PROFITABILITY ANALYSIS

Capital Loan
TCI 2,185,568 US Dollar
Bank Interest Rate 5.71%
Investor Interest Rate 10.00%
Time to Paying 10 years

Capital Source Percentage Capital Share

Bank 70% 1,529,898 US Dollar
Investor 30% 655,670 US Dollar
Bank Payment Scheme
Initial Loan Loan Interest Payment Total Payment Loan after Payment
Year
(USD) (USD) (USD) (USD) (USD)
0 1,529,898 1,529,898
1 1,529,898 87,357 152,990 240,347 1,376,908
2 1,376,908 78,621 152,990 231,611 1,223,918
3 1,223,918 69,886 152,990 222,875 1,070,928
4 1,070,928 61,150 152,990 214,140 917,939
5 917,939 52,414 152,990 205,404 764,949
6 764,949 43,679 152,990 196,668 611,959
7 611,959 34,943 152,990 187,933 458,969
8 458,969 26,207 152,990 179,197 305,980
9 305,980 17,471 152,990 170,461 152,990
10 152,990 8,736 152,990 161,725 0
Investor Payment Scheme
Year Initial Loan Loan Interest Payment Total Payment Loan after Payment
(USD) (USD) (USD) (USD) (USD)
0 655,670 655,670
1 655,670 65,567 65,567 131,134 590,103
2 590,103 59,010 65,567 124,577 524,536
3 524,536 52,454 65,567 118,021 458,969
4 458,969 45,897 65,567 111,464 393,402
5 393,402 39,340 65,567 104,907 327,835
6 327,835 32,784 65,567 98,351 262,268
7 262,268 26,227 65,567 91,794 196,701
8 196,701 19,670 65,567 85,237 131,134
9 131,134 13,113 65,567 78,680 65,567
10 65,567 6,557 65,567 72,124 0
Cash Flow
Before Tax After Tax
1,500,000
1,000,000
500,000
-
US Dollar

2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
(500,000)
(1,000,000)
(1,500,000)
(2,000,000)
(2,500,000)
Year
Cumulative Cash Flow
10,000,000

8,000,000

6,000,000
US Dollar

4,000,000

2,000,000

(2,000,000)

(4,000,000)
Year
Assumptions
Plant Operation is 20 years
Percentage of tax is 25%
Design capacity percentage of first year is 45 %
Design capacity percentage of second year is 68 %
Design capacity percentage of 3rd -20th year are 90 %
The IRR target is 9.58 %
Price of product is 7.06 US Dollar per kg (standard pallet @750 kg)
Calculation Results
NPV about 1,499,568 US Dollar is poitive and high
The payback period for this plant is 5.961 years
The ROI obtained from this plant is 32%
The BEP is when total production reached 1,261,632 kg of cocoa
liquor
SENSITIVITY ANALYSIS
Effect of Product Price Deviation
Product Price
Deviation IRR NPV (US Dollar) PBP (year)
(USD/kg)
36% 9.60 19.26% 6,419,267 3
24% 8.75 16.26% 4,779,367 4
12% 7.91 13.07% 3,139,467 5
0% 7.06 9.58% 1,499,568 6
-12% 6.21 5.63% (140,332) 8
-24% 5.37 1.29% (1,780,232) 13
-36% 4.52 -6.46% (3,420,132) 34
Effect of Raw Material Price Deviation

Raw Material
Deviation IRR NPV (US Dollar) PBP (year)
Price (USD)
36% 855,941 5.94% (22,145) 8
24% 780,416 7.34% 534,876 7
12% 704,892 8.66% 1,091,897 6
0% 629,368 9.92% 1,648,918 6
-12% 553,844 11.13% 2,205,938 5
-24% 478,320 12.30% 2,762,959 5
-36% 402,796 13.43% 3,319,980 5
Effect of Total Labor Cost Deviation

Total Labor Cost NPV (US

Deviation IRR PBP (year)
(USD) Dollar)
36% 158,538 9.22% 1,339,402 6
24% 144,549 9.46% 1,442,574 6
12% 130,561 9.69% 1,545,746 6
0% 116,572 9.92% 1,648,918 6
-12% 102,584 10.14% 1,752,089 6
-24% 88,595 10.37% 1,855,261 6
-36% 74,606 10.60% 1,958,433 6
IRR Sensitivity
25.00%

20.00%

15.00%

10.00%
IRR

5.00%

0.00%
-40% -30% -20% -10% 0% 10% 20% 30% 40%
-5.00%

-10.00%
Deviation
Product Price Raw Material Price Total Labor Cost
NPV Sensitivity Analysis
8,000,000

6,000,000

4,000,000
NPV (US Dollar)

2,000,000

0
-40% -30% -20% -10% 0% 10% 20% 30% 40%
-2,000,000

-4,000,000
Deviation
Product Price Raw Material Price Total Labour Cost
Payback Period Sensitivity
35

