Net cash flow from operating activities 36,045,474, ,411,967, ,489,799, ,577,232,331

49

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APPENDIX A

Table. Sensitivity analysis cash flow statement

2006 2007 (Best case) 2007 (Moderate case) 2007 (Worst case)

Cash flow from operating activities

Cash received by customers 2,560,500,460,793 3,905,514,343,000 1.525 2,957,554,814,755 1.155 2,448,703,000,000

Cash payment to:

Supplier and Subordinator -2,301,426,464,509 -3,710,238,626,000 0.95 -3,223,147,909,667

-2,409,175,532,000 0.99

Directions and employees -83,855,786,154 -67,230,000,000 -67,230,000,000 -67,230,000,000

Cash received from (to) operating activities 10,329,450,000 -442,893,379,100 0.11 -332,823,094,912 -316,335,638,290 13%

Interest revenue 4,044,663,822 1,590,000,000 1,590,000,000 1,590,000,000

Interest payment -60,170,335,723 -52,000,000,000 12% -65,000,000,000 0.15 -69,333,333,333

Tax payment -93,376,513,973 -33,154,305,700 0.6 -19,256,705,069 0.70 -5,795,728,708 0.80

Net cash flow from operating activities 36,045,474,256 -398,411,967,800 -415,489,799,981 -417,577,232,331

Cash flow from investing activities

Gain from:

Selling (buying) other investment -30,272,188,620 -20,661,212,542 -20,661,212,542 -20,661,212,542

Fixed assets 173,534,700 5,115,000,000 5,115,000,000 5,115,000,000

Fixed assets adding -2,401,304,789 -1,011,818,975 -1,011,818,975 -1,011,818,975

Cash flow from funding activities

Borrowing (payment) of current liabilities 89,214,654,800 190,000,000,000 12% 184,448,975,248 15% 170,000,000,000 16% Borrowing (payment) of long term

liabilities

Increasing (decreasing) special

relationship debt

Payment of wesel debt

Increasing (decreasing) of obligation debt -53,750,000,000 250,000,000,000 250,000,000,000 250,000,000,000 Dividend payment -14,106,185,000 -27,403,170,720 0.19 -13,944,000,000 0.190 -7,800,084,885 0.19 Decreasing (increasing) special

relationship account receivable

Cash flow from (to) funding activities 21,358,469,800 412,596,829,280 420,504,975,248 412,199,915,115

Increasing (decreasing) of net cash flow 24,903,985,347 -2,373,170,037 -11,542,856,250 -21,935,348,733

Cash, beginning of year 60,790,377,615 85,694,362,962 85,694,362,962 85,694,362,962

APPENDIX B

Table. RKAP 2007 budget plan cost curve diagram

Product line QUARTER I QUARTER II QUARTER III QUARTER VI Product line I 136,765 342,790 680,295 1,197,675 Product line II 69,660 229,895 637,985 966,490

Product line III 58,845 182,370 363,870 638,785

Table. Research estimation curve diagram

QUARTER I QUARTER II QUARTER III QUARTER VI Product line I 60,203 257,773 617,623 1,037,985 Product line II 54,210 162,495 467,460 681,500

APPENDIX C

Table. 2006 projects comparison from RKAP 2006 and actual 2006 No. Details RKAP 2006

Actual 2006 1 Tenders participated 454 411 2 Tenders won 254 109 3 Tenders won (%) 55.95% 26.52% 4 Non tender 56 59 5 Amount received 310 168

APPENDIX D

Table. Income statement, cash flow statement, and balance sheet

PERHITUNGAN LABA RUGI

2004 2005 2006

Pendapatan usaha 2.040.237.082.553 2.640.833.032.278 2.769.041.334.792

Beban kontrak (1.840.646.388.096) (2.420.472.410.908) (2.535.945.651.506)

Laba kotor 1 99.590.694.457 220.360.621.370 233.095.683.286

Bagian laba (rugi) bersih kerja sama operasi 12.112.255.630 12.650.850.852 7.535.533.984

Laba setelah bagian laba (rugi)

kerja sama operasi 211.702.950.087 233.011.472.222 240.631.217.270

Beban usaha:

Beban penjualan (6.361.282.668) (6.122.510.430) (4.852.952.390)

Beban umum dan administrasi (92.293.289.411) (112.713.976.491) (97.146.989.542)

(98.654.572.079) (118.836.486.921) (101.999.941.932)

