Table of Contents

1. EXECUTIVE SUMMARY ................................................................................................... 1

2. ORGANIZATION OVERVIEW ........................................................................................... 1
2.1. Problems and Solutions .............................................................................................. 1
2.2. Vision ......................................................................................................................... 2
2.3. Mission ....................................................................................................................... 2
2.4. Objectives ................................................................................................................... 2
2.5. Marketing Analysis ..................................................................................................... 2
2.6. Social impact .............................................................................................................. 2
3. PRODUCT AND SERVICES ............................................................................................. 3
3.1. Product ....................................................................................................................... 3
3.1. Services: ................................................................................................................. 3
4. Market analysis summary. ............................................................................................. 4
4.1. Strength and weaknesses. ...................................................................................... 4
4.2. Threat and opportunity. ........................................................................................... 4
4.3. Competition Advantage. .......................................................................................... 5
5. Strategy and implementation Summary ............................................................................. 5
5.1. Strategy Pyramid ........................................................................................................ 5
5.2. Value Proposition ....................................................................................................... 5
5.3. Marketing Strategy ..................................................................................................... 6
6. MANAGEMENT AND PERSONEL: ................................................................................... 7
6.1. Manager sumary ......................................................................................................... 7
6.2. Human resources plan: ............................................................................................... 7
7. Financial plan .................................................................................................................... 8
7.1 Important Assumptions ................................................................................................ 9
7.2. Start-up invested Capital structure. ............................................................................. 9
7.3. Apportioning start-up capital ....................................................................................... 9
7.4. Forecasting in the first 3 years. ................................................................................. 12




1


1. EXECUTIVE SUMMARY
According to the report Women and Labor market in Asia : Rebalancing for Gender
Equality" by the International Labour Organization (ILO) and the Asian Development Bank
(ADB) announced in 29/4/2013, although Asia is trying to lead the global economy,
rehabilitate the labor market after financial crisis is not kept pace with the global economy
recently. In some developing countries, particularly in East Asia, growth in employment is
recovering, but it still remains some problem concerned about the quality of work.
Specifically, 45% of women in Asia - workforce potential production - remains unexploited,
compared with only 19% in men.
Even before the crisis, the United Nations Committee on Economic and Social Affairs for
Asia and the Pacific forecasts, Asia finance will be reduced between 42 to 47 billion U.S.
dollars per year due to women's limited access access to jobs, losted by 16 to U.S. $ 30
billion per year loss due to gender inequality in education. Although regional economic
growth period 2000 - 2007 reachs 6.2%, much higher than the global average growth of
4.2%, the average growth of employment for women only 1.75 - below the world average is
2% general.
The report also pointed out that low-quality jobs is the challenge for the labor force for
women. A large percentage of Asian women is to do the heavy work, low productivity,
vulnerable to low wages in the informal sector. In addition, the unemployment rate of young
women is high and women are still largely regarded like ancillary workforce or secondary
income generation, after men.
Especially the woman in rural area in Vietnam, they contribute more than fifty percent of the
production force in agriculture, but they have very limited roles to play in household
financial. They have suffered family violence, sexual violence, human trafficking and a lack
of capital to do business.
Our company is a social firm doing business in clay flower art named Viet Soul that helps
poor people especially women and poor laborers.
Viet Soul will provide unique and innovative training cources for women in producing clay
flower, become the distributor of their handmade products and the profit from this business
uses to pay salary, retrain in system and scholarship for chirldens employees.
2. ORGANIZATION OVERVIEW
2.1. Problems and Solutions
Women in rural area play a little role in family and do not have the self-control in family
finance but want to improve their income. Using source from our own fund, supporting from
NGOs, or angle investors, Viet Soul social firm will train them to produce clay flower and
help them sell products in market. The profit from this business uses to pay salary, retrain in
system and scholarship for chirldens employees.
2


Viet Soul will provide shop for sell and rent the clay flowers with the main customers are
tourists, embassies, high income earners, the company organizing the event, foreigners living
in Vietnam.

2.2. Vision
Women in rural area or women with poor life condition will have the stable income, improve
their life.

2.3. Mission
Make the better life for women by offering job opportunities to low income families and help
all women in against domestic violence. We also support them in capital if they want to set
up the business.

