Business Plan - Moacsa Touristic Complex - Draft Version

Moacsa touristic
complex
BUSINESS PLAN
- Draft version November 2007-
THIS BUSINESS PLAN IS PROPERTY OF

S.C. CARBON CONSULT SRL
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Table of Contents
1. Executive Summary .................................................................................................... 3

1.1. Objectives ........................................................................................................... 3
1.2. Mission................................................................................................................ 4
1.3. Keys to Success................................................................................................... 4
2. Company Summary .................................................................................................... 4
2.1. Company Ownership .......................................................................................... 4
2.2. Start-up Summary ............................................................................................... 5
2.3. Project Location .................................................................................................. 6
2.3.1. Romania ...................................................................................................... 6
2.3.2. Covasna county......................................................................................... 10
2.3.3. Moacsa township ...................................................................................... 11
2.3.4. Our plot of land......................................................................................... 15
2.4. The Project ........................................................................................................ 15
3. Services ..................................................................................................................... 18
3.1. Service Description........................................................................................... 18
3.2. Competitive Comparison .................................................................................. 19
3.3. Sales Literature ................................................................................................. 20
3.4. Future Services.................................................................................................. 20
4. Market Analysis Summary ....................................................................................... 20
4.1. Market Segmentation ........................................................................................ 21
4.2. Target Market Segment Strategy ...................................................................... 22
4.2.1. Market Needs ............................................................................................ 22
4.2.2. Market Trends........................................................................................... 23
4.2.3. Market Growth.......................................................................................... 23
4.3. Service Business Analysis ................................................................................ 24
4.3.1. Business Participants ................................................................................ 24
4.3.2. Competition and Buying Patterns ............................................................. 24
4.3.3. Main Competitors ..................................................................................... 25
4.4. Statistics ............................................................................................................ 26
5. Strategy and Implementation Summary.................................................................... 26
5.1. SWOT Analysis ................................................................................................ 26
5.1.1. Strengths ................................................................................................... 26
5.1.2. Weaknesses ............................................................................................... 26
5.1.3. Opportunities............................................................................................. 27
5.1.4. Threats....................................................................................................... 27
5.2. Competitive Edge.............................................................................................. 27
5.3. Marketing Strategy............................................................................................ 27
5.3.1. Positioning Statement ............................................................................... 28
5.3.2. Pricing Strategy......................................................................................... 28
5.3.3. Promotion Strategy ................................................................................... 28
5.4. Sales Strategy.................................................................................................... 29
5.4.1. Sales Forecast............................................................................................ 29
6. Web Plan Summary .................................................................................................. 31
6.1. Website Marketing Strategy ............................................................................. 31
6.2. Development Requirements.............................................................................. 32
7. Management Summary ............................................................................................. 33
Table of Contents
7.1. Management Team............................................................................................ 33

7.2. Personnel Plan................................................................................................... 34
8. Financial Plan............................................................................................................ 35
8.1. Start-up Funding ............................................................................................... 35
8.2. Important Assumptions..................................................................................... 36
8.3. Break-even Analysis ......................................................................................... 37
8.4. Projected Profit and Loss .................................................................................. 38
8.5. Projected Cash Flow ......................................................................................... 41
8.6. Projected Balance Sheet.................................................................................... 42
8.7. Use of Funds ..................................................................................................... 43
9. Annex........................................................................................................................ 44
Moacsa touristic complex
ABOUT CARBON CONSULT
SC Carbon Consult SRL offers management consultancy services since

2004. Our offer is aimed especially to the smaller companies, start-ups and
entrepreneurs. Our company has significant experience in developing business
plans, this area being a strong point in our business offer. We have developed
business plans in different industries and in various formats, simple or more
complex.
The services Carbon Consult offers are:
- Development of business plans;
- Identification of financing sources;
- Monitoring financing sources;
- Supplying relevant information about project financing;
- Filling in of financing documentation;
- Making economic analysis;
- Making market studies;
- Assisting in developing company strategy;
- Writing reports and developing presentations.
For more details you can view our company’s web page at www.carbon-
consult.ro or you can contact our staff by email at contact@carbon-consult.ro.
Page 1
DESPRE CARBON CONSULT
SC Carbon Consult SRL oferă servicii de consultanŃă în afaceri şi

management din anul 2004. Serviciile firmei se adresează în special
întreprinderilor mici şi antreprenorilor aflaŃi la început de drum. Firma are o
bogată experienŃă în realizarea de planuri de afaceri, acest domeniu
reprezentând un punct forte în relaŃia cu clienŃii. În cadrul firmei au fost
realizate planuri de afaceri din domenii diverse, în formate variate, mai simple
sau complexe.
Serviciile oferite de Carbon Consult constau în:
- Realizarea planurilor de afaceri;
- Identificarea surselor de finanŃare;
- Monitorizarea surselor de finanŃare;
- Furnizarea de informaŃii relevante referitoare la finanŃarea proiectelor;
- Completarea documentaŃiilor pentru finanŃări;
- Realizarea de analize economice;
- Realizarea de studii de piaŃă;
- AsistenŃă în elaborarea strategiilor firmei;
- Realizarea de rapoarte şi prezentări.
Pentru mai multe detalii poate fi consultată pagina de internet a firmei

www.carbon-consult.ro sau pot fi contactaŃi reprezentaŃii firmei la adresa de
email contact@carbon-consult.ro.
Page 2
1. Executive Summary
The company SC Moacsa Touristic Complex SRL is planning to develop a touristic

complex in Moacsa village, 20 km from Brasov. Total costs of the project will amount to
around 835.000 euro and it will take 18 months to develop.
We will offer our customers good quality services, on three different areas: accommodation,
dining and entertainment. We will work hard to make our service offer reach excellence, with
average prices but outstanding benefits to our customers.
Our location in a beautiful but still underdeveloped area from a touristic point of view is one
of our keys to success. We will be able to benefit from the beauty of the area, present the rich
traditions of the locals and capitalize on the proximity of important cities.
We have cautiously forecasted our first year sales to close to 300.000 euro, with a significant
increase in subsequent years, reaching over 750.000 euro in the fifth year, with a net profit of
over 200.000 euro in that year and a net profit/sales ratio of over 25% in that year.
Highlights
€800,000
€700,000
€600,000
€500,000
€400,000 Sales
Gross Margin
€300,000
Net Profit
€200,000
€100,000
€0
(€100,000)
Year 1 Year 2 Year 3 Year 4 Year 5
1.1. Objectives
1. Open the Moacsa Touristic Complex as a "turn key operation" within 18 months from
project approval;
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2. Demonstrate a minimum of 50% occupancy averaged throughout the first year;
3. Increase exposure and gain market share using Internet technology and direct advertising
on Romanian and Hungarian markets;
5. Increase off-season use by divesting into various uses for property;
6. Supporting the development of the local economy.
1.2. Mission
The Moacsa Touristic Complex's purpose is to establish a profitable and well managed
company while at the same time creating an atmosphere of fun and excitement for our guests.
We also intend to become a key element in the development of the local community, helping
to preserve local traditions and to improve the quality of life of the local population.
1.3. Keys to Success
In order to succeed, the new management will strive to achieve the following goals:
• Position Moacsa Touristic Complex as the best facility of it's kind in Covasna county;
• Build a strong market position among the local patrons and people that can participate in
our offering of services;
• Maintain sound financial management of the venture.
2. Company Summary
The company that will develop this project is SC Moacsa Touristic Complex SRL. The
company was founded in 2007 and is currently located in Bucharest. The company is
registered at the National Trade Register Office with the number ___________ and has the
unique registry code __________.
2.1. Company Ownership
Moacsa Touristic Complex SRL has 2 associates:
• Popescu Ioan - 25% of company capital

