business plan - moacsa touristic complex - draft version

Moacsa touristic

complex

BUSINESS PLAN

- Draft version November 2007-

THIS BUSINESS PLAN IS PROPERTY OF S.C. CARBON CONSULT SRL

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This is a business plan. It does not imply an offering of securities.

Table of Contents

1. Executive Summary.................................................................................................... 3 1.1. Objectives ........................................................................................................... 3 1.2. Mission................................................................................................................ 4 1.3. Keys to Success................................................................................................... 4

2. Company Summary .................................................................................................... 4 2.1. Company Ownership .......................................................................................... 4 2.2. Start-up Summary ............................................................................................... 5 2.3. Project Location .................................................................................................. 6

2.3.1. Romania ...................................................................................................... 6 2.3.2. Covasna county......................................................................................... 10 2.3.3. Moacsa township ...................................................................................... 11 2.3.4. Our plot of land......................................................................................... 15

2.4. The Project ........................................................................................................ 15 3. Services ..................................................................................................................... 18

3.1. Service Description........................................................................................... 18 3.2. Competitive Comparison .................................................................................. 19 3.3. Sales Literature ................................................................................................. 20 3.4. Future Services.................................................................................................. 20

4. Market Analysis Summary ....................................................................................... 20 4.1. Market Segmentation ........................................................................................ 21 4.2. Target Market Segment Strategy ...................................................................... 22

4.2.1. Market Needs ............................................................................................ 22 4.2.2. Market Trends........................................................................................... 23 4.2.3. Market Growth.......................................................................................... 23

4.3. Service Business Analysis ................................................................................ 24 4.3.1. Business Participants ................................................................................ 24 4.3.2. Competition and Buying Patterns ............................................................. 24 4.3.3. Main Competitors ..................................................................................... 25

4.4. Statistics ............................................................................................................ 26 5. Strategy and Implementation Summary.................................................................... 26

5.1. SWOT Analysis ................................................................................................ 26 5.1.1. Strengths ................................................................................................... 26 5.1.2. Weaknesses ............................................................................................... 26 5.1.3. Opportunities............................................................................................. 27 5.1.4. Threats....................................................................................................... 27

5.2. Competitive Edge.............................................................................................. 27 5.3. Marketing Strategy............................................................................................ 27

5.3.1. Positioning Statement ............................................................................... 28 5.3.2. Pricing Strategy......................................................................................... 28 5.3.3. Promotion Strategy ................................................................................... 28

5.4. Sales Strategy.................................................................................................... 29 5.4.1. Sales Forecast............................................................................................ 29

6. Web Plan Summary .................................................................................................. 31 6.1. Website Marketing Strategy ............................................................................. 31 6.2. Development Requirements.............................................................................. 32

7. Management Summary ............................................................................................. 33

Table of Contents

7.1. Management Team............................................................................................ 33 7.2. Personnel Plan................................................................................................... 34

8. Financial Plan............................................................................................................ 35 8.1. Start-up Funding ............................................................................................... 35 8.2. Important Assumptions..................................................................................... 36 8.3. Break-even Analysis ......................................................................................... 37 8.4. Projected Profit and Loss .................................................................................. 38 8.5. Projected Cash Flow ......................................................................................... 41 8.6. Projected Balance Sheet.................................................................................... 42 8.7. Use of Funds ..................................................................................................... 43

9. Annex........................................................................................................................ 44

Moacsa touristic complex

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ABOUT CARBON CONSULT

SC Carbon Consult SRL offers management consultancy services since

2004. Our offer is aimed especially to the smaller companies, start-ups and

entrepreneurs. Our company has significant experience in developing business

plans, this area being a strong point in our business offer. We have developed

business plans in different industries and in various formats, simple or more

complex.

The services Carbon Consult offers are:

- Development of business plans;

- Identification of financing sources;

- Monitoring financing sources;

- Supplying relevant information about project financing;

- Filling in of financing documentation;

- Making economic analysis;

- Making market studies;

- Assisting in developing company strategy;

- Writing reports and developing presentations.

For more details you can view our company’s web page at www.carbon-

consult.ro or you can contact our staff by email at [email protected].


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DESPRE CARBON CONSULT

SC Carbon Consult SRL oferă servicii de consultanŃă în afaceri şi

management din anul 2004. Serviciile firmei se adresează în special

întreprinderilor mici şi antreprenorilor aflaŃi la început de drum. Firma are o

bogată experienŃă în realizarea de planuri de afaceri, acest domeniu

reprezentând un punct forte în relaŃia cu clienŃii. În cadrul firmei au fost

realizate planuri de afaceri din domenii diverse, în formate variate, mai simple

sau complexe.

Serviciile oferite de Carbon Consult constau în:

- Realizarea planurilor de afaceri;

- Identificarea surselor de finanŃare;

- Monitorizarea surselor de finanŃare;

- Furnizarea de informaŃii relevante referitoare la finanŃarea proiectelor;

- Completarea documentaŃiilor pentru finanŃări;

- Realizarea de analize economice;

- Realizarea de studii de piaŃă;

- AsistenŃă în elaborarea strategiilor firmei;

- Realizarea de rapoarte şi prezentări.

Pentru mai multe detalii poate fi consultată pagina de internet a firmei

www.carbon-consult.ro sau pot fi contactaŃi reprezentaŃii firmei la adresa de

email [email protected].


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1. Executive Summary

The company SC Moacsa Touristic Complex SRL is planning to develop a touristic complex in Moacsa village, 20 km from Brasov. Total costs of the project will amount to around 835.000 euro and it will take 18 months to develop.

We will offer our customers good quality services, on three different areas: accommodation, dining and entertainment. We will work hard to make our service offer reach excellence, with average prices but outstanding benefits to our customers.

Our location in a beautiful but still underdeveloped area from a touristic point of view is one of our keys to success. We will be able to benefit from the beauty of the area, present the rich traditions of the locals and capitalize on the proximity of important cities.

We have cautiously forecasted our first year sales to close to 300.000 euro, with a significant increase in subsequent years, reaching over 750.000 euro in the fifth year, with a net profit of over 200.000 euro in that year and a net profit/sales ratio of over 25% in that year.

Highlights

(€100,000)

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€200,000

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Year 1 Year 2 Year 3 Year 4 Year 5

Sales

Gross Margin

Net Profit

1.1. Objectives

1. Open the Moacsa Touristic Complex as a "turn key operation" within 18 months from project approval;


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2. Demonstrate a minimum of 50% occupancy averaged throughout the first year;

3. Increase exposure and gain market share using Internet technology and direct advertising on Romanian and Hungarian markets;

5. Increase off-season use by divesting into various uses for property;

6. Supporting the development of the local economy.

1.2. Mission

The Moacsa Touristic Complex's purpose is to establish a profitable and well managed company while at the same time creating an atmosphere of fun and excitement for our guests. We also intend to become a key element in the development of the local community, helping to preserve local traditions and to improve the quality of life of the local population.

1.3. Keys to Success

In order to succeed, the new management will strive to achieve the following goals:

• Position Moacsa Touristic Complex as the best facility of it's kind in Covasna county;

• Build a strong market position among the local patrons and people that can participate in our offering of services;

• Maintain sound financial management of the venture.

2. Company Summary

The company that will develop this project is SC Moacsa Touristic Complex SRL. The company was founded in 2007 and is currently located in Bucharest. The company is registered at the National Trade Register Office with the number ___________ and has the unique registry code __________.

2.1. Company Ownership

Moacsa Touristic Complex SRL has 2 associates:

• Popescu Ioan - 25% of company capital

• Petre Adrian - 75% of company capital


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Petre Adrian owns the plot of land on which we intend to develop the project. When the project will be financed he will transfer the land to the company.

2.2. Start-up Summary

We intend to develop a start-up business that will operate a touristic complex in Moacsa village, central Romania. The start-up expenses for the project amount to 4.700 euro. Additionally we will have current assets in the form of cash, inventory and other current assets of around 32.000 euro. The main part of the investment project (797.500 euro) will be in long term assets. The costs of these assets are detailed in The project section of the business plan.

In total, the project requires funds of approximately 834.700 euro, money that will be spent gradually during the 18 months of project development.

Start-up Requirements Start-up Expenses Legal €1,500 Consultancy €1,400 Insurance €300 Other €1,500 Total Start-up Expenses €4,700 Start-up Assets Cash Required €5,000 Start-up Inventory €2,500 Other Current Assets €25,000 Long-term Assets €797,500 Total Assets €830,000 Total Requirements €834,700


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Start-up

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€200,000

€300,000

€400,000

€500,000

€600,000

€700,000

€800,000

€900,000

Expenses Assets Investment Loans

2.3. Project Location

Our project is located in Moacsa township, Covasna county, Romania. There is the place where we own a plot of land on which we intend to develop a touristic complex.

