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SENSITIVITIES GROUP A
Item Unit Base Case Sensitivity New Amount
INFLATION
Annual Rate 2.00% 0.00% 2.00%
CAPEX
Costi overrun % 0.00% 0.00% 0.00%
OPERATING PHASE
Revenues from Water Sale
1 Adduction Level
Non potable Water already supplied
Tariff 31-12-2003 Euro/'000mc 100 0.00% 100
Potable Water
Tariff 31-12-2003 Euro/'000mc 300 0.00% 300
Opex due to Water Production
1 Adduction Level
1. Personnel
Staff 100 0.00% 100
Annul Cost 60 0.00% 60
2. Water System Opex
Annul Cost Euro/'000mc 60 0.00% 60
3. Maintenance
Capex percentage % 0.50% 0.00% 0.50%
4. Other Services uro ('000) 1,549 0.00% 1549
5. General Expenses
Maitenance and Personnel % % 5.00% 0.00% 5.00%
2 Adduction Level
1. Personnel
Staff 130 0.00% 130
2. Water System Opex
Annul Cost 60 0.00% 60
3. Maintenance
Capex percentage 0.50% 0.00% 0.50%
4. Other Services 2,066 0.00% 2,066
First Year 100.00% 0.00% 100.00%
5. General Expenses 5.00% 0.00% 5.00%
Revenues from Energy Sale
Flowing Water
Tariff 31-12-2003 uro ('000)/GWh 57 0.00% 57
Tariff 25% F4
Tariff 31-12-2003 uro ('000)/GWh 63 0.00% 63
Green Certificates Cost
Tariff 31-12-2009 uro ('000)/GWh 82 0.00% 82
Opex due to Energy Production
Power plant opex uro ('000) 1,350 0.00% 1350
Energy Autority Fee uro ('000) 5,000 0.00% 5000
Water Autority Fee uro ('000) 5,000 0.00% 5000
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ASSUMPTIONS SHEET
Fonte Unit
CURRENCY keuro
Lire Lit/mil.
Euro uro ('000)
TIMING
Starting date 1-Jan-06
Ending date 31-Dec-40
Concession Maturity Year 35.0
Operation Date Maturity Year 30.0
INFLATION
Annual Rate 2.0%
CONSTRUCTION PERIOD
Maturity Year 5.0
1st Section
Starting date 1-Jan-06
Ending date 31-Dec-08
Maturity 1st Sestion 3.0
2nd Section
Starting date 1-Jan-06
Ending date 31-Dec-10
Total Maturity Year 5.0
CAPEX
1st Section
CAPEX 1 keuro 260,687
Doubling YYYY keuro 134,551
Potable water System YYY keuro 143,332
TOTAL keuro 538,571
Design and other costs keuro 64,445
Expropriation keuro 11,653
TOTAL CAPEX 1st Section keuro 614,669
2nd Section
CAPEX 2 80,417
Doubling XXX 91,414
Acquedotto del xxxx Potabile 259,548
TOTAL keuro 431,380
Design and other costs keuro 51,352
Expropriation keuro 23,337
TOTAL CAPEX 2nd Section keuro 506,068
Total Capex keuro 1,120,737
LIFE CYCLE COSTS
Progr. Year
9 2014 keuro 2,981
11 2016 keuro 1,663
13 2018 keuro 3,385
15 2020 keuro 1,888
17 2022 keuro 3,843
19 2024 keuro 2,144
21 2026 keuro 4,363
23 2028 keuro 2,434
LIRE
EURO
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25 2030 keuro 4,954
27 2032 keuro 2,763
29 2034 keuro 5,624
31 2036 keuro 3,137
33 2038 keuro 6,385
35 2040 keuro 3,562keuro
Total keuro 49,127
DEPRECIATION
1st Section
Starting date 1-Jan-09
2nd Section
Starting date 1-Jan-11
VAT
Grant Rate % 10%
Capex Rate % 20%
Opex Rate % 20%
Concession fee Rate % 10%
Water revenues Rate % 10%
Energy revenues Rate % 20%
Average payment by VAT Authority Year 2
VAT Reimbursement starting date 1-Jan-08
VAT Reimbursement ending date 31-Dec-13
VAT FACILITY
Amuount 96,099
Availability Year 6
Starting date 1-Jan-06
Ending date 31-Dec-11
Repayment Period Year 2
Starting date 1-Jan-12
Ending date 31-Dec-13
Total Maturity Year 8
Interest
Base Rate 3.00%
Margin 1.00%
Annual Interest Rate 4.00%
Escalated interest 6,643
Annual Depreciation Rate 3.33%
Withholding Tax 0.25%
Financial fee
Commitment fee 0.50%
Arrangement fee 1.00%
OPERATING PHASE
Starting Date 1-Jan-09
Non potable Water already supplied Mln mc/year 209
Tariff 31-12-2003 Euro 0
Tariff 31-12-2009 Euro 0
Potable Water already supplied Mln mc/year 123Tariff 31-12-2003 Euro 200
Tariff 31-12-2009 Euro 225
Existing Water System Opex keuro 2,500
1 Adduction Level
Starting date 1-Jan-09
Ending date 31-Dec-10
Total water supplied Mln mc/year 120
Revenues
Non potable water
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supplied water added Mln mc/year 30
Tariff 31-12-2003 Euro/'000mc 100
Tariff 31-12-2009 Euro/'000mc 113
Potable water
supplied water added Mln mc/year 90
Tariff 31-12-2003 Euro/'000mc 300
Tariff 31-12-2009 Euro/'000mc 338
Opex
1. Personnel
Staff 100
Annul Cost keuro 60
2. Water System Opex
Annul Cost Euro/'000mc 60
3. Maintenance
Capex percentage % 0.5%
4. Other Services keuro 1,549
5. General Expenses
Maitenance and Personnel % % 5.0%
2 Adduction Level
Starting date 1-Jan-11
Ending date 31-Dec-40
Total water supplied Mln mc/year 210
Revenues
Non potable water
supplied water added Mln mc/year 40
Tariff 2009 Euro/'000mc 113
Potable water
supplied water added Mln mc/anno 170
Tariff 2009 Euro/'000mc 338
Opex
1. Personnel
Staff 130
Annul Cost keuro 60.48
2. Water System Opex
Annul Cost Euro/'000mc 60
3. Maintenance
Capex percentage % 0.5%
4. Other Services keuro 2,066
5. General Expenses
Maitenance and Personnel % % 5.0%
ENERGY SALE
Tariff annual Escalation % 1.5%
1 Escalation anno 2010
Start-up year 2009
Start-up capacity % 80%
Tariff 1
Tariff 31-12-2003 uro ('000)/GWh 57
Tariff 31-12-2009 uro ('000)/GWh 62
Energy sold GWh/year 32.78
Tariff 2
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Tariff 31-12-2003 uro ('000)/GWh 63
Tariff 31-12-2009 uro ('000)/GWh 69
Energy sold GWh/year 73
Green Certificate
Tariff 31-12-2009 uro ('000)/GWh 82
Energy sold GWh/year 106.11
Green Certificate starting date 1-Jan-09
Green Certificate maturity year 8
Green Certificate ending date 31-Dec-16
Power plant opex keuro 1,350
Energy Autority Fee keuro 5,000
Water Autority Fee keuro 5,000
TAXATION
Corporation Tax Rate %_ 33.0%
IRAP Rate % 4.25%
WORKING CAPITAL
Average water receipts time gg. 60
Average energy receipts time gg. 60
Average opex payment time (no personnel) gg. 60
Average Exiting Water System payment time gg. 60
Average Autority Water fee payment time gg. 60Average Power Plant opex payment time gg. 60
PUBBLIC GRANT
Amount keuro 616,405
Drawdown modality Public Installments
1st Section
TOTAL CAPEX 1st Section keuro 614,669
% 55%
1 Section Grant amount keuro 338,068
2nd Section
TOTAL CAPEX 2nd Section keuro 506,068
% 55%2 Section Grant amount keuro 278,338
EQUITY
Amount keuro 133,382
Drawdown modality Pro-quota
% of financial deficit 12.00%
SENIOR FACILITY
Amount keuro 361,729
Average Loan Life 14.92
Availability 6
Starting date Year 1-Jan-06
Ending date 31-Dec-11
Repayment Period Year 15
Starting date 1-Jan-12
Ending date 31-Dec-26
Interest
Base Rate 4.00%
Margin 1.50%
Annual Interest Rate 5.50%
Capitalised interest 25,232
tasso variabil
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Annual Depreciation Rate 3.33%
Withholding Tax 0.25%
Financial fee
Commitment fee 0.70%
Arrangement fee 1.00%
GUARANTEE FACILITIES
FALSE Pubblic Grant
Starting date 1-Jan-06
Ending date 1-Jan-11
Margin 1.50%
Commitment fee 0.50%
Up front fee 0.00%
