E-MM Learning Business Model

Proposed by :
Haris Suhendra | 1140003494
Pramita Wardani | 1140003121
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Business Model
Break out Strategy through Online Learning for Professionals
BUSINESS MODEL CREATION GROUP :

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Contents
Introduction
Implementation
Investment
•Business Background
•Our Business
•Business Strategy
•Business Model
•E-MM Learning Program
•Our IT Infrastructure
•Corporate Structure
01
02
03
•Project Timeline
•Sales Targets
•Source of Capital
•Financial Statements
Conclusion
04
•Market Perception
•The Feasibility
•Further Investigation

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e-MM Learning for Professionals |
Introduction
•Business Background
01

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BUSINESS BACKGROUND
Demand and Supply of HR
Education has an important role in every people’s life. By getting a good education, they can ensure to have a better quality of life. In order to get a good education, not only the support of the good stability growth of economic and politic but also supported by modern technologies.
Employee Competencies
Technologies
Workforce Demand VS Supply in 2030 projection (million workers)
Source: McKinsey Report (2012,8)
•McKinsey Report (2012) Indonesia’s graduate’s skills do not currently match company requirements.
•The World Bank found 41% of employers reporting gaps in the ability in their skilled workers to think creatively and critically.
Asia’s Broadband Penetration per 100 Population
Source: BMI (2011, 18)

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•Professionals have limited time to have a face to face discussion but in the other hand they have full access to technologies, as well as internet connection.
•Professionals have problems in geographical, such as those professionals who work in off shores area
PROFESSIONALS PROBLEMS

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BUSINESS IDEA
•Learning House (2011), more employers are becoming amendable to online MBA degrees, as the degree is beginning to lose some of the stigma it has had in the job market.
•Business Week (2012), the online learning in the world wide is demanding, especially for professionals.
•SWA (2009) the demand and favorite majors for Master Degree are management, Finance, Business, Electronic Engineering and Marketing and one of the reason of taking MM is the university location is near to home.
Regarding the lack of competencies of professionals in the industry and the opportunity of internet penetration in Indonesia, we propose to create a Magister Management e-Learning program named :
e-MM Learning

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Indonesia government give 20% of their budget dedicated for education.
Transformation education industry
Indonesia’s economy has performed well, compare to the world’s economic
Government encourages traditional universities to deliver dual mode programs.
Go Green environment
Globally, internet users in the world is dominated by Asia with 44,8%.
Online Education Industry in Indonesia Year 2012
MACRO ENVIRONMENT
POLITICAL
ECONOMIC
SOCIOCULTURAL
TECHNOLOGY
ENVIRONMENTAL
LEGAL

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INDUSTRY ANALYSIS
Potential New Entrants | Low
Buyers Bargaining Power | Low
Universities in the world are starting to aim Indonesia as their potential students.
The reasons people choose a school for MM is because locations closer to the work activity.
Besides competing with a traditional education, short courses are also tempting.
Industry Rivalry | Low
Universities must have people who have the competencies in developing online system and infrastructure.
Porter’s 5 Forces : Online Education Industry in Indonesia Year 2012
Suppliers Bargaining Power | Low
Substitute Products | High

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Strategic Group Mapping Online Learning Industry in year 2012
Legend :
•TEL : Trisakti Electronic Learning
•UT : Universitas Terbuka
•BGP : BINUS GRADUATE PROGRAM
•KNOU :Korea National Open University
•HCUR : Hanyang Cyber University Korea
•EBS : Edin burgh Business School Heriot-Watt University
•BUSM :Bradford University School of Management
•ICBS : Imperial College Business School
•WBS: Warwick Business School
•NU : Northeastern University
•UNC : University of North Carolina : Kenan-Flager
INDUSTRY ANALYSIS

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DIKTI (2010) Undergraduates Students :
Jakarta 337.957
Indonesia 786.777
Market Profile :
Potential market of e-MM Learning
15 local public companies in Indonesia (2011), total Undergraduates Employees : 61.862
MARKET OPPORTUNITY

