Escolar Documentos
Profissional Documentos
Cultura Documentos
Document
1.0
1.1
Overview
The objective of this Business Plan for LAKE LAND PROPERTIES is primarily
to inform potential project financiers and facilitators about the project
development concept and investment plan for the proposed aquaculture
project. The thrust of the document is essentially to articulate to the
prospective project funder on how resources will be used to set up the
project infrastructure, manage the enterprise, use the financial proceeds to
support its intended beneficiaries (the school and the students), and
eventually sustain and grow it in the medium- to long-term. The project
Business Plan may thus form the bases of an important investment-support
decision and in order to serve this objective; the document/plan covers
various aspects of project concept development, start-up, production, and
finance and business management.
1.2
Purpose of Request
The impact of the proposed activity will be to contribute to food security, and
create and sustain employment opportunities. In addition, the LAKE LAND
PROPERTIES Tilapia cage fish farm will increase much needed protein for
1
2.0
EXECUTIVE SUMMARY
2.1
Project Description
Farm Management
Enterprise Management
LAKE LAND PROPERTIES will benefit from an experienced entrepreneurialbased management team. Mr. XXXX, is responsible for strategic corporate
and financial planning. Mr. YYYY, a long-term residents of Uganda with a firm
knowledge of the local economy and experience in agricultural management
and project infrastructure development, will run the day-to-day operations.
Mr. ZZZZ, a Ugandan entrepreneur, investor and business consultant, brings
to the table years of domestic fish trading expertise and industry
connections. Ownership interest is allocated at 40% to XXXX, 30% to YYYY
and 30% to ZZZZ.
2.4
Partnerships
Production Summary
Production from fish farming in Uganda has grown from 285 metric tonnes in
1999 to over 50,000 tonnes by the end of 2007. The increase in tilapia and
African cat fish production has been due to the 14,000 subsistence fish
farmers and 100 emerging commercial farmers.
Production ranges between 1,500 kg per hectare annually for subsistence
farmers to 15,000 kg per hectare for the emerging commercial fish farmers.
2.6
Market Summary
Market Demand
2.9
Wholesalers
Restaurants
Fish Processors and Exporters
Supply of fingerlings to other fish farming enterprises in South-Western
Uganda
Supermarkets
Individuals
Government of Uganda for fish-restocking purposes
Marketing Method
Initially, all the farmed fish will be sold directly to GREENFIELDS FISH
FACTORY in Entebbe straight out from the Tilapia cage fish farm site near
Lake Mburo until we reach such a size and capacity to process the farmed
fish and transport it to the other fish consumption markets in Kampala and
Entebbe.
The short-term marketing method that we shall use to good effect however is
to design ponds or tanks to such a size (not too big and not too small either)
that will make it possible for all the fish produced to be marketed in one day.
2.10 Marketing/Sales Strategy
7
USD In Actual
40,000
34,800
46,250
120,600
2,000
1,200
4,000
12,000,000
634,800,000
4,800
253,920
UG Shs In
Actual
8,800,000
16,200,000
50,000,000
75,000,000
USD In Actual
709,800,000
283,920
3,520
6,480
20,000
30,000
USD In
Actual
43,920
%age
15.47%
240,000
283,920
84.53%
100.00%
Financials
Net Present Value @ 17%
577,077,520
UG
Shs
77.69%
Return on investment
42,744
UG
26.76%
3.65 Years
15%
5 years
Grace period
1 year
Currency
Uganda Shillings
10
Shs.
Highlights
1,400,000,000
1,200,000,000
1,000,000,000
800,000,000
UShs
600,000,000
Sales
400,000,000
Gross Margin
200,000,000
Net Profit
Year
11
3.0
STATEMENT OF OBJECTIVES
Model fish farm. Use the fish farm as a model project to demonstrate
and train other fish farmers on modern aquaculture practices and
management aspects while also using it to inspire shifts in fish farming
culture from subsistence fish farming to commercial fish farming
leading to increased income levels for the fish farmers such that they
can then be able to improve their livelihoods and cater for their day-today basic needs like payment of school fees, medical care and so on
for their nuclear families.
12
3.1
Mission
Vision
LAKE LAND PROPERTIES will strive to stimulate and support long term
economic growth and increased cashflow within the local areas of its Tilapia
fish farming and trading operations.
3.3
Keys to Success
4.0
PROJECT PROFILE
4.1
Project Brief
The project is about establishing a tilapia cage fish farm enterprise on Lake
Kachira in South-Western Uganda by LAKE LAND PROPERTIES that
provides the desired suitable environment for its successive growth and
expansion. The project would serve as a facility that utilizes agricultural,
industrial, and domestic outputs in the form of feed for an inland fish farm
that usually ends up as agricultural or municipal waste. Apart from
supporting LAKELAND PROPERTIES with a regular income stream to
support its recurrent and development requirements, it would also
significantly improve on the operation and management of the fish farm
enterprise as a profitably sustainable commercial enterprise.
14
Background
Fish farming is an ancient practice that had been used for food purposes for
centuries. Australian, African and Asian regions were the historical fish
breeding centers since 6000 BC. The concept of inland aquaculture away
from the seacoast and big rivers was widely practiced in Central Europe
during the middle ages. Inland fish farming was started on commercial basis
in 18th Century. Seth Green was the first to practice commercial inland fish
farming in 1864 at Caledonia (USA). It laid down the foundation of
commercial fish farming and people has started practicing it in other
countries like UK and Canada. During 19th century improvement in
transportation made fish farming more convenient and profitable business by
targeting the adjoining market of the inland fish farming zone.
In recent times the industry has experienced a tremendous growth level as
compare to any agri-food industry on record. Many remarkable developments
and initiatives has been made in the said industry, however the most
important step was taken in 1960's when the intensive breeding of different
fish species was started at commercial level around the world. These factors
helped to accelerate the fish farming industry to unprecedented levels of
growth, making it one of the world's fastest growing agri-food sector.
4.3
Fish is an animal which lives and breathes in water. All fish are vertebrates
(have a backbone) and most breathe through gills and have fins and scales.
Fish make up about half of all known vertebrate species.
Fish is a high protein, low fattening food that provides high range of health
benefits. The white fleshed fish is lower in fat than any other source of
protein and enrich in omega 3 fatty acids.
Fish meat is medically recommended as a diet for human body, it produced
essential nutrients insignificant amount which is required for healthy body.
Moreover, fishes are low in the bad fats commonly found in red meat, called
15
Raw Material
The primary raw materials used for fish farming are cow dung and other
types of agricultural organic wastes, in addition urea is added to enhance the
water quality and enhance productivity for better growth. Globally some
artificial feeds such as fish meal are used for feeding purpose but these are
very expensive and are not recommended as economical in Uganda.
