ANNEX I
- PRIVATE FRESHWATER PRAWN FARM

- GROW-OUT UNIT : (1 HA OF PONDS : 5 × 2 000 M²)

ANNEX I1 : CAPITAL COST (in EC, basis Oct. 1986)

ITEMS	COST	LIFE PERIOD EXPECTANCY (YEARS)	DEPRECIATION COST
- Earthworks (1 ha)	75 000	15	5 000
- Hydraulic network	30 000	15	2 000
- Operation shed	7 500	15	500
- Various equipments	8 000	3	2 670
- Vehicle	25 000	5	5 000
- Engineering (5 %)	6 400	15	430
Total cost	151 900	9,7	15 600

1 E.C. = 2,54 FF
1 US $ = 6,6 FF
1 US $ = 2,6 E.C.

ANNEX I2 : REAL ACCOUNTS IN STANDARD YEAR (in EC, basis Oct. 86)

OUTCOME				INCOME
Juveniles : 180 000 × 0,08 EC			14 400	Sales :
Feed : 2 700 kg × 3 × 1,1 EC/kg			8 910
Energy			7 000	a)	2 700 kg × 15 EC/pound = 89 600 EC
Maintenance (1,75 % of investment)			2 660	a)	2 700 kg × 15 EC/pound = 89 600 EC
Miscellaneous (5 % of previous costs)			1 650
Staff :	- manager (1) (700 EC/month)		2 400	b)	2 700 kg × 17 EC/pound = 101 550 EC
	- harvest staff (2) (400 EC/month)		2 880

	Total (1)		45 900
	Depreciation cost (2)		15 600

	Grand total (1) + (2)		61 500
	Gross profit	(a) sales 15 EC/pound	28 100
	Gross profit	(b) sales 17 EC/pound	40 050

	Cash flow	(a) (15 EC/pound)	43 700
	Cash flow	(b) (17 EC/pound)	55 650

(1) Full time
(2) 3 workers during one day/week

ANNEX I3 : - Internal rate of return (16,6 %)
- Selling price at 15 EC/pound

TABLE NO:

Table for financial analysis

Calculation of the Financial
Internal Rate of Return (FIRR)

PROJECT:	YEAR	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
INVESTMENTS
HATCHERY
life period: 15 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 10 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 7 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 5 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 3 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period:	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period:	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

GROW OUT UNIT
life period: 15 years	1	118900	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 10 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 7 years	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period: 5 years	1	25000	0	0	0	0	25000	0	0	0	0	25000	0	0	0	0
life period: 3 years	1	8000	0	0	8000	0	0	8000	0	0	8000	0	0	8000	0	0
life period:	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
life period:	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
OPERATING COSTS
HATCHERY
feed	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
packing materials	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
animals	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
operation materials	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
staff	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
services & supplies	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-energy	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-maintenance	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-insurances	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-miscellaneous	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
technical assistance	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
royalties(Know-How)	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

GROW OUT UNIT
feed	1	325	4760	8910	8910	8910	8910	8910	8910	8910	8910	8910	8910	8910	8910	8910
packing materials	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
animals	1	10400	13600	14400	14400	14400	14400	14400	14400	14400	14400	14400	14400	14400	14400	14400
operation materials	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
staff	1	8400	11280	11280	11280	11280	11280	11280	11280	11280	11280	11280	11280	11280	11280	11280
services & supplies	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-energy	1	3500	7000	7000	7000	7000	7000	7000	7000	7000	7000	7000	7000	7000	7000	7000
-maintenance	1	1330	2660	2660	2660	2660	2660	2660	2660	2660	2660	2660	2660	2660	2660	2660
-insurances	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
-miscellaneous	1	777.75	1401	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50	1648.50
technical assistance	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
royalties(Know-How)	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
lease of water area	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
TOTAL INVESTMENTS
hatchery		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
grow out unit		151900	0	0	8000	0	25000	8000	0	0	8000	25000	0	8000	0	0

total invest.		151900	0	0	8000	0	25000	8000	0	0	8000	25000	0	8000	0	0

TOTAL OPERATING COSTS
hatchery		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
grow out unit		24733	40701	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899

total operat. costs		24733	40701	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899	45899
TOTAL COSTS (1)		176633	40701	45899	53899	45899	70899	53899	45899	45899	53899	70899	45899	53899	45899	45899

TOTAL REVENUES (2)	1	0	52500	89600	89600	89600	89600	89600	89600	89600	89600	89600	89600	89600	89600	89600

NET CASH FLOW (2-1)		176633	11799	43702	35702	43702	18702	35702	43702	43702	35702	18702	43702	35702	43702	43702
F.I.R.R. =	16.61		N.P.V.=	-.01713
.1661	%	disc.factor =		.1661

ANNEX I4 : - Internal rate of return (23,2 %)
- Selling price at 17 EC/pound

TABLE No: