FINANCIAL ANALYSIS MODEL

COMPANY NAME:
Project:
Location:
Case:

ABC
10 MW Coal-fired Tri-generation plant
Sta Rosa, Laguna
Base case, captive trigeneration

Country: Philippines
Primary Fuel: Coal
Date: 24-Nov-10

SUMMARY OF ASSUMPTIONS and RESULTS

COGENERATION PLANT OPERATION
Operating Days per Year
Operating Hours per Day
Operating Hours per Year
Gross Power Generation (max)
Parasitic Load
(%)
Net Power Generation (max)
Boiler Capacity (92 bar, 535C)
Steam for process
Steam for cooling
Average Electrical Load Factor
Average Steam Utilization Factor (Process)
Average Steam Utilization Factor (Cooling)
Output Utilisation
Electricity Savings (MWh)
Savings on steam used in processing (tons per year)
Savings on steam used in cooling (tons per year)
Fuel Consumption
Primary (Coal)
Secondary

USES OF FUNDS (Project Cost)

10.00%

No. of Units
64,519
125,134
34,564
LHV (MJ/kg)
26.00
0.00
0.00

days
hours
hours
MW
MW
MW
tph
tph
tph
%
%
%
Unit Cost in PHP
6.5000
1.600
1.600
Tons per year
116,029
0
0

312
24
7,488
11.200
1.120
10.080
72
23
6
85.48%
72.66%
76.93%
Escalation
5.00%
3.00%
3.00%
PHP per ton
2,000
0
0

Total in '000 USD

97
634
0
5,274
0
0
91
32

Escalation
3.00%
3.00%
5.00%
6.00%
0.00%
0.00%
5.00%
5.00%

000 PHP
Investment Costs
Development
EPC including BOP, civil works and structures
(Erection, Installation and Commissioning)
Land
Interconnection to the system
Mobilization and Start-up Costs
Site Preparation
Construction time insurance,% of EPC cost
Import Duty, % of foreign EPC cost
SUB-TOTAL
Contingency
Total Investment Costs

(USD/MW)

1,618

(PhP/Ha)

2,000,000

000 USD

Total in '000 PHP

921
18,125

40,535
797,500
0
12,000
13,200
63,800
9,000
39,875
11,963

12,000
300
1,450
9,000

5.00%
1.50%

5.00% of sub-total
thousand PHP/MW

906
272

975,910
48,796
1,024,706

91,492

Financing Costs during Construction

Interest Costs
Financing Fees
Total Financing Costs during Construction
TOTAL USES OF FUNDS (Project Cost)

57,384
0
57,384
1,082,089

OPERATING COSTS
Administration
O&M - 4% of EPC
O&M - others
Primary Fuel - Coal
Secondary Fuel 1
Secondary Fuel 2
Insurance
Consumables and Other Costs

Total in '000 PHP

4,253
27,913
232,058
0
0
3,988
1,418

GENERAL and ECONOMIC DATA

Plant Life (years)
Depreciation Policy
Corporate Tax Rate (year 1-7)
Corporate Tax Rate (year 8 onwards)
National Currency
Currency Exchange Rate
Discount Rate

years
%
%
PHP/USD
%

25
straight line
0.00%
10.00%
PHP
44.00
8.00%

PROJECT PERFORMANCE
Nominal Pre-Tax Project IRR
NPV - Cash Flow Before Debt Service (Interest + Principal) and Tax (in '000 PHP)
Nominal Post-Tax Project IRR
NPV - Net Cash Flow Before Debt Service (Interest + Principal) (in '000 PHP)
Nominal Equity IRR (Post-Tax)
Pay-back Period (yrs)

IFC-BPI SEF
RMC 01/10

SOURCES OF FUNDS
Equity
Grant
Loan*
TOTAL SOURCES OF FUNDS

30.00% of project cost

307,412
0
774,677
1,082,089

*Loan
Grace Period
Repayment Period
Base Interest Rate
Lender's Margin
All-in Interest Rate
Interest rate during Construction
Financing Fees

