APPENDICES (Contd.)

Appendix VII,12

PROCEED OF SHRIMP PRODUCTION AND SALES BY THE COOPERATIVE MEMBER.

Description	Price Kg.	Year I.		Year II.		Year III.		Year IV.		Year V.		Year VI.
Description	Price Kg.	Kg.	Rp.	Kg.	Rp.	Kg.	Rp.	Kg.	Rp.	Kg.	Rp.	Kg.	Rp.
A. Total Production
Alternative I.	Rp.1.200,-	36.450	43.740.000	72.900	87.480.000	85.050	102.060.000	97.200	116.640.000	109.350	131.220.000	121.500	145.800.000
Alternative II.	Rp.1.200,-	54.000	64.800.000	108.000	129.600.000	126.000	151.200.000	144.000	172.800.000	162.000	194.400.000	180.000	216.000.000
B. Sales of Shrimp.
In Jakarta.
Alternative I.	Rp.3.000,-	14.580	43.740.000	29.160	87.480.000	34.020	102.060.000	38.880	116.640.000	43.740	131.220.000	48.600	145.800.000
Size A.
Size B.	Rp. 2.500,-	3.645	9.112.500	7.290	18.225.000	8.505	21.262.500	9.720	24.300.000	10.935	27.337.500	12.150	30.375.000
		18.225	52.852.500	36.450	105.705.000	42.525	123.322.500	48.600	140.940.000	54.675	158.557.500	60.750	176.175.000
Alternative II.
S i z e A	Rp.3.000,-	21.600	64.800.000	43.200	129.600.000	50.400	151.200.000	57.600	172.800.000	64.800	194.400.000	72.000	216.000.000
S i z e B.	Rp.2.500,-	5.400	13.500.000	10.800	27.000.000	12.600	31.500.000	14.400	36.000.000	16.200	40.500.000	18.000	45.000.000
		27.000	78.300.000	54.000	156.600.000	63.000	182.700.000	72.000	208.800.000	81.000	234.900.000	90.000	261.000.000

Specification of Labour Processing, Ice Packaging and Transportation Costs.

Description	Price Kg.	Year I		Year II		Year III		Year IV.		Year V		Year VI.
Description	Price Kg.	Alternative I	Alternative II.	Alternative I.	Alternative II.	Alternative I.	Alternative II.	Alternative I	Alternative II	Alternative I	Alternative II	Alternative I.	Altertive II.
Total Production		18.225 kg.	27.000 kg.	36.450 kg.	54.000 kg.	42.525 kg.	63.000 kg.	48.600 kg.	72.000 kg.	54.675kg.	81.500	60.750kg.	90.000 kg.
1. Processing Cost.	Rp. 10,-	18.250	270.000	364.500	540.000	425.250	630.000	486.000	720.000	546.750	810.000	607.500	900.000
2. I c e ( 1:2 )	Rp. 40,-	729.000	1.080.000	1.458.000	2.160.000	1701.000	2.520.000	1.944.000	2880.000	2187.000	3.240.000	2.430.000	3.600.000
3. Packaging	Rp. 5,-	91.125	135.000	182.250	270.000	212.625	315.000	243.000	360.000	273.375	405.000	303.750	450.000
4. Transportation Cost Project Bronti-Kamayoran Consumer.	Rp. 225,-	4.100.000	6.075.000	8.201.250	12.150.000	9568.125	14.175.000	10.935.000	16200.000	12301.875	18.225.000	13.668.750	20.250.000
	Rp. 280,-	5.103.000	7.560.000	10.206.000	15.120.000	11907.000	17.640.000	13.608.000	20160.000	15309.000	22.680.000	17.100.000	25.200.000

Appendix VII. 13.

