Italy Water System
Transcript of Italy Water System
-
8/8/2019 Italy Water System
1/68
SENSITIVITIES GROUP A
Item Unit Base Case Sensitivity New
INFLATION
Annual Rate 2.00% 0.00%
CAPEX
Costi overrun % 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%
Potable Water
Tariff 31-12-2003 Euro/'000mc 300 0.00%
Opex due to Water Production
1 Adduction Level
1. Personnel
Staff 100 0.00%
Annul Cost 60 0.00%
2. Water System Opex
Annul Cost Euro/'000mc 60 0.00%
3. Maintenance
Capex percentage % 0.50% 0.00%
4. Other Services uro ('000) 1,549 0.00%
5. General Expenses
Maitenance and Personnel % % 5.00% 0.00%
2 Adduction Level
1. Personnel
Staff 130 0.00%
2. Water System Opex
Annul Cost 60 0.00%
3. Maintenance
Capex percentage 0.50% 0.00%
4. Other Services 2,066 0.00%
First Year 100.00% 0.00%
5. General Expenses 5.00% 0.00%
Revenues from Energy Sale
Flowing Water
Tariff 31-12-2003 uro ('000)/GWh 57 0.00%
Tariff 25% F4
Tariff 31-12-2003 uro ('000)/GWh 63 0.00%
Green Certificates Cost
Tariff 31-12-2009 uro ('000)/GWh 82 0.00%
-
8/8/2019 Italy Water System
2/68
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
CAPEX1st 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 #DIV/0!
Acquedotto del xxxx Potabile 259,548
TOTAL keuro #DIV/0!
Design and other costs keuro 51,352
Expropriation keuro 23,337
TOTAL CAPEX 2nd Section keuro #DIV/0!
Total Capex keuro #DIV/0!
LIFE CYCLE COSTS
Progr. Year
9 2014 keuro 2,981
11 2016 keuro 1,663
13 2018 keuro 3,385
LIRE
EURO
-
8/8/2019 Italy Water System
3/68
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 3,562
keuro
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-39
VAT Reimbursement ending date 31-Dec-38
VAT FACILITY
Amuount #DIV/0!
Availability Year 35
Starting date 1-Jan-06
Ending date 31-Dec-40
Repayment Period Year 1
Starting date 1-Jan-41
Ending date 31-Dec-41
Total Maturity Year 36
Interest
Base Rate 3.00%
Margin 1.00%
Annual Interest Rate 4.00%
Escalated interest #DIV/0!
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 123
Tariff 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
-
8/8/2019 Italy Water System
4/68
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 40Tariff 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
-
8/8/2019 Italy Water System
5/68
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. 60
Average Power Plant opex payment time gg. 60
PUBBLIC GRANT
Amount keuro #DIV/0!
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 #DIV/0!
% 55%
2 Section Grant amount keuro #DIV/0!
EQUITY
Amount keuro #DIV/0!
Drawdown modality Pro-quota
% of financial deficit 12.00%
SENIOR FACILITY
Amount keuro #DIV/0!
Average Loan Life 14.92
Availability 6
Starting date Year 1-Jan-06
Ending date 31-Dec-11
Repayment Period Year 27
Starting date 1-Jan-12
Ending date 31-Dec-38
-
8/8/2019 Italy Water System
6/68
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-39
Ending date 31-Dec-41
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-39
Release Date 31-Dec-38
Interest Income 1.00%
LEGAL RESERVE
% Earning 5.00%
keuro #DIV/0!
DSCR esclusione grace period
Min #DIV/0!
Max #DIV/0!
Average #DIV/0!
LLCR
Min #VALUE!
Max #VALUE!
Average #VALUE!
IRR
Project #DIV/0!
Equity #DIV/0!PA index #DIV/0!
Limit (20% Equity)
REVOL
-
8/8/2019 Italy Water System
7/68
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% #VALUE! #DIV/0!
2013 5.2% #VALUE! #DIV/0!
2014 5.0% #VALUE! #DIV/0!
2015 6.0% #VALUE! #DIV/0!
2016 6.2% #VALUE! #DIV/0!
2017 5.1% #VALUE! #DIV/0!
2018 5.4% #VALUE! #DIV/0!2019 6.6% #VALUE! #DIV/0!
2020 6.6% #VALUE! #DIV/0!
2021 7.4% #VALUE! #DIV/0!
2022 7.2% #VALUE! #DIV/0!
2023 8.2% #VALUE! #DIV/0!
2024 8.2% #VALUE! #DIV/0!
2025 9.5% #VALUE! #DIV/0!
2026 9.2% #VALUE! #DIV/0!
2027 0.0% 0 #DIV/0!
2028 0.0% 0 #DIV/0!
2029 0.0% 0 #DIV/0!
2030 0.0% 0 #DIV/0!
