Key financial indicators business plan

We can't push our clients hard on collection days, because they are in larger companies and will normally have marketing authority, not financial authority. Therefore we need to develop a permanent system of receivables financing, using one of the established financial companies in that business. In turn we intend to ensure that our investors are compatible with our growth plan, management style and vision. 1 important financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions. We assume, of course, that there are no unforeseen changes in economic policy to make our clients' products immediately table below summarizes key financial assumptions, including 30-day average collection days, sales entirely on invoice basis including the 30% deposit policy, expenses mainly on net 30 basis, 30 days on average for payment of invoices, and present-day interest t interest -term interest real financials? Recommend using liveplan as the easiest way to create automatic financials for your own business your own business plan. 2 key financial following benchmark chart indicates our key financial indicators for the first three years. We foresee major growth in sales and operating expenses, and a bump in our collection days as we spread the business during expansion. However, we recognize that we cannot control this factor easily, because of the relationship with our recommend using liveplan as the easiest way to create graphs for your own business your own business plan. With fixed costs at a bare minimum, we don't really expect to reach break-even until several months into the business operation. Recommend using liveplan as the easiest way to create graphs for your own business your own business y revenue e percent variable ted monthly fixed l marketing expenses were relatively high as we sought to become known on the market. However with time these programs will start generating revenue for the business, which we shall in turn reinvest. Profits may not seem that impressive, but are relatively good for a start-up firm in our business. Initially, we will depend on our internal consultants for most of fulfillment, which is why costs should be lower than shown, although occasionally we shall engage the services of outside consultants as discussed in our personnel plan. Recommend using liveplan as the easiest way to create graphs for your own business your own business recommend using liveplan as the easiest way to create graphs for your own business your own business recommend using liveplan as the easiest way to create graphs for your own business your own business recommend using liveplan as the easiest way to create graphs for your own business your own business forma profit and and marketing and other operating before interest and taxes. Recommend using liveplan as the easiest way to create graphs for your own business your own business from al cash from onal cash tax, vat, hst/gst current other liabilities (interest-free). 7 projected balance balance sheet shows healthy growth of net worth, and strong financial : all displayed currency values represent botswanan pula (p). Recommend using liveplan as the easiest way to create automatic financials for your own business your own business following table provides important business ratios for the consulting industry, as determined by the standard industry classification (sic) index code 8742, management consulting t of total -term g, general & administrative before interest and debt to total -tax return on net -tax return on ts receivable ts payable t liab. To t debt/total your own business plan »your business plan can look as polished and professional as this sample plan. Just wrote my first business plan in 24 hours using liveplan and it's beautiful and complete. 0 management ant financial ted profit and ted balance your own business ss planning has never been easier. With 500 complete sample plans, easy financials, and access anywhere, liveplan turns your great idea into a great plan for more about research reports for engineering, accounting, research, management, and related services d business spa business planpersonal event planning business plancar wash business consulting plansmore services plansmore business support services plansmore marketing and advertising 't bother with copy & can download this complete sample plan as a text document for t interest -term interest y revenue e percent variable ted monthly fixed forma profit and and marketing and other operating before interest and from al cash from onal cash tax, vat, hst/gst current other liabilities (interest-free). Key elements of the financial g into your business’s financials can feel a bit like eating your fruits and vegetables, but what’s good for your business’s health is good for article is part of both our “business startup guide” and our “business planning guide”—curated lists of our articles that will get you up and running in no time!

