Menteri Komunikasi & Informatika, 2007, Peraturan Menteri Komunikasi & Informatika No. 3/PER/M.KOMINFO/01/2007 Tentang Sewa Jaringan, dikutip 19

(1)

DAFTAR PUSTAKA

Buku:

Abdussyukur, 2003, Thesis: Analisis Atribut Layanan Internet Service Provider yang Dianggap Penting oleh Konsumen Pengguna Internet, Management Industri – ITB, Bandung.

Afuah, A., and Tucci, L.C., 2003, Internet Business Models and Strategies, Mc Graw Hill, New York.

Alaydrus, M, 2007, Telecommunication Business: Management, Economics, Business and Prospects, n.p.

Block, Z., and C.I. MacMillan, 2003, Corporate Venturing, Beard Books, Washington, D.C. ,United States of America.

Brealy, Myers, and Allen, 2006, Principle of Corporate Finace 8 Edition, McGraw Hill, New York.

Business Week Indonesia, 2008, Perkembangan Broadband di Arah yang Benar, No.

10, 30 April – 7 Mei, Indomedia Dinamika.

GUN, dan OSA, 2008, BI Rate Naik Jadi 8,25% Tidak Berpengaruh Signifikan terhadap KPR, 7 Mei, Koran Kompas.

Redaksi Kompas, 2008, Tariff Iklan Harian Umum Kompas, 1 Januari, Koran Kompas.

Susatyo E., 2003, Thesis: Analisis Faktor Dominan Konsumen dalam Memilih ISP dan Segmentasi pasar Industri ISP, Management Industri – ITB, Bandung.

Wheelen, L.T., 2006, Strategic Management and Business Policy Tenth Edition, Pearson Prentice Hall, New Jersey.

Wibisono, G., dan D.G. Hantoro, 2006, WiMAX Teknologi Broadband Wireless

Access (BWA) Kini dan Masa Depan, Informatika Bandung, Bandung.

(2)

Wawancara

Adji, W., dan Rudi, Wawancara oleh Candra Taufik, Balai Monitor, Bandung: 4 April 2008.

Krisnandi, Tedy, Wawancara oleh Candra Taufik, Bandung, 20 Februari 2008.

Internet:

APJII, 2007, Statistik APJII Updated Desember 2007, dikutip 25 April 2008 dari http://www.apjii.or.id/statistik.php-lang=ind.htm

Broto, D.S.G., 2008, Siaran Pers No. 35/DJPT.1/KOMINFO/ 4/2008: Jaminan Kepastian Publik Untuk Berselancar Di Internet Dengan Tarif Yang Jauh Lebih Murah, dikutip 19 April 2008 dari

http://www.postel.go.id/baca_info.asp-id_info=956.htm.

Detikinet, 2008, Harga Bandwith Turun, Pengguna Internet Naik 40%, dikutip 24 April 2008 dari

http://www.apjii.or.id/news/index.php?ID=2002052301460&lang=ind.

Ditjen Postel, 2008, Proses Perizinan Frekuensi, dikutip 24 April 2008 dari

http://www.postel.go.id/utama.aspx?MenuID=4&MenuItem=3&SubMenu=1.

Ditjen Postel, 2008, Proses Sertifikasi, dikutip 24 April 2008 dari

http://www.postel.go.id/utama.aspx?MenuID=4&MenuItem=4&SubMenu=1.

Hendrawan, Yoddy, Tayangan Misteri, dikutip 28 April 2008 dari http://www.kotasantri.com/bilik.php?aksi=Detail&sid=90.

IR, dan WSH, 2008, Telkom Speedy Tumbuh Pesat di 2007, dikutip 28 April 2008 dari http://plinplan.com/internet/3330/2008/01/19/telkom-speedy-tumbuh- pesat-di-2007-3/.

Magdalena, M., 2007, WiMAX di Indonesia Terbentur Frekwensi, dikutip 23 April

2008 dari http://www.sinarharapan.co.id/berita/0709/27/eko10.html.

(3)

Menteri Komunikasi & Informatika, 2007, Peraturan Menteri Komunikasi &

Informatika No. 3/PER/M.KOMINFO/01/2007 Tentang Sewa Jaringan, dikutip 19 April 2008, http://www.postel.go.id

Menteri Komunikasi & Informatika, 2007, Rancangan Peraturan Menteri Komunikasi

& Informatika Tentang Penggunaan Pita Frekwensi Radio Untuk Keperluan Layanan Akses Pita Lebar Berbasis Nirkabel (Broadband Wireless Access), dikutip 24 April 2008 dari

http://www.postel.go.id/content/ID/regulasi/frekwensi/pp/permen bwa.doc.

Motorola, 2008, MOTOwi4 Fixed Canopy Point to Multipoint (PMP) System Planning Guide, dikutip 24 April 2008 dari

http://www.motorola.com/staticfiles/Business/Products/Accessories/A - C/Cluster Management

Module/_Documents/Staticfile/Network_Planning_Guide_2008_Issue_1.pdf Wikipedia, 2008, Broadband Internet Access, dikutip 19 April 2008 dari

http://en.wikipedia.org/w/index.php?title=Broadband_Internet_access.

Wikipedia, 2008, IEEE.802.11, dikutip 28 April 2008 dari

http://en.wikipedia.org/w/index.php?title=802.11&redirect=no.

Wikipedia, 2008, IEEE.802.16, dikutip 28 April 2008 dari

http://en.wikipedia.org/w/index.php?title=802.16&redirect=no.

Wincom White Papers, 2006, Standards versus Proprietary Solutions - The Case for WiMAX Industry Standards, dikutip 25 April 2008 dari

http://www.winncom.com/whitepappers.aspx?wpid=124.

(4)

(5)

LAMPIRAN A TEKNOLOGI INTERNET & INTERNET VALUE NETWORK

A.1. Teknologi Internet

Internet adalah kumpulan sangat besar dari jaringan-jaringan komputer yang terhubung satu sama lain secara fisik dan melalui kemampuannya untuk encode dan decode suatu protocol komunikasi yang disebut dengan Internet Protocol (IP) dan Transmission Control Protocol (TCP). Suatu protocol secara sederhana didefinisikan sebagai spesifikasi bagaimana komputer-komputer bertukar informasi. IP menjelaskan bagaimana informasi dikirimkan dengan cara dipecah menjadi paket-paket kecil, sementara TCP menjelaskan bagaimana arus paket dapat direkonstruksi pada terminal yang lain dan apa yang dikerjakan, misalnya jika paketnya tidak lengkap. (Afuah, 2003)

ISP merupakan salah satu bagian dari bisnis communication service. Jadi agar masyarakat/pengguna dapat mengakses internet, terdapat perusahaan-perusahaan yang menjadi perantara akses internet tersebut yaitu: perusahaan yang bergerak dibidang Network Access Provider (NAP), Backbone, Last Mile dan Internet Service Provider).

User berhubungan dengan ISP melalui perangkat Last Mile. Perangkat Last Mile disediakan oleh perusahaan penyedia Last Mile dan biaya pengadaannya dibebankan (dibeli) oleh ISP dan user/clients. ISP sendiri bertindak sebagai penjual internet access dengan Bandwith yang berkisar dibawah 1 Mbps, dan ISP membeli Bandwith sekaligus internet access yang lebih besar kepada NAP (misalnya 5 - 10 Mbps). NAP membeli internet access sekaligus Bandwith kepada NAP skala regional/international. Disamping membeli Bandwith, NAP juga menyewa Backbone kepada perusahaan penyedia Backbone atau membuat Backbone sendiri antara lokasi dia dengan lokasi NAP skala regional/international. Begitulah kondisi yang terjadi agar user/client dapat mengakses internet.

