FFK Recycling Park for Ho Chi Minh City Relevant Financial Figures - Excerpt of Feasibility Study
FFK environment GmbH 4th of November 2007
Khu Tái ch FFK
ế
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FFK Recycling Park for HCMC – Relevant Financial Figures
Khu Tái ch FFK
ế
Gi m d n l
ầ ượ
ả
ng ch t th i chôn l p ả
ấ
ấ
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FFK Recycling Park for HCMC – Relevant Financial Figures
Khu Tái ch FFK
ế
Khu Tái ch t
ế ạ
i thành ph H Chí Minh ố ồ
ọ
ế ả ả ả
ậ ấ ấ ấ
Máy ti p nh n và phân tách Máy s n xu t RDF Máy s n xu t gas sinh h c Máy s n xu t phân compot T máy phát Nhà máy đi n
ổ
ệ
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FFK Recycling Park for HCMC – Relevant Financial Figures
Khu Tái ch FFK
ế
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FFK Recycling Park for HCMC – Relevant Financial Figures
Production Process
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FFK Recycling Park for HCMC – 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)
Ou t put Pr odu ct
Type of W a st e
Fr a ct ion of t ot a l w a st e
Tonne s per ye a r
Fr a ct ion of Ou t put
Ton ne s per y ea r
268.000,00 2.000,00 16.000,00 16.000,00 8.000,00 12.000,00 22.000,00 16.000,00 8.000,00 32.000,00
RDF ( t o) Com post ( t o) Mineralic ( t o) Pet / PVC ( t o) Plast ic/ Nylon ( t o) Met al ( t o) Glass Text ile Wood ( t o) Paper ( t o) Ash ( t o) Not recyclable m at erial Mass decrease ( due t o evapor.)
Organic from left overs Glass PET/ PVC/ Gum m i Plast ic/ Nylon Met al Wood Text ile Paper Ash I Mineralic Ot her n.a. n.a. Tot a l
67,00% 0,50% 4,00% 4,00% 2,00% 3,00% 5,50% 4,00% 0,00% 2,00% 8,00% 0% 0% 1 0 0 ,0 0 %
0 0 4 0 0 .0 0 0 ,0 0
Tot a l
11,15% 49,33% 0,00% 2,56% 2,08% 1,90% 0,34% 3,12% 0,92% 1,92% 0,00% 4,26% 22,42% 1 0 0 ,0 0 %
44.609 197.302 10.240 8.320 7.600 1.360 12.496 3.671 7.680 17.024 89.698 4 0 0 .0 0 0
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
m ³ of gas per t on organic wast e Out put kw h elect ric per m ³ of biogas Out put kw h t herm al per m ³ of biogas
175 2,20 1,87
Energy el ( KWh) Energy t h ( KWh) Tot al
Fr a ct ion of Ene r gy 54,05% 45,95% 100,00%
100.084.600 85.071.910 185.156.510
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 1/7
N o. Assu m pt ion ( I n pu t pa r a m e t e r )
D a t a D a t a
I n put volu m e s ( t / yr ) Dom est ic Wast e ( t / yr) Quot a of annual input volum e in 1st yr in % Quot a of annual input volum e in 2nd yr in % I ndust rial Wast e ( t / yr ) Com m ercial Wast e ( t / yr) Hazardous Wast e ( t / yr)
1 1.1 1.2 1.3 1.4 1.5 1.6
400.000 0% 50% n.a. n.a. n.a.
I n put pr ice s ( € / t ) 1 st yr
D a t a
Dom est ic Wast e ( €/ t ) Dom est ic Wast e price increase fact or ( % / yr) I ndust rial Wast e ( €/ t ) Com m ercial Wast e ( €/ t ) Hazardous Wast e ( €/ t )
2 2.1 2.2 2.3 2.4 2.5
10 2,8% n.a. n.a. n.a.
