Copy of Italy Water System

7/28/2019 Copy of Italy Water System

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SENSITIVITIES GROUP A

Item Unit Base Case Sensitivity New Amount

INFLATION

Annual Rate 2.00% 0.00% 2.00%

CAPEX

Costi overrun % 0.00% 0.00% 0.00%

OPERATING PHASE

Revenues from Water Sale

1 Adduction Level

Non potable Water already supplied

Tariff 31-12-2003 Euro/'000mc 100 0.00% 100

Potable Water

Tariff 31-12-2003 Euro/'000mc 300 0.00% 300

Opex due to Water Production

1 Adduction Level

1. Personnel

Staff 100 0.00% 100

Annul Cost 60 0.00% 60

2. Water System Opex

Annul Cost Euro/'000mc 60 0.00% 60

3. Maintenance

Capex percentage % 0.50% 0.00% 0.50%

4. Other Services uro ('000) 1,549 0.00% 1549

5. General Expenses

Maitenance and Personnel % % 5.00% 0.00% 5.00%

2 Adduction Level

1. Personnel

Staff 130 0.00% 130


Annul Cost 60 0.00% 60

3. Maintenance

Capex percentage 0.50% 0.00% 0.50%

4. Other Services 2,066 0.00% 2,066

First Year 100.00% 0.00% 100.00%

5. General Expenses 5.00% 0.00% 5.00%

Revenues from Energy Sale

Flowing Water

Tariff 31-12-2003 uro ('000)/GWh 57 0.00% 57

Tariff 25% F4

Tariff 31-12-2003 uro ('000)/GWh 63 0.00% 63

Green Certificates Cost

Tariff 31-12-2009 uro ('000)/GWh 82 0.00% 82

Opex due to Energy Production

Power plant opex uro ('000) 1,350 0.00% 1350

Energy Autority Fee uro ('000) 5,000 0.00% 5000

Water Autority Fee uro ('000) 5,000 0.00% 5000


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ASSUMPTIONS SHEET

Fonte Unit

CURRENCY keuro

Lire Lit/mil.

Euro uro ('000)

TIMING

Starting date 1-Jan-06

Ending date 31-Dec-40

Concession Maturity Year 35.0

Operation Date Maturity Year 30.0

INFLATION

Annual Rate 2.0%

CONSTRUCTION PERIOD

Maturity Year 5.0

1st Section



Maturity 1st Sestion 3.0

2nd Section



Total Maturity Year 5.0

CAPEX

1st Section

CAPEX 1 keuro 260,687

Doubling YYYY keuro 134,551

Potable water System YYY keuro 143,332

TOTAL keuro 538,571

Design and other costs keuro 64,445

Expropriation keuro 11,653

TOTAL CAPEX 1st Section keuro 614,669

2nd Section

CAPEX 2 80,417

Doubling XXX 91,414

Acquedotto del xxxx Potabile 259,548

TOTAL keuro 431,380

Design and other costs keuro 51,352

Expropriation keuro 23,337

TOTAL CAPEX 2nd Section keuro 506,068

Total Capex keuro 1,120,737

LIFE CYCLE COSTS

Progr. Year

9 2014 keuro 2,981

11 2016 keuro 1,663

13 2018 keuro 3,385

15 2020 keuro 1,888

17 2022 keuro 3,843

19 2024 keuro 2,144

21 2026 keuro 4,363

23 2028 keuro 2,434

LIRE

EURO


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25 2030 keuro 4,954

27 2032 keuro 2,763

29 2034 keuro 5,624

31 2036 keuro 3,137

33 2038 keuro 6,385

35 2040 keuro 3,562keuro

Total keuro 49,127

DEPRECIATION

1st Section


2nd Section


VAT

Grant Rate % 10%

Capex Rate % 20%

Opex Rate % 20%

Concession fee Rate % 10%

Water revenues Rate % 10%

Energy revenues Rate % 20%

Average payment by VAT Authority Year 2

VAT Reimbursement starting date 1-Jan-08

VAT Reimbursement ending date 31-Dec-13

VAT FACILITY

Amuount 96,099

Availability Year 6



Repayment Period Year 2



Total Maturity Year 8

Interest

Base Rate 3.00%

Margin 1.00%

Annual Interest Rate 4.00%

Escalated interest 6,643

Annual Depreciation Rate 3.33%

Withholding Tax 0.25%

Financial fee

Commitment fee 0.50%

Arrangement fee 1.00%

OPERATING PHASE

Starting Date 1-Jan-09

Non potable Water already supplied Mln mc/year 209

Tariff 31-12-2003 Euro 0

Tariff 31-12-2009 Euro 0

Potable Water already supplied Mln mc/year 123Tariff 31-12-2003 Euro 200

Tariff 31-12-2009 Euro 225

Existing Water System Opex keuro 2,500

1 Adduction Level



Total water supplied Mln mc/year 120

Revenues

Non potable water


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supplied water added Mln mc/year 30

Tariff 31-12-2003 Euro/'000mc 100

Tariff 31-12-2009 Euro/'000mc 113

Potable water


Tariff 31-12-2003 Euro/'000mc 300

Tariff 31-12-2009 Euro/'000mc 338

Opex

1. Personnel

Staff 100

Annul Cost keuro 60


Annul Cost Euro/'000mc 60

3. Maintenance

Capex percentage % 0.5%

4. Other Services keuro 1,549

5. General Expenses

Maitenance and Personnel % % 5.0%

2 Adduction Level



Total water supplied Mln mc/year 210

Revenues

Non potable water


Tariff 2009 Euro/'000mc 113

Potable water

supplied water added Mln mc/anno 170

Tariff 2009 Euro/'000mc 338

Opex

1. Personnel

Staff 130

Annul Cost keuro 60.48


Annul Cost Euro/'000mc 60

3. Maintenance

Capex percentage % 0.5%

4. Other Services keuro 2,066

5. General Expenses

Maitenance and Personnel % % 5.0%

ENERGY SALE

Tariff annual Escalation % 1.5%

1 Escalation anno 2010

Start-up year 2009

Start-up capacity % 80%

Tariff 1

Tariff 31-12-2003 uro ('000)/GWh 57

Tariff 31-12-2009 uro ('000)/GWh 62

Energy sold GWh/year 32.78

Tariff 2


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Tariff 31-12-2003 uro ('000)/GWh 63

Tariff 31-12-2009 uro ('000)/GWh 69

Energy sold GWh/year 73

Green Certificate

Tariff 31-12-2009 uro ('000)/GWh 82

Energy sold GWh/year 106.11

Green Certificate starting date 1-Jan-09

Green Certificate maturity year 8

Green Certificate ending date 31-Dec-16

Power plant opex keuro 1,350

Energy Autority Fee keuro 5,000

Water Autority Fee keuro 5,000

TAXATION

Corporation Tax Rate %_ 33.0%

IRAP Rate % 4.25%

WORKING CAPITAL

Average water receipts time gg. 60

Average energy receipts time gg. 60

Average opex payment time (no personnel) gg. 60

Average Exiting Water System payment time gg. 60

Average Autority Water fee payment time gg. 60Average Power Plant opex payment time gg. 60

