#VALUE!

Status OK
[INSERT NAME OF THE PROJECT HERE]

Legends
Make an appropriate selection from the dropdown menu
Recheck inputs for possible errors
Insert hardcoded figures, adjust according to requirments
Follow the hyperlink

Months & Days

Months in a year 12 Months
Days in a year 365 Days
Days in a month 30 Days
Adjust according to requirements Working days in a year 264 Days
Adjust according to requirements Year Start 1-Jan
Adjust according to requirements Year End 31-Dec

Macroeconomic & Growth Assumptions

Adjust according to the prevailing 6-month KIBOR rate Interest Rate 10.56%
Adjust according to the prevailing Tax Rate Corporate Tax Rate 30.00%
Adjust according to the prevailing Tax Rate Super Tax 3.00%
Adjust according to the prevailing Tax Rate Minimum Tax Rate (% of Revenue) 1.25%
Adjust according to the prevailing CPI Inflation 5.00%
Adjust Terminal Value Growth rate according to requirements Terminal Growth 3.00%
Adjust according to requirements Traffic Growth Rate 2.00%

Project Timelines
Adjust according to requirements Concession Period 30 Year(s)
Adjust according to requirements Concession Execution Date 30-Dec-18
Adjust according to requirements Time to Financial Close 6 Months
Adjust according to requirements Construction Period 24 Months
Commercial Operation Date 29-Jun-21
Concession End Date 22-Jun-51

Project Specifications
Select appropriate type between [Road/Bridge], [Hospital], [Building] or [School] Type of Project Road/Bridge
Select between [Dual Carriageway], [3-lane Dual Carriageway] or [Ring Road] Type of Road/Bridge Ring Road
Please provide the length of Road Length in Km(s) 10
Select the appropriate PPP Mode PPP Mode BOT

Capital Costs
Select EPC Cost: [Average Benchmark in Rs./Km] or [Manual] EPC Cost Average Benchmark Benchmark EPC Cost for Ring Road is Rs.1149.831 Million/Km
Select Non Cost: [As %age of EPC] or [Manual] Non EPC Cost Manual Please specify in Project Cost Sheet
Select Financing Fee & Charges: [As %age of debt] or [Manual] Financing Fee & Charges Manual Please specify in Project Cost Sheet manually
Insert land cost in PKR Land Cost Rs. 2,000,000,000

Capital Structure
Insert Proportion in %age Private-Party Equity 25%
Insert Proportion in %age Private-Party Debt 50%
Is VGF Funding required? If yes, then please select between [Yes] or [No] Viability Gap Funding No
Select the appropriate type of VGF requirement between [upfront] or [shortfall] Type of VGF Funding Upfront
Insert VGF proportion in %age Upfront VGF 25%
Grant 0.00%
Equity 0.00%
Loan 25.00%
VGF to be considered as Intial Equity Investment for return purpose No
Total 100.00%

BLT Private Party Return Assumption

To allowed in the case of BLT mode only Rate of Return on Equity 24.00% To be applicable in BLT Mode only

Debt Tenors & Rates

Insert the VGF Debt tenor VGF Debt Tenor 8 Year(s)
Select the appropriate frequency between [Quarterly], [Semi-Annual] or [Annual] VGF Debt Frequency Annual
Insert VGF Debt interest rate (benchmark + spread) VGF Debt Interest Rate 9.00%
Insert VGF Debt repayment start year VGF Debt Repayment Start Year 10 Year(s)
Interest Grace Period for VGF Debt 9 Year(s)
Insert the Private-Party debt tenor Private-Party Debt Tenor 9 Year(s)
Select the appropriate frequency between [Quarterly], [Semi-Annual] or [Annual] Private-Party Debt Frequency Annual
Adjust according to the prevailing 6-month KIBOR rate Interest Rate 10.56%
Insert appropriate spread on private-party debt Spread 2.50%
Private-Party Debt Interest Rate 13.06%

Cost of Equity & WACC Assumptions

Insert appropraite Beta Beta 1.4
Insert appropraite Market Risk Premium Risk Premium 5.50%
Risk Free Rate 10.56%
Private-Party Cost of Equity 18%
Insert appropriate GoPb Cost of Equity GoPB Cost of Equity 10%
Project Cost of Equity 18%
Project WACC 12.181%
GoPB WACC 10.000%

Equity Drawndown Schedule

By default, the model spreads equity over the construction period Years Private-Party Equity VGF Equity Upfront VGF
equally. User can change it as per the requirments. Year 1 50.0% 50.0% 0.0%
Year 2 50.0% 50.0% 0.0%
Total 100.0% 100.0% 0.0%

Debt Drawndown Schedule

By default, the model spreads debt over the construction period Years Private-Party Debt VGF Debt
equally. User can change it as per the requirments. Year 1 50.0% 50.0%
Year 2 50.0% 50.0%
Total 100.0% 100.0%

Core Revenue Assumptions

Insert Number of Toll Gates Number of Toll Gates 2
Traffic Count on Gate Traffic Count on
Insert traffic count for each gate and the toll rate for each vehicle type Vehicle Types 01 Gate 02 Toll Rate Click here to redefine vehicle types
Cars & Jeeps 11,263 11,263 45
Hiace Wagons / Minibuses 1,659 1,659 90
Buses 414 414 90
Loader Pickups 1,245 1,245 230
Trucks / Trailers 4,170 4,170 270
Tracktor Trolley 1,227 1,227 450

Core Revenue Sharing Assumptions for BOT projects only

Private Party 100%
GoPB 0%

O&M Costs
Description Amount in PKR
Insert Total Operating Costs Total Operating Cost 131,922,963 Click here to provide complete details of Operating Costs
Insert Total Maintenance Cost which will be the responsbility of GoPB Total Maintenance Cost 120,686,390 Click here to provide complete details of Maintenance Costs
Insert Major Overlay cost in the case of Road/ Bridge only Major Overlay Cost 2,000,000,000
Insert frequency of occurance of Major Overlay cost Major Overlay Cost to be occurred after x year 11

Other Costs - Opportunity cost of VGF and Land

Opportunity Cost of VGF Grant
Insert 6-month LIBOR Rate 6 Month LIBOR 2.90%
Insert appropriate Spread Spread 0.50%
Opportunity Cost of VGF Grant 3.40%
Insert Opportunity Cost period for VGF Grant Opportunity Cost Period 30 Year(s)

VfM Assumptions
Discount Rate 10.00%
GoPb IDC in Public Mode as percentage of GoPb IDC in PPP Mode 78.00%
O&M in Public Mode as percentage of O&M in PPP Mode 100.00%

Assumptions of costs over-runs in Public Mode

Construction Cost over-run Cost Escalation Probability
1 year 10% 50%
2 years 15% 30%
3 years 20% 20%
O&M Cost over-run
Cost Escalation Probability
10% 50%
15% 30%
20% 20%
Pilferage %
Pilferage % Probability
10% 50%
15% 30%
20% 20%

Non-Core Revenue Assumptions

Is non-core revenue applicable or allowed? Non-Core Revenue Yes
Non-Core Revenue Description Sq. Ft. Rate in PKR
Insert non-core revenue item description and amount Advertisment Revenue 0 0
Insert non-core revenue item description and amount [Non-Core Revenue Item 2]
Insert non-core revenue item description and amount [Non-Core Revenue Item 3]
Non-core Revenue Sharing
Private Party 80%
GoPB 20%
 #VALU

VfM analysis prefers PPP Mode BOT Mode

C o st O v er-r u n s
(R s. M il l i o n s)

Project IRR 15.1895%

8,000
Project NPV W/O TV 2,591,795,084
6,672
6,000 Project NPV with TV 5,071,535,907
4,000
Project Payback 8.77 Year(s)
2,000
-
-

PP Equity IRR 20.46796%

PP Equity Payback 8.36 Year(s)
PP Equity NPV 755,903,448

Capital Structure
15,000,000,000

Amount in Rupees
25% 25% 10,000,000,000

5,000,000,000

50% -
1 2

VGF GoPb Debt GoPb Equity

Private-Party Debt Private-Party Equity
 #VALUE!

