Furniture Financial

Habesha Construction Materials Development S.
C
Basic Assumptions
Assumptions and Basis for Projection

Working days per month
26
Working days
312
per annum
Number of shifts
per day
Working hours
per shift
Theoretical production capacity
Furnitue, Fixtures & wood products
Capacity utilization
Product mix
150 M2/shift
Year 1
65% of attainable capacity
Year 2
Year 3
Year 4
Year 5
Furnitue, Fixtures & wood products Superior

Fine
Normal
Market segmentation
local market
Selling price
100% of production
Superior
1,000 Birr/M2
Fine
750 Birr/M2
Normal
500 Birr/M2
Employees benefit
3% of wage and salaries
Traveling expense
10% of AS & SMS wage & salary
Professional Expense(Legal, Audit, consultancy etc)
20,000
Birr/annum
Land lease expenses
20,000
Birr/annum
Stationary & P.T.T
40,000
Birr/annum
###
Birr/annum
Miscellaneous Expense
Dividend
90% of net income
Promotional Expense
1% of annual revenue
Electric charge
0.4736 Birr/kwh + 134 service charge
Water charge
3.8 Birr/M3
Diesel
Fuel cost
Regular
Oil & lubricant
Insurance rate
fire, lightening & floud

Vehicle
10.4 Birr/litter
19 Birr/litter
10% of fuel cost
1.5% of building & machinery cost
4% of vehicle cost
5% For Building
10% For machinery & equipment
20% For vehicle & pre-production
Depreciation & amortization rate
20% For furniture & fixture

25% Computer & accessories
20% For land improvement
25% For computer & accessories
2% For building & furniture
Repair & maintainace
1% For furniture & fixture

10% For vehicle
Spare parts
Exchange rate
5% For vehicle
As of October 15, 2012
Fuel And Lubricants
Yearly Increase in Expenses
Tax Rate
Average inflation
Discount Rate
Grace Period On Repayment of Loan
Interest rate on long term loan
Loan repayment year
23.78 Birr/Euro
1.1
Raw Material
1.1
Labor Salary
1.1
General Increase in Costs

Forex Depr.
18.36 Birr/USD
1.1
1
30%
21.5%
12%
0 year(s)
9%
5 year(s)
46800
Habesha Construction Materials Development S.C

Investement Breakdown
Fixed and other pre-operational expenditure

Description
Planned
Total
Amount in Birr
Amount in Birr
Building and Civil Works
5,940,000
5,940,000
Machinery and equipment
7,427,115
7,427,115
Motor Vehicles
1,700,000
1,700,000
Office furniture & fixtures

Pre operating expense
259,000
259,000
1,210,000
1,210,000
Total Fixed investment required
16,536,115
working capital
Total investment required
1,379,434
1,379,434
17,915,549
17,915,549
Investment Structure
Capital contribution
8,957,775
Loan
8,957,775
Total initial investment
USD
17,915,549
968,408
42

42

42

42

42

42

Working Capital Determination
Working Capital Requirements

Minimum Requirements of Current Assets and Liabilities
(a) Accounts receivable
(b) Inventory
local raw material
Imported raw material
Spare Parts
Work-in-progress
Finished Products
(c) Cash in Hand (petty cash)
(d) Accounts payable
60
Days at operating costs
14
90
15
2
7
15
30
of the annual cost of the material

of the annual cost of the material
Days @ plant cost
Days@ plant cost + administrative overheads
Days of total production cost less(Raw material, utility & depreciation)
Days for raw material & utilities
Working Capital Determination

Coverage
Inv't
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
60
219,146
###
219,146
1,494,260
281,867
###
318,420
###
360,526
###
400,947
###
417,891
###
435,682
###
454,363
###
473,978
###
494,573
###
14
90
2
7
120
15
257,220
###
24,263
101,574
275,904
440,733
257,220
1,111,202
24,263
101,574
275,904
440,733
277,497
###
37,384
152,454
303,494
619,328
314,496
###
40,360
165,138
318,669
657,240
351,496
###
43,652
179,258
334,602
699,226
369,995
###
47,299
194,616
351,333
743,795
388,495
###
49,664
204,082
368,899
753,069
407,920
###
52,147
214,022
387,344
783,982
428,316
###
54,754
224,458
406,711
816,441
449,732
###
57,492
235,416
427,047
850,523
472,218
###
60,366
246,922
448,399
886,308
###
###
###
###
###
###
###
###
###
524,136
313,253
325,390
224,703
159,593
188,747
198,185
208,094
218,499
###
229,456
###
149,172
###
149,817
###
82,359
###
83,071
###
87,224
###
91,585
###
96,165
###
100,973
###
###
###
###
###
###
###
###
###
CURRENT ASSETS
Accounts Receivable
Inventory
Raw Material
local raw material
imported raw material
Work-in-progress
Finished Products
Spare parts
Cash in hand(Petty cash)
Total Current Assets
###
2,430,044
Increase in current Assets
CURRENT LIABILITIES
Accounts Payable
Increase in current liabilities
30
###
1,050,610
WORKING CAPITAL
Net working Capital
###
Existing Working Capital
Increase in working capital
###
1,379,434
294,680
164,082
175,573
142,343
76,522
101,523
106,599
111,929
117,526

Project Basics
INSURANCE
Description
Fixed Assets
Vehicles
13,626,115
Cost of
Insurance
204,392
1,700,000
68,000
Total cost
Total
272,392
REPAIR & MAINTAINACE

Description
Total cost
Cost of Rep &

maintain
Building and construction

Machinery & Equipment
5,940,000
7,427,115
118,800
371,356

Vehicle
259,000
1,700,000
2,590
170,000
Total
662,746
SPAREPARTS
Description
Machinery & Equipment
Vehicle
Total cost
7,427,115
1,700,000
Total
Cost of
spareparts
742,712
85,000
827,712
DEPRECIATION & AMORTIZATION

Description
Total cost Cost of D & A
Building and Civil Work
5,940,000
297,000
Machineries and Equipment
7,427,115
742,712
Vehicles
1,700,000
340,000
Office Furniture and Equipment

Pre-production expence
Total
259,000
51,800
1,210,000
242,000
16,536,115
1,673,512
No. of
Employees
Salary
per month
General Manager
8,000
96,000
Secretary
Total
1
2
2,000
24,000
120,000
5,000
60,000
- operator
15
2,500
450,000
- Assistant operators
15
1,600
288,000
Junior Technician
- Laborers
20
500
120,000
8 th grade
- Machinist
10
2,500
300,000
Technician
- Electrician
Total
3
64
2,000
72,000
###
Technician
Job Title
Yearly salary
Profession
BA in mechanical
engineering
Diploma in secretarial
science
Experience
10 Year experience
2 Year experience
Production Department
Plant manager
BA in mechanical engineering
Senior Technician
5 Year experience
Certificate or
diploma
Certificate or
diploma
No experience
Certificate from
Comp. High School
Comp. High School
or Tech. School
Administration and personnel Department