VAT Reibursement
Law minimun maturity Year 3
Starting date 1-Jan-08
Ending date 31-Dec-16
Margin 0.80%
Up front fee 1.00%
Annual Depreciation Rate 3.33%
DEBT SERVICE RESERVE ACCOUNT
% cash to Reserve 100.00%
Payment Defined
Constitution Date 31-Dec-12
Release Date 31-Dec-26
Interest Income 1.00%
LEGAL RESERVE
% Earning 5.00%Limit (20% Equity ) keuro 26,676
DSCR esclusione grace period
Min 1.48
Max 1.57
Average 1.51
LLCR
Min 1.51
Max 1.60
Average 1.53
IRR
Project 9.54%Equity 12.47%
PA index 3.24%
REVOLVING
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SENIOR LOAN REPAYMENT PROFILE
Average Loan Life 14.92
Year % Repayment Repayment ADSCR
2006 0.0% 0 0.00
2007 0.0% 0 0.00
2008 0.0% 0 0.00
2009 0.0% 0 0.00
2010 0.0% 0 0.00
2011 0.0% 0 0.00
2012 4.4% (15,812) 1.57
2013 5.2% (18,930) 1.48
2014 5.0% (18,207) 1.50
2015 6.0% (21,615) 1.50
2016 6.2% (22,338) 1.49
2017 5.1% (18,359) 1.54
2018 5.4% (19,625) 1.50
2019 6.6% (23,966) 1.48
2020 6.6% (23,785) 1.50
2021 7.4% (26,679) 1.50
2022 7.2% (25,955) 1.50
2023 8.2% (29,573) 1.53
2024 8.2% (29,573) 1.55
2025 9.5% (34,199) 1.50
2026 9.2% (33,114) 1.51
2027 0.0% 0 0.00
2028 0.0% 0 0.00
2029 0.0% 0 0.00
2030 0.0% 0 0.00
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SUMMARY SHEET
CAPEX
1st Section
CAPEX 1 keuro 260,687 22.3%
Doubling YYYY keuro 134,551 11.5%
Potable water System YYY keuro 143,332Design and other costs keuro 64,445 5.5%
Expropriation keuro 11,653 1.0%
TOTAL CAPEX 1st Section keuro 614,669 52.5%
2nd Section
CAPEX 2 keuro 80,417 6.9%
Doubling XXX keuro 91,414 7.8%
Potable Water System XXX keuro 259,548 22.2%
Design and other costs keuro 51,352 4.4%
Expropriation keuro 23,337 2.0%
TOTAL CAPEX 2nd Section keuro 506,068 43.3%
Total Capex keuro 1,120,737 95.8%
Life Cycle Cost keuro 49,127 4.2%
Total INVESTIMENTI keuro 1,169,864 100.0%
WATER REVENUES ENE
Existing Water SystemWater supplied
(mln mc./year)
Tariff 31-12-2003
(euro/'000mc)TARI
Potable Water already supplied 123 200 T
Non potable Water already supplied 209 - T
G
1 Adduction Level
Water supplied
(mln mc./ ear)
Tariff 31-12-2003
(euro/'000mc)
Potable 90 300
Non potable 30 100
2 Adduction Level
Water supplied
(mln mc./year)
Tariff 31-12-2003
(euro/'000mc)
Potable 170 300
Non potable 40 100
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SOURCE AND USES
USES
CAPEX
1st Section keuro 614,669 43.6%
2nd Section keuro 506,068 35.9%
Total Capex keuro 1,120,737 79.6%
Financial fee keuro 5,723 0.4%
Capitalised interest keuro 111,814 7.9%
DSRA keuro 19,039 1.4%
Change in Working Capital keuro 2,877 0.2%
VAT (2006-2011) keuro 148,269 10.5%
TOTAL USES keuro 1,408,459 100.0%
SOURCE
Loan
SENIOR FACILITY keuro 361,729 25.7%
VAT FACILITY keuro 22,370 1.6%
Total Loan keuro 384,099 27.3%
Cash during construction keuro 148,674 10.6%
PUBBLIC GRANT keuro 616,405 43.8%
EQUITY keuro 133,382 9.5%
VAT Reibursement (al 31-12-2011) keuro 125,899 8.9%
TOTAL SOURCE keuro 1,408,459 100.0%
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SENIOR FACILITY Average Loan Life 14.92 VAT FA
Amount keuro 361,729 Amuoun
Availability Year 6 Avai
Starting date 1-Jan-06 S
Ending date 31-Dec-11 E
Repayment Period Year 15 Repa
Starting date 1-Jan-12 E
Ending date 31-Dec-26
Inter
Annual Interest Rate 5.50% With
Withholding Tax 0.25%
Outstanding Loans keuro
RATIOS
Project IRR Equity IR
Concession Maturity Year 30 Concessio
Final Maturity 31-Dec-40 Final Mat
Project IRR 9.54% Equity IR
TIR Azionisti
Durata della concessione (gestione) Year 30
Scadenza 31-Dec-40
IRR azionisti 12.47%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Senior Loan 35,032 124,594 280,791 311,495 348,980 361,729 345,917 326,987 308,781 287,166 264,828 246,469 22
VAT Loan 11,405 47,238 96,099 78,661 35,997 22,370 4,769 0 0 0 0 0
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Sources-Uses Analysis
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-
Year 2006 2007 2008 2009 2010 2011 20
Progr. 1 2 3 4 5 6
Period
USES
CAPEX keuro 78,653 247,127 415,624 155,817 151,703 71,813
Capitalised interest keuro 10,314 9,102 21,637 25,367 25,574 25,542 20,84
Cash keuro 0 0 0 0 0 0 20,7
DSRA keuro 0 0 0 0 0 19,039
TOTAL USES keuro 88,967 256,230 437,261 181,183 177,277 116,395 41,56
SOURCE
Self-financing keuro 0 0 (0) 48,906 39,867 57,024 57,37
Equity keuro 10,676 30,748 52,471 15,873 16,489 7,125
Grant keuro 43,259 135,920 228,593 85,699 83,437 39,497
Debt (reimbursment) keuro 35,032 89,562 156,197 30,705 37,484 12,749 (15,81
TOTAL SOURCES keuro 88,967 256,230 437,261 181,183 177,277 116,395 41,56
ok ok ok ok ok ok ok
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Sources-Uses Analysis
Starting
Ending
Year
Progr.
Period
USES
CAPEX keuro
Capitalised interest keuro
Cash keuro
DSRA keuro
TOTAL USES keuro
SOURCE
Self-financing keuro
Equity keuro
Grant keuro
Debt (reimbursment) keuro
TOTAL SOURCES keuro
1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31
31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 3
2025 2026 2027 2028 2029 2030 2031
20 21 22 23 24 25 26
0 4,363 0 2,434 0 4,954 0
2,762 911 0 0 0 0 0
18,398 17,404 56,134 54,571 57,901 54,065 60,043
0 0 0 0 0 0 0
21,160 22,678 56,134 57,005 57,901 59,018 60,043
55,359 55,791 56,134 57,005 57,901 59,018 60,043
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(34,199) (33,114) 0 0 0 0 0
21,160 22,678 56,134 57,005 57,901 59,018 60,043
ok ok ok ok ok ok ok
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CAPEX ANALYSIS
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Year 2006 2007 2008 2009 2010
Progr. 1 2 3 4 5
CAPEX
1st Section
Flag
CAPEX 1 0% 260,687 25,353 103,444 131,890 - -
Doubling YYYY keuro 0% 134,551 13,086 53,391 68,074 - -
Potable water System YYY keuro 0% 143,332 13,940 56,876 72,517 - -
Design and other costs keuro 0% 64,445 15,409 21,638 22,071 5,327 -
Expropriation keuro 0% 11,653 4,588 4,679 2,386 - -
TOTAL CAPEX 1st Section 614,669 72,376 240,028 296,938 5,327 -
2nd Section
CAPEX 2 keuro 0% 80,417 - - - 26,277 26,802
Doubling XXX keuro 0% 91,414 - - 26,775 27,311 27,857
Potable Water System XXX keuro 0% 259,548 - - 76,021 77,542 79,093
Design and other costs keuro 0% 51,352 6,277 1,048 9,717 13,065 13,134
Expropriation keuro 0% 23,337 - 6,051 6,172 6,296 4,817
TOTAL CAPEX 2nd Section 506,068 6,277 7,099 118,686 150,490 151,703
Total Capex 1,120,737 78,653 247,127 415,624 155,817 151,703
Total Capex keuro 1,120,737 78,653 247,127 415,624 155,817 151,703
Life Cycle Cost
xxxx yyyy keuro 6,269
Doubling YYYY keuro 9,555
Potable water System YYY keuro 13,784
Escalation Factor - - - - -
Total Life Cycle Cost keuro 49,127 - - - - -
Total Capex keuro 1,169,864 78,653 247,127 415,624 155,817 151,703
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CAPEX ANALYSIS
Year
Progr.