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Experts will have different opinions about what should be included in a financial plan, depending on the type of business you have and what you’re trying to accomplish with your business plan. But whether you’re thinking of starting a business, expanding your current business, or just want to understand your current business better, there are a few key financial items that you should definitely include:Profit and loss maybe some business ratios and/or a break-even if you’re in the very beginning stages of your business, these financial statements can still work for you. Profit and loss statement is essentially an explanation of how your business made a profit (or incurred a loss) over a certain period of time. It’s a table that lists all of your revenue streams and all of your expenses—typically for a three-month period—and lists at the very bottom the total amount of net profit or is a financial statement that goes by a few different names—profit and loss statement, income statement, pro forma income statement, p&l (short for “profit and loss”)—but no matter what you call it, it’s an essential report and very important to tip: the term “pro forma” in front of any financial statement primarily serves to label that version of the statement as not adhering to the strict “generally accepted accounting principles” (gaap) standards that all publicly-traded companies must use to produce their financial statements. Gaap standards don’t apply to small businesses, so you don’t really need to worry about distinguishing your financial statements as “pro forma” or not—everyone you show them to expects that they’re not gaap-compliant. But if you want to be technically correct in your terminology, go ahead and call your financial statements “pro forma. Are different formats for profit and loss statements, depending on the type of business you’re in and the structure of your business (non profit, llc, c-corp, etc. Typical profit and loss statement should include:Your revenue (also called sales), followed “cost of sale” or “cost of goods sold” (cogs)—keep in mind, some types of companies, such as a services firm, may not have gross margin, which is your revenue less your three components (revenue, cogs, and gross margin) are the backbone of your business model—i. How you make ’ll also list your operating expenses, which are the expenses associated with running your business that aren’t incurred directly by making a sale. Cash flow statement (also called a “statement of cash flows”) is an explanation of how much cash your business brought in, how much cash it paid out, and what its ending cash balance was, typically might sound like sales, expenses, and profits, but it’s not. Without a thorough understanding of how much cash you have, where your cash is coming from, where it’s going, and on what schedule, you’re going to have a hard time running a healthy business. No business plan is complete without a cash flow t a thorough understanding of how much cash you have, where it’s coming from, where it’s going, and on what schedule, you’re going to have a hard time running a healthy cash flow statement helps you understand the difference between what your profit and loss statement reports as income—your profit—and what your actual cash position is. It is possible to be extremely profitable and still not have enough cash to pay your expenses and keep your business afloat, and it is also possible to be unprofitable but still have enough cash on hand to keep the doors open for several months and buy yourself time to turn things around—that’s why this financial statement is so important to cash vs. Matching revenue with the related expenses is what’s referred to as “the matching principle,” and is the basis of accrual you use the cash method of accounting in your business, your cash flow statement isn’t going to be very different from what you see in your profit and loss statement. I think that the accrual method of accounting gives you the best sense of how your business operates, and that you should consider switching to it if you aren’t using it the best sense of how your business operates, you should consider switching to accrual accounting if you aren’t using it ’s why: let’s say you operate a summer camp business. With the cash method, you would have recognized the revenue back in march, but all of the expenses in july, which would have made it look like you were profitable in all of the months leading up to the camp, but unprofitable during the month that camp actually took accounting can get a little unwieldy when it comes time to evaluate how profitable an event or product was, and can make it harder to really understand the ins and outs of your business operations. For the best look at how your business works, accrual accounting is the way to balance sheet is a snapshot of your business’s financial position—at a particular moment in time, how are you doing? For most small businesses, this is just the owner’s equity, but it could include investors’ shares, retained earnings, stock proceeds, etc. That makes your retained earnings your business’s cumulative profit and loss since the business’s r, if you are a sole proprietor or other pass-through tax entity, “retained earnings” doesn’t really apply to you—your retained earnings will always equal zero, as all profits and losses are passed through to the owners and not rolled over or retained like they are in a sales forecast is exactly what it sounds like: your projections, or forecast, of what you think you will sell in a given period (typically, a year to three years). Your sales forecast is an incredibly important part of your business plan, especially when lenders or investors are involved, and should be an ongoing part of your business planning sales forecast should be an ongoing part of your business planning should create a forecast that is consistent with the sales number you use in your profit and loss statement. In fact, in our business planning software, liveplan, the sales forecast auto-fills the profit and loss isn’t a one-size-fits-all kind of sales forecast—every business will have different needs. How you segment and organize your forecast depends on what kind of business you have and how thoroughly you want to track your helpful questions to ask yourself are:How many customers do you anticipate? However you choose to do a sales forecast, you should definitely have lly, you’ll want to break down your sales forecast into segments that are helpful to you for planning and marketing purposes.

