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Numbers Sheet Name Numbers Table Name

Weather
Rainfall, mm
Plantations
Total hectares
Nucleus hectares
Production
Monthly production
Prices
Monthly prices
Palm oil 1960
Palm oil price, $
Spending
Quarterly cash spending
Cash flow
Cash flow cumulative
Cash flow quarterly
Working capital
Balance sheet
Quarterly assets
Quarterly liabilities
Profit
Profit cumulative
Profit quarterly
BWPT
Share price monthly
Financial model
Financial model
 converted to an Excel worksheet. All other
rksheets. Please be aware that formula

Excel Worksheet Name

Weather - Rainfall, mm

Plantations - Total hectares

Plantations - Nucleus hectares

Production - Monthly production

Prices - Monthly prices

Palm oil 1960 - Palm oil price,

Spending - Quarterly cash spend

Cash flow - Cash flow cumulativ

Cash flow - Cash flow quarterly
Cash flow - Working capital

Balance sheet - Quarterly asset

Balance sheet - Quarterly liabi

Profit - Profit cumulative

Profit - Profit quarterly

BWPT - Share price monthly

Financial model - Financial mod

 Rainfall, mm
West Central South East Papua Sumatra Average
Kalimanta Kalimant Kalimanta Kalimanta rainfall,
n an n n mm

2012 130 152 215 276 144 183

185 292 240 186 143 209

110 215 216 258 254 211

207 248 157 294 549 291

64 170 221 169 242 173
42 117 181 135 146 124
105 259 207 118 168 171
72 200 95 50 158 115

50 70 80 60 171 86

228 236 63 170 209 181

228 168 163 253 296 222
404 65 228 199 53 190
2013 209 183 218 185 187 196
192 347 177 220 141 216

65 311 242 222 126 193

316 273 266 256 99 242

269 338 290 199 123 244

212 68 246 103 130 152
326 332 275 158 114 241
114 153 208 66 130 134

110 218 216 154 154 171

194 273 41 126 142 155

309 256 235 128 215 229

454 344 302 163 85 270
2014 108 208 248 241 76 176
105 163 237 31 126 132

173 326 326 179 109 223

202 272 323 245 153 239
286 262 207 222 129 221

191 309 315 269 85 234

33 91 100 308 77 122

91 155 261 323 57 177

20 41 7 54 115 47

87 158 9 71 87 82
107 294 158 132 124 163
124 342 277 297 94 227

2015 221 208 199 303 163 219

205 300 347 207 181 248

188 272 311 181 151 221

292 260 423 147 221 268

170 277 260 147 364 243
125 168 376 138 136 189

45 85 52 23 103 62

10 39 7 8 111 35
2 10 4 8 114 28

195 93 6 31 83 82
442 261 205 224 114 249
220 290 334 107 157 222

2016 320 238 210 164 101 207

414 312 427 271 107 306

446 332 609 154 197 347

359 365 425 140 135 285

332 219 272 231 158 242
132 169 203 83 139 145

151 147 234 123 84 148

71 96 79 76 181 101
189 158 285 108 175 183

351 319 238 291 166 273

424 372 435 304 94 326
292 337 308 291 238 293
2017 153 234 368 331 206 141 239

272 255 265 140 195 128 209

156 202 340 302 84 393 246

198 231 281 375 269 193 258
163 223 382 254 160 345 254
153 153 431 242 67 130 196
142 162 336 188 116 169 186

141 257 330 165 232 298 237

167 233 218 153 157 250 196

260 237 212 140 136 176 193

400 288 258 347 80 285 276
237 244 257 197 86 406 238
2018 162 323 259 233 88 67 189