Gambar berikut menjelaskan mengenai komponen-komponen internet yaitu

Backbone, router, POP, komputer servers, dan user’s connected computers.

(6)

Router (digital switch)

Gateway (LAN server)

POP Backbone

Backbone

User’s computer User’s computer Server (web/file)

Cell Phones PDAs Other Mobile DevicesBackbone

Wireless Gateway

Backbone

Individuals

Enterprises Homes and small Organization

Gambar A.1. Internet Components.

¹⁶

Backbone adalah kumpulan dari high-speed communications lines yang terhubung dengan komputer-komputer berkecepatan tinggi (Afuah, 2003). Backbone bisa berupa fiber optic lines yang mengizinkan komputer mentransfer data pada kecepatan tinggi.

Bandwith jalur telekomunikasi merupakan kapasitas atau kecepatan transfer data.

Router merupakan digital switch yang memiliki fungsi untuk routing/mengarahkan arus lalu-lintas data.

Point of Presence (POP) adalah titik untuk mengakses jaringan dan terdiri dari

sebuah switch (komputer) yang mengetahui bagaimana untuk mengarahkan lalu-lintas

data (Afuah, 2003). Perusahaan besar menggunakan gateway yang fungsinya lebih

(7)

A.2. Internet Value Network

Berhubungan dengan masing-masing komponen internet, suatu industri atau kelompok perusahaan memiliki pasar atau produk tertentu. Berbagai sector dari ekonomi Internet dinamakan sebagai Internet Value Network, sebab secara umum semua komponen yang dijelaskan dan hubungan-hubungannya menciptakan nilai bagi end users, pelanggan, dan organisasi yang menggunakan jaringan (Afuah, 2003).

Terdapat tiga grup internet value networks, yaitu users, communication services, dan suppliers (Afuah, 2003).

III. Supplier 9. Content creators (Disney, Time-Warner) 10. Software Suppliers (Microsoft, Oracle) 11. Hardware Suppliers (IBM, Hewlett-Packard)

I. Users 1. E-commerce (Cisco, Amazon) 2. Content aggregators (AOL, Yahoo!)

3. Market-makers (Priceline, eBay) 4. Brokersagents (Schwab, E*Trade) 5. Service Providers (EDS, EMC)

6. Backbone

(MCI Worldcom, AT & T)

7. ISPs / OSPs (AOL, MSN)

8. Last Mile (Verizon, SBC) II. Communications Service Providers

Homes and Organizations

Gambar A.2. Value Network Profit Sites with Representative Companies

¹⁷

I. Users

a. E-commerce Companies: Perusahaan yang menjual barang melalui

internet.

(8)

c. Market-Makers: Menjadi perantara dan yang menjalankan pasar elektronik.

d. Brokers/Agents: Sebagai perantara dengan memfasilitasi transaksi untuk pihak-pihak tertentu.

e. Service Providers: Yang mengcover semua service yang berbasis internet.

II. Communication Services

a. Backbone Operator: Perusahaan yang merawat jalur Backbone-nya sendiri.

b. ISPs/OSPs: Perusahaan yang menyediakan akses internet kepada konsumen dan perusahaan besar maupun kecil.

c. LastMile: Perusahaan yang membangun, merawat dan menyediakan koneksi fisik (misalnya: telepon, kabel, atau koneksi wireless) kepada konsumen dan perusahaan besar maupun kecil.

III. Suppliers

a. Content Creators: Pembuat news dan content hiburan termasuk text, musik, dan video.

b. Software Suppliers: Perusahaan yang membangun software dan menjualnya.

c. Hardware Suppliers: Perusahaan yang membangun komponen-komponen

semacam perangkat internal yang mengendalikan atau berinteraksi dengan

system hardware komputer.

(9)

LAMPIRAN B TEKNOLOGI LAST MILE LAINNYA

B.1. Digital Subcriber Lines (DSL)

Teknologi DSL, infrastrukturnya telah dimiliki oleh PT. Telekomunikasi, dan belum ada operator lain yang bisa menandinginya. DSL terbagi menjadi dua jenis yaitu Asynchronous dan Synchronous DSL. Yang sangat baik digunakan untuk keperluan internet adalah ADSL dan Bandwith yang bisa disupport olehnya hingga ke sisi pelanggan adalah 24 Mbps. PT. Telkom membuat service akses internet dengan Bandwith kepada client hingga sebesar 512 kbps secara dedicated.

Berikut adalah gambar yang menjelaskan hubungan komputer client dengan jaringan PSTN (voice/telepon) dan ISP melalui teknologi ADSL. Dengan teknologi ADSL, satu line telepon dapat dipergunakan baik untuk voice (telepon) maupun untuk data (internet).

Gambar B.1. Jaringan ADSL (Source: www.buytelco.net)

Untuk lebih memperjelas lagi bagaimana instalasi ADSL di rumah, gambar

selanjutnya akan dapat memenuhi keperluan tesebut.

(10)

Gambar B.2. Implementasi ADSL (source: www.obengware.com)

B.2. Cable Television

Televisi Kabel adalah suatu system yang menyediakan layanan televisi kepada konsumen via transmisi gelombang radio ke televisi melalui fiber optic atau kabel coaxial, bukan lagi menggunakan metode on-air (memerlukan antenna TV). Program radio FM, high speed internet, dan telephony juga dapat dilakukan dengan system tersebut.

Di Bandung, Cable Television untuk internet access belum berkembang. Memang pengerjaan infrastruktur cable television memerlukan biaya yang cukup tinggi, mungkin inilah yang menyebabkan perkembangannya yang agak lambat. Satu perusahaan mulai mengembangkan bisnisnya menggunakan teknologi Television Cable, yaitu First Media.

B.3. Fiber Optic (FO)

(11)

Pada awalnya target market ISP yang menggunakan teknologi FO adalah corporate customer, saat ini telah ada ISP yang mengkaji bila target marketnya adalah residential/personal. Tentunya ada hambatan untuk mengimplementasikan teknologi FO ini, yaitu biaya instalasi dan infrastrukturnya sangat mahal. Oleh karenanya implementasi FTTH (Fiber Technology To Home) lebih sesuai di kompleks perumahan dengan ekonomi kelas atas.

Gambar B.3. Metro IP Optical Ring

¹⁸

B.4. Very Small Aperture Terminal (VSAT)

Very Small Aperture Terminal (VSAT) adalah stasiun bumi yang memiliki antenna berdiameter kurang dari 3 m (rata-rata 75 cm s/d 1.2 m) dan digunakan untuk komunikasi data dengan stasiun bumi lainnya melalui satelit secara dua arah.

Bandwith yang dapat didukung oleh teknologi ini mencapai 4 Mbps. Dengan Bandwith yang relative besar tersebut serta fixed, teknologi ini sangat tepat untuk perusahaan-perusahaan yang berlokasi di tempat yang terpencil.

Biaya startup dan langganannya relative mahal, sehingga tidak sesuai bagi

personal/residential. Untuk perusahaan besar yang memiliki kantor di daerah terpencil,

(12)

Gambar B.4. Arsitektur VSAT

¹⁹

Pada gambar di atas dapat dilihat bahwa VSAT earth station terdiri dari antenna, tranceiver dan satellite modem. Satellite modem dihubungkan dengan suatu multiplexer dan dari multiplexer tersebut terdapat tiga line yang dapat digunakan untuk melakukan komunikasi, yaitu data, voice dan fax.

