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Investment Office ANRS
Project Profile on the Establishmentof Wild Life Parks and Sanctuaries
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l S di
Table of Contents
1.Executive Summary..............................................................................................3
2.Product Description and Application.................................................................3
3.Market Study, Plant Capacity and Production Program.................................4
3.1Market Size.............................................................................................................................4
3.1.1Present Demand and Supply............................................................................................43.1.2Projected Demand............................................................................................................5
3.1.3Pricing..............................................................................................................................6
3.2Capacity..................................................................................................................................63.3Production Program................................................................................................................6
4.Raw Materials and Utilities.................................................................................6
4.1Availability and Source of Raw Materials..............................................................................6
4.2Annual Requirement and Cost of Raw Materials and Utilities...............................................7
5Location and Site...................................................................................................7
6Technology and Engineering ...............................................................................7
6.1Service Process.......................................................................................................................7
6.2Auxiliary Facilities..................................................................................................................8
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1. Executive Summary
This project profile deals with the establishment of establishment of wild life parks and
sanctuaries in Amhara National Regional State. The following presents the main findings of the
study
Demand projection divulges that the domestic demand for wild life sanctuaries is substantial and
is increasing with time. Accordingly, the planned plant is set to serve 4000 tourist annually. The
total investment cost of the project including working capital is estimated at birr 5.58 million and
creates job opportunity for 30 citizens.
The financial result indicates that the project will generate profit beginning from the first year of
operation. Moreover, the project will break even at 12.60% of capacity utilization and it will
payback fully the initial investment less working capital in third year. The result further shows
that the calculated IRR of the project is 61.3%; the NPV at 18% annual discount rate is Birr
11.95 million.
In addition to this, the proposed project possesses wide range of economic and social benefits
such as increasing the level of investment, tax revenue, employment creation, environmental,
i d i i i b ildi
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This project aims at addressing this problem by establishing a wild life park on private business
initiative.
3. Market Study, Plant Capacity and Production Program
3.1 Market Size
3.1.1 Present Demand and Supply
The number of tourists who visit the region has been increasing; the number of international
tourists who visit the region counts in hundreds of thousands. The following table shows the
number of tourists visited the region and the future forecast.
Table 1: Tourist Arrivals in ANRS
Year Total Domestic International
2005 117900 57720 60180
2006 172212 76872 95340
2007 246550 103021 1435292008 343891 137254 206637
2009 467212 180657 286555
2010 619491 234319 385172
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Source: SMNP
Source: SMNP
This project envisages forming other smaller parks based on private business initiatives
Table 2: Endemic Mammals of the SMNP
Spp.Common Name Scientific Name
1 Walia Ibex Capra walie
2 Semien Fox (Jackal) Canis seminesis
3 Gelada Baboon Thercopithicus gelada
4 Abyssinian Hare Lepus abyssinicus
5 Giant Mole-rat Tachyoryctes macrocephalus
6 Meneliks Bush-buck Tragelaphus scriptus meniliki
Table 3: Endemic Bird Species of the SMNP
Spp. Common Name Scientific Name1 Rougets Rail Rougettus rougetii
2 White-Collared Pigeon Columba albitorques
3 Black-winged Love Bird
4 Thick-billed Raven Corvus crassirostris
5 Blue-winged Goose Cyanochen Cyanoptera
6 Abyssinian Long-Claw Heruundo megaelensis
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Table 4: Projected Demand
YearNo. Tourists Willing
to Visit Wild Life Park
Domestic International Total2009 9,033 57,311 66,344
2010 11,716 77,034 88,750
2011 14,966 100,876 115,842
2012 18,838 129,213 148,051
2013 23,386 162,424 185,810
2014 28,665 200,887 229,551
2015 30,098 210,931 241,0292016 31,603 221,478 253,080
2017 33,183 232,552 265,734
2018 34,842 244,179 279,021
3.1.3 Pricing
The major objective in pricing was to make it affordable and attractive to international tourists.
Thus, it is set at Birr 2000 (approximately USD 200) per person. Further studies on pricing,
especially with regards to domestic tourists should be carried out by the project implementer.
3.2 Capacity
The envisage park plans to serve 4000 international tourists in year
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4.2 Annual Requirement and Cost of Raw Materialsand Utilities
The annual raw material and utility requirement and the associated cost for the envisaged plant
are listed in Tables 4 and 5 here under.
