Country

Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Kenya
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Ethiopia
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda

CURRENCY
KES
KES
KES
KES
KES
KES
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
ETB
ETB
ETB
ETB
ETB
ETB
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
UGX
UGX
UGX
UGX
UGX
UGX
USD
USD

Category
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales

2011
4,258,688
1,277,606
963,809
782,274
125,550
450,000
1,963,139
295,968
340,479
766,726
124,275
199,855
3,950,920
632,403
569,446
195,589
124,295
87,892
7,301,485
5,718,394
15,307,264
758,076
121,666
436,080
4,949,066
2,543,895
15,304,077
439,932
75,540
120,789
6,894,246
4,079,688
3,267,807
198,915
109,165
143,487
5,796,420
1,388,023
1,311,910
802,353
171,406
511,517
57,690
73,683

2012
5,516,820
1,599,878
1,031,276
821,388
136,050
450,000
5,040,118
671,770
831,630
273,805
8,745
18,450
5,278,366
1,337,935
864,316
130,809
18,441
19,543
19,704,501
7,445,412
2,180,374
1,415,900
234,522
775,705
10,134,941
4,003,226
2,028,133
1,027,628
197,721
753,639
2,344,373
2,752,852
336,843
328,647
61,692
701,050
6,396,065
2,393,555
1,046,071
861,180
174,924
504,297
269,465
1,910,816

Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Uganda
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Malawi
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania
Tanzania

USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
MWK
MWK
MWK
MWK
MWK
MWK
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
TZS
TZS
TZS
TZS
TZS
TZS
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR

Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation

283,014
279,885
24,695
71,466
483,162
162,652
102,508
233,548
77,790
13,731
7,654,938
8,064,256
17,290,312
1,028,508
179,235
587,570
1,919,333
6,459,641
8,721,335
921,537
142,339
344,788
4,081,705
487,943
9,259,507
439,119
66,052
292,263
8,547,543
2,005,144
1,398,729
1,004,726
172,265
603,733
4,781,943
1,441,912
122,454
689,337
14,671
404,180
980,491
224,034
218,652
938,406
112,247

328,453
25,358
130,308
18,782
273,566
1,222,524
236,815
190,026
145,371
1,553
21,695,575
7,474,400
3,162,119
1,916,603
274,936
1,156,501
15,597,428
1,480,357
1,807,570
1,127,583
157,436
870,090
11,369,100
4,790,296
304,198
1,295,909
210,570
513,959
7,415,806
2,488,931
1,206,187
1,091,462
254,667
738,263
5,867,630
1,497,622
635,179
1,032,770
34,802
173,877
5,215,167
1,618,307
755,197
1,006,807
248,706

Tanzania
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Zambia
Rwanda
Rwanda
Rwanda
Rwanda
Rwanda
Rwanda
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola
Angola

EUR
ZMW
ZMW
ZMW
ZMW
ZMW
ZMW
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
AOA
AOA
AOA
AOA
AOA
AOA
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR

Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs
Sales
Cost of sales
Personnel costs
Administrative costs
Depreciation
Finance costs

420,171
9,412,924
8,646,758
17,859,219
1,177,996
181,829
804,918
2,964,328
5,576,511
2,628,787
418,410
28,943
491,328
2,554,066
8,119,896
2,935,265
610,166
92,706
126,697
11,275,629
2,687,675
1,407,721
1,281,969
248,597
754,361
12,227,296
9,133,067
23,760,511
1,643,493
186,847
1,091,095
4,365,479
69,314
19,321,197
620,532
68,050
275,698
4,799,085
670,895
6,248,425
487,606
17,068
175,870

414,549
31,914,654
9,525,037
3,219,956
2,521,545
393,597
1,544,943
22,204,687
6,869,695
317,594
71,996
243,968
257,166
25,095,307
2,214,021
952,386
616,350
72,471
257,775
10,723,705
2,959,200
1,533,117
1,330,041
275,995
1,036,076
45,438,520
10,354,497
4,056,221
2,632,839
577,933
1,726,579
41,181,355
3,956,941
2,601,863
1,088,856
60,091
1,317,405
1,096,290
7,042,501
1,523,679
1,978,913
453,465
1,405,378

2013
5,772,883
1,674,136
1,103,465
862,457
149,655
450,000
655,499
565,647
794,247
223,556
110,146
15,569
57,950
596,250
958,074
518,135
108,133
423,465
32,196,019
9,324,825
2,466,946
230,087
39,925
120,051
20,801,684
7,041,808
2,154,103
130,654
11,621
49,480
17,237,464
9,273,759
1,085,425
9,801
38,472
81,448
7,360,946
2,327,335
1,371,463
921,825
218,203
490,573
43,710
293,112

