insurance company business plan

Energomera Insurance Company

Business Plan

OWNERS

Alexandr Akimenko

Oleg Kotov

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I. Table of Contents

I. Table of Contents .................................................................................................................................... 2

II. Executive Summary ................................................................................................................................ 3

III. Business Description .............................................................................................................................. 5

IV. Business Environment Analysis ............................................................................................................ 8

V. Marketing Plan ....................................................................................................................................... 10

VI. Operational Plan .................................................................................................................................... 12

VII. Financial Plan ......................................................................................................................................... 15

XI. Appendices ............................................................................................................................................. 23

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II. Executive Summary

Energomera Insurance Company is JSC “Energomera Corporation” captive company. It will be formed as an

open joint-stock company. This plan is written as a guide for financing, start-up and management of this new

business and will also serve as the basis for measurement. The following is a summary of the main points of

this plan.

Energomera Insurance Company is a start-up provided insurance services for JSC Energomera

Corporation and small business companies.

Attracting of the new client provided by efficient marketing plane which was made by top managers of

the company and some specialists and experts who was engaged to analyze market situation and create

marketing plan.

The keys to success for Energomera Insurance Company are quality of business services and products,

personal contact, timely and accurate service, development of one-to-one relationships, and a reputation

of honesty and integrity.

Energomera Insurance Company has efficient structure. It is not many employee in the company, so it is

very efficient-controlled organization.

1.1 Objectives

The main objectives Energomera Insurance Company are:

• Profit - to create enough prosperity for the owner and employees to have a secure and comfortable

lifestyle.

• Growth - to grow the business at a rate that is both challenging and manageable.

• Assistance - to assist in JSC «Energomera Corporation» further growth.

1.2 Mission

Energomera Insurance Company is dedicated to providing insurance products and business services that

provide high quality, protection, and value pricing. We wish to establish a successful cooperation with our

mother company that respects its interests and goals.

1.3 Keys to Success

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The keys to the success Energomera Insurance Company are:

• A high quality of business services and insurance products that are affordable, available and

understandable.

• Personal contact and service that meets or exceeds the expectations of our clients.

• Services and products that are delivered with accuracy and timeliness.

• Relationships with our clients that fosters renewal business.

• A reputation in the community for it's honesty and integrity.

In conclusion, as shown in the highlights chart below, this plan projects rapid growth over the next three

years with a profit forecasted in the second year of operation and continuing into future years of operation.

Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will

achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year,

but due to reserve fund’s accumulation and developing a customer base, the first year of operations reflect a

loss. After the second year of operation, the reserve fund will reach 324 million rubles. The amount of

insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles.

Implementing this plan, will ensure that Energomera Insurance Company becomes a profitable venture.

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Year 1 Year 2 Year 3

Yearly net profit, thousand rubles

Gross margin, thousand rubles

Reserves, thousand rubles

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III. Business Description

Energomera Insurance Company is a start-up company located in Stavropol, Stavropol Region. Captive

Energomera provides insurance services for JSC «Energomera Corporation» and small business

organizations.

Company Ownership

Energomera Insurance Company is open joint-stock company. Authorised capital of the Company divided

into shares 90% of which are owned by JSC «Energomera Corporation». 10% of the shares divided between 3

top Managers of the company.

Start-up Summary

Energomera Insurance Company start-up costs include different kinds of expenses.

Marketing Services costs include research and analysing of the market and business environment;

different kinds of promotion and positioning.

Website Development: professionally developed business website on the Internet.

Business Cards: the printing of business cards with company logo.

Brochures: development and printing of brochures for marketing the business.

Exhibitions one of the most important part of our promotion. That’s why organizing of the impressive

pavilion is important part of costs.

Office inventory.

Other costs

Services

Energomera Insurance Company provides insurance services for:

its mother company - JSC «Energomera Corporation»;

small business companies of the Stavropol Region.

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Depending of the companies Energomera Insurance Company provides:

For JSC «Energomera Corporation» we insure Actives of the company, production lines, some trade

actions and trade contracts with suppliers and customers, different kinds of risks.

For small business our main insurance services are insure of trade actions and trade contracts with

suppliers and customers and some kind of risks.

In the future we intend to offer the following services:

Making of the concrete recommendations to deal with risks.

