italy water system

8/8/2019 Italy Water System

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SENSITIVITIES GROUP A

Item Unit Base Case Sensitivity New

INFLATION

Annual Rate 2.00% 0.00%

CAPEX

Costi overrun % 0.00% 0.00%

OPERATING PHASE

Revenues from Water Sale

1 Adduction Level

Non potable Water already supplied

Tariff 31-12-2003 Euro/'000mc 100 0.00%

Potable Water

Tariff 31-12-2003 Euro/'000mc 300 0.00%

Opex due to Water Production

1 Adduction Level

1. Personnel

Staff 100 0.00%

Annul Cost 60 0.00%

2. Water System Opex

Annul Cost Euro/'000mc 60 0.00%

3. Maintenance

Capex percentage % 0.50% 0.00%

4. Other Services uro ('000) 1,549 0.00%

5. General Expenses

Maitenance and Personnel % % 5.00% 0.00%

2 Adduction Level

1. Personnel

Staff 130 0.00%


Annul Cost 60 0.00%

3. Maintenance

Capex percentage 0.50% 0.00%

4. Other Services 2,066 0.00%

First Year 100.00% 0.00%

5. General Expenses 5.00% 0.00%

Revenues from Energy Sale

Flowing Water

Tariff 31-12-2003 uro ('000)/GWh 57 0.00%

Tariff 25% F4

Tariff 31-12-2003 uro ('000)/GWh 63 0.00%

Green Certificates Cost

Tariff 31-12-2009 uro ('000)/GWh 82 0.00%


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ASSUMPTIONS SHEET

Fonte Unit

CURRENCY keuro

Lire Lit/mil.

Euro uro ('000)

TIMING

Starting date 1-Jan-06

Ending date 31-Dec-40

Concession Maturity Year 35.0

Operation Date Maturity Year 30.0

INFLATION

Annual Rate 2.0%

CONSTRUCTION PERIOD

Maturity Year 5.0

1st Section



Maturity 1st Sestion 3.0

2nd Section



Total Maturity Year 5.0

CAPEX1st Section

CAPEX 1 keuro 260,687

Doubling YYYY keuro 134,551

Potable water System YYY keuro 143,332

TOTAL keuro 538,571

Design and other costs keuro 64,445

Expropriation keuro 11,653

TOTAL CAPEX 1st Section keuro 614,669

2nd Section

CAPEX 2 80,417

Doubling XXX #DIV/0!

Acquedotto del xxxx Potabile 259,548

TOTAL keuro #DIV/0!

Design and other costs keuro 51,352

Expropriation keuro 23,337

TOTAL CAPEX 2nd Section keuro #DIV/0!

Total Capex keuro #DIV/0!

LIFE CYCLE COSTS

Progr. Year

9 2014 keuro 2,981

11 2016 keuro 1,663

13 2018 keuro 3,385

LIRE

EURO


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25 2030 keuro 4,954

27 2032 keuro 2,763

29 2034 keuro 5,624

31 2036 keuro 3,137

33 2038 keuro 6,385

35 2040 keuro 3,562

keuro

Total keuro 49,127

DEPRECIATION

1st Section


2nd Section


VAT

Grant Rate % 10%

Capex Rate % 20%

Opex Rate % 20%

Concession fee Rate % 10%

Water revenues Rate % 10%

Energy revenues Rate % 20%

Average payment by VAT Authority Year 2

VAT Reimbursement starting date 1-Jan-39

VAT Reimbursement ending date 31-Dec-38

VAT FACILITY

Amuount #DIV/0!

Availability Year 35



Repayment Period Year 1



Total Maturity Year 36

Interest

Base Rate 3.00%

Margin 1.00%

Annual Interest Rate 4.00%

Escalated interest #DIV/0!

Annual Depreciation Rate 3.33%

Withholding Tax 0.25%

Financial fee

Commitment fee 0.50%

Arrangement fee 1.00%

OPERATING PHASE

Starting Date 1-Jan-09

Non potable Water already supplied Mln mc/year 209

Tariff 31-12-2003 Euro 0

Tariff 31-12-2009 Euro 0

Potable Water already supplied Mln mc/year 123

Tariff 31-12-2003 Euro 200

Tariff 31-12-2009 Euro 225

Existing Water System Opex keuro 2,500

1 Adduction Level



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supplied water added Mln mc/year 30

Tariff 31-12-2003 Euro/'000mc 100

Tariff 31-12-2009 Euro/'000mc 113

Potable water

supplied water added Mln mc/year 90

Tariff 31-12-2003 Euro/'000mc 300

Tariff 31-12-2009 Euro/'000mc 338

Opex

1. Personnel

Staff 100

Annul Cost keuro 60


Annul Cost Euro/'000mc 60

3. Maintenance

Capex percentage % 0.5%

4. Other Services keuro 1,549

5. General Expenses

Maitenance and Personnel % % 5.0%

2 Adduction Level



Total water supplied Mln mc/year 210

Revenues

Non potable water

supplied water added Mln mc/year 40Tariff 2009 Euro/'000mc 113

Potable water

supplied water added Mln mc/anno 170

Tariff 2009 Euro/'000mc 338

Opex

1. Personnel

Staff 130

Annul Cost keuro 60.48


Annul Cost Euro/'000mc 60

3. Maintenance

Capex percentage % 0.5%

4. Other Services keuro 2,066

5. General Expenses

Maitenance and Personnel % % 5.0%

ENERGY SALE

Tariff annual Escalation % 1.5%

1 Escalation anno 2010

Start-up year 2009

Start-up capacity % 80%

Tariff 1

Tariff 31-12-2003 uro ('000)/GWh 57

Tariff 31-12-2009 uro ('000)/GWh 62


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Tariff 31-12-2003 uro ('000)/GWh 63

Tariff 31-12-2009 uro ('000)/GWh 69

Energy sold GWh/year 73

Green Certificate

Tariff 31-12-2009 uro ('000)/GWh 82

Energy sold GWh/year 106.11

Green Certificate starting date 1-Jan-09

Green Certificate maturity year 8

Green Certificate ending date 31-Dec-16

Power plant opex keuro 1,350

Energy Autority Fee keuro 5,000

Water Autority Fee keuro 5,000

TAXATION

Corporation Tax Rate %_ 33.0%

IRAP Rate % 4.25%

WORKING CAPITAL

Average water receipts time gg. 60

Average energy receipts time gg. 60

Average opex payment time (no personnel) gg. 60

Average Exiting Water System payment time gg. 60

Average Autority Water fee payment time gg. 60

Average Power Plant opex payment time gg. 60

PUBBLIC GRANT

Amount keuro #DIV/0!

Drawdown modality Public Installments

1st Section

TOTAL CAPEX 1st Section keuro 614,669

% 55%

1 Section Grant amount keuro 338,068

2nd Section

TOTAL CAPEX 2nd Section keuro #DIV/0!