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The difference between the your forecasted revenue and your forecasted cogs is your forecasted gross importance of the personnel plan depends largely on the type of business you have. But if you are a larger business with high labor costs, you should spend the time necessary to figure out how your personnel affect your of the personnel plan as a justification of each team member’s necessity to the you create a personnel plan, it should include a description of each member of your management team, explaining what they bring to the table in terms of training, expertise, and product or market knowledge. If you’re writing a business plan to present to lenders or investors, you could think of this as a justification of each team member’s necessity to the business, and a justification of their salary (and/or equity share, if applicable). Can also choose to use this section to list entire departments, if that is a better fit for your business and the intentions you have for your business plan. Calculations you might find useful:If you have your profit and loss statement, your cash flow statement, and your balance sheet, you have all the numbers you need to calculate the standard business ratios. These ratios aren’t necessary to include in a business plan—especially for an internal plan—but knowing some key ratios is almost always a good ’d probably want some profitability ratios, like:And you’d probably want some liquidity ratios, such as:Of these, the most common ratios used by business owners and requested by bankers are probably gross margin, return on investment (roi), and break-even analysis is a calculation of how much you will need to sell in order to “break even” (i. If your monthly fixed costs are $5,000 and you average a 50% contribution margin (like in our example with the restaurant), you’ll need to have sales of $10,000 in order to break financial plan might feel overwhelming when you get started, but the truth is that this section of your business plan is absolutely essential to understand. Even if you end up outsourcing your bookkeeping and regular financial analysis to an accounting firm, you—the business owner—should be able to read and understand these documents and make decisions based on what you learn from also: making sense of your small business financial you create and present financial statements that all work together to tell the story of your business, and if you can answer questions about where your numbers are coming from, your chances of securing funding from investors or lenders is much , if you’d rather leave it to the pros, check out liveplan’s business consulting—you’ll get an mba-written business plan in five business you have any questions about creating a financial plan for your business? Ideas to follow and very suitable in order to accomplish a financial goal in setting a business. In order to achieve this, one should organize his/her business plans and must consider the factors that will enhance or more likely, affect the business in the present or for future purposes. The financial statement include step by step spreadsheet to help you complete the financial ing for your business idea is one of the most difficult task associated with starting a business. Try these:How to make sense of your small business financial ial statements to know and to make sense of your small business financial the #1 business planning software risk-free for 60 contract, no risk. Built for entrepreneurs like r you’re starting a business, expanding your business, or just want to understand your business better, make sure you have a financial ss plan: your financial ss plan: ss plan: do you need one? Plan: composing your executive ss plan: describing your ss plan: analyzing your ss plan: marketing and ss plan: your organizational and operational ss plan: your financial ss plan: presenting your ss plan: financial part of a business plan includes various financial statements that show where your company currently stands and where it expects to be in the near future. This information helps you determine how much financing your business needs and helps outsiders determine whether lending you money or investing in your business is a wise use of their 'll probably also want to note any personal seed capital your business has, or will have. The amount of your money you will need to have invested in the business compared to the amount you want to finance varies, but it usually ranges from 20% to 50%. Banks offer several types of loans to businesses that do not present too much risk. Or are you a high-risk business that needs to jump through the extra hoops required to secure a government-backed small business administration loan? Your financial your financial plan with information on where your firm stands financially at the end of the most recent quarter what its financial situation has looked like historically. Then lay out your goals with financial projections for the next three to five years, depending on what lenders or investors have asked for. These are called "pro forma" statements, and they are based on your assumptions about how your business will perform. Your one-year projections should be broken down by month, while your more distant projections can be broken down by your business plan is for the expansion of an existing business, your statements will be based on your business's existing financial data. If your business is new, your statements will be speculative, but you can make them realistic by basing them on the published financial statements of existing businesses similar to yours.

