Scenario Chosen 1

Units Values
TIME ASSUMPTIONS

Concession Duration years 40

Construction Duration years 4
Operations Duration years 36

TRAFFIC & REVENUE ASSUMPTIONS

Traffic - Passenger Car (PC) veh/year 3,125,000

Traffic - Heavy Vehicule (HV) veh/year 2,800,000

Traffic Evolution per year (PC & HV) % 2.0%

Inflation per year % 4.0%

Toll Rate - Passenger Car (PC) £ 3.56

Toll Rate - Heavy Vehicule (HV) £ 19.382655390996

COSTS DURING CONSTRUCTION

CAPEX (including SPV costs) £ 300,000,000

COSTS DURING OPERATION

Maintenance (including heavy maintenance & SPV costs) £/year 8,900,000

Inflation per year (costs) from beginning of concession % 4.0%

PROJECT FINANCING

Base Interest Rate per year 1.5%

Fixed Rate Margin per year 5.9%
Arrangement fee per year 1.5%
Engagement fee of margin 35.0%

Gearing % 65.0%

TAX & ACCOUNTING ASSUMPTIONS

Tax Rate % 30.0%

Dividend distribution policy % 100.0%
 Base Case Scenario 2 Gearing+ Scenario 4 Scenario 5 Scenario 6
1 2 3 4 5 6

40 36.5 38 35.5
4 4 4 4
36 36 36 36

3,125,000 2,500,000 3,125,000 1,990,000

2,800,000 2,100,000 2,800,000 2,390,000

2.0% 1.0% 2.0% 2.0%

4.0% 2.5% 4.0% 4.0%

3.56 3.56 3.56 3.56

19.382655391 13.96 13.96 13.96

300,000,000 300,000,000 300,000,000 300,000,000

8,900,000 8,900,000 8,900,000 8,900,000

4.0% 4.0% 4.0% 4.0%

1.5% 1.5% 1.5% 1.5%

5.9% 5.9% 5.9% 5.9%
1.5% 1.5% 1.5% 1.5%
35.0% 35.0% 35.0% 35.0%

65.0% 65.0% 80.0% 80.0%

30.0% 30.0% 30.0% 30.0%

100.0% 100.0% 100.0% 100.0%
Scenario 7 Scenario 8 Scenario 9 Scenario 10
7 8 9 10
 Year 1 2 3 4 5

Flags

Beginning of construction 1 1 0 0 0 0
Construction 4 1 1 1 1 0
End of construction 1 0 0 0 1 0
Operation 36 0 0 0 0 1

DEBT TIMELINE
Availability Start Date 1 1 0 0 0 0
Active 4 1 1 1 1 0
Availability End Date 1 0 0 0 1 0

Repayment Start Date 1 0 0 0 0 1

Active 36 0 0 0 0 1
Repayment End Date 1 0 0 0 0 0
6 7 8 9 10 11 12 13 14 15

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
1 1 1 1 1 1 1 1 1 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 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0 0
16 17 18 19 20 21 22 23 24 25

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
1 1 1 1 1 1 1 1 1 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 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0 0
26 27 28 29 30 31 32 33 34 35

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
1 1 1 1 1 1 1 1 1 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 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0
1 1 1 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0 0
36 37 38 39 40

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
1 1 1 1 1

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
1 1 1 1 1
0 0 0 0 1
 Year 1 2 3

CAPEX
Construction Cost (k£) 300,000 75,000 75,000 75,000

Total Costs (k£) 300,000 75,000 75,000 75,000

Uses
Construction Cost (k£) 300,000 75,000 75,000 75,000
Arrangement fee (k£) 3,218 3,218 0 0
Engagement fee (k£) 13,991 4,393 4,393 3,441
Capitalized Interest (k£) 12,849 0 0 3,416
Total Uses (k£) 330,059 82,611 79,393 81,857

Uses of funds for circularity breakdown purpose 82,611 79,393 81,857

Uses Total (k£) 330,059
Total Debt Amount (k£) 214,538
Total Equity Amount (k£) 115,521

Sources
Equity (k£) 115,521 82,611 32,910 0
Debt (k£) 214,538 0 46,483 81,857
Total Sources (k£) 330,059 82,611 79,393 81,857

