Wild Life and Sancturies

7/28/2019 Wild Life and Sancturies

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Investment Office ANRS

Project Profile on the Establishmentof Wild Life Parks and Sanctuaries


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Table of Contents

1.Executive Summary..............................................................................................3

2.Product Description and Application.................................................................3

3.Market Study, Plant Capacity and Production Program.................................4

3.1Market Size.............................................................................................................................4

3.1.1Present Demand and Supply............................................................................................43.1.2Projected Demand............................................................................................................5

3.1.3Pricing..............................................................................................................................6

3.2Capacity..................................................................................................................................63.3Production Program................................................................................................................6

4.Raw Materials and Utilities.................................................................................6

4.1Availability and Source of Raw Materials..............................................................................6

4.2Annual Requirement and Cost of Raw Materials and Utilities...............................................7

5Location and Site...................................................................................................7

6Technology and Engineering ...............................................................................7

6.1Service Process.......................................................................................................................7

6.2Auxiliary Facilities..................................................................................................................8


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1. Executive Summary

This project profile deals with the establishment of establishment of wild life parks and

sanctuaries in Amhara National Regional State. The following presents the main findings of the

study

Demand projection divulges that the domestic demand for wild life sanctuaries is substantial and

is increasing with time. Accordingly, the planned plant is set to serve 4000 tourist annually. The

total investment cost of the project including working capital is estimated at birr 5.58 million and

creates job opportunity for 30 citizens.

The financial result indicates that the project will generate profit beginning from the first year of

operation. Moreover, the project will break even at 12.60% of capacity utilization and it will

payback fully the initial investment less working capital in third year. The result further shows

that the calculated IRR of the project is 61.3%; the NPV at 18% annual discount rate is Birr

11.95 million.

In addition to this, the proposed project possesses wide range of economic and social benefits

such as increasing the level of investment, tax revenue, employment creation, environmental,

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This project aims at addressing this problem by establishing a wild life park on private business

initiative.

3. Market Study, Plant Capacity and Production Program

3.1 Market Size

3.1.1 Present Demand and Supply

The number of tourists who visit the region has been increasing; the number of international

tourists who visit the region counts in hundreds of thousands. The following table shows the

number of tourists visited the region and the future forecast.

Table 1: Tourist Arrivals in ANRS

Year Total Domestic International

2005 117900 57720 60180

2006 172212 76872 95340

2007 246550 103021 1435292008 343891 137254 206637

2009 467212 180657 286555

2010 619491 234319 385172


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Source: SMNP

Source: SMNP

This project envisages forming other smaller parks based on private business initiatives

Table 2: Endemic Mammals of the SMNP

Spp.Common Name Scientific Name

1 Walia Ibex Capra walie

2 Semien Fox (Jackal) Canis seminesis

3 Gelada Baboon Thercopithicus gelada

4 Abyssinian Hare Lepus abyssinicus

5 Giant Mole-rat Tachyoryctes macrocephalus

6 Meneliks Bush-buck Tragelaphus scriptus meniliki

Table 3: Endemic Bird Species of the SMNP

Spp. Common Name Scientific Name1 Rougets Rail Rougettus rougetii

2 White-Collared Pigeon Columba albitorques

3 Black-winged Love Bird

4 Thick-billed Raven Corvus crassirostris

5 Blue-winged Goose Cyanochen Cyanoptera

6 Abyssinian Long-Claw Heruundo megaelensis


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Table 4: Projected Demand

YearNo. Tourists Willing

to Visit Wild Life Park

Domestic International Total2009 9,033 57,311 66,344

2010 11,716 77,034 88,750

2011 14,966 100,876 115,842

2012 18,838 129,213 148,051

2013 23,386 162,424 185,810

2014 28,665 200,887 229,551

2015 30,098 210,931 241,0292016 31,603 221,478 253,080

2017 33,183 232,552 265,734

2018 34,842 244,179 279,021

3.1.3 Pricing

The major objective in pricing was to make it affordable and attractive to international tourists.

Thus, it is set at Birr 2000 (approximately USD 200) per person. Further studies on pricing,

especially with regards to domestic tourists should be carried out by the project implementer.

