Sr

1
2
3
4
5
Instruction
Only change values in cells that are colored blue
Worksheet tabs that have been colored red are never to be altered
Worksheet tabs that have not been colored red contain some cells that are colored blue - refer to instruction 1
The model allows for changes in some values but any conclusions drawn from modified values are to be analyzed based on us
supplementary report hold no responsibility of validity of the outputs in that case
Different models (total 6) are not linked to each other
 Instructions: Only change cells highlighted in Blue. All
other cells should not be altered

Sr No. Assumption Value

Exchange Rate is forecasted based on exponential/linear trend from
1 previous 7 years data - can be changed Exponential
https://www.investing.com/currencies/usd-pkr-historical-data
2 Inflation Rate is forecasted based on exponential smoothing from
previous 7 years data
3 Minimum Wage 15000
4 All capital expenditure will be in the start - there won't be shed
construction later
5 Covered area as a % of farm - based on primary observations 70%
6 Farm construction will begin in year 0
7 Farm will start functioning in january of year 1
There is no cost of debt. Discount rate (WACC) will equal cost of
8 equity. Beta = 1, Risk free rate = 10.75% (KIBOR), risk premium = 6%
(based on lending rate of national bank to agricultural businesses)
Imported heifers are 6 months pregnant and land on 1st January
9 meaning that the first milking will be on 1st April and of only 210
days (AI in June/July and after 210 days in Juanuary AI again)
10 100% imported at the start

We are assuming that insemination from January to March, calving

11 season is October to December

Justified because of maximizing production in summer

12 Year ending Silage inventory is for 5 months 5

Year ending Wanda and additives inventory is for 1 months - because
13 of cost effectiveness and space constraints 1

14 Year ending Wheat straw inventory is for 6 months 6

15 Year ending Semen inventory is 0 0
16 No depreciation of biological assets - accounted for other income
and other expenses
TMR can result in addition of up to 2.5 liters per cow daily
17 https://extension.umn.edu/dairy-nutrition/feeding-total-mixed- 2.5
rations#advantages-of-feeding-a-tmr-729510
18 If TMR is opted then components of Wanda are separately procured
Farm gate prices rise by 2.28 Rs/Liter
19 https://www.thenews.com.pk/print/308644-small-scale-dairy- 2.28
farmers-suffer-declines-as-prices-remain-sour
20 Selling price of calves, adult cows adjusted based on inflation
 Starting size of herd is 320 cows and target to achieve 450 maximum
herd size is in three years. Reason is that considering practicality a
21 farm owner will at max start with one shed farm but also considering
the forecast of increasing exchange rates try to buy a good number
of livestock early on, and 3 years target time allows for maximization
of NPV within this limit
22 Standard size of shed - 150 x 100 sq ft for 120 animals
23 Standard size of Milking Parlor H20 = 12000 sq ft

For farm of 450 max size one H20 is sufficient for milking. On average
24 it would take 2 hours to milk
7 min per batch, batch of 20 - meaning that there are 20 cups or 10-a
side
25 Area of silage per cow 0.25
26 Sex semen is only for heifers
27 No insemination by bulls
28 Milk wastage 1%
29 Lameness and Mestitis infection rate 5%

30 Adult/Heifer Mortality 10%

31 Calves Mortality 10%
32 Out of the total calves born, % of female calves 60%
33 Conception Rate 70%
34 Number of milking days per year (210 days for first imported adults) 305

Standard (without
TMR) milk yield
per cow per day
per lactation
period
Year (life cycle of adult cow)
1 24
35
2 27
3 30
4 29
5 25
6 20
7 0

Average days of
Channel credit
Nestle 7
36
Engro 7
Owned Shop 15
Direct Delivery 1

Type of Animal Fair Value

Female Calves 5,000
Raised Heifers 270,000

37
 Imported Heifers 350,000
Adult - 0 Calf 350,000
37
Adult - 1 Calf 400,000
Adult - 2 Calf 400,000
Adult - 3 Calf 350,000
Adult - 4 Calf 300,000
Adult - 5 Calf 250,000

Type of Animal Price of Culling

Female Calf 5,000
Male Calf 5,000
38
Adult 108,000
Average Weight 600
Price of meat per kg 180
 Units Linked to Sheet

YoY Projection Multiples

Exponential Linear
YoY Projection Multiples
PKR HR and Distribution

Area Requirements

FCFF
Free cash flow to the firm (FCFF) 

Milk

Herd Movement Cycle

months Current Assets

months Current Assets

months Current Assets

months Current Assets
P&L

liters per cow

Milk
per day

Feed

PKR per year Revenue

Revenue
 Net present value: In finance, the net present value or n
flow depends on the interval of time between now and t

Dashboard

Area Requirements
Area Requirements

Capex and
Depreciation

acres Area Requirements

Semen
Semen
of total milk Revenue
of total herd Medical Expenses

Linked to
Herd
Movement
Cycle

Linked to Milk

Linked to
Revenue

Linked to Fair
Value of
Livestock
Linked to Fair
Value of
Livestock

Linked to
Revenue
The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holder

Companies and investors review the weighted average cost of capital (WACC) to evaluate the returns that a firm ne
e, the net present value or net present worth applies to a series of cash flows occurring at different times. The present value of a cash
l of time between now and the cash flow. It also depends on the discount rate. NPV accounts for the time value of money

Discount rate 12%

Time 1 2 3 4

Cash Flows $ 10.00 $ 12.00 $ 8.00 $ 16.00

NPV $34.36
age to all its security holders to finance its assets. The WACC is commonly referred to as the firm's cost of capital.

he returns that a firm needs to realize to meet all of its capital obligations, including those of creditors and stockholders. Beta is
esent value of a cash
f money
s and stockholders. Beta is critical to WACC calculations, where it helps “weight” the cost of equity by accounting for risk.
by accounting for risk.
Instructions: Only change cells highlighted in Blue. All other cells should not be altered

LIVESTOCK
Heifer 320
Limit on Herd Size 450
Target year for full capacity 3

PKR 80
FEED
TMR? Yes PKR 60

CHANNEL MIX PKR 40

Percentage
Nestle 100%
PKR 20
Engro 0%
Local Distribution 0% Rs. -
Own Distribution 0%
Rs. (20.00)
LOCATION 1
Rs. (40.00)
Kasur 300,000

OUTPUT
NPV (45,192,566)
Discounted Payback Period MORE THAN 10 YEARS
500
450
400
350
300
250
200
150
100
50
-
0 1

Total Herd
not be altered

Dairy Farm Financial Outlook

Years of Operations
PKR 80

PKR 60

PKR 40
Percentage

PKR 20

Rs. -

Rs. (20.00)
1 2 3 4 5 6 7 8 9
Rs. (40.00)

Gross Margin Profit Margin Free Cash Flows

Livestock Numbers
500
450
400
350
300
250
200
150
100
50
-
0 1 2 3 4 5 6 7 8 9

Total Herd Size at end of year Total Adults (after culling) Total Heifers Female calves after culling Adults cul
ok

60%

50%

40%

PKR millions
30%

20%

10%

0%
7 8 9 10
-10%

e Cash Flows

7 8 9 10 11

Female calves after culling Adults culled

 2019 2020 2021 2022 2023
0 1 2 3 4
Total Herd Size at end of year 0 391 445 514 593

Adult (end of year)

Adult-0 Pregnant first time 0 288 0 84 76
Adult-1 child 0 0 259 0 76
Adult-2 child 0 0 0 233 0
Adult-3 child 0 0 0 0 210
Adult-4 child 0 0 0 0 0
Adult-5 child 0 0 0 0 0
Adult-6 child (will always be culled) 0 0 0 0 0
Total Adults (without culling) 0 288 259 317 362
Total Adults (after culling) 0 288 259 317 362