Debt Drawdown Schedule

Debt Outstanding BoP (k£) 0 0 46,483
Debt Drawdown (k£) 214,538 0 46,483 81,857
Debt Outstanding EoP (k£) 0 46,483 128,340

Arrangement fee (k£) 3,218 0 0

Engagement fee (k£) 4,393 4,393 3,441
Capitalized Interests (k£) 0 0 3,416

CHECK 1 TRUE TRUE

 4 5 6 7 8 9 10 11

75,000 0 0 0 0 0 0 0

75,000 0 0 0 0 0 0 0

75,000 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
1,765 0 0 0 0 0 0 0
9,433 0 0 0 0 0 0 0
86,198 0 0 0 0 0 0 0

86,198 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0
86,198 0 0 0 0 0 0 0
86,198 0 0 0 0 0 0 0

128,340 214,538 214,538 214,538 214,538 214,538 214,538 214,538

86,198 0 0 0 0 0 0 0
214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
1,765 0 0 0 0 0 0 0
9,433 0 0 0 0 0 0 0

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 12 13 14 15 16 17 18 19

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 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 0 0 0 0 0 0

214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 20 21 22 23 24 25 26 27

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 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 0 0 0 0 0 0

214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 28 29 30 31 32 33 34 35

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 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 0 0 0 0 0 0

214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
214,538 214,538 214,538 214,538 214,538 214,538 214,538 214,538

0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 36 37 38 39 40

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 0 0 0 0
0 0 0 0 0
0 0 0 0 0

214,538 214,538 214,538 214,538 214,538

0 0 0 0 0
214,538 214,538 214,538 214,538 214,538

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

TRUE TRUE TRUE TRUE TRUE

 Year 1 2

TRAFFIC & REVENUE ASSUMPTIONS

TRAFFIC - Passenger Car (PC) veh/year 0 0

TRAFFIC - Heavy Vehicle (HV) veh/year 0 0

REVENUE - Passenger Car (PC) k£ 578,437 0 0

REVENUE - Heavy Vehicle (HV) k£ 2,821,809 0 0
Total Revenue (real) k£ 3,400,246 0 0

Total Revenue (nominal) k£ 9,275,627 0 0

COSTS

Maintenance & SPV costs k£ 0 0

Total Costs (nominal) k£ 807,934 0 0
3 4 5 6 7 8 9 10

0 0 3,125,000 3,187,500 3,251,250 3,316,275 3,382,601 3,450,253

0 0 2,800,000 2,856,000 2,913,120 2,971,382 3,030,810 3,091,426

0 0 11,125 11,348 11,574 11,806 12,042 12,283

0 0 54,271 55,357 56,464 57,593 58,745 59,920
0 0 65,396 66,704 68,038 69,399 70,787 72,203

0 0 76,505 81,156 86,090 91,325 96,877 102,767

0 0 10,412 10,828 11,261 11,712 12,180 12,667

0 0 10,412 10,828 11,261 11,712 12,180 12,667
 11 12 13 14 15 16 17 18

3,519,258 3,589,643 3,661,436 3,734,664 3,809,358 3,885,545 3,963,256 4,042,521

3,153,255 3,216,320 3,280,646 3,346,259 3,413,184 3,481,448 3,551,077 3,622,099

12,529 12,779 13,035 13,295 13,561 13,833 14,109 14,391

61,118 62,341 63,588 64,859 66,157 67,480 68,829 70,206
73,647 75,120 76,622 78,155 79,718 81,312 82,938 84,597

109,016 115,644 122,675 130,133 138,046 146,439 155,342 164,787

13,174 13,701 14,249 14,819 15,412 16,028 16,670 17,336

13,174 13,701 14,249 14,819 15,412 16,028 16,670 17,336
 19 20 21 22 23 24 25 26

4,123,371 4,205,839 4,289,955 4,375,754 4,463,270 4,552,535 4,643,586 4,736,457

3,694,541 3,768,431 3,843,800 3,920,676 3,999,089 4,079,071 4,160,653 4,243,866

14,679 14,973 15,272 15,578 15,889 16,207 16,531 16,862

71,610 73,042 74,503 75,993 77,513 79,063 80,644 82,257
86,289 88,015 89,775 91,571 93,402 95,270 97,176 99,119

