High School Project

Investment Office ANRS

Project Profile on the Establishment
of High School

Development Studies
Associates (DSA)

October 2008
Addis Ababa

Table of Contents
1.Executive Summary...................................................................................3
2.Service Description and Application........................................................3
3.Market Study, School Capacity and Service Delivery Program............4
3.1Market Study...............................................................................................................4
3.1.1Present Demand and Supply................................................................................4
3.1.2Projected Demand..............................................................................................61
3.2School Capacity........................................................................................................66
3.3Service Program........................................................................................................66

4.Equipments and Utilities.........................................................................66
4.1Availability and Source of furniture and Equipment................................................66
4.2Annual Requirement and Cost of furniture and Equipment.....................................66

5.Location and Site......................................................................................67
6.Service Delivery Process and Engineering ............................................67
6.1Service Delivery Process..........................................................................................67
6.2School Furniture and Equipment..............................................................................68
6.3Civil Engineering Cost..............................................................................................68

7.Human Resource and Training Requirement.......................................68
7.1Human Resource ......................................................................................................68
7.2Training Requirement...............................................................................................69

8.Financial Analysis....................................................................................69
8.1Underlying Assumption ...........................................................................................69
8.2Investment.................................................................................................................70
8.3Service Costs.............................................................................................................71
8.4Financial Evaluation.................................................................................................72

9.Economic and Social Benefit and Justification.....................................72
ANNEXES...................................................................................................74

1. Executive Summary
This profile envisages the establishment of high school (s) in Amhara Region to enroll
550 students.
The present demand for standard high schools in urban centers of the Region, mainly in
zonal towns, is very crucial.
The total investment requirement is estimated at Birr 2.1 million out of which 56.2% is
for furniture and equipment.
The plant will create employment opportunities for 19 persons.
The project is financially viable with an internal rate of return (IRR) of 17.9% and a net
present value (NPV) of Birr 1.0 million discounted at 18%.

2. Service Description and Application
These are high schools from 9th to 10th grades and college preparatory classes which
provide high standard and rigorous teaching and learning for students who can afford to
pay the tuitions. The schools will be similar to those like St. Joseph, Cathedral, School of
Tomorrow and Nazareth in Addis Ababa. These schools are known for their rigorous
teaching and almost all students from these schools pass national examinations. This
project idea is to establish such private high schools at least in the major urban centers of
the Region.
In developed countries the best and most efficient, though expensive, social services are
provided by the private sector. The participation of the private sector in the provision of
social and other services will expand the volume of these services and also will reduce
the burden on public institutions which provide such services. It will also give more
choices to users of these services. Those who can afford will go to private organizations
3

and the rest will use the services of state or public institutions. This is what is happening
mainly in Addis Ababa to day in the areas of health and education.
Education is key to change and progress, therefore, the Government of
Ethiopia has adopted a new Education Sector Development Policy and
Program in 1994 to make this sector as one of the pillars for poverty
reduction and benefit of the masses. In line with the Government
Policy and Program, the Amhara Reginal Government has developed its
own Policy and Program.

3. Market Study, School Capacity and Service Delivery
Program
3.1

Market Study
3.1.1 Present Demand and Supply

The general education supply and standards of the Amhara Region in relation to the
country is presented bellow.
Table 1 indicates that the ratio of total school age population to total population is about
24.8% and the ratio of the total enrolled students to the total population is about 13.2 %,
which is below the developing world standard of 15%, while the ratio of the total enrolled
students to total school age population is about 53.4%, which indicates that about 47% of
the school age population of the country did not enroll in 1994 E.C.
At Regional level, Tigray has the highest gross enrollment ratio (GER) in both Primary
(77.6%) and Secondary (38.3%) schools among the six populated Regions (excluding
Addis Ababa), followed by SNNPR (67.1%) and then by Oromia (62.4%) in Primary
schools and vice versa in Secondary Schools (15.9% in the latter and 13.2% in the
former). Whereas Amhara Region has very poor GER both in primary (58.1 % ) and

4

secondary (12.0%) education which is last third in both cases from Somali and Afar
Regions.
The present low enrollment rate of the region is directly related to the supply sides of
educational inputs. The existing 25,657 sections which are supposed to serve 1,282,850
school age children are obliged to enroll 655,198 extra students.
The very high gross enrollment ratio exhibited in Gambella and Benshangul Gumuz
seems that students enrolled are above the school age population.
The number of Existing Primary and Secondary Schools and Students Enrolled by
Regions in 1994 E.C is indicated bellow in table 2. There were a total of 12,087 Primary
(of which 619 are non-government) and 435 Secondary (of which 54 are Nongovernment) Schools in the country during 1994 E.C. with a total of 117,308 class rooms
of which 108,888 are Primary serving 7,982,760 students and 8,420 Secondary sections
serving 684,630 students.
Table -1Population, school Age Population and Enrollment Ratio By Region (1994 E.C.)
Population in ‘000’
No

5

Gender
parity
IndexP
upil
teacher
RatioPu
pil
Section
RatioSo
urce:

11

D.
DawaPri
mary
(7-14)

61Secon
dary
(15-16)

4Primary
(1-8)

37996Secondary
46.9%
2 shifts

(9-10)

DSA,
ANRS'
potential
Assessme
nt
Survey,
Educatio
n Sector
final
Report,
2006.

Unit199
6/97199
7/98199
8/99199
9/00200
0/01200
1/02200
2/03200
3/04200
4/05Gro
ss
Enrollm
ent
Ratio
%5.96.7
7.48.18.
38.013.0
513.871
9.3Net
Enrollm
ent
Ratio9.
8Gross
Particip
ation
6

Rate620
9361.37
5.11208
9455798
2760684
6301088
8884207
3.381.3S
ource:
Educati
on
Statistic
s
Annual
Abstrac
t, 1994
E.C
(2001/0
2)82.5S
econdar
y1Tigra
y3,7977
8117272
2809023
77.638.3
2Afar1,
2432455
9345569
512.64.2
3Amhar
a16,748
3,38174
3119986
2565758
.112.04
Oromia
23,0234,
7591,05
1225274
4017762
.415.95S
omalia3
,797813
1945253
147413.
12.36B.
7

Gumuz
5511152
55977
% of
Qualifie
d
Teacher
s
Gross
Enrollm
ent
Ratio
*About
83% of
the
populati
on

age

15 to 16
are out
of

the

educati
on
system.

A.
Access
Out

of

106
Woreda
s in the
Amhara
Nationa
l
Regiona
8

l

State

27
Woreda
s do not
have
seconda
ry
schools.
In

the

period
1996/97
2000/01,
the
average
annual
student
number
growth
was
14.62%
(male
14.9,
females
14.2)
while
number
of
teacher
average
annual
9

growth
was
only
1.6%.
The
average
annual
growth
rate for
gross
enrollm
ent
ratio
was
10.1%
(male
10.0
and
female
9.9).
Pupil
section
ratio
grew by
14.0%
and
6.8%
respecti
vely.
Availab
le
10

informa
tion
indicate
s that to
meet
the goal
of
increasi
ng
access
to
educati
on

the

ANRS
has
planned
to
constru
ct

481

lower
primary
schools,
upgrade
220
primary
schools,
expand
2,024
classroo
ms

in

existing
11

overcro
wded
schools,
maintai
n

and

expand
other
facilities
.

The

task of
constru
ction
requires
technica
l skills,
capital
and
immens
e work,
which
requires
the
particip
ation of
the
private
sector
investm
ent.

B.
12

Equity
Equity
is
expecte
d

to

address
the
questio
n

of

gender
and
zonal
gaps.
In
2003/04
the
gross
particip
ation
was
13.71%
(17.7%
male,
9.57%
female).
The
zonal
disparit
y

in

provisio
n

of
13

seconda
ry
educati
on

is

shown
in table
4.
The
disparit
y
among
the
zones
above
the
regional
average
reads
as;
Bahir
Dar(50.
1%,
South
Wollo(1
0.3%),
North
Gonder
(9.7%),
Awi(9.6
%) and
North
14

Shewa
(8.8%).
On the
other
end,
zones
below
the
regional
average
are;
Oromiy
a
(4.0%),
Wag
Himera
(4.1%),
West
Gojjam
(5.5%),
South
Gonder
(5.9%),
North
Wollo
(6.1%)
and
East
Gojjam
(7.6%).
The
15

gender
parity
index is
highest
at
North
Gonder
zone
and
lowest
at
South
Wollo,
Oromiy
a

and

North
Wollo
zones.

Table
4:
Suppl
y and
indica
tors
of
Secon
16

dary
Educa
tion
for
2000/
01 by
Zone

Zone
In

the

Amhara
Region,
the
provisio
n

of

social
services
by

the

private
sector is
almost
nonexistent.
However
,regional
informat
ion
indicates
that
NGOs
are
particip
ating
mainly

17

in basic
educatio
n
program
s. In the
region
there are
16
accredit
ed

and

14

pre-

accredit
ed
private
colleges
located
in

8

towns.
Their
capacitie
s

are

4,952
(accredit
ed
colleges)
and
3,154
(preaccredit
ed
colleges).
Out

of

the
figures

18

3,705
(74.82%
accredit
ed) and
2,289
(72.57%
-

pre-

accredit
ed)
designat
ed

for

10+1
teacher
training
program
s and the
remaini
ng 1,247
(25.18%
accredit
ed)
places
are
assigned
for other
fields of
study.
Moreove
r, there
are also
one
TTC,

19

two
TTI’s,
131
CSTC’s
and

20

middle
level
TVET
institutio
ns in the
region.
These
institutio
ns could
not meet
the
human
resource
demand
of

the

region.
The
project
idea

of

private
high
schools
in

the

region
stems
from the
fact that
such

20

high
schools
are

in

great
need by
many
parents
in

the

major
urban
centers,
like
Bahir
Dar,
Gondar,
DessieCombolc
ha,
Debre
Birhan
and
Debre
Markos
to make
a private
high
school a
financial
ly viable
and
rewardi
ng
venture.
.

21

The
quality,
access,
equity
and
efficienc
y of the
existing
educatio
nal
service
delivery
system
of

the

country
are

in

general
below
standard
. A brief
look

of

educatio
n service
delivery
of

the

Amhara
Region
especiall
y

with

referenc
e

to

Seconda
ry level
is

22

indicate
d below.
The new
Educatio
n Policy
of
Ethiopia
(1994)
sets the
followin
g

norm

for

this

level

of

educatio
n.
“Second
ary
Educatio
n will be
of

four

years
duration
,
consistin
g of two
years of
general
secondar
y
educatio
n which
will
enable

23

students
identify
their
interest
for
further
educatio
n,

for

specific
training
and for
work.
General
educatio
n will be
complete
d at the
first
cycle
(grade
10). The
second
cycle
secondar
y
educatio
n

and

training
will
enable
students
to
choose
subjects

24

or areas
of
training
which
will
prepare
them
adequat
ely

for

higher
educatio
n

and

for
work)”
The
compreh
ensive
secondar
y
educatio
n (grade
9+10) is
meant
for

15

and

16

year age
groups.
Since
this

is

the
terminat
ion

of

general

25

educatio
n, those
who
complete
the level
are
expected
to

join

the
medium
&
interme
diate
technical
vocation
al

skill

training
program
s which
provide
three
level
certificat
ion
dependi
ng

on

training
duration
. Hence,
10+1,
10+2 &
10+3
entitle
certificat

26

e level 1,
certificat
e level 2
and
diploma
respectiv
ely.
Higher
secondar
y
educatio
n (grade
11 & 12)
designed
for 17 &
18 year
age
group.
If
successf
ul

the

group is
to
pursue
tertiary
educatio
n. Table
3 shows
trends of
secondar
y
educatio
n in the

27

ANRS.
Table
3:
Trends
Secon
dary
Educat
ion in
the
AARS
Indicator
s
Fem
aleT
otal
Wes
t
Gojj
am6
.3
4.75
.50.
752
865
042
49A
wi1
0.19
.19.
60.9
467
540
674
1Ea
st
Gojj
am
8.46
.87.
60.8
498
053
505
3No
rth
Goj
am1
0.07
.58.

Male

Female

Total

28

80.7
406
835
293
5Or
omi
ya4.
93.0
4.00
.641
625
410
0551
095
(26.2
%)

Wat
er52
.6%
Clini
c TV
prog
ram
s---10.9
11.4
13.7
117.
0
*Nu
mbe
r of
Scho
olsN
o778
0818
1828
5879
9110
Num
ber
of
Teac
hers
No2,
2642
,194
2,28
62,2
692,
4152
,746
2,58
72,7

29

313,
865
Teac
her
Stud
ent
Rati
oNo
1:32
1:40
1:43
1:50
1:50
1:43
1:43
1:42
1:56
Secti
on
Stud
ent
Rati
oNo
1:62
1:70
1:71
1:77
1:79
1:77
1:66
1:58
1:73
Text
book
Stud
ent
Rati
o1:1
1:11
:1Re
petit
ion
Rate
%11
.439.
808.
16D
rop
out
Rate
%16
:051
4:02
11:2
9Pro
moti

30

on
Rate
%72
.527
6:52
80.5
5Nu
mbe
r of
Stud
ents
No7
5,77
887,
4329
8,42
8110
,970
120,
1071
19,6
9710
5,25
3131
,519
169,
993S
choo
l
Facil
ities
6986
Regi
onSc
hool
Enr
ollm
entS
ectio
nsSt
uden
t/sec
tion
Pri
mar
ySec
onda
ryPr
imar
ySec
onda
ryPr
imar
ySec
onda
ryPr

31

imar
ySec
onda
ry1T
igra
y926
4158
8941
7228
0902
3903
65.3
80.0
2Afa
r142
7291
2434
5569
5324
1.91
08.0
3Am
hara
2975
8519
4804
8119
9862
5657
1556
75.9
77.1
4Or
omia
4592
1392
9467
9022
5274
4017
7283
573.
379.
55So
mali
regi
on
2721
4106
5725
2531
4743
972.
3134
.76B
..Gu

32

muz
2751
2102
0095
9771
7359
158.
865.
77S
NNP
R23
5284
1770
4191
1452
7222
2412
7179
.790.
18G
amb
ella1
4374
0497
2069
6543
661.
957.
49H
arra
ri48
4272
7164
0251
4805
3.18
0.01
0A.
Aba
ba30
3583
8509
3122
4216
1151
4846
3.01
7358
9.11
6.67
SNN
PR1
2,90
32,6
4458
3114

33

5272
2224
67.1
13.2
8Ga
nbel
a217
4010
2069
6541
02.7
16.7
9Ha
rrari
1662
6764
0251
4107
.559.
610
A.A
baba
2,57
0364
1321
2242
1611
5128
.469.
311
D.D
awa
3305
4156
9866
2080
.233.
2Tot
al65,
3451
3,22
22,9
9268
4630
1088
8861
.617.
1Sou
rece:
Edu
catio
n
Stati
stics
Ann
ual

34

Abst
ract,
1994
E.C
(200
1/02)
Pri
mar
y

Shif
t
Syst
em
•
1

•
•
2,448

Lat
rine
•
1024
•
(24.5

Lib
rary
2722
(65.1
%)

Ped
a
Cen
ter
•

Out
of
the
tota

35

l
sch
ools
,
3,06
0
are
loca
ted
in
Am
har
a
Reg
ion,
of
whi
ch
2,97
5
and
85
are
Pri
mar
y
and
Sec
ond
ary
sch
36

ools
,
res
pect
ivel
y.
The
Pri
mar
y
sch
ools
hav
e a
tota
l of
25,6
57
sect
ions
serv
ing
1,94
8,04
8
stu
den
ts
whi
le
the
37

Sec
ond
ary
sch
ools
hav
e
1,55
6
Sect
ions
serv
ing
119,
986
stu
den
ts.
In
the
sam
e
tabl
e
we
can
also
loo
k at
the
38

stu
den
tsect
ion
rati
o of
eac
h
Reg
ion.
In
this
res
pect
,
stu
den
ts
per
sect
ion
in
Pri
mar
y
Sch
ool
are
hig
her
39

in
Am
har
a
Reg
ion
(75.
9)
nex
t to
SN
NP
R
(79.
72)
am
ong
pop
ulat
ed
Reg
ions
.
But
stu
den
ts
per
sect
ion
in
40

Sec
ond
ary
Sch
ools
are
hig
her
in
So
mal
i
Reg
ion
(13
4.7)
Foll
owe
d
by
Afa
r
(10
8.0)
.
Am
har
a
Reg
ion
is
41

8th
wit
h
77.1
stu
den
t
sect
ion
rati
o.
Tab
le2No
of
Pri
mar
y
and
Sec
ond
ary
Sch
ools
and
Stu
den
ts
Enr
42

olle
d
by
Reg
ion
(19
94
E.C
)
No.
Reg Tigray

996

393

44820

17685

ion
Pri
mar
y
(714)
Sec
ond
ary
(1518)
Clas
s
roo
mPr
ima
ryse
con
dary
Cou

43

ntry
total
172
026
624
774
090
298
080
16.9
4.85
.90.
746
703
603
5No
rth
Gon
dor
9.01
0.36
.71.
153
893
714
36B
ahir
Dar
59.2
43.1
50.1
44

0.75
586
526
454
Reg
ion9
.17.
48.3
0.85
079
423
341
Sou
rce:
DSA
,
ANR
S'
pote
ntial
Asse
ssme
nt
Surv
ey,
Educ
ation
Sect
or
final
Repo
rt,
2006
.

45

Sou
th
Wol
lo12
.28.
410.
30.6
538
043
164
2No
rth
Wol
lo7.
74.5
6.10
.660
793
225
32
Wa
g
Hu
mer
a4.5
3.74
.10.
850
774
504
3So
46

uth
Gon
dor
Mal
e

C.
Qu
alit
y
Qua
lity
in
edu
cati
on
is a
nec
essit
y
whi
ch
nee
ds
to
be
refl
ecte
d in
goal
s,

47

cont
ent,
lear
ning
envi
ron
men
t,
proc
esse
s,
mod
e of
asse
ssm
ent
plus
inte
rnal
effi
cien
cy
and
teac
her
qual
ifica
tion
etc.
Our
edu
48

cati
on
syst
em
suff
ers
fro
m
lack
of
alm
ost
all
the
qual
ity
mea
sure
s.
The
aver
age
ann
ual
gro
wth
rate
of
stud
ent
pop
49

ulati
on
in
the
peri
od
199
6/97
200
0/01
was
14.6
2%,
whil
e
that
of
teac
hers
was
only
1.6
%.
Pup
il
teac
her
rati
o
also
50

gre
w
by
14.0
%
in
the
sam
e
peri
od,
whil
e
pupi
l
sect
ion
rati
o
incr
ease
d by
6.8
%.
This
mea
ns
mor
e
stud
ents
51

per
sect
ion
&
per
teac
her
affe
ctin
g
qual
ity
neg
ativ
ely.
In
the
peri
od
und
er
con
side
rati
on
regi
onal
ly
perc
ent
of
52

qual
ifie
d
teac
hers
was
41
%
mal
e &
33
%
fem
ale).
59
%
of
the
teac
hing
forc
e in
the
seco
ndar
y
leve
l is
und
er
qual
53

ifie
d.
The
afor
eme
ntio
ned
pro
ble
ms
cou
pled
with
shor
tage
and
poo
r
qual
ity
of
instr
ucti
onal
mat
erial
s
add
to
the
inad
54

equ
acy
of
seco
ndar
y
edu
cati
on
qual
ity
in
the
regi
on.

D.
Eff
icie
ncy
Inte
rnal
effi
cien
cy
coul
d be
mea
sure
d
amo
55

ng
othe
r
thin
gs
by
revi
ewi
ng
tren
ds
in
repe
titio
n
rate,
dro
pout
rate,
pro
mot
ion
rate
and
grad
uati
on
rate.
The
seco
nd
56

edu
cati
on
dev
elop
men
t
pro
gra
m
(ES
DP200
3200
5)
of
the
AN
RS
has
set
targ
ets
for
thes
e
imp
orta
nt
mea
57

sure
s of
inte
rnal
effi
cien
cy,
Exc
ept
for
grad
uati
on
rate.
Thu
s,
pro
mot
ion
rate
will
be
rais
ed
to
80.5
5%
(20
04/0
5)
fro
58

m
72.5
2%
in
200
2/03
.
Rep
etiti
on
rate
and
dro
p
out
rate
shal
l be
decr
ease
d
fro
m
11.4
3%
in
(20
02/0
3)
to
8.16
59

%
in
(20
04/0
5)
and
fro
m
in
16:0
5%
in
(20
02/0
3)
to
11:2
9%
in
200
4/05
resp
ecti
vely
.
In
gen
eral
the
curr
ent
60

edu
cati
on
perf
orm
anc
e of
the
Reg
ion
dem
and
s an
over
all
imp
rove
men
t
with
priv
ate
sect
or
part
icip
atio
n.

3.1.2
Projecte
61

Sust
aina
ble
dev
elop
men
t is
abo
ut
enh
anci
ng
hum
an
well
bein
g
thro
ugh
time
and
hen
ce
the
im

62

2
Afar
280
119
3
Amhara
4393
1703
4
Oromia
6113
2384
5
Somalia
896
403
6
Ben.Gumuz
140
58
7
SNNPR
3595
1316
8
Gambella
50
19
9
Harrari
38
14
10
Addis Ababa
411
183
11
Dire Dawa
82
29
Source: Population and Housing Census, Country level 1994 E.C.

12600
197685
275085
40320
6300
161775
2250
1710
18495
3690

5355
76635
107280
18135
2610
59220
855
630
8235
1305

In addition assessments of the state of education in the ANRS made by the DSA, has
revealed the following gaps existed in the areas of the educational delivery system in the
region.
•

Level of Literacy
The national literacy rate level is 29.2% and that of ANRS stands
at 23.1%. Gaps are 70.8% nation wide and 76.9% for ANRS.

•

Kindergarten Education
Region’s coverage of KG education is only 1.4% with a very high
gap of 98.6%

•

Primary Education (both first and second cycles)
Participation rate in the region at this level is 64.2% with unmet
need of 35.8%

•

Secondary Education (both first and second cycles)
In the secondary education system participation rate has reached
17% in the region with a gap of 83.0%.

•

Teacher Education/Training
2000/01 figures in teaching force qualification in the region have
indicated that 3.4% (first cycle primary), 66.3% (second cycle
primary) and 58.6% secondary (both cycles) were under qualified
and/or unqualified. For 2005/06 alone there will be shortage of
12,768 teachers for all levels.

•

TVET

63

17 schools and 4 colleges are established to address the technical
and vocational needs in the area.
•

Non-Formal Education
Plays very important role in provision of basic education in the
inaccessible areas to increase participation rate at the primary
level.

•

Special Education
Meant to serve people with disabilities.

•

Construction
Can facilitate or constrain access in education depending in its
availability or shortage.

•

Textbook and Instructional Materials
They play important roles in availing quality education.

In general, therefore, in order to provide sufficient and quality education in the Region,
the participation and

involvement of the community at large, NGOs, and private

investors in building schools, and providing schools with instructional materials,
equipment, furniture is vital.
Although, traditionally, private schools have been a luxury only the rich
can afford, this is not necessarily the case in the current re-emergence
of the private sector in Ethiopia's education system.
Experiences have shown that development partners in education have contributed a lot in
education delivery and continue to do so. To mention a few, they were involved in
construction, textbook production and distribution, production of furniture, supply of
educational materials and equipment. Sometimes the contributions are in the form of
cash, labor and skill/knowledge. The collaboration will be needed more as the demand
for quality education mounts.

3.1.3 School Fee
64

The proposed school will cater to the needs of children of medium and
high income groups. Currently three categories of schools are being
run in Ethiopia, catering to three main segments of the market, mainly
higher medium and low-income groups. The schools, which serve the
high and medium income groups, are run by the private sector. They
usually charge high fees per month per student and these schools
have large facilities, enjoy repute due to their modern system of
education by using scientific techniques and have qualified and
specialized faculty. Most private schools in Addis Ababa fall in the
medium category having fee range from Birr 200.00 to Birr 500.0 per
month per student. The third category (medium range) provides
facilities even less than the minimum required by the Ministry of
Education, i.e. less space per student (minimum required 12 sq. ft. per
student and high student’ teacher ratio.
Parents are curious about the future of their children so they think
extensively before admitting their children in any school. Following are
the main factors (not conclusive) on the basis of which parents make
choice of schools.
1. Distance from home
2. School track record/history
3. General reputation
4. Fees
5. Qualification and experience of the head of school and other faculty.
6. Physical infrastructural facilities.
7. Courses offered and medium of instruction.
Besides the above, there are some other subjective, social and status
considerations which also play an important role in making decision.
In these respect the proposed school is assumed to be of medium
category and fulfills the best standards of its kind, its service charge

65

could be Birr 200.00 per month per student, which is Birr 2,000.00 per
annum excluding annual registration fee.

3.2

School Capacity

The capacity of the proposed high school is assumed to enroll about 550 students at full
capacity.

3.3

Service Program

Reasonable time is required to promote the importance of private school and thus attract
parents towards the school. Therefore, the proposed school is assumed to start operation
at 50% capacity in the first year, 65% in the second year 75% in the third year, 85% in
the fourth year and 100% thereafter.

4. Equipments and Utilities
4.1

Availability and Source of furniture and Equipment

All essential school furniture and equipments such as computers, desks, blackboards,
cupboards and chalk are available locally.