2 supervisory
experience
Personnel head
3,500
42,000
Management B.A
Personnel clerk
1,000
12,000
Diploma
2 years experience
Filling Clerk
1,000
12,000
Diploma
2 years experience
Total
66,000
Marketing Study, promotion and Sales manager
Marketing officer
3,000
36,000
BA in Marketing or management3 year experience
Sales persons
2,500
60,000
BA in Marketing or management2 year experience
Total
96,000
Property Administration and procurement manager

No. of
Employees
Salary
per month
Purchaser
3,000
72,000
Diploma or BA in Purchasing
Delivery supervisor
3,000
36,000
Supplies Mgt. Diploma
7 Year experience
1
4
1,000
12,000
120,000
Supplies Mgt. Diploma
3 Year experience
Finance Manager
5,000
60,000
BA in accounting
15 Year experience
Accountants
2,500
60,000
BA in accounting
2 Year experience
Data entry clerks
1,000
24,000
Diploma in accounting
0 Year experience
Job Title
Spare parts and supplies
Yearly salary
Profession
Experience
2 years experience
Finance Department
144,000
Income Statement
Sales Revenue
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
###
###
###
###
###
###
###
###
###
###
Plant capacity
65%
75%
85%
95%
100%
100%
100%
100%
100%
100%
Direct Labour
###
###
###
###
###
###
###
###
###
###
###
Raw Material cost

local raw material
imported raw material
Labor and staf
Labor and staf benefit
Plant Overhead Costs
Repair & maintainace
Spare parts
Utilities
Plant Cost
Administration & Selling Expenses
administration expenses
Royality Payment
Professional Expense
Stationary & P.T.T
Land lease expenses
Insurance
Salary
Benfit
selling expenses
Promotional Expense
Traveling Expense
Salary
Benfit
Operating Costs
Depreciation
Total Production Cost
EBIT
Interest
EBT
###
###
###
###
6,614,238
4,444,808
1,290,000
38,700
###
7,135,627
5,128,625
1,935,000
58,050
###
8,087,044
5,812,442
2,225,250
66,758
9,038,461
6,496,259
2,559,038
76,771
9,514,169
6,838,167
2,942,893
88,287
9,989,878
7,180,075
3,090,038
92,701
###
7,539,079
3,244,540
97,336
###
7,916,033
3,406,767
102,203
###
8,311,835
3,577,105
107,313
###
8,727,426
3,755,960
112,679
3,038,729
4,736,046
4,972,848
5,221,490
5,482,565
5,756,693
6,044,528
6,346,754
6,664,092
6,997,296
###
###
662,746
729,020
765,471
803,745
843,932
886,129
930,435
976,957
1,025,805
1,077,095
827,712
1,548,271
910,483
3,096,543
956,007
3,251,370
1,003,807
3,413,938
1,053,998
3,584,635
1,106,697
3,763,867
1,162,032
3,952,060
1,220,134
4,149,663
1,281,141
4,357,146
1,345,198
4,575,004
###
###
###
###
###
###
###
###
###
###
###
856,392
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
20,000
40,000
20,000
272,392
450,000
54,000
358,485
250,965
96,000
11,520
100,000
###
1,673,512
21,000
42,000
20,000
272,392
675,000
81,000
479,813
318,533
144,000
17,280
100,000
###
1,673,512
22,050
44,100
20,000
272,392
776,250
93,150
582,576
397,104
165,600
19,872
100,000
###
1,673,512
23,153
46,305
20,000
272,392
892,688
107,123
701,497
488,204
190,440
22,853
100,000
###
1,673,512
24,310
48,620
272,392
1,026,591
123,191
810,576
565,289
219,006
26,281
100,000
###
1,673,512
25,526
51,051
272,392
1,077,920
129,350
851,105
593,553
229,956
27,595
100,000
###
1,431,512
26,802
53,604
272,392
1,131,816
135,818
893,660
623,231
241,454
28,974
100,000
###
1,431,512
28,142
56,284
272,392
1,188,407
142,609
938,343
654,393
253,527
30,423
100,000
###
1,431,512
29,549
59,098
272,392
1,247,827
149,739
985,260
687,112
266,203
31,944
100,000
###
1,431,512
31,027
62,053
272,392
1,310,219
157,226
###
721,468
279,513
33,542
100,000
###
1,431,512
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
703,806
###
###
571,080
###
Income tax (30%)

EAT
###
###
426,622
###
4,360,618
###
###
###
###
269,395
###
6,396,700
###
98,271
###
8,245,608
###
0
###
8,792,132
###
9,258,797
###
9,748,795
###
44
44
Cash Flow Statement

Year 0
Year 1
Year 2
Year 3
Year 4
CASH INFLOWS
Owner's Equity
8,957,775
Bank Loan
8,957,775
Net Profit
5,977,830
8,924,107
Depreciation & amortization
1,673,512
###
###
1,673,512
###
###
Total Cash Inflows
17,915,549
7,651,342
10,597,618
10,174,775
1,673,512
###
###
11,848,287
14,925,633
1,673,512
16,599,145
Cash Outflows
Inv'ment on Fix. Assets
(15,326,115)
Working Capital
(1,379,434)
Pre-production Cost
& interest
(1,210,000)
(294,680)
(164,082)
(175,573)
(1,634,310)
(1,778,768)
(1,935,995)
(5,380,047)
(8,031,696)
(9,157,298)
(1,501,583)
(7,309,037)
(9,974,545)
Replacement
Loan Repayment
(1,501,583)
Dividend (30%)
Total Cash Outflows
(17,915,549)
###
Net Cash Flow
6,149,759
3,288,581
1,873,741
5,330,279
Cum. Cash Balance
6,149,759
9,438,340
11,312,081
16,642,360
Retained Earnings
597,783
892,411
1,017,478
1,492,563
Cumm. Ret.Earnings
597,783
1,490,194
2,507,671
4,000,235
45
Projected Balance Sheet

