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___________________ Name (typed or printed) ___________________ Date This is a business plan. It
does not imply an offering of securities. Table of Contents 1.0 Executive Summary
.................................................................................................................................... 1 Chart: Highlights
....................................................................................................................................... 2 1.1 Objectives
................................................................................................................................................ 2 1.2 Mission
.................................................................................................................................................... 2 1.3 Keys
to Success ....................................................................................................................................... 2 2.0
Company Summary ..................................................................................................................................... 3
2.1 Company Ownership ..............................................................................................................................
3 2.2 Start-up Summary
................................................................................................................................... 3 Table: Start-up
........................................................................................................................................... 4 Chart: Start-up
........................................................................................................................................... 4 3.0 Products
....................................................................................................................................................... 5 4.0
Market Analysis Summary ......................................................................................................................... 6
4.1 Market Segmentation ..............................................................................................................................
6 Table: Market Analysis ............................................................................................................................. 6
Chart: Market Analysis (Pie) .................................................................................................................... 6
4.2 Target Market Segment Strategy ............................................................................................................
7 4.3 Industry Analysis
.................................................................................................................................... 7 4.3.1 Competition
and Buying Patterns .................................................................................................... 7 5.0 Strategy and
Implementation Summary ..................................................................................................... 7 5.1
Competitive Edge .................................................................................................................................... 8
5.2 Marketing Strategy ..................................................................................................................................
8 5.3 Sales Strategy
.......................................................................................................................................... 8 5.3.1 Sales
Forecast ................................................................................................................................... 8 Table: Sales
Forecast ............................................................................................................................ 9 Chart: Sales
Monthly .......................................................................................................................... 10 Chart: Sales by
Year ........................................................................................................................... 10 5.4 Milestones
............................................................................................................................................. 10 Chart:
Milestones .................................................................................................................................... 11 Table:
Milestones .................................................................................................................................... 11 6.0
Management Summary .............................................................................................................................
11 6.1 Personnel Plan
....................................................................................................................................... 11 Table: Personnel
...................................................................................................................................... 12 7.0 Financial Plan
............................................................................................................................................ 12 7.1 Start-up
Funding ................................................................................................................................... 12 Table:
Start-up Funding .......................................................................................................................... 13 7.2
Important Assumptions ......................................................................................................................... 13
7.3 Break-even Analysis .............................................................................................................................
13 Table: Break-even Analysis ....................................................................................................................
14 Chart: Break-even Analysis ....................................................................................................................
14 7.4 Projected Profit and Loss
...................................................................................................................... 14 Table: Profit and Loss
............................................................................................................................. 15 Chart: Profit Monthly
.............................................................................................................................. 15 Chart: Profit Yearly
................................................................................................................................. 16 Chart: Gross Margin
Monthly ................................................................................................................ 16 Page 1 Table of
Contents Chart: Gross Margin Yearly
................................................................................................................... 17 7.5 Projected Cash Flow
............................................................................................................................. 17 Chart: Cash
.............................................................................................................................................. 17 Table: Cash
Flow .................................................................................................................................... 18
.....................................................................................................................................................................
18 7.6 Projected Balance Sheet
........................................................................................................................ 19 Table: Balance Sheet
............................................................................................................................... 19 7.7 Business Ratios
..................................................................................................................................... 19 Table: Ratios
........................................................................................................................................... 20 Table: Sales
Forecast ......................................................................................................................................... 1
........................................................................................................................................................................
... 1 Table: Personnel
................................................................................................................................................ 2
........................................................................................................................................................................
... 2 Table: Profit and Loss
....................................................................................................................................... 3
........................................................................................................................................................................
... 3 Table: Cash Flow
.............................................................................................................................................. 4
........................................................................................................................................................................
... 5 Table: Balance Sheet
......................................................................................................................................... 6 Page 2
FynbosFarm 1.0 Executive Summary Introduction FynbosFarm will be a project built around a highly
successful businessman and the development and training of skilled and semi-skilled staff in the
hydroponics and instant turf market. The project aim is to carry out intensive and high turnover
production, off a small area, while providing work and leadership experience for local women. The
company is a combination of cutting edge, high quality, efficient food technology and production. It is
committed to the improvement of taste in vegetables and excellent quality and nutritional value. The
company will provide education, experience and research in the hydroponic field. It has the experience
and extensive knowledge of well-known grower Mike Shelly as a consultant. This project will be KZN-
based, and will supply vegetables for the national and international markets, and instant turf for the
local market. Products The 4 main crops to be grown will be instant turf, long life tomatoes, cucumbers,
and coloured peppers. • Tomatoes: 4ha under plastic which will produce 2100 000 kgs per year •
Cucumbers: 1ha under plastic which will produce 205 000 kgs per year • Peppers: 1ha under plastic
which will produce 250 000 kgs per year • Turf: 30ha in the open. Financial considerations The company
is seeking both short-term and long-term funding to finance the purchase of a new farm and
development costs of the project. This will cover startup expenses and first year loses. It is estimated
that the company will begin to make a profit in year 2 of operations. The project is expected to begin
production within 8 months from start of the first tunnel being erected. Page 1 FynbosFarm Chart:
Highlights Sales Gross Margin Net Profit R0 R2,000,000 R4,000,000 R6,000,000 R8,000,000 R10,000,000
R12,000,000 R14,000,000 R16,000,000 Year 1 Year 2 Year 3 Year 4 Year 5 Highlights 1.1 Objectives The
objective of this project is to establish an intensive farm, producing high-quality produce for both the
national and international market year round. 1.2 Mission FynbosFarm is a KZN-based company with a
two-fold mission: • to produce high quality, nutritional, and flavourful vegetables for consumption in
both local and international markets. • to create opportunities for leadership and highly productive
teamwork for local women who work on the farm. The women working on the farm will be organized
into intensive work groups, and each group will be paid incentives on production and performances, in
addition to the standard wages. 1.3 Keys to Success • Efficient production utilizing greenhouses. • No
existing projects of this magnitude in the KZN region. • Experience in the vegetable industry goes back
to 1996. Page 2 FynbosFarm 2.0 Company Summary FynbosFarm will be a partnership of successful
businessmen developing a small farm into a highly productive hydroponics and instant turf project.
