I- GENERAL INPUT

*** Year 0 ***

Land Info
Land use term/Land lease term
Land area
FAR
# Floors
Total GFA

Input unit
Currency unit

Escalation Code
A
B
C
D
E

II- CAPEX

Investment

Description

Chi phí M&A

Chi phí xây dựng
Chi phí trang thiết bị
Phí franchise set-up

Reinvestment/Maintainance

Description Calculation type

Tái đầu tư trang thiết bị

Sửa chữa, cải tạo hàng năm as % of CAPEX

III- REVENUE

Tuition Revenue

Unit Existed #students

Cấp 1 Cấp 1 48 1 Cấp 1 -
Cấp 2 Cấp 2 49 2 Cấp 2 -
Cấp 3 Cấp 3 50 3 Cấp 3 -
Khoa A Khoa A 51 4 Khoa A -
Khoa B Khoa B 52 5 Khoa B -
Khoa C Khoa C 53 6 Khoa C -
Total schoolTotal school 0
Doanh thu b 0 0
Doanh thu 0 0
Doanh thu p 0 0
A 0 0
B 0 0
C 0 0
D 0 0
TOTAL REV 0 0
0 0 7 Total school/tuition -
0 64
0 Total #student -
0
0
0 Other Revenue

0 Unit Calculation type

0 70 8 Doanh thu bán trú Direct

0 71 9 Doanh thu phí CSVC Base on #students
0 72 10 Doanh thu phí ghi danh Base on #new enroll
0 73 11 A
0 74 12 B
0 75 13 C
0 76 14 D
0 0
0
0 79 15 TOTAL REVENUE
IV- EXPENSE

Staff/Employee cost

Unit Calculation type

Giáo viên toàn trường Direct

Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct

Other Cost
 Unit Calculation type

96 1 Chi phí tuyển sinh, chiết khấu, khuyễn mãi… Base on #new enroll
97 2 Chi phí giáo dục As % rev.
98 3 Chi phí điện nước As % rev.
99 4 Chi phí bảo trì, sủa chữa CSVC As % rev.
100 5 Chi phí giá vốn bán trú As % rev.
101 6 Chi phí Đồng phục, sách, bộ kit As % rev.
102 7 Chi phí thuê mặt bằng Exceptional
103 8 Chi phí khác As % rev.
0
0
0
107 9 Phí franchise quản lý/năm Exceptional
108 10 Phí franchise thu trên từng HS Base on #students
109 11 Phí franchise i-portal Base on #students
0
 2022 2023 2024 2025 2026 2027 2028
0 1 2 3 4 5 6

2022 Land area (LA)

Thuê đất School general info

12/30/2055 2055 Construction Date 1/1/2022
Operation Date 1/1/2023
Construction Year year 2022
Operation Year year 2023
0

Triệu Đồng

Y0 Y1 Y2 Y3 Y4 Y5 Y6
0% 7% 7% 7% 7% 7% 7%
0% 10% 10% 10% 10% 10% 10%
0% 5% 5% 5% 5% 5% 5%
0% 4% 4% 4% 4% 4% 4%
0% 0% 0% 0% 0% 0% 0%

2022 2023 2024 2025 2026 2027 2028

CAPEX Schedule

100%

Apply every … Years % margin

1 1%

2022 2023 2024 2025 2026 2027 2028

New enrollment
 65 75 90 105 120 120

- 65 75 90 105 120 120

- 60 130 215 315 430 545

2022 2023 2024 2025 2026 2027 2028

#Units

10 15 20 25 30 35

2022 2023 2024 2025 2026 2027 2028

Staff Projection

2022 2023 2024 2025 2026 2027 2028

 #

500 525 551 579 608 638 670

 2029 2030 2031 0 1 2
7 8 9 0 1 2

Gross floor area (GFA)

Equity/Debt structure
Loan propotion % 100%
Interest % 8.0%
Loan term year 10 năm
Grace period year 2 năm
Equity propotion % 0%
Cost of Equity % 16%
Tax rate % 10%

Y7 Y8 Y9 Forward
7% 7% 7% 7%
10% 10% 10% 10%
5% 5% 5% 5%
4% 4% 4% 4%
0% 0% 0% 0%

2029 2030 2031 Check

Area/Unit

0%
100% 1000
0%
0%
0%
0%

Apply to Area/Unit

Chi phí xây dựng

2029 2030 2031 Forward 2022 2023 2024

Sustainable
grow rate
 120 120 120 10.0% (5) (5)

120 120 120 - (5) (5)

660 775 890

2029 2030 2031 Forward

Sustainable
grow rate
40 45 50 10.0%

2029 2030 2031 Forward 2022 2023 2024

Fix #staff

20.0 23.0

2029 2030 2031 Forward

 Sustainable
grow rate

704 739 776 5.0%

 3 4 5 6 7 8 9
3 4 5 6 7 8 9

nit Price per Area/Unit Year start

2022
57 2022
2022
2022
2022
2022

nit Price per Area/Unit Start date applied

2023
2023
2023
2023
2023
2023

2025 2026 2027 2028 2029 2030 2031 Forward

Graduation/Quit Fix % of #students

 (5) (5) (5) (5) (5) (5) (5) 5.0%

(5) (5) (5) (5) (5) (5) (5)

2025 2026 2027 2028 2029 2030 2031 Forward

Students/Staff ratio Step up

26.0 29.0 32.0 35.0 38.0 41.0 44.0 1.0

 Apply Escalation
rt Total Nominal
Escalation Code
Yes D -
Yes D 57,000
No D -
No D -
No D -
No D -

Apply Escalation
pplied Total Nominal
Escalation Code
Yes D -
Yes D 285
No D -
No D -
No D -
No D -

Forward
Tuition fee Escalation Max
Fix % of #students Capacity
Yearly Code utilization
 5.0% 80.0 D 90% 2000
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
D 90%
Total Capacity 2000

