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Cover Page

THIS SAMPLE PLAN WAS ORIGINALLY WRITTEN IN SOUTH AFRICAN RAND (R).

This sample business plan has been made available to users of Business Plan Pro, business
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Legal Page
Confidentiality Agreement
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This is a business plan. It does not imply an offering of securities.

Table of Contents

1.0 Executive Summary....................................................................................................................................1

Chart: Highlights.......................................................................................................................................2
1.1 Objectives................................................................................................................................................2
1.2 Mission....................................................................................................................................................2
1.3 Keys to Success.......................................................................................................................................2
2.0 Company Summary.....................................................................................................................................3
2.1 Company Ownership..............................................................................................................................3
2.2 Start-up Summary...................................................................................................................................3
Table: Start-up...........................................................................................................................................4
Chart: Start-up...........................................................................................................................................4
3.0 Products.......................................................................................................................................................5
4.0 Market Analysis Summary.........................................................................................................................6
4.1 Market Segmentation..............................................................................................................................6
Table: Market Analysis.............................................................................................................................6
Chart: Market Analysis (Pie)....................................................................................................................6
4.2 Target Market Segment Strategy............................................................................................................7
4.3 Industry Analysis....................................................................................................................................7
4.3.1 Competition and Buying Patterns....................................................................................................7
5.0 Strategy and Implementation Summary.....................................................................................................7
5.1 Competitive Edge....................................................................................................................................8
5.2 Marketing Strategy..................................................................................................................................8
5.3 Sales Strategy..........................................................................................................................................8
5.3.1 Sales Forecast...................................................................................................................................8
Table: Sales Forecast............................................................................................................................9
Chart: Sales Monthly..........................................................................................................................10
Chart: Sales by Year...........................................................................................................................10
5.4 Milestones.............................................................................................................................................10
Chart: Milestones....................................................................................................................................11
Table: Milestones....................................................................................................................................11
6.0 Management Summary.............................................................................................................................11
6.1 Personnel Plan.......................................................................................................................................11
Table: Personnel......................................................................................................................................12
7.0 Financial Plan............................................................................................................................................12
7.1 Start-up Funding...................................................................................................................................12
Table: Start-up Funding..........................................................................................................................13
7.2 Important Assumptions.........................................................................................................................13
7.3 Break-even Analysis.............................................................................................................................13
Table: Break-even Analysis....................................................................................................................14
Chart: Break-even Analysis....................................................................................................................14
7.4 Projected Profit and Loss......................................................................................................................14
Table: Profit and Loss.............................................................................................................................15
Chart: Profit Monthly..............................................................................................................................15
Chart: Profit Yearly.................................................................................................................................16
Chart: Gross Margin Monthly................................................................................................................16
Page 1

Table of Contents

Chart: Gross Margin Yearly...................................................................................................................17

7.5 Projected Cash Flow.............................................................................................................................17
Chart: Cash..............................................................................................................................................17
Table: Cash Flow....................................................................................................................................18
.....................................................................................................................................................................18
7.6 Projected Balance Sheet........................................................................................................................19
Table: Balance Sheet...............................................................................................................................19
7.7 Business Ratios.....................................................................................................................................19
Table: Ratios...........................................................................................................................................20
Table: Sales Forecast.........................................................................................................................................1
...........................................................................................................................................................................1
Table: Personnel................................................................................................................................................2
...........................................................................................................................................................................2
Table: Profit and Loss.......................................................................................................................................3
...........................................................................................................................................................................3
Table: Cash Flow..............................................................................................................................................4
...........................................................................................................................................................................5
Table: Balance Sheet.........................................................................................................................................6

Page 2

FynbosFarm

1.0 Executive Summary

Introduction
FynbosFarm will be a project built around a highly successful businessman and the
development and training of skilled and semi-skilled staff in the hydroponics and instant turf
market. The project aim is to carry out intensive and high turnover production, off a small area,
while providing work and leadership experience for local women.
The company is a combination of cutting edge, high quality, efficient food technology and
production. It is committed to the improvement of taste in vegetables and excellent quality and
nutritional value. The company will provide education, experience and research in the
hydroponic field. It has the experience and extensive knowledge of well-known grower Mike
Shelly as a consultant. This project will be KZN-based, and will supply vegetables for the
national and international markets, and instant turf for the local market.
Products
The 4 main crops to be grown will be instant turf, long life tomatoes, cucumbers, and coloured
peppers.

Tomatoes: 4ha under plastic which will produce 2100 000 kgs per year
Cucumbers: 1ha under plastic which will produce 205 000 kgs per year
Peppers: 1ha under plastic which will produce 250 000 kgs per year
Turf: 30ha in the open.

Financial considerations
The company is seeking both short-term and long-term funding to finance the purchase of a
new farm and development costs of the project. This will cover startup expenses and first year
loses. It is estimated that the company will begin to make a profit in year 2 of operations. The
project is expected to begin production within 8 months from start of the first tunnel being
erected.

Page 1

FynbosFarm

Chart: Highlights

Highlights
R16,000,000
R14,000,000
R12,000,000

Sales

R10,000,000

Gross Margin

R8,000,000

Net Profit

R6,000,000
R4,000,000
R2,000,000
R0
Year 1

Year 2

Year 3

Year 4

Year 5

1.1 Objectives
The objective of this project is to establish an intensive farm, producing high-quality produce
for both the national and international market year round.
1.2 Mission
FynbosFarm is a KZN-based company with a two-fold mission:

to produce high quality, nutritional, and flavourful vegetables for consumption in both local
and international markets.
to create opportunities for leadership and highly productive teamwork for local women who
work on the farm.