PRIMARY FISHERIES COOPERATIVES - PROJECTED INCOME STATEMENT

Descriptions	Year I		Year II		Year III		Year IV		Year V		Year VI
Descriptions	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt.I	Alt. II	Alt. I	Alt. II
Sales of Shrimps	Rp. 52.852	78.300	105.600	156.600	123.323	182.700	140.940	208.800	158.558	234.900	176.175	261.000
Sales of Fertilizer & food	12.610	18.741	24.033	36.293	27.840	42.144	31.648	47.995	35.456	53.846	39.263	59.697
Sales of Juvenile	63.000	63.000	63.000	63.000	63.000	63.000	63.000	63.000	63.000	63.000	63.000	63.000
Total Sales	65.463	97.041	170.238	253.393	191.663	265.344	213.088	297.295	234.514	329.246	255.938	361.197
Cost of Sales
Cost of Shrimp	43.700	64.800	87.480	129.600	102.060	151.200	116.640	172.300	131.220	194.400	145.800	216.000
Retribution (Local taxes) 5%	2.181	3.240	4.374	6.480	5.103	7.560	5.832	8.640	6.561	9.720	7.290	10.800
Cost of: Processing, ice consumption, packing&transportation	5.103	7.560	10.206	15.120	11.907	17.640	13.608	20.160	15.309	22.680	17.100	25.200
Cost of fertilizer and food	11.464	17.037	21.848	32.994	25.309	38.313	28.771	43.632	32.233	48.951	35.694	51.270
Purchasing of juvenile	-	-	54.000	54.000	54.000	54.000	54.000	54.000	54.000	54.000	54.000	54.000
Sub Total	62.494	92.637	159.908	220.194	180.370	250.713	200.851	281.232	221.323	311.751	241.884	349.270
Gross Profit:	2.969	4.404	10.330	13.144	11.284	14.631	12.237	16.063	13.191	17.495	14.054	18.927
Indirect Costs :
Fuel and lubrications requirements	848	848	848	848	848	848	848	848	848	848	848	848
Maintenance cost	6.235	6.235	6.235	6.235	6.235	6.235	6.235	6.235	6.235	6.235	6.235	6.235
Insurance cost	206	206	206	206	206	206	206	206	206	206	206	206
Tool & Equipments expenses	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000	1.000
Indirect and labour & salary expenses	8.040	8.040	8.040	8.040	8.040	8.040	8.040	8.040	8.040	8.040	8.040	8.040
Depreciation cost	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876
Total Indirect Cost	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205
Rent charged to the farmers	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205	22.205
Administration	600	600	600	600	600	600	600	600	600	600	600	600
Earning before interest and taxes	2.369	3.804	9.730	12.594	10.684	14.031	11.637	15.463	12.591	16.895	13.454	18.
Interest Expenses
Financing Alternative I: 40:60	47.515	47.515	30.987	30.814	33.362	33.215	35.525	32.332	37.834	30.271	38.505	25.991
" " II: 50:50	37.709	37.709	25.431	25.259	27.311	26.993	28.749	25.363	30.244	22.465	30.005	17.249
" " III: 60:40	28.225	28.225	19.914	19.742	21.132	20.814	21.828	18.442	22.493	14.714	20.324	8.567
Net Profit (Loss)
Alternative I	(45.146)	(43.711)	(21.257)	(18.220)	(22.678)	(19.184)	(23.888)	(16.869)	(25.243)	(13.376)	(25.051)	(7.664)
Alternative II	(35.340)	(33.905)	(15.701)	(12.665)	(16.627)	(12.962)	(17.112)	(9.900)	(17.653)	(5.570)	(16.551)	1.078
Alternative III	(25.856)	(24.421)	(10.184)	(7.148)	(10.448)	(6.783)	(10.191)	(2.979)	(9.902)	(2.181)	(7.870)	9.760

Appendix VII.14.

Primary Fisheries - Cooperative - Lampung Projected Cash Flow - Financing Alternative I (40 : 60)

Description	Pre-Operating	Year I		Year II		Year III		Year IV		Year V		Year VI
Description	Pre-Operating	Alt. I	Alt.II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II
Sources of Fund
Earning before interest & taxes	-	2,369	3,804	9,730	12,594	10,684	14,031	11,637	15,463	12,591	16,895	13,457	18,327
Taxes	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	-	5,876	5,876	5,876	5,876	5,876	5,876	5,876	5,876	5,876	5,876	5,876	5,876
Gross Fund Generated by Operation	-	8,245	9,680	15,606	18,460	16,560	19,907	17,513	21,339	18,467	22,771	19,333	24,203
Additional of working capital	-	-	-	5,845	7,653	1,228	1,831	1,228	1,831	1,228	1,831	1,234	1,831
Net Fund Generated by operation	-	8,245	9,680	9,761	10,807	15,332	18,076	16,285	19,508	17,239	20,940	18,099	22,372
Initial Loan	188,000	30,952	30,952	-	-	-	-	-	-	-	-	-	-
Equity - Grant of G.O.I.	137,328	8,640	8,640	-	-	-	-	-	-	-	-	-	-
Additional Loan	-	39,270	37,835	21,226	20,007	18,030	-	19,240	-	5,595	-	-	-
Additional Equity - Membership	-	-	-	-	-	-	22,500	-	30,000	15,000	45,000	22,500	60,000
Total Cources of Fund (Rp.)	325,328	87,107	87,107	30,987	30,814	33,362	40,576	35,525	49,508	37,834	65,940	40,599	82,372
Application of Fund
Project Investment	325,328	17,992	17,992	-	-	-	-	-	-	-	-	-	-
Initial working capital	-	21,600	21,600	-	-	-	-	-	-	-	-	-	-
Debt Service:
Interest	-	47,515	47,515	30,987	30,814	33,362	33,215	35,525	32,332	37,834	30,271	38,505	25,991
Instalment	-	-	-	-	-	-	7,361	-	17,176	-	35,669	2,094	56,381
Total Application of Fund	325,328	87,107	87,107	30,987	30,814	33,362	40,576	35,525	49,508	37,834	65,940	40,599	82,372
Net Inflow (Out Flow)
<a> Annual
<b> Cummulative
Debt Equity Ratio
<a> Cummulative Loan	188,000	258,222	256,787	278,013	276,794	296,043	269,433	315,283	252,257	320,878	216,588	318,784	160,207
<b> Cummulative Equity	137,328	145,968	145,968	145,968	145,968	145,968	145,969	145,968	198,468	160,968	243,468	183,468	303,468

Appendix VII.15.

Primary Fisheries Cooperative - Lampung Projected Cash Flow - Financing Alternative II (50 : 50)

Description	Pre Operation	Year I		Year II		Year III		Year IV		Year V		Year VI		Year VII		Year VII
Description	Pre Operation	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II
Sources of Fund
1. Fund Generated by Operation:
Earning before interest and taxes	-	2.369	3.804	9.730	12.954	10.684	14.031	11.637	15.463	12.591	16.895	13.457	18.327	13.457	18.327	13.457	18.327
Taxes	-	-	-	-	-	-	-	-	-	-	-	-	(216)	(-)	(1.773)	(-)	(3.525)
Depreciation & Amortization	-	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876
	-	8.245	9.680	15.606	18.460	16.560	19.907	17.513	21.339	18.467	22.771	19.333	23.987	19.333	22.430	19.333	20.678
Additional working capital	-	-	-	5.845	7.653	1.228	1.831	1.228	1.831	1.228	1.831	1.234	1.831	-	-	-	-
2. Initial Loan	154.000	28.460	28.460	-	-	-	-	-	-	-	-	-	-	-	-	-	-
3. Equity - Grant of G.O.I.	171.328	11.132	11.132	-	-	-	-	-	-	-	-	-	-	-	-	-	-
4. Additional Loan	-	29.464	28.029	15.670	14.452	11.979	-	12.464	-	-	-	-	-	-	-	-	-
5. Additional Equity Membership	-	-	-	-	-	-	22.500	-	30.000	15.000	45.000	22.500	60.000	22.500	60.000	22.500	60.000
Total Sources of Fund	325.328	77.301	77.301	15.670	25.259	27.311	40.576	28.749	49.508	32.239	65.940	40.599	82.156	41.833	82.430	41.833	80.678
Application of Fund
1. Project Investment	325.328	17.992	17.992	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2. Initial working capital	-	21.600	21.600	-	-	-	-	-	-	-	-	-	-	-	-	-	-
3. Replacement of Fixed Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
4. Debt. Service :
Interest	-	37.709	37.709	25.431	25.259	27.311	26.949	28.749	25.363	30.244	22.465	30.005	17.249	28.734	9.460	27.162	703
Installment	-	-	-	-	-	-	13.583	-	24.145	1.995	43.475	10.594	64.937	13.099	72.970	14.671	5.861
Total Application of Fund	325.328	77.301	77.301	25.431	25.259	27.311	40.576	28.749	49.508	32.239	65.940	40.599	82.156	41.833	82.970	41.833	6.564
Net Inflow (Out Flow)
<a> Annual	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	74.114
<b> Cumulative	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24.114
Debt Equity Ratio
<a> Cumulative Loan	154.000	211.924	210.489	227.594	224.941	239.573	211.358	252.037	187.213	250.042	143.738	239.448	78.831	226.349	5.861	211.678	-
<b> Comulative Equity	171.328	182.460	182.460	182.460	182.460	182.460	204.960	182.460	234.960	197.460	279.960	219.960	339.960	242.460	399.960	264.960	459.960

Appendix VII.16

Primary Fisheries Cooperative - Lampung Projected Cash Flow - Financing Alternative III (60 : 40)

