Professional Documents
Culture Documents
DevelopmentStudiesAssociates
(DSA)
October 2008
Addis Ababa
Table of Contents
Table of Contents.....................................................................................................2
1.Executive Summary..............................................................................................3
2.Product Description and Application.................................................................3
3.Market Study, Plant Capacity and Production Program.................................3
3.1Market Study...........................................................................................................................3
3.1.1Present Demand and Supply............................................................................................3
3.1.2Projected Demand............................................................................................................5
3.1.3Pricing and Distribution...................................................................................................6
3.2Plant Capacity.........................................................................................................................6
3.3Production Program................................................................................................................7
8.Financial Analysis...............................................................................................11
8.1Underlying Assumption .......................................................................................................11
8.2Investment.............................................................................................................................13
8.3Production Costs...................................................................................................................13
8.4Financial Evaluation.............................................................................................................14
1. Executive Summary
This profile provides basic information on the production of 500 tons of Jam, Jelly and
Marmalade per annum. The total investment requirement of the project is estimated at about Birr
17.2 million; of which Birr 7.8 million is for machinery and equipment while Birr 1.4 million is
the cost of working capital. Based on the cash flow statement, the calculated internal rate of
return (IRR) and simple rate of return (SRR) of the project are 19.2 % and 16.7 %, respectively.
And the net present value (NPV) at 18 % discounting rate is Birr 733 thousand. The plant is
expected to create employment opportunities for about 39 persons.
Market Study
3.1.1 Present Demand and Supply
The demand for these product is growing with urbanization and change in consumption habits.
Jam, Jellies and Marmalade are widely used by middle class households, hotels, restaurants,
3
boarding schools and hospitals as bread dressings. They are also used in pastries to sweeten
cakes; implies there is also a derived demand for Jam, Jellies and Marmalade by pastries. The
consumption of bread as a breakfast meal is on the rise and the number of pastries is also
increasing at an increasing rate. In particular, big hotels which are growing at a very fast rate are
the major users of Jam, Jellies and Marmalade.
The supply of jams and jellies is composed of imports and domestic production. The domestic
supply comes from one single plant located in the Awash Valley. These local products have
lower qualities and lack verities. A casual observation of shops in major urban areas indicates
that imported jams, jellies and marmalade dominate the market. In the past ten yrs, the domestic
production of jam and marmalade has been declining through out. The main reason for this fall
in production could be the flooding of the market by imports.
Jams, jellies and marmalade are canned products which have considerable weight. As a result,
transporting them long distances increases their prices because of high transportation costs. Since
the raw materials are perishables, plants which produce jams, jellies and marmalade are located
near main fruits growing areas. With a population of nearly 20 million, the market for jams,
jellies and marmalade in the ANRS can support a medium scale jams, jellies and marmalade
processing plant.
Almost all parts of the Amhara Region are suitable for growing different kinds of fruits and
vegetables. Fruits like orange, lemon, banana, etc can grow in many places, where there is a
potential for irrigation. Unfortunately, since these crops do not constitute the main staple food of
the people, they are not grown widely. Until recently, fruits and vegetables have never been cash
crops in all parts of the Region, except in the two or three larger towns.
For the above reasons, farmers did not have strong interest to produce fruits. However, as
urbanization expands and more people live in towns, the consumption of fruits and vegetables
has increased especially during the last 10 years. The demand for such fruits in the Amhara
Region is being met by imports from the Awash Valley and western Wollega which are more
than 700 kms and 400 km from Bahir Dar, respectively. Having Lake Tana and Abay at its
4
center and other rivers flowing throughout the Region, the Amhara Region imports fruits from
far off places in the country. The Region can easily produce fruits not only for its consumption
but for export and for converting the fruits to jams, jellies and marmalade.
Table 3.1 shows the domestic production and imports of Jam, Jellies and Marmalades over the
past ten years.
