Documente Academic
Documente Profesional
Documente Cultură
Development Studies
Associates (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
3.3Service Program......................................................................................................................5
8.Financial Analysis.................................................................................................7
8.1Underlying Assumption .........................................................................................................7
8.2Investment...............................................................................................................................9
8.3Production Costs.....................................................................................................................9
8.4Financial Evaluation.............................................................................................................10
1. Executive Summary
This project envisages the provision of agricultural mechanization services. The total investment
requirement of the project including the working capital is estimated at about Birr 4.2 million; of
which Birr 3.5 million is for machinery and equipments and Birr 350 thousand is the cost of civil
works. Based on the cash flow statement, the calculated internal rate of return (IRR) and simple
rate of return (SRR) of the project are 29 % and 28.4 %, respectively. The net present value
(NPV) at 18 % discounting rate is about Birr 1816 thousand. The plant is expected to create
employment opportunities for about 21 persons.
Market Study
3.1.1 Present Demand and Supply
Services that are provided through agricultural mechanization are substitutes for mechanization
of farms and other agricultural activities by owning the machinery and equipment. These types
of services enable farmers to use modern farm machinery and equipment without burdening each
farmer or group of farmers in owning expensive farm machinery and equipment. Agricultural
mechanization services reduce farming time and enable farmers to plow, harvest and store their
farm produce in optimal periods of each season thereby increasing productivity and production
volume. These agricultural machinery rental centers could also have middle level technical
advisors who will consult farmers on the different activities of farming and livestock rising. The
consultation will be done with payment of reasonable fees. The main advantage of these rental
centers to farmers is, they enable group of farmers with adjacent farms to rent (in group)
agricultural machinery such as a tractor for plowing all the farm lands in group. This will reduce
the rental cost for each farmer and will also minimize the operation expenses of the farm
mechanization service center.
More than 3 million hectares of land in the Amhara Region is under cultivation. Under normal
conditions, one tractor plows about 10 hectares per day. For one cycle of plowing, 300,000
tractor-days are needed to plow the 3 million hectares of farm lands of the Region. This is the
highest potential demand for tractor services in the Region. But many farms in the Region are
too steep and/or too rugged for using tractors for plowing. In addition many other farms are also
filled with small and big boulders which make them unsuitable for tractor plowing. Given these
unfavorable conditions, we can assume that about 40 percent of farms in the Region are suitable
for tractor plowing. This means about 120,000 tractor-days are required to perform one cycle of
plowing in the Region. This is the highest realistic potential demand for tractor rental services.
Let us get closer to the ground and see the potential zones of the Region which will use tractor
services with the highest economic and financial benefits. The first candidates are most parts of
East and West Gojjam and Awe zones, areas around Lake Tana in North and South Gondar
Zones and West Gojjam, some valley plains in North and South Wollo zones, and the highland
plateau of North Shewa. These areas of the Amhara Region can have sufficient demand for
agricultural machinery rental services which will make the center financially viable.
3.2
Plant Capacity
Thus, given the expected potential demand for agricultural mechanization services as presented
earlier, the envisaged center plans to sell 12,000 tractor-days (10 % of the total potential
demand) per annum. Assuming a tractor plow only 120 days a year and taking the fact that a
tractor plows 10 hectares of land per day, the mechanization center needs 10 tractors to plow
12,000 hectares of land in a year.
3.3
Service Program
The service provision program follows gradual capacity utilization due to marketing reasons.
Since strong marketing activity is a must to introduce the services, the new agricultural
mechanization service needs some time to penetrate the market. Accordingly, 75 % and 85 %
capacity utilization are assumed for the first and the second years of the operation, respectively.
The third year onwards, 100 % capacity utilization is assumed.
This project idea deals with the provision of services and as such it does not require the use of
"raw materials". However, the main inputs for the provision of the services will be the diesel oil
required to make operational the agricultural machinery and equipments.
4.2
Raw material requirements for a full capacity utilization of tractors are given in Table 4.1.
TABLE 4.1
RAW MATERIALS REQUIREMENT
Quantity
L.C.
10,000kwh
36,000 lit
1000m3
Total Cost
F.C.
5,500
216,000
2,650
224,150
According to the above table the annual cost of input and utility is estimated to be Birr 224, 150.
