InterestRate 6.

67%
Infationperyear 5.35%
InvestmentCost 27,183,981,712 IDR
Lamapinjaman 10 tahun
LaporanRugiLaba 2 1 1 2 3 4 5 6 7 8 9

CASH FLOW OPERATIONAL

Cash In
REVENUE
Total Tarif (Rp/kWh) 779.40 821.10 865.03 911.31 960.06 1,011.42 1,065.53
1,122.54 1,182.60
Annual Power Sale (KWh) 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800
REVENUE PERYEAR (Rp/Year) 238,144,734,720 250,885,478,028 264,307,851,102 278,448,321,136 293,345,306,317 309,039,280,205 325,572,881,696
342,991,030,866
361,341,051,018
CUMULATIVE REVENUE (Rp/Year) 238,144,734,720 489,030,212,748 753,338,063,850 1,031,786,384,985 1,325,131,691,302 1,634,170,971,507 1,959,743,853,202 2,302,734,884,069 2,664,075,935,086

Cash out
OPERATING EXPENSES
Pembangkit
LCC (807) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74)
Total Operating Per Year (246,497,110,844) (246,497,110,844)
(246,497,110,844)
(246,497,110,844)
(246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)
Transmisi
Biaya Pemeliharaan (489,311,671) (515,489,845) (543,068,552) (572,122,719) (602,731,285) (634,977,409) (668,948,700)
(704,737,455)
(742,440,909)
Depresiaasi (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
(570,863,616)
(570,863,616)
Total Operating Per Year (1,060,175,287) (1,086,353,461) (1,113,932,168) (1,142,986,335) (1,173,594,901)
(1,205,841,025)
(1,239,812,316) (1,275,601,071) (1,313,304,525)

OPERATING EXPENSES PER Yr (Rp/year) (247,557,286,131) (247,583,464,305)

(247,611,043,012)
(247,640,097,179)
(247,670,705,745) (247,702,951,869) (247,736,923,160) (247,772,711,915) (247,810,415,369)
CUMULATIVE OP-EX (Rp/Year) (247,557,286,131) (495,140,750,436)
(742,751,793,447)
(990,391,890,627)
(1,238,062,596,372) (1,485,765,548,240) (1,733,502,471,400) (1,981,275,183,315) (2,229,085,598,684)

NETT CASH FLOW FROM OPERATION (9,412,551,411) 3,302,013,722

16,696,808,090 30,808,223,957 45,674,600,572 61,336,328,336 77,835,958,536 95,218,318,951 113,530,635,648

CASH FLOW NON OPERATIONAL

Cash in
Loan 13,591,990,856 13,591,990,856
Equity
CASH IN NON OPERATIONAL PER YR(Rp) 13,591,990,856 13,591,990,856

Cash out
EPC Cost (13,591,990,856) (13,591,990,856)
Return of Loan (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171)
(2,718,398,171)
(2,718,398,171) (2,718,398,171) (2,718,398,171)
Cumulative return of loan (2,718,398,171) (5,436,796,342) (8,155,194,513) (10,873,592,685) (13,591,990,856) (16,310,389,027) (19,028,787,198) (21,747,185,369) (24,465,583,540)
Interest of Loan (1,813,171,580) (1,631,854,422) (1,450,537,264) (1,269,220,106) (1,087,902,948)
(906,585,790) (725,268,632)
(543,951,474)
(362,634,316)
CASH OUT NON OPERATIONAL PER YR (Rp) (13,591,990,856) (13,591,990,856) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119)
(3,624,983,961)
(3,443,666,803) (3,262,349,645) (3,081,032,487)
NETT CASH FLOW FROM NON OPERATIONAL PER YEAR (Rp) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645) (3,081,032,487)

NETT CF PER YEAR (Rp) (13,944,121,162) (1,048,238,871) 12,527,872,655 26,820,605,679 41,868,299,453 57,711,344,375 74,392,291,733 91,955,969,306 110,449,603,161
CUMMULATIVE CASH FLOW (Rp) (13,944,121,162) (14,992,360,033) (2,464,487,378) 24,356,118,302 66,224,417,754 123,935,762,129 198,328,053,862 290,284,023,167 400,733,626,329