Inv't
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
6,149,759
2,430,044
9,438,340
2,954,180
11,312,081
3,267,433
16,642,360
3,592,824
19,914,090
3,817,526
24,468,278
3,977,119
28,938,649
4,165,867
33,567,277
4,364,051
38,362,074
4,572,145
###
4,790,644
8,579,802
12,392,520
14,579,514
20,235,184
23,731,617
28,445,397
33,104,516
37,931,328
42,934,219
###
5,643,000
6,684,404
1,360,000
207,200
5,346,000
5,941,692
1,020,000
155,400
5,049,000
5,198,981
680,000
103,600
4,752,000
4,456,269
340,000
51,800
4,455,000
3,713,558
1,700,000
259,000
4,158,000
2,970,846
1,360,000
207,200
3,861,000
2,228,135
1,020,000
155,400
3,564,000
1,485,423
680,000
103,600
3,267,000
742,712
340,000
51,800
ASSETS
CURRENT ASSETS
Cash Balance
Current assets
2,430,044
###
FIXED ASSETS
Building and construction
Machineries and Equipment
Vehicles
Office Furniture and
Equipment
Total Fixed Assets
Pre-Production Cost &
Interest
Total Assets
5,940,000
7,427,115
1,700,000
259,000
###
##
##
1,210,000
###
13,894,604## 12,463,092
##
## 11,031,581
##
##
9,600,069##
## 10,127,558####
8,696,046##
##
7,264,535####
5,833,023##
##
4,401,512##
##
2,970,000
###
968,000
726,000
484,000
242,000
23,442,406
25,581,612
26,095,095
30,077,253
33,859,174
37,141,443
40,369,050
43,764,351
47,335,731
###
1,050,610
5,380,047
1,280,066
8,031,696
1,429,238
9,157,298
1,579,055
13,433,070
1,661,414
17,315,776
1,744,485
18,463,477
1,831,709
19,443,473
1,923,295
20,472,470
2,019,459
21,552,916
2,120,432
###
LIABILITIES & Capital

LIABILITIES:
Current liablities
Dividend Payable
Long term loan
Bank Loan
Sub Total
1,050,610
8,957,775
###
7,456,191
5,821,882
4,043,114
2,107,119
13,886,848
15,133,644
14,629,649
17,119,244
18,977,190
20,207,962
21,275,183
22,395,765
23,572,376
###
8,957,775
597,783
8,957,775
1,490,194
8,957,775
2,507,671
8,957,775
4,000,235
8,957,775
5,924,210
8,957,775
7,975,707
8,957,775
10,136,093
8,957,775
12,410,812
8,957,775
14,805,580
8,957,775
###
CAPITAL:
Owner's Equity
Retained Earnings
8,957,775
Sub total
###
9,555,558
10,447,968
11,465,446
12,958,009
14,881,984
16,933,482
19,093,868
21,368,586
23,763,355
###
Total Liabil.& Capital
###
23,442,406
25,581,612
26,095,095
30,077,253
33,859,174
37,141,443
40,369,050
43,764,351
47,335,731
###
80.81%
6.38%
46
Financial Ratios
For the year ended
Year 1
Year 2
10:45:5011/12/2015
Year 3
Year 4
Year 5
Current Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Quick Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Net Working Capital Ratio

Current Liabilities to Inventory
Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
4.30
###
5.32
###
5.37
###
6.83
###
#REF!
Cash Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Asset Ratios
Year 1
Year 2
Year 3
Year 4
Year 5
Inventory Turnover Ratio
16.80
###
18.21
###
20.13
###
22.21
###
24.35
###
###
Fixed Assets Turnover Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Total Assets Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Asset to Equity Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Solvency ratios
Year 1
Total Debt Ratio
Year 2
Year 3
Year 4
Year 5
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!#
9.49
###
16.63
###
35.07
###
80.15
###
#REF!
Solvency ratios
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Debt/Equity Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Interest Coverage Ratio
Profitability Ratios
Year 1
Year 2
Year 3
Year 4
Year 5
Earnings per Share

(EPS) Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
###
Basic Earnings Power Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Price to Earnings Ratio(15X)
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Price to Cash Flow Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Payout Ratio
0.90
###
0.90
###
0.90
###
0.90
###
#REF!
Gross Profit margin
0.39
###
0.40
###
0.47
###
0.52
###
24%#
28%#
26%#
31%#
#REF!
ROI
Return on Investment
#REF!#
#REF!#
#REF!#
#REF!#
#REF!
ROA
#REF!
#REF!#
#REF!#
#REF!#
#REF!
ROCE
Return on Capital Employed
#REF!#
#REF!#
#REF!#
#REF!
###
#REF!
Return on Assets Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Return on Equity Ratio
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
Net profit margin
Prepared by: Access Capital Services S.C
0.56
###
#
For internal use only. For discussion only.
Graphs
Operating and net profit
1
2
3
9,670,024.9 12,859,902.2 18,546,043.7
5,977,830.5 8,924,106.5 10,174,775.0
Operating Profit
Net Profit
25,000,000.0
20,000,000.0
15,000,000.0
Operating
Profit
Net Profit
10,000,000.0
5,000,000.0
0.0
1
Profitability Ratios
Operating margin
Net profit margin
Return on Investment (ROI)
Return on Capital Employed (R
Return on Asset (ROA)
Return on Equity Ratio (RER)
60%
50%
40%
1
39%
24%
#REF!
#REF!
#REF!
#REF!
2
40%
28%
#REF!
#REF!
#REF!
#REF!
3
47%
26%
#REF!
#REF!
#REF!
#REF!
60%
50%
40%
30%
20%
10%
0%
1
Earnings per Share (EPS) Ratio

Basic Earnings Power Ratio
Price to Earnings Ratio(15X)
Price to Cash Flow Ratio
Payout Ratio
1
#REF!
#REF!
#REF!
#REF!
0.90
2
#REF!
#REF!
#REF!
#REF!
0.90
3
#REF!
#REF!
#REF!
#REF!
0.90
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
2008
2009
2010
2011
2012
0.20
0.10
2008
2009
2010
2011
2012
Break-Even Point
Figure - Breakeven Point
Profit (Loss)
3,000,000
2,000,000
1,000,000
10
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000 12,000,000 14,000,000
(1,000,000)
(2,000,000)
(3,000,000)
Revenue
Calculation of break even point

Calculation of Fixed Costs
1
General Expenses
703,357
Admin & sales Payroll
Admin & sales personnel benefi
spare parts & maint.
Professional Expense
20,000
Stationary & P.T.T
40,000
Land lease expenses
20,000
Insurance
272,392
Traveling Expense
Fuel and Energy
28,347
Depreciation
1,673,512
Total Fixed Costs
2,757,607
2
773,924
21,000
42,000
20,000
272,392
28,347
1,673,512
2,831,175
3
855,646
22,050
44,100
20,000
272,392
28,347
1,673,512
2,916,046
Total Costs
Total Variable Costs
Gross Margin Calculation