Out pu t volu m e s
D a t a
RDF ( t / yr) Com post ( t / yr) Energy el ( MWh/ yr) Energy t h ( MWh/ yr) Mineralic ( t / yr) Pet / PVC ( t / yr) Plast ic/ Nylon ( t / yr) Met al ( t / yr ) Wood ( t / yr ) Paper ( t / yr) Ash ( t / yr) Not recyclable m at erial ( t / yr) Carbon credit s fact or in 1st yr of 2nd t r ading period Carbon credit s fact or in 2nd yr of 2nd t rading period Carbon credit s fact or in 3rd yr of 2nd t r ading period Carbon credit s fact or in 4t h yr of 2nd t rading period Carbon credit s forward quot a Carbon credit s fact or beyond 2012
3 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 3.14 3.15 3.16 3.17 3.18
44.609 197.302 100.085 85.072 0 10.240 8.320 7.600 3.671 7.680 0 17.024 14% 26% 36% 45% 50% 0%
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 2/7
Out put pr ice ba se 1 st ye a r
D a t a
RDF ( €/ t )
annual increase fact or ( % )
Com post ( €/ t )
annual increase fact or ( % )
Energy el Biogas ( €/ Mwh)
annual increase fact or ( % )
Energy t h ( €/ Mw h)
annual increase fact or ( % )
Mineralic ( €/ t )
annual increase fact or ( % )
Pet / PVC ( €/ t )
annual increase fact or ( % )
Plast ic/ Nylon ( €/ t )
annual increase fact or ( % )
Met al ( €/ t )
annual increase fact or ( % )
Wood ( €/ t )
annual increase fact or ( % )
Paper ( €/ t )
annual increase fact or ( % )
Ash ( €/ t )
annual increase fact or ( % )
Dist urbing Mat erial ( €/ t )
annual increase fact or ( % )
Carbon cert ificat es forward ( €/ t )
4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 4.19 4.20 4.21 4.22 4.23 4.24 4.25 4.26 4.27 4.28
annual increase fact or ( % ) Carbon cert ificat es spot ( €/ t ) annual increase fact or ( % )
20 2% 30 2% 60 2% 0 2% 0 2% 60 2% 50 2% 80 2% 5 2% 70 2% 0 2% 0 2% 10 2% 15 2%
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 3/7
D a t a
5 5.1 5.2 5.3 5.4 5.5 5.6
Com m odit y de m a nd Elect ricit y ( MWh/ yr) Wat er ( m ³ / yr) Diesel ( l/ yr) Lubricant s ( l/ yr) No. of analysis every 5000 t o of input Dem anded land in ha
40.515 3.500 1.222.750 23.908 2 24,55
Ope r a t ive cost ba se 1 st yr
D a t a
Elect ricit y ( €/ MWh)
annual increase fact or ( % )
Wat er ( €/ m ³ )
annual increase fact or ( % )
Diesel ( €/ l)
annual increase fact or ( % )
Lubricant s ( €/ l)
annual increase fact or ( % )
Analysis ( €/ pcs./ 1000t )
annual increase fact or ( % )
Spare Part s/ Wearing Part s ( €/ yr)
annual increase fact or ( % )
Leasehold / ha of land in €
annual increase fact or ( % ) I nsurance ( % / yr of t ot al invest ) annual increase fact or ( % )
6 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 6.15 6.16 6.17
I nsurance quot a 1st year
55 2% 2 2% 1 2% 5 2% 100 2% 1.211.983 2% 0 2% 1% 2% 25%
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 4/7
M a in t ena n ce cost base 1 st ye a r ( e x t e r na l cost )
D a t a
Main. cost s Split t ing Unit Main. cost s Sort ing Unit Main. cost s Biogas Unit Main. cost s Com post Unit Main. cost s Power Plant Main. cost s RDF Unit Main. cost s Cost r. Wast e Unit Main. cost s Special I ncin. Unit Main. cost s I nfrast ruct ure Main. cost s Adm in. Unit
annual increase fact or ( % )
7 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 7.10 7.11 Tot a l m a in t e na n ce cost s 7.12 7.13 7.14
Quot a of m aint enance cost s in 1st yr Quot a of m aint enance cost s in 2nd yr
27.000 1.600 442.750 19.500 462.000 300.000 0 0 22.500 3.000 1 .2 7 8 .3 5 0 1% 0% 50%
H e a dcou nt fr om beginn in g of 3 r d ye ar ( se r ia l pr oduct ion )
D a t a
8 8.1 8.2 8.3 8.4 8.5
Unskilled Skilled local Skilled foreign Managem ent local Managem ent foreign
218 71 26 3 2
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 5/7
H e adcou nt 1 st yea r ( qu ot a of se r ia l pr oduct ion )
D at a
9 9.1 9.2 9.3 9.4 9.5
Unskilled Skilled local Skilled foreign Managem ent local Managem ent foreign
10% 30% 30% 50% 75%
H e adcou nt 2 nd ye a r ( qu ot a of ser ia l pr oduct ion )
D at a
1 0 10.1 10.2 10.3 10.4 10.5
