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PONZO SOUTH AFRICA LIMITED

BUSINESS PROPOSAL
Name: Akua Datsewa Hughes Lecturer: Anthony Essel-Anderson Course: International Finance Assignment: 2 Date: 26th April, 2013

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TABLE OF CONTENTS
Section Page
COMPANY PROFILE ......................................................................................................... 3 Mission, Vision and Values ........................................................................................... 3 Objectives ...................................................................................................................... 4 Strategies ........................................................................................................................ 4 DESCRIPTION OF TARGET COUNTRY ......................................................................... 5 Rationale for choosing target country ............................................................................ 5 REVIEW OF BUSINESS ENVIRONMENT ...................................................................... 7 Economic system ........................................................................................................... 7 Industry Overview ......................................................................................................... 7 Exchange controls .......................................................................................................... 8 Trade and economic ties ................................................................................................ 8 State of the economy...................................................................................................... 9 Political environment ..................................................................................................... 9 Financial environment ................................................................................................. 10 RISK MANAGEMENT STRATEGIES ............................................................................ 10 ENTRY STRATEGIES ...................................................................................................... 10 FINANCING STRATEGIES ............................................................................................. 11 CASHFLOW ANALYSIS ................................................................................................. 11 CONCLUDING REMARKS ............................................................................................. 11 WORKS CITED ................................................................................................................. 13 APPENDIX ........................................................................................................................ 14

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COMPANY PROFILE Ponzo Oil Limited is a Ghanaian-based Multinational Petroleum Producing Company with 20 subsidiaries located across the globe, including countries like the United States, Australia, India, Switzerland and Argentina. It is a public limited liability company which has been in operation since 1991 and has listed on various stock markets including the Ghana Stock Exchange and the New York Stock Exchange. Ponzo has a total of 50,000 employees in all of its operations and markets three main versions of petroleum products: a high-end version for developed markets, a standard version for evolving economies and a low-end version for developing economies. Ponzo's popularity as well as its strong brand qualities have been instrumental in the successful capturing of a significant market share of the petroleum industry on the international market. Today, Ponzo is looking to further expand its global coverage and make its debut into a second country on the African continent. This subsidiary, which will be located in Johannesburg-South Africa, will go by the name of Ponzo South Africa Limited. Ponzo South Africa Limited will be headed by John Harrison (Managing Director) and his team of managers: Georgina Hughes (Deputy-Managing Director), Jacqueline Grant (Head of Operations), Theodore Attivor ( Head of Marketing), Josephine Okine (Human Resource Manager), George Nunoo (Head of Finance) and Dean Tsabalala (External Affairs Director). Mission, Vision & Values The mission of Ponzo South Africa Limited, as well as the Ponzo brand as a whole, is to produce and market the finest petrol and petroleum products, originated from Africa, which can effectively compete with western petroleum companies on the international market. Our vision is to rank top 5 in the worlds premium oil producing/ marketing companies by 2050. The company prides itself in the values of distinction, integrity, hard work and reliability.

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Objectives Our main objective is to produce and market a wide range of standard version petroleum products including petrol, diesel, automotive fuels, car lubricants, bitumen, and the like, which will serve the needs of the mining, aviation, transportation and manufacturing industries in the country. Our aim is to become the market leader of the oil industry in South Africa. We have a business objective to earn R200, 000,000 in revenue by the fifth year, whilst creating maximum value for our shareholders. Ponzo South Africa Limited will continue to operate in perpetuity. Strategies Ponzo has consistently adopted the Going local business strategy which entails the production of petroleum products in the host country of its foreign operations. The rationale behind the adoption of this strategy in countries like the United Sates and Switzerland is the presence of modern capital equipment for easy oil refining and petroleum production. This strategy has proven effective in securing the demand of locals who do not only prefer quality but also locally produced goods. Ponzo South Africa Limited hopes to follow suit in this regard, although it will adopt a different entry strategy in its first few years (possibly ten) of operation.