• Petre Adrian - 75% of company capital
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Petre Adrian owns the plot of land on which we intend to develop the project. When the
project will be financed he will transfer the land to the company.
2.2. Start-up Summary
We intend to develop a start-up business that will operate a touristic complex in Moacsa
village, central Romania. The start-up expenses for the project amount to 4.700 euro.
Additionally we will have current assets in the form of cash, inventory and other current
assets of around 32.000 euro. The main part of the investment project (797.500 euro) will be
in long term assets. The costs of these assets are detailed in The project section of the
business plan.
In total, the project requires funds of approximately 834.700 euro, money that will be spent
gradually during the 18 months of project development.
Start-up
Requirements
Start-up Expenses
Legal €1,500
Consultancy €1,400
Insurance €300
Other €1,500
Total Start-up Expenses €4,700
Start-up Assets
Cash Required €5,000
Start-up Inventory €2,500
Other Current Assets €25,000
Long-term Assets €797,500
Total Assets €830,000
Total Requirements €834,700
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Start-up
€900,000
€800,000
€700,000
€600,000
€500,000
€400,000
€300,000
€200,000
€100,000
€0
Expenses Assets Investment Loans
2.3. Project Location
Our project is located in Moacsa township, Covasna county, Romania. There is the place
where we own a plot of land on which we intend to develop a touristic complex.
2.3.1. Romania
Romania is situated in the Southeastern part of Central Europe, in the Northern part of
Balkan Peninsula, inside and outside of the Carpathian Mountains, on the Danube lower
course, bordering the Black Sea.
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The last years displayed a good track record in consolidating the macroeconomic stability
while lowering inflation. At an average rate of about 5-6% per year, GDP growth was among
the highest in the region with a peak of 8.3% reached in 2004. In 2005, the GDP has grown
with over 4%, the lower rate of growth being strongly influenced by the 12.6% decrease in
agricultural output as the effect of the floods upon economy, Romania having an economy
depending on agriculture - a non-restructured sector strongly influenced by the natural
disasters. In 2006 however, the GDP growth rate exceeded expectations and
grew with 7.7%. In 2005, consumer prices rose by 8.6 percent, overlapping 7.5% inflation
target, given that both administered prices and volatile prices recorded annual changes well
above the average; behind these developments stood mainly the price adjustments for
utilities, as well as the unfavorable impact of some incidental factors like the floods. For
2006 the target inflation rate of 5% was not only attained but actual economic performance
was even better at 4.9%.
The table below shows some macroeconomic data that is relevant while considering the
opportunity of investing in Romania (the source of the data is the National Commission for
Prognosis; the information was made public on April 2007).
MU 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
GROWTH AND ASSOCIATED FACTORS
GDP growth % 8,50% 4,10% 7,70% 6,50% 6,30% 5,90% 5,80% 5,80% 5,70% 5,70%
Industrial
output
growth % 6,40% 2,30% 6,90% 4,80% 5,20% 5,40% 5,40% 5,40% 5,30% 5,30%
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Final
consumption % 10,20% 9,50% 11,50% 8,30% 7,40% 6,80% 5,90% 5,40% 5,70% 5,30%
Gross Fixed
Capital
Formation % 11,20% 12,60% 16,10% 14,20% 12,00% 11,30% 10,60% 10,50% 10,00% 10,00%
TRADE AND INVESTMENT
Exports FOB Euro

mill 18.935 22.255 25.850 30.250 35.300 40.900 46.800 53.200 59.700 66.600
Imports FOB Euro

mill 24.258 30.061 37.609 44.950 52.700 61.000 68.500 76.000 83.700 91.500
Trade Euro
balance mill -5.323 -7.806 -11.759 -14.700 -17.400 -20.100 -21.700 -22.800 -24.000 -24.900
Current
account Euro
deficit mill -5.099 -6.883 -9.973 -12.150 -13.600 -15.200 -16.300 -17.100 -17.900 -18.700
INFLATION
CPI (year
end) % 9,30% 8,60% 4,90% 4,30% 3,50% 3,00% 2,50% 2,50% 2,50% 2,50%
CPI
(average) % 11,90% 9,00% 6,60% 4,30% 4,30% 3,20% 2,70% 2,50% 2,50% 2,50%
EMPLOYMENT
Employment Thou.
pers 4.468 4.559 4.615 4.700 4.780 4.855 4.915 4.965 5.015 5.055
Unempl. Thou.
pers 558 523 461 460 455 450 440 430 420 410
Unempl.
Rate % 6,30% 5,90% 5,20% 5,20% 5,10% 5,00% 4,90% 4,80% 4,70% 4,60%
EXCHANGE RATE
RON/USD
(average) - 3,26 2,91 2,81 2,6 2,55 2,5 2,46 2,42 2,38 2,34
RON/EURO
(average) - 4,05 3,62 3,53 3,4 3,3 3,25 3,2 3,15 3,1 3,1
When considering Romania as a possible location for developing their businesses, the foreign
investors might benefit from the advantages offered by Romania:
• Market & Location Advantage
o One of the largest markets in Central and Eastern Europe (over 21 million
inhabitants);
o Attractive location: allowing an easy access to the countries of the former CIS
countries, Balkans, the Middle East and Northern Africa;
• Resource Advantage
o Skilled labor force, with solid knowledge in technology, IT and engineering;
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o Rich natural resources, including fertile agricultural land, oil and gas;
o An important potential for tourism;
• Political Advantage
o Stable executive power;
o Stability factor in the Area -NATO member;
o Stability Guarantee in South Eastern Europe;
o EU membership since January 2007;
• IR Advantage
o Bilateral agreements between Romania and other countries for investments

promotion and protection;
o Bilateral diplomatic relations with 177 out of 191 UN member states, plus the
Holy See, the Sovereign Military Order of Malta and the Palestinian National
Authority;
o Member of the UN and other international organizations, like: OSCE, Council

of Europe and International Organization of La Francophonie;
o Free trade agreements with EU, EFTA countries, CEFTA countries;
o WTO member since January 1995;
• Economical Advantage
o Sustainable economic growth;
o Functional Market Economy status;
o Decreasing inflation;
o Permanent financial assistance for SME's Development;
o Increasing interest of Foreign Investors;
• Improving Infrastructure Advantage
o Well-developed networks of mobile telecommunications in GSM systems;
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o A highly developed industrial infrastructure, including oil and petrochemicals;
o The presence of branch offices and representatives of various well-known

international banks;
o A newly developed highway infrastructure;
o Commitment to improve the highway infrastructure to EU standards;
o Extensive maritime and river navigation facilities;
• Social Advantage
o Agreement between Government and Major Unions;
o No major Union Movements;
o Permanent dialogue with the employees associations;
o Labor relations regulated by the Labor Code;
• Legislative Advantage
o Legislation compatible with Acquis Communautaire;
o Similar legal provisions as in EU;
o Healthy fiscal policy regulated by the Fiscal Code;
o Competitive tax policy: 16% flat tax.
2.3.2. Covasna county
Covasna county is placed in the center of Romania and spreads on a surface of 3710 sq. km.,
with a total population of around 231.000 inhabitants (around 1% of the total population of
Romania). The county seat is Sfantu-Gheorghe, which is situated 30 km from Brasov, the
most industrialized town in Romania, and 200 km from Romania's capital Bucharest.
Around 47% of total surface of the county is covered with woods, which translates into good
touristic potential. Because of the ionised air and the hundreds of springs with mineral waters
the local spas are famous, being considered among the most complex in Europe. There are 2
spa towns in Covasna county considered of national importance (Covasna spa) and local
importance (Balvanyos) and several other such locations. Balneological tourism is also
favorised by environmental conditions - almost total lack of pollution, the ionised air, the
mineral waters and muds and natural sites with CO2 emanations (mofete).
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2.3.3. Moacsa township
Moacsa township (with the Hungarian name of Maksa) is situated in the central part of
Covasna county, along the national road no. 11 Brasov - Tg. Secuiesc - Bacau, at a distance
of 15 km from Sf. Gheorghe, the county seat and 20 km from Brasov. At only 2 km from the
village there is a railway station, on Sf. Gheorghe - Bretcu line. It has a total surface of 3517
ha.
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Moacsa-Padureni lake is one of the most sought-after touristic spots in Covasna county. It
appears that very recently it has been included in a development programme with the purpose
of including it the European touristic circuit. Local authorities were recommended by the
Environment Minister to access European funds for touristic development of the area.
Touristic attractions of Moacsa:
• Renaissance ceiling, painted in 1766, kept at the Decorative Art Museum in Budapest;
it is reproduced in today's church in Moacsa;
• The tower with bells, baroque style, which has a bell dating from 1531;
• The memorial plaza that has trees planted to honor queen Elisabeth of Hungary;
• Wooden funerary monument made in 1994, in the memory of the victims of the
communist regime which were deported in Dobrogea;
• Gothic style church from Padureni, architectural monument;
• Funerary monument of Gabor Aron;
• A bell dating from the XV-th century, kept in the Eresteghin church;
• The sulphureous spring from Padureni and "God's Fountain" spring from Moacsa;
• Marked touristic roads that start in Moacsa and Padureni and lead to the edges of
Bodoc mountains;
• The monument dedicated to the Hungarians from all over the world.
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Currently there are plans of building a ski piste close to the village, which will capitalize on
the natural conditions of the location. This will lead to a significant development of tourism
in the area.
From a total population of over 2.300 inhabitants, only 44 (that is less than 2%) are
Romanian, the rest being of Hungarian nationality.
The inhabitants are mostly involved with agriculture and raising animals. There are 31
functioning companies in Moacsa, most of them working in the public alimentation domain.
The lack of financial resources of the population however, impacts their activity. Also, there
is a small number of craftsmen such as carpenters, masons, painters, shoeing smith, and
millers. Recent figures estimate that 32% of the people that live in Moacsa are unemployed.
This rate seems to be very high and we can presume many of them practice some form of
agriculture or trade. However, this does mean that a significant labor force is available
locally.
Seeking to improve local economy, the local administration is concerned with offering
facilities to investors. Also, there are a number of investment projects planned or in
execution, including rehabilitation of communal roads, developing water and sewage
systems. Local administration is willing to cooperate with the potential investors providing
certain facilities, such as:
• consulting services and logistic support;
• exemption from taxes on legal grounds;
• land lease;
• electric power network etc.
Infrastructure of the commune:
• the commune is entirely electrified;
• the communication is performed by means of telephones;
• there is cable television;
• there is access to the Internet;
• the commune has a waste handling system;
• currently there is neither gas distribution network nor potable water supply system;
• the nearest airport is in Targu Mures town (220 km);
• there is a railway station in the commune;
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Future economic perspectives:
• a field suitable for investments is the fish farming. The waters are rich in trout. There
may be arranged trout farms;
• arrangement of an equitation center;
• the local administration is willing to cooperate with the potential investors with a view to
set up a spa at the spring in Pãdureni called Budos Kut.
The climate is temperate -continental, with average temperatures and rainfalls.
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2.3.4. Our plot of land
We own a surface of around 12 hectares in the Moacsa village. Around 1 hectare of this
surface contains trees (forest), the rest being grass land. At local land prices the total property
is currently valued at around 300.000 euro.
2.4. The Project
We estimate that it will take around to 18 months to complete the construction, since the
project is approved and financed.
The total investment will be of around 834.700. euro. This sum is comprised of company
start-up costs (4.700 euro), the start-up inventory, short-term assets and some cash (32.500
euro in total) and the long term assets (797.500 euro) that are detailed below.
We will build 5 distinct houses of around 200 square meters each. 4 of these houses will be
used for accommodating tourists and 1 of them will contain the restaurant, bar and all such
spaces. This building will also have a cellar that will be used for storage. Each of the 4
buildings used for accommodation will have 8 double rooms and 1 apartment, with a total
capacity of 20 places.
Construction costs:
• price/square meter - 350 euro