Description	Pre-Operation	Year I		Year II		Year III		Year IV		Year V		Year VI		Year VII
Description	Pre-Operation	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II
Sources of Fund
Earning before interest & taxes	-	2.369	3.804	9.730	12.594	10.684	14.031	11.637	15.465	12.591	16.895	13.457	18.327	13.457	18.327
Taxes	-	-	-	-	-	-	-	-	-	-	-	(-)	(2.440)	(-)	(3.665)
Depreciation and Amortization	-	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876	5.876
Gross Fund Generated by Operation	-	8.245	9.680	15.606	18.460	16.560	19.907	17.513	21.339	18.467	22.771	19.333	21.763	19.333	20.538
Additional of working Capital	-	-	-	5.845	7.653	1.228	1.831	1.228	1.831	1.228	1.831	1.234	1.831	-	-
1. Net Fund Generated by operation	-	3.245	9.680	9.761	10.807	15.332	18.076	16.285	19.509	17.239	20.940	28.099	29.932	19.333	20.538
2. Initial Loan	120.000	75.968	25.968	-	-	-	-	-	-	-	-	-	-	-	-
3. Equity-Grant of GOI	205.328	13.624	13.624	-	-	-	-	-	-	-	-	-	-	-	-
4. Additional Loan	-	19.980	18.545	10.153	8.935	5.800	-	5.545	-	-	-	-	-	-	-
5. Additional-Equity-Membership	-	-	-	-	-	-	22.500	-	30.000	15.000	45.000	22.500	60.000	22.500	60.000
Total Sources of Fund	325.328	67.817	67.817	19.914	19.742	21.132	40.576	21.828	49.508	32.239	65.940	40.599	79.932	41.833	80.538
Application of Fund
1. Project Investment	325.326	17.992	17.992	-	-	-	-	-	-	-	-	-	-	-	-
2. Initial working Capital	-	21.600	21.600	-	-	-	-	-	-	-	-	-	-	-	-
3. Debt Service :
Interest	-	28.225	28.228	19.914	19.742	21.132	20.814	21.828	18.442	22.493	14.714	21.324	8.567	19.01	3
Installment	-	-	-	-	-	-	19.762	-	31.066	9.746	51.226	19.275	71.365	22.822	28
Total Application of Fund	325.328	67.817	67.817	19.914	19.742	21.132	40.576	21.828	49.508	32.239	65.940	40.599	79.932	41.833	31
Net Inflow (Outflow)
a Annual
b Cummulative
Debt. Equity Ratio:
a Commulative Loan	120.000	165.948	164.513	176.101	173.448	181.901	153.685	187.444	122.619	177.698	71.393	158.423	28	135.601	-
b Commulative Equity	205.328	21.952	218.952	218.952	218.952	218.952	241.452	218.952	271.452	233.952	316.452	256.452	376.452	278.952	436.452

Appendix VII.17

Sumatra Fisheries + Cooperative - Lampung
Projected Cash Flow - Financing Alternative IV

Description	Pre Operation	Year I		Year II		Year III		Year IV		Year V		Year VI		Year VII		Year VIII
Description	Pre Operation	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II	Alt. I	Alt. II
Sources of Fund
1. Fund Generated by operation:
- Earning before interest & taxes	-	2.369	3.804	9.730	12.594	10.684	14.031	11.637	15.463	12.591	16.895	13.457	18.327	13.457	18.327	13.457	18.327
- Taxes	-	-	-	-	-	-	-	-	-	-	-	(2.691)	(3.665)	(2.691)	(3.665)	(2.691)	(3.665)
- Depreciation & Amortization	-	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436	3.436
	-	5.805	7.240	13.166	16.030	14.120	17.467	15.073	18.899	16.027	20.331	14.202	18.098	14.202	18.098	14.202	18.098
Additional working capital	-	-	-	5.845	7.653	1.228	1.831	1.228	1.831	1.228	1.831	1.234	1.834	-	-	-	-
Net Fund Generated by operation	-	5.805	7.240	7.321	8.377	12.892	15.636	13.845	17.068	14.799	18.500	12.968	16.264	14.202	18.098	14.202	18.098
2. Initial loan	25.320	21.600	21.600	-	-	-	-	-	-	-	-	-	-	-	-	-	-
3. Equity Grant of G.O.I.	300.000	17.992	17.992	-	-	-	-	-	-	-	-	-	-	-	-	-	-
4. Additional loan	-	735	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
5. Additional Equity - Membership	-	-	-	-	-	-	22.500	-	30.000	15.000	45.000	22.500	60.000	22.500	60.000	22.500	60.000
Total Sources of Fund	325.328	46.132	46.132	7.321	8.377	12.892	38.136	13.845	47.068	29.799	63.500	25.468	76.264	36.702	78.098	36.702	78.098
Application of Fund
1. Projected Investment	325.328	17.992	17.992	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2. Initial working capital	-	21.600	21.600	-	-	-	-	-	-	-	-	-	-	-	-	-	-
3. Replacement of fixed Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14.200	14.200
4. Debt Service :
Interest	-	6.540	6.540	5.719	5.546	5.526	5.187	4.663	1.233	3.001	-	-	-	-	-	-	-
Installment	-	-	700	1.602	2.831	7.366	32.949	9.182	10.273	25.009	-	-	-	-	-	-	-
Total Application of Fund	325.328	46.132	46.132	7.321	8.377	12.892	38.136	13.845	11.506	28.010	-	-	-	-	-	-	-
Net Inflow (Outflow)
(a) Annual	-	-	-	-	-	-	-	-	35.562	1.789	63.500	25.468	76.264	36.702	78.098	22.502	63.898
(b) Cumulative
Debt Equity Ratio
(a) Cumulative Loan	25.320	47.655	46.220	46.053	43.222	38.854	10.273	25.009	-	-	-	-	-	-	-	-	-
(b) Cumulative Equity

