Escolar Documentos
Profissional Documentos
Cultura Documentos
Development Studies
Associates (DSA)
October 2008
Addis Ababa
Table of Contents
1.Executive Summary...................................................................................3
2.Product Description and Application.......................................................3
3.Market Study, Plant Capacity and Production Program.......................3
3.1Market Study...............................................................................................................3
3.1.1Present Demand and Supply................................................................................3
3.1.2Projected Demand................................................................................................4
3.1.3Pricing and Distribution.......................................................................................5
3.2Plant Capacity.............................................................................................................5
3.3Production Program....................................................................................................6
8.Financial Analysis......................................................................................9
8.1Underlying Assumption .............................................................................................9
8.2Investment.................................................................................................................10
8.3Production Costs.......................................................................................................11
8.4Financial Evaluation.................................................................................................11
1. Executive Summary
This project envisages production of 642 tons of organic fertilizer per annum. The total
investment requirement of the project including the working capital is estimated at about
Birr 397 thousand; of which Birr 200 thousand is the cost of the building and Birr 12o
thousand is for machinery and equipments while nearly Birr 50 thousand is for working
capital. Based on the cash flow statement, the calculated internal rate of return (IRR) and
simple rate of return (SRR) of the project are 40.7 % and 43.9 %, respectively. The net
present value (NPV) at 18 % discounting rate is about Birr 378 thousand. The plant is
expected to create employment opportunities for about 5 persons.
Market Study
3.1.1 Present Demand and Supply
With declining soil fertility because of soil erosion, farms in many parts of the country
need fertilizer to maintain and/or increase their level of productivity. Presently almost the
entire requirement of fertilizer is met though imports which have adverse effects on the
countrys limited foreign exchange resources.
The import data of artificial fertilizers for the past ten years is given below.
TABLE 3.1
IMPORT OF FERTILIZER
Year E.C
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Amount(In Tons)
186,534
228,816
155,082
182,739
319,412
121,036
455,605
299,497
356,065
312,576
In the past ten years alone, the country imported more than 2.6 million tons of artificial
fertilizers; which was over 260 thousand tons per annum, on average. Of the total
artificial fertilizer consumption, ANRS shares around 32 % or 838 thousand tons in the
decade under consideration or 84 thousand tons per annum (on average). If there is a
market for a chemical and artificial fertilizer, there will definitely be a market for a
natural fertilizer.
The production of organic fertilizer in the country will partially substitute imported
fertilizer and it will be used by many low income farmers because of its lower prices. The
ANRS being the largest grain growing region in the country produces the largest volume
of straw which can be used as the main raw material for producing organic fertilizer.
With the severe soil erosion affecting the region and the consequent decline of soil
fertility, the establishment of small plants to produce organic fertilizer will be rewarding
to investors as well as farmers of the region.
TABLE 3.2
PROJECTED DEMAD FOR FERTILIZER
Year E.C
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
AT National Level
(In 000 Tons)
344
379
417
458
504
554
610
671
738
812
893
At ANRS Level
(In 000 Tons)
110
121
133
147
161
177
195
215
236
260
286
The national demand for fertilizer is expected to reach 554 thousand ton and 893 in 2005
E.C. and 2010 E.C, respectively. Similarly, demand for fertilizer at ANRS level is
expected to reach 177 thousand ton and 286 in 2005 E.C. and 2010 E.C, respectively.
This situation clearly necessitates the establishment of several medium scale fertilizer
producing plants in the country.
3.2
Plant Capacity
Since the project is to rely on straw as a raw material input, the capacity of the organic
fertilizer plant is determined on the basis of the available quantity of straw. In other
words, although the demand for fertilizer would justify the setting up of a large plant, the
supply of straw around the project location is the main constraining factor that determines
the choice of plant capacity. Therefore, the magnitude of straw in the ANRS has to be
taken into consideration.
