Muluken Yayerad Paper and Paper Product Production Factory

1. Planned Machinery and Equipments

Bank Port Freight Insurance Installation

sr.no Item Qty/MT/kg Unit price/USD Total Charge 3% handling 2.5% 2.5% 1% Cost 5% Total /USD/ Total Cost in Birr

Straw cutter

Belt conveyor

Duster

Spherical Digester

Blow pit

Beater chest

1 Conveyor pump

2 Machine chest

3 Mixing box

4 Distribution box

5 Head box

6 Wire, Pres and Dryer Part

Total 356,200 356,200 10,686 8,905 8,905 3,562 17,810 406,068 11,369,904

2.Vechiles
Unit price Total Price
Description Qt in Birr in Birr

1 ISUZU NPR Truck 2 1,500,000 3,000,000

2 Coaster Bus 1 1,850,000 1,850,000

3 Toyota HI-LUX 1 1,200,000 1,200,000

Total 6,050,000
 3 Building and construction

Total Cost
No Description qt in Birr

1 Processing Room 1 3,216,420

2 Product Store 1 2,704,096

3 Chemical Store 1 1,938,562

4 Office 1 1,196,232

5 Guard House 1 114,948

6 Toilet and Chemical Lab . 550,847

7 Fence 1,072,123

8 Septic Tank 84,535

Total 10,877,763

4 Electric Power Installation cost Birr 48,307.07

5 Office furniture and Equipment

Total cost
sr.no Description Qty unitcost /Birr/ /Birr/
1 L shape table 180*80*75 1 4,000 4,000

2 Office Shelf Two doors 1 4,200 4,200

Office Shelf Upper
glass doors lower
3 wooden doors with drawers 1 5,200 5,200
Excutive leather
4 High back chair 1 9,000 9,000

5 Guest chair with Sledge leather 5 3,200 16,000

Guest chair with
6 out arm fabric cover 10 945.00 9,450.00

7 File cabinet with drawers 3 4,000 12,000

8 coffe tab 150*50*45 Cm 4 1,000 4,000

Total 63,850
 Annex-I

Muluken Yayerad Paper and Paper Product Production Factory

Assumption employed in the financial study

3 Working days per annum 300

4 Number of shifts 1

5 Working hours/shift 8 hrs

Total Installed capacity

Description Capacity production

Total theotritical capacity of

paper Kg/hr 6,600

Total theotritical capacity of

paper Kg/day 13,200

Total theotritical capacity of

paper Kg/year 3,960,000

Total capacity 3,960,000

Note:

The proposed machinery has a capacity of out put discharge 5000kg day .

Capacity utilaization
Quantity
Rejection Net Production of Net production
Products Ratio (kg)
(2% ) paper (kg) kg

A4 Paper 20% 792,000 15,840 776,160 32,340

A3 Paper 40% 1,584,000 31,680 1,552,320 70,560

Other 40% 1,584,000 31,680 1,552,320 77,616

Total 3,960,000 79,200 3,880,800 180,516

Quantity at capacity utlization

Net production
kg
Proposed Capacity
Year Uitlization A4 Paper A3 Paper Other Total

1 70% 22,638 49,392 54,331 126,361

2 80% 25,872 56,448 62,093 144,413

3 90% 29,106 63,504 69,854 162,464

4 & thereafter 100% 32,340 70,560 77,616 180,516

6.0 Selling price

Selling
Products Unit price/kg

A4 paper kg 2,340

A3 Paper kg 2,292

Others kg 2,044

Revenue at capacity

Revenue at capacity
Proposed Capacity
Year Uitlization A4 Paper A3 Paper Other Total