B.5. Power Line Communication (PLC)

Power line communication (PLC) adalah suatu cara berkomunikasi menggunakan kabel listrik. Aplikasi PLC saat ini disediakan dalam bentuk komunikasi voice dan data.

Di Indonesia, PLN memiliki infrastruktur listrik yang sangat menunjang untuk

mengimplementasikannya, dan memang PLC telah dipergunakan untuk kepentingan

transfer data di lingkungan PLN sendiri dan layanan internet.

(13)

Gambar B.5. Arsitektur Jaringan PLC

²⁰

Untuk dapat mengakses internet atau pun berkomunikasi dengan pelanggan

lainnya, pelanggan listrik PLN perlu memiliki modem yang menghubungkan komputer

atau telepon ke kabel listrik, dan memperoleh hak akses internet ke administrator PLC.

(14)

(15)

LAMPIRAN C KOMPONEN MODAL & INVESTASI AWAL

C.1. Salary & Incentives

Salary dan Insentif yang diberikan kepada karyawan/management diusulkan seperti pada table-tabel di bawah ini. Nilainya mungkin relative kecil karena sebenarnya salary dan insentif tersebut diperuntukkan sebagai tambahan salary bagi karyawan anggota konsorsium yang mengerjakan pekerjaan untuk konsorsium. Rasio salary & insentif terhadap sales adalah dibawah 2%, hal ini berarti masih terdapat kemungkinan untuk menaikan salary & insentif kepada karyawan maupun jajaran manajemen.

C.1.1. Salary & insentif dalam Pengembangan Bisnis WiMAX

Fungsi Tahun 1 Salary @ per Month Salary Per Year Back Office Operator

Marketing 1 1,500,000 19,500,000 Financial 1 1,500,000 19,500,000 Technical 1 1,500,000 19,500,000 Customer Service

Sales 2 1,500,000 39,000,000 Technician 2 850,000 22,100,000 Total Direct Labor

Management/Administratif Tahun 1 Insentif @ per Month Insentif PerYear Ketua Harian 1 6,500,000 84,500,000

Total Biaya untuk Salary per Tahun 204,100,000

(16)

C.1.2. Salary & insentif dalam Pengembangan Bisnis Wi-Fi

Fungsi Tahun 1 Salary @ per Month Salary Per Year Back Office Operator

Marketing 1 1,500,000 19,500,000 Financial 1 1,500,000 19,500,000 Technical 1 1,500,000 19,500,000 Customer Service

Sales 1 1,500,000 19,500,000 Technician 1 850,000 11,050,000 Management/Administratif Tahun 1 Insentif @ per Month Insentif PerYear Ketua Harian 1 6,500,000 84,500,000

Total Biaya untuk Salary per Tahun 173,550,000

C.2. Infrastruktur

C.2.1. Infrastruktur Utama Wi-Fi LOS

INVESTASI WiFi LOS Harga @ Jumlah Biaya Infrastruktur Utama (dollar)

Access Point 1,500.00 48 669,600,000 Backhaul (pair) 1,200.00 8 89,280,000 GPS Synchronization 100.00 8 7,440,000 Antenna Cable 100.00 1 930,000

Software -

Prizm 500.00 1 4,650,000 CMM 500.00 1 4,650,000

Total Investasi Perangkat 776,550,000

(17)

C.2.2. Infrastruktur Utama Wi-Fi NLOS

INVESTASI WiFi NLOS Harga @ Jumlah Biaya Infrastruktur Utama (dollar)

Hardware

Access Point 12,000.00 48 5,356,800,000 Backhaul (pair) 700.00 8 52,080,000 GPS Synchronization 100.00 8 7,440,000 Antenna Cable 100.00 1 930,000 Software

Prizm 500.00 1 4,650,000 CMM 500.00 1 4,650,000

Total Investasi Perangkat 5,426,550,000

C.2.2. Infrastruktur Utama WiMAX

INVESTASI WiMAX Harga @ Jumlah Biaya

Infrastruktur Utama (dollar)

Base Station PTM 15,000.00 24 3,348,000,000 Base Station Master PTP 15,000.00 8 1,116,000,000 Base Station Slave PTP 15,000.00 8 1,116,000,000 Gateway 5,000.00 1 46,500,000 Antenna Cable (set) 100.00 8 7,440,000 WISE RIMS SERVERS 5,000.00 1 46,500,000

Software -

WISE RIMS 500.00 1 4,650,000

CMM - 1

Total Investasi Perangkat 5,685,090,000

C.2.3. Infrastruktur Penunjang Wi-Fi/WiMAX

Investasi WiMAX / WiFi Harga @ Jumlah Biaya Infrastruktur Penunjang (rupiah)

Computer 3,000,000.00 4 12,000,000 Printer 700,000.00 1 700,000 Telepon 250,000.00 1 250,000 UPS 10 KVA 7,000,000.00 1 7,000,000 UPS 1 KVA 2,000,000.00 8 16,000,000 Network Cable 250,000.00 8 2,000,000 Sepeda Motor 13,000,000.00 3 39,000,000

Total Biaya Infrastruktur Penunjang 76,950,000

(18)

C.3. Operational/Modal Kerja

Kebutuhan Modal Kerja WiMAX Wi-Fi NLOS Wi-Fi LOS

Bandwith

Bandwith per Tahun (Kbps) 205,824 102,912 43,392 Harga Sewa Bandwith per Kbps per Tahun (dollar) 1,500 1,500 1,500 Bandwith per Tahun (dollar) 308,736 154,368 65,088 Bandwith per Tahun (rupiah) 2,871,244,800 1,435,622,400 605,318,400 CPE

CPE Price (dollar) 600 800 200

Number of CPE Needed for Leasing Incremental 708 354 148

CPE per week for cash payment (units) 33 17 7

Modal CPE 4,134,780,000 2,760,240,000 288,300,000

Sewa BTS

Harga Sewa per Tahun (dollar) 1,000 1,000 1,000

Jumlah BTS 8 8 8

Total Biaya Sewa per Tahun 74400000 74,400,000 74,400,000

C.4. Overhead

C.4.1. Overhead Wi-Fi LOS

Indirect Cost / Overhead Harga @ Jumlah Biaya Kertas (rim) 27000 1 27,000 Tinta (set) 100000 1 100,000 BBM (liter per week) 6000 4 1,248,000 Komunikasi Telepon (per bulan) 250000 1 3,000,000

Total Indirect Cost 4,375,000

C.4.2. Overhead Wi-Fi NLOS

Indirect Cost Harga @ Jumlah Biaya Kertas (rim) 27000 2 64,800 Tinta (set) 100000 1 100,000 BBM (liter per week) 6000 4 1,248,000 Komunikasi Telepon (per bulan) 250000 1 3,000,000 Biaya Persiapan Standardisasi 5000000 5,000,000 Biaya Persiapan Izin Frekwensi 20000000 20,000,000

Total Indirect Cost 29,412,800

(19)

C.4.3. Overhead WiMAX

Indirect Cost (Overhead) Harga @ Jumlah Biaya Kertas (rim) 27,000 5 129,600

Tinta (set) 100,000 2 200,000

BBM (liter per week) 6,000 8 2,496,000 Komunikasi Telepon (per bulan) 250,000 1 3,000,000 Persiapan Sertifikasi Perangkat 5,000,000 1 5,000,000 Persiapan Permohonan Frekuensi 20,000,000 1 20,000,000