5
In 1999 E.C the total production of grain is estimated to reach 150 million quintal. Of this
total production, more than 30 %( 45 million quintals) is from Amhara region. Some 15
million quintals of straw can be obtained as a residual of the 45 million quintal grain
harvest of the Amhara region. If we divide this total straw by the existing 140 weredas of
the region, each wereda of ANRS can have 107143 thousand quintals of straw per
annum. If we assume that the envisaged organic fertilizer producing plant is able to
collect 3 % of the straw obtained in the wereda where it is located, it can have 321 tons
straw per annum as a raw material. This enables the plant to produce 6,420 quintals (642
tons) of organic fertilizer with 50 % humidity content per annum.
The envisaged plant is to operate 8 hours a day for 275 days in a year on a single shift
basis. This is set by deducting all Sundays and holidays in a year, and by assigning 25
days for annual maintenance and unexpected work interruptions.
3.3
Production Program
The plant will operate at 60 % and 80 % capacity in the first and second years,
respectively. The plant will achieve 100 % capacity in the third year of operation. Due to
the facts that, in the beginning, there is some problem to collect straw efficiently, the
production build up is made to start at relatively low level (60 %) and then gradually rise
to full capacity.
The entire grain growing areas of ANRS can be taken as sources of raw material for the
production of organic fertilizer from straw.
4.2
As stated earlier, the quantity of straw annually required to produce 642 tons of organic
fertilizer will be 321 tons.
TABLE 4.1
RAW & AUXILARY MATERIALS REQUIREMENT
No
1
2
3
Description
Straw
Chemicals(Additives)
Paper Bags (Piece)
Qty
Tons
321
3.2
6420
Unit
Price
Birr
400
10000
1
F.C
Pieces
Total
L.C
Total
128,400
32,000
128,400
32,000
6420
166,820
6,420
166,820
The utilities required for the plant are electricity and water. The annual consumption of
electricity and water is estimated to be 20,000 KWH and 1000m 3, respectively. The total
annual cost is estimated at Birr 13,650.
Production Process
The main production process include milling the straw by the use of a hammer mill,
mixing chemical additives in to the mass of straw, arranging the milled straw in piles and
regularly watering and turning of the piles. Main machinery includes hammer mills,
mixing equipment and tools and other accessories.
6.2
Main machinery includes hammer mills, mixing equipment and tools and other
accessories.
The total cost of machinery/equipment is estimated at Birr 120 thousand all of which is
required in foreign currency.
6.3
The building area required by the plant is estimated to be 100m2, and it costs Birr
200,000. This would include cost of land preparation and associated civil works. The
total land area of the plant, including the open space, is 500 m 2 and its lease cost equals
Birr 9,950. The cost of the land lease is as per ANRS land lease rate for Debre-Sina
which is equal to Birr 19.90 per square meter second grade land for industrial purpose. Of
the total cost of the lease, 5 % is paid in the beginning while the rest will be paid in 40
years.
Human Resource
S/
N
1.
2.
3.
4.
TABLE 7.1
LIST OF MANPOWER REQUIREMENT
Description
No.
Monthly Salary
Required
(Birr)
Plant Manager
1
2000
Skilled (Operators)
1
800
Laborers
2
300
Guards
2
300
Benefits 20 % of Basic Salary
Total
5
Annual Salary
(Birr)
24,000
9,600
7,200
7,200
9,600
57,600
The total annual wages and salary, including 20 % benefits, amount to Birr 57,600.
7.2
Training Requirement
One week on job training is required for the technical personnel. And this can be
managed by hiring one expert in the area locally.
8. Financial Analysis
8.1
Underlying Assumption
The financial analysis of Organic Fertilizer manufacturing plant is based on the data
provided in the preceding chapters and the following assumptions.
