MIXED USE BUILDING

BUSINESS PLAN FOR

FEASIBLITY STUDY FOR THE BUILDING OF

MIXED-USE BUILDING (B+G+2) IN SHEGER
CITY ADMINSTRATION, LEGA TAFO LEGA
DADI SUBCITY

PROJECT OWNER

Tewodros Gexahegn

S
EMP, 2024 G.C

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Sh
eger city,Ethiopia

Table of Contents
1 Executive Summary................................................................................................................5
2. Introduction...........................................................................................................................6
2.1 General Background........................................................................................................6
2. Project Objectives..................................................................................................................8
2.1 General Objective............................................................................................................8
2.1.1 Specific objective...............................................................................................9
2.3 Project description...........................................................................................................9
2.4 Project Rationale..............................................................................................................9
2.5 The significance of the project.......................................................................................11
2.6 Project Location.............................................................................................................12
3. The Market Study................................................................................................................13
3.1 Market Analysis.............................................................................................................13
3.2 The Demand-Supply Gap..............................................................................................13
3.3 Current supply of Mixed-use building...........................................................................14
3.4 Future market or Demand of commercial Building Rental............................................14
3.5 Target customers............................................................................................................15
3.6 Marketing promotion and strategy.................................................................................15
3.7 Competition...................................................................................................................16
3.8 The project facilities and Services plan..........................................................................16
4 Technical Studies..................................................................................................................18
4.1 Description of the project Service..................................................................................18
4.1.1 Land Use Plan.........................................................................................................18
4.2 Building and Technology...............................................................................................19
4.2.1 Construction schedule.............................................................................................19
4.2.2 Architectural Design & Layout...............................................................................19
4.2.3 Structural design.....................................................................................................20
4.2.4 Reinforced concrete................................................................................................20

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4.2.5 Foundation Design..................................................................................................21

4.2.6 Construction Plan and process................................................................................21
4.3 Utilities..........................................................................................................................22
5 Engineering and civil works.................................................................................................23
5.1 Land, Building and Civil Works....................................................................................23
5.2 Manpower and training requirement..............................................................................24
5.2.1 Manpower requirement...........................................................................................24
5.2.2 Labor Availability...................................................................................................25
5.3 Project implementation..................................................................................................25
5.4 Organizational Structure................................................................................................25
5.4.1 Organization and management....................................................................................25
6 Financial analysis.................................................................................................................32
6.1 Repair and Maintenance Cost........................................................................................32
6.2 Depreciation and Amortization......................................................................................32
6.3 Total Revenue................................................................................................................33
6.4 Discounted Payback Period...........................................................................................33
6.5 Cash flow.......................................................................................................................33
6.6 Benefit cost ratio............................................................................................................33
6.7 Internal Rate of Return..................................................................................................34
6.8 Net present value...........................................................................................................34
7. Conclusions and Recommendations....................................................................................35
Conclusion...........................................................................................................................35
References...............................................................................................................................37

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List of tables
Table 1: Office Space Demand Forecast……………………………………. 12

Table 2: The ground will be partitioned in to different rooms………………..4

Table 3: land utilization Plan ………………………………….……….…….16

Table 4: Utilities………………………………………………………………20

Table 5: List of Building and Civil Works and Their Costs …………………21

Table 6: Manpower Requirement and Annual Labor Cost……………..…….22

Table 7: project Implementation schedule…………………………………… 23

Table 8: Repair and Maintenance Cost ……………………………………….31

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1 Executive Summary
1 Project Name Mixed use Building
2 Project type Multipurpose service business building
3 Project Owner Tewodros Gexahegn
4 Nationality Ethiopian
5 Project location Sheger city Lega tefo Lega Dedi SUB-CITY
6 Project Composition multipurpose Building (G+2) used for diverse business
centers like banking & insurance, super market, shops,
restaurant, café, beauty salon, Pharmacy, bed rooms and
7 Premises Required offices.
The promoter already acquired a total of 1300m
2

8 Project Capital The total investment capital of the project is estimated at birr 138,000,000.00 of
which birr (94.3%) 130.13million is for fixed investment items while the remaining
balances of birr (5.7%) 7.9 million will be initial working capital.
9 Source of Finance 138,000,000.00 ETB is required from this amount 30% or 41,000,000 ETB
from owner equity and the rest 70% 96, 600,000 from bank loan.
10 Employment The total manpower required for the envisioned project will be 375 people’s
Opportunity employees at f ull capacity.
 Permanent’ “workers 155
o Skilled 65 and Unskilled 90
 Temporary workers 220
o Skilled 115 and Unskilled 40
11 Technology The machinery equipment and technology of construction can be secured
from the country as well as foreign countries, especially from china.
12 Market Share The project is financially viable with an internal rate of return (IRR) of
20.77% and a net present value (NPV) of Birr 32.21 million, discounted at
8.5%.
13 High of the G+ 2 height building.
Building
14 Benefits of the project Provide service and source of revenue, employment opportunity,
for the city and country save/generate the country foreign exchange, benefit for the local
community stimulate the local economy and technology transfer,

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2. Introduction

2.1 General Background

Ethiopia has embarked on a long-term development strategy which aims at achieving

sustainable human development with all pre-requisites for a middle-income country by the
year 2025. This envisages creation of a strong, diversified, resilient and competitive economy
that can effectively cope with the challenges of development and that can easily adapt to the
changing market and technological conditions in the regional and global economy. The
priorities identified as the essential catalyst for the attainment of the Vision 2025 objective
include development of infrastructure as an important ingredient towards attainment of faster
economic growth. The construction industry is a fundamental economic sector which
permeates most of the other sectors as it transforms various resources into constructed
physical economic and social infrastructure necessary for socio-economic development. It
embraces the process by which the physical infrastructure is planned, designed, procured,
constructed or produced, altered, repaired, maintained, and demolished. The construction
industry has important contributions to the Ethiopian economy, as demonstrated by its share
in the GDP. The sector has registered a remarkable growth, over the last 11 years there has
been increased investment on the development and expansion of various infrastructure
projects.

During the past decade robust public and private expenditure on infrastructure and other
construction works has served as a catalyst for Ethiopia’s rapid economic development. The
country has consistently invested more than 30% of GDP into Gross Fixed Capital Formation
(GFCF) expenditure since 2010 and as a result, Ethiopia has emerged as one of the fastest-
growing economies in the world. The market value of the construction sector is currently
estimated at more than US$7bn. According to the 2017 edition of African Economic
Outlook, construction activities in Ethiopia accounted for 15.9% of GDP at current prices
during the 2015/16 fiscal year.