174,806 185,434 196,709 208,669 221,356 234,814 249,091 264,235

18,030 18,751 19,501 20,281 21,092 21,936 22,813 23,726

18,030 18,751 19,501 20,281 21,092 21,936 22,813 23,726
 27 28 29 30 31 32 33 34

4,831,186 4,927,810 5,026,366 5,126,894 5,229,432 5,334,020 5,440,701 5,549,515

4,328,743 4,415,318 4,503,624 4,593,697 4,685,571 4,779,282 4,874,868 4,972,365

17,199 17,543 17,894 18,252 18,617 18,989 19,369 19,756

83,903 85,581 87,292 89,038 90,819 92,635 94,488 96,378
101,102 103,124 105,186 107,290 109,436 111,624 113,857 116,134

280,301 297,343 315,422 334,599 354,943 376,524 399,416 423,701

24,675 25,662 26,688 27,756 28,866 30,021 31,222 32,471

24,675 25,662 26,688 27,756 28,866 30,021 31,222 32,471
 35 36 37 38 39 40

5,660,505 5,773,715 5,889,189 6,006,973 6,127,113 6,249,655

5,071,812 5,173,249 5,276,714 5,382,248 5,489,893 5,599,691

20,151 20,554 20,966 21,385 21,813 22,249

98,305 100,271 102,277 104,322 106,409 108,537
118,457 120,826 123,242 125,707 128,221 130,786

449,462 476,789 505,778 536,529 569,150 603,754

33,769 35,120 36,525 37,986 39,505 41,086

33,769 35,120 36,525 37,986 39,505 41,086
 Year 1 2 3 4

D&A

Asset Value opening (k£) 82,611 162,003 243,861 330,059

Asset Value closing (k£) 82,611 162,003 243,861 330,059

Amortization (k£) (330,059) 0 0 0 0

 5 6 7 8 9 10 11 12 13 14

330,059 320,890 311,722 302,554 293,386 284,217 275,049 265,881 256,712 247,544

320,890 311,722 302,554 293,386 284,217 275,049 265,881 256,712 247,544 238,376

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)
 15 16 17 18 19 20 21 22 23 24

238,376 229,207 220,039 210,871 201,703 192,534 183,366 174,198 165,029 155,861

229,207 220,039 210,871 201,703 192,534 183,366 174,198 165,029 155,861 146,693

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)
 25 26 27 28 29 30 31 32 33 34

146,693 137,524 128,356 119,188 110,020 100,851 91,683 82,515 73,346 64,178

137,524 128,356 119,188 110,020 100,851 91,683 82,515 73,346 64,178 55,010

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)
 35 36 37 38 39 40

55,010 45,841 36,673 27,505 18,337 9,168

45,841 36,673 27,505 18,337 9,168 0

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168)

 Year 1 2

Debt Repayment Schedule

Opening Balance k£ 0 0
Drawdowns k£ 0 46,483
Principal Repayment k£ 0 0
Closing Balance k£ 0 46,483

Interests k£ 0 0

Debt service k£ 0 0
 3 4 5 6 7 8 9 10 11 12

46,483 128,340 214,538 213,207 211,779 210,245 208,599 206,832 204,934 202,898
81,857 86,198 0 0 0 0 0 0 0 0
0 0 (1,331) (1,429) (1,534) (1,646) (1,767) (1,897) (2,037) (2,186)
128,340 214,538 213,207 211,779 210,245 208,599 206,832 204,934 202,898 200,711

0 0 (15,769) (15,671) (15,566) (15,453) (15,332) (15,202) (15,063) (14,913)

0 0 (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099)

 13 14 15 16 17 18 19 20 21 22

200,711 198,364 195,845 193,140 190,236 187,120 183,773 180,182 176,326 172,186
0 0 0 0 0 0 0 0 0 0
(2,347) (2,520) (2,705) (2,904) (3,117) (3,346) (3,592) (3,856) (4,139) (4,444)
198,364 195,845 193,140 190,236 187,120 183,773 180,182 176,326 172,186 167,742