CAPEX
1st Section
CAPEX 1
Doubling YYYY keuro
Potable water System YYY keuro
Design and other costs keuro
Expropriation keuro
TOTAL CAPEX 1st Section
2nd Section
CAPEX 2 keuro
Doubling XXX keuro
Potable Water System XXX keuro
Design and other costs keuro
Expropriation keuro
TOTAL CAPEX 2nd Section
Total Capex
Total Capex keuro
Life Cycle Cost
xxxx yyyy keuro
Doubling YYYY keuro
Potable water System YYY keuro
Escalation Factor
Total Life Cycle Cost keuro
Total Capex keuro
1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-2
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-2
2021 2022 2023 2024 2025 2026 2027 202
16 17 18 19 20 21 22 2
- - - - - - -
- 896 - - - 896 -
- 806 - 559 - 806 - 55
- 1,075 - 894 - 1,075 - 894
1.34 1.38 1.43 1.47 1.52 1.57 1.62 1.6
- 3,843 - 2,144 - 4,363 - 2,434
- 3,843 - 2,144 - 4,363 - 2,434
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CAPEX ANALYSIS Moltiplicatore
Year 2006 2007 2008 2009 2010 2011
Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%
1st
Section
CAPEX 1 keuro 238,914 23,891 95,566 119,457
Escalation (2%) keuro 21,773 1,462 7,878 12,433
SAL % 10% 40% 50%
Total keuro 260,687 25,353 103,444 131,890
Doubling YYYY keuro 123,313 12,331 49,325 61,657
Escalation (2%) keuro 11,238 755 4,066 6,417
SAL % 100% 10% 40% 50%
Total keuro 134,551 13,086 53,391 68,074
Potable water System YYY keuro 131,361 13,136 52,545 65,681
Escalation (2%) keuro 11,971 804 4,331 6,836
SAL % 100% 10% 40% 50%
Total keuro 143,332 13,940 56,876 72,517 - - -
Design and other costs keuro 59,231 14,521 19,991 19,990 4,730
Escalation (2%) keuro 5,214 889 1,648 2,081 597
SAL % 100% 25% 34% 34% 8%
Total keuro 64,445 15,409 21,638 22,071 5,327 - -
Expropriation keuro 10,807 4,323 4,323 2,161
Escalation (2%) keuro 846 265 356 225
SAL % 100% 40% 40% 20%
Total keuro 11,653 4,588 4,679 2,386 - - -
6.12% 8.24% 10.41% 12.62%
Total Ca ex keuro 563,626 68,202 221,749 268,946 4,730 - -
Escalation (2%) keuro 51,043 4,174 18,279 27,992 597 - -
TOTAL CAPEX 1st
Section keuro 614,669 72,376 240,028 296,938 5,327 - -
Year 2006 2007 2008 2009 2010 2011
Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%
2nd
Section
CAPEX 2 keuro 69,999 23,333 23,333 23,333
Escalation (2%) keuro 10,418 - - - 2,944 3,469 4,005
% 100% 0% 0% 0% 33% 33% 33%
Total keuro 80,417 - - - 26,277 26,802 27,338
Doubling XXX keuro 80,837 - 24,251 24,251 24,251 8,084
Escalation (2%) keuro 10,577 - - 2,524 3,060 3,606 1,388
% 100% 0% 0% 30% 30% 30% 10%
Total keuro 91,414 - - 26,775 27,311 27,857 9,472
Potable Water System XXX keuro 229,517 68,855 68,855 68,855 22,952
Escalation (2%) keuro 30,031 - - 7,166 8,687 10,238 3,940
% 100% 0% 0% 30% 30% 30% 10%
Total keuro 259,548 - - 76,021 77,542 79,093 26,892
Design and other costs keuro 45,642 5,915 968 8,801 11,601 11,434 6,923
Escalation (2%) keuro 5,710 362 80 916 1,464 1,700 1,188
% 100% 13% 2% 19% 25% 25% 15%
Total keuro 51,352 6,277 1,048 9,717 13,065 13,134 8,111
Expropriation keuro 20,965 5,591 5,591 5,591 4,194
Escalation (2%) keuro 2,372 - 461 582 705 624 -
% 100% 0% 27% 27% 27% 20% 0%
Total keuro 23,337 - 6,051 6,172 6,296 4,817 -
Total Ca ex keuro 446,960 5,915 6,559 107,498 133,631 132,067 61,292
Escalation (2%) keuro 59,108 362 541 11,188 16,859 19,636 10,521
TOTAL CAPEX 2nd Section keuro 506,068 6,277 7,099 118,686 150,490 151,703 71,813
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ENERGY REVENUES
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11
Year 2006 2007 2008 2009 2010 2011
Progr. 0 0 0 0 1 2
Annual Escalation 0.0% 0.0% 0.0% 0.0% 1.5% 1.5%
Tariff 1
Energy GWh/year - - - 26.23 32.78 32.78
Tariff 1 uro ('000)/GWh - - - 62.3 63.26 64.21
Tariff 1 Revenues keuro - - - 1,635 2,074 2,105
Tariff 2
Energy GWh/year - - - 58.66 73.33 73.33Tariff 2 uro ('000)/GWh - - - 68.89 69.92 70.97
Tariff 2 Revenues keuro - - - 4,041 5,127 5,204
Green Certificate
Energy GWh/year - - - 84.89 106.11 106.11
Green Certificate uro ('000)/GWh - - - 82.00 83.23 84.48
Green Certificate Revenues keuro - - 6,961 8,832 8,964
TOTAL ENERGY REVENUES keuro - - - 12,637 16,033 16,273
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ENERGY REVENUES
Year
Progr.
Annual Escalation
Tariff 1
Energy GWh/year
Tariff 1 uro ('000)/GWh
Tariff 1 Revenues keuro
Tariff 2
Energy GWh/year Tariff 2 uro ('000)/GWh
Tariff 2 Revenues keuro
Green Certificate
Energy GWh/year
Green Certificate uro ('000)/GWh
Green Certificate Revenues keuro
TOTAL ENERGY REVENUES keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-
2026 2027 2028 2029 2030 2031 20
17 18 19 20 21 22 2
1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5
32.78 32.78 32.78 32.78 32.78 32.78 32.7
80.28 81.48 82.70 83.94 85.20 86.48 87.7
2,632 2,671 2,711 2,752 2,793 2,835 2,87
73.33 73.33 73.33 73.33 73.33 73.33 73.388.73 90.06 91.41 92.78 94.17 95.58 97.0
6,506 6,604 6,703 6,803 6,905 7,009 7,11
- - - - - -
- - - - - -
- - - - - -
9,138 9,275 9,414 9,555 9,699 9,844 9,99
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WATER REVENUES
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Year 2006 2007 2008 2009 2010
Progr. 0 0 0 0
Annual Inflation rate 0.0% 0.0% 0.0% 0.0% 2.0%
Water supplied
Total Non potable water Mln mc/year - - - 239 239
Total Potable water Mln mc/year - - - 213 213
Total Mln mc/year - - - 452 452
Additional Non potable water Mln mc/year - - - 30 30
Tariff uro - - - 113 115
Additional Non potable water revenues keuro - - - 3,378 3,446
Additional Potable water Mln mc/year - - - 90 90
Tariff uro - - - 338 345
Additional Potable water revenues keuro - - - 30,406 31,015
Non potable Water already supplied Mln mc/year - - - 209 209
Tariff uro - - - - -
Non potable Water already supplied revenues keuro - - - - -
Potable Water already supplied Mln mc/year - - - 123 123
Tariff uro - - - 225 230
Potable Water already supplied revenues keuro - - - 27,704 28,258
TOTAL WATER REVENUES keuro - - - 61,488 62,718
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WATER REVENUES
Year
Progr.