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The current fast and dynamic economic growth of Ethiopia especially in Sheger necessitates
equivalent growth of building and construction sector. The sector should expand rapidly to support
the overall economic development sustainable.

In the building sector of the economy, the multi- purpose in the one becoming rapidly expanding in
Sheger since dynamic economic development of urban economy requires the construction of these
buildings in the city to support the growing of business service sectors like supermarkets, Beauty
salon, shops, offices cinemas, Computer Center, Cafeterias, Restaurant, Assembly hall, apartments
and other activities. In this regard, mixed used building expands in the all parts of the city.

Investment and property development play an important role in any emerging markets or
economies. Property generally comprises residential houses and commercial real estate property
(mainly mixed-use building) developed for rental business, company office and sale. The property
investment market in Ethiopia remained under developed for several years. As a consequence, the
supply of residential houses and non-residential real estate that can be used for residence, office
space, shopping malls and catering services in the urban centers of the country is
disproportionately low to cope with the growing demand in the country spinning from the average
growth in GDP of 5.5% over the last ten years and population increase. The relatively good
performance of the macro-economy (real growth in GDP, low inflation rate and growth in
investment and export sector) has stimulated unprecedented investment growth in the property
sector over the last five years. The growth of investment in the property market over the last five
years in consistent with the global experience suggesting that investment in the residential and
commercial property is greatly influenced by the performance of the macroeconomic conditions. In
general, a stable macroeconomic condition leads to economic and business growth and develops
investors’ confidence. This certainly spurs large demand in the property market for office space,
shopping malls, catering services, apartment and residential houses. Following growing demand
trends, and with the expectation of high return on their investment capital, large number of land
developers pooled their financial resources and invested in the property market.

To this effect, the owner of the envisioned Mixed-Use Building Ethiopia-based company,
Tewodros Gexahegn, who has been living for long time in this city, planned to buy and rent in
Lega Tafo Lega Dadi Sub-city and undertaken this project study to check the market, technical
and financial feasibility of this project. The promoter is very ambitious and committed to realize

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the project to buy and rent B+ G+2 mixed use building. Hence, they expect to get the necessary
support from United Bank to make the project to be operational.

Besides, the government policies and incentives for the private sector investment are very
promising that motivates the promoter to engaged in mixed use building business.

2. Project Objectives

2.1 General Objective

The major goal of this project is to contribute towards the growth of the trade sector in Sheger.

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Its specific objectives include the following.

2.1.1 Specific objective

 To construct and develop modern shops, offices, and restaurant & cafeteria facilities that
enable to provide standard services to customers.
 To undertake trading and other refuted business activities that enable to generate a
reasonable to the invested capital.
 To develop modern business center that would provide full services on city standard.
 To create employment opportunities.
 Contribute towards the beautification of the city through the construction of modern
building infrastructure and facilities.
 To establish economically viable, socially acceptable and environmentally friend mixed
use Apartment.

2.3 Project description

The long-term goal of the project is become the best choice trade center in the city. The proposed
project will have a total area of 1300m2 in which the construction area is 1000m 2, designed to
reader a multipurpose giving business, which will in turn plays significant role towards solving
shortage of business center in Sheger .

The historical nature of the city as business unique location in one of the most attractive centers in
Ethiopian (100% urban center). The owners plan the project to render banking and insurance,
shopping facility, offices and cafeteria services to create high quality class to satisfy the interest of
customers in the city. Based on environmental and other considerations, the entrepreneur has
determined the type and size of the building which is already determined by the site; conceptual
planning and preliminary analysis have been carried out by analysts.

In order to attract its clients to the service, the project will develop high standard shop & banking
rooms and office of best choices and will also save best quality apartments, restaurant and café.

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2.4 Project Rationale

Mixed-use projects are developments which combine two or more types of revenue producing real
estate developments. Mixed-use projects may be either low rise suburban projects or high rise, high
density urban projects. Mixed-use projects were created to satisfy a convenience and marketing
demand using valuable property for its highest and best use. For instance, to have a hotel function
provides advantage for office visitors while creating a demand for the hotel itself. The synergy
created between the components creates vitality for the mixed-use development and generally
combining different functions in one single project is superior to each single development. Mixed-
use developments are characterized by:
 three or more significant revenue-producing uses (such as retail/entertainment, office,
residential, hotel, and /or civic/cultural/recreation) that in well planned projects are mutually
supporting;
 significant physical and functional integration of project components (and thus a relatively
close-knit and intensive use of land), including uninterrupted pedestrian connections,
 development in conformance with a coherent plan (that frequently stipulates the type and
scale of uses, permitted densities and related items).
Integrated shared parking is a key component, improving land-use efficiencies and reducing cost.
Pedestrian circulation and orientation are critical elements in the planning process, because without
them, the project will not work as a whole and will not achieve the desired synergies and sense of
place that are the hallmarks of mixed-use developments. This second criteria distinguishes mixed-
use developments from other real estate projects that may include three or more significant revenue
producing uses but do not fully integrate them such as business parks or master planned
communities.
Physical configuration of mixed-use developments can be categorized into three groups as below:
 Mixed-use Towers: These are single, high rise, high density towers. Functions are layered
vertically. Mostly located in downtown. They have striking physical profile and create land
marks so helpful in marketing the development but have a disadvantage of creating less
public outdoor space.
 Integrated Multi-tower Structures: These structures architecturally connect individual
buildings and towers in one multi-component development. Common building may be an

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atrium, a shopping center or underground parking area. Mostly found in downtown central
business district (CBD) or high-density suburban downtowns.
 Mixed-use Town Centers, Urban Villages and Districts: This type of mixed-use projects is
made up of variety of individual buildings around streets, parks or squares and seems like
an urban district more than a single project. Mostly developed outside downtowns. Mixed-
use town centers, urban villages and districts are clearly the direction that most mixed-use
designs are moving today. They also offer greater flexibility for timing and phasing
projects, important factors in improving feasibility and reducing risk. The existing
promising investment opportunities, the demands of service need along with relatively
sound investment support made by the government in such kinds of feasible projects,
compelled the project promoter to initiate the multipurpose oriented business project to be
established. Despite the promising business opportunities of the city, the trend on such
kinds of investment found to not enough. The mismatch between the demand for and
supply of such kind of services in easily observed in the city.

Therefore, the existing shortage or absence in the supply of these services, along with its
commercial and administrative access, better location and infrastructure access, escalating trend of
urbanization and business activities, thus it is with such reason that this project is identified and
proposed and assumed to be more profitable.

In general, the country’s privatized and free market economy; good governance creates a favorable
environment for the development of investment for private investors.