Table 5: Raw material Requirement at Full Capacity
No. Material QtyPrice
Unit Local Total1 Animal fodder 10 tons 50000 500,000 500,000
Total 500,000 500,000
Table 6: Utilities Requirement at Full Capacity
Item Total
Electricity 2000 kw 1,100
Water (for the animals, lodges ) 20000 m3 53,000Office Rent 5000/m X 12 60,000
Miscellaneous Costs 500,000
614,100
5 Location and Site
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the sites will entail the protection of the sites from human interference, provision of adequate
water and food supplies within the parks establishing observation center in the sites, if necessary
bringing in some wild animals from other areas of similar climatic conditions.
Alternatives:
1. State owned national parks.
2. Traditional do-it-yourself game by unlicensed hunters.
6.2 Auxiliary Facilities
The service requires the following auxiliary facilities. Water points should be preserved to the
animals; otherwise, they will not survive the dry seasons or migrate. In addition, mini lodges
should be made available so that tourists get refreshments. Table 7 shows the items and their
estimated costs.
Table 7: Auxiliary Facilities
No Items Cost
(Birr)
1 Building water points for the animals 200,0002 Establishing mini restaurants* 2,000,000
Total 2,400,000
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7 Human Resource and Training Requirement
7.1 Human Resource
Table 9 depicts the human resource requirements for the proposed wild life sanctuary.
Table 9: Human Resource Requirements
Job Title No.Salary/Wage (Birr)
Monthly Annual
1 General Manager 1 4,000 48,000
2 Secretary 1 850 10,200
3 Accountant 1 1,500 18,000
4 Casher 1 850 10,200
5 Clerks 3 700 25,200
6 Tour Guides 5 1,500 90,000
7 Receptionists 3 1,000 36,000
8 Drivers 5 1,000 60,000
9 Security 10 500 60,000
10 Clerks 0
1
1 Genitor 0 Total 30 357,600
Employment Benefits 20% of AnnualSalary 71 520
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8 Financial Analysis
8.1 Underlying Assumption
The financial analysis is based on the data provided in the preceding chapters and the following
assumptions.
A. Construction and Finance
Construction period 2 year
Source of finance 40% equity and 60% loan
Tax holidays 2 years
Bank interest rate 12%
Discount for cash flow 18%
Value of land Based on lease rate of ANRS
Spare Parts, Repair & Maintenance 3% of fixed investment
B. Depreciation
Building 5%
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C. Working Capital (Minimum Days of Coverage)
Raw Material-Local 30
Raw Material-Foreign 120
Factory Supplies in Stock 30
Spare Parts in Stock and Maintenance 30
Work in Progress 10
Finished Products 15
Accounts Receivable 30
Cash in Hand 30
Accounts Payable 30
8.2 Investment
The total investment cost of the project including working capital at full capacity is estimated at
Birr 5.58 million as shown in Table below. The Owner shall contribute 40% of the finance in the
form of equity while the remaining 60% is to be financed by bank loan.
Table 10: Total Initial Investment and Working Capital
Total Initial InvestmentItem Cost (Birr)
Royalty Fee 3,000.00
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8.3 Production Costs
The total production cost at full capacity operation is estimated at Birr 2.7 million as detailed in
table 11 below.
Table 11: Total Production Costs
Total Production Cost at Full Capacity
Items Cost
1. Raw materials 500,000.00
2. Utilities 614,100.00
3. Wages and Salaries 429,120.00
4. Spares and Maintenance 148,590.00
Factory costs 1,691,810.00
5. Depreciation 609,530.00
6. Financial costs401,472.94
Total Production Cost2,702,812.94
8.4 Financial Evaluation
I. Profitability
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Investment cost and income statement projection are used in estimating the project payback
period. The projects will payback fully the initial investment less working capital in three years.
IV. Simple Rate of Return
For the envisaged plant the simple rate of return equals to 73.6%.
V. Internal Rate of Return and Net Present Value
Based on cash flow statement described in the annex part, the calculated IRR of the project is61.3% and the net present value at 18 % discount is Birr 11.53 million.
VI. Sensitivity Analysis
The sensitivity analysis shows that the mild shock in cost or number of customers will not make
the business infeasible. For instance, if a 10% increment in prices is observed, the business
remains to viable will a total profit of Birr 36 million; a 10 reduction in number of customer
Birr 31,000.