Annual Inflation rate
Water supplied
Total Non potable water Mln mc/year
Total Potable water Mln mc/year
Total Mln mc/year
Additional Non potable water Mln mc/year
Tariff uro
Additional Non potable water revenues keuro
Additional Potable water Mln mc/year
Tariff uro
Additional Potable water revenues keuro
Non potable Water already supplied Mln mc/year
Tariff uro
Non potable Water already supplied revenues keuro
Potable Water already supplied Mln mc/year
Tariff uro
Potable Water already supplied revenues keuro
TOTAL WATER REVENUES keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-J
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-D
2026 2027 2028 2029 2030
17 18 19 20 21
2.0% 2.0% 2.0% 2.0% 2.0%
249 249 249 249 249
293 293 293 293 293
542 542 542 542 542
40 40 40 40 40
158 161 164 167 171
6,308 6,434 6,562 6,694 6,828 6
170 170 170 170 170
473 483 492 502 512
80,422 82,030 83,671 85,344 87,051 88
209 209 209 209 209
- - - - -
- - - - -
123 123 123 123 123
315 322 328 335 341
38,792 39,568 40,359 41,166 41,989 42
125,521 128,032 130,592 133,204 135,868 138
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LIFE CYCLE COSTS
9 10 11 12 13
2,014 2,015 2,016 2,017 2,018
1st Section
xxxx yyyy 895,536 895,536
Doubling YYYY 805,983 805,983
Potable water System 1,074,644 1,074,6442nd Section
Doubling XXX 559,030
Potable Water System XXX 894,447
Total 2,776,163 - 1,453,477 - 2,776,163
cost increase for wear and tear 1,2% 1.012 1.02 1.04 1.05 1.06
Sum 2,809,477 - 1,506,433 - 2,946,779
- - - - -
Increase for revaluing by mc 2% 1.06 1.08 1.10 1.13 1.15
Life Cycle Cost 2,981,439 - 1,663,223 - 3,384,922
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14 15 16 17 18 19 20 21 22 23 24
2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028 2,029
895,536 895,536
805,983 805,983
1,074,644 1,074,644
559,030 559,030 559,030
894,447 894,447 894,447
- 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 -
1.07 1.09 1.10 1.11 1.13 1.14 1.15 1.17 1.18 1.20 1.21
- 1,580,053 - 3,090,791 - 1,657,272 - 3,241,840 - 1,738,264 -
- - - - - - - - - - -
1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43
- 1,888,310 - 3,843,010 - 2,143,858 - 4,363,090 - 2,433,990 -
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25 26 27 28 29 30 31 32 33 34 35
2,030 2,031 2,032 2,033 2,034 2,035 2,036 2,037 2,038 2,039 2,040
895,536 895,536 895,536
805,983 805,983 805,983
1,074,644 1,074,644 1,074,644
559,030 559,030 559,030
894,447 894,447 894,447
2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477
1.22 1.24 1.25 1.27 1.28 1.30 1.32 1.33 1.35 1.36 1.38
3,400,272 - 1,823,215 - 3,566,447 - 1,912,317 - 3,740,742 - 2,005,774
- - - - - - - - - - -
1.46 1.49 1.52 1.55 1.58 1.61 1.64 1.67 1.71 1.74 1.78
4,953,554 - 2,763,386 - 5,623,927 - 3,137,359 - 6,385,022 - 3,561,943
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36 37
2,041 2,042 Personale importo an Total
2 Stralcio 21 60,480 1,270,080
Total 21 60,480 1,270,080
1 Stralcio 61 60,480 3,689,280
1.40 1.41
- -
1.81 1.85
Total
- - 49,127,035
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VAT SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11
Year 2006 2007 2008 2009 2010 2011
Progr. 1 2 3 4 5 6
VAT Deficit
CAPEX 1 keuro 5,071 20,689 26,378 - - -
CAPEX 2 keuro - - - 5,255 5,360 5,468
Doubling YYYY keuro 2,617 10,678 18,970 5,462 5,571 1,894
Potable water System YYY keuro 2,788 11,375 29,708 15,508 15,819 5,378
Expropriation keuro 918 2,146 1,712 1,259 963 -
VAT CAPEX keuro 11,393 44,888 76,767 27,485 27,714 12,740
Desi n and other costs keuro 4,337 4,537 6,358 3,678 2,627 1,622
GRANT VAT keuro (4,326) (13,592) (22,859) (8,570) (8,344) (3,950)
O eratin VAT
Grant Rate keuro 2,478 3,043 4,856
Concession fee Rate keuro 2,000 2,040 2,081Water revenues Rate keuro (6,149) (6,272) (9,326)
Ener revenues Rate keuro (2,527) (3,207) (3,255)
O eratin VAT osition keuro (4,198) (4,396) (5,644)
VAT Receivables/(Payable) - 11,405 35,833 60,265 18,395 17,601 4,769
VAT Reimbursement/(Cost)
Average payment by VAT Authority Year 2
VAT Reimbursement/(Cost) keuro 0 0 11,405 35,833 60,265 18,395
VAT FACILITY
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11
Year 2006 2007 2008 2009 2010 2011
Progr. 1 2 3 4 5 6
Initial Outstanding keuro 0 11,405 47,238 96,099 78,661 35,997
VAT Facility drawdown keuro 11,405 35,833 60,265 18,395 17,601 4,769
VAT Facility Repayment keuro 0 0 (11,405) (35,833) (60,265) (18,395)
Final Outstanding keuro 11,405 47,238 96,099 78,661 35,997 22,370
Average Outstanding keuro 5,702 29,321 71,669 87,380 57,329 29,183
Undrawn Capital keuro 90,397 66,777 24,430 8,719 38,770 0
Interest keuro 228 1,173 2,867 3,495 2,293 1,167
Withholding Tax keuro 29 90 151 46 44 0
Interest keuro 257 1,262 3,017 3,541 2,337 1,167
Capitalised 257 1,262 3,017 0 0 0
to P&L 0 0 0 3,541 2,337 1,167
Financial fee
Commitment fee keuro 452 334 122 44 194 0
Arranging fee keuro 961 0 0 0 0 0
keuro
Total Financial Fee keuro 1,413 334 122 44 194 0
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VAT SHEET
Year
Progr.
VAT Deficit
CAPEX 1
CAPEX 2
Doubling YYYY
Potable water System YYY
Expropriation
VAT CAPEX
Design and other costs
GRANT VAT
Operating VAT
Grant Rate
Concession fee RateWater revenues Rate
Energy revenues Rate
O eratin VAT osition
VAT Receivables/(Payable)
VAT Reimbursement/(Cost)
Average payment by VAT Authority
VAT Reimbursement/(Cost)
VAT FACILITY
Year
Progr.
Initial Outstanding
VAT Facility drawdown
VAT Facility Repayment
Final Outstanding
Average Outstanding
Undrawn Capital
Interest
Withholding Tax
Interest
Capitalised
to P&L
Financial fee
Commitment fee
Arranging fee
Total Financial Fee
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33
2026 2027 2028 2029 2030 2031 2032 2033
21 22 23 24 25 26 27 28
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
6,536 6,667 6,800 6,936 7,075 7,216 7,361 7,508
2,800 2,856 2,914 2,972 3,031 3,092 3,154 3,217(12,552) (12,803) (13,059) (13,320) (13,587) (13,859) (14,136) (14,418)
(1,828) (1,855) (1,883) (1,911) (1,940) (1,969) (1,998) (2,028)
(5,043) (5,135) (5,228) (5,324) (5,420) (5,519) (5,620) (5,722)
(5,043 ) (5,135 ) (5,228 ) (5,324 ) (5,420 ) (5,519 ) (5,620 ) (5,722 )
(4,865 ) (4,953 ) (5,043 ) (5,135 ) (5,228 ) (5,324 ) (5,420 ) (5,519 )
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33
2026 2027 2028 2029 2030 2031 2032 2033
21 22 23 24 25 26 27 28
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
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DEPRECIATION SHEET
Total Annual Depr. Starting date Depr. Maturity
1st Section 1-Jan-09 32.0
CAPEX 1 keuro 260,687 8,146
Doubling YYYY keuro 134,551 4,205
Potable water System YYY keuro 143,332 4,479
Design and other costs keuro 64,445 2,014
Expropriation keuro 11,653 364
TOTAL CAPEX 1st Section keuro 614,669 19,208
2nd Section 1-Jan-11 30.0CAPEX 2 keuro 80,417 2,681
Doubling XXX keuro 91,414 3,047
Potable Water System XXX keuro 259,548 8,652
Design and other costs keuro 51,352 1,712
Expropriation keuro 23,337 778
TOTAL CAPEX 2nd Section keuro 506,068 16,869
Total Capex keuro 1,120,737 36,077
Life Cycle Cost
Year Total Starting date Depr. Maturity
2014 keuro 2,981 115 1-Jan-15 26.0
2016 keuro 1,663 69 1-Jan-17 24.0
2014 keuro 3,385 130 1-Jan-15 26.0
2020 keuro 1,888 94 1-Jan-21 20.0
2022 keuro 3,843 214 1-Jan-23 18.0
2024 keuro 2,144 134 1-Jan-25 16.0
2026 keuro 4,363 312 1-Jan-27 14.0
2028 keuro 2,434 203 1-Jan-29 12.0
2030 keuro 4,954 495 1-Jan-31 10.0
2032 keuro 2,763 345 1-Jan-33 8.0
2034 keuro 5,624 937 1-Jan-35 6.0
2036 keuro 3,137 784 1-Jan-37 4.0
2038 keuro 6,385 3,193 1-Jan-39 2.0
2040 keuro 3,562 3,562 1-Jan-40 1.0
keuro
Total 49,127
LIFE CYCLE COSTS keuro 1,169,864
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Year 2006 2007 2008 2009 2010
Progr. 1 2 3 4 5
1st Section
CAPEX 1 keuro - - - 8,146 8,146
Doubling YYYY keuro - - - 4,205 4,205
Potable water System YYY keuro - - - 4,479 4,479
Design and other costs keuro - - - 2,014 2,014Expropriation keuro - - - 364 364
TOTAL CAPEX 1st Section keuro - - - 19,208 19,208
2nd Section
CAPEX 2 keuro - - - - -
Doubling XXX keuro - - - - -
Potable Water System XXX keuro - - - - -
Desi n and other costs keuro - - - - -
Expropriation keuro - - - - -
TOTAL CAPEX 2nd Section keuro - - - - -
Total Capex keuro - - - 19,208 19,208
Life Cycle Cost
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Grants deferred Liabilities
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec
Year 2006 2007 2008 2009 20
Progr. 1 2 3 4
1st Section keuro - - - 338,068
2nd Section keuro - - - -
Grants deferred Liabilities 1 Section keuro - - - 10,565 10,5
Grants deferred Liabilities 2 Section keuro - - - -
Total Grants deferred Liabilities keuro - - - 10,565 10,5
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1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38
31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
24 25 26 27 28 29 30 31 32 33
8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146
4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205
4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479
2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014364 364 364 364 364 364 364 364 364 364
19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208
2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681
3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047
8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652
1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712
778 778 778 778 778 778 778 778 778 778
16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869
36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077
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1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38
31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38
2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
24 25 26 27 28 29 30 31 32 33
- - - - - - - - - -
- - - - - - - - - -
10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565
9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278
19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843
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PUBBLIC GRANT SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
Year 2006 2007 2008 2009 2010 2011 2012 2013
Progr. 1 2 3 4 5 6 7 8
Public Installments keuro 616,405
1st Section keuro 72,376 240,028 296,938 5,327 - - - -
TOTAL CAPEX 1st Section % 55% 55% 55% 55% 55% 55% 55% 55%
GRANT 1 section keuro 39,807 132,016 163,316 2,930 - - - -
2nd Section keuro 6,277 7,099 118,686 150,490 151,703 71,813 - -
TOTAL CAPEX 2nd Section % 55% 55% 55% 55% 55% 55% 55% 55%
GRANT 2 section keuro 3,452 3,905 65,277 82,769 83,437 39,497 - -
Total Grants keuro 43,259 135,920 228,593 85,699 83,437 39,497 - -
7.0% 22.1% 37.1% 13.9% 13.5% 6.4% 0.0% 0.0%
148824039.xls.ms_office
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OPEX SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12
Year 2006 2007 2008 2009 2010 2011 2012
Progr. 1 2 3 4 5 6 7
Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Water opex
Personnel keuro - - - 3,209 6,547 8,681 8,854
Maintenance Costs
Water System Opex keuro - - - 5,731 5,845 11,262 11,487
Maintenance keuro - - - 1,429 2,915 5,355 5,462Other Services keuro - - - 822 1,677 2,281 2,327
Total Maintenance Costs keuro - - - 7,981 10,437 18,897 19,275
General Expenses keuro - - - 560 849 1,379 1,406
Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653
Water Autority Fee - - - 5,000 5,100 5,202 5,306
Total Water Opex keuro - - - 19,250 25,482 36,760 37,495
Energy Opex
Power plant opex keuro - - - 1,350 1,377 1,405 1,433
Energy Autority Fee keuro - - - 5,000 5,100 5,202 5,306
Total Energy Opex keuro - - - 6,350 6,477 6,607 6,739
Total Opex keuro - - - 25,600 31,959 43,366 44,234
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OPEX SHEET
Year
Progr.
