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Blue cells contain NON-MONETARY input data

Green cells contain MONETARY input data IN NOMINAL TERMS


Yelow cells contain MONETARY input data: IN REAL TERMS OF BASE YEAR
White cells contain calculated data

Basic check and balances


Cash-Flow:
Balance sheet

Company
1

County WasteServe Co.

Unit

OK
OK

Historical data
2005
2006
2007

Projection
2008
2009
2010

2011

2012

2013

2014

2015

2016

2017

2018

Model inputs
General parameters

2
3
4
5

6
7
8
9
10
11
12
13

Model parameters
Base year
Projection period
Local currency
Magnitude of units for local currency
Macroeconomic assumptions
Inflation rate, Romania
Inflation index, Romania
Inflation rate, EURO zone
Inflation index, EURO zone
Exchange rate (Purchasing Power Parity)
Exchange rate (official estimation)
Selection of exchange rate
Exchange rate considered in the projections
[1] Input "0" for Purchasing Power Parity
Input "1" for official estimation

Year
Years
Symbol
coeficient

%
coeficient
%
coeficient
RON/EUR
RON/EUR
0/1
RON/EUR

2007
15
RON
1,000

Possible values: 1 (units) - 1,000 (thousands) - 1,000,000 (millions)

1.00

1.00

1.00

1.00

1.00

1.00

4.15

3.65

3.55

6.2%
1.06
2.1%
1.02
3.69
3.59
0
3.69

5.4%
4.1%
3.2%
1.12
1.17
1.20
1.9%
1.8%
1.8%
1.04
1.06
1.08
3.82
3.91
3.96
3.62
3.66
3.69
= (Purchasing Power Parity)
3.82
3.91
3.96

3.0%
1.24
1.8%
1.10
4.01
3.73

2.8%
1.27
1.8%
1.12
4.05
3.77

2.5%
1.31
1.8%
1.14
4.07
3.81

2.3%
1.34
1.8%
1.16
4.09
3.84

2.0%
1.36
1.8%
1.18
4.10
3.88

1.8%
1.39
1.8%
1.20
4.10
3.92

1.8%
1.41
1.8%
1.22
4.10
3.96

4.01

4.05

4.07

4.09

4.10

4.10

4.10

Revenues

14
15
16
17
18
19
20
21

Waste generation
Population in service area - urban
Average household size
Coverage of collection service in urban areas
Population in service area - rural
Coverage of collection service in rural areas
Waste generation by residential customers
Waste generation by economic units
Coverage of collection service for economic units

Inhabitants
Pers/HH
%
Inhabitants
%
kg/inhab/day
Tons
%

149,000

148,181

147,362

82.0%
244,767
10.0%
0.69
18,064
100.0%

82.0%
243,235
10.0%
0.69
18,064
100.0%

82.0%
241,703
10.0%
0.69
18,064
100.0%

22
23
24
25

Revenues - user fees


User fees - residential customers
User fees - economic units
Average household income
Percentage of taxes in user fees

RON/Ton
RON/Ton
RON/HH/Year
%

150.00
250.00
13,446

150.00
250.00
14,522

26
27
28
29
30
31

Revenues - sale of subproducts


Sale of recyclable materials
Average sale price for recyclables
Sale of compost
Average sale price for compost
Sale of energy
Average sale price for energy

Tons
RON/Ton
Ton/year
RON/Ton
MWh
RON/MWh

7,645
175.00
117
35.00
0
70.00

Th RON

Collection (including transfer stations)


33 Total waste collected in project area
34 Operating costs - fixed
35 Operating costs - variable

146,550
3
86.5%
240,185
32.5%
0.69
18,967
100.0%

145,742

144,939

144,141

143,346

142,556

142,556

142,556

142,556

142,556

142,556

91.0%
238,676
55.0%
0.69
19,915
100.0%

95.5%
237,177
77.5%
0.69
20,911
100.0%

100.0%
235,688
100.0%
0.68
21,957
100.0%

100.0%
234,207
100.0%
0.68
23,055
100.0%

100.0%
232,736
100.0%
0.68
24,208
100.0%

100.0%
232,005
100.0%
0.68
25,418
100.0%

100.0%
231,277
100.0%
0.68
26,689
100.0%

100.0%
230,551
100.0%
0.67
28,023
100.0%

100.0%
229,827
100.0%
0.67
29,424
100.0%

100.0%
229,105
100.0%
0.67
30,895
100.0%

150.00
250.00
15,683

180.00
270.00
16,075
15%

200.00
300.00
16,477

200.00
300.00
16,889

200.00
300.00
17,312

200.00
300.00
17,744

200.00
300.00
18,188

200.00
300.00
18,643

200.00
300.00
19,109

200.00
300.00
19,586

200.00
300.00
20,076

200.00
300.00
20,578

9,240
175.00
142
35.00
0
70.00

10,549
175.00
14,289
35.00
0
70.00

12,320
175.00
16,150
35.00
0
70.00

12,858
175.00
18,011
35.00
0
70.00

14,619
175.00
19,871
35.00
0
70.00

14,707
175.00
21,261
35.00
0
70.00

14,796
175.00
22,651
35.00
0
70.00

14,886
175.00
24,041
35.00
0
70.00

14,977
175.00
24,271
35.00
0
70.00

15,068
175.00
24,501
35.00
0
70.00

15,159
175.00
24,731
35.00
0
70.00

15,249
175.00
24,962
35.00
0
70.00

15,342
175.00
25,233
35.00
0
70.00

1,006

1,003

999

1,528

2,152

2,613

3,076

3,188

3,298

3,417

3,533

3,644

3,751

3,862

Tons
Th RON
RON/Ton

54,999
1,000
0.05

54,792
1,500
0.05

54,584
2,000
0.05

70,448
3,750
0.07

86,161
4,250
0.07

101,656
4,250
0.07

116,910
4,250
0.07

117,157
4,250
0.07

117,406
4,250
0.07

118,189
4,250
0.07

118,977
4,250
0.07

119,771
4,250
0.07

120,571
4,250
0.07

121,377
4,250
0.07

Sorting/treatment
36 Total waste received in sorting/treatment facilities
37 Operating costs - fixed
38 Operating costs - variable

