Title: BUSINESS PLAN ASMARA (Akses SMS Ter

Doc No.: 1

Purpose: Business Plan for Investor

Created: 12-May-08
Author: BW
BUSINESS PLAN ASMARA (Akses SMS Terima Suara)
Summary

Revenue Mill
Investment Mill
Opex Mill
Personnel Mill
Cash Flow (Y on Y) Mill
2008 2009 2010 2011 2012
1 2 3 4 5

15,600 77,760 93,312 111,974 134,369

45,495 0 0 10,000 45,000
120 420 420 420 420
604 2,991 3,533 3,887 4,275
6,071 62,963 120,836 183,540 234,764
BUSINESS PLAN ASMARA (Akses SMS Terima Suara)
Financial Analysis

Year-1
Description 2,008

Net Cash Flow from Investing and Operating Activities (33,548)

Accumulated Net Cash Flow (33,548)

Net Present Value

Discounted Rate 14.0%
NPV at Given Discounted Rate IDR 141,165

IRR 193.0%

Payback Period
Number of Period 1.50 1.00
Payback Period 1 year(s)
6 month(s)
Year-2 Year-3 Year-4 Year-5
2,009 2,010 2,011 2,012

67,355 68,335 73,166 56,455

33,807 102,142 175,308 231,764

0.50 0.00 0.00 0.00

BUSINESS PLAN ASMARA (Akses SMS Terima Suara)
Assumption

TSEL Subscriber ASSUMPTION:

Subscriber Growth/yr
No. of Subscriber Mill
SMS sent per day Mill

Market penetration ASMARA

No. of SMS traffic/day Mill
No. of SMS traffic/month Mill

Charge/SMS 2000
Distribution of Charge /SMS
'- TSEL 45%
'- CP 40%
'- Solution Provider 15%

Revenue of Solution Provider Mill

Rate 1 USD 9,300

Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010 2011
1 1 1 1 1 1 1 1 2 3 4

20% 20% 20%

56 67 81 97
120 144 173 207

0.5% 0.5% 0.5% 0.5%

0.60 0.72 0.86 1.04
1.00 2.00 3.00 5.00 9.00 14.00 18.00 18.00 21.60 25.92 31.10

300 600 900 1500 2700 4200 5400 15,600 77,760 93,312 111,974

93,360 186,672 298,646

2012
5

20%
116
249

0.5%
1.24
37.32

134,369

433,016
BUSINESS PLAN ASMARA (Akses SMS Terima Suara
Business Plan - Personnel Expenses
IDR Mill
In IDR Million '2008 '2009 '2010 '2011
Tahun-1 Tahun-2 Tahun-3 Tahun-4

Headcount :
Commissioners 1 1 1 1
President Director 1 1 1 1
Director 1 1 1 1
Vice President 0 3 3 3
General Manager 2 5 5 5
Manager 2 6 6 6
Secretary 1 2 2 2
Staff 6 6 6 6
Contract Employe 2 2 2 2
Total Personnel 16 27 27 27

Salary Base (Monthly) : Input

Commissioners 15 17 18 20
President Director 20 22 24 27
Director 17 19 21 23
Vice President 10 11 12 13
General Manager 8 8 9 10
Manager 6 6 7 7
Secretary 3 3 4 4
Staff 3.5 4 4 5
Contract Employe 1.5 2 2 2

Salary Base Adjustment Factors (COLA, etc.) 10.0% 10.0% 10.0% 10.0%
Number of Monthly Salary in Each Year 5 13 14 14

Salary :
Commissioners 75 215 254 280
President Director 100 286 339 373
Director 85 243 288 317
Senior Manager 0 429 508 559
Manager 75 536 635 699
Senior Secretary 55 472 559 615
Secretary 15 86 102 112
Staff 105 300 356 391
Contract Employee 15 43 51 56
Total Net Salary 525 2,610 3,092 3,401
Total Gross Salary (incl. individual income tax) 10.0% 578 2,871 3,401 3,741

Benefit :
Assumption 5.0% of monthly salary an 12 times per year
Commissioners 4 10 11 12
President Director 5 13 15 16
Director 4 11 12 14
Senior Manager 0 20 22 24
Manager 4 25 27 30
Senior Secretary 3 22 24 26
Secretary 1 4 4 5
Staff 5 14 15 17
Contract Employee 1 2 2 2
Total Benefit 26 120 132 146

Total Personnel Expenses (Salary + Benefit) Rp. 604 2,991 3,533 3,887
 '2012
Tahun-5

