Académique Documents
Professionnel Documents
Culture Documents
DevelopmentStudiesAssociates
(DSA)
October 2008
Addis Ababa
Table of Contents
1.Executive Summary..............................................................................................3
2.Product Description and Application.................................................................3
3.Market Study, Plant Capacity and Production Program.................................3
3.1Market Study...........................................................................................................................3
3.1.1Present Demand and Supply............................................................................................3
3.1.2Projected Demand............................................................................................................4
3.1.3Pricing and Distribution...................................................................................................5
3.2Plant Capacity.........................................................................................................................5
3.3Production Program................................................................................................................5
8.Financial Analysis.................................................................................................8
8.1Underlying Assumption .........................................................................................................8
8.2Investment...............................................................................................................................9
8.3Production Costs...................................................................................................................10
8.4Financial Evaluation.............................................................................................................10
1. Executive Summary
This project envisages the production of 6000 quintal citrus fruits per annum. The total
investment requirement of the project including the working capital is estimated at about Birr
764 thousand; of which Birr 100,000 is for machinery and equipments and Birr 274 is pre
production cost while Birr 80 thousand is the cost of the 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 45.6 % and 67.2 %, respectively. The net present value (NPV) at 18 % discounting
rate is about Birr 1192 thousand. The plant is expected to create employment opportunities for
about 36 persons.
Market Study
3.1.1 Present Demand and Supply
At present banana is being produced by private peasant and some commercial holdings in many
suitable areas in the country. In this connection, the Agricultural Sample Survey of CSA (July,
2007-Vol I) report that in Ethiopia there are about 561,790 private peasants cultivating citrus on
3298.2 hectares of land. These farmers produced about 526,663 quintals of citrus in 1999 E.C.
The average yield, therefore, was 160 quintal per hectare (90 quintals for lemons and 180
quintals for orange). Such average production is very low and can be increased to at least to 600
quintals per hectare if cultivated in a standard manner.
3
At the same time there is a potential of high consumption of citrus fruits, particularly orange,
provided that the fruit is supplied to the market at affordable prices. According to CSA, Annual
Abstract (2008), the number of population in July 2007 has reached 77.1 million in the country
of which 12.7 million resides in the urban places while the remaining 64.4 million dwells in the
rural part of the country. If we assume that at least 25 % percent of the urban and 1% of the rural
residents can afford to consume 0.5 Kg of orange per head per week if it is sold at an affordable
price, the annual consumption of the fruit will amounts to 992,940 quintal (248,235 quintal for
Amhara region). This creates a demand gap of 527,109 quintals of which the share of Amhara
region is estimated to be 25 % (or 131,777 quintals). This excludes the use of orange for making
marmalade, jam and jelly.
3.2
Plant Capacity
Thus, given the expected demand for orange as presented earlier, and the planned technology,
the envisaged plantation plans to produce 6,000 quintal of orange per annum on 10 hectares of
land.
3.3
Production Program
The production during the first three years is 0 % of the plantation capacity. In the fourth year,
there will be production at 75 % of the plantation capacity. Starting from the fifth year, 100 % of
capacity utilization is assumed. The capacity build up is established by considering the time
required for maturity the tree.
In the production of orange the main inputs are fertilizer, chemicals for killing insects, water as
well as semi-skilled and unskilled labor. While fertilizer and chemicals can be purchased from
domestic suppliers operating in the region, the firm shall make use of water pump equipments to
pump water from the nearby river or other source.
4.2
Raw material for requirement for a full capacity single shift operation of the plant and the
corresponding cost estimates are given in Table 4.1.
TABLE 4.1
RAW MATERIALS REQUIREMENT
Quantity
L.C.
7,500 kg
625 kg
22,500
6,250
28,750
20,000kwh
8,000 lit
1000m3
11,000
56,000
2,650
69,650
Total Cost
F.C.
Utility
Electricity
Furnace Oil
Water
Total Utility Cost
According to the above table the annual cost of input and utility is estimated to be Birr 98,400.
Production Process
The main stages of producing orange are preparing and producing seedlings, planting the
seedlings on the plantation, watering, seeding and in general nurturing the stands of orange trees,
harvesting and packing the orange for distribution. The cultivation process of the orange tree
involves the following: keeping the soil clean; applying fertilizers; pruning the plants; preventing
the plants from falling; looking after the fruit; and protecting the plants from diseases and insects
6.2
Basically, the planting and harvesting of orange do not require much machinery and equipment.