Revenue
Cost of Sales
Gross Margin
18414863.3 22358063.6 24748370.4

15657255.9 19526888.7 21832324.1
1
25,096,500
15,426,475
38.5%
2
31,853,250
18,993,348
40.4%
3
39,710,385
21,164,341
46.7%
BreakEven Point based on Median, birr of Sales a Yea 6,401,235

BreakEven Point based on Maximum, birr Sales a Year 6,381,779
BreakEven Point based on Average, birr of Sales a Ye 6,550,527
Gross Sales
Revenue
Profit (Loss)
Gross Sales
Revenue
Fixed Costs
Variable Costs
Total Costs
Revenue per pcs of bottled wat

Variable Costs per Unit
Fixed Costs
Revenue per Unit
Variable Costs per Unit
Gross Sales Percentage
Sales in pcs
Revenue
Fixed Costs
Variable Costs
Total Costs
Difference
Break-Even Sales
Margin of Safety,pcs
Median Margin of Safety, tons
10%
640,124
(2,534,213)
20%
1,280,247
(2,252,634)
30%
1,920,371
(1,971,055)
640,124
640,124
2,815,792
358,544
3,174,337
(2,534,213)
1,280,247
1,280,247
2,815,792
717,089
3,532,881
(2,252,634)
1,920,371
1,920,371
2,815,792
1,075,633
3,891,425
(1,971,055)
1
#REF!
#REF!
2
#REF!
#REF!
3
#REF!
#REF!
2815792.2
#REF!
#REF!
10%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
20%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
30%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
#REF!
#REF!
2009
2010
2011
Break-Even Sales
Real Sales
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
4
23,392,018.4
14,925,633.5
5
24,866,081.0
#REF!
Operating
Profit
Net Profit
4
48%
31%
#REF!
#REF!
#REF!
#REF!
5
44%
#REF!
#REF!
#REF!
#REF!
#REF!
11
Operating margin
Net profit margin
Return on Inves tment (ROI)
Return on Capital Employed
(RoCE)
Return on As set (ROA)
Return on Equity Ratio (RER)
4
#REF!
#REF!
#REF!
#REF!
0.90
5
#REF!
#REF!
#REF!
#REF!
#REF!
Earnings per Share

(EPS) Ratio
Bas ic Earnings Power
Ratio
Price to Earnings
Ratio(15X)
Price to Cas h Flow Ratio
2012
2012
Sales and C osts, Birr
11
14,000,000
12,000,000
10,000,000
8,000,000
10
000 12,000,000 14,000,000

6,000,000
4,000,000
2,000,000
-
4
950,053
23,153
46,305
20,000
272,392
28,347
1,673,512
3,013,762
5
1,010,611
24,310
48,620
272,392
28,347
1,673,512
3,057,792
6
1,010,611
24,310
48,620
272,392
28,347
1,431,512
2,815,792
5,000,000
Sales, ths roubles
10,000,000
7
1,010,611
24,310
48,620
272,392
28,347
1,431,512
2,815,792
8
1,010,611
24,310
48,620
272,392
28,347
1,431,512
2,815,792
15,000,
27228686.1
24214924.6
28945271.9 28703271.9 28703271.9 28703271.9

25887479.7 25887479.7 25887479.7 25887479.7
4
48,820,415
25,428,396
47.9%
5
56,528,901
31,662,820
44.0%
6
56,528,901
31,662,820
44.0%
7
56,528,901
31,662,820
44.0%
8
56,528,901
31,662,820
44.0%
40%
2,560,494
(1,689,475)
50%
3,200,618
(1,407,896)
60%
3,840,741
(1,126,317)
70%
4,480,865
(844,738)
80%
5,120,988
(563,158)
2,560,494
2,560,494
2,815,792
1,434,177
4,249,969
(1,689,475)
3,200,618
3,200,618
2,815,792
1,792,722
4,608,514
(1,407,896)
3,840,741
3,840,741
2,815,792
2,151,266
4,967,058
(1,126,317)
4,480,865
4,480,865
2,815,792
2,509,810
5,325,602
(844,738)
5,120,988
5,120,988
2,815,792
2,868,355
5,684,147
(563,158)
4
#REF!
#REF!
5
#REF!
#REF!
6
#REF!
#REF!
7
#REF!
#REF!
8
#REF!
#REF!
40%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
50%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
60%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
70%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
80%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
2012
2013
2014
2015
2016
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Revenue
Fixed
Cos ts
Variable
Cos ts
s, ths roubles
10,000,000
9
1,010,611
24,310
48,620
272,392
28,347
1,431,512
2,815,792
15,000,000
10 minimum
maximum
mean
1,010,611
703,357
1,010,611
934,665
24,310
20,000
24,310
23,206
48,620
40,000
48,620
46,413
20,000
8,000
272,392
272,392
272,392
272,392
28,347
28,347
28,347
28,347
1,431,512
1,431,512
1,673,512
1,552,512
2,815,792
2,757,607
3,057,792
2,865,534
28703271.9
25887479.7
9
56,528,901
31,662,820
44.0%
28703271.9
25887479.7
10 minimum
maximum
mean
56,528,901
25,096,500
56,528,901 48,465,396
31,662,820
15,426,475
31,662,820 27,098,948
44.0%
38.5%
47.9%
43.7%
90%
5,761,112
(281,579)
100%
6,401,235
-
110%
7,041,359
281,579
120%
7,681,482
563,158
130%
8,321,606
844,738
5,761,112
5,761,112
2,815,792
3,226,899
6,042,691
(281,579)
6,401,235
6,401,235
2,815,792
3,585,443
6,401,235
-
7,041,359
7,041,359
2,815,792
3,943,988
6,759,780
281,579
7,681,482
7,681,482
2,815,792
4,302,532
7,118,324
563,158
8,321,606
8,321,606
2,815,792
4,661,076
7,476,868
844,738
110%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
120%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
130%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
9
#REF!
#REF!
10
#REF!
#REF!
90%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
100%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
#REF!
#REF!
2017
2018
#REF!
#REF!
#REF!
#REF!
median
1,010,611
24,310
48,620
272,392
28,347
1,552,512
###
median
###
###
44.0%
140%
8,961,730
1,126,317
150%
9,601,853
1,407,896
160%
10,241,977
1,689,475
170%
10,882,100
1,971,055
180%
11,522,224
2,252,634
190%
12,162,347
2,534,213
8,961,730
8,961,730
2,815,792
5,019,620
7,835,413
1,126,317
9,601,853
9,601,853
2,815,792
5,378,165
8,193,957
1,407,896
10,241,977
10,241,977
2,815,792
5,736,709
8,552,501
1,689,475
10,882,100
10,882,100
2,815,792
6,095,253
8,911,046
1,971,055
11,522,224
11,522,224
2,815,792
6,453,798
9,269,590
2,252,634
12,162,347
12,162,347
2,815,792
6,812,342
9,628,134
2,534,213
140%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
150%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
160%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
170%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
180%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
190%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
200%
12,802,471
2,815,792
12,802,471
12,802,471
2,815,792
7,170,886
9,986,679
2,815,792
200%
#REF!
#REF!
2,815,792
#REF!
#REF!
#REF!
Marfel Aluminium PLC