Hydroponics is the growing of high-quality vegetables in high-tech, multi-span greenhouses. The
produce is grown in 15L bags with a medium used to support the root system. The plants are
automatically fed nutrients through irrigation systems.The plants are grown in the best suitable growing
conditions, which allows each plant to produce the maximum fruit possible. Instant turf will be grown
out in open field production. The turf will be irrigated via overhead spray units, using the run-off
fertilizer from the multispan tunnels. This fertilizer is highly effective and will provide all the
requirements the instant turf will require. The turf will be cut and sold by the square meter, and is
harvested with a sod cutter. The company will concentrate on the production of tomatoes, peppers and
cucumbers in the tunnels, and in time will pursue more selective vegetables and the fresh cut flower
market. 2.1 Company Ownership FynbosFarm is owned jointly by its two founders, one of whom will
serve as the project manager. 2.2 Start-up Summary The company is seeking to raise investment for the
purpose of financing the acquisition of the vegetable farm, facilities modifications, multi-spans and
equipment, and funding operating expenses. Facilities The operation will utilise : • Six large greenhouses
enclosing the vegetable area • irrigation, fertilization, temperature control and water treatment devices
• outdoor production of instant lawn • pack houses and washbay facilities • business office building An
additional portion of the operation will be the growing of instant lawn. Local landscape operations have
trouble with meeting the demands of instant turf supply, and the company has recognised the need in
the market. The company plans to supply the local nurseries and landscapers with top quality, premium
garden lawn. The largest portion of the start-up requirements is for purchase of the site and
construction of the necessary buildings and infrastructure, including well-digging. These are listed below
as long-term assets. Page 3 FynbosFarm The start-up period is five months long, and includes
construction and one and a half months for growing the first crops, to be sold beginning in July. Table:
Start-up Start-up Requirements Start-up Expenses Legal R70,000 Borehole testing R10,000 Seedlings
R128,000 Sawdust R155,000 Plant bags R57,753 Twine and clips R28,000 Site leveling R250,000 Other
R95,000 Total Start-up Expenses R793,753 Start-up Assets Cash Required R5,000 Other Current Assets
R0 Long-term Assets R20,000,000 Total Assets R20,005,000 Total Requirements R20,798,753 Chart:
Start-up R0 R3,000,000 R6,000,000 R9,000,000 R12,000,000 R15,000,000 R18,000,000 R21,000,000
Expenses Assets Investment Loans Start-up Page 4 FynbosFarm 3.0 Products Hydroponics is the
production of vegetables in state-of-the-art, temperature-controlled, multispan tunnels. The structures
being used are richelle multi-spans, which come complete with computer temperature sensors,
automatic opening and closing vents, automatic misting units and temperature controlled fans. The
advantages of growing in high-tech tunnels are: • faster, longer growth • harvest labour reduced by 80%
• harvest time reduced, and by doing so: o decrease loss in weight gain o eliminate weight loss from
shock • allow greater yield per plant • provide optimum temperature for plant growth Vegetables
FynbosFarm's first line of production will be tomatoes, peppers and cucumbers. The farm will have the
capacity sufficient to produce in excess of 2 550 000 kg of vegetables per year. Instant lawn The
company's outdoor horticultural aspects include the production of 30ha of instant lawn. The company
will sell between 20 - 25ha per annum. Research and development The company will seek contact with
local and international companies in order to learn about and acquire new hybrids of vegetables that are
hardier and grow faster in our local climate. These and other available species and systems will be
constantly tracked. In addition to the above, the company will seek contacts at universities and
researchers that are involved in greens, and will continue the quest for the best flavoured, large, and
firm vegetable throughout the year. Future product plans In the future the company would like to
explore the possibility of flower production. FynbosFarm believes this to be a high revenue venture,
which, if successful, could become our number one endeavour. We are also considering the production
of bananas. Currently there is a huge shortage of bananas, and the selling price has been above average
for the past 2 years. Page 5 FynbosFarm 4.0 Market Analysis Summary In an era of big-box food stores,
when 4 major grocery chains control the purchase of vegetables, the proliferation of open air markets
has come out of nowhere, giving more consumers an option to purchase fresh vegetables. Such markets
include retailers such as Fruit and Veg City and VegExpress. FynbosFarm will not only supply the major
supermarkets, but also the markets mentioned above. With these trends in mind, FynbosFarm will also
concentrate on wholesale live vegetable markets that sell hydroponic produce, fresh farmers' markets,
and export to neighbouring states and international markets. 4.1 Market Segmentation For the purposes
of this plan, we are focusing on retail outlets and VegCity shops within 45 miles of our location. Table:
Market Analysis Market Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Potential Customers Growth CAGR
Retail outlets 25% 100 125 156 195 244 24.98% vegcities 10% 20 22 24 26 29 9.73% Other 25% 50 63 79
99 124 25.49% Total 23.62% 170 210 259 320 397 23.62% Chart: Market Analysis (Pie) Retail outlets
vegcities Other Market Analysis (Pie) Page 6 FynbosFarm 4.2 Target Market Segment Strategy The target
customers include the major retail outlets and export markets for the vegetables. The target customers
for instant lawn include nursery and garden centres, landscapers, and private customers. 4.3 Industry
Analysis The hydroponic industry is still fairly new in the S.A. market, in terms of research and the
number of completely developed farms. The biggest negative is the start-up costs to erect a fully state-
of-the-art project. Therefore, if a project is going to be developed, two major factors need to be taken
into account. • Selected Markets. Due to high quality, vegetables must be sold retail outlets, etc. to
retrieve highest price. • Project size. The project must be able to supply produce all year round; if not,
retail outlets will not be interested. The Industry is still small, and therefore a project of this magnitude
will create interest among all the major veg outlet markets. 4.3.1 Competition and Buying Patterns
FynbosFarm aims to be the biggest growers of hydroponics in the KZN region. At present there are very
few big growers, minimizing the competition. The advantage of hydroponics on a large scale is the
availability to produce vegetables all year round in large quantities. This immediately becomes a positive
factor with major retail outlets and exporters. 5.0 Strategy and Implementation Summary The
FynbosFarm group strategy is to profitably and efficiently utilize present and future agricultural
technology in the production of vegetables. The company, by developing a profitable vegetable farm
with all the necessary custom-innovated equipment, will gain a significant industry advantage.
