Property valuation report

Valuation report is a document that shaped the full report (narrative report or a long form report) and brief reports (short form report). 
Long Form Report is an Valuation of the report, which contains Valuation objects detailed Valuation of the assignment. Short form report is an Valuation report on a compact object Valuation, which includes content such as the minimum listed in the Long Form Report. 

II. The type and content of the report depends on the use of the Valuation report, the legal requirements of the property, and the nature and complexity of the assignment. 
Fill the Valuation reports (narrative report or the long form report) is less load detailed as follows: 

Letter of Introduction: the form letter is a summary or summary of the report's overall Valuation, at least the load: Tax Valuation report or reference number; Date Valuation report; name and address grantor assignment; number and date of the contract or letter of agreement that the proposal has been approved referred to the assignment; type and location of the object Valuation; Date inspection property; Date Valuation (cut-off date); objective Valuation; Scope Valuation; type of value that is used; Definitions and terms used in the Valuation; Description important information used in the analysis; approach and methods of Valuation and determined that the reason for their use; Description Valuation process; statement of independence from the Evaluation of Evaluation involved in the statement that the Valuation has been conducted in accordance with the applicable standard of Valuation; 
a) Evaluation statement that has been conducting inspections of Objects Valuation; 
b) Evaluation statement that all data and information disclosed in the report is correct; 
c) Conclusion value Evaluation and Opinion, in full currency rupiah/USD (Rp/USD.xx.xxx, xx) or based on the currency reporting and 
d) The signature of Valuer 
e) Assumptions and Limiting 

In the assumptions and limiting conditions, Evaluation among other descriptions but not limited to: 
a) The value of the conclusions outlined in Valuation Report is the opinion of the Evaluation of the objects on the Valuation date of Valuation determined in the Valuation report; 
b) The procedure, the approach and assumptions used; and 
c) The purpose of the use of the Valuation report. 
d) The Valuation procedure, including the approach used along with supporting data. 
e) Statement Evaluation 

Statement of Valuer (statement of compliance) is a statement of clarification and Evaluation, about: 
(1) independence from the Evaluation involved in the assignment and Evaluation Office of the Public Services; 
(2) Valuation has been conducted in accordance with the applicable standard of Valuation; 
(3) was conducted inspections of Objects Valuation; 
(4) all data and information disclosed in the report can be accountable; 
(5) liability for the analysis and assumptions used; and 
(6) the amount of recompense evaluator does not depend on the results of the Valuation. 


II. Market Review 
Description Market Review contains, among others: 
a) Objects Valuation, including conditions that affect the process and results of the Valuation; 
b) I object to assess the feasibility of the Valuation in accordance with the purposes of assignments and 
c) Market Review of Objects Valuation and products generated by the objects Valuation. 

III. Description Technical Analysis and Valuation Objects 
Loading a technical description and analysis of each type of object Valuation, the Valuation object or unit, complete with value. 
a) In the case of objects includes the Valuation of land, then it must be disclosed, among others: 
Description of land covering technical matters, as follows: 
(1) Identification and Location; 
Contains a description of the location of the land by saying: 
(a) complete address; 
(b) access to the location of the land; 
(c) the distance of the location of the property or land with a certain place that is easily identified and 
(d) specification of the road in front of the location of the land and access road to the location of the land. 

IV. Data Environment; 
Description of the environmental conditions where the location of the land is stated: 
(a) The use or the use of the land around; 
(b) the changing use of land (Zoning); 
(c) the property or around the place and can be easily identified as a reference location and 
(d) Public Facilities available. 

IV. Land Data; 
Description of the status or the legality of land certificates and technical specifications of the land assessed by saying: 
(a) the number and type of certificate, date and place published and the validity period, the number and the date of the situation or image of Measure, land and the name of the holder of the rights and 
(b) The form, size, surface condition, and other related information and relevant. 