A. Construction and Finance
Construction Period
2 Years
Source Of Finance
Tax Holidays
2 Years
12%
18%
Value Of Land
B. Depreciation
Building
5%
10%
Office Furniture
10%
Vehicles
20%
Pre-Production (Amortization)
20%
30 Days
Raw Material-Foreign
120 Days
30 Days
30 Days
Work In Progress
Finished Products
Accounts Receivable
Cash In Hand
Accounts Payable
10 Days
15 Days
30 Days
30 Days
30 Days
8.2
Investment
The total investment cost of the project including working capital is estimated at Birr 397
thousand as shown in Table 8.1 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 8.1
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
F.C
Total
498
498
200,000
200,000
10,000
10,000
120,000
120,000
210,498
120,000
330,498
10,525
6,000
16,525
221,022
126,000
347,022
49,794
270,816
0
126,000
49,794
396,816
*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.
10
The foreign component of the project accounts for Birr 126 thousand or 31.8 % of the
total investment cost.
8.3
Production Costs
The total production cost at full capacity operation is estimated at Birr 303 thousand (See
Table 8.2). Raw materials and utilities account for 59.9 %.
TABLE 8.2
PRODUCTION COST AT FULL CAPACITY
Raw Material
Requirement
1. Local Raw Materials
2. Foreign Raw Materials
Cost
166,820
0
13,650
57,600
166,820
9,915
247,985
26,305
28,571
302,861
Financial Evaluation
I.
Profitability
According to the projected income statement (See Annex 4) the project will generate
profit beginning from the first year of operation and increases on wards. The income
statement and other profitability indicators also show that the project is viable.
11
II.
Breakeven Analysis
Payback Period
Investment cost and income statement projection are used in estimating the project
payback period. The project will payback fully the initial investment less working capital
in two years.
IV.
Based on cash flow statement (See Annex 2) the calculated internal rate of return (IRR)
of the project is 40.7 % and the net present value (NPV) at 18 % discount is Birr 378
thousands.
VI.
Sensitivity Analysis
The sensitivity test result which undertaken by increasing the cost of production by 10 %
still indicates that the project would be viable.
A. Profit Generation
The project is found to be financially viable and earns on average a profit of Birr 149
thousand per year and Birr 1.5 thousand within the project life. Such result induces the
project promoters to reinvest the profit which, therefore, increases the investment
magnitude in the region.
B. Tax Revenue
In the project life under consideration, the region will collect about Birr 550 thousand
from corporate tax payment alone (i.e. excluding income tax, sales tax and VAT). Such
result create additional fund for the regional government that will be used in expanding
social and other basic services in the region.
13
ANNEXES
14
PRODUCTION
Year 1
Year 2
60%
70%
80%
100%
0.00
0.00
36131.91
42153.89
48175.88
60219.85
0.00
0.00
10919.13
12738.98
14558.84
18198.55
Raw Material-Local
0.00
0.00
10919.13
12738.98
14558.84
18198.55
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
179.54
209.46
239.38
299.23
0.00
0.00
648.98
757.14
865.30
1081.63
Work in Progress
0.00
0.00
4488.38
5236.44
5984.51
7480.63
Finished Products
0.00
0.00
8976.76
