High School Project

Investment Office ANRS

Project Profile on the Establishment of High School

Development Studies Associates (DSA)

October 2008 Addis Ababa

Table of Contents 1.Executive Summary...................................................................................3 2.Service Description and Application........................................................3 3.Market Study, School Capacity and Service Delivery Program............4 3.1Market Study...............................................................................................................4 3.1.1Present Demand and Supply................................................................................4 3.1.2Projected Demand..............................................................................................61 3.2School Capacity........................................................................................................66 3.3Service Program........................................................................................................66

4.Equipments and Utilities.........................................................................66 4.1Availability and Source of furniture and Equipment................................................66 4.2Annual Requirement and Cost of furniture and Equipment.....................................66

5.Location and Site......................................................................................67 6.Service Delivery Process and Engineering ............................................67 6.1Service Delivery Process..........................................................................................67 6.2School Furniture and Equipment..............................................................................68 6.3Civil Engineering Cost..............................................................................................68

7.Human Resource and Training Requirement.......................................68 7.1Human Resource ......................................................................................................68 7.2Training Requirement...............................................................................................69

8.Financial Analysis....................................................................................69 8.1Underlying Assumption ...........................................................................................69 8.2Investment.................................................................................................................70 8.3Service Costs.............................................................................................................71 8.4Financial Evaluation.................................................................................................72

9.Economic and Social Benefit and Justification.....................................72 ANNEXES...................................................................................................74

1. Executive Summary This profile envisages the establishment of high school (s) in Amhara Region to enroll 550 students. The present demand for standard high schools in urban centers of the Region, mainly in zonal towns, is very crucial. The total investment requirement is estimated at Birr 2.1 million out of which 56.2% is for furniture and equipment. The plant will create employment opportunities for 19 persons. The project is financially viable with an internal rate of return (IRR) of 17.9% and a net present value (NPV) of Birr 1.0 million discounted at 18%.

2. Service Description and Application These are high schools from 9th to 10th grades and college preparatory classes which provide high standard and rigorous teaching and learning for students who can afford to pay the tuitions. The schools will be similar to those like St. Joseph, Cathedral, School of Tomorrow and Nazareth in Addis Ababa. These schools are known for their rigorous teaching and almost all students from these schools pass national examinations. This project idea is to establish such private high schools at least in the major urban centers of the Region. In developed countries the best and most efficient, though expensive, social services are provided by the private sector. The participation of the private sector in the provision of social and other services will expand the volume of these services and also will reduce the burden on public institutions which provide such services. It will also give more choices to users of these services. Those who can afford will go to private organizations 3

and the rest will use the services of state or public institutions. This is what is happening mainly in Addis Ababa to day in the areas of health and education. Education is key to change and progress, therefore, the Government of Ethiopia has adopted a new Education Sector Development Policy and Program in 1994 to make this sector as one of the pillars for poverty reduction and benefit of the masses. In line with the Government Policy and Program, the Amhara Reginal Government has developed its own Policy and Program.

3. Market Study, School Capacity and Service Delivery Program 3.1

Market Study 3.1.1 Present Demand and Supply

The general education supply and standards of the Amhara Region in relation to the country is presented bellow. Table 1 indicates that the ratio of total school age population to total population is about 24.8% and the ratio of the total enrolled students to the total population is about 13.2 %, which is below the developing world standard of 15%, while the ratio of the total enrolled students to total school age population is about 53.4%, which indicates that about 47% of the school age population of the country did not enroll in 1994 E.C. At Regional level, Tigray has the highest gross enrollment ratio (GER) in both Primary (77.6%) and Secondary (38.3%) schools among the six populated Regions (excluding Addis Ababa), followed by SNNPR (67.1%) and then by Oromia (62.4%) in Primary schools and vice versa in Secondary Schools (15.9% in the latter and 13.2% in the former). Whereas Amhara Region has very poor GER both in primary (58.1 % ) and

4

secondary (12.0%) education which is last third in both cases from Somali and Afar Regions. The present low enrollment rate of the region is directly related to the supply sides of educational inputs. The existing 25,657 sections which are supposed to serve 1,282,850 school age children are obliged to enroll 655,198 extra students. The very high gross enrollment ratio exhibited in Gambella and Benshangul Gumuz seems that students enrolled are above the school age population. The number of Existing Primary and Secondary Schools and Students Enrolled by Regions in 1994 E.C is indicated bellow in table 2. There were a total of 12,087 Primary (of which 619 are non-government) and 435 Secondary (of which 54 are Nongovernment) Schools in the country during 1994 E.C. with a total of 117,308 class rooms of which 108,888 are Primary serving 7,982,760 students and 8,420 Secondary sections serving 684,630 students. Table -1Population, school Age Population and Enrollment Ratio By Region (1994 E.C.) Population in ‘000’ No

5

Gender parity IndexP upil teacher RatioPu pil Section RatioSo urce:

11

D. DawaPri mary (7-14)

61Secon dary (15-16)

4Primary (1-8)

37996Secondary 46.9% 2 shifts

(9-10)

DSA, ANRS' potential Assessme nt Survey, Educatio n Sector final Report, 2006.

Unit199 6/97199 7/98199 8/99199 9/00200 0/01200 1/02200 2/03200 3/04200 4/05Gro ss Enrollm ent Ratio %5.96.7 7.48.18. 38.013.0 513.871 9.3Net Enrollm ent Ratio9. 8Gross Particip ation 6

Rate620 9361.37 5.11208 9455798 2760684 6301088 8884207 3.381.3S ource: Educati on Statistic s Annual Abstrac t, 1994 E.C (2001/0 2)82.5S econdar y1Tigra y3,7977 8117272 2809023 77.638.3 2Afar1, 2432455 9345569 512.64.2 3Amhar a16,748 3,38174 3119986 2565758 .112.04 Oromia 23,0234, 7591,05 1225274 4017762 .415.95S omalia3 ,797813 1945253 147413. 12.36B. 7

Gumuz 5511152 55977 % of Qualifie d Teacher s Gross Enrollm ent Ratio *About 83% of the populati on

age

15 to 16 are out of

the

educati on system.