% 55%

2 Section Grant amount keuro #DIV/0!

EQUITY


Drawdown modality Pro-quota

% of financial deficit 12.00%

SENIOR FACILITY


Average Loan Life 14.92

Availability 6

Starting date Year 1-Jan-06


Repayment Period Year 27




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Financial fee


Arrangement fee 1.00%

GUARANTEE FACILITIES

FALSE Pubblic Grant


Ending date 1-Jan-11

Margin 1.50%


Up front fee 0.00%

VAT Reibursement

Law minimun maturity Year 3



Margin 0.80%

Up front fee 1.00%


DEBT SERVICE RESERVE ACCOUNT

% cash to Reserve 100.00%

Payment Defined

Constitution Date 31-Dec-39

Release Date 31-Dec-38

Interest Income 1.00%

LEGAL RESERVE

% Earning 5.00%

keuro #DIV/0!

DSCR esclusione grace period

Min #DIV/0!

Max #DIV/0!

Average #DIV/0!

LLCR

Min #VALUE!

Max #VALUE!

Average #VALUE!

IRR

Project #DIV/0!

Equity #DIV/0!PA index #DIV/0!

Limit (20% Equity)

REVOL


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SENIOR LOAN REPAYMENT PROFILE

Average Loan Life 14.92

Year % Repayment Repayment ADSCR

2006 0.0% 0 0.00

2007 0.0% 0 0.00

2008 0.0% 0 0.00

2009 0.0% 0 0.00

2010 0.0% 0 0.00

2011 0.0% 0 0.00

2012 4.4% #VALUE! #DIV/0!

2013 5.2% #VALUE! #DIV/0!

2014 5.0% #VALUE! #DIV/0!

2015 6.0% #VALUE! #DIV/0!

2016 6.2% #VALUE! #DIV/0!

2017 5.1% #VALUE! #DIV/0!

2018 5.4% #VALUE! #DIV/0!2019 6.6% #VALUE! #DIV/0!

2020 6.6% #VALUE! #DIV/0!

2021 7.4% #VALUE! #DIV/0!

2022 7.2% #VALUE! #DIV/0!

2023 8.2% #VALUE! #DIV/0!

2024 8.2% #VALUE! #DIV/0!

2025 9.5% #VALUE! #DIV/0!

2026 9.2% #VALUE! #DIV/0!

2027 0.0% 0 #DIV/0!

2028 0.0% 0 #DIV/0!

2029 0.0% 0 #DIV/0!

2030 0.0% 0 #DIV/0!


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SUMMARY SHEET

CAPEX

1st Section

CAPEX 1 keuro 260,687 #DIV

Doubling YYYY keuro 134,551 #DIV


Design and other costs keuro 64,445 #DIV

Expropriation keuro 11,653 #DIV

TOTAL CAPEX 1st Section keuro 614,669 #DIV

2nd Section

CAPEX 2 keuro 80,417 #DIV

Doubling XXX keuro #DIV/0! #DIV

Potable Water System XXX keuro 259,548 #DIV

Design and other costs keuro 51,352 #DIV

Expropriation keuro 23,337 #DIV

TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV

Total Capex keuro #DIV/0! #DIV

Life Cycle Cost keuro 49,127 #DIV

Total INVESTIMENTI keuro #DIV/0! #DIV

WATER REVENUES

Existing Water System

Potable Water already supplied 123 200

Non potable Water already supplied 209 -

1 Adduction Level

Potable 90 300

Non potable 30 100

2 Adduction Level

Potable 170 300

Non potable 40 100

Water supplied(mln mc./year)

Tariff 31-12-2003(euro/'000mc)






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SOURCE AND USES

USES

CAPEX

1st Section keuro 614,669 #DIV/0!

2nd Section keuro #DIV/0! #DIV/0!

Total Capex keuro #DIV/0! #DIV/0!

Financial fee keuro #DIV/0! #DIV/0!

Capitalised interest keuro #DIV/0! #DIV/0!

DSRA keuro #DIV/0! #DIV/0!

Change in Working Capital keuro #DIV/0! #DIV/0!

VAT (2006-2011) keuro #DIV/0! #DIV/0!

TOTAL USES keuro #DIV/0! #DIV/0!

SOURCE

Loan

SENIOR FACILITY keuro #DIV/0! #DIV/0!

VAT FACILITY keuro #DIV/0! #DIV/0!

Total Loan keuro #DIV/0! #DIV/0!

Cash during construction keuro #DIV/0! #DIV/0!

PUBBLIC GRANT keuro #DIV/0! #DIV/0!

EQUITY keuro #DIV/0! #DIV/0!

VAT Reibursement (al 31-12-2011) keuro #DIV/0! #DIV/0!

TOTAL SOURCE keuro #DIV/0! #DIV/0!


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SENIOR FACILITY Average Loan Life 14.92 VA

Amount keuro #DIV/0! Am

Availability Year 6 A



Repayment Period Year 27 R



In

Annual Interest Rate 5.50% W


Outstanding Loans keuro

RATIOS

Project IRR Equ

Concession Maturity Year 30 Con

Final Maturity 31-Dec-40 Fina

Project IRR #DIV/0! Equ

TIR Azionisti

Durata della concessione (gestione) Year 30

Scadenza 31-Dec-40

IRR azionisti #DIV/0!

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2


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Sources-Uses Analysis

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Period

USES

CAPEX keuro #DIV/0! 247,127 415,624 155,817 151,703 71,813

Capitalised interest keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Cash keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

DSRA keuro 0 0 0 0 0 #DIV/0!

TOTAL USES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

SOURCE

Self-financing keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!

Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!

Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497

Debt (reimbursment) keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

TOTAL SOURCES keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!


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Sources-Uses Analysis

StartingEnding

Year

Progr.

Period

USES

CAPEX keuro

Capitalised interest keuro

Cash keuro

DSRA keuro

TOTAL USES keuro

SOURCE

Self-financing keuro

Equity keuro

Grant keuro

Debt (reimbursment) keuro

TOTAL SOURCES keuro

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec

2023 2024 2025 2026 2027 2028 2

18 19 20 21 22 23

0 2,144 0 4,363 0 2,434

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VAL


0 0 0 0 0 0


#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV


0 0 0 0 0 0



#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0


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CAPEX ANALYSIS

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09

Year 2006 2007 2008 2009

Progr. 1 2 3 4

CAPEX

1st Section

Flag

CAPEX 1 0% 260,687 25,353 103,444 131,890 -

Doubling YYYY keuro 0% 134,551 13,086 53,391 68,074 -

Potable water System YYY keuro 0% 143,332 13,940 56,876 72,517 -

Design and other costs keuro 0% 64,445 15,409 21,638 22,071 5,327

Expropriation keuro 0% 11,653 4,588 4,679 2,386 -

TOTAL CAPEX 1st Section 614,669 72,376 240,028 296,938 5,327

2nd Section

CAPEX 2 keuro 0% 80,417 - - - 26,277

Doubling XXX keuro 0% #DIV/0! #DIV/0! - 26,775 27,311

Potable Water System XXX keuro 0% 259,548 - - 76,021 77,542

Design and other costs keuro 0% 51,352 6,277 1,048 9,717 13,065

Expropriation keuro 0% 23,337 - 6,051 6,172 6,296

TOTAL CAPEX 2nd Section #DIV/0! #DIV/0! 7,099 118,686 150,490

Total Capex #DIV/0! #DIV/0! 247,127 415,624 155,817

Total Capex keuro #DIV/0! #DIV/0! 247,127 415,624 155,817

Life Cycle Cost

xxxx yyyy keuro 6,269

Doubling YYYY keuro 9,555


Escalation Factor - - -

Total Life Cycle Cost keuro 49,127 - - - -

Total Capex keuro #DIV/0! #DIV/0! 247,127 415,624 155,817


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CAPEX ANALYSIS

Year

Progr.