2.5 The significance of the project

The envisaged project deemed to add to the economic development of the city in general in
specific with following ways:

A. Source of Revenue

As public policy of any nation, the government collects different forms of taxes from different
business organizations and individuals. Among the different forms of taxes, business income taxes,
payroll income tax, lease payment and VAT are collected from undertaking business activities.
Therefore, the building will serve as sources of revenue for the city.

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B. Employment opportunity

One of the problems that our country faced is unemployment. Therefore, the current objective of
the government is working on tackling the problem of unemployment and fostering the
development process either through creating self-employment or employment in other
organization. Hence, this project will hire 26 individuals after completion of the project and more
than 400 individuals during construction.

2.6 Project Location

The license area is located in Sheger City Administration;Nifas Silk lafeto Sub city, the total area
of the project is 500 m2.

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3. The Market Study

3.1 Market Analysis

There are a number of factors which affects the demand of standardized mixed-use building. Of
these factors, the most important to have influence is population growth and the level of income.
The currently expanding service industry in Sheger and from every corner of the country the city
has been inviting skilled and unskilled labor forces to the center; in addition, the number of both
national and international offices has been increasing. Above all the increase in the number of
population increases for the provision of different services. Nowadays, most of the private business

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organizations need their own small-medium offices in order to give their services and provide their
products, and they prefer the place that found in the center or close to the road.

As clearly indicated in the introductory part of this proposal, Sheger is the dynamically growing
urban center of Ethiopia. Though the market demand gap for mixed use building is not clearly
understand there is wider gap for such demand as many merchants, organizations are flouring to
the city every day. From prior business experiences, the demand of mixed-use building is very
high and hence the demand and the supply gap is very wide.

3.2 The Demand-Supply Gap

There has been a significant growth in the number of local and international trades across the
country. This increase is mainly associated with the stimulation of economic activist and partly due
to an increase in the flow of international and local traders in to the Sheger. Since Sheger is an
important commercial center in addition there is a significant increase in business activates and
hence increasing the number of traders. Even though there is a lack of quantitative estimates that
depict the actual demand and also the annual growth rate commercial facilities are scarce in the
city. As a result, there is a large gap between the developed and that of the supply for modern Bank
and cafeteria accommodation hence this project would not face any problem of demand scarcity
for its business Centre and it would provide good service to customers.

3.3 Current supply of Mixed-use building

Commercial building/office sector has shown a dynamic change in the past few years. The reason
for this could be rapid economic growth and a supporting public infrastructural development.
Other factors relevant in the specific case of commercial buildings are the large increases in
national and international businesses, particularly firms in the services sector.

The business of multipurpose buildings in Sheger in booming highly due to the recent rapid growth
experienced in Ethiopia. As a result, a good number of local and international organizational are
coming in place. Government offices which used to operate in limited spaces all over the city are
also concentrating on leasing new and modern buildings. Increasing numbers of international
organization which in the past had typically converted residences into office space are now moving
towards renting whole floors or even multiple floors in modern city-center commercial buildings.

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3.4 Future market or Demand of commercial Building Rental

The demand for office space is a derived demand because firms rent space as an input to the
production of services or goods they provide to businesses and households in the local or national
economy.

Following our survey of office space users in several areas are mainly firms providing banking,
offices, cafeteria and restaurants, supermarkets, computer center service. Future demand for office
space is actually driven from growth in number of offices in the city which in turn is influenced by
the macro-economic growth in the country. Assuming that demand for office space is directly
related to the growth in the economy, the forecast for office space demand is shown in the
following table;

Table 1: Office Space Demand Forecast

Office space demand under base Office space demand under high
case economic case economic
Years E.C Growth Growth
2010/2011 9,916,543 11,304,859
2011/2012 11,007,363 12,057,416
2012/2013 12,218,173 12,953,878
2013/2014 13,562,173 13,963,577
2014/2015 15,054,011 14,554,534
2015/2016 16,709,952 14,987,431
Source: estimation based on GTP’s forecasted Ethiopian Economic Growth

3.5 Target customers

The target customers of this envisaged project include: -

 Business Community
 Business organization
 The government bureau
 Non-governmental organizations

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3.6 Marketing promotion and strategy

In order to penetrate and gain considerable market share, one of the major marketing strategies for the
project is consistently rendering quality service to its tenants. Due emphasis must be placed on
improving quality of service and facilities. The major marketing strategies to promote the project and
gain considerable market share include:

 Advertising through different means focusing on the existing service and facilities
 Promote in association to the key location and nearby business
 Working on sustained promotional work.
 Working on public relations to reach and influence key personas and organization with a
capacity of making decision.
 Keeping the quality of its service/ facilities and consistently improving with changing
situations.
 Seasonal discount pricing different others customer centric marketing strategies will be
used by the company.

3.7 Competition

There are different forms of competition that may face the envisaged mixed-use building. These
are price and non-price-based competition. Moreover, there are different competitors that will
compete with the project either directly or indirectly. But the mixed-use building under discussion
has diversified marketing strategies that could enable it come up with the different competitors in
the market. Moreover, it will frequently conduct competitors research which focuses on, the
strength and the weaknesses, the different competitors’ strategies, the techniques they use in
rendering the service, their customer handling methods, and others. Generally, the project has
many other projects all over Sheger villages which compete with it.

3.8 The project facilities and Services plan

In order to provide mixed use business center building services of a high standard, it has been
planned to construct and develop the infrastructure and facilities that would viable to meet the
requirements of an international standard business center. Accordingly, various buildings and
facilities will be constructed phase by phase starting with the most needed ones that are essential to

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commence the operation of its business activities. With the completion of construction, the
building will provide a combined service such as shops, offices, restaurant and café service as well
as modern business center that primarily serve its guests and major clients.

Table 2: The plan is that the ground will be partitioned in to different rooms:

Summary of Total initial investment cost

SN Description Cost in Birr

1 Land, building & construction 135,897,537.78
2 Building machines &Equipment’s 227,800.00
3 Vehicle 3,000,000.00
4 Office Equipment 143,900.00
5 Total fixed investment cost 136,993,786.78
6 Salary expense 719,280.00
7 Operation Expense 334,436.20
8 Pre service Expense 50,000.00
9 Total Working capital 1,103,716.20
10 Sub total 138,097,502.98
11 Contingency (10%) 7,115,132.37
Total initial investment capital 142,266,456.10

Since the project will be engaged in mixed building the main sources of its annual revenue would be
from the rental of building spaces such as different types of shops, offices, and banking, café and
restaurant. Therefore, the sources of revenue have been classified in to one category namely the rental of
banking and supermarket, offices, shops, restaurant and café, meeting halls based on these
classifications. Based on the market price of similar mixed-use building in the area, the envisioned
buildings set the following fair price (Before VAT) for its service, hence when the building construction
fully get operational it is assumed to generate a yearly income of ETB 142,504,850.00.