-
8/8/2019 Italy Water System
8/68
SUMMARY SHEET
CAPEX
1st Section
CAPEX 1 keuro 260,687 #DIV
Doubling YYYY keuro 134,551 #DIV
Potable water System YYY keuro 143,332
Design and other costs keuro 64,445 #DIV
Expropriation keuro 11,653 #DIV
TOTAL CAPEX 1st Section keuro 614,669 #DIV
2nd Section
CAPEX 2 keuro 80,417 #DIV
Doubling XXX keuro #DIV/0! #DIV
Potable Water System XXX keuro 259,548 #DIV
Design and other costs keuro 51,352 #DIV
Expropriation keuro 23,337 #DIV
TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV
Total Capex keuro #DIV/0! #DIV
Life Cycle Cost keuro 49,127 #DIV
Total INVESTIMENTI keuro #DIV/0! #DIV
WATER REVENUES
Existing Water System
Potable Water already supplied 123 200
Non potable Water already supplied 209 -
1 Adduction Level
Potable 90 300
Non potable 30 100
2 Adduction Level
Potable 170 300
Non potable 40 100
Water supplied(mln mc./year)
Tariff 31-12-2003(euro/'000mc)
Water supplied(mln mc./year)
Tariff 31-12-2003(euro/'000mc)
Water supplied(mln mc./year)
Tariff 31-12-2003(euro/'000mc)
-
8/8/2019 Italy Water System
9/68
SOURCE AND USES
USES
CAPEX
1st Section keuro 614,669 #DIV/0!
2nd Section keuro #DIV/0! #DIV/0!
Total Capex keuro #DIV/0! #DIV/0!
Financial fee keuro #DIV/0! #DIV/0!
Capitalised interest keuro #DIV/0! #DIV/0!
DSRA keuro #DIV/0! #DIV/0!
Change in Working Capital keuro #DIV/0! #DIV/0!
VAT (2006-2011) keuro #DIV/0! #DIV/0!
TOTAL USES keuro #DIV/0! #DIV/0!
SOURCE
Loan
SENIOR FACILITY keuro #DIV/0! #DIV/0!
VAT FACILITY keuro #DIV/0! #DIV/0!
Total Loan keuro #DIV/0! #DIV/0!
Cash during construction keuro #DIV/0! #DIV/0!
PUBBLIC GRANT keuro #DIV/0! #DIV/0!
EQUITY keuro #DIV/0! #DIV/0!
VAT Reibursement (al 31-12-2011) keuro #DIV/0! #DIV/0!
TOTAL SOURCE keuro #DIV/0! #DIV/0!
-
8/8/2019 Italy Water System
10/68
SENIOR FACILITY Average Loan Life 14.92 VA
Amount keuro #DIV/0! Am
Availability Year 6 A
Starting date 1-Jan-06
Ending date 31-Dec-11
Repayment Period Year 27 R
Starting date 1-Jan-12
Ending date 31-Dec-38
In
Annual Interest Rate 5.50% W
Withholding Tax 0.25%
Outstanding Loans keuro
RATIOS
Project IRR Equ
Concession Maturity Year 30 Con
Final Maturity 31-Dec-40 Fina
Project IRR #DIV/0! Equ
TIR Azionisti
Durata della concessione (gestione) Year 30
Scadenza 31-Dec-40
IRR azionisti #DIV/0!
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2
-
8/8/2019 Italy Water System
11/68
Sources-Uses Analysis
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 Ending 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
Period
USES
CAPEX keuro #DIV/0! 247,127 415,624 155,817 151,703 71,813
Capitalised interest keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Cash keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
DSRA keuro 0 0 0 0 0 #DIV/0!
TOTAL USES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
SOURCE
Self-financing keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!
Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497
Debt (reimbursment) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL SOURCES keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!
-
8/8/2019 Italy Water System
12/68
Sources-Uses Analysis
StartingEnding
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec
2023 2024 2025 2026 2027 2028 2
18 19 20 21 22 23
0 2,144 0 4,363 0 2,434
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
0 0 0 0 0 0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
-
8/8/2019 Italy Water System
13/68
CAPEX ANALYSIS
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
Year 2006 2007 2008 2009
Progr. 1 2 3 4
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
Doubling XXX keuro 0% #DIV/0! #DIV/0! - 26,775 27,311
Potable Water System XXX keuro 0% 259,548 - - 76,021 77,542
Design and other costs keuro 0% 51,352 6,277 1,048 9,717 13,065
Expropriation keuro 0% 23,337 - 6,051 6,172 6,296
TOTAL CAPEX 2nd Section #DIV/0! #DIV/0! 7,099 118,686 150,490
Total Capex #DIV/0! #DIV/0! 247,127 415,624 155,817
Total Capex keuro #DIV/0! #DIV/0! 247,127 415,624 155,817
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 #DIV/0! #DIV/0! 247,127 415,624 155,817
-
8/8/2019 Italy Water System
14/68
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-2
31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-2
2021 2022 2023 2024 2025 2026 202
16 17 18 19 20 21 2
- - - - - - -
- 896 - - - 896 -
- 806 - 559 - 806 -
- 1,075 - 894 - 1,075 -
1.34 1.38 1.43 1.47 1.52 1.57 1.62
- 3,843 - 2,144 - 4,363 -
- 3,843 - 2,144 - 4,363 -
-
8/8/2019 Italy Water System
15/68
CAPEX ANALYSIS Moltiplicatore
Year 2006 2007 2008 2009 20
Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87
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 Capex keuro 563,626 68,202 221,749 268,946 4,730
Escalation (2%) keuro 51,043 4,174 18,279 27,992 597
keuro 614,669 72,376 240,028 296,938 5,327
Year 2006 2007 2008 2009 20
Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87
CAPEX 2 keuro 69,999 23,333 23,33
