In the chicken manure option, the fish-farmer fertilizes his ponds with chicken manure (maize bran base) bought at market prices, at a point of supply located 30 km from his farm.
A farmer using chicken manure from his own farm would only charge to his fish-farming operation the opportunity cost of not selling out the chicken manure.
TABLE 5.14
CHICKEN MANURE REQUIREMENTS AND COSTS, BASED ON A NORM OF 130 G/M2/WEEK
BREEDING PONDS | REARING PONDS | PRODUCTION PONDS | TOTAL QUANTITY KG | TOTAL COST K (@0.10 K) | ||
NUMBER OF WEEK OF FERTILIZATION | 34 WEEKS | 34 WEEKS | 40 WEEKS | |||
5 HA FISH FARM | 5,000 m2 PONDS | 18,697 | 20,200 | 214,240 | 253,137 | 25,314 |
2,500 m2 PONDS | 17,680 | 19,890 | 215,800 | 253,370 | 25,337 | |
1,500 m2 PONDS | 13,790 | 20,686 | 218,400 | 252,876 | 25,288 | |
10 HA FISH FARM | 5,000 m2 PONDS | 37,216 | 40,487 | 428,584 | 506,287 | 50,629 |
2,500 m2 PONDS | 28,730 | 42,962 | 435,708 | 507,400 | 50,740 | |
1,500 m2 PONDS | 27,581 | 41,455 | 458,776 | 507,812 | 50,781 |
OPTION II: CHICKEN MANURE
WORKING CAPITAL | K |
ONE YEAR STOCK OF CHICKEN MANURE | 25,337 |
SUPPLIES (Nets, Shovels, Tools) | 1,000 |
CASH: FOR TRANSPORTATION | 2,508 |
FOR SALARIES | 14,000 |
CONTINGENCIES 10% | 4,355 |
TOTAL | 47,200 |
PROJECTED PROFIT AND LOSS STATEMENT | |||
REVENUES | K | ||
SALES: Low yields 4T/HA @ K4/KG | 80,000 | ||
Medium yelds 6T/HA @ K4/KG | 120,000 | ||
High yelds 8T/HA @ K4/KG | 160,000 | ||
EXPENSES | |||
Chicken manure | 25,337 | ||
Transportation | 2,508 | ||
Supplies | 1,000 | ||
Labor & Management | 14,000 | ||
Contingencies | 4,355 | ||
TOTAL DIRECT COST | 47,200 | ||
PROFIT BEFORE DEPRECIATION: Low | 32,800 | ||
Medium | 72,800 | ||
High | 112,800 | ||
5,000 m2 Ponds | 2,500 m2 Ponds | 1,500 m2 Ponds | |
DEPRECIATION Pond | 14,032 | 18,942 | 23,670 |
Fence | 1,279 | 1,279 | 1,279 |
Building & Furniture | 1,352 | 1,352 | 1,352 |
Other | 806 | 806 | 806 |
TOTAL | 17,469 | 22,379 | 27,107 |
PROFIT Low | 15,331 | 10,421 | 5,693 |
Medium | 55,331 | 50,421 | 45,693 |
High | 95,331 | 90,421 | 85,893 |
TABLE 5.15
PROFIT TAX COMPUTATION, 5 HA FISH-FARM, 5,000 m2 PONDS, CHICKEN MANURE
YEAR | PROFIT BEFORE DEPRECIATION | CAPITAL ALLOWANCES | LOSS BROUGHT FORWARD | TOTAL ALLOWANCE | TAXABLE INCOME | TAX (15%) | |||||||||||
L | M | H | Buildings/ Development* | Other** | L | M | H | L | M | H | L | M | H | L | M | H | |
1 | 32,800 | 72,800 | 112,800 | 319,986 | 2,765 | - | - | - | 322,751 | 322,751 | 322,751 | (289,951) | (249,951) | (209,951) | - | - | - |
2 | 32,800 | 72,800 | 112,800 | - | 2,765 | 289,951 | 249,951 | 209,951 | 292,716 | 252,716 | 212,716 | (259,916) | (179,916) | (99,916) | - | - | - |
3 | 32,800 | 72,800 | 112,800 | - | - | 259,916 | 179,916 | 99,916 | 259,916 | 179,916 | 99,916 | (227,116) | (107,116) | 12,884 | - | - | 1,933 |
4 | 32,800 | 72,800 | 112,800 | - | - | 227,116 | 107,116 | - | 227,116 | 107,116 | - | (194,316) | (34,316) | 112,800 | - | - | 16,920 |
5 | 32,800 | 72,800 | 112,800 | - | 2,765 | 194,316 | 34,316 | - | 197,081 | 37,081 | 2,765 | (164,281) | 34,719 | 110,035 | - | 5,358 | 16,505 |
6 | 32,800 | 72,800 | 112,800 | - | 2,765 | 164,281 | - | - | 167,046 | 2,765 | 2,765 | (134,246) | 70,035 | 110,035 | - | 10,505 | 16,505 |
7 | 32,800 | 72,800 | 112,800 | - | - | 134,246 | - | - | 134,246 | - | - | (101,446) | 72,800 | 112,800 | - | 10,920 | 16,920 |
8 | 32,800 | 72,800 | 112,800 | - | - | 101,446 | - | - | 101,446 | - | - | (68,646) | 72,800 | 112,800 | - | 10,920 | 16,920 |
