CF Assignment Faux

7/23/2019 CF Assignment Faux

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Cost of debt 10%

Tax Rate 33%

Debt Percentage 50%

Equity Percentage 50%

Calculation of cost of equity

Beta 0.5

Ris! free rate 5.1%

"ar!et Return 1#.#$%

"ar!et Ris! Preiu $.&5%

C'P" 11.#(%

Tota) Debt * 11+1&.50

Tota) Equity * 11+1&.50

Tota) ,a)ue of t-e Coany * #3+$#(.00

/'CC .(($%

2007 2006 2005 2004

Current 'ssets #5 #13$ #00 1$

Current iabi)ities 330 #510 1# #0&$

Tota) 'ssets #3$30 ##3& #0( 1((0$

Tota) Equity (&& 11 55 $$&

2et ncoe 3 $(5 5( $3

2et 4a)es $0# &3 #5 55&

Diidends6s-are #.( #.( #.( #.(

Earnings6s-are 3.# 3.1$ 3.53 3.3

R7E (.3% .(% 10.0% (.3%

Current Ratio $.&% 5.1% 113.#% #.0%

Payout Ratio 5.1% .3% (.0% #.%

2et Pro8t argin .$% .(% (.% 10.(%



2003

15#0

1$31

1$##0

5#1

$

5#53

#.(

3.#

13.#%

(3.#%

3.0%

13.1%



9ears #00

Reenues

Cost to bui)d )ant * 1+&30+000

7erating Cost

Cost of :ue)Decoisioning Cost

Carbon Eission Tax ;)o<=

Carbon Eission Tax ;-ig-=

27TE> it -as been assued t-at t-e cost of caita) reains t-e sae for t-e ro?ects and

Production &+1

Price6"/@ * 0

o< carbon eission rate * 10

@ig- carbon eission rate * #5

o< 1+&30+000Cas- :)o<s ;)o< carbon eission= ;1+&30+000=

@ig-

Cas- :)o<s ;@ig- carbon eission= ;1+&30+000=

2P, ;o< carbon eission= #+055+#5#

2P, ;-ig- carbon eission= #+(11+3

Expected Value of Both

Pay bac! eriod ;)o<=

Pay bac! eriod ;@ig-=

'erage Paybac! eriod

NOE ! " it has #een assu$ed that the cost of capital %e$ains the sa$e fo% the

NOE 2" the p%ices ha(e #een assu$ed to *%o+ 5, -o- to o.set the e.ects of i

9ears #00

Reenues

Cost to bui)d )ant * 3$+500

7erating Cost

Cost of :ue) ;@ig-=

Cost of :ue) ;"oderate=

Carbon Eission Tax ;)o<=

Carbon Eission Tax ;@ig-=

Decoisioning Cost

Production 3+0$$

Price6"/@ * 0





Price6"/@ * 0

Cas- :)o<s ;-ig- fue) costs A o< carbon eission tax= * ;3$+500.00=

Cas- :)o<s ;-ig- fue) costs A -ig- carbon eission tax=

Cas- :)o<s ;oderate fue) costs A -ig- carbon eission tax=Cas- :)o<s ;oderate fue) costs A )o< carbon eission tax= ;3$+500=

2P, ;"oderate :ue) Costs <it- )o< carbon eission= 50(+&00

2P, ;"oderate :ue) Costs <it- -ig- carbon eission= ;13+#0=

2P, ;@ig- :ue) Costs <it- )o< carbon eission= ;(1+0(=

2P, ;@ig- :ue) Costs <it- -ig- carbon eission= ;1+53+$$=

Expected (alue

9ears #00

Reenues

Cost to bui)d )ant #0+000

7erating Cost

Cost of :ue)


Carbon Eission Tax ;o<=

Decoisioning Cost

Production 3+50&

Price6"/@ * 0



Cas- :)o<s ;-ig- carbon tax=

Cas- :)o<s ;)o< carbon tax=

2P, ;-ig- carbon tax= #+3&+&3#

2P, ;)o< carbon tax= #+(5+#&

Expected Value

Paybac! eriod ;-ig- carbon tax=

Paybac! eriod ;)o< carbon tax=

'erage Paybac! Period

9ears #00

Reenue



Cost to bui)d )ant ;@ig-= #+(3#+500

Cost to bui)d )ant ;o<= #+3&$+000

7erating Cost

Cost of :ue)


