Economic Efficiency Analysis

Transkript

1 Economic Efficiency Analysis PV Park Anlage 35 Total Investment: Installed Nominal Power: 576,00 kwp Equity: Ø ROI 12,65% Equity IRR before Tax 21,39% Equity IRR after Tax 17,67% Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 1/11

2 Table of Content Projektoverview Seite 3 Main Overview Seite 4 Characteristics Seite 5 Financial Plan year 1-8 Seite 6 Sensibility Analysis year 1-8 Seite 7 IRR year 1-8 Seite 8 Financial Plan year 9-20 Seite 9 Sensibility Analysis year 9-20 Seite 10 IRR year 9-20 Seite 11 Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 2/11

3 Datenblatt - Projektoverview Anlage 35 Name O&M Kosten / Versicherung Anlage 35 Name O &M costs / insurance Standort Finanzierung North Italy location financing Leistung Dauer der Finanzierung 576,0 kwp Installed capacity duratione of financing Anlagen Typ Ende der Finanzierung Roof Type of plant end of financing Zahlung Oberflächenrecht Restschuld der Finanzierung payet 25 years Payment Surface Rights residual debt of financing Kosten Oberflächenrecht Zinssatz der Finanzierung (Euribor +) 0 /a Surface Rights annual cost in Interest rate (Euribor +) Jährlicher Stromertrag Preis kwh/kwp Specific annual yield price Jahresertrag in kwh Eigenkapital kwh/kwp Expected plant yield equity Einspeisevergütung Einnahmen 0,3150 /kwh Feed in tarif (GSE confirmed) revenues Verkauf Strom Modulhersteller 0,0809 /kwh Tariff electricity sale Module supplier Inbetriebnahme Wechselrichterhersteller grid connection date Inverters supplier Leasing 17 Jahre ,00% REC PE240 Power One Return on Investment Ø Umsatz Ø Aufwand Ø Turnover Ø Expenses Ø EBITDA Ø EBIT Ø ROI 12,65% Internal Rate of Return Project IRR before Tax 10,80% Project IRR after Tax 9,09% Equity IRR before Tax 21,39% Equity IRR after Tax 17,67% Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 3/11

4 Main Overview Marano Operating Costs & Other Operating Cost Operation & Maintenance 30,0 /kwp Insurance 0,0 /kwp 0 Anlage 35 Security 0,0 /kwp 0 Tax Consulting 0,0 p.a. 0 Plant Size 576,0 kwp Own Consumption of Electricity 0,0000 /kwp 0 req. Collector Area m² Administration etc. 0,0 /kwp 0 0 Wp/m² Unforeseen & Accruals 0,0 /kwp 0 Total 30,0 /kwp Turnkey Investment Cost /kwp Property Leasehold Size of Property 0 m² Size of Property 0,00 ha Property - Purchase = 1; Leasehold = 2 2 Lease Fee fixed p.a. 0,0 /kwp 0 Kaufpreis 20,00 /m² Gesamt 0 Charges (Taxes etc.) p.a. 0,0 /kwp 0 /ha Property Lease Fee p.a. 0 Municipality Taxes one-time est. 0 Yield Assessment accord. Surveys N/A PVGIS Debt Financing / Loan 0 kwh/m² 0 kwh/m² 0 kwh/m² 0 kwh/m² Loan Amount ,00% 0,00% Disagio 0,00% Generated Power of planned System p.a. Ø of Surveys: kwh/kwp Debt Financing incl. Disagio Term (Years) 16 Total Investment Cost Grace Period (Years) 0 Turnkey Investment Cost Payments per year (m) MONATLICH 12 Provision 0 Nominal Interest Rate 6,34% Total Fees / Entries / Commissions 0,00% Fees / Entries / Commissions 0 Due (advance = 1; arrear = 0) 0 Residual Value of Plant: 0 Total number of Payments 192 Type of Loan (Annuity Loan = 1; Instalment Redemption = 2) 1 Prognosticated electricity production Year 1: kwh Verkauf des Parks Ende des Jahres: 2 Ø generated Electricity p.a within statutory period: Cape Rate: 8,50% Financing Equity 26,55% Additional Characteristics Debt Capital 73,45% Profit Loss Input Data VAT Total 100,00% Degradation Module -0,40% General 20,00% Lending debit interest 13,50% Reduced 10,00% Feed-in-tariff 0,3150 /kwh Interest bearing acc. 2,00% Refund (weeks) 5 Sale of generated electricity on free market (additional) 0,0809 /kwh Corporate Tax 27,50% Other Taxes Period of statutory tariff 18 Jahre Municipality Tax 3,90% Property Righs p.a. 0,00% Feed-in-tariff after statutory period 0,0775 /kwh Tax Loss carried forward (y.) 5 Payable one-time for: 25 Jahre Index Expenses 2,00% Depreciaiton (linear Method) Additional Taxes: Indes Revenues 0,41% Depreciation (Y.) 10 Jahre IMU Property: 0,76% ~ Property Value: 0 /ha 0,00% on Book Value Year 1: Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 4/11

