Development Studies
Associates (DSA)
October 2008
Addis Ababa
Table of Contents
1.Executive Summary...................................................................................1
2.Product Description and Application.......................................................1
3.Market Study, Plant Capacity and Production Program.......................2
3.1Market Study...............................................................................................................2
3.1.1Present Demand and Supply................................................................................2
3.1.2Projected Demand................................................................................................3
3.1.3Pricing and Distribution.......................................................................................4
3.2Plant Capacity.............................................................................................................4
3.3Production Program....................................................................................................5
8.Financial Analysis......................................................................................9
8.1Underlying Assumption .............................................................................................9
8.2Investment.................................................................................................................10
8.3Production Costs.......................................................................................................11
8.4Financial evaluation..................................................................................................12
1. Executive Summary
This project profile deals with establishment of HDPE woven sacks producing plant in Amhara
National Regional State. The following presents the main findings of the study
Demand projection divulges that the domestic demand for woven sacks is substantial and is
increasing with time. Accordingly, the planned plant is set to produce 1 million pieces of HDPE
woven sack annually. The total investment cost of the project including working capital is
estimated at birr 5.72 million and creates 31 job opportunity and 322.56 birr of income
The financial result indicates that the project will generate profit beginning from the first year of
operation. Moreover, the project will break even at 28.8% of capacity utilization and it will
payback fully the initial investment less working capital in 3 years. The result further show that
the calculated IRR of the project is 23.5%; and NPV discounted at 18% of birr 1,101,920.73. The
analysis further shows that the proposed plant is slightly sensitive to an increase in cost of
production.
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 and import
substitution
Generally the project is technically feasible, financially and commercially viable as well as
socially and economically acceptable. Hence the project is worth implementing.
packing and carrying heavy goods. It will not tear or break easily by rough handling and bad
transporting.
Therefore, these sacks are suitable for almost all the products that have used other forms of sacks
(paper sacks, cotton bags, jute bags) for packaging. These sacks are better suited for storage due
to their strength, durability and ability to withstand water and pests.
In Amhara region, the use of HDPE sacks is steadily increasing with increasing agricultural
yields and related industries. Thus, the scope of the industry is increasing as a result.
Market Study
3.1.1 Present Demand and Supply
The market for plastic materials is growing rapidly due to varied and rising use of plastic goods
over recent years, substituting other forms of bags in packing most agricultural and industrial
goods. In Ethiopia there are few firms that manufacture woven sacks made of polyethylene and
polypropylene materials. In producing HDPE, the main raw material is polyethylene and it is
mainly imported as raw material in granular form, which is then converted into liners (tape).
Nonetheless, exact data of local products is not available since official documents aggregate
related types of products in their reporting. That is, the report of CSA regarding to local
production aggregates under polyethylene products with no classification to its various types.
Such information cannot provide the actual figure of the woven sacks under investigation. As a
result, this study mainly relies on the import information compiled by Customs Authority. The
import data merges polyethylene and polypropylene sacks as the two types of sacks are very
much related and close substitute to each other. Accordingly, table 1 presents imported sacks
made from polyethylene and polypropylene materials.
Year
1,166
5,350
6,521
3,196
3,157
3,138
1,277
3,401
The table presented above show that in 2004/05 alone 1,277 tons of polyethylene and
polypropylene sacks had been imported. This figure is substantial when the ton is converted to
pieces of bags. That is, a piece of sack that can carry 100 kg of cereal weighs 100 gm, and hence
the 2004/05 import volume is equivalent to 12.8 million pieces of woven sacks. This by itself is a
good indication for the presence of ample demand for the product.
to demand more and more of woven sacks that cannot be satisfied by local production alone.
Accordingly, the level of import demand would be projected as shown in table 2 below.
Table2: Projected Demand for Imported Woven Sack
Year
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
2017/18
2018/19
Table 2 points that even though import figure is assumed to continuously drop with time (in the
middle of expected substantial increase in domestic production of goods the make use of woven
sack); the import figure would remain substantial. For instance, by 2018/19 about 6.2 million
pieces of woven sacks will be imported from abroad. Such projected huge dependency for import
points out the presence of attractive opportunity to invest in the sector.
