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

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Tái chế là phương pháp xử lý hiệu quả và thân thiện môi trường nhất. Trên cơ sở đó, VINAUSEN không ngừng nghiên cứu để đưa ra những phương án xử lý tái chế thu hồi triệt để các chất thải còn khả năng tái chế. Hiện tại trên địa bàn có quy hoạch thu gom, tái chế chất thải chỉ có một số đơn vị hoạt động thu gom, tái chế tự phát với các ngành tái chế giấy, tái chế nhựa, xử lý chất thải công nghiệp, chất thải nguy hại....

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Nội dung Text: Khu tái chế - FFK Recycling Park for Ho Chi Minh City

FFK Recycling Park for Ho Chi Minh City Relevant Financial Figures - Excerpt of Feasibility Study FFK environment GmbH 4th of November 2007
Khu Tái chế FFK FFK Recycling Park for HCMC -2- – Relevant Financial Figures
Khu Tái chế FFK Giảm dần lượng chất thải chôn lấp FFK Recycling Park for HCMC -3- – Relevant Financial Figures
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 FFK Recycling Park for HCMC -4- – Relevant Financial Figures
Khu Tái chế FFK FFK Recycling Park for HCMC -5- – Relevant Financial Figures
Production Process FFK Recycling Park for HCMC -6- – Relevant Financial Figures
Material Balance Sheet M a t e r ia l Ba la nce She e t on Annu a l Ba sis I nput ( W a st e Com posit ion & Ener gy Pr e m ise) Out put ( Pr oduct s & Ene rgy) Fr a ct ion of Tonne s per Fr a ct ion of Ton ne s per Type of W a st e Ou t put Pr odu ct t ot a l w a st e ye a r Ou t put y ea r Organic from left overs 67,00% 268.000,00 RDF ( t o) 11,15% 44.609 Glass 0,50% 2.000,00 Com post ( t o) 49,33% 197.302 PET/ PVC/ Gum m i 4,00% 16.000,00 Mineralic ( t o) 0,00% Plast ic/ Nylon 4,00% 16.000,00 Pet / PVC ( t o) 2,56% 10.240 Met al 2,00% 8.000,00 Plast ic/ Nylon ( t o) 2,08% 8.320 Wood 3,00% 12.000,00 Met al ( t o) 1,90% 7.600 Text ile 5,50% 22.000,00 Glass 0,34% 1.360 Paper 4,00% 16.000,00 Text ile 3,12% 12.496 Ash I 0,00% Wood ( t o) 0,92% 3.671 Mineralic 2,00% 8.000,00 Paper ( t o) 1,92% 7.680 Ot her 8,00% 32.000,00 Ash ( t o) 0,00% n.a. 0% 0 Not recyclable m at erial 4,26% 17.024 n.a. 0% 0 Mass decrease ( due t o evapor.) 22,42% 89.698 Tot a l 1 0 0 ,0 0 % 4 0 0 .0 0 0 ,0 0 Tot a l 1 0 0 ,0 0 % 4 0 0 .0 0 0 Fr a ct ion of Ene r gy ca lcula t ion fa ct or s En e r gy Ou t pu t k W h pe r yea r Ene r gy m ³ of gas per t on organic wast e 175 Energy el ( KWh) 54,05% 100.084.600 Out put kw h elect ric per m ³ of biogas 2,20 Energy t h ( KWh) 45,95% 85.071.910 Out put kw h t herm al per m ³ of biogas 1,87 Tot al 100,00% 185.156.510 FFK Recycling Park for HCMC -7- – Relevant Financial Figures
Assumptions 1/7 N o. Assu m pt ion ( I n pu t pa r a m e t e r ) Data 1 I n put volu m e s ( t / yr ) Data 1.1 Dom est ic Wast e ( t / yr) 400.000 1.2 Quot a of annual input volum e in 1st yr in % 0% 1.3 Quot a of annual input volum e in 2nd yr in % 50% 1.4 I ndust rial Wast e ( t / yr ) n.a. 1.5 Com m ercial Wast e ( t / yr) n.a. 1.6 Hazardous Wast e ( t / yr) n.a. 2 I n put pr ice s ( € / t ) 1 st yr Data 2.1 Dom est ic Wast e ( €/ t ) 10 2.2 Dom est ic Wast e price increase fact or ( % / yr) 2,8% 2.3 I ndust rial Wast e ( €/ t ) n.a. 2.4 Com m ercial Wast e ( €/ t ) n.a. 2.5 Hazardous Wast e ( €/ t ) n.a. 3 Out pu t volu m e s Data 3.1 RDF ( t / yr) 44.609 3.2 Com post ( t / yr) 197.302 3.3 Energy el ( MWh/ yr) 100.085 3.4 Energy t h ( MWh/ yr) 85.072 3.5 Mineralic ( t / yr) 0 3.6 Pet / PVC ( t / yr) 10.240 3.7 Plast ic/ Nylon ( t / yr) 8.320 3.8 Met al ( t / yr ) 7.600 3.9 Wood ( t / yr ) 3.671 3.10 Paper ( t / yr) 7.680 3.11 Ash ( t / yr) 0 3.12 Not recyclable m at erial ( t / yr) 17.024 3.13 Carbon credit s fact or in 1st yr of 2nd t r ading period 14% 3.14 Carbon credit s fact or in 2nd yr of 2nd t rading period 26% 3.15 Carbon credit s fact or in 3rd yr of 2nd t r ading period 36% 3.16 Carbon credit s fact or in 4t h yr of 2nd t rading period 45% 3.17 Carbon credit s forward quot a 50% 3.18 Carbon credit s fact or beyond 2012 0% FFK Recycling Park for HCMC -8- – Relevant Financial Figures
Assumptions 2/7 4 Out put pr ice ba se 1 st ye a r Data 4.1 RDF ( €/ t ) 20 4.2 annual increase fact or ( % ) 2% 4.3 Com post ( €/ t ) 30 4.4 annual increase fact or ( % ) 2% 4.5 Energy el Biogas ( €/ Mwh) 60 4.6 annual increase fact or ( % ) 2% 4.7 Energy t h ( €/ Mw h) 0 4.8 annual increase fact or ( % ) 2% 4.9 Mineralic ( €/ t ) 0 4.10 annual increase fact or ( % ) 2% 4.11 Pet / PVC ( €/ t ) 60 4.12 annual increase fact or ( % ) 2% 4.13 Plast ic/ Nylon ( €/ t ) 50 4.14 annual increase fact or ( % ) 2% 4.15 Met al ( €/ t ) 80 4.16 annual increase fact or ( % ) 2% 4.17 Wood ( €/ t ) 5 4.18 annual increase fact or ( % ) 2% 4.19 Paper ( €/ t ) 70 4.20 annual increase fact or ( % ) 2% 4.21 Ash ( €/ t ) 0 4.22 annual increase fact or ( % ) 2% 4.23 Dist urbing Mat erial ( €/ t ) 0 4.24 annual increase fact or ( % ) 2% 4.25 Carbon cert ificat es forward ( €/ t ) 10 4.26 annual increase fact or ( % ) 2% 4.27 Carbon cert ificat es spot ( €/ t ) 15 4.28 annual increase fact or ( % ) 2% FFK Recycling Park for HCMC -9- – Relevant Financial Figures
Assumptions 3/7 5 Com m odit y de m a nd Data 5.1 Elect ricit y ( MWh/ yr) 40.515 5.2 Wat er ( m ³ / yr) 3.500 5.3 Diesel ( l/ yr) 1.222.750 5.4 Lubricant s ( l/ yr) 23.908 5.5 No. of analysis every 5000 t o of input 2 5.6 Dem anded land in ha 24,55 6 Ope r a t ive cost ba se 1 st yr Data 6.1 Elect ricit y ( €/ MWh) 55 6.2 annual increase fact or ( % ) 2% 6.3 Wat er ( €/ m ³ ) 2 6.4 annual increase fact or ( % ) 2% 6.5 Diesel ( €/ l) 1 6.6 annual increase fact or ( % ) 2% 6.7 Lubricant s ( €/ l) 5 6.8 annual increase fact or ( % ) 2% 6.9 Analysis ( €/ pcs./ 1000t ) 100 6.10 annual increase fact or ( % ) 2% 6.11 Spare Part s/ Wearing Part s ( €/ yr) 1.211.983 6.12 annual increase fact or ( % ) 2% 6.13 Leasehold / ha of land in € 0 6.14 annual increase fact or ( % ) 2% 6.15 I nsurance ( % / yr of t ot al invest ) 1% 6.16 annual increase fact or ( % ) 2% 6.17 I nsurance quot a 1st year 25% FFK Recycling Park for HCMC - 10 - – Relevant Financial Figures
Assumptions 4/7 7 M a in t ena n ce cost base 1 st ye a r ( e x t e r na l cost ) Data 7.1 Main. cost s Split t ing Unit 27.000 7.2 Main. cost s Sort ing Unit 1.600 7.3 Main. cost s Biogas Unit 442.750 7.4 Main. cost s Com post Unit 19.500 7.5 Main. cost s Power Plant 462.000 7.6 Main. cost s RDF Unit 300.000 7.7 Main. cost s Cost r. Wast e Unit 0 7.8 Main. cost s Special I ncin. Unit 0 7.9 Main. cost s I nfrast ruct ure 22.500 7.10 Main. cost s Adm in. Unit 3.000 7.11 Tot a l m a in t e na n ce cost s 1 .2 7 8 .3 5 0 7.12 annual increase fact or ( % ) 1% 7.13 Quot a of m aint enance cost s in 1st yr 0% 7.14 Quot a of m aint enance cost s in 2nd yr 50% 8 H e a dcou nt fr om beginn in g of 3 r d ye ar ( se r ia l pr oduct ion ) Data 8.1 Unskilled 218 8.2 Skilled local 71 8.3 Skilled foreign 26 8.4 Managem ent local 3 8.5 Managem ent foreign 2 FFK Recycling Park for HCMC - 11 - – Relevant Financial Figures