9 | 32,800 | 72,800 | 112,800 | - | - | 68,646 | - | - | 68,646 | - | - | (35,846) | 72,800 | 112,800 | - | 10,920 | 16,920 |
10 | 32,800 | 72,800 | 112,800 | 12,786 | 2,765 | 35,846 | - | - | 51,397 | 15,551 | 15,551 | (18,597) | 57,249 | 97,249 | - | 8,587 | 14,587 |
11 | 32,800 | 72,800 | 112,800 | - | 2,765 | 18,597 | - | - | 21,362 | 2,765 | 2,765 | 11,438 | 70,035 | 110,035 | 1,716 | 10,505 | 16,505 |
12 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
13 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
14 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
15 | 32,800 | 72,800 | 112,800 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 30,035 | 70,035 | 110,035 | 4,505 | 10,505 | 16,505 |
16 | 32,800 | 72,800 | 112,800 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 30,035 | 70,035 | 110,035 | 4,505 | 10,505 | 16,505 |
17 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
18 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
19 | 32,800 | 72,800 | 112,800 | - | - | - | - | - | - | - | - | 32,800 | 72,800 | 112,800 | 4,920 | 10,920 | 16,920 |
20 | 192,050 | 232,050 | 272,050 | - | - | - | - | - | - | - | - | 192,050 | 232,050 | 272,050 | 28,808 | 34,808 | 40,808 |
* POND CONSTRUCTION, FENCE, BUILDINGS, AT 100%
** FURNITURE CARTS & OXEN, WHEEL-BARROWS, AT 50%
TABLE 5.16
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 5,000 m2 PONDS, CHICKEN MANURE
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 | 15,331 |
M | - | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 | 55,331 |
H | - | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 | 95,331 |
Depreciation | - | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 | 17,469 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 159,250 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49,723 |
TOTAL INFLOWS L | - | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 241,773 |
M | - | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 281,773 |
H | - | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 321,773 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 331,639 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 47,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | - | - | - | - | - | - | - | - | 1,716 | 4,920 | 4,920 | 4,920 | 4,505 | 4,505 | 4,920 | 4,920 | 4,920 | 28,808 |
M | - | - | - | - | - | 5,358 | 10,505 | 10,920 | 10,920 | 10,920 | 8,587 | 10,505 | 10,920 | 10,920 | 10,920 | 10,505 | 10,505 | 10,920 | 10,920 | 10,920 | 34,808 |
H | - | - | - | 1,933 | 16,920 | 16,505 | 16,505 | 16,920 | 16,920 | 16,920 | 14,587 | 16,505 | 16,920 | 16,920 | 16,920 | 16,505 | 16,505 | 16,920 | 16,920 | 16,920 | 40,808 |
TOTAL OUTFLOWS L | 378,839 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | 1,716 | 4,920 | 4,920 | 4,920 | 8,335 | 4,505 | 4,920 | 4,920 | 4,920 | 28,808 |
M | 378,839 | - | - | - | - | 9,388 | 10,505 | 10,920 | 10,920 | 10,920 | 25,403 | 10,505 | 10,920 | 10,920 | 10,920 | 14,535 | 10,505 | 10,920 | 10,920 | 10,920 | 34,808 |
H | 378,839 | - | - | 1,933 | 16,920 | 20,535 | 16,505 | 16,920 | 16,920 | 16,920 | 31,403 | 16,505 | 16,920 | 16,920 | 16,920 | 20,535 | 16,505 | 16,920 | 16,920 | 16,920 | 40,808 |
NET CASH FLOWS L | (378,839) | 32,800 | 72,800 | 32,800 | 72,800 | 28,770 | 32,800 | 32,800 | 32,800 | 32,800 | 15,984 | 31,084 | 27,880 | 27,880 | 27,880 | 24,265 | 28,295 | 27,880 | 27,880 | 27,880 | 212,965 |
M | (378,839) | 72,800 | 72,800 | 72,800 | 72,800 | 63,412 | 62,295 | 61,880 | 61,880 | 61,880 | 47,397 | 62,294 | 61,880 | 61,880 | 61,880 | 48,265 | 62,295 | 61,880 | 61,880 | 61,880 | 246,965 |