2.3.1. Romania

Romania is situated in the Southeastern part of Central Europe, in the Northern part of Balkan Peninsula, inside and outside of the Carpathian Mountains, on the Danube lower course, bordering the Black Sea.


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The last years displayed a good track record in consolidating the macroeconomic stability while lowering inflation. At an average rate of about 5-6% per year, GDP growth was among the highest in the region with a peak of 8.3% reached in 2004. In 2005, the GDP has grown with over 4%, the lower rate of growth being strongly influenced by the 12.6% decrease in agricultural output as the effect of the floods upon economy, Romania having an economy depending on agriculture - a non-restructured sector strongly influenced by the natural disasters. In 2006 however, the GDP growth rate exceeded expectations and grew with 7.7%. In 2005, consumer prices rose by 8.6 percent, overlapping 7.5% inflation target, given that both administered prices and volatile prices recorded annual changes well above the average; behind these developments stood mainly the price adjustments for utilities, as well as the unfavorable impact of some incidental factors like the floods. For 2006 the target inflation rate of 5% was not only attained but actual economic performance was even better at 4.9%.

The table below shows some macroeconomic data that is relevant while considering the opportunity of investing in Romania (the source of the data is the National Commission for Prognosis; the information was made public on April 2007).

MU 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

GROWTH AND ASSOCIATED FACTORS

GDP growth % 8,50% 4,10% 7,70% 6,50% 6,30% 5,90% 5,80% 5,80% 5,70% 5,70%

Industrial output growth % 6,40% 2,30% 6,90% 4,80% 5,20% 5,40% 5,40% 5,40% 5,30% 5,30%


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Final consumption % 10,20% 9,50% 11,50% 8,30% 7,40% 6,80% 5,90% 5,40% 5,70% 5,30%

Gross Fixed Capital

Formation % 11,20% 12,60% 16,10% 14,20% 12,00% 11,30% 10,60% 10,50% 10,00% 10,00%

TRADE AND INVESTMENT

Exports FOB Euro mill 18.935 22.255 25.850 30.250 35.300 40.900 46.800 53.200 59.700 66.600

Imports FOB Euro mill 24.258 30.061 37.609 44.950 52.700 61.000 68.500 76.000 83.700 91.500

Trade balance

Euro mill -5.323 -7.806 -11.759 -14.700 -17.400 -20.100 -21.700 -22.800 -24.000 -24.900

Current account deficit

Euro mill -5.099 -6.883 -9.973 -12.150 -13.600 -15.200 -16.300 -17.100 -17.900 -18.700

INFLATION

CPI (year end) % 9,30% 8,60% 4,90% 4,30% 3,50% 3,00% 2,50% 2,50% 2,50% 2,50%

CPI (average) % 11,90% 9,00% 6,60% 4,30% 4,30% 3,20% 2,70% 2,50% 2,50% 2,50%

EMPLOYMENT

Employment Thou. pers 4.468 4.559 4.615 4.700 4.780 4.855 4.915 4.965 5.015 5.055

Unempl. Thou. pers 558 523 461 460 455 450 440 430 420 410

Unempl. Rate % 6,30% 5,90% 5,20% 5,20% 5,10% 5,00% 4,90% 4,80% 4,70% 4,60%

EXCHANGE RATE

RON/USD (average) - 3,26 2,91 2,81 2,6 2,55 2,5 2,46 2,42 2,38 2,34

RON/EURO (average) - 4,05 3,62 3,53 3,4 3,3 3,25 3,2 3,15 3,1 3,1

When considering Romania as a possible location for developing their businesses, the foreign investors might benefit from the advantages offered by Romania:

• Market & Location Advantage

o One of the largest markets in Central and Eastern Europe (over 21 million

inhabitants);

o Attractive location: allowing an easy access to the countries of the former CIS

countries, Balkans, the Middle East and Northern Africa;

• Resource Advantage

o Skilled labor force, with solid knowledge in technology, IT and engineering;


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o Rich natural resources, including fertile agricultural land, oil and gas;

o An important potential for tourism;

• Political Advantage

o Stable executive power;

o Stability factor in the Area -NATO member;

o Stability Guarantee in South Eastern Europe;

o EU membership since January 2007;

• IR Advantage

o Bilateral agreements between Romania and other countries for investments

promotion and protection;

o Bilateral diplomatic relations with 177 out of 191 UN member states, plus the

Holy See, the Sovereign Military Order of Malta and the Palestinian National

Authority;

o Member of the UN and other international organizations, like: OSCE, Council

of Europe and International Organization of La Francophonie;

o Free trade agreements with EU, EFTA countries, CEFTA countries;

o WTO member since January 1995;

• Economical Advantage

o Sustainable economic growth;

o Functional Market Economy status;

o Decreasing inflation;

o Permanent financial assistance for SME's Development;

o Increasing interest of Foreign Investors;

• Improving Infrastructure Advantage

o Well-developed networks of mobile telecommunications in GSM systems;


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o A highly developed industrial infrastructure, including oil and petrochemicals;

o The presence of branch offices and representatives of various well-known

international banks;

o A newly developed highway infrastructure;

o Commitment to improve the highway infrastructure to EU standards;

o Extensive maritime and river navigation facilities;

• Social Advantage

o Agreement between Government and Major Unions;

o No major Union Movements;

o Permanent dialogue with the employees associations;

o Labor relations regulated by the Labor Code;

• Legislative Advantage

o Legislation compatible with Acquis Communautaire;

o Similar legal provisions as in EU;

o Healthy fiscal policy regulated by the Fiscal Code;

o Competitive tax policy: 16% flat tax.

2.3.2. Covasna county

Covasna county is placed in the center of Romania and spreads on a surface of 3710 sq. km., with a total population of around 231.000 inhabitants (around 1% of the total population of Romania). The county seat is Sfantu-Gheorghe, which is situated 30 km from Brasov, the most industrialized town in Romania, and 200 km from Romania's capital Bucharest.

Around 47% of total surface of the county is covered with woods, which translates into good touristic potential. Because of the ionised air and the hundreds of springs with mineral waters the local spas are famous, being considered among the most complex in Europe. There are 2 spa towns in Covasna county considered of national importance (Covasna spa) and local importance (Balvanyos) and several other such locations. Balneological tourism is also favorised by environmental conditions - almost total lack of pollution, the ionised air, the mineral waters and muds and natural sites with CO2 emanations (mofete).


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2.3.3. Moacsa township

Moacsa township (with the Hungarian name of Maksa) is situated in the central part of Covasna county, along the national road no. 11 Brasov - Tg. Secuiesc - Bacau, at a distance of 15 km from Sf. Gheorghe, the county seat and 20 km from Brasov. At only 2 km from the village there is a railway station, on Sf. Gheorghe - Bretcu line. It has a total surface of 3517 ha.


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Moacsa-Padureni lake is one of the most sought-after touristic spots in Covasna county. It appears that very recently it has been included in a development programme with the purpose of including it the European touristic circuit. Local authorities were recommended by the Environment Minister to access European funds for touristic development of the area.

Touristic attractions of Moacsa:

• Renaissance ceiling, painted in 1766, kept at the Decorative Art Museum in Budapest;

it is reproduced in today's church in Moacsa;

• The tower with bells, baroque style, which has a bell dating from 1531;

• The memorial plaza that has trees planted to honor queen Elisabeth of Hungary;

• Wooden funerary monument made in 1994, in the memory of the victims of the

communist regime which were deported in Dobrogea;

• Gothic style church from Padureni, architectural monument;

• Funerary monument of Gabor Aron;

• A bell dating from the XV-th century, kept in the Eresteghin church;

• The sulphureous spring from Padureni and "God's Fountain" spring from Moacsa;

• Marked touristic roads that start in Moacsa and Padureni and lead to the edges of

Bodoc mountains;

• The monument dedicated to the Hungarians from all over the world.


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Currently there are plans of building a ski piste close to the village, which will capitalize on the natural conditions of the location. This will lead to a significant development of tourism in the area.

From a total population of over 2.300 inhabitants, only 44 (that is less than 2%) are Romanian, the rest being of Hungarian nationality.

The inhabitants are mostly involved with agriculture and raising animals. There are 31 functioning companies in Moacsa, most of them working in the public alimentation domain. The lack of financial resources of the population however, impacts their activity. Also, there is a small number of craftsmen such as carpenters, masons, painters, shoeing smith, and millers. Recent figures estimate that 32% of the people that live in Moacsa are unemployed. This rate seems to be very high and we can presume many of them practice some form of agriculture or trade. However, this does mean that a significant labor force is available locally.