Tons
Th RON
RON/Ton

176
0
0.00

213
0
0.00

21,434
0
0.00

24,225
1,000
0.08

27,017
2,550
0.15

29,807
2,550
0.15

31,892
2,550
0.15

33,977
2,550
0.15

36,062
2,550
0.15

36,407
2,550
0.15

36,752
2,550
0.15

37,097
2,550
0.15

37,443
2,550
0.15

37,850
2,550
0.15

Incineration
39 Total waste received in waste incineration facilities
40 Operating costs - fixed
41 Operating costs - variable

Tons
Th RON
RON/Ton

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

0
0
0.00

Landfilling
42 Total waste received in landfills
43 Operating costs - fixed
44 Operating costs - variable

Tons
Th RON
RON/Ton

18,064
2,000
0.03

18,064
2,000
0.04

18,064
2,000
0.04

18,967
1,000
0.07

19,915
1,700
0.09

20,911
1,700
0.09

21,957
1,700
0.09

23,055
1,700
0.09

24,208
1,700
0.09

25,418
1,700
0.09

26,689
1,700
0.09

28,023
1,700
0.09

29,424
1,700
0.09

30,895
1,700
0.09

Operating cost - other


45 Other operating costs

Th RON

35,000
0

35,000
0

35,000
0

0
0

0
0

0
7,000

0
0

0
0

0
21,000

----------
----------
----------
----------
----------

57,750
21,000
10,500
0
15,750

----------
----------
----------
----------
----------

16,268
5,915
2,958
0
4,437

Revenues - other
32 Other revenues

Operating Costs

Investment Plan
Investment costs
46 Project eligible cost
47 Other investments [1]
[1] Including project non-eligible costs and replacement of project assets

48
49
50
51

Depreciation
Depreciation of existing fixed assets
Depreciation of existing fixed assets
Depreciation of new fixed assets - Project
Depreciation of new fixed assets - Other investments

52
53
54
55
56

Financing sources - Project


EU grant
Central / Regional Government grant
IFI's loan
Equity contributions
Remaining balance (from internal cash generation)

57
58
59
60
61
62

Automatic calculation of project's IFI's loan


Loan time
Principal grace period
Interest
Commitment fee
Front end fee
Amortization type [1]
[1] Input "0" for Equal Installments of Principal
Input "1" for Equal Installments of Principal and Interest

Other financial arrangements


63 Disbursement - other loans
64 Interest payments - other loans
65 Reimbursements - other loans

Th RON
Th RON

Th RON
%
%
%

1,500

1,600

1,700
4.0%
7.5%
5.0%

%
%
%
%
%

55.00%
20.00%
10.00%
0.00%
15.00%

years
years
%
%
%
0/1

20
5
5.50%
0.75%
0.00%
1

Th RON
Th RON
Th RON

Th RON
Th RON
Th RON
Th RON
Th RON

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR

= (Equal Installments of Princ. & Interest)

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
0
0

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

25.0%

10.0%
19%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

10.0%

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

98%
15
30

Other financial parameters


Interest
66 Interest

Th RON

Th RON
%
0
%
%

Taxes & dividends


67
68
69
70
71

Corporate tax
Compensation of losses (Yes=1, No=0)
Dividends
VAT coefficient

Working capital
72 Collections
73 Stocks
74 Accounts payable

75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91

Balance sheet
Gross fixet assets
less depreciation
NET FIXED ASSETS
Stocks
Accounts receivable and other current assets
Cash in hand
CURRENT ASSETS
TOTAL ASSETS
Shareholders' contributions
Retained earnings
EQUITY
Investment grants
Loans
Bank overdraft
Accounts payable and other current liabilites
LIABILITIES
TOTAL EQUITY AND LIABILITIES

Cash management
92 Minimum cash in hand
93 Maximum overdraft
94 Overdraft interest rate (real, not nominal)

%
days
days

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Control
days
days
%

Accounts Receivables management


95 Write-off of bad debts (first three years) [1]
Th RON
96 VAT regime [2]
0/1
[1] For year four and thereafter, write-off equals to debt older than three years
[2] Input "0" if VAT is payable to Tax Authority upon billing
Input "1" if VAT is payable to Tax Authoriy after collections

89,150
-11,000
78,150
500
15,000
1,000
16,500
94,650
100,000
-7,450
92,550
150
150
0
1,800
2,100
94,650
0

93,460
-13,800
79,660
600
13,500
1,200
15,300
94,960
100,000
-7,460
92,540
160
160
0
2,100
2,420
94,960
0

98,680
-18,200
80,480
750
12,500
1,500
14,750
95,230
100,000
-7,530
92,470
180
180
0
2,400
2,760
95,230
0
30
90
10%

1,800
1

1,200
700
= (VAT is payable after collections)

Unit

Historical data
2005
2006
2007

Pers
%
Tons
%
%

393,767
n/a
99,170
n/a
37.2%

391,416
-0.6%
98,578
-0.6%
37.3%

389,065
-0.6%
97,986
-0.6%
37.3%

386,735
-0.6%
97,203
-0.8%
53.0%

384,418
-0.6%
96,501
-0.7%
68.6%

Tons
%
%

18,064
n/a
100.0%

18,064
0.0%
100.0%

18,064
0.0%
100.0%

18,967
5.0%
100.0%

Annual growth

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
%

5,540
4,516
1,338
4
0
1,006
12,404
n/a

5,509
4,516
1,617
5
0
1,003
12,650
2.0%

5,478
4,516
1,846
500
0
999
13,339
5.4%

TOTAL REVENUES
Operating costs - collection (including transfer stations)
Operating costs - sorting/treatment
Operating costs - incineration
Operating costs - landfilling
Other operating costs
TOTAL O&M COSTS
EBITDA
Depreciation
Write-off of bad debts
Current portion of investment grants
EBIT
Interests
Foreign exchange correction
EBT
Income tax
NET INCOME

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON

10,056
1,342
0
1,006
12,404
-3,750
0
0
-2,542
0
-6,292
6,112
-1,500

10,025
1,622
0
1,003
12,650
-4,240
0
0
-2,723
0
-6,962
5,688
-1,600

9,994
2,346
0
999
13,339
-4,729
0
0
-2,723
0
-7,452
5,887
-1,700

4,612
0

4,088
0

4,187
0

4,612
0
4,612

4,088
0
4,088

4,187
0
4,187

Company
County WasteServe Co.