The women working on the farm will be organized into intensive work groups, and each
group will be paid incentives on production and performances, in addition to the standard
wages.
1.3 Keys to Success

Efficient production utilizing greenhouses.

No existing projects of this magnitude in the KZN region.
Experience in the vegetable industry goes back to 1996.

Page 2

FynbosFarm

2.0 Company Summary

FynbosFarm will be a partnership of successful businessmen developing a small farm into a
highly productive hydroponics and instant turf project.
Hydroponics is the growing of high-quality vegetables in high-tech, multi-span greenhouses.
The produce is grown in 15L bags with a medium used to support the root system. The plants
are automatically fed nutrients through irrigation systems.The plants are grown in the
best suitable growing conditions, which allows each plant to produce the maximum fruit
possible.
Instant turf will be grown out in open field production. The turf will be irrigated via overhead
spray units, using the run-off fertilizer from the multispan tunnels. This fertilizer is highly
effective and will provide all the requirements the instant turf will require. The turf will be cut
and sold by the square meter, and is harvested with a sod cutter.
The company will concentrate on the production of tomatoes, peppers and cucumbers in the
tunnels, and in time will pursue more selective vegetables and the fresh cut flower market.
2.1 Company Ownership
FynbosFarm is owned jointly by its two founders, one of whom will serve as the project
manager.
2.2 Start-up Summary
The company is seeking to raise investment for the purpose of financing the acquisition of the
vegetable farm, facilities modifications, multi-spans and equipment, and funding operating
expenses.
Facilities
The operation will utilise :

Six large greenhouses enclosing the vegetable area

irrigation, fertilization, temperature control and water treatment devices
outdoor production of instant lawn
pack houses and washbay facilities
business office building

An additional portion of the operation will be the growing of instant lawn. Local landscape
operations have trouble with meeting the demands of instant turf supply, and the company has
recognised the need in the market. The company plans to supply the local nurseries and
landscapers with top quality, premium garden lawn.
The largest portion of the start-up requirements is for purchase of the site and construction of
the necessary buildings and infrastructure, including well-digging. These are listed below as
long-term assets.

Page 3

FynbosFarm

The start-up period is five months long, and includes construction and one and a half months
for growing the first crops, to be sold beginning in July.
Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Borehole testing
Seedlings
Sawdust
Plant bags
Twine and clips
Site leveling
Other
Total Start-up Expenses

R70,000
R10,000
R128,000
R155,000
R57,753
R28,000
R250,000
R95,000
R793,753

Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets

R5,000
R0
R20,000,000
R20,005,000

Total Requirements

R20,798,753

Chart: Start-up

Start-up
R21,000,000
R18,000,000
R15,000,000
R12,000,000
R9,000,000
R6,000,000
R3,000,000
R0
Expenses

Assets

Investment

Loans

Page 4

FynbosFarm

3.0 Products
Hydroponics is the production of vegetables in state-of-the-art, temperature-controlled, multispan tunnels. The structures being used are richelle multi-spans, which come complete with
computer temperature sensors, automatic opening and closing vents, automatic misting units
and temperature controlled fans. The advantages of growing in high-tech tunnels are:

faster, longer growth

harvest labour reduced by 80%
harvest time reduced, and by doing so:
o decrease loss in weight gain
o eliminate weight loss from shock
allow greater yield per plant
provide optimum temperature for plant growth

Vegetables
FynbosFarm's first line of production will be tomatoes, peppers and cucumbers. The farm will
have the capacity sufficient to produce in excess of 2 550 000 kg of vegetables per year.
Instant lawn
The company's outdoor horticultural aspects include the production of 30ha of instant lawn. The
company will sell between 20 - 25ha per annum.
Research and development
The company will seek contact with local and international companies in order to learn about
and acquire new hybrids of vegetables that are hardier and grow faster in our local climate.
These and other available species and systems will be constantly tracked. In addition to the
above, the company will seek contacts at universities and researchers that are involved in
greens, and will continue the quest for the best flavoured, large, and firm vegetable throughout
the year.
Future product plans
In the future the company would like to explore the possibility of flower production.
FynbosFarm believes this to be a high revenue venture, which, if successful, could become our
number one endeavour.
We are also considering the production of bananas. Currently there is a huge shortage of
bananas, and the selling price has been above average for the past 2 years.

Page 5

FynbosFarm

4.0 Market Analysis Summary

In an era of big-box food stores, when 4 major grocery chains control the purchase of
vegetables, the proliferation of open air markets has come out of nowhere, giving more
consumers an option to purchase fresh vegetables. Such markets include retailers such as Fruit
and Veg City and VegExpress. FynbosFarm will not only supply the major supermarkets, but
also the markets mentioned above.
With these trends in mind, FynbosFarm will also concentrate on wholesale live vegetable
markets that sell hydroponic produce, fresh farmers' markets, and export to neighbouring
states and international markets.
4.1 Market Segmentation
For the purposes of this plan, we are focusing on retail outlets and VegCity shops within 45
miles of our location.
Table: Market Analysis

Market Analysis
Potential Customers
Retail outlets
vegcities
Other
Total

Year 1

Year 2

Year 3

Year 4

Year 5

100
20
50
170

125
22
63
210

156
24
79
259

195
26
99
320

244
29
124
397

Growth
25%
10%
25%
23.62%

CAGR
24.98%
9.73%
25.49%
23.62%

Chart: Market Analysis (Pie)

Market Analysis (Pie)

Retail outlets
vegcities
Other

Page 6

FynbosFarm

4.2 Target Market Segment Strategy

The target customers include the major retail outlets and export markets for the vegetables.
The target customers for instant lawn include nursery and garden centres, landscapers, and
private customers.
4.3 Industry Analysis
The hydroponic industry is still fairly new in the S.A. market, in terms of research and the
number of completely developed farms. The biggest negative is the start-up costs to erect a
fully state-of-the-art project. Therefore, if a project is going to be developed, two major factors
need to be taken into account.