Control of the recommended actions execution and making adjustments.

Risk management system in the company.

Our principles of risk management:

create value

be an integral part of organizational processes

be part of decision making

explicitly address uncertainty

be systematic and structured

be based on the best available information

be tailored

take into account human factors

be transparent and inclusive

be dynamic, iterative and responsive to change

be capable of continual improvement and enhancement

Business Philosophy:

Efficiency of work. Energomera Insurance Company should make profit not only for itself, but for every

client.

New technologies. Using of the new technologies should make Energomera Insurance Company work faster.

Economic. Only economic methods of making business.

Range of options. All clients can choose different kinds of services.

Gain of work. Good work – good payment.

Original. Original and innovation area of work and methods of work.

Market. Market oriented work.

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Ease of work. Only ease atmosphere of work can create efficient nice impression.

Risks. Risks – one of the main factor which we consider every day.

Actual. All our work must be interesting for the market.

The most important strength of Energomera Insurance Company is situation when this company is only one

company in Stavropol Region which main specialty and alignment is small business (now we don’t speak

about JSC «Energomera Corporation»).

Even if new companies choose the same business, Energomera Insurance Company would have a big

advantage – time.

Energomera Insurance Company top managers are one of the best specialists. And their skill would play great

role in Energomera Insurance Company business.

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IV. Business Environment Analysis

JSC «Energomera Corporation» is our mother company which is the main sphere of our activity.

Joint-Stock Company “Energomera Corporation” was founded in January, 1994, in the south of Russia in

Stavropol. Today there are more than 6000 people working at enterprises. The Corporation consists of top-

rated Russian enterprises: measuring equipment factory “Energomera”, electronic materials factory

“Monocrystal” and, finally, electro-technical factory “Energomera”.

Product portfolio includes complete model range of electronic devices and energy measuring systems, service

and metrology equipment, equipment for electrochemical protection of underground pipelines from

corrosion. It has gained the leading positions in Russia in terms of sales revenue and technical level of the

products.

Here are its main financial results of activity:

Basic Data of Consolidated Balance Sheet, thousand rubles

Non-current assets 3 344 315

Fixed assets 2 526 253

Intangible assets 811 887

Current assets 4 186 927

Funds and their equivalents 402 043

Total assets 7 531 242

Shareholders' of the parent company capital 2 859 013

Total: commitment, taking into account the minority interest

4 672 229

Total: loans and credits, including short-term 4 077 667

Results of Activity, thousand rubles

Revenue 4 728 911

Gross margin 1 481 493

% from revenue 31 ,3

Operating income 874 623

% from revenue 18,4

EBITDA 1 143 892

% from revenue 24,2

Net profit per ordinary share, rub 0,48

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Insurance market of Stavropol Region is in a complex contradictory development reflecting and reacting to

all the processes occurring both in politics and economy of the region and Russia.

In the 1991 as a result of de-monopolization of the insurance business the number of insurance companies’

branches increased, insurance services market was created. Reinsurance and investment activities of insurance

companies have developed. At the same time, it is worth noting that the de-monopolization was carried out

without a clear program of market development, without sufficient prorated insurance legislation and

government regulation. In this regard, currently the regional insurance market is characterized by a number of

problems:

minor of the capital in insurance companies;

low degree of their self-organization;

weak insurance culture of the potential consumers;

low purchasing power of people and companies.

Stavropol Region has high percent of the compulsory insurance in the structure of insurance payments –

72.3%.

Insurance companies realize their activities by 41 thousand of agreements, three quarters of which were

concluded with companies.

About 50% of insured generally not satisfied with the quality of services of their insurance company. In

basically, this dissatisfaction is associated with bureaucracy and a large number of documents that must be

completed, as well as the excessive length of proceedings. Two other fairly significant factor of dissatisfaction

with insurers - partial payment of insurance money and lack exactly those services that are needed to insured.

The level of awareness about insurance is low: less than half insurance services to assess their knowledge in

this area as satisfactory.

When choosing an insurance company for the insured the most important criteria are the personal

recommendations, the duration of the company in the market, clarity insurance conditions, reliability and

known company.

