Simple Business Plan Sample - BusinessPlanUp...Growth of the target market segments is affected by...

Simple Business Plan Sample - BusinessPlanUp.com

RSVP

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Confidentiality Notice: This Business Plan is confidential and contains

proprietary information of RSVP. Neither this Business Plan nor any of the

information contained herein may be reproduced or disclosed under any

circumstances without the express written permission of Ms. Rudy Arone. This

Business Plan does not constitute an offer to sell or solicitation of an offer to buy

securities of RSVP.

© 2017 by RSVP; All Rights Reserved

“Chase the vision, not the money, the money will end up following you”

- Tony Hsieh


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Table of Contents

1 Executive Summary ......................................................................... 4

1.1 Mission Statement ................................................................................................. 4

1.2 Objectives ............................................................................................................... 4

1.3 Keys to Success ...................................................................................................... 5

2 Products & Services ......................................................................... 5

2.1 Main Meals ............................................................................................................ 5

2.2 Sides ....................................................................................................................... 6

2.3 Sauces ..................................................................................................................... 8

2.4 Drinks ..................................................................................................................... 8

3 Business Environment ..................................................................... 9

3.1 Geographical Location ........................................................................................... 9

3.2 Demographics ........................................................................................................ 9

3.3 Economic Factors ........................................... Error! Bookmark not defined.

3.4 Regulatory and Legal Requirements ................................................................... 10

4 Industry Analysis ........................................................................... 10

4.1 Restaurant Industry Sales ................................................................................... 10

5 Target Market ................................................................................. 11

5.1 Target Market Segments....................................................................................... 11

5.2 Target Market Size & Growth .............................................................................. 12

5.3 Market Opportunity ............................................................................................. 12

5.4 Competition ......................................................................................................... 12

6 Evaluation of Strategic Options ...................................................... 13

6.1 Competitive Position – Porter’s Five Forces ....................................................... 13

6.2 SWOT Analysis .................................................................................................... 14

6.3 Competitive Edge ................................................................................................. 15

7 Marketing Strategies ...................................................................... 16

7.1 Place & Distribution Strategy .............................................................................. 16

7.2 Pricing Strategy .................................................................................................... 16

7.3 Promotion Strategy ............................................................................................... 17

7.4 Sales Forecast ...................................................................................................... 18

8 Organization & Management ......................................................... 19

8.1 Company Ownership ........................................................................................... 19


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8.2 Staff Requirement ................................................................................................ 19

9 Implementation Schedule .............................................................. 20

10 Financial Plan ................................................................................ 20

10.1 Start-up Funds Requirement............................................................................... 20

10.2 Start-up Funding Sources .................................................................................... 21

10.3 Projected Profit and Loss ..................................................................................... 22

10.4 Projected Balance Sheet ...................................................................................... 23

10.5 Projected Cash Flow ............................................................................................ 24


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1 Executive Summary

RSVP is a startup Nigerian fast food restaurant to be setup in Gwinnett County, Georgia.

RSVP is a popular acronym among Nigerians around the world which stands for “Rice

Stew Very Plenty”. It is estimated that there are more than 250,000 African Americans

in Georgia out of which around 30,000 are Nigerian Americans. Although there are

some notable African restaurants in Georgia, there is no specialized Nigerian restaurant

in Georgia. Therefore there is a good opportunity for a specialized Nigerian restaurant in

Georgia. RSVP will primarily target the Nigerian Americans in Georgia while other

African Americans living in the Gwinnett County will be the secondary target market.

A 2,000 square-foot space will be rented or leased for this proposed restaurant which

will accommodate around 50 people at a time with 10-15 tables. A staff of 08 people

including the owner is proposed to be employed in the operation of the restaurant at the

beginning.

Sales are expected to reach $680,000 during the first year of operation which will make

the restaurant break even. The restaurant is expected to make significant profits from

the second year onwards with increasing margins derived through increased sales and

improved operational efficiencies.

1.1 Mission Statement

The mission is to enable the Nigerian & local community in Georgia to enjoy Nigerian

cuisine with an authentic menu of Nigerian fast foods at reasonable prices.