FREE CASH FLOW TO FIRM

NETT CF PER YEAR (Rp) (13,944,121,162) (1,048,238,871) 12,527,872,655 26,820,605,679 41,868,299,453 57,711,344,375 74,392,291,733 91,955,969,306 110,449,603,161
RETURN OF LOAN PER YEAR 2,718,398,171 5,436,796,342 8,155,194,513 10,873,592,685 13,591,990,856 16,310,389,027 19,028,787,198 21,747,185,369 24,465,583,540
FREE CASH FLOW (Rp) (13,591,990,856) (13,591,990,856) (11,225,722,991) 4,388,557,471 20,683,067,168 37,694,198,364 55,460,290,308 74,021,733,402 93,421,078,931 113,703,154,675 134,915,186,702
CUMMULATIVE FREE CASH FLOW (Rp) (13,591,990,856) (27,183,981,712) (38,409,704,702) (34,021,147,231) (13,338,080,063) 24,356,118,302 79,816,408,610 153,838,142,012 247,259,220,942 360,962,375,618 495,877,562,319
(13,591,991) (13,591,991) (11,225,723) 4,388,557
20,683,067 37,694,198 55,460,290 74,021,733 93,421,079 113,703,155
134,915,187
NPV 1,325,063,256,617
IRR 55.11%
PAYBACK PERIOD 3
 10 11 12 13 14 15 16 17 18 19 20 21

1,245.87 1,312.52 1,382.74 1,456.72 1,534.65 1,616.75 1,703.25 1,794.37 1,890.37 1,991.51 2,098.05 2,210.30
305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800
380,672,797,247 401,038,791,900
422,494,367,266
445,097,815,915
468,910,549,067 493,997,263,442 520,426,117,036 548,268,914,297 577,601,301,212 608,502,970,827 641,057,879,766 675,354,476,334
3,044,748,732,334 3,445,787,524,233 3,868,281,891,500 4,313,379,707,415 4,782,290,256,482 5,276,287,519,924 5,796,713,636,960 6,344,982,551,257 6,922,583,852,469 7,531,086,823,296 8,172,144,703,063 8,847,499,179,397

(806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74) (806.74)
(246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)

(782,161,498) (824,007,138)
(868,091,520)
(914,534,416)
(963,462,008) (1,015,007,225) (1,069,310,112) (1,126,518,203) (1,186,786,926) (1,250,280,027) (1,317,170,008) (1,387,638,604)
(570,863,616) (570,863,616)
(570,863,616)
(570,863,616)
(570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
(1,353,025,114) (1,394,870,754) (1,438,955,136) (1,485,398,032) (1,534,325,624) (1,585,870,841) (1,640,173,728) (1,697,381,819) (1,757,650,542) (1,821,143,643) (1,888,033,624) (1,958,502,220)

(247,850,135,958) (247,891,981,598) (247,936,065,980) (247,982,508,876) (248,031,436,467) (248,082,981,685) (248,137,284,571) (248,194,492,662) (248,254,761,386) (248,318,254,487) (248,385,144,468) (248,455,613,064)
(2,476,935,734,642) (2,724,827,716,240) (2,972,763,782,220) (3,220,746,291,096) (3,468,777,727,564) (3,716,860,709,249) (3,964,997,993,820) (4,213,192,486,483) (4,461,447,247,869) (4,709,765,502,356) (4,958,150,646,824) (5,206,606,259,888)

132,822,661,289 153,146,810,302
174,558,301,287
197,115,307,039
220,879,112,599 245,914,281,757 272,288,832,464 300,074,421,635 329,346,539,826 360,184,716,340 392,672,735,298 426,898,863,270

(2,718,398,171)
(27,183,981,712)
(181,317,158)
(2,899,715,329)
(2,899,715,329)

129,922,945,960 153,146,810,302
174,558,301,287
197,115,307,039
220,879,112,599 245,914,281,757 272,288,832,464 300,074,421,635 329,346,539,826 360,184,716,340 392,672,735,298 426,898,863,270
530,656,572,289 683,803,382,591 858,361,683,877 1,055,476,990,916 1,276,356,103,515 1,522,270,385,272 1,794,559,217,737 2,094,633,639,372 2,423,980,179,198 2,784,164,895,538 3,176,837,630,836 3,603,736,494,106

129,922,945,960 153,146,810,302 174,558,301,287 197,115,307,039 220,879,112,599

245,914,281,757
272,288,832,464
300,074,421,635
329,346,539,826
360,184,716,340
392,672,735,298 426,898,863,270
27,183,981,712
157,106,927,672 153,146,810,302 174,558,301,287 197,115,307,039 220,879,112,599
245,914,281,757
272,288,832,464
300,074,421,635
329,346,539,826
360,184,716,340
392,672,735,298 426,898,863,270
652,984,489,991 806,131,300,293 980,689,601,579 1,177,804,908,618 1,398,684,021,218 1,644,598,302,975 1,916,887,135,439 2,216,961,557,074 2,546,308,096,900 2,906,492,813,240 3,299,165,548,538 3,726,064,411,808
157,106,928 153,146,810
174,558,301
197,115,307
220,879,113 245,914,282 272,288,832 300,074,422 329,346,540 360,184,716 392,672,735 426,898,863
 70 Swasta 30 Balongan
InterestRate 6.67%
Infationperyear 5.35%
InvestmentCost 27,183,981,712 IDR
Lamapinjaman 10 tahun
LaporanRugiLaba 2 1 1 2 3 4 5 6 7 8