139 337 257 129 133 301 216

189 371 448 295 181 611 349

284 330 195 180 137 253 230

358 296 216 178 155 324 255
143 180 278 76 89 120 148
81 78 194 109 123 106 115

81 97 72 107 187 244 131

127 145 62 96 47 247 121
269 231 98 207 157 449 235

317 329 244 229 125 436 280

316 231 207 166 140 294 226
2019 213 172 213 249 130 266 207

292 301 164 116 162 416 242

126 118 161 253 298 232 198
239 161 263 265 221 408 260

144 342 232 177 146 100 190

3
 Total hectares
New Total
planting hectares
1997 1,396 1,396

1998 4,564 5,959

1999 3,453 9,412

2000 5,415 14,827

2001 596 15,423

2002 41 15,464

2003 374 15,838

2004 70 15,908

2005 4,653 20,561

2006 12,957 33,518

2007 15,571 49,089

2008 11,597 60,686

2009 12,817 73,503

2010 13,154 86,657

2011 18,671 105,328

2012 15,734 121,062

2013 13,692 134,754

2014 8,665 143,419

2015 1,572 144,990

4
 Nucleus hectares
Mature Immature

2014 88,177 49,429

2015 99,466 34,854

2016 112,082 20,655

2017 119,320 8,966

2018 121,412 6,874

2019 120,529 6,874

5
 Monthly production
Fruit 12 months Fruit 3rd party Palm oil Kernel tons Oil average
produced fruit processed fruit tons % FFA

2015 101,138 113,981 18,073 27,025 4320 3.9%

86,343 95,523 13,906 22,539 3629 3.9%
109,411 120,945 19,463 28,854 4876 3.9%

119,789 129,779 20,766 31,035 5,620 4.1%

113,699 122,059 19,931 28,947 5,245 4.1%

118,442 124,554 16,597 28,705 4,917 4.4%
99,395 111,585 22,363 26,450 4,406 4.2%

98,139 107,952 21,173 25,727 4,287 4.9%

102,808 105,325 18,063 24,835 4,092 4.6%
150,067 145,635 15,188 35,347 6,067 4.9%

159,503 151,520 9,029 35,629 6,485 4.6%

159,540 1,418,274 150,590 5,173 35,502 6,292 3.6%

2016 102,796 1,419,932 95,214 6,650 23,521 4,006 4.0%

100,191 1,433,780 94,458 7,698 23,756 3,929 4.3%
95,720 1,420,089 94,451 11,252 23,481 3,839 3.4%

87,389 1,387,689 82,827 9,728 20,285 3,353 3.5%

89,864 1,363,854 82,841 5,539 19,868 3,114 3.5%

79,921 1,325,333 73,242 3,078 17,197 2,643 3.6%

62,371 1,288,309 56,997 2,759 13,560 2,033 4.0%

76,419 1,266,589 70,632 4,839 16,358 2,620 4.0%

122,308 1,286,088 111,886 7,183 25,597 4,139 3.8%

172,988 1,309,009 161,503 15,759 37,815 5,946 4.5%

178,579 1,328,085 172,074 15,614 40,370 6,314 5.0%

166,607 1,335,152 161,601 11,128 37,315 5,566 4.9%

2017 100,573 1,332,929 95,797 11,163 22,475 3,448 5.0%

97,608 1,330,347 93,250 12,460 22,285 3,348 4.7%

103,760 1,338,387 98,272 9,745 23,152 3,388 4.6%
103,406 1,354,404 93,526 9,789 21,878 3,460 4.3%

120,861 1,385,401 115,044 11,742 26,771 4,199 4.4%

96,838 1,402,318 93,138 9,615 20,892 3,473 4.9%

113,906 1,453,853 107,878 13,865 24,584 4,056 5.2%

122,499 1,499,933 119,283 14,098 27,806 4,440 5.4%

123,158 1,500,783 126,928 18,112 29,802 4,731 4.6%

142,574 1,470,369 140,019 16,062 33,586 5,401 4.1%

127,200 1,418,990 125,246 16,698 30,045 4,892 4.1%
111,000 1,363,383 109,114 12,292 25,197 4,204 4.1%

2018 74,940 1,337,750 64,288 7,484 15,070 2,401 4.7%

77,740 1,317,882 73,194 9,931 17,332 2,769 4.5%

104,206 1,318,328 102,653 15,514 23,571 3,952 4.3%
133,419 1,348,340 128,150 17,352 29,287 4,940 4.0%
164,046 1,391,525 153,717 12,758 35,271 5,998 4.0%
163,765 1,458,452 154,365 14,069 35,230 5,830 3.8%