Project/CAPEX Costs Capital Structure

EPC Cost 11,498,310,000 Private Party Equity 25% 3,269,327,324
Non EPC Cost - Private Party Debt 50% 6,536,654,647
Land Cost - VGF Equity 0% -
CAPEX 11,498,310,000 VGF Debt 25% 3,268,327,324
Financing Fee & Charges - Upfront VGF 0% -
IDC 1,574,999,295 100% 13,073,309,295
Total Project Cost 13,073,309,295

Project Cash Profile

15,000,000,000
Amount in Rupees

10,000,000,000

5,000,000,000

-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Years of Operation

Total Revenue Net Income Cash Generated from Operations

 [INSERT NAME OF THE PROJECT HERE]

Financial Model Status

Status OK

O&M Costs per Annum

Total Operating Cost -
Total Maintenance Cost 120,686,390
Major Overlay Cost 2,000,000,000

18 19 20 21 22 23 24 25 26 27 28 29 30

m Operations
 #VALUE!

[INSERT NAME OF THE PROJECT HERE]

CAPEX
Year 1 2 3 4 5 6 7
Percentage 50% 50%

Amount 5,749,155,000 5,749,155,000

Discount Rate
10%
Capital Cost over-runs
Construction Years 1 2 3 4 5 6 7
5,749,155,000 5,749,155,000
Over-runs Cost Escalation Probabilty of Occurance
1 year 10% 50% 287,457,750 287,457,750
2 years 15% 30% 258,711,975 258,711,975
3 years 20% 20% 229,966,200 229,966,200
776,135,925 776,135,925 - - - - -
Total - Nominal 1,552,271,850
Total - Real 1,347,012,762

O&M Cost Over-runs

Operational Years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
252,609,353 265,239,821 278,501,812 292,426,902 307,048,247 322,400,660 338,520,693 355,446,727 373,219,064 391,880,017 2,411,474,018 432,047,719 453,650,105 476,332,610 500,149,240 525,156,702 551,414,538 578,985,265 607,934,528 638,331,254 670,247,817 2,703,760,208 738,948,218 775,895,629 814,690,410 855,424,931 898,196,177 943,105,986 990,261,286 1,039,774,350
Cost Escalation Probabilty of Occurance
10% 50% 12,630,468 13,261,991 13,925,091 14,621,345 15,352,412 16,120,033 16,926,035 17,772,336 18,660,953 19,594,001 120,573,701 21,602,386 22,682,505 23,816,630 25,007,462 26,257,835 27,570,727 28,949,263 30,396,726 31,916,563 33,512,391 135,188,010 36,947,411 38,794,781 40,734,521 42,771,247 44,909,809 47,155,299 49,513,064 51,988,717
15% 30% 11,367,421 11,935,792 12,532,582 13,159,211 13,817,171 14,508,030 15,233,431 15,995,103 16,794,858 17,634,601 108,516,331 19,442,147 20,414,255 21,434,967 22,506,716 23,632,052 24,813,654 26,054,337 27,357,054 28,724,906 30,161,152 121,669,209 33,252,670 34,915,303 36,661,068 38,494,122 40,418,828 42,439,769 44,561,758 46,789,846
20% 20% 10,104,374 10,609,593 11,140,072 11,697,076 12,281,930 12,896,026 13,540,828 14,217,869 14,928,763 15,675,201 96,458,961 17,281,909 18,146,004 19,053,304 20,005,970 21,006,268 22,056,582 23,159,411 24,317,381 25,533,250 26,809,913 108,150,408 29,557,929 31,035,825 32,587,616 34,216,997 35,927,847 37,724,239 39,610,451 41,590,974
34,102,263 35,807,376 37,597,745 39,477,632 41,451,513 43,524,089 45,700,294 47,985,308 50,384,574 52,903,802 325,548,992 58,326,442 61,242,764 64,304,902 67,520,147 70,896,155 74,440,963 78,163,011 82,071,161 86,174,719 90,483,455 365,007,628 99,758,009 104,745,910 109,983,205 115,482,366 121,256,484 127,319,308 133,685,274 140,369,537
Total - Nominal 2,805,715,029
Total - Real 640,915,142

Revenue Collection Pilferage

Operational Years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
1,940,062,347 2,077,806,773 2,225,331,054 2,383,329,559 2,552,545,958 2,733,776,721 2,927,874,868 3,135,753,984 3,358,392,516 3,596,838,385 3,852,213,910 4,125,721,098 4,418,647,296 4,732,371,254 5,068,369,613 5,428,223,856 5,813,627,749 6,226,395,319 6,668,469,387 7,141,930,714 7,649,007,794 8,192,087,348 8,773,725,549 9,396,660,063 ### ### ### ### ### ###
Pilferage % Probabilty of Occurance
10% 50% 97,003,117 103,890,339 111,266,553 119,166,478 127,627,298 136,688,836 146,393,743 156,787,699 167,919,626 179,841,919 192,610,696 206,286,055 220,932,365 236,618,563 253,418,481 271,411,193 290,681,387 311,319,766 333,423,469 357,096,536 382,450,390 409,604,367 438,686,277 469,833,003 503,191,146 538,917,718 577,180,876 618,160,718 662,050,129 709,055,688
15% 30% 87,302,806 93,501,305 100,139,897 107,249,830 114,864,568 123,019,952 131,754,369 141,108,929 151,127,663 161,857,727 173,349,626 185,657,449 198,839,128 212,956,706 228,076,633 244,270,073 261,613,249 280,187,789 300,081,122 321,386,882 344,205,351 368,643,931 394,817,650 422,849,703 452,872,032 485,025,946 519,462,788 556,344,646 595,845,116 638,150,119
20% 20% 77,602,494 83,112,271 89,013,242 95,333,182 102,101,838 109,351,069 117,114,995 125,430,159 134,335,701 143,873,535 154,088,556 165,028,844 176,745,892 189,294,850 202,734,785 217,128,954 232,545,110 249,055,813 266,738,775 285,677,229 305,960,312 327,683,494 350,949,022 375,866,403 402,552,917 431,134,174 461,744,701 494,528,574 529,640,103 567,244,550
261,908,417 280,503,914 300,419,692 321,749,490 344,593,704 369,059,857 395,263,107 423,326,788 453,382,990 485,573,182 520,048,878 556,972,348 596,517,385 638,870,119 684,229,898 732,810,220 784,839,746 840,563,368 900,243,367 964,160,646 1,032,616,052 1,105,931,792 1,184,452,949 1,268,549,109 1,358,616,095 1,455,077,838 1,558,388,365 1,669,033,938 1,787,535,348 1,914,450,358
Total - Nominal 25,189,688,963
Total - Real 4,979,459,153

Other Project Costs

Construction Years 1 2 3 4 5 6 7
Nominal Total
Private-Party IDC 1,175,289,293 375,419,822 799,869,472 - - - - -
GoPb IDC 399,710,001 129,355,988 270,354,014 - - - - -

Real Total
Private-Party IDC 1,002,339,897
GoPb IDC 341,029,422

PPP Mode Public Mode

Costs Nominal Real Nominal Real
Capital Cost 11,498,310,000 9,977,872,314 11,498,310,000 9,977,872,314
Private-Party IDC 1,175,289,293 1,002,339,897 1,175,289,293 781,825,120
GoPb IDC 399,710,001 341,029,422 311,773,801 266,002,949
Project Cost 13,073,309,295 11,321,241,633 12,985,373,094 11,025,700,383
O&M Cost 20,783,074,287 4,747,519,569 20,783,074,287 4,747,519,569
Project Cost + O&M Cost (Base) 33,856,383,582 16,068,761,201 33,768,447,381 15,773,219,951

Adjustments
Capital Cost over-runs - - 1,552,271,850 1,347,012,762
O&M Cost Over-runs - - 2,805,715,029 640,915,142
Revenue Collection Pilferage - - 25,189,688,963 4,979,459,153
Total Project Cost - post adjustments 33,856,383,582 16,068,761,201 63,316,123,223 22,740,607,008

Value for Money Analysis favors PPP Mode - 6,672

Public Procurement Mode costs Rs. 6671.84 Million more in real terms.