Additional application and utilization of horticultural technology in the production of vegetables will
double utilization of the climate controlled portion of the overhead. The company's goals in the first
year are to: • Develop the complete project. • To have all 6ha planted and ready for production. • To
have the instant turf planted and ready for production early in year 2. • To have grading and pack shed
constructed. The company's long term plan is to also produce more selective vegetables as well as
looking to get into the fresh flower market. Page 7 FynbosFarm 5.1 Competitive Edge FynbosFarm's
main competitive advantages are: • Efficient production utilizing greenhouses. • No existing projects of
this magnitude in the KZN region. • Experience in the vegetable industry goes back to 1996. 5.2
Marketing Strategy FynbosFarm will market and supply its products to the selected outlets aggressively,
focusing at first on local markets, and then on export options. We will emphasize the reliable year-round
output of our climate-controlled hydroponics facilities, as well as the ability to produce indemand, non-
native vegetables. Marketing for turf will take place with direct contact between FynbosFarm and
regional greenhouses and landscapers. The company will also eventually develop a website and
advertise on the Internet, although these future marketing avenues are not included in this plan. 5.3
Sales Strategy At FynbosFarm, the sales process is primarily the same for vegetables as it is for instant
turf, in that both products will be mainly sold through wholesale marketing. Shipments of vegetables
will be transported in refrigerated trucks as per orders, and instant turf will be palletized on open back
trucks as per orders. 5.3.1 Sales Forecast We expect to have exceptional sales in the first year. Our direct
unit costs include the costs for the agricultural labor force who will tend and manage the vegetables and
turf, including incentives and bonuses. These costs are roughly 35% of all direct costs each month. Page
8 FynbosFarm Table: Sales Forecast Sales Forecast Year 1 Year 2 Year 3 Year 4 Year 5 Unit Sales
Tomatoes 2,100,000 1,500,000 2,100,000 1,500,000 2,100,000 Peppers 205,000 210,000 205,000
210,000 205,000 Cucumbers 250,000 250,000 250,000 250,000 250,000 Instant Turf 150,000 200,000
200,000 200,000 200,000 Total Unit Sales 2,705,000 2,160,000 2,755,000 2,160,000 2,755,000 Unit
Prices Year 1 Year 2 Year 3 Year 4 Year 5 Tomatoes R4.00 R4.25 R4.50 R4.75 R5.00 Peppers R10.00
R10.50 R11.00 R11.50 R12.00 Cucumbers R1.80 R1.90 R2.10 R2.20 R2.30 Instant Turf R10.00 R11.00
R12.00 R13.00 R14.00 Sales Tomatoes R8,400,000 R6,375,000 R9,450,000 R7,125,000 R10,500,000
Peppers R2,050,000 R2,205,000 R2,255,000 R2,415,000 R2,460,000 Cucumbers R450,000 R475,000
R525,000 R550,000 R575,000 Instant Turf R1,500,000 R2,200,000 R2,400,000 R2,600,000 R2,800,000
Total Sales R12,400,000 R11,255,000 R14,630,000 R12,690,000 R16,335,000 Direct Unit Costs Year 1
Year 2 Year 3 Year 4 Year 5 Tomatoes R2.00 R2.13 R2.25 R2.38 R2.50 Peppers R5.00 R5.25 R5.50 R5.75
R6.00 Cucumbers R0.90 R0.95 R1.05 R1.10 R1.15 Instant Turf R4.80 R5.28 R5.76 R6.24 R6.72 Direct Cost
of Sales Tomatoes R4,200,000 R3,187,500 R4,725,000 R3,562,500 R5,250,000 Peppers R1,025,000
R1,102,500 R1,127,500 R1,207,500 R1,230,000 Cucumbers R225,000 R237,500 R262,500 R275,000
R287,500 Instant Turf R720,000 R1,056,000 R1,152,000 R1,248,000 R1,344,000 Subtotal Direct Cost of
Sales R6,170,000 R5,583,500 R7,267,000 R6,293,000 R8,111,500 Page 9 FynbosFarm Chart: Sales
Monthly Tomatoes Peppers Cucumbers Instant Turf R0 R200,000 R400,000 R600,000 R800,000
R1,000,000 R1,200,000 R1,400,000 R1,600,000 R1,800,000 R2,000,000 Month 1 Month 2 Month 3
Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Sales Monthly
Chart: Sales by Year Tomatoes Peppers Cucumbers Instant Turf R0 R2,000,000 R4,000,000 R6,000,000
R8,000,000 R10,000,000 R12,000,000 R14,000,000 R16,000,000 Year 1 Year 2 Year 3 Year 4 Year 5 Sales
by Year 5.4 Milestones The following table and chart show the main milestones for the first year. Page
10 FynbosFarm Chart: Milestones Q1 `05 Q2 Q3 Q4 Q1 `06 Q2 Total Sales over R12 Million Begin Turf
Sales Begin Sales Begin First Crop Planting Begin Construction Raise funding Milestones Table:
Milestones Milestones Milestone Start Date End Date Budget Manager Department Raise funding
11/1/2004 1/15/2005 R0 ABC Department Begin Construction 2/1/2005 2/5/2005 R15,000,000 ABC
Department Begin First Crop Planting 5/10/2005 5/15/2005 R5,000,000 ABC Department Begin Sales
7/1/2005 7/10/2005 R0 ABC Department Begin Turf Sales 10/1/2005 10/10/2005 R0 ABC Department
Total Sales over R12 Million 7/1/2005 6/30/2006 R0 ABC Department Totals R20,000,000 6.0
Management Summary The project manager has 10 years of experience in the vegetable industry.