• total surface - 1000 sq.m.
• TOTAL construction costs - 350.000 euro
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Furniture and equipment
• cost/room - 3500 euro; 40 rooms - total cost - 140.000 euro

• restaurant - 25.000 euro
• bar - 10.000 euro
• kitchen - 30.000 euro
• laundry - 5.000
• other - 15.000 euro
• TOTAL furniture&equipment - 225.000 euro
The construction containing the restaurant and bar will have billiards and table tennis
equipment. In this location there will also be a conference room.
• billiards and table tennis equipment - 4.000 euro

• conference room furniture and equipment - 20.000 euro
• TOTAL - 24.000 euro
Other necessary long-term assets:
• a 100-150 sqm construction that will be used as a barn and stable

o TOTAL Barn cost - 12.000 euro
• 5 horses and 3 ponies
o 1500 euro/horse or pony, on average
o 500 euro/each set of equipment
o TOTAL - 16.000 euro
• 5 ATV's
o 1500 euro/ATV
• 3 vehicles - 1 mini-van for transporting goods and 2 vans for transporting employees and
tourists
o mini-van - 15.000 euro
o van - 10.000 euro
o SUV - 15.000 euro
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• sports courts: 1 tennis court, 1 basketball and volleyball court and 1 football court
o tennis court - 20.000 euro each
o basketball and volleyball court - 8.000 euro each
o football court - 25.000 euro
o additional equipment - 3.000 euro
• TOTAL other necessary investment - 131.500 euro
Utilities:
• electricity - current facilities at about 300 meters from our plot of land
o TOTAL cost - 35.000 euro
• sewerage - we will develop our own facilities (septic tank)
• water - we will make our own well for fresh water
• heat - central heating system working with wood (wooden pellets)
• TOTAL utilities - 67.000 euro
TOTAL long term assets: 797.500 euro
According to the Romanian legislation, the rural tourist boarding houses are classified
according to a number of flowers (daisies). The number of daisies corresponds to the number
of stars of hotels.
We aim to develop a 3 daisies location. Minimum legal requirements for this include:
• minimum room surface of 10 sq.m. for rooms with 1 bed and of 123 sq.m. for rooms with
2 beds
• own bathroom for all rooms
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• TV and radio
• fridge
Supplementary to the minimum legal requirements, tourist establishment must achieve a

number of points resulted from the evaluation of supplementary criteria. In the case of the 3
stars (daisies) establishment the minimum number of points is 80. There is a list of these
criteria and the points that can be awarded for complying with the criteria.
3. Services
We will provide 3 main types of services to our guests:
1. Accommodation
• a total of 32 double rooms and 4 apartments, with total capacity of 80 guests;
• the rooms will be placed in 4 buildings that will have 8 double rooms and 1 apartment
each;
2. Dining
• delicious meals can be served in our restaurant, that has a 60 people capacity (15
tables);
• the restaurant will offer a rich menu with local and international dishes;
• next to the restaurant there is a picturesque bar, with local and international drinks;
3. Entertainment
• organizing various activities and offering our clients numerous possibilities to spend
their time in a pleasurable manner;
3.1. Service Description

1. Accommodation
• rustic style accommodation in our 32 double rooms and 4 apartments
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o the rooms will be decorated with different themes, with local meaning;
2. Dining
• Romanian and international cuisine (emphasis on Hungarian cuisine)
o we will put emphasis on the fact that many of our recipes are traditional;
o we will use organic products;
o the waiting staff will wear traditional clothing;
3. Entertainment
• horse riding - we will have several horses and ponies, with quality equipment and
professional supervision;
• sports - tennis, football, basketball, volleyball - we will build sports courts, of good
quality and with good equipment;
• fishing - we will provide all necessary tackle and some basic supervision if necessary;
• ATV & quad driving - we will buy some ATV's and quads that can be used by our
guests;
• minigolf;
• paintball;
• billiards, table tennis;
• visiting local sights and cultural interest points;
• video cameras for recording parties and daily activities of our guests who will receive
edited DVD's with their stay in our resort.
3.2. Competitive Comparison
There are many touristic complexes and rural accommodation offers in Romania and even
in Covasna county. They all operate in the same basic market, some of them on specific
market niches.
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Our main competitive advantage will be our location. We do not have significant local
competition and therefore we will be able to assert ourselves as the main destination in this
location.
As opposed to most local and regional boarding houses we offer many other services in
addition to basic accommodation and dining. We offer the guarantee of a good time for the
whole family, giving everyone the opportunity to do something interesting, from sports to
sightseeing.
3.3. Sales Literature
Moacsa Touristic Complex will present its services to the potential customers by several
means:
• we will have a website that will present all useful information about the company,
location of the complex, services offered, reservations and so on;
• we will have presentations of the location and services on major tourism portals from
Romania and abroad;
• also we will have printed materials that will be distributed mostly at tourism fairs and
through tourist agencies, materials that will describe our services and location;
3.4. Future Services
We will continually try to update our services, to offer more to our customers. There are
some entertainment options such as paintball and minigolf that we intend to implement in the
short term, in addition to those already budgeted in this business plan. And we are
considering adding new services to our offer.
4. Market Analysis Summary
The MTC has three different target groups that it is attempting to attract.
• The first group is comprised of people from the region that just want to get away for the
weekend;
• The second group is represented by Romanian and foreign tourists that want to
experience a holiday in traditional "Transylvanian style";
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• The third group is represented by the clients that come to us for special events;
4.1. Market Segmentation
Our customers can be broadly divided into three groups (please note it is possible to divide
the customers in to much smaller groups, but we have chosen not to):
1. Weekend getaway customers. These people are from the region and are looking to
get away from their life so they come to MTC to be pampered and escape. They are
likely to be repeat customers that appreciate our services and just want to relax for a
couple of days
2. Regular foreign and Romanian tourists. They come to us wanting to experience a

holiday in traditional "Transylvanian style". They expect a high level of service
and exciting experiences.
3. Special events. A third category of clients is comprised of those needing a location