V. Land Utilization; 
Description of the use or the use of the land during the Valuation. 
VI Use of the Best and Highest; 
Description of the Highest and Best Use of the land of the votes. 
VII. The data comparison; and 
Description of the data used as a comparison in the Valuation process. 
VIII Value Conclusion 
Declaring the opinion of Valuer conclusions about the value of the land of the votes. 
b) In the case of objects includes the Valuation of the building, then it must be disclosed, among others: 
(1) Description technical approach used to get the value and the value of each building is 
(2) technical specification consists of the building; name of the building, type of construction, number of floors, foundation type of materials used, spatial, completeness of the building, floor and extensive physical condition. 
c) Evaluation compulsory group of assets, as follows: 
(1) Asset Operations, 
(2) Non-operation assets, 
(3) Asset Non-Operational other, which is not contributing income to the company both directly and indirectly. 
d) Disclosure of the assets is as follows: 
(1) Asset Operations, 
Description technical approach used to get the value and the value of each asset Operations include the status of ownership. 
(2) Non- operation assets, 
Description technical approach used to get the value and the value of each asset Non-Operational including the status of ownership. 
(3) Asset other non-operational, it was not contributing income to the company both directly and indirectly. 
Description technical approach used to get the value and the value of each asset that is not contributing income to the company either directly or indirectly including the status of ownership 
e) In the case of objects includes the Valuation of machinery and equipment, the things that must expressed, among others: 
(1) Description technical approach used to get the value and the value of each of the Equipment and Machinery 
(2) technical specification machinery and equipment which may be varied depending on type, among others; machine name, manufacturer, model or type of engine, making year, the country of origin, the operation system, exit capacity, driving energy, resources and energy needs, equipment supporters, completeness, machinery, and physical condition. 
f) In the case of objects includes the Valuation of infrastructure, the things that must expressed, among others: 
(1) Description technical approach used to get the value and the value of each of the infrastructure. 
(2) Specifications technical infrastructure consists of: the name of infrastructure, type of construction, type of foundation, the material used, completeness of the building and physical condition. 
4) Description Value Objects Valuation 
Contains descriptions of the type of object Valuation, part of the unit or the conclusion object Valuation and the value eventually. 
5) Appendix 
a. In the case of Evaluation conducted a special Valuation of the property, then the report added Valuation compulsory information disclosure, among others: 
1) identification of the property special explanation; and 
2) the use of reason approach to the cost method DRC. 
b. In the case of assessing the Evaluation of the Property in the development or the development, the Valuation report in the compulsory disclosure of information is added, among others: 
1) The level of completion of development or the development of the property; 
2) Plan settlement construction or development; and 
3) Plan began operation commercially. 
c. In the case of assessing the Evaluation of the Property forestry, in the Valuation report required to disclose information, among others: 
1) Description of applicable regulations; 
2) Identification of property, which includes the identification of: 
a) The legality of Business; 
b) Permit Licensing Business Utilization of Forest Products Wood and the certification has been obtained; 
c) History of forest management; 
d) Physical Condition and Social Economy; 
e) The function of Forest; 
f) Effective Analysis of the Area; 
g) Area and the age of the plant; 
h) Potential Survey, type of wood can be sell and protected; 
i) Etat Area, Volume Etat, recycling Plant, factor Exploitation and Security; 
j) obligations, the obligation of forest protection; 
k) concession area and projection Annual Work Plan in accordance recycling; and 
l) Performance of the forest. 
3) Analysis of the market in accordance with the type of wood and the use of the votes; 
4), which required additional information is presented in a report assessing forestry industry, among others: 
a) Forest Industry 
b) The Forest Industry in the development of 
d. In the case of Evaluation conduct Valuation of the property, mining, in the Valuation report required to disclose information, among others: 
1) Description referred regulations; 
2) Description of the data that have been verified in the Valuation of mining properties, among others: 
a) The legality of permitting companies including certificates Hak Guna Bangunan Use Rights in the processing unit, and other permit associated with mining including: 
(1) Description of the ownership rights to land, mining permits; 
(2) Date approval, begin, and the period of validity of mining permits; 
(3) Explanation about the exploitation and the target areas or areas with moving parts; 
(4) Description of the mineral investigation and 
(5) The total area of the mining business, and broad areas of research. 
b) Standard processing cost per ton or per kg or per unit of the results of other mineral materials (Break Event Stripping Ratio, BESR); 
c) The Expert Other work on a feasibility study report and analysis of mining reserves; 
d) Description of disclosing the location of mining: 
(1) access to the location of mines; 
(2) distance of the location of the object with the Valuation of the property / or where certain assets that are easily identified and 
(3) specification of the road in front of the location of mine and access road to the mine location. 
3), which required additional information is presented in a report assessing the industry, mining, among others: 
a) Property Mining; 
b) Asset Reserve; and 
c) Non-reserve assets. 
e. In the case of conducting an Valuation on the Evaluation plantation property, in the Valuation report required to disclose information, among others: 
1) Description referred to in the regulations; 
2) The additional information required in the report presented an Valuation of plantation industries, among others: 
a) Crop Plantation Crops include Generate and Plants Generate yet; 
b) Seeds; 
c) Plantation Plasma; and 
d) Assets Non-Crop. 
f. In the case of Evaluation in order to assess the material transaction reports required Valuation disclosed information, among others: 
1) Description referred to in the regulations; 
2) Description of the respective properties of the object Valuation referred to in this rule; 
3) Name of the transaction materials; 
4) The objective of the transaction materials; 
5) The nature of the transaction materiality materials; and 
6) Analysis of the impact of the transaction performance of the company. 
G. In the case of Evaluation in the context of assessing the impact of interest transactions, the mandatory Valuation report disclosed information, among others: 
1) Description referred to in the regulations; 
2) Description of the respective properties of the object referred to as the Valuation in this rule; 
3) Name the parties have a conflict of interest; 
4) Analysis of the impact of the transaction performance of the company; and 
5) Analysis of the impact of the interest in this transaction to the company's performance.

Limit not exceed 7.5% for top and up: business valuation

In conducting an assessment of the assignment, the Business Valuation obliged: purposes of analyzing the object; and consider using the approach and method of assessment of the right and create and maintain the necessary documentation. 
In the use of the approach, methods and assessment procedures, compulsory Valuation of Business: using one or more methods from two or more approaches to the assessment results accurately and objectively; selecting and applying the approach, methods and assessment procedures are in accordance with the purpose of the assessment, the definition of value sought and the characteristics of the assessment; disclose clearly in the assignment and assessment of Business Report and consider the requirements and disclosures that set. 
Adjustments in the assessment. Valuation of Business obliged to consider adjustments to the post-post financial reports to indicate the value. In the case of an assessment of the interests of operators using the income approach, then: the value of assets and liabilities of non-operational; or excess or shortage of operational assets, mandatory exclusion from the calculation of the value of the operational assets, and mandatory added or removed from the value operational entities. In the case of an assessment of the interests that are not with the use of the income approach, the value of non-operational assets, liabilities of non-operational, excess or shortage of operational assets used in the compulsory adjust the value of the entity. As a basis in the process of assessment, analysis and / or adjustments to the financial statements in the assignment assessment conducted at least five years, books, or less than 5 years when the company's book stands less than 5 years old. In making adjustments to the financial statements, the Business Valuation obliged to do the analysis, among others, to: understand the relationship between profit and loss reports with the balance sheet, including historical trends, and assess the risks associated with operating the business performance and business prospects in the future; and compare the risk parameters with other similar business; and for ability to estimate the economic and business prospects. 
Business obliged to analyze the assessors, among others: Money value (the value of nominal value or the amount of money); Common size Expenditure Statement from the sales report in the profit and loss and the percentage of total assets in the balance sheet and financial ratios, the ratio. 
Business evaluator compulsory behave prudently in making adjustments to the financial reports and historical supported by access to adequate to ensure the validity of financial reports. 
In making adjustments, the Business Valuation compulsory consider matters including: 
o separate items that are not repeated in the normal operation of the company (non-recurring), or if the items in the financial statements do not reflect events that are repeated or not there are items in the financial reports do not reflect the value of the fair; 
o separate items outside the normal operation of the company issued first before making the assessment calculation. 
o adjust the influence of the element of control (Controlling adjustment) conducted an assessment in terms of the share of the separate items in the financial reports of transactions that have the interests of control (Controlling interest), such as transactions with the party-affiliated party that has control, such as excessive management compensation, capital structure, the cost and burden of excessive salaries for managers that are too high; and 
o adjust other items that are not fair. Valuation of Business obliged to consider the impact of adjustment items related. In the case of Business Valuation using assets-based approach, the financial report is required is adjusted to reflect the fair market value on the date of assessment. Valuation of Business in the case of companies using the comparison with other companies so each post in the financial reports required evaluated and if there are differences in accounting policies, the required adjustments to be done to reduce the differences in the accounting policies used by the company assessed. Business obliged to reveal the assessors and explained in the report on the Assessment of Business every adjustment to the financial report that has been done. 
  