3.2 Capacity

The envisage park plans to serve 4000 international tourists in year


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4.2 Annual Requirement and Cost of Raw Materialsand Utilities

The annual raw material and utility requirement and the associated cost for the envisaged plant

are listed in Tables 4 and 5 here under.

Table 5: Raw material Requirement at Full Capacity

No. Material QtyPrice

Unit Local Total1 Animal fodder 10 tons 50000 500,000 500,000

Total 500,000 500,000

Table 6: Utilities Requirement at Full Capacity

Item Total

Electricity 2000 kw 1,100

Water (for the animals, lodges ) 20000 m3 53,000Office Rent 5000/m X 12 60,000

Miscellaneous Costs 500,000

614,100

5 Location and Site


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the sites will entail the protection of the sites from human interference, provision of adequate

water and food supplies within the parks establishing observation center in the sites, if necessary

bringing in some wild animals from other areas of similar climatic conditions.

Alternatives:

1. State owned national parks.

2. Traditional do-it-yourself game by unlicensed hunters.

6.2 Auxiliary Facilities

The service requires the following auxiliary facilities. Water points should be preserved to the

animals; otherwise, they will not survive the dry seasons or migrate. In addition, mini lodges

should be made available so that tourists get refreshments. Table 7 shows the items and their

estimated costs.

Table 7: Auxiliary Facilities

No Items Cost

(Birr)

1 Building water points for the animals 200,0002 Establishing mini restaurants* 2,000,000

Total 2,400,000


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7 Human Resource and Training Requirement

7.1 Human Resource

Table 9 depicts the human resource requirements for the proposed wild life sanctuary.

Table 9: Human Resource Requirements

Job Title No.Salary/Wage (Birr)

Monthly Annual

1 General Manager 1 4,000 48,000

2 Secretary 1 850 10,200

3 Accountant 1 1,500 18,000

4 Casher 1 850 10,200

5 Clerks 3 700 25,200

6 Tour Guides 5 1,500 90,000

7 Receptionists 3 1,000 36,000

8 Drivers 5 1,000 60,000

9 Security 10 500 60,000

10 Clerks 0

1

1 Genitor 0 Total 30 357,600

Employment Benefits 20% of AnnualSalary 71 520


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8 Financial Analysis

8.1 Underlying Assumption

The financial analysis is based on the data provided in the preceding chapters and the following

assumptions.

A. Construction and Finance

Construction period 2 year

Source of finance 40% equity and 60% loan

Tax holidays 2 years

Bank interest rate 12%

Discount for cash flow 18%

Value of land Based on lease rate of ANRS

Spare Parts, Repair & Maintenance 3% of fixed investment

B. Depreciation

Building 5%


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C. Working Capital (Minimum Days of Coverage)

Raw Material-Local 30

Raw Material-Foreign 120

Factory Supplies in Stock 30

Spare Parts in Stock and Maintenance 30

Work in Progress 10

Finished Products 15

Accounts Receivable 30

Cash in Hand 30

Accounts Payable 30

8.2 Investment

The total investment cost of the project including working capital at full capacity is estimated at

Birr 5.58 million as shown in Table 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 10: Total Initial Investment and Working Capital

Total Initial InvestmentItem Cost (Birr)

Royalty Fee 3,000.00


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8.3 Production Costs

The total production cost at full capacity operation is estimated at Birr 2.7 million as detailed in

table 11 below.

Table 11: Total Production Costs

Total Production Cost at Full Capacity

Items Cost

1. Raw materials 500,000.00

2. Utilities 614,100.00

3. Wages and Salaries 429,120.00

4. Spares and Maintenance 148,590.00

Factory costs 1,691,810.00

5. Depreciation 609,530.00

6. Financial costs401,472.94

Total Production Cost2,702,812.94

8.4 Financial Evaluation

I. Profitability


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Investment cost and income statement projection are used in estimating the project payback

period. The projects will payback fully the initial investment less working capital in three years.

IV. Simple Rate of Return

For the envisaged plant the simple rate of return equals to 73.6%.

V. Internal Rate of Return and Net Present Value

Based on cash flow statement described in the annex part, the calculated IRR of the project is61.3% and the net present value at 18 % discount is Birr 11.53 million.

