5. COST-BENEFIT ANALYSIS(Contd.)

5.7 Chicken manure option

In the chicken manure option, the fish-farmer fertilizes his ponds with chicken manure (maize bran base) bought at market prices, at a point of supply located 30 km from his farm.

A farmer using chicken manure from his own farm would only charge to his fish-farming operation the opportunity cost of not selling out the chicken manure.

TABLE 5.14
CHICKEN MANURE REQUIREMENTS AND COSTS, BASED ON A NORM OF 130 G/M²/WEEK

		BREEDING PONDS	REARING PONDS	PRODUCTION PONDS	TOTAL QUANTITY KG	TOTAL COST K (@0.10 K)
NUMBER OF WEEK OF FERTILIZATION		34 WEEKS	34 WEEKS	40 WEEKS	TOTAL QUANTITY KG	TOTAL COST K (@0.10 K)
5 HA FISH FARM	5,000 m² PONDS	18,697	20,200	214,240	253,137	25,314
	2,500 m² PONDS	17,680	19,890	215,800	253,370	25,337
	1,500 m² PONDS	13,790	20,686	218,400	252,876	25,288
10 HA FISH FARM	5,000 m² PONDS	37,216	40,487	428,584	506,287	50,629
	2,500 m² PONDS	28,730	42,962	435,708	507,400	50,740
	1,500 m² PONDS	27,581	41,455	458,776	507,812	50,781

TABLE 5.14A

OPTION II: CHICKEN MANURE

WORKING CAPITAL	K
ONE YEAR STOCK OF CHICKEN MANURE	25,337
SUPPLIES (Nets, Shovels, Tools)	1,000
CASH: FOR TRANSPORTATION	2,508
FOR SALARIES	14,000
CONTINGENCIES 10%	4,355
TOTAL	47,200

PROJECTED PROFIT AND LOSS STATEMENT
REVENUES		K
SALES: Low yields 4T/HA @ K4/KG		80,000
Medium yelds 6T/HA @ K4/KG		120,000
High yelds 8T/HA @ K4/KG		160,000
EXPENSES
Chicken manure		25,337
Transportation		2,508
Supplies		1,000
Labor & Management		14,000
Contingencies		4,355
TOTAL DIRECT COST		47,200
PROFIT BEFORE DEPRECIATION: Low		32,800
Medium		72,800
High		112,800
	5,000 m² Ponds	2,500 m² Ponds	1,500 m² Ponds
DEPRECIATION Pond	14,032	18,942	23,670
Fence	1,279	1,279	1,279
Building & Furniture	1,352	1,352	1,352
Other	806	806	806
TOTAL	17,469	22,379	27,107
PROFIT Low	15,331	10,421	5,693
Medium	55,331	50,421	45,693
High	95,331	90,421	85,893

