1 EXECUTIVE SUMMARY

Agriculture has a pivotal role in Ethiopian Economy. It contributes about

half of GDP of the country, creates job opportunity to 80% of the nation
and avails lion share of the export commodity. This scenario will hold to be
true in the years to come as it consumes comparatively lesser capital and
technology which the nation lacks. In other words, labour and land are
better available, and hence agriculture is the most fit sector to efficiently
utilize the comparative advantages.
Considering these facts and with the intention to take part in the
development process, our company, Sheraro Business Development PLC, is
managing to engage in the agriculture sector. To start with, we selected a
dairy farm and then will extend to other activities including poultry and
agro processing.
We embarked on dairy project considering the existing visible market gap.
It is expected that the unfulfilled demand for milk keeps continuing due to
expansion of urban population, the rise of the need for nutrient food,
increase in paying capacity and the like. Hence, apart from the exiting
market gap, other variables also contribute for favorable future market of
dairy products.
The project will take place at Debre-Tsige town on 5,000m 2 land. The town
is found in Sellale area which is conducive to dairy activity. All utilities are
available in the area.
The company intends to start operation at a capacity of 50 cows. Total
project cost of the project is estimated for Birr 2,606,130 which is going to
be financed from own equity and bank finance in proportion of 40:60
respectively.

1
The projected income statement indicates that the project will be in a
profitable position through out its life. It is also liquid enough to discharge
its commitment.
To sum up, the market and financial appraisal of the project indicate that
the project has ample market prospect and financially viable and
profitable. More over, the project is ideally located and it will be led by
experienced staff. Therefore, it is worth implementing.

2. BACK GROUND INFORMATION

Promoter of the project, Shararo Business Development PLC, was founded
in June, 2007 with paid up capital of Br 750,000 to engage in development
of milk products, poultry, agro processing and related activities.
The company was established by five shareholders namely:-Ato Deneke
Balcha, Ato Tariku Tadesse, Ato Freegzi Berhane, w/o Abebech Tessema
and Ato Samuel Tsegaye. Theses individuals came from different walk of
life with rich experience and exposure.
One of the share holders, Ato Deneke Balcha, has over 30 years
experience in agriculture sector with different portfolio. He is going to be
fulltime manager of the project under consideration. The other share
holders are also multi disciplinarians including Economics, accounting and
engineering. Hence, the share holders are capable to manage efficient
utilization of resources, explore potentials and accelerate progress of the
project.

3. BRIEF DESCRIPTION OF THE PROJECT

Though untapped yet, Ethiopia has unlimited opportunities in agro
processing and agribusiness. Agriculture, through its value adding chains,
is the main stay of the economy providing employment to 80 percent of
2
the population. It has also significant share in GDP and constitutes lion
share of export of the nation. Furthermore, agriculture plays a crucial role
in providing raw material inputs for industry mainly engaged in agro
processing.
Same is true to the live stock sub sector . However, inadequate supply of
capital and technology has contributed to the less development of the sub
sector. So that, the existing performance (& productivity) has remained
very poor when compared with its potential . There fore, a big leap
forward can be made by encouraging potential investors to bring the
capital and technology to the sector.
Taking into account the potential, existing market situation of local market
(huge shortage of milk and milk products), favorable Government policy
and availability of credit facilities, SHERARO has planned to realize
production of milk and milk products to the local market.
The project is situated on 5,000 m2 plot of land which is acquired through
lease from Debre-Tsige town. It is planned to start with a capacity of 40
milk cows, 10 heifers and two bulls. Hence, there will be 50 cows after a
year.
The project will have a barn, laborers room, offices, hay shed, store and
Guest room. Water well is also part of the project. It is designed in a way
that smoothes the work flow. We expect to finalize the civil work and
acquisition of cows with in six months.
The farm will undertake forward and backward activities including planting
animal feeds, and preparing concentrate feed. It will also process butter
and other milk products at cottage level to avoid the risk of slack season
and unexpected sales cut. But these activities are not regular line of
production that it is considered as milk in income determination. In
tandum, the company is opting to establish a modern dairy farm.

