SLIDE 1 Input Current set
parameters Variant name Rio Rio CIS Electricity, 100% equity CIS SynFuel, 220,000 tpy CIS Oil Sludge to Synfuel, 200,000 tpy Eastern Europe 25/75 Eastern Europe 100% equity Eastern Europe 100% debt India Total investment value EUR 1000 39,885 39,885 102,965 168,704 153,368 11,461 11,461 11,461 89,670 Equity % 25% 25% 100% 25% 25% 25% 100% 0% 25% Annual interest rate % per year 3.5% 3.5% 5.0% 5.0% 5.0% 3.5% 3.5% 3.5% 3.5% Term of credit in years years 20 20 20 20 20 20 20 20 20 Grace period in years years 1 1 1 1 1 1 1 1 1 Method of credit amortisation 1=Constant; 2=Annuity 2 2 2 2 2 2 2 2 2 Required min DSCR ratio 1.25 1.25 1.40 1.30 1.30 1.50 0.00 1.50 1.50 Inflation rate for base tariff % per year 6.5% 6.5% 6.0% 6.0% 6.0% 1.7% 1.7% 1.7% 7.0% Inflation rate for costs % per year 6.5% 6.5% 6.0% 6.0% 6.0% 1.7% 1.7% 1.7% 7.0% Term of project years 20 20 20 20 20 20 20 20 20 Start of operation year 2 2 2 2 2 2 2 2 2 Investor shares % 80% 80% 100% 100% 100% 80% 80% 0% 70% WTE shares % 0% 0% 0% 0% 0% 0% 0% 50% 10% Developer shares % 20% 20% 0% 0% 0% 20% 20% 50% 20% Corporate tax % 34% 34% 20% 20% 20% 23% 23% 23% 10% VAT % 17% 17% 18% 18% 18% 20% 20% 20% 12% Output IRR on project equity % 25.03% 25.03% 4.52% 17.71% 16.44% 25.71% 9.54% 10.27% 26.63% IRR on investor shares % 20.96% 20.96% 4.52% 17.71% 16.44% 20.22% 6.50% N/A 18.10% Payback period on equity years 4.99 4.99 N/A 6.82 7.40 3.83 8.74 N/A 3.73 Net cashflow EUR 1000 79,501 79,501 163,225 221,800 191,120 14,482 25,632 10,765 116,158 Net cashflow for investor EUR 1000 63,601 63,601 163,225 221,800 191,120 11,585 20,505 81,310 Net cashflow for developer EUR 1000 15,900 15,900 2,896 5,126 5,382 23,232 NPV for developer EUR 1000 7,219 7,219 4,421 6,281 6,494 29,771 Errors Number of errors counter 1 EBT < 0 0=no; 1=yes Net cashflow < 0 0=no; 1=yes IRR on project equity error 0=no; 1=yes Balance error 0=no; 1=yes DSCR error 0=no; 1=yes 1 Depreciation error 0=no; 1=yes
SLIDE 2 Project Name Waste Type Energy Output Waste, ton/year Electricity Production, MW Heat Production, MW Operating Days per Year Operating Hours per Year Heat Production Hours per Year Preferrential Tariff for Electricity, EUR/MWh Preferrential Tariff for Heat, EUR/MWh Rio MSW Electricity 75,000 4.9
MSW Electricity 219,000 12.3 14.7 340 8,160 4,080 25 27 CIS SF MSW Synfuel 220,000
340 8,160 4,080 25 27 CIS OSF Oil Sludge Synfuel 200,000
340 8,160 4,080 25 27 Eastern Europe MSW Electricity 30,000 1.5
8,160 4,080 80 36 India MSW Electricity 127,750 11.4
8,160
TOTAL or AVERAGE 75,000 4.9
SLIDE 3 Term of Preferrential Tariff for Energy, years Base Tariff for Electricity, EUR/MWh Base Tariff for Heat, EUR/MWh Diesel production, liters/hour Price for diesel, EUR/liter Tipping Fee for Utilization, EUR/ton Carbon Credits, EUR/ton CO2 CO2 Conservation, ton per ton of waste Price for Carbon Black, EUR/ton 5 58
27
3.90
27 1,722 0.77 3.90
27 1,740 0.77
15 70 36 235
20 119 1,533
SLIDE 4 Carbon Black production, ton/year Price for Metals, EUR/ton Metals production, ton/year Total Value of the Investment per Project, EUR'000 Total Price per 1 ton, EUR Area needed, ha Land Lease, EUR'000 per year Insurance, EUR'000 per year Jobs
532
100 10,950 102,965 470 2.7