H | (378,839) | 112,800 | 112,800 | 110,867 | 95,880 | 92,265 | 96,295 | 95,880 | 95,880 | 95,880 | 81,397 | 96,295 | 95,880 | 95,880 | 95,880 | 92,265 | 96,295 | 95,880 | 95,880 | 95,880 | 280,965 |
FINANCIAL RATE OF RETURN | L | 6.6% |
M | 17.2% | |
H | 27.3% |
TABLE 5.17
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 2,500 m2 PONDS, CHICKEN MANURE
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 | 10,421 |
M | - | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 | 50,421 |
H | - | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 | 90,421 |
Depreciation | - | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 | 22,379 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 193,245 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49,640 |
TOTAL INFLOWS L | - | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 275,685 |
M | - | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 315,685 |
H | - | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 355,685 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 429,751 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 47,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,732 | 4,505 | 4,505 | 4,920 | 4,920 | 4,920 | 33,907 |
M | - | - | - | - | - | - | 1,119 | 19,920 | 10,920 | 10,920 | 8,587 | 10,505 | 10,920 | 10,920 | 10,920 | 10,505 | 10,505 | 10,920 | 10,920 | 10,920 | 39,907 |
H | - | - | - | - | 4,109 | 16,505 | 16,505 | 16,920 | 16,920 | 16,920 | 14,587 | 16,505 | 16,920 | 16,920 | 16,920 | 16,505 | 16,505 | 16,920 | 16,920 | 16,920 | 45,907 |
TOTAL OUTFLOWS L | 476,951 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | 1,732 | 8,535 | 4,505 | 4,920 | 4,920 | 4,920 | 33,907 |
M | 476,951 | - | - | - | - | 4,030 | 1,119 | 19,920 | 10,920 | 10,920 | 25,403 | 10,505 | 10,920 | 10,920 | 10,920 | 14,535 | 10,505 | 10,920 | 10,920 | 10,920 | 39,907 |
H | 476,951 | - | - | - | 4,109 | 20,535 | 16,505 | 16,920 | 16,920 | 16,920 | 31,403 | 16,505 | 16,920 | 16,920 | 16,920 | 20,535 | 16,505 | 16,920 | 16,920 | 16,920 | 45,907 |
NET CASH FLOWS L | (476,951) | 32,800 | 32,800 | 32,800 | 32,800 | 28,770 | 32,800 | 32,800 | 32,800 | 32,800 | 15,984 | 32,800 | 32,800 | 32,800 | 31,068 | 28,295 | 28,295 | 27,880 | 27,880 | 27,880 | 241,778 |
M | (476,951) | 72,800 | 72,800 | 72,800 | 72,800 | 68,770 | 71,681 | 52,880 | 61,880 | 61,880 | 47,397 | 62,295 | 61,880 | 61,880 | 61,880 | 58,265 | 62,295 | 61,880 | 61,880 | 61,880 | 275,778 |
H | (476,951) | 112,800 | 112,800 | 112,800 | 108,691 | 92,265 | 96,295 | 95,880 | 95,880 | 95,880 | 81,397 | 96,295 | 95,880 | 95,880 | 95,880 | 92,265 | 96,295 | 95,880 | 95,880 | 95,880 | 309,778 |
TABLE 5.18
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 1,500 m2 PONDS, CHICKEN MANURE
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 | 5,693 |
M | - | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 | 45,693 |
H | - | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 | 85,693 |
Depreciation | - | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 | 27,107 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 239,598 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 53,124 |
TOTAL INFLOWS L | - | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 | 32,800 |
M | - | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 | 72,800 |
H | - | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 | 112,800 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 523,988 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 47,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,494 | 4,920 | 4,920 | 40,860 |
M | - | - | - | - | - | - | - | - | 8,791 | 10,920 | 8,587 | 10,505 | 10,920 | 10,920 | 10,920 | 10,505 | 10,505 | 10,920 | 10,920 | 10,920 | 46,860 |
H | - | - | - | - | - | 6,446 | 16,505 | 16,920 | 16,920 | 16,920 | 14,587 | 16,505 | 16,920 | 16,920 | 16,920 | 16,505 | 16,505 | 16,920 | 16,920 | 16,920 | 52,860 |
TOTAL OUTFLOWS L | 571,188 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | 1,494 | 4,920 | 4,920 | 40,860 |
M | 571,188 | - | - | - | - | 4,030 | - | - | 8,791 | 10,920 | 25,403 | 10,505 | 10,920 | 10,920 | 10,920 | 14,535 | 10,505 | 10,920 | 10,920 | 10,920 | 46,860 |
H | 571,188 | - | - | - | - | 10,476 | 10,505 | 16,920 | 16,920 | 16,920 | 31,403 | 16,505 | 16,920 | 16,920 | 16,920 | 20,535 | 16,505 | 16,90 | 16,920 | 16,920 | 52,860 |
NET CASH FLOWS L | (571,188) | 32,800 | 32,800 | 32,800 | 32,800 | 28,770 | 32,800 | 32,800 | 32,800 | 32,800 | 15,984 | 32,800 | 32,800 | 32,800 | 32,800 | 28,770 | 32,800 | 31,306 | 27,880 | 27,880 | 284,662 |
M | (571,188) | 72,800 | 72,800 | 72,800 | 72,800 | 68,770 | 72,800 | 72,800 | 64,009 | 61,880 | 47,397 | 62,295 | 51,880 | 51,880 | 51,880 | 58,265 | 62,295 | 61,880 | 61,880 | 61,880 | 318,662 |
H | (571,188) | 112,800 | 112,800 | 112,800 | 112,800 | 102,324 | 96,295 | 95,880 | 95,880 | 95,880 | 81,397 | 96,295 | 95,880 | 95,880 | 95,880 | 92,265 | 96,295 | 95,880 | 95,880 | 95,880 | 352,662 |
FINANCIAL RATE OF RETURN | L | 3.5% |
M | 10.9% | |
H | 17.9% |
In the pig-cum-fish option, pigs are purchased as weaners from local suppliers then kept and fattened in pigsties. Their manure fertilizes the ponds. Pigsties can be either built near each pond or centralized along the feeder canal, in order to save in construction and management costs. The rates is 90 pigs/ha.
OPTION III: PIG-CUM-FISH
ADDITIONAL FIXED CAPITAL | K | |
PIGSTIES FOR 450 PIGS @ 1.5 m2/pig @ K54/m2 | 36,450 | |
WORKING CAPITAL | ||
450 WEANERs @ 25 kg/WEANER @ K3.50/KG | 39,375 | |
STOCKFEED FOR ONE CYCLE 450 × 295.4 KG @ K0.444/KG | 59,074 | |
SUPPLIES | 1,000 | |
CASH: TRANSPORTATION OF WEANERS AND FEEDS ON 30 KM @ K0.33/T/KM | 1,427 | |
SALARIES FOR 5 MONTHS | 5,833 | 7,260 |
CONTINGENCIES 10% | 10,691 | |
TOTAL | 117,400 |
PROJECTED PROFIT AND LOSS STATEMENT
REVENUES | ||||
SALES OF FISH: | Low yields | 4T/HA @ K4/KG | 80,000 | |
Medium yields | 6T/HA @ K4/KG | 120,000 | ||
High yields | 8T/HA @ K4/KG | 160,000 | ||
SALES OF PIGS: 1,080 PIGS/YR @ 75 KG @ K4/KG | 324,000 | |||
(-) COST OF TRANSPORTATION | 800 | |||
TOTAL REVENUES | Low | 403,200 | ||
Medium | 443,200 | |||
High | 483,200 | |||
EXPENSES | ||||
COST OF WEANERS 1,080 @ 25 KG @ 350/KG | 94,500 | |||
COST OF FEED 1,080 × 295.4 KG @ K0.4444 | 141,778 | |||
TRANSPORTATION OF WEANERS AND FEED | 3,426 | |||
SUPPLIES | 14,000 | |||
LABOR AND MANAGEMENT | 25,496 | |||
CONTINGENCIES 10% | 280,200 | |||
PROFIT BEFORE DEPRECIATION L: 123,000 M: 163,200 H: 203,000 |
TABLE 5.20
PROFIT TAX COMPUTATION, 5 HA FISH-FARM, 5,000 m2 PONDS, PIG-CUM-FISH
YEAR | PROFIT BEFORE DEPRECIATION | CAPITAL ALLOWANCES | LOSS BROUGHT FORWARD | TOTAL ALLOWANCE | TAXABLE INCOME | TAX (15%) | |||||||||||
L | M | H | Buildings/Development* | Other** | L | M | H | L | M | H | L | M | H | L | M | H | |
1 | 123,000 | 163,000 | 203,000 | 356,436 | 2,765 | - | - | - | 359,201 | 359,201 | 359,201 | (236,201) | (96,201) | (156,201) | - | - | - |
