Energy Technology Expert

Simplified Project Finance Model for Feed-in Tariff (FiT) Calculation

I simplified the model to its bare functionality and removed the financial ratios section.

The model now has the barest functionality for the feed-in tariff calculation, namely:

1) Rated capacity and dependable capacity (with degradation)

2) Capacity factor and gross generation

3) Power plant own use, T/L and distribution line losses, net sales

4) Plant heat rate (with degradation), cost of fuel (biomass, co-firing fossil fuels)

5) Electricity tariff and by-products/other revenues

6) Electricity revenue from electricity and by-product sales

7) Target revenue if return on rate base (RORB) method of ERC is used

8) Operating income (select either electricity revenue or target revenue)

9) Operating expenses (fuel, lubes, chemicals/supplies, maintenance, personnel, rent, insurance, services, others)

10) Regulatory costs (special privilege tax, special realty tax, DOE 1-94)

11) Debt service reserve fund (DSFR) expense

12) Total expenses (operating, regulatory, DSFR)

13) Gross margin

14) Depreciation and amortization allowance

15) Loan interest expense

16) Income before tax

17) Income tax rate, income tax holiday and income tax expense

18) Income after tax

19) Addback non-cash flow items (depreciation, amortization, salvage value and working capital at end of life)

20) Cash flow items (DSRF income, loan prinicipal repayment, profit sharing, benefit to host community, carbon emission credits)

21) Net cash flow

22) Project cost vs net cash flow (project NPV, project IRR, project payback)

23) Equity portion of project cost vs net cash flow (equity NPV, equity IRR, equity payback)

24) Cash flow for debt service, debt service and debt service cover ratio (DSCR)

25) Annual dividends flow (free cash flow that is available to shareholders)

26) Equity portion of project cost vs free cash flow (equity NPV, equity IRR, equity payback)

27) Calculation of working capital needs (WCN) – cash for operations, receivables, inventory, payables

28) Calculation of all-in project cost (land, equipment, insurance, transport, customs duty, VAT, building, installation cost, project development, working capital, interest during construction or IDC)

29) Evolution of balance sheet accounts (land, fixed assets, working capital, IDC)

30) Loan amortization table (loan interest, principal repayment)

31) Balance sheet (before and after dividends payment)

32) Calculation of dividends payable to shareholders

33) Statement of cash flows (checks ending cash position with ending cash of balance sheet – they must be equal for the model to be correct and balanced)

34) Levelized selling price (tariff), levelized generation cost and levelized profit margin (similar to income statement, but in levelized form, expressed in PhP/kWh) – this breakdown is needed by the electricity industry regulator (ERC).

Please refer to the snippet of model below.  You may place an order via PayPal by proceeding to ENERGY DATA page of this website, or email me exactly your needs and make payments via bank transfer to my local bank account which I will provide thru email upon receipt of your email order.  Once my PayPal or local bank account has been credited, I will then send you the Excel file containing the project finance model for FiT calculation.