4.2

Annual Requirement and Cost of furniture and
Equipment

The total cost of school facilities is estimated at about Birr 794,000 of which Birr 50,000
and 15,000 are costs of utilities and office furniture, respectively.
Table- 6- Required Furniture and Equipment

Furniture &
Equipment
Computers
Server
Printers (Laser)
Printers (Dot Matrix)
UPS

Quantity

Price/Unit

Total (Birr)

20
1
1
1
2

10,000
60,000
5,000
8,000
3,000

200,000
60,000
5,000
8,000
6,000
66

Books & Labs
(Instruments)
Furniture & Fixture
Electrical & water
Office Furniture
Total

150,000
300,000
50,000
15,000
794,000

5. Location and Site
Investment opportunity regarding setting up of high school can be
opened in big cities where relatively high and medium income groups
are settled, like Bahir Dar, Gondar, Dessie, Debre Markos, Debre
Berhan and Kombolcha.

6. Service Delivery Process and Engineering
6.1

Service Delivery Process

Education Service delivery is a noble and professional activity that
requires experiences and qualifications from different streams of
disciplines. At different levels of education, the teaching process is
carried out as per the curriculum, standards, rules and regulations set
by the Ministry of Education of the country. Education service delivery
follows the following major steps.

- The school
- registers students at the beginning of each year/semester,
- allocates teaching periods to each teacher,
- provides teachers with necessary teaching materials (text
books, chalks etc)

- Each teacher
- prepares weekly, monthly and annually lesson plan,
- delivers /lectures his lesson plans as per schedules,
- gives home works as required and corrects,

67

- gives tests and examinations as per schedules, corrects and
records

on each student's card/ certificate and gives rank

and then pass over same to the school.

6.2

School Furniture and Equipment

Even though the minimum requirement of furniture and equipments of
a high school is primarily

determined by the Ministry of Education,

private high schools are required to supply extra and timely teaching
materials so as to develop the all rounded development of enrolled
students.

6.3

Civil Engineering Cost

Private high schools do not have large student population. Average size of a private high
school is about 500 students. For a private high school of 550 students, about 9000m 2 of
land is required of which 800m2 could be for building class rooms, library, and laboratory
and office buildings. The total construction and civil engineering cost of the school
building is estimated to be Birr 1,200,000.00 at Birr 1500.00 per meter square. Land lease
for social services is assumed to be 25% of normal charge.

7. Human Resource and Training Requirement
7.1

Human Resource

The proposed high school will require the following minimum staff.
Table -7- Required Human Resource
Position
Faculty Members
Subject specialist
Senior Teachers
Junior Teachers
Administrative
staff
Principal
Accountant

Numb

Salary/month/per

Salary/

er

son

annum

2
3
5

2000
1500
1200

48,000
54,000
72,000

1
1

2500
1000

30,000
12,000
68

Librarian
Secretary
Guards
Cleaner
Total

7.2

1
1
3
2
19

750
800
400
350

9,000
9,600
14,400
8,400
275,400

Training Requirement

All teachers should be trained in pedagogical science either in government or private
education institutions and be qualified in each subject given in high schools.

8. Financial Analysis
8.1

Underlying Assumption

The financial analysis of high school project is based on the data provided in the
preceding sections and the following assumptions.

69

A. Construction and Finance
Construction period

2 years

Source of finance

40% equity and 60% loan

Tax holidays

2 years

Bank interest rate

12%

Discount for cash flow

18%

Value of land

Based on lease rate of ANRS

Spare Parts, Repair & Maintenance

3% of fixed investment

B. Depreciation
Building

5%

Machinery and equipment

10%

Office furniture

10%

Vehicles

20%

Pre-production (amortization)

20%

C. Working Capital (Minimum Days of Coverage)

8.2

Raw Material-Local

30 days

Raw Material-Foreign

120 days

Factory Supplies in Stock

30 days

Spare Parts in Stock and Maintenance

30 days

Work in Progress
Finished Products
Accounts Receivable
Cash in Hand
Accounts Payable

10 days
15 days
30 days
30 days
30 days

Investment

The total investment cost of the project including working capital is estimated at Birr 2.1
million as shown in table 8 below. The Owner shall contribute 40% of the finance in the
form of equity while the remaining 60% is to be financed by bank loan.
Table 8: Total initial investment

70

Total Initial Investment
Item
Land
Building and civil works
Office equipment

Cost
6,750.00
1,200,000.00
15,000.00

Vehicles

0.00

Plant machinery & equipment
Total Fixed Investment
Pre production capital expenditure
Total Initial Investment
Working capital at full capacity
Total

729,000.00
1,950,750.00
97,537.50
2,048,287.50
86,473.45
2,134,760.95

*Pre-production capital expenditure includes - all expenses for pre-investment studies,
consultancy fee during construction and expenses for company‘s establishment, project
administration expenses, commission expenses, preproduction marketing and interest
expenses during construction.

8.3

Service Costs

The total service cost at full capacity operation is estimated at about Birr 883 thousands
(see Table 9). Wages and salaries account for 31.2%.
Table -9- Total Service Cost

Total Service Cost at full Capacity
Items
Cost
1. Raw materials

0.00

2. Utilities
3. Wages and Salaries

50,000.00
275,400.00

4. Spares and Maintenance
Service costs

58,522.50
383,922.50

5. Depreciation

153,907.50

6. Financial costs

Total Service Cost

346,064.22
883,894.22

71

8.4

Financial Evaluation
I.

Profitability

According to the income statement of the project, the school project will generate profit
starting from the second year of operation.
II.

Breakeven Analysis

The break even point of the project is estimated by using income statement projection.
The Project breaks-even breaks evens at 32.7% of capacity utilization.
III.

Payback Period

The project will pay back fully the initial investment in the sixth year.
IV.

Simple Rate of Return

The simple rate of return of the project at full capacity utilization is 20.5%.
V.

Internal Rate of Return and Net Present Value

Based on the cash flow statement, the calculated IRR of the project is 17.90% and the
NPV at 18% discount rate is over Birr 1.0 million.
VI.

Sensitivity Analysis

The project will absorb shocks if school fee decreases 10%.

9. Economic and Social Benefit and Justification
Based on the foregoing presentation and analysis, we can say that the proposed project
possesses wide range of benefits that complement the financial feasibility obtained
72

earlier. It will Improve the standard of education to be given to students who can attend
these schools, produce students with strong academic background and with high potential
to go to higher education. In general the envisaged project promotes the socio-economic
goals and objectives stated in the strategic plan of the Amhara National Regional State.
These benefits are listed as follows :
A. Profit Generation
The project is found to be financially viable and earns on average a profit of Birr 0.30
million per year and Birr 3.0 million within the project life. Such result induces the
project promoters to reinvest the profit which, therefore, increases the investment
magnitude in the region.
B. Tax Revenue
In the project life under consideration, the region will collect about Birr 1.2 million from
corporate tax payment alone (i.e. excluding income tax, sales tax and VAT). Such result
creates additional fund for the regional government that will be used in expanding social
and other basic services in the region.
C. Employment and Income Generation
The proposed project is expected to create employment opportunity for 19 professionals
as well as support stuff. Consequently the project creates income of Birr 275 thousand
per year. This would be one of the commendable accomplishments of the project.
D. Pro Environment Project
The proposed production process is environment friendly.
E. Diversification and InterSectoral linkage.
The proposed project helps to diversify ANRS’ and Ethiopian economy. It contributes to
industrialization of the region as well as the county’s economy.

73

ANNEXES

74

Annex 1: Total Net Working Capital Requirements (in Birr)
CONSTRUCTION

PRODUCTION

Year 1

Year 2

1

2

3

4

Capacity Utilization (%)

0.00

0.00

75%

85%

100%

0%

1. Total Inventory

0.00

0.00

1430015.96

1620684.76

1906687.95

0.00

0.00

0.00

355090.91

402436.36

473454.55

0.00

Raw Material-Local

0.00

0.00

355090.91

402436.36

473454.55

0.00

Raw Material-Foreign

0.00

0.00

0.00

0.00

0.00

0.00

Factory Supplies in Stock

0.00

0.00

8618.68

9767.83

11491.57

0.00

Spare Parts in Stock and Maintenance

0.00

0.00

64814.73

73456.69

86419.64

0.00

Work in Progress

0.00

0.00

215466.91

244195.84

287289.22

0.00

Finished Products

0.00

0.00

430933.83

488391.67

574578.44

0.00

2. Accounts Receivable

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

3. Cash in Hand

0.00

0.00

227511.65

257846.54

303348.87

0.00

0.00

0.00

3266073.07

3701549.48

4354764.10

0.00

4. Current Liabilities

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

Accounts Payable

0.00

0.00

1963636.36

2225454.55

2618181.82

0.00

TOTAL NET WORKING CAPITAL REQUIRMENTS

0.00

0.00

1302436.71

1476094.94

1736582.28

0.00

INCREASE IN NET WORKING CAPITAL

0.00

0.00

1302436.71

173658.23

260487.34

-1736582.28

Raw Materials in Stock- Total

CURRENT ASSETS

1

Annex 1: Total Net Working Capital Requirements (in Birr)

(continued)

PRODUCTION
5

6

7

8

9

10

100%

100%

100%

100%

100%

100%

1906687.95

1906687.95

1906687.95

1906687.95

1906687.95

1906687.95

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

473454.55

Raw Material-Foreign

0.00

0.00

0.00

0.00

0.00

0.00

Factory Supplies in Stock

11491.57

11491.57

11491.57

11491.57

11491.57

11491.57

Spare Parts in Stock and Maintenance

86419.64

86419.64

86419.64

86419.64

86419.64

86419.64

Work in Progress

287289.22

287289.22

287289.22

287289.22

287289.22

287289.22

Finished Products

574578.44

574578.44

574578.44

574578.44

574578.44

574578.44

2. Accounts Receivable

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

3. Cash in Hand

303348.87

303348.87

303348.87

303348.87

303348.87

303348.87

4354764.10

4354764.10

4354764.10

4354764.10

4354764.10

4354764.10

4. Current Liabilities

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

Accounts Payable

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

2618181.82

TOTAL NET WORKING CAPITAL REQUIRMENTS

1736582.28

1736582.28

1736582.28

1736582.28

1736582.28

1736582.28

INCREASE IN NET WORKING CAPITAL

1736582.28

0.00

0.00

0.00

0.00

0.00

Capacity Utilization (%)
1. Total Inventory
Raw Materials in Stock-Total
Raw Material-Local

CURRENT ASSETS

2

Annex 2: Cash Flow Statement (in Birr)
CONSTRUCTION

PRODUCTION

Year 1

Year 2

1

2

3

4

13863150.00

15599732.28

19963636.36

20661818.18

24392727.27

-2618181.82

13863150.00

15599732.28

1963636.36

261818.18

392727.27

-2618181.82

Total Equity

5545260.00

6239892.91

0.00

0.00

0.00

0.00

Total Long Term Loan

8317890.00

9359839.37

0.00

0.00

0.00

0.00

0.00

0.00

1963636.36

261818.18

392727.27

-2618181.82

2. Inflow Operation

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Sales Revenue

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Interest on Securities

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

TOTAL CASH OUTFLOW

13863150.00

13863150.00

13727821.73

11926383.93

16505664.06

286902.48

4. Increase In Fixed Assets

13863150.00

13863150.00

0.00

0.00

0.00

0.00

13203000.00

13203000.00

0.00

0.00

0.00

0.00

660150.00

660150.00

0.00

0.00

0.00

0.00

5. Increase in Current Assets

0.00

0.00

3266073.07

435476.41

653214.61

-4354764.10

6. Operating Costs

0.00

0.00

5700688.04

6423291.77

7507197.38

281160.00

7. Corporate Tax Paid

0.00

0.00

0.00

0.00

3631190.90

0.00

8. Interest Paid

0.00

0.00

4761060.63

2121327.52

1767772.94

1414218.35

9. Loan Repayments

0.00

0.00

0.00

2946288.23

2946288.23

2946288.23

10. Dividends Paid

0.00

0.00

0.00

0.00

0.00

0.00

Surplus(Deficit)

0.00

1736582.28

6235814.63

8735434.25

7887063.21

-2905084.30

Cumulative Cash Balance

0.00

1736582.28

7972396.91

16707831.15

24594894.36

21689810.06

TOTAL CASH INFLOW
1. Inflow Funds

Total Short Term Finances

3. Other Income

Fixed Investments
Pre-production Expenditures

Annex 2: Cash Flow Statement (in Birr): Continued
3

PRODUCTION
5
26618181.82

6
24000000.00

7
24000000.00

8
24000000.00

9
24000000.00

10
24000000.00

2618181.82

0.00

0.00

0.00

0.00

0.00

Total Equity

0.00

0.00

0.00

0.00

0.00

0.00

Total Long Term Loan

0.00

0.00

0.00

0.00

0.00

0.00

2618181.82

0.00

0.00

0.00

0.00

0.00

2. Inflow Operation

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Sales Revenue

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

19712237.12

15204202.82

14956714.60

11762938.17

11762938.17

11762938.17

0.00

0.00

0.00

0.00

0.00

0.00

Fixed Investments

0.00

0.00

0.00

0.00

0.00

0.00

Pre-production Expenditures

0.00

0.00

0.00

0.00

0.00

0.00

5. Increase in Current Assets

4354764.10

0.00

0.00

0.00

0.00

0.00

6. Operating Costs

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7. Corporate Tax Paid

3843323.66

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

8. Interest Paid

1060663.76

707109.17

353554.59

0.00

0.00

0.00

9. Loan Repayments

2946288.23

2946288.23

2946288.23

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Surplus(Deficit)