Selected Markets. Due to high quality, vegetables must be sold retail outlets, etc. to
retrieve highest price.
Project size. The project must be able to supply produce all year round; if not, retail
outlets will not be interested.

The Industry is still small, and therefore a project of this magnitude will create interest among
all the major veg outlet markets.
4.3.1 Competition and Buying Patterns
FynbosFarm aims to be the biggest growers of hydroponics in the KZN region. At present there
are very few big growers, minimizing the competition. The advantage of hydroponics on a large
scale is the availability to produce vegetables all year round in large quantities. This
immediately becomes a positive factor with major retail outlets and exporters.
5.0 Strategy and Implementation Summary
The FynbosFarm group strategy is to profitably and efficiently utilize present and future
agricultural technology in the production of vegetables. The company, by developing a
profitable vegetable farm with all the necessary custom-innovated equipment, will gain a
significant industry advantage.
Additional application and utilization of horticultural technology in the production of vegetables
will double utilization of the climate controlled portion of the overhead.
The company's goals in the first year are to:

Develop
To have
To have
To have

the complete project.

all 6ha planted and ready for production.
the instant turf planted and ready for production early in year 2.
grading and pack shed constructed.

The company's long term plan is to also produce more selective vegetables as well as looking
to get into the fresh flower market.

Page 7

FynbosFarm

5.1 Competitive Edge

FynbosFarm's main competitive advantages are:

Efficient production utilizing greenhouses.

No existing projects of this magnitude in the KZN region.
Experience in the vegetable industry goes back to 1996.

5.2 Marketing Strategy

FynbosFarm will market and supply its products to the selected outlets aggressively, focusing at
first on local markets, and then on export options. We will emphasize the reliable year-round
output of our climate-controlled hydroponics facilities, as well as the ability to produce indemand, non-native vegetables.
Marketing for turf will take place with direct contact between FynbosFarm and regional
greenhouses and landscapers.
The company will also eventually develop a website and advertise on the Internet, although
these future marketing avenues are not included in this plan.
5.3 Sales Strategy
At FynbosFarm, the sales process is primarily the same for vegetables as it is for instant turf, in
that both products will be mainly sold through wholesale marketing. Shipments of vegetables
will be transported in refrigerated trucks as per orders, and instant turf will be palletized
on open back trucks as per orders.
5.3.1 Sales Forecast
We expect to have exceptional sales in the first year. Our direct unit costs include the costs for
the agricultural labor force who will tend and manage the vegetables and turf, including
incentives and bonuses. These costs are roughly 35% of all direct costs each month.

Page 8

FynbosFarm

Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

Year 4

Year 5

2,100,000
205,000
250,000
150,000
2,705,000

1,500,000
210,000
250,000
200,000
2,160,000

2,100,000
205,000
250,000
200,000
2,755,000

1,500,000
210,000
250,000
200,000
2,160,000

2,100,000
205,000
250,000
200,000
2,755,000

Year 1
R4.00
R10.00
R1.80
R10.00

Year 2
R4.25
R10.50
R1.90
R11.00

Year 3
R4.50
R11.00
R2.10
R12.00

Year 4
R4.75
R11.50
R2.20
R13.00

Year 5
R5.00
R12.00
R2.30
R14.00

R8,400,000
R2,050,000
R450,000
R1,500,000
R12,400,000

R6,375,000
R2,205,000
R475,000
R2,200,000
R11,255,000

R9,450,000
R2,255,000
R525,000
R2,400,000
R14,630,000

R7,125,000
R2,415,000
R550,000
R2,600,000
R12,690,000

R10,500,000
R2,460,000
R575,000
R2,800,000
R16,335,000

Year 1
R2.00
R5.00
R0.90
R4.80

Year 2
R2.13
R5.25
R0.95
R5.28

Year 3
R2.25
R5.50
R1.05
R5.76

Year 4
R2.38
R5.75
R1.10
R6.24

Year 5
R2.50
R6.00
R1.15
R6.72

R4,200,000
R1,025,000
R225,000
R720,000
R6,170,000

R3,187,500
R1,102,500
R237,500
R1,056,000
R5,583,500

R4,725,000
R1,127,500
R262,500
R1,152,000
R7,267,000

R3,562,500
R1,207,500
R275,000
R1,248,000
R6,293,000

R5,250,000
R1,230,000
R287,500
R1,344,000
R8,111,500

Unit Sales
Tomatoes
Peppers
Cucumbers
Instant Turf
Total Unit Sales
Unit Prices
Tomatoes
Peppers
Cucumbers
Instant Turf
Sales
Tomatoes
Peppers
Cucumbers
Instant Turf
Total Sales
Direct Unit Costs
Tomatoes
Peppers
Cucumbers
Instant Turf
Direct Cost of Sales
Tomatoes
Peppers
Cucumbers
Instant Turf
Subtotal Direct Cost of Sales