However, it is the choice of entrepreneur or feed specialist to use or decide
the amount of daily feed requirement.
4.5
Opportunity Rationale
Fish are nutrient product and wildly consumed around the world in a variety
of food items. They are used in various traditional dishes such as Fish meal
and a wide variety of traditional African cuisines and also consumed in
modern dishes like burgers, pizzas and canned products. In addition, fish are
also used in medicine industry. Such factors contribute to making fish
farming a viable project for investment.
The raising and selling of fish on commercial basis has proven to be
economically successful throughout the world. Fish meat is recognized as a
healthy food, low in calories and cholesterol, but rich in protein. This has led
to a dramatic increase in the consumption of fish products. Fish can convert
feed into body tissue more efficiently than other animals, transforming about
70 percent of their feed into flesh. Fish also have excellent dress out
qualities, providing an average of 60 percent body weight as marketable
product. Fish farming is a profitable business if the necessary arrangements
are made and properly managed. There is a huge business opportunity in
this sector.
17
Market entry timing is very critical in inland fish farming and can result in
high loss if not considered accordingly. The harvesting of fish should be
initiated before March so that the fish are matured enough for market till
November.
4.8
Proposed Locations
The proposed physical location for the establishment of the Tilapia cage fish
farm will primarily be in a warm area that provide suitable environment and
particularly water temperature range between 5-30 degrees centigrade. The
proposed LAKE LAND PROPERTIES fish farm will thenceforth be
established at Lake Kachira that straddle across Rakai and Kiruhura districts
in South Western Uganda where the company has its own 30-Acre plot of
land to develop a project of this magnitude. The project site is situated at
Twenshekye, Nyanga village which is approximately 5 km from Lake Mburo
National Park on the Western axis and approximately 40 km from Lyantonde
district headquarters.
4.9
Shares held
------
------%
2. Mr. YYYY
------
------%
3. Mr. ZZZZ
------
------%
Amount (UG
Shs)
634,800,000
75,000,000
709,800,000
5.0
Amount (USD)
253,920
30,000
283,920
5.2
5.3
Substitutes availability.
Price fluctuations and macroeconomic instability.
20
6.0
6.1
Lake Kachira in dimension is 12.5 by 2.2 miles (20x3.5 km) situated Latitude0.551944, Longitude 31.094444 and Antipode 0.551944-148.905556. It has a
mean area of 1,190Ha at high water. It has a mean depth of 4.1m. The lake
also acts as a watering point for over 20,000 heads of cattle from the
surrounding pastures on the southern axis during the dry seasons.
21
Table 3: The table below shows the parameters average readings for
assessments carried out in November and December 2011 on the
five selected sites.
Site
Site 1
Site 1
Site 1
Site 1
Site 1
Ave.
Values
Parameter
Temperature (0C)
26
25
26
25
25
25.5
6.5-7.5
6.5-7.5
7.5-8.5
7.5-8.5
7.5-8.5
PH
7.5
22
NA
NA
Sand
2
Sand
4.5
Sand
6
Sand
6
Sand
7.3
5.2
There is a constant water exchange by the river flow at all the five sites whose
access is by boat. There is available shelter and the distance from the main road to
the site is approximately 35 kilometers.
The above results show that the lake is suitable for cage farming.
6.2
The major human activities are full-time fishing and animal watering. Fish
species that are indigenous include Clarias Mozambicus, Haplochlomis
species, Protopterus aethiopicus, Oreochromis esculentus, Oreochromis
niloticus, Oreochromis variabilis but catches started declinig from 1971 due
to population pressure; presently there are more than 1,000 canoes imposing
undue pressure on this lake, compared to its size. This greatly affects
productivity of the lake. It would have been worse if the landing sites on the
Western shores were not closed under the National parks Statutory Gazette
of 1983 for Lake Mburo National Park.
7.0
MARKET ANALYSIS
7.1
Target Customers
23
Global Market
Fish production, trade and utilization in the world has been increasing
dramatically fast due to the prevalence of huge demand. In 2007 the worlds
total fish output i.e. both inland and marine production was 140.4 million
tons that is double as compare to the production of 1980. The statistics
further reveals that there is gradual increase in production and consumption
since 1980.
Table 4 describes the statistics on world fish production, trade and
utilization as below:
Table 4: World fish production, trade, and utilization
1980
1990
2000
Production
(million tons)
71.9
97.7
125.9
Inland water
7.7
14.5
25.9
Marine water
64.2
83.2
98.0
Capture
(million tons)
67.2
84.6
93.5
Inland water
5.1
6.4
8.6
Marine water
62.1
78.2
84.9
Trade
(million tons)
Imports
19.8
33.7
49.2
Exports
21.0
32.4
48.6
Trade
(USD billion)
Imports
16.0
39.4
60.3
Exports
15.4
35.5
55.8
Utilization
Human consumption
(million tons)
51.6
70.4
95.7
Non-food use
(million tons)
20.3
27.3
30.1
Per capita food fish
supply (kg)
11.5
13.6
15.7
Source: FAO
7.2.1 Major Producers
24
2006
2007
137.2
38.5
98.7
140.4
41.0
99.4
89.9
9.8
80.1
90.1
10.0
80.0
55.0
53.8
54.8
53.1
90.0
86.1
98.1
93.5
111.0
113.7
26.1
26.7
16.8
17.0
Out of total world production the Chinese production in terms of Quantity and Value
is at top as per data provided by FAO. China is contributing 31.42 million tons of fish
while India and Vietnam are other large producers by contributing 3.35 and 2.15
million tons of fish respectively. Table 5 describes the world leading producers of
fish in term of quantity and value as below.
