Revenue Calculation

Energy sold to Tatopani hydro Electric project as a compens
Total Installed Capacity
(KW)
Annual Salable Energy:
Selling Rate to NEA
( Per KWh)
Revenue
Rvenue Escallation Rate
for 10 Years

42000
225.04
4.57
1028.45
3%

Total Installed Capacity (KW)

42000

Annual Salable Energy

4.73

Selling Rate to NEA
( Per KWh)

3.5

Revenue
Rvenue Escallation Rate for 10
Years

16.55
0%

Electric project as a compensation .

68 273.28 Interest During Construction (IDC) 2 3 4 5 6 7 8 9 10 11 12 921 Revenue 3.N Particulars/Year -5 -4 -3 -2 -1 Investment 0 1 2 3 4 6511 Equity Investment 1 Debt Investment 254 567 665 1252 1174 Cummulative Debt 254 822 1487 2739 3913 25.50% Kw for 15 3.17 148.10 5866 .89 391.Discounted Cash Flow Model All figures in Thousands Construction Peroid S.00% 1000 after 15 1.5% Profit After Tax (PAT) (+) Depreciation (-) Change in Working Capital (-)Change in Capital expenditure Salvage value Terminal Value Free Cash Flow Cumulative Cash Flow 100 Per 1.00% 1028 Other Revenue O & M Cost Escalation Rate Royalty on Power Generation Royalty on Revenue (2% for 15 years and 10% after15 Years) Insurance Profit before interest and tax (PBIDT) Depriciation Net operating profit (PBT) Income Tax @ 21.10 645 6511.00% Years and 2.00% Years Calculation of Project NPV & IRR 1059 1091 1124 17 84 17 86 17 89 17 92 4 4 4 4 21 22 22 23 56 880 224 657 141 515 224 94 56 908 224 684 147 537 224 3 56 936 224 713 153 560 224 3 56 966 224 742 160 583 224 3 758 5108 780 4328 803 3525 6511.43 82.

90 645 758 780 803 (-)Change in Capital expenditure Salvage value Terminal Value 3 Cash Flow on Equity 4 Less:Loan Payment 246 270 297 327 5 Less: Interest Paid 391 367 340 310 7 Equity Cash Flow 121 144 167 1676.07 WACC ### Calculation of Equity NPV & IRR 1 2 Profit After Tax (PAT) 515 537 560 583 (+) Depreciation 224 224 224 224 (-) Change in Working Capital 94 3 3 3 1676.NPV (NRs.90 8 Result NPV on Equity 550 Equity IRR ### Market Hurdle Rate ### . '000) 1343 FIRR (%) ### Payback Period (Years) 8.

5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 1158 1192 1228 1265 1303 1342 1382 1424 1466 1510 1556 1602 1602 1602 1602 1602 1602 1602 17 94 17 97 17 100 17 103 17 106 17 109 17 113 17 116 17 120 17 123 17 127 17 131 17 135 17 139 17 143 17 147 17 151 17 156 4 4 4 4 4 4 4 4 4 4 4 42 42 42 42 42 42 42 23 24 25 26 26 27 28 29 30 31 31 162 162 162 162 162 162 162 56 996 224 773 166 606 224 3 56 1027 224 804 173 631 224 3 56 1059 224 836 180 656 224 3 56 1093 224 869 187 682 224 3 56 1127 224 903 194 709 224 3 56 1162 224 938 202 736 224 4 56 1198 224 974 209 765 224 4 56 1235 224 1012 217 794 224 4 56 1274 224 1050 226 824 224 4 391 56 1313 224 1090 234 855 224 4 56 1354 224 1130 243 887 224 4 56 1228 224 1005 216 789 224 4 56 1225 224 1001 215 786 224 0 56 1220 224 997 214 783 224 0 56 1216 224 993 213 779 224 0 56 1212 224 988 213 776 224 0 56 1208 224 984 212 772 224 0 56 1203 224 979 211 769 224 0 827 2698 851 1846 877 970 902 67 929 862 957 1818 985 2803 1014 3817 653 4470 1075 5545 1107 6652 1008 7660 1009 8669 1006 9675 1003 10678 999 11677 996 12672 992 13665 .

