VIRAMS Poultry Farm

BUSINESS PLAN

CONFIDENTIALITY AGREEMENT
The undersigned reader acknowledges that the information provided by Virams
Poultry Farm (VIRAMS) in this business plan is confidential; therefore, reader agrees
not to disclose it without the express written permission of VIRAMS.
It is acknowledged by reader that information to be furnished in this business plan
is in all respects confidential in nature, other than information which is in the public
domain through other means and that any disclosure or use of same by reader
may cause serious harm or damage to VIRAMS.
Upon request, this document is to be immediately returned to VIRAMS.

___________________
Signature
___________________
Name (typed or printed)
___________________
Date

VIRAMS Poultry Farm

BUSINESS PLAN

TABLE OF CONTENTS
1.0

2.0

3.0

4.0

EXECUTIVE SUMMARY
1.1 Background

..
3
1.2 Objectives
3
1.3 Mission
. 3
COMPANY INFORMATION
2.1 Legal
Existence
.
4
2.2 Ownership
.. 4
2.3 History
.. 4
2.4 Operation

4
2.5 Broiler
Production

5
2.6 Chicken
Manure
Collection
5
2.7 Past
Performance
. 5
MARKET SUMMARY
3.1 Broiler
Industry
6
3.2 Demand
and
Supply
. 6
STRATEGY AND IMPLEMENTATION
4.1 Business
Strategy

7
4.2 SWOT
Analysis
. 7
4.3 Milestones
.. 8
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BUSINESS PLAN

4.4 Detailed
Budget
.. 8
5.0 MANAGEMENT PLAN
5.1 Personnel

9
5.2 Integrators
Intervention.
9
5.3 Growers
Responsibility
.
9
6.0 FIANANCIAL PLAN
6.1 Key
Assumptions
..
10
6.2 Projected
Production
and
Sales.
10
6.3 Projected
Statement
of
Income. 11
6.4 Projected
Statement
of
Cash
Flows. 11
6.5 Schedule
of
Loan
Repayments.
12
ANNEXURE
Bill of Materials and Costs Estimate
Building Plans
Site Development Plan
Property Sketch Plan
DTI Certificate of Business Name Registration
BIR Certificate of Registration
EMB Environmental Compliance Certificate
Completed Broiler Growership Agreement
Integrators Certification of Contract Growing
Latest Audited Financial Statements

1.0 EXECUTIVE SUMMARY

1.1 Background
Virams Poultry Farm (VIRAMS) is a small family owned poultry farm located in
Brgy. Bagacay, Tigbauan, Iloilo that sells broiler chicken, chicken manure and
used feed sacks. Mr. Virgilio Billy Ramos, its proprietor and manager grew up
in families engaged in broiler production and since 1998 have been slowly
building up his own farm and evolved to where it is now.
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BUSINESS PLAN

The father Billy has been operating the farm on a part-time basis with the help
of his son Billie Joel and is prepared to take the farm to the next level. The
father-and-son team has all the necessary skills, dedication, and experience to
do well in the business, but lacks the necessary capital to take the next step in
building and running a bigger poultry farm.
Therefore, VIRAMS is seeking PESOS: FIFTY MILLION (P 50,000,000.00) in equity
and/or loan financing for the planned increased in production volume to
200,000. The farms existing facility (which shall serve as equity component of
the project) already has loading capacity of 50,000 birds representing 25% of
the target production volume. Total project cost amounts to more or less P 76.4
million while VIRAMS equity amounts to P 26.4 million.
VIRAMS is recently awarded a four-year (2015-2018) grower contract by San
Miguel Foods Corp. thru its power brand Magnolia with an approved buy-back
volume of 200,000 birds/32-34 days/cycle/7 cycles/year.
At an average
mortality rate of two percent (2%), the farm is expected generate annual
guaranteed revenues of P 21.952 million for the sale of live broiler. The farm
likewise derives additional income from the sale of chicken manure with an
estimated volume of 6,000 sacks/cycle/7 cycles/year @ P 175.00 per sack
amounting to P 1.470 million. This brings a total estimated yearly income of P
23.422 million. With the projected revenues, VIRAMS is confident it shall have
sufficient cash flows to service the loan and be able to repay the full amount in
five (5) years.
1.2 Objectives
The Objectives of VIRAMS are: Operate the farm on company owned land; Build
poultry houses with 200,000 production volume by 2016; Apply innovative
practices and technology to keep mortality at 1-2%; Obtain a P 50.0 million;
funding to carry-out the expansion program; Reach profits that allow the whole
family to work for the company full-time and earn sufficient income.
1.3 Mission
The mission of VIRAMS is to own a family operated poultry farm that generate
jobs within the community. The companys goal is to increase production
volume to 200,000 high-quality broilers to be economically viable, while
teaching others how to tend and take care of them.