PUBBLIC GRANT

Amount keuro 616,405

Drawdown modality Public Installments

1st Section

TOTAL CAPEX 1st Section keuro 614,669

% 55%

1 Section Grant amount keuro 338,068

2nd Section

TOTAL CAPEX 2nd Section keuro 506,068

% 55%2 Section Grant amount keuro 278,338

EQUITY


Drawdown modality Pro-quota

% of financial deficit 12.00%

SENIOR FACILITY


Average Loan Life 14.92

Availability 6

Starting date Year 1-Jan-06


Repayment Period Year 15



Interest

Base Rate 4.00%

Margin 1.50%

Annual Interest Rate 5.50%

Capitalised interest 25,232

tasso variabil


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Financial fee


Arrangement fee 1.00%

GUARANTEE FACILITIES

FALSE Pubblic Grant


Ending date 1-Jan-11

Margin 1.50%


Up front fee 0.00%

VAT Reibursement

Law minimun maturity Year 3



Margin 0.80%

Up front fee 1.00%


DEBT SERVICE RESERVE ACCOUNT

% cash to Reserve 100.00%

Payment Defined

Constitution Date 31-Dec-12

Release Date 31-Dec-26

Interest Income 1.00%

LEGAL RESERVE

% Earning 5.00%Limit (20% Equity ) keuro 26,676

DSCR esclusione grace period

Min 1.48

Max 1.57

Average 1.51

LLCR

Min 1.51

Max 1.60

Average 1.53

IRR

Project 9.54%Equity 12.47%

PA index 3.24%

REVOLVING


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SENIOR LOAN REPAYMENT PROFILE

Average Loan Life 14.92

Year % Repayment Repayment ADSCR

2006 0.0% 0 0.00

2007 0.0% 0 0.00

2008 0.0% 0 0.00

2009 0.0% 0 0.00

2010 0.0% 0 0.00

2011 0.0% 0 0.00

2012 4.4% (15,812) 1.57

2013 5.2% (18,930) 1.48

2014 5.0% (18,207) 1.50

2015 6.0% (21,615) 1.50

2016 6.2% (22,338) 1.49

2017 5.1% (18,359) 1.54

2018 5.4% (19,625) 1.50

2019 6.6% (23,966) 1.48

2020 6.6% (23,785) 1.50

2021 7.4% (26,679) 1.50

2022 7.2% (25,955) 1.50

2023 8.2% (29,573) 1.53

2024 8.2% (29,573) 1.55

2025 9.5% (34,199) 1.50

2026 9.2% (33,114) 1.51

2027 0.0% 0 0.00

2028 0.0% 0 0.00

2029 0.0% 0 0.00

2030 0.0% 0 0.00


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SUMMARY SHEET

CAPEX

1st Section

CAPEX 1 keuro 260,687 22.3%

Doubling YYYY keuro 134,551 11.5%

Potable water System YYY keuro 143,332Design and other costs keuro 64,445 5.5%

Expropriation keuro 11,653 1.0%

TOTAL CAPEX 1st Section keuro 614,669 52.5%

2nd Section

CAPEX 2 keuro 80,417 6.9%

Doubling XXX keuro 91,414 7.8%

Potable Water System XXX keuro 259,548 22.2%

Design and other costs keuro 51,352 4.4%

Expropriation keuro 23,337 2.0%

TOTAL CAPEX 2nd Section keuro 506,068 43.3%

Total Capex keuro 1,120,737 95.8%

Life Cycle Cost keuro 49,127 4.2%

Total INVESTIMENTI keuro 1,169,864 100.0%

WATER REVENUES ENE

Existing Water SystemWater supplied

(mln mc./year)

Tariff 31-12-2003

(euro/'000mc)TARI

Potable Water already supplied 123 200 T

Non potable Water already supplied 209 - T

G

1 Adduction Level

Water supplied

(mln mc./ ear)

Tariff 31-12-2003

(euro/'000mc)

Potable 90 300

Non potable 30 100

2 Adduction Level

Water supplied

(mln mc./year)

Tariff 31-12-2003

(euro/'000mc)

Potable 170 300

Non potable 40 100


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SOURCE AND USES

USES

CAPEX

1st Section keuro 614,669 43.6%

2nd Section keuro 506,068 35.9%

Total Capex keuro 1,120,737 79.6%

Financial fee keuro 5,723 0.4%

Capitalised interest keuro 111,814 7.9%

DSRA keuro 19,039 1.4%

Change in Working Capital keuro 2,877 0.2%

VAT (2006-2011) keuro 148,269 10.5%

TOTAL USES keuro 1,408,459 100.0%

SOURCE

Loan

SENIOR FACILITY keuro 361,729 25.7%

VAT FACILITY keuro 22,370 1.6%

Total Loan keuro 384,099 27.3%

Cash during construction keuro 148,674 10.6%

PUBBLIC GRANT keuro 616,405 43.8%

EQUITY keuro 133,382 9.5%

VAT Reibursement (al 31-12-2011) keuro 125,899 8.9%

TOTAL SOURCE keuro 1,408,459 100.0%


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SENIOR FACILITY Average Loan Life 14.92 VAT FA

Amount keuro 361,729 Amuoun

Availability Year 6 Avai

Starting date 1-Jan-06 S

Ending date 31-Dec-11 E

Repayment Period Year 15 Repa

Starting date 1-Jan-12 E


Inter

Annual Interest Rate 5.50% With


Outstanding Loans keuro

RATIOS

Project IRR Equity IR

Concession Maturity Year 30 Concessio

Final Maturity 31-Dec-40 Final Mat

Project IRR 9.54% Equity IR

TIR Azionisti

Durata della concessione (gestione) Year 30

Scadenza 31-Dec-40

IRR azionisti 12.47%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Senior Loan 35,032 124,594 280,791 311,495 348,980 361,729 345,917 326,987 308,781 287,166 264,828 246,469 22

VAT Loan 11,405 47,238 96,099 78,661 35,997 22,370 4,769 0 0 0 0 0


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Sources-Uses Analysis

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-

Year 2006 2007 2008 2009 2010 2011 20

Progr. 1 2 3 4 5 6

Period

USES

CAPEX keuro 78,653 247,127 415,624 155,817 151,703 71,813

Capitalised interest keuro 10,314 9,102 21,637 25,367 25,574 25,542 20,84

Cash keuro 0 0 0 0 0 0 20,7

DSRA keuro 0 0 0 0 0 19,039

TOTAL USES keuro 88,967 256,230 437,261 181,183 177,277 116,395 41,56

SOURCE

Self-financing keuro 0 0 (0) 48,906 39,867 57,024 57,37

Equity keuro 10,676 30,748 52,471 15,873 16,489 7,125

Grant keuro 43,259 135,920 228,593 85,699 83,437 39,497

Debt (reimbursment) keuro 35,032 89,562 156,197 30,705 37,484 12,749 (15,81

TOTAL SOURCES keuro 88,967 256,230 437,261 181,183 177,277 116,395 41,56

ok ok ok ok ok ok ok


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Sources-Uses Analysis

Starting

Ending

Year

Progr.

