Toll Road Financial Model

Excel based model to check the financial viablity of toll road infrastructure development project(expre
Road,devlelopment cost per km,operation cost per km,vehicle growth,leaverage for project....a
holders,IRR,NPV,Sensitivity Analysis on paramete
Version
Publication Date
Author
Email ID

Table of Content
Modelling Variables,Project Returns,Sensitivity Analysis
Projected Profit and Loss statement
Projected Cash Flow statement,Project IRR,Project NPV
Projected Balance Sheet statement
Loan Schedule with details of all types of loan/bond including zero coupon bonds,subordinated debt
Equity Schedule with details related to equity sponsors cash flows,IRR,NPV..
Depreciation Schedule
Revenue Details
Expenditure Details
Assumptions of Modelling
Limitations

d infrastructure development project(expressway,sea link bridge,underground tunnel...) and financial return for
m,vehicle growth,leaverage for project....and would then project the financial statements for concession period
,IRR,NPV,Sensitivity Analysis on parameters like development cost,interest rate,vehicle growth,toll price..etc.
1.0
16-Jan-12
Manoj Jindal
jindalmanoj06@[Link]

a link bridge,underground tunnel...) and financial return for stake [Link] takes basic input like length of Toll
then project the financial statements for concession period and construction period,cash flow to equity
elopment cost,interest rate,vehicle growth,toll price..etc.

eturn for stake [Link] takes basic input like length of Toll
on period and construction period,cash flow to equity
ce..etc.

Item
Value
Costing Parameters
Development Cost
Length of Road
Project Cost
Operational Cost
Revenue expenditure

Units
90
60

8400

Crores per Km
Km
Crores

Crores Per Km Per

2
Year
120

Crores per
year

Capital Parameters
Debt Ratio
Cost of Equity

70.00%
15.00%

Percentage
Percentage

Interest Rate

10.00%

Percentage

Sub-ordinated Debt Interest

Rate
Zero Coupon Bond Rate

10.00%
10.00%

Percentage
Percentage

Sub-ordinated Debt
Percentage

20.00%

Percentage

Zero Coupon Debt Percentage

30.00%

Percentage

Zero Coupon Maturity Period

10

Years

Moratorium Period
Loan Amortization Period

5
20

years
Years

WACC

9.89%

Percentage

Concession Parameters
Construction Period
Concession Period
Base Year

5
25
2013

years
years
year

Regulatory Parameters
Tax Rate

30.00%

Percentage

Depriciation Method
Assets Salvage Value

SLM
20.00%

SLM/WDM
Percentage

3.20%

Percentage

Depreciation rate

Revenue Parameters
Base Toll price
Toll price
Base vehicle
Vehicle Growth
Display Advertisement
Advertisement Growth
Additional Revenue from other
agencies
Price esclation

1.2 INR (Currency)

72 INR (Currency)
200000
6.00%
15
6.00%
5
8.00%

PCU
Percentage
Crore
Percentage
Crore
Percentage

Project Returns
Project IRR

12.73%

Percentage

Project NPV

3355.20

Crores

15.29%

Percentage

Equity Sponsor IRR

Equity Sponsor NPV

Sensitivity Analysis

Impact of Interest Rate and

Development Cost on IRR for
equity Sponsor

Impact of vehicle Growth and

Base estimate of Vehicle on
IRR for equity Sponsor

91.45

Crores

Impact of vehicle Growth and

Base estimate of Vehicle on
IRR for equity Sponsor

Impact of concession period

and base toll price on IRR for
equity Sponsor

Remarks
Cost estimate per km of development
Length of Toll road
Total cost would be equally spread across
construction period

Per year (from date it being operational)

How much of total funded by Debt
Expected return from equity sponsors
Per Year on outstanding regular debt(other than subordinated and zero coupon debt)
Greater than Regular interest rate as sponsors would not
have first charge over cash flow
Generally greater than Regular debt
How much of total Debt would come from sub-ordinated
Debt
How much of total Debt would come from Zero Coupon
[Link] coupon bond would be used to delay interest
and principle cash outflow
Time after which Zero Coupon bond paid (After project
operational)
Time for which no principal payment required after
project operational
Principle payment
Weighted average cost of capital considering all
type of debt and tax sheild

