风力发电行业投资的EXCEL模型

Assu XXwindpower Projectparameters Finance WorkingCapital Projectstartingyear year 2007 EDFpremium 0% Projectendingyear year 2027 Equity 33% Constructionperiod year 1 Debt 67% Receivabledays day 30 EDFshare 49% Payablesdays day 30 TotalinvestmentwithoutIDC RMB.m. 526.07 Bankloan ofwhich: Equipmentcost(w/VAT) RMB.m. 309.00 Interestrate % 6.16% Land RMB.m. 13.19 LTtenor year 15 Otherfacilitycost RMB.m. 203.88 Corporatereservefundas%ofPAT 10% Startingworkingcapital RMB.m. 1.69 Publicwelfarefundas%ofPAT 5% Revenuerelated Operatingcostsrelated Capacitycommencement MW 49.5 Fixedcosts Materialinflationrate 2.5% Numberofemployees 15 Salaryincreaserate 5% Tariff Annualsalaryperpersoncurrentyear RMB 50000 Annualinsurancepremium 0.04% Basicpowerprice RMB/KWh 0.748 welfarerate % 44% Additionalpowerprice RMB/KWh 0.0 G&Aexpenses RMB.m. 0.5 Additionalpriceappieswhen< hours 0.0 Maintenancecostas%oftotalinvestment 1% CDM(yes=1/No=0) Variablecosts CERs/generatinghour Ton/MWh 0.0 Material RMB/MWh 6 CERsprice USD/ton 0.0 Taxrates Depreciationandamortization Windpowercriteria Valueaddedtax(VAT) % 8.50% Depreciationperiod(fromCOD) year 15 WACC 11.00% Attached-citytaxas%ofVAT % 5% Residualvaluerate % 5% Attached-educationfundas%ofVAT % 4% Amortization year 10 Returnonequity 13.00% EquipmentpurchaseVAT % 17% Residualvaluerate % 0% Corporateincometax % 15% CITexemptionyear years 0.0 CIT50%year years 0.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Capacityschedule 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Exchangerate 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 CIT 1 0% 0% 0% 0% 13% 13% 13% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 2 0% 0% 13% 13% 13% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% Utilizationhours 1 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 1 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2086 2 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 1877 3 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 2295 CITrate 1 25% 2 3 2 15% 0 0 3 15% 2 3 Scenario 1-PhaseI.1 49.5MW 2-PhaseI.1&2 99MW 1 1 2 Totalinvestmentw/oIDC RMB.m. 526.07 526.07 996.14 Startingworkingcapital RMB.m. 1.69 1.69 3.38 Land RMB.m. 13.19 13.19 26.38 Capacity MW 49.5 49.5 99 Numberofemployees person 15 15 15 G&Aexpense 0.5 0.5 1 Equipmentcost RMB.m. 309 309 618 Keepthisline SensitivityAnalysis AIRR 10.23% 10.23% 11.97% 8.77% 8.70% 11.70% 8.68% 11.72% 10.22% 10.23% 9.33% 10.23% atline63:63 AVAN/I (0.042) (0.04) 0.05 (0.12) (0.12) 0.04 (0.12) 0.04 (0.04) (0.04) (0.09) (0.04) EIRR 10.75% 10.75% 13.62% 8.49% 8.38% 13.16% 8.36% 13.19% 11.21% 10.31% 10.24% 11.03% EVAN/I (0.184) (0.18) 0.05 (0.37) (0.38) 0.01 (0.38) 0.02 (0.15) (0.22) (0.22) (0.16) 1 1 2 3 4 5 6 7 8 9 10 11 Invest.w/oIDC RMBm 526.07 526.07 473.46 578.68 526.07 526.07 526.07 526.07 526.07 526.07 526.07 526.07 Utilizationhour hour 1 1 1 1 2 3 1 1 1 1 1 1 CITrate % 2 2 2 2 2 2 2 2 2 2 1 3 Tariff RMB/KWh 0.748 0.748 0.748 0.748 0.748 0.748 0.673 0.823 0.748 0.748 0.748 0.748 Interestrate % 6.16% 6.16% 6.16% 6.16% 6.16% 6.16% 6.16% 6.16% 5.54% 6.78% 6.16% 6.16%&LAuthor:ChenXuanzhi&C&Pof&N&RConfidential&L&T&D&C&Z&F&R&ACal