Project Teaser With FA for P50 P75 P90
29
5/21/2018 ProjectTeaserWithFAforP50P75P90-slidepdf.com http://slidepdf.com/reader/full/project-teaser-with-fa-for-p50-p75-p90 1/29 Wind Farm Project D 100MW Project is ready to build. 40 pcs Nordex N100 on 100m tower. Project is located in most windy area in Poland, 14km from Baltic Sea.
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Transcript of Project Teaser With FA for P50 P75 P90
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Wind Farm Project D 100MW Project is ready to build.
40 pcs Nordex N100 on 100m tower. Project is located in most windy area in Poland, 14km from Baltic Sea.
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Project is divided for 3 stages:
DI 27.5MW
DII 37.5MW
DIII 35MW
Drzezewo I 27.5MW Eviva Drzezewo SPV
Land Leases
Easements for HV cable
Drillings
Master Plan
Bird and Bats yearly monitoring
Report of Environmental Impact Assessments
Environmental decision
Site Development Plan
Basic Design
Building Permit obtained for Wind Farm (on 11pcs Nordex N100 2.5MW) and connection HV cable
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Drzezewo II 37.5MW Eviva Rumsko SPV
Land Leases
Easements for HV cable
Drillings
Master Plan
Bird and Bats yearly monitoring
Report of Environmental Impact Assessments
Site Development Plan
Basic Design
Waiting for obtaining Environmental Deccision
In Q3 2014 we will receive building permit for Wind Farm (on 15 pcs Nordex N100 2.5MW)
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Drzeewo III 35MW Eviva Wiatrowo SPV
Land Leases
Easements for HV cable
Drillings
Master Plan
Bird and Bats yearly monitoring
Report of Environmental Impact Assessments
Environmental decision
Site Development Plan
Basic Design
Building Permit obtained for Wind Farm (on 14pcs Nordex N100 2.5MW) and connection HV cable
Because of one connection point this three projects we have to be treated as a 3 stages of one
project and have to belong for one owner.
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On next pages we are sending
- Probability 50% - Probability 75% (results obtain in real life based on our experience) - Probability 90% ( Banks approach to the calculations)
All values was put based on tenders which were done in 2012 (regarding civil and electrical works),
we will receive the same offers now.
Turbines costs was put based on last negotiations with Nordex 2014 2.200.000 Euro per 1 pcs
Electric Energy and green Energy was calculated in most pessimistic assumption.
Constant Electric Energy price for next 15 years by 50 Euro (present is 50 Euro per 1MWh) and
constant green energy for 40 Euro (Present is 45 Euro per 1MWh).
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Unit Number Price Value
Depreciation
period
(in years)
Purchase of ready to implement investment project MW 100,0 11 500 000
Cost of WF construction kpl. 1 114 276 000 20
Turbines pcs 40 2 200 000 88 000 000 20
Total construction works 26 276 000
Roads, crane pads and foundations 8 200 000
Substation 20kV/110kV pcs 2 3 800 000
20kV cables km 40 35 000 1 400 000
110kV UGCL line (cable) with 2.5mln Euro UE Found km 48 237 000 11 376 000
Technical design and community roads reconstruction 1 500 000
Total 125 776 000
Electricx Energy MWh 40,00 10 301 760
Green Energy MWh 50,00 12 877 200
Turbine power MW 2,50
Currency Euro 1,00
Capacity factor of WF % 29,40 2 575
Land Lease and easements Euro 4,00 927 158
Turbines insurance % 0,55 628 518
Other operational costs Euro 100 000 100 000
Turbines operational costs and overhauls (NORDEX) Euro/kWh 0,0080 2 060 352
Credit interest rate (in PLN) ` 7,00
inclusive WIBOR 3M % 3,00
inclusive bank's premium % 4,00
additional payment to interest from NFO % 0,00
Bank comimitment fee % 1,00 825 405
Crediting period lata 15
Credit repayment period lata 1
Subsidy UE % 0
Costs of consultancy to the extent % 0 0
Equity 25,00% 31 444 000
External funding 75,00% 94 332 000
NPV (net present value) 95 648 524
IRR (internal rate of return) 15,08%
MIRR (modified internal rate of return) 10,55%
ZESTAWIENIE NAJWANIEJSZYCH NAKADW KAPITAOWYCH
Purchase of ready to implement investment project 11 500 000
Cost of WF construction 114 276 000
Total 125 776 000
WIND FARM DI DII DIII 100 MW = 40 pcs N100 2.5MW
for P50 avarage WTG production 6437.5 MWh
Capital outlays
Specification
Foredesign (Assumptions) Unit Data Data (p.a.)
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ATTACHMENT NO. 2
Income statement.
INCOME STATEMENT IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Revenues 0 0 0 0 0 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960Sale of electric energy 0 0 0 0 0 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760 10 301 760
unit price (1 MWh) 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29
number of turbine working hours (in a period) 0 0 0 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575
Sale of "Green Energy" certificates 0 0 0 0 0 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200 12 877 200unit price (1 MWh) 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29
number of turbine working hours (in a period) 0 0 0 0 0 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575 2 575
Subsidies 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0POIi [IaE OP] (o IX - dziaanie 9.4) 0
Operating costs 0 0 25 040 25 040 50 160 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988 9 429 988preliminary/rough outlays 0 0
wind turbines 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
other (TRAFO station, service line) 0 0 0
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 8001 0
2 0
3 0
4 0
Fuel 0
Office materials, press 0
Technical materials 0
Pozostae materiay 0
Material consumption 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Electric energy 0
Heat energy 0
Water 0
Other energy 0
Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Transport 0
Courier services 0
Other transport 0
Transport services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Car repairs 0
Fixed assets repairs 0 0 0 0 0 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352
Premises reconditioning 0
Other repairs 0
Repair services 0 0 0 0 0 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352 2 060 352Postal service 0
Land-line telephone 0
Mobile phone 0
Internet access 0
Other communication service 0
Communication service 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Legal services 0
Book-keeping services 0
Banking services 0
Consultancy (to the extent of subsidies from POIi [IaE OP]) 0 0
Other office services 0
Office services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Research/reviews 0
Rent of premises 0
Land lease 40 40 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160
Hiring of equipment and machines/facilities (inc. leasing) 0 0
Property protection 0
Other third party services 25000 25000 50 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000
Other third party services 0 0 25 040 25 040 50 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160Management 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Casual workers 0
Other remuneration/fees 0
REMUNERATION/SALARIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0ZUS contribution 0
Szkolenia 0
BHP [Safety &Hygiene at Work] performance in re 0
Other perfromances/benefits 0
Remuneration surcharges/markups 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Land tax 0
Real estate tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
VAT constituting cost 0
Notarial and court fees 0
PCC [Tax on Civil Law Transactions] 0
Other taxes and charges 0
Taxes and charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Domestic trips 0
Trips abroad 0
Business trips 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Turbines insurance 0 0 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518
Personal insurance 0
Land lease conditions 0 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158 927 158
Other costs 0
Other costs 0 0 0 0 0 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676 1 555 676
Profit on operating activities 0 0 -25 040 -25 040 -50 160 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972 13 748 972
Financial costs (interest) 0 ############### ############# ############# 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Gross financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 7 145 732 7 255 786 7 688 665 8 121 544 8 554 423 8 987 302 9 420 181 9 853 060 10 285 939 10 718 818 11 151 697 11 584 576 12 017 455 12 450 334 12 883 213 13 316 093 13 748 972
Income tax 0 0 0 0 0 1 357 689 1 378 599 1 460 846 1 543 093 1 625 340 1 707 587 1 789 834 1 872 081 1 954 328 2 036 575 2 118 822 2 201 069 2 283 317 2 365 564 2 447 811 2 530 058 2 612 305
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 5 788 043 5 877 186 6 227 818 6 578 450 6 929 082 7 279 715 7 630 347 7 980 979 8 331 611 8 682 243 9 032 875 9 383 507 9 734 139 10 084 771 10 435 403 10 786 035 11 136 667
CREDIT LINE (investment) IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 23 583 000 47 166 000 70 749 000 23 583 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0
Borrowings/debt contracting 23 583 000 23 583 000 23 583 000 23 583 000 94 332 000 0
Repayments 0 1 572 200 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 0
Balance at the end of year 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0 0
Interest rate 1,75% 1,75% 1,75% 1,75% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Interest 0 412 703 825 405 1 238 108 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
CREDIT REPAYMENT PERIOD (number of years)
CREDIT LINE (bridge)
I
Q
2
0
1
3 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Borrowings/debt contracting 3 300 000 3 300 000
Repayments 0 0 0 0 0
Balance at the end of year 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest rate 1,50% 1,50% 1,50% 1,50% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CREDIT REPAYMENT PERIOD (number of years)
PRICE AND COST RISE INDICES IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Income tax value 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%
1 MWh unit price 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00
1 MWh "Green Energy" unit price 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00
Wages rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Energy price rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Other costs rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Inflation effect 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00%
EURO exchange rate 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z
NBP's rediscount rate 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Investment credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%Bridge credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
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ATTACHMENT NO. 3
Cash flows.
