A Sample Financial Model

Prepared by:

Infrastructure Investment Facilitation Company

(IIFC)

IDB Bhaban (6th Floor), Agargaon,

Sher-e-Bangla Nagar, Dhaka 1207
Bangladesh
Tel No.: 9183149, 9183151-52
Fax No.: 8802 9183148
email: iifc@infra-bd.com
Website: www.iifc.net
 Parameters

Project Parameters

Land
Acres 1000 sft 1000 sqm
Land Area 150 6,534 607
Leasable Area 58.6% 87.84 3,826 355

Land required for Infrastructure

Internal Roads 23.11% 34.67 1,510 140
Power plant, storage of coal and coal
gasification plant 1.49% 2.23 97 9
Water & Sewerage System 0.82% 1.23 54 5.0

Land required for Standard Factory Buildings (SFB) 2.76% 4.14 180 17
Land required for Warehouses 1.17% 1.76 76 7

Land required for Common Zone Facilities 0.20% 0.30 13 1

Land required for R&D Center 0.10% 0.15 7 1
Land required for Exhibition Center 0.05% 0.08 3 0.3
Land required for Commercial Facilities 1.30% 1.95 85 8

Land required for green space 10.43% 15.64 681 63

100%

Land Offtake

Base Case Land offtake

period (yrs)
Aggressive Case 5
Base Case 7
Conservative Case 12

Construction
Construction Cost Escalation Rate 7%
Contingency 10%
Years till Construction 3 years
Concession Period 25 years

Construction Costs Tk / sft FSI Floor Space

SFB 800 2.0
Warehouse 800 2.0
Common Zone Facilities 1600 1.5 20,000
R&D Center 1600 2.0 13,000
Exhibition Center 1600 1.5 5,000
Commercial Facilities 1600 2.0 170,000

Road Road
Tk / sqm Area (sqm) Maintenance
Internal Roads 2000 140,255 1.0% (of Capex)

2
 Parameters

Infrastructure
Land Compacting, Leveling & Landscaping 10 m Tk
Street & Security Lighting 47 m Tk
Storm Channels 19 m Tk

Water & Sewerage System (Capacity 459,000 KL / yr)

Deep Tubewell 2.0 m Tk
Underground Reservoir 2.9 "
Pumps 0.0 "
Overhead Tank 8.0 "
Internal Water Line 23.0 "
Internal Sewerage Line 15.0 "
Sewerage Treatment Plant 16.0 "
Total 66.9 "
Total including Cost Escalation & Contingency 91 "

Power Supply System (Capacity 10 MW)

Cost of Captive Power Plant 525.0 m Tk
Internal Power Line 6.0 "
Electrical Substation (10 KVA) 4.5 "
Total 535.5 "
Total including Cost Escalation & Contingency 729 "

Private Operator Operational Costs

Maintenance Expense Escalation Rate 2.50%

Land Lease Salary Maintenace Fuel Utilities

SFB m Tk 3.52 1.47 3.20 0.02
Warehouse " 1.49 3.24 2.50 0.02
Common Zone Facilities " 1.30
R&D Center " 0.13 5.50 0.10 0.02
Exhibition Center " 0.06 2.30 0.30 0.02
Commercial Facilities " 1.66 2.10 3.10 0.12
Internal Roads " 4.08
Water & Sewerage System " 1.05 1.47 1.90 0.29
Power Supply System " 1.90 7.00 15.70 46.50 4.00
Park O&M " 7.64 16.90 0.02

Timing of Space Provision

New Phase constructed at 70%

3
 Parameters

Service Charges (Tk/sft/yr) 0.00% Buildings 0.00% Land

Lease Structure
Collection rate of accounts 100%
Land Sale price 12 times rent
Real annual appreciation in value of land/buildings 2.5%

Royalty to Government
Royalty Rate 1.00% of Land Lease Revenue

4
 Parameters

Costs borne by Government

Site Acquisition Cost 47,000 Tk/ decimal

x 1.5 70500 Tk/ decimal

7.05 m Tk/ Acre
1,100 m Tk
Total including Cost Escalation & Contingency 1,674 m Tk

3
Site Development Cost 150 Tk / m
2
Area of Land 606,900 m
Height of land fill 3 meters
270 m Tk
Total including Cost Escalation & Contingency 326 m Tk

Boundary Wall 25 m Tk
Total including Cost Escalation & Contingency 38 m Tk
Social Cost 71 m Tk (0.1 x Land Price)
Total including Cost Escalation & Contingency 108 m Tk

Off-site Infrastructure Costs

Access Road 40 m Tk
Power Line 8.4 "
Gas Line 96 "
Total including Cost Escalation & Contingency 218 m Tk

Project Management Costs 62 m Tk

Total including Cost Escalation & Contingency 72 m Tk

Total 1672 m Tk
Total including Cost Escalation & Contingency 2436 m Tk

5
 Parameters

Capital Structure
Grant Lever 100%
Maximum Grant m Tk -
Grant Share of Financing 0%
Capital Cost Lever 100%
Debt share of capex (Debt/equity) 70%
Equity/Cash Share of capex 30%
Initial Dividend Payout 100%
Source of Debt
A Participating Financial Institution (PFI) of Investment
Promotion and Financing Facility (IPFF)

Mode of Repayment Quarterly after grace period

Loan term 12 years

Grace period 5 years

Interest Rates
PFI loan share of debt 20% 13% As the project requires loan disbursements each year upto
4th year from first disbursment, the grace period should be
counted from 4th year for component from PFI: 13% as
prescribed by BB

IPFF loan share of debt 80% 10% for component from IPFF: Considering 1 yr Govt T-bill
rate (4.5%) + 50 basis point + margin of PFI (5%)
Nominal Interest Rate 10.6%

Corporate Income Tax 37.5%

Depreciation Rates (of writtendown value)

Infrastructure 2%
Buildings 10%
Factory Buildings 20%
Equipment 20%

Conversion Factors
1 sqm = 10.76 sft
1 Acre = 43,560 sft
1 Acre = 4,046 sqm
2 Acre = 100 decimal
Exchange Rate Tk 70 per US $

6
 Demand.Cal

Land/Floor Space Demand Calculation

Base Case
Sector
Year 1 2 3 4 5 6 7
Sector 1 Total
A Industry 150 17 18 20 23 23 27 17
B Industry 27 3 3 4 4 4 5 3
C Industry 40 4 5 5 6 6 7 4
D Industry 30 3 4 4 5 5 5 3
E Industry 15 2 2 2 2 2 3 2
F Industry 2 0 0 0 1 0 1 0
G Industry 2 1 0 1 0 0 0 0
Sub Total 256 30 32 36 41 40 48 29
Sector 2
Number of Units

A Industry 115 16 20 20 18 17 15 3
B Industry 40 6 7 7 6 6 5 1
C Industry 40 6 7 7 6 6 5 1
Sub Total 185 28 34 34 30 29 25 5
Sector 3
A Industry 20 2 2 3 3 3 3 2
B Industry 20 2 2 3 3 3 3 2
C Industry 12 1 1 2 2 2 2 1
D Industry 45 5 5 6 6 7 7 5
E Industry 30 4 4 4 4 5 5 3
F Industry 10 1 1 1 1 2 2 1
G Industry 20 2 2 3 3 3 3 2
H Industry 10 1 1 1 1 2 2 1
I Industry 10 1 1 1 1 2 2 1
J Industry 29 3 3 4 4 5 5 3
Sub Total 189 22 22 28 28 34 34 21

Total Units 630 80 88 98 99 103 107 55

Sectoral Demand

7
 Demand.Cal

Land/Floor Space Demand Calculation

Units Lever 100%

Base Case
Sector
Year 8 9 10 11 12 13 14 15 16 17 18
Sector 1
A Industry 0 0 0 0 0 0 0 0 0 0 0
B Industry 0 0 0 0 0 0 0 0 0 0 0
C Industry 0 0 0 0 0 0 0 0 0 0 0
D Industry 0 0 0 0 0 0 0 0 0 0 0
E Industry 0 0 0 0 0 0 0 0 0 0 0
F Industry 0 0 0 0 0 0 0 0 0 0 0
G Industry 0 0 0 0 0 0 0 0 0 0 0
Sub Total 0 0 0 0 0 0 0 0 0 0 0
Sector 2
Number of Units

A Industry 0 0 0 0 0 0 0 0 0 0 0
B Industry 0 0 0 0 0 0 0 0 0 0 0
C Industry 0 0 0 0 0 0 0 0 0 0 0
Sub Total 0 0 0 0 0 0 0 0 0 0 0
Sector 3
A Industry 0 0 0 0 0 0 0 0 0 0 0
B Industry 0 0 0 0 0 0 0 0 0 0 0
C Industry 0 0 0 0 0 0 0 0 0 0 0
D Industry 0 0 0 0 0 0 0 0 0 0 0
E Industry 0 0 0 0 0 0 0 0 0 0 0
F Industry 0 0 0 0 0 0 0 0 0 0 0
G Industry 0 0 0 0 0 0 0 0 0 0 0
H Industry 0 0 0 0 0 0 0 0 0 0 0
I Industry 0 0 0 0 0 0 0 0 0 0 0
J Industry 0 0 0 0 0 0 0 0 0 0 0
Sub Total 0 0 0 0 0 0 0 0 0 0 0

Total Units 0 0 0 0 0 0 0 0 0 0 0
Sectoral Demand

8
 Demand.Cal

Sector
Year 1 2 3 4 5 6 7
Sector 1
A Industry 1,087,500 127,500 135,000 150,000 172,500 172,500 202,500 127,500
B Industry 130,000 15,000 15,000 20,000 20,000 20,000 25,000 15,000
C Industry 277,500 30,000 37,500 37,500 45,000 45,000 52,500 30,000
D Industry 145,000 15,000 20,000 20,000 25,000 25,000 25,000 15,000
E Industry 75,000 10,000 10,000 10,000 10,000 10,000 15,000 10,000
F Industry 128,500 - - - 64,250 - 64,250 -
G Industry 30,000 15,000 - 15,000 - - - -
Sectoral Demand

Land Demand (sft)