2014
5,830,275
1,661,628
1,180,707
905,580
164,621
450,000
3,754,576
378,289
40,997
539,982
68,456
338,097
4,255,041
433,259
640,269
582,451
92,767
77,085
14,008,530
3,474,462
18,299,525
194,290
35,319
96,547
11,312,861
608,167
9,367,891
39,404
27,834
20,959
5,071,409
557,073
15,758,075
182,669
24,875
9,340
7,762,587
2,119,222
1,304,043
1,151,122
175,178
620,866
1,689,921
704,845

2015
5,942,000
1,604,340
1,286,971
950,859
181,083
375,000
5,727,851
270,786
1,061,151
787,133
166,094
249,476
4,678,749
728,542
21,228
252,703
71,300
212,582
29,082,484
7,947,554
4,335,630
34,834
6,634
13,738
7,177,067
815,993
1,659,502
1,341
2,114
5,165
15,714,051
4,506,187
780,214
27,199
4,062
7,224
8,636,234
1,657,453
1,507,677
1,040,961
209,778
381,360
5,819,700
1,023,622

649,608
340,086
62,661
28,452
77,516
50,601
417,911
404,454
140,740
14,565
39,127,665
12,633,186
3,376,354
281,089
57,295
154,545
11,970,137
6,464,714
1,044,337
187,075
14,094
100,757
385,986
12,324,164
3,326,494
8,103
47,582
130,260
10,938,697
3,281,415
1,440,633
1,175,077
277,165
591,772
2,503,103
2,476,627
1,332
466,047
53,177
520,274
10,416,754
2,801,186
973,073
378,271
63,431

305,032
409,179
17,545
117,327
1,106,006
176,038
319,541
627,117
26,152
79,886
19,469,425
4,599,166
18,697,417
259,477
48,145
125,110
615,464
3,115,369
988,733
196,720
17,528
103,483
4,541,251
1,067,492
3,536,648
177,292
34,051
84,806
9,769,102
2,855,426
1,662,400
1,477,237
202,645
703,493
4,166,702
543,188
1,625,902
879,334
183,944
29,279
7,911,747
1,988,673
523,671
873,319
4,703

451,617
167,872
24,678
85,889
2,132,967
524,215
31,850
92,450
71,982
93,642
41,954,093
8,967,084
5,593,440
48,399
8,183
18,370
9,179,983
5,255,288
3,686,719
23,181
5,000
8,953
10,106,888
2,796,434
3,859,555
12,557
4,805
4,697
10,771,339
1,893,063
1,626,710
1,522,534
305,385
460,404
2,315,339
487,007
13,756
813,768
299,832
410,769
4,111,499
1,085,023
76,061
1,223,656
149,447

548,282
58,100,212
16,305,886
5,063,481
382,080
70,696
168,075
5,117,539
5,083,452
345,361
343,901
16,261
81,367
28,686,175
7,696,248
1,366,667
363,311
52,970
55,012
12,482,397
4,175,684
1,861,863
1,707,379
319,349
740,944
63,962,581
24,295,649
6,651,594
563,251
84,193
219,187
1,157,044
18,509,833
5,658,614
341,857
8,426
48,095
37,437,910
2,552,024
3,797,230
223,921
9,096
89,905

3,980
21,377,075
5,017,243
22,116,292
367,350
53,715
182,649
16,560,986
944,959
5,963,311
336,626
47,245
133,914
8,809,072
3,947,638
21,357,610
284,341
26,453
179,876
12,588,502
2,958,954
2,470,864
1,868,399
271,316
822,520
23,358,809
5,422,604
31,417,131
513,257
73,075
189,316
19,424,463
858,528
23,708,226
159,848
41,022
131,432
1,325,450
3,211,654
24,412,308
254,600
30,694
153,109

456,396
50,705,962
13,187,554
7,019,867
61,310
9,955
27,541
19,834,666
8,494,262
1,319,861
37,654
9,861
1,552
11,072,568
6,852,466
5,815,644
33,031
8,735
7,959
12,600,724
2,250,475
2,354,674
2,154,965
349,717
567,095
67,668,745
14,469,371
9,911,158
67,205
10,101
33,318
63,354,561
9,535,638
5,190,688
57,531
3,765
25,801
26,514,987
12,629,334
158,336
13,276
4,353
6,027

FunctionAPPLICATION
1 AND
Checks whether ALL arguments are TRUE then returns TRUE. I
Forexample: add a column to show the case where the data sh
2 OR
Checks whether ANY of the arguments is TRUE then returns TR
Forexample: add a column to show the case where the data sh
3 IF
It is our focal point in decision-making. All decisions are based
or if the project shows a positive NPV, then select
Example: IF the company is Kenya, then Headquarters IF other
4 IFERROR #DIV/0! #NAME? #VALUE!
Cases as these above are known as errors in Excel. When you
Errors distort data, forexample you cannot show the summatio
use IFERROR to replace any unknown error with say zero to all
5 IFNA
IFNA
Err:512
0
6 NOT
Changes or reverses an argument from TRUE to FALSE or from
0
1

