Khu tái chế - FFK Recycling Park for Ho Chi Minh City doc

FFK Recycling Park for Ho Chi Minh City Relevant Financial Figures FFK environment GmbH 4th of November 2007... Khu Tái chế FFKKhu Tái chế tại thành phố Hồ Chí Minh Máy tiếp nhận và ph

FFK Recycling Park for Ho Chi Minh City Relevant Financial Figures

FFK environment GmbH

4th of November 2007

Khu Tái chế FFK

Khu Tái chế FFK

Khu Tái chế FFK

Khu Tái chế tại thành phố Hồ Chí Minh

Máy tiếp nhận và phân tách

Máy sản xuất RDF

Máy sản xuất gas sinh học

Máy sản xuất phân compot

Tổ máy phát Nhà máy điện

Khu Tái chế FFK

Production Process

Material Balance Sheet

Total 100,00% 400.000,00 100,00% 400.000

Fraction of

Energy th (KWh)

Not recyclable material

Total

Total

Energy calculation factors

Textile Wood (to) Paper (to) Ash (to)

Output Product

RDF (to) Compost (to)

Energy el (KWh)

Mineralic (to) Pet/PVC (to) Plastic/Nylon (to)

Energy Output

Metal (to) Glass

Material Balance Sheet on Annual Basis

Assumptions 1/7

3.13 Carbon credits factor in 1st yr of 2nd trading period 14% 3.14 Carbon credits factor in 2nd yr of 2nd trading period 26% 3.15 Carbon credits factor in 3rd yr of 2nd trading period 36% 3.16 Carbon credits factor in 4th yr of 2nd trading period 45%

Assumptions 2/7

Assumptions 3/7

Assumptions 4/7

7.1 Main.-costs Splitting Unit -27.000

7.3 Main.-costs Biogas Unit -442.750

7.4 Main.-costs Compost Unit -19.500

7.5 Main.-costs Power Plant -462.000

7.8 Main.-costs Special Incin Unit 0 7.9 Main.-costs Infrastructure -22.500

7.11 Total maintenance costs -1.278.350

7.13 Quota of maintenance costs in 1st yr 0% 7.14 Quota of maintenance costs in 2nd yr 50%

8 Headcount from beginning of 3rd year (serial production) Data

Assumptions 5/7

11.12 Operation management and services % of turno -2%

Assumptions 6/7

13.1 Payment machinery quota beginning of 1st year "order placement" 40% 13.2 Payment machinery quota beginning of 2nd year "delivery" 50% 13.3 Payment machinery quota beginning of 3rd year "acceptance" 10%

Assumptions 7/7

15.1 Payment f a building quota beginning of 1st year "order placement" 40% 15.2 Payment f a building quota beginning of 2nd year "delivery" 50% 15.3 Payment f a building quota beginning of 2nd year "acceptance" 10% 15.4 Payment f a building quota in 4th and following years 0%

16.1 Asset depreciation range for fixed assets machinery (yrs) 10

16.4 Asset depreciation range for fixed assets buildings (yrs) 20

17.3 Issuance of long-term debt at beginning of 1st yr (€) 20.500.000 17.4 Issuance of long-term debt at beginning of 2nd yr (€) 28.500.000

17.10 Sign if additional external financing demand in 3rd or following yrs occurs !

17.16 Dividend quota of net cash before shareholder activ (%) 10% 17.17 Hurdle cash amount for dividend payments (€) 1.000.000

Price and Cost Development

Price & cost development

Input value

Output values

Carbon certificates forward (price/t) 10,00 10,20 10,40 10,61 10,82 11,04 11,26 11,49 11,72 11,95 Carbon certificates spot (price/t) 15,00 15,30 15,61 15,92 16,24 16,56 16,89 17,23 17,57 17,93

Flexible cost values

Electricity (cost/Mwh) -55,00 -56,10 -57,22 -58,37 -59,53 -60,72 -61,94 -63,18 -64,44 -65,73

Analysis (cost/pc.) -100,00 -102,00 -104,04 -106,12 -108,24 -110,41 -112,62 -114,87 -117,17 -119,51