Period

USES

CAPEX keuro

Capitalised interest keuro

Cash keuro

DSRA keuro

TOTAL USES keuro

SOURCE

Self-financing keuro

Equity keuro

Grant keuro

Debt (reimbursment) keuro

TOTAL SOURCES keuro

1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31

31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 3

2025 2026 2027 2028 2029 2030 2031

20 21 22 23 24 25 26

0 4,363 0 2,434 0 4,954 0

2,762 911 0 0 0 0 0

18,398 17,404 56,134 54,571 57,901 54,065 60,043

0 0 0 0 0 0 0

21,160 22,678 56,134 57,005 57,901 59,018 60,043

55,359 55,791 56,134 57,005 57,901 59,018 60,043

0 0 0 0 0 0 0

0 0 0 0 0 0 0

(34,199) (33,114) 0 0 0 0 0

21,160 22,678 56,134 57,005 57,901 59,018 60,043

ok ok ok ok ok ok ok


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CAPEX ANALYSIS

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10

Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

CAPEX

1st Section

Flag

CAPEX 1 0% 260,687 25,353 103,444 131,890 - -

Doubling YYYY keuro 0% 134,551 13,086 53,391 68,074 - -

Potable water System YYY keuro 0% 143,332 13,940 56,876 72,517 - -

Design and other costs keuro 0% 64,445 15,409 21,638 22,071 5,327 -

Expropriation keuro 0% 11,653 4,588 4,679 2,386 - -

TOTAL CAPEX 1st Section 614,669 72,376 240,028 296,938 5,327 -

2nd Section

CAPEX 2 keuro 0% 80,417 - - - 26,277 26,802

Doubling XXX keuro 0% 91,414 - - 26,775 27,311 27,857

Potable Water System XXX keuro 0% 259,548 - - 76,021 77,542 79,093

Design and other costs keuro 0% 51,352 6,277 1,048 9,717 13,065 13,134

Expropriation keuro 0% 23,337 - 6,051 6,172 6,296 4,817

TOTAL CAPEX 2nd Section 506,068 6,277 7,099 118,686 150,490 151,703

Total Capex 1,120,737 78,653 247,127 415,624 155,817 151,703

Total Capex keuro 1,120,737 78,653 247,127 415,624 155,817 151,703

Life Cycle Cost

xxxx yyyy keuro 6,269

Doubling YYYY keuro 9,555

Potable water System YYY keuro 13,784

Escalation Factor - - - - -

Total Life Cycle Cost keuro 49,127 - - - - -

Total Capex keuro 1,169,864 78,653 247,127 415,624 155,817 151,703


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CAPEX ANALYSIS

Year

Progr.

CAPEX

1st Section

CAPEX 1

Doubling YYYY keuro

Potable water System YYY keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 1st Section

2nd Section

CAPEX 2 keuro

Doubling XXX keuro

Potable Water System XXX keuro

Design and other costs keuro

Expropriation keuro

TOTAL CAPEX 2nd Section

Total Capex

Total Capex keuro

Life Cycle Cost

xxxx yyyy keuro

Doubling YYYY keuro

Potable water System YYY keuro

Escalation Factor

Total Life Cycle Cost keuro

Total Capex keuro

1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-2

31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-2

2021 2022 2023 2024 2025 2026 2027 202

16 17 18 19 20 21 22 2

- - - - - - -

- 896 - - - 896 -

- 806 - 559 - 806 - 55

- 1,075 - 894 - 1,075 - 894

1.34 1.38 1.43 1.47 1.52 1.57 1.62 1.6

- 3,843 - 2,144 - 4,363 - 2,434

- 3,843 - 2,144 - 4,363 - 2,434


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CAPEX ANALYSIS Moltiplicatore