3.2
Plant Capacity
Based on the expected demand for woven sack only from import as presented earlier, and the
planned technology, the envisaged plant is set to produce 1,000,000 pieces of HDPE woven
sacks annually with a size capable of holding 100 kg of grain. The total production by the
envisaged plant is about 16% of the import projected to take place by 2018/19 in table 2 above.
4
3.3
Production Program
The program is scheduled based on the consideration that the envisaged plant will work 275 days
in a year in 1 shift, where the remaining days will be holidays and for maintenance. During the
first year of operation the plant will operate at 70 percent capacity and then it grows to 85
percent in the 2nd year. The capacity will grow to 100% starting from the 3 rd year. This
consideration is developed based on the assumption that there is huge demand for the product
and hence the barriers (market and logistics) would take place for the first two years of
operation.
The polyethylene granules that are made into the tape yarn and then woven into the
sacks
Colors or dyes for giving the HDPE sacks the required colors
4.2
The annual raw material and utility requirement and the associated cost for the envisaged plant is
listed in table 3 here under
Quantity
L.C.
156 ton
3 ton
Total Cost
F.C.
1,404,000
30,360
1,434,360
Utility
Electricity
Water
Total Utility Cost
275,000 kwh
3000m3
151,250
7,950
159,200
In view of the table above, the full capacity requirement of material and utility is estimated at
birr 1,593,560
Production Process
The process of producing HDPE sacks starts with the making of polyethylene tape (yarn) and
ends in weaving process as detailed hereunder.
The polyethylene Tape Making Process: The polyethylene tapes are manufactured by slitting
films of HDPE which are produced by blown extrusion technique. In this process, the granules of
plastic are fed to the extruder through the hopper. Molten plastics are extruded through circular
die and the tube is inflated by blowing with air to a desired diameter, and pulling it away with a
pair of nip rolls. The extruded polyethylene film is then coded and the bubble is collapsed. The
film thus formed is then slit to desired width. These tapes are stretched in orientation water bath
6
which is at its boiling point. Alternatively orientation can be carried out by using hot plate. The
HDPE tape, after orientation, is stabilized and then wound on bobbins.
The polyethylene Fabric Weaving Process: From bobbins carrying polyethylene yarn, fabric is
made using warping and yarn winding machine. The fabric is then woven on looms and finally
cut to size and stitched to sacks of required dimensions. Whenever required, the sacks are screenprinted using specially prepared ink. In some cases, laminated sacks are required and as such
before stitching and printing the fabric has to be laminated by extrusion coating of LDPE.
Lamination should be done from outside.
The alternative technology available requires the formation of fabric by slitting one side of the
woven fabric which is in the form of a tube. This fabric is used for packing purposes in the
textile industry and especially for export products. In view of the envisaged plant, such
alternative production technology is not suitable.
6.2
The machineries and equipment required for producing HDPE woven sacks is detailed in table 4
below.
Table 4: Machinery and Equipment
Machinery and Equipment
Tape making machine
Circular Loom Machine
Auto Conversion Line
Two colors printing machine
Baling Press
Quantity
1
9
1
1
1
The, total cost of machinery and equipment including freight insurance and bank cost is
estimated to be about birr 2,792,882
Machinery suppliers are numerous and are located in Austria, US, Taiwan, China, India etc. The
machinery that is considered in this profile is supplied by the following firm:
FUNG CHANG INDUSTRIAL CO., LTD.
9, Shih Chi Tau, Kaoping Village
Lungtan Hsian, Taoyuan Hsien, Taiwan
Tel: 886-3-4717824, 4717825, 4717453
Fax: 886-3-4717702, 4580170,
E-mail: fungchan@ms3.hinet.net
Web Site: www.tami.org/fungchang
For Dah Industry Co. Ltd,
Ming Hsiung Ind. Area, Chai Yih Hsien, Taiwan.