Unskilled Skilled local Skilled foreign Managem ent local Managem ent foreign
50% 70% 70% 100% 100%
Per sonn el ex pen dit ur e s ( € / yr / em ploye e )
D at a
Unskilled ( €/ yr)
annual increase fact or
Skilled local ( €/ yr)
annual increase fact or
Skilled foreign ( €/ yr)
annual increase fact or Managem ent local ( €/ yr) annual increase fact or Managem ent foreign ( €/ yr) annual increase fact or
Operat ion m anagem ent and services % of t urno. Pension plan paym ent s in % of wages Travel expenses per m anager ( €/ yr)
1 1 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 11.9 11.10 11.11 Managem ent local success in % ( m gm t . w age) 11.12 11.13 11.14 11.15
annual increase fact or
6.000 2% 12.000 2% 50.000 2% 75.000 2% 120.000 2% 10% 2% 5% 10.000 2%
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 6/7
I nve st m e nt in fix e d a sse t s ( m a chine r y)
D a t a
Split t ing Unit Sort ing Unit Biogas Unit Com post ing Unit RDF Unit Const ruct ion Wast e Unit Pow er plant Special incinerat ion I nfrast ruct ure Adm inist rat ion Unit
1 2 12.1 12.2 12.3 12.4 12.5 12.6 12.7 12.8 12.9 12.10 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)
900.000 80.000 12.650.000 1.950.000 5.000.000 0 7.700.000 0 1.500.000 30.000 2 9 .8 1 0 .0 0 0
Equipm e n t pa ym e nt pla n for supplie r s
D a t a
1 3 13.1 13.2 13.3 13.4
Paym ent m achinery quot a beginning of 1st year " or der placem ent " Paym ent m achinery quot a beginning of 2nd year " delivery" Paym ent m achinery quot a beginning of 3rd year "accept ance" Paym ent m achinery quot a in 4t h and follow ing years
40% 50% 10% 0%
Fix e d a sse t s ( buildings)
D a t a
Split t ing Unit Sort ing Cabin Biogas Unit Com post Unit RDF Unit Const ruct ion Wast e Unit Pow er plant Special incinerat ion I nfrast ruct ure Adm inist rat ion Unit
1 4 14.1 14.2 14.3 14.4 14.5 14.6 14.7 14.8 14.9 14.10 1 4 .1 1 Fix e d a sse t s t ot a l ( bu ildings)
900.000 150.000 25.000.000 3.500.000 900.000 0 500.000 0 700.000 250.000 3 1 .9 0 0 .0 0 0
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FFK Recycling Park for HCMC – Relevant Financial Figures
Assumptions 7/7
Building pa ym e nt pla n w it h supplie rs
D a t a
1 5 15.1 15.2 15.3 15.4
Paym ent f. a. building quot a beginning of 1st year "order placem ent " Paym ent f. a. building quot a beginning of 2nd year "delivery" Paym ent f. a. building quot a beginning of 2nd year "accept ance" Paym ent f. a. building quot a in 4t h and follow ing years
40% 50% 10% 0%
De pre cia t ion v a lue s
D a t a
1 6 16.1 16.2 16.3 16.4 16.5 16.6
Asset depreciat ion range for fixed asset s m achinery ( yrs) 1st yr LI A quot a fixed asset s m achinery ( % ) Residual value for fixed asset s m achinery ( €) Asset depreciat ion range for fixed asset s buildings ( yrs) 1st yr LI A quot a fixed asset s buildings ( % ) Residual value for fixed asset s buildings ( €)
10 0% 0 20 0% 0
Ca pit a l a ssum pt ions
D a t a
8% 10 20.500.000 28.500.000 75% 25% 0% 9.500.000 10.500.000
1 7 17.1 17.2 17.3 17.4 17.5 17.6 17.7 17.8 17.9 17.10 17.11 17.12 17.13 17.14 17.15 17.16 17.17
I nt erest rat e debt capit al ( % ) Term of loan ( yr s) I ssuance of long t erm debt at beginning of 1st yr ( €) I ssuance of long t erm debt at beginning of 2nd yr ( €) Target ed debt capit al rat io ( % ) Target ed equit y rat io ( % ) I nt erest rat e equit y relat ed debt capit al ( % ) I ssuance of equit y capit al 1st yr ( €) I ssuance of equit y capit al 2nd yr ( €) Sign if addit ional ext ernal financing dem and in 3rd or following yrs occurs I nvest ors RoE expect at ion in % I nvest ors RoE quot a in 1st year ( % ) Tax bracket ( % ) Tax holiday ( years) Reserve quot a of Ebt ( % ) Dividend quot a of net cash before shareholder act iv. ( % ) Hurdle cash am ount for dividend paym ent s ( €)
! 20% 50% 25% 0 5% 10% 1.000.000
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FFK Recycling Park for HCMC – Relevant Financial Figures
Price and Cost Development