Year 2006 2007 2008 2009 2010 2011

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%

1st

Section

CAPEX 1 keuro 238,914 23,891 95,566 119,457

Escalation (2%) keuro 21,773 1,462 7,878 12,433

SAL % 10% 40% 50%

Total keuro 260,687 25,353 103,444 131,890

Doubling YYYY keuro 123,313 12,331 49,325 61,657

Escalation (2%) keuro 11,238 755 4,066 6,417

SAL % 100% 10% 40% 50%

Total keuro 134,551 13,086 53,391 68,074

Potable water System YYY keuro 131,361 13,136 52,545 65,681

Escalation (2%) keuro 11,971 804 4,331 6,836

SAL % 100% 10% 40% 50%

Total keuro 143,332 13,940 56,876 72,517 - - -

Design and other costs keuro 59,231 14,521 19,991 19,990 4,730

Escalation (2%) keuro 5,214 889 1,648 2,081 597

SAL % 100% 25% 34% 34% 8%

Total keuro 64,445 15,409 21,638 22,071 5,327 - -

Expropriation keuro 10,807 4,323 4,323 2,161

Escalation (2%) keuro 846 265 356 225

SAL % 100% 40% 40% 20%

Total keuro 11,653 4,588 4,679 2,386 - - -

6.12% 8.24% 10.41% 12.62%

Total Ca ex keuro 563,626 68,202 221,749 268,946 4,730 - -

Escalation (2%) keuro 51,043 4,174 18,279 27,992 597 - -

TOTAL CAPEX 1st

Section keuro 614,669 72,376 240,028 296,938 5,327 - -

Year 2006 2007 2008 2009 2010 2011

Escalation Factor 2003 6.12% 8.24% 10.41% 12.62% 14.87% 17.17%

2nd

Section

CAPEX 2 keuro 69,999 23,333 23,333 23,333

Escalation (2%) keuro 10,418 - - - 2,944 3,469 4,005

% 100% 0% 0% 0% 33% 33% 33%

Total keuro 80,417 - - - 26,277 26,802 27,338

Doubling XXX keuro 80,837 - 24,251 24,251 24,251 8,084

Escalation (2%) keuro 10,577 - - 2,524 3,060 3,606 1,388

% 100% 0% 0% 30% 30% 30% 10%

Total keuro 91,414 - - 26,775 27,311 27,857 9,472

Potable Water System XXX keuro 229,517 68,855 68,855 68,855 22,952

Escalation (2%) keuro 30,031 - - 7,166 8,687 10,238 3,940

% 100% 0% 0% 30% 30% 30% 10%

Total keuro 259,548 - - 76,021 77,542 79,093 26,892

Design and other costs keuro 45,642 5,915 968 8,801 11,601 11,434 6,923

Escalation (2%) keuro 5,710 362 80 916 1,464 1,700 1,188

% 100% 13% 2% 19% 25% 25% 15%

Total keuro 51,352 6,277 1,048 9,717 13,065 13,134 8,111

Expropriation keuro 20,965 5,591 5,591 5,591 4,194

Escalation (2%) keuro 2,372 - 461 582 705 624 -

% 100% 0% 27% 27% 27% 20% 0%

Total keuro 23,337 - 6,051 6,172 6,296 4,817 -

Total Ca ex keuro 446,960 5,915 6,559 107,498 133,631 132,067 61,292

Escalation (2%) keuro 59,108 362 541 11,188 16,859 19,636 10,521

TOTAL CAPEX 2nd Section keuro 506,068 6,277 7,099 118,686 150,490 151,703 71,813


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ENERGY REVENUES

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11

Year 2006 2007 2008 2009 2010 2011

Progr. 0 0 0 0 1 2

Annual Escalation 0.0% 0.0% 0.0% 0.0% 1.5% 1.5%

Tariff 1

Energy GWh/year - - - 26.23 32.78 32.78

Tariff 1 uro ('000)/GWh - - - 62.3 63.26 64.21

Tariff 1 Revenues keuro - - - 1,635 2,074 2,105

Tariff 2

Energy GWh/year - - - 58.66 73.33 73.33Tariff 2 uro ('000)/GWh - - - 68.89 69.92 70.97

Tariff 2 Revenues keuro - - - 4,041 5,127 5,204

Green Certificate

Energy GWh/year - - - 84.89 106.11 106.11

Green Certificate uro ('000)/GWh - - - 82.00 83.23 84.48

Green Certificate Revenues keuro - - 6,961 8,832 8,964

TOTAL ENERGY REVENUES keuro - - - 12,637 16,033 16,273


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ENERGY REVENUES

Year

Progr.

Annual Escalation

Tariff 1

Energy GWh/year

Tariff 1 uro ('000)/GWh

Tariff 1 Revenues keuro

Tariff 2

Energy GWh/year Tariff 2 uro ('000)/GWh

Tariff 2 Revenues keuro

Green Certificate

Energy GWh/year

Green Certificate uro ('000)/GWh

Green Certificate Revenues keuro

TOTAL ENERGY REVENUES keuro

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-

31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-

2026 2027 2028 2029 2030 2031 20

17 18 19 20 21 22 2

1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5

32.78 32.78 32.78 32.78 32.78 32.78 32.7

80.28 81.48 82.70 83.94 85.20 86.48 87.7

2,632 2,671 2,711 2,752 2,793 2,835 2,87

73.33 73.33 73.33 73.33 73.33 73.33 73.388.73 90.06 91.41 92.78 94.17 95.58 97.0

6,506 6,604 6,703 6,803 6,905 7,009 7,11

- - - - - -

- - - - - -

- - - - - -

9,138 9,275 9,414 9,555 9,699 9,844 9,99


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WATER REVENUES



Year 2006 2007 2008 2009 2010

Progr. 0 0 0 0

Annual Inflation rate 0.0% 0.0% 0.0% 0.0% 2.0%

Water supplied

Total Non potable water Mln mc/year - - - 239 239

Total Potable water Mln mc/year - - - 213 213

Total Mln mc/year - - - 452 452

Additional Non potable water Mln mc/year - - - 30 30

Tariff uro - - - 113 115

Additional Non potable water revenues keuro - - - 3,378 3,446

Additional Potable water Mln mc/year - - - 90 90

Tariff uro - - - 338 345

Additional Potable water revenues keuro - - - 30,406 31,015

Non potable Water already supplied Mln mc/year - - - 209 209

Tariff uro - - - - -

Non potable Water already supplied revenues keuro - - - - -

Potable Water already supplied Mln mc/year - - - 123 123

Tariff uro - - - 225 230

Potable Water already supplied revenues keuro - - - 27,704 28,258

TOTAL WATER REVENUES keuro - - - 61,488 62,718


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WATER REVENUES

Year

Progr.