Projection
2008
2009
2010

2011

2012

2013

2014

2015

2016

2017

2018

382,116
-0.6%
95,752
-0.8%
84.3%

379,829
-0.6%
94,953
-0.8%
100.0%

377,553
-0.6%
94,102
-0.9%
100.0%

375,292
-0.6%
93,198
-1.0%
100.0%

374,561
-0.2%
92,771
-0.5%
100.0%

373,833
-0.2%
92,288
-0.5%
100.0%

373,107
-0.2%
91,748
-0.6%
100.0%

372,383
-0.2%
91,147
-0.7%
100.0%

371,661
-0.2%
90,482
-0.7%
100.0%

19,915
5.0%
100.0%

20,911
5.0%
100.0%

21,957
5.0%
100.0%

23,055
5.0%
100.0%

24,208
5.0%
100.0%

25,418
5.0%
100.0%

26,689
5.0%
100.0%

28,023
5.0%
100.0%

29,424
5.0%
100.0%

30,895
5.0%
100.0%

9,841
5,439
2,290
600
0
1,623
19,793
48.4%

14,831
6,688
2,519
706
0
2,409
27,151
37.2%

18,818
7,310
2,981
810
0
3,045
32,964
21.4%

22,837
7,921
3,095
895
0
3,699
38,447
16.6%

23,311
8,567
3,207
982
0
3,949
40,016
4.1%

23,734
9,247
3,317
1,071
0
4,199
41,568
3.9%

24,215
9,952
3,421
1,109
0
4,460
43,156
3.8%

24,643
10,690
3,521
1,145
0
4,717
44,716
3.6%

24,989
11,449
3,613
1,179
0
4,963
46,192
3.3%

25,272
12,238
3,700
1,211
0
5,200
47,621
3.1%

25,540
13,081
3,789
1,246
0
5,450
49,106
3.1%

15,280
2,890
0
1,623
19,793
-9,220
-3,120
0
-2,472
0
-14,812
4,981
-3,947
-1,800
14
-753
-572
0
-1,325
0
-1,325

21,518
3,224
0
2,409
27,151
-11,508
-7,391
0
-3,909
0
-22,808
4,343
-6,735
-1,200
2,073
-1,519
-1,295
-125
-2,939
0
-2,939

26,127
3,791
0
3,045
32,964
-13,244
-8,181
0
-4,174
0
-25,599
7,365
-9,673
-700
4,214
1,205
-1,599
-170
-564
0
-564

30,758
3,990
0
3,699
38,447
-14,952
-8,819
0
-4,421
0
-28,192
10,255
-12,732
-396
6,414
3,541
-917
-159
2,465
-616
1,849

31,878
4,189
0
3,949
40,016
-15,422
-9,471
0
-4,676
0
-29,569
10,447
-12,732
-543
6,414
3,586
-652
-138
2,796
-699
2,097

32,981
4,388
0
4,199
41,568
-15,876
-10,134
0
-4,939
0
-30,949
10,619
-12,732
-659
6,414
3,642
-658
-116
2,867
-717
2,151

34,167
4,529
0
4,460
43,156
-16,344
-10,455
0
-5,204
0
-32,004
11,152
-13,178
-769
6,414
3,620
-633
-79
2,908
-727
2,181

35,333
4,666
0
4,717
44,716
-16,794
-10,765
0
-5,477
0
-33,036
11,680
-13,178
-800
6,414
4,116
-605
-54
3,458
-864
2,593

36,438
4,792
0
4,963
46,192
-17,205
-11,051
0
-5,750
0
-34,006
12,186
-13,178
-831
6,414
4,591
-573
-20
3,998
-999
2,998

37,510
4,911
0
5,200
47,621
-17,593
-11,322
0
-6,028
0
-34,942
12,679
-14,608
-863
6,414
3,622
-538
0
3,084
-771
2,313

38,620
5,036
0
5,450
49,106
-17,989
-11,612
0
-6,323
0
-35,924
13,182
-14,608
-894
6,414
4,094
-501
0
3,593
-898
2,695

Th RON
Th RON

0
0

0
0

0
0

0
185

0
210

0
215

0
218

0
259

0
300

0
231

0
269

Model output
REVENUES

Residential customers
97 Total inhabitants in service area
Annual growth
98 Waste generation
Annual growth
99 Coverage of collection service
Non-residential customers
100 Waste generation
Annual growth
101 Coverage of collection service

102
103
104
105
106
107
108

Revenues
User fees - residential customers
User fees - economic units
Sale of recyclable materials
Sale of compost
Sale of energy
Other revenues
TOTAL REVENUES

INCOME STATEMENT

109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129

Income statement - RON


Operating revenues - user fees
Sale of recyclables and compost
Sale of energy
Other revenues

130 Income tax - Credit for previous years losses


131 Dividends

CASH-FLOW STATEMENT

132
133
134
135
136
137
138
139

IFI's loan - Project


Annual disbursements
Total disbursements
Pending disbursements
Loan amortization
Loan balance
Interest
Commitment fee
Front-end fee

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR

986
986
1,972
0
986
0
22
0

986
1,972
986
0
1,972
54
15
0

986
2,958
0
0
2,958
108
7
0

0
2,958
0
0
2,958
163
0
0

0
2,958
0
0
2,958
163
0
0

0
2,958
0
132
2,826
163
0
0

0
2,958
0
139
2,687
155
0
0

0
2,958
0
147
2,540
148
0
0

0
2,958
0
155
2,385
140
0
0

0
2,958
0
164
2,221
131
0
0

0
2,958
0
173
2,049
122
0
0

140
141
142
143
144
145
146
147
148
149
150
151
152
153

Cash-flow statement - RON


EBITDA
Decrease / (Increase) in working capital
FUNDS FROM OPERATIONS
Capital expenditures
FREE CASH-FLOW
Grants
Equity contributions
Disbursements IFI loan (project)
Disbursements other loans
Dividend payments
Income tax payments
CASH-FLOW BEFORE DEBT SERVICE
Reimbursement of IFI loan (project)
Interest payments IFI loan (project)

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON

4,981
-1,232
3,748
-37,170
-33,422
27,457
0
3,641
0
0
0
-2,324
0
0

4,343
-241
4,103
-39,177
-35,075
28,546
0
3,766
0
0
0
-2,763
0
-207

7,365
-420
6,944
-40,783
-33,839
29,335
0
3,851
0
0
0
-653
0
-424

10,255
-544
9,711
0
9,711
0
0
0
0
0
0
9,711
0
-644

10,447
-736
9,711
0
9,711
0
0
0
0
-185
-616
8,910
0
-652

10,619
-768
9,852
-8,913
939
0
0
0
0
-210
-699
30
-534
-658

11,152
-798
10,355
0
10,355
0
0
0
0
-215
-717
9,423
-567
-633

11,680
-830
10,850
0
10,850
0
0
0
0
-218
-727
9,905
-601
-605

12,186
-863
11,323
-28,599
-17,276
0
0
0
0
-259
-864
-18,399
-636
-573

12,679
-894
11,785
0
11,785
0
0
0
0
-300
-999
10,486
-671
-538

13,182
-921
12,261
0
12,261
0
0
0
0
-231
-771
11,259
-708
-501

Company
County WasteServe Co.