Carbon Eission Tax ;o<=

Decoisioning Cost

Production $+0&&

Price6"/@ * 0

Eectie Caacity $(0



Cas- o< ; -ig- cost-ig- tax= ;#+(3#+500=

Cas- o< ; -ig- cost)o< tax=

Cas- o< ; )o< cost-ig- tax= ;#+3&$+000=Cas- o< ; )o< cost)o< tax=

2P, ; -ig- cost-ig- tax= *+05+55$.#1

2P, ; -ig- cost)o< tax= *+0+35.((

2P, ; )o< cost-ig- tax= *+11$+(0.(#

2P, ; )o< cost)o< tax= *+11+#.0

Expected Value

Paybac! eriod ; -ig- cost-ig- tax=

Paybac! Period ; -ig- cost)o< tax=

Paybac! eriod ; )o< cost-ig- tax=

Paybac! eriod ; )o< cost)o< tax=

'erage Paybac! Period

9ears #00

Reenues

Cost to bui)d )ant -ig- #+&50+000

Cost to bui)d )ant )o< 1+50+000

7erating Cost

Cost of :ue)

Carbon Eission Tax o<

Carbon Eission Tax @ig-

Decoisioning Cost

Production &+30

C7# Eission Rate 1(

Price6"/@ * 0





Cas- :)o< ;Bui)d cost @ig-= -ig- carbon eission * ;#+&50+000=

Cas- :)o< ;Bui)d cost @ig-= )o< carbon eission

Cas- :)o< ;Bui)d cost )o<= -ig- carbon eission ;1+50+000=

Cas- :)o< ;Bui)d cost )o<= )o< carbon eission

2P, ;Bui)d cost @ig-= -ig- carbon eission * &+$(0+535

2P, ;Bui)d cost @ig-= )o< carbon eission * &+&0+$&

2P, ;Bui)d cost )o<= -ig- carbon eission * &+#+(55

2P, ;Bui)d cost )o<= )o< carbon eission * &++0$

Expected Value

Paybac! Period ;Bui)d cost @ig-= -ig- carbon eission

P'9B'CF PER7D ;Bui)d cost @ig-= )o< carbon eissionaybac! eriod ;Bui)d cost )o<= -ig- carbon eission

aybac! eriod ;Bui)d cost )o<= )o< carbon eission

'erage Paybac! eriod



Coa)

Figures in Thousands

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1+15+&1 1+#1+#15 1+#1+0 1+3&+15(

