3. In 2012, wood products industry and other forest products is projected to grow
at around 1.8 to 2.5%.
Indonesia is recognized as a country which has the third largest tropical
forest in the world with a forest area reached 133.69 million ha in 2007
and continues to increase until 133.84 million ha in 2009.
The forestry products accounted for approximately 1.14% of the total
Indonesian GDP in 2011 (Badan Pusat Statistik Indonesia)
Indonesia is the biggest exporter of roundwood in Asia
In 2010 up to 2011 the timber balance of trade surplus increased along
with an increase in exports.
Japan and China are the main wood export destination countries .
The value of exports in 2012 (data up to April 2012) reached $1,15 billion
with net exports of $1,02 billion
4. Reduction in forest area from 1990 to 2010 indicates of world timber
production is increasingly growth.
5. Growth of forestry industry in 2011 and 2012
Details 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Annual Growth
Non oil & gas processing
industry sector
4.86 5.69 5.97 7.51 5.86 5.27 5.15 4.05 2.56 5.12 6.83
Food, beverages, and
tobacco
1.07 0.19 2.69 1.39 2.75 7.21 5.05 2.34 11.22 2.78 9.19
Textiles, leather goods
and footwear
3.40 3.23 6.18 4.06 1.31 1.23 (3.68) (3.64) 0.60 1.77 7.52
Wood and other forest
products
0.54 0.62 1.19 (2.07) (0.92) (0.66) (1.74) 3.45 (1.38) (3.47) 0.35
Paper and printed (4.78) 5.26 8.41 7.61 2.39 2.09 5.79 (1.48) 6.34 1.67 1.50
Fertilizers, chemicals, and
rubber
0.50 4.73 10.71 9.01 8.77 4.48 5.69 4.46 1.64 4.70 3.95
Cement and not metal
mineral items
19.08 6.56 7.06 9.53 3.81 0.53 3.40 (1.49) (0.51) 2.18 7.19
Base metals iron and
steel
(1.00) (1.28) (7.97) (2.61) (3.70) 4.73 1.69 (2.05) (4.26) 2.38 13.06
Transportation eqpt,
machinery, & eqpt
17.22 18.09 8.88 17.67 12.38 7.55 9.73 9.79 (2.87) 10.38 7.00
Other items 12.64 (11.08) 17.74 12.77 2.61 3.62 (2.82) (0.96) 3.19 3.00 1.82
7. • Majority of supply for forest industry is fulfilled from the country.
• Orientation of forestry industrial products mostly allocated to meet
demand and other economic sectors, especially the group of buildings
Main Input % Commodities Output Allocation %
Wood, bamboo, and
rattan industry
30.52 Wood, bamboo, and rattan
industry
Building 57.78
Wood 15.9 Bamboo, wood, and
rattan industry
30.93
Trading 11.32 Trading 4.16
Chemical industry 7.81 Industrial goods from the
metal
3.07
Other forest products 4.93 Not classified industrial
goods
1.23
Land transport 4.06
Petroleum refining 4.00
Water transport 3.45
Financial institutions 2.78
Industrial machinery,
tools, and electrical
equipmen
2.41
9. Dharmarosa Group was incorporated in Indonesia with
its focus to locate, evaluate, explore and develop
natural resources, such as mineral, energy and
forestry resources.
Furthermore, Dharmarosa Group is also involved in
various property developments such as residential
apartments and hotels. It is Dharmarosa’s vision is to
be a diversified Company with the ability to provide
resources to the world.
10. In Forestry, our aspiration is to achieve long term and
sustainable growth as we understand the sensitive nature
of the Forestry Industry and with this awareness, our
group is able to maintain a stable economic return to our
shareholders.
Dharmarosa Forestry is structured with three subsidiaries
PT. SatyasenaIndratama (‘PT SI’)
PT. Sulwood Export Development (‘PT SED’)
Both SI and SED are forestry license holders with combined forest
areas in excess of 122,800 Hectares in Central Sulawesi and have a
logging quota of 3.000 m3/month or 36.000 m3/year
PT Libra Prima Perdana (‘PT LPP’).
LPP is a wood processing company, able to convert the raw
materials produced to semi finished goods (i.e. sound timber, etc.)
