PROJECTED CASH FLOW BASED ON THE CURRENT CPO & KERNEL PRICES

1 YEARS OF OPERATION
2 TONS OF FFB PROCESSED

2005

2006

2007

2008

2009

2010

2011

2012

2013

1250

8500

27750

52000

75500

106000

132000

142500

1250

8500

27750

52000

75500

106000

132000

142500

250
59.375

1700
403.75

5550
1318.125

10400
2470

15100
3586.25

21200
5035

26400
6270

28500
6768.75

Operating hours
Group Plantations

mt ffb

3rd Party Suppliers

mt ffb

3 TOTAL FFB AVAILABLE FOR PROCESS

4 GROUP & PURCHASED FFB
mt ffb
PRODUCTION
CPO (20% OER)
mt
KERNEL (4 - 5% KER)
mt
5 REVENUE
SALES OF CPO
SALES OF KERNEL
PROCESSING FEES

RM/MT
RM/MT

1,400.00
600.00
35.00

TOTAL INCOME
6 EXPENDITURE
Cost of FFB
Management
Supervision
General Charges
Labour
Spares & Maintenance
Fuel & Utility
Chemicals
TOTAL EXPENDITURE

14,560,000.00
40,000.00
1,820,000.00

21,140,000.00
40,000.00
2,642,500.00

29,680,000.00
40,000.00
3,710,000.00

36,960,000.00
40,000.00
4,620,000.00

39,900,000.00
40,000.00
4,987,500.00

433,750.00

2,717,500.00

8,781,250.00

16,420,000.00

23,822,500.00

33,430,000.00

41,620,000.00

44,927,500.00

275,000.00
3,125.00
2,500.00
2,137.50
7,500.00
5,000.00
6,875.00
625.00

1,870,000.00
3,437.50
2,625.00
14,535.00
51,000.00
34,000.00
46,750.00
4,250.00

6,105,000.00
3,781.25
2,756.25
47,452.50
166,500.00
111,000.00
152,625.00
13,875.00

11,440,000.00
4,159.38
2,894.06
88,920.00
312,000.00
208,000.00
286,000.00
26,000.00

16,610,000.00
4,575.31
3,038.77
129,105.00
453,000.00
302,000.00
415,250.00
37,750.00

23,320,000.00
5,032.84
3,190.70
181,260.00
636,000.00
424,000.00
583,000.00
53,000.00

29,040,000.00
5,536.13
3,350.24
225,720.00
792,000.00
528,000.00
726,000.00
66,000.00

31,350,000.00
6,089.74
3,517.75
243,675.00
855,000.00
570,000.00
783,750.00
71,250.00

RM

242.21

302,762.50

2,026,597.50

6,602,990.00

12,367,973.44

17,954,719.08

25,205,483.55

31,386,606.37

33,883,282.49

130,987.50

690,902.50

2,178,260.00

4,052,026.56

5,867,780.92

8,224,516.45

10,233,393.63

11,044,217.51

8 Less: Interest
Less: Loan Repayment
Balance of Loan

8%/YR
RM4.5 MILLION/YR

9 PROFIT AFTER INTEREST & LOAN

RM

13,440,000.00
28,000,000.00
41,440,000.00

10 CUMMULATIVE CASH SURPLUS

USD

11 INVESTMENT

USD

12 NET MARGIN

USD

15 IN THE YEAR

7,770,000.00
40,000.00
971,250.00

220.00
2.50
2.00
1.71
6.00
4.00
5.50
0.50

RM

14 PAYBACK PERIOD/YEARS
After Startup of the mill

2,380,000.00
40,000.00
297,500.00

RM/MT
RM/MT
RM/MT
RM/MT
RM/MT
RM/MT
RM/MT
RM/MT

7 PROFIT/ (LOSS)

13 Internal Rate of Return (IRR%)

350,000.00
40,000.00
43,750.00

1,400,000.00
7,000,000.00
(34,440,000.00)

1,400,000.00
7,000,000.00
(27,440,000.00)

1,400,000.00
7,000,000.00
(20,440,000.00)

1,400,000.00
7,000,000.00
(13,440,000.00)

1,400,000.00
7,000,000.00
(6,440,000.00)

1,400,000.00
7,000,000.00
560,000.00

(6,869,012.50)

(6,309,097.50)

(4,821,740.00)

(2,947,973.44)

(1,132,219.08)

1,224,516.45

10,233,393.63

11,044,217.51

(6,309,097.50)

(4,821,740.00)

(2,947,973.44)

(1,132,219.08)

1,224,516.45

10,233,393.63

11,044,217.51

1.77%

-3.20%

-13.46%

-37.71%

6,000,000.00

-11.36%
4.5 YEARS

2009

-4.18%

10

11

2014

2015

147000

141000

147000

141000

29400
6982.5

28200
6697.5

41,160,000.00
40,000.00
5,145,000.00

39,480,000.00
40,000.00
4,935,000.00

46,345,000.00

44,455,000.00

32,340,000.00
6,698.72
3,693.64
251,370.00
882,000.00
588,000.00
808,500.00
73,500.00

31,020,000.00
7,368.59
3,878.32
241,110.00
846,000.00
564,000.00
775,500.00
70,500.00

34,953,762.35

33,528,356.91

11,391,237.65

10,926,643.09

11,391,237.65

10,926,643.09

11,391,237.65

10,926,643.09

2.5

10

15

1998

1999

2000

2001

1250

3500

5000

7500

10500

11500

12500

12000

11500

11000

10000

5000

14000

20000

30000

42000

46000

50000

48000

46000

44000

40000

8750

24500

35000

52500

73500

80500

87500

84000

80500

77000

70000

27750

52000

75500

106000

132000

142500

147000

141000

134500

117000

70000

Oil Palm Planting Year

Year
1995

FFB Yield based on 3 years maturity age

Years
5
6
7 to 15
16 to 17
18 to 19
FFB Yield Tons/yr
21
23
25
24
23
Yielding year
2002
2003 2004-12
2013-14
2015-16