3
4. SCOPE AND OBJECTIVE OF THE PROJECT
As a business entity, the immediate objective of the project is to generate
a reasonable profit/ income to the company through availing quality milk
and milk products to the society. More over, the project has the following
objectives:
● strive to attain optimum efficiency so as to provide customers with
better quality milk and milk products at reasonable price.
● Make own contribution to the poverty eradication activities and food
sustainability through availing nutritious food
 Creating employment opportunities to surrounding people,
 Modernizing the existing traditional cattle management trend, and
serving as a demonstration to local farmers,
 Creating additional source of revenue for the government are major
direct benefits of the project.

5. MARKET STUDY
Dairy products are part of the average daily nutrition of family in many
rural areas on Ethiopia. However, the milk production potential of
indigenous cows is very low that only very small taunting is marketed by
farmer as milk, or as butter and cottage cheese. As a result, the market
has experienced serious shortages of dairy products particularly milk.
It is argued that three main forces, namely, population growth, change in
demand for live stock products, and change in availability of input and
technology are driving change in the livestock sub sector.
As urban population is increasing, market centers especially in Addis Ababa
are severely affected. Prices are also rising continually which is reflecting
the shortage of supply of the dairy products.

4
Apart from absolute growth of population, the rise in consumer’s income,
taste and preference for nutrition’s food will escalate the demand for daily
products. The average annual consumption of milk and milk products in
Addis Ababa is estimated to be 207 kg/ household (DDE, 2004). This is on
the higher side compared with the national per capita consumption of
19kg. According to FAO’s study biological need of milk is 100 litres per
person per annum.
Promoter of the project basically assumes to supply to Addis Ababa
residents and agro processors who supply to Addis. So the market study
concentrations on Addis Ababa.

5.1 Demand consideration for milk in Addis

Milk is used as a direct consumption or as input to milk products and other

food stuff. It is estimated that a house hold size of the urban population
consume 20 litters of milk per month. Accordingly, the following demand
projection is made based on the 2000 E.C estimate of population size of
the city which was 2,900,000 and considering the estimated growth rate of
2.5% per annum with an average of 5 persons/ household.

Year Population house hold demand (ton)

2002 3,046,813 609,362.5 146,247.0

2003 3,122,983 624,596.6 149,903.2

2004 3,201,057 640,211.5 153,650.8

2005 3,281,084 656,216.8 157,492.0

2006 3,363,111 672,622.2 161,429.3

2007 3,447,189 689,437.7 165,465.1

2008 3,533,368 706,673.7 169,601.7

2009 3,621,703 724,340.5 173,841.7

2010 3,712,245 178,187.8
5
 742,449.0

2011 3,805,051 761,010.3 182,642.5

6
5.2 supply structure of milk in Addis Ababa
The dairy sector in Ethiopia can be categorized based on market
orientation, scale, and production intensity. Doing so identifies three major
production systems. These are traditional smallholders, privatized state
farms, and urban and per urban systems.
The milk supply of Addis Ababa comes from Dairy Development enterprises
(DDE), Sebeta Agro industry, small scale producers operating in urban and
per-urban areas around Addis, as well as imports. Statistical data issued
from the Ministry of Agriculture and Rural Development (2000E.C) indicates
that some 13,260 ton of milk is annually supplies to Addis Ababa from DDE
and Sebeta Agro Industry. Milk which is directly sold to consumers from
the urban and per-urban source is estimated as 49,243 ton. Import of milk
and milk products is reported as 2000 ton.
Assuming milk supply to grow at 3%/annum, supply projection of Addis
Ababa is indicated in the table below.

Year Local supply Import Total supply

66,309
2002 .4 2,000.00 68,309.4
68,298
2003 .7 2,000.00 70,298.7
70,347
2004 .7 2,000.00 72,347.7
72,458
2005 .1 2,000.00 74,458.1
74,631
2006 .9 2,000.00 76,631.9
76,870
2007 .8 2,000.00 78,870.8
79,176
2008 .9 2,000.00 81,176.9
81,552
2009 .2 2,000.00 83,552.2
83,998
2010 .8 2,000.00 85,998.8
86,518
2011 .8 2,000.00 88,518.8

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5.3 Demand and Supply Gap Projection

Demand ‘000kg Supply ‘000kg Gap ‘000kg

Project year
77,937.6
2002 146,247.0 68,309.4
79,604.5
2003 149,903.2 70,298.7
81,303.9
2004 153,650.8 72,347.7
83,033.9
2005 157,492.0 74,458.1
84,797.4
2006 161,429.3 76,631.9
86,594.3
2007 165,465.1 78,870.8
88,724.8
2008 169,601.7 81,176.9
90,289.5
2009 173,841.7 83,552.2
92,189.0
2010 178,187.8 85,998.8
94,123.7
2011 182,642.5 88,518.8