2.4. Objectives
Long- term objectives: In next 10 years, 80% of poor women in rural areas will have a stable
source of income. Viet Soul will not only purely do business, we also bring the high standard
for women life, stay strong and healthy.
Short-term objectives: In next 3 years, the social firm will go into a state of steady work,
steady income and stable customer source.
2.5. Marketing Analysis
To recognize opportunities for the company, we conduct market research and market analysis
based on the following questions:
- Who are the target customer?
Tourists, embassies, high income earners, the company organizing the event,
foreigners living in Vietnam.
- Why this market is potential and attractive ?
Clay flower art is a new product in Vietnam market, its unique and durable.After a
marketing research, it should be concluded that the potential customers are you, it is
new product so that it has not had a lot of competitors yet and it is a perfect subtitute
product for traditional fresh flower.
It is a high feasibility and can be expanded in many localities.
2.6. Social impact
Profit: Profit from business use to support the stable income for poor women and sallary for
staffs.
Planet: Clay flower use use of materials with environmentally friendly, so will not affect the
issue of environmental pollution
Person: It was many solve social problems. First, it solves the problem of employment for
poor workers, providing them with a fixed source of income, not only that they also have the
opportunities to train a new job, and they are also the main source of retraining for new labor.
3



3. PRODUCT AND SERVICES
3.1. Product
Our company provide a new unique product in Vietnam market that is clay flower art. Clay
Flower art are handmade with air-dried clay. They are long-lasting, flexible and crack
resistant. These clay flowers are incredible artificial flowers and with a unique elegance that
others cannot achieve. Clay Flower Art is suit for a special occasion or event, as part of a
collection at home, or as a special gift.
The product is made from durable material that is easily looking in everywhere; so it has the
lower price than other flower kinds. We believed that it is a perfect substitute product for
traditional fresh flower.
The company is also committed to making each arrangement unique and custom-designed
based on each customer's needs. All sample arrangements in the store will be available for
purchase.
Moreover our company will select and offer distinctive vases for the discretionary buyer or
for a special occasion, as well as affordable options for routine purchases.
According to the size of clay flower, we will create a unique arrangement to meet anyone's
stated budget. This is some kinds of clay flower which we have now:
Rose Clay Flower
Artificial Clay Flower
Orchid Clay Flower
Blossom Clay Flower
Leen Clay Flower
Lotus Clay Flower
Tulip Clay Flower
Daisy Clay Flower
..
3.2 Services:
Clay flower art is a new product so that it has not had a lot of competitors yet. By the spirit of
"customer first, keep improving", we are trying development capacity and product. Our
company will develop new models and new color for each season. Also it can make
production according to the customer's samples.
Specially, we provide clay flower to small, medium and large business for rent. We have a
large variety of flower arrangements to choose from, and we can also provide custom
solutions to satisfy any client's requirements. You can rent arrangements for a one time event
or you can choose to rent on a quarterly or monthly basis!
4


In addition, clay flower art have a high feasibility and can be expanded in many localities. So,
our target group that we expect are tourists, high income earners, the company organizing the
event, foreigners living in Vietnam. Time of operation is from 8:30 AM to 9:00 PM, Monday
through Sunday. Furthermore, we do ship worldwide.


4.Market analysis summary.
4.1. Strength and weaknesses.
4.1.1 Strength.
Clay flower- New product that Vietnamese people have known since final 2013 is paid more
attention. It looks like normal flower but it can be used a long time (6 months 1 year).
Customer - The Company has a large base of customers in their targeted markets.
4.1.2 Weaknesses.
Weaknesses come from the lack of funding to launch operations and expand the business.
4.2. Threat and opportunity.
To recognize opportunities for the company, we conduct market research and market
analysis based on the following questions:
Who are the target customers? Some of them are a high income people as staff in embassies,
ministries or some firm.
Why this market is potential and attractive?
+ Vietnam has 90 million people within 1million get high income. It is an expecting number.
More
+ In psychological, most of people in Vietnam like using new product. Moreover, it make
more discovering for other segment.
+ In future, we can expand market share. Customer may include some people income with
medium. Because target customers are some riches, they are always attended by multimedia.
For instance, there are many people willing to buy your product.
+ By this time, in Ha Noi, clay flower does not sell more as other product. So we can avoid
competing from other shop.
What the different features and benefits are the company provide in comparison with other
business?
5


+ We make a lot of job for poor women that they have difficult life. Although they do
everything, it does not enough for them to maintain daily necessities. This is an opportunity
to help them getting a job with stable salary.
+ Moreover, our customers are rich persons. They tend to work charity while our company is
held to help poor women. So clay flower will get more supporting from customer.