1+15+#$ 1+#1+5&1 1+#1+&#3 1+3&+5#

1+15+&1 1+#1+#15 1+#1+0 1+3&+15(1+15+#$ 1+#1+5&1 1+#1+&#3 1+3&+5#

#03 #03 #03( #0&0

* ($+#01 * 1+0#5+011 * 1+0$+#$# * 1+130+05

1$+$( 1($+033 #05+35 #1$+1#

1$+$ 1+&3( 1+13$ 1+$#

5+$5 5+(( $+35 $+3(

1&+1&$ 1&+((& 15+(& 1$+&



5+5( ($+5&5 3$+3($ +#3(

$+0$ 05+5&1 &5+(33 +3&

5+5( ($+5&5 3$+3($ +#3(

$+0$ 05+5&1 &5+(33 +3&



204! 2042 2043 2044

* 1+305+#3 * 1+30+&( * 1+&3(+0#3 * 1+510+(5

* +$#& * (#+1$( * (5+55 * ((+$(

* 1&#+$$ * 1&+$$1 * 15#+30 * 15+1(

* #0$+# * #1(+1( * #3#+3&1 * #&$+#1

* 51$+(5$ * 5&+(3 * 50+5# * $15+03

(55+030 1+00$+((# 1+0$1+ 1+11(+5#350207 363506 377!46 3!!23

&+#& +03 #(+53$ 3+51

556 5265 6047 637404

204! 2042 2043 2044

* 30+$05 * #+135 * (15+&# * ($1+5#(

* #$+&# * #+5&1 * #+$&3 * #(+(

* 1+0$+3#1 * 1+1&3+103 * 1+##3+1#0 * 1+30+3(

* 5#&+3$ * 5&5+#5 * 5$+55& * 5(0+#5$

* 11(+&$ * 1#$+(31 * 13&+5&$ * 1&#+$1(

* #((+3$& * 31+3#$ * 33$+3$$ * 35$+5&



;33+(&3= ;&#5+&3(= ;&0+5$= ;51(+$1=

;53+00= ;5+#(&= ;$&3+&&= ;03+5=

$+505 (+0& 11+## 1&+#515(+$&# 11+(3 1&+((( 1(+$5

#0&1 #0&# #0&3 #0&&

* (&(+#$3 * (($+#$ * 1+0&$+5$# * 1+0(+(1

#(+331 30+50& 31+#& 3#+((3

#30+#5 #3(+(5& #&(+55# #5(+53&

#1+$5 #30+& #&&+5(1 #5(+#$

+0& (#+#(( (+3 103+0

&1+5## &(5+5#1 5#0+$(5 5&+0($

$0#+133 $33+($( $$+&&( 0#+$5$

#0&1 #0&# #0&3 #0&&

* 1+$3+30 * 1+1(+#3( * 1+05+#01 * 1+(5+&$1



133+0 13+&11 1&3+(& 1&(+0$

+00$ (0+& (&+10$ (+0

$&( $ #( #

#5( #5 #(1 30(

1+&1$+$# 1+&(+$53 1+5$$+&1 1+$&+11#

1+&1+01 1+&(0+0$$ 1+5$$+55 1+$&+5$

1+&1$+$# 1+&(+$53 1+5$$+&1 1+$&+11#1+&1+01 1+&(0+0$$ 1+5$$+55 1+$&+5$

#0&1 #0&# #0&3 #0&&

* 1+1$+5( * 1+#&5+(0 * 1+30+#03 * 1+33+$13

##$+(33 #3+#0 #50+1(& #$#+0&

1(+$1$ #0+&01 #1+#1 ##+0$$

+1&3 +5# +0#$ +50

1+5 1+(30 #0+0$$ #1+#0



(##+11 ($+#( 1+01$+#$ 1+0$+5&

(3#+$ ((+$55 1+0#+$$ 1+00+33$

(##+11 ($+#( 1+01$+#$ 1+0$+5&

(3#+$ ((+$55 1+0#+$$ 1+00+33$



2045 2046 2047 204

* 1+5$+5#3 * 1+$$5+&( * 1+&(+1&# * 1+3$+5((

* 103+$ * 10+#& * 11#+13 * 11$+$#3

* 1$3+15 * 1$(+&&5 * 15+35 * 11+51&* 1+500

* #$1+05 * #$+#1 * #(3+3#5 * 310+(#&

* $5#+$&5 * $(1+0& * 33+31# * +310

1+11+0(5 1+#&5+(& 1+31&+1&( 1+&5+140542 420056 4343 3772

(#0+03 ($(+03 1+0#0+#& 1+1&$+(&

66647 66777 723! 6652

2045 2046 2047 204

* 1+00(+$0$ * 1+0$0+0$ * 1+113+0(0 * 1+1$+&5

* 30+(0 * 3#+#1( * 33+50 * 3&+&

* 1+&00+350 * 1+&(+35 * 1+$03+#$1 * 1+15+&(0

* $13+$ * $3+&#1 * $$3+(5 * $(0+51$

* 151+1$ * 1$0+#& * 1$(+$# * 10+053

* 3+(&1 * &00+$1 * &#&+$5& * &50+133

* 11+0#5



;5#+(01= ;$30+55= ;$(3+5&1= ;#+$#=

