Cost Projection for BCA's Product Development

Durasi
No. Main Activities Cost Activity Resource Cost
(Month)
1 Personalization Product
Development

1.1 Recruit and train app developer 3 Rp 20,000,000.00

1.2 build the app 4 Rp 150,000,000.00 Rp100,000,000.00
1.3 data collection from customer 4 Rp 150,000,000.00 Rp100,000,000.00
periodically
1.4 Maintain and update app every 2 Rp 30,000,000.00 Rp100,000,000.00
weeks
2 Marketing the apps toward
customer
Teach the marketers about the
2.1 apps 4 Rp 20,000,000.00

2.2 app penetration toward the cities 12 Rp 400,000,000.00 Rp500,000,000.00

2.3 penetration outside java island 12 Rp 800,000,000.00 Rp600,000,000.00

2.4 Agent Forum 8 Rp 1,130,000,000.00 Rp1,000,000,000.00

2.5 Commision and bonus 2 Rp 18,000,000.00

3 Enlarge the area of access

3.1 approval to OJK and BI 5 Rp 125,000,000.00 Rp50,000,000.00
identify the potential company or
3.2 fintech 12 Rp 128,000,000.00 Rp50,000,000.00
3.3 customer survey and approach 12 Rp 131,000,000.00 Rp50,000,000.00

3.4 digital upgrading and update 10 Rp 134,000,000.00 Rp50,000,000.00

Proposal approvement and
3.5 dealing with investors 12 Rp 200,000,000.00 Rp50,000,000.00
t Development

Total each activity

Assumptions cost.

at least 10 - 15 app developer

needed Rp300,000,000.00
5 persons Rp650,000,000.00
5 persons Rp650,000,000.00
3 persons Rp330,000,000.00

Rp20,000,000.00
all operational cost, salary for
marketers Rp5,400,000,000.00
operational cost, salary for team
marketers Rp6,800,000,000.00
salary for team marketers
there are 50 staffs responsible
with the projects Rp900,000,000.00

1 team presentation Rp375,000,000.00

Contract with other company
and fintech Rp378,000,000.00
Survey using quisionaire Rp181,000,000.00
Data acquisition and
improvement (1 team project) Rp384,000,000.00

Rp250,000,000.00
BCA is analize the feasibility study of product development project which estimated cost of production is 1.200.000.000.
The 60% investment fund is obtained from the consortium's bank loans at a cost of 18% per year, 10% tax, the rest uses equity
Estimasi inflow dan outflow selama umur proyek adalah sebagai berikut

TAHUN KE Sales Transaction rate Growth of Transaction

2018 IDR 26,239,780,000,000.00 13.80% -1.20%
2017 IDR 26,641,248,634,000.00 15.00% 2.70%
2016 IDR 27,448,478,467,610.20 12.30% -4.90%
2015 IDR 28,417,409,757,516.80 17.20% 1.70%
2014 IDR 28,417,409,757,516.80 15.50%

Cost Projection

INVESTMENT 600,000,000,000.00
EQUITY 40.00%
LIABILITIES 60.00%

SOLUSI
AKUN NOMINAL PROPORSI BIAYA
EQUITY 240,000,000,000.00 0.4 20%
LIABILITIES 360,000,000,000.00 0.6 18%
TOTAL 600,000,000,000.00

TAHUN KE CASH INFLOW COGS GROSS MARGIN

0 0
1 IDR 26,239,780,000,000.00 3,621,089,640,000.00 22,618,690,360,000.00
2 IDR 26,641,248,634,000.00 3,996,187,295,100.00 22,645,061,338,900.00
3 IDR 27,448,478,467,610.20 3,376,162,851,516.05 24,072,315,616,094.10
4 IDR 28,417,409,757,516.80 4,887,794,478,292.90 23,529,615,279,223.90
5 IDR 28,417,409,757,516.80 4,404,698,512,415.11 24,012,711,245,101.70

inflation rate = 1%
Aset 31496.44
Liabilitas 24468.24
Ekuitas 7028.2

E 22%
L 78%

PT A tengah menganalisa kelayakan proyek yang memakan dana sebesar IDR 1.200.000.000.
Dana investasi tersebut 60% diperoleh dari utang Bank konsorsium dengan biaya 18% per tahun, pajak 10%, sisanya mengguna
Estimasi inflow dan outflow selama umur proyek adalah sebagai berikut

TAHUN KE SALES COGS (%SALES) S, G, A EXP.