2.0 COMPANY INFORMATION

2.1 Legal Existence
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VIRAMS is a single proprietorship initially registered with the Department of

Trade and Industry in January 21, 2004 and subsequently renewed yearly
thereafter with current Certificate valid until January 21, 2020. The business is
also registered with the Bureau of Internal Revenue under Tax Identification
Number (TIN) 130-934-584-000. VIRAMS likewise is committed to comply with
all applicable environmental rules, regulations and standards outlined in its
Environmental Compliance Certificate (ECC) with reference Code# ECC-R61002-031-1220.
2.2 Ownership
VIRAMS Poultry Farm is a private family owned business registered with the DTI
under the name of Virgilio Salvante Ramos. Mr. Ramos though, is planning to
upgrade the business into a corporation whereby his son Billie Joel shall be
given equal shareholdings and shall take over management.
2.3 History
Formerly operating as a small-scale contract grower under the name of V-ROSA
in 1998, the farm evolved into Virams Poultry Farm. During the last three (3)
years of operations (2009-2011), the farm has a production volume of 70,00075,000. In the later part of 2011 the farm was hit by typhoon Pedring
destroying 80% of its infrastructure. Because of the heavy damage VIRAMS
shut-down operations in 2012-2014. Since then, VIRAMS has been undergoing
rehabilitation little-by-little and now has an existing loading capacity of 50,000
heads.
2.4 Operations
VIRAMS is located at Brgy. Bagacay, Tigbuan, Iloilo which is 20 minutes travel
from Iloilo City or approximately 21 kilometer distance via Bus route on national
highways. The current farm development contains an area of 32,766 sq.m. with
additional 30,000 sq.m. allocated for the planned expansion. The farms
communication is thru mobile phones since there is no land line installed in the
area. Electricity is supplied by Iloilo Electric Cooperative (ILECO) while water is
sourced from a deep well and held in a 100,000 liters reservoir. Water supplied
to broiler houses undergo a filtration process whereby contaminants and
mineral contents are controlled. The farm has an existing three (3) buildings
which accommodate 15,000 heads per building, two (2) canter trucks, 1 standby generator, power and water systems, warehouse and other poultry tools and
equipment. The farm area is secured by a perimeter fence and a roving
security guard.
The father-and-son team is assisted by well-rounded farm personnel comprised
of; one (1) In-house Veterinarian, one (1) Supervisor, ten (10) Caretakers, one
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(1) Driver/Mechanic, one (1) Security Guard, two (2) Maintenance/Utility and two
(2) Office Clerks.
2.5 Broiler Production
Continued increase in demand for broiler meat resulted in focused breeding
programs for birds which grows twice or three times as fast as a normal chicken
and converts its food into meat in a much more 'efficient' way. Due to selective
breeding, it only takes 32-35 days for birds to reach optimum weight between
1.4-1.8 kilograms (kg.). Baby birds, that still chirp and have soft feathers, have
the bodies of adult birds.

Broilers are grown in tunnel ventilated houses with approximate density of 20

birds per square meter. This includes space for feeding and watering
equipment. The poultry house is dimmed to keep the birds as inactive as
possible so that food conversion is maximized. During harvest, catchers walk
through the poultry house at night grabbing birds by one leg and carrying them
in bunches (up to five each hand) to crates. They are then bundled into the
crates and stacked onto a truck. The Integrator provides for the truck and then
brings the birds to the processing plant for slaughter, eviscerating and cut-up.
These are further processed in packaging plant and are then ready for
distribution to the wholesale and retail market.
2.6 Chicken Manure Collection
Chicken manure is the feces of chickens used as an organic fertilizer especially
for soil low in nitrogen. Of all animal manures, it has the highest amount of
nitrogen, phosphorus and potassium. Chicken manure is sometimes pelletized
for use as a fertilizer, and this product may have additional phosphorus,
potassium or nitrogen added. Fresh chicken manure contains approximately
1.5% nitrogen. One chicken produces approximately 1.5 kilograms (kg.)) of
manure monthly. It is the most desired organic compost for vegetable crops.
These are sold at farm gate price ranging from P30 P40.00 per sack. Buyers
are mostly vegetable growers.
2.7 Past Performance
Broiler production volume (live birds)