Fee per unit Escalation

% margin Apply to
Yearly Code
15.0 D Total school/tuition
10.0 D 100% Total school/tuition
10.0 D 100% Total school/tuition
D
D
D
D
D

Forward
Utilized Avg. Salary Escalation
% margin Apply to
Ratio Yearly Code
50.0 260.0 D Total school/tuition
D
D
D
D
D
D
D
D
Cost per unit Escalation
% margin Apply to
Yearly Code
10.0 D 100% Total school/tuition
2% Total school/tuition
2% Total school/tuition
2% Total school/tuition
2% Doanh thu bán trú
2% Total school/tuition

2% Total school/tuition
 2022 2023 2024 2025 2026 2027 2028 2029
0 1 2 3 4 5 6 7

0 1 2 3 4 5 6 7
1.00 1.07 1.14 1.23 1.31 1.40 1.50 1.61
1.00 1.10 1.21 1.33 1.46 1.61 1.77 1.95
1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41
1.00 1.04 1.08 1.12 1.17 1.22 1.27 1.32
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

0 1 2 3 4 5 6 7

Price

- - - - - - - -
57,000 59,280 61,651 64,117 66,682 69,349 72,123 75,008
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

0 1 2 3 4 5 6 7

Price

- - - - - - - -
285 296 308 321 333 347 361 375
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

0 1 2 3 4 5 6 7

Price
 80 83 87 90 94 97 101 105
- - - - - - - -
- - - - - - - -
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- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

0 1 2 3 4 5 6 7

Price

15 16 16 17 18 18 19 20
10 10 11 11 12 12 13 13
10 10 11 11 12 12 13 13
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

Yearly salary

260 270 281 292 304 316 329 342

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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Yearly cost per unit

10 10 11 11 12 12 13 13
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2030 2031 2032 2033 2034 2035 2036 2037
8 9 10 11 12 13 14 15

8 9 10 11 12 13 14 15
1.72 1.84 1.97 2.10 2.25 2.41 2.58 2.76
2.14 2.36 2.59 2.85 3.14 3.45 3.80 4.18
1.48 1.55 1.63 1.71 1.80 1.89 1.98 2.08
1.37 1.42 1.48 1.54 1.60 1.67 1.73 1.80
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

8 9 10 11 12 13 14 15

- - - - - - - -
78,008 81,129 84,374 87,749 91,259 94,909 98,706 102,654
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

8 9 10 11 12 13 14 15

- - - - - - - -
390 406 422 439 456 475 494 513
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

8 9 10 11 12 13 14 15
 109 114 118 123 128 133 139 144
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

8 9 10 11 12 13 14 15

21 21 22 23 24 25 26 27
14 14 15 15 16 17 17 18
14 14 15 15 16 17 17 18
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

356 370 385 400 416 433 450 468

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
14 14 15 15 16 17 17 18
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2038 2039 2040 2041 2042 2043 2044 2045
16 17 18 19 20 21 22 23

16 17 18 19 20 21 22 23
2.95 3.16 3.38 3.62 3.87 4.14 4.43 4.74
4.59 5.05 5.56 6.12 6.73 7.40 8.14 8.95
2.18 2.29 2.41 2.53 2.65 2.79 2.93 3.07
1.87 1.95 2.03 2.11 2.19 2.28 2.37 2.46
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

16 17 18 19 20 21 22 23

- - - - - - - -
106,760 111,030 115,472 120,090 124,894 129,890 135,085 140,489
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

16 17 18 19 20 21 22 23

- - - - - - - -
534 555 577 600 624 649 675 702
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

16 17 18 19 20 21 22 23
 150 156 162 169 175 182 190 197
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

16 17 18 19 20 21 22 23

28 29 30 32 33 34 36 37
19 19 20 21 22 23 24 25
19 19 20 21 22 23 24 25
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

487 506 527 548 570 592 616 641

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
19 19 20 21 22 23 24 25
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
2046 2047 2048 2049 2050 2051 2052 2053
24 25 26 27 28 29 30 31

24 25 26 27 28 29 30 31
5.07 5.43 5.81 6.21 6.65 7.11 7.61 8.15
9.85 10.83 11.92 13.11 14.42 15.86 17.45 19.19
3.23 3.39 3.56 3.73 3.92 4.12 4.32 4.54
2.56 2.67 2.77 2.88 3.00 3.12 3.24 3.37
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

24 25 26 27 28 29 30 31

- - - - - - - -
146,108 151,953 158,031 164,352 170,926 177,763 184,874 192,269
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

24 25 26 27 28 29 30 31

- - - - - - - -
731 760 790 822 855 889 924 961
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

24 25 26 27 28 29 30 31
 205 213 222 231 240 249 259 270
- - - - - - - -
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- - - - - - - -
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24 25 26 27 28 29 30 31

38 40 42 43 45 47 49 51
26 27 28 29 30 31 32 34
26 27 28 29 30 31 32 34
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

666 693 721 750 780 811 843 877

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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26 27 28 29 30 31 32 34
- - - - - - - -
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2054 2055 2056 2057 2058 2059 2060 2061
32 33 34 35 36 37 38 39

32 33 34 35 36 37 38 39
8.72 9.33 9.98 10.68 11.42 12.22 13.08 13.99
21.11 23.23 25.55 28.10 30.91 34.00 37.40 41.14
4.76 5.00 5.25 5.52 5.79 6.08 6.39 6.70
3.51 3.65 3.79 3.95 4.10 4.27 4.44 4.62
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

32 33 34 35 36 37 38 39

- - - - - - - -
199,959 207,958 216,276 224,927 233,924 243,281 253,012 263,133
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

32 33 34 35 36 37 38 39

- - - - - - - -
1,000 1,040 1,081 1,125 1,170 1,216 1,265 1,316
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