6905944.69

8795797.18

9043285.40

12237061.83

12237061.83

12237061.83

Cumulative Cash Balance

28595754.76

37391551.94

46434837.34

58671899.17

70908961.01

83146022.84

TOTAL CASH INFLOW
1. Inflow Funds

Total Short Term Finances

Interest on Securities
3. Other Income
TOTAL CASH OUTFLOW
4. Increase In Fixed Assets

10. Dividends Paid

Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED
CONSTRUCTION

PRODUCTION

4

Year 1

Year 2

1

2

3

4

TOTAL CASH INFLOW

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

1. Inflow Operation

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Sales Revenue

0.00

0.00

18000000.00

20400000.00

24000000.00

0.00

Interest on Securities

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

TOTAL CASH OUTFLOW

13863150.00

13863150.00

7003124.74

6596950.00

11398875.63

-1455422.28

3. Increase in Fixed Assets

13863150.00

13863150.00

0.00

0.00

0.00

0.00

Fixed Investments

13203000.00

13203000.00

0.00

0.00

0.00

0.00

660150.00

660150.00

0.00

0.00

0.00

0.00

4. Increase in Net Working Capital

0.00

0.00

1302436.71

173658.23

260487.34

-1736582.28

5. Operating Costs

0.00

0.00

5700688.04

6423291.77

7507197.38

281160.00

0.00
13863150.00
13863150.00
13863150.00
13863150.00

0.00
13863150.00
27726300.00
11748432.20
25611582.20

0.00

0.00

3631190.90

0.00

10996875.26
16729424.74

13803050.00

12601124.37

1455422.28

-2926374.74

9674749.63

11130171.91

7897784.59
17713797.62

8400962.37

6499519.77

636178.49

-9312835.25

-2813315.49

-2177136.99

2. Other Income

Pre-production Expenditures

6. Corporate Tax Paid
NET CASH FLOW
CUMMULATIVE NET CASH FLOW
Net Present Value (at 18%)
Cumulative Net present Value

Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED

(Continued)

PRODUCTION
TOTAL CASH INFLOW

5

6

7

8

9

10

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

5

1. Inflow Operation

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Sales Revenue

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

13087103.32

11550805.41

11656871.79

11762938.17

11762938.17

11762938.17

3. Increase in Fixed Assets

0.00

0.00

0.00

0.00

0.00

0.00

Fixed Investments

0.00

0.00

0.00

0.00

0.00

0.00

Pre-production Expenditures

0.00

0.00

0.00

0.00

0.00

0.00

4. Increase in Net Working Capital

1736582.28

0.00

0.00

0.00

0.00

0.00

5. Operating Costs

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

7507197.38

6. Corporate Tax Paid

3843323.66

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

NET CASH FLOW

10912896.68

12449194.59

12343128.21

12237061.83

12237061.83

12237061.83

CUMMULATIVE NET CASH FLOW

22043068.59

34492263.18

46835391.39

59072453.22

71309515.06

83546576.89

Net Present Value (at 18%)

4042481.12

3908113.82

3283743.16

2758919.88

2338067.70

1981413.30

Cumulative Net present Value

1865344.12

5773457.95

9057201.11

11816120.99

14154188.69

16135601.99

Interest on Securities
2. Other Income
TOTAL CASH OUTFLOW

Net Present Value (at 18%)

16,135,601.99

32.0%

Internal Rate of Return

Annex 4: NET INCOME STATEMENT ( in Birr)
PRODUCTION
1

2

3

4

5

6

Capacity Utilization (%)

75%

85%

100%

0%

100%

18000000.00

20400000.00

24000000.00

0.00

24000000.00

18000000.00

20400000.00

24000000.00

0.00

24000000.00

Other Income

0.00

0.00

0.00

0.00

0.00

2. Less Variable Cost

5029432.04

5700022.97

6705909.38

0.00

6705909.38

12970567.97

14699977.03

17294090.62

0.00

17294090.62

72.06

72.06

72.06

#DIV/0!

72.06

3292316.00

3344328.80

3422348.00

2902220.00

3422348.00

9678251.97

11355648.23

13871742.62

-2902220.00

13871742.62

54

56

58

#DIV/0!

58

4. Less Cost of Finance

4761060.63

2121327.52

1767772.94

1414218.35

1060663.76

5. GROSS PROFIT

4917191.34

9234320.70

12103969.68

-4316438.35

12811078.86

0.00

0.00

3631190.90

0.00

3843323.66

4917191.34

9234320.70

8472778.78

-4316438.35

8967755.20

Gross Profit/Sales

27%

45%

50%

#DIV/0!

53%

Net Profit After Tax/Sales

27%

45%

35%

#DIV/0!

37%

Return on Investment

33%

39%

35%

-10%

34%

Return on Equity

42%

78%

72%

-37%

76%

1. Total Income
Sales Revenue

VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)

6. Income (Corporate) Tax
7. NET PROFIT
RATIOS (%)

Annex 4: NET INCOME STATEMENT (in Birr):Continued
PRODUCTION
6

7

8

9

10

7

Capacity Utilization (%)

100%

100%

100%

100%

100%

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

24000000.00

Other Income

0.00

0.00

0.00

0.00

0.00

2. Less Variable Cost

6705909.38

6705909.38

6705909.38

6705909.38

6705909.38

17294090.62

17294090.62

17294090.62

17294090.62

17294090.62

72

72

72

72

72

3108288.00

3108288.00

3108288.00

3108288.00

3108288.00

14185802.62

14185802.62

14185802.62

14185802.62

14185802.62

59

59

59

59

59

707109.17

353554.59

0.00

0.00

0.00

5. GROSS PROFIT

13478693.45

13832248.03

14185802.62

14185802.62

14185802.62

6. Income (Corporate) Tax

4043608.03

4149674.41

4255740.79

4255740.79

4255740.79

7. NET PROFIT

9435085.41

9682573.62

9930061.83

9930061.83

9930061.83

Gross Profit/Sales

56%

58%

59%

59%

59%

Net Profit After Tax/Sales

39%

40%

41%

41%

41%

Return on Investment

34%

34%

34%

34%

34%

Return on Equity

80%

82%

84%

84%

84%

1. Total Income
Sales Revenue

VARIABLE MARGIN
(In % of Total Income)
3. Less Fixed Costs
OPERATIONAL MARGIN
(In % of Total Income)
4. Less Cost of Finance