5 Characteristics Plant Size 576,0 kwp Investment Cost & Debt Financing Start of Operation November 11 Ø Power gemerated p.a kwh Equity 26,55% Period of statutory tariff 18 Jahre Debt Capital 73,45% Feed-in-Tariff Year 1: 0,3959 /kwh Total Investment Cost Ø Feed-in-Tariff 0,3987 /kwh Term (Years) 16 Nominal Interest Rat 6,34% Power fed in at statutory period kwh Grace Period (Years 0 Disagio 0,00% CO 2 - Avoidance at statutory period t Loan Comparison - Interest Payments: DSCR* Min. DSCR* Max. Return on Investment Ø at statutory period Annuity Loan ,70 1,84 Ø Umsatz p.a Ø Aufwand p.a *DSCR = Debt Service Coverage Ratio Instalment Loan ,45 2,57 Ø EBITDA p.a Ø EBIT p.a Return in comparison to an alternative investment Ø ROI (Ø EBITDA p.a. / Gesamtinvestitionskosten) 12,65% Photovoltaic-Park: Equity: Internal Rate of Return Total withdrawal of Capital:* 18 Years Project IRR before Tax 10,80% Total withdrawal of Capital:** 18 Years Project IRR after Tax 9,09% Alternative Investment - Euro Bond Italy 20 Years Invested Fund at the beginning: Equity IRR before Tax 21,39% Interrest Coupon p.a. 4,47% Equity IRR after Tax 17,67% Total withdrawal of Capital:* 18 Years Total withdrawal of Capital:** 18 Years Debt Service Coverage Ratio * INCLUDING re-investment of annual withdrawals at 4,47 % ** EXCLUDING re-investment of annual withdrawals Operative Cash Flow before Debt Service 18 Years Surplus value of investment before tax:* Debt Service Surplus value of investment before tax:** Debt Service Coverage Ratio 1,98x Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 5/11

6 Financial Plan Year 1-8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Electricity fed in p.a. in kwh Revenues Expenses Operation & Maintenance Insurance Security Tax Consulting Own Consumption Electricity Administration etc Unforeseen Leasehold Property Total Expenses EBITDA ROI (Return on Investment) 13,20% 13,14% 13,08% 13,01% 12,95% 12,88% 12,82% 12,75% Depreciation Total Investment EBIT Financial Result Begin Loan Balance Zinszahlungen Fees Amortization Disagio Lending Debit Interest Interest bearing account End Loan Balance Profit Loss before Tax Corporate Tax IRES Municipality Tax IRAP Municipality Tax IMU Profit Loss after Tax Cash Flows & Debt Service Revenues Expenses Cash Flow before Debt Service Interest Fees Redemption Amortisation Disagion Lending Debit Interest Interest bearing account Debt Service Cash Flow after Debt Service IRES + IRAP + IMU Accruals Cash Flow Net In-Decrease of Cash / Equivalents Cash / Equivalents beg. of year Cash / Equivalents end of year Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 6/11

