Project Finance Model for Generic Diesel & RE Hybrid Power Plant
Project Finance Model for Generic Diesel & RE Hybrid Power Plant
The determination of optimal combination of diesel and renewable energy (RE) hybrid power plant is sometimes a difficult exercise for the project developer and EPC contractor.
After an inventory of the available fuel and RE resources in a particular location and application, the next step is to determine thru project finance modeling the economics of a stand alone diesel generator power plant (usually a compression ignition diesel engine running on expensive diesel fuel, gas oil, light fuel oil and bunker fuel oil), and considering a hybrid configuration using biomass resources (biomass gasification with diesel engine, landfill methane with diesel engine, sewage digestion or biogas with diesel engine, municipal solid waste with steam turbine generator, biomass direct combustion with steam turbine generator, biomass co-firing with fossil coal and oil, mini-hydro, wind farm and solar PV).
Your energy technology expert would like to announce that a project finance model incorporating the above diesel and RE hybrid power plant is now available for your immediate use. The model has initial data on the commercial capacity MW of each technology, $ cost per kW, variable O&M $/kWh, fixed O&M $/kW/year, capacity factor, and plant heat rate or thermal efficiency.
Other data includes the cost of each type of fuel or RE resource, its heating value and efficiency when used in each power generation technology. The overhaul and maintenance schedule is also modeled, together with the degradation of plant capacity and efficiency between overhaul cycle.
Carbon emission reduction credits under the CDM of the Kyoto Protocol is also included in the model which provides for upfront registration with the CDM Executive Board and consultancy fees and recurring annual charges for the CER credits net of annual monitoring fees of the executive board and local DNA and accredited auditors responsible for monitoring the power generation and its equivalent CERs.
The model includes the estimation of annual generation, revenues, operating expenses, regulatory expenses, income tax, debt, cash flow, DCF IRR and payback period when comparing project cost with cash flow, equity portion of project cost with cash flow, and equity portion with dividends flow. It also provides a balance sheet and statement of cash flows. A project summary and graphics is also presented for greater understanding of the financial model.
Finally, for purposes of tariff presentation to the regulator, a levelized price of electricity and breakdown of levelized generation cost is also presented.
For securing bank loan, it has a well-presented Financial Reports (Income Statement, Cash Flow and Balance Sheet).
Please email the author if you are interested in the newest model for project developers and EPC contractors.
Marcial T. Ocampo
Energy Technology Selection and Business Development Consultant
email: mars_ocampo@yahoo.com
energydataexpert@gmail.com
web: www.energytechnologyexpert.com
————— snippet of model for your reference
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PROJECT FINANCE MODEL : Generic Hybrid Power Plant Model | Name | Generic Hybric Power Plant Model |
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press ctrl + e to update this table |
PhP/kWh |
US$/kWh |
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(C) Copyright 2009 by Marcial T. Ocampo (November 2009) |
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Diesel only |
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11.0002 |
0.2270 |
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INSTRUCTIONS |
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US$/kWh |
mars_ocampo@yahoo.com |
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Diesel hybrid | Biomass Gasification |
11.9909 |
0.2474 |
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(This example is in PhP Thousand, except for the unit prices which are in PhP/kWh) |
0.2646 |
energydataexpert@gmail.com |
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Diesel hybrid | Mini-Hydro |
10.9468 |
0.2259 |
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Year 0 reflects the starting assumptions, which will be applicable starting in year 1. |
Select NPV to use (1) |
12.8221 |
NPV |
IRR |
Payback |
Diesel hybrid | Wind Farm |
10.4824 |
0.2163 |
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Blue cells must be filled out by the user. |
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NPV-ROI |
0 |
(10,339,699) |
4.18% |
15.28 |
Diesel hybrid | Solar PV |
12.8221 |
0.2646 |
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Escalate fuel, lubes, tariff and O&M costs? (1=yes, 0=no) |
0 |
NPV-ROE |
1 |
0 |
15.00% |
9.65 |
press ctrl + d to converge model (set cell E10 to zero by changing cell E5 | |||
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CALCULATION OF GROSS OPERATING MARGIN |
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NPV-FC |
0 |
(427,819) |
13.87% |
9.65 |
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NPV-FC discounted |
0 |
(1,274,388) |
11.15% |
10.28 |
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Year |
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used |
0.00 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
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Days Per Year |
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365 |
365 |
365 |
366 |
365 |
365 |
365 |
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Hours Per Day |
24 |
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24 |
24 |
24 |
24 |
24 |
24 |
24 |
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Plant Operation |
365 |
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Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
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Overhaul Cycle |
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0 |
1 |
2 |
3 |
4 |
5 |
1 |
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Capacity Degradation |
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Normal, % p.a. |
1.00% |
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1.0000 |
1.0100 |
1.0201 |
1.0303 |
1.0406 |
1.0090 |
1.0191 |
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Overhaul, % p.a. |
-4.00% |
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1.00% |
1.00% |
1.00% |
1.00% |
-3.04% |
1.00% |
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Overhaul Cycle, yr |
5 |
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Recovery, % |
80.00% |
35.06% |
% RE Penetration (10% – 35%) for stability of hybrid system |
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35.1% |
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Select |
Select Manufacturer/Engine Model: |
MW |
Heat Rate, Btu / kWh |
Efficiency, % |
EPC Cost, $/kW |
Variable O&M |
Fixed O&M |
MW gross |
Own Use(1) |
MW net |
units |
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1 |
1) Diesel Oil Engine Power Plant |
50.000 |
7,260 |
47.00% |
1,300 |
0.00500 |
0.040 |
50.000 |
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50.000 |
1 |
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0 |
2) Biomass Gasification Engine Power Plant |
0.000 |
9,748 |
35.00% |
1,500 |
0.00187 |
0.242 |
30.000 |
|
30.000 |
0.9 |
|
0 |
3) Biomass Landfill Methane Engine Power Plant |
0.000 |
8,123 |
42.00% |
1,170 |
0.00540 |
0.242 |
21.000 |
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21.000 |
1.28 |
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0 |
4) Biomass Sewage Digestion (Biogas) Engine Power Plant |
0.000 |
13,123 |
26.00% |
5,600 |
0.00540 |
0.242 |
1.000 |
|
1.000 |
26.9 |
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0 |
5) Biomass Municipal Solid Waste Steam Turbine Power Plant |
0.000 |
16,248 |
21.00% |
5,000 |
0.00540 |
0.242 |
100.000 |
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100.000 |
0.269 |
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0 |
6) Biomass Direct Combustion Steam Turbine Power Plant |
0.000 |
14,835 |
23.00% |
1,900 |
0.00520 |
0.430 |
1,000.000 |
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1,000.000 |
0.0269 |
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0 |