1
10
8.00%
0.00%
8.00%
8.00%
0.00%

ANNUAL DEBT SERVICE COVERAGE RATIOS

18.12%
1,234,831
17.61%
1,122,802
24.08%
7.90

Pre-Tax Cash Flow Coverage

of Interest
of Debt Service
After-Tax Cash Flow Coverage
of Interest
of Debt Service

Minimum

Average

0.00
0.00

6.68
1.44

0.00
0.00

6.37
1.41

FINANCIAL ANALYSIS MODEL

COMPANY NAME:
Project:
Location:
Case:
v1

ABC
10 MW Coal-fired Tri-generation plant
Sta Rosa, Laguna
Base case, captive trigeneration

Country: Philippines
Primary Fuel: Coal
Date: 24-Nov-10

CASH FLOW STATEMENT

IndexationYear
Operating Year
Revenues
Electricity Sales - in house
Steam Sales for process- in house
Steam Sales for cooling- in house
Total revenues
Operating Expenses
Administration
O&M - 4% of EPC
O&M - others
Primary Fuel - Coal
Secondary Fuel 1
Secondary Fuel 2
Insurance
Consumables and Other Costs
Total operating expenses
Cash Flow from Operations
Less Depreciation
Operating Profit (Loss) Before Interest and Tax
Less Interest Expense
Profit (Loss) Before Tax
Less Corporate Tax
Income After Tax
Add Depreciation
Net Operating Cash Flow
Capital Expenditure
Grant
Salvage Value
Net Cash Flow Before Debt Service (Principal)
CUMMULATIVE CASH FLOW BEFORE DEBT SERVICE
Less Debt Repayments
Net Financing Cash Flow
INVESTMENT PERFORMANCE
Cash Flow Before Debt Service (Interest + Principal) and Tax
Nominal Pre-Tax Project IRR
Net Present Value Pre-Tax (NPV)@
Net Cash Flow Before Debt Service (Interest + Principal)
Nominal Post-Tax Project IRR
Net Present Value Post-Tax (NPV)@
Equity Cash Flow
Nominal Equity IRR (Post-Tax)

1
-1

2
0

3
1

4
2

5
3

6
4

7
5

8
6

9
7

10
8

11
9

12
10

13
11

14
12

15
13

16
14

17
15

18
16

19
17

20
18

21
19

22
20

23
21

24
22

25
23

26
24

27
25

419,374
200
55
419,574

440,343
206
57
440,549

462,360
212
59
462,572

485,478
219
60
485,697

509,752
225
62
509,977

535,239
232
64
535,471

562,001
239
66
562,240

590,101
246
68
590,348

619,606
254
70
619,860

650,587
261
72
650,848

683,116
269
74
683,385

717,272
277
77
717,549

753,135
285
79
753,421

790,792
294
81
791,086

830,332
303
84
830,635

871,848
312
86
872,160

915,441
321
89
915,762

961,213
331
91
961,544

1,009,273
341
94
1,009,614

1,059,737
351
97
1,060,088

1,112,724
362
100
1,113,086

1,168,360
372
103
1,168,733

1,226,778
384
106
1,227,162

1,288,117
395
109
1,288,512

1,352,523
407
112
1,352,930

(4,253)
(27,913)
0
(232,058)
0
0
(3,988)
(1,418)
(265,376)
154,199
(40,988)
113,210
(61,974)
51,236
0
51,236
40,988
92,224

(4,381)
(28,750)
0
(245,981)
0
0
(4,187)
(1,489)
(280,407)
160,142
(40,988)
119,154
(57,696)
61,458
0
61,458
40,988
102,446

(4,512)
(29,612)
0
(260,740)
0
0
(4,396)
(1,563)
(296,312)
166,260
(40,988)
125,272
(53,076)
72,196
0
72,196
40,988
113,185

(4,647)
(30,501)
0
(276,384)
0
0
(4,616)
(1,642)
(313,143)
172,554
(40,988)
131,566
(48,086)
83,480
0
83,480
40,988
124,468

(4,787)
(31,416)
0
(292,967)
0
0
(4,847)
(1,724)
(330,953)
179,024
(40,988)
138,035
(42,697)
95,338
0
95,338
40,988
136,327

(4,930)
(32,358)
0
(310,545)
0
0
(5,089)
(1,810)
(349,803)
185,669
(40,988)
144,681
(36,877)
107,804
0
107,804
40,988
148,792