CAPEX

1st Section

CAPEX 1

Doubling YYYY keuro

Potable water System YYY keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 1st Section

2nd Section

CAPEX 2 keuro

Doubling XXX keuro

Potable Water System XXX keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 2nd Section

Total Capex

Total Capex keuro

Life Cycle Cost

xxxx yyyy keuro

Doubling YYYY keuro

Potable water System YYY keuro

Escalation Factor

Total Life Cycle Cost keuro

Total Capex keuro

1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-2

31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-2

2021 2022 2023 2024 2025 2026 202

16 17 18 19 20 21 2

- - - - - - -

- 896 - - - 896 -

- 806 - 559 - 806 -

- 1,075 - 894 - 1,075 -

1.34 1.38 1.43 1.47 1.52 1.57 1.62

- 3,843 - 2,144 - 4,363 -

- 3,843 - 2,144 - 4,363 -


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CAPEX ANALYSIS Moltiplicatore

Year 2006 2007 2008 2009 20

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87

CAPEX 1 keuro 238,914 23,891 95,566 119,457

Escalation (2%) keuro 21,773 1,462 7,878 12,433

SAL % 10% 40% 50%

Total keuro 260,687 25,353 103,444 131,890

Doubling YYYY keuro 123,313 12,331 49,325 61,657

Escalation (2%) keuro 11,238 755 4,066 6,417

SAL % 100% 10% 40% 50%

Total keuro 134,551 13,086 53,391 68,074

Potable water System YYY keuro 131,361 13,136 52,545 65,681

Escalation (2%) keuro 11,971 804 4,331 6,836

SAL % 100% 10% 40% 50%

Total keuro 143,332 13,940 56,876 72,517 -

Design and other costs keuro 59,231 14,521 19,991 19,990 4,730

Escalation (2%) keuro 5,214 889 1,648 2,081 597

SAL % 100% 25% 34% 34% 8%

Total keuro 64,445 15,409 21,638 22,071 5,327

Expropriation keuro 10,807 4,323 4,323 2,161

Escalation (2%) keuro 846 265 356 225

SAL % 100% 40% 40% 20%

Total keuro 11,653 4,588 4,679 2,386 -

6.12% 8.24% 10.41% 12.62%

Total Capex keuro 563,626 68,202 221,749 268,946 4,730

Escalation (2%) keuro 51,043 4,174 18,279 27,992 597

keuro 614,669 72,376 240,028 296,938 5,327

Year 2006 2007 2008 2009 20

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87

CAPEX 2 keuro 69,999 23,333 23,33

Escalation (2%) keuro 10,418 - - - 2,944 3,4% 100% 0% 0% 0% 33% 33

Total keuro 80,417 - - - 26,277 26,8

Doubling XXX keuro #DIV/0! #DIV/0! 24,251 24,251 24,25

Escalation (2%) keuro #DIV/0! #DIV/0! - 2,524 3,060 3,6

% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV

Total keuro #DIV/0! #DIV/0! - 26,775 27,311 27,8

Potable Water System XXX keuro 229,517 68,855 68,855 68,85

Escalation (2%) keuro 30,031 - - 7,166 8,687 10,2

% 100% 0% 0% 30% 30% 30

Total keuro 259,548 - - 76,021 77,542 79,0

Design and other costs keuro 45,642 5,915 968 8,801 11,601 11,43

Escalation (2%) keuro 5,710 362 80 916 1,464 1,7

% 100% 13% 2% 19% 25% 25

Total keuro 51,352 6,277 1,048 9,717 13,065 13,1

Expropriation keuro 20,965 5,591 5,591 5,591 4,1

1st Section

TOTAL CAPEX 1st Section

2nd Section


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ENERGY REVENUES

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10

Year 2006 2007 2008 2009 2010

Progr. 0 0 0 0 1

Annual Escalation 0.0% 0.0% 0.0% 0.0% 1.5

Tariff 1

Energy GWh/year - - - 26.23 32.78

Tariff 1 uro ( '000)/GWh - - - 62.3 63.26

Tariff 1 Revenues keuro - - - 1,635 2,074

Tariff 2

Energy GWh/year - - - 58.66 73.33

Tariff 2 uro ( '000)/GWh - - - 68.89 69.92

Tariff 2 Revenues keuro - - - 4,041 5,127

Green Certificate

Energy GWh/year - - - 84.89 106.11

Green Certificate uro ( '000)/GWh - - - 82.00 83.23

Green Certificate Revenues keuro - - 6,961 8,832

TOTAL ENERGY REVENUES keuro - - - 12,637 16,033


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ENERGY REVENUES

Year

Progr.

Annual Escalation

Tariff 1

Energy GWh/year

Tariff 1 uro ('000)/GWh

Tariff 1 Revenues keuro

Tariff 2

Energy GWh/year

Tariff 2 uro ('000)/GWh

Tariff 2 Revenues keuro

Green Certificate

Energy GWh/year

Green Certificate uro ('000)/GWh

Green Certificate Revenues keuro

TOTAL ENERGY REVENUES keuro

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec

2023 2024 2025 2026 2027 20

14 15 16 17 18

1.5% 1.5% 1.5% 1.5% 1.5% 1.5

32.78 32.78 32.78 32.78 32.78 32.

76.77 77.92 79.09 80.28 81.48 82.

2,517 2,555 2,593 2,632 2,671 2,7

73.33 73.33 73.33 73.33 73.33 73.

84.85 86.12 87.42 88.73 90.06 91.

6,222 6,315 6,410 6,506 6,604 6,7

- - - - -

- - - - -

- - - - -

8,739 8,870 9,003 9,138 9,275 9,4


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WATER REVENUES

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09

Year 2006 2007 2008 2009

Progr. 0 0 0 0

Annual Inflation rate 0.0% 0.0% 0.0% 0

Water supplied

Total Non potable water Mln mc/year - - - 239

Total Potable water Mln mc/year - - - 213

Total Mln mc/year - - - 452

Additional Non potable water Mln mc/year - - - 30

Tariff uro - - - 113

Additional Non potable water revenues keuro - - - 3,378

Additional Potable water Mln mc/year - - - 90


Additional Potable water revenues keuro - - - 30,406

Non potable Water already supplied Mln mc/year - - - 209

Tariff uro - - - -

Non potable Water already supplied revenues keuro - - - -

Potable Water already supplied Mln mc/year - - - 123


Potable Water already supplied revenues keuro - - - 27,704

TOTAL WATER REVENUES keuro - - - 61,488


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WATER REVENUES

Year

Progr.