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4 Technical Studies

4.1 Description of the project Service

The envisioned mixed purpose building will provide different rental services to the different
customer groups for different purpose. The building will have basement, ground and 20 (twenty)
floors. The purpose of the building explained as follows;

 The ground floor, first floor second floor and third floor designed for different
business centers like banks, supermarket, beauty salon (man and women), Computer
center, pharmacy, internet café, boutiques, bakery, different shops and other business
activities,
 2rd floor designed for Offices.

4.1.1 Land Use Plan

The total land required for the envisioned project is estimated to be 1300m 2. The total area for the
construction of the building will be 1000m2, as revealed below.

Table 3: Land utilization Plan

No Description Land M2
Basement Groun First floor- floor
d Twenty
1 Building (G+2)
1.1 Basement 1000
1.2 Ground 1000
1.3 First floor- Floor Twenty 1000
Total 1000

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4.2 Building and Technology

4.2.1 Building

The building has been completed and is fully operational. The rest of the work will be completed
the next time and you will be able to earn extra income by renting out unoccupied rooms..

Mechanical and Electrical install coincided with each other due to the need for coordination
between the two divisions. There were several periods of construction during the schedule in
which there were multiple construction activities occurring at the same time.

The construction site must be organized accordingly as these processes take place. As with any
construction project, the goal of the schedule will to complete all the maintenance and finishing
activities. This date of completion of maintenance & finishing works are practical based on the
time of year.

4.2.2 Architectural Design & Layout

Although functional spaces for the project were laid out in significant detail, the rest of the
building had designated spaces but set layouts. It was at the discretion of the project promoter to
devise typical layouts for the non-detailed commercial and office spaces. To make sure that the
building’s layouts were practical, the project owner researched typical architectural layouts for
laboratory and executive office spaces. The walls and partitions throughout the floor were
congruent with the structural frame and column locations.

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4.2.3 Structural design

One of principle deliverables of the project is the structural design of the building. The structural
bays were coordinated with the layout of the building adjustments would be made to the bays if
specific layouts were necessary. The frame would be made up of a grid with repeating standard
structural bays. Included in the structural system were bay sizes, shape and size of structural
members, floor compositions and curtain walls. These elements were established to resist gravity
at lateral loads as appropriate.

The gravity load design was completed for two frames; one of structural steel and one of
reinforced concrete. The structural steel frame was choose for further design based on cost per
square foot, local availability of material and constructability considerations, such as erection and
fabrication. The steel system was then be designed for lateral loading with necessary adjustment
being made to framing.

4.2.4 Reinforced concrete

The project group prepared hand structural design calculations for a typical bay of a reinforced
concrete frame. In all reinforced concrete bay designs, a superimposed dead load of 8 pounds per
square foot was assumed for mechanical equipment, floor coverings and ceilings.

Similarly, the design of the typical bay accounted for the use of different commercial space, in
which a live load of 1000 pounds per square was assumed. Loads was calculated based on the
requirements of the minimum Design loads for Buildings and other Structures.
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4.2.5 Foundation Design

The design of a superstructure may be accurate, have considered all possibilities and still fail
because the substructure is incapable of distributing the applied loads to the supporting soil.

Foundation design takes more into consideration than merely the loading from the columns. While
the main part of the project focused on the structural frame and its alternate designs, a preliminary
foundation plan was designed based upon maximum load carried from the superstructure through
the columns. The foundation design conducted by the project team consisted of the selection of
foundation type, determination of the bearing capacity and the design for typical interior and
exterior spread footings.

4.2.6 Construction Plan and process

The construction process for this project is normally a disjointed three mages development by
which the conceptualized need of the promoter of this project is translated into a functional facility
that was meet their needs in terms of time, cost and quality.

Based on a general program of the project owners the consultant who was going to be hired makes
site studies, develops structural designs, prepares drawings and specifications, determines
quantities involved and estimated the resultants costs. All these activities was done in the first
phase of the project which is the design stage after the document are produced by the designers
have been received, and the works secured the project is supposed to construct by its own
company. And then, the project constructor was expected to prepare and submits a detailed
construction program which includes material schedule, manpower requirement and cash flow
forecast.

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4.3 Utilities

A number of utilities world be put in place in order to ensure smooth functioning of the project.
These utilities include:

Table 4: Utilities

Cost
No Description Qty. Unit cost (Birr)
1 Electricity supply, kWh 100,000 1.30*10,000 130,000
2 Water Supply m3 50,000 10*500,000 500,000
20,000
3 Telephone and Internet Broadband

2000 19*2000 38,000

4 Fuel, Oil and lubricant

Total 1,188,000

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5 Engineering and civil works

5.1 Land, Building and Civil Works

The Mixed-use building has a total site area of 1300 m 2. The building floor area has
covered 1000 m2 and the remaining 300 m2 is left for construction. The type of buildings
and its corresponding civil construction cost is given on Table 5.

Table 5: List of Building and Civil Works and Their Costs

Summary of Total initial investment cost

SN Description Cost in Birr

1 Land, building & construction 135,897,537.78
2 Building machines &Equipment’s 227,800.00
3 Vehicle 3,000,000.00
4 Office Equipment 143,900.00
5 Total fixed investment cost 136,993,786.78
6 Salary expense 719,280.00
7 Operation Expense 334,436.20
8 Pre service Expense 50,000.00
9 Total Working capital 1,103,716.20
10 Sub total 138,097,502.98
11 Contingency (10%) 7,115,132.37
Total initial investment capital 142,266,456.10

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5.2 Manpower and training requirement

5.2.1 Manpower requirement

The list of manpower and the annual cost of labor is indicated in Table 6.

Table 6: Manpower Requirement and Annual Labor Cost

Position No Qualification Monthly Annual

SN salary /Birr salary /Birr
1 General manager 1 BA in management 10,000 120,000
2 Building admin 1 BA in Acct/Mgt 8,000 96,000
3 Secretary 1 10+2 in secretariat 3,000 36,000
science
4 HRM Officer 1 10+2 in HRM/ 4,000 48,000
Management
5 Technical and 1 Diploma in building 8,000 96,000
maintenance maintenance
manager
6 Finance head 1 BA in Accounting 6,000 72,000
7 IT Technician 1 Diploma in computer 72,000
science/IT 6,000
8 Marketer 1 Diploma in marketing 5,000 60,000
9 Accountant 1 Diploma in accounting 4,000 48,000
10 Guards/Security 4 Basic 2,500 30,000
11 General Service 1 Diploma in Mgnt 6,000 72,000
head
12 Purchaser 1 Diploma in purchasing 3,500 42,000
&Sup Mgt
13 Electrician 1 10+2 in general 4,000 48,000
electricity
14 Plumber 1 10+2 in general 3,500 42,000
mechanic
15 Casher 1 10+1 in bookkeeping 3,500 42,000
16 Cleaner 5 Unskilled 3,000 36,000
17 Maintenance 1 10+2 in General 3,500 42,000
officer mechanic
18 Driver 1 10 completed 2,500 30,000
Total 26 86,000 1,032,000
Benefit (20%) 17,200 206,400
Grand Total 103,200 1,238,400

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5.2.2 Labor Availability

Workers for this type of plant were available throughout the year. No foreseeable problems
are expected as most of the work requires no previous skills.