(5,078)
(33,329)
0
(329,178)
0
0
(5,344)
(1,900)
(369,751)
192,489
(40,988)
151,501
(30,591)
120,910
0
120,910
40,988
161,899

(5,231)
(34,329)
0
(348,929)
0
0
(5,611)
(1,995)
(390,864)
199,484
(40,988)
158,496
(23,802)
134,694
(13,469)
121,224
40,988
162,212

(5,388)
(35,359)
0
(369,864)
0
0
(5,891)
(2,095)
(413,210)
206,650
(40,988)
165,662
(16,470)
149,192
(14,919)
134,273
40,988
175,261

(5,549)
(36,419)
0
(392,056)
0
0
(6,186)
(2,200)
(436,862)
213,986
(40,988)
172,998
(8,552)
164,446
(16,445)
148,002
40,988
188,990

(5,716)
(37,512)
0
(415,580)
0
0
(6,495)
(2,310)
(461,897)
221,488
(40,988)
180,500
0
180,500
(18,050)
162,450
40,988
203,438

(5,887)
(38,637)
0
(440,515)
0
0
(6,820)
(2,425)
(488,397)
229,152
(40,988)
188,164
0
188,164
(18,816)
169,347
40,988
210,335

(6,064)
(39,797)
0
(466,945)
0
0
(7,161)
(2,547)
(516,449)
236,971
(40,988)
195,983
0
195,983
(19,598)
176,385
40,988
217,373

(6,246)
(40,990)
0
(494,962)
0
0
(7,519)
(2,674)
(546,145)
244,941
(40,988)
203,952
0
203,952
(20,395)
183,557
40,988
224,545

(6,433)
(42,220)
0
(524,660)
0
0
(7,895)
(2,808)
(577,583)
253,052
(40,988)
212,064
0
212,064
(21,206)
190,857
40,988
231,846

(6,626)
(43,487)
0
(556,139)
0
0
(8,290)
(2,948)
(610,864)
261,296
(40,988)
220,308
0
220,308
(22,031)
198,277
40,988
239,266

(6,825)
(44,791)
0
(589,508)
0
0
(8,704)
(3,095)
(646,099)
269,663
(40,988)
228,675
0
228,675
(22,868)
205,808
40,988
246,796

(7,030)
(46,135)
0
(624,878)
0
0
(9,139)
(3,250)
(683,403)
278,141
(40,988)
237,153
0
237,153
(23,715)
213,437
40,988
254,426

(7,240)
(47,519)
0
(662,371)
0
0
(9,596)
(3,413)
(722,899)
286,715
(40,988)
245,727
0
245,727
(24,573)
221,154
40,988
262,142

(7,458)
(48,945)
0
(702,113)
0
0
(10,076)
(3,583)
(764,717)
295,371
(40,988)
254,383
0
254,383
(25,438)
228,944
40,988
269,933

(7,681)
(50,413)
0
(744,240)
0
0
(10,580)
(3,762)
(808,995)
304,090
(40,988)
263,102
0
263,102
(26,310)
236,792
40,988
277,780

(7,912)
(51,925)
0
(788,894)
0
0
(11,109)
(3,950)
(855,879)
312,853
(40,988)
271,865
0
271,865
(27,186)
244,678
40,988
285,667

(8,149)
(53,483)
0
(836,228)
0
0
(11,664)
(4,148)
(905,524)
321,638
(40,988)
280,650
0
280,650
(28,065)
252,585
40,988
293,573

(8,394)
(55,088)
0
(886,402)
0
0
(12,248)
(4,355)
(958,093)
330,420
(40,988)
289,431
0
289,431
(28,943)
260,488
40,988
301,476

(8,645)
(56,740)
0
(939,586)
0
0
(12,860)
(4,573)
(1,013,760)
339,170
(40,988)
298,182
0
298,182
(29,818)
268,364
40,988
309,352

(1,024,706)
(1,024,706)

