zde - InvestForExcel

BASIC VALUES
Project description
Investice do fotovoltaické elektrárny - 1MW
1
#
#
Calculation phase
Description
Calculation term, years
1
Výstavba
1 year
2
Provoz
20 years
21 years
1
Interval length, months
Number of intervals
12
1
12
20
21
0
Total
(MM/YYYY)
Calculation term begins
Calculation point
Calculation term ends
01/2009
01/2009
12/2029
(in the beginning of period)
(in the beginning of period)
(in the end of the period)
Figures (1/1000/1000000)
Currency
1
CZK
Discount rate (per annum)
Per interval
5,52%
5,52%
2009
2010
Income tax %
5,52
% (required rate of return)
0
2011
0
0
Invest for Excel
( = 0,45% per month )
Solar_inv_34
2012
0
0
2013 ->
0
0
0
0
0
29.12.2008
CONTACT INFORMATION
Project description
Proposed Investments
Fotovoltaická elektrárna - základní scénář
106 000 000 CZK
Contact person
Contact info
Date
Ing. Lubomír Pieš
Tel.: +420 605 881 709
Email: [email protected]
www.investforexcel.webnode.cz
28.12.2008
Comments
vstupy/proměnné: Investiční náklady (solární panely, stavební náklady, pozemek,
Calculation term: 21,0 years
1/2009 - 12/2029
poradenství), Provozní náklady (pojištění, fond oprav, alternativně pronájem pozemku,
odborné práce, administrativa, ostatní), Financování - podíl vlastní kapitál a úvěr,
úroková sazba, délka financování, diskontní sazba), Daně (odpisová metoda, odpisová
sazba, daňová sazba, daňové prázdniny, atd.), Ceny (výkupní ceny, cenový index,
inflace), Technické údaje (účinnost proměny sluneční energie, snížení účinnosti, …)
Calculation file
Invest for Excel
C:\Documents and Settings\Crionna\Dokumenty\Personal\My_Business\DataPartner\MyWebsite\Priklad\Solar_inv_34_base.xls
Solar_inv_34_base
29.12.2008
INVESTMENTS (-) / REALIZATIONS (+)
CZK
Imputed depreciation
Months per interval
1 Solární panely
Depreciation (straight line)
2 Ostatní (přípojka, stavební práce, …)
Depreciation (straight line)
3 Pozemek
Depreciation (straight line)
Investments
Realizations
Depreciation
Realization profit (+) / loss (-)
Book value
Invest for Excel
1/2009
Depr.-%
12/2009
12
-87 500 000
5,00%
12/2010
12
12/2011
12
12/2012
12
12/2013
12
12/2014
12
12/2015
12
12/2016
12
12/2017
12
12/2018
12
-2 187 500
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
0
0
-3 062 500
0
102 937 500
0
0
-5 250 000
0
97 687 500
0
0
-5 250 000
0
92 437 500
0
0
-5 250 000
0
87 187 500
0
0
-5 250 000
0
81 937 500
0
0
-5 250 000
0
76 687 500
0
0
-5 250 000
0
71 437 500
0
0
-5 250 000
0
66 187 500
0
0
-5 250 000
0
60 937 500
-17 500 000
5,00%
-1 000 000
0,00%
0
0
0
0
0
-106 000 000
0
0
0
106 000 000
Solar_inv_34
29.12.2008
INVESTMENTS (-) / REALIZATIONS (+)
CZK
Imputed depreciation
Months per interval
1 Solární panely
Depreciation (straight line)
2 Ostatní (přípojka, stavební práce, …)
Depreciation (straight line)
3 Pozemek
Depreciation (straight line)
Investments
Realizations
Depreciation
Realization profit (+) / loss (-)
Book value
Invest for Excel
12/2019
12
12/2020
12
12/2021
12
12/2022
12
12/2023
12
12/2024
12
12/2025
12
12/2026
12
12/2027
12
12/2028
12
12/2029
12
5,00%
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
-4 375 000
5,00%
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
-875 000
0
0
-5 250 000
0
55 687 500
0
0
-5 250 000
0
50 437 500
0
0
-5 250 000
0
45 187 500
0
0
-5 250 000
0
39 937 500
0
0
-5 250 000
0
34 687 500
0
0
-5 250 000
0
29 437 500
0
0
-5 250 000
0
24 187 500
0
0
-5 250 000
0
18 937 500
0
0
-5 250 000
0
13 687 500
0
0
-5 250 000
0
8 437 500
0
0
-5 250 000
0
3 187 500
Depr.-%
0,00%
Solar_inv_34
29.12.2008
INCOME STATEMENT
CZK
Months per interval
Income specified:
Výnosy z prodeje energie
+
Instalovaný výkon, kWp
*
Účinnost, kWh p.a.
*
Prodejní cena
+
Garantovaná cena
*
Cenový index
1/2009
12/2009
12
0
0
Parametry
0
12 535 479
12 657 035
12 778 439
12 899 637
13 020 571
13 141 183
1 000
1 000
1 000
1 000
1 000
1 000
980
970
960
950
941
931
12/2016
12
12/2017
12
12/2018
12
12/2019
12
12/2020
12
12/2021
12
12/2022
12
12/2023
12
12/2024
12
13 261 410
13 381 191
13 500 458
13 619 143
13 737 176
13 854 482
13 970 986
14 086 608
14 201 266
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
921
911
901
891
881
871
861
851
842
13
13
13
14
14
14
14
15
15
15
16
16
16
17
17
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
12,79
1,00
1,02
1,04
1,06
1,08
1,10
1,13
1,15
1,17
1,20
1,22
1,24
1,27
1,29
1,32
0
0
0
0
0
0
0
0
0
0
0
0
0
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
Snížení účinnosti, % p.a.
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
Technické ztráty, % p.a.