Laba usaha 113.048.378.008 114.174.985.301 138.631.275.338

Pendapatan (beban) bukan usaha

Pendapatan bunga 1.580.882.522 1.754.656.326 4 .044.663.822

Beban pinjaman (38.385.826.399) (54.539.918.287) (60.170.335.723)

Laba (rugi) penjualan aktiva tetap 241.746.107 3.262.740.797 151.990.536

Laba (rugi) kurs - bersih (1.001.509.877) 644.371.700 (1.244.084.694)

Pendapatan/(beban) lain-lain - bersih (10.539.527.832) (1.830.783.353) (1.139.094.825)

(48.104.235.479) (50.708.932.817) (57.915.436.146)

Bagian laba/(rugi) bersih

perusahaan asosiasi 508.809.858 317.581.077 441.424.738

Laba sebelum

pajak penghasilan 65.452.952.387 63.783.633.561 80.715.839.192

Taksiran (beban)/manfaat pajak penghasilan

Pajak kini (18.913.484.487) (22.007.316.144) (21.325.983.785)

Pajak tangguhan 6.148.487.660 8.507.039.388 (4.534.388.673)

( 12.764.996.827) (13.500.276.756) (25.860.372.458)

Laba bersih 52.687.955.560 50.283.356.805 54.855.466.734

Laba usaha per saham 1.884.140 1.427.187 770.174

PERHITUNGAN CASH FLOW 2004 2005 2006

Arus kas dari aktivitas operasi

Penerimaan kas dari pelanggan 1.758.063.806.794 2.267.571.532.574 2.560.500.460.793

Pembayaran kas:

Kepada Pemasok (1.638.917.803.456) (2.268.316.877.832) (2.301.426.464.509)

Beban Usaha (74.989.075.877) (85.043.115.499) (83.855.786.154)

Penghasilan bunga 570.804.989 1.754.656.326 4.044.663.822

Investasi jangka pendek (8.243.170.767) (3.222.200.000) 10.329.450.000

Pembayaran bunga / provisi bank (38.385.826.399) (69.586.093.352) (60.170.335.723

Pembayaran pajak (59.777.547.708) (54.552.565.748) (93.376.513.973)

Kas dari/(digunakan untuk) aktivitas operasi (61.678.812.424) (211.394.663.531) 36.045.474.256

Arus kas dari aktivisas investasi

Penjualan aktiva tetap 9.703.449.294 6.170.860.552 173.534.700

Penambahan aktiva tetap (8.801.457.232) (25.937.961.229 (2.401.304.789)

Penjualan/(penambahan) investasi - - (33.841.000.000)

Penerimaan (Pengeluaran) dari/ke perusahaan asosiasi 171.037.360 - 3.568.811.382

Kas dari/(digunakan untuk) aktivitas investasi 1.073.029.422 (19.767.100.677) (32.499.958.707)

Arus kas dari aktivitas pendanaan

Penambahan (pembayaran) hutang bank 28.920.038.884 292.040.319.976 102.766.461.716

Pembayaran dividen (8.670.322.908) (20.978.483.000) (14.106.185.000)

Pembayaran tantiem (1.256.031.000) (1.141.179.000)

Pembayaran jasa produksi (11.400.040.639) (11.000.009.900)

Pembayaran PKBL (1.573.386.000) (1.410.618.000)

Pembayaran obligasi - (53.750.000.000)

Kas dari/(digunakan untuk) aktivitas pendanaan 20.249.715.976 256.832.379.337 21.358.469.816

Kenaikan kas bersih (40.356.067.026) 2 5.670.615.129 24.903.985.365

Kas dan setara kas, awal tahun 75.475.829.512 35.119.762.486 60.790.377.615

NERACA 2004-2005-2006

2004 2005 2006

AKTIVA LANCAR

Kas dan setara kas 35.119.762.486 60.790.377.615 85.694.362.980

Investasi jangka pendek 14.223.906.250 17.446.106.250 7.116.656.250

Piutang usaha 327.706.905.923 401.663.010.909 388.196.863.638

Piutang retensi 65.692.965.228 130.656.560.451 147.689.255.203

Piutang lain-lain 785.400.812 540.987.880 1.878.884.553

Persediaan 58.605.114.677 103.891.379.939 128.321.580.084

Tagihan bruto kepada pengguna jasa 311.156.059.689 550.439.860.956 738.449.407.636

