Kan Investor Proposal-111111

8/3/2019 Kan Investor Proposal-111111

1/29

INVESTOR

PROPOSAL

PT KINARYA ANAK NEGERI

11 NOVEMBER 2011

1


2/29

2


3/29

Our Product at glance

3


4/29

Klenger burger at glance

KLENGER BURGER OUTLETS GROWTHTHE INDONESIAN SMALL & MEDIUM BUSINESSENTREPRENEUR AWARD 2010 JANUARY11

1ST OUTLET AT PEKAYON,BEKASI

(10 FEB06)

LAST OUTLET AT CEMPAKA PUTIH

(20 JUNE11)5TH ANNIVERSARY AD at KOMPAS - 10 FEB11

4


5/29

Klenger burger at media

& event at glance

5


6/29

Klenger burger business at glance

Personal

Management

PT KAN

ManagementOutlet Growth

Revenue Growth

Detail of Revenue

2010

6


7/29

Klenger burger business at glanceDetail of Revenue 2009 2011

By Concept & Management/Ownership

7


8/29

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

Beef

Patty

Beef

Patty

Beef

Patty 35

Beef

Patty

Beef

Patty

Chicken

Patty 80

Beef

Soussage

Beef Chili Roast

Beef

Beef

Soussage

62.488

9.785

504 282 -

9.8605.771

8.760

846 1.580

44.128

4.903273 318

4.776 3.700 3.111 4.756358 540

In Kilogram

Meat Consumption 2010 & 2011

Klenger burger Ingredients Consumption 2010

& 2011

40 grm

@1x40 gr

@ 20 x 50

grm2010 2011

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

Roti Wijen

Regular (80gr)

Roti Tanpa

Wijen(60gr)Junior

Roti junior +

Wijen(60gr)

Roti Hot Dog Split

70.128

8.441 7.711 6.491

41.832

3.75811.362

3.855

In Kilogram

2010 2011

Bun Consumption 2010 & 2011

8


9/29

Current Outlet

Klenger Burger Express Concept

9


10/29

Current Outlet

2K Klenger & Kriuk Concept

10


11/29

Current Outlet

Klenger Burger 3in1,4in1,& Store

Concept

11


12/29

AVERAGE HISTORICAL SALES EXISTING OUTLET 2010 & 2011 &

TARGET 2012

OUTLET Pengelola avg 2010 avg 2011 Open/Closed Crew TARGET

1 FT - CEMPAKA PUTIH MB - KAN 150.000.000 Open 25 250.000.000

2 FT - GALAXY MB - KAN 104.301.500 Open 10 150.000.0003 2K - MARGASATWA MB - KAN 14.957.800 28.542.217 Open 3 40.000.000

4 2K - PEJATEN MB - KAN 22.991.244 14.098.396 Open 3 40.000.000

5 2K - SAHARDJO MB - KAN 20.304.615 Open 4 40.000.000

6 2K - SUDIRMAN MB - KAN 41.321.708 31.201.868 Open 4 40.000.000

7 KW - THAMCY MB - KAN 26.974.624 3.701.375 Open 3 50.000.000

8 KBE - BLOK M SQUARE MB - KAN 32.990.102 19.571.621 Open 3 35.000.000

9 KBE - KELAPA DUA DEPOK MB - KAN 35.324.745 23.646.600 Open 3 35.000.000

10 FT - SALEMBA FRANCHISE 108.848.503 90.412.483 Open 64.000.000

11 Foodteran Bogor Pajajaran FRANCHISE 8.266.346 4.435.978 Open 6.000.000

12 Foodteran Wisma Asri FRANCHISE 7.754.328 4.480.011 Open 6.000.000

13 Foodteran Cipondoh FRANCHISE 5.245.250 4.711.930 Open 5.000.000

14 2K - MANSYUR FRANCHISE 102.040.788 44.920.470 Open 47.000.000

15 2K - DEPOK SILIWANGI FRANCHISE 76.642.825 43.756.263 Open 39.000.000

16 2K - DEPOK NUSANTARA FRANCHISE 38.334.083 24.640.591 Open 20.000.000

17 2K - GRAHA RAYA FRANCHISE 38.189.460 24.068.458 Open 20.000.000

18 2K - CILEDUG FRANCHISE 27.742.023 Open 18.000.000

19 2K Depok Srengseng FRANCHISE 18.023.596 18.023.596 Open 18.000.000

20 2K - PESONA GINTUNG FRANHCISE 20.705.830 10.119.023 Open 16.000.000

21 2K Jati Padang FRANCHISE 13.574.596 15.169.476 Open 14.000.000

22 KBE Agus Salim FRANCHISE 24.358.259 22.876.447 Open 23.000.000

23 KBE - CIBINONG FRANHCISE 8.141.019 6.194.040 Open 7.000.000

24 KBE Gading FC FRANCHISE 8.355.554 6.023.046 Open 7.000.000

25 KBE KM19 FRANCHISE 8.706.929 5.538.769 Open 7.000.000

26 FT - CILEGON MB - KAN Not Yet Ope 5 60.000.000

27 FT - DUKUH JAMRUD MB - KAN 29.396.250 41.250.475 Temp Closed 5 60.000.000

28 FT - THAMCY MB - KAN 23.202.208 3.861.531 Tem Closed 3 50.000.000

12

. . . . . .