VI. Sensitivity Analysis

The sensitivity analysis shows that the mild shock in cost or number of customers will not make

the business infeasible. For instance, if a 10% increment in prices is observed, the business

remains to viable will a total profit of Birr 36 million; a 10 reduction in number of customer

Birr 31,000.

9 Economic and Social Benefit and Justification

The envisaged project possesses wide range of benefits where it promotes the socio-economic

goals and objectives stated in the strategic plan of the Amhara National Regional State. These

benefits are listed as follows


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The proposed project is expected to create employment opportunity to several citizens of the

region. That is, it will provide permanent employment to 30 professionals as well as support

staffs.

D. Diversification of the Economy

This project diversifies the region economy by utilizing untapped opportunity.

E. Preservation of Nature

The projects augments to the on going efforts to preserve the nations natural resources,

especially the wild life.

F. Creating Better Image

The project can play an important role in changing the present poor image of the country.


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ANNEXES


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Annex 1: Total Net Working Capital Requirements (in Birr)

CONSTRUCTION PRODUCTION

Year 1 Year 2 1 2 3 4

Capacity Utilization (%) 0 0 60% 70% 80% 90%

1. Total Inventory 0 0 189,662 221,272 252,882 284,492

Raw Materials in Stock- Total 0 0 32,727 38,182 43,636 49,091

Raw Material-Local 0 0 32,727 38,182 43,636 49,091

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 0 0 1,506 1,757 2,008 2,259

Spare Parts in Stock and Maintenance 0 0 9,726 11,347 12,968 14,589

Work in Progress 0 0 37,658 43,935 50,211 56,487

Finished Products 0 0 75,317 87,869 100,422 112,975

2. Accounts Receivable 0 0 523,636 610,909 698,182 785,455

3. Cash in Hand 0 0 68,283 79,664 91,045 102,425

CURRENT ASSETS 0 0 748,854 873,663 998,472 1,123,281

4. Current Liabilities 0 0 523,636 610,909 698,182 785,455

Accounts Payable 0 0 523,636 610,909 698,182 785,455

TOTAL NET WORKING CAPITAL REQUIREMENTS 0 0 225,218 262,754 300,290 337,827

INCREASE IN NET WORKING CAPITAL 0 0 225,218 37,536 37,536 37,536

1


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Annex 1: Total Net Working Capital Requirements (in Birr) (continued)

PRODUCTION

5 6 7 8 9 10

Capacity Utilization (%) 100% 100% 100% 100% 100% 100%

1. Total Inventory 316,103 316,103 316,103 316,103 316,103 316,103

Raw Materials in Stock-Total 54,545 54,545 54,545 54,545 54,545 54,545

Raw Material-Local 54,545 54,545 54,545 54,545 54,545 54,545

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 2,511 2,511 2,511 2,511 2,511 2,511

Spare Parts in Stock and Maintenance 16,210 16,210 16,210 16,210 16,210 16,210

Work in Progress 62,764 62,764 62,764 62,764 62,764 62,764

Finished Products 125,528 125,528 125,528 125,528 125,528 125,528

2. Accounts Receivable 872,727 872,727 872,727 872,727 872,727 872,727

3. Cash in Hand 113,806 113,806 113,806 113,806 113,806 113,806

CURRENT ASSETS 1,248,090 1,248,090 1,248,090 1,248,090 1,248,090 1,248,090

4. Current Liabilities 872,727 872,727 872,727 872,727 872,727 872,727

Accounts Payable 872,727 872,727 872,727 872,727 872,727 872,727

TOTAL NET WORKING CAPITAL REQUIREMENTS 375,363 375,363 375,363 375,363 375,363 375,363

INCREASE IN NET WORKING CAPITAL 37,536 0 0 0 0 0

2


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Annex 2: Cash Flow Statement (in Birr)


Year 1 Year 2 1 2 3 4TOTAL CASH INFLOW 2,600,325 2,975,688 5,323,636 5,687,273 6,487,273 7,287,273