General Corporate Rate

Method to be used for modelling (Straight Line
/Weighted Down)
Salavage value of assets after concession period
Calculated based on Salavage value and Concession
Period

Input

Derived (can
be changed)

per Km
per PCU
Passenger Car Unit,Includes all types of vehicle
(commercial vehicle converted to PCU)
Per year growth of PCU
Along Toll Road
Per year growth
For using infrastructure
Per year(Would be applicable to all revenue and cost
items)

IRR based on project cash flows (revenue expenditure- taxes - capex) and terminal value
NPV based on project cash flows (revenue expenditure- taxes - capex) and terminal value
discounted by WACC
IRR based on equity cash flows (investments dividend) and terminal value
NPV based on equity cash flows (investments dividend) and terminal value discounted at Cost
of equity

Equity
IRR
Change Interest Rate % and Development Cost based on
requirement,it would automatically populate Equity
sponsor [Link] data inside would turn red which would Interest
Rate
be less than cost of equity
(In %)

Equity
IRR
Change Base Vehicle and its growth based on
requirement,it would automatically populate Equity
sponsor [Link] data inside would turn red which would
be less than cost of equity

Base
Vehicle
(PCU's)

15.29%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
15.00%

15.29%
120,000
140,000

Change Base Vehicle and its growth based on

requirement,it would automatically populate Equity
sponsor [Link] data inside would turn red which would
be less than cost of equity

Base
Vehicle
(PCU's)

Equity
IRR
Change base toll price and concession period (Max 30
-construction period) based on requirement,it would
automatically populate Equity sponsor [Link] data
inside would turn red which would be less than cost of
equity or could not be calculated

Base Toll
Price
(Currenc
yINR)

160,000
180,000
200,000
220,000
240,000
260,000

15.29%
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50

Auto
calculate
d

70
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

Development Cost (In Crores)

80
90
100
110
120
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%

4.00%
15.29%
15.29%

Vehicle Growth (in %)

5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00%
15.29% 15.29% 15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29% 15.29% 15.29%

130
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

140
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

10
15.29%
15.29%
15.29%
15.29%

Concession Period (in years)

12
14
16
18
20
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%
15.29% 15.29% 15.29% 15.29% 15.29%

22
15.29%
15.29%
15.29%
15.29%

24
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

15.29%
15.29%
15.29%
15.29%

Projec
2013
-5
0
0
0
0
0
0
0
0
0
0

2014
-4
0
0
0
0
0
0
0
0
0
0

2015
-3
0
0
0
0
0
0
0
0
0
0

2016
-2
0
0
0
0
0
0
0
0
0
0

2017
-1
0
0
0
0
0
0
0
0
0
0

Provision for Principle

Payment

Dividend

Transfer to Reserves

Accumulated
Reserves losses/Profit

Revenue
Expenditure
EBITDA
Depreciation
EBIT
Interest
EBT
Tax
PAT
Accumulated Loss

Projected Profit and Loss Statement

2018
0
545.6
120
425.6
192.7129
232.8871
419.5569
-186.6698
0
-186.6698
-186.6698

2019
1
624.2789
129.6
494.6789
192.7129
301.966
419.5569
-117.5909
0
-117.5909
-304.2607

2020
2
714.3245
139.968
574.3565
192.7129
381.6436
419.5569
-37.91323
0
-37.91323
-342.1739

2021
3
817.3808
151.1654
666.2154
192.7129
473.5025
419.5569
53.94561
16.18368
37.76193
-304.412

2022
4
935.3294
163.2587
772.0707
192.7129
579.3578
419.5569
159.801
47.94029
111.8607
-192.5513

2023
5
1070.324
176.3194
894.005
192.7129
701.292
419.5569
281.7352
84.52055
197.2146
0

2024
6
1224.831
190.4249
1034.406
192.7129
841.6934
405.5232
436.1702
130.8511
305.3191
0