1.2 Objectives

The objectives in the first year of operation are as follows:

• Selling at least 30,000 main meals

• Achieving a sales target of US$680,000

• Keeping the prime cost ratio less than 60%


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1.3 Keys to Success

Keys to success or critical success factors (CSFs) are those elements that are necessary

for any organization to achieve its mission. RSVP’s keys for success can be identified as

follows:

2 Products & Services

RSVP menu will include main meals, sides, sauces and drinks. Single size or family

portions will be available with set menu combo special meals.

2.1 Main Meals

Main meals will consist of White Rice, Jollof Rice and Pasta.

White Rice

White Rice is a popular main meal in Nigeria because it lets you eat rice with any sides &

sauces. It is usually cooked plain with no added ingredients. Sometimes salt is added but

it is optional.

Image: Bowl of white rice

• Selection of a convenient location for the target market.

• Increasing the number of repeat / regular customers

• Designing effective marketing campaigns to reach the target market and to build a strong brand image


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Jollof Rice

Jollof rice is one of the most common dishes not only in Nigeria but also in most of

Western Africa including Senegal, Gambia, Sierra Leone, Liberia, Togo, Cameroon, Mali

and Ghana.

The dish consists of rice, tomatoes and tomato paste, onions, salt, spices and chili

peppers. Optional ingredients can be added such as vegetables, meats, or fish. Due to

the tomato paste and palm oil, the dish is mostly red in color.

Image: Bowl of Jollof Rice

Pasta

This means pasta loni with sauce and vegetables including red and green peppers.

Image: Dish of pasta with sauce & vegetables

2.2 Sides

RSVP will offer a number of side dishes including different meat stews, fried fish, yam &

beans as follows;

Fried Fish - fried fish will be served with carrot, green peppers, garnish etc.


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Image: Dish of fried fish

Peppered Beef Stew – a stew made up of beef and peppers.

Image: Dish of fried fish

Peppered Chicken Stew - a stew made up of chicken and peppers.

Image: Dish of Peppered Chicken Stew


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2.3 Sauces

Several popular sauces will be on the RSVP menu including the following:

Ata DinDin – it is a Nigerian sauce made out of fried pepper.

Image: Bowl of Ata DinDin

Agoyin Sauce – this is a spicy sauce used as a topping for Ewa Agoyin

Image: Agoyin Sauce used as a topping for Ewa Agoyin

2.4 Drinks

RSVP menu will include Coca-Cola products, malt drinks and bottled water in its drinks

range.

Image: Coca-Cola products


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3 Business Environment

3.1 Geographical Location

RSVP is to be located in Gwinnett, a County in the north central portion of the U.S. state

of Georgia. Its county seat is Lawrenceville. The county is named for Button Gwinnett,

one of the signers of the Declaration of Independence.

Image: Georgia's location in the U.S.

According to the U.S. Census Bureau, the county has a total area of 437 square miles

(1,130 km2), of which 430 square miles (1,100 km2) is land and 6.4 square miles (17

km2) (1.5%) is water.

3.2 Demographics1

As of the 2010 United States Census, there were 805,321 people, 268,519 households,

and 203,238 families residing in the Gwinnett County. The population density was

1,871.2 inhabitants per square mile (722.5/km2). There were 291,547 housing units at

an average density of 677.4 per square mile (261.5/km2). The racial makeup of the

county was 53.3% White, 23.6% black or African American, 10.6% Asian, 0.5%

American Indian, 0.1% Pacific Islander, 8.8% from other races, and 3.1% from two or

more races. Those of Hispanic or Latino origin made up 20.1% of the population. In

terms of ancestry, 8.3% were German, 7.8% were Irish, 7.7% were English, and 5.8%

were American.

1 https://en.wikipedia.org/wiki/Gwinnett_County,_Georgia


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Of the 268,519 households, 45.6% had children under the age of 18 living with them,

56.2% were married couples living together, 14.2% had a female householder with no

husband present, 24.3% were non-families, and 19.1% of all households were made up of

individuals. The average household size was 2.98 and the average family size was 3.40.

The median age was 33.7 years.

3.3 Regulatory and Legal Requirements

Incorporation

RSVP will be registered as an LLC which is a flexible business structure for an individual

startup. There are several advantages of an LLC:

Pass-through taxes - there's no need to file a corporate tax return. Owners

report their share of profit and loss on their individual tax returns, meaning you

avoid double taxation.

Legal protection - owners have limited liability for business debts and

obligations.

Enhanced credibility - partners, suppliers, and lenders may look more favorably

on your business when you've formed an LLC.