Sector 2
A Industry 817,500 120,000 150,000 150,000 135,000 127,500 112,500 22,500
B Industry 190,000 30,000 35,000 35,000 30,000 30,000 25,000 5,000
C Industry 190,000 30,000 35,000 35,000 30,000 30,000 25,000 5,000

Sector 3
A Industry 135,000 15,000 15,000 22,500 22,500 22,500 22,500 15,000
B Industry 180,000 20,000 20,000 30,000 30,000 30,000 30,000 20,000
C Industry 110,000 10,000 10,000 20,000 20,000 20,000 20,000 10,000
D Industry 102,500 12,500 12,500 15,000 15,000 17,500 17,500 12,500
E Industry 72,500 10,000 10,000 10,000 10,000 12,500 12,500 7,500
F Industry 135,000 15,000 15,000 15,000 15,000 30,000 30,000 15,000
G Industry 45,000 5,000 5,000 7,500 7,500 7,500 7,500 5,000
H Industry 22,500 2,500 2,500 2,500 2,500 5,000 5,000 2,500
I Industry 22,500 2,500 2,500 2,500 2,500 5,000 5,000 2,500
J Industry 67,500 7,500 7,500 10,000 10,000 12,500 12,500 7,500

Land Demand in sft 3,963,500

9
 Demand.Cal

Sector
Year 8 9 10 11 12 13 14 15 16 17 18
Sector 1
A Industry - - - - - - - - - - -
B Industry - - - - - - - - - - -
C Industry - - - - - - - - - - -
D Industry - - - - - - - - - - -
E Industry - - - - - - - - - - -
F Industry - - - - - - - - - - -
G Industry - - - - - - - - - - -
Sectoral Demand

Land Demand (sft)

Sector 2
A Industry - - - - - - - - - - -
B Industry - - - - - - - - - - -
C Industry - - - - - - - - - - -

Sector 3
A Industry - - - - - - - - - - -
B Industry - - - - - - - - - - -
C Industry - - - - - - - - - - -
D Industry - - - - - - - - - - -
E Industry - - - - - - - - - - -
F Industry - - - - - - - - - - -
G Industry - - - - - - - - - - -
H Industry - - - - - - - - - - -
I Industry - - - - - - - - - - -
J Industry - - - - - - - - - - -

Land Demand in sft

10
 Demand.Cal

Sector
Year 1 2 3 4 5 6 7
Sector 1
A Industry 26.19 3.07 3.25 3.61 4.15 4.15 4.88 3.07
B Industry 2.98 0.34 0.34 0.46 0.46 0.46 0.57 0.34
C Industry 6.53 0.71 0.88 0.88 1.06 1.06 1.24 0.71
D Industry 3.33 0.34 0.46 0.46 0.57 0.57 0.57 0.34
E Industry 1.72 0.23 0.23 0.23 0.23 0.23 0.34 0.23
F Industry 2.95 0.00 0.00 0.00 1.47 0.00 1.47 0.00
Land Demand (acres) G Industry 0.72 0.36 0.00 0.36 0.00 0.00 0.00 0.00

Sector 2
A Industry 18.77 2.75 3.44 3.44 3.10 2.93 2.58 0.52
B Industry 4.36 0.69 0.80 0.80 0.69 0.69 0.57 0.11
C Industry 4.36 0.69 0.80 0.80 0.69 0.69 0.57 0.11

Sector 3
A Industry 3.10 0.34 0.34 0.52 0.52 0.52 0.52 0.34
B Industry 4.24 0.47 0.47 0.71 0.71 0.71 0.71 0.47
C Industry 2.59 0.24 0.24 0.47 0.47 0.47 0.47 0.24
D Industry 1.18 0.14 0.14 0.17 0.17 0.20 0.20 0.14
E Industry 0.83 0.11 0.11 0.11 0.11 0.14 0.14 0.09
F Industry 3.19 0.35 0.35 0.35 0.35 0.71 0.71 0.35
G Industry 0.52 0.06 0.06 0.09 0.09 0.09 0.09 0.06
H Industry 0.26 0.03 0.03 0.03 0.03 0.06 0.06 0.03
I Industry 0.26 0.03 0.03 0.03 0.03 0.06 0.06 0.03
J Industry 0.77 0.09 0.09 0.11 0.11 0.14 0.14 0.09

Total Land Demand in acres 88.85

11
 Demand.Cal

Sector
Year 8 9 10 11 12 13 14 15 16 17 18
Sector 1
A Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
D Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
E Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
F Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land Demand (acres) G Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Sector 2
A Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Sector 3
A Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
D Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
E Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
F Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
G Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
I Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
J Industry 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Land Demand in acres

12
 Demand.Cal

Building Type
Year Sub-total 1 2 3 4 5 6 7

No. of SME
Standard Factory Building 133 16 16 19 19 24 24 15

Units (new)
Warehouse 18 2 2 3 3 3 3 2
Serviced Land - Type A 497 64 72 79 80 79 83 40
Serviced Land - Type B 0 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0 0

Standard Factory Building 16 32 51 70 94 118 133

No. of SME

(cumulative Warehouse 2 4 7 10 13 16 18
Units
Serviced Land - Type A 64 136 215 295 374 457 497
)
Plot/Floor Space Demand

Serviced Land - Type B 0 0 0 0 0 0 0

Unserviced Land 0 0 0 0 0 0 0

Building Type
Year Sub-total (sft) 1 2 3 4 5 6 7
Standard Factory Building 166,250 20,000 20,000 23,750 23,750 30,000 30,000 18,750
Land/Floor

(new) (sft)
Demand

Warehouse 73,066 8,953 8,758 10,744 11,285 11,732 13,392 8,203

Space

Serviced Land - Type A 3,631,000 452,500 497,500 560,000 619,250 562,500 649,250 290,000
Serviced Land - Type B 0 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0 0

Standard Factory Building 20,000 40,000 63,750 87,500 117,500 147,500 166,250
(cumulative)
Land/Floors

Demand

Warehouse 8,953 17,710 28,454 39,740 51,472 64,864 73,066

pace

(sft)

Serviced Land - Type A 452,500 950,000 1,510,000 2,129,250 2,691,750 3,341,000 3,631,000
Serviced Land - Type B 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0
Sub-total (acres)
Standard Factory Building 3.82 0.5 0.5 0.5 0.5 0.7 0.7 0.4
Consumption

Warehouse 1.68 0.2 0.2 0.2 0.3 0.3 0.3 0.2

of Land
(acres)

Serviced Land - Type A 83.36 10.4 11.4 12.9 14.2 12.9 14.9 6.7
Net

Serviced Land - Type B 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unserviced Land 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Land (acres) 88.85

Land Type
Demand
for Land

(Acres)
Types

Year 1 2 3 4 5 6 7
Type A 11.05 12.08 13.65 15.02 13.87 15.90 7.28
Type B 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cumula

Year Land Uptake 1 2 3 4 5 6 7

Deman
Land
tive

Acres 11.05 23.13 36.78 51.80 65.67 81.57 88.85

13
 Demand.Cal

Building Type
Year 8 9 10 11 12 13 14 15 16 17 18

No. of SME
Standard Factory Building 0 0 0 0 0 0 0 0 0 0 0

Units (new)
Warehouse 0 0 0 0 0 0 0 0 0 0 0
Serviced Land - Type A 0 0 0 0 0 0 0 0 0 0 0
Serviced Land - Type B 0 0 0 0 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0 0 0 0 0

Standard Factory Building 133 133 133 133 133 133 133 133 133 133 133
No. of SME

(cumulative Warehouse 18 18 18 18 18 18 18 18 18 18 18
Units
Serviced Land - Type A 497 497 497 497 497 497 497 497 497 497 497
)
Plot/Floor Space Demand

Serviced Land - Type B 0 0 0 0 0 0 0 0 0 0 0

Unserviced Land 0 0 0 0 0 0 0 0 0 0 0

Building Type
Year 8 9 10 11 12 13 14 15 16 17 18
Standard Factory Building 0 0 0 0 0 0 0 0 0 0 0
Land/Floor

(new) (sft)
Demand

Warehouse 0 0 0 0 0 0 0 0 0 0 0
Space

Serviced Land - Type A 0 0 0 0 0 0 0 0 0 0 0

Serviced Land - Type B 0 0 0 0 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0 0 0 0 0

Standard Factory Building 166,250 166,250 166,250 166,250 166,250 166,250 166,250 166,250 166,250 166,250 166,250
(cumulative)
Land/Floors

Demand

Warehouse 73,066 73,066 73,066 73,066 73,066 73,066 73,066 73,066 73,066 73,066 73,066
pace

(sft)

Serviced Land - Type A 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000 3,631,000
Serviced Land - Type B 0 0 0 0 0 0 0 0 0 0 0
Unserviced Land 0 0 0 0 0 0 0 0 0 0 0

Standard Factory Building 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consumption

Warehouse 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
of Land
(acres)

Serviced Land - Type A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net

Serviced Land - Type B 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unserviced Land 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Land (acres)

Land Type
Demand
for Land

(Acres)
Types

Year 8 9 10 11 12 13 14 15 16 17 18
Type A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Type B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cumula

Year Land Uptake 8 9 10 11 12 13 14 15 16 17 18

Deman
Land
tive

Acres 88.85 88.85 88.85 88.85 88.85 88.85 88.85 88.85 88.85 88.85 88.85

14
 Demand.Cal

No. of units (based Number of Number of Number of Number of Number of

on Industry Sector SFB Units 5,000 sft 7,500 sft 10,000 sft 15,000 sft
Specialist (2500 sft) Plots Plots Plots Plots
Sector Plot Size Requirements (ft2) Recommendation)
Sector 1
Plot Size Requirement by Subcategories

A Industry 7,500 150 0 0 150 0 0

B Industry 5,000 27 0 27 0 0 0
C Industry 7,500 40 0 0 40 0 0
D Industry 5,000 30 0 30 0 0 0
Sector Constraints