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V. Marketing Plan

The main aim of our company is to keep financial resources of the JSC «Energomera Corporation» in the

company. Another aim is to attract new clients from small business in our region. So we have two markets:

JSC «Energomera Corporation» and small businesses in Stavropol Region.

All in all small business market in Stavropol Region is 12.7 thousands companies. But we are interesting more

in manufacturing industry. And this market is much more smaller – 1.7 thousands companies. If we could

attract a third of this companies it would be a great success.

And we have big chance to achieve this aim because niche of the insurance in the small business is not very

developed in Stavropol region.

The main idea of our marketing strategy to attract new client.

Product of our company is insurance services of business sales, cargo, equipment and responsibility of

contract members.

If we draw attention on the today situation on the market, we can see that many companies make many deals

with big risk. If one side of the contract haven’t done conditions of contract, it is a big problem to restore

rights of another.

But if client came in our company, made a contract and choose interesting for him services, we would help

him to restore all his rights.

How our company would attract clients?

We must say that our business is quite new for our region and many potential clients know nothing about it.

That’s why direct marketing is the most efficient way to attract clients. More than that for the initial period we

can ourselves invite those client whom we are interested in.

Another way to attract clients is to take part in different conferences and fairs. Only when we could explain

all pluses for our clients we can attract them to trust our company.

And one of the main systems which would help us to contact with our clients would be website of our

company. Full information about our business, different economic articles, including articles of our managers,

system question-answer and more would be available for our clients and people who are interested in.

SWOT-Analysis

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If we speak about different sides of our business we must say some words about Strengths and Weaknesses.

As we said one of the main strength of Energomera Insurance Company is its new services in Stavropol

Region. That’s why at the beginning our company would be only one insurance company with same specialty.

Another strength is that every time we have a constant client – JSC «Energomera Corporation». That’s why

we would have a real profit always.

Energomera Insurance Company is not very big. That’s why it is efficient and well controlled.

What about weaknesses? The main weakness is that Energomera Insurance Company is a new company and

we should do big work to attract new clients.

But Energomera Insurance Company has real opportunities to open new services if it would be necessary.

Real opportunities of growth are other strengths.

Main threats of our company depend mainly on the economic and political situation. Different crises or new

laws can make big organization problem.

Calculation of expenses on marketing campaign

# Type of marketing Quantity per year, pcs.

Price, rub Costs, rub

1 Web-site 1 40 000 40 000

2 Brochures 200 11 2 200

3 Business cards 1000 2 2 810

4 Exhibitions 4 15 000 60 000

TOTAL: 105 010

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VI. Operational Plan

Location The office of Energomera Insurance Company will be situated in the Stavropol business centre. Required

space is going to be 192 m2. There is going to be 3 private offices for chief officers, 3 rooms for managers, 1

reception room, 1 canteen, 1 WC and 1 pantry. The estimated rent cost is 78 000 rubles per month,

maintenance is 10 000 rubles per month, the business hours – from 9 a.m. to 7 p.m. 5 day business week.

Legal Environment

Licensing and bonding requirements:

documents confirming state registration;

approved charter of the company;

decision of founders on firm establishing;

business plan;

documents confirming payment of at least 50% of the share capital of the firm;

evidence of payment of state taxes;

layout of insurance reserves;

rules for the types of insurance according to the insurance laws and the general conditions of the validity of deals.

samples of insurance contracts and certificates

Personnel

Organizational structure

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Chief Executive Officer - Ivan Kovalev. Ivan Kovalev was graduated from Moscow State University in 1985, where he studied Economics. He has 20 years experience in insurance sphere. Before his appointment to Energomera Insurance Company he was chief operating officer in Capital Insurance Company and prior to that he held positions with Max Insurance Company of chief financial officer.

Chief Accounting Officer – Oleg Kotov. Oleg Kotov was graduated from from Moscow State University in 1998, where he studied Economics. Before his appointment to Energomera Insurance Company he was chief accounting officer in JSC «Energomera Corporation».

Chief Financial Officer – Alexandr Akimenko. Alexandr Akimenko was graduated from Moscow State University in 1998, where he studied Economics. He has 9 year experience in financial sphere. He worked as a head of department in the Ministry of Finance.