22,000 100 11,000 150,624 685 2.8
20,000
767 2.8
3,000 100 1,500 11,461 382 0.4 43
12,775
89,670 702 2.5 281
532
SLIDE 5 Operations & Maintenance, EUR'000 per year Extended & Preventive Guarantee, EUR'000 per year Other Costs, EUR'000 per year Total Depreciation, EUR'000 Depreciation Period, years 812 39,885 20 1,483
20 1,490
20 1,505
20 203
20 1,327
20 812
SLIDE 6
Total Investment Value 39,885 Debt 75% 29,914 Equity 25% 9,971 Term of credit in years 20 Grace period in years 1 Method of credit amortisation Annuity Annual interest rate 3.5%
CREDIT PARAMETERS
SLIDE 7
Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL Value of original loan 29,914 Annuity repayment Remainder on Principal 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108 Payments on Principal 1,135 1,175 1,216 1,258 1,302 1,348 1,395 1,444 1,495 1,547 1,601 1,657 1,715 1,775 1,837 1,901 1,968 2,037 2,108 29,914 Payments on Interest 1,047 1,007 966 924 880 834 787 738 687 635 581 525 467 407 345 281 214 145 74 11,543 TOTAL Payments on Principal and Interest 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 41,457
LONG TERM CREDIT EUR'000
SLIDE 8
Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL INCOME 5,121 5,303 5,496 5,702 6,782 7,223 7,693 8,193 8,725 9,292 9,896 10,540 11,225 11,954 12,731 13,559 14,440 15,379 16,378 185,633 TOTAL OPERATING COSTS 812 865 922 981 1,045 1,113 1,185 1,263 1,345 1,432 1,525 1,624 1,730 1,842 1,962 2,090 2,225 2,370 2,524 28,856 EBITDA 4,308 4,437 4,575 4,721 5,737 6,110 6,507 6,930 7,381 7,860 8,371 8,915 9,495 10,112 10,769 11,469 12,215 13,009 13,854 156,777 DEPRECIATION 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 39,885 EBIT 2,209 2,338 2,475 2,622 3,638 4,011 4,408 4,831 5,281 5,761 6,272 6,816 7,396 8,013 8,670 9,370 10,116 10,910 11,755 116,891 INTEREST 1,047 1,007 966 924 880 834 787 738 687 635 581 525 467 407 345 281 214 145 74 11,543 EBT 1,162 1,331 1,509 1,698 2,758 3,177 3,621 4,093 4,594 5,126 5,691 6,291 6,929 7,606 8,325 9,090 9,902 10,765 11,681 105,349 Tax 395 452 513 577 938 1,080 1,231 1,392 1,562 1,743 1,935 2,139 2,356 2,586 2,831 3,090 3,367 3,660 3,972 35,819 NET PROFIT 767 878 996 1,121 1,820 2,097 2,390 2,701 3,032 3,383 3,756 4,152 4,573 5,020 5,495 5,999 6,535 7,105 7,710 69,530
CONSOLIDATED PROFIT & LOSS ACCOUNT OF SPV EUR'000
SLIDE 9
Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL FIXED ASSETS 39,885 37,786 35,687 33,588 31,489 29,389 27,290 25,191 23,092 20,992 18,893 16,794 14,695 12,595 10,496 8,397 6,298 4,198 2,099 Assets - Opening 39,885 39,885 37,786 35,687 33,588 31,489 29,389 27,290 25,191 23,092 20,992 18,893 16,794 14,695 12,595 10,496 8,397 6,298 4,198 2,099 2,099 Depreciation Charge 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 39,885 Cumulative Depreciation 2,099 4,198 6,298 8,397 10,496 12,595 14,695 16,794 18,893 20,992 23,092 25,191 27,290 29,389 31,489 33,588 35,687 37,786 39,885 39,885 Assets - Closing 39,885 37,786 35,687 33,588 31,489 29,389 27,290 25,191 23,092 20,992 18,893 16,794 14,695 12,595 10,496 8,397 6,298 4,198 2,099 Cash and Money Equivalents 1,731 3,534 5,414 7,375 9,993 12,841 15,935 19,291 22,928 26,864 31,118 35,712 40,670 46,014 51,770 57,967 64,634 71,801 