7 Sensibility Analysis Year 1-8 Debt Service Coverage Ratio WHAT IF.. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 +10% 2,04x 2,03x 2,02x 2,01x 2,00x 1,99x 1,98x 1,97x +6% 1,96x 1,95x 1,94x 1,93x 1,92x 1,91x 1,90x 1,89x +3% 1,90x 1,89x 1,88x 1,87x 1,86x 1,85x 1,84x 1,83x Basis 1,84x 1,83x 1,82x 1,81x 1,80x 1,79x 1,78x 1,77x -3% 1,78x 1,77x 1,76x 1,75x 1,74x 1,73x 1,72x 1,72x -6% 1,72x 1,71x 1,70x 1,69x 1,68x 1,67x 1,67x 1,66x -10% 1,64x 1,63x 1,62x 1,61x 1,60x 1,60x 1,59x 1,58x EBITDA WHAT IF.. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 +10% % % Basis % % % Net In-Decrease in Cash and Cash Equivalents WHAT IF.. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 +10% % % Basis % % % Return on Invest WHAT IF.. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 +10% 14,62% 14,55% 14,48% 14,41% 14,34% 14,28% 14,21% 14,14% +6% 14,05% 13,99% 13,92% 13,85% 13,79% 13,72% 13,65% 13,58% +3% 13,63% 13,56% 13,50% 13,43% 13,37% 13,30% 13,23% 13,17% Basis 13,20% 13,14% 13,08% 13,01% 12,95% 12,88% 12,82% 12,75% -3% 12,78% 12,72% 12,65% 12,59% 12,53% 12,47% 12,40% 12,34% -6% 12,35% 12,29% 12,23% 12,17% 12,11% 12,05% 11,99% 11,92% -10% 11,79% 11,73% 11,67% 11,61% 11,55% 11,49% 11,43% 11,37% Internal Rate of Return IRR before Taxes IRR after Taxes WHAT IF.. Project IRR Equity IRR Project IRR Equity IRR +10% 12,54% 26,99% 10,66% 23,27% +6% 11,85% 24,77% 10,12% 21,35% +3% 11,33% 23,09% 9,67% 19,74% Basis 10,80% 21,39% 9,18% 18,01% -3% 10,26% 19,69% 8,68% 16,20% -6% 9,72% 17,97% 8,17% 14,36% -10% 8,99% 15,65% 7,47% 11,83% Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 7/11

8 IRR Year 1-8 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Electricity fed in p.a. in kwh Revenues Expenses Operation & Maintenance Insurance Security Tax Consulting Own Consumption Electricity Administration etc Unforeseen Leasehold Property Total Expenses EBITDA ROI (Return on Investment) 13,20% 13,14% 13,08% 13,01% 12,95% 12,88% 12,82% 12,75% Depreciation Total Investment EBIT PROJECT IRR before Taxes Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 IRR Investment (Calculation Cash Flows = EBITDA ± Change in Working Capital) 10,80% factor of value 1, , , , , , , , ,44028 NPV = PROJECT IRR after Taxes Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 IRR Investment (Calculation Cash Flows = EBITDA ± Change in Working Capital - Taxes) 9,09% factor of value 1, , , , , , , , ,49861 NPV = EQUITY IRR before Taxes Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 IRR Equity (Calculation Cash Flows = EBITDA ± Change in Working Capital) 21,39% factor of value 1, , , , , , , , ,21205 NPV = EQUITY IRR after Taxes Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 IRR Equity (Calculation Cash Flows = EBITDA ± Change in Working Capital - Taxes) 17,67% factor of value 1, , , , , , , , ,27206 NPV = Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 8/11

9 Financial Plan Year 9-20 Electricity fed in p.a. in kwh Revenues Expenses Operation & Maintenance Insurance Security Tax Consulting Own Consumption Electricity Administration etc Unforeseen Leasehold Property Total Expenses EBITDA ROI (Return on Investment) 12,69% 12,62% 12,56% 12,49% 12,43% 12,36% 12,29% 12,22% 12,16% 12,09% 0,00% 0,00% Depreciation Total Investment EBIT Financial Result Begin Loan Balance Zinszahlungen Fees Amortization Disagio Lending Debit Interest Interest bearing account End Loan Balance Profit Loss before Tax Corporate Tax IRES Municipality Tax IRAP Municipality Tax IMU Profit Loss after Tax Cash Flows & Debt Service Revenues Expenses Cash Flow before Debt Service Interest Fees Redemption Amortisation Disagion Lending Debit Interest Interest bearing account Debt Service Cash Flow after Debt Service IRES + IRAP + IMU Accruals Cash Flow Net In-Decrease of Cash / Equivalents Cash / Equivalents beg. of year Cash / Equivalents end of year Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 9/11