If you can’t find this data on your own or if it simply doesn’t exist because your business concept is too unique or all similar companies are privately held, look for an accountant who has experience working with businesses similar to yours and can help you create realistic financial key financial financial plan should include three key financial statements: the income statement, the balance sheet and the cash flow statement. Revenues are your company's sales and/or other sources of income (for example, a cleaning business earns revenues from the hourly or per-room or per-home fee that it charges its clients; a grocery store earns revenue from the foods and other products and services it sells. Expenses include items such as the cost of goods sold (the money you spend buying produce, meat and dairy from local farmers, for example) payroll for employees, payroll, sales and income taxes, business insurance and loan interest. The balance sheetis important because it shows the company's financial position at a specific point in time, and it compares what you own to what you owe. Flow statement/cash cash flow statement shows the sums you expect to be coming into and going out of your business in a given time frame. Cash flow statements not only show potential investors that you know what you're doing, they also help you to make sure your business model is financially viable and to establish goals that you want to achieve. In business plans, three-year and five-year projections are considered long term, and your plan will be expected to cover at least three years. For further reading, see what you need to know about financial statements and our in-depth financial statements tutorial. In addition to financial statements for your company, if you are a new business, you may need to provide personal financial statements for each owner. These statements should list each owner’s assets, such as checking and savings account balances, stocks and bonds, retirement account balances and home equity, as well as liabilities such as mortgages, student loans, taxes owed and other er their form, financial statements must be complete, accurate and thorough. In estimating the growth of your business, you will make certain assumptions, which should be based on thorough industry research combined with a strategy for how you'll compete. Investors vary in their standards, but most like to see positive cash flow within the first year of operation, particularly if this if your first order for your projections to be accurate, you must know your business. If you've built an accurate and realistic model, but still project negative cash flow for more than 12 months, rethink your business you put together your financial statements, make sure there are absolutely no typos or mistakes in your calculations. Even if you and all of your business partners know exactly what you are doing, you may still want to hire an unbiased, outside professional to check your work and give you a second opinion on whether your projections are realistic. You don't want to be blindsided by mistakes or problems in your financial statements when a potential lender or investor reviews your you can learn from your financial the financial statements are helpful in and of themselves, the data they contain can also be used to calculate financial ratios such as gross profit margin, return on investment and return on owner's equity. Financial addition to financial statements, prospective lenders or investors will also want to see a sales forecast and, if your business will have employees, a personnel sales forecast is a chart that breaks down how much your business expects to sell in various categories by month (for the next year) and by year (for the following two to four years). For a cleaning service business, the sales forecast might list one-time cleanings, monthly cleaning contracts and annual cleaning contracts and further break those down by houses, condos, apartment units, entire apartment buildings and office buildings. If your business sells a product, your sales forecast should include the cost of goods your business will have employees and not just managers, you will need a personnel plan showing what types of employees you will have (for example, cashiers, butchers, drivers, stockers and cooks), along with what they will cost in terms of salary and wages, health insurance, retirement-plan contributions, workers compensation insurance, unemployment insurance, and social security and medicare of loan or investment ’ve made a strong case for your business idea, its viability and your ability to execute it. So how, exactly, do you plan to use any money that lenders or investors offer you? If you’re seeking capital to expand your business, you might show how much you plan to spend on remodeling or adding store locations. If you're selling business units, state the individual price per ed repayment schedule or exit ial lenders will want to know how and when you intend to repay the loan or line of credit, so you should put together a proposed repayment schedule and terms. You have to convince them that your business is the most promising ss plan: presenting your plan. Steps to identify your financial these three steps will help you assess and plan your financial ting your personal financial ine your net worth by making your own cash flow statement and balance ng personal finances: your annual a step back and assessing your personal finances each year can show how well you're doing with saving and what's needed to manage credit and ng a small business in tough economic provide 6 tips for creating a winning business in a losing ial new year's resolutions you can the year off right by evaluating your financial health and setting impactful and achievable goals.

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Tips for managing your personal six tips can help you set, prioritize and reach financial ntly asked i still pass the cfa level i if i do poorly in the ethics section? May still pass the chartered financial analysis (cfa) level i even if you fare poorly in the ethics section, but don't ... Battered stocks set to rebound in is biggest short in north 's tax reform cing the top 100 most influential financial t with with with investopedia. 2017, investopedia, business marketing ss plan ss plan g a business g an online business legal ss plan ing plan ss startup business ss in general blog. Discount on business plan pro premier here to buy now or call 0845 351 > sample business plans >. Consulting, repair, and reseller business to write a business ss plan ss plan ss plan g your g an online orating your ing plan software. 0 management ant financial ted profit and ted balance design business sample business plan can be edited directly in business plan pro 's financials summarize the following areas: important assumptions. 1 important financial assumptions are based on a steady economy and standard numbers for a business in our t interest -term interest rate. With two developers and two salesmen we plan on developing eight sites in november and once the two new hires are fully trained doubling the number to 16 sites a month. 