32 33 34 35 36 37 38 39
 281 292 304 316 328 341 355 369
- - - - - - - -
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32 33 34 35 36 37 38 39

53 55 57 59 62 64 67 69
35 36 38 39 41 43 44 46
35 36 38 39 41 43 44 46
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

912 949 987 1,026 1,067 1,110 1,154 1,200

- - - - - - - -
- - - - - - - -
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- - - - - - - -
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35 36 38 39 41 43 44 46
- - - - - - - -
- - - - - - - -
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2062 2063 2064 2065 2066 2067 2068 2069
40 41 42 43 44 45 46 47

40 41 42 43 44 45 46 47
14.97 16.02 17.14 18.34 19.63 21.00 22.47 24.05
45.26 49.79 54.76 60.24 66.26 72.89 80.18 88.20
7.04 7.39 7.76 8.15 8.56 8.99 9.43 9.91
4.80 4.99 5.19 5.40 5.62 5.84 6.07 6.32
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

40 41 42 43 44 45 46 47

- - - - - - - -
273,658 284,605 295,989 307,828 320,141 332,947 346,265 360,115
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

40 41 42 43 44 45 46 47

- - - - - - - -
1,368 1,423 1,480 1,539 1,601 1,665 1,731 1,801
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

40 41 42 43 44 45 46 47
 384 399 415 432 449 467 486 505
- - - - - - - -
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- - - - - - - -

40 41 42 43 44 45 46 47

72 75 78 81 84 88 91 95
48 50 52 54 56 58 61 63
48 50 52 54 56 58 61 63
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

1,248 1,298 1,350 1,404 1,460 1,519 1,579 1,643

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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48 50 52 54 56 58 61 63
- - - - - - - -
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2070 2071 2072 2022 2023 2024
48 49 50 0 1 2

48 49 50
25.73 27.53 29.46
97.02 106.72 117.39
10.40 10.92 11.47
6.57 6.83 7.11
1.00 1.00 1.00

48 49 50 0 1 2

CAPEX

- - - - - -
374,520 389,501 405,081 57,000 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

48 49 50 0 1 2

CAPEX

- - - - - -
1,873 1,948 2,025 - - 308
- - - - - -
- - - - - -
- - - - - -
- - - - - -

48 49 50

New enroll
 526 547 569 - 65 75
- - - - - -
- - - - - -
- - - - - -
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- - - - - -
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- 65 75

48 49 50

#student apply

99 103 107 - 10 15
66 68 71 - 60 130
66 68 71 - 65 75
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -

#Staff

1,708 1,777 1,848 - 3 6

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
 #student apply

66 68 71 - 65 75
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
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2025 2026 2027 2028 2029 2030 2031 2032
3 4 5 6 7 8 9 10

3 4 5 6 7 8 9 10

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

3 4 5 6 7 8 9 10

- - - - - - - -
321 333 347 361 375 390 406 422
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
90 105 120 120 120 120 120 132
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
90 105 120 120 120 120 120 132

20 25 30 35 40 45 50 55
215 315 430 545 660 775 890 978
90 105 120 120 120 120 120 132
- - - - - - - -
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- - - - - - - -
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8 11 13 16 17 19 20 22
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90 105 120 120 120 120 120 132
- - - - - - - -
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2033 2034 2035 2036 2037 2038 2039 2040
11 12 13 14 15 16 17 18

11 12 13 14 15 16 17 18

11 12 13 14 15 16 17 18

- - - - - - - -
439 456 475 494 513 534 555 577
- - - - - - - -
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 145 160 176 193 213 234 164 90
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
145 160 176 193 213 234 164 90

61 67 74 81 89 98 108 119
1,074 1,180 1,297 1,425 1,566 1,722 1,800 1,800
145 160 176 193 213 234 164 90
- - - - - - - -
- - - - - - - -
- - - - - - - -
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23 25 27 29 31 34 36 36
- - - - - - - -
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145 160 176 193 213 234 164 90
- - - - - - - -
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2041 2042 2043 2044 2045 2046 2047 2048
19 20 21 22 23 24 25 26

19 20 21 22 23 24 25 26

19 20 21 22 23 24 25 26

- - - - - - - -
600 624 649 675 702 731 760 790
- - - - - - - -
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 90 90 90 90 90 90 90 90
- - - - - - - -
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- - - - - - - -
90 90 90 90 90 90 90 90

131 144 158 174 191 210 231 254

1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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36 36 36 36 36 36 36 36
- - - - - - - -
- - - - - - - -
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90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
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2049 2050 2051 2052 2053 2054 2055 2056
27 28 29 30 31 32 33 34

27 28 29 30 31 32 33 34

27 28 29 30 31 32 33 34

- - - - - - - -
822 855 889 924 961 1,000 1,040 1,081
- - - - - - - -
- - - - - - - -
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 90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
90 90 90 90 90 90 90 90

279 307 338 372 409 450 495 545

1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

36 36 36 36 36 36 36 36
- - - - - - - -
- - - - - - - -
- - - - - - - -
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90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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2057 2058 2059 2060 2061 2062 2063 2064
35 36 37 38 39 40 41 42

35 36 37 38 39 40 41 42

35 36 37 38 39 40 41 42

- - - - - - - -
1,125 1,170 1,216 1,265 1,316 1,368 1,423 1,480
- - - - - - - -
- - - - - - - -
- - - - - - - -
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 90 90 90 90 90 90 90 90
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
90 90 90 90 90 90 90 90

600 660 726 799 879 967 1,064 1,170

1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

36 36 36 36 36 36 36 36
- - - - - - - -
- - - - - - - -
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90 90 90 90 90 90 90 90
- - - - - - - -
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2065 2066 2067 2068 2069 2070 2071 2072
43 44 45 46 47 48 49 50