TABLE 5.15
PROFIT TAX COMPUTATION, 5 HA FISH-FARM, 5,000 m² PONDS, CHICKEN MANURE

YEAR	PROFIT BEFORE DEPRECIATION			CAPITAL ALLOWANCES		LOSS BROUGHT FORWARD			TOTAL ALLOWANCE			TAXABLE INCOME			TAX (15%)
YEAR	L	M	H	Buildings/ Development*	Other**	L	M	H	L	M	H	L	M	H	L	M	H
1	32,800	72,800	112,800	319,986	2,765	-	-	-	322,751	322,751	322,751	(289,951)	(249,951)	(209,951)	-	-	-
2	32,800	72,800	112,800	-	2,765	289,951	249,951	209,951	292,716	252,716	212,716	(259,916)	(179,916)	(99,916)	-	-	-
3	32,800	72,800	112,800	-	-	259,916	179,916	99,916	259,916	179,916	99,916	(227,116)	(107,116)	12,884	-	-	1,933
4	32,800	72,800	112,800	-	-	227,116	107,116	-	227,116	107,116	-	(194,316)	(34,316)	112,800	-	-	16,920
5	32,800	72,800	112,800	-	2,765	194,316	34,316	-	197,081	37,081	2,765	(164,281)	34,719	110,035	-	5,358	16,505
6	32,800	72,800	112,800	-	2,765	164,281	-	-	167,046	2,765	2,765	(134,246)	70,035	110,035	-	10,505	16,505
7	32,800	72,800	112,800	-	-	134,246	-	-	134,246	-	-	(101,446)	72,800	112,800	-	10,920	16,920
8	32,800	72,800	112,800	-	-	101,446	-	-	101,446	-	-	(68,646)	72,800	112,800	-	10,920	16,920
9	32,800	72,800	112,800	-	-	68,646	-	-	68,646	-	-	(35,846)	72,800	112,800	-	10,920	16,920
10	32,800	72,800	112,800	12,786	2,765	35,846	-	-	51,397	15,551	15,551	(18,597)	57,249	97,249	-	8,587	14,587
11	32,800	72,800	112,800	-	2,765	18,597	-	-	21,362	2,765	2,765	11,438	70,035	110,035	1,716	10,505	16,505
12	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
13	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
14	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
15	32,800	72,800	112,800	-	2,765	-	-	-	2,765	2,765	2,765	30,035	70,035	110,035	4,505	10,505	16,505
16	32,800	72,800	112,800	-	2,765	-	-	-	2,765	2,765	2,765	30,035	70,035	110,035	4,505	10,505	16,505
17	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
18	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
19	32,800	72,800	112,800	-	-	-	-	-	-	-	-	32,800	72,800	112,800	4,920	10,920	16,920
20	192,050	232,050	272,050	-	-	-	-	-	-	-	-	192,050	232,050	272,050	28,808	34,808	40,808

* POND CONSTRUCTION, FENCE, BUILDINGS, AT 100%

** FURNITURE CARTS & OXEN, WHEEL-BARROWS, AT 50%

TABLE 5.16
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 5,000 m² PONDS, CHICKEN MANURE

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331	15,331
M	-	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331	55,331
H	-	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331	95,331
Depreciation	-	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469	17,469
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	159,250
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49,723
TOTAL INFLOWS L	-	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	241,773
M	-	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	281,773
H	-	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	321,773
CASH OUTFLOWS
Fixed capital	331,639	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	47,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	-	-	-	-	-	-	-	-	1,716	4,920	4,920	4,920	4,505	4,505	4,920	4,920	4,920	28,808
M	-	-	-	-	-	5,358	10,505	10,920	10,920	10,920	8,587	10,505	10,920	10,920	10,920	10,505	10,505	10,920	10,920	10,920	34,808
H	-	-	-	1,933	16,920	16,505	16,505	16,920	16,920	16,920	14,587	16,505	16,920	16,920	16,920	16,505	16,505	16,920	16,920	16,920	40,808
TOTAL OUTFLOWS L	378,839	-	-	-	-	4,030	-	-	-	-	16,816	1,716	4,920	4,920	4,920	8,335	4,505	4,920	4,920	4,920	28,808
M	378,839	-	-	-	-	9,388	10,505	10,920	10,920	10,920	25,403	10,505	10,920	10,920	10,920	14,535	10,505	10,920	10,920	10,920	34,808
H	378,839	-	-	1,933	16,920	20,535	16,505	16,920	16,920	16,920	31,403	16,505	16,920	16,920	16,920	20,535	16,505	16,920	16,920	16,920	40,808
NET CASH FLOWS L	(378,839)	32,800	72,800	32,800	72,800	28,770	32,800	32,800	32,800	32,800	15,984	31,084	27,880	27,880	27,880	24,265	28,295	27,880	27,880	27,880	212,965
M	(378,839)	72,800	72,800	72,800	72,800	63,412	62,295	61,880	61,880	61,880	47,397	62,294	61,880	61,880	61,880	48,265	62,295	61,880	61,880	61,880	246,965
H	(378,839)	112,800	112,800	110,867	95,880	92,265	96,295	95,880	95,880	95,880	81,397	96,295	95,880	95,880	95,880	92,265	96,295	95,880	95,880	95,880	280,965

FINANCIAL RATE OF RETURN	L	6.6%
	M	17.2%
	H	27.3%

TABLE 5.17
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 2,500 m² PONDS, CHICKEN MANURE