Annual Inflation rate

Water supplied

Total Non potable water Mln mc/year

Total Potable water Mln mc/year

Total Mln mc/year

Additional Non potable water Mln mc/year

Tariff uro

Additional Non potable water revenues keuro

Additional Potable water Mln mc/year

Tariff uro

Additional Potable water revenues keuro

Non potable Water already supplied Mln mc/year

Tariff uro

Non potable Water already supplied revenues keuro

Potable Water already supplied Mln mc/year

Tariff uro

Potable Water already supplied revenues keuro

TOTAL WATER REVENUES keuro

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-J

31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-D

2026 2027 2028 2029 2030

17 18 19 20 21

2.0% 2.0% 2.0% 2.0% 2.0%

249 249 249 249 249

293 293 293 293 293

542 542 542 542 542

40 40 40 40 40

158 161 164 167 171

6,308 6,434 6,562 6,694 6,828 6

170 170 170 170 170

473 483 492 502 512

80,422 82,030 83,671 85,344 87,051 88

209 209 209 209 209

- - - - -

- - - - -

123 123 123 123 123

315 322 328 335 341

38,792 39,568 40,359 41,166 41,989 42

125,521 128,032 130,592 133,204 135,868 138


20/68

LIFE CYCLE COSTS

9 10 11 12 13

2,014 2,015 2,016 2,017 2,018

1st Section

xxxx yyyy 895,536 895,536

Doubling YYYY 805,983 805,983

Potable water System 1,074,644 1,074,6442nd Section

Doubling XXX 559,030

Potable Water System XXX 894,447

Total 2,776,163 - 1,453,477 - 2,776,163

cost increase for wear and tear 1,2% 1.012 1.02 1.04 1.05 1.06

Sum 2,809,477 - 1,506,433 - 2,946,779

- - - - -

Increase for revaluing by mc 2% 1.06 1.08 1.10 1.13 1.15

Life Cycle Cost 2,981,439 - 1,663,223 - 3,384,922


21/68

14 15 16 17 18 19 20 21 22 23 24

2,019 2,020 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028 2,029

895,536 895,536

805,983 805,983

1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

- 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 -

1.07 1.09 1.10 1.11 1.13 1.14 1.15 1.17 1.18 1.20 1.21

- 1,580,053 - 3,090,791 - 1,657,272 - 3,241,840 - 1,738,264 -

- - - - - - - - - - -

1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43

- 1,888,310 - 3,843,010 - 2,143,858 - 4,363,090 - 2,433,990 -


22/68

25 26 27 28 29 30 31 32 33 34 35

2,030 2,031 2,032 2,033 2,034 2,035 2,036 2,037 2,038 2,039 2,040

895,536 895,536 895,536

805,983 805,983 805,983

1,074,644 1,074,644 1,074,644

559,030 559,030 559,030

894,447 894,447 894,447

2,776,163 - 1,453,477 - 2,776,163 - 1,453,477 - 2,776,163 - 1,453,477

1.22 1.24 1.25 1.27 1.28 1.30 1.32 1.33 1.35 1.36 1.38

3,400,272 - 1,823,215 - 3,566,447 - 1,912,317 - 3,740,742 - 2,005,774

- - - - - - - - - - -

1.46 1.49 1.52 1.55 1.58 1.61 1.64 1.67 1.71 1.74 1.78

4,953,554 - 2,763,386 - 5,623,927 - 3,137,359 - 6,385,022 - 3,561,943


23/68

36 37

2,041 2,042 Personale importo an Total

2 Stralcio 21 60,480 1,270,080

Total 21 60,480 1,270,080

1 Stralcio 61 60,480 3,689,280

1.40 1.41

- -

1.81 1.85

Total

- - 49,127,035


24/68

VAT SHEET



Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

VAT Deficit

CAPEX 1 keuro 5,071 20,689 26,378 - - -

CAPEX 2 keuro - - - 5,255 5,360 5,468

Doubling YYYY keuro 2,617 10,678 18,970 5,462 5,571 1,894

Potable water System YYY keuro 2,788 11,375 29,708 15,508 15,819 5,378

Expropriation keuro 918 2,146 1,712 1,259 963 -

VAT CAPEX keuro 11,393 44,888 76,767 27,485 27,714 12,740

Desi n and other costs keuro 4,337 4,537 6,358 3,678 2,627 1,622

GRANT VAT keuro (4,326) (13,592) (22,859) (8,570) (8,344) (3,950)

O eratin VAT

Grant Rate keuro 2,478 3,043 4,856

Concession fee Rate keuro 2,000 2,040 2,081Water revenues Rate keuro (6,149) (6,272) (9,326)

Ener revenues Rate keuro (2,527) (3,207) (3,255)

O eratin VAT osition keuro (4,198) (4,396) (5,644)

VAT Receivables/(Payable) - 11,405 35,833 60,265 18,395 17,601 4,769

VAT Reimbursement/(Cost)

Average payment by VAT Authority Year 2

VAT Reimbursement/(Cost) keuro 0 0 11,405 35,833 60,265 18,395

VAT FACILITY



Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Initial Outstanding keuro 0 11,405 47,238 96,099 78,661 35,997

VAT Facility drawdown keuro 11,405 35,833 60,265 18,395 17,601 4,769

VAT Facility Repayment keuro 0 0 (11,405) (35,833) (60,265) (18,395)

Final Outstanding keuro 11,405 47,238 96,099 78,661 35,997 22,370

Average Outstanding keuro 5,702 29,321 71,669 87,380 57,329 29,183

Undrawn Capital keuro 90,397 66,777 24,430 8,719 38,770 0

Interest keuro 228 1,173 2,867 3,495 2,293 1,167

Withholding Tax keuro 29 90 151 46 44 0

Interest keuro 257 1,262 3,017 3,541 2,337 1,167

Capitalised 257 1,262 3,017 0 0 0

to P&L 0 0 0 3,541 2,337 1,167

Financial fee

Commitment fee keuro 452 334 122 44 194 0

Arranging fee keuro 961 0 0 0 0 0

keuro

Total Financial Fee keuro 1,413 334 122 44 194 0


25/68

VAT SHEET

Year

Progr.

VAT Deficit

CAPEX 1

CAPEX 2

Doubling YYYY

Potable water System YYY

Expropriation

VAT CAPEX

Design and other costs

GRANT VAT

Operating VAT

Grant Rate

Concession fee RateWater revenues Rate

Energy revenues Rate

O eratin VAT osition

VAT Receivables/(Payable)


Average payment by VAT Authority


VAT FACILITY

Year

Progr.

Initial Outstanding

VAT Facility drawdown

VAT Facility Repayment

Final Outstanding

Average Outstanding

Undrawn Capital

Interest

Withholding Tax

Interest

Capitalised

to P&L

Financial fee

Commitment fee

Arranging fee

Total Financial Fee



2026 2027 2028 2029 2030 2031 2032 2033

21 22 23 24 25 26 27 28

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

6,536 6,667 6,800 6,936 7,075 7,216 7,361 7,508

2,800 2,856 2,914 2,972 3,031 3,092 3,154 3,217(12,552) (12,803) (13,059) (13,320) (13,587) (13,859) (14,136) (14,418)

(1,828) (1,855) (1,883) (1,911) (1,940) (1,969) (1,998) (2,028)

(5,043) (5,135) (5,228) (5,324) (5,420) (5,519) (5,620) (5,722)

(5,043 ) (5,135 ) (5,228 ) (5,324 ) (5,420 ) (5,519 ) (5,620 ) (5,722 )

(4,865 ) (4,953 ) (5,043 ) (5,135 ) (5,228 ) (5,324 ) (5,420 ) (5,519 )