Heifer (end of year) 0 0 93 84 102

Calves (end of year)

female calves born 0 121 109 133 152
female calves that survived birth 0 103 93 113 129
female calves after culling 0 103 93 113 129
male calves born 0 81 73 89 101
male calves that survived birth 0 69 62 76 86
2024 2025 2026 2027 2028 2029
5 6 7 8 9 10
682 784 751 857 944 1043

92 104 121 139 159 145

68 83 94 109 125 143
68 61 75 85 98 113
0 61 55 68 77 88
189 0 55 50 61 69
0 170 0 50 45 55
0 0 153 0 45 41
417 479 553 501 610 654
417 479 400 501 565 613

116 134 154 177 161 196

175 201 232 210 256 275

149 171 197 179 218 234
149 171 197 179 218 234
117 134 112 140 158 172
99 114 95 119 134 146
LIVESTOCK
Type of animal at time 0 Number
Female Calves (0-12 months) 0
Heifer 320
Adult 0
Non-Lactating Non-Pregnant 0
Total (Including Non-Lactating Non-Pregnant) 320
Total (Excluding Non-Lactating Non-Pregnant) 320

Upper Herd Limit 470

Lower Herd Limit 450

Adult/Heifer Mortality 10%

Calves Mortality 15%
Culling Rate 0%
Female Calves 60%
Conception Rate 70%
Number of milking days (per year) 305
Herd limit 450

Shed
Standard number of animals per shed 120
Number of sheds required 4
Standard area for one shed 15000 sq feet
Length 150 feet
Width 100 feet
Area per cow 125 sq feet
Total area for sheds 60000 sq feet

Milking Parlor - Herringbone 20 + Chillers

Standard size 12000 sq feet

Silage Bunkers
Standard storage months for silage 5
Area of silage reserved for one cow per year 2.5 acre
Area of silage reserved for one cow per for 5 months 1.041667 acre
Total area of silage reserved for maximum number of cows 468.75 acres
Standard bunker size 2000 sq feet
Length 100 feet
Width 20 feet
Height 8 feet
Storage per bunker 16 acres
Bunkers required 30
Total bunker area 60000 sq feet

Wanda and other storage

Area 1225 sq feet
Length 35 feet
Width 35 feet

Offices, rooms, kitchen

Area 3240 sq feet
Length 162 feet
Width 20 feet

Guard room + generator room

Area 700 sq feet
Length 35 feet
Width 20 feet

Total Covered Area 137165 sq feet

Covered Area as percentage of total farm 70%
Total Area 195950 sq feet
Total Area 5 acres
0.344 acres

1.37 acres
1 acre= 43560 sq ft
A1
Capital Expenditure
Land
Shed
Milking Parlor
Other Buildings (Concrete buildings)
Silage Bunkers
Light Tractor
Heavy Tractor
Silage Machine
Generator
Geyser
TMR Machine
Lights
Office equipment (Computer, printer, dispenser, fridge, UPS)
Calf Feeder
Calf Cage
Humidity sensor
Grinder/Mixer
Water tubewell, tank, piping, turbine
Semen Storage Tank
Cooling fans
Cattle Crush
Chillers
Imported Cows
Total
Initial Investment
184,854,000
 Description Book Value per Unit Units
Based on dashboard input of land 1,500,000
Standard rate per sq ft = 525 (10million divided by 15000 sq ft) 31,500,000 1
Turkish H20 for 450 animal farm 4,000,000 1
Standard rate per sq ft = 2000 (assumption: 15x10 ft room costs 300000) 10,330,000 1
Standard rate per sq ft = 200 12,000,000 1
50 horsepower 800,000 2
75 horsepower 1,000,000 2
2,500,000 -
150 KVA + 100 KVA 4,800,000 1
35,000 1
2.5 tonne capacity 1,900,000 1
40,000 1
700,000 1
2 liter capacity 2,500 10
1.5 meter cube 3,000 30
400 10
2 - 4 tonnes per hour 500,000 1
150,000 1
50 liter (5000 doses) + 2 liter (150 doses) 150,000 1
Standard no of cooling fans per shed = 10, diamter = 2 ft, throw = 30 ft 40,000 40
350,000 1
1000 liter per chiller 180,000 6
350,000 320
 2020 2021 2022
Salvage Value per Unit Life (Years) Depreciation/Year 1 2 3

3,150,000 20 1,417,500 1,417,500 1,417,500 1,417,500

400,000 20 180,000 180,000 180,000 180,000
1,033,000 20 464,850 464,850 464,850 464,850
1,200,000 20 540,000 540,000 540,000 540,000
80,000 10 144,000 144,000 144,000 144,000
100,000 10 180,000 180,000 180,000 180,000
250,000 10 - - - -
480,000 10 432,000 432,000 432,000 432,000
3,500 10 3,150 3,150 3,150 3,150
190,000 10 171,000 171,000 171,000 171,000
4,000 10 3,600 3,600 3,600 3,600
70,000 10 63,000 63,000 63,000 63,000
250 10 2,250 2,250 2,250 2,250
300 10 8,100 8,100 8,100 8,100
40 10 360 360 360 360
50,000 10 45,000 45,000 45,000 45,000
15,000 10 13,500 13,500 13,500 13,500
15,000 10 13,500 13,500 13,500 13,500
4,000 10 144,000 144,000 144,000 144,000
35,000 10 31,500 31,500 31,500 31,500
18000 10 97,200 97,200 97,200 97,200
- - - -
3,954,510 3,954,510 3,954,510 3,954,510
 YEARS
2023 2024 2025 2026 2027 2028 2029
4 5 6 7 8 9 10

1,417,500 1,417,500 1,417,500 1,417,500 1,417,500 1,417,500 1,417,500

180,000 180,000 180,000 180,000 180,000 180,000 180,000
464,850 464,850 464,850 464,850 464,850 464,850 464,850
540,000 540,000 540,000 540,000 540,000 540,000 540,000
144,000 144,000 144,000 144,000 144,000 144,000 144,000
180,000 180,000 180,000 180,000 180,000 180,000 180,000
- - - - - - -
432,000 432,000 432,000 432,000 432,000 432,000 432,000
3,150 3,150 3,150 3,150 3,150 3,150 3,150
171,000 171,000 171,000 171,000 171,000 171,000 171,000
3,600 3,600 3,600 3,600 3,600 3,600 3,600
63,000 63,000 63,000 63,000 63,000 63,000 63,000
2,250 2,250 2,250 2,250 2,250 2,250 2,250
8,100 8,100 8,100 8,100 8,100 8,100 8,100
360 360 360 360 360 360 360
45,000 45,000 45,000 45,000 45,000 45,000 45,000
13,500 13,500 13,500 13,500 13,500 13,500 13,500
13,500 13,500 13,500 13,500 13,500 13,500 13,500
144,000 144,000 144,000 144,000 144,000 144,000 144,000
31,500 31,500 31,500 31,500 31,500 31,500 31,500
97,200 97,200 97,200 97,200 97,200 97,200 97,200
- - - - - - -
3,954,510 3,954,510 3,954,510 3,954,510 3,954,510 3,954,510 3,954,510
Location Average price per acre (source zameen.com)
Kasur 300,000
Sargodha 200,000
Lahore (Bedian Road) 2,000,000
Lahore (Raiwand Road) 5,000,000
Hafizabad 2,000,000
Mian Channu 3,200,000
Gojra 3,800,000
 Local
All projections are based on inflation trends