6 projected balance balance sheet in the following table shows managed but sufficient growth of net worth, and a sufficiently healthy financial position. The monthly estimates are included in the forma balance lated long-term ities and current al current -term liabilities and following table shows the projected businesses ratios. To t debt/total ss plan software | sample business plan | business plan resources | small business plan advicehome | liveplan promo code | site map | about us | contact us | business ght ©1996-2017 palo alto software, ltd. 2012) biodiesel financial fuel of future (cff) is a producer of renewable and environment friendly fuel, the biodiesel, delivered from vegetable oils. Purpose of the business plan is to attract investment in the creation of biodiesel production plant and rape cultivation major advantage is the competitive price of the biodiesel, due to high productivity in cultivation (the best soils in the world and favorable climate) and the lowest variable and fixed costs in europe (labor, land rent, transportation, facilities, utilities, chemicals). Our target customers are transport companies inside ukraine and the western european teams skills cover all aspects of creating and managing the biodiesel production project: organizing, financing, auditing, marketing, promoting business, solving technical and organizational problems. The capacity of the plant is 5,000 tons per year, the full capacity is intended to be reached by the end of the second operational year. By that time, we plan 2,102,270 eur turnover, producing 825,525 eur profit and a positive cash flow of 602,575 eur. Total projects area is approximately 30,000 square km, of which the total arable land is 18,000 square km, that includes 3,000 square km (300,000 ha) for rape al location of the processing plant is 30 km from poltava, near a railroad station and an elevator with total storage and processing capacity of 10,000,000 tons of grain per year. Project y has the following facilities: garage for agricultural machinery with a total surface of 1,000 square meters, an administrative building of 100 square meters, the plant building for the biodiesel production of 1,000 square meters. Territory of the plant is fenced; available for storage and other equipment in 5,000 square t 2. And services provided by d (2012) biodiesel financial d (2012) biodiesel business process technological scheme can be seen in the following chart:Details are available in full version. And services provided by d (2012) biodiesel financial d (2012) biodiesel business gh biodiesel can be marketed as an ordinary fuel and our calculations in the financial section are based on the present market price of conventional diesel, we believe, that most perspective customers are farms, in-city transport companies and those who need the lowest possible pollution levels in their technological processes: warehouses, owners of generators, etc. We are planning also to sell rape-seeds in order to stabilize cash position in the periods when production of biodiesel would be insufficient: at the end of season, between production cycles.

Are part of the rapidly growing biofuel business, which also includes producers of heating oils and oleochems. We need to establish our business offering as a clear and viable alternative for our target markets. Build a relationship business: long-term relationships, not single-transaction deals with their fuel supply department, not just a vendor. Unlike mineral fuel, biodiesel is renewable energy source, with comparable cost and must charge appropriately for this unique type of fuel, but we want also to predict revenues as close as possible and to eliminate market risk, so we plan to sell biodiesel at current market price for depend on direct contacts as our main way to reach new buyers. 4 strategic depend on our alliance with local producers of rape-seed (and their state representative ukrripak) to generate continuos supply of raw material in the future, with ukrainian diesel traders (especially gas filling station and bigger regional company: poltavanaftoproduct) to ensure stable and planned production and e we plan to rent land and cultivate rape, cooperative agreement with neighboring agricultural enterprises is essential. We plan to outsource rape cultivation in the future, so this cooperative would be a base for creating a suppliers network. This cooperative would provide joint cultivation, harvesting of rape, production of vegetable on of distribution network requires a reliable and strong partner, so we plan to start strategic cooperation with poltavanaftoproduct, the biggest fuel trader in the region. The reasoning is the following: one of the authors already has good experience doing business with this company; the company has selling capacity (gas filling stations, delivery services, certification laboratories, etc. We plan cooperation with one of the biggest distributor of biodiesel in germany, company oelmhle leer connemann gmbh & co, to sell our products on european products are planned to be produced and sold (in consequent order): biodiesel, rape-seed, rape meal and rape-oil. The explanation for such a long technological cycle is a necessity to ensure the supply stability of the raw material, the rape-seed, to produce final product biodiesel of premium quality. In this business plan biodiesel will be produced from rape-oil, but equipment could be utilized also for processing other vegetable or waste cooking fats. Biodiesel is the only alternative fuel to meet all environmental and human health requirements for energy major planned source of raw material is rape-seed. To ensure stability of supply, we are planning to cultivate them on 5,000 ha of rented fields. We are not planning to install glycerol processing equipment in the first 3 years, because this equipment requires additional 40% investment and we want to ensure quality and uninterrupted production of biodiesel, as a flagship product. However, after successful implementation of this biodiesel project, we are also planning to sell cleaned glycerol, which could generate an additional 10% turnover. 1 product sel is planned to be sold using direct mail, seminars, promotion programs and advertising in business newspapers. We plan to contact directly all these customers, because they are not so numerous and can ensure reliable business meal has two markets: export to poland, lithuania, turkey, or local agricultural producers. We prefer the latter option, because it would save a great deal of administrative and transport expenses, plus it would open the opportunity to use rape meal as a payment for rent, leasing of equipment, rape-seed (we plan also to buy rape-seed for further processing). However, our plant will be able to provide this type of product and it remains a real option for us to sell major intention is to keep levels of monthly production, sales, and collections together. For this reason we planned storage capacities only for one months production, located plant near elevator (rape storage facilities) and railway (transportation network). Cultivation itself is a risky business (due to weather conditions), we prepared 3 variants of sales: normal, when yield of rape is normal and all sales would take place in ukraine, pessimistic, when yield of rape is 50% of normal, and optimistic with normal yield and sales to germany for 70% of german market price. Summary of the risk events is presented in the risk assessment expect to start sales at the end of 2003 and to reach the full plants capacity by 2004. We plan to decrease gradually the sales of rape-seed and increase the sales of biodiesel instead.