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SWOT MATRIX ANALYSIS

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MARKET PERSPECTION
60,7% Employee take Master Degree to upgrade their knowledge and skills
28,8% Employee choose to take an online education system
95,3% Employee have a good perception about online learning
Source : Own Survey

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Implementation
•Our Business
•Business Model
•Business Strategy
•E-MM Learning Program
•Our IT Infrastructure
•Corporate Structure
02

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PT Anagata Riswara
Corporate Values
VISION
Provide excellent e- learning systems in Indonesia.
MISSION
To be the-world-leader in the e-learning
Giving the best education solution for professionals
The philosophy of Anagata Riswara came from the Sanskrit phrase, means that we create an excellent future.
Corporate Vision and Mission
Focus
Feasible
Flexible
Traya Sradha
OUR BUSINESS

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BUSINESS MODEL
Customer Segments
Customer Relationship
Channel
Value Proposition
Key Activities
Key Resources
Key Partners
Professional Executives
•Online Admission
•Customer services
•One student one mentor
•Website
•Online Learning Student Desk
•Online Marketing tools
•100% online learning
•Flexible
•Good Quality
•Global Learning
•Degree Program
•Cost efficiency
•Opportunities
•Networking & Career Development Services
•Academic Program Development Cost
•Operational Cost
•Information Technology Cost
•Research & Development Cost
•General & Administrative Cost
•Marketing Cost
Cost Structure
Revenue Streams
•Tuition Fee
•Admission Fee
•extra tutoring time
•Remedial teaching
•Extra exam options
•Grant & Endowment
•Provide Online activities
•T Supports
•Marketing
•Academic and Operational Activities
•Lecturer
•IT Expert in online learning
•Researcher
•Students
•Employee
•External Partners
•Internal Partners

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BUSINESS STRATEGY
Provide e-Learning services for universities especially in the MM degree program.
Strategic Alliance Concept
Corporate Business Strategy :
5 years
60%
40%
Anagata Riswara
Partner
Profit Sharing
+ 5% Management Fee
+ 1% Advertising Fee
1
5
2
3
4
year
Contract Review

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OUR SERVICES TO PARTNER
•e-MM Learning IT Platforms, System and Networking
•Providing e-MM Learning Lecturers and train the existing lecturers
SALES AND MARKETING
PROCESS
DESIGN
Designing the e-MM Learning System, Contents, Curriculum and Program
Branding, Promotion, Website Development, Sales Activities, After Sales Activities

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POTENTIAL PARTNERSHIP

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STRATEGIC GROWTH MAP
•Provide excellent e- learning systems in Indonesia
•Profit Growth
•Revenue Growth
•The Asia’s leader in e- learning systems
•Online services 24 hours
•Technology Leveraging
•National
•Market Share
•Brand Equity
•Market Leadership
•New Partners
•More opportunities to “Step Up”
•Profit Growth
•Revenue Growth
Enabler
Recognition
Leadership
Developing Empowered Leadership
Market Engagement to generate opportunities Trough growth
Capability building & Execution
Foundation Stage 1 – 5 years ahead
Growing Stage 6- 10 years ahead
Winning Stage 10- 20 years ahead
Innovation Year
Go Global
e-learning of Choice

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E-MM LEARNING PROGRAM
Professionals
Executives
Entrepreneurs
Travelers
Knowledge Seeker Technology Minded
Low Price – High Value
Segmentation
Targeting
Positioning
e-MM Learning in Business Management. It’s a master level program, designed for professionals. Professionals need to make sense of a source of information and apply the tools and techniques in their organization through a complex and a global changing competitive environment

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COMPETITIVE ADVANTAGE
Flexibility. In e-MM learning, students have the flexibility to choose their own time to study. Requirements of application. e-MM learning programs are more selective in their admission procedures than the traditional one. The students who take online learning program must take it seriously and be highly committed. Class. Because of the program is 100% online, permanent class is not necessary. But for the exam, physical classes is needed to hold the examination. Education Investments. The investment in online learning is cheaper than the traditional one. Teaching. The variety of programs available e-MM Learning means that students are able to choose a learning and evaluation format that works for them. Networking. e-MM Learning programs connect students with top-notch professors and guest lecturers from around the world.