E Industry 5,000 15 0 15 0 0 0
F Industry 64,250 2 0 0 0 0 0
G Industry 15,000 2 0 0 0 0 2
Sub-Total 266
Sector 2
A Industry 7,500 115 0 0 115 0 0
B Industry 5,000 40 0 40 0 0 0
C Industry 5,000 40 0 40 0 0 0
Sub-Total 195
Sector 3
A Industry 7,500 20 0 0 20 0 0
B Industry 10,000 20 0 0 0 20 0
C Industry 10,000 12 0 0 0 12 0
D Industry 2,500 45 45 0 0 0 0
E Industry 2,500 30 30 0 0 0 0
F Industry 15,000 10 0 0 0 0 10
G Industry 2,500 20 20 0 0 0 0
H Industry 2,500 10 10 0 0 0 0
I Industry 2,500 10 10 0 0 0 0
J Industry 2,500 29 29 0 0 0 0
Sub-Total 206
144 152 325 32 12
SFB Units 523 Plot Units

15
 Demand.Cal

Sector Plot Size Requirements (ft2)

Sector 1
Plot Size Requirement by Subcategories

A Industry 7,500
B Industry 5,000
C Industry 7,500
D Industry 5,000
Sector Constraints

E Industry 5,000
F Industry 64,250
G Industry 15,000
Sub-Total
Sector 2
A Industry 7,500
B Industry 5,000
C Industry 5,000
Sub-Total
Sector 3
A Industry 7,500
B Industry 10,000
C Industry 10,000
D Industry 2,500
E Industry 2,500
F Industry 15,000
G Industry 2,500
H Industry 2,500
I Industry 2,500
J Industry 2,500
Sub-Total

16
 Demand.Cal

Requirements Density = Floor Space Requirement/ Land

Building Requirement
Density

Standard Factory Building 2.00

Warehouse 2.00
Serviced Land - Type A 1.00
Serviced Land - Type B 1.00
Unserviced Land 1.00

Transformation Matrix - Sector --> Building

Split of Location by Type Sector 1 Sector 2

A B C D E F G A B

Standard Factory Building 0% 0% 0% 0% 0% 0% 0% 0% 0%

Warehouse 10% 0% 5% 0% 0% 0% 10% 0% 0%
Serviced Land - Type A 100% 100% 100% 100% 100% 100% 100% 100% 100%
Serviced Land - Type B 0% 0% 0% 0% 0% 0% 0% 0% 0%
Unserviced Land 0% 0% 0% 0% 0% 0% 0% 0% 0%

Transformation Matrix - Sector --> Land Type

A B C D E F G A B

Type A 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Type B 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Completeness 1 1 1 1 1 1 1 1 1

Development Specifications
Unit Cutoff
Constraints

Maximum Floorspace
Building

Construction Blocks (number of units) Startup Units for Block

Units (sft)
Additions
Standard Factory Building 1 1 3 2 174,563
Warehouse 1 1 2 1 76,720

17
 Demand.Cal

Requirements Density = Floor Space Requirement/ Land

Building Requirement
Density

Standard Factory Building 2.00

Warehouse 2.00
Serviced Land - Type A 1.00
Serviced Land - Type B 1.00
Unserviced Land 1.00

Transformation Matrix - Sector --> Building

Split of Location by Type Sector 2 Sector 1 Sector 3

A C A B C D E F G H I J

Standard Factory Building 0% 0% 0% 0% 0% 100% 100% 0% 100% 100% 100% 100%

Warehouse 10% 0% 0% 5% 5% 0% 0% 6% 0% 0% 0% 0%
Serviced Land - Type A 100% 100% 100% 100% 100% 0% 0% 100% 0% 0% 0% 0%
Serviced Land - Type B 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Unserviced Land 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%

Transformation Matrix - Sector --> Land Type

A C A B C D E F G H I J

Type A 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Type B 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Completeness 1 1 1 1 1 1 1 1 1 1 1 1

Development Specifications
Constraints
Building

Construction Blocks (number of units)

Standard Factory Building 1

Warehouse 1

18
 Demand.Cal

Land offtake
Yearly percentage of SME Units moving in
1st yr 2nd yr 3rd yr 4th yr 5th yr 6th yr 7th yr 8th yr
period (yrs)
Optimistic Case 5 0% 0% 0%
Sector 1 95% 18% 19% 20% 22% 16%
Sector 2 95% 19% 22% 22% 20% 12%
Sector 3 95% 19% 19% 20% 20% 17%
Average 19% 20% 21% 21% 15%
SME Park

Base Case 7 0%
Sector 1 95% 11% 12% 13% 15% 15% 18% 11%
Sector 2 95% 14% 17% 17% 16% 15% 13% 3%
Sector 3 95% 12% 12% 14% 14% 16% 16% 11%
Average 12% 14% 15% 15% 15% 16% 8%
Conservative Case 12
Sector 1 95% 5% 6% 7% 9% 9% 12% 11% 11%
Sector 2 95% 10% 14% 14% 12% 10% 10% 5% 5%
Sector 3 95% 5% 5% 7% 7% 10% 10% 12% 12%
Average 7% 8% 9% 9% 10% 11% 9% 9%

19
 Demand.Cal

Land offtake
Yearly percentage of SME Units moving in
9th yr 10th yr 11th yr 12th yr
period (yrs)
Optimistic Case 5 0% 0% 0% 0%
Sector 1 95%
Sector 2 95%
Sector 3 95%
Average
SME Park

Base Case 7 0% 0% 0% 0%
Sector 1 95%
Sector 2 95%
Sector 3 95%
Average
Conservative Case 12
Sector 1 95% 9% 9% 6% 1%
Sector 2 95% 5% 5% 3% 2%
Sector 3 95% 10% 10% 4% 3%
Average 8% 8% 4% 2%

20
 Land&Bldg Supply

Land & Building Supply

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8

Land Account (acres)

Note: Type B land does not exist

Total Gross land Available For Development 150.0

Net Land added - Type A 46.7 - - - 47.1 - - - -
Net Land added - Type B - - - - - - - - -
Remaining Gross land 69.0 69.0 69.0 69.0 - - - - -
Cumulative Net land developed - Type A 46.7 46.7 46.7 46.7 93.7 93.7 93.7 93.7 93.7
Cumulative Net land developed - Type B - - - - - - - - -
Total cumulative Net land developed 46.7 46.7 46.7 46.7 93.7 93.7 93.7 93.7 93.7
Net Land released this year - Type A - 11.6 12.7 14.3 15.8 14.6 16.7 7.6 -
Net Land released this year - Type B - - - - - - - - -
Remaining developed Net land - Type A 46.7 35.1 22.4 8.1 39.3 24.8 8.1 0.4 0.4
Remaining developed Net land - Type B - - - - - - - - -
Occupied developed Net land - Type A - 11.6 24.3 38.6 54.4 69.0 85.7 93.3 93.3
Occupied developed Net land - Type B - - - - - - - - -

Net Land added this Phase Type A 46.7 46.7 46.7 46.7 47.1 47.1 47.1 47.1 47.1
Net Land added this Phase Type B - - - - - - - - -

Phase trigger flag (1=phase occurance) 1 - - - 1 - - - -

Number of Phases developed 1 1 1 1 2 2 2 2 2
New Phase Development trigger (% used) 70%

Land Development Schedule (from Masterplan)

Gross Acres
From (acre) To (acre) Added Net:Gross Type A Type B Total net
Phase 1 0.00 81.00 81.00 0.58 46.68 46.68
Phase 2 81.00 150.00 69.00 0.68 47.06 47.06
Phase 3 150.00 150.00 0.00 0.00 0.00

Total: 150.00 0.62 93.74 0.00 93.74

21
 Land&Bldg Supply

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8

Land Transaction Split (acre)

Additional Land leased to investor this year (Type A) 10.39 11.42 12.86 14.22 12.91 14.90 6.66 0.00
Cumulative land leased (Type A) 10.39 21.81 34.66 48.88 61.79 76.70 83.36 83.36
Land sold to investor this year (Type A) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cumulative land sold to investor (Type A) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land reserved for buildings leased to firms 0.66 0.66 0.79 0.80 0.96 1.00 0.62 0.00
Cumulative land reserved for buildings leased to firms 0.66 1.32 2.12 2.92 3.88 4.88 5.49 5.49

Building Account (1000 sft) YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8

Demand for buildings this year

Standard Factory Building 20.00 20.00 23.75 23.75 30.00 30.00 18.75 -
Warehouse 8.95 8.76 10.74 11.29 11.73 13.39 8.20 -
Serviced Land - Type A 452.50 497.50 560.00 619.25 562.50 649.25 290.00 -
Serviced Land - Type B - - - - - - - -
Unserviced Land - - - - - - - -

Cumulative demand for buildings

Standard Factory Building 20.00 40.00 63.75 87.50 117.50 147.50 166.25 166.25
Warehouse 8.95 17.71 28.45 39.74 51.47 64.86 73.07 73.07
Serviced Land - Type A 452.50 950.00 1,510.00 2,129.25 2,691.75 3,341.00 3,631.00 3,631.00
Serviced Land - Type B - - - - - - - -
Unserviced Land - - - - - - - -

Annual Demand for leased buildings

Standard Factory Building 20.00 20.00 23.75 23.75 30.00 30.00 18.75 -
Warehouse 8.95 8.76 10.74 11.29 11.73 13.39 8.20 -
Serviced Land - Type A - - - - - - - -
Serviced Land - Type B - - - - - - - -
Unserviced Land - - - - - - - -

22
 Land&Bldg Supply

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8

Cumulative Demand for leased buildings

Standard Factory Building 20.00 40.00 63.75 87.50 117.50 147.50 166.25 166.25
Warehouse 8.95 17.71 28.45 39.74 51.47 64.86 73.07 73.07
Serviced Land - Type A - - - - - - - -
Serviced Land - Type B - - - - - - - -
Unserviced Land - - - - - - - -

Floorspace Completed this year

Standard Factory Building 58.19 - 58.19 - 58.19 - - -

Warehouse 38.36 - - - 38.36 - - -
Serviced Land - Type A
Serviced Land - Type B
Unserviced Land

Building Stock

Standard Factory Building - 58.19 58.19 116.38 116.38 174.56 174.56 174.56 174.56
Warehouse - 38.36 38.36 38.36 38.36 76.72 76.72 76.72 76.72
Serviced Land - Type A - - - - - - - - -
Serviced Land - Type B - - - - - - - - -
Unserviced Land - - - - - - - - -