2026 2027 2028 2029 2030 2031 2032 2033

21 22 23 24 25 26 27 28

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0


26/68

DEPRECIATION SHEET

Total Annual Depr. Starting date Depr. Maturity

1st Section 1-Jan-09 32.0

CAPEX 1 keuro 260,687 8,146

Doubling YYYY keuro 134,551 4,205

Potable water System YYY keuro 143,332 4,479

Design and other costs keuro 64,445 2,014

Expropriation keuro 11,653 364

TOTAL CAPEX 1st Section keuro 614,669 19,208

2nd Section 1-Jan-11 30.0CAPEX 2 keuro 80,417 2,681

Doubling XXX keuro 91,414 3,047

Potable Water System XXX keuro 259,548 8,652

Design and other costs keuro 51,352 1,712

Expropriation keuro 23,337 778

TOTAL CAPEX 2nd Section keuro 506,068 16,869

Total Capex keuro 1,120,737 36,077

Life Cycle Cost

Year Total Starting date Depr. Maturity

2014 keuro 2,981 115 1-Jan-15 26.0

2016 keuro 1,663 69 1-Jan-17 24.0

2014 keuro 3,385 130 1-Jan-15 26.0

2020 keuro 1,888 94 1-Jan-21 20.0

2022 keuro 3,843 214 1-Jan-23 18.0

2024 keuro 2,144 134 1-Jan-25 16.0

2026 keuro 4,363 312 1-Jan-27 14.0

2028 keuro 2,434 203 1-Jan-29 12.0

2030 keuro 4,954 495 1-Jan-31 10.0

2032 keuro 2,763 345 1-Jan-33 8.0

2034 keuro 5,624 937 1-Jan-35 6.0

2036 keuro 3,137 784 1-Jan-37 4.0

2038 keuro 6,385 3,193 1-Jan-39 2.0

2040 keuro 3,562 3,562 1-Jan-40 1.0

keuro

Total 49,127

LIFE CYCLE COSTS keuro 1,169,864



Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

1st Section

CAPEX 1 keuro - - - 8,146 8,146

Doubling YYYY keuro - - - 4,205 4,205

Potable water System YYY keuro - - - 4,479 4,479

Design and other costs keuro - - - 2,014 2,014Expropriation keuro - - - 364 364

TOTAL CAPEX 1st Section keuro - - - 19,208 19,208

2nd Section

CAPEX 2 keuro - - - - -

Doubling XXX keuro - - - - -

Potable Water System XXX keuro - - - - -

Desi n and other costs keuro - - - - -

Expropriation keuro - - - - -

TOTAL CAPEX 2nd Section keuro - - - - -

Total Capex keuro - - - 19,208 19,208

Life Cycle Cost


27/68

Grants deferred Liabilities

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec

Year 2006 2007 2008 2009 20

Progr. 1 2 3 4

1st Section keuro - - - 338,068

2nd Section keuro - - - -

Grants deferred Liabilities 1 Section keuro - - - 10,565 10,5

Grants deferred Liabilities 2 Section keuro - - - -

Total Grants deferred Liabilities keuro - - - 10,565 10,5


28/68

1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38

31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38

2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

24 25 26 27 28 29 30 31 32 33

8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146 8,146

4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205 4,205

4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479 4,479

2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014 2,014364 364 364 364 364 364 364 364 364 364

19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208 19,208

2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681 2,681

3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047 3,047

8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652 8,652

1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712 1,712

778 778 778 778 778 778 778 778 778 778

16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869 16,869

36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077 36,077


29/68

1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-33 1-Jan-34 1-Jan-35 1-Jan-36 1-Jan-37 1-Jan-38

31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38

2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

24 25 26 27 28 29 30 31 32 33

- - - - - - - - - -

- - - - - - - - - -

10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565 10,565

9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278 9,278

19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843 19,843


30/68

PUBBLIC GRANT SHEET



Year 2006 2007 2008 2009 2010 2011 2012 2013

Progr. 1 2 3 4 5 6 7 8

Public Installments keuro 616,405

1st Section keuro 72,376 240,028 296,938 5,327 - - - -

TOTAL CAPEX 1st Section % 55% 55% 55% 55% 55% 55% 55% 55%

GRANT 1 section keuro 39,807 132,016 163,316 2,930 - - - -

2nd Section keuro 6,277 7,099 118,686 150,490 151,703 71,813 - -

TOTAL CAPEX 2nd Section % 55% 55% 55% 55% 55% 55% 55% 55%

GRANT 2 section keuro 3,452 3,905 65,277 82,769 83,437 39,497 - -

Total Grants keuro 43,259 135,920 228,593 85,699 83,437 39,497 - -

7.0% 22.1% 37.1% 13.9% 13.5% 6.4% 0.0% 0.0%

148824039.xls.ms_office


31/68

OPEX SHEET


31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12

Year 2006 2007 2008 2009 2010 2011 2012

Progr. 1 2 3 4 5 6 7

Annual Inflation rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

Water opex

Personnel keuro - - - 3,209 6,547 8,681 8,854

Maintenance Costs

Water System Opex keuro - - - 5,731 5,845 11,262 11,487

Maintenance keuro - - - 1,429 2,915 5,355 5,462Other Services keuro - - - 822 1,677 2,281 2,327

Total Maintenance Costs keuro - - - 7,981 10,437 18,897 19,275

General Expenses keuro - - - 560 849 1,379 1,406

Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653

Water Autority Fee - - - 5,000 5,100 5,202 5,306

Total Water Opex keuro - - - 19,250 25,482 36,760 37,495

Energy Opex

Power plant opex keuro - - - 1,350 1,377 1,405 1,433

Energy Autority Fee keuro - - - 5,000 5,100 5,202 5,306

Total Energy Opex keuro - - - 6,350 6,477 6,607 6,739

Total Opex keuro - - - 25,600 31,959 43,366 44,234


32/68

OPEX SHEET

Year

Progr.

Annual Inflation rate

Water opex

Personnel keuro

Maintenance Costs

Water System Opex keuro

Maintenance keuroOther Services keuro

Total Maintenance Costs keuro

General Expenses keuro

Existing Water System Opex keuro

Water Autority Fee

Total Water Opex keuro

Energy Opex

Power plant opex keuro

Energy Autority Fee keuro

Total Energy Opex keuro

Total Opex keuro

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan

31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec

2026 2027 2028 2029 2030 2031 2032 2

21 22 23 24 25 26 27

2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2

11,683 11,917 12,155 12,398 12,646 12,899 13,157 13,4

15,157 15,460 15,769 16,084 16,406 16,734 17,069 17,4

7,206 7,351 7,498 7,648 7,801 7,957 8,116 8,23,070 3,131 3,194 3,258 3,323 3,389 3,457 3,5

25,433 25,942 26,461 26,990 27,530 28,080 28,642 29,2

1,856 1,893 1,931 1,969 2,009 2,049 2,090 2,

3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,0

7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,0

49,474 50,463 51,473 52,502 53,552 54,623 55,716 56,8

1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,

7,001 7,141 7,284 7,430 7,578 7,730 7,884 8,0

8,892 9,069 9,251 9,436 9,624 9,817 10,013 10,2

58,365 59,533 60,723 61,938 63,177 64,440 65,729 67,0


33/68

PROFIT & LOSS

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Annual Inflation Rate 0.0% 0.0% 0.0% 0.0% 2.0% 2.0%

Revenues

Additional Non potable water revenues keuro 0 0 0 3,378 3,446 4,687

Additional Potable water revenues keuro 0 0 0 58,110 59,272 88,577 9

Energy Revenues keuro 0 0 0 12,637 16,033 16,273 1

Total Reveunes keuro 0 0 0 74,125 78,751 109,537 11

Opex

Personnel keuro 0 0 0 (3,209) (6,547) (8,681) (

Maintenance Costs

Water System Opex keuro 0 0 0 (5,731) (5,845) (11,262) (1

Maintenance keuro 0 0 (1,429) (2,915) (5,355) (

Other Services keuro 0 0 0 (822) (1,677) (2,281) (

Total Maintenance Costs keuro 0 0 0 (7,981) (10,437) (18,897) (1

General Expenses keuro 0 0 0 (560) (849) (1,379) (

Existing Water System Opex keuro 0 0 0 (2,500) (2,550) (2,601) (

Power plant opex keuro 0 0 0 (1,350) (1,377) (1,405) (

Energy Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (

Water Autority Fee keuro 0 0 0 (5,000) (5,100) (5,202) (

Total Opex keuro 0 0 0 (25,600) (31,959) (43,366) (4

EBITDA keuro 0 0 0 48,525 46,791 66,171 6

Depreciation keuro 0 0 0 (19,208) (19,208) (37,470) (3

EBIT keuro 0 0 0 29,317 27,583 28,701 2

Financial (Cost)/Revenues

VAT Facility keuro 0 0 0 (3,541) (2,337) (1,167)

Senior Facility keuro 0 0 0 (16,365) (18,257) (19,608) (1

Guarantee Fcility keuro 0 0 0 (5,089) (4,629) (4,767)

Interest Income keuro 0 0 0 0 0 0

Total Financial (Cost)/Revenues 0 0 0 (24,995) (25,223) (25,542) (2

Grants deferred Liabilities keuro 0 0 0 10,565 10,565 19,843 1

EBT keuro 0 0 0 14,886 12,925 23,001 2

IRAP keuro 0 0 0 (1,926) (1,710) (2,443) (

Corporation Tax (IRES) keuro 0 (0) (0) (4,912) (4,265) (7,590) (

EARNING keuro 0 0 0 8,048 6,949 12,967 1


34/68

PROFIT & LOSS

Starting

Ending

Year

Progr.