11. PT. SATYASENA INDRATAMA
Location : Donggala, Central Sulawesi
Area : 67,820 Ha
Status : currently active and ongoing in accordance to Tebang Pilih
Tanam Indonesia (‘TPTI’) (Selective Logging License) which was
granted to the Company in 2012
AKTA Pendirian / Deed of Establishment
: No. 358, Date: 26 September 1991
AKTA Perubahan Terakhir / Latest Changes of Deed of Establishment
: No. 44, Date: 15 May 2012
IUPHHK-HA : SK. MENHUT No. 81/Kpts-II/1997, Date: 06 February 1997
Citra Landsat : Date: 05 September 2011
RKU / General Work Plan : No. SK.23/VI-BUHA/2011, Date: 17 March 2011
SIUP / Business License : No. 0826/09-04/PM/91, Date: 15 October 1991
NPWP / Tax ID : No. 01.546.888.7-061.000
TDP / Registration : No. 090315 210432, Date: 19 March 2003
12. PT. SULWOOD EXPORT DEVELOPMENT
Location : Donggala, Central Sulawesi
Area : 54,980 Ha
Status : currently active and ongoing doing maintenance of existing road
and building logging road for near-future logging activity.
AKTA Pendirian / Deed of Establishment
: No. 22, Date: 14 November 1996
AKTA Perubahan Terakhir / Latest Changes of Deed of Establishment
: No. 22, Date: 25 April 2012
IUPHHK-HA : SK. MENHUT No.: 220/Kpts-II/1998 Date: 27 February 1998
Citra Landsat : No. S450IPSDH-2/2011 Date: 11 August 2011
Pertek IHMB : Dinas Kehutanan No. 522.21/09.13/BUHH
RKU / General Work Plan : No. 522.1/8321/V/Dishutbun, Date: 15 May 2012
SIUP / Business License : No. 0042/2023/PB/1V/94 , Date: 15 April 1994
NPWP / Tax ID : No. 02.816.275.8-77.000 Date: 09 April 2008
TDP / Registration : No. 20231600505 Date: 26 January 1997
13. PT. LIBRA PRIMA PERDANA
Location : Palu, Central Sulawesi and Makassar, South Sulawesi
Status : currently active and ongoing producing sound timber, veneer &
dowels, table top and door jam
Capacity :
AKTA Pendirian / Deed of Establishment
CV. Libra Primathama : No. 42 Date: 27 January 2003
AKTA Perubahan Terakhir / Latest Changes of Deed of Establishment
PT. Libra Prima Perdana : No. 29 Date: 28 August 2011
Izin Gangguan / Hinderordonnantie: No. 650-HO/1221/DPRP/2010 Date: 18 Oktober 2010
Surat Fiskal / Fiscal Letter : No. 3104/DPPKAD/CV-X/2010 Date: 15 October 2010
NPWP / Tax ID : No. 02.218.942.7-831.000 Date: 01 September 2003
TDP / Registration : No. 190514700941 Date: 25 November 2011
SIUP / Business Permit : No. 317/SIUP -M/XI/2011 Date: 25 November 2011
SIUI / Industrial Business Permit : No. 273/KDP.23/IND/SIUI-M/X/2010Date: 11 October 2010
14. PT. LIBRA PRIMA PERDANA
Badan Revitalisasi Industri Kehutanan (BRIK) / Forest Industry Revitalization :
No. 4367/BRIK/AGT/K-S/I/2005, Date: 20 Januari 2005
Pengakuan Eksportir Terdaftar Produk Industri Kehutanan (ETPIK) /
Acknowledgement as Registered Exporter of Forest Industry Product :
No. 4676/DAGLU/ETPIK/II/2005, Date: 01 Pebruari 2005
Pengakuan Sebagai Pedagang Kayu Antar Pulau Terdaftar (PKAPT) /
Acknowledgement as Registered Inter-Island Wood Merchant :
No. 247/Perpanjangan-1/PDN/6/2008, Date: 24 Juni 2008
SK. MENKUMHAM / Ministry of Law and Human Rights Decree :
No. AHU/23792.AH.01.01.Tahun 2012, Date: 03 Mei 2012
Surat Izin Usaha Perdagangan (SIUP) / Business Permit :
No. 317/SIUP-M/XI/2011, Date: 25 November 2011
Surat Izin Usaha Industri (SIUI) / Industrial Business Permit :
No. 273/KDP.23/IND/SIUP-M/X/2010, Date: 11 October 2010
15. PT. SULWOOD EXPORT DEVELOPMENT
PT. SATYASENA INDRATAMA
Microeconomic Assumption
in USD Dollar
Asumsi $1 = Rp 9,593
Description
Operation Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Depreciation % ‐ 5 5 5 5 5 5 5 5
Interest rate % 11 11 11 11 11 11 11 11 11
Employee rate % ‐ 80 100 100 100 100 100 100 100
Tax % 28 28 28 28 28 28 28 28 28
PT. SULWOOD EXPORT DEVELOPMENT
PT. SATYASENA INDRATAMA
Operation Assumption
2,397,819.87