1 IDR 10,336,516,400,000.00 18% 15%
 2 IDR 10,494,665,100,920.00 18% 15%
3 IDR 10,812,653,453,477.90 16% 16%
4 IDR 11,194,340,120,385.60 16% 16%
5 IDR 11,194,340,120,385.60 15% 16%

Tentukan dengan kriteria: NPV positif, IRR > WACC, PP dan DPP di tahun ke 5, PI > 1,00

INVESTMENT 1,300,000,000,000.00
EQUITY 40.00%
LIABILITIES 60.00%

SOLUSI
AKUN NOMINAL PROPORSI BIAYA
EQUITY 520,000,000,000.00 0.8666666667 20%
LIABILITIES 780,000,000,000.00 1.3 18%
TOTAL 1,300,000,000,000.00

TAHUN KE CASH INFLOW COGS GROSS MARGIN

0 0
1 IDR 10,336,516,400,000.00 1,860,572,952,000.00 8,475,943,448,000.00
2 IDR 10,494,665,100,920.00 1,889,039,718,165.60 8,605,625,382,754.40
3 IDR 10,812,653,453,477.90 1,730,024,552,556.46 9,082,628,900,921.42
4 IDR 11,194,340,120,385.60 1,791,094,419,261.70 9,403,245,701,123.94
5 IDR 11,194,340,120,385.60 1,679,151,018,057.85 9,515,189,102,327.80

inflation rate = 1%
Aset 31496.44
Liabilitas 24468.24
Ekuitas 7028.2

E 22%
L 78%

PT A tengah menganalisa kelayakan proyek yang memakan dana sebesar IDR 1.200.000.000.
Dana investasi tersebut 60% diperoleh dari utang Bank konsorsium dengan biaya 18% per tahun, pajak 10%, sisanya mengguna
Estimasi inflow dan outflow selama umur proyek adalah sebagai berikut

TAHUN KE SALES COGS (%SALES) S, G, A EXP.

1 IDR 10,336,516,400,000.00 18% 15%
2 IDR 10,494,665,100,920.00 18% 15%
3 IDR 10,812,653,453,477.90 16% 16%
4 IDR 11,194,340,120,385.60 16% 16%
5 IDR 11,194,340,120,385.60 15% 16%
Tentukan dengan kriteria: NPV positif, IRR > WACC, PP dan DPP di tahun ke 5, PI > 1,00

INVESTMENT 296,000,000.00
EQUITY 40.00%
LIABILITIES 60.00%

SOLUSI
AKUN NOMINAL PROPORSI BIAYA
EQUITY 118,400,000.00 0.0001973333 20%
LIABILITIES 177,600,000.00 0.000296 18%
TOTAL 296,000,000.00

TAHUN KE CASH INFLOW COGS GROSS MARGIN

0 0
1 IDR 10,336,516,400,000.00 1,860,572,952,000.00 8,475,943,448,000.00
2 IDR 10,494,665,100,920.00 1,889,039,718,165.60 8,605,625,382,754.40
3 IDR 10,812,653,453,477.90 1,730,024,552,556.46 9,082,628,900,921.42
4 IDR 11,194,340,120,385.60 1,791,094,419,261.70 9,403,245,701,123.94
5 IDR 11,194,340,120,385.60 1,679,151,018,057.85 9,515,189,102,327.80

inflation rate = 1%
Aset 31496.44
Liabilitas 24468.24
Ekuitas 7028.2

E 22%
L 78%
f production is 1.200.000.000.
er year, 10% tax, the rest uses equity at a cost of 20%.

ROE OTHER EXP

18.80% 1.4%
19.20% 1.5%
20.50% 1.3%
21.90% 0.7% Pendapatan 2018
25.50% 0.6% Growth 2015 - 2016
Growth 2016-2017 13.10%
Growth 2017-2018 10.60%

Tahun 1
Kenaikan dengan aplikasi 1%
Total pertumbuhan
Pessimistic 2%
Moderate 3.00%
Optimistic 4%
PAJAK WACC

10%
17.72%

S, G, ADM EXP. OTHER EXP. EBIT INTEREST EXP.

4,933,078,640,000.00
5,115,119,737,728.00
5,626,938,085,860.09
6,223,412,736,896.19
7,246,439,488,166.79
600,000,000,000.00 (600,000,000,000.00)
367,356,920,000.00 17,318,254,800,000.00 64,800,000,000.00
399,618,729,510.00 17,130,322,871,662.00 64,800,000,000.00
356,830,220,078.93 18,088,547,310,155.10 64,800,000,000.00
198,921,868,302.62 17,107,280,674,025.10 64,800,000,000.00
170,504,458,545.10 16,595,767,298,389.80 64,800,000,000.00

31496440000000
24468240000000
7028200000000

tahun, pajak 10%, sisanya menggunakan ekuitas dengan biaya 20%.