Pr ice & cost de velop m e n t
0 1
0 2
0 3
0 4
0 5
0 6
0 7
0 8
0 9
1 0
Price an d cost va lu e € / yr 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 ) Com post ( price/ t ) Energy el. Biogas ( price/ Mwh) Energy t h. ( price/ Mwh) Mineralic ( price/ t ) Pet / PVC ( price/ t ) Plast ic/ Ny lon ( price/ t ) Met al ( price/ t ) Wood ( price/ t ) Paper ( price/ t ) Ash ( price/ t ) Dist urbing Mat erial ( price/ t ) Carbon cert ificat es forward ( price/ t ) Carbon cert ificat es spot ( price/ t )
20,00 30,00 60,00 0,00 0,00 60,00 50,00 80,00 5,00 70,00 0,00 0,00 10,00 15,00
20,40 30,60 61,20 0,00 0,00 61,20 51,00 81,60 5,10 71,40 0,00 0,00 10,20 15,30
20,81 31,21 62,42 0,00 0,00 62,42 52,02 83,23 5,20 72,83 0,00 0,00 10,40 15,61
21,22 31,84 63,67 0,00 0,00 63,67 53,06 84,90 5,31 74,28 0,00 0,00 10,61 15,92
21,65 32,47 64,95 0,00 0,00 64,95 54,12 86,59 5,41 75,77 0,00 0,00 10,82 16,24
22,08 33,12 66,24 0,00 0,00 66,24 55,20 88,33 5,52 77,29 0,00 0,00 11,04 16,56
22,52 33,78 67,57 0,00 0,00 67,57 56,31 90,09 5,63 78,83 0,00 0,00 11,26 16,89
22,97 34,46 68,92 0,00 0,00 68,92 57,43 91,89 5,74 80,41 0,00 0,00 11,49 17,23
23,43 35,15 70,30 0,00 0,00 70,30 58,58 93,73 5,86 82,02 0,00 0,00 11,72 17,57
23,90 35,85 71,71 0,00 0,00 71,71 59,75 95,61 5,98 83,66 0,00 0,00 11,95 17,93
Fle x ible cost valu e s
Elect ricit y ( cost / Mwh) Wat er ( cost / m ³ ) Diesel ( cost / lt r.) Lubricant s ( cost / lt r.) Analysis ( cost / pc.) Spare part s / wearing part s ( t ot al/ yr)
55,00 2,00 1,00 5,00 100,00 1.211.982,80
56,10 2,04 1,02 5,10 102,00 1.236.222,46
57,22 2,08 1,04 5,20 104,04 1.260.946,91
58,37 2,12 1,06 5,31 106,12 1.286.165,84
59,53 2,16 1,08 5,41 108,24 1.311.889,16
60,72 2,21 1,10 5,52 110,41 1.338.126,94
61,94 2,25 1,13 5,63 112,62 1.364.889,48
63,18 2,30 1,15 5,74 114,87 1.392.187,27
64,44 2,34 1,17 5,86 117,17 1.420.031,02
65,73 2,39 1,20 5,98 119,51 1.448.431,64
Fix cost s va lu es
1.278.350,00 0,00 0,25% 10.000,00
1.291.133,50 0,00 1,00% 10.200,00
1.304.044,84 0,00 1,02% 10.404,00
1.317.085,28 0,00 1,04% 10.612,08
1.330.256,14 0,00 1,06% 10.824,32
1.343.558,70 0,00 1,08% 11.040,81
1.356.994,28 0,00 1,10% 11.261,62
1.370.564,23 0,00 1,13% 11.486,86
1.384.269,87 0,00 1,15% 11.716,59
1.398.112,57 0,00 1,17% 11.950,93
Maint enance ext ernal ( t ot al) Leasehold ( cost / ha) I nsurance ( % of t ot al invest m ent ) Travel expenses ( cost / m angt .) Pe rson ne l e x p e ndit u re s va lu es Unsk illed ( wage/ pers/ yr) Sk illed local ( wage/ pers/ yr) Sk illed foreign ( wage/ pers/ yr) Managem ent local ( wage/ pers/ y r) Managem ent foreign ( wage/ pers/ y r)
6.000,00 12.000,00 50.000,00 75.000,00 120.000,00
6.120,00 12.240,00 51.000,00 76.500,00 122.400,00
6.242,40 12.484,80 52.020,00 78.030,00 124.848,00
6.367,25 12.734,50 53.060,40 79.590,60 127.344,96
6.494,59 12.989,19 54.121,61 81.182,41 129.891,86
6.624,48 13.248,97 55.204,04 82.806,06 132.489,70
6.756,97 13.513,95 56.308,12 84.462,18 135.139,49
6.892,11 13.784,23 57.434,28 86.151,43 137.842,28
7.029,96 14.059,91 58.582,97 87.874,45 140.599,13
7.170,56 14.341,11 59.754,63 89.631,94 143.411,11
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FFK Recycling Park for HCMC – Relevant Financial Figures
Profit and Loss Account
Pr ofit & Loss
Tu rn ove r v a lu e € / yr
2 0 0 8
2 0 0 9
2 0 1 0
2 0 1 1
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
2 0 1 7
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
I n put I n put Ga t e fe e t ot a l Out pu t RDF Com post Energy el. Biogas Energy t h. Min eralic Pet / PVC Plast ic/ Nylon Met al Wood Paper Ash Dist urbing Mat erial Carbon cert ificat es forward Carbon cert ificat es spot
Out pu t prod u ct s t ot a l
Tot a l t ur no ve r v a lu e
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
455.01 5 3.0 18.714 3.0 62.589 0 0 313.34 4 212.16 0 310.08 0 9.361 274.17 6 0 0 142.80 0 214.20 0 8 .0 1 2 .4 4 0 1 0 .0 6 8 .4 4 0