;$+$5= ;3+(0$= ;(1&+#5= ;1+00+(03=

1+( #1+0& #&+& 1+00#13+53 ##(+1( #&5+$# #5#+30#

#0&5 #0&$ #0& #0&

* 1+153+35 * 1+#11+5# * 1+##+103 * 1+335+0

3&+313 35+$$ 3+113 3+5(

#$(+(1$ #0+1# #(1+(&1 303+$1

#&+#3 #(1+31# 30+(1 3#+31

10(+(#( 11$+5#5 1#3+51$ 130+(#

#1+$00

5&+& $03+1 $3&+#5( $&&+5&

3(+$ +$0& 1(+533 &0+($5

#0&5 #0&$ #0& #0&

* 1+((0+#3& * #+0(+&$ * #+1(&+#33 * #+303+(&&



155+$(& 1$1+(## 1$+3( 15+13&

101+5 105+5 110+0(1 11&+&(5

1( $ (#0 (5

3# 3& 3$ 3(0

&3(+5

1+31+(3$ 1+#1+0(( 1+(1&+#& 1+53+&$5

1+3#+&# 1+#1+$#0 1+(15+35 1+5&+050

1+31+(3$ 1+#1+0(( 1+(1&+#& 1+53+&$51+3#+&# 1+#1+$#0 1+(15+35 1+5&+050

#0&5 #0&$ #0& #0&

* 1+&&#+#(& * 1+51&+&0( * 1+5(0+1#( * 1+$$(+$35

#5+3( #(+$31 30&+11# 31(+31

##+(& #3+$$ #&+#1 #5+1&

(+01 (+55( 10+133 10+&1

##+5&$ #3+(( #5+333 #$+53

5#+500



1+1#0+($1 1+1+013 1+#35+$3 1+#&5+151

1+13&+&( 1+1(1+35# 1+#51+0$3 1+#$1+#$3

1+1#0+($1 1+1+013 1+#35+$3 1+#&5+151

1+13&+&( 1+1(1+35# 1+#51+0$3 1+#$1+#$3



o< carbon eission tax rate ;0.&=

CO9:

@ig- carbon eission tax rate ;0.$=

@ig- :ue) Costs ;0.50=

O;:

"oderate :ue) Costs ;0.50=

o< carbon eission tax rate ;0.&=

@ig- carbon eission tax rate ;0.$=

@ig- construction cost ;0.&0=

N<C:E91

o< construction cost ;0.$0=

2'TGR''4



@ig- construction cost ;0.&0=

RE2E/'BE

o< construction cost ;0.$0=



Expected (alues

##+101

1+&+103

Expected (alues

o< carbon eission tax rate ;0.&= ;1+#1$=

@ig- carbon eission tax rate ;0.$= ;&5+10$=

o< carbon eission tax rate ;0.&= 101+0

@ig- carbon eission tax rate ;0.$= 5&+($#

Expected (alues

1+1(&+113

1+&#&+$5(

Expected (alues

o< carbon eission tax rate ;0.&= 1+133+(0

@ig- carbon eission tax rate ;0.$= 1+00+533

o< carbon eission tax rate ;0.&= 1+0+&(&

@ig- carbon eission tax rate ;0.$= #+5$#+0



Expected (alues

o< carbon eission tax rate ;0.&= 5+50&

@ig- carbon eission tax rate ;0.$= 1+1#5+#

o< carbon eission tax rate ;0.&= 1+1&$+3$

@ig- carbon eission tax rate ;0.$= 1+0#+0$&



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7i) ;$0$+&03.&= 0

2atura) as #+$1+#.&& &.5

2uc)ear +105+0(5.5 5.(

Rene<ab)es &+33+03#.# $.5(

7n t-e basis of 2P, t-e best otion t-at t-e coany -as is to setu a nuc)ear o<ereriod desite being )ess t-an t-at of natura) gas is sti)) signi8cant)y )o<er t-an t-e ot-erust be noted t-at t-e 2P, is a uc- better t-res--o)d t-an t-e sie Paybac! eriod

<ide)y used inestent tec-nique.



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CF Assignment Faux

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