Sunflower Gmbh & CO.kg Gilatz Spain S...Trigger-Foresight has conducted strategic and financial...
Transcript of Sunflower Gmbh & CO.kg Gilatz Spain S...Trigger-Foresight has conducted strategic and financial...
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Confidential. Copyrights Trigger-Foresight, All rights reserved 1 Confidential. Copyrights Trigger-Foresight, All rights reserved
Olmeda Park La Herrera Park
Corvera Park
Impairment Testing as of September 30th , 2013
Submitted on November 27th 2013
Submitted to:
Sunflower Gmbh & CO.kg Gilatz Spain S.L
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Disclaimer & Restriction of Liability
The following valuation of Olmeda Park, La Herrera Park and Corvera Park (hereafter “the parks”) has been conducted at the request of “Sunflower Gmbh & CO.kg” and “Gilatz Spain S.L” (hereafter “the Client”)
This opinion is provided for the information and benefit of the Board of Directors of “the client”, and is submitted to the Board of Directors in connection to the Valuation
It is agreed that “the client” and/or it’s shareholders may include, or make reference to, this opinion in, or in connection with, the financial reports submitted, or filed, as required by pertinent securities law, case law, or other sources of legal duty
Moreover, “the client” and/or its shareholders may make use of this opinion in any proceedings related to the approval of its valuation, including, but not limited to, in meetings with or deliberations before any person, entity and/or authority that “the client” and it’s shareholders deem fit
As subject to the engagement letter, the use of this opinion is permitted only by “the client’s” management and/or its shareholders. Trigger Foresight shall, under no circumstances, bare any liability, or hold any responsibility, towards a third party that receives this opinion with or without our consent, as mentioned before
In arriving at our opinion, we have relied upon, and assumed the accuracy and completeness of all of the financial and other information that was issued by “the client” without assuming any responsibility for any independent verification of any such information
We have further relied upon the assurances that “the client” is not aware of any facts or circumstances that would make any such information inaccurate or misleading
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Disclaimer & Restriction of Liability (Cont.)
This valuation is based on forecasts and assumptions that rely on regulatory state information available by the 30th of September, including the primary assumption of the implementation of draft RD 9/2013. Draft RD 9/2013 is the last version available at the time of the valuation and at 30th of September 2013
However, on the 19th of November the Spanish media has announced that the Spanish government is intended to withdrawn draft RD 9/2013 with the intention of replacing it with a new draft RD version
The client has instructed us (on a letter signed at the 27th of November) to conduct the valuation based on the assumption of implementation of draft RD 9/2013 and based on regulatory state information available until th30th of September. It should be mentioned that the client has stated to us that he doesn't have any reliable information regarding the new version of the draft RD and it's implications on the valuation model. Furthermore, Trigger-Foresight lack the ability to estimate to what extent the new draft RD version is expected to influence this valuation
Trigger-Foresight claims no responsibility for the accuracy of these assumptions and forecasts. The great uncertainty regarding the regulatory state in Spain, creates a unique situation in which there is no possibility to create a standard valuation which is based on solid assumptions. Nevertheless, since according to IAS 36 the clients were required to perform a valuation, Trigger-Foresight was required to perform a ‘best estimate’ measure of the required impairment
It is important to clarify that Trigger-Foresight lacked the proper information to conduct a well-founded and precise estimation and thus the work may be subject to great changes as the regulatory framework becomes more certain. Furthermore, some of the assumptions are based on the company’s estimations and Trigger–Foresight lacked the ability to verify these assumptions, yet did not find them to be unreasonable
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Disclaimer & Restriction of Liability (Cont.)
With respect to the financial information utilized, we assumed that such information has been reasonably prepared on a basis reflecting the best currently available estimates and judgments, and that such information provides a reasonable basis upon which we could perform our analysis and form an opinion
As subject to the engagement letter, we have not carried out a physical inspection of the properties and facilities of “the client” and have not made or obtained any evaluations or appraisals of the “the client’s” assets or liabilities (contingent or otherwise) other than publicly available information. We have not attempted to confirm whether “the client” has good title to its assets
As subject to the engagement letter, this opinion does not constitute a due diligence process , nor does it claim to take into account all information, tests or other information included in a true due diligence process , including, for example, the thorough examination of contracts and agreements. Note also that this opinion may in no way be construed as legal advice
The information in this opinion does not include all of the information required by a potential investor, and in no way presumes to determine the value of “the client” or its assets for any particular investor
This opinion refers to the valuation of the parks own by the client and not of “the client” as a whole
Trigger-Foresight has no personal interest in “the client” and/or it’s shareholders and no personal interest in the outcome of this valuation
Trigger-Foresight has conducted strategic and financial consulting processes for Shikun & Binui Group, as well as companies held by its shareholders and/or affiliated with Shikun & Binui. In addition, Trigger-Foresight has conducted a previous valuations of Olmeda Park and economic studies for the 3 parks. However, Trigger-Foresight is not financially dependent on Shikun & Binui and/or on Sunflower
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Disclaimer & Restriction of Liability (Cont.)
Trigger-Foresight has received professional fees for the above mentioned services provided to Shikun & Binui Group and to the client. However, the opinion fee is in no way dependent on the opinion results
Trigger-Foresight has received an indemnification letter from “the client”, which includes the following:
• “The client“ confirms that all existing information necessary for this valuation regarding Gilatz was made available to Trigger-Foresight and that to the best of its knowledge there is no other relevant information that may affect the results of this valuation
• “The client” concurs that this valuation is based on estimated values and expectations about future results from the project’s activities, including some estimations made by Trigger-Foresight which are not precise and are subject to change
• “The Client” agrees that Trigger Foresight, and its respective personnel, shall not be liable to “the Client” for any claims, liabilities, losses, damages, costs or expenses relating to this Contract or the Services (“Claims”) for an aggregate amount in excess of one of “the fees" paid by “the Client” to Trigger Foresight , except to the extent finally judicially determined to have resulted primarily from the willful misconduct or gross negligence of Trigger-Foresight . Without derogating from the foregoing, “The Client” shall indemnify and hold harmless Trigger Foresight and its personnel from all claims, liabilities, or expenses incurred by Trigger Foresight or its personnel and which Trigger Foresight is not responsible for
• Without derogating from the foregoing in this Engagement Letter, “The Client” shall hold Trigger Foresight and its personnel harmless from any and all damages caused to The Client determined to have resulted from acts and/or omissions of The Client, including unlawful use and not according to this engagement, with the work product
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Details of Appraiser
Managing Partner at Trigger-Foresight
More than 15 years experience in business/ strategy consulting
Leading role in tens of complex strategic and financial consulting projects with an emphasis on large companies (telecommunications, finance, holding companies, hi-tech, real estate)
Establishment of Foresight (1993) and its management (about 5 years controlled by Israel Discount Bank)
BA in Mathematics and Computer Science (B.Sc. with honors), MBA (MBA with honors)
Between the years 2001 to 2008 - Lecturer of finance (valuation) and entrepreneurship at the Herzliya Interdisciplinary Center
Shally Tshuva
Trigger-Foresight is a leading Israeli strategic and business consulting firm
Trigger Foresight is part of Deloitte’s global Strategy & Operations practice. The company has a team of over 30 consultants led by five highly experienced partners
Local and global clients include:
• Large and mid-size companies , Investors,
venture capitalists, private equity funds,
Government bodies and NGOs
Trigger-Foresight is demonstrating a leading position in three areas:
• Strategy (for the business and public sectors)
• Strategic Corporate Finance (economics
modeling)
• Business Development execution
Extensive experience in valuation for various needs:
• M&A processes (for foreign and local investors)
• Accounting needs (including IAS 36)
Trigger-Foresight
Shally Tshuva
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Scope of Work and Sources of Information
The following presents a fair value analysis of the PV Parks as requested by "the Client" following the new regulation of RD 9/2013
The valuation is as of 30 September 2013
Our opinion was based in part on conversations held with the following members of Sunflower Sustainable Investments Ltd. (“Sunflower”) and Shikun & Binui Renewable Energy (“SBRE”) management teams:
• Batya Many, CFO, Sunflower
• Orly Kyram, CEO, Sunflower
• Shiri Etchin, CFO, SBRE
• Tsachi Peretz, Controller, SBRE
• Carmel Michaeli, Business Development, SBRE
Furthermore we held excessive discussions with all the Big 4 accounting firms (Deloitte, Pwc, E&Y, KPMG) in Spain and in Israel
Primary sources of information utilized in the formulation of our opinion were:
• Translation of draft of the Royal Decree developing the RD-L 9/2013 published on 13th of July 2013 as prepared by Brenes Abogados S.L.P. Legal consultantes
• Financial reports
• The client management’s financial performance projections for The Park
• Market research and relevant public information
• Financial Reports of publicly traded energy companies
• Analyst reports
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Executive Summary
Source: Company’s documents
Valuation is calculated using the DCF approach, in nominal Euro terms
Scenario analysis was used in order to handle with the great uncertainty regarding the regulations and key assumptions
Valuation is based on a bottom up model to predict the expected cash flows from the operation
A rate of 10.68% (nominal terms) was used to discount the cash flows
Valuation Summary
On October 21st 2013, we were asked by Sunflower Gmbh & CO.kg and Gilatz Spain S.L to perform a valuation of the Parks for impairment testing according to International Accounting Standard 36
The valuation is as of 30/09/2013 The book value of Gilatz’ Parks
• €80.67M as of 30/09/2013 • €83.44M as of 31/12/2012 • €100.04M as “Purchased Value”
On July 13th, RD 9/2013 was published, and set a new remuneration system, which is an indication that the parks’ book value might be impaired and thus requiring this valuation
The first Draft to the Royal Decree developing RD-L 9/2013 is explaining the remuneration system in blurred terms and formulas. It should be noted that the above mentioned draft is subject to significant changes
The assumptions on this valuation is based on our best understanding of the remuneration system, as explained in the first draft, after several deep conversation with experts on the subject and yet the amount of uncertainty remains high, and we relied on company’s estimations as for several key assumptions. We have only reviewed the reasonability of the assumptions
General
This paper estimates the value of the parks as of 30 September, 2013 at € 62.9M
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Agenda
2 Market and Business Environment Analysis
3 Valuation
1 Company and Business Overview
4 Appendix
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Agenda
2 Market and Business Environment Analysis
3 Valuation
1 Company and Business Overview
4 Appendix
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Company and Business Overview
Gilatz Spain SL and Sunflower Gmbn&co.kg
G e n e r a l
Gilats Spain SL is a Spanish company equally held by SBRE and Sunflower sustainable investments Ltd.