Spare parts / wearing parts (total/yr) -1.211.982,80 -1.236.222,46 -1.260.946,91 -1.286.165,84 -1.311.889,16 -1.338.126,94 -1.364.889,48 -1.392.187,27 -1.420.031,02 -1.448.431,64

Fix costs values

Maintenance external (total) -1.278.350,00 -1.291.133,50 -1.304.044,84 -1.317.085,28 -1.330.256,14 -1.343.558,70 -1.356.994,28 -1.370.564,23 -1.384.269,87 -1.398.112,57

Travel expenses (cost/mangt.) -10.000,00 -10.200,00 -10.404,00 -10.612,08 -10.824,32 -11.040,81 -11.261,62 -11.486,86 -11.716,59 -11.950,93

Personnel expenditures values

Unskilled (wage/pers/yr) -6.000,00 -6.120,00 -6.242,40 -6.367,25 -6.494,59 -6.624,48 -6.756,97 -6.892,11 -7.029,96 -7.170,56

Skilled local (wage/pers/yr) -12.000,00 -12.240,00 -12.484,80 -12.734,50 -12.989,19 -13.248,97 -13.513,95 -13.784,23 -14.059,91 -14.341,11

Skilled foreign (wage/pers/yr) -50.000,00 -51.000,00 -52.020,00 -53.060,40 -54.121,61 -55.204,04 -56.308,12 -57.434,28 -58.582,97 -59.754,63

Management local (wage/pers/yr) -75.000,00 -76.500,00 -78.030,00 -79.590,60 -81.182,41 -82.806,06 -84.462,18 -86.151,43 -87.874,45 -89.631,94

Management foreign (wage/pers/yr) -120.000,00 -122.400,00 -124.848,00 -127.344,96 -129.891,86 -132.489,70 -135.139,49 -137.842,28 -140.599,13 -143.411,11

Profit and Loss Account

Profit & Loss

Turnover value €/yr 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Input

Input Gate fee total 0 2.056.000 4.227.136 4.345.496 4.467.170 4.592.250 4.720.833 4.853.017 4.988.901 5.128.590 Output

RDF 0 455.015 928.232 946.796 965.732 985.047 1.004.748 1.024.843 1.045.340 1.066.246 Compost 0 3.018.714 6.158.178 6.281.341 6.406.968 6.535.107 6.665.809 6.799.126 6.935.108 7.073.810 Energy el Biogas 0 3.062.589 6.247.681 6.372.635 6.500.087 6.630.089 6.762.691 6.897.945 7.035.904 7.176.622

Pet/PVC 0 313.344 639.222 652.006 665.046 678.347 691.914 705.752 719.868 734.265 Plastic/Nylon 0 212.160 432.806 441.463 450.292 459.298 468.484 477.853 487.410 497.159 Metal 0 310.080 620.160 632.563 645.214 658.119 671.281 684.707 698.401 712.369 Wood 0 9.361 19.097 19.479 19.868 20.266 20.671 21.084 21.506 21.936 Paper 0 274.176 559.319 570.505 581.916 593.554 605.425 617.533 629.884 642.482

Carbon certificates forward 0 142.800 541.008 764.070 974.189 0 0 0 0 0 Carbon certificates spot 0 214.200 811.512 1.146.105 1.461.283 0 0 0 0 0

Output-products total 0 8.012.440 16.957.214 17.826.962 18.670.596 16.559.826 16.891.023 17.228.843 17.573.420 17.924.888 Total turnover value 0 10.068.440 21.184.350 22.172.458 23.137.766 21.152.077 21.611.856 22.081.860 22.562.321 23.053.479 Flexible costs

Electricity 0 -1.136.446 -2.318.349 -2.364.716 -2.412.011 -2.460.251 -2.509.456 -2.559.645 -2.610.838 -2.663.055

Water 0 -3.570 -7.283 -7.428 -7.577 -7.729 -7.883 -8.041 -8.202 -8.366

Diesel 0 -623.603 -1.272.149 -1.297.592 -1.323.544 -1.350.015 -1.377.015 -1.404.555 -1.432.647 -1.461.299