Facilities

There are basic facilities required, regardless of where (home, retail store, or shared

kitchen) you intend to operate. A three (3) compartment sink is required for cleaning. A

hand wash sink must be conveniently located to the processing areas and in the

restroom. A restroom must be available for employees to use. A mop sink is required to

dispose of mop water. Floors, walls, and ceilings must be smooth and easily cleanable,

and the facility should be free of pests and their possible points of entry. Water must be

from an approved source. Public water systems are sufficient, and the Department will

test private water sources prior to licensing.

4 Industry Analysis

4.1 Restaurant Industry Sales

As per the National Restaurant Association, restaurant industry sales are expected to

reach $783 billion in 2016. Although this will represent the seventh consecutive year of


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real growth in restaurant sales, the rate of growth remains moderate.

The restaurant industry will remain the nation’s second-largest private sector employer

with a workforce of 14 million.

5 Target Market

RSVP’s primary target market is Nigerian Americans living in the Georgia. Nigerian

Americans are those who are of Nigerian ancestry living in the USA.

Secondary target market of RSVP includes the other African Americans in the Gwinnett

County because some of the Nigerian cuisine is familiar to them.

5.1 Target Market Segments

RSVP’s target market is therefore segmented in terms of cultural and geographical

bases. Geographically it is the Georgia and culturally it is the Nigerians Americans as the

primary target and other African Americans in Gwinnett County as the secondary target.


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5.2 Target Market Size & Growth

As far as the primary target market is concerned, there were 299,310 Nigerian

Americans2 in the USA according to the 2013 US census, the top 05 US states with the

largest Nigerian populations were:

Texas - 43,969

New York - 30,056

Georgia - 29,505

Maryland - 23,005

California - 20,358

Growth of the target market segments is affected by two factors:

1. General population growth – US population growth rate currently stands at

0.77% 3 which is comparatively a very low rate in the world. Therefore the impact of

this factor for market growth is not very significant.

2. New African immigrations to US – Every year, around one million people

obtain permanent resident status in the US. Out of these immigrants approximately

10% comes from Africa4.

5.3 Market Opportunity

At the moment, there are no specialized Nigerian fast food restaurants in Georgia.

Therefore there is a good opportunity for a specialized Nigerian restaurant where

Nigerian Americans can taste the foods of their own culture.

5.4 Competition

Although there are no specialized Nigerian fast food restaurants in Georgia, there are

African restaurants which may offer menu items which can also be found in Nigerian

menus. Few notable African restaurants in Gwinnett County are as follows:

2 https://en.wikipedia.org/wiki/Nigerian_Americans 3 https://en.wikipedia.org/wiki/Demography_of_the_United_States#Birth.2C_growth.2C_and_death_rates 4 https://en.wikipedia.org/wiki/Immigration_to_the_United_States


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Prestige African Cuisine - 2055 Beaver Ruin Rd, Norcross, GA, United States

(https://www.facebook.com/Prestige-African-Cuisine-205410356212005)

Honest Star Tropical Restaurant - 140 Hurricane Shoals Rd, Lawrenceville, GA

30046 (www.honeststartropical.com)

Ike’s Cafe and Grill - 250 Tech Dr Norcross, GA 30093

6 Evaluation of Strategic Options

Following tools and techniques can be used to analyses RSVP’s internal and external

business environment and the potential strategies that will assist it to reach its

objectives.

6.1 Competitive Position – Porter’s Five Forces

Porter's Five Forces Analysis is a popular analysis tool for assessing the potential for

profitability in an industry based on the level of competition in an industry. It is also

useful as a method of assessing the balance of power in an industry. It works by looking

at the strength of five important forces that affect competition:

Threat of new entry to the market

Bargaining power of the customers

Threat of substitution

Bargaining power of the suppliers

Competitive Rivalry

RSVP’s competitive position can be analyzed with the use of this tool as follows.

Figure: Porter’s Five Forces


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It is apparent that RSVP is going to operate in a less competitive environment where

there are no strong competitors. However customers are to have some bargaining power

as the size of the primary target market is relatively small.

6.2 SWOT Analysis

A SWOT analysis is a tool used to evaluate the strengths, weaknesses, opportunities and

threats involved in a project or in a business venture. It can be carried out for a product,

place, organization or person. Objective of this analysis is to follow suitable strategies to

build on strengths (S), minimize weaknesses (W), seize opportunities (O) and

counteract threats (T).