COGS item Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tenaga Kerja Rp 79,433 254,185 317,732 317,732 317,732 317,732 317,732 317,732 317,732
Tenaga kerja pembukaan hutan Rp 12,697 40,630 50,787 50,787 50,787 50,787 50,787 50,787 50,787
Bahan baku (produksi) Rp 1,966,434 6,292,588 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735
Tenaga kerja pendukung Rp 3,127 10,007 12,509 12,509 12,509 12,509 12,509 12,509 12,509
Overhead Rp 3,386,845 10,837,903 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378
Biaya produksi Rp 2,506,828 8,021,849 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312
Depresiasi Rp ‐ 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676
Selling, General & Administration 2012 2013 2014 2015 2016 2017 2018 2019 2020
Biaya umum & administrasi Rp ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Total cost before interest Rp 7,955,363 28,773,838 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129
Interest % 9,173,356 3,673,356 (0)
Total cost after interest Rp 7,955,363 37,947,194 38,811,485 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129
Loan Component Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Debt Rp 83,394,142 33,394,142 (0) (0)
Drawdown Rp 83,394,142
Interest RP 9,173,356 3,673,356 (0) (0)
Principal payment Rp 50,000,000 33,394,142
16. PT. SULWOOD EXPORT DEVELOPMENT
PT. SATYASENA INDRATAMA
Income Statement
in USD Dollar
Asumsi $1 = Rp 9,593
7,505,472.74
Description Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue Rp ‐ 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673
Cost Of Good Sold
Tenaga Kerja Rp 79,433 254,185 317,732 317,732 317,732 317,732 317,732 317,732 317,732
Tenaga kerja pembukaan hutan Rp 12,697 40,630 50,787 50,787 50,787 50,787 50,787 50,787 50,787
Bahan Baku Rp 1,966,434 6,292,588 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735 7,865,735
Tenaga kerja pendukung Rp 3,127 10,007 12,509 12,509 12,509 12,509 12,509 12,509 12,509
Overhead Rp 3,386,845 10,837,903 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378 13,547,378
Biaya produksi Rp 2,506,828 8,021,849 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312 10,027,312
Depresiasi Rp ‐ 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676 3,316,676
Total Cost Rp 7,955,363 28,773,838 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129 35,138,129
Gross Profit Rp (7,955,363) 61,291,834 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544
Selling, General and Adm.
Biaya Umum dan Administrasi ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Total SGA Expenses Rp ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Operating profit Rp (7,955,363) 61,291,834 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544
Interest Rp ‐ 9,173,356 3,673,356 (0) ‐ ‐ ‐ ‐ ‐
Tax Rp ‐ 593,174 5,000,813 15,379,712 15,379,712 15,379,712 15,379,712 15,379,712 15,379,712
Net profit Rp (7,955,363) 51,525,305 46,253,375 39,547,832 39,547,832 39,547,832 39,547,832 39,547,832 39,547,832
17. PT. SULWOOD EXPORT DEVELOPMENT
PT. SATYASENA INDRATAMA
Cash Flow Projection
in USD Dollar
Asumsi $1 = Rp 9,593
Description Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue Rp ‐ 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673 90,065,673
Loan Drawdown Rp 83,394,142
Capital Investment Rp (66,333,519)
CoGS Rp (7,955,363) (28,773,838) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129)
SGA Rp ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Total Cost Rp (7,955,363) (28,773,838) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129) (35,138,129)
Operating Profit Rp (7,955,363) 61,291,834 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544
EBIT Rp (7,955,363) 61,291,834 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544 54,927,544
Interest 11% Rp ‐ (9,173,356) (3,673,356) (0) ‐ ‐ ‐ ‐ ‐