29 FT - SEMANAN MB - KAN 56.748.174 29.510.283 Temp Closed 4 40.000.000

30 FT - CONDET MB - KAN 5.816.971 16.742.017 Temp Closed 3 30.000.000

31 FT - KUNINGAN MB - KAN 9.165.315 6.187.344 Temp Closed 3 15.000.000

32 2K - KARANG TENGAH MB - KAN 25.128.571 20.176.738 Temp Closed 3 40.000.000

33 2K - BUMI BEKASI BARU MB - KAN 30.469.290 23.611.167 Temp Closed 3 30.000.000

34 2K - CIBUBUR MB - KAN 22.084.777 2.963.017 Temp Closed 3 30.000.000

35 2K - REST AREA MB - KAN 15.990.495 15.103.913 Temp Closed 3 30.000.000

36 KBE - CILILITAN MB - KAN 15.803.413 8.075.713 Temp Closed 3 30.000.000

37 KBE - JATIBENING MB - KAN 29.687.850 15.695.950 Temp Closed 3 30.000.000

38 KBE - PESONA KAYANGAN MB - KAN 18.469.863 16.766.892 Temp Closed 3 30.000.000

39 KBE - PONDOK KELAPA MB - KAN 20.648.722 14.453.279 Temp Closed 3 30.000.000

40 KBE - PURI MB - KAN 17.263.950 12.371.767 Temp Closed 3 30.000.000

41 KBE - JATI ASIH MB - KAN 12.846.102 3.950.829 Temp Closed 3 15.000.000

42 KBE - SUMUR BATU KAN - JV 35.459.650 24.382.875 Temp Closed 3 35.000.000

43 KBE - BOJONG INDAH KAN - JV 16.574.693 7.260.867 Temp Closed 3 30.000.000

44 KBE - CIRACAS KAN - JV 24.873.394 13.966.825 Temp Closed 3 30.000.000

45 KBE - JOGLO KAN - JV 24.612.083 13.776.221 Temp Closed 3 30.000.000

46 KBE - KALIABANG KAN - JV 25.412.494 - Temp Closed 3 30.000.000

47 KBE - KEBUN JERUK KAN - JV 18.401.710 14.842.721 Temp Closed 3 30.000.000

48 KBE - KELAPA DUA TANGERA KAN - JV 25.793.075 16.670.400 Temp Closed 3 30.000.000

49 KBE - MENCONG KAN - JV 20.460.139 13.438.758 Temp Closed 3 30.000.000

50 KBE - OTISTA KAN - JV 25.993.272 19.479.425 Temp Closed 3 30.000.000

51 KBE - PASAR BENGKOK KAN - JV 18.893.320 12.540.096 Temp Closed 3 30.000.000

52 KBE - PASAR REBO KAN - JV 28.833.316 17.136.258 Temp Closed 3 30.000.000

53 KBE - PENGGILINGAN KAN - JV 9.678.819 448.250 Temp Closed 3 30.000.000

54 KBE - SEPATAN KAN - JV 13.025.315 - Temp Closed 3 30.000.000

55 2K - PERUMNAS 3 KAN 20.940.396 11.203.542 Temp Closed 3 35.000.000

56 2K - TOMANG KAN 25.950.669 20.648.021 Temp Closed 3 35.000.000

57 FT - VETERAN KAN 30.644.751 30.803.950 Temp Closed 4 35.000.000

58 2K - PONDOK AREN KAN 18.526.794 20.898.608 Temp Closed 3 30.000.000

59 KBE Maranata FRANCHISE 6.358.259 3.579.205 Temp Closed 5.000.000

TOTAL 1.384.901.688 1.220.277.731 163 2.082.000.000


13/29

BUSINESS ILLUSTRATION

EXISTING OUTLET(Curr.Condition Avg (2010-2011)

& After Improvement (2012~Future )

Curr.Condition After Imporvement

Monthly Monthly

DESCRIPTION UoM %TAGE 2011 UoM %TAGE TARGET 2012

SALES 100% 1.220.277.731 100% 2.082.000.000

COGS 55% 671.152.752 63% 1.311.660.000

REV SHARING 20% 244.055.546 0% -

13

. . . .