188,656 1,533,202 178,358 17,525 40,035 6,670 5.1%

195,071 1,605,774 179,073 15,900 41,350 6,934 4.7%

193,273 1,675,889 176,218 12,307 40,301 7,108 4.8%
187,809 1,721,124 170,098 8,749 39,411 6,302 4.8%

169,152 1,763,076 152,548 4,570 34,169 5,434 4.6%

156,014 1,808,090 142,366 4,000 32,303 5,035 4.3%
2019 131,981 1,865,131 119,025 2,563 27,971 4,289 4.2%

108,000 1,895,391 94,601 1,785 22,118 3,474 4.2%

117,999 1,909,184 104,773 2,130 24,628 33,667 4.1%

93,700 1,869,466 82869 1,358 18,484 2,968 4.3%
115,000 1,820,420 102365 912 22,864 3,641 4.2%

6
 Monthly prices
Rp per Palm oil, Kernel,
kg left right

2017 9,015

8,740
8,341

8,057
7,984
7,870

7,585
7,595

7,949

8,276
8,192

8,080 8,140
2018 7,665 6,597

7,877 6,193

7,970 5,515
7,799 5,000

7,734 5,400

7,321 4,281
6,828 4,200

6,316 4,700
6,572 4,500

6,225 4,552
5,215 2,893

5,239 3,367

2019 6,409 3,788

7,000 4,000

6,648 3,250
5,900 3,500

7
Palm oil price, $
Palm oil

Jan 60 233

Feb 60 229

Mar 60 225
Apr 60 225

May 60 225

Jun 60 219

Jul 60 221
Aug 60 225

Sep 60 224

Oct 60 222
Nov 60 222

Dec 60 223
Jan 61 223
Feb 61 228

Mar 61 231
Apr 61 233

May 61 234
Jun 61 233
Jul 61 229

Aug 61 226
Sep 61 226

Oct 61 226
Nov 61 226
Dec 61 226

Jan 62 236
Feb 62 237

Mar 62 223

Apr 62 220
May 62 219

Jun 62 216

Jul 62 213

Aug 62 209
Sep 62 205

Oct 62 197

Nov 62 208
Dec 62 211

Jan 63 218
Feb 63 218
Mar 63 218

Apr 63 218
May 63 218

Jun 63 220
Jul 63 222
Aug 63 225

Sep 63 225
Oct 63 227

Nov 63 230
Dec 63 232

Jan 64 233

Feb 64 233
Mar 64 233

Apr 64 233

May 64 233

Jun 64 234
Jul 64 235

Aug 64 236

Sep 64 238
Oct 64 251

Nov 64 255
Dec 64 261
Jan 65 266

Feb 65 283
Mar 65 292

Apr 65 298
May 65 303
Jun 65 295

Jul 65 280
Aug 65 258

Sep 65 247
Oct 65 250
Nov 65 250

Dec 65 249
Jan 66 247

Feb 66 248

Mar 66 245
Apr 66 234

May 66 226

Jun 66 225

Jul 66 235
Aug 66 240

Sep 66 240

Oct 66 231
Nov 66 226

Dec 66 231
Jan 67 234
Feb 67 231

Mar 67 223
Apr 67 223

May 67 224
Jun 67 229
Jul 67 229

Aug 67 229
Sep 67 225

Oct 67 222
Nov 67 218
Dec 67 195

Jan 68 191
Feb 68 191

Mar 68 191

Apr 68 189
May 68 186

Jun 68 175

Jul 68 172

Aug 68 150
Sep 68 142

Oct 68 142

Nov 68 143
Dec 68 153

Jan 69 158
Feb 69 158
Mar 69 180

Apr 69 170
May 69 166

Jun 69 165
Jul 69 162
Aug 69 171

Sep 69 181
Oct 69 203

Nov 69 203
Dec 69 255
Jan 70 255

Feb 70 256
Mar 70 259

Apr 70 268

May 70 279
