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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

Page 3 of 25

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 funds 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.

400000
350000
300000
250000
200000
150000
100000
50000

0
-50000

Year 1

Year 2

Year 3

profit, thousand rubles


Yearly net

Gross margin,
thousand rubles
Reserves, thousand rubles

Page 5 of 25

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. Thats 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.

Page 6 of 25

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.

Page 7 of 25

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 dont 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.

Page 8 of 25

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:
Results of Activity, thousand rubles
Revenue
Gross margin
% from revenue
Operating income
% from revenue
EBITDA
% from revenue
Net profit per ordinary share, rub

4 728 911
1 481 493
31 ,3
874 623
18,4
1 143 892
24,2
0,48

Basic Data of Consolidated Balance Sheet, thousand rubles


Non-current assets
Fixed assets
Intangible assets
Current assets
Funds and their equivalents
Total assets
Shareholders' of the parent company capital
Total: commitment, taking into account the
minority interest
Total: loans and credits, including short-term

3 344 315
2 526 253
811 887
4 186 927
402 043
7 531 242
2 859 013
4 672 229
4 077 667

Page 9 of 25

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.

Page 10 of 25

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 havent 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.
Thats 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

Page 11 of 25

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. Thats 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. Thats
why we would have a real profit always.
Energomera Insurance Company is not very big. Thats 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
#
1
2
3
4

Type of marketing
Web-site
Brochures
Business cards
Exhibitions
TOTAL:

Quantity per
year, pcs.
1
200
1000
4

Price, rub
40 000
11
2
15 000

Costs, rub
40 000
2 200
2 810
60 000
105 010

Page 12 of 25

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

Page 13 of 25

Chief Executive Officer

Chief Accounting Officer


(agent)

Chief Financial Officer

Sales Manager
(agent) (2)

Office Manager

Assistant
Manager
(agent)

Marketing
Manager

Assistant
Manager
(agent)

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
1
2
3
4
5
6
7

CEO
CAO
CFO
Office Manager
Marketing Manager
Sales Manager
Assistant Manager

Total
:

Category
Chief Chief
Chief
Employee
Employee
Employee
Specialist

Number of
staff units
1
112
112
9

Monthly wage, rub


45 000
40 000 40 000 25
000 20 000 20 000
15 000
205 000

Annual payroll, rub


5
4
0
Bonuses
TOTAL:

0
0
0
4

8
0
0
0
30% of Annual Payroll

0
4
8
0

000
600 000
240 000
240 000
360 000
2 940 000
882 000
3 822 000

Page 14 of 25

Inventory
Calculations of depreciation deduction per year
Name of equipment

Cost,
Standard period of Quantity of
rub
usage, years
equipment, pcs.
Apple iMac 21'
55 600
5
720 Apple MakBook Pro 15'
50 000
25 000 hp 2015
11 550
1 443 Lighting system
20 000
2 000 Office furniture
20 000
14 000 Canteen furniture
80 000
8 000 TOTAL:
The aggregate value of property of the firm will be 685150 rubles.

Depreciation deduction
per year, rub
6
66
4
2
8
1
10
1
10
7
10
1
117 163

Risk assessment
Risk assessment in insurance activity
Risk factor
Natural disasters
Armed conflicts
Failure of
conditions of
contacts by
contactors
Strikes
Insufficient
information to form
a business plan
Changing the tax
code
TOTAL

Probability Time loss


(persondays)
40
0,25

Expected
damage, rub*
44 000

Damage, taking
into account the
probability, rub
11 000

0,20
0,15

80
15

88 000
16 500

17 600
2 475

0,10

100

110 000

11 000

0,15

180

198 000

29 700

0,15

100

110 000

16 500

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

88 275

Actions to reduce
damage
Creation of equalization
payments
Expansion of services
Penalties in contracts
with contractors
Penalties in contracts
with supporting firms
Informational system
improvement
Creation of equalization
payments

Page 15 of 25

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

1 Industry risks:

Insurance
rates

Time
loss
(persondays)

Expected
physical
damage,
thousand
rubles

Expected
damage,
thousand
rubles *

0,50%

3 000

2490000

Damage, taking
into account the
probability and
insurance rates,
thousand rubles
12 450

0,50%
1,90%

4 400
4 500

3 652 000
3 735 000

18 260
70 965

0,50%

3 500

2 905 000

14 525

1,90%

1 100

4 184 000

5 097 000

96 843

1,50%
1,00%

1 900
2 200

2 526 253
-

4 103 253
1 826 000

61 548
18 260

supply and demand


fluctuations;