OVH OUTLET 5% 61.013.887 5% 104.100.000

GROSS PROFIT 4% 52.055.546 23% 474.240.000

OPERATING COST :

SALARY HO 11% 140.000.000 7% 140.000.000

OVH HO 3% 35.000.000 2% 35.000.000

TRANSPORT 1% 15.000.000 1% 15.000.000

OPR COST 16% 190.000.000 9% 190.000.000

OPERATING PROFIT MARGIN -11% (137.944.454) 14% 284.240.000

INTEREST -3% (40.000.000) 0% -

EBT -15% (177.944.454) 14% 284.240.000


14/29

INVESTOR PROPOSAL

(conservative)SALE SHARE 49% TO GET Rp.7,5 BioROI 25%

-

business infrastructure


11 NOVEMBER 2011

14


15/29

KINARYA ANAK NEGERI (for discussion purpose only)

SUMMARY OF CASH FLOW PROJECTION (in Rp. 000,000)

2011 2012 2013 2014 2015 2016

fr. Oct

AMOUNT OF OUTLET (Accm)

Company (KAN) 5 44 44 44 44 44

Company (KAN) - JV 13 - - - - -Franchise Managed by KAN 32 - - - - -

Franchise 17 23 23 23 23 23

New

Company (KAN) 5 10 10 10

Franchise 5 5 10 10 10

Total Outlet 67 72 77 87 87 87

5 5 10 0 0AVERAGE SALES PER OUTLET PER MONTH

Company (KAN) 31 40 42 44 46 48Company (KAN) - JV 33 34 36 38 40 42Franchise Managed by KAN 45 47 49 52 54 57

Franchise 19 25 27 28 29 31

NewCompany (KAN) 150 158 165 174 182

Franchise 98 102 107 113 119gradual factor 55%

CASH IN Assump ID

Sales :KAN Outlet's 42% 372 20.934 21.981 23.080 24.234 25.445KAN Outlet's - JV 0% 1.020 - - - - -

Manage by KAN Outlet's 0% 3.420 - - - - -

Franchisee Outlet's 14% 773 6.990 7.340 7.706 8.092 8.496

New

KAN Outlet's 23% - 5.198 15.380 20.837 21.879

Franchise 17% 3.218 6.143 9.997 13.544 14.221

Other Income :

Franchise Fee 100,00 0% 500 0 500 0 0

Royalty Fee 5% 2% 785 1.037 1.362 1.664 1.748

Management Fee 15% 0% 153 202 266 325 341

Total Cash In 100% 5.584,8 32.579,8 41.899,5 58.290,4 68.695,8 72.130,6

CASH OUT Assump ID

CONSERVATIVE

15

Account Payable 3.500,0 3.500,0 0,0 0,0 0,0 0,0

Food Paper Cost 55,0% 36% 2.646,6 11.513,7 14.948,0 21.152,8 24.789,0 26.028,5

Food Paper Cost Supply To Franchisee 83,3% 26% 644,0 8.506,3 11.235,0 14.752,8 18.030,0 18.931,5

Revenue Sharing to Franchisee/Investor 20,0% 0% 888,0 0,0 0,0 0,0Salary Crew 10,0% 8% 199,7 2.882,9 3.669,1 4.380,5 4.717,4 5.054,4

Outlet Expenses 5,0% 2% 240,6 1.046,7 674,1 885,2 1.081,8 1.135,9

Marketing & Promotion 2,0% 1% 96,2 418,7 543,6 769,2 901,4 946,5

Capital Expenditure 750,00 3% 100,0 2.000,0 3.750,0 3.750,0 0,0 0,0

Salary 8,0% 7% 296,4 1.648,4 3.718,5 4.464,8 4.755,6 5.148,4

Office Rental 0,5% 1% 95,0 267,0 279,0 291,0 303,0 315,0

Office Expenses 2,0% 1% 115,0 342,9 358,8 374,7 390,6 406,5

Transportation 1,0% 0% 60,0 189,0 198,0 207,0 216,0 225,0

Principal Loan + Bank Interest 0,6% 1% 160,0 1.047,0 120,0 120,0 120,0 120,0

Total Cash Out 86% 9.041,5 33.362,5 39.494,1 51.148,0 55.304,9 58.311,6

NET CASH FLOW 13% (3.456,7) (782,7) 2.405,4 7.142,4 13.390,9 13.819,0

ACC. CF (3.456,7) (4.239,4) (1.834,0) 5.308,3 18.699,2 32.518,2

Stabilized Net CF 5.420

KINARYA ANAK NEGERINet Cash Surplus/Deficit before Investor

Participation (3.456,7) (782,7) 2.405,4 7.142,4 13.390,9 13.819,0

Beginning Balance 0,0 4.043,3 3.260,6 4.487,3 8.129,9 14.959,3

INVESTOR Participation 7.500,0 0,0 0,0 0,0 0,0 0,0

Investor Payment 0,0 0,0 (1.178,6) (3.499,8) (6.561,5) (6.771,3)

Ending Balance after Investor Equity Participation 4.043,3 3.260,6 4.487,3 8.129,9 14.959,3 22.007,0

INVESTOR 49%Net Cash Surplus/Deficit before Investor

Participation (3.456,7) (782,7) 2.405,4 7.142,4 13.390,9 13.819,0

Beginning Balance 0,0 (7.500,0) (7.500,0) (6.321,4) (2.821,6) 3.739,9

Equity Investment & divestation (7.500,0) 0,0 0,0 0,0 0,0 0,0

Devidend + ((Profit Sharing + Franchise Fee-)-->untill BEP) 49% 0,0 0,0 1.178,6 3.499,8 6.561,5 6.771,3