Jun 70 277

Jul 70 261

Aug 70 240

Sep 70 226
Oct 70 257

Nov 70 270

Dec 70 272
Jan 71 273

Feb 71 273
Mar 71 278
Apr 71 269

May 71 243
Jun 71 241

Jul 71 263
Aug 71 283

Sep 71 272
Oct 71 254
Nov 71 248

Dec 71 234
Jan 72 218

Feb 72 185

Mar 72 217
Apr 72 227

May 72 228

Jun 72 216

Jul 72 215
Aug 72 221

Sep 72 225

Oct 72 224
Nov 72 219

Dec 72 213
Jan 73 212
Feb 73 259

Mar 73 280
Apr 73 290

May 73 324
Jun 73 371
Jul 73 473

Aug 73 536
Sep 73 424

Oct 73 435
Nov 73 429
Dec 73 497

Jan 74 579
Feb 74 667

Mar 74 633

Apr 74 614
May 74 592

Jun 74 603

Jul 74 610

Aug 74 728
Sep 74 707

Oct 74 840

Nov 74 768
Dec 74 689

Jan 75 589

Feb 75 498
Mar 75 478

Apr 75 451

May 75 392

Jun 75 356

Jul 75 402

Aug 75 473

Sep 75 412

Oct 75 412

Nov 75 379
Dec 75 368

Jan 76 354

Feb 76 366
Mar 76 376

Apr 76 348
May 76 345
Jun 76 395

Jul 76 451
Aug 76 431

Sep 76 457
Oct 76 444
Nov 76 457

Dec 76 457
Jan 77 462

Feb 77 507

Mar 77 598
Apr 77 647

May 77 659

Jun 77 619

Jul 77 520

Aug 77 493

Sep 77 460

Oct 77 450

Nov 77 445

Dec 77 501
Jan 78 514

Feb 78 558

Mar 78 598
Apr 78 603

May 78 624
Jun 78 654
Jul 78 622

Aug 78 585
Sep 78 615

Oct 78 623
Nov 78 604
Dec 78 604

Jan 79 636
Feb 79 694

Mar 79 688

Apr 79 666

May 79 665

Jun 79 675

Jul 79 678

Aug 79 652

Sep 79 640

Oct 79 602
Nov 79 620

Dec 79 630

Jan 80 662
Feb 80 672

Mar 80 637
Apr 80 611
May 80 584

Jun 80 555
Jul 80 545

Aug 80 518
Sep 80 509
Oct 80 507

Nov 80 585
Dec 80 619

Jan 81 625

Feb 81 640
Mar 81 620

8
Apr 81 588
May 81 599
Jun 81 640

Jul 81 600
Aug 81 531

Sep 81 509

Oct 81 513
Nov 81 500

Dec 81 483

Jan 82 502

Feb 82 528
Mar 82 507

Apr 82 509

May 82 511
Jun 82 494

Jul 82 421
Aug 82 396
Sep 82 380

Oct 82 355
Nov 82 362

Dec 82 376
Jan 83 372
Feb 83 367

Mar 83 378
Apr 83 419

May 83 432
Jun 83 394
Jul 83 425

Aug 83 559
Sep 83 645

Oct 83 671

Nov 83 661
Dec 83 695

Jan 84 875

Feb 84 875

Mar 84 845
Apr 84 841

May 84 951

Jun 84 783
Jul 84 580

Aug 84 562
Sep 84 611
Oct 84 615

Nov 84 616
Dec 84 592

Jan 85 583
Feb 85 595
Mar 85 651

Apr 85 653
May 85 610

Jun 85 556
Jul 85 487

Aug 85 404

Sep 85 360
Oct 85 356

Nov 85 362

Dec 85 390

Jan 86 342
Feb 86 283

Mar 86 243

Apr 86 242
May 86 238

Jun 86 243
Jul 86 221
Aug 86 197

Sep 86 207
Oct 86 272

Nov 86 303
Dec 86 293
Jan 87 350

Feb 87 330
Mar 87 313

Apr 87 339
May 87 341
Jun 87 342

Jul 87 300
Aug 87 308