Historical
Year 2012 2013 2014 2015
Inflation 11.01% 7.36% 8.62% 4.53%
Inflation Multiplier
Inflation Cumulative Multiplier

Imported
All projections are based on exchange rate trends

Historical
Year 2012 2013 2014 2015
Exchange rate 93.4 101.6 101 102.8
% change
Exchange Rate Multiplier
Exchange Rate Cumulative Multiplier

Historical
Year 2012 2013 2014 2015
Exchange rate 93.4 101.6 101 102.8
% change
Exchange Rate Multiplier
Exchange Rate Cumulative Multiplier

Exchange Rate Multiplier Used

Exchange Rate Cumulative Multiplier Used
Historical Forecast based on exponential smoothing
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2.86% 4.15% 3.93% 7.48% 6% 9% 7% 11% 10% 13%
1.06 1.09 1.07 1.11 1.10 1.13
1.06 1.11 1.19 1.32 1.45 1.65

Historical Forecast based on exponential smoothing

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
104.7 105.4 121.8 139.7 144.9 151.1 158.3 166.2 175.0 188.0
4% 4% 5% 5% 5% 7%
1.04 1.04 1.05 1.05 1.05 1.07
1.04 1.08 1.13 1.18 1.24 1.33

Historical Forecast based on linear trend

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
104.7 105.4 121.8 139.7 132.4 137.6 142.9 148.1 153.3 158.6
-6% 4% 4% 4% 3% 3%
0.94 1.04 1.04 1.04 1.03 1.03
0.94 0.98 1.02 1.05 1.09 1.12

1.04 1.04 1.05 1.05 1.07 1.05

1.04 1.08 1.14 1.20 1.29 1.35
xponential smoothing
2026 2027 2028 2029
12% 15% 14% 18%
1.12 1.15 1.14 1.18
1.84 2.13 2.43 2.86

xponential smoothing
2026 2027 2028 2029
197.5 208.5 216.8 229.1
5% 5% 4% 5%
1.05 1.05 1.04 1.05
1.39 1.47 1.52 1.60

d on linear trend
2026 2027 2028 2029
163.8 169.1 174.3 179.5
3% 3% 3% 3%
1.03 1.03 1.03 1.03
1.16 1.20 1.23 1.27

1.04 1.04 1.04 1.05

1.40 1.47 1.53 1.60
 2019 2020 2021 2022
0 1 2 3
Silage - 13,631,223.78 15,372,244.96 17,833,659.73
Wanda - 49,495,419.39 51,120,622.25 62,654,141.62
Additives - 15,385,052.37 15,391,000.56 19,686,857.16
Wheat Straw - 2,114,069.98 2,232,127.61 2,702,051.83
Total Feed Cost - 80,625,765.52 84,115,995.37 102,876,710.34
 YEARS
2023 2024 2025 2026 2027 2028
4 5 6 7 8 9
19,839,288.49 21,101,849.21 22,422,032.69 16,787,891.80 20,842,372.49 23,583,920.77
71,988,540.22 77,229,702.90 81,112,294.95 54,097,994.33 63,678,381.42 73,910,020.16
23,025,410.49 24,712,467.64 25,951,114.82 15,866,945.96 18,865,595.57 22,360,234.55
3,103,747.11 3,302,435.85 3,509,868.23 2,440,846.80 2,949,417.62 3,468,455.39
117,956,986.32 126,346,455.60 132,995,310.70 89,193,678.89 106,335,767.11 123,322,630.88
 2029 Taking into account the
10
25,660,658.37 Silage
78,322,758.51 Wanda
23,801,066.50 Vitamins
3,763,235.48 Wheat Straw
131,547,718.86
PROCUREMENT OF WANDA FROM MARKET

Wanda requirements per animal

Type of animal
Female Calves (0-12 months)
Heifer
Adult
Wanda Price
Protein (16%)
Protein (17%)
Protein (21%)

SEPARATE PROCUREMENT OF CP (TMR)

Component name
Canola meal
Soybean meal
Kernel palmcake
Molasses
Wheat bran
Rice polish
Maize powder
Urea
Total amount consumed (kgs)
Average price per kg

Suckler/Calf Milk costs

Time (days)
1
75
75

SEPARATE PROCUREMENT OF ADDITIVES

Component name
Minerals/Vitamins
DCP
Sodabicarbonate
Toxin binder
Yeast
Magnesium Sulphate
Bypass fat
NaCl
Heifer premix
Bio plex
Total amount consumed (kgs)
Average price per kg

Straw requirements - Depends on amount of Wanda

% of wanda per day (kgs)

Silage Price
Cheap
Expensive

Silage Mix
Cheap
Expensive

Type of animal
Female Calves (0-12 months)
Heifer
Adult

Average Silage Price

Average Silage Price
 Taking into account the seasonal effect on diet
Percentage change in summer Months of summer Months of winter Effective Cost Multiple
-15% 6 6 0.925
-15% 6 6 0.925
0% 6 6 1
0% 6 6 1

Feed Quantity (kgs)

2.5
4.44
12.82
Average Price per maund Average Price per kg
1250 31.25
1490 37.25
1650 41.25

Requirements per day (kgs)

Adult Heifer Calf Price per kg
1.9 0.3 0.2 48
3.2 0.7 0.4 64
1.4 0.4 0.2 24
2.1 1 0.6 13
0.9 0.7 0.4 27
1.3 0.5 0.3 21
1.9 0.8 0.5 30
0.12 0.04 0.0 26
12.82 4.44 2.54
37 31 31

Milk type Cost per kg Liters/Kg consumed

Colostrum 6
Wanda Starter 29 1
Eurolac Green 250 0.66 Eurolac is the best calf milk replacer

Requirements per day (kgs)

Adult Heifer Calf Price per kg
0.17 0.02 0 260
0.09 0.01 0 56
0.21 0.00 0 56
0.03 0.00 0 400
 0.03 0.02 0 320
0.04 0.00 0 20
0.35 0.00 0 135
0.07 0.01 0 5
0 0.06 0 235
0.01 0 0 1025
1 0.11 0
141 219

ount of Wanda
20%

Own (PKR) Market (PKR)

120 160
260 300

Own (%) Market (%)

0.5 0
0.5 0

Feed Quantity (kgs)

9
15
25

190.00 per 40 kg
4.75 per kg
e best calf milk replacer

DiCalcium Phospate

Livestock feed toxin binders are a great way to reduce mycotoxicosis and improve livestock health and productivity.
Projections based on inflation
2019 2020 2021 2022
0 1 2 3
Female Calves (0-12 months)
Feed Quantity in kgs 8.75 8.75 8.75
Feed Price per kg 5.02 5.27 5.53
Feed Price per animal 43.93 46.12 48.42
Number of animals 109.00 93.00 45.00
Total Consumption per day 953.75 813.75 393.75
Total Cost per day 4,788.15 4,288.86 2,178.70
Total Cost per month 143,644.51 128,665.82 65,361.02
Total Cost per year 1,723,734.10 1,543,989.83 784,332.19
Heifer
Feed Quantity in kgs 15 15 15
Feed Price per kg 5.02 5.27 5.53
Feed Price per animal 75.31 79.06 83.00
Number of animals 0 98 84
Total Consumption per day - 1,470.00 1,260.00
Total Cost per day - 7,747.62 6,971.84
Total Cost per month - 232,428.58 209,155.25
Total Cost per year - 2,789,142.91 2,509,863.00
Adult
Feed Quantity in kgs 25 25 25
Feed Price per kg 5.02 5.27 5.53
Feed Price per animal 125.51 131.76 138.33
Number of animals 288 259 321
Total Consumption per day 7,200.00 6,475.00 8,025.00
Total Cost per day 36,146.46 34,126.42 44,403.99
Total Cost per month 1,084,393.67 1,023,792.54 1,332,119.75
Total Cost per year 13,012,724.04 12,285,510.46 15,985,436.96