(14,752) (14,580) (14,395) (14,196) (13,982) (13,753) (13,507) (13,243) (12,960) (12,656)

(17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099)
 23 24 25 26 27 28 29 30 31 32

167,742 162,972 157,851 152,354 146,453 140,118 133,317 126,016 118,179 109,766
0 0 0 0 0 0 0 0 0 0
(4,770) (5,121) (5,497) (5,901) (6,335) (6,801) (7,301) (7,837) (8,413) (9,032)
162,972 157,851 152,354 146,453 140,118 133,317 126,016 118,179 109,766 100,735

(12,329) (11,978) (11,602) (11,198) (10,764) (10,299) (9,799) (9,262) (8,686) (8,068)

(17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099)
 33 34 35 36 37 38 39 40

100,735 91,039 80,631 69,458 57,464 44,589 30,767 15,929

0 0 0 0 0 0 0 0
(9,695) (10,408) (11,173) (11,994) (12,876) (13,822) (14,838) (15,929)
91,039 80,631 69,458 57,464 44,589 30,767 15,929 0

(7,404) (6,691) (5,926) (5,105) (4,224) (3,277) (2,261) (1,171)

(17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099) (17,099)

 Year 1 2

P&L

Gross revenues k£ 0 0

OPEX k£ 0 0

EBITDA k£ 0 0

Amortization k£ 0 0

EBIT k£ 0 0

Interest k£ 0 0

EBT (Taxable Profit) k£ 0 0

Income Tax k£ 0 0

Net Profit k£ 0 0
3 4 5 6 7 8 9 10 11 12

0 0 76,505 81,156 86,090 91,325 96,877 102,767 109,016 115,644

0 0 (10,412) (10,828) (11,261) (11,712) (12,180) (12,667) (13,174) (13,701)

0 0 66,093 70,328 74,829 79,613 84,697 90,100 95,841 101,943

0 0 (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)

0 0 56,925 61,160 65,661 70,445 75,529 80,932 86,673 92,774

0 0 (15,769) (15,671) (15,566) (15,453) (15,332) (15,202) (15,063) (14,913)

0 0 41,156 45,489 50,095 54,992 60,197 65,729 71,610 77,861

0 0 (12,347) (13,647) (15,028) (16,497) (18,059) (19,719) (21,483) (23,358)

0 0 28,809 31,842 35,066 38,494 42,138 46,011 50,127 54,503

 13 14 15 16 17 18 19 20 21 22

122,675 130,133 138,046 146,439 155,342 164,787 174,806 185,434 196,709 208,669

(14,249) (14,819) (15,412) (16,028) (16,670) (17,336) (18,030) (18,751) (19,501) (20,281)

108,426 115,314 122,634 130,410 138,673 147,451 156,776 166,683 177,208 188,388

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)

99,257 106,146 113,465 121,242 129,504 138,282 147,608 157,515 168,039 179,219

(14,752) (14,580) (14,395) (14,196) (13,982) (13,753) (13,507) (13,243) (12,960) (12,656)

84,505 91,566 99,071 107,046 115,522 124,529 134,101 144,272 155,079 166,564

(25,352) (27,470) (29,721) (32,114) (34,657) (37,359) (40,230) (43,282) (46,524) (49,969)

59,154 64,096 69,350 74,932 80,865 87,170 93,870 100,990 108,556 116,595
 23 24 25 26 27 28 29 30 31 32

221,356 234,814 249,091 264,235 280,301 297,343 315,422 334,599 354,943 376,524

(21,092) (21,936) (22,813) (23,726) (24,675) (25,662) (26,688) (27,756) (28,866) (30,021)

200,263 212,878 226,277 240,510 255,626 271,681 288,733 306,843 326,077 346,503

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)

191,095 203,710 217,109 231,341 246,458 262,513 279,565 297,675 316,909 337,334

(12,329) (11,978) (11,602) (11,198) (10,764) (10,299) (9,799) (9,262) (8,686) (8,068)

178,766 191,731 205,507 220,143 235,693 252,214 269,766 288,413 308,222 329,267

(53,630) (57,519) (61,652) (66,043) (70,708) (75,664) (80,930) (86,524) (92,467) (98,780)