928.2 32 6.1 58.178 6.2 47.681 0 0 639.2 22 432.8 06 620.1 60 19.097 559.3 19 0 0 541.0 08 811.5 12 1 6 .9 5 7 .2 1 4 2 1 .1 8 4 .3 5 0
946.7 96 6.281.341 6.372.635 0 0 652.0 06 441.4 63 632.5 63 19.479 570.5 05 0 0 764.0 70 1.146.105 1 7 .8 2 6 .9 6 2 2 2 .1 7 2 .4 5 8
965.732 6 .406.968 6 .500.087 0 0 665.046 450.292 645.214 19.868 581.916 0 0 974.189 1 .461.283 1 8 .6 7 0 .5 9 6 2 3 .1 3 7 .7 6 6
985.047 6.535.107 6.630.089 0 0 678.347 459.298 658.119 20. 266 593.554 0 0 0 0 1 6 .5 5 9 .8 2 6 2 1 .1 5 2 .0 7 7
1.004.748 6.665.809 6.762.691 0 0 69 1.914 46 8.484 67 1.281 20.671 60 5.425 0 0 0 0 1 6 .8 9 1 .0 2 3 2 1 .6 1 1 .8 5 6
1.024 .843 6.799 .126 6.897 .945 0 0 705.752 477.853 684.707 21 .084 617.533 0 0 0 0 1 7 .2 2 8 .8 4 3 2 2 .0 8 1 .8 6 0
1.045.340 6.935.108 7.035.904 0 0 7 19.868 4 87.410 6 98.401 21.506 6 29.884 0 0 0 0 1 7 .5 7 3 .4 2 0 2 2 .5 6 2 .3 2 1
1.0 66.246 7.0 73.810 7.1 76.622 0 0 7 34.26 5 4 97.15 9 7 12.36 9 21.936 6 42.48 2 0 0 0 0 1 7 .9 2 4 .8 8 8 2 3 .0 5 3 .4 7 9
Fle x ib le cost s Elect ricit y Wat er Diesel Lubricant s Analysis Spare part s / wearing part s
0 0 0 0 0 0 0
1.13 6.446 3.570 6 23.603 6 0.964 8.160 6 18.111 2 .4 5 0 .8 5 4
2.318.349 7.283 1.272.149 1 24.367 16.646 1.260.947 4 .9 9 9 .7 4 1
2.3 64.716 7.428 1.2 97.592 126.854 16.979 1.2 86.166 5 .0 9 9 .7 3 6
2.412.01 1 7.577 1.323.54 4 129.391 17.31 9 1.311.88 9 5 .2 0 1 .7 3 1
2 .460.25 1 7.72 9 1 .350.01 5 131. 979 17.665 1 .338.12 7 5 .3 0 5 .7 6 6
2.509.4 56 7.88 3 1.377.0 15 134.619 18.0 19 1.364.8 89 5 .4 1 1 .8 8 1
2.559.645 8.0 41 1.404.555 137 .311 18.379 1.392.187 5 .5 2 0 .1 1 8
2.610 .838 8.202 1.432 .647 140.057 18 .747 1.420 .031 5 .6 3 0 .5 2 1
2.663 .055 8 .366 1.461 .299 1 42.858 1 9.121 1.448 .432 5 .7 4 3 .1 3 1
Fle x ib le cost t ot al Fix co st s
0 0 15 4.275 50.000 0
6 45.567 0 6 17.100 5 1.000 2 01.369
1.304.045 0 6 29.442 52.020 4 23.687
1.3 17.085 0 642.031 53.060 443.449
1.330.25 6 0 654.871 54.12 2 462.755
1 .343.55 9 0 667. 969 55.204 423. 042
1.356.9 94 0 681.328 56.3 08 432.237
1.370.564 0 694 .955 57.434 441 .637
1.384 .270 0 708.854 58 .583 451.246
1.398 .113 0 7 23.031 5 9.755 4 61.070
Maint enance ext ernal Leasehold I nsu rance Travel expenses Operat ion m gm t . and services ( % of t urno.) Pe r son ne l e x pe n dit u re s Unskilled Skilled local Skilled foreign Managem ent local Managem ent foreign Local m gm t . success bon uses ( % of m gm t wage) Pension plan paym ent s Personnel expendit ures t ot al
Fix co st t ot a l
13 0.800 25 5.600 39 0.000 11 2.500 18 0.000 11.250 53.445 1.133.595 1 .3 3 7 .8 7 0 1 .3 3 7 .8 7 0
6 67.080 6 08.328 9 28.200 2 29.500 2 44.800 2 2.950 1 33.895 2.83 4.753 4 .3 4 9 .7 8 9 6 .8 0 0 .6 4 3
1.360.843 8 86.421 1.352.520 2 34.090 2 49.696 23.409 2 04.179 4.311.158 6 .7 2 0 .3 5 1 1 1 .7 2 0 .0 9 3
1.3 88.060 904.149 1.3 79.570 238.772 254.690 23.877 208.262 4.3 97.381 6 .8 5 3 .0 0 6 1 1 .9 5 2 .7 4 3
1.415.82 1 922.232 1.407.16 2 243.547 259.784 24.35 5 212.427 4.485.32 8 6 .9 8 7 .3 3 3 1 2 .1 8 9 .0 6 4
1 .444.13 8 940. 677 1 .435.30 5 248. 418 264. 979 24.842 216. 676 4 .575.03 5 7 .0 6 4 .8 0 8 1 2 .3 7 0 .5 7 4
1.473.0 20 959.490 1.464.0 11 253.387 270.279 25.3 39 221.009 4.666.5 36 7 .1 9 3 .4 0 3 1 2 .6 0 5 .2 8 4
1.502.481 978 .680 1.493.291 258 .454 275 .685 25.845 225 .430 4.759.866 7 .3 2 4 .4 5 7 1 2 .8 4 4 .5 7 5
1.532 .530 998.254 1.523 .157 263.623 281.198 26 .362 229.938 4.855 .064 7 .4 5 8 .0 1 7 1 3 .0 8 8 .5 3 8
1.563 .181 1.018 .219 1.553 .620 2 68.896 2 86.822 2 6.890 2 34.537 4.952 .165 7 .5 9 4 .1 3 3 1 3 .3 3 7 .2 6 4
Tot a l fix a n d fle x ible cost Profit & Loss
Ebit da
Depreciat ion fixed asst es m achinery Residual value of m achin ery asset at end of p. Depreciat ion fixed asset s buidlings Residual value of building asset at end of p. Depreciat ion t ot al
Ebit
I nt erest debt capit al I nt erest equit y relat ed debt
Ebt
Reserve Tax
Re su lt fr om ope r a t ion a l bu sin e ss Re su lt fr om ope r a t ion a l bu sin e ss( a ccum .)