Tractor is used while preparing the land for the first planting period and therefore, the envisaged
plantation shall use hired tractor while preparing the land. The plant however, needs to acquire
10 medium capacity water pumps and the associated equipments for irrigation purpose. In
6
addition various hand tools are also demanded. The cost of the machinery and equipment is
estimated to be Birr 100,000. The water pumps and equipments can be purchased from local
suppliers.
6.3
The envisaged orange plantation requires 10 hectares of land only. And this can be obtained by
renting land from the local government at a rate of Birr 48 per hectare per year. This rate is the
average rent for rural land of North Shewa. Except a small house for guards and for storage of
raw materials, it does not require any office. This is estimated to cost Birr 50,000.
Human Resource
Position
Manager/Agronomist
Personnel Officer
Accountant/Casher
Store Keeper
Supervisor
Driver
Laborers
Guards
Benefit (20%)
Total
No.
Require
d
1
1
1
1
2
1
25
4
36
Monthly
Salary
3000
2000
1200
600
750
600
300
300
Total Annual
Salary
36000
24000
14400
7200
18000
7200
90000
14400
42,240
253,440
The total annual wages and salary, including 20 % benefits, amount to Birr 253,440.
7.2
Training Requirement
On job training of personnel shall be conducted with the aim of production technology
machinery maintenance and trouble shooting.
8. Financial Analysis
8.1
Underlying Assumption
The financial analysis of Orange Plantation is based on the data provided in the preceding
chapters and the following assumptions.
A. Construction and Finance
Land Preparation Period
6 months
Source of Finance
Tax Holidays
2 Years
12 %
18 %
Based on Land Rent Rate of
ANRS
B. Depreciation
Building
5%
10%
Office Furniture
10%
Vehicles
20%
Pre-Production (Amortization)
20%
8.2
30 Days
30 Days
30 Days
30 Days
Investment
The total investment cost of the project including working capital is estimated at Birr 764
thousand as shown in Table 8.1 below. The owner shall contribute 40 % of the finance in the
form of equity while the remaining 60 % is to be financed by bank loan.
TABLE 8.1
TOTAL INITIAL INVESTMENT
Items
Land
Building And Civil Works
Office Equipment
Vehicles
Plant Machinery & Equipment
Total Fixed Investment Cost
Pre Production Capital
Expenditure*
Total Initial Investment
Working Capital at Full Capacity
Total
L.C
F.C
Total
50,000
50,000
10,000
10,000
250,000
250,000
100,000
100,000
410,000
410,000
273,940
273,940
683,940
683,940
79,722
763,662
0
0
79,722
763,662
*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.
8.3
Production Costs
The total production cost at full capacity operation is estimated at Birr 537 thousand (See Table
8.2). Raw materials and utilities account for 18.3 %.
TABLE 8.2
PRODUCTION COST AT FULL CAPACITY
Raw Material Requirement
1. Local Raw Materials
2. Foreign Raw Materials
Cost
28,750
0
28,750
2. Utilities
69,650
253,440
12,300
364,140
118,288
54,984
537,412
Financial Evaluation
I.
Profitability
According to the projected income statement (See Annex 4) the project will generate profit
beginning from the fourth year after plantation (the first year of production) 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.
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 fith years
after plantation.
IV.
Based on cash flow statement (See Annex 2) the calculated internal rate of return (IRR) of the
project is 45.6 % and the net present value (NPV) at 18 % discount is Birr 1192 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.
11
B. Tax Revenue
In the project life under consideration, the region will collect about Birr 1.8 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. 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 36 professionals as well as support
stuffs. Consequently the project creates income of Birr 253 thousands per year. This would be
one of the commendable accomplishments of the project.
D. Pro Environment Project
The proposed production process is environment friendly.