for a special event, be it company teambuilding, family events or other.
The market analysis shown in the table below describes the estimated number of potential
customers from our main segments. These are the people we target and from them will come
our customers. While the number of local potential clients is likely to remain constant in
future years, we believe that the pool of tourists from the rest of the country and from abroad
potentially interested in this area is going to increase. A significant increase will also appear
in the corporate and personal events segment.
Market Analysis
Potential Customers Growth CAGR
Local clients 0% 50,000 50,000 50,000 50,000 50,000 0.00%
Romanian and foreign tourists 5% 400,000 420,000 441,000 463,050 486,203 5.00%
Special events 10% 50,000 55,000 60,500 66,550 73,205 10.00%
Total 5.07% 500,000 525,000 551,500 579,600 609,408 5.07%
Page 21
Market Analysis (Pie)
Local clients
Romanian and foreign tourists
Special events
4.2. Target Market Segment Strategy
Each market segment has specific needs that have to be addressed distinctively. In order to
do this in a successful manner we try to understand as much as possible the characteristics of
every segment and group.
4.2.1. Market Needs
1. Weekend getaway customers
These are local customers (from the Covasna county, mostly from neighboring towns). They
need a place to relax in a weekend, or sometimes just for a day, close to their home. They are
most likely to become repeat customers if they will like our resort. They need personalized
service, great attention and are stimulated by discounts.
2. Regular foreign and Romanian tourists
These tourists will form the majority of our customers. They come from all over the country
and from other countries also (especially Hungary and Germany). They come to us looking
for the traditional experience, for the good, natural and healthy meals. They want to spend
quality time with their family and friends, to visit interesting places, to learn about local
traditions and generally to interact with a different culture.
Page 22
3. Special events
Many companies, most of them from the county but also from the rest of the country
frequently require a location where they can send their employees for teambuilding activities,
training courses and other special events.
Also many individuals need a good location for private celebrations (anniversaries, weddings
and other special events).
They all need a place that can accommodate a large number of people, that has good cooking
facilities, beautiful scenery and can provide various quality services.
4.2.2. Market Trends
Increasing purchasing power of the population translates in a greater request for relaxation
related services. Because of the increasingly stressful professional activities more and more
people feel the need to take a day off, to relax with friends and family.
The increasing purchasing power of the Romanians also means that they travel more, both
abroad and in Romania. Foreigners also come to Romania in greater numbers, and this trend
is likely to accentuate after Romania's accession to the EU.
3. Special events
It is becoming almost a norm for certain companies and certain segments of the population to
have their special events in location other than the company headquarters or the peoples'
homes. This trend means that the demand for locations such as ours is constantly increasing.
We can assume that this tendency will continue in future years. This trend is also associated
with a growing demand for new and personalized services.
4.2.3. Market Growth
We have assumed that this market segment will remain constant in the next 5 years. While
the number of potential customers will remain constant we believe that their preferences will
shift towards better quality resorts, in resonance with the increasing purchasing power of the
customers.
Page 23
The total number of tourist, both from Romania and from abroad, is likely to increase
significantly in future years. Using available market statistics we have forecasted a 5% yearly
increase in this market segment.
3. Special events
This market segment is also likely to grow in the next years. It will actually have the most
dynamic development. For our forecast we have included a 10% yearly increase of the
customers for special events.
4.3. Service Business Analysis
The accommodation and tourism services industry is formed of numerous small and medium
companies and several large ones. Our industry niche, represented by rural tourist boarding
houses has many participants, offering services at different quality standards.
4.3.1. Business Participants
There is a rather large number of small companies or individual families offering their
services in rural tourist boarding houses. This type of establishment is closest to our type of
project. These boarding houses are commonly owned by one person or one family and are
situated in places with some interesting characteristics (scenery, balneary, mountain resorts
etc).
4.3.2. Competition and Buying Patterns
One of the most important factors in this industry is location. Competition analysis is based
on location. Therefore, the number of business participants in the industry is relevant only in
conjunction with their location.
Customers choose one service provider over another based on their desired holiday
destination. First they decide where they want to go and then they search for accommodation.
Therefore, generally the only relevant competition is the one from the close vicinity, with
whom one has to share potential customers.
Price is important for customers when choosing their holiday destination, but services are
equally important. Usually customers decide on the number of stars they want their hotels or
resort to have and then choose between the offers from that range of price/quality. As a
result, the most important competitors are those that are in the same area and have the same
number of stars (or daisies in the case of rural boarding houses).
Page 24
4.3.3. Main Competitors
One of the good facts about our location, apart from it's beauty, is the relative lack of direct
competition in the area. We list below the closest competitors we have, with their location
and service offer.
SC Daragus SRL has a number of rural touristic boarding houses in the Covasna area. They
are located at Baile Balvanyos, Sfanta Ana Lake, Dalnic and Padureni. The Dalnic and
Padureni boarding houses are just a few kilometers from our project location and can be
considered direct competitors.
Dalnic boarding house:
• ***
4 rooms with 4 beds - 25Euro/day/room
1 room with cu 3 beds - 25 Euro/day/room
(own bathroom, TV)
• **
2 rooms with double bed - 12 Euro/day/room
3 rooms with 2 beds - 12Euro/day/room
(shared bathroom)
• Traditional restaurant 60 seats, a`la carte menu.
Padureni boarding house:
Accommodation
• 4 rooms with shared bathroom -15 euro/day/room

• situated near the lake, possibilities of fishing, boat trips, winter sports
• very poor presence over the internet, not enough information available
Another competitor is Hostel Padureni-Beseneu situated in Moacsa. They have certain

facilities but are not very well developed and their offer is poor. Their presence on the
internet is virtually inexistent. Generally they offer their services to students.
Page 25
4.4. Statistics
Statistics relevant to the industry environment in which we want to develop our project are
presented in the Annex to the business plan.
5. Strategy and Implementation Summary
In order to develop our project strategy we have analyzed our internal and external
environment. We will build on our strengths and take advantage of the current opportunities.
5.1. SWOT Analysis
We believe it is important to look at our company and assess it's most important aspects in
terms of strengths and weaknesses, opportunities and threats. This way, we will be able to
ensure that it will be a success. We intend to use our strengths in order to create competitive
advantages and to work on our weaknesses, so we do not become vulnerable.
5.1.1. Strengths
• Good location of the project
• If we will obtain the financing proposed in this business plan we will have sufficient
resources to develop a good quality touristic complex
• The people that will manage the business have significant relevant experience in the
industry
5.1.2. Weaknesses
• The area where the project will be developed is still underdeveloped, meaning that some
facilities, such as roads, will lack in quality. However, these problems are currently
tackled by the local administration which is developing projects for the improvement of
the local infrastructure. Therefore, we believe that in the relatively near future this
problem will be solved.
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5.1.3. Opportunities
• The area is used as a meeting point for Hungarians from all over the world. Cultural
events take place in these occasions;
• Growth of the Romanian economy allows more and more Romanians to travel and spend
their holidays in resorts such as ours;
• Tourism is developing in Romania, more foreign tourist come to our country;
5.1.4. Threats
• The apparition of many local competitors. Because of the beauty and many other
advantages of the area, it is possible to have more competition in the future. Our plans are
to develop a high quality resort and we believe that we will be able to handle competition
in a successful manner.
5.2. Competitive Edge
The MTC's two competitive advantages are:
• Attention to personalized service. While anyone going to a touristic resort should

reasonably expect good service, there are ways of setting yourself apart. This will be
done through the unrelenting pursuit of personal attention. The feeling of personal
attention, or more accurately defined as a sense of person concern, really adds a positive
dimension to the travel experience.
• Uniqueness and beauty of the facility. One unique aspect of MTC is the setting within
the Moacsa region, known for its outstanding beauty.
5.3. Marketing Strategy
Our marketing strategy is focused on position our resort and services uniquely while focusing
on our target market segments. It is important to make our resort know among travel agents
and tourist alike.
We will use our website and advertising programs to promote our service offer. Carefully
designed advertising and promotions will accurately target the spectrum of customers
identified above in topic 4.2 - Target Market Strategy. While fun and excitement are the main
Page 27
draws that bring customers in the door, the value pricing and excellent location are also
important factors.
5.3.1. Positioning Statement
For the weekend getaway customers who need a place to relax in a weekend, our resort will
offer the possibility to relax in a comfortable manner, close to their homes yet feeling like in
a holiday. Unlike other resorts in the area we are able to provide all services they need to
detach from their professional problems.
For the regular tourists, Romanian or foreign, who want to experience a traditional holiday,
we offer natural and healthy food, a true experience of the local village. Unlike most
competitors we go to great lengths to ensure that our guests live the true traditional
experience.
For the clients that come to us for special events, who are looking for an appropriate location,
we offer a flexible location, with sufficient capacity for most events. We offer more than
competition in terms of space, capacity and facilities.
5.3.2. Pricing Strategy
We aim do develop a pricing strategy that will make our location accessible to most tourists.
Our business has seasonal influences and prices will vary according to the time of the year.
However of price range for our rooms will be 30-25 euro, with an average of 25 euro.
For the meals we will have a 50-70% mark-up. The daily meals for one person will cost on
average 16 euro.
Some of our entertainment services will be offered for free to our guests, for other they will
be charged. We estimate that on average, our clients will pay for additional services around
60% of their accommodation price.
Our prices are not the lowest but they are not high either. We aim to charge prices close to
our competitors but differentiate ourselves with the quality of our services.
5.3.3. Promotion Strategy
We will promote our business using a variety of means. Most of them are quite obvious
channels of "spreading the word" about us:
• tourism trade fairs;
Page 28
• contracts with travel agencies;
• internet website;
• direct advertising in publications;
• public relations;
We will also try to find more subtle means of attracting customers. We will offer discounts
for referrals, we will be present in internet forums and blogs presenting MTC's qualities, we
will develop a network of contacts at different companies that might be interested in having
company events in our location and so on.
Our offering will be adjusted to the specific needs of our customers. We will personalize our
offer according to such specific needs.
5.4. Sales Strategy
Moacsa Touristic Complex will sell its rooms directly to repeat customers, as well as via
traditional travel agents and through the Internet. All reservations will be handled by the
resort manager. Repeat customers will have the privilege of priority reservations during the
high season.
5.4.1. Sales Forecast
It is important to emphasis the fact that there is a delay of 18 months between the project start
and the moment where sales begin. When the business plan is approved and the project will
start we will first have to develop the complex and only then we'll be able to receive our
guests.
This period of 18 months is not covered in this business plan. In this forecast we consider
that the first month of the project is the first month when we receive clients.
In the sales forecast below the unit sales have the following meaning:
• accommodation - 1 room / 1 night (for 2 persons)