Production Process
The main process or activities for providing agricultural machinery rental services are
establishing the center, constructing machinery shades and a small repair and maintenance
workshop, purchasing the most important pieces of machinery and equipment (such as tractors,
harvesters...), developing and implementing an effective and appropriate marketing strategy and
finally providing dependable machinery rental services.
6.2
The agricultural mechanization center will have about 10 tractors, one harvester and other
assorted type of agricultural implements and tools. The total cost of these machineries is
estimated to reach at Birr 3.5 million. Of which Birr 3 million is in foreign currency.
6.3
The shade area required by the center is estimated to be 300 m 2, and it costs Birr 350,000. This
would include cost of land preparation and associated civil works. The total land area of the
6
plant, including the open space, is 1000 m2 , and its lease cost equals Birr 18,400. The cost of the
land lease is as per ANRS land lease rate for Dejen which is equal to Birr 18.40 per square meter
for service purpose. Of the total cost of the lease, 5 % is paid in the beginning while the rest will
be paid in 40years.
Human Resource
Position
Manager
Accountant/Cashier
Supervisor
Mechanics
Assistants
Drivers
Guards
Sub-Total
Benefit (20%)
Total
No.
Required
1
1
1
2
2
10
4
21
21
Monthly
Salary
2500
1000
1500
1500
600
1000
300
Total Annual
Salary
30000
12000
18000
36000
14400
120000
14400
244,800
48,960
293760
The total annual wages and salary, including 20 % benefits, amount to Birr 293,760.
7.2
Training Requirement
No training is required.
8. Financial Analysis
8.1
Underlying Assumption
The financial analysis of Agricultural Mechanization Services is based on the data provided in
the preceding chapters and the following assumptions.
1 Years
Source Of Finance
Tax Holidays
2 Years
12%
18%
Value of Land
B. Depreciation
Building
5%
10%
Office Furniture
10%
Vehicles
20%
Pre-Production (Amortization)
20%
Raw Material-Local
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
8.2
Investment
The total investment cost of the project including working capital is estimated at Birr 4.2 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
L.C
F.C
Total
920
920
350,000
350,000
20,000
20,000
500,000
3,000,000
3,500,000
870,920
3,000,000
3,870,920
43,546
150,000
193,546
914,466
3,150,000
4,064,466
155,579
1,070,045
0
3,150,000
155,579
4,220,045
*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 3.2 million or 74.6 % of the total
investment cost.
8.3
Production Costs
The total production cost at full capacity operation is estimated at Birr 1.3 million (See Table
8.2). Utilities account for 17.3 % , and wages and salaries accounts 22.7 % .
TABLE 8.2
PRODUCTION COST AT FULL CAPACITY
Raw Material
Requirement
Cost
0
0
2. Utilities
224,150
293,760
116,128
Service Costs
634,038
5. Depreciation
408,209
6. Financial Costs
253,203
1,295,450
Financial Evaluation
I.
Profitability
According to the projected income statement (See Annex 4) the project will generate profit
beginning from the first 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.
10
III.
Payback Period
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 five years.
IV.
Based on cash flow statement (See Annex 2) the calculated internal rate of return (IRR) of the
project is 29 % and the net present value (NPV) at 18 % discount is Birr 1816 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
A. Profit Generation
The project is found to be financially viable and earns on average a profit of Birr 869 thousand
per year and Birr 8.7 million within the project life. Such result induces the project promoters to
reinvest the profit which, therefore, increases the investment magnitude in the region.
