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Exhibit 18.

2 Investment and Financing of the Semen Indonesia Project (all values in thousands unless otherwise noted)

INVESTMENT
Average exchange rate, Rp/$ 10,000
Cost of installed capacity, $/tonne $ 110
Installed capacity 20,000
Investment, US$ $ 2,200,000
Investment, Rp 22,000,000,000
Plant and equipment, Rp 17,600,000,000
Annual depreciation, Rp 1,760,000,000
Ratio plant with investment 0.8
Investment - plant 4,400,000,000

COSTS OF CAPITAL: CEMEX


Risk-free rate 6.000%
Credit premium 2.000%
Sovereign spread 0.000%
Cost of debt 8.000%
Cost of debt, after-tax 5.200%
Percent debt 40.000%
Effective tax rate 35.000%

COSTS OF CAPITAL: SEMEN INDONESIA


Risk-free rate 33.000%
Credit premium 2.000%
Sovereign spread 4.000%
Cost of rupiah debt 39.000%
Cost of debt, after-tax 5.200%
Cost of US$ debt 38.835%
Cost of US$ debt, after-tax 27.184%
Percent debt 100.000%
Effective tax rate 30.000%
s in thousands unless otherwise noted)

FINANCING
Equity - 0.000%
Debt 22,000,000,000 100.000%
Rupiah debt 22,000,000,000 100.000%
US$ debt, Rp - 0.000%
Total 22,000,000,000 100.000%

Expected rate of return 13.000%


Cemex beta 1.500
Equity risk premium 7.000%
Cost of equity 16.500%
Percent equity 60.000%
WACC firm 11.9800%
Additional yield domesti 3.000%
Additional yield foreign 6.000%

Expected rate of return 39.000%


Semen Indonesia beta 1.1820
Equity risk premium 6.000%
Cost of equity 40.092%
Percent equity 0.000%

WACC 27.3000%
Exhibit 18.3 Semen Indonesia's Debt Service Schedules and Foreign Exchange Gains/Losses (millions of Rp and US$)
scale in million 1000

Spot rate (Rp/$) 10,000 12,621 15,930 20,106


Project year 0 1 2 3
Project inflation in USA, annua 3.000%
Project inflation in Indonesia, 30.000%

Indonesian loan at 35% for 8 years


Interest rate of loan 35.000%
N year 5
Principal 22,000,000
Remaining principal loan (19,789,918) (16,806,307) (12,778,432)
interest payment (7,700,000) (6,926,471) (5,882,207)
Principal payment (2,210,082) (2,983,611) (4,027,875)
Total payment (9,910,082) (9,910,082) (9,910,082)
Diskonto payment (22,000,000) (7,340,802) (5,437,631) (4,027,875)

Cemex loan at 10% for 5 years


Interest rate of loan 10.000%
N year 5
Principal (US$) -
Remaining principal loan (US$) - - -
Interest payment (US$) - - -
Principal payment (US$) - - -
Total payment - - -
Diskonto payment - - - -

Scheduled at Rp10,000/$
Interest payment - - -
Principal payment - - -
Total payment - - -

Actual (at current spot rate)


Interest payment - - -
Principal payment - - -
Total payment - - -

Cfs in Rp on:
Cemex loan - - - -
IRR of Cfs Err:523

Foreign exchange losses on Cemex loan (millions of Rp):


FX losses on interest - - -
FX losses on principal - - -
Total FX losses on debt - - -
ses (millions of Rp and US$)

25,376 32,028
4 5 6 7 8

(7,340,802) - 9,910,082 23,288,693 41,349,818


(4,472,451) (2,569,281) - 3,468,529 8,151,043
(5,437,631) (7,340,802) (9,910,082) (13,378,611) (18,061,125)
(9,910,082) (9,910,082) (9,910,082) (9,910,082) (9,910,082)
(2,983,611) (2,210,082) (1,637,098) (1,212,665) (898,270)

- -
- -
- -
- -
- -

- -
- -
- -

- -
- -
- -

- -

- -
- -
- -
Exhibit 18.4 Semen Indonesia's Pro Forma Income Statement (millions of rupiah)
scale in million 1000

Exchange rate (Rp/$) 10,000 12,621 15,930 20,106


Project year 0 1 2 3
Project inflation in USA, annual 3.000%
Project inflation in Indonesia, ann 30.000%

Full capacity 20,000


Percentage operating capacity 65.000% 70.000% 77.000%
Sales volume 13,000 14,000 15,400
Sales price (US$) 58.00 58.00 58.00
Sales price (Rp) 732,039 923,933 1,166,128
Total revenue 9,516,505 12,935,055 17,958,378

Cash cost (Rp) (115) (150) (194)


Less cash costs (Rp) (1,495,000) (2,093,000) (2,992,990)
Additional production cost per tonne (Rp) (20,000) (26,000) (33,800)
Less other production costs (Rp) (260,000) (364,000) (520,520)
Loading cost per tonne (US$) (2.000) (2.060) (2.122)
Less loading costs (Rp) (328,155) (459,417) (656,967)
Shipping cost per tonne (US$) (10.000) (10.300) (10.609)
Less shipping costs (Rp) (1,640,777) (2,297,087) (3,284,835)
Total production costs (Rp) (3,723,932) (5,213,505) (7,455,312)