Regards,

MARCIAL T. OCAMPO

Energy Technology & Business Development Consultant

Email: mars_ocampo@yahoo.com

energydataexpert@gmail.com

Web:   www.energytechnologyexpert.com

http://ph.linkedin.com/in/ocampomarcial

—————-SNIPPET OF MODEL

	PROJECT FINANCE MODEL : Biomass Direct Combustion		Name	BIOMASS PLANT Direct Combustion
	DCF IRR METHOD			(C) Copyright 2009 by Marcial T. Ocampo (November 2009)
	INSTRUCTIONS			WITH INCENTIVES UNDER RE LAW
	(This example is in US$ Thousand, except for the unit prices which are in US$)
	Year 0 reflects the starting assumptions, which will be applicable starting in year 1.
	Blue cells must be filled out by the user.
			1	0	press ctrl + u to converge model
	CALCULATION OF GROSS OPERATING MARGIN		NPV-Dividends	NPV-Equity	used	IRR	years
		24	(0.00)	1,426.77	(0.00)	16.00%	7.11
	A) Operating income: ’000 $	365	days per year	Year	0	1	2
					2009	2010	2011
	Days per year			days / year	365	365	365
	Hours per day	capacity factor	75.00%	hours / day	18	18	18
	Rated Capacity	rated capacity	10.00	MW	10.00	10.00	10.00
	Gross Generation			MWh	65,700	65,700	65,700
	Less: Power Plant Own Use		10.00%	MWh	6,570	6,570	6,570
	Net Generation			MWh	59,130	59,130	59,130
	Less: Transmission Line Lose		3.00%	MWh	1,774	1,774	1,774
	Net Electricity Sales			MWh	57,356	57,356	57,356
	Plant Heat Rate, Btu/kWh gross	3412.12822	23.00%		14,835	14,835	14,835
	Total Heat Input, Million Btu				974,682	974,682	974,682
	Cost of Bunker Fuel Oil, PhP/Liter	25.00	0.00%		25.00	25.00	25.00
	Cost of Biomass Fuel, PhP/kg		1.20%	Btu/kg	0.30	0.30	0.30
	Cost of Biomass Fuel, $/Million Btu	4,000	2.2046	8,818	0.72	0.72	0.72
			PhP/kWh	PhP/$	$/kWh
	Electricity tariff for sales to the network (US$/kWh)		8.8477	47.00	0.1882	0.1882	0.1882
	Annual increase of the tariff (RP CPI, US CPI, depreciation)	0%	0.00%	0.00%		0.0%	0.0%
	Electricity volume of sales to the network (MWh)			MWh	57,356	57,356	57,356
	Annual increase of the volume					0.0%	0.0%
	Income from sales to the network, ’000 US$					10,797	10,797
	Initial amount of sales of by-products 1, ’000 US$		2,240		0	-	-
	Annual increase of the initial amount					0.0%	0.0%
	Income from sales of by-products, ’000 US$					0	0
	Other operating income from the plant 1, ’000 US$		1,680		0	-	-
	Annual increase of this operating income					0.0%	0.0%
	Other operating income, ’000 US$					0	0
1	DCF IRR Method – Revenue, ’000 $					10,797	10,797
		PhP/kWh	$/kWh
0	RORB Method – Revenue Target, ’000 $	8.8440	0.1882			10,914	10,892
	Asset Base, ’000 $				33,135	33,135	33,135
	Weighted Average Cost of Capital (WACC), % p.a.				12.15%	12.15%	12.15%
	Asset Base Recovery, ’000 $	3.2969	0.0701			4,026	4,026
	Generation Cost Recovery, ’000 $	4.7754	0.1016			5,947	5,924
	Profit Term, $/kWh (you need profit term to have IRR)	0.7716			0.0164	0.0164	0.0164
	Escalation, % p.a.					0.0%	0.0%
	Profit Term, ’000 $	0.7716	0.0164			942	942
	Variable O&M Costs:					1,047	1,047
	Expenses from biomass purchase					705	705
	Purchase of chemical materials					137	137
	Utilities (fuel, lubes, electricity, water)					205	205
	Fixed O&M Costs:					4,305	4,305
	Maintenance of the installation					1,433	1,433
	Personnel expense					1,433	1,433
	Land lease, rent					860	860
	Taxes, Insurance, services, and others					573	573
	DSRF Expense					5	5
	Regulatory Costs:					594	572
	Special Privilege Tax – 2%					108	108
	Special Realty Tax – 2.5%					474	452
	DOE 1-94 : 0.01 PhP/kWh sales					12	12
	TOTAL OPERATING INCOME	8.8440	0.1882			10,797	10,797