Sep 87 335

Oct 87 353
Nov 87 368

Dec 87 432

Jan 88 486

Feb 88 403
Mar 88 381

Apr 88 403

May 88 422
Jun 88 496

Jul 88 517
Aug 88 450
Sep 88 428

Oct 88 431
Nov 88 418

Dec 88 411
Jan 89 383
Feb 89 401

Mar 89 399
Apr 89 391

May 89 406
Jun 89 373
Jul 89 331

Aug 89 309
Sep 89 323

Oct 89 321

Nov 89 301
Dec 89 267

Jan 90 279

Feb 90 271

Mar 90 286
Apr 90 267

May 90 281

Jun 90 272
Jul 90 279

Aug 90 291
Sep 90 284
Oct 90 290

Nov 90 331
Dec 90 346

Jan 91 349
Feb 91 338
Mar 91 348

Apr 91 319
May 91 318

Jun 91 311
Jul 91 341
Aug 91 338

Sep 91 323
Oct 91 345

Nov 91 362

Dec 91 376
Jan 92 383

Feb 92 382

Mar 92 396

Apr 92 402
May 92 390

Jun 92 404

Jul 92 382
Aug 92 382

Sep 92 391
Oct 92 396
Nov 92 413

Dec 92 401
Jan 93 410

Feb 93 425
Mar 93 408

Apr 93 392
May 93 371
Jun 93 356

Jul 93 362
Aug 93 356

Sep 93 352

Oct 93 333
Nov 93 357

Dec 93 411

Jan 94 404

Feb 94 387
Mar 94 395

Apr 94 434

May 94 488
Jun 94 508

Jul 94 494
Aug 94 575
Sep 94 614

Oct 94 616
Nov 94 707

Dec 94 719
Jan 95 655
Feb 95 661

Mar 95 687
Apr 95 625

May 95 611
Jun 95 631
Jul 95 655

Aug 95 616
Sep 95 586

Oct 95 615

Nov 95 607
Dec 95 590

Jan 96 535

Feb 96 518

Mar 96 519
Apr 96 562

May 96 552

Jun 96 508
Jul 96 476

Aug 96 513

Sep 96 545
Oct 96 532

Nov 96 550

Dec 96 561

Jan 97 567

Feb 97 580

Mar 97 559

Apr 97 562

May 97 553

Jun 97 533
Jul 97 498

Aug 97 504

Sep 97 525
Oct 97 547

Nov 97 556
Dec 97 566
Jan 98 621

Feb 98 659
Mar 98 671

Apr 98 688
May 98 705
Jun 98 633

Jul 98 661
Aug 98 674

Sep 98 703

Oct 98 694
Nov 98 681

Dec 98 663

Jan 99 632

Feb 99 561

Mar 99 497

Apr 99 509

May 99 475

Jun 99 392

Jul 99 319
Aug 99 354

Sep 99 388

Oct 99 381
Nov 99 370

Dec 99 354
Jan 00 348
Feb 00 332

Mar 00 349
Apr 00 372

May 00 324
Jun 00 315
Jul 00 312

Aug 00 306
Sep 00 288

Oct 00 255

Nov 00 257

Dec 00 265

Jan 01 254

Feb 01 240

Mar 01 254

Apr 01 251

May 01 234
Jun 01 255

Jul 01 330

Aug 01 362
Sep 01 310

Oct 01 277
Nov 01 323
Dec 01 338

Jan 02 338
Feb 02 330

Mar 02 338
Apr 02 349
May 02 371

Jun 02 411
Jul 02 406

Aug 02 425

Sep 02 400
Oct 02 408

9
Nov 02 442
Dec 02 465
Jan 03 458

Feb 03 452
Mar 03 426

Apr 03 412

May 03 417
Jun 03 430

Jul 03 411

Aug 03 395

Sep 03 420
Oct 03 485

Nov 03 503

Dec 03 510
Jan 04 496

Feb 04 535
Mar 04 550
Apr 04 538

May 04 513
Jun 04 440

Jul 04 426
Aug 04 432
Sep 04 439

Oct 04 431
Nov 04 433