XXwindpower Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Investment InitialBalanceSheet RMBm RMBm Unitcost(w/IDC) (RMB/KW) Equipment 264.10 Fixedassets 482.85 beforeVATrefund 10,928 VAT 17% 44.90 Land 13.19 afterVATrefund 10,021 Equipment(w/VAT) 309.00 VATreceivable 0.0 Cash(WC) 1.69 Otherfacilitycost 203.88 497.73 Landcost 13.19 526.07 Loans 67% 331.49 480 297.0297029703 478.5261394904 IDC 6.16% 14.87 Equity 33% 166.24 13.45 Totalconstructioncostw/IDC 540.94 497.73 Note:AssumingtheVATrefundwillbefundedbyshort-termborrowingandbereceivedin2007 Revenuecalculation Capacitycommencement 49.5 MW 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 Capacityincrease 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Capacityinoperation MW 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 49.50 Uitlizaitionhours hour 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 2,086 Annualpowergenerated MWh 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 103,257 WAtariffwithVAT Basicpowerprice 0.75 RMB/KWh 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 Basicpowerrevenue RMB.m. 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 Accumulatedhours 0.0 hour 2,086 4,172 6,258 8,344 10,430 12,516 14,602 16,688 18,774 20,860 22,946 25,032 27,118 29,204 31,290 33,376 35,462 37,548 39,634 41,720 subsidypercentage 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Additionalpowerprice 0.0 RMB/KWh 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Subsidypowerrevenue RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Exchangerate 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 7.73 TonsofCER 0.0 Ton/MWh 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CERprice 0.0 $ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CDM RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Totalrevenue RMB.m. 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 VATcalculation VATofpowerrevenue 8.50% RMB.m. 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 Citycon.&edu.Levy 9% RMB.m. 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 Netrevenue 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 Operatingcost RMB/MWh Material 6 RMB.m. 0.64 0.65 0.67 0.68 0.70 0.72 0.74 0.75 0.77 0.79 0.81 0.83 0.85 0.88 0.90 0.92 0.94 0.97 0.99 1.02 Personnelcost materialinflationindex 2.5% 1.03 1.05 1.08 1.10 1.13 1.16 1.19 1.22 1.25 1.28 1.31 1.34 1.38 1.41 1.45 1.48 1.52 1.56 1.60 1.64 salaryinflationrate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% personalannualsalaryp.a. 50,000 RMB 52,500 55,125 57,881 60,775 63,814 67,005 70,355 73,873 77,566 81,445 85,517 89,793 94,282 98,997 103,946 109,144 114,601 120,331 126,348 132,665 welfare 44% RMB 23,100 24,255 25,468 26,741 28,078 29,482 30,956 32,504 34,129 35,836 37,627 39,509 41,484 43,558 45,736 48,023 50,424 52,946 55,593 58,373 Annualcostperperson RMB 75,600 79,380 83,349 87,516 91,892 96,487 101,311 106,377 111,696 117,280 123,144 129,302 135,767 142,555 149,683 157,167 165,025 173,277 181,940 191,037 numberofemployees 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 Total RMB.m. 1.13 1.19 1.25 1.31 1.38 1.45 1.52 1.60 1.68 1.76 1.85 1.94 2.04 2.14 2.25 2.36 2.48 2.60 2.73 2.87 Fixedmaintenance Totalfixedcostbase 467.98 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 468 as%offixedcostbase 1.00% % 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Totalmaintenancecost RMB.m. 