Total Cost for All Animals per Year - 14,736,458.14 16,618,643.20 19,279,632.14
 YEARS
2023 2024 2025 2026 2027 2028
4 5 6 7 8 9

8.75 8.75 8.75 8.75 8.75 8.75

5.88 6.26 6.65 7.08 7.53 8.04
51.44 54.76 58.23 61.93 65.88 70.37
45.00 44.00 45.00 138.00 86.00 103.00
393.75 385.00 393.75 1,207.50 752.50 901.25
2,314.90 2,409.58 2,620.14 8,546.86 5,666.02 7,248.13
69,447.00 72,287.50 78,604.19 256,405.81 169,980.47 217,443.93
833,364.01 867,450.06 943,250.29 3,076,869.74 2,039,765.62 2,609,327.20

15 15 15 15 15 15
5.88 6.26 6.65 7.08 7.53 8.04
88.19 93.88 99.81 106.17 112.94 120.63
41 41 40 41 124 77
615.00 615.00 600.00 615.00 1,860.00 1,155.00
3,615.65 3,849.07 3,992.59 4,353.06 14,005.04 9,288.87
108,469.60 115,472.25 119,777.82 130,591.78 420,151.06 278,666.01
1,301,635.22 1,385,666.98 1,437,333.78 1,567,101.36 5,041,812.68 3,343,992.14

25 25 25 25 25 25
5.88 6.26 6.65 7.08 7.53 8.04
146.98 156.47 166.36 176.95 188.24 201.06
365 365 365 212 228 270
9,125.00 9,125.00 9,125.00 5,300.00 5,700.00 6,750.00
53,646.89 57,110.26 60,720.70 37,514.17 42,918.66 54,285.59
1,609,406.69 1,713,307.74 1,821,620.94 1,125,425.09 1,287,559.69 1,628,567.60
19,312,880.23 20,559,692.93 21,859,451.27 13,505,101.12 15,450,716.29 19,542,811.22

21,447,879.45 22,812,809.96 24,240,035.34 18,149,072.21 22,532,294.59 25,496,130.56

 2029
10

8.75
8.61
75.36
86.00
752.50
6,480.80
194,423.88
2,333,086.60

15
8.61
129.19
93
1,395.00
12,014.23
360,427.00
4,325,124.00

25
8.61
215.31
272
6,800.00
58,564.00
1,756,920.14
21,083,041.70

27,741,252.29
 YEARS
2019 2020 2021 2022 2023 2024
0 1 2 3 4 5
Total Cost 8,781,423 9,164,579 9,642,213 10,170,906 10,916,122

Projections based on exchange rate

YEARS
2025 2026 2027 2028 2029
6 7 8 9 10 Types Summer
11,468,630 11,902,288 12,424,975 12,969,441 13,575,884 Electricity 500,000.00
Fuel 520,000.00
Water -
Gas 3,250.00
Phone 2,000.00
Internet 1,000.00
GRAND
TOTAL
Months Winter Months TOTAL
6.00 250,000.00 6.00 4,500,000.00
6.00 130,000.00 6.00 3,900,000.00
- - - -
6.00 3,250.00 6.00 39,000.00
6.00 2,000.00 6.00 24,000.00
6.00 1,000.00 6.00 12,000.00
8,475,000.00
 YEARS
2019 2020 2021 2022 2023
0 1 2 3 4

Number of animals 397 450 450 451

Number of adults 288 259 321 365
Vaccine costs 794,000 900,000 900,000 902,000
Mestitis costs 86,400 77,700 96,300 109,500
Lameness costs 57,600 51,800 64,200 73,000
Udder Medication 720,000 720,000 720,000 720,000
Other antibiotic costs 240,000 240,000 240,000 240,000
Total Cost (without exchange rate) 1,898,000 1,989,500 2,020,500 2,044,500
Total Cost (with exchange rate) 1,966,624 2,151,378 2,298,772 2,453,619

Projections based on exchange rate

 YEARS
2024 2025 2026 2027 2028 2029
5 6 7 8 9 10

450 450 391 438 450 451

365 365 212 228 270 272
900,000 900,000 782,000 876,000 900,000 902,000
109,500 109,500 63,600 68,400 81,000 81,600
73,000 73,000 42,400 45,600 54,000 54,400
720,000 720,000 720,000 720,000 720,000 720,000
240,000 240,000 240,000 240,000 240,000 240,000
2,042,500 2,042,500 1,848,000 1,950,000 1,995,000 1,998,000
2,630,818 2,763,974 2,595,331 2,858,844 3,052,983 3,200,545
Disease Treatment Available in Pakistan?
HS Yes
Clostrida Yes
FMD Yes
Stomach parasites (deworming)
Brusella/RB51 Yes
IBR and BVD Yes
Metritis
Mestitis
Lameness
3 day fever Yes
Anthrax
Black Quarter
Vaccination Cost per Animal 2000
Vaccine/Antibiotic name Dosage/Treatment Infection Rate

Bar-Vac10-Boehringer Ingelheim, Tamosan 2

Affovaxpar 2
Ivarmectin, Closantel, Vorcid 1
Bovishot (NA in market) -
Elite 9 (NA in market) -
(NA in market)
Gentamicin, Tigent, Tribarrisen 1 5%
Bovibont 1 5%
1
(NA in market)
(NA in market)
 YEARS
2019 2020 2021 2022 2023
0 1 2 3 4
Total Cost (without inflation) 2,304,000 2,304,000 2,304,000 2,304,000
Total Cost (with inflation) 2,387,304 2,491,468 2,621,317 2,765,046

Projections based on inflation

 YEARS
2024 2025 2026 2027 2028 2029
5 6 7 8 9 10
2,304,000 2,304,000 2,304,000 2,304,000 2,304,000 2,304,000
2,967,639 3,117,844 3,235,737 3,377,834 3,525,852 3,690,718
Miscellaneous Monthly Total
Rent - -
Insurance - -
Interest - -
Extraordinary expenses 10,000.00 120,000
Repairs & Maintenance 30,000.00 360,000
Milking Parlor hygeine
54,000.00 648,000
cost
Milk filter socks 90,000.00 1,080,000
Insurance - -
Farm Vehcile Expense 8,000.00 96,000
2,304,000.00
Target achieved? 1 (0=need to import heifers in that year,1=need to start cu

YEARS
2019 2020 2021 2022 2023
0 1 2 3 4
Total Herd Size at end of year - 397 450 450 451
Over/Under target (organic) (450) (59) (5) 64 143
Excess Capacity (for next year - modified) 93 45 45 44

Adult (end of year)

Adult-0 Pregnant first time 0 288 0 88 76
Adult-1 calf 0 0 259 0 79
Adult-2 calf 0 0 0 233 0
Adult-3 calf 0 0 0 0 210
Adult-4 calf 0 0 0 0 0
Adult-5 calf 0 0 0 0 0
Adult-6 calf (will always be culled) 0 0 0 0 0
Total Adults (without culling) 0 288 259 321 365
Total Adults (after culling) 0 288 259 321 365

Heifer (end of year)

Raised 0 0 98 84 41
Imported 0 0 0 0 0
Total Heifers 0 0 98 84 41

Calves (end of year)

Female calves born 0 121 109 135 153
Female calves that survived birth 0 109 98 122 138
Female calves after culling 0 109 93 45 45
Male calves born 0 81 73 90 102
Male calves that survived birth 0 73 66 81 92