1
1
1
3
5
6
2
6
2
27

22
29
25
15
11
8
4
5
2

10.0%
14

307
410
348
615
769
676
123
430
61
3,741
4,115

times per year

13
18
15
26
33
29
5
 18
3
160

4,275
BUSINESS PLAN ASMARA (Akses SMS Terima Su
Business Plan - Capex

In IDR Million '2008

1

Office Equipments :
Telephone Systems 15
Office Equipment 80
Furniture & Fitting 400
Subtotal Office Equipments 495

Content Management System (CMS) 45,000

SMS Gateway
Content Management
Content Charging
Voice Delivery
IVR
License (per Million DB)
System Integrator
Asesoris dan Instalasi

Subtotal CMS 45,000

Total Investments 45,495

Accumulated Investment 45,495

Depreciations and amortizaton:

Office Equipments : 5 year straight line method
Content Management System (CMS) 4 year straight line method

Investment Summary :
Office Equipments : 495
Content Management System (CMS) 45,000

Total 45,495

Depreciations :
Office Equipments : Y-1 99
Y-2
Y-3
Y-4
Y-5
Y-6
Y-7
Y-8
Y-9
Y-10

Content Management System (CMS) Y-1 5,625

Y-2
Y-3
Y-4
 Y-5
Y-6
Y-7
Y-8
Y-9
Y-10

Total Depreciations 5,724

Total Depreciation and Amortization 5,724

Accumulated Depreciation and Amortization 5,724

45,495
5,724

39,771
 '2009 '2010 '2011 '2012
2 3 4 5

0 0 0 0

45,000

10,000

0 0 10,000 45,000

0 0 10,000 45,000
45,495 45,495 55,495 100,495

straight line method

straight line method

0 0 0 0
0 0 10,000 45,000

0 0 10,000 45,000 100,495

99 99 99 99
0 0 0 0
0 0 0
0 0
0

11,250 11,250 11,250 5,625 6 mo depreciation for 1st year

0 0 0 0
0 0 0
2,500 2,500
 11,250

11,349 11,349 13,849 19,474

11,349 11,349 13,849 19,474

17,073 28,422 42,271 61,745

10,022 60 10,000 45,000

17,073 28,422 42,271 61,745

(7,051) (28,362) (32,271) (16,745)

BUSINESS PLAN ASMARA (Akses SMS Terima Suar
Business Plan - Opex

In IDR Million '2008 '2009 '2010

1 2 3

SELLING & MARKETING EXPENSES

'- Travelling Cost 0 0 0
'- Advertising and Promotion 0 0 0
'- Representasion & Entertainment 20 60 60
'- Others

Total 20 60 60

ADMINISTRATIVE EXPENSES

'- Professional Fees 60 240 240

'- Stationary 20 60 60
'- Colo 20 60 60
'- Taxes
'- Others
Total 100 360 360

GRAND TOTAL 120 420 420

A-L 0.00 0.00 0.00

'2011 '2012
4 5

0 0
0 0
60 60

60 60

240 240
60 60
60 60

360 360

420 420 1,800

0.00 0.00
BUSINESS PLAN ASMARA (Akses SMS Terima Sua
Business Plan - Profit and Loss Statements

in IDR Millions '2008 '2009

1 2

REVENUE 15,600 77,760

COST OF SALES 0 0

GROSS PROFIT 15,600 77,760

OPERATING EXPENSE
'- Selling and Marketing 20 60
'- Personnel 604 2,991
'- G&A (Excl. Depr & Amort) 100 360

Total Operating Expense 724 3,411

Overhead Allocation 0
Operating Expense nett 724 3,411

EBITDA 14,876 74,349

Depreciation & Amortization 5,724 11,349

EBIT 9,152 63,000

Bank Interest (2,930) (5,127)

Earning Before Tax 6,223 57,873

Provision of Income Tax 30% 1,867 17,362

Net Earning After Tax 4,356 40,511

Accumulated Retained Earning 4,356 44,867

A-L 0 0
'2010 '2011 '2012
3 4 5

93,312 111,974 134,369

0 0 0

93,312 111,974 134,369

60 60 60
3,533 3,887 4,275
360 360 360

3,953 4,307 4,695

3,953 4,307 4,695

89,359 107,668 129,674

11,349 13,849 19,474

78,010 93,819 110,200

(3,662) (2,197) (732)

74,348 91,622 109,468

22,304 27,487 32,840

52,044 64,135 76,627

96,911 161,046 237,673

0 0 0
BUSINESS PLAN ASMARA (Akses SMS Terima Suar
Business Plan - Cash Flow
in IDR Millions '2008 '2009
Year-1 Year-2

Cahflow from Operating Activities

Net Earnings After Tax 4,356 40,511
Addback Depreciation and Amortization 5,724 11,349
changes in AR
Changes in Tax Liability 1,867 15,495
changes in AP 0 0