1 .3 3 7 .8 7 0 0 29.810.000 0 31.900.000 0 1 .3 3 7 .8 7 0 1.640.000 0 2 .9 7 7 .8 7 0 0 0 2 .9 7 7 .8 7 0 2 .9 7 7 .8 7 0
3 .2 6 7 .7 9 7 2.98 1.000 26. 829.00 0 1.59 5.000 30. 305.00 0 4.57 6.000 1 .3 0 8 .2 0 3 3.80 6.792 0 5 .1 1 4 .9 9 4 0 0 5 .1 1 4 .9 9 4 8 .0 9 2 .8 6 4
9 .4 6 4 .2 5 7 2.981.000 23.848.000 1.595.000 28.710.000 4.576.000 4 .8 8 8 .2 5 7 3.544.011 0 1 .3 4 4 .2 4 7 67.212 3 36.062 9 4 0 .9 7 3 7 .1 5 1 .8 9 2
1 0 .2 1 9 .7 1 6 2.9 81.000 20 .867.0 00 1.5 95.000 27 .115.0 00 4.5 76.000 5 .6 4 3 .7 1 6 3.2 60.207 0 2 .3 8 3 .5 0 8 119.175 595.877 1 .6 6 8 .4 5 6 5 .4 8 3 .4 3 6
1 0 .9 4 8 .7 0 2 2.981.00 0 17.886.000 1.595.00 0 25.520.000 4.576.00 0 6 .3 7 2 .7 0 2 2.953.70 0 0 3 .4 1 9 .0 0 2 170.950 854.751 2 .3 9 3 .3 0 2 3 .0 9 0 .1 3 4
8 .7 8 1 .5 0 3 2 .981.00 0 14.905.000 1 .595.00 0 23.925.000 4 .576.00 0 4 .2 0 5 .5 0 3 2 .622.67 2 0 1 .5 8 2 .8 3 2 79.142 395. 708 1 .1 0 7 .9 8 2 1 .9 8 2 .1 5 2
9 .0 0 6 .5 7 2 2.981.0 00 11.924.000 1.595.0 00 22.330.000 4.576.0 00 4 .4 3 0 .5 7 2 2.265.1 61 0 2 .1 6 5 .4 1 1 108.271 541.353 1 .5 1 5 .7 8 8 4 6 6 .3 6 4
9 .2 3 7 .2 8 5 2.981.000 8.943 .000 1.595.000 20.73 5.000 4.576.000 4 .6 6 1 .2 8 5 1.879.050 0 2 .7 8 2 .2 3 5 139 .112 695 .559 1 .9 4 7 .5 6 5 1 .4 8 1 .2 0 0
9 .4 7 3 .7 8 4 2.981 .000 5.962.000 1.595 .000 19.1 40.000 4.576 .000 4 .8 9 7 .7 8 4 1.462 .050 0 3 .4 3 5 .7 3 4 171.787 858.934 2 .4 0 5 .0 1 4 3 .8 8 6 .2 1 4
9 .7 1 6 .2 1 5 2.981 .000 2.9 81.000 1.595 .000 17.5 45.000 4.576 .000 5 .1 4 0 .2 1 5 1.011 .689 0 4 .1 2 8 .5 2 6 2 06.426 1.032 .131 2 .8 8 9 .9 6 8 6 .7 7 6 .1 8 2
- 16 -
FFK Recycling Park for HCMC – 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 Tur nove r t ot a l/ t ( € ) Turnover/ t input ( €) Turnover/ t input ( % of t ot al t urnover/ t ) Turnover/ t out put ( €) Turnover/ t out put ( % of t ot al t urnover/ t )
0 1 # D I V / 0 ! # DI V/ 0! # DI V/ 0! # DI V/ 0! # DI V/ 0!
0 2 5 0 ,3 4 10,28 20% 40,06 80%
0 3 5 2 ,9 6 10,57 20% 42,39 80%
0 4 5 5 ,4 3 10,86 20% 44,57 80%
0 5 5 7 ,8 4 11,1 7 19% 46,6 8 81%
0 6 5 2 ,8 8 11,4 8 22% 41,4 0 78%
0 7 5 4 ,0 3 11,80 2 2% 42,23 7 8%
0 8 5 5 ,2 0 1 2,13 22 % 4 3,07 78 %
0 9 5 6 ,4 1 1 2,47 22% 4 3,93 78%
1 0 5 7 ,6 3 12 ,82 22% 44 ,81 78%
Cost Bre a k Dow n
Tot al cost / t
Tot al cost / t ( % of t ot al tu rnover/ t )
Cost fix & fle x . t ot a l/ t ( € ) Cost fix & fle x . t ot a l ( % of t ot al cost / t )
Flexible cost s/ t ( €) Flexible cost s/ t ( % of t ot al cost / t ) Fix cost s/ t ( €) Fix cost s/ t (% of t ot al cost / t )
Capit a l e x pe ndit u r e s/ t Capit a l e x pe ndit u r e s ( % of t ot a l cost / t )
I nt erest debt capit al ( €) I nt erest debt capit al ( % of t ot al cost / t ) I nt erest equit y relat ed debt ( €) I nt erest equit y relat ed debt ( % of t ot al cost / t )
Ea r nin gs be for e t a x / t ( € )
# D I V / 0 ! # DI V/ 0! # D I V / 0 ! # D I V / 0 ! # DI V/ 0! # DI V/ 0! # DI V/ 0! # DI V/ 0! De pre cia t ion t ot a l/ t # D I V / 0 ! De pre cia t ion t ot a l ( % of t ot a l cost / t ) # D I V / 0 ! # DI V/ 0! Depreciat ion fixed asst es m achinery ( €) Depreciat ion fixed asst es m achinery ( % of t ot al cost / t ) # DI V/ 0! # DI V/ 0! Depreciat ion fixed asst es buildings ( €) # DI V/ 0! Depreciat ion fixed asst es buildings ( % of t ot al cost / t ) # D I V / 0 ! # D I V / 0 ! # DI V/ 0! # DI V/ 0! # DI V/ 0! # DI V/ 0! # D I V / 0 ! # DI V/ 0!
