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Avg no.

of students
Avg Rate
Month
No. of employees
Sales
Database
Developer
Support
Total

2000
100.0
1

2

3

4

5

6

7

8

9

2
1
1
1
5

2
1
1
1
5

2
1
1
1
5

4
2
2
1
9

4
2
2
1
9

4
2
2
1
9

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

1
1
1
2
2
2
No. of school tie-ups
No. of students
2,000 2,000 2,000 4,000 4,000 4,000

4
8,000

4
8,000

4
8,000

10

11

12 Total

13

14

15

16

17

18

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

6
2
2
1
11

4
6
6
8,000 12,000 12,000

8
16,000

8
16,000

8
16,000

10
20,000

10
20,000

10
20,000

000 14 28.000 12 24.000 .000 16 32.000 14 28.19 20 21 22 23 24 25 26 8 2 3 2 15 8 2 3 2 15 8 2 3 2 15 8 2 3 2 15 8 2 3 2 15 8 2 3 2 15 10 2 3 2 17 10 2 3 2 17 12 24.000 16 32.000 14 28.000 12 24.

000 22 44.000 20 40.000 20 40.000 22 44.000 18 36.000 20 40.000 .27 28 29 30 31 32 33 34 35 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 10 2 3 2 17 16 32.000 18 36.000 18 36.

36 37 38 39 40 41 42 43 10 2 3 2 17 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 22 44.000 22 44.000 22 44.000 2 .000 26 52.000 24 48.000 24 48.000 24 48.000 22 44.

000 26 52.000 30 60.000 .000 30 60.000 28 56.000 28 56.000 28 56.44 45 46 47 48 49 50 51 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 12 3 4 3 22 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 26 52.000 30 60.

000 34 68.52 53 54 55 56 57 58 59 60 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 14 4 5 4 27 32 64.000 32 64.000 .000 32 64.000 36 72.000 36 72.000 36 72.000 34 68.000 34 68.

000) (10.000) (60.1 2 Demo No.000) Office Rent (50. of Schools No.000) Office Supplies (10.00 1 2000 6 100. of employees Rate per student Cash at Beginning 1 2000 6 100.000) (5.000) (60.000) (50.667 (13.000) (7.000) - - Income taxes Net Cash Flow from Operations (175.333) Investing Activities Cash paid for Purchase of laptops and tabs for PAS employees in school Purchase of other equipments and supplies for PAS employees in school Software Development Cost Net Cash Flow from Investing Activities (25.00 4.333) (235.000) (15.333) (175.000) (75.000) (15.000 3.000) - Financing Activities Cash paid for Debt/Loan Paid Net Cash Flow from Financing Activities Net Increase in Cash (60.333) .333) (7.000) (480.000) - (200.000) (60.000) (245.000) Other Employees Wage expenses (75.000) - (20.000.519.333) (13. of students Total no.000) Operations Cash receipts from schools With 75% conversion from demo to Full service Cash paid for SMS Package Internet Cost General operating and administrative expenses PAS School Employee salary (5.

284.667 3.333 .Cash at the end 3.519.

000 2.333) (7.000 300.000) (60.000 (13.000) (60.284.000) (13.333 2.333) (71.000) - - - - (20.000) (50.667) (71.333 3.00 4 8000 15 100.667) (53.000) (10.000) (60.000) (60.000 2.667 2.000 150.000) - - - - - - (50.000 600.000) (235.667) (271.000) (60.000) (60.000) (10.000) (10.333) 168.667) (180.000) (50.000) (10.000) ### (60.000) (60.000 150.000) (20.333) (26.667) (120.333) (53.000) (10.000) - - (40.000) (60.000) (10.000) (5.928.333) (53.000) (10.000) (20.333) (225.667) (180.000) (30.000) (13.190.000) (60.000) (50.000) (50.333) 228.00 4 8000 15 100.3 4 5 6 7 8 Demo+Paid Demo 9 10 1 2000 6 100.000) (30.000) (50.000) (13.000) (135.049.333 1.667) (26.000) (165.000) (165.000) (10.000) ### (10.000) (9.333) (131.333) (120.000) (60.000) (60.000) (30.000) - - (50.000) (135.667) (26.823.000 300.000) - (45.000) (60.00 2 4000 11 100.000) (165.333) (71.000) (75.059.000) (60.667 - (25.000) (50.00 4 8000 15 100.000) (165.462.642.000) (20.000) ### - - - - - - - ### (175.000) (15.00 2 4000 11 100.000) (9.667 .000 150.000) (20.000 300.00 2 4000 11 100.000) (13.000) (135.00 3.000) - - (140.000) (60.000) (9.000) (10.667 2.000) (60.000) (60.00 4 8000 15 100.333) (53.000) (50.667) (120.333) (131.000) (60.000) (60.