2025
7
1401.673
205.6589
1196.014
192.7129
1003.301
391.4895
611.8113
183.5434
428.2679
0

0 163.4139 163.4139 163.4139

0 4.6634 305.32 428.27

-186.6698 -117.5909 -37.91323 37.76193 111.8607 192.5513

-186.6698 -304.2607 -342.1739 -304.412 -192.5513

2026
8
1604.08
222.1116
1381.968
192.7129
1189.255
377.4559
811.7991
243.5397
568.2594
0

2027
9
1835.751
239.8806
1595.87
192.7129
1403.157
363.4222
1039.735
311.9205
727.8144
0

2028
10
2100.92
259.071
1841.849
192.7129
1649.136
1470.322
178.814
53.64419
125.1698
0

2029
11
2404.433
279.7967
2124.637
192.7129
1931.924
1456.288
475.6356
142.6907
332.9449
0

2030
12
2751.84
302.1804
2449.659
192.7129
2256.946
1442.254
814.692
244.4076
570.2844
0

2031
13
3149.49
326.3548
2823.135
192.7129
2630.422
1428.221
1202.202
360.6605
841.5412
0

2032
14
3604.655
352.4632
3252.192
192.7129
3059.479
1414.187
1645.292
493.5876
1151.704
0

2033
15
4125.658
380.6603
3744.997
192.7129
3552.284
279.2202
3273.064
981.9193
2291.145
0

163.4139 163.4139 516.2139 516.2139 516.2139 516.2139 516.2139 163.4139

568.26 727.81

0 9.4439 246.78 518.04

323.501

323.501

323.501

828.2 2291.1

0 125.1698

323.501

0 125.1698 448.6708 772.1718 1095.673 1419.174 1419.174

2034
16
4722.025
411.1131
4310.912
192.7129
4118.199
265.1866
3853.013
1155.904
2697.109
0

2035
17
5404.664
444.0022
4960.662
192.7129
4767.949
251.1529
4516.796
1355.039
3161.757
0

2036
18
6186.061
479.5223
5706.539
192.7129
5513.826
237.1192
5276.706
1583.012
3693.695
0

2037
19
7080.508
517.8841
6562.624
192.7129
6369.911
223.0856
6146.825
1844.048
4302.778
0

2038
20
8104.367
559.3149
7545.052
192.7129
7352.339
209.0519
7143.287
2142.986
5000.301
0

2039
21
9276.369
604.06
8672.309
192.7129
8479.596
195.0182
8284.578
2485.373
5799.205
0

2040
22
10617.96
652.3848
9965.572
192.7129
9772.859
180.9846
9591.874
2877.562
6714.312
0

2041
23
12153.68
704.5756
11449.1
192.7129
11256.39
166.9509
11089.44
3326.831
7762.605
0

163.4139 163.4139 163.4139 163.4139 163.4139 163.4139 163.4139 163.4139

2697.1 3161.8 3693.7 4302.8 5000.3 5799.2 6714.3 7762.6

0

1419.174 1419.174 1419.174 1419.174 1419.174 1419.174 1419.174 1419.174

2042
24
13911.63
760.9417
13150.68
192.7129
12957.97
152.9172
12805.05
3841.516
8963.537
0
163.4139