E then returns TRUE. IF any argument is FALSE it returns FALSE

ase where the data shows Sales in USD
TRUE then returns TRUE. IF NONE of the argument is TRUE it returns FALSE
ase where the data shows EITHER Sales OR currency is USD
ll decisions are based on conditions e.g. If the funds are adequate, then allocate to the p
en select
Headquarters IF otherwise, then Branch

rs in Excel. When you divide a number by zero, or a character

ot show the summation of a column which has even a single error
or with say zero to allow it to be useful

TRUE to FALSE or from FALSE to TRUE

s FALSE

hen allocate to the project

Overview

Definition

Treasury bonds

Corporate bond
Municipal bonds
Foreign bonds

Par value

Coupon interest rate

Zero coupon bond

Payment in kind bonds
(PIK)

Maturity date
Value

Long term contract. The borrower agrees to make payments of Interest and Principal
Issued by the government. Also known as the government bonds. Fairly limited risk or less
risky since it is always assumed government will pay off. The government will tax its citizens
or make further borrowings to pay off its debts.some governments have however lapsed in
their payments in the past. Greece, Zibambwe etc. however, this is more of an exception
than the rule. Government will as a general rule always pay.
These are issued by corporates. They are however exposed to default risk, if the company
collapses or goes burst, the bond holders will be severely exposed. In Kenya, a recent case of
corporate bond failure is the Imperial bank bond issued in 2015. However, there are several
corporate bonds which are running smoothly. As a result of the default risk, corporate bonds
are issued at a premium above the risk-free rate.
Issued by county, state or local governments
Issued by foreign governments and foreign corporationsthe case of the Eurobond in Kenya
Par value is the stated face value of the bond. In most cases 1,000 or 100. or in multiples
thereof. This represents the amount of money the firm borrows or promises to repay on
maturity.
The rate of interest on the bond based on par value and expressed per annum although
payments may be done several times within a year e.g. semi-annually, or quarterly. For a
fixed rate bond, the coupons will be constant until maturity. However, a folating rate bond,
the coupon is adjusted after every agreed time span based on a given benchmark. This may
be 90 day TBill, LIBOR etc.
Bonds that don't pay coupons. Popular with companies that have long term projects and do
not want to interfere with cashflows in the middle of the project when it doesn't generate
cash at all. Therefore they will probably be issued at a significant original issue discount
(OID) and redeemed at par on maturity. the bond holder therefore benefits from capital gain
Bonds that pay coupons in form of additional bonds rather than cash. They are also issued by
companies with cash flow problems and are therefore high risk
This is the date when the principal must be repaid in full. The EFFECTIVE maturity declines
each year and any maturity date is legally permissible. However, the most common
maturities are 2 , 5,7 and 10 and 15 years.
the value of a bond (or any asset) is simply the present value of the future cash flows the
bond is expected to generate

Coupon rate (i)

Market rate (rd)
Par
Time
Interest payment
Maturity payment
Total cash flows
Present value
Net present value

10%
10%
1,000
0

1
100

2
100

3
100

4
100

5
100

100

100

100

100

100

$1,000.00
1,000.00

Suppose:
1 In the second year, the market interest fell from 10% to 5%
2 In the third year, rate moved from 5% to 15%
Note:
If market rate = coupon rate, the bond is sell at PAR
IF the market rate rises above coupon rate, the bond is issued at DISCOUNT
IF the market rate falls below coupon rate, the bond is issued at PREMIUM

6
100

7
100

8
100

9
100

10
100

11
100

12
100

13
100

100

100

100

100

100

100

100

100

1,494.93
720.84

sued at DISCOUNT
ued at PREMIUM

14
100
100

15
100
1,000
1,100

Coupon rate (i)

Market rate (rd)

10%

Market rate (rd)

10%

Market rate (rd)

15%
1,000
15
0

Par
Time
Interest payment
Maturity payment
Total cash flows
Pv @ 5%
Pv @ 10%
Pv @ 15%

5%

0
1,000
1,000
1,000

14
1
100

13
2
100

12
3
100

11
4
100

100
1
1,495
1,000
714

100
2
1,470
1,000
721

100
3
1,443
1,000
729

100
4
1,415
1,000
738

Time path
1,600
1,400
1,200
1,000
800
600
400
200
-

10
5
100

9
6
100

8
7
100

7
8
100

6
9
100

5
10
100

4
11
100

100
5
1,386
1,000
749

100
6
1,355
1,000
761

100
7
1,323
1,000
776

100
8
1,289
1,000
792

100
9
1,254
1,000
811

100
10
1,216
1,000
832

100
11
1,177
1,000
857

Time path at 5%,10% and 15% of a 10% bond

1,600
1,400
1,200
1,000
800
600
400
200
-

Pv @ 5%

Pv @ 10%

10

11

Pv @ 15%

12

13

14

15

3
12
100

2
13
100

1
14
100

100
12
1,136
1,000
886

100
13
1,093
1,000
919

100
14
1,048
1,000
957

0
15
100
1,000
1,100
15
1,000
1,000
1,000