Buildings let by Private Operator

Standard Factory Building - 20.00 40.00 63.75 87.50 117.50 147.50 166.25 166.25
Warehouse - 8.95 17.71 28.45 38.36 51.47 64.86 73.07 73.07
Serviced Land - Type A - - - - - - - - -
Serviced Land - Type B - - - - - - - - -
Unserviced Land - - - - - - - - -

Building Fill Rates

Standard Factory Building NA 34% 69% 55% 75% 67% 84% 95% 95%
Warehouse NA 23% 46% 74% 100% 67% 85% 95% 95%
Serviced Land - Type A NA NA NA NA NA NA NA NA NA
Serviced Land - Type B NA NA NA NA NA NA NA NA NA
Unserviced Land NA NA NA NA NA NA NA NA NA

23
 Capex.sum

Capex Summary
YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9

Phases (from Land & Buildings Sheet)

Phase trigger flag (1=phase occurance) 1 - - - 1 - - - - -

Number of Phases developed 1 1 1 1 2 2 2 2 2 2

Capital Expenditures Financed by Grants Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

Maximum Grant Funding m Tk -

Detailed Master Plan - - - - - - - - - -

Roads - - - - - - - - - -
Common zone facilities - - - - - - - - - -
R&D Center - - - - - - - - - -
Exhibition Center - - - - - - - - - -
Commercial facilities - - - - - - - - - -
Standard Factory Buildings - - - - - - - - - -
Warehouse - - - - - - - - - -
Water & Sewerage System - - - - - - - - - -
Power Supply System - - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
New Grants Provided 0 0 0 0 0 0 0 0 0 0
Cumulative Grants Provided - 0 0 0 0 0 0 0 0 0 0

Private Investor Costs

Capital Expenditures financed by Equity and Debt

Detailed Master Plan m Tk 11 - - - - - - - - -

Roads " 408 - - - - - - - - -
Common zone facilities " 121 - - - - - - - - -
R&D Center " 28 - - - - - - - - -
Exhibition Center " 11 - - - - - - - - -
Commercial facilities " 370 - - - - - - - - -
Standard Factory Buildings " 127 - 145 - 166 - - - - -
Warehouse " 84 - - - 110 - - - - -
Water & Sewerage System " 91 - - - - - - - - -
Power Supply System " 182 101 86 98 107 118 129 73 - -
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Private Operator Capital Expenditure 1,433 101 231 98 383 118 129 73 0 0
Private Operator Cumulative Capital Expenditure 1,433 1,534 1,765 1,863 2,246 2,364 2,492 2,565 2,565 2,565

Total Annual Capital

Expenditure of Private
Operator m Tk - 1,433 101 231 98 383 118 129 73 - -

24
 Component Businesses

Component Businesses

y0 y1 y2 y3 y4 y5 y6 y7 y8 y9 y10
Maintenance Expense Escalation Factor 2.5% 1.00 1.03 1.05 1.08 1.10 1.13 1.16 1.19 1.22 1.25 1.28
Capacity Utilization 0 12% 14% 15% 15% 15% 16% 8% 0% 0% 0%
Cumulative Capacity Utilization 0 12% 26% 41% 56% 71% 87% 95% 95% 95% 95%
Tariff Esclation Factor 2.5% 1.00 1.03 1.05 1.08 1.10 1.13 1.16 1.19 1.22 1.25 1.28

Standard Factory Building Tk m

Revenue @ Tk.sft/mon 17.1 0.00 8.42 17.26 28.19 39.66 54.59 70.24 81.15 83.18 85.26 87.39
O&M cost Tk m 4.69 0.00 0.59 1.28 2.05 2.88 3.77 4.71 5.30 5.43 5.56 5.70
Land Lease Cost Tk m 3.52 0.00 3.61 3.70 3.79 3.88 3.98 4.08 4.18 4.29 4.39 4.50
Total Expense Tk m 0.00 4.20 4.98 5.84 6.77 7.75 8.79 9.48 9.72 9.96 10.21

Warehouse Tk m
Revenue @ Tk.sft/mon 18.3 0.00 4.03 8.17 13.45 18.59 25.56 33.02 38.12 39.08 40.05 41.06
O&M cost Tk m 5.76 0.00 0.73 1.57 2.52 3.54 4.63 5.79 6.50 6.67 6.83 7.00
Land Lease Cost Tk m 1.49 0.00 1.53 1.57 1.61 1.65 1.69 1.73 1.77 1.82 1.86 1.91
Total Expense Tk m 0.00 2.26 3.14 4.13 5.19 6.31 7.52 8.28 8.48 8.70 8.91

Water & Sewerage

Capacity KL/year 459,000
Tariff @ Tk/KL 47
Revenue Tk m 0 2.73 5.89 9.45 13.26 17.33 21.68 24.36 24.97 25.59 26.23
O&M cost Tk m 3.66 0 0.46 1.00 1.60 2.25 2.94 3.68 4.13 4.24 4.34 4.45
Land Lease Cost Tk m 1.05 0.00 1.07 1.10 1.13 1.15 1.18 1.21 1.24 1.27 1.31 1.34
Total Expense Tk m 0.00 1.53 2.10 2.73 3.40 4.12 4.89 5.38 5.51 5.65 5.79

Power
Capacity MW 10
kWh 43,800,000
Plant Factor 50%
Tariff @ Tk/kWh 4.56
Revenue Tk m 0 25.25 54.56 87.47 122.72 160.44 200.74 225.54 231.18 236.96 242.89
O&M cost Tk m 73.20 0 9.25 20.00 32.06 44.98 58.80 73.57 82.66 84.73 86.85 89.02
Land Lease Cost Tk m 1.90 0.00 1.94 1.99 2.04 2.09 2.14 2.20 2.25 2.31 2.37 2.43
Total Expense Tk m 0.00 11.20 21.99 34.10 47.07 60.95 75.77 84.91 87.04 89.21 91.44

25
 Component Businesses

Component Businesses

y11 y12 y13 y14 y15 y16 y17 y18 y19 y20 y21 y22 y23 y24 y25
Maintenance Expense Escalation Factor 1.31 1.34 1.38 1.41 1.45 1.48 1.52 1.56 1.60 1.64 1.68 1.72 1.76 1.81 1.85
Capacity Utilization 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cumulative Capacity Utilization 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
Tariff Esclation Factor 1.31 1.34 1.38 1.41 1.45 1.48 1.52 1.56 1.60 1.64 1.68 1.72 1.76 1.81 1.85

Standard Factory Building

Revenue @ 89.57 91.81 94.11 96.46 98.87 101.35 103.88 106.48 109.14 111.87 114.66 117.53 120.47 123.48 126.57
O&M cost 5.85 5.99 6.14 6.30 6.45 6.61 6.78 6.95 7.12 7.30 7.48 7.67 7.86 8.06 8.26
Land Lease Cost 4.62 4.73 4.85 4.97 5.10 5.22 5.35 5.49 5.62 5.77 5.91 6.06 6.21 6.36 6.52
Total Expense 10.46 10.72 10.99 11.27 11.55 11.84 12.13 12.44 12.75 13.07 13.39 13.73 14.07 14.42 14.78

Warehouse
Revenue @ 42.08 43.13 44.21 45.32 46.45 47.61 48.80 50.02 51.27 52.56 53.87 55.22 56.60 58.01 59.46
O&M cost 7.18 7.36 7.54 7.73 7.93 8.12 8.33 8.53 8.75 8.97 9.19 9.42 9.66 9.90 10.14
Land Lease Cost 1.96 2.01 2.06 2.11 2.16 2.21 2.27 2.33 2.38 2.44 2.51 2.57 2.63 2.70 2.77
Total Expense 9.14 9.37 9.60 9.84 10.09 10.34 10.60 10.86 11.13 11.41 11.70 11.99 12.29 12.60 12.91

Water & Sewerage

Capacity
Tariff @
Revenue 26.89 27.56 28.25 28.96 29.68 30.42 31.18 31.96 32.76 33.58 34.42 35.28 36.16 37.07 38.00
O&M cost 4.56 4.68 4.79 4.91 5.04 5.16 5.29 5.42 5.56 5.70 5.84 5.99 6.14 6.29 6.45
Land Lease Cost 1.37 1.41 1.44 1.48 1.51 1.55 1.59 1.63 1.67 1.71 1.76 1.80 1.84 1.89 1.94
Total Expense 5.93 6.08 6.23 6.39 6.55 6.71 6.88 7.05 7.23 7.41 7.60 7.79 7.98 8.18 8.38

Power
Capacity

Plant Factor
Tariff @
Revenue 248.96 255.18 261.56 268.10 274.80 281.67 288.71 295.93 303.33 310.91 318.69 326.65 334.82 343.19 351.77
O&M cost 91.24 93.52 95.86 98.26 100.71 103.23 105.81 108.46 111.17 113.95 116.80 119.72 122.71 125.78 128.92
Land Lease Cost 2.49 2.55 2.61 2.68 2.74 2.81 2.88 2.96 3.03 3.11 3.18 3.26 3.34 3.43 3.51
Total Expense 93.73 96.07 98.47 100.94 103.46 106.05 108.70 111.41 114.20 117.05 119.98 122.98 126.06 129.21 132.44

26
 Component Businesses

y0 y1 y2 y3 y4 y5 y6 y7 y8 y9 y10
Operation & Maintenance
Capacity sft 4,000,000
Tariff @ Tk/sft/mon 0.56
Revenue Tk m 0 3.42 7.39 11.85 16.62 21.73 27.19 30.55 31.32 32.10 32.90
O&M cost Tk m 24.56 0 3.10 6.71 10.76 15.09 19.73 24.68 27.73 28.43 29.14 29.87
Total Expense Tk m 0.00 3.10 6.71 10.76 15.09 19.73 24.68 27.73 28.43 29.14 29.87

R&D Center
Capacity SME Units 667
Tariff @ Tk/SME Unit/mon 1,500
Revenue Tk m 0 1.52 3.28 5.26 7.38 9.64 12.07 13.56 13.90 14.24 14.60
O&M cost Tk m 5.62 0 0.71 1.54 2.46 3.45 4.51 5.65 6.35 6.51 6.67 6.83
Land Lease Cost Tk m 0.13 0.00 0.13 0.13 0.14 0.14 0.14 0.15 0.15 0.16 0.16 0.16
Total Expense Tk m 0.00 0.84 1.67 2.60 3.59 4.66 5.80 6.50 6.66 6.83 7.00