7) Biomass Co-Firing with Coal/Oil Steam Turbine Power Plant |
0.000 |
8,979 |
38.00% |
700 |
0.00325 |
0.225 |
150.000 |
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150.000 |
0.1795 |
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0 |
8) Mini-Hydro Power Plant |
0.000 |
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75.00% |
1,300 |
0.00000 |
0.000 |
30.000 |
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30.000 |
0.9 |
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0 |
9) Wind Farm Power Plant |
0.000 |
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60.00% |
857 |
0.00000 |
0.256 |
40.000 |
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40.000 |
0.7 |
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1 |
10) Solar PV Power Plant |
27.000 |
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60.00% |
3,136 |
0.00000 |
0.097 |
10.000 |
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10.000 |
2.7 |
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Used |
Hybrid Power Plant |
77.000 |
7,260 |
47.00% |
1,943.79 |
0.00411 |
0.060 |
60.000 |
0.000 |
60.000 |
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(1) Own use is mainly condenser cooling pumping power |
0.000 |
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| RC | Plant Rated Capacity, MW |
77.000 |
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77.000 |
77.000 |
77.000 |
77.000 |
77.000 |
77.000 |
| DC | Dependable Capacity, MW |
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76.238 |
75.483 |
74.735 |
73.995 |
76.315 |
75.560 |
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Plant Availability |
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| CD | Calendar Days |
365.25 |
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365 |
365 |
366 |
365 |
365 |
365 |
| PH | Total Period Hours |
24 |
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8760 |
8760 |
8784 |
8760 |
8760 |
8760 |
| POH | Planned Overhaul, days (3 wks) |
21 |
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21 |
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| RMH | Regular Maintenance, days (1 wks) |
7 |
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7 |
7 |
7 |
7 |
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7 |
| ESD | Economic S/D, % of CD |
0.30% |
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1.10 |
1.10 |
1.10 |
1.10 |
1.10 |
1.10 |
| DSD | Deactivated S/D – External, % of CD |
0.50% |
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1.83 |
1.83 |
1.83 |
1.83 |
1.83 |
1.83 |
| UO | Total Unforced Outage, days |
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9.92 |
9.92 |
9.93 |
9.92 |
23.92 |
9.92 |
| FO | Forced Outage – Internal, % of CD |
5.00% |
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18.25 |
18.25 |
18.30 |
18.25 |
18.25 |
18.25 |
| TO | Total Outage, days |
30.98 |
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28.17 |
28.17 |
28.23 |
28.17 |
42.17 |
28.17 |
| TOH | Total Operating Hours |
8,022 |
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8,084 |
8,084 |
8,107 |
8,084 |
7,748 |
8,084 |
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Plant Statistics |
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| OR | Outage Rate = FO*24/ (FO*24+TOH) |
5.18% |
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5.14% |
5.14% |
5.14% |
5.14% |
5.35% |
5.14% |
| AVL | Availability = TOH/PH |
91.52% |
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92.28% |
92.28% |
92.29% |
92.28% |
88.45% |
92.28% |
| EA | Equivalent Availability |
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| EA = (DC*(PH/24 -POH-RMH-FO-ESD-DSD))/(RC*(PH/24-ESD-DSD)) |
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0.9908 |
diesel |
92.11% |
91.19% |
90.30% |
89.40% |
88.37% |
91.29% |
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Reliability = 1-OR |
94.82% |
|
1.3305 |
biomass gasification |
94.86% |
94.86% |
94.86% |
94.86% |
94.65% |
94.86% |
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Generation and Capacity Factor |
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1.1087 |
biomass landfill |
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| LF | Load Factor, % of DC |
95.00% |
|
1.7910 |
sewage digestion |
95.00% |
95.00% |
95.00% |
95.00% |
95.00% |
95.00% |
| PG | Potential Generation = DC*LF*TOH | MWh |
11,332,267 |
municipal solid waste |
1.5070 |
585,484 |
579,687 |
575,553 |
568,265 |
561,722 |
580,279 |
| RG | Rated Generation = RC*PH | MWh |
13,499,640 |
biomass direct |
1.3760 |
674,520 |
674,520 |
676,368 |
674,520 |
674,520 |
674,520 |
| CF | Capacity Factor = PG / RG |
83.94% |
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co-firing |
0.8328 |
86.80% |
85.94% |
85.09% |
84.25% |
83.28% |
86.03% |
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Plant Heat Rate |
1=CCGT |
2=Cogen |
3=Diesel Engine |
4=Thermal |
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| GT | Gas Turbine Output (1 / 3) |
33.33% |
77.00% |
49.00% |
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| ST | Steam Turbine Input (2 / 3) |
66.67% |
23.00% |
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| BE | Boiler Efficiency at 1% cont. BD |
90.00% |
85.00% |
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90.00% |
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| STE | Steam Turbine Efficiency |
40.00% |
37.00% |
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37.00% |
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| ME | Mechanical Drive / Clutch Efficiency |
99.00% |
99.00% |
99.00% |
99.00% |
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| GE | Generator Efficiency |
96.00% |
96.00% |
96.00% |
96.00% |
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| OE | Overall Efficiency=(GT+ST*BE*STE)*ME*GE |
54.49% |
80.06% |
46.57% |
31.65% |
47.00% |
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Plant Heat Rate at 100% eff. |
3412.12822 |
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| IPHR | Plant Heat Rate, Btu / kWh = 3412/ OE |
6,262 |
4,262 |
7,327 |
10,781 |
7,260 |
7,260 |
7,260 |
7,260 |
7,260 |
7,260 |
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Heat Rate (Efficiency) Degradation |
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Normal, % p.a. |
1.00% |
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1.0000 |
1.0100 |
1.0201 |
1.0303 |
1.0406 |
1.0090 |
1.0191 |
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Overhaul, % p.a. |
-4.00% |
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1.00% |
1.00% |
1.00% |
1.00% |
-3.04% |
1.00% |
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Overhaul Cycle, yr |
5 |
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Recovery, % |
80.00% |
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| APHR | Actual Plant Heat Rate, Btu/kWh |
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|
7,332 |
7,405 |
7,480 |
7,554 |
7,325 |
7,398 |
| AOE | Actual Overall Efficiency, % of fuel GHV |
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46.54% |
46.08% |
45.62% |
45.17% |
46.58% |
46.12% |
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Net Electricity Sales, MWh |
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Potential Generation |
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585,484 |
579,687 |
575,553 |
568,265 |
561,722 |
580,279 |
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Less: |
Step-up Transformer Loss (Switchyard), MWh |
5.00% |
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|
5.00% |
5.00% |
5.00% |
5.00% |
5.00% |
5.00% |
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Generation at Plant Fence |
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|
556,210 |
550,703 |
546,775 |
539,852 |
533,636 |
551,265 |
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Less: |
Transmission Line Losses, MWh |
2.00% |
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|
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
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Net Electricity Sales to Customer |
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|
545,086 |
539,689 |
535,840 |
529,055 |
522,963 |
540,240 |
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Less: |
Other Losses (non-technical, pilferage), MWh |
0.00% |
