WOMEN’S UNIVERSITY IN AFRICA

FACULTY OF AGRICULTURAL SCIENCES

STUDENT’S NAME : Kudakwashe Slyvester Pachawo

STUDENT’S ID : W222126

PROGRAM : Agribusiness Management

COURSE : Animal Anatomy

INTAKE : 1:1 2022

LECTURER : Mr K. Senzanje

QUESTION : Select an agribusiness of your choice

and draft a business plan (indicate the se-
lected option before writing the plan).
(25)

Table of Contents
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 1. Company Name .....................................................................................................................

2. EXECUTIVE SUMMARY......................................................................................................... 3

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

3. Ownership Of Business........................................................................................................... 4

4. Products..................................................................................................................................... 4

5. Market and Indusry Analysis................................................................................................ 4

6. Marketing Plan ........................................................................................................................ 5

7. Production / Operation Management.................................................................................. 7

8. Management Plan.................................................................................................................... 8

Organasation Chart ....................................................................................................................8

9. Finacial Plan ............................................................................................................................ 9

Projected Cash Flow.................................................................................................................10

Projected Balance Sheet...........................................................................................................11

Profit and Loss Statement (With Monthly Detail)........................................................................ 10

Cash Flow Statement (With Monthly Detail)................................................................................ 11

Balance Sheet (With Monthly Detail)............................................................................................ 12

1. Company Name
BUSINESS NAME AND ADDRESS Lamex POULTRY FARM ENTERPRICE
2
 Lot 1 Blythewood
Ruzawi
Marondera
Zimbabwe
(+263)778425091
OURSERVICESINCLUDES:

 SALES ON LIVE CHICKENS (OLD LAYERS AND BROILERS), TURKEYS,

DUCKS,

 EGGS (WHOLESALEANDRETAILS)

 FROZENCHICKEN

1. EXECUTIVE SUMMARY

Poultry farming is one of the most lucrative agriculture business in Zimbabwe. Thousands of poultry
products are consumed everyday yet, the demand remains unsatisfiable. Poultry farming is the second
most considered sector which is under animal husbandry in agricultural field. It is easy to run and re-
quires less expenses, opportunities surrounding poultry farming are exponential in highly profitable
ways.
We are in the commercial poultry farm and egg production line of business because we want to focus
on the vast opportunities available in the agriculture industry, to contribute our quota in growing the
Zimbabwe economy, in national food production.
The business is proposed to specialize in the rearing and sales of broiler and manure. The proposed
target market are families/households, restaurants, hotels, students, and event planners. The mission is
to improve on the existing quality of poultry product while ensuring affordability and availability as
well as to create an excellent customer relationship.
Lamex poultry farm is located at Lot 1 Blythewood Ruzawi Marondera. The target markets is (Ma-
rondera market). Immediate environment, household, restaurants hotels, event planners, the business
is a limited liability company. Lamex poultry is well positioned to become one of the leading com-
mercial poultry farms and egg production business in Zimbabwe, which is why we have been able to
source for the best hands and machines to run the company with.
We have put process and strategies in place that will help us employ best practices when it comes to
commercial poultry farming. At the Lamex Poultry Farms, our customer’s best interest will always
come first, and everything we do will be guided by our values and professional ethics.
We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’
needs precisely and completely. We will cultivate a working environment that provides a human, sus-
tainable approach to earning a living, and living in our world, for our partners, employees and for our
customers.

Mission Statement

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Lamex poultry’s mission is to provide customers with quality, fresh, and valuable products. To re-
spect all employees and enable everyone to have a say in company affairs. Quality and service are our
number one priority. To provide investors with opportunities to receive a nice return on investment
and high-quality growth.
Ownership of the business
The ownership type of Lamex poultry farm is a sole proprietorship business. This type of ownership
is selected because they are easy to form, and the owners enjoy sole control of his or her business
profits. Lamex poultry is owned by three persons. They are namely Slyverster Lameckson, Aisha
Talsi and Rudo Pachawo. It is a partnership and each person has shares in the business and is also
equally liable for any business debts or claims.