CASH FLOW OPERATIONAL

Cash In
REVENUE
Total Tarif (Rp/kWh) 545.58 574.77 605.52 637.91 672.04 708.00 745.87 785.78
Annual Power Sale (KWh) 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800
REVENUE PERYEAR (Rp/Year) 166,701,314,304 175,619,834,619 185,015,495,771 194,913,824,795 205,341,714,422 216,327,496,143 227,901,017,187 240,093,721,606
CUMULATIVE REVENUE (Rp/Year) 166,701,314,304 342,321,148,923 527,336,644,695 722,250,469,490 927,592,183,912 1,143,919,680,055
1,371,820,697,242 1,611,914,418,848

Cash out
OPERATING EXPENSES
Pembangkit
LCC (807) (807) (807) (807) (807) (807) (807) (807)
Total Operating Per Year (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)
Transmisi
Biaya Pemeliharaan (489,311,671) (515,489,845) (543,068,552) (572,122,719) (602,731,285) (634,977,409) (668,948,700) (704,737,455)
Depresiaasi (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
Total Operating Per Year (1,060,175,287) (1,086,353,461) (1,113,932,168) (1,142,986,335) (1,173,594,901) (1,205,841,025) (1,239,812,316) (1,275,601,071)

OPERATING EXPENSES PER Yr (Rp/year) (247,557,286,131) (247,583,464,305) (247,611,043,012) (247,640,097,179) (247,670,705,745) (247,702,951,869) (247,736,923,160) (247,772,711,915)
CUMULATIVE OP-EX (Rp/Year) (247,557,286,131) (495,140,750,436) (742,751,793,447) (990,391,890,627) (1,238,062,596,372) (1,485,765,548,240) (1,733,502,471,400) (1,981,275,183,315)

NETT CASH FLOW FROM OPERATION (80,855,971,827) (71,963,629,686) (62,595,547,240) (52,726,272,384) (42,328,991,323) (31,375,455,725) (19,835,905,973) (7,678,990,309)

CASH FLOW NON OPERATIONAL

Cash in
Loan 13,591,990,856 13,591,990,856
Equity
CASH IN NON OPERATIONAL PER YR(Rp) 13,591,990,856 13,591,990,856

Cash out
EPC Cost (13,591,990,856) (13,591,990,856)
Return of Loan (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171)
Cumulative return of loan (2,718,398,171) (5,436,796,342) (8,155,194,513) (10,873,592,685) (13,591,990,856) (16,310,389,027) (19,028,787,198) (21,747,185,369)
Interest of Loan (1,813,171,580) (1,631,854,422) (1,450,537,264) (1,269,220,106) (1,087,902,948) (906,585,790) (725,268,632) (543,951,474)
CASH OUT NON OPERATIONAL PER YR (Rp) (13,591,990,856) (13,591,990,856) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)
NETT CASH FLOW FROM NON OPERATIONAL PER YEAR (Rp) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)

NETT CF PER YEAR (Rp) (85,387,541,578) (76,313,882,279) (66,764,482,676) (56,713,890,661) (46,135,292,442) (35,000,439,686) (23,279,572,776) (10,941,339,954)
CUMMULATIVE CASH FLOW (Rp) (85,387,541,578) (161,701,423,857) (228,465,906,533) (285,179,797,194) (331,315,089,636) (366,315,529,323) (389,595,102,099) (400,536,442,053)

FREE CASH FLOW TO FIRM

NETT CF PER YEAR (Rp) (85,387,541,578) (76,313,882,279) (66,764,482,676) (56,713,890,661) (46,135,292,442) (35,000,439,686) (23,279,572,776) (10,941,339,954)
RETURN OF LOAN PER YEAR 2,718,398,171 5,436,796,342 8,155,194,513 10,873,592,685 13,591,990,856 16,310,389,027 19,028,787,198 21,747,185,369
FREE CASH FLOW (Rp) (13,591,990,856) (13,591,990,856) (82,669,143,407) (70,877,085,937) (58,609,288,162) (45,840,297,977) (32,543,301,587) (18,690,050,660) (4,250,785,578) 10,805,845,415
CUMMULATIVE FREE CASH FLOW (Rp) (13,591,990,856) (27,183,981,712) (109,853,125,118) (180,730,211,055) (239,339,499,217) (285,179,797,194) (317,723,098,781) (336,413,149,440) (340,663,935,018) (329,858,089,603)
(13,591,991) (13,591,991) (82,669,143) (70,877,086) (58,609,288) (45,840,298) (32,543,302) (18,690,051) (4,250,786) 10,805,845
NPV 131,912,961,332
IRR 9.71%
PAYBACK PERIOD 14
 9 10 11 12 13 14 15 16 17 18 19 20