FLOWS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 5 788 043 5 877 186 6 227 818 6 578 450 6 929 082 7 279 715 7 630 347 7 980 979 8 331 611 8 682 243 9 032 875 9 383 507 9 734 139 10 084 771 10 435 403 10 786 035 11 136 667
Adjustments:
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
Interest paid 0 412 703 825 405 1 238 108 3 301 620 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Change in receivables (-) 0 0 0 0 0 -3 810 240 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in liabilities (+) -7 397 0 2 058 0 -5 339 303 382 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
A. Flows from operating activities -7 397 0 -22 982 -25 040 769 906 14 598 225 18 084 172 18 001 925 17 919 678 17 837 431 17 755 184 17 672 937 17 590 690 17 508 443 17 426 196 17 343 949 17 261 702 17 179 455 17 097 208 17 014 961 16 932 714 16 850 467
Investments in fixed assets (-) -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000
Other investments (-)
B. Flows from investment activities -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity contribution 7 861 000 7 861 000 7 861 000 7 861 000 31 444 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contracted credits 23 583 000 23 583 000 23 583 000 26 883 000 97 632 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment of credits (-) 0 0 0 0 0 -1 572 200 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 0
Interest paid (-) 0 -412 703 -825 405 -1 238 108 -3 301 620 -6 603 240 -6 493 186 -6 060 307 -5 627 428 -5 194 549 -4 761 670 -4 328 791 -3 895 912 -3 463 033 -3 030 153 -2 597 274 -2 164 395 -1 731 516 -1 298 637 -865 758 -432 879 0
C. Flows from financial activity 31 444 000 31 031 298 30 618 595 33 505 893 125 774 380 -8 175 440 -12 677 173 -12 244 294 -11 811 415 -11 378 535 -10 945 656 -10 512 777 -10 079 898 -9 647 019 -9 214 140 -8 781 261 -8 348 382 -7 915 503 -7 482 624 -7 049 745 -6 616 866 0
TOTAL FLOWS -7 397 -412 703 -848 387 2 036 853 768 286 6 422 785 5 407 000 5 757 632 6 108 264 6 458 896 6 809 528 7 160 160 7 510 792 7 861 424 8 212 056 8 562 688 8 913 320 9 263 952 9 614 584 9 965 216 10 315 848 16 850 467
CASH BALANCE (at
the end of year) -360 000 -772 703 -1 621 089 415 763 415 683 6 838 468 12 245 467 18 003 099 24 111 363 30 570 259 37 379 787 44 539 946 52 050 738 59 912 162 68 124 218 76 686 906 85 600 227 94 864 179 104 478 763 114 443 979 124 759 827 141 610 294
NET WORKING CAPITAL - NWC IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Liabilities balance 0 0 2 058 2 058 2 058 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440
Change in liabilities -7 397 0 2 058 0 -5 339 303 382 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Receivables balance 0 0 0 0 0 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240
Change in receivables 0 0 0 0 0 3 810 240 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Days of coverage liabilties
Accounts receivable turnover (days)
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ATTACHMENT NO. 4
Balance Sheet
BALANCE SHEET IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSETS
A. Fixed assets 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
Preliminary outlays 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Turbines, TRAFO sttaion, service line 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
B. Current assets -360 000 -772 703 -1 621 089 415 763 415 763 10 648 708 16 055 707 21 813 339 27 921 603 34 380 499 41 190 027 48 350 186 55 860 978 63 722 402 71 934 458 80 497 146
Receivables 0 0 0 0 0 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240
Cash -360 000 -772 703 -1 621 089 415 763 415 763 6 838 468 12 245 467 18 003 099 24 111 363 30 570 259 37 379 787 44 539 946 52 050 738 59 912 162 68 124 218 76 686 906
TOTAL ASSETS 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 136 424 708 136 117 907 136 161 739 136 556 203 137 301 299 138 397 027 139 843 386 141 640 378 143 788 002 146 286 258 149 135 146
LIABILITIES
A. Equity 7 501 000 14 949 298 21 959 853 28 557 705 28 557 705 34 345 748 40 222 934 46 450 752 53 029 203 59 958 285 67 238 000 74 868 346 82 849 325 91 180 936 99 863 178 108 896 053
Core capital 7 861 000 15 722 000 23 583 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000
Profit/Loss - undistributed from previous years -360 000 -360 000 -772 703 -1 623 148 -360 000 -2 886 295 2 901 748 8 778 934 15 006 752 21 585 203 28 514 285 35 794 000 43 424 346 51 405 325 59 736 936 68 419 178
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 295 5 788 043 5 877 186 6 227 818 6 578 450 6 929 082 7 279 715 7 630 347 7 980 979 8 331 611 8 682 243 9 032 875
C. Long-term liabilities 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
Long-term bank credit 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
D. Short-term creditiors 0 0 2 058 3 302 058 3 302 058 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440
Short-term bank debts 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0
Liabilities/commitments 0 0 2 058 2 058 2 058 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440 305 440
TOTAL LIABILITIES 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 127 410 988 127 104 187 127 148 019 127 542 483 128 287 579 129 383 307 130 829 666 132 626 658 134 774 282 137 272 538 140 121 426
EXAMINATION (Assets - Liabilties) 0,00 0,00 0,00 0,00 0,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00
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ATTACHMENT NO. 5
Analysis of financials and return on investment ratios.