Projected Income Statement
For the year ended
294556365.xls
Revenue
Year 1
Year 2
11/12/2015 10:45:51
Year 3
Year 4
Year 5
Sales
25,096,500 ###
31,853,250 ###
39,710,385 100%
48,820,415 ###
56,528,901 ###
Total Revenue
25,096,500 ###
31,853,250 ###
39,710,385 100%
48,820,415 ###
56,528,901 ###
11,059,046
44%
12,264,252
39%
13,899,486
35%
15,534,720
32%
16,352,336
29%
4,367,429
17%
6,729,096
21%
7,264,855
18%
7,857,299
16%
8,513,745
15%
15,426,475
61%
18,993,348
60%
21,164,341
53%
23,392,018
48%
24,866,081
44%
9,670,025
39%
12,859,902
40%
18,546,044
47%
25,428,396
52%
31,662,820
56%
Selling and distribution
358,485
1%
479,813
2%
582,576
1%
701,497
1%
810,576
1%
General and Admin
856,392
3%
1,111,392
3%
1,227,942
3%
1,361,659
3%
1,495,104
3%
100,000
0%
100,000
0%
100,000
0%
100,000
0%
100,000
0%
1,314,877
5%
1,691,204
5%
1,910,518
5%
2,163,156
4%
2,405,679
4%
8,355,148
33%
11,168,698
35%
16,635,526
42%
23,265,240
48%
29,257,141
52%
Amortization
242,000
1%
242,000
1%
242,000
1%
242,000
0%
242,000
0%
Depreciation
1,431,512
6%
1,431,512
4%
1,431,512
4%
1,431,512
3%
#REF! ###
6,681,637
27%
9,495,186
30%
14,962,015
38%
21,591,728
44%
#REF! ###
703,806
3%
571,080
2%
426,622
1%
269,395
1%
5,977,830
24%
8,924,107
28%
14,535,393
37%
21,322,334
44%
#REF! ###
0%
4,360,618
11%
6,396,700
13%
#REF! ###
28%
10,174,775
26%
14,925,633
31%
#REF! ###
COGS
Direct material
DL & MOH
Total COGS
Operating profit
Expenses
Total Expenses
EBITDA
EBIT
Interest expense
EBT
Income tax (30%)
EAT
5,977,830
0%
24%
8,924,107
98,271
0%
Yearly growth %:
Revenue
Gross profit
EAT
25%
23%
16%
33%
44%
37%
25%
49%
14%
47%
#REF!
27%
For internal use only. For discussion purpose only.
Marfel Aluminium PLC

Projected Balance sheet
For the year ended
294556365.xls
Year 1
Year 2
11/12/2015 10:45:51
Year 3
Year 4
Year 5
ASSETS
Fixed Assets
###
Office Equipment and furniture
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Plant, machinery & equipment
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Vehicles
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Computers with accessories
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Buildings
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Land & Building Improvements

Accum. Depreciationfurniture and Equipment
Accum. Depreciationplant, machinery and Equipment
###
###
###
###
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Accum. Depreciation-Vehicles
Accum. Depreciationcomputers and accessories
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Accum. Depreciation-Buildings
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Accum. Depreciation-Land improvemen

Total Fixed Assets
###
###
###
###
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Deposits
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Organizational cost
Accumulated Amortization-Org. cost
Good will
Accumulated Amortization-good will
#REF!
#REF!
-
###
###
###
#REF!
#REF!
-
###
###
#REF!
#REF!
-
###
###
#REF!
#REF!
-
###
###
#REF!
#REF!
-
Total Other Assets
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Other Assets
###
###
###
###
###
###
###
###
###
###
###
Current Assets
Inventory
1,494,260
###
1,749,491
###
1,973,105
###
2,198,470
###
2,321,452
###
Prepaid Expenses
440,733
###
619,328
###
657,240
###
699,226
###
743,795
###
Net Accounts Receivable
219,146
###
281,867
###
318,420
###
360,526
###
400,947
###
Spare parts
275,904
###
303,494
###
318,669
###
334,602
###
351,333
###
Savings Account
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Cash on Hand
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Petty Cash
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
Total Assets
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
###
#REF!
###
###
#REF!
###
LIABILITIES AND CAPITAL

Capital
Paid-in Capital
Retained Earnings
Total Capital
597,783
#REF!
###
###
1,490,194
#REF!
###
###
2,507,671
#REF!
###
###
4,000,235
#REF!
Long-Term Liabilities
STL-1
STL-2
Total Long-Term Liabilities
7,456,191
-
###
###
5,821,882
-
###
###
4,043,114
-
###
###
2,107,119
-
###
###
0
-
###
###
7,456,191
###
5,821,882
###
4,043,114
###
2,107,119
###
###
Accrued Expenses
1,050,610
###
1,280,066
###
1,429,238
###
1,579,055
###
1,661,414
###
Income Taxes Payable (Provision)

Dividend Payable
Access Capital Services
XXX company
###
5,380,047 ###
###
Current Liabilities
Total Current Liabilities

Total Liabilities
Total Liabilities & Capital
6,430,657
###
9,157,298 ###
###
###
13,433,070 ###
###
#REF!
###
###
###
###
###
###
###
###
###
###
###
###
###
9,311,762
###
###
###
15,012,125
###
#REF!
###
17,119,244
###
#REF!
###
###
#REF!
###
###
###
###
###
###
###
#REF!
###
#REF!
###
#REF!
###
#REF!
###
8,031,696 ###
###
#REF!
#REF!
#REF!
#REF!
#REF!
Cash Flow Projections