Total Indirect Cost 30,825,600

(20)

LAMPIRAN D FINANCIAL PROJECTIONS

D.1. Income Proforma

D.1.1. Income Proforma untuk Investasi Wi-Fi-LOS

Wi-Fi LOS

Income Statement Proforma June-08

Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5 Tahun 6 Tahun 7 Tahun 8

Revenues

Net Revenues 1,838,757,109.09 2,083,932,163.64 2,096,271,572.73 2,396,287,881.82 2,753,154,245.45 2,455,453,636.36 2,211,582,272.73 1,925,100,000.00 Cost and Expenses

General and Administrative Expense 84,500,000.00 92,950,000.00 102,245,000.00 112,469,500.00 123,716,450.00 136,088,095.00 149,696,904.50 164,666,594.95 Expense Depreciation 85,350,000.00 85,350,000.00 85,350,000.00 85,350,000.00 85,350,000.00 85,350,000.00 85,350,000.00 682,800,000.00 Cost of Sales 1,698,768,400.00 1,004,846,360.00 1,138,130,980.00 1,285,578,830.00 1,461,572,665.00 914,289,195.50 844,037,987.05 780,964,617.76 USO 13,790,678.32 15,629,491.23 15,722,036.80 17,972,159.11 20,648,656.84 18,415,902.27 16,586,867.05 14,438,250.00 Other Operating Expense 50,343,927.73 56,392,879.09 56,708,330.32 64,216,757.05 73,147,650.14 65,695,900.91 59,591,097.82 49,422,075.00 Total Cost and Expense 1,932,753,006.05 1,255,168,730.32 1,398,156,347.11 1,565,587,246.16 1,764,435,421.98 1,219,839,093.68 1,155,262,856.41 1,692,291,537.71 Operating Income (93,995,896.95) 828,763,433.32 698,115,225.61 830,700,635.66 988,718,823.48 1,235,614,542.68 1,056,319,416.31 232,808,462.30 Other Revenues and Gains

(Expenses and Losses)

Interest Income - - - - - - - - Interest Expenses - - - - - - - - Income Before Taxes (93,995,896.95) 828,763,433.32 698,115,225.61 830,700,635.66 988,718,823.48 1,235,614,542.68 1,056,319,416.31 232,808,462.30 Income Tax Expenses - 207,190,858.33 174,528,806.40 207,675,158.91 247,179,705.87 308,903,635.67 264,079,854.08 58,202,115.57

(21)

D.1.2. Income Proforma untuk Investasi Wi-Fi-NLOS

Wi-Fi NLOS

Revenues

Net Revenues 10,978,822,473 8,498,649,436 9,770,313,682 9,335,996,918.18 8,829,652,500.00 6,495,873,300.00 4,343,459,318.18 4,011,702,954.55 Cost and Expenses

General and Administrative Expense 84,500,000 92,950,000 102,245,000 112,469,500.00 123,716,450.00 123,716,450.00 136,088,095.00 164,666,594.95 Expense Depreciation 755,350,000 755,350,000 755,350,000 755,350,000.00 755,350,000.00 755,350,000.00 755,350,000.00 755,350,000.00 Cost of Sales 10,527,072,400 3,162,520,760 3,619,073,380 4,143,863,150.00 4,740,202,105.00 2,384,995,705.00 2,114,658,795.50 1,898,899,017.76 USO 192,129,393 148,726,365 170,980,489 163,379,946.07 154,518,918.75 113,677,782.75 76,010,538.07 70,204,801.70 Other Operating Expense 578,353,924 429,354,992 493,049,382 471,346,395.91 446,043,971.00 329,340,215.00 221,706,663.91 205,007,667.73 Total Cost and Expense 12,137,405,717 4,588,902,117 5,140,698,252 5,646,408,991.98 6,219,831,444.75 3,707,080,152.75 3,303,814,092.48 3,094,128,082.14

Operating Income (1,158,583,244) 3,909,747,319 4,629,615,430 3,689,587,926.20 2,609,821,055.25 2,788,793,147.25 1,039,645,225.70 917,574,872.41 Other Revenues and Gains

Interest Income - - - - - - - - Interest Expenses - - - - - - - - Income Before Taxes (1,158,583,244) 3,909,747,319 4,629,615,430 3,689,587,926.20 2,609,821,055.25 2,788,793,147.25 1,039,645,225.70 917,574,872.41 Income Tax Expenses - 977,436,830 1,157,403,858 922,396,981.55 652,455,263.81 697,198,286.81 259,911,306.43 229,393,718.10 Net Income (1,158,583,244) 2,932,310,490 3,472,211,573 2,767,190,944.65 1,957,365,791.44 2,091,594,860.44 779,733,919.28 688,181,154.31

(22)

D.1.3. Income Proforma untuk Investasi WiMAX

WiMAX

Revenues

Net Revenues

17,232,947,345 14,396,126,073 16,552,915,282 16,186,400,591 15,762,467,700 12,261,798,900 8,693,576,591 8,038,433,864

Cost and Expenses

General and Administrative Expense 84,500,000 92,950,000 102,245,000 112,469,500 123,716,450 123,716,450 136,088,095 164,666,595 Expense Depreciation 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 Cost of Sales 16,457,244,800 5,488,666,520 6,283,768,900 7,217,877,710 8,276,538,265 4,568,070,265 4,014,894,316 3,549,864,778 USO 301,576,579 251,932,206 289,676,017 283,262,010 275,843,185 214,581,481 152,137,590 140,672,593 Other Operating Expense 892,472,967 724,503,344 832,365,160 814,165,130 792,998,077 617,935,045 439,398,226 406,618,733

Total Cost and Expense

18,516,998,346 7,339,256,070 8,289,259,078 9,208,978,350 10,250,299,977 6,305,507,241 5,523,722,226 5,043,026,699

Operating Income

(1,284,051,000) 7,056,870,003 8,263,656,204 6,977,422,241 5,512,167,723 5,956,291,659 3,169,854,365 2,995,407,165

Other Revenues and Gains

Interest Income

- - - - - - - -

Interest Expenses

- - - - - - - -

Income Before Taxes

(1,284,051,000) 7,056,870,003 8,263,656,204 6,977,422,241 5,512,167,723 5,956,291,659 3,169,854,365 2,995,407,165

Income Tax Expenses

- 1,764,217,501 2,065,914,051 1,744,355,560 1,378,041,931 1,489,072,915 792,463,591 748,851,791

Net Income

(1,284,051,000) 5,292,652,502 6,197,742,153 5,233,066,681 4,134,125,792 4,467,218,744 2,377,390,773 2,246,555,374

(23)

D.2. Balancesheet Proforma

D.2.1. Balancesheet Proforma untuk Investasi Wi-Fi-LOS

Tahun 0 Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5 Tahun 6 Tahun 7 Tahun 8

Current Assets Short-term Investment

Cash 1,145,943,400 27,273,503 907,451,178 1,720,862,797 2,481,965,374 3,177,897,292 4,313,393,199 5,235,507,261 5,455,227,908 Account Receiveable - 1,011,654,000 764,208,900 474,383,700 336,306,600 380,053,800 174,988,800 45,114,300 - Inventories - 13,020,000 1,860,000 1,860,000 1,860,000 3,720,000 - - - Pre-paid Expenses