Dead Animals (end of year)

Dead Adult-1 child 0 29 0 9
Dead Adult-2 child 0 0 26 0
Dead Adult-3 child 0 0 0 0
Dead Adult-4 child 0 0 0 0
Dead Adult-5 child 0 0 0 0
Dead Heifers 0 0 10 8
Dead Female Calves 12 11 13 15
Dead Male Calves 8 7 9 10
Total Dead Animals 20 47 58 42

Culling
Male calves culled 73 66 81 92
Female calves culled - 5 77 93
Adults culled - - - -
Total culled 73 71 158 185
at year,1=need to start culling)

YEARS
2024 2025 2026 2027 2028 2029
5 6 7 8 9 10
450 450 391 438 450 451
232 334 301 407 494 593
45 198 98 103 86 64

37 37 36 37 112 69
68 33 33 32 33 101
71 61 30 30 29 30
0 64 55 27 27 26
189 0 58 50 24 24
0 170 0 52 45 22
0 0 153 0 47 41
365 365 365 228 317 313
365 365 212 228 270 272

41 40 41 124 77 93
0 0 0 0 0 0
41 40 41 124 77 93

153 153 153 96 133 131

138 138 138 86 120 118
44 45 138 86 103 86
102 102 59 64 76 76
92 92 53 58 68 68

8 4 4 4 4 11
8 7 3 3 3 3
21 0 6 5 3 3
0 19 0 6 5 2
0 0 17 0 5 4
4 4 4 4 12 8
15 15 15 10 13 13
10 10 6 6 8 8
66 59 55 38 53 52

92 92 53 58 68 68
94 93 - - 17 32
 - - 153 - 47 41
186 185 206 58 132 141
LIVESTOCK
Type of animal at time 0 Number
Female Calves (0-12 months) 0
Heifer 320
Adult 0
Non-Lactating Non-Pregnant 0
Total (Including Non-Lactating Non-Pregnant) 320
Total (Excluding Non-Lactating Non-Pregnant) 320

Herd Limit 450

Adult/Heifer Mortality 10%

Calves Mortality 10%
Female Calves 60%
Conception Rate 70%
Number of milking days (per year) 305

Target year to reach capacity 3

 2019 2020 2021
(AT END OF YEAR) - 1 2
Fair value of female calf 5,000 5,000 5,000
Number of female calves 109 93
Total value of female calves 545,000 465,000

Fair value of raised heifer 270,000 270,000 270,000

Number of raised heifers - 98
Total value of raised heifers - 26,460,000

Fair value of adult cow - 0 Calf 350,000 350,000 350,000

Number of adult cows 288 -
Total value of adult cows 100,800,000 -

Fair value of adult cow - 1 Calf 400,000 400,000 400,000

Number of adult cows - 259
Total value of adult cows - 103,600,000

Fair value of adult cow - 2 Calf 400,000 400,000 400,000

Number of adult cows - -
Total value of adult cows - -

Fair value of adult cow - 3 Calf 350,000 350,000 350,000

Number of adult cows - -
Total value of adult cows - -

Fair value of adult cow - 4 Calf 300,000 300,000 300,000

Number of adult cows - -
Total value of adult cows - -

Fair value of adult cow - 5 Calf 250,000 250,000 250,000

Number of adult cows - -
Total value of adult cows - -

Fair value of imported heifer 350,000 350,000 350,000

Number of imported heifers 320 - -
Total value of imported heifers 112,000,000 - -

Total value of livestock (end of year) 112,000,000 101,345,000 130,525,000

Change in value from year to year (10,655,000) 29,180,000

 YEARS
2022 2023 2024 2025 2026 2027
3 4 5 6 7 8
5,000 5,000 5,000 5,000 5,000 5,000
45 45 44 45 138 86
225,000 225,000 220,000 225,000 690,000 430,000

270,000 270,000 270,000 270,000 270,000 270,000

84 41 41 40 41 124
22,680,000 11,070,000 11,070,000 10,800,000 11,070,000 33,480,000

350,000 350,000 350,000 350,000 350,000 350,000

88 76 37 37 36 37
30,800,000 26,600,000 12,950,000 12,950,000 12,600,000 12,950,000

400,000 400,000 400,000 400,000 400,000 400,000

- 79 68 33 33 32
- 31,600,000 27,200,000 13,200,000 13,200,000 12,800,000

400,000 400,000 400,000 400,000 400,000 400,000

233 - 71 61 30 30
93,200,000 - 28,400,000 24,400,000 12,000,000 12,000,000

350,000 350,000 350,000 350,000 350,000 350,000

- 210 - 64 55 27
- 73,500,000 - 22,400,000 19,250,000 9,450,000

300,000 300,000 300,000 300,000 300,000 300,000

- - 189 - 58 50
- - 56,700,000 - 17,400,000 15,000,000

250,000 250,000 250,000 250,000 250,000 250,000

- - - 170 - 52
- - - 42,500,000 - 13,000,000

350,000 350,000 350,000 350,000 350,000 350,000

- - - - - -
- - - - - -

146,905,000 142,995,000 136,540,000 126,475,000 86,210,000 109,110,000

16,380,000 (3,910,000) (6,455,000) (10,065,000) (40,265,000) 22,900,000

 2028 2029
9 10
5,000 5,000
103 86
515,000 430,000

270,000 270,000
77 93
20,790,000 25,110,000

350,000 350,000
112 69
39,200,000 24,150,000

400,000 400,000
33 101
13,200,000 40,400,000

400,000 400,000
29 30
11,600,000 12,000,000

350,000 350,000
27 26
9,450,000 9,100,000

300,000 300,000
24 24
7,200,000 7,200,000

250,000 250,000
45 22
11,250,000 5,500,000

350,000 350,000
- -
- -

113,205,000 123,890,000

4,095,000 10,685,000
Additional yield due to TMR 1

Standard (without TMR) milk yield per

Year (life cycle of adult cow) cow per day per lactation period
1 24
2 27
3 30
4 29
5 25
6 20
7 0
 YEARS
2019 2020 2021 2022 2023 2024

Milk Yield per cow per year 0 1 2 3 4 5

8083 1,602,720 - 711,260 614,270 299,053
8998 - 2,330,353 - 710,803 611,830
9913 - - 2,309,613 - 703,788
9608 - - - 2,017,575 -
8388 - - - - 1,585,238
6863 - - - - -
0
Total Milk 1,602,720 2,330,353 3,020,873 3,342,648 3,199,908
Total Lactating Cows 288 259 321 365 365
Average yield per year per cow 18 30 31 30 29
YEARS
2025 2026 2027 2028 2029

6 7 8 9 10
299,053 290,970 299,053 905,240 557,693
296,918 296,918 287,920 296,918 908,748
604,663 297,375 297,375 287,463 297,375
614,880 528,413 259,403 259,403 249,795
- 486,475 419,375 201,300 201,300
1,166,625 - 356,850 308,813 150,975