9 Economic and Social Benefit and Justification
The envisaged project possesses wide range of benefits where it promotes the socio-economic
goals and objectives stated in the strategic plan of the Amhara National Regional State. These
benefits are listed as follows
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The proposed project is expected to create employment opportunity to several citizens of the
region. That is, it will provide permanent employment to 30 professionals as well as support
staffs.
D. Diversification of the Economy
This project diversifies the region economy by utilizing untapped opportunity.
E. Preservation of Nature
The projects augments to the on going efforts to preserve the nations natural resources,
especially the wild life.
F. Creating Better Image
The project can play an important role in changing the present poor image of the country.
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ANNEXES
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Annex 1: Total Net Working Capital Requirements (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
Capacity Utilization (%) 0 0 60% 70% 80% 90%
1. Total Inventory 0 0 189,662 221,272 252,882 284,492
Raw Materials in Stock- Total 0 0 32,727 38,182 43,636 49,091
Raw Material-Local 0 0 32,727 38,182 43,636 49,091
Raw Material-Foreign 0 0 0 0 0 0
Factory Supplies in Stock 0 0 1,506 1,757 2,008 2,259
Spare Parts in Stock and Maintenance 0 0 9,726 11,347 12,968 14,589
Work in Progress 0 0 37,658 43,935 50,211 56,487
Finished Products 0 0 75,317 87,869 100,422 112,975
2. Accounts Receivable 0 0 523,636 610,909 698,182 785,455
3. Cash in Hand 0 0 68,283 79,664 91,045 102,425
CURRENT ASSETS 0 0 748,854 873,663 998,472 1,123,281
4. Current Liabilities 0 0 523,636 610,909 698,182 785,455
Accounts Payable 0 0 523,636 610,909 698,182 785,455
TOTAL NET WORKING CAPITAL REQUIREMENTS 0 0 225,218 262,754 300,290 337,827
INCREASE IN NET WORKING CAPITAL 0 0 225,218 37,536 37,536 37,536
1
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Annex 1: Total Net Working Capital Requirements (in Birr) (continued)
PRODUCTION
5 6 7 8 9 10
Capacity Utilization (%) 100% 100% 100% 100% 100% 100%
1. Total Inventory 316,103 316,103 316,103 316,103 316,103 316,103
Raw Materials in Stock-Total 54,545 54,545 54,545 54,545 54,545 54,545
Raw Material-Local 54,545 54,545 54,545 54,545 54,545 54,545
Raw Material-Foreign 0 0 0 0 0 0
Factory Supplies in Stock 2,511 2,511 2,511 2,511 2,511 2,511
Spare Parts in Stock and Maintenance 16,210 16,210 16,210 16,210 16,210 16,210
Work in Progress 62,764 62,764 62,764 62,764 62,764 62,764
Finished Products 125,528 125,528 125,528 125,528 125,528 125,528
2. Accounts Receivable 872,727 872,727 872,727 872,727 872,727 872,727
3. Cash in Hand 113,806 113,806 113,806 113,806 113,806 113,806
CURRENT ASSETS 1,248,090 1,248,090 1,248,090 1,248,090 1,248,090 1,248,090
4. Current Liabilities 872,727 872,727 872,727 872,727 872,727 872,727
Accounts Payable 872,727 872,727 872,727 872,727 872,727 872,727
TOTAL NET WORKING CAPITAL REQUIREMENTS 375,363 375,363 375,363 375,363 375,363 375,363
INCREASE IN NET WORKING CAPITAL 37,536 0 0 0 0 0
2
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Annex 2: Cash Flow Statement (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4TOTAL CASH INFLOW 2,600,325 2,975,688 5,323,636 5,687,273 6,487,273 7,287,273
1. Inflow Funds 2,600,325 2,975,688 523,636 87,273 87,273 87,273
Total Equity 1,040,130 1,190,275 0 0 0 0
Total Long Term Loan 1,560,195 1,785,413 0 0 0 0
Total Short Term Finances 0 0 523,636 87,273 87,273 87,273