5.3 Project implementation

The building is in full swing, with some work to be completed. The major activities include
Bank loan processing to buy and rent the building. The time schedule for major activities is
presented below:

Table 7: project Implementation schedule

SN Activities Date
1 Preparation Project Proposal Semp 2024
2 Bank loan processing Mar- April 2024
6 Service execution May, 2024

5.4 Organizational Structure

5.4.1 Organization and management

Organizational Structure

The organizational structure of the project is designed by including all the necessary
personnel under the right division. At the top of the organizational structure, there will be
manager with the responsibility of supervising the overall activity of the building.
Depending up on the nature of the center and the amount of work to be performs; there
exist auxiliary units under the general manager.

Employees under each unit will be supervised by the department head that is accountable
for the general manager. General Manager is appointed by the owners

As clearly shown in the organizational structure, the center organization has one general
manager and three main sections. Under the general manager there are the, Marketing
Department, Maintenance and Building administration department. Under building admin

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 MIXED USE BUILDING
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dept there exist two sections i.e., HRM & finance and general service. Further sub sections
are also organized under technical and maintenance manager. The following section deals
with the duties and responsibilities of each department.

A. The General Manager’s Duties and Responsibilities

 He/she will plan, organize, direct and control the overall activities of the building.

 He/she will devise policies and strategies that will enable the center to be profitable.

 He/she will incorporate modern technological innovation that will facilitate the service
delivery of the building to increase customer’s satisfaction.

 He/she will plan, organize, direct and control the human and non-human resources of the
building so as to achieve the short and long run objectives of the organization.

B. Building Administration Department

The building Administration Department of the multipurpose building has two main
sections (HRM and Finance and General Service section). It has responsible for
undertaking the following activities;

 Manage the human resources and control employee’s activity

 Well non-human resources of the project, which include; effective handling of the
different resources of the building, and devise strategies of controlling against fraud
and damage.
 Will provide the right material or inventory to the center with right price at the right
time.
 Will plan, organize direct and control the financial transaction of the building by
using all the necessary documents.
 Accountant and casher that will collect money from the customers.
 Will develop sound financial control system by developing modern financial
control systems.
 Will prepare the annual financial statements and prepare condensed reports for both
the General Manager and other concerned government body.
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 MIXED USE BUILDING
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 Follow the overall status of the business and provide maintenance and repair
services

C. The marketing Department

 Will handle the overall marketing activities of the organization which include
planning, organizing, directing, and controlling.
 Will develop the marketing strategies for future multipurpose building development
 Will develop effective customer handling strategies.
 Execute the promotion methods.

D. Technical and maintenance manager

 Will handle the overall physical maintenance and related issues

 Will make sure electricity and back up is organized.
 Follow up security issues and educate tenants
 Works in collaboration with general service to make sure tenants are well served

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 Owners

MIXED USE BUILDING

BUSINESS PLAN FOR

General Manager

Building Maintenance Marketing Service Delivery

administration Department Department
Department

Personnel Promotion
Finance
&Property
Officers

IT, Supervisors
Electricity

Figure 1.organizational structure

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1. Financial Requirement and Analysis

The financial resource is a prime resource for undertaking any activities. Hence for
implementing this mixed use building a total of 138,000,000 ETB is required. From
this 30% or 41,000,000 birr will be covered by the promoter of the project while the
rest 70% 96,600,000 will be covered through loan from bank at the prevailing
interest rate.

Therefore the said amount of finance is needed for undertaking the following.

1.1. Fixed Investment

A. Land, Building & Construction
S.N Description of works Total Cost in birr

1 Building construction 133,443,508.69

2 Site Development 345,209.66
3 Design and supervision 275,800.00
st
4 1 Year land lease & (10%) down payment 833,019.43

Total 134,897,537.78

B. Building Machineries and Equipment’s

SN Description Measure Qty Unit cost in Birr Total cost in
ment Birr.
1 Generator Unit 1 120,000.00 120,000.00
2 Carpentry tool box Set 1 17,000.00 17,000.00
3 Electrician tools box Set 1 18,500.00 18,500.00
4 Plumber tools kit Set 1 12,300.00 12,300.00
5 Fire extinguisher Unit 10 6,000.00 60,000.00
(Security Equipment)
6 Total 227,800.00

C. Vehicle

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S Description UOM Qty Unit Cost in Fr. Total cost in Remark

N Birr
1 Mini-Bus Unit 5 600,000.00 3,000,000.00 Duty Free
Total 3,000,000.00

D. Office Equipment’s
S Description Measuremen Qty Unit cost Total cost in
N t in birr Birr
1 Managerial tables Unit 5.00 2,600.00 13,000.00
2 Managerial chairs Unit 5.00 1,950.00 9,750.00
3 Office table with chair Unit 7.00 1,350.00 9,450.00
4 Secretarial table with chairs Unit 2.00 1,450.00 2,900.00
5 Computer with chairs Unit 5.00 15,000.00 75,000.00
6 Shelf Unit 3,500.00 3,500.00
7 Filing cabinets Unit 1.00 1,500.00 1,500.00
8 Guest chairs Unit 1.00 900.00 4,500.00
9 Fax & Telephone machine Unit 5.00 1,300.00 1,300.00
10 Carpet and Curtain LS 1.00 23,000.00
Total 143,900.00