Cost over-runs
Public Procurement 6,672
PPP Procurement - PPP Mode Public Mode
- 6,672
 -1 0

Income Statement
Revenue
Core Income
Non-Core Income
Total Revenue
O&M Costs
Operating Costs
Maintenance Costs
Major Overlay Cost
Total O&M Costs
Depreciation
Depreciation - Project Cost
Total Depreciation
Interest Expense
Interest on Private-Party Loan
Interest on VGF Debt
Interest on Working Capital
Total Interest Expense
Income Before Taxes
Taxes

Net Income

Balance Sheet
Assets
Cash 1,000,001
Major Outlay cost Reserve
WDV - Fixed Assets 13,073,309,295
Total Assets 13,074,309,295

Liabilities
Current Liabilities
Private Party - Debt 422,946,506
VFG Debt -
Short Term Loan -
Long-term Liabilities
Private Party - Debt 6,113,708,141
VFG Debt 3,268,327,324
Total Liabilities 9,804,981,971
Shareholders' Equity
Private-Party Equity 3,269,327,324
VGF Equity -
Accumulated Income/ (Loss) -
Total Shareholders' Equity 3,269,327,324
Total Liabilities & Equity 13,074,309,295

Balance 17 1

Cash Flow Statement

Cash Flows from Operating Activities
Net Income -
Add: Depreciation -
Major Outlay cost Reserve
Cash Generated from Operations -
Cash Flows from Investing Activities
Investment in Fixed Assets (13,073,309,294)
Cash Generate from Investing Activities (13,073,309,294)
Cash Flows from Financing Activities
Private-Party Equity Drawdown 3,269,327,324
Private-Party Equity Redemption
VGF Equity Drawdown -
VGF Equity Redemption
Private-Party (TOTAL) Debt Drawdown
VGF Debt Drawdown
Principle Repayment on Private Party Loan 6,536,654,647
Principle Repayment on VGF Debt 3,268,327,324
VGF -
Short Term Loan -
Dividend
Cash Generated from Financing Activities 13,074,309,295

Increase (Decrease) in cash 1,000,001

Opening Cash Balance -
Closing Cash Balance 1,000,001

Minimum Cash -
Cash After Min Cash Requirement 1,000,001

Major Outlay cost Reserve

Annual Reserve
Cumulative Reserve
Dividend
Cash Flows Available for Dividend
Minimum Cash
Net Cash Flows Available for Dividend
Payout ratio 100%
Dividend

Project Return
Cash Generated from Operations
Interest (1-tax)
Cash Flows from Investments (6,253,930,809) (6,819,378,486)
Free Cash Flow to Firm (FCFF) (6,253,930,809) (6,819,378,486)
Terminal Value
Free Cash Flow to Firm (FCFF) after Terminal Value (6,253,930,809) (6,819,378,486)

Project IRR 15.1895%

WACC 12.1813%
Project NPV without Terminal Value 2,591,795,084
Project NPV with Terminal Value 5,071,535,907
Comm. (6,253,930,809) (13,073,309,295)
Project Payback 8.77 Year(s)
 #VALUE!

1 2 3 4 5

1,940,062,347 2,077,806,773 2,225,331,054 2,383,329,559 2,552,545,958

- - - - -
1,940,062,347 2,077,806,773 2,225,331,054 2,383,329,559 2,552,545,958

131,922,963 138,519,111 145,445,067 152,717,320 160,353,186

120,686,390 126,720,709 133,056,745 139,709,582 146,695,061
- - - - -
252,609,353 265,239,821 278,501,812 292,426,902 307,048,247

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

853,687,097 798,450,283 735,999,542 665,392,733 585,564,676

- - - - -
- - - 0 105,600
853,687,097 798,450,283 735,999,542 665,392,733 585,670,276
397,988,920 578,339,693 775,052,724 989,732,947 1,224,050,458
131,336,344 190,852,099 255,767,399 326,611,872 403,936,651

266,652,577 387,487,594 519,285,325 663,121,074 820,113,807

2,000,001 2,000,000 1,000,000 1,000,000 1,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
12,637,532,318 12,201,755,342 11,765,978,365 11,330,201,389 10,894,424,412
12,839,532,319 12,603,755,342 12,366,978,365 12,131,201,389 11,895,424,412

478,183,319 540,634,061 611,240,869 691,068,927 781,322,529

- - - - -
- - 1 1,000,001 1,000,001

5,635,524,822 5,094,890,761 4,483,649,892 3,792,580,965 3,011,258,436

3,268,327,324 3,268,327,324 3,268,327,324 3,268,327,324 3,268,327,324
9,382,035,465 8,903,852,146 8,363,218,085 7,752,977,216 7,061,908,289
 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
188,169,529 430,575,872 734,432,956 1,108,896,848 1,564,188,799
3,457,496,853 3,699,903,195 4,003,760,279 4,378,224,172 4,833,516,122
12,839,532,318 12,603,755,341 12,366,978,365 12,131,201,388 11,895,424,412

1 1 1 1 1

266,652,577 387,487,594 519,285,325 663,121,074 820,113,807

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
502,429,553 623,264,571 755,062,302 898,898,051 1,055,890,783

- - - - -
- - - - -

- - - - -

- - - - -

(422,946,506) (478,183,319) (540,634,061) (611,240,869) (691,068,927)

- - - - -

- - 1 1,000,000 -
(78,483,047) (145,081,252) (215,428,241) (288,657,181) (364,821,856)
(501,429,553) (623,264,571) (756,062,302) (898,898,051) (1,055,890,783)

1,000,000 (1) (1,000,000) - -

1,000,001 2,000,001 2,000,000 1,000,000 1,000,000
2,000,001 2,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

2,000,001 2,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
 79,483,047 146,081,252 216,428,241 289,657,181 365,821,856
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
78,483,047 145,081,252 215,428,241 288,657,181 364,821,856
100% 100% 100% 100% 100%
78,483,047 145,081,252 215,428,241 288,657,181 364,821,856

502,429,553 623,264,571 755,062,302 898,898,051 1,055,890,783

597,580,968 558,915,198 515,199,679 465,774,913 409,969,193
- - - - -
1,100,010,521 1,182,179,769 1,270,261,981 1,364,672,964 1,465,859,976

1,100,010,521 1,182,179,769 1,270,261,981 1,364,672,964 1,465,859,976

(11,973,298,774) (10,791,119,005) (9,520,857,024) (8,156,184,060) (6,690,324,083)

 6 7 8 9 10

2,733,776,721 2,927,874,868 3,135,753,984 3,358,392,516 3,596,838,385

- - - - -
2,733,776,721 2,927,874,868 3,135,753,984 3,358,392,516 3,596,838,385

168,370,846 176,789,388 185,628,857 194,910,300 204,655,815

154,029,814 161,731,305 169,817,870 178,308,764 187,224,202
- - - - -
322,400,660 338,520,693 355,446,727 373,219,064 391,880,017

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

495,311,074 393,270,352 277,903,111 147,468,909 -

- - - - 294,149,459
105,600 105,600 105,600 105,600 105,600
495,416,674 393,375,952 278,008,711 147,574,509 294,255,059
1,480,182,410 1,760,201,247 2,066,521,568 2,401,821,967 2,474,926,332
488,460,195 580,866,411 681,952,118 792,601,249 816,725,690