30

25

20
Year

15

10

-
-40% -30% -20% -10% 0% 10% 20% 30% 40%
Deviation
Product Price Raw Material Price Total Labour Cost
 Appendix
A. Cash Flow

Percentage of
Year Production Operational Cash Cumulative
Year Action Design Sales Capital Costs Fixed Cost Depreciation All Expenses Gross Profit NPBT NPAT BTCF ATCF Cash Flow
Number Capacity Cost Expenses Cash Flow
Capacity
2017 Design 0% - - - - - - - - - - - - - - -
0 2018 Construction 0% - - (2,185,568) - - - - - - - - (2,185,568) (2,185,568) (2,185,568) (2,185,568)
1 2019 Production 45% 118,102 833,802 (370,414) (167,341) (183,694) (537,755) (721,448) 296,048 112,354 84,266 479,741 359,806 180,910 (2,004,658)
2 2020 Production 68% 178,466 1,259,968 (559,737) (167,341) (165,324) (727,077) (892,402) 532,891 367,566 275,675 698,215 523,661 365,319 (1,639,339)
3 2021 Production 90% 236,205 1,667,605 (740,828) (167,341) (148,792) (908,169) (1,056,960) 759,436 610,644 457,983 908,228 681,171 541,461 (1,097,878)
4 2022 Production 90% 236,205 1,667,605 (740,828) (167,341) (133,913) (908,169) (1,042,081) 759,436 625,523 469,143 893,349 670,012 545,032 (552,845)
5 2023 Production 90% 236,205 1,667,605 (740,828) (167,341) (120,521) (908,169) (1,028,690) 759,436 638,915 479,186 879,958 659,968 548,246 (4,599)
6 2024 Production 90% 236,205 1,667,605 (740,828) (167,341) (108,469) (908,169) (1,016,638) 759,436 650,967 488,225 867,905 650,929 551,139 546,540
7 2025 Production 90% 236,205 1,667,605 (740,828) (167,341) (97,622) (908,169) (1,005,791) 759,436 661,814 496,360 857,058 642,794 553,742 1,100,282
8 2026 Production 90% 236,205 1,667,605 (740,828) (167,341) (87,860) (908,169) (996,029) 759,436 671,576 503,682 847,296 635,472 556,085 1,656,367
9 2027 Production 90% 236,205 1,667,605 (740,828) (167,341) (79,074) (908,169) (987,243) 759,436 680,362 510,272 838,510 628,883 558,194 2,214,561
10 2028 Production 90% 236,205 1,667,605 (740,828) (167,341) (71,167) (908,169) (979,335) 759,436 688,269 516,202 830,603 622,952 560,091 2,774,652
11 2029 Production 90% 236,205 1,667,605 (740,828) (167,341) (64,050) (908,169) (972,219) 759,436 695,386 521,540 823,486 617,615 561,799 3,336,452
12 2030 Production 90% 236,205 1,667,605 (740,828) (167,341) (57,645) (908,169) (965,814) 759,436 701,791 526,343 817,081 612,811 563,337 3,899,788
13 2031 Production 90% 236,205 1,667,605 (740,828) (167,341) (51,881) (908,169) (960,049) 759,436 707,556 530,667 811,317 608,487 564,720 4,464,508
14 2032 Production 90% 236,205 1,667,605 (740,828) (167,341) (46,692) (908,169) (954,861) 759,436 712,744 534,558 806,129 604,596 565,965 5,030,474
15 2033 Production 90% 236,205 1,667,605 (740,828) (167,341) (42,023) (908,169) (950,192) 759,436 717,413 538,060 801,459 601,095 567,086 5,597,560
16 2034 Production 90% 236,205 1,667,605 (740,828) (167,341) (37,821) (908,169) (945,990) 759,436 721,615 541,211 797,257 597,943 568,094 6,165,654
17 2035 Production 90% 236,205 1,667,605 (740,828) (167,341) (34,039) (908,169) (942,207) 759,436 725,397 544,048 793,475 595,106 569,002 6,734,656
18 2036 Production 90% 236,205 1,667,605 (740,828) (167,341) (30,635) (908,169) (938,804) 759,436 728,801 546,601 790,071 592,553 569,819 7,304,475
19 2037 Production 90% 236,205 1,667,605 (740,828) (167,341) (27,571) (908,169) (935,740) 759,436 731,865 548,899 787,008 590,256 570,554 7,875,030
20 2038 Production 90% 236,205 1,667,605 (740,828) (167,341) (24,814) (908,169) (932,983) 759,436 734,622 550,966 784,250 588,188 571,216 8,446,246
TOTAL 4,548,252 (19,225,475)
B. WACC Calculation

=( (1))
+( )

E ( ): 30.00%
Re ( ): 10.00%
D ( ): 70.00%
Rd ( ): 5.71%
Te ( ): 25.00%
WACC (Weighted Average Cost Of Capital): 6.00%