A. Access Out

of

106 Woreda s in the Amhara Nationa l Regiona 8

l

State

27 Woreda s do not have seconda ry schools. In

the

period 1996/97 2000/01, the average annual student number growth was 14.62% (male 14.9, females 14.2) while number of teacher average annual 9

growth was only 1.6%. The average annual growth rate for gross enrollm ent ratio was 10.1% (male 10.0 and female 9.9). Pupil section ratio grew by 14.0% and 6.8% respecti vely. Availab le 10

informa tion indicate s that to meet the goal of increasi ng access to educati on

the

ANRS has planned to constru ct

481

lower primary schools, upgrade 220 primary schools, expand 2,024 classroo ms

in

existing 11

overcro wded schools, maintai n

and

expand other facilities .

The

task of constru ction requires technica l skills, capital and immens e work, which requires the particip ation of the private sector investm ent.

B. 12

Equity Equity is expecte d

to

address the questio n

of

gender and zonal gaps. In 2003/04 the gross particip ation was 13.71% (17.7% male, 9.57% female). The zonal disparit y

in

provisio n

of 13

seconda ry educati on

is

shown in table 4. The disparit y among the zones above the regional average reads as; Bahir Dar(50. 1%, South Wollo(1 0.3%), North Gonder (9.7%), Awi(9.6 %) and North 14

Shewa (8.8%). On the other end, zones below the regional average are; Oromiy a (4.0%), Wag Himera (4.1%), West Gojjam (5.5%), South Gonder (5.9%), North Wollo (6.1%) and East Gojjam (7.6%). The 15

gender parity index is highest at North Gonder zone and lowest at South Wollo, Oromiy a

and

North Wollo zones.

Table 4: Suppl y and indica tors of Secon 16

dary Educa tion for 2000/ 01 by Zone

Zone In

the

Amhara Region, the provisio n

of

social services by

the

private sector is almost nonexistent. However ,regional informat ion indicates that NGOs are particip ating mainly

17

in basic educatio n program s. In the region there are 16 accredit ed

and

14

pre-

accredit ed private colleges located in

8

towns. Their capacitie s

are

4,952 (accredit ed colleges) and 3,154 (preaccredit ed colleges). Out

of

the figures

18

3,705 (74.82% accredit ed) and 2,289 (72.57% -

pre-

accredit ed) designat ed

for

10+1 teacher training program s and the remaini ng 1,247 (25.18% accredit ed) places are assigned for other fields of study. Moreove r, there are also one TTC,

19

two TTI’s, 131 CSTC’s and

20

middle level TVET institutio ns in the region. These institutio ns could not meet the human resource demand of

the

region. The project idea

of

private high schools in

the

region stems from the fact that such

20

high schools are

in

great need by many parents in

the

major urban centers, like Bahir Dar, Gondar, DessieCombolc ha, Debre Birhan and Debre Markos to make a private high school a financial ly viable and rewardi ng venture. .

21

The quality, access, equity and efficienc y of the existing educatio nal service delivery system of

the

country are

in

general below standard . A brief look

of

educatio n service delivery of

the

Amhara Region especiall y

with

referenc e

to

Seconda ry level is

22

indicate d below. The new Educatio n Policy of Ethiopia (1994) sets the followin g

norm

for

this

level

of

educatio n. “Second ary Educatio n will be of

four

years duration , consistin g of two years of general secondar y educatio n which will enable

23

students identify their interest for further educatio n,

for

specific training and for work. General educatio n will be complete d at the first cycle (grade 10). The second cycle secondar y educatio n

and

training will enable students to choose subjects

24

or areas of training which will prepare them adequat ely

for

higher educatio n

and

for work)” The compreh ensive secondar y educatio n (grade 9+10) is meant for

15

and

16

year age groups. Since this

is

the terminat ion

of

general

25

educatio n, those who complete the level are expected to

join

the medium & interme diate technical vocation al

skill

training program s which provide three level certificat ion dependi ng

on

training duration . Hence, 10+1, 10+2 & 10+3 entitle certificat

26

e level 1, certificat e level 2 and diploma respectiv ely. Higher secondar y educatio n (grade 11 & 12) designed for 17 & 18 year age group. If successf ul

the

group is to pursue tertiary educatio n. Table 3 shows trends of secondar y educatio n in the

27

ANRS. Table 3: Trends Secon dary Educat ion in the AARS Indicator s Fem aleT otal Wes t Gojj am6 .3 4.75 .50. 752 865 042 49A wi1 0.19 .19. 60.9 467 540 674 1Ea st Gojj am 8.46 .87. 60.8 498 053 505 3No rth Goj am1 0.07 .58.

Male

Female

Total

28

80.7 406 835 293 5Or omi ya4. 93.0 4.00 .641 625 410 0551 095 (26.2 %)

Wat er52 .6% Clini c TV prog ram s---10.9 11.4 13.7 117. 0 *Nu mbe r of Scho olsN o778 0818 1828 5879 9110 Num ber of Teac hers No2, 2642 ,194 2,28 62,2 692, 4152 ,746 2,58 72,7

29

313, 865 Teac her Stud ent Rati oNo 1:32 1:40 1:43 1:50 1:50 1:43 1:43 1:42 1:56 Secti on Stud ent Rati oNo 1:62 1:70 1:71 1:77 1:79 1:77 1:66 1:58 1:73 Text book Stud ent Rati o1:1 1:11 :1Re petit ion Rate %11 .439. 808. 16D rop out Rate %16 :051 4:02 11:2 9Pro moti

30

on Rate %72 .527 6:52 80.5 5Nu mbe r of Stud ents No7 5,77 887, 4329 8,42 8110 ,970 120, 1071 19,6 9710 5,25 3131 ,519 169, 993S choo l Facil ities 6986 Regi onSc hool Enr ollm entS ectio nsSt uden t/sec tion Pri mar ySec onda ryPr imar ySec onda ryPr imar ySec onda ryPr