B. Tax Revenue
In the project life under consideration, the region will collect about Birr 3.2 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 21 professionals as well as support
stuffs. Consequently the project creates income of Birr 294 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
75%
85%
100%
100%
0.00
0.00
74310.15
84218.17
99080.20
99080.20
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Local
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
852.75
966.45
1137.00
1137.00
0.00
0.00
9501.35
10768.20
12668.47
12668.47
Work in Progress
0.00
0.00
21318.68
24161.18
28424.91
28424.91
Finished Products
0.00
0.00
42637.37
48322.35
56849.83
56849.83
2. Accounts Receivable
0.00
0.00
196363.64
222545.45
261818.18
261818.18
3. Cash in Hand
0.00
0.00
42374.45
48024.38
56499.27
56499.27
0.00
0.00
313048.24
354788.01
417397.65
417397.65
4. Current Liabilities
0.00
0.00
196363.64
222545.45
261818.18
261818.18
Accounts Payable
0.00
0.00
196363.64
222545.45
261818.18
261818.18
0.00
0.00
116684.60
132242.55
155579.47
155579.47
0.00
0.00
116684.60
15557.95
23336.92
0.00
CURRENT ASSETS
(continued)
PRODUCTION
5
10
100%
100%
100%
100%
100%
100%
99080.20
99080.20
99080.20
99080.20
99080.20
99080.20
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Local
0.00
0.00
0.00
0.00
0.00
0.00
Raw Material-Foreign
0.00
0.00
0.00
0.00
0.00
0.00
1137.00
1137.00
1137.00
1137.00
1137.00
1137.00
12668.47
12668.47
12668.47
12668.47
12668.47
12668.47
Work in Progress
28424.91
28424.91
28424.91
28424.91
28424.91
28424.91
Finished Products
56849.83
56849.83
56849.83
56849.83
56849.83
56849.83
2. Accounts Receivable
261818.18
261818.18
261818.18
261818.18
261818.18
261818.18
3. Cash in Hand
56499.27
56499.27
56499.27
56499.27
56499.27
56499.27
417397.65
417397.65
417397.65
417397.65
417397.65
417397.65
4. Current Liabilities
261818.18
261818.18
261818.18
261818.18
261818.18
261818.18
Accounts Payable
261818.18
261818.18
261818.18
261818.18
261818.18
261818.18
155579.47
155579.47
155579.47
155579.47
155579.47
155579.47
0.00
0.00
0.00
0.00
0.00
0.00
CURRENT ASSETS
PRODUCTION
Year 1
Year 2
2032233.00
2187812.47
1996363.64
2066181.82
2439272.73
2400000.00
2032233.00
2187812.47
196363.64
26181.82
39272.73
0.00
Total Equity
812893.20
875124.99
0.00
0.00
0.00
0.00
1219339.80
1312687.48
0.00
0.00
0.00
0.00
0.00
0.00
196363.64
26181.82
39272.73
0.00
2. Inflow Operation
0.00
0.00
1800000.00
2040000.00
2400000.00
2400000.00
Sales Revenue
0.00
0.00
1800000.00
2040000.00
2400000.00
2400000.00
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
2032233.00
2032233.00
1432979.96
1255816.38
1656628.41
1558570.38
2032233.00
2032233.00
0.00
0.00
0.00
0.00
1935460.00
1935460.00
0.00
0.00
0.00
0.00
96773.00
96773.00
0.00
0.00
0.00
0.00
0.00
0.00
313048.24
41739.77
62609.65
0.00
6. Operating Costs
0.00
0.00
435395.55
488228.80
567478.67
567478.67
0.00
0.00
0.00
0.00
351332.82
366524.98
8. Interest Paid
0.00
0.00
684536.16
303843.27
253202.73
202562.18
9. Loan Repayments
0.00
0.00
0.00
422004.55
422004.55
422004.55
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
0.00
155579.47
563383.68
810365.43
782644.31
841429.62
0.00
155579.47
718963.15
1529328.59
2311972.90
3153402.52
3. Other Income
Fixed Investments
Pre-production Expenditures
6
2400000.00
7
2400000.00
8
2400000.00
9
2400000.00
10
2400000.00
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
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
Sales Revenue
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1523122.00
1499286.38
1463838.00
1006385.07
1006385.07
1006385.07
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
567478.67
567478.67
567478.67
