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“BAMA” Group
Abstract of Studies and Measures Report Regarding
Sarvestan “Roya” Tourism complex
Fars- Iran
The first green tourism complex in Iran
The first publicly held expert tourism company in Iran
The first and only tourism region of publicly held type in Iran
The first tourism complex in Iran designed and implemented on the basis of Iranian gardens
The first and only tourism region in Fars of which all infrastructures have been implemented,
permits have been obtained and some parts are being exploited
1
Introduction
Nowadays, tourism industry is considered as one of the most profitable industries in the
world and competes with other large industries such as automotive, arms and oil
industries economically.
Iran, having the tenth place in terms of tourism historical attractions and the fifth place in
terms of ecotourism attractions among the countries member of World Tourism
Organization, enjoys great potentials in tourism industry.
Given improvement on international relations of Iran and finalization of BARJAM,
disturbance and insecurity in the region countries which were main tourism destinations
before, lack of development in other segments in Iran, need for freedom from single-
product (oil) economy, oil price downtrend, and little inclination towards import in
tourism industry, this industry nowadays is one of high priority plans of the government,
and investment in this segment will undoubtedly turn into one of the most lucrative
investments in Islamic Republic of Iran.
“Introducing Sarvestan Tourism Region”
Sarvestan tourism region with registered brand of “Roya” Tourism Complex has the
following main permits and agreements:
1- Agreement of Government of Islamic Republic of Iran.
2- Agreement for establishment of Sarvestan tourism region issued by Iran Cultural
heritage, Handcraft and Tourism General Office.
3- Act of Fars Province Council for Management and Planning.
4- Agreement of Fars Province Cultural heritage, Handcraft and Tourism General
Office.
5- Agreement of Fars Province Infrastructure Affairs and Urban Development Task
Force.
2
Other permits and licenses required for execution of the project have been obtained from
governmental organizations and offices of Islamic Republic of Iran as follows:
Governorate of Sarvestan County, Municipality of Sarvestan, Environmental Protection
General Office of Fars Province, Fars Province Electricity Distribution Company, Fars
Province Gas Company, Roads and Urban Development General Office of Fars Province,
Land Affairs Management of Fars Province, etc.
“Place and location of Roya Tourism Complex”
Roya tourism complex is located at 75 km southeast from the city of Shiraz which is the
capital of Fars Province. Over 30% of Iran’s historical and natural monuments lie in Fars
Province. Fars Province, having global registered monuments, Persepolis and
Pasargadae, and also tombs of world eminent poets (Hafez and Saadi), is considered as
the uppermost tourism province in Iran. The period required for ground access from
Shiraz Dastgheib International Airport to Roya tourism complex is about 50 min.
Roya tourism complex is situated beside Shiraz-Bandar Abbas highway and at 1 km from
Sarvestan City which is the capital of Sarvestan County. Sarvestan Palace, a global
monument, is located at 7 km from Roya tourism complex. Sarvestan City is the
connection way between Hormozgan Province whose capital is Bandar Abbas, Sistan and
Baluchestan Province whose capital is Zahedan, and Kerman Province whose capital is
Kerman and Fars Province Capital. This specific location has changed Sarvestan into
East Gate of Fars.
“Infrastructures and utilities of Roya Tourism Complex”
To execute the project of Roya Tourism Complex, all required infrastructures and utilities
including water, electricity, telephone, and internet have been provided and are being
currently exploited.
3
“Status of land and ownership of Roya Tourism Complex”
The area of the project land is 100 hectares. 40 ha of that belongs to the company and has
a single sheet formal title deed. The title deed is free and clear of liens. 60 of 100 ha is
considered for complex development plan which is in transfer stages.
In 30 ha of 40 ha which is owned by the company, Zeitun Garden has been built in
accordance with gardening technical principles using drip irrigation method, and
cypresses have been planted in its entry passage to epitomize the identity of Sarvestan
City.
All People of the World Construction, Development, and Investment Company is the
owner and holding investor of Roya Complex. This is a publicly held company and has
been established in 2007. The company currently has 18 legal shareholders and 96 natural
shareholders.
All People of the World Company is the first publicly held expert tourism company in
Iran and enjoys outstanding consultants, managers, and experts with very good technical
knowledge.
“Performance areas of Roya Tourism Complex”
Comprehensive plan of Sarvetan tourism region, of very high quality and beyond many
similar plans, has been prepared and approved by Ivan-e Naghsh-e Jahan Consultant
Engineers (one of the best consultant companies in Iran) with high expert and
professional examinations of the employer.
The plan involving 4 main areas or gardens including service garden complex, Zeitun
residential garden, fun and production garden, and global heritage garden and 10 subareas
or unique complex provides some services that will remain in every visitor’s mind.
Designing Roya tourism complex, “Roya” brand identity, peace and respect, has been
always taken into consideration, and it is hoped that proper execution and exploitation of
the project will create fellowship and empathy among all the people in the world.
