Input Current set of parameters CIS Oil CIS Sludge to Eastern - PowerPoint PPT Presentation

Input Current set of parameters CIS Oil CIS Sludge to Eastern Eastern Eastern Electricity, CIS SynFuel, Synfuel, Europe Europe Europe Variant name Rio Rio 100% equity 220,000 tpy 200,000 tpy 25/75 100% equity 100% debt India Total investment value EUR 1000 39,885 39,885 102,965 168,704 153,368 11,461 11,461 11,461 89,670 Equity % 25% 25% 100% 25% 25% 25% 100% 0% 25% Annual interest rate % per year 3.5% 3.5% 5.0% 5.0% 5.0% 3.5% 3.5% 3.5% 3.5% Term of credit in years years 20 20 20 20 20 20 20 20 20 Grace period in years years 1 1 1 1 1 1 1 1 1 1=Constant; Method of credit amortisation 2=Annuity 2 2 2 2 2 2 2 2 2 Required min DSCR ratio 1.25 1.25 1.40 1.30 1.30 1.50 0.00 1.50 1.50 Inflation rate for base tariff % per year 6.5% 6.5% 6.0% 6.0% 6.0% 1.7% 1.7% 1.7% 7.0% Inflation rate for costs % per year 6.5% 6.5% 6.0% 6.0% 6.0% 1.7% 1.7% 1.7% 7.0% Term of project years 20 20 20 20 20 20 20 20 20 Start of operation year 2 2 2 2 2 2 2 2 2 Investor shares % 80% 80% 100% 100% 100% 80% 80% 0% 70% WTE shares % 0% 0% 0% 0% 0% 0% 0% 50% 10% Developer shares % 20% 20% 0% 0% 0% 20% 20% 50% 20% Corporate tax % 34% 34% 20% 20% 20% 23% 23% 23% 10% VAT % 17% 17% 18% 18% 18% 20% 20% 20% 12% Output IRR on project equity % 25.03% 25.03% 4.52% 17.71% 16.44% 25.71% 9.54% 10.27% 26.63% IRR on investor shares % 20.96% 20.96% 4.52% 17.71% 16.44% 20.22% 6.50% N/A 18.10% Payback period on equity years 4.99 4.99 N/A 6.82 7.40 3.83 8.74 N/A 3.73 Net cashflow EUR 1000 79,501 79,501 163,225 221,800 191,120 14,482 25,632 10,765 116,158 Net cashflow for investor EUR 1000 63,601 63,601 163,225 221,800 191,120 11,585 20,505 0 81,310 Net cashflow for developer EUR 1000 15,900 15,900 0 0 0 2,896 5,126 5,382 23,232 NPV for developer EUR 1000 7,219 7,219 0 0 0 4,421 6,281 6,494 29,771 Errors Number of errors counter 0 0 1 0 0 0 0 0 0 EBT < 0 0=no; 1=yes 0 0 0 0 0 0 0 0 0 Net cashflow < 0 0=no; 1=yes 0 0 0 0 0 0 0 0 0 IRR on project equity error 0=no; 1=yes 0 0 0 0 0 0 0 0 0 Balance error 0=no; 1=yes 0 0 0 0 0 0 0 0 0 DSCR error 0=no; 1=yes 0 0 1 0 0 0 0 0 0 Depreciation error 0=no; 1=yes 0 0 0 0 0 0 0 0 0

Heat Preferrential Preferrential Electricity Heat Operating Operating Waste Energy Waste, Production Tariff for Tariff for Project Name Production, Production, Days per Hours per Type Output ton/year Hours per Electricity, Heat, MW MW Year Year Year EUR/MWh EUR/MWh Rio MSW Electricity 75,000 4.9 - 8,160 - 58 - CIS E MSW Electricity 219,000 12.3 14.7 340 8,160 4,080 25 27 CIS SF MSW Synfuel 220,000 - 14.8 340 8,160 4,080 25 27 CIS OSF Oil Sludge Synfuel 200,000 - 13.5 340 8,160 4,080 25 27 Eastern Europe MSW Electricity 30,000 1.5 - 340 8,160 4,080 80 36 India MSW Electricity 127,750 11.4 - 340 8,160 - 119 TOTAL or 75,000 4.9 - AVERAGE