606 631 656 682 709 736 765 794 824 855 887 789 786 783 779 776 772 769 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 3 3 3 3 3 4 4 4 4 4 4 4 0 0 0 0 0 0 391 827 851 877 902 929 957 359 395 435 478 526 579 277 241 202 158 111 58 190 215 240 266 292 320 985 1014 653 1075 1107 1008 1009 1006 1003 999 996 992 985 1014 653 1075 1107 1008 1009 1006 1003 999 996 992 .

23 24 25 1602 1602 1602 17 161 17 165 17 170 42 42 42 162 162 162 56 1198 224 975 210 765 224 0 56 1194 224 970 209 761 224 0 56 1189 224 965 207 758 224 0 985 15638 0 0 981 16618 988 14653 .

765 761 758 224 224 224 0 0 0 0 0 988 985 981 988 985 981 .

N 0 1 2 2011 2012 2013 224 224 5590 5366 5142 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 224 4919 4695 4472 4248 4025 3801 3577 3354 3130 2907 2683 2459 2236 2012 1789 1565 1342 1118 894 671 447 224 0 Salvage Value .590 Total Financial Cost @ 4% Year Depreciation Balance S.Depriciable Expenses Total Financial Cost at the End of Construction 5.

913 22% 10% 10 637 Beginning Year Balance 1 2 3 4 5 6 7 8 9 10 3913 3667 3397 3100 2773 2414 2019 1584 1105 579 Interest 391 367 340 310 277 241 202 158 111 58 Less Loan Payment Payment -637 -637 -637 -637 -637 -637 -637 -637 -637 -637 246 270 297 327 359 395 435 478 526 579 Ending Balance 3667 3397 3100 2773 2414 2019 1584 1105 579 0 Interest of Loan(1-Tax) 307 288 267 243 218 189 158 124 87 45 .Principal Tax rate Interest rate Number of years Loan Repayment 3.

.

901.78) (636.15) (3.96) (12.23) (127.78) (636.87) (66.45) (28.191.56) (10.464.89) (8.60) (13.94) (17.51) (38.31) (10.579.82) (193.67) (19.00 (636.05) (21.31) (2.910.278.95) (27.78) (636.401.94) (17.54) (8.66) (16.10) (29.401.33) (10.202.78) (636.78) (636.36) (636.414.78) (636.45) (84.89) (8.91) (16.08) (243.18) (25.78) (636.78) (636.27) (180.303.35) (5.87) (1.34) (146.78) (636.41) (90.78) (636.18) (4.78) (636.579.78) (636.070.202.97) (30.050.705.84) (6.78) (636.001.78) (636.54) (26.547.926.78) (636.245.10) (29.547.78) (636.78) (636.11) .51) (20.71) (49.48) (5.705.48) (5.33) (10.18) (4.78) (636.00 (5.601.23) (13.35) (5.050.76) (114.15) (3.31) (2.14) (14.850.988.925.54) (8.71) (23.78) (636.87) (236.754.07) (18.925.62) (221.78) (636.79) (24.79) (24.926.86) (21.78) (636.42) (3.57) (173.791.54) (26.78) (636.71) (23.96) (12.418.67) (19.305.78) (636.78) (1.245.48) (102.78) (636.69) (200.237.49) (26.76) (11.78) (636.56) (10.129.418.32) (24.78) (636.754.464.78) (636.14) (14.42) (3.083.78) (636.84) (6.89) (15.278.10) (60.791.97) (121.00) (9.191.58) (214.78) (636.78) (636.91) (22.605.612.78) (636.02) (186.414.840.311.24) (16.78) (636.305.01) (7.23) (13.78) (1.61) (207.86) (21.570.60) (13.612.303.18) (25.901.242.242.00) (9.001.93) (166.151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 0.129.09) (43.796.78) (636.89) (15.072.618.91) (16.78) (636.55) (133.796.850.840.570.45) (28.78) (636.601.78) (636.330.54) (78.330.68) (72.97) 0.92) (140.07) (18.78) (636.237.91) (22.910.072.01) (7.51) (20.35) (159.59) (108.577.72) (228.32) (24.87) (1.42) (96.618.605.38) (55.95) (27.80) (19.76) (11.988.78) (636.311.98) (32.78) (636.80) (19.82) (153.78) (636.070.24) (16.577.