Table 3.1
DOMESIC PRODUCTION AND IMPORTS OF JAM JELLIES AND MARMALADES
(IN TONS)
Year E.C
Imports
Domestic
Total
Production
1989
NA
1066
NA
1990
28
659
687
1991
97
2867
2964
1992
106
2873
2979
1993
97
1649
1746
1994
122
1172
1294
1995
75
144
219
1996
167
108
275
1997
263
108
371
1998
191
108
299
1999
268
108
376
2000*
422
108
540
Source: Compiled from CSAs Manufacturing and Import Data
* Estimation
As shown in Table 3.1 both the import and domestic productions have been fluctuating in the
past ten years. The highest figures for domestic production are registered during the EthioEriteria war; implies the major target consumer of the local production during the period were
the Ethiopian military force at the war front. Given the existence of fluctuation, however, on
average, local production and imports have shown a decreasing trend and an increasing trend,
respectively. Thus, though both imports and local production of Jam, Jellies and marmalade have
been fluctuating for one or other reason, in the past ten years, there is significant replacement of
the local production by imports. And, this is mainly due to the fact that the local products have
low quality and lack variety as compared to the imported ones.
Future demand for Jam, Jellies and Marmalade depends on changes in food habits, income
growth and etc. With growth in urbanization, the young generation is developing taste for
pastries which initiate their expansion at a very fast rate all over the country. Bread consumption
also increases with other industrially processed food including Jam, Jellies and Marmalades.
Since there is no data that shows the rate of growth of the major variable, GDP growth rate
(10%) and population growth rate (3%) are applied to project future demand for Jam, Jellies and
Memorable. In this case, the total supply of jam, Jelly and Marmalade in 2000 E.C is taken as a
base figure for projection. Accordingly the projected demand is shown in Table 3.2.
Table 3.2
PROJECTED DEMAND FOR JAM AND MARMALADE (TONS)
Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
At Country Level
572
744
967
1257
1634
2124
2761
3589
4666
6066
At ANRS Level
143
186
242
314
409
531
690
897
1167
1517
As it is shown in Table 3.2 the demand for Jam, Jellies and Marmalade is expected to reach 1634
tons in 2005 E.C and 6066 tons in 2010 E.C at the national level. Similarly, the regional demand
is expected to reach at 409 tons and 1517 tons in 2005 E.C. and 2010 E.C, respectively.
3.2
Plant Capacity
The annual production capacity of the plant is scheduled to be 500 tons. The production capacity
is based on demand projections made at the national level and regional level, and minimum
economic plant size. Considering the relative preference of most consumers, the product mix of
the envisaged project is planned to be 200 tons of Jam, 100 tons of Jellies and 200 tons of
marmalade. The production capacity is based on two shifts and 275 working days in a year. The
working days are set by considering Sundays, national holydays, annual repair and maintenance
period, and unexpected work interruptions.
3.3
Production Program
The Jam, Jellies and Marmalade producing plant will start operation at 75 % of its capacity in the
first year, and then increase its production capacity to 85 % and 100 % in the second and third
year, respectively. The fact that production equipments are new, and operators usually take some
time to develop the specific skill and know-how, the production build-up program is made to
start at relatively lower level (75%) and the gradually rise to full capacity (100%).
Almost all parts of the ANRS are suitable for growing different kinds of fruits and vegetables.
Fruits like orange, grape, mango, lemon, banana, etc can grow in many places, where there is a
potential for irrigation. Other inputs such as sugar will also be obtained domestically. Inputs like
acids, colors and flavor will be imported.
4.2
The basic raw materials and utilities required for the production of 500 tons of Jam, Jellies and
Marmalade in a year are as indicated in Table 4.1.
Table 4.1
RAW MATERIALS AND UTILITIES
Material
Qty.
(Ton)
432
Total cost
(000 Br.)
F.C
L.C
1080
2.50
750
8.00
800
10
1000
0.20
200
1,00
0
2,830
The annual utility requirement and cost are given in Table 4.2.
Table 4.2
ANNUAL UTILITY REQUIREMENT & COST
Utility
Amount
Unit cost
Electricity
Water
Fuel Oil
Total Utilities
100 MWH
1000 m3
200 tons
0.55 Birr/kwh
2.65 Birr/ton
1000 Birr/ton
-
Total Cost
(000 Br.)