2
3

6
7

sales and profit


decline;
competitors' positions'
strengthen;
Country and regional risks
Financial risks:
currency risks;
changing of interest
rate;
inflation;
timeliness of
consumers payments;
Legal risks:
imperfection of
Russian legal system;
imperfection of
judicial remedies;
unreasonable actions
of state institutions;
Production risks
spoilage;
production breaks;
Property risks
Life insurance
TOTAL:

292 851

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

Page 16 of 25

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):
ost item:
Life insurance reserve
Unearned premiums reserve
Losses
156976
293969

59337
77656
reserve
TOTAL:

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 funds accumulation and developing a customer base, the first year of operations reflect
a loss.

Net Profit
Monthly,

thousand rubles

0
-500
-1000
-1500
-2000

Page 17 of 25

Gross Margin
Monthly, thousand
rubles

0
-500
-1000
-1500

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.

Net Profit
Yearly,

thousand rubles

14000
0
12000
0
10000
0
80000
60000
40000
20000
0
-20000

Year 1

Year 2

Year 3

Page 18 of 25

Gross Margin
Yearly, thousand
rubles

200000
150000
100000
50000
0
-50000

Year 1

Year 2

Year 3

Reserve Funds
Yearly, thousand
rubles

40000
0
35000
0
30000
0
25000
0
20000
0
15000
0
10000
0
50000
0

Losses reserve
Unearned premiums reserve
Life insurance reserve

Year 1
3

Year 2

Year

Indicators

Income from insurance


premiums

1.1. Insurance premiums from


Energomera Corporation
1.2. Insurance premiums from local
companies

Year 1

Year 2

Year 3

293 969 000

324 372 100

359 939 710

292 851 000

322 136 100

354 349 710

1 118 000

2 236 000

5 590 000

Page 19 of 25

Expenses

150 000 000

165 000 000

936 000

945 360

954 813

117 163

117 163

117 163

3 822 000

4 204 200

4 624 620

105 000

105 000

105 000

36 000

7 736 000

36 000

5 016 163

163 107 723

170 837 596

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

156 976 000

173 210 899

192 203 585

1 351 403

27 657 428

32 339 220

1 337 700

1 471 470

1 618 617

13 703

13 703

13 703

26 172 255

30 706 900

-5 016 163

130 861 277

153 534 503

-2%

40%

43%

-6 367 566

103 203 848

121 195 282

-2%

32%

34%

2.1. Insurance payments


2.2. Rent payments
2.3. Depreciation
2.4. Salaries and bonuses
2.5. Marketing
2.6. Other costs
Total Operating Expenses
3

Reserves

3.3. Losses reserve


4

Taxes

4.1. Social tax


4.2. Property tax
4.3. Profits tax
5

Gross margin

5.1

Gross margin,%

Net profit

6.1

Net profit, %

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.

Page 20 of 25

Cash
700
0
600
0
500
0
400
0
3000

Net Cash Flow, thousand

rubles 2000

Cash Balance, thousand

rubles 1000
0
-100

0
-200
0

Year 1
Cash received
Income from insurance premiums
Insurance premiums from Energomera
Corporation
Insurance premiums from local companies
Subtotal cash received
Expenditures
Expenditures from Operations
Cash spending
Bill payments
Reserve Accumulations
Additional Cash Spent
Taxes
Principal Payment of Current borrowing
Other Liabilities Principal Repayment
Long-Term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance

Year 2

Year 3

293 969 000


292 851 000

324 372 100


322 136 100

359 939 710


354 349 710

1 118 000
293 969 000

2 236 000
324 372 100

5 590 000
359 939 710

5 016 163
293 969 000
0
1 351 403
0
0
0
0
0
0
300 336 566
-6 367 566
632 434

155 407 723


30 403 100
0
27 657 428
0
0
7 700 000
0
0
0
221 168 251
103 203 848
103 836 282

170 837 596


35 567 610
0
32 339 220
0
0
0
0
0
0
238 744 427
121 195 282
225 031 565

Page 21 of 25

Balance Sheet for the first year


Assets
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets

369866687
0
0
369866687

Long-term Assets
Depreciation
Total Long term Assets
Total Assets

685150
117163
802313
370669000

Liabilities and Capital


Current Liabilities
Accounts Payable
Current Borrowings
Other Current Borrowings
Other Current Liabilities
Subtotal Current Liabilities
Long-term Liabilities
Total Liabilities
Authorised capital
Retained Earnings (Reserves)
Earnings
Total Capital
Total Liabilities and Capital

Break-Even Analysis
Break-Even Point is 25 761 503 rubles

6367566
0
0

7700000
14067566
62000000
293969000
632434
356601434
370669000

Page 22 of 25

7000
0
6000
0
5000
0
4000
0
3000
0
2000
0
1000
0
0

Fixed Costs,
thousand rubles
Variable
Costs, thousand rubles

Page 23 of 25

VIII. Appendices
Pro Forma Profit and Loss
#

1.1.