Exhibition Center
Capacity sft 5,000
Tariff @ Tk/sft/mon 59

Revenue Tk m 0 0.44 0.96 1.54 2.16 2.83 3.54 3.97 4.07 4.18 4.28
O&M cost Tk m 2.62 0 0.33 0.72 1.15 1.61 2.10 2.63 2.96 3.03 3.11 3.19
Land Lease Cost Tk m 0.06 0.00 0.06 0.00 0.06 0.00 0.07 0.00 0.09 0.00 0.11 0.00
Total Expense Tk m 0.00 0.39 0.72 1.21 1.61 2.18 2.63 3.05 3.03 3.22 3.19

Commercial Facilities
Capacity sft 170,000
Tariff @ Tk/sft/mon 70

Revenue Tk m 0 18.05 39.01 62.54 87.74 114.71 143.52 161.26 165.29 169.42 173.66
O&M cost Tk m 5.32 0 0.67 1.45 2.33 3.27 4.27 5.35 6.01 6.16 6.31 6.47
Land Lease Cost Tk m 1.66 0.00 1.70 1.74 1.79 1.83 1.88 1.92 1.97 2.02 2.07 2.12
Total Expense Tk m 0.00 2.37 3.20 4.12 5.10 6.15 7.27 7.98 8.18 8.38 8.59

27
 Component Businesses

y11 y12 y13 y14 y15 y16 y17 y18 y19 y20 y21 y22 y23 y24 y25
Operation & Maintenance
Capacity
Tariff @
Revenue 33.72 34.57 35.43 36.32 37.23 38.16 39.11 40.09 41.09 42.12 43.17 44.25 45.36 46.49 47.65
O&M cost 30.61 31.38 32.16 32.97 33.79 34.64 35.50 36.39 37.30 38.23 39.19 40.17 41.17 42.20 43.26
Total Expense 30.61 31.38 32.16 32.97 33.79 34.64 35.50 36.39 37.30 38.23 39.19 40.17 41.17 42.20 43.26

R&D Center
Capacity
Tariff @
Revenue 14.97 15.34 15.72 16.12 16.52 16.93 17.36 17.79 18.23 18.69 19.16 19.64 20.13 20.63 21.15
O&M cost 7.01 7.18 7.36 7.54 7.73 7.93 8.12 8.33 8.54 8.75 8.97 9.19 9.42 9.66 9.90
Land Lease Cost 0.17 0.17 0.18 0.18 0.18 0.19 0.19 0.20 0.20 0.21 0.21 0.22 0.22 0.23 0.24
Total Expense 7.17 7.35 7.54 7.72 7.92 8.12 8.32 8.53 8.74 8.96 9.18 9.41 9.65 9.89 10.13

Exhibition Center
Capacity
Tariff @

Revenue 4.39 4.50 4.61 4.72 4.84 4.96 5.09 5.22 5.35 5.48 5.62 5.76 5.90 6.05 6.20
O&M cost 3.27 3.35 3.43 3.52 3.60 3.69 3.79 3.88 3.98 4.08 4.18 4.28 4.39 4.50 4.61
Land Lease Cost 0.14 0.00 0.20 0.00 0.28 0.00 0.43 0.00 0.69 0.00 1.16 0.00 2.05 0.00 3.80
Total Expense 3.41 3.35 3.63 3.52 3.89 3.69 4.22 3.88 4.67 4.08 5.34 4.28 6.44 4.50 8.41

Commercial Facilities
Capacity
Tariff @

Revenue 178.00 182.45 187.01 191.68 196.48 201.39 206.42 211.58 216.87 222.29 227.85 233.55 239.39 245.37 251.51
O&M cost 6.63 6.80 6.97 7.14 7.32 7.50 7.69 7.88 8.08 8.28 8.49 8.70 8.92 9.14 9.37
Land Lease Cost 2.18 2.23 2.29 2.34 2.40 2.46 2.52 2.59 2.65 2.72 2.79 2.85 2.93 3.00 3.07
Total Expense 8.81 9.03 9.25 9.48 9.72 9.96 10.21 10.47 10.73 11.00 11.27 11.56 11.84 12.14 12.44

28
 Revenue

Revenue

YR 0 1 2 3 4 5 6 7 8 9 10

Private Operator Revenue

Lease Lever 100.0%
Revenues from buildings (m Tk) Note: Rents escalate annually
Total
Standard Factory Building m Tk 1,559 8.42 17.26 28.19 39.66 54.59 70.24 81.15 83.18 85.26 87.39
Warehouse " 733 4.03 8.17 13.45 18.59 25.56 33.02 38.12 39.08 40.05 41.06
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total Building Rents 12.45 25.42 41.64 58.25 80.15 103.26 119.28 122.26 125.31 128.45

Revenues from Land

Land Service Charges: m Tk 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land Rent (type A): m Tk 9.05 19.47 31.73 45.85 59.42 75.59 84.21 86.31 88.47 90.68

---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total land service and rent m Tk 9.05 19.47 31.73 45.85 59.42 75.59 84.21 86.31 88.47 90.68

Revenue from land sale (type A): m Tk - - - - - - - - - - -

---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total land sale - - - - - - - - - - -

Revenues from Component Businesses

Water & Sewerage m Tk 0.00 2.73 5.89 9.45 13.26 17.33 21.68 24.36 24.97 25.59 26.23
Power " 0.00 25.25 54.56 87.47 122.72 160.44 200.74 225.54 231.18 236.96 242.89
Operation & Maintenance " 0.00 3.42 7.39 11.85 16.62 21.73 27.19 30.55 31.32 32.10 32.90
R&D Center " 0.00 1.52 3.28 5.26 7.38 9.64 12.07 13.56 13.90 14.24 14.60
Exhibition Center " 0.00 0.44 0.96 1.54 2.16 2.83 3.54 3.97 4.07 4.18 4.28
Commercial Facilities " 0.00 18.05 39.01 62.54 87.74 114.71 143.52 161.26 165.29 169.42 173.66

Total Annual Revenue 0.00 72.91 155.99 251.47 353.99 466.26 587.60 662.73 679.30 696.28 713.69

29
 Revenue

Revenue

YR 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Private Operator Revenue

Lease Lever
Revenues from buildings (m Tk)
Total
Standard Factory Building m Tk 1,559 89.57 91.81 94.11 96.46 98.87 101.35 103.88 106.48 109.14 111.87 114.66 117.53 120.47 123.48 126.57
Warehouse " 733 42.08 43.13 44.21 45.32 46.45 47.61 48.80 50.02 51.27 52.56 53.87 55.22 56.60 58.01 59.46
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total Building Rents 131.66 134.95 138.32 141.78 145.33 148.96 152.68 156.50 160.41 164.42 168.53 172.75 177.06 181.49 186.03

Revenues from Land

Land Service Charges: m Tk 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land Rent (type A): m Tk 92.95 95.27 97.65 100.10 102.60 105.16 107.79 110.49 113.25 116.08 118.98 121.96 125.01 128.13 131.33

---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total land service and rent m Tk 92.95 95.27 97.65 100.10 102.60 105.16 107.79 110.49 113.25 116.08 118.98 121.96 125.01 128.13 131.33

Revenue from land sale (type A): m Tk - - - - - - - - - - - - - - -

---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Sub-total land sale - - - - - - - - - - - - - - -

Revenues from Component Businesses

Water & Sewerage m Tk 26.89 27.56 28.25 28.96 29.68 30.42 31.18 31.96 32.76 33.58 34.42 35.28 36.16 37.07 38.00
Power " 248.96 255.18 261.56 268.10 274.80 281.67 288.71 295.93 303.33 310.91 318.69 326.65 334.82 343.19 351.77
Operation & Maintenance " 33.72 34.57 35.43 36.32 37.23 38.16 39.11 40.09 41.09 42.12 43.17 44.25 45.36 46.49 47.65
R&D Center " 14.97 15.34 15.72 16.12 16.52 16.93 17.36 17.79 18.23 18.69 19.16 19.64 20.13 20.63 21.15
Exhibition Center " 4.39 4.50 4.61 4.72 4.84 4.96 5.09 5.22 5.35 5.48 5.62 5.76 5.90 6.05 6.20
Commercial Facilities " 178.00 182.45 187.01 191.68 196.48 201.39 206.42 211.58 216.87 222.29 227.85 233.55 239.39 245.37 251.51

Total Annual Revenue 731.53 749.82 768.56 787.78 807.47 827.66 848.35 869.56 891.30 913.58 936.42 959.83 983.83 1,008.42 1,033.63

30
 Opex

Opex

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR10 YR11 YR12

Private Operator Operations Costs

SFB m Tk 0.00 4.20 4.98 5.84 6.77 7.75 8.79 9.48 9.72 9.96 10.21 10.46 10.72
Warehouse " 0.00 2.26 3.14 4.13 5.19 6.31 7.52 8.28 8.48 8.70 8.91 9.14 9.37
Water & Sewerage " 0.00 1.53 2.10 2.73 3.40 4.12 4.89 5.38 5.51 5.65 5.79 5.93 6.08
Power " 0.00 11.20 21.99 34.10 47.07 60.95 75.77 84.91 87.04 89.21 91.44 93.73 96.07
Park O&M Expenses " 0.00 3.10 6.71 10.76 15.09 19.73 24.68 27.73 28.43 29.14 29.87 30.61 31.38
R&D Center " 0.00 0.84 1.67 2.60 3.59 4.66 5.80 6.50 6.66 6.83 7.00 7.17 7.35
Exhibition Center " 0.00 0.39 0.72 1.21 1.61 2.18 2.63 3.05 3.03 3.22 3.19 3.41 3.35
Commercial Facilities " 0.00 2.37 3.20 4.12 5.10 6.15 7.27 7.98 8.18 8.38 8.59 8.81 9.03
Internal Roads " 0.00 4.18 4.28 4.39 4.50 4.61 4.73 4.85 4.97 5.09 5.22 5.35 5.48
Common Zone Facilities " 0.00 1.33 1.37 1.40 1.43 1.47 1.51 1.55 1.58 1.62 1.66 1.71 1.75