2. Product or Service
We offer chicken eggs and chicken meat that will be gotten from layers and broilers to our target mar-
ket. We plan to take pride in the uncompromising quality of our products. We also offer fertilizer in
the form of chicken manure. This is mostly used in vegetable farming and as an ingredient for feed in
fish farming. Lamex poultry shall produce high quality It takes about 6-8 weeks for our a day-old
broiler to reach maturity and all-in all-out technique will be used, under this technic day-old hybrid
broiler chick are purchase in one single batch, grown until maturity and sold in one batch to the mar-
ket. This technic allows the farmer to clean and disinfect the farm before receiving the next batch of
broilers, making it easier to control the spread of disease.
PHASE1: day-old chicken is purchased from a reliable source and reared in the brooding facility for
4weeks and then transfer to the broiler’s cub after4weeks.
PHASE2: Four-week old chicken are continued to be reared for another 2 to 4 weeks, before it’s
ready for the market. Production capacity of the proposed farm is ten thousand broilers for the start,
which is subject to change, it takes 8 weeks for a day-old broiler to grow to maturity, and the numbers
of broilers will be increased during festive period by 200 because of the high demand.

3. Market Analysis
The local-food movement has been gaining momentum in developed countries, and in many develop-
ing countries as well, in recent years. Local food, including poultry, is preferred by people who fall in
the following two age groups: 18-35 years and 55+ years. These consumers are health-conscious and
believe that locally grown food is more sustainable than other products available. Locally grown
poultry is preferred by households with medium-to-high income as well as consumers who have
higher levels of education. Due to recovering consumer sentiment, population growth and strong ex-
port demand, poultry/meat processing revenue is forecast to increase annually in the next 5 years.
While the Zimbabwe market for locally grown pastured poultry continues to grow, convenient and af-
fordable processing remains a serious challenge for small-scale poultry producers, preventing many
from accessing this important market. Poultry farmers without processing plants are unable to provide
processed poultry to grocery stores, farmers markets, or institutions. This comes at a time when the
demand for local, fresh and sustainable poultry is increasing.
Zimbabwe Poultry Industry Analysis
Poultry industry in Zimbabwe a profitable and globally competitive industry. The industry is self-de-
scribed as a model for efficient production of affordable, nutritious, high quality products that reach
customers in Zimbabwe and across the globe. Companies operating in the Zimbabwe Poultry industry
like Surrey Foods and Irvines have and continue to be major innovators in transforming the industry
from one defined by scattered family farmers to one dominated by a few large firms that have trans-
formed the common chicken into a global commodity at the heart of a domestic industry which pro-
duced USD3 billion pounds and saw a retail value of US$6 billion in 2021. Prices have trended down-
ward for many years and per capita consumption now exceeds 27 pounds. The poultry industry attrib-
utes its success to a more efficient structural organization, improved production and processing tech-

4
nologies, and a continuing responsiveness to consumer demands. In terms of consumer demands, Zi-
mbabwean shoppers have more options than ever before. Product Inventory has expanded from whole
dressed birds and cut-up-parts to numerous further processed items like frozen meals, chicken nug-
gets, and ready-to-eat cooked chicken.

4. Marketing Plan
OUR TARGET MARKET
The target market of those who are the end consumer of commercial poultry farm produce and also
those who benefits from the business value chain of the poultry farming and egg production industry
is all encompassing. Every household consumes produce from commercial poultry farms be it chicken
or egg. Also, almost all hotels and fast restaurants sell chicken and eggs. In essence a commercial
poultry farmer should be able to sell his or her chicken and eggs to as many people as possible. Below
is a list of the people and business that we will market our Poultry products to;