[Proprietary and confidential information removed.] 6.1 Personnel Plan The personnel plan includes the
project manager, who will oversee all design and construction of the hydroponics facilities, and a
consultant specializing in hydroponics. Wages for the agricultural laborers who will tend the produce are
included in the Sales Forecast table as part of the direct unit costs. Page 11 FynbosFarm Table:
Personnel Personnel Plan Year 1 Year 2 Year 3 Year 4 Year 5 Project manager R420,000 R420,000
R453,600 R489,888 R529,079 Consultant R60,000 R63,000 R66,150 R69,457 R72,930 Total People 2 2 2
2 2 Total Payroll R480,000 R483,000 R519,750 R559,345 R602,009 7.0 Financial Plan The financial plan is
outlined in the following tables and charts. With initial loans, we can construct the hydroponics facilities
and begin crop development. Based on the high demand for these products, we expect solid sales in the
first year, with improving margins. 7.1 Start-up Funding FynbosFarm needs to fund its start-up
requirements. The owner will provide personal investment, and is seeking long-term borrowing, using as
collateral two other successful agricultural ventures he owns. Page 12 FynbosFarm Table: Start-up
Funding Start-up Funding Start-up Expenses to Fund R793,753 Start-up Assets to Fund R20,005,000 Total
Funding Required R20,798,753 Assets Non-cash Assets from Start-up R20,000,000 Cash Requirements
from Start-up R5,000 Additional Cash Raised R0 Cash Balance on Starting Date R5,000 Total Assets
R20,005,000 Liabilities and Capital Liabilities Current Borrowing R0 Long-term Liabilities R18,000,000
Accounts Payable (Outstanding Bills) R0 Other Current Liabilities (interest-free) R0 Total Liabilities
R18,000,000 Capital Planned Investment Owners R2,798,753 Investor R0 Additional Investment
Requirement R0 Total Planned Investment R2,798,753 Loss at Start-up (Start-up Expenses) (R793,753)
Total Capital R2,005,000 Total Capital and Liabilities R20,005,000 Total Funding R20,798,753 7.2
Important Assumptions We assume: • Steady demand for these products • No major climate change
that would make these products easier to grow without hydroponics in this area 7.3 Break-even Analysis
Based upon our monthly fixed costs we need to sell the number units, shown below, each month to
break-even. Given the high demand for these products and our expertise in this industry, we should
exceed this amount even in the first month of the plan, after our initial start-up period for construction
and first crop growth. Page 13 FynbosFarm Table: Break-even Analysis Break-even Analysis Monthly
Units Break-even 57,047 Monthly Revenue Break-even R261,511 Assumptions: Average Per-Unit
Revenue R4.58 Average Per-Unit Variable Cost R2.28 Estimated Monthly Fixed Cost R131,388 Chart:
Break-even Analysis R0 R30,000 R60,000 R90,000 R120,000 (R30,000) (R60,000) (R90,000) (R120,000) 0
10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 110000 Break-even Analysis 7.4
Projected Profit and Loss The following table and charts show our projected Profit and Loss statement.
Monthly details for the first year can be found in the appendix. Page 14 FynbosFarm Table: Profit and
Loss Pro Forma Profit and Loss Year 1 Year 2 Year 3 Year 4 Year 5 Sales R12,400,000 R11,255,000
R14,630,000 R12,690,000 R16,335,000 Direct Cost of Sales R6,170,000 R5,583,500 R7,267,000
R6,293,000 R8,111,500 Other Costs of Sales R0 R0 R0 R0 R0 Total Cost of Sales R6,170,000 R5,583,500
R7,267,000 R6,293,000 R8,111,500 Gross Margin R6,230,000 R5,671,500 R7,363,000 R6,397,000
R8,223,500 Gross Margin % 50.24% 50.39% 50.33% 50.41% 50.34% Expenses Payroll R480,000 R483,000
R519,750 R559,345 R602,009 Marketing/Promotion R10,000 R10,500 R11,025 R11,907 R12,860
Depreciation R666,660 R666,700 R666,700 R666,700 R666,700 H.P.s R120,000 R120,600 R121,203
R121,203 R120,600 Fuel R100,000 R105,000 R110,250 R115,726 R121,550 maintenance R20,000
R21,000 R22,050 R23,153 R24,310 Payroll Taxes R0 R0 R0 R0 R0 Other R180,000 R189,000 R198,450
R208,373 R218,719 Total Operating Expenses R1,576,660 R1,595,800 R1,649,428 R1,706,407 R1,766,748
Profit Before Interest and Taxes R4,653,340 R4,075,700 R5,713,572 R4,690,593 R6,456,752 EBITDA
R5,320,000 R4,742,400 R6,380,272 R5,357,293 R7,123,452 Interest Expense R1,759,750 R1,663,000
R1,550,500 R1,413,000 R1,138,000 Taxes Incurred R868,077 R723,810 R1,248,922 R983,278 R1,595,626
Net Profit R2,025,513 R1,688,890 R2,914,150 R2,294,315 R3,723,126 Net Profit/Sales 16.33% 15.01%
19.92% 18.08% 22.79% Chart: Profit Monthly R0 R50,000 R100,000 R150,000 R200,000 R250,000
R300,000 R350,000 R400,000 R450,000 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7