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1.2. Working Capital

1.2.1. Operating Expense at full Capacity2
A. Salary Expense
SN Position No Qualification Monthly Annual
salary in salary in Birr
Birr
1 General manager 1 BA in management 4000 48,000
2 Building admin 1 BA in Acct/Mgt 3500 42,000
3 Secretary 1 10+2 in secretariat science 1000 12,000
4 HRM Officer 1 Management 2500 30,000
5 Technical and 1 Diploma in building maintenance 1500 18,000
maintenance manager
6 Finance head 1 BA in Accounting 3000 36,000
7 IT Technician 1 Diploma in computer science/IT 2000 24,000
8 Marketer 1 Diploma in marketing 2000 24,000
9 Accountant 1 Diploma in accounting 2000 24,000
10 Guards/Security 8 Basic 1500 144,000
Parking and greenery 4 Grade 10 complete 1000 48,000
11 General Service head 1 Diploma in Management 1500 18,000
12 Purchaser 1 Diploma in purchasing &Sup Mgt 1250 15,000
13 Electrician 1 10+2 in general electricity 1000 12,000
14 Plumber 1 10+2 in general mechanic 1000 12,000
15 Casher 2 10+1 in bookkeeping 850 20,400
16 Cleaner 6 Unskilled 500 36,000
17 Maintenance officer 1 10+2 in General mechanic 1000 12,000
18 Driver 2 10 completed 1000 24,000
Total 36 599,400
Benefit (20%) 119,880
Grand Total 719,280

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1.2.2. Operating Expenses

S List of Items Annual cost in birr Assumptions Used
N
1 Audit and legal fee 24,000.00 2000 br/per ,month
2 Stationery supplies 6,000.00 500 br/month
3 Promotional Cost 40,000.00 Lump sum annual cost
4 Property Insurance 84,009.00 1% of the building
5 Cleaning Supplies 10,800.00 900 br. Per month
6 Uniforms 1,670.00 180 per pes for 16 people
7 Water consumption 5,000.00 2500 m3 by 3.15 br
8 Electric consumption 6,000.00 20000KWH By Br.0.4736
9 Fuel 42,672.00 2032 lit per year by Br. 21
10 Oil & Iubricants 4,267.20 10% of fuel cost
11 Telephone & fax 18,000.00 1500 per month
12 Repair expense 72,018.00 2% of building cost
13 Miscellaneous costs 20,000.00 3000 per month
Total 334,436.20

1.2.3. Pre-service Expenses

SN Description Cost in birr
1 Project proposal 50,000.00
2 Licensing fee and others
Total 50,000.00

Summary of Total initial investment cost

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 MIXED USE BUILDING
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SN Description Cost in Birr

1 Land, building & construction 135,897,537.78
2 Building machines &Equipment’s 227,800.00
3 Vehicle 3,000,000.00
4 Office Equipment 143,900.00
5 Total fixed investment cost 136,993,786.78
6 Salary expense 719,280.00
7 Operation Expense 334,436.20
8 Pre service Expense 50,000.00
9 Total Working capital 1,103,716.20
10 Sub total 138,097,502.98
11 Contingency (10%) 7,115,132.37
Total initial investment capital 142,266,456.10

1.3. Financial analysis and Statements

1.3.1. Underlying Assumption
The financial analysis of the mixed use building is based on the data provided in the
preceding sections and the following assumptions.

A. Construction and Finance

Construction period 2 Years

Source of finance 30% equity and 70 loan

Bank interest rate 10%

B. Depreciation
Building 10%

Building machinery and equipment 10%

Office Equipment’s 10%

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1.3.2. Sources of Fund

The source of fund to finance the project is planned to be from two sources. These
are promoter’s equity and bank loan. The loan is expected to be obtained from one
of the local lending institutions. Since the project is expected to take some times to
repay all its debts, the bank loan is assumed to obtain on long term credit basis.
Taking the financial position of the promoters into account, equity contribution and
bank loan to finance the total investment outlays of the project are assumed to be
30% and 70% respectively. Accordingly, the total financial requirement from the
two sources will be;

SN Description Percentage share Amount

Owners Share 30% 41,000,000
Bank Loan 70% 96,600,000
Total 100% 138,000,000.0
0

1.3.3. Bank Loan Repayment Schedule

Year Principal Interest (10%) Total annual Payment in Remaining Balance
Payment ETB 9,660,000.00
0 0 00 00 96,600,000.00
1 9,660,000.00 9,660,000.00 19,320,000.00 86,940,000.00
2 9,660,000.00 8,694,000.00 18,354,000.00 77,280,000.00
3 9,660,000.00 7,824,600.00 17,484,600.00 67,620,000.00
4 9,660,000.00 7,042,140.00 16,702,614.00 57,960,000.00
5 9,660,000.00 6,337,926.00 15,997,926.00 48,300,000.00
6 9,660,000.00 5,703,133.40 15,363,133.40 38,640,000.00
7 9,660,000.00 5,133,720.06 14,793,720.06 28,980,000.00
8 9,660,000.00 4,620,348.05 14,280,348.05 19,320,000.00
9 9,660,000.00 4,158,313.25 13,818,313.25 9,660,000.00
10 9,660,000.00 3,742,481.92 13,402,481.92 0

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1.3.4. Depreciation Schedule

SN Description Original Value in Depreciation Depreciation per year
Birr rate in % in Birr
1 Construction and Building 134,897,907.50 10 13,489,753.78
2 Bldg. machines & Equipment’s 227,800.00 10 22,780.00
3 Vehicle 3,000,000.00 5 150,000.00
4 Office Equipment 143,900.00 10 14,390.00
Total 138,047,607.50 14,944,760.75

1.4. Financial Statement

1.4.1. Income loss/statement
Project revenue and production costs are listed and compared to see whether the
project generate profits or not. Starting from first year of the project operation, the
project will generate a reasonable amount of net profit for the owners throughout its
life period. Profit and loss statement shows that the project will generate net profit
of ETB 16, 683,1233.44 in the first year and increase to ETB 43,856,851.81
starting from the third year of the project life and hence it is found to be profitable.

1.5. Financial Analysis

A. Profitability
According to the projected income statement, the building will start generating
profit in the 2nd year of operation. Important ration such as profit to total sales, net
profit to equity (Return on equity) and net profit plus interest on total investment
(return on total investment) show as increasing trend during the lifetime of the
project. The income statement and the other indicators of profitability show that the
project is viable.

B. Pay-Back Periods
The investment cost and income statement projection are used to project the pay-
back period. The building’s total investment will be fully recovered at the 5.2 year of
operation.

1.6. Environmental Impact of the Project

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 MIXED USE BUILDING
BUSINESS PLAN FOR

The EIA of the project activities was determined by identifying the environmental
aspects and then undertaking an environmental risk assessment to determine the
significant environmental aspects. The environmental impact assessment has
included all phases of the project namely construction phase and operational phase.

The building has both positive and negative impact

Positive impact of the project

The positive impact of the project is:-

 Generation of employment opportunity

 Source income for the government through business income tax
 Income generation for the promoter
 Being exemplary for other investors who want to engage in the same
business line.
Negative impact of the project

The project has the following negative impacts:

 Noise and Dust emission during Construction

There are some noises during the construction due to the construction
operation and the company will use construct the construction during the day
time. Again there is the emission of dust which will be mitigated by sprinkling
water on the service.