Table 5: Major Producers of Fish
Country
China
Quantity (tons)
Value (USD)
India
Quantity (tons)
Value (USD)
Vietnam
Quantity (tons)
Value (USD)
Indonesia
Quantity (tons)
Value (USD)
Thailand
Quantity (tons)
Value (USD)
Bangladesh
Quantity (tons)
Value (USD)
Norway
Quantity (tons)
Value (USD)
Chile
Quantity (tons)
Value (USD)
Japan
Quantity (tons)
Value (USD)
Philippines
Quantity (tons)
Value (USD)
Source: FAO
2005
28,120,690
29,954,213
2,961,978
3,757,523
1,437,300
2,930,650
1,197,109
1,999,246
1,304,213
1,740,400
882,091
1,246,479
661,811
2,135,712
698,214
3,108,248
746,221
3,178,416
557,251
793,580
2006
29,856,841
33,299,941
3,169,303
4,172,561
1,657,727
3,316,142
1,292,899
2,254,855
1,406,981
2,240,232
892,049
135,914
712,281
2,748,562
802,410
4,428,299
733,891
3,098,904
623,369
981,504
2007
31,420,275
39,684,662
3,354,754
4,383,498
2,156,500
4,525,750
1,392,904
2,461,909
1,390,031
2,432,761
945,812
1,522,552
830,190
2,977,742
829,842
5,277,272
765,846
3,172,949
709,715
1,234,199
2007
9,250,710
6,228,123
5,708,849
4,436,746
3,685,243
2,756,139
3,595,693
2,966,917
2,820,138
2,579,057
3,986,519
3,372,242
3,659,857
3,556,594
2,811,705
2,848,676
4,128,359
3,783,834
3,711,890
3,677,002
3,280,643
3,230,749
2007
13,631,511
13,184,490
6,980,372
5,366,203
5,143,834
4,511,576
4,278,560
4,140,438
3,090,028
2,887,159
Aquaculture has been practised in Uganda since 1950s but has always
remained at a subsistence scale with negligible production volumes and
extensive production systems (Balarin 1985). With production volumes of
less than 5000 tonnes annually, it hardly contributed to national fisheries
production figures up to the year 2004 (Figure 2). Since 2005, the
decreasing wild fish catches and exports prompted an alternative to bridge
the deficit. To improve the self-sufficiency in fish supplies for close to 75% of
the population located close to major towns along the lakes with a tradition
of eating fish, considerable efforts have been made to increase aquaculture
production. There was need to transform the sector into a self-sustaining
commercial aquaculture industry (USAID-FISH 2009). Aquaculture has now
attracted interest and investment from both the private sector and public
institutions in the country (UIA 2005). It has grown in the past 10 years from
less than 5000 tonnes a year in 2002 to over 50,000 tonnes in 2008 with
African catfish (Clarias gariepinus) accounting for two thirds of the
production.
Figure 2: Aquaculture production in Uganda by specie since 1995
(FAO-Fishstat 2009)
7.6
Cages are less expensive than building ponds, dams and other
infrastructure.
Cages can make use of existing water bodies (such as lakes, dams or
the sea) that have good water quality.
Cages do not require land-ownership and can be moved to the most
suitable area.
Cages protect fish from predators and theft.
Cages are versatile in that they can be small and easily maintained for
low volumes of fish such as ornamental species, where many different
individual species are kept by one producer in groups of cages.
Fish can easily be harvested from cages by simply pulling up the
netting to crowd the fish, and then dip-netting out the required
number.
Cages can be kept in groups which facilitates the size-sorting of fish.
Cages prevent unwanted reproduction of some species (such as tilapia)
as the fish are unable to establish nesting territories in the confines of
a cage.
Profitability of Aquaculture in Uganda
Value (profit) is created when the price the customer is willing to pay for a
product in excess of the costs incurred by the producer. Tilapia and catfish
species produced in Uganda are low value species and the margins
experiences by farmers are usually small with reports of losses in some cases
(USAID-FISH 2009). A large part of a products value addition is made outside
the firm, by its suppliers and customers, who therefore have a large impact
on the total cost of the production and margin in the value chain. Even with
best management practices, profitability of aquaculture in Uganda gets
crippled by rising feed prices (about 60-70% of production costs) without a
proportionate improvement in FCR performance and low fish prices at the
end of the chain. However, some sectors like hatchery production have had
been considered more profitable than grow-out. Cages also perform better
than ponds in tilapia production. To improve aquaculture fish price, solutions
like live fish sales, processing and establishing niche markets; are being
used. Cost-benefit ratios depend on the species being cultured and currently
it is not possible to predict probable profit margins for all production systems.
7.7
31
Marketing
There are three types of aquaculture practiced in Uganda and they differ
according to the market and type of farmer and their contribution to overall
fish production. The first category is that of rural aquaculture which is
practiced basically for subsistence. It is a low or no input system largely
dependent on the public sector and friendly farmers for fish seed and advice.
From this segment, has emerged the small-scale aquaculture. This category
is carried out by what the Department terms as small-scale progressive fish
farmers. Their aim is to produce fish for income generation and some for
household animal protein requirements. The third category is that of
'emerging commercial fish farmers' who, though not operating fully as
commercial modern production enterprises, are aspiring to turn their farms
into business ventures through production and trade in farmed fish. Their
motive is solely profit through marketing of aquaculture products to high
paying markets. The Department, through the support of DFID (Department
for International Development, UK) established that rural aquaculture is vital
in the provision of animal protein to the rural communities, but makes a
limited contribution to overall fish production and the national economy. The
second category of progressive small-scale fish farmers, driven by the quest
for income and profit, has a more significant bearing on fish production, and
contributes directly to the rural economy through trade in farmed fish. The
farmed fish from the third category, the emerging commercial fish farmers,
makes a very significant and visible contribution to fish production and the
national economy.
33
8.0
8.1
Grow-Out
We plan to sell live fish and deliver to customers preserved in ice to maintain
the quality of our product. Our main target customer is Greenfields Fish
Factory in Entebbe. We project to supply 10 tons of fish monthly, delivering
2.5 tons weekly in fish transport containers on customized vehicle. Projected
sale price including delivery is at 6,000,000/- per ton of fish.
8.2
Fry Production
LAKE LAND PROPERTIES will aim to market its cage-cultured and Tilapia
products on the following market segments:
8.4
Wholesalers
Restaurants
Fish Processors and Exporters
Supply of fingerlings to other fish farming enterprises in South-Western
Uganda
Supermarkets
Individuals
Government of Uganda for fish-restocking purposes
Presentation of a Marketing Strategy that is Sensible
34
Selling Tactics
35
9.0
FARM ESTABLISHMENT
9.1
Basically, three different techniques are used for inland fish farming as
described earlier. However, keeping in view the economical, technical and
managerial factors, semi-intensive fish farming technique is suggested for
the proposed project.
In semi-intensive fish farming feeding is carried out at least once per day and
fertilizing once per week. In addition, natural sources of feeding are used
simultaneously with artificial feed sources for maximizing output. Feeding
and fertilizing were chosen as indicators of the intensity level as these
parameters are more operational than others. Semi intensive fish farming
uses higher densities (e.g., 50,000-100,000 larvae/ha/crop) and use
supplementary feeding. Semi intensive culture system is managed by the
application of inputs (mainly feeds and fertilizers) and the manipulation of
the environment primarily by way of water and fresh air management
through the use of pumps. Feeding of the stock is done at regular intervals
during the day.
9.2
Site Selection
Soil sampling
Soil samples should be taken in account of the proposed site for analysis.
These samples should be collected from the surface, middle and depth. The
required lab tests are pH, soil composition (the ratio of sand to silt to clay),
total dissolved salts, calcium and magnesium etc. Clay is most desirable for
water retention in the fish ponds. If the soil is sandy at the surface but
contains sufficient clay at an accessible depth, the sandy soil should be
excavated completely, and the clay will be used for the final layers of the
pond bottom and pond banks to minimize water losses.