Seeking to improve local economy, the local administration is concerned with offering facilities to investors. Also, there are a number of investment projects planned or in execution, including rehabilitation of communal roads, developing water and sewage systems. Local administration is willing to cooperate with the potential investors providing certain facilities, such as:

• consulting services and logistic support;

• exemption from taxes on legal grounds;

• land lease;

• electric power network etc.

Infrastructure of the commune:

• the commune is entirely electrified;

• the communication is performed by means of telephones;

• there is cable television;

• there is access to the Internet;

• the commune has a waste handling system;

• currently there is neither gas distribution network nor potable water supply system;

• the nearest airport is in Targu Mures town (220 km);

• there is a railway station in the commune;


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Future economic perspectives:

• a field suitable for investments is the fish farming. The waters are rich in trout. There may be arranged trout farms;

• arrangement of an equitation center;

• the local administration is willing to cooperate with the potential investors with a view to set up a spa at the spring in Pãdureni called Budos Kut.

The climate is temperate -continental, with average temperatures and rainfalls.


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2.3.4. Our plot of land

We own a surface of around 12 hectares in the Moacsa village. Around 1 hectare of this surface contains trees (forest), the rest being grass land. At local land prices the total property is currently valued at around 300.000 euro.

2.4. The Project

We estimate that it will take around to 18 months to complete the construction, since the project is approved and financed.

The total investment will be of around 834.700. euro. This sum is comprised of company start-up costs (4.700 euro), the start-up inventory, short-term assets and some cash (32.500 euro in total) and the long term assets (797.500 euro) that are detailed below.

We will build 5 distinct houses of around 200 square meters each. 4 of these houses will be used for accommodating tourists and 1 of them will contain the restaurant, bar and all such spaces. This building will also have a cellar that will be used for storage. Each of the 4 buildings used for accommodation will have 8 double rooms and 1 apartment, with a total capacity of 20 places.

Construction costs:

• price/square meter - 350 euro

• total surface - 1000 sq.m.

• TOTAL construction costs - 350.000 euro


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Furniture and equipment

• cost/room - 3500 euro; 40 rooms - total cost - 140.000 euro

• restaurant - 25.000 euro

• bar - 10.000 euro

• kitchen - 30.000 euro

• laundry - 5.000

• other - 15.000 euro

• TOTAL furniture&equipment - 225.000 euro

The construction containing the restaurant and bar will have billiards and table tennis equipment. In this location there will also be a conference room.

• billiards and table tennis equipment - 4.000 euro

• conference room furniture and equipment - 20.000 euro

• TOTAL - 24.000 euro

Other necessary long-term assets:

• a 100-150 sqm construction that will be used as a barn and stable

o TOTAL Barn cost - 12.000 euro

• 5 horses and 3 ponies

o 1500 euro/horse or pony, on average

o 500 euro/each set of equipment

o TOTAL - 16.000 euro

• 5 ATV's

o 1500 euro/ATV


• 3 vehicles - 1 mini-van for transporting goods and 2 vans for transporting employees and

tourists

o mini-van - 15.000 euro

o van - 10.000 euro

o SUV - 15.000 euro



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• sports courts: 1 tennis court, 1 basketball and volleyball court and 1 football court

o tennis court - 20.000 euro each

o basketball and volleyball court - 8.000 euro each

o football court - 25.000 euro

o additional equipment - 3.000 euro


• TOTAL other necessary investment - 131.500 euro

Utilities:

• electricity - current facilities at about 300 meters from our plot of land

o TOTAL cost - 35.000 euro

• sewerage - we will develop our own facilities (septic tank)


• water - we will make our own well for fresh water


• heat - central heating system working with wood (wooden pellets)


• TOTAL utilities - 67.000 euro

TOTAL long term assets: 797.500 euro

According to the Romanian legislation, the rural tourist boarding houses are classified according to a number of flowers (daisies). The number of daisies corresponds to the number of stars of hotels.

We aim to develop a 3 daisies location. Minimum legal requirements for this include:

• minimum room surface of 10 sq.m. for rooms with 1 bed and of 123 sq.m. for rooms with

2 beds

• own bathroom for all rooms


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• TV and radio

• fridge

Supplementary to the minimum legal requirements, tourist establishment must achieve a number of points resulted from the evaluation of supplementary criteria. In the case of the 3 stars (daisies) establishment the minimum number of points is 80. There is a list of these criteria and the points that can be awarded for complying with the criteria.

3. Services

We will provide 3 main types of services to our guests:

1. Accommodation

• a total of 32 double rooms and 4 apartments, with total capacity of 80 guests;

• the rooms will be placed in 4 buildings that will have 8 double rooms and 1 apartment

each;

2. Dining

• delicious meals can be served in our restaurant, that has a 60 people capacity (15

tables);

• the restaurant will offer a rich menu with local and international dishes;

• next to the restaurant there is a picturesque bar, with local and international drinks;

3. Entertainment

• organizing various activities and offering our clients numerous possibilities to spend

their time in a pleasurable manner;

3.1. Service Description

1. Accommodation

• rustic style accommodation in our 32 double rooms and 4 apartments


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o the rooms will be decorated with different themes, with local meaning;

2. Dining

• Romanian and international cuisine (emphasis on Hungarian cuisine)

o we will put emphasis on the fact that many of our recipes are traditional;

o we will use organic products;

o the waiting staff will wear traditional clothing;

3. Entertainment

• horse riding - we will have several horses and ponies, with quality equipment and

professional supervision;

• sports - tennis, football, basketball, volleyball - we will build sports courts, of good

quality and with good equipment;

• fishing - we will provide all necessary tackle and some basic supervision if necessary;

• ATV & quad driving - we will buy some ATV's and quads that can be used by our

guests;

• minigolf;

• paintball;

• billiards, table tennis;

• visiting local sights and cultural interest points;

• video cameras for recording parties and daily activities of our guests who will receive

edited DVD's with their stay in our resort.

3.2. Competitive Comparison

There are many touristic complexes and rural accommodation offers in Romania and even in Covasna county. They all operate in the same basic market, some of them on specific market niches.


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Our main competitive advantage will be our location. We do not have significant local competition and therefore we will be able to assert ourselves as the main destination in this location.

As opposed to most local and regional boarding houses we offer many other services in addition to basic accommodation and dining. We offer the guarantee of a good time for the whole family, giving everyone the opportunity to do something interesting, from sports to sightseeing.

3.3. Sales Literature

Moacsa Touristic Complex will present its services to the potential customers by several means:

• we will have a website that will present all useful information about the company,

location of the complex, services offered, reservations and so on;

• we will have presentations of the location and services on major tourism portals from

Romania and abroad;

• also we will have printed materials that will be distributed mostly at tourism fairs and

through tourist agencies, materials that will describe our services and location;

3.4. Future Services

We will continually try to update our services, to offer more to our customers. There are some entertainment options such as paintball and minigolf that we intend to implement in the short term, in addition to those already budgeted in this business plan. And we are considering adding new services to our offer.

4. Market Analysis Summary

The MTC has three different target groups that it is attempting to attract.

• The first group is comprised of people from the region that just want to get away for the

weekend;

• The second group is represented by Romanian and foreign tourists that want to

experience a holiday in traditional "Transylvanian style";


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• The third group is represented by the clients that come to us for special events;

4.1. Market Segmentation

Our customers can be broadly divided into three groups (please note it is possible to divide the customers in to much smaller groups, but we have chosen not to):

1. Weekend getaway customers. These people are from the region and are looking to get away from their life so they come to MTC to be pampered and escape. They are likely to be repeat customers that appreciate our services and just want to relax for a couple of days

2. Regular foreign and Romanian tourists. They come to us wanting to experience a holiday in traditional "Transylvanian style". They expect a high level of service and exciting experiences.

3. Special events. A third category of clients is comprised of those needing a location for a special event, be it company teambuilding, family events or other.

The market analysis shown in the table below describes the estimated number of potential customers from our main segments. These are the people we target and from them will come our customers. While the number of local potential clients is likely to remain constant in future years, we believe that the pool of tourists from the rest of the country and from abroad potentially interested in this area is going to increase. A significant increase will also appear in the corporate and personal events segment.