Assumptions 5/7 9 H e adcou nt 1 st yea r ( qu ot a of se r ia l pr oduct ion ) D at a 9.1 Unskilled 10% 9.2 Skilled local 30% 9.3 Skilled foreign 30% 9.4 Managem ent local 50% 9.5 Managem ent foreign 75% 10 H e adcou nt 2 nd ye a r ( qu ot a of ser ia l pr oduct ion ) D at a 10.1 Unskilled 50% 10.2 Skilled local 70% 10.3 Skilled foreign 70% 10.4 Managem ent local 100% 10.5 Managem ent foreign 100% 11 Per sonn el ex pen dit ur e s ( € / yr / em ploye e ) D at a 11.1 Unskilled ( €/ yr) 6.000 11.2 annual increase fact or 2% 11.3 Skilled local ( €/ yr) 12.000 11.4 annual increase fact or 2% 11.5 Skilled foreign ( €/ yr) 50.000 11.6 annual increase fact or 2% 11.7 Managem ent local ( €/ yr) 75.000 11.8 annual increase fact or 2% 11.9 Managem ent foreign ( €/ yr) 120.000 11.10 annual increase fact or 2% 11.11 Managem ent local success in % ( m gm t . w age) 10% 11.12 Operat ion m anagem ent and services % of t urno. 2% 11.13 Pension plan paym ent s in % of wages 5% 11.14 Travel expenses per m anager ( €/ yr) 10.000 11.15 annual increase fact or 2% FFK Recycling Park for HCMC - 12 - – Relevant Financial Figures
Assumptions 6/7 12 I nve st m e nt in fix e d a sse t s ( m a chine r y) Dat a 12.1 Split t ing Unit 900.000 12.2 Sort ing Unit 80.000 12.3 Biogas Unit 12.650.000 12.4 Com post ing Unit 1.950.000 12.5 RDF Unit 5.000.000 12.6 Const ruct ion Wast e Unit 0 12.7 Pow er plant 7.700.000 12.8 Special incinerat ion 0 12.9 I nfrast ruct ure 1.500.000 12.10 Adm inist rat ion Unit 30.000 1 2 .1 1 Tot a l inve st m e n t in fix e d a sse t s ( m a chin er y) 2 9 .8 1 0 .0 0 0 13 Equipm e n t pa ym e nt pla n for supplie r s Dat a 13.1 Paym ent m achinery quot a beginning of 1st year " or der placem ent " 40% 13.2 Paym ent m achinery quot a beginning of 2nd year " delivery" 50% 13.3 Paym ent m achinery quot a beginning of 3rd year "accept ance" 10% 13.4 Paym ent m achinery quot a in 4t h and follow ing years 0% 14 Fix e d a sse t s ( buildings) Dat a 14.1 Split t ing Unit 900.000 14.2 Sort ing Cabin 150.000 14.3 Biogas Unit 25.000.000 14.4 Com post Unit 3.500.000 14.5 RDF Unit 900.000 14.6 Const ruct ion Wast e Unit 0 14.7 Pow er plant 500.000 14.8 Special incinerat ion 0 14.9 I nfrast ruct ure 700.000 14.10 Adm inist rat ion Unit 250.000 1 4 .1 1 Fix e d a sse t s t ot a l ( bu ildings) 3 1 .9 0 0 .0 0 0 FFK Recycling Park for HCMC - 13 - – Relevant Financial Figures
Assumptions 7/7 15 Building pa ym e nt pla n w it h supplie rs Dat a 15.1 Paym ent f. a. building quot a beginning of 1st year "order placem ent " 40% 15.2 Paym ent f. a. building quot a beginning of 2nd year "delivery" 50% 15.3 Paym ent f. a. building quot a beginning of 2nd year "accept ance" 10% 15.4 Paym ent f. a. building quot a in 4t h and follow ing years 0% 16 De pre cia t ion v a lue s Dat a 16.1 Asset depreciat ion range for fixed asset s m achinery ( yrs) 10 16.2 1st yr LI A quot a fixed asset s m achinery ( % ) 0% 16.3 Residual value for fixed asset s m achinery ( €) 0 16.4 Asset depreciat ion range for fixed asset s buildings ( yrs) 20 16.5 1st yr LI A quot a fixed asset s buildings ( % ) 0% 16.6 Residual value for fixed asset s buildings ( €) 0 17 Ca pit a l a ssum pt ions Dat a 17.1 I nt erest rat e debt capit al ( % ) 8% 17.2 Term of loan ( yr s) 10 17.3 I ssuance of long t erm debt at beginning of 1st yr ( €) 20.500.000 17.4 I ssuance of long t erm debt at beginning of 2nd yr ( €) 28.500.000 17.5 Target ed debt capit al rat io ( % ) 75% 17.6 Target ed equit y rat io ( % ) 25% 17.7 I nt erest rat e equit y relat ed debt capit al ( % ) 0% 17.8 I ssuance of equit y capit al 1st yr ( €) 9.500.000 17.9 I ssuance of equit y capit al 2nd yr ( €) 10.500.000 17.10 Sign if addit ional ext ernal financing dem and in 3rd or following yrs occurs ! 