• meals - the meals for 1 person / 1 day
• other services - renting our equipment, taking guided tours and so on
Page 29
Sales Forecast
Unit Sales
Accommodation 4,010 6,749 8,777 9,655 10,620
Meals 8,020 13,503 17,555 19,310 21,242
Other services 4,405 7,426 9,655 10,621 11,683
Total Unit Sales 16,435 27,678 35,987 39,586 43,545
Unit Prices Year 1 Year 2 Year 3 Year 4 Year 5

Accommodation €25.00 €25.00 €25.00 €25.00 €25.00
Meals €16.00 €16.00 €16.00 €16.00 €16.00
Other services €14.00 €14.00 €14.00 €14.00 €14.00
Sales
Accommodation €100,250 €168,725 €219,425 €241,375 €265,500
Meals €128,320 €216,048 €280,880 €308,960 €339,872
Other services €61,670 €103,964 €135,170 €148,694 €163,562
Total Sales €290,240 €488,737 €635,475 €699,029 €768,934
Direct Unit Costs Year 1 Year 2 Year 3 Year 4 Year 5

Accommodation €3.75 €3.75 €3.75 €3.75 €3.75
Meals €7.20 €7.20 €7.20 €7.20 €7.20
Other services €2.80 €2.80 €2.80 €2.80 €2.80
Direct Cost of Sales

Accommodation €15,038 €25,309 €32,914 €36,206 €39,825
Meals €57,744 €97,222 €126,396 €139,032 €152,942
Other services €12,334 €20,793 €27,034 €29,739 €32,712
Subtotal Direct Cost of Sales €85,116 €143,323 €186,344 €204,977 €225,480
Sales Monthly
€45,000
€40,000
€35,000
€30,000
€25,000
Accomodation
€20,000
Meals
€15,000
Other services
€10,000
€5,000
€0
Page 30
Sales by Year
€800,000
€700,000
€600,000
€500,000
Accomodation
€400,000 Meals
€300,000 Other services
€200,000
€100,000
€0
6. Web Plan Summary
The creation of a website is fundamental to our marketing strategy. Many people surf the
internet when choosing their holiday destination. Even if they will end up using a travel
agency to book their holidays, many potential tourists make a decision based on information
available on the interned. We will take great care to develop a web site that will be a
powerful selling tool. It will be used to present in an attractive and professional manner our
products to the potential customers. It will have to instill trust in the web user and to
encourage inquiries.
6.1. Website Marketing Strategy
It is useless to have a good website if nobody ever visits it, or if only the wrong people see it.
Therefore, after developing the website we will constantly focus on making it visible to our
target groups.
The marketing of the website will be based on several programs:
• banners placed on most important travel and tourism sites from Romania and some from
abroad, especially in Hungary;
Page 31
• nclusion of the URL in all printed material;
• submission of the website to the various search engines; we will sponsor our web page so
it will appear first or on a privileged position when a client will search for local touristic
offers;
• promote the site also on the Moacsa and local administration websites.
The marketing budget for the website will not have to be very large.
6.2. Development Requirements
Our website does not have to be complex. We will use the standard menu for websites of this
kind. We will have sections such as:
• Plan your trip
o Lodging
o Dining
o Rates
o Inclusive packages
o Weather
o Photo gallery
o Live web cams
o Getting here
• Activities
o Horse riding
o Sports
o Fishing
o ATV & quad driving
o Minigolf
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o Paintball
• What's happening
o Event calendar
o What's new
o Guest book
o Contact us
We will focus on developing a website with an appealing appearance. We will use tasty,
good quality design, we will include good, realistic photos and will include as much relevant
information as necessary. The complex description segment will be the most important one.
Therefore, we will develop it creatively in order to transform the web site into a powerful
selling tool.
7. Management Summary
The success of our project will rely heavily on the manner in which it will be managed.
During the project development period good project management will be necessary to ensure
that the funds will be properly spent and the complex will be constructed end equipped as
intentioned.
After that, when we will open for business it will be essential to use an experienced
management team able to make our business a success. We will look for the best people, for
those able to help us reach our objectives.
7.1. Management Team
The person that provides the effective management of the tourist establishment must be
licensed by the relevant authorities. Therefore we have selected a manager with all
appropriate qualifications, in the person of Bogdan Obogeanu.
Mr. Obogeanu studied tourism in college and has the manager in tourism license. Also he has
6 years of professional experience in tourism in various hotels and resorts, in Romania and
abroad. More details regarding his activity can be found in the attached CV.
Page 33
7.2. Personnel Plan
In total we will have 30 employees in the first and second year. In future years, in line with
our business development we will hire more employees. We have forecasted that we will
have 32 employees in year 3 and 34 employees in year 5.
They employees will work in 2 shifts. Some might have a flexible schedule. We will have:
• 1 general manager - he will be in charge of all business aspects - net monthly salary - 700
euro;
• 1 accountant - net monthly salary - 400 euro;
• 2 cooks - net monthly salary - 500 euro each;
• 4 cook assistants - net monthly salary - 250 euro each;
• 2 bartenders - net monthly salary - 250 euro each;
• 5 waiters - net monthly salary - 250 euro each;
• 3 receptionists - net monthly salary - 250 euro each;
• 4 cleaning personnel - net monthly salary - 200 euro each;
• 2 laundry personnel - net monthly salary - 200 euro each;
• 1 general maintenance supervisor - net monthly salary - 300 euro;
• 2 general maintenance employee - net monthly salary - 200 euro each;
• 1 driver/guide- net monthly salary - 250 euro;
• 2 entertainment responsibles - net monthly salary - 250 euro each;
Below we have included some statistics regarding salary levels in the region.
The proximity to large towns such as Sf. Gheorghe (10 km.) and Brasov (30 km) means we
have access to a large pool of potential personnel
Page 34
Personnel Plan
General manager €8,400 €9,000 €10,000 €12,000 €13,000
Accountant €4,800 €5,400 €6,000 €6,500 €7,000
Cook €12,000 €14,400 €15,500 €16,500 €17,000
Cook assistant €12,000 €14,400 €16,000 €17,000 €17,500
Bartender €6,000 €7,200 €7,800 €8,200 €8,500
Waiter €15,000 €18,000 €21,000 €22,000 €23,000
Receptionist €9,000 €10,800 €12,000 €14,500 €15,500
Cleaning personnel €9,600 €12,000 €14,000 €15,000 €17,000
Laundry personnel €4,800 €6,000 €7,000 €7,500 €8,000
General maintenance supervisor €3,600 €3,960 €4,400 €4,800 €5,200
General maintenance €4,800 €6,000 €7,000 €7,500 €8,000
Driver/guide €3,000 €3,600 €4,000 €4,500 €5,000
Entertainment responsible €6,000 €7,200 €8,000 €9,000 €10,000
Total People 30 30 32 32 34
Total Payroll €99,000 €117,960 €132,700 €145,000 €154,700
8. Financial Plan
Our financial plan is based on a series of assumptions. We have forecasted our sales and our
costs and expenses cautiously, trying not to be too optimistic. Actually we believe our
forecasts are presented in a more pessimistic manner, verifying that our business is viable
even in such conditions.
We have forecasted a slow start in the first year, but with a constant growth of sales.
Therefore, after a marginal loss in the first year our business will produce profits of up to
200.000 euro/year by year 5.
8.1. Start-up Funding
The start-up funding table below describes why is the funding necessary (start-up expenses
and assets) and how it will be raised.
Page 35
Start-up Funding
Start-up Expenses to Fund €4,700
Start-up Assets to Fund €830,000
Total Funding Required €834,700
Assets
Non-cash Assets from Start-up €825,000
Cash Requirements from Start-up €5,000
Additional Cash Raised €0
Cash Balance on Starting Date €5,000
Total Assets €830,000
Liabilities and Capital
Liabilities
Current Borrowing €0
Long-term Liabilities €0
Accounts Payable (Outstanding Bills) €0
Other Current Liabilities (interest-free) €0
Total Liabilities €0
Capital
Planned Investment
Owner €208,675
Investor €626,025
Additional Investment Requirement €0
Total Planned Investment €834,700
Loss at Start-up (Start-up Expenses) (€4,700)