Model output
154 Financial fees IFI loan (project)
155 Reimbursement of other loans
156 Interest payments other loans
157 Reimbursement revolving credit
158 SURPLUS / (DEFICIT) FOR THE YEAR
159 Drawdowns revolving credit
160 Interest on revolving credit
161 NET CASH-FLOW
162 Cash in hand at the end of the year

Unit

Historical data
2005
2006
2007

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON

Projection
2008
2009
2010

2011

2012

2013

2014

2015

2016

2017

2018

-82
0
0
0
-2,406
3,023
-490
127
1,627

-56
0
0
-3,023
-6,049
6,695
-1,031
-385
1,242

-29
0
0
-6,695
-7,801
8,128
-1,146
-819
423

0
0
0
-8,128
939
2,071
-273
2,737
3,160

0
0
0
-2,071
6,187
0
0
6,187
9,348

0
0
0
0
-1,162
0
0
-1,162
8,185

0
0
0
0
8,222
0
0
8,222
16,408

0
0
0
0
8,699
0
0
8,699
25,107

0
0
0
0
-19,608
0
0
-19,608
5,499

0
0
0
0
9,277
0
0
9,277
14,776

0
0
0
0
10,050
0
0
10,050
24,826

BALANCE SHEET

163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185

Balance sheet - RON


Gross fixet assets (existing assets)
less depreciation (existing assets)
Gross fixet assets (project assets)
less depreciation (project assets)
Gross fixet assets (other CAPEX)
less depreciation (other CAPEX)
NET FIXED ASSETS
Stocks
Accounts receivable and other current assets
Cash in hand
CURRENT ASSETS
TOTAL ASSETS
Shareholders' contributions
Retained earnings
EQUITY
Investment grants
less transfers to income statement
Loans
Bank overdraft
Accounts payable and other current liabilites
Taxes and dividends
LIABILITIES
TOTAL EQUITY AND LIABILITIES

Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Th RON
Control

89,150
-11,000
0
0
0
0
78,150
500
15,000
1,000
16,500
94,650
100,000
-7,450
92,550
150
0
150
0
1,800
0
2,100
94,650
0

93,460
-13,800
0
0
0
0
79,660
600
13,500
1,200
15,300
94,960
100,000
-7,460
92,540
160
0
160
0
2,100
0
2,420
94,960
0

98,680
-18,200
0
0
0
0
80,480
750
12,500
1,500
14,750
95,230
100,000
-7,530
92,470
180
0
180
0
2,400
0
2,760
95,230
0

98,680
-22,147
37,170
0
0
0
113,703
813
11,096
1,627
13,536
127,239
100,000
-8,855
91,145
27,637
-14
3,821
3,023
1,627
0
36,093
127,239
0

98,680
-26,094
76,347
-2,788
0
0
146,145
1,116
10,439
1,242
12,796
158,941
100,000
-11,793
88,207
56,183
-2,086
7,711
6,695
2,232
0
70,735
158,941
0

98,680
-30,042
117,131
-8,514
0
0
177,255
1,355
10,398
423
12,176
189,431
100,000
-12,357
87,643
85,519
-6,300
11,732
8,128
2,709
0
101,788
189,431
0

98,680
-33,989
117,131
-17,299
0
0
164,523
1,580
10,771
3,160
15,511
180,034
100,000
-10,693
89,307
85,519
-12,714
11,891
2,071
3,160
801
90,728
180,034
0

98,680
-37,936
117,131
-26,083
0
0
151,791
1,644
11,029
9,348
22,020
173,812
100,000
-8,806
91,194
85,519
-19,128
12,029
0
3,289
909
82,617
173,812
0

98,680
-41,883
117,131
-34,868
8,913
0
147,972
1,708
11,201
8,185
21,094
169,067
100,000
-6,870
93,130
85,519
-25,542
11,611
0
3,417
932
75,937
169,067
0

98,680
-45,830
117,131
-43,653
8,913
-446
134,795
1,774
11,295
16,408
29,476
164,271
100,000
-4,907
95,093
85,519
-31,956
11,123
0
3,547
945
69,178
164,271
0

98,680
-49,778
117,131
-52,438
8,913
-891
121,617
1,838
11,389
25,107
38,333
159,950
100,000
-2,573
97,427
85,519
-38,369
10,575
0
3,675
1,124
62,523
159,950
0

98,680
-53,725
117,131
-61,223
37,512
-1,337
137,038
1,898
11,481
5,499
18,878
155,916
100,000
125
100,125
85,519
-44,783
9,960
0
3,797
1,299
55,791
155,916
0

98,680
-57,672
117,131
-70,007
37,512
-3,213
122,430
1,957
11,571
14,776
28,304
150,734
100,000
2,207
102,207
85,519
-51,197
9,289
0
3,914
1,002
48,527
150,734
0

98,680
-61,619
117,131
-78,792
37,512
-5,088
107,823
2,018
11,658
24,826
38,503
146,326
100,000
4,632
104,632
85,519
-57,611
8,582
0
4,036
1,168
41,693
146,326
0

RATIOS

186
187
188
189
190

Operational ratios
Coverage of service
Percentage of collected waste going to landfill
Total operating cost per ton of waste collected
Total operating cost per ton of waste collected
Working capital [(Stocks + all A/R - all A/P) / (Revenues/365)]