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PROGRAM SPESIFICATION
Indonesian Language
15-20 Students/ class
e-MM Learning Student Desk
Asynchronous study Type
4 term
Program Length 18 months
100% Online

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STUDY FLOW of e-MM Learning
Admission
Online Orientation
Online Class
Week 1-12
Final Exam
Thesis
Graduation
Week 1-8
Week 14
Week 10

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e-MM Learning Delivery Content Scheme

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Learning Student Desk

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Term SCU
1.1 Management Communications 2
1.2 Strategic Negotiations and Ethics 2
1.3 Leading and Managing 2
1.4 Analytical Tools 2
2.1 Financial Accounting 2
2.1 Business Strategy 3
2.3 Technology and Innovation 3
2.4 Corporate Finance 3
3.1 Sustainable Enterprice 2
3.2 Global Supply Chain Management 3
3.3 Global Marketing Strategy 3
3.4 Project Management 2
4.1 Strategic Planning 3
4.2 Strategic Risk Management 3
4.3 Competitive Strategy 3
5 5 Thesis 6
Total SCU 44
1
2
3
4
Cource
CURRICULUM
The curriculum could be adjusted based
on the partner university needs.
But we create a standard curriculum for the e-
MM Learning in Business Management.
The curriculum context will be cover about the
introduction to strategy, planning and
structure, the modeling of the strategic
planning process, economic, market, internal
and external analysis of the company, decision
making among strategies and implementing
and evaluating the business strategy

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PRICE
Based on those numbers, we propose e-MM Learning price for the whole package of Education Investment are IDR 40 Million. We set the price around 35% higher than the competitor because: •We are aiming professionals, the SES are A and B+ •The master program needs a high quality lecturer who has an online teaching specialty •The image of the program, will be a prestigious image
Online Learning Price

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Graduation Fee IDR 2 Million
The price of each component of the income statement will be increase 10% each year, due to inflation

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PLACE
Since we are targeting professionals, our partner university location is not necessary have to be in the Business District Centre area, Students do not have to attend a face-to-face session.
Academic Activities Partner university
Headquarter Office The City Plaza, Thamrin.
Daily Activities Centre Flix, Bendungan Hilir

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PROMOTION
Credibility
Education & Awareness
Product Experience
Relationship
Integrated Sales & Branding Strategy
•Pre-Launching
•Grand Launching
•Business Conference
•Advertising
•Offline :Students Get Students Reward Program, Bulletin
•Online : Social Media, Online Seminar
•Media Relation
•Article Writing
1
4
Corporate Advance Program
Online Trial Class
Exhibition

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WEBSITE

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ADMISSION

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OUR IT INFRASTRUCTURE
Access The Access layer explained about the users of the e- Learning system such students, lecturers and employees. In access layer, the user can use laptop, computer, tablets or mobile phones which are able to connect to internet Application Platform This layer explains about the process of e-learning users, ranging from content creation, learning, delivery of materials and administration. IT Network Infrastructure In the provision of IT Network Infrastructure should support the delivery of multi-format data in text, audio and video for power lies in e-Learning Content consisting of various formats.