In the conclusion of a value, Valuation of Business mandatory: appraise the reliability assessment of the results obtained from the use of multiple approaches and different methods of assessment with the use of data or information obtained during the assessment of the assignment; and reconciling to the results obtained from the use of multiple approaches and methods The different assessments; conclusions reflect the value end: results from an assessment of the approach and method of assessment, or a combination of the results of the assessment more than one approach and method of assessment. Concluded that the value end of the Valuation Business accordance with the assessment that the assignment has been determined, taking into account: the approach methods and procedures relevant; data or information that is available and relevant; and the discount or premium to the right (if any). 
The results of the assessment effort required AMOUNT stated in the single currency in particular in accordance with the report on the currency used in the assessment report financial items. 
In the case of certain conditions of the assignment is not possible for the Valuation of Business presents the results of the assessment in one particular value for money, then: 
o Valuation of Business obliged to reveal the explanation and reasons enough about the nature and the consideration of, among others: uncertainties plan financing (cost of capital and the discount rate), purchase transactions in the plan; uncertainties, currency exchange rates; uncertainty, market risk, or factors Another influential. 
o Limit the top and bottom of the range limit may not exceed 7.5% (seven comma five percent) of the value of the average range is.

The plantation properties valuation

Valuer (Evaluator) in assessing the plantation required to obtain an adequate understanding of prohibited and considered an important stage with one that ignores the other phases, over the stages as follows: 
 Pre-Planting, include: Land Clearing; erection; Making of the planting hole; planting of trees protectors (if any); and Discussions. 
 Crops Not Generate (TBM) include: Planting; addition (if any); and maintenance
 Time Plants Generate (TM) include: The CE (the productive); and Harvest. 
 Processing and Marketing Results, include: processing; Packaging, and Delivery. 
Assessors in their assessment procedures required to obtain the property estate of adequate understanding and prohibited the important stages that one ignore the stage with the other, on the stages as follows: 
 Undertake a review of the assignment, which, among other obliged to consider the following: Identification of Objects Rating; Identification status or rights; Date Rating; objective assessment, and limits or the type of value. 
 Conducting assessments and inspection plans preliminary mandatory consider the following matters: the amount of data required; data source; Needs Manpower; work plan and laws that apply in the field of forestry. 
 perform data collection and analysis of data, including: 
o Data General, among others: location, which includes the area, accessibility and social and economic analysis, which includes the market, economic development, and development direction. 
o Special Data, among others: Objects, which includes the assessment of legality; potential; JPT; silvicultural techniques; seeds; Etat; recycling; riap; and the remaining concession and the laws that apply. 
o Conducting analysis of usage with the highest and best meet the conditions 
o Implementing the approach and method of assessment; 
o Establishing the value of reconciliation and 
o Provide value conclusion. 
Objects in the assessment of plantation property assessment, among others: 
 Asset Crops, including plant and the plant has not been produced; seeds and plants 
 Asset Non plants, including facilities and infrastructure (buildings, roads, heavy equipment, motor vehicles, and others). 
The approach must be used to assess property estate is as follows: 
1) The cost approach and market comparison data used for assessment of land which is the property of the operational assessment and Support Facility; 
2) The cost approach is used for the Crop Assessment Rating Not Generate and plantation land; 
3) an approach to market data for assessment of plantation land can only be used if the comparison of data obtained similar and comparable with the object assessment; 
4) The income approach is used to Generate Crop Assessment is a method of discounted cash flow); 
5) In the case of using the income approach, Value Crops Generate obtained through the compulsory extraction techniques, by reducing the value of estates with a value of the land, the value of assets such as non-plant building, infrastructure, vehicles and heavy equipment, machinery and other equipment; and 
The cost can be included in the rate Plants Generate yet (TBM), include: 
 Land Clearing; erection; Making of the planting hole; planting of trees protectors (if any); Discussions; Planting; 
 addition (if any); Maintenance TBM; Support Facilities include, among other office buildings and housing; Infrastructure roads and bridges; machinery and equipment; Tool and heavy vehicles; Inventory office; and Processing Unit (Factory). 
 The cost can be included in the rate of asset Land Plantation, covers the costs that issued the license to manage the obtaining Hak Guna Usaha (HGU), namely, among others: Cost of land acquisition and administration costs and the procurement of land, which includes, among others: HGU registration fee; cost measurement; cost of the committee; cost analysis, land use; the cost of making EIA; recoup the cost of crops (GRTT) (if any); and other costs are paid. 
In the case of using the cost approach, the calculation unit cost plants per hectare and the standard of maintenance of the plants per hectare in the plant has not been Rating (TBM), among others: 
 The estimated cost of all issued in accordance with standard business multiplied by the plantation area of trees and made adjustment or depreciated with the real conditions in the field, in accordance with the results of the technical assessment of the plant; and 
 adjustment (adjustment) or shortening the real condition may be caused by, among others: Level and the weight of plant populations; weight of plant diversity; level treatment plant; weight and quality of plants.
 Procedure must be done in using the method Cash Flow discount rate in the plantation, at least, include: calculate the net annual income from production plants; estimation design and operational costs (Operating Cost) from variable costs, fixed costs and the burden of the cost of reserves replacement assets; calculate the net annual income, derived from the difference between gross income with the cost of operations; discounted and annual net income during the period or the period of operation of productive plants.

Consideration adjustments financial reports

In conducting an assessment of the assignment, the Valuer Business obliged: purposes of analyzing the object; and consider using the approach and method of assessment of the right and create and maintain the necessary documentation. 
In the use of the approach, methods and assessment procedures, compulsory Valuer of Business: using one or more methods from two or more approaches to the assessment results accurately and objectively; selecting and applying the approach, methods and assessment procedures are in accordance with the purpose of the assessment, the definition of value sought and the characteristics of the assessment; disclose clearly in the assignment and assessment of Business Report and consider the requirements and disclosures that set. 
Adjustments in the assessment. Valuer of Business obliged to consider adjustments to the post-post financial reports to indicate the value. In the case of an assessment of the interests of operators using the income approach, then: the value of assets and liabilities of non-operational; or excess or shortage of operational assets, mandatory exclusion from the calculation of the value of the operational assets, and mandatory added or removed from the value operational entities. In the case of an assessment of the interests that are not with the use of the income approach, the value of non-operational assets, liabilities of non-operational, excess or shortage of operational assets used in the compulsory adjust the value of the entity. As a basis in the process of assessment, analysis and / or adjustments to the financial statements in the assignment assessment conducted at least five years, books, or less than 5 years when the company's book stands less than 5 years old. In making adjustments to the financial statements, the Business Valuer obliged to do the analysis, among others, to: understand the relationship between profit and loss reports with the balance sheet, including historical trends, and assess the risks associated with operating the business performance and business prospects in the future; and compare the risk parameters with other similar business; and ability to estimate the economic and business prospects. 
Business obliged to analyze the assessors, among others: Money value (the value of nominal value or the amount of money); Common size Expenditure Statement from the sales report in the profit and loss and the percentage of total assets in the balance sheet and financial ratios, the ratio. 
Business evaluator compulsory behave prudently in making adjustments to the financial reports and historical supported by access to adequate to ensure the validity of financial reports. 
In making adjustments, the Business Valuer compulsory consider matters including: 
o separate items that are not repeated in the normal operation of the company (non-recurring), or if the items in the financial statements do not reflect events that are repeated or not there are items in the financial reports do not reflect the value of the fair; 
o separate items outside the normal operation of the company issued first before making the assessment calculation. 
o adjust the influence of the element of control (Controlling adjustment) conducted an assessment in terms of the share of the separate items in the financial reports of transactions that have the interests of control (Controlling interest), such as transactions with the party-affiliated party that has control, such as excessive management compensation, capital structure, the cost and burden of excessive salaries for managers that are too high; and 
o adjust other items that are not fair. Valuer of Business obliged to consider the impact of adjustment items related. In the case of Business Valuer using assets-based approach, the financial report is required is adjusted to reflect the fair market value on the date of assessment. Valuer of Business in the case of companies using the comparison with other companies so each post in the financial reports required evaluated and if there are differences in accounting policies, the required adjustments to be done to reduce the differences in the accounting policies used by the company assessed. Business obliged to reveal the assessors and explained in the report on the Assessment of Business every adjustment to the financial report that has been done.