Other Current Assets

Total Current Assets 1,145,943,400 1,051,947,503 1,673,520,078 2,197,106,497 2,820,131,974 4,488,381,9993,561,671,092 5,280,621,561 5,455,227,908 Property, Plant & Equipment 776,550,000 698,895,000 621,240,000 543,585,000 465,930,000 388,275,000 310,620,000 232,965,000 155,310,000 Accumulated Depreciation 85,350,000 170,700,000 256,050,000 341,400,000 426,750,000 512,100,000 597,450,000 682,800,000 Frequency Lisence -

Other Long Lived Assets 76,950,000 69,255,000 61,560,000 53,865,000 46,170,000 38,475,000 30,780,000 23,085,000 15,390,000 Total Assets 1,999,443,400 1,905,447,503 2,527,020,078 3,050,606,497 3,673,631,974 5,341,881,9994,415,171,092 6,134,121,561 6,308,727,908 Liabilities and Stockholders' Equity

Current Liabilities

Account Payabale - - - - - - - - - Accrued Liabilities - - - - - - - - - Total Current Liabilities - - - - - - - - - Long Term Liabilities

Short-term Bank Debt - - - - - - - - - Long-term Liabilities - - - - - - - - - Total Long Term Liabilities - - - - - - - - - Stokholders' Equity

Contributed Capital 1,999,443,400 1,999,443,400 1,905,447,503 2,527,020,078 3,050,606,497 3,673,631,974 4,415,171,092 5,341,881,999 6,134,121,561 Retained Earnings - (93,995,897) 621,572,575 523,586,419 623,025,477 741,539,118 926,710,907 792,239,562 174,606,347 Total Stokholders' Equity 1,999,443,400 1,905,447,503 2,527,020,078 3,050,606,497 3,673,631,974 5,341,881,9994,415,171,092 6,134,121,561 6,308,727,908 Total Liabilities+Stokholders' Equity 1,999,443,400 1,905,447,503 2,527,020,078 3,050,606,497 3,673,631,974 4,415,171,092 5,341,881,999 6,134,121,561 6,308,727,908

Wi-Fi LOS Balance Sheet Proforma

(24)

D.2.2. Balancesheet Proforma untuk Investasi Wi-Fi-NLOS

Cash 4,523,225,200 2,613,394,956 6,245,978,111 10,440,524,356 13,496,921,897 17,812,892,85915,263,575,241 18,754,042,039 19,392,469,937 Account Receiveable - 2,419,767,000 1,814,141,700 1,118,287,800 801,120,600 917,324,100 423,801,000 109,368,000 - Inventories - 126,480,000 22,320,000 22,320,000 29,760,000 29,760,000 - - - Pre-paid Expenses

Total Current Assets 4,523,225,200 5,159,641,956 8,082,439,811 11,581,132,156 14,327,802,497 16,210,659,341 18,236,693,859 18,863,410,039 19,392,469,937 Property, Plant & Equipment 5,426,550,000 4,883,895,000 4,341,240,000 3,798,585,000 3,255,930,000 2,170,620,0002,713,275,000 1,627,965,000 1,085,310,000 Accumulated Depreciation 755,350,000 1,510,700,000 2,266,050,000 3,021,400,000 4,532,100,0003,776,750,000 5,287,450,000 6,042,800,000 Frequency Lisence 2,000,000,000

Other Long Lived Assets 76,950,000 69,255,000 61,560,000 53,865,000 46,170,000 38,475,000 30,780,000 23,085,000 15,390,000 Total Assets 12,026,725,200 10,868,141,956 13,995,939,811 17,699,632,156 20,651,302,497 22,739,159,341 24,970,193,859 25,801,910,039 26,535,969,937 Liabilities and Stockholders' Equity

Contributed Capital 12,026,725,200 12,026,725,200 10,868,141,956 13,995,939,811 17,699,632,156 22,739,159,34120,651,302,497 24,970,193,859 25,801,910,039 Retained Earnings - 3,127,797,856(1,158,583,244) 3,703,692,344 2,951,670,341 2,231,034,5182,087,856,844 831,716,181 734,059,898 Total Stokholders' Equity 12,026,725,200 10,868,141,956 13,995,939,811 17,699,632,156 20,651,302,497 22,739,159,341 24,970,193,859 25,801,910,039 26,535,969,937 Total Liabilities+Stokholders' Equity 12,026,725,200 10,868,141,956 13,995,939,811 17,699,632,156 20,651,302,497 24,970,193,85922,739,159,341 25,801,910,039 26,535,969,937

Wi-Fi NLOS Balance Sheet Proforma

(25)

D.2.3. Balancesheet Proforma untuk Investasi WiMAX

Cash 7,365,350,400 2,852,625,400 9,653,776,502 17,455,398,965 23,454,255,658 33,011,355,26427,415,534,437 35,975,206,056 38,386,634,888 Account Receiveable - 4,839,534,000 3,635,118,900 2,233,841,400 1,606,342,500 1,844,217,900 853,070,400 220,103,100 - Inventories - 184,140,000 27,900,000 33,480,000 39,060,000 44,640,000 - - - Pre-paid Expenses

Total Current Assets 7,365,350,400 13,316,795,4027,876,299,400 19,722,720,365 25,099,658,158 29,304,392,337 33,864,425,664 36,195,309,156 38,386,634,888 Property, Plant & Equipment 5,685,090,000 4,548,072,0005,116,581,000 3,979,563,000 3,411,054,000 2,274,036,0002,842,545,000 1,705,527,000 1,137,018,000 Accumulated Depreciation 781,204,000 1,562,408,000 2,343,612,000 3,124,816,000 4,687,224,0003,906,020,000 5,468,428,000 6,249,632,000 Frequency Lisence 2,000,000,000

Other Long Lived Assets 76,950,000 69,255,000 61,560,000 53,865,000 46,170,000 38,475,000 30,780,000 23,085,000 15,390,000 Total Assets 15,127,390,400 13,843,339,400 19,488,835,402 26,099,760,365 31,681,698,158 36,091,432,337 40,856,465,664 43,392,349,156 45,788,674,888 Liabilities and Stockholders' Equity

Contributed Capital 15,127,390,400 13,843,339,40015,127,390,400 19,488,835,402 26,099,760,365 36,091,432,33731,681,698,158 40,856,465,664 43,392,349,156 Retained Earnings - (1,284,051,000) 5,645,496,002 6,610,924,963 5,581,937,793 4,765,033,3274,409,734,179 2,535,883,492 2,396,325,732 Total Stokholders' Equity 15,127,390,400 13,843,339,400 19,488,835,402 26,099,760,365 31,681,698,158 36,091,432,337 40,856,465,664 43,392,349,156 45,788,674,888 Total Liabilities+Stokholders' Equity 15,127,390,400 19,488,835,40213,843,339,400 26,099,760,365 31,681,698,158 40,856,465,66436,091,432,337 43,392,349,156 45,788,674,888

WiMAX Balance Sheet Proforma

(26)

D.3. Cashflow Proforma

D.3.1. Cashflow Proforma untuk Wi-Fi-LOS

Wi-Fi LOS Statement of Cashflow

Cashflow from Operation Activities

Net Income - (93,995,897) 621,572,575 523,586,419 623,025,477 741,539,118 926,710,907 792,239,562 174,606,347 Depreciation & Amortization - 85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 682,800,000 Inventories - 13,020,000 11,160,000 - - (1,860,000) 3,720,000 - - Net / Losses from Investment - - - - - - Stock option income tax benefit - - - - - - Deferred income taxes - - - - - - Unearned Revenues - - - - - - Recognition of unearned revenues - - - - - - Account Receivables - (1,011,654,000) 247,445,100 289,825,200 138,077,100 (43,747,200) 205,065,000 129,874,500 45,114,300 Net Cash From Operation - (1,007,279,897) 965,527,675 898,761,619 846,452,577 781,281,918 1,220,845,907 1,007,464,062 902,520,647 Cashflow from Financing Activities

