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Additional urban construction tax 3. Education surcharges Income tax rate Reserves Calculation parameters+Accumulated net cash flows after income tax$Period (years) for repayment of loan&Static investment recovery period (Pt)!Rate of earnings on capital (ROE)! Return on total investment (ROI)Note 7Composite tax rateRate of Sales taxVAT surcharges+Ratio of EBIT to interest included in cost.URatio of EBIT+ depreciation +amortization to interest payable and principal repayable 10,000kWh 7year 7 RMB Yuan/kwhTon/year RMB Yuan/tonYearRMB Yuan 10,000(2)(3)(4)+20% 7+15% 7+10% 7+5% 7-5% 7-10% 7-15% 7-20% 72.1.12.1.2FIRR 71.51.71.81.92.42.52.62.72.8% 72.8.31.1.11.1.22.3.12.3.22.3.32.3.42.3.52.3.62.1.3.Taohuashan Hydropower Station Finance Analysis 7No. 7Items 7Remarks 7!Calculate based on compound rate.Total dynamic investment:Total static investment:,Interest incurred during construction periodUnit 7`! 7Number of installed generatorTotal capacityUnit investment:Effective power factorEffective power generated Power supply0Loss in Transmission and Transformation Network Cost of ProductionPayroll 1. Number of employees 2. Annual average payrollEmployee welfare 1. Employee s insurance  2. Welfare fund 3. Education fund 1. Cost of overhaul  2. Cost of materials  3. Other expenses Unit: kwh production costRMB 10,000 yuan 7kW 7*Original value of constitued fixed assets. 77Undistributed profits (available for repayment of loan)Depreciable life/Base of depreciation cost for repayment of loan9Residual value after depreciation (including differences)1Depreciation cost available for repayment of loanUndistributed profits%Base of profits for repayment of loan'Profits available for repayment of loan$Cost available for repayment of loanURemaining amount of cost available for repayment of loan after repayment of principalBeginning bal. of loan@Repayment of principal and payment of interest in current period Principal Payment of interestEnding bal. of loan%Sources of fund for repayment of loan5Interest included in cost (Equal payment of interest)4Years for repayment of loan during production period,Repayment of loan in the end of current year9Accumulated repayment of loan in the end of current year<Years for repayment of loan ( including construction period)Interest coverage rate (ICR)Debt coverage ratio(DSCR)Sub-total of fund sourcesProfit on sale Depreciation costAmortization of cost+Investment in fixed assets (long term loan) Loan (financing)FLoan and interest incurred during construction period (long term loan)!Interest income included in cost (Residual value of fixed assets recovered!Sub-total of application of fund Investment in fixed assets(Interest paid during construction period3Provision of reserves and legal public welfare fund1Repayment of loan and payment of interest thereonRepayment of long-term loan%Payment of interest on long-term loan&Payment of interest on short-term loan Surplus fundsOperation Period (year) 7Accumulated surplus fundsAnnual Unitilization(hours) 7 Without CERs 7Basic parameters92. Residual value rate of fixed assets after depreciationRate on long-term loan/Investment in construction and Sources of fund Self-raised capital'2. Used for investment in fixed assets)Long-term loan2. Interest on long-term loanSConstruction period is not included in the operating period of power station (year)(Total Investment) 71Statement of Sensitivity Analysis and Calculation 7Fluctuate indexes 7Base 7#Estimated Grid Price (RMB yuan/kWh) 7'Static Total Investment(RMB 10,000yuan) 7%Annual Operating Cost(RMB 10,000yuan) 7Note: 7Table 9 7|Table 8 7No. 7Items 7Value at the end of period 7Construction Period (year) 7Operation Period (year) 7Asset 7Total of floating capital 7Floating capital 7The project on constructing 7Net value of fixed asset 7#Intangible assets & Deferred assets 7&Public welfare fund and a reserve fund 7Balance sheet(2.1+2.2) 7Total Long-Term Liabilities 7.Total short-Term Liabilities(floating capital) 7Owner's Equity 71Self-raising of funds(investment of fixed assets) 7'Self-raising of funds(floating capital) 7Capital reserve 7Unappropriated profits 7Other income (CERs) 7Calculation indexes 7Assets Liabilities Ratio (LOAR) 7Owner's equity 7The rate of total value 7Table 7 7Total 71.1 71.2 71.3 71.4 71.4.1 70 Capital (paid up capital,including subproject) 71.4.2 71.6 7 Other (CERs) 7floating capital recovered 72.1 72.1.1 7= Self-raised Capital (paid up capital,including subproject ) 72.1.2 72.2 7floating capital 7 Income tax 72.8.1 72.8.2 7Calculation Indexes 7Accumulated surplus funds 7;of whitch:1 Residue depraciation cost after loan repayment  76 2 Residue benefits after loan repayment 7< 3 Residue other benefits after loan repayment 7Note: 7cThe floating capitals of Accumulated surplus funds are not received by the end of operation period. 