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0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
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Electricity sales to the network (MWh) |
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545,086 |
539,689 |
535,840 |
529,055 |
522,963 |
540,240 |
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Annual increase of the volume, % p.a. |
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0.0% |
-1.0% |
-0.7% |
-1.3% |
-1.2% |
3.3% |
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Fuel Consumption |
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Gross Generation (Potential Generation), MWh |
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585,484 |
579,687 |
575,553 |
568,265 |
561,722 |
580,279 |
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Plant Heat Rate, Btu/kWh |
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|
7,332 |
7,405 |
7,480 |
7,554 |
7,325 |
7,398 |
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Total Energy Input to be supplied by fuel, Million Btu |
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|
4,292,845 |
4,292,845 |
4,304,850 |
4,292,845 |
4,114,417 |
4,292,845 |
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% Blend |
Energy Supplied by each fuel, Million Btu |
GHV, Btu/lb |
NHV, Btu/lb |
GHV / NHV |
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10.00% |
Natural Gas (Malampaya Gas) – cogen, CCGT |
22,129 |
20,249 |
1.093 |
|
429,284 |
429,284 |
430,485 |
429,284 |
411,442 |
429,284 |
|
70.00% |
Diesel Oil – engine, CCGT |
19,650 |
18,453 |
1.065 |
|
3,004,991 |
3,004,991 |
3,013,395 |
3,004,991 |
2,880,092 |
3,004,991 |
|
5.00% |
Low Sulfur Fuel Oil (LSFO – 1% S) – cogen, CCGT |
18,400 |
17,449 |
1.055 |
|
214,642 |
214,642 |
215,243 |
214,642 |
205,721 |
214,642 |
|
5.00% |
Bunker Fuel Oil (BFO – 3% S) – thermal, CCGT |
19,670 |
18,565 |
1.060 |
|
214,642 |
214,642 |
215,243 |
214,642 |
205,721 |
214,642 |
|
5.00% |
Coal (Lignite, Bituminous, Anthracite) – thermal |
10,000 |
9,475 |
1.055 |
|
214,642 |
214,642 |
215,243 |
214,642 |
205,721 |
214,642 |
|
5.00% |
Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas) |
4,000 |
3,463 |
1.155 |
|
214,642 |
214,642 |
215,243 |
214,642 |
205,721 |
214,642 |
|
lb/kg |
Fuel Quantity |
kg / Liter |
GHV, Btu/Liter |
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|
2.2046 |
Natural Gas (Malampaya Gas) – cogen, CCGT |
1.05506 |
kJ / Btu |
GJ (Million kJ) |
|
452,921 |
452,921 |
454,188 |
452,921 |
434,096 |
452,921 |
|
liters/gal |
Diesel Oil – engine, CCGT |
0.8448 |
36,597 |
Million Liters |
|
82.110 |
82.110 |
82.340 |
82.110 |
78.697 |
82.110 |
|
3.7854 |
Low Sulfur Fuel Oil (LSFO – 1% S) – cogen, CCGT |
0.9659 |
39,181 |
Million Liters |
|
5.478 |
5.478 |
5.493 |
5.478 |
5.250 |
5.478 |
|
kJ / Btu |
Bunker Fuel Oil (BFO – 3% S) – thermal, CCGT |
0.8916 |
38,664 |
Million Liters |
|
5.552 |
5.552 |
5.567 |
5.552 |
5.321 |
5.552 |
|
|
Coal (Lignite, Bituminous, Anthracite) – thermal |
Btu/kg |
22,046 |
Million kg |
|
9.736 |
9.736 |
9.763 |
9.736 |
9.331 |
9.736 |
|
|
Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas) |
Btu/kg |
8,818 |
Million kg |
|
24.340 |
24.340 |
24.408 |
24.340 |
23.329 |
24.340 |
|
|
Total Million Liters FOE |
|
|
Million Liters FOE |
|
111.030 |
111.030 |
111.341 |
111.030 |
106.415 |
111.030 |
|
|
Specific Fuel Consumption, Liters FOE / kWh |
|
|
|
|
0.190 |
0.192 |
0.193 |
0.195 |
0.189 |
0.191 |
|
Reference |
Unit Fuel Cost |
PhP / Liter 2009 |
Escalation |
2009 |
$ / Million Btu |
|
|
|
|
|
|
|
8.628 |
Natural Gas (Malampaya Gas) – cogen, CCGT |
418.11 |
0.00% |
PhP / GJ |
9.10 |
418.11 |
418.11 |
418.11 |
418.11 |
418.11 |
418.11 |
|
46.44 |
Diesel Oil – engine, CCGT |
30.00 |
0.00% |
PhP / Liter |
16.92 |
30.00 |
30.00 |
30.00 |
30.00 |
30.00 |
30.00 |
|
35.97 |
Low Sulfur Fuel Oil (LSFO – 1% S) – cogen, CCGT |
23.24 |
0.00% |
PhP / Liter |
12.24 |
23.24 |
23.24 |
23.24 |
23.24 |
23.24 |
23.24 |
|
34.84 |
Bunker Fuel Oil (BFO – 3% S) – thermal, CCGT |
22.51 |
0.00% |
PhP / Liter |
12.01 |
22.51 |
22.51 |
22.51 |
22.51 |
22.51 |
22.51 |
|
$85.00 |
Coal (Lignite, Bituminous, Anthracite) – thermal |
4.12 |
0.00% |
PhP / kg |
3.86 |
4.12 |
4.12 |
4.12 |
4.12 |
4.12 |
4.12 |
|
10.00% |
Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas) |
2.29 |
0.00% |
PhP / kg |
5.35 |
2.29 |
2.29 |
2.29 |
2.29 |
2.29 |
2.29 |
|
|
Total Fuel Cost, Million PhP |
|
|
|
|
3,000.689 |
3,000.689 |
3,009.081 |
3,000.689 |
2,875.968 |
3,000.689 |
|
Methane |
Natural Gas (Malampaya Gas) – cogen, CCGT |
|
|
|
|
189.372 |
189.372 |
189.902 |
189.372 |
181.501 |
189.372 |
|
70% |
Diesel Oil – engine, CCGT |
|
|
|
|
2,463.305 |
2,463.305 |
2,470.194 |
2,463.305 |
2,360.920 |
2,463.305 |
|
Btu/scf |
Low Sulfur Fuel Oil (LSFO – 1% S) – cogen, CCGT |
|
|
|
|
127.293 |
127.293 |
127.649 |
127.293 |
122.002 |
127.293 |
|
960 |
Bunker Fuel Oil (BFO – 3% S) – thermal, CCGT |
|
|
|
|
124.945 |
124.945 |
125.294 |
124.945 |
119.752 |
124.945 |
|
1100 |
Coal (Lignite, Bituminous, Anthracite) – thermal |
|
|
|
|
40.104 |
40.104 |
40.216 |
40.104 |
38.437 |
40.104 |
|
1030 |
Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas) |
|
|
|
|
55.670 |
55.670 |
55.825 |
55.670 |
53.356 |
55.670 |
|
|
Average fuel cost, PhP/Liter |
27.03 |
|
|
|
27.03 |
27.03 |
27.03 |
27.03 |
27.03 |
27.03 |
|
|
Average fuel cost escalation, % p.a. |
|
0.00% |
|
|
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
Lube Oil Consumption |
|
|
|
|
|
|
|
|
|
|
|
|
Normal, % p.a. |
2.00% |
|
|
1.0000 |
1.0200 |
1.0404 |
1.0612 |
1.0824 |
1.0158 |
1.0361 |
|
|
Overhaul, % p.a. |
-8.00% |
|
|
|
2.00% |
2.00% |
2.00% |
2.00% |
-6.16% |
2.00% |
|
|
Overhaul Cycle, yr |
5 |
|
|
|
|
|
|
|
|
|
|
|
Recovery, % |
80.00% |
|
|
|
|
|
|
|
|
|
|
|
Ideal Lube Oil Consumption, g/kWh |
0.254 |
|
|
|
0.254 |
0.254 |
0.254 |
0.254 |
0.254 |
0.254 |
|
|
Actual Lube Oil Consumption, g/kWh |
|
|
|
|
0.259 |
0.264 |
0.269 |
0.274 |
0.257 |
0.263 |
|
Reference |
Lube Oil Consumption, Million Liters |
0.8500 |
kg/Liter |
|
|
0.178 |
0.180 |
0.182 |
0.183 |
0.170 |
0.179 |
|
232.00 |
Lube Oil Cost, Million PhP |
149.87 |
0.00% |
|
|
26.693 |
26.957 |
27.300 |
27.493 |
25.503 |
26.872 |
|
|
Average lube oil cost, PhP/Liter |
|
|
|
|
149.871 |
149.871 |
149.871 |
149.871 |
149.871 |
149.871 |
|
|
Average lube oil escalation, % p.a. |
|
0.00% |
|
|
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A) Operating income: ‘000 PhP |
365 |
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Electric tariff for sales to the network (PhP/kWh) |
|
12.8221 |
|
|
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
|
|
Annual increase of the tariff, % p.a. |
|
0.00% |
|
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
|
Income from sales to DU, ‘000 PhP |
|
|
|
|
4,892,397 |
4,843,958 |
4,809,410 |
4,748,513 |
4,693,838 |
4,848,904 |
|
|
Electricity sales to DU, MWh |
70.00% |
of sales |
|
|
381,560 |
377,782 |
375,088 |
370,338 |
366,074 |
378,168 |
|
|
Electricity tariff to DU, PhP/kWh |
1.000 |
12.8221 |
discount tariff (direct customers) |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
|
|
|
Income from sales to NPC, ‘000 PhP |
|
|
|
|
1,397,828 |
1,383,988 |
1,374,117 |
1,356,718 |
1,341,097 |
1,385,401 |
|
|
Electricity sales to NPC, MWh |
20.00% |
of sales |
|
|
109,017 |
107,938 |
107,168 |
105,811 |
104,593 |
108,048 |
|
|
Electricity tariff to NPC, PhP/kWh |
1.000 |
12.8221 |
reference tariff (average grid) |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
|
|
|
Income from sales to WESM, ‘000 PhP |
|
|
|
|
698,914 |
691,994 |
687,059 |
678,359 |
670,548 |
692,701 |
|
|
Electricity sales to WESM, MWh |
10.00% |
of sales |
|
|
54,509 |
53,969 |
53,584 |
52,905 |
52,296 |
54,024 |
|
|
Electricity tariff to WESM, PhP/kWh |
1.000 |
12.8221 |
WESM tariff (wholesale spot market) |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
12.8221 |
|
|
|
Income from garbage tipping fee, ‘000 PhP |
|
|
|
|
2,434 |
2,434 |
2,441 |
2,434 |
2,333 |
2,434 |
|
|
Garbage quantity, Million MT |
|
|
|
|
0.024 |
0.024 |
0.024 |
0.024 |
0.023 |
0.024 |
|
|
Tipping fee, PhP/MT |
100 |
0.00% |
|
|
100.000 |
100.000 |
100.000 |
100.000 |
100.000 |
100.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING INCOME |
|
|
|
|
6,991,573 |
6,922,374 |
6,873,027 |
6,786,023 |