991,722,215 1,179,334,835 1,384,569,451 1,609,220,718 1,658,200,643

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
10,458,647,436 10,022,870,459 9,587,093,483 9,151,316,506 8,715,539,530
11,659,647,436 11,423,870,459 11,188,093,483 10,952,316,506 10,716,539,530

883,363,251 998,730,492 1,129,164,694 - -

- - - 296,353,547 323,025,366
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001

2,127,895,185 1,129,164,694 (0) - -

3,268,327,324 3,268,327,324 3,268,327,324 2,971,973,777 2,648,948,411
6,280,585,760 5,397,222,509 4,398,492,018 3,269,327,324 2,972,973,778
 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
2,109,734,351 2,757,320,626 3,520,274,141 4,413,661,858 4,474,238,428
5,379,061,675 6,026,647,949 6,789,601,464 7,682,989,181 7,743,565,752
11,659,647,435 11,423,870,459 11,188,093,482 10,952,316,506 10,716,539,529

1 1 1 1 1

991,722,215 1,179,334,835 1,384,569,451 1,609,220,718 1,658,200,643

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
1,227,499,191 1,415,111,812 1,620,346,427 1,844,997,694 1,893,977,619

- - - - -
- - - - -

- - - - -

- - 0 0 0

(781,322,529) (883,363,251) (998,730,492) (1,129,164,694) -

- - - - (296,353,547)

- - - - -
(446,176,663) (531,748,561) (621,615,936) (715,833,001) (1,597,624,072)
(1,227,499,191) (1,415,111,812) (1,620,346,427) (1,844,997,694) (1,893,977,619)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
 447,176,663 532,748,561 622,615,936 716,833,001 1,598,624,072
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
446,176,663 531,748,561 621,615,936 715,833,001 1,597,624,072
100% 100% 100% 100% 100%
446,176,663 531,748,561 621,615,936 715,833,001 1,597,624,072

1,227,499,191 1,415,111,812 1,620,346,427 1,844,997,694 1,893,977,619

346,791,672 275,363,166 194,606,098 103,302,156 205,978,541
- - - - -
1,574,290,863 1,690,474,978 1,814,952,525 1,948,299,851 2,099,956,161

1,574,290,863 1,690,474,978 1,814,952,525 1,948,299,851 2,099,956,161

(5,116,033,220) (3,425,558,242) (1,610,605,717) 337,694,134 2,437,650,294

 11 12 13 14 15

3,852,213,910 4,125,721,098 4,418,647,296 4,732,371,254 5,068,369,613

- - - - -
3,852,213,910 4,125,721,098 4,418,647,296 4,732,371,254 5,068,369,613

214,888,606 225,633,036 236,914,688 248,760,422 261,198,443

196,585,412 206,414,683 216,735,417 227,572,188 238,950,797
2,000,000,000 - - - -
2,411,474,018 432,047,719 453,650,105 476,332,610 500,149,240

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
267,477,640 238,405,357 206,716,569 172,175,789 134,526,340
105,600 105,600 105,600 105,600 105,600
267,583,240 238,510,957 206,822,169 172,281,389 134,631,940
737,379,676 3,019,385,446 3,322,398,046 3,647,980,278 3,997,811,456
243,335,293 996,397,197 1,096,391,355 1,203,833,492 1,319,277,781

494,044,383 2,022,988,249 2,226,006,691 2,444,146,786 2,678,533,676

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
8,279,762,553 7,843,985,577 7,408,208,600 6,972,431,624 6,536,654,647
8,480,762,553 8,244,985,577 8,009,208,600 7,773,431,624 7,537,654,647

- - - - -
352,097,649 383,786,437 418,327,216 455,976,666 497,014,566
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001

- - - - -
2,296,850,762 1,913,064,325 1,494,737,109 1,038,760,443 541,745,877
2,649,948,412 2,297,850,763 1,914,064,326 1,495,737,109 1,039,760,443
3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
2,561,486,817 2,677,807,490 2,825,816,950 3,008,367,190 3,228,566,880
5,830,814,141 5,947,134,813 6,095,144,274 6,277,694,514 6,497,894,203
8,480,762,553 8,244,985,576 8,009,208,600 7,773,431,623 7,537,654,647

1 1 1 1 1

494,044,383 2,022,988,249 2,226,006,691 2,444,146,786 2,678,533,676

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
1,800,000,000 (200,000,000) (200,000,000) (200,000,000) (200,000,000)
2,729,821,359 2,258,765,225 2,461,783,667 2,679,923,763 2,914,310,652

- - - - -
- - - - -

- - - - -

0 0 0 0 0

- - - - -
(323,025,366) (352,097,649) (383,786,437) (418,327,216) (455,976,666)

- - - - -
(2,406,795,994) (1,906,667,576) (2,077,997,230) (2,261,596,546) (2,458,333,986)
(2,729,821,359) (2,258,765,225) (2,461,783,667) (2,679,923,763) (2,914,310,652)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
2,407,795,994 1,907,667,576 2,078,997,230 2,262,596,546 2,459,333,986
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
2,406,795,994 1,906,667,576 2,077,997,230 2,261,596,546 2,458,333,986
100% 100% 100% 100% 100%
2,406,795,994 1,906,667,576 2,077,997,230 2,261,596,546 2,458,333,986

2,729,821,359 2,258,765,225 2,461,783,667 2,679,923,763 2,914,310,652

187,308,268 166,957,670 144,775,518 120,596,973 94,242,358
- - - - -
2,917,129,627 2,425,722,895 2,606,559,185 2,800,520,735 3,008,553,010

2,917,129,627 2,425,722,895 2,606,559,185 2,800,520,735 3,008,553,010

5,354,779,922 7,780,502,817 10,387,062,002 13,187,582,738 16,196,135,748

 16 17 18 19 20

5,428,223,856 5,813,627,749 6,226,395,319 6,668,469,387 7,141,930,714

- - - - -
5,428,223,856 5,813,627,749 6,226,395,319 6,668,469,387 7,141,930,714

274,258,366 287,971,284 302,369,848 317,488,340 333,362,757

250,898,337 263,443,254 276,615,416 290,446,187 304,968,497
- - - - -
525,156,702 551,414,538 578,985,265 607,934,528 638,331,254

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
93,488,440 48,757,129 - - -
105,600 105,600 105,600 105,600 105,600
93,594,040 48,862,729 105,600 105,600 105,600
4,373,696,137 4,777,573,506 5,211,527,478 5,624,652,283 6,067,716,883
1,443,319,725 1,576,599,257 1,719,804,068 1,856,135,253 2,002,346,571

2,930,376,412 3,200,974,249 3,491,723,411 3,768,517,030 4,065,370,312

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
6,100,877,671 5,665,100,694 5,229,323,718 4,793,546,741 4,357,769,765
7,301,877,671 7,066,100,694 6,830,323,718 6,594,546,741 6,358,769,765

- - - - -
541,745,877 - - - -
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001

- - - - -
- - - - -
542,745,877 1,000,001 1,000,001 1,000,001 1,000,001
3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
3,489,804,469 3,795,773,370 3,559,996,393 3,324,219,417 3,088,442,440
6,759,131,793 7,065,100,693 6,829,323,717 6,593,546,740 6,357,769,764
7,301,877,670 7,066,100,694 6,830,323,717 6,594,546,741 6,358,769,764

1 1 1 1 1

2,930,376,412 3,200,974,249 3,491,723,411 3,768,517,030 4,065,370,312

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
3,166,153,388 3,436,751,226 3,727,500,387 4,004,294,006 4,301,147,288