827.82 872.11 918.76 967.92 1,019.70 1,074.26 1,131.73 1,192.28 1,256.06 1,323.26 1,394.06 1,468.64

305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800

252,938,735,712 266,470,958,073 280,727,154,330 295,746,057,087 311,568,471,141 328,237,384,347 345,798,084,409 364,298,281,925 383,788,240,008 404,320,910,849 425,952,079,579 448,740,515,836
1,864,853,154,561 2,131,324,112,634 2,412,051,266,963 2,707,797,324,050 3,019,365,795,191 3,347,603,179,537
3,693,401,263,947
4,057,699,545,872
4,441,487,785,880
4,845,808,696,728
5,271,760,776,307
5,720,501,292,144

(807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807)
(246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)

(742,440,909) (782,161,498) (824,007,138) (868,091,520) (914,534,416) (963,462,008) (1,015,007,225) (1,069,310,112) (1,126,518,203) (1,186,786,926) (1,250,280,027) (1,317,170,008)
(570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
(1,313,304,525) (1,353,025,114) (1,394,870,754) (1,438,955,136) (1,485,398,032) (1,534,325,624) (1,585,870,841) (1,640,173,728) (1,697,381,819) (1,757,650,542) (1,821,143,643) (1,888,033,624)

(247,810,415,369) (247,850,135,958) (247,891,981,598) (247,936,065,980) (247,982,508,876) (248,031,436,467) (248,082,981,685) (248,137,284,571) (248,194,492,662) (248,254,761,386) (248,318,254,487) (248,385,144,468)
(2,229,085,598,684) (2,476,935,734,642) (2,724,827,716,240) (2,972,763,782,220) (3,220,746,291,096) (3,468,777,727,564) (3,716,860,709,249) (3,964,997,993,820) (4,213,192,486,483) (4,461,447,247,869) (4,709,765,502,356) (4,958,150,646,824)

5,128,320,343 18,620,822,115 32,835,172,732 47,809,991,107 63,585,962,264 80,205,947,879 97,715,102,724 116,160,997,354 135,593,747,346 156,066,149,462 177,633,825,092 200,355,371,368

(2,718,398,171) (2,718,398,171)
(24,465,583,540) (27,183,981,712)
(362,634,316) (181,317,158)
(3,081,032,487) (2,899,715,329)
(3,081,032,487) (2,899,715,329)

2,047,287,856 15,721,106,786 32,835,172,732 47,809,991,107 63,585,962,264 80,205,947,879 97,715,102,724 116,160,997,354 135,593,747,346 156,066,149,462 177,633,825,092 200,355,371,368
(398,489,154,197) (382,768,047,411) (349,932,874,679) (302,122,883,573) (238,536,921,308) (158,330,973,429) (60,615,870,705) 55,545,126,649 191,138,873,995 347,205,023,457 524,838,848,549 725,194,219,917

2,047,287,856 15,721,106,786 32,835,172,732 47,809,991,107 63,585,962,264 80,205,947,879 97,715,102,724 116,160,997,354 135,593,747,346 156,066,149,462 177,633,825,092 200,355,371,368
24,465,583,540 27,183,981,712
26,512,871,396 42,905,088,498 32,835,172,732 47,809,991,107 63,585,962,264 80,205,947,879 97,715,102,724 116,160,997,354 135,593,747,346 156,066,149,462 177,633,825,092 200,355,371,368
(303,345,218,207) (260,440,129,709) (227,604,956,977) (179,794,965,871) (116,209,003,606) (36,003,055,727) 61,712,046,997 177,873,044,351 313,466,791,697 469,532,941,159 647,166,766,251 847,522,137,620
26,512,871 42,905,088 32,835,173 47,809,991 63,585,962 80,205,948
97,715,103
116,160,997 135,593,747 156,066,149 177,633,825 200,355,371

 21

1,547.21

305,548,800

472,748,133,434
6,193,249,425,578

(807)
(246,497,110,844)

(1,387,638,604)
(570,863,616)
(1,958,502,220)

(248,455,613,064)
(5,206,606,259,888)

224,292,520,370

224,292,520,370
949,486,740,287

224,292,520,370

224,292,520,370
1,071,814,657,990
224,292,520

 InterestRate 6.67%
60 Swasta 40 Balongan
Infationperyear 5.35%
InvestmentCost 27,183,981,712 IDR
Lamapinjaman 10 tahun
LaporanRugiLaba 2 1 1 2 3 4 5 6 7 8