Tel: 886-5-2215139, 2215149, and 2204839
Fax: 886-3-2219839
E-mail: fordah@ksts.seed.net.tw
6.3
The total site area for the envisaged plant is estimated to be 750m 2 where 600m2 is allocated to
the production place and the remaining space is left for stores (100m 2), office buildings and
facilities (50m2)
Human Resource
The list of required manpower for the envisaged plant is stated in table 5 below
No. Required
1
1
1
1
1
1
2
3
2
1
1
1
1
8
2
1
3
31
Monthly Salary
4000
3000
1200
850
900
750
600
600
650
800
800
600
1000
300
300
600
300
According to the above table, the envisaged plant creates 31 job opportunity and about birr
322.56 thousand of income. The professionals and support staffs for the envisaged plant shall be
recruited from Amhara region
7.2
Training Requirement
Training of key personnel shall be conducted in collaboration with the suppliers of the plant
machineries. The training should primarily focuses on the production technology and machinery
maintenance and trouble shooting. For this birr 75,000 will be allocated as training expense.
8. Financial Analysis
8.1
Underlying Assumption
The financial analysis of HDPE woven sack producing plant is based on the data provided in the
preceding chapters and the following assumptions.
A. Construction and Finance
Construction period
Source of finance
Tax holidays
Bank interest rate
Discount for cash flow
Value of land
2 year
40% equity and 60% loan
2 years
12%
18%
Based on lease rate of ANRS
3% of fixed investment
B. Depreciation
Building
Machinery and equipment
Office furniture
Vehicles
Pre-production (amortization)
5%
10%
10%
20%
20%
8.2
30
120
30
30
10
15
30
30
30
Investment
10
The total investment cost of the project including working capital is estimated at Birr 5.72
million as shown in table 6 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 6: Total initial investment
Items
Land
Building and civil works
Office equipment
Vehicles
Plant machinery & equipment
Total fixed investment cost
Pre production capital
expenditure*
Total initial investment
Working capital at full capacity
Total
L.C
2,250
1,500,000
50,000
250,000
0
1,802,250
229,757
2,032,007
268,011
2,300,018
F.C
2,792,882
2,792,882
Total
2,250
1,500,000
50,000
250,000
2,792,882
4,595,132
2,792,882
625,903
3,418,785
229,757
4,824,889
893,914
5,718,802
*Pre-production capital expenditure includes - all expenses for pre-investment studies, consultancy fee during
construction and expenses for companys establishment, project administration expenses, commission expenses,
preproduction marketing and interest expenses during construction.
The foreign component of the project accounts for 59.8% of the total investment cost.
8.3
Production Costs
The total production cost at full capacity operation is estimated at Birr 2.76 million as detailed in
table 7 below.
11
Items
1.
2.
3.
4.
Raw materials
Utilities
Wages and Salaries
Spares and Maintenance
Factory costs
5. Depreciation
6. Financial costs
8.4
Cost
1,434,360
159,200
322,560
45,951
1,962,071
455,240
343,128
2,760,439
Financial evaluation
I.
Profitability
According to the projected income statement attached in the annex part (see annex 4) the project
will generate profit beginning from the first year of operation. Ratios such as the percentage of
net profit to total sales, return on equity and return on total investment are 1%, 1% and 17% in
the first year and rises substantially in the subsequent periods. Furthermore, the income
statement and other profitability indicators show that the project is viable.
II.
Breakeven Analysis
The breakeven point of the project is estimated by using income statement projection.
Accordingly, the project will break even at 28.8% of capacity utilization.
III.
Payback Period
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 3 years.
12
IV.
For the envisaged plant the simple rate of return equals to 20.1%
V.
Based on cash flow statement described in the annex part, the calculated IRR of the project is
23.5% and the net present value at 18 % discount is Birr 1,101,920.73
VI.
Sensitivity Analysis
The envisaged plant is to some extent sensitive to an increase in cost of production. That is, the
plant incurs loss of birr 95,861 in the first year of operation when 10 % cost increment takes
place in the sector. The envisaged plant enjoys profit beginning from the second year. This result
is accompanied with payback period of 3 years and 4 months.