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421	10,421
M	-	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421	50,421
H	-	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421	90,421
Depreciation	-	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379	22,379
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	193,245
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49,640
TOTAL INFLOWS L	-	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	275,685
M	-	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	315,685
H	-	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	355,685
CASH OUTFLOWS
Fixed capital	429,751	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	47,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,732	4,505	4,505	4,920	4,920	4,920	33,907
M	-	-	-	-	-	-	1,119	19,920	10,920	10,920	8,587	10,505	10,920	10,920	10,920	10,505	10,505	10,920	10,920	10,920	39,907
H	-	-	-	-	4,109	16,505	16,505	16,920	16,920	16,920	14,587	16,505	16,920	16,920	16,920	16,505	16,505	16,920	16,920	16,920	45,907
TOTAL OUTFLOWS L	476,951	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	1,732	8,535	4,505	4,920	4,920	4,920	33,907
M	476,951	-	-	-	-	4,030	1,119	19,920	10,920	10,920	25,403	10,505	10,920	10,920	10,920	14,535	10,505	10,920	10,920	10,920	39,907
H	476,951	-	-	-	4,109	20,535	16,505	16,920	16,920	16,920	31,403	16,505	16,920	16,920	16,920	20,535	16,505	16,920	16,920	16,920	45,907
NET CASH FLOWS L	(476,951)	32,800	32,800	32,800	32,800	28,770	32,800	32,800	32,800	32,800	15,984	32,800	32,800	32,800	31,068	28,295	28,295	27,880	27,880	27,880	241,778
M	(476,951)	72,800	72,800	72,800	72,800	68,770	71,681	52,880	61,880	61,880	47,397	62,295	61,880	61,880	61,880	58,265	62,295	61,880	61,880	61,880	275,778
H	(476,951)	112,800	112,800	112,800	108,691	92,265	96,295	95,880	95,880	95,880	81,397	96,295	95,880	95,880	95,880	92,265	96,295	95,880	95,880	95,880	309,778

TABLE 5.18
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 1,500 m² PONDS, CHICKEN MANURE

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693	5,693
M	-	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693	45,693
H	-	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693	85,693
Depreciation	-	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107	27,107
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	239,598
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53,124
TOTAL INFLOWS L	-	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800	32,800
M	-	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800	72,800
H	-	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800	112,800
CASH OUTFLOWS
Fixed capital	523,988	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	47,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,494	4,920	4,920	40,860
M	-	-	-	-	-	-	-	-	8,791	10,920	8,587	10,505	10,920	10,920	10,920	10,505	10,505	10,920	10,920	10,920	46,860
H	-	-	-	-	-	6,446	16,505	16,920	16,920	16,920	14,587	16,505	16,920	16,920	16,920	16,505	16,505	16,920	16,920	16,920	52,860
TOTAL OUTFLOWS L	571,188	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	1,494	4,920	4,920	40,860
M	571,188	-	-	-	-	4,030	-	-	8,791	10,920	25,403	10,505	10,920	10,920	10,920	14,535	10,505	10,920	10,920	10,920	46,860
H	571,188	-	-	-	-	10,476	10,505	16,920	16,920	16,920	31,403	16,505	16,920	16,920	16,920	20,535	16,505	16,90	16,920	16,920	52,860
NET CASH FLOWS L	(571,188)	32,800	32,800	32,800	32,800	28,770	32,800	32,800	32,800	32,800	15,984	32,800	32,800	32,800	32,800	28,770	32,800	31,306	27,880	27,880	284,662
M	(571,188)	72,800	72,800	72,800	72,800	68,770	72,800	72,800	64,009	61,880	47,397	62,295	51,880	51,880	51,880	58,265	62,295	61,880	61,880	61,880	318,662
H	(571,188)	112,800	112,800	112,800	112,800	102,324	96,295	95,880	95,880	95,880	81,397	96,295	95,880	95,880	95,880	92,265	96,295	95,880	95,880	95,880	352,662

FINANCIAL RATE OF RETURN	L	3.5%
	M	10.9%
	H	17.9%

In the pig-cum-fish option, pigs are purchased as weaners from local suppliers then kept and fattened in pigsties. Their manure fertilizes the ponds. Pigsties can be either built near each pond or centralized along the feeder canal, in order to save in construction and management costs. The rates is 90 pigs/ha.