RATIOS (%)

Annex 5: Projected Balance Sheet (in Birr)
CONSTRUCTION
TOTAL ASSETS

Year 1
13863150.00

Year 2
29462882.28

PRODUCTION
1
36343709.98

2
42893560.64

3
48812778.46

4
43248308.41

8

1. Total Current Assets
Inventory on Materials and Supplies
Work in Progress
Finished Products in Stock
Accounts Receivable
Cash in Hand
Cash Surplus, Finance Available
Securities
2. Total Fixed Assets, Net of Depreciation
Fixed Investment
Construction in Progress
Pre-Production Expenditure
Less Accumulated Depreciation
3. Accumulated Losses Brought Forward
4. Loss in Current Year
TOTAL LIABILITIES
5. Total Current Liabilities
Accounts Payable
Bank Overdraft
6. Total Long-term Debt
Loan A
Loan B
7. Total Equity Capital
Ordinary Capital
Preference Capital
Subsidies
8. Reserves, Retained Profits Brought Forward
9. Net Profit After Tax
Dividends Payable
Retained Profits

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13863150.00
0.00
13203000.00
660150.00
0.00
0.00
0.00
13863150.00
0.00
0.00
0.00
8317890.00
8317890.00
0.00
5545260.00
5545260.00
0.00
0.00
0.00
0.00
0.00
0.00

1736582.28
0.00
0.00
0.00
0.00
0.00
1736582.28
0.00
27726300.00
13203000.00
13203000.00
1320300.00
0.00
0.00
0.00
29462882.28
0.00
0.00
0.00
17677729.37
17677729.37
0.00
11785152.91
11785152.91
0.00
0.00
0.00
0.00
0.00
0.00

11238469.98
428524.31
215466.91
430933.83
1963636.36
227511.65
7972396.91
0.00
25105240.00
26406000.00
0.00
1320300.00
2621060.00
0.00
0.00
36343709.98
1963636.36
1963636.36
0.00
17677729.37
17677729.37
0.00
11785152.91
11785152.91
0.00
0.00
0.00
4917191.34
0.00
4917191.34

Annex 5: Projected Balance Sheet (in Birr):

20409380.64
485660.89
244195.84
488391.67
2225454.55
257846.54
16707831.15
0.00
22484180.00
26406000.00
0.00
1320300.00
5242120.00
0.00
0.00
42893560.64
2225454.55
2225454.55
0.00
14731441.14
14731441.14
0.00
11785152.91
11785152.91
0.00
0.00
4917191.34
9234320.70
0.00
9234320.70

28949658.46
571365.75
287289.22
574578.44
2618181.82
303348.87
24594894.36
0.00
19863120.00
26406000.00
0.00
1320300.00
7863180.00
0.00
0.00
48812778.46
2618181.82
2618181.82
0.00
11785152.91
11785152.91
0.00
11785152.91
11785152.91
0.00
0.00
14151512.04
8472778.78
0.00
8472778.78

21689810.06
0.00
0.00
0.00
0.00
0.00
21689810.06
0.00
17242060.00
26406000.00
0.00
1320300.00
10484240.00
0.00
4316438.35
43248308.41
0.00
0.00
0.00
8838864.68
8838864.68
0.00
11785152.91
11785152.91
0.00
0.00
22624290.82
0.00
0.00
0.00

9
80656725.10
75263725.10

10
90586786.94
87500786.94

Continued

PRODUCTION
TOTAL ASSETS
1. Total Current Assets

5
47571518.86
32950518.86

6
54060316.04
41746316.04

7
60796601.43
50789601.43

8
70726663.27
63026663.27

9

Inventory on Materials and Supplies
Work in Progress
Finished Products in Stock
Accounts Receivable
Cash in Hand
Cash Surplus, Finance Available
Securities
2. Total Fixed Assets, Net of Depreciation
Fixed Investment
Construction in Progress
Pre-Production Expenditure
Less Accumulated Depreciation
3. Accumulated Losses Brought Forward
4. Loss in Current Year
TOTAL LIABILITIES
5. Total Current Liabilities
Accounts Payable
Bank Overdraft
6. Total Long-term Debt
Loan A
Loan B
7. Total Equity Capital
Ordinary Capital
Preference Capital
Subsidies
8. Reserves, Retained Profits Brought Forward
9. Net Profit After Tax
Dividends Payable
Retained Profits

571365.75
287289.22
574578.44
2618181.82
303348.87
28595754.76
0.00
14621000.00
26406000.00
0.00
1320300.00
13105300.00
0.00
0.00
47571518.86
2618181.82
2618181.82
0.00
5892576.46
5892576.46
0.00
11785152.91
11785152.91
0.00
0.00
18307852.47
8967755.20
0.00
8967755.20

571365.75
287289.22
574578.44
2618181.82
303348.87
37391551.94
0.00
12314000.00
26406000.00
0.00
1320300.00
15412300.00
0.00
0.00
54060316.04
2618181.82
2618181.82
0.00
2946288.23
2946288.23
0.00
11785152.91
11785152.91
0.00
0.00
27275607.67
9435085.41
0.00
9435085.41

571365.75
287289.22
574578.44
2618181.82
303348.87
46434837.34
0.00
10007000.00
26406000.00
0.00
1320300.00
17719300.00
0.00
0.00
60796601.43
2618181.82
2618181.82
0.00
0.00
0.00
0.00
11785152.91
11785152.91
0.00
0.00
36710693.08
9682573.62
0.00
9682573.62

571365.75
287289.22
574578.44
2618181.82
303348.87
58671899.17
0.00
7700000.00
26406000.00
0.00
1320300.00
20026300.00
0.00
0.00
70726663.27
2618181.82
2618181.82
0.00
0.00
0.00
0.00
11785152.91
11785152.91
0.00
0.00
46393266.71
9930061.83
0.00
9930061.83

571365.75
287289.22
574578.44
2618181.82
303348.87
70908961.01
0.00
5393000.00
26406000.00
0.00
1320300.00
22333300.00
0.00
0.00
80656725.10
2618181.82
2618181.82
0.00
0.00
0.00
0.00
11785152.91
11785152.91
0.00
0.00
56323328.54
9930061.83
0.00
9930061.83

571365.75
287289.22
574578.44
2618181.82
303348.87
83146022.84
0.00
3086000.00
26406000.00
0.00
1320300.00
24640300.00
0.00
0.00
90586786.94
2618181.82
2618181.82
0.00
0.00
0.00
0.00
11785152.91
11785152.91
0.00
0.00
66253390.37
9930061.83
0.00
9930061.83

10