(Yearly figures at 7 cycles per year)

2011
2010
2009
523,775
506,100
481,950
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VIRAMS Poultry Farm

Average live weight

Feed conversion ratio (FCR)
Total conversion price (buy-back +
incentives)
Mortality rate
Manure production volume in sacks
Manure collection efficiency rate
Average price of manure per sack
Number of used feed sacks
Percentile of sacks reused for
manure
Number of used sacks for sale

BUSINESS PLAN
1.4
1.6
17.00

1.3
1.4
19.00

1.6
1.8
15.00

1.8%
15,713
60%
175
25,665
61.2%

2.3%
15,183
55%
150
24,799
61.2%

1.7%
14,459
65%
165
23,616
61.2%

9,958

9,622

9,163

3.0 MARKET SUMMARY

3.1 Broiler Industry
The countrys total chicken population as of January 1, 2015 was estimated at
158.7 million birds, 2.9% higher than last years headcount. Broiler inventory
grew by 9.0% from 52.2million to 56.9million. Total volume of chicken
production reached 1,281.34 thousand mt or 5.75% in 2014 higher than the
2013 output. This increment was due to higher broiler production from
commercial farms. Broiler production accounted for around 62.3% of the total
chicken output in 2014. As of January 1, 2015, broiler inventory was placed at
56.9 million birds. Of this total, around 34.5% and 22.5% were concentrated in
Region III and Region IV-A, respectively. These two regions accounted for about
57.0% of the countrys broiler population. Total supply of dressed chicken in
2014 was estimated at 784,418 mt posting an increase of 12% compared with
the 2013 level. Of this total, around 94% were locally produced and the rest
were imported. Total chicken importation rose by 14.1% from the 2007 level of
38,336 mt to 43,758 mt in 2014.
3.2 Supply and Demand
In 2014, Philippine chicken production, valued at about P90 billion, increased by
5.76% over the previous year. Total chicken meat imports, majority of which was
chicken leg quarters and deboned chicken meat, increased only slightly in 2014.
San Miguel Corporation, the largest agribusiness conglomerate in the country,
announced plans to expand broiler production by P3.06 billion. Per capita
chicken consumption in 2013 was at 7.86 kg/year decreased slightly from the
previous year. Increased production and constant import levels in 2014 are
expected to increase per capita consumption during the same year.
For 2014, Western Visayas had a total chicken consumption of 35,361 MT versus
a total production of 55,009 MT leading to a surplus of 19,648 MT. This means
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VIRAMS Poultry Farm

BUSINESS PLAN

that regional production satisfies 156% of the total requirement in the region.
The region had more than enough supply for chicken demand in 2014 satisfying
the four provinces; Negros Occidental(145%), Iloio (176%), Guimaras, Capiz,
Antique and Aklan (352%). It is estimated that chicken sufficiency level in
Western Visayas through local production will increase from 156% in 2014 to
160% in 2015 and 162% in 2016. It is worthy to note however that the surplus
in the region is offset to the shortage in production versus demand in other
regions particularly in metro manila where many food chains are concentrated.
Meanwhile, the outlook in demand for broiler meat remains to be very
encouraging due to the following:

options for diversification: corn + poultry

Large potential expansion for value-added chicken products such as hotdogs,
vienna sausages, marinated chicken, etc.
Expanding export markets such as China for heat processed poultry meat
while European Union, Hongkong, Indonesia, Malaysia, and Singapore for
halal products.

4.0 STRATEGY AND IMPLEMENTATION

4.1 Business Strategy
VIRAMS operates under a Broiler Contract Growing framework embodied under
a Broiler Growership Agreement. Under the said agreement, the Integrator
referred to as Supplier provides for: building plans, design and specifications;
quality day-old chicks; broiler feeds and nutrition program; medicines and
vaccines; technical assistance; laboratory services; information recording
materials; ready market and competitive payment agreement; while the
Producer (VIRAMS) referred to as Grower provides for: agricultural land;
poultry houses and facilities; feeds warehouse; electricity and water system;
labor and security; poultry equipment maintenance of farm facilities, access
roads and farm management.
Under the broiler contract growing arrangement, the integrator assures the
producer of a ready market.
4.2 SWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within
the farm, and describes the opportunities and treats facing VIRAMS.
Strengths. Produce and sells a high quality broilers under a contract growing
scheme, and chicken manure to fertilizer manufacturers and directly to farmers;
Family owned and operated; High level of experience in industry; Stable
demand and supply equilibrium; Have option to cater to local market and
commodity market.
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VIRAMS Poultry Farm