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
0
0
12 535 479
12 535 479
12 657 035
12 657 035
12 778 439
12 778 439
12 899 637
12 899 637
13 020 571
13 020 571
13 141 183
13 141 183
13 261 410
13 261 410
13 381 191
13 381 191
13 500 458
13 500 458
13 619 143
13 619 143
13 737 176
13 737 176
13 854 482
13 854 482
13 970 986
13 970 986
14 086 608
14 086 608
14 201 266
14 201 266
0
0
-250 000
-100 000
-255 000
-102 000
-260 100
-104 040
-265 302
-106 121
-270 608
-108 243
-276 020
-110 408
-281 541
-112 616
-287 171
-114 869
-292 915
-117 166
-298 773
-119 509
-304 749
-121 899
-310 844
-124 337
-317 060
-126 824
-323 402
-129 361
-329 870
-131 948
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
-100
-150 000
-102
-153 000
-104
-156 060
-106
-159 181
-108
-162 365
-110
-165 612
-113
-168 924
-115
-172 303
-117
-175 749
-120
-179 264
-122
-182 849
-124
-186 506
-127
-190 236
-129
-194 041
-132
-197 922
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
1 000
-150
0
-153
0
-156
0
-159
0
-162
0
-166
0
-169
0
-172
0
-176
0
-179
0
-183
0
-187
0
-190
0
-194
0
-198
0
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
10 000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12 285 479
12 285 479
98,0%
-86 000
-28 000
12 402 035
12 402 035
98,0%
-87 720
-28 560
12 518 339
12 518 339
98,0%
-89 474
-29 131
12 634 335
12 634 335
97,9%
-91 264
-29 714
12 749 963
12 749 963
97,9%
-93 089
-30 308
12 865 162
12 865 162
97,9%
-94 951
-30 914
12 979 870
12 979 870
97,9%
-96 850
-31 533
13 094 020
13 094 020
97,9%
-98 787
-32 163
13 207 543
13 207 543
97,8%
-100 763
-32 806
13 320 370
13 320 370
97,8%
-102 778
-33 463
13 432 427
13 432 427
97,8%
-104 834
-34 132
13 543 639
13 543 639
97,8%
-106 930
-34 814
13 653 925
13 653 925
97,7%
-109 069
-35 511
13 763 206
13 763 206
97,7%
-111 250
-36 221
13 871 397
13 871 397
97,7%
-113 475
-36 945
80
80
80
80
80
80
80
80
80
80
80
80
80
80
80
0
-350
-8 000
-357
-8 160
-364
-8 323
-371
-8 490
-379
-8 659
-386
-8 833
-394
-9 009
-402
-9 189
-410
-9 373
-418
-9 561
-427
-9 752
-435
-9 947
-444
-10 146
-453
-10 349
-462
-10 556
87 500
Instalovaný výkon, kWp
Pojištění, Kč/kWp p.a.
Fond oprav
+
Instalovaný výkon, kWp
*
Fond oprav, Kč/kWp p.a.
Pronájem pozemku
+
Pozemek
*
Cena
0
0
Gross margin
(cumulative financial year)
% (cumulative financial year)
Fixed costs
Odborné práce
*
12/2015
12
0
Income
(cumulative financial year)
Other operating income
Variable costs
Pojištění
+
12/2014
12
1 000
Investice
*
12/2013
12
0
0
Nominální účinnost, kWh p.a.
+
12/2012
12
0
Účinnost
*
12/2011
12
1 000
Instalovaný výkon, kWp
+
12/2010
12
0
0
Časový fond, h p.a.
Sazba, Kč/h
Administrativa
Časový fond, h p.a.
Sazba, Kč/h
Ostatní
40
40
40
40
40
40
40
40
40
40
40
40
40
40
40
-200
-50 000
-204
-51 000
-208
-52 020
-212
-53 060
-216
-54 122
-221
-55 204
-225
-56 308
-230
-57 434
-234
-58 583
-239
-59 755
-244
-60 950
-249
-62 169
-254
-63 412
-259
-64 680
-264
-65 974
EBITDA; Operating income before depreciation
0
12 199 479
12 314 315
12 428 865
12 543 071
12 656 874
12 770 211
12 883 020
12 995 233
13 106 781
13 217 592
13 327 594
13 436 708
13 544 857
13 651 956
13 757 921
(cumulative financial year)
% (cumulative financial year)
Depreciation
EBIT; Operating income
(cumulative financial year)
% (cumulative financial year)
Financing income and expenses
Financing income and expenses
Financing income and expenses Financing file
EBT; Income after financing items
Extraordinary income and charges
Realization profit (-loss)
Other extraordinary income (-charges )
Income before appropriations and taxes
Change in provisions
Provisions, increase (-) / decrease (+)
Income tax
Minority interest
Net income for the period
(cumulative financial year)
% (cumulative financial year)
Return on net assets (RONA), %
Economic Value Added (EVA)
0
12 314 315
97,3%
-5 250 000
7 064 315
7 064 315
55,8%
-4 869 405
12 428 865
97,3%
-5 250 000
7 178 865
7 178 865
56,2%
-4 637 695
12 543 071
97,2%
-5 250 000
7 293 071
7 293 071
56,5%
-4 392 082
12 656 874
97,2%
-5 250 000
7 406 874
7 406 874
56,9%
-4 131 733
12 770 211
97,2%
-5 250 000
7 520 211
7 520 211
57,2%
-3 855 762
12 883 020
97,1%
-5 250 000
7 633 020
7 633 020
57,6%
-3 563 233
12 995 233
97,1%
-5 250 000
7 745 233
7 745 233
57,9%
-3 253 153
13 106 781
97,1%
-5 250 000
7 856 781
7 856 781
58,2%
-2 924 468
13 217 592
97,1%
-5 250 000
7 967 592
7 967 592
58,5%
-2 576 061
13 327 594
97,0%
-5 250 000
8 077 594
8 077 594
58,8%
-2 206 750
13 436 708
97,0%
-5 250 000
8 186 708
8 186 708
59,1%
-1 815 281
13 544 857
96,9%
-5 250 000
8 294 857
8 294 857
59,4%
-1 400 323
13 651 956
96,9%
-5 250 000
8 401 956
8 401 956
59,6%
-960 468
13 757 921
96,9%
-5 250 000
8 507 921
8 507 921
59,9%
-494 221
Invest for Excel
0
0
0
0
0
0
0
12 199 479
97,3%
-3 062 500
9 136 979
9 136 979
72,9%
-5 088 000
0
0
0
0
0
0
0
-5 088 000
4 048 979
0
0
-4 869 405
2 194 910
0
0
-4 637 695
2 541 170
0
0
-4 392 082
2 900 989
0
0
-4 131 733
3 275 141
0
0
-3 855 762
3 664 449
0
0
-3 563 233
4 069 786
0
0
-3 253 153
4 492 080
0
0
-2 924 468
4 932 313
0
0
-2 576 061
5 391 531
0
0
-2 206 750
5 870 844
0
0
-1 815 281
6 371 428
0
0
-1 400 323
6 894 534
0
0
-960 468
7 441 488
0
0
-494 221
8 013 700
0
0
0
0
0
0
4 048 979
0
2 194 910
0
2 541 170
0
2 900 989
0
3 275 141
0
3 664 449
0
4 069 786
0
4 492 080
0
4 932 313
0
5 391 531
0
5 870 844
0
6 371 428
0
6 894 534
0
7 441 488
0
8 013 700
0
-769 534
-854 655
-943 337
-1 035 786
-1 132 222
-1 232 877
-1 338 000
-1 447 852
-1 562 713
-1 682 877
0
0
4 048 979
4 048 979
32,3%
8,7 %
3 370 304
2 194 910
2 194 910
17,3%
7,0 %
1 527 065
2 541 170
2 541 170
19,9%
7,6 %
1 931 415
2 900 989
2 900 989
22,5%
8,1 %
2 335 421
3 275 141
3 275 141
25,2%
8,8 %
2 739 024
2 894 915
2 894 915
22,0%
9,5 %
2 372 627
3 215 131
3 215 131
24,2%
10,3 %
2 690 115
3 548 743
3 548 743
26,5%
11,3 %
3 003 446
3 896 527
3 896 527
28,9%
12,4 %
3 312 345
4 259 310
4 259 310
31,3%
13,7 %
3 616 521
4 637 967
4 637 967
33,8%
15,2 %
3 915 667
5 033 428
5 033 428
36,3%
17,1 %
4 209 459
5 446 682
5 446 682
39,0%
19,5 %
4 497 555
5 878 776
5 878 776
41,7%
22,5 %
4 779 593
6 330 823
6 330 823
44,6%
26,5 %
5 055 194
0
0
0
0,0 %
-5 851 200
Solar_inv_34
29.12.2008
INCOME STATEMENT
CZK
Months per interval
Income specified:
Výnosy z prodeje energie
+
Instalovaný výkon, kWp
*
Účinnost, kWh p.a.
