Académique Documents
Professionnel Documents
Culture Documents
BEGINNING CASH BALANCE 0 500 500 180,775 117,783 54,620 230,556 -230,364 500 500 500 161,637 0
Farm-gate shrimp value, heads-on $3.27 $/lb 338,044 0 0 243,438 0 0 238,928 0 231,001 0 0 224,129 0 937,496
TOTAL CASH INFLOW 0 500 243,938 180,775 117,783 293,548 230,556 637 500 500 224,629 161,637
Operating Expenses
Feed
Grow-out $1,748 ton 222 32,393 32,393 32,393 32,393 32,393 32,393 32,393 32,393 32,393 32,393 32,393 32,393 388,717
Nursery $1,098 ton 23 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 2,122 25,465
Labor, nursery and growout
Farm management $140,875 annual 1 11,740 11,740 11,740 11,740 11,740 11,740 11,740 11,740 11,740 11,740 11,740 11,740 140,875
Hired labor, hourly $62,818 hour 1 5,235 5,235 5,235 5,235 5,235 5,235 5,235 5,235 5,235 5,235 5,235 5,235 62,818
Hatchery supplies $962 crop 8.5 682 682 682 682 682 682 682 682 682 682 682 682 8,179
Post larvae, PL12 $8.00 $/1,000 3,444 3,242 2,296 2,296 2,296 2,296 2,296 2,296 2,296 2,296 2,296 2,296 2,296 28,501
Utilities
Fuel, gasoline $3.30 $/gallon 1,096 301 301 301 301 301 301 301 301 301 301 301 301 3,617
Fuel, diesel $3.95 $/gallon 1,460 481 481 481 481 481 481 481 481 481 481 481 481 5,767
Electricity $0.08 $/kwh 1,359 3,370 3,044 3,370 3,261 3,370 3,261 3,370 3,370 3,261 3,370 3,261 3,370 39,677
Water, fresh
- Initial 80 RW fill $0.14 $/1,000 gal 1,489 208 208
- Evaporation replacement $0.14 $/1,000 gal 8,412,155 100 90 100 97 100 97 100 100 97 100 97 100 1,178
Chemicals
Salt, Red Sea Salt $650 bag (2220 lb/bag) 90 58,500 58,500
Sodium bicarbonate $0.165 $/lb 54,000 743 743 743 743 743 743 743 743 743 743 743 743 8,910
Mineral additive to water $10,000 $/year/GH 1 10,000 10,000
Liquid oxygen
- Liquid oxygen tank rental $1,500 11K-gal tank/mo 1 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000
- Liquid oxygen supply $0.40 100 ft. 3 vol/RW/d 147.84 1,833 1,656 1,833 1,774 1,833 1,774 1,833 1,833 1,774 1,833 1,774 1,833 21,585
Sludge removal $15.00 $/gallon 45 168 168 168 168 168 168 168 168 168 168 168 168 2,017
Telephone expense $200.00 $/month 12.00 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Insurance 0.21% %/investment $ 991,997 2,067 2,067
Property tax $9.48 $/acre 7 63 63
Scheduled debt payments:
Long-term
Principal 921,603 103,286 103,286
Interest 8.00% percent 317,498 73,728 73,728
Intermediate-term
Principal /1 70,395 7,889 7,889
Interest 8.00% percent 24,251 5,632 5,632
TOTAL CASH OUTFLOW 138,467 62,650 63,163 62,992 63,163 62,992 250,177 63,163 62,992 63,163 62,992 63,163 1,019,077
Financial and Economic Spreadsheets
1. Net Present Value
Calculation of payback period, rate of return, net present
value and internal rate of return
Graphical output of annual cash flows using average
monthly shrimp price plus and minus 1 standard deviation
2. Sensitivity Analyses
Net returns, total receipts and total cost with respect to:
Changes in survival and growth rate
Cost of production and IRR with respect to:
Changes in PL stocking density and growth rate
3. Enterprise Budget
OUTPUT from the Economic Model
Ten year calculation of payback period, net present value and internal rate of return
HI-35, 324pl/m3, 4.7 g to 27.22g, 1.59 FCR, 77 days
Item 0 1 2 3 4 5 6 7 8 9 10
Gross receipts 0 937,496 1,176,127 1,172,674 1,172,603 945,138 1,176,127 1,404,291 938,837 1,171,356 1,040,700
Total costs 0 1,249,941 1,242,665 959,423 959,423 959,423 959,423 959,423 768,888 768,888 768,888