55
2.65
200
257.65
Production Process
Production of Jam, Jellies and Marmalade under goes four basic processes. First the fruit is
washed in the brushing machine. Then it is screened according to size and peeled. The peel is
then transported by a pumped conveyor and then pulped. The pulped fruit is then to the boiling
vessel where it is mixed with sugar to produce Jam. Marmalade is produced by mixing the
pulped fruit with citric acid and sugar. Jellies are viscous products containing not less than 45 %
of fruit juice and 55 % of sugar by weight. The mixture is concentrated by heat to such a desired
consistency when the contents cool down. The three essential ingredients of jellies are pectin,
acid and sugar which are mixed in certain proportions to give specified physical properties. In all
cases, the products are cooled in a plate type cooler before they are packed and stored.
Alternatively, it is possible to use a technology that process and can a single variety of fruit such
orange at a lower cost of investment. This also requires relatively lesser production manpower.
However, this makes the plant to be dependent up on the availability of the chosen variety.
6.2
The list of machinery and equipment required in the production of Jam, Jellies and Marmalade
is given in Table 5.1. The total cost of machinery and equipment is estimated at Birr 8,937.2
thousand out of which Birr 7,771.5 thousand will be required in foreign currency.
Table 6.1
MACHINERY & EQUIPMENT REQUIREMENT
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23
Item
Conveyor
Washing Tank
Brushing machine
Brushing Conveyor
Screening Conveyor
Scalader
Screener
Peeles
Peeled ped conveyor
Segment conveyor
Hopper
Pulper
Pump
Tank
Circulation pump
Dearator
Plate type cooles
Centrifugal separator
Blending tank
Quick freezer
Storage tank
Refrigerator
Boiler
Qty (no)
1
1
1
1
3
1
3
1
1
1
1
1
2
2
2
1
1
1
1
2
2
2
2
Suppliers Address:
Shiv Engineering
Patel Avenue, Plot No. 165, Right Bhusaria Colony,
Kothrud Bus Depot,Panda Road,Pune-411038,
Maharashatra, India
6.3
The overall site area for the proposed plant is envisaged to be 5,000 m 2. The production hall
occupies 2,000 m2; of which, 1,000 m2 is allocated for stores and office building. Estimating the
unit cost (per m2) of building, including expenses for land preparation and associated civil works,
at Birr 2000, the total cost of building construction is calculated to be Birr 6,000,000. Being
10
calculated at Birr 27.60 per square meter( which is the rate for Shewa-Robit), the land lease price
of the total land area 5,000 m2 amounts Birr 138,000; of which 5 % is paid initially while the
balance will be settled within 40 years period, proportionally.
Human Resource
Manpower requirements for the envisaged plant are indicated in Table 7.1 below
Table 7.1
MANPOWER REQUIREMENT
Post
Plant Manager
Technologist
Administrator
Engineer
Cashier
Clerks
Mechanics
Operators
Secretary
Guards
Benefits 20%
Total Annual Salary Expenses
7.2
No
1
1
1
3
1
3
9
12
2
6
Salary/Month
(In Birr)
3000
2500
2000
1800
750
600
900
600
800
300
39
Annual Salary
Expenses
(In Birr)
36000
30000
24000
64800
9000
21600
97200
86400
19200
21600
81,960
491,760
Training Requirement
Training of manpower can be carried out at by hiring two experts in the area from abroad.
8. Financial Analysis
8.1
Underlying Assumption
The financial analysis of Jam, Jellies and Marmalade producing plant is based on the data
provided in the preceding chapters and the following assumptions.
11
2 years
Source of finance
Tax holidays
2 years
12%
18%
Value of land
3% of fixed investment
B. Depreciation
Building
5%
10%
Office furniture
10%
Vehicles
20%
Pre-production (amortization)
20%
30 days
Raw Material-Foreign
120 days
30 days
30 days
Work in Progress
Finished Products
Accounts Receivable
Cash in Hand
Accounts Payable
10 days
15 days
30 days
30 days
30 days
12
8.2
Investment
The total investment cost of the project including working capital is estimated at Birr 17.2
million as shown in table 8.1 below. The Owner shall contribute 40 % of the finance in the form
of equity while the remaining 60 % is to be financed by bank loan.
Table 8.1
Total Initial Investment
Items
Land
Building and Civil Works
Office Equipment
L.C
F.C
6,900
6,900
6,000,000
6,000,000
100,000
100,000
Vehicles
Plant Machinery & Equipment
Total Fixed Investment Cost
Pre-production Capital
Expenditure*
Total Initial Investment
Working Capital at Full Capacity
Total
Total
1,165,700
7,771,500
8,937,200
7,272,600
7,771,500
15,044,100
363,630
752,205
7,636,230
7,771,500
15,796,305
969,082
8,605,312
436,364
8,207,864
1,405,446
17,201,751
*Pre-production capital expenditure includes - all expenses for pre-investment studies, consultancy fee during
construction and expenses for companys establishment, project administration expenses, commission expenses,
preproduction marketing and interest expenses during construction.