Annual Inflation rate

Water supplied

Total Non potable water Mln mc/year

Total Potable water Mln mc/year

Total Mln mc/year

Additional Non potable water Mln mc/year

Tariff uro

Additional Non potable water revenues keuro

Additional Potable water Mln mc/year

Tariff uro

Additional Potable water revenues keuro

Non potable Water already supplied Mln mc/year

Tariff uro

Non potable Water a lready supplied revenues keuro

Potable Water already supplied Mln mc/year

Tariff uro

Potable Water already supplied revenues keuro

TOTAL WATER REVENUES keuro

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Ja

31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-De

2023 2024 2025 2026 2

14 15 16 17

2.0% 2.0% 2.0% 2.0% 2.

249 249 249 249 2

293 293 293 293 2

542 542 542 542 5

40 40 40 40

149 152 155 158 1

5,944 6,063 6,184 6,308 6,4

170 170 170 170 1

446 455 464 473 4

75,783 77,299 78,845 80,422 82,0

209 209 209 209 2

- - - -

- - - -

123 123 123 123 1

297 303 309 315 3

36,554 37,285 38,031 38,792 39,5

118,281 120,647 123,060 125,521 128,0


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LIFE CYCLE COSTS

9 10 11 12 13

2,014 2,015 2,016 2,017 2,018

1st Section

xxxx yyyy 895,536 895,536

Doubling YYYY 805,983 805,983

Potable water System 1,074,644 1,074,644

2nd Section

Doubling XXX 559,030

Potable Water System XXX 894,447

Total 2,776,163 - 1,453,477 - 2,776,163

cost increase for wear and tear 1,2% 1.012 1.02 1.04 1.05 1.06

Sum 2,809,477 - 1,506,433 - 2,946,779

- - - - -

Increase for revaluing by mc 2% 1.06 1.08 1.10 1.13 1.15

Life Cycle Cost 2,981,439 - 1,663,223 - 3,384,922


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14 15 16 17 18 19 20 21 22 23 24

2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028 2,029

895,536 895,536

805,983 805,983

1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

- 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 -

1.07 1.09 1.10 1.11 1.13 1.14 1.15 1.17 1.18 1.20 1.21

- 1,580,053 - 3,090,791 - 1,657,272 - 3,241,840 - 1,738,264 -

- - - - - - - - - - -

1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43

- 1,888,310 - 3,843,010 - 2,143,858 - 4,363,090 - 2,433,990 -


22/68

25 26 27 28 29 30 31 32 33 34 35

2,030 2,031 2,032 2,033 2,034 2,035 2,036 2,037 2,038 2,039 2,040

895,536 895,536 895,536

805,983 805,983 805,983

1,074,644 1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477

1.22 1.24 1.25 1.27 1.28 1.30 1.32 1.33 1.35 1.36 1.38

3,400,272 - 1,823,215 - 3,566,447 - 1,912,317 - 3,740,742 - 2,005,774

- - - - - - - - - - -

1.46 1.49 1.52 1.55 1.58 1.61 1.64 1.67 1.71 1.74 1.78

4,953,554 - 2,763,386 - 5,623,927 - 3,137,359 - 6,385,022 - 3,561,943


23/68

36 37

2,041 2,042 Personale importo an Total

2 Stralcio 21 60,480 1,270,080

Total 21 60,480 1,270,080

1 Stralcio 61 60,480 3,689,280

1.40 1.41

- -

1.81 1.85

Total

- - 49,127,035


24/68

VAT SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10

Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

VAT Deficit

CAPEX 1 keuro 5,071 20,689 26,378 - -

CAPEX 2 keuro - - - 5,255 5,360

Doubling YYYY keuro #DIV/0! 10,678 18,970 5,462 5,571

Potable water System YYY keuro 2,788 11,375 29,708 15,508 15,819

Expropriation keuro 918 2,146 1,712 1,259 963

VAT CAPEX keuro #DIV/0! 44,888 76,767 27,485 27,714

Design and other costs keuro 4,337 4,537 6,358 3,678 2,627

GRANT VAT keuro #DIV/0! (13,592) (22,859) (8,570) (8,344)

Operating VAT

Grant Rate keuro 2,478 3,043

Concession fee Rate keuro 2,000 2,040

Water revenues Rate keuro (6,149) (6,272)

Energy revenues Rate keuro (2,527) (3,207)

Operating VAT position keuro (4,198) (4,396)

VAT Receivables/(Payable) - #DIV/0! 35,833 60,265 18,395 17,601

VAT Reimbursement/(Cost)

Average payment by VAT Authority Year 2

VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265

VAT FACILITY



Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

Initial Outstanding keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0!

VAT Facility drawdown keuro #DIV/0! 35,833 60,265 18,395 17,601

VAT Facility Repayment keuro 0 0 #DIV/0! (35,833) (60,265)

Final Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Average Outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Undrawn Capital keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Withholding Tax keuro #DIV/0! 90 151 46 44

Interest keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0 to P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Financial fee

Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Arranging fee keuro #DIV/0! 0 0 0 0

keuro


25/68

VAT SHEET

Year

Progr.

VAT Deficit

CAPEX 1

CAPEX 2

Doubling YYYY

Potable water System YYY

Expropriation

VAT CAPEX

Design and other costs

GRANT VAT

Operating VAT

Grant Rate

Concession fee Rate

Water revenues Rate

Energy revenues Rate

Operating VAT position

VAT Receivables/(Payable)


Average payment by VAT Authority


VAT FACILITY

Year

Progr.

Initial Outstanding

VAT Facility drawdown

VAT Facility Repayment

Final Outstanding

Average Outstanding

Undrawn Capital

Interest

Withholding Tax

Interest

Capitalisedto P&L

Financial fee

Commitment fee

Arranging fee



2026 2027 2028 2029 2030 2031 2032

21 22 23 24 25 26 27

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -


2,800 2,856 2,914 2,972 3,031 3,092 3,154

(12,552) (12,803) (13,059) (13,320) (13,587) (13,859) (14,136)

(1,828) (1,855) (1,883) (1,911) (1,940) (1,969) (1,998)

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!





2026 2027 2028 2029 2030 2031 2032

21 22 23 24 25 26 27










0 0 0 0 0 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


0 0 0 0 0 0 0


26/68

42476216 xls

DEPRECIATION SHEET

Total Annual Depr. Starting date Depr. Ma

1st Section 1-Jan-09

CAPEX 1 keuro 260,687 8,146

Doubling YYYY keuro 134,551 4,205

Potable water System YYY keuro 143,332 4,479

Design and other costs keuro 64,445 2,014

Expropriation keuro 11,653 364

TOTAL CAPEX 1st Section keuro 614,669 19,208

2nd Section 1-Jan-11

CAPEX 2 keuro 80,417 2,681

Doubling XXX keuro #DIV/0! #DIV/0!

Potable Water System XXX keuro 259,548 8,652

Design and other costs keuro 51,352 1,712Expropriation keuro 23,337 778

TOTAL CAPEX 2nd Section keuro #DIV/0! #DIV/0!

Total Capex keuro #DIV/0! #DIV/0!