Lubricants 0 -60.964 -124.367 -126.854 -129.391 -131.979 -134.619 -137.311 -140.057 -142.858

Analysis 0 -8.160 -16.646 -16.979 -17.319 -17.665 -18.019 -18.379 -18.747 -19.121

Spare parts / wearing parts 0 -618.111 -1.260.947 -1.286.166 -1.311.889 -1.338.127 -1.364.889 -1.392.187 -1.420.031 -1.448.432

Flexible cost total 0 -2.450.854 -4.999.741 -5.099.736 -5.201.731 -5.305.766 -5.411.881 -5.520.118 -5.630.521 -5.743.131

Fix costs

Maintenance external 0 -645.567 -1.304.045 -1.317.085 -1.330.256 -1.343.559 -1.356.994 -1.370.564 -1.384.270 -1.398.113

Insurance -154.275 -617.100 -629.442 -642.031 -654.871 -667.969 -681.328 -694.955 -708.854 -723.031

Travel expenses -50.000 -51.000 -52.020 -53.060 -54.122 -55.204 -56.308 -57.434 -58.583 -59.755

Operation mgmt and services (% of turno.) 0 -201.369 -423.687 -443.449 -462.755 -423.042 -432.237 -441.637 -451.246 -461.070

Personnel expenditures

Unskilled -130.800 -667.080 -1.360.843 -1.388.060 -1.415.821 -1.444.138 -1.473.020 -1.502.481 -1.532.530 -1.563.181

Skilled local -255.600 -608.328 -886.421 -904.149 -922.232 -940.677 -959.490 -978.680 -998.254 -1.018.219

Skilled foreign -390.000 -928.200 -1.352.520 -1.379.570 -1.407.162 -1.435.305 -1.464.011 -1.493.291 -1.523.157 -1.553.620

Management local -112.500 -229.500 -234.090 -238.772 -243.547 -248.418 -253.387 -258.454 -263.623 -268.896

Management foreign -180.000 -244.800 -249.696 -254.690 -259.784 -264.979 -270.279 -275.685 -281.198 -286.822

Local mgmt success bonuses (% of mgmt wage) -11.250 -22.950 -23.409 -23.877 -24.355 -24.842 -25.339 -25.845 -26.362 -26.890

Pension plan payments -53.445 -133.895 -204.179 -208.262 -212.427 -216.676 -221.009 -225.430 -229.938 -234.537

Personnel expenditures total -1.133.595 -2.834.753 -4.311.158 -4.397.381 -4.485.328 -4.575.035 -4.666.536 -4.759.866 -4.855.064 -4.952.165

Fix cost total -1.337.870 -4.349.789 -6.720.351 -6.853.006 -6.987.333 -7.064.808 -7.193.403 -7.324.457 -7.458.017 -7.594.133

Total fix and flexible cost -1.337.870 -6.800.643 -11.720.093 -11.952.743 -12.189.064 -12.370.574 -12.605.284 -12.844.575 -13.088.538 -13.337.264

Profit & Loss Ebitda -1.337.870 3.267.797 9.464.257 10.219.716 10.948.702 8.781.503 9.006.572 9.237.285 9.473.784 9.716.215

Depreciation fixed asstes machinery 0 -2.981.000 -2.981.000 -2.981.000 -2.981.000 -2.981.000 -2.981.000 -2.981.000 -2.981.000 -2.981.000

Residual value of machinery asset at end of p 29.810.000 26.829.000 23.848.000 20.867.000 17.886.000 14.905.000 11.924.000 8.943.000 5.962.000 2.981.000 Depreciation fixed assets buidlings 0 -1.595.000 -1.595.000 -1.595.000 -1.595.000 -1.595.000 -1.595.000 -1.595.000 -1.595.000 -1.595.000

Residual value of building asset at end of p 31.900.000 30.305.000 28.710.000 27.115.000 25.520.000 23.925.000 22.330.000 20.735.000 19.140.000 17.545.000 Depreciation total 0 -4.576.000 -4.576.000 -4.576.000 -4.576.000 -4.576.000 -4.576.000 -4.576.000 -4.576.000 -4.576.000