Appendix VII.18

HATCHERY - PRIMARY FISHERIES COOPERATIVE & PONDS DEVELOPMENT Combined Projected Income Statement - Level of Production 1.350 kg/ha/year

Description	Year I	Year II	Year III	Year IV	Year V	Year VI	Year VII	Year VIII	Year Forward UX-200
Quantity Schedule
Amount of harvest (kgs)	36.450	72.900	85.050	97.200	109.350	121.500	121.500	121.500
Amount of Sales (head less)	18.225	36.450	42.525	48.600	54.675	60.750	60.750	60.750
Juvenile Produced & used	9.000.000	9.000.000	9.000.000	9.000.000	9.000.000	9.000.000	9.000.000	9.000.000
Cost & Benefit (Rp.000)
- Sales Revenue	52.852	105.705	123.323	140.940	158.558	176.175	176.175	176.176
Cost of Food & Fertilizer	16.168	26.552	30.013	33.475	36.937	40.398	40.398	40.398
Direct labour cost	5.765	5.765	5.765	5.765	5.765	5.765	5.765	5.765
Repair, Maintenance & Insurance	12.157	12.157	12.157	12.157	12.157	12.157	12.157	12.157
Oil & Lubrication	2.276	2.276	2.276	2.276	2.276	2.276	2.276	2.276
Indirect labour & Salary	27.600	27.600	27.600	27.600	27.600	27.600	27.600	27.600
Grading, ice consumption, packaging & Transportation	5.103	10.206	11.907	13.608	15.309	17.100	17.100	17.100
Local taxes (Retribusi)	2.187	4.374	5.103	5.832	6.561	7.290	7.290	7.290
Research & Development	1.800	1.800	1.800	1.800	1.800	1.800	1.800	1.800
Administration	2.040	2.040	2.040	2.040	2.040	2.040	2.040	2.040
	75.096	92.770	98.661	104.553	110.445	116.426	116.426	116.426
Profit (loss) before depreciation	(22.244)	12.935	24.662	36.387	48.113	59.749	59.749	59.749
Depreciation & Amortization	34.176	34.176	34.176	34.176	34.176	34.176	34.176	34.176
Net Profit (Loss)	(56.420)	(21,241)	(9.415)	2.211	13.937	25.573	25.573	25.573

Appendix VII.19

HATCHERY, PRIMARY FISHERIES COOPERATIVES POND DEVELOPMENT Combined Projected I.S. Level of Production 2000 kg/ha/year

Descriptions	Year I	Year II	Year III	Year IV	Year V	Year VI	Year VII	Year VII
Amount of Sales	27.000	54.000	63.000	72.000	81.000	90.000	90.000	90.000
Amount of Harvest	54.000	108.000	126.000	144.000	162.000	180.000	180.000	180.000
Sales Revenue	78.300	156.600	182.700	208.800	234.900	261.000	261.000	261.000
Cost of Food & Fertilizer	26.445	42.402	47.721	53.040	58.359	63.678	63.678	63.678
Direct Labour Cost	6.130	6.130	6.130	6.130	6.130	6.130	6.130	6.130
Repair & Maintenance	12.157	12.157	12.157	12.157	12.157	12.157	12.157	12.157
Oil & Lubrication	2.276	2.276	2.276	2.276	2.276	2.276	2.276	2.276
Indirect labour/Salary	27.600	27.600	27.600	27.600	27.600	27.600	27.600	27.600
Grading, Ice Consumtion Packaging & Transportation	6.075	12.150	14.175	16.200	18.225	20.250	20.250	20.250
Local taxes	3.240	6.480	7.560	8.640	9.720	10.800	10.800	10.800
Research & Development	1.800	1.800	1.800	1.800	1.800	1.800	1.800	1.800
Administration	2.040	2.040	2.040	2.040	2.040	2.040	2.040	2.040
	87.763	113.035	121.459	129.883	138.307	146.731	146.731	146.731
	(9.463)	43.565	61.241	78.917	96.594	114.269	114.269	114.269