• If this niche market is found to be profitable, a new competitor can enter the market as it does not require a huge capital investment.

Threat of New Entry - Medium

• Number of buyers are not very large and every single individual customer for the company is important. There is no cost for a buyers to switch from one seller to another.

Buyer Bargaining Power - Medium

• Other African restaurants can start offering Nigerian foods without much effort as there are common menu items in Nigerian & other African menus.

Threat of Substitution - High

• Food ingredients may be purchased from various sellers and dependance on a particular supplier will be low.

Supplier Bargaining Power - Low

• At the moment there are no specialized Nigerian fast food restaurant in Georgia.

Competitive Rivalry - Low


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Figure: SWOT Analysis

Helpful

to achieving the objective

Harmful

to achieving the objective

Inte

rn

al

or

igin

(att

rib

ute

s o

f th

e sy

stem

)

Strengths

Owner possesses 18 of experience

in preparing meals for catering

events.

Owner, being a Nigerian American,

is highly knowledgeable about

Nigerian cuisine.

Weaknesses

Owner has no much experience

in managing a full scale

restaurant.

Tapping a niche market which

is relatively small.

Ex

ter

na

l o

rig

in

(att

rib

ute

s o

f th

e e

nv

iro

nm

ent)

Opportunities

There is no Nigerian fast food

restaurant in Georgia.

Menu can be easily expanded to

include other African cuisine.

Business can be expanded

geographically.

Threats

African restaurant may turn

into direct competitors by

offering Nigerian menus.

This business can be started

with no major capital

investment.

6.3 Competitive Edge

RSVP’s competitive edge will be derived from the following:

Offering menu items which are not easily available in other restaurants

Use of locally sourced healthy food ingredients

Offering a quality customer service at affordable prices


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7 Marketing Strategies

The marketing mix of a company is the set of controllable, tactical marketing tools that a

company can use to create a desired response from its target market. It will include

everything that the company can do to influence demand for its product. It is also a tool

to help marketing planning and execution.

The marketing mix can be divided into four groups of variables commonly known as the

four Ps: Product, Price Place (or distribution) and Promotion.

7.1 Place & Distribution Strategy

Distribution strategy will be of two fold;

Through the restaurant outlet

Through a food truck to sell food at events such as sporting & church events

The restaurant will be located in the Gwinnett County. Suitable building with around

2000 square-foot will be leased or rented for this purpose. The building will need to

have a seating capacity of 50 people with 10-15 tables. Interior design will be based on a

theme color of green which is used to imply the Nigerian origins.

The restaurant layout including the dining area, kitchen and serving line, will be

designed for efficiency and flexibility to accommodate the fluctuation in customer traffic

and peak meal periods.

7.2 Pricing Strategy

Being a startup business introducing a new product in a new market, RSVP will need to

adopt a reasonable pricing strategy to gain the initial acceptance from the target market

segments.

Therefore RSVP will offer its customers affordable introductory rates that are set at a

lesser point what other established African fast food restaurants charge. Prices may

gradually be increased to some extent after it gains some popularity among the target

market.


http://www.marsdd.com/mars-library/marketing-strategy-for-startup-success-identifying-and-understanding-your-target-customer-and-market-segments/

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7.3 Promotion Strategy

It is important note the consumer behavior in this market identified earlier in designing

an effective promotion strategy. Following points will be given due importance in this

regard:

Woman’s opinion is very important in household matters in African-American

families.

African-American women are more concerned about healthy foods.

African-Americans’ are more inclined towards electronic media such as TV and

radio along with print media.

Social media can also play an important role in promotion as most African-

Americans tend to support companies and brand they like.

Positioning

RSVP will strive to position itself in the minds of target customers as a specialized

Nigerian fast food restaurant with a superior customer service and strong commitment

towards healthy foods.

RSVP’s promotion strategy will focus on achieving following objectives:

Getting the initial media hype on the launch of the Company

Building a strong brand-loyalty with special attention to women

Building a reputation for healthy meals and quality customer service

Attracting other African Americans for common menu items

Promoting Nigerian foods to Americans in general to attract them to have a

Nigerian meal for a change once in a time.

Advertising & Marketing Techniques

RSVP will focus on TV, Radio and print media advertising as they appear to be more

effective. In addition, the company will also make use of digital marketing techniques

especially in social media. A professional advertising firm will be hired as required to

make creative advertisements to achieve the objectives of the promotion strategy.