2. Inflow Operation 0 0 4,800,000 5,600,000 6,400,000 7,200,000
Sales Revenue 0 0 4,800,000 5,600,000 6,400,000 7,200,000
Interest on Securities 0 0 0 0 0 0
3. Other Income 0 0 0 0 0 0
TOTAL CASH OUTFLOW 2,600,325 2,600,325 2,639,304 2,231,202 3,566,503 3,869,301
4. Increase In Fixed Assets 2,600,325 2,600,325 0 0 0 0
Fixed Investments 2,476,500 2,476,500 0 0 0 0
Pre-production Expenditures 123,825 123,825 0 0 0 0
5. Increase in Current Assets 0 0 748,854 124,809 124,809 124,809
6. Operating Costs 0 0 990,695 1,147,318 1,303,942 1,460,565
7. Corporate Tax Paid 0 0 0 0 1,245,590 1,458,677
8. Interest Paid 0 0 899,755 401,473 334,561 267,6499.Loan Repayments 0 0 0 557,601 557,601 557,601
10.Dividends Paid 0 0 0 0 0 0
Surplus (Deficit) 0 375,363 2,684,332 3,456,071 2,920,770 3,417,972
Cumulative Cash Balance 0 375,363 3,059,695 6,515,766 9,436,536 12,854,508
3
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Annex 2: Cash Flow Statement (in Birr): Continued
PRODUCTION
5 6 7 8 9 10
TOTAL CASH INFLOW 8,087,273 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
1. Inflow Funds 87,273 0 0 0 0 0
Total Equity 0 0 0 0 0 0
Total Long Term Loan 0 0 0 0 0 0
Total Short Term Finances 87,273 0 0 0 0 0
2. Inflow Operation 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Interest on Securities 0 0 0 0 0 0
3. Other Income 0 0 0 0 0 0TOTAL CASH OUTFLOW 4,172,099 4,090,310 4,043,472 3,439,032 3,439,032 3,439,032
4. Increase In Fixed Assets 0 0 0 0 0 0
Fixed Investments 0 0 0 0 0 0
Pre-production Expenditures 0 0 0 0 0 0
5. Increase in Current Assets 124,809 0 0 0 0 0
6. Operating Costs 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188
7. Corporate Tax Paid 1,671,764 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843
8. Interest Paid 200,736 133,824 66,912 0 0 0
9. Loan Repayments 557,601 557,601 557,601 0 0 0
10.Dividends Paid 0 0 0 0 0 0
Surplus (Deficit) 3,915,174 3,909,690 3,956,528 4,560,968 4,560,968 4,560,968
Cumulative Cash Balance 16,769,682 20,679,372 24,635,900 29,196,868 33,757,836 38,318,804
4
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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
TOTAL CASH INFLOW 0 0 4,800,000 5,600,000 6,400,000 7,200,000
1. Inflow Operation 0 0 4,800,000 5,600,000 6,400,000 7,200,000
Sales Revenue 0 0 4,800,000 5,600,000 6,400,000 7,200,000
Interest on Securities 0 0 0 0 0 0
2. Other Income 0 0 0 0 0 0
TOTAL CASH OUTFLOW 2,600,325 2,600,325 1,215,913 1,184,855 1,341,478 2,956,778
3. Increase in Fixed Assets 2,600,325 2,600,325 0 0 0 0
Fixed Investments 2,476,500 2,476,500 0 0 0 0
Pre-production Expenditures 123,825 123,825 0 0 0 0
4. Increase in Net Working Capital 0 0 225,218 37,536 37,536 37,536
5. Operating Costs 0 0 990,695 1,147,318 1,303,942 1,460,565
6. Corporate Tax Paid 0 0 0 0 0 1,458,677
NET CASH FLOW -2,600,325 -2,600,325 3,584,087 4,415,145 5,058,522 4,243,222
CUMULATIVE NET CASH FLOW -2,600,325 -5,200,650 -1,616,563 2,798,582 7,857,104 12,100,326
Net Present Value (at 18%) -2,600,325 -2,203,665 2,574,036 2,687,194 2,609,129 1,854,751
Cumulative Net present Value -2,600,325 -4,803,990 -2,229,955 457,239 3,066,368 4,921,120
5
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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED (Continued)
PRODUCTION
5 6 7 8 9 10
TOTAL CASH INFLOW 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
1. Inflow Operation 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Interest on Securities 0 0 0 0 0 0
2. Other Income 0 0 0 0 0 0
TOTAL CASH OUTFLOW 3,326,488 3,398,885 3,418,958 3,439,032 3,439,032 3,439,032
3. Increase in Fixed Assets 0 0 0 0 0 0