125,136 134,212 143,855 154,100 164,985 176,550 188,836 201,889 215,756 230,487
 33 34 35 36 37 38 39 40

399,416 423,701 449,462 476,789 505,778 536,529 569,150 603,754

(31,222) (32,471) (33,769) (35,120) (36,525) (37,986) (39,505) (41,086)

368,195 391,230 415,692 441,669 469,253 498,543 529,645 562,669

(9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168) (9,168)

359,026 382,062 406,524 432,501 460,085 489,375 520,476 553,500

(7,404) (6,691) (5,926) (5,105) (4,224) (3,277) (2,261) (1,171)

351,622 375,370 400,598 427,395 455,861 486,098 518,215 552,330

(105,487) (112,611) (120,179) (128,219) (136,758) (145,829) (155,465) (165,699)

246,136 262,759 280,418 299,177 319,103 340,268 362,751 386,631

 Year 1

Cashflow Statement

Gross Revenues k£ 0

OPEX (Maintenance & SPV Costs) k£ 0

Income Tax k£ 0

Cash Flow Available for Debt Service (CFADS) k£ 0

Interest k£ 0
Principal repayment k£ 0

Cash Flow Available for Equity k£ 0

Dividends k£ 0

Net Cash Flow k£ 0

Cash in hands k£ 0
2 3 4 5 6 7 8 9 10 11

0 0 0 76,505 81,156 86,090 91,325 96,877 102,767 109,016

0 0 0 (10,412) (10,828) (11,261) (11,712) (12,180) (12,667) (13,174)

0 0 0 (12,347) (13,647) (15,028) (16,497) (18,059) (19,719) (21,483)

0 0 0 53,746 56,681 59,801 63,115 66,638 70,381 74,358

0 0 0 (15,769) (15,671) (15,566) (15,453) (15,332) (15,202) (15,063)

0 0 0 (1,331) (1,429) (1,534) (1,646) (1,767) (1,897) (2,037)

0 0 0 36,647 39,582 42,701 46,016 49,539 53,282 57,259

0 0 0 (28,809) (31,842) (35,066) (38,494) (42,138) (46,011) (50,127)

0 0 0 7,838 7,740 7,635 7,522 7,401 7,271 7,132

0 0 0 7,838 15,577 23,212 30,734 38,135 45,406 52,538

 12 13 14 15 16 17 18 19 20 21

115,644 122,675 130,133 138,046 146,439 155,342 164,787 174,806 185,434 196,709

(13,701) (14,249) (14,819) (15,412) (16,028) (16,670) (17,336) (18,030) (18,751) (19,501)

(23,358) (25,352) (27,470) (29,721) (32,114) (34,657) (37,359) (40,230) (43,282) (46,524)

78,584 83,074 87,844 92,912 98,296 104,016 110,092 116,546 123,402 130,684

(14,913) (14,752) (14,580) (14,395) (14,196) (13,982) (13,753) (13,507) (13,243) (12,960)
(2,186) (2,347) (2,520) (2,705) (2,904) (3,117) (3,346) (3,592) (3,856) (4,139)

61,485 65,975 70,745 75,813 81,197 86,917 92,993 99,447 106,303 113,585

(54,503) (59,154) (64,096) (69,350) (74,932) (80,865) (87,170) (93,870) (100,990) (108,556)

6,982 6,821 6,649 6,464 6,265 6,051 5,822 5,576 5,312 5,029

59,520 66,341 72,990 79,453 85,718 91,769 97,591 103,168 108,480 113,509
 22 23 24 25 26 27 28 29 30 31

208,669 221,356 234,814 249,091 264,235 280,301 297,343 315,422 334,599 354,943

(20,281) (21,092) (21,936) (22,813) (23,726) (24,675) (25,662) (26,688) (27,756) (28,866)

(49,969) (53,630) (57,519) (61,652) (66,043) (70,708) (75,664) (80,930) (86,524) (92,467)

138,418 146,634 155,359 164,625 174,467 184,918 196,017 207,803 220,320 233,610

(12,656) (12,329) (11,978) (11,602) (11,198) (10,764) (10,299) (9,799) (9,262) (8,686)
(4,444) (4,770) (5,121) (5,497) (5,901) (6,335) (6,801) (7,301) (7,837) (8,413)