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7.4 Sales Forecast

Sales Volumes

Table: Sales Volumes

Sales

Table: Sales Forecast

Graph: Composition of Revenue (Units) in the First Year

Main Meals 31,025 34,128 35,834 37,626 39,507

Sides 54,750 60,225 63,236 66,398 69,718

Sauces 31,025 34,128 35,834 37,626 39,507

Combo Meals 14,600 16,060 16,863 17,706 18,591

Drinks 36,500 40,150 42,158 44,265 46,479

Grand Total 167,900 184,690 193,925 203,621 213,802

Product Category Year 1 Year 2 Year 3 Year 4 Year 5

USD

Main Meals 201,663 232,920 244,566 269,634 283,116

Sides 246,375 284,563 298,791 329,417 345,888

Sauces 46,538 53,751 56,438 62,223 65,334

Combo Meals 131,400 151,767 159,355 175,689 184,474

Drinks 54,750 63,236 66,398 73,204 76,864

Grand Total 680,725 786,237 825,549 910,168 955,676

Category Year 1 Year 2 Year 3 Year 4 Year 5


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8 Organization & Management

8.1 Company Ownership

Company will be owned and managed by Rudy Arone. Rudy Arone is a certified chef and

graduate of Le Cordon Bleu, the world's largest hospitality education institution. She

possesses around 18 years of experience in preparing meals for catering events and will

also function as the Head Chef of RSVP.

8.2 Staff Requirement

Following staff are planned to be recruited at the start of RSVP:

01 Sous-chef – second in command in the kitchen. Sous-chefs will plan and direct

how the food is presented on the plate, keep their kitchen staff in order, train new

chefs, create the work schedule, and make sure all the food that goes to customers is

of the best quality to make customers happy

01 Line cooks – usually responsible for prepping ingredients and assembling

dishes according to restaurant recipes and specifications.

02 Servers – servers will take orders and hand-deliver plates of food to customers

after accepting the money through the POS system.

01 Dishwasher – dishwasher will assist in cleaning dishes.

01 Bookkeeper (Part time) – this staff will look after all accounting and banking

stuff.

Table: No of staff at the end of each period

Head chef (Owner) Full-time 1 1 1 1 1

Sous-chef Full-time 1 1 1 1 1

Line cook Full-time 1 1 1 1 1

Servers Full-time 2 3 3 4 4

Dishwashers Full-time 1 1 1 1 1

Bookkeeper Part-time 1 1 1 1 1

Mobile sales assistant Part-time 1 1 1 1 1

Total 8 9 9 10 10

Year 3Position Basis Year 1 Year 2 Year 4 Year 5


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9 Implementation Schedule

Table: Key Milestones

10 Financial Plan

10.1 Start-up Funds Requirement

Table: start-up requirements

Mo

nth

1

Mo

nth

2

Mo

nth

3

Mo

nth

4

Mo

nth

5

Mo

nth

6

Mo

nth

7

Mo

nth

8

Mo

nth

9

Mo

nth

10

Mo

nth

11

Mo

nth

12

Company Registration 4,500 Owner

Renting a suitable building 24,000 Owner

Obtaining Food Sales License 2,500 Owner

Recruitment of staff 250,614 Owner

Interior design and furnishing 75,000 Owner

Selection of suppliers - Owner

Website design 2,500 Owner

TV Ads 60,000 Owner

Radio Ads 40,000 Owner

Paper Ads 12,000 Owner

Facebook Ads 7,500 Owner

Google Ads 4,500 Owner

SEO /Email 2,500 Owner

Advertising & promotion

TaskRelevant

Budget USD

Responsib

ility

Year 1

Initial setup

USD

Requirement Amount

Start-up expenses

Incorporation & legal fees 4,500

Licensing cost (Food Sales License) 2,500

Rent security deposit (01 month) 2,000

Sub total 9,000

Start-up assets

Interior design & furnishing 75,000

Kitchen equipment 60,000

POS & software 7,500

Website design 2,500

Office computer 1,500

Sub total 146,500

Total funds requirement 155,500


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10.2 Start-up Funding Sources

USD

Source Amount

Owner funds 5,500

Bank loan 150,000

Total funds raised 155,500


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10.3 Projected Profit and Loss