8963.5
0

1419.174

2043
25

Opening Balance

2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

Cash Inflows
Revenue
Debt
Equity

0
1176
504

0
1176
504

0
1176
504

0
1176
504

1680

1680

1680

1680

0
0
1680
0
0
0

0
0
1680
0
0
0

0
0
1680
0
0
0

0
0
1680
0
0
0

1680

1680

1680

1680

Net Cash Flow

Closing Balance

-1680

-1680

-1680

-1680

Total Cash Inflow

Cash Outflow
Expenditure
Interest
Capex
Principal Repayment
Dividend
Tax

Total Cash Outflow

Project Cash Flows

Project IRR
Project NPV

12.73%
3355.2

Projected Cash Flow statement

2017
-1
0

2018
0
0

0
1176
504

545.6 624.27888 714.32454 817.38082 935.32942 1070.3243 1224.8312

0
0
0
0
0
0
0
0
0
0
0
0
0
0

1680

545.6 624.279 714.325 817.381 935.329 1070.32 1224.83

0
0
1680
0
0
0

120
419.56
0.00
0.00
0.00
0.00

2019
1
6.04

129.6
419.56
0.00
0.00
0.00
0.00

2020
2
81.17

139.97
419.56
0.00
0.00
0.00
0.00

2021
3
235.96

151.17
419.56
0.00
0.00
0.00
16.18

2022
4
466.44

163.26
419.56
0.00
0.00
0.00
47.94

2023
5
771.01

176.32
419.56
0.00
163.41
4.66
84.52

2024
6
992.86

190.42
405.52
0.00
163.41
305.32
130.85

1680 539.56 549.157 559.525 586.906 630.756 848.474 1195.53

0 6.0431

75.122

154.8 230.475 304.574

0 6.0431 81.1652 235.965

-1680

221.85

29.299

466.44 771.013 992.864 1022.16

425.6 494.679 574.357 650.032

724.13 809.484 903.555

2025
7
1022.16

2026
8
1051.46

2027
9
1080.76

2028
10
1110.06

2029
11
911.73

2030
12
911.73

2031
13
911.73

1401.6726 1604.0795 1835.7506 2100.9196 2404.4332 2751.8397 3149.4902

0
0
0
0
0
0
0
0
0
0
0
0
0
0

1401.67 1604.08 1835.75 2100.92 2404.43 2751.84 3149.49

205.66
391.49
0.00
163.41
428.27
183.54

222.11
377.46
0.00
163.41
568.26
243.54

239.88
363.42
0.00
163.41
727.81
311.92

259.07
1470.32
0.00
516.21
0.00
53.64

279.80
1456.29
0.00
516.21
9.44
142.69

302.18
1442.25
0.00
516.21
246.78
244.41

326.35
1428.22
0.00
516.21
518.04
360.66

1372.37 1574.78 1806.45 2299.25 2404.43 2751.84 3149.49

29.299

29.299

29.299 -198.331

1051.46 1080.76 1110.06 911.728 911.728 911.728 911.728

1012.47 1138.43 1283.95

1788.2 1981.95 2205.25 2462.47

2032
14
911.73

2033
15
911.73

2034
16
941.03

2035
17
970.33

2036
18
999.63

2037
19
1028.92

2038
20
1058.22

3604.6552 4125.6577 4722.0251 5404.6644 6186.0609 7080.5079 8104.3671

0
0
0
0
0
0
0
0
0
0
0
0
0
0

3604.66 4125.66 4722.03 5404.66 6186.06 7080.51 8104.37

352.46
1414.19
0.00
516.21
828.20
493.59

380.66
279.22
0.00
163.41
2291.14
981.92

411.11
265.19
0.00
163.41
2697.11
1155.90

444.00
251.15
0.00
163.41
3161.76
1355.04

479.52
237.12
0.00
163.41
3693.69
1583.01

517.88
223.09
0.00
163.41
4302.78
1844.05

559.31
209.05
0.00
163.41
5000.30
2142.99

3604.66 4096.36 4692.73 5375.37 6156.76 7051.21 8075.07

0

29.299

29.299

29.299

29.299

29.299

29.299

911.728 941.027 970.326 999.625 1028.92 1058.22 1087.52

2758.6 2763.08 3155.01 3605.62 4123.53 4718.58 5402.07

2039
21
1087.52

2040
22
1116.82

2041
23
1146.12

2042
24
1175.42

2043
25

9276.3693 10617.957 12153.675 13911.625

0
0
0
0
0
0
0
0

9276.37

604.06
195.02
0.00
163.41
5799.20
2485.37

10618 12153.7 13911.6

652.38
180.98
0.00
163.41
6714.31
2877.56

704.58
166.95
0.00
163.41
7762.61
3326.83

760.94
152.92
0.00
163.41
8963.54
3841.52

9247.07 10588.7 12124.4 13882.3

29.299

29.299

29.299

29.299

1116.82 1146.12 1175.42 1204.72

6186.94 7088.01 8122.27 9309.17 5556.4

Equity
Reserves
Loans

Total Liablities
Fixed Assets
Cash Balance

Total Assets
Gap(To Check Error)