2 | 123,000 | 163,000 | 203,000 | - | 2,765 | 236,201 | 196,201 | 156,201 | 238,966 | 198,966 | 158,966 | (115,966) | (35,966) | 44,034 | - | - | 6,605 |
3 | 123,000 | 163,000 | 203,000 | - | - | 115,966 | 35,966 | - | 115,966 | 35,966 | - | 7,034 | 127,034 | 203,000 | 1,055 | 19,055 | 30,450 |
4 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
5 | 123,000 | 163,000 | 203,000 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 120,235 | 160,235 | 200,235 | 18,035 | 24,035 | 30,035 |
6 | 123,000 | 163,000 | 203,000 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 120,235 | 160,235 | 200,235 | 18,035 | 24,035 | 30,035 |
7 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
8 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
9 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
10 | 123,000 | 163,000 | 203,000 | 12,786 | 2,765 | - | - | - | 15,551 | 15,551 | 15,551 | 107,449 | 147,449 | 187,449 | 16,117 | 22,117 | 28,117 |
11 | 123,000 | 163,000 | 203,000 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 120,235 | 160,235 | 200,235 | 18,035 | 24,034 | 30,035 |
12 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
13 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
14 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | 123,000 | 163,000 | 203,000 | 18,450 | 24,450 | 30,450 |
15 | 123,000 | 163,000 | 203,000 | - | 2,765 | - | - | - | 2,765 | 2,765 | - | 120,235 | 160,235 | 200,235 | 18,035 | 24,035 | 30,035 |
16 | 123,000 | 163,000 | 203,000 | - | 2,765 | - | - | - | 2,765 | 2,765 | 2,765 | 120,235 | 160,235 | 200,235 | 18,035 | 24,035 | 30,035 |
17 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | - | - | - | 18,450 | 24,450 | 30,450 |
18 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | - | - | - | 18,450 | 24,450 | 30,450 |
19 | 123,000 | 163,000 | 203,000 | - | - | - | - | - | - | - | - | - | - | - | 18,450 | 24,450 | 30,450 |
20 | 282,250 | 322,250 | 362,250 | - | - | - | - | - | - | - | - | 282,250 | 322,250 | 362,250 | 42,338 | 48,338 | 54,338 |
* POND CONSTRUCTION, FENCE, BUILDINGS, AT 100%
** FURNITURE CARTS & OXEN, WHEEL-BARROWS, AT 50%
TABLE 5.21
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 5,000 m2 PONDS, PIG-CUM-FISH
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 | 103,709 |
M | - | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 | 143,709 |
H | - | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 | 183,709 |
Depreciation | - | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 | 19,291 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 159,250 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 179,923 |
TOTAL INFLOWS L | - | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 402,173 |
M | - | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 442,173 |
H | - | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 482,173 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 368,089 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 117,400 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | 1,055 | 18,450 | 18,035 | 18,035 | 18,450 | 18,450 | 18,450 | 16,117 | 18,035 | 18,450 | 18,450 | 18,450 | 18,035 | 18,035 | 18,450 | 18,450 | 18,450 | 42,338 |
M | - | - | - | 19,055 | 24,450 | 24,035 | 24,035 | 24,450 | 24,450 | 24,450 | 22,117 | 24,035 | 24,450 | 24,450 | 24,450 | 24,035 | 24,035 | 24,450 | 24,450 | 24,450 | 48,338 |
H | - | - | 6,605 | 30,450 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 28,117 | 30,035 | 30,450 | 30,450 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 54,338 |