Page 9

FynbosFarm

Chart: Sales Monthly

Sales Monthly
R2,000,000
R1,800,000
R1,600,000
R1,400,000

Tomatoes

R1,200,000

Peppers

R1,000,000

Cucumbers

R800,000

Instant Turf

R600,000
R400,000
R200,000
Month 12

Month 11

Month 10

Month 9

Month 8

Month 7

Month 6

Month 5

Month 4

Month 3

Month 2

Month 1

R0

Chart: Sales by Year

Sales by Year
R16,000,000
R14,000,000
R12,000,000

Tomatoes

R10,000,000

Peppers

R8,000,000

Cucumbers

R6,000,000

Instant Turf

R4,000,000
R2,000,000
R0
Year 1

Year 2

Year 3

Year 4

Year 5

5.4 Milestones
The following table and chart show the main milestones for the first year.

Page 10

FynbosFarm

Chart: Milestones

Milestones
Raise funding

Begin Construction

Begin First Crop Planting

Begin Sales

Begin Turf Sales

Total Sales over R12 Million

Q1 `05

Q2

Q3

Q4

Q1 `06

Q2

Table: Milestones

Milestones
Milestone
Raise funding
Begin Construction
Begin First Crop Planting
Begin Sales
Begin Turf Sales
Total Sales over R12 Million
Totals

Start Date
11/1/2004
2/1/2005
5/10/2005
7/1/2005
10/1/2005
7/1/2005

End Date
1/15/2005
2/5/2005
5/15/2005
7/10/2005
10/10/2005
6/30/2006

Budget
R0
R15,000,000
R5,000,000
R0
R0
R0
R20,000,000

Manager
ABC
ABC
ABC
ABC
ABC
ABC

Department
Department
Department
Department
Department
Department
Department

6.0 Management Summary

The project manager has 10 years of experience in the vegetable industry.
[Proprietary and confidential information removed.]
6.1 Personnel Plan
The personnel plan includes the project manager, who will oversee all design and construction
of the hydroponics facilities, and a consultant specializing in hydroponics. Wages for the
agricultural laborers who will tend the produce are included in the Sales Forecast table as part
of the direct unit costs.

Page 11

FynbosFarm

Table: Personnel
Personnel Plan
Year 1

Year 2

Year 3

Year 4

Year 5

Project manager
Consultant
Total People

R420,000
R60,000
2

R420,000
R63,000
2

R453,600
R66,150
2

R489,888
R69,457
2

R529,079
R72,930
2

Total Payroll

R480,000

R483,000

R519,750

R559,345

R602,009

7.0 Financial Plan

The financial plan is outlined in the following tables and charts. With initial loans, we can
construct the hydroponics facilities and begin crop development. Based on the high demand for
these products, we expect solid sales in the first year, with improving margins.
7.1 Start-up Funding
FynbosFarm needs to fund its start-up requirements. The owner will provide personal
investment, and is seeking long-term borrowing, using as collateral two other successful
agricultural ventures he owns.

Page 12

FynbosFarm

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

R793,753
R20,005,000
R20,798,753

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

R20,000,000
R5,000
R0
R5,000
R20,005,000

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

R0
R18,000,000
R0
R0
R18,000,000

Capital
Planned Investment
Owners
Investor
Additional Investment Requirement
Total Planned Investment

R2,798,753
R0
R0
R2,798,753

Loss at Start-up (Start-up Expenses)

Total Capital

(R793,753)
R2,005,000

Total Capital and Liabilities

R20,005,000

Total Funding

R20,798,753

7.2 Important Assumptions

We assume:

Steady demand for these products

No major climate change that would make these products easier to grow without
hydroponics in this area

7.3 Break-even Analysis

Based upon our monthly fixed costs we need to sell the number units, shown below, each
month to break-even. Given the high demand for these products and our expertise in this
industry, we should exceed this amount even in the first month of the plan, after our initial
start-up period for construction and first crop growth.

Page 13

FynbosFarm

Table: Break-even Analysis

Break-even Analysis
Monthly Units Break-even
Monthly Revenue Break-even

57,047
R261,511

Assumptions:
Average Per-Unit Revenue
Average Per-Unit Variable Cost
Estimated Monthly Fixed Cost

R4.58
R2.28
R131,388

Chart: Break-even Analysis

Break-even Analysis
R120,000
R90,000
R60,000
R30,000
R0
(R30,000)
(R60,000)
(R90,000)
(R120,000)
0

20000
10000

40000
30000

60000
50000

80000
70000

100000
90000

110000

7.4 Projected Profit and Loss

The following table and charts show our projected Profit and Loss statement. Monthly details for
the first year can be found in the appendix.

Page 14

FynbosFarm

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1

Year 2

Year 3

Year 4

Year 5

R12,400,000
R6,170,000
R0
R6,170,000

R11,255,000
R5,583,500
R0
R5,583,500

R14,630,000
R7,267,000
R0
R7,267,000

R12,690,000
R6,293,000
R0
R6,293,000

R16,335,000
R8,111,500
R0
R8,111,500

R6,230,000
50.24%

R5,671,500
50.39%

R7,363,000
50.33%

R6,397,000
50.41%

R8,223,500
50.34%

R480,000
R10,000
R666,660
R120,000
R100,000
R20,000
R0
R180,000

R483,000
R10,500
R666,700
R120,600
R105,000
R21,000
R0
R189,000

R519,750
R11,025
R666,700
R121,203
R110,250
R22,050
R0
R198,450

R559,345
R11,907
R666,700
R121,203
R115,726
R23,153
R0
R208,373

R602,009
R12,860
R666,700
R120,600
R121,550
R24,310
R0
R218,719

Total Operating Expenses

R1,576,660

R1,595,800

R1,649,428

R1,706,407

R1,766,748

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

R4,653,340
R5,320,000
R1,759,750
R868,077

R4,075,700
R4,742,400
R1,663,000
R723,810

R5,713,572
R6,380,272
R1,550,500
R1,248,922

R4,690,593
R5,357,293
R1,413,000
R983,278

R6,456,752
R7,123,452
R1,138,000
R1,595,626

Net Profit
Net Profit/Sales

R2,025,513
16.33%

R1,688,890
15.01%

R2,914,150
19.92%

R2,294,315
18.08%

R3,723,126
22.79%

Sales
Direct Cost of Sales
Other Costs of Sales
Total Cost of Sales
Gross Margin
Gross Margin %

