We expect rapid growth of the utilities sector.

And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

Minus 500,000.

An African economy can be broken up into three sectors.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

But here you see it means very, very different things.

This is really important to pay attention to, because so many people say, oh, a company made this much.

Departmental

I'll just abbreviate that as Nl.

Go ahead, eat.

And when people talk about earnings of a company, this is what they're talking about.

More than 80 percent of Ivory Coast's development went into the modern sector.

Our interests clash with theirs.

Robert got a small proportion of the profit.

Kill the goose that lays the golden eggs.

The taxes will be 153,000.

I'm not a charity commissioner.

A benefit to both our worlds.

We are assuming a very simple world, were the is no taxes, we have no debt, we have no intrest or things

In fact for 30 40 years this was the canonical model for how to build startups and we'd say marketing, well, we understand.

So you've probably heard not only the term earnings, you've probably also heard the term earnings per share.

They buy more of your service and they tell more of their friends, which leads to more profit.

All right, you cannot develop Africa by ignoring the informal and the traditional sectors.

Fraud Department

Trixie. Section Research and Development.

Aft cannons are down!

So that's a nice thing to keep in the back of your mind, this return on asset concept, and it's very closely tied to operating profits and the actual assets of a firm.

And that's what these brands did.

FDlC insured.

And that's my dad found that.

The rewards would be... enormous.

And let's say, assume if I inherited this million dollars, I didn't finance it.

Before Interest and Taxes.

There is the modern sector, there is the informal sector and the traditional sector.

The reason this is happening boils down, in my mind, to one basic problem, which is our inability to perceive the difference between public benefits and private profits.

One idea.

This is 350,000 of net income.

This was interest. This was non op income.

This guy makes what is this?

And then I was left with 1 million.

It's good for everybody.

Fair enough.

Why make this thing?

Why isn't it on every poster across the third world?