 Problem on workers on construction

During construction there are some problems that will materialize on workers.
These are: damage on operation by using machines, construction materials and
others. To mitigate such impact the company will provide safety insurance and
safety equipment’s.

 Sewerage during operation

During operation there are some wastes emitting from the mixed use building.
These are wastes from the latrine and will be mitigated by using modern waste
treatment technology.

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 MIXED USE BUILDING
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2. Monitoring and Evaluation

2.1. Monitoring
With support of executive bodies and decisions in line with agreed up on project as
well as guidelines between stakeholder bodies and the project owner. The project
owner shall monitor all activities [Land request processing, Land approval, Bank
loan processing, Site Development, Building and construction work, Preparation for
service and service execution] required to make the process of the project from
beginning to end and deliver required commercial service efficiently and effectively.

2.2. Evaluation

The project promoter evaluates the on-going process of the project at each
phase of implementation. Even if joint evaluation conducted at the end of the
project, the engineering estimation of bill of quantity is the basic tool of project
success evaluation. This evaluation will be based on the agreed upon project
document

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 MIXED USE BUILDING
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7. Conclusions and Recommendations

Conclusion

The objective of this proposed feasibility study is primarily to facilitate the entrepreneur
with the investment information and provide an overview about project. The proposed
feasibility may form the basis of an important investment decision and in order to serve this
objective, the document covers various aspects of Concept Development, Start-up,
Production, Marketing, Finance and Business Management.

The feasibility is based on the information obtained from various sources as well as
discussions with businessmen. For financial model, since the forecast/projections relate to
the future periods, actual results are likely to differ because of the events and circumstances
that don’t occur frequently as expected.

Whilst due care and attention has been taken in performing the exercise, no liability can be
inferred for any in-accuracy or omissions reported from the results thereof. It is essential
that our report be read in its entirety with financial model in order to fully comprehend the
impact of key assumptions on the range of values determined.

The project is accessible and has the necessary infrastructure such as road, telephone, water
and electric power. The proposed project clearly identifies all the necessary equipment,
inputs, management of the company and the required man power. The highest authority in
the project will be vested in the hand of the owner. He will control the overall activities of
the proposed project. Demand projection divulges that there is high demand for building
rental in the country. Accordingly, the planned project is set to provide quality services in
the area.

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 MIXED USE BUILDING
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The proposed project possesses wide range of economic and social benefits such as
increasing the level of investment, tax revenue and employment creation for both women
and youths. It will have also environmental concerns to protect it by planting trees around
its working area and by utilizing environmentally friendly raw materials. Generally, the
project is technically feasible, financially and commercially viable as well as socially and
economically acceptable. Hence the project is worth implementing.

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Annex 1. Sales Revenue

Descripti Project year
on
1 2 3 4 5 6 7 8 9 10
Ground floor 9,240,00 10,164,00 12,298,44 13,528,28 14,881,1 16,369,22 18,006,1 19,806,7 21,787,43
Rent 0 0 11,180,400 0 4 12 4 46 61 7
Size
1110 1110 1110 1110 1110 1110 1110 1110 1110 1110
unit price
350 385 424 466 512 564 620 682 750 825
Rent for shop
and office 1-3 2,956,80 4,761,95 5,761,96 6,338,16
floor 0 3,252,480 3,577,728 3,935,501 4,329,051 6 5,238,152 7 3 6,971,980
Size
1110 1110 1110 1110 1110 1110 1110 1110 1110 1110
unit price
224 246 271 298 328 361 397 437 480 528
Rent for shop
and office 1-3 2,890,80 4,655,66 5,633,35 6,196,68
floor 0 3,179,880 3,497,868 3,847,655 4,232,420 2 5,121,229 1 7 6,816,355
Size
1110 1110 1110 1110 1110 1110 1110 1110 1110 1110
unit price
219 241 265 291 321 353 388 427 469 516
Rent for shop
and office 4-5 1,980,00 2,683,29 2,951,62 3,246,78
floor 0 2,217,600 2,439,360 2,439,360 2,683,296 6 2,951,625 5 7 3,246,787
Size 1110 1110 1110 1110 1110 1110 1110 1110 1110 1110
unit price 150 165 182 200 220 242 266 292 322 354
Parking 91,250 100,375 110,413 121,454 133,599 146,959 161,655 177,820 195,602 215,163
Size
1110 1110 1110 1110 1110 1110 1110 1110 1110 1110
unit price
5 5.50 6.05 6.66 7.32 8.05 8.86 9.74 10.72 11.79
Total Sale 17,158,8 18,914,33 22,642,40 24,906,65 27,128,9 29,841,88 32,530,9 35,784,0 39,037,72
50 5 20,805,769 9 0 86 4 10 00 1

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Annex 2. operating cost

Operating years of the project

Description 1 2 3 4 5 6 7 8 9 10
A. Direct cost

Raw Material Cost 513,027 538,678 565,612 593,893 623,588 654,767 687,505 721,881 757,975 795,873

Sub-total

Total Direct cost

B. Indirect cost

 Wages and Salary 1,238,400 1,300,320 1,365,336 1,433,603 1,505,283 1,580,547 1,659,574 1,742,553 1,829,681 1,921,165

 Repair and Maintenance 667,449.00 667,450.00 667,451.00 667,452.00 667,453.00 667,454.00 667,455.00 667,456.00 667,457.0 667,458.00
0
 Property Insurance 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00 4,275.00

 Utility 1,188,000 1,247,400 1,309,770 1,375,259 1,444,021 1,516,222 1,592,034 1,671,635 1,755,217 1,842,978

 Land lease 422,640 422,641 422,642 422,643 422,644 422,645 422,646 422,647 422,648 422,649

 Advertising and 50,000.00 50,001.00 50,002.00 50,003.00 50,004.00 50,005.00 50,006.00 50,007.00 50,008.00 50,009.00
Promotion

 Miscellaneous Expense 40,000.00 40,001.00 40,002.00 40,003.00 44,003.30 48,403.63 53,243.99 58,568.39 64,425.23 70,867.75

Total operating cost 4,123,791 4,270,766 4,425,090 4,587,130 4,761,271 4,944,319 5,136,739 5,339,022 5,551,686 5,775,275

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Annex.3 income statement

Operating years of the project

Description 1 2 3 4 5 6 7 8 9 10
Sales Revenue 17,158,8 18,914,335 20,805,76 22,642,40 24,906,65 27,128,98 29,841,88 32,530,91 35,784,00 39,037,721
50 9 9 0 6 4 0 0
Less: Operating cost 4,123,791 4,270,766 4,425,090 4,587,130 4,761,271 4,944,319 5,136,739 5,339,022 5,551,686 5,775,275

