Model Overview
This Financial Model summarizes the key assumptions, capital structure, revenue forecast, operating cost profile, debt service capacity and lender coverage ratios for PT Sapta Borneo Utama's integrated sugar industry project.
USD 1.0BTotal Project Cost
10,000 TCDSugar Factory Capacity
315,810 TonsAnnual Sugar Production
60 KLPDEthanol Plant Capacity
30 MWBiomass Power Plant
20 YearsDebt Tenor
Project Cost Allocation
Distribution of the USD 1.0 Billion Capital Investment Program.
Key Assumptions
| Document Owner | PT Sapta Borneo Utama |
|---|---|
| Approved By | President Director |
| Classification | Controlled Document – Confidential |
| Custodian | Corporate Secretary & Data Room Administrator |
| Retention Period | Minimum 10 Years |
| Distribution | Authorized Parties Only |
| Effective Date | 13 June 2026 |
| Review Date | 13 June 2027 |
| Item | Assumption |
| Project | Integrated Sugar Factory, Ethanol Plant, Biomass Power Plant and Plantation Development |
| Location | Majalengka, West Java, Indonesia |
| Sugar Factory Capacity | 10,000 TCD |
| Annual Sugar Production | 315,810 Tons |
| Ethanol Plant | 60 KLPD |
| Biomass Power Plant | 30 MW |
| Core Plantation | 500 Ha |
| Plasma Development | 10,000–20,000 Ha |
| Construction Period | 24–30 Months |
| Document Status | Approved & Active |
| Supersedes | None |
| Publication Status | Institutional Data Room Release |
Financing Assumptions
| Item | Assumption |
|---|---|
| Total Project Cost | USD 1,000,000,000 |
| Debt Facility | USD 1,000,000,000 |
| Interest Rate | 3.00% Fixed per annum |
| Tenor | 20 Years |
| Repayment | Structured / Semi-Annual |
| DSRA | 6 Months Debt Service |
| Security Package | Project assets, project accounts, revenue assignment, insurance assignment and EPC guarantees |
Base Case Financial Summary
| Metric | Base Case Value |
|---|---|
| Annual Revenue | USD 198.396 Million |
| Operating Cost | USD 89.278 Million |
| EBITDA | USD 109.118 Million |
| EBITDA Margin | Approx. 55% |
| CFADS | USD 91.712 Million |
| Annual Debt Service | USD 70.548 Million |
| DSCR | 1.30x |
| LLCR | 1.45x |
| PLCR | 1.60x |
| Project IRR | Approx. 11.8% |
| DSRA | USD 35.274 Million |
Base Case Financial Summary Visualization
Revenue Model
| Revenue Source | Basis | Financial Impact |
|---|---|---|
| Sugar Sales | 315,810 tons per year at base sugar price assumption | Primary revenue source |
| Ethanol Sales | 60 KLPD production capacity | Revenue diversification |
| Biomass Power | 30 MW internal renewable power generation | Cost reduction and energy security |
| Carbon Credit Potential | Subject to MRV, validation, verification and registry approval | Potential upside revenue |
Debt Service Coverage
| Item | Value |
|---|---|
| CFADS | USD 91.712 Million |
| Annual Debt Service | USD 70.548 Million |
| Base Case DSCR | 1.30x |
| Minimum Target DSCR | 1.30x |
The base case demonstrates sufficient debt service coverage under the current assumptions, subject to lender due diligence, independent review and final financing documentation.
Sensitivity Analysis
| Scenario | Assumption | Result |
|---|---|---|
| Base Case | Sugar price USD 600/Ton | DSCR 1.30x |
| Downside Case | Sugar price -10%, OPEX +5% | DSCR approx. 1.20x |
| Upside Case | Sugar price +10% | Improved cashflow and coverage ratios |
Financial Ratios
1.30xDSCR
1.45xLLCR
1.60xPLCR
11.8%Project IRR
Lender-Oriented Conclusion
The Financial Model indicates that the project has the potential to support a long-term senior secured project finance structure, supported by integrated revenues, renewable energy benefits, ESG alignment, plasma development and acceptable lender coverage ratios under the base case.
Document Information
| Controlled Copy | Electronic Controlled Copy |
|---|---|
| Custodian | Corporate Secretary & Data Room Administrator |
| Retention Period | Minimum 10 Years |
| Distribution | Authorized Parties Only |
| Document Owner | PT Sapta Borneo Utama |
| Project | USD 1 Billion Integrated Sugar Factory Project |
| Location | Majalengka, West Java, Indonesia |
| Classification | Confidential |
| Status | Final / Published |
| Prepared For | Lenders, ECAs, Institutional Investors and Strategic Partners |
| Date | June 2026 |
Revision History
| Version | Date | Document No. | Status | Description |
|---|---|---|---|---|
| 1.0 | June 2026 | SBU-FIN-001 | Final / Published | Financial Model issued for institutional lender data room publication. |
Document Approval Matrix
| Role | Name | Status |
|---|---|---|
| Document Owner | Project Finance Division | Approved |
| Compliance Review | Corporate Secretariat | Approved |
| Executive Approval | Board of Directors | Approved |