Appendix VII.20

SHRIMP DEVELOPMENT PROJECT ECONOMIC RATE OF RETURN

Level of Production 1,350 kg/ha

Year	Investment Cost	Cash Inflow	Discount Factor 6%	Net Present Value	Discount Factor 5%	Net Present Value 5%
0	453,000	-	1.000	(453,000)	1.000	(453,000)
1	80,940	(22,244)	0.943	(97,303)	0.952	(98,231)
2		12,935	0.890	11,572	0.907	11,732
3		24,622	0.840	20,682	0.864	21,273
4		36,387	0.792	28,819	0.823	29,947
5		48,113	0.747	35,940	0.784	37,721
6		59,749	0.705	42,123	0.746	44,573
7		59,749	0.665	39,733	0.711	42.482
8	56,700	59,749	0.627	31,912	0.677	2,064
9		59,749	0.592	35,371	0.645	38,538
10	29,450	59,749	0.559	16,937	0.614	18,604
11		59,749	0.527	31,488	0.585	34,953
12		59,749	0.497	29,695	0.557	33,280
13		59,749	0.469	28,022	0.530	31,667
14		59,749	0.442	26,409	0.505	30,173
15	15,600	59,749	0.417	18,410	0.481	21,236
16	56,700	59,749	0.394	1,201	0.458	1,396
17		59,749	0.371	22,167	0.436	26,051
18		59,749	0.350	20,912	0.416	24,856
19		59,749	0.330	19,717	0.396	23,661
20		236,549	0.312	73,803	0.377	89,179
					- 35,450	13,083

Appendix VII.21

SHRIMP DEVELOPMENT PROJECT
ECONOMIC RATE OF RETURN - LEVEL OF PRODUCTION 2,000 kgs/ha/year

Year	Investment Cost	Cash Inflow	12% Discount Factor	Net Present Value	13% Discount Factor	Net Present Value
0	453.000		1.000	(453.000)	1.000	(453.000)
1	80.940	(9.463)	0.893	(80.730	0.885	(80.007
2		43.565	0.797	34.721	0.783	34.111
3		61.241	0.712	43.604	0.693	42.440
4		78.917	0.636	50.191	0.613	48.376
5		96.593	0.567	54.768	0.543	52.450
6		114.269	0.507	57.934	0.480	54.849
7		114.269	0.452	51.650	0.425	48.564
8	45.700	114.269	0.404	23.258	0.376	21.646
9		114.269	0.361	41.251	0.333	38.052
10	29.450	114.269	0.322	27.312	0.295	25.022
11		114.269	0.287	32.795	0.261	29.824
12		114.269	0.257	29.367	0.231	26.396
13		114.269	0.229	26.168	0.204	23.310
14		114.269	0.205	23.425	0.181	20.683
15	15.600	114.269	0.183	18.056	0.160	15.787
16	56.700	114.269	0.163	9.384	0.141	8.117
17		114.269	0.146	16.683	0.125	14.284
18		114.269	0.130	14.855	0.110	12.570
19		115.269	0.116	13.255	0.098	11.198
20		292.069	0.104	30.375	0.087	25.410
				65.322		20.082

Appendix VII.22

Primary Fisheries Cooperatives Computation of Financial Rate of Return Level of Production 1350 kgs/ha/ year Financing Alternative III (60:40)

Year	Capital Expenditure	Cash Flow			Total	Net Cash Flow	4% Disc. rate	NPV	2% Disc.rate	NPV
Year	Capital Expenditure	EBIT	Depreciation	Taxes	Total	Net Cash Flow	4% Disc. rate	NPV	2% Disc.rate	NPV
0	d	a	b	c	T=a+b+c	T-d
0	325.328					(325.328)	1	(325.328)	1	(325.328)
1	17.992	2.369	5.876	-	8.245	(9.747)	962	(9.377)	980	(9.552)
2		9.730	5.876	-	15.606	15.606	925	14.436	961	14.997
3		10.634	5.876	-	16.560	16.560	889	14.722	942	15.599
4		11.637	5.876	-	17.513	17.513	855	14.974	924	16.182
5		12.591	5.876	-	18.467	18.467	822	15.180	906	16.731
6		13.457	5.876	-	19.333	19.333	790	15.273	888	17.168
7		13.457	5.876	-	19.333	19.333	760	14.693	871	16.839
8	14.200	13.457	5.876	-	19.333	5.133	731	3.752	853	4.378
9		13.457	5.876	-	19.333	19.333	703	13.591	837	16.182
10	4.600	13.457	5.876	-	19.333	14.733	676	9.959	820	12.081
11		13.457	5.876	961	20.294	20.294	650	13.191	804	16.316
12		13.457	5.876	1.697	17.636	17.636	625	11.023	788	13.897
13		13.457	5.876	2.582	16.751	16.751	601	10.067	773	12.949
14		13.457	5.876	2.582	16.751	16.751	577	9.665	758	12.697
15		13.457	5.876	2.582	16.751	16.751	555	9.297	743	12.446
16	14.200	13.457	5.876	2.582	16.751	2.551	534	1.362	728	1.857
17		13.457	5.876	2.582	16.751	16.751	513	8.593	714	11.960
18		13.457	5.876	2.582	16.751	16.751	494	8.275	700	11.726
19		13.457	5.876	2.582	16.751	16.751	475	7.957	686	11.491
20	*) (207.040)	13.457	5.876	2.582	16.751	223.791	456	102.049-	673	150.611
								- 36.646		51.227

* Salvage value = 4/5 (476.320 -117.520) = 207.040.