2,982,138 1,900,150 1,919,975 2,259,135 2,365,885

365 365 228 317 313
27 17 28 23 25
Projections based on exchange rate 2019 2020
0 1
Heifers eligible for insemination -
Adults eligible for insemination 288
Heifers inseminated by AI -
Adults inseminated by AI 288
Total AI doses to heifers -
Total AI doses to adults 873
Sex semen price per dose 3,000 3,108
Non-sex semen price per dose 1,200 1,243
Total sex semen cost -
Total non-sex semen cost 358,096
Total semen cost per year 358,096
 YEARS
2021 2022 2023 2024 2025 2026
2 3 4 5 6 7
98 84 41 41 40 41
259 321 365 365 365 212
98 84 41 41 40 41
259 321 365 365 365 212
297 255 125 125 122 125
785 973 1,107 1,107 1,107 643
3,244 3,413 3,600 3,864 4,060 4,213
1,298 1,365 1,440 1,546 1,624 1,685
963,497 870,359 450,040 483,014 495,282 526,650
336,089 438,251 525,647 564,161 592,715 357,279
1,299,586 1,308,610 975,687 1,047,175 1,087,997 883,929
 2027 2028 2029
8 9 10
124 77 93 Success rate 33%
228 270 272 % heifers inseminated by Bull 0%
124 77 93 % adults inseminated by Bull 0%
228 270 272
376 234 282
691 819 825
4,398 4,591 4,806
1,759 1,836 1,922
1,653,731 1,074,283 1,355,186
401,118 495,823 522,852
2,054,849 1,570,106 1,878,037
 2019 2020
0 1
Number of total animals - 397
Number of milking animals 288
Number of heifers -
Number of calves 109
Milking animals feeding/cleaning staff 29
Heifers animals feeding/cleaning staff -
Calf Manager 4
Fixed staff 20
Total fixed salaries 8,160,000
Total animal dependent salaries 507,000
Total Salary without inflation 8,667,000
Total workers 53
Food Expenses 4,836,250
Total HR expenses (with inflation) 14,271,773

Projections based on inflation

 YEARS

2021 2022 2023 2024 2025 2026

2 3 4 5 6 7
450 450 451 450 450 391
259 321 365 365 365 212
98 84 41 41 40 41
93 45 45 44 45 138
26 32 37 37 37 21
7 6 3 3 3 3
4 2 2 2 2 6
20 20 20 20 20 20
8,160,000 8,160,000 8,160,000 8,160,000 8,160,000 8,160,000
567,000 606,000 636,000 636,000 636,000 468,000
8,727,000 8,766,000 8,796,000 8,796,000 8,796,000 8,628,000
57 60 62 62 62 50
5,201,250 5,475,000 5,657,500 5,657,500 5,657,500 4,562,500
15,454,461 16,589,139 17,889,207 19,044,109 20,248,054 19,655,637
 2027 2028 2029 Employee Type
8 9 10 Farm Manager/DVM
438 450 451 Nutrionist
228 270 272 AI Specialist
124 77 93 Vet Assistant/Assistant Farm Manager
86 103 86 Calf Manager
23 27 27 Cost Accountant
8 5 6 Feed Manager/Store Manager
3 4 3 Feeding Staff/Cleaning Staff
20 20 20 Milking Staff
8,160,000 8,160,000 8,160,000 Parlour Technician 
519,000 552,000 549,000 Cook
8,679,000 8,712,000 8,709,000 Sweeper
54 56 56 Guard
4,927,500 5,110,000 5,110,000 General Labor
21,568,705 23,402,273 25,055,603 TOTAL

Food expense per day per employee

Starting Number of milking
Number Salary/Month/Per Employee Starting Total Expense animals per person
1 200,000 2,400,000
1 25,000 300,000
1 70,000 840,000
1 70,000 840,000
4 18,000 864,000
1 60,000 720,000
1 40,000 480,000
29 15,000 5,220,000 10
4 15,000 720,000
1 20,000 240,000
1 15,000 180,000
1 15,000 180,000
2 15,000 360,000
5 15,000 900,000
53 14,244,000

250
Number of heifers per Number of calves per
person person

25

15
Do not change any thing on this sheet

Dairy Revenue

Channel Channel Mix Base Price/ltr

Nestle 100% 46.00
Engro 0% 42.00
Local Distribution 0% 65.00
Own Distribution 0% 80.00

2019 2020
0 1
Litres Sold - 1,586,693
Total Dairy Revenue - 96,835,862
Effective Price per Liter 61.03

Non-Dairy Revenue 2019 2020

Male calves eligible for culling
Calves kept for bull
insemination
Male calves culled
Price per male calf at birth
Culled adult cows
Price per adult cow
Culled female calves
Price per female calf at birth
Total Non-Dairy Revenue
0 1
- 73.00
- -
- 73.00
5,000.00 5,285
- -
108,000.00 114,146.70
- -
5,000.00 5,284.57
- 385,773.58

Total Revenue - 97,221,635.16

Incentives/ltr Total Price/ltr Price Increase per year/ltr Average days of credit
12.75 58.75 2.28 7
11.30 53.30 2.28 7
0.00 65.00 Based on inflation 30
0.00 80.00 Based on inflation 1

YEARS
2021 2022 2023 2024 2025
2 3 4 5 6
2,307,049 2,990,664 3,309,221 3,167,908 2,952,316
146,059,271 196,157,637 224,596,831 222,228,776 213,836,257
63.31 65.59 67.87 70.15 72.43
YEARS
2021 2022 2023 2024 2025
2 3 4 5 6
66.00 81.00 92.00 92.00 92.00

- - - - -
66.00 81.00 92.00 92.00 92.00
5,548 5,824 6,189 6,588 7,005
- - - - -
119,834.28 125,807.67 133,672.42 142,302.13 151,298.29
5.00 77.00 93.00 94.00 93.00
5,547.88 5,824.43 6,188.54 6,588.06 7,004.55
393,899.72 920,259.80 1,144,879.55 1,225,379.44 1,295,841.86

146,453,170.33 197,077,896.80 225,741,710.51 223,454,155.45 215,132,098.79

 NESTLE
Type Incentive/ltr
Volume 5
Milk Hygeine 2
Chilling 2
Loyalty 1
Best Farm Practices 1
Aflatoxin Hygeine 1.75

2026 2027 2028 2029

7 8 9 10
1,881,149 1,900,775 2,236,544 2,342,226
140,540,604 146,340,686 177,290,815 191,008,543
74.71 76.99 79.27 81.55

2026 2027 2028 2029

7 8 9 10
53.00 58.00 68.00 68.00

- - - -
53.00 58.00 68.00 68.00
7,451 7,926 8,466 9,066
153.00 - 47.00 41.00
160,934.67 171,199.07 182,856.71 195,817.72
- - 17.00 32.00
7,450.68 7,925.88 8,465.59 9,065.64
25,017,890.62 459,701.21 9,313,840.55 8,935,090.25

165,558,495.06 146,800,387.71 186,604,655.68 199,943,632.79

NESTLE ENGRO
Farm getting incentive? (1/0) Type Incentive/ltr Farm getting incentive? (1/0)
1 Volume 7.8 1
1 Chilling 2 1
1 Loyalty 1 1
1 TPC 0.5 1
1
1
 2019 2020 2021
0 1 2
Revenue
Dairy Income 96,835,862 146,059,271
Non-Dairy Income 385,774 393,900
Total Revenue 97,221,635 146,453,170
COGS
Feed 80,625,766 84,115,995
Semen 358,096 1,299,586
Gross Profit 16,237,774 61,037,589
HR 14,271,773 15,454,461
Utilities 8,781,423 9,164,579
Misc Expenses 2,387,304 2,491,468
Depreciation 3,954,510 3,954,510
Medical Expenses 1,966,624 2,151,378
EBIT (15,123,859) 27,821,193
Interest Expenses - -
Other Income - 29,180,000
Other Expenses (10,655,000) -
Income Before Taxes (4,468,859) 57,001,193
Taxes (%) - -
Net Income (4,468,859) 57,001,193
Net Income per month (372,405) 4,750,099