31

imar ySec onda ry1T igra y926 4158 8941 7228 0902 3903 65.3 80.0 2Afa r142 7291 2434 5569 5324 1.91 08.0 3Am hara 2975 8519 4804 8119 9862 5657 1556 75.9 77.1 4Or omia 4592 1392 9467 9022 5274 4017 7283 573. 379. 55So mali regi on 2721 4106 5725 2531 4743 972. 3134 .76B ..Gu

32

muz 2751 2102 0095 9771 7359 158. 865. 77S NNP R23 5284 1770 4191 1452 7222 2412 7179 .790. 18G amb ella1 4374 0497 2069 6543 661. 957. 49H arra ri48 4272 7164 0251 4805 3.18 0.01 0A. Aba ba30 3583 8509 3122 4216 1151 4846 3.01 7358 9.11 6.67 SNN PR1 2,90 32,6 4458 3114

33

5272 2224 67.1 13.2 8Ga nbel a217 4010 2069 6541 02.7 16.7 9Ha rrari 1662 6764 0251 4107 .559. 610 A.A baba 2,57 0364 1321 2242 1611 5128 .469. 311 D.D awa 3305 4156 9866 2080 .233. 2Tot al65, 3451 3,22 22,9 9268 4630 1088 8861 .617. 1Sou rece: Edu catio n Stati stics Ann ual

34

Abst ract, 1994 E.C (200 1/02) Pri mar y

Shif t Syst em • 1

• • 2,448

Lat rine • 1024 • (24.5

Lib rary 2722 (65.1 %)

Ped a Cen ter •

Out of the tota

35

l sch ools , 3,06 0 are loca ted in Am har a Reg ion, of whi ch 2,97 5 and 85 are Pri mar y and Sec ond ary sch 36

ools , res pect ivel y. The Pri mar y sch ools hav e a tota l of 25,6 57 sect ions serv ing 1,94 8,04 8 stu den ts whi le the 37

Sec ond ary sch ools hav e 1,55 6 Sect ions serv ing 119, 986 stu den ts. In the sam e tabl e we can also loo k at the 38

stu den tsect ion rati o of eac h Reg ion. In this res pect , stu den ts per sect ion in Pri mar y Sch ool are hig her 39

in Am har a Reg ion (75. 9) nex t to SN NP R (79. 72) am ong pop ulat ed Reg ions . But stu den ts per sect ion in 40

Sec ond ary Sch ools are hig her in So mal i Reg ion (13 4.7) Foll owe d by Afa r (10 8.0) . Am har a Reg ion is 41

8th wit h 77.1 stu den t sect ion rati o. Tab le2No of Pri mar y and Sec ond ary Sch ools and Stu den ts Enr 42

olle d by Reg ion (19 94 E.C ) No. Reg Tigray

996

393

44820

17685

ion Pri mar y (714) Sec ond ary (1518) Clas s roo mPr ima ryse con dary Cou

43

ntry total 172 026 624 774 090 298 080 16.9 4.85 .90. 746 703 603 5No rth Gon dor 9.01 0.36 .71. 153 893 714 36B ahir Dar 59.2 43.1 50.1 44

0.75 586 526 454 Reg ion9 .17. 48.3 0.85 079 423 341 Sou rce: DSA , ANR S' pote ntial Asse ssme nt Surv ey, Educ ation Sect or final Repo rt, 2006 .

45

Sou th Wol lo12 .28. 410. 30.6 538 043 164 2No rth Wol lo7. 74.5 6.10 .660 793 225 32 Wa g Hu mer a4.5 3.74 .10. 850 774 504 3So 46

uth Gon dor Mal e

C. Qu alit y Qua lity in edu cati on is a nec essit y whi ch nee ds to be refl ecte d in goal s,

47

cont ent, lear ning envi ron men t, proc esse s, mod e of asse ssm ent plus inte rnal effi cien cy and teac her qual ifica tion etc. Our edu 48

cati on syst em suff ers fro m lack of alm ost all the qual ity mea sure s. The aver age ann ual gro wth rate of stud ent pop 49

ulati on in the peri od 199 6/97 200 0/01 was 14.6 2%, whil e that of teac hers was only 1.6 %. Pup il teac her rati o also 50

gre w by 14.0 % in the sam e peri od, whil e pupi l sect ion rati o incr ease d by 6.8 %. This mea ns mor e stud ents 51

per sect ion & per teac her affe ctin g qual ity neg ativ ely. In the peri od und er con side rati on regi onal ly perc ent of 52

qual ifie d teac hers was 41 % mal e & 33 % fem ale). 59 % of the teac hing forc e in the seco ndar y leve l is und er qual 53

ifie d. The afor eme ntio ned pro ble ms cou pled with shor tage and poo r qual ity of instr ucti onal mat erial s add to the inad 54

equ acy of seco ndar y edu cati on qual ity in the regi on.

D. Eff icie ncy Inte rnal effi cien cy coul d be mea sure d amo 55

ng othe r thin gs by revi ewi ng tren ds in repe titio n rate, dro pout rate, pro mot ion rate and grad uati on rate. The seco nd 56

edu cati on dev elop men t pro gra m (ES DP200 3200 5) of the AN RS has set targ ets for thes e imp orta nt mea 57

sure s of inte rnal effi cien cy, Exc ept for grad uati on rate. Thu s, pro mot ion rate will be rais ed to 80.5 5% (20 04/0 5) fro 58

m 72.5 2% in 200 2/03 . Rep etiti on rate and dro p out rate shal l be decr ease d fro m 11.4 3% in (20 02/0 3) to 8.16 59

% in (20 04/0 5) and fro m in 16:0 5% in (20 02/0 3) to 11:2 9% in 200 4/05 resp ecti vely . In gen eral the curr ent 60

edu cati on perf orm anc e of the Reg ion dem and s an over all imp rove men t with priv ate sect or part icip atio n.