Assets to transfer at
end of concession
perid

2013
-5
324
0
756

2014
2015
2016
2017
-4
-3
-2
-1
648
972
1296
1620
0
0
0
0
2296.56 3619.795 5026.357 6523.481

1080 2944.6 4591.8 6322.4 8143.5

1080
0

3430.56 5257.795 7168.357 9169.481

0
0
0
0

1080 3430.6 5257.8 7168.4 9169.5

0

5556.376

486

666

846

1026

Projected Balance Sheet

2018
2019
2020
2021
2022
2023
2024
2025
0
1
2
3
4
5
6
7
1620
1620
1620
1620
1620
1620
1620
1620
-186.6698 -304.2607 -342.1739 -304.412 -192.5513
0
0
0
6523.481 6523.481 6523.481 6523.481 6523.481 6360.067 6196.653 6033.239

7956.8 7839.2 7801.3 7839.1 7950.9 7980.1 7816.7 7653.2

8976.768 8784.055 8591.342 8398.629 8205.916 8013.203 7820.491 7627.778
6.043139 81.16516 235.9648 466.4397 771.0133 992.8635 1022.163 1051.462

8982.8 8865.2 8827.3 8865.1 8976.9 9006.1 8842.7 8679.2

1026

1026

1026

1026

1026

1026

1026

1026

2026
2027
2028
2029
2030
2031
2032
2033
8
9
10
11
12
13
14
15
1620
1620
1620
1620
1620
1620
1620
1620
0
0 125.1698 448.6708 772.1718 1095.673 1419.174 1419.174
5869.825 5706.411 5190.197 4673.983 4157.77 3641.556 3125.342 2961.928

7489.8 7326.4 6935.4 6742.7 6549.9 6357.2 6164.5 6001.1

7435.065 7242.352 7049.639 6856.926 6664.213
6471.5 6278.787 6086.074
1080.76 1110.059 911.7283 911.7283 911.7283 911.7283 911.7283 941.0272

8515.8 8352.4 7961.4 7768.7 7575.9 7383.2 7190.5 7027.1

1026

1026

1026

1026

1026

1026

1026

1026

2034
2035
2036
2037
2038
2039
2040
2041
16
17
18
19
20
21
22
23
1620
1620
1620
1620
1620
1620
1620
1620
1419.174 1419.174 1419.174 1419.174 1419.174 1419.174 1419.174 1419.174
2798.514
2635.1 2471.686 2308.272 2144.858 1981.444 1818.03 1654.616

5837.7 5674.3 5510.9 5347.4

5184 5020.6 4857.2 4693.8

5893.361 5700.649 5507.936 5315.223 5122.51 4929.797 4737.084 4544.371

970.3262 999.6252 1028.924 1058.223 1087.522 1116.821 1146.12 1175.419

6863.7 6700.3 6536.9 6373.4

1026

1026

1026

1026

6210 6046.6 5883.2 5719.8

1026

1026

1026

1026

2042
24
1620
1419.174
1491.203

4530.4
4351.658
1204.718

5556.4
1026

2043
25

2013
-5
1176
756

2014
2015
2016
2017
2018
-4
-3
-2
-1
0
1176
1176
1176
1176
0
2296.56 3619.795 5026.357 6523.481 6523.481