79,501 79,501 CURRENT ASSETS 1,731 3,534 5,414 7,375 9,993 12,841 15,935 19,291 22,928 26,864 31,118 35,712 40,670 46,014 51,770 57,967 64,634 71,801 79,501 79,501 TOTAL ASSETS 39,885 39,518 39,221 39,002 38,864 39,382 40,131 41,126 42,383 43,920 45,757 47,912 50,407 53,265 56,510 60,167 64,265 68,832 73,900 79,501 79,501 Accumulated Profit (Loss) from Previous Periods 9,971 9,971 10,738 11,617 12,613 13,734 15,554 17,651 20,041 22,742 25,774 29,157 32,913 37,065 41,638 46,658 52,153 58,152 64,687 71,792 71,792 Current Profit (Loss) 767 878 996 1,121 1,820 2,097 2,390 2,701 3,032 3,383 3,756 4,152 4,573 5,020 5,495 5,999 6,535 7,105 7,710 69,530 TOTAL EQUITY 9,971 10,738 11,617 12,613 13,734 15,554 17,651 20,041 22,742 25,774 29,157 32,913 37,065 41,638 46,658 52,153 58,152 64,687 71,792 79,501 79,501 NON-CURRENT LIABILITIES Long term credit 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108 TOTAL LIABILITIES 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108 EQUITY & LIABILITIES 39,885 39,518 39,221 39,002 38,864 39,382 40,131 41,126 42,383 43,920 45,757 47,912 50,407 53,265 56,510 60,167 64,265 68,832 73,900 79,501 79,501
CONSOLIDATED BALANCE SHEET OF SPV EUR’000
SLIDE 10 Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL EBITDA 4,308 4,437 4,575 4,721 5,737 6,110 6,507 6,930 7,381 7,860 8,371 8,915 9,495 10,112 10,769 11,469 12,215 13,009 13,854 156,777 Investment for acquiring the projects
Debt
Equity
Long term credit 29,914 29,914 Reminder on principal 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108 Payments on principal 1,135 1,175 1,216 1,258 1,302 1,348 1,395 1,444 1,495 1,547 1,601 1,657 1,715 1,775 1,837 1,901 1,968 2,037 2,108 29,914 Payments on interest 1,047 1,007 966 924 880 834 787 738 687 635 581 525 467 407 345 281 214 145 74 11,543 TOTAL payments on principal and interest 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 41,457 Depreciation 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 39,885 EBT 1,162 1,331 1,509 1,698 2,758 3,177 3,621 4,093 4,594 5,126 5,691 6,291 6,929 7,606 8,325 9,090 9,902 10,765 11,681 105,349 Tax 395 452 513 577 938 1,080 1,231 1,392 1,562 1,743 1,935 2,139 2,356 2,586 2,831 3,090 3,367 3,660 3,972 35,819 NET PROFIT 767 878 996 1,121 1,820 2,097 2,390 2,701 3,032 3,383 3,756 4,152 4,573 5,020 5,495 5,999 6,535 7,105 7,710 69,530 Net cashflow 1,731 1,803 1,880 1,962 2,617 2,848 3,094 3,357 3,637 3,936 4,254 4,594 4,957 5,344 5,757 6,197 6,666 7,167 7,701 79,501 Net cashflow for investor 1,385 1,442 1,504 1,569 2,094 2,278 2,475 2,685 2,909 3,148 3,403 3,676 3,966 4,275 4,605 4,958 5,333 5,734 6,161 63,601 Net cashflow for WTE Net cashflow for developer 346 361 376 392 523 570 619 671 727 787 851 919 991 1,069 1,151 1,239 1,333 1,433 1,540 15,900 Opening balance 1,731 3,534 5,414 7,375 9,993 12,841 15,935 19,291 22,928 26,864 31,118 35,712 40,670 46,014 51,770 57,967 64,634 71,801 Closing balance 1,731 3,534 5,414 7,375 9,993 12,841 15,935 19,291 22,928 26,864 31,118 35,712 40,670 46,014 51,770 57,967 64,634 71,801 79,501 79,501
CONSOLIDATED CASHFLOW STATEMENT OF SPV EUR'000
SLIDE 11 Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL Net cash flow for investor on equity