BUSINESS PLAN

Weaknesses. The broiler market is based on the commodities market. Its a

guess what the market will do. Speculation is based on past years. If the
demand for broilers drops, imports increase or dairy industry reacts to the
market pressure, broiler prices will drop dramatically. The assumption is the
demand for broiler will continue. This adverse market behavior is otherwise
mitigated by fixed buy-back price agreed by the producer and the integrator at
the start of the grower contract.
Opportunities. The focus on delivering high feed conversion and mortality rates
creates an opportunity for VIRAMS because it earns the trust and confidence of
integrators thus ensuring sustainable business. There is also an opportunity
within its reputation for delivering the best quality broilers in a forthright
manner.
Threats. If the demand for broiler meat drops, imports increase or dairy
industry reacts to the market pressure, broiler meat prices will drop
dramatically. The assumption is that the demand for broiler will continue. This
threat however directly applies to the integrator while indirectly affecting the
producer since farm gate price is already negotiated.
4.3 Milestones
The accompanying table shows the specific milestones, with responsibilities
assigned, dates, and budgets represented in this plan are those which have
determined to be the most important.
Milestones

Year 1
Q1

Q2

Q3

Year 2
Q4

Q1

Q2

Q3

Q4

Release of loan proceeds in two tranches

Construction of broiler houses and facilities
Equipment and accessories
Hiring of additional farm personnel
Commissioning and operations

5.4 Detailed Budget

Capital Budget (At 200,000 production

Total
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VIRAMS Poultry Farm

BUSINESS PLAN

volume)
Tunnel Ventilated Broiler House
(P335/broiler)

P
67,000,00
0
2,000,000

Deep Well / Water Supply Infrastructure

(P10/broiler)

Back-up Generator Set w/ ATS

(P20/broiler)
Contingency 5% (P17/broiler)
Total

4,000,000

Less: VIRAMS Equity

Project Financing Requirement
Operating Budget (Per Cycle)
Production Volume (Heads))

Year 1
50,000

25,000

Year 2
150,00
0
P
150,00
0
150,00
0
150,00
0
150,00
0
450,00
0
75,000

25,000
P400,0
00

75,000
1,200,
000

LPG (P1/broiler)

P
50,000

Antibiotics (P1/broiler)

50,000

Labor (P1/broiler)

50,000

Food/Subsistence (P1/broiler)

50,000

Electricity and water (P3/broiler)

Cleaning, repair and maintenance
(P.50/broiler)
Others (P.50/broiler)
Total

150,000

Note:
Conversion
rate
per
broiler
as
(www.sanmiguelpurefoods.com/page/broiler-contact-growing)
See also detailed cost estimate in Annexure.

provided

by

3,400,000
76,400,00
0
26,400,00
0
50,000,0
00
Year 3-5
200,000
P200,000
200,000
200,000
200,000
600,000
100,000
100,000
1,600,00
0
integrator

5.0 MANAGEMENT PLAN

5.1 Personnel
Virgilio S. Ramos shall oversee the farm operations assisted by his son Billie Joel
who shall be the Farm Manager whose duties include but not limited to;
checking, monitoring daily activities of workers and exercises custodial control
over all farm physical resources.
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VIRAMS Poultry Farm