Operat ing m argin before t ax/ t ( % of t ot al t urnover/ t )
7 5 ,9 2 151% 3 4 ,0 0 4 5 % 12,25 16% 21,75 29% 2 2 ,8 8 3 0 % 14,91 20% 7,98 11% 1 9 ,0 3 2 5 % 19,03 25% 0,00 0% 2 5 ,5 7 51%
5 0 ,2 6 95% 2 9 ,3 0 5 8 % 12,50 25% 16,80 33% 1 1 ,4 4 2 3 % 7,45 15% 3,99 8% 9 ,5 2 1 9 % 8,86 18% 0,00 0% 2 ,3 5 4%
5 0 ,1 8 91% 2 9 ,8 8 6 0 % 12,75 25% 17,13 34% 1 1 ,4 4 2 3 % 7,45 15% 3,99 8% 8 ,8 6 1 8 % 8,15 16% 0,00 0% 4 ,1 7 8%
5 0 ,0 6 87% 3 0 ,4 7 6 1 % 13,00 26% 17,47 35% 1 1 ,4 4 2 3 % 7,45 15% 3,99 8% 8 ,1 5 1 6 % 7,38 15% 0,0 0 0% 5 ,9 8 10%
4 9 ,7 5 94% 3 0 ,9 3 6 2 % 13,26 27% 17,66 36% 1 1 ,4 4 2 3 % 7,45 15% 3,99 8% 7 ,3 8 1 5 % 6,56 13% 0,00 0% 2 ,7 7 5%
4 9 ,5 1 9 2% 3 1 ,5 1 6 4 % 13,53 2 7% 17,98 3 6% 1 1 ,4 4 2 3 % 7,45 1 5% 3,99 8% 6 ,5 6 1 3 % 5,66 1 1% 0,00 0% 3 ,7 9 7%
4 9 ,2 1 89 % 3 2 ,1 1 6 5 % 13,80 28 % 18,31 37 % 1 1 ,4 4 2 3 % 7,45 15 % 3,99 8 % 5 ,6 6 1 2 % 4,70 10 % 0,00 0 % 4 ,8 7 9 %
4 8 ,8 6 87% 3 2 ,7 2 6 7 % 1 4,08 29% 1 8,65 38% 1 1 ,4 4 2 3 % 7,45 15% 3,99 8% 4 ,7 0 1 0 % 3,66 7% 0,00 0% 6 ,0 1 11%
4 8 ,4 4 84% 3 3 ,3 4 6 9 % 14,36 30% 18,99 39% 1 1 ,4 4 2 4 % 7,45 15% 3,99 8% 3 ,6 6 8 % 2,53 5% 0 ,00 0% 7 ,2 2 13%
- 17 -
FFK Recycling Park for HCMC – Relevant Financial Figures
Cash Flow Account
Ca sh Flow Cash flow fr om ope ra t ing a ct ivit ie s 0 1 0 2 0 3
Result from operat ional business Depreciat ion I ncrease/ Decrease of reserves N et Ca sh from ope r a t ing a ct ivit ie s 2.977.870 0 0 2 .9 7 7 .8 7 0 5.114.994 4.576.000 0 5 3 8 .9 9 4 940.973 4.576.000 67.212 5 .5 8 4 .1 8 5 0 4 1.668.456 4.576.000 119.175 6 .3 6 3 .6 3 1 0 5 2.393.302 4.576.000 170.950 7 .1 4 0 .2 5 2 0 6 1.107.982 4.576.000 79.142 5 .7 6 3 .1 2 4 0 7 1.515.788 4.576.000 108.271 6 .2 0 0 .0 5 8 0 8 1.947.565 4.576.000 139.112 6 .6 6 2 .6 7 6 0 9 2.405.014 4.576.000 171.787 7 .1 5 2 .8 0 1 1 0 2.889.968 4.576.000 206.426 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) Fixed asset s ( buildings) N et Ca sh from inv e st ing a ct ivit ie s 11.924.000 12.760.000 2 4 .6 8 4 .0 0 0 14.905.000 15.950.000 3 0 .8 5 5 .0 0 0 2.981.000 3.190.000 6 .1 7 1 .0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 N ew e x t e r na l fina ncing de m a nd
Dem and for debt cash Dem and for equit y cash 27.661.870 2 7 .6 6 1 .8 7 0 20.746.403 6.915.468 31.393.994 3 0 .4 7 0 .9 6 9 22.853.227 7.617.742 586.815 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash flow fr om fina ncing a ct ivit ie s
Net Cash before financing act ivit ies I ssuance of long t erm debt at beginning of period Am ort izat ion I ssuance of equit y at beginning of period N et Ca sh from f in a ncing a ct iv it ie s 27.661.870 20.500.000 1.415.105 9.500.000 2 8 .5 8 4 .8 9 5 30.470.969 28.500.000 3.284.761 10.500.000 3 5 .7 1 5 .2 3 9 4.133.028 0 3.547.542 0 3 .5 4 7 .5 4 2 6.949.117 0 3.831.345 0 3 .8 3 1 .3 4 5 9.946.247 0 4.137.853 0 4 .1 3 7 .8 5 3 10.990.678 0 4.468.881 0 4 .4 6 8 .8 8 1 12.069.676 0 4.826.392 0 4 .8 2 6 .3 9 2 13.181.632 0 5.212.503 0 5 .2 1 2 .5 0 3 14.325.017 0 5.629.503 0 5 .6 2 9 .5 0 3 15.498.357 0 6.079.863 0 6 .0 7 9 .8 6 3
D ebt ca pit a l se rv ice