14
ANNEXES
15
PRODUCTION
Year 1
Year 2
70%
85%
100%
100%
0.00
0.00
1027082.52
1247171.64
1467260.75
1467260.75
0.00
0.00
438131.78
532017.16
625902.55
625902.55
Raw Material-Local
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Foreign
0.00
0.00
438131.78
532017.16
625902.55
625902.55
0.00
0.00
1845.95
2241.51
2637.07
2637.07
0.00
0.00
10527.03
12782.82
15038.61
15038.61
Work in Progress
0.00
0.00
46148.66
56037.66
65926.66
65926.66
Finished Products
0.00
0.00
92297.32
112075.32
131853.32
131853.32
2. Accounts Receivable
0.00
0.00
305454.55
370909.09
436363.64
436363.64
3. Cash in Hand
0.00
0.00
36788.95
44672.29
52555.64
52555.64
0.00
0.00
931194.23
1130735.85
1330277.48
1330277.48
4. Current Liabilities
0.00
0.00
305454.55
370909.09
436363.64
436363.64
Accounts Payable
0.00
0.00
305454.55
370909.09
436363.64
436363.64
0.00
0.00
625739.69
759826.76
893913.84
893913.84
0.00
0.00
625739.69
134087.08
134087.08
0.00
CURRENT ASSETS
(continued)
PRODUCTION
5
10
100%
100%
100%
100%
100%
100%
1467260.75
1467260.75
1467260.75
1467260.75
1467260.75
1467260.75
625902.55
625902.55
625902.55
625902.55
625902.55
625902.55
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Foreign
625902.55
625902.55
625902.55
625902.55
625902.55
625902.55
2637.07
2637.07
2637.07
2637.07
2637.07
2637.07
15038.61
15038.61
15038.61
15038.61
15038.61
15038.61
Work in Progress
65926.66
65926.66
65926.66
65926.66
65926.66
65926.66
Finished Products
131853.32
131853.32
131853.32
131853.32
131853.32
131853.32
2. Accounts Receivable
436363.64
436363.64
436363.64
436363.64
436363.64
436363.64
3. Cash in Hand
52555.64
52555.64
52555.64
52555.64
52555.64
52555.64
1330277.48
1330277.48
1330277.48
1330277.48
1330277.48
1330277.48
4. Current Liabilities
436363.64
436363.64
436363.64
436363.64
436363.64
436363.64
Accounts Payable
436363.64
436363.64
436363.64
436363.64
436363.64
436363.64
893913.84
893913.84
893913.84
893913.84
893913.84
893913.84
0.00
0.00
0.00
0.00
0.00
0.00
CURRENT ASSETS
PRODUCTION
Year 1
Year 2
2412444.30
3306358.14
3105454.55
3465454.55
4065454.55
4000000.00
2412444.30
3306358.14
305454.55
65454.55
65454.55
0.00
Total Equity
964977.72
1322543.26
0.00
0.00
0.00
0.00
1447466.58
1983814.88
0.00
0.00
0.00
0.00
0.00
0.00
305454.55
65454.55
65454.55
0.00
2. Inflow Operation
0.00
0.00
2800000.00
3400000.00
4000000.00
4000000.00
Sales Revenue
0.00
0.00
2800000.00
3400000.00
4000000.00
4000000.00
Interest on Securities
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2412444.30
2412444.30
3245026.75
2879444.85
3466158.94
3218579.37
2412444.30
2412444.30
0.00
0.00
0.00
0.00
Fixed Investments
Pre-production
Expenditures
2297566.00
2297566.00
0.00
0.00
0.00
0.00
114878.30
114878.30
0.00
0.00
0.00
0.00
0.00
0.00
931194.23
199541.62
199541.62
0.00
6. Operating Costs
0.00
0.00
1405225.25
1696269.21
1987313.18
1987313.18
0.00
0.00
0.00
0.00
364295.75
384883.44
8. Interest Paid
0.00
0.00
908607.27
411753.78
343128.15
274502.52
9.Loan Repayments
0.00
0.00
0.00
571880.24
571880.24
571880.24
10.Dividends Paid
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
0.00