9.5
Electricity Fixtures
Fish farms must be furnished with proper electricity facilitation for daily
routine operations and particularly for the management of water and air. In
addition, for quality inland farming machinery like filter, water pumps and
blower must be installed.
9.6
Pond
Fertilizers
Water Requirement
Water is the most essential component of inland fish farming. Normally two
sources of water are preferred i.e. tube well and Irrigation canal water.
Irrigation water comes from the entire catchments area of the drainage, thus
it carries high loads of silt, and is subject to change in environmental
conditions and water quality (temperature changes, rainfall silt loadings,
alkali salt runoff, etc.) it may also carry a large number of trash/ carnivorous
fish. In case of selecting irrigation water, proper filtration method must be
used for obtaining the desire quality.
The water quality of the tube well should be analyzed, oxygenation is main
problem with the tube well-water, and arrangements must be made for
oxygenation of water that can be accomplished by installing air blowers.
Thus, temperature and dissolved oxygen should be tested at the site. A
sample should be taken in one liter bottle capable of being sealed and
transported immediately to a lab for further examination analysis, tests of
the total alkalinity, pH, nitrogen, salinity, and total dissolved solids are
required.
38
Species Selection
With its good quality growth characteristics, easy production of fish seed and
good taste across the country, Nile tilapia (Oreochromis niloticus) was until
recently the most farmed species. Nile tilapia was transplanted from Lake
Albert to restock Lakes Victoria and Kyoga and several of their surrounding
minor lakes and adjoining river systems. Through restocking programmes
and aquaculture, it has been planted in virtually all Uganda waters including
shared/transboundary water bodies. The only drawback is its prolific
reproduction and the seemingly resultant stuntedness.
North African catfish (Clarias gariepinus) has recently overtaken Nile tilapia
as the most popular species for aquaculture in Uganda. Rural farmers have
grown fond of it, and there is a growing regional market for this species. Its
main characteristics are its fast growth and ability to literally feed on
anything organic available at household level. This species is found in all
waters of Uganda, especially those linked to swamps, and it has traditionally
been a primary target for a good segment of the fishing community. North
African catfish currently contributes an estimated 60 percent of aquaculture
production in Uganda. The most limiting aspect of the culture of the catfish in
Uganda is the availability of good quality and sufficient fish seed as when
required by the grow-out farmers. This has been largely overcome with
support from FAO. Fish seed for North African catfish can easily be produced
in quantities demanded by grow-out farmers.
The third most frequent species is the common carp (Cyprinuscarpio) which
was first introduced from Israel in 1941 with the aim of stocking the
fingerlings in the relatively colder waters of Lake Bunyonyi in southwestern
Uganda. However, propagation of this species was only successful in the late
1940s and was first tried out with farmers in the early 1950s in the Buganda
region in central Uganda followed by Kigezi in southwestern Uganda. The
common carp did much better than tilapia and was preferred by farmers, but
inability to produce sufficient quantity of fish seed, poor extension and
change of focus of the post-independence governments did not favour the
39
40
Yearly
tanks or cages
Restocking with fingerlings
Clean and dry nets used in harvesting
Building of new structures, additional ponds, tanks or
cages
Make improvements to storage or processing facilities
Accounting and annual record-keeping
Plan for improvements
Replace brood-stock
Replacement of equipment such as nets, buckets,
vehicles
Maintenance of serviceable equipment (pumps,
plumbing, etc.)
Maintenance and upgrade of anti-theft and predator
protection.
0.51 mm
13 mm
35 mm
Floating
Sinking
15 mm
15 mm
Chicken or
rabbit pellets
35 mm
44
45
Assemble equipment
Set up holding tanks for the catch
Seine net the pond and sort the catch
As water level drops, clear catching basin of sludge
Catch remaining fish from basin
Once purged in holding tanks, pack into drums.
9.14 Problems
With the high density of fish used in cage fish farming, diseases and
parasites spread quickly among the fish. Constant monitoring is required.
Reduced food consumption by the fish is frequently a sign of disease or
water-quality problems. Oxygen levels in the water are influenced by water
temperature, algae, plankton, sunlight and decomposition of plants, excess
46
Diseases control,
Housing and equipment,
Feeding,
Genetic improvement,
Marketing.
47
49
Hatchery Attendants
(6)
Security Men
Driver(s)
UG
UG
UG
UG
Shs
Shs
Shs
Shs
69,700,000.00--------Project
76,670,000.00--------Project
84,337,000.00--------Project
92,770,700.00--------Project
Year
Year
Year
Year
1
2
3
4
Farm Manager
(FM)
Production
Supervisor Hatchery
Production
Supervisor
Grow Out
Accountant
Production
Assistants (2)
Hatchery
Attendants (6)
Driver (1)
Security (1)
Cage Attendants
(4)
TEL NO.
+256776744922
TEL NO.
TEL NO.
+256776849595
TEL NO.
CONTACT
QUALIICATIONS
AMON
AGABA
+256782090
694
DIPLOMA
HILDAT
JOVINDA
+256704638
947
CERTIFICATE
HIGENYI
BENARD
+256784432
353
CERTIFICATE
PROPOSED
EMPLOYMEN
T
PRODUCTION
SUPERVISORHATCHERY
PRODUCTION
ASSISTANTHATCHERY
PRODUCTION
ASSISTANTHATCHERY
FORMER
EMPLOYER
FORMER
EMPLOYMENT
SON
HATCHERY
ASSISTANT
MANAGER
HATCHERY
ASSISTANT
FTI DEMO.
FARM
GARUGA
FISH FARM
HATCHERY
ASSISTANT
MANAGER
52
1
Hatchery
800,000
4
Production
Supervisor
1
Grow Out
800,000
5
Accountant
1
708,000
6
Production Assistants
2
500,000
Sub-Total
7
5,808,000
B. Labour/SemiSkilled
7
Hatchery Attendants
6
200,000
8
Cage Attendants
4
200,000
10
Driver
1
300,000
11
Security
1
200,000
Sub-Total
12
2,500,000
TOTAL
19
Annual
Salary
(USHS)
18,000,000
12,000,000
9,600,000
9,600,000
8,496,000
12,000,000
69,696,000
14,400,000
9,600,000
3,600,000
2,400,000
30,000,000
99,696,000
Overview
The LAKE LAND PROPERTIES fish farming project proposes to use the
following operational plan for a successful and productive output of the
enterprise:
1) Stagger pond stocking to allow one pond to be harvested per month, to
maintain cash flow.
2) Manage to maintain low feed conversions and best management
practices.
3) Plan to purchase fingerlings and stock ponds every month to assure
regular monthly harvests.
4) Maintain proper storage of fish feeds without pests and moisture.
5) Practice proper sanitation programme of sterilizing tanks and liming
ponds before restocking.