Market Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Potential Customers Growth CAGR Local clients 0% 50,000 50,000 50,000 50,000 50,000 0.00% Romanian and foreign tourists 5% 400,000 420,000 441,000 463,050 486,203 5.00% Special events 10% 50,000 55,000 60,500 66,550 73,205 10.00% Total 5.07% 500,000 525,000 551,500 579,600 609,408 5.07%


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Market Analysis (Pie)

Local clients

Romanian and foreign tourists

Special events

4.2. Target Market Segment Strategy

Each market segment has specific needs that have to be addressed distinctively. In order to do this in a successful manner we try to understand as much as possible the characteristics of every segment and group.

4.2.1. Market Needs

1. Weekend getaway customers

These are local customers (from the Covasna county, mostly from neighboring towns). They need a place to relax in a weekend, or sometimes just for a day, close to their home. They are most likely to become repeat customers if they will like our resort. They need personalized service, great attention and are stimulated by discounts.

2. Regular foreign and Romanian tourists

These tourists will form the majority of our customers. They come from all over the country and from other countries also (especially Hungary and Germany). They come to us looking for the traditional experience, for the good, natural and healthy meals. They want to spend quality time with their family and friends, to visit interesting places, to learn about local traditions and generally to interact with a different culture.


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3. Special events

Many companies, most of them from the county but also from the rest of the country frequently require a location where they can send their employees for teambuilding activities, training courses and other special events.

Also many individuals need a good location for private celebrations (anniversaries, weddings and other special events).

They all need a place that can accommodate a large number of people, that has good cooking facilities, beautiful scenery and can provide various quality services.

4.2.2. Market Trends


Increasing purchasing power of the population translates in a greater request for relaxation related services. Because of the increasingly stressful professional activities more and more people feel the need to take a day off, to relax with friends and family.


The increasing purchasing power of the Romanians also means that they travel more, both abroad and in Romania. Foreigners also come to Romania in greater numbers, and this trend is likely to accentuate after Romania's accession to the EU.

3. Special events

It is becoming almost a norm for certain companies and certain segments of the population to have their special events in location other than the company headquarters or the peoples' homes. This trend means that the demand for locations such as ours is constantly increasing. We can assume that this tendency will continue in future years. This trend is also associated with a growing demand for new and personalized services.

4.2.3. Market Growth


We have assumed that this market segment will remain constant in the next 5 years. While the number of potential customers will remain constant we believe that their preferences will shift towards better quality resorts, in resonance with the increasing purchasing power of the customers.



Page 24

The total number of tourist, both from Romania and from abroad, is likely to increase significantly in future years. Using available market statistics we have forecasted a 5% yearly increase in this market segment.

3. Special events

This market segment is also likely to grow in the next years. It will actually have the most dynamic development. For our forecast we have included a 10% yearly increase of the customers for special events.

4.3. Service Business Analysis

The accommodation and tourism services industry is formed of numerous small and medium companies and several large ones. Our industry niche, represented by rural tourist boarding houses has many participants, offering services at different quality standards.

4.3.1. Business Participants

There is a rather large number of small companies or individual families offering their services in rural tourist boarding houses. This type of establishment is closest to our type of project. These boarding houses are commonly owned by one person or one family and are situated in places with some interesting characteristics (scenery, balneary, mountain resorts etc).

4.3.2. Competition and Buying Patterns

One of the most important factors in this industry is location. Competition analysis is based on location. Therefore, the number of business participants in the industry is relevant only in conjunction with their location.

Customers choose one service provider over another based on their desired holiday destination. First they decide where they want to go and then they search for accommodation. Therefore, generally the only relevant competition is the one from the close vicinity, with whom one has to share potential customers.

Price is important for customers when choosing their holiday destination, but services are equally important. Usually customers decide on the number of stars they want their hotels or resort to have and then choose between the offers from that range of price/quality. As a result, the most important competitors are those that are in the same area and have the same number of stars (or daisies in the case of rural boarding houses).


Page 25

4.3.3. Main Competitors

One of the good facts about our location, apart from it's beauty, is the relative lack of direct competition in the area. We list below the closest competitors we have, with their location and service offer.

SC Daragus SRL has a number of rural touristic boarding houses in the Covasna area. They are located at Baile Balvanyos, Sfanta Ana Lake, Dalnic and Padureni. The Dalnic and Padureni boarding houses are just a few kilometers from our project location and can be considered direct competitors.

Dalnic boarding house:

• ***

4 rooms with 4 beds - 25Euro/day/room

1 room with cu 3 beds - 25 Euro/day/room

(own bathroom, TV)

• **

2 rooms with double bed - 12 Euro/day/room

3 rooms with 2 beds - 12Euro/day/room

(shared bathroom)

• Traditional restaurant 60 seats, a`la carte menu.

Padureni boarding house:

Accommodation

• 4 rooms with shared bathroom -15 euro/day/room

• situated near the lake, possibilities of fishing, boat trips, winter sports

• very poor presence over the internet, not enough information available

Another competitor is Hostel Padureni-Beseneu situated in Moacsa. They have certain facilities but are not very well developed and their offer is poor. Their presence on the internet is virtually inexistent. Generally they offer their services to students.


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4.4. Statistics

Statistics relevant to the industry environment in which we want to develop our project are presented in the Annex to the business plan.

5. Strategy and Implementation Summary

In order to develop our project strategy we have analyzed our internal and external environment. We will build on our strengths and take advantage of the current opportunities.

5.1. SWOT Analysis

We believe it is important to look at our company and assess it's most important aspects in terms of strengths and weaknesses, opportunities and threats. This way, we will be able to ensure that it will be a success. We intend to use our strengths in order to create competitive advantages and to work on our weaknesses, so we do not become vulnerable.

5.1.1. Strengths

• Good location of the project

• If we will obtain the financing proposed in this business plan we will have sufficient

resources to develop a good quality touristic complex

• The people that will manage the business have significant relevant experience in the

industry

5.1.2. Weaknesses

• The area where the project will be developed is still underdeveloped, meaning that some

facilities, such as roads, will lack in quality. However, these problems are currently

tackled by the local administration which is developing projects for the improvement of

the local infrastructure. Therefore, we believe that in the relatively near future this

problem will be solved.


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5.1.3. Opportunities

• The area is used as a meeting point for Hungarians from all over the world. Cultural

events take place in these occasions;

• Growth of the Romanian economy allows more and more Romanians to travel and spend

their holidays in resorts such as ours;

• Tourism is developing in Romania, more foreign tourist come to our country;

5.1.4. Threats

• The apparition of many local competitors. Because of the beauty and many other

advantages of the area, it is possible to have more competition in the future. Our plans are

to develop a high quality resort and we believe that we will be able to handle competition

in a successful manner.

5.2. Competitive Edge

The MTC's two competitive advantages are:

• Attention to personalized service. While anyone going to a touristic resort should reasonably expect good service, there are ways of setting yourself apart. This will be done through the unrelenting pursuit of personal attention. The feeling of personal attention, or more accurately defined as a sense of person concern, really adds a positive dimension to the travel experience.

• Uniqueness and beauty of the facility. One unique aspect of MTC is the setting within the Moacsa region, known for its outstanding beauty.

5.3. Marketing Strategy

Our marketing strategy is focused on position our resort and services uniquely while focusing on our target market segments. It is important to make our resort know among travel agents and tourist alike.

We will use our website and advertising programs to promote our service offer. Carefully designed advertising and promotions will accurately target the spectrum of customers identified above in topic 4.2 - Target Market Strategy. While fun and excitement are the main


Page 28

draws that bring customers in the door, the value pricing and excellent location are also important factors.

5.3.1. Positioning Statement

For the weekend getaway customers who need a place to relax in a weekend, our resort will offer the possibility to relax in a comfortable manner, close to their homes yet feeling like in a holiday. Unlike other resorts in the area we are able to provide all services they need to detach from their professional problems.

For the regular tourists, Romanian or foreign, who want to experience a traditional holiday, we offer natural and healthy food, a true experience of the local village. Unlike most competitors we go to great lengths to ensure that our guests live the true traditional experience.

For the clients that come to us for special events, who are looking for an appropriate location, we offer a flexible location, with sufficient capacity for most events. We offer more than competition in terms of space, capacity and facilities.

5.3.2. Pricing Strategy

We aim do develop a pricing strategy that will make our location accessible to most tourists. Our business has seasonal influences and prices will vary according to the time of the year. However of price range for our rooms will be 30-25 euro, with an average of 25 euro.

For the meals we will have a 50-70% mark-up. The daily meals for one person will cost on average 16 euro.

Some of our entertainment services will be offered for free to our guests, for other they will be charged. We estimate that on average, our clients will pay for additional services around 60% of their accommodation price.

Our prices are not the lowest but they are not high either. We aim to charge prices close to our competitors but differentiate ourselves with the quality of our services.