Tax 28% Rp ‐ (593,174) (5,000,813) (15,379,712) (15,379,712) (15,379,712) (15,379,712) (15,379,712) (15,379,712)
Net Profit Rp 9,105,259 51,525,305 46,253,375 39,547,831 39,547,832 39,547,832 39,547,832 39,547,832 39,547,832
Loan principal payment Rp (50,000,000) (33,394,142) ‐
Free Cash Flow Rp 9,105,259 10,630,564 23,489,797 63,037,629 102,585,460 142,133,292 181,681,123 221,228,955 260,776,786
18. PT LIBRA PRIMA PERDANA
Microeconomic Assumption
Description
Operation Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Depreciation % ‐ 5 5 5 5 5 5 5 5
Interest rate % 11 11 11 11 11 11 11 11 11
Employee rate % ‐ 80 100 100 100 100 100 100 100
Tax % 28 28 28 28 28 28 28 28 28
PT LIBRA PRIMA PERDANA
Operation Assumption
(unit produksi makassar)
COGS item Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bahan Baku Rp 26,730,000,000 106,920,000,000 106,920,000,000 106,920,000,000 106,920,000,000 106,920,000,000 106,920,000,000 106,920,000,000 106,920,000,000
Tenaga Kerja Rp 783,900,000 2,508,480,000 3,135,600,000 3,135,600,000 3,135,600,000 3,135,600,000 3,135,600,000 3,135,600,000 3,135,600,000
Biaya Manajemen Rp 160,500,000 642,000,000 642,000,000 642,000,000 642,000,000 642,000,000 642,000,000 642,000,000 642,000,000
Biaya Overhead Rp 1,598,850,000 6,395,400,000 6,395,400,000 6,395,400,000 6,395,400,000 6,395,400,000 6,395,400,000 6,395,400,000 6,395,400,000
Depresiasi Rp ‐ 1,262,115,288 1,262,115,288 1,262,115,288 1,262,115,288 1,262,115,288 1,262,115,288 1,262,115,288 1,262,115,288
Selling, General & Administration
Biaya umum & administrasi Rp 172,140,000 688,560,000 688,560,000 688,560,000 688,560,000 688,560,000 688,560,000 688,560,000 688,560,000
Total cost before interest Rp 29,445,390,000 118,416,555,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288
Interest Rp ‐ 7,150,000,000 3,850,000,000
Total cost after interest Rp 29,445,390,000 125,566,555,288 122,893,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288 119,043,675,288
Loan Component Unit 2012 2013 2014 2015 2016 2017 2018 2019 2020
Debt Rp 65,000,000,000 35,000,000,000 ‐
Drawdown Rp 65,000,000,000
Interest RP 7,150,000,000 3,850,000,000
Principal payment Rp 30,000,000,000 35,000,000,000
23. •Total forestry area (Primary & Secondary) of 57.951 Ha.
• analysed in 2011 has the potential for commercial harvest :
• Size 40 cm up for 71,69 m3 / Hektar or about 4.154.507,19 M3
• Size 50 cm up for 58,21 m3 / Hektar or about 3.373.327,71 M3
•The total potential for commercial harvest is 7.527.834,90 M3
* Inventarisasi Hutan Menyeluruh Berkala (IHMB) data in 2012
PT. SATYASENA INDRATAMA
Type Size 40 cm ↑ Size 50 cm ↑ Total
Kayu Indah 3,71 m3/ha 3,08 m3/ha 6,79 m3/ha
Meranti 24,67 m3/ha 21,04 m3/ha 45.71 m3/ha
Rimba Campuran 43,32 m3/ha 34,09 m3/ha 77,41 m3/ha
24. • Total forestry area (Primary & Secondary) of 30.468 Hektar.
• Analysed in 2011 has the potential for commercial harvest :
• Size 40 cm up for 65,54 m3 / Ha or about 1.996.872,72 M3
• Size 50 cm up sebesar 45,52 m3 / Ha or about 1.386.903,36 M3
•The total potential for commercial harvest is 3.383.776,08 M3
PT. SULWOOD EXPORT DEVELOPMENT
* Inventarisasi Hutan Menyeluruh Berkala (IHMB) data in 2011
Type Size 40 cm ↑ Size 50 cm ↑ Total
Kayu Indah 6,12 m3/ha 4,29 m3/ha 10,41 m3/ha
Meranti 20,99 m3/ha 15,26 m3/ha 36,25 m3/ha
Rimba Campuran 38,43 m3/ha 25,97 m3/ha 64,4 m3/ha
25. We have the largest concession area in Sulawesi. Total
area in excess of 122.800 Ha
26. In 2012, our production quota
is 3.000 Ha/month or 36.000
Ha/year
27. Current product output from PT SPP are Veneer & Dowels
(exported to Japan), Table Tops (exported to Germany), and Door
Jam (exported France).
28. DHARMAROSA GROUP
Menara 165 lt.22
Jl. TB Simatupang Kav.1, Cilandak Timur. Jakarta Selatan 12560,
Indonesia
Telephone : +62 21 2940 7140
Facsimile : +62 21 2940 7150
www.dharmarosa.com