17.11 I nvest ors RoE expect at ion in % 20% 17.12 I nvest ors RoE quot a in 1st year ( % ) 50% 17.13 Tax bracket ( % ) 25% 17.14 Tax holiday ( years) 0 17.15 Reserve quot a of Ebt ( % ) 5% 17.16 Dividend quot a of net cash before shareholder act iv. ( % ) 10% 17.17 Hurdle cash am ount for dividend paym ent s ( €) 1.000.000 FFK Recycling Park for HCMC - 14 - – Relevant Financial Figures
Price and Cost Development Pr ice & cost de velop m e n t Price an d cost va lu e € / yr 01 02 03 04 05 06 07 08 09 10 I npu t v a lu e Gat e fee ( price/ t ) 10,00 10,28 10,57 10,86 11,17 11,48 11,80 12,13 12,47 12,82 Out pu t va lu e s RDF ( price/ t ) 20,00 20,40 20,81 21,22 21,65 22,08 22,52 22,97 23,43 23,90 Com post ( price/ t ) 30,00 30,60 31,21 31,84 32,47 33,12 33,78 34,46 35,15 35,85 Energy el. Biogas ( price/ Mwh) 60,00 61,20 62,42 63,67 64,95 66,24 67,57 68,92 70,30 71,71 Energy t h. ( price/ Mwh) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Mineralic ( price/ t ) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Pet / PVC ( price/ t ) 60,00 61,20 62,42 63,67 64,95 66,24 67,57 68,92 70,30 71,71 Plast ic/ Ny lon ( price/ t ) 50,00 51,00 52,02 53,06 54,12 55,20 56,31 57,43 58,58 59,75 Met al ( price/ t ) 80,00 81,60 83,23 84,90 86,59 88,33 90,09 91,89 93,73 95,61 Wood ( price/ t ) 5,00 5,10 5,20 5,31 5,41 5,52 5,63 5,74 5,86 5,98 Paper ( price/ t ) 70,00 71,40 72,83 74,28 75,77 77,29 78,83 80,41 82,02 83,66 Ash ( price/ t ) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Dist urbing Mat erial ( price/ t ) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 Carbon cert ificat es forward ( price/ t ) 10,00 10,20 10,40 10,61 10,82 11,04 11,26 11,49 11,72 11,95 Carbon cert ificat es spot ( price/ t ) 15,00 15,30 15,61 15,92 16,24 16,56 16,89 17,23 17,57 17,93 Fle x ible cost valu e s Elect ricit y ( cost / Mwh) 55,00 56,10 57,22 58,37 59,53 60,72 61,94 63,18 64,44 65,73 Wat er ( cost / m ³ ) 2,00 2,04 2,08 2,12 2,16 2,21 2,25 2,30 2,34 2,39 Diesel ( cost / lt r.) 1,00 1,02 1,04 1,06 1,08 1,10 1,13 1,15 1,17 1,20 Lubricant s ( cost / lt r.) 5,00 5,10 5,20 5,31 5,41 5,52 5,63 5,74 5,86 5,98 Analysis ( cost / pc.) 100,00 102,00 104,04 106,12 108,24 110,41 112,62 114,87 117,17 119,51 Spare part s / wearing part s ( t ot al/ 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 cost s va lu es Maint enance ext ernal ( t ot al) 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 Leasehold ( cost / ha) 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 I nsurance ( % of t ot al invest m ent ) 0,25% 1,00% 1,02% 1,04% 1,06% 1,08% 1,10% 1,13% 1,15% 1,17% Travel expenses ( cost / m angt .) 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 Pe rson ne l e x p e ndit u re s va lu es Unsk illed ( 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 Sk illed 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 Sk illed 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 Managem ent local ( wage/ pers/ y r) 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 Managem ent foreign ( wage/ pers/ y r) 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 FFK Recycling Park for HCMC - 15 - – Relevant Financial Figures