6,707,816 |
6,929,440 |
|
|
Annual increase in Operating Income |
|
|
|
|
0.0% |
-1.0% |
-0.7% |
-1.3% |
-1.2% |
3.3% |
|
|
Total electricity sales to DU, NPC, and WESM, MWh |
|
|
|
|
545,086 |
539,689 |
535,840 |
529,055 |
522,963 |
540,240 |
|
|
Average Electricity Tariff, PhP/kWh |
|
|
|
|
12.8266 |
12.8266 |
12.8267 |
12.8267 |
12.8266 |
12.8266 |
|
|
Annual increase in Electricity Tariff |
|
0.00% |
|
|
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B) Expenses: ‘000 PhP |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Natural Gas (Malampaya Gas) – cogen, CCGT |
|
|
|
|
189,372 |
189,372 |
189,902 |
189,372 |
181,501 |
189,372 |
|
|
Diesel Oil – engine, CCGT |
|
|
|
|
2,463,305 |
2,463,305 |
2,470,194 |
2,463,305 |
2,360,920 |
2,463,305 |
|
|
Low Sulfur Fuel Oil (LSFO – 1% S) – cogen, CCGT |
|
|
|
|
127,293 |
127,293 |
127,649 |
127,293 |
122,002 |
127,293 |
|
|
Bunker Fuel Oil (BFO – 3% S) – thermal, CCGT |
|
|
|
|
124,945 |
124,945 |
125,294 |
124,945 |
119,752 |
124,945 |
|
|
Coal (Lignite, Bituminous, Anthracite) – thermal |
|
|
|
|
40,104 |
40,104 |
40,216 |
40,104 |
38,437 |
40,104 |
|
|
Biomass (Solid Waste, Woodwaste, Landfill Gas, Biogas) |
Escalation |
months |
working capital |
|
55,670 |
55,670 |
55,825 |
55,670 |
53,356 |
55,670 |
|
Fuel |
Total Fuel Costs |
|
2 |
500,115 |
3,000,689 |
3,000,689 |
3,000,689 |
3,009,081 |
3,000,689 |
2,875,968 |
3,000,689 |
|
|
Annual increase of fuel costs |
|
|
|
|
0.0% |
0.0% |
0.3% |
-0.3% |
-4.2% |
4.3% |
|
Variable |
Expenses from lube purchase |
|
2 |
4,449 |
26,693 |
26,693 |
26,957 |
27,300 |
27,493 |
25,503 |
26,872 |
|
0.40% |
Purchase of chemical materials |
0.00% |
2 |
4,661 |
27,966 |
27,966 |
27,689 |
27,492 |
27,144 |
26,831 |
27,718 |
|
0.25% |
Utilities (electricity, water) |
0.00% |
3 |
4,370 |
17,479 |
17,479 |
17,306 |
17,183 |
16,965 |
16,770 |
17,324 |
|
0.01 |
DOE 1-04 (0.01 PhP/kWh sold) |
|
3 |
1,363 |
5,451 |
5,451 |
5,397 |
5,358 |
5,291 |
5,230 |
5,402 |
|
|
Total Variable O&M |
|
|
14,842 |
|
77,589 |
77,349 |
77,333 |
76,893 |
74,333 |
77,316 |
|
Paul Breeze |
Annual increase of variable O&M |
|
-0.26% |
|
|
0.0% |
-0.3% |
0.0% |
-0.6% |
-3.3% |
4.0% |
|
0.00411 |
Variable O&M, $/kWh |
48.46 |
0.00278 |
|
|
0.00273 |
0.00275 |
0.00277 |
0.00279 |
0.00273 |
0.00275 |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
5.00% |
Maintenance of the installation |
0.00% |
3 |
87,395 |
349,579 |
349,579 |
346,119 |
343,651 |
339,301 |
335,391 |
346,472 |
|
4.00% |
Personnel expense |
0.00% |
3 |
69,916 |
279,663 |
279,663 |
276,895 |
274,921 |
271,441 |
268,313 |
277,178 |
|
3.80% |
Land lease, rent |
0.00% |
1 |
22,140 |
265,680 |
265,680 |
263,050 |
261,175 |
257,869 |
254,897 |
263,319 |
|
3.00% |
Other services |
0.00% |
1 |
17,479 |
209,747 |
209,747 |
207,671 |
206,191 |
203,581 |
201,234 |
207,883 |
|
|
Total Fixed O&M |
|
|
196,929 |
|
1,104,669 |
1,093,735 |
1,085,938 |
1,072,192 |
1,059,835 |
1,094,852 |
|
Paul Breeze |
Annual increase of fixed O&M |
|
-0.35% |
|
|
0.0% |
-1.0% |
-0.7% |
-1.3% |
-1.2% |
3.3% |
|
0.0600 |
Fixed O&M, $/kW/year |
48.46 |
0.2865 |
|
|
0.29605 |
0.29311 |
0.29103 |
0.28734 |
0.28403 |
0.29341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes, Insurances, Benefits & Regulatory Costs |
0.00% |
|
0 |
|
302,866 |
275,420 |
267,446 |
259,582 |
251,508 |
243,482 |
|
|
DSRF Expense |
|
0.30% |
0 |
|
3,319 |
3,133 |
2,947 |
2,761 |
2,575 |
2,388 |
|
|
|
|
|
total working capital |
|
|
|
|
|
|
|
|
|
TOTAL OPERATING EXPENSE |
|
|
711,886 |
|
4,489,131 |
4,450,326 |
4,442,744 |
4,412,116 |
4,264,218 |
4,418,727 |
|
|
Annual increase |
|
-0.43% |
|
|
|
-0.9% |
-0.2% |
-0.7% |
-3.4% |
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING MARGIN |
|
|
|
|
2,502,441 |
2,472,047 |
2,430,283 |
2,373,907 |
2,443,597 |
2,510,713 |
|
|
Annual increase |
|
-0.17% |
|
|
|
-1.2% |
-1.7% |
-2.3% |
2.9% |
2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ‘000 PhP |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Operating income |
|
|
|
|
6,991,573 |
6,922,374 |
6,873,027 |
6,786,023 |
6,707,816 |
6,929,440 |
|
|
Operating expense |
|
|
|
|
4,489,131 |
4,450,326 |
4,442,744 |
4,412,116 |
4,264,218 |
4,418,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating gross margin |
|
|
|
|
2,502,441 |
2,472,047 |
2,430,283 |
2,373,907 |
2,443,597 |
2,510,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Depreciation & amortization |
|
|
|
|
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
|
|
- Interest |
|
|
|
|
1,178,726 |
1,054,649 |
930,573 |
806,497 |
682,420 |
558,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET PROFIT BEFORE TAX |
|
|
|
|
659,921 |
753,603 |
835,915 |
903,616 |
1,097,382 |
1,288,574 |
|
|
(Tax rate) and Income Tax Holiday (ITH) years |
30% |
0 |
|
|
30% |
30% |
30% |
30% |
30% |
30% |
|
|
- Income tax |
|
|
|
|
197,976 |
226,081 |
250,775 |
271,085 |
329,215 |
386,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET PROFIT AFTER TAX |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Percentage of increase |
|
|
|
|
|
14.2% |
10.9% |
8.1% |
21.4% |
17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Net profit after tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Addback: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & Amortization |
|
|
|
|
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
|
|
Working Capital |
|
|
|
|
|
|
|
|
|
|
|
|
Salvage Value |
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
DSRF Income |
4.00% |
DSRF Income |
|
|
44,254 |
41,772 |
39,291 |
36,809 |
34,328 |
31,846 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Principal Repayment |
|
|
|
|
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
|
0 |
Profit Sharing |
0.00% |
of income after tax |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
$0 |
Social Benefit Fund – Host Community |
0 |
per month |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
$0.00 |
Add: Carbon Emission Credits (net of monitoring fees) |
0.650 |
0.238 |
kg CO2/kWh |
0.000 |
0 |
0 |
0 |
0 |
0 |
0 |
|
0.00% |
NET CASH FLOW |
|
|
|
|
136,024 |
199,120 |
254,256 |
299,165 |
432,321 |
563,673 |
|
$0 |
Percentage of increase |
|
|
|
|
|
46.4% |
27.7% |
17.7% |
44.5% |
30.4% |
|
|
((0.650 -0.000) kg CO2/ kWh x MWh x 1000 kWh/MWh x MT/1000 kg x $5.00/MT x (100%- 4%) – 1,200 $) x M$/1000$ |
|
|
|
|
|
|
|
|||
|
|
Total Initial investment |
|
|
|
14,770,998 |
|
|
|
|
|
|
|
|
Project Cash Flow |
4.18% |
12.90% |
WACC |
-14,770,998 |
136,024 |
199,120 |
254,256 |
299,165 |
432,321 |
563,673 |
|
|
|
IRR |
NPV |
-10,339,699 |
-14,770,998 |
118,281 |
150,563 |
167,178 |
171,049 |
214,940 |
243,692 |
|
|
|
|
check |
-9,331,069 |
-14,770,998 |
120,481 |
156,216 |
176,681 |
184,135 |
235,687 |
272,185 |
|
|
|
($8,264,896.85) |
cumulative |
0 |
-14,770,998 |
-14,634,975 |
-14,435,855 |
-14,181,599 |
-13,882,434 |
-13,450,113 |
-12,886,440 |
|
|
|
|
project payback |
15.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital |
|
|
30.00% |
4,431,300 |
|
|
|
|
|
|
|
|
Equity Cash Flow |
15.00% |
15.00% |
Equity IRR |
-4,431,300 |
136,024 |
199,120 |
254,256 |
299,165 |
432,321 |
563,673 |
|
|
|
IRR |
NPV |
0 |
-4,431,300 |
118,281 |
150,563 |
167,178 |
171,049 |
214,940 |
243,692 |
|
|
|
|
check |
0 |
-4,431,300 |
118,281 |
150,563 |
167,178 |
171,049 |
214,940 |
243,692 |
|
|
|
$0.00 |
cumulative |
0 |
-4,431,300 |
-4,295,276 |
-4,096,156 |
-3,841,900 |
-3,542,735 |
-3,110,414 |
-2,546,741 |
|
|
|
|
equity payback |
9.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF CASH FLOW FOR DEBT SERVICE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Operating gross margin |
|
|
|
|
2,502,441 |
2,472,047 |
2,430,283 |
2,373,907 |
2,443,597 |
2,510,713 |
|
|
- Income tax |
|
|
|
|
197,976 |
226,081 |
250,775 |
271,085 |
329,215 |
386,572 |
|
|
- Increase in working capital needs (WCN) |
|
|
|
|
33,781 |
-6,989 |
-4,272 |
-9,498 |
-18,483 |
32,962 |
|
|
- Profit Sharing |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
+ DSRF Income |
|
|
|
|
44,254 |
41,772 |
39,291 |
36,809 |
34,328 |
31,846 |
|
|
- Social Benefit Fund |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
+ Carbon Emission Credits |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
2,314,938 |
2,294,728 |
2,223,071 |
2,149,130 |
2,167,194 |