Ebit -1.337.870 -1.308.203 4.888.257 5.643.716 6.372.702 4.205.503 4.430.572 4.661.285 4.897.784 5.140.215

Interest debt capital -1.640.000 -3.806.792 -3.544.011 -3.260.207 -2.953.700 -2.622.672 -2.265.161 -1.879.050 -1.462.050 -1.011.689

Ebt -2.977.870 -5.114.994 1.344.247 2.383.508 3.419.002 1.582.832 2.165.411 2.782.235 3.435.734 4.128.526

Reserve 0 0 -67.212 -119.175 -170.950 -79.142 -108.271 -139.112 -171.787 -206.426

Tax 0 0 -336.062 -595.877 -854.751 -395.708 -541.353 -695.559 -858.934 -1.032.131

Result from operational business -2.977.870 -5.114.994 940.973 1.668.456 2.393.302 1.107.982 1.515.788 1.947.565 2.405.014 2.889.968 Result from operational business(accum.) -2.977.870 -8.092.864 -7.151.892 -5.483.436 -3.090.134 -1.982.152 -466.364 1.481.200 3.886.214 6.776.182

Turnover and Cost Break-down per processed Tonne of Waste

Turnover - and Cost Break-Down/processed tonne

Turnover/t input (€) #DIV/0! 10,28 10,57 10,86 11,17 11,48 11,80 12,13 12,47 12,82 Turnover/t input (% of total turnover/t) #DIV/0! 20% 20% 20% 19% 22% 22% 22% 22% 22% Turnover/t output (€) #DIV/0! 40,06 42,39 44,57 46,68 41,40 42,23 43,07 43,93 44,81 Turnover/t output (% of total turnover/t) #DIV/0! 80% 80% 80% 81% 78% 78% 78% 78% 78%

Cost Break Down

Total cost/t (% of total turnover/t) #DIV/0! 151% 95% 91% 87% 94% 92% 89% 87% 84%

Flexible costs/t (€) #DIV/0! -12,25 -12,50 -12,75 -13,00 -13,26 -13,53 -13,80 -14,08 -14,36

Flexible costs/t (% of total cost/t) #DIV/0! 16% 25% 25% 26% 27% 27% 28% 29% 30% Fix costs/t (€) #DIV/0! -21,75 -16,80 -17,13 -17,47 -17,66 -17,98 -18,31 -18,65 -18,99

Fix costs/t (% of total cost/t) #DIV/0! 29% 33% 34% 35% 36% 36% 37% 38% 39%

Depreciation fixed asstes machinery (€) #DIV/0! -14,91 -7,45 -7,45 -7,45 -7,45 -7,45 -7,45 -7,45 -7,45

Depreciation fixed asstes machinery (% of total cost/t) #DIV/0! 20% 15% 15% 15% 15% 15% 15% 15% 15% Depreciation fixed asstes buildings (€) #DIV/0! -7,98 -3,99 -3,99 -3,99 -3,99 -3,99 -3,99 -3,99 -3,99

Depreciation fixed asstes buildings (% of total cost/t) #DIV/0! 11% 8% 8% 8% 8% 8% 8% 8% 8%

Interest debt capital (€) #DIV/0! -19,03 -8,86 -8,15 -7,38 -6,56 -5,66 -4,70 -3,66 -2,53

Interest debt capital (% of total cost/t) #DIV/0! 25% 18% 16% 15% 13% 11% 10% 7% 5% Interest equity related debt (€) #DIV/0! 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Interest equity related debt (% of total cost/t) #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0% 0%

Operating margin before tax/t (% of total turnover/t) #DIV/0! -51% 4% 8% 10% 5% 7% 9% 11% 13%

Cash Flow Account

Cash Flow

Result from operational business -2.977.870 -5.114.994 940.973 1.668.456 2.393.302 1.107.982 1.515.788 1.947.565 2.405.014 2.889.968 Depreciation 0 4.576.000 4.576.000 4.576.000 4.576.000 4.576.000 4.576.000 4.576.000 4.576.000 4.576.000 Increase/Decrease of reserves 0 0 67.212 119.175 170.950 79.142 108.271 139.112 171.787 206.426