11.2
54
55
Total Cost
(UG Shs)
100,000,000
1,000,000
25,000,000
5,000,000
50,000,000
6,000,000
187,000,000
Total Cost
(UG Shs)
4,500,000
2,000,000
1,500,000
1,800,000
6,500,000
1,000,000
1,500,000
200,000
1,500,000
200,000
30,000,000
200,000
4,000,000
6,000,000
1
1
600,000
50,000,000
1,800,000
1,800,000
400,000
600,000
600,000
50,000,000
116,300,000
Fish
Farm
Units
Unit Cost
Start-Up Costs
(UG Shs)
Professional & Insurance Fees
Licenses
Salaries & Wages
Maintenance
of
Vehicle
&
Equipment
Marketing Costs
Feeds and Hormones
Broodstock
Administration
Pump & Genset Fuel
Pre-Operating Costs
Total
12.4 Furniture and Fixture Requirement
Table 16.4: Furniture and Fixture Details
Description
Total Cost (UG
Shs)
Office Equipment
3,000,000
Furniture and Fixtures
10,000,000
Total
13,000,000
57
Total Cost
(UG Shs)
6,350,000
550,000
69,700,000
3,000,00
62,400,000
120,000,000
6,000,000
30,000,000
3,500,000
12,000,000
313,500,000
USD In Actual
40,000
34,800
46,250
120,600
2,000
1,200
4,000
4,800
253,920
UG Shs In
Actual
8,800,000
16,200,000
50,000,000
75,000,000
USD In Actual
709,800,000
283,920
3,520
6,480
20,000
30,000
USD In
Actual
43,920
%age
15.47%
600,000,000
709,800,000
240,000
283,920
84.53%
100.00%
Break-even Analysis
The LAKE LAND PROPERTIES Break-even Analysis figures are linked to the
main financial analysis spreadsheets (i.e. Schedules 01-14) that are
appended to this Business Plan.
To determine the Break even point for this Tilapia fish farm, we use the
formula:
BEP = p (f/p - v)
59
Introduction
For the purposes of this Business Plan we have assumed a loan of UG. Shs
600,000,000 is made available to the business.
This loan financing package will be procured from a development institution
as a medium-term credit facility with loan tenure of five years.
The business plan tests the viability/profitability of the project against an
interest rate of 15.00%. Repayment will commence in Project Year (PY) 2.
The loan will cover the cost of purchasing and installing fish farm
infrastructure, acquisition of a range of fish farm tools and equipment,
purchase of a farm transportation vehicle, acquisition of office furniture and
60
14.5
1
2
Land
Cash at Hand
Sub-Total
B
10
11
12
13
14
15
16
Medium Term
Loan
TOTAL
(USHS)
100,000,000
9,800,000
109,800,000
0
0
0
100,000,000
9,800,000
109,800,00
0
0
0
0
0
0
0
0
87,000,000
116,300,000
296,700,000
3,000,000
10,000,000
12,000,000
75,000,000
87,000,000
116,300,000
296,700,000
3,000,000
10,000,000
12,000,000
75,000,000
600,000,000
600,000,00
0
15.47%
84.53%
100.00%
The cost of goods sold (COGS) for this Tilapia fish farm enterprise include the
direct variable expenses like the recurrent purchase of fish feeds and
hormones, purchase brood stock for restocking and regular payments for
field labour and security of the farm. These are calculated as part of working
capital estimation and are reflected in Schedule 04/2.
14.7
Financial Performance
Income for the LAKE LAND PROPERTIES is realized from the direct
marketing and sales of fresh Tilapia fish on the market. Net Income has been
calculated by taking into account all the operational cost and gross income
for the sample units.
The stabilized average income realized by the Tilapia fish production
enterprise is presented in Schedule 09.
Summarised income and expenditure forecasts have been compiled and are
set out in Schedules 04, 09, 10 and 11 respectively. These projected
financial figures are based on the assumption that the Tilapia fish production
farm is established and operating effectively.
Taxation has been provided at the company rate of 30%.
14.8
Basis of Preparation
62
The Vehicle
Security
63
Research indicates that the potential market for fresh farmed Tilapia fish in
Uganda and EU is substantial; especially in the urban areas where there are
large populations of people employed in the services and trade sectors in
need of constant supplies of fresh water animal protein that is less toxic than
beef and this is where the major focus and drive of LAKE LAND
PROPERTIES will be: to consistently produce a diverse range and volume of
Tilapia fish products for supply to Ugandan fish processors and exporters who
have quite a high market demand for fresh water fish products in European
and other overseas markets.
14.12.1 Working Capital Provisions
Working capital provisions have been computed basing on assumptions
shown in Schedules 04/1 and 04/2. The result shows that the Net
Working Capital builds up from USHS 84,675,750 in the first year of
operation (Project Year 2) to USHS 122,559,319 by the fourth year of
operation (Project Year 5). This increase in working capital reflects the steady
growth character of the Tilapia fish production project as its able to access
the market fast and gain the confidence of the market. For more details Schedules 04/1 and 04/2 refer.
14.12.2 Profitability
On a yearly basis, the Tilapia fish production enterprise is profitable from the
first year. Although the investment outlay is relatively high (USHS
709,800,000) for a farm holding of its size, it is profitable. This is shown by:
An Internal Rate of Return (IRR) after tax of 77.69%.
A Net Present Value (NPV) of USHS 577,077,520 at a discount factor of
17%.
The company is shown to have an average gross profit margin of 81.55%
between the first year of the project (Project Year 2) and the fourth year
64
Liquidity
The Tilapia fish production project will require a medium-term credit financial
injection in the year of investment (i.e. First Year of Project) to procure capital
equipment and other essential fish farm operational inputs that the company
cannot currently finance out of its cash flows.
Basing on the forecast attainable levels of the Tilapia fish production
enterprises operational output, the project is shown to generate a strong
cash flow position that starts out from a deficit financial position of USHS
17,639,615 in the first year of operation (Project Year 2) to post a very
strong and healthy surplus cash flow return of USHS 388,240,075 by the
fourth year of operation (i.e. Project Year 5) Schedule 09 refers.
The company is thus able to comfortably cover its medium-term debt
obligations right from the first year of operations. The Debt Service
Coverage Ratio is 2.647 in Project Year 5 (project end-point) and the
Times Earned Ratio is 26.29 Schedule 13 refers.
14.12.4
Leverage
The project has a sound capital structure with a debt to net worth ratio in
the first year (i.e. Project Year 2) of the project of 0.745 that steadily reduces
to 0.121 by the fourth year (i.e. Project Year 5) of the project when
practically all the principal debt and interests shall have been fully
discharged. The loan is therefore adequately secured and there shall be no
recourse to additional collateral or security provisions Schedule 13
refers.