Dec 04 423
Jan 05 402
Feb 05 403

Mar 05 435
Apr 05 429

May 05 417

Jun 05 419
Jul 05 417

Aug 05 407

Sep 05 421

Oct 05 442
Nov 05 444

Dec 05 429

Jan 06 424
Feb 06 445

Mar 06 440
Apr 06 439
May 06 440

Jun 06 437
Jul 06 471

Aug 06 510
Sep 06 497
Oct 06 507

Nov 06 547
Dec 06 583

Jan 07 599
Feb 07 605

Mar 07 622

Apr 07 710
May 07 772

Jun 07 805

Jul 07 811

Aug 07 821
Sep 07 835

Oct 07 881

Nov 07 952
Dec 07 950

Jan 08 1059
Feb 08 1160
Mar 08 1249

Apr 08 1174
May 08 1208

Jun 08 1213
Jul 08 1128
Aug 08 885

Sep 08 771
Oct 08 545

Nov 08 488
Dec 08 503
Jan 09 562

Feb 09 572
Mar 09 598

Apr 09 702

May 09 801
Jun 09 726

Jul 09 639

Aug 09 723

Sep 09 674
Oct 09 680

Nov 09 725

Dec 09 792
Jan 10 793

Feb 10 798
Mar 10 832
Apr 10 830

May 10 811
Jun 10 798

Jul 10 807
Aug 10 905
Sep 10 912

Oct 10 987
Nov 10 1109

Dec 10 1228
Jan 11 1281
Feb 11 1292

Mar 11 1180
Apr 11 1149

May 11 1159

Jun 11 1133
Jul 11 1089

Aug 11 1083

Sep 11 1065

Oct 11 994
Nov 11 1053

Dec 11 1027

Jan 12 1061
Feb 12 1106

Mar 12 1153
Apr 12 1181
May 12 1085

Jun 12 999
Jul 12 1015

Aug 12 997
Sep 12 967
Oct 12 839

Nov 12 813
Dec 12 776

Jan 13 841
Feb 13 792

Mar 13 772
Apr 13 756

May 13 763
Jun 13 763

Jul 13 730

Aug 13 723
Sep 13 726

Oct 13 763
Nov 13 810

Dec 13 795

Jan 14 769
Feb 14 811

Mar 14 861
Apr 14 825

May 14 800

Jun 14 758
Jul 14 753

Aug 14 678
Sep 14 657

Oct 14 673
Nov 14 662

Dec 14 625

Jan 15 642
Feb 15 634

Mar 15 608
Apr 15 592

May 15 601

Jun 15 606
Jul 15 576

Aug 15 485
Sep 15 483

Oct 15 530

Nov 15 503
Dec 15 521

Jan 16 532
Feb 16 596

Mar 16 633

Apr 16 680
May 16 645

Jun 16 618
Jul 16 584

Aug 16 664

Sep 16 692
Oct 16 651

Nov 16 670
Dec 16 712

Jan 17 729

Feb 17 653
Mar 17 641

Apr 17 621
May 17 642

Jun 17 605

Jul 17 625
Aug 17 628

Sep 17 644
Oct 17 660

Nov 17 610

Dec 17 604

Jan 18 639

Feb 18 656
Mar 18 616

Apr 18 593
May 18 610

Jun 18 569

Jul 18 545
Aug 18 534

Sep 18 524
Oct 18 535
Nov 18 487
Dec 18 500
Jan 19 560

Feb 19 520
Mar 19 516
Apr 19 479
May 19 484

10
 Quarterly cash spending
Rpbn Mature Estate Harvestin Mill and Opex Transport Total Mature Quarterly
upkeep and mill g and bulking cash cost nucleus cash
expenses overhead transport costs hectares spending
ing per
expense hectare
Rpm

2015 98 102 58 39 67 35 398 99 4.0

89 95 59 16 70 40 370 99 3.7
77 102 58 -7 60 34 324 99 3.3
69 101 163 20 58 -32 380 99 3.8