1 70% 52,972,920 113,206,464 111,052,973 224,259,437

2 80% 60,540,480 129,378,816 126,917,683 316,836,979

3 90% 68,108,040 145,551,168 142,782,394 356,441,602

4 & thereafter 100% 75,675,600 161,723,520 158,647,104 396,046,224

Muluken Yayerad Paper and Paper Product Production Factory

Assumption employed in the financial study

 Muluken Yayerad Paper and Paper Product Production Factory

Assumption employed in the financial study

E. F. G . Different Raw Materials cost in Birr

at different capacity utilization Rate

Annual Raw material Total Annual
Proposed Capacity cost Annual Craft Annual Satlin Raw Material s
Year Uitlization (in Birr) Paper cost / Cloth Cost/ Cost

1 70% 171,526,448 392,501 4,043,558 175,962,507

2 80% 196,030,226 448,572 4,621,210 201,100,008

3 90% 220,534,005 504,644 5,198,861 226,237,509

4 & thereafter 100% 245,037,783 560,715 5,776,512 251,375,010

F . Other Raw Materials

Craft Papers Requirment 0.61cm/m3

Unit Price of craft Paper 509.21

Total Craft
Proposed Capacity Annual Production Craft paper Paper Requiredin unit
Year Uitlization of paper required/m3 mt price kg Total cost

1 70% 126,361 0.61 771 509.21 392,501

2 80% 144,413 0.61 881 509.21 448,572

3 90% 162,464 0.61 991 509.21 504,644

4and there after 100% 180,516 0.61 1,101 509.21 560,715

G Satin / Cloth/

on Avrage used

Proposed Capacity Annual Production Avrage Satin

Year Uitlization of foam in m3 price/m3 Total cost

1 70% 126,361 32 4,043,558

2 80% 144,413 32 4,621,210

3 90% 162,464 32 5,198,861

4and there after 100% 180,516 32 5,776,512

 Muluken Yayerad Paper and Paper Product Production Factory

Assumption employed in the financial study

8 Over head Costs

8.1 Salary & Wages

Monthly Annual
Description No of Employee Salary in Birr Salary/ Birr/

1. General Manager Office

General Manager 1 7,864 94,368

Secretary 1 1,752 21,024

Production Manager 1 6,256 75,072

Forman or Supervisor 3 3,184 114,624

Machine Operator 10 2,088 250,560

Assistance oprerator 6 1,176 84,672

Technical department head 1 4,080 48,960

Electrician 7 2,088 175,392

Mechanics 10 2,088 250,560

Quality control head or Expert 1 5,088 61,056

Chemist 6 2,448 176,256

Personal 15 2,448 440,640

Nurse 3 2,448 88,128

Administration Head 1 6,256 75,072

Accountant 4 2,448 117,504

Casher 3 2,088 75,168

Sales person 15 1,456 262,080

Purchaser 6 2,088 150,336

Store Person 5 2,088 125,280

General service head 1 3,184 38,208

Drivers 3 2,088 75,168

Assistant Driver 3 1,752 63,072

Messenger 2 752 18,048

Cleaner/Janitor 4 592 28,416

Guard 7 752 63,168

Daily labourer 40 500 240,000

Total 159 3,212,832

Note: Wage & salary is assumed to increse by 5% per annum

8.2 Utilities

8.2.1 Cost of water at theortical capacity 0.03% of sales 67,277.83

8.2.2 Electric power:The service charge 0.008% of sales 17,940.75 Birr/Yr

8.3 Land Lease 900,000.00 900,000.00

8.4 Adevertizing cost 50,000.00 / year 50,000.00

For 3 Years only increased by 2%

0.27% of wage and salery 8,675

8.5 Travel and Pardime

8.6 Telephone and fax 0.02% of sales 44,852

0.30% of sales 672,778

8.7 Supplies & Stationery
Increased by 2% / annum

8.8 Legal and Audit fee 5,000 Birr/annum 2% increase/annum

8.9 Uniform and closing 350.00 Birr/annum 10,500

Birr/pcs
17.81 285
8.10 Goagle Splash twice/annum

8.12 Spare parts and consumables 2% of Fixed Asset 581,932

8.13 Insurance 0.75% of Fixed Asset 218,225

8.14 Loading & Unloading) 0.50% of Sales 1,121,297

Messelanious Expenses 50,000

Assumed to increase by 2%/annum

 Muluken Yayerad Paper and Paper Product Production Factory

Assumption employed in the financial study

8.15 Fuel, Oil and Lubricants

Fuel Total fuel Unit Cost

Types of Traveling distance Cosnuption requirement per/lt
Sr. No. Vehicles per/year ( KM) ( Lt/ Km) ( lt) ( Diesel) Total Fuel cost