Profit and Loss Account Pr ofit & Loss Tu rn ove r v a lu e € / yr 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 I n put I n put Ga t e fe e t ot a l 0 2 .0 5 6 .0 0 0 4 .2 2 7 .1 3 6 4 .3 4 5 .4 9 6 4 .4 6 7 .1 7 0 4 .5 9 2 .2 5 0 4 .7 2 0 .8 3 3 4 .8 5 3 .0 1 7 4 .9 8 8 .9 0 1 5 .1 2 8 .5 9 0 Out pu t RDF 0 455.01 5 928.2 32 946.7 96 965.732 985.047 1.004.748 1.024 .843 1.045.340 1.0 66.246 Com post 0 3.0 18.714 6.1 58.178 6.281.341 6 .406.968 6.535.107 6.665.809 6.799 .126 6.935.108 7.0 73.810 Energy el. Biogas 0 3.0 62.589 6.2 47.681 6.372.635 6 .500.087 6.630.089 6.762.691 6.897 .945 7.035.904 7.1 76.622 Energy t h. 0 0 0 0 0 0 0 0 0 0 Min eralic 0 0 0 0 0 0 0 0 0 0 Pet / PVC 0 313.34 4 639.2 22 652.0 06 665.046 678.347 69 1.914 705.752 7 19.868 7 34.26 5 Plast ic/ Nylon 0 212.16 0 432.8 06 441.4 63 450.292 459.298 46 8.484 477.853 4 87.410 4 97.15 9 Met al 0 310.08 0 620.1 60 632.5 63 645.214 658.119 67 1.281 684.707 6 98.401 7 12.36 9 Wood 0 9.361 19.097 19.479 19.868 20. 266 20.671 21 .084 21.506 21.936 Paper 0 274.17 6 559.3 19 570.5 05 581.916 593.554 60 5.425 617.533 6 29.884 6 42.48 2 Ash 0 0 0 0 0 0 0 0 0 0 Dist urbing Mat erial 0 0 0 0 0 0 0 0 0 0 Carbon cert ificat es forward 0 142.80 0 541.0 08 764.0 70 974.189 0 0 0 0 0 Carbon cert ificat es spot 0 214.20 0 811.5 12 1.146.105 1 .461.283 0 0 0 0 0 Out pu t prod u ct s t ot a l 0 8 .0 1 2 .4 4 0 1 6 .9 5 7 .2 1 4 1 7 .8 2 6 .9 6 2 1 8 .6 7 0 .5 9 6 1 6 .5 5 9 .8 2 6 1 6 .8 9 1 .0 2 3 1 7 .2 2 8 .8 4 3 1 7 .5 7 3 .4 2 0 1 7 .9 2 4 .8 8 8 Tot a l t ur no ve r v a lu e 0 1 0 .0 6 8 .4 4 0 2 1 .1 8 4 .3 5 0 2 2 .1 7 2 .4 5 8 2 3 .1 3 7 .7 6 6 2 1 .1 5 2 .0 7 7 2 1 .6 1 1 .8 5 6 2 2 .0 8 1 .8 6 0 2 2 .5 6 2 .3 2 1 2 3 .0 5 3 .4 7 9 Fle x ib le cost s Elect ricit y 0 1.13 6.446 2.318.349 2.3 64.716 2.412.01 1 2 .460.25 1 2.509.4 56 2.559.645 2.610 .838 2.663 .055 Wat er 0 3.570 7.283 7.428 7.577 7.72 9 7.88 3 8.0 41 8.202 8 .366 Diesel 0 6 23.603 1.272.149 1.2 97.592 1.323.54 4 1 .350.01 5 1.377.0 15 1.404.555 1.432 .647 1.461 .299 Lubricant s 0 6 0.964 1 24.367 126.854 129.391 131. 979 134.619 137 .311 140.057 1 42.858 Analysis 0 8.160 16.646 16.979 17.31 9 17.665 18.0 19 18.379 18 .747 1 9.121 Spare part s / wearing part s 0 6 18.111 1.260.947 1.2 86.166 1.311.88 9 1 .338.12 7 1.364.8 89 1.392.187 1.420 .031 1.448 .432 Fle x ib le cost t ot al 0 2 .4 5 0 .8 5 4 4 .9 9 9 .7 4 1 5 .0 9 9 .7 3 6 5 .2 0 1 .7 3 1 5 .3 0 5 .7 6 6 5 .4 1 1 .8 8 1 5 .5 2 0 .1 1 8 5 .6 3 0 .5 2 1 5 .7 4 3 .1 3 1 Fix co st s Maint enance ext ernal 0 6 45.567 1.304.045 1.3 17.085 1.330.25 6 1 .343.55 9 1.356.9 94 1.370.564 1.384 .270 1.398 .113 Leasehold 0 0 0 0 0 0 0 0 0 0 I nsu rance 15 4.275 6 17.100 6 29.442 642.031 654.871 667. 969 681.328 694 .955 708.854 7 23.031 Travel expenses 50.000 5 1.000 52.020 53.060 54.12 2 55.204 56.3 08 57.434 58 .583 5 9.755 Operat ion m gm t . and services ( % of t urno.) 0 2 01.369 4 23.687 443.449 462.755 423. 042 432.237 441 .637 451.246 4 61.070 Pe r son ne l e x pe n dit u re s Unskilled 13 0.800 6 67.080 1.360.843 1.3 88.060 1.415.82 1 1 .444.13 8 1.473.0 20 1.502.481 1.532 .530 1.563 .181 Skilled local 25 5.600 6 08.328 8 86.421 904.149 922.232 940. 677 959.490 978 .680 998.254 1.018 .219 Skilled foreign 39 0.000 9 28.200 1.352.520 1.3 79.570 1.407.16 2 1 .435.30 5 1.464.0 11 1.493.291 1.523 .157 1.553 .620 Managem ent local 11 2.500 2 29.500 2 34.090 238.772 243.547 248. 418 253.387 258 .454 263.623 2 68.896 Managem ent foreign 18 0.000 2 44.800 2 49.696 254.690 259.784 264. 