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X x 8      X) \ \  &.  &  & (  &) \) < <      @      @     &  @@    @  x) & x < + <  @@ x@    @   x      x+ x+ h@  h @ h < L  <  x@@    @  x   X/  X/   8  |@  |  @  |  |  |  | x X  x  x  X  `\Summary Stage 18x Table for PDD IRR with CERyIRR without CER:Sensitive analysisElectricity generation| CERs flowVV&" 8CERs 7(Installed Capacity of Project units (MW)$Is the project a retrofit / upgrade?Flooded area (m2)+Power Desity (W/m2) (cannot be below 4W/m2) Name of Grid#Additional Tax for city developmentAdditional Tax for educationIRR Financial benchmarkno 7Central China Power Grid 7B. BASELINE DATA 7D. FINANCIAL PARAMETERS 7C. Electricity Generation 7Electricity generation (MWh/y) 7&Electricity export to the grid (MWh/y)Results 7 Total CERs 7Baseline emission 7Project emission 71 y 77 y 721 y 7- 7Emission reduction calculations Project year Calendar yearProject Emissions Power DensityCumulative Project EmissionsEmission reductions&Electricity export to the grid (MWh/y) 7 a) InvestmentVAT on electricity revenue 7IRR Discount rate14 y 7$Electricity export to the grid (MWh) 7Financial results 7Electricity only 7 Cash flow NPV 7IRR 7Elctricity with carbon 7YearTotal number of crediting yearsItemWithout income from CERsWith income from CERsCurrent capital FSR, page 177 7 FSR, page 176 7FSR, annex table 12-4  70Lixian Yikeyin Small Hydropower Project -Stage 1 7iA.4.3. Table 2 The estimated amount of emission reductions over the first crediting period from Stage 1:  7 Total (tCO2e)  Baseline emissions 7 EF (tCO2e/MWh) 7A. Input 7 Depreciation  7 CERs (tCO2e/y)   7'the additional tax for city development the additional tax for education OM (tCO2e/MWh) 7 BM (tCO2e/MWh) 7 Grid EF (tCO2e/MWh)   7 Price of carbon (US$/tCO2e) 7-Date Project starts Construction (dd/mm/yyyy) 70 Annual estimation of emission reductions (tCO2e)-.  7" Total estimated reductions (tCO2e)  7H Annual average over the crediting period of estimated reductions (tCO2e)EF 7IB.5. Table 5 Calculation and comparison of financial indicators (Stage 1) 73B.5. Table 6 Sensitive analysis results for Stage 1 7HE.6. Summary of the ex-ante estimation of emission reductions (Stage 1): 70 Estimation of project activity emissions (tCO2e)-.  7( Estimation of baseline emissions (tCO2e)%&  7 Estimation of leakage (tCO2e)  72 Estimation of overall emisssion reductions (tCO2e)/0  7Year 7 Calender year 7 A. Revenue 7A1. Electricity Revenue 7 Depreciation 7 Cumulative 7With C 7 Without C 7Year 7 Calender year 7Installed capacity (MW) 7%Annual electricity generation (MWh/y) 7(Net electricity export to the grid (MWh) 76Accumulated net electricity exported to the grid (MWh) 7Electricity generation 7 Baseline emissions (tCO2e/y)  7& Cummulative baseline emissions (tCO2e)#$ 7- 7 Project Emissions (tCO2e) 7 Leakage (tCO2e)   7Crediting period (y) 7! Net Emission Reductions (tCO2e/y)  7 Cummulative (tCO2e) 7 CERs summary (tCO2e)  7Baseline Emission 7Project Emission 7CERs 71 y 77 ys 714 ys 721 ys 7 Table for PDD 7 Crediting period (y) 7IRR 7 Benchmark 7Project operation life time (y) 7 FSR, page 178 7.Date of power generation starting (dd/mm/yyyy) 7QIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later) 7 QIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later) 7 FSR, page 94[1]  7b[1] FSR refers to the Feasibility Study Report of Lixian Yikeyin Small Hydropower Project-Stage 1  7Year 7 Calender year 7Reduction in total investment 7Electricity revenue 7,Recovery of fixed assets and current capital 7 Investment 7Operational costs  7VAT on electricity revenue 7Sub-total taxs 7 Depreciation 7 Income tax  7Cashflow without carbon 7 IRR (-10%) 7 NPV (-10%) 7 IRR (+10%) 7Increase in electricity