Pajak dibayar di muka 99.345.090.402 134.338.276.869 167.556.583.135

Uang muka dan biaya dibayar di muka 66.455.719.766 75.166.560.014 63.763.004.741

Jaminan 224.294.148 76.011.798 69.273.998

Jumlah aktiva lancar 979.315.219.381 1.475.009.132.681 1.728.735.872.218

AKTIVA TIDAK LANCAR

Aktiva pajak tangguhan 11.274.084.086 19.781.123.474 15.246.734.801

Investasi pada perusahaan asosiasi 6.943.651.982 7.261.233.059 41.543.657.797

Investasi pada kerja sama operasi 14.143.022.509 23.278.969.544 11.284.882.054

Aktiva tetap 128.716.989.165 142.147.080.189 135.718.361.306

Aktiva lain-lain 5.891.045.230 4.693.587.458 8.223.954.903

Jumlah aktiva tidak lancar 166.968.792.972 197.161.993.724 212.017.590.861

Jumlah aktiva 1.146.284.012.353 1.672.171.126.405 1.940.753.463.079

KEWAJIBAN DAN EKUITAS

KEWAJIBAN JANGKA PENDEK

Hutang usaha 311.360.656.177 388.868.624.549 469.199.928.369

Hutang bank jangka pendek 105.696.895.776 397.737.215.752 500.503.677.468

Hutang bruto kepada pihak ketiga 100.421.121.171 178.674.788.978 329.092.370.184

Hutang pajak 1.142.368.151 3.590.305.014 4.808.605.893

Uang muka kontrak jangka pendek 105.050.217.898 122.901.563.931 159.620.502.380

Beban masih harus dibayar 3.804.675.682 4.814.472.209 4.672.918.024

Pendapatan diterima di muka 224.061.450 85.800.000 10.000.000

Kewajiban lancar lain-lain 12.062.016.991 11.304.593.232 11.950.839.102

Jumlah kewajiban jangka pendek 639.762.013.296 1.161.727.363.665 1.479.858.841.420

KEWAJIBAN JANGKA PANJANG

Uang muka kontrak jangka panjang 128.621.494.754 1 29.804.179.777 58.659.394.025

Hutang obligasi setelah dikurangi bagian

yang akan jatuh tempo dalam satu tahun 98.890.570.000 4 5.436.418.000 45.847.500.000

Estimasi kewajiban manfaat karyawan 18.146.782.952 4 7.864.556.807 30.851.634.744

Jumlah kewajiban jangka panjang 245.658.847.706 223.105.154.584 135.358.528.769

Jumlah kewajiban 885.420.861.002 1.384.832.518.249 1.615.217.370.189

EKUITAS

Modal saham 60.000.000.000 180.000.000.000 180.000.000.000

Selisih penilaian kembali aktiva tetap 118.804.443.332 - -

Saldo laba

Ditentukan penggunaannya 29.370.752.459 57.055.251.351 90.680.626.156

Belum ditentukan penggunaannya 52.687.955.560 50.283.356.805 54.855.466.734

Jumlah ekuitas pemegang saham 260.863.151.351 287.338.608.156 325.536.092.890

Jumlah kewajiban dan ekuitas 1.146.284.012.353 1.672.171.126.405 1.940.753.463.079

APPENDIX E

Table. Probability of research estimation compared to PT. Waskita Karya’s estimation

Product line PTWK estimation Research estimation Probability Product line I 91 79 0.868131868 Office building 12 8 0.666666667 Shopping center 6 6 1 Hotels 11 9 0.818181818 Hospitals 5 5 1 Apartment 16 13 0.8125 Religious facility 15 12 0.8 Industry bulding 26 23 0.884615385 Jabotabek 3 3 1 Surabaya 3 3 1 Medan 4 3 0.75 Denpasar 3 3 1 Bandung 2 2 1 Pekanbaru 2 1 0.5 Other cities 6 5 0.833333333 Foreign 3 3 1 Product line II 77 55 0.714285714 Highway 12 9 0.75 Pantura road 1 1 1 National road 17 12 0.705882353 JORR 1 1 1

Flyover and underpass 8 4 0.5

Roads and bridges 13 12 0.923076923

Airport 7 5 0.714285714

Seaport 8 6 0.75

Foreign 10 5 0.5

Product line III 26 23 0.884615385

Flood control 4 4 1 Bengawan Solo N 1 1 1 Irrigation 8 7 0.875 Coast security 8 6 0.75 Other 5 5 1 Total 194 157 0.809278351