979 270.279 275 .685 281.198 2 86.822 Local m gm t . success bon uses ( % of m gm t wage) 11.250 2 2.950 23.409 23.877 24.35 5 24.842 25.3 39 25.845 26 .362 2 6.890 Pension plan paym ent s 53.445 1 33.895 2 04.179 208.262 212.427 216. 676 221.009 225 .430 229.938 2 34.537 Personnel expendit ures t ot al 1.133.595 2.83 4.753 4.311.158 4.3 97.381 4.485.32 8 4 .575.03 5 4.666.5 36 4.759.866 4.855 .064 4.952 .165 Fix co st t ot a l 1 .3 3 7 .8 7 0 4 .3 4 9 .7 8 9 6 .7 2 0 .3 5 1 6 .8 5 3 .0 0 6 6 .9 8 7 .3 3 3 7 .0 6 4 .8 0 8 7 .1 9 3 .4 0 3 7 .3 2 4 .4 5 7 7 .4 5 8 .0 1 7 7 .5 9 4 .1 3 3 Tot a l fix a n d fle x ible cost 1 .3 3 7 .8 7 0 6 .8 0 0 .6 4 3 1 1 .7 2 0 .0 9 3 1 1 .9 5 2 .7 4 3 1 2 .1 8 9 .0 6 4 1 2 .3 7 0 .5 7 4 1 2 .6 0 5 .2 8 4 1 2 .8 4 4 .5 7 5 1 3 .0 8 8 .5 3 8 1 3 .3 3 7 .2 6 4 Profit & Loss Ebit da 1 .3 3 7 .8 7 0 3 .2 6 7 .7 9 7 9 .4 6 4 .2 5 7 1 0 .2 1 9 .7 1 6 1 0 .9 4 8 .7 0 2 8 .7 8 1 .5 0 3 9 .0 0 6 .5 7 2 9 .2 3 7 .2 8 5 9 .4 7 3 .7 8 4 9 .7 1 6 .2 1 5 Depreciat ion fixed asst es m achinery 0 2.98 1.000 2.981.000 2.9 81.000 2.981.00 0 2 .981.00 0 2.981.0 00 2.981.000 2.981 .000 2.981 .000 Residual value of m achin ery asset at end of p. 29.810.000 26. 829.00 0 23.848.000 20 .867.0 00 17.886.000 14.905.000 11.924.000 8.943 .000 5.962.000 2.9 81.000 Depreciat ion fixed asset s buidlings 0 1.59 5.000 1.595.000 1.5 95.000 1.595.00 0 1 .595.00 0 1.595.0 00 1.595.000 1.595 .000 1.595 .000 Residual value of building asset at end of p. 31.900.000 30. 305.00 0 28.710.000 27 .115.0 00 25.520.000 23.925.000 22.330.000 20.73 5.000 19.1 40.000 17.5 45.000 Depreciat ion t ot al 0 4.57 6.000 4.576.000 4.5 76.000 4.576.00 0 4 .576.00 0 4.576.0 00 4.576.000 4.576 .000 4.576 .000 Ebit 1 .3 3 7 .8 7 0 1 .3 0 8 .2 0 3 4 .8 8 8 .2 5 7 5 .6 4 3 .7 1 6 6 .3 7 2 .7 0 2 4 .2 0 5 .5 0 3 4 .4 3 0 .5 7 2 4 .6 6 1 .2 8 5 4 .8 9 7 .7 8 4 5 .1 4 0 .2 1 5 I nt erest debt capit al 1.640.000 3.80 6.792 3.544.011 3.2 60.207 2.953.70 0 2 .622.67 2 2.265.1 61 1.879.050 1.462 .050 1.011 .689 I nt erest equit y relat ed debt 0 0 0 0 0 0 0 0 0 0 Ebt 2 .9 7 7 .8 7 0 5 .1 1 4 .9 9 4 1 .3 4 4 .2 4 7 2 .3 8 3 .5 0 8 3 .4 1 9 .0 0 2 1 .5 8 2 .8 3 2 2 .1 6 5 .4 1 1 2 .7 8 2 .2 3 5 3 .4 3 5 .7 3 4 4 .1 2 8 .5 2 6 Reserve 0 0 67.212 119.175 170.950 79.142 108.271 139 .112 171.787 2 06.426 Tax 0 0 3 36.062 595.877 854.751 395. 708 541.353 695 .559 858.934 1.032 .131 Re su lt fr om ope r a t ion a l bu sin e ss 2 .9 7 7 .8 7 0 5 .1 1 4 .9 9 4 9 4 0 .9 7 3 1 .6 6 8 .4 5 6 2 .3 9 3 .3 0 2 1 .1 0 7 .9 8 2 1 .5 1 5 .7 8 8 1 .9 4 7 .5 6 5 2 .4 0 5 .0 1 4 2 .8 8 9 .9 6 8 Re su lt fr om ope r a t ion a l bu sin e ss( a ccum .) 2 .9 7 7 .8 7 0 8 .0 9 2 .8 6 4 7 .1 5 1 .8 9 2 5 .4 8 3 .4 3 6 3 .0 9 0 .1 3 4 1 .9 8 2 .1 5 2 4 6 6 .3 6 4 1 .4 8 1 .2 0 0 3 .8 8 6 .2 1 4 6 .7 7 6 .1 8 2 FFK Recycling Park for HCMC - 16 - – Relevant Financial Figures
Turnover and Cost Break-down per processed Tonne of Waste Tu r nove r a n d Cost Br e a k D ow n/ pr oce sse d t on ne Tu r nove r Br e a k D ow n 01 02 03 04 05 06 07 08 09 10 Tur nove r t ot a l/ t ( € ) # DI V/ 0 ! 5 0 ,3 4 5 2 ,9 6 5 5 ,4 3 5 7 ,8 4 5 2 ,8 8 5 4 ,0 3 5 5 ,2 0 5 6 ,4 1 5 7 ,6 3 Turnover/ t input ( €) # DI V/ 0! 10,28 10,57 10,86 11,1 7 11,4 8 11,80 1 2,13 1 2,47 12 ,82 Turnover/ t input ( % of t ot al t urnover/ t ) # DI V/ 0! 20% 20% 20% 19% 22% 2 2% 22 % 22% 22% Turnover/ t out put ( €) # DI V/ 0! 40,06 42,39 44,57 46,6 8 41,4 0 42,23 4 3,07 4 3,93 44 ,81 Turnover/ t out put ( % of t ot al t urnover/ t ) # DI V/ 0! 