4.3. Competition Advantage.
Firm has available technology product clay flower. We have some member that they already
make clay flower in center training clay flower in Japan. They make product high quality and
variable about appearance, shape, color. While other shop make clay flower that they have
just produced, they do not have experience. So their product is less attractive as our product.
Clay flower can remain revenue for firm. Other flower as orchids, rose, chamomile, are
sold depending each of season. So revenue for this is not stable. While clay flower can
service for customer as soon as they need, clay flower can be more competitive than normal
flower.



5. Strategy and implementation Summary
5.1. Strategy Pyramid
Based on the content in Management course, we arrange our business strategy prudently
follow 3 stages: strategic plan, tactical plan and operational plan.
Firstly, in the most overall way, our team had a meeting and carried out the strategic plan:
Developing a chain-store providing clay-flower, with the main labor-source is woman.
After that, we started in tactical plan: mobilizing the budget, recruiting and training labors,
contacting with suppliers and sponsors, marketing.
The final step in releasing the orient-developing for this business enterprise is the operational
plan- the most specific one: opening stores, setting the schedules and run the business
fluently and other operation activities daily, monthly and so on This all must be done after
finishing the tactics
5.2. Value Proposition
This form of business is totally new and potential in Vietnamese liking. After doing many
researches, we all came to a united decision. This project has a promising future with strongly
development.
6


You still make sense from this? We have solid proof for proving that. A high-value and
aesthetic product, bring settled professions for labors. Plus, clay-flower had a truthful beauty
compare with the real ones and they never decayed. The research revealed how surprise and
excited the customers are when they recognize our product were not real flower. They all
wanted to buy, many of them are interested in learning how to make clay-flower for
themselves. Hence, this business had 2 profit sources: from sales and from teaching the
customers
Considered correctly about the prospect of clay-flower in Vietnam, our team drew a detail
strategy: coverer all the aspects such as budget, premises, materials and came to a specific
plan giving to our sponsors. Fortunately, we received optimistic sign, their agreement also.
Therefore, we have all the resources to deploy our firm, and maximize the value this project
brought back: not only financial but also social.
5.3. Marketing Strategy
Marketing always is one of the first and the most critical step in starting- up a business. There
many ways to approach in the marketing analysis, however in this report, researchers want to
express about the marketing strategy follow 4Ps, as we all knew- the marketing mixes: Price,
Place, Promotion and Product. In this case, the expense must be high in initial period for
advertising, setting up the distribution channels, thus we can have an exact number to control
our firm. After accounting, we decided to spend about 90 million VND per year for
marketing program.
5.3.1 Product
As we mentioned above, we have a widely advertising campaign to present clay-flower, get
them closer to our potential customers. Making use of every media mass is a wrong way,
because it costs a huge amount of money and may not pay back the deserve result. Instead of
this, we only concentrate in Phu Nu newspaper, Tiep thi va Gia dinh magazine, a
Facebook fanpage and direct advertise. Indeed, we have target customers are woman,
therefore we focused on this key.
5.3.2 Place(s)
We design this plan for a 3-year of producing. In the 1
st
year, our main task is promoting a
HQ at Hue Street. This is the place where we display the flower models. After that, we strive
to attain 2 more stores in Thai Ha and Cau Giay street. We predicted precisely 3 zones around
have huge taste in clay-flower. Combine with advertising 3 locations, we also care about the
convenience in delivering and transporting of our labors. In expectation, 3 stores can bring
back about 470 million VND per year in average. Gradually, we will introduce these places
widely in newspaper and our website and FB page. Get along with this, we want to decorate 3
store with the most friendly atmosphere to comfort customers who came to visit and order us
directly. Obviously, its a sharp weapon of us to catch the attention.
7


5.3.3 Price and Promotion
Our firm guarantees that we have the best price for the best product. This can be indicated in
our marketing activities. Listing out all of special treatment in our advertising videos.
Moreover, we attempt to provide some unique services and discount to our customers.