567478.67
567478.67
567478.67
381717.15
408522.07
423714.24
438906.40
438906.40
438906.40
8. Interest Paid
151921.64
101281.09
50640.55
0.00
0.00
0.00
9. Loan Repayments
422004.55
422004.55
422004.55
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Surplus(Deficit)
876878.00
900713.62
936162.00
1393614.93
1393614.93
1393614.93
4030280.52
4930994.14
5867156.14
7260771.07
8654386.01
10048000.94
Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
4. Increase In Fixed Assets
PRODUCTION
Year 1
Year 2
0.00
0.00
1800000.00
2040000.00
2400000.00
2400000.00
1. Inflow Operation
0.00
0.00
1800000.00
2040000.00
2400000.00
2400000.00
Sales Revenue
0.00
0.00
1800000.00
2040000.00
2400000.00
2400000.00
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
2032233.00
2032233.00
552080.16
503786.75
590815.59
934003.65
2032233.00
2032233.00
0.00
0.00
0.00
0.00
Fixed Investments
1935460.00
1935460.00
0.00
0.00
0.00
0.00
96773.00
96773.00
0.00
0.00
0.00
0.00
0.00
0.00
116684.60
15557.95
23336.92
0.00
5. Operating Costs
0.00
0.00
435395.55
488228.80
567478.67
567478.67
0.00
0.00
0.00
0.00
0.00
366524.98
-2032233.00
-2032233.00
1247919.84
1536213.25
1809184.41
1465996.35
-2032233.00
-4064466.00
-2816546.16
-1280332.90
528851.51
1994847.86
-2032233.00
-1722231.36
896236.60
934986.81
933157.19
640800.51
-2032233.00
-3754464.36
-2858227.75
-1923240.94
-990083.75
-349283.23
2. Other Income
Pre-production Expenditures
(Continued)
PRODUCTION
5
10
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
1. Inflow Operation
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
Sales Revenue
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
949195.82
976000.74
991192.90
1006385.07
1006385.07
1006385.07
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
567478.67
567478.67
567478.67
567478.67
567478.67
567478.67
381717.15
408522.07
423714.24
438906.40
438906.40
438906.40
1450804.18
1423999.26
1408807.10
1393614.93
1393614.93
1393614.93
3445652.04
4869651.30
6278458.40
7672073.33
9065688.26
10459303.19
537423.63
447029.01
374796.45
314198.95
266270.29
225652.79
188140.39
635169.41
1009965.86
1324164.81
1590435.10
1816087.89
Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW
1,816,087.89
29.0%
75%
85%
100%
100%
100%
1800000.00
2040000.00
2400000.00
2400000.00
2400000.00
1800000.00
2040000.00
2400000.00
2400000.00
2400000.00
Other Income
0.00
0.00
0.00
0.00
0.00
308121.35
349204.20
410828.47
410828.47
410828.47
1491878.65
1690795.80
1989171.53
1989171.53
1989171.53
82.88
82.88
82.88
82.88
82.88
535483.40
547233.80
564859.40
564859.40
564859.40
956395.25
1143562.00
1424312.13
1424312.13
1424312.13
53.13
56.06
59.35
59.35
59.35
684536.16
303843.27
253202.73
202562.18
151921.64
5. GROSS PROFIT
271859.08
839718.73
1171109.40
1221749.95
1272390.49
0.00
0.00
351332.82
366524.98
381717.15
271859.08
839718.73
819776.58
855224.96
890673.35
Gross Profit/Sales
15.10%
41.16%
48.80%
50.91%
53.02%
15.10%
41.16%
34.16%
35.63%
37.11%
Return on Investment
22.87%
27.25%
25.43%
25.07%
24.71%
Return on Equity
16.11%
49.75%
48.56%
50.66%
52.76%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
10
100%
100%
100%
100%
100%
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
2400000.00
Other Income
0.00
0.00
0.00
0.00
0.00
410828.47
410828.47
410828.47
410828.47
410828.47
1989171.53
1989171.53
1989171.53
1989171.53
1989171.53
82.88
82.88
82.88
82.88
82.88
526150.20
526150.20
526150.20
526150.20
526150.20
1463021.33
1463021.33
1463021.33
1463021.33
1463021.33
60.96
60.96
60.96
60.96
60.96
101281.09
50640.55
0.00
0.00
0.00
5. GROSS PROFIT
1361740.24
1412380.79
1463021.33
1463021.33
1463021.33
408522.07
423714.24
438906.40
438906.40