00) (707.205.246.76) (79.865.78) (636.633.76) (79.246.78) (636.88) (72.77) (311.197.06) (280.566.45) (57.76) (62.970.37) (70.163.79) (360.78) (636.98) (53.78) (636.310.78) (636.78) (33.78) (636.55) (49.852.09) (265.78) (636.39) (250.92) (419.852.009.15) (43.55) (75.493.15) (47.751.019.78) (636.479.76) (62.475.03) (80.82) (59.78) (636.52) (327.271.86) (67.78) (636.519.083.78) (30.59) (636.45) (68.88) (83.830.15) (78.29) (296.52) (73.219.78) (636.78) (636.393.587.11) (77.26) (641.65) (428.782.48) (38.554.17) (501.196.42) (86.519.37) (70.163.78) (636.74) (52.203.976.633.78) (636.865.009.66) (46.940.358.327.205.78) (636.71) (385.30) (729.78) (636.019.15) (43.887.452.78) (636.358.63) (530.84) (492.78) (636.782.66) (46.62) (351.03) (368.976.414.78) (636.200.60) (63.78) (33.58) (511.60) (50.189.74) (42.38) (74.45) (32.271.06) (520.39) (88.61) (319.93) (69.78) (636.262.203.219.72) (589.78) (636.78) (636.31) (87.13) (36.07) (65.81) (559.03) (82.566.58) (31.39) (61.310.493.595.98) (696.751.297.48) (38.64) (84.17) (40.78) (636.45) (68.241.78) (636.554.54) (45.10) (48.595.78) (636.475.55) (49.234.241.78) (636.30) (51.191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 (30.17) (40.64) (84.87) (39.78) (636.16) (55.940.78) (636.78) (636.83) (652.86) (600.52) (343.830.414.77) .78) (636.13) (36.46) (437.78) (631.92) (37.58) (31.729.78) (636.07) (65.44) (41.197.78) (636.78) (636.297.215.189.63) (34.10) (54.298.15) (47.42) (86.637.78) (636.729.02) (64.520.69) (258.200.28) (455.63) (34.82) (59.78) (636.68) (402.551.234.520.78) (636.11) (77.78) (636.48) (335.359.59) (482.060.341.800.78) (636.215.298.33) (446.10) (48.31) (87.767.78) (636.02) (64.10) (718.917.587.10) (54.327.16) (55.25) (56.39) (620.78) (636.55) (273.93) (69.44) (60.87) (39.52) (73.060.78) (636.45) (57.262.00) (549.74) (52.08) (610.06) (684.03) (80.800.78) (636.23) (674.48) (663.393.25) (56.78) (636.11) (30.637.767.341.78) (636.78) (636.98) (53.03) (82.15) (78.44) (41.88) (83.970.78) (636.70) (569.54) (45.479.41) (473.45) (32.30) (51.78) (636.67) (579.72) (44.92) (37.06) (35.78) (636.196.31) (464.887.00) (303.74) (42.06) (35.88) (72.78) (636.34) (376.39) (61.28) (540.16) (393.677.38) (74.72) (44.677.60) (63.551.65) (288.359.78) (636.452.78) (636.26) (410.86) (67.55) (75.60) (50.78) (636.44) (60.