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E-MM Learning Platform
e-MM Learning in PC’s and Laptops
E-MM Learning Student Desk
e-MM Learning Portals
To download material and upload assignments, student must use e-MM Learning Student Desk. This is a LMS using open source LMS which is moodle. Moodle is a software package of an internet-based courses and web sites. Moodle is provided free as open source software with GNU General Public License

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CORPORATE STRUCTURE
Director
IT Manager
Marketing Manager
Finance & Legal Manager
Operating Manager
IT Staff
Admission Staff
Finance Staff
Faculty Member
Business Strategy and Partnership Staff
Marketing and Sales Staff
Legal Staff
Academic & Operation Staff

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EMPLOYEMENT PLAN
Employee 5 years Hire Plan
To provide a best service, Anagata Riswara employee working times are divided in 2 shifts in weekdays and Weekend.
•Weekdays, Shift 1 (8 AM – 4 PM) and Shift 2 (2 PM – 9 PM)
•Weekend, Shift 1 (8 AM – 1 PM) and Shift 2 (12 PM – 6 PM)

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Investment
•Project Timeline
•Sales Targets
•Source of Capital
•Financial Statements
03

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PROJECT TIMELINE
Start up
Project Run
Pre Launch
Launch

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SOURCE OF CAPITAL
Investor
The source of capital of Anagata Riswara company will be split up among two shareholders.
Initial Investment (in Million IDR)
IDR 800 Million
IDR 765 Million
No
Account
Amount
1
Intangible Asset
335,000,000
2
Aset
638,125,000
3
Marketing and Selling Expenses
40,000,000
4
General and Administration Expenses
337,400,000
5
Cost of Services
115,100,000
6
Other Expenses
100,000,000
TOTAL
1,565,625,000
Share holders

e-MM Learning for Professionals | 40
SALES TARGETS
No Description Year 1 Year 2 Year 3 Year 4 Year 5
1 Admission Fee 204 404 582 838 1,206
2 Tuition Fee 120 238 342 493 709
3 Extra Tutoring Time for e-mm learning 60 119 171 246 355
4 Graduation Fee - 30 198 285 411
5 Remedial Teaching for e-mm learning 30 59 86 123 177
No Description Year 1 Year 2 Year 3 Year 4 Year 5
1 Admission Fee 136 269 388 558 804
2 Tuition Fee 80 158 228 328 473
3 Extra Tutoring Time for e-mm learning 40 79 114 164 236
4 Graduation Fee - 20 132 190 274
5 Remedial Teaching for e-mm learning 20 40 57 82 118
Optimist Scenario
Pessimist Scenario
Optimist 2,406,250 2,513,336 2,821,688 2,830,628 2,657,553
Pessimist 3,609,375 3,802,872 4,288,162 4,327,563 4,089,109
Cost per Student (in IDR)

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FINANCIAL STATEMENTS
Pessimist Scenario
Optimist Scenario

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FINANCIAL STATEMENTS
4,5
11,2
22,1
37,9
60,2
Total Assets (in IDR Billion)
3,4
7,9
12,2
25,7
40,7
YEAR 2
YEAR 3
YEAR 4
YEAR 5
YEAR 1
Financial Ratios (Pesimist)
Gross Profit of Margin 47% 65% 70% 75% 78%
Operating profit margin 9% 27% 33% 37% 40%
Net Profit Margin 7% 20% 24% 28% 30%
Return on Asset (ROA) 7% 18% 19% 18% 18%
Fixed Asset Turnover 5 8 11 14 19
Total Asset Turnover 1 1 1 1 1
Financial Ratios (Optimist)
Gross Profit of Margin 65% 74% 79% 80% 82%
Operating profit margin 27% 36% 42% 42% 45%
Net Profit Margin 20% 27% 31% 32% 33%
Return on Asset (ROA) 23% 26% 25% 21% 20%
Fixed Asset Turnover 8 12 17 21 30
Total Asset Turnover 1 1 1 1 1
Financial Ratios

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Conclusion
04
•Market Perception
•The Feasibility
•Further Investigation

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MARKET PERCEPTIONS
A market perception about E-learning program