Life Cycle Cost

Year Total Starting date Depr. Maturity

2014 keuro 2,981 115 1-Jan-15

2016 keuro 1,663 69 1-Jan-17

2014 keuro 3,385 130 1-Jan-15

2020 keuro 1,888 94 1-Jan-21

2022 keuro 3,843 214 1-Jan-23

2024 keuro 2,144 134 1-Jan-25

2026 keuro 4,363 312 1-Jan-27

2028 keuro 2,434 203 1-Jan-29

2030 keuro 4,954 495 1-Jan-31

2032 keuro 2,763 345 1-Jan-33

2034 keuro 5,624 937 1-Jan-35

2036 keuro 3,137 784 1-Jan-37

2038 keuro 6,385 3,193 1-Jan-39

2040 keuro 3,562 3,562 1-Jan-40

keuro

Total 49,127

LIFE CYCLE COSTS keuro #DIV/0!

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-D

Year 2006 2007 2008 2009

Progr. 1 2 3 4

1st Section

CAPEX 1 keuro - - - 8,146 8

Doubling YYYY keuro - - - 4,205 4

Potable water System YYY keuro - - - 4,479 4

Design and other costs keuro - - - 2,014 2

Expropriation keuro - - - 364

TOTAL CAPEX 1st Section keuro - - - 19,208 19

2nd SectionCAPEX 2 keuro - - - -

Doubling XXX keuro - - - -

Potable Water System XXX keuro - - - -


27/68

42476216 xls

Design and other costs keuro - - - -

Expropriation keuro - - - -

TOTAL CAPEX 2nd Section keuro - - - -

Total Capex keuro - - - 19,208 19

Life Cycle Cost

2,867 2014 keuro - - - -

1,594 2016 keuro - - - -

2014 - - - -

1,794 2020 keuro - - - -

3,630 2022 keuro - - - -

2,010 2024 keuro - - - -

4,051 2026 keuro - - - -

2028 keuro - - - -

4,458 2030 keuro - - - -

2,418 2032 keuro - - - -

4,687 2034 keuro - - - - 2,353 2036 keuro - - - -

2038 - - - -

- 2040 keuro - - - -

0 - - - -

Total keuro - - - -

VAT Facility Interest and Financial fee keuro - - - -

Senior Facility Interest and Financial fee keuro - - - -

Oneri finanziari linee per firma keuro - - - -

Total Depreciation keuro - - - 19,208 19

Grants deferred Liabilities

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09

Year 2006 2007 2008 2009

Progr. 1 2 3 4

1st Section keuro - - - 338,068

2nd Section keuro - - - -

Grants deferred Liabilities 1 Section keuro - - - 10,565 10

Grants deferred Liabilities 2 Section keuro - - - -

Total Grants deferred Liabilities keuro - - - 10,565 10


28/68

1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Ja

31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-De

2021 2022 2023 2024 2025 2026 2027 2028 2029 2

16 17 18 19 20 21 22 23 24

8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,1

4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,2

4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,4

2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,0

364 364 364 364 364 364 364 364 364 3

19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,2

2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,6

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV

8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,6


29/68

42476216 xls

1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712

778 778 778 778 778 778 778 778 778 778

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!


115 115 115 115 115 115 115 115 115 115

69 69 69 69 69 69 69 69 69 69

130 130 130 130 130 130 130 130 130 130

94 94 94 94 94 94 94 94 94 94

- - 214 214 214 214 214 214 214 214

- - - - 134 134 134 134 134 134

- - - - - - 312 312 312 312

- - - - - - - - 203 203

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - - - - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

- - - - - - - - - -

409 409 622 622 756 756 1,068 1,068 1,271 1,271





1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30

31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

16 17 18 19 20 21 22 23 24 25

- - - - - - - - - -

- - - - - - - - - -

10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565




30/68

42476216.xls

PUBBLIC GRANT SHEET



Year 2006 2007 2008 2009 2010 2011 201

Progr. 1 2 3 4 5 6

Public Installments keuro #DIV/0!

1st Section keuro 72,376 240,028 296,938 5,327 - -

TOTAL CAPEX 1st Section % 55% 55% 55% 55% 55% 55% 55%

GRANT 1 section keuro 39,807 132,016 163,316 2,930 - -

2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,813

TOTAL CAPEX 2nd Section % 55% 55% 55% 55% 55% 55% 55%

GRANT 2 section keuro #DIV/0! 3,905 65,277 82,769 83,437 39,497

Total Grants keuro #DIV/0! 135,920 228,593 85,699 83,437 39,497

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/


31/6842476216.xls

OPEX SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water opex

Personnel keuro - - - 3,209 6,547 8,681

Maintenance Costs

Water System Opex keuro - - - 5,731 5,845 11,262

Maintenance keuro - - - 1,429 2,915 #DIV/0!

Other Services keuro - - - 822 1,677 2,281

Total Maintenance Costs keuro - - - 7,981 10,437 #DIV/0!

General Expenses keuro - - - 560 849 #DIV/0!

Existing Water System Opex keuro - - - 2,500 2,550 2,601

Water Autority Fee - - - 5,000 5,100 5,202

Total Water Opex keuro - - - 19,250 25,482 #DIV/0!

Energy Opex

Power plant opex keuro - - - 1,350 1,377 1,405

Energy Autority Fee keuro - - - 5 ,000 5,100 5,202

Total Energy Opex keuro - - - 6,350 6,477 6,607

Total Opex keuro - - - 25,600 31,959 #DIV/0!


32/6842476216.xls

OPEX SHEET

Year

Progr.

Annual Inflation rate

Water opex

Personnel keuro

Maintenance Costs

Water System Opex keuro

Maintenance keuro

Other Services keuro

Total Maintenance Costs keuro

General Expenses keuro

Existing Water System Opex keuro

Water Autority Fee

Total Water Opex keuro

Energy Opex

Power plant opex keuro

Energy Autority Fee keuro

Total Energy Opex keuro

Total Opex keuro

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-

31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-

2023 2024 2025 2026 2027 2028 20

18 19 20 21 22 23

2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0

11,009 11,229 11,454 11,683 11,917 12,155 12,3

14,282 14,568 14,859 15,157 15,460 15,769 16,0


2,893 2,951 3,010 3,070 3,131 3,194 3,2



3,299 3,365 3,432 3,501 3,571 3,642 3,7

6,597 6,729 6,864 7,001 7,141 7,284 7,4


1,781 1,817 1,853 1,890 1,928 1,967 2,0

6,597 6,729 6,864 7,001 7,141 7,284 7,4

8,379 8,546 8,717 8,892 9,069 9,251 9,4



33/68

PROFIT & LOSS

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-J

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10

Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

Annual Inflation Rate 0.0% 0.0% 0.0% 0.0% 2.0%

Revenues

Additional Non potable water revenues keuro 0 0 0 3,378 3,446 4

Additional Potable water revenues keuro 0 0 0 58,110 59,272 88

Energy Revenues keuro 0 0 0 12,637 16,033 16

Total Reveunes keuro 0 0 0 74,125 78,751 109

Opex

Personnel keuro 0 0 0 (3,209) (6,547) (8

Maintenance Costs

Water System Opex keuro 0 0 0 (5,731) (5,845) (11

Maintenance keuro 0 0 (1,429) (2,915) #D

Other Services keuro 0 0 0 (822) (1,677) (2

Total Maintenance Costs keuro 0 0 0 (7,981) (10,437) #DI

General Expenses keuro 0 0 0 (560) (849) #D

Existing Water System Opex keuro 0 0 0 (2,500) (2,550) (2

Power plant opex keuro 0 0 0 (1,350) (1,377) (1Energy Autority Fee keuro 0 0 0 (5,000) (5,100) (5

Water Autority Fee keuro 0 0 0 (5,000) (5,100) (5

Total Opex keuro 0 0 0 (25,600) (31,959) #DI

EBITDA keuro 0 0 0 48,525 46,791 #DI

Depreciation keuro 0 0 0 (19,208) (19,208) #D

EBIT keuro 0 0 0 29,317 27,583 #DI

Financial (Cost)/Revenues

VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D

Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL

Guarantee Fcility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D

Interest Income keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D

Total Financial (Cost)/Revenues #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL

Grants deferred Liabilities keuro 0 0 0 10,565 10,565 #D

EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VAL

IRAP keuro 0 0 0 (1,926) (1,710) #D

Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VAL

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DI


34/68

PROFIT & LOSS

Starting

Ending

Year

Progr.