80% 80% 80% 81% 78% 7 8% 78 % 78% 78% Cost Bre a k Dow n Tot al cost / t # DI V/ 0 ! 7 5 ,9 2 5 0 ,2 6 5 0 ,1 8 5 0 ,0 6 4 9 ,7 5 4 9 ,5 1 4 9 ,2 1 4 8 ,8 6 4 8 ,4 4 Tot al cost / t ( % of t ot al tu rnover/ t ) # DI V/ 0! 151% 95% 91% 87% 94% 9 2% 89 % 87% 84% Cost fix & fle x . t ot a l/ t ( € ) # DI V/ 0 ! 3 4 ,0 0 2 9 ,3 0 2 9 ,8 8 3 0 ,4 7 3 0 ,9 3 3 1 ,5 1 3 2 ,1 1 3 2 ,7 2 3 3 ,3 4 Cost fix & fle x . t ot a l ( % of t ot al cost / t ) # DI V/ 0 ! 45% 58% 60% 61% 62% 64% 65% 67% 69% Flexible cost s/ t ( €) # DI V/ 0! 12,25 12,50 12,75 13,00 13,26 13,53 13,80 1 4,08 14,36 Flexible cost s/ t ( % of t ot al cost / t ) # DI V/ 0! 16% 25% 25% 26% 27% 2 7% 28 % 29% 30% Fix cost s/ t ( €) # DI V/ 0! 21,75 16,80 17,13 17,47 17,66 17,98 18,31 1 8,65 18,99 Fix cost s/ t (% of t ot al cost / t ) # DI V/ 0! 29% 33% 34% 35% 36% 3 6% 37 % 38% 39% De pre cia t ion t ot a l/ t # DI V/ 0 ! 2 2 ,8 8 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 1 1 ,4 4 De pre cia t ion t ot a l ( % of t ot a l cost / t ) # DI V/ 0 ! 30% 23% 23% 23% 23% 23% 23% 23% 24% Depreciat ion fixed asst es m achinery ( €) # DI V/ 0! 14,91 7,45 7,45 7,45 7,45 7,45 7,45 7,45 7,45 Depreciat ion fixed asst es m achinery ( % of t ot al cost / t ) # DI V/ 0! 20% 15% 15% 15% 15% 1 5% 15 % 15% 15% Depreciat ion fixed asst es buildings ( €) # DI V/ 0! 7,98 3,99 3,99 3,99 3,99 3,99 3,99 3,99 3,99 Depreciat ion fixed asst es buildings ( % of t ot al cost / t ) # DI V/ 0! 11% 8% 8% 8% 8% 8% 8% 8% 8% Capit a l e x pe ndit u r e s/ t # DI V/ 0 ! 1 9 ,0 3 9 ,5 2 8 ,8 6 8 ,1 5 7 ,3 8 6 ,5 6 5 ,6 6 4 ,7 0 3 ,6 6 Capit a l e x pe ndit u r e s ( % of t ot a l cost / t ) # DI V/ 0 ! 25% 19% 18% 16% 15% 13% 12% 10% 8% I nt erest debt capit al ( €) # DI V/ 0! 19,03 8,86 8,15 7,38 6,56 5,66 4,70 3,66 2,53 I nt erest debt capit al ( % of t ot al cost / t ) # DI V/ 0! 25% 18% 16% 15% 13% 1 1% 10 % 7% 5% I nt erest equit y relat ed debt ( €) # DI V/ 0! 0,00 0,00 0,00 0,0 0 0,00 0,00 0,00 0,00 0 ,00 I nt erest equit y relat ed debt ( % of t ot al cost / t ) # DI V/ 0! 0% 0% 0% 0% 0% 0% 0% 0% 0% Ea r nin gs be for e t a x / t ( € ) # DI V/ 0 ! 2 5 ,5 7 2 ,3 5 4 ,1 7 5 ,9 8 2 ,7 7 3 ,7 9 4 ,8 7 6 ,0 1 7 ,2 2 Operat ing m argin before t ax/ t ( % of t ot al t urnover/ t ) # DI V/ 0! 51% 4% 8% 10% 5% 7% 9% 11% 13% FFK Recycling Park for HCMC - 17 - – Relevant Financial Figures
Cash Flow Account Ca sh Flow Cash flow fr om ope ra t ing a ct ivit ie s 01 02 03 04 05 06 07 08 09 10 Result from operat ional 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 Depreciat ion 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 I ncrease/ Decrease of reserves 0 0 67.212 119.175 170.950 79.142 108.271 139.112 171.787 206.426 N et Ca sh from ope r a t ing a ct ivit ie s 2 .9 7 7 .8 7 0 5 3 8 .9 9 4 5 .5 8 4 .1 8 5 6 .3 6 3 .6 3 1 7 .1 4 0 .2 5 2 5 .7 6 3 .1 2 4 6 .2 0 0 .0 5 8 6 .6 6 2 .6 7 6 7 .1 5 2 .8 0 1 7 .6 7 2 .3 9 4 Cash flow fr om inve st ing a ct iv it ie s Fixed asset s ( m achiner y) 11.924.000 14.905.000 2.981.000 0 0 0 0 0 0 0 Fixed asset s ( buildings) 12.760.000 15.950.000 3.190.000 0 0 0 0 0 0 0 N et Ca sh from inv e st ing a ct ivit ie s 2 4 .6 8 4 .0 0 0 3 0 .8 5 5 .0 0 0 6 .1 7 1 .0 0 0 0 0 0 0 0 0 0 Ext e r na l fina ncing de m a nd New financing dem and generat ed in period 27.661.870 31.393.994 586.815 0 0 0 0 0 0 0 N ew e x t e r na l fina ncing de m a nd 2 7 .6 6 1 .8 7 0 3 0 .4 7 0 .9 6 9 0 0 0 0 0 0 0 0 Dem and for debt cash 20.746.403 22.853.227 0 0 0 0 0 0 0 0 Dem and for equit y cash 6.915.468 7.617.742 0 0 0 0 0 0 0 0 Cash