Total Capital €830,000
Total Capital and Liabilities €830,000
Total Funding €834,700
8.2. Important Assumptions
The business plan is based on some assumptions. As the project will continue we will amend
our forecasts and perhaps change some of these assumptions. For the time being however, we
have to rely on some assumptions such as:
• We have assumed that mo major event will occur in the forecasted period that might
radically change our business environment;
• We have assumed that the current salary and profit taxes will remain constant throughout
the forecasted period;
• VAT has not been taken into consideration.
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8.3. Break-even Analysis
We estimate average monthly fixed costs to be around 17.000. This was calculated as an
average of the monthly operating expenses for the first year. Based on these expenses and on
the average forecasted per unit revenue and variable costs we calculated that we will break
even when we sell 1.362 units per month (such a unit would be an average of
accommodation, dining and entertainment unit sales). In our case we appreciate that this will
happen in the sixth month.
Peak and off-season will have significant impact on the monthly earnings. For the first year,
on-season revenues will offset off-season losses. As MTC builds its market position, we
anticipate that off-season revenues will be enough to break even during that season.
Break-even Analysis
Monthly Units Break-even 1,362

Monthly Revenue Break-even €24,054
Assumptions:
Average Per-Unit Revenue €17.66
Average Per-Unit Variable Cost €5.18
Estimated Monthly Fixed Cost €17,000
Break-even Analysis
€15,000
€10,000
€5,000
€0
(€5,000)
(€10,000)
(€15,000)
(€20,000)
0 400 800 1200 1600 2000

Monthly break-even point
Break-even point = where line intersects with 0
Page 37
8.4. Projected Profit and Loss
Below is the MTC projected income statement for the next five years. As mentioned above,
earnings are subject to seasonal fluctuations.
Pro Forma Profit and Loss

Sales €290,240 €488,737 €635,475 €699,029 €768,934
Direct Cost of Sales €85,116 €143,323 €186,344 €204,977 €225,480
Other Costs of Sales €4,800 €4,800 €4,800 €4,800 €4,800
------------ ------------ ------------ ------------ ------------
Total Cost of Sales €89,916 €148,123 €191,144 €209,777 €230,280
Gross Margin €200,325 €340,614 €444,331 €489,252 €538,654

Gross Margin % 69.02% 69.69% 69.92% 69.99% 70.05%
Expenses
Payroll €99,000 €117,960 €132,700 €145,000 €154,700
Marketing/Promotion €6,000 €7,800 €9,000 €15,000 €15,000
Depreciation €42,000 €42,000 €42,000 €42,000 €42,000
Utilities €5,400 €6,000 €7,000 €8,000 €10,000
Insurance €3,600 €3,600 €3,600 €3,600 €3,600
Payroll Taxes €39,600 €47,184 €53,080 €58,000 €61,880
Other €8,400 €8,400 €8,400 €8,400 €8,400
------------ ------------ ------------ ------------ ------------
Total Operating Expenses €204,000 €232,944 €255,780 €280,000 €295,580
Profit Before Interest and Taxes (€3,676) €107,670 €188,551 €209,252 €243,074
EBITDA €38,325 €149,670 €230,551 €251,252 €285,074
Interest Expense €0 €0 €0 €0 €0
Taxes Incurred €0 €17,227 €30,168 €33,480 €38,892
Net Profit (€3,675) €90,443 €158,383 €175,772 €204,182

Net Profit/Sales -1.27% 18.51% 24.92% 25.15% 26.55%
Page 38
Profit Monthly
€15,000
€10,000
€5,000
€0
(€5,000)
(€10,000)
Profit Yearly
€250,000
€200,000
€150,000
€100,000
€50,000
€0
(€50,000)
Page 39
Gross Margin Monthly
€30,000
€25,000
€20,000
€15,000
€10,000
€5,000
€0
Gross Margin Yearly
€600,000
€500,000
€400,000
€300,000
€200,000
€100,000
€0
Page 40
8.5. Projected Cash Flow
The table below outlines the projected cash flow and shows that the company will have
enough cash reserves to cover the off-season's low sales. Using proper cash management we
will maintain a positive cash flow even in the first few months when our activity will not be
profitable yet. We will receive the money from our customers in advance or when the
services are rendered but most of our suppliers will be paid within 30 days.
The table shows that the critical moment from a cash perspective will be in the fourth month
after we open for business. Such potential problems will be managed by the use of a bank
credit line.
Pro Forma Cash Flow

Cash Received
Cash from Operations

Cash Sales €290,240 €488,737 €635,475 €699,029 €768,934
Subtotal Cash from Operations €290,240 €488,737 €635,475 €699,029 €768,934
Additional Cash Received

Sales Tax, VAT, HST/GST Received €0 €0 €0 €0 €0
New Current Borrowing €0 €0 €0 €0 €0
New Other Liabilities (interest-free) €0 €0 €0 €0 €0
New Long-term Liabilities €0 €0 €0 €0 €0
Sales of Other Current Assets €0 €0 €0 €0 €0
Sales of Long-term Assets €0 €0 €0 €0 €0
New Investment Received €0 €0 €0 €0 €0
Subtotal Cash Received €290,240 €488,737 €635,475 €699,029 €768,934
Expenditures Year 1 Year 2 Year 3 Year 4 Year 5
Expenditures from Operations

Cash Spending €99,000 €117,960 €132,700 €145,000 €154,700
Bill Payments €138,331 €233,551 €304,349 €334,597 €366,545
Subtotal Spent on Operations €237,331 €351,511 €437,049 €479,597 €521,245
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out €0 €0 €0 €0 €0
Principal Repayment of Current €0 €0 €0 €0 €0
Borrowing
Other Liabilities Principal Repayment €0 €0 €0 €0 €0
Long-term Liabilities Principal €0 €0 €0 €0 €0
Repayment
Purchase Other Current Assets €0 €0 €0 €0 €0
Purchase Long-term Assets €0 €0 €0 €0 €0
Dividends €0 €0 €0 €0 €0
Subtotal Cash Spent €237,331 €351,511 €437,049 €479,597 €521,245
Net Cash Flow €52,909 €137,226 €198,426 €219,432 €247,689

Cash Balance €57,909 €195,135 €393,561 €612,993 €860,682
Page 41
Cash
€60,000
€50,000
€40,000
€30,000
€20,000 Net Cash Flow

Cash Balance
€10,000
€0
(€10,000)
8.6. Projected Balance Sheet
Page 42
Pro Forma Balance Sheet

Assets
Current Assets
Cash €57,909 €195,135 €393,561 €612,993 €860,682
Inventory €5,997 €7,796 €10,136 €11,150 €12,265
Other Current Assets €25,000 €25,000 €25,000 €25,000 €25,000
Total Current Assets €88,906 €227,931 €428,697 €649,143 €897,947
Long-term Assets
Long-term Assets €797,500 €797,500 €797,500 €797,500 €797,500
Accumulated Depreciation €42,000 €84,000 €126,000 €168,000 €210,000
Total Long-term Assets €755,500 €713,500 €671,500 €629,500 €587,500
Total Assets €844,406 €941,431 €1,100,197 €1,278,643 €1,485,447
Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5
Current Liabilities
Accounts Payable €18,082 €24,664 €25,046 €27,721 €30,342
Current Borrowing €0 €0 €0 €0 €0
Other Current Liabilities €0 €0 €0 €0 €0
Subtotal Current Liabilities €18,082 €24,664 €25,046 €27,721 €30,342
Long-term Liabilities €0 €0 €0 €0 €0
Total Liabilities €18,082 €24,664 €25,046 €27,721 €30,342
Paid-in Capital €834,700 €834,700 €834,700 €834,700 €834,700

Retained Earnings (€4,700) (€8,375) €82,067 €240,450 €416,222
Earnings (€3,675) €90,443 €158,383 €175,772 €204,182
Total Capital €826,325 €916,767 €1,075,150 €1,250,922 €1,455,104
Total Liabilities and Capital €844,406 €941,431 €1,100,197 €1,278,643 €1,485,447
Net Worth €826,325 €916,767 €1,075,150 €1,250,922 €1,455,104
8.7. Use of Funds
The intended use of the financial resources, as proposed in this business plan is summarized
in the table below.
Use of Funds
Use Amount
Start-up expenses €4,700
Short term assets €32,500
Construction costs €350,000
Furniture and equipment €225,000
Indoor recreation area and conference room €24,000
Barn €12,000
Vehicles €47,500
Horses €16,000
Sport courts €56,000
Utilities €67,000
Total €834,700
Page 43
9. Annex
Tourists accommodation capacity and tourist activity
Tourists
accommodation
capacity Net use of
Arrivals Overnights
bed places
Working (thousands) (thousands)
Covasna Existing indices (%)
(thousands
county (beds)
beds-days)
1990 4.535 1.376,1 124,5 773,5 56,2
1995 3.477 1.073,1 78,7 624,3 58,2
2000 3.541 1.046,6 67,8 489,6 46,8
2001 3.571 1.042,0 66,5 541,2 51,9
2002 3.940 1.029,6 61,1 487,3 47,3
2003 3.929 1.048,3 62,7 519,6 49,6
2004 4.000 1.030,3 61,5 492,7 47,8
2005 3.664 976,9 54,0 490,9 50,3
Source: National Institute of Statistics,