3.1.2 Projecte 61

Sust aina ble dev elop men t is abo ut enh anci ng hum an well bein g thro ugh time and hen ce the im

62

2 Afar 280 119 3 Amhara 4393 1703 4 Oromia 6113 2384 5 Somalia 896 403 6 Ben.Gumuz 140 58 7 SNNPR 3595 1316 8 Gambella 50 19 9 Harrari 38 14 10 Addis Ababa 411 183 11 Dire Dawa 82 29 Source: Population and Housing Census, Country level 1994 E.C.

12600 197685 275085 40320 6300 161775 2250 1710 18495 3690

5355 76635 107280 18135 2610 59220 855 630 8235 1305

In addition assessments of the state of education in the ANRS made by the DSA, has revealed the following gaps existed in the areas of the educational delivery system in the region. •

Level of Literacy The national literacy rate level is 29.2% and that of ANRS stands at 23.1%. Gaps are 70.8% nation wide and 76.9% for ANRS.

•

Kindergarten Education Region’s coverage of KG education is only 1.4% with a very high gap of 98.6%

•

Primary Education (both first and second cycles) Participation rate in the region at this level is 64.2% with unmet need of 35.8%

•

Secondary Education (both first and second cycles) In the secondary education system participation rate has reached 17% in the region with a gap of 83.0%.

•

Teacher Education/Training 2000/01 figures in teaching force qualification in the region have indicated that 3.4% (first cycle primary), 66.3% (second cycle primary) and 58.6% secondary (both cycles) were under qualified and/or unqualified. For 2005/06 alone there will be shortage of 12,768 teachers for all levels.

•

TVET

63

17 schools and 4 colleges are established to address the technical and vocational needs in the area. •

Non-Formal Education Plays very important role in provision of basic education in the inaccessible areas to increase participation rate at the primary level.

•

Special Education Meant to serve people with disabilities.

•

Construction Can facilitate or constrain access in education depending in its availability or shortage.

•

Textbook and Instructional Materials They play important roles in availing quality education.

In general, therefore, in order to provide sufficient and quality education in the Region, the participation and

involvement of the community at large, NGOs, and private

investors in building schools, and providing schools with instructional materials, equipment, furniture is vital. Although, traditionally, private schools have been a luxury only the rich can afford, this is not necessarily the case in the current re-emergence of the private sector in Ethiopia's education system. Experiences have shown that development partners in education have contributed a lot in education delivery and continue to do so. To mention a few, they were involved in construction, textbook production and distribution, production of furniture, supply of educational materials and equipment. Sometimes the contributions are in the form of cash, labor and skill/knowledge. The collaboration will be needed more as the demand for quality education mounts.

3.1.3 School Fee 64

The proposed school will cater to the needs of children of medium and high income groups. Currently three categories of schools are being run in Ethiopia, catering to three main segments of the market, mainly higher medium and low-income groups. The schools, which serve the high and medium income groups, are run by the private sector. They usually charge high fees per month per student and these schools have large facilities, enjoy repute due to their modern system of education by using scientific techniques and have qualified and specialized faculty. Most private schools in Addis Ababa fall in the medium category having fee range from Birr 200.00 to Birr 500.0 per month per student. The third category (medium range) provides facilities even less than the minimum required by the Ministry of Education, i.e. less space per student (minimum required 12 sq. ft. per student and high student’ teacher ratio. Parents are curious about the future of their children so they think extensively before admitting their children in any school. Following are the main factors (not conclusive) on the basis of which parents make choice of schools. 1. Distance from home 2. School track record/history 3. General reputation 4. Fees 5. Qualification and experience of the head of school and other faculty. 6. Physical infrastructural facilities. 7. Courses offered and medium of instruction. Besides the above, there are some other subjective, social and status considerations which also play an important role in making decision. In these respect the proposed school is assumed to be of medium category and fulfills the best standards of its kind, its service charge

65

could be Birr 200.00 per month per student, which is Birr 2,000.00 per annum excluding annual registration fee.

3.2

School Capacity

The capacity of the proposed high school is assumed to enroll about 550 students at full capacity.

3.3

Service Program

Reasonable time is required to promote the importance of private school and thus attract parents towards the school. Therefore, the proposed school is assumed to start operation at 50% capacity in the first year, 65% in the second year 75% in the third year, 85% in the fourth year and 100% thereafter.

4. Equipments and Utilities 4.1

Availability and Source of furniture and Equipment

All essential school furniture and equipments such as computers, desks, blackboards, cupboards and chalk are available locally.

4.2

Annual Requirement and Cost of furniture and Equipment

The total cost of school facilities is estimated at about Birr 794,000 of which Birr 50,000 and 15,000 are costs of utilities and office furniture, respectively. Table- 6- Required Furniture and Equipment

Furniture & Equipment Computers Server Printers (Laser) Printers (Dot Matrix) UPS

Quantity

Price/Unit

Total (Birr)

20 1 1 1 2

10,000 60,000 5,000 8,000 3,000

200,000 60,000 5,000 8,000 6,000 66

Books & Labs (Instruments) Furniture & Fixture Electrical & water Office Furniture Total

150,000 300,000 50,000 15,000 794,000

5. Location and Site Investment opportunity regarding setting up of high school can be opened in big cities where relatively high and medium income groups are settled, like Bahir Dar, Gondar, Dessie, Debre Markos, Debre Berhan and Kombolcha.

6. Service Delivery Process and Engineering 6.1

Service Delivery Process

Education Service delivery is a noble and professional activity that requires experiences and qualifications from different streams of disciplines. At different levels of education, the teaching process is carried out as per the curriculum, standards, rules and regulations set by the Ministry of Education of the country. Education service delivery follows the following major steps.

- The school - registers students at the beginning of each year/semester, - allocates teaching periods to each teacher, - provides teachers with necessary teaching materials (text books, chalks etc)

- Each teacher - prepares weekly, monthly and annually lesson plan, - delivers /lectures his lesson plans as per schedules, - gives home works as required and corrects,

67

- gives tests and examinations as per schedules, corrects and records

on each student's card/ certificate and gives rank

and then pass over same to the school.