	Annual increase						0.0%
	B) Expenses: ’000 $	27,235.55		Year	0	1	2
	Price of the biomass (US$/Million Btu)				0.72	0.72	0.72
	Annual increase of the price					0.0%	0.0%
	Consumption volume of biomass (Million Btu)				974,682	974,682	974,682
	Annual increase of the volume					0.0%	0.0%
		% of EPC	months	working capital
$/kWh	Expenses from biomass purchase		2	118	705	705	705
0.00520	Purchase of chemical materials	0.502%	2	23	137	137	137
0.00520	Utilities (fuel, lubes, electricity, water)	0.753%	3	51	205	205	205
0.0	Maintenance of the installation	5.263%	3	358	1,433	1,433	1,433
$/kW/yr	Personnel expense	5.263%	3	358	1,433	1,433	1,433
0.4300	Land lease, rent	3.158%	1	72	860	860	860
0.4300	Taxes, Insurance, services, and others	2.105%	1	48	573	573	573
0.0	Annual increase of these expenses	17.043%				0.0%	0.0%
	Total O&M expenses				4,300	5,347	5,347
	DSRF Expense		0.30%			5	5
	Special Privilege Tax – 2%	1.00%	of Electricity Revenue			108	108
	Special Realty Tax – 2.5%	1.50%	of Depreciated Project Cost			474	452
	DOE 1-94 : 0.01 PhP/kWh sales	0.01	PhP/kWh sales	0.000213	$/kWh	12	12
	Total Regulatory Expenses					594	572
	TOTAL OPERATING EXPENSE					5,947	5,924
	Annual increase						-0.4%
	GROSS OPERATING MARGIN					4,850	4,873
	Annual increase						0.5%
	PROFIT AND LOSS STATEMENTS
	In ’000 US$			Year	0	1	2
	Operating income					10,797	10,797
	Operating expense					5,947	5,924
	Operating gross margin					4,850	4,873
	- Depreciation & amortization					1,489	1,489
	- Interest					2,435	2,325
	INCOME BEFORE TAX					926	1,059
	(Tax rate) and Income Tax Holiday (ITH) years	10%	7			0%	0%
	- Income tax					0	0
	INCOME AFTER TAX					926	1,059
	Percentage of increase						14.4%
	NET CASH FLOW
				Year	0	1	2
	Net profit after tax					926	1,059
	Addback:
	Depreciation & Amortization					1,489	1,489
	Working Capital
	Salvage Value
	Add:
	DSRF Income	4.00%	DSRF Income			70	70
	Less:
	Principal Repayment					1,052	1,163
0	Profit Sharing	0.00%	of income after tax			0	0
$0	Social Benefit Fund – Host Community	0	per month			0.00	0.00
$0.00	Add: Carbon Emission Credits (net of monitoring fees)	0.650	0.000	kg CO2/kWh	0.000	0.00	0.00
0.00%	NET CASH FLOW					1,432.17	1,454.50
$0	Percentage of increase						1.6%
	((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$					4,850	4,873
	Total Initial investment				33,135
	Project Cash Flow	13.72%	12.15%	WACC	-33,135	4,850	4,873
		IRR	NPV	-4,003	-33,135	4,181	3,621
			check	3,352	-33,135	4,325	3,874
		2,988.76	cumulative	0	-33,135	-28,285	-23,412
			project payback	6.73
	Invested capital			30.00%	9,941
	Equity Cash Flow	17.92%	16.00%	Equity IRR	-9,941	1,432	1,455
		IRR	NPV	1,427	-9,941	1,235	1,081
			check	1,427	-9,941	1,235	1,081
		1,229.98	cumulative	0	-9,941	-8,508	-7,054
			equity payback	6.62
	CALCULATION OF CASH FLOW FOR DEBT SERVICE
				Year	0	1	2
	Operating gross margin					4,850	4,873
	- Income tax					0	0
	- Increase in working capital needs (WCN)					591	0
	- Profit Sharing					0	0
	+ DSRF Income					70	70
	- Social Benefit Fund					0	0
	+ Carbon Emission Credits					0	0
	Cash flow available for debt service (CFD)					4,329	4,942
	CALCULATION OF DEBT SERVICE COVERAGE RATIO (DSCR)
				Year	0	1	2
	Cash flow available for debt service (CFD)					4,329	4,942
	Annual debt service (DS)					3,488	3,488
		min	ave	max
	DEBT SERVICE COVERAGE RATIO (DSCR)	1.241	1.402	1.456		1.241	1.417
	CALCULATION OF DIVIDENDS PAYABLE
				Year	0	1	2
	Cash flow available for debt service (CFD)					4,329	4,942