7Table 6 7 Parameter 7VLong-term loan and repayment of principal and payment of interest (Compound rate= %) 71.2.1 71.2.2 7]Short-term loan and repayment of principal and payment of interest (Simple interest rate= %) 7 Other (CERs) 7 Plan years for repayment of loan 7Table 5 7"Depreciation cost of power statio< n 74Factor of depreciation cost for repayment of loan(*) 7* 7Depreciation cost of subproject 7*Factor of profits for repayment of loan(*) 7Table 4 7Installed capacity (kW) 7,Income of power sales(RMB ten thousand yuan) 75Total cost of power generation(RMB ten thousand yuan) 7 Water charges  7# Cost of operation and maintenance 7 of which: For Power station 7" For subproject 7 Payroll and welfare 7, Other expenses(insurance for fixed assets) 7 Amortization costs 7 Depreciation cost 7 Interest expense 7Sales tax and surcharge 7 VAT 7# Additional urban construction tax 7 Education surcharge 7Profit on sale 7 Income tax  7"Profits available for distribution 7Reserves 7 Welfare funds 7Profits payable ( capital %) 7!Accumulated undistributed profits 7<Operating cost(excluding depreciation cost) (RMB Yuan/ kwh) 7Composite cost(RMB yuan/kWh) 7-Rate of earnings on Self-raised capital (ROE) 7&Total return on total investment (ROI) 7Table 3 7Calculated value 7Quota 7Basic parameter 7unit installed capacity 7Investment in fixed assets 7yuan 7Annual utilization hours  7h 7Power generation (10,000kWh) 7Power consumption by plant 7% 7Electricity Suppplied 7 10,000kWh 7a! 7RMB 10,000 yuan 7Person 7 yuan/year 7)Proportion in total payroll of employees. 7 4.Housing Provident Fund  7!Operation and maintenance expense 7,General value calculated according to stages 7b! 7  Yuan/kwh 78Depreciation cost and interest payable are not included. 7c! 7'Annual expenses of subproject operation 7!Ratio in investment of subproject 7Table 2 7s Unit10,000yuan 7sNo. 7sItems 7s Parameters 7sRemarks 7sBasic Parameters 7s(Operating period of power station (year) 7sSConstruction period is not included in the operating period of power station (year) 7s'Depreciable life of fixed assets (year) 7s|Depreciation will be provided for on a straight-line basis from the first year of production period by straight line method. 7sFormation rate of fixed assets 7sQRatio of original value of fixed assets to total investment (dynamic investment). 7s#Residual value rate of fixed assets 7sAThe residual value of fixed assets will be recovered at one time. 7s!Depreciation rate of fixed assets 7s@Provide for depreciation based on original value of fixed assets 7sRate on long-term loan 7s Rate on construction period loan 7sICalculate based on compound rate.(General interest rate of many projects) 7sEstimated Grid Price(yuan/kWh) 7swith VAT 7s subproject 7sPMatch with electricity transforming project,formation rate of fixed assets is 1. 7s(Annual Operation and Maintence Cost Rate 7sRatio of subproject investment. 7sTotal 7sConstruction Period (Year) 7s*Including price difference and subproject. 7sFloating Capital 7sFinance 7s Self-raised capital 7s Used as Floating Capital 7s$ Used as fixed assets investment 7s" Used as subproject investment 7s,Match with electricity transforming project. 7s Long-term loan 7s2.2.1 7s Capital for long-term loan 7s$Used for investment of fixed assets. 7s2.2.2 7s( Interest on construction period loan 7s Loan of current funds 7sUsed for floating capital. 7sOriginal value of fixed assets 7sNote: 7s1. Original value of fixed assets=investment of fixed assets+ interest incurred during construction period-investment in intangible assets and deferred assets. 7s2. Current loan is used as current funds. The interest is calculated based on the first year of production period.Current funds don t constitute fixed assets. 7sw3. Interest of long-term loan is calculated based on 1/2 in the current year, based on the whole year in the next year. 7sTable 1 7sTotal  7sBasic parameter 7sInstalled Capacity(kW) 7sUtilization hours (h) 7sPower generation(10000kWh) 7sSales of electricity (10000kWh) 7sEstimated Grid price(yuan/kWh) 7scash inflows (CI) 7sIncome of saling power 7s(Residual value of fixed assets recovered 7sFloating Capital recovered 7s Other(CERs) 7sSubtotal of cash inflows 7sCash outflows(CO) 7s,Investment in fixed assets(Total investment) 7s"Floating Capital(Total investment) 7sAnnual Operatiing Cost 7sSales tax and surcharges 7s Income tax 7sSubtotal of cash outflows 7s Net cash flows before income tax 7s,Accumulated net cash flows before income tax 7sNet cash flows after income tax 7s+Accumulated net cash flows after income tax 7sCalculation indexes 7s(1) 7sNet financial present value 7s Discount factor(Ic= ) 7s" Net present value FNPV= 7sFinancial IRR (FIRR after tax) 7sDiscount factor(i= ) 7s Discount factor(i= ) 7sDCalculation parameters for static investment recovery period (years) 7sBStatic investment recovery period ( including construction period) 7sFinancial IRR(FIRR) 7sConstruction period (year) 7Operation period (year) 7Operation (year) 7-10% 7-5% 7Table 10 7No. 7Items 7Unit 7Calculation indexes 7Remarks 7`! 7Installed ca<9 pacity 7kW 7Annual utilization hours 7h/year 7Effective power factor 7"Rate of power consumption by plant 7?General loss in Transmission and Transformation of electricity  7Electricity supplied to grid 7&The operating period of power station  7year 7!Depreciable life of fixed assets  7!1. Formation rate of fixed assets 7$3. Depreciation rate of fixed assets 70Rate on short-term loan (loan of current assets) 78Calculate based on single rate.(composite of many loans) 7 Grid price 7Emission reduction of CO2 7Unit income from CERs  7Period of income from CERs  7Income from CERs 7RMB 10000/year 7# Of whitch `$Total static investment: !  7RMB Yuan 10,000 7- a$Interest incurred during construction period  7!RMB Yuan 10,000 7! b$Floating capital  7 RMB Yuan 10,000 7 Formation rate of fixed assets 7 #of which: 1. Used as current funds  7 =Including investment for electricity transforming subproject. 7 #Used for investment in fixed assets 7 %of which: 1. 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