10472.89
11969.01
14961.27
2. Accounts Receivable
0.00
0.00
33617.45
39220.36
44823.27
56029.09
3. Cash in Hand
0.00
0.00
4663.64
5440.91
6218.18
7772.73
0.00
0.00
63493.87
74076.18
84658.49
105823.12
4. Current Liabilities
0.00
0.00
33617.45
39220.36
44823.27
56029.09
Accounts Payable
0.00
0.00
33617.45
39220.36
44823.27
56029.09
0.00
0.00
29876.42
34855.82
39835.22
49794.03
0.00
0.00
29876.42
4979.40
4979.40
9958.81
CURRENT ASSETS
(continued)
PRODUCTION
5
10
100%
100%
100%
100%
100%
100%
60219.85
60219.85
60219.85
60219.85
60219.85
60219.85
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
18198.55
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
299.23
299.23
299.23
299.23
299.23
299.23
1081.63
1081.63
1081.63
1081.63
1081.63
1081.63
Work in Progress
7480.63
7480.63
7480.63
7480.63
7480.63
7480.63
Finished Products
14961.27
14961.27
14961.27
14961.27
14961.27
14961.27
2. Accounts Receivable
56029.09
56029.09
56029.09
56029.09
56029.09
56029.09
3. Cash in Hand
7772.73
7772.73
7772.73
7772.73
7772.73
7772.73
105823.12
105823.12
105823.12
105823.12
105823.12
105823.12
4. Current Liabilities
56029.09
56029.09
56029.09
56029.09
56029.09
56029.09
Accounts Payable
56029.09
56029.09
56029.09
56029.09
56029.09
56029.09
49794.03
49794.03
49794.03
49794.03
49794.03
49794.03
0.00
0.00
0.00
0.00
0.00
0.00
CURRENT ASSETS
PRODUCTION
Year 1
Year 2
173511.19
223305.21
341777.45
365122.91
416482.91
524805.82
173511.19
223305.21
33617.45
5602.91
5602.91
11205.82
Total Equity
69404.48
89322.09
0.00
0.00
0.00
0.00
104106.71
133983.13
0.00
0.00
0.00
0.00
0.00
0.00
33617.45
5602.91
5602.91
11205.82
2. Inflow Operation
0.00
0.00
308160.00
359520.00
410880.00
513600.00
Sales Revenue
0.00
0.00
308160.00
359520.00
410880.00
513600.00
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
173511.19
173511.19
274910.39
250945.05
319636.87
391415.73
173511.19
173511.19
0.00
0.00
0.00
0.00
165248.75
165248.75
0.00
0.00
0.00
0.00
8262.44
8262.44
0.00
0.00
0.00
0.00
0.00
0.00
63493.87
10582.31
10582.31
21164.62
6. Operating Costs
0.00
0.00
148029.03
172110.32
196191.61
244354.19
0.00
0.00
0.00
0.00
49372.33
67168.10
8. Interest Paid
0.00
0.00
63387.50
28570.78
23808.98
19047.19
9.Loan Repayments
0.00
0.00
0.00
39681.64
39681.64
39681.64
10.Dividends Paid
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
0.00
49794.03
66867.06
114177.86
96846.04
133390.09
0.00
49794.03
116661.09
230838.95
327684.98
461075.07
3. Other Income
Fixed Investments
Pre-production Expenditures
6
513600.00
7
513600.00
8
513600.00
9
513600.00
10
513600.00
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
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
Sales Revenue
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
366917.85
364576.09
361242.83
318227.93
318227.93
318227.93
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
6. Operating Costs
244354.19
244354.19
244354.19
244354.19
244354.19
244354.19
68596.63
71016.67
72445.21
73873.74
73873.74
73873.74
8. Interest Paid
14285.39
9523.59
4761.80
0.00
0.00
0.00
9. Loan Repayments
39681.64
39681.64
39681.64
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
146682.15
149023.91
152357.17
195372.07
195372.07
195372.07
607757.22
756781.13
909138.30
1104510.37
1299882.44
1495254.51
Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