The projection shown above illustrates that, on the average, there is an

annual excess demand of 81,335.3 ton of dairy products with in the next
five years. This is strongly substantiated by empirical evidences which
make residents and diary processors feel the shortage. More over,
different technical papers have reported existence of huge unfulfilled
demand which extends up to 56 million liters per annum. These scenarios,
there fore, enable to conclude that there will not be fear of shortage of
market for the produce of the project.

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6. MARKETING STRATEGY

The proposed marketing strategy of Shararo Business Development PLC is

initially to supply major portion of the production to processors and also
produce other milk products to prevent impact of low seasons. Through
time, the company will develop sales out lets and/or secure supply
contracts with dependable customers.
Distribution of dairy products to customers will be in vehicles equipped
with cooling equipment to insure the freshness of the products.
The management of the company and its share holders will utilize their
potential and contact to create supply chain with major consumer as well
as retailer of the products.
The company will strive to keep quality of the milk so as develop good-will.
In this regard, the know–how in the operation and breed of cows are
advantage against the main competitors. In addition there will be a strict
control of the milk from milking through delivery to the customer, there by
being able to control quality and refrigeration that are so important in
obtaining customer satisfaction.

7. TECHNICAL STUDY

This section describes technical information related to the industry under

consideration. It briefly discusses about project site, civil works,
equipments, utilities and implementation schedule. Detail list/specification
and corresponding prices of these elements are annexed.

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7.1 Location and Site selection
The envisaged project is to be implemented in Oromia Regional state,
North Showa Zone, Debre-Lebanos Woreda, Debre Tsige Town. It is
about 87km North West of Addis Ababa.
The project location and surrounding area are endowed with adequate and
improved feed which makes the site very ideal for the dairy cattle farming
sector. It is also very conducive landscape and environment for the cattle
farming and dairy processing.
Customarily, both the rural and urban residents of the area practice milk
cow rearing which ensures sustainable supply chain and grant availability
of experts and experienced employees.
Hence, Conducive environment of the place, existence of utilities, access
to the market, and availability of skilled manpower are some of the many
parameters for the site selection.

7.2 Building and Civil Work

The civil work related to the project includes milking cow barn, Dry cows
barn, Heifers maternity house, straw hay store, Concentrate and feed mill
shed, isolation Room, Waste disposal pit, etc. It is also structured to
provide stores for finished products, office for administrative services,
residence rooms and Guest house. The overall cost of the building is
estimated at Br 1,271,210.

7.3 Office Equipment and Furniture

To create good working environment and hence facilitate the project day
to day activities, the project offices are expected to furnish with
reasonable office equipments and furniture estimated to be birr 20,000.

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7.4 Machinery and Equipment
The company plans to include milk processing equipments at cottage level.
This will enable to minimize the risk of seasonal or unexpected sales cut.
There fore, equipments used to process butter, separate cream and the
like are included in the list.

7.5 Utilities and Infrastructure

Due to proximity of the location to the country’s capital, Addis Ababa, the
infrastructural situation is at a relatively better status. Asphalted roads join
it with the center and with other parts of the country. The utility services
are also sufficiently available. It has got reliable electric power supply
service and automatic telephone and mobile communication and water
supply services; and again social services (like health, education ).
Hence, the utilities and infrastructure required for the project are readily
available at the project site. In addition, the project will have borehole to
sustainably ensure the supply of water for the project. However, direct
power of EELPA need to install long line which costs sizable amount.
Hence, differed till the power supplier arranges reasonable means. Till
then, power generator is to be used since the consumption is minimal at
initial stage. Cost of Electrical installation, water line and borehole are
estimated to be Br 10,000, 25,000 and Br 188,000 respectively.

