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Hybrid Striped Bass Economic Spreadsheet - North Carolina

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					                                                    Assumptions


Hybrid Striped Bass Farm Template

NOTE: These worksheets provide only general costs and returns estimates to fish farming.
Investment costs in particular can vary greatly and are extremely site specific.
Prospective fish farmers should use these worksheets as a guide to obtaining costs
specific to their site. You should make changes to the cells in yellow to reflect your situation.

acres water                                                       77.0
acres land                                                        96.3
number of ponds                                                   18.0
acres fingerlings                                                 24.0
ponds fingerlings                                                  6.0
acres foodfish                                                    48.0
ponds foodfish                                                    12.0
fingerling info:
     stocking density/acre                                    8,941.2
     size @ harvest, lbs                                         0.25
     FCR                                                           2.2
     survival                                                     85%

foodfish info:
     stocking density/acre                                    3,800.0
     size @ harvest, lbs                                           1.7
     FCR                                                           2.4
     survival                                                     80%
     lbs harvested/acre/year                                  5,168.0

bank credit line interest rate for yearly op. expenses              7%
percent of construction financed by owner                           0%
percent of equipment contributed by owner                           0% Loan Length in Years
bank interest rate for construction                                 7%         10
bank interest rate for equipment                                    7%         10
sale price per lb                                        $        2.00


For this set of worksheets:
1. No cost is assumed for owner's labor or for the interest cost of using the owner's
personal funds. The owner works40-50 hours per week, with one part-time employee.
Harvest labor is included with the harvesting charge.

2. Budgets assume that all construction and equipment purchases take place at the
beginning of year 1. Loan payments begin in year 1, but sales do not take place until
year 2, and sales sufficient to cover the full operating costs in a year are not realized
until year 3. If the owner does not have an additional source of income to cover debt payments
until sales begin, then additional interest costs will be incurred.

4. Total well capacity is 400 gallons per minute.




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls 1/20/2011                                           DRAFT
                                              Assumptions




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls 1/20/2011   DRAFT
                                                        Investment


Investment Costs

New Construction & Equipment

Pond Construction                                              unit    price($)/unit   # of units    TOTAL($)
   pond construction, ditching                                acre         2,200.00             77     169,400
   levee gravel and vegetative cover                          pond           750.00             18      13,500
   drainage structures and piping                             pond           500.00             18       9,000
   electrical equipment (junction boxes & hookups)            pond         2,000.00             18      36,000
   SUBTOTAL                                                                                            227,900

Water Supply
   well & motor (varies widely by site)                        unit       20,000.00             2       40,000
   water distribution system (installed)                      pond         1,500.00            18       27,000
   SUBTOTAL                                                                                             67,000

Equipment(* indicates used equipment, "2" indicates could be purchased in year 2)
    feed blower                                             unit            5,000.00            1        5,000
    feed storage (bin and concrete pad)                     unit            4,200.00            1        4,200
    electrical aerator                                      unit            3,900.00           18       70,200
    emergency aerator                                       unit            4,300.00            3       12,900
    boom truck or other harvest equipment*/2                unit            5,000.00            1        5,000
    tractors (50 HP)                                        unit           17,500.00            2       35,000
    live car/2                                              unit              700.00            1          700
    transport tank/2                                        unit            1,000.00            1        1,000
    seine/2                                                 unit            3,200.00            1        3,200
    seine reel/2                                            unit            4,000.00            1        4,000
    mower                                                   unit            1,000.00            0          -
    shop equipment                                          unit            1,000.00            0          -
    misc (waders, scale, test equp)                         unit            2,500.00            1        2,500
    SUBTOTAL                                                                                           143,700

Other startup expenses
    lime treatment                                            acre            80.00            77        6,160
    installation of utilities (varies widely by site)         dol.                                       2,500
    initial pond filling                                      dol.                                      24,642
    SUBTOTAL                                                                                            33,302

TOTAL INITIAL INVESTMENT                                                                               471,902




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls         1/20/2011                                        DRAFT
                                           Operating Costs, Year 1


Operating Costs
Year 1, fingerling production
                                            unit       price/unit ($)   # unit            TOTAL ($)     % of total
Gross Receipts
    hybrid striped bass                         lbs              2.00            -                -

