De l' intentio operis à l' intentio lectoris: essai herméneutique à partir ...
Graphical Model Operis v3
of 5
Transcript of Graphical Model Operis v3
-
7/30/2019 Graphical Model Operis v3
1/5
Summary of project assumptionsSource of funds Construction costs (VAT excluded, indexed on inflation)
Subsidies 30% Duration of works (years) 4 years
Equity 30% Year % Amount (MUSD)
Credit 40%
Nominal interest rate 6.0% 1 10% 17
Repayment period 20 years 2 30% 51
Grace period 4 years 3 50% 85
Capitalization 4 years 4 10% 17
0%
Total in MUSD 170.00
Amortization 46 years
Traffic and Tariff Operation costs (indexed on inflation)
Initial traffic 20.6 1000 vehicles/day Fixed part 1,000 kUSD per year
Traffic growth 5% per year Variable part 0.1 USD per veh.
Toll rate (VAT included) 3.7 USD per vehicle
(VAT excluded) 3.1 USD per vehicle Economic
(indexed on inflation) Inflation rate 4.0%
Repayment of loan
-
7/30/2019 Graphical Model Operis v3
2/5
Project IRR
(real/year50)
Equity IRR
(real/year50)
ADSCR
(min)
LLCR
(min)
PV (VAT +
Tax-Subsidies)
Co
ta
33.7
Inflation
rateDebt maturity
5.0% 4.0%20.6 20 450 170,000 1,000 30%30% 6.0%
Construct.
cost
Operation
Cost
EquityInvestment
Subsidies
Interest
Rate
Grace
Period
Initial Daily
Traffic
Traffic
Growth
Concession
life
12.96% 22.95% 4.662.79
Toll rate
VAT incl.
445,928
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
All figures in kUSD
RevenuesShareholders accountDividendsPrincipal
InterestsTaxesOperating costs
EquityDebtInterest duringconstructionSubsidies
COMMENTS:
-
7/30/2019 Graphical Model Operis v3
3/5
Project IRR
(real/year50)
Equity IRR
(real/year50)
ADSCR
(min)
LLCR
(min)
PV (VAT +
Tax-Subsidies)
20 6.0% 4 4.0%50 170,000 1,000 20.6 5.0% 3.7 30% 30%
Concession
life
Construct.
cost
Operation
Cost
Initial Daily
Traffic
Traffic
Growth
Equity
445,928
Debt maturityInterest
Rate
Grace
Period
Inflation
rate
12.96% 22.95% 4.662.79
Toll rate
VAT incl.
Investment
Subsidies
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
PrincipalInterests
ADSCR
LLCR
Limit
All figures in kUSD
COMMENTS:
-
7/30/2019 Graphical Model Operis v3
4/5
Project IRR
(real/year50)
Equity IRR
(real/year50)
ADSCR
(min)
LLCR
(min)
PV (VAT +
Tax-Subsidies)
320 6.0% 4 4.0%5.0% 3.7 30% 30%50 170,000 1,000 20.6
Concession
life
Construct.
cost
Operation
Cost
Initial Daily
Traffic
445,92812.96% 22.95% 4.662.79
Traffic
Growth
Toll rate
VAT incl.
Investment
Subsidies
Inflation
rate
EquityDebt maturity
Interest
Rate
Grace
Period
Co
ta
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
-40000
-20000
0
20000
40000
60000
80000
Dividends
Equity
project IRR (real)
equity IRR (real)
All figures in kUSD
COMMENTS:
-
7/30/2019 Graphical Model Operis v3
5/5
Summary of Assumptions and Results
GENERAL TOLL AND TRAFFIC
Concession life 50 years Toll, VAT included 3.7 USD per vehicleConstruction Period 4 years Initial traffic 20,600 vehicles / day
Construction costs 170,000 kUSD Traffic growth 5.0%
Amortization 46 years
FINANCIAL STRUCTURE OPERATING COSTS
Subsidy 30% of the construction costs Fixed part 1,000 kUSD per year
Equity 30% of the construction costs Variable part 0.1 USD per vehicle
Debt
Maturity 20 years OTHER KEY PARAMETERS
Interest rate 6.0% Inflation rate 4.0%
Grace period 4 years Corporate tax 30.0%
Repayment of loan P+I constant VAT rate 19.6%
FINANCING PLAN
Uses (in kUSD) 197,167 Sources (in kUSD) 197,167
Construction costs (nominal terms) 188,343 Investment subsidy 56,503
Capitalised Interests 8,824 Equity 56,503
Debt 84,161
FINANCIAL RATIOS SHAREHOLDERS' RETURN
Minimum ADSCR (Annual Debt Service Coverage Ratio) 2.79 Project IRR after tax (real terms) 12.96%
Minimum LLCR (Loan Life Coverage Ratio) 4.66 Project IRR after tax (nominal terms) 17.48%
Minimum PLCR (Project Life Coverage Ratio) 21.32 Equity IRR (real terms) 22.95%
Equity IRR (nominal terms) 27.86%
PUBLIC AUTHORITIES' FINANCIAL FLOWS
PV on Subsidy (kUSD) -46,078PV on the VAT (kUSD) 215,519
PV on the Coporate Taxes (kUSD) 276,487
PV on the State revenues (kUSD) 445,928
SUMMARY OF THE MAIN ASSUMPTIONS
SUMMARY OF THE RESULTS