Annual Inflation rate
Water opex
Personnel keuro
Maintenance Costs
Water System Opex keuro
Maintenance keuroOther Services keuro
Total Maintenance Costs keuro
General Expenses keuro
Existing Water System Opex keuro
Water Autority Fee
Total Water Opex keuro
Energy Opex
Power plant opex keuro
Energy Autority Fee keuro
Total Energy Opex keuro
Total Opex keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec
2026 2027 2028 2029 2030 2031 2032 2
21 22 23 24 25 26 27
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2
11,683 11,917 12,155 12,398 12,646 12,899 13,157 13,4
15,157 15,460 15,769 16,084 16,406 16,734 17,069 17,4
7,206 7,351 7,498 7,648 7,801 7,957 8,116 8,23,070 3,131 3,194 3,258 3,323 3,389 3,457 3,5
25,433 25,942 26,461 26,990 27,530 28,080 28,642 29,2
1,856 1,893 1,931 1,969 2,009 2,049 2,090 2,
3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,0
7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,0
49,474 50,463 51,473 52,502 53,552 54,623 55,716 56,8
1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,
7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,0
8,892 9,069 9,251 9,436 9,624 9,817 10,013 10,2
58,365 59,533 60,723 61,938 63,177 64,440 65,729 67,0
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PROFIT & LOSS
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31
Year 2006 2007 2008 2009 2010 2011
Progr. 1 2 3 4 5 6
Annual Inflation Rate 0.0% 0.0% 0.0% 0.0% 2.0% 2.0%
Revenues
Additional Non potable water revenues keuro 0 0 0 3,378 3,446 4,687
Additional Potable water revenues keuro 0 0 0 58,110 59,272 88,577 9
Energy Revenues keuro 0 0 0 12,637 16,033 16,273 1
Total Reveunes keuro 0 0 0 74,125 78,751 109,537 11
Opex
Personnel keuro 0 0 0 (3,209) (6,547) (8,681) (
Maintenance Costs
Water System Opex keuro 0 0 0 (5,731) (5,845) (11,262) (1
Maintenance keuro 0 0 (1,429) (2,915) (5,355) (
Other Services keuro 0 0 0 (822) (1,677) (2,281) (
Total Maintenance Costs keuro 0 0 0 (7,981) (10,437) (18,897) (1
General Expenses keuro 0 0 0 (560) (849) (1,379) (
Existing Water System Opex keuro 0 0 0 (2,500) (2,550) (2,601) (
Power plant opex keuro 0 0 0 (1,350) (1,377) (1,405) (
Energy Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (
Water Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (
Total Opex keuro 0 0 0 (25,600) (31,959) (43,366) (4
EBITDA keuro 0 0 0 48,525 46,791 66,171 6
Depreciation keuro 0 0 0 (19,208) (19,208) (37,470) (3
EBIT keuro 0 0 0 29,317 27,583 28,701 2
Financial (Cost)/Revenues
VAT Facility keuro 0 0 0 (3,541) (2,337) (1,167)
Senior Facility keuro 0 0 0 (16,365) (18,257) (19,608) (1
Guarantee Fcility keuro 0 0 0 (5,089) (4,629) (4,767)
Interest Income keuro 0 0 0 0 0 0
Total Financial (Cost)/Revenues 0 0 0 (24,995) (25,223) (25,542) (2
Grants deferred Liabilities keuro 0 0 0 10,565 10,565 19,843 1
EBT keuro 0 0 0 14,886 12,925 23,001 2
IRAP keuro 0 0 0 (1,926) (1,710) (2,443) (
Corporation Tax (IRES) keuro 0 (0) (0) (4,912) (4,265) (7,590) (
EARNING keuro 0 0 0 8,048 6,949 12,967 1
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PROFIT & LOSS
Starting
Ending
Year
Progr.
Annual Inflation Rate
Revenues
Additional Non potable water revenues keuro
Additional Potable water revenues keuro
Energy Revenues keuro
Total Reveunes keuro
Opex
Personnel keuro
Maintenance Costs
Water System Opex keuro
Maintenance keuro
Other Services keuro
Total Maintenance Costs keuro
General Expenses keuro
Existing Water System Opex keuro
Power plant opex keuro
Energy Autority Fee keuro
Water Autority Fee keuro
Total Opex keuro
EBITDA keuro
Depreciation keuro
EBIT keuro
Financial (Cost)/Revenues
VAT Facility keuro
Senior Facility keuro
Guarantee Fcility keuro
Interest Income keuro
Total Financial (Cost)/Revenues
Grants deferred Liabilities keuro
EBT keuro
IRAP keuro
Corporation Tax (IRES) keuro
EARNING keuro
1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31
31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31
2025 2026 2027 2028 2029 2030 2031
20 21 22 23 24 25 26
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
6,184 6,308 6,434 6,562 6,694 6,828 6,964
116,876 119,214 121,598 124,030 126,510 129,041 131,621
9,003 9,138 9,275 9,414 9,555 9,699 9,844
132,063 134,659 137,307 140,006 142,759 145,567 148,430
(11,454) (11,683) (11,917) (12,155) (12,398) (12,646) (12,899)
(14,859) (15,157) (15,460) (15,769) (16,084) (16,406) (16,734)
(7,065) (7,206) (7,351) (7,498) (7,648) (7,801) (7,957)
(3,010) (3,070) (3,131) (3,194) (3,258) (3,323) (3,389)
(24,934) (25,433) (25,942) (26,461) (26,990) (27,530) (28,080)
(1,819) (1,856) (1,893) (1,931) (1,969) (2,009) (2,049)
(3,432) (3,501) (3,571) (3,642) (3,715) (3,789) (3,865)
(1,853) (1,890) (1,928) (1,967) (2,006) (2,046) (2,087)
(6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730)
(6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730)
(57,221) (58,365) (59,533) (60,723) (61,938) (63,177) (64,440)
74,842 76,294 77,774 79,283 80,822 82,390 83,990
(38,226) (38,226) (38,538) (38,538) (38,740) (38,740) (39,236)
36,616 38,068 39,236 40,745 42,081 43,650 44,754
0 0 0 0 0 0 0
(2,762) (911) (0) (0) (0) (0) (0)
0 0 0 0 0 0 0
185 170 0 0 0 0 0
(2,577) (741) (0) (0) (0) (0) (0)
19,843 19,843 19,843 19,843 19,843 19,843 19,843
53,882 57,170 59,079 60,588 61,924 63,492 64,596
(2,694) (2,746) (2,799) (2,853) (2,908) (2,964) (3,021)
(17,781) (18,866) (19,496) (19,994) (20,435) (20,952) (21,317)
33,407 35,558 36,784 37,741 38,581 39,576 40,258
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IRPEG - 0- 0- 4,912- 4,265- 7,590-
PBT - 0 0 14,886 12,925 23,001
0 - 0 0 14,886 12,925 23,001
Losses carried forward - - - - - -
Prior losses - - - - -
Taxable income - 0 0 14,886 12,925 23,001
Utilized losses - - - - - -
2006 2007 2008 2009 2010 2011
1 - - - - - -
2 - - - - -
3 - - - -
4 - - -
5 - -
6 -
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
2223
24
25
26
27
28
29
30
31
32
33
34
3536
37
38
39
40
41
42
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43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
Perdite precedenti - - - - -
Perdite tot. Da riportare - - - - - -
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9,613- 10,591- 11,479- 12,244- 13,114- 10,674- 11,429- 12,249- 13,106-
29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715
29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715
- - - - - - - - -
- - - - - - - - -
29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715
- - - - - - - - -
2012 2013 2014 2015 2016 2017 2018 2019 2020
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - -
- - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
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- - - - - - - - -
- - - - - - - - -
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13,970- 14,888- 15,777- 16,772- 17,781- 18,866- 19,496- 19,994- 20,435-
42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924
42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924
- - - - - - - - -
- - - - - - - - -
42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924
- - - - - - - - -
2021 2022 2023 2024 2025 2026 2027 2028 2029
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
- -
- - -
- - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - -
- - -- -
-
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- - - - - - - - -
- - - - - - - - -
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20,952- 21,317- 21,881- 22,373- 22,999- 23,308- 23,959- 24,353- 25,030-
63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848
63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848
- - - - - - - - -
- - - - - - - - -
63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848
- - - - - - - - -