Month 8 Month 9 Month 10 Month 11 Month 12 Profit Monthly Page 15 FynbosFarm Chart: Profit
Yearly R0 R400,000 R800,000 R1,200,000 R1,600,000 R2,000,000 R2,400,000 R2,800,000 R3,200,000
R3,600,000 R4,000,000 Year 1 Year 2 Year 3 Year 4 Year 5 Profit Yearly Chart: Gross Margin Monthly R0
R100,000 R200,000 R300,000 R400,000 R500,000 R600,000 R700,000 R800,000 R900,000 R1,000,000
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Month 12 Gross Margin Monthly Page 16 FynbosFarm Chart: Gross Margin Yearly R0 R1,000,000
R2,000,000 R3,000,000 R4,000,000 R5,000,000 R6,000,000 R7,000,000 R8,000,000 R9,000,000 Year 1
Year 2 Year 3 Year 4 Year 5 Gross Margin Yearly 7.5 Projected Cash Flow The following table and chart
show our projected cash flow, including estimate repayments of the principal borrowing amount. Chart:
Cash Net Cash Flow Cash Balance R0 R200,000 R400,000 R600,000 R800,000 R1,000,000 R1,200,000
R1,400,000 R1,600,000 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month
9 Month 10 Month 11 Month 12 Cash Page 17 FynbosFarm Table: Cash Flow Pro Forma Cash Flow Year
1 Year 2 Year 3 Year 4 Year 5 Cash Received Cash from Operations Cash Sales R1,860,000 R1,688,250
R2,194,500 R1,903,500 R2,450,250 Cash from Receivables R9,471,833 R9,665,383 R12,144,769
R10,953,616 R13,570,761 Subtotal Cash from Operations R11,331,833 R11,353,633 R14,339,269
R12,857,116 R16,021,011 Additional Cash Received Sales Tax, VAT, HST/GST Received R0 R0 R0 R0 R0
New Current Borrowing R0 R0 R0 R0 R0 New Other Liabilities (interest-free) R0 R0 R0 R0 R0 New Long-
term Liabilities R0 R0 R0 R0 R0 Sales of Other Current Assets R0 R0 R0 R0 R0 Sales of Long-term Assets
R0 R0 R0 R0 R0 New Investment Received R0 R0 R0 R0 R0 Subtotal Cash Received R11,331,833
R11,353,633 R14,339,269 R12,857,116 R16,021,011 Expenditures Year 1 Year 2 Year 3 Year 4 Year 5
Expenditures from Operations Cash Spending R480,000 R483,000 R519,750 R559,345 R602,009 Bill
Payments R8,317,863 R8,899,410 R10,090,933 R9,728,985 R10,716,935 Subtotal Spent on Operations
R8,797,863 R9,382,410 R10,610,683 R10,288,330 R11,318,944 Additional Cash Spent Sales Tax, VAT,
HST/GST Paid Out R0 R0 R0 R0 R0 Principal Repayment of Current Borrowing R0 R0 R0 R0 R0 Other
Liabilities Principal Repayment R0 R0 R0 R0 R0 Long-term Liabilities Principal Repayment R870,000
R1,000,000 R1,250,000 R1,500,000 R4,000,000 Purchase Other Current Assets R0 R0 R0 R0 R0 Purchase
Long-term Assets R0 R0 R0 R0 R0 Dividends R0 R0 R0 R0 R0 Subtotal Cash Spent R9,667,863 R10,382,410
R11,860,683 R11,788,330 R15,318,944 Net Cash Flow R1,663,970 R971,223 R2,478,586 R1,068,786
R702,067 Cash Balance R1,668,970 R2,640,193 R5,118,779 R6,187,566 R6,889,633 Page 18 FynbosFarm
7.6 Projected Balance Sheet The Balance Sheet shows a steady increase in Net Worth over the next five
years. Table: Balance Sheet Pro Forma Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5 Assets Current
Assets Cash R1,668,970 R2,640,193 R5,118,779 R6,187,566 R6,889,633 Accounts Receivable R1,068,167
R969,534 R1,260,264 R1,093,148 R1,407,137 Other Current Assets R0 R0 R0 R0 R0 Total Current Assets
R2,737,137 R3,609,727 R6,379,044 R7,280,714 R8,296,770 Long-term Assets Long-term Assets
R20,000,000 R20,000,000 R20,000,000 R20,000,000 R20,000,000 Accumulated Depreciation R666,660
R1,333,360 R2,000,060 R2,666,760 R3,333,460 Total Long-term Assets R19,333,340 R18,666,640
R17,999,940 R17,333,240 R16,666,540 Total Assets R22,070,477 R22,276,367 R24,378,984 R24,613,954
R24,963,310 Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5 Current Liabilities Accounts Payable
R909,964 R426,964 R865,430 R306,085 R932,315 Current Borrowing R0 R0 R0 R0 R0 Other Current
Liabilities R0 R0 R0 R0 R0 Subtotal Current Liabilities R909,964 R426,964 R865,430 R306,085 R932,315
Long-term Liabilities R17,130,000 R16,130,000 R14,880,000 R13,380,000 R9,380,000 Total Liabilities
R18,039,964 R16,556,964 R15,745,430 R13,686,085 R10,312,315 Paid-in Capital R2,798,753 R2,798,753
R2,798,753 R2,798,753 R2,798,753 Retained Earnings (R793,753) R1,231,760 R2,920,650 R5,834,800
R8,129,116 Earnings R2,025,513 R1,688,890 R2,914,150 R2,294,315 R3,723,126 Total Capital R4,030,513
R5,719,403 R8,633,553 R10,927,869 R14,650,995 Total Liabilities and Capital R22,070,477 R22,276,367
R24,378,984 R24,613,954 R24,963,310 Net Worth R4,030,513 R5,719,403 R8,633,553 R10,927,868
R14,650,995 7.7 Business Ratios The following table outlines some of the more important ratios from
the Hydroponic Crops Grown Under Cover industry. The final column, Industry Profile, details specific
ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code,
0182.9902. Page 19 FynbosFarm Table: Ratios Ratio Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Industry
Profile Sales Growth n.a. -9.23% 29.99% -13.26% 28.72% -1.70% Percent of Total Assets Accounts
Receivable 4.84% 4.35% 5.17% 4.44% 5.64% 2.94% Other Current Assets 0.00% 0.00% 0.00% 0.00%
0.00% 24.83% Total Current Assets 12.40% 16.20% 26.17% 29.58% 33.24% 39.79% Long-term Assets
87.60% 83.80% 73.83% 70.42% 66.76% 60.21% Total Assets 100.00% 100.00% 100.00% 100.00%
100.00% 100.00% Current Liabilities 4.12% 1.92% 3.55% 1.24% 3.73% 22.33% Long-term Liabilities
77.61% 72.41% 61.04% 54.36% 37.58% 22.42% Total Liabilities 81.74% 74.33% 64.59% 55.60% 41.31%
44.75% Net Worth 18.26% 25.67% 35.41% 44.40% 58.69% 55.25% Percent of Sales Sales 100.00%
100.00% 100.00% 100.00% 100.00% 100.00% Gross Margin 50.24% 50.39% 50.33% 50.41% 50.34%
46.28% Selling, General & Administrative Expenses 33.91% 35.39% 30.41% 32.33% 27.55% 29.76%
Advertising Expenses 0.00% 0.00% 0.00% 0.00% 0.00% 0.36% Profit Before Interest and Taxes 37.53%
36.21% 39.05% 36.96% 39.53% 0.30% Main Ratios Current 3.01 8.45 7.37 23.79 8.90 1.08 Quick 3.01
8.45 7.37 23.79 8.90 0.38 Total Debt to Total Assets 81.74% 74.33% 64.59% 55.60% 41.31% 54.22% Pre-
tax Return on Net Worth 71.79% 42.18% 48.22% 29.99% 36.30% 0.29% Pre-tax Return on Assets 13.11%
10.83% 17.08% 13.32% 21.31% 0.63% Additional Ratios Year 1 Year 2 Year 3 Year 4 Year 5 Net Profit
Margin 16.33% 15.01% 19.92% 18.08% 22.79% n.a Return on Equity 50.25% 29.53% 33.75% 21.00%
25.41% n.a Activity Ratios Accounts Receivable Turnover 9.87 9.87 9.87 9.87 9.87 n.a Collection Days 29
39 33 40 33 n.a Accounts Payable Turnover 10.14 19.71 12.17 29.96 12.17 n.a Payment Days 27 29 22 23
20 n.a Total Asset Turnover 0.56 0.51 0.60 0.52 0.65 n.a Debt Ratios Debt to Net Worth 4.48 2.89 1.82
1.25 0.70 n.a Current Liab. to Liab. 0.05 0.03 0.05 0.02 0.09 n.a Liquidity Ratios Net Working Capital
R1,827,173 R3,182,763 R5,513,613 R6,974,628 R7,364,455 n.a Interest Coverage 2.64 2.45 3.68 3.32
5.67 n.a Additional Ratios Assets to Sales 1.78 1.98 1.67 1.94 1.53 n.a Current Debt/Total Assets 4% 2%
4% 1% 4% n.a Acid Test 1.83 6.18 5.91 20.22 7.39 n.a Sales/Net Worth 3.08 1.97 1.69 1.16 1.11 n.a
Dividend Payout 0.00 0.00 0.00 0.00 0.00 n.a Page 20 Appendix Table: Sales Forecast Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Month 12 Unit Sales Tomatoes 0% 100,000 200,000 300,000 300,000 200,000 100,000 0 0 100,000
200,000 300,000 300,000 Peppers 0% 10,000 15,000 20,000 30,000 30,000 30,000 25,000 20,000 15,000
0 0 10,000 Cucumbers 0% 20,000 45,000 45,000 15,000 0 0 20,000 45,000 45,000 15,000 0 0 Instant Turf
0% 0 0 0 30,000 30,000 30,000 30,000 30,000 0 0 0 0 Total Unit Sales 130,000 260,000 365,000 375,000
260,000 160,000 75,000 95,000 160,000 215,000 300,000 310,000 Unit Prices Month 1 Month 2 Month
3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Tomatoes R4.00
R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 R4.00 Peppers R10.00 R10.00 R10.00
R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 Cucumbers R1.80 R1.80 R1.80 R1.80
R1.80 R1.80 R1.80 R1.80 R1.80 R1.80 R1.80 R1.80 Instant Turf R10.00 R10.00 R10.00 R10.00 R10.00
R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 R10.00 Sales Tomatoes R400,000 R800,000 R1,200,00 0
R1,200,00 0 R800,000 R400,000 R0 R0 R400,000 R800,000 R1,200,00 0 R1,200,00 0 Peppers R100,000
R150,000 R200,000 R300,000 R300,000 R300,000 R250,000 R200,000 R150,000 R0 R0 R100,000
Cucumbers R36,000 R81,000 R81,000 R27,000 R0 R0 R36,000 R81,000 R81,000 R27,000 R0 R0 Instant
Turf R0 R0 R0 R300,000 R300,000 R300,000 R300,000 R300,000 R0 R0 R0 R0 Total Sales R536,000
R1,031,00 0 R1,481,00 0 R1,827,00 0 R1,400,00 0 R1,000,00 0 R586,000 R581,000 R631,000 R827,000
R1,200,00 0 R1,300,00 0 Direct Unit Costs Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month
7 Month 8 Month 9 Month 10 Month 11 Month 12 Tomatoes 50.00% R2.00 R2.00 R2.00 R2.00 R2.00
R2.00 R2.00 R2.00 R2.00 R2.00 R2.00 R2.00 Peppers 50.00% R5.00 R5.00 R5.00 R5.00 R5.00 R5.00 R5.00
R5.00 R5.00 R5.00 R5.00 R5.00 Cucumbers 50.00% R0.90 R0.90 R0.90 R0.90 R0.90 R0.90 R0.90 R0.90
R0.90 R0.90 R0.90 R0.90 Instant Turf 48.00% R4.80 R4.80 R4.80 R4.80 R4.80 R4.80 R4.80 R4.80 R4.80
R4.80 R4.80 R4.80 Direct Cost of Sales Tomatoes R200,000 R400,000 R600,000 R600,000 R400,000
R200,000 R0 R0 R200,000 R400,000 R600,000 R600,000 Peppers R50,000 R75,000 R100,000 R150,000
R150,000 R150,000 R125,000 R100,000 R75,000 R0 R0 R50,000 Cucumbers R18,000 R40,500 R40,500