flow fr om fina ncing a ct ivit ie s Net Cash before financing act ivit ies 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 I ssuance of long t erm debt at beginning of period 20.500.000 28.500.000 0 0 0 0 0 0 0 0 Am ort izat ion 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 I ssuance of equit y at beginning of period 9.500.000 10.500.000 0 0 0 0 0 0 0 0 N et Ca sh from f in a ncing a ct iv it ie s 2 8 .5 8 4 .8 9 5 3 5 .7 1 5 .2 3 9 3 .5 4 7 .5 4 2 3 .8 3 1 .3 4 5 4 .1 3 7 .8 5 3 4 .4 6 8 .8 8 1 4 .8 2 6 .3 9 2 5 .2 1 2 .5 0 3 5 .6 2 9 .5 0 3 6 .0 7 9 .8 6 3 D ebt ca pit a l se rv ice Tot al 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 Annuit y debt capit al 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 I nt erest debt capit al 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 Am ort izat ion 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 fr om sha r e holde r a ct ivit ie s Net Cash before shar eholder act ivit ies 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 Dividends 0 524.427 0 311.777 580.839 652.180 724.328 796.913 869.551 941.849 N et Ca sh from sha r e holde r a ct iv it ie s 0 5 2 4 .4 2 7 0 3 1 1 .7 7 7 5 8 0 .8 3 9 6 5 2 .1 8 0 7 2 4 .3 2 8 7 9 6 .9 1 3 8 6 9 .5 5 1 9 4 1 .8 4 9 N et in / de cre a se in ca sh a nd ca sh e quiva le nt s Cash and cash equivalent s 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 a nd ca sh e quiva le nt s a t e nd of pe riod 9 2 3 .0 2 5 4 .7 1 9 .8 4 3 5 8 5 .4 8 6 2 .8 0 5 .9 9 5 5 .2 2 7 .5 5 5 5 .8 6 9 .6 1 7 6 .5 1 8 .9 5 6 7 .1 7 2 .2 1 6 7 .8 2 5 .9 6 2 8 .4 7 6 .6 4 4 FFK Recycling Park for HCMC - 18 - – Relevant Financial Figures
Balance Sheet and Relevant Figures Ba la nce shee t Asse t s st a r t 01 02 03 04 05 06 07 08 09 10 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 Account s receivable 0 0 0 0 0 0 0 0 0 0 0 Fixed asset s m achinery 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 asset s 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 Asse t s t ot a l 3 0 .0 0 0 .0 0 0 6 2 .6 3 3 .0 2 5 6 1 .8 5 3 .8 4 3 5 3 .1 4 3 .4 8 6 5 0 .7 8 7 .9 9 5 4 8 .6 3 3 .5 5 5 4 4 .6 9 9 .6 1 7 4 0 .7 7 2 .9 5 6 3 6 .8 5 0 .2 1 6 3 2 .9 2 7 .9 6 2 2 9 .0 0 2 .6 4 4 Liabilit ie s Account s payable 0 37.026.000 6.171.000 0 0 0 0 0 0 0 0 Longt erm debt s 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 Reserve pot . liabilit ies 0 0 0 67.212 186.388 357.338 436.479 544.750 683.862 855.648 1.062.075 Equit y 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 act ivit ies 0 0 524.427 0 311.777 580.839 652.180 724.328 796.913 869.551 941.849 Shareholder capit al 9.500.000 9.500.000 10.500.000 0 0 0 0 0 0 0 0 Liabilit ie s t ot a l 3 0 .0 0 0 .0 0 0 6 2 .6 3 3 .0 2 5 6 1 .8 5 3 .8 4 3 5 3 .1 4 3 .4 8 6 5 0 .7 8 7 .9 9 5 4 8 .6 3 3 .5 5 5 4 4 .6 9 9 .6 1 7 4 0 .7 7 2 .9 5 6 3 6 .8 5 0 .2 1 6 3 2 .9 2 7 .9 6 2 2 9 .0 0 2 .6 4 4 Ana lysis Figur e / Pe r iod st a r t 01 02 03 04 05 06 07 08 09 10 Ret urn on asset s n.a. 2% 2% 8% 10% 11% 8% 9% 10% 12% 13% Ret urn on equit y n.a. 46% 45% 8% 12% 15% 7% 9% 11% 12% 14% Profit t urnover rat io n.a. # DI V/ 0! 51% 4% 8% 10% 5% 7% 9% 11% 13% Equit y rat io 32% 10% 18% 23% 27% 32% 36% 41% 49% 59% 74% FFK Recycling Park for HCMC - 19 - – Relevant Financial Figures
Contact FFK environment GmbH Am Bahnhof 1c 03185 Peitz Germany Florian Tetzlaff Phone: +49-35601-297-637 Fax: +49-35601-297-617 Mail: tetzlaff@ffk.de Web: www.ffk.de FFK Recycling Park for HCMC - 20 - – Relevant Financial Figures