4
The project sub areas are as follows:
1- Celebration and Ceremony Garden
2- Mall Garden Complex
3- Middle Way Service Complex
4- Motel Garden
5- Three Star Hotel Garden
6- Tribes Garden
7- Ornamental and Medicinal plants Garden
8- Garden for Planting Plants and Flowers
9- Fun and Sport Garden
10- Global Heritage Garden-Maquette
“Financial and economical assessment of the project”
Variant systematic and computer models can be applied to analyze investment plans
financially and economically. In the present study, Excel was first used for initial
processing of the data, and finally COMFAR III, presented by United Nations Industrial
Development Organization (UNIDO), was applied. In fact, this software has been
designed to simulate short term and long term financial and economic status of
investment plans in detail. In addition to financial analysis and prediction for economic
assessment, it compares internal resources with external resources and presents separate
plans for costs of production and construction periods. The software also calculates
break-even point for products or services in terms of production number and production
cost compared to time, cost, capital, financial resources as well as IRR, NPV, cost-benefit
analysis, and decision-maker points and presents them through various tables and charts.
Therefore, the project of Roya Tourism Complex was assessed economically and
financially by means of COMFAR III Software.
The abstract of the project economic and financial assessment is presented subsequently.
5
"BAMA” Group
Economic and Financial Assessment of
“Roya” Tourism Complex in Sarvestan
Using COMFAR III
(The first green tourism complex in Iran)
6
Financial and Economic Evaluation of
Sarvestan “Roya” Tourism Complex
1. Fixed investment costs
Land 133,338,720,000 Rial
Landscaping 17,347,100,000 Rial
Building 369,673,000,000 Rial
Furniture and equipment 73,700,000,000 Rial
Accessories 14,400,000,000 Rial
Protection and fencing 2,350,000,000 Rial
Total investment fixed costs 610,808,820,000 Rial
2. Expenditures before production 27,775,200,000 Rial
3. Working capital 10,037,194,444 Rial
4. Total investment of the project 648,621,214,444 Rial
5. Yearly production costs 1,173,080,000,000 Rial
6. Yearly sale revenue 1,526,706,000,000 Rial
7. Investment Internal Rate of Return (IRR) 38/59 %
8. Direct job creation 390 individuals
9. Indirect job creation 1000 individuals
7
Fixed investment costs of Roya Tourism complex
1. Land
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Land Price
M2
Rial Rial
1 Service Garden
Complex
Celebration and
Ceremony Garden 5.698 1,200,000 6,837,600,000
Mall Garden Complex 16.864 1,680,000 28,331,520,000
Middle Way Service
Complex 17.635 1,920,000 33,859,200,000
Motel Garden 38.710 1,440,000 55,742,400,000
3 Star Garden Hotel 5,950 1,440,000 8,568,000,000
Total 84,857
133,338,720,000
8
2. Landscaping
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Yard Price
M2
Rial Rial
1 Service Garden
Complex
Celebration and
Ceremony Garden 4,313 500,000 2,156,500,000
Mall Garden Complex 11,882 300,000 3,564,600,000
Middle Way Service
Complex 6,460 500,000 3,230,000,000
Motel Garden 32,580 200,000 6,516,000,000
3 Star Garden Hotel 4,700 400,000 1,880,000,000
Total 59,935
17,347,100,000
9
3. Building
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Building Price
M2
Rial Rial
1 Service Garden
Complex
Celebration and
Ceremony Garden 2,635 11,000,000 28,985,000,000
Mall Garden Complex 9,964 12,000,000 119,568,000,000
Middle Way Service
Complex 10,735 12,000,000 128,820,000,000
Motel Garden 6,080 10,000,000 60,800,000,000
3 Star Garden Hotel 2,250 14,000,000 31,500,000,000
Total 31,664 369,673,000,000
10
4. Furniture and equipment
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Rial
1 Service Garden
Complex
Celebration and
Ceremony Garden 3,400,000,000
Mall Garden Complex 16,600,000,000
Middle Way Service
Complex 30,000,000,000
Motel Garden 16,700,000,000
3 Star Garden Hotel 7,000,000,000
Total 73,700,000,000
11
5. Accessories
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Rial
1 Service Garden
Complex
Celebration and
Ceremony Garden 4,050,000,000
Mall Garden Complex 2,500,000,000
Middle Way Service
Complex 4,150,000,000
Motel Garden 2,100,000,000
3 Star Garden Hotel 1,600,000,000
Total 14,400,000,000
12
6. Protection and Fencing
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Fencing Price
M2
Rial Rial
1
Service Garden
Complex
Celebration and
Ceremony Garden 600 500,000 300,000,000