 Households

 Individuals

 Hotels

 Restaurants

 Fast food eateries

 Agriculture merchants
COMPETITIVE ADVANTAGE
Lamex Poultry farm is fully aware that there are competitions when it comes to selling commercial
farm produce in the country, which is why we decided to carry out thorough market research so as to
know how to take advantage of the available market Marondera and all over the country. We have
been able to highlight some factors that will give us competitive advantage in the marketplace; some
of the factors are effective and reliable poultry farming and egg production processes that can help us
sell our produce at competitive prices, good network and excellent relationship management.
Another competitive advantage that we are bringing to the industry is the fact that we have healthy re-
lationships with loads of major players (agriculture merchants) in the industry, both suppliers of
poultry feeds and medications and buyers of chickens and eggs.
SALES AND MARKETING STRATEGY
We have discovered that the reason why some commercial poultry farms and egg production compan-
ies hardly make good profits is their inability to sell off their chickens and eggs as at when due.
Lamex poultry will strive for the production of products with the highest quality and we plan on em-
ploying the following strategies. Our location puts us in the proximity of a major hotel, restaurant,
schools with campuses and home deliver food centres we will be supplying to. We would also make
contracts with hawkers in markets to sell our live chickens. Our sales and marketing team will be re-
cruited based on their vast experience in the poultry farming and egg production industry and they
will be trained on a regular basis so as to be well equipped to meet their targets and the overall busi-
ness goal of Lamex Poultry farm. We have perfected our sale and marketing strategies first by net-
working with agriculture merchants and businesses, like Boarding Schools in Marondera and Almost
all major food eateries in Marondera that rely on daily supply of chicken and eggs from the poultry
farms and egg production industry that are likely to become our customers. Also Online Website and
Social Media Marketing, website enables one individual to successfully reach significantly more
people at a lower cost than traditional forms of advertising. People could read about the mobile
poultry set up, the advantages, the reduced cost of transportation, and the economic rate of the pro-
cessed poultry.
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PUBLICITY AND ADVERTISING STRATEGY
We intend growing our business which is why we have perfected plans to build our brand via every
available means. We know that it is important to create strategies that will help us boost our brand
awareness and to create a corporate identity for our commercial poultry farm and egg production busi-
ness. Below are the platforms we will leverage on to boost our commercial poultry farm and produc-
tion brand and to promote and advertise our business;

 Place adverts on community based newspapers, radio stations and TV stations.

 Encourage the use of word of mouth publicity from our loyal customers.

 Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook,
Twitter, Snap chat, Google and other platforms to promote our business.

 Ensure that our we position our banners and billboards in good positions all around The
Country

 Distributeourfliersandhandbillsintargetareasinandaroundourneighborhood.

 Contact corporate organizations, households, landlord associations and schools by calling

them up and informing them of Lamex Poultry Farm and the poultry produce we sell.

 Brand all our official cars and trucks and ensure that all our staff members and management
staff wears our banded shirt or cap at regular intervals.
In summary, the Lamex Poultry Farm, will adopt the following strategies in marketing our com-
mercial farm produce;

 Introduce our business by sending introductory letters alongside our brochure to stake
holders in the agriculture industry, households, hotels and restaurants and agriculture pro-
duce merchants.

 Advertise our business in agriculture and food related magazine and websites.

 List our commercial poultry farms and egg production business on advertisements.

 Attend related agriculture and food expos, seminars, and business fairs.

 Leverage on the internet to promote our business.

 Engage in direct marketing.

OUR PRICING STRATEGY

Some of the factors that will help us sell our farm produce at the right price that will guarantee that
we make profits is dependent on our strategy, while some of the factors are beyond our control. For
example, if the climatic condition is unfavourable and if there is natural disaster in the location where
we have our commercial poultry farm, then it will directly affect the prices of our chicken and eggs.
Also, in order for us to get the right pricing for our chicken and eggs, we ensure that we choose a
good location for commercial poultry farm, choose a good breed that will guarantee bountiful harvest,
cut the cost of running our poultry farm to the barest minimum and of try as much as possible to at-
tract buyers to our poultry farm as against taking our eggs and chickens to the market to search for
buyers; with this, we would have successfully eliminate the cost of transporting the goods to the mar-
ket.

One typical example of pricing is described below:

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  The price of the chicken would range from USD$ 6 up to USD $ 8 depending on the size and
quality.
 The price for a crate of eggs ranges from USD $3.00 to USD $ 4.00.
 The price of a wheelbarrow of manure costs about USD $ 0.45.
 These prices would also vary depending on the existing market price of poultry meat and
eggs. As we compete with other poultries
Price of Services:

 THE first 50 chickens, we offer 10% discount

 Buy 15 turkeys, we offer 7 % discount

 Buy 20 Ducks, we offer 7 % discount

 Offer free deliveries on weekends for purchases above USD $ 50

WE also have monthly and weekly payment plans:

 Monthly Plan : only to PLATINUM LOYALTY CUSTOMERS (bulk supply 50 birds and
above)