43 44 45 46 47 48 49 50

43 44 45 46 47 48 49 50

- - - - - - - -
1,539 1,601 1,665 1,731 1,801 1,873 1,948 2,025
- - - - - - - -
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 90 90 90 90 90 90 90 90
- - - - - - - -
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90 90 90 90 90 90 90 90

1,287 1,416 1,558 1,714 1,800 1,800 1,800 1,800

1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
90 90 90 90 90 90 90 90
- - - - - - - -
- - - - - - - -
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36 36 36 36 36 36 36 36
- - - - - - - -
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90 90 90 90 90 90 90 90
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 2022 2023 2024 2025 2026 2027
0 1 2 3 4 5

Graduation/Quit
 - (5) (5) (5) (5) (5)
- - - - - -
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- (5) (5) (5) (5) (5)

Expense

- 811 1,687 2,340 3,346 4,112

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
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Expense

- 676 811 1,012 1,228 1,460

- 100 225 387 590 837
- 100 225 387 590 837
- 100 225 387 590 837
- 3 5 7 9 11
- 100 225 387 590 837
- - - - - -
- 100 225 387 590 837
- - - - - -
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- - - - - -
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2028 2029 2030 2031 2032 2033 2034 2035
6 7 8 9 10 11 12 13
 (5) (5) (5) (5) (45) (49) (54) (59)
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
(5) (5) (5) (5) (45) (49) (54) (59)

5,264 5,816 6,761 7,401 8,467 9,206 10,407 11,689

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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1,518 1,579 1,642 1,708 1,954 2,235 2,557 2,925
1,103 1,390 1,697 2,027 2,315 2,645 3,022 3,454
1,103 1,390 1,697 2,027 2,315 2,645 3,022 3,454
1,103 1,390 1,697 2,027 2,315 2,645 3,022 3,454
13 16 18 21 24 28 32 37
1,103 1,390 1,697 2,027 2,315 2,645 3,022 3,454
- - - - - - - -
1,103 1,390 1,697 2,027 2,315 2,645 3,022 3,454
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
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2036 2037 2038 2039 2040 2041 2042 2043
14 15 16 17 18 19 20 21
 (65) (71) (78) (86) (90) (90) (90) (90)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
(65) (71) (78) (86) (90) (90) (90) (90)

13,057 14,516 16,557 18,232 18,962 19,720 20,509 21,329

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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3,347 3,829 4,380 3,199 1,823 1,896 1,972 2,051
3,948 4,513 5,160 5,610 5,834 6,068 6,310 6,563
3,948 4,513 5,160 5,610 5,834 6,068 6,310 6,563
3,948 4,513 5,160 5,610 5,834 6,068 6,310 6,563
42 48 55 63 72 83 95 108
3,948 4,513 5,160 5,610 5,834 6,068 6,310 6,563
- - - - - - - -
3,948 4,513 5,160 5,610 5,834 6,068 6,310 6,563
- - - - - - - -
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- - - - - - - -
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- - - - - - - -
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2044 2045 2046 2047 2048 2049 2050 2051
22 23 24 25 26 27 28 29
 (90) (90) (90) (90) (90) (90) (90) (90)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
(90) (90) (90) (90) (90) (90) (90) (90)

22,182 23,070 23,993 24,952 25,950 26,988 28,068 29,191

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2,133 2,218 2,307 2,399 2,495 2,595 2,699 2,807
6,825 7,098 7,382 7,678 7,985 8,304 8,636 8,982
6,825 7,098 7,382 7,678 7,985 8,304 8,636 8,982
6,825 7,098 7,382 7,678 7,985 8,304 8,636 8,982
124 141 161 185 211 241 276 316
6,825 7,098 7,382 7,678 7,985 8,304 8,636 8,982
- - - - - - - -
6,825 7,098 7,382 7,678 7,985 8,304 8,636 8,982
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2052 2053 2054 2055 2056 2057 2058 2059
30 31 32 33 34 35 36 37
 (90) (90) (90) (90) (90) (90) (90) (90)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(90) (90) (90) (90) (90) (90) (90) (90)

30,358 31,573 32,835 34,149 35,515 36,935 38,413 39,949

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2,919 3,036 3,157 3,284 3,415 3,551 3,694 3,841
9,341 9,715 10,103 10,507 10,928 11,365 11,819 12,292
9,341 9,715 10,103 10,507 10,928 11,365 11,819 12,292
9,341 9,715 10,103 10,507 10,928 11,365 11,819 12,292
362 414 474 542 620 710 813 930
9,341 9,715 10,103 10,507 10,928 11,365 11,819 12,292
- - - - - - - -
9,341 9,715 10,103 10,507 10,928 11,365 11,819 12,292
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2060 2061 2062 2063 2064 2065 2066 2067
38 39 40 41 42 43 44 45
 (90) (90) (90) (90) (90) (90) (90) (90)
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
(90) (90) (90) (90) (90) (90) (90) (90)

41,547 43,209 44,938 46,735 48,604 50,549 52,571 54,673

- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
 3,995 4,155 4,321 4,494 4,674 4,860 5,055 5,257
12,784 13,295 13,827 14,380 14,955 15,553 16,176 16,823
12,784 13,295 13,827 14,380 14,955 15,553 16,176 16,823
12,784 13,295 13,827 14,380 14,955 15,553 16,176 16,823
1,064 1,217 1,393 1,594 1,823 2,085 2,386 2,730
12,784 13,295 13,827 14,380 14,955 15,553 16,176 16,823
- - - - - - - -
12,784 13,295 13,827 14,380 14,955 15,553 16,176 16,823
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
2068 2069 2070 2071 2072 2022
46 47 48 49 50 0

#students
 (90) (90) (90) (90) (90) -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
(90) (90) (90) (90) (90) -