Ending Balance (7.500,0) (7.500,0) (6.321,4) (2.821,6) 3.739,9 10.511,2

INVESTOR CF SCHEDULE (7.500,0) 0,0 1.178,6 3.499,8 6.561,5 6.771,3

Discount Rate 15,00% Comp Investor

NPV 14.700 2.444

IRR 50,8% 24,8%


16/29

DISCOUNTED FUTURE CASH FLOW METHOD (DFCF)(in million)

2011 2012 2013 2014 2015 2016

Net Sales 5.584,8 32.579,8 41.899,5 58.290,4 68.695,8 72.130,6

Free Cash Flow (3.456,7) (782,7) 2.405,4 7.142,4 13.390,9 13.819,0

55.276

PV of FCFF (2.765) (501) 1.232 2.926 4.388 14.490

WACC Company Value 19.769

69.095

PV of FCFF (2.881) (544) 1.392 3.444 5.382 23.140


ADJUSTED VALUE CALCULATION

WACC

Minority

Interest

discount * Initial Value

Adjusted

Value

25% 25% 25% 19.769 9.884

20% 25% 25% 29.934 14.967

Lack ofMarketabi

lity

discount *

Terminal Value

25%

Terminal Value

20%

16


17/29

Pro Forma Profit and Loss (in '000)2008 2009 2010 2011 2012 2013 2014 2015 2016

Sale s 305.416 6.470.922 17.399.013 9.280.413 32.579.805 41.899.508 58.290.355 68.695.833 72.130.624Direc t Cost o f Sales 225.042 4.355.386 15.746.820 8.586.937 23.949.532 30.526.233 41.171.266 48.618.287 51.150.290

Other Costs of Sales - - - - - - - - -

Total Cost o f Sales 225.042 4.355.386 15.746.820 8.586.937 23.949.532 30.526.233 41.171.266 48.618.287 51.150.290

Gr oss Margin 80.374 2.115.536 1.652.193 693.476 8.630.274 11.373.275 17.119.089 20.077.545 20.980.335

Gross Margin % 26,32% 32,69% 9,50% 7,47% 26,49% 27,14% 29,37% 29,23% 29,09%

Expenses

Payroll 107.725 1.531.461 1.796.721 1.827.106 1.648.390 3.718.520 4.464.830 4.755.630 5.148.350

Marketing/Promotion 413 68.625 - - 418.680 543.564 769.192 901.419 946.490

Depreciation - 163.827 94.449 591.402 317.023 501.910 894.617 894.617 894.617

Rent 17.000 209.274 236.750 304.217 267.000 279.000 291.000 303.000 315.000

Utilities 0 649.479 9.000 120.360 94.200 98.400 102.600 106.800 111.000

General & Adm 45.506 165.034 1.333.455 338.791 437.700 458.400 479.100 499.800 520.500

Total Operating Expenses 170.644 2.787.700 3.470.375 3.181.876 3.182.993 5.599.794 7.001.339 7.461.266 7.935.957

Total Operating Expenses % 75,83% 64,01% 22,04% 37,05% 13,29% 18,34% 17,01% 15,35% 15,51%

Profit Before Interest and Taxes (90.270) (672.163) (1.818.182) (2.488.400) 5.447.280 5.773.481 10.117.750 12.616.279 13.044.377

Interest Expense 894 (15.908) (157.290) (347.000) (120.000) (120.000) (120.000) (120.000)

Taxes Incurred - - - - (1.275.070) (1.413.370) (2.499.437) (3.124.070) (3.231.094)

Ne t Profit (89.376) (688.072) (1.975.472) (2.488.400) 3.825.210 4.240.111 7.498.312 9.372.209 9.693.283

Net Profit/Sales -29% -11% -11% -27% 12% 10% 13% 14% 13%

- Depreciation - 163.827 94.449 591.402 317.023 501.910 894.617 894.617 894.617

EBITDA (90.270) (508.336) (1.723.733) (1.896.998) 4.489.234 6.275.391 11.012.367 13.510.896 13.938.994

EBITDA/Sales -30% -8% -10% -20% 14% 15% 19% 20% 19%

Pro Forma Balance Sheet (in '000)

2008 2009 2010 2011 2012 2013 2014 2015 2016

Assets

17

Current Assets

Cash 498.141 158.075 298.491 2.788 5.500.466 5.997.714 12.223.380 23.505.931 34.344.032

Other Current Assets 387.569 1.369.380 1.473.870 947.931 1.174.953 1.394.931 1.767.271 2.019.352 2.100.453

Total Current Assets 885.709 1.527.455 1.772.362 950.718 6.675.420 7.392.645 13.990.651 25.525.283 36.444.484

Long-term Assets

Long-term Assets 447.598 819.136 1.226.830 1.226.830 3.326.830 7.076.830 10.826.830 10.826.830 10.826.830

Accumulated Depreciation - (163.827) (328.943) (318.728) (908.425) (1.410.336) (2.304.952) (3.199.569) (4.094.186)

Total Long-term Assets 447.598 655.309 897.887 908.102 2.418.405 5.666.495 8.521.878 7.627.261 6.732.644