2,123,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DEBT SERVICE COVERAGE RATIO (DSCR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
2,314,938 |
2,294,728 |
2,223,071 |
2,149,130 |
2,167,194 |
2,123,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual debt service (DS) |
|
|
|
|
2,212,696 |
2,088,619 |
1,964,543 |
1,840,466 |
1,716,390 |
1,592,314 |
|
|
|
MIN |
AVE |
MAX |
|
|
|
|
|
|
|
|
|
DEBT SERVICE COVERAGE RATIO (DSCR) |
1.046 |
1.334 |
1.789 |
|
1.046 |
1.099 |
1.132 |
1.168 |
1.263 |
1.333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DIVIDENDS PAYABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
2,314,938 |
2,294,728 |
2,223,071 |
2,149,130 |
2,167,194 |
2,123,025 |
|
|
Annual debt service (DS) |
|
|
|
|
2,212,696 |
2,088,619 |
1,964,543 |
1,840,466 |
1,716,390 |
1,592,314 |
|
|
CF available for dividends (CFDiv = CFD-DS) |
|
|
|
|
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
Accumulated CFDiv |
|
|
|
0 |
102,243 |
308,351 |
566,880 |
875,544 |
1,326,347 |
1,857,058 |
|
|
Current year profit after tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Accumulated profit: limit for dividend payable |
|
|
|
0 |
461,945 |
989,467 |
1,574,607 |
2,207,138 |
2,975,306 |
3,877,308 |
|
|
Select smaller of accumulated dividends |
|
|
|
|
102,243 |
308,351 |
566,880 |
875,544 |
1,326,347 |
1,857,058 |
|
|
Accumulated dividend payable |
|
|
|
0 |
102,243 |
308,351 |
566,880 |
875,544 |
1,326,347 |
1,857,058 |
|
|
Annual dividend payable |
|
|
|
|
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF NPV, IRR AND PAY-BACK ACCORDING TO INVESTED CAPITAL AND DIVIDENDS PAYABLE |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Invested capital |
|
|
|
4,431,300 |
|
|
|
|
|
|
|
|
Annual dividend payable |
|
|
|
0 |
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
Discount rate to be applied for NPV calculation |
|
|
|
15.00% |
15% |
15% |
15% |
15% |
15% |
15% |
|
|
Discount factor for this rate |
|
|
1.0000 |
1.0000 |
1.1500 |
1.3225 |
1.5209 |
1.7490 |
2.0114 |
2.3131 |
|
|
Discounted dividends |
|
|
|
0 |
88,907 |
155,848 |
169,987 |
176,480 |
224,129 |
229,441 |
|
|
Present value of dividends |
|
|
|
4,003,481 |
|
|
|
|
|
|
|
|
NPV of the investment |
|
|
-427,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Investment schedule |
13.87% |
15.00% |
Equity IRR |
-4,431,300 |
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
IRR of Invested Capital |
IRR |
NPV |
-427,819 |
-4,431,300 |
88,907 |
155,848 |
169,987 |
176,480 |
224,129 |
229,441 |
|
|
|
|
check |
-427,819 |
-4,431,300 |
88,907 |
155,848 |
169,987 |
176,480 |
224,129 |
229,441 |
|
|
|
($372,016.31) |
cumulative |
0 |
-4,431,300 |
-4,329,057 |
-4,122,948 |
-3,864,420 |
-3,555,756 |
-3,104,952 |
-2,574,241 |
|
|
Pay-back term of invested capital, years |
|
equity payback |
9.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Working Capital Needs (WCN): |
|
|
|
|
|
|
|
|
|
|
|
|
Cash needed for operations (+) |
3.00 |
months of expenses |
|
|
163,043 |
161,429 |
160,278 |
158,249 |
156,426 |
161,594 |
|
|
Customers / Receivables (+) |
1.00 |
months of revenue |
|
|
582,631 |
576,864 |
572,752 |
565,502 |
558,985 |
577,453 |
|
|
Stocks / Inventory (+) |
2.00 |
months of fuel & chemicals |
|
509,225 |
509,223 |
510,645 |
509,221 |
488,050 |
509,213 |
|
|
|
Suppliers / Payables (-) |
1.00 |
months of payables |
|
|
294,231 |
293,838 |
294,270 |
293,065 |
282,036 |
293,873 |
|
|
WCN |
13.83% |
% of operating income |
926,886 |
960,667 |
953,678 |
949,406 |
939,908 |
921,425 |
954,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DEPRECIATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48.46 |
In ‘000 PhP |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
$5 |
Initial investment in land (PhP/ha), 1 ha = 10,000 m2 |
10,000,000 |
2 |
ha |
20,000 |
|
|
|
|
|
|
|
|
Freight on Board = FOB USA = $/kW |
94,196 |
77.000 |
MW |
7,253,105 |
|
|
|
|
|
|
|
|
Ocean Freight = FRT = 5% x FOB |
5% |
|
|
362,655 |
|
|
|
|
|
|
|
|
Insurance = INS = 1% x FOB |
1% |
|
|
72,531 |
|
|
|
|
|
|
|
|
Cargo, Insurance & Freight = CIF = FOB + FRT + INS |
|
|
|
7,688,291 |
|
|
|
|
|
|
|
|
Value Added Tax = VAT = 12% x CIF |
12% |
|
|
922,595 |
|
|
|
|
|
|
|
|
Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT) |
3% |
|
|
289,326 |
|
|
|
|
|
|
|
|
Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty |
|
|
|
8,900,212 |
|
|
|
|
|
|
|
|
Local Freight Cost = LFC = 3% x CIF |
3% |
|
|
230,649 |
|
|
|
|
|
|
|
|
Delivered Cost at Site = DCS = DPLC + LFC |
|
|
|
9,130,861 |
|
|
|
|
|
|
|
|
Installation Cost = IC = 5% x FOB |
5% |
|
|
362,655 |
|
|
|
|
|
|
|
0 |
Condenser Cooling System |
0 |
|
|
– |
|
|
|
|
|
|
|
0 |
Transmission Line, $ per km and km length |
0 |
10.00 |
km |
– |
|
|
|
|
|
|
|
|
Total EPC = DCS + IC+ CCS + T/L |
|
|
|
9,493,516 |
|
|
|
|
|
|
|
|
Contingency (10%) = EPC x 10% |
10% |
|
|
949,352 |
|
|
|
|
|
|
|
|
Documentary Stamps (1%) = EPC x 1% = DS |
1% |
|
|
94,935 |
|
|
|
|
|
|
|
$2,824 |
Total Fixed Assets (EPC + Contingency + DS) |
|
|
|
10,537,803 |
|
|
|
|
|
|
|
|
Depreciation term (years) |
salvage |
10.00% |
474,201 |
20 |
10,557,803 |
|
|
|
|
|
|
|
Development costs (modeler) |
|
1.00% |
|
105,578 |
|
|
|
|
|
|
|
|
Other Costs including taxes, contingencies |
|
12.00% |
|
1,266,936 |
|
|
|
|
|
|
|
|
Carbon Emission Registration & Consultancy |
|
|
|
– |
|
|
|
|
|
|
|
$368 |
Initial investment in capitalized expenses |
|
|
|
2,299,401 |
1,372,514 |
|
|
|
|
|
|
|
Amortization term (years) |
salvage |
10.00% |
103,473 |
20 |
|
|
|
|
|
|
|
|
Working Capital: |
|
|
|
|
|
|
|
|
|
|
|
|
Working capital (adjustments for DSCR = 1.1) |
|
1.046 |
|
215,000 |
|
|
|
|
|
|
|
|
Working capital (initial stocks – fuel) – 2 months |
|
|
|
500,115 |
|
|
|
|
|
|
|
|
Working capital (initial stocks – lubes) – 2 months |
|
|
|
4,449 |
|
|
|
|
|
|
|
|
Working capital (initial stocks – chemical materials) – 2 months |
|
|
|
4,661 |
|
|
|
|
|
|
|
|
Working capital (mobilization – utilities) – 2 months |
|
|
|
4,370 |
|
|
|
|
|
|
|
|
Working capital (mobilization – DOE 1-94) – 2 months |
|
|
|
1,363 |
|
|
|
|
|
|
|
|
Working capital (mobilization – maintenance) – 2 months |
|
|
|
87,395 |
|
|
|
|
|
|
|
|
Working capital (mobilization – personnel expense) – 2 months |
|
|
|
69,916 |
|
|
|
|
|
|
|
|
Working capital (pre-paid expense – advance rent) – 2 months |
|
|
22,140 |
|
|
|
|
|
|
|
|
$248 |
Working capital (pre-paid expense – other services) – 2 months |
|
926,886 |
17,479 |
12,857,204 |
|
|
|
|
|
|
|
|
Interest During Construction: |
|
|
|
|
|
|
|
|
|
|
|
|
Dev’t fees (loan arranger) |
|
1.00% |
|
128,572 |
|
Year -2 |
Year -2 |
Year -2 |
Year -2 |
Year -2 |
|
|
Front end fees (loan arranger) |
|
1.00% |
|
128,572 |
|
33.0% |
33.0% |
33.0% |
33.0% |
33.0% |
|
|
Commitment fees (bank) |
|
0.50% |
|
129,215 |
|
4,242,877 |
4,242,877 |
4,242,877 |
4,242,877 |
4,242,877 |
|
$513 |
Interest During Construction (bank) – 36 months |
3.00 |
12.00% |
|
1,527,436 |
1,913,795 |
4,242,877 |
4,242,877 |
4,242,877 |
4,242,877 |
4,242,877 |
|
|
Amortization term (years) |
salvage |
10.00% |
86,121 |
20 |
|
43,072 |
43,072 |
43,072 |
43,072 |
43,072 |
|
$3,959 |
Total Investment (land, fixed, capitalized expenses, working capital) |
|
|
14,770,998 |
14,770,998 |
509,145 |
509,145 |
509,145 |
509,145 |
509,145 |
|
|
$3,959 |
checksum |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of fixed assets |
|
|
|
|
474,201 |
474,201 |
474,201 |
474,201 |
474,201 |
474,201 |
|
|
Amortization of capitalized expenses (development costs, working capital) |
|
|
|
103,473 |
103,473 |
103,473 |
103,473 |
103,473 |
103,473 |
|
|
|
Amortization of capitalized expenses (IDC) |
|
|
|
|
86,121 |
86,121 |
86,121 |
86,121 |
86,121 |
86,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPRECIATION & AMORTIZATION EXPENSE |
|
|
|
|
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evolution of fixed assets and capitalized expenses |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land (non-depreciable) |
|
|
|
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross fixed assets (PPE, Building, Civil Works) |
|
|
|
10,537,803 |
10,537,803 |
10,537,803 |
10,537,803 |
10,537,803 |
10,537,803 |
10,537,803 |
|
|
Accumulated depreciation |
|
|
|
0 |
474,201 |
948,402 |
1,422,603 |
1,896,805 |
2,371,006 |
2,845,207 |
|
|
Net fixed assets |
|
|
|
10,537,803 |
10,063,602 |
9,589,401 |
9,115,200 |
8,640,998 |
8,166,797 |