Calculations of annual payroll of the staff of Energomera Insurance Company

# Post Category Number of staff units

Monthly wage, rub

Annual payroll, rub

1 CEO Chief 1 45 000 540 000

2 CAO Chief 1 40 000 480 000

3 CFO Chief 1 40 000 480 000

4 Office Manager Employee 2 25 000 600 000

5 Marketing Manager Employee 1 20 000 240 000

6 Sales Manager Employee 1 20 000 240 000

7 Assistant Manager Specialist 2 15 000 360 000

Total: 9 205 000 2 940 000

Bonuses 30% of Annual Payroll 882 000

TOTAL: 3 822 000

Chief Executive Officer

Chief Accounting Officer Chief Financial Officer Office Manager (agent)

Assistant Manager (agent)

Marketing Manager

Sales Manager (agent) (2)

Assistant Manager (agent)

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Inventory

Calculations of depreciation deduction per year

The aggregate value of property of the firm will be 685150 rubles.

Risk assessment

Risk assessment in insurance activity

Risk factor Probability Time loss (person-days)

Expected damage, rub*

Damage, taking into account the probability, rub

Actions to reduce damage

Natural disasters 0,25 40 44 000 11 000 Creation of equalization payments

Armed conflicts 0,20 80 88 000 17 600 Expansion of services

Failure of conditions of contacts by contactors

0,15 15 16 500 2 475 Penalties in contracts with contractors

Strikes 0,10 100 110 000 11 000 Penalties in contracts with supporting firms

Insufficient information to form a business plan

0,15 180 198 000 29 700 Informational system improvement

Changing the tax code

0,15 100 110 000 16 500 Creation of equalization payments

TOTAL 1 88 275

* expected damage was calculated according to the average daily labor productivity (1100 rub)

Name of equipment Cost, rub

Standard period of usage, years

Quantity of equipment, pcs.

Depreciation deduction per year, rub

Apple iMac 21' 55 600 5 6 66 720

Apple MakBook Pro 15' 50 000 4 2 25 000

hp 2015 11 550 8 1 1 443

Lighting system 20 000 10 1 2 000

Office furniture 20 000 10 7 14 000

Canteen furniture 80 000 10 1 8 000

TOTAL: 117 163

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VII. Financial Plan

The most important part of our plan is calculation of insurance premiums of JSC «Energomera Corporation».

These premiums will be the base of our insurance and financial activity. After the identification of potential

risks we assessed them as to their potential severity of loss and to the probability of occurrence. The table

below is combined project of calculations of expected damages and insurance payments for the first year.

# Groups of risk factors Insurance rates

Time loss (person-days)

Expected physical damage, thousand rubles

Expected damage, thousand rubles *

Damage, taking into account the probability and insurance rates, thousand rubles

1 Industry risks:

supply and demand

fluctuations;

sales and profit decline;

competitors' positions' strengthen;

0,50% 3 000 - 2490000 12 450

2 Country and regional risks 0,50% 4 400 - 3 652 000 18 260

3 Financial risks:

currency risks;

changing of interest rate;

inflation;

timeliness of consumers’ payments;

1,90% 4 500 - 3 735 000 70 965

4 Legal risks:

imperfection of Russian legal system;

imperfection of judicial remedies;

unreasonable actions of state institutions;

0,50% 3 500 - 2 905 000 14 525

5 Production risks

spoilage;

production breaks;

1,90% 1 100 4 184 000 5 097 000 96 843

6 Property risks 1,50% 1 900 2 526 253 4 103 253 61 548

7 Life insurance 1,00% 2 200 - 1 826 000 18 260

TOTAL: 292 851

* Expected damage was taken according to the average daily labor productivity (830 rub) and expected physical damage.

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To ensure that the implementation of insurance obligations of insurance company on such terms and

conditions established by the legislation of the Russian Federation, we will form the following insurance

reserves:

1. Life insurance reserve

2. Unearned premiums reserve

3. Losses reserve

Insurance reserves formed according to the methods of forming insurance reserves, regulated by Federal

Service for Insurance Supervision. Reserves are determined on the basis of information on the flow of

insurance premiums, pay structures and other indicators of the insurance company.