7.6 Work plan of the project

Implementation of the project is expected to take six months follows:
No. Activities Months
1 2 3 4 5 6
1 Construction
2 Manpower recruitment
3 Purchase of furn. and equip
4 Purchase of dairy cows & feed

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8. HUMAN RESOURCE REQUIREMENTS

The project will have experienced staff during its implementation and
operation. Accordingly, it will create job opportunity for about 18 peoples
and will be staffed with skilled personnel who are easily available in the
community.
The Wages and salaries for these man-powers are presented as follows:
No Job category No Monthly Annual
Salary(Br) Salary(Br)
1 General Mgr 1 4,000 48,000
2 Dairy Supervisor 1 1,500 18,000
3 Accounting clerk 1 1,000 12,000
4 Veterinary 1 2,500 30,000
5 Milking workers 5 450 27,000
7 Barn cleaner 2 400 9,600
9 Drivers 1 600 7,200
11 Salesman 1 800 9,600
13 Cashier 1 600 7,200
14 Guards 4 350 16,800
Total 185,400

Training: The project has planned to provide both on the job and off the
job training to its staff. This will enable to increase productively of man
power and enhance efficient utilization of resources that enable to create
development oriented insertions. Moreover, rich experience of the farm
manager will enable to easily conduct the job.

9. TOTAL PROJECT COST AND SOURCE OF FINANCE

Total investment cost of the project amounts birr 2,606,130 totting up

total fixed investment of Br 1,792,830 cattle Br 744,000, initial working
capital requirement Br 49,300 and pre-operational expense of Br 20,000.
12
It is assumed that the company finances 40% from own source and the
rest from bank loan. Major category of the costs and their source of
finance is tabulated here under (the detail is annexed)
TOTAL BANK
ITEMS COST OWN CON. FINANCE
1,271,2 508,4 762,72
Bldg 10 84 6
223, 89,25
Other Const 140 6 133,884
153,8 61,5 92,29
Vehicles 30 40 8
144,6 57,8 86,79
Equip and tools 50 60 0
744,0 285,6 458,4
Cattle 00 00 00
49,3 19,7 29,5
Working Capital 00 20 80
Pre-Operational 20,
exp 000 20,000  
2,606,13 1,042, 1,563,67
Grand Total 0 460 0

10. FINANCIAL ANALYSIS AND PROJECTION

The financial analysis of the project is made on the assumption of ten

years of operation and six months project implementation period. The
basic assumptions used for the projection of the financial inflow and out
flow of the envisaged project are as follows:

10.1 Milk requirement for calves

Both male and female calves consume 2 lt /head for 15 days. Then all
male calves will be culled while female calves continue to consume 3 liters
for 90 days.

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 10.2 Herd Projection
a) Number of cows is 50 and milking cows to dry cow’s ratio is assumed to
be 80% while the reproduction ratio is taken as 85%. Hence 2/3 of the
cows give birth in a specific year.
b) Sex ratio between m and f calves delivery 50%:50%
c) Mortality and culling ratio is assumed as follow:
TYEP MORTALITY CULLING PRICE IN BIRR
cows 2% >50 15,000
Calves male ,female 10% 100% 500

Heifers 1-2years 7% - 6,000

Heifers 2-3years 5% - 12,000

10.3 Feed requirement

The cattle consume concentrate and non concentrate feed in the following
proportion:

Heifers
Feed type price Bull Cow 1-2yrs 2-3yrs Calves

concentrate 2 4 5 2 3 1.5
non
concentrations 0.80 8 5 3 3 1

10.4 Projection of income and expense

A) Income
Milk production per cow per day 1y=15ltr, Y2=16, y3 and then after=17 ltr
Sales price per liter= birr 4.50
Lactation period=305 day
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B) Expenses
-Feed cost:- concentrate and non-concentrate feed are assumed to cost
Br 2 and Br 0.80 respectively for 1kg each
-Monthly Salary is assumed to be Br 15,450 and will increase by 5 % every
year.
-Interest is calculated at 8.5% per annum for 10 years including grace
period of six months.
-Depreciation: - Bldg 5%, other const, equip and machinery 10%, vehicle
20%
-Repair and maintenance is .25%for bldg, 2% for other const and 3% for
vehicle and equipment. It will increase by 5% every year.
-Annual utility expenses for water, telephone bill, and Electricity are Br
2,400 Br 3,600 and Br 3,000 respectively.
-Fuel is assumed to be Br 3,000/month
Medical including artificial insemination is expected to cost bra 10,000 per
annum
-Miscellaneous including cleaning materials (1000), stationery (800),
protective (1500).