7,692,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized expenses (Development Costs, Working Capital) |
|
|
2,299,401 |
2,299,401 |
2,299,401 |
2,299,401 |
2,299,401 |
2,299,401 |
2,299,401 |
|
|
|
Accumulated amortization |
|
|
|
0 |
103,473 |
206,946 |
310,419 |
413,892 |
517,365 |
620,838 |
|
|
Net capitalized expenses |
|
|
|
2,299,401 |
2,195,928 |
2,092,455 |
1,988,982 |
1,885,509 |
1,782,036 |
1,678,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized interest during construction (IDC) |
|
|
|
1,913,795 |
1,913,795 |
1,913,795 |
1,913,795 |
1,913,795 |
1,913,795 |
1,913,795 |
|
|
Accumulated amortization |
|
|
|
0 |
86,121 |
172,242 |
258,362 |
344,483 |
430,604 |
516,725 |
|
|
Net capitalized interest during construction (IDC) |
|
|
|
1,913,795 |
1,827,674 |
1,741,553 |
1,655,432 |
1,569,312 |
1,483,191 |
1,397,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Depreciable Assets (fixed assets, capitalized expenses, IDC) |
|
|
14,750,998 |
14,087,204 |
13,423,409 |
12,759,614 |
12,095,819 |
11,432,024 |
10,768,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes, Insurances, Benefits & Regulatory Costs |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Property Tax – Land |
1.60% |
of land |
|
|
320 |
320 |
320 |
320 |
320 |
320 |
|
|
Real Property Tax – PPE |
1.60% |
of fixed assets |
|
|
161,018 |
153,430 |
145,843 |
138,256 |
130,669 |
123,082 |
|
|
Real Property Tax – Buildings |
0.80% |
of building |
|
|
|
|
|
|
|
|
|
|
Land Lease & ROW |
0.00 |
PhP/MT coal |
|
|
|
|
|
|
|
|
|
|
Property Insurance – PPE |
0.78% |
of fixed assets |
|
|
82,195 |
82,195 |
82,195 |
82,195 |
82,195 |
82,195 |
|
|
Property Insurance – Building |
0.78% |
of building |
|
|
|
|
|
|
|
|
|
|
Business Interruption Insurance |
0.56% |
of previous year’s revenue |
|
59,012 |
39,153 |
38,765 |
38,489 |
38,002 |
37,564 |
|
|
of Capital |
Special Education Fund – benefits to host community |
1.00% |
of land |
|
|
200 |
200 |
200 |
200 |
200 |
200 |
|
0.277% |
SEC Registration & Fees |
40,916 |
|
|
|
40.92 |
40.92 |
40.92 |
40.92 |
40.92 |
40.92 |
|
|
BIR Registration & Fees |
530 |
|
|
|
0.53 |
0.53 |
0.53 |
0.53 |
0.53 |
0.53 |
|
0.007% |
DENR Permits & Fees |
1,034 |
|
|
|
1.03 |
1.03 |
1.03 |
1.03 |
1.03 |
1.03 |
|
|
Discharge Fee (BOD, TSS) – DENR |
0 |
|
|
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
0.028% |
EMB Permits & Fees |
4,136 |
|
|
|
4.14 |
4.14 |
4.14 |
4.14 |
4.14 |
4.14 |
|
|
NWRB Permits & Fees |
17,417 |
|
|
|
17.42 |
17.42 |
17.42 |
17.42 |
17.42 |
17.42 |
|
|
PNRI Permits & Fees |
5,900 |
|
|
|
5.90 |
5.90 |
5.90 |
5.90 |
5.90 |
5.90 |
|
|
ERC Registration & Fess |
1,500 |
|
|
|
1.50 |
1.50 |
1.50 |
1.50 |
1.50 |
1.50 |
|
0.015% |
DOLE Permits & Fees |
2,216 |
|
|
|
2.22 |
2.22 |
2.22 |
2.22 |
2.22 |
2.22 |
|
|
DTI Permits & Fees |
0 |
|
|
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
0.142% |
LGU Registration & Fees |
20,975 |
|
|
|
20.97 |
20.97 |
20.97 |
20.97 |
20.97 |
20.97 |
|
0.002% |
NTC Registration & Fees |
295 |
|
|
|
0.30 |
0.30 |
0.30 |
0.30 |
0.30 |
0.30 |
|
|
BOC Registration & Fees |
5,000 |
|
|
|
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
5.00 |
|
|
PPA Registration & Fees |
1,000 |
|
|
|
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
|
ATO Registration & Fees |
13,050 |
|
|
|
13.05 |
13.05 |
13.05 |
13.05 |
13.05 |
13.05 |
|
|
PDEA Registration & Fees |
3,000 |
|
|
|
3.00 |
3.00 |
3.00 |
3.00 |
3.00 |
3.00 |
|
|
BOI Registration & Fees |
4,500 |
|
|
|
4.50 |
4.50 |
4.50 |
4.50 |
4.50 |
4.50 |
|
|
DOE Permits & Fees |
800 |
|
|
|
0.80 |
0.80 |
0.80 |
0.80 |
0.80 |
0.80 |
|
|
Local Business Taxes (1/2 of 1% of GR) |
0.00% |
of gross revenue |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
National Franchise Taxes (1/2 of 1% of GR) |
0.00% |
of gross revenue |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Total Taxes, Insurances, Benefits & Regulatory Costs |
|
|
|
|
302,866 |
275,420 |
267,446 |
259,582 |
251,508 |
243,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBT SERVICE CALCULATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ‘000 PhP |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Total Initial investment |
|
|
|
14,770,998 |
|
|
|
|
|
|
|
|
% to be financed by capital |
|
Equity IRR |
15.00% |
30.00% |
|
|
|
|
|
|
|
|
% to be financed by non refundable subsidy |
|
Subsidy |
0.00% |
0.00% |
|
|
|
|
|
|
|
|
% to be financed by debt |
|
Debt Interest |
12.00% |
70.00% |
|
|
|
|
|
|
|
|
Initial amount of capital |
|
WACC |
12.90% |
4,431,300 |
|
|
|
|
|
|
|
|
Amount of subsidy |
|
|
|
0 |
|
|
|
|
|
|
|
|
Initial amount of debt |
|
|
|
10,339,699 |
|
|
|
|
|
|
|
|
Repayment term (years) |
|
|
1,033,970 |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Repayment Method: |
|
|
|
|
|
|
|
|
|
|
|
|
Annual repayment |
|
|
|
|
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
|
|
Amount of debt at year end |
|
|
|
10,339,699 |
9,305,729 |
8,271,759 |
7,237,789 |
6,203,819 |
5,169,849 |
4,135,880 |
|
|
Average amount of debt |
|
|
|
|
9,822,714 |
8,788,744 |
7,754,774 |
6,720,804 |
5,686,834 |
4,652,865 |
|
|
Reference interest rate (Libor or other) |
|
|
|
10.00% |
10.00% |
10.00% |
10.00% |
10.00% |
10.00% |
10.00% |
|
|
Spread |
|
(1 = constant, 0 = mortgage) |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
|
|
Interest rate of debt |
|
1 |
|
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
|
|
Interest based on average amount of debt |
|
|
|
|
1,178,726 |
1,054,649 |
930,573 |
806,497 |
682,420 |
558,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Declining Balance Method: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
|
10,339,699 |
9,750,500 |
9,090,597 |
8,351,505 |
7,523,723 |
6,596,607 |
|
|
Interest based on beginning balance |
|
0 |
17.70% |
12.00% |
1,240,764 |
1,170,060 |
1,090,872 |
1,002,181 |
902,847 |
791,593 |
|
|
Principal repayment |
|
|
1,829,963 |
10 |
589,199 |
659,903 |
739,091 |
827,782 |
927,116 |
1,038,370 |
|
|
Remaining balance |
|
|
|
10,339,699 |
9,750,500 |
9,090,597 |
8,351,505 |
7,523,723 |
6,596,607 |
5,558,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Beginning Balance |
|
|
|
|
10,339,699 |
9,305,729 |
8,271,759 |
7,237,789 |
6,203,819 |
5,169,849 |
|
|
Annual amount of interest |
|
|
|
|
1,178,726 |
1,054,649 |
930,573 |
806,497 |
682,420 |
558,344 |
|
|
Annual amount of principal |
|
|
|
|
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
1,033,970 |
|
|
Annual debt service (principal + interest) |
|
|
|
|
2,212,696 |
2,088,619 |
1,964,543 |
1,840,466 |
1,716,390 |
1,592,314 |
|
|
Ending Balance |
|
|
|
10,339,699 |
9,305,729 |
8,271,759 |
7,237,789 |
6,203,819 |
5,169,849 |
4,135,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Service Reserve Fund |
6 |
months of debt service |
|
1,106,348 |
1,044,310 |
982,271 |
920,233 |
858,195 |
796,157 |
|
|
|
DSRF Income -interest on Foreign Currency Deposit |
4.00% |
DSRF Income |
|
|
44,254 |
41,772 |
39,291 |
36,809 |
34,328 |
31,846 |
|
|
Withholding Tax on Foreign Currency Deposit |
7.50% |
WHTax |
|
|
|
|
|
|
|
|
|
|
DSRF Expense – withholding tax |
0.30% |
DSRF Expense |
|
|
3,319 |
3,133 |
2,947 |
2,761 |
2,575 |
2,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET BEFORE DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ‘000 PhP |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Cash needed for operations |
|
|
|
0 |
163,043 |
161,429 |
160,278 |
158,249 |
156,426 |
161,594 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0 |
-868,898 |
-704,561 |
-485,324 |
-213,469 |
203,007 |
701,871 |
|
|
|
Receivables / Customers |
|
|
|
0 |
582,631 |
576,864 |
572,752 |
565,502 |
558,985 |
577,453 |
|
|
Stocks / Inventory |
|
|
|
0 |
509,225 |
509,223 |
510,645 |
509,221 |
488,050 |
509,213 |
|
|
Land |
|
|
|
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
|
|
Fixed assets (net) |
|
|
|
10,537,803 |
10,063,602 |
9,589,401 |
9,115,200 |
8,640,998 |
8,166,797 |
7,692,596 |
|
|
Capitalized expenses (net) |
|
|
|
2,299,401 |
2,195,928 |
2,092,455 |
1,988,982 |
1,885,509 |
1,782,036 |
1,678,563 |
|
|
Capitalized IDC (net) |
|
|
|
1,913,795 |
1,827,674 |
1,741,553 |
1,655,432 |
1,569,312 |
1,483,191 |
1,397,070 |
|
|
Total assets |
|
|
|
14,770,998 |
14,493,204 |
13,986,363 |
13,537,966 |
13,135,322 |
12,858,491 |
12,738,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suppliers / Payables |