14.13
Sensitivity Analysis
The assumptions on which the financial projections are based reflect current
conditions. A Sensitivity Analysis of the project has, however, been carried
out to examine the impact of possible changes in critical variables on the
companys performance. The results of the sensitivity analysis are presented
in Table 19 below.
Table 19: Project Sensitivity Analysis Results
65
IRR
ROE
77.69
%
60.97
%
73.30
%
74.62
%
43.60
%
53.62
%
42.76
%
42.97
%
DSCR
PY 1
PY 2
PY 3
PY 4
0.857
1.246
1.83
2.647
0.647
0.965
1.45
2.129
0.796
1.171
1.739
2.534
0.818
1.194
1.76
2.552
Sensitivity Case
Base Case
Selling Prices
-10%
Operating Costs
+10%
Cost
Sold
+10%
of
Goods
The sensitivity analysis above shows that the Tilapia fish farm project is
most sensitive to changes in unit selling prices (decline by 10%). However,
given the high demand for fresh water fish supplies both within the domestic
and international markets and the declining supply from the natural water
bodies that is now being increasingly supplemented by pond farmed fresh
water fish products, it is expected that prices will continue on an upward
incremental curve for quite some time in the foreseeable future without any
unexpected contractions caused by market shocks. The predicted stability
(and the even possible increase) in fish market prices should be able to
guarantee the commercial viability of this Tilapia fish farm project enabling it
to meet its financial commitments and continuing to provide an acceptable
return to the investors.
15.0
It is expected that it will take approximately 12 months from the day funds
are secured for project implementation to enable this aquaculture project by
LAKE LAND PROPERTIES complete its establishment processes, grow
Tilapia fish to marketable size and put them out to market for sale. Figure 5
below summarizes the Project Implementation schedule over a 1 year
timeline.
66
67
Period in Months
6
H
I
1
0
Legend:
S
Stocking
Harvesting
Production Interval
68
1
1
1
2
1
3
1
4
1
5
1
6
1
7
1
8
1
9
2
0
2
1
2
2
2
3
2
4
69
Threats to biodiversity
Contamination of aquatic systems
Hazardous Materials
70
MITIGATING FACTORS
Organic
fish
production
fails
through
pests,
natural
causes,
and
or
other
unforeseen
circumstances
Low Sales
Diversity of markets.
High
operating
costs, low margins
Difficulty
in
attracting suitable
staff
Operational
problems,
poor
fish
quality,
delivery time
Marketing
problems,
regulatory
barriers and costs
Departure of key
project employees
71
72
Schedule 01:
40,000
3
6,000
10%
100%
10%
100%
10%
10%
10%
15%
20%
19%
UShs. 600 million
UShs. 105 million
5
1
1
UShs. 1 million/month
UShs. 250,000/month
UShs. 5.2 million/month
0.00486% of sales revenue
0.0472% of sales revenue
UShs. 1 million/month
5%
5%
10%
10%
73
30
30
50,000,000
12,000,000
74
No. of
Units
Unit Cost
(USHS.)
30
Acres
3,333,333
Total Cost
(USHS.)
A. LAND
1. Land on lakeshore
Sub Total
B. FISH FARM ESTABLISHMENT
1. Site clearing
2. Pond Construction
3. Road works
4. Building (offices, labour line, stores, etc.)
5. Cage platform
Sub Total
C. FISH FARM EQUIPMENT AND TOOLS
1. Cages & covers
2. Boats
3. Water test kit
4. DO Meter
5. Demand Feeders
6. Seines
7. Weighing Scales
8. Fish buckets and tubs
9. Fish transport tanks
10. Oxygen cylinder & accessories
11. Farm vehicle
12. Office Equipment
13. Solar Equipment
14. Farm implements (hoes, spades, wheelbarrows,
etc.)
15. Happas
16. Waders
17. Fish grades
18. Scoop nets & castnets
19. Generator
20. On-farm feed processing machine
Sub Total
D. FISH FARM START-UP COSTS
1. Professional & Insurance Fees
2. Licenses
3. Salaries & Wages
4. Maintenance of Vehicles & Equipment
5. Marketing Costs
6. Feeds and Hormones
7. Broodstock
8. Administration (food, accommodation, medical, etc.)
9. Pump and Genset Fuel
Sub Total
E. SUPPLEMENTARY INVESTMENT
1. Office Equipment
2. Furniture and Fixtures
3. Pre-Operating Costs
75
100,000,000
100,000,000
1,000,000
25,000,000
5,000,000
50,000,000
6,000,000
87,000,000
500,000
1,800,000
500,000
500,000
30,000,000
1
1
1 Year
600,000
50,000,000
4,500,000
2,000,000
1,500,000
1,800,000
6,500,000
1,000,000
1,500,000
200,000
1,500,000
200,000
30,000,000
200,000
4,000,000
6,000,000
1,800,000
1,800,000
800,000
400,000
600,000
50,000,000
116,300,000
6,350,000
550,000
69,700,000
3,000,000
62,400,000
120,000,000
6,000,000
30,000,000
3,500,000
301,500,000
3,000,000
10,000,000
12,000,000
4. Working Capital
Sub Total
TOTAL CAPITAL INVESTMENT
75,000,000
100,000,000
704,800,000
Project Component
1. Land on lakeshore
2. Cash investment (includes 4.8 million
for Broodstock)
B. Loan Finance
Project Component
Ite
m
1
Pre-Investment Studies
Pre-investment studies
76
Amount
(USHS)
3,625,000
Preparatory investigations
Management of project implementation
Detailed planning & tendering
Supervision, co-ordination, field testmanagement
& commencement of farming operations
Build-up of administration, recruitment
training of staff and labour
Arrangements for Fish Farm Supplies
Arrangements for marketing
Build-up of connections
Preliminary and capital issue expenditure
Total
Schedule 04/1:
I.
338,000
2,375,000
662,000
600,000
2,000,000
400,000
662,000
400,000
938,000
12,000,000
(b) Inventory:
Field Inputs:
30 days
Labour Costs:
90 days
60 days
180 days
Work in progress:
Finished products:
Cash-in-hand:
(d) Accounts payable:
Farm Set
Up
PY 1
PY 2
120 MT/
annum
Full Capacity
PY 3
PY 4
145.20
132 MT/
MT/
annum
annum
120,000,0
00
145,200,00
0
175,692,00
0
2. Broodstock
3. Field labour: pre-harvest
6,000,000
2,000,000
7,260,000
2,420,000
8,784,600
2,928,200
78
21
10
3,
800,000
4,800,000
133,600,0
00
Sub-Total
Operating Expenses/Fixed Costs
(USHS.)