4. Increase In Fixed Assets
10.Dividends Paid
CONSTRUCTION
PRODUCTION
Year 1
Year 2
0.00
0.00
308160.00
359520.00
410880.00
513600.00
1. Inflow Operation
0.00
0.00
308160.00
359520.00
410880.00
513600.00
Sales Revenue
0.00
0.00
308160.00
359520.00
410880.00
513600.00
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
173511.19
173511.19
177905.44
177089.72
201171.01
321481.09
173511.19
173511.19
0.00
0.00
0.00
0.00
Fixed Investments
165248.75
165248.75
0.00
0.00
0.00
0.00
8262.44
8262.44
0.00
0.00
0.00
0.00
0.00
0.00
29876.42
4979.40
4979.40
9958.81
5. Operating Costs
0.00
0.00
148029.03
172110.32
196191.61
244354.19
0.00
0.00
0.00
0.00
0.00
67168.10
-173511.19
-173511.19
130254.56
182430.28
209708.99
192118.91
-173511.19
-347022.38
-216767.82
-34337.54
175371.45
367490.37
-173511.19
-147043.38
93546.79
111032.70
108165.56
83976.95
-173511.19
-320554.57
-227007.77
-115975.07
-7809.51
76167.44
2. Other Income
Pre-production Expenditures
(Continued)
PRODUCTION
5
10
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
1. Inflow Operation
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
Sales Revenue
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
312950.82
315370.85
316799.39
318227.93
318227.93
318227.93
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
244354.19
244354.19
244354.19
244354.19
244354.19
244354.19
68596.63
71016.67
72445.21
73873.74
73873.74
73873.74
200649.18
198229.15
196800.61
195372.07
195372.07
195372.07
568139.54
766368.69
963169.30
1158541.37
1353913.44
1549285.51
74326.78
62229.09
52356.47
44047.82
37328.66
31634.46
150494.22
212723.32
265079.79
309127.61
346456.27
378090.73
Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW
378,090.73
40.7%
60%
70%
80%
100%
100%
308160.00
359520.00
410880.00
513600.00
513600.00
308160.00
359520.00
410880.00
513600.00
513600.00
Other Income
0.00
0.00
0.00
0.00
0.00
130663.74
152441.03
174218.32
217772.90
217772.90
177496.26
207078.97
236661.68
295827.10
295827.10
57.60
57.60
57.60
57.60
57.60
43670.26
45974.26
48278.26
52886.26
52886.26
133826.00
161104.71
188383.42
242940.84
242940.84
43.43
44.81
45.85
47.30
47.30
63387.50
28570.78
23808.98
19047.19
14285.39
5. GROSS PROFIT
70438.50
132533.93
164574.43
223893.65
228655.45
0.00
0.00
49372.33
67168.10
68596.63
70438.50
132533.93
115202.10
156725.56
160058.81
Gross Profit/Sales
22.86%
36.86%
40.05%
43.59%
44.52%
22.86%
36.86%
28.04%
30.52%
31.16%
Return on Investment
35.51%
42.19%
35.93%
44.30%
43.94%
Return on Equity
44.38%
83.50%
72.58%
98.74%
100.84%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
10
100%
100%
100%
100%
100%
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
513600.00
Other Income
0.00
0.00
0.00
0.00
0.00
217772.90
217772.90
217772.90
217772.90
217772.90
295827.10
295827.10
295827.10
295827.10
295827.10
57.60
57.60
57.60
57.60
57.60
49581.29
49581.29
49581.29
49581.29
49581.29
246245.81
246245.81
246245.81
246245.81
246245.81
47.95
47.95
47.95
47.95
47.95
9523.59
4761.80
0.00
0.00
0.00
5. GROSS PROFIT
236722.22
241484.02
246245.81
246245.81
246245.81
71016.67
72445.21
73873.74
73873.74
73873.74
7. NET PROFIT
165705.55
169038.81
172372.07
172372.07
172372.07
Gross Profit/Sales
46.09%
47.02%
47.95%
47.95%
47.95%
32.26%
32.91%
33.56%
33.56%
33.56%