Annual Inflation Rate

Revenues



Energy Revenues keuro

Total Reveunes keuro

Opex

Personnel keuro

Maintenance Costs

Water System Opex keuro

Maintenance keuro

Other Services keuro

Total Maintenance Costs keuro




Energy Autority Fee keuro

Water Autority Fee keuro

Total Opex keuro

EBITDA keuro

Depreciation keuro

EBIT keuro

Financial (Cost)/Revenues

VAT Facility keuro

Senior Facility keuro

Guarantee Fcility keuro

Interest Income keuro

Total Financial (Cost)/Revenues

Grants deferred Liabilities keuro

EBT keuro

IRAP keuro

Corporation Tax (IRES) keuro

EARNING keuro



2025 2026 2027 2028 2029 2030 2031

20 21 22 23 24 25 26

2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

6,184 6,308 6,434 6,562 6,694 6,828 6,964

116,876 119,214 121,598 124,030 126,510 129,041 131,621

9,003 9,138 9,275 9,414 9,555 9,699 9,844

132,063 134,659 137,307 140,006 142,759 145,567 148,430

(11,454) (11,683) (11,917) (12,155) (12,398) (12,646) (12,899)

(14,859) (15,157) (15,460) (15,769) (16,084) (16,406) (16,734)

(7,065) (7,206) (7,351) (7,498) (7,648) (7,801) (7,957)

(3,010) (3,070) (3,131) (3,194) (3,258) (3,323) (3,389)

(24,934) (25,433) (25,942) (26,461) (26,990) (27,530) (28,080)

(1,819) (1,856) (1,893) (1,931) (1,969) (2,009) (2,049)

(3,432) (3,501) (3,571) (3,642) (3,715) (3,789) (3,865)

(1,853) (1,890) (1,928) (1,967) (2,006) (2,046) (2,087)

(6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730)

(6,864) (7,001) (7,141) (7,284) (7,430) (7,578) (7,730)

(57,221) (58,365) (59,533) (60,723) (61,938) (63,177) (64,440)

74,842 76,294 77,774 79,283 80,822 82,390 83,990

(38,226) (38,226) (38,538) (38,538) (38,740) (38,740) (39,236)

36,616 38,068 39,236 40,745 42,081 43,650 44,754

0 0 0 0 0 0 0

(2,762) (911) (0) (0) (0) (0) (0)

0 0 0 0 0 0 0

185 170 0 0 0 0 0

(2,577) (741) (0) (0) (0) (0) (0)

19,843 19,843 19,843 19,843 19,843 19,843 19,843

53,882 57,170 59,079 60,588 61,924 63,492 64,596

(2,694) (2,746) (2,799) (2,853) (2,908) (2,964) (3,021)

(17,781) (18,866) (19,496) (19,994) (20,435) (20,952) (21,317)

33,407 35,558 36,784 37,741 38,581 39,576 40,258


35/68

IRPEG - 0- 0- 4,912- 4,265- 7,590-

PBT - 0 0 14,886 12,925 23,001

0 - 0 0 14,886 12,925 23,001

Losses carried forward - - - - - -

Prior losses - - - - -

Taxable income - 0 0 14,886 12,925 23,001

Utilized losses - - - - - -

2006 2007 2008 2009 2010 2011

1 - - - - - -

2 - - - - -

3 - - - -

4 - - -

5 - -

6 -

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

2223

24

25

26

27

28

29

30

31

32

33

34

3536

37

38

39

40

41

42


36/68

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

Perdite precedenti - - - - -

Perdite tot. Da riportare - - - - - -


37/68

9,613- 10,591- 11,479- 12,244- 13,114- 10,674- 11,429- 12,249- 13,106-

29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715

29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715

- - - - - - - - -

- - - - - - - - -

29,130 32,093 34,785 37,104 39,738 32,345 34,634 37,117 39,715

- - - - - - - - -

2012 2013 2014 2015 2016 2017 2018 2019 2020

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

- - -

- - - -

- - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - -

- - - -

- - -

- -

-


38/68

- - - - - - - - -

- - - - - - - - -


39/68

13,970- 14,888- 15,777- 16,772- 17,781- 18,866- 19,496- 19,994- 20,435-

42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924

42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924

- - - - - - - - -

- - - - - - - - -

42,334 45,114 47,808 50,823 53,882 57,170 59,079 60,588 61,924

- - - - - - - - -

2021 2022 2023 2024 2025 2026 2027 2028 2029

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

-

- -

- - -

- - - -

- - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - -

- - - -

- - -- -

-


40/68

- - - - - - - - -

- - - - - - - - -


41/68

20,952- 21,317- 21,881- 22,373- 22,999- 23,308- 23,959- 24,353- 25,030-

63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848

63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848

- - - - - - - - -

- - - - - - - - -

63,492 64,596 66,306 67,796 69,693 70,632 72,604 73,798 75,848

- - - - - - - - -

2030 2031 2032 2033 2034 2035 2036 2037 2038

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

-

- -

- - -- - - -

- - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - -

- - - -

- - -

- -

-


42/68

- - - - - - - - -

- - - - - - - - -


43/68

24,645- 24,178- 533- - - - - - -

74,681 73,266 1,614

74,681 73,266 1,614 - - - - - -

- - - - - - - - -

- - - - - - - - -

74,681 73,266 1,614 - - - - - -

- - - - - - - - -

2039 2040 2041 0 0 0 0 0 0

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

-

- -

- - -

- - - -

- - - - -

- - - - - -

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

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- - - - -

- - - -

- - -

- -

-


44/68

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45/68

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- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

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0 0 0 0 0 0 0 0 0

- - - - - - - - -

- - - - - - - - -

- - - - - - - - -

-

- -

- - -

- - - -

- - - - -


46/68

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - -

- - - -

- - -

- -

-

- - - - - - - - -

- - - - - - - - -


47/68

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

- - - - - -

0 0 0 0 0 0

- - - - - -

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- - - - - -


48/68

-

- -

- - -

- - - -

- - - - -

- - - - - -

- - - - - -

- - - - - -

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- - - -

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49/68


50/68

-

- -

- -

- -


51/68

TAX STATEMENT

Starting 1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12

Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec-12

Year 2006 2007 2008 2009 2010 2011 2012

Progr. 1 2 3 4 5 6 7

Corporation Tax (IRES) keuro - 0 0 4,912 4,265 7,590 9,613

EBT keuro - 0 0 14,886 12,925 23,001 29,130

IRAP Base - - - 45,316 40,245 57,490 58,559

4.25%

IRAP - - - 1,926 1,710 2,443 2,489

Total Tax - 0 0 6,838 5,976 10,034 12,102

Total Tax paid - - 0 0 6,838 5,976 10,034

Tax Fund

Starting Period keuro 0 0 0 0 6,838 5,976 10,034

Accrual keuro 0 0 0 6,838 5,976 10,034 12,102

Release keuro 0 0 (0) (0) (6,838) (5,976) (10,034)

Ending Period keuro 0 0 0 6,838 5,976 10,034 12,102


52/68

TAX STATEMENT

Starting

Ending

Year

Progr.