FINANCIALS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Return on sales [net profit / sale]
0,00% 24,97% 25,36% 26,87% 28,38% 29,89% 31,41% 32,92% 34,43% 35,94% 37,46% 38,97%
Return on equity [net profit / equity]
0,00% 16,85% 14,61% 13,41% 12,41% 11,56% 10,83% 10,19% 9,63% 9,14% 8,69% 8,29%
Return on assets [net profit / assets]
0,00% 4,24% 4,32% 4,57% 4,82% 5,05% 5,26% 5,46% 5,63% 5,79% 5,94% 6,06%
Debt management coverage [depreciation+operating profit-tax / installments+interest]
0,00 2,21 1,43 1,47 1,52 1,57 1,62 1,68 1,75 1,81 1,89 1,98
Current liquidity [current assets / short-term creditors]
0,13 34,86 52,57 71,42 91,41 112,56 134,85 158,30 182,89 208,62 235,51 263,54
APPRAISAL OF RETURN ON INVESTMENT IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating activity flow -7 397 0 -22 982 769 906 14 598 225 18 084 172 18 001 925 17 919 678 17 837 431 17 755 184 17 672 937 17 590 690 17 508 443 17 426 196 17 343 949
Tax shield on interest (-) 0 78 413 156 827 627 308 1 254 616 1 233 705 1 151 458 1 069 211 986 964 904 717 822 470 740 223 657 976 575 729 493 482
Adjusted operating activity flow 1 397 214 15 852 840 19 317 878 19 153 384 18 988 890 18 824 396 18 659 901 18 495 407 18 330 913 18 166 419 18 001 925 17 837 431
Investment flow -125 776 000 0 0 0 0 0 0 0 0 0 0 0
Liquidation value (1=sale, 0=continuation of activity)
Total flows (for investment appraisal - discounting) -124 378 786 15 852 840 19 317 878 19 153 384 18 988 890 18 824 396 18 659 901 18 495 407 18 330 913 18 166 419 18 001 925 17 837 431
Discount factors 1/(1+k)n
1,00 0,94 0,88 0,82 0,77 0,72 0,67 0,62 0,58 0,54 0,50 0,47
Discounted flows -124 378 786 14 848 182 16 937 848 15 711 501 14 563 162 13 487 637 12 480 009 11 535 603 10 649 954 9 818 775 9 037 904 8 303 250
Cumulative DCF -124 378 786 -109 530 604 -92 592 756 -76 881 254 -62 318 093 -48 830 455 -36 350 446 -24 814 844 -14 164 889 -4 346 114 4 691 790 12 995 040
NPV (net present value) 95 648 524
IRR (internal rate of return) 15,08%
MIRR (modified internal rate of return) 10,55%
The payback period of the investment costs 10
cumulation of equity and net income -28 557 705 -31 084 000 -25 295 957 -19 418 771 -13 190 953 -6 612 502 316 580 7 596 295 15 226 641 23 207 620 31 539 231 40 221 473
The return on equity 6
INTEREST RATES IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Equity real cost (risk-free
profit + risk bonus)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
Equity nominal cost (real
increased by inflation effect)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
Long-term credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Lon-term credit rate adjusted
for tax shield on interest effect5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67%
Operating credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
Operating credit rate adjusted
for tax shield on interest effect4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86%
WACC (weighted average capital cost) 6,70% 6,77% 6,82% 6,89% 6,96% 7,04% 7,13% 7,23% 7,35% 7,49% 7,66% 7,85%
Theoretical reinvestment rate 6,70% 6,77% 6,82% 6,89% 6,96% 7,04% 7,13% 7,23% 7,35% 7,49% 7,66% 7,85%
-
2026 2027 2028 2029 2030 2031
62 924 200 57 210 400 51 496 600 45 782 800 40 069 000 34 355 200
0 0 0 0 0 0
62 924 200 57 210 400 51 496 600 45 782 800 40 069 000 34 355 200
89 410 467 98 674 419 108 289 003 118 254 219 128 570 067 145 420 534
3 810 240 3 810 240 3 810 240 3 810 240 3 810 240 3 810 240
85 600 227 94 864 179 104 478 763 114 443 979 124 759 827 141 610 294
152 334 667 155 884 819 159 785 603 164 037 019 168 639 067 179 775 734
118 279 560 128 013 699 138 098 469 148 533 872 159 319 907 170 456 574
31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000
77 452 053 86 835 560 96 569 699 106 654 469 117 089 872 127 875 907
9 383 507 9 734 139 10 084 771 10 435 403 10 786 035 11 136 667
24 735 947 18 551 960 12 367 973 6 183 987 0 0
24 735 947 18 551 960 12 367 973 6 183 987 0 0
305 440 305 440 305 440 305 440 305 440 305 440
0 0 0 0 0 0
305 440 305 440 305 440 305 440 305 440 305 440
143 320 947 146 871 099 150 771 883 155 023 299 159 625 347 170 762 014
9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00
-
2026 2027 2028 2029 2030 2031
40,48% 42,00% 43,51% 45,02% 46,53% 48,05%
7,93% 7,60% 7,30% 7,03% 6,77% 6,53%
6,16% 6,24% 6,31% 6,36% 6,40% 6,19%
2,07 2,17 2,28 2,41 2,56 ###############
292,73 323,06 354,53 387,16 420,93 476,10
2026 2027 2028 2029 2030 2031
17 261 702 17 179 455 17 097 208 17 014 961 16 932 714 16 850 467
411 235 328 988 246 741 164 494 82 247 0
17 672 937 17 508 443 17 343 949 17 179 455 17 014 961 16 850 467
0 0 0 0 0 0
168 504 670
17 672 937 17 508 443 17 343 949 17 179 455 17 014 961 185 355 137
0,43 0,40 0,37 0,33 0,30 0,28
7 610 705 6 956 029 6 334 643 5 741 291 5 169 380 51 194 040
20 605 745 27 561 774 33 896 417 39 637 708 44 807 087
49 254 348 58 637 855 68 371 994 78 456 764 88 892 167 99 678 202
2026 2027 2028 2029 2030 2031
10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
5,67% 5,67% 5,67% 5,67% 5,67% 5,67%
6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
4,86% 4,86% 4,86% 4,86% 4,86% 4,86%
8,09% 8,39% 8,78% 9,29% 10,00% 10,00%
8,09% 8,39% 8,78% 9,29% 10,00% 10,00%
-
ATTACHMENT NO. 6
Project sensitivity analysis.