5.3.3. Promotion Strategy

We will promote our business using a variety of means. Most of them are quite obvious channels of "spreading the word" about us:

• tourism trade fairs;


Page 29

• contracts with travel agencies;

• internet website;

• direct advertising in publications;

• public relations;

We will also try to find more subtle means of attracting customers. We will offer discounts for referrals, we will be present in internet forums and blogs presenting MTC's qualities, we will develop a network of contacts at different companies that might be interested in having company events in our location and so on.

Our offering will be adjusted to the specific needs of our customers. We will personalize our offer according to such specific needs.

5.4. Sales Strategy

Moacsa Touristic Complex will sell its rooms directly to repeat customers, as well as via traditional travel agents and through the Internet. All reservations will be handled by the resort manager. Repeat customers will have the privilege of priority reservations during the high season.

5.4.1. Sales Forecast

It is important to emphasis the fact that there is a delay of 18 months between the project start and the moment where sales begin. When the business plan is approved and the project will start we will first have to develop the complex and only then we'll be able to receive our guests.

This period of 18 months is not covered in this business plan. In this forecast we consider that the first month of the project is the first month when we receive clients.

In the sales forecast below the unit sales have the following meaning:

• accommodation - 1 room / 1 night (for 2 persons)

• meals - the meals for 1 person / 1 day

• other services - renting our equipment, taking guided tours and so on


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Sales Forecast Year 1 Year 2 Year 3 Year 4 Year 5 Unit Sales Accommodation 4,010 6,749 8,777 9,655 10,620 Meals 8,020 13,503 17,555 19,310 21,242 Other services 4,405 7,426 9,655 10,621 11,683 Total Unit Sales 16,435 27,678 35,987 39,586 43,545 Unit Prices Year 1 Year 2 Year 3 Year 4 Year 5 Accommodation €25.00 €25.00 €25.00 €25.00 €25.00 Meals €16.00 €16.00 €16.00 €16.00 €16.00 Other services €14.00 €14.00 €14.00 €14.00 €14.00 Sales Accommodation €100,250 €168,725 €219,425 €241,375 €265,500 Meals €128,320 €216,048 €280,880 €308,960 €339,872 Other services €61,670 €103,964 €135,170 €148,694 €163,562 Total Sales €290,240 €488,737 €635,475 €699,029 €768,934 Direct Unit Costs Year 1 Year 2 Year 3 Year 4 Year 5 Accommodation €3.75 €3.75 €3.75 €3.75 €3.75 Meals €7.20 €7.20 €7.20 €7.20 €7.20 Other services €2.80 €2.80 €2.80 €2.80 €2.80 Direct Cost of Sales Accommodation €15,038 €25,309 €32,914 €36,206 €39,825 Meals €57,744 €97,222 €126,396 €139,032 €152,942 Other services €12,334 €20,793 €27,034 €29,739 €32,712 Subtotal Direct Cost of Sales €85,116 €143,323 €186,344 €204,977 €225,480

Sales Monthly

€0

€5,000

€10,000

€15,000

€20,000

€25,000

€30,000

€35,000

€40,000

€45,000

Accomodation

Meals

Other services


Page 31

Sales by Year

€0

€100,000

€200,000

€300,000

€400,000

€500,000

€600,000

€700,000

€800,000


Accomodation

Meals

Other services

6. Web Plan Summary

The creation of a website is fundamental to our marketing strategy. Many people surf the internet when choosing their holiday destination. Even if they will end up using a travel agency to book their holidays, many potential tourists make a decision based on information available on the interned. We will take great care to develop a web site that will be a powerful selling tool. It will be used to present in an attractive and professional manner our products to the potential customers. It will have to instill trust in the web user and to encourage inquiries.

6.1. Website Marketing Strategy

It is useless to have a good website if nobody ever visits it, or if only the wrong people see it. Therefore, after developing the website we will constantly focus on making it visible to our target groups.

The marketing of the website will be based on several programs:

• banners placed on most important travel and tourism sites from Romania and some from

abroad, especially in Hungary;


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• nclusion of the URL in all printed material;

• submission of the website to the various search engines; we will sponsor our web page so

it will appear first or on a privileged position when a client will search for local touristic

offers;

• promote the site also on the Moacsa and local administration websites.

The marketing budget for the website will not have to be very large.

6.2. Development Requirements

Our website does not have to be complex. We will use the standard menu for websites of this kind. We will have sections such as:

• Plan your trip

o Lodging

o Dining

o Rates

o Inclusive packages

o Weather

o Photo gallery

o Live web cams

o Getting here

• Activities

o Horse riding

o Sports

o Fishing

o ATV & quad driving

o Minigolf


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o Paintball

• What's happening

o Event calendar

o What's new

o Guest book

o Contact us

We will focus on developing a website with an appealing appearance. We will use tasty, good quality design, we will include good, realistic photos and will include as much relevant information as necessary. The complex description segment will be the most important one. Therefore, we will develop it creatively in order to transform the web site into a powerful selling tool.

7. Management Summary

The success of our project will rely heavily on the manner in which it will be managed. During the project development period good project management will be necessary to ensure that the funds will be properly spent and the complex will be constructed end equipped as intentioned.

After that, when we will open for business it will be essential to use an experienced management team able to make our business a success. We will look for the best people, for those able to help us reach our objectives.

7.1. Management Team

The person that provides the effective management of the tourist establishment must be licensed by the relevant authorities. Therefore we have selected a manager with all appropriate qualifications, in the person of Bogdan Obogeanu.

Mr. Obogeanu studied tourism in college and has the manager in tourism license. Also he has 6 years of professional experience in tourism in various hotels and resorts, in Romania and abroad. More details regarding his activity can be found in the attached CV.


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7.2. Personnel Plan

In total we will have 30 employees in the first and second year. In future years, in line with our business development we will hire more employees. We have forecasted that we will have 32 employees in year 3 and 34 employees in year 5.

They employees will work in 2 shifts. Some might have a flexible schedule. We will have:

• 1 general manager - he will be in charge of all business aspects - net monthly salary - 700

euro;

• 1 accountant - net monthly salary - 400 euro;

• 2 cooks - net monthly salary - 500 euro each;

• 4 cook assistants - net monthly salary - 250 euro each;

• 2 bartenders - net monthly salary - 250 euro each;

• 5 waiters - net monthly salary - 250 euro each;

• 3 receptionists - net monthly salary - 250 euro each;

• 4 cleaning personnel - net monthly salary - 200 euro each;

• 2 laundry personnel - net monthly salary - 200 euro each;

• 1 general maintenance supervisor - net monthly salary - 300 euro;

• 2 general maintenance employee - net monthly salary - 200 euro each;

• 1 driver/guide- net monthly salary - 250 euro;

• 2 entertainment responsibles - net monthly salary - 250 euro each;

Below we have included some statistics regarding salary levels in the region.

The proximity to large towns such as Sf. Gheorghe (10 km.) and Brasov (30 km) means we have access to a large pool of potential personnel


Page 35

Personnel Plan Year 1 Year 2 Year 3 Year 4 Year 5 General manager €8,400 €9,000 €10,000 €12,000 €13,000 Accountant €4,800 €5,400 €6,000 €6,500 €7,000 Cook €12,000 €14,400 €15,500 €16,500 €17,000 Cook assistant €12,000 €14,400 €16,000 €17,000 €17,500 Bartender €6,000 €7,200 €7,800 €8,200 €8,500 Waiter €15,000 €18,000 €21,000 €22,000 €23,000 Receptionist €9,000 €10,800 €12,000 €14,500 €15,500 Cleaning personnel €9,600 €12,000 €14,000 €15,000 €17,000 Laundry personnel €4,800 €6,000 €7,000 €7,500 €8,000 General maintenance supervisor €3,600 €3,960 €4,400 €4,800 €5,200 General maintenance €4,800 €6,000 €7,000 €7,500 €8,000 Driver/guide €3,000 €3,600 €4,000 €4,500 €5,000 Entertainment responsible €6,000 €7,200 €8,000 €9,000 €10,000 Total People 30 30 32 32 34 Total Payroll €99,000 €117,960 €132,700 €145,000 €154,700

8. Financial Plan

Our financial plan is based on a series of assumptions. We have forecasted our sales and our costs and expenses cautiously, trying not to be too optimistic. Actually we believe our forecasts are presented in a more pessimistic manner, verifying that our business is viable even in such conditions.

We have forecasted a slow start in the first year, but with a constant growth of sales. Therefore, after a marginal loss in the first year our business will produce profits of up to 200.000 euro/year by year 5.