The foreign component of the project accounts for Birr 8.2 million or 47.7 % of the total
investment cost.
8.3
Production Costs
The total production cost at full capacity operation is estimated at Birr 7.4 million (See Table
8.2). Raw materials and utilities account for 55.1 %.
13
Table 8.2
PRODUCTION COST AT FULL CAPACITY
Raw Material Requirement
Cost
1.Local Row Material
2.Foreign
2,830,000
1,000,000
3,830,000
2. Utilities
257,650
491,760
451,323
Factory Costs
5,030,733
5. Depreciation
1,354,161
6. Financial costs
1,032,105
7,416,999
Financial Evaluation
I.
Profitability
According to the projected income statement (See Annex 4) the project will generate profit
beginning from the second year of operation and increases on wards. The income statement and
other profitability indicators also show that the project is viable.
II.
Breakeven Analysis
Fixed Cost
Sale Variable Cost
at full capacity.
Payback Period
14
Investment cost and income statement projection are used in estimating the project payback
period. The project will payback fully the initial investment less working capital in four years.
IV.
Based on cash flow statement (See Table Annex 2) the calculated internal rate of return (IRR) of
the project is 19.2 % and the net present value (NPV) at 18 % discount is Birr 733 thousands.
VI.
Sensitivity Analysis
The sensitivity test result which undertaken by increasing the cost of production by 10 % still
indicates that the project would be viable.
15
B. Tax Revenue
In the project life under consideration, the region will collect about Birr 8.5 million from
corporate tax payment alone (i.e. excluding income tax, sales tax and VAT). Such result create
additional fund for the regional government that will be used in expanding social and other basic
services in the region
C. Import Substitution and Foreign Exchange Saving
The commencement of this project relieves a portion of the import burden. That is, based on the
projected figure we learn that in the project life an estimated amount of US Dollar 9.6 million
will be saved as a result of the proposed project. This will create room for the saved hard
currency to be allocated on other vital and strategic sectors
D. Employment and Income Generation
The proposed project is expected to create employment opportunity to several citizens of the
country. That is, it will provide permanent employment to 39 professionals as well as support
stuffs. Consequently the project creates income of Birr 492 thousands per year. This would be
one of the commendable accomplishments of the project.
E. Pro Environment Project
The proposed production process is environment friendly.
16
ANNEXES
17
PRODUCTION
Year 1
Year 2
70%
90%
100%
100%
0.00
0.00
445257.46
572473.87
636082.08
636082.08
0.00
0.00
142800.00
183600.00
204000.00
204000.00
Raw Material-Local
0.00
0.00
142800.00
183600.00
204000.00
204000.00
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1993.66
2563.27
2848.08
2848.08
0.00
0.00
8139.60
10465.20
11628.00
11628.00
Work in Progress
0.00
0.00
49841.40
64081.80
71202.00
71202.00
Finished Products
0.00
0.00
99682.80
128163.60
142404.00
142404.00
2. Accounts Receivable
0.00
0.00
274909.09
353454.55
392727.27
392727.27
3. Cash in Hand
0.00
0.00
22421.89
28828.15
32031.27
32031.27
0.00
0.00
599788.44
771156.56
856840.63
856840.63
4. Current Liabilities
0.00
0.00
274909.09
353454.55
392727.27
392727.27
Accounts Payable
0.00
0.00
274909.09
353454.55
392727.27