Escalation (2%) keuro 10,418 - - - 2,944 3,4% 100% 0% 0% 0% 33% 33
Total keuro 80,417 - - - 26,277 26,8
Doubling XXX keuro #DIV/0! #DIV/0! 24,251 24,251 24,25
Escalation (2%) keuro #DIV/0! #DIV/0! - 2,524 3,060 3,6
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
Total keuro #DIV/0! #DIV/0! - 26,775 27,311 27,8
Potable Water System XXX keuro 229,517 68,855 68,855 68,85
Escalation (2%) keuro 30,031 - - 7,166 8,687 10,2
% 100% 0% 0% 30% 30% 30
Total keuro 259,548 - - 76,021 77,542 79,0
Design and other costs keuro 45,642 5,915 968 8,801 11,601 11,43
Escalation (2%) keuro 5,710 362 80 916 1,464 1,7
% 100% 13% 2% 19% 25% 25
Total keuro 51,352 6,277 1,048 9,717 13,065 13,1
Expropriation keuro 20,965 5,591 5,591 5,591 4,1
1st Section
TOTAL CAPEX 1st Section
2nd Section
-
8/8/2019 Italy Water System
16/68
ENERGY 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 1
Annual Escalation 0.0% 0.0% 0.0% 0.0% 1.5
Tariff 1
Energy GWh/year - - - 26.23 32.78
Tariff 1 uro ( '000)/GWh - - - 62.3 63.26
Tariff 1 Revenues keuro - - - 1,635 2,074
Tariff 2
Energy GWh/year - - - 58.66 73.33
Tariff 2 uro ( '000)/GWh - - - 68.89 69.92
Tariff 2 Revenues keuro - - - 4,041 5,127
Green Certificate
Energy GWh/year - - - 84.89 106.11
Green Certificate uro ( '000)/GWh - - - 82.00 83.23
Green Certificate Revenues keuro - - 6,961 8,832
TOTAL ENERGY REVENUES keuro - - - 12,637 16,033
-
8/8/2019 Italy Water System
17/68
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec
2023 2024 2025 2026 2027 20
14 15 16 17 18
1.5% 1.5% 1.5% 1.5% 1.5% 1.5
32.78 32.78 32.78 32.78 32.78 32.
76.77 77.92 79.09 80.28 81.48 82.
2,517 2,555 2,593 2,632 2,671 2,7
73.33 73.33 73.33 73.33 73.33 73.
84.85 86.12 87.42 88.73 90.06 91.
6,222 6,315 6,410 6,506 6,604 6,7
- - - - -
- - - - -
- - - - -
8,739 8,870 9,003 9,138 9,275 9,4
-
8/8/2019 Italy Water System
18/68
WATER REVENUES
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
Year 2006 2007 2008 2009
Progr. 0 0 0 0
Annual Inflation rate 0.0% 0.0% 0.0% 0
Water supplied
Total Non potable water Mln mc/year - - - 239
Total Potable water Mln mc/year - - - 213
Total Mln mc/year - - - 452
Additional Non potable water Mln mc/year - - - 30
Tariff uro - - - 113
Additional Non potable water revenues keuro - - - 3,378
Additional Potable water Mln mc/year - - - 90
Tariff uro - - - 338
Additional Potable water revenues keuro - - - 30,406
Non potable Water already supplied Mln mc/year - - - 209
Tariff uro - - - -
Non potable Water already supplied revenues keuro - - - -
Potable Water already supplied Mln mc/year - - - 123
Tariff uro - - - 225
Potable Water already supplied revenues keuro - - - 27,704
TOTAL WATER REVENUES keuro - - - 61,488
-
8/8/2019 Italy Water System
19/68
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 a lready supplied revenues keuro
Potable Water already supplied Mln mc/year
Tariff uro
Potable Water already supplied revenues keuro
TOTAL WATER REVENUES keuro
1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Ja
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-De
2023 2024 2025 2026 2
14 15 16 17
2.0% 2.0% 2.0% 2.0% 2.
249 249 249 249 2
293 293 293 293 2
542 542 542 542 5
40 40 40 40
149 152 155 158 1
5,944 6,063 6,184 6,308 6,4
170 170 170 170 1
446 455 464 473 4
75,783 77,299 78,845 80,422 82,0
209 209 209 209 2
- - - -
- - - -
123 123 123 123 1
297 303 309 315 3
36,554 37,285 38,031 38,792 39,5
118,281 120,647 123,060 125,521 128,0
-
8/8/2019 Italy Water System
20/68
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 1,074,644
2nd 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
-
8/8/2019 Italy Water System
21/68
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 -
-
8/8/2019 Italy Water System
22/68
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
-
8/8/2019 Italy Water System
23/68
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
-
8/8/2019 Italy Water System
24/68
VAT SHEET
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
VAT Deficit
CAPEX 1 keuro 5,071 20,689 26,378 - -
CAPEX 2 keuro - - - 5,255 5,360
Doubling YYYY keuro #DIV/0! 10,678 18,970 5,462 5,571
Potable water System YYY keuro 2,788 11,375 29,708 15,508 15,819
Expropriation keuro 918 2,146 1,712 1,259 963
VAT CAPEX keuro #DIV/0! 44,888 76,767 27,485 27,714
Design and other costs keuro 4,337 4,537 6,358 3,678 2,627
GRANT VAT keuro #DIV/0! (13,592) (22,859) (8,570) (8,344)
Operating VAT
Grant Rate keuro 2,478 3,043
Concession fee Rate keuro 2,000 2,040
Water revenues Rate keuro (6,149) (6,272)
Energy revenues Rate keuro (2,527) (3,207)
Operating VAT position keuro (4,198) (4,396)
VAT Receivables/(Payable) - #DIV/0! 35,833 60,265 18,395 17,601
VAT Reimbursement/(Cost)
Average payment by VAT Authority Year 2
VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265
VAT FACILITY
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
Initial Outstanding keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!