*
Prodejní cena
+
Garantovaná cena
*
Cenový index
Parametry
12/2025
12
12/2026
12
12/2027
12
12/2028
12
12/2029
12
14 314 876
14 427 350
14 538 597
14 648 523
14 757 031
1 000
1 000
1 000
1 000
1 000
832
822
812
802
Residual
(12/2029)
792
17
18
18
18
19
12,79
12,79
12,79
12,79
12,79
1,35
1,37
1,40
1,43
1,46
0
0
0
0
0
1 000
1 000
1 000
1 000
1 000
0
0
0
0
0
1 000
1 000
1 000
1 000
1 000
Snížení účinnosti, % p.a.
16%
17%
18%
19%
20%
Technické ztráty, % p.a.
1%
1%
1%
1%
1%
14 314 876
14 314 876
14 427 350
14 427 350
14 538 597
14 538 597
14 648 523
14 648 523
14 757 031
14 757 031
0
-336 467
-134 587
-343 196
-137 279
-350 060
-140 024
-357 062
-142 825
-364 203
-145 681
0
1 000
1 000
1 000
1 000
1 000
-135
-201 880
-137
-205 918
-140
-210 036
-143
-214 237
-146
-218 522
Instalovaný výkon, kWp
Účinnost
Nominální účinnost, kWh p.a.
Investice
Income
(cumulative financial year)
Other operating income
Variable costs
Pojištění
+
*
Instalovaný výkon, kWp
Pojištění, Kč/kWp p.a.
Fond oprav
+
Instalovaný výkon, kWp
1 000
1 000
1 000
1 000
1 000
*
Fond oprav, Kč/kWp p.a.
Pronájem pozemku
-202
0
-206
0
-210
0
-214
0
-219
0
10 000
10 000
10 000
10 000
10 000
0
0
0
0
0
13 978 409
13 978 409
97,6%
-115 745
-37 684
14 084 154
14 084 154
97,6%
-118 060
-38 438
14 188 537
14 188 537
97,6%
-120 421
-39 207
14 291 462
14 291 462
97,6%
-122 829
-39 991
14 392 828
14 392 828
97,5%
-125 286
-40 791
+
Pozemek
*
Cena
Gross margin
(cumulative financial year)
% (cumulative financial year)
Fixed costs
Odborné práce
+
0
80
80
80
80
80
Sazba, Kč/h
Administrativa
-471
-10 767
-480
-10 982
-490
-11 202
-500
-11 426
-510
-11 654
40
40
40
40
40
Sazba, Kč/h
Ostatní
-269
-67 293
-275
-68 639
-280
-70 012
-286
-71 412
-291
-72 841
EBITDA; Operating income before depreciation
13 862 665
13 966 094
14 068 116
14 168 633
14 267 542
(cumulative financial year)
% (cumulative financial year)
Depreciation
EBIT; Operating income
(cumulative financial year)
% (cumulative financial year)
Financing income and expenses
Financing income and expenses
Financing income and expenses Financing file
EBT; Income after financing items
Extraordinary income and charges
Realization profit (-loss)
Other extraordinary income (-charges )
Income before appropriations and taxes
Change in provisions
Provisions, increase (-) / decrease (+)
Income tax
Minority interest
Net income for the period
(cumulative financial year)
% (cumulative financial year)
Return on net assets (RONA), %
Economic Value Added (EVA)
13 862 665
96,8%
-5 250 000
8 612 665
8 612 665
60,2%
0
13 966 094
96,8%
-5 250 000
8 716 094
8 716 094
60,4%
0
14 068 116
96,8%
-5 250 000
8 818 116
8 818 116
60,7%
0
14 168 633
96,7%
-5 250 000
8 918 633
8 918 633
60,9%
0
14 267 542
96,7%
-5 250 000
9 017 542
9 017 542
61,1%
0
0
0
8 612 665
0
0
0
8 716 094
0
0
0
8 818 116
0
0
0
8 918 633
0
0
0
9 017 542
0
0
0
0
0
8 612 665
0
8 716 094
0
8 818 116
0
8 918 633
0
9 017 542
0
0
0
-1 808 660
-1 830 380
-1 851 804
-1 872 913
-1 893 684
0
6 804 005
6 804 005
47,5%
32,1 %
5 323 955
6 885 715
6 885 715
47,7%
40,4 %
5 695 465
6 966 312
6 966 312
47,9%
54,1 %
6 065 862
7 045 720
7 045 720
48,1%
80,6 %
6 435 070
7 123 859
7 123 859
48,3%
155,1 %
6 803 009
0
7 123 859
*
+
*
Invest for Excel
Časový fond, h p.a.
0
Časový fond, h p.a.