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 G&Acosts 0.5 RMB.m. 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Insurancepremium 0.04% RMB.m. 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 Totaloperatingcosts RMB.m. 7.13 7.20 7.28 7.36 7.44 7.52 7.61 7.71 7.81 7.91 8.02 8.13 8.25 8.37 8.50 8.64 8.78 8.92 9.08 9.24 DepreciationandAmortization Land amortizationperiod 10.00 year Residualvalue 0% Land-opening RMB.m. 13.19 11.87 10.55 9.23 7.91 6.60 5.28 3.96 2.64 1.32 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Amortizationoftheyear 1.32 RMB.m. 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Land-closing 13.19 11.87 10.55 9.23 7.91 6.60 5.28 3.96 2.64 1.32 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 fixedassets Depreciationperiod 30.58 15 year Residualvalue 24.14 5% % Fixedassetsclosing RMB.m. 482.9 452.27 421.69 391.11 360.53 329.95 299.37 268.79 238.21 207.63 177.05 146.47 115.89 85.30 54.72 24.14 24.14 24.14 24.14 24.14 depreciationoftheyear RMB.m. 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 0.0 0.0 0.0 0.0 0.0 Fixedassets-closing residualvalue RMB.m. 482.9 452.27 421.69 391.11 360.53 329.95 299.37 268.79 238.21 207.63 177.05 146.47 115.89 85.30 54.72 24.14 24.14 24.14 24.14 24.14 24.14 Totaldep.&Amort.oftheyear RMB.m. 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 30.58 30.58 30.58 30.58 30.58 0.0 0.0 0.0 0.0 0.0 Financialexpenses Repaymentperiod 15 year Loanbalanceopening RMB.m. 331.49 309.39 287.29 265.19 243.09 220.99 198.89 176.80 154.70 132.60 110.50 88.40 66.30 44.20 22.10 0.0 0.0 0.0 0.0 0.0 Repaymentp.a. 22.10 RMB.m. 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 22.10 0.0 0.0 0.0 0.0 0.0 Loanbalanceclosing RMB.m. 331.49 309.39 287.29 265.19 243.09 220.99 198.89 176.80 154.70 132.60 110.50 88.40 66.30 44.20 22.10 0.0 0.0 0.0 0.0 0.0 0.0 Loanaverage RMB.m. 320.44 298.34 276.24 254.14 232.04 209.94 187.85 165.75 143.65 121.55 99.45 77.35 55.25 33.15 11.05 0.00 0.00 0.00 0.00 0.00 Interestexpense interestrate 6.16% RMB.m. 19.74 18.38 17.02 15.66 14.29 12.93 11.57 10.21 8.85 7.49 6.13 4.76 3.40 2.04 0.68 0.0 0.0 0.0 0.0 0.0 Taxcalculation Revenue(afterVAT) 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 operatingcost 7.13 7.20 7.28 7.36 7.44 7.52 7.61 7.71 7.81 7.91 8.02 8.13 8.25 8.37 8.50 8.64 8.78 8.92 9.08 9.24 depreciation&amortization 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 31.90 30.58 30.58 30.58 30.58 30.58 0.0 0.0 0.0 0.0 0.0 interestexpenses 19.74 18.38 17.02 15.66 14.29 12.93 11.57 10.21 8.85 7.49 6.13 4.76 3.40 2.04 0.68 0.0 0.0 0.0 0.0 0.0 58.77 57.48 56.19 54.91 53.63 52.36 51.09 49.82 48.56 47.30 44.73 43.48 42.23 41.00 39.76 8.64 8.78 8.92 9.08 9.24 Incomebeforetax RMB.m. 11.87 13.16 14.45 15.73 17.01 18.28 19.56 20.82 22.08 23.34 25.92 27.16 28.41 29.65 30.88 62.00 61.86 61.72 61.56 61.40 profitmark 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 #ofyearafterfirstprofit exempyr 50%year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 