Valuer Business in the assignment to do a professional assessment

o In accepting the assignment, the Business The Valuer obliged to consider at least the following: entity and its industry; objects that are considered; date of the assessment; scope of the assignment assessment, among others: the purpose of the assignment assessment; assumptions and conditions of the restrictions that are used in the assessment of the assignment, and the standard of value and the value of the premises to be used. 
o contract (letter of agreement) assessment of the assignment; 
o provisions of laws that apply to the related objects that are considered the assignment or assessment. 
o In order to understand the nature and risk assessment services provided and the client's expectations, The Valuer of Business mandatory provisions and consider, among other matters, as follows: Condition assignment submitted by the client; the identity of the client; nature of the objects that are considered include the characteristics and level control marketability; procedures that met the required assignment and assessment of the extent to which these procedures are limited by the client and / or other circumstances outside the control of the Business or Client The Valuer (if any). 
o The Valuer of Business have the objectivity required in any professional services, namely the obligation not to be partisan, intellectual honesty, does not have the interests of the client and free from conflicts of interest. 
  
o In the case of Business The Valuer services provide assessment and The Valuer also provides other services in the client the same, then the Valuer of Business must meet the requirements of independence in order not to affect the independence of the Valuer of Business clients. 
o Before the assignment to do the assessment, The Valuer of Business obliged to create understanding with the client in writing, and make documentation about the agreement. 
o In case there are conditions that require conducting revision of the agreement referred to, the Valuer of Business obliged to make revision of the agreement have been made. 
o agreement referred to include at least the mandatory: the value of the standard will be used; the nature and purpose of the assignment assessment; responsibility of the client; responsibility The Valuer of Business; assumptions that can be used and the conditions required and the type and use of the report will be published. 
o Business Assessment Report required to load and clear descriptions about the exact scope of assignment, and the meaning and purpose of their use, explains each assumptions, hypothetical scenario, requirements or restrictions that directly affect the assessment. 
o The Valuer of Business is prohibited to provide the assumption that restriction and can lead to the use of the Business Assessment Report to be limited; 
o assumptions used by the Valuer of Business can not reduce the value of the substance; and 
o restrictions used by the Valuer of Business can not reduce the responsibility of the Business The Valuer of the results of the assessment. 
o The Valuer of Business obliged to identify the exact nature of the assignment to determine the scope of the assessment in order to generate adequate opinion and the results of an assessment that can be accountable. 
o The Valuer of Business obliged to reveal the report in the Business Rating, restrictions scope of the assignment or assessment of the available data for analysis, worthy of known or unknown by the Valuer of Business at the time of the assignment to do the assessment. 
o The Valuer of Business obliged to reveal the restrictions scope of the assignment and assessment of the data is analyzed for both obtained from within or from outside the client at the time to make an assessment issued by the Business Assessment Report. 
o The Valuer of Business forbidden to receive an assessment assignment where there are restrictions and the scope of the assignment or who have conditions that limit the scope of the assignment in such a way that can lead to the results of the assessment can not be accountable in accordance with the purpose of the assessment. 
o The scope of the mandatory consideration by the The Valuer of Business at least include: assessment of the extent to which objects need to be identified; assessment of the extent to which objects need to inspection ; type and extent of the data need to be examined and the type and extent of analysis needs to be done to get the opinion and the results of the assessment . 
o In the case of Business The Valuer using the results of opinion or statement of work or other experts to do the assignment in the assessment of the Valuer of Business mandatory: to reveal the assumptions and conditions, including limiting the level of responsibility and The Valuer of Business on the assumption that the work of other experts; load the opinion or the work of statements or other experts in the Business Report Rating; and attach a report on the results of other experts working in the report Assessment of Business. 
o All data and / or information used in the assessment of mandatory assignment obtained from sources that can be trusted and The Valuer of Business obliged to reveal the origin of the source and referred find out time.

General guidelines on practical of the business valuation

In order to make an valuation of business activity, Business Evaluation obliged to use standards and guidelines in accordance with the regulations. In the event of a default or guidelines that are not regulated in this Regulation, Evaluation, the Business Standard Valuation obliged to follow the State concerned and / or other valuation standards that apply internationally. 

In terms of international standards used in preparing the report Valuation of Business, the quote referred to the standard required, or laden attached in the report Valuation of Business. 

In this assignment requires valuation for the Evaluation of Business refers to the results of property valuation, the Evaluation of Business refers to the mandatory valuation of the results published by the Property Evaluation. The results of the valuation that the property be used as reference in the report attached mandatory valuation of Business. 

Valuation Date of valuation for businesses with the mandatory cut-off date for the Property Valuation used as a reference. 

Financial reports to be used as the basis of the valuation report is the financial companies that have been audited by the Accountant published within six months before the date of the Business Valuation Report. 

Date with the same mandatory valuation on the financial report. 

In case there is a revision of the Rating Business Report or re-valuation of the Evaluation of Business mandatory republish Valuation Report of Business with the date and number of different reasons and with the explanation to the revision of the Rating Business Report or re-valuation. Facts and material changes to the compulsory disclosed in the report Valuation of Business have been revised it. 
  
The period for the Business Report Rating is the maximum six months from the date of valuation. 