Table: Projected Profit and Loss

USD

Note Year 1 Year 2 Year 3 Year 4 Year 5

Revenue

Main Meals 201,663 232,920 244,566 269,634 283,116

Sides 246,375 284,563 298,791 329,417 345,888

Sauces 46,538 53,751 56,438 62,223 65,334

Combo Meals 131,400 151,767 159,355 175,689 184,474

Drinks 54,750 63,236 66,398 73,204 76,864

Total revenue 680,725 786,237 825,549 910,168 955,676

Direct Supplies 1 170,181 176,903 185,749 204,788 215,027

Direct Labor 223,587 256,879 263,301 298,989 306,464

Cost of Goods Sold 393,768 433,783 449,050 503,777 521,491

Gross profit 286,957 352,455 376,499 406,391 434,186

GP Margin % 42% 45% 46% 45% 45%

Expenses

Building Rent 24,000 25,200 26,460 27,783 29,172

Administrative Staff costs 27,027 27,703 28,395 29,105 29,833

Advertising & promotion 126,500 119,150 113,065 108,172 104,409

Food truck rent 12,000 12,600 13,230 13,892 14,586

Utilities 24,000 25,800 27,735 29,815 32,051

Depreciation 2 29,300 29,300 29,300 29,300 29,300

Building maintenance 12,000 12,900 13,868 14,908 16,026

Loan interest 4,528 3,588 2,617 1,613 575

Credit card fees 5,956 6,880 7,224 7,964 8,362

Legal & admin fees 7,000 3,500 3,675 3,859 4,052

Insurance 3,000 3,150 3,308 3,473 3,647

Website & systems maint. 5,000 5,250 5,513 5,788 6,078

Miscellaneous 6,000 6,300 6,615 6,946 7,293

Total expenses 286,312 281,320 281,003 282,616 285,382

Net profit before tax 645 71,134 95,496 123,775 148,803

Net profit margin % 0.1% 9.0% 11.6% 13.6% 15.6%

Note 1 - Assumed to be 25% of sales in the first year and 22.5% thereafter

Note 2 - Assumed to be 20% annually on cost


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10.4 Projected Balance Sheet

Table: Balance Sheet

USD

Note Year 1 Year 2 Year 3 Year 4 Year 5

Fixed Assets (NBV)

Interior design & furnishing 60,000 45,000 30,000 15,000 -

Kitchen equipment 48,000 36,000 24,000 12,000 -

Website design 2,000 1,500 1,000 500 -

POS & software 6,000 4,500 3,000 1,500 -

Office computer 1,200 900 600 300 -

Total fixed assets 117,200 87,900 58,600 29,300 -

Current Assets

Rent deposit 2,000 2,000 2,000 2,000 2,000

Inventories 1 7,091 7,371 7,740 8,533 8,959

Cash & bank balances 44,036 144,750 269,915 423,784 602,313

Total current assets 53,127 154,121 279,655 434,317 613,273

Total assets 170,327 242,021 338,255 463,617 613,273

Current Liabilities

Trade payables 14,182 14,742 15,479 17,066 17,919

Total Current Liabilities 14,182 14,742 15,479 17,066 17,919

Equity

Capital 155,500 155,500 155,500 155,500 155,500

Retained profits / (loss) 645 71,779 167,276 291,051 439,854

Total equity 156,145 227,279 322,776 446,551 595,354

Total liabilities 170,327 242,021 338,255 463,617 613,273 - - -

Note 1 - Assumed to be maintaining 02 weeks' sales requirement


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10.5 Projected Cash Flow

Table: Cash Flow Statements

USD

Year 1 Year 2 Year 3 Year 4 Year 5

Net profit / (loss) before tax 645 71,134 95,496 123,775 148,803

Add: Depreciation 29,300 29,300 29,300 29,300 29,300

Working capital changes

Receivables (9,091) (280) (369) (793) (427)

Payables 14,182 560 737 1,587 853

Net cash flow from operations 35,036 100,714 125,165 153,869 178,530

Capital expenditure (146,500) - - - -

Net cash flow from invest. (146,500) - - - -

Capital investments 155,500 - - - -

Net cash flow from financing 155,500 - - - -

Net cash flow 44,036 100,714 125,165 153,869 178,530

Cash opening balance - 44,036 144,750 269,915 423,784

Cash balance at the end 44,036 144,750 269,915 423,784 602,313


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