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DESCRIPTION OF TARGET COUNTRY - SOUTH AFRICA South Africa, officially known as the Republic of South Africa, is located at the southernmost part of Africa with a land size of 1,219,090 square kilometers. Its ethnically-diverse population, according to the 2011 census, stands at 51 million people, with a composition of blacks (77%), whites (11%) and mixed race individuals (9%). The administrative capital of the country is Pretoria. SA recognizes 11 official languages including English, Afrikaans, Sesotho, IsiZulu and Xitsonga (PKF South Africa Inc., 2012). South Africa is a federal state with nine provincial governments as well as a national government which is elected into power every 5 years. The president, currently Jacob Zuma, is elected by the national assembly. South Africa was the last African country to gain independence in 1994, and was hitherto characterized by a period of racial discrimination and colonization by the English and Dutch, a phenomenon popularly known as apartheid (Big Media Publishers, 2012). The country's currency is the South African Rand and its exchange rate currently stands at about ZAR9.0933/USD and ZAR4.6229/GHS as at 25th April, 2013 (Bloomberg, 2013). Rationale for choosing target country Ease of doing business According to the Doing Business 2013 Report by the World Bank, South Africa is ranked the 39th easiest country to do business in, out of the 185 countries on the list. It is also the first and only African country, besides Tunisia (50th), to make it to the top 50. Whereas on average, there are 8 different procedures for starting a business in Sub-Saharan Africa, South Africa employs only 5 procedures. Likewise, cost associated with start-ups in the sub region stands at 67.3% of income per capita, whilst it is only 0.3% of income per capita in South Africa. In terms of ease of getting credit for business operations, South Africa ranks number 1. Furthermore, the country has a relatively low tax rate of 33.3% of profit (International

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Bank for Reconstruction and Development, 2013). This makes South Africa the single most attractive business economy in Africa. Availability of labour In terms of availability of labour, South Africa has a total working force of about 17.89 million with unemployment rate at 24.4% in 2012 (IndexMundi, 2013). As a result of the relatively high unemployment rate in the country, labour is cheaper than in more advanced economies. Average monthly salary in the Oil & Gas industry is about 31,365 ZAR (Salary Explorer, 2012). Access to ready market The country offers a ready market for petroleum products as is indicated by its large consumption of 579,000 barrels of oil per day in 2011 (Science Daily, 2012). Since June 2012, South Africa has significantly reduced its oil imports from Iran as a result of US sanctions imposed on Iran's trading partners (Ventures, 2013). Prior to this period, a large quantity of the countrys oil imports, about 266,762 tonnes per month, came from Iran. This has a left a gap in the supply of oil to South Africa, which Ponzo South Africa Limited will take advantage of. Proximity to capital South Africa has a limited oil reserve of about 15 million barrels as at January, 2011 (Central Intelligence Agency, 2013). It imports a large percentage of its oil from the Middle East and West Africa and refines them locally (U.S. Energy Information Adminstration, 2013). SA has the second largest refinery capacity in Africa after Algeria (MBendi, 2013). It also has pipelines which transport oil from the refinery in Durban to Gauteng, which consumes the largest percentage of oil in South Africa. As such, setting up in Johannesburg

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in the Gauteng province will give Ponzo SA Limited direct access to capital for oil refining and petroleum production, when it eventually goes local. REVIEW OF BUSINESS ENVIRONMENT OF SOUTH AFRICA Economic system South Africa, like most emerging economies, practices a mixed economic system whereby some enterprises are state-owned whereas others are privatized. It is, however, more capitalist than socialist in its policies for ownership of property (Harris, 1990). Industry Overview South Africa's energy sector is very crucial to the growth and development of the economy. The Oil & Gas segment of the energy sector has two subdivisions: the upstream sector for exploration and the downstream sector for refining, marketing and distribution of oil and oil products (MBendi, 2013). The downstream sector, also known as the petroleum industry is regulated by the South African Petroleum Industry Association (SAPIA). This sector forms a significant part of the energy sector as a whole, contributing 2% to Gross Domestic Product (SAPIA, 2013). The petroleum industry supplies 18% of South Africa's main energy and over 90% of petroleum products consumed in the country. It also provides employment for more than 100,000 people. South Africa's petroleum industry is dominated by several multinational oil companies including BP Southern Africa, Chevron South Africa, Engen, Total South Africa and Petroleum Oil and Gas Corporation. Although fuel prices are influenced by the world price of crude oil to a large extent, they are regulated by the South African government. Since crude oil prices are quoted in US dollars, prices are also influenced by the rand/dollar exchange rate (Department of Energy: South Africa).