20 to 21

22 to 25

22

20

2017-18

2019-22

25 to 26

2023

26 to 27

2024

Hectarage
500 Hectare

1996

2000 Hectare

1997

3500 Hectare

Total FFB Available

1250

8500

Peak month 12.5%

Ton/mth

156.25

1062.5 3,468.75

6,500.00

9,437.50

13,250.00

16,500.00

17,812.50

18,375.00

17,625.00

16,812.50

14,625.00

8,750.00

Peak day

Ton/day

6.25

42.50

138.75

260.00

377.50

530.00

660.00

712.50

735.00

705.00

672.50

585.00

350.00

8 hrs shift

0.78

5.31

17.34

32.50

47.19

66.25

82.50

89.06

91.88

88.13

84.06

73.13

43.75

16 hrs shift

0.39

2.66

8.67

16.25

23.59

33.13

41.25

44.53

45.94

44.06

42.03

36.56

21.88

20 hrs shift

0.31

2.13

6.94

13.00

18.88

26.50

33.00

35.63

36.75

35.25

33.63

29.25

17.50

24 hrs shift

0.26

1.77

5.78

10.83

15.73

22.08

27.50

29.69

30.63

29.38

28.02

24.38

14.58

Milling Throughput

Note

Construction of oil 30 tons/hr mill should start in 2 of maturity and to complete in year 4 where total
FFB available is sufficient for 30tons/hr for one shift operation.
The mill to be upgraded to final capacity of 45mt/hr and ready in year 6.

MEROTAI OIL MILL CROP FORECAST

IMAM
MEROTAI
TABLE
TIGER

2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
52,100.00
57,900.00
62,100.00
65,400.00
67,200.00
67,800.00
64,400.00
56,400.00
48,100.00
48,600.00
56,372.00
58,773.00
60,943.00
62,049.00
66,134.00
72,611.00
73,282.00
69,434.00
66,963.00
67,687.00
50,227.00
56,880.00
59,643.00
63,114.00
63,936.00
69,936.00
63,830.00
63,822.00
63,822.00
61,074.00
79,466.00
80,195.00
78,355.00
76,255.00
72,537.00
70,410.00
71,382.00
71,675.00
70,779.00
69,915.00

TOTAL OWN FFB

Add
3rd Party FFB

238,165.00

TOTAL FFB
MPOB Approved Limit

308,165.00
288,000.00

323,748.00
288,000.00

331,041.00
288,000.00

336,818.00
288,000.00

339,807.00
288,000.00

350,757.00
288,000.00

342,894.00
288,000.00

331,331.00
288,000.00

319,664.00
288,000.00

317,276.00
288,000.00

20,165.00

35,748.00

43,041.00

48,818.00

51,807.00

62,757.00

54,894.00

43,331.00

31,664.00

29,276.00

EXCESS FFB

70,000

253,748.00
70,000

261,041.00
70,000

266,818.00
70,000

269,807.00
70,000

280,757.00
70,000

272,894.00
70,000

261,331.00
70,000

249,664.00
70,000

247,276.00
70,000

TOTAL
590,000.00
654,248.00
616,284.00
740,969.00
2,601,501.00
700,000.00
3,301,501.00

2.5

10

15

1998

1999

2000

2001

1250

3500

5000

7500

10500

11500

12500

12000

11500

11000

10000

5000

14000

20000

30000

42000

46000

50000

48000

46000

44000

40000

8750

24500

35000

52500

73500

80500

87500

84000

80500

77000

70000

27750

52000

75500

106000

132000

142500

147000

141000

134500

117000

70000

Oil Palm Planting Year

Year
1995

FFB Yield based on 3 years maturity age

Years
5
6
7 to 15
16 to 17
18 to 19
FFB Yield Tons/yr
21
23
25
24
23
Yielding year
2002
2003 2004-12
2013-14
2015-16

20 to 21

22 to 25

22

20

2017-18

2019-22

25 to 26

2023

26 to 27

2024

Hectarage
500 Hectare

1996

2000 Hectare

1997

3500 Hectare

Total FFB Available

1250

8500

Peak month 12.5%

Ton/mth

156.25

1062.5 3,468.75

6,500.00

9,437.50

13,250.00

16,500.00

17,812.50

18,375.00

17,625.00

16,812.50

14,625.00

8,750.00

Peak day

Ton/day

6.25

42.50

138.75

260.00

377.50

530.00

660.00

712.50

735.00

705.00

672.50

585.00

350.00

8 hrs shift

0.78

5.31

17.34

32.50

47.19

66.25

82.50

89.06

91.88

88.13

84.06

73.13

43.75

16 hrs shift

0.39

2.66

8.67

16.25

23.59

33.13

41.25

44.53

45.94

44.06

42.03

36.56

21.88

20 hrs shift

0.31

2.13

6.94

13.00

18.88

26.50

33.00

35.63

36.75

35.25

33.63

29.25

17.50

24 hrs shift

0.26

1.77

5.78

10.83

15.73

22.08

27.50

29.69

30.63

29.38

28.02

24.38

14.58

Milling Throughput

Note

Construction of oil 30 tons/hr mill should start in 2 of maturity and to complete in year 4 where total
FFB available is sufficient for 30tons/hr for one shift operation.
The mill to be upgraded to final capacity of 45mt/hr and ready in year 6.