VAT Facility drawdown keuro #DIV/0! 35,833 60,265 18,395 17,601
VAT Facility Repayment keuro 0 0 #DIV/0! (35,833) (60,265)
Final Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Average Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Undrawn Capital keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Withholding Tax keuro #DIV/0! 90 151 46 44
Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0 to P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Financial fee
Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Arranging fee keuro #DIV/0! 0 0 0 0
keuro
-
8/8/2019 Italy Water System
25/68
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 Rate
Water revenues Rate
Energy revenues Rate
Operating VAT position
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
Capitalisedto P&L
Financial fee
Commitment fee
Arranging fee
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
2026 2027 2028 2029 2030 2031 2032
21 22 23 24 25 26 27
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
2,800 2,856 2,914 2,972 3,031 3,092 3,154
(12,552) (12,803) (13,059) (13,320) (13,587) (13,859) (14,136)
(1,828) (1,855) (1,883) (1,911) (1,940) (1,969) (1,998)
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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
2026 2027 2028 2029 2030 2031 2032
21 22 23 24 25 26 27
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 0 0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
0 0 0 0 0 0 0
-
8/8/2019 Italy Water System
26/68
42476216 xls
DEPRECIATION SHEET
Total Annual Depr. Starting date Depr. Ma
1st Section 1-Jan-09
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
CAPEX 2 keuro 80,417 2,681
Doubling XXX keuro #DIV/0! #DIV/0!
Potable Water System XXX keuro 259,548 8,652
Design and other costs keuro 51,352 1,712Expropriation keuro 23,337 778
TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV/0!
Total Capex keuro #DIV/0! #DIV/0!
Life Cycle Cost
Year Total Starting date Depr. Maturity
2014 keuro 2,981 115 1-Jan-15
2016 keuro 1,663 69 1-Jan-17
2014 keuro 3,385 130 1-Jan-15
2020 keuro 1,888 94 1-Jan-21
2022 keuro 3,843 214 1-Jan-23
2024 keuro 2,144 134 1-Jan-25
2026 keuro 4,363 312 1-Jan-27
2028 keuro 2,434 203 1-Jan-29
2030 keuro 4,954 495 1-Jan-31
2032 keuro 2,763 345 1-Jan-33
2034 keuro 5,624 937 1-Jan-35
2036 keuro 3,137 784 1-Jan-37
2038 keuro 6,385 3,193 1-Jan-39
2040 keuro 3,562 3,562 1-Jan-40
keuro
Total 49,127
LIFE CYCLE COSTS keuro #DIV/0!
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-D
Year 2006 2007 2008 2009
Progr. 1 2 3 4
1st Section
CAPEX 1 keuro - - - 8,146 8
Doubling YYYY keuro - - - 4,205 4
Potable water System YYY keuro - - - 4,479 4
Design and other costs keuro - - - 2,014 2
Expropriation keuro - - - 364
TOTAL CAPEX 1st Section keuro - - - 19,208 19
2nd SectionCAPEX 2 keuro - - - -
Doubling XXX keuro - - - -
Potable Water System XXX keuro - - - -
-
8/8/2019 Italy Water System
27/68
42476216 xls
Design and other costs keuro - - - -
Expropriation keuro - - - -
TOTAL CAPEX 2nd Section keuro - - - -
Total Capex keuro - - - 19,208 19
Life Cycle Cost
2,867 2014 keuro - - - -
1,594 2016 keuro - - - -
2014 - - - -
1,794 2020 keuro - - - -
3,630 2022 keuro - - - -
2,010 2024 keuro - - - -
4,051 2026 keuro - - - -
2028 keuro - - - -
4,458 2030 keuro - - - -
2,418 2032 keuro - - - -
4,687 2034 keuro - - - - 2,353 2036 keuro - - - -
2038 - - - -
- 2040 keuro - - - -
0 - - - -
Total keuro - - - -
VAT Facility Interest and Financial fee keuro - - - -
Senior Facility Interest and Financial fee keuro - - - -
Oneri finanziari linee per firma keuro - - - -
Total Depreciation keuro - - - 19,208 19
Grants deferred Liabilities
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-
Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
Year 2006 2007 2008 2009
Progr. 1 2 3 4
1st Section keuro - - - 338,068
2nd Section keuro - - - -
Grants deferred Liabilities 1 Section keuro - - - 10,565 10
Grants deferred Liabilities 2 Section keuro - - - -
Total Grants deferred Liabilities keuro - - - 10,565 10
-
8/8/2019 Italy Water System
28/68
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-Ja
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-De
2021 2022 2023 2024 2025 2026 2027 2028 2029 2
16 17 18 19 20 21 22 23 24
8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,1
4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,2
4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,4
2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,0
364 364 364 364 364 364 364 364 364 3
19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,2
2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,6
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,6
-
8/8/2019 Italy Water System
29/68
42476216 xls
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
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
115 115 115 115 115 115 115 115 115 115
69 69 69 69 69 69 69 69 69 69
130 130 130 130 130 130 130 130 130 130
94 94 94 94 94 94 94 94 94 94
- - 214 214 214 214 214 214 214 214
- - - - 134 134 134 134 134 134
- - - - - - 312 312 312 312
- - - - - - - - 203 203
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - - - - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
409 409 622 622 756 756 1,068 1,068 1,271 1,271
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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-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
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
16 17 18 19 20 21 22 23 24 25
- - - - - - - - - -
- - - - - - - - - -
10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-
8/8/2019 Italy Water System
30/68
42476216.xls
PUBBLIC GRANT SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-1
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-1
Year 2006 2007 2008 2009 2010 2011 201
Progr. 1 2 3 4 5 6
Public Installments keuro #DIV/0!