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Exchange controls The body responsible for the monitoring of exchange controls is the South African Reserve Bank (SARB), which is regulated by the South African Reserve Bank Act No. 90 of 1989 (PKF South Africa Inc., 2012). The act classifies a non-resident as a person or legal entity whose normal place of residence, domicile or registration is outside the Common Monetary Area (CMA), that is Lesotho, South Africa, Namibia and Swaziland (PKF South Africa Inc., 2012). The exchange rate rules for non-residents are as follows:
Dividends for non-resident shareholders are remittable provided documentary evidence is made available. Dividends for emigrant shareholders are remittable to the extent that they were earned after the date of emigration. An entity in South Africa must produce an auditors report confirming amount due to nonresidents and emigrants prior to the payment of dividends to non-residents and emigrants. Foreign nationals, persons or entities from outside countries who temporarily reside in SA, can transfer funds accumulated over their stay in the country abroad, provided the entity can provide evidence of the source and amount of funds obtained from income-generating activities in the country. Affected persons, entities with 75% or more voting power possessed by non-residents, may acquire financial assistance without restriction from authorized dealers. The greater the involvement of residents in non-resident wholly-owned entities, the greater the ability to borrow locally. Foreign entities can establish and register headquarters in South Africa and deploy capital offshore without restriction. Requirements for registration include: 20% shareholding power per shareholder Restriction on Johannesburg Stock Exchange listed shares 20% limit on SA resident shareholding in the headquarter company 80% of assets of company must consist of foreign assets

Trade and economic ties In 2010, South Africa joined an association of emerging economies known as the BRICS, which is made up of Brazil, Russia, India, China and South Africa. This alliance, which aims at promoting economic cooperation among member countries, places South Africa ahead of

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the pack in Africa (Brand South Africa, 2013). Besides the BRICS, the country has a number of trade agreements and economic relationships with organizations like the European Union, the Southern African Development Community (SADC), the Southern African Customs Union (SACU) and the like (U.S. & Foreign Commercial Service; U.S. Department of State, 2010). Its main trading partners include China, Germany and the United States. In 2009, the US was the countrys largest source of imports contributing 7.7% of South Africas total imports (U.S. & Foreign Commercial Service; U.S. Department of State, 2010). State of the economy South Africa is one of the strongest economies in Africa. According to the IMF, SA is the 25th largest economy in the world in terms of GDP size, with a GDP composition of agriculture (2.5%), industry (31.6%) and services (65.9%) as at 2011 (Big Media Publishers, 2012). In 2012, GDP grew by 2.6% to the tune of $578.6 billion (Central Intelligence Agency, 2013). In the same year, inflation rate increased from 5% to 5.2% making SA the 145th country with the highest inflation rate. The country also suffered a budget deficit of 5.4% of GDP, current account deficit of $21.33 billion and fiscal deficit of 4.5% which are not very good economic indicators. Political environment The political environment of South Africa has been relatively stable since the end of apartheid in 1994. However, tensions between factions of the ruling party, African National Congress (ANC), threaten political stability within the economy, which may affect

businesses including Ponzo South Africa Limited (JLT Specialty Limited, 2012). The most likely political risks in SA include expropriation, corruption, civil unrest, protectionism and confiscation (Essel, 2012).

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Financial environment The state of the economy in 2012, as indicated above, was characterized by an increase in inflation, a current account deficit, fiscal deficit and a trade balance deficit. This goes to show that firms located in South Africa face various financial risks including currency risk,

inflation risk, current account balance and balance of trade. Ponzo South Africa Limited would also face transaction, translation and operating exposure as a result of likely changes in currency value. RISK MANAGEMENT STRATEGIES Based on the country risks listed above, Ponzo SA will negotiate the environment with the host country and obtain political risk insurance in order to manage its potential risks. Negotiating the environment with the host government would reduce the company's political risks since both parties would have to come to an agreement and draft a contract. Obtaining political insurance provides a means of recovering from losses in the event that the government breaches the contract or the firm is affected by unexpected political initiatives. The firm can also manage its financial risks by using financial contract hedges, or adopting various operational techniques including invoice currency, lead/lag technique and exposure netting to protect cash flows. ENTRY STRATEGY Ponzo South Africa Limited will adopt the Export-based strategy for the first few years of operation. This is as a result of the outmoded nature of the existing oil refineries in South Africa. During this period, the firm will export petroleum products from the parent company in Ghana and set up a foreign subsidiary in Johannesburg to manage marketing and distribution in South Africa. Within that same period, Ponzo will accumulate capital for the