R13,500 R0 R0 R18,000 R40,500 R40,500 R13,500 R0 R0 Instant Turf R0 R0 R0 R144,000 R144,000
R144,000 R144,000 R144,000 R0 R0 R0 R0 Subtotal Direct Cost of Sales R268,000 R515,500 R740,500
R907,500 R694,000 R494,000 R287,000 R284,500 R315,500 R413,500 R600,000 R650,000 Page 1
Appendix Table: Personnel Personnel Plan Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month
7 Month 8 Month 9 Month 10 Month 11 Month 12 Project manager 0% R35,000 R35,000 R35,000
R35,000 R35,000 R35,000 R35,000 R35,000 R35,000 R35,000 R35,000 R35,000 Consultant 0% R5,000
R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 Total People 2 2 2 2 2
2 2 2 2 2 2 2 Total Payroll R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000
R40,000 R40,000 R40,000 Page 2 Appendix Table: Profit and Loss Pro Forma Profit and Loss Month 1
Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales R536,000 R1,031,00 0 R1,481,00 0 R1,827,00 0 R1,400,00 0 R1,000,00 0 R586,000 R581,000
R631,000 R827,000 R1,200,00 0 R1,300,00 0 Direct Cost of Sales R268,000 R515,500 R740,500 R907,500
R694,000 R494,000 R287,000 R284,500 R315,500 R413,500 R600,000 R650,000 Other Costs of Sales R0
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Total Cost of Sales R268,000 R515,500 R740,500 R907,500 R694,000
R494,000 R287,000 R284,500 R315,500 R413,500 R600,000 R650,000 Gross Margin R268,000 R515,500
R740,500 R919,500 R706,000 R506,000 R299,000 R296,500 R315,500 R413,500 R600,000 R650,000
Gross Margin % 50.00% 50.00% 50.00% 50.33% 50.43% 50.60% 51.02% 51.03% 50.00% 50.00% 50.00%
50.00% Expenses Payroll R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000
R40,000 R40,000 R40,000 Marketing/Promotion R833 R833 R833 R833 R833 R833 R833 R833 R833 R833
R833 R833 Depreciation R55,555 R55,555 R55,555 R55,555 R55,555 R55,555 R55,555 R55,555 R55,555
R55,555 R55,555 R55,555 H.P.s R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000
R10,000 R10,000 R10,000 R10,000 Fuel R8,333 R8,333 R8,333 R8,333 R8,333 R8,333 R8,333 R8,333
R8,333 R8,333 R8,333 R8,333 maintenance R1,667 R1,667 R1,667 R1,667 R1,667 R1,667 R1,667 R1,667
R1,667 R1,667 R1,667 R1,667 Payroll Taxes 15% R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Other R15,000
R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 Total
Operating Expenses R131,388 R131,388 R131,388 R131,388 R131,388 R131,388 R131,388 R131,388
R131,388 R131,388 R131,388 R131,388 Profit Before Interest and Taxes R136,612 R384,112 R609,112
R788,112 R574,612 R374,612 R167,612 R165,112 R184,112 R282,112 R468,612 R518,612 EBITDA
R192,167 R439,667 R664,667 R843,667 R630,167 R430,167 R223,167 R220,667 R239,667 R337,667
R524,167 R574,167 Interest Expense R149,750 R149,500 R149,000 R148,500 R148,000 R147,250
R146,500 R145,750 R145,000 R144,250 R143,500 R142,750 Taxes Incurred (R3,942) R70,383 R138,033
R191,883 R127,983 R68,208 R6,333 R5,808 R11,733 R41,358 R97,533 R112,758 Net Profit (R9,197)
R164,228 R322,078 R447,728 R298,628 R159,153 R14,778 R13,553 R27,378 R96,503 R227,578 R263,103
Net Profit/Sales -1.72% 15.93% 21.75% 24.51% 21.33% 15.92% 2.52% 2.33% 4.34% 11.67% 18.96%
20.24% Page 3 Appendix Table: Cash Flow Pro Forma Cash Flow Month 1 Month 2 Month 3 Month 4
Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Cash Received Cash from
Operations Cash Sales R80,400 R154,650 R222,150 R274,050 R210,000 R150,000 R87,900 R87,150
R94,650 R124,050 R180,000 R195,000 Cash from Receivables R15,187 R469,625 R889,100 R1,268,65 3
R1,540,85 2 R1,178,66 7 R838,270 R497,958 R495,267 R541,903 R713,518 R1,022,83 3 Subtotal Cash
from Operations R95,587 R624,275 R1,111,25 0 R1,542,70 3 R1,750,85 2 R1,328,66 7 R926,170
R585,108 R589,917 R665,953 R893,518 R1,217,83 3 Additional Cash Received Sales Tax, VAT, HST/GST
Received 0.00% R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 New Current Borrowing R0 R0 R0 R0 R0 R0 R0 R0
R0 R0 R0 R0 New Other Liabilities (interestfree) R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 New Long-term
Liabilities R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Sales of Other Current Assets R0 R0 R0 R0 R0 R0 R0 R0
R0 R0 R0 R0 Sales of Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 New Investment Received
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Subtotal Cash Received R95,587 R624,275 R1,111,25 0 R1,542,70 3
R1,750,85 2 R1,328,66 7 R926,170 R585,108 R589,917 R665,953 R893,518 R1,217,83 3 Expenditures
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
Month 12 Expenditures from Operations Cash Spending R40,000 R40,000 R40,000 R40,000 R40,000
R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 R40,000 Bill Payments R14,988 R460,361 R780,955