12
ANNEXES
13
PRODUCTION
Year 1
Year 2
0%
60%
85%
100%
0.00
0.00
0.00
28567.33
40470.38
47612.21
0.00
0.00
0.00
1881.82
2665.91
3136.36
Raw Material-Local
0.00
0.00
0.00
1881.82
2665.91
3136.36
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
315.77
447.34
526.29
0.00
0.00
0.00
805.09
1140.55
1341.82
Work in Progress
0.00
0.00
0.00
7894.28
11183.56
13157.13
Finished Products
0.00
0.00
0.00
15788.55
22367.12
26314.25
2. Accounts Receivable
0.00
0.00
0.00
78545.45
111272.73
130909.09
3. Cash in Hand
0.00
0.00
0.00
21147.71
29959.25
35246.18
0.00
0.00
0.00
126378.67
179036.45
210631.12
4. Current Liabilities
0.00
0.00
0.00
78545.45
111272.73
130909.09
Accounts Payable
0.00
0.00
0.00
78545.45
111272.73
130909.09
0.00
0.00
0.00
47833.22
67763.73
79722.03
0.00
0.00
0.00
47833.22
19930.51
11958.30
CURRENT ASSETS
(continued)
PRODUCTION
5
10
100%
100%
100%
100%
100%
100%
47612.21
47612.21
47612.21
47612.21
47612.21
47612.21
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
3136.36
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
526.29
526.29
526.29
526.29
526.29
526.29
1341.82
1341.82
1341.82
1341.82
1341.82
1341.82
Work in Progress
13157.13
13157.13
13157.13
13157.13
13157.13
13157.13
Finished Products
26314.25
26314.25
26314.25
26314.25
26314.25
26314.25
2. Accounts Receivable
130909.09
130909.09
130909.09
130909.09
130909.09
130909.09
3. Cash in Hand
35246.18
35246.18
35246.18
35246.18
35246.18
35246.18
210631.12
210631.12
210631.12
210631.12
210631.12
210631.12
4. Current Liabilities
130909.09
130909.09
130909.09
130909.09
130909.09
130909.09
Accounts Payable
130909.09
130909.09
130909.09
130909.09
130909.09
130909.09
79722.03
79722.03
79722.03
79722.03
79722.03
79722.03
0.00
0.00
0.00
0.00
0.00
0.00
CURRENT ASSETS
PRODUCTION
Year 1
Year 2
341970.00
421692.03
0.00
798545.45
1052727.27
1219636.36
341970.00
421692.03
0.00
78545.45
32727.27
19636.36
Total Equity
136788.00
168676.81
0.00
0.00
0.00
0.00
205182.00
253015.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
78545.45
32727.27
19636.36
2. Inflow Operation
0.00
0.00
0.00
720000.00
1020000.00
1200000.00
Sales Revenue
0.00
0.00
0.00
720000.00
1020000.00
1200000.00
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
341970.00
341970.00
126536.45
475827.11
646696.64
710668.51
341970.00
341970.00
0.00
0.00
0.00
0.00
Fixed Investments
205000.00
205000.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
136970.00
136970.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
126378.67
52657.78
31594.67
6. Operating Costs
0.00
0.00
4100.00
218098.57
307264.64
360764.28
0.00
0.00
0.00
0.00
164588.29
205287.58
8. Interest Paid
0.00
0.00
122436.45
54983.67
45819.72
36655.78
9. Loan Repayments
0.00
0.00
0.00
76366.20
76366.20
76366.20
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
0.00
79722.03
0.00
126536.45
322718.34
406030.64
508967.85
0.00
79722.03
-46814.41
275903.93
681934.57
1190902.42
3. Other Income
6
1200000.00
7
1200000.00
8
1200000.00
9
1200000.00
10
1200000.00
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
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
Sales Revenue
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
672659.08
697680.72
691265.96
608485.00
608485.00
608485.00
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
360764.28
360764.28
360764.28
360764.28
360764.28
360764.28
208036.77
242222.35
244971.53
247720.72
247720.72
247720.72
8. Interest Paid
27491.83
18327.89
9163.94
0.00
0.00
0.00
9. Loan Repayments
76366.20
76366.20
76366.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
527340.92
502319.28
508734.04
591515.00
591515.00
591515.00
1718243.34
2220562.62