12,000,00
0
69,700,00
0
12,600,00
0
550,000
3,000,000
62,400,00
0
3,500,000
34,000,00
0
12,000,00
0
209,750,0
00
343,350,0
00
1. Utilities
2. Salaries and Wages
3. Professional & Insurance Fees
4. License Fees
5. Maintenance & Repair
6. Marketing
7. Pump & Genset Fuel
8. Administration expenses
9. Miscellaneous
Sub-Total
TOTAL OPERATING COSTS
Financial Costs (USHS.)
90,000,00
0
12,000,00
0
20,130,00
0
1. Interest
2. Bank charges (2% of Loan)
3. Annual Depreciation
TOTAL FISH FARM
465,480,0
00
PRODUCTION COSTS
968,000
5,280,000
161,128,0
00
1,171,280
5,808,000
194,384,0
80
13,200,000
14,520,000
76,670,000
84,337,000
13,860,000
605,000
3,300,000
15,246,000
665,500
3,630,000
68,640,000
3,850,000
75,504,000
4,235,000
37,400,000
41,140,000
13,200,000
230,725,0
00
391,853,0
00
14,520,000
253,797,5
00
448,181,5
80
67,500,000
45,000,000
20,130,000
20,130,000
479,483,0
00
513,311,5
80
1,
6,
23
15
92
16
3,
83
4,
45
15
27
51
22
20
55
Minimum
days
of coverage
Coefficient
of
turn-over
A. Accounts receivable
30
B. Inventory
a) Field Inputs
b) Labour Costs
Item
Full Capacity
4
12
28,612,5
00
32,654,4
17
37,348,4
65
30
12
90
60
180
6
2
700,000
34,458,3
33
1,500,00
847,000
37,904,1
67
1,650,00
0
1,024,87
0
41,694,5
83
1,815,00
I. Current assets
c) Farm Operations
d) Maintenance & Repair
Requirements (USHS.
79
40
f) Finished products
45
0
4,158,25
0
20,791,2
50
C. Cash-in-hand
(from V below)
15
24
6,588,75
0
7,741,25
0
9,130,27
5
D. Current assets
96,809,0
83
110,064,
534
125,477,
205
12
12,133,3
33
14,527,3
33
17,408,6
73
84,675,7
50
_
95,537,2
01
13,255,4
51
108,068,
532
15,412,6
71
126,000,
000
12,000,0
00
20,130,0
00
158,130,
000
6,588,75
0
152,460,
000
13,200,0
00
20,130,0
00
185,790,
000
7,741,25
0
184,476,
600
14,520,0
00
20,130,0
00
219,126,
600
9,130,27
5
30
0
4,877,95
0
24,389,7
50
0
5,744,00
2
28,720,0
10
Less:
Utilities
Depreciation
15
24
Farm Inputs
1
Dep
Allowanc
e
2
Dep
Allowanc
e
3
Dep
Allowanc
e
4
Dep
Allowanc
e
Fish Farm
Infrastructure
87,000,0
00
4,350,00
0
4,350,00
0
4,350,00
0
4,350,00
0
Equipment
86,300,0
00
8,630,00
0
8,630,00
0
8,630,00
0
8,630,00
0
Initial
Asset
80
30,000,0
00
6,000,00
0
6,000,00
0
6,000,00
0
6,000,00
0
3,000,00
0
150,000
150,000
150,000
150,000
Office Equipment
10,000,0
00
1,000,00
0
1,000,00
0
1,000,00
0
1,000,00
0
216,300,
000
20,130,
000
20,130,
000
20,130,
000
20,130,
000
TOTALS
Period
Year
Currency (USHS.)
1. Fixed Investment
Costs
a) Initial fixed
investment costs
b) Replacement
328,300,
000
316,300,
000
_
2. Pre-operational
capital exp.
3. Working Capital
increase
81
Full Capacity
3
4
_
_
_
_
_
_
_
_
12,000,0
00
96,809,
083
13,255, 15,412,6
451
71
17,960
26
3,932,4
00
4,272,2
83
Farm
Set Up
1
1. Fixed Investment
Costs
a) Initial fixed
investment costs
b) Replacement
328,300,
000
316,300,
000
_
2. Pre-operational
capital exp.
12,000,0
00
3. Current assets
increase
Total Investment
Costs
328,300
,000
82
Full Capacity
3
4
_
_
_
_
_
_
_
_
15,649,
451
18,294,
011
21,429
75
Item
Sources of
Finance
1. Promoters
a) Equity
b) Preference Capital
c) Loans
d) Other forms such as deferred
credits for supply of assets
Amount (In
USHS.)
Total
109,800,000
109,800,000
0
_
_
0
600,000,000
Total
600,000,000
_
_
0
_
83
0
709,800,00
0
Farm Set
Up
PY 1
PY 2
PY 3
PY 4
PY 5
S
v
120 MT/
132 MT/
145.20 MT/
159.72 MT/
la
annum
annum
annum
annum
A. Cash inflow
1. Financial resources
total
328,300,00
0
328,300,00
0
B. Cash outflow
1. Total assets schedule
including
replacements
2. Operating Costs
3. Debt Service
Full Capacity
720,000,0
00
871,200,0
00
1,059,960,0
00
1,277,760,0
00
_
720,000,0
00
_
871,200,0
00
_
1,059,960,0
00
_
1,277,760,0
00
328,300,00
0
737,639,4
16
707,948,5
51
790,901,117
889,519,925
328,300,00
0
108,942,4
16
343,350,0
00
15,649,45
1
391,853,0
00
-18,294,011
-21,429,750
448,181,580
513,743,107
90,000,00
0
150,000,0
00
67,500,00
0
150,000,0
00
-45,000,000
-22,500,000
150,000,000
150,000,000
a) Interest
b) Repayments
84
40,955,00
0
5. Dividends 4% on
equity
-4,392,000
-4,392,000
-4,392,000
-4,392,000
17,639,41
6
163,251,4
49
269,058,883
388,240,075
17,639,41
6
145,612,0
33
414,670,916
802,910,991
C. Surplus / deficit
D. Cumulative cash
balance
78,554,10
0
125,033,526
177,455,068
Salvage values. Land: 100,000,000; 3/4 of farm infrastructure: 65,250,000; Working Capit
143,437,473
85
PY 1
Farm Set
Up
PY 2
PY 3
132 MT/
PY 4
145.20
MT/
PY 5
159.72
MT/
120 MT/
annum
annum
annum
annum
Salvage
Total
value in
last
year
328,300,
000
328,300,0
00
984,754,6
19
80,520,00
0
22,500,0
00
225,000,0
00
356,874,
894
456,691,
825
305,687,
473
1,267,662,
092
0.675
0.5921
0.5194
0.5194
158,351,
558
182,872,
958
211,305,
625
237,205,
734
158,774,
073
0.7305
0.6244
0.5337
0.4561
0.4561
150,325,
943