Solar_inv_34
0
0
0
0,0 %
0
29.12.2008
CASH FLOW STATEMENT
CZK
1/2009
Months per interval
12/2009
12/2010
12/2011
12/2012
12/2013
12/2014
12/2015
12/2016
12/2017
12/2018
12/2019
12/2020
12/2021
12/2022
12/2023
12/2024
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
0
0
0
0
0
0
12 535 479
-250 000
-86 000
0
0
0
12 657 035
-255 000
-87 720
0
0
0
12 778 439
-260 100
-89 474
0
0
0
12 899 637
-265 302
-91 264
0
0
0
13 020 571
-270 608
-93 089
0
0
0
13 141 183
-276 020
-94 951
0
-769 534
0
13 261 410
-281 541
-96 850
0
-854 655
0
13 381 191
-287 171
-98 787
0
-943 337
0
13 500 458
-292 915
-100 763
0
-1 035 786
0
13 619 143
-298 773
-102 778
0
-1 132 222
0
13 737 176
-304 749
-104 834
0
-1 232 877
0
13 854 482
-310 844
-106 930
0
-1 338 000
0
13 970 986
-317 060
-109 069
0
-1 447 852
0
14 086 608
-323 402
-111 250
0
-1 562 713
0
14 201 266
-329 870
-113 475
0
-1 682 877
0
12 075 044
Cash flow from operations
Income
Variable costs
Fixed costs
Extraordinary income & expenses
Income tax
Change in working capital
0
0
0
0
0
0
Cash flow from operations
0
0
12 199 479
12 314 315
12 428 865
12 543 071
12 656 874
12 000 677
12 028 365
12 051 896
12 070 995
12 085 371
12 094 717
12 098 709
12 097 005
12 089 243
Asset investments and realizations
0
-106 000 000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Free cash flow (FCF)
0
-106 000 000
12 199 479
12 314 315
12 428 865
12 543 071
12 656 874
12 000 677
12 028 365
12 051 896
12 070 995
12 085 371
12 094 717
12 098 709
12 097 005
12 089 243
12 075 044
Discounted free cash flow (DFCF)
0
-100 454 890
10 956 497
10 481 077
10 025 184
9 588 043
9 168 911
8 238 768
7 825 793
7 430 916
7 053 347
6 692 330
6 347 143
6 017 095
5 701 523
5 399 796
5 111 310
Cumulative discounted free cash flow
0
-100 454 890
-89 498 393
-79 017 316
-68 992 132
-59 404 089
-50 235 178
-41 996 410
-34 170 618
-26 739 702
-19 686 356
-12 994 025
-6 646 882
-629 787
5 071 736
10 471 532
15 582 842
Financial cash flow
Financial income and expenses
Correction of income tax for financial items
Equity, increase (+) / decrease (-)
Long-term debt, increase (+) / decrease (-)
Changes in interest-bearing long-term debt
Long-term debt, increase (+) / decrease (-)
Changes in long-term debt, ProFinance
Changes in interest-free long-term debt
Changes in short-term borrowings
21 200 000
0
0
21 200 000
0
0
84 800 000
0
0
0
84 800 000
84 800 000
-8 731 242
-5 088 000
0
0
-3 643 242
-3 643 242
-8 731 242
-4 869 405
0
0
-3 861 837
-3 861 837
-8 731 242
-4 637 695
0
0
-4 093 547
-4 093 547
-8 731 242
-4 392 082
0
0
-4 339 160
-4 339 160
-8 731 242
-4 131 733
0
0
-4 599 510
-4 599 510
-8 731 242
-3 855 762
0
0
-4 875 480
-4 875 480
-8 731 242
-3 563 233
0
0
-5 168 009
-5 168 009
-8 731 242
-3 253 153
0
0
-5 478 089
-5 478 089
-8 731 242
-2 924 468
0
0
-5 806 775
-5 806 775
-8 731 242
-2 576 061
0
0
-6 155 181
-6 155 181
-8 731 242
-2 206 750
0
0
-6 524 492
-6 524 492
-8 731 242
-1 815 281
0
0
-6 915 962
-6 915 962
-8 731 242
-1 400 323
0
0
-7 330 919
-7 330 919
-8 731 242
-960 468
0
0
-7 770 775
-7 770 775
-8 731 242
-494 221
0
0
-8 237 021
-8 237 021
0
84 800 000
-3 643 242
-3 861 837
-4 093 547
-4 339 160
-4 599 510
-4 875 480
-5 168 009
-5 478 089
-5 806 775
-6 155 181
-6 524 492
-6 915 962
-7 330 919
-7 770 775
-8 237 021
Total cash flow
21 200 000
-21 200 000
3 468 237
3 583 073
3 697 623
3 811 829
3 925 631
3 269 435
3 297 122
3 320 653
3 339 752
3 354 128
3 363 474
3 367 466
3 365 762
3 358 001
3 343 802
Cumulative total cash flow
21 200 000
0
3 468 237
7 051 309
10 748 932
14 560 761
18 486 392
21 755 827
25 052 949
28 373 603
31 713 355
35 067 484
38 430 958
41 798 424
45 164 186
48 522 187
51 865 989
Information
Invest for Excel
Solar_inv_34
29.12.2008
CASH FLOW STATEMENT
CZK
12/2025
12/2026
12/2027
12/2028
12/2029
Residual
12
12
12
12
12
(12/2029)
Cash flow from operations
Income
Variable costs
Fixed costs
Extraordinary income & expenses
Income tax
Change in working capital
14 314 876
-336 467
-115 745
0
-1 808 660
0
14 427 350
-343 196
-118 060
0
-1 830 380
0
14 538 597
-350 060
-120 421
0
-1 851 804
0
14 648 523
-357 062
-122 829
0
-1 872 913
0
14 757 031
-364 203
-125 286
0
-1 893 684
0
0
0
0
0
0
0
Cash flow from operations
12 054 005
12 135 715
12 216 312
12 295 720
12 373 859
0
0
0
0
0
0
3 187 500
12 054 005
12 135 715
12 216 312
12 295 720
12 373 859
3 187 500
4 835 485
4 613 593
4 401 282
4 198 153
4 003 822
1 031 383
20 418 328
25 031 920
29 433 203
33 631 356
37 635 178
38 666 560
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
0
0
0
0
0
0
0
0
0
0
Total cash flow
12 054 005
12 135 715
12 216 312
12 295 720
12 373 859
3 187 500
Cumulative total cash flow
63 919 994
76 055 709
88 272 021
100 567 741
112 941 599
116 129 099
Months per interval
Asset investments and realizations
Free cash flow (FCF)
Discounted free cash flow (DFCF)
Cumulative discounted free cash flow
Information
Financial cash flow
Financial income and expenses
Correction of income tax for financial items
Equity, increase (+) / decrease (-)
Long-term debt, increase (+) / decrease (-)
Changes in interest-bearing long-term debt
Long-term debt, increase (+) / decrease (-)
Changes in long-term debt, ProFinance
Changes in interest-free long-term debt
Changes in short-term borrowings
Invest for Excel
Solar_inv_34
29.12.2008
BALANCE SHEET
CZK
Months per interval
ASSETS
Fixed assets and other non-current assets
Opening balance
1/2009
12/2009
12
12/2010
12
12/2011
12
12/2012
12
12/2013
12
12/2014
12
12/2015
12
12/2016
12
12/2017
12
12/2018
12
12/2019
12
12/2020
12
12/2021
12
12/2022
12
12/2023
12
12/2024
12
21 200 000
106 000 000
106 405 737
104 738 809
103 186 432
101 748 261
100 423 892
98 443 327
96 490 449
94 561 103
92 650 855
90 754 984
88 868 458
86 985 924
85 101 686
83 209 687
81 303 489
29 437 500
0
106 000 000
102 937 500
97 687 500
92 437 500
87 187 500
81 937 500
76 687 500
71 437 500
66 187 500
60 937 500
55 687 500
50 437 500
45 187 500
39 937 500
34 687 500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tangible assets
0
106 000 000
102 937 500
97 687 500
92 437 500
87 187 500
81 937 500
76 687 500
71 437 500
66 187 500
60 937 500
55 687 500
50 437 500
45 187 500
39 937 500
34 687 500
29 437 500
Investments
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Intangible assets
Total fixed assets and other non-current assets
0
106 000 000
102 937 500
97 687 500
92 437 500
87 187 500
81 937 500
76 687 500
71 437 500
66 187 500
60 937 500
55 687 500
50 437 500
45 187 500
39 937 500
34 687 500
29 437 500
21 200 000
0
3 468 237
7 051 309
10 748 932
14 560 761
18 486 392
21 755 827
25 052 949
28 373 603
31 713 355
35 067 484
38 430 958
41 798 424
45 164 186
48 522 187
51 865 989
Inventories and work in progress
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Accounts receivable
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other receivables