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Respondents
HR Supervisor BP MIGAS
Brand Consultant AS Louken
Marcomm Citibank
Architect Accor Group
PU Staff PU Dept.
Lawyer Entrepreneur
A market perception about Anagata e-MM Learning Program
The Program
Interested
Not Interested
87%
13%
The Course Price
Cheap
Affordable
76%
21%
3%
Expensive
Opinion
Gender
Male
Female
51,6%
48,4%
Working Experience
5-20 years
2-5 years
58%
33,3%
9,7%
<2 years
Profile

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THE FEASIBILITY
Industry and Market
Product and Service
Finance
the opportunity for universities to provide online education is high, the supplier is low and there’s a potential market in the online learning education.
The partnership idea was to have a mutual benefit in both sides. Targeting mature professionals segmentation means that their financial income is also mature
Because of both of the NPV is + 64,7 Billion for the pessimist and +96,3 Billion for the optimist, it means that the project is feasible.

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FURTHER INVESTIGATION
Technology
Marketing
Organizational
Human Resource
Financial
There are some are that can be improved in the future, at least after 5 years.

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TECHNOLOGY

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MARKETING
Product
Anagata Riswara must develop more programs that suit the market demand. The recommended programs based on our survey are: Marketing and Communication program.
Price
Based on the inputs of our respondents, the price of the program could be increased to 50-70 Million IDR .
Place
Anagata Riswara headquarter could move by buying or renting a new office and end the contract with the virtual office. The headquarter activities will be the day to day operational for the employee and also the e-learning training center for the lecturers.
Promotion
Since it’s an online learning, based on the consumer’s habits, advertising could be focused on online medias and Public Relation approaches. On the online media, the advertisement could be put on e-mails, search engine, websites, social media and other website portals.

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ORGANIZATIONAL

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HUMAN RESOURCE
To maintain and encourage the employees and lecturers, the company could provide compensation and benefits such as:
Professional Development, Academic Development, Professional and Career Development.
Scholarship, Scholarship for family, Insurance, Study Loan, Project and Disaster Allowance.
Academic Allowance, Teaching Allowance, Allowance Position, teaching Honor, Dedication Permanent Lecturer, etc
Free Parking, Library Facilities, Internet Facilities and Member Card.
Benefit
Cash
Learning & Growth
Others

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FINANCIAL
Outsource the un-core business activities

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Proposed by : Haris Suhendra | 1140003494 Pramita Wardani | 1140003121
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An investment in knowledge pays the best interest.
Benjamin Franklin

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•Indonesian Ministry of Education dated September 24, 2001 : government encourages traditional universities to deliver dual mode programs.
•Law of the Republic of Indonesia No. 20 Year 2012 : the teaching and learning process is done remotely through a variety of communication media.
• Law of the Republic of Indonesia No. 12 Year 2003 : Long distance education learners are separated from educators and learning, using a variety of learning resources through communication technology, information, and other medias.
One of the concerns in distance learning is the Law of the Republic of Indonesia No. 24 Year 2012 : The valuation of the final learning outcomes should reflect the level of maturity and ability of learners through the mechanism of a comprehensive examination in person, remotely, or use of information and communication technology centrally with direct supervision.
LEGAL ASPECT

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The Risk Map Table
The Risk Map Chart