Total Assets 1.333.307 2.182.764 2 .670.249 1.858.820 9.093.825 13.059.140 22.512.528 33.152.543 43.177.128

Liabilities and Capital

Current Liabilities

Accounts Payable 523.118 1.358.509 2.874.314 4.005.285 3.930.723 3.747.579 5.702.655 6.970.461 7.301.763

Current Borrowing - - - - - - - - -

Other Current Liabilities - - - - - - - - -

Subtotal Current Liabilities 523.118 1.358.509 2.874.314 4.005.285 3.930.723 3.747.579 5.702.655 6.970.461 7.301.763

Long-term Liabilit ies 649.565 1.351.702 2.298.854 2.844.854 1.608.431 1.546.000 1.546.000 1.546.000 1.546.000

Total Liabil it ies 1.172.683 2.710.211 5.173.168 6.850.140 5.539.154 5.293.579 7.248.655 8.516.461 8.847.763

Paid-in Cap ita l 250.000 250.000 250.000 250.000 5.000.000 5 .000.000 5 .000.000 5 .000.000 5 .000.000

Retained Earnings - (89 .376) (777.448) (2.752.919) (5.241.319) (1.445.329) 2 .765.561 10.263.873 19.636.082

Earnings (89.376) (688.072) (1.975.472) (2.488.400) 3.795.990 4.210.890 7.498. 312 9.372.209 9.693.283

Total Capita l 160.624 (527.448) (2 .502.919) (4 .991.319) 3.554.671 7.765.561 15.263.873 24.636.082 34.329.365

Total Liabilities and Capital 1.333.307 2.182.764 2.670.249 1.858.820 9.093.825 13.059.139 22.512.529 33.152.543 43.177.128

Ne t W orth 1 60.6 24 (527.448) (2.502.919) (4. 991. 319) 3.554.671 7.765.561 15. 263. 873 24.636. 082 34.329.365


18/29

Pro Forma Cash Flow (in '000)2011 2012 2013 2014 2015 2016

Cash Received

Cash from Operations

Cash Sales 9.874.356 32.436.848 41.794.367 58.107.066 68.578.180 72.091.153

Subtotal Cash from

Operations 9.874.356 32.436.848 41.794.367 58.107.066 68.578.180 72.091.153

Additional Cash Received - 5.000 5.000 416.218 - -

Sales Tax, VAT, HST/GST

Received - - - - - -

New Current Borrowing - - - - - -

New Other Liabilities

(interest-free) - - - - - -

New Long-term Liabilities - - - - - -

Sales of Other Current

Assets - - - - - -

Sales of Long-term Assets - - - - - -

New Investment Received - 5.000.000 - - - -

Subtotal Cash Received 9.874.356 37.441.848 41.799.367 58.523.284 68.578.180 72.091.153

Expenditures 2011 2012 2013 2014 2015 2015

18

Operations

Cash Spending 942.985 1.648.390 3.718.520 4.464.830 4.755.630 5.148.350

Bill Payments 8.928.583 28.167.568 32.725.388 44.020.356 52.539.999 56.104.702

Subtotal Spent on

Operations 2.788 7.625.890 5.355.459 10.038.098 11.282.551 10.838.101

Additional Cash Spent


Paid Out - - - - - -

r nc pa epayment o

Current Borrowing - (128.211) (1.108.211) (62.431) - -

Other Liabilities Principal

Repayment - - - - - -ong- erm a es

Principal Repayment - - - - - -Purchase Other Current

Assets - - - - - -

Purchase Long-term

Assets - (2.000.000) (3.750.000) (3.750.000) - -

Dividends - - - - - -

Subtotal Cash Spent - (2.128.211) (4.858.211) (3.812.431) - -

Net Cash Flow 2.788 5.497.678 497.247 6.225.667 11.282.551 10.838.101

Beginning Balance 2.788 5.500.466 5.997.713 12.223.380 23.505.931

Ending Balance 2.788 5.500.466 5.997.713 12.223.380 23.505.931 34.344.031


19/29

INVESTORPROPOSAL

SALE SHARE 65% TO GET Rp.20 Bio

- for recovery & build proper

business in rastructure & Ex ansion

without FranchiseRETURN : BEP 20 bio in Y3 and

Receive 17 Bio in Y5

PT KINARYA ANAK NEGERI11 NOVEMBER 2011

19


20/29

KINARYA ANAK NEGERI (for discussion purpose only)

SUMMARY OF CASH FLOW PROJECTION (in Rp. 000,000)

2011 2012 2013 2014 2015 2016

fr. Oct

AMOUNT OF OUTLET (Accm)

Company (KAN) 5 44 44 44 44 44

Company (KAN) - JV 13 - - - - -

Franchise Managed by KAN 32 - - - - -Franchise 17 23 23 23 23 23

New

Company (KAN) 10 10 10 10 10

Franchise

Total Outlet 67 77 77 77 77 77

10 0 0 0 0AVERAGE SALES PER OUTLET PER MONTH

Company (KAN) 31 40 42 44 46 48

Company (KAN) - JV 33 34 36 38 40 42Franchise Managed by KAN 45 47 49 52 54 57

Franchise 19 25 27 28 29 31

New

Company (KAN) 200 210 221 232 243

Franchise 130 137 143 150 158gradual factor 55%

CASH IN Assump ID

Sales :