1st Section keuro 72,376 240,028 296,938 5,327 - -
TOTAL CAPEX 1st Section % 55% 55% 55% 55% 55% 55% 55%
GRANT 1 section keuro 39,807 132,016 163,316 2,930 - -
2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,813
TOTAL CAPEX 2nd Section % 55% 55% 55% 55% 55% 55% 55%
GRANT 2 section keuro #DIV/0! 3,905 65,277 82,769 83,437 39,497
Total Grants keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
-
8/8/2019 Italy Water System
31/6842476216.xls
OPEX 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
Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Water opex
Personnel keuro - - - 3,209 6,547 8,681
Maintenance Costs
Water System Opex keuro - - - 5,731 5,845 11,262
Maintenance keuro - - - 1,429 2,915 #DIV/0!
Other Services keuro - - - 822 1,677 2,281
Total Maintenance Costs keuro - - - 7,981 10,437 #DIV/0!
General Expenses keuro - - - 560 849 #DIV/0!
Existing Water System Opex keuro - - - 2,500 2,550 2,601
Water Autority Fee - - - 5,000 5,100 5,202
Total Water Opex keuro - - - 19,250 25,482 #DIV/0!
Energy Opex
Power plant opex keuro - - - 1,350 1,377 1,405
Energy Autority Fee keuro - - - 5 ,000 5,100 5,202
Total Energy Opex keuro - - - 6,350 6,477 6,607
Total Opex keuro - - - 25,600 31,959 #DIV/0!
-
8/8/2019 Italy Water System
32/6842476216.xls
OPEX SHEET
Year
Progr.
Annual Inflation rate
Water 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
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-
2023 2024 2025 2026 2027 2028 20
18 19 20 21 22 23
2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0
11,009 11,229 11,454 11,683 11,917 12,155 12,3
14,282 14,568 14,859 15,157 15,460 15,769 16,0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
2,893 2,951 3,010 3,070 3,131 3,194 3,2
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
3,299 3,365 3,432 3,501 3,571 3,642 3,7
6,597 6,729 6,864 7,001 7,141 7,284 7,4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
1,781 1,817 1,853 1,890 1,928 1,967 2,0
6,597 6,729 6,864 7,001 7,141 7,284 7,4
8,379 8,546 8,717 8,892 9,069 9,251 9,4
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
-
8/8/2019 Italy Water System
33/68
PROFIT & LOSS
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-J
Ending 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
Annual Inflation Rate 0.0% 0.0% 0.0% 0.0% 2.0%
Revenues
Additional Non potable water revenues keuro 0 0 0 3,378 3,446 4
Additional Potable water revenues keuro 0 0 0 58,110 59,272 88
Energy Revenues keuro 0 0 0 12,637 16,033 16
Total Reveunes keuro 0 0 0 74,125 78,751 109
Opex
Personnel keuro 0 0 0 (3,209) (6,547) (8
Maintenance Costs
Water System Opex keuro 0 0 0 (5,731) (5,845) (11
Maintenance keuro 0 0 (1,429) (2,915) #D
Other Services keuro 0 0 0 (822) (1,677) (2
Total Maintenance Costs keuro 0 0 0 (7,981) (10,437) #DI
General Expenses keuro 0 0 0 (560) (849) #D
Existing Water System Opex keuro 0 0 0 (2,500) (2,550) (2
Power plant opex keuro 0 0 0 (1,350) (1,377) (1Energy Autority Fee keuro 0 0 0 (5,000) (5,100) (5
Water Autority Fee keuro 0 0 0 (5,000) (5,100) (5
Total Opex keuro 0 0 0 (25,600) (31,959) #DI
EBITDA keuro 0 0 0 48,525 46,791 #DI
Depreciation keuro 0 0 0 (19,208) (19,208) #D
EBIT keuro 0 0 0 29,317 27,583 #DI
Financial (Cost)/Revenues
VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
Guarantee Fcility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
Interest Income keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
Total Financial (Cost)/Revenues #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
Grants deferred Liabilities keuro 0 0 0 10,565 10,565 #D
EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL
IRAP keuro 0 0 0 (1,926) (1,710) #D
Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VAL
EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DI
-
8/8/2019 Italy Water System
34/68
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 keuroEnergy 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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28
2023 2024 2025 2026 2027 2028
18 19 20 21 22 23
2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
5,944 6,063 6,184 6,308 6,434 6,562
112,338 114,584 116,876 119,214 121,598 124,030
8,739 8,870 9,003 9,138 9,275 9,414
127,020 129,517 132,063 134,659 137,307 140,006
(11,009) (11,229) (11,454) (11,683) (11,917) (12,155)
(14,282) (14,568) (14,859) (15,157) (15,460) (15,769)
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(2,893) (2,951) (3,010) (3,070) (3,131) (3,194)
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(3,299) (3,365) (3,432) (3,501) (3,571) (3,642)
(1,781) (1,817) (1,853) (1,890) (1,928) (1,967)(6,597) (6,729) (6,864) (7,001) (7,141) (7,284)
(6,597) (6,729) (6,864) (7,001) (7,141) (7,284)
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-
8/8/2019 Italy Water System
35/68
IRPEG #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
PBT #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Losses carried forward #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Prior losses #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Taxable income #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
Utilized losses #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2006 2007 2008 2009 2010 2011
1 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
3 #VALUE! #VALUE! #VALUE! #VALUE!