	Annual debt service (DS)					3,488	3,488
	CF available for dividends (CFDiv = CFD-DS)					841	1,455
	Accumulated CFDiv				0	841	2,296
	Current year profit after tax					926	1,059
	Accumulated profit: limit for dividend payable				0	926	1,984
	Select smaller accumulated value					841	1,984
	Accumulated dividend payable				0	841	1,984
	Annual dividend payable					841	1,143
	CALCULATION OF NPV, IRR AND PAY-BACK ACCORDING TO INVESTED CAPITAL AND DIVIDENDS PAYABLE
				Year	0	1	2
	Invested capital				9,941
	Annual dividend payable				0	841	1,143
	Discount rate to be applied for NPV calculation				16.00%	16%	16%
	Discount factor for this rate			1	1.0000	1.1600	1.3456
	Discounted dividends				0	725	849
	Present value of dividends				9,941
	NPV of the investment			0
				Year	0	1	2
	Investment schedulle	16.00%	16.00%	Equity IRR	-9,941	841	1,143
	IRR of Invested Capital	IRR	NPV	0	-9,941	725	849
			check	0	-9,941	725	849
		(0.00)	cumulative	0	-9,941	-9,099	-7,956
	Pay-back term of invested capital, years		equity payback	7.11
	BALANCE SHEET ACCOUNTS
	Calculation of WCN:
	Cash needed for operations (+)	3.000	months of expenses	7.37%		768	768
	Receivables (+)	1.000	months of revenue	8.33%		900	900
	Stocks (+)	2.000	months of fuel & chemicals	1.30%		140	140
	Suppliers(-)	1.000	months of payables	1.76%		190	190
	WCN	15.25%	% of operating income		1,028	1,618	1,618
	CALCULATION OF DEPRECIATION
47.00	In ’000 US$		1 ha = 10,000 m2	Year	0	1	2
$4	Initial investment in land	$2,128	20		43
	Freight on Board = FOB USA = $/kW	$1,900	10.00		19,000
5%	Ocean Freight = FRT = 5% x FOB	5%			950
1%	Insurance = INS = 1% x FOB	1%			190
	Cargo, Insurance & Freight = CIF = FOB + FRT + INS				20,140
12%	Value Added Tax = VAT = 12% x CIF	12%			2,417
3%	Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT)	0%			0
	Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty				22,557
3%	Local Freight Cost = LFC = 3% x CIF	3%			604
	Delivered Cost at Site = DCS = DPLC + LFC				23,161
5%	Installation Cost = IC = 5% x FOB	5%			950
	Transmission line cost 69 kV	$42,553	10.0		425.53
	Total EPC = DCS + IC				24,536.53
10%	Contingency (10%) = EPC x 10%	10%			2,454
1%	Documentary Stamps (1%) = EPC x 1% = DS	1%			245
$2,724	Total Fixed Assets (EPC + Contingency + DS)				27,236
	Depreciation term (years)	salvage value	10.00%	1,226	20	27,278
	Development costs (modeler)		0.50%		136
12%	Other Costs including taxes, contingencies		0.00%		-
	Carbon Emission Registration & Consultancy				0.00
$14	Initial investment in capitalized expenses				1,164.16	136
	Amortization term (years)	salvage value	10.00%	52	20
	Working Capital:
141.3	Working capital (adjustment to meet DSCR = 1.1)	1.100	1.241		-
	Working capital (initial stocks – biomass fuel) – 2 months				118
	Working capital (initial stocks – chemical materials) – 2 months				23
	Working capital (mobilization – utilities) – 2 months				51
	Working capital (mobilization – maintenance) – 2 months				358
	Working capital (mobilization – personnel expense) – 2 months				358
	Working capital (pre-paid expense – advance rent) – 2 months				72
$103	Working capital (pre-paid expense – taxes, insurances, etc) – 2 months			1,028	48	28,442
	Interest During Construction:
	Dev’t fees (loan arranger)		0.50%		142
	Front end fees (loan arranger)		0.50%		142
$469	Commitment fees (bank)		0.50%		142
12%	Interest During Construction (bank) – 12 months	18	10.00%		4,266	4,693
	Amortization term (years)	salvage value	10.00%	211	20
$3,314	Total Investment (land, fixed, capitalized expenses, working capital)		1,557,356		33,135