PRICE AND COST RISE INDICES IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Income tax value 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%
1 MWh unit price 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
1 MWh "Green Energy" unit price 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Wages rise index
Energy price rise index
Other costs rise index
Inflation effect 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00%
EURO exchange rate 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z
NBP's rediscount rate
Investment credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Bridge credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
VARIABLES FOR PROJECT SENSITIVITY ANALYSIS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Net financial result -2 526 375 5 788 043 5 877 186 6 227 818 6 578 450 6 929 082 7 279 715 7 630 347 7 980 979 8 331 611 8 682 243 9 032 875 9 383 507 9 734 139 10 084 771 10 435 403 10 786 035 11 136 667
Revenues 0 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960 23 178 960
CASH BALANCE (at the end of year) 415 683 6 838 468 12 245 467 18 003 099 24 111 363 30 570 259 37 379 787 44 539 946 52 050 738 59 912 162 68 124 218 76 686 906 85 600 227 94 864 179 104 478 763 114 443 979 124 759 827 141 610 294
NPV 95 648 524
IRR 15,08%
MIRR 10,55%
INCREASE OF EURO EXCHANGE RATE (up to 6,97 z/EURO)IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -766 147 17 898 124 -1 160 123 -948 289 -736 455 -524 621 -312 786 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952
Revenues 966 578 28 857 970 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314
CASH BALANCE (at the end of year) 56 208 3 312 348 -344 856 -3 728 602 -6 900 514 -9 860 592 -12 608 835 -10 437 819 -8 266 802 -6 095 786 -3 924 769 -1 753 753 417 264 2 588 280 4 759 297 6 930 313 9 101 330 11 272 346
NPV 0
IRR 7,51%
MIRR 5,86%
DROP IN WIND PRODUCTIVITY (down to 18,45%) IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -541 084 10 950 448 -360 198 -277 698 -195 198 -112 698 -30 198 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364
Revenues 594 559 17 569 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237
CASH BALANCE (at the end of year) 679 678 -916 289 -1 766 278 -2 496 310 -3 143 841 -3 708 873 -4 191 405 -2 768 040 -1 344 676 78 689 1 502 053 2 925 417 4 348 782 5 772 146 7 195 510 8 618 875 10 042 239 11 465 604
NPV 0
IRR 8,14%
MIRR 6,55%
DROP IN WIND PRODUCTIVITY (down to 25%) AND
INCREASE OF EXCHANGE RATE (1 EURO = 5,83 PLN) IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -677 841 15 124 713 -845 897 -685 621 -525 345 -365 069 -204 793 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517
Revenues 805 482 24 306 628 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928
CASH BALANCE (at the end of year) 304 503 1 626 036 -916 751 -3 247 272 -5 417 518 -7 427 487 -9 277 180 -7 404 906 -5 532 632 -3 660 358 -1 788 084 84 190 1 956 464 3 828 738 5 701 012 7 573 286 9 445 560 11 317 834
NPV 0
IRR 7,68%
MIRR 6,06%
-
Unit Number Price Value
Depreciation
period
(in years)
Purchase of ready to implement investment project MW 100,0 11 500 000
Cost of WF construction kpl. 1 114 276 000 20
Turbines pcs 40 2 200 000 88 000 000 20
Total construction works 26 276 000
Roads, crane pads and foundations 8 200 000
Substation 20kV/110kV pcs 2 3 800 000
20kV cables km 40 35 000 1 400 000
110kV UGCL line (cable) with 2.5mln Euro UE Found km 48 237 000 11 376 000
Technical design and community roads reconstruction 1 500 000
Total 125 776 000
Electricx Energy MWh 40,00 9 741 120
Green Energy MWh 50,00 12 176 400
Turbine power MW 2,50
Currency Euro 1,00
Capacity factor of WF % 27,80 2 435
Land Lease and easements Euro 4,00 876 701
Turbines insurance % 0,55 628 518
Other operational costs Euro 100 000 100 000
Turbines operational costs and overhauls (NORDEX) Euro/kWh 0,0080 1 948 224
Credit interest rate (in PLN) ` 7,00
inclusive WIBOR 3M % 3,00
inclusive bank's premium % 4,00
additional payment to interest from NFO % 0,00
Bank comimitment fee % 1,00 825 405
Crediting period lata 15
Credit repayment period lata 1
Subsidy UE % 0
Costs of consultancy to the extent % 0 0
Equity 25,00% 31 444 000
External funding 75,00% 94 332 000
NPV (net present value) 84 821 809
IRR (internal rate of return) 14,31%
MIRR (modified internal rate of return) 10,24%
ZESTAWIENIE NAJWANIEJSZYCH NAKADW KAPITAOWYCH
Purchase of ready to implement investment project 11 500 000
Cost of WF construction 114 276 000
Total 125 776 000
WIND FARM DI DII DIII 100 MW = 40 pcs N100 2.5MW
for P75 avarage WTG production 6087.5 MWh
Capital outlays
Specification
Foredesign (Assumptions) Unit Data Data (p.a.)
-
ATTACHMENT NO. 2
Income statement.
INCOME STATEMENT IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Revenues 0 0 0 0 0 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520Sale of electric energy 0 0 0 0 0 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120 9 741 120
unit price (1 MWh) 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
number of turbine working hours (in a period) 0 0 0 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435
Sale of "Green Energy" certificates 0 0 0 0 0 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400 12 176 400unit price (1 MWh) 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28 28
number of turbine working hours (in a period) 0 0 0 0 0 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435 2 435
Subsidies 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0POIi [IaE OP] (o IX - dziaanie 9.4) 0
Operating costs 0 0 25 040 25 040 50 160 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403 9 267 403preliminary/rough outlays 0 0
wind turbines 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
other (TRAFO station, service line) 0 0 0
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 8001 0
2 0
3 0
4 0
Fuel 0
Office materials, press 0
Technical materials 0
Pozostae materiay 0
Material consumption 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Electric energy 0
Heat energy 0
Water 0
Other energy 0
Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Transport 0
Courier services 0
Other transport 0
Transport services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Car repairs 0
Fixed assets repairs 0 0 0 0 0 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224
Premises reconditioning 0
Other repairs 0
Repair services 0 0 0 0 0 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224 1 948 224Postal service 0
Land-line telephone 0
Mobile phone 0
Internet access 0
Other communication service 0
Communication service 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Legal services 0
Book-keeping services 0
Banking services 0
Consultancy (to the extent of subsidies from POIi [IaE OP]) 0 0
Other office services 0
Office services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Research/reviews 0
Rent of premises 0
Land lease 40 40 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160
Hiring of equipment and machines/facilities (inc. leasing) 0 0
Property protection 0
Other third party services 25000 25000 50 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000
Other third party services 0 0 25 040 25 040 50 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160Management 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Casual workers 0
Other remuneration/fees 0
REMUNERATION/SALARIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0ZUS contribution 0
Szkolenia 0
BHP [Safety &Hygiene at Work] performance in re 0
Other perfromances/benefits 0
Remuneration surcharges/markups 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Land tax 0
Real estate tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
VAT constituting cost 0
Notarial and court fees 0
PCC [Tax on Civil Law Transactions] 0
Other taxes and charges 0
Taxes and charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Domestic trips 0
Trips abroad 0
Business trips 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Turbines insurance 0 0 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518
Personal insurance 0
Land lease conditions 0 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701 876 701
Other costs 0
Other costs 0 0 0 0 0 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219 1 505 219
Profit on operating activities 0 0 -25 040 -25 040 -50 160 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117 12 650 117
Financial costs (interest) 0 ############### ############# ############# 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Gross financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 6 046 877 6 156 931 6 589 810 7 022 689 7 455 568 7 888 447 8 321 327 8 754 206 9 187 085 9 619 964 10 052 843 10 485 722 10 918 601 11 351 480 11 784 359 12 217 238 12 650 117
Income tax 0 0 0 0 0 1 148 907 1 169 817 1 252 064 1 334 311 1 416 558 1 498 805 1 581 052 1 663 299 1 745 546 1 827 793 1 910 040 1 992 287 2 074 534 2 156 781 2 239 028 2 321 275 2 403 522
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 4 897 971 4 987 114 5 337 746 5 688 378 6 039 010 6 389 642 6 740 274 7 090 907 7 441 539 7 792 171 8 142 803 8 493 435 8 844 067 9 194 699 9 545 331 9 895 963 10 246 595
CREDIT LINE (investment) IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 23 583 000 47 166 000 70 749 000 23 583 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0
Borrowings/debt contracting 23 583 000 23 583 000 23 583 000 23 583 000 94 332 000 0
Repayments 0 1 572 200 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 0
Balance at the end of year 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0 0
Interest rate 1,75% 1,75% 1,75% 1,75% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Interest 0 412 703 825 405 1 238 108 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
CREDIT REPAYMENT PERIOD (number of years)
CREDIT LINE (bridge)
I
Q
2
0
1
3 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Borrowings/debt contracting 3 300 000 3 300 000
Repayments 0 0 0 0 0
Balance at the end of year 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest rate 1,50% 1,50% 1,50% 1,50% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CREDIT REPAYMENT PERIOD (number of years)
PRICE AND COST RISE INDICES IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Income tax value 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%
1 MWh unit price 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00
1 MWh "Green Energy" unit price 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00
Wages rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Energy price rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Other costs rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Inflation effect 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00%
EURO exchange rate 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z
NBP's rediscount rate 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Investment credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%Bridge credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
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ATTACHMENT NO. 3
Cash flows.