4 #VALUE! #VALUE! #VALUE!
5 #VALUE! #VALUE!
6 #VALUE!7
8
9
10
11
12
13
14
15
16
17
1819
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
4142
-
8/8/2019 Italy Water System
36/68
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
Perdite precedenti #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Perdite tot. Da riportare #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
37/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2012 2013 2014 2015 2016 2017 2018 2019 2020
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE!
-
8/8/2019 Italy Water System
38/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
39/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2021 2022 2023 2024 2025 2026 2027 2028 2029
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE!
-
8/8/2019 Italy Water System
40/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
41/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2030 2031 2032 2033 2034 2035 2036 2037 2038
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE!
#VALUE!
-
8/8/2019 Italy Water System
42/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
43/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! - - - - - -
#VALUE! #VALUE! #VALUE! - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
2039 2040 2041 0 0 0 0 0 0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE!
- #VALUE!-
-
8/8/2019 Italy Water System
44/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
45/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - - - - -
- - - - - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0 0 0 0 0 0 0 0 0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
46/68
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE!
- #VALUE!
-
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
47/68
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - -
- - - - - -
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0 0 0 0 0 0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
48/68
#VALUE!
#VALUE! #VALUE!
#VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE! #VALUE!
- #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
49/68
-
8/8/2019 Italy Water System
50/68
#VALUE!
#VALUE! #VALUE!
#VALUE! -
#VALUE! #VALUE!
-
8/8/2019 Italy Water System
51/68
TAX STATEMENT
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11
Ending 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
Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
IRAP Base - - - 45,316 40,245 #DIV/0!
4.25%
IRAP - - - 1,926 1,710 #DIV/0!
Total Tax #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!
Total Tax paid - #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
Tax Fund
Starting Period keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
Accrual keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!
Release keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
Ending Period keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!
-
8/8/2019 Italy Water System
52/68
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-2
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-2
2023 2024 2025 2026 2027 2028 202
18 19 20 21 22 23 2
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
-
8/8/2019 Italy Water System
53/6842476216.xls
WORKING CAPITAL 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
Commercial Receivables
Additional Non potable water revenues keuro - - - - - -
Non potable water receivables keuro - - - - -
Additional Potable water revenues keuro - - - 58,110 59,272 88,577
Potable water receivables keuro - - - 9,579 9,770 14,601
Energy Revenues keuro - - - 12,637 16,033 16,273
Energy Receivables keuro - - - 2,083 2,643 2,682
Total Commercial Receivables keuro - - - 11,662 12,413 17,283
Commercial Payable
Maintenance Costs keuro - - - 7,981 10,437 #DIV/0!
Maintenance Costs Payable keuro - - - 1,316 1,720 #DIV/0!
General Expenses keuro - - - 560 849 #DIV/0!
General Expenses Payable keuro - - - 92 140 #DIV/0!
Existing Water System Opex keuro - - - 2,500 2,550 2,601
Existing Water System Opex Payable keuro - - - 412 420 429
Power plant opex keuro - - - 1,350 1,377 1,405
Power plant opex Payable keuro - - - 223 227 232
Total Commercial Payable keuro - - - 12,042 12,708 #DIV/0!
Working Capital keuro - - - -381 -295 #DIV/0!
Net Variation in WC keuro - - - -381 86 #DIV/0!
-
8/8/2019 Italy Water System
54/6842476216.xls
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-2
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-2
2023 2024 2025 2026 2027 2028 202
18 19 20 21 22 23 2
- - - - - -
- - - - - -
112,338 114,584 116,876 119,214 121,598 124,030 126,51
18,517 18,836 19,265 19,651 20,044 20,388 20,85
8,739 8,870 9,003 9,138 9,275 9,414 9,55
1,440 1,458 1,484 1,506 1,529 1,548 1,57
19,958 20,294 20,749 21,157 21,572 21,936 22,42
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
3,299 3,365 3,432 3,501 3,571 3,642 3,71
544 553 566 577 589 599 61
1,781 1,817 1,853 1,890 1,928 1,967 2,00
294 299 305 312 318 323 33
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
-
8/8/2019 Italy Water System
55/68
CASH FLOW STATEMENT
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
Year 2006 2007 2008 2009
Progr. 1 2 3 4
Total Reveunes keuro 0 0 0 74,125
Total Opex keuro 0 0 0 (25,600)
EBITDA keuro 0 0 0 48,525
Total Tax paid keuro 0 #DIV/0! #DIV/0! #VALUE!
OPERATING CASH FLOW (Gross) keuro 0 #DIV/0! #DIV/0! #VALUE!