1 Toyota pick up 20000 0.20 4000 17 68000

2 ISUZU 54000 0.14 7560 17 128520

3 Coaster Bus 20000 0.2 4000 17 68000

4 Generator 480 5 2400 19.01 45624

Sub- Total 196520

Oil & Lubricant 10% of Fuel Cost 19652

Total Fuel, Oil & Lubricant Cost 216,172.00

Asumming 60 days electric power interaption /annum

480 hrs/year Generator hrs

2400 Lts/annum

8.17 Repair and maintenance Costs

1 Building and construction 10,877,763 3% 326,333

Machinery ,equipments
2 11,369,904 10% 1,136,990

3 Vehicles 6,050,000 10% 605,000

4 Generator 720,100 10% 72,010

5 Office furniture & equipments 30,545 10% 3,055

Total 29,048,312 2,143,388

10 Deperciation & Amortization

Original Depreciation Annual
Description
Value Rate Depreciation

Building And Construction 10,877,763 5% 543,888

Machinery ,equipments 11,369,904 10% 1,136,990

Vehicles 6,050,000 20% 1,210,000

Generator 720,100 72,010

10%
Office furniture
30,545 3,055
& Equpments 10%

Electric Power Installation cost 48,307 2,415

5%

Sub Total 29,096,619 2,968,358

pre production cost 290,483 29,048

10%
pre Operating interest 259,723 10% 25,972

Total 29,646,825 3,023,379

 Muluken Yayerad Paper and Paper Product Production Factory
Project Operating costs

year
Description
1 2 3 4 5 6 7 8

Raw material 175,962,507 201,100,008 226,237,509 251,375,010 251,375,010 251,375,010 251,375,010 251,375,010

Wages & salaries 3,212,832 3,373,474 3,542,147 3,719,255 3,905,217 4,100,478 4,305,502 4,520,777

Travel & Perdiem 8,675 9,108 9,564 10,042 10,544 11,071 11,625 12,206

Insurance 218,225 218,225 218,225 218,225 218,225 218,225 218,225 218,225

Telephone and Fax 44,852 45,749 46,664 47,597 48,549 49,520 50,511 51,521

Advertizing 50,000 52,500 55,125 - - - - -

Uniform and cloth 10,500 11,025 11,576 12,155 12,155 12,155 12,155 12,155

Goggle Splash 285 299 314 330 346 364 382 401

Stationery and Office supply 672,778 686,234 699,959 713,958 728,237 742,802 757,658 772,811

Utilities 85,219 89,480 93,953 98,651 103,584 108,763 114,201 119,911

Fuel & Lubricants 216,172 237,789 261,568 287,725 316,497 348,147 382,962 421,258

Loading Unloading 1,121,297 1,177,362 1,236,230 1,298,042 1,362,944 1,431,091 1,502,645 1,577,778

Legal & Audit fee 5,000 5,100 5,202 5,306 5,412 5,520 5,631 5,743

Repair and maintenance 2,143,388 2,250,557 2,363,085 2,481,239 2,605,301 2,735,566 2,872,345 3,015,962

Lease Cost 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

Spar part and consumable - 581,932 581,932 581,932 581,932 581,932 581,932 581,932

Miselanious Expensses 10,000 10,200 10,404 10,612 10,824 11,041 11,262 11,487

Total 183,763,729 209,851,042 235,375,458 260,862,079 261,286,779 261,733,686 262,204,045 262,699,177