Accumulated
Interest(Regular +
Subordinated)
Total Interest Paid

0
0

70.56 147.2352 230.5619 321.1238

0
0
0
0
0 419.5569

Loan Principal payment

New Regular Debt

588

588

588

588

588

Outstanding Regular
Debt

588

Total New Debt Issue

Outstanding Debt

1223.04 1908.883 2649.594 3449.561 3449.561

Accumulated Regular
Debt Interest

47.04

Regular Debt Interest

Paid

0 275.9649

Regular Debt Principle

Payment

New Subordinated Debt

Issue

235.2

235.2

235.2

235.2

235.2

Outstanding
Subordinated Debt

235.2

493.92

778.512 1091.563

1435.92

1435.92

Accumulated
Subordinated Debt
Interest

23.52

49.392

77.8512 109.1563

Subordinated Debt
Interest Paid

143.592

Subordinated Debt
Principle Payment

New Zero Coupon Debt

Issue

352.8

352.8

352.8

352.8

352.8

Outstanding Zero
Coupon Debt

226.8

579.6

932.4

1285.2

1638

1638

Zero Coupon Bond

Interest Paid

Zero Coupon Principle

Payment

97.8432 152.7107 211.9675

Outstanding Regular
Debt(For Principle
Payment)

2307.728

Outstanding
Subordinate Debt(For
Principle Payment)

960.5505

Loan Schedule
2019
2020
2021
2022
2023
2024
2025
2026
1
2
3
4
5
6
7
8
0
0
0
0
0
0
0
0
6523.481 6523.481 6523.481 6523.481 6360.067 6196.653 6033.239 5869.825

0
0
0
0
0
0
0
0
419.5569 419.5569 419.5569 419.5569 419.5569 405.5232 391.4895 377.4559
0

0 163.4139 163.4139 163.4139 163.4139

3449.561 3449.561 3449.561 3449.561 3334.175 3218.789 3103.402 2988.016

0

275.9649 275.9649 275.9649 275.9649 275.9649

266.734 257.5031 248.2722

0 115.3864 115.3864 115.3864 115.3864

1435.92

1435.92

1435.92

143.592

143.592

143.592

143.592

0 48.02753 48.02753 48.02753 48.02753

1638

1638

1638

1638

1638

1638

1638

1638

1435.92 1387.892 1339.864 1291.837 1243.809

143.592 138.7892 133.9864 129.1837

2027
2028
2029
9
10
11
0
0
0
5706.411 5190.197 4673.983

2030
2031
2032
2033
2034
12
13
14
15
16
0
0
0
0
0
4157.77 3641.556 3125.342 2961.928 2798.514

0
0
0
0
0
0
0
0
363.4222 1470.322 1456.288 1442.254 1428.221 1414.187 279.2202 265.1866
163.4139 516.2139 516.2139 516.2139 516.2139 516.2139 163.4139 163.4139

2872.629 2757.243 2641.857

0

2526.47 2411.084 2295.697 2180.311 2064.925

0

239.0413 229.8104 220.5794 211.3485 202.1176 192.8867 183.6558 174.4249

115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864

1195.782 1147.754 1099.727 1051.699 1003.672 955.6443 907.6167 859.5892

124.3809 119.5782 114.7754 109.9727 105.1699 100.3672 95.56443 90.76167

48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753

1638

1285.2

932.4

579.6

226.8

-126

-126

-126

0 1120.933 1120.933 1120.933 1120.933 1120.933

352.8

352.8

352.8

352.8

352.8

2035
2036
2037
2038
2039
17
18
19
20
21
0
0
0
0
0
2635.1 2471.686 2308.272 2144.858 1981.444

2040
2041
2042
22
23
24
0
0
0
1818.03 1654.616 1491.203

0
0
0
0
0
0
0
0
251.1529 237.1192 223.0856 209.0519 195.0182 180.9846 166.9509 152.9172
163.4139 163.4139 163.4139 163.4139 163.4139 163.4139 163.4139 163.4139