CASH FLOW OPERATIONAL

Cash In
REVENUE
Total Tarif (Rp/kWh) 467.64 492.66 519.02 546.78 576.04 606.85 639.32 673.52
Annual Power Sale (KWh) 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800
REVENUE PERYEAR (Rp/Year) 142,886,840,832 150,531,286,817 158,584,710,661 167,068,992,682 176,007,183,790 185,423,568,123 195,343,729,017 205,794,618,520
CUMULATIVE REVENUE (Rp/Year) 142,886,840,832 293,418,127,649 452,002,838,310 619,071,830,991 795,079,014,781 980,502,582,904 1,175,846,311,921 1,381,640,930,441

Cash out
OPERATING EXPENSES
Pembangkit
LCC (807) (807) (807) (807) (807) (807) (807) (807)
Total Operating Per Year (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)
Transmisi
Biaya Pemeliharaan (489,311,671) (515,489,845) (543,068,552) (572,122,719) (602,731,285) (634,977,409) (668,948,700) (704,737,455)
Depresiaasi (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
Total Operating Per Year (1,060,175,287) (1,086,353,461) (1,113,932,168) (1,142,986,335) (1,173,594,901) (1,205,841,025) (1,239,812,316) (1,275,601,071)

OPERATING EXPENSES PER Yr (Rp/year) (247,557,286,131) (247,583,464,305) (247,611,043,012) (247,640,097,179) (247,670,705,745) (247,702,951,869) (247,736,923,160) (247,772,711,915)
CUMULATIVE OP-EX (Rp/Year) (247,557,286,131) (495,140,750,436) (742,751,793,447) (990,391,890,627) (1,238,062,596,372) (1,485,765,548,240) (1,733,502,471,400) (1,981,275,183,315)

NETT CASH FLOW FROM OPERATION (104,670,445,299) (97,052,177,489) (89,026,332,351) (80,571,104,498) (71,663,521,955) (62,279,383,746) (52,393,194,143) (41,978,093,396)

CASH FLOW NON OPERATIONAL

Cash in
Loan 13,591,990,856 13,591,990,856
Equity
CASH IN NON OPERATIONAL PER YR(Rp) 13,591,990,856 13,591,990,856

Cash out
EPC Cost (13,591,990,856) (13,591,990,856)
Return of Loan (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171)
Cumulative return of loan (2,718,398,171) (5,436,796,342) (8,155,194,513) (10,873,592,685) (13,591,990,856) (16,310,389,027) (19,028,787,198) (21,747,185,369)
Interest of Loan (1,813,171,580) (1,631,854,422) (1,450,537,264) (1,269,220,106) (1,087,902,948) (906,585,790) (725,268,632) (543,951,474)
CASH OUT NON OPERATIONAL PER YR (Rp) (13,591,990,856) (13,591,990,856) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)
NETT CASH FLOW FROM NON OPERATIONAL PER YEAR (Rp) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)

NETT CF PER YEAR (Rp) (109,202,015,050) (101,402,430,082) (93,195,267,786) (84,558,722,775) (75,469,823,074) (65,904,367,707) (55,836,860,946) (45,240,443,041)
CUMMULATIVE CASH FLOW (Rp) (109,202,015,050) (210,604,445,132) (303,799,712,918) (388,358,435,693) (463,828,258,767) (529,732,626,474) (585,569,487,419) (630,809,930,460)

FREE CASH FLOW TO FIRM

NETT CF PER YEAR (Rp) (109,202,015,050) (101,402,430,082) (93,195,267,786) (84,558,722,775) (75,469,823,074) (65,904,367,707) (55,836,860,946) (45,240,443,041)
RETURN OF LOAN PER YEAR 2,718,398,171 5,436,796,342 8,155,194,513 10,873,592,685 13,591,990,856 16,310,389,027 19,028,787,198 21,747,185,369
FREE CASH FLOW (Rp) (13,591,990,856) (13,591,990,856) (106,483,616,879) (95,965,633,740) (85,040,073,272) (73,685,130,090) (61,877,832,218) (49,593,978,680) (36,808,073,748) (23,493,257,671)
CUMMULATIVE FREE CASH FLOW (Rp) (13,591,990,856) (27,183,981,712) (133,667,598,590) (229,633,232,330) (314,673,305,602) (388,358,435,693) (450,236,267,911) (499,830,246,591) (536,638,320,339) (560,131,578,010)
(13,591,991) (13,591,991) (106,483,617) (95,965,634) (85,040,073) (73,685,130) (61,877,832) (49,593,979) (36,808,074) (23,493,258)
NPV (265,803,803,763)
IRR 0.37%
PAYBACK PERIOD 19
 9 10 11 12 13 14 15 16 17 18 19 20