%
%
RON/Ton
EUR/Ton
days

46.9%
32.8%
114.40
27.57
403.1

47.0%
33.0%
127.07
34.81
346.2

47.0%
33.1%
136.52
38.46
296.9

60.6%
26.9%
210.25
56.94
189.6

74.0%
23.1%
264.71
69.31
125.3

87.1%
20.6%
251.82
64.48
100.1

100.0%
18.8%
241.14
60.90
79.7

100.0%
19.7%
252.38
63.00
77.3

100.0%
20.6%
263.61
65.16
75.2

100.0%
21.5%
270.79
66.48
72.5

100.0%
22.4%
277.66
67.83
68.8

100.0%
23.4%
283.92
69.23
65.5

100.0%
24.4%
289.81
70.66
66.0

100.0%
25.5%
295.97
72.17
63.0

191
192
193
194
195
196

Cost recovery ratios


Average collection fee
Average collection fee
Coverage of O&M costs [Revenues / O&M costs]
Coverage of O&M+D costs [Revenues / O&M+D costs]
Collection ratio [Collections / Revenues]
Operational ratio [Collections / O&M cost]

RON/Ton
EUR/Ton
%
%
%
%

182.84
44.06
197.1%
159.2%

182.97
50.13
181.7%
147.7%
111.9%
203.2%

183.09
51.58
179.0%
145.8%
107.5%
192.4%

216.89
58.74
133.6%
105.5%
107.1%
143.1%

249.74
65.39
119.0%
91.9%
102.4%
121.9%

257.02
65.81
128.8%
93.5%
100.1%
128.9%

263.09
66.45
136.4%
93.9%
99.0%
135.1%

272.10
67.92
135.3%
94.6%
99.4%
134.5%

280.91
69.44
134.3%
95.2%
99.6%
133.8%

289.09
70.97
134.8%
95.5%
99.8%
134.6%

296.98
72.55
135.4%
96.8%
99.8%
135.1%

304.23
74.18
135.8%
97.9%
99.8%
135.6%

311.10
75.85
136.3%
96.1%
99.8%
136.0%

318.18
77.58
136.7%
97.2%
99.8%
136.5%

4.9%
5.0%

4.3%
4.4%

4.4%
4.5%

-0.6%
-1.5%

-1.0%
-3.3%

0.6%
-0.6%

2.0%
2.1%

2.1%
2.3%

2.2%
2.3%

2.2%
2.3%

2.6%
2.7%

2.9%
3.0%

2.4%
2.3%

2.8%
2.6%

8.7
60.8
-28.4

3.4
1.3
-0.8

4.6
1.0
-0.1

11.2
1.2
1.1

16.0
3.8
3.3

16.1
8.9
0.0

17.6
9.3
7.9

19.3
9.7
8.2

21.3
10.1
-15.2

23.6
10.5
8.7

26.3
10.9
9.3

Profitability ratios
197 Return on assets (ROA) [EBIT / Total Assets]
198 Return on equity (ROE) [Net income / Equity]

%
%

Solvency ratios
199 Interest cover ratio [EBITDA / Interest payments]
200 Debt service cover ratio (DSCR) [EBITDA / DS]
201 Debt service cover ratio (DSCR) [CASH-FLOW before DS / DS]

times
times
times

Financial structure ratios


202 Current ratio [Current assets / Current liabilities]
203 Debt to equity ratio [Liabilites / Equity]

times
times

Affordability
204 Expenditure in waste management service / HH income

9.2
0.0

7.3
0.0

6.1
0.0

2.9
0.4

1.4
0.8

1.1
1.2

2.6
1.0

5.2
0.9

4.9
0.8

6.6
0.7

8.0
0.6

3.7
0.6

5.8
0.5

7.4
0.4

1.0%

0.9%

0.8%

1.0%

1.1%

1.0%

1.0%

1.0%

0.9%

0.9%

0.9%

0.9%

0.8%

0.8%

Company
County WasteServe Co.

Unit

Historical data
2005
2006
2007

Projection
2008
2009
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Model output
INCOME STATEMENT

205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225

Income statement - Euros


Operating revenues - user fees
Sale of recyclables and compost
Sale of energy
Other revenues
TOTAL REVENUES
Operating costs - collection (including transfer stations)
Operating costs - sorting/treatment
Operating costs - incineration
Operating costs - landfilling
Other operating costs
TOTAL O&M COSTS
EBITDA
Depreciation
Write-off of bad debts
Current portion of investment grants
EBIT
Interests
Foreign exchange correction
EBT
Income tax
NET INCOME

226 Income tax - Credit for previous years losses


227 Dividends

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR

2,423
323
0
242
2,989
-904
0
0
-613
0
-1,516
1,473
-361

2,747
444
0
275
3,466
-1,162
0
0
-746
0
-1,907
1,558
-438

2,815
661
0
281
3,758
-1,332
0
0
-767
0
-2,099
1,658
-479

4,138
783
0
439
5,360
-2,497
-845
0
-669
0
-4,011
1,349
-1,069
-487
4
-204
-155
0
-359
0
-359

5,634
844
0
631
7,109
-3,013
-1,935
0
-1,024
0
-5,972
1,137
-1,763
-314
543
-398
-339
-33
-769
0
-769

6,690
971
0
780
8,440
-3,391
-2,095
0
-1,069
0
-6,554
1,886
-2,477
-179
1,079
309
-409
-44
-144
0
-144

7,768
1,008
0
934
9,710
-3,776
-2,227
0
-1,116
0
-7,120
2,590
-3,216
-100
1,620
894
-232
-40
623
-156
467

7,957
1,046
0
986
9,989
-3,850
-2,364
0
-1,167
0
-7,381
2,608
-3,178
-136
1,601
895
-163
-34
698
-174
523

8,153
1,085
0
1,038
10,275
-3,924
-2,505
0
-1,221
0
-7,650
2,625
-3,147
-163
1,585
900
-163
-29
709
-177
532

8,388
1,112
0
1,095
10,595
-4,013
-2,567
0
-1,278
0
-7,857
2,738
-3,235
-189
1,575
889
-155
-19
714
-178
535

8,632
1,140
0
1,152
10,924
-4,103
-2,630
0
-1,338
0
-8,071
2,854
-3,219
-196
1,567
1,006
-148
-13
845
-211
634

8,885
1,168
0
1,210
11,263
-4,195
-2,694
0
-1,402
0
-8,292
2,971
-3,213
-203
1,564
1,119
-140
-5
975
-244
731

9,146
1,197
0
1,268
11,611
-4,290
-2,760
0
-1,470
0
-8,520
3,091
-3,562
-210
1,564
883
-131
0
752
-188
564