1949.538 1834.152 1718.766 1603.379 1487.993 1372.606

0

1257.22 1141.834
0

165.194 155.9631 146.7322 137.5012 128.2703 119.0394 109.8085 100.5776

115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864 115.3864

811.5617 763.5342 715.5066 667.4791 619.4516 571.4241 523.3965

475.369

85.95892 81.15617 76.35342 71.55066 66.74791 61.94516 57.14241 52.33965

48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753 48.02753

-126

-126

-126

-126

-126

-126

-126

-126

2043
25

Equity Schedu
2013
-5
504
324

2014
-4
504
648

2015
-3
504
1152

2016
-2
504
1656

2017
-1
504
2160

Dividend
Equity Investments

0
504

0
504

0
504

0
504

0
504

Equity Holder Cash

Fow

-504

-504

-504

-504

-504

New Equity
Total Equity

Equity Sponsor
IRR

15%

Equity Sponsor
NPV

91.45

Equity Schedule ,Equity Cash flow,IRR and NPV calculations

2018
0
0
2160

2019
1
0
2160

2020
2
0
2160

2021
3
0
2160

2022
4
0
2160

2023
5
0
2160

2024
6
0
2160

2025
7
0
2160

Equity Sponsor Cash Flow

0
0

0
0

0
0

0
0

0 4.663361 305.3191 428.2679

0
0
0
0

0 4.663361 305.3191 428.2679

2026
8
0
2160

2027
9
0
2160

2028
10
0
2160

2029
11
0
2160

2030
12
0
2160

2031
13
0
2160

2032
14
0
2160

2033
15
0
2160

568.2594 727.8144
0
0

0 9.443921 246.7834 518.0402 828.2034 2291.145

0
0
0
0
0
0

568.2594 727.8144

0 9.443921 246.7834 518.0402 828.2034 2291.145

2034
16
0
2160

2035
17
0
2160

2036
18
0
2160

2037
19
0
2160

2038
20
0
2160

2039
21
0
2160

2040
22
0
2160

2041
23
0
2160

2697.109 3161.757 3693.695 4302.778 5000.301 5799.205 6714.312 7762.605

0
0
0
0
0
0
0
0
2697.109 3161.757 3693.695 4302.778 5000.301 5799.205 6714.312 7762.605

2042
24
0
2160

2043
25

8963.537
0
8963.537 5556.376

New Investment
Interest Capitalized

Fixed Asset
Depreciation
Accumulated
Depreciation

Final Fixed Asset

Value(Before
operational)

2013
-5
1680
0

2014
2015
2016
2017
-4
-3
-2
-1
1680
1680
1680
1680
70.56 147.2352 230.5619 321.1238

2018
0
0
0

1680 3430.6 5257.8 7168.4 9169.5 8976.8

0
0
0
0
0 192.71
0

6022.278

0 192.7129

Depericiation Schedule
2019
1
0
0

2020
2
0
0

2021
3
0
0

2022
4
0
0

2023
5
0
0

2024
6
0
0

2025
7
0
0

2026
8
0
0

8784.1 8591.3 8398.6 8205.9 8013.2 7820.5 7627.8 7435.1

192.71 192.71 192.71 192.71 192.71 192.71 192.71 192.71
385.4258 578.1387 770.8516 963.5645 1156.277

1348.99 1541.703 1734.416

2027
9
0
0

2028
10
0
0

2029
11
0
0

2030
12
0
0

2031
13
0
0

2032
14
0
0

2033
15
0
0

2034
16
0
0

7242.4 7049.6 6856.9 6664.2 6471.5 6278.8 6086.1 5893.4

192.71 192.71 192.71 192.71 192.71 192.71 192.71 192.71
1927.129 2119.842 2312.555 2505.268 2697.981 2890.694 3083.407 3276.119

2035
17
0
0

2036
18
0
0

2037
19
0
0

2038
20
0
0

2039
21
0
0

2040
22
0
0

2041
23
0
0

2042
24
0
0

5700.6 5507.9 5315.2 5122.5 4929.8 4737.1 4544.4 4351.7

192.71 192.71 192.71 192.71 192.71 192.71 192.71 192.71
3468.832 3661.545 3854.258 4046.971 4239.684 4432.397

4625.11 4817.823

2043
25

Toll
Display
Advertisement
Other Income
Revenue Item 4
Revenue Item 5
Revenue Item 6
Revenue Item 7
Revenue Item 8
Revenue Item 9