KAN Outlet's 41% 372 20.934 21.981 23.080 24.234 25.445KAN Outlet's - JV 0% 1.020 - - - - -

Manage by KAN Outlet's 0% 3.420 - - - - -

Franchisee Outlet's 14% 773 6.990 7.340 7.706 8.092 8.496

New

KAN Outlet's 44% 13.200 25.200 26.460 27.783 29.172

Franchise 0% - - - - -

Other Income :

Franchise Fee 100,00 0% 0 0 0 0 0

Royalty Fee 5% 1% 538 565 593 622 654

Management Fee 15% 0% 105 110 116 121 127

Total Cash In 100% 5.584,8 41.766,5 55.194,9 57.954,6 60.852,3 63.895,0

CASH OUT Assump ID

Account Payable 3.500,0 3.500,0 0,0 0,0 0,0 0,0

CONSERVATIVE

20

ood aper ost , . , . , . , . , . , . ,

Food Paper Cost Supply To Franchisee 83,3% 12% 644,0 5.825,0 6.116,3 6.422,1 6.743,2 7.080,3

Revenue Sharing to Franchisee/Investor 20,0% 0% 888,0 0,0 0,0 0,0

Salary Crew 10,0% 8% 199,7 3.538,1 3.875,0 4.212,0 4.549,0 4.885,9Outlet Expenses 5,0% 1% 240,6 1.706,7 367,0 385,3 404,6 424,8

Marketing & Promotion 2,0% 2% 96,2 682,7 943,6 990,8 1.040,3 1.092,4

Capital Expenditure 1.000,00 4% 100,0 12.000,0 0,0 0,0 0,0 0,0

Salary 8,0% 6% 296,4 2.103,1 3.469,8 3.870,1 4.091,8 4.420,8

Office Rental 0,5% 1% 95,0 267,0 279,0 291,0 303,0 315,0

Office Expenses 2,0% 1% 115,0 342,9 358,8 374,7 390,6 406,5

Transportation 1,0% 0% 60,0 189,0 198,0 207,0 216,0 225,0

Principal Loan + Bank Interest 0,5% 1% 160,0 1.047,0 120,0 120,0 120,0 120,0

Total Cash Out 81% 9.041,5 49.975,1 41.676,9 44.119,8 46.467,6 49.010,4

NET CASH FLOW 17% (3.456,7) (8.208,6) 13.518,0 13.834,8 14.384,7 14.884,6

ACC. CF (3.456,7) (11.665,3) 1.852,7 15.687,5 30.072,2 44.956,8

Stabilized Net CF 7.493

KINARYA ANAK NEGERINet Cash Surplus/Deficit before Investor

Participation (3.456,7) (8.208,6) 13.518,0 13.834,8 14.384,7 14.884,6

Beginning Balance 0,0 16.543,3 8.334,7 13.066,0 17.908,2 22.942,8

INVESTOR Participation 20.000,0 0,0 0,0 0,0 0,0 0,0

Investor Payment 0,0 0,0 (8.786,7) (8.992,6) (9.350,1) (9.675,0)

Ending Balance after Investor Equity Participation 16.543,3 8.334,7 13.066,0 17.908,2 22.942,8 28.152,4

INVESTOR 65%Net Cash Surplus/Deficit before Investor

Participation (3.456,7) (8.208,6) 13.518,0 13.834,8 14.384,7 14.884,6

Beginning Balance 0,0 (20.000,0) (20.000,0) (11.213,3) (2.220,7) 7.129,4

Equity Investment & divestation (20.000,0) 0,0 0,0 0,0 0,0 0,0

Devidend + ((Profit Sharing + Franchise Fee-)-->untill BEP) 65% 0,0 0,0 8.786,7 8.992,6 9.350,1 9.675,0

Ending Balance (20.000,0) (20.000,0) (11.213,3) (2.220,7) 7.129,4 16.804,3

INVESTOR CF SCHEDULE (20.000,0) 0,0 8.786,7 8.992,6 9.350,1 9.675,0

Discount Rate 15,00% Comp Investor

NPV 21.172 2.359

IRR 36,5% 19,5%


21/29

DISCOUNTED FUTURE CASH FLOW METHOD (DFCF)(in million)

2011 2012 2013 2014 2015 2016

Net Sales 5.584,8 41.766,5 55.194,9 57.954,6 60.852,3 63.895,0

Free Cash Flow (3.456,7) (8.208,6) 13.518,0 13.834,8 14.384,7 14.884,6

74.423

PV of FCFF (2.881) (5.700) 7.823 6.672 5.781 24.924


99.231

PV of FCFF (3.006) (6.207) 8.888 7.910 7.152 42.900


ADJUSTED VALUE CALCULATION

WACC

Minority

Interest

discount * Initial Value

Adjusted

Value

20% 25% 0% 36.619 27.464

15% 25% 0% 57.637 43.228

Lack of

Marketabi

lity

discount *

Terminal Value

20%

Terminal Value

15%

21


22/29

Pro Forma Profit and Loss2008 2009 2010 2011 2012 2013 2014 2015 2016

Sale s 305.416 6.470.922 17.399.013 9.280.413 41.766.543 55.194.870 57.954.614 60.852.344 63.894.962