Expenses
Payroll
Marketing/Promotion
Depreciation
H.P.s
Fuel
maintenance
Payroll Taxes
Other

Chart: Profit Monthly

Profit Monthly
R450,000
R400,000
R350,000
R300,000
R250,000
R200,000
R150,000
R100,000
R50,000
R0
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10
Month 12

Page 15

FynbosFarm

Chart: Profit Yearly

Profit Yearly
R4,000,000
R3,600,000
R3,200,000
R2,800,000
R2,400,000
R2,000,000
R1,600,000
R1,200,000
R800,000
R400,000
R0
Year 1

Year 2

Year 3

Year 4

Year 5

Chart: Gross Margin Monthly

Gross Margin Monthly

R1,000,000
R900,000
R800,000
R700,000
R600,000
R500,000
R400,000
R300,000
R200,000
R100,000
R0
Month 1
Month 3
Month 5
Month 7
Month 9
Month 11
Month 2
Month 4
Month 6
Month 8
Month 10
Month 12

Page 16

FynbosFarm

Chart: Gross Margin Yearly

Gross Margin Yearly

R9,000,000
R8,000,000
R7,000,000
R6,000,000
R5,000,000
R4,000,000
R3,000,000
R2,000,000
R1,000,000
R0
Year 1

Year 2

Year 3

Year 4

Year 5

7.5 Projected Cash Flow

The following table and chart show our projected cash flow, including estimate repayments of
the principal borrowing amount.

Chart: Cash

Cash
R1,600,000
R1,400,000
R1,200,000
R1,000,000

Net Cash Flow

R800,000

Cash Balance

R600,000
R400,000
R200,000

Month 12

Month 11

Month 10

Month 9

Month 8

Month 7

Month 6

Month 5

Month 4

Month 3

Month 2

Month 1

R0

Page 17

FynbosFarm

Table: Cash Flow

Pro Forma Cash Flow

Year 1

Year 2

Year 3

Year 4

Year 5

R1,860,000
R9,471,833
R11,331,833

R1,688,250
R9,665,383
R11,353,633

R2,194,500
R12,144,769
R14,339,269

R1,903,500
R10,953,616
R12,857,116

R2,450,250
R13,570,761
R16,021,011

R0
R0
R0
R0
R0
R0
R0
R11,331,833

R0
R0
R0
R0
R0
R0
R0
R11,353,633

R0
R0
R0
R0
R0
R0
R0
R14,339,269

R0
R0
R0
R0
R0
R0
R0
R12,857,116

R0
R0
R0
R0
R0
R0
R0
R16,021,011

Year 1

Year 2

Year 3

Year 4

Year 5

R480,000
R8,317,863
R8,797,863

R483,000
R8,899,410
R9,382,410

R519,750
R10,090,933
R10,610,683

R559,345
R9,728,985
R10,288,330

R602,009
R10,716,935
R11,318,944

Sales Tax, VAT, HST/GST Paid Out

Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent

R0
R0
R0
R870,000
R0
R0
R0
R9,667,863

R0
R0
R0
R1,000,000
R0
R0
R0
R10,382,410

R0
R0
R0
R1,250,000
R0
R0
R0
R11,860,683

R0
R0
R0
R1,500,000
R0
R0
R0
R11,788,330

R0
R0
R0
R4,000,000
R0
R0
R0
R15,318,944

Net Cash Flow

Cash Balance

R1,663,970
R1,668,970

R971,223
R2,640,193

R2,478,586
R5,118,779

R1,068,786
R6,187,566

R702,067
R6,889,633

Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent

Page 18

FynbosFarm

7.6 Projected Balance Sheet

The Balance Sheet shows a steady increase in Net Worth over the next five years.
Table: Balance Sheet

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

Year 4

Year 5

R1,668,970
R1,068,167
R0
R2,737,137

R2,640,193
R969,534
R0
R3,609,727

R5,118,779
R1,260,264
R0
R6,379,044

R6,187,566
R1,093,148
R0
R7,280,714

R6,889,633
R1,407,137
R0
R8,296,770

R20,000,000
R666,660
R19,333,340
R22,070,477

R20,000,000
R1,333,360
R18,666,640
R22,276,367

R20,000,000
R2,000,060
R17,999,940
R24,378,984

R20,000,000
R2,666,760
R17,333,240
R24,613,954

R20,000,000
R3,333,460
R16,666,540
R24,963,310

Year 1

Year 2

Year 3

Year 4

Year 5

R909,964
R0
R0
R909,964

R426,964
R0
R0
R426,964

R865,430
R0
R0
R865,430

R306,085
R0
R0
R306,085

R932,315
R0
R0
R932,315

Long-term Liabilities
Total Liabilities

R17,130,000
R18,039,964

R16,130,000
R16,556,964

R14,880,000
R15,745,430

R13,380,000
R13,686,085

R9,380,000
R10,312,315

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

R2,798,753
(R793,753)
R2,025,513
R4,030,513
R22,070,477

R2,798,753
R1,231,760
R1,688,890
R5,719,403
R22,276,367

R2,798,753
R2,920,650
R2,914,150
R8,633,553
R24,378,984

R2,798,753
R5,834,800
R2,294,315
R10,927,869
R24,613,954

R2,798,753
R8,129,116
R3,723,126
R14,650,995
R24,963,310

R4,030,513

R5,719,403

R8,633,553

R10,927,868

R14,650,995

Assets
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

Net Worth

7.7 Business Ratios

The following table outlines some of the more important ratios from the Hydroponic Crops
Grown Under Cover industry. The final column, Industry Profile, details specific ratios based on
the industry as it is classified by the Standard Industry Classification (SIC) code, 0182.9902.