6. MANAGEMENT AND PERSONEL:
6.1. Manager summary

Organizational structure


Management team
The management team includes two members of the group of six NEU students
having the plan to start-up a social firm doing business in clay flower art in
purpose to help the poor, especially women and poor laborers by using our own
fund, applying the knowledge about the demand of market at the moment, the
marketing plan, the high technology to produce high quality products and making
use of the helping of some stakeholders such as the media, NGOs ...
Besides our own fund, the project finance is supported by some NGOs and some
angel investors. Hence, one angel investor will also attend in the Management
Board and have the express provisions with the business.
6.2. Human resources plan:
We plan to use the labor sources from the countryside and give the priority to
those being poor, especially the poor women. Our workers will be provide with a
Management
team
Accounting
and Finacing
Staffs
Marketing
Staffs
Technological
Engineers
workers
8


fixed source of income. They will have the opportunities to train a new job and
they are also the main source of retraining for new labor. The details of personal
information are in the table below:

No. Position No. of
people
Salary per month Working time
1 Board of Management 3 9.000.000vnd Full-time job
2 Accounting and Financing staffs 2 7.000.000vnd Full-time job
3 Marketing staffs 2 6.500.000vnd Full-time job
4 Workers 8 3.000.000vnd Full-time job
5 Security 1 3.000.000vnd Full-time job
6 Technological engineers 2 8.000.000vnd Full-time job

- The BOM includes two students of the project team and one angel investors having
wide knowledge about doing business. The investor is also the consultant of the
project. Two students attending in the BOM are the ones being well-qualified at
Accounting major and having a good basic knowledge of Management.
- The rest of the group will be divided into two department: 2 in the Accounting
department and 2 in the Marketing department. They all have the Bachelor degree in
Accounting major and two of them have the great enthusiasm on Marketing area.
- Workers of company are the poor, especially women who are facing with the financial
problems. They will be trained to get used to working with the machine system and
high technology. They also take the responsibility to clean their own working area
after each working days.
- Technological engineers must be the ones who can solve the technical problems as
well as control the producing process and have the ability to give the BOM some
advice about improving the method of produce. They are the young guys having
graduated from HUST and have the great enthusiasm with the social affairs,
especially as which being cared by the project team.
- Securities must be staying alert all the time as well as keeping the whole factory clear.
They are hired from the third party.


7. Financial plan
Clay flower art project will be funded from our own fund, support from NGOs, or angle
investors. We realize that it will finance growth primary though cash flow. This means we
will have to grow more slowly than we might like but that no borrowing is necessary.
9


7.1 Important Assumptions
The financial plan depends on important assumptions, most of which are shown in the
following table. The key underlying assumptions are
We assume a slow-growth economy, without major recession.
We assume a need for our product and service
We assume a significant customer base such as: tourists, embassies, high income
earners, the company organizing, events, foreign living in Vietnam.
We assume a continued interest in using our products and services by organizations,
customers and businesses in Ha Noi.
General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 0.00% 0.00% 0.00%
Other 0 0 0



7.2. Start-up invested Capital structure.
Total start-up capital : 56,300,000 VND
Own fun : 32,800,000 VND
Capital invested from others source : 23,500,000 VND
7.3. Apportioning start-up capital

Total start-up capital of the project
Title Units Cost
I. Fixed cost
1. Equipment expenses
Tables 3 300,000
10


Tools to make clay
flowers
10 150,000
Flowers baskets 100 1,970,000
Flowerpots 50 2,000,000
Clay Press 10 4,500,000
Flowers Shapes
Orchids (size L,
M,S)
4L,3M,5S 750,000
Sunflowers 3L,4M,3S 298,000
Rose 3L,3M,4S 550,000
Mulberry Orchids 2L,2M,3S 430,000
Others 15 2,150,000
The veins of all kind of
flowers and leafs 10 450,000
5 200,000
Oil colors 3 420,000
Collapsible chairs 5 250,000
Others 3,000,000
Total Equipment
expenses
17,418,000
2, Legal expenses and
other expenses

Business registering 200,000
Internet installing
expense
500,000
Name of website 800,000
Total Legal expenses
and other expenses 1,500,000
1,500,000
Total fixed cost 18,918,000
II. Working Capital.
Materials 5,000,000
Marketing 10,382,000
Others 3,000,000
11


Total working capital 18,382,000
Cash Requirements from
Start-up/ cash balance
19,000,000
Total start-up capital 56,300,000