Fixed Investments 0 0 0 0 0 0
Pre-production Expenditures 0 0 0 0 0 0
4. Increase in Net Working Capital 37,536 0 0 0 0 0
5. Operating Costs 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188
6. Corporate Tax Paid 1,671,764 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843
NET CASH FLOW 4,673,512 4,601,115 4,581,042 4,560,968 4,560,968 4,560,968
CUMULATIVE NET CASH FLOW 16,773,838 21,374,953 25,955,995 30,516,963 35,077,931 39,638,899Net Present Value (at 18%) 1,731,216 1,444,405 1,218,732 1,028,298 871,439 738,508
Cumulative Net present Value 6,652,336 8,096,741 9,315,473 10,343,771 11,215,210 11,953,718
Net Present Value (at 18%) 11,953,717.60
Internal Rate of Return 61.3%
6
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Annex 4: NET INCOME STATEMENT ( in Birr)
PRODUCTION
1 2 3 4 5
Capacity Utilization (%) 60% 70% 80% 90% 100%
1. Total Income 4,800,000 5,600,000 6,400,000 7,200,000 8,000,000
Sales Revenue 4,800,000 5,600,000 6,400,000 7,200,000 8,000,000
Other Income 0 0 0 0 0
2. Less Variable Cost 836,751 976,210 1,115,668 1,255,127 1,394,585
VARIABLE MARGIN 3,963,249 4,623,790 5,284,332 5,944,873 6,605,415
(In % of Total Income) 82.57 82.57 82.57 82.57 82.57
3. Less Fixed Costs 763,474 780,639 797,803 814,968 832,133
OPERATIONAL MARGIN 3,199,775 3,843,152 4,486,528 5,129,905 5,773,282
(In % of Total Income) 66.66 68.63 70.10 71.25 72.17
4. Less Cost of Finance 899,755 401,473 334,561 267,649 200,736
5. GROSS PROFIT 2,300,020 3,441,679 4,151,967 4,862,256 5,572,545
6. Income (Corporate) Tax 0 0 1,245,590 1,458,677 1,671,764
7. NET PROFIT 2,300,020 3,441,679 2,906,377 3,403,579 3,900,782
RATIOS (%)
Gross Profit/Sales 47.92% 61.46% 64.87% 67.53% 69.66%
Net Profit After Tax/Sales 47.92% 61.46% 45.41% 47.27% 48.76%
Return on Investment 58.97% 70.34% 58.92% 66.29% 73.56%
Return on Equity 103.12% 154.31% 130.31% 152.60% 174.89%
7
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Annex 4: NET INCOME STATEMENT (in Birr): Continued
PRODUCTION
6 7 8 9 10
Capacity Utilization (%) 100% 100% 100% 100% 100%
1. Total Income 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Other Income 0 0 0 0 0
2. Less Variable Cost 1,394,585 1,394,585 1,394,585 1,394,585 1,394,585
VARIABLE MARGIN 6,605,415 6,605,415 6,605,415 6,605,415 6,605,415
(In % of Total Income) 82.57 82.57 82.57 82.57 82.57
3. Less Fixed Costs 532,603 532,603 532,603 532,603 532,603
OPERATIONAL MARGIN 6,072,812 6,072,812 6,072,812 6,072,812 6,072,812
(In % of Total Income) 75.91 75.91 75.91 75.91 75.91
4. Less Cost of Finance 133,824 66,912 0 0 0
5. GROSS PROFIT 5,938,987 6,005,899 6,072,812 6,072,812 6,072,812
6. Income (Corporate) Tax 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843
7. NET PROFIT 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968
RATIOS (%)
Gross Profit/Sales 74.24% 75.07% 75.91% 75.91% 75.91%
Net Profit After Tax/Sales 51.97% 52.55% 53.14% 53.14% 53.14%
Return on Investment 76.96% 76.60% 76.24% 76.24% 76.24%
Return on Equity 186.39% 188.49% 190.59% 190.59% 190.59%
8
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Annex 5: Projected Balance Sheet (in Birr)
CONSTRUCTION PRODUCTION
Year 1 Year 2 1 2 3 4
TOTAL ASSETS 2,600,325 5,576,013 8,399,669 11,371,020 13,807,068 16,740,319
1. Total Current Assets 0 375,363 3,808,549 7,389,430 10,435,008 13,977,789
Inventory on Materials and Supplies 0 0 43,959 51,286 58,613 65,939
Work in Progress 0 0 37,658 43,935 50,211 56,487
Finished Products in Stock 0 0 75,317 87,869 100,422 112,975
Accounts Receivable 0 0 523,636 610,909 698,182 785,455
Cash in Hand 0 0 68,283 79,664 91,045 102,425