Sunflower Gmbn&co.kg is a German partnership equally held by SBRE and Sunflower Sustainable Investments Ltd.
Gilatz Spain and the German partnership owns three solar parks in Spain with total installed capacity of ~15 MW
Total investment of ~€100m based the potential embodied in Spanish incentives for solar energy
All parks were eligible for high feed-in tariffs (Construction and grid connection completed before 28-Sep-2008)
Source: Company Presentations
Olmeda Project
Located in Cuenca, East of Madrid
Nominal production capacity – 6MW
Total investment – ~€42m
Obtained non-recourse financing
Corvera Project
Located in Murcia, South of Madrid
Nominal production capacity – 3MW
Tracking technology
Total investment – ~€26m
La Herrera Project
Located in Albacete, South-East of Madrid
Nominal production capacity – 4MW
Total investment – ~€30m
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Company and Business Overview
Financial Results (for the 3 parks)
Source: Company, Financial Reports
P & L (€, '000)
AC kWh Produced
€ Thousands % of Revenue € Thousands % of Revenue € Thousands % of Revenue
Total Revenues
Operating Costs
O&M 1,090 12.1% 828 9.2% 435 7.3%
Insurance 96 1.1% 73 0.8% 29 0.5%
7% Energy Tax 0.0% 0.0% 416 7.0%
Total Operating Costs 1,186 13.1% 901 10.0% 880 14.8%
Operating Profit 7,846 86.9% 8,118 90.0% 5,066 85.2%
9,033 9,019 5,946
2011
25,695,741
2012
26,189,175
2013 H
12,168,249
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Company and Business Overview
Key Performance Indicators
Source: Company, Financial Reports
Energy Production Revenue and Operating Margin Evolution (€, '000) kWh
5,066
8,118 7,846
9,999 10,395
88% 88%
87%
90%
85%
2013 H1
25,030,431 24,384,97725,695,741
26,189,175
12,168,249
2013 H1
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Agenda
2 Market and Business Environment Analysis
3 Valuation
1 Company and Business Overview
4 Appendix
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Market and Business Environment Analysis
Solar - a key renewable energy technology
Source: Trigger-Foresight research
(1) Biomass and geothermal energy is sometimes referred to as clean but not renewable source of energy
(2) Hydro is not always qualified for RPS in order to encourage states to develop alternative and less common energy sources
Renewable Energy
Wind Energy Solar Energy Biomass Energy1
Geothermal Energy1
Marine Energy
Hydroelectric Energy2
Dams River
Streams Currents Waves Tides Biofuels Biogas
(Methane) Incineration
Solar Thermal
(CSP) Onshore Offshore PV
Bioethanol Biodiesel
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PV (Photovoltaic)
CSP (Concentrated Solar Power)
Concentrated PV
Thin Film Crystallized
Silicon
Experimental Growing Traditional high concentration lenses or mirrors to focus sunlight onto miniature solar cells
a solar cell that is made by depositing one or more thin layers (thin film) of photovoltaic material on a substrate
A solar cell or converts light directly into electricity by the photovoltaic effect
Solar Power Tower
Dish Stirling
Experimental Niche Common
Parabolic Trough
Fresnel Reflector
special mirrors shaped as linear parabolas are used which reflect the sun rays on to an absorption tube
circular array of large individually tracking mirrors Heliostats are used to concentrate sunlight on to a focal point mounted at the top of a tower
dish-shaped mirror is used to reflect sunlight on to a central collecting location which is a focal point of the dish
line focus system which uses rows of flat mirrors in which solar radiation is concentrated on an elevated inverted linear absorber
Niche
Market and Business Environment Analysis
Solar Energy Technologies
Source: Business Insights
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Market and Business Environment Analysis
PV - Installed Capacity
Source: REN21, Trigger Foresight Research
World Solar PV Capacity
Solar PV Capacity 2012
Global solar PV production recorded a robust growth of ~60% (CAGR) in 2008-2012 driven by government incentives in Germany, Spain, US and other countries
The top 10 countries accounted for ~93% of total installed solar PV capacity in 2010
(GW) (GW)
1624
40
71
100
32
16
7.2 7 6.65.1 4
2.6 2.4 2.1
7.4 6.7
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248.7
73.8
95.2
79.7
426.1
124.7
177.7
123.7
Total Power
Wind Power
Biofuels
Solar Power
Market and Business Environment Analysis
Market Size and Forecasts
Source: CleanEdge, REN 21 Global Reports 2013
The renewable energy market is expected to double in revenue terms over the next decade
The solar PV energy market is a rapidly growing market, and is expected to grow rapidly over the next decade
Solar PV Market Evolution Global Renewable Energy Projects Growth (B,$) (B,$)
11.215.6
20.3
29.6
36.1
71.2
91.6
73.8
123.7
…
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Conventional (Fuel+Gas), 1%Solar,
6%
Neuclear, 8%
Other, 10%
Coal , 11%
Hydro, 17%
Wind power,
22%
CCGT Combined Cycle, 25%
0.20.7
3.3 3.43.8
4.555.1
Spain is one of the leading countries in solar energy production
In 2004 the government removed economic barriers relating to the connection of renewable energy to the electricity grid
A Feed-in Tariff policy for large scale solar plants was adopted
In 2007 the first European solar power plant began its operation in Spain
After the 2008 financial crisis a cap of 500MW per year was imposed for future increases in capacity, and on the end of 2010, subsidies were drastically cut
New regulations impacts the profitability especially for legacy plants (see more details in the next slides)
Market and Business Environment Analysis
Spanish Solar Market - Overview
Solar Power Capacity
Electricity Generation Mix
Source: IDAE 2010; Goldman Sachs Global Investment Research, REN21 , Global Status Report 2013, REN21, Global Futures Report 2013
(2012)
(GWh)
General
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Market and Business Environment Analysis
Spanish Solar Market - Regulation
In 2004, legislation (RD 436/2004) was enacted to encourage the installation of solar power plants by offering high guaranteed feed-in tariffs (FiTs)
In 2008, legislation (RD 1578/2008) was updated to include Photovoltaic (PV) power plants
Following a rapid increase in solar power plants installation, the government imposed a limit on additional capacity growth of 500MW per year
In Aug. 2010 the government announced cuts of 5%-45% in the FiT for new PV solar plants
In 2010, new legislation (RD 1565/2010 and 14/2010) enacted the following changes:
• The reduction of the FiT for new projects
• Limits on the duration of current projects
• Imposed a new tax for use of transmission and distribution lines
• Limits on the electricity production guaranteed to be purchased at the FiT
In Dec. 2012, new legislation (RD 15/2012) was published, regarding General tax, equivalent to 7% of total revenues
In July 2013, a new remunerative regime on the investment(RD 9/2013) was announced and stats that profitability measure will be based, that will provide the owner a defined yield currently estimated to be calculated as 10-year government bonds plus 300 basis points
Regulation Milestone
Source: Herbert Smith Freehills Spain LLP 2013
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The Data which will used in the calculation is yet to be determined and is expected to represent a normative cost structure of an efficient market player (Based on the first draft of Royal Decree developing RD-L 9/2013 as described by Brenes Abogados’ experts, which is still under legislation procedure and therefore is subject to changes)
Market and Business Environment Analysis
First Draft of RD-L 9/2013
Source: A translation of the first draft of RD-L 9/2013 done by Brenes Abogados S.L.P.