FLOWS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 4 897 971 4 987 114 5 337 746 5 688 378 6 039 010 6 389 642 6 740 274 7 090 907 7 441 539 7 792 171 8 142 803 8 493 435 8 844 067 9 194 699 9 545 331 9 895 963 10 246 595
Adjustments:
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
Interest paid 0 412 703 825 405 1 238 108 3 301 620 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Change in receivables (-) 0 0 0 0 0 -3 602 880 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in liabilities (+) -7 397 0 2 058 0 -5 339 290 019 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
A. Flows from operating activities -7 397 0 -22 982 -25 040 769 906 13 902 149 17 194 100 17 111 853 17 029 606 16 947 359 16 865 112 16 782 865 16 700 618 16 618 371 16 536 124 16 453 877 16 371 630 16 289 383 16 207 136 16 124 889 16 042 642 15 960 395
Investments in fixed assets (-) -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000
Other investments (-)
B. Flows from investment activities -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity contribution 7 861 000 7 861 000 7 861 000 7 861 000 31 444 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contracted credits 23 583 000 23 583 000 23 583 000 26 883 000 97 632 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment of credits (-) 0 0 0 0 0 -1 572 200 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 0
Interest paid (-) 0 -412 703 -825 405 -1 238 108 -3 301 620 -6 603 240 -6 493 186 -6 060 307 -5 627 428 -5 194 549 -4 761 670 -4 328 791 -3 895 912 -3 463 033 -3 030 153 -2 597 274 -2 164 395 -1 731 516 -1 298 637 -865 758 -432 879 0
C. Flows from financial activity 31 444 000 31 031 298 30 618 595 33 505 893 125 774 380 -8 175 440 -12 677 173 -12 244 294 -11 811 415 -11 378 535 -10 945 656 -10 512 777 -10 079 898 -9 647 019 -9 214 140 -8 781 261 -8 348 382 -7 915 503 -7 482 624 -7 049 745 -6 616 866 0
TOTAL FLOWS -7 397 -412 703 -848 387 2 036 853 768 286 5 726 709 4 516 928 4 867 560 5 218 192 5 568 824 5 919 456 6 270 088 6 620 720 6 971 352 7 321 984 7 672 616 8 023 248 8 373 880 8 724 512 9 075 144 9 425 776 15 960 395
CASH BALANCE (at
the end of year) -360 000 -772 703 -1 621 089 415 763 415 683 6 142 392 10 659 320 15 526 880 20 745 071 26 313 895 32 233 351 38 503 439 45 124 159 52 095 511 59 417 495 67 090 111 75 113 359 83 487 239 92 211 751 101 286 895 110 712 671 126 673 066
NET WORKING CAPITAL - NWC IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Liabilities balance 0 0 2 058 2 058 2 058 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077
Change in liabilities -7 397 0 2 058 0 -5 339 290 019 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Receivables balance 0 0 0 0 0 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880
Change in receivables 0 0 0 0 0 3 602 880 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Days of coverage liabilties
Accounts receivable turnover (days)
-
ATTACHMENT NO. 4
Balance Sheet
BALANCE SHEET IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSETS
A. Fixed assets 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
Preliminary outlays 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Turbines, TRAFO sttaion, service line 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
B. Current assets -360 000 -772 703 -1 621 089 415 763 415 763 9 745 272 14 262 200 19 129 760 24 347 951 29 916 775 35 836 231 42 106 319 48 727 039 55 698 391 63 020 375 70 692 991
Receivables 0 0 0 0 0 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880
Cash -360 000 -772 703 -1 621 089 415 763 415 763 6 142 392 10 659 320 15 526 880 20 745 071 26 313 895 32 233 351 38 503 439 45 124 159 52 095 511 59 417 495 67 090 111
TOTAL ASSETS 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 135 521 272 134 324 400 133 478 160 132 982 551 132 837 575 133 043 231 133 599 519 134 506 439 135 763 991 137 372 175 139 330 991
LIABILITIES
A. Equity 7 501 000 14 949 298 21 959 853 28 557 705 28 557 705 33 455 676 38 442 790 43 780 536 49 468 914 55 507 925 61 897 567 68 637 842 75 728 748 83 170 287 90 962 458 99 105 260
Core capital 7 861 000 15 722 000 23 583 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000
Profit/Loss - undistributed from previous years -360 000 -360 000 -772 703 -1 623 148 -360 000 -2 886 295 2 011 676 6 998 790 12 336 536 18 024 914 24 063 925 30 453 567 37 193 842 44 284 748 51 726 287 59 518 458
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 295 4 897 971 4 987 114 5 337 746 5 688 378 6 039 010 6 389 642 6 740 274 7 090 907 7 441 539 7 792 171 8 142 803
C. Long-term liabilities 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
Long-term bank credit 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
D. Short-term creditiors 0 0 2 058 3 302 058 3 302 058 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077
Short-term bank debts 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0
Liabilities/commitments 0 0 2 058 2 058 2 058 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077 292 077
TOTAL LIABILITIES 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 126 507 552 125 310 680 124 464 440 123 968 831 123 823 855 124 029 511 124 585 799 125 492 719 126 750 271 128 358 455 130 317 271
EXAMINATION (Assets - Liabilties) 0,00 0,00 0,00 0,00 0,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00
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ATTACHMENT NO. 5
Analysis of financials and return on investment ratios.
FINANCIALS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Return on sales [net profit / sale]
0,00% 22,35% 22,75% 24,35% 25,95% 27,55% 29,15% 30,75% 32,35% 33,95% 35,55% 37,15%
Return on equity [net profit / equity]
0,00% 14,64% 12,97% 12,19% 11,50% 10,88% 10,32% 9,82% 9,36% 8,95% 8,57% 8,22%
Return on assets [net profit / assets]
0,00% 3,61% 3,71% 4,00% 4,28% 4,55% 4,80% 5,05% 5,27% 5,48% 5,67% 5,84%
Debt management coverage [depreciation+operating profit-tax / installments+interest]
0,00 2,11 1,36 1,40 1,44 1,49 1,54 1,60 1,66 1,72 1,79 1,87
Current liquidity [current assets / short-term creditors]
0,13 33,37 48,83 65,50 83,36 102,43 122,69 144,16 166,83 190,70 215,77 242,04
APPRAISAL OF RETURN ON INVESTMENT IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating activity flow -7 397 0 -22 982 769 906 13 902 149 17 194 100 17 111 853 17 029 606 16 947 359 16 865 112 16 782 865 16 700 618 16 618 371 16 536 124 16 453 877
Tax shield on interest (-) 0 78 413 156 827 627 308 1 254 616 1 233 705 1 151 458 1 069 211 986 964 904 717 822 470 740 223 657 976 575 729 493 482
Adjusted operating activity flow 1 397 214 15 156 765 18 427 806 18 263 312 18 098 818 17 934 323 17 769 829 17 605 335 17 440 841 17 276 347 17 111 853 16 947 359
Investment flow -125 776 000 0 0 0 0 0 0 0 0 0 0 0
Liquidation value (1=sale, 0=continuation of activity)
Total flows (for investment appraisal - discounting) -124 378 786 15 156 765 18 427 806 18 263 312 18 098 818 17 934 323 17 769 829 17 605 335 17 440 841 17 276 347 17 111 853 16 947 359
Discount factors 1/(1+k)n
1,00 0,94 0,88 0,82 0,77 0,72 0,67 0,62 0,58 0,54 0,50 0,47
Discounted flows -124 378 786 14 196 220 16 157 436 14 981 376 13 880 538 12 849 903 11 884 716 10 980 464 10 132 837 9 337 700 8 591 042 7 888 925
Cumulative DCF -124 378 786 -110 182 566 -94 025 130 -79 043 754 -65 163 216 -52 313 313 -40 428 597 -29 448 133 -19 315 296 -9 977 596 -1 386 554 6 502 371
NPV (net present value) 84 821 809
IRR (internal rate of return) 14,31%
MIRR (modified internal rate of return) 10,24%
The payback period of the investment costs 11
cumulation of equity and net income -28 557 705 -31 084 000 -26 186 029 -21 198 915 -15 861 169 -10 172 791 -4 133 780 2 255 862 8 996 137 16 087 043 23 528 582 31 320 753
The return on equity 7
INTEREST RATES IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Equity real cost (risk-free