In cases of replacement of the Valuer of Business, the applicable provisions of the following: 
o The Valuer of Business can only be done when the Valuer of Business: Valuation Report has been published or businesses have received the assignment to conduct the valuation, but not yet completed the valuation report of Business; resign or have been told that the assignment has been terminated. 
o Valuer of Business receive a replacement for assignment to make an valuation on the valuation of the same object with objects that are considered by the Valuer of Business. 
o Valuer of Business mandatory replacement first communicated, either written or oral, with the Valuer of Business before accepting the assignment. 
o Valuer of Business obliged to request replacement of a written agreement from the prospective client to request information from the Valuer of Business before accepting the assignment. 
o Valuer of Business obliged to request a replacement information to the Valuer of Business on the problems, according to Business confidence Valuer replacement will help in deciding the acceptance or rejection assignment. 
o Valuer of Business precursor required to provide answers with the full and immediate questions from the Business Valuer replacement based on the facts they know. 
o Valuer of Business replacements can only receive an assignment when the communication is evaluated. 
o Valuer and Evaluation of Enterprise Business successor to maintain the confidentiality of the information required has been obtained to one another. 
o Evaluation of Business mandatory replacement plan and implement the re-valuation in accordance with the valuation procedures. Business evaluator replacement is not responsible for the employment precursor Business Evaluation and does not publish a report that reflects the division of responsibility.

Guidelines Income Capitalization Approach in valuation property

In the case of using the Income Capitalization Approach, the following mandatory provisions are met: 
1. Used only to assess property that generates revenue (income producing property). 
2. perform analysis of financial reports during the assessment item 5 (five) years since the establishment or when standing less than five (5) years from the grantor assignment. 
3. make adjustments to the financial statements, especially related to the assessment process, which analyzed 
4. use at least five (5) data comparison. 
5. create a net operating income projections based on the results of the analysis 
6. use the net operating income as a percentage factor constant assessment. 
7. The method can be used in the approach of income, among others: 
a. Gross Income multiplier (gold thread); value produced by the method obtained with gold thread convert potential gross income with a certain constant. Gold thread method can be used when the requirements, among others: selling the property market data available; Property, which analyzed the object with the assessment as required in terms of physical, location, and characteristics of investment and income data used the property as required according to income data used objects assessment . Things must be done in the use of gold thread method, among others: Conducting estimation of the value of the sale of the properties of the object assessment; Conducting magnitude estimation of potential gross income from the property of the object assessment; Distributing the value of selling the properties comparable with gross revenue potential comparable properties to get the gross income multiplier; Conducting gross revenue estimate, an assessment of potential objects; Calculating the value of the object through the assessment multiplication gross income multiplier with a gross income of the assessment of potential objects, and to reveal the data comparison used in the assessment report. 
b. Direct Capitalization; In making the assessment method using direct capitalization requirements, among others: The net income per year estimated that the amount fixed, during the investment and the duration of the investment is infinite or criticism (perpetuity). Step-step minimum required to be undertaken in the use of Direct Capitalization method, among others: Obtain data on income and expenditure items of property assessment and comparison; Conducting estimation of potential gross income the amount of the assessment object; Conducting magnitude estimation and the level lacuna loss of income from the object assessment ; Calculating effective gross income by reducing the level of vacancies and loss of income from the total gross revenue potential; Conducting a total cost estimate, the amount of operational, consisting of fixed costs, variable costs and reserves; Calculate the net operating income to reduce the total operational cost of effective gross income; Setting the level of capitalization; Calculating the value of the item assessment by multiplying the net operating income with the level of capitalization, and disclose data on the properties of comparison used in the assessment report. 
c. Discounted cash flow (DCF), and the object or the value of the assessment obtained by (multiplying the discount rate by a certain) series of income that will come into the value now; steps to the minimum required to be undertaken in the use of the DCF method, among others: the analysis of income and assessment of the expenditure items for at least five (5) years unless the new company was established; to calculating estimation potential gross income (income potential gross) by considering, among others: the reliability of the assumptions used; historical data used and the cost of rent and the area building. reduction of income to do with the level of potential gross vacancy (Vacancy collection and loss) conducting addition of other income and gross income potential after vacancy reduced level for an estimated gross income effective (effective gross income); determine the costs of operations (operating expenses ), By considering, among others: the reliability of the assumptions used; historical data used and the cost of building maintenance. reduce the gross revenue with cost-effective operational cost for a net operating income before interest and taxes; determine the discount rate, with the mandatory provisions meet: discount rate used to convert income economy that will be received in the future become a value that reflects the time value of money and realization income uncertainty over the economy; set the discount rate used, compulsory Evaluation: calculate the cost of equity, with attention: the level of yield that investors expected as compensation related to the placement of funds in an investment risk, and estimates of inflation. The data yield from the investment of comparable (comparable Investments); Identifying risk assessment of specific objects; identify sources of financing used; define the elements that debt can be classified as elements of capital structure; calculate the percentage of capital structure or the level of leverage the company uses the data level market interest from the average bank to perform the functions of financing for the business world, in terms of determining the interest cost debt, both short term (debt working capital) or long-term (debt investments); make adjustments in the event of a debt financing with interest rates of different with the market interest rate to reflect the risk that comparable companies in the assessment or object; calculate the discount rate by using the cost of capital weighted average (weighted average cost of capital) that factor loading based on historical data object evaluation and disclose the reason, assumptions and calculation process discount rate used in the assessment report. Discounted rate determine the procedures and discounted net operating income (net operating income) for estimation value of the property. 
d. Residual Technique. The value of land or buildings acquired by reducing the net operating income from properties of the object assessment of annual income and land or building capitalization. 

8. Valuer compulsory responsible for the adjustments made 
9. Projections for the rate of economic income by using the income approach. 
10. Projection is part of the assessment process for estimation flow of income to the assessment of the object by using the discount rate in accordance with the level of income assessment objects. 
• Projections are obliged to use the income approach. 
• In Projection, compulsory Evaluation: report analyzing profit and loss; and make adjustments to projections obtained from the management. 
• Adjustment used as a working paper Evaluation. Information required adjustments to the financial results disclosed in the report Evaluation. 
• In making the adjustments valuation obliged to do the following: Analyze and present a report back from the object of profit and loss assessment and consistently use the functional currency of similar value that adjusts reported to be the fair value and adjust the income and expenses to a reasonable level the results of ongoing; valuation compulsory responsible for the projections have adjustment 