 Weekly Plan : DIAMOND LOYALTY CUSTOMERS (daily supply)

1. Production/Operations Management
The poultry processing facility has two parts: the farm, where the processing is to take place and the
mobile processing unit. The property is an important piece that, when put together with the MPU, fa-
cilitates some of the processes involved while operating the MPPU and processing the Poultry are:
Pre-slaughter Processing poultry begins by withdrawing feed prior to slaughter to reduce the amount
of feed in the gut and reduce the likelihood of fecal contamination if the gut tears during processing.
Feed should be withheld for 8-12 hours prior to slaughter. Inspect the live birds to ensure all birds are
healthy with no signs of disease, defects or damage. All suspect birds need to be separated and
treated, or destroyed. The MPU cannot be used to process these birds.
i. Immobilizing, Killing and Bleeding Equipment used-Stunning Knife, Kill Cones and Racks
the bird is placed head downward in a killing cone, a funnel-like device that exposes the head
and neck of the bird while restraining its wings. The bird’s wings should be folded down and
inserted in the cone to prevent the bird from flapping its wings, which can cause haemor-
rhaging or broken bones, or cause it to back out of the cone. Using a sharp knife slit the neck
skin and the veins and arteries underneath. The bird rapidly bleeds to death as the heart pumps
the blood from the body.
ii. Scalding Equipment Used - Scalder the next step in processing is scalding, which serves to
loosen the feathers. The Scalder will be set at 145-150°F with a timer of approximately 30 to
60 seconds. It is important to maintain the proper water temperature while processing birds to
have the desired effect. The feathers on a properly scalded bird will be easy to remove by
hand. If the scald water is too cool, the feathers will not pick easily. If the water is too hot, the
skin will tear in the plucker.
iii. Plucking Equipment Used-Plucker After removing the birds from the Scalder they can be
placed in the drum plucker. Plucking can be completed in 20-30 seconds. A drum plucker will
defeather 3-5 chickens or 2 turkeys at a time. Poultry should be placed in covered containers
before transfer to the evisceration unit.

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iv. Eviscerating Equipment Used-Eviscerating Table The goal is to remove internal organs
without tearing or cutting the intestines and organs. Pull out viscera and inspect for tumours,
lesions or other abnormalities. Check heart, liver and small intestine. If abnormalities are
present the bird must be discarded. If required, separate the giblets (heart, liver, and gizzard)
and place remaining viscera in waste bucket. Rinse bird and place in chill tank. If giblets were
saved, rinse and chill. Pass bird to quality control table. If any contamination with fecal mat-
ter occurs, the bird must be tagged, washed thoroughly and placed in a separate chill tank.
v. Packaging Operations -Once birds’ temperatures drop below 40°F, remove them from chill
tank and allow excess water to drain. Place neck and giblets (if being sold with the bird) in the
body cavity or package separately. Place birds in appropriately sized bags. Seal bag and va-
cuum pack.
vi. Labelling Weigh and record the bird and any pieces, and apply label.
vii. Storage Place bird in cooler if holding for a customer, or under refrigeration for transport#
List of asserts required

S/N Equipment Description/ uses

MPU Housing Facil- 1. Main silo feeding system
ity 2. Automatic broiler pan feeding system
3. Automatic nipple drinking system
4. Ventilation system: 1 set, cooling fan, cooling pad and small
side windows.
5. Automatic environmental controlling system
6. Heating system
7. Lighting system:
Generator This is us to supply electricity to the poultry house as well as to
keep the poultry house gadget running
Mobile Poultry Pro- Slaughter processing
cessing Unit
Crates
Egg tray
Gloves Will be used to protect the staff while working in the farm
Nose max This will be use protect and clear the breath of staff when clean-
ing the poultry house
Table/chair The table and chair are for sales representative and customers
Feeds Feeds for the birds
Water / Electricity Water gotten from the borehole
Vaccine Treatments for the birds
Saw dust The dust for the floor of the poultry house bedding
Day old chicks these are one day old chicken that will be reared for 6 to 8
weeks