Insurance reserves structure for the first year (in thousand rubles):

Сost item:

Life insurance reserve 59337

Unearned premiums reserve 77656

Losses reserve 156976

TOTAL: 293969

12-Month Profit and Loss Projection

Based on the realistic sales projections and conservative forecasts, Energomera Insurance Company will

achieve profitability in the second year of operation. Monthly profitability is first achieved in the next year,

but due to reserve fund’s accumulation and developing a customer base, the first year of operations reflect a

loss.

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Net Profit Monthly, thousand rubles

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Three-Year Profit Projection After the second year of operation, the reserve fund will increase on 10% and reach 324 million rubles. The

amount of insurance payments is assumed to be 150 million rubles Net profit will reach 104 million rubles.

In the second year of operation, the reserve fund will increase on 11% and reach 360 million rubles. The

amount of insurance payments is assumed to be 165 million rubles Net profit will reach 104 million rubles.

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Gross Margin Monthly, thousand rubles

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Net Profit Yearly, thousand rubles

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# Indicators Year 1 Year 2 Year 3

1 Income from insurance premiums

293 969 000 324 372 100 359 939 710

1.1. Insurance premiums from Energomera Corporation

292 851 000 322 136 100 354 349 710

1.2. Insurance premiums from local companies

1 118 000 2 236 000 5 590 000

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Gross Margin Yearly, thousand rubles

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Reserve Funds Yearly, thousand rubles

Losses reserve

Unearned premiums reserve

Life insurance reserve

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2 Expenses

2.1. Insurance payments - 150 000 000 165 000 000

2.2. Rent payments 936 000 945 360 954 813

2.3. Depreciation 117 163 117 163 117 163

2.4. Salaries and bonuses 3 822 000 4 204 200 4 624 620

2.5. Marketing 105 000 105 000 105 000

2.6. Other costs 36 000 7 736 000 36 000

Total Operating Expenses 5 016 163 163 107 723 170 837 596

3 Reserves 293 969 000 324 372 100 359 939 710

3.1. Life insurance reserve 59 337 000 65 473 799 72 653 043

3.2. Unearned premiums reserve 77 656 000 85 687 401 95 083 080

3.3. Losses reserve 156 976 000 173 210 899 192 203 585

4 Taxes 1 351 403 27 657 428 32 339 220

4.1. Social tax 1 337 700 1 471 470 1 618 617

4.2. Property tax 13 703 13 703 13 703

4.3. Profits tax 0 26 172 255 30 706 900

5 Gross margin -5 016 163 130 861 277 153 534 503

5.1 Gross margin,% -2% 40% 43%

6 Net profit -6 367 566 103 203 848 121 195 282

6.1 Net profit, % -2% 32% 34%

Projected Cash Flow

Start-up costs come to 69 million rubles of which 62 million rubles are Authorised capital which will be on

90% financed by JSC “Energomera Corporation” and on 10% by the Energomera Insurance Company top

managers. 7 million rubles will be borrowed from bank.

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Cash received

Income from insurance premiums 293 969 000 324 372 100 359 939 710

Insurance premiums from Energomera Corporation

292 851 000 322 136 100 354 349 710

Insurance premiums from local companies 1 118 000 2 236 000 5 590 000

Subtotal cash received 293 969 000 324 372 100 359 939 710

Expenditures

Expenditures from Operations

Cash spending

Bill payments 5 016 163 155 407 723 170 837 596

Reserve Accumulations 293 969 000 30 403 100 35 567 610

Additional Cash Spent 0 0 0

Taxes 1 351 403 27 657 428 32 339 220

Principal Payment of Current borrowing 0 0 0

Other Liabilities Principal Repayment 0 0 0

Long-Term Liabilities Principal Repayment 0 7 700 000 0

Purchase Other Current Assets 0 0 0

Purchase Long-term Assets 0 0 0

Dividends 0 0 0

Subtotal Cash Spent 300 336 566 221 168 251 238 744 427

Net Cash Flow -6 367 566 103 203 848 121 195 282

Cash Balance 632 434 103 836 282 225 031 565

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Net Cash Flow, thousand rubles

Cash Balance, thousand rubles

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Balance Sheet for the first year