2030 2031 2032 2033 2034 2035 2036 2037 2038
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
- -
- - -- - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
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- - - - - - - - -
- - - - - - - - -
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24,645- 24,178- 533- - - - - - -
74,681 73,266 1,614
74,681 73,266 1,614 - - - - - -
- - - - - - - - -
- - - - - - - - -
74,681 73,266 1,614 - - - - - -
- - - - - - - - -
2039 2040 2041 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
- -
- - -
- - - -
- - - - -
- - - - - -
- - - - - -- - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
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- - - - - - - - -
- - - - - - - - -
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- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
0 0 0 0 0 0 0 0 0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
- -
- - -
- - - -
- - - - -
-
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - -
- - - -
- - -
- -
-
- - - - - - - - -
- - - - - - - - -
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- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0 0 0 0 0 0
- - - - - -
- - - - - -
- - - - - -
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-
- -
- - -
- - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
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- - - - -
- - - -
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-
- -
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TAX STATEMENT
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12
Year 2006 2007 2008 2009 2010 2011 2012
Progr. 1 2 3 4 5 6 7
Corporation Tax (IRES) keuro - 0 0 4,912 4,265 7,590 9,613
EBT keuro - 0 0 14,886 12,925 23,001 29,130
IRAP Base - - - 45,316 40,245 57,490 58,559
4.25%
IRAP - - - 1,926 1,710 2,443 2,489
Total Tax - 0 0 6,838 5,976 10,034 12,102
Total Tax paid - - 0 0 6,838 5,976 10,034
Tax Fund
Starting Period keuro 0 0 0 0 6,838 5,976 10,034
Accrual keuro 0 0 0 6,838 5,976 10,034 12,102
Release keuro 0 0 (0) (0) (6,838) (5,976) (10,034)
Ending Period keuro 0 0 0 6,838 5,976 10,034 12,102
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TAX STATEMENT
Starting
Ending
Year
Progr.
Corporation Tax (IRES) keuro
EBT keuro
IRAP Base
4.25%
IRAP
Total Tax
Total Tax paid
Tax Fund
Starting Period keuro
Accrual keuro
Release keuro
Ending Period keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-3
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-3
2026 2027 2028 2029 2030 2031 2032 20
21 22 23 24 25 26 27
18,866 19,496 19,994 20,435 20,952 21,317 21,881 22,37
57,170 59,079 60,588 61,924 63,492 64,596 66,306 67,79
64,611 65,857 67,128 68,423 69,744 71,091 72,463 73,86
2,746 2,799 2,853 2,908 2,964 3,021 3,080 3,13
21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51
20,475 21,612 22,295 22,847 23,343 23,917 24,338 24,96
20,475 21,612 22,295 22,847 23,343 23,917 24,338 24,96
21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51
(20,475) (21,612) (22,295) (22,847) (23,343) (23,917) (24,338) (24,96
21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51
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WORKING CAPITAL SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12
Year 2006 2007 2008 2009 2010 2011 2012
Progr. 1 2 3 4 5 6 7
Commercial Receivables
Additional Non potable water revenues keuro - - - - - - -
Non potable water receivables keuro - - - - - - -
Additional Potable water revenues keuro - - - 58,110 59,272 88,577 90,349
Potable water receivables keuro - - - 9,579 9,770 14,601 14,852
Energy Revenues keuro - - - 12,637 16,033 16,273 16,517
Energy Receivables keuro - - - 2,083 2,643 2,682 2,715
Total Commercial Receivables keuro - - - 11,662 12,413 17,283 17,567
Commercial Payable
Maintenance Costs keuro - - - 7,981 10,437 18,897 19,275
Maintenance Costs Payable keuro - - - 1,316 1,720 3,115 3,169
General Expenses keuro - - - 560 849 1,379 1,406
General Expenses Payable keuro - - - 92 140 227 231
Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653
Existing Water System Opex Payable keuro - - - 412 420 429 436
Power plant opex keuro - - - 1,350 1,377 1,405 1,433
Power plant opex Payable keuro - - - 223 227 232 236
Total Commercial Payable keuro - - - 12,042 12,708 14,406 14,683
Working Capital keuro - - - 381- 295- 2,877 2,884
Net Variation in WC keuro - - - 381- 86 3,171 7
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WORKING CAPITAL SHEET
Year
Progr.
Commercial Receivables
Additional Non potable water revenues keuro
Non potable water receivables keuro
Additional Potable water revenues keuro
Potable water receivables keuro
Energy Revenues keuro
Energy Receivables keuro
Total Commercial Receivables keuro
Commercial Payable
Maintenance Costs keuro
Maintenance Costs Payable keuro
General Expenses keuro
General Expenses Payable keuro
Existing Water System Opex keuro
Existing Water System Opex Payable keuro
Power plant opex keuro
Power plant opex Payable keuro
Total Commercial Payable keuro
Working Capital keuro
Net Variation in WC keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-
2026 2027 2028 2029 2030 2031 2032 20
21 22 23 24 25 26 27
- - - - - - -
- - - - - - -
119,214 121,598 124,030 126,510 129,041 131,621 134,254 136,9
19,651 20,044 20,388 20,853 21,270 21,696 22,069 22,5
9,138 9,275 9,414 9,555 9,699 9,844 9,992 10,1
1,506 1,529 1,548 1,575 1,599 1,623 1,642 1,6
21,157 21,572 21,936 22,428 22,869 23,319 23,712 24,2
25,433 25,942 26,461 26,990 27,530 28,080 28,642 29,2
4,192 4,276 4,350 4,449 4,538 4,629 4,708 4,8
1,856 1,893 1,931 1,969 2,009 2,049 2,090 2,1
306 312 317 325 331 338 344 3
3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,0
577 589 599 612 625 637 648 6
1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,1
312 318 323 331 337 344 350 3
19,389 19,777 20,157 20,576 20,987 21,407 21,819 22,2
1,768 1,795 1,779 1,852 1,882 1,911 1,893 1,9
27 28 17- 74 29 30 18-
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CASH FLOW STATEMENT
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Year 2006 2007 2008 2009 2010
Progr. 1 2 3 4 5
Total Reveunes keuro 0 0 0 74,125 78,751
Total Opex keuro 0 0 0 (25,600) (31,959)
EBITDA keuro 0 0 0 48,525 46,791
Total Tax paid keuro 0 0 (0) (0) (6,838)
OPERATING CASH FLOW (Gross) keuro 0 0 (0) 48,525 39,953
Total Capex keuro (78,653) (247,127) (415,624) (155,817) (151,703)
Net Variation in WC keuro 0 0 0 381 (86)
DSRA Constitution keuro 0 0 0 0 0
OPERATING CASH FLOW (Net) keuro (78,653) (247,127) (415,624) (106,910) (111,836)
EQUITY and GRANT
Equity keuro 10,676 30,748 52,471 15,873 16,489
Pro-quota 12% 12% 12% 12% 12%
Public Grants keuro 43,259 135,920 228,593 85,699 83,437
Quota SAL -55% -55% -55% -80% -75%
TOTAL EQUITY and GRANT 53,935 166,668 281,064 101,572 99,926
FINANCIAL CASH FLOW (gross) (24,718) (80,460) (134,559) (5,338) (11,910)
Interest and Financial Costs
Senior Facility Interest and Financial fee keuro (6,389) (6,023) (12,334) (16,693) (18,414)
VAT Facility Interest and Financial fee keuro (1,670) (1,596) (3,140) (3,585) (2,531)
Oneri finanziari linee per firma keuro (2,255) (1,483) (6,164) (5,089) (4,629)
Total Interest and Financial Costs keuro (10,314) (9,102) (21,637) (25,367) (25,574)
SENIOR FACILITY
Drawdown keuro 35,032 89,562 156,197 30,705 37,484
Repayment keuro 0 0 0 0 0
Cash Flow available for DSRA keuro 0 0 0 0 0
DSRA
Target level keuro 0 0 0 0 0
DSRA starting period keuro 0 0 0 0 0
Cash to DSRA keuro 0 0 0 0 0
Interest Income keuro 0 0 0 0 0
Cash to release keuro (0) (0) (0) (0) (0)
DSRA ending period keuro 0 0 0 0 0
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CASH FLOW STATEMENT
Year
Progr.