Page 19

FynbosFarm

Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Year 4

Year 5

n.a.

-9.23%

29.99%

-13.26%

28.72%

Industry
Profile
-1.70%

Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets

4.84%
0.00%
12.40%
87.60%
100.00%

4.35%
0.00%
16.20%
83.80%
100.00%

5.17%
0.00%
26.17%
73.83%
100.00%

4.44%
0.00%
29.58%
70.42%
100.00%

5.64%
0.00%
33.24%
66.76%
100.00%

2.94%
24.83%
39.79%
60.21%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

4.12%
77.61%
81.74%
18.26%

1.92%
72.41%
74.33%
25.67%

3.55%
61.04%
64.59%
35.41%

1.24%
54.36%
55.60%
44.40%

3.73%
37.58%
41.31%
58.69%

22.33%
22.42%
44.75%
55.25%

100.00%
50.24%
33.91%

100.00%
50.39%
35.39%

100.00%
50.33%
30.41%

100.00%
50.41%
32.33%

100.00%
50.34%
27.55%

100.00%
46.28%
29.76%

0.00%
37.53%

0.00%
36.21%

0.00%
39.05%

0.00%
36.96%

0.00%
39.53%

0.36%
0.30%

3.01
3.01
81.74%
71.79%
13.11%

8.45
8.45
74.33%
42.18%
10.83%

7.37
7.37
64.59%
48.22%
17.08%

23.79
23.79
55.60%
29.99%
13.32%

8.90
8.90
41.31%
36.30%
21.31%

1.08
0.38
54.22%
0.29%
0.63%

Sales Growth
Percent of Total Assets

Percent of Sales
Sales
Gross Margin
Selling, General & Administrative
Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios

Year 1

Year 2

Year 3

Year 4

Year 5

Net Profit Margin

Return on Equity

16.33%
50.25%

15.01%
29.53%

19.92%
33.75%

18.08%
21.00%

22.79%
25.41%

n.a
n.a

9.87
29
10.14
27
0.56

9.87
39
19.71
29
0.51

9.87
33
12.17
22
0.60

9.87
40
29.96
23
0.52

9.87
33
12.17
20
0.65

n.a
n.a
n.a
n.a
n.a

4.48
0.05

2.89
0.03

1.82
0.05

1.25
0.02

0.70
0.09

n.a
n.a

R1,827,173
2.64

R3,182,763
2.45

R5,513,613
3.68

R6,974,628
3.32

R7,364,455
5.67

n.a
n.a

1.78
4%
1.83
3.08
0.00

1.98
2%
6.18
1.97
0.00

1.67
4%
5.91
1.69
0.00

1.94
1%
20.22
1.16
0.00

1.53
4%
7.39
1.11
0.00

n.a
n.a
n.a
n.a
n.a

Activity Ratios
Accounts Receivable Turnover
Collection Days
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout

Page 20

Appendix
Table: Sales Forecast

Sales Forecast
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

0
25,000
20,000
30,000
75,000

0
20,000
45,000
30,000
95,000

Month 9

Month 10

Month 11

Month 12

200,000
0
15,000
0
215,000

300,000
0
0
0
300,000

300,000
10,000
0
0
310,000

Month 10

Month 11

Month 12

Unit Sales
Tomatoes
Peppers
Cucumbers
Instant Turf
Total Unit Sales

0%
0%
0%
0%

100,000
10,000
20,000
0
130,000

200,000
15,000
45,000
0
260,000

300,000
20,000
45,000
0
365,000

300,000
30,000
15,000
30,000
375,000

200,000
30,000
0
30,000
260,000

100,000
30,000
0
30,000
160,000

100,000
15,000
45,000
0
160,000

Unit Prices

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Tomatoes

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R4.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