10.5 Projected Income Statement '000'

1 2 3 4 5 6 7 8 9 10

Milk 747 986 1,028 1,072 1,080 1,080 1,081 1,081 1,081 1,081

Culling 7 8 9 114 174 189 189 189 189 189

Total income 753 994 1,036 1,186 1,254 1,269 1,269 1,269 1,269 1,269

1 24 25 27 27 27 27 27 27
Feed 91 0 8 3 7 7 7 7 277 7
salary 1 19 20 21 22 23 24 26 273 28
15
 85 4 4 4 5 6 8 0 7
1 12 11 9 8 7 5 3
interest 32 2 1 9 6 1 6 9 20 3
1 13 13 13 13 10 10 10 10
Depreciation 33 3 3 3 3 2 2 2 102 2
1 1 2 2 2 2 2 2
Repair & main. 17 8 9 0 1 2 3 4 25 6
1 1 1 1 1 1 1 1
Utilities 11 1 1 1 1 1 1 1 11 1
3 3 3 3 3 3 3 3
Fuel 36 6 6 6 6 6 6 6 36 6
1 1 1 1 1 1 1 1
Medicine 10 0 0 0 0 0 0 0 10 0

Miscellaneous 7 7 7 7 7 7 7 7 7 7
7 77 78 80 80 77 77 76 75
Total Expense 22 1 9 2 5 2 0 6 761 9

Profit before tax 31 223 247 383 449 497 499 503 508 510

income tax 9 67 74 115 135 149 150 151 152 153

Net income 22 156 173 268 314 348 350 352 355 357

Projected Cash Flow '000'

2
Net Income 2 156 173 268 314 348 350 352 355 357
1 12 11 9 8 7 5 3
Add:interest 32 2 1 9 6 1 6 9 20 3
1 13 13 13 13 10 10 10 10
:Depreciation 33 3 3 3 3 2 2 2 102 2

Minus: Loan rep. 246 246 246 246 246 246 246 246 246 246

Net Cash inflow 3 147 175 282 341 421 438 457 479 498

Cummulative 3 150 325 607 948 1,369 1,807 2,264 2,743 3,241

Present Value 2.73 124.90 136.98 203.70 226.81 258.05 247.15 237.92 229.98 220.18

Net Prest Value = 1888.4 -1042 = 846.4

11. SOCIO-ECONOMIC BENEFITS

Some of the social and economic values the project contributes are:
1. It offers gainful employment opportunities

16
 2. It creates linkage effects in the economy through transferring
knowledge to the local community, supplying grade breed animals,
promoting agricultural commercialization and similar activities
3. Generates revenue to the government in the form of income tax
4. Indirectly helps to save foreign currency spent on import of milk
products.

12. CONCLUSION

-The growing demand for the dairy products is promising for the
promoters and the country. It is also encouraging that conducive
environment, skilled man power and other in puts which enable to
engage in the sector are available.
-Financial analysis on pay back period and profitability clearly show that
the project is feasible. More over, the socio-economic contributions of
the project imply that it is beneficial to the society.
There fore, it is worth implementing the envisaged project.

Annex

A) Cost of feed per unit of animal

concentrate non-concentrate
per per
  head price cost head price cost total
17
 bull 4 2 8 8 0.8 6.4 8.8
cow 5 2 10 5 0.8 4 10.8
heifers 1-2yrs 2 2 4 3 0.8 2.4 4.8
heifers 2-3
yrs 3 2 6 3 0.8 2.4 6.8
calves 1.5 2 3 1 0.8 0.8 3.8

Total cost of feed for whole stock per respective year

1 2 3 4 5 6 7 8 9 10
bull Qty 2 2 2 2 2 2 2 2 2 2
6,42 6,42 6,42 6,42 6,42 6,42 6,42 6,42 6,42
T. cost 4 4 6,424 4 4 4 4 4 4 4
cow Qty 39 48 47 49 50 50 50 50 50 50

T. cost 154,526 190,856 187,039 195,124 196,618 196,628 196,637 196,646 196,656 196,664
heifers 2-3yrs Qty 10 - 10 12 13 13 13 13 13 13

T. cost 17,520 - 17,520 21,670 22,776 22,776 22,776 22,776 22,776 22,776
heifers 1-2
yrs Qty - 11 13 14 14 14 14 14 14 14