OTHER EXP
2%
 2%
2% 10183.76
2% Pendapatan 2018 10,183,760,000,000.00
2%
Growth 2016-2017 8.60%
Growth 2017-2018 11.46%

Tahun 1
Kenaikan dengan aplikasi 1%
Total pertumbuhan
Pessimistic 2%
Moderate 3.00%
Optimistic 4%
PAJAK WACC

10%
38.39%

S, G, ADM EXP. OTHER EXP. EBIT INTEREST EXP.

1,300,000,000,000.00 (1,300,000,000,000.00)
1,550,477,460,000.00 206,730,328,000.00 6,718,735,660,000.00 140,400,000,000.00
1,574,199,765,138.00 209,893,302,018.40 6,821,532,315,598.00 140,400,000,000.00
1,730,024,552,556.46 216,253,069,069.56 7,136,351,279,295.40 140,400,000,000.00
1,791,094,419,261.70 223,886,802,407.71 7,388,264,479,454.53 140,400,000,000.00
1,791,094,419,261.70 223,886,802,407.71 7,500,207,880,658.38 140,400,000,000.00

31496440000000
24468240000000
7028200000000

tahun, pajak 10%, sisanya menggunakan ekuitas dengan biaya 20%.

OTHER EXP
2%
2%
2% 10183.76
2% Pendapatan 2018 10,183,760,000,000.00
2%
Growth 2016-2017 8.60%
Growth 2017-2018 11.46%
 Tahun 1
Kenaikan dengan aplikasi 1%
Total pertumbuhan
Pessimistic 2%
Moderate 3.00%
Optimistic 4%
PAJAK WACC

10%
0.01%

S, G, ADM EXP. OTHER EXP. EBIT INTEREST EXP.

296,000,000.00 (296,000,000.00)
1,550,477,460,000.00 206,730,328,000.00 6,718,735,660,000.00 31,968,000.00
1,574,199,765,138.00 209,893,302,018.40 6,821,532,315,598.00 31,968,000.00
1,730,024,552,556.46 216,253,069,069.56 7,136,351,279,295.40 31,968,000.00
1,791,094,419,261.70 223,886,802,407.71 7,388,264,479,454.53 31,968,000.00
1,791,094,419,261.70 223,886,802,407.71 7,500,207,880,658.38 31,968,000.00

31496440000000
24468240000000
7028200000000
 1000000000.00 Pessimistic
25,852,000,000,000.00 Moderate
13.80% Optimistic
Pertumbuhan normal pertahun 6.00%

2 3 4 5
0.530% 0.562% 0.596% 0.631%

2% 2% 2% 2%
3.03% 3.06% 3.10% 3.13%
4% 4% 4% 4%

EBT TAX EXP EAT PENDAPATAN LAIN

(600,000,000,000.00) 0 (600,000,000,000.00)
17,253,454,800,000.00 1,725,345,480,000.00 15,528,109,320,000.00
17,065,522,871,662.00 1,706,552,287,166.20 15,358,970,584,495.80
18,023,747,310,155.10 1,802,374,731,015.51 16,221,372,579,139.60
17,042,480,674,025.10 1,704,248,067,402.51 15,338,232,606,622.60
16,530,967,298,389.80 1,653,096,729,838.98 14,877,870,568,550.90 700,000,000.00
 1000000000.00 Pessimistic 1%
Moderate 2.50%
Optimistic 3%
Pertumbuhan normal pertahun 2.86%

2 3 4 5
0.530% 0.562% 0.596% 0.631%

2% 2% 2% 2%
3.03% 3.06% 3.10% 3.13%
4% 4% 4% 4%

EBT TAX EXP EAT PENDAPATAN LAIN

(1,300,000,000,000.00) 0 (1,300,000,000,000.00)
6,578,335,660,000.00 657,833,566,000.00 5,920,502,094,000.00
6,681,132,315,598.00 668,113,231,559.80 6,013,019,084,038.20
6,995,951,279,295.40 699,595,127,929.54 6,296,356,151,365.86
7,247,864,479,454.53 724,786,447,945.45 6,523,078,031,509.07
7,359,807,880,658.38 735,980,788,065.84 6,623,827,092,592.54