121,319 129,534 138,259 147,526 157,367 167,819 178,918 190,704 203,220 216,511

(116,595) (125,136) (134,212) (143,855) (154,100) (164,985) (176,550) (188,836) (201,889) (215,756)

4,725 4,398 4,047 3,671 3,267 2,833 2,368 1,868 1,331 755

118,234 122,632 126,679 130,350 133,617 136,450 138,818 140,686 142,017 142,772
 32 33 34 35 36 37 38 39 40

376,524 399,416 423,701 449,462 476,789 505,778 536,529 569,150 603,754

(30,021) (31,222) (32,471) (33,769) (35,120) (36,525) (37,986) (39,505) (41,086)

(98,780) (105,487) (112,611) (120,179) (128,219) (136,758) (145,829) (155,465) (165,699)

247,723 262,708 278,619 295,513 313,450 332,495 352,714 374,180 396,970

(8,068) (7,404) (6,691) (5,926) (5,105) (4,224) (3,277) (2,261) (1,171)

(9,032) (9,695) (10,408) (11,173) (11,994) (12,876) (13,822) (14,838) (15,929)

230,623 245,609 261,520 278,414 296,351 315,395 335,615 357,081 379,871

(230,487) (246,136) (262,759) (280,418) (299,177) (319,103) (340,268) (362,751) (386,631)

137 (527) (1,240) (2,005) (2,826) (3,707) (4,654) (5,670) (6,760)

142,909 142,382 141,142 139,138 136,312 132,604 127,951 122,281 115,521

 Year 1 2 3

Balance Sheet

Asset k£ 82,611 162,003 243,861

Cash in hand k£ 0 0 0
Total k£ 82,611 162,003 243,861

Equity k£ 82,611 115,521 115,521

Retained Earnings k£ 0 0 0
Debt k£ 0 46,483 128,340
Total k£ 82,611 162,003 243,861

CHECK 1 TRUE TRUE

 4 5 6 7 8 9 10 11 12 13

330,059 320,890 311,722 302,554 293,386 284,217 275,049 265,881 256,712 247,544
0 7,838 15,577 23,212 30,734 38,135 45,406 52,538 59,520 66,341
330,059 328,728 327,299 325,766 324,119 322,352 320,455 318,418 316,232 313,885

115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521
0 0 0 0 0 0 0 0 0 0
214,538 213,207 211,779 210,245 208,599 206,832 204,934 202,898 200,711 198,364
330,059 328,728 327,299 325,766 324,119 322,352 320,455 318,418 316,232 313,885

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 14 15 16 17 18 19 20 21 22 23

238,376 229,207 220,039 210,871 201,703 192,534 183,366 174,198 165,029 155,861
72,990 79,453 85,718 91,769 97,591 103,168 108,480 113,509 118,234 122,632
311,365 308,661 305,757 302,640 299,294 295,702 291,846 287,707 283,263 278,493

115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521
0 0 0 0 0 0 0 0 0 0
195,845 193,140 190,236 187,120 183,773 180,182 176,326 172,186 167,742 162,972
311,365 308,661 305,757 302,640 299,294 295,702 291,846 287,707 283,263 278,493

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 24 25 26 27 28 29 30 31 32 33

146,693 137,524 128,356 119,188 110,020 100,851 91,683 82,515 73,346 64,178
126,679 130,350 133,617 136,450 138,818 140,686 142,017 142,772 142,909 142,382
273,372 267,875 261,973 255,638 248,838 241,537 233,700 225,287 216,255 206,560

115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521 115,521
0 0 0 0 0 0 0 0 0 0
157,851 152,354 146,453 140,118 133,317 126,016 118,179 109,766 100,735 91,039
273,372 267,875 261,973 255,638 248,838 241,537 233,700 225,287 216,255 206,560

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 34 35 36 37 38 39 40

55,010 45,841 36,673 27,505 18,337 9,168 (0)

141,142 139,138 136,312 132,604 127,951 122,281 115,521
196,152 184,979 172,985 160,109 146,287 131,449 115,521