92,224
(932,481)
(53,476)
38,749

102,446
(830,035)
(57,754)
44,692

113,185
(716,850)
(62,374)
50,811

124,468
(592,382)
(67,364)
57,104

136,327
(456,056)
(72,753)
63,574

148,792
(307,264)
(78,573)
70,219

161,899
(145,365)
(84,859)
77,040

162,212
16,848
(91,648)
70,565

175,261
192,108
(98,980)
76,281

188,990
381,098
(106,898)
82,092

203,438
584,537
0
203,438

210,335
794,872
0
210,335

217,373
1,012,245
0
217,373

224,545
1,236,791
0
224,545

231,846
1,468,636
0
231,846

239,266
1,707,902
0
239,266

246,796
1,954,698
0
246,796

254,426
2,209,123
0
254,426

262,142
2,471,266
0
262,142

269,933
2,741,198
0
269,933

277,780
3,018,978
0
277,780

285,667
3,304,645
0
285,667

293,573
3,598,218
0
293,573

301,476
3,899,694
0
301,476

309,352
4,209,046
0
309,352

(1,024,706)

154,199
Err:523

160,142
Err:523

166,260
-29.78%

172,554
-15.62%

179,024
-6.41%

185,669
-0.19%

192,489
4.18%

199,484
7.34%

206,650
9.67%

213,986
11.44%

221,488
12.81%

229,152
13.87%

236,971
14.72%

244,941
15.39%

253,052
15.94%

261,296
16.38%

269,663
16.74%

278,141
17.04%

286,715
17.29%

295,371
17.50%

304,090
17.67%

312,853
17.81%

321,638
17.93%

330,420
18.04%

339,170
18.12%

(1,024,706)

154,199

160,142

166,260

172,554

179,024

185,669

192,489

186,014

191,731

197,542

203,438

210,335

217,373

224,545

231,846

239,266

246,796

254,426

262,142

269,933

277,780

285,667

293,573

301,476

309,352

(307,412)

38,749

44,692

50,811

57,104

63,574

70,219

77,040

70,565

76,281

82,092

203,438

210,335

217,373

224,545

231,846

239,266

246,796

254,426

262,142

269,933

277,780

285,667

293,573

301,476

309,352

8.00%
0
0
0
0

8.00%
0
717,294
57,384
0

8.00%
774,677

8.00%
721,202

8.00%
663,448

8.00%
601,074

8.00%
533,710

8.00%
460,957

8.00%
382,384

8.00%
297,525

8.00%
205,878

8.00%
106,898

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

8.00%
0

774,677

(53,476)
721,202
(61,974)
(115,450)

(57,754)
663,448
(57,696)
(115,450)

(62,374)
601,074
(53,076)
(115,450)

(67,364)
533,710
(48,086)
(115,450)

(72,753)
460,957
(42,697)
(115,450)

(78,573)
382,384
(36,877)
(115,450)

(84,859)
297,525
(30,591)
(115,450)

(91,648)
205,878
(23,802)
(115,450)

(98,980)
106,898
(16,470)
(115,450)

(106,898)
0
(8,552)
(115,450)

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

2.49
1.34

2.78
1.39

3.13
1.44

3.59
1.49

4.19
1.55

5.03
1.61

6.29
1.67

8.38
1.73

12.55
1.79

25.02
1.85

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

2.49
1.34

2.78
1.39

3.13
1.44

3.59
1.49

4.19
1.55

5.03
1.61

6.29
1.67

7.82
1.61

11.64
1.66

23.10
1.71

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

1
0.00

1
0.00

1
0.00

1
0.00

1
0.00

1
0.00

1
0.00

0
0.90

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

0
0.00

(1,024,706)
0

8.00%

8.00%

18.12%
1,234,831
17.61%
1,122,802
24.08%

DEBT SERVICE
Overall interest rate
Debt at beginning of year
Debt Drawdown
Interest During Construction
Other Financing Expenses
Repayment of Principal
Debt at the end of the year
Interest expense
Total Debt service
DEBT SERVICE COVERAGE RATIOS
Pre-Tax Cash Flow Coverage
of Interest
of Debt Service
After-Tax Cash Flow Coverage
of Interest
of Debt Service
SIMPLE PAYBACK
PAYBACK (year)
PAYBACK (month)

CEPALCO - Solar
RMC 06/06

7.90 years

8.00%
0