|
|
|
0 |
294,231 |
293,838 |
294,270 |
293,065 |
282,036 |
293,873 |
|
|
Debt |
|
|
|
10,339,699 |
9,305,729 |
8,271,759 |
7,237,789 |
6,203,819 |
5,169,849 |
4,135,880 |
|
|
Shareholder’s Advances |
|
|
|
|
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
0 |
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Accumulated reserves |
|
|
|
0 |
0 |
461,945 |
989,467 |
1,574,607 |
2,207,138 |
2,975,306 |
|
|
Subsidy |
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Capital |
|
|
|
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
|
|
Total liabilities and net worth |
|
|
|
14,770,998 |
14,493,204 |
13,986,363 |
13,537,966 |
13,135,322 |
12,858,491 |
12,738,361 |
|
|
|
|
|
variance |
- |
- |
- |
- |
- |
- |
- |
|
|
BALANCE SHEET AFTER DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
Cash needed for operations |
|
|
|
0 |
163,043 |
161,429 |
160,278 |
158,249 |
156,426 |
161,594 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0 |
-971,140 |
-1,012,913 |
-1,052,204 |
-1,089,013 |
-1,123,341 |
-1,155,187 |
|
|
|
Receivables / Customers |
|
|
|
0 |
582,631 |
576,864 |
572,752 |
565,502 |
558,985 |
577,453 |
|
|
Stocks / Inventory |
|
|
|
0 |
509,225 |
509,223 |
510,645 |
509,221 |
488,050 |
509,213 |
|
|
Land |
|
|
|
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
|
|
Fixed assets (net) |
|
|
|
10,537,803 |
10,063,602 |
9,589,401 |
9,115,200 |
8,640,998 |
8,166,797 |
7,692,596 |
|
|
Capitalized expenses (net) |
|
|
|
2,299,401 |
2,195,928 |
2,092,455 |
1,988,982 |
1,885,509 |
1,782,036 |
1,678,563 |
|
|
Capitalized IDC (net) |
|
|
|
1,913,795 |
1,827,674 |
1,741,553 |
1,655,432 |
1,569,312 |
1,483,191 |
1,397,070 |
|
|
Total assets |
|
|
|
14,770,998 |
14,390,962 |
13,678,012 |
12,971,086 |
12,259,778 |
11,532,144 |
10,881,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suppliers / Payables |
|
|
|
0 |
294,231 |
293,838 |
294,270 |
293,065 |
282,036 |
293,873 |
|
|
Debt |
|
|
|
10,339,699 |
9,305,729 |
8,271,759 |
7,237,789 |
6,203,819 |
5,169,849 |
4,135,880 |
|
|
Shareholder’s Advances |
|
|
|
|
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
|
|
|
|
|
|
|
|
|
Reserves |
|
|
|
0 |
359,702 |
681,115 |
1,007,728 |
1,331,595 |
1,648,959 |
2,020,250 |
|
|
Subsidy |
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Capital |
|
|
|
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
|
|
Total liabilities and net worth |
|
|
|
14,770,998 |
14,390,962 |
13,678,012 |
12,971,086 |
12,259,778 |
11,532,144 |
10,881,302 |
|
|
|
|
|
variance |
- |
- |
- |
- |
- |
- |
- |
|
|
Calculation of Dividends Payable |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin |
|
|
|
|
2,502,441 |
2,472,047 |
2,430,283 |
2,373,907 |
2,443,597 |
2,510,713 |
|
|
Income Tax (-) |
|
|
|
|
197,976 |
226,081 |
250,775 |
271,085 |
329,215 |
386,572 |
|
|
Increase in Working Capital (-) |
|
|
|
|
33,781 |
-6,989 |
-4,272 |
-9,498 |
-18,483 |
32,962 |
|
|
Profit Sharing (-) |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
DSRF Income (+) |
|
|
|
|
44,254 |
41,772 |
39,291 |
36,809 |
34,328 |
31,846 |
|
|
Social Benefit Fund (-) |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Carbon Emission Credits (+) |
|
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
2,314,938 |
2,294,728 |
2,223,071 |
2,149,130 |
2,167,194 |
2,123,025 |
|
|
Annual debt service (DS) = Interest + Principal |
|
|
|
|
2,212,696 |
2,088,619 |
1,964,543 |
1,840,466 |
1,716,390 |
1,592,314 |
|
|
CF available for dividends (CFDiv = CFD-DS) |
|
|
|
|
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
Accumulated CFDiv |
|
|
|
0 |
102,243 |
308,351 |
566,880 |
875,544 |
1,326,347 |
1,857,058 |
|
|
Current year profit = Income After Tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Accumulated profit: limit for dividend payable |
|
|
|
0 |
461,945 |
989,467 |
1,574,607 |
2,207,138 |
2,975,306 |
3,877,308 |
|
|
Accumulated dividend payable |
|
|
|
0 |
102,243 |
308,351 |
566,880 |
875,544 |
1,326,347 |
1,857,058 |
|
|
Annual dividend payable |
planned |
actual |
|
-4,431,300 |
102,243 |
206,109 |
258,528 |
308,664 |
450,804 |
530,711 |
|
|
Investor 1 |
60.00% |
89.21% |
|
-2,658,780 |
61,346 |
123,665 |
155,117 |
185,198 |
270,482 |
318,427 |
|
|
Investor 2 |
20.00% |
-1.53% |
|
-886,260 |
20,449 |
41,222 |
51,706 |
61,733 |
90,161 |
106,142 |
|
|
Investor 3 |
20.00% |
12.31% |
|
-886,260 |
20,449 |
41,222 |
51,706 |
61,733 |
90,161 |
106,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW STATEMENT |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (after tax) |
|
|
|
0 |
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Add: Depreciation & Amortization |
|
|
|
0 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
|
|
(Increase) / Decrease in Receivables |
|
|
|
0 |
-582,631 |
5,767 |
4,112 |
7,250 |
6,517 |
-18,469 |
|
|
(Increase) / Decrease in Inventories |
|
|
|
0 |
-509,225 |
2 |
-1,423 |
1,424 |
21,171 |
-21,163 |
|
|
Increase / (Decrease) in Accounts Payable |
|
|
|
0 |
294,231 |
-393 |
432 |
-1,205 |
-11,029 |
11,837 |
|
|
Net Cash flow from Operations |
|
|
|
0 |
328,115 |
1,196,693 |
1,252,057 |
1,303,795 |
1,448,622 |
1,538,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
Additions to PP&E |
|
10,537,803 |
|
-10,537,803 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Additions to Capitalized Expenses |
|
2,299,401 |
|
-2,299,401 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Additions to Capitalized IDC |
|
1,913,795 |
|
-1,913,795 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Additions to Land |
|
20,000 |
|
-20,000 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Net Cash flow Used for Investments |
|
14,770,998 |
|
-14,770,998 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow before Financing |
|
|
|
-14,770,998 |
328,115 |
1,196,693 |
1,252,057 |
1,303,795 |
1,448,622 |
1,538,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in Shareholder Advances |
|
|
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Increase (Decrease) in Long-term Debt |
|
10,339,699 |
|
10,339,699 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
|
|
Increase (Decrease) in Subsidy |
|
0 |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Increase (Decrease) in Capital Stock |
|
4,431,300 |
|
4,431,300 |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
Net Cash flow from Financing |
|
14,770,998 |
|
14,770,998 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
-1,033,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CASH FLOW |
|
|
|
0 |
-705,855 |
162,723 |
218,087 |
269,826 |
414,652 |
504,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Beginning Cash Balance |
|
|
|
|
0 |
-705,855 |
-543,132 |
-325,045 |
-55,220 |
359,432 |
|
|
ENDING CASH BALANCE |
|
|
|
0.00 |
-705,855 |
-543,132 |
-325,045 |
-55,220 |
359,432 |
863,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Levelized Price and Generation Cost of Electricity |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discounting Rate, % p.a. |
15.00% |
48.46 |
|
NPV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity sales | MWh |
$/kWh |
PhP/kWh |
3,333,935 |
545,086 |
539,689 |
535,840 |
529,055 |
522,963 |
540,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.8221 |
TOTAL OPERATING INCOME (levelized price) | 000 PhP |
0.2647 |
12.8266 |
42,763,189 |
6,991,573 |
6,922,374 |
6,873,027 |
6,786,023 |
6,707,816 |
6,929,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fuel |
Total Fuel Costs | 000 PhP |
0.1156 |
5.6026 |
18,678,618 |
3,000,689 |
3,000,689 |
3,009,081 |
3,000,689 |
2,875,968 |
3,000,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
variable O&M |
Expenses from lube purchase | 000 PhP |
0.0010 |
0.0506 |
168,788 |
26,693 |
26,957 |
27,300 |
27,493 |
25,503 |
26,872 |
|
|
Purchase of chemical materials | 000 PhP |
0.0011 |
0.0513 |
171,053 |
27,966 |
27,689 |
27,492 |
27,144 |
26,831 |
27,718 |
|
|
Utilities (electricity, water) | 000 PhP |
0.0007 |
0.0321 |
106,908 |
17,479 |
17,306 |
17,183 |
16,965 |
16,770 |
17,324 |
|
|
DOE 1-04 (0.01 PhP/kWh sold) | 000 PhP |
0.0002 |
0.0100 |
33,339 |
5,451 |
5,397 |
5,358 |
5,291 |
5,230 |
5,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fixed O&M |
Maintenance of the installation | 000 PhP |
0.0132 |
0.6413 |
2,138,159 |
349,579 |
346,119 |
343,651 |
339,301 |
335,391 |
346,472 |
|
|
Personnel expense | 000 PhP |