2016 64 99 74 15 62 24 338 112 3.0

57 94 68 13 62 16 311 112 2.8
64 80 60 15 53 13 284 112 2.5

104 139 128 25 85 26 507 112 4.5

2017 44 101 81 21 65 25 337 119 2.8

67 100 87 23 65 22 363 119 3.0

35 113 92 24 75 31 370 119 3.1

111 115 79 9 63 10 387 119 3.2

2018 45 113 63 24 61 38 345 121 2.8

86 119 74 23 75 53 430 121 3.5

196 118 160 31 71 81 658 121 5.4

133 121 214 34 78 -9 571 121 4.7

2019 53 119 103 25 69 41 409 121 3.4

11
 Cash flow cumulative
Operati Investm Finance
ng ent

2014 12 (74) 58

146 (360) 464

231 (1,373) 991

237 (2,469) 1,676

2015 49 (172) 58

168 (269) 900

(84) (504) 541

(34) (349) 1,460

2016 (358) (50) (758)

(342) (107) (736)

(541) (197) (42)

(372) (204) (546)

2017 248 31 (333)

193 13 (287)

196 (53) (221)

432 (182) (294)

2018 (53) (37) 75

(214) (152) 433

229 (157) (136)

142 (103) (103)

2019 (182) (75) 382

12
 Cash flow quarterly
Operati Investm Finance
ng ent

2014 12 (74) 58

134 (286) 406

85 (1,013) 527

6 (1,096) 685

2015 49 (172) 58

119 (97) 842

(252) (235) (359)

50 155 919

2016 (358) (50) (758)

16 (57) 22

(199) (90) 694

169 (7) (504)

2017 248 31 (333)

(55) (18) 46

3 (66) 66

236 (129) (73)

2018 (53) (37) 75

(161) (115) 358

443 (5) (569)

(87) 54 33

2019 (182) (75) 382

13
 Working capital
Assets Liabilities

2015 50 108

167 (20)

(459) (328)

132 130

2016 27 (279)

66 (86)

(35) 0

240 (84)
2017 127 (3)

139 (56)

(31) 117

(41) 107

2018 (432) 189

(450) (120)

152 335

53 39

2019 70 (61)

14
 Quarterly assets
Rpbn Cash Other ST LT Total
assets assets Assets

2014 179 1,436 14,765 16,380

2015 111 1,386 14,989 16,486

162 1,219 15,164 16,545

131 1,678 14,827 16,636

1,251 1,546 14,862 17,659

2016 85 1,519 14,832 16,436

66 1,453 14,845 16,364

472 1,488 14,849 16,809

129 1,248 14,877 16,254

2017 74 1,121 14,788 15,983

48 982 14,734 15,764

51 1,013 14,791 15,855

85 1,054 14,852 15,991

2018 70 1,486 14,813 16,369

146 1,936 14,685 16,767

21 1,784 14,511 16,316

22 1,731 14,411 16,164

2019 146 1,661 14,397 16,204

15
 Quarterly liabilities
Rpbn Total Other ST Other LT Equity Total
debt liabilities liabilities liabilities
& equity

2014 7,322 1,309 802 6,947 16,380

2015 7,384 1,417 798 6,887 16,486

7,450 1,397 823 6,875 16,545

8,077 1,069 799 6,691 16,636

9,027 1,199 780 6,653 17,659

2016 8,186 920 745 6,585 16,436

8,316 834 769 6,445 16,364

8,856 834 770 6,349 16,809

8,475 750 770 6,259 16,254

2017 8,230 747 765 6,241 15,983

8,169 691 773 6,131 15,764

8,228 808 774 6,044 15,854

8,222 915 791 6,063 15,991

2018 8,403 1,104 681 6,181 16,369

8,757 984 767 6,260 16,768

8,254 1,319 767 5,975 16,315

8,240 1,358 766 5,799 16,163

2019 8,607 1,297 761 5,539 16,204

16
 Profit cumulative
Sales Biologica Deprecia Operatin Interest Pre tax Net
l tion g profit profit

2015 735 110 91 (111) 10 8

1,491 220 217 (238) 13 13

2,060 329 230 (336) (99) (86)

2,674 468 234 (467) (204) (181)

2016 620 128 19 (171) (78) (68)