Formula to calculate the total retribution to be perceived
Formula to calculate the supplement on investment costs
Formula to calculate the value of the asset
Formula to adapt the total retribution to be perceived to the real market price-If, the real market price achieved yearly was higher than the max cap, energy producers shall be obliged to reimburse the excess
Retribution Basic Formulas
On July 13th 2013, first draft of the Royal Decree developing the RD-L 9/2013 was published. The parks valuation was based on the content of the first draft, which is subject to future changes and great uncertainty
The main content of the first draft is the following:
• All installations which have been entitled to perceive a FIT will be automatically inscribed in this newly created Register
• installations will be eligible for retribution as long as they produce a minimum amount (Yet to be determined by the minister) of hours per year
Special Retribution Register
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Agenda
2 Market and Business Environment Analysis
3 Valuation
1 Company and Business Overview
4 Appendix
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Valuation
Methodology – IAS 36
This valuation was performed in accordance with International Accounting Standard 36 - “Impairment of Assets” (hereinafter “IAS36")
IAS36 requires that the value of an asset be accessed annually or whenever there is a sign indicating significant depreciation of the asset. In such events the asset must undergo a valuation process which should be compared to its book value. If the book value of the asset exceeds the resulting valuation, an impairment loss is recognized
The value of the asset shall be the greater of two amounts:
• The “fair value less cost to sell”
• The “value in use” of the asset
“Fair value less cost to sell” represents the amount received from the sale of an asset at an acceptable market price less the costs incurred by the transaction
“Value in use” is the present value of future cash flows expected to be derived from the asset
Due to the announcement of RD 9/2013, there has been an event of significant impact on the expected future cash flows derived from the subject of this valuation
The calculations and assumptions, presented herein, were performed in order to reflect the “value in use” as defined under IAS36
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Valuation
Methodology - DCF
Valuation Methods:
• Discounted Cash Flow (DCF) - Value of asset equated to present value of expected future cash flows generated by the asset
• Comparable-based - Value of asset derived from pricing of 'comparable' assets generally calculated by multipliers of relevant financial figures (i.e. earnings, cash flows, book value or sales)
• Net Asset Value (NAV) – Value of asset equated to the sum the net value of its components
This work utilizes the DCF valuation method, which is most appropriate for this situation
The valuation is calculated in Euros, in nominal terms (in gross terms) for the purpose of asset impairment examination (according to IAS 36) of the parks as of 30/9/2013
Theoretically, the same results should be obtained by discounting pre-tax cash flows at a pre-tax discount rate or post-tax cash flows at a post-tax discount rate, as long as the post-tax discount rate is properly adjusted for the future tax expenses. This valuation was based on the latter. The pre-tax discount rate may be calculated as the value which equates in present value terms pre-tax cash flows with the valuation
From conversations we have conducted with market players, it was revealed to us that due to the high uncertainty regarding the regulation structure, the number of transactions has decreased dramatically, as market players are in a “hold” position until further information will be published. We assume that the cash flow from PV parks is nor dependent on the investor's characteristics (due to a clear production formula and a regulatory framework). Based on that, we assume that a valuation based on “Value in use” will be equal to a valuation based on “Fair Value”
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Valuation
Methodology - Scenario Based Valuation
The fact that RD 9/2013 has not been finalized and there is a wide range of possibilities for its final outcome, creates a high level of uncertainty linked to the future results of the company and the corresponding cash flows
The valuation is based on the first draft of RD-L 9/2013, which is subject to significant changes in the future
It should be highlighted that this is a unique situation where the uncertainty regarding many parameters is very high, and according numerous market players with whom we have discussed, it is very difficult to provide an accurate estimate of those factors and thus to value the assets
The dependence of the park’s cash flow in the exact implementation of RD 9/2013 is so great that small changes can change the value dramatically
Following accepted valuation methodologies for cases where likely scenarios for future cash flows are highly divergent, the approach taken in this report is the scenario based methodology
The scenario based approach is widely accepted in the relevant professional literature as the favorable alternative for the valuation of assets under high uncertainty:
“Uncertainty is the hardest part of valuing high-growth technology companies, and the use of probability –weighted scenarios is a simple and straightforward way to deal with it.” (“Valuation-Measuring and Managing the Value of Companies” p. 315-325, by Copland, Koller & Murrin, McKinsey & Company, Inc.)
“The expected cash flows that we use to value risky assets can be estimated in one or two ways. They can represent a probability-weighted average of cash flows under all possible scenarios or they can be the cash flows under the most likely scenario. While the former is the more precise measure, it is seldom used simply because it requires far more information to compile.” (“Probabilistic Approaches: Scenario Analysis, Decision Trees and Simulations” by Aswath Damodaran.)
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Valuation
Methodology - RD 9/2013 implications on the scenarios
RD 9/2013 defines a new remuneration system, in which tariffs will be calculated for different types of renewable energy projects, allowing each project to reach a defined pre-tax return on the investment
From discussions with market players we understand that the defined rate is expected to be 7.5%, based on the average yield in April-June 2013 of Spanish government 10 years bond (which is 4.5%) plus 300 basis points premium
We assume that the return rate will be 7.5% in any scenario, though it is important to clarify that this assumption in not certain and is not based on any official document
Due to the great variance in investment costs, deriving from factors such as technology, location, year of construction, etc. the regulator will define a ‘Normative Investment’ by which the return will be calculated
Since there is no information regarding the form by which the normative investment will be calculated (currently 2 consulting firms are working with the Spanish government to define that), there is a wide range of options for the amount of investment that would be recognized as the “Normative Investments” for the parks
In the best case scenario, all of the initial investment will be recognized. In the low case scenario, a big part of the investment would not be recognized, leading to a significantly lower NPV
In our scenario analysis we will explore several option on the range between the best and worst cases
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Valuation
The Total Retribution Formula
The total retribution to be perceived by renewable energy producers will be determined as follows (Based on the first draft of Royal Decree developing RD-L 9/2013 as described by Brenes Abogados’ experts, which is still under legislation procedure and therefore is subject to changes)
Reᵢ= Rinvᵢ.Pn +Roᵢ*Egᵢ
Reᵢ = retribution to be perceived in a particular year ᵢ, expressed in €
Rinvᵢ = supplement on investment costs to be perceive by an installation-type in the year ᵢ, expressed in €/MW. Note that all “installation types” will be defined in the ministerial order to be issued
Pn: nominal installed capacity in MW. Note that only the nominal installed capacity inscribed in the Special Retribution Register shall be taken into account
Roᵢ: supplement on operation costs to be perceive by an installation type in the year ᵢ, expressed in €/MW
Egᵢ: energy generated in year ᵢ by each installation expressed in MWh. Note that only the energy generated by the nominal installed capacity as inscribed in the Special Retribution Register shall be taken into account
Source: A translation of the first draft of RD-L 9/2013 done by Brenes Abogados S.L.P.