BUSINESS PLAN

Security Guards shall secure the perimeters from any burglars, or unauthorized
entry of any person to the farm vicinity. They are also tasked to monitor safety
from fire, floods and other threats that may cause damage to farm properties.
Driver/Mechanic provides for mobility of personnel, supplies and equipment.
They are likewise tasked do repair and maintenance on all vehicles to ensures
that these are always in good running condition.
Manitenance and Utility performs carpentry, check regularly electrical
connections, cleaning of the surroundings including grass cutting, pruning of
trees, planting of trees, maintaining of wastewater drainage systems, burying of
dead chickens and such other errands.
Caretakers loading of day-old chicks, feeding, watering, weighing, and all other
activities in rearing of the broilers.
Additional personnel once the expansion plan is completed, VIRAMS shall hire
additional personnel to augment the existing workforce as may be prescribed by
the integrator in proportion to the increased volume of production.
5.2 Integrators Intervention
Under the contract growing arrangement, the integrator also performs checking,
monitoring, inspection, data gathering and other paper works. They also
supervise the farm personnel particularly in performing vaccination and
medication. They shall likewise provide catching crewmen to crate and load the
broilers during harvest.
5.3 Growers Responsibility
VIRAMS is expected to abide with the conditions set forth in the Broiler
Growers Agreement with emphasis on: 1) feeds conversion to broiler growth; 2)
mortality rate; 3) average weight of finished products. To accomplish this, the
father-and-son team sees to it that there is always one of them who stay at the
farm every day. Aside from the official veterinarian and farm technician
provided by the integrator VIRAMS provides its in-house consultants in
managing the farm. The elder Ramos personally attends to the farm during
loading, vaccination, medication, cleanup and harvesting.

6.0 FINANCIAL PLAN

6.1 Key Assumptions
The financial plan is based on conservative estimates and assumptions, as
follows:
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BUSINESS PLAN

VIRAMS Poultry Farm

1. Production volumes are; Year 1 50,000, Year 2 150,000, Year 3 200,000

2. The existing facilities have a loading capacity of 50,000 heads.
Simultaneously, broiler house building 1 to be finished at the beginning of
year 2 with capacity of 100,000 heads, broiler house building 2 shall be
finished at the beginning of Year 3 with 100,000 heads capacity also.
6.2 Projected Production and Sales
As the Production and Sales table shows, the farm expects to have rapid growth
in sales revenue over the next five years of operations.
Broiler
Broiler production
volume
Average mortality rate
Net production
volume
Projected buy-back
price
Projected sales per
year
Margin of safety
Broiler sales per
year
Manure
Manure collection per yr.
Price per sack
Revenue per year
Collection efficiency rate
Adjusted revenue
Margin of safety
Manure sales per year
Used Sacks
Used sacks per year
Number of sacks
reused
Excess sacks for
sale
Price per sack
Rev. from sale of

50
,000
2%
49
,000

150,
000
2%
147,
000

200,
000
2%
196,
000

200,
000
2%
196,
000

18
6,174,
000
20%
4,939
,200

19
19,551,
000
20%
15,640,
800

20
27,440,
000
20%
21,952,
000

21
28,812,
000
20%
23,049,
600

10,
500
175
1,837,5
00
50%
918,7
50
20%
735,
000

31,
500
175
5,512,5
00
50%
2,756,2
50
20%
2,205,
000

42,
000
175
7,350,0
00
50%
3,675,0
00
20%
2,940,
000

42,
000
175
7,350,0
00
50%
3,675,0
00
20%
2,940,
000

17,
150
10,
500
6,
650
6
39,

51,
450
31,
500
19,
950
7
139,6

68,
600
42,
000
26,
600
8
212,8

200,000

24

68,
600
42,
000
26,
600
9
239,4

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BUSINESS PLAN

VIRAMS Poultry Farm

sacks
Margin of safety
Used sacks sales
per year

900
20%
31
,920

50
20%
111,
720

00
20%
170,
240

00
20%
191,
520

6.3 Projected Statement of Income

Year 1
REVENUES
Broilers
Chicken manure
Used sacks
Total
DIRECT COSTS
LPG
Antibiotics
Labor
Food and subsistence
Electricity and water
Cleaning, repair &
maintenance
Others
Total
GROSS PROFIT
ADMIN & GENERAL
EXPENSES
EBITDA
Interest & finance
charges
Depreciation &
amortization
Earnings Before Taxes
Provision for income tax
(MCIT)
NET INCOME

P
4,939,200

For the years ended

Year 2
Year 3
Year 4

Year 5

P
15,640,80
0
2,205,000
111,720
17,957,52
0

P
21,952,00
0
2,940,000
170,240
25,062,24
0

P
23,049,60
0
2,940,000
191,520
26,181,12
0

P
24,147,20
0
2,940,000
212,800
27,300,00
0

50,000
50,000
50,000
50,000
150,000
25,000

150,000
150,000
150,000
150,000
450,000
75,000

200,000
200,000
200,000
200,000
600,000
100,000

200,000
200,000
200,000
200,000
600,000
100,000

200,000
200,000
200,000
200,000
600,000
100,000

25,000
400,000
5,306,120

75,000
1,200,000
16,757,52
0
(1,795,752
)
14,961,76
8
(4,267,928
)
(5,093,333
)
5,600,507