Risk Assessment
The business of poultry farm involves some risks which are outbreak of disease, flood, inferior
vaccine and fire outbreak. However, the intention is to reduce this risk by giving the birds right
proportion of vaccine as well as standard and quality vaccine which will be purchase from a reli-
able supplier, our farm is located on a high land, we maintain a safety precaution policy by mak-
ing fire extinguisher available in the farm. This business will meet some societal needs such as
improve the standard of living of our employees by creating employment, development of more
entrepreneurs and serve as source of encouragement to the youths as well as contributing to the
development of the state by paying tax.
SWOT Analysis

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1. Strengths

 Produce high-quality eggs enriched with protein

 Relatively good infrastructure systems

 Good marketing system Eggs and chicken are not seasonal products and can be eaten at
any time of the year

 In this area, the poultry business hasn’t been over-exploited

 Poultry are environmentally friendly

1. Weaknesses

 Capital intensive.

 Starting a poultry business requires a large capital funding.

 Outbreak of disease can ruin entire business in a go

 The smell can be quite disturbing

1. Opportunities

 Expansion into large scale production of by products (fertilizer and detergent)

 Export to neighbouring towns

 A large and successful poultry will ensure food security

1. Threats

 More competition Avian diseases

 High feed ingredients prices

 Threat of import of frozen chicken

1. Management plan

Lamex Poultry Farm is a privately owned and managed commercial poultry farms and egg pro-
duction business that intend to grow big in order to compete favourably with leading commercial
poultry farms and egg production companies in the agricultural sector. At the Lamex Poultry
Farm, we ensure that we hire people that are qualified, hardworking, creating and are ready to
work to help us build a prosperous business that will benefit all the stakeholders (the owners,
work force, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior manage-
ment staff and also bonuses for our production workers it will be based on their performance for a
period of 3 months or more as agreed by the board of trustees of the company.
Lamex Poultry employ several people to cater to different needs and work. Some of the main em-
ployees involved would be:
a) Manager
b) Stunning and Killing Employee
c) Plucking and Scalding Staff
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 d) Eviscerating Staff
Organisation chart
Lamex Poultry Farm is currently employing 12 staff members. The chart below describes based on
hierarchy from the uppermost level in terms of employee responsibility

Owner/Manager
Owner/Manager
Business
Production

Foreman

Processing and
Production
Technician Security distribution
Workers workers

1. Financial Plan
Lamex Poultry Farm, is in the poultry farm and egg production line of business for the purpose of
maximizing profits. Hence, we have decided to explore all the available opportunities within the in-
dustry to achieve our corporate goals and objectives.
Below are the sources we intend exploring to generate income for the Poultry Farm;

 Raising, processing and marketing chickens on a commercial level

 Marketing our egg produce

 Hatching eggs

 Specialty eggs

 Marketing poultry feeds

Estimating the capital requirement. Here the financial plan includes the financial projections for
the first 2 years of operation, pre operating and operating expenses, start-up capital, funding
source, proposed selling price and financial assumptions

Required start-up capital estimate

For a business to succeed, start-up fund plays a huge role. Since the proposal is for a business
based in Zimbabwe, the required capital will be estimated based on the USD currency. However,
the zimdollar equivalent for the capital will be stated as wall based on the current rate.

ITEMS AMOUNT
Pre-operating Expenses
Opening Stock

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 Total Operating Expenses -3months
Total Start-up Capital Estimated

Source of funds
The source of fund for the business will be from two origins. The first being from bank, while the
other will be from personal means. Each of the three company partners is going to invest a certain
percentage of funds into the company. However, the higher portion of the fund will be sourced
from the bank. The percentage for each of the fund source will be named in the table below.

SOURCES OF FUNDS AMOUNT %

Bank loan USD $ 48.000 60%
Personal equity USD $32.000 40%
Total Funds USD $80.000 100%

Pre-operating activities
This comprises of the cost of land, cost of preparing the land, electrical Bills , cost of equip-
ment’s, cost of preparing the brooding room for day old chicken and cost of registering the busi-
ness. All of which are cost activity that precede the operation

PRE-OPERATING ACTIV- AMOUNT

ITIES
Land acquisition
Land preparation/Building USD $ 19.000
Electrical/Plumbing USD $ 1000
Purchase of equipment USD $10.00
Preparing of brooding room USD $ 1000
Business registration/local gov USD $ 2000
tax

Operating Expense Projection for Period Of two Year

Projected Profit and Loss

As the Profit and Loss table shows the farm expects to have rapid growth in sales revenue and an
increase in net profit over the next three years of operations.