Return on Investment
44.16%
43.80%
43.44%
43.44%
43.44%
Return on Equity
104.40%
106.50%
108.60%
108.60%
108.60%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
4. Less Cost of Finance
RATIOS (%)
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
Year 1
173511.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
173511.19
0.00
165248.75
8262.44
0.00
0.00
0.00
173511.19
0.00
0.00
0.00
104106.71
104106.71
0.00
69404.48
69404.48
0.00
0.00
0.00
0.00
0.00
0.00
Year 2
396816.40
49794.03
0.00
0.00
0.00
0.00
0.00
49794.03
0.00
347022.38
165248.75
165248.75
16524.88
0.00
0.00
0.00
396816.40
0.00
0.00
0.00
238089.84
238089.84
0.00
158726.56
158726.56
0.00
0.00
0.00
0.00
0.00
0.00
1
500872.36
180154.96
11747.64
4488.38
8976.76
33617.45
4663.64
116661.09
0.00
320717.40
330497.50
0.00
16524.88
26304.98
0.00
0.00
500872.36
33617.45
33617.45
0.00
238089.84
238089.84
0.00
158726.56
158726.56
0.00
0.00
0.00
70438.50
0.00
70438.50
2
599327.55
304915.13
13705.58
5236.44
10472.89
39220.36
5440.91
230838.95
0.00
294412.43
330497.50
0.00
16524.88
52609.95
0.00
0.00
599327.55
39220.36
39220.36
0.00
198408.20
198408.20
0.00
158726.56
158726.56
0.00
0.00
70438.50
132533.93
0.00
132533.93
3
680450.93
412343.48
15663.52
5984.51
11969.01
44823.27
6218.18
327684.98
0.00
268107.45
330497.50
0.00
16524.88
78914.93
0.00
0.00
680450.93
44823.27
44823.27
0.00
158726.56
158726.56
0.00
158726.56
158726.56
0.00
0.00
202972.43
115202.10
0.00
115202.10
4
808700.66
566898.19
19579.40
7480.63
14961.27
56029.09
7772.73
461075.07
0.00
241802.48
330497.50
0.00
16524.88
105219.90
0.00
0.00
808700.66
56029.09
56029.09
0.00
119044.92
119044.92
0.00
158726.56
158726.56
0.00
0.00
318174.53
156725.56
0.00
156725.56
Continued
PRODUCTION
5
10
10
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
929077.83
713580.33
19579.40
7480.63
14961.27
56029.09
7772.73
607757.22
0.00
215497.50
330497.50
0.00
16524.88
131524.88
0.00
0.00
929077.83
56029.09
56029.09
0.00
79363.28
79363.28
0.00
158726.56
158726.56
0.00
0.00
474900.09
160058.81
0.00
160058.81
1055101.75
862604.25
19579.40
7480.63
14961.27
56029.09
7772.73
756781.13
0.00
192497.50
330497.50
0.00
16524.88
154524.88
0.00
0.00
1055101.75
56029.09
56029.09
0.00
39681.64
39681.64
0.00
158726.56
158726.56
0.00
0.00
634958.90
165705.55
0.00
165705.55
1184458.92
1014961.42
19579.40
7480.63
14961.27
56029.09
7772.73
909138.30
0.00
169497.50
330497.50
0.00
16524.88
177524.88
0.00
0.00
1184458.92
56029.09
56029.09
0.00
0.00
0.00
0.00
158726.56
158726.56
0.00
0.00
800664.46
169038.81
0.00
169038.81
1356830.99
1210333.49
19579.40
7480.63
14961.27
56029.09
7772.73
1104510.37
0.00
146497.50
330497.50
0.00
16524.88
200524.88
0.00
0.00
1356830.99
56029.09
56029.09
0.00
0.00
0.00
0.00
158726.56
158726.56
0.00
0.00
969703.27
172372.07
0.00
172372.07
1529203.06
1405705.56
19579.40
7480.63
14961.27
56029.09
7772.73
1299882.44
0.00
123497.50
330497.50
0.00
16524.88
223524.88
0.00
0.00
1529203.06
56029.09
56029.09
0.00
0.00
0.00
0.00
158726.56
158726.56
0.00
0.00
1142075.34
172372.07
0.00
172372.07
1701575.13
1601077.63
19579.40
7480.63
14961.27
56029.09
7772.73
1495254.51
0.00
100497.50
330497.50
0.00
16524.88
246524.88
0.00
0.00
1701575.13
56029.09
56029.09
0.00
0.00
0.00
0.00
158726.56
158726.56
0.00
0.00
1314447.41
172372.07
0.00
172372.07
11