392727.27
0.00
0.00
324879.35
417702.02
464113.35
464113.35
0.00
0.00
324879.35
92822.67
46411.34
0.00
CURRENT ASSETS
(continued)
PRODUCTION
5
10
100%
100%
100%
100%
100%
100%
1. Total Inventory
636082.08
636082.08
636082.08
636082.08
636082.08
636082.08
204000.00
204000.00
204000.00
204000.00
204000.00
204000.00
Raw Material-Local
204000.00
204000.00
204000.00
204000.00
204000.00
204000.00
0.00
0.00
0.00
0.00
0.00
0.00
2848.08
2848.08
2848.08
2848.08
2848.08
2848.08
11628.00
11628.00
11628.00
11628.00
11628.00
11628.00
Work in Progress
71202.00
71202.00
71202.00
71202.00
71202.00
71202.00
Finished Products
142404.00
142404.00
142404.00
142404.00
142404.00
142404.00
2. Accounts Receivable
392727.27
392727.27
392727.27
392727.27
392727.27
392727.27
3. Cash in Hand
32031.27
32031.27
32031.27
32031.27
32031.27
32031.27
CURRENT ASSETS
856840.63
856840.63
856840.63
856840.63
856840.63
856840.63
4. Current Liabilities
392727.27
392727.27
392727.27
392727.27
392727.27
392727.27
Accounts Payable
392727.27
392727.27
392727.27
392727.27
392727.27
392727.27
464113.35
464113.35
464113.35
464113.35
464113.35
464113.35
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Foreign
CONSTRUCTION
PRODUCTION
Year 1
Year 2
1865325.00
2329438.35
2794909.09
3318545.45
3639272.73
3600000.00
1. Inflow Funds
1865325.00
2329438.35
274909.09
78545.45
39272.73
0.00
Total Equity
746130.00
931775.34
0.00
0.00
0.00
0.00
1119195.00
1397663.01
0.00
0.00
0.00
0.00
0.00
0.00
274909.09
78545.45
39272.73
0.00
2. Inflow Operation
0.00
0.00
2520000.00
3240000.00
3600000.00
3600000.00
Sales Revenue
0.00
0.00
2520000.00
3240000.00
3600000.00
3600000.00
Interest on Securities
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1865325.00
1865325.00
2841360.34
2900577.08
3217859.14
3096939.06
1865325.00
1865325.00
0.00
0.00
0.00
0.00
1776500.00
1776500.00
0.00
0.00
0.00
0.00
88825.00
88825.00
0.00
0.00
0.00
0.00
0.00
0.00
599788.44
171368.13
85684.06
0.00
6. Operating Costs
0.00
0.00
1569764.18
2007709.66
2226682.40
2226682.40
0.00
0.00
0.00
0.00
234330.54
249431.69
8. Interest Paid
0.00
0.00
671807.72
302022.96
251685.80
201348.64
9. Loan Repayments
0.00
0.00
0.00
419476.34
419476.34
419476.34
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
0.00
464113.35
-46451.25
417968.37
421413.59
503060.94
0.00
464113.35
417662.11
835630.48
1257044.07
1760105.00
3. Other Income
Fixed Investments
Pre-production Expenditures
10
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Equity
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2. Inflow Operation
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
Sales Revenue
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3061703.05
3037126.04
3001890.03
2547177.68
2547177.68
2547177.68
0.00
0.00
0.00
0.00
0.00
0.00
Fixed Investments
0.00
0.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6. Operating Costs
2226682.40
2226682.40
2226682.40
2226682.40
2226682.40
2226682.40
264532.84
290292.98
305394.13
320495.28
320495.28
320495.28
8. Interest Paid
151011.48
100674.32
50337.16
0.00
0.00
0.00
9. Loan Repayments
419476.34
419476.34
419476.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
538296.95
562873.96
598109.97
1052822.32
1052822.32
1052822.32
2298401.95
2861275.91
3459385.88
4512208.20
5565030.52
6617852.84
1. Inflow Funds
Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
4. Increase In Fixed Assets
Year 2
PRODUCTION
1
0.00
0.00
2520000.00
3240000.00
3600000.00
3600000.00
