Summary of Project Assumptions: Construction Costs
Summary of Project Assumptions: Construction Costs
Summary of Project Assumptions: Construction Costs
Source of funds
Subsidies Equity Credit Nominal interest rate Repayment period Grace period Capitalization Repayment of loan Total in MUSD Amortization 46 years 30% 30% 40% 6.0% 20 4 4 years years years 1 2 3 4 10% 30% 50% 10% 0% 170.00 17 51 85 17
Economic
Inflation rate 4.0%
150,000
ADSCR (min)
LLCR (min)
PV (VAT + Tax-Subsidies)
12.96%
100,000
Equity Debt Interest during construction Subsidies
22.95%
2.79
Revenues Shareholders account Dividends Principal
4.66
445,928
50,000
-50,000
-100,000
COMMENTS:
-150,000
Concession life
Construct. cost
Operation Cost
Traffic Growth
Investment Subsidies
Equity
Debt maturity
Interest Rate
Grace Period
Inflation rate
VAT rate
50
170,000
1,000
20.6
5.0%
3.7
30%
30%
20
6.0%
4.0%
30.0%
19.6%
ADSCR (min)
LLCR (min)
PV (VAT + Tax-Subsidies)
12.96%
Principal Interests ADSCR LLCR Limit
22.95%
2.79
4.66
445,928
10.00 9.00
8,000
7,000
8.00
7.00
6,000
6.00
5.00
5,000
4,000
4.00
3,000
3.00
2,000
COMMENTS:
Concession life
Construct. cost
Operation Cost
Traffic Growth
Investment Subsidies
Equity
Debt maturity
Interest Rate
Grace Period
Inflation rate
VAT rate
50
170,000
1,000
20.6
5.0%
3.7
30%
30%
20
6.0%
4.0%
30.0%
19.6%
ADSCR (min)
LLCR (min)
PV (VAT + Tax-Subsidies)
12.96%
Dividends
22.95%
2.79
4.66
445,928
30% 20%
60000
40000
20000
-30%
-20000
-50%
COMMENTS:
Concession life
Construct. cost
Operation Cost
Traffic Growth
Investment Subsidies
Equity
Debt maturity
Interest Rate
Grace Period
Inflation rate
VAT rate
50
170,000
1,000
20.6
5.0%
3.7
30%
30%
20
6.0%
4.0%
30.0%
19.6%
50 4 170,000 46
FINANCIAL STRUCTURE Subsidy 30% of the construction costs Equity 30% of the construction costs Debt Maturity 20 years Interest rate 6.0% Grace period 4 years Repayment of loan P+I constant
1,000 0.1
OTHER KEY PARAMETERS Inflation rate 4.0% Corporate tax 30.0% VAT rate 19.6%
Sources (in kUSD) Investment subsidy Equity Debt SHAREHOLDERS' RETURN Project IRR after tax (real terms) Project IRR after tax (nominal terms) Equity IRR (real terms) Equity IRR (nominal terms)
FINANCIAL RATIOS Minimum ADSCR (Annual Debt Service Coverage Ratio) Minimum LLCR (Loan Life Coverage Ratio) Minimum PLCR (Project Life Coverage Ratio) PUBLIC AUTHORITIES' FINANCIAL FLOWS PV on Subsidy (kUSD) PV on the VAT (kUSD) PV on the Coporate Taxes (kUSD) PV on the State revenues (kUSD)