6.2

School Furniture and Equipment

Even though the minimum requirement of furniture and equipments of a high school is primarily

determined by the Ministry of Education,

private high schools are required to supply extra and timely teaching materials so as to develop the all rounded development of enrolled students.

6.3

Civil Engineering Cost

Private high schools do not have large student population. Average size of a private high school is about 500 students. For a private high school of 550 students, about 9000m 2 of land is required of which 800m2 could be for building class rooms, library, and laboratory and office buildings. The total construction and civil engineering cost of the school building is estimated to be Birr 1,200,000.00 at Birr 1500.00 per meter square. Land lease for social services is assumed to be 25% of normal charge.

7. Human Resource and Training Requirement 7.1

Human Resource

The proposed high school will require the following minimum staff. Table -7- Required Human Resource Position Faculty Members Subject specialist Senior Teachers Junior Teachers Administrative staff Principal Accountant

Numb

Salary/month/per

Salary/

er

son

annum

2 3 5

2000 1500 1200

48,000 54,000 72,000

1 1

2500 1000

30,000 12,000 68

Librarian Secretary Guards Cleaner Total

7.2

1 1 3 2 19

750 800 400 350

9,000 9,600 14,400 8,400 275,400

Training Requirement

All teachers should be trained in pedagogical science either in government or private education institutions and be qualified in each subject given in high schools.

8. Financial Analysis 8.1

Underlying Assumption

The financial analysis of high school project is based on the data provided in the preceding sections and the following assumptions.

69

A. Construction and Finance Construction period

2 years

Source of finance

40% equity and 60% loan

Tax holidays

2 years

Bank interest rate

12%

Discount for cash flow

18%

Value of land

Based on lease rate of ANRS

Spare Parts, Repair & Maintenance

3% of fixed investment

B. Depreciation Building

5%

Machinery and equipment

10%

Office furniture

10%

Vehicles

20%

Pre-production (amortization)

20%

C. Working Capital (Minimum Days of Coverage)

8.2

Raw Material-Local

30 days

Raw Material-Foreign

120 days

Factory Supplies in Stock

30 days

Spare Parts in Stock and Maintenance

30 days

Work in Progress Finished Products Accounts Receivable Cash in Hand Accounts Payable

10 days 15 days 30 days 30 days 30 days

Investment

The total investment cost of the project including working capital is estimated at Birr 2.1 million as shown in table 8 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: Total initial investment

70

Total Initial Investment Item Land Building and civil works Office equipment

Cost 6,750.00 1,200,000.00 15,000.00

Vehicles

0.00

Plant machinery & equipment Total Fixed Investment Pre production capital expenditure Total Initial Investment Working capital at full capacity Total

729,000.00 1,950,750.00 97,537.50 2,048,287.50 86,473.45 2,134,760.95

*Pre-production capital expenditure includes - all expenses for pre-investment studies, consultancy fee during construction and expenses for company‘s establishment, project administration expenses, commission expenses, preproduction marketing and interest expenses during construction.

8.3

Service Costs

The total service cost at full capacity operation is estimated at about Birr 883 thousands (see Table 9). Wages and salaries account for 31.2%. Table -9- Total Service Cost

Total Service Cost at full Capacity Items Cost 1. Raw materials

0.00

2. Utilities 3. Wages and Salaries

50,000.00 275,400.00

4. Spares and Maintenance Service costs

58,522.50 383,922.50

5. Depreciation

153,907.50

6. Financial costs

Total Service Cost

346,064.22 883,894.22

71

8.4

Financial Evaluation I.

Profitability

According to the income statement of the project, the school project will generate profit starting from the second year of operation. II.

Breakeven Analysis

The break even point of the project is estimated by using income statement projection. The Project breaks-even breaks evens at 32.7% of capacity utilization. III.

Payback Period

The project will pay back fully the initial investment in the sixth year. IV.

Simple Rate of Return

The simple rate of return of the project at full capacity utilization is 20.5%. V.

Internal Rate of Return and Net Present Value

Based on the cash flow statement, the calculated IRR of the project is 17.90% and the NPV at 18% discount rate is over Birr 1.0 million. VI.

Sensitivity Analysis

The project will absorb shocks if school fee decreases 10%.

9. Economic and Social Benefit and Justification Based on the foregoing presentation and analysis, we can say that the proposed project possesses wide range of benefits that complement the financial feasibility obtained 72

earlier. It will Improve the standard of education to be given to students who can attend these schools, produce students with strong academic background and with high potential to go to higher education. In general the envisaged project promotes the socio-economic goals and objectives stated in the strategic plan of the Amhara National Regional State. These benefits are listed as follows : A. Profit Generation The project is found to be financially viable and earns on average a profit of Birr 0.30 million per year and Birr 3.0 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 1.2 million from corporate tax payment alone (i.e. excluding income tax, sales tax and VAT). Such result creates 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 for 19 professionals as well as support stuff. Consequently the project creates income of Birr 275 thousand per year. This would be one of the commendable accomplishments of the project. D. Pro Environment Project The proposed production process is environment friendly. E. Diversification and InterSectoral linkage. The proposed project helps to diversify ANRS’ and Ethiopian economy. It contributes to industrialization of the region as well as the county’s economy.