Gross Margin 17% 42%

Profit Margin -5% 39%
 YEARS
2022 2023 2024 2025 2026 2027
3 4 5 6 7 8

196,157,637 224,596,831 222,228,776 213,836,257 140,540,604 146,340,686

920,260 1,144,880 1,225,379 1,295,842 25,017,891 459,701
197,077,897 225,741,711 223,454,155 215,132,099 165,558,495 146,800,388

102,876,710 117,956,986 126,346,456 132,995,311 89,193,679 106,335,767

1,308,610 975,687 1,047,175 1,087,997 883,929 2,054,849
92,892,576 106,809,037 96,060,525 81,048,791 75,480,887 38,409,772
16,589,139 17,889,207 19,044,109 20,248,054 19,655,637 21,568,705
9,642,213 10,170,906 10,916,122 11,468,630 11,902,288 12,424,975
2,621,317 2,765,046 2,967,639 3,117,844 3,235,737 3,377,834
3,954,510 3,954,510 3,954,510 3,954,510 3,954,510 3,954,510
2,298,772 2,453,619 2,630,818 2,763,974 2,595,331 2,858,844
57,786,625 69,575,749 56,547,327 39,495,779 34,137,384 (5,775,097)
- - - - - -
16,380,000 - - - - 22,900,000
- (3,910,000) (6,455,000) (10,065,000) (40,265,000) -
74,166,625 73,485,749 63,002,327 49,560,779 74,402,384 17,124,903
- - - - - -
74,166,625 73,485,749 63,002,327 49,560,779 74,402,384 17,124,903
6,180,552 6,123,812 5,250,194 4,130,065 6,200,199 1,427,075

47% 47% 43% 38% 46% 26%

38% 33% 28% 23% 45% 12%
2028 2029
9 10

177,290,815 191,008,543
9,313,841 8,935,090
186,604,656 199,943,633

123,322,631 131,547,719
1,570,106 1,878,037
61,711,919 66,517,877 $421,814,906.44
23,402,273 25,055,603
12,969,441 13,575,884
3,525,852 3,690,718
3,954,510 3,954,510
3,052,983 3,200,545
14,806,860 17,040,617
- -
4,095,000 10,685,000
- -
18,901,860 27,725,617
- -
18,901,860 27,725,617
1,575,155 2,310,468

33% 33%
10% 14%
Projections include impact of exchange rate on import of livestock

2019 2020 2021

0 1 2
EBIT(1-T) - (15,123,859) 27,821,193
Depreciation - 3,954,510 3,954,510
Capital Expenditure 184,854,000 - -
Livestock 112,000,000 - -
Equipment 72,854,000
Working Capital 15,160,823 17,280,723
Change in NWC 15,160,823 2,119,901

FCFF (184,854,000) (26,330,172) 29,655,802

Discounted FCFF (184,854,000) (22,552,610) 21,756,844
Cumulative Disc FCFF (184,854,000) (207,406,610) (185,649,766)

Rf 10.75%
Risk Premium 6%
Beta 1
Ke=WACC 16.75%
 YEARS
2022 2023 2024 2025 2026
3 4 5 6 7
57,786,625 69,575,749 56,547,327 39,495,779 34,137,384
3,954,510 3,954,510 3,954,510 3,954,510 3,954,510
- - - - -
- - - - -

21,171,273 24,047,410 25,273,891 26,232,673 18,203,998

3,890,550 2,876,136 1,226,482 958,782 (8,028,676)

57,850,585 70,654,123 59,275,355 42,491,507 46,120,570

36,352,735 38,028,566 27,326,859 16,778,796 15,598,989
(149,297,031) (111,268,464) (83,941,605) (67,162,809) (51,563,821)
2027 2028 2029
8 9 10
(5,775,097) 14,806,860 17,040,617
3,954,510 3,954,510 3,954,510
- - -
- - -

21,530,728 24,948,498 26,863,802

3,326,730 3,417,771 1,915,304

(5,147,317) 15,343,600 19,079,823

(1,491,165) 3,807,284 4,055,136
(53,054,986) (49,247,702) (45,192,566)
Yes
No
 2019 2020 2021
0 1 2
Revenue
Dairy Income 99.60% 99.73%
Non-Dairy Income 0.40% 0.27%
Total Revenue 100.00% 100.00%
COGS
Feed 82.93% 57.44%
Semen 0.37% 0.89%
Gross Profit 16.70% 41.68%
HR 14.68% 10.55%
Utilities 9.03% 6.26%
Misc Expenses 2.46% 1.70%
Depreciation 4.07% 2.70%
Medical Expenses 2.02% 1.47%
EBIT -15.56% 19.00%
Interest Expenses 0.00% 0.00%
Other Income 0.00% 0.00%
Other Expenses 0.00% 0.00%
Income Before Taxes -4.60% 38.92%
Taxes (%) 0.00% 0.00%
Net Income -4.60% 38.92%
 YEARS
2022 2023 2024 2025 2026 2027
3 4 5 6 7 8

99.53% 99.49% 99.45% 99.40% 84.89% 99.69%

0.47% 0.51% 0.55% 0.60% 15.11% 0.31%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

52.20% 52.25% 56.54% 61.82% 53.87% 72.44%

0.66% 0.43% 0.47% 0.51% 0.53% 1.40%
47.13% 47.31% 42.99% 37.67% 45.59% 26.16%
8.42% 7.92% 8.52% 9.41% 11.87% 14.69%
4.89% 4.51% 4.89% 5.33% 7.19% 8.46%
1.33% 1.22% 1.33% 1.45% 1.95% 2.30%
2.01% 1.75% 1.77% 1.84% 2.39% 2.69%
1.17% 1.09% 1.18% 1.28% 1.57% 1.95%
29.32% 30.82% 25.31% 18.36% 20.62% -3.93%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
37.63% 32.55% 28.19% 23.04% 44.94% 11.67%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
37.63% 32.55% 28.19% 23.04% 44.94% 11.67%
2028 2029
9 10

95.01% 95.53%
4.99% 4.47%
100.00% 100.00%

66.09% 65.79%
0.84% 0.94%
33.07% 33.27%
12.54% 12.53%
6.95% 6.79%
1.89% 1.85%
2.12% 1.98%
1.64% 1.60%
7.93% 8.52%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
10.13% 13.87%
0.00% 0.00%
10.13% 13.87%
 YEARS
2019 2020 2021 2022 2023 2024
0 1 2 3 4 5
Inventory

Silage 6,140,191 6,924,435 8,033,180 8,936,616 9,505,337

Wanda 4,459,047 4,605,461 5,644,517 6,485,454 6,957,631
Wheat Straw 1,057,035 1,116,064 1,351,026 1,551,874 1,651,218
Additives 1,282,088 1,282,583 1,640,571 1,918,784 2,059,372
Semen 0 0 0 0 0
Total Inventory 12,938,360 13,928,543 16,669,295 18,892,728 20,173,559

Accounts Receivable 2,222,462 3,352,180 4,501,979 5,154,681 5,100,333

Total 15,160,823 17,280,723 21,171,273 24,047,410 25,273,891

YEARS
2025 2026 2027 2028 2029
6 7 8 9 10

10,100,015 7,562,113 9,388,456 10,623,388 11,558,855

7,307,414 4,873,693 5,736,791 6,658,560 7,056,104
1,754,934 1,220,423 1,474,709 1,734,228 1,881,618
2,162,593 1,322,245 1,572,133 1,863,353 1,983,422
0 0 0 0 0
21,324,956 14,978,476 18,172,089 20,879,529 22,479,999