Cash Surplus, Finance Available 0 375,363 3,059,695 6,515,766 9,436,536 12,854,508
Securities 0 0 0 0 0 0
2. Total Fixed Assets, Net of Depreciation 2,600,325 5,200,650 4,591,120 3,981,590 3,372,060 2,762,530
Fixed Investment 0 2,476,500 4,953,000 4,953,000 4,953,000 4,953,000Construction in Progress 2,476,500 2,476,500 0 0 0 0
Pre-Production Expenditure 123,825 247,650 247,650 247,650 247,650 247,650
Less Accumulated Depreciation 0 0 609,530 1,219,060 1,828,590 2,438,120
3. Accumulated Losses Brought Forward 0 0 0 0 0 0
4. Loss in Current Year 0 0 0 0 0 0
TOTAL LIABILITIES 2,600,325 5,576,013 8,399,669 11,371,020 13,807,068 16,740,319
5. Total Current Liabilities 0 0 523,636 610,909 698,182 785,455
Accounts Payable 0 0 523,636 610,909 698,182 785,455
Bank Overdraft 0 0 0 0 0 0
6. Total Long-term Debt 1,560,195 3,345,608 3,345,608 2,788,007 2,230,405 1,672,804
Loan A 1,560,195 3,345,608 3,345,608 2,788,007 2,230,405 1,672,804
Loan B 0 0 0 0 0 0
7. Total Equity Capital 1,040,130 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405
Ordinary Capital 1,040,130 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405
Preference Capital 0 0 0 0 0 0
Subsidies 0 0 0 0 0 0
8. Reserves, Retained Profits Brought Forward 0 0 0 2,300,020 5,741,699 8,648,076
9.Net Profit After Tax 0 0 2 ,300,020 3,441,679 2,906,377 3,403,579
Dividends Payable 0 0 0 0 0 0
Retained Profits 0 0 2 ,300,020 3,441,679 2,906,377 3,403,579
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Annex 5: Projected Balance Sheet (in Birr): Continued
PRODUCTION
5 6 7 8 9 10
TOTAL ASSETS 20,170,772 23,770,462 27,416,990 31,667,958 35,918,926 40,169,895
1. Total Current Assets 18,017,772 21,927,462 25,883,990 30,444,958 35,005,926 39,566,895Inventory on Materials and Supplies 73,266 73,266 73,266 73,266 73,266 73,266
Work in Progress 62,764 62,764 62,764 62,764 62,764 62,764
Finished Products in Stock 125,528 125,528 125,528 125,528 125,528 125,528
Accounts Receivable 872,727 872,727 872,727 872,727 872,727 872,727
Cash in Hand 113,806 113,806 113,806 113,806 113,806 113,806
Cash Surplus, Finance Available 16,769,682 20,679,372 24,635,900 29,196,868 33,757,836 38,318,804
Securities 0 0 0 0 0 0
2. Total Fixed Assets, Net of Depreciation 2,153,000 1,843,000 1,533,000 1,223,000 913,000 603,000
Fixed Investment 4,953,000 4,953,000 4,953,000 4,953,000 4,953,000 4,953,000
Construction in Progress 0 0 0 0 0 0
Pre-Production Expenditure 247,650 247,650 247,650 247,650 247,650 247,650
Less Accumulated Depreciation 3,047,650 3,357,650 3,667,650 3,977,650 4,287,650 4,597,6503. Accumulated Losses Brought Forward 0 0 0 0 0 0
4. Loss in Current Year 0 0 0 0 0 0
TOTAL LIABILITIES 20,170,772 23,770,462 27,416,990 31,667,958 35,918,926 40,169,895
5. Total Current Liabilities 872,727 872,727 872,727 872,727 872,727 872,727
Accounts Payable 872,727 872,727 872,727 872,727 872,727 872,727
Bank Overdraft 0 0 0 0 0 0
6. Total Long-term Debt 1,115,203 557,601 0 0 0 0
Loan A 1,115,203 557,601 0 0 0 0
Loan B 0 0 0 0 0 0
7. Total Equity Capital 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405
Ordinary Capital 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405Preference Capital 0 0 0 0 0 0
Subsidies 0 0 0 0 0 0
8. Reserves, Retained Profits Brought Forward 12,051,655 15,952,437 20,109,728 24,313,858 28,564,826 32,815,794
9. Net Profit After Tax 3,900,782 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968
Dividends Payable 0 0 0 0 0 0
Retained Profits 3,900,782 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968
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