1,385 1,442 1,504 1,569 2,094 2,278 2,475 2,685 2,909 3,148 3,403 3,676 3,966 4,275 4,605 4,958 5,333 5,734 6,161 53,630 IRR on investor shares 20.96% Payback period on equity, years 4.99 DEBT SERVICE COVERAGE RATIO n/a 1.79 1.83 1.86 1.90 2.20 2.31 2.42 2.54 2.67 2.80 2.95 3.11 3.27 3.45 3.64 3.84 4.06 4.28 4.53 2.92 Min DSCR 1.79 Cash Flow for Debt Service 3,913 3,985 4,061 4,144 4,799 5,030 5,276 5,539 5,819 6,118 6,436 6,776 7,139 7,526 7,939 8,379 8,848 9,349 9,883 Debt Service 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 LOAN LIFE COVERAGE RATIO 2.67 3.04 3.33 3.66 4.06 4.52 5.04 5.66 6.41 7.32 8.45 9.28 10.31 11.66 13.52 16.26 20.77 29.68 56.20 n/a 11.68 Cash Flow for Debt Service 3,913 3,985 4,061 4,144 4,799 5,030 5,276 5,539 5,819 6,118 6,436 6,776 7,139 7,526 7,939 8,379 8,848 9,349 9,883 NPV Cash Flow for DS 79,854 87,543 91,906 96,688 101,923 107,643 113,316 119,394 125,902 132,870 140,328 139,122 137,555 135,593 133,199 130,335 126,958 123,023 118,480 113,278 Debt Outstanding 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108
ECONOMIC EFFECTIVENESS AND RATIOS EUR'000
SLIDE 12 Waste type MSW Waste, ton/year 75,000 Electricity Production, MW 4.9 Heat Production, MW 0.0 Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL Electricity production, MWh/year 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 40,106 762,022 Tariff for Electricity, EUR/MWh 58 58 58 58 58 79 85 90 96 102 109 116 123 131 140 149 159 169 180 192 111 Heat production, MWh/year Tariff for Heat, EUR/MWh Diesel production, liters'000/year Price for diesel, EUR/liters'000 Waste utilization, ton/year 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 1,425,000 Tipping fee for utilization, EUR/ton 35 37 40 42 45 48 51 54 58 62 66 70 75 79 85 90 96 102 109 116 68 CO2 conservation, ton/year Carbon credits, EUR/ton CO2 Carbon black production, ton/year Price for carbon black, EUR/ton Metals production, ton/year Price for metals, EUR/ton TOTAL ACTIVITY INCOME EUR’000 5,121 5,303 5,496 5,702 6,782 7,223 7,693 8,193 8,725 9,292 9,896 10,540 11,225 11,954 12,731 13,559 14,440 15,379 16,378 185,633
Income from Activity of Rio
SLIDE 13
Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL INCOMES 5,121 5,303 5,496 5,702 6,782 7,223 7,693 8,193 8,725 9,292 9,896 10,540 11,225 11,954 12,731 13,559 14,440 15,379 16,378 185,633 Net income from sale of energy 5,121 5,303 5,496 5,702 6,782 7,223 7,693 8,193 8,725 9,292 9,896 10,540 11,225 11,954 12,731 13,559 14,440 15,379 16,378 185,633 OPERATING EXPENSES incl. 812 865 922 981 1,045 1,113 1,185 1,263 1,345 1,432 1,525 1,624 1,730 1,842 1,962 2,090 2,225 2,370 2,524 28,856 Land lease Insurance Operations, maintenance & security 812 865 922 981 1,045 1,113 1,185 1,263 1,345 1,432 1,525 1,624 1,730 1,842 1,962 2,090 2,225 2,370 2,524 28,856 Extended & preventive guarantee Other costs EBITDA 4,308 4,437 4,575 4,721 5,737 6,110 6,507 6,930 7,381 7,860 8,371 8,915 9,495 10,112 10,769 11,469 12,215 13,009 13,854 156,777 DEPRECIATION 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 39,885 EBIT 2,209 2,338 2,475 2,622 3,638 4,011 4,408 4,831 5,281 5,761 6,272 6,816 7,396 8,013 8,670 9,370 10,116 10,910 11,755 116,891
Profit & Loss Account of Rio EUR'000