4,907,717 3,225,522 3,358,639 4,068,970 4,383,803

26,232,673 18,203,998 21,530,728 24,948,498 26,863,802

Projections based on exchange rate
2019 2020
0 1
Female Calves (0-12 months)
Feed Quantity in kgs 2.54
Feed Price per kg 31.79
Feed Price per animal 80.67
Colstrum quantity in kgs 6.00
Colstrum opportunity cost per kg 61.03
Milk replacer quanitity per kg 0.66
Milk replacer cost per kg 259.04
Wanda Starter in kgs 1.00
Wanda Starter cost per kg 30.05
Colstrum, Milk replacer and wanda starter cost
per animal for 75 days 14,282.27
Colstrum and Milk replacer total cost 1,556,767.64
Number of animals 109.00
Total Consumption per day 276.55
Total Cost per day 8,792.62
Total Cost per month 263,778.57
Total Cost per year 3,165,342.84
Heifer
Feed Quantity in kgs 4.44
Feed Price per kg 31.79
Feed Price per animal 141.17
Number of animals -
Total Consumption per day -
Total Cost per day -
Total Cost per month -
Total Cost per year -
Adult
Feed Quantity in kgs 12.82
Feed Price per kg 37.88
Feed Price per animal 485.56
Number of animals 288.00
Total Consumption per day 3,692.16
Total Cost per day 139,842.27
Total Cost per month 4,195,268.22
Total Cost per year 50,343,218.67

Total Cost for All Animals per Year 53,508,561.51

 YEARS
2021 2022 2023 2024 2025
2 3 4 5 6

2.54 2.54 2.54 2.54 2.54

33.18 34.91 36.82 39.52 41.52
84.19 88.57 93.43 100.28 105.35
6.00 6.00 6.00 6.00 6.00
63.31 65.59 67.87 70.15 72.43
0.66 0.66 0.66 0.66 0.66
270.34 284.43 300.03 322.01 338.31
1.00 1.00 1.00 1.00 1.00
31.36 32.99 34.80 37.35 39.24

14,905.06 15,680.86 16,539.34 17,748.47 18,645.52

1,386,170.73 705,638.50 744,270.18 780,932.73 839,048.47
93.00 45.00 45.00 44.00 45.00
235.95 114.17 114.17 111.63 114.17
7,829.29 3,985.81 4,204.35 4,412.13 4,740.79
234,878.68 119,574.17 126,130.55 132,363.79 142,223.77
2,818,544.14 1,434,890.05 1,513,566.60 1,588,365.44 1,706,685.30

4.44 4.44 4.44 4.44 4.44

33.18 34.91 36.82 39.52 41.52
147.33 155.00 163.50 175.48 184.36
98.00 84.00 41.00 41.00 40.00
435.12 372.96 182.04 182.04 177.60
14,437.88 13,020.30 6,703.61 7,194.77 7,374.57
433,136.49 390,608.96 201,108.15 215,843.22 221,236.98
5,197,637.85 4,687,307.48 2,413,297.85 2,590,118.65 2,654,843.80

12.82 12.82 12.82 12.82 12.82

39.53 41.59 43.87 47.08 49.47
506.75 533.16 562.39 603.60 634.15
259.00 321.00 365.00 365.00 365.00
3,320.38 4,115.22 4,679.30 4,679.30 4,679.30
131,248.21 171,144.47 205,273.85 220,314.13 231,465.11
3,937,446.30 5,134,334.14 6,158,215.37 6,609,423.88 6,943,953.20
47,249,355.58 61,612,009.63 73,898,584.43 79,313,086.61 83,327,438.42

55,265,537.57 67,734,207.16 77,825,448.89 83,491,570.70 87,688,967.51

 2026 2027 2028 2029
7 8 9 10

2.54 2.54 2.54 2.54

43.09 44.99 46.96 49.15
109.33 114.14 119.14 124.71
6.00 6.00 6.00 6.00
74.71 76.99 79.27 81.55
0.66 0.66 0.66 0.66
351.10 366.52 382.58 400.47
1.00 1.00 1.00 1.00
40.73 42.52 44.38 46.45

19,350.10 20,198.85 21,082.88 22,067.27

2,670,313.37 1,737,101.33 2,171,536.41 1,897,785.49
138.00 86.00 103.00 86.00
350.13 218.19 261.33 218.19
15,088.16 9,815.69 12,271.15 10,724.90
452,644.95 294,470.72 368,134.58 321,747.14
5,431,739.38 3,533,648.66 4,417,614.93 3,860,965.67

4.44 4.44 4.44 4.44

43.09 44.99 46.96 49.15
191.34 199.74 208.49 218.24
41.00 124.00 77.00 93.00
182.04 550.56 341.88 412.92
7,844.75 24,767.50 16,053.77 20,296.26
235,342.57 743,024.96 481,612.95 608,887.75
2,824,110.87 8,916,299.52 5,779,355.46 7,306,653.05

12.82 12.82 12.82 12.82

51.34 53.59 55.94 58.55
658.13 687.03 717.14 750.67
212.00 228.00 270.00 272.00
2,717.84 2,922.96 3,461.40 3,487.04
139,523.52 156,643.18 193,627.09 204,182.32
4,185,705.66 4,699,295.44 5,808,812.84 6,125,469.48
50,228,467.95 56,391,545.26 69,705,754.12 73,505,633.72

58,484,318.20 68,841,493.43 79,902,724.50 84,673,252.44

 2019 2020 2021
0 1 2
Heifer
Additives quanitity in kg 0 0
Additives price per kg 227 236
Additives price per animal 25 27
Number of animals - 98
Total cost per year - 951,443
Adults
Additives quanitity in kg 1 1
Additives price per kg 146 153
Additives price per animal 146 153
Number of animals 288 259
Total cost per year 15,385,052 14,439,558

Total cost per year 15,385,052 15,391,001

Projections based on exchange rate

 YEARS
2022 2023 2024 2025 2026 2027
3 4 5 6 7 8

0 0 0 0 0 0
249 262 282 296 307 321
28 30 32 33 35 36
84 41 41 40 41 124
858,025 441,761 474,129 485,977 516,962 1,632,155

1 1 1 1 1 1
161 170 182 191 198 207
161 170 182 191 198 207
321 365 365 365 212 228
18,828,832 22,583,649 24,238,339 25,465,138 15,349,984 17,233,441

19,686,857 23,025,410 24,712,468 25,951,115 15,866,946 18,865,596

 2028 2029
9 10

0 0
335 350
38 39
77 93
1,057,928 1,337,504

1 1
216 226
216 226
270 272
21,302,307 22,463,562

22,360,235 23,801,067
Projections based on inflation

2019 2020 2021

0 1 2
Total wanda consumed per day (kgs) - 3,968.71 3,991.45
Total amount of straw per day (kg per day) - 793.74 798.29
Price of straw (PKR) 7.00 7.40 7.77
Total Cost (PKR) 0 5872.41660079 6200.35446297
Total Cost per month (PKR) - 176,172.50 186,010.63
Total Cost per year (PKR) - 2,114,069.98 2,232,127.61
 YEARS
2022 2023 2024 2025 2026 2027
3 4 5 6 7 8
4,602.35 4,975.51 4,972.97 4,971.07 3,250.01 3,691.71
920.47 995.10 994.59 994.21 650.00 738.34
8.15 8.66 9.22 9.81 10.43 11.10
7505.69951795 8621.51975003 9173.43292069 9749.6339727 6780.12999492 8192.82672233
225,170.99 258,645.59 275,202.99 292,489.02 203,403.90 245,784.80
2,702,051.83 3,103,747.11 3,302,435.85 3,509,868.23 2,440,846.80 2,949,417.62
 2028 2029
9 10
4,064.61 4,118.15
812.92 823.63
11.85 12.69
9634.59831134 10453.4318825
289,037.95 313,602.96
3,468,455.39 3,763,235.48