Tot al debt at beginning of period Annuit y debt capit al I nt erest debt capit al Residual value at end of period Am ort izat ion 20.500.000 3.055.105 1.640.000 19.084.895 1.415.105 47.584.895 7.091.553 3.806.792 44.300.134 3.284.761 44.300.134 7.091.553 3.544.011 40.752.593 3.547.542 40.752.593 7.091.553 3.260.207 36.921.247 3.831.345 36.921.247 7.091.553 2.953.700 32.783.395 4.137.853 32.783.395 7.091.553 2.622.672 28.314.513 4.468.881 28.314.513 7.091.553 2.265.161 23.488.122 4.826.392 23.488.122 7.091.553 1.879.050 18.275.619 5.212.503 18.275.619 7.091.553 1.462.050 12.646.116 5.629.503 12.646.116 7.091.553 1.011.689 6.566.252 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 Dividends N et Ca sh from sha r e holde r a ct iv it ie s 923.025 0 0 5.244.270 524.427 5 2 4 .4 2 7 585.486 0 0 3.117.772 311.777 3 1 1 .7 7 7 5.808.394 580.839 5 8 0 .8 3 9 6.521.797 652.180 6 5 2 .1 8 0 7.243.284 724.328 7 2 4 .3 2 8 7.969.129 796.913 7 9 6 .9 1 3 8.695.514 869.551 8 6 9 .5 5 1 9.418.493 941.849 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 Cash a nd ca sh e quiva le nt s a t e nd of pe riod 30.000.000 9 2 3 .0 2 5 923.025 4 .7 1 9 .8 4 3 4.719.843 5 8 5 .4 8 6 585.486 2 .8 0 5 .9 9 5 2.805.995 5 .2 2 7 .5 5 5 5.227.555 5 .8 6 9 .6 1 7 5.869.617 6 .5 1 8 .9 5 6 6.518.956 7 .1 7 2 .2 1 6 7.172.216 7 .8 2 5 .9 6 2 7.825.962 8 .4 7 6 .6 4 4
- 18 -
FFK Recycling Park for HCMC – Relevant Financial Figures
Balance Sheet and Relevant Figures
Ba la nce shee t
0 2
0 4
0 5
0 6
0 7
0 8
0 9
1 0
Asse t s Cash Account s receivable Fixed asset s m achinery Fixed asset s buildings
st a r t 30.000.000 0 0 0
0 1 923.025 0 29.810.000 31.900.000
4.719.843 0 26.829.000 30.305.000
7.172.216 0 8.943.000 20.735.000
6.518.956 0 11.924.000 22.330.000
2.805.995 0 20.867.000 27.115.000
7.825.962 0 5.962.000 19.140.000
5.869.617 0 14.905.000 23.925.000
0 3 585.486 0 23.848.000 28.710.000
8.476.644 5.227.555 0 0 2.981.000 17.886.000 17.545.000 25.520.000 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
Asse t s t ot a l Liabilit ie s
Account s payable Longt erm debt s Reserve pot . liabilit ies Equit y Profit / loss from period Shareholder act ivit ies Shareholder capit al
0 20.500.000 0 9.500.000 0 0 9.500.000
0 18.275.619 683.862 17.890.735 1.947.565 796.913 0
0 23.488.122 544.750 16.740.084 1.515.788 724.328 0
6.171.000 44.300.134 0 11.382.709 5.114.994 524.427 10.500.000
37.026.000 19.084.895 0 6.522.130 2.977.870 0 9.500.000
0 32.783.395 357.338 15.492.822 2.393.302 580.839 0
0 28.314.513 436.479 15.948.625 1.107.982 652.180 0
0 12.646.116 855.648 19.426.198 2.405.014 869.551 0
0 40.752.593 67.212 12.323.681 940.973 0 0
0 36.921.247 186.388 13.680.360 1.668.456 311.777 0
Liabilit ie s t ot a l
0 6.566.252 1.062.075 21.374.317 2.889.968 941.849 0 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
0 1
0 2
0 3
0 4
0 5
0 6
0 7
0 8
0 9
1 0
2% 46%
# DI V/ 0!
Ret urn on asset s Ret urn on equit y Profit t urnover rat io Equit y rat io
n.a. n.a. n.a. 32%
10%
2% 45% 51% 18%
8% 8% 4% 23%
10% 12% 8% 27%
11% 15% 10% 32%
8% 7% 5% 36%
9% 9% 7% 41%
10% 11% 9% 49%
12% 12% 11% 59%
13% 14% 13% 74%