Total Revenue

2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

2017
-1
0

2018
0
525.6

0
0

0
0

0
0

0
0

0
0

15
5

545.6

Revenue Details
2019
1
601.7069

2020
2021
2022
2023
2024
2025
2026
2
3
4
5
6
7
8
688.834 788.5772 902.7632 1033.483 1183.132 1354.449 1550.573

17.172 19.65851 22.50506 25.76379 29.49439 33.76517 38.65437 44.25152

5.4
5.832 6.29856 6.802445 7.34664 7.934372 8.569121 9.254651

624.28 714.32 817.38 935.33 1070.3 1224.8 1401.7 1604.1

2027
9
1775.096

2028
2029
2030
2031
2032
2033
2034
10
11
12
13
14
15
16
2032.13 2326.383 2663.243 3048.881 3490.359 3995.763 4574.349

50.65914 57.99459 66.3922 76.0058 87.01143 99.61069 114.0343 130.5465

9.995023 10.79462 11.65819 12.59085 13.59812 14.68597 15.86085 17.12971

1835.8 2100.9 2404.4 2751.8 3149.5 3604.7 4125.7

4722

2035
2036
2037
2038
2039
2040
2041
2042
17
18
19
20
21
22
23
24
5236.715 5994.991 6863.066 7856.838 8994.508 10296.91 11787.91 13494.79
149.4496 171.0899 195.8637 224.2248 256.6926 293.8617 336.4128 385.1254
18.50009 19.9801 21.57851 23.30479 25.16917 27.1827 29.35732 31.7059

5404.7 6186.1 7080.5 8104.4 9276.4

10618

12154

13912

2043
25
15448.84
440.8916
34.24238

O&M
Expenditure Item 2
Expenditure Item 3
Expenditure Item 4

Total Expenditure

2013
-5
0

2014
-4
0

2015
-3
0

2016
-2
0

2017
-1
0

2018
0
120

120

Expenditure Details
2019
1
129.6

2020
2021
2022
2023
2024
2025
2026
2
3
4
5
6
7
8
139.968 151.1654 163.2587 176.3194 190.4249 205.6589 222.1116

129.6 139.97 151.17 163.26 176.32 190.42 205.66 222.11

2027
9
239.8806

2028
2029
2030
2031
2032
2033
2034
10
11
12
13
14
15
16
259.071 279.7967 302.1804 326.3548 352.4632 380.6603 411.1131

239.88 259.07

279.8 302.18 326.35 352.46 380.66 411.11

2035
2036
2037
2038
17
18
19
20
444.0022 479.5223 517.8841 559.3149

2039
2040
2041
2042
21
22
23
24
604.06 652.3848 704.5756 760.9417

444 479.52 517.88 559.31 604.06 652.38 704.58 760.94

2043
25

Modelling Assumptions
1
2
3
4
5
6
7
8
9
10
11

Modelling Assumptions

All Assets would be transferred at book value at end of concession period and same would be used wh
All Interest incurred during construction period would get accumulated and debt amount would increa
All Interest incurred during construction period would be [Link] be considered for fixed ass
Each type of Debt(Regular,Sub-ordinated,Zero coupon) would be raised in given proprotion in each pe
Zero Coupon bonds interest during construction period would not be capitalized
Subordinated Debt would be supplied by Equity Holders of project
Dividend would be declared only when all earlier incurred losses get recovered
In order to maximize Dividend amount,it is taken as PAT + Depreciation - Priniciple Payment

Terminal value(Assets value at end of concession period) would be realized after a year when concess

Tax would be calculated on positive EBT(Earning before tax) at given tax [Link] of earlier incu
computing tax.
All data in Crores otherwise mentioned

Limitations
1
2

3
4

Limitations

Concession period should be less than or equal to 30 years less of construction period years (For e.g
concession period could be 28 years ,if construction period is 10 years then maximum concession pe
Construction period should be atleast 1 year with maximum limit of 10 years

The cases where construction period + concession period is less than 30,only details till concession pe
[Link] of now this model does not blank or mark zero to additional irrelevant years information.(F
,concession period is 15 years,Base year is 2013 then data till year 2032 should be referred)

All data to be input in model is assumed to be positive except for growth [Link] explicit check
values