$3,314	checksum
	Depreciation of fixed assets					1,226	1,226
	Amortization of capitalized expenses and working capital					52	52
	Amortization of capitalized interest during construction					211	211
	TOTAL DEPRECIATION & AMORTIZATION EXPENSE					1,489	1,489
	Evolution of fixed assets and capitalized expenses			Year	0	1	2
	Land				43	43	43
	Gross fixed assets				27,236	27,236	27,236
	Accumulated depreciation				0	1,226	2,451
	Net fixed assets				27,236	26,010	24,784
	Gross capitalized expenses				1,164	1,164	1,164
	Accumulated amortization				0	52	105
	Net capitalized expenses				1,164	1,112	1,059
	Gross capitalized interest during construction				4,693	4,693	4,693
	Accumulated amortization				0	211	422
	Net capitalized intereset during construction				4,693	4,482	4,271
	Total Depreciable Assets (fixed assets, capitalized expenses, IDC)				33,093	31,604	30,114
	DEBT SERVICE CALCULATION
	In ’000 US$			Year	0	1	2
	Total Initial investment				33,135
	% to be financed by capital		Equity IRR	16.00%	30%
	% to be financed by non refundable subsidy		Subsidy	0.00%	0%
	% to be financed by debt		Debt Interest	10.50%	70%
	Initial amount of capital		WACC	12.15%	9,941
	Amount of subsidy				0
	Initial amount of debt				23,195
	Repayment term (years)			1,933	12
	Constant Repayment Method:
	Annual repayment					1,933	1,933
	Amount of debt at year end				23,195	21,262	19,329
	Average amount of debt					22,228	20,295
	Reference interest rate (Libor or other)				8.00%	8.00%	8.00%
	Spread				2.50%	2.50%	2.50%
	Interest rate of debt		(1 = constant, 0 = mortgage)		10.50%	10.50%	10.50%
	Interest based on average amount of debt		0			2,334	2,131
	Declining Balance Method:
	Beginning Balance					23,195	22,142
	Interest		1	15.04%	10.50%	2,435	2,325
	Principal repayment			3,488	12	1,052	1,163
	Remaining balance				23,195	22,142	20,979
				Year	0	1	2
	Beginning Balance					23,195	22,142
	Annual amount of interest					2,435	2,325
	Annual amount of principal					1,052	1,163
	Annual debt service (principal + interest)					3,488	3,488
	Ending Balance				23,195	22,142	20,979
	Debt Service Reserve Fund	6	months			1,744	1,744
	DSRF Income	4.00%	DSRF Income			70	70
	Withholding Tax on Forex Fund	7.50%	WhTax
	DSRF Expense	0.30%	DSRF Expense			5	5
	BALANCE SHEET
	BALANCE SHEET BEFORE DIVIDEND PAYMENT
	In ’000 US$			Year	0	1	2
	Cash needed for operations				0	768	768
	Additional cash (if negative, it would represent additional debt)				0	-1,136	-522
	Receivables				0	900	900
	Stocks				0	140	140
	Land				43	43	43
	Fixed assets (net)				27,236	26,010	24,784
	Capitalized expenses (net)				1,164	1,112	1,059
	Capitalized IDC (net)				4,693	4,482	4,271
	Total assets				33,135	32,318	31,443
	Suppliers				0	190	190
	Debt				23,195	21,262	19,329
	Shareholder’s Advances
	Current year profit after tax				0	926	1,059
	Accumulated reserves				0	0	926
	Subsidy				0	0	0
	Capital				9,941	9,941	9,941
	Total liabilities and net worth				33,135	32,318	31,443
				variance	-	-	-
	BALANCE SHEET AFTER DIVIDEND PAYMENT
				Year	0	1	2
	Cash needed for operations				0	768	768
	Additional cash (if negative, it would represent additional debt)				0	-1,978	-2,506
	Receivables				0	900	900
	Stocks				0	140	140
	Land				43	43	43
	Fixed assets (net)				27,236	26,010	24,784
	Capitalized expenses (net)				1,164	1,112	1,059
	Capitalized IDC (net)				4,693	4,482	4,271
	Total assets				33,135	31,476	29,459
	Suppliers				0	190	190
	Debt				23,195	21,262	19,329