10 Sensibility Analysis Year 1-8 Debt Service Coverage Ratio WHAT IF.. +10% 1,96x 1,95x 1,94x 1,93x 1,92x 1,91x 1,90x 1,89x N/A N/A N/A N/A +6% 1,88x 1,87x 1,86x 1,85x 1,84x 1,83x 1,82x 1,81x N/A N/A N/A N/A +3% 1,82x 1,81x 1,80x 1,79x 1,79x 1,78x 1,77x 1,76x N/A N/A N/A N/A Basis 1,76x 1,76x 1,75x 1,74x 1,73x 1,72x 1,71x 1,70x N/A N/A N/A N/A -3% 1,71x 1,70x 1,69x 1,68x 1,67x 1,66x 1,65x 1,64x N/A N/A N/A N/A -6% 1,65x 1,64x 1,63x 1,62x 1,61x 1,60x 1,59x 1,59x N/A N/A N/A N/A -10% 1,57x 1,56x 1,55x 1,54x 1,54x 1,53x 1,52x 1,51x N/A N/A N/A N/A EBITDA WHAT IF.. +10% % % Basis % % % Net In-Decrease in Cash and Cash Equivalents WHAT IF.. +10% % % Basis % % % Return on Invest WHAT IF.. +10% 14,07% 14,00% 13,93% 13,86% 13,79% 13,72% 13,65% 13,57% 13,50% 13,43% 0,00% 0,00% +6% 13,52% 13,45% 13,38% 13,31% 13,24% 13,17% 13,10% 13,03% 12,96% 12,89% 0,00% 0,00% +3% 13,10% 13,04% 12,97% 12,90% 12,83% 12,77% 12,70% 12,63% 12,56% 12,49% 0,00% 0,00% Basis 12,69% 12,62% 12,56% 12,49% 12,43% 12,36% 12,29% 12,22% 12,16% 12,09% 0,00% 0,00% -3% 12,27% 12,21% 12,15% 12,08% 12,02% 11,95% 11,89% 11,82% 11,75% 11,69% 0,00% 0,00% -6% 11,86% 11,80% 11,74% 11,67% 11,61% 11,54% 11,48% 11,42% 11,35% 11,29% 0,00% 0,00% -10% 11,31% 11,25% 11,19% 11,13% 11,06% 11,00% 10,94% 10,88% 10,81% 10,75% 0,00% 0,00% Internal Rate of Return WHAT IF.. +10% +6% +3% Basis -3% -6% -10% IRR before Taxes IRR after Taxes Project IRR 12,54% Equity IRR 26,99% Project IRR 10,66% Equity IRR 23,27% 11,85% 24,77% 10,12% 21,35% 11,33% 23,09% 9,67% 19,74% 10,80% 21,39% 9,18% 18,01% 10,26% 19,69% 8,68% 16,20% 9,72% 17,97% 8,17% 14,36% 8,99% 15,65% 7,47% 11,83% Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 10/11

11 IRR Year 9-20 Electricity fed in p.a. in kwh Revenues Expenses Operation & Maintenance Insurance Security Tax Consulting Own Consumption Electricity Administration etc Unforeseen Leasehold Property Total Expenses EBITDA ROI (Return on Investment) 12,69% 12,62% 12,56% 12,49% 12,43% 12,36% 12,29% 12,22% 12,16% 12,09% 0,00% 0,00% Depreciation Total Investment EBIT Calculation Cash Flows factor of value 0, , , , , , , , , , , ,12863 NPV Calculation Cash Flows factor of value 0, , , , , , , , , , , ,17555 NPV Calculation Cash Flows factor of value 0, , , , , , , , , , , ,02071 NPV Calculation Cash Flows factor of value 0, , , , , , , , , , , ,03861 NPV Es wird darauf hingewiesen, dass die Daten von uns zwar sorgfälltig überprüft werden, jedoch keine Garantie für die Vollständigkeit und Richtigkeit übernommen werden kann. Änderungen vorbehalten! 11/11