profit + risk bonus)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
Equity nominal cost (real
increased by inflation effect)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
Long-term credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Lon-term credit rate adjusted
for tax shield on interest effect5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67% 5,67%
Operating credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
Operating credit rate adjusted
for tax shield on interest effect4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86% 4,86%
WACC (weighted average capital cost) 6,70% 6,77% 6,82% 6,89% 6,96% 7,04% 7,13% 7,23% 7,35% 7,49% 7,66% 7,85%
Theoretical reinvestment rate 6,70% 6,77% 6,82% 6,89% 6,96% 7,04% 7,13% 7,23% 7,35% 7,49% 7,66% 7,85%
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2026 2027 2028 2029 2030 2031
62 924 200 57 210 400 51 496 600 45 782 800 40 069 000 34 355 200
0 0 0 0 0 0
62 924 200 57 210 400 51 496 600 45 782 800 40 069 000 34 355 200
78 716 239 87 090 119 95 814 631 104 889 775 114 315 551 130 275 946
3 602 880 3 602 880 3 602 880 3 602 880 3 602 880 3 602 880
75 113 359 83 487 239 92 211 751 101 286 895 110 712 671 126 673 066
141 640 439 144 300 519 147 311 231 150 672 575 154 384 551 164 631 146
107 598 695 116 442 762 125 637 461 135 182 791 145 078 754 155 325 349
31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000
67 661 260 76 154 695 84 998 762 94 193 461 103 738 791 113 634 754
8 493 435 8 844 067 9 194 699 9 545 331 9 895 963 10 246 595
24 735 947 18 551 960 12 367 973 6 183 987 0 0
24 735 947 18 551 960 12 367 973 6 183 987 0 0
292 077 292 077 292 077 292 077 292 077 292 077
0 0 0 0 0 0
292 077 292 077 292 077 292 077 292 077 292 077
132 626 719 135 286 799 138 297 511 141 658 855 145 370 831 155 617 426
9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00
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2026 2027 2028 2029 2030 2031
38,75% 40,35% 41,95% 43,55% 45,15% 46,75%
7,89% 7,60% 7,32% 7,06% 6,82% 6,60%
6,00% 6,13% 6,24% 6,34% 6,41% 6,22%
1,96 2,06 2,17 2,29 2,42 ###############
269,51 298,18 328,05 359,12 391,39 446,03
2026 2027 2028 2029 2030 2031
16 371 630 16 289 383 16 207 136 16 124 889 16 042 642 15 960 395
411 235 328 988 246 741 164 494 82 247 0
16 782 865 16 618 371 16 453 877 16 289 383 16 124 889 15 960 395
0 0 0 0 0 0
159 603 949
16 782 865 16 618 371 16 453 877 16 289 383 16 124 889 175 564 344
0,43 0,40 0,37 0,33 0,30 0,28
7 227 403 6 602 407 6 009 556 5 443 833 4 898 963 48 489 878
13 729 774 20 332 181 26 341 737 31 785 570 36 684 533
39 463 555 47 956 990 56 801 057 65 995 756 75 541 086 85 437 049
2026 2027 2028 2029 2030 2031
10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
5,67% 5,67% 5,67% 5,67% 5,67% 5,67%
6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
4,86% 4,86% 4,86% 4,86% 4,86% 4,86%
8,09% 8,39% 8,78% 9,29% 10,00% 10,00%
8,09% 8,39% 8,78% 9,29% 10,00% 10,00%
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ATTACHMENT NO. 6
Project sensitivity analysis.
PRICE AND COST RISE INDICES IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Income tax value 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%
1 MWh unit price 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
1 MWh "Green Energy" unit price 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Wages rise index
Energy price rise index
Other costs rise index
Inflation effect 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00%
EURO exchange rate 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z
NBP's rediscount rate
Investment credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Bridge credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
VARIABLES FOR PROJECT SENSITIVITY ANALYSIS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Net financial result -2 526 375 4 897 971 4 987 114 5 337 746 5 688 378 6 039 010 6 389 642 6 740 274 7 090 907 7 441 539 7 792 171 8 142 803 8 493 435 8 844 067 9 194 699 9 545 331 9 895 963 10 246 595
Revenues 0 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520 21 917 520
CASH BALANCE (at the end of year) 415 683 6 142 392 10 659 320 15 526 880 20 745 071 26 313 895 32 233 351 38 503 439 45 124 159 52 095 511 59 417 495 67 090 111 75 113 359 83 487 239 92 211 751 101 286 895 110 712 671 126 673 066
NPV 84 821 809
IRR 14,31%
MIRR 10,24%
INCREASE OF EURO EXCHANGE RATE (up to 6,97 z/EURO)IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -766 147 17 898 124 -1 160 123 -948 289 -736 455 -524 621 -312 786 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952 -100 952
Revenues 966 578 28 857 970 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314 3 866 314
CASH BALANCE (at the end of year) 56 208 3 312 348 -344 856 -3 728 602 -6 900 514 -9 860 592 -12 608 835 -10 437 819 -8 266 802 -6 095 786 -3 924 769 -1 753 753 417 264 2 588 280 4 759 297 6 930 313 9 101 330 11 272 346
NPV 0
IRR 7,51%
MIRR 5,86%
DROP IN WIND PRODUCTIVITY (down to 18,45%) IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -541 084 10 950 448 -360 198 -277 698 -195 198 -112 698 -30 198 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364 42 364
Revenues 594 559 17 569 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237 2 378 237
CASH BALANCE (at the end of year) 679 678 -916 289 -1 766 278 -2 496 310 -3 143 841 -3 708 873 -4 191 405 -2 768 040 -1 344 676 78 689 1 502 053 2 925 417 4 348 782 5 772 146 7 195 510 8 618 875 10 042 239 11 465 604
NPV 0
IRR 8,14%
MIRR 6,55%
DROP IN WIND PRODUCTIVITY (down to 25%) AND
INCREASE OF EXCHANGE RATE (1 EURO = 5,83 PLN) IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net financial result -677 841 15 124 713 -845 897 -685 621 -525 345 -365 069 -204 793 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517 -44 517
Revenues 805 482 24 306 628 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928 3 221 928
CASH BALANCE (at the end of year) 304 503 1 626 036 -916 751 -3 247 272 -5 417 518 -7 427 487 -9 277 180 -7 404 906 -5 532 632 -3 660 358 -1 788 084 84 190 1 956 464 3 828 738 5 701 012 7 573 286 9 445 560 11 317 834
NPV 0
IRR 7,68%
MIRR 6,06%
-
Unit Number Price Value
Depreciation
period
(in years)
Purchase of ready to implement investment project MW 100,0 11 500 000
Cost of WF construction kpl. 1 114 276 000 20
Turbines pcs 40 2 200 000 88 000 000 20
Total construction works 26 276 000
Roads, crane pads and foundations 8 200 000
Substation 20kV/110kV pcs 2 3 800 000
20kV cables km 40 35 000 1 400 000
110kV UGCL line (cable) with 2.5mln Euro UE Found km 48 237 000 11 376 000
Technical design and community roads reconstruction 1 500 000
Total 125 776 000
Electricx Energy MWh 40,00 8 970 240
Green Energy MWh 50,00 11 212 800
Turbine power MW 2,50
Currency Euro 1,00
Capacity factor of WF % 25,60 2 243
Land Lease and easements Euro 4,00 807 322
Turbines insurance % 0,55 628 518
Other operational costs Euro 100 000 100 000
Turbines operational costs and overhauls (NORDEX) Euro/kWh 0,0080 1 794 048
Credit interest rate (in PLN) ` 7,00
inclusive WIBOR 3M % 3,00
inclusive bank's premium % 4,00
additional payment to interest from NFO % 0,00
Bank comimitment fee % 1,00 825 405
Crediting period lata 15
Credit repayment period lata 1
Subsidy UE % 0
Costs of consultancy to the extent % 0 0
Equity 25,00% 31 444 000
External funding 75,00% 94 332 000
NPV (net present value) 69 935 075
IRR (internal rate of return) 13,22%
MIRR (modified internal rate of return) 9,79%
ZESTAWIENIE NAJWANIEJSZYCH NAKADW KAPITAOWYCH
Purchase of ready to implement investment project 11 500 000
Cost of WF construction 114 276 000
Total 125 776 000
WIND FARM DI DII DIII 100 MW = 40 pcs N100 2.5MW
for P90 avarage WTG production 5607.5 MWh
Capital outlays
Specification
Foredesign (Assumptions) Unit Data Data (p.a.)