About: Guidelines Sales Comparison Approach

Penilaian Perkebunan

Pendahuluan

Tujuannya ini adalah untuk memberikan pedoman bagi para penilai dalam mempersiapkan penilaian aset pekebunan.
Dasar pertimbangan bahwasanya aset perkebunan sebagai suatu kesatuan unit usaha yang menghasilkan, memiliki sifat dan ciri secara khusus berbeda dengan jenis properti real estate lainnya.
Tanaman merupakan unsur utama pada properti perkebunan yang memberikan manfaat dengan kontribusi terbesar terhadap penciptaan nilai, selain adanya peroperti pendukung lainnya seperti tanah, bangunan, sarana pelengkap, mesin dan peralatan, kendaraan bermotor dan alat angkut lainnya.
Dilihat dari sifat dan karateristiknya, properti perkebunan (agriculture property) termasuk kepada properti yang menghasilkan (income producing property) dimana dasar asetnya membutuhkan areal lahan yang relatip luas, dipengaruhi oleh kualitas lahan tertentu dengan unsur budidaya tertentu pula. Dengan demikian adalah sangat penting bagi seorang penilai untuk memahami dan mengetahui sifat-sifat khusus dari properti tersebut dan selalu memperhatikan dasar dan tujuan penilaian yang akan dilakukan.
Hal yang paling mendasar pada penerapannya adalah tidak seluruhnya properti perkebunan dapat dinilai dengan dasar penilaian berbasis Nilai Pasar. Namun dijumpai sejumlah alasan tertentu yang penilaiannya dilakukan dengan dasar nilai selain Nilai Pasar. Hal ini disebabkan oleh beberapa faktor penentu seperti legalitas, jenis dan umur tanaman, pola pengembangan usaha dan tentunya dapat dilihat dari tujuan penilaian.
Perkebunan sebagai salah satu unit usaha, secara operasional ditentukan oleh ketentuan dan peraturan yang berbeda dengan properti lainnya. Oleh karena unsur legalitas merupakan unsur utama yang perlu diperhatikan dalam menghasilkan Nilai, maka seorang penilai harus mengetahui dengan benar ketentuan-ketuntuan yang berlaku dan konteks relevansinya terhadap pelaksanaan pekerjaan penilaian.

Ruang Lingkup
Ruang lingkup adalah aset perkebunan sebagai satu kesatuan aset diantara tanaman dan non tanaman yang sedang berjalan.
Aset perkebunan yang dinilai lebih memfokuskan kepada aset tanaman sebagai bagian yang mendasari Nilai perkebunan secara keseluruhan. Aset tanaman dimaksud adalah aset tetap dari satu atau lebih dari satu komoditas pada suatu perkebunan tertentu.  

Definisi
Aset Perkebunan yang dimaksud adalah tanah dalam satuan lahan yang diusahakan pada luasan tertentu, dengan satu atau lebih dari satu komoditas tanaman yang dibudidayakan, sarana dan prasarana serta fasilitas penunjang lainnya yang dikelola dengan standar manajemen perkebunan yang berlaku umum.
Aset Tanaman yang dimaksud adalah tanaman tahunan atau lebih dikenal dengan tanaman keras yang dibudidayakan secara komersial pada suatu lahan perkebunan tertentu dan dikelola berdasarkan teknis budidaya yang berlaku umum pada suatu tempat tertentu.
Aset nonTanaman meliputi sarana dan prasarana serta fasilitas penunjang lainnya yang merupakan bagian yang tidak terlepas dari suatu kesatuan aset tetap usaha perkebunan.

Beberapa sifat khusus tanaman yang harus diketahui :
 Tanaman sebagai bagian dari aset perkebunan dapat dilihat dari status tanaman meliputi ; Bibitan, Tanaman Belum Menghasilkan (TBM) dan Tanaman Menghasilkan (TM) dengan jenis dan varitas tanaman yang sama maupun tidak sama.
 Umur tanaman adalah masa waktu tanaman dapat dibudidayakan dimulai dari penanaman hingga akhir masa produktif. Sedangkan umur produktif tanaman disebut juga umur ekonomis tanaman yang dihitung mulai tanaman berproduksi hingga akhir masa produktif tanaman. Umur produktif atau umur ekonomis tanaman dapat disebut periode tanaman menghasilkan (TM) sedangkan selisih umur tanaman terhadap umur tanaman produktif atau ekonomis disebut periode tanam belum menghasilkan (TBM).

Hubungan dengan Standar Akuntansi
 Di dalam sistim akuntansi pada umumnya aset tetap perkebunan yang dikelompokkan kepada aset tanaman, bangunan, sarana pelengkap, mesin-mesin dan peralatan, peralatan dan perabotan kantor, kendaraan bermotor dan alat-alat berat disusun berdasarkan biaya sedangkan dalam penilaian disusun berdasarkan kelompok fisik sesuai dengan manfaatnya dan merupakan satu kesatuan yang lengkap.
 Didalam sistim akuntansi nilai aset tetap dinyatakan dalam Nilai Buku yang merupakan Biaya Perolehan dikurangi dengan penyusutan dimana penyusutan hanya diperhitungkan berdasarkan ketentuan Standar Akuntansi yang berlaku. Penerapan pada penilaian, dasar nilai dinyatakan dalam Nilai Pasar atau Nilai selain Nilai Pasar pada tanggal penilaian. 

Pernyataan Standar
 Oleh karena aset perkebunan dinilai sebagai suatu properti yang dapat menghasilkan pendapatan, maka nilai perkebunan secara keseluruhan harus dilihat dalam konteks satu kesatuan aset yang sedang berjalan.
 Penilaian properti terlebih dahulu harus didasari kepada dasar dan tujuan penilaian. 
 Dalam keadaan tertentu tidak dapat terpenuhi. Seperti suatu perkebunan yang dinilai pada masa pembangunan, peraturan yang berhubungan dengan legalitas usaha perkebunan adakalanya masih belum memenuhi syarat, sehingga untuk tujuan jaminan pelunasan hutang dalam bentuk hak tanggungan atau tujuan lainnya yang sering menggunakan Nilai Pasar sebagai dasar penilaian sulit untuk dipenuhi. Hal-hal demikian tersebut, penilai dapat menjelaskan kepada pemberi tugas, dasar dan tujuan penilaian yang akan diambil harus dilihat dari kondisi properti yang sedang berlangsung. Untuk penilaian dengan atas dasar Nilai Pasar, sepanjang diperoleh data pasar atau perhitungan maupun asumsi yang digunakan dalam menghasilkan Nilai Pasar dapat dibuktikan secara benar dan berdasarkan hasil riset pasar, maka Nilai Pasar dapat dijadikan dasar penilaian. Bila ketentuan ini tidak dapat terpenuhi, maka penilai harus menjelaskan kepada pemberi tugas dasar Nilai yang akan diterbitkan.
 Penilai harus dapat membedakan dan memisahkan unsur-unsur yang termasuk dalam kategori aset tetap (tangible asset) dengan aset tidak tetap (intangible asset). Penilai juga harus dapat memisahkan antara perkebunan sebagai aset tetap dengan perkebunan sebagai entitas usaha.
 Pola pengembangan perkebunan di Indonesia memiliki beberapa ciri, dimana pada masa tahapan pembangunan seperti adanya pola perkebunan inti, pola bapak angkat dan perkebunan plasma, memiliki konsekwensi terhadap penguasaan aset secara bersama atau masing-masing dari aset seperti tanah dan tanaman berikut kelengkapan lainnya. Untuk hal demikian, penilai harus teliti dan memahami unsur-unsur kepemilikan serta batasan tanggung jawab dari masing-masing pola pengembangan dan kepemilikan yang ada. Untuk kepentingan pinjaman oleh badan hukum maupun perorangan dari Bank dan lembaga keuangan lainnya, dimana aset perkebunan sebagai jaminan, Penilai seharusnya memiliki pemahaman yang menyeluruh terhadap perijinan dan ketentuan persyaratan pinjaman.