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Valuation
The Investment Costs Supplement Formula
The supplement on investment cost to be perceived by renewable energy producers will be determined as follows (Based on the first draft of Royal Decree developing RD-L 9/2013 as described by Brenes Abogados’ experts, which is still under legislation procedure and therefore is subject to changes
Rinvᵢ=C.VNAj.(𝐓𝐑𝐅.(𝟏+𝐓𝐑𝐅)ᵛᴿ)
𝟏+𝑻𝑹𝑭 ᵛᴿ−𝟏
C = coefficient to adjust the retribution
VNAj= net Value of the asset as it was in the first day of the “first half period”. The “first half period” starts on the date the RD will be approved and shall last for three years
VR: remaining period until the end of regulatory life. VR is established by way of deducting the years the installations has been operating (that means as from date of the starting up permission) from the whole regulatory life to be determined in the ministerial order
TR: financial retribution rate. Note that for the first 6 years as from the date the RD is approved the financial retribution rate will be the rate paid for the Spanish 10-years-bond as handled in the secondary market during the months April, Mai and June 2013 plus 300 Basic Points
Source: A translation of the first draft of RD-L 9/2013 done by Brenes Abogados S.L.P.
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Valuation
The Asset Value Formula
The Assets Value to be perceived by renewable energy producers will be determined as follows (Based on the first draft of Royal Decree developing RD-L 9/2013 as described by Brenes Abogados’ experts, which is still under legislation procedure and therefore is subject to changes)
VNAȷ= vi.(1+TRF)ᵖ- 𝐈𝐧𝐠ᵢ − 𝐂𝐞𝐱𝐩ᵢ 𝟏 + 𝐓𝐑𝐅 ᵖ − ᵢᵖᵢ=𝟏
VNAᵢ: net value of the asset in €/MW on the first day of the first half period as established for an installation type
VI: value of the initial investments in €/MW for an installation type
TRF: financial retribution rate
P: number of years calculated as from the date stated on the starting up permission until the date the VNA is calculated
Ingᵢ: total income perceived by an installation type during yearᵢ
Cexp: estimation of the operation costs for an installation type during yearᵢ
Source: A translation of the first draft of RD-L 9/2013 done by Brenes Abogados S.L.P.
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Valuation
Electricity selling revenues
According to market players understanding of the first draft od RD-L 9/2013, additionally to perceiving this retribution rate ( “supplement on investment costs”), the energy producers will keep on selling energy in the market at the market price
The producers are entitled to be perceive that market price in addition to any supplement on investment costs they might get
This means that energy producers will be paid, on one hand, the supplements (note that in total there will be two supplements: one on investment costs and one on operational costs) and, on the other hand, they will get for the energy they produce the market price
These incomes (supplement + market price) shall make up their total expected income (or retribution) that energy producers
However, as the evolution of the market price is not exactly foreseeable, should the market price evolve in extreme ways (either falling much lower as expected or reaching unexpectedly high values) the total income eventually perceived by energy producers would adapt according to the following: • The Royal Decree also foresees that installations shall either pay or perceive an additional supplement
which aim it is to adapt the supplements calculated as set forth in points a) to c) above to real average market price achieved each year
• In order to do so, the ministerial order shall determine a minimum and maximum caps to the market price. If the real market price achieved yearly falls under the minimum cap, the energy producer will be entitled to perceive an payment additionally to the supplements already paid. The amount of that additional payments will be set forth in the ministerial order. If, on the contrary, the real market price achieved yearly was higher than the maximum cap, energy producers shall be obliged to reimburse a certain amount to be set forth the ministerial order
Source: A translation of the first draft of RD-L 9/2013 done by Brenes Abogados S.L.P.
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• All of the investment is recognized by the regulator as eligible capex for the return calculation
Valuation
Methodology - Scenarios Framework
Low Case High Case
Base Low Base High
• Very aggressive reduction in the
recognized capex
• Moderate reduction in the recognized capex
• Aggressive reduction in the recognized capex
Base Case
Assumptions regarding the probability of each scenario is required, and will be further discussed
Assumptions regarding which share of the actual parks’ investment will be recognized as a value of the initial investment
Some of the investment is not recognized by the regulator as capex, thus leading to a lower effective IRR
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Valuation
Methodology – Definition of Probabilities and Scenarios
There is no mathematical way to determine the probabilities of each scenario, nor to the determine how much of the investment will be recognized in each scenario
Since there is a big uncertainty regarding the most likely scenario, we apply the accepted routine in such valuations and assume an equal probability distribution, assuming that the probability of each scenario is 25%
In order to deal with the uncertainty regarding the recognized investment level we conducted 2 analyses:
1. Benchmark analysis: Comparing the actual investment in the parks to those of comparable projects. We compered the price/MW of each park to an industry average range if we stand within a conceivable range and regarding to the average
2. Cost breakdown analysis: analyzing the breakdown of the different components of the parks’ investment in the parks (e.g. license, panels, invertors, etc.) and comparing them to the components of comparable projects
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The cost varied according to the installation type, year of installment, geographic- between countries and within a country
In Europe, as shown in the figure below the spread is quite large
Valuation
Methodology- Scenarios Definition: Benchmark analysis
Source: U.S Dep. of energy, 2008 Solar Technology Market Report ; HIS Emerging Energy Research Sep 2011 “Europe Solar PV market and strategy 2011-2025
Corvera Olmeda La Herrera
8.20 €/kW 6.17 €/kW 6.23 €/kW
According to the parks pick power
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Valuation
Methodology- Scenarios Definition: Benchmark analysis
The Parks Costs in USD are the following:
• Olmeda: $ ~8.8m per MW
• Corvera: $ ~11.6m per MW
• La Herrera: $ ~8.7m per MW
All parks prices are above the average
Olmeda and La Herrera are about 15% higher than the weighted average
Corvera1 is about 30% higher than the weighted average (taking into account the stabilized one Axis)
Note: The prices and the analysis above are functioning as an orientation tool and do not implied any specific conclusion regarding the price/range that will be recognize
Orientation Tool
U.S Dep. of energy, 2008 Solar Technology Market Report.
Prices are for Fixed Axis Mounting.
One Axis Mounting prices are 15-20% higher
Average Price Per kW
Source: (1) U.S Dep. of energy, 2008 Solar Technology Market Report.,
(1) Corvera has stabilized 2 axis.
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Valuation
Methodology- Scenarios Definition: Cost breakdown analysis
Source: U.S Dep. of energy, 2008 Solar Technology Market Report, REN 21
Company’s Parks Breakdown Industry Breakdown
Physical components (e.g. panels, trackers and invertors) are more or less similar to the benchmark
Licenses is a unique component in the books as the parks were bought from a third party
Panels 42%Panels 49% Panels 49%
Trackers 15%
Inverters 6%
Inverters 7% Inverters 7%
Construction 28%
Construction 34% Construction 34%
Licenses 9% Licenses 10% Licenses 10%
Corvera Olmeda La Herrera
Panels 45%Panels 52%
Trackers 5%
Inverters 7% Inverters 6%
Material 10% Material 10%
Labor 10% Labor 10%
Overhead 23% Overhead 22%
Stabilized axis Fixed Axis
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• All of the actual investment is recognized by the regulator as “initial investment” for the return calculation
Valuation
Methodology - Scenarios and Probabilities
Low Case High Case
Base Low Base High
• Very Aggressive reduction in the recognized investment
• 60% of the actual investment is recognized (license and a large portion of the entrepreneurial profit not recognized)
• Moderate reduction in the recognized investment
• 90% of the investment is recognized (only license not recognized)
25% 25% 25% 25%
• Aggressive reduction in the recognized investment
• 80% of the actual investment is recognized (license and some of the entrepreneurial profit not recognized)
Probabilities:
Base Case
Some of the investment is not recognized by the regulator as capex, thus leading to a lower effective IRR
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Valuation
Main Assumptions
Source: Inflation.eu, Company’s documents , Oxford Economics (1) Trigger- foresight have not independently verified that assumption
Tariffs and Power Generation
The Rinv formula as described at the first draft which calculates the proper return on the investment, although it should be mentioned that the formula presented in draft can change in the final legislation
We assume the 7.5% return will remain for the entire operation period Electricity is sold at market price, currently stands at 0.05€, growing at inflation rate annually
(see appendix D)
Electricity production forecast is based on an opinion the company has received from an external technical expert for 2012 and actual production figures in recent years. The forecast assumes annual degradation rate of 0.5%
The production capacity will also be determined by the regulator- demanding a minimum capacity in order to be eligible for the full Rinv. We assume that the company will be able to meet this requirements, and thus will receive the full Rinv
Expenses
Actual operating expenses are assumed to meet the standard cost which will be determined by the regulator (based on companies’ assumptions that it is an efficient producer1)
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Valuation
Main Assumptions (cont.)
