Appendix 4

CASH FLOW PROJECTIONS
FOR THE UNIT (ZIBA) OPERATION

Table 1: MANURING SYSTEM (K)

Notes:

¹ There are two harvests each year (production cycle = 6 months), starting with the secondyear to allow for extra lead time for pond construction and production start-up.A net 2 t ha yield (after home consumption) is assumed and the fish is sold at the farm-gateprice of K 7.5/kg

² Earthern ponds to be dug entirely by manual labour using shovels, picks and hoes which costK 40–50/piece; the wage rate is K 150/month and the construction of a 500 m² pond requiresthe unearthing of 250 m³

³ The stocking rate is 3/m². Fingerlings are priced at K 60/1 000 pieces

⁴ Part-time work for the operator and his family. Starting with the second year additionallabour is hired at harvest time

⁵ Purchased from neighbouring poultry or pig-rearing operations

Table 2: FISH PRODUCTION COMBINED WITH DUCK HUSBANDRY

Notes:

¹ Net yield: 4 t/ha

² Selling price K 17.5/kg. The ducks are sold every 10–13 weeks (twice per cycle) when theiraverage (dressed) weight is 1.8 kg

³ Built beside the pond by the fish-farmer's family with bamboo or other locally available materials

⁴ At the rate of 1 duck/20 m² priced at K 1.75/duckling

⁵ Some additional labour is required in the first year to look after the ducks and henceforth thesame amount as in the manuring system of Table 1

⁶ 50% of the feed requirement for the ducks (i.e., K 4/day) is bought outside

⁷ Repairs of the duck shed are added after the second year

Table 3: FISH PRODUCTION COMBINED WITH PIGSTY

Notes:

¹ Net yield: 5 t/ha

² Selling price: K 10/kg/pig sold at 70 kg (× 4) once per 6-month cycle

³ Built more expensively, on stilts, over the pond

⁴ Purchase price: K 7/kg for each 25 kg weaner

⁵ 60% of feed requirement bought outside the farm at a cost of K 5.5/day

Table 4: DEBT SERVICING: SENSITIVITY ANALYSIS (FISH-CUM-DUCK = TABLE 2)

Case I - NO PERIOD OF GRACE - FIRST REPAYMENT AFTER 6 MONTHS - 2 ANNUAL INSTALMENTS - INTEREST RATE = 10%

Case II - PERIOD OF GRACE = 12 MONTHS - FIRST REPAYMENT AFTER 18 MONTHS - 2 INSTALMENTS - RATE = 16%

Case III - PERIOD OF GRACE = 12 MONTHS - FIRST REPAYMENT AFTER 18 MONTHS - 3 INSTALMENTS - RATE = 20%