893913.84
-139572.21
586009.69
599295.61
781420.63
0.00
893913.84
754341.63
1340351.33
1939646.93
2721067.56
3. Other Income
6
4000000.00
7
4000000.00
8
4000000.00
9
4000000.00
10
4000000.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Equity
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2. Inflow Operation
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
Sales Revenue
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3170541.43
3151288.89
3103250.95
2483332.76
2483332.76
2483332.76
0.00
0.00
0.00
0.00
0.00
0.00
Fixed Investments
Pre-production
Expenditures
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6. Operating Costs
1987313.18
1987313.18
1987313.18
1987313.18
1987313.18
1987313.18
405471.12
454844.21
475431.90
496019.59
496019.59
496019.59
8. Interest Paid
205876.89
137251.26
68625.63
0.00
0.00
0.00
9. Loan Repayments
571880.24
571880.24
571880.24
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
829458.57
848711.11
896749.05
1516667.24
1516667.24
1516667.24
3550526.13
4399237.24
5295986.29
6812653.52
8329320.76
9845987.99
Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
10.Dividends Paid
CONSTRUCTION
PRODUCTION
Year 1
Year 2
0.00
0.00
2800000.00
3400000.00
4000000.00
4000000.00
1. Inflow Operation
0.00
0.00
2800000.00
3400000.00
4000000.00
4000000.00
Sales Revenue
0.00
0.00
2800000.00
3400000.00
4000000.00
4000000.00
Interest on Securities
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2412444.30
2412444.30
2030964.93
1830356.29
2121400.25
2372196.61
2412444.30
2412444.30
0.00
0.00
0.00
0.00
Fixed Investments
2297566.00
2297566.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
114878.30
114878.30
0.00
0.00
0.00
0.00
0.00
0.00
625739.69
134087.08
134087.08
0.00
5. Operating Costs
0.00
0.00
1405225.25
1696269.21
1987313.18
1987313.18
0.00
0.00
0.00
0.00
364295.75
384883.44
-2412444.30
-2412444.30
769035.07
1569643.71
1878599.75
1627803.39
-2412444.30
-4824888.60
-4055853.53
-2486209.82
-607610.08
1020193.31
-2412444.30
-2044444.32
552309.01
955333.62
968960.85
711527.86
-2412444.30
-4456888.62
-3904579.61
-2949245.99
-1980285.14
-1268757.28
2. Other Income
(Continued)
PRODUCTION
10
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
1. Inflow Operation
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
Sales Revenue
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2392784.30
2442157.39
2462745.08
2483332.76
2483332.76
2483332.76
0.00
0.00
0.00
0.00
0.00
0.00
Fixed Investments
0.00
0.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5. Operating Costs
1987313.18
1987313.18
1987313.18
1987313.18
1987313.18
1987313.18
405471.12
454844.21
475431.90
496019.59
496019.59
496019.59
1607215.70
1557842.61
1537254.92
1516667.24
1516667.24
1516667.24
2627409.01
4185251.62
5722506.54
7239173.78
8755841.01
10272508.25
595363.38
489045.79
408968.48
341941.84
289781.22
245577.30
-673393.89
-184348.10
224620.38
566562.21
856343.43
1101920.73
Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW
1,101,920.73
23.5%
70%
85%
100%
100%
100%
2800000.00
3400000.00
4000000.00
4000000.00
4000000.00