1,102 260 (13) (314) (248) (207)

1,596 388 5 (481) (360) (303)

2,542 522 245 (648) (336) (391)

2017 839 2 156 104 (181) (24) (18)

1,498 26 314 138 (365) (175) (128)

2,237 76 435 230 (520) (254) (215)

3,046 (48) 582 410 (602) (166) (188)

2018 630 108 162 37 (150) (132) (83)

1,404 216 324 390 (334) (38) 2

2,364 220 485 304 (525) (373) (282)

3,083 226 624 180 (648) (554) (463)

2019 638 (41) 168 (146) (204) (333) (262)

17
 Profit quarterly
Sales Biologica Deprecia Operatin Interest Pre tax Net
l tion g profit profit

2015 735 110 91 (111) 10 8

756 110 126 (127) 3 5

569 109 13 (98) (112) (99)

614 139 4 (131) (105) (95) (181)

2016 620 128 19 (171) (78) (68) (256)

482 132 (32) (143) (170) (140) (401)

494 128 18 (167) (112) (96) (398)

946 134 240 (167) 24 (88) (391)

2017 839 2 156 104 (181) (24) (18) (342)

659 24 158 35 (184) (151) (110) (312)

739 50 121 91 (155) (79) (87) (303)

809 (124) 147 180 (82) 88 27 (188)

2018 630 108 162 37 (150) (132) (83) (253)

774 108 162 353 (184) 94 85 (58)

960 4 161 (86) (191) (335) (284) (255)

719 6 139 (124) (123) (181) (181) (463)

2019 638 (41) 168 (146) (204) (333) (262) (641)

18
Share price monthly
BWPT

2014 1047

1135

1093
1168
1072

1023
960
856

461
453

382
400
2015 355
366

338

252

401
411
390

258

202
235

141
138
2016 173

228

289
284

238
212
234

210

189
191

206
274

2017 348
370

338
314

274

244
218
214
258

244

222
183
2018 226
232
216

250

187
179
204
220
202

175

163
164
2019 200
167

158
160

153

19
 Financial model
Rpbn 2019 2020
Quarterly 2 3 4 1

Cash flow

Hectares 000 140 140 140 140

Fruit 340 450 500 440

OER % 23% 23% 23% 23%

Oil 78 104 115 101

Price Rpm 6.8 7.0 7.5 8.0

Sales 532 725 863 810

Add kernel 566 771 918 861

Cash cost per 3.5 3.5 3.5 3.5

hectare Rpm

Cash cost (490) (490) (490) (490)

Interest (215) (211) (211) (207)

Tax 0 0 (13) 0
Operating cash (139) 70 204 164
flow

Interest income 1 1 1 1

Capex 50 50 50 50
Investment cash (49) (49) (49) (49)
flow

Debt payment (307) (296) (286) (276)

Equity 0 0 0 0
Cash flow before (495) (275) (130) (160)
revolver

Revolver 495 275 130 160

Finance cash 188 (21) (156) (116)
flow

Beginning cash 146 146 146 146

Change (0) (0) 0 0
Ending cash 146 146 146 146
Profit

Sales 566 771 918 861

Depreciation (168) (168) (168) (168)
Cash costs (490) (490) (490) (490)

Operating profit (92) 113 260 203

Interest (214) (210) (209) (205)

Pre tax profit (306) (97) 50 (2)

Tax 0 0 (13) 0

Net profit (306) (97) 38 (2)

Balance sheet

Cash 146 146 146 146

Other ST assets 1,661 1,661 1,661 1,661

Gross LT assets 18,239 18,289 18,339 18,389

Depreciation 3,960 4,128 4,296 4,464

Net LT assets 14,279 14,161 14,043 13,925

Total assets 16,086 15,968 15,850 15,732

Debt 8,300 8,003 7,717 7,442

Revolver 495 771 901 1,060

Total debt 8,795 8,774 8,618 8,502

Other liabilities 2,058 2,058 2,058 2,058

Equity 5,233 5,136 5,174 5,172

Liabilities & 16,086 15,968 15,850 15,732
equity

Check (0) (0) (0) (0)

20