Royalty m Tk 0.00 0.09 0.19 0.32 0.46 0.59 0.76 0.84 0.86 0.88 0.91 0.93 0.95

Total: m Tk 0.00 31.50 50.34 71.59 94.21 118.52 144.35 160.54 164.46 168.68 172.79 177.25 181.53

31
 Opex

Opex

YR13 YR14 YR15 YR16 YR17 YR18 YR19 YR20 YR21 YR22 YR23 YR24 YR25

Private Operator Operations Costs

SFB m Tk 10.99 11.27 11.55 11.84 12.13 12.44 12.75 13.07 13.39 13.73 14.07 14.42 14.78
Warehouse " 9.60 9.84 10.09 10.34 10.60 10.86 11.13 11.41 11.70 11.99 12.29 12.60 12.91
Water & Sewerage " 6.23 6.39 6.55 6.71 6.88 7.05 7.23 7.41 7.60 7.79 7.98 8.18 8.38
Power " 98.47 100.94 103.46 106.05 108.70 111.41 114.20 117.05 119.98 122.98 126.06 129.21 132.44
Park O&M Expenses " 32.16 32.97 33.79 34.64 35.50 36.39 37.30 38.23 39.19 40.17 41.17 42.20 43.26
R&D Center " 7.54 7.72 7.92 8.12 8.32 8.53 8.74 8.96 9.18 9.41 9.65 9.89 10.13
Exhibition Center " 3.63 3.52 3.89 3.69 4.22 3.88 4.67 4.08 5.34 4.28 6.44 4.50 8.41
Commercial Facilities " 9.25 9.48 9.72 9.96 10.21 10.47 10.73 11.00 11.27 11.56 11.84 12.14 12.44
Internal Roads " 5.62 5.76 5.90 6.05 6.20 6.36 6.52 6.68 6.85 7.02 7.19 7.37 7.56
Common Zone Facilities " 1.79 1.84 1.88 1.93 1.98 2.03 2.08 2.13 2.18 2.24 2.29 2.35 2.41

Royalty m Tk 0.98 1.00 1.03 1.05 1.08 1.10 1.13 1.16 1.19 1.22 1.25 1.28 1.31

Total: m Tk 186.27 190.72 195.78 200.38 205.82 210.52 216.48 221.18 227.87 232.38 240.24 244.14 254.04

32
 Dep

Depreciation

Depreciation Schedule
YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9

Capex (m Tk):
Land Development (Infrastrucure) 408 - - - - - - - - -
Buildings (Common & Commercial) 531 - - - - - - - - -
Factory Building (SFB, Warehouse) 210 - 145 - 276 - - - - -
Equipment (W&S, Power) 273 101 86 98 107 118 129 73 0 0

Depreciated Value of Capex

Land Development (Infrastrucure) 408 408 400 391 383 376 368 360 353 346
Buildings (Common & Commercial) 531 531 478 424 377 334 297 263 234 207
Factory Building (SFB, Warehouse) 210 210 313 271 484 430 333 247 180 131
Equipment (W&S, Power) 273 375 406 429 455 487 525 500 395 295

Depreciation Rate
Land Development (Infrastrucure) 2% 8 8 8 8 8 8 7 7 7
Buildings (Common & Commercial) 10% 53 53 48 42 38 33 30 26 23
Factory Building (SFB, Warehouse) 20% 42 42 63 54 97 86 67 49 36
Equipment (W&S, Power) 20% 55 75 81 86 91 97 105 100 79
Total: - 158 178 200 190 233 224 209 183 146

33
 Dep

Depreciation

Depreciation Schedule
YR10 YR11 YR12 YR13 YR14 YR15 YR16 YR17 YR18 YR19 YR20 YR21 YR22 YR23 YR24 YR25

Capex (m Tk):
Land Development (Infrastrucure) - - - - - - - - - - - - - - - -
Buildings (Common & Commercial) - - - - - - - - - - - - - - - -
Factory Building (SFB, Warehouse) - - - - - - - - - - - - - - - -
Equipment (W&S, Power) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Depreciated Value of Capex

Land Development (Infrastrucure) 339 332 325 318 312 306 299 293 287 281 276 270 264 259 254 249
Buildings (Common & Commercial) 184 163 145 128 114 101 90 80 71 63 56 49 44 39 34 31
Factory Building (SFB, Warehouse) 95 69 50 36 26 19 14 10 7 5 4 3 2 1 1 1
Equipment (W&S, Power) 216 157 114 82 60 43 31 23 16 12 9 6 4 3 2 2

Depreciation
Land Development (Infrastrucure) 7 7 7 7 6 6 6 6 6 6 6 6 5 5 5 5
Buildings (Common & Commercial) 21 18 16 14 13 11 10 9 8 7 6 6 5 4 4 3
Factory Building (SFB, Warehouse) 26 19 14 10 7 5 4 3 2 1 1 1 1 0 0 0
Equipment (W&S, Power) 59 43 31 23 16 12 9 6 5 3 2 2 1 1 1 0
113 87 68 54 43 35 29 24 20 18 15 14 12 11 10 9

34
 Fin

Source of Finance 100%

Capital Cost Spread Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20
SFB Tk m 438 127 0 145 0 166 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Warehouse " 193 84 0 0 0 110 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Power " 894 182 101 86 98 107 118 129 73 0 0 0 0 0 0 0 0 0 0 0 0 0
Water and Sewerage " 91 91 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common Zone Facilities " 121 121 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Detailed Master Plan " 11 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Internal Roads " 408 408 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
R&D Center " 28 28 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Exhibition Center " 11 11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Commercial Facilities " 370 370 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total " 2,565 1,433 101 231 98 383 118 129 73 0 0 0 0 0

Debt Equity Ratio Debt 70%

Equity 30% (IPFF minimum requirement)

Equity Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Drawdown from Equity 30% Tk m 430 30 69 29 115 35 39 22 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt
Source of Debt A Participating Financial Institution (PFI) of Investment Promotion and Financing Facility (IPFF)
Mode of Repayment Quarterly after grace period 100%
Percent of Loan Interest Rate
Nominal Interest Rate 10.6% 80% 10% for component from IPFF: Considering 1 yr Govt T-bill rate (4.5%) + 50 basis point + margin of PFI (5%)
20% 13% for component from PFI: 13% as prescribed by BB
Note1: Bangladesh Bank has issued a circular to restrict interest rate for infrastructure projects upto 13%.

Loan Tenure 12 yr

Grace Period 5 yr
(after first loan disbursement)

35
 Fin

Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20
4 .1 Quarter 1
Beginning Balance Tk m 0 1,085 1,040 1,083 1,036 1,178 1,134 936 723 484 270 77 0 0 0 0 0 0 0 0 0
Interest Accrued " 0 29 28 29 27 31 30 25 19 13 7 2 0 0 0 0 0 0 0 0 0
Interest Paid " 0 29 28 29 27 31 30 25 19 13 7 2 0 0 0 0 0 0 0 0 0
Drawdown from Loan " 1,003 71 161 69 268 82 90 51 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan Repayment " 0 0 0 0 0 0 42 42 42 42 42 42 0 0 0 0 0 0 0 0 0
Ending Balance " 1,003 1,127 1,174 1,123 1,277 1,229 1,152 921 662 429 221 33 0 0 0 0 0 0 0 0 0

4 .2 Quarter 2
Beginning Balance Tk m 1,003 1,127 1,174 1,123 1,277 1,229 1,152 921 662 429 221 33 0 0 0 0 0 0 0 0 0
Interest Accrued " 27 30 31 30 34 33 31 24 18 11 6 1 0 0 0 0 0 0 0 0 0
Interest Paid " 0 30 31 30 34 33 31 24 18 11 6 1 0 0 0 0 0 0 0 0 0
Drawdown from Loan " 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan Repayment " 0 0 0 0 0 0 42 42 42 42 42 33 0 0 0 0 0 0 0 0 0
Ending Balance " 1,030 1,097 1,143 1,093 1,243 1,196 1,079 854 602 376 173 0 0 0 0 0 0 0 0 0 0

4 .3 Quarter 3
Beginning Balance Tk m 1,030 1,097 1,143 1,093 1,243 1,196 1,079 854 602 376 173 0 0 0 0 0 0 0 0 0 0
Interest Accrued " 27 29 30 29 33 32 29 23 16 10 5 0 0 0 0 0 0 0 0 0 0
Interest Paid " 0 29 30 29 33 32 29 23 16 10 5 0 0 0 0 0 0 0 0 0 0
Drawdown from Loan " 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan Repayment " 0 0 0 0 0 0 46 46 46 46 46 0 0 0 0 0 0 0 0 0 0
Ending Balance " 1,057 1,068 1,112 1,064 1,210 1,165 1,005 786 541 320 122 0 0 0 0 0 0 0 0 0 0

4 .4 Quarter 4
Beginning Balance Tk m 1,057 1,068 1,112 1,064 1,210 1,165 1,005 786 541 320 122 0 0 0 0 0 0 0 0 0 0
Interest Accrued " 28 28 29 28 32 31 27 21 14 8 3 0 0 0 0 0 0 0 0 0 0
Interest Paid " 0 28 29 28 32 31 27 21 14 8 3 0 0 0 0 0 0 0 0 0 0
Drawdown from Loan " 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan Repayment " 0 0 0 0 0 0 42 42 42 42 42 0 0 0 0 0 0 0 0 0 0
Ending Balance " 1,085 1,040 1,083 1,036 1,178 1,134 936 723 484 270 77 0 0 0 0 0 0 0 0 0 0

Total Loan Repayment 0 0 0 0 0 0 172 172 172 172 172 75 0 0 0 0 0 0 0 0 0

IDC Accrued during the Year 82 116 118 116 126 126 116 93 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Interest Accrued during the year 82 116 118 116 126 126 116 93 67 43 21 3 0 0 0 0 0 0 0 0 0
Total Interest Payment 0 116 118 116 126 126 116 93 67 43 21 3 0 0 0 0 0 0 0 0 0

Total Debt Servicing 0 116 118 116 126 126 288 264 239 214 193 78 0 0 0 0 0 0 0 0 0