27) (154.205.44) (142.35) (811.02) (1.78) (636.034.134.12) (103.74) (157.73) (104.78) (636.42) (1.102.07) (122.687.394.968.340.441.50) (98.80) (128.14) (123.63) (139.30) (167.770.834.78) (636.73) (1.38) (137.78) (636.49) (118.23) (115.814.47) (1.720.267.70) (152.684.498.016.15) (146.423.266.57) (133.22) (130.78) (636.358.20) (1.78) (636.78) (636.64) (1.74) (1.73) (135.78) (636.788.83) (860.205.78) (636.10) (95.20) (1.102.61) (740.767.223.78) (636.80) (163.71) (106.78) (93.30) (1.432.770.78) (636.90) (178.87) (125.22) (130.058.684.78) (636.398.78) (1.85) .78) (636.036.42) (112.50) (169.46) (764.91) (110.75) (117.90) (178.165.78) (165.466.24) (1.42) (112.50) (169.57) (155.903.86) (1.70) (152.814.154.75) (150.27) (148.57) (155.034.315.006.62) (949.63) (139.244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 (88.34) (1.030.358.340.69) (1.52) (1.71) (787.498.944.768.355.134.78) (636.815.50) (173.768.739.78) (636.78) (636.283.78) (636.085.236.355.78) (636.73) (135.62) (936.656.78) (636.78) (165.875.75) (150.154.82) (113.72) (923.739.22) (161.78) (636.78) (636.52) (171.286.27) (148.78) (636.20) (1.78) (636.74) (157.25) (897.381.32) (823.24) (144.286.79) (1.783.95) (1.78) (636.862.28) (1.806.61) (100.78) (636.968.58) (176.875.93) (910.165.48) (799.05) (1.348.036.78) (636.78) (636.223.483.190.60) (94.002.67) (885.80) (128.085.39) (127.50) (173.77) (1.78) (636.22) (161.63) (1.78) (93.53) (91.39) (127.87) (125.441.862.53) (91.61) (141.030.37) (97.834.56) (847.423.720.78) (636.087.37) (97.78) (636.78) (101.230.213.78) (636.641.01) (1.78) (636.752.251.823.12) (1.52) (171.38) (1.16) (107.917.39) (1.77) (132.23) (115.98) (752.364.80) (163.394.656.78) (90.220.57) (133.46) (636.12) (103.295.101.77) (90.38) (137.60) (94.78) (636.73) (104.71) (106.92) (1.78) (636.27) (154.823.394.61) (141.44) (142.91) (159.394.78) (636.903.815.78) (636.732.91) (110.77) (132.61) (100.17) (1.255.230.003.944.78) (636.030.554.52) (1.78) (636.266.806.160.299.91) (159.78) (636.78) (636.205.006.002.20) (872.767.10) (95.130.78) (636.39) (1.20) (109.29) (989.56) (120.78) (636.926.78) (636.175.922.82) (113.78) (636.39) (835.484.75) (117.78) (636.78) (636.783.49) (118.24) (144.922.78) (636.30) (167.483.687.16) (107.295.96) (976.449.732.145.415.73) (1.78) (101.926.78) (636.56) (120.554.044.15) (146.58) (176.752.78) (636.50) (98.78) (636.213.331.61) (180.072.74) (962.07) (122.54) (1.78) (636.78) (636.14) (123.641.115.04) (775.20) (109.788.