Net Cash from operating activities -2.977.870 -538.994 5.584.185 6.363.631 7.140.252 5.763.124 6.200.058 6.662.676 7.152.801 7.672.394 Cash flow from investing activities

External financing demand

Cash flow from financing activities

Net Cash before financing activities -27.661.870 -30.470.969 4.133.028 6.949.117 9.946.247 10.990.678 12.069.676 13.181.632 14.325.017 15.498.357

Amortization -1.415.105 -3.284.761 -3.547.542 -3.831.345 -4.137.853 -4.468.881 -4.826.392 -5.212.503 -5.629.503 -6.079.863

Net Cash from financing activities 28.584.895 35.715.239 -3.547.542 -3.831.345 -4.137.853 -4.468.881 -4.826.392 -5.212.503 -5.629.503 -6.079.863

Debt capital service

Total debt at beginning of period 20.500.000 47.584.895 44.300.134 40.752.593 36.921.247 32.783.395 28.314.513 23.488.122 18.275.619 12.646.116 Annuity debt capital -3.055.105 -7.091.553 -7.091.553 -7.091.553 -7.091.553 -7.091.553 -7.091.553 -7.091.553 -7.091.553 -7.091.553

Interest debt capital -1.640.000 -3.806.792 -3.544.011 -3.260.207 -2.953.700 -2.622.672 -2.265.161 -1.879.050 -1.462.050 -1.011.689

Residual value at end of period 19.084.895 44.300.134 40.752.593 36.921.247 32.783.395 28.314.513 23.488.122 18.275.619 12.646.116 6.566.252 Amortization -1.415.105 -3.284.761 -3.547.542 -3.831.345 -4.137.853 -4.468.881 -4.826.392 -5.212.503 -5.629.503 -6.079.863

Cash flow from shareholder activities

Net Cash before shareholder activities 923.025 5.244.270 585.486 3.117.772 5.808.394 6.521.797 7.243.284 7.969.129 8.695.514 9.418.493

Net in-/decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period 30.000.000 923.025 4.719.843 585.486 2.805.995 5.227.555 5.869.617 6.518.956 7.172.216 7.825.962

Cash and cash equivalents at end of period 923.025 4.719.843 585.486 2.805.995 5.227.555 5.869.617 6.518.956 7.172.216 7.825.962 8.476.644

Balance Sheet and Relevant Figures

Cash 30.000.000 923.025 4.719.843 585.486 2.805.995 5.227.555 5.869.617 6.518.956 7.172.216 7.825.962 8.476.644

Fixed assets machinery 0 29.810.000 26.829.000 23.848.000 20.867.000 17.886.000 14.905.000 11.924.000 8.943.000 5.962.000 2.981.000 Fixed assets buildings 0 31.900.000 30.305.000 28.710.000 27.115.000 25.520.000 23.925.000 22.330.000 20.735.000 19.140.000 17.545.000

Assets total 30.000.000 62.633.025 61.853.843 53.143.486 50.787.995 48.633.555 44.699.617 40.772.956 36.850.216 32.927.962 29.002.644 Liabilities

Longterm debts 20.500.000 19.084.895 44.300.134 40.752.593 36.921.247 32.783.395 28.314.513 23.488.122 18.275.619 12.646.116 6.566.252

Equity 9.500.000 6.522.130 11.382.709 12.323.681 13.680.360 15.492.822 15.948.625 16.740.084 17.890.735 19.426.198 21.374.317 Profit/loss from period 0 -2.977.870 -5.114.994 940.973 1.668.456 2.393.302 1.107.982 1.515.788 1.947.565 2.405.014 2.889.968 Shareholder activities 0 0 -524.427 0 -311.777 -580.839 -652.180 -724.328 -796.913 -869.551 -941.849

Liabilities total 30.000.000 62.633.025 61.853.843 53.143.486 50.787.995 48.633.555 44.699.617 40.772.956 36.850.216 32.927.962 29.002.644 Analysis

Figure/Period start 01 02 03 04 05 06 07 08 09 10

Balance sheet