- - - - -
- - - - -

- - - - -

0 0 0 0 0

- - - - -
(497,014,566) (541,745,877) - - -

- - - - -
(2,669,138,822) (2,895,005,349) (3,727,500,387) (4,004,294,006) (4,301,147,288)
(3,166,153,388) (3,436,751,226) (3,727,500,387) (4,004,294,006) (4,301,147,288)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
 2,670,138,822 2,896,005,349 3,728,500,387 4,005,294,006 4,302,147,288
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
2,669,138,822 2,895,005,349 3,727,500,387 4,004,294,006 4,301,147,288
100% 100% 100% 100% 100%
2,669,138,822 2,895,005,349 3,727,500,387 4,004,294,006 4,301,147,288

3,166,153,388 3,436,751,226 3,727,500,387 4,004,294,006 4,301,147,288

65,515,828 34,203,910 73,920 73,920 73,920
- - - - -
3,231,669,216 3,470,955,136 3,727,574,307 4,004,367,926 4,301,221,208

3,231,669,216 3,470,955,136 3,727,574,307 4,004,367,926 4,301,221,208

19,427,804,964 22,898,760,099 26,626,334,407 30,630,702,333 34,931,923,541

 21 22 23 24 25

7,649,007,794 8,192,087,348 8,773,725,549 9,396,660,063 10,063,822,928

- - - - -
7,649,007,794 8,192,087,348 8,773,725,549 9,396,660,063 10,063,822,928

350,030,895 367,532,440 385,909,062 405,204,515 425,464,741

320,216,922 336,227,768 353,039,156 370,691,114 389,225,669
- 2,000,000,000 - - -
670,247,817 2,703,760,208 738,948,218 775,895,629 814,690,410

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
- - - - -
105,600 105,600 105,600 105,600 105,600
105,600 105,600 105,600 105,600 105,600
6,542,877,401 5,052,444,563 7,598,894,755 8,184,881,858 8,813,249,941
2,159,149,542 1,667,306,706 2,507,635,269 2,701,011,013 2,908,372,480

4,383,727,859 3,385,137,858 5,091,259,486 5,483,870,845 5,904,877,460

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

2,200,000,000 200,000,000 400,000,000 600,000,000 800,000,000
3,921,992,788 3,486,215,812 3,050,438,835 2,614,661,859 2,178,884,882
6,122,992,788 3,687,215,812 3,451,438,835 3,215,661,859 2,979,884,882

- - - - -
- - - - -
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001

- - - - -
- - - - -
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001
3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
2,852,665,464 416,888,487 181,111,511 (54,665,466) (290,442,442)
6,121,992,787 3,686,215,811 3,450,438,834 3,214,661,858 2,978,884,881
6,122,992,788 3,687,215,811 3,451,438,835 3,215,661,858 2,979,884,882

1 1 1 1 1

4,383,727,859 3,385,137,858 5,091,259,486 5,483,870,845 5,904,877,460

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) 2,000,000,000 (200,000,000) (200,000,000) (200,000,000)
4,619,504,835 5,820,914,834 5,327,036,462 5,719,647,821 6,140,654,437

- - - - -
- - - - -

- - - - -

0 0 0 0 0

- - - - -
- - - - -

- - - - -
(4,619,504,835) (5,820,914,834) (5,327,036,462) (5,719,647,821) (6,140,654,437)
(4,619,504,835) (5,820,914,834) (5,327,036,462) (5,719,647,821) (6,140,654,437)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

2,200,000,000 200,000,000 400,000,000 600,000,000 800,000,000
 4,620,504,835 5,821,914,834 5,328,036,462 5,720,647,821 6,141,654,437
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
4,619,504,835 5,820,914,834 5,327,036,462 5,719,647,821 6,140,654,437
100% 100% 100% 100% 100%
4,619,504,835 5,820,914,834 5,327,036,462 5,719,647,821 6,140,654,437

4,619,504,835 5,820,914,834 5,327,036,462 5,719,647,821 6,140,654,437

73,920 73,920 73,920 73,920 73,920
- - - - -
4,619,578,755 5,820,988,754 5,327,110,382 5,719,721,741 6,140,728,357

4,619,578,755 5,820,988,754 5,327,110,382 5,719,721,741 6,140,728,357

39,551,502,296 45,372,491,050 50,699,601,432 56,419,323,173 62,560,051,530

 26 27 28 29 30

10,778,354,356 11,543,617,515 12,363,214,359 13,241,002,578 14,181,113,761

- - - - -
10,778,354,356 11,543,617,515 12,363,214,359 13,241,002,578 14,181,113,761

446,737,978 469,074,877 492,528,621 517,155,052 543,012,804

408,686,953 429,121,301 450,577,366 473,106,234 496,761,546
- - - - -
855,424,931 898,196,177 943,105,986 990,261,286 1,039,774,350

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
- - - - -
105,600 105,600 105,600 105,600 105,600
105,600 105,600 105,600 105,600 105,600
9,487,046,848 10,209,538,761 10,984,225,796 11,814,858,716 12,705,456,835
3,130,725,460 3,369,147,791 3,624,794,513 3,898,903,376 4,192,800,755

6,356,321,388 6,840,390,970 7,359,431,283 7,915,955,340 8,512,656,079

1,000,000 1,000,000 1,000,000 1,000,000 -

1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000
1,743,107,906 1,307,330,929 871,553,953 435,776,976 -
2,744,107,906 2,508,330,929 2,272,553,953 2,036,776,976 1,800,000,000

- - - - -
- - - - -
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001

- - - - -
- - - - -
1,000,001 1,000,001 1,000,001 1,000,001 1,000,001
3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324
- - - - -
(526,219,419) (761,996,395) (997,773,372) (1,233,550,348) (1,470,327,325)
2,743,107,905 2,507,330,928 2,271,553,952 2,035,776,975 1,798,999,999
2,744,107,905 2,508,330,929 2,272,553,952 2,036,776,976 1,799,999,999

1 1 1 1 1

6,356,321,388 6,840,390,970 7,359,431,283 7,915,955,340 8,512,656,079

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
6,592,098,365 7,076,167,946 7,595,208,260 8,151,732,316 8,748,433,056

- - - - -
- - - - -

- - - - -

0 0 0 - 0

- - - - -
- - - - -

- - - - -
(6,592,098,365) (7,076,167,946) (7,595,208,260) (8,151,732,316) (8,749,433,056)
(6,592,098,365) (7,076,167,946) (7,595,208,260) (8,151,732,316) (8,749,433,056)

- - - - (1,000,000)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 -

1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 -

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000
 6,593,098,365 7,077,167,946 7,596,208,260 8,152,732,316 8,749,433,056
1,000,000 1,000,000 1,000,000 1,000,000 -
6,592,098,365 7,076,167,946 7,595,208,260 8,151,732,316 8,749,433,056
100% 100% 100% 100% 100%
6,592,098,365 7,076,167,946 7,595,208,260 8,151,732,316 8,749,433,056

6,592,098,365 7,076,167,946 7,595,208,260 8,151,732,316 8,748,433,056

73,920 73,920 73,920 73,920 73,920
- - - - -
6,592,172,285 7,076,241,866 7,595,282,180 8,151,806,236 8,748,506,976
98,144,374,655
6,592,172,285 7,076,241,866 7,595,282,180 8,151,806,236 106,892,881,630

69,152,223,815 76,228,465,682 83,823,747,861 91,975,554,097 198,868,435,728

 -1 0

Income Statement
Revenue
Core Income
Non-Core Income
Total Revenue
O&M Costs
Operating Costs
Maintenance Costs
Major Overlay Cost
VGF Redemption
Total O&M Costs
Depreciation
Depreciation - Project Cost
Total Depreciation
Interest Expense
Interest on Private-Party Loan
Interest on VGF Debt
Interest on Working Capital
Total Interest Expense
Income Before Taxes
Taxes

Net Income

Balance Sheet
Assets
Cash 1,000,001
Major Outlay cost Reserve
WDV - Fixed Assets 13,073,309,295
Total Assets 13,074,309,295

Liabilities
Current Liabilities
Private Party - Debt 422,946,506
VFG Debt -
Short Term Loan -
Long-term Liabilities
Private Party - Debt 6,113,708,141
VFG Debt 3,268,327,324
Total Liabilities 9,804,981,971