465.930.256.63) (2.874.46) (234.81) (2.28) (2.15) (193.33) (1.30) (1.81) (236.760.78) (636.65) (200.43) (1.519.93) (278.78) (636.08) (2.78) (636.25) (275.596.38) (261.18) (284.121.78) (636.84) (281.319.61) (266.78) (636.78) (636.346.78) (636.83) (1.502.53) (209.88) (219.78) (636.270.823.495.93) (1.78) (636.78) (636.78) (636.496.92) (244.667.38) (261.629.74) (1.65) (1.280.394.12) (2.785.325.973.574.630.433.78) (636.823.86) (312.46) (252.79) (269.017.394.951.78) (636.78) (636.061.96) (1.114.87) (263.199.05) (1.78) (636.13) (2.99) (214.83) (322.359.458.78) (636.78) (636.33) (1.55) (299.03) (2.556.094.152.86) (1.97) (290.21) (188.909.507.223.78) (636.04) (250.297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 (180.17) (207.94) (258.726.121.69) (195.78) (636.55) (299.96) (296.98) (305.96) (1.78) (636.96) (2.648.41) (211.10) (1.414.494.433.76) (184.92) (318.507.82) (2.13) (1.46) (252.34) (231.702.558.623.49) (2.346.320.043.78) (636.877.34) (636.92) (247.42) (216.36) (255.760.702.289.50) (186.130.888.78) (636.65) (200.55) (239.826.38) (2.50) (186.78) (636.602.80) (197.03) (226.49) (2.458.92) (244.558.815.78) (636.376.284.160.03) (226.85) (182.80) (1.51) (224.25) (229.280.065.256.565.927.575.78) (636.17) (204.706.084.25) (275.396.303.419.82) (302.698.98) (305.78) (636.42) (216.79) (2.05) (191.132.846.668.78) (636.53) (209.03) (2.12) (2.86) (312.043.129.94) (258.763.97) (290.39) (202.18) (284.15) (287.78) (636.359.522.82) (302.78) (636.52) (221.78) (636.145.919.344.130.34) (1.815.867.80) (197.320.75) (1.376.78) (636.858.01) (315.78) (636.78) (636.255.78) (636.76) (184.789.927.656.34) (231.86) (242.175.698.84) (281.303.78) (636.78) (636.053.34) (2.05) (191.01) (315.56) (1.58) (1.51) (224.094.56) (2.719.789.444.21) (1.52) (221.765.78) (636.78) (636.26) (309.78) (636.394.114.687.369.46) (234.61) (272.092.12) (2.37) (2.495.548.93) (278.86) (242.607.78) (636.53) (1.234.551.40) (2.04) (250.78) (636.78) (636.81) (236.41) (211.877.83) (293.07) (1.15) (193.607.995.246.78) (636.78) (636.39) (202.92) (247.78) (636.396.065.78) (636.289.26) (309.19) (2.284.106.21) (1.039.565.611.414.55) (239.608.465.33) (2.608.874.726.92) (318.667.295.858.96) (1.66) (2.623.092.89) (2.592.71) (2.78) (636.78) (636.00) (1.325.763.78) (636.96) (296.25) (229.537.96) .69) (195.83) (293.86) (2.132.78) (636.919.78) (182.88) (219.78) (636.61) (266.551.67) (1.145.78) (636.805.22) (2.596.17) (207.745.494.87) (263.21) (188.17) (204.470.15) (287.99) (214.726.719.160.234.36) (255.79) (269.61) (272.

36) (2.78) (325.15) (349.76) (332.795.406.406.532.935.503.81) (342.06) (345.350 351 352 353 354 355 356 357 358 359 360 (322.90) (360.47) (2.911.90) (335.78) (636.78) (636.374.374.954.81) (342.824.17) (338.76) (332.722.52) (328.971.78) (636.78) (636.78) (2.887.49) (2.098.935.15) (349.503.941.397.78) (636.11) (636.45) (2.78) (636.954.52) (328.33) (352.80) .83) (356.767.31) (2.739.90) (335.72) (2.78) (636.098.887.053.722.86) (2.711.532.397.06) (345.140.29) (2.90) (2.882.78) (636.96) (325.39) (2.83) (356.78) (636.853.33) (352.683.78) (636.17) (338.

57 348.67 606.21 214.00 851.48 Add:Depreciation 223.59 223.57 348.59 223.92 666.04 3.86 2.913 1.55 Cash flow from financing activities Borrowings Equity capital IDC Less:Repayment of Term loan Less:Repayment of interest 3.511 0 0 0 0 0 0 0 0 0 Net cashflows Opening balance Closing balance 8.64 292.45 630.76 8.32 3.08 956.59 223.59 223.90 143.30 752.58 582.31 827.Cash Flow Statement for 10 years Period in Years Month in Years 1 12 2 12 3 12 4 12 5 12 6 12 7 12 8 12 9 12 10 12 Cash Flow from operating activities PAT 515.22 3.51) (391.52 166.04 181.92 992.78 2.89) Net cash flow from financing activities ### ### ### ### ### ### ### ### ### ### Cash flow from investing activities ### 0 0 0 0 0 0 0 0 0 Net cash flow from Investing activities -6.40 876.59 223.14 0 0 0 0 29.15 708.17 559.59 223.30 752.677 921 (245.67 38.59 Add:(increasee)/Decrease in working capital 94.13 3.92 736.17 682.14 38.14 0 8.52 Net cash flow from Operating activities644.67 ### ### ### ### ### .30 319.69 780.42 3.59 223.41 537.52 190.28) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### (57.59 223.92 992.94 656.04 181.31 803.09 538.53 902.59 223.61 239.75 265.42 929.07 2.09 538.95 3.

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