Mall Garden Complex 1,000 500,000 500,000,000
Middle Way Service
Complex 500 500,000 250,000,000
Motel Garden 2,000 500,000 1,000,000,000
3 Star Garden Hotel 600 500,000 300,000,000
Total 4,700 2,350,000,000
13
Expenditures before Production of Roya Tourism Complex
Financial and economic evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Expenditures before Production
1
Service Garden
Complex
Celebration and
Ceremony Garden 2,099,250,000
Mall Garden Complex 9,900,200,000
Middle Way Service
Complex 8,774,250,000
Motel Garden 4,164,000,000
3 Star Garden Hotel 2,837,500,000
Total 27,775,200,000
14
Yearly Production Costs of Roya Tourism Complex
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area Type of production costs
1
Service Garden
Complex
Celebration and
Ceremony Garden 17,140,000,000
Mall Garden Complex 912,000,000,000
Middle Way Service
Complex 226,780,000,000
Motel Garden 7,260,000,000
3 Star Garden Hotel 9,900,000,000
Total 1,173,080,000,000
15
Yearly Sale Revenue of Roya Tourism Complex
Financial and Economic Evaluation of Sarvestan “Roya” Tourism Complex
Area Sub area
Sale
Price (Rial)
1
Service Garden
Complex
Celebration and
Ceremony Garden 43,000,000,000
Mall Garden Complex 1,162,000,000,000
Middle Way Service
Complex 280,000,000,000
Motel Garden 15,456,000,000
3 Star Garden Hotel 26,250,000,000
Total 1,526,706,000,000
16
COMFAR III Expert [email protected]
Summary sheet
Project title: Roya Torism Complex Project description: Service garden complex Date and time:
Project classification: New project Joint-venture project
Construction phase: 07-96 – 06-98
Length: 2 years
Production phase: 07-98 – 12-107
Length: 10 years
Accounting currency: RIAL (RIAL) Units: Absolute Local currency: RIAL (RIAL)
INVESTMENT COSTS
Total Total Total Construction production Investment Total fixed investment costs 610,808,820,000.00 0.00 610,808,820,000.00 Total pre-production expenditures 27,775,200,000.00 0.00 27,775,200,000.00 Pre-production expenditures (net of interest ) 27,775,200,000.00 0.00 27,775,200,000.00 Interest 0.00 0.00 0.00 Increase in net working capital 0.00 10,037,194,444.44 10,037,194,444.44
TOTAL INVESTMENT COSTS 638,584,020,000.00 10,037,194,444.44 648,621,214,444.44
SOURCES OF FINANCE Total Total Total Construction production inflow
Total equity capital 638,584,020,000.00 0.00 638,584,020,000.00 Foreign 0.00 0.00 0.00 Local 638,584,020,000.00 0.00 638,584,020,000.00 Total long-term loans 0.00 0.00 0.00 Foreign 0.00 0.00 0.00 Local 0.00 0.00 0.00 Total short-term loans 0.00 0.00 0.00 Foreign 0.00 0.00 0.00 0.00 Local 0.00 0.00 0.00 0.00 Accounts payable 0.00 231,269,319,058.64 231,269,319,058.64
TOTAL SOURCES OF FINANCE 638,584,020,000.00 231,269,319,058.64 869,853,339,058.64
INCOME AND COSTS, OPERATIONS First year Reference year last year 07-98 – 12-98 07-98 – 12-98 107
SALES REVENUE 1,526,706,000,000.00 1,526,706,000,000.00 1,526,706,000,000.00
Factory costs 1,172,080,000,000.00 1,172,080,000,000.00 1,172,080,000,000.00 Administrative overhead costs 0.00 0.00 0.00
OPERATING COSTS 1,172,080,000,000.00 1,172,080,000,000.00 1,172,080,000,000.00 Depreciation 23,006,150,000.00 23,006,150,000.00 46,012,300,000.00 Financial costs 0.00 0.00 0.00
TOTAL PRODUCTION COSTS 1,195,086,150,000.00 1,195,086,150,000.00 1,218,092,300,000.00 Marketing costs 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00
COSTS OF PRODUCTS 1,196,086,150,000.00 1,196,086,150,000.00 1,219,092,300,000.00
17
COMFAR III Expert [email protected]
Summary sheet
Interest on short-term deposits 0.00 0.00 0.00
GROSS PROFIT FROM OPERATIONS 330,619,850,000.00 330,619,850,000.00 307,613,700,000.00
Extraordinary income 0.00 0.00 0.00
Extraordinary loss 0.00 0.00 0.00 Depreciation allowances 0.00 0.00 0.00
GROSS PROFIT 330,619,850,000.00 330,619,850,000.00 307,613,700,000.00
Investment allowances 0.00 0.00 0.00
TAXABLE PROFIT 330,619,850,000.00 330,619,850,000.00 307,613,700,000.00
Income (corporate) tax 0.00 0.00 0.00
NET PROFIT 330,619,850,000.00 330,619,850,000.00 307,613,700,000.00
RATIOS
Net present Value of Total Capital Invested at 20.00% 619,999,435,396.92
Internal rate of return on investment (IRR) 38.59 %
Modified IRR on investment 38.59 %
Net Present Value of Total Equity Capital Invested at 30.00% 210,210,911,652.14
Internal rate of return on equity (IRRE) 38.59 %
Modified IRRE in equity 38.59 %
Net Present Value discounted to 12-96
We hope for that day in which the sun in Roya Land will be always in the middle of the sky …