Gross profit 5,792,573 7,721,550 10,503,066


Gross margin 61% 60% 58%

License fees of sales -1.000% -1.000% -1.000%


Less license fees (95,165) (129,351) (179,584)
General and administrative of sales -8.000% -9.00% -10.00%
Less general and administrative (761,320) (1,164,155) (1,795,838)
EBITDA 4,936,087 6,428,045 8,527,644

Less depreciation and amortization (Rp) (1,760,000) (1,760,000) (1,760,000)


EBIT 3,176,087 4,668,045 6,767,644

Less interest on Cemex debt - - -


Foreign exchange lossess on debt - - -
Less interest on local debt (7,700,000) (6,926,471) (5,882,207)
EBT (4,523,913) (2,258,426) 885,437
Cumulative EBT - (4,523,913) (6,782,339) (5,896,903)

Less income taxes (30%) 30.000% - - -


Net income (4,523,913) (2,258,426) 885,437
Net income (US$) (358) (142) 44
Return on sales -48% -17% 5%
25,376 32,028
4 5

77.000% 77.000%
15,400 15,400
58.00 58.00
1,471,813 1,857,627
22,665,913 28,607,463

(253) (328)
(3,890,887) (5,058,153)
(43,940) (57,122)
(676,676) (879,679)
(2.185) (2.251)
(854,057) (1,110,274)
(10.927) (11.255)
(4,270,285) (5,551,371)
(9,691,906) (12,599,477)

12,974,008 16,007,986
57% 56%

-1.000% -1.000%
(226,659) (286,075)
-11.00% -12.00%
(2,493,250) (3,432,896)
10,254,098 12,289,016

(1,760,000) (1,760,000)
8,494,098 10,529,016

- -
- -
(4,472,451) (2,569,281)
4,021,647 7,959,736
(1,875,256) 6,084,480

- (2,387,921)
4,021,647 5,571,815
158 174
18% 19%
Exhibit 18.5 Semen Indonesia's Capital Budget: Project Viewpoint (millions of rupiah)
scale in million 1000

Exchange rate (Rp/$) 10,000 12,621 15,930 20,106


Project year 0 1 2 3
Project inflation in USA, annual 3.000%
Project inflation in Indonesia, an 30.000%
Growth
WACC domestic 27.300%

EBITDA 4,936,087 6,428,045 8,527,644


Less recalculated taxes 30.000% (1,480,826.21) (1,928,413.43) (2,558,293.22)
Net operating cash flow 3,455,261 4,499,631 5,969,351

Less additions to NWC (240,670) (139,028) (436,049)


Initial investment (22,000,000)
Terminal value gordon growth method

Free cash flow (FCF) (22,000,000) 3,214,591 4,360,603 5,533,302

NPV 332,713 ACCEPTED


IRR 27.8%

Sebelum Sesudah Selisih


NPV Parent 237.7 303.9 66.2
NPV Project 332,713 332,713 -
Konsolidasi 332,951.2 333,017.4 66.2
25,376 32,028
4 5

0.000%

10,254,098 12,289,016
(3,076,229.48) (3,686,704.82)
7,177,869 8,602,311

(289,776) (626,314)

31,510,298

6,888,093 39,486,295
Exhibit 18.6 Semen Indonesia's Remittance and Capital Budget: Parent Viewpoint (millions of Rp and US$)
scale in million 1000

Exchange rate (Rp/$) 10,000 12,621 15,930 20,106 25,376


Project year 0 1 2 3 4
Project inflation in USA, annual 3.000%
Project inflation in Indonesia, ann 30.000%
Growth
WACC parent 11.980%
foreign investment premium 6.000%
WACC discount rate 17.980%

Dividend Remittance
Payout ratio 0.000% 0.000% 50.000% 50.000%
Dividends paid (Rp) - - 442,718 2,010,823
Less withholding tax @15% 15.000% - - (66,408) (301,624)
Net dividend remitted (Rp) - - 376,311 1,709,200
Net dividend remitted (US$) - - 18.7 67.4

License Fees Remittance


License fees remitte (Rp) 95,165 129,351 179,584 226,659
Less withholding tax @5% 5.000% (4,758) (6,468) (8,979) (11,333)
Net license remitted (Rp) 90,407 122,883 170,605 215,326
Net license fees remitted (US$) 7.2 7.7 8.5 8.5

Debt Service Remittance


Promised interest paid (US$) - - - -
Less withholding tax @10% 10.000% - - - -
Net interest remitted (US$) - - - -
Principal payments remitted (US$) - - - -
Total debt payment (US$) - - - -

Capital Budget: Parent Viewpoint (millions of US$)


Project year 0 1 2 3 4
Dividends - - 18.7 67.4
License fees 7.2 7.7 8.5 8.5
Debt service - - - -
Total earnings 7.2 7.7 27.2 75.8

Equity -
Debt -
Initial investment -
Terminal value
Gordon growth method
Exit multiple method 7.46
Free cash flow (FCF) - 7.2 7.7 27.2 75.8

NPV 303.9 ACCEPTED


IRR Err:523
32,028
5

0.000%

50.000%
2,785,907
(417,886)
2,368,021
73.9

286,075
(14,304)
271,771
8.5

-
-
-
-
-

5
73.9
8.5
-
82.4

458.4
458.4
614.7
540.8