R1,070,71 2 R1,274,45 4 R997,133 R736,304 R475,541 R473,098 R512,296 R643,006 R879,016 Subtotal
Spent on Operations R54,988 R500,361 R820,955 R1,110,71 2 R1,314,45 4 R1,037,13 3 R776,304
R515,541 R513,098 R552,296 R683,006 R919,016 Additional Cash Spent Sales Tax, VAT, HST/GST Paid
Out R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Principal Repayment of Current Borrowing R0 R0 R0 R0 R0 R0
R0 R0 R0 R0 R0 R0 Other Liabilities Principal Repayment R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Long-term
Liabilities Principal Repayment R30,000 R30,000 R60,000 R60,000 R60,000 R90,000 R90,000 R90,000
R90,000 R90,000 R90,000 R90,000 Purchase Other Current Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Purchase Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Page 4 Appendix Dividends R0 R0 R0
R0 R0 R0 R0 R0 R0 R0 R0 R0 Subtotal Cash Spent R84,988 R530,361 R880,955 R1,170,71 2 R1,374,45 4
R1,127,13 3 R866,304 R605,541 R603,098 R642,296 R773,006 R1,009,01 6 Net Cash Flow R10,599
R93,914 R230,295 R371,991 R376,398 R201,534 R59,866 (R20,433) (R13,181) R23,657 R120,512
R208,817 Cash Balance R15,599 R109,513 R339,807 R711,799 R1,088,19 7 R1,289,73 1 R1,349,59 7
R1,329,16 4 R1,315,98 3 R1,339,64 0 R1,460,15 3 R1,668,97 0 Page 5 Appendix Table: Balance Sheet Pro
Forma Balance Sheet Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9
Month 10 Month 11 Month 12 Assets Starting Balances Current Assets Cash R5,000 R15,599 R109,513
R339,807 R711,799 R1,088,19 7 R1,289,73 1 R1,349,59 7 R1,329,16 4 R1,315,98 3 R1,339,64 0 R1,460,15
3 R1,668,97 0 Accounts Receivable R0 R440,413 R847,138 R1,216,88 8 R1,501,18 5 R1,150,33 3
R821,667 R481,497 R477,388 R518,472 R679,518 R986,000 R1,068,16 7 Other Current Assets R0 R0 R0
R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Total Current Assets R5,000 R456,012 R956,651 R1,556,69 6 R2,212,98 4
R2,238,53 0 R2,111,39 8 R1,831,09 3 R1,806,55 2 R1,834,45 5 R2,019,15 9 R2,446,15 3 R2,737,13 7
Long-term Assets Long-term Assets R20,000,000 R20,000,0 00 R20,000,0 00 R20,000,0 00 R20,000,0 00
R20,000,0 00 R20,000,0 00 R20,000,0 00 R20,000,0 00 R20,000,0 00 R20,000,0 00 R20,000,0 00
R20,000,0 00 Accumulated Depreciation R0 R55,555 R111,110 R166,665 R222,220 R277,775 R333,330
R388,885 R444,440 R499,995 R555,550 R611,105 R666,660 Total Long-term Assets R20,000,000
R19,944,4 45 R19,888,8 90 R19,833,3 35 R19,777,7 80 R19,722,2 25 R19,666,6 70 R19,611,1 15
R19,555,5 60 R19,500,0 05 R19,444,4 50 R19,388,8 95 R19,333,3 40 Total Assets R20,005,000 R20,400,4
57 R20,845,5 41 R21,390,0 31 R21,990,7 64 R21,960,7 55 R21,778,0 68 R21,442,2 08 R21,362,1 12
R21,334,4 60 R21,463,6 09 R21,835,0 48 R22,070,4 77 Liabilities and Capital Month 1 Month 2 Month 3
Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Current Liabilities
Accounts Payable R0 R434,654 R745,510 R1,027,92 1 R1,240,92 6 R972,290 R720,449 R459,811
R456,162 R491,131 R613,777 R847,638 R909,964 Current Borrowing R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
R0 R0 Other Current Liabilities R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 Subtotal Current Liabilities R0
R434,654 R745,510 R1,027,92 1 R1,240,92 6 R972,290 R720,449 R459,811 R456,162 R491,131 R613,777
R847,638 R909,964 Long-term Liabilities R18,000,000 R17,970,0 00 R17,940,0 00 R17,880,0 00
R17,820,0 00 R17,760,0 00 R17,670,0 00 R17,580,0 00 R17,490,0 00 R17,400,0 00 R17,310,0 00
R17,220,0 00 R17,130,0 00 Total Liabilities R18,000,000 R18,404,6 54 R18,685,5 10 R18,907,9 21
R19,060,9 26 R18,732,2 90 R18,390,4 49 R18,039,8 11 R17,946,1 62 R17,891,1 31 R17,923,7 77
R18,067,6 38 R18,039,9 64 Paid-in Capital R2,798,753 R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3
R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3 R2,798,75 3
Retained Earnings (R793,753) (R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3)
(R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3) (R793,75 3) Earnings R0 (R9,197) R155,031
R477,109 R924,838 R1,223,46 6 R1,382,61 9 R1,397,39 7 R1,410,95 0 R1,438,32 8 R1,534,83 2 R1,762,41
0 R2,025,51 3 Total Capital R2,005,000 R1,995,80 3 R2,160,03 1 R2,482,11 0 R2,929,83 8 R3,228,46 6
R3,387,61 9 R3,402,39 7 R3,415,95 0 R3,443,32 9 R3,539,83 2 R3,767,41 0 R4,030,51 3 Total Liabilities
and Capital R20,005,000 R20,400,4 57 R20,845,5 41 R21,390,0 31 R21,990,7 64 R21,960,7 55 R21,778,0
68 R21,442,2 08 R21,362,1 12 R21,334,4 60 R21,463,6 09 R21,835,0 48 R22,070,4 77 Page 6 Appendix
Net Worth R2,005,000 R1,995,80 3 R2,160,03 1 R2,482,11 0 R2,929,83 8 R3,228,46 6 R3,387,61 9
R3,402,39 7 R3,415,95 0 R3,443,32 9 R3,539,83 2 R3,767,41 0 R4,030,51 3 Page 7