56,860 59,135 61,500 63,960 66,519

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
 5,467 5,686 5,913 6,150 6,396
17,495 18,195 18,923 19,680 20,467
17,495 18,195 18,923 19,680 20,467
17,495 18,195 18,923 19,680 20,467
3,124 3,412 3,548 3,690 3,838
17,495 18,195 18,923 19,680 20,467
- - - - -
17,495 18,195 18,923 19,680 20,467
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
2023 2024 2025 2026 2027 2028 2029 2030
1 2 3 4 5 6 7 8
60 130 215 315 430 545 660 775
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
60 130 215 315 430 545 660 775
2031 2032 2033 2034 2035 2036 2037 2038
9 10 11 12 13 14 15 16
890 978 1,074 1,180 1,297 1,425 1,566 1,722
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
890 978 1,074 1,180 1,297 1,425 1,566 1,722
2039 2040 2041 2042 2043 2044 2045 2046
17 18 19 20 21 22 23 24
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
2047 2048 2049 2050 2051 2052 2053 2054
25 26 27 28 29 30 31 32
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
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- - - - - - - -
- - - - - - - -
- - - - - - - -
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
2055 2056 2057 2058 2059 2060 2061 2062
33 34 35 36 37 38 39 40
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
2063 2064 2065 2066 2067 2068 2069 2070
41 42 43 44 45 46 47 48
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800
2071 2072 2022 2023 2024 2025
49 50 0 1 2 3

Tuition Rev
1,800 1,800 - 4,992 11,249 19,348
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1,800 1,800 - 4,992 11,249 19,348

Rev

- 156 243 337

- 624 1,406 2,418
- 676 811 1,012
- - - -
- - - -
- - - -
- - - -
- - - -

- 6,448 13,709 23,116

2026 2027 2028 2029 2030 2031 2032 2033
4 5 6 7 8 9 10 11
29,480 41,853 55,168 69,481 84,851 101,340 115,755 132,248
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
29,480 41,853 55,168 69,481 84,851 101,340 115,755 132,248

439 547 664 790 924 1,067 1,221 1,409

3,685 5,232 6,896 8,685 10,606 12,667 14,469 16,531
1,228 1,460 1,518 1,579 1,642 1,708 1,954 2,235
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

34,833 49,092 64,247 80,535 98,024 116,783 133,400 152,423

2034 2035 2036 2037 2038 2039 2040 2041
12 13 14 15 16 17 18 19
151,119 172,708 197,409 225,669 258,000 280,498 291,718 303,386
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
151,119 172,708 197,409 225,669 258,000 280,498 291,718 303,386

1,609 1,848 2,104 2,404 2,753 3,156 3,616 4,140

18,890 21,589 24,676 28,209 32,250 35,062 36,465 37,923
2,557 2,925 3,347 3,829 4,380 3,199 1,823 1,896
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

174,175 199,071 227,536 260,110 297,383 321,915 333,622 347,346

2042 2043 2044 2045 2046 2047 2048 2049
20 21 22 23 24 25 26 27
315,522 328,143 341,268 354,919 369,116 383,880 399,236 415,205
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
315,522 328,143 341,268 354,919 369,116 383,880 399,236 415,205

4,733 5,401 6,185 7,061 8,074 9,237 10,563 12,067

39,440 41,018 42,659 44,365 46,139 47,985 49,904 51,901
1,972 2,051 2,133 2,218 2,307 2,399 2,495 2,595
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

361,667 376,612 392,245 408,564 425,637 443,502 462,198 481,768

2050 2051 2052 2053 2054 2055 2056 2057
28 29 30 31 32 33 34 35
431,813 449,086 467,049 485,731 505,160 525,367 546,382 568,237
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
431,813 449,086 467,049 485,731 505,160 525,367 546,382 568,237

13,809 15,812 18,098 20,694 23,679 27,089 31,019 35,515

53,977 56,136 58,381 60,716 63,145 65,671 68,298 71,030
2,699 2,807 2,919 3,036 3,157 3,284 3,415 3,551
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

502,298 523,840 546,448 570,178 595,142 621,411 649,113 678,333

2058 2059 2060 2061 2062 2063 2064 2065
36 37 38 39 40 41 42 43
590,966 614,605 639,189 664,757 691,347 719,001 747,761 777,671
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
590,966 614,605 639,189 664,757 691,347 719,001 747,761 777,671

40,629 46,479 53,199 60,867 69,639 79,689 91,133 104,257

73,871 76,826 79,899 83,095 86,418 89,875 93,470 97,209
3,694 3,841 3,995 4,155 4,321 4,494 4,674 4,860
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

709,160 741,751 776,282 812,873 851,725 893,059 937,038 983,997

2066 2067 2068 2069 2070 2071 2072
44 45 46 47 48 49 50
 808,778 841,129 874,774 909,765 946,156 984,002 1,023,362
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
808,778 841,129 874,774 909,765 946,156 984,002 1,023,362

119,295 136,508 156,184 170,581 177,404 184,500 191,880

101,097 105,141 109,347 113,721 118,270 123,000 127,920
5,055 5,257 5,467 5,686 5,913 6,150 6,396
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

1,034,225 1,088,036 1,145,772 1,199,753 1,247,743 1,297,653 1,349,559

SUMMARY
STT KHOẢN MỤC
1 Net Development Profit 7,596,236
2 IRR 113%
3 NPV 6,552,424
4 NPV Sustain at Year 6 54,427
5 NPV Sustain at Year 11 128,569
6 Payback period Year 3
7 Sustainable Growth Rate 4%
8 Operating Discount Rate 22%
9 Discount Rate in Construction period 18%
10 Revenue Allowance 5%
2022 2023
0 1
OPERATION INDEX
1 Opening #student 0 0
(+)New start 0 65
% growth 0.0% 0.0%
(-)Quit/Graduation 0 (5)
2 Net change 0 60
3 Closing #student 0 60

