风力发电行业投资的EXCEL模型

L M N O P Q R S T U V W ConfidentialX 3 4 5 6 7 ProjectparametersProjectstartingyearProjectendingyearConstruction periodFinanceEDFpremiumWorkingCapitalyear20070%yearyear20271EquityDebtEDFshare33%67%49%Receivable daysPayablesdaysdayday30308 Totalinvestment withoutIDCEquipmentcost (w/VAT)LandRMB.m. 526.07Bank loanInterestrateLT tenorCorporatereservefund as %of PATPublicwelfarefund as %of PATOperating costsrelatedMaterialinflationrateSalaryincreaserate9 10 of which:RMB.m.RMB.m. 309.00 13.19%year6.16%1511 StartingworkingcapitalOtherfacility costRMB.m. 203.8810%12 13 RMB.m. 1.695%14 15 RevenuerelatedCapacitycommencement16 MW49.517 18 19 20 TariffBasicpower priceAdditionalpower priceRMB/KWhRMB/KWh 0.748 -21 22 23 Additionalpriceappieswhen Tax ratesWindpowercriteriac:\\iknow\\docshare\\data\\cur_work\\1616377461.xlsAssu

Author: Chen Xuanzhi

A B Valueadded tax(VAT)Attached -city tax as% of VATAttached -educationfund as %of VATEquipmentpurchaseVATCorporateincometaxCITexemptionyearCIT 50%yearC D E F G H Depreciation period(fromCOD)Residualvalue rateI J K 2of3

L M N O P Q R S T U V W ConfidentialX 28 %8.50%year 15WACC11.00%29 %5%%5%30 %4%AmortizationResidualvalue rateyear10Returnon equity13.00%31 %17%%0%32 %15%33 34 35 36 37 38 42 43 44 45 46 47 48 49 50 51 52 53 CapacityscheduleUtilizationhoursyearsyears - -1 -2 -3 -4 -5 -6 -7 -8 -9 -10 -11 -12 -13 -14 -15 -16 -17 -18 -19 -20 -1123123208620861877229525%15%15%2086208618772295202208620861877229530320862086187722952086208618772295208620861877229520862086187722952086208618772295208620861877229520862086187722952086208618772295208620861877229520862086187722952086208618772295208620861877229520862086187722952086208618772295208620861877229520862086187722952086208618772295CIT rateScenario1- PhaseI.12- PhaseI.1&249.5 MW99MW1Totalinvestment w/o IDCStartingworkingcapitalLandCapacityNumber ofemployeesG&AexpenseEquipment cost1255 RMB.m.526.07526.07996.1456 57 58 RMB.m.RMB.m.MW1.6913.1949.51.6913.1949.53.3826.3959 60 61 62 Sensitivity Analysisperson150.5150.5309151618RMB.m.30963 Keep this line at line 63:6365 66 67 AIRRA VAN/IEIRRE VAN/I10.23%10.23%11.97%8.77%8.70%11.70%8.68%11.72%10.22%10.23%9.33%10.23% (0.042) (0.04) 0.05 (0.12) (0.12) 0.04 (0.12) 0.04 (0.04) (0.04) (0.09) (0.04)10.75%10.75%13.62%8.49%8.38%13.16%8.36%13.19%11.21%10.31%10.24%11.03% (0.184) (0.18) 0.05 (0.37) (0.38) 0.01 (0.38) 0.02 (0.15) (0.22) (0.22) (0.16)1123456710117:102020/11/4c:\\iknow\\docshare\\data\\cur_work\\1616377461.xlsAssu

Author: Chen Xuanzhi

A B C D E F G H I Invest.68 w/o IDCRMB m526.07526.07473.46578.68Utilization69 hourhour111170 CIT rate%222271 TariffRMB/KWh0.7480.7480.7480.748Interest72 rate%6.16%6.16%6.16%6.16%7:102020/11/43of3

J K L M N O P Q R S T U V W 526.07526.07526.07526.07526.07526.07526.07526.0723111111222222130.7480.7480.6730.8230.7480.7480.7480.7486.16%6.16%6.16%6.16%5.%6.78%6.16%6.16%c:\\iknow\\docshare\\data\\cur_work\\1616377461.xlsConfidentialX Assu