Total Capex keuro #DIV/0! (247,127) (415,624) (155,817)
Net Variation in WC keuro 0 0 0
DSRA Constitution keuro 0 0 0 0
OPERATING CASH FLOW (Net) keuro #DIV/0! #DIV/0! #DIV/0! #VALUE!
EQUITY and GRANT
Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE!
Pro-quota #DIV/0! #DIV/0! #DIV/0! #VALUE!
Public Grants keuro #DIV/0! 135,920 228,593 85,699
Quota SAL #DIV/0! #DIV/0! #DIV/0! #VALUE!
TOTAL EQUITY and GRANT #DIV/0! #DIV/0! #DIV/0! #VALUE!
FINANCIAL CASH FLOW (gross) #DIV/0! #DIV/0! #DIV/0! #VALUE!
Interest and Financial Costs
Senior Facility Interest and Financial fee keuro #DIV/0! #VALUE! #VALUE! #VALUE!
VAT Facility Interest and Financial fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Oneri finanziari linee per firma keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Interest and Financial Costs keuro #DIV/0! #VALUE! #VALUE! #VALUE!
SENIOR FACILITY
Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE!
Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow available for DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE!
DSRA
Target level keuro 0 0 0 0
DSRA starting period keuro 0 #DIV/0! #VALUE! #VALUE!
Cash to DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE!
Interest Income keuro 0 #DIV/0! #VALUE! #VALUE!
C h l k #DIV/0! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
56/68
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
C h l k
1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-3
31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-3
2027 2028 2029 2030 203
22 23 24 25 2
137,307 140,006 142,759 145,567 148,430
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
0 (2,434) 0 (4,954) 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE
-
8/8/2019 Italy Water System
57/68
42476216 l
Guarantees
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-1
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-1
2006 2007 2008 2009 2010 20
Public Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,49
1st Section 39,807 132,016 163,316 2,930 0
2nd Section #DIV/0! 3,905 65,277 82,769 83,437 39,49
Public Grant accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265 18,39
VAT Reibursement/(Cost) accrued keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/
Public Grant Guarantee Facility
Staritng Period keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
Accrual keuro #DIV/0! 135,920 228,593 85,699 83,437 39,490 Release keuro 0 0 0 (338,068) 0
Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
Average outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
Margin keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Up front fee keuro #DIV/0! 0 0 0 0
Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
VAT Guarantee Facility
Staritng Period keuro 0 0 0 #DIV/0! #DIV/0! #DIV/
Accrual keuro 0 0 #DIV/0! 35,833 60,265 18,39Release keuro 0 0 0 0 0 #DIV/
Ending Period keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/
Average outstanding keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/
Margin 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/
Up front fee 0 0 0 0 0
Interest and Financial Costs keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/
Guarantee Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0
To P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
-
8/8/2019 Italy Water System
58/68
42476216 l
Guarantees
Public Grant keuro
1st Section
2nd Section
Public Grant accrued keuro
VAT Reimbursement/(Cost) keuro
VAT Reibursement/(Cost) accrued keuro
Public Grant Guarantee Facility
Staritng Period keuro
Accrual keuroRelease keuro
Ending Period keuro
Average outstanding keuro
Margin keuro
Commitment fee keuro
Up front fee keuro
Interest and Financial Costs keuro
VAT Guarantee Facility
Staritng Period keuro
Accrual keuroRelease 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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-D
2023 2024 2025 2026 2027 2028
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
0 0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
-
8/8/2019 Italy Water System
59/68
SENIOR FACILITY SHEET
1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09
31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
Year 2006 2007 2008 2009
Progr. 1 2 3 4
SURPLUS/(DEFICIT) TO FINANCE keuro #DIV/0! #VALUE! #VALUE! #VALUE
Amount keuro #DIV/0!
Initial Outstanding keuro 0 #DIV/0! #VALUE! #VALUE
Senior Facility Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE
#DIV/0! #DIV/0! #DIV/0! #DIV/0
Senior Facility Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0
Final Outstanding keuro #DIV/0! #VALUE! #VALUE! #VALUE
Financial Fees keuro #DIV/0!
Interests keuro #DIV/0! #VALUE! #VALUE! #VALUE
-
8/8/2019 Italy Water System
60/68
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27
2023 2024 2025 2026 2027
18 19 20 21 22
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
0 0 0 0 0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
-
8/8/2019 Italy Water System
61/68
EQUITY SHEET
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31
Year 2006 2007 2008 2009 2010 20
Progr. 1 2 3 4 5
Installments Drawdown keuro #DIV/0!