Variable Costs
     fingerlings                            per                  0.20   214,588                42,918     24.50%
     1st year fingerling feed                lb                  0.26   100,320                26,083     14.89%
     chemicals                              acre               100.00        24                 2,400      1.37%
     electrical usage
            aeration                            hr               0.85      7,920                6,732      3.84%
            water supply                        hr               1.50      5,735                8,603      4.91%
     fuel
            aeration                         hr                  1.50      3,960                5,940      3.39%
            misc.                          acre                 15.00        193                2,888      1.65%
     repair & maint. of equip.              mo                 299.38          12               3,593      2.05%
     office overhead                        mo                  50.00          12                 600      0.34%
     hired labor                           month                 0.00        -                    -        0.00%
     pescalator rental                      day                500.00           1                 500      0.29%
     interest on above operating funds      dol.                                                2,923      1.67%
     marketing cost                         dol.                                                  -
     harvest (box,ice,harvest labor)         lb                                                   -
Subtotal, variable costs                                                                      103,179     58.90%

Fixed Costs*
    payment on land and const. debt         dol.                                               41,987     23.97%
    payment on equipment debt               dol.                                               25,201     14.39%
    property taxes and insurance            acre                50.00                96         4,813      2.75%
Subtotal, fixed costs                                                                          72,001     41.10%

TOTAL COSTS                                                                                   175,179

  *Excludes annual depreciation, estimated at          $       21,998




                                                      Page 4
                                                  Operating Costs, Year 2



Operating Costs and Returns
Year 2, fingerling & foodfish production
                                            unit      price/unit ($)      # unit        TOTAL ($)    % of total   $/lb harv
Gross Receipts
    hybrid striped bass                      lb                2.00       248,064          496,128

Variable Costs
     fingerlings                           per                0.20        214,588           42,918      10.66%        0.17
     1st year fingerling feed               lb                0.26        100,320           26,083       6.48%        0.11
     2nd year feed                          lb                0.20        634,752          126,950      31.53%        0.51
     chemicals                             acre             100.00             77            7,700       1.91%        0.03
     electrical usage
           aeration                          hr                0.85         37,080          31,518       7.83%        0.13
           water supply                      hr                1.50         13,561          20,341       5.05%        0.08
     fuel
           aeration                           hr              1.50           9,270          13,905       3.45%        0.06
           misc.                           acre              15.00             193           2,888       0.72%        0.01
     repair & maint. of equip.               mo             598.75               12          7,185       1.78%        0.03
     office overhead                         mo              50.00               12            600       0.15%        0.00
     hired labor                           month              0.00             -               -         0.00%         -
     pescalator rental                       day            500.00                1            500       0.12%        0.00
     interest on operating funds            total                                           11,323       2.81%        0.05
     marketing cost                         total                                            1,500       0.37%        0.01
     harvest (box,ice,harvest labor)          lb               0.15       248,064           37,210       9.24%        0.15
Subtotal, variable costs                                                                   330,620      82.12%        1.33

Fixed Costs*
     payment on land and const. debt       total                                            41,987      10.43%        0.17
     payment on equipment debt             total                                            25,201       6.26%        0.10
     property taxes and insurance          acre              50.00                 96        4,813       1.20%        0.02
Subtotal, fixed costs                                                                       72,001      17.88%        0.29

TOTAL COSTS                                                                                402,621     100.00%        1.62

  *Excludes annual depreciation, estimated at          $ 21,997.83

RETURNS SUMMARY
Returns to owner's management, labor, and capital
                                           lb            farm           water acre
Returns above variable costs            $ 0.67         $ 165,508       $     2,149
Returns above total costs               $ 0.38         $ 93,507        $     1,214
Breakeven price/lb above variable costs $ 1.33
Breakeven price/lb above all costs      $ 1.62




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls         1/20/2011                                                    DRAFT
                                                 Operating Costs, Year 3



Operating Costs and Returns
Year 3 and thereafter
                                           unit      price/unit ($)      # unit        TOTAL ($)    % of total   $/lb harv
Gross Receipts
    hybrid striped bass                     lb                2.00       248,064          496,128