CITexemptionscheme 0 0 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Corporateincometaxrate 15% % 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% Incometax RMB.m. 1.78 1.97 2.17 2.36 2.55 2.74 2.93 3.12 3.31 3.50 3.89 4.07 4.26 4.45 4.63 9.30 9.28 9.26 9.23 9.21 Incomeaftertax RMB.m. 10.09 11.19 12.28 13.37 14.46 15.54 16.62 17.70 18.77 19.84 22.03 23.09 24.15 25.20 26.25 52.70 52.58 52.46 52.33 52.19 RebateafterCIT 2008 40% RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividendscalculation Netincomeaftertax RMB.m. 10.09 11.19 12.28 13.37 14.46 15.54 16.62 17.70 18.77 19.84 22.03 23.09 24.15 25.20 26.25 52.70 52.58 52.46 52.33 52.19 Reservefund rate 10% 1.01 1.12 1.23 1.34 1.45 1.55 1.66 1.77 1.88 1.98 2.20 2.31 2.41 2.52 2.62 5.27 5.26 5.25 5.23 5.22 Accumulatedreservefund 0.0 1.01 2.13 3.36 4.69 6.14 7.69 9.36 11.13 13.00 14.99 17.19 19.50 21.91 24.43 27.06 32.33 37.59 42.83 48.07 53.28 50%ofregisteredcapital 83.12 RMB.m. 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 83.12 Publicwelfarefund rate 5% RMB.m. 0.50 0.56 0.61 0.67 0.72 0.78 0.83 0.88 0.94 0.99 1.10 1.15 1.21 1.26 1.31 2.64 2.63 2.62 2.62 2.61 Accumulatedwelfarefund RMB.m. 0.50 1.06 1.68 2.35 3.07 3.85 4.68 5.56 6.50 7.49 8.59 9.75 10.96 12.22 13.53 16.16 18.79 21.42 24.03 26.64 Profitdistributibletoshareholders RMB.m. 8.58 9.51 10.44 11.37 12.29 13.21 14.13 15.04 15.96 16.87 18.72 19.63 20.52 21.42 22.31 44.80 44.70 44.59 44.48 44.36 Cashavailablefordividends RMB.m. 13.90 20.99 22.08 23.17 24.26 25.34 26.42 27.50 28.57 29.64 30.51 31.57 32.63 33.68 34.73 52.71 52.59 52.46 52.33 58.16 Dividendsdeclared RMB.m. 8.58 9.51 10.44 11.37 12.29 13.21 14.13 15.04 15.96 16.87 18.72 19.63 20.52 21.42 22.31 44.80 44.70 44.59 44.48 44.36 Retainedearningopening RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 increasedthisyear RMB.m. 8.58 9.51 10.44 11.37 12.29 13.21 14.13 15.04 15.96 16.87 18.72 19.63 20.52 21.42 22.31 44.80 44.70 44.59 44.48 44.36 distributedthisyear RMB.m. 8.58 9.51 10.44 11.37 12.29 13.21 14.13 15.04 15.96 16.87 18.72 19.63 20.52 21.42 22.31 44.80 44.70 44.59 44.48 44.36 Retainedearningclosing RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 WorkingCapitalcalculation 2027 Tradereceivable days 30 RMB.m. 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 6.44 0.0 Tradepayable days 30 RMB.m. 0.44 0.44 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.46 0.46 0.46 0.46 0.46 0.46 0.47 0.47 0.47 0.47 0.0 Workingcapital 0.0 5.99 5.99 5.99 5.99 5.99 5.99 5.98 5.98 5.98 5.98 5.98 5.98 5.98 5.97 5.97 5.97 5.97 5.97 5.96 0.0 ChangeofW/C RMB.m. (5.99) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.96 VATRefundaccount VATrefundreceivable-opening RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 refunded RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 VATrefundreceivable-closing RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0&LAuthor:ChenXuanzhi&C&Pof&N&RConfidential&L&T&D&C&Z&F&R&AStates XXwindpower Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 P&Lstatement Revenue RMB.m. 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 77.24 VAT RMB.m. 