Year1 Year2 Year3

Sales $29,137 $172,500 $315,000

Direct Cost of Sales $6,799 $50,350 $93,600

Other Costs of Sales $0 $0 $0

Total Cost of Sales $6,799 $50,350 $93,600

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 Gross Margin $22,338 $122,150 $221,400

Gross Margin % 76.67% 70.81% 70.29%

Expenses

Payroll $5,000 $90,000 $120,000

Marketing/Promotion $180 $300 $400

Depreciation $6,000 $15 $45,000

Building Expense $804 $400 $800

Equipment Expense $3,000 $0 $0

Utilities $5,719 $8,000 $15,000

Phone/Fax $1,266 $1,500 $1,800

Legal $500 $250 $250

Rent $3,996 $0 $0

Repair Maintenance $3,798 $1,500 $4,500

Inventory $966 $1,000 $2,500

Auto/Truck Expense $9,600 $5,000 $5,000

Total Operating Expenses $40,829 $107,965 $195,250

Profit Before Interest and Taxes ($18,491) $14,185 $26,150

Interest Expense $5,778 $4,877 $3,077

Taxes Incurred $0 $2,792 $6,922

Net Profit ($24,269) $6,516 $16,151

Net Profit/Sales -83.29% 3.78% 5.13%

Projected Cash Flow

Farm shows positive cash flow and the analysis is outlined in the following table. The investment of
grant funding along with the disbursements of it was primarily accounted for in one month to simplify
cash flow assumptions

Year1 Year2 Year3

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Cash Received

Cash from Operations

Cash Sales $29,137 $172,500 $315,000

Subtotal Cash from Operations $29,137 $172,500 $315,000

Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $15,000 $0 $0

New Other Liabilities (interest-free) $0 $0 $0

New Long-term Liabilities $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0

New Investment Received $1,944,390 $0 $0

Subtotal Cash Received $1,988,527 $172,500 $315,000

Expenditures

Expenditures from Operations

Cash Spending $5,000 $90,000 $120,000

Bill Payments $47,111 $432,961 $75,327

Subtotal Spent on Operations $52,111 $522,961 $195,327

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Year1 Year2 Year3

Principal Repayment of Current Borrowing $1,932 $2,000 $2,000

Other Liabilit- Principal Repayment $0 $0 $0

ies
Long-term Liabilities Principal Repayment $2,400 $12,000 $20,000

Purchase Other Current Assets $40,000 $10,000 $10,000

Purchase Long-term Assets $1,500,000 $0 $0

Dividends $0 $0 $0

Subtotal Cash Spent $1,596,443 $546,961 $227,327

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 Net Cash Flow $392,084 ($374,461) $87,673

Cash Balance $401,834 $27,373 $115,047

Projected Balance Sheet

The balance sheet shows healthy growth of net worth and a strong financial position.
Year1 Year2 Year3

Assets

Current Assets

Cash $401,834 $27,373 $115,047

Inventory $8,480 $399,543 $305,943

Other Current Assets $53,500 $63,500 $73,500

Total Current Assets $463,814 $490,416 $494,489

Long-term Assets

Long-term Assets $1,594,047 $1,594,047 $1,594,047

Accumulated Depreciation $44,700 $44,715 $89,715

Total Long-term Assets $1,549,347 $1,549,332 $1,504,332

Total Assets $2,013,161 $2,039,748 $1,998,821

Liabilities and Capital

Current Liabilities

Accounts Payable $4,315 $38,386 $3,308

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Current Borrowing $15,168 $13,168 $11,168

Other Current Liabilities $0 $0 $0

Subtotal Current Liabilities $19,483 $51,554 $14,476

Long-term Liabilities $40,600 $28,600 $8,600

Total Liabilities $60,083 $80,154 $23,076

Paid-in Capital $1,944,390 $1,944,390 $1,944,390

Year1 Year2 Year3

Retained Earnings $32,957 $8,688 $15,204

Earnings ($24,269) $6,516 $16,151

Total Capital $1,953,078 $1,959,594 $1,975,745

Total Liabilities and Capital $2,013,161 $2,039,748 $1,998,821

Net Worth $1,953,078 $1,959,594 $1,975,745

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