Source: Inflation.eu, Company’s documents , Oxford Economics
Years of Operation
Assumed to be total of 30 years of operation (therefore an additional 25 years) reflecting the current licenses policy and the company’s assumption
Tax
Tax expenses were calculated based on a tax rate of 25% for Olmeda and Corvera and 30% for La Herrea, which is the appropriate tax rate for the client
The Parks enjoys a tax benefit in the form of accelerated depreciation of assets
Impact of tax benefit is calculated by depreciating the NPV of the projects
Depreciation period assumed as a 10 years starting from 30/9/13 (based on the company’s accounting policy)
There is uncertainty regarding the 7% revenue tax as a result of RD 15/2012. The company’s and market players assumption is that it will not apply on the retribution received, rather that it will only apply on the revenues sourced directly from electricity selling
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Valuation
WACC - Methodology
Weighted Average Cost of Capital - represents the weighted cost of the capital used to finance a company’s activity
The WACC incorporates the cost of the capital provided by each funding source according to the relative weight of it in the total funding
It is customary to divide the WACC into two factors: the cost of debt (external capital) and the cost of equity (own capital)
𝑊𝐴𝐶𝐶 = 𝐾𝑑 1 − 𝑇𝐶𝐷
𝐷 + 𝐸+ 𝐾𝑒
𝐸
𝐷 + 𝐸
Equity Weight in total capital
Debt Weight in total capital
Tax Shield on financing expenses
Cost of Debt: return on capital required by third party lenders
Cost of Equity: return on capital required by stockholders
𝐾𝑒 = 𝑟𝑓 + 𝛽𝐿 𝑅𝑚 − 𝑟𝑓
𝛽𝐿 = 1 + 1 − 𝑇𝐶𝐷
𝐸𝛽𝑈
CAPM
WACC
Risk Free Rate - generally associated with Government long-term bonds
Risk Factor representing the relation of returns with these of the financial market as a whole
Market Risk Premium
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..
Valuation
WACC Calculation1
(1) For further information see appendix B & C
Cost of Equity: Calculated based on CAPM:
•Risk Free Rate: 4.16% (Spanish 10 Year Governmental Bond)
• Market Beta (Unlevered): 0.54 (Derived from comparison to comparable companies in the market- see Appendix C)
•Mature Market Risk Premium: 5.60% (Based on Damodaran’s updated estimations for US Market)
•Specific Risk Premium: 3.5% (A premium representing the additional risk inherit in the size and illiquidity of the asset)
𝑫
𝑫+𝑬: Assuming no leverage according to current market conditions
Tax: Effective tax rate of 30% for La Herrera and 25% for the rest
… … Olmeda Corvera La Herrera
Component Value
Rf 4.16%
Beta Levelaged 0.54
MRP 5.60%
Ke 10.68%
Kd N\A
Tax Rate 25%
D\D+E 0%
WACC 10.68%
Component Value
Rf 4.16%
Beta Levelaged 0.54
MRP 5.60%
Ke 10.68%
Kd N\A
Tax Rate 25%
D\D+E 0%
WACC 10.68%
Component Value
Rf 4.16%
Beta Levelaged 0.54
MRP 5.60%
Ke 10.68%
Kd N\A
Tax Rate 30%
D\D+E 0%
WACC 10.68%
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(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 3,531 3,531 3,531 3,531 3,531 3,178
542 549 554 561 569 765
FCF after Tax 3,852 3,857 3,860 3,865 3,871 3,182
NPV 33,021
Net Elec. Rev.
39,457
Valuation
Olmeda- Results by Scenario
High
Low
Base High
Base Low
Weighted Average NPV for Olmeda stands at € 28M
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 3,178 3,178 3,178 3,178 3,178 3,178
542 549 554 561 569 765
FCF after Tax 3,516 3,520 3,524 3,529 3,535 2,917
NPV 30,166
35,511
Net Elec. Rev.
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 2,825 2,825 2,825 2,825 2,825 3,178
542 549 554 561 569 765
FCF after Tax 3,179 3,184 3,188 3,193 3,199 2,917
NPV 27,311
31,565
Net Elec. Rev.
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 2,119 2,119 2,119 2,119 2,119 2,119
542 549 554 561 569 765
FCF after Tax 2,507 2,512 2,516 2,520 2,526 2,917
NPV 21,602
23,674
Net Elec. Rev.
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(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 2,039 2,039 2,039 2,039 2,039 2,039
338 342 346 350 355 477
FCF after Tax 2,247 2,250 2,253 2,255 2,259 1,862
NPV 19,279
Net Elec. Rev.
22,797
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 1,835 1,835 1,835 1,835 1,835 1,835
338 342 346 350 355 477
FCF after Tax 2,053 2,056 2,058 2,061 2,065 1,709
NPV 17,630
20,517
Net Elec. Rev.
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 1,631 1,631 1,631 1,631 1,631 1,631
338 342 346 350 355 477
FCF after Tax 1,859 1,862 1,864 1,867 1,871 1,557
NPV
18,238
Net Elec. Rev.
15,982
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 1,223 1,223 1,223 1,223 1,223 1,223
338 342 346 350 355 477
FCF after Tax 1,471 1,474 1,476 1,479 1,482 1,251
NPV 12,685
13,678
Net Elec. Rev.
Valuation
Corvera- Results by Scenario
High
Low
Base High
Weighted Average NPV for Corvera stands at € 16.4M
Base Low
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(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 372 377 380 385 391 525
525 377 380 385 391 397
FCF after Tax 2,567 2,570 2,572 2,575 2,579 2,015
NPV
Net Elec. Rev.
26,706
21,716
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 372 377 380 385 391 525
372 377 380 385 391 525
FCF after Tax 2,343 2,346 2,349 2,352 2,356 1,848
NPV
Net Elec. Rev.
24,035
19,843
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 372 377 380 385 391 525
372 377 380 385 391 525
FCF after Tax 2,120 2,123 2,125 2,128 2,132 1,681
NPV
Net Elec. Rev.
21,364
17,970
(K, €) 2014F 2015F 2016F 2017F 2025F 2038F
Eligible Capex
Rinv Payment 372 377 380 385 391 525
372 377 380 385 391 525
FCF after Tax 1,673 1,676 1,678 1,681 1,685 1,346
NPV
Net Elec. Rev.
16,023
14,223
Valuation
La Herrera- Results by Scenario
High
Low
Base High
Base Low
Weighted Average NPV for La Herrera stands at € 18.4M
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Scenario Probability
High 25%
Base High 25%
Base Low 25%
Low 25%
Probability adjusted valuation
Olmeda Corvera La HerreraTotal
WACC 10.68% 10.68% 10.68% #REF!
Book Value Q3, 2013 34,455 22,215 24,003 80,674
NPV (30/09/2013) 28,025 16,394 18,438 62,857
Differnce from BV (6,430) (5,821) (5,565) (17,817)
Description
100% of Capex recognized
90% of Capex recognized
80% of Capex recognized
60% of Capex recognized
Scenario Probability
High 10%
Base High 40%
Base Low 40%
Low 10%
Probability adjusted valuation
Olmeda Corvera La HerreraTotal
NPV (30/09/2013) 28,453 16,641 18,719 63,814
Difference from BV (6,002) (5,574) (5,284) (16,860)
Valuation
Gilatz probability adjusted valuation and Sensitivity Analysis
Sensitivity Analysis- Probabilities Distributions Valuation Summary
10-40-40-10 Distribution
20-30-30-20 Distribution
Scenario Probability
High 20%
Base High 30%
Base Low 30%
Low 20%
Probability adjusted valuation
Olmeda Corvera La HerreraTotal
NPV (30/09/2013) 28,168 16,476 18,532 63,176
Differnce from BV (6,287) (5,739) (5,472) (17,498)
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Applying a 7% revenue tax reduces the valuation by € ~4M, as a result of the decrease in free cash flow
The impact of the revenue tax is moderated by an increase in the tax shield that it creates
There is uncertainty regarding the incomes that will be subject to the 7% tax. Some assumes that the 7% revenue tax will only apply to the revenues generated from selling of the electricity and not on the supplement, while other assumes it will be apply to both.