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 6.05 Citycon.&edu.Levy RMB.m. 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 Netrevenue RMB.m. 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 70.64 Operatingcost Fixedcost Maintenance RMB.m. 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 4.68 Insurance RMB.m. 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 G&Aexpense RMB.m. 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Personnelcost RMB.m. 1.13 1.19 1.25 1.31 1.38 1.45 1.52 1.60 1.68 1.76 1.85 1.94 2.04 2.14 2.25 2.36 2.48 2.60 2.73 2.87 Totalfixedcost RMB.m. 6.49 6.55 6.61 6.67 6.74 6.81 6.88 6.95 7.03 7.12 7.21 7.30 7.40 7.50 7.60 7.72 7.83 7.96 8.09 8.22 Variablecost Material RMB.m. 0.64 0.65 0.67 0.68 0.70 0.72 0.74 0.75 0.77 0.79 0.81 0.83 0.85 0.88 0.90 0.92 0.94 0.97 0.99 1.02 Totaloperationgcost RMB.m. 7.13 7.20 7.28 7.36 7.44 7.52 7.61 7.71 7.81 7.91 8.02 8.13 8.25 8.37 8.50 8.64 8.78 8.92 9.08 9.24 EBITDA RMB.m. 63.51 63.44 63.36 63.29 63.20 63.12 63.03 62.93 62.83 62.73 62.62 62.51 62.39 62.27 62.14 62.00 61.86 61.72 61.56 61.40 EBITDAmargin 90% 90% 90% 90% 89% 89% 89% 89% 89% 89% 89% 88% 88% 88% 88% 88% 88% 87% 87% 87% Depreciation RMB.m. 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 30.58 0.0 0.0 0.0 0.0 0.0 Amortization RMB.m. 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 1.32 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBIT RMB.m. 31.61 31.54 31.46 31.39 31.30 31.22 31.13 31.03 30.93 30.83 32.04 31.93 31.81 31.69 31.56 62.00 61.86 61.72 61.56 61.40 Financial(Income)/expense RMB.m. 19.74 18.38 17.02 15.66 14.29 12.93 11.57 10.21 8.85 7.49 6.13 4.76 3.40 2.04 0.68 0.0 0.0 0.0 0.0 0.0 Profitbeforetax RMB.m. 11.87 13.16 14.45 15.73 17.01 18.28 19.56 20.82 22.08 23.34 25.92 27.16 28.41 29.65 30.88 62.00 61.86 61.72 61.56 61.40 Incometax RMB.m. 1.78 1.97 2.17 2.36 2.55 2.74 2.93 3.12 3.31 3.50 3.89 4.07 4.26 4.45 4.63 9.30 9.28 9.26 9.23 9.21 Netincome RMB.m. 10.09 11.19 12.28 13.37 14.46 15.54 16.62 17.70 18.77 19.84 22.03 23.09 24.15 25.20 26.25 52.70 52.58 52.46 52.33 52.19 RebateafterCIT RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Netprofitmargin 13.07% 14% 16% 17% 19% 20% 22% 23% 24% 26% 29% 30% 31% 33% 34% 68% 68% 68% 68% 68% Cashflowstatement Operatingcashflow EBITDA RMB.m. 63.51 63.44 63.36 63.29 63.20 63.12 63.03 62.93 62.83 62.73 62.62 62.51 62.39 62.27 62.14 62.00 61.86 61.72 61.56 61.40 ChangeofW/C RMB.m. (5.99) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.96 Taxpaid RMB.m. (1.78) (1.97) (2.17) (2.36) (2.55) (2.74) (2.93) (3.12) (3.31) (3.50) (3.89) (4.07) (4.26) (4.45) (4.63) (9.30) (9.28) (9.26) (9.23) (9.21) RebateafterCIT RMB.m. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cashbeforefinancing RMB.m. 55.74 61.47 61.20 60.93 60.65 60.38 60.09 59.81 59.52 59.23 58.74 58.44 58.13 57.82 57.51 52.71 52.59 52.46 52.33 58.16 Investmentcashflow(VATrefund) RMBm 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interestpaid RMB.m. (19.74) (18.38) (17.02) (15.66) (14.29) (12.93) (11.57) (10.21) (8.85) (7.49) (6.13) (4.76) (3.40) (2.04) (0.68) 0.0 0.0 0.0 0.0 0.0 LTloanrepayment RMB.m. (22.10) (22.10) (22.10) (22.10) (22.10) (22.10) (22.10) (22.10) (22.10) (