9,417
1,228
0
1,329
11,973
-4,386
-2,831
0
-1,542
0
-8,759
3,214
-3,562
-218
1,564
998
-122
0
876
-219
657

9,697
1,259
0
1,393
12,349
-4,485
-2,903
0
-1,618
0
-9,007
3,342
-3,562
-225
1,564
1,119
-113
0
1,007
-252
755

9,947
1,291
0
1,455
12,693
-4,586
-2,978
0
-1,663
0
-9,227
3,466
-3,562
-232
1,564
1,236
-103
0
1,134
-283
850

10,204
1,323
0
1,519
13,047
-4,690
-3,053
0
-1,709
0
-9,452
3,595
-3,562
-239
1,564
1,357
-92
0
1,265
-316
949

10,467
1,357
0
1,587
13,411
-4,795
-3,131
0
-1,757
0
-9,683
3,728
-3,562
-247
1,564
1,483
-81
0
1,402
-351
1,052

10,738
1,391
0
1,657
13,785
-4,904
-3,207
0
-1,805
0
-9,916
3,869
-2,200
-254
549
1,965
-69
0
1,895
-474
1,421

11,015
1,425
0
1,730
14,171
-5,015
-3,285
0
-1,856
0
-10,155
4,016
-1,420
-261
0
2,335
-57
0
2,278
-570
1,709

11,300
1,461
0
1,807
14,567
-5,128
-3,364
0
-1,907
0
-10,400
4,167
-1,420
-268
0
2,479
-44
0
2,436
-609
1,827

11,592
1,497
0
1,887
14,976
-5,244
-3,446
0
-1,961
0
-10,650
4,325
-1,420
-276
0
2,630
-30
0
2,600
-650
1,950

11,892
1,534
0
1,971
15,396
-5,362
-3,529
0
-2,016
0
-10,907
4,489
-1,420
-283
0
2,786
-15
0
2,771
-693
2,078

12,199
1,572
0
2,058
15,829
-5,484
-3,613
0
-2,072
0
-11,169
4,660
-832
-291
0
3,537
0
0
3,537
-884
2,653

12,515
1,611
0
2,149
16,275
-5,608
-3,699
0
-2,131
0
-11,438
4,838
-457
-300
0
4,081
0
0
4,081
-1,020
3,061

12,839
1,651
0
2,245
16,734
-5,735
-3,787
0
-2,191
0
-11,713
5,022
-457
-308
0
4,256
0
0
4,256
-1,064
3,192

13,171
1,691
0
2,344
17,207
-5,865
-3,877
0
-2,252
0
-11,994
5,212
-457
-317
0
4,439
0
0
4,439
-1,110
3,329

13,513
1,733
0
2,448
17,694
-5,998
-3,969
0
-2,316
0
-12,283
5,411
-457
-326
0
4,628
0
0
4,628
-1,157
3,471

13,863
1,764
0
2,557
18,184
-6,134
-4,040
0
-2,382
0
-12,556
5,628
-457
-335
0
4,836
0
0
4,836
-1,209
3,627

14,223
1,796
0
2,670
18,689
-6,274
-4,113
0
-2,449
0
-12,836
5,853
-457
-344
0
5,051
0
0
5,051
-1,263
3,789

14,591
1,828
0
2,789
19,208
-6,416
-4,187
0
-2,519
0
-13,122
6,086
-457
-354
0
5,275
0
0
5,275
-1,319
3,956

14,970
1,861
0
2,913
19,744
-6,562
-4,262
0
-2,591
0
-13,415
6,329
-131
-364
0
5,834
0
0
5,834
-1,459
4,376

15,358
1,895
0
3,042
20,295
-6,711
-4,339
0
-2,664
0
-13,715
6,581
0
-374
0
6,207
0
0
6,207
-1,552
4,655

1,111
0

1,120
0

1,180
0

1,111
0
1,111

1,120
0
1,120

1,180
0
1,180

Th EUR
Th EUR

0
0

0
0

0
0

0
47

0
52

0
53

0
54

0
63

0
73

0
56

0
66

0
75

0
85

0
95

0
105

0
142

0
171

0
183

0
195

0
208

0
265

0
306

0
319

0
333

0
347

0
363

0
379

0
396

0
438

0
466

CASH-FLOW STATEMENT

228
229
230
231
232
233
234
235

IFI's loan - Project


Annual disbursements
Total disbursements
Pending disbursements
Loan amortization
Loan balance
Interest
Commitment fee
Front-end fee

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR

986
986
1,972
0
986
0
22
0

986
1,972
986
0
1,972
54
15
0

986
2,958
0
0
2,958
108
7
0

0
2,958
0
0
2,958
163
0
0

0
2,958
0
0
2,958
163
0
0

0
2,958
0
132
2,826
163
0
0

0
2,958
0
139
2,687
155
0
0

0
2,958
0
147
2,540
148
0
0

0
2,958
0
155
2,385
140
0
0

0
2,958
0
164
2,221
131
0
0

0
2,958
0
173
2,049
122
0
0

0
2,958
0
182
1,867
113
0
0

0
2,958
0
192
1,675
103
0
0

0
2,958
0
203
1,472
92
0
0

0
2,958
0
214
1,258
81
0
0

0
2,958
0
225
1,033
69
0
0

0
2,958
0
238
795
57
0
0

0
2,958
0
251
544
44
0
0

0
2,958
0
265
279
30
0
0

0
2,958
0
279
0
15
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

0
2,958
0
0
0
0
0
0

236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258

Cash-flow statement - Euros


EBITDA
Decrease / (Increase) in working capital
FUNDS FROM OPERATIONS
Capital expenditures
FREE CASH-FLOW
Grants
Equity contributions
Disbursements IFI loan (project)
Disbursements other loans
Dividend payments
Income tax payments
CASH-FLOW BEFORE DEBT SERVICE
Reimbursement of IFI loan (project)
Interest payments IFI loan (project)
Financial fees IFI loan (project)
Reimbursement of other loans
Interest payments other loans
Reimbursement revolving credit
SURPLUS / (DEFICIT) FOR THE YEAR
Drawdowns revolving credit
Interest on revolving credit
NET CASH-FLOW
Cash in hand at the end of the year

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR

1,349
-334
1,015
-10,066
-9,051
7,436
0
986
0
0
0
-629
0
0
-22
0
0
0
-652
819
-133
34
441