TABLE 5.19

OPTION III: PIG-CUM-FISH

ADDITIONAL FIXED CAPITAL		K
PIGSTIES FOR 450 PIGS @ 1.5 m²/pig @ K54/m²		36,450
WORKING CAPITAL
450 WEANERs @ 25 kg/WEANER @ K3.50/KG		39,375
STOCKFEED FOR ONE CYCLE 450 × 295.4 KG @ K0.444/KG		59,074
SUPPLIES		1,000
CASH: TRANSPORTATION OF WEANERS AND FEEDS ON 30 KM @ K0.33/T/KM	1,427
SALARIES FOR 5 MONTHS	5,833	7,260
CONTINGENCIES 10%		10,691
TOTAL		117,400

PROJECTED PROFIT AND LOSS STATEMENT

REVENUES
SALES OF FISH:	Low yields	4T/HA @ K4/KG	80,000
	Medium yields	6T/HA @ K4/KG	120,000
	High yields	8T/HA @ K4/KG	160,000
SALES OF PIGS: 1,080 PIGS/YR @ 75 KG @ K4/KG			324,000
(-) COST OF TRANSPORTATION			800
TOTAL REVENUES	Low			403,200
	Medium			443,200
	High			483,200
EXPENSES
COST OF WEANERS 1,080 @ 25 KG @ 350/KG				94,500
COST OF FEED 1,080 × 295.4 KG @ K0.4444				141,778
TRANSPORTATION OF WEANERS AND FEED				3,426
SUPPLIES				14,000
LABOR AND MANAGEMENT				25,496
CONTINGENCIES 10%				280,200
PROFIT BEFORE DEPRECIATION L: 123,000 M: 163,200 H: 203,000

TABLE 5.20
PROFIT TAX COMPUTATION, 5 HA FISH-FARM, 5,000 m² PONDS, PIG-CUM-FISH

YEAR	PROFIT BEFORE DEPRECIATION			CAPITAL ALLOWANCES		LOSS BROUGHT FORWARD			TOTAL ALLOWANCE			TAXABLE INCOME			TAX (15%)
YEAR	L	M	H	Buildings/Development*	Other**	L	M	H	L	M	H	L	M	H	L	M	H
1	123,000	163,000	203,000	356,436	2,765	-	-	-	359,201	359,201	359,201	(236,201)	(96,201)	(156,201)	-	-	-
2	123,000	163,000	203,000	-	2,765	236,201	196,201	156,201	238,966	198,966	158,966	(115,966)	(35,966)	44,034	-	-	6,605
3	123,000	163,000	203,000	-	-	115,966	35,966	-	115,966	35,966	-	7,034	127,034	203,000	1,055	19,055	30,450
4	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
5	123,000	163,000	203,000	-	2,765	-	-	-	2,765	2,765	2,765	120,235	160,235	200,235	18,035	24,035	30,035
6	123,000	163,000	203,000	-	2,765	-	-	-	2,765	2,765	2,765	120,235	160,235	200,235	18,035	24,035	30,035
7	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
8	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
9	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
10	123,000	163,000	203,000	12,786	2,765	-	-	-	15,551	15,551	15,551	107,449	147,449	187,449	16,117	22,117	28,117
11	123,000	163,000	203,000	-	2,765	-	-	-	2,765	2,765	2,765	120,235	160,235	200,235	18,035	24,034	30,035
12	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
13	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
14	123,000	163,000	203,000	-	-	-	-	-	-	-	-	123,000	163,000	203,000	18,450	24,450	30,450
15	123,000	163,000	203,000	-	2,765	-	-	-	2,765	2,765	-	120,235	160,235	200,235	18,035	24,035	30,035
16	123,000	163,000	203,000	-	2,765	-	-	-	2,765	2,765	2,765	120,235	160,235	200,235	18,035	24,035	30,035
17	123,000	163,000	203,000	-	-	-	-	-	-	-	-	-	-	-	18,450	24,450	30,450
18	123,000	163,000	203,000	-	-	-	-	-	-	-	-	-	-	-	18,450	24,450	30,450
19	123,000	163,000	203,000	-	-	-	-	-	-	-	-	-	-	-	18,450	24,450	30,450
20	282,250	322,250	362,250	-	-	-	-	-	-	-	-	282,250	322,250	362,250	42,338	48,338	54,338