Variable Costs
     fingerlings                           per               0.20        214,588           42,918      10.79%        0.17
     1st year fingerling feed               lb               0.26        100,320           26,083       6.56%        0.11
     2cnd year feed                         lb               0.20        634,752          126,950      31.91%        0.51
     chemicals                             acre             25.00             77            1,925       0.48%        0.01
     electrical usage
           aeration                         hr                0.85         37,080          31,518       7.92%        0.13
           water supply                     hr                1.50         13,561          20,341       5.11%        0.08
     fuel
           aeration                          hr              1.50           9,270          13,905       3.49%        0.06
           misc.                           acre             15.00             193           2,888       0.73%        0.01
     repair & maint. of equip.              mo             898.13              12          10,778       2.71%        0.04
     office overhead                        mo              50.00              12             600       0.15%        0.00
     hired labor                            hrs            210.00               8           1,680       0.42%        0.01
     pescalator rental                      day            500.00               3           1,500       0.38%        0.01
     interest on operating funds           total                                           11,340       2.85%        0.05
     marketing cost                        total                                            1,000       0.25%        0.00
     harvest (box,ice,harvest labor)         lb               0.15       248,064           37,210       9.35%        0.15
Subtotal, variable costs                                                                  330,635      83.10%        1.33

Fixed Costs*
     payment on land and const. debt       total                                           41,987      10.55%        0.17
     payment on equipment debt             total                                           20,460       5.14%        0.08
     property taxes and insurance          acre             50.00                 96        4,813       1.21%        0.02
Subtotal, fixed costs                                                                      67,259      16.90%        0.27

TOTAL COSTS                                                                               397,894     100.00%        1.60

  *Excludes annual depreciation, estimated at         $ 21,997.83

RETURNS SUMMARY
Returns to owner's management, labor, and capital
                                           lb           farm           water acre
Returns above variable costs            $ 0.67        $ 165,493       $     2,149
Returns above total costs               $ 0.40        $ 98,234        $     1,276
Breakeven price/lb above variable costs $ 1.33
Breakeven price/lb above all costs      $ 1.60




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls        1/20/2011                                                    DRAFT
                                                 CF Summary


Cash Flow Summary
Year 1-5

NOTE: This table does not take into account interest earned on
positive balances, and it assumes income and expenses remain the same over time.

                   expense            income             balance
initial equity*            -                                       -
year 1                 175,179                                (175,179)
year 2                 402,621            496,128              (81,672)
year 3                 397,894            496,128               16,562
year 4                 397,894            496,128              114,795
year 5                 397,894            496,128              213,029

*Amount owner contributes to initial investment of the farm




                                                    Page 7
                                                                                                    Cash Flow



Year 3 & succeeding years       month
                                            1            2           3           4            5         6               7            8            9        10          11                 12    TOTAL
fingerlings                                                                                        42,918                                                                                          42,918
fingerling feed                         -            -          -           -            -            856         6,513       5,613        5,613        5,613       1,122                749       26,078
foodfish feed                           774        2,742      6,233       6,233       13,012       17,633        17,633      17,633       17,633       17,633       5,878              3,910      126,950
chemicals                                                       642                                   642                                    642                                                    1,925
electrical usage                                                                                                                                                                                      -
        aeration                    1,106          1,106      1,106       1,106         2,212        4,424        4,424        4,424        4,424        3,871      1,659              1,659       31,518
        water supply                3,228          3,228         19          41            53        5,990        2,756        2,761          588          583        555                538       20,341
fuel                                                                                                                                                                                                  -
        aeration                        488         488         488         488          976         1,952        1,952        1,952        1,952        1,708       732                 732       13,905
        misc.                           241         241         241         241          241           241          241          241          241          241       241                 241        2,888
repair & maint.                         898         898         898         898          898           898          898          898          898          898       898                 898       10,778
office overhead                          50          50          50          50           50            50           50           50           50           50        50                  50          600
hired labor                             140         140         140         140          140           140          140          140          140          140       140                 140        1,680
pescalator rental                                                                                                                                                                      1,500        1,500
other equipment rental                                                                                                                                                                                -
marketing cost                                                                                                                                           1,000                                      1,000
harvest costs                       6,202          6,202      6,202                                                                                      6,202      6,202              6,202       37,210
property taxes & insurance                                                                                                                                                             4,813        4,813
TOTAL USES OF CASH                 13,126         15,095     16,018       9,197       17,582       75,743        34,606      33,711       32,180       37,938      17,475             21,430      324,102
                                                                                                                                                                                                      -
SOURCES OF CASH                                                                                                                                                                                       -
     Harvested Fish                                                                                                                                   165,376     165,376            165,376      496,128
     Other Income                                                                                                                                                                                     -
TOTAL SOURCES OF CASH                   -            -           -           -            -            -            -            -            -       165,376     165,376            165,376      496,128
                                                                                                                                                                                                      -
CASH FLOW BY MONTH                (13,126)      (15,095)     (16,018)     (9,197)     (17,582)     (75,743)    (34,606)      (33,711)     (32,180)     127,438    147,901             143,946
CUMULATIVE FROM YEAR 2            (53,919)      (69,013)     (85,032)    (94,228)    (111,811)    (187,553)   (222,159)     (255,870)    (288,051)    (160,613)   (12,712)            131,233     131,233
                                                                                                                                                                             + interest costs     (11,340)
                                                                                                                                                                             cum. total =         119,893