Total Reveunes keuro
Total Opex keuro
EBITDA keuro
Total Tax paid keuro
OPERATING CASH FLOW (Gross) keuro
Total Capex keuro
Net Variation in WC keuro
DSRA Constitution keuro
OPERATING CASH FLOW (Net) keuro
EQUITY and GRANT
Equity keuro
Pro-quota
Public Grants keuro
Quota SAL
TOTAL EQUITY and GRANT
FINANCIAL CASH FLOW (gross)
Interest and Financial Costs
Senior Facility Interest and Financial fee keuro
VAT Facility Interest and Financial fee keuro
Oneri finanziari linee per firma keuro
Total Interest and Financial Costs keuro
SENIOR FACILITY
Drawdown keuro
Repayment keuro
Cash Flow available for DSRA keuro
DSRA
Target level keuro
DSRA starting period keuro
Cash to DSRA keuro
Interest Income keuro
Cash to release keuro
DSRA ending period keuro
1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-3
31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-3
2027 2028 2029 2030 2031 20
22 23 24 25 26
137,307 140,006 142,759 145,567 148,430 151,34
(59,533) (60,723) (61,938) (63,177) (64,440) (65,72
77,774 79,283 80,822 82,390 83,990 85,62
(21,612) (22,295) (22,847) (23,343) (23,917) (24,33
56,162 56,988 57,975 59,047 60,073 61,28
0 (2,434) 0 (4,954) 0 (2,76
(28) 17 (74) (29) (30) 1
0 0 0 0 0
56,134 54,571 57,901 54,065 60,043 58,53
0 0 0 0 0
0% 0% 0% 0% 0% 0
0 0 0 0 0
0 0 0 0 0
56,134 54,571 57,901 54,065 60,043 58,53
(0) (0) (0) (0) (0) (
0 0 0 0 0
0 0 0 0 0
(0) (0) (0) (0) (0) (
0 0 0 0 0
0 0 0 0 0
56,134 54,571 57,901 54,065 60,043 58,53
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
(0) (0) (0) (0) (0) (
0 0 0 0 0
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Guarantees
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec
2006 2007 2008 2009 2010 2011 2
Public Grant keuro 43,259 135,920 228,593 85,699 83,437 39,497
1st Section 39,807 132,016 163,316 2,930 0 0
2nd Section 3,452 3,905 65,277 82,769 83,437 39,497
Public Grant accrued keuro 43,259 179,179 407,772 493,471 576,908 616,405 616,4
VAT Reimbursement/(Cost) keuro 0 0 11,405 35,833 60,265 18,395 17,6
VAT Reibursement/(Cost) accrued keuro 0 0 11,405 47,238 107,504 125,899 143,5
Public Grant Guarantee FacilityStaritng Period keuro 0 43,259 179,179 407,772 155,404 238,840
Accrual keuro 43,259 135,920 228,593 85,699 83,437 39,497
FALSE Release keuro 0 0 0 (338,068) 0 0
Ending Period keuro 43,259 179,179 407,772 155,404 238,840 278,338
Average outstanding keuro 21,630 111,219 293,476 281,588 197,122 258,589
Margin keuro (324) (4,402) (4,224) (2,957) (3,879)
Commitment fee keuro (1,931) (1,483) (571) (631) (1,053) 0
Up front fee keuro 0 0 0 0 0 0
Interest and Financial Costs keuro (2,255) (1,483) (4,974) (4,855) (4,010) (3,879)
VAT Guarantee FacilityStaritng Period keuro 0 0 0 11,405 47,238 107,504 114,4
Accrual keuro 0 0 11,405 35,833 60,265 18,395 17,6
Release keuro 0 0 0 0 0 (11,405) (35,8
Ending Period keuro 0 0 11,405 47,238 107,504 114,494 96,2
Average outstanding keuro 0 0 5,702 29,321 77,371 110,999 105,3
Margin 0 0 (46) (235) (619) (888) (8
Up front fee 0 0 (1,145) 0 0 0
Interest and Financial Costs keuro 0 0 (1,191) (235) (619) (888) (8
Guarantee Interest and Financial Costs keuro (2,255) (1,483) (6,164) (5,089) (4,629) (4,767) (8
Capitalised (2,255) (1,483) (6,164) 0 0 0
To P&L 0 0 0 (5,089) (4,629) (4,767) (8
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Guarantees
Public Grant keuro
1st Section
2nd Section
Public Grant accrued keuro
VAT Reimbursement/(Cost) keuro
VAT Reibursement/(Cost) accrued keuro
Public Grant Guarantee FacilityStaritng Period keuro
Accrual keuro
Release keuro
Ending Period keuro
Average outstanding keuro
Margin keuro
Commitment fee keuro
Up front fee keuro
Interest and Financial Costs keuro
VAT Guarantee FacilityStaritng Period keuro
Accrual keuro
Release keuro
Ending Period keuro
Average outstanding keuro
Margin
Up front fee
Interest and Financial Costs keuro
Guarantee Interest and Financial Costs keuro
Capitalised
To P&L
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31
2026 2027 2028 2029 2030 2031 2032
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
616,405 616,405 616,405 616,405 616,405 616,405 616,405
0 0 0 0 0 0 0
148,269 148,269 148,269 148,269 148,269 148,269 148,269
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(0) (0) (0) (0) (0) (0) (0)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
(0) (0) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0) (0)
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
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SENIOR FACILITY SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec
Year 2006 2007 2008 2009 2
Progr. 1 2 3 4
SURPLUS/(DEFICIT) TO FINANCE keuro (35,032) (89,562) (156,197) (30,705) (37,4
Amount keuro 361,729
Initial Outstanding keuro 0 35,032 124,594 280,791 311,4
Senior Facility Drawdown keuro 35,032 89,562 156,197 30,705 37,410% 25% 43% 8%
Senior Facility Repayment keuro 0 0 0 0
Final Outstanding keuro 35,032 124,594 280,791 311,495 348,9
Financial Fees keuro 3,617
Interests keuro 2,772 6,023 12,334 16,693 18,4
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SENIOR FACILITY SHEET
Year
Progr.
SURPLUS/(DEFICIT) TO FINANCE keuro
Amount keuro
Initial Outstanding keuro
Senior Facility Drawdown keuro
Senior Facility Repayment keuro
Final Outstanding keuro
Financial Fees keuro
Interests keuro
1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-3
31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-3
2026 2027 2028 2029 2030 203
21 22 23 24 25 2
50,518 56,134 54,571 57,901 54,065 60,04
33,114 0 0 0 0
0 0 0 0 0
(33,114) 0 0 0 0
0 0 0 0 0
911 0 0 0 0
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EQUITY SHEET
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-
Year 2006 2007 2008 2009 2010 2011
Progr. 1 2 3 4 5 6
Installments Drawdown keuro 133,382
1st Section keuro 72,376 240,028 296,938 5,327 - -
% keuro 14% 12% 13% 10% 0% 0%
Equity injection keuro 9,824 29,864 37,488 543 - -
2nd Section keuro 6,277 7,099 118,686 150,490 151,703 71,813
% keuro 14% 12% 13% 10% 11% 10%
Equity injection keuro 852 883 14,984 15,331 16,489 7,125
TOTAL EQUITY INJECTION keuro 10,676 30,748 52,471 15,873 16,489 7,125
8.0% 23.1% 39.3% 11.9% 12.4% 5.3%
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1
Ending 31-Dec-06 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-
Year 2006 2007 2008 2009 2010 2011
Progr. 1 2 3 4 5 6
EARNING keuro 0 0 0 8,048 6,949 12,967 1
Initial Legal Reserve keuro 0 0 0 0 402 750
Legal Reserve Accrual keuro 0 0 0 402 347 648
Final Legal Reserve keuro 0 0 0 402 750 1,398
EARNING keuro 0 0 0 7,645 6,602 12,319 1
Earning to distribute keuro 0 0 0 7,645 6,602 12,319 1
Cash available for dividend keuro 0 0 0 0 0 0 2
Dividend Reserve
Starting Period keuro 0 0 0 0 7,645 14,247 2
Contribution keuro 0 0 0 7,645 6,602 12,319 1
Release keuro 0 0 0 0 0 0 2
Ending Period keuro 0 0 0 7,645 14,247 26,566 2
Dividend keuro 0 0 0 0 0 0 2
Free Cash Flow keuro 0 0 0 0 0 0
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EQUITY SHEET
Starting
Ending
Year
Progr.
Installments Drawdown keuro
1st Section keuro
% keuro
Equity injection keuro
2nd Section keuro
% keuro
Equity injection keuro
TOTAL EQUITY INJECTION keuro
Starting
Ending
Year
Progr.