Investor dividend 0 0 0 0 0 0 0 0 0 0 0
Taxable income 0 -312,445 -66,537 213,251 213,180 -14,285 216,704 444,868 169,949 402,469 271,812
Income taxes 0 0 0 0 0 0 0 0 0 0 0
Net income 0 -312,445 -66,537 213,251 213,180 -14,285 216,704 444,868 169,949 402,469 271,812
Depreciation 0 126,610 126,610 126,610 126,610 126,610 126,610 126,610 126,610 126,610 126,610
Net income + depreciation 0 -185,835 60,072 339,860 339,789 112,325 343,314 571,478 296,559 529,078 398,422
Initial Investment and Replacement
costs 0 0 0 0 0 0 510,717 0 61,479 0 50,297
-
Net cash flow 991,997 -185,835 60,072 339,860 339,789 112,325 -167,403 571,478 235,080 529,078 348,125
Average
Pay back period yr 4.55
Discount rate % 10.00%
Net present value $ 102,641
Internal rate of return % 11.72%
n
based on average of 10-yr Cash Flow. HI-35, 324pl/m3, 4.7 g to 27.22g, 1.59 FCR, 77 days
Unit Quantity Price or Value or Percent Value/Cost
Cost / unit Cost of Costs per lb
t
1. Gross Receipts
Farm-gate Shrimp value, whole, heads-on lb 338,044 3.27 $1,104,215 $3.27
2. Variable Costs
e
Feed
Grow-out ton 222 $1,748 $388,717 46.6% $1.15
Nursery ton 23 $1,098 $25,465 3.1% $0.08
r
Labor, nursery and growout
Farm management annual 1 $140,875 $140,875 16.9% $0.42
Hired labor, hourly hour 1 $62,818 $62,818 7.5% $0.19
p
Hatchery supplies crop 9 $962 $8,179 1.0% $0.02
Post larvae, PL12 $/1,000 3,444 $8.00 $27,650 3.3% $0.08
Utilities
Fuel, gasoline $/gallon 1,096 $3.30 $3,617 0.4% $0.01
r Fuel, diesel
Electricity
Water, fresh
$/gallon
$/kwh
1,460
1,359
$3.95
$0.08
$5,767
$39,677
0.7%
4.8%
$0.02
$0.12
i
- Initial RW filling $/ m3 water 1,489 $0.14 $208 0.0% $0.00
- Evaporation replinishment gal / all GHs / day 23,047 $3.23 $1,178 0.1% $0.00
Chemicals
s
Salt, Red Sea Salt bag (2220 lb/bag) 90 $650 $5,850 0.7% $0.02
Sodium bicarbonate 2450lb (pallet) 54,000 $0 $8,910 1.1% $0.03
Mineral additive to water $/year $10,000 1.2% $0.03
e
Liquid oxygen
- Liquid oxygen tank rental 6K-gal tank/mo 1 $1,500 $18,000 2.2% $0.05
- Liquid oxygen supply 100 ft. 3 vol/RW/d 147.8 $0.40 $21,585 2.6% $0.06
B
Sludge removal $/gallon 45 $15.00 $2,017 0.2% $0.01
Telephone expense $/month 12 $200.00 $2,400 0.3% $0.01
Interest on Operating Capital dollar $772,911 8.00% $61,833 7.4% $0.18
u
TOTAL VARIABLE COSTS $834,744 100.0% $2.47
d 4. Fixed Cost
Land charge (not included) dollar 0 8.00% $0 0.0% $0.00
g
Facility depreciation dollar $114,531 58.5% $0.34
Machinery depreciation dollar $12,079 6.2% $0.04
Repair & maintenance annual $31,831 16.3% $0.09
Interest on RW & GH Construction dollar $32,452 16.6% $0.10
t
TOTAL FIXED COSTS $195,838 100.0% $0.58
$235,006
6. Total of All Specified Expenses $1,068,200 $1,030,583 $3.05
B. Equipment/machinery costs
Hatchery Equipment $3,395 $3,395 5 $1,697 $679 $136 5.00% $170
Stand-by generator $17,000 $17,000 5 $8,500 $3,400 $680 5.00% $850
Office equipment $10,000 $10,000 5 $5,000 $2,000 $400 5.00% $500
All terrain vehicle (golf cart w/ bed) $5,000 $5,000 5 $2,500 $1,000 $200 5.00% $250
Large tractor $35,000 $35,000 7 $17,500 $5,000 $1,400 3.57% $1,250
Small tractor $0 $0 7 $0 $0 $0 3.57% $0
SUBTOTAL $70,395 $70,395 $35,197 $12,079 $2,816 $3,020
Auburn University
Department of Fisheries and Allied
Aquacultures
Water
RW Stocking Stock Harvest Days Growth SGR Sur Yield FCR Use Sal
(Juv/m3) (g) (g) (g/wk) (g/d) (%) (Kg/m3) L/1 kg (ppt)
1 500 1.9 22.16 81 1.75 0.25 87.6 9.66 1.39 169.0 18
2 500 1.9 23.63 82 1.86 0.27 81.5 9.59 1.44 160.8 18
3 500 1.9 23.36 82 1.83 0.26 80.7 9.40 1.45 149.0 18