8.1. Start-up Funding

The start-up funding table below describes why is the funding necessary (start-up expenses and assets) and how it will be raised.


Page 36

Start-up Funding Start-up Expenses to Fund €4,700 Start-up Assets to Fund €830,000 Total Funding Required €834,700 Assets Non-cash Assets from Start-up €825,000 Cash Requirements from Start-up €5,000 Additional Cash Raised €0 Cash Balance on Starting Date €5,000 Total Assets €830,000 Liabilities and Capital Liabilities Current Borrowing €0 Long-term Liabilities €0 Accounts Payable (Outstanding Bills) €0 Other Current Liabilities (interest-free) €0 Total Liabilities €0 Capital Planned Investment Owner €208,675 Investor €626,025 Additional Investment Requirement €0 Total Planned Investment €834,700 Loss at Start-up (Start-up Expenses) (€4,700) Total Capital €830,000 Total Capital and Liabilities €830,000 Total Funding €834,700

8.2. Important Assumptions

The business plan is based on some assumptions. As the project will continue we will amend our forecasts and perhaps change some of these assumptions. For the time being however, we have to rely on some assumptions such as:

• We have assumed that mo major event will occur in the forecasted period that might

radically change our business environment;

• We have assumed that the current salary and profit taxes will remain constant throughout

the forecasted period;

• VAT has not been taken into consideration.


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8.3. Break-even Analysis

We estimate average monthly fixed costs to be around 17.000. This was calculated as an average of the monthly operating expenses for the first year. Based on these expenses and on the average forecasted per unit revenue and variable costs we calculated that we will break even when we sell 1.362 units per month (such a unit would be an average of accommodation, dining and entertainment unit sales). In our case we appreciate that this will happen in the sixth month.

Peak and off-season will have significant impact on the monthly earnings. For the first year, on-season revenues will offset off-season losses. As MTC builds its market position, we anticipate that off-season revenues will be enough to break even during that season.

Break-even Analysis Monthly Units Break-even 1,362 Monthly Revenue Break-even €24,054 Assumptions: Average Per-Unit Revenue €17.66 Average Per-Unit Variable Cost €5.18 Estimated Monthly Fixed Cost €17,000

Break-even Analysis

(€20,000)

(€15,000)

(€10,000)

(€5,000)

€0

€5,000

€10,000

€15,000

0 400 800 1200 1600 2000

Monthly break-even point

Break-even point = where line intersects with 0


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8.4. Projected Profit and Loss

Below is the MTC projected income statement for the next five years. As mentioned above, earnings are subject to seasonal fluctuations.

Pro Forma Profit and Loss Year 1 Year 2 Year 3 Year 4 Year 5 Sales €290,240 €488,737 €635,475 €699,029 €768,934 Direct Cost of Sales €85,116 €143,323 €186,344 €204,977 €225,480 Other Costs of Sales €4,800 €4,800 €4,800 €4,800 €4,800 ------------ ------------ ------------ ------------ ------------ Total Cost of Sales €89,916 €148,123 €191,144 €209,777 €230,280 Gross Margin €200,325 €340,614 €444,331 €489,252 €538,654 Gross Margin % 69.02% 69.69% 69.92% 69.99% 70.05% Expenses Payroll €99,000 €117,960 €132,700 €145,000 €154,700 Marketing/Promotion €6,000 €7,800 €9,000 €15,000 €15,000 Depreciation €42,000 €42,000 €42,000 €42,000 €42,000 Utilities €5,400 €6,000 €7,000 €8,000 €10,000 Insurance €3,600 €3,600 €3,600 €3,600 €3,600 Payroll Taxes €39,600 €47,184 €53,080 €58,000 €61,880 Other €8,400 €8,400 €8,400 €8,400 €8,400 ------------ ------------ ------------ ------------ ------------ Total Operating Expenses €204,000 €232,944 €255,780 €280,000 €295,580 Profit Before Interest and Taxes (€3,676) €107,670 €188,551 €209,252 €243,074 EBITDA €38,325 €149,670 €230,551 €251,252 €285,074 Interest Expense €0 €0 €0 €0 €0 Taxes Incurred €0 €17,227 €30,168 €33,480 €38,892 Net Profit (€3,675) €90,443 €158,383 €175,772 €204,182 Net Profit/Sales -1.27% 18.51% 24.92% 25.15% 26.55%


Page 39

Profit Monthly

(€10,000)

(€5,000)

€0

€5,000

€10,000

€15,000

Profit Yearly

(€50,000)

€0

€50,000

€100,000

€150,000

€200,000

€250,000



Page 40

Gross Margin Monthly

€0

€5,000

€10,000

€15,000

€20,000

€25,000

€30,000

Gross Margin Yearly

€0

€100,000

€200,000

€300,000

€400,000

€500,000

€600,000



Page 41

8.5. Projected Cash Flow

The table below outlines the projected cash flow and shows that the company will have enough cash reserves to cover the off-season's low sales. Using proper cash management we will maintain a positive cash flow even in the first few months when our activity will not be profitable yet. We will receive the money from our customers in advance or when the services are rendered but most of our suppliers will be paid within 30 days.

The table shows that the critical moment from a cash perspective will be in the fourth month after we open for business. Such potential problems will be managed by the use of a bank credit line.

Pro Forma Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Cash Received Cash from Operations Cash Sales €290,240 €488,737 €635,475 €699,029 €768,934 Subtotal Cash from Operations €290,240 €488,737 €635,475 €699,029 €768,934 Additional Cash Received Sales Tax, VAT, HST/GST Received €0 €0 €0 €0 €0 New Current Borrowing €0 €0 €0 €0 €0 New Other Liabilities (interest-free) €0 €0 €0 €0 €0 New Long-term Liabilities €0 €0 €0 €0 €0 Sales of Other Current Assets €0 €0 €0 €0 €0 Sales of Long-term Assets €0 €0 €0 €0 €0 New Investment Received €0 €0 €0 €0 €0 Subtotal Cash Received €290,240 €488,737 €635,475 €699,029 €768,934 Expenditures Year 1 Year 2 Year 3 Year 4 Year 5 Expenditures from Operations Cash Spending €99,000 €117,960 €132,700 €145,000 €154,700 Bill Payments €138,331 €233,551 €304,349 €334,597 €366,545 Subtotal Spent on Operations €237,331 €351,511 €437,049 €479,597 €521,245 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out €0 €0 €0 €0 €0 Principal Repayment of Current Borrowing

€0 €0 €0 €0 €0

Other Liabilities Principal Repayment €0 €0 €0 €0 €0 Long-term Liabilities Principal Repayment

€0 €0 €0 €0 €0

Purchase Other Current Assets €0 €0 €0 €0 €0 Purchase Long-term Assets €0 €0 €0 €0 €0 Dividends €0 €0 €0 €0 €0 Subtotal Cash Spent €237,331 €351,511 €437,049 €479,597 €521,245 Net Cash Flow €52,909 €137,226 €198,426 €219,432 €247,689 Cash Balance €57,909 €195,135 €393,561 €612,993 €860,682


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Cash

(€10,000)

€0

€10,000

€20,000

€30,000

€40,000

€50,000

€60,000

Net Cash Flow

Cash Balance

8.6. Projected Balance Sheet


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Pro Forma Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5 Assets Current Assets Cash €57,909 €195,135 €393,561 €612,993 €860,682 Inventory €5,997 €7,796 €10,136 €11,150 €12,265 Other Current Assets €25,000 €25,000 €25,000 €25,000 €25,000 Total Current Assets €88,906 €227,931 €428,697 €649,143 €897,947 Long-term Assets Long-term Assets €797,500 €797,500 €797,500 €797,500 €797,500 Accumulated Depreciation €42,000 €84,000 €126,000 €168,000 €210,000 Total Long-term Assets €755,500 €713,500 €671,500 €629,500 €587,500 Total Assets €844,406 €941,431 €1,100,197 €1,278,643 €1,485,447 Liabilities and Capital Year 1 Year 2 Year 3 Year 4 Year 5 Current Liabilities Accounts Payable €18,082 €24,664 €25,046 €27,721 €30,342 Current Borrowing €0 €0 €0 €0 €0 Other Current Liabilities €0 €0 €0 €0 €0 Subtotal Current Liabilities €18,082 €24,664 €25,046 €27,721 €30,342 Long-term Liabilities €0 €0 €0 €0 €0 Total Liabilities €18,082 €24,664 €25,046 €27,721 €30,342 Paid-in Capital €834,700 €834,700 €834,700 €834,700 €834,700 Retained Earnings (€4,700) (€8,375) €82,067 €240,450 €416,222 Earnings (€3,675) €90,443 €158,383 €175,772 €204,182 Total Capital €826,325 €916,767 €1,075,150 €1,250,922 €1,455,104 Total Liabilities and Capital €844,406 €941,431 €1,100,197 €1,278,643 €1,485,447 Net Worth €826,325 €916,767 €1,075,150 €1,250,922 €1,455,104

8.7. Use of Funds

The intended use of the financial resources, as proposed in this business plan is summarized in the table below.