Cash Flow wrt Debt -1,003 45 -43 47 -142 44 198 213 239 214 193 78 0 0 0 0 0 0 0 0 0

Effective Interest Rate (before Tax) 1%

Effective Interest Rate (after tax) 1%

36
 IS

Income Statement

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR10

Private Operator Income Statement

YR0 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR10
Revenue
SFB Rent Charge m Tk 0.00 8.42 17.26 28.19 39.66 54.59 70.24 81.15 83.18 85.26 87.39
Warehouse Rent Charge " 0.00 4.03 8.17 13.45 18.59 25.56 33.02 38.12 39.08 40.05 41.06
W&S Charge " 0.00 2.73 5.89 9.45 13.26 17.33 21.68 24.36 24.97 25.59 26.23
Power Charge " 0.00 25.25 54.56 87.47 122.72 160.44 200.74 225.54 231.18 236.96 242.89
O&M Service Charge " 0.00 3.42 7.39 11.85 16.62 21.73 27.19 30.55 31.32 32.10 32.90
Land rent " 0.00 9.05 19.47 31.73 45.85 59.42 75.59 84.21 86.31 88.47 90.68
Land sales (Long lease) " 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land Service Charges " 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R&D Charge " 0.00 1.52 3.28 5.26 7.38 9.64 12.07 13.56 13.90 14.24 14.60
Rent for Exhibition Space " 0.00 0.44 0.96 1.54 2.16 2.83 3.54 3.97 4.07 4.18 4.28
Rent from Commercial Facilities " 0.00 18.05 39.01 62.54 87.74 114.71 143.52 161.26 165.29 169.42 173.66

Total Revenue m Tk 0.00 72.91 155.99 251.47 353.99 466.26 587.60 662.73 679.30 696.28 713.69

O& M Expenses
SFB m Tk 0.00 4.20 4.98 5.84 6.77 7.75 8.79 9.48 9.72 9.96 10.21
Warehouse " 0.00 2.26 3.14 4.13 5.19 6.31 7.52 8.28 8.48 8.70 8.91
Water & Sewerage " 0.00 1.53 2.10 2.73 3.40 4.12 4.89 5.38 5.51 5.65 5.79
Power " 0.00 11.20 21.99 34.10 47.07 60.95 75.77 84.91 87.04 89.21 91.44
Park O&M Expenses " 0.00 3.10 6.71 10.76 15.09 19.73 24.68 27.73 28.43 29.14 29.87
R&D Center " 0.00 0.84 1.67 2.60 3.59 4.66 5.80 6.50 6.66 6.83 7.00
Exhibition Center " 0.00 0.39 0.72 1.21 1.61 2.18 2.63 3.05 3.03 3.22 3.19
Commercial Facilities " 0.00 2.37 3.20 4.12 5.10 6.15 7.27 7.98 8.18 8.38 8.59

Total O&M Expenses m Tk 0.00 25.90 44.49 65.48 87.82 111.85 137.36 153.30 157.05 161.08 165.00

Earnings Before Depreciation m Tk 0.00 47.01 111.50 185.99 266.17 354.41 450.24 509.43 522.25 535.20 548.69
Depreciation " 0.00 157.93 178.21 199.52 190.30 233.23 224.33 208.54 183.00 145.58 112.91

Interest Expense 81.87 116.00 118.42 115.62 126.29 126.35 115.79 92.66 66.98 42.65 20.81

Profit before taxes 0.00 -192.79 -182.71 -131.95 -39.75 -5.10 99.56 185.09 246.59 322.64 393.13

Applicable Tax Exemption 1.00 1.00 0.50 0.50 0.25 0.00 0.00 0.00 0.00 0.00

Company Income Tax 37.5% 0.00 0.00 0.00 0.00 0.00 0.00 37.33 69.41 92.47 120.99 147.42

Net Income After Tax m Tk 0.00 -192.79 -182.71 -131.95 -39.75 -5.10 62.22 115.68 154.12 201.65 245.70

37
 IS

Income Statement

YR11 YR12 YR13 YR14 YR15 YR16 YR17 YR18 YR19 YR20 YR21 YR22 YR23 YR24 YR25

Private Operator Income Statement

YR11 YR12 YR13 YR14 YR15 YR16 YR17 YR18 YR19 YR20 YR21 YR22 YR23 YR24 YR25
Revenue
SFB Rent Charge 89.57 91.81 94.11 96.46 98.87 101.35 103.88 106.48 109.14 111.87 114.66 117.53 120.47 123.48 126.57
Warehouse Rent Charge 42.08 43.13 44.21 45.32 46.45 47.61 48.80 50.02 51.27 52.56 53.87 55.22 56.60 58.01 59.46
W&S Charge 26.89 27.56 28.25 28.96 29.68 30.42 31.18 31.96 32.76 33.58 34.42 35.28 36.16 37.07 38.00
Power Charge 248.96 255.18 261.56 268.10 274.80 281.67 288.71 295.93 303.33 310.91 318.69 326.65 334.82 343.19 351.77
O&M Service Charge 33.72 34.57 35.43 36.32 37.23 38.16 39.11 40.09 41.09 42.12 43.17 44.25 45.36 46.49 47.65
Land rent 92.95 95.27 97.65 100.10 102.60 105.16 107.79 110.49 113.25 116.08 118.98 121.96 125.01 128.13 131.33
Land sales (Long lease) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Land Service Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R&D Charge 14.97 15.34 15.72 16.12 16.52 16.93 17.36 17.79 18.23 18.69 19.16 19.64 20.13 20.63 21.15
Rent for Exhibition Space 4.39 4.50 4.61 4.72 4.84 4.96 5.09 5.22 5.35 5.48 5.62 5.76 5.90 6.05 6.20
Rent from Commercial Facilities 178.00 182.45 187.01 191.68 196.48 201.39 206.42 211.58 216.87 222.29 227.85 233.55 239.39 245.37 251.51

Total Revenue 731.53 749.82 768.56 787.78 807.47 827.66 848.35 869.56 891.30 913.58 936.42 959.83 983.83 1,008.42 1,033.63

O& M Expenses
SFB 10.46 10.72 10.99 11.27 11.55 11.84 12.13 12.44 12.75 13.07 13.39 13.73 14.07 14.42 14.78
Warehouse 9.14 9.37 9.60 9.84 10.09 10.34 10.60 10.86 11.13 11.41 11.70 11.99 12.29 12.60 12.91
Water & Sewerage 5.93 6.08 6.23 6.39 6.55 6.71 6.88 7.05 7.23 7.41 7.60 7.79 7.98 8.18 8.38
Power 93.73 96.07 98.47 100.94 103.46 106.05 108.70 111.41 114.20 117.05 119.98 122.98 126.06 129.21 132.44
Park O&M Expenses 30.61 31.38 32.16 32.97 33.79 34.64 35.50 36.39 37.30 38.23 39.19 40.17 41.17 42.20 43.26
R&D Center 7.17 7.35 7.54 7.72 7.92 8.12 8.32 8.53 8.74 8.96 9.18 9.41 9.65 9.89 10.13
Exhibition Center 3.41 3.35 3.63 3.52 3.89 3.69 4.22 3.88 4.67 4.08 5.34 4.28 6.44 4.50 8.41
Commercial Facilities 8.81 9.03 9.25 9.48 9.72 9.96 10.21 10.47 10.73 11.00 11.27 11.56 11.84 12.14 12.44

Total O&M Expenses 169.26 173.35 177.88 182.12 186.96 191.34 196.56 201.03 206.75 211.21 217.65 221.90 229.50 233.14 242.76

Earnings Before Depreciation 562.27 576.47 590.68 605.65 620.51 636.31 651.79 668.53 684.55 702.37 718.77 737.93 754.33 775.29 790.87
Depreciation 87.40 68.14 53.71 42.91 34.79 28.64 23.94 20.32 17.51 15.30 13.54 12.12 10.96 10.00 9.20

Interest Expense 2.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Profit before taxes 454.06 505.41 536.97 562.74 585.72 607.68 627.85 648.20 667.04 687.07 705.23 725.81 743.37 765.29 781.67

Applicable Tax Exemption 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Company Income Tax 170.27 189.53 201.36 211.03 219.65 227.88 235.44 243.08 250.14 257.65 264.46 272.18 278.76 286.98 293.13

Net Income After Tax 283.78 315.88 335.61 351.71 366.08 379.80 392.41 405.13 416.90 429.42 440.77 453.63 464.61 478.30 488.54

38
 C_F

Cash Flow
Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12
1 Cash flow from Operations
1.1 Revenue Tk m 73 156 251 354 466 588 663 679 696 714 732 750
1.2 Less: O&M Expense Tk m 31 50 72 94 119 144 161 164 169 173 177 182
2 Cash Generated by the Project Note 1 Tk m 41 106 180 260 348 443 502 515 528 541 554 568

3 Capital Expenditure Tk m 1,433 101 231 98 383 118 129 73 0 0 0 0 0

4 Cash Flow wrt the Project (before tax) Tk m (1,433) (60) (125) 82 (123) 230 315 429 515 528 541 554 568
(2-3)

5 Project IRR (before Tax) 16%

6 Less: Tax 37.5% Tk m 0 0 0 0 0 37 69 92 121 147 170 190

(of Net Income)
7 Less: Adjustment for Tax Saving from Interest Expense 0 0 22 22 36 47 43 35 25 16 8 1

8 Cash flow wrt the Project (after tax) Tk m (1,433) (60) (125) 59 (145) 195 230 316 388 381 377 376 378
(4-6-7)

9 Project IRR (after Tax) 12%

Effective Interest Rate (after Tax) 1%

10 Cash generated during the year for Debt Servicing Tk m 41 106 180 260 348 406 433 422 407 393 384 379
(after tax)
(2-6)

11 Less: Debt Servicing Tk m 0 116 118 116 126 126 288 264 239 214 193 78 0

12 Retained Earning in the year Note2 Tk m (75) (13) 64 133 221 118 168 184 192 201 306 379
after debt servicing and tax
(10-11)

13 Retained Earning (Begining Balance) 0 0 0 64 198 390 393 526 671 841 1,042 1,348 1,727

14 Cash Needed from Equity in the Year for Capex Tk m 430 30 69 29 115 35 39 22 0 0 0 0 0

15 Cash (from Project) Financed Portion 0 0 0 29 115 35 39 22 0 0 0 0 0

or Retained Earnings Spent

16 Retained Earning (Ending Balance) Tk m 0 0 0 64 168 275 358 488 649 841 1,042 1,348 1,727

External Equity Needed or to be injected 430 30 69 0 0 0 0 0 0 0 0 0 0

17 Cash flow wrt Equity Tk m (430) (105) (82) 35 19 186 80 146 184 192 201 306 379
(12-14)

18 Equity IRR (after Tax) 20%

Note1: Assuming non-cash revenues and expenses are insignficant.