Shareholders' Equity
Private-Party Equity 3,269,327,324
Accumulated Income/ (Loss) -
Total Shareholders' Equity 3,269,327,324
Total Liabilities & Equity 13,074,309,295

Balance 17 1

Cash Flow Statement - InDir

Cash Flows from Operating Activities
Net Income -
Add: Depreciation -
Major Outlay cost Reserve
Cash Generated from Operations -
Cash Flows from Investing Activities
Investment in Fixed Assets (13,073,309,294)
Cash Generate from Investing Activities (13,073,309,294)
Cash Flows from Financing Activities
Private-Party Equity Drawdown 3,269,327,324
Private-Party Equity Redemption
VGF Equity Drawdown
VGF Equity Redemption
Private-Party (TOTAL) Debt Drawdown
VGF Debt Drawdown
Principle Repayment on Private Party Loan 6,536,654,647
Principle Repayment on VGF Debt 3,268,327,324
VGF -
Short Term Loan -
Dividend
Cash Generated from Financing Activities 13,074,309,295

Increase (Decrease) in cash 1,000,001

Opening Cash Balance -
Closing Cash Balance 1,000,001

Minimum Cash -
Cash After Min Cash Requirement 1,000,001

Major Outlay cost Reserve

Annual Reserve
Cumulative Reserve
Dividend
Cash Flows Available for Dividend
Minimum Cash
Net Cash Flows Available for Dividend
Payout ratio 100%
Dividend

Equity Return
Cash Generated from Operations
Cash Flows from Investments
Net Borrowings
Equity Investment (1,634,163,662) (1,634,163,662)
Free Cash Flow to Equity (FCFE) (1,634,163,662) (1,634,163,662)
Terminal Value
Free Cash Flow to Equity (FCFE) after Terminal Value (1,634,163,662) (1,634,163,662)

Equity IRR 20.4680%

Cost of Equity 18.2600%
NPV over Equity Investment 755,903,448
Comm. (1,634,163,662) (3,268,327,324)
Equity Payback 8.36 Year(s)
 #VALU

1 2 3 4 5

1,940,062,347 2,077,806,773 2,225,331,054 2,383,329,559 2,552,545,958

- - - - -
1,940,062,347 2,077,806,773 2,225,331,054 2,383,329,559 2,552,545,958

131,922,963 138,519,111 145,445,067 152,717,320 160,353,186

120,686,390 126,720,709 133,056,745 139,709,582 146,695,061
- - - - -
- - - - -
252,609,353 265,239,821 278,501,812 292,426,902 307,048,247

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

853,687,097 798,450,283 735,999,542 665,392,733 585,564,676

- - - - -
- - - - -
853,687,097 798,450,283 735,999,542 665,392,733 585,564,676
397,988,920 578,339,693 775,052,724 989,732,947 1,224,156,058
131,336,344 190,852,099 255,767,399 326,611,872 403,971,499

266,652,577 387,487,594 519,285,325 663,121,074 820,184,559

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
12,637,532,318 12,201,755,342 11,765,978,365 11,330,201,389 10,894,424,412
12,838,532,318 12,602,755,342 12,366,978,365 12,131,201,389 11,895,424,412

478,183,319 540,634,061 611,240,869 691,068,927 781,322,529

- - - - -
- - - - -

5,635,524,822 5,094,890,761 4,483,649,892 3,792,580,965 3,011,258,436

3,268,327,324 3,268,327,324 3,268,327,324 3,268,327,324 3,268,327,324
 9,382,035,465 8,903,852,146 8,363,218,085 7,751,977,215 7,060,908,289

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

187,169,529 429,575,872 734,432,956 1,109,896,849 1,565,188,799
3,456,496,852 3,698,903,195 4,003,760,280 4,379,224,173 4,834,516,123
12,838,532,318 12,602,755,341 12,366,978,365 12,131,201,388 11,895,424,412

1 1 1 1 1

266,652,577 387,487,594 519,285,325 663,121,074 820,184,559

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
502,429,553 623,264,571 755,062,302 898,898,051 1,055,961,535

- - - - -
- - - - -

- - - - -

(422,946,506) (478,183,319) (540,634,061) (611,240,869) (691,068,927)

- - - - -

- - - - -
(79,483,048) (145,081,251) (214,428,241) (287,657,182) (364,892,608)
(502,429,554) (623,264,571) (755,062,302) (898,898,051) (1,055,961,535)

(1) - - - -
1,000,001 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
 80,483,048 146,081,251 215,428,241 288,657,182 365,892,608
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
79,483,048 145,081,251 214,428,241 287,657,182 364,892,608
100% 100% 100% 100% 100%
79,483,048 145,081,251 214,428,241 287,657,182 364,892,608

502,429,553 623,264,571 755,062,302 898,898,051 1,055,961,535

- - - - -
(422,946,506) (478,183,319) (540,634,061) (611,240,869) (691,068,927)
- - - - -
79,483,047 145,081,251 214,428,241 287,657,182 364,892,608

79,483,047 145,081,251 214,428,241 287,657,182 364,892,608

(3,188,844,276) (3,043,763,025) (2,829,334,784) (2,541,677,603) (2,176,784,995)

 #VALUE!

6 7 8 9 10

2,733,776,721 2,927,874,868 3,135,753,984 3,358,392,516 3,596,838,385

- - - - -
2,733,776,721 2,927,874,868 3,135,753,984 3,358,392,516 3,596,838,385

168,370,846 176,789,388 185,628,857 194,910,300 204,655,815

154,029,814 161,731,305 169,817,870 178,308,764 187,224,202
- - - - -
- - - - -
322,400,660 338,520,693 355,446,727 373,219,064 391,880,017

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

495,311,074 393,270,352 277,903,111 147,468,909 -

- - - - 294,149,459
- - - - -
495,311,074 393,270,352 277,903,111 147,468,909 294,149,459
1,480,288,010 1,760,306,847 2,066,627,168 2,401,927,567 2,475,031,932
488,495,043 580,901,259 681,986,966 792,636,097 816,760,538

991,792,967 1,179,405,587 1,384,640,203 1,609,291,470 1,658,271,395

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
10,458,647,436 10,022,870,459 9,587,093,483 9,151,316,506 8,715,539,530
11,659,647,436 11,423,870,459 11,188,093,483 10,952,316,506 10,716,539,530

883,363,251 998,730,492 1,129,164,694 - -

- - - 296,353,547 323,025,366
- - - - -

2,127,895,185 1,129,164,694 (0) - -

3,268,327,324 3,268,327,324 3,268,327,324 2,971,973,777 2,648,948,411
 6,279,585,760 5,396,222,509 4,397,492,017 3,268,327,324 2,971,973,777

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

2,110,734,352 2,758,320,626 3,521,274,141 4,414,661,858 4,475,238,429
5,380,061,675 6,027,647,950 6,790,601,465 7,683,989,182 7,744,565,752
11,659,647,435 11,423,870,459 11,188,093,482 10,952,316,506 10,716,539,529

1 1 1 1 1

991,792,967 1,179,405,587 1,384,640,203 1,609,291,470 1,658,271,395

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
1,227,569,943 1,415,182,564 1,620,417,179 1,845,068,446 1,894,048,371

- - - - -
- - - - -

- - - - -

(781,322,529) (883,363,251) (998,730,492) (1,129,164,694) -

- - - - (296,353,547)

- - - - -
(446,247,415) (531,819,313) (621,686,688) (715,903,753) (1,597,694,825)
(1,227,569,943) (1,415,182,564) (1,620,417,179) (1,845,068,446) (1,894,048,371)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
 447,247,415 532,819,313 622,686,688 716,903,753 1,598,694,825
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
446,247,415 531,819,313 621,686,688 715,903,753 1,597,694,825
100% 100% 100% 100% 100%
446,247,415 531,819,313 621,686,688 715,903,753 1,597,694,825