TOTAL OUTFLOWS L | 485,489 | - | - | 1,055 | 18,450 | 22,065 | 18,035 | 18,450 | 18,450 | 18,450 | 32,933 | 18,035 | 18,450 | 18,450 | 18,450 | 22,065 | 18,035 | 18,450 | 18,450 | 18,450 | 42,338 |
M | 485,489 | - | - | 19,055 | 24,450 | 28,065 | 24,035 | 24,450 | 24,450 | 24,450 | 38,933 | 24,035 | 24,450 | 24,450 | 24,450 | 28,065 | 24,035 | 24,450 | 24,450 | 24,450 | 48,338 |
H | 485,489 | - | 6,605 | 30,450 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 44,933 | 30,035 | 30,450 | 30,450 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 54,338 |
NET CASH FLOWS L | (485,489) | 123,000 | 123,000 | 121,945 | 104,550 | 100,935 | 104,965 | 104,550 | 104,550 | 104,550 | 90,067 | 104,965 | 104,550 | 104,550 | 104,550 | 100,935 | 104,965 | 104,550 | 104,550 | 104,550 | 359,835 |
M | (485,489) | 163,000 | 163,000 | 143,945 | 138,550 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 124,067 | 138,965 | 138,550 | 138,550 | 138,550 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 393,835 |
H | (485,489) | 203,000 | 196,395 | 172,550 | 172,550 | 168,935 | 172,965 | 172,550 | 172,550 | 172,550 | 158,067 | 172,965 | 172,550 | 172,550 | 172,550 | 158,067 | 172,965 | 172,550 | 172,550 | 172,550 | 427,835 |
FINANCIAL RATE OF RETURN | L | 23.0% |
M | 30.6% | |
H | 38.1% |
TABLE 5.22
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 2,500 m2 PONDS, PIG-CUM-FISH
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 | 98,799 |
M | - | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 | 138,799 |
H | - | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 | 178,799 |
Depreciation | - | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 | 24,201 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 193,245 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 119,840 |
TOTAL INFLOWS L | - | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 436,085 |
M | - | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 476,085 |
H | - | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 516,085 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 466,201 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 117,840 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | - | 4,776 | 18,035 | 18,035 | 18,450 | 18,450 | 18,450 | 16,117 | 18,035 | 18,450 | 18,450 | 18,450 | 18,035 | 18,035 | 18,450 | 18,450 | 18,450 | 47,437 |
M | - | - | - | 4,326 | 24,450 | 24,035 | 24,035 | 24,450 | 24,450 | 24,450 | 22,117 | 24,035 | 24,450 | 24,450 | 24,450 | 24,035 | 22,035 | 24,450 | 24,450 | 24,450 | 53,437 |
H | - | - | - | 22,326 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 28,117 | 30,035 | 30,450 | 30,450 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 59,437 |
TOTAL OUTFLOWS L | 584,041 | - | - | - | 4,776 | 22,065 | 18,035 | 18,450 | 18,450 | 18,450 | 32,933 | 18,035 | 18,450 | 18,450 | 18,450 | 22,065 | 18,035 | 18,450 | 18,450 | 18,450 | 47,437 |
M | 584,041 | - | - | 4,326 | 24,450 | 28,065 | 24,035 | 24,450 | 24,450 | 24,450 | 22,117 | 24,035 | 24,450 | 24,450 | 24,450 | 22,035 | 22,035 | 24,450 | 24,450 | 24,450 | 53,437 |
H | 584,041 | - | - | 22,326 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 44,933 | 30,035 | 30,450 | 30,450 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 59,437 |
NET CASH FLOWS L | (584,041) | 123,000 | 123,000 | 123,000 | 118,224 | 100,935 | 104,965 | 104,550 | 104,550 | 104,550 | 90,067 | 104,965 | 104,550 | 104,550 | 104,550 | 100,935 | 104,965 | 104,550 | 104,550 | 104,550 | 388,648 |