T. cost - 27,688 32,316 33,514 34,962 35,230 35,232 35,233 35,235 35,237
calves Qty 12 14 15 15 15 15 15 15 15 15

T. cost 12,535 14,630 15,172 15,828 15,949 15,950 15,951 15,952 15,952 15,953

Total Cost 191,005 239,598 258,471 272,560 276,730 277,008 277,020 277,032 277,043 277,054

B) PROJECTION of HERD

Years 1 2 3 4 5 6 7 8 9 10
Breeding cows 40 39 48 47 49 50 50 50 50 50
18
 1
death(2%) 1 1 1 1 1 1 1 1 1
culls 0 0 7 11 12 12 12 12 12
Icrease 0 10 0 10 12 13 13 13 13 13
closing number 39 48 47 49 50 50 50 50 50 50
Heifers(2-3 yr) 10 0 11 13 14 14 14 14 14 14
death(5%) 0 0 1 1 1 1 1 1 1 1
culls
closing number 10 0 10 12 13 13 13 13 13 13
Heifers(1-2 yr) 0 12 14 15 15 15 15 15 15 15
death(7%) 0 1 1 1 1 1 1 1 1 1
culls
closing number 0 11 13 14 14 14 14 14 14 14
Natural increase
Male calves 13 16 16 17 17 17 17 17 17 17
culls(100%) 13 16 16 17 17 17 17 17 17 17
Female calves 13 16 16 17 17 17 17 17 17 17
death(10%) 1 2 2 2 2 2 2 2 2 2
closing number 12 14 15 15 15 15 15 15 15 15

C) Milk Production and sales income

Milk production 179,340 236,270 246,016 256,651 258,616 258,629 258,641 258,653 258,665 258,677
Milk cons. Of
calves 4,398 5,432 5,324 5,554 5,596 5,597 5,597 5,597 5,597 5,598

wastage 8,967 11,814 12,301 12,833 12,931 12,931 12,932 12,933 12,933 12,934

Available for sale 165,975 219,024 228,392 238,265 240,089 240,101 240,112 240,124 240,135 240,146
income sale of
milk 746,886 985,609 1,027,763 1,072,191 1,080,401 1,080,454 1,080,506 1,080,556 1,080,606 1,080,655

Number of culling and sales proceed

cows (No.) 0 0 0 7 11 12 12 12 12 12
calves 13 16 17 17 17 17 17 17 17 17

cows (Br.) - - - 105,000 165,000 180,000 180,000 180,000 180,000 180,000

calves 6,500 8,000 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500
income from
culling 6,500 8,000 8,500 113,500 173,500 188,500 188,500 188,500 188,500 188,500

Total income 753,386 993,609 1,036,263 1,185,691 1,253,901 1,268,954 1,269,006 1,269,056 1,269,106 1,269,155

Monthly Loan repayment of Br 1,563,670 with 6ms grace period int. of Br 39,327 for 10 yrs

Principal interest total Repayment balance Annual int.

1 1,563,670.00 50,403.34 1,614,073.34 20,538.00 1,593,535.34

2 1,593,535.34 11,287.49 1,604,822.83 20,538.00 1,584,284.83

19
 3 1,584,284.83 11,221.96 1,595,506.80 20,538.00 1,574,968.80

4 1,574,968.80 11,155.98 1,586,124.77 20,538.00 1,565,586.77

5 1,565,586.77 11,089.52 1,576,676.29 20,538.00 1,556,138.29

6 1,556,138.29 11,022.59 1,567,160.89 20,538.00 1,546,622.89

7 1,546,622.89 10,955.19 1,557,578.08 20,538.00 1,537,040.08

8 1,537,040.08 10,887.32 1,547,927.40 20,538.00 1,527,389.40

9 1,527,389.40 10,818.96 1,538,208.36 20,538.00 1,517,670.36

10 1,517,670.36 10,750.11 1,528,420.47 20,538.00 1,507,882.47

11 1,507,882.47 10,680.78 1,518,563.25 20,538.00 1,498,025.25

12 1,498,025.25 10,610.96 1,508,636.22 20,538.00 1,488,098.22 131,556.82

13 1,488,098.22 10,540.65 1,498,638.86 20,538.00 1,478,100.86

14 1,478,100.86 10,469.83 1,488,570.69 20,538.00 1,468,032.69

15 1,468,032.69 10,398.52 1,478,431.21 20,538.00 1,457,893.21

16 1,457,893.21 10,326.69 1,468,219.91 20,538.00 1,447,681.91

17 1,447,681.91 10,254.37 1,457,936.27 20,538.00 1,437,398.27

18 1,437,398.27 10,181.52 1,447,579.79 20,538.00 1,427,041.79

19 1,427,041.79 10,108.17 1,437,149.96 20,538.00 1,416,611.96

20 1,416,611.96 10,034.29 1,426,646.25 20,538.00 1,406,108.25

21 1,406,108.25 9,959.89 1,416,068.13 20,538.00 1,395,530.13

22 1,395,530.13 9,884.96 1,405,415.09 20,538.00 1,384,877.09

23 1,384,877.09 9,809.50 1,394,686.59 20,538.00 1,374,148.59

24 1,374,148.59 9,733.51 1,383,882.10 20,538.00 1,363,344.10 121,701.88

25 1,363,344.10 9,656.98 1,373,001.07 20,538.00 1,352,463.07

26 1,352,463.07 9,579.90 1,362,042.98 20,538.00 1,341,504.98

27 1,341,504.98 9,502.28 1,351,007.26 20,538.00 1,330,469.26

28 1,330,469.26 9,424.11 1,339,893.37 20,538.00 1,319,355.37

29 1,319,355.37 9,345.39 1,328,700.76 20,538.00 1,308,162.76

30 1,308,162.76 9,266.11 1,317,428.87 20,538.00 1,296,890.87

31 1,296,890.87 9,186.27 1,306,077.14 20,538.00 1,285,539.14

20
32 1,285,539.14 9,105.86 1,294,645.00 20,538.00 1,274,107.00

33 1,274,107.00 9,024.88 1,283,131.88 20,538.00 1,262,593.88

34 1,262,593.88 8,943.33 1,271,537.21 20,538.00 1,250,999.21

35 1,250,999.21 8,861.20 1,259,860.41 20,538.00 1,239,322.41

36 1,239,322.41 8,778.49 1,248,100.90 20,538.00 1,227,562.90 110,674.81

37 1,227,562.90 8,695.20 1,236,258.10 20,538.00 1,215,720.10

38 1,215,720.10 8,611.31 1,224,331.41 20,538.00 1,203,793.41

39 1,203,793.41 8,526.83 1,212,320.24 20,538.00 1,191,782.24

40 1,191,782.24 8,441.75 1,200,223.99 20,538.00 1,179,685.99

41 1,179,685.99 8,356.07 1,188,042.06 20,538.00 1,167,504.06

42 1,167,504.06 8,269.78 1,175,773.84 20,538.00 1,155,235.84

43 1,155,235.84 8,182.88 1,163,418.73 20,538.00 1,142,880.73

44 1,142,880.73 8,095.37 1,150,976.09 20,538.00 1,130,438.09

45 1,130,438.09 8,007.23 1,138,445.32 20,538.00 1,117,907.32

46 1,117,907.32 7,918.47 1,125,825.80 20,538.00 1,105,287.80

47 1,105,287.80 7,829.09 1,113,116.88 20,538.00 1,092,578.88

48 1,092,578.88 7,739.06 1,100,317.95 20,538.00 1,079,779.95 98,673.04

49 1,079,779.95 7,648.41 1,087,428.35 20,538.00 1,066,890.35

50 1,066,890.35 7,557.10 1,074,447.46 20,538.00 1,053,909.46

51 1,053,909.46 7,465.16 1,061,374.61 20,538.00 1,040,836.61

52 1,040,836.61 7,372.56 1,048,209.17 20,538.00 1,027,671.17

53 1,027,671.17 7,279.30 1,034,950.47 20,538.00 1,014,412.47

54 1,014,412.47 7,185.39 1,021,597.86 20,538.00 1,001,059.86