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Income Statements | P
Year 0Year 1Year 2Year 3Year 4Year 5Income from customers sales- 3,348,000,000.00 6,684,880,000.00 11,064,197,760.00 15,972,188,221.44 23,062,904,658.99 Income from fee and royalties- 200,880,000.00 401,092,800.00 663,851,865.60 958,331,293.29 1,383,774,279.54 Total Net Sales- 3,548,880,000 7,085,972,800 11,728,049,626 16,930,519,515 24,446,678,939 Operating expensesMarketing and Selling expenses(40,000,000) (248,750,000) (313,625,000) (375,737,500) (443,311,250) (512,642,375) General and administration expenses(337,400,000) (1,364,400,000) (1,844,040,000) (2,743,846,800) (3,388,680,000) (4,465,454,400) Operational Expenses (115,100,000) (153,200,000) (168,520,000) (185,372,000) (203,909,200) (224,300,120) Depreciation expenses(107,625,000) (117,146,600) (151,526,560) (185,372,000) (229,424,288) (231,068,618) Total operating expenses(600,125,000) (1,883,496,600) (2,477,711,560) (3,490,328,300) (4,265,324,738) (5,433,465,513) Gross Profit(600,125,000) 1,665,383,400 4,608,261,240 8,237,721,326 12,665,194,777 19,013,213,425 Gross Profit as % of Net Sales#DIV/0!47%65%70%75%78% Revenue Sharing to Partner 40%- 1,339,200,000 2,673,952,000 4,425,679,104 6,388,875,289 9,225,161,864 Operating incomeIncome before taxes(600,125,000) 326,183,400 1,934,309,240 3,812,042,222 6,276,319,489 9,788,051,562 Provision for income taxes081,545,850 483,577,310 953,010,555 1,569,079,872 2,447,012,890 Net income profit(600,125,000) 244,637,550 1,450,731,930 2,859,031,666 4,707,239,616 7,341,038,671 Net income as % of Net Sales#DIV/0!7%20%24%28%30% December Year 5PT ANAGATA RISWARAINCOME STATEMENT

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Balance Sheet | P
BALANCE SHEETYear 0Year 1Year 2Year 3Year 4Year 5ASSETCash375,900,000 2,585,580,000 6,997,600,800 14,299,971,322 24,841,615,548 40,063,132,623 Others (feasibility studies)100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 Fixed asset638,125,000 685,733,000 857,632,800 1,043,103,580 1,247,121,438 1,255,343,092 Acc. Depreciation(107,625,000) (224,771,600) (376,298,160) (561,670,160) (791,094,448) (1,022,163,066) Other assets335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 Total Assets1,341,400,000 3,481,541,400 7,913,935,440 15,216,404,742 25,732,642,538 40,731,312,648 LIABILITIESMarketing and Selling40,000,000.00 288,750,000.00 602,375,000.00 978,112,500.00 1,421,423,750.00 1,934,066,125.00 General and administration expenses337,400,000.00 1,701,800,000.00 3,545,840,000.00 6,289,686,800.00 9,678,366,800.00 14,143,821,200.00 Operational Expenses /cogs115,100,000.00 268,300,000.00 436,820,000.00 622,192,000.00 826,101,200.00 1,050,401,320.00 Others Liabilities1,073,125,000.00 1,120,733,000 1,292,632,800 1,478,103,580 1,682,121,438 1,690,343,092 Provision for income taxes- 81,545,850 565,123,160 1,518,133,715 3,087,213,588 5,534,226,478 Total Liabilities1,565,625,000 3,461,128,850 6,442,790,960 10,886,228,595 16,695,226,776 24,352,858,214 EQUITYCapital Stock- - - - - - Retained earnings375,900,000 (224,225,000) 20,412,550 1,471,144,480 4,330,176,146 9,037,415,763 Profit/Loss(600,125,000) 244,637,550 1,450,731,930 2,859,031,666 4,707,239,616 7,341,038,671 Total Equity-net(224,225,000) 20,412,550 1,471,144,480 4,330,176,146 9,037,415,763 16,378,454,434 TOTAL LIABILITIES AND EQUITY1,341,400,000 3,481,541,400 7,913,935,440 15,216,404,742 25,732,642,538 40,731,312,648 PT ANAGATA RISWARADecember Year 5