Annual Inflation Rate

Revenues



Energy Revenues keuro

Total Reveunes keuro

Opex

Personnel keuro

Maintenance Costs

Water System Opex keuro

Maintenance keuro

Other Services keuro

Total Maintenance Costs keuro



Power plant opex keuroEnergy Autority Fee keuro

Water Autority Fee keuro

Total Opex keuro

EBITDA keuro

Depreciation keuro

EBIT keuro

Financial (Cost)/Revenues

VAT Facility keuro

Senior Facility keuro

Guarantee Fcility keuro

Interest Income keuro

Total Financial (Cost)/Revenues

Grants deferred Liabilities keuro

EBT keuro

IRAP keuro

Corporation Tax (IRES) keuro

EARNING keuro



2023 2024 2025 2026 2027 2028

18 19 20 21 22 23

2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

5,944 6,063 6,184 6,308 6,434 6,562

112,338 114,584 116,876 119,214 121,598 124,030

8,739 8,870 9,003 9,138 9,275 9,414

127,020 129,517 132,063 134,659 137,307 140,006

(11,009) (11,229) (11,454) (11,683) (11,917) (12,155)

(14,282) (14,568) (14,859) (15,157) (15,460) (15,769)

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

(2,893) (2,951) (3,010) (3,070) (3,131) (3,194)



(3,299) (3,365) (3,432) (3,501) (3,571) (3,642)

(1,781) (1,817) (1,853) (1,890) (1,928) (1,967)(6,597) (6,729) (6,864) (7,001) (7,141) (7,284)

(6,597) (6,729) (6,864) (7,001) (7,141) (7,284)






#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #










35/68

IRPEG #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!

PBT #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Losses carried forward #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Prior losses #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Taxable income #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!

Utilized losses #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2006 2007 2008 2009 2010 2011

1 #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

2 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

3 #VALUE! #VALUE! #VALUE! #VALUE!

4 #VALUE! #VALUE! #VALUE!

5 #VALUE! #VALUE!

6 #VALUE!7

8

9

10

11

12

13

14

15

16

17

1819

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

4142


36/68

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

Perdite precedenti #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Perdite tot. Da riportare #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


37/68

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!







2012 2013 2014 2015 2016 2017 2018 2019 2020




#VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!



#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!



#VALUE! #VALUE!

#VALUE!


38/68




39/68








2021 2022 2023 2024 2025 2026 2027 2028 2029




#VALUE!

#VALUE! #VALUE!






#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!




#VALUE! #VALUE!

#VALUE!


40/68




41/68








2030 2031 2032 2033 2034 2035 2036 2037 2038




#VALUE!

#VALUE! #VALUE!











#VALUE! #VALUE!

#VALUE!


42/68




43/68



#VALUE! #VALUE! #VALUE! - - - - - -

#VALUE! #VALUE! #VALUE! - - - - - -




2039 2040 2041 0 0 0 0 0 0




#VALUE!

#VALUE! #VALUE!







- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

- #VALUE! #VALUE! #VALUE! #VALUE!

- #VALUE! #VALUE! #VALUE!

- #VALUE! #VALUE!

- #VALUE!-


44/68




45/68


- - - - - - - - -

- - - - - - - - -




0 0 0 0 0 0 0 0 0




#VALUE!

#VALUE! #VALUE!


#VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


46/68







- #VALUE! #VALUE!

- #VALUE!

-




47/68


- - - - - -

- - - - - -




0 0 0 0 0 0





48/68

#VALUE!

#VALUE! #VALUE!













49/68


50/68

#VALUE!

#VALUE! #VALUE!

#VALUE! -

#VALUE! #VALUE!


51/68

TAX STATEMENT

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Corporation Tax (IRES) keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!

EBT keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

IRAP Base - - - 45,316 40,245 #DIV/0!

4.25%

IRAP - - - 1,926 1,710 #DIV/0!

Total Tax #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!

Total Tax paid - #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!

Tax Fund

Starting Period keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!

Accrual keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!

Release keuro 0 #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!

Ending Period keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #DIV/0!


52/68

TAX STATEMENT

Starting

Ending

Year

Progr.

Corporation Tax (IRES) keuro

EBT keuro

IRAP Base

4.25%

IRAP

Total Tax

Total Tax paid

Tax Fund

Starting Period keuro

Accrual keuro

Release keuro

Ending Period keuro



2023 2024 2025 2026 2027 2028 202

18 19 20 21 22 23 2

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE










53/6842476216.xls

WORKING CAPITAL SHEET



Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Commercial Receivables

Additional Non potable water revenues keuro - - - - - -

Non potable water receivables keuro - - - - -

Additional Potable water revenues keuro - - - 58,110 59,272 88,577

Potable water receivables keuro - - - 9,579 9,770 14,601

Energy Revenues keuro - - - 12,637 16,033 16,273

Energy Receivables keuro - - - 2,083 2,643 2,682

Total Commercial Receivables keuro - - - 11,662 12,413 17,283

Commercial Payable

Maintenance Costs keuro - - - 7,981 10,437 #DIV/0!

Maintenance Costs Payable keuro - - - 1,316 1,720 #DIV/0!

General Expenses keuro - - - 560 849 #DIV/0!

General Expenses Payable keuro - - - 92 140 #DIV/0!

Existing Water System Opex keuro - - - 2,500 2,550 2,601

Existing Water System Opex Payable keuro - - - 412 420 429

Power plant opex keuro - - - 1,350 1,377 1,405

Power plant opex Payable keuro - - - 223 227 232

Total Commercial Payable keuro - - - 12,042 12,708 #DIV/0!

Working Capital keuro - - - -381 -295 #DIV/0!

Net Variation in WC keuro - - - -381 86 #DIV/0!


54/6842476216.xls

WORKING CAPITAL SHEET

Year

Progr.