* POND CONSTRUCTION, FENCE, BUILDINGS, AT 100%

** FURNITURE CARTS & OXEN, WHEEL-BARROWS, AT 50%

TABLE 5.21
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 5,000 m² PONDS, PIG-CUM-FISH

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709	103,709
M	-	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709	143,709
H	-	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709	183,709
Depreciation	-	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291	19,291
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	159,250
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	179,923
TOTAL INFLOWS L	-	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	402,173
M	-	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	442,173
H	-	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	482,173
CASH OUTFLOWS
Fixed capital	368,089	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	117,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	1,055	18,450	18,035	18,035	18,450	18,450	18,450	16,117	18,035	18,450	18,450	18,450	18,035	18,035	18,450	18,450	18,450	42,338
M	-	-	-	19,055	24,450	24,035	24,035	24,450	24,450	24,450	22,117	24,035	24,450	24,450	24,450	24,035	24,035	24,450	24,450	24,450	48,338
H	-	-	6,605	30,450	30,450	30,035	30,035	30,450	30,450	30,450	28,117	30,035	30,450	30,450	30,450	30,035	30,035	30,450	30,450	30,450	54,338
TOTAL OUTFLOWS L	485,489	-	-	1,055	18,450	22,065	18,035	18,450	18,450	18,450	32,933	18,035	18,450	18,450	18,450	22,065	18,035	18,450	18,450	18,450	42,338
M	485,489	-	-	19,055	24,450	28,065	24,035	24,450	24,450	24,450	38,933	24,035	24,450	24,450	24,450	28,065	24,035	24,450	24,450	24,450	48,338
H	485,489	-	6,605	30,450	30,450	34,065	30,035	30,450	30,450	30,450	44,933	30,035	30,450	30,450	30,450	34,065	30,035	30,450	30,450	30,450	54,338
NET CASH FLOWS L	(485,489)	123,000	123,000	121,945	104,550	100,935	104,965	104,550	104,550	104,550	90,067	104,965	104,550	104,550	104,550	100,935	104,965	104,550	104,550	104,550	359,835
M	(485,489)	163,000	163,000	143,945	138,550	134,935	138,965	138,550	138,550	138,550	124,067	138,965	138,550	138,550	138,550	134,935	138,965	138,550	138,550	138,550	393,835
H	(485,489)	203,000	196,395	172,550	172,550	168,935	172,965	172,550	172,550	172,550	158,067	172,965	172,550	172,550	172,550	158,067	172,965	172,550	172,550	172,550	427,835

FINANCIAL RATE OF RETURN	L	23.0%
	M	30.6%
	H	38.1%

TABLE 5.22
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 2,500 m² PONDS, PIG-CUM-FISH