709.56 747.52 787.51 829.64 874.03 920.79 970.05 1,021.95 1,076.62 1,134.22 1,194.90 1,258.83

305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800

216,804,630,611 228,403,678,348 240,623,275,140 253,496,620,360 267,058,689,549 281,346,329,440 296,398,358,065 312,255,670,222 328,961,348,578 346,560,780,727 365,101,782,496 384,634,727,860
1,598,445,561,052 1,826,849,239,400 2,067,472,514,540 2,320,969,134,900 2,588,027,824,449 2,869,374,153,889
3,165,772,511,954
3,478,028,182,176
3,806,989,530,754
4,153,550,311,482
4,518,652,093,978
4,903,286,821,838

(807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807)
(246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)

(742,440,909) (782,161,498) (824,007,138) (868,091,520) (914,534,416) (963,462,008) (1,015,007,225) (1,069,310,112) (1,126,518,203) (1,186,786,926) (1,250,280,027) (1,317,170,008)
(570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
(1,313,304,525) (1,353,025,114) (1,394,870,754) (1,438,955,136) (1,485,398,032) (1,534,325,624) (1,585,870,841) (1,640,173,728) (1,697,381,819) (1,757,650,542) (1,821,143,643) (1,888,033,624)

(247,810,415,369) (247,850,135,958) (247,891,981,598) (247,936,065,980) (247,982,508,876) (248,031,436,467) (248,082,981,685) (248,137,284,571) (248,194,492,662) (248,254,761,386) (248,318,254,487) (248,385,144,468)
(2,229,085,598,684) (2,476,935,734,642) (2,724,827,716,240) (2,972,763,782,220) (3,220,746,291,096) (3,468,777,727,564) (3,716,860,709,249) (3,964,997,993,820) (4,213,192,486,483) (4,461,447,247,869) (4,709,765,502,356) (4,958,150,646,824)

(31,005,784,759) (19,446,457,610) (7,268,706,458) 5,560,554,380 19,076,180,673 33,314,892,973 48,315,376,380 64,118,385,650 80,766,855,916 98,306,019,341 116,783,528,009 136,249,583,392

(2,718,398,171) (2,718,398,171)
(24,465,583,540) (27,183,981,712)
(362,634,316) (181,317,158)
(3,081,032,487) (2,899,715,329)
(3,081,032,487) (2,899,715,329)

(34,086,817,246) (22,346,172,939) (7,268,706,458) 5,560,554,380 19,076,180,673 33,314,892,973 48,315,376,380 64,118,385,650 80,766,855,916 98,306,019,341 116,783,528,009 136,249,583,392
(664,896,747,706) (687,242,920,645) (694,511,627,103) (688,951,072,723) (669,874,892,050) (636,559,999,077) (588,244,622,697) (524,126,237,047) (443,359,381,131) (345,053,361,790) (228,269,833,781) (92,020,250,389)

(34,086,817,246) (22,346,172,939) (7,268,706,458) 5,560,554,380 19,076,180,673 33,314,892,973 48,315,376,380 64,118,385,650 80,766,855,916 98,306,019,341 116,783,528,009 136,249,583,392
24,465,583,540 27,183,981,712
(9,621,233,705) 4,837,808,773 (7,268,706,458) 5,560,554,380 19,076,180,673 33,314,892,973 48,315,376,380 64,118,385,650 80,766,855,916 98,306,019,341 116,783,528,009 136,249,583,392
(569,752,811,715) (564,915,002,942) (572,183,709,401) (566,623,155,021) (547,546,974,348) (514,232,081,375) (465,916,704,995) (401,798,319,345) (321,031,463,429) (222,725,444,088) (105,941,916,078) 30,307,667,313
(9,621,234) 4,837,809
(7,268,706) 5,560,554
19,076,181 33,314,893
48,315,376
64,118,386
80,766,856
98,306,019
116,783,528 136,249,583

 21

1,326.18

305,548,800

405,212,685,800
5,308,499,507,638

(807)
(246,497,110,844)

(1,387,638,604)
(570,863,616)
(1,958,502,220)

(248,455,613,064)
(5,206,606,259,888)

156,757,072,737

156,757,072,737
64,736,822,348

156,757,072,737

156,757,072,737
187,064,740,050
156,757,073

 InterestRate 6.67%
50 swasta-50 Balongan
Infationperyear 5.35%
InvestmentCost 27,183,981,712 IDR
Lamapinjaman 10 tahun
LaporanRugiLaba 2 1 1 2 3 4 5 6 7 8