Use of Funds Use Amount Start-up expenses €4,700 Short term assets €32,500 Construction costs €350,000 Furniture and equipment €225,000 Indoor recreation area and conference room €24,000 Barn €12,000 Vehicles €47,500 Horses €16,000 Sport courts €56,000 Utilities €67,000 Total €834,700


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9. Annex

Tourists accommodation capacity and tourist activity

Tourists accommodation

capacity

Covasna county

Existing (beds)

Working (thousands beds-days)

Arrivals (thousands)

Overnights (thousands)

Net use of bed places indices (%)

1990 4.535

1.376,1 124,5 773,5

56,2

1995 3.477

1.073,1 78,7 624,3

58,2

2000 3.541

1.046,6 67,8 489,6

46,8

2001 3.571

1.042,0 66,5 541,2

51,9

2002 3.940

1.029,6 61,1 487,3

47,3

2003 3.929

1.048,3 62,7 519,6

49,6

2004 4.000

1.030,3 61,5 492,7

47,8

2005 3.664

976,9 54,0 490,9

50,3

Source: National Institute of Statistics, Romania

Establishments of tourists reception, by type of establishments and category of comfort, January 2007

Out of total, according to clasification categories:

Type of establishment Total

5 stars

4 stars

3 stars

2 stars

1 star

Not classified

Total 2680 21 188 794 1236 347 94

Hotels 724 8 77 267 273 89 10

Hotels for youth 28 13 11 4

Hostels 30 12 17 1

Motels 134 32 66 33 3

Tourist inns 4 4

Tourist villas 255 2 32 70 97 42 12

Tourist chalets 68 11 18 22 17

Hunting chalets 4 1 3


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Urban tourist boarding houses 578 4 50 210 268 46

Rural tourist boarding houses 723 7 29 171 460 56

Campings 2 2

Tourist halting places 10 1 8 1

Holiday villages 2 2

Bungalows 39 5 13 21

School camps 48 48

Houselet-type units 30 30

Ship accommodation spaces 1 1


Establishments of tourists reception, by type of establishments and tourists destinations, January 2007

from total, on tourists destinations:

Type of establishment

Total Spas Seaside

Mountain resorts

Danube Delta

Bucharest and

county residence

towns

Other localities

Total 2680 238 23 781 9 765 864

Hotels 724 84 18 99 6 379 138

Hotels for youth 28 3 1 6 16 2

Hostels 30 1 20 9

Motels 134 8 14 27 85

Tourist inns 4 1 3

Tourist villas 255 65 2 105 58 25

Tourist chalets 68 1 49 1 17

Hunting chalets 4 4

Urban tourist boarding houses

578 35 2 168 2 229 142

Rural tourist boarding houses

723 10 306 2 405

Campings 2 2

Tourist halting places

10 1 9

Holiday villages 2 2

Bungalows 39 13 21 5

School camps 48 6 16 10 16

Houselet-type units

30 26 4

Ship accommodation spaces

1 1


Page 46


Tourist accommodation capacity, by county and type of establishment, quarter 1, 2007

expressed in places-days

Type of establishment Covasna county

Total 137.004

Hotels 117.496

Hotels for youth

Hostels

Motels 6.524

Tourist inns

Tourist villas 1.620

Tourist chalets

Hunting chalets

Urban tourist boarding houses 7.814

Rural tourist boarding houses 3.150

Campings


Holiday villages

Bungalows

School camps 400

Houselet-type units



Tourists arrivals in the establishments of tourists reception, by counties and type of establishment, quarter 1 2007

Covasna county

Type of establishment Total number

of arrivals Number of arrivals -Romanian tourists

Number of arrivals - foreign

tourists

Total 8.062 6.999 1.063

Hotels 6.789 6.020 769

Hotels for youth -

Hostels -

Motels 332 323 9

Tourist inns -

Tourist villas 158 152 6

Tourist chalets -


Page 47

Hunting chalets -

Urban tourist boarding houses

572 415 157


176 54 122

Campings -


-

Holiday villages -

Bungalows -

School camps 35 35

Houselet-type units

-


-


Average length of stay in tourist establishments, quarter 1 2007


Average 5 stars 4 stars 3 stars 2 stars 1 star

Total number of arrivals 2,1 2,8 2,5 1,9 2,1 1,9

Number of arrivals -Romanian tourists

2,0 3,4 2,4 1,8 2,0 1,9

Number of arrivals - foreign tourists

3,7 1,5 3,9 3,6 4,2 1,5


Tourism organized by travel agencies, by type of internal tourism actions and tourism areas, quarter 1 2007

Tourism actions - areas Tourists number

Tourists - days

Average length of stay - days

Internal tourism actions - total 123.652 813.658 6,6

seaside area 2.720 18.873 6,9

mountain area - towns 38.942 154.596 4,0

mountain area - villages and alpine tourism routes 10.510 47.736 4,5

spas area 47.416 523.794 11,0

historical areas 4.952 20.987 4,2

religious pilgrimage areas 1.604 2.587 1,6

river cruises 1.159 1.174 1,0

various round trips 7.925 15.485 2,0


Page 48

other areas 8.424 28.426 3,4


Evolution of tourism actions in Q1 2007 compared to Q1 2006

Q1 2007 versus Q1 2006


Tourists - days

Internal tourism actions - total 84,9 72,0

seaside area 67,6 55,0

mountain area - towns 66,9 56,2

mountain area - villages and alpine tourism routes 93,4 68,0

spas area 95,7 75,0

historical areas 161,3 434,0

religious pilgrimage areas 91,6 94,0

river cruises 3.730,0 832,6

various round trips 119,7 146,4

other areas 75,9 86,0


Tourism actions organized by travel agencies with foreign tourists in Q1 2007


Tourists - days

Average length of

stay - days

Internal tourism actions - total 11.619 36.682 3,2

seaside area 149 495 3,3

mountain area - towns 6.600 18.259 2,8

mountain area - villages and alpine tourism routes 443 2.712 6,1

spas area 152 1.350 8,9

historical areas 776 2.387 3,1

religious pilgrimage areas 39 39 1,0

river cruises 1.154 1.154 1,0

various round trips 984 4.718 4,8

other areas 1.322 5.568 4,2


Average monthly net salary


Page 49

Covasna county Romania Bucharest

RON / employee

Total economy

Hotels and restaurant industry RON /

employee

Total economy

Hotels and restaurant industry RON /

employee

Total economy

Hotels and restaurant industry

2000 179 122 2000 214 138 2000 277 228

2001 249 203 2001 302 211 2001 394 337

2002 299 195 2002 379 243 2002 480 375

2003 382 292 2003 484 326 2003 597 465

2004 502 394 2004 599 411 2004 740 613

2005 579 466 2005 746 455 2005 988 581


Tourist arrivals in the establishments of tourist reception, by tourist origin country and type of establishment, in quarter 1 2007