1. Inflow Operation
0.00
0.00
2520000.00
3240000.00
3600000.00
3600000.00
Sales Revenue
0.00
0.00
2520000.00
3240000.00
3600000.00
3600000.00
Interest on Securities
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1865325.00
1865325.00
1894643.53
2100532.33
2273093.74
2476114.09
1865325.00
1865325.00
0.00
0.00
0.00
0.00
Fixed Investments
1776500.00
1776500.00
0.00
0.00
0.00
0.00
88825.00
88825.00
0.00
0.00
0.00
0.00
0.00
0.00
324879.35
92822.67
46411.34
0.00
5. Operating Costs
0.00
0.00
1569764.18
2007709.66
2226682.40
2226682.40
0.00
0.00
0.00
0.00
0.00
249431.69
-1865325.00
-1865325.00
625356.47
1139467.67
1326906.26
1123885.91
-1865325.00
-3730650.00
-3105293.53
-1965825.86
-638919.59
484966.32
-1865325.00
-1580783.90
449121.28
693515.20
684403.49
491260.89
-1865325.00
-3446108.90
-2996987.62
-2303472.41
-1619068.92
-1127808.03
2. Other Income
Pre-production Expenditures
(Continued)
PRODUCTION
TOTAL CASH INFLOW
10
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
1. Inflow Operation
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
Sales Revenue
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2491215.24
2516975.38
2532076.53
2547177.68
2547177.68
2547177.68
0.00
0.00
0.00
0.00
0.00
0.00
Fixed Investments
0.00
0.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5. Operating Costs
2226682.40
2226682.40
2226682.40
2226682.40
2226682.40
2226682.40
264532.84
290292.98
305394.13
320495.28
320495.28
320495.28
1108784.76
1083024.62
1067923.47
1052822.32
1052822.32
1052822.32
1593751.08
2676775.70
3744699.17
4797521.49
5850343.81
6903166.13
410728.85
339988.54
284108.40
237365.18
201156.94
170471.98
-717079.19
-377090.65
-92982.25
144382.93
345539.87
516011.85
Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW
516,011.85
21.5%
70%
90%
100%
100%
100%
1. Total Income
2520000.00
3240000.00
3600000.00
3600000.00
3600000.00
2520000.00
3240000.00
3600000.00
3600000.00
3600000.00
Other Income
0.00
0.00
0.00
0.00
0.00
1480796.38
1903881.06
2115423.40
2115423.40
2115423.40
1039203.62
1336118.94
1484576.60
1484576.60
1484576.60
41.24
41.24
41.24
41.24
41.24
429497.80
444358.60
451789.00
451789.00
451789.00
609705.82
891760.34
1032787.60
1032787.60
1032787.60
24.19
27.52
28.69
28.69
28.69
671807.72
302022.96
251685.80
201348.64
151011.48
5. GROSS PROFIT
-62101.90
589737.38
781101.80
831438.96
881776.12
0.00
0.00
234330.54
249431.69
264532.84
-62101.90
589737.38
546771.26
582007.27
617243.28
Gross Profit/Sales
-2.46%
18.20%
21.70%
23.10%
24.49%
-2.46%
18.20%
15.19%
16.17%
17.15%
Return on Investment
15.03%
21.50%
19.03%
18.67%
18.31%
Return on Equity
-3.70%
35.15%
32.59%
34.69%
36.79%
Sales Revenue
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
10
100%
100%
100%
100%
100%
1. Total Income
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
3600000.00
Other Income
0.00
0.00
0.00
0.00
0.00
2115423.40
2115423.40
2115423.40
2115423.40
2115423.40
1484576.60
1484576.60
1484576.60
1484576.60
1484576.60
41.24
41.24
41.24
41.24
41.24
416259.00
416259.00
416259.00
416259.00
416259.00
1068317.60
1068317.60
1068317.60
1068317.60
1068317.60
29.68
29.68
29.68
29.68
29.68
100674.32
50337.16
0.00
0.00
0.00
5. GROSS PROFIT
967643.28
1017980.44
1068317.60
1068317.60
1068317.60
290292.98
305394.13
320495.28
320495.28
320495.28
7. NET PROFIT
677350.30
712586.31
747822.32
747822.32
747822.32
Gross Profit/Sales
26.88%
28.28%
29.68%
29.68%
29.68%
18.82%
19.79%
20.77%
20.77%
20.77%
Return on Investment