Not only that shortening the operating period to 25 years does not reduce the valuation- it even increases it slightly
The reason for that, is that a reduction of the operation period to 25 causes an increase in the Rinv yearly payment and thus increases the NPV
25 Years of Operations
30 Years of Operations (Current Assumptions)
Valuation
Sensitivity Analysis (Cont.)
Sensitivity Analysis- Applying 7% revenue Tax
Sensitivity Analysis- Length of Operation Period
With 7% Revenue Tax Appling to All Revenues
(Electricity sells and Rinv Payment)
7% Revenue Tax Appling to Electricity sells only (Current Assumptions)
Olmeda Corvera La HerreraTotal
NPV (30/09/2013) 28,025 16,394 18,438 62,857
Differnce from BV (6,430) (5,821) (5,565) (17,817)
Olmeda Corvera La HerreraTotal
NPV (30/09/2013) 26,377 15,442 17,356 59,175
Differnce from BV (8,079) (6,773) (6,647) (21,499)
Olmeda Corvera La HerreraTotal
NPV (30/09/2013) 28,025 16,394 18,438 62,857
Differnce from BV (6,430) (5,821) (5,565) (17,817)
Olmeda Corvera La HerreraTotal
Total NPV (30/09/2013) 28,463 16,628 18,724 63,815
Differnce from BV (5,993) (5,587) (5,280) (16,859)
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Wacc NPV
12.3% 25,338
11.9% 25,964
11.5% 26,619
11.1% 27,305
10.7% 28,025
10.3% 28,780
9.9% 29,573
9.5% 30,406
9.1% 31,283
Wacc NPV
12.3% 14,821
11.9% 15,187
11.5% 15,571
11.1% 15,973
10.7% 16,394
10.3% 16,836
9.9% 17,300
9.5% 17,788
9.1% 18,301
Wacc NPV
12.3% 16,697
11.9% 17,103
11.5% 17,527
11.1% 17,972
10.7% 18,438
10.3% 18,927
9.9% 19,440
9.5% 19,979
9.1% 20,545
Valuation
Sensitivity Analysis (Cont.)
A change of 1% in the WACC will lead to a change of up to € 4 Million in the aggregate valuation of all the 3 parks
Olmeda Corvera La Herrera
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Agenda
2 Market and Business Environment Analysis
3 Valuation
1 Company and Business Overview
4 Appendix
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Appendix
Appendix A - Olmeda High
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,956,194 10,649,777 10,596,528 10,543,546 10,490,828 10,438,374 10,386,182 10,334,251 10,282,580 10,231,167 10,180,011 10,129,111 10,078,465
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
98,062 541,869 548,865 554,312 560,917 569,275 577,757 586,365 595,102 603,969 612,968 622,102 631,371
91,198 503,938 510,444 515,511 521,653 529,425 537,314 545,320 553,445 561,691 570,061 578,555 587,175
882,776 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
973,974 4,035,043 4,041,549 4,046,615 4,052,757 4,060,530 4,068,418 4,076,424 4,084,549 4,092,796 4,101,165 4,109,659 4,118,279
825,522 3,302,087 3,302,087 3,302,087 3,302,087 3,302,087 3,302,087 3,302,087 3,302,087 3,302,087 2,476,565 - -
148,452 732,956 739,462 744,528 750,670 758,443 766,332 774,338 782,463 790,709 1,624,600 4,109,659 4,118,279
37,113 183,239 184,866 186,132 187,668 189,611 191,583 193,584 195,616 197,677 406,150 1,027,415 1,029,570
37,113 220,352 405,218 591,350 779,017 968,628 1,160,211 1,353,795 1,549,411 1,747,088 2,153,238 3,180,653 4,210,223
37,113 183,239 184,866 186,132 187,668 189,611 191,583 193,584 195,616 197,677 406,150 1,027,415 1,029,570
936,861 3,851,804 3,856,683 3,860,483 3,865,089 3,870,919 3,876,835 3,882,840 3,888,934 3,895,118 3,695,015 3,082,244 3,088,709
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
924,579 3,569,443 3,228,981 2,920,171 2,641,444 2,390,072 2,162,666 1,956,937 1,770,814 1,602,427 1,373,374 1,035,035 937,087
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
10,028,073 9,977,933 9,928,043 9,878,403 9,829,011 9,779,866 9,730,966 9,682,312 9,633,900 9,585,731 9,537,802 9,490,113 9,442,662
0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08
640,778 650,326 660,016 669,850 679,831 689,960 700,241 710,674 721,263 732,010 742,917 753,987 765,221
595,924 604,803 613,815 622,961 632,243 641,663 651,224 660,927 670,775 680,770 690,913 701,208 711,656
3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104 3,531,104
27.8% 30.4% 33.0% 35.6% 38.3% 41.1% 43.9% 46.8% 49.7% 52.7% 55.8% 58.9% 62.1%
4,127,028 4,135,907 4,144,919 4,154,065 4,163,347 4,172,767 4,182,328 4,192,031 4,201,879 4,211,874 4,222,017 4,232,312 4,242,760
- - - - - - - - - - - - -
4,127,028 4,135,907 4,144,919 4,154,065 4,163,347 4,172,767 4,182,328 4,192,031 4,201,879 4,211,874 4,222,017 4,232,312 4,242,760
1,031,757 1,033,977 1,036,230 1,038,516 1,040,837 1,043,192 1,045,582 1,048,008 1,050,470 1,052,968 1,055,504 1,058,078 1,060,690
5,241,980 6,275,957 7,312,186 8,350,703 9,391,539 10,434,731 11,480,313 12,528,321 13,578,791 14,631,759 15,687,264 16,745,341 17,806,031
1,031,757 1,033,977 1,036,230 1,038,516 1,040,837 1,043,192 1,045,582 1,048,008 1,050,470 1,052,968 1,055,504 1,058,078 1,060,690
3,095,271 3,101,931 3,108,689 3,115,549 3,122,510 3,129,576 3,136,746 3,144,024 3,151,409 3,158,905 3,166,513 3,174,234 3,182,070
12.75 13.75 14.75 15.75 16.75 17.75 18.75 19.75 20.75 21.75 22.75 23.75 24.75
848,432 768,184 695,546 629,794 570,273 516,392 467,615 423,458 383,481 347,289 314,522 284,855 257,994
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Appendix
Appendix A - Olmeda Base High
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
10,028,073 9,977,933 9,928,043 9,878,403 9,829,011 9,779,866 9,730,966 9,682,312 9,633,900 9,585,731 9,537,802 9,490,113 9,442,662
0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08
640,778 650,326 660,016 669,850 679,831 689,960 700,241 710,674 721,263 732,010 742,917 753,987 765,221
595,924 604,803 613,815 622,961 632,243 641,663 651,224 660,927 670,775 680,770 690,913 701,208 711,656
3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994
27.8% 30.4% 33.0% 35.6% 38.3% 41.1% 43.9% 46.8% 49.7% 52.7% 55.8% 58.9% 62.1%
3,773,918 3,782,797 3,791,809 3,800,954 3,810,237 3,819,657 3,829,218 3,838,921 3,848,769 3,858,763 3,868,907 3,879,201 3,889,649
- - - - - - - - - - - - -
3,773,918 3,782,797 3,791,809 3,800,954 3,810,237 3,819,657 3,829,218 3,838,921 3,848,769 3,858,763 3,868,907 3,879,201 3,889,649
943,479 945,699 947,952 950,239 952,559 954,914 957,304 959,730 962,192 964,691 967,227 969,800 972,412
4,785,979 5,731,678 6,679,630 7,629,869 8,582,428 9,537,342 10,494,646 11,454,377 12,416,569 13,381,260 14,348,486 15,318,287 16,290,699
943,479 945,699 947,952 950,239 952,559 954,914 957,304 959,730 962,192 964,691 967,227 969,800 972,412
2,830,438 2,837,098 2,843,856 2,850,716 2,857,677 2,864,743 2,871,913 2,879,191 2,886,577 2,894,072 2,901,680 2,909,401 2,917,237
12.75 13.75 14.75 15.75 16.75 17.75 18.75 19.75 20.75 21.75 22.75 23.75 24.75
775,840 702,599 636,292 576,259 521,906 472,693 428,135 387,788 351,255 318,174 288,217 261,089 236,522