73

ANNEXES

74

Annex 1: Total Net Working Capital Requirements (in Birr) CONSTRUCTION

PRODUCTION

Year 1

Year 2

1

2

3

4

Capacity Utilization (%)

0.00

0.00

75%

85%

100%

0%

1. Total Inventory

0.00

0.00

1430015.96

1620684.76

1906687.95

0.00

0.00

0.00

355090.91

402436.36

473454.55

0.00

Raw Material-Local

0.00

0.00

355090.91

402436.36

473454.55

0.00

Raw Material-Foreign

0.00

0.00

0.00

0.00

0.00

0.00

Factory Supplies in Stock

0.00

0.00

8618.68

9767.83

11491.57

0.00

Spare Parts in Stock and Maintenance

0.00

0.00

64814.73

73456.69

86419.64

0.00

Work in Progress

0.00

0.00

215466.91

244195.84

287289.22

0.00

Finished Products

0.00

0.00

430933.83

488391.67

574578.44

0.00

2. Accounts Receivable

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

3. Cash in Hand

0.00

0.00

227511.65

257846.54

303348.87

0.00

0.00

0.00

3266073.07

3701549.48

4354764.10

0.00

4. Current Liabilities

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

Accounts Payable

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

TOTAL NET WORKING CAPITAL REQUIRMENTS

0.00

0.00

1302436.71

1476094.94

1736582.28

0.00

INCREASE IN NET WORKING CAPITAL

0.00

0.00

1302436.71

173658.23

260487.34

-1736582.28

Raw Materials in Stock- Total

CURRENT ASSETS

1

Annex 1: Total Net Working Capital Requirements (in Birr)

(continued)

PRODUCTION 5

6

7

8

9

10

100%

100%

100%

100%

100%

100%

1906687.95

1906687.95

1906687.95

1906687.95

1906687.95

1906687.95

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

Raw Material-Foreign

0.00

0.00

0.00

0.00

0.00

0.00

Factory Supplies in Stock

11491.57

11491.57

11491.57

11491.57

11491.57

11491.57

Spare Parts in Stock and Maintenance

86419.64

86419.64

86419.64

86419.64

86419.64

86419.64

Work in Progress

287289.22

287289.22

287289.22

287289.22

287289.22

287289.22

Finished Products

574578.44

574578.44

574578.44

574578.44

574578.44

574578.44

2. Accounts Receivable

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

3. Cash in Hand

303348.87

303348.87

303348.87

303348.87

303348.87

303348.87

4354764.10

4354764.10

4354764.10

4354764.10

4354764.10

4354764.10

4. Current Liabilities

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

Accounts Payable

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

TOTAL NET WORKING CAPITAL REQUIRMENTS

1736582.28

1736582.28

1736582.28

1736582.28

1736582.28

1736582.28

INCREASE IN NET WORKING CAPITAL

1736582.28

0.00

0.00

0.00

0.00

0.00

Capacity Utilization (%) 1. Total Inventory Raw Materials in Stock-Total Raw Material-Local

CURRENT ASSETS

2

Annex 2: Cash Flow Statement (in Birr) CONSTRUCTION

PRODUCTION

Year 1

Year 2

1

2

3

4

13863150.00

15599732.28

19963636.36

20661818.18

24392727.27

-2618181.82

13863150.00

15599732.28

1963636.36

261818.18

392727.27

-2618181.82

Total Equity

5545260.00

6239892.91

0.00

0.00

0.00

0.00

Total Long Term Loan

8317890.00

9359839.37

0.00

0.00

0.00

0.00

0.00

0.00

1963636.36

261818.18

392727.27

-2618181.82

2. Inflow Operation

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Sales Revenue

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

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

TOTAL CASH OUTFLOW

13863150.00

13863150.00

13727821.73

11926383.93

16505664.06

286902.48

4. Increase In Fixed Assets

13863150.00

13863150.00

0.00

0.00

0.00

0.00

13203000.00

13203000.00

0.00

0.00

0.00

0.00

660150.00

660150.00

0.00

0.00

0.00

0.00

5. Increase in Current Assets

0.00

0.00

3266073.07

435476.41

653214.61

-4354764.10

6. Operating Costs

0.00

0.00

5700688.04

6423291.77

7507197.38

281160.00

7. Corporate Tax Paid

0.00

0.00

0.00

0.00

3631190.90

0.00

8. Interest Paid

0.00

0.00

4761060.63

2121327.52

1767772.94

1414218.35

9. Loan Repayments

0.00

0.00

0.00

2946288.23

2946288.23

2946288.23

10. Dividends Paid

0.00

0.00

0.00

0.00

0.00

0.00

Surplus(Deficit)

0.00

1736582.28

6235814.63

8735434.25

7887063.21

-2905084.30

Cumulative Cash Balance

0.00

1736582.28

7972396.91

16707831.15

24594894.36

21689810.06

TOTAL CASH INFLOW 1. Inflow Funds

Total Short Term Finances

3. Other Income

Fixed Investments Pre-production Expenditures

Annex 2: Cash Flow Statement (in Birr): Continued 3

PRODUCTION 5 26618181.82

6 24000000.00

7 24000000.00

8 24000000.00

9 24000000.00

10 24000000.00

2618181.82

0.00

0.00

0.00

0.00

0.00

Total Equity

0.00

0.00

0.00

0.00

0.00

0.00

Total Long Term Loan

0.00

0.00

0.00

0.00

0.00

0.00

2618181.82

0.00

0.00

0.00

0.00

0.00

2. Inflow Operation

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Sales Revenue

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

19712237.12

15204202.82

14956714.60

11762938.17

11762938.17

11762938.17

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

5. Increase in Current Assets

4354764.10

0.00

0.00

0.00

0.00

0.00

6. Operating Costs

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7. Corporate Tax Paid

3843323.66

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

8. Interest Paid

1060663.76

707109.17

353554.59

0.00

0.00

0.00

9. Loan Repayments

2946288.23

2946288.23

2946288.23

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Surplus(Deficit)

6905944.69

8795797.18

9043285.40

12237061.83

12237061.83

12237061.83

Cumulative Cash Balance

28595754.76

37391551.94

46434837.34

58671899.17

70908961.01

83146022.84

TOTAL CASH INFLOW 1. Inflow Funds

Total Short Term Finances

Interest on Securities 3. Other Income TOTAL CASH OUTFLOW 4. Increase In Fixed Assets