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building of a modern oil refinery in Durban, and consequently switch to an Investment-based foreign market entry strategy, particularly foreign direct investment, upon the completion of the refinery. FINANCING STRATEGY The firm will finance its foreign operation in South Africa with both debt and equity with an average debt-to-equity ratio of 0.5. It will float shares to the investing public on the Johannesburg Stock Exchange and also take advantage of the ease of getting credit in South Africa to secure bank loans and other forms of credit. However, in the first five years, the firm will rely heavily on loans from the parent company, since Ponzo SA will not float shares at the beginning stages of its operations. Furthermore, interest on loans is tax allowable; as such financing operations with debt would reduce the amount of taxes paid by the firm hence increase profit. CASH FLOW ANALYSIS The projected cash flows for the first five years of Ponzo South Africa Limited's existence have been illustrated in the appendix below. Ponzo SA's initial investment in property plant and equipment sums up to R80,381,557.2 as shown in appendix 1. Operating revenue for the first year is estimated to be about R130,562,996.04 partly attributable to Ponzo's highly prestigious global brand, whereas operating revenue for the second to fifth year were assumed to grow by 10%. A tax rate of 33.3%, which is South Africa's income tax rate, was applied to the company's net operating income. It is seen that Ponzo SA has a payback period of 2.8 years which is relatively low and less than the estimated period of 4 years. This indicates that Ponzo SA is a worthwhile venture hence should be undertaken. Furthermore, Ponzo SA has a positive net present value of R14,650,805.92 implying that the project should be implemented. The operating cash flows

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as well as the projected statement of comprehensive income and statement of financial position are also shown in the appendix. According to projections, Ponzo SA would be able to meet its business objective of earning R200,000,000 in the fifth year, which is a good indicator for the company. CONCLUDING REMARKS Ponzo South Africa Limited is well positioned to take the South African Petroleum Industry by storm. This is illustrated by the various strategies Ponzo has adopted to ensure it captures a significant share of the market and ultimately become the market leader in the country. It is, however, important that the company bears in mind the various challenges associated with operating in a different country and prepare adequately in that respect in reach its objectives.

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WORKS CITED Bloomberg. (2013). US Dollar-South African Rand Exchange Rate. Retrieved April 25, 2013, from Bloomberg.com: http://www.bloomberg.com/quote/USDZAR:CUR Brand South Africa. (2013). South Africa in BRICS. Retrieved April 20, 2013, from SouthAfrica.info: http://www.southafrica.info/global/brics/ Central Intelligence Agency. (2013). The World Factbook. Retrieved April 18, 2013, from cia.gov: https://www.cia.gov/library/publications/the-worldfactbook/rankorder/2178rank.html Central Intelligence Agency. (2013, April 12). The World Factbook. Retrieved April 20, 2013, from cia.gov: https://www.cia.gov/library/publications/the-world-factbook/geos/sf.html Department of Energy: South Africa. (n.d.). Petroleum Sources. Retrieved April 19, 2013, from energy.gov.za: http://www.energy.gov.za/files/petroleum_frame.html Essel, R. (2012). Short-term Insurance of Political Risks in South Africa. Stellenbosch University. Harris, L. (1990). The Mixed Economy of a Democratic South Africa. Investment Analysts Journal , 32-40. IndexMundi. (2013). Unemployment rate. Retrieved April 19, 2013, from IndexMundi.com: http://www.indexmundi.com/south_africa/unemployment_rate.html International Bank for Reconstruction and Development. (2013). Doing Business 2013. Washington: The World Bank. JLT Specialty Limited. (2012). World Risk Review Analyses Political Risk and Violence in South Africa Report. JLT Group. MBendi. (2013). Oil and Gas in South Africa. Retrieved April 18, 2013, from mbendi.com: http://www.mbendi.com/indy/oilg/af/sa/p0005.htm PKF South Africa Inc. (2012). Doing Business in South Africa. PKF International Limited. Salary Explorer. (2012). Salary in Survey South Africa. Retrieved April 18, 2013, from salaryexplorer.com: http://www.salaryexplorer.com/salary-survey.php?loc=201&loctype=1 SAPIA. (2013). Industry Overview. Retrieved April 20, 2013, from sapia.co.za: http://www.sapia.co.za/industry-overview.html Science Daily. (2012). CIA World Fact Book. Retrieved April 18, 2013, from sciencedaily.com: http://cia-world-fact-book.sciencedaily.com/q/284/7659/ U.S. & Foreign Commercial Service; U.S. Department of State. (2010). Doing Business in South Africa - 2011 Country. South Africa Country Commercial Guide 2011.