Term of Base Tariff CO2 Preferrential Base Tariff for Diesel Tipping Fee for Price for for Price for diesel, Carbon Credits, Conservation, Tariff for Heat, production, Utilization, Carbon Black, Electricity, EUR/liter EUR/ton CO2 ton per ton of Energy, EUR/MWh liters/hour EUR/ton EUR/ton EUR/MWh waste years 5 58 - - - 35.00 - - - - 25 27 - 0.77 3.90 - - 100 - 25 27 1,722 0.77 3.90 - - 100 - 25 27 1,740 0.77 - - - 100 15 70 36 235 - 10.00 - - 100 20 119 1,533 - 13.50 - - - -

Total Value of Carbon Black Price for Metals Total Price Land Lease, Insurance, the Investment Area needed, production, Metals, production, per 1 ton, EUR'000 EUR'000 Jobs per Project, ha ton/year EUR/ton ton/year EUR per year per year EUR'000 - - - 39,885 532 - - 21,900 100 10,950 102,965 470 2.7 - - 69 22,000 100 11,000 150,624 685 2.8 - - 69 20,000 - - 153,368 767 2.8 - - 26 3,000 100 1,500 11,461 382 0.4 43 - 9 12,775 - 6,388 89,670 702 2.5 281 - 61 - 39,885 532 - -

Extended & Operations & Other Preventive Total Depreciation Maintenance, Costs, Guarantee, Depreciation, Period, EUR'000 EUR'000 EUR'000 EUR'000 years per year per year per year 812 39,885 20 1,483 - - 51,482 20 1,490 - - 75,312 20 1,505 - - 76,684 20 203 - - 11,461 20 1,327 - - 89,670 20 812 - - 39,885

CREDIT PARAMETERS Total Investment Value 39,885 Debt 75% 29,914 Equity 25% 9,971 Term of credit in years 20 Grace period in years 1 Method of credit amortisation Annuity Annual interest rate 3.5%

LONG TERM CREDIT EUR'000 Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL Value of original loan 29,914 Annuity repayment Remainder on Principal 29,914 28,779 27,604 26,389 25,130 23,828 22,480 21,085 19,641 18,146 16,600 14,999 13,342 11,627 9,852 8,014 6,113 4,145 2,108 0 0 Payments on Principal 0 1,135 1,175 1,216 1,258 1,302 1,348 1,395 1,444 1,495 1,547 1,601 1,657 1,715 1,775 1,837 1,901 1,968 2,037 2,108 29,914 Payments on Interest 0 1,047 1,007 966 924 880 834 787 738 687 635 581 525 467 407 345 281 214 145 74 11,543 TOTAL Payments on 0 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 2,182 41,457 Principal and Interest

CONSOLIDATED PROFIT & LOSS ACCOUNT OF SPV EUR'000 Years 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TOTAL INCOME 0 5,121 5,303 5,496 5,702 6,782 7,223 7,693 8,193 8,725 9,292 9,896 10,540 11,225 11,954 12,731 13,559 14,440 15,379 16,378 185,633 0 812 865 922 981 1,045 1,113 1,185 1,263 1,345 1,432 1,525 1,624 1,730 1,842 1,962 2,090 2,225 2,370 2,524 28,856 TOTAL OPERATING COSTS EBITDA 0 4,308 4,437 4,575 4,721 5,737 6,110 6,507 6,930 7,381 7,860 8,371 8,915 9,495 10,112 10,769 11,469 12,215 13,009 13,854 156,777 DEPRECIATION 0 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 2,099 39,885 EBIT 0 2,209 2,338 2,475 2,622 3,638 4,011 4,408 4,831 5,281 5,761 6,272 6,816 7,396 8,013 8,670 9,370 10,116 10,910 11,755 116,891 0 1,047 1,007 966 924 880 834 787 738 687 635 581 525 467 407 345 281 214 145 74 11,543 INTEREST 0 1,162 1,331 1,509 1,698 2,758 3,177 3,621 4,093 4,594 5,126 5,691 6,291 6,929 7,606 8,325 9,090 9,902 10,765 11,681 105,349 EBT Tax 0 395 452 513 577 938 1,080 1,231 1,392 1,562 1,743 1,935 2,139 2,356 2,586 2,831 3,090 3,367 3,660 3,972 35,819 NET PROFIT 0 767 878 996 1,121 1,820 2,097 2,390 2,701 3,032 3,383 3,756 4,152 4,573 5,020 5,495 5,999 6,535 7,105 7,710 69,530