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799	98,799
M	-	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799	138,799
H	-	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799	178,799
Depreciation	-	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201	24,201
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	193,245
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	119,840
TOTAL INFLOWS L	-	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	436,085
M	-	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	476,085
H	-	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	516,085
CASH OUTFLOWS
Fixed capital	466,201	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	117,840	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	-	4,776	18,035	18,035	18,450	18,450	18,450	16,117	18,035	18,450	18,450	18,450	18,035	18,035	18,450	18,450	18,450	47,437
M	-	-	-	4,326	24,450	24,035	24,035	24,450	24,450	24,450	22,117	24,035	24,450	24,450	24,450	24,035	22,035	24,450	24,450	24,450	53,437
H	-	-	-	22,326	30,450	30,035	30,035	30,450	30,450	30,450	28,117	30,035	30,450	30,450	30,450	30,035	30,035	30,450	30,450	30,450	59,437
TOTAL OUTFLOWS L	584,041	-	-	-	4,776	22,065	18,035	18,450	18,450	18,450	32,933	18,035	18,450	18,450	18,450	22,065	18,035	18,450	18,450	18,450	47,437
M	584,041	-	-	4,326	24,450	28,065	24,035	24,450	24,450	24,450	22,117	24,035	24,450	24,450	24,450	22,035	22,035	24,450	24,450	24,450	53,437
H	584,041	-	-	22,326	30,450	34,065	30,035	30,450	30,450	30,450	44,933	30,035	30,450	30,450	30,450	34,065	30,035	30,450	30,450	30,450	59,437
NET CASH FLOWS L	(584,041)	123,000	123,000	123,000	118,224	100,935	104,965	104,550	104,550	104,550	90,067	104,965	104,550	104,550	104,550	100,935	104,965	104,550	104,550	104,550	388,648
M	(584,041)	163,000	163,000	158,674	138,550	134,935	138,965	138,550	138,550	138,550	124,067	138,965	138,550	138,550	138,550	134,935	138,965	138,550	138,550	138,550	422,648
H	(584,041)	203,000	203,000	180,674	172,550	168,935	172,965	172,550	172,550	172,550	158,067	172,965	172,550	172,550	172,550	168,935	172,965	172,550	172,550	172,550	456,648

FINANCIAL RATE OF RETURN	L	19.0%
	M	25.4%
	H	31.8%

TABLE 5.23
FINANCIAL RATE OF RETURN, 5 HA FISH-FARM, 1,500 m² PONDS, PIG-CUM-FISH

YEAR	0	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20
CASH-INFLOWS
Profit L	-	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071	94,071
M	-	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071	134,071
H	-	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071	174,071
Depreciation	-	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929	28,929
Salvage value of assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	239,598
Release of working capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	179,524
TOTAL INFLOWS L	-	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	123,000	482,122
M	-	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	163,000	522,122
H	-	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	203,000	562,122
CASH OUTFLOWS
Fixed capital	560,438	-	-	-	-	4,030	-	-	-	-	16,816	-	-	-	-	4,030	-	-	-	-	-
Working capital	117,840	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes L	-	-	-	-	-	8,675	18,035	18,450	18,450	18,450	16,117	18,035	18,450	18,450	18,450	18,035	18,035	18,450	18,450	18,450	54,390
M	-	-	-	-	14,640	24,035	24,035	24,450	24,450	24,450	22,117	24,035	24,450	24,450	24,450	24,035	22,035	24,450	24,450	24,450	60,390
H	-	-	-	8,190	30,450	30,035	30,035	30,450	30,450	30,450	28,117	30,035	30,450	30,450	30,450	30,035	30,035	30,450	30,450	30,450	66,390
TOTAL OUTFLOWS L	678,278	-	-	-	-	12,705	18,035	18,450	18,450	18,450	32,933	18,035	18,450	18,450	18,450	22,065	18,035	18,450	18,450	18,450	54,390
M	678,278	-	-	-	14,640	28,065	24,035	24,450	24,450	24,450	22,117	24,035	24,450	24,450	24,450	22,035	22,035	24,450	24,450	24,450	60,390
H	678,278	-	-	8,190	30,450	34,065	30,035	30,450	30,450	30,450	44,933	30,035	30,450	30,450	30,450	34,065	30,035	30,450	30,450	30,450	66,390
NET CASH FLOWS L	(678,278)	123,000	123,000	123,000	123,000	110,295	104,965	104,550	104,550	104,550	90,067	104,965	104,550	104,550	104,550	100,935	104,965	104,550	104,550	104,550	427,732
M	(678,278)	163,000	163,000	163,000	148,360	134,935	138,965	138,550	138,550	138,550	124,067	138,965	138,550	138,550	138,550	134,935	138,965	138,550	138,550	138,550	461,732
H	(678,278)	203,000	203,000	194,810	172,550	168,935	172,965	172,550	172,550	172,550	158,067	172,965	172,550	172,550	172,550	168,935	172,965	172,550	172,550	172,550	495,732

FINANCIAL RATE OF RETURN	L	16.3%
	M	21.9%
	H	27.4%

5. COST-BENEFIT ANALYSIS(Contd.)

5.7 Chicken manure option

5.8 Pig-cum-fish option