4 500 1.9 23.79 83 1.85 0.26 79.3 9.39 1.45 161.0 18
5 500 1.4 25.12 85 1.95 0.28 78.9 9.87 1.44 148.2 30
Av. 23.61 83 1.85 0.26 81.6 9.58 1.43 157.6
SD 0.94 0.06 0.01 0.3 0.18 0.02 7.9
Economic Analysis
Study 1
Two diets (Zeigler Brothers); three replicates
Semi-Intensive (SI-35) 35% protein: $ 0.99/kg or $
0.452/lb
Hyper-Intensive (HI-35) 35% protein: $ 1.75/kg or $
0.795/lb
SI-35, 40 m3 RW
2 500 2.66 19.06 67 1.69 93.04 8.87 1.4 21.1
4 500 2.66 20.81 67 1.87 84.78 8.82 1.41 25.5
6 500 2.66 19.49 67 1.73 86.71 8.45 1.48 22.7
Average 500 2.66 19.79 67 1.76 88.18 8.71 1.43 23.1
Economic Analysis
Study 2
Only HI-35 diet
Stocking Water
Harvest Growth Yield
RW Days FCR Use
Size (g) (g/wk) (Kg/m3)
(Juv/m3 ) (g) (L/kg)
HI-35, 100 m2 RW
B1 500 3.6 22.76 63 2.13 9.2 1.43 38.59
B2 500 3.6 22.67 63 2.12 8.86 1.53 44.00
Average 500 3.6 22.72 63 2.13 9.03 1.48 41.30
Comparison of Production Results
From 2011 to 2012
HI-35 SI-35 HI-35
Treatment 2011 A
40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) 81.6 87.3 88.2 79.5
Growth rate (g/wk) 1.85 2.03 1.76 2.13
Stocking size (g) 1.8 2.7 2.7 3.6
Harvest size (g) 23.6 22.3 19.8 22.7
FCR 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
HI-35 SI-35 HI-35
Treatment 2011 A
40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) 1.85 2.03 1.76 2.13
Stocking size (g) 1.8 2.7 2.7 3.6
Harvest size (g) 23.6 22.3 19.8 22.7
FCR 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) 1.8 2.7 2.7 3.6
Harvest size (g) 23.6 22.3 19.8 22.7
FCR 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) 23.6 22.3 19.8 22.7
FCR 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
Crop length (days) 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
Crop length (days)-19.3%, -19.3%, -24.1% 83 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
4.4
crops
Crop length (days) 83
/yr 67 67 63
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
4.4 5.5
crops
Crop length (days)-19.3% 83
crops /yr67 67 63
/yr +25%
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
4.4 5.5
crops
Crop length (days)-19.3%, -19.3% 83
crops 67 67
/yr 63
/yr +25%
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
4.4 5.8
crops
Crop length (days)-19.3%, -19.3%, -24.1% 83
crops 67 67 63
/yr
/yr +32%
Production (kg/m3) 9.58 9.74 8.71 9.03
Comparison of Production Results
From 2011 to 2012
2011 HI-35 SI-35 HI-35
Treatment A 40m3 40m3 100m3
Stocking density (Juvenile/m3) 500 500 500 500
Survival rate (%) +7.0%, +8.1%, -2.6% 81.6 87.3 88.2 79.5
Growth rate (g/wk) +9.7%, -4.9%, +15.1% 1.85 2.03 1.76 2.13
Stocking size (g) +50%, +50%, +100% 1.8 2.7 2.7 3.6
Harvest size (g) -5.5%, -16.1%, -3.8% 23.6 22.3 19.8 22.7
FCR -12.6%, 0%, +3.5% 1.43 1.25 1.43 1.48
Crop length (days)-19.3%, -19.3%, -24.1% 83 67 67 63
Production (kg/m3) +1.7%, -9.1%, -5.7% 9.58 9.74 8.71 9.03
Economic Analysis
Performed a 10-year cash flow analysis to estimate:
Cost of production, Net returns to land, Net present value, Internal rate of
return, and Payback period
Prices/Costs used in analysis
Shrimp sales price: averaged $7.20/kg ($3.27/lb)
Grow-out feed: Zeigler Brothers
Semi-Intensive (SI-35): $0.99/kg = $ 990/MT or $0.452/lb = $
904/ton
Hyper-Intensive (HI-35): $1.75/kg = $1,750/MT or $0.795/lb =
$1,590/ton
Juveniles production cost: $20.00/1,000
Interest rate for loans: 8%
Initial investment = $991,997
Economic Analysis
Study results extrapolated to:
One greenhouse system (GH)
Each GH consists of eight 500 m3/m2 grow-out
tanks and two 500 m3/m2 nursery tanks