Preliminary Financial Feasibility Analysis for a Two-Acre Hard Clam Culture Farm in the Southwest Florida Area*
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1 Preliminary Financial Feasibility Analysis for a Two-Acre Hard Clam Culture Farm in the Southwest Florida Area* Chuck Adams and Leslie Sturmer Institute of Food and Agricultural Sciences Florida Sea Grant College Program University of Florida * Prepared for presentation at workshops held in Collier County for new growers. This serves as an update to the UF Food and Resource Economics Department Staff Paper (SP95-8) authored by Chuck Adams and P.J. van Blokland in October 995 entitled Economic and Financial Considerations regarding Small-scale Commercial Culture of Hard Clams in the Cedar Key Area of Florida. For more information contact: Chuck Adams University of Florida P.O. Box 0240 Gainesville, FL 2625 cmadmans@ufl.edu , ext. 22 January 2004
2 PRODUCTION ASSUMPTIONS Two-acre shellfish aquaculture lease in southwest Florida area Maximum 2-year grow-out period, which combines both nursery and grow-out phases Nursery phase is ~ months Grow-out phase is ~ 0-4 months Harvest period is extended over several months as dictated by demand, environmental conditions, growth, etc. Production on total lease area is staggered: o One acre is planted in Year o One acre is planted in Year 2 Nursery bags are stocked at a density of 0,000 clams per bag Grow-out bags are stocked at about 60 clams per square foot, or ~ 000 per bag Planting,070,000 seed clams per acre Survival rates are: o Nursery: 70% o Grow-out: 80% o Overall: 56% Size distribution of clams harvested per grow-out bag is assumed to be: o littlenecks: 80% o 7/8 pastas: 20% 2
3 FINANCIAL ASSUMPTIONS Seed clams are purchased at 4-6 mm at a price of each, or 8 per thousand Market price of clams: o clams: 0.09 each o 7/8 clams: 0.07 each All initial capital costs, asset replacement costs, and operating costs are owner financed. No borrowed capital. Capital assets depreciation is computed using straight-line method with zero salvage value Annual cost for repair and maintenance on boat, motor, trailer, and truck is assessed at 0% of initial investment Hired labor is required each year during the harvest period Laborers are self-employed and paid a daily rate of ~ 00 per day (2/hr) o 0 days planting o 66 days harvesting Most variable costs, overhead expenses, and capital asset purchases are inflated at a % annual rate Income and self-employment taxes are NOT included Withdrawals from the business income for owner salary or family living expenses are NOT included Owner / family labor cost is NOT included All net returns are pre-tax to the owner/operator s capital, management labor, and risk
4 Initial Investment and Capital Asset Replacement Requirements for Two-Acre Hard Clam Culture Operation in Southwest Florida Capital Item Unit Cost Number Bought Annual Deprec. Year Year 2 Year Year 4 Years of Life Year 5 Bags Nursery Grow-out ,750, ,22 Wet Suit Hookah Rig (2-man) 250 2, , Boat 9.5 Carolina Skiff w/double axle trailer 7,500 7,07 7,500 Motor 90 HP Yamaha w/ controls and linkages 7,000 2, 7,000 7,650 Winch/davit/boom/pulley,000,000,09 Misc. equipment Total Investment 5,56 22,985,86 0 9,289 4,82 Bag price includes only the bag, and does NOT include the cover netting, stake, cable ties, etc. which are estimated to be approximately.50 per bag and is replaced every year. 4
5 Annual Production Costs for Two-Acre Hard Clam Culture Operation in Southwest Florida Cost Item Year Year 2 Year Year 4 Year 5 Variable Costs Seed 8,560 8,560 8,560 8,560 8,560 Supplies Fuel/oil Boat Truck, ,26 55,27 50, 546,5 56 Maintenance Equipment Bags,450,285,494,24,58,6,584,404,62,446 Wages,000 7,60 7,859 8,095 8,8 Overhead Expenses Insurance Survey Fee 2,000 Bookkeeping Licenses Aqua. Cert. Lease Fee Total Costs 7,05 22,05 22,505 22,92 2,5 Most costs are subject to an annual % inflation adjustment. 5
6 Annual Cash Flow for Two-Acre Hard Clam Culture Operation in Southwest Florida Year Year 2 Year Year 4 Year 5 Beginning Cash 0 (40,290) (4,658) 4,47,827 Cash Receipts 0 5,600 5,600 5,600 5,600 Cash Outflow Production costs New capital 7,05 22,985 22,05,86 22, ,92 9,289 2,5 4,82 Total Outflow 40,290 25,968 22,505 2,20 28,74 Annual Cash Position (40,290) 25,62 29,095 9,90 2,426 Ending Cash Position (40,290) (4,658) 4,47,827 57,25 Most costs are subject to an annual % inflation adjustment. 6
7 Average Per Acre Annual Budget for a Two-Acre Hard Clam Culture Operation in Southwest Florida Units Price / Unit Total Value / Cost Revenues clams 7/8 clams 480,000 20, ,200 8,400 Total Revenues 5,600 Variable Costs () Seed clams Supplies Fuel / oil Boat Truck Maintenance Boat/motor/trailer/truck Bags Labor,070, days / day 8,560 26,29 59,562,84 7,98 Total Variable Costs 2,55 Fixed Costs (2) Overhead Expenses Insurance Bookkeeping Licenses Capital Replacement Depreciation 4,49 5,56 Total Fixed Costs,97 Total Expenditures (+2) Net Returns (to owner/operator capital, management labor, risk) 8,868 Cost Per Clam Break-even survival rate 5.6% 7
8 Sensitivity Analysis on Several Key Production and Management Variables for a Two-Acre Hard Clam Culture Operation in Southwest Florida Variable # Clams Harvested Total Costs Net Returns Cost per Clam Breakeven Survival Seed Price (ea.) ,8 4,872 2,49 8,868 6, % 8% Market Price ( / 7/8 ) 0.07/ / / / /0.0 6,868 2,868 8,868 24,868 6,868 46% 40% 2% 26% Survival Rate 42% 49% 56% 6% 449, ,00 674,00 5,882 2,58 8,868 25, Size Distribution ( / 7/8 ) 90/0 80/20 70/0 540,000/60, ,000/20, ,000/80,000 20,068 8,868 7,668 5% 7% Values underlined are the baseline assumptions held throughout the analysis. 8
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