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ATTACHMENT NO. 2
Income statement.
INCOME STATEMENT IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Revenues 0 0 0 0 0 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040 20 183 040Sale of electric energy 0 0 0 0 0 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240 8 970 240
unit price (1 MWh) 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26
number of turbine working hours (in a period) 0 0 0 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243
Sale of "Green Energy" certificates 0 0 0 0 0 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800 11 212 800unit price (1 MWh) 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50
installed power (MW) 0,00 0,00 13,16 13,16 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
power utilization (%) 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26 26
number of turbine working hours (in a period) 0 0 0 0 0 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243 2 243
Subsidies 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0POIi [IaE OP] (o IX - dziaanie 9.4) 0
Operating costs 0 0 25 040 25 040 50 160 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848 9 043 848preliminary/rough outlays 0 0
wind turbines 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
other (TRAFO station, service line) 0 0 0
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 8001 0
2 0
3 0
4 0
Fuel 0
Office materials, press 0
Technical materials 0
Pozostae materiay 0
Material consumption 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Electric energy 0
Heat energy 0
Water 0
Other energy 0
Energy 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Transport 0
Courier services 0
Other transport 0
Transport services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Car repairs 0
Fixed assets repairs 0 0 0 0 0 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048
Premises reconditioning 0
Other repairs 0
Repair services 0 0 0 0 0 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048 1 794 048Postal service 0
Land-line telephone 0
Mobile phone 0
Internet access 0
Other communication service 0
Communication service 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Legal services 0
Book-keeping services 0
Banking services 0
Consultancy (to the extent of subsidies from POIi [IaE OP]) 0 0
Other office services 0
Office services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Research/reviews 0
Rent of premises 0
Land lease 40 40 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160 160
Hiring of equipment and machines/facilities (inc. leasing) 0 0
Property protection 0
Other third party services 25000 25000 50 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000 100 000
Other third party services 0 0 25 040 25 040 50 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160 100 160Management 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Casual workers 0
Other remuneration/fees 0
REMUNERATION/SALARIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0ZUS contribution 0
Szkolenia 0
BHP [Safety &Hygiene at Work] performance in re 0
Other perfromances/benefits 0
Remuneration surcharges/markups 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Land tax 0
Real estate tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
VAT constituting cost 0
Notarial and court fees 0
PCC [Tax on Civil Law Transactions] 0
Other taxes and charges 0
Taxes and charges 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Domestic trips 0
Trips abroad 0
Business trips 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Turbines insurance 0 0 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518 628 518
Personal insurance 0
Land lease conditions 0 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322 807 322
Other costs 0
Other costs 0 0 0 0 0 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840 1 435 840
Profit on operating activities 0 0 -25 040 -25 040 -50 160 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192 11 139 192
Financial costs (interest) 0 ############### ############# ############# 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Gross financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 4 535 952 4 646 006 5 078 885 5 511 765 5 944 644 6 377 523 6 810 402 7 243 281 7 676 160 8 109 039 8 541 918 8 974 797 9 407 676 9 840 555 10 273 434 10 706 313 11 139 192
Income tax 0 0 0 0 0 861 831 882 741 964 988 1 047 235 1 129 482 1 211 729 1 293 976 1 376 223 1 458 470 1 540 717 1 622 964 1 705 211 1 787 458 1 869 705 1 951 953 2 034 200 2 116 447
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 3 674 121 3 763 265 4 113 897 4 464 529 4 815 161 5 165 793 5 516 425 5 867 057 6 217 689 6 568 322 6 918 954 7 269 586 7 620 218 7 970 850 8 321 482 8 672 114 9 022 746
CREDIT LINE (investment) IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 23 583 000 47 166 000 70 749 000 23 583 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0
Borrowings/debt contracting 23 583 000 23 583 000 23 583 000 23 583 000 94 332 000 0
Repayments 0 1 572 200 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 6 183 987 0
Balance at the end of year 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933 24 735 947 18 551 960 12 367 973 6 183 987 0 0
Interest rate 1,75% 1,75% 1,75% 1,75% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%
Interest 0 412 703 825 405 1 238 108 2 476 215 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
CREDIT REPAYMENT PERIOD (number of years)
CREDIT LINE (bridge)
I
Q
2
0
1
3 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Opening balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Borrowings/debt contracting 3 300 000 3 300 000
Repayments 0 0 0 0 0
Balance at the end of year 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest rate 1,50% 1,50% 1,50% 1,50% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CREDIT REPAYMENT PERIOD (number of years)
PRICE AND COST RISE INDICES IQ 2013 IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Income tax value 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%
1 MWh unit price 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00 40,00
1 MWh "Green Energy" unit price 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00 50,00
Wages rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Energy price rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Other costs rise index 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Inflation effect 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00% 4,00%
EURO exchange rate 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z 1,00 z
NBP's rediscount rate 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
Investment credit interest rate 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00% 7,00%Bridge credit interest rate 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00% 6,00%
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ATTACHMENT NO. 3
Cash flows.