1. Inflow Funds 2,600,325 2,975,688 523,636 87,273 87,273 87,273

Total Equity 1,040,130 1,190,275 0 0 0 0

Total Long Term Loan 1,560,195 1,785,413 0 0 0 0

Total Short Term Finances 0 0 523,636 87,273 87,273 87,273

2. Inflow Operation 0 0 4,800,000 5,600,000 6,400,000 7,200,000

Sales Revenue 0 0 4,800,000 5,600,000 6,400,000 7,200,000

Interest on Securities 0 0 0 0 0 0

3. Other Income 0 0 0 0 0 0

TOTAL CASH OUTFLOW 2,600,325 2,600,325 2,639,304 2,231,202 3,566,503 3,869,301

4. Increase In Fixed Assets 2,600,325 2,600,325 0 0 0 0

Fixed Investments 2,476,500 2,476,500 0 0 0 0

Pre-production Expenditures 123,825 123,825 0 0 0 0

5. Increase in Current Assets 0 0 748,854 124,809 124,809 124,809

6. Operating Costs 0 0 990,695 1,147,318 1,303,942 1,460,565

7. Corporate Tax Paid 0 0 0 0 1,245,590 1,458,677

8. Interest Paid 0 0 899,755 401,473 334,561 267,6499.Loan Repayments 0 0 0 557,601 557,601 557,601

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 0 375,363 2,684,332 3,456,071 2,920,770 3,417,972

Cumulative Cash Balance 0 375,363 3,059,695 6,515,766 9,436,536 12,854,508

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Annex 2: Cash Flow Statement (in Birr): Continued

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 8,087,273 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

1. Inflow Funds 87,273 0 0 0 0 0

Total Equity 0 0 0 0 0 0

Total Long Term Loan 0 0 0 0 0 0

Total Short Term Finances 87,273 0 0 0 0 0

2. Inflow Operation 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000


3. Other Income 0 0 0 0 0 0TOTAL CASH OUTFLOW 4,172,099 4,090,310 4,043,472 3,439,032 3,439,032 3,439,032

4. Increase In Fixed Assets 0 0 0 0 0 0

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

5. Increase in Current Assets 124,809 0 0 0 0 0

6. Operating Costs 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188

7. Corporate Tax Paid 1,671,764 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843

8. Interest Paid 200,736 133,824 66,912 0 0 0

9. Loan Repayments 557,601 557,601 557,601 0 0 0

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 3,915,174 3,909,690 3,956,528 4,560,968 4,560,968 4,560,968

Cumulative Cash Balance 16,769,682 20,679,372 24,635,900 29,196,868 33,757,836 38,318,804

4


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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED


Year 1 Year 2 1 2 3 4

TOTAL CASH INFLOW 0 0 4,800,000 5,600,000 6,400,000 7,200,000

1. Inflow Operation 0 0 4,800,000 5,600,000 6,400,000 7,200,000

Sales Revenue 0 0 4,800,000 5,600,000 6,400,000 7,200,000




3. Increase in Fixed Assets 2,600,325 2,600,325 0 0 0 0

Fixed Investments 2,476,500 2,476,500 0 0 0 0

Pre-production Expenditures 123,825 123,825 0 0 0 0

4. Increase in Net Working Capital 0 0 225,218 37,536 37,536 37,536

5. Operating Costs 0 0 990,695 1,147,318 1,303,942 1,460,565

6. Corporate Tax Paid 0 0 0 0 0 1,458,677

NET CASH FLOW -2,600,325 -2,600,325 3,584,087 4,415,145 5,058,522 4,243,222

CUMULATIVE NET CASH FLOW -2,600,325 -5,200,650 -1,616,563 2,798,582 7,857,104 12,100,326

Net Present Value (at 18%) -2,600,325 -2,203,665 2,574,036 2,687,194 2,609,129 1,854,751

Cumulative Net present Value -2,600,325 -4,803,990 -2,229,955 457,239 3,066,368 4,921,120

5


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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED (Continued)