4 Capacity 2,000 2,000

% utilization rate 0.0% 3.0%

5 #Staff 0 3
Student/Staff ratio 0.0 20.0

P&L
STT ITEM
1 Revenue - 6,448
Revenue growth 0.0% 0.0%

Tuition Revenue - 4,992

Doanh thu bán trú 8 - 156

Doanh thu phí CSVC 9 - 624
Doanh thu phí ghi danh 10 - 676
A 11 - -
B 12 - -
C 13 - -
D 14 - -
_ 15 _
_ 16 _
_ 17 _

Revenue Allowance - (322)

2 Net Revenue - 6,126

 3 Operating Cost - (1,990)

Staff/Employee cost - (811)

Other cost - (1,178)

Chi phí tuyển sinh, chiết khấu, khuyễn mãi… 1 - (676)
Chi phí giáo dục 2 - (100)
Chi phí điện nước 3 - (100)
Chi phí bảo trì, sủa chữa CSVC 4 - (100)
Chi phí giá vốn bán trú 5 - (3)
Chi phí Đồng phục, sách, bộ kit 6 - (100)
Chi phí thuê mặt bằng 7 - -
Chi phí khác 8 - (100)
Phí franchise quản lý/năm 9 - -
Phí franchise thu trên từng HS 10 - -
Phí franchise i-portal 11 - -
_ 12 _
_ 13 _
_ 14 _
_ 15 _

4 EBITDA - 4,136
%margin 0.0% 64.1%

CASHFLOW
STT KHOẢN MỤC
1 EBITDA - 4,136

2 CAPEX (57,000) -
Investment CAPEX (57,000) -
Reinvestment/Maintainance CAPEX - -

3 Debt 54,720 (4,560)

(+) Drawdonw 57,000 -
Beginning Balance - 57,000
(-) Principal - -
Ending Balance 57,000 57,000
(-) Interest (2,280) (4,560)

4 Cashflow (2,280) (424)

5 Cumulative Cashflow (2,280) (2,704)

WACC 7.2% 7.2%

6 PV Cashflow at Beginning of each year (2,127) (395)

7 PV Cashflow at Year 0 (2,127) (324)

8 PV Terminal Value at Year 6

9 PV Terminal Value at Year 11

2024 2025 2026 2027 2028 2029 2030
2 3 4 5 6 7 8

60 130 215 315 430 545 660

75 90 105 120 120 120 120
15.4% 20.0% 16.7% 14.3% 0.0% 0.0% 0.0%
(5) (5) (5) (5) (5) (5) (5)
70 85 100 115 115 115 115
130 215 315 430 545 660 775

2,000 2,000 2,000 2,000 2,000 2,000 2,000

6.5% 10.8% 15.8% 21.5% 27.3% 33.0% 38.8%

6 8 11 13 16 17 19
21.7 26.9 28.6 33.1 34.1 38.8 40.8

13,709 23,116 34,833 49,092 64,247 80,535 98,024

112.6% 68.6% 50.7% 40.9% 30.9% 25.4% 21.7%

11,249 19,348 29,480 41,853 55,168 69,481 84,851

243 337 439 547 664 790 924

1,406 2,418 3,685 5,232 6,896 8,685 10,606
811 1,012 1,228 1,460 1,518 1,579 1,642
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(685) (1,156) (1,742) (2,455) (3,212) (4,027) (4,901)

13,024 21,960 33,091 46,637 61,034 76,508 93,123

 (3,628) (5,294) (7,531) (9,769) (12,312) (14,359) (16,907)

(1,687) (2,340) (3,346) (4,112) (5,264) (5,816) (6,761)

(1,941) (2,954) (4,185) (5,656) (7,048) (8,543) (10,146)

(811) (1,012) (1,228) (1,460) (1,518) (1,579) (1,642)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(5) (7) (9) (11) (13) (16) (18)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
- - - - - - -
(225) (387) (590) (837) (1,103) (1,390) (1,697)
- - - - - - -
- - - - - - -
- - - - - - -

9,396 16,667 25,560 36,869 48,722 62,149 76,216

68.5% 72.1% 73.4% 75.1% 75.8% 77.2% 77.8%

9,396 16,667 25,560 36,869 48,722 62,149 76,216

(308) (321) (333) (347) (361) (375) (390)

- - - - - - -
(308) (321) (333) (347) (361) (375) (390)

(11,400) (10,830) (10,260) (9,690) (9,120) (8,550) (7,980)

- - - - - - -
57,000 49,875 42,750 35,625 28,500 21,375 14,250
(7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125)
49,875 42,750 35,625 28,500 21,375 14,250 7,125
(4,275) (3,705) (3,135) (2,565) (1,995) (1,425) (855)

(2,313) 5,516 14,967 26,832 39,241 53,224 67,846

(5,017) 499 15,466 42,298 81,539 134,763 202,609

8.3% 9.4% 10.5% 11.6% 12.7% 13.8% 14.9%

(2,135) 5,042 13,544 24,043 34,819 46,770 59,048

(1,435) 2,777 6,114 8,896 10,560 11,626 12,032

49,422
2031 2032 2033 2034 2035 2036 2037
9 10 11 12 13 14 15

775 890 978 1,074 1,180 1,297 1,425

120 132 145 160 176 193 213
0.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
(5) (45) (49) (54) (59) (65) (71)
115 88 96 106 117 128 141
890 978 1,074 1,180 1,297 1,425 1,566

2,000 2,000 2,000 2,000 2,000 2,000 2,000

44.5% 48.9% 53.7% 59.0% 64.8% 71.2% 78.3%

20 22 23 25 27 29 31
44.5 44.4 46.7 47.2 48.0 49.1 50.5

116,783 133,400 152,423 174,175 199,071 227,536 260,110

19.1% 14.2% 14.3% 14.3% 14.3% 14.3% 14.3%

101,340 115,755 132,248 151,119 172,708 197,409 225,669

1,067 1,221 1,409 1,609 1,848 2,104 2,404

12,667 14,469 16,531 18,890 21,589 24,676 28,209
1,708 1,954 2,235 2,557 2,925 3,347 3,829
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(5,839) (6,670) (7,621) (8,709) (9,954) (11,377) (13,006)