Pembahasan
 Secara khusus, seorang penilai harus memiliki pemahaman terhadap kondisi dan kualitas lahan, teknis budidaya atas tanaman serta pemahaman pasar atas komoditi atau produk yang dihasilkan oleh tanaman.
 Pada perkebunan tertentu, seorang penilai harus dapat membedakan antara tanaman yang dikategorikan sebagai tanaman pokok (tanaman utama) dan tanaman selingan (tumpang sari), dimana adakalanya tanaman yang bukan tanaman pokok dapat mempengaruhi keberadaan tanaman utamanya secara signifikan.
 Setiap jenis dan varitas tanaman dapat mengalami berbagai jenis penyakit dan gangguan atau hama tanaman dengan berbagai tingkat serangan serta membutuhkan penanganan yang berbeda pula. Dalam hal ini, penilai harus memperhatikan apakah kondisi tanaman masih ekonomis untuk dipertahankan dan dapat dipanen hasilnya.
 Standar umur dan proyeksi produksi suatu tanaman dapat ditentukan oleh masing-masing jenis dan varietas tanaman, asal bibit (bahan tanam) yang digunakan. Informasi ini harus dapat didukung oleh data referensi dari Lembaga/Pusat Penelitian atau Perusahaan yang mengeluarkan sertifikasi Bibit yang digunakan dan telah diakui secara umum.
 Standar karateristik penggunaan lahan dan teknis budidaya untuk masing-masing jenis tanaman harus didasari kepada standar normal yang berlaku dan ditentukan oleh lembaga atau instansi yang diakui secara umum.
 Untuk tujuan tertentu, hasil penilaian diminta untuk dirinci berdasarkan masing-masing unsur aktiva, apakah aset tetap tanaman atau non tanaman. Dalam hal ini, basis nilai yang digunakan tetap Nilai Pasar atau dapat juga dinilai dengan nilai selain Nilai Pasar. Penilai dapat memberikan pendapat secara hati-hati dan objektip dengan tetap memperhatikan prosedur penilaian dan asumsi-asumsi yang dapat dipertanggung jawabkan.
 Metode Penilaian yang digunakan dan yang perlu diperhatikan dalam lingkup penilaian perkebunan :
Secara umum penilaian perkebunan dapat dinilai dengan menggunakan pendekatan perbandingan data pasar, pendekatan kalkulasi biaya dan atau pendekatan pendapatan.
Penilaian aset tetap non tanaman dapat dinilai dengan menggunakan pendekatan perbandingan data pasar dan pendekatan kalkulasi biaya.
Nilai tanaman pada umumnya disimpulkan dari Nilai keseluruhan aset (dengan menggunakan pendekatan pendapatan) melalui proses ekstraksi (pemisahan), dengan memperhatikan konstribusi setiap jenis aset non tanaman yang ikut menunjang terbentuknya nilai perkebunan. Proses ekstraksi untuk sampai pada nilai tanaman hendaknya dilakukan dengan mempertimbangkan konstribusi aset non tanaman dalam jumlah yang wajar.
Tanaman tahunan umumnya memiliki siklus produksi tahunan yang tidak tetap. Oleh sebab itu, penilaian dengan menggunakan pendekatan pendapatan harus menggunakan metode Arus Kas Terdiskonto (Discounted Cash Flow/DCF) sebagai dasar perkiraan dari nilai yang diharapkan. Proyeksi untuk mendapatkan pendapatan harus didasari asumsi proyeksi produksi dari komoditi yang dihasilkan. Dimana sisa umur ekonomis dari tanaman sebelumnya harus disesuaikan berdasarkan faktor-faktor yang mempengaruhi produksi yang dapat dilihat dari aspek teknis maupun non teknis.
Perkebunan yang memiliki lebih dari satu komoditi tanaman, penilaiannya harus memperhatikan karateristik masing-masing tanaman apakah dilihat dari unsur budidayanya, pasar komoditi, harga, biaya-biaya yang akan diasumsikan dan tingkat diskon yang ditetapkan. Bila nilai tanaman yang dikehendaki dirinci untuk masing-masing jenis tanaman, penilai harus hati-hati dan lebih teliti dalam mengasumsikan biaya-biaya langsung terhadap masing-masing komoditi dan alokasi biaya tidak langsung dari satu kesatuan operasional perkebunan secara menyeluruh. Seluruh asumsi harga maupun biaya yang diambil tetap mengacu kepada harga dan biaya setempat sebagai acuan.
Penilaian atas Tanaman Menghasilkan (TM) dapat dinilai dengan menggunakan pendekatan pendapatan dengan metode DCF dengan teknik Penyisaan Tanaman (Plant Residual).  
Penilaian tanaman atas Tanaman Belum Menghasilkan (TBM) dapat dinilai dengan menggunakan pendekatan perbandingan data pasar, pendekatan kalkulasi biaya dan pendekatan pendapatan. Untuk pendekatan pendapatan atas penilaian TBM dapat menggunakan teknik Penyisaan Tanaman (Plant Residual).
Bila penilaian Tanaman Belum menghasilkan (TBM) dinilai menggunakan pendekatan pendapatan, maka seorang penilai harus cermat memperhitungkan sisa biaya pembangunan yang masih harus dikeluarkan serta mempertimbangkan resiko yang tercermin pada penentuan tingkat diskon.
Pada penilaian Tanaman, sebaiknya nilai tanaman harus dilihat dari satu kesatuan nilai antara tanaman berikut lahannya (tanah).
Lahan atau tanah perkebunan yang masing belum tertanam (tanah kosong) penilaiannya dapat dilakukan dengan pendekatan perbandingan data pasar dan atau pendekatan pendapatan dengan teknik penyisaan tanah (land residual) .
 Pada perkebunan tertentu, didapat tanaman-tanaman yang berumur tua atau masa ekonomisnya tinggal beberapa tahun. Untuk hal demikian, penilai harus mempelajari dengan seksama atau mendiskusikan kepada pemberi tugas, apakah perhitungan DCF-nya perlu memasukkan unsur penanaman kembali (replanting). Namun demikian, untuk tujuan tertentu, unsur penanaman kembali dari tanaman tua bagian yang harus diperhitungkan sepanjang jangka waktu atas legalitas tanah memungkinkan. Penilai harus menjelaskan hal-hal yang berkaitan dengan penanaman kembali tersebut di dalam laporan penilaian. Gambaran di atas apakah hasilnya dapat mengungkapkan Nilai Pasar atau tidak, seorang penilai harus dapat melakukan pengkajian (riset) terhadap data pasar atas kondisi seperti ini. Bila Nilai Pasar tidak dapat dikemukakan, maka penilai berkewajiban untuk menjelaskan kepada pemberi tugas.