Romania
Establishments of tourists reception, by type of establishments and category of

comfort, January 2007
Out of total, according to clasification

categories:
Type of establishment Total
5 4 3 2 1 Not
stars stars stars stars star classified
Total 2680 21 188 794 1236 347 94
Hotels 724 8 77 267 273 89 10
Hotels for youth 28 13 11 4
Hostels 30 12 17 1
Motels 134 32 66 33 3
Tourist inns 4 4
Tourist villas 255 2 32 70 97 42 12
Tourist chalets 68 11 18 22 17
Hunting chalets 4 1 3
Page 44
Urban tourist boarding houses 578 4 50 210 268 46
Rural tourist boarding houses 723 7 29 171 460 56
Campings 2 2
Tourist halting places 10 1 8 1
Holiday villages 2 2
Bungalows 39 5 13 21
School camps 48 48
Houselet-type units 30 30
Ship accommodation spaces 1 1
Source: National Institute of Statistics, Romania
Establishments of tourists reception, by type of establishments and tourists destinations,

January 2007
from total, on tourists destinations:

Bucharest
Type of and
Total Mountain Danube Other
establishment Spas Seaside county
resorts Delta localities
residence
towns
Total 2680 238 23 781 9 765 864
Hotels 724 84 18 99 6 379 138
Hotels for youth 28 3 1 6 16 2
Hostels 30 1 20 9
Motels 134 8 14 27 85
Tourist inns 4 1 3
Tourist villas 255 65 2 105 58 25
Tourist chalets 68 1 49 1 17
Hunting chalets 4 4
Urban tourist
578 35 2 168 2 229 142
boarding houses
Rural tourist
723 10 306 2 405
boarding houses
Campings 2 2
Tourist halting
10 1 9
places
Holiday villages 2 2
Bungalows 39 13 21 5
School camps 48 6 16 10 16
Houselet-type
30 26 4
units
Ship
accommodation 1 1
spaces
Page 45
Tourist accommodation capacity, by county and type of

establishment, quarter 1, 2007
expressed in places-days
Type of establishment Covasna county
Total 137.004
Hotels 117.496
Hotels for youth
Hostels
Motels 6.524
Tourist inns
Tourist villas 1.620
Tourist chalets
Hunting chalets
Urban tourist boarding houses 7.814
Rural tourist boarding houses 3.150
Campings
Tourist halting places
Holiday villages
Bungalows
School camps 400
Houselet-type units
Ship accommodation spaces
Tourists arrivals in the establishments of tourists reception, by counties and

type of establishment, quarter 1 2007
Covasna county
Type of Number of
establishment Total number Number of arrivals
arrivals - foreign
of arrivals -Romanian tourists
tourists
Total 8.062 6.999 1.063
Hotels 6.789 6.020 769
Hotels for youth -
Hostels -
Motels 332 323 9
Tourist inns -
Tourist villas 158 152 6
Tourist chalets -
Page 46
Hunting chalets -
Urban tourist
572 415 157
boarding houses
Rural tourist
176 54 122
boarding houses
Campings -
Tourist halting
-
places
Holiday villages -
Bungalows -
School camps 35 35
Houselet-type
-
units
Ship
accommodation -
spaces
Average length of stay in tourist establishments, quarter 1 2007
Rural tourist boarding

Average 5 stars 4 stars 3 stars 2 stars 1 star
houses
Total number of arrivals 2,1 2,8 2,5 1,9 2,1 1,9
Number of arrivals -
2,0 3,4 2,4 1,8 2,0 1,9
Romanian tourists
Number of arrivals - foreign
3,7 1,5 3,9 3,6 4,2 1,5
tourists
Tourism organized by travel agencies, by type of internal tourism

actions and tourism areas, quarter 1 2007
Tourists Tourists Average length

Tourism actions - areas
number - days of stay - days
Internal tourism actions - total 123.652 813.658 6,6
seaside area 2.720 18.873 6,9
mountain area - towns 38.942 154.596 4,0
mountain area - villages
and alpine tourism routes 10.510 47.736 4,5
spas area 47.416 523.794 11,0
historical areas 4.952 20.987 4,2
religious pilgrimage areas 1.604 2.587 1,6
river cruises 1.159 1.174 1,0
various round trips 7.925 15.485 2,0
Page 47
other areas 8.424 28.426 3,4
Evolution of tourism actions in Q1 2007 compared to Q1 2006
Q1 2007 versus Q1 2006

Tourism actions - areas Tourists
Tourists - days
number
Internal tourism actions - total 84,9 72,0
seaside area 67,6 55,0
mountain area - towns 66,9 56,2
and alpine tourism routes 93,4 68,0
spas area 95,7 75,0
historical areas 161,3 434,0
religious pilgrimage areas 91,6 94,0
river cruises 3.730,0 832,6
various round trips 119,7 146,4
other areas 75,9 86,0
Tourism actions organized by travel agencies with foreign tourists in

Q1 2007
Average
Tourists Tourists
Tourism actions - areas length of
number - days
stay - days
Internal tourism actions - total 11.619 36.682 3,2
seaside area 149 495 3,3
mountain area - towns 6.600 18.259 2,8
and alpine tourism routes 443 2.712 6,1
spas area 152 1.350 8,9
historical areas 776 2.387 3,1
religious pilgrimage areas 39 39 1,0
river cruises 1.154 1.154 1,0
various round trips 984 4.718 4,8
other areas 1.322 5.568 4,2
Source: National Institute of Statistics,

Romania
Average monthly net salary
Page 48
Covasna
county Hotels and Hotels and Hotels and
Total Romania Total Bucharest Total
restaurant restaurant restaurant
RON / economy RON / economy RON / economy
industry industry industry
employee employee employee
2000 179 122 2000 214 138 2000 277 228
2001 249 203 2001 302 211 2001 394 337
2002 299 195 2002 379 243 2002 480 375
2003 382 292 2003 484 326 2003 597 465
2004 502 394 2004 599 411 2004 740 613
2005 579 466 2005 746 455 2005 988 581
Tourist arrivals in the establishments of tourist

reception, by tourist origin country and type of
establishment, in quarter 1 2007
Rurale
Countries boarding
houses
Total tourists 49.524
Romanian tourists 47.579
Foreign tourists 1.945
Europe 1.832
Albania 10
Austria 22
Belgium 17
Bulgaria 9
Croatia 4
Denmark 17
Switzerland 13
Estonia 1
Russian Federation 9
FYR Macedonia 1
France 116
Germany 411
Greece 16
Ireland 4
Italy 334
Lithuania 15
Norge 4
Netherlands 63
Poland 20
Portugal 25
United Kingdom 96
Czech Republic 1
Republic of Moldau 48
Serbia 5
Page 49
Slovakia 4
Spain 17
Sweden 5
Turkey 27
Ukraine 12
Hungary 506
Africa -
North America 60
Canada 3
U.S.A. 57
South America 5
Argentina 3
Brazil
Other countries from South America 2
Asia 40
China 3
South Korea 1
Iran 31
Israel 3
Other Asian countries 2
Australia, Oceania other
8
territories
Australia 8
Other unspecified countries
Page 50
Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Unit Sales
Accommodation 0% 165 195 215 215 265 365 365 365 365 465 465 565
Meals 0% 330 390 430 430 530 730 730 730 730 930 930 1,130
Other services 0% 181 214 236 236 291 401 401 401 401 511 511 621
Total Unit Sales 676 799 881 881 1,086 1,496 1,496 1,496 1,496 1,906 1,906 2,316
Unit Prices Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Accommodation €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00
Meals €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00
Other services €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00
Sales
Accommodation €4,125 €4,875 €5,375 €5,375 €6,625 €9,125 €9,125 €9,125 €9,125 €11,625 €11,625 €14,125
Meals €5,280 €6,240 €6,880 €6,880 €8,480 €11,680 €11,680 €11,680 €11,680 €14,880 €14,880 €18,080
Other services €2,534 €2,996 €3,304 €3,304 €4,074 €5,614 €5,614 €5,614 €5,614 €7,154 €7,154 €8,694
Total Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899
Direct Unit Costs Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Accommodation 15.00% €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75
Meals 45.00% €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20
Other services 20.00% €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80
Direct Cost of Sales