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U.S. Energy Information Adminstration. (2013, January 17). South Africa. Retrieved April 18, 2013, from eia.gov: http://www.eia.gov/countries/cab.cfm?fips=SF Ventures. (2013, March 29). South Africa Decreases Crude Oil Imports From Iran. Retrieved April 17, 2013, from ventures-africa.com: http://www.ventures-africa.com/2013/03/southafrica-decreases-crude-oil-imports-from-iran/

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APPENDIX Appendix 1
Property, Plant & Equipment Leasehold properties Distribution & Service Station Plants Furniture Equipment & Motor Vehicle Work-in-progress capital Total Cost Cost (R) 9,605,860.00 66,500,500.00 1,204,363.20 3,070,834.00 80,381,557.20

Appendix 2
Schedule of Projected Net Cash flows 2 3 R R

Years Initial Cash flows: Property, plant & equipment Transport Initial Cash outflow Operating Cash inflows: Operating Revenue Operating Costs: Net Operating Income Less Capital Allowance Net Operating Income before tax Tax(33.3 %) After-tax Net Operating Income Add back Capital Allowance After-tax Net Operating Cash flow After-tax Net Cash flows

0 R

1 R

4 R

5 R

80,381,557.20 169,500.00 80,551,057.20

130,562,996.04 (91,632,800.00) 38,930,196.04

145,069,995.60 (102,219,234.5) 42,850,761.10

161,188,884.00 (115,500,505.45) 45,688,378.55

179,098,760.00 (124,473,381.00) 54,625,379.00

200,000,000.00 (132,987,214.70) 67,012,785.30

(32,864.00)

(28,980.04)

(23,555.66)

(30,239.89)

(30,250.15)

38,963,060.04

42,821,781.06

45,711,934.21

54,655,618.89

67,043,035.45

(12,857,809.81)

(14,131,187.75)

(15,084,938.29)

(18,036,354.23)

(22,124,201.70)

26,105,250.23

28,690,593.31

30,626,995.92

36,619,264.66

44,918,833.75

32,864.00

28,980.04

23,555.66

30,239.89

30,250.15

26,138,114.23

28,719,573.35

30,650,551.58

36,649,504.55

44,949,083.90

26,138,114.23

28,719,573.35

30,650,551.58

36,649,504.55

44,949,083.90

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Net Cash flow translation to GH: Rate ZAR4.6229/GHS After-tax Net Cash flows 17,424,356.4 5,654,051.40 6,212,458.27 6,630,156.74 7,927,816.86 9,723,135.67

Appendix 3
Payback Period End of Year (EOY) 0 1 2 3 4 5 Net Cash flow (80,551,057.20) 26,138,114.23 28,719,573.35 30,650,551.58 36,649,504.55 44,949,083.90 Balance (R) (80,551,057.20) (54,412,942.97) (25,693,369.62) 4,957,181.96 41,606,686.50 86,555,770.41

Payback Period=

Years before full recovery

Balance NCF of full recovery year

Payback Period = Payback Period =

25,693,369.62 30,650,551.58

2.838267773

years

Appendix 4
Discounted Payback Period Discount Net Cash flow factor R 0 1 2 3 4 5 (80,551,057.20) 26,138,114.23 28,719,573.35 30,650,551.58 36,649,504.55 44,949,083.90 1/(1+0.2)^t 1 0.833333333 0.694444444 0.578703704 0.482253086 0.401877572 NPV=

End of Year (EOY)

Present value R (80,551,057.20) 21,781,761.86 19,944,148.16 17,737,587.72 17,674,336.68 18,064,028.70 14,650,805.92

Balance R (80,551,057.20) (54,412,942.97) (25,693,369.62) 4,957,181.96 41,606,686.50 86,555,770.41