For the year ended
294556365.xls
11/12/2015 10:45:51
PROJECTED
Inv't
CASH FLOW FROM OPERATING ACTIVITIES

Net increase decrease) in stock holders equity resulting
from
operation
Adjustment
to reconcile net increase decrease) in
stockholder' equity resulting form operations to net cash
provided by (used in) operating activities
- ##
Year 1
Year 2
Year 3
Year 4
Year 5
5,977,830
8,924,107
14,535,393
21,322,334
###
Realized gain on investment
###
Deprecation and amortization
(Gain) loss on disposal of fixed assets

Change in assets-Increasing or (decreasing ) cash flows
from operating activities
Accounts Receivables
Prepaid expenses
Inventories
spare parts
Change in liabilities-Increasing or (decreasing ) cash
flows from operating activities
Accounts payable
Profit tax paid
Organizational cost
NET CASH PROVIDED BY (USED BY) INVESTING ACTIVITIE
1,673,512
-
###
#REF!
###
(62,721)
(36,552)
(42,106)
(440,733)
(178,594)
##
(37,913)
(41,985)
(44,569)
(1,494,260)
(255,230)
(223,614)
(225,365)
(122,983)
(275,904)
(27,590)
(15,175)
(15,933)
(16,730)
229,456
149,817
82,359
1,050,610
7,651,342
10,302,938
149,172
(40,421)
(4,360,618)
(6,396,700)
#REF!
11,684,205
16,423,572
#REF!
###
(1,210,000)
Good will
proceeds from disposals of property and equipment
1,673,512
NET CASH PROVIDED BY (USED BY) OPERATING ACTIVITIE (1,379,434)
Acquisition of property and equipment
###
1,673,512
###
(219,146)
CASH FLOWS FROM INVESTING ACTIVITIES
1,673,512
#REF!
###
#REF!
#REF!
#REF!
#REF!
#REF!
###
###
#REF!
#REF!
#REF!
#REF!
###
###
#REF!
CASH FLOWS FROM FINANCING ACTIVITIES

New lines of credit
Long-term
XX Bank
8,957,775
Other
Short term
###
###
###
###
###
Repayment of lines of credit

Long term
XX Bank
(1,501,583)
Other
###
(1,634,310)
-
(1,778,768)
-
(1,935,995)
(2,107,119)
###
Short term
Paid up capital
8,957,775
##
##
Dividend paid
NET CASH PROVIDED BY(USED BY) FINANCING ACTIVITIES 17,915,549

NET INCREASE(DECREASE)IN CASH
CASH AT THE BEGINNING OF THE YEAR
CASH AT THE END OF THE YEAR
-##
##
(5,380,047)
(8,031,696)
(9,157,298)
###
(1,501,583)
(7,014,357)
(9,810,464)
(11,093,292)
###
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
##
##
#REF!
#REF!
#REF!
#REF!
##
##
Cash Flow Projections

For the year ended
294556365.xls
11/12/2015 10:45:51
Descriptions
INV'T
Total Investment cost in Birr
Year 1
Year 2
Year 3
Year 4
Year 5
###
Total Revenue
###
###
###
###
###
Less: Operating cost
###
###
###
###
###
###
###
###
###
Gross Profit
8,355,148
Less: Interest Expense

Deprecation and Amortization
Profit Before Tax
Less :Corp. Income Tax @ 30%
Add: Deprecation and Amortization

Less: Capital expenditure
8,957,775
Add: Interest
Add or deduct: Working captial
Free cash flow-Equity
Free cash flow-Total investment
Free cash flow-Debt
571,080
426,622
269,395
98,271
1,673,512
1,673,512
1,673,512
1,673,512
1,673,512
5,977,830
8,924,107
Profit After Tax
Debt Finance In/out
703,806
-8,957,775
Average Inflation
Discount Rate
Interest rate Long term loan
Deposit
Loan Repayment period
###
###
###
###
8,924,107
1,453,539
2,132,233
2,748,536
1,673,512
1,673,512
1,673,512
1,673,512
1,673,512
###
###
###
###
###
682,692
##
##
553,947
##
##
413,823
##
##
261,313
##
##
-##
##
(294,680)
##
##
(164,082)
##
##
(175,573)
##
##
95,322
(142,343)
6,832,451
##
## 9,222,576
##
## 1,598,024
##
## 1,955,490
##
## 2,267,907
###
6,832,451
9,222,576
1,598,024
1,955,490
-8,957,775
6,832,451
9,222,576
15
2,390,125
##
1,598,024
38
1,860,523
##
1,955,490
2,267,907
37.61
39.04
262,498
##
##
###
3.11
###
###
8,957,775
8,957,775
50%
31
50%
22%
12%
13.97
###
###
###
###
###
###
15
-29
2,390,125
##
3.11
###
##
(53.30)
2,267,907
1.61
(8.96)
###
###
(17.36)
(8.36)
###
##
##
(53.36)
###
(56.36)
9%
0%
5 years
15
Total investment
16
NPV
IRR
Pay back period
###
5,977,830
Major Inputs
Investment Structure
Total Investment
###
7,339,198
24%
38
2,390,125
##
3.11
###
###
###
-29
###
##
(53.30)
###
###
###
(17.36)
###
##
##
(53.36)
###
(8.36)
###
(56.36)
###
Months
Debt Equity
NPV
IRR
Pay back period
###
64%
15
Months
Owner's Equity
NPV
IRR
Pay back period
6,738,681
31%
15
Months
Access Edible oil Plant