CASH FLOW OPERATIONAL

Cash In
REVENUE
Total Tarif (Rp/kWh) 389.70 410.55 432.51 455.65 480.03 505.71 532.77 561.27
Annual Power Sale (KWh) 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800
REVENUE PERYEAR (Rp/Year) 119,072,367,360 125,442,739,014 132,153,925,551 139,224,160,568 146,672,653,158 154,519,640,102 162,786,440,848 171,495,515,433
CUMULATIVE REVENUE (Rp/Year) 119,072,367,360 244,515,106,374 376,669,031,925 515,893,192,493 662,565,845,651 817,085,485,753 979,871,926,601 1,151,367,442,034

Cash out
OPERATING EXPENSES
Pembangkit
LCC (807) (807) (807) (807) (807) (807) (807) (807)
Total Operating Per Year (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)
Transmisi
Biaya Pemeliharaan (489,311,671) (515,489,845) (543,068,552) (572,122,719) (602,731,285) (634,977,409) (668,948,700) (704,737,455)
Depresiaasi (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
Total Operating Per Year (1,060,175,287) (1,086,353,461) (1,113,932,168) (1,142,986,335) (1,173,594,901) (1,205,841,025) (1,239,812,316) (1,275,601,071)

OPERATING EXPENSES PER Yr (Rp/year) (247,557,286,131) (247,583,464,305) (247,611,043,012) (247,640,097,179) (247,670,705,745) (247,702,951,869) (247,736,923,160) (247,772,711,915)
CUMULATIVE OP-EX (Rp/Year) (247,557,286,131) (495,140,750,436) (742,751,793,447) (990,391,890,627) (1,238,062,596,372) (1,485,765,548,240) (1,733,502,471,400) (1,981,275,183,315)

NETT CASH FLOW FROM OPERATION (128,484,918,771) (122,140,725,291) (115,457,117,461) (108,415,936,611) (100,998,052,586) (93,183,311,766) (84,950,482,312) (76,277,196,482)

CASH FLOW NON OPERATIONAL

Cash in
Loan 13,591,990,856 13,591,990,856
Equity
CASH IN NON OPERATIONAL PER YR(Rp) 13,591,990,856 13,591,990,856

Cash out
EPC Cost (13,591,990,856) (13,591,990,856)
Return of Loan (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171) (2,718,398,171)
Cumulative return of loan (2,718,398,171) (5,436,796,342) (8,155,194,513) (10,873,592,685) (13,591,990,856) (16,310,389,027) (19,028,787,198) (21,747,185,369)
Interest of Loan (1,813,171,580) (1,631,854,422) (1,450,537,264) (1,269,220,106) (1,087,902,948) (906,585,790) (725,268,632) (543,951,474)
CASH OUT NON OPERATIONAL PER YR (Rp) (13,591,990,856) (13,591,990,856) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)
NETT CASH FLOW FROM NON OPERATIONAL PER YEAR (Rp) (4,531,569,751) (4,350,252,593) (4,168,935,435) (3,987,618,277) (3,806,301,119) (3,624,983,961) (3,443,666,803) (3,262,349,645)

NETT CF PER YEAR (Rp) (133,016,488,522) (126,490,977,885) (119,626,052,896) (112,403,554,889) (104,804,353,706) (96,808,295,727) (88,394,149,115) (79,539,546,127)
CUMMULATIVE CASH FLOW (Rp) (133,016,488,522) (259,507,466,407) (379,133,519,303) (491,537,074,191) (596,341,427,897) (693,149,723,624) (781,543,872,740) (861,083,418,867)

FREE CASH FLOW TO FIRM

NETT CF PER YEAR (Rp) (133,016,488,522) (126,490,977,885) (119,626,052,896) (112,403,554,889) (104,804,353,706) (96,808,295,727) (88,394,149,115) (79,539,546,127)
RETURN OF LOAN PER YEAR 2,718,398,171 5,436,796,342 8,155,194,513 10,873,592,685 13,591,990,856 16,310,389,027 19,028,787,198 21,747,185,369
FREE CASH FLOW (Rp) (13,591,990,856) (13,591,990,856) (130,298,090,351) (121,054,181,542) (111,470,858,383) (101,529,962,204) (91,212,362,850) (80,497,906,700) (69,365,361,917) (57,792,360,758)
CUMMULATIVE FREE CASH FLOW (Rp) (13,591,990,856) (27,183,981,712) (157,482,072,062) (278,536,253,605) (390,007,111,987) (491,537,074,191) (582,749,437,041) (663,247,343,742) (732,612,705,659) (790,405,066,417)
(13,591,991) (13,591,991) (130,298,090) (121,054,182) (111,470,858) (101,529,962) (91,212,363) (80,497,907) (69,365,362) (57,792,361)
NPV (663,520,568,858)
IRR 11.66%
PAYBACK PERIOD 20
 9 10 11 12 13 14 15 16 17 18 19 20