Peppers
Cucumbers

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

R1.80

Instant Turf

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

R10.00

Tomatoes

R400,000

R800,000

R800,000

R400,000

R0

R0

R400,000

R800,000

Peppers

Sales
R1,200,00
0
R200,000

R1,200,00
0
R300,000

R1,200,00
0
R0

R100,000

R150,000

R300,000

R300,000

R250,000

R200,000

R150,000

R0

Cucumbers

R36,000

R81,000

R81,000

R27,000

R0

R0

R36,000

R81,000

R81,000

R27,000

R0

Instant Turf

R0

R0

R0

R300,000

R300,000

R300,000

R300,000

R300,000

R0

R0

R0

R586,000

R581,000

R631,000

R827,000

Total Sales

R536,000

Direct Unit Costs

Tomatoes
Peppers
Cucumbers
Instant Turf

50.00%
50.00%
50.00%
48.00%

R1,200,00
0
R100,000
R0
R0

R1,031,00
0

R1,481,00
0

R1,827,00
0

R1,400,00
0

R1,000,00
0

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

R2.00
R5.00
R0.90
R4.80

Month 10

R1,200,00
0

R1,300,00
0

Month 11

Month 12

Direct Cost of Sales

Tomatoes

R200,000

R400,000

R600,000

R600,000

R400,000

R200,000

R0

R0

R200,000

R400,000

R600,000

R600,000

Peppers

R50,000

R75,000

R100,000

R150,000

R150,000

R150,000

R125,000

R100,000

R75,000

R0

R0

R50,000

Cucumbers

R18,000

R40,500

R40,500

R13,500

R0

R0

R18,000

R40,500

R40,500

R13,500

R0

R0

Instant Turf

R0

R0

R0

R144,000

R144,000

R144,000

R144,000

R144,000

R0

R0

R0

R0

R268,000

R515,500

R740,500

R907,500

R694,000

R494,000

R287,000

R284,500

R315,500

R413,500

R600,000

R650,000

Subtotal Direct Cost of Sales

Page 1

Appendix
Table: Personnel

Personnel Plan
Month 1
Project manager
Consultant
Total People
Total Payroll

0%
0%

Month 10

Month 11

Month 12

R35,000
R5,000
2

R35,000
R5,000
2

Month 2

R35,000
R5,000
2

Month 3

R35,000
R5,000
2

Month 4

R35,000
R5,000
2

Month 5

R35,000
R5,000
2

Month 6

R35,000
R5,000
2

Month 7

R35,000
R5,000
2

Month 8

R35,000
R5,000
2

Month 9

R35,000
R5,000
2

R35,000
R5,000
2

R35,000
R5,000
2

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

Page 2

Appendix
Table: Profit and Loss

Pro Forma Profit and Loss

Month 1
Sales

R536,000

Direct Cost of Sales

R268,000

Month 2

Month 3

Month 4

Month 5

Month 6

R1,031,00
0
R515,500

R1,481,00
0
R740,500

R1,827,00
0
R907,500

R1,400,00
0
R694,000

R1,000,00
0
R494,000

Month 7

Month 8

Month 9

Month 10

R586,000

R581,000

R631,000

R827,000
R413,500

Month 11

Month 12

R1,200,00
0
R600,000

R1,300,00
0
R650,000

R287,000

R284,500

R315,500

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

Total Cost of Sales

R268,000

R515,500

R740,500

R907,500

R694,000

R494,000

R287,000

R284,500

R315,500

R413,500

R600,000

R650,000

Gross Margin

R268,000

R515,500

R740,500

R919,500

R706,000

R506,000

R299,000

R296,500

R315,500

R413,500

R600,000

R650,000

50.00%

50.00%

50.00%

50.33%

50.43%

50.60%

51.02%

51.03%

50.00%

50.00%

50.00%

50.00%

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

Other Costs of Sales

Gross Margin %

Expenses
Payroll
Marketing/Promotion

R833

R833

R833

R833

R833

R833

R833

R833

R833

R833

R833

R833

Depreciation

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

R55,555

H.P.s

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

R10,000

Fuel

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

R8,333

maintenance

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R1,667

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

R0
R15,000

Total Operating Expenses

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

R131,388

Profit Before Interest and

Taxes
EBITDA

R136,612

R384,112

R609,112

R788,112

R574,612

R374,612

R167,612

R165,112

R184,112

R282,112

R468,612

R518,612

R192,167

R439,667

R664,667

R843,667

R630,167

R430,167

R223,167

R220,667

R239,667

R337,667

R524,167

R574,167

R149,750

R149,500

R149,000

R148,500

R148,000

R147,250

R146,500

R145,750

R145,000

R144,250

R143,500

R142,750

(R3,942)

R70,383

R138,033

R191,883

R127,983

R68,208

R6,333

R5,808

R11,733

R41,358

R97,533

R112,758

(R9,197)

R164,228

R322,078

R447,728

R298,628

R159,153

R14,778

R13,553

R27,378

R96,503

R227,578

R263,103

-1.72%

15.93%

21.75%

24.51%

21.33%

15.92%

2.52%

2.33%

4.34%

11.67%

18.96%

20.24%

Payroll Taxes
Other

Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales

15%

Page 3

Appendix
Table: Cash Flow

Pro Forma Cash Flow

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Received
Cash from Operations
Cash Sales

R80,400

R154,650

R222,150

R274,050

R210,000

R150,000

R87,900

R87,150

R94,650

R124,050

R180,000

R195,000

Cash from Receivables

R15,187

R469,625

R889,100

R495,267

R541,903

R713,518

R624,275

R1,111,25
0

R1,178,66
7
R1,328,66
7

R497,958

R95,587

R1,540,85
2
R1,750,85
2

R838,270

Subtotal Cash from Operations

R1,268,65
3
R1,542,70
3

R926,170

R585,108

R589,917

R665,953

R893,518

R1,022,83
3
R1,217,83
3

Additional Cash Received

Sales Tax, VAT, HST/GST
Received
New Current Borrowing

0.00%

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

New Other Liabilities (interestfree)

New Long-term Liabilities

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

Sales of Other Current Assets

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

Sales of Long-term Assets

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

New Investment Received

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R926,170

R585,108

R589,917

R665,953

R893,518

Subtotal Cash Received

Expenditures

R95,587

Month 1

R624,275

R1,111,25
0

R1,542,70
3

R1,750,85
2

R1,328,66
7

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

R0
R1,217,83
3
Month 12

Expenditures from Operations

Cash Spending

R40,000

R40,000

R40,000

Bill Payments

R14,988

R460,361

R780,955

Subtotal Spent on Operations

R54,988

R500,361

R820,955

R40,000

R40,000

R1,070,71
2
R1,110,71
2

R1,274,45
4
R1,314,45
4

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R40,000

R997,133

R736,304

R475,541

R473,098

R512,296

R643,006

R879,016

R1,037,13
3

R776,304

R515,541

R513,098

R552,296

R683,006

R919,016

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

Principal Repayment of Current

Borrowing
Other Liabilities Principal
Repayment
Long-term Liabilities Principal
Repayment
Purchase Other Current Assets

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R30,000

R30,000

R60,000

R60,000

R60,000

R90,000

R90,000

R90,000

R90,000

R90,000

R90,000

R90,000

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

R0

Purchase Long-term Assets

Page 4

Appendix
Dividends

R0

R0

R0

Subtotal Cash Spent

R84,988

R530,361

R880,955

R1,170,71
2

R0

R1,374,45
4

R0

R1,127,13
3

R0

R0

R0

R0

R0

R0

R866,304

R605,541

R603,098

R642,296

R773,006

R1,009,01
6

Net Cash Flow

R10,599

R93,914

R230,295

R371,991

R376,398

R201,534

R59,866

(R20,433)