2729296.66
3320811.66
3912326.66
4503841.67
Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
4. Increase In Fixed Assets
PRODUCTION
Year 1
Year 2
0.00
0.00
0.00
720000.00
1020000.00
1200000.00
1. Inflow Operation
0.00
0.00
0.00
720000.00
1020000.00
1200000.00
Sales Revenue
0.00
0.00
0.00
720000.00
1020000.00
1200000.00
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
341970.00
341970.00
4100.00
265931.79
327195.15
578010.17
341970.00
341970.00
0.00
0.00
0.00
0.00
Fixed Investments
205000.00
205000.00
0.00
0.00
0.00
0.00
Pre-production Expenditures
136970.00
136970.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
47833.22
19930.51
11958.30
5. Operating Costs
0.00
0.00
4100.00
218098.57
307264.64
360764.28
0.00
0.00
0.00
0.00
0.00
205287.58
-341970.00
-341970.00
-4100.00
454068.21
692804.85
621989.83
-341970.00
-683940.00
-688040.00
-233971.79
458833.07
1080822.90
-341970.00
-289805.08
-2944.56
276359.93
357341.04
271877.49
-341970.00
-631775.08
-634719.64
-358359.71
-1018.67
270858.82
2. Other Income
(Continued)
PRODUCTION
5
10
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1. Inflow Operation
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
Sales Revenue
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
568801.05
602986.63
605735.81
608485.00
608485.00
608485.00
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
360764.28
360764.28
360764.28
360764.28
360764.28
360764.28
208036.77
242222.35
244971.53
247720.72
247720.72
247720.72
631198.95
597013.37
594264.19
591515.00
591515.00
591515.00
1712021.85
2309035.23
2903299.41
3494814.42
4086329.42
4677844.42
233816.00
187417.44
158096.95
133360.65
113017.50
95777.54
504674.82
692092.26
850189.21
983549.86
1096567.36
1192344.90
Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW
1,192,344.90
45.6%
0%
60%
85%
100%
100%
0.00
720000.00
1020000.00
1200000.00
1200000.00
Sales Revenue
0.00
720000.00
1020000.00
1200000.00
1200000.00
Other Income
0.00
0.00
0.00
0.00
0.00
0.00
153172.97
216995.04
255288.28
255288.28
0.00
566827.03
803004.96
944711.72
944711.72
#DIV/0!
78.73
78.73
78.73
78.73
122388.00
183213.60
208557.60
223764.00
223764.00
-122388.00
383613.43
594447.36
720947.72
720947.72
#DIV/0!
53.28
58.28
60.08
60.08
122436.45
54983.67
45819.72
36655.78
27491.83
5. GROSS PROFIT
-244824.45
328629.77
548627.64
684291.94
693455.89
0.00
0.00
164588.29
205287.58
208036.77
-244824.45
328629.77
384039.35
479004.36
485419.12
Gross Profit/Sales
#DIV/0!
45.64%
53.79%
57.02%
57.79%
#DIV/0!
45.64%
37.65%
39.92%
40.45%
Return on Investment
-17.89%
52.42%
57.18%
67.52%
67.16%
Return on Equity
-80.15%
107.58%
125.72%
156.81%
158.91%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
10
100%
100%
100%
100%
100%
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
1200000.00
Other Income
0.00
0.00
0.00
0.00
0.00
255288.28
255288.28
255288.28
255288.28
255288.28
944711.72
944711.72
944711.72
944711.72
944711.72
78.73
78.73
78.73
78.73
78.73
118976.00
118976.00
118976.00
118976.00
118976.00
825735.72
825735.72
825735.72
825735.72
825735.72
68.81
68.81
68.81
68.81
68.81
18327.89
9163.94
0.00
0.00
0.00
5. GROSS PROFIT
807407.83
816571.78
825735.72
825735.72
825735.72
242222.35
244971.53
247720.72
247720.72
247720.72
7. NET PROFIT
565185.48
571600.24
578015.00
578015.00
578015.00
Gross Profit/Sales
67.28%
68.05%
68.81%
68.81%
68.81%
47.10%
47.63%
48.17%
48.17%
48.17%
Return on Investment
76.41%
76.05%
75.69%
75.69%
75.69%
Return on Equity
185.02%
187.12%
189.22%
189.22%
189.22%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
RATIOS (%)
Year 1
341970.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
341970.00
0.00