12


7.4. Forecasting in the first 3 years.
7.4.1. Sales Forecast
The sales forecast table is broken down into two main revenue streams :
Buying all kind of clay flowers such as Rose, Sunflower, Orchids, ect - The Company anticipates sales of 960,000,000 during the first years
of operations. Individual printed stem each flower will sell for an average of 50,000 each with a cost of sales of 25%.
For renting- The Company anticipates sales of 805,500,000 during the first years of operations. Printed flower bouquets will sell for an
average of 70,000 each with a cost of sales of 25%.
We assume that on March, October and November, Sales will increase about 10% because of Woman Days and teacher day.
Table: Sales Forecast










Sales Forecast
Sales Year 1 Year 2 Year 3
Sales clay flowers 960,000,000 994,000,000 1,006,000,000
For renting 805,000,000 898,900,000 994,680,000
Total sales 1,765,000,000 1,892,900 2,000,680,000

Direct Cost of Sales
Sales clay flowers 240,000,000 248,500,000 251,500,000
For renting 201,250,000 247,425,000 248,670,000
Total direct cost of
sales
441,250,000 498,225,000 500,170,000

13




Chart 1 Sales forecast by year
7.4.2. Projected Cash flow
Our company has applied for a grant of 56,300,000. The Company forecast that it'll receive 56,300,000 in year 2.
We assume having beginning cash balance or Cash Requirements from Start-up capital. The owner will take distributions starting in year 2
based on the net cash, not determined at this time. The following table displays the Company's cash flow.
Table: Cash Flow
Year 1 Year 2 Year 3
Cash received
Cash from Operations
Cash Sales 1,765,000,000 1,892,900 2,000,680,000
Subtotal Cash from
Operations
1,765,00,000 1,892,900 2,000,680,000

Additional Cash Received 0 0 0
Subtotal Cash Received 1,765,000,000 1,892,900 2,000,680,000

0
500
1000
1500
2000
2500
Year 1 Year 2 Year 3
For renting
Sales clay flowers
14


Expenditures Year 1 Year 2 Year 3
Expenditures from
Operations

Cash Spending/pay roll 1,140,000,000 1,140,000,000 1,140,000,000
Bill Payments 23,560,000 23,750,000 24,340,000
Subtotal Spent on Operations 1,163,000,000 1,163,750,000 1,164,340,000
Additional Cash Spent 631,800,000 637,000,000 690,000,000
Subtotal Cash Spent 1,794,800,000 1,800,000,000 1,526,340,000
Net Cash Flow (29,800,000) 92,000,000 474,340,000
Beginning cash balance 19,000,000
Cash Balance (10,800,000) 102,800,000 577,140,000


-100
0
100
200
300
400
500
600
700
year 1 year 2 year 3
Cash
Net Cash Flow
Cash Balance
15




8. Appendix


Table 1 Salary
No. Position No. of
people
Salary per
month
Working time
1 Board of Management 3 9.000.000vnd Full-time job
2 Accounting and Financing staffs 2 7.000.000vnd Full-time job
3 Marketing staffs 2 6.500.000vnd Full-time job
4 Workers 8 3.000.000vnd Full-time job
5 Security 1 3.000.000vnd Full-time job
6 Technological engineers 2 8.000.000vnd Full-time job




Table 2: General Assumptions
-40
-20
0
20
40
60
80
100
120
140
160
Year 1 Year 2 Year 3
Profit year
Profit
Column1
16


General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 0.00% 0.00% 0.00%
Other 0 0 0










Table 3: Total start-up capital
Total start-up capital of the project
Title Units Cost
I. Fixed cost
1. Equipment expenses
Tables 3 300,000
Tools to make clay flowers 10 150,000
Flowers baskets 100 1,970,000
Flowerpots 50 2,000,000
Clay Press 10 4,500,000
Flowers Shapes
17


Orchids (size L, M,S) 4L,3M,5S 750,000
Sunflowers 3L,4M,3S 298,000
Rose 3L,3M,4S 550,000
Mulberry Orchids 2L,2M,3S 430,000
Others 15 2,150,000
The veins of all kind of flowers and leafs 10 450,000 5 200,000
Oil colors 3 420,000
Collapsible chairs 5 250,000
Others 3,000,000
Total Equipment expenses 17,418,000
2, Legal expenses and other expenses
Business registering 200,000
Internet installing expense 500,000
Name of website 800,000
Total Legal expenses and other expenses 1,500,000 1,500,000
Total fixed cost 18,918,000
II. Working Capital.
Materials 5,000,000
Marketing 10,382,000
Others 3,000,000
Total working capital 18,382,000
Cash Requirements from Start-up/ cash
balance
19,000,000
Total start-up capital 56,300,000