2800000.00
3400000.00
4000000.00
4000000.00
4000000.00
Other Income
0.00
0.00
0.00
0.00
0.00
1267888.38
1539578.74
1811269.11
1811269.11
1811269.11
1532111.62
1860421.26
2188730.89
2188730.89
2188730.89
54.72
54.72
54.72
54.72
54.72
592576.39
611929.99
631283.59
631283.59
631283.59
939535.23
1248491.27
1557447.30
1557447.30
1557447.30
33.55
36.72
38.94
38.94
38.94
908607.27
411753.78
343128.15
274502.52
205876.89
5. GROSS PROFIT
30927.96
836737.49
1214319.16
1282944.78
1351570.41
0.00
0.00
364295.75
384883.44
405471.12
30927.96
836737.49
850023.41
898061.35
946099.29
Gross Profit/Sales
1%
25%
30%
32%
34%
1%
25%
21%
22%
24%
Return on Investment
17%
22%
21%
21%
20%
Return on Equity
1%
37%
37%
39%
41%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
10
100%
100%
100%
100%
100%
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
4000000.00
Other Income
0.00
0.00
0.00
0.00
0.00
1811269.11
1811269.11
1811269.11
1811269.11
1811269.11
2188730.89
2188730.89
2188730.89
2188730.89
2188730.89
54.72
54.72
54.72
54.72
54.72
535332.27
535332.27
535332.27
535332.27
535332.27
1653398.62
1653398.62
1653398.62
1653398.62
1653398.62
41.33
41.33
41.33
41.33
41.33
137251.26
68625.63
0.00
0.00
0.00
5. GROSS PROFIT
1516147.36
1584772.99
1653398.62
1653398.62
1653398.62
454844.21
475431.90
496019.59
496019.59
496019.59
7. NET PROFIT
1061303.15
1109341.09
1157379.04
1157379.04
1157379.04
Gross Profit/Sales
38%
40%
41%
41%
41%
27%
28%
29%
29%
29%
Return on Investment
21%
21%
20%
20%
20%
Return on Equity
46%
48%
51%
51%
51%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
RATIOS (%)
CONSTRUCTION
TOTAL ASSETS
1. Total Current Assets
Inventory on Materials and Supplies
Work in Progress
Finished Products in Stock
Accounts Receivable
Cash in Hand
Cash Surplus, Finance Available
Securities
2. Total Fixed Assets, Net of Depreciation
Fixed Investment
Construction in Progress
Pre-Production Expenditure
Less Accumulated Depreciation
3. Accumulated Losses Brought Forward
4. Loss in Current Year
TOTAL LIABILITIES
5. Total Current Liabilities
Accounts Payable
Bank Overdraft
6. Total Long-term Debt
Loan A
Loan B
7. Total Equity Capital
Ordinary Capital
Preference Capital
Subsidies
8. Reserves, Retained Profits Brought Forward
9.Net Profit After Tax
Dividends Payable
Retained Profits
Year 1
2412444.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2412444.30
0.00
2297566.00
114878.30
0.00
0.00
0.00
2412444.30
0.00
0.00
0.00
1447466.58
1447466.58
0.00
964977.72
964977.72
0.00
0.00
0.00
0.00
0.00
0.00
Year 2
5718802.44
893913.84
0.00
0.00
0.00
0.00
0.00
893913.84
0.00
4824888.60
2297566.00
2297566.00
229756.60
0.00
0.00
0.00
5718802.44
0.00
0.00
0.00
3431281.46
3431281.46
0.00
2287520.98
2287520.98
0.00
0.00
0.00
0.00
0.00
0.00
PRODUCTION
1
6055184.95
1685535.87
450504.76
46148.66
92297.32
305454.55
36788.95
754341.63
0.00
4369649.08
4595132.00
0.00
229756.60
455239.52
0.00
0.00
6055184.95
305454.55
305454.55
0.00
3431281.46
3431281.46
0.00
2287520.98
2287520.98
0.00
0.00
0.00
30927.96
0.00
30927.96
2
6385496.74
2471087.18
547041.49
56037.66
112075.32
370909.09
44672.29
