
- - - - -
12.70%
144,517,486
16.46%
ars 9 months
2015 2016 2017 2018 2019
- - - - -
74,056,275 100,684,202 116,636,043 121,539,372 134,954,206

24,648,877 20,284,768 20,284,768 20,057,478 19,524,666
29,368,441 28,010,363 26,652,285 25,294,207 23,936,128
128,073,594 148,979,333 163,573,096 166,891,057 178,415,000
128,073,594 148,979,333 163,573,096 166,891,057 178,415,000

(274,394,272) (125,414,939) 38,158,157 205,049,214 383,464,214
12 12 - - -
- - 0.77 - -
2020 2021 2022 2023 2024
- - - - -
135,617,659 135,634,779 135,406,478 135,363,995 130,062,625

18,723,038 18,615,032 18,615,032 18,093,436 16,974,395
22,578,050 21,219,972 19,861,894 18,503,816 17,145,737
176,918,747 175,469,783 173,883,403 171,961,246 164,182,758
176,918,747 175,469,783 173,883,403 171,961,246 164,182,758

560,382,961 735,852,745 909,736,148 1,081,697,394 1,245,880,151
- - - - -
- - - - -
2025 2026 2027 2028 2029
- - - - -
117,305,885 113,420,796 105,935,209 98,713,593 84,420,345

16,664,115 16,664,115 16,664,115 16,664,115 16,664,115
15,787,659 14,429,581 13,071,503 11,713,425 10,355,346
149,757,659 144,514,492 135,670,827 127,091,132 111,439,805
149,757,659 144,514,492 135,670,827 127,091,132 111,439,805

1,395,637,810 1,540,152,301 1,675,823,128 1,802,914,260 1,914,354,066
- - - - -
- - - - -
2030 2031 2032 2033 2034
- - - - -
79,388,411 75,339,320 70,254,687 55,669,364 47,774,372

16,664,115 9,958,108 5,068,583 3,409,558 1,501,333
8,997,268 7,639,190 6,281,112 4,923,033 3,564,955
105,049,793 92,936,618 81,604,382 64,001,956 52,840,660
105,049,793 92,936,618 81,604,382 64,001,956 52,840,660

2,019,403,859 2,112,340,477 2,193,944,860 2,257,946,816 2,310,787,476
- - - - -
- - - - -
2035 2036
- -
31,906,411 22,384,550
533,333 533,333
2,206,877 848,799
29,320,400
34,646,622 53,087,082
34,646,622 53,087,082
2,345,434,097 2,398,521,180
- -
- -
Checker
FALSE
total investment loan withdrawal (-IDC) 275,147,079 65% TRUE
Total Asset Acquisition (-IDC) 423,303,199 100%
Total depreciable asset 440,131,932

Total accumulated depr 439,231,932
Salvage value
Salvage value in Terminal CF
Plant Loan Withdrawal 148,751,200 TRUE

IDC Loan 26,417,499
Repayment 175,168,699
Factory Loan Withdrawal 60,949,000 TRUE

IDC Loan 2,994,400
Estate Other Capex Withdrawal 64,744,881 TRUE

IDC Loan -
Factory Other Capex Loan Withdrawal 702,040 TRUE

IDC Loan -
Repayment 702,040
Balance of B/S TRUE

Agri Operating Model

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INPUT SHEET

PLANTING SCHEDULE 2008 2009

Terracing Area 50%

Rp to USD Exchange Rate (Rp/ USD) 9,212

Rotterdam CPO Price (USD/ Ton) 1,000

CPO Shipping Cost (USD/ Ton) 28

FACTORY COST (Rp 000) 2008

AUTO! Assumed 1 year Factory Erecting Period

UNIT PRICE (Rp 000) 2008

Monthly Salary& Benefits (Rp 000) 2008

Depreciation Years IMMATURE PLANT COST (Rp 000/ ha)

Land Administration 30 Land Clearing

Mature Plantations 20 Soil Conservation

Factory 20 Main& Collection Road Making

Building 10 Drain Making

Vehicles RO 10 Nursery/ Seeds

Vehicles Estate 10 Cover Crops Planting

Vehicles Factory 10 Lining, Holing, & Planting

Heavy Equipments Estate 15 Upkeep Immature I

Office Inventories RO 5 Upkeep Immature II

Office Inventories Estate 5 Upkeep Immature III

Machineries Estate 5 Ablation Cost

Machineries RO 5 General Charges& Adm.

COGS FFB 2012 Operating Expenses

COGS CPO& Kernel 2012 Man Power

Year 2 Year 3 Year 4 Year 5 Year 6

3.9% 4.1% 4.3% 4.5% 4.6%

2010 2011 2012 2013 2014

2010 2011 2012

QUANTITY (unit) 2008 2009 2010

2008 2009 2010

2015 2016 2017 2018 2019

2011 2012 2013 2014 2015

2016 2017 2018 2019 2020 2021 2022

2023 2024 2025 2026 2027 2028 2029 2030

2031 2032 2033 2034 2035 2036

IMMATURE PLANT COST (Rp 000/ ha)

IMMATURE PLANT VALUE (Rp 000)

YEARLY ADDITIONAL VALUE (Rp 000)

Total Depreciable Acquisition Cost

Offset Start Column

Depr.per yearly acquisition

Allocated to Estate (FFB COGS)

MATURE PLANT COST (Rp 000/ ha)

MATURE PLANT VALUE (Rp 000)

ARLY ADDITIONAL VALUE (Rp 000)

Total Depreciable Acquisition Cost

Offset Start Column

Depr.per yearly acquisition

Allocated to Estate (FFB COGS)

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

2008 2009 2010 2011

54,000,000 56,700,000 59,535,000 62,511,750

EQUIPMENTS, MACHINERIES, &

100,000 105,000 110,250 115,763

100,000 105,000 110,250 115,763

440,000 462,000 485,100 509,355

237,000 248,850 261,293 274,357

331,000 347,550 364,928 383,174

954,000 1,001,700 1,051,785 1,104,374

90,000 94,500 99,225 104,186

90,000 94,500 99,225 104,186