Contributed Capital 1,999,443,400 - - - - - Others (Dividend) - - 93,235,886 104,717,284 155,756,369 185,384,779 231,677,727 198,059,891 43,651,587 Net cash from Financing 1,999,443,400 - (93,235,886) (104,717,284) (155,756,369) (185,384,779) (231,677,727) (198,059,891) (43,651,587) Cashflow from Investing

Addition to property and equipment (776,550,000) - - - - - Addition to other infrastructures (76,950,000) - - - - - - - - Net cash from Investing (853,500,000) - - - - - - - - Net change in cash and equivalents 1,145,943,400 (1,007,279,897) 872,291,789 794,044,335 690,696,208 595,897,138 989,168,180 809,404,172 858,869,060 Effect of exchange rate on cash and equivalents - - - - - - - - - Cash and equivalent, beginning of periods - 138,663,5031,145,943,400 1,010,955,292 1,804,999,627 2,495,695,835 3,091,592,973 4,080,761,153 4,890,165,325 Cash and equivalent, ending of periods 1,145,943,400 138,663,503 1,010,955,292 1,804,999,627 2,495,695,835 3,091,592,973 4,080,761,153 4,890,165,325 5,749,034,385

(27)

D.3.2. Cashflow Proforma untuk Wi-Fi-NLOS

Wi-Fi NLOS Statement of Cashflow

Net Income - (1,158,583,244) 2,932,310,490 3,472,211,573 2,767,190,945 1,957,365,791 2,091,594,860 779,733,919 688,181,154 Depreciation & Amortization - 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 Inventories - - (126,480,000) 104,160,000 - (7,440,000) - 29,760,000 - Net / Losses from Investment - - - - - Stock option income tax benefit - - - - - Deferred income taxes - - - - - Unearned Revenues - - - - - Recognition of unearned revenues - - - - - Account Receivables - (2,419,767,000) 605,625,300 695,853,900 317,167,200 (116,203,500) 493,523,100 314,433,000 109,368,000 Net Cash From Operation - (2,823,000,244) 4,166,805,790 5,027,575,473 3,839,708,145 2,589,072,291 3,340,467,960 1,879,276,919 1,552,899,154 Cashflow from Financing Activities

Contributed Capital 12,026,725,200 - - - - Others (Dividend) - - 439,846,573 694,442,315 691,797,736 489,341,448 522,898,715 194,933,480 172,045,289 Net cash from Financing 12,026,725,200 - (439,846,573) (694,442,315) (691,797,736) (489,341,448) (522,898,715) (194,933,480) (172,045,289) Cashflow from Investing

Addition to property and equipment (5,426,550,000) - - - -

Frequency Lisence (2,000,000,000)

Addition to other infrastructures (76,950,000) - - - - - - - - Net cash from Investing (7,503,500,000) - - - - - - - - Net change in cash and equivalents 4,523,225,200 (2,823,000,244) 3,726,959,216 4,333,133,158 3,147,910,408 2,099,730,844 2,817,569,245 1,684,343,439 1,380,853,866 Effect of exchange rate on cash and equivalents - - - - - - - - - Cash and equivalent, beginning of periods - 1,700,224,9564,523,225,200 5,427,184,172 9,760,317,330 12,908,227,739 15,007,958,582 17,825,527,828 19,509,871,267 Cash and equivalent, ending of periods 4,523,225,200 5,427,184,1721,700,224,956 9,760,317,330 12,908,227,739 15,007,958,582 17,825,527,828 19,509,871,267 20,890,725,133

(28)

D.3.3. Cashflow Proforma untuk WiMAX

WiMAX Statement of Cashflow

Net Income - (1,284,051,000) 5,292,652,502 6,197,742,153 5,233,066,681 4,134,125,792 4,467,218,744 2,377,390,773 2,246,555,374 Depreciation & Amortization - 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 Stock-based Compensation - - - - Inventories - (184,140,000) 156,240,000 (5,580,000) (5,580,000) (5,580,000) 44,640,000 - - Stock option income tax benefit - - - - Deferred income taxes - - - - Unearned Revenues - - - - Recognition of unearned revenues - - - - Account Receivables - (4,839,534,000) 1,204,415,100 1,401,277,500 627,498,900 (237,875,400) 991,147,500 632,967,300 220,103,100 Net Cash From Operation - (5,526,521,000) 7,434,511,602 8,374,643,653 6,636,189,581 4,671,874,392 6,284,210,244 3,791,562,073 3,247,862,474 Cashflow from Financing Activities

Contributed Capital 15,127,390,400 - - - - Others (Dividend) - - 793,897,875 1,239,548,431 1,308,266,670 1,033,531,448 1,116,804,686 594,347,693 561,638,843 Net cash from Financing 15,127,390,400 - (793,897,875) (1,239,548,431) (1,308,266,670) (1,033,531,448) (1,116,804,686) (594,347,693) (561,638,843) Cashflow from Investing

Addition to property and equipment (5,685,090,000) - - - -

Frequency Lisence (2,000,000,000)

Addition to other infrastructures (76,950,000) - - - - - - - - Net cash from Investing (7,762,040,000) - - - - - - - -

Net change in cash and equivalents 7,365,350,400 (5,526,521,000) 6,640,613,727 7,135,095,223 5,327,922,911 3,638,342,944 5,167,405,558 3,197,214,380 2,686,223,630 Effect of exchange rate on cash and equivalents - - - - - - - - - Cash and equivalent, beginning of periods - 7,365,350,400 1,838,829,400 8,479,443,126 20,942,461,26015,614,538,349 24,580,804,204 29,748,209,762 32,945,424,142 Cash and equivalent, ending of periods 7,365,350,400 1,838,829,400 8,479,443,126 20,942,461,26015,614,538,349 24,580,804,204 29,748,209,762 32,945,424,142 35,631,647,773

(29)

D.4. Capital Budgeting

D.4.1. Capital Budgeting WiMAX

Total Revenues 17,232,947,345 14,396,126,073 16,552,915,282 16,186,400,591 15,762,467,700 12,261,798,900 8,693,576,591 8,038,433,864 Direct Material 16,337,644,800 5,390,711,520 6,176,018,400 7,099,352,160 8,146,160,160 4,437,692,160 3,871,478,400 3,376,331,520 Direct Labor 119,600,000 97,955,000 107,750,500 118,525,550 130,378,105 130,378,105 143,415,916 173,533,258

COGS 16,457,244,800 5,488,666,520 6,283,768,900 7,217,877,710 8,276,538,265 4,568,070,265 4,014,894,316 3,549,864,778

Overhead/Expenses 30,825,600 4,697,040 4,719,396 4,845,100 4,874,692 4,845,100 4,719,396 4,697,040 General&Administratif Expense 84,500,000 92,950,000 102,245,000 112,469,500 123,716,450 123,716,450 136,088,095 164,666,595 Other Expense (USO + Izin Prinsip) (0.75 % + 1%) dari Rev 301,576,579 251,932,206 289,676,017 283,262,010 275,843,185 214,581,481 152,137,590 140,672,593 Marketing Expense 5.00% 861,647,367 719,806,304 827,645,764 809,320,030 788,123,385 613,089,945 434,678,830 401,921,693 Total Expenses 17,735,794,346 6,558,052,070 7,508,055,078 8,427,774,350 9,469,095,977 5,524,303,241 4,742,518,226 4,261,822,699 EBITDA (502,847,000) 7,838,074,003 9,044,860,204 7,758,626,241 6,293,371,723 6,737,495,659 3,951,058,365 3,776,611,165