100,000
1,600,000
23,462,24
0
(2,506,224
)
20,956,01
6
(3,090,569
)
(5,093,333
)
12,772,11
4
(3,831,634
)
P
8,940,48
0

100,000
1,600,000
24,581,12
0
(2,618,112
)
21,963,00
8
(1,913,210
)
(5,093,333
)
14,956,46
5
(4,486,940
)
P
10,469,5
26

100,000
1,600,000
25,700,00
0
(2,730,000
)
22,970,00
0
(735,850)

735,000
31,920
5,706,120

(570,612)
4,735,508
(2,327,083
)
(5,093,333
)
(2,684,908
)
(114,122)
P
(2,799,03
0)

(1,680,152
)
P
3,920,35
5

(5,093,333
)
17,140,81
7
(5,142,245
)
P
11,998,5
72

6.4 Projected Statement of Cash Flows

As of and for the years ended

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BUSINESS PLAN

VIRAMS Poultry Farm

CASH RECEIVED
Cash sales
Cash from bank loans
Total
CASH PAYMENTS
Capital expenditures
Cash payments for
operations
Interest and finance
charges
Loan principal
repayments
Owners drawings
Payments for income tax
Total
Cash balance, end of year
Cash balance, beginning of
year
NET CASH FLOWS

Year 1

Year 2

Year 3

Year 4

Year 5

5,706,120
25,000,00
0
30,706,12
0

17,957,52
0
25,000,00
0
42,957,52
0

25,062,24
0
0

26,181,12
0
0

27,300,00
0
0

25,062,24
0

26,062,24
0

27,300,00
0

25,000,00
0
970,612

25,000,00
0
2,995,752

4,106,224

4,218,112

4,330,000

4,267,928

3,090,569

1,913,210

735,850

13,081,76
8
500,000
3,831,634
24,610,19
5
452,045

13,081,76
8
500,000
4,486,940
24,200,03
0
1,862,210

13,081,77
9
1,000,000
5,142,245
24,289,87
4
3,010,126

565,000

13,081,76
8
500,000
1,680,152
46,013,50
0
(3,055,980
)
4,936,386

1,880,406

2,332,451

4,194,661

4,936,38
6

1,880,40
6

2,332,45
1

4,194,66
1

7,201,78
7

250,000
114,122
26,334,73
4
4,371,386

6.5 Schedule of Loan Repayment

Principal: 50,000,000 Released in 2 tranches at 25,000,000/tranche
Term:
5 Years
Interest Rate:
9% per Annum computed on diminishing balance
Grace Period:
1 Year
1st Year interest add-on to principal
Amortization:
Quarterly
Period
Year

Quarter

Total
1 tranche
st

1 1st
2nd
3rd
4th
Total
2 1st

2nd tranche
4,447,801

Repayment
Principal
25,000,000

25,000,000
3,270,442

Interest
562,500
575,156
588,097
601,329
2,327,083
1,177,359

Balance
25,000,000
25,562,500
26,137,656
26,725,754
27,327,083
52,327,083
49,056,641
14

VIRAMS Poultry Farm

2nd
3rd
4th
Total
3 1st
2nd
3rd
4th
Total
4 1st
2nd
3rd
4th
Total
5 1st
2nd
3rd
4th
Total

4,374,216
4,300,631
4,227,047
17,349,696
4,153,462
4,079,877
4,006,292
3,932,707
16,172,337
3,859,122
3,785,537
3,711,952
3,638,367
14,994,978
3,564,782
3,491,197
3,417,612
3,344,038
13,817,629

BUSINESS PLAN
3,270,442
3,270,442
3,270,442
13,081768
3,270,442
3,270,442
3,270,442
3,270,442
13,081768
3,270,442
3,270,442
3,270,442
3,270,442
13,081768
3,270,442
3,270,442
3,270,442
3,270,453
13,081,779

1,103,774
1,030,189
956,605
4,267,928
883,020
809,435
735,850
662,265
3,090,569
588,680
515,095
441,510
367,925
1,913,210
294,340
220,755
147,170
73,585
735,850

45,786,199
42,515,757
39,245,315
39,245,315
35,974,873
32,704,431
29,433,989
26,163,547
26,163,547
22,893,105
19,622,663
16,352,221
13,081,779
13,081,779
9,811,337
6,540,895
3,270,453
0
0

15