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

1. Inflow Operation 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000




3. Increase in Fixed Assets 0 0 0 0 0 0

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

4. Increase in Net Working Capital 37,536 0 0 0 0 0

5. Operating Costs 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188 1,617,188

6. Corporate Tax Paid 1,671,764 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843

NET CASH FLOW 4,673,512 4,601,115 4,581,042 4,560,968 4,560,968 4,560,968

CUMULATIVE NET CASH FLOW 16,773,838 21,374,953 25,955,995 30,516,963 35,077,931 39,638,899Net Present Value (at 18%) 1,731,216 1,444,405 1,218,732 1,028,298 871,439 738,508

Cumulative Net present Value 6,652,336 8,096,741 9,315,473 10,343,771 11,215,210 11,953,718

Net Present Value (at 18%) 11,953,717.60

Internal Rate of Return 61.3%

6


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Annex 4: NET INCOME STATEMENT ( in Birr)

PRODUCTION

1 2 3 4 5

Capacity Utilization (%) 60% 70% 80% 90% 100%

1. Total Income 4,800,000 5,600,000 6,400,000 7,200,000 8,000,000

Sales Revenue 4,800,000 5,600,000 6,400,000 7,200,000 8,000,000

Other Income 0 0 0 0 0

2. Less Variable Cost 836,751 976,210 1,115,668 1,255,127 1,394,585

VARIABLE MARGIN 3,963,249 4,623,790 5,284,332 5,944,873 6,605,415

(In % of Total Income) 82.57 82.57 82.57 82.57 82.57

3. Less Fixed Costs 763,474 780,639 797,803 814,968 832,133

OPERATIONAL MARGIN 3,199,775 3,843,152 4,486,528 5,129,905 5,773,282


4. Less Cost of Finance 899,755 401,473 334,561 267,649 200,736

5. GROSS PROFIT 2,300,020 3,441,679 4,151,967 4,862,256 5,572,545

6. Income (Corporate) Tax 0 0 1,245,590 1,458,677 1,671,764

7. NET PROFIT 2,300,020 3,441,679 2,906,377 3,403,579 3,900,782

RATIOS (%)

Gross Profit/Sales 47.92% 61.46% 64.87% 67.53% 69.66%

Net Profit After Tax/Sales 47.92% 61.46% 45.41% 47.27% 48.76%

Return on Investment 58.97% 70.34% 58.92% 66.29% 73.56%

Return on Equity 103.12% 154.31% 130.31% 152.60% 174.89%

7


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Annex 4: NET INCOME STATEMENT (in Birr): Continued

PRODUCTION

6 7 8 9 10

Capacity Utilization (%) 100% 100% 100% 100% 100%

1. Total Income 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Sales Revenue 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000

Other Income 0 0 0 0 0

2. Less Variable Cost 1,394,585 1,394,585 1,394,585 1,394,585 1,394,585

VARIABLE MARGIN 6,605,415 6,605,415 6,605,415 6,605,415 6,605,415


3. Less Fixed Costs 532,603 532,603 532,603 532,603 532,603

OPERATIONAL MARGIN 6,072,812 6,072,812 6,072,812 6,072,812 6,072,812


4. Less Cost of Finance 133,824 66,912 0 0 0

5. GROSS PROFIT 5,938,987 6,005,899 6,072,812 6,072,812 6,072,812

6. Income (Corporate) Tax 1,781,696 1,801,770 1,821,843 1,821,843 1,821,843

7. NET PROFIT 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968

RATIOS (%)

Gross Profit/Sales 74.24% 75.07% 75.91% 75.91% 75.91%

Net Profit After Tax/Sales 51.97% 52.55% 53.14% 53.14% 53.14%

Return on Investment 76.96% 76.60% 76.24% 76.24% 76.24%

Return on Equity 186.39% 188.49% 190.59% 190.59% 190.59%

8


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Annex 5: Projected Balance Sheet (in Birr)


Year 1 Year 2 1 2 3 4

TOTAL ASSETS 2,600,325 5,576,013 8,399,669 11,371,020 13,807,068 16,740,319

1. Total Current Assets 0 375,363 3,808,549 7,389,430 10,435,008 13,977,789

Inventory on Materials and Supplies 0 0 43,959 51,286 58,613 65,939

Work in Progress 0 0 37,658 43,935 50,211 56,487

Finished Products in Stock 0 0 75,317 87,869 100,422 112,975

Accounts Receivable 0 0 523,636 610,909 698,182 785,455

Cash in Hand 0 0 68,283 79,664 91,045 102,425

Cash Surplus, Finance Available 0 375,363 3,059,695 6,515,766 9,436,536 12,854,508