10. Dividends Paid

Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED CONSTRUCTION

PRODUCTION

4

Year 1

Year 2

1

2

3

4

TOTAL CASH INFLOW

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

1. Inflow Operation

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Sales Revenue

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

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

TOTAL CASH OUTFLOW

13863150.00

13863150.00

7003124.74

6596950.00

11398875.63

-1455422.28

3. Increase in Fixed Assets

13863150.00

13863150.00

0.00

0.00

0.00

0.00

Fixed Investments

13203000.00

13203000.00

0.00

0.00

0.00

0.00

660150.00

660150.00

0.00

0.00

0.00

0.00

4. Increase in Net Working Capital

0.00

0.00

1302436.71

173658.23

260487.34

-1736582.28

5. Operating Costs

0.00

0.00

5700688.04

6423291.77

7507197.38

281160.00

0.00 13863150.00 13863150.00 13863150.00 13863150.00

0.00 13863150.00 27726300.00 11748432.20 25611582.20

0.00

0.00

3631190.90

0.00

10996875.26 16729424.74

13803050.00

12601124.37

1455422.28

-2926374.74

9674749.63

11130171.91

7897784.59 17713797.62

8400962.37

6499519.77

636178.49

-9312835.25

-2813315.49

-2177136.99

2. Other Income

Pre-production Expenditures

6. Corporate Tax Paid NET CASH FLOW CUMMULATIVE NET CASH FLOW Net Present Value (at 18%) Cumulative Net present Value

Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED

(Continued)

PRODUCTION TOTAL CASH INFLOW

5

6

7

8

9

10

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

5

1. Inflow Operation

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Sales Revenue

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

13087103.32

11550805.41

11656871.79

11762938.17

11762938.17

11762938.17

3. Increase in Fixed Assets

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

4. Increase in Net Working Capital

1736582.28

0.00

0.00

0.00

0.00

0.00

5. Operating Costs

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

6. Corporate Tax Paid

3843323.66

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

NET CASH FLOW

10912896.68

12449194.59

12343128.21

12237061.83

12237061.83

12237061.83

CUMMULATIVE NET CASH FLOW

22043068.59

34492263.18

46835391.39

59072453.22

71309515.06

83546576.89

Net Present Value (at 18%)

4042481.12

3908113.82

3283743.16

2758919.88

2338067.70

1981413.30

Cumulative Net present Value

1865344.12

5773457.95

9057201.11

11816120.99

14154188.69

16135601.99

Interest on Securities 2. Other Income TOTAL CASH OUTFLOW

Net Present Value (at 18%)

16,135,601.99

32.0%

Internal Rate of Return

Annex 4: NET INCOME STATEMENT ( in Birr) PRODUCTION 1

2

3

4

5

6

Capacity Utilization (%)

75%

85%

100%

0%

100%

18000000.00

20400000.00

24000000.00

0.00

24000000.00

18000000.00

20400000.00

24000000.00

0.00

24000000.00

Other Income

0.00

0.00

0.00

0.00

0.00

2. Less Variable Cost

5029432.04

5700022.97

6705909.38

0.00

6705909.38

12970567.97

14699977.03

17294090.62

0.00

17294090.62

72.06

72.06

72.06

#DIV/0!

72.06

3292316.00

3344328.80

3422348.00

2902220.00

3422348.00

9678251.97

11355648.23

13871742.62

-2902220.00

13871742.62

54

56

58

#DIV/0!

58

4. Less Cost of Finance

4761060.63

2121327.52

1767772.94

1414218.35

1060663.76

5. GROSS PROFIT

4917191.34

9234320.70

12103969.68

-4316438.35

12811078.86

0.00

0.00

3631190.90

0.00

3843323.66

4917191.34

9234320.70

8472778.78

-4316438.35

8967755.20

Gross Profit/Sales

27%

45%

50%

#DIV/0!

53%

Net Profit After Tax/Sales

27%

45%

35%

#DIV/0!

37%

Return on Investment

33%

39%

35%

-10%

34%

Return on Equity

42%

78%

72%

-37%

76%

1. Total Income Sales Revenue

VARIABLE MARGIN (In % of Total Income) 3. Less Fixed Costs OPERATIONAL MARGIN (In % of Total Income)

6. Income (Corporate) Tax 7. NET PROFIT RATIOS (%)

Annex 4: NET INCOME STATEMENT (in Birr):Continued PRODUCTION 6

7

8

9

10

7

Capacity Utilization (%)

100%

100%

100%

100%

100%

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Other Income

0.00

0.00

0.00

0.00

0.00

2. Less Variable Cost

6705909.38

6705909.38

6705909.38

6705909.38

6705909.38

17294090.62

17294090.62

17294090.62

17294090.62

17294090.62

72

72

72

72

72

3108288.00

3108288.00

3108288.00

3108288.00

3108288.00

14185802.62

14185802.62

14185802.62

14185802.62

14185802.62

59

59

59

59

59

707109.17

353554.59

0.00

0.00

0.00

5. GROSS PROFIT

13478693.45

13832248.03

14185802.62

14185802.62

14185802.62

6. Income (Corporate) Tax

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

7. NET PROFIT

9435085.41

9682573.62

9930061.83

9930061.83

9930061.83

Gross Profit/Sales

56%

58%

59%

59%

59%

Net Profit After Tax/Sales

39%

40%

41%

41%

41%

Return on Investment

34%

34%

34%

34%

34%

Return on Equity

80%

82%

84%

84%

84%

1. Total Income Sales Revenue

VARIABLE MARGIN (In % of Total Income) 3. Less Fixed Costs OPERATIONAL MARGIN (In % of Total Income) 4. Less Cost of Finance

RATIOS (%)