1000000000.00 Pessimistic 1%
Moderate 2.50%
Optimistic 3%
Pertumbuhan normal pertahun 2.86%
2 3 4 5
0.530% 0.562% 0.596% 0.631%

2% 2% 2% 2%
3.03% 3.06% 3.10% 3.13%
4% 4% 4% 4%

EBT TAX EXP EAT PENDAPATAN LAIN

(296,000,000.00) 0 (296,000,000.00)
6,718,703,692,000.00 671,870,369,200.00 6,046,833,322,800.00
6,821,500,347,598.00 682,150,034,759.80 6,139,350,312,838.20
7,136,319,311,295.40 713,631,931,129.54 6,422,687,380,165.86
7,388,232,511,454.53 738,823,251,145.45 6,649,409,260,309.07
7,500,175,912,658.38 750,017,591,265.84 6,750,158,321,392.55
 1%
2.50%
3%

TOTAL PENDAPATAN LAIN-LAIN WACC PENYEBUT PV

(600,000,000,000.00) 17.72% 1 (600,000,000,000.00)
15,528,109,320,000.00 17.72% 1.1772 13,190,714,678,899.10
15,358,970,584,495.80 17.72% 1.3857998 11,083,108,931,875.60
16,221,372,579,139.60 17.72% 1.6313636 9,943,444,159,877.14
15,338,232,606,622.60 17.72% 1.9204412 7,986,827,523,917.37
14,878,570,568,550.90 17.72% 2.2607434 6,581,273,541,587.86
NPV 48,185,368,836,157.10
IRR 2587%
PP TAHUN KE 1
DPP TAHUN KE 1
PI 81.31
TOTAL PENDAPATAN LAIN-LAIN WACC PENYEBUT PV
(1,300,000,000,000.00) 38.39% 1 (1,300,000,000,000.00)
5,920,502,094,000.00 38.39% 1.3839333 4,278,025,502,673.54
6,013,019,084,038.20 38.39% 1.9152715 3,139,512,687,749.61
6,296,356,151,365.86 38.39% 2.650608 2,375,438,419,082.03
6,523,078,031,509.07 38.39% 3.6682648 1,778,246,220,717.33
6,623,827,092,592.54 38.39% 5.0766339 1,304,767,522,436.83
NPV 11,575,990,352,659.40
IRR 457%
PP TAHUN KE 1
DPP TAHUN KE 1
PI 9.90
TOTAL PENDAPATAN LAIN-LAIN WACC PENYEBUT PV
(296,000,000.00) 0.01% 1 (296,000,000.00)
6,046,833,322,800.00 0.01% 1.0000874 6,046,304,762,899.37
6,139,350,312,838.20 0.01% 1.0001748 6,138,277,065,935.88
6,422,687,380,165.86 0.01% 1.0002623 6,421,003,286,315.34
6,649,409,260,309.07 0.01% 1.0003497 6,647,084,638,403.02
6,750,158,321,392.55 0.01% 1.0004372 6,747,208,645,806.52
NPV 31,999,582,399,360.10
IRR Err:523
PP TAHUN KE 1
DPP TAHUN KE 1
PI 108,107.70
 PP DPP
(600,000,000,000.00) (600,000,000,000.00)
14,928,109,320,000.00 12,590,714,678,899.10
30,287,079,904,495.80 23,673,823,610,774.70
46,508,452,483,635.40 33,617,267,770,651.80
61,846,685,090,258.00 41,604,095,294,569.20
76,725,255,658,808.90 48,185,368,836,157.10
LAYAK
LAYAK
LAYAK
LAYAK
LAYAK
 PP DPP
(1,300,000,000,000.00) (1,300,000,000,000.00)
4,620,502,094,000.00 2,978,025,502,673.54
10,633,521,178,038.20 6,117,538,190,423.15
16,929,877,329,404.10 8,492,976,609,505.19
23,452,955,360,913.10 10,271,222,830,222.50
30,076,782,453,505.70 11,575,990,352,659.40
LAYAK
LAYAK
LAYAK
LAYAK
LAYAK
 PP DPP
(296,000,000.00) (296,000,000.00)
6,046,537,322,800.00 6,046,008,762,899.37
12,185,887,635,638.20 12,184,285,828,835.20
18,608,575,015,804.10 18,605,289,115,150.60
25,257,984,276,113.10 25,252,373,753,553.60
32,008,142,597,505.70 31,999,582,399,360.10
LAYAK
LAYAK
LAYAK
LAYAK
LAYAK