000 2.462.667 2.333 1.3.667 .096.190.928.059.667 2.333 2.000 2.642.049.823.000 2.

000) ### (10.000) (720.667) 207.000) (90.000) (30.667 2.000) - (90.096.797.000) - (120.620.000) (60.257.667) (106.000) (1.667 2.000) (21.000 900.000) - - (50.000 (80.000) (50.000) (21.050.667 2.333 496.000) (150.000) (10.000) (25.000 900.000) (60.000 (520.11 12 13 14 15 16 17 Total year 1 6 12000 17 100.333) (17.000 3.000) ### (120.00 10 20000 21 100.104.333) (134.000) (120.333) (152.464.000) (60.000) (50.000 900.667) (106.000) (50.000) (10.000) (60.200.000) (60.667) (133.000 1.000) (40.000) (165.811.000) (40.000 2.000) (120.000) (165.000) (60.000) (80.000) (150.000) (10.000) (40.000) - - (90.000) - (120.667 496.00 8 16000 19 100.333 346.000) 267.000) (60.000) 8.000) (25.000) - (60.000 1.000) (120.000) (50.000) (90.000) (120.00 8 16000 19 100.150.333 600.000) (40.667 2.500.000 600.000) (165.000) (165.333) (50.00 10 20000 21 100.000) .000) (165.000 (557.000) ### (50.000) - (150.000) (50.000) (60.000) (165.000) (600.000) (1.000) - (60.200.202.000 158.00 2.000) (106.333 267.00 6 12000 17 100.000) (555.000) ### (60.667 (200.000) (50.000) - (360.667 436.000) (17.000) (50.000) (21.000) (250.000) (165.000) (10.000) (60.000) - (160.000) (493.000) (60.00 8 16000 19 100.000) (120.000) - (185.333 207.000) (120.000) 158.667 (720.000) - - (40.333 2.000) (30.000 2.000 98.000) (10.333 267.333) (133.

000 2.333 2.104.050.811.257.2.667 2.667 2.464.248.000 .333 3.202.667 2.

667 5.000 1.000 666.000) (60.000 - (50.000) (180.248.000) (60.000.340.000) (1.980.000) (10.000) (60.000) (210.800.000 606.000) - (40.500.976.606.667 316.000 1.200.000) (33.00 14 28000 29 100.000) - - (40.000) (29.000) 436.667 4.000) (60.000) (70.667 4.000) (225.667 666.000) 496.000) (60.000 16.000) (120.000) (70.000) - - (280.000 1.000) (120.800.000) (225.000 666.000) (60.000) (150.440.000) (60.00 12 24000 27 100.793.000) ### (60.000) (210.000) (10.000 895.000 1.000) (60.000) (165.00 12 24000 27 100.000) (10.000) (10.333 835.000 606.000) (200.000) - - (200.000 1.000) (225.000) (120.000) (60.500.333 (830.667) (25.000) (225.000) (70.000) - - (90.000) (60.000) (225.000) (50.333 (1.000) (324.000) (120.000) - - (350.000 6.628.000) ### (120.667 5.212.000) (2.00 14 28000 29 100.00 14 28000 29 100.684.000) (720.000) (29.000) (33.00 3.000) (186.000) (50.000) (160.800.000) (720.000) (180.760.000) (120.000) (600.000) (29.426.000 .200.667) (186.000 3.000 (133.000) (60.000) 5.000) (50.000) (225.333 7.000) ### (10.000) - (290.000 1.000) (50.000) (50.333 895.958.000) (33.333) (160.000) (120.667) (186.000) (210.000) ### (50.18 19 20 21 22 23 24 Total Year 2 10 20000 21 100.000) (10.000) (60.00 12 24000 27 100.000) (1.000) - - (50.333 895.000) (60.000) (160.000) (180.000) 6.500.333 835.000) (60.667 1.000) (660.000) (60.000 745.000) (50.

793.667 .212.000.684.333 7.958.667 5.667 4.606.628.667 4.000 6.667 5.3.

140.000) (720.260.000) (120.620.000) (720.568.000) (700.000) (3.000) (720.000) (4.160.000) (720.980.202.000) (852.000) - (720.000) 13.000) (1.940.000) (4.000) (4.180.000 22.000) (120.000) (1.600.960.667 68.060.420.000 42.000 55.022.000) 15.300.040.600.000 (3.280.000) (600.800.228.000 20.000) (5.000) (600.104.667 41.000) (1.000) (3.000) (6.000) - (990.000) (4.430.000) (1.000 27.860.000) (440.000 .000) (600.000) - (560.500.000) (900.000 (550.000) (3.000) (720.000) (720.667 30.000) (5.Total Year 3 Total year 4 Total Year 5 21.000) (516.000) (120.500.000) (660.000) (3.394.000.600.800.000) (1.000 29.