Total Cashflow from Operating Activities 11,947 67,355

Total Cashflow from Investing activities (45,495) 0

Cash Flow from Financing Activities

Loan 41,850 0
Loan payment (5,231) (10,463)
Equity 3,000 0

Total CashFlow from Financing Activities 39,619 (10,463)

Net Increase /(Decrease) in Cash 6,071 56,893

Cash, Beginning of Year 0 6,071

Cash, End of Year 6,071 62,963
'2010 '2011 '2012
Year-3 Year-4 Year-5

52,044 64,135 76,627

11,349 13,849 19,474

4,942 5,182 5,354

0 0 0

68,335 83,166 101,455

0 (10,000) (45,000)

0 0 0
(10,463) (10,463) (5,231)

(10,463) (10,463) (5,231)

57,872 62,704 51,224

62,963 120,836 183,540

120,836 183,540 234,764
BUSINESS PLAN ASMARA (Akses SMS Terima Suara)
Business Plan - Balance Sheet
in IDR Millions
Description '2008
Year-1

ASSETS
Current Assets
Cash and cash equivalent 6,071
Short-term Investments (Time Deposit)
Accounts Receivable
Prepaid Taxes 0
Prepaid Interests 0
Other Current Assets 0
Total Current assets 6,071

Fixed Assets (Property, Plant & Equipments)

Accumulation Capex 45,495
Accumulated Depreciation and Amortization (5,724)
Net Fixed Assets (Book Value) 39,771

Other Assets
Deferred Charges
Deferred Environmental & Rehabilitation Costs 0
Others
Total Other Assets 0

Total Assets 45,842

LIABILITIES AND EQUITY

Current Liabilities
Short Term Loan 36,619
Account Payable
Taxes Payable (Income Taxes) 1,867
Others 0
Total Current Liabilities 38,486

Long Term Debts

Third Party Loan 0
Lease Payable 0
LTD Net of Current Maturities
Total Long Term Debts 0

Shareholder's Equity
Paid in Capital 3,000

Accumulated Retained Earning 4,356

Total Shareholder's Equity 7,356

Total Liabilities and Equity 45,842

Asset 45,842
Liabilities 45,842
Asset-Liabilities 0

Current Asset w/o cash 0

Change 0
Current Liabilities 38,486
Change 38,486
Net Working capital 38,486
'2009 '2010 '2011 '2012
Year-2 Year-3 Year-4 Year-5

62,963 120,836 183,540 234,764

0 0 0 0
0 0 0 0
0 0 0 0
62,963 120,836 183,540 234,764

45,495 45,495 55,495 100,495

(17,073) (28,422) (42,271) (61,745)
28,422 17,073 13,224 38,750

0 0
0 0 0 0

0 0 0 0

91,385 137,909 196,764 273,514

26,156 15,694 5,231 0

17,362 22,304 27,487 32,840

0 0 0
43,518 37,998 32,718 32,840

0 0 0 0
0 0 0 0
0
0 0 0 0

3,000 3,000 3,000 3,000

44,867 96,911 161,046 237,673

47,867 99,911 164,046 240,673

91,385 137,909 196,764 273,514

91,385 137,909 196,764 273,514

91,385 137,909 196,764 273,514
0 0 0 0

0 0 0 0
0 0 0 0
43,518 37,998 32,718 32,840
5,033 (5,520) (5,280) 123
5,033 (5,520) (5,280) 123
BUSINESS PLAN ASMARA (Akses SMS Terima Suara)
Business Plan - Bond Repayment Schedule and Interest Expense
IDR Million
Description 1 2
2008 2009

Proposed Loan USD Million 4,500

Amount of Loan IDR Million 41,850
Interest Rate pa 14.0% 14.0%
Loan Period Including Grace Period (Years) 4
Grace Period (Years) 0

Proposed Loan Draw Down

Proposed Loan Draw Down IDR Million 41,850 0

Proposed Loan Repayment

Beginning Balance IDR Million 41,850 36,619
Loan Repayment Schedule
As % of Loan % 12.5% 25%
Repayment Amount IDR Million 5,231 10,463
Addition IDR Million
Ending Balance of Loan IDR Million 36,619 26,156
Repayment Amount IDR Million 5,231 10,463
Proposed Loan Interest Expenses IDR Million 2,930 5,127

Total Repayment Loan IDR Million 5,231 15,694

No. of Month/yr in loan period 6 12

 3 4 5
2010 2011 2012

14.0% 14.0% 14.0%

0 0 0

26,156 15,694 5,231

25% 25.0% 12.5%

10,463 10,463 5,231

15,694 5,231 0
10,463 10,463 5,231
3,662 2,197 732

26,156 36,619 41,850

12 12 6