Detailed description of each milestone is given se of tools and lation of oil processing ent payment 50%, ent and capital expenses in ent orders will be possible after negotiations with producers of different parts and having completed the installation plan. Milestone 14) we did not plan cash inflows from these preparation is soil fertilizing (depends on qualities of soil, may be omitted) and processing. By that time, well find clients, sign sales agreements and plan delivery for the next 3 cultivation timing has key importance in the project implementation. While any short delay in the equipment installation can be bearable, the first year harvest of the rape-seeds can`t be the three types of risks were analyzed in the risk pyramid: country risk, sector risk and company y risk: ukraine is regarded as a risky business environment, but conditions are improving continuously. The appropriate cultivation conditions can be maintained by the proposed agricultural equipment, moreover, insurance was also planned to cover weather part of the sector risk comes from the technology itself, the greatest threat may come from latest developments in the biodiesel processing. A more cost effective production method requiring totally new equipment could make our plant obsolete. 2 important financial calculations of the business plan are based on the following real-life assumptions:Table 3. 3 projected profit and loss financial reports are prepared in a yearly split, they were intended to be comparable with each other. And services provided by d (2012) biodiesel financial d (2012) biodiesel business s are available in full version. 6 key financial following tables include all the important key financial ratios related to the project:(the key financial ratios within the profit and loss statements can be found in chapter 7. And services provided by d (2012) biodiesel financial d (2012) biodiesel business assets turnover of return on assets (roa). The reasoning is the following: biodiesel production is still a unique business in ukraine, and to sell the equipment we need to find a buyer. The sale of other current assets, such as final and by-products (biodiesel, rape meal, rape-oil, and rape-seeds), chemicals, herbicides and fertilizers are possible at full market price in a very short time: in one month investments are planned to be around 60,000 eur in the first year, consisting of office furniture and other small items. And services provided by d (2012) biodiesel financial d (2012) biodiesel business ty of the plant is 5,000 tons of biodiesel per annum. Amortised in this cost is the capital value of the plant required, which is not comparatively high - an esterification plant to produce 5,000 tons of rme yearly at a rural location is estimated at less than £0. And services provided by d (2012) biodiesel financial d (2012) biodiesel business y is given in the table below. And services provided by d (2012) biodiesel financial d (2012) biodiesel business management philosophy is based on responsibility, mutual respect and entrepreneurial creativity. Although, better than projected results could be compensated with bonus payments, the most general way of extra remuneration is planned to be a centralized and controlled biodiesel product distribution for the workers (bonuses for extra quality production and so on). The latter method could increase the interest, on behalf of the workers, in working in our plant, and hopefully, it could help propagating the companys environmental concern even zational team includes 25 employees, under three managers, acting as partner executive directors. Farming handles cultivation of rape; processing-pressing of oil seeds and production of ment team believe we have an excellent team for covering the main points of the business plan: cultivation of rape, sale of final products. At present, we can improve mostly in the area of technical capabilities to manage the production of personnel plan reflects the need to bolster our capabilities to match our positioning in the fuel market. Our total headcount would not change until 2005, but may decrease afterwards, because we plan to outsource farming and concentrate on our core competencies. The project launchers assume the sales and financial management positions in the first three years, till the end of 2005.