 Muluken Yayerad Paper and Paper Product Production Factory

Working capital Determination

Project Years
Description coverage
1 2 3 4 5 6 7 8

Raw Material 1months 14,663,542 16,758,334 18,853,126 20,947,918 20,947,918 20,947,918 20,947,918 20,947,918

Salary and Wages 1 month 267,736 281,123 295,179 309,938 325,435 341,707 358,792 376,731

Insurance 1 Year 218,225 218,225 218,225 218,225 218,225 218,225 218,225 218,225

Utilities 1 month 7,102 7,457 7,829 8,221 8,632 9,064 9,517 9,993

Telephone and Postage 1 month 3,738 3,738 3,738 3,738 3,738 3,738 3,738 3,738

Fuel and Lubricant 1 month 18,014 19,816 21,797 23,977 26,375 29,012 31,913 35,105

Supplies and Stationery 1 month 56,065 57,186 58,330 59,496 60,686 61,900 63,138 64,401

Travel and prrdiem 1 month 723 759 797 837 879 923 969 1,017

Uniform 1 month 10,500 11,025 11,576 12,155 12,155 12,155 12,155 12,155

Goggle Spalish 1 month 285 299 314 330 346 364 382 401

Loading Unloading 1 month 1,121,297 1,177,362 1,236,230 1,298,042 1,362,944 1,431,091 1,502,645 1,577,778

Advertizment 1 month 16,667 17,500 18,375 - - - - -

Miscellaneous 1 times 10,000 10,200 10,404 10,612 10,824 11,041 11,262 11,487

Total 15,235,144 17,346,637 19,459,021 21,572,349 21,591,886 21,612,485 21,634,209 21,657,127

Working capital Increment - 2,111,493 2,112,384 2,113,328 19,537 20,598 21,724 22,918
Muluken Yayerad Paper and Paper Product Production Factory
VII Financial Plan of the Project

Total Financial
Equity DBE
Description Requirements
Contributions Loan
( Birr)

10,877,763.00 3,263,328.90 7,614,434.10

Building and construction
Machinery and equipment 11,369,904.00 3,410,971.20 7,958,932.80
Machinery and equipment
205,911.00 61,773.30 144,137.70
Installation cost
Vehicles 6,050,000.00 1,875,500.00 4,174,500.00

Generator 720,100.00 223,231.00 496,869.00

Electric Power Installation 48,307.00 14,975.17 33,331.83

Office Furniture
30,545.00 9,468.95 21,076.05
and Equipments
working capital 15,235,144.19 4,265,840.37 10,969,303.82

Pre operating cost 290,483.12 290,483.12 -

Total 44,828,157.31 13,415,572.01 31,412,585.30

Debt/ Equity Ratio 100% 30% 70%

Pre operating interst&
259,723.23 259,723.23 -
Commitment Charges
Total including pre operating
45,087,880.54 13,675,295.24 31,412,585.30
Interest
Debt/ Equity Ratio 100% 30% 70%
 Muluken Yayerad Paper and Paper Product Production F
Bank Loan Repayment Schedule
Commitment
charge
Principal Interest
Year Repayment / Birr/ calculation