Direc t Cost o f Sales 225.042 4.355.386 15.746.820 8.586.937 29.843.482 36.307.653 38.266.243 40.305.915 42.430.723

Other Costs of Sales - - - - - - - - -

Total Cost o f Sales 225.042 4.355.386 15.746.820 8.586.937 29.843.482 36.307.653 38.266.243 40.305.915 42.430.723

Gr oss Margin 80.374 2.115.536 1.652.193 693.476 11.923.061 18.887.218 19.688.370 20.546.429 21.464.238

Gross Margin % 26,32% 32,69% 9,50% 7,47% 28,55% 34,22% 33,97% 33,76% 33,59%

Expenses

Payroll 107.725 1.531.461 1.796.721 1.827.106 2.103.060 3.469.840 3.870.080 4.091.780 4.420.810

Mar keting/Pr omotion 413 68.625 - - 682.680 943.614 990.795 1.040.334 1.092.351

Depreciation - 163.827 94.449 591.402 317.023 89.410 69.617 69.617 69.617

Rent 17.000 209.274 236.750 304.217 267.000 279.000 291.000 303.000 315.000

Utilities 0 649.479 9.000 120.360 94.200 98.400 102.600 106.800 111.000

General & Adm 45.506 165.034 1.333.455 338.791 437.700 458.400 479.100 499.800 520.500

Total Operating Expenses 170.644 2.787.700 3.470.375 3.181.876 3.901.663 5.338.664 5.803.191 6.111.331 6.529.278

Total Operating Expenses % 75,83% 64,01% 22,04% 37,05% 13,07% 14,70% 15,17% 15,16% 15,39%

Profit Before Interest and Taxes (90.270) (672.163) (1.818.182) (2.488.400) 8.021.398 13.548.553 13.885.179 14.435.098 14.934.960

Interest Expense 894 (15.908) (157.290) (347.000) (120.000) (120.000) (120.000) (120.000)

Taxes Incurred - - - - (1.918.599) (3.357.138) (3.441.295) (3.578.774) (3.703.740)

Ne t Profit (89.376) (688.072) (1.975.472) (2.488.400) 5.755.798 10.071.415 10.323.884 10.736.323 11.111.220

Net Profit/Sales -29% -11% -11% -27% 14% 18% 18% 18% 17%

- Depreciation - 163.827 94.449 591.402 317.023 89.410 69.617 69.617 69.617

EBITDA (90.270) (508.336) (1.723.733) (1.896.998) 6.419.822 13.637.964 13.954.796 14.504.715 15.004.577

EBITDA/Sales -30% -8% -10% -20% 15% 25% 24% 24% 23%

Pro Forma Balance Sheet (in '000)

2008 2009 2010 2011 2012 2013 2014 2015 2016

Assets

Current Assets

Cash 498.141 158.075 298.491 2.788 3.401.619 14.431.536 25.034. 110 36.067.549 47.465.193

Other Current Assets 387.569 1.369.380 1.473.870 947.931 1.366.060 1.658.176 1.721.703 1.786.993 1.855.532

22

. . . . . . . . . . . . . . . .

Total Current Assets 885.709 1.527.455 1.772.362 950.718 4.767.678 16.089.712 26.755.813 37.854.542 49.320.725

Long-term Assets

Long-term Assets 447.598 819.136 1.226.830 1.226.830 13.326.830 13.326.830 13.326.830 13.326.830 13.326.830

Accumulated Depreciation - (163.827) (328.943) (318.728) (908.425) (997.836) (1.067.452) (1.137.069) (1.206.686)

Total Long-term Assets 447.598 655.309 897.887 908.102 12.418.405 12.328.995 12.259.378 12.189.761 12.120.144

Total Assets 1.333.307 2.182.764 2.670.249 1.858.820 17.186.083 28.418.706 39.015.191 50.044.303 61.440.869

Liabilities and Capital

Current Liabilities

Accounts Payable 523.118 1.358.509 2.874.314 4.005.285 10.092.394 11.345.253 11.617.854 11.910.643 12.195.989

Current Borrowing - - - - - - - - -

Other Current Liabilities - - - - - - - - -

Subtotal Current Liabilities 523.118 1.358.509 2.874.314 4.005.285 10.092.394 11.345.253 11.617.854 11.910.643 12.195.989

Long-term Liabilit ies 649.565 1.351.702 2.298.854 2.844.854 1.608.431 1.546.000 1.546.000 1.546.000 1.546.000

Total Liabilities 1.172.683 2.710.211 5.173.168 6.850.140 11.700.825 12.891.253 13.163.854 13.456.643 13.741.989

Paid-in Capital 250.000 250.000 250.000 250.000 5.000.000 5.000.000 5.000.000 5.000.000 5.000.000