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bank and cash
21 200 000
0
3 468 237
7 051 309
10 748 932
14 560 761
18 486 392
21 755 827
25 052 949
28 373 603
31 713 355
35 067 484
38 430 958
41 798 424
45 164 186
48 522 187
51 865 989
Total Current Assets
21 200 000
0
3 468 237
7 051 309
10 748 932
14 560 761
18 486 392
21 755 827
25 052 949
28 373 603
31 713 355
35 067 484
38 430 958
41 798 424
45 164 186
48 522 187
51 865 989
Current Assets
ASSETS
21 200 000
106 000 000
106 405 737
104 738 809
103 186 432
101 748 261
100 423 892
98 443 327
96 490 449
94 561 103
92 650 855
90 754 984
88 868 458
86 985 924
85 101 686
83 209 687
81 303 489
SHAREHOLDERS' EQUITY AND LIABILITIES
21 200 000
106 000 000
106 405 737
104 738 809
103 186 432
101 748 261
100 423 892
98 443 327
96 490 449
94 561 103
92 650 855
90 754 984
88 868 458
86 985 924
85 101 686
83 209 687
81 303 489
Shareholders' equity
21 200 000
21 200 000
25 248 979
27 443 889
29 985 058
32 886 047
36 161 188
39 056 103
42 271 234
45 819 977
49 716 505
53 975 814
58 613 781
63 647 209
69 093 891
74 972 666
81 303 489
Share capital
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
Share issue premium
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other restricted equity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Retained earnings
0
0
0
4 048 979
6 243 889
8 785 058
11 686 047
14 961 188
17 856 103
21 071 234
24 619 977
28 516 505
32 775 814
37 413 781
42 447 209
47 893 891
53 772 666
Profit (loss) for the period
0
0
4 048 979
2 194 910
2 541 170
2 900 989
3 275 141
2 894 915
3 215 131
3 548 743
3 896 527
4 259 310
4 637 967
5 033 428
5 446 682
5 878 776
6 330 823
Total shareholders' equity
0
21 200 000
21 200 000
25 248 979
27 443 889
29 985 058
32 886 047
36 161 188
39 056 103
42 271 234
45 819 977
49 716 505
53 975 814
58 613 781
63 647 209
69 093 891
74 972 666
81 303 489
Accumulated provisions
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Minority interest
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Liabilities
0
84 800 000
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
42 934 351
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
0
Long-term liabilities
0
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
42 934 351
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
0
0
Short-term liabilities
0
3 643 242
3 861 837
4 093 547
4 339 160
4 599 510
4 875 480
5 168 009
5 478 089
5 806 775
6 155 181
6 524 492
6 915 962
7 330 919
7 770 775
8 237 021
0
Total liabilities
0
84 800 000
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
42 934 351
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
0
21 200 000
106 000 000
106 405 737
104 738 809
103 186 432
101 748 261
100 423 892
98 443 327
96 490 449
94 561 103
92 650 855
90 754 984
88 868 458
86 985 924
85 101 686
83 209 687
81 303 489
SHAREHOLDERS' EQUITY AND LIABILITIES
Invest for Excel
Solar_inv_34
29.12.2008
BALANCE SHEET
CZK
Months per interval
ASSETS
Fixed assets and other non-current assets
Intangible assets
Tangible assets
12/2025
12
12/2026
12
12/2027
12
12/2028
12
12/2029
12
Residual
(12/2029)
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
24 187 500
18 937 500
13 687 500
8 437 500
3 187 500
0
0
0
0
0
0
0
24 187 500
18 937 500
13 687 500
8 437 500
3 187 500
0
0
0
0
0
0
0
24 187 500
18 937 500
13 687 500
8 437 500
3 187 500
0
63 919 994
76 055 709
88 272 021
100 567 741
112 941 599
116 129 099
Inventories and work in progress
0
0
0
0
0
0
Accounts receivable
0
0
0
0
0
0
Other receivables
0
0
0
0
0
0
Bank and cash
63 919 994
76 055 709
88 272 021
100 567 741
112 941 599
116 129 099
Total Current Assets
63 919 994
76 055 709
88 272 021
100 567 741
112 941 599
116 129 099
Investments
Total fixed assets and other non-current assets
Current Assets
ASSETS
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
SHAREHOLDERS' EQUITY AND LIABILITIES
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
Shareholders' equity
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
Share capital
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
21 200 000
0
0
0
0
0
Share issue premium
Other restricted equity
0
0
0
0
0
0
0
60 103 489
66 907 494
73 793 209
80 759 521
87 805 241
87 805 241
Profit (loss) for the period
6 804 005
6 885 715
6 966 312
7 045 720
7 123 859
7 123 859
Total shareholders' equity
Retained earnings
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
Accumulated provisions
0
0
0
0
0
0
Minority interest
0
0
0
0
0
0
Liabilities
0
0
0
0
0
0
Long-term liabilities
0
0
0
0
0
0
Short-term liabilities
0
0
0
0
0
0
Total liabilities
0
0
0
0
0
0
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
116 129 099
SHAREHOLDERS' EQUITY AND LIABILITIES
Invest for Excel
Opening balance
Solar_inv_34
29.12.2008
Commercial Loan
Project
Investice do fotovoltaické elektrárny - 1MW
Financing description
Úvěr ve výši 80% celkových investičních nákladů
Total amount
84 800 000 CZK
% of total financing
Currency
CZK
Year
2008
100,00 %
Financial closing
Month
12
Drawdown period
Months
12
Repayment period
Years
15
Starts at
C: The end of drawdown period
Financing type
12/2008
12/2008 - 12/2009 (1 years)
+ months
B: Annuity
0
1/2010 - 12/2024 (15 years)
Balloon payment
12
Amortization interval
Months
Interest based on
PRIBOR 12M
Drawdown period interest
B: Paid from first draw according to interest payment interval
Interest
Fixed/floating
Interest rate (p.a.)
5,00000 %
Fixed
Interest margin (p.a.)
1,00000 %
Interest payment interval
Interest year
Total rate (p.a.)
6,00000 %
12
360
Yield (p.a.)
6,00000 %
(Repayment period)
Fees
% / CZK Type
months
days
Payment interval
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
(Not in use)
All-in rate (p.a.)
Invest for Excel
6,00000 %
Total finance cost
Solar_fin_34
46 168 636 CZK
29.12.2008 1 / 1
Investice do fotovoltaické elektrárny - 1MW
TOTAL FINANCING
Figures
CZK
12/2008
Number of months
Total financing
1/2009
- 12/2009
1/2010
- 12/2010
1/2011
- 12/2011
1/2012
- 12/2012
1/2013
- 12/2013
1/2014
- 12/2014
1/2015
- 12/2015
1/2016
- 12/2016
1/2017
- 12/2017
1/2018
- 12/2018
12
12
12
12
12
12
12
12
12
12
84 800 000
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
3 643 242
3 861 837
4 093 547
4 339 160
4 599 510
4 875 480
5 168 009
5 478 089
5 806 775
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
42 934 351
5 088 000
4 869 405
4 637 695
4 392 082
4 131 733
3 855 762
3 563 233
3 253 153
2 924 468
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
84 800 000
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
84 800 000
76 068 758
67 337 515
58 606 273
49 875 030
41 143 788
32 412 546
23 681 303
14 950 061
6 218 819
84 800 000
Starting balance
Withdrawals
a)
84 800 000
Capitalized interest
Principal payments
b)
Ending balance
84 800 000
Interest expense
c)
Total fees
d)
Total debt service
Total cash flow
(b+c+d)
(a-b-c-d)
Cumulative cash flow
All-in rate (p.a.)