18.55%
18.19%
17.83%
17.83%
17.83%
Return on Equity
40.37%
42.47%
44.57%
44.57%
44.57%
Sales Revenue
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
RATIOS (%)
Year 1
1865325.00
0.00
Year 2
4194763.35
464113.35
PRODUCTION
1
4469672.44
1017450.54
2
4656377.04
1606787.04
3
4822944.69
2113884.69
4
4985475.63
2616945.63
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1865325.00
0.00
1776500.00
88825.00
0.00
0.00
0.00
1865325.00
0.00
0.00
0.00
1119195.00
1119195.00
0.00
746130.00
746130.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
464113.35
0.00
3730650.00
1776500.00
1776500.00
177650.00
0.00
0.00
0.00
4194763.35
0.00
0.00
0.00
2516858.01
2516858.01
0.00
1677905.34
1677905.34
0.00
0.00
152933.26
49841.40
99682.80
274909.09
22421.89
417662.11
0.00
3390120.00
3553000.00
0.00
177650.00
340530.00
0.00
62101.90
4469672.44
274909.09
274909.09
0.00
2516858.01
2516858.01
0.00
1677905.34
1677905.34
0.00
0.00
196628.47
64081.80
128163.60
353454.55
28828.15
835630.48
0.00
3049590.00
3553000.00
0.00
177650.00
681060.00
0.00
0.00
4656377.04
353454.55
353454.55
0.00
2097381.68
2097381.68
0.00
1677905.34
1677905.34
0.00
0.00
218476.08
71202.00
142404.00
392727.27
32031.27
1257044.07
0.00
2709060.00
3553000.00
0.00
177650.00
1021590.00
0.00
0.00
4822944.69
392727.27
392727.27
0.00
1677905.34
1677905.34
0.00
1677905.34
1677905.34
0.00
0.00
218476.08
71202.00
142404.00
392727.27
32031.27
1760105.00
0.00
2368530.00
3553000.00
0.00
177650.00
1362120.00
0.00
0.00
4985475.63
392727.27
392727.27
0.00
1258429.01
1258429.01
0.00
1677905.34
1677905.34
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-62101.90
589737.38
0.00
589737.38
527635.48
546771.26
0.00
546771.26
1074406.74
582007.27
0.00
582007.27
Continued
PRODUCTION
TOTAL ASSETS
1. Total Current Assets
Inventory on Materials and Supplies
Work in Progress
5
5183242.58
3155242.58
218476.08
71202.00
6
5441116.54
3718116.54
218476.08
71202.00
7
5734226.51
4316226.51
218476.08
71202.00
8
6482048.83
5369048.83
218476.08
71202.00
9
7229871.15
6421871.15
218476.08
71202.00
10
7977693.47
7474693.47
218476.08
71202.00
10
142404.00
392727.27
32031.27
2298401.95
0.00
2028000.00
3553000.00
0.00
177650.00
1702650.00
0.00
0.00
5183242.58
392727.27
392727.27
0.00
838952.67
838952.67
0.00
1677905.34
1677905.34
0.00
0.00
142404.00
392727.27
32031.27
2861275.91
0.00
1723000.00
3553000.00
0.00
177650.00
2007650.00
0.00
0.00
5441116.54
392727.27
392727.27
0.00
419476.34
419476.34
0.00
1677905.34
1677905.34
0.00
0.00
142404.00
392727.27
32031.27
3459385.88
0.00
1418000.00
3553000.00
0.00
177650.00
2312650.00
0.00
0.00
5734226.51
392727.27
392727.27
0.00
0.00
0.00
0.00
1677905.34
1677905.34
0.00
0.00
142404.00
392727.27
32031.27
4512208.20
0.00
1113000.00
3553000.00
0.00
177650.00
2617650.00
0.00
0.00
6482048.83
392727.27
392727.27
0.00
0.00
0.00
0.00
1677905.34
1677905.34
0.00
0.00
142404.00
392727.27
32031.27
5565030.52
0.00
808000.00
3553000.00
0.00
177650.00
2922650.00
0.00
0.00
7229871.15
392727.27
392727.27
0.00
0.00
0.00
0.00
1677905.34
1677905.34
0.00
0.00
142404.00
392727.27
32031.27
6617852.84
0.00
503000.00
3553000.00
0.00
177650.00
3227650.00
0.00
0.00
7977693.47
392727.27
392727.27
0.00
0.00
0.00
0.00
1677905.34
1677905.34
0.00
0.00
1656414.01
617243.28
0.00
617243.28
2273657.29
677350.30
0.00
677350.30
2951007.59
712586.31
0.00
712586.31
3663593.90
747822.32
0.00
747822.32
4411416.22
747822.32
0.00
747822.32
5159238.54
747822.32
0.00
747822.32
11