EBIT 7,056,870,003(1,284,051,000) 8,263,656,204 6,977,422,241 5,512,167,723 5,956,291,659 3,169,854,365 2,995,407,165

Depreciation 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 781,204,000 Interest Expense 15% - - - - - - - -

EBT 7,056,870,003(1,284,051,000) 8,263,656,204 6,977,422,241 5,512,167,723 5,956,291,659 3,169,854,365 2,995,407,165

Tax Expense 20% - 1,411,374,001 1,652,731,241 1,395,484,448 1,102,433,545 1,191,258,332 633,970,873 599,081,433 Net Income 5,645,496,002(1,284,051,000) 6,610,924,963 5,581,937,793 4,409,734,179 4,765,033,327 2,535,883,492 2,396,325,732 CASHFLOW (502,847,000) 6,426,700,002 7,392,128,963 6,363,141,793 5,190,938,179 5,546,237,327 3,317,087,492 3,177,529,732 Investment 15,127,390,400 - - - - - -

Salvage Value 3,152,408,000

Total Cashflow (15,127,390,400) (502,847,000) 6,426,700,002 7,392,128,963 6,363,141,793 5,190,938,179 5,546,237,327 3,317,087,492 6,329,937,732

NPV 10,635,749,269

IRR 25%

(30)

D.4.2. Capital Budgeting Wi-Fi NLOS

Total Revenues 10,978,822,473 8,498,649,436 9,770,313,682 9,335,996,918 8,829,652,500 6,495,873,300 4,343,459,318 4,011,702,955 Direct Material 10,438,022,400 3,064,565,760 3,511,322,880 4,025,337,600 4,609,824,000 2,254,617,600 1,971,242,880 1,725,365,760 Direct Labor 89,050,000 97,955,000 107,750,500 118,525,550 130,378,105 130,378,105 143,415,916 173,533,258

COGS 10,527,072,400 3,162,520,760 3,619,073,380 4,143,863,150 4,740,202,105 2,384,995,705 2,114,658,796 1,898,899,018

Overhead/Expenses 29,412,800 4,422,520 4,533,698 4,546,550 4,561,346 4,546,550 4,533,698 4,422,520 General&Administratif Expense 84,500,000 92,950,000 102,245,000 112,469,500 123,716,450 123,716,450 136,088,095 164,666,595 Other Expense (USO + Izin Prinsip) (0.75 %+ 1%) of Rev 192,129,393 148,726,365 170,980,489 163,379,946 154,518,919 113,677,783 76,010,538 70,204,802 Marketing Expense 5.00% 548,941,124 424,932,472 488,515,684 466,799,846 441,482,625 324,793,665 217,172,966 200,585,148 Total Expenses 11,382,055,717 3,833,552,117 4,385,348,252 4,891,058,992 5,464,481,445 2,951,730,153 2,548,464,092 2,338,778,082 EBITDA (403,233,244) 4,665,097,319 5,384,965,430 4,444,937,926 3,365,171,055 3,544,143,147 1,794,995,226 1,672,924,872

EBIT 3,909,747,319(1,158,583,244) 4,629,615,430 3,689,587,926 2,609,821,055 2,788,793,147 1,039,645,226 917,574,872

Depreciation 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 755,350,000 Interest Expense 15% - - - - - - - -

EBT 3,909,747,319(1,158,583,244) 4,629,615,430 3,689,587,926 2,609,821,055 2,788,793,147 1,039,645,226 917,574,872

Tax Expense 20% - 781,949,464 925,923,086 737,917,585 521,964,211 557,758,629 207,929,045 183,514,974 Net Income 3,127,797,856(1,158,583,244) 3,703,692,344 2,951,670,341 2,087,856,844 2,231,034,518 831,716,181 734,059,898 CASHFLOW (403,233,244) 3,883,147,856 4,459,042,344 3,707,020,341 2,843,206,844 2,986,384,518 1,587,066,181 1,489,409,898 Investment 12,026,725,200 - - - -

Salvage Value 3,100,700,000

Total Cashflow (12,026,725,200) (403,233,244) 3,883,147,856 4,459,042,344 3,707,020,341 2,843,206,844 2,986,384,518 1,587,066,181 4,590,109,898

NPV 3,104,881,509

IRR 16%

(31)

D.4.3. Capital Budgeting Wi-Fi LOS

Total Revenues

1,838,757,109 2,083,932,164 2,096,271,573 2,396,287,882 2,753,154,245 2,455,453,636 2,211,582,273 1,925,100,000 Direct Material 1,609,718,400 906,891,360 1,030,380,480 1,167,053,280 1,331,194,560 770,873,280 686,280,480 607,431,360 Direct Labor 89,050,000 97,955,000 107,750,500 118,525,550 130,378,105 143,415,916 157,757,507 173,533,258

COGS

1,698,768,400 1,004,846,360 1,138,130,980 1,285,578,830 914,289,196 1,461,572,665 844,037,987 780,964,618

Overhead/Expenses

4,375,000 4,294,575 4,301,541 4,309,560 4,318,794 4,309,560 4,301,541 1,294,575

General & Administratif expense

84,500,000 92,950,000 102,245,000 112,469,500 123,716,450 136,088,095 149,696,905 164,666,595

Other Expenses (USO)

0.75% of Rev 13,790,678 15,629,491 15,722,037 17,972,159 20,648,657 18,415,902 16,586,867 14,438,250

Marketing Expense

2.50% 45,968,928 52,098,304 52,406,789 59,907,197 68,828,856 61,386,341 55,289,557 48,127,500

Total Expenses

1,847,403,006 1,169,818,730 1,312,806,347 1,480,237,246 1,134,489,094 1,679,085,422 1,069,912,856 1,009,491,538

EBITDA

(8,645,897) 914,113,433 783,465,226 916,050,636 1,320,964,543 1,074,068,823 1,141,669,416 915,608,462

EBIT

(93,995,897) 828,763,433 698,115,226 830,700,636 988,718,823 1,235,614,543 1,056,319,416 232,808,462

Depreciation

85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 85,350,000 682,800,000

Interest Expense

15% - - - - - - - -

EBT

(93,995,897) 828,763,433 698,115,226 830,700,636 988,718,823 1,235,614,543 1,056,319,416 232,808,462

Tax Expense

25% - 207,190,858 174,528,806 207,675,159 247,179,706 308,903,636 264,079,854 58,202,116

Net Income

(93,995,897) 621,572,575 523,586,419 623,025,477 741,539,118 926,710,907 792,239,562 174,606,347 CASHFLOW (8,645,897) 706,922,575 608,936,419 708,375,477 826,889,118 1,012,060,907 877,589,562 857,406,347

Initial Investment 1,999,443,400 - - - - - - -

Salvage Value 170,700,000

Total Cashflow

(1,999,443,400) (8,645,897) 706,922,575 608,936,419 708,375,477 826,889,118 1,012,060,907 877,589,562 1,028,106,347

NPV

1,532,939,643

IRR

24%

(32)

LAMPIRAN E DECISION TREE DIAGRAM

(33)

(34)

(35)

(36)