110,944 126,730 144,802 165,466 189,117 216,159 247,105

(19,265) (22,021) (24,694) (28,108) (31,922) (36,187) (40,959)

(7,401) (8,467) (9,206) (10,407) (11,689) (13,057) (14,516)

(11,863) (13,554) (15,488) (17,701) (20,233) (23,130) (26,444)

(1,708) (1,954) (2,235) (2,557) (2,925) (3,347) (3,829)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(21) (24) (28) (32) (37) (42) (48)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
- - - - - - -
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
- - - - - - -
- - - - - - -
- - - - - - -

91,679 104,709 120,108 137,358 157,195 179,973 206,146

78.5% 78.5% 78.8% 78.9% 79.0% 79.1% 79.3%

91,679 104,709 120,108 137,358 157,195 179,973 206,146

(406) (422) (439) (456) (475) (494) (513)

- - - - - - -
(406) (422) (439) (456) (475) (494) (513)

(7,410) - - - - - -
- - - - - - -
7,125
(7,125)
-
(285)

83,863 104,287 119,669 136,902 156,721 179,479 205,632

286,473 390,759 510,429 647,330 804,051 983,530 1,189,163

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

72,296 89,903 103,163 118,019 135,104 154,723 177,269

12,075 12,308 11,576 10,855 10,186 9,561 8,979

68,376
2038 2039 2040 2041 2042 2043 2044
16 17 18 19 20 21 22

1,566 1,722 1,800 1,800 1,800 1,800 1,800

234 164 90 90 90 90 90
10.0% -29.8% -45.2% 0.0% 0.0% 0.0% 0.0%
(78) (86) (90) (90) (90) (90) (90)
156 78 0 0 0 0 0
1,722 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

86.1% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

34 36 36 36 36 36 36
50.6 50.0 50.0 50.0 50.0 50.0 50.0

297,383 321,915 333,622 347,346 361,667 376,612 392,245

14.3% 8.2% 3.6% 4.1% 4.1% 4.1% 4.2%

258,000 280,498 291,718 303,386 315,522 328,143 341,268

2,753 3,156 3,616 4,140 4,733 5,401 6,185

32,250 35,062 36,465 37,923 39,440 41,018 42,659
4,380 3,199 1,823 1,896 1,972 2,051 2,133
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(14,869) (16,096) (16,681) (17,367) (18,083) (18,831) (19,612)

282,514 305,819 316,941 329,978 343,583 357,781 372,633

 (46,792) (49,544) (50,029) (52,038) (54,128) (56,302) (58,566)

(16,557) (18,232) (18,962) (19,720) (20,509) (21,329) (22,182)

(30,235) (31,312) (31,067) (32,318) (33,619) (34,973) (36,383)

(4,380) (3,199) (1,823) (1,896) (1,972) (2,051) (2,133)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(55) (63) (72) (83) (95) (108) (124)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
- - - - - - -
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
- - - - - - -
- - - - - - -
- - - - - - -

235,722 256,275 266,912 277,941 289,456 301,479 314,067

79.3% 79.6% 80.0% 80.0% 80.0% 80.1% 80.1%

235,722 256,275 266,912 277,941 289,456 301,479 314,067

(534) (555) (577) (600) (624) (649) (675)

- - - - - - -
(534) (555) (577) (600) (624) (649) (675)

- - - - - - -
- - - - - - -

235,188 255,719 266,334 277,340 288,831 300,830 313,392

1,424,351 1,680,070 1,946,404 2,223,745 2,512,576 2,813,405 3,126,797

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

202,748 220,448 229,598 239,086 248,992 259,336 270,165

8,418 7,502 6,405 5,467 4,666 3,984 3,402

2045 2046 2047 2048 2049 2050 2051
23 24 25 26 27 28 29

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

408,564 425,637 443,502 462,198 481,768 502,298 523,840

4.2% 4.2% 4.2% 4.2% 4.2% 4.3% 4.3%

354,919 369,116 383,880 399,236 415,205 431,813 449,086

7,061 8,074 9,237 10,563 12,067 13,809 15,812

44,365 46,139 47,985 49,904 51,901 53,977 56,136
2,218 2,307 2,399 2,495 2,595 2,699 2,807
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(20,428) (21,282) (22,175) (23,110) (24,088) (25,115) (26,192)

388,135 404,355 421,327 439,089 457,679 477,183 497,648

 (60,921) (63,373) (65,924) (68,580) (71,345) (74,224) (77,222)

(23,070) (23,993) (24,952) (25,950) (26,988) (28,068) (29,191)

(37,851) (39,380) (40,972) (42,630) (44,357) (46,156) (48,032)

(2,218) (2,307) (2,399) (2,495) (2,595) (2,699) (2,807)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(141) (161) (185) (211) (241) (276) (316)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
- - - - - - -
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
- - - - - - -
- - - - - - -
- - - - - - -

327,214 340,982 355,403 370,508 386,334 402,959 420,426

80.1% 80.1% 80.1% 80.2% 80.2% 80.2% 80.3%

327,214 340,982 355,403 370,508 386,334 402,959 420,426

(702) (731) (760) (790) (822) (855) (889)

- - - - - - -
(702) (731) (760) (790) (822) (855) (889)