169,164,
259
190,464,
131
208,297,
141
139,424,
056
Depreciation
Interest Add back
_
95,655,0
00
20,130,0
00
Mid-term Loan
90,000,0
00
67,500,0
00
45,000,0
00
328,300,
000
205,785,
000
270,922,
900
0.7695
0.8772
287,984,
760
0.8547
280,598,
010
_
183,292,
900
20,130,0
00
_
291,744,
894
20,130,0
00
_
414,061,
825
20,130,0
00
NPV at 17%
77.69%
86
_
660,525,1
87
660,525,1
87
_
577,077,5
20
577,077,5
20
PY 1
PY 2
PY 3
PY 4
871,200,000
1,059,960,0
00
161,128,000
194,384,080
Sales
720,000,00
0
133,600,00
0
GROSS PROFIT
586,400,00
0
710,072,000
865,575,920
209,750,00
0
230,725,000
253,797,500
OPERATING PROFIT
376,650,00
0
479,347,000
611,778,420
67,500,000
45,000,000
150,000,000
150,000,000
_
87
90,000,000
150,000,00
0
136,650,00
0
261,847,000
416,778,420
40,995,000
78,554,100
125,033,526
NET PROFIT
95,655,000
183,292,900
291,744,894
_
_
_
95,655,000
0.133
0.814
278,947,900
0.21
0.815
570,692,794
0.275
0.817
_
_
13.48%
0.523
25.82%
0.55
41.10%
0.577
YR.1
YR.2
109,800,000
95,655,000
205,455,00
0
Long-Term Liabilities
600,000,000
805,455,00
0
TOTAL CAPITAL
YR.3
109,800,000
278,947,900
YR.4
109,800,000
570,692,794
388,747,900
680,492,794
450,000,000
300,000,000
838,747,900
980,492,794
EMPLOYMENT OF
CAPITAL:
Fish Farm Infrastructure
Equipment
Vehicle
Furniture and Fixtures
Office Equipment
`
87,000,000
86,300,000
30,000,000
3,000,000
10,000,000
CURRENT ASSETS:
82,650,000
77,670,000
24,000,000
2,850,000
9,000,000
196,170,00
0
711,418,33
3
Accounts Receivable
Stock (Inventory)
Bank Balance and Cash
Other Current Assets
28,612,500
73,741,166
6,588,750
602,475,917
LONG-TERM ASSETS:
88
78,300,000
69,040,000
18,000,000
2,700,000
8,000,000
73,950,000
60,410,000
12,000,000
2,550,000
7,000,000
176,040,000
155,910,000
744,735,233
886,991,467
32,654,417
84,196,200
7,741,250
620,143,366
37,348,465
96,407,138
9,130,275
744,105,589
102,133,33
3
12,133,333
82,027,333
14,527,333
62,408,673
17,408,673
90,000,000
67,500,000
45,000,000
662,707,900
824,582,794
838,747,900
980,492,794
920,775,233
1,042,901,46
7
TOTAL CAPITAL
609,285,00
0
805,455,00
0
TOTAL ASSETS
907,588,33
3
Full Capacity
2
10%
10%
3.15%
8.12%
66.38%
78.39%
21.61%
100.00%
11.25%
0.00%
11.25%
3.55%
9.14%
67.35%
80.88%
19.12%
100.00%
8.91%
0.00%
8.91%
3.58%
9.24%
71.35%
85.05%
14.95%
100.00%
5.98%
0.00%
5.98%
88.75%
91.09%
94.02%
100.00%
81.40%
100.00%
81.50%
100.00%
81.70%
4.72%
4.29%
3.88%
13.30%
21.00%
27.50%
6.97
6.24
9.08
8.05
14.21
12.67
66.11%
48.87%
28.77%
16.97%
31.22%
42.51%
15.06%
28.44%
39.96%
89
37,894,73
7
45,852,63
2
55,787,36
8
Additional Ratios
Net Profit Margin
Return on Equity
13.30%
46.56%
21.00%
47.15%
27.50%
42.87%
2.52
30
1.71
1.04
30
0.79
0.64
2.67
30
1.81
1.05
30
0.95
0.87
2.84
30
1.91
1.06
30
1.12
1.18
0.745
0.17
0.857
0.537
0.182
1.246
0.306
0.208
1.83
95,175,75
0
108,242,2
01
123,441,5
82
1.52
3.88
9.26
1.26
9.92%
1.06
0.89
1.06
7.33%
1.52
1.04
0.98
4.31%
2.29
1.08
Activity Ratios
Accounts Receivable Turnover
Collection Days
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Assets Turnover
Fixed Assets Turnover
Debt Ratios
Debt to Net Worth
Current Liability to Liability
Debt-Service Coverage Ratio
Liquidity Ratios
Net Working Capital
Interest Coverage [Times
Interest Earned Ratio - TIE]
Additional Ratios
Assets to Revenue
Current Debt / Total Assets
Acid Test
Sales/Net Worth
Net Profit
95,655,000
183,292,90
0
291,744,8
94
90
90,000,000
67,500,000
Depreciation
20,130,000
205,785,00
0
20,130,000
270,922,90
0
Amount
paid
back from
Balance
of
total
Investme
nt
709,800,00
0
504,015,00
0
233,092,10
0
123,782,79
4
580,474,61
9
"Profit"
Year
"profits"
1
709,800,00
0
205,785,00
0
3
4
5
270,922,90
0
356,874,89
4
456,691,82
5
91
45,000,00
0
20,130,00
0
356,874,8
94
The value chain for aquaculture provides employment opportunities in many ways as
shown below.
Suppliers of
Fish Seed
Suppliers of
Gear-Nets,
etc.
Suppliers of
Fish Feeds
Technical
Assistance
Extension
Smallholder Fish
Production Through
Clusters of Farmers for
Maximized
Competitiveness
Auto
Consumption
Direct Sales to
Consumers
Transport of
Live & Dead
Fish
Live Fish
Markets
Dead Fish
Markets
Fish Processing,
Drying, Smoking
Consumers
Restaurants
Consumers
92
1
2
Januar Februa
y
ry
3
March
4
April
5
May
6
June
2013
2014
2015
Harvestin
g
Harvestin
g
Harvestin
g
Harvestin
g
2019
2023
Harvestin
g
Harvestin
g
Stockin
g
Harvestin
g
Stockin
g
Harvestin
g
Harvestin
g
Harvestin
g
Stocking
Stockin
g
2022
12
Decemb
er
Stocking
Stockin
g
Harvestin
g
Harvestin
g
10
11
Octob Novemb
er
er
Stockin
g
Stockin
g
2020
9
Septem
ber
Harvestin
g
Stockin
g
2017
2021
8
Augus
t
Stockin
g
Stockin
g
2016
2018
7
July
Stockin
g
Stocking
Stockin
g
Harvestin
g
Legend:
Fish Production Interval Period (1 month)
93
94
95