438906.40
7. NET PROFIT
953218.17
988666.55
1024114.93
1024114.93
1024114.93
Gross Profit/Sales
56.74%
58.85%
60.96%
60.96%
60.96%
39.72%
41.19%
42.67%
42.67%
42.67%
Return on Investment
24.99%
24.63%
24.27%
24.27%
24.27%
Return on Equity
56.47%
58.57%
60.67%
60.67%
60.67%
VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
RATIOS (%)
Year 1
2032233.00
Year 2
4220045.47
PRODUCTION
1
4688268.19
2
5132164.19
3
5569208.96
4
6002429.37
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2032233.00
0.00
1935460.00
96773.00
0.00
0.00
0.00
2032233.00
0.00
0.00
0.00
1219339.80
1219339.80
0.00
812893.20
812893.20
0.00
0.00
0.00
0.00
0.00
0.00
155579.47
0.00
0.00
0.00
0.00
0.00
155579.47
0.00
4064466.00
1935460.00
1935460.00
193546.00
0.00
0.00
0.00
4220045.47
0.00
0.00
0.00
2532027.28
2532027.28
0.00
1688018.19
1688018.19
0.00
0.00
0.00
0.00
0.00
0.00
1032011.39
10354.10
21318.68
42637.37
196363.64
42374.45
718963.15
0.00
3656256.80
3870920.00
0.00
193546.00
408209.20
0.00
0.00
4688268.19
196363.64
196363.64
0.00
2532027.28
2532027.28
0.00
1688018.19
1688018.19
0.00
0.00
0.00
271859.08
0.00
271859.08
1884116.59
11734.64
24161.18
48322.35
222545.45
48024.38
1529328.59
0.00
3248047.60
3870920.00
0.00
193546.00
816418.40
0.00
0.00
5132164.19
222545.45
222545.45
0.00
2110022.74
2110022.74
0.00
1688018.19
1688018.19
0.00
0.00
271859.08
839718.73
0.00
839718.73
2729370.56
13805.46
28424.91
56849.83
261818.18
56499.27
2311972.90
0.00
2839838.40
3870920.00
0.00
193546.00
1224627.60
0.00
0.00
5569208.96
261818.18
261818.18
0.00
1688018.19
1688018.19
0.00
1688018.19
1688018.19
0.00
0.00
1111577.81
819776.58
0.00
819776.58
3570800.17
13805.46
28424.91
56849.83
261818.18
56499.27
3153402.52
0.00
2431629.20
3870920.00
0.00
193546.00
1632836.80
0.00
0.00
6002429.37
261818.18
261818.18
0.00
1266013.64
1266013.64
0.00
1688018.19
1688018.19
0.00
0.00
1931354.40
855224.96
0.00
855224.96
9
9617203.66
9071783.66
13805.46
10
10641318.59
10465398.59
13805.46
Continued
PRODUCTION
TOTAL ASSETS
1. Total Current Assets
Inventory on Materials and Supplies
5
6471098.17
4447678.17
13805.46
6
7002311.79
5348391.79
13805.46
7
7568973.80
6284553.80
13805.46
8
8593088.73
7678168.73
13805.46
10
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
28424.91
56849.83
261818.18
56499.27
4030280.52
0.00
2023420.00
3870920.00
0.00
193546.00
2041046.00
0.00
0.00
6471098.17
261818.18
261818.18
0.00
844009.09
844009.09
0.00
1688018.19
1688018.19
0.00
0.00
2786579.36
890673.35
0.00
890673.35
28424.91
56849.83
261818.18
56499.27
4930994.14
0.00
1653920.00
3870920.00
0.00
193546.00
2410546.00
0.00
0.00
7002311.79
261818.18
261818.18
0.00
422004.55
422004.55
0.00
1688018.19
1688018.19
0.00
0.00
3677252.71
953218.17
0.00
953218.17
28424.91
56849.83
261818.18
56499.27
5867156.14
0.00
1284420.00
3870920.00
0.00
193546.00
2780046.00
0.00
0.00
7568973.80
261818.18
261818.18
0.00
0.00
0.00
0.00
1688018.19
1688018.19
0.00
0.00
4630470.88
988666.55
0.00
988666.55
28424.91
56849.83
261818.18
56499.27
7260771.07
0.00
914920.00
3870920.00
0.00
193546.00
3149546.00
0.00
0.00
8593088.73
261818.18
261818.18
0.00
0.00
0.00
0.00
1688018.19
1688018.19
0.00
0.00
5619137.43
1024114.93
0.00
1024114.93
28424.91
56849.83
261818.18
56499.27
8654386.01
0.00
545420.00
3870920.00
0.00
193546.00
3519046.00
0.00
0.00
9617203.66
261818.18
261818.18
0.00
0.00
0.00
0.00
1688018.19
1688018.19
0.00
0.00
6643252.36
1024114.93
0.00
1024114.93
28424.91
56849.83
261818.18
56499.27
10048000.94
0.00
175920.00
3870920.00
0.00
193546.00
3888546.00
0.00
0.00
10641318.59
261818.18
261818.18
0.00
0.00
0.00
0.00
1688018.19
1688018.19
0.00
0.00
7667367.29
1024114.93
0.00
1024114.93
11