LAMPIRAN F BUDGET PEMASARAN

Media Spesifikasi Tarif Jumlah Biaya

Koran

Kompas 1 kavling (116 mm x 85 mm) 14,000,000 10 140,000,000 Pikiran Rakyat 100mmk 4,500,000 24 108,000,000 Bandung Advertiser 1 box ad. 100,000 12 1,200,000 TV

Sebuah TV 30 detik 25,000,000 6 150,000,000

Internet -

Blog - -

Email - -

Website 5,000,000 1 5,000,000

Banner pada Detik.com Top Left, 339x78 pixels 31,500,000 3 94,500,000 Banner pada Detik.com Scroller Left, 50x200 pixels 26,529,000 3 79,587,000

Others -

Spanduk 6 m x 1 m 200,000 50 10,000,000 Brosur A4 dilipat 3 2,000,000 10 20,000,000 Pamphlet A3 7,500,000 1 7,500,000 Sponsorship Edu Games Competition 10,000,000 5 50,000,000 Seminar Guru 10,000,000 5 50,000,000

Alokasi Biaya Design 145,860,000.00

Total Biaya Ad. 861,647,000

(37)

(38)

LAMPIRAN G ANALISIS SENSITIFITAS

G.1. Analisis Sensitifitas untuk WiMAX G.1.1. Nilai Input

Input Value

Input Variable Low Output Base Case High Output

Dollar Currency 11160 9300 7440

CPE buy price 720 600 480 Bandwith Cost / Year 1,800 1,500 1,200

# Clients at first Year 1,920 2,400 2,880

WACC 12% 10% 8%

Penetration 12% 15% 18%

# Tower Tahun ke-1 10 8 6

# Bandwith Share 8 10 12 Lisence Cost 2,400,000,000 2,000,000,000 1,600,000,000

Tower cost 1200 1000 800

Sales Capability 4 5 6

% Profit for Flat Rate 120% 100% 80%

% Profit for Dedicated 120% 100% 80%

% Profit for CPE 24% 20% 16%

Tax rate 20% 25% 30%

Depreciation Year 12 10 8

G.1.2. Nilai Output

Input Variable Dollar Currency CPE buy price Bandwith Cost / Year

# Clients at first Year WACC

Penetration

# Tower Tahun ke-1

# Bandwith Share Lisence Cost Tower cost Sales Capability

Output Value (NPV)

Low Base Case High

1,307,844,654.88

10,635,749,269.00 19,582,348,472.27 6,236,384,212.98

10,635,749,269.00 14,781,596,325.08 6,718,589,581.45

10,635,749,269.00 14,552,908,956.55 7,041,177,197.30

10,635,749,269.00 14,193,611,887.72 8,664,839,761.47

10,635,749,269.00 12,845,372,097.71 9,083,225,188.53

10,635,749,269.00 12,289,110,943.44 9,387,816,476.26

10,635,749,269.00 11,883,682,061.73 9,759,049,337.43

10,635,749,269.00 11,220,215,890.05 10,457,758,903.39

10,635,749,269.00 10,813,739,634.60 10,554,656,852.99

10,635,749,269.00 10,716,841,685.00 10,596,139,450.82

10,635,749,269.00 10,635,749,269.00

(39)

G.1.3. Nilai Ayunan (Swing)

Input Variable Dollar Currency CPE buy price Bandwith Cost / Year

# Clients at first Year WACC

Penetration

# Tower Tahun ke-1

# Bandwith Share Lisence Cost Tower cost Sales Capability

% Profit for Flat Rate

% Profit for Dedicated

% Profit for CPE Tax rate

Depreciation Year

Swing 18,274,503,817.39

8,545,212,112.09

7,834,319,375.10

7,152,434,690.42

4,180,532,336.25

3,205,885,754.90

2,495,865,585.47

1,461,166,552.62

355,980,731.21

162,184,832.01

39,609,818.18

-

G.2. Analisis Sensitifitas untuk Wi-Fi NLOS G.2.1. Nilai Input

Input Value

Input Variable Low Output Base Case High Output

Dollar Currency 11160 9300 7440

CPE buy price 960 800 640

# Clients at first Year 960 1,200 1,440 Bandwith Cost / Year 1,800 1,500 1,200

WACC 12% 10% 8%

# BTS 10 8 6

Penetration 12% 15% 18%

# Bandwith Share 8 10 12 Lisence Cost 2,400,000,000 2,000,000,000 1,600,000,000

Tower cost 1200 1000 800

Sales Capability 4 5 6

% Profit for Flat Rate 120% 100% 80%

% Profit for Dedicated 120% 100% 80%

% Profit for CPE 24% 20% 16%

Tax rate 20% 25% 30%

Depreciation Year 12 10 8

(40)

G.2.2. Nilai Output

Input Variable Dollar Currency CPE buy price

# Clients at first Year Bandwith Cost / Year WACC

# BTS Penetration

# Bandwith Share Lisence Cost Tower cost Sales Capability

% Profit for Flat Rate

% Profit for Dedicated

% Profit for CPE Tax rate

Depreciation Year

Output Value (NPV)

Low Base Case High

(2,754,435,508.79)

3,104,881,509.40 8,775,552,666.53 172,048,292.30

3,104,881,509.40 5,923,711,680.00 1,081,697,519.50

3,104,881,509.40 5,103,559,286.31 1,147,471,033.42

3,104,881,509.40 5,062,291,985.39 1,936,687,322.34

3,104,881,509.40 4,416,485,327.46 1,891,950,534.85

3,104,881,509.40 4,317,812,483.95 2,175,200,102.87

3,104,881,509.40 4,122,311,740.21 2,666,430,951.82

3,104,881,509.40 3,397,181,881.12 2,926,891,143.80

3,104,881,509.40 3,282,871,875.01 3,023,789,093.40

3,104,881,509.40 3,185,973,925.41 3,065,271,691.22

3,104,881,509.40 3,104,881,509.40 3,104,881,509.40

3,104,881,509.40 3,104,881,509.40

G.2.3. Nilai Ayunan (Swing)

Input Variable Dollar Currency CPE buy price

# Clients at first Year Bandwith Cost / Year WACC

# BTS Penetration

# Bandwith Share Lisence Cost Tower cost Sales Capability

% Profit for Flat Rate

% Profit for Dedicated

% Profit for CPE Tax rate

Depreciation Year

Swing 11,529,988,175.32

5,751,663,387.70

4,021,861,766.81

3,914,820,951.97

2,479,798,005.12

2,425,861,949.10

1,947,111,637.34

730,750,929.30

355,980,731.21

162,184,832.01

39,609,818.18

-

(41)

G.2.4. Grafik Analisis Sensitifitas

SensIt 1.20 Tryout for Evaluation

12 20%

24%

120%

4 1200 2,400,000,000 8 12%

10 12%

1,800 960 960 11160

8 30%

16%

80%

6 800

1,600,000,000 12

18%

6 8%

1,200 1,440

640

7440

(4,000,000 ,000.00)

(3,000,000 ,000.00)

(2,000,000 ,000.00)

(1,000,000 ,000.00)

- 1,000,000, 000.00

2,000,000, 000.00

3,000,000, 000.00

4,000,000, 000.00

5,000,000, 000.00

6,000,000, 000.00

7,000,000, 000.00

8,000,000, 000.00

9,000,000, 000.00

10,000,00 0,000.00 Dollar Currency

CPE buy price

# Clients at first Year Bandw ith Cost / Year WACC

# BTS Penetration

# Bandw ith Share Lisence Cost Tow er cost Sales Capability

% Profit for Flat Rate

% Profit for Dedicated

% Profit for CPE Tax rate Depreciation Year

NPV