Accommodation €619 €731 €806 €806 €994 €1,369 €1,369 €1,369 €1,369 €1,744 €1,744 €2,119
Meals €2,376 €2,808 €3,096 €3,096 €3,816 €5,256 €5,256 €5,256 €5,256 €6,696 €6,696 €8,136
Other services €507 €599 €661 €661 €815 €1,123 €1,123 €1,123 €1,123 €1,431 €1,431 €1,739
Subtotal Direct Cost of Sales €3,502 €4,138 €4,563 €4,563 €5,625 €7,748 €7,748 €7,748 €7,748 €9,871 €9,871 €11,994
Personnel Plan
Month Month Month Month Month Month Month Month Month Month Month Month
1 2 3 4 5 6 7 8 9 10 11 12
General manager 0% €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700
Accountant 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400
Cook 0% €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000
Cook assistant 0% €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000
Bartender 0% €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500
Waiter 0% €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250
Receptionist 0% €750 €750 €750 €750 €750 €750 €750 €750 €750 €750 €750 €750
Cleaning personnel 0% €800 €800 €800 €800 €800 €800 €800 €800 €800 €800 €800 €800
Laundry personnel 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400
General maintenance supervisor 0% €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300
General maintenance 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400
Driver/guide 0% €250 €250 €250 €250 €250 €250 €250 €250 €250 €250 €250 €250
Entertainment responsible 0% €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500
Total People 30 30 30 30 30 30 30 30 30 30 30 30
Total Payroll €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250
Pro Forma Profit and Loss
10 11 12
Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899
Direct Cost of Sales €3,502 €4,138 €4,563 €4,563 €5,625 €7,748 €7,748 €7,748 €7,748 €9,871 €9,871 €11,994
Other Costs of Sales €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400
----------- ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
- - - - - -- -- -- -- -- -- --
Total Cost of Sales €3,902 €4,538 €4,963 €4,963 €6,025 €8,148 €8,148 €8,148 €8,148 €10,271 €10,271 €12,394
Gross Margin €8,037 €9,573 €10,596 €10,596 €13,154 €18,271 €18,271 €18,271 €18,271 €23,388 €23,388 €28,505
Gross Margin % 67.32% 67.84% 68.10% 68.10% 68.59% 69.16% 69.16% 69.16% 69.16% 69.49% 69.49% 69.70%
Expenses
Payroll €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250
Marketing/Promotion €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500
Depreciation €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500
Utilities €450 €450 €450 €450 €450 €450 €450 €450 €450 €450 €450 €450
Insurance €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300
Payroll Taxes 40% €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300
Other €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700
----------- ----------- ----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
- - - - - -- -- -- -- -- -- --
Total Operating Expenses €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000
Profit Before Interest and Taxes (€8,963) (€7,427) (€6,404) (€6,404) (€3,846) €1,271 €1,271 €1,271 €1,271 €6,388 €6,388 €11,505
EBITDA (€5,463) (€3,927) (€2,904) (€2,904) (€346) €4,771 €4,771 €4,771 €4,771 €9,888 €9,888 €15,005
Interest Expense €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Taxes Incurred €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Net Profit (€8,963) (€7,427) (€6,404) (€6,404) (€3,846) €1,271 €1,271 €1,271 €1,271 €6,388 €6,388 €11,505
Net Profit/Sales -75.07% -52.64% -41.16% -41.16% -20.05% 4.81% 4.81% 4.81% 4.81% 18.98% 18.98% 28.13%
Pro Forma Cash Flow
10 11 12
Cash Received
Cash from Operations

Cash Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899
Subtotal Cash from Operations €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899
Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
New Current Borrowing €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
New Other Liabilities (interest-free) €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
New Long-term Liabilities €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Sales of Other Current Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Sales of Long-term Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
New Investment Received €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Subtotal Cash Received €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month
10 11 12
Expenditures from Operations

Cash Spending €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250
Bill Payments €280 €8,459 €10,118 €10,418 €10,266 €11,894 €14,424 €13,398 €13,398 €13,504 €16,547 €15,627
Subtotal Spent on Operations €8,530 €16,709 €18,368 €18,668 €18,516 €20,144 €22,674 €21,648 €21,648 €21,754 €24,797 €23,877
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Principal Repayment of Current €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Borrowing
Other Liabilities Principal €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Repayment
Long-term Liabilities Principal €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Repayment
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 €8,530 €16,709 €18,368 €18,668 €18,516 €20,144 €22,674 €21,648 €21,648 €21,754 €24,797 €23,877
Net Cash Flow €3,409 (€2,598) (€2,809) (€3,109) €663 €6,275 €3,745 €4,771 €4,771 €11,905 €8,862 €17,022
Cash Balance €8,409 €5,811 €3,002 (€107) €556 €6,831 €10,576 €15,348 €20,119 €32,025 €40,887 €57,909
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 €5,000 €8,409 €5,811 €3,002 (€107) €556 €6,831 €10,576 €15,348 €20,119 €32,025 €40,887 €57,909
Inventory €2,500 €1,751 €2,069 €2,282 €2,282 €2,812 €3,874 €3,874 €3,874 €3,874 €4,935 €4,935 €5,997
Other Current €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000
Assets
Total Current €32,500 €35,160 €32,880 €30,284 €27,175 €28,368 €35,705 €39,450 €44,222 €48,993 €61,960 €70,822 €88,906
Assets
Long-term
Assets
Long-term €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500
Assets
Accumulated €0 €3,500 €7,000 €10,500 €14,000 €17,500 €21,000 €24,500 €28,000 €31,500 €35,000 €38,500 €42,000
Depreciation
Total Long-term €797,500 €794,000 €790,500 €787,000 €783,500 €780,000 €776,500 €773,000 €769,500 €766,000 €762,500 €759,000 €755,500
Assets
Total Assets €830,000 €829,160 €823,380 €817,284 €810,675 €808,368 €812,205 €812,450 €813,722 €814,993 €824,460 €829,822 €844,406
Liabilities and Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Capital
Current
Liabilities
Accounts €0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082
Payable
Current €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Borrowing
Other Current €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Liabilities
Subtotal Current €0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082
Liabilities
Long-term €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0
Liabilities
Total Liabilities €0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082
Paid-in Capital €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700
Retained (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700)
Earnings
Earnings €0 (€8,963) (€16,390) (€22,794) (€29,198) (€33,044) (€31,772) (€30,501) (€29,229) (€27,958) (€21,569) (€15,181) (€3,675)
Total Capital €830,000 €821,037 €813,610 €807,206 €800,802 €796,956 €798,228 €799,499 €800,771 €802,042 €808,431 €814,819 €826,325
Total Liabilities €830,000 €829,160 €823,380 €817,284 €810,675 €808,368 €812,205 €812,450 €813,722 €814,993 €824,460 €829,822 €844,406
and Capital
Net Worth €830,000 €821,037 €813,610 €807,206 €800,802 €796,956 €798,228 €799,499 €800,771 €802,042 €808,431 €814,819 €826,325

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Moacsa touristic

THIS BUSINESS PLAN IS PROPERTY OF

The undersigned reader acknowledges that the information provided by

It is acknowledged by reader that information to be furnished in this business plan is in

Upon request, this document is to be immediately returned to _______________.

This is a business plan. It does not imply an offering of securities.

1. Executive Summary .................................................................................................... 3

7.1. Management Team............................................................................................ 33

ABOUT CARBON CONSULT

SC Carbon Consult SRL offers management consultancy services since

The services Carbon Consult offers are:

- Development of business plans;

- Identification of financing sources;

- Monitoring financing sources;

- Supplying relevant information about project financing;

- Filling in of financing documentation;

- Making economic analysis;

- Making market studies;

- Assisting in developing company strategy;

- Writing reports and developing presentations.

DESPRE CARBON CONSULT

SC Carbon Consult SRL oferă servicii de consultanŃă în afaceri şi

Serviciile oferite de Carbon Consult constau în:

- Realizarea planurilor de afaceri;

- Identificarea surselor de finanŃare;

- Monitorizarea surselor de finanŃare;

- Furnizarea de informaŃii relevante referitoare la finanŃarea proiectelor;

- Completarea documentaŃiilor pentru finanŃări;

- Realizarea de analize economice;

- Realizarea de studii de piaŃă;

- AsistenŃă în elaborarea strategiilor firmei;

- Realizarea de rapoarte şi prezentări.

Pentru mai multe detalii poate fi consultată pagina de internet a firmei

The company SC Moacsa Touristic Complex SRL is planning to develop a touristic

2. Demonstrate a minimum of 50% occupancy averaged throughout the first year;

5. Increase off-season use by divesting into various uses for property;

6. Supporting the development of the local economy.

1.3. Keys to Success

• Maintain sound financial management of the venture.

2.1. Company Ownership

Moacsa Touristic Complex SRL has 2 associates:

• Popescu Ioan - 25% of company capital

2.2. Start-up Summary

Total Requirements €834,700

2.3. Project Location

Exports FOB Euro

Imports FOB Euro

• Market & Location Advantage

o Skilled labor force, with solid knowledge in technology, IT and engineering;

o An important potential for tourism;

o Stable executive power;

o Stability factor in the Area -NATO member;

o Stability Guarantee in South Eastern Europe;

o EU membership since January 2007;

o Bilateral agreements between Romania and other countries for investments

o Member of the UN and other international organizations, like: OSCE, Council

o Free trade agreements with EU, EFTA countries, CEFTA countries;

o WTO member since January 1995;

o Sustainable economic growth;

o Functional Market Economy status;

o Permanent financial assistance for SME's Development;

o Increasing interest of Foreign Investors;

• Improving Infrastructure Advantage

o Well-developed networks of mobile telecommunications in GSM systems;