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,956,194 10,649,777 10,596,528 10,543,546 10,490,828 10,438,374 10,386,182 10,334,251 10,282,580 10,231,167 10,180,011 10,129,111 10,078,465
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
98,062 541,869 548,865 554,312 560,917 569,275 577,757 586,365 595,102 603,969 612,968 622,102 631,371
91,198 503,938 510,444 515,511 521,653 529,425 537,314 545,320 553,445 561,691 570,061 578,555 587,175
794,498 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994 3,177,994
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
885,696 3,681,932 3,688,438 3,693,504 3,699,647 3,707,419 3,715,308 3,723,314 3,731,439 3,739,685 3,748,054 3,756,548 3,765,169
754,154 3,016,616 3,016,616 3,016,616 3,016,616 3,016,616 3,016,616 3,016,616 3,016,616 3,016,616 2,262,462 - -
131,542 665,317 671,822 676,889 683,031 690,804 698,692 706,698 714,823 723,070 1,485,593 3,756,548 3,765,169
32,886 166,329 167,956 169,222 170,758 172,701 174,673 176,674 178,706 180,767 371,398 939,137 941,292
32,886 199,215 367,170 536,392 707,150 879,851 1,054,524 1,231,199 1,409,904 1,590,672 1,962,070 2,901,207 3,842,499
32,886 166,329 167,956 169,222 170,758 172,701 174,673 176,674 178,706 180,767 371,398 939,137 941,292
852,810 3,515,603 3,520,483 3,524,282 3,528,889 3,534,718 3,540,635 3,546,639 3,552,733 3,558,918 3,376,656 2,817,411 2,823,877
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
841,631 3,257,888 2,947,499 2,665,860 2,411,681 2,182,488 1,975,119 1,787,493 1,617,726 1,464,116 1,255,046 946,102 856,739
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
-
Confidential. Copyrights Trigger-Foresight, All rights reserved 50
Appendix
Appendix A - Olmeda Base Low
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,956,194 10,649,777 10,596,528 10,543,546 10,490,828 10,438,374 10,386,182 10,334,251 10,282,580 10,231,167 10,180,011 10,129,111 10,078,465
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
98,062 541,869 548,865 554,312 560,917 569,275 577,757 586,365 595,102 603,969 612,968 622,102 631,371
91,198 503,938 510,444 515,511 521,653 529,425 537,314 545,320 553,445 561,691 570,061 578,555 587,175
706,221 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
797,418 3,328,822 3,335,328 3,340,394 3,346,536 3,354,309 3,362,197 3,370,203 3,378,328 3,386,575 3,394,944 3,403,438 3,412,058
682,786 2,731,145 2,731,145 2,731,145 2,731,145 2,731,145 2,731,145 2,731,145 2,731,145 2,731,145 2,048,359 - -
114,632 597,677 604,183 609,249 615,391 623,164 631,052 639,058 647,184 655,430 1,346,585 3,403,438 3,412,058
28,658 149,419 151,046 152,312 153,848 155,791 157,763 159,765 161,796 163,858 336,646 850,859 853,015
28,658 178,077 329,123 481,435 635,283 791,074 948,837 1,108,602 1,270,398 1,434,255 1,770,902 2,621,761 3,474,776
28,658 149,419 151,046 152,312 153,848 155,791 157,763 159,765 161,796 163,858 336,646 850,859 853,015
768,760 3,179,403 3,184,282 3,188,082 3,192,688 3,198,518 3,204,434 3,210,439 3,216,533 3,222,717 3,058,298 2,552,578 2,559,044
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
758,682 2,946,333 2,666,018 2,411,549 2,181,918 1,974,903 1,787,572 1,618,049 1,464,638 1,325,805 1,136,717 857,170 776,392
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
10,028,073 9,977,933 9,928,043 9,878,403 9,829,011 9,779,866 9,730,966 9,682,312 9,633,900 9,585,731 9,537,802 9,490,113 9,442,662
0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08
640,778 650,326 660,016 669,850 679,831 689,960 700,241 710,674 721,263 732,010 742,917 753,987 765,221
595,924 604,803 613,815 622,961 632,243 641,663 651,224 660,927 670,775 680,770 690,913 701,208 711,656
2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883 2,824,883
27.8% 30.4% 33.0% 35.6% 38.3% 41.1% 43.9% 46.8% 49.7% 52.7% 55.8% 58.9% 62.1%
3,420,807 3,429,687 3,438,698 3,447,844 3,457,126 3,466,547 3,476,107 3,485,811 3,495,658 3,505,653 3,515,796 3,526,091 3,536,539
- - - - - - - - - - - - -
3,420,807 3,429,687 3,438,698 3,447,844 3,457,126 3,466,547 3,476,107 3,485,811 3,495,658 3,505,653 3,515,796 3,526,091 3,536,539
855,202 857,422 859,675 861,961 864,282 866,637 869,027 871,453 873,915 876,413 878,949 881,523 884,135
4,329,978 5,187,399 6,047,074 6,909,035 7,773,316 8,639,953 9,508,980 10,380,432 11,254,347 12,130,760 13,009,709 13,891,232 14,775,367
855,202 857,422 859,675 861,961 864,282 866,637 869,027 871,453 873,915 876,413 878,949 881,523 884,135
2,565,605 2,572,265 2,579,024 2,585,883 2,592,845 2,599,910 2,607,080 2,614,358 2,621,744 2,629,240 2,636,847 2,644,568 2,652,404
12.75 13.75 14.75 15.75 16.75 17.75 18.75 19.75 20.75 21.75 22.75 23.75 24.75
703,247 637,014 577,037 522,724 473,539 428,995 388,654 352,119 319,029 289,058 261,912 237,323 215,050
-
Confidential. Copyrights Trigger-Foresight, All rights reserved 51
Appendix
Appendix A - Olmeda Low
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,956,194 10,649,777 10,596,528 10,543,546 10,490,828 10,438,374 10,386,182 10,334,251 10,282,580 10,231,167 10,180,011 10,129,111 10,078,465
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
98,062 541,869 548,865 554,312 560,917 569,275 577,757 586,365 595,102 603,969 612,968 622,102 631,371
91,198 503,938 510,444 515,511 521,653 529,425 537,314 545,320 553,445 561,691 570,061 578,555 587,175
529,666 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
620,863 2,622,601 2,629,107 2,634,173 2,640,315 2,648,088 2,655,976 2,663,982 2,672,108 2,680,354 2,688,723 2,697,217 2,705,838
540,051 2,160,203 2,160,203 2,160,203 2,160,203 2,160,203 2,160,203 2,160,203 2,160,203 2,160,203 1,620,152 - -
80,812 462,398 468,904 473,970 480,112 487,885 495,773 503,779 511,905 520,151 1,068,571 2,697,217 2,705,838
20,203 115,600 117,226 118,493 120,028 121,971 123,943 125,945 127,976 130,038 267,143 674,304 676,459
20,203 135,803 253,029 371,521 491,549 613,520 737,464 863,409 991,385 1,121,423 1,388,565 2,062,870 2,739,329
20,203 115,600 117,226 118,493 120,028 121,971 123,943 125,945 127,976 130,038 267,143 674,304 676,459
600,660 2,507,002 2,511,881 2,515,681 2,520,287 2,526,117 2,532,033 2,538,038 2,544,131 2,550,316 2,421,580 2,022,913 2,029,378
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
592,786 2,323,223 2,103,055 1,902,927 1,722,391 1,559,733 1,412,477 1,279,161 1,158,463 1,049,184 900,060 679,305 615,696
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
10,028,073 9,977,933 9,928,043 9,878,403 9,829,011 9,779,866 9,730,966 9,682,312 9,633,900 9,585,731 9,537,802 9,490,113 9,442,662
0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08