Note2: All reference to retained earning means retained earning on cash basis.

39
 C_F

Cash Flow
Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24 Y25
1 Cash flow from Operations
1.1 Revenue Tk m 769 788 807 828 848 870 891 914 936 960 984 1,008 1,034
1.2 Less: O&M Expense Tk m 186 191 196 200 206 211 216 221 228 232 240 244 254
2 Cash Generated by the Project Note 1 Tk m 582 597 612 627 643 659 675 692 709 727 744 764 780

3 Capital Expenditure Tk m 0 0 0 0 0 0 0 0 0 0 0 0 0

4 Cash Flow wrt the Project (before tax) Tk m 582 597 612 627 643 659 675 692 709 727 744 764 780
(2-3)

5 Project IRR (before Tax) 16%

6 Less: Tax 37.5% Tk m 201 211 220 228 235 243 250 258 264 272 279 287 293
(of Net Income)
7 Less: Adjustment for Tax Saving from Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0

8 Cash flow wrt the Project (after tax) Tk m 381 386 392 399 407 416 425 435 444 455 465 477 486
(4-6-7)

9 Project IRR (after Tax) 12%

Effective Interest Rate (after Tax) 1%

10 Cash generated during the year for Debt Servicing Tk m 381 386 392 399 407 416 425 435 444 455 465 477 486
(after tax)
(2-6)

11 Less: Debt Servicing Tk m 0 0 0 0 0 0 0 0 0 0 0 0 0

12 Retained Earning in the year Note2 Tk m 381 386 392 399 407 416 425 435 444 455 465 477 486
after debt servicing and tax
(10-11)

13 Retained Earning (Begining Balance) 2,108 2,494 2,886 3,285 3,692 4,108 4,533 4,968 5,412 5,867 6,332 6,809 7,296

14 Cash Needed from Equity in the Year for Capex Tk m 0 0 0 0 0 0 0 0 0 0 0 0 0

15 Cash (from Project) Financed Portion 0 0 0 0 0 0 0 0 0 0 0 0 0

or Retained Earnings Spent

16 Retained Earning (Ending Balance) Tk m 2,108 2,494 2,886 3,285 3,692 4,108 4,533 4,968 5,412 5,867 6,332 6,809 7,296

External Equity Needed or to be injected 0 0 0 0 0 0 0 0 0 0 0 0 0

17 Cash flow wrt Equity Tk m 381 386 392 399 407 416 425 435 444 455 465 477 486
(12-14)

18 Equity IRR (after Tax) 20%

Note1: Assuming non-cash revenues and expenses are insignficant.

Note2: All reference to retained earning means retained earning on cash basis.

40
Financial Results

Financials

Year 0 1 2 3 4 5 6

Total Annual Capital Expenditure from all funding sources m Tk 1,433 101 231 98 383 118 129
Cumulative Capex from all funding sources " 1,433 1,534 1,765 1,863 2,246 2,364 2,492
Revenue " 0 73 156 251 354 466 588
Cumulative Revenue " 0 73 229 480 834 1,301 1,888
Equity Invested " 430 30 69 29 115 35 39
Profits Reinvested " 0 0 0 29 115 35 39
Total Equity " 430 460 529 559 674 709 748
Total Profits Reinvested " 0 0 0 29 144 180 218
Cumulative Debt " 1,003 1,127 1,174 1,123 1,277 1,229 1,152
Income (after Tax) " 0 (193) (183) (132) (40) (5) 62

Debt Coverage Ratios

Equity as Percentage of Capitalization 30% 29% 31% 34% 39% 42% 46%
Debt as Percentage of Capitalization 70% 71% 69% 66% 61% 58% 54%

41
Project NPV (Tk m)

Discount Rate 0% 10% 15% 20%

5 Year NPV -1,509 -1,386 -1,327 -1,272
10 Year NPV 184 -676 -852 -947
15 Year NPV 2,097 -169 -577 -794
20 Year NPV 4,179 173 -429 -727

Equity NPV (Tk m)

Discount Rate 0% 10% 15% 20%

5 Year NPV -377 -399 -397 -392
10 Year NPV 425 -67 -177 -242
15 Year NPV 2,269 418 85 -96
20 Year NPV 4,351 760 233 -30

Capex Lever 100%

Opex Lever 100%
Power Tariff 100%
Lease Rate 100%
Interest Rate 100%

Equity IRR 20%

42
 -20% -10% 0% 10% 20%
80% 90% 100% 110% 120%
Capex 20% 26% 23% 20% 18% 16%
80% 90% 100% 110% 120%
Opex 20% 22% 21% 20% 19% 18%
80% 90% 100% 110% 120%
Power tariff 20% 18% 19% 20% 21% 22%
80% 90% 100% 110% 120%
Lease Rate 20% 19% 20% 20% 20% 21%
80% 90% 100% 110% 120%
Interest Rate 20% 21% 20% 20% 20% 19%

-20% -10% 0% 10% 20%

Capital Cost 26% 23% 20% 18% 16%
O&M Expense 22% 21% 20% 19% 18%
Power Tariff 18% 19% 20% 21% 22%
Lease Rate 19% 20% 20% 20% 21%
Interest Rate 21% 20% 20% 20% 19%

Sensitivity of Equity IRR

28%
Capital Cost
O&M Expense
26%
Power Tariff
Lease Rate
24%
Interest Rate

22%
Equity IRR

20%

18%

16%

14%
-25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25%

43
 Sources of Capital Funding (Base Case)

2,500
Cumulative Debt
Total Profits Reinvested
2,000 Total Equity
Million Taka

1,500
1,000
500
0

0 5 10 15 20 25
Year

45
 Project NPV
5,000

4,000

3,000
Million Taka

2,000 0%

10%
1,000
15%
0
20%
-1,000

-2,000
5 Year NPV 10 Year NPV 15 Year NPV 20 Year NPV

Equity NPV
2,500

2,000

1,500
Million Taka

1,000
0%

10%
500
15%

0 20%

-500

5 Year NPV 10 Year NPV 15 Year NPV 20 Year NPV

46
 Expected Revenue and Income (Base Case)
1,200

Revenue
1,000

Income (after Tax)

800
Million Taka
600
400
200
0

1 6 11 16 21 26
(200)
(400)

Year

48
 Land & Supply Demand (Base Case)
100

90

80
Cumulative Net Land (Acres)

70

60

50
Total Cumulative Net Land Developed
40
Occupied Developed Land
30

20

10

0
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
Year

Land & Supply Demand Optimistic Case)

100

90

80
Cumulative Net Land (Acres)

70

60

50
Total Cumulative Net
Land Developed
40
Occupied Developed
30 Land

20

10

0
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
Year

52
 Year 0 1 2

Cumulative Cash flow wrt the Project (after tax) -1,433 -1,493 -1,618
1 1 1
Year Tk m
Cumulative Cash Flow during years 9 -193
where payback occurs 10 184

Project Payback in Year 9.51

Cumulative Cash flow wrt Equity -430 -535 -617

1 1 1
Year Tk m
Cumulative Cash Flow during years 7 -151
where payback occurs 8 32

Equity Payback in Year 7.82

Tk m
Total External Equity Required 529
Maximum Debt Balance 1,178
Average Debt Balance 431
Balance Sheet Value at Year 20 6,113
Undistributed Distributable
Reserves at Year 20 4,881

Conservative
Base Case Optimistic Case
Case
2 1 3
Project IRR 12% 14% 10%
Project NPV (0%) 4,179 4,669 3,359
Project NPV (10%) 173 415 -192
Project NPV (15%) -429 -258 -673
Project NPV (20%) -727 -607 -890
Project Payback in Year 10 8 12
Equity IRR 20% 24% 15%
Equity NPV (0%) 4,351 4,833 3,495
Equity NPV (10%) 760 1,020 353
Equity NPV (15%) 233 432 -58
Equity NPV (20%) -30 125 -243

54
Equity Payback in Year 8 5 11
Total External Equity Required 529 541 514
Maximum Debt Balance 1,178 1,261 1,089
Average Debt Balance 431 435 421
Balance Sheet Value at Year 20 6,113 6,454 5,377
Undistributed Distributable
Reserves at Year 20 4,881 5,374 4,009

Year 0 1 2 3
0.36 0.89 1.56
Debt Service Coverage Ratio Base Case 2 0.36 0.89 1.56
(10 /11) Optimistic Case 1 0.58 1.32 2.04
Average 1.64 Conservative Case 3 0.14 0.50 0.99
Max 2.75
Min 0.36

55
 Amount of Land Leased
100
90

Cumulative Land Leased (Acres)

80
70
60
50
40
30
Base Case
20
Optimistic Case
10 Conservative Case
0
0 5 10 15 20 25
Year

57
 SFB Floorspace Supply & Demand
(Base case)
200,000
150,000
Floorspace (sft)
100,000

SFB Floorspace Constructed

50,000

SFB Floorspace Demand

0

0 2 4 6 8 10 12 14 16 18 20

Year

Warehouse Floor Space Supply & Demand

(Base case)
100,000
80,000
Floorspace (sft)
60,000

Warehouse Floorspace
40,000

Constructed

Warehouse Floorspace Demand

20,000
0

0 2 4 6 8 10 12 14 16 18 20

Year

70
 Debt Service Coverage Ratio
4.00
Base Case
3.50
Optimistic Case
3.00
Conservative Case
2.50
Ratio

2.00

1.50

1.00

0.50

0.00
1 2 3 4 5 6 7 8 9 10 11 12
Year

71