205000.00
136970.00
0.00
0.00
0.00
341970.00
0.00
0.00
0.00
205182.00
205182.00
0.00
136788.00
136788.00
0.00
0.00
0.00
0.00
0.00
0.00
Year 2
763662.03
79722.03
0.00
0.00
0.00
0.00
0.00
79722.03
0.00
683940.00
205000.00
205000.00
273940.00
0.00
0.00
0.00
763662.03
0.00
0.00
0.00
458197.22
458197.22
0.00
305464.81
305464.81
0.00
0.00
0.00
0.00
0.00
0.00
PRODUCTION
1
763662.03
-46814.41
0.00
0.00
0.00
0.00
0.00
-46814.41
0.00
565652.00
410000.00
0.00
273940.00
118288.00
0.00
244824.45
763662.03
0.00
0.00
0.00
458197.22
458197.22
0.00
305464.81
305464.81
0.00
0.00
0.00
0.00
0.00
0.00
2
849646.60
402282.60
3002.68
7894.28
15788.55
78545.45
21147.71
275903.93
0.00
447364.00
410000.00
0.00
273940.00
236576.00
0.00
0.00
849646.60
78545.45
78545.45
0.00
381831.02
381831.02
0.00
305464.81
305464.81
0.00
0.00
-244824.45
328629.77
0.00
328629.77
3
1190047.02
860971.02
4253.80
11183.56
22367.12
111272.73
29959.25
681934.57
0.00
329076.00
410000.00
0.00
273940.00
354864.00
0.00
0.00
1190047.02
111272.73
111272.73
0.00
305464.81
305464.81
0.00
305464.81
305464.81
0.00
0.00
83805.32
384039.35
0.00
384039.35
4
1612321.54
1401533.54
5004.47
13157.13
26314.25
130909.09
35246.18
1190902.42
0.00
210788.00
410000.00
0.00
273940.00
473152.00
0.00
0.00
1612321.54
130909.09
130909.09
0.00
229098.61
229098.61
0.00
305464.81
305464.81
0.00
0.00
467844.67
479004.36
0.00
479004.36
Continued
PRODUCTION
TOTAL ASSETS
1. Total Current Assets
Inventory on Materials and Supplies
Work in Progress
Finished Products in Stock
Accounts Receivable
Cash in Hand
Cash Surplus, Finance Available
Securities
2. Total Fixed Assets, Net of Depreciation
Fixed Investment
Construction in Progress
Pre-Production Expenditure
Less Accumulated Depreciation
3. Accumulated Losses Brought Forward
4. Loss in Current Year
TOTAL LIABILITIES
5. Total Current Liabilities
Accounts Payable
Bank Overdraft
6. Total Long-term Debt
Loan A
Loan B
7. Total Equity Capital
Ordinary Capital
Preference Capital
Subsidies
8. Reserves, Retained Profits Brought Forward
9. Net Profit After Tax
Dividends Payable
Retained Profits
5
2021374.46
1928874.46
5004.47
13157.13
26314.25
130909.09
35246.18
1718243.34
0.00
92500.00
410000.00
0.00
273940.00
591440.00
0.00
0.00
2021374.46
130909.09
130909.09
0.00
152732.41
152732.41
0.00
305464.81
305464.81
0.00
0.00
946849.03
485419.12
0.00
485419.12
6
2510193.74
2431193.74
5004.47
13157.13
26314.25
130909.09
35246.18
2220562.62
0.00
79000.00
410000.00
0.00
273940.00
604940.00
0.00
0.00
2510193.74
130909.09
130909.09
0.00
76366.20
76366.20
0.00
305464.81
305464.81
0.00
0.00
1432268.15
565185.48
0.00
565185.48
7
3005427.78
2939927.78
5004.47
13157.13
26314.25
130909.09
35246.18
2729296.66
0.00
65500.00
410000.00
0.00
273940.00
618440.00
0.00
0.00
3005427.78
130909.09
130909.09
0.00
0.00
0.00
0.00
305464.81
305464.81
0.00
0.00
1997453.63
571600.24
0.00
571600.24
8
3583442.78
3531442.78
5004.47
13157.13
26314.25
130909.09
35246.18
3320811.66
0.00
52000.00
410000.00
0.00
273940.00
631940.00
0.00
0.00
3583442.78
130909.09
130909.09
0.00
0.00
0.00
0.00
305464.81
305464.81
0.00
0.00
2569053.87
578015.00
0.00
578015.00
9
4161457.79
4122957.79
5004.47
13157.13
26314.25
130909.09
35246.18
3912326.66
0.00
38500.00
410000.00
0.00
273940.00
645440.00
0.00
0.00
4161457.79
130909.09
130909.09
0.00
0.00
0.00
0.00
305464.81
305464.81
0.00
0.00
3147068.88
578015.00
0.00
578015.00
10
4739472.79
4714472.79
5004.47
13157.13
26314.25
130909.09
35246.18
4503841.67
0.00
25000.00
410000.00
0.00
273940.00
658940.00
0.00
0.00
4739472.79
130909.09
130909.09
0.00
0.00
0.00
0.00
305464.81
305464.81
0.00
0.00
3725083.88
578015.00
0.00
578015.00
10