Loan Amortization Schedule
294556365.xls
Monthly
Monthly Accm,
Month Principal Amt. Interest Interest
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
8,957,775
8,837,443
8,716,259
8,594,217
8,471,310
8,347,533
8,222,879
8,097,342
7,970,915
7,843,593
7,715,370
7,586,238
7,456,191
7,325,223
7,193,328
7,060,498
6,926,728
6,792,009
6,656,337
6,519,704
6,382,102
6,243,527
6,103,969
5,963,423
5,821,882
5,679,337
5,535,784
5,391,213
5,245,618
5,098,992
4,951,328
4,802,617
4,652,853
4,502,028
4,350,135
4,197,166
4,043,114
3,887,970
3,731,727
3,574,378
3,415,914
3,256,328
3,095,611
2,933,756
2,770,754
2,606,598
2,441,278
2,274,788
2,107,119
1,938,262
1,768,209
1,596,951
1,424,481
1,250,788
1,075,865
899,704
722,294
543,628
63,451
62,599
61,740
60,876
60,005
59,128
58,245
57,356
56,461
55,559
54,651
53,736
52,815
51,887
50,953
50,012
49,064
48,110
47,149
46,181
45,207
44,225
43,236
42,241
41,238
40,229
39,212
38,188
37,156
36,118
35,072
34,019
32,958
31,889
30,813
29,730
28,639
27,540
26,433
25,319
24,196
23,066
21,927
20,781
19,626
18,463
17,292
16,113
14,925
13,729
12,525
11,312
10,090
8,860
7,621
6,373
5,116
3,851
63,451
126,049
187,790
248,665
308,670
367,799
426,044
483,400
539,861
595,420
650,070
703,806
52,815
104,702
155,654
205,666
254,731
302,841
349,990
396,171
441,378
485,603
528,839
571,080
41,238
81,467
120,679
158,867
196,023
232,141
267,213
301,231
334,189
366,078
396,892
426,622
28,639
56,179
82,612
107,930
132,126
155,192
177,119
197,900
217,526
235,989
253,282
269,395
14,925
28,655
41,180
52,491
62,581
71,441
79,062
85,435
90,551
94,402
11/12/201510:45:51
Monthly
Outstanding
Month
Loan
Repayment end Bal
9,021,225
8,900,042
8,777,999
8,655,093
8,531,315
8,406,661
8,281,124
8,154,698
8,027,376
7,899,152
7,770,020
7,639,974
7,509,006
7,377,110
7,244,281
7,110,510
6,975,792
6,840,120
6,703,486
6,565,885
6,427,309
6,287,752
6,147,206
6,005,664
5,863,120
5,719,566
5,574,995
5,429,401
5,282,775
5,135,110
4,986,399
4,836,636
4,685,811
4,533,918
4,380,949
4,226,896
4,071,752
3,915,510
3,758,160
3,599,696
3,440,110
3,279,393
3,117,538
2,954,536
2,790,380
2,625,061
2,458,571
2,290,901
2,122,044
1,951,991
1,780,734
1,608,263
1,434,571
1,259,648
1,083,486
906,077
727,410
547,479
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
(183,782)
8,837,443
8,716,259
8,594,217
8,471,310
8,347,533
8,222,879
8,097,342
7,970,915
7,843,593
7,715,370
7,586,238
7,456,191
7,325,223
7,193,328
7,060,498
6,926,728
6,792,009
6,656,337
6,519,704
6,382,102
6,243,527
6,103,969
5,963,423
5,821,882
5,679,337
5,535,784
5,391,213
5,245,618
5,098,992
4,951,328
4,802,617
4,652,853
4,502,028
4,350,135
4,197,166
4,043,114
3,887,970
3,731,727
3,574,378
3,415,914
3,256,328
3,095,611
2,933,756
2,770,754
2,606,598
2,441,278
2,274,788
2,107,119
1,938,262
1,768,209
1,596,951
1,424,481
1,250,788
1,075,865
899,704
722,294
543,628
363,696
Access Edible oil Plant

Loan Amortization Schedule
294556365.xls
59
60
363,696
182,490
2,576
1,293
96,978
98,271
366,272
183,782
11/12/201510:45:51
(183,782)
(183,782)
182,490
0
Max. Allumnium Assembley

capacity(15 Persons @ 8 hrs)
m2
Month 1
Month 2
Month 3
Month 4
150
150
150
150
Total Production capacity
150
150
150
150
Production Capacity rate used
65%
65%
65%
65%
Production per day
98
98
98
98
No of days
26
26
26
26
2,535.0
2,535.0
2,535.0
2,535.0
185
185
185
185
Kick plate tap (Fascia)
#REF!
#REF!
#REF!
#REF!
Glazing Bed (Ferma)
#REF!
#REF!
#REF!
#REF!
Outer frame (L-profile)
#REF!
#REF!
#REF!
#REF!
Opening (Z-profile)
#REF!
#REF!
#REF!
#REF!
T-profile
#REF!
#REF!
#REF!
#REF!
Total Monthly Kg required
#REF!
#REF!
#REF!
#REF!
Connectors T
#REF!
#REF!
#REF!
#REF!
Connectors L
#REF!
#REF!
#REF!
#REF!
Screws
2,535
2,535
2,535
2,535
Glass seal rubber
#REF!
#REF!
#REF!
#REF!
Z rubber
#REF!
#REF!
#REF!
#REF!
Hinge
#REF!
#REF!
#REF!
#REF!
Key
#REF!
#REF!
#REF!
#REF!
Special spring
#REF!
#REF!
#REF!
#REF!
Arm
#REF!
#REF!
#REF!
#REF!
Monthly PCS required
#REF!
#REF!
#REF!
#REF!
No of Shifts per day
Total production
Raw material requiement
Kick plate (Zekolo)
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
150
150
150
150
150
150
150
150
150
150
150
150
150
150
65%
65%
65%
65%
65%
65%
65%
98
98
98
98
98
98
98
26
26
26
26
26
26
26
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
185
185
185
185
185
185
185
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
2,535
2,535
2,535
2,535
2,535
2,535
2,535
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Month 12
150
1
150
65%
98
26
2,535.0
185
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
2,535
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Max. Allumnium Assembley

capacity(15 Persons @ 8 hrs)
m2
Month 1
Month 2
Month 3
Month 4
150
150
150
150
Total Production capacity
150
150
150
150
Production Capacity rate used
65%
65%
65%
65%
Production per day
98
98
98
98
No of days
26
26
26
26
2,535.0
2,535.0
2,535.0
2,535.0
No of Shifts per day
Total production
Raw material requiement
Kick plate (Zekolo)
Kick plate tap (Fascia)
#REF!
#REF!
#REF!
#REF!
Glazing Bed (Ferma)
#REF!
#REF!
#REF!
#REF!
Outer frame (L-profile)
#REF!
#REF!
#REF!
#REF!
Opening (Z-profile)
#REF!
#REF!
#REF!
#REF!
T-profile
#REF!
#REF!
#REF!
#REF!
Connectors T
#REF!
#REF!
#REF!
#REF!
Connectors L
#REF!
#REF!
#REF!
#REF!
Screws
Glass seal rubber
#REF!
#REF!
#REF!
#REF!
Z rubber
#REF!
#REF!
#REF!
#REF!
Hinge
#REF!
#REF!
#REF!
#REF!
Key
#REF!
#REF!
#REF!
#REF!
Special spring
#REF!
#REF!
#REF!
#REF!
Arm
#REF!
#REF!
#REF!
#REF!
Monthly raw material cost
#REF!
#REF!
#REF!
#REF!
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
150
150
150
150
150
150
150
150
150
150
150
150
150
150
65%
65%
65%
65%
65%
65%
65%
98
98
98
98
98
98
98
26
26
26
26
26
26
26
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
2,535.0
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Month 12
150
1
150
65%
98
26
2,535.0
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Projects
Nyala Motors
CMC Meri Diplomat
Ayat East View
Boles worbek 1
Bole Medhanialem
Lebbu villas
Megenagna Sunrise
Bole Japan
Bole Mega
Boles worbek 2
17/17
Panorama Village
Bole Mini
Grand Royal
Total
Project delivery schedule (Units)