Assets

Current Assets

Cash 369866687

Accounts Receivable 0

Other Current Assets 0

Total Current Assets 369866687

Long-term Assets 685150

Depreciation 117163

Total Long term Assets 802313

Total Assets 370669000

Liabilities and Capital

Current Liabilities

Accounts Payable 6367566

Current Borrowings 0

Other Current Borrowings 0

Other Current Liabilities

Subtotal Current Liabilities

Long-term Liabilities 7700000

Total Liabilities 14067566

Authorised capital 62000000

Retained Earnings (Reserves) 293969000

Earnings 632434

Total Capital 356601434

Total Liabilities and Capital 370669000

Break-Even Analysis

Break-Even Point is 25 761 503 rubles

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VIII. Appendices

Pro Forma Profit and Loss

# Indicators Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10

Month 11

Month 12

TOTAL:

1 Income from insurance premiums

24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250 24529250 24544250 24552250 293969000

1.1. Insurance premiums from JSC «Energomera Corporation»

24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 292851000

1.2. Insurance premiums from local companies

10000 35000 45000 78000 91000 88000 101000 122000 135000 125000 140000 148000 1118000

2 Expenses

2.1. Insurance payments - - - - - - - - - - - - -

2.2. Rent payments 78000 78000 78000 78000 78000 78000 78000 78000 78000 78000 78000 78000 936000

2.3. Depreciation 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 9763,583 117 163

2.4. Salaries and bonuses 245000 245000 245000 245000 245000 245000 245000 245000 245000 245000 245000 1127000 3 822 000

2.5. Marketing 8750 8750 8750 8750 8750 8750 8750 8750 8750 8750 8750 8750 105000

2.6. Other costs 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000

2.7. Total Operating Expenses

344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 1226514 5016163

3 Reserves 24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250 24529250 24544250 24552250 293969000

3.1. Life insurance reserve 4927963 4933009 4935028 4941689 4944313 4943707 4946331 4950570 4953194 4951175 4954203 4955818 59337000

3.2. Unearned premiums reserve

6449364 6455968 6458609 6467327 6470761 6469968 6473403 6478950 6482384 6479743 6483705 6485818 77656000

3.3. Losses reserve 13036923 13050273 13055613 13073235 13080176 13078574 13085516 13096730 13103672 13098332 13106342 13110614 156976000

4 Taxes 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 408153 1351403

4.1. Social tax 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 394450 1337700

4.2. Property tax 0 0 0 0 0 0 0 0 0 0 0 13703 13703

4.3. Profits tax 0 0 0 0 0 0 0 0 0 0 0 0 0

5 Gross margin -344514 -344514 -344514 -344514 -344514 -344514 -344514 -344514 -344514 -344514 -344514 -1226514 -5016163

6 Net profit -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -1634667 -6367566

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Pro Forma Cash Flow

Indicators 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

Income from insurance premiums

24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250 24529250 24544250 24552250

Insurance premiums from Energomera Corporation

24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250 24404250

Insurance premiums from local companies

10000 35000 45000 78000 91000 88000 101000 122000 135000 125000 140000 148000

Subtotal cash received 24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250 24529250 24544250 24552250

Expenditures

Expenditures from Operations

Cash spending

Bill payments 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 344513,6 1226514

Reserve Accumulations 24414250 24439250 24449250 24482250 24495250 24492250 24505250 24526250 24539250 24529250 24544250 24552250

Additional Cash Spent 0 0 0 0 0 0 0 0 0 0 0 0

Taxes 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 85750 408153

Principal Payment of Current borrowing

0 0 0 0 0 0 0 0 0 0 0 0

Other Liabilities Principal Repayment

0 0 0 0 0 0 0 0 0 0 0 0

Long-Term Liabilities Principal Repayment

0 0 0 0 0 0 0 0 0 0 0 0

Purchase Other Current Assets

0 0 0 0 0 0 0 0 0 0 0 0

Purchase Long-term Assets 0 0 0 0 0 0 0 0 0 0 0 0

Dividends 0 0 0 0 0 0 0 0 0 0 0 0

Subtotal Cash Spent 24844514 24869514 24879514 24912514 24925514 24922514 24935514 24956514 24969514 24959514 24974514 26186917

Net Cash Flow -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -430264 -1634667

Cash Balance 6569736 6139473 5709209 5278946 4848682 4418419 3988155 3557891 3127628 2697364 2267101 632434

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