1,227,569,943 1,415,182,564 1,620,417,179 1,845,068,446 1,894,048,371

- - - - -
(781,322,529) (883,363,251) (998,730,492) (1,129,164,694) (296,353,547)
- - - - -
446,247,415 531,819,313 621,686,688 715,903,753 1,597,694,825

446,247,415 531,819,313 621,686,688 715,903,753 1,597,694,825

(1,730,537,580) (1,198,718,267) (577,031,579) 138,872,173 1,736,566,998

 11 12 13 14 15

3,852,213,910 4,125,721,098 4,418,647,296 4,732,371,254 5,068,369,613

- - - - -
3,852,213,910 4,125,721,098 4,418,647,296 4,732,371,254 5,068,369,613

214,888,606 225,633,036 236,914,688 248,760,422 261,198,443

196,585,412 206,414,683 216,735,417 227,572,188 238,950,797
2,000,000,000 - - - -
- - - - -
2,411,474,018 432,047,719 453,650,105 476,332,610 500,149,240

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
267,477,640 238,405,357 206,716,569 172,175,789 134,526,340
- - - - -
267,477,640 238,405,357 206,716,569 172,175,789 134,526,340
737,485,276 3,019,491,046 3,322,503,646 3,648,085,878 3,997,917,056
243,370,141 996,432,045 1,096,426,203 1,203,868,340 1,319,312,629

494,115,135 2,023,059,001 2,226,077,443 2,444,217,538 2,678,604,428

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
8,279,762,553 7,843,985,577 7,408,208,600 6,972,431,624 6,536,654,647
8,480,762,553 8,244,985,577 8,009,208,600 7,773,431,624 7,537,654,647

- - - - -
352,097,649 383,786,437 418,327,216 455,976,666 497,014,566
- - - - -

- - - - -
2,296,850,762 1,913,064,325 1,494,737,109 1,038,760,443 541,745,877
2,648,948,411 2,296,850,762 1,913,064,325 1,494,737,109 1,038,760,443

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

2,562,486,818 2,678,807,490 2,826,816,951 3,009,367,191 3,229,566,880
5,831,814,141 5,948,134,814 6,096,144,274 6,278,694,514 6,498,894,204
8,480,762,553 8,244,985,576 8,009,208,600 7,773,431,623 7,537,654,647

1 1 1 1 1

494,115,135 2,023,059,001 2,226,077,443 2,444,217,538 2,678,604,428

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
1,800,000,000 (200,000,000) (200,000,000) (200,000,000) (200,000,000)
2,729,892,111 2,258,835,977 2,461,854,419 2,679,994,515 2,914,381,404

- - - - -
- - - - -

- - - - -

- - - - -
(323,025,366) (352,097,649) (383,786,437) (418,327,216) (455,976,666)

- - - - -
(2,406,866,746) (1,906,738,328) (2,078,067,982) (2,261,667,298) (2,458,404,738)
(2,729,892,111) (2,258,835,977) (2,461,854,419) (2,679,994,515) (2,914,381,404)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000
2,407,866,746 1,907,738,328 2,079,067,982 2,262,667,298 2,459,404,738
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
2,406,866,746 1,906,738,328 2,078,067,982 2,261,667,298 2,458,404,738
100% 100% 100% 100% 100%
2,406,866,746 1,906,738,328 2,078,067,982 2,261,667,298 2,458,404,738

2,729,892,111 2,258,835,977 2,461,854,419 2,679,994,515 2,914,381,404

- - - - -
(323,025,366) (352,097,649) (383,786,437) (418,327,216) (455,976,666)
- - - - -
2,406,866,746 1,906,738,328 2,078,067,982 2,261,667,298 2,458,404,738

2,406,866,746 1,906,738,328 2,078,067,982 2,261,667,298 2,458,404,738

4,143,433,744 6,050,172,072 8,128,240,054 10,389,907,353 12,848,312,091

 16 17 18 19 20

5,428,223,856 5,813,627,749 6,226,395,319 6,668,469,387 7,141,930,714

- - - - -
5,428,223,856 5,813,627,749 6,226,395,319 6,668,469,387 7,141,930,714

274,258,366 287,971,284 302,369,848 317,488,340 333,362,757

250,898,337 263,443,254 276,615,416 290,446,187 304,968,497
- - - - -
- - - - -
525,156,702 551,414,538 578,985,265 607,934,528 638,331,254

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
93,488,440 48,757,129 - - -
- - - - -
93,488,440 48,757,129 - - -
4,373,801,737 4,777,679,106 5,211,633,078 5,624,757,883 6,067,822,483
1,443,354,573 1,576,634,105 1,719,838,916 1,856,170,101 2,002,381,419

2,930,447,164 3,201,045,001 3,491,794,163 3,768,587,782 4,065,441,064

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
6,100,877,671 5,665,100,694 5,229,323,718 4,793,546,741 4,357,769,765
7,301,877,671 7,066,100,694 6,830,323,718 6,594,546,741 6,358,769,765

- - - - -
541,745,877 - - - -
- - - - -

- - - - -
- - - - -
 541,745,877 - - - -

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

3,490,804,470 3,796,773,370 3,560,996,394 3,325,219,417 3,089,442,441
6,760,131,793 7,066,100,694 6,830,323,717 6,594,546,741 6,358,769,764
7,301,877,670 7,066,100,694 6,830,323,717 6,594,546,741 6,358,769,764

1 1 1 1 1

2,930,447,164 3,201,045,001 3,491,794,163 3,768,587,782 4,065,441,064

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
3,166,224,140 3,436,821,978 3,727,571,139 4,004,364,758 4,301,218,040

- - - - -
- - - - -

- - - - -

- - - - -
(497,014,566) (541,745,877) - - -

- - - - -
(2,669,209,574) (2,895,076,101) (3,727,571,139) (4,004,364,758) (4,301,218,040)
(3,166,224,140) (3,436,821,978) (3,727,571,139) (4,004,364,758) (4,301,218,040)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000
 2,670,209,574 2,896,076,101 3,728,571,139 4,005,364,758 4,302,218,040
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
2,669,209,574 2,895,076,101 3,727,571,139 4,004,364,758 4,301,218,040
100% 100% 100% 100% 100%
2,669,209,574 2,895,076,101 3,727,571,139 4,004,364,758 4,301,218,040

3,166,224,140 3,436,821,978 3,727,571,139 4,004,364,758 4,301,218,040

- - - - -
(497,014,566) (541,745,877) - - -
- - - - -
2,669,209,574 2,895,076,101 3,727,571,139 4,004,364,758 4,301,218,040

2,669,209,574 2,895,076,101 3,727,571,139 4,004,364,758 4,301,218,040

15,517,521,665 18,412,597,766 22,140,168,905 26,144,533,663 30,445,751,703

 21 22 23 24 25

7,649,007,794 8,192,087,348 8,773,725,549 9,396,660,063 10,063,822,928

- - - - -
7,649,007,794 8,192,087,348 8,773,725,549 9,396,660,063 10,063,822,928

350,030,895 367,532,440 385,909,062 405,204,515 425,464,741

320,216,922 336,227,768 353,039,156 370,691,114 389,225,669
- 2,000,000,000 - - -
- - - - -
670,247,817 2,703,760,208 738,948,218 775,895,629 814,690,410

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
- - - - -
- - - - -
- - - - -
6,542,983,001 5,052,550,164 7,599,000,355 8,184,987,458 8,813,355,541
2,159,184,390 1,667,341,554 2,507,670,117 2,701,045,861 2,908,407,329

4,383,798,611 3,385,208,610 5,091,330,238 5,483,941,597 5,904,948,212

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

2,200,000,000 200,000,000 400,000,000 600,000,000 800,000,000
3,921,992,788 3,486,215,812 3,050,438,835 2,614,661,859 2,178,884,882
6,122,992,788 3,687,215,812 3,451,438,835 3,215,661,859 2,979,884,882