Table 4: Sale Forecast

18




Chart 2 Sales forecast by year

Table 5: Projected Cash Flow

Year 1 Year 2 Year 3
Sales Forecast
Sales Year 1 Year 2 Year 3
Sales clay flowers 960,000,000 994,000,000 1,006,000,000
For renting 805,000,000 898,900,000 994,680,000
Total sales 1,765,000,000 1,892,900 2,000,680,000

Direct Cost of Sales
Sales clay flowers 240,000,000 248,500,000 251,500,000
For renting 201,250,000 247,425,000 248,670,000
Total direct cost of
sales
441,250,000 498,225,000 500,170,000
0
500
1000
1500
2000
2500
Year 1 Year 2 Year 3
For renting
Sales clay flowers
19


Cash received
Cash from Operations
Cash Sales 1,765,000,000 1,892,900 2,000,680,000
Subtotal Cash from
Operations
1,765,00,000 1,892,900 2,000,680,000

Additional Cash Received 0 0 0
Subtotal Cash Received 1,765,000,000 1,892,900 2,000,680,000




Chart 3: Cash Flow forecast



Table 6: Projected Loss and Profit
Year 1 Year 2 Year 3
-100
0
100
200
300
400
500
600
700
year 1 year 2 year 3
Cash
Net Cash Flow
Cash Balance
20


Sales 1,765,000,000 1,892,900 2,000,680,000
Direct Cost of Sales 441,250,000 473,225,000 500,170,000
Other Costs of Sales 0 0 0
Total Cost of Sales 1,323,000,000 1,419,675,000 1,500,510,000
Expenses
Production Expenses
Payroll
1,140,000,000 1,140,000,000 1,14000,000
Supplies 4,200,000 3,200,000 3,200,000
Payroll Taxes 11,400,000 10,400,000 11,400,000
Utilities 6,400,000 6,650,000 7,000,000
Internet 3,600,000 3,600,000 3,600,000
Direct material
expenses

Raw materials 84,680,000 110,780,000 130,563,000
Marketing/Promotion 90,820,000 99,000,000 95,000,000
Total Operating
expense
1,341,100,000 1,273,630,000 1,390,763,000
Net income (18,100,000) 146,045,000 109,747,000
Net income/sales -1,02% 7,715% 5,486%


-40
-20
0
20
40
60
80
100
120
140
160
Year 1 Year 2 Year 3
Profit year
Profit
Column1
21


Chart 4: Profit year
7.4.3. Projected profits and losses.
The sales for year 1, 2 and 3 are 1,765,000,000 VND; 1,892,900 VN and 2,000,680,000VND,
respectively. The Company will show a Net Loss of (18,100,000 VND) in year 1, a Net Profit of
146,045,000 VND in year 2 and 109,747,000 VND in year 3 due to the internal expansion of the
Company to launch the marketing, sales and operation efforts needed to take advantage of the
market and growth in the future years. The percentages of the net profit to sales for this period
were (-1,02%), 7,715% and 5,486%, respectively.
The Operating Expenses and Net Profit to Sales for the three year period are affected by the
internal expansion of the Company. Net Profit and Net Profit to Sales Percentage will continue to
rise in future years as the internal expansion and investments in Marketing and Advertising bear
fruit.

Year 1 Year 2 Year 3
Sales 1,765,000,000 1,892,900 2,000,680,000
Direct Cost of Sales 441,250,000 473,225,000 500,170,000
Other Costs of Sales 0 0 0
Total Cost of Sales 1,323,000,000 1,419,675,000 1,500,510,000
Expenses
Production Expenses
Payroll 1,140,000,000 1,140,000,000 1,14000,000
Supplies 4,200,000 3,200,000 3,200,000
Payroll Taxes 11,400,000 10,400,000 11,400,000
Utilities 6,400,000 6,650,000 7,000,000
Internet 3,600,000 3,600,000 3,600,000
Direct material
expenses

Raw materials 84,680,000 110,780,000 130,563,000
Marketing/Promotion 90,820,000 99,000,000 95,000,000
Total Operating
expense
1,341,100,000 1,273,630,000 1,390,763,000
22


Net income (18,100,000) 146,045,000 109,747,000
Net income/sales -1,02% 7,715% 5,486%




























23





























24

































25