M | (584,041) | 163,000 | 163,000 | 158,674 | 138,550 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 124,067 | 138,965 | 138,550 | 138,550 | 138,550 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 422,648 |
H | (584,041) | 203,000 | 203,000 | 180,674 | 172,550 | 168,935 | 172,965 | 172,550 | 172,550 | 172,550 | 158,067 | 172,965 | 172,550 | 172,550 | 172,550 | 168,935 | 172,965 | 172,550 | 172,550 | 172,550 | 456,648 |
FINANCIAL RATE OF RETURN | L | 19.0% |
M | 25.4% | |
H | 31.8% |
TABLE 5.23
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 1,500 m2 PONDS, PIG-CUM-FISH
YEAR | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |
CASH-INFLOWS | |||||||||||||||||||||
Profit L | - | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 | 94,071 |
M | - | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 | 134,071 |
H | - | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 | 174,071 |
Depreciation | - | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 | 28,929 |
Salvage value of assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 239,598 |
Release of working capital | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 179,524 |
TOTAL INFLOWS L | - | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 123,000 | 482,122 |
M | - | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 522,122 |
H | - | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 203,000 | 562,122 |
CASH OUTFLOWS | |||||||||||||||||||||
Fixed capital | 560,438 | - | - | - | - | 4,030 | - | - | - | - | 16,816 | - | - | - | - | 4,030 | - | - | - | - | - |
Working capital | 117,840 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Taxes L | - | - | - | - | - | 8,675 | 18,035 | 18,450 | 18,450 | 18,450 | 16,117 | 18,035 | 18,450 | 18,450 | 18,450 | 18,035 | 18,035 | 18,450 | 18,450 | 18,450 | 54,390 |
M | - | - | - | - | 14,640 | 24,035 | 24,035 | 24,450 | 24,450 | 24,450 | 22,117 | 24,035 | 24,450 | 24,450 | 24,450 | 24,035 | 22,035 | 24,450 | 24,450 | 24,450 | 60,390 |
H | - | - | - | 8,190 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 28,117 | 30,035 | 30,450 | 30,450 | 30,450 | 30,035 | 30,035 | 30,450 | 30,450 | 30,450 | 66,390 |
TOTAL OUTFLOWS L | 678,278 | - | - | - | - | 12,705 | 18,035 | 18,450 | 18,450 | 18,450 | 32,933 | 18,035 | 18,450 | 18,450 | 18,450 | 22,065 | 18,035 | 18,450 | 18,450 | 18,450 | 54,390 |
M | 678,278 | - | - | - | 14,640 | 28,065 | 24,035 | 24,450 | 24,450 | 24,450 | 22,117 | 24,035 | 24,450 | 24,450 | 24,450 | 22,035 | 22,035 | 24,450 | 24,450 | 24,450 | 60,390 |
H | 678,278 | - | - | 8,190 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 44,933 | 30,035 | 30,450 | 30,450 | 30,450 | 34,065 | 30,035 | 30,450 | 30,450 | 30,450 | 66,390 |
NET CASH FLOWS L | (678,278) | 123,000 | 123,000 | 123,000 | 123,000 | 110,295 | 104,965 | 104,550 | 104,550 | 104,550 | 90,067 | 104,965 | 104,550 | 104,550 | 104,550 | 100,935 | 104,965 | 104,550 | 104,550 | 104,550 | 427,732 |
M | (678,278) | 163,000 | 163,000 | 163,000 | 148,360 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 124,067 | 138,965 | 138,550 | 138,550 | 138,550 | 134,935 | 138,965 | 138,550 | 138,550 | 138,550 | 461,732 |
H | (678,278) | 203,000 | 203,000 | 194,810 | 172,550 | 168,935 | 172,965 | 172,550 | 172,550 | 172,550 | 158,067 | 172,965 | 172,550 | 172,550 | 172,550 | 168,935 | 172,965 | 172,550 | 172,550 | 172,550 | 495,732 |
FINANCIAL RATE OF RETURN | L | 16.3% |
M | 21.9% | |
H | 27.4% |