Commercial Receivables


Non potable water receivables keuro


Potable water receivables keuro

Energy Revenues keuro

Energy Receivables keuro

Total Commercial Receivables keuro

Commercial Payable

Maintenance Costs keuro

Maintenance Costs Payable keuro


General Expenses Payable keuro


Existing Water System Opex Payable keuro

Power plant opex keuro

Power plant opex Payable keuro

Total Commercial Payable keuro

Working Capital keuro

Net Variation in WC keuro



2023 2024 2025 2026 2027 2028 202

18 19 20 21 22 23 2

- - - - - -

- - - - - -

112,338 114,584 116,876 119,214 121,598 124,030 126,51

18,517 18,836 19,265 19,651 20,044 20,388 20,85

8,739 8,870 9,003 9,138 9,275 9,414 9,55

1,440 1,458 1,484 1,506 1,529 1,548 1,57

19,958 20,294 20,749 21,157 21,572 21,936 22,42





3,299 3,365 3,432 3,501 3,571 3,642 3,71

544 553 566 577 589 599 61

1,781 1,817 1,853 1,890 1,928 1,967 2,00

294 299 305 312 318 323 33





55/68

CASH FLOW STATEMENT

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09

Year 2006 2007 2008 2009

Progr. 1 2 3 4

Total Reveunes keuro 0 0 0 74,125

Total Opex keuro 0 0 0 (25,600)

EBITDA keuro 0 0 0 48,525

Total Tax paid keuro 0 #DIV/0! #DIV/0! #VALUE!

OPERATING CASH FLOW (Gross) keuro 0 #DIV/0! #DIV/0! #VALUE!

Total Capex keuro #DIV/0! (247,127) (415,624) (155,817)

Net Variation in WC keuro 0 0 0

DSRA Constitution keuro 0 0 0 0

OPERATING CASH FLOW (Net) keuro #DIV/0! #DIV/0! #DIV/0! #VALUE!

EQUITY and GRANT

Equity keuro #DIV/0! #DIV/0! #DIV/0! #VALUE!

Pro-quota #DIV/0! #DIV/0! #DIV/0! #VALUE!

Public Grants keuro #DIV/0! 135,920 228,593 85,699

Quota SAL #DIV/0! #DIV/0! #DIV/0! #VALUE!

TOTAL EQUITY and GRANT #DIV/0! #DIV/0! #DIV/0! #VALUE!

FINANCIAL CASH FLOW (gross) #DIV/0! #DIV/0! #DIV/0! #VALUE!

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro #DIV/0! #VALUE! #VALUE! #VALUE!

VAT Facility Interest and Financial fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Oneri finanziari linee per firma keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Interest and Financial Costs keuro #DIV/0! #VALUE! #VALUE! #VALUE!

SENIOR FACILITY

Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE!

Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Cash Flow available for DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE!

DSRA

Target level keuro 0 0 0 0

DSRA starting period keuro 0 #DIV/0! #VALUE! #VALUE!

Cash to DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE!

Interest Income keuro 0 #DIV/0! #VALUE! #VALUE!

C h l k #DIV/0! #VALUE! #VALUE! #VALUE!


56/68

CASH FLOW STATEMENT

Year

Progr.

Total Reveunes keuro

Total Opex keuro

EBITDA keuro

Total Tax paid keuro

OPERATING CASH FLOW (Gross) keuro

Total Capex keuro

Net Variation in WC keuro

DSRA Constitution keuro

OPERATING CASH FLOW (Net) keuro

EQUITY and GRANT

Equity keuro

Pro-quota

Public Grants keuro

Quota SAL

TOTAL EQUITY and GRANT

FINANCIAL CASH FLOW (gross)

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro

VAT Facility Interest and Financial fee keuro

Oneri finanziari linee per firma keuro

Total Interest and Financial Costs keuro

SENIOR FACILITY

Drawdown keuro

Repayment keuro

Cash Flow available for DSRA keuro

DSRA

Target level keuro

DSRA starting period keuro

Cash to DSRA keuro

Interest Income keuro

C h l k



2027 2028 2029 2030 203

22 23 24 25 2

137,307 140,006 142,759 145,567 148,430

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0




0 (2,434) 0 (4,954) 0


0 0 0 0 0




0 0 0 0 0



#VALUE! #VALUE! #VALUE! #VALUE! #VALUE




0 0 0 0 0









57/68

42476216 l

Guarantees



2006 2007 2008 2009 2010 20

Public Grant keuro #DIV/0! 135,920 228,593 85,699 83,437 39,49

1st Section 39,807 132,016 163,316 2,930 0

2nd Section #DIV/0! 3,905 65,277 82,769 83,437 39,49

Public Grant accrued keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

VAT Reimbursement/(Cost) keuro 0 0 #DIV/0! 35,833 60,265 18,39

VAT Reibursement/(Cost) accrued keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/

Public Grant Guarantee Facility

Staritng Period keuro 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

Accrual keuro #DIV/0! 135,920 228,593 85,699 83,437 39,490 Release keuro 0 0 0 (338,068) 0

Ending Period keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

Average outstanding keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

Margin keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

Commitment fee keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Up front fee keuro #DIV/0! 0 0 0 0

Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

VAT Guarantee Facility

Staritng Period keuro 0 0 0 #DIV/0! #DIV/0! #DIV/

Accrual keuro 0 0 #DIV/0! 35,833 60,265 18,39Release keuro 0 0 0 0 0 #DIV/

Ending Period keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/

Average outstanding keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/

Margin 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/

Up front fee 0 0 0 0 0

Interest and Financial Costs keuro 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/

Guarantee Interest and Financial Costs keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

Capitalised #DIV/0! #DIV/0! #DIV/0! 0 0

To P&L #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/


58/68

42476216 l

Guarantees

Public Grant keuro

1st Section

2nd Section

Public Grant accrued keuro

VAT Reimbursement/(Cost) keuro

VAT Reibursement/(Cost) accrued keuro

Public Grant Guarantee Facility

Staritng Period keuro

Accrual keuroRelease keuro

Ending Period keuro

Average outstanding keuro

Margin keuro

Commitment fee keuro

Up front fee keuro

Interest and Financial Costs keuro

VAT Guarantee Facility

Staritng Period keuro

Accrual keuroRelease keuro

Ending Period keuro

Average outstanding keuro

Margin

Up front fee

Interest and Financial Costs keuro

Guarantee Interest and Financial Costs keuro

Capitalised

To P&L

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-

31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-D

2023 2024 2025 2026 2027 2028

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D



0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 0


#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D




0 0 0 0 0 0



0 0 0 0 0 0



59/68

SENIOR FACILITY SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09

Year 2006 2007 2008 2009

Progr. 1 2 3 4

SURPLUS/(DEFICIT) TO FINANCE keuro #DIV/0! #VALUE! #VALUE! #VALUE


Initial Outstanding keuro 0 #DIV/0! #VALUE! #VALUE

Senior Facility Drawdown keuro #DIV/0! #VALUE! #VALUE! #VALUE

#DIV/0! #DIV/0! #DIV/0! #DIV/0

Senior Facility Repayment keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0

Final Outstanding keuro #DIV/0! #VALUE! #VALUE! #VALUE

Financial Fees keuro #DIV/0!

Interests keuro #DIV/0! #VALUE! #VALUE! #VALUE


60/68

SENIOR FACILITY SHEET

Year

Progr.

SURPLUS/(DEFICIT) TO FINANCE keuro

Amount keuro

Initial Outstanding keuro

Senior Facility Drawdown keuro

Senior Facility Repayment keuro

Final Outstanding keuro

Financial Fees keuro

Interests keuro



2023 2024 2025 2026 2027

18 19 20 21 22



0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!