Indicators

Insurance premiums
from JSC Energomera
Corporation
1.2. Insurance premiums
from local companies
2 Expenses
2.1. Insurance payments
2.2. Rent payments
2.3. Depreciation
2.4. Salaries and bonuses
2.5. Marketing
2.6. Other costs
2.7. Total Operating
Expenses
3 Reserves
3.1. Life insurance reserve
3.2. Unearned premiums
reserve
3.3. Losses reserve
4 Taxes
4.1. Social tax
4.2. Property tax
4.3. Profits tax
5 Gross margin
6 Net profit

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:

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

292851000

10000

35000

45000

78000

91000

88000

101000

122000

135000

125000

140000

148000

1118000

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
245000
8750
3000
344513,6

78000
9763,583
1127000
8750
3000
1226514

936000
117 163
3 822 000
105000
36000
5016163

24414250
4927963
6449364

24439250
4933009
6455968

24449250
4935028
6458609

24482250
4941689
6467327

24495250
4944313
6470761

24492250
4943707
6469968

24505250
4946331
6473403

24526250
4950570
6478950

24539250
4953194
6482384

24529250
4951175
6479743

24544250
4954203
6483705

24552250
4955818
6485818

293969000
59337000
77656000

13036923
85750
85750
0
0
-344514
-430264

13050273
85750
85750
0
0
-344514
-430264

13055613
85750
85750
0
0
-344514
-430264

13073235
85750
85750
0
0
-344514
-430264

13080176
85750
85750
0
0
-344514
-430264

13078574
85750
85750
0
0
-344514
-430264

13085516
85750
85750
0
0
-344514
-430264

13096730
85750
85750
0
0
-344514
-430264

13103672
85750
85750
0
0
-344514
-430264

13098332
85750
85750
0
0
-344514
-430264

13106342
85750
85750
0
0
-344514
-430264

13110614
408153
394450
13703
0
-1226514
-1634667

156976000
1351403
1337700
13703
0
-5016163
-6367566

Page 24 of 25
Pro Forma Cash Flow
Indicators

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Income from insurance


24414250
premiums
Insurance premiums from
24404250
Energomera Corporation
Insurance premiums from
10000
local companies
Subtotal cash received
24414250
Expenditures
Expenditures from Operations
Cash spending
344513,6
Bill payments
24414250
Reserve Accumulations
0
Additional Cash Spent
85750
Taxes
0
Principal Payment of
0
Current borrowing
Other Liabilities Principal
Repayment
0
Long-Term Liabilities
Principal Repayment
0
Purchase Other Current
Assets
0
Purchase Long-term Assets
0
Dividends
24844514
Subtotal Cash Spent
-430264
Net Cash Flow
6569736
Cash Balance

24439250

24449250

24482250

24495250

24492250

24505250

24526250

24539250

24529250

24544250

24552250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

24404250

35000

45000

78000

91000

88000

101000

125000

140000

148000

24439250

24449250

24482250

24495250

24492250

24505250

24529250

24544250

24552250

344513,6
24439250
0
85750
0

344513,6
24449250
0
85750
0

344513,6
24482250
0
85750
0

344513,6
24495250
0
85750
0

344513,6
24492250
0
85750
0

344513,6
24505250
0
85750
0

344513,6
24526250
0
85750
0

344513,6
24539250
0
85750
0

344513,6
24529250
0
85750
0

344513,6
24544250
0
85750
0

1226514
24552250
0
408153
0

0
0
24869514
-430264
6139473

0
0
24879514
-430264
5709209

0
0
24912514
-430264
5278946

0
0
24925514
-430264
4848682

0
0
24922514
-430264
4418419

0
0
24935514
-430264
3988155

0
0
24956514
-430264
3557891

0
0
24969514
-430264
3127628

0
0
24959514
-430264
2697364

0
0
24974514
-430264
2267101

0
0
26186917
-1634667
632434

122000
24526250

135000
24539250

Month 10

Month 11

Month 12

Page 25 of 25

Booklets