1,137
-63
1,074
-10,257
-9,183
7,474
0
986
0
0
0
-723
0
-54
-15
0
0
-791
-1,584
1,753
-270
-101
325

1,886
-108
1,778
-10,442
-8,664
7,511
0
986
0
0
0
-167
0
-108
-7
0
0
-1,714
-1,997
2,081
-293
-210
108

2,590
-137
2,453
0
2,453
0
0
0
0
0
0
2,453
0
-163
0
0
0
-2,053
237
523
-69
691
798

2,608
-184
2,424
0
2,424
0
0
0
0
-46
-154
2,224
0
-163
0
0
0
-517
1,545
0
0
1,545
2,333

2,625
-190
2,435
-2,203
232
0
0
0
0
-52
-173
7
-132
-163
0
0
0
0
-287
0
0
-287
2,023

2,738
-196
2,542
0
2,542
0
0
0
0
-53
-176
2,313
-139
-155
0
0
0
0
2,019
0
0
2,019
4,028

2,854
-203
2,651
0
2,651
0
0
0
0
-53
-178
2,420
-147
-148
0
0
0
0
2,125
0
0
2,125
6,134

2,971
-210
2,761
-6,973
-4,212
0
0
0
0
-63
-211
-4,486
-155
-140
0
0
0
0
-4,781
0
0
-4,781
1,341

3,091
-218
2,873
0
2,873
0
0
0
0
-73
-244
2,557
-164
-131
0
0
0
0
2,262
0
0
2,262
3,603

3,214
-225
2,990
0
2,990
0
0
0
0
-56
-188
2,745
-173
-122
0
0
0
0
2,451
0
0
2,451
6,053

3,342
-232
3,111
0
3,111
0
0
0
0
-66
-219
2,826
-182
-113
0
0
0
0
2,531
0
0
2,531
8,585

3,466
-240
3,227
0
3,227
0
0
0
0
-75
-252
2,899
-192
-103
0
0
0
0
2,605
0
0
2,605
11,189

3,595
-246
3,348
0
3,348
0
0
0
0
-85
-283
2,980
-203
-92
0
0
0
0
2,685
0
0
2,685
13,875

3,728
-253
3,475
0
3,475
0
0
0
0
-95
-316
3,063
-214
-81
0
0
0
0
2,769
0
0
2,769
16,643

3,869
-260
3,609
0
3,609
0
0
0
0
-105
-351
3,153
-225
-69
0
0
0
0
2,858
0
0
2,858
19,502

4,016
-268
3,748
0
3,748
0
0
0
0
-142
-474
3,132
-238
-57
0
0
0
0
2,837
0
0
2,837
22,339

4,167
-275
3,892
0
3,892
0
0
0
0
-171
-570
3,152
-251
-44
0
0
0
0
2,857
0
0
2,857
25,197

4,325
-283
4,043
0
4,043
0
0
0
0
-183
-609
3,251
-265
-30
0
0
0
0
2,956
0
0
2,956
28,153

4,489
-291
4,199
0
4,199
0
0
0
0
-195
-650
3,354
-279
-15
0
0
0
0
3,059
0
0
3,059
31,212

4,660
-299
4,361
0
4,361
0
0
0
0
-208
-693
3,461
0
0
0
0
0
0
3,461
0
0
3,461
34,673

4,838
-307
4,530
0
4,530
0
0
0
0
-265
-884
3,381
0
0
0
0
0
0
3,381
0
0
3,381
38,054

5,022
-316
4,706
0
4,706
0
0
0
0
-306
-1,020
3,380
0
0
0
0
0
0
3,380
0
0
3,380
41,433

5,212
-325
4,888
0
4,888
0
0
0
0
-319
-1,064
3,504
0
0
0
0
0
0
3,504
0
0
3,504
44,938

5,411
-334
5,077
0
5,077
0
0
0
0
-333
-1,110
3,634
0
0
0
0
0
0
3,634
0
0
3,634
48,572

5,628
-344
5,284
0
5,284
0
0
0
0
-347
-1,157
3,780
0
0
0
0
0
0
3,780
0
0
3,780
52,352

5,853
-353
5,500
0
5,500
0
0
0
0
-363
-1,209
3,928
0
0
0
0
0
0
3,928
0
0
3,928
56,280

6,086
-363
5,724
0
5,724
0
0
0
0
-379
-1,263
4,082
0
0
0
0
0
0
4,082
0
0
4,082
60,362

6,329
-373
5,956
0
5,956
0
0
0
0
-396
-1,319
4,242
0
0
0
0
0
0
4,242
0
0
4,242
64,604

6,581
-383
6,197
0
6,197
0
0
0
0
-438
-1,459
4,301
0
0
0
0
0
0
4,301
0
0
4,301
68,906

26,724
-5,998
10,066
0
0
0
30,792
220
3,005
441
3,666
34,458
27,082
-2,398
24,684
7,485
-4
1,035
819
441
0
9,775
34,458
0

25,837
-6,832
19,989
-730
0
0
38,264
292
2,733
325
3,350
41,614
26,182
-3,088
23,095
14,710
-546
2,019
1,753
584
0
18,520
41,614
0

25,266
-7,692
29,990
-2,180
0
0
45,384
347
2,662
108
3,117
48,501
25,604
-3,164
22,440
21,896
-1,613
3,004
2,081
694
0
26,062
48,501
0

24,923
-8,584
29,583
-4,369
0
0
41,553
399
2,720
798
3,918
45,470
25,256
-2,701
22,556
21,599
-3,211
3,003
523
798
202
22,915
45,470
0

24,633
-9,470
29,238
-6,511
0
0
37,890
410
2,753
2,333
5,497
43,387
24,962
-2,198
22,764
21,347
-4,775
3,003
0
821
227
20,623
43,387
0

24,393
-10,353
28,954
-8,619
2,203
0
36,578
422
2,769
2,023
5,214
41,792
24,719
-1,698
23,021
21,140
-6,314
2,870
0
845
230
18,771
41,792
0

24,226
-11,252
28,756
-10,717
2,188
-109
33,093
435
2,773
4,028
7,237
40,329
24,551
-1,205
23,346
20,995
-7,845
2,731
0
871
232
16,984
40,329
0