61/68

EQUITY SHEET

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31

Year 2006 2007 2008 2009 2010 20

Progr. 1 2 3 4 5

Installments Drawdown keuro #DIV/0!

1st Section keuro 72,376 240,028 296,938 5,327 -

% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! 0%

Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU

2nd Section keuro #DIV/0! 7,099 118,686 150,490 151,703 71,8

% keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU

Equity injection keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU

TOTAL EQUITY INJECTION keuro #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALU

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan

Ending 31-Dec-06 31-Dec-08 31-Dec-09 31-Dec-10 31

Year 2006 2007 2008 2009 2010 20

Progr. 1 2 3 4 5

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Initial Legal Reserve keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALU

Legal Reserve Accrual keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Final Legal Reserve keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

EARNING keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Earning to distribute keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Cash available for dividend keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #VALU

Dividend Reserve

Starting Period keuro 0 #DIV/0! #VALUE! #VALUE! #VALUE! #VALU

Contribution keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Release keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU

Ending Period keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE! #DIV

Dividend keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU

Free Cash Flow keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALU


62/68

EQUITY SHEET

StartingEnding

Year

Progr.

Installments Drawdown keuro

1st Section keuro

% keuro

Equity injection keuro

2nd Section keuro

% keuro

Equity injection keuro

TOTAL EQUITY INJECTION keuro

Starting

Ending

Year

Progr.

EARNING keuro

Initial Legal Reserve keuro

Legal Reserve Accrual keuro

Final Legal Reserve keuro

EARNING keuro

Earning to distribute keuro

Cash available for dividend keuro

Dividend Reserve

Starting Period keuro

Contribution keuro

Release keuro

Ending Period keuro

Dividend keuro

Free Cash Flow keuro

1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 3

2023 2024 2025 2026 2027 2028

18 19 20 21 22 23

- - - - - -

0% 0% 0% 0% 0% 0%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #

- - - - - -

0% 0% 0% 0% 0% 0%





31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 3

2023 2024 2025 2026 2027 2028

18 19 20 21 22 23







#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #V








63/68

BALANCE SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-

Year 2006 2007 2008 2009 201

Progr. 1 2 3 4

ASSETS

Capex keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

Depreciation Fund keuro 0 0 0 (19,208) (38,41

Capex (net value) keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

Working Capital keuro 0 0 0 (381) (29

VAT Receivables keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

DSRA keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

Cash Flow keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

TOTAL ASSETS keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

LIABILITIES

FACILITIES

Senior Facility keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

VAT Facility keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

FACILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

Tax Fund keuro #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE

NET CAPITAL

Equity keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

LEGAL RESERVE keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE

Earnings #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

GRANT keuro #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/

TOTAL LIABILITIES keuro #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE


64/68


65/68

42476216.xls

IRR SHEET

Starting 1-Jan-06 1-Jan-07

Ending 31-Dec-06 31-Dec-Year 2006 2007

Progr. 1 2

Unlevered IRR

Total Capex keuro #DIV/0! (247,127)

Total Reveunes keuro 0 0

Total Opex keuro 0 0

Total Tax paid keuro 0 #DIV/0!

Net Variation in WC keuro 0 0

Public Grants keuro #DIV/0! 135,920

VAT CAPEX keuro #DIV/0! (35,833)

VAT Reimbursement/(Cost) keuro 0 0

Project Cash Flow keuro #DIV/0! #DIV/0!

Concession Maturity 30 29

Final Maturiry 31-Dec-40 31-Dec-39

Unlevered IRR #DIV/0! #DIV/0!

Starting 1-Jan-06 1-Jan-07

Ending 31-Dec-06 31-Dec-

Year 2006 2007

Progr. 1 2

EQUITY IRR

Equity #DIV/0! keuro #DIV/0! #DIV/0!

Cash to equity #DIV/0! keuro #DIV/0! #VALUE!

Cash flow to Equity #DIV/0! #DIV/0! #DIV/0!

GROSS IRR #DIV/0!

Equity #DIV/0! #DIV/0!

Dividend #DIV/0! #DIV/0! #DIV/0!

Free Cash Flow Durata gestione Scadenza #DIV/0! #DIV/0! #DIV/0!

Interest Income #DIV/0! 0 #DIV/0!

Cash at the End of Concession

30 31-Dec-40 0 0

29 31-Dec-39 0 0

28 31-Dec-38 0 0

27 31-Dec-37 0 0

26 31-Dec-36 0 0

25 31-Dec-35 0 0

24 31-Dec-34 0 0

23 31-Dec-33 0 0

22 31-Dec-32 0 0

21 31-Dec-31 0 0


66/68

42476216.xls

20 31-Dec-30 0 0

Flag #DIV/0! 0 0

Dividend

Durata concessione Scadenza

30 31-Dec-40 #DIV/0! #DIV/0! #VA

29 31-Dec-39 #DIV/0! #DIV/0! #VA

28 31-Dec-38 #DIV/0! #DIV/0! #VA

27 31-Dec-37 #DIV/0! #DIV/0! #VA

26 31-Dec-36 #DIV/0! #DIV/0! #VA

25 31-Dec-35 #DIV/0! #DIV/0! #VA

24 31-Dec-34 #DIV/0! #DIV/0! #VA

23 31-Dec-33 #DIV/0! #DIV/0! #VA

22 31-Dec-32 #DIV/0! #DIV/0! #VA

21 31-Dec-31 #DIV/0! #DIV/0! #VA

20 31-Dec-30 #DIV/0! #DIV/0! #VA

Cash flow to Equity Concession Period Maturity Shareholder IRR

1 30 31-Dec-40 #DIV/0! #DIV/0! #DIV/0! #D

0 29 31-Dec-39 #DIV/0! #DIV/0! #DIV/0! #D

0 28 31-Dec-38 #DIV/0! #DIV/0! #DIV/0! #D

0 27 31-Dec-37 #DIV/0! #DIV/0! #DIV/0! #D

0 26 31-Dec-36 #DIV/0! #DIV/0! #DIV/0! #D

0 25 31-Dec-35 #DIV/0! #DIV/0! #DIV/0! #D

0 24 31-Dec-34 #DIV/0! #DIV/0! #DIV/0! #D

0 23 31-Dec-33 #DIV/0! #DIV/0! #DIV/0! #D

0 22 31-Dec-32 #DIV/0! #DIV/0! #DIV/0! #D

0 21 31-Dec-31 #DIV/0! #DIV/0! #DIV/0! #D

0 20 31-Dec-30 #DIV/0! #DIV/0! #DIV/0! #D


67/68

42476216.xls

1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29

31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

14 15 16 17 18 19 20 21 22 23 24

0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363) 0 (2,434) 0

117,507 119,816 122,171 124,572 127,020 129,517 132,063 134,659 137,307 140,006 142,759

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!



- - - - - - - - - - -




1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29

31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

14 15 16 17 18 19 20 21 22 23 24


#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!






0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0


68/68

0 0 0 0 0 0 0 0 0 0 0 #D

0 0 0 0 0 0 0 0 0 0 0 #D

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D






















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