Cash Balance

R15,599

R109,513

R339,807

R711,799

R1,088,19
7

R1,289,73
1

R1,349,59
7

R1,329,16
4

R0

(R13,181)

R23,657

R120,512

R208,817

R1,315,98
3

R1,339,64
0

R1,460,15
3

R1,668,97
0

Page 5

Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Month 1
Assets

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

R1,289,73
1
R821,667

R1,349,59
7
R481,497

R1,329,16
4
R477,388

R1,315,98
3
R518,472

R1,339,64
0
R679,518

R1,460,15
3
R986,000

R0
R2,111,39
8

R0
R1,831,09
3

R0
R1,806,55
2

R0
R1,834,45
5

R0
R2,019,15
9

R0
R2,446,15
3

R1,668,97
0
R1,068,16
7
R0
R2,737,13
7

Starting
Balances

Current Assets
Cash

R5,000

R15,599

R109,513

R339,807

R711,799

Accounts Receivable

R0

R440,413

R847,138

Other Current Assets

Total Current Assets

R0
R5,000

R0
R456,012

R0
R956,651

R1,216,88
8
R0
R1,556,69
6

R1,501,18
5
R0
R2,212,98
4

R1,088,19
7
R1,150,33
3
R0
R2,238,53
0

R20,000,0
00
R55,555
R19,944,4
45
R20,400,4
57

R20,000,0
00
R111,110
R19,888,8
90
R20,845,5
41

R20,000,0
00
R166,665
R19,833,3
35
R21,390,0
31

R20,000,0
00
R222,220
R19,777,7
80
R21,990,7
64

R20,000,0
00
R277,775
R19,722,2
25
R21,960,7
55

R20,000,0
00
R333,330
R19,666,6
70
R21,778,0
68

R20,000,0
00
R388,885
R19,611,1
15
R21,442,2
08

R20,000,0
00
R444,440
R19,555,5
60
R21,362,1
12

R20,000,0
00
R499,995
R19,500,0
05
R21,334,4
60

R20,000,0
00
R555,550
R19,444,4
50
R21,463,6
09

R20,000,0
00
R611,105
R19,388,8
95
R21,835,0
48

R20,000,0
00
R666,660
R19,333,3
40
R22,070,4
77

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

R1,027,92
1
R0
R0
R1,027,92
1

R1,240,92
6
R0
R0
R1,240,92
6

R972,290

R720,449

R459,811

R456,162

R491,131

R613,777

R847,638

R909,964

R0
R0
R972,290

R0
R0
R720,449

R0
R0
R459,811

R0
R0
R456,162

R0
R0
R491,131

R0
R0
R613,777

R0
R0
R847,638

R0
R0
R909,964

Long-term Assets
Long-term Assets

R20,000,000

Accumulated Depreciation
Total Long-term Assets

R0
R20,000,000

Total Assets

R20,005,000

Liabilities and Capital

Current Liabilities
Accounts Payable

R0

R434,654

R745,510

Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

R0
R0
R0

R0
R0
R434,654

R0
R0
R745,510

Long-term Liabilities

R18,000,000

Total Liabilities

R18,000,000

R17,970,0
00
R18,404,6
54

R17,940,0
00
R18,685,5
10

R17,880,0
00
R18,907,9
21

R17,820,0
00
R19,060,9
26

R17,760,0
00
R18,732,2
90

R17,670,0
00
R18,390,4
49

R17,580,0
00
R18,039,8
11

R17,490,0
00
R17,946,1
62

R17,400,0
00
R17,891,1
31

R17,310,0
00
R17,923,7
77

R17,220,0
00
R18,067,6
38

R17,130,0
00
R18,039,9
64

R2,798,75
3
(R793,75
3)
(R9,197)

R2,798,75
3
(R793,75
3)
R155,031

R2,798,75
3
(R793,75
3)
R477,109

R2,798,75
3
(R793,75
3)
R924,838

R1,995,80
3
R20,400,4
57

R2,160,03
1
R20,845,5
41

R2,482,11
0
R21,390,0
31

R2,929,83
8
R21,990,7
64

R2,798,75
3
(R793,75
3)
R1,223,46
6
R3,228,46
6
R21,960,7
55

R2,798,75
3
(R793,75
3)
R1,382,61
9
R3,387,61
9
R21,778,0
68

R2,798,75
3
(R793,75
3)
R1,397,39
7
R3,402,39
7
R21,442,2
08

R2,798,75
3
(R793,75
3)
R1,410,95
0
R3,415,95
0
R21,362,1
12

R2,798,75
3
(R793,75
3)
R1,438,32
8
R3,443,32
9
R21,334,4
60

R2,798,75
3
(R793,75
3)
R1,534,83
2
R3,539,83
2
R21,463,6
09

R2,798,75
3
(R793,75
3)
R1,762,41
0
R3,767,41
0
R21,835,0
48

R2,798,75
3
(R793,75
3)
R2,025,51
3
R4,030,51
3
R22,070,4
77

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

R2,798,753
(R793,753)
R0
R2,005,000
R20,005,000

Page 6

Appendix
Net Worth

R2,005,000

R1,995,80
3

R2,160,03
1

R2,482,11
0

R2,929,83
8

R3,228,46
6

R3,387,61
9

R3,402,39
7

R3,415,95
0

R3,443,32
9

R3,539,83
2

R3,767,41
0

R4,030,51
3

Page 7