.

333) 5.760.000 2.797.000 440.000 280.700 13.000 5.577.932.340.000 660.000 324.060.333) (1.200.700 9.000 30.000 33.797.600.440.000 3.000 3.000 3.600.000 250.000 30.333 134.150.980.5% .000 550.000 600.000 120.000 150.000 1.206.420.140.000 3.029.3% 22.000 (1.333 10.394.899.200.000 120.000 1.000 495.111.000 16.000 600.000 16.394.000 600.000 200.333) -57.000 350.000 120.000 3.774.426.000 120.426.000 - 4.000 (1.000 43.533.1% 29.8% (1.932.000 1.000 17.000 185.600.1% 5.000 516.333) 135.300 3.300 Expenses SMS Package Internet Cost General operating and administrative expenses PAS School Employee salary Other Employees' Wage expenses Office Rent Office Supplies Income taxes Debt/Loan Payment Purchase of laptops and tabs for PAS employees in school Purchase of other equipments and supplies for PAS employees in school Software Development Cost Total Expenses Net Profit Profit% EBITDA Depreciation EBIT Tax Net Profit Profit% -61.000 720.000 720.620.000 12.000 315.947.000 1.000 720.150.Year 1 Year 2 Year 3 Income Revenue with 75% conversion from Demo to Full Service Total Income 3.040.869.000 555.000 3.000 1.5% 13.000 1.000 493.

000 7.685.418.980.572.000 28.000 1.000.4% 27.000 6.000 47.000 720.000 4.800.000 4.000 120.000 600.000 - 22.000 26.000 19.000 32.860.000 3.000 42.000 55.180.000 5.7% 48.000 600.800.000 55.000 120.000 720.000 5.000 13.000 700.Year 4 Year 5 42.865.492.000 660.228.1% .400 18.300.000 27.000 5.228.000 560.120.800.000 852.600 33.280.300.500.600.000 - 720.180.8% 20.550.000 630.000 810.000 20.940.500.000 900.960.000 4.000 4.000 1.925.

500) 1.213) (2.000 315.700 8.828) (412.544.598.7 Year 1 Year 2 Year 3 Year 4 Year 5 EBITDA (3.425) (176.9% 810.950) (1.400 6.000 450.598) -1.7 EBITDA Depreciation Depreciation EBIT Tax Net Profit Profit% 135.700 4.000 # Students Rate = 100 EBITDA Depreciation Depreciation EBIT Tax Net Profit Profit% 135.350) (763.0% -7.950) (1.138.635) -0.600 22.575 661.651.350) 40.213) (2.504.802.788.345) -214.950 # Students Rate = 66.000 6.005) (3.596.461.300 1.009.000 810.4% EBIT Tax Net Profit Profit% # Students 1500 Rate = 100 Year 1 Year 2 Year 3 Year 4 Year 5 EBITDA (2.000 2.050) (44.9% 315.000 1.7% -22.000 6.501.000 495.596.248.000 14.500) (2.781.383.992.000 13.000 9.982.213) (1.000 (2.000 (3.# Students 1500 Rate = 66.206.000 10.1% EBIT Tax Net Profit Profit% .229.000 (589.000 (148.500 9.415) (103.000 1.300 18.5% 630.816.136.975.500) -109.050.500 4.605.0% 23.485) (490.6% 495.383.3% 630.465) (1.143.633.

600 (85.1% .6% 14.440 3.550.600 135.300 3.685.932.3% 13.464.000 810.9% -1.080) 812.899.577.300 13.709.000 315.000 (2.200 6.981.1.333) 5.000 630.646.000 495.492.896.350.925.869.8% 9.394.180.000 26.426.700 5.980 (2.000 315.600 -61.5% 32.000 810.100 7.283) (283.7% 2000 Year 1 Year 2 Year 3 Year 4 Year 5 (1.283) 31.111.400 3.029.000 (1.870 5.981.204.846.000 20.230 2.3% 22.824.836.400 (1.000 630.700 9.865.932.200 5.283) (198.4% 33.000 135.485.797.418.000 7.000 .100 8.000 12.1% 29.000 19.000 27.520) 1.333) 3.228.639.000 13.2000 Year 1 Year 2 Year 3 Year 4 Year 5 (2.620 -141.760 1.000 18.600) 2.533.094.000 495.333) 5.