6,000 %
Total finance cost
46 168 636
(Total interest and fees paid)
Invest for Excel
Solar_fin_34
29.12.2008 1 / 3
Investice do fotovoltaické elektrárny - 1MW
TOTAL FINANCING
Figures
CZK
1/2019
- 12/2019
1/2020
- 12/2020
1/2021
- 12/2021
1/2022
- 12/2022
1/2023
- 12/2023
1/2024
- 12/2024
1/2025
- 12/2025
1/2026
- 12/2026
1/2027
- 12/2027
1/2028
- 12/2028
1/2029
- 12/2029
12
12
12
12
12
12
12
12
12
12
12
42 934 351
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
6 155 181
6 524 492
6 915 962
7 330 919
7 770 775
8 237 021
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
2 576 061
2 206 750
1 815 281
1 400 323
960 468
494 221
(b+c+d)
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
8 731 242
(a-b-c-d)
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-2 512 424
-11 243 666
-19 974 909
-28 706 151
-37 437 393
-46 168 636
-46 168 636
-46 168 636
-46 168 636
-46 168 636
-46 168 636
Number of months
Total financing
Starting balance
Withdrawals
a)
Capitalized interest
Principal payments
b)
Ending balance
Interest expense
c)
Total fees
d)
Total debt service
Total cash flow
Cumulative cash flow
All-in rate (p.a.)
6,000 %
Total finance cost
46 168 636
(Total interest and fees paid)
Invest for Excel
Solar_fin_34
29.12.2008 2 / 3
Investice do fotovoltaické elektrárny - 1MW
TOTAL FINANCING
Figures
CZK
Number of months
1/2030
- 1/2030
12/2008
- 1/2030
1
253
Total financing
Starting balance
Withdrawals
a)
84 800 000
b)
84 800 000
Interest expense
c)
46 168 636
Total fees
d)
Capitalized interest
Principal payments
Ending balance
Total debt service
Total cash flow
(b+c+d)
130 968 636
(a-b-c-d)
-46 168 636
Cumulative cash flow
All-in rate (p.a.)
-46 168 636
6,000 %
Total finance cost
46 168 636
(Total interest and fees paid)
Invest for Excel
Solar_fin_34
29.12.2008 3 / 3
KEY FINANCIALS
1/2009
Months per interval
Výnosy
12/2009
12
Zisk po zdanění
Zisk po zdanění/Výnosy
Aktiva na konci období
Zisk po zdanění
Zisk po zdanění/Aktiva na konci období
Vlastní kapitál na konci období
Zisk po zdanění
Zisk po zdanění/Vlastní kapitál na konci období
12/2010
12
12 535 479
12/2011
12
12 657 035
12/2012
12
12 778 439
12/2013
12
12 899 637
12/2014
12
13 020 571
12/2015
12
13 141 183
12/2016
12
13 261 410
12/2017
12
13 381 191
12/2018
12
13 500 458
12/2019
12
13 619 143
12/2020
12
13 737 176
12/2021
12
13 854 482
12/2022
12
13 970 986
12/2023
12
14 086 608
12/2024
12
14 201 266
4 048 979
2 194 910
2 541 170
2 900 989
3 275 141
2 894 915
3 215 131
3 548 743
3 896 527
4 259 310
4 637 967
5 033 428
5 446 682
5 878 776
6 330 823
32%
17%
20%
22%
25%
22%
24%
27%
29%
31%
34%
36%
39%
42%
45%
102 937 500
97 687 500
92 437 500
87 187 500
81 937 500
76 687 500
71 437 500
66 187 500
60 937 500
55 687 500
50 437 500
45 187 500
39 937 500
34 687 500
29 437 500
4 048 979
2 194 910
2 541 170
2 900 989
3 275 141
2 894 915
3 215 131
3 548 743
3 896 527
4 259 310
4 637 967
5 033 428
5 446 682
5 878 776
6 330 823
4%
2%
3%
3%
4%
4%
5%
5%
6%
8%
9%
11%
14%
17%
22%
25 248 979
27 443 889
29 985 058
32 886 047
36 161 188
39 056 103
42 271 234
45 819 977
49 716 505
53 975 814
58 613 781
63 647 209
69 093 891
74 972 666
81 303 489
4 048 979
2 194 910
2 541 170
2 900 989
3 275 141
2 894 915
3 215 131
3 548 743
3 896 527
4 259 310
4 637 967
5 033 428
5 446 682
5 878 776
6 330 823
16%
8%
8%
9%
9%
7%
8%
8%
8%
8%
8%
8%
8%
8%
8%
Úvěr na konci období
81 156 758
77 294 921
73 201 374
68 862 214
64 262 704
59 387 224
54 219 215
48 741 125
42 934 351
36 779 169
30 254 677
23 338 715
16 007 796
8 237 021
0
0
Vlastní kapitál na konci období
21 200 000
25 248 979
27 443 889
29 985 058
32 886 047
36 161 188
39 056 103
42 271 234
45 819 977
49 716 505
53 975 814
58 613 781
63 647 209
69 093 891
74 972 666
81 303 489
3,8
3,1
2,7
2,3
2,0
1,6
1,4
1,2
0,9
0,7
0,6
0,4
0,3
0,1
0,0
0,0
FCF
12 199 479
12 314 315
12 428 865
12 543 071
12 656 874
12 000 677
12 028 365
12 051 896
12 070 995
12 085 371
12 094 717
12 098 709
12 097 005
12 089 243
12 075 044
Úroky
-5 088 000
-4 869 405
-4 637 695
-4 392 082
-4 131 733
-3 855 762
-3 563 233
-3 253 153
-2 924 468
-2 576 061
-2 206 750
-1 815 281
-1 400 323
-960 468
-494 221
Splátky
-3 643 242
-3 861 837
-4 093 547
-4 339 160
-4 599 510
-4 875 480
-5 168 009
-5 478 089
-5 806 775
-6 155 181
-6 524 492
-6 915 962
-7 330 919
-7 770 775
-8 237 021
Úroky + splátky
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
-8 731 242
140%
141%
142%
144%
145%
137%
138%
138%
138%
138%
139%
139%
139%
138%
138%
Úvěr / Vlastní kapitál
FCF / (úroky + splátky)
Invest for Excel
Solar_inv_34
29.12.2008
KEY FINANCIALS
Months per interval
Výnosy
Zisk po zdanění
Zisk po zdanění/Výnosy
Aktiva na konci období
Zisk po zdanění
Zisk po zdanění/Aktiva na konci období
Vlastní kapitál na konci období
Zisk po zdanění
Zisk po zdanění/Vlastní kapitál na konci období
Úvěr na konci období
Vlastní kapitál na konci období
Úvěr / Vlastní kapitál
FCF
12/2026
12
14 427 350
12/2027
12
14 538 597
12/2028
12
14 648 523
12/2029
12
14 757 031
6 804 005
6 885 715
6 966 312
7 045 720
7 123 859
48%
48%
48%
48%
48%
24 187 500
18 937 500
13 687 500
8 437 500
3 187 500
6 804 005
6 885 715
6 966 312
7 045 720
7 123 859
28%
36%
51%
84%
223%
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
6 804 005
6 885 715
6 966 312
7 045 720
7 123 859
8%
7%
7%
6%
6%
0
0
0
0
0
88 107 494
94 993 209
101 959 521
109 005 241
116 129 099
0,0
0,0
0,0
0,0
0,0
12 054 005
12 135 715
12 216 312
12 295 720
12 373 859
Úroky
0
0
0
0
0
Splátky
0
0
0
0
0
Úroky + splátky
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
FCF / (úroky + splátky)
Invest for Excel
12/2025
12
14 314 876
Solar_inv_34
Residual
(12/2029)
29.12.2008
PROFITABILITY ANALYSIS
Project description
Fotovoltaická elektrárna - základní scénář
Required rate of return
Calculation term
Calculation point
5,52 %
21,0
1/2009
Present value of business cash flows
± PV of operative cash flow
+ PV of residual value
Present value of business cash flows
138 090 068
1 031 383
139 121 450
- Present value of reinvestments (maintenance etc.)