640,778 650,326 660,016 669,850 679,831 689,960 700,241 710,674 721,263 732,010 742,917 753,987 765,221
595,924 604,803 613,815 622,961 632,243 641,663 651,224 660,927 670,775 680,770 690,913 701,208 711,656
2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663 2,118,663
27.8% 30.4% 33.0% 35.6% 38.3% 41.1% 43.9% 46.8% 49.7% 52.7% 55.8% 58.9% 62.1%
2,714,586 2,723,466 2,732,477 2,741,623 2,750,905 2,760,326 2,769,886 2,779,590 2,789,437 2,799,432 2,809,576 2,819,870 2,830,318
- - - - - - - - - - - - -
2,714,586 2,723,466 2,732,477 2,741,623 2,750,905 2,760,326 2,769,886 2,779,590 2,789,437 2,799,432 2,809,576 2,819,870 2,830,318
678,647 680,866 683,119 685,406 687,726 690,081 692,472 694,897 697,359 699,858 702,394 704,968 707,580
3,417,976 4,098,842 4,781,961 5,467,367 6,155,094 6,845,175 7,537,647 8,232,544 8,929,903 9,629,761 10,332,155 11,037,123 11,744,702
678,647 680,866 683,119 685,406 687,726 690,081 692,472 694,897 697,359 699,858 702,394 704,968 707,580
2,035,940 2,042,599 2,049,358 2,056,217 2,063,179 2,070,244 2,077,415 2,084,692 2,092,078 2,099,574 2,107,182 2,114,903 2,122,739
12.75 13.75 14.75 15.75 16.75 17.75 18.75 19.75 20.75 21.75 22.75 23.75 24.75
558,063 505,844 458,529 415,655 376,804 341,598 309,694 280,780 254,576 230,827 209,301 189,791 172,106
-
Confidential. Copyrights Trigger-Foresight, All rights reserved 52
Appendix
Appendix A - Corvera High
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
6,256,564 6,225,281 6,194,154 6,163,184 6,132,368 6,101,706 6,071,197 6,040,841 6,010,637 5,980,584 5,950,681 5,920,928 5,891,323
0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08
399,785 405,742 411,787 417,923 424,150 430,470 436,884 443,393 450,000 456,705 463,510 470,416 477,425
371,800 377,340 382,962 388,668 394,459 400,337 406,302 412,356 418,500 424,735 431,064 437,487 444,005
2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165
27.8% 30.4% 33.0% 35.6% 38.3% 41.1% 43.9% 46.8% 49.7% 52.7% 55.8% 58.9% 62.1%
2,410,964 2,416,504 2,422,127 2,427,833 2,433,624 2,439,501 2,445,466 2,451,520 2,457,664 2,463,900 2,470,229 2,476,651 2,483,170
- - - - - - - - - - - - -
2,410,964 2,416,504 2,422,127 2,427,833 2,433,624 2,439,501 2,445,466 2,451,520 2,457,664 2,463,900 2,470,229 2,476,651 2,483,170
602,741 604,126 605,532 606,958 608,406 609,875 611,367 612,880 614,416 615,975 617,557 619,163 620,792
3,058,900 3,663,026 4,268,557 4,875,515 5,483,921 6,093,797 6,705,163 7,318,043 7,932,459 8,548,434 9,165,992 9,785,154 10,405,947
602,741 604,126 605,532 606,958 608,406 609,875 611,367 612,880 614,416 615,975 617,557 619,163 620,792
1,808,223 1,812,378 1,816,595 1,820,875 1,825,218 1,829,626 1,834,100 1,838,640 1,843,248 1,847,925 1,852,671 1,857,489 1,862,377
12.75 13.75 14.75 15.75 16.75 17.75 18.75 19.75 20.75 21.75 22.75 23.75 24.75
495,644 448,830 406,450 368,081 333,345 301,895 273,421 247,640 224,297 203,160 184,021 166,691 150,997
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,270,877 6,644,448 6,611,226 6,578,169 6,545,279 6,512,552 6,479,989 6,447,590 6,415,352 6,383,275 6,351,358 6,319,602 6,288,004
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
63,708 338,075 342,439 345,838 349,959 355,173 360,465 365,836 371,287 376,819 382,434 388,132 393,915
59,248 314,410 318,469 321,630 325,462 330,311 335,233 340,228 345,297 350,442 355,664 360,963 366,341
509,791.14 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165 2,039,165
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
569,039 2,353,574 2,357,633 2,360,794 2,364,626 2,369,476 2,374,397 2,379,392 2,384,462 2,389,607 2,394,828 2,400,128 2,405,506
481,971 1,927,883 1,927,883 1,927,883 1,927,883 1,927,883 1,927,883 1,927,883 1,927,883 1,927,883 1,445,912 - -
87,069 425,691 429,750 432,911 436,743 441,593 446,514 451,509 456,579 461,724 948,916 2,400,128 2,405,506
21,767 106,423 107,438 108,228 109,186 110,398 111,629 112,877 114,145 115,431 237,229 600,032 601,376
21,767 128,190 235,628 343,855 453,041 563,439 675,068 787,945 902,090 1,017,521 1,254,750 1,854,782 2,456,158
21,767 106,423 107,438 108,228 109,186 110,398 111,629 112,877 114,145 115,431 237,229 600,032 601,376
547,272 2,247,151 2,250,196 2,252,566 2,255,440 2,259,077 2,262,769 2,266,515 2,270,317 2,274,176 2,157,599 1,800,096 1,804,129
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
540,098 2,082,422 1,883,961 1,703,901 1,541,392 1,394,852 1,262,270 1,142,315 1,033,782 935,581 801,943 604,482 547,357
-
Confidential. Copyrights Trigger-Foresight, All rights reserved 53
Appendix
Appendix A - Corvera Base High
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
Olmeda
AC kWh Produced
Revenues
Price
Electricty selling revenues
Net Electricty Revenues (After 7% tax)
Rinv Payment (in 2008-2012 Rinv=EBITDA)
Total Revenues
Depreciation for Tax
Profit before Tax
Therotic Tax
Accumelated Theorotic Tax
Actual Tax
FCF after Tax
Discounted Cash Flow
2013Q4 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1,270,877 6,644,448 6,611,226 6,578,169 6,545,279 6,512,552 6,479,989 6,447,590 6,415,352 6,383,275 6,351,358 6,319,602 6,288,004
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.06 0.06
63,708 338,075 342,439 345,838 349,959 355,173 360,465 365,836 371,287 376,819 382,434 388,132 393,915
59,248 314,410 318,469 321,630 325,462 330,311 335,233 340,228 345,297 350,442 355,664 360,963 366,341
458,812.02 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248 1,835,248
0.3% 1.8% 3.6% 5.1% 6.9% 9.1% 11.3% 13.5% 15.7% 18.1% 20.4% 22.8% 25.3%
518,060 2,149,657.77 2,153,717 2,156,878 2,160,710 2,165,559 2,170,481 2,175,476 2,180,545 2,185,690 2,190,912 2,196,211 2,201,589
440,757 1,763,027 1,763,027 1,763,027 1,763,027 1,763,027 1,763,027 1,763,027 1,763,027 1,763,027 1,322,270 - -
77,303 386,630 390,690 393,850 397,683 402,532 407,454 412,449 417,518 422,663 868,641 2,196,211 2,201,589
19,326 96,658 97,672 98,463 99,421 100,633 101,863 103,112 104,379 105,666 217,160 549,053 550,397
19,326 115,983 213,656 312,118 411,539 512,172 614,035 717,148 821,527 927,193 1,144,353 1,693,406 2,243,803
19,326 96,658 97,672 98,463 99,421 100,633 101,863 103,112 104,379 105,666 217,160 549,053 550,397
498,734 2,053,000 2,056,044 2,058,415 2,061,289 2,064,926 2,068,617 2,072,364 2,076,166 2,080,024 1,973,751 1,647,158 1,651,192
0.13 0.75 1.75 2.75 3.75 4.75 5.75 6.75 7.75 8.75 9.75 10.75 11.75
492,196 1,902,503 1,721,409 1,557,039 1,408,707 1,274,975 1,153,964 1,044,463 945,376 855,709 733,610 553,125 500,957
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
6,256,564 6,225,281 6,194,154 6,163,184 6,132,368 6,101,706 6,071,197 6,040,841 6,010,637 5,980,584 5,950,681 5,920,928 5,891,323