Syarat Pengungkapan
 Penilai harus mengungkapkan semua informasi dan temuan di lapangan, terutama untuk hal-hal yang terkait baik langsung maupun tidak langsung berpengaruh kepada nilai perkebunan.
 Hal-hal khusus yang harus tercakup dalam laporan penilaian perkebunan antara lain : 
Deskripsi jelas tentang lokasi perkebunan, baik dari segi jarak, waktu tempuh, aksesibilitas dan sarana transportasi yang tersedia.
Keadaan perkebunan secara keseluruhan meliputi aset tanaman maupun non tanaman.
Karateristik lahan dan keadaan tanaman secara keseluruhan, termasuk hasil panen, gangguan hama dan penyakit.
Aset non tanaman yang terdapat dalam lingkup properti perkebunan, harus diungkapkan secara jelas dan benar berikut hal-hal di luar keadaan normal bila dijumpai.
Seluruh metode penilaian yang digunakan termasuk asumsi-asumsi yang dipertimbangkan.
Dalam hal penilaian tidak berdasar pada Nilai Pasar, penilai harus menjelaskan alasan dan kaitannya dengan tujuan penilaian.

Ketentuan Penyimpangan
Jika seorang penilai diminta melaksanakan tugas penilaian di luar ini, ia dapat menerima dan melaksanakan tugas yang diberikan tersebut dengan syarat berikut :
Penilai harus yakin bahwa tugas tersebut tidak mempunyai tendensi untuk menyesatkan pihak-pihak yang berkepentingan dengan penilaian tersebut atau masyarakat umum.
Penilai harus memberitahukan kepada pemberi tugas bahwa tugas tersebut dilaksanakan dengan mempergunakan asumsi khusus atau pengecualian dari tulisan ini yang harus diungkapkan secara lengkap dalam laporan penilaian.
Penilaian aset perkebunan di luar dari definisi yang disebutkan dapat saja terjadi. Bila seorang penilai diminta untuk melakukan penilaian properti perkebunan dimana jenis tanamannya bukan tanaman tahunan atau tanaman keras, maka penilai dapat saja menerima dan melaksanakan tugas tersebut di luar ketentuan tulisan ini. Penilai dapat mengambil dan menetukan dasar dan asumsi yang digunakan sepanjang tidak menyesatkan pemahaman bagi pemakai jasa.

Sumber: SPI 2002

Mining industry valuation approach

In general assessment of mining assets, both for the sake of financial reports or other interests to be divided into two activities, namely

(1) assessment of non-reserve assets, and

(2) assessment of the assets Backup 

In the assessment of mining assets, the approach and method of assessment is used together with other objects of property assessment. The third approach can be applied in assessing the mining assets, namely: 

1. Cost Approach 
2. Market Data Approach 
3. Income Approach 
   
   

The third approach to the implementation of the above, depending on the very stage of development in the mining. 

Mining assets consist of: 

A. Reserve: 

Stage approach to research and exploration costs and Market Data Approach 
Phase Development Approach and Income Data Market Approach 
Production stage approach and Income Data Market Approach 

B. Non-Reserve: 
Land: Market Data Approach 
Buildings, facilities improvements : Cost Approach 
the dock : Cost approach
Machinery and Equipment: Cost Approach 
Ship (Vessel) cost approach & Data Market 
Barge cost approach & Data Market
The instrument approach to weight and cost approach Data Market 
Vehicle Market Data Approach 
Inventory Office Market Data Approach 

Non-Reserve Assets Vakuation 
Rating supporting infrastructure assets includes land, building the company's assets, building housing, infrastructure, docks, assets, vehicles & equipment, machinery and other equipment, inventory and office processing unit (Factory) is done with the cost / data market, as the assessment other properties. 

Reserve Assets Valuation
To reserve assets in general, the reserves are assets that measurable. The approach used is the assessment approach Income (Income Approach) method which is often used discounted cash flow. This is because these assets have the characteristics of the cycle of income that is not stable. The feasibility of mining influenced by the level of demand for the supply of commodities on the end result of the mining, mineral assets, which are limited. 

The determination of the value of reserves is done with calculations based on estimates that revenues will be obtained in future years during the age of mine and translated into the current value. In this method asset value of reserves does not include the value of assets, non-operational units and other assets. 

To obtain the value of reserves from the results of the assessment of mining with the approach of income (Income Approach) often carried out through the extraction technique, namely: Value Mining obtained by the approach of income reduced by the value of the land, the value of non-reserve assets such as buildings, infrastructure, vehicles and heavy equipment, machine - machinery & equipment other (obtained with the method of approach cost) will be the value of reserves. 

There are several steps that are generally required to use the technical approach discounted cash flow, namely: 

1. Calculating Net Income projections from the annual mining production 
2. Estimation design and Operating Cost from variable costs, fixed costs and the costs of reserve assets of the replacement. These costs can be made in accordance with the postal expenditures as follows: 

a. Exploration costs 
b. Cost of exploitation: 

• Preparation costs and the cost of cleaning, 
• the cost of removing overburden / man, 
• Cost excavation / blasting and loading minerals. 
• Cost of carriage to the place of improved / stockpile. 
• Cost of road maintenance 
• Direct labour cost 
• The cost of fuel and lubricants 
• Cost of treatment of heavy equipment 
• Cost reclamation / closure of the mine 

C. Cost of processing or purification / extraction: 

• The cost of processing, including chemicals (if any) 
• Direct labour cost 
• Cost of fuel and lubricants 

D. Marketing costs 
E. General and administrative costs 
F. Cost of treatment: heavy equipment, machinery and electrical, docks, other operational assets, infrastructure 
Cost Reserved: heavy equipment, machinery and electrical, docks, other operational assets, infrastructure 
The cost of listing stockpile to Ship / Vessel: 
The cost to the barge loading (Barge loading) 
Cost of carriage with a barge (barging) 
Cost unloading (Steve doring) in the Vessel 
Cost analysis in the laboratory or in the barge Vessel (especially coal) 
Cost anymore free 
Cost of retribution 
Cost of land and building tax 
Insurance costs 
Mining a reasonable profit 

Calculate the net annual income, derived from the difference between gross income with the cost of operations. Discount process, during the period or the period of mining operations with the productive Discount Rate to take a reasonable and still considers the data the market besides the possibility of risks from the property or business.

Source: UJP Pangaloan, ujp.pangaloan@gmail.com