Countries Rurale

boarding houses

Total tourists 49.524

Romanian tourists 47.579

Foreign tourists 1.945

Europe 1.832

Albania 10

Austria 22

Belgium 17

Bulgaria 9

Croatia 4

Denmark 17

Switzerland 13

Estonia 1

Russian Federation 9

FYR Macedonia 1

France 116

Germany 411

Greece 16

Ireland 4

Italy 334

Lithuania 15

Norge 4

Netherlands 63

Poland 20

Portugal 25

United Kingdom 96

Czech Republic 1

Republic of Moldau 48

Serbia 5


Page 50

Slovakia 4

Spain 17

Sweden 5

Turkey 27

Ukraine 12

Hungary 506

Africa -

North America 60

Canada 3

U.S.A. 57

South America 5

Argentina 3

Brazil

Other countries from South America 2

Asia 40

China 3

South Korea 1

Iran 31

Israel 3

Other Asian countries 2

Australia, Oceania other territories

8

Australia 8

Other unspecified countries


Sales Forecast Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Unit Sales Accommodation 0% 165 195 215 215 265 365 365 365 365 465 465 565 Meals 0% 330 390 430 430 530 730 730 730 730 930 930 1,130 Other services 0% 181 214 236 236 291 401 401 401 401 511 511 621 Total Unit Sales 676 799 881 881 1,086 1,496 1,496 1,496 1,496 1,906 1,906 2,316 Unit Prices Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Accommodation €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 €25.00 Meals €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 €16.00 Other services €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 €14.00 Sales Accommodation €4,125 €4,875 €5,375 €5,375 €6,625 €9,125 €9,125 €9,125 €9,125 €11,625 €11,625 €14,125 Meals €5,280 €6,240 €6,880 €6,880 €8,480 €11,680 €11,680 €11,680 €11,680 €14,880 €14,880 €18,080 Other services €2,534 €2,996 €3,304 €3,304 €4,074 €5,614 €5,614 €5,614 €5,614 €7,154 €7,154 €8,694 Total Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899 Direct Unit Costs Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Accommodation 15.00% €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 €3.75 Meals 45.00% €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 €7.20 Other services 20.00% €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 €2.80 Direct Cost of Sales Accommodation €619 €731 €806 €806 €994 €1,369 €1,369 €1,369 €1,369 €1,744 €1,744 €2,119 Meals €2,376 €2,808 €3,096 €3,096 €3,816 €5,256 €5,256 €5,256 €5,256 €6,696 €6,696 €8,136 Other services €507 €599 €661 €661 €815 €1,123 €1,123 €1,123 €1,123 €1,431 €1,431 €1,739 Subtotal Direct Cost of Sales €3,502 €4,138 €4,563 €4,563 €5,625 €7,748 €7,748 €7,748 €7,748 €9,871 €9,871 €11,994

Personnel Plan Month

1 Month

2 Month

3 Month

4 Month

5 Month

6 Month

7 Month

8 Month

9 Month

10 Month

11 Month

12 General manager 0% €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 Accountant 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 Cook 0% €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 Cook assistant 0% €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 €1,000 Bartender 0% €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 Waiter 0% €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 €1,250 Receptionist 0% €750 €750 €750 €750 €750 €750 €750 €750 €750 €750 €750 €750 Cleaning personnel 0% €800 €800 €800 €800 €800 €800 €800 €800 €800 €800 €800 €800 Laundry personnel 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 General maintenance supervisor 0% €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 General maintenance 0% €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 Driver/guide 0% €250 €250 €250 €250 €250 €250 €250 €250 €250 €250 €250 €250 Entertainment responsible 0% €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 Total People 30 30 30 30 30 30 30 30 30 30 30 30 Total Payroll €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250

Pro Forma Profit and Loss Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899 Direct Cost of Sales €3,502 €4,138 €4,563 €4,563 €5,625 €7,748 €7,748 €7,748 €7,748 €9,871 €9,871 €11,994 Other Costs of Sales €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 €400 -----------

- -----------

- -----------

- -----------

- -----------

- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- Total Cost of Sales €3,902 €4,538 €4,963 €4,963 €6,025 €8,148 €8,148 €8,148 €8,148 €10,271 €10,271 €12,394 Gross Margin €8,037 €9,573 €10,596 €10,596 €13,154 €18,271 €18,271 €18,271 €18,271 €23,388 €23,388 €28,505 Gross Margin % 67.32% 67.84% 68.10% 68.10% 68.59% 69.16% 69.16% 69.16% 69.16% 69.49% 69.49% 69.70% Expenses Payroll €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 Marketing/Promotion €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 €500 Depreciation €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 €3,500 Utilities €450 €450 €450 €450 €450 €450 €450 €450 €450 €450 €450 €450 Insurance €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 €300 Payroll Taxes 40% €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 €3,300 Other €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 €700 -----------

- -----------

- -----------

- -----------

- -----------

- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- ----------

-- Total Operating Expenses €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 €17,000 Profit Before Interest and Taxes (€8,963) (€7,427) (€6,404) (€6,404) (€3,846) €1,271 €1,271 €1,271 €1,271 €6,388 €6,388 €11,505 EBITDA (€5,463) (€3,927) (€2,904) (€2,904) (€346) €4,771 €4,771 €4,771 €4,771 €9,888 €9,888 €15,005 Interest Expense €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Taxes Incurred €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Net Profit (€8,963) (€7,427) (€6,404) (€6,404) (€3,846) €1,271 €1,271 €1,271 €1,271 €6,388 €6,388 €11,505 Net Profit/Sales -75.07% -52.64% -41.16% -41.16% -20.05% 4.81% 4.81% 4.81% 4.81% 18.98% 18.98% 28.13%

Pro Forma Cash Flow Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Cash Received Cash from Operations Cash Sales €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899 Subtotal Cash from Operations €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899 Additional Cash Received Sales Tax, VAT, HST/GST Received 0.00% €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 New Current Borrowing €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 New Other Liabilities (interest-free) €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 New Long-term Liabilities €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Sales of Other Current Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Sales of Long-term Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 New Investment Received €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Subtotal Cash Received €11,939 €14,111 €15,559 €15,559 €19,179 €26,419 €26,419 €26,419 €26,419 €33,659 €33,659 €40,899 Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month

10 Month

11 Month

12 Expenditures from Operations Cash Spending €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 €8,250 Bill Payments €280 €8,459 €10,118 €10,418 €10,266 €11,894 €14,424 €13,398 €13,398 €13,504 €16,547 €15,627 Subtotal Spent on Operations €8,530 €16,709 €18,368 €18,668 €18,516 €20,144 €22,674 €21,648 €21,648 €21,754 €24,797 €23,877 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Principal Repayment of Current Borrowing

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Other Liabilities Principal Repayment

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Long-term Liabilities Principal Repayment

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Purchase Other Current Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Purchase Long-term Assets €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Dividends €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 Subtotal Cash Spent €8,530 €16,709 €18,368 €18,668 €18,516 €20,144 €22,674 €21,648 €21,648 €21,754 €24,797 €23,877 Net Cash Flow €3,409 (€2,598) (€2,809) (€3,109) €663 €6,275 €3,745 €4,771 €4,771 €11,905 €8,862 €17,022 Cash Balance €8,409 €5,811 €3,002 (€107) €556 €6,831 €10,576 €15,348 €20,119 €32,025 €40,887 €57,909

Pro Forma Balance Sheet Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Assets Starting

Balances

Current Assets Cash €5,000 €8,409 €5,811 €3,002 (€107) €556 €6,831 €10,576 €15,348 €20,119 €32,025 €40,887 €57,909 Inventory €2,500 €1,751 €2,069 €2,282 €2,282 €2,812 €3,874 €3,874 €3,874 €3,874 €4,935 €4,935 €5,997 Other Current Assets

€25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000 €25,000

Total Current Assets

€32,500 €35,160 €32,880 €30,284 €27,175 €28,368 €35,705 €39,450 €44,222 €48,993 €61,960 €70,822 €88,906

Long-term Assets

Long-term Assets

€797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500 €797,500

Accumulated Depreciation

€0 €3,500 €7,000 €10,500 €14,000 €17,500 €21,000 €24,500 €28,000 €31,500 €35,000 €38,500 €42,000

Total Long-term Assets

€797,500 €794,000 €790,500 €787,000 €783,500 €780,000 €776,500 €773,000 €769,500 €766,000 €762,500 €759,000 €755,500

Total Assets €830,000 €829,160 €823,380 €817,284 €810,675 €808,368 €812,205 €812,450 €813,722 €814,993 €824,460 €829,822 €844,406 Liabilities and Capital

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Current Liabilities

Accounts Payable

€0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082

Current Borrowing

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Other Current Liabilities

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Subtotal Current Liabilities

€0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082

Long-term Liabilities

€0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0 €0

Total Liabilities €0 €8,122 €9,770 €10,078 €9,873 €11,412 €13,977 €12,951 €12,951 €12,951 €16,029 €15,003 €18,082 Paid-in Capital €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 €834,700 Retained Earnings

(€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700) (€4,700)

Earnings €0 (€8,963) (€16,390) (€22,794) (€29,198) (€33,044) (€31,772) (€30,501) (€29,229) (€27,958) (€21,569) (€15,181) (€3,675) Total Capital €830,000 €821,037 €813,610 €807,206 €800,802 €796,956 €798,228 €799,499 €800,771 €802,042 €808,431 €814,819 €826,325 Total Liabilities and Capital

€830,000 €829,160 €823,380 €817,284 €810,675 €808,368 €812,205 €812,450 €813,722 €814,993 €824,460 €829,822 €844,406

Net Worth €830,000 €821,037 €813,610 €807,206 €800,802 €796,956 €798,228 €799,499 €800,771 €802,042 €808,431 €814,819 €826,325

business plan - moacsa touristic complex - draft version

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