Retained Earnings - (89.376) (777.448) (2.752.919) (5.241.319) 485.259 10.527.453 20.851.337 31.587.661

Earnings (89. 376) (688. 072) (1.975.472) (2. 488. 400) 5.726.578 10.042.195 10. 323. 884 10.736.323 11.111.220

Total Capital 160.624 (527.448) (2.502.919) (4.991.319) 5.485.259 15.527.453 25.851.337 36.587.661 47.698.881

Total Liabilities and Capital 1.333.307 2.182.764 2.670.249 1.858.820 17.186.084 28.418.706 39.015.191 50.044.303 61.440.870

Net Worth 160.624 (527.448) (2.502.919) (4.991.319) 5.485.259 15.527.453 25.851.337 36.587.661 47.698.881


23/29

Pro Forma Cash Flow (in '000)2011 2012 2013 2014 2015 2016

Cash Received

Cash from Operations

Cash Sales 9.874.356 41.521.510 55.042.944 57.922.262 60.819.788 63.860.793

Subtotal Cash from

Operations 9.874.356 41.521.510 55.042.944 57.922.262 60.819.788 63.860.793

Additional Cash Received - 5.000 5.000 416.218 - -


Received - - - - - -

New Current Borrowing - - - - - -

New Other Liabilities

(interest-free) - - - - - -

New Long-term Liabilities - - - - - -

a es o t er urrent

Assets - - - - - -

Sales of Long-term Assets - - - - - -

New Investment Received - 5.000.000 - - - -

Subtotal Cash Received 9.874.356 46.526.510 55.047.944 58.338.480 60.819.788 63.860.793

Expenditures 2011 2012 2013 2014 2015 2015

Operations

23

Cash Spending 942.985 2.103.060 3.469.840 3.870.080 4.091.780 4.420.810

Bi ll Payments 8.928.583 28.896.407 39.439.976 43.803.394 45.694.569 48.042.339Subtotal Spent on

Operations 2.788 15.527.043 12.138.128 10.665.006 11.033.439 11.397.644

Additional Cash Spent


Paid Out - - - - - -

Principal Repayment of

Current Borrowing - (128.211) (1.108.211) (62.431) - -

Other Liabilities Principal

Repayment - - - - - -

Long-term Liabilities

Principal Repayment - - - - - -

Purchase Other CurrentAssets - - - - - -

Purchase Long-term

Assets - (12.000.000) - - - -

Dividends - - - - - -

Subtotal Cash Spent - (12.128.211) (1.108.211) (62.431) - -

Net Cash Flow 2.788 3.398.831 11.029.917 10.602.575 11.033.439 11.397.644

Beginning Balance 2.788 3.401.619 14.431.536 25.034.110 36.067.549

Ending Balance 2.788 3.401.619 14.431.536 25.034.110 36.067.549 47.465.193


24/29

INVESTOR

PROPOSALRejuvenete & Improvement Outlet 2011 ~

Future

Marketing and Promotion Program 2009-2011

Which will be continue & improve

in 2012 ~ FutureIncreasing Sales Idea 2012~Future


11 NOVEMBER 2011

24


25/29

Rejuvenete & Improvement Outlet

Klenger Burger Express Klenger Box

2K Klenger & Kriuk Concept KBD Klenger Burger Delivery

Klenger Burger Store

25


26/29

Customer Relation Management (CRM)

- Event & Thematic

Ramadhan August2010

New Year2011

April2010

26


27/29

September2009 Januari2010

November2010

Customer Relation Management (CRM)

- Service, Product, & Promo

July2011April2011

27


28/29

Marketing Public Relation (MPR)

5th Klenger Burger Anniversary Kompas 10 February2011

4th Klen er Bur er Anniversar Ma alah Info Franchise

Edisi February2010

28


29/29

KLENGER ANTER

KLENGER BURGER BUSINESS REPRESENTATIVE

OFFICE BUILDING KAWASAN SEGITIGA EMAS

SUDIRMAN,THAMRIN,KUNINGAN, GATSUMAINTAINING OFFICE BOY, RECEPTIONIST

SECRETARY , STAFF, & MANAGEMENT

CALL CENTER 14090CENTRAL KITCHEN

Direct Selling w/SPP & Virtual Outlet Idea

for Increasing Sales

29

Sales Projection "Direct Selling to Office (DSO)"

SPG 20 @ 75 pc

Day 22

@Ticket 20.000

Total Sales 30.000.000 @ Day

Total Sales 660.000.000 100% @ Month

Cost

COGS 330.000.000 50%

5 Call Centre 50.000.000 8% @ 10.000.000 /CS

Promotion 13.200.000 2%

Salary

20 SPG 50.000.000 8% @ 2.500.000 /month

20 DelMan 33.000.000 5% @ 75.000 /day

Total Cost & Salary 476.200.000 72%

Net Margin 183.800.000 28%

Date post:	06-Apr-2018
Category:	Documents
Upload:	gatut-cahyadi
View:	217 times
Download:	0 times

Kan Investor Proposal-111111

Documents