FLOWS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 375 3 674 121 3 763 265 4 113 897 4 464 529 4 815 161 5 165 793 5 516 425 5 867 057 6 217 689 6 568 322 6 918 954 7 269 586 7 620 218 7 970 850 8 321 482 8 672 114 9 022 746
Adjustments:
Depreciation 0 0 0 0 0 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800 5 713 800
Interest paid 0 412 703 825 405 1 238 108 3 301 620 6 603 240 6 493 186 6 060 307 5 627 428 5 194 549 4 761 670 4 328 791 3 895 912 3 463 033 3 030 153 2 597 274 2 164 395 1 731 516 1 298 637 865 758 432 879 0
Change in receivables (-) 0 0 0 0 0 -3 317 760 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in liabilities (+) -7 397 0 2 058 0 -5 339 271 644 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
A. Flows from operating activities -7 397 0 -22 982 -25 040 769 906 12 945 046 15 970 251 15 888 004 15 805 757 15 723 510 15 641 263 15 559 016 15 476 769 15 394 522 15 312 275 15 230 028 15 147 781 15 065 534 14 983 287 14 901 040 14 818 793 14 736 546
Investments in fixed assets (-) -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000
Other investments (-)
B. Flows from investment activities -31 444 000 -31 444 000 -31 444 000 -31 444 000 -125 776 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity contribution 7 861 000 7 861 000 7 861 000 7 861 000 31 444 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contracted credits 23 583 000 23 583 000 23 583 000 26 883 000 97 632 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment of credits (-) 0 0 0 0 0 -1 572 200 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 -6 183 987 0
Interest paid (-) 0 -412 703 -825 405 -1 238 108 -3 301 620 -6 603 240 -6 493 186 -6 060 307 -5 627 428 -5 194 549 -4 761 670 -4 328 791 -3 895 912 -3 463 033 -3 030 153 -2 597 274 -2 164 395 -1 731 516 -1 298 637 -865 758 -432 879 0
C. Flows from financial activity 31 444 000 31 031 298 30 618 595 33 505 893 125 774 380 -8 175 440 -12 677 173 -12 244 294 -11 811 415 -11 378 535 -10 945 656 -10 512 777 -10 079 898 -9 647 019 -9 214 140 -8 781 261 -8 348 382 -7 915 503 -7 482 624 -7 049 745 -6 616 866 0
TOTAL FLOWS -7 397 -412 703 -848 387 2 036 853 768 286 4 769 606 3 293 079 3 643 711 3 994 343 4 344 975 4 695 607 5 046 239 5 396 871 5 747 503 6 098 135 6 448 767 6 799 399 7 150 031 7 500 663 7 851 295 8 201 927 14 736 546
CASH BALANCE (at
the end of year) -360 000 -772 703 -1 621 089 415 763 415 683 5 185 289 8 478 368 12 122 078 16 116 421 20 461 395 25 157 002 30 203 241 35 600 112 41 347 614 47 445 749 53 894 516 60 693 915 67 843 946 75 344 609 83 195 904 91 397 831 106 134 377
NET WORKING CAPITAL - NWC IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Liabilities balance 0 0 2 058 2 058 2 058 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703
Change in liabilities -7 397 0 2 058 0 -5 339 271 644 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Receivables balance 0 0 0 0 0 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760
Change in receivables 0 0 0 0 0 3 317 760 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Days of coverage liabilties
Accounts receivable turnover (days)
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ATTACHMENT NO. 4
Balance Sheet
BALANCE SHEET IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
ASSETS
A. Fixed assets 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
Preliminary outlays 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Turbines, TRAFO sttaion, service line 31 444 000 62 888 000 94 332 000 125 776 000 125 776 000 125 776 000 120 062 200 114 348 400 108 634 600 102 920 800 97 207 000 91 493 200 85 779 400 80 065 600 74 351 800 68 638 000
B. Current assets -360 000 -772 703 -1 621 089 415 763 415 763 8 503 049 11 796 128 15 439 838 19 434 181 23 779 155 28 474 762 33 521 001 38 917 872 44 665 374 50 763 509 57 212 276
Receivables 0 0 0 0 0 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760 3 317 760
Cash -360 000 -772 703 -1 621 089 415 763 415 763 5 185 289 8 478 368 12 122 078 16 116 421 20 461 395 25 157 002 30 203 241 35 600 112 41 347 614 47 445 749 53 894 516
TOTAL ASSETS 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 134 279 049 131 858 328 129 788 238 128 068 781 126 699 955 125 681 762 125 014 201 124 697 272 124 730 974 125 115 309 125 850 276
LIABILITIES
A. Equity 7 501 000 14 949 298 21 959 853 28 557 705 28 557 705 32 231 826 35 995 092 40 108 989 44 573 518 49 388 679 54 554 473 60 070 898 65 937 956 72 155 645 78 723 967 85 642 920
Core capital 7 861 000 15 722 000 23 583 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000 31 444 000
Profit/Loss - undistributed from previous years -360 000 -360 000 -772 703 -1 623 148 -360 000 -2 886 295 787 826 4 551 092 8 664 989 13 129 518 17 944 679 23 110 473 28 626 898 34 493 956 40 711 645 47 279 967
Net financial result 0 -412 703 -850 445 -1 263 148 -2 526 295 3 674 121 3 763 265 4 113 897 4 464 529 4 815 161 5 165 793 5 516 425 5 867 057 6 217 689 6 568 322 6 918 954
C. Long-term liabilities 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
Long-term bank credit 23 583 000 47 166 000 70 749 000 94 332 000 94 332 000 92 759 800 86 575 813 80 391 827 74 207 840 68 023 853 61 839 867 55 655 880 49 471 893 43 287 907 37 103 920 30 919 933
D. Short-term creditiors 0 0 2 058 3 302 058 3 302 058 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703
Short-term bank debts 0 0 0 3 300 000 3 300 000 0 0 0 0 0 0 0 0 0 0 0
Liabilities/commitments 0 0 2 058 2 058 2 058 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703 273 703
TOTAL LIABILITIES 31 084 000 62 115 298 92 710 911 126 191 763 126 191 763 125 265 329 122 844 608 120 774 518 119 055 061 117 686 235 116 668 042 116 000 481 115 683 552 115 717 254 116 101 589 116 836 556
EXAMINATION (Assets - Liabilties) 0,00 0,00 0,00 0,00 0,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00 9 013 720,00
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ATTACHMENT NO. 5
Analysis of financials and return on investment ratios.
FINANCIALS IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Return on sales [net profit / sale]
0,00% 18,20% 18,65% 20,38% 22,12% 23,86% 25,59% 27,33% 29,07% 30,81% 32,54% 34,28%
Return on equity [net profit / equity]
0,00% 11,40% 10,45% 10,26% 10,02% 9,75% 9,47% 9,18% 8,90% 8,62% 8,34% 8,08%
Return on assets [net profit / assets]
0,00% 2,74% 2,85% 3,17% 3,49% 3,80% 4,11% 4,41% 4,71% 4,98% 5,25% 5,50%
Debt management coverage [depreciation+operating profit-tax / installments+interest]
0,00 1,96 1,26 1,30 1,34 1,38 1,43 1,48 1,54 1,60 1,66 1,73
Current liquidity [current assets / short-term creditors]
0,13 31,07 43,10 56,41 71,00 86,88 104,04 122,47 142,19 163,19 185,47 209,03
APPRAISAL OF RETURN ON INVESTMENT IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operating activity flow -7 397 0 -22 982 769 906 12 945 046 15 970 251 15 888 004 15 805 757 15 723 510 15 641 263 15 559 016 15 476 769 15 394 522 15 312 275 15 230 028
Tax shield on interest (-) 0 78 413 156 827 627 308 1 254 616 1 233 705 1 151 458 1 069 211 986 964 904 717 822 470 740 223 657 976 575 729 493 482
Adjusted operating activity flow 1 397 214 14 199 662 17 203 957 17 039 462 16 874 968 16 710 474 16 545 980 16 381 486 16 216 992 16 052 498 15 888 004 15 723 510
Investment flow -125 776 000 0 0 0 0 0 0 0 0 0 0 0
Liquidation value (1=sale, 0=continuation of activity)
Total flows (for investment appraisal - discounting) -124 378 786 14 199 662 17 203 957 17 039 462 16 874 968 16 710 474 16 545 980 16 381 486 16 216 992 16 052 498 15 888 004 15 723 510
Discount factors 1/(1+k)n
1,00 0,94 0,88 0,82 0,77 0,72 0,67 0,62 0,58 0,54 0,50 0,47
Discounted flows -124 378 786 13 299 772 15 084 370 13 977 454 12 941 931 11 973 017 11 066 188 10 217 148 9 421 802 8 676 221 7 976 606 7 319 228
Cumulative DCF -124 378 786 -111 079 014 -95 994 645 -82 017 191 -69 075 260 -57 102 242 -46 036 054 -35 818 906 -26 397 105 -17 720 883 -9 744 278 -2 425 049
NPV (net present value) 69 935 075
IRR (internal rate of return) 13,22%
MIRR (modified internal rate of return) 9,79%
The payback period of the investment costs 12
cumulation of equity and net income -28 557 705 -31 084 000 -27 409 879 -23 646 613 -19 532 716 -15 068 187 -10 253 026 -5 087 232 429 193 6 296 251 12 513 940 19 082 262
The return on equity 8
INTEREST RATES IQ 2014 IIQ 2014 IIIQ 2014 IV 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Equity real cost (risk-free
profit + risk bonus)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%
Equity nominal cost (real
increased by inflation effect)10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,0