1st Section keuro 72,376 240,028 296,938 5,327 -
% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! 0%
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU
2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,8
% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU
Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU
TOTAL EQUITY INJECTION keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV
Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan
Ending 31-Dec-06 31-Dec-08 31-Dec-09 31-Dec-10 31
Year 2006 2007 2008 2009 2010 20
Progr. 1 2 3 4 5
EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Initial Legal Reserve keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALU
Legal Reserve Accrual keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Final Legal Reserve keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Earning to distribute keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Cash available for dividend keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALU
Dividend Reserve
Starting Period keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALU
Contribution keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Release keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU
Ending Period keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV
Dividend keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU
Free Cash Flow keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU
-
8/8/2019 Italy Water System
62/68
EQUITY SHEET
StartingEnding
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-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 3
2023 2024 2025 2026 2027 2028
18 19 20 21 22 23
- - - - - -
0% 0% 0% 0% 0% 0%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
- - - - - -
0% 0% 0% 0% 0% 0%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28
31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 3
2023 2024 2025 2026 2027 2028
18 19 20 21 22 23
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #V
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #
-
8/8/2019 Italy Water System
63/68
BALANCE 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 201
Progr. 1 2 3 4
ASSETS
Capex keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
Depreciation Fund keuro 0 0 0 (19,208) (38,41
Capex (net value) keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
Working Capital keuro 0 0 0 (381) (29
VAT Receivables keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
TOTAL ASSETS keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
LIABILITIES
FACILITIES
Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
FACILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
Tax Fund keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE
NET CAPITAL
Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
LEGAL RESERVE keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
Earnings #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
GRANT keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/
TOTAL LIABILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE
-
8/8/2019 Italy Water System
64/68
-
8/8/2019 Italy Water System
65/68
42476216.xls
IRR SHEET
Starting 1-Jan-06 1-Jan-07
Ending 31-Dec-06 31-Dec-Year 2006 2007
Progr. 1 2
Unlevered IRR
Total Capex keuro #DIV/0! (247,127)
Total Reveunes keuro 0 0
Total Opex keuro 0 0
Total Tax paid keuro 0 #DIV/0!
Net Variation in WC keuro 0 0
Public Grants keuro #DIV/0! 135,920
VAT CAPEX keuro #DIV/0! (35,833)
VAT Reimbursement/(Cost) keuro 0 0
Project Cash Flow keuro #DIV/0! #DIV/0!
Concession Maturity 30 29
Final Maturiry 31-Dec-40 31-Dec-39
Unlevered IRR #DIV/0! #DIV/0!
Starting 1-Jan-06 1-Jan-07
Ending 31-Dec-06 31-Dec-
Year 2006 2007
Progr. 1 2
EQUITY IRR
Equity #DIV/0! keuro #DIV/0! #DIV/0!
Cash to equity #DIV/0! keuro #DIV/0! #VALUE!
Cash flow to Equity #DIV/0! #DIV/0! #DIV/0!
GROSS IRR #DIV/0!
Equity #DIV/0! #DIV/0!
Dividend #DIV/0! #DIV/0! #DIV/0!
Free Cash Flow Durata gestione Scadenza #DIV/0! #DIV/0! #DIV/0!
Interest Income #DIV/0! 0 #DIV/0!
Cash at the End of Concession
30 31-Dec-40 0 0
29 31-Dec-39 0 0
28 31-Dec-38 0 0
27 31-Dec-37 0 0
26 31-Dec-36 0 0
25 31-Dec-35 0 0
24 31-Dec-34 0 0
23 31-Dec-33 0 0
22 31-Dec-32 0 0
21 31-Dec-31 0 0
-
8/8/2019 Italy Water System
66/68
42476216.xls
20 31-Dec-30 0 0
Flag #DIV/0! 0 0
Dividend
Durata concessione Scadenza
30 31-Dec-40 #DIV/0! #DIV/0! #VA
29 31-Dec-39 #DIV/0! #DIV/0! #VA
28 31-Dec-38 #DIV/0! #DIV/0! #VA
27 31-Dec-37 #DIV/0! #DIV/0! #VA
26 31-Dec-36 #DIV/0! #DIV/0! #VA
25 31-Dec-35 #DIV/0! #DIV/0! #VA
24 31-Dec-34 #DIV/0! #DIV/0! #VA
23 31-Dec-33 #DIV/0! #DIV/0! #VA
22 31-Dec-32 #DIV/0! #DIV/0! #VA
21 31-Dec-31 #DIV/0! #DIV/0! #VA
20 31-Dec-30 #DIV/0! #DIV/0! #VA
Cash flow to Equity Concession Period Maturity Shareholder IRR
1 30 31-Dec-40 #DIV/0! #DIV/0! #DIV/0! #D
0 29 31-Dec-39 #DIV/0! #DIV/0! #DIV/0! #D
0 28 31-Dec-38 #DIV/0! #DIV/0! #DIV/0! #D
0 27 31-Dec-37 #DIV/0! #DIV/0! #DIV/0! #D
0 26 31-Dec-36 #DIV/0! #DIV/0! #DIV/0! #D
0 25 31-Dec-35 #DIV/0! #DIV/0! #DIV/0! #D
0 24 31-Dec-34 #DIV/0! #DIV/0! #DIV/0! #D
0 23 31-Dec-33 #DIV/0! #DIV/0! #DIV/0! #D
0 22 31-Dec-32 #DIV/0! #DIV/0! #DIV/0! #D
0 21 31-Dec-31 #DIV/0! #DIV/0! #DIV/0! #D
0 20 31-Dec-30 #DIV/0! #DIV/0! #DIV/0! #D
-
8/8/2019 Italy Water System
67/68
42476216.xls
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
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 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
14 15 16 17 18 19 20 21 22 23 24
0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363) 0 (2,434) 0
117,507 119,816 122,171 124,572 127,020 129,517 132,063 134,659 137,307 140,006 142,759
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - - - - - - - -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
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
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
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
14 15 16 17 18 19 20 21 22 23 24
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-
8/8/2019 Italy Water System
68/68
0 0 0 0 0 0 0 0 0 0 0 #D
0 0 0 0 0 0 0 0 0 0 0 #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D