Total Present Value (PV)
0
139 121 450
Investment proposal
- Proposed investments in assets
+ Investment subventions
Investment proposal
Nominal
-106 000 000
0
-106 000 000
PV
-100 454 890
0
-100 454 890
Net Present Value (NPV)
NPV as a monthly annuity
38 666 560
256 522
Discounted Value Added (DCVA)
34 705 533
Internal Rate of Return (IRR)
Modified Internal Rate of Return
Profitability Index (PI)
9,81%
7,17%
1,38
Return on net assets (RONA), %
Economic Value Added (EVA)
26,7 %
3 515 615
Payback time, years
Calculation is made by
Calculation file
Invest for Excel
13,1
Ing. Lubomír Pieš
CZK
years
1/2009 - 12/2029
(In the beginning of period)
Notes
čistá hodnota provozních cash flow
čistá hodnota účetní zůstatkové hodnoty
čistá hodnota navrhované investice
>= 0
Invest!
>= 5,52 %
>= 5,52 %
>= 1
Invest!
Invest!
Invest!
Average 21 years
Average 21 years
From discounted free cash flow
28.12.2008
C:\Documents and Settings\Crionna\Dokumenty\Personal\My_Business\DataPartner\MyWebsite\Priklad\Solar_inv_34_base.xls
Solar_inv_34_base
29.12.2008
Cumulative Discounted Free Cash Flow, CZK
(Payback time (NPV=0) = 13,1 From discounted free cash flow)
60 000 000
40 000 000
20 000 000
0
-20 000 000
-40 000 000
-60 000 000
-80 000 000
-100 000 000
-120 000 000
12/200912/201012/201112/201212/201312/201412/201512/201612/201712/201812/201912/202012/202112/202212/202312/202412/202512/202612/202712/202812/2029
Invest for Excel
Solar_inv_34
29.12.2008
PROFITABILITY COMPARISON
Figures
Investment object
Nominal value of all investments
Required rate of return
Calculation term (years)
Calculation term
Calculation point
Interval length (months)
CZK
CZK
CZK
CZK
Fotovoltaická
elektrárna - nižší
investice
Fotovoltaická
elektrárna - vyšší
účinnost panelů
Fotovoltaická
elektrárna - dražší
financování
Fotovoltaická
elektrárna - vyšší
životnost panelů
106 000 000
5,52%
92 080 000
5,52%
21,0
(1/2009 -12/2029)
1/2009
12
21,0
(1/2009 -12/2029)
1/2009
12
106 000 000
5,52%
21,0
(1/2009 -12/2029)
1/2009
12
106 000 000
6,56%
21,0
(1/2009 -12/2029)
1/2009
12
106 000 000
5,52%
26,0
(1/2009 -12/2034)
1/2009
12
PV of operative cash flow
PV of residual value
Present value of business cash flows
138 090 068
1 031 383
139 121 450
137 028 686
937 547
137 966 233
144 643 732
1 031 383
145 675 114
125 728 429
839 405
126 567 835
154 095 478
247 341
154 342 819
Present value of reinvestments
Total Present Value (PV)
0
139 121 450
0
137 966 233
0
145 675 114
0
126 567 835
0
154 342 819
0
-100 454 890
0
-100 454 890
0
-87 263 078
0
-87 263 078
0
-100 454 890
0
-100 454 890
0
-99 474 474
0
-99 474 474
0
-100 454 890
0
-100 454 890
Net Present Value (NPV)
NPV as a monthly annuity
38 666 560
256 522
50 703 154
336 375
45 220 224
300 000
27 093 360
195 254
53 887 929
321 295
Discounted Value Added (DCVA)
34 705 533
47 260 311
41 259 197
22 276 773
49 945 415
Interest-bearing net debt of acquired company
Proposed investments in assets
Investment subventions
Investment proposal
Invest for Excel
CZK
Fotovoltaická
elektrárna - základní
scénář
Internal Rate of Return (IRR)
Modified Internal Rate of Return
Profitability Index (PI)
9,81%
7,17%
1,38
11,84%
7,85%
1,58
10,49%
7,40%
1,45
9,81%
7,79%
1,27
10,58%
7,28%
1,54
Return on net assets (RONA) %
Economic Value Added (EVA)
26,69%
3 515 615
32,87%
4 477 614
28,91%
4 061 684
26,69%
2 912 090
268,52%
4 970 843
Payback time, years
13,1
11,0
12,3
14,2
13,1
Calculation made by
Date
Ing. Lubomír Pieš
Ing. Lubomír Pieš
Ing. Lubomír Pieš
Ing. Lubomír Pieš
Ing. Lubomír Pieš
28.12.2008
28.12.2008
28.12.2008
28.12.2008
28.12.2008
Comment
základní scénář
nižší investice
vyšší účinnost
dražší finance
vyšší životnost
Porovnavani_scenaru
29.12.2008
Net Present Value (NPV), CZK
60 000 000
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
Fotovoltaická elektrárna základní scénář
Invest for Excel
Fotovoltaická elektrárna nižší investice
Fotovoltaická elektrárna vyšší účinnost panelů
Porovnavani_scenaru
Fotovoltaická elektrárna dražší financování
Fotovoltaická elektrárna vyšší životnost panelů
29.12.2008
Internal Rate of Return (IRR)
14,00%
12,00%
10,00%
8,00%
6,00%
4,00%
2,00%
0,00%
Fotovoltaická elektrárna základní scénář
Invest for Excel
Fotovoltaická elektrárna - nižší
investice
Fotovoltaická elektrárna vyšší účinnost panelů
Porovnavani_scenaru
Fotovoltaická elektrárna dražší financování
Fotovoltaická elektrárna vyšší životnost panelů
29.12.2008
Payback time, years
Fotovoltaická elektrárna - vyšší životnost
panelů
Fotovoltaická elektrárna - dražší
financování
Fotovoltaická elektrárna - vyšší účinnost
panelů
Fotovoltaická elektrárna - nižší investice
Fotovoltaická elektrárna - základní
scénář
0,0
Invest
2,0
4,0
6,0
Porovnavani_scenaru
8,0
10,0
12,0
14,0
16,0
29.12.2008
Discount factor's impact on profitability
Discount factor
Change, %
Net Present Value (NPV), CZK
Change, %
4,42 %
4,97 %
5,52 %
6,07 %
6,62 %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
52 984 939
45 540 759
38 666 560
32 312 847
26 434 905
+37,0 %
+17,8 %
0,0 %
-16,4 %
-31,6 %
Net Present Value (NPV), CZK