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Cash Flow| P
Projected Cash Flow StatementYear 0Year 1Year 2Year 3Year 4Year 5Cash Flows from operating activitiesNet Income(600,125,000) 244,637,550 1,450,731,930 2,859,031,666 4,707,239,616 7,341,038,671 Depreciation expenses107,625,000 117,146,600 151,526,560 185,372,000 229,424,288 231,068,618 To suppliers for good and servises40,000,000 248,750,000 313,625,000 375,737,500 443,311,250 512,642,375 Cost of Services115,100,000 153,200,000 168,520,000 185,372,000 203,909,200 224,300,120 To employeers for services337,400,000 1,364,400,000 1,844,040,000 2,743,846,800 3,388,680,000 4,465,454,400 Others Liabilities638,125,000 47,608,000 171,899,800 185,470,780 204,017,858 8,221,654 To government for taxes- 81,545,850 483,577,310 953,010,555 1,569,079,872 2,447,012,890 Net Cash flow provided from operating activities638,125,000 2,257,288,000 4,583,920,600 7,487,841,302 10,745,662,084 15,229,738,728 Cash Flows from investing activitiesPurchase of fixed asset & non current assets, others(1,073,125,000) (47,608,000) (171,899,800) (185,470,780) (204,017,858) (8,221,654) Net Cash flow provided from investing activities(1,073,125,000) (47,608,000) (171,899,800) (185,470,780) (204,017,858) (8,221,654) Cash Flows from Financing activitiesAdd Capital375,900,000 - - - - - Net increase in cash and cash equivalents(59,100,000) 2,209,680,000 4,412,020,800 7,302,370,522 10,541,644,226 15,221,517,075 Cash and cash equivalent at the beginning of the year- 375,900,000 2,585,580,000 6,997,600,800 14,299,971,322 24,841,615,548 Cash and cash equivalent at the end of the year(59,100,000) 2,585,580,000 6,997,600,800 14,299,971,322 24,841,615,548 40,063,132,623

59
Income Statements | O
INCOME STATEMENTYear 0Year 1Year 2Year 3Year 4Year 5Income from customers sales- 5,022,000,000.00 10,027,320,000.00 16,596,296,640.00 23,958,282,332.16 34,594,356,988.48 Income from fee and royalties- 301,320,000.00 601,639,200.00 995,777,798.40 1,437,496,939.93 2,075,661,419.31 Total Net Sales- 5,323,320,000 10,628,959,200 17,592,074,438 25,395,779,272 36,670,018,408 Operating expensesMarketing and Selling expenses(40,000,000) (248,750,000) (308,418,750) (368,254,719) (429,191,275) (490,838,708) General and administration expenses(337,400,000) (1,364,400,000) (2,160,630,000) (2,917,632,150) (4,202,513,698) (5,571,248,198) Operational Expenses (115,100,000) (153,200,000) (163,158,000) (173,763,270) (185,057,883) (197,086,645) Depreciation expenses(107,625,000) (116,843,640) (151,005,671) (173,763,270) (224,655,245) (226,054,103) Total operating expenses(600,125,000) (1,883,193,640) (2,783,212,421) (3,633,413,409) (5,041,418,100) (6,485,227,655) Gross Profit(600,125,000) 3,440,126,360 7,845,746,779 13,958,661,030 20,354,361,172 30,184,790,753 Gross Profit as % of Net Sales#DIV/0!65%74%79%80%82% Revenue Sharing to Partner 40%- 2,008,800,000 4,010,928,000 6,638,518,656 9,583,312,933 13,837,742,795 Operating incomeIncome before taxes(600,125,000) 1,431,326,360 3,834,818,779 7,320,142,374 10,771,048,239 16,347,047,958 Provision for income taxes0357,831,590 958,704,695 1,830,035,593 2,692,762,060 4,086,761,989 Net income profit(600,125,000) 1,073,494,770 2,876,114,084 5,490,106,780 8,078,286,179 12,260,285,968 Net income as % of Net Sales#DIV/0!20%27%31%32%33% INCOME STATEMENTPT ANAGATA RISWARADecember Year 5