July / 2014 - - -

April 30/2015 - - 111,253

June30/2015 - 53,712 23,350

July 31/2015 - 24,029 11,675

Aug. 31/ 2015 - 24,029 11,675

Sub Total 101,770 157,953

1 Jan31/2016 557,862 379,349 -

2 May31/2016 557,866 363,543 -

3 Sep30/2016 557,866 347,736 -

Sub Total 1,673,594 1,090,628 -

4 January/31/2017 557,866 331,930 -

5 May 31 2017 557,866 316,124 -

6 Sep 30/2017 557,866 300,318 -

Sub Total 1,673,598 948,372 -

7 Jan. 31 2018 557,866 284,512 -

8 May 31 2018 557,866 268,705 -

9 Sept 30/2018 557,866 252,899 -

Sub Total 1,673,598 806,116 -

10 January 31 2019 557,866 237,093 -

11 May. 31 2019 557,866 221,287 -

12 Sep 30 2019 557,866 205,481 -

Sub Total 1,673,598 663,861 -

13 January 31 2020 557,866 189,674 -

14 May. 31 2020 557,866 173,868 -

15 Sep 30 2020 557,866 158,062 -

Sub Total 1,673,598 521,605 -

16 January 31 2021 557,866 142,256 -

17 May. 31 2021 557,866 126,450 -

18 Sep 30 2021 557,866 110,643 -

Sub Total 1,673,598 379,349 -

19 January 31 2022 557,866 94,837 -

20 May. 31 2022 557,866 79,031 -

21 Sep 30 2022 557,866 63,225 -

Sub Total 1,673,598 237,093 -

22 January 31 2023 557,866 47,419 -

23 May. 31 2023 557,866 31,612 -

24 Sep 30 2023 557,866 15,806 -

Sub Total 1,673,598 94,837 -

Product Production Factory
epayment Schedule

Disbursement Commitment
Total (birr) balance Out Standing
Repayment Balance

- - 31,412,585

111,253 3,392,330 28,020,255 3,392,330

77,062 3,313,478 24,706,777 6,705,808

35,704 3,444,442 24,575,813 10,150,250

35,704 3,238,530 - 13,388,780

259,723 - - 13,388,780

379,349 - - 12,830,918

921,409 - - 12,273,052

905,602 - - 11,715,186

2,206,360 - -

889,796 - - 11,157,320

873,990 - - 10,599,454

858,184 - - 10,041,588

2,621,970 - -

842,378 - - 9,483,722

826,571 - - 8,925,856

810,765 - - 8,367,990

2,479,714 - -

794,959 - - 7,810,124

779,153 - - 7,252,258

763,347 - - 6,694,392

2,337,459 - -
 747,540 - - 6,136,526

731,734 - - 5,578,660

715,928 - - 5,020,794

2,195,203 - -

700,122 - - 4,462,928

684,316 - - 3,905,062

668,509 - - 3,347,196

2,052,947 - -

652,703 - - 2,789,330

636,897 - - 2,231,464

621,091 - - 1,673,598

1,910,691 - -

605,285 - - 1,115,732

589,478 - - 557,866

573,672 - - -

1,768,435 - -

1,308,857.72 12830918 18,581,667

 Muluken Yayerad Paper and Paper Product Production Factory

Projected Income Statement

Project Years
Description
1 2 3 4 5 6 7 8

Revenue 224,259,437 316,836,979 356,441,602 396,046,224 396,046,224 396,046,224 396,046,224 396,046,224

Less Operating costs

Raw material 175,962,507 201,100,008 226,237,509 251,375,010 251,375,010 251,375,010 251,375,010 251,375,010

Wages & salaries 3,212,832 3,373,474 3,542,147 3,719,255 3,905,217 4,100,478 4,305,502 4,520,777

Travel & Perdiem 8,675 9,108 9,564 10,042 10,544 11,071 11,625 12,206

Insurance 218,225 218,225 218,225 218,225 218,225 218,225 218,225 218,225

Telephone and Fax 44,852 45,749 46,664 47,597 48,549 49,520 50,511 51,521

Advertizing 50,000 52,500 55,125 - - - - -

Uniform and cloth 10,500 11,025 11,576 12,155 12,155 12,155 12,155 12,155

Goggle Splash 285 299 314 330 346 364 382 401

Stationery and Office supply 672,778 686,234 699,959 713,958 728,237 742,802 757,658 772,811

Utilities 85,219 89,480 93,953 98,651 103,584 108,763 114,201 119,911

Fuel & Lubricants 216,172 237,789 261,568 287,725 316,497 348,147 382,962 421,258