output 7 Depreciation 7QIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later) 7 NPV (+10%) 7Increase in electricity tariff 7Deduction in operational cost 7Sub-total taxs  7 Depredation 7 IRR (-90%) 7 NPV (-90%) 7Sensitive analysis results 7Total investment 7Annual electricity output 7Electricity tariff 7Operational cost 7+ Electricity export to the grid (MWh/y) 7/A2. Residue of fixed assets and current capital/A2. Residue of fixed assets and current capital 7( Recovery of residue of fixed assets 7  Recovery of current capital 7$ Electricity revenue (10000 CNY)Net Present Value (10000 CNY)! Electricity tariff (CNY/kWh)Exchange rate (CNY/US$),  Projected emission reductions (tCO2e/y)'( 7  Price of carbon (US$/tCO2e) 7 Exchange rate (CNY/US$) 7  Carbon Revenues (10000 CNY) 7B. Investment & Cost Investment 7  VAT on electricity revenue 7- the additional tax for city development 7& the additional tax for education 7 Sub-total taxs 7Total Cashflow In (10000 CNY)Total Cashflow In (10000 CNY) 7 C. CASHFLOW  7Cashflow before income tax%Cashflow after income tax (10000 CNY)A3. Carbon Revenues 7@, Electricity export to the grid (MWh/y) 7) Recovery of residue of fixed assets 7! Recovery of current capital 7B. Investment & Cost 7 Investment (10000 CNY) 7 b) Operational costs (10000 CNY) 7 c) Tax (10000 CNY) 7 VAT on electricity revenue 7+ the additional tax for city development 7< $ the additional tax for education 7 Sub-total taxs 7Total Cashflow Out (10000 CNY) 7Cashflow before income tax 7%Cashflow after income tax (10000 CNY) 7" Electricity tariff (CNY/kWh)% Electricity revenue (10000 CNY)&Annual electricity revenue (10000 CNY)!Annual carbon revenue (10000 CNY)&Total revenue (with carbon, 10000 CNY)MTotal investment in fixed assets without electricity transmission (10000 CNY)Operational costs (10000 CNY)Electricity tariff (CNY/kWh)IRR Calculation without CER 7c!IRR Calculation with CERs Revenue 7B1. Investment (10000 CNY) 7 "B2. Operational costs (10000 CNY)  7 B3. Tax (10000 CNY) 7 TOTAL CASHFLOW OUT (10000 CNY) 7 Electricity tariff (CNY/kWh) 7 Item 7Data 7(Estimated electricity generation (MWh/y) 7A 7!Effective electricity coefficient 7B 7!the auxiliary electricity amount  7C 7,Net electricity delivery to the grid (MWh/y) 7 E=A*B*(1-C) 7&Repairing of the equipment (10000 CNY) 7Wage (10000 CNY) 7Welfare for staff (10000 CNY) 7Maintenance cost (10000 CNY) 7Material cost (10000 CNY) 7Other cost (10000 CNY) 7Total  7Item 7F. Operational cost calculation 7Sensitive analysis 7 IRR (-24.85%) 7 NPV (-24.85%) 7 IRR (+27.76%) 7 NPV (+27.76%) 7See Table F below 7Jan.2010 -Dec. 2010 7Jan.2011 -Dec. 2011 7Jan.2012 -Dec. 2012 7Jan.2013 -Dec. 2013 7Jan.2014 -Dec. 2014 7Jan.2015 -Dec. 2015 7Jan.2016 -Dec. 2016 7 01/01/2010 7 FSR, page 178 7 6 E. Electricity generated and exported to the grid [23]2 7 '[2]: Data source: FSR-Stage I, page 177 7  Cost original[3]  7  Cost-revised [4]  7 '[3]: Data source: FSR, annex Table 12-4 7 [4]: Note: Considering the electricity generated from Stage I will be connected with that generated from Stage II, and then delivered to the grid, the cost for the staff is omitted for Stage I. 7 26/05/2007 7*the construction permission issuance date. 7/ 0 2T2I3 4517{}8:" < =(?AcBY>DEFMHI)hKL>]NP?yQS2^TUW9JXuY cc  :aaWpew  dMbP?_*+%MHP LaserJet 10204 4XXBookSDDMHP LaserJet 1020 -(d" d,,??U} `#4} @4} 4} 4}  4} ` 8} 8}  8}  8} 4}  4:  ; J;  +; J; J; J; J;  J;  J; J;  J; J;  J;  J; J;  J; J;  J; J; J;  J; J;  I; J; J;  J; :; J; ;; J; J; J; 49~ ZZZ~ o9}~NNN~ B O T~ p q q r ~ r P~ QRl@ZNZSl@ Z ~ ~ T@~ QRP~@ ZNZSP~@ Z ~  P ~ Q$RP~AZNZSP~A Z ~ ~ P 8u~ UVAZWZXA Z ~  Y~ZZZZ~ ~ s%q[\~  } ~ Q NZ N]~    ~ Q N@Z N]~ > n\? ~ U$ W` A Z W^~ ? 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