1340351.33
0.00
3914409.56
4595132.00
0.00
229756.60
910479.04
0.00
0.00
6385496.74
370909.09
370909.09
0.00
2859401.22
2859401.22
0.00
2287520.98
2287520.98
0.00
0.00
30927.96
836737.49
0.00
836737.49
3
6729094.45
3269924.41
643578.23
65926.66
131853.32
436363.64
52555.64
1939646.93
0.00
3459170.04
4595132.00
0.00
229756.60
1365718.56
0.00
0.00
6729094.45
436363.64
436363.64
0.00
2287520.98
2287520.98
0.00
2287520.98
2287520.98
0.00
0.00
867665.45
850023.41
0.00
850023.41
4
7055275.56
4051345.04
643578.23
65926.66
131853.32
436363.64
52555.64
2721067.56
0.00
3003930.52
4595132.00
0.00
229756.60
1820958.08
0.00
0.00
7055275.56
436363.64
436363.64
0.00
1715640.73
1715640.73
0.00
2287520.98
2287520.98
0.00
0.00
1717688.86
898061.35
0.00
898061.35
Continued
PRODUCTION
TOTAL ASSETS
1. Total Current Assets
Inventory on Materials and Supplies
Work in Progress
Finished Products in Stock
Accounts Receivable
Cash in Hand
Cash Surplus, Finance Available
Securities
2. Total Fixed Assets, Net of Depreciation
Fixed Investment
Construction in Progress
Pre-Production Expenditure
Less Accumulated Depreciation
3. Accumulated Losses Brought Forward
4. Loss in Current Year
TOTAL LIABILITIES
5. Total Current Liabilities
Accounts Payable
Bank Overdraft
6. Total Long-term Debt
Loan A
Loan B
7. Total Equity Capital
Ordinary Capital
Preference Capital
Subsidies
8. Reserves, Retained Profits Brought Forward
9. Net Profit After Tax
Dividends Payable
Retained Profits
5
7429494.60
4880803.60
643578.23
65926.66
131853.32
436363.64
52555.64
3550526.13
0.00
2548691.00
4595132.00
0.00
229756.60
2276197.60
0.00
0.00
7429494.60
436363.64
436363.64
0.00
1143760.49
1143760.49
0.00
2287520.98
2287520.98
0.00
0.00
2615750.21
946099.29
0.00
946099.29
6
7918917.51
5729514.71
643578.23
65926.66
131853.32
436363.64
52555.64
4399237.24
0.00
2189402.80
4595132.00
0.00
229756.60
2635485.80
0.00
0.00
7918917.51
436363.64
436363.64
0.00
571880.24
571880.24
0.00
2287520.98
2287520.98
0.00
0.00
3561849.50
1061303.15
0.00
1061303.15
7
8456378.36
6626263.76
643578.23
65926.66
131853.32
436363.64
52555.64
5295986.29
0.00
1830114.60
4595132.00
0.00
229756.60
2994774.00
0.00
0.00
8456378.36
436363.64
436363.64
0.00
0.00
0.00
0.00
2287520.98
2287520.98
0.00
0.00
4623152.66
1109341.09
0.00
1109341.09
8
9613757.40
8142931.00
643578.23
65926.66
131853.32
436363.64
52555.64
6812653.52
0.00
1470826.40
4595132.00
0.00
229756.60
3354062.20
0.00
0.00
9613757.40
436363.64
436363.64
0.00
0.00
0.00
0.00
2287520.98
2287520.98
0.00
0.00
5732493.75
1157379.04
0.00
1157379.04
9
10771136.43
9659598.23
643578.23
65926.66
131853.32
436363.64
52555.64
8329320.76
0.00
1111538.20
4595132.00
0.00
229756.60
3713350.40
0.00
0.00
10771136.43
436363.64
436363.64
0.00
0.00
0.00
0.00
2287520.98
2287520.98
0.00
0.00
6889872.79
1157379.04
0.00
1157379.04
10
11928515.47
11176265.47
643578.23
65926.66
131853.32
436363.64
52555.64
9845987.99
0.00
752250.00
4595132.00
0.00
229756.60
4072638.60
0.00
0.00
11928515.47
436363.64
436363.64
0.00
0.00
0.00
0.00
2287520.98
2287520.98
0.00
0.00
8047251.82
1157379.04
0.00
1157379.04
10