0.0106 |
0.5131 |
1,710,528 |
279,663 |
276,895 |
274,921 |
271,441 |
268,313 |
277,178 |
|
|
Land lease, rent | 000 PhP |
0.0101 |
0.4874 |
1,625,001 |
265,680 |
263,050 |
261,175 |
257,869 |
254,897 |
263,319 |
|
|
Other services | 000 PhP |
0.0079 |
0.3848 |
1,282,896 |
209,747 |
207,671 |
206,191 |
203,581 |
201,234 |
207,883 |
|
|
Taxes, Insurances, Benefits & Regulatory Costs | 000 PhP |
0.0095 |
0.4587 |
1,529,182 |
302,866 |
275,420 |
267,446 |
259,582 |
251,508 |
243,482 |
|
|
DSRF Expense | 000 PhP |
0.0001 |
0.0040 |
13,497 |
3,319 |
3,133 |
2,947 |
2,761 |
2,575 |
2,388 |
|
Others |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
- Depreciation & amortization | 000 PhP |
0.0257 |
1.2462 |
4,154,913 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
663,795 |
|
1 |
- Interest | 000 PhP |
0.0236 |
1.1425 |
3,808,999 |
1,178,726 |
1,054,649 |
930,573 |
806,497 |
682,420 |
558,344 |
|
1 |
- Income tax | 000 PhP |
0.0136 |
0.6606 |
2,202,392 |
197,976 |
226,081 |
250,775 |
271,085 |
329,215 |
386,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Generation Cost |
|
0.2329 |
11.2852 |
37,624,273 |
6,529,628 |
6,394,851 |
6,287,887 |
6,153,492 |
5,939,648 |
6,027,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit |
|
0.0318 |
1.5414 |
5,138,916 |
461,944.61 |
527,522.15 |
585,140.50 |
632,531.01 |
768,167.70 |
902,002.09 |
|
|
|
|
|
|
|
(0.00) |
(0.00) |
- |
- |
(0.00) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
|
|
Year |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a. CURRENT RATIO: (preferably > 2.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets (cash + receivables + stocks) |
|
|
|
|
1,254,899 |
1,247,516 |
1,243,676 |
1,232,972 |
1,203,461 |
1,248,260 |
|
|
Current Liabilities |
|
|
|
average |
294,231 |
293,838 |
294,270 |
293,065 |
282,036 |
293,873 |
|
|
Current Ratio = Current Assets / Current Liabilities |
|
|
|
4.93 |
4.27 |
4.25 |
4.23 |
4.21 |
4.27 |
4.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b. QUICK RATIO: (preferably > 1.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash + Receivables |
|
|
|
|
745,674 |
738,294 |
733,031 |
723,751 |
715,410 |
739,047 |
|
|
Current Liabilities |
|
|
|
average |
294,231 |
293,838 |
294,270 |
293,065 |
282,036 |
293,873 |
|
|
Current Ratio = (Cash + Receivables) / Current Liabilities |
|
|
|
3.19 |
2.53 |
2.51 |
2.49 |
2.47 |
2.54 |
2.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c. ACCOUNTS RECEIVABLE TURNOVER : (preferably > 12.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue (Electricity + By-Products + Other Incomes) |
|
|
|
6,991,573 |
6,922,374 |
6,873,027 |
6,786,023 |
6,707,816 |
6,929,440 |
|
|
|
Cash Sales for year (By-Products + Other Incomes) |
|
|
|
|
2,099,176 |
2,078,416 |
2,063,617 |
2,037,511 |
2,013,978 |
2,080,536 |
|
|
Credit Sales for year (Electricity) |
|
|
|
|
4,892,397 |
4,843,958 |
4,809,410 |
4,748,513 |
4,693,838 |
4,848,904 |
|
|
Accounts Receivable |
|
|
|
average |
582,631 |
576,864 |
572,752 |
565,502 |
558,985 |
577,453 |
|
|
Accounts Receivable Turnover = Credit Sales for year / Accounts Receivable |
|
|
8.40 |
8.40 |
8.40 |
8.40 |
8.40 |
8.40 |
8.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d. DAYS SALES IN RECEIVABLES: (preferably 30-60 days) |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Sales for year (CNO + CME) |
|
|
|
|
4,892,397 |
4,843,958 |
4,809,410 |
4,748,513 |
4,693,838 |
4,848,904 |
|
|
Operating Days (52 weeks x 6 days = 312 = 300) |
|
|
|
average |
365 |
365 |
365 |
365 |
365 |
365 |
|
|
Average Daily Credit Sales = Credit Sales for year / 300, P/day |
|
|
12971.81 |
13,404 |
13,271 |
13,176 |
13,010 |
12,860 |
13,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Receivable (AR), P |
|
|
|
|
582,631 |
576,864 |
572,752 |
565,502 |
558,985 |
577,453 |
|
|
Average Daily Credit Sales, P/day |
|
|
|
average |
13,404 |
13,271 |
13,176 |
13,010 |
12,860 |
13,285 |
|
|
Average Number of Days of AR, days |
|
|
|
43.47 |
43 |
43 |
43 |
43 |
43 |
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e. INVENTORY TURNOVER: (preferably < 2.00 times a month) |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold (raw materials + utilities) except electricity and water |
|
|
|
3,046,134 |
3,045,684 |
3,053,755 |
3,044,798 |
2,919,569 |
3,045,730 |
|
|
|
Average Inventory |
|
|
|
|
509,225 |
509,223 |
510,645 |
509,221 |
488,050 |
509,213 |
|
|
Inventory Turnover = Cost of Goods Sold / Average Inventory |
|
times for the year |
average |
5.98 |
5.98 |
5.98 |
5.98 |
5.98 |
5.98 |
|
|
|
|
|
|
times a month |
0.50 |
0.50 |
0.50 |
0.50 |
0.50 |
0.50 |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
f. TOTAL LIABILITIES TO TOTAL EQUITY RATIO: (preferably < 4.00 ( = 80 / 20) ) |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
|
|
10,276,869 |
9,284,672 |
8,289,993 |
7,292,832 |
6,293,190 |
5,291,066 |
|
|
Total Owners’ Equity |
|
|
|
average |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
|
|
Total Liabilities to Total Equity Ratio = Total Liabilities / Total Owner’s Equity |
|
|
0.73 |
2.32 |
2.10 |
1.87 |
1.65 |
1.42 |
1.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g. NUMBER OF TIMES INTEREST EARNED: (preferably > 2.00) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit Before Interest and Income tax (Income Before Tax) |
|
|
|
|
659,921 |
753,603 |
835,915 |
903,616 |
1,097,382 |
1,288,574 |
|
|
Interest Expense |
|
|
|
average |
1,178,726 |
1,054,649 |
930,573 |
806,497 |
682,420 |
558,344 |
|
|
NUMBER OF TIMES INTEREST EARNED = Profit Before Tax / Interest Expense |
|
|
2.53 |
0.56 |
0.71 |
0.90 |
1.12 |
1.61 |
2.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
h. RETURN ON ASSETS: (preferably > interest rate) |
|
|
|
|
|
|
|
|
|
|
|
|
Profit Before Interest and Income tax (Income Before Tax) |
|
|
|
|
659,921 |
753,603 |
835,915 |
903,616 |
1,097,382 |
1,288,574 |
|
|
Total Assets |
|
|
|
|
14,390,962 |
13,678,012 |
12,971,086 |
12,259,778 |
11,532,144 |
10,881,302 |
|
|
Return on Assts = Profit Before Tax / Total Assets |
|
|
|
average |
0.05 |
0.06 |
0.06 |
0.07 |
0.10 |
0.12 |
|
|
|
|
|
in % |
22.27% |
4.59% |
5.51% |
6.44% |
7.37% |
9.52% |
11.84% |
|
|
|
|
|
Interest Rate, % |
|
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i. NET PROFIT TO ASSETS RATIO: (preferably > interest rate) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit After Tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Total Assets |
|
|
|
|
14,390,962 |
13,678,012 |
12,971,086 |
12,259,778 |
11,532,144 |
10,881,302 |
|
|
Net Profit to Assets = Net Profit After Tax / Total Assets |
|
|
|
average |
0.03 |
0.04 |
0.05 |
0.05 |
0.07 |
0.08 |
|
|
|
|
|
in % |
15.59% |
3.21% |
3.86% |
4.51% |
5.16% |
6.66% |
8.29% |
|
|
|
|
|
Interest Rate, % |
|
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
j. NET PROFIT TO SALES RATIO: (preferable > interest rate) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit After Tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Total Sales (Gross Revenue) |
|
|
|
|
6,991,573 |
6,922,374 |
6,873,027 |
6,786,023 |
6,707,816 |
6,929,440 |
|
|
Net Profit to Assets = Net Profit After Tax / Total Assets |
|
|
|
average |
0.07 |
0.08 |
0.09 |
0.09 |
0.11 |
0.13 |
|
|
|
|
|
in % |
15.12% |
6.61% |
7.62% |
8.51% |
9.32% |
11.45% |
13.02% |
|
|
|
|
|
Interest Rate, % |
|
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
k. RETURN ON OWNERS’ EQUITY (ROI): (preferable > interest rate) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit After Tax |
|
|
|
|
461,945 |
527,522 |
585,141 |
632,531 |
768,168 |
902,002 |
|
|
Total Owners’ Equity (Partner’s Investment) |
|
|
|
|
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
4,431,300 |
|
|
Return on Owners’ Equity = Net Profit After Tax / Total Owners’ Equity |
|
|
average |
0.10 |
0.12 |
0.13 |
0.14 |
0.17 |
0.20 |
|
|
|
|
|
|
in % |
23.02% |
10.42% |
11.90% |
13.20% |
14.27% |
17.34% |
20.36% |
|
|
|
|
|
Interest Rate, % |
|
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
12.00% |
One Response to “Project Finance Model for Generic Diesel & RE Hybrid Power Plant”
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January 14th, 2010 at 3:32 am
[...] is the original post: Project Finance Model for Generic Diesel & RE Hybrid Power Plant … Posted in Diesel | Tags: ccgt, Diesel, Liters, lsfo, million-liters, sulfur, [...]