2013
2014
2015
2016
YEAR
Local Import
Produc
ed
tion
Furnit
ure
Axis Title
2003/04 169,654 89,438

2004/05 167,293 ###
2005/06 288,566 ###
2006/07 308,268 ###
2007/08 392,477 ###
2008/09 653,184 ###
2009/10 ###
###
2010/11 793,304 ###
AVERA ###
###
GE
2003/04
2004/05
2005/06
2006/07
1,600,000
2007/08
1,400,000
2008/09
f(x) = 167545.7254901
1,200,000
2009/10R = 0.9741620118
2010/11
1,000,000
800,000
600,000
400,000
200,000
0
0
4
5
6
Axis Title
EMBED
Total
Supply
(Apparen
t
Consump
259,092
270,147
403,230
502,239
621,436
###
###
###
733,319
259,092
270,147
403,230
502,239
621,436
###
f(x) = 167545.725490196x
###
R = 0.9741620118
###
00
00
00
00
Column J
Linear
(Column J)
Linear
(Column J)
00
00
00
00
0
0
4
5
6
Axis Title
BUILDING AND CIVIL WORK

Description
Factory Main Hall
Store for Un-finished Products
Store for Finished Product
Offices
Showroom in the Factory
Fencing
Other Civil works including land dev't
Installation of Electric Transformer
Sub-Total
Contingency (10%)
Total Cost of Building & CivilWork
Area in
M2
1,250
225
225
150
150
3,000
Price in M2
1,500
2,500
2,500
3,000
3,000
250
2,000
Total Price
1,875,000
562,500
562,500
450,000
450,000
750,000
500,000
250,000
5,400,000
540,000
5,940,000
MACHINERY AND EQUIPMENT

DESCRIPTION
Circular Saw Machine
Automatic Edge Banding Machine
CNC Router Machine
Membrane Press
Multi Boring Machine
Air Compressor
Dust Collector Machine
Surface Planner Machine
Thickness Planner Machine
Spindle Moulder Machine
Auto Beam Panel Saw Machnie
Automatic Door Lock and Hinges Drilling Ma
Calibrating & Sanding Machine
Painting Booth
Band Saw Machine
Hydrolic Hot Press
Miscellaneous Tools
Sub Total
Contingency (10%)
QTY
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Total Machinery and Eqpt Cost
UNIT PRICETOTAL PRICE

120,000
120,000
500,000
500,000
1,307,692
1,307,692
1,500,000
1,500,000
225,000
225,000
20,000
20,000
10,000
10,000
100,000
100,000
105,000
105,000
103,846
103,846
950,000
950,000
600,000
600,000
615,385
615,385
150,000
150,000
55,000
55,000
350,000
350,000
40,000
40,000
6,751,923 6,751,923
675,192
675,192
7,427,115
7,427,115
FURNITURE AND EQUIPMENT

DESCRIPTION
QTY
Office Table and Chair Set for General Mana

Tables
Chairs for staff
Computers with UPS
Shelfs
Printers
Telephone Sets
Fax Machine
Fire Extinguishers
1
30
30
10
2
5
20
1
5
Total Furniture & Fixtures
15,000
1,500
500
12,000
4,500
5,000
500
10,000
2,000
15,000
45,000
15,000
120,000
9,000
25,000
10,000
10,000
10,000
259,000
Vehicle
DESCRIPTION
ISUZU NPR
Double Cabin Pickup
VAN
QTY
1
1
1
Total Cost of Vehicle
PRE OPERATING EXPENSE

Description
Feasiblity study
Licencing & registration
Designing
Land lease expense
other Pre -operating cost
Project management cost
TOTAL PRE OPERATING EXPENSE

1,000,000
1,000,000
700,000
700,000
-
###
Birr
220,000
50,000
300,000
90,000
250,000
300,000
###
Description
Building and Civil Works
Machinery and equipment
Motor Vehicles
Pre operating expense
Total Fixed investment req
working capital
Total investment required
Planned
investment in Birr
5,940,000
7,427,115
1,700,000
259,000
1,210,000
16,536,115
1,335,557
17,871,673

Furniture Financial

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Habesha Construction Materials Development S.

Assumptions and Basis for Projection

Theoretical production capacity

Furnitue, Fixtures & wood products

65% of attainable capacity

75% of attainable capacity

85% of attainable capacity

95% of attainable capacity

100% of attainable capacity

Furnitue, Fixtures & wood products Superior

3% of wage and salaries

10% of AS & SMS wage & salary

Professional Expense(Legal, Audit, consultancy etc)

Land lease expenses

Stationary & P.T.T

90% of net income

0.4736 Birr/kwh + 134 service charge

fire, lightening & floud

Depreciation & amortization rate

20% For furniture & fixture

Repair & maintainace

1% For furniture & fixture

Yearly Increase in Expenses

General Increase in Costs

Habesha Construction Materials Development S.C

Fixed and other pre-operational expenditure

Building and Civil Works

Machinery and equipment

Office furniture & fixtures

Total Fixed investment required

Total initial investment

Habesha Construction Materials Development S.C

Habesha Construction Materials Development S.C

Habesha Construction Materials Development S.C

Habesha Construction Materials Development S.C

Habesha Construction Materials Development S.C

Habesha Construction Materials Development S.C

Working Capital Requirements

Days at operating costs

of the annual cost of the material

Working Capital Determination

Increase in current Assets

Existing Working Capital

Increase in working capital

Habesha Construction Materials Development S.C

REPAIR & MAINTAINACE

Cost of Rep &

Building and construction

Office furniture & fixtures

DEPRECIATION & AMORTIZATION

Total cost Cost of D & A

Building and Civil Work

Machineries and Equipment

Office Furniture and Equipment

Habesha Construction Materials Development S.C

Administration and personnel Department

Marketing Study, promotion and Sales manager

BA in Marketing or management3 year experience

BA in Marketing or management2 year experience

Property Administration and procurement manager

Supplies Mgt. Diploma

Supplies Mgt. Diploma

Data entry clerks