Loading Unloading 1,121,297 1,177,362 1,236,230 1,298,042 1,362,944 1,431,091 1,502,645 1,577,778

Legal & Audit fee 5,000 5,100 5,202 5,306 5,412 5,520 5,631 5,743

Repair and maintenance 2,143,388 2,250,557 2,363,085 2,481,239 2,605,301 2,735,566 2,872,345 3,015,962

Lease Cost 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

Spar part and consumable - 581,932 581,932 581,932 581,932 581,932 581,932 581,932

Miselanious Expensses 10,000 10,200 10,404 10,612 10,824 11,041 11,262 11,487

Depreciation and
Amortization 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379

Total 183,763,729 209,851,042 235,375,458 260,862,079 261,286,779 261,733,686 262,204,045 262,699,177

Gross Profit 40,495,708 106,985,937 121,066,144 135,184,145 134,759,445 134,312,538 133,842,179 133,347,047

Less: Deprec. and Amort. 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 2,997,407 2,997,407 2,997,407

Profit Before Int. and tax 37,472,329 103,962,558 118,042,765 132,160,766 131,736,066 131,315,132 130,844,772 130,349,640

Interest Expense 1,090,628 948,372 806,116 663,861 521,605 379,349 237,093 94,837

Profit Before tax 36,381,701 103,014,186 117,236,648 131,496,906 131,214,462 130,935,783 130,607,679 130,254,803

Profit tax 12,725,645 36,047,015 41,024,877 46,015,967 45,917,112 45,819,574 45,704,738 45,581,231
Net Profit/Loss 23,656,055 66,967,171 76,211,771 85,480,939 85,297,350 85,116,209 84,902,942 84,673,572
 Muluken Yayerad Paper and Paper Product Production Factory

Projected Cash Flow

Proejct Years

Description 0 1 2 3 4 5 6 7 8

Cash Inflows

Owner's Equity 13,675,295 -

Loan 31,412,585 -

Net Profit - 23,656,055 66,967,171 76,211,771 85,480,939 85,297,350 85,116,209 84,902,942 84,673,572

Depreciation - 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379 3,023,379

Total Cash Inflows 45,087,881 26,679,434 69,990,550 79,235,150 88,504,318 88,320,729 88,139,588 87,926,321 87,696,951

Cash out Flows

Fixed assets 29,302,530 - - - - - - - -

Increase In workng Capital 15,235,144 - 2,111,493 2,112,384 2,113,328 19,537 20,598 21,724 22,918

Loan Repayment - 1,673,594 1,673,598 1,673,598 1,673,598 1,673,598 1,673,598 1,673,598 1,673,598

Pre-Operating Expenses 290,483 - - - - - - - -

Pre-Operating Interest 259,723 - - - - 1,418,000 - - -

Dividened (20%) - 473,121 1,339,343 1,524,235 1,709,619 1,705,947 1,702,324 1,698,059 1,693,471

Total Cash Outflows 45,087,881 2,146,715 5,124,434 5,310,217 5,496,545 4,817,082 3,396,521 3,393,381 3,389,987

Net Cash Flow - 24,532,719 64,866,116 73,924,933 83,007,773 83,503,647 84,743,067 84,532,940 84,306,963

Cumulative Cash Balance 24,532,719 89,398,835 163,323,768 246,331,541 329,835,187 414,578,255 499,111,195 583,418,158
 Muluken Yayerad Paper and Paper Product Production Factory

Projected Balance Sheet

Y E A R S

DESCRIPTION 0 1 2 3 4 5 6 7 8

ASSETS

CURRENT ASSETS

Cash 24,532,719 89,398,835 163,323,768 246,331,541 329,835,187 414,578,255 499,111,195 583,418,158

Inventory 15,235,144 15,235,144 17,346,637 19,459,021 21,572,349 21,591,886 21,612,485 21,634,209 21,657,127

Total Current Assets 15,235,144 39,767,864 106,745,472 182,782,789 267,903,890 351,427,074 436,190,739 520,745,403 605,075,285

