Vous êtes sur la page 1sur 2

Tahun 2011 2012 2013 2014 2015 2016 2017 2018

Tahun ke- 0 1 2 3 4 5 6 7
Owned restaurants
Unit 2 2 4 6 8 10 12 14
Investment $ (4,200,000) $ - $ (4,200,000) $ (4,200,000) $ (4,200,000) $ (4,200,000) $ (4,200,000) $ (4,200,000)
Revenue per store $ 2,400,000 $ 2,460,000 $ 2,521,500 $ 2,584,538 $ 2,649,151 $ 2,715,380 $ 2,783,264 $ 2,852,846
Cumulative Revenue $ 4,800,000 $ 4,920,000 $ 9,843,000 $ 15,132,075 $ 20,430,377 $ 25,861,136 $ 31,427,665 $ 37,133,356
Profit $ 288,000 $ 295,200 $ 590,580 $ 907,925 $ 1,225,823 $ 1,551,668 $ 1,885,659.88 $ 2,228,001.38
Present Value $ 271,699 $ 262,729 $ 495,865 $ 719,165 $ 916,010 $ 1,093,870 $ 1,254,077 $ 1,397,882
Cumulative Present Value $ 271,699 $ 534,428 $ 1,030,293 $ 1,749,458 $ 2,665,468 $ 3,759,338 $ 5,013,415 $ 6,411,296

Franchising
Unit 0 0 4 8 12 17 22 28
Investment $ (1,000,000)
Revenue per store 0 0 $ 2,400,000 $ 2,460,000 $ 2,521,500 $ 2,584,538 $ 2,649,151 $ 2,715,380
Cumulative Revenue 0 0 $ 9,600,000 $ 19,440,000 $ 29,526,000 $ 42,448,687.50 $ 55,694,442 $ 71,986,720.45
Profit 0 0 $ 192,000 $ 388,800 $ 590,520 $ 848,974 $ 1,113,889 $ 1,439,734
Present Value 0 0 $ 161,210 $ 307,969 $ 441,275 $ 598,498 $ 740,805 $ 903,313
Cumulative Present Value 0 0 $ 161,210 $ 469,179 $ 910,454 $ 1,508,952 $ 2,249,757 $ 3,153,071

Syndication
Unit 0 0 2 5 8 12 16 20
Investment $ (1,250,000) 0 $ (252,000) $ (378,000) $ (1,628,000) $ (504,000) $ (504,000) $ (504,000)
Revenue per store 0 0 $ 2,400,000 $ 2,460,000 $ 2,521,500 $ 2,584,538 $ 2,649,151 $ 2,715,379.71
Cumulative Revenue 0 0 $ 4,800,000 $ 12,180,000 $ 19,744,500 $ 30,082,650 $ 40,679,254 $ 51,540,773
Profit 0 0 $ 192,000 $ 487,200 $ 789,780 $ 1,203,306 $ 1,627,170.15 $ 2,061,631
Present Value 0 0 $ 161,210 $ 385,911 $ 590,174 $ 848,288 $ 1,082,167 $ 1,293,499
Cumulative Present Value 0 0 $ 161,210 $ 547,121 $ 1,137,295 $ 1,985,583 $ 3,067,750 $ 4,361,249

Investment per unit $ 2,100,000 Ria Fitriyana


Revenue per unit $ 2,400,000 041824353019
Discount rate 0.06
Growth rate 0.025
Profit Margin:
- Owned restaurants 0.06
- Franchising 0.02
- Syndication 0.04

Syndication Deal $ 44,500,000


Initial investment 2011 = 2,500,000 / 2 $ 1,250,000
Initial investment 2015 =2,500,000 / 2 $ 1,250,000
Remaining Syndication Deal for 20 restaurants $ 42,000,000
Cost Syndicate 0.06
Total Cost Syndicate = 6% x 42,000,000 $ 2,520,000
Transaction Cost Syndicate for every restaurant = 2,520,000 / 20 $ 126,000

Conclusion:
- Porcini's Pronto should choose to owned restaurants and grow it organically
- The cumulative present value of owning restaurants is $ 6,411,297
- Compared to the other two choices which are less profitable, Franchising $ 3,153,071 and Syndication $ 4,361,249