E-MM Learning Business Model

Proposed by :

Haris Suhendra | 1140003494 Pramita Wardani | 1140003121

1

Business Model Break out Strategy through Online Learning for Professionals

BUSINESS MODEL CREATION GROUP :

2

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

3 e-MM Learning for Professionals |

Introduction

• Business Background 01


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)

5

• 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

e-MM Learning for Professionals |

PROFESSIONALS PROBLEMS


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


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

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MARKET OPPORTUNITY



SWOT MATRIX ANALYSIS


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


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



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



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


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


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.


PROGRAM SPESIFICATION

Indonesian Language

15-20 Students/

class

e-MM Learning Student

Desk

Asynchronous study Type

4 term

Program Length 18 months

100% Online


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


e-MM Learning Delivery Content Scheme


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 35 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


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


Graduation Fee

IDR 2 Million

The price of each component of the income statement will be increase 10% each year, due to inflation


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


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


WEBSITE


ADMISSION


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



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



PROJECT TIMELINE

Start up Project Run

Pre Launch

Launch


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


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)

41

FINANCIAL STATEMENTS

Pessimist Scenario Optimist Scenario


42

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

YEA

R 2

YEA

R 3

YEA

R 4

YEA

R 5

YEA

R 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


45

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.


47

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


49

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



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


FINANCIAL

Outsource the un-core business activities

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Proposed by :

Haris Suhendra | 1140003494 Pramita Wardani | 1140003121

53

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


The Risk Map Table

The Risk Map Chart


Income Statements | P

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Income 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 expenses

Marketing 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 income

Income 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 taxes 0 81,545,850 483,577,310 953,010,555 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 5

PT ANAGATA RISWARA

INCOME STATEMENT


Balance Sheet | P

BALANCE SHEET Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

ASSET

Cash 375,900,000 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 asset 638,125,000 685,733,000 857,632,800 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 assets 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000

Total Assets 1,341,400,000 3,481,541,400 7,913,935,440 15,216,404,742 25,732,642,538 40,731,312,648

LIABILITIES

Marketing and Selling 40,000,000.00 288,750,000.00 602,375,000.00 978,112,500.00 1,421,423,750.00 1,934,066,125.00

General and administration expenses 337,400,000.00 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 /cogs 115,100,000.00 268,300,000.00 436,820,000.00 622,192,000.00 826,101,200.00 1,050,401,320.00

Others Liabilities 1,073,125,000.00 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 Liabilities 1,565,625,000 3,461,128,850 6,442,790,960 10,886,228,595 16,695,226,776 24,352,858,214

EQUITY

Capital Stock - - - - - -

Retained earnings 375,900,000 (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 EQUITY 1,341,400,000 3,481,541,400 7,913,935,440 15,216,404,742 25,732,642,538 40,731,312,648

PT ANAGATA RISWARA

December Year 5


Cash Flow| P

Projected Cash Flow Statement Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cash Flows from operating activities

Net Income (600,125,000) 244,637,550 1,450,731,930 2,859,031,666 4,707,239,616 7,341,038,671

Depreciation expenses 107,625,000 117,146,600 151,526,560 185,372,000 229,424,288 231,068,618

To suppliers for good and servises 40,000,000 248,750,000 313,625,000 375,737,500 443,311,250 512,642,375

Cost of Services 115,100,000 153,200,000 168,520,000 185,372,000 203,909,200 224,300,120

To employeers for services 337,400,000 1,364,400,000 1,844,040,000 2,743,846,800 3,388,680,000 4,465,454,400

Others Liabilities 638,125,000 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 activities 638,125,000 2,257,288,000 4,583,920,600 7,487,841,302 10,745,662,084 15,229,738,728

Cash Flows from investing activities

Purchase 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 activities

Add Capital 375,900,000 - - - - -

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


Income Statements | O

INCOME STATEMENT Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Income 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 expenses

Marketing 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 income

Income 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 taxes 0 357,831,590 958,704,695 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 STATEMENT

PT ANAGATA RISWARA

December Year 5


Balance Sheet |O

BALANCE SHEET Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

ASSET

Cash 375,900,000 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 asset 638,125,000 684,218,200 855,028,356 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 assets 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000 335,000,000

Total Assets 1,341,400,000 4,585,169,560 11,223,005,244 22,181,126,022 37,958,856,719 60,572,072,521

LIABILITIES

Marketing and Selling 40,000,000.00 288,750,000.00 597,168,750.00 965,423,468.75 1,394,614,744.22 1,885,453,452.59

General and administration expenses 337,400,000.00 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 /cogs 115,100,000.00 268,300,000.00 431,458,000.00 605,221,270.00 790,279,152.55 987,365,797.47

Others Liabilities 1,073,125,000.00 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 Liabilities 1,565,625,000 3,735,899,790 7,497,621,390 12,965,635,388 20,665,079,906 31,018,009,739

EQUITY

Capital Stock - - - - - -

Retained earnings 375,900,000 (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 EQUITY 1,341,400,000 4,585,169,560 11,223,005,244 22,181,126,022 37,958,856,719 60,572,072,521

BALANCE SHEET

PT ANAGATA RISWARA

December Year 5


Cash Flow| O

Projected Cash Flow Statement Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Cash Flows from operating activities

Net 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 expenses 107,625,000 116,843,640 151,005,671 173,763,270 224,655,245 226,054,103

To suppliers for good and servises 40,000,000 248,750,000 308,418,750 368,254,719 429,191,275 490,838,708

Cost of Services 115,100,000 153,200,000 163,158,000 173,763,270 185,057,883 197,086,645

To employeers for services 337,400,000 1,364,400,000 2,160,630,000 2,917,632,150 4,202,513,698 5,571,248,198

Others Liabilities 638,125,000 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 activities 638,125,000 3,360,613,200 6,788,841,356 11,131,884,048 16,002,385,942 22,839,269,905

Cash Flows from investing activities

Purchase 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 activities

Add Capital 375,900,000 - - - - -

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

E-MM Learning Business Model

Education

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