Appendix VII.23

Primary Fisheries Cooperatives Computation of Financial Rate of Return Financing Salternative III (60:40) - 2000 kg/ ha/ year

Year	Capital Expenditure	Cash In Flow				Net Cash Flow	5 %	VPV	7 %	NPV
Year	Capital Expenditure	EBIT	Depreciation	Taxes	Total	Net Cash Flow	5 %	VPV	7 %	NPV
0	325.328					(325.328)	1	(325.328)	1	(325.328)
1	17.992	3.804	5.876		9.680	( 8.312)	952	( 7.913)	935	( 7.772)
2		12.594	5.876		18.460	18.460	907	16.743	873	16.116
3		14.031	5.876		19.907	19.907	863	17.180	817	16.264
4		15.463	5.876		21.339	21.339	823	17.562	763	16.282
5		16.895	5.876		22.771	22.771	784	17.852	713	16.236
6		18.327	5.876	2.440	21.763	21.763	746	16.235	666	14.494
7		18.327	5.876	3.665	20.538	20.538	711	14.603	623	12.795
8	14.200	18.327	5.876	3.665	20.583	6.338	677	4.291	582	3.689
9		18.327	5.876	3.665	20.538	20.538	645	13.247	544	11.173
10	4.600	18.327	5.876	3.665	20.538	15.938	614	9.786	508	8.097
11		18.327	5.876	3.665	20.538	20.538	585	12.015	475	9.756
12		18.327	5.876	3.665	20.538	20.538	557	11.440	444	9.119
13		18.327	5.876	3.665	20.538	20.538	530	10.885	415	8.523
14		18.327	5.876	3.665	20.538	20.538	505	10.372	388	7.969
15		18.327	5.876	3.665	20.538	20.538	481	9.879	362	7.435
16	14.200	18.327	5.876	3.665	20.538	6.638	458	3.040	339	2.250
17		18.327	5.876	3.665	20.538	20.538	436	8.955	317	6.511
18		18.327	5.876	3.665	20.538	20.538	416	8.544	296	6.079
19		18.327	5.876	3.665	20.538	20.538	396	8.133	277	5.689
20	*) (207.040)	18.327	5.876	3.665	20.538	227.578	377	85.797	258	58.715
								36.682		95.908

*) Salvage value = 4/5 (376.320 - 117.520) = 207.040.

Appendix VII.24

Primary Fisheries Cooperative Computation of Financial Rate of Return Financing Alternative IV

Year	Capital Expenditive	1.350 kgs/ha/year				2000 kgs/ha/year
Year	Capital Expenditive	EBIT	Depr.	Taxes	Net Cesh Flow	EBIT	Depr.	Taxes	Net Cesh Flow
0	7.328				( 7.328)				7.328
1	17.992	2.369	3.436		(12.137)	3.804	3.436		(10.752)
2		9.730	3.436		13.166	12.594	3.436		16.030
3		10.684	3.436		14.120	14.120	3.436		17.467
4		11.637	3.436		15.073	15.463	3.436		18.899
5		12.591	3.436		16.027	16.895	3.436		20.331
6		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
7		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
8	14.200	13.457	3.436	2.691	2	18.327	3.436	3.665	3.898
9		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
10	4.600	13.457	3.436	2.691	9.602	18.327	3.436	3.665	13.498
11		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
12		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
13		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
14		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
15		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
16	14.200	13.457	3.436	2.691	2	18.327	3.436	3.665	3.898
17		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
18		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
19		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098
20		13.457	3.436	2.691	14.202	18.327	3.436	3.665	18.098

i 50% - NPV = 3172	i 55% NPV = 5672
i 55% - NPV = 892	i 75% NPV - 437
IRR of the production
m, 1350kgs = ± 56%	2000 kgs ± 74 %

Appendix VII.25

Pond Development Computation of Financial Rate of Return Level of Production 1350 kgs/ha/year Financing Alternative