591.30 622.93 656.26 691.37 728.36 767.33 808.38 851.63 897.19 945.19 995.75 1,049.03

305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800 305,548,800

180,670,525,509 190,336,398,624 200,519,395,950 211,247,183,633 222,548,907,958 234,455,274,533 246,998,631,721 260,213,058,518 274,134,457,149 288,800,650,606 304,251,485,414 320,528,939,883
1,332,037,967,543 1,522,374,366,167 1,722,893,762,117 1,934,140,945,750 2,156,689,853,708 2,391,145,128,241
2,638,143,759,962
2,898,356,818,480
3,172,491,275,628
3,461,291,926,235
3,765,543,411,648
4,086,072,351,531

(807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807) (807)
(246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844) (246,497,110,844)

(742,440,909) (782,161,498) (824,007,138) (868,091,520) (914,534,416) (963,462,008) (1,015,007,225) (1,069,310,112) (1,126,518,203) (1,186,786,926) (1,250,280,027) (1,317,170,008)
(570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616) (570,863,616)
(1,313,304,525) (1,353,025,114) (1,394,870,754) (1,438,955,136) (1,485,398,032) (1,534,325,624) (1,585,870,841) (1,640,173,728) (1,697,381,819) (1,757,650,542) (1,821,143,643) (1,888,033,624)

(247,810,415,369) (247,850,135,958) (247,891,981,598) (247,936,065,980) (247,982,508,876) (248,031,436,467) (248,082,981,685) (248,137,284,571) (248,194,492,662) (248,254,761,386) (248,318,254,487) (248,385,144,468)
(2,229,085,598,684) (2,476,935,734,642) (2,724,827,716,240) (2,972,763,782,220) (3,220,746,291,096) (3,468,777,727,564) (3,716,860,709,249) (3,964,997,993,820) (4,213,192,486,483) (4,461,447,247,869) (4,709,765,502,356) (4,958,150,646,824)

(67,139,889,860) (57,513,737,334) (47,372,585,648) (36,688,882,347) (25,433,600,919) (13,576,161,934) (1,084,349,964) 12,075,773,947 25,939,964,486 40,545,889,220 55,933,230,927 72,143,795,415

(2,718,398,171) (2,718,398,171)
(24,465,583,540) (27,183,981,712)
(362,634,316) (181,317,158)
(3,081,032,487) (2,899,715,329)
(3,081,032,487) (2,899,715,329)

(70,220,922,348) (60,413,452,663) (47,372,585,648) (36,688,882,347) (25,433,600,919) (13,576,161,934) (1,084,349,964) 12,075,773,947 25,939,964,486 40,545,889,220 55,933,230,927 72,143,795,415
(931,304,341,215) (991,717,793,878) (1,039,090,379,526) (1,075,779,261,873) (1,101,212,862,791) (1,114,789,024,726) (1,115,873,374,690) (1,103,797,600,743) (1,077,857,636,257) (1,037,311,747,037) (981,378,516,110) (909,234,720,695)

(70,220,922,348) (60,413,452,663) (47,372,585,648) (36,688,882,347) (25,433,600,919) (13,576,161,934) (1,084,349,964) 12,075,773,947 25,939,964,486 40,545,889,220 55,933,230,927 72,143,795,415
24,465,583,540 27,183,981,712
(45,755,338,807) (33,229,470,952) (47,372,585,648) (36,688,882,347) (25,433,600,919) (13,576,161,934) (1,084,349,964) 12,075,773,947 25,939,964,486 40,545,889,220 55,933,230,927 72,143,795,415
(836,160,405,224) (869,389,876,176) (916,762,461,824) (953,451,344,171) (978,884,945,089) (992,461,107,023) (993,545,456,987) (981,469,683,041) (955,529,718,555) (914,983,829,335) (859,050,598,408) (786,906,802,993)
(45,755,339) (33,229,471) (47,372,586) (36,688,882) (25,433,601) (13,576,162) (1,084,350) 12,075,774
25,939,964
40,545,889
55,933,231
72,143,795
 21

1,105.15

305,548,800

337,677,238,167
4,423,749,589,698

(807)
(246,497,110,844)

(1,387,638,604)
(570,863,616)
(1,958,502,220)

(248,455,613,064)
(5,206,606,259,888)

89,221,625,103

89,221,625,103
(820,013,095,592)

89,221,625,103

89,221,625,103
(697,685,177,890)
89,221,625