55 1,001,059.86 7,090.81 1,008,150.67 20,538.00 987,612.67

56 987,612.67 6,995.56 994,608.23 20,538.00 974,070.23

57 974,070.23 6,899.63 980,969.86 20,538.00 960,431.86

58 960,431.86 6,803.03 967,234.89 20,538.00 946,696.89

59 946,696.89 6,705.74 953,402.62 20,538.00 932,864.62

60 932,864.62 6,607.76 939,472.38 20,538.00 918,934.38 85,610.44

21
61 918,934.38 6,509.09 925,443.47 20,538.00 904,905.47

62 904,905.47 6,409.72 911,315.19 20,538.00 890,777.19

63 890,777.19 6,309.64 897,086.83 20,538.00 876,548.83

64 876,548.83 6,208.86 882,757.69 20,538.00 862,219.69

65 862,219.69 6,107.36 868,327.05 20,538.00 847,789.05

66 847,789.05 6,005.14 853,794.19 20,538.00 833,256.19

67 833,256.19 5,902.20 839,158.40 20,538.00 818,620.40

68 818,620.40 5,798.53 824,418.93 20,538.00 803,880.93

69 803,880.93 5,694.13 809,575.06 20,538.00 789,037.06

70 789,037.06 5,588.99 794,626.05 20,538.00 774,088.05

71 774,088.05 5,483.10 779,571.14 20,538.00 759,033.14

72 759,033.14 5,376.46 764,409.60 20,538.00 743,871.60 71,393.22

73 743,871.60 5,269.07 749,140.67 20,538.00 728,602.67

74 728,602.67 5,160.91 733,763.58 20,538.00 713,225.58

75 713,225.58 5,051.99 718,277.57 20,538.00 697,739.57

76 697,739.57 4,942.30 702,681.87 20,538.00 682,143.87

77 682,143.87 4,831.83 686,975.70 20,538.00 666,437.70

78 666,437.70 4,720.58 671,158.28 20,538.00 650,620.28

79 650,620.28 4,608.54 655,228.82 20,538.00 634,690.82

80 634,690.82 4,495.71 639,186.52 20,538.00 618,648.52

81 618,648.52 4,382.07 623,030.60 20,538.00 602,492.60

82 602,492.60 4,267.64 606,760.23 20,538.00 586,222.23

83 586,222.23 4,152.39 590,374.62 20,538.00 569,836.62

84 569,836.62 4,036.32 573,872.94 20,538.00 553,334.94 55,919.34

85 553,334.94 3,919.44 557,254.38 20,538.00 536,716.38

86 536,716.38 3,801.72 540,518.10 20,538.00 519,980.10

87 519,980.10 3,683.18 523,663.28 20,538.00 503,125.28

88 503,125.28 3,563.79 506,689.07 20,538.00 486,151.07

89 486,151.07 3,443.55 489,594.62 20,538.00 469,056.62

22
 90 469,056.62 3,322.47 472,379.09 20,538.00 451,841.09

91 451,841.09 3,200.53 455,041.61 20,538.00 434,503.61

92 434,503.61 3,077.72 437,581.33 20,538.00 417,043.33

93 417,043.33 2,954.04 419,997.38 20,538.00 399,459.38

94 399,459.38 2,829.49 402,288.87 20,538.00 381,750.87

95 381,750.87 2,704.06 384,454.92 20,538.00 363,916.92

96 363,916.92 2,577.73 366,494.66 20,538.00 345,956.66 39,077.71

97 345,956.66 2,450.51 348,407.17 20,538.00 327,869.17

98 327,869.17 2,322.40 330,191.57 20,538.00 309,653.57

99 309,653.57 2,193.37 311,846.94 20,538.00 291,308.94

100 291,308.94 2,063.43 293,372.36 20,538.00 272,834.36

101 272,834.36 1,932.57 274,766.93 20,538.00 254,228.93

102 254,228.93 1,800.78 256,029.71 20,538.00 235,491.71

103 235,491.71 1,668.06 237,159.77 20,538.00 216,621.77

104 216,621.77 1,534.40 218,156.17 20,538.00 197,618.17

105 197,618.17 1,399.79 199,017.96 20,538.00 178,479.96

106 178,479.96 1,264.23 179,744.18 20,538.00 159,206.18

107 159,206.18 1,127.71 160,333.89 20,538.00 139,795.89

108 139,795.89 990.22 140,786.10 20,538.00 120,248.10 20,747.45

109 120,248.10 851.75 121,099.86 20,538.00 100,561.86

110 100,561.86 712.31 101,274.17 20,538.00 80,736.17

111 80,736.17 571.88 81,308.05 20,538.00 60,770.05

112 60,770.05 430.45 61,200.50 20,538.00 40,662.50

113 40,662.50 288.02 40,950.52 20,538.00 20,412.52

114 20,412.52 144.59 20,557.11 20,538.00 2,999.01

23