Year	Capital Exp.		Cash in flow				Net Cash Flow
Year	Capital Exp.	EBIT	Former Profit	Depreciation	Taxes	Total	Net Cash Flow
0	325.328	2					(325.328)
1		2.369	(33.870)	5.876		(25.625)	( 43.617)
2		9.730	( 4.410)	5.876		11.196	11.196
3		10.684	6.240	5.876		22.800	22.800
4		11.637	17.010	5.876		34.523	34.523
5		12.591	26.160	5.876		44.627	44.627
6		13.457	38.550	5.876		57.883	57.883
7		13.457	38.550	5.876		57.883	57.883
8	14.200	13.457	38.550	5.876		43.683	43.683
9		13.457	38.550	5.876		57.883	57.883
10	4.600	13.457	38.550	5.876	356	57.527	52.927
11		13.457	38.550	5.876	961	56.922	56.922
12		13.457	38.550	5.876	1.697	56.186	56.186
13		13.457	38.550	5.876	2.582	55.301	55.301
14		13.457	38.550	5.876	2.582	55.301	55.301
15		13.457	38.550	5.876	2.582	55.301	55.301
16	14.200	13.457	38.550	5.876	2.582	55.301	41.101
17		13.457	38.550	5.876	2.582	55.301	55.301
18		13.457	38.550	5.876	2.582	55.301	55.301
19		13.457	38.550	5.876	2.582	55.301	55.301
20	(207.040)	13.457	38.550	5.876	2.582	55.301	262.341

i = 12 % NPV = (60.345)

i = 10 % NPV = 137

Appendix VII. 26

Pond Development Computation of Financial Rate of Return 200 kgs/ha/year

Year	Capital Exp.	EBIT	Former Profit	Depr.	Taxes	Inflow Total	Net Cesh Flow
0	325.328						(325.328)
1	17.992	3.804	(21.930)	5.876		(12.270)	30.262
2		12.594	25.320	5.876		43.790	43.790
3		14.031	41.070	5.876		60.977	60.977
4		15.463	56.820			78.159	78.159
5		16.895	72.570			95.341	95.341
6		18.327	88.320			112.523	112.523
7		18.327	88.320		3.665	108.850	108.850
8	14.200	18.327	88.320			108.850	94.658
9						108.850	108.850
10	4.600					108.850	104.258
11						108.850	108.850
12						108.850	108.850
13						108.850	108.850
14						108.850	108.850
15						108.850	108.850
16	14.200					108.850	94.658
17						108.850	108.850
18						108.850	108.850
19						108.850	108.850
20	(207.040)					108.850	315.698

L. g. i = 30%		NPV = (Rp. 146.521)
i = 20%		NPV = ( 249)

		= 19,83%

APPENDICES (Contd.)

PROCEED OF SHRIMP PRODUCTION AND SALES BY THE COOPERATIVE MEMBER.

PRIMARY FISHERIES COOPERATIVES - PROJECTED INCOME STATEMENT

Primary Fisheries - Cooperative - Lampung Projected Cash Flow - Financing Alternative I (40 : 60)

Primary Fisheries Cooperative - Lampung Projected Cash Flow - Financing Alternative II (50 : 50)

Primary Fisheries Cooperative - Lampung Projected Cash Flow - Financing Alternative III (60 : 40)

Sumatra Fisheries + Cooperative - Lampung Projected Cash Flow - Financing Alternative IV

HATCHERY - PRIMARY FISHERIES COOPERATIVE & PONDS DEVELOPMENT Combined Projected Income Statement - Level of Production 1.350 kg/ha/year

HATCHERY, PRIMARY FISHERIES COOPERATIVES POND DEVELOPMENT Combined Projected I.S. Level of Production 2000 kg/ha/year

SHRIMP DEVELOPMENT PROJECT ECONOMIC RATE OF RETURN

SHRIMP DEVELOPMENT PROJECT ECONOMIC RATE OF RETURN - LEVEL OF PRODUCTION 2,000 kgs/ha/year

Primary Fisheries Cooperatives Computation of Financial Rate of Return Level of Production 1350 kgs/ha/ year Financing Alternative III (60:40)

Primary Fisheries Cooperatives Computation of Financial Rate of Return Financing Salternative III (60:40) - 2000 kg/ ha/ year

Primary Fisheries Cooperative Computation of Financial Rate of Return Financing Alternative IV

Pond Development Computation of Financial Rate of Return Level of Production 1350 kgs/ha/year Financing Alternative

Pond Development Computation of Financial Rate of Return 200 kgs/ha/year

Sumatra Fisheries + Cooperative - Lampung
Projected Cash Flow - Financing Alternative IV

SHRIMP DEVELOPMENT PROJECT
ECONOMIC RATE OF RETURN - LEVEL OF PRODUCTION 2,000 kgs/ha/year