Income before 13,035,0 14,643,56 16,380,67 18,055,27 20,145,37 22,184,66 24,705,14 27,191,88 30,232,31 33,262,446
Depreciation and 59 9 9 9 9 7 5 8 4
interest

Less: interest 448,658.00 448,658.00 448,658.00 448,658.00 448,659.00 448,660.00 448,661.00 448,662.00 448,663.00 448663

Income before 12,586,401 14,194,911 15,932,021 17,606,621 19,696,720 21,736,007 24,256,484 26,743,226 29,783,651 32,813,783
Depreciation
Less: Depreciation 0.00 0.00 667,449 667,450 667,451 667,452 667,453 667,454 667,455 667,455

Profit /Loss Before 12,586,401 14,194,911 15,264,572.00 16,939,171.00 19,029,269.00 21,068,555.00 23,589,031.00 26,075,772.00 29,116,196.00 32,146,328.00
Tax
Less: Tax (30%) 3,775,920.30 4,258,473.30 4,579,371.60 5,081,751.30 5,708,780.70 6,320,566.50 7,076,709.30 7,822,731.60 8,734,858.80 9,643,898.40

Net Profit or Loss 8,810,480.70 9,936,437.70 10,685,200.40 11,857,419.70 13,320,488.30 14,747,988.50 16,512,321.70 18,253,040.40 20,381,337.20 22,502,429.60
After Tax

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Annex. 5 Man power

SN Position No Qualification Monthly Annual salary

salary in Birr in Birr
1 General manager 1 BA in management 10,000 120,000
2 Building admin 1 BA in Acct/Mgt 8,000 96,000
3 Secretary 1 10+2 in secretariat science 3,000 36,000
4 HRM Officer 1 10+2 in HRM/Management 4,000 48,000
5 Technical and 1 Diploma in building maintenance 8,000 96,000
maintenance manager
6 Finance head 1 BA in Accounting 6,000 72,000
7 IT Technician 1 Diploma in computer science/IT 6,000 72,000
8 Marketer 1 Diploma in marketing 5,000 60,000

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9 Accountant 1 Diploma in accounting 4,000 48,000

10 Guards/Security 4 Basic 2,500 30,000
11 General Service head 1 Diploma in Management 6,000 72,000
12 Purchaser 1 Diploma in purchasing &Sup Mgt 3,500 42,000
13 Electrician 1 10+2 in general electricity 4,000 48,000
14 Plumber 1 10+2 in general mechanic 3,500 42,000
15 Casher 1 10+1 in bookkeeping 3,500 42,000
16 Cleaner 5 Unskilled 3,000 36,000
17 Maintenance officer 1 10+2 in General mechanic 3,500 42,000
18 Driver 1 10 completed 2,500 30,000
Total 25 86,000 1,032,000
Benefit (20%) 17,200 206,400
Grand Total 103,2 1,238,4
00 00

ex 6. discounted cash flow

ment Year Project Life years

1 2 3 4 5 6 7 8 9

20,805,76 22,642,40
0
17,158,850 18,914,335 9 9 24,906,650 27,128,986 29,841,884 32,530,910 35,784,0
20,805,76 22,642,40
17,158,850 18,914,335 9 9 24,906,650 27,128,986 29,841,884 32,530,910 35,784,0

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- - -
12,183 - - - - -
4,123,79 4,270,76 4,761,27 4,944,31 5,136,73 5,339,02
4,425,090 4,587,130 5,551,6
1 6 1 9 9 2
3,775,9
20
4,258,473 4,579,371 5,081,751 5,708,780 6,320,566 7,076,709 7,822,731 8,734,85

7,899,7 8,529, 9,004,46 9,668,8 10,470,05 11,264,88 12,213,4 13,161,7

512,183 14
11 239 1 81 1 5 48 53

9,259,139. 10,385,096 11,801,308.0 12,973,528. 14,436,599.0 15,864,101.0 17,628,436. 19,369,157.

,695.00 21,49
00 .00 0 00 0 0 00 00

NET PRESENT VALUE (NPV) 54,439,417.00

INTERNAL RATE OF RETURN (IRR) 34.13%

DISCOUNTED PAYBACK PERIOD (DPBP) 3.9years

Annex 7 undiscounted cash flow

Project Years
Investmen
Description Operating years
t Year
0 1 2 3 4 5 6 7 8 9 10
INFLFOWS
Inflow Funds

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Own Equity 10,353,655

Long-term 24,158,528
0 0
Loan
Inflow 17,158,850 18,914,335 20,805,769 22,642,409 24,906,65 27,128,986 29,841,88 32,530,910 35,784,000 39,037,721
Operations 0 4

Sales revenue 0 17,158,850 18,914,335 20,805,769 22,642,409 24,906,65 27,128,986 29,841,88 32,530,910 35,784,000 39,037,721
0 4
TOTAL 34,512,183 17,158,850 18,914,335 20,805,769 22,642,409 24,906,65 27,128,986 29,841,88 32,530,910 35,784,000 39,037,721
INFLOWS 0 4
OUTFLOWS
Investment 34,512,183
0 0 0 0 0 0 0 0 0 0
cost
Operating cost 0 4,123,791 4,270,766 4,425,090 4,587,130 4,761,271 4,944,319 5,136,739 5,339,022 551,686 5,775,275
Financing
Cost
· Principal 0 0 0 0 3,451,218 3,451,218 3,451,218 3,451,218 3,451,218 3,451,218 3,451,218

·Interest 0 448,658 448,658 448,658 448,658 448,658 448,658 448,658 448,658 448,658 448,658
Income Tax 0 3,775,920 4,258,473 4,579,371 5,081,751 5,708,780 6,320,566 7,076,709 7,822,731 8,734,858 9,643,898
TOTAL 34,512,183
8,348,369 8,977,897 9,453,119 13,568,757 14,369,927 15,164,761 16,113,324 17,061,629 13,186,420 19,319,049
OUTFLOWS
NET CASH 0
8,810,481 9,936,438 11,352,650 9,073,652 10,536,723 11,964,225 13,728,560 15,469,281 22,597,580 19,718,672
FLOW
BEGINNING
113,469,59
CASH 0 0 8,810,481 18,746,919 30,099,569 39,173,221 49,709,944 61,674,169 75,402,729 90,872,010
0
BALANCE
ENDING
113,469,59 133,188,26
CASH 0 8,810,481 18,746,919 30,099,569 39,173,221 49,709,944 61,674,169 75,402,729 90,872,010
0 2
BALANCE

47