Annex 5: Projected Balance Sheet (in Birr) CONSTRUCTION TOTAL ASSETS

Year 1 13863150.00

Year 2 29462882.28

PRODUCTION 1 36343709.98

2 42893560.64

3 48812778.46

4 43248308.41

8

1. Total Current Assets Inventory on Materials and Supplies Work in Progress Finished Products in Stock Accounts Receivable Cash in Hand Cash Surplus, Finance Available Securities 2. Total Fixed Assets, Net of Depreciation Fixed Investment Construction in Progress Pre-Production Expenditure Less Accumulated Depreciation 3. Accumulated Losses Brought Forward 4. Loss in Current Year TOTAL LIABILITIES 5. Total Current Liabilities Accounts Payable Bank Overdraft 6. Total Long-term Debt Loan A Loan B 7. Total Equity Capital Ordinary Capital Preference Capital Subsidies 8. Reserves, Retained Profits Brought Forward 9. Net Profit After Tax Dividends Payable Retained Profits

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13863150.00 0.00 13203000.00 660150.00 0.00 0.00 0.00 13863150.00 0.00 0.00 0.00 8317890.00 8317890.00 0.00 5545260.00 5545260.00 0.00 0.00 0.00 0.00 0.00 0.00

1736582.28 0.00 0.00 0.00 0.00 0.00 1736582.28 0.00 27726300.00 13203000.00 13203000.00 1320300.00 0.00 0.00 0.00 29462882.28 0.00 0.00 0.00 17677729.37 17677729.37 0.00 11785152.91 11785152.91 0.00 0.00 0.00 0.00 0.00 0.00

11238469.98 428524.31 215466.91 430933.83 1963636.36 227511.65 7972396.91 0.00 25105240.00 26406000.00 0.00 1320300.00 2621060.00 0.00 0.00 36343709.98 1963636.36 1963636.36 0.00 17677729.37 17677729.37 0.00 11785152.91 11785152.91 0.00 0.00 0.00 4917191.34 0.00 4917191.34

Annex 5: Projected Balance Sheet (in Birr):

20409380.64 485660.89 244195.84 488391.67 2225454.55 257846.54 16707831.15 0.00 22484180.00 26406000.00 0.00 1320300.00 5242120.00 0.00 0.00 42893560.64 2225454.55 2225454.55 0.00 14731441.14 14731441.14 0.00 11785152.91 11785152.91 0.00 0.00 4917191.34 9234320.70 0.00 9234320.70

28949658.46 571365.75 287289.22 574578.44 2618181.82 303348.87 24594894.36 0.00 19863120.00 26406000.00 0.00 1320300.00 7863180.00 0.00 0.00 48812778.46 2618181.82 2618181.82 0.00 11785152.91 11785152.91 0.00 11785152.91 11785152.91 0.00 0.00 14151512.04 8472778.78 0.00 8472778.78

21689810.06 0.00 0.00 0.00 0.00 0.00 21689810.06 0.00 17242060.00 26406000.00 0.00 1320300.00 10484240.00 0.00 4316438.35 43248308.41 0.00 0.00 0.00 8838864.68 8838864.68 0.00 11785152.91 11785152.91 0.00 0.00 22624290.82 0.00 0.00 0.00

9 80656725.10 75263725.10

10 90586786.94 87500786.94

Continued

PRODUCTION TOTAL ASSETS 1. Total Current Assets

5 47571518.86 32950518.86

6 54060316.04 41746316.04

7 60796601.43 50789601.43

8 70726663.27 63026663.27

9

Inventory on Materials and Supplies Work in Progress Finished Products in Stock Accounts Receivable Cash in Hand Cash Surplus, Finance Available Securities 2. Total Fixed Assets, Net of Depreciation Fixed Investment Construction in Progress Pre-Production Expenditure Less Accumulated Depreciation 3. Accumulated Losses Brought Forward 4. Loss in Current Year TOTAL LIABILITIES 5. Total Current Liabilities Accounts Payable Bank Overdraft 6. Total Long-term Debt Loan A Loan B 7. Total Equity Capital Ordinary Capital Preference Capital Subsidies 8. Reserves, Retained Profits Brought Forward 9. Net Profit After Tax Dividends Payable Retained Profits

571365.75 287289.22 574578.44 2618181.82 303348.87 28595754.76 0.00 14621000.00 26406000.00 0.00 1320300.00 13105300.00 0.00 0.00 47571518.86 2618181.82 2618181.82 0.00 5892576.46 5892576.46 0.00 11785152.91 11785152.91 0.00 0.00 18307852.47 8967755.20 0.00 8967755.20

571365.75 287289.22 574578.44 2618181.82 303348.87 37391551.94 0.00 12314000.00 26406000.00 0.00 1320300.00 15412300.00 0.00 0.00 54060316.04 2618181.82 2618181.82 0.00 2946288.23 2946288.23 0.00 11785152.91 11785152.91 0.00 0.00 27275607.67 9435085.41 0.00 9435085.41

571365.75 287289.22 574578.44 2618181.82 303348.87 46434837.34 0.00 10007000.00 26406000.00 0.00 1320300.00 17719300.00 0.00 0.00 60796601.43 2618181.82 2618181.82 0.00 0.00 0.00 0.00 11785152.91 11785152.91 0.00 0.00 36710693.08 9682573.62 0.00 9682573.62

571365.75 287289.22 574578.44 2618181.82 303348.87 58671899.17 0.00 7700000.00 26406000.00 0.00 1320300.00 20026300.00 0.00 0.00 70726663.27 2618181.82 2618181.82 0.00 0.00 0.00 0.00 11785152.91 11785152.91 0.00 0.00 46393266.71 9930061.83 0.00 9930061.83

571365.75 287289.22 574578.44 2618181.82 303348.87 70908961.01 0.00 5393000.00 26406000.00 0.00 1320300.00 22333300.00 0.00 0.00 80656725.10 2618181.82 2618181.82 0.00 0.00 0.00 0.00 11785152.91 11785152.91 0.00 0.00 56323328.54 9930061.83 0.00 9930061.83

571365.75 287289.22 574578.44 2618181.82 303348.87 83146022.84 0.00 3086000.00 26406000.00 0.00 1320300.00 24640300.00 0.00 0.00 90586786.94 2618181.82 2618181.82 0.00 0.00 0.00 0.00 11785152.91 11785152.91 0.00 0.00 66253390.37 9930061.83 0.00 9930061.83

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