60
Balance Sheet |O
BALANCE SHEETYear 0Year 1Year 2Year 3Year 4Year 5ASSETCash375,900,000 3,690,420,000 10,308,451,200 21,262,006,982 37,074,473,322 59,906,748,934 Others (feasibility studies)100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 Fixed asset638,125,000 684,218,200 855,028,356 1,033,356,621 1,223,276,223 1,230,270,516 Acc. Depreciation(107,625,000) (224,468,640) (375,474,311) (549,237,581) (773,892,826) (999,946,929) Other assets335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 Total Assets1,341,400,000 4,585,169,560 11,223,005,244 22,181,126,022 37,958,856,719 60,572,072,521 LIABILITIESMarketing and Selling40,000,000.00 288,750,000.00 597,168,750.00 965,423,468.75 1,394,614,744.22 1,885,453,452.59 General and administration expenses337,400,000.00 1,701,800,000.00 3,862,430,000.00 6,780,062,150.00 10,982,575,847.75 16,553,824,045.85 Operational Expenses /cogs115,100,000.00 268,300,000.00 431,458,000.00 605,221,270.00 790,279,152.55 987,365,797.47 Others Liabilities1,073,125,000.00 1,119,218,200 1,290,028,356 1,468,356,621 1,658,276,223 1,665,270,516 Provision for income taxes- 357,831,590 1,316,536,285 3,146,571,878 5,839,333,938 9,926,095,927 Total Liabilities1,565,625,000 3,735,899,790 7,497,621,390 12,965,635,388 20,665,079,906 31,018,009,739 EQUITYCapital Stock- - - - - - Retained earnings375,900,000 (224,225,000) 849,269,770 3,725,383,854 9,215,490,634 17,293,776,814 Profit/Loss(600,125,000) 1,073,494,770 2,876,114,084 5,490,106,780 8,078,286,179 12,260,285,968 Total Equity-net(224,225,000) 849,269,770 3,725,383,854 9,215,490,634 17,293,776,814 29,554,062,782 TOTAL LIABILITIES AND EQUITY1,341,400,000 4,585,169,560 11,223,005,244 22,181,126,022 37,958,856,719 60,572,072,521 BALANCE SHEETPT ANAGATA RISWARADecember Year 5

61
Cash Flow| O
Projected Cash Flow StatementYear 0Year 1Year 2Year 3Year 4Year 5Cash Flows from operating activitiesNet Income(600,125,000) 1,073,494,770 2,876,114,084 5,490,106,780 8,078,286,179 12,260,285,968 Depreciation expenses107,625,000 116,843,640 151,005,671 173,763,270 224,655,245 226,054,103 To suppliers for good and servises40,000,000 248,750,000 308,418,750 368,254,719 429,191,275 490,838,708 Cost of Services115,100,000 153,200,000 163,158,000 173,763,270 185,057,883 197,086,645 To employeers for services337,400,000 1,364,400,000 2,160,630,000 2,917,632,150 4,202,513,698 5,571,248,198 Others Liabilities638,125,000 46,093,200 170,810,156 178,328,265 189,919,602 6,994,292 To government for taxes- 357,831,590 958,704,695 1,830,035,593 2,692,762,060 4,086,761,989 Net Cash flow provided from operating activities638,125,000 3,360,613,200 6,788,841,356 11,131,884,048 16,002,385,942 22,839,269,905 Cash Flows from investing activitiesPurchase of fixed asset & non current assets, others(1,073,125,000) (46,093,200) (170,810,156) (178,328,265) (189,919,602) (6,994,292) Net Cash flow provided from investing activities(1,073,125,000) (46,093,200) (170,810,156) (178,328,265) (189,919,602) (6,994,292) Cash Flows from Financing activitiesAdd Capital375,900,000 - - - - - Net increase in cash and cash equivalents(59,100,000) 3,314,520,000 6,618,031,200 10,953,555,782 15,812,466,339 22,832,275,612 Cash and cash equivalent at the beginning of the year- 375,900,000 3,690,420,000 10,308,451,200 21,262,006,982 37,074,473,322 Cash and cash equivalent at the end of the year(59,100,000) 3,690,420,000 10,308,451,200 21,262,006,982 37,074,473,322 59,906,748,934

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