24,108
-12,161
28,616
-12,811
2,177
-218
29,712
449
2,782
6,134
9,365
39,077
24,431
-629
23,802
20,893
-9,374
2,584
0
898
275
15,275
39,077
0

24,061
-13,100
28,560
-14,928
9,146
-326
33,413
463
2,799
1,341
4,603
38,017
24,383
31
24,413
20,852
-10,919
2,428
0
926
317
13,603
38,017
0

24,061
-14,062
28,560
-17,070
9,146
-783
29,852
477
2,821
3,603
6,901
36,753
24,383
538
24,921
20,852
-12,483
2,265
0
954
244
11,832
36,753
0

24,061
-15,024
28,560
-19,212
9,146
-1,241
26,290
492
2,843
6,053
9,388
35,678
24,383
1,129
25,512
20,852
-14,047
2,092
0
984
285
10,166
35,678
0

24,061
-15,987
28,560
-21,354
9,146
-1,698
22,728
507
2,864
8,585
11,957
34,685
24,383
1,809
26,192
20,852
-15,611
1,910
0
1,015
327
8,493
34,685
0

24,061
-16,949
28,560
-23,496
9,146
-2,155
19,167
522
2,886
11,189
14,597
33,764
24,383
2,574
26,957
20,852
-17,175
1,718
0
1,043
368
6,807
33,764
0

24,061
-17,912
28,560
-25,637
9,146
-2,613
15,605
536
2,907
13,875
17,318
32,923
24,383
3,428
27,811
20,852
-18,739
1,516
0
1,072
411
5,112
32,923
0

24,061
-18,874
28,560
-27,779
9,146
-3,070
12,043
551
2,929
16,643
20,123
32,166
24,383
4,375
28,757
20,852
-20,303
1,302
0
1,102
456
3,409
32,166
0

24,061
-19,837
28,560
-28,560
9,146
-3,527
9,843
567
2,951
19,502
23,019
32,862
24,383
5,654
30,037
20,852
-20,852
1,077
0
1,133
616
2,826
32,862
0

24,061
-20,799
28,560
-28,560
9,146
-3,985
8,424
582
2,973
22,339
25,895
34,318
24,383
7,192
31,574
20,852
-20,852
839
0
1,165
740
2,744
34,318
0

24,061
-21,761
28,560
-28,560
9,146
-4,442
7,004
599
2,996
25,197
28,791
35,795
24,383
8,836
33,218
20,852
-20,852
588
0
1,197
792
2,577
35,795
0

24,061
-22,724
28,560
-28,560
9,146
-4,899
5,584
615
3,020
28,153
31,788
37,372
24,383
10,591
34,973
20,852
-20,852
323
0
1,231
845
2,399
37,372
0

24,061
-23,686
28,560
-28,560
9,146
-5,356
4,164
633
3,044
31,212
34,889
39,053
24,383
12,461
36,844
20,852
-20,852
44
0
1,265
900
2,210
39,053
0

24,061
-24,061
28,560
-28,560
9,146
-5,814
3,333
651
3,070
34,673
38,393
41,725
24,383
14,848
39,231
20,852
-20,852
44
0
1,301
1,149
2,494
41,725
0

24,061
-24,061
28,560
-28,560
9,146
-6,271
2,875
669
3,096
38,054
41,818
44,693
24,383
17,603
41,985
20,852
-20,852
44
0
1,338
1,326
2,708
44,693
0

24,061
-24,061
28,560
-28,560
9,146
-6,728
2,418
688
3,122
41,433
45,243
47,661
24,383
20,476
44,859
20,852
-20,852
44
0
1,375
1,383
2,803
47,661
0

24,061
-24,061
28,560
-28,560
9,146
-7,186
1,961
707
3,150
44,938
48,795
50,755
24,383
23,472
47,855
20,852
-20,852
44
0
1,414
1,443
2,901
50,755
0

24,061
-24,061
28,560
-28,560
9,146
-7,643
1,503
727
3,178
48,572
52,477
53,981
24,383
26,596
50,978
20,852
-20,852
44
0
1,454
1,504
3,002
53,981
0

24,061
-24,061
28,560
-28,560
9,146
-8,100
1,046
747
3,207
52,352
56,307
57,353
24,383
29,860
54,243
20,852
-20,852
44
0
1,495
1,572
3,110
57,353
0

24,061
-24,061
28,560
-28,560
9,146
-8,558
589
768
3,237
56,280
60,285
60,874
24,383
33,270
57,652
20,852
-20,852
44
0
1,536
1,642
3,222
60,874
0

24,061
-24,061
28,560
-28,560
9,146
-9,015
131
789
3,267
60,362
64,419
64,550
24,383
36,831
61,213
20,852
-20,852
44
0
1,579
1,714
3,337
64,550
0

24,061
-24,061
28,560
-28,560
9,146
-9,146
0
811
3,298
64,604
68,714
68,714
24,383
40,769
65,151
20,852
-20,852
44
0
1,623
1,896
3,563
68,714
0

24,061
-24,061
28,560
-28,560
9,146
-9,146
0
834
3,331
68,906
73,070
73,070
24,383
44,958
69,341
20,852
-20,852
44
0
1,668
2,017
3,729
73,070
0

BALANCE SHEET

259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281

Balance sheet - Euros


Gross fixet assets (existing assets)
less depreciation (existing assets)
Gross fixet assets (project assets)
less depreciation (project assets)
Gross fixet assets (other CAPEX)
less depreciation (other CAPEX)
NET FIXED ASSETS
Stocks
Accounts receivable and other current assets
Cash in hand
CURRENT ASSETS
TOTAL ASSETS
Shareholders' contributions
Retained earnings
EQUITY
Investment grants
less transfers to income statement
Loans
Bank overdraft
Accounts payable and other current liabilites
Taxes and dividends
LIABILITIES
TOTAL EQUITY AND LIABILITIES

Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Th EUR
Control

21,482
-2,651
0
0
0
0
18,831
120
3,614
241
3,976
22,807
24,096
-1,795
22,301
36
0
36
0
434
0
506
22,807
0

25,605
-3,781
0
0
0
0
21,825
164
3,699
329
4,192
26,016
27,397
-2,044
25,353
44
0
44
0
575
0
663
26,016
0

27,797
-5,127
0
0
0
0
22,670
211
3,521
423
4,155
26,825
28,169
-2,121
26,048
51
0
51
0
676
0
777
26,825
0

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