FIXED ASSETS
Building and construction
10,877,763 10,333,875 9,789,987 9,246,099 8,702,210 8,158,322 7,614,434 7,070,546 6,526,658
Vehicles
6,050,000 4,840,000 3,630,000 2,420,000 1,210,000 6,050,000 4,840,000 3,630,000 2,420,000
Machinery and equipment
11,369,904 10,232,914 9,095,923 7,958,933 6,821,942 5,684,952 4,547,962 3,410,971 2,273,981
Generator
720,100 648,090 576,080 504,070 432,060 360,050 288,040 216,030 144,020
Electrical Installation
48,307 45,892 43,476 41,061 38,646 36,230 33,815 31,400 28,984
Furniture & fixture
30,545 27,491 24,436 21,382 18,327 15,273 12,218 9,164 6,109

Total Fixed Assets 29,096,619 26,128,261 23,159,902 20,191,544 17,223,185 20,304,827 17,336,469 14,368,110 11,399,752

Pre production cost 290,483 261,435 232,386 203,338 174,290 145,242 116,193 87,145 58,097

Pre - Operating Expense 259,723 233,751 207,779 181,806 155,834 129,862 103,889 77,917 51,945

Total Pre-Operating Expenses 550,206 495,186 440,165 385,144 330,124 275,103 220,083 165,062 110,041

Total Assets 44,881,970 66,391,310 130,345,539 203,359,477 285,457,199 372,007,004 453,747,291 535,278,575 616,585,078

LIABILITIES & Capital

Bank Loan 13,388,780 11,715,186 10,041,588 8,367,990 6,694,392 5,020,794 3,347,196 1,673,598 -

Sub Total 13,388,780 11,715,186 10,041,588 8,367,990 6,694,392 5,020,794 3,347,196 1,673,598 -

CAPITAL

Owner's Equity 13,675,295 13,675,295 13,675,295 13,675,295 13,675,295 13,675,295 13,675,295 13,675,295 13,675,295

Retained Earnings 17,817,894 41,000,829 106,628,656 181,316,192 265,087,512 353,310,915 436,724,799 519,929,682 602,909,783

Sub total 31,493,190 54,676,124 120,303,951 194,991,487 278,762,807 366,986,210 450,400,095 533,604,977 616,585,078

Total Liabilities and Capital 44,881,970 66,391,310 130,345,539 203,359,477 285,457,199 372,007,004 453,747,291 535,278,575 616,585,078
 Muluken Yayerad Paper and Paper Product Production Factory

Financial Internal Rate of Return

Project Working Capital Fixed Asset Operating Costs Less

Revenue Total Benefits Investment Income Tax Total Costs Net Benefit Before Tax Net Benefit After Tax
Years Recovery Recovery Depreciation

0 - 31,412,585 31,412,585 (31,412,585) (31,412,585)

1 224,259,437 224,259,437 40,495,708 12,725,645 53,221,353 183,763,729 171,038,084

2 316,836,979 316,836,979 106,985,937 36,047,015 143,032,952 209,851,042 173,804,027

3 356,441,602 356,441,602 121,066,144 41,024,877 162,091,021 235,375,458 194,350,581

4 396,046,224 396,046,224 135,184,145 46,015,967 181,200,112 260,862,079 214,846,112

5 396,046,224 396,046,224 134,759,445 45,917,112 180,676,557 261,286,779 215,369,667

6 396,046,224 396,046,224 134,312,538 45,819,574 180,132,112 261,733,686 215,914,112

7 396,046,224 396,046,224 133,842,179 45,704,738 179,546,917 262,204,045 216,499,307

8 396,046,224 396,046,224 133,347,047 45,581,231 178,928,278 262,699,177 217,117,946

IRR Befor Tax 599% NPV Befor Tax 1,016,824,517

IRR After Tax 548% NPV After tax 849,953,499