EARNING keuro
Initial Legal Reserve keuro
Legal Reserve Accrual keuro
Final Legal Reserve keuro
EARNING keuro
Earning to distribute keuro
Cash available for dividend keuro
Dividend Reserve
Starting Period keuro
Contribution keuro
Release keuro
Ending Period keuro
Dividend keuro
Free Cash Flow keuro
1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31
31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31
2025 2026 2027 2028 2029 2030 2031
20 21 22 23 24 25 26
- - - - - - -
0% 0% 0% 0% 0% 0% 0%
- - - - - - -
- - - - - - -
0% 0% 0% 0% 0% 0% 0%
- - - - - - -
- - - - - - -
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31
31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31
2025 2026 2027 2028 2029 2030 2031
20 21 22 23 24 25 26
33,407 35,558 36,784 37,741 38,581 39,576 40,258
16,604 18,275 20,053 21,892 23,779 25,708 26,676
1,670 1,778 1,839 1,887 1,929 968 (0)
18,275 20,053 21,892 23,779 25,708 26,676 26,676
31,736 33,780 34,945 35,854 36,652 38,607 40,258
31,736 33,780 34,945 35,854 36,652 38,607 40,258
20,051 34,586 56,134 54,571 57,901 54,065 60,043
77,573 89,258 88,452 67,263 48,546 27,297 11,839
31,736 33,780 34,945 35,854 36,652 38,607 40,258
20,051 34,586 56,134 54,571 57,901 54,065 52,097
89,258 88,452 67,263 48,546 27,297 11,839 0
20,051 34,586 56,134 54,571 57,901 54,065 52,097
0 0 0 0 0 0 7,946
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BALANCE SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-
Year 2006 2007 2008 2009 2010
Progr. 1 2 3 4 5
ASSETS
Capex keuro 88,967 345,197 782,458 938,646 1,090,700 1,16
Depreciation Fund keuro 0 0 0 (19,208) (38,417) (7
Capex (net value) keuro 88,967 345,197 782,458 919,438 1,052,284 1,08
Working Capital keuro 0 0 0 (381) (295)
VAT Receivables keuro 11,405 47,238 96,099 78,661 35,997 2
DSRA keuro 0 0 0 0 0 1
Cash Flow keuro 0 0 0 0 0
TOTAL ASSETS keuro 100,372 392,435 878,557 997,717 1,087,985 1,13
LIABILITIES
FACILITIES
Senior Facility keuro 35,032 124,594 280,791 311,495 348,980 36
VAT Facility keuro 11,405 47,238 96,099 78,661 35,997 2
FACILITIES keuro 46,437 171,832 376,890 390,156 384,977 38
Tax Fund keuro 0 0 0 6,838 5,976 1
NET CAPITAL
Equity keuro 10,676 41,424 93,895 109,768 126,257 13
LEGAL RESERVE keuro 0 0 0 402 750
Earnings 0 (0) (0) 7,645 14,247 2
GRANT keuro 43,259 179,179 407,772 482,907 555,779 57
TOTAL LIABILITIES keuro 100,372 392,435 878,557 997,717 1,087,985 1,13
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BALANCE SHEET
Year
Progr.
ASSETS
Capex keuro
Depreciation Fund keuro
Capex (net value) keuro
Working Capital keuro
VAT Receivables keuro
DSRA keuro
Cash Flow keuro
TOTAL ASSETS keuro
LIABILITIES
FACILITIESSenior Facility keuro
VAT Facility keuro
FACILITIES keuro
Tax Fund keuro
NET CAPITAL
Equity keuro
LEGAL RESERVE keuro
Earnings
GRANT keuro
TOTAL LIABILITIES keuro
1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30
31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30
2025 2026 2027 2028 2029 2030
20 21 22 23 24 25
1,178,418 1,182,781 1,182,781 1,185,215 1,185,215 1,190,169
(605,029) (643,255) (681,793) (720,330) (759,071) (797,811)
573,389 539,527 500,989 464,885 426,145 392,358
1,740 1,768 1,795 1,779 1,852 1,882
0 0 0 0 0 0
17,012 0 0 0 0 0
0 0 0 0 0 0
592,142 541,294 502,784 466,664.2 427,997 394,240
33,114 0 0 0 0 0
0 0 0 0 0 0
33,114 0 0 0 0 0
20,475 21,612 22,295 22,847 23,343 23,917
133,382 133,382 133,382 133,382 133,382 133,382
18,275 20,053 21,892 23,779 25,708 26,676
89,258 88,452 67,263 48,546 27,297 11,839
297,638 277,796 257,953 238,110 218,268 198,425
592,142 541,294 502,784 466,664 427,997 394,240
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IRR SHEET
Starting 1-Jan-06 1-Jan-07 1-Jan-08 Ending 31-Dec-06 31-Dec-07 31-Dec-08
Year 2006 2007 2008
Progr. 1 2 3
Unlevered IRR
Total Capex keuro (78,653) (247,127) (415,624) (
Total Reveunes keuro 0 0 0
Total Opex keuro 0 0 0
Total Tax paid keuro 0 0 (0)
Net Variation in WC keuro 0 0 0
Public Grants keuro 43,259 135,920 228,593
VAT CAPEX keuro (11,405) (35,833) (60,265)VAT Reimbursement/(Cost) keuro 0 0 11,405
Project Cash Flow keuro (46,799) (147,041) (235,891)
Concession Maturity 30 29 28
Final Maturiry 31-Dec-40 31-Dec-39 31-Dec-38 3
Unlevered IRR 9.54% 9.63% 9.54%
Starting 1-Jan-06 1-Jan-07 1-Jan-08
Ending 31-Dec-06 31-Dec-07 31-Dec-08
Year 2006 2007 2008Progr. 1 2 3
EQUITY IRR
Equity 133,382 keuro 10,676 30,748 52,471
Cash to equity 1,147,546 keuro 0 0 0
Cash flow to Equity 1,014,164 (10,676) (30,748) (52,471)
GROSS IRR 12.63%
Equity 10,676 30,748 52,471Dividend 969,258 0 0 0
Free Cash Flow Durata gestione Scadenza 178,288 0 0 0
Interest Income 7,393 0 0 0
Cash at the End of Concession
30 31-Dec-40 0 0 0
29 31-Dec-39 0 0 0
28 31-Dec-38 0 0 0
27 31-Dec-37 0 0 0
26 31-Dec-36 0 0 0
25 31-Dec-35 0 0 0
24 31-Dec-34 0 0 0
23 31-Dec-33 0 0 0
22 31-Dec-32 0 0 0
21 31-Dec-31 0 0 0
20 31-Dec-30 0 0 0
Flag 1,154,939 0 0 0
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Dividend
Durata concessione Scadenza
30 31-Dec-40 0 0 0
29 31-Dec-39 0 0 0
28 31-Dec-38 0 0 0
27 31-Dec-37 0 0 0
26 31-Dec-36 0 0 0
25 31-Dec-35 0 0 0
24 31-Dec-34 0 0 0
23 31-Dec-33 0 0 0
22 31-Dec-32 0 0 0
21 31-Dec-31 0 0 0
20 31-Dec-30 0 0 0
Cash flow to Equity Concession Period Maturity Shareholder IRR
1 30 31-Dec-40 12.47% (10,676) (30,748) (52,471) (15,8
0 29 31-Dec-39 12.40% (10,676) (30,748) (52,471) (15,8
0 28 31-Dec-38 12.31% (10,676) (30,748) (52,471) (15,8
0 27 31-Dec-37 12.21% (10,676) (30,748) (52,471) (15,8
0 26 31-Dec-36 12.09% (10,676) (30,748) (52,471) (15,8
0 25 31-Dec-35 11.94% (10,676) (30,748) (52,471) (15,8
0 24 31-Dec-34 11.76% (10,676) (30,748) (52,471) (15,8
0 23 31-Dec-33 11.56% (10,676) (30,748) (52,471) (15,8
0 22 31-Dec-32 11.30% (10,676) (30,748) (52,471) (15,8
0 21 31-Dec-31 10.98% (10,676) (30,748) (52,471) (15,8
0 20 31-Dec-30 10.58% (10,676) (30,748) (52,471) (15,8
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1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
14 15 16 17 18 19 20 21 22 23 24 25
0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363) 0 (2,434) 0 (4,954)
117,507 119,816 122,171 124,572 127,020 129,517 132,063 134,659 137,307 140,006 142,759 145,567
(50,811) (51,827) (52,863) (53,921) (54,999) (56,099) (57,221) (58,365) (59,533) (60,723) (61,938) (63,177)
(13,786) (14,651) (15,555) (16,466) (17,432) (18,370) (19,415) (20,475) (21,612) (22,295) (22,847) (23,343)
(25) 14 (64) (26) (26) 15 (69) (27) (28) 17 (74) (29)
- - - - - - - - - - - -
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
52,886 51,464 53,689 50,316 54,563 52,919 55,359 51,428 56,134 54,571 57,901 54,065
1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30
31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
14 15 16 17 18 19 20 21 22 23 24 25
0 0 0 0 0 0 0 0 0 0 0 0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065
0 0 0 0 0 0 0 0 0 0 0 0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
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18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 60,0
18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065