Discounted payback period=

Years before full recovery

Balance Disc. NCF of full recovery 25,693,369.62 17,737,587.72

Discounted payback period=

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Discounted payback period=

2.448526712

years

Appendix 5
Projected Statement of Comprehensive Income Year 1 R Revenue Cost of sales Gross Profit Other Income General & Administrative expenses Operating Profit before financing cost Interest Income Interest Expense Net Finance Cost Profit before taxation Income Tax expense Profit for the year 130,562,996.04 (91,632,800.00) 38,930,196.04 9,360.00 Year 2 R 145,069,995.60 (102,219,234.50) 42,850,761.10 9,828.00 Year 3 R 161,188,884.00 (115,500,505.45) 45,688,378.55 10,319.40 Year 4 R 179,098,760.00 (124,473,381.00) 54,625,379.00 10,835.37 Year 5 R 200,000,000.00 (132,987,214.70) 67,012,785.30 11,377.14

(156,211.18)

(164,021.74)

(172,222.83)

(180,833.97)

(189,875.67)

38,783,344.86 800.00 (25,435.06) (24,635.06) 38,758,709.80 (12,857,809.81) 25,900,899.99

42,696,567.36 840.00 ( 26,706.81) ( 25,866.81) 42,670,700.55 (14,131,187.75) 28,539,512.80

45,526,475.12 882.00 ( 28,042.15) ( 27,160.15) 45,499,314.97 (15,084,938.29) 30,414,376.68

54,455,380.40 926.10 ( 29,444.26) (28,518.16) 54,426,862.24 (18,036,354.23) 36,390,508.01

66,834,286.77 972.41 (30,916.47) (29,944.07) 66,804,342.70 (22,124,201.70) 44,680,141.00

Profit Translation to GH : Rate ZAR4.6229/GHS Profit for the year 5,602,738.54 6,173,508.58 6,579,068.70 7,871,792.17 9,664,959.44

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Appendix 6
Projected Statement of Financial Position Year 1 R Assets Property, plant and equipment Intangible assets Long term investments Total non-current assets Year 2 R Year 3 R Year 4 R Year 5 R

80,381,557.20 20,488.00 80,402,045.20

84,400,635.06 21,512.40 600.00 84,422,747.46

84,822,638.24 19,463.60 1,254.00 84,843,355.84

85,246,751.43 20,436.78 1,254.00 85,268,442.21

85,672,985.18 20,436.78 1,254.00 85,694,675.96

Inventories Income tax asset Trade and other receivables Amount held by holding company Cash and cash equivalents Total current assets Total assets Equity Share capital Retained earnings Total Equity Liabilities Bank overdraft Trade and other payables Amount due to related companies Total current liabilities Loan from parent company Total non-current liabilities

14,312,098.00 1,003.00 540,289.00 283,679.00 15,137,069.00 95,539,114.20

15,027,702.90 1,053.15 594,317.90 684,234.00 16,307,307.95 100,730,055.41

16,004,503.59 952.85 653,749.69 650,022.30 17,309,228.43 102,152,584.26

14,276,317.76 1,000.49 719,124.66 682,523.42 15,678,966.32 100,947,408.53

15,204,278.41 950.47 791,037.12 233,333.00 716,649.59 16,946,248.59 102,640,924.55

2,538,099.00 2,538,099.00

5,987.00 2,665,003.95 2,670,990.95

5,987.00 2,798,254.15 2,804,241.15

5,987.00 2,938,166.85 2,944,153.85

17,279,862.00 28,998,122.98 46,277,984.98

34,559,724.00 30,448,029.13 65,007,753.13

2,900.00 36,287,710.20 31,970,430.59 68,261,040.79

7,398.00 38,102,095.71 33,568,952.11 71,678,445.82

2,009.00 40,007,200.50 35,247,399.72 75,256,609.22

49,261,129.22 49,261,129.22

33,184,203.28 33,184,203.28

31,220,552.53 31,220,552.53

26,464,721.56 26,464,721.56

24,440,161.48 24,440,161.48

Total liabilities

95,539,114.20

98,191,956.41

99,481,593.31

98,143,167.38

99,696,770.70

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Total liabilities and equity

95,539,114.20

100,730,055.41

102,152,584.26

100,947,408.53

102,640,924.55

Total liabilities and equity translation to GH: Rate ZAR4.6229/GHS Total liabilities and equity 20,666,489.48 21,789,364.99 22,097,078.51 21,836,381.61 22,202,713.57