	Shareholder’s Advances
	Current year profit after tax
	Reserves				0	84	0
	Subsidy				0	0	0
	Capital				9,941	9,941	9,941
	Total liabilities and net worth				33,135	31,476	29,459
				variance	-	-	-
	Calculation of Dividends Payable
	Gross Margin					4,850	4,873
	Income Tax (-)					0	0
	Increase in Working Capital (-)					591	0
	Profit Sharing (-)					0	0
	DSRF Income (+)					70	70
	Social Benefit Fund (-)					0	0
	Carbon Emission Credits (+)					0	0
	Cash flow available for debt service (CFD)					4,329	4,942
	Annual debt service (DS) = Interest + Principal					3,488	3,488
	CF available for dividends (CFDiv = CFD-DS)					841	1,455
	Accumulated CFDiv				0	841	2,296
	Current year profit = Income After Tax					926	1,059
	Accumulated profit: limit for dividend payable				0	926	1,984
	Accumulated dividend payable				0	841	1,984
	Annual dividend payable	Planned	Actual		-9,941	841	1,143
	Investor 1	60.00%			-5,964	505	686
	Investor 2	30.00%			-2,982	252	343
	Investor 3	10.00%			-994	84	114
		100.00%
	CASH FLOW STATEMENT			Year	0	1	2
	OPERATIONS
	Net Income (after tax)					925.73	1,058.58
	Add: Depreciation & Amortization					1,489.17	1,489.17
	(Increase) / Decrease in Receivables					-899.76	0.00
	(Increase) / Decrease in Inventories					-140.37	0.00
	Increase / (Decrease) in Accounts Payable					189.63	0.00
	Net Cash flow from Operations					1,564.40	2,547.75
	INVESTMENTS
	Additions to PP&E		27,235.55		-27,235.55	0.00	0.00
	Additions to Capitalized Expenses		1,164.16		-1,164.16	0.00	0.00
	Additions to Capitalized IDC		4,692.97		-4,692.97	0.00	0.00
	Additions to Land		42.55		-42.55	0.00	0.00
	Net Cash flow Used for Investments		33,135.23		-33,135.23	0.00	0.00
	Cash flow before Financing				-33,135.23	1,564.40	2,547.75
	FINANCING
	Increase (Decrease) in Shareholder Advances				0.00	0.00	0.00
	Increase (Decrease) in Long-term Debt		23,194.66		23,194.66	-1,932.89	-1,932.89
	Increase (Decrease) in Subsidy		0.00		0.00	0.00	0.00
	Increase (Decrease) in Capital Stock		9,940.57		9,940.57	0.00	0.00
	Net Cash flow from Financing		33,135.23		33,135.23	-1,932.89	-1,932.89
	NET CASH FLOW				0.00	-368.49	614.87
	Add: Beginning Cash Balance					0.00	-368.49
	ENDING CASH BALANCE				0.00	-368.49	246.37
	Levelized Selling Price, Generation Cost and Profit			Year	0	1	2
	Discounting Rate, % p.a.	16.00%	47.00		NPV
	Electricity sales	MWh	PhP/kWh	$/kWh	340,268	57,356	57,356
0.1882	TOTAL OPERATING INCOME AND SELLING PRICE	000 US$	8.8477	0.1882	64,055	10,797	10,797
fuel	Expenses from biomass purchase	000 US$	0.5781	0.0123	4,185	705	705
variable O&M	Purchase of chemical materials	000 US$	0.1120	0.0024	811	137	137
	Utilities (fuel, lubes, electricity, water)	000 US$	0.1680	0.0036	1,216	205	205
	Maintenance of the installation	000 US$	1.1738	0.0250	8,498	1,433	1,433
	Personnel expense	000 US$	1.1738	0.0250	8,498	1,433	1,433
fixed O&M	Land lease, rent	000 US$	0.7043	0.0150	5,099	860	860
	Taxes, Insurance, services, and others	000 US$	0.4695	0.0100	3,399	573	573
	DSRF Expense	000 US$	3.756	0.0799	27	5	5
regulatory	Special Privilege Tax – 2%	000 US$	88.477	1.8825	641	108	108
	Special Realty Tax – 2.5%	000 US$	293.703	6.2490	2,126	474	452
	DOE 1-94 : 0.01 PhP/kWh sales	000 US$	10.000	0.2128	72	12	12
Others
1	Depreciation & amortization	000 US$	1.2195	0.0259	8,829	1,489	1,489
1	Interest	000 US$	1.3363	0.0284	9,674	2,435	2,325
1	Income tax	000 US$	0.0791	0.0017	573	0	0
	Total Generation Cost		7.4103	0.1577	53,649	9,871	9,739
	Net Profit after Tax		1.4373	0.0306	10,406	925.73	1,058.58