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls                                                      1/20/2011                                                                                       DRAFT
                                                                        Aeration


Aeration Schedule

month        Fingerling Ponds                                       Foodfish Ponds
                                                                                                        food+finger
              hrs/night nights/mo # of ponds total hours      %      hrs/night nights/mo # of ponds total hours          %
         1                                                  0.00%         6         10            12         720      0.035088
         2                                                  0.00%         6         10            12         720      0.035088
         3                                                  0.00%         6         10            12         720      0.035088
         4                                                  0.00%         6         10            12         720      0.035088
         5                                                  0.00%         6         20            12        1440      0.070175
         6       6         20          6         720       18.18%         6         30            12        2880      0.140351
         7       6         20          6         720       18.18%         6         30            12        2880      0.140351
         8       6         20          6         720       18.18%         6         30            12        2880      0.140351
         9       6         20          6         720       18.18%         6         30            12        2880      0.140351
        10       6         10          6         360        9.09%         6         30            12        2520      0.122807
        11       6         10          6         360        9.09%         6         10            12        1080      0.052632
        12       6         10          6         360        9.09%         6         10            12        1080      0.052632
                                                                                         total of both = 20520
   total hours/fingerling ponds                 3960                total hours/foodfish ponds             16560




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls                        1/20/2011                                                 DRAFT
                                                                                              Well



Water Supply                            well gpm =             400

            fingerling water needs (total gallons/mo)                                      foodfish water needs (total gallons/mo)                                     % combined for
              makeup water        to fill ponds     water exchange     total         %      makeup water to fill ponds water exchange            total      %          finger. & foodfish
        1                                                                             0.00               0   31,283,712                        31,283,712       0.24                 0.16
        2                                                                             0.00           4,848   31,283,712                        31,288,560       0.24                 0.16
        3                                                                             0.00        184,560                                         184,560       0.00                 0.00
        4                                                                             0.00        398,208                                         398,208       0.00                 0.00
        5                                                                             0.00        517,200                                         517,200       0.00                 0.00
        6          234,312             31,283,712       5,213,952    36,731,976       0.53        468,624                        20,855,808    21,324,432       0.17                 0.29
        7          212,472                              5,213,952     5,426,424       0.08        424,944                        20,855,808    21,280,752       0.17                 0.14
        8          229,464                              5,213,952     5,443,416       0.08        458,928                        20,855,808    21,314,736       0.17                 0.14
        9          162,696                              5,213,952     5,376,648       0.08        325,392                                         325,392       0.00                 0.03
       10          145,680                              5,213,952     5,359,632       0.08        291,360                                         291,360       0.00                 0.03
       11           54,624                              5,213,952     5,268,576       0.08        109,248                                         109,248       0.00                 0.03
       12                0                              5,213,952     5,213,952       0.08               0                                              0       0.00                 0.03
                                                                     68,820,624                                                               128,318,160
total gallons/gpm of well = number of hours well pump runs =              2,868            total gallons/gpm of well = number of hours well pump runs =     5,346.59

            no of exchanges/yr (besides fill-up) =              1              869         no of exchanges/yr (besides fill-up) =                      1
            total gallons in filled ponds =            31,283,712                          total gallons in filled ponds =                    62,567,424
                                                               24




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls                                            1/20/2011                                                                             DRAFT
                                                  Feed


Feeding, percentage breakdown by month

month        fingerlings foodfish
         1             0    0.0061
         2             0    0.0216
         3             0    0.0491
         4                  0.0491
         5                  0.1025
         6       0.0328     0.1389
         7       0.2497     0.1389
         8       0.2152     0.1389
         9       0.2152     0.1389
        10       0.2152     0.1389
        11        0.043     0.0463
        12       0.0287     0.0308
                 0.9998           1




file = 03cfe6d0-90fb-4b3b-b6c1-859446e21cc2.xls 1/20/2011   DRAFT

				
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