115,521 115,521 115,521 115,521 115,521 115,521 115,521

0 0 0 0 0 0 0
80,631 69,458 57,464 44,589 30,767 15,929 0
196,152 184,979 172,985 160,109 146,287 131,449 115,521

TRUE TRUE TRUE TRUE TRUE TRUE TRUE

 Year 1 2 3

Project IRR

CAPEX (incl. SPV costs) k£ (75,000) (75,000) (75,000)

Arrangement fee k£ (3,218) 0 0
Engagement fee k£ (4,393) (4,393) (3,441)
Capitalized Interests k£ 0 0 (3,416)
Total Investment k£ (330,059) (82,611) (79,393) (81,857)

Revenues PC+HV k£ 0 0 0
Maintenance & SPV Costs k£ 0 0 0
Corporate Tax k£ 0 0 0
Cash Flow k£ (82,611) (79,393) (81,857)

Project IRR % 18.0%

Equity IRR

Equity Injected k£ (115,521) (82,611) (32,910) 0

Dividends earned k£ 0 0 0
Cash out End of Concession k£
Total Cash in/Cash out k£ (82,611) (32,910) 0

Equity IRR % 23.0%

 4 5 6 7 8 9 10 11 12 13

(75,000) 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
(1,765) 0 0 0 0 0 0 0 0 0
(9,433) 0 0 0 0 0 0 0 0 0
(86,198) 0 0 0 0 0 0 0 0 0

0 76,505 81,156 86,090 91,325 96,877 102,767 109,016 115,644 122,675

0 (10,412) (10,828) (11,261) (11,712) (12,180) (12,667) (13,174) (13,701) (14,249)
0 (12,347) (13,647) (15,028) (16,497) (18,059) (19,719) (21,483) (23,358) (25,352)
(86,198) 53,746 56,681 59,801 63,115 66,638 70,381 74,358 78,584 83,074

0 0 0 0 0 0 0 0 0 0
0 28,809 31,842 35,066 38,494 42,138 46,011 50,127 54,503 59,154

0 28,809 31,842 35,066 38,494 42,138 46,011 50,127 54,503 59,154

 14 15 16 17 18 19 20 21 22 23

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 0 0 0 0 0 0 0 0 0

130,133 138,046 146,439 155,342 164,787 174,806 185,434 196,709 208,669 221,356
(14,819) (15,412) (16,028) (16,670) (17,336) (18,030) (18,751) (19,501) (20,281) (21,092)
(27,470) (29,721) (32,114) (34,657) (37,359) (40,230) (43,282) (46,524) (49,969) (53,630)
87,844 92,912 98,296 104,016 110,092 116,546 123,402 130,684 138,418 146,634

0 0 0 0 0 0 0 0 0 0
64,096 69,350 74,932 80,865 87,170 93,870 100,990 108,556 116,595 125,136

64,096 69,350 74,932 80,865 87,170 93,870 100,990 108,556 116,595 125,136
 24 25 26 27 28 29 30 31 32 33

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 0 0 0 0 0 0 0 0 0

234,814 249,091 264,235 280,301 297,343 315,422 334,599 354,943 376,524 399,416
(21,936) (22,813) (23,726) (24,675) (25,662) (26,688) (27,756) (28,866) (30,021) (31,222)
(57,519) (61,652) (66,043) (70,708) (75,664) (80,930) (86,524) (92,467) (98,780) (105,487)
155,359 164,625 174,467 184,918 196,017 207,803 220,320 233,610 247,723 262,708

0 0 0 0 0 0 0 0 0 0
134,212 143,855 154,100 164,985 176,550 188,836 201,889 215,756 230,487 246,136

134,212 143,855 154,100 164,985 176,550 188,836 201,889 215,756 230,487 246,136
 34 35 36 37 38 39 40

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

423,701 449,462 476,789 505,778 536,529 569,150 603,754

(32,471) (33,769) (35,120) (36,525) (37,986) (39,505) (41,086)
(112,611) (120,179) (128,219) (136,758) (145,829) (155,465) (165,699)
278,619 295,513 313,450 332,495 352,714 374,180 396,970

0 0 0 0 0 0 0
262,759 280,418 299,177 319,103 340,268 362,751 386,631
115,521
262,759 280,418 299,177 319,103 340,268 362,751 502,151