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 2,600,325 5,200,650 4,591,120 3,981,590 3,372,060 2,762,530

Fixed Investment 0 2,476,500 4,953,000 4,953,000 4,953,000 4,953,000Construction in Progress 2,476,500 2,476,500 0 0 0 0

Pre-Production Expenditure 123,825 247,650 247,650 247,650 247,650 247,650

Less Accumulated Depreciation 0 0 609,530 1,219,060 1,828,590 2,438,120

3. Accumulated Losses Brought Forward 0 0 0 0 0 0

4. Loss in Current Year 0 0 0 0 0 0

TOTAL LIABILITIES 2,600,325 5,576,013 8,399,669 11,371,020 13,807,068 16,740,319

5. Total Current Liabilities 0 0 523,636 610,909 698,182 785,455

Accounts Payable 0 0 523,636 610,909 698,182 785,455

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 1,560,195 3,345,608 3,345,608 2,788,007 2,230,405 1,672,804

Loan A 1,560,195 3,345,608 3,345,608 2,788,007 2,230,405 1,672,804

Loan B 0 0 0 0 0 0

7. Total Equity Capital 1,040,130 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405

Ordinary Capital 1,040,130 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 0 0 0 2,300,020 5,741,699 8,648,076

9.Net Profit After Tax 0 0 2 ,300,020 3,441,679 2,906,377 3,403,579

Dividends Payable 0 0 0 0 0 0

Retained Profits 0 0 2 ,300,020 3,441,679 2,906,377 3,403,579

9


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Annex 5: Projected Balance Sheet (in Birr): Continued

PRODUCTION

5 6 7 8 9 10

TOTAL ASSETS 20,170,772 23,770,462 27,416,990 31,667,958 35,918,926 40,169,895

1. Total Current Assets 18,017,772 21,927,462 25,883,990 30,444,958 35,005,926 39,566,895Inventory on Materials and Supplies 73,266 73,266 73,266 73,266 73,266 73,266

Work in Progress 62,764 62,764 62,764 62,764 62,764 62,764

Finished Products in Stock 125,528 125,528 125,528 125,528 125,528 125,528

Accounts Receivable 872,727 872,727 872,727 872,727 872,727 872,727

Cash in Hand 113,806 113,806 113,806 113,806 113,806 113,806

Cash Surplus, Finance Available 16,769,682 20,679,372 24,635,900 29,196,868 33,757,836 38,318,804

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 2,153,000 1,843,000 1,533,000 1,223,000 913,000 603,000

Fixed Investment 4,953,000 4,953,000 4,953,000 4,953,000 4,953,000 4,953,000

Construction in Progress 0 0 0 0 0 0

Pre-Production Expenditure 247,650 247,650 247,650 247,650 247,650 247,650

Less Accumulated Depreciation 3,047,650 3,357,650 3,667,650 3,977,650 4,287,650 4,597,6503. Accumulated Losses Brought Forward 0 0 0 0 0 0

4. Loss in Current Year 0 0 0 0 0 0

TOTAL LIABILITIES 20,170,772 23,770,462 27,416,990 31,667,958 35,918,926 40,169,895

5. Total Current Liabilities 872,727 872,727 872,727 872,727 872,727 872,727

Accounts Payable 872,727 872,727 872,727 872,727 872,727 872,727

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 1,115,203 557,601 0 0 0 0

Loan A 1,115,203 557,601 0 0 0 0

Loan B 0 0 0 0 0 0

7. Total Equity Capital 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405

Ordinary Capital 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405 2,230,405Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 12,051,655 15,952,437 20,109,728 24,313,858 28,564,826 32,815,794

9. Net Profit After Tax 3,900,782 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968

Dividends Payable 0 0 0 0 0 0

Retained Profits 3,900,782 4,157,291 4,204,130 4,250,968 4,250,968 4,250,968

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Wild Life and Sancturies