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

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

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

2,853,665,464 417,888,488 182,111,511 (53,665,465) (289,442,442)
6,122,992,788 3,687,215,811 3,451,438,835 3,215,661,858 2,979,884,882
6,122,992,788 3,687,215,811 3,451,438,835 3,215,661,858 2,979,884,882

1 1 1 1 1

4,383,798,611 3,385,208,610 5,091,330,238 5,483,941,597 5,904,948,212

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) 2,000,000,000 (200,000,000) (200,000,000) (200,000,000)
4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189

- - - - -
- - - - -

- - - - -

- - - - -
- - - - -

- - - - -
(4,619,575,587) (5,820,985,586) (5,327,107,214) (5,719,718,573) (6,140,725,189)
(4,619,575,587) (5,820,985,586) (5,327,107,214) (5,719,718,573) (6,140,725,189)

- - - - -
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

2,200,000,000 200,000,000 400,000,000 600,000,000 800,000,000
 4,620,575,587 5,821,985,586 5,328,107,214 5,720,718,573 6,141,725,189
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189
100% 100% 100% 100% 100%
4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189

4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189

- - - - -
- - - - -
- - - - -
4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189

4,619,575,587 5,820,985,586 5,327,107,214 5,719,718,573 6,140,725,189

35,065,327,290 40,886,312,876 46,213,420,090 51,933,138,664 58,073,863,852

 26 27 28 29 30

10,778,354,356 11,543,617,515 12,363,214,359 13,241,002,578 14,181,113,761

- - - - -
10,778,354,356 11,543,617,515 12,363,214,359 13,241,002,578 14,181,113,761

446,737,978 469,074,877 492,528,621 517,155,052 543,012,804

408,686,953 429,121,301 450,577,366 473,106,234 496,761,546
- - - - -
- - - - -
855,424,931 898,196,177 943,105,986 990,261,286 1,039,774,350

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976

- - - - -
- - - - -
- - - - -
- - - - -
9,487,152,448 10,209,644,361 10,984,331,396 11,814,964,316 12,705,562,435
3,130,760,308 3,369,182,639 3,624,829,361 3,898,938,224 4,192,835,603

6,356,392,140 6,840,461,722 7,359,502,035 7,916,026,092 8,512,726,831

1,000,000 1,000,000 1,000,000 1,000,000 -

1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000
1,743,107,906 1,307,330,929 871,553,953 435,776,976 -
2,744,107,906 2,508,330,929 2,272,553,953 2,036,776,976 1,800,000,000

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

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

3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324 3,269,327,324

(525,219,418) (760,996,395) (996,773,371) (1,232,550,348) (1,469,327,324)
2,744,107,905 2,508,330,929 2,272,553,952 2,036,776,976 1,799,999,999
2,744,107,905 2,508,330,929 2,272,553,952 2,036,776,976 1,799,999,999

1 1 1 1 1

6,356,392,140 6,840,461,722 7,359,502,035 7,916,026,092 8,512,726,831

435,776,976 435,776,976 435,776,976 435,776,976 435,776,976
(200,000,000) (200,000,000) (200,000,000) (200,000,000) (200,000,000)
6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,748,503,808

- - - - -
- - - - -

- - - - -

- - - - -
- - - - -

- - - - -
(6,592,169,117) (7,076,238,698) (7,595,279,012) (8,151,803,068) (8,749,503,808)
(6,592,169,117) (7,076,238,698) (7,595,279,012) (8,151,803,068) (8,749,503,808)

- - - - (1,000,000)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000 1,000,000 1,000,000 -

1,000,000 1,000,000 1,000,000 1,000,000

1,000,000 1,000,000 1,000,000 1,000,000 -

200,000,000 200,000,000 200,000,000 200,000,000 200,000,000

1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000
 6,593,169,117 7,077,238,698 7,596,279,012 8,152,803,068 8,749,503,808
1,000,000 1,000,000 1,000,000 1,000,000 -
6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,749,503,808
100% 100% 100% 100% 100%
6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,749,503,808

6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,748,503,808

- - - - -
- - - - -
- - - - -
6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,748,503,808

6,592,169,117 7,076,238,698 7,595,279,012 8,151,803,068 8,748,503,808

64,666,032,969 71,742,271,668 79,337,550,679 87,489,353,747 96,237,857,555

 -1

Cash Flows Statement

Operational Inflows
Core Income
Non-Core Income
Interest Income on VGF Loan to Private Party
VGF Redemption
Total Operational Inflows to Governement
Operational Outflows
Operating Costs
Maintenance Costs
Major Overlay Cost
Opportunity cost on VGF Grant
Total Operational Outflows to Governement
Net Cash Flows Before Non-Operational Inflows and Outflows
Land
Capital Expenditure
VGF Debt
VGF Equity
VGF Grant
Net Cash Flows

GoPB Return
Net Cash Flows
Terminal Value
Net Cash Flows after Terminal Value

Project IRR 15.4499%

WACC 10.0000%
Project NPV without Terminal Value (998,439,375)
Project NPV with Terminal Value 8,624,655,829
Comm.
Project Payback 14.53 Year(s)
 0 1 2 3 4

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

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

(3,268,327,324) - - - -
-
-
(3,268,327,324) - - - -

(3,268,327,324) - - - -

(3,268,327,324) - - - -

(3,268,327,324) (3,268,327,324) (3,268,327,324) (3,268,327,324) (3,268,327,324)

 #VALUE!

5 6 7 8 9

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

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

- - - - -

- - - - -

- - - - -

- - - - -

(3,268,327,324) (3,268,327,324) (3,268,327,324) (3,268,327,324) (3,268,327,324)

 10 11 12 13 14

- - - - -
- - - - -
294,149,459 267,477,640 238,405,357 206,716,569 172,175,789
- - - - -
294,149,459 267,477,640 238,405,357 206,716,569 172,175,789

- - - - -
- - - - -
- - - - -
294,149,459 267,477,640 238,405,357 206,716,569 172,175,789
- - - - -

296,353,547 323,025,366 352,097,649 383,786,437 418,327,216

590,503,006 590,503,006 590,503,006 590,503,006 590,503,006

590,503,006 590,503,006 590,503,006 590,503,006 590,503,006

590,503,006 590,503,006 590,503,006 590,503,006 590,503,006

(2,677,824,318) (2,087,321,312) (1,496,818,306) (906,315,301) (315,812,295)

15 16 17 18 19

- - - - -
- - - - -
134,526,340 93,488,440 48,757,129 - -
- - - - -
134,526,340 93,488,440 48,757,129 - -

- - - - -
- - - - -
- - - - -
134,526,340 93,488,440 48,757,129 - -
- - - - -

455,976,666 497,014,566 541,745,877 - -

590,503,006 590,503,006 590,503,006 - -

590,503,006 590,503,006 590,503,006 - -

590,503,006 590,503,006 590,503,006 - -

274,690,711 865,193,717 1,455,696,723 1,455,696,723 1,455,696,723

 20 21 22 23 24

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

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

- - - - -

- - - - -

- - - - -

- - - - -

1,455,696,723 1,455,696,723 1,455,696,723 1,455,696,723 1,455,696,723

 25 26 27 28 29

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

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

- - - - -

- - - - -

- - - - -

- - - - -

1,455,696,723 1,455,696,723 1,455,696,723 1,455,696,723 1,455,696,723

 30 31

- 14,890,169,449
- -
- -
-
- 14,890,169,449

570,163,445
511,664,392
- -
- -
- 1,081,827,837
- 13,808,341,613
2,000,000,000 -

- -

2,000,000,000 13,808,341,613

2,000,000,000 13,808,341,613
203,179,883,728
2,000,000,000 216,988,225,340

3,455,696,723 220,443,922,063