- - - - - - -
- - - - - - -

326,512 340,252 354,643 369,718 385,512 402,104 419,537

3,453,309 3,793,561 4,148,203 4,517,921 4,903,434 5,305,538 5,725,075

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

281,476 293,320 305,726 318,722 332,338 346,641 361,670

2,905 2,481 2,120 1,812 1,548 1,324 1,132

2052 2053 2054 2055 2056 2057 2058
30 31 32 33 34 35 36

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

546,448 570,178 595,142 621,411 649,113 678,333 709,160

4.3% 4.3% 4.4% 4.4% 4.5% 4.5% 4.5%

467,049 485,731 505,160 525,367 546,382 568,237 590,966

18,098 20,694 23,679 27,089 31,019 35,515 40,629

58,381 60,716 63,145 65,671 68,298 71,030 73,871
2,919 3,036 3,157 3,284 3,415 3,551 3,694
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(27,322) (28,509) (29,757) (31,071) (32,456) (33,917) (35,458)

519,125 541,669 565,385 590,340 616,657 644,416 673,702

 (80,344) (83,595) (86,982) (90,511) (94,188) (98,021) (102,016)

(30,358) (31,573) (32,835) (34,149) (35,515) (36,935) (38,413)

(49,986) (52,023) (54,147) (56,362) (58,673) (61,085) (63,603)

(2,919) (3,036) (3,157) (3,284) (3,415) (3,551) (3,694)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(362) (414) (474) (542) (620) (710) (813)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
- - - - - - -
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
- - - - - - -
- - - - - - -
- - - - - - -

438,781 458,073 478,403 499,829 522,469 546,395 571,686

80.3% 80.3% 80.4% 80.4% 80.5% 80.5% 80.6%

438,781 458,073 478,403 499,829 522,469 546,395 571,686

(924) (961) (1,000) (1,040) (1,081) (1,125) (1,170)

- - - - - - -
(924) (961) (1,000) (1,040) (1,081) (1,125) (1,170)

- - - - - - -
- - - - - - -

437,857 457,112 477,403 498,789 521,387 545,271 570,516

6,162,931 6,620,043 7,097,446 7,596,236 8,117,623 8,662,894 9,233,410

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

377,463 394,062 411,554 429,991 449,472 470,061 491,824

968 829 709 608 521 446 383

2059 2060 2061 2062 2063 2064 2065
37 38 39 40 41 42 43

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

741,751 776,282 812,873 851,725 893,059 937,038 983,997

4.6% 4.7% 4.7% 4.8% 4.9% 4.9% 5.0%

614,605 639,189 664,757 691,347 719,001 747,761 777,671

46,479 53,199 60,867 69,639 79,689 91,133 104,257

76,826 79,899 83,095 86,418 89,875 93,470 97,209
3,841 3,995 4,155 4,321 4,494 4,674 4,860
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(37,088) (38,814) (40,644) (42,586) (44,653) (46,852) (49,200)

704,664 737,468 772,229 809,139 848,406 890,186 934,797

(106,181) (110,525) (115,057) (119,786) (124,723) (129,877) (135,261)

(39,949) (41,547) (43,209) (44,938) (46,735) (48,604) (50,549)

(66,231) (68,978) (71,848) (74,848) (77,988) (81,272) (84,713)

(3,841) (3,995) (4,155) (4,321) (4,494) (4,674) (4,860)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(930) (1,064) (1,217) (1,393) (1,594) (1,823) (2,085)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
- - - - - - -
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
- - - - - - -
- - - - - - -
- - - - - - -

598,483 626,943 657,172 689,353 723,683 760,309 799,536

80.7% 80.8% 80.8% 80.9% 81.0% 81.1% 81.3%

598,483 626,943 657,172 689,353 723,683 760,309 799,536

(1,216) (1,265) (1,316) (1,368) (1,423) (1,480) (1,539)

- - - - - - -
(1,216) (1,265) (1,316) (1,368) (1,423) (1,480) (1,539)

- - - - - - -
- - - - - - -

597,267 625,678 655,857 687,985 722,260 758,829 797,997

9,830,677 10,456,354 11,112,211 11,800,196 12,522,456 13,281,285 14,079,282

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

514,885 539,377 565,394 593,090 622,638 654,163 687,928

328 282 242 208 179 154 133

2066 2067 2068 2069 2070 2071
44 45 46 47 48 49

1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90)
0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0

1,034,225 1,088,036 1,145,772 1,199,753 1,247,743 1,297,653

5.1% 5.2% 5.3% 4.7% 4.0% 4.0%

808,778 841,129 874,774 909,765 946,156 984,002

119,295 136,508 156,184 170,581 177,404 184,500

101,097 105,141 109,347 113,721 118,270 123,000
5,055 5,257 5,467 5,686 5,913 6,150
- - - - - -
- - - - - -
- - - - - -
- - - - - -

(51,711) (54,402) (57,289) (59,988) (62,387) (64,883)

982,514 1,033,634 1,088,484 1,139,766 1,185,356 1,232,770

 (140,889) (146,774) (152,929) (159,209) (165,577) (172,200)

(52,571) (54,673) (56,860) (59,135) (61,500) (63,960)

(88,319) (92,100) (96,068) (100,074) (104,077) (108,240)

(5,055) (5,257) (5,467) (5,686) (5,913) (6,150)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(2,386) (2,730) (3,124) (3,412) (3,548) (3,690)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
- - - - - -
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
- - - - - -
- - - - - -
- - - - - -

841,625 886,860 935,555 980,557 1,019,779 1,060,570

81.4% 81.5% 81.7% 81.7% 81.7% 81.7%

841,625 886,860 935,555 980,557 1,019,779 1,060,570

(1,601) (1,665) (1,731) (1,801) (1,873) (1,948)

- - - - - -
(1,601) (1,665) (1,731) (1,801) (1,873) (1,948)

- - - - - -
- - - - - -

840,024 885,196 933,824 978,756 1,017,906 1,058,622

14,919,306 15,804,502 16,738,325 17,717,081 18,734,988 19,793,610

16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

724,159 763,100 805,020 843,755 877,505 912,606

115 99 86 74 63 54