60 000 000
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
4,42 %
Invest for Excel
4,97 %
5,52 %
Solar_inv_34
6,07 %
6,62 %
29.12.2008
Total investment's impact on profitability
Total investment, CZK
-84 800 000
-95 400 000
-106 000 000
-116 600 000
-127 200 000
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
56 950 039
47 808 299
38 666 560
29 524 821
20 383 082
+47,3 %
+23,6 %
0,0 %
-23,6 %
-47,3 %
Change, %
Net Present Value (NPV)
Change, %
Net Present Value (NPV)
60 000 000
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
-84 800 000
Key financials
12/2010
-106 000 000
-116 600 000
-127 200 000
-84 800 000
-95 400 000
-106 000 000
-116 600 000
-127 200 000
9 749 479
9 443 229
9 136 979
8 830 729
8 524 479
EBIT; Operating income, %
77,8%
75,3%
72,9%
70,4%
68,0%
Return on net assets (RONA), %
11,7 %
10,0 %
8,7 %
7,7 %
6,8 %
5 136 139
4 253 222
3 370 304
2 487 387
1 604 469
3,0
3,0
3,1
3,1
3,1
140%
140%
140%
140%
140%
EBIT; Operating income, CZK
Economic Value Added (EVA), CZK
Úvěr / Vlastní kapitál
FCF / (úroky + splátky)
Invest for Excel
-95 400 000
Solar_inv_34
29.12.2008
Income's impact on profitability
Change in Income, %
Net Present Value (NPV)
Change, %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
12 451 906
25 559 233
38 666 560
51 773 888
64 881 215
-67,8 %
-33,9 %
0,0 %
+33,9 %
+67,8 %
Net Present Value (NPV)
70 000 000
60 000 000
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
-20,0 %
Key financials
12/2010
0,0 %
+10,0 %
+20,0 %
-20,00%
-10,00%
0,00%
+10,00%
+20,00%
6 629 883
7 883 431
9 136 979
10 390 527
11 644 075
EBIT; Operating income, %
66,1%
69,9%
72,9%
75,4%
77,4%
Return on net assets (RONA), %
6,3 %
7,5 %
8,7 %
9,9 %
11,1 %
863 208
2 116 756
3 370 304
4 623 852
5 877 400
10 028 383
11 281 931
12 535 479
13 789 027
15 042 575
111%
125%
140%
154%
168%
EBIT; Operating income, CZK
Economic Value Added (EVA), CZK
Výnosy
FCF / (úroky + splátky)
Invest for Excel
-10,0 %
Solar_inv_34
29.12.2008
Variable cost's impact on profitability
Change in Variable costs, %
Net Present Value (NPV)
Change, %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
39 234 580
38 950 570
38 666 560
38 382 550
38 098 541
+1,5 %
+0,7 %
0,0 %
-0,7 %
-1,5 %
Net Present Value (NPV)
39 400 000
39 200 000
39 000 000
38 800 000
38 600 000
38 400 000
38 200 000
38 000 000
37 800 000
37 600 000
37 400 000
-20,0 %
Key financials
12/2010
0,0 %
+10,0 %
+20,0 %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
9 186 979
9 161 979
9 136 979
9 111 979
9 086 979
EBIT; Operating income, %
73,3%
73,1%
72,9%
72,7%
72,5%
Return on net assets (RONA), %
8,8 %
8,8 %
8,7 %
8,7 %
8,7 %
3 420 304
3 395 304
3 370 304
3 345 304
3 320 304
Zisk po zdanění/Výnosy
33%
32%
32%
32%
32%
FCF / (úroky + splátky)
140%
140%
140%
139%
139%
EBIT; Operating income, CZK
Economic Value Added (EVA), CZK
Invest for Excel
-10,0 %
Solar_inv_34
29.12.2008
Fixed cost's impact on profitability
Change in Fixed costs, %
Net Present Value (NPV)
Change, %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
38 861 959
38 764 260
38 666 560
38 568 861
38 471 162
+0,5 %
+0,3 %
0,0 %
-0,3 %
-0,5 %
Net Present Value (NPV)
38 900 000
38 800 000
38 700 000
38 600 000
38 500 000
38 400 000
38 300 000
38 200 000
-20,0 %
Key financials
12/2010
0,0 %
+10,0 %
+20,0 %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
9 154 179
9 145 579
9 136 979
9 128 379
9 119 779
EBIT; Operating income, %
73,0%
73,0%
72,9%
72,8%
72,8%
Return on net assets (RONA), %
8,8 %
8,8 %
8,7 %
8,7 %
8,7 %
3 387 504
3 378 904
3 370 304
3 361 704
3 353 104
Zisk po zdanění/Výnosy
32%
32%
32%
32%
32%
FCF / (úroky + splátky)
140%
140%
140%
140%
140%
EBIT; Operating income, CZK
Economic Value Added (EVA), CZK
Invest for Excel
-10,0 %
Solar_inv_34
29.12.2008
Income variable´s impact on profitability
Variable
Účinnost, kWh p.a.
Change in value, %
Sample value
12/2009
Net Present Value (NPV)
Change, %
-20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
0,0
0,0
0,0
0,0
0,0
12 451 906
25 559 233
38 666 560
51 773 888
64 881 215
-67,8 %
-33,9 %
0,0 %
+33,9 %
+67,8 %
Net Present Value (NPV)
70 000 000
60 000 000
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
-20,0 %
Key financials
+10,0 %
+20,0 %
-10,0 %
0,0 %
+10,0 %
+20,0 %
6 629 883
7 883 431
9 136 979
10 390 527
11 644 075
EBIT; Operating income, %
66,1%
69,9%
72,9%
75,4%
77,4%
Return on net assets (RONA), %
6,3 %
7,5 %
8,7 %
9,9 %
11,1 %
863 208
2 116 756
3 370 304
4 623 852
5 877 400
10 028 383
11 281 931
12 535 479
13 789 027
15 042 575
1 541 883
2 795 431
4 048 979
5 302 527
6 556 075
Economic Value Added (EVA), CZK
Výnosy
Zisk po zdanění
12/2010
0,0 %
-20,0 %
EBIT; Operating income, CZK
Invest for Excel
-10,0 %
Solar_inv_34_base
29.12.2008
Citlivost NPV na vybrane vstupy
90 000 000
80 000 000
70 000 000
60 000 000
NPV (CZK)
50 000 000
40 000 000
30 000 000
20 000 000
10 000 000
0
-10 000 000
-30 %
-20 %
-10 %
0%
10 %
20 %
CHANGE %
Investments
Instalovaný výkon, kWp
Nominální účinnost, kWh p.a.
Snížení účinnosti, % p.a.
Technické ztráty, % p.a.
30 %