Corporation Tax (IRES) keuro

EBT keuro

IRAP Base

4.25%

IRAP

Total Tax

Total Tax paid

Tax Fund

Starting Period keuro

Accrual keuro

Release keuro

Ending Period keuro



2026 2027 2028 2029 2030 2031 2032 20

21 22 23 24 25 26 27

18,866 19,496 19,994 20,435 20,952 21,317 21,881 22,37

57,170 59,079 60,588 61,924 63,492 64,596 66,306 67,79

64,611 65,857 67,128 68,423 69,744 71,091 72,463 73,86

2,746 2,799 2,853 2,908 2,964 3,021 3,080 3,13

21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51

20,475 21,612 22,295 22,847 23,343 23,917 24,338 24,96

20,475 21,612 22,295 22,847 23,343 23,917 24,338 24,96

21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51

(20,475) (21,612) (22,295) (22,847) (23,343) (23,917) (24,338) (24,96

21,612 22,295 22,847 23,343 23,917 24,338 24,961 25,51


53/68

WORKING CAPITAL SHEET



Year 2006 2007 2008 2009 2010 2011 2012

Progr. 1 2 3 4 5 6 7

Commercial Receivables

Additional Non potable water revenues keuro - - - - - - -

Non potable water receivables keuro - - - - - - -

Additional Potable water revenues keuro - - - 58,110 59,272 88,577 90,349

Potable water receivables keuro - - - 9,579 9,770 14,601 14,852

Energy Revenues keuro - - - 12,637 16,033 16,273 16,517

Energy Receivables keuro - - - 2,083 2,643 2,682 2,715

Total Commercial Receivables keuro - - - 11,662 12,413 17,283 17,567

Commercial Payable

Maintenance Costs keuro - - - 7,981 10,437 18,897 19,275

Maintenance Costs Payable keuro - - - 1,316 1,720 3,115 3,169

General Expenses keuro - - - 560 849 1,379 1,406

General Expenses Payable keuro - - - 92 140 227 231

Existing Water System Opex keuro - - - 2,500 2,550 2,601 2,653

Existing Water System Opex Payable keuro - - - 412 420 429 436

Power plant opex keuro - - - 1,350 1,377 1,405 1,433

Power plant opex Payable keuro - - - 223 227 232 236

Total Commercial Payable keuro - - - 12,042 12,708 14,406 14,683

Working Capital keuro - - - 381- 295- 2,877 2,884

Net Variation in WC keuro - - - 381- 86 3,171 7


54/68

WORKING CAPITAL SHEET

Year

Progr.

Commercial Receivables


Non potable water receivables keuro


Potable water receivables keuro

Energy Revenues keuro

Energy Receivables keuro

Total Commercial Receivables keuro

Commercial Payable

Maintenance Costs keuro

Maintenance Costs Payable keuro


General Expenses Payable keuro


Existing Water System Opex Payable keuro


Power plant opex Payable keuro

Total Commercial Payable keuro

Working Capital keuro

Net Variation in WC keuro

1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 1-Jan-31 1-Jan-32 1-Jan-

31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-

2026 2027 2028 2029 2030 2031 2032 20

21 22 23 24 25 26 27

- - - - - - -

- - - - - - -

119,214 121,598 124,030 126,510 129,041 131,621 134,254 136,9

19,651 20,044 20,388 20,853 21,270 21,696 22,069 22,5

9,138 9,275 9,414 9,555 9,699 9,844 9,992 10,1

1,506 1,529 1,548 1,575 1,599 1,623 1,642 1,6

21,157 21,572 21,936 22,428 22,869 23,319 23,712 24,2

25,433 25,942 26,461 26,990 27,530 28,080 28,642 29,2

4,192 4,276 4,350 4,449 4,538 4,629 4,708 4,8

1,856 1,893 1,931 1,969 2,009 2,049 2,090 2,1

306 312 317 325 331 338 344 3

3,501 3,571 3,642 3,715 3,789 3,865 3,942 4,0

577 589 599 612 625 637 648 6

1,890 1,928 1,967 2,006 2,046 2,087 2,129 2,1

312 318 323 331 337 344 350 3

19,389 19,777 20,157 20,576 20,987 21,407 21,819 22,2

1,768 1,795 1,779 1,852 1,882 1,911 1,893 1,9

27 28 17- 74 29 30 18-


55/68

CASH FLOW STATEMENT



Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

Total Reveunes keuro 0 0 0 74,125 78,751

Total Opex keuro 0 0 0 (25,600) (31,959)

EBITDA keuro 0 0 0 48,525 46,791

Total Tax paid keuro 0 0 (0) (0) (6,838)

OPERATING CASH FLOW (Gross) keuro 0 0 (0) 48,525 39,953

Total Capex keuro (78,653) (247,127) (415,624) (155,817) (151,703)

Net Variation in WC keuro 0 0 0 381 (86)

DSRA Constitution keuro 0 0 0 0 0

OPERATING CASH FLOW (Net) keuro (78,653) (247,127) (415,624) (106,910) (111,836)

EQUITY and GRANT

Equity keuro 10,676 30,748 52,471 15,873 16,489

Pro-quota 12% 12% 12% 12% 12%

Public Grants keuro 43,259 135,920 228,593 85,699 83,437

Quota SAL -55% -55% -55% -80% -75%

TOTAL EQUITY and GRANT 53,935 166,668 281,064 101,572 99,926

FINANCIAL CASH FLOW (gross) (24,718) (80,460) (134,559) (5,338) (11,910)

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro (6,389) (6,023) (12,334) (16,693) (18,414)

VAT Facility Interest and Financial fee keuro (1,670) (1,596) (3,140) (3,585) (2,531)

Oneri finanziari linee per firma keuro (2,255) (1,483) (6,164) (5,089) (4,629)

Total Interest and Financial Costs keuro (10,314) (9,102) (21,637) (25,367) (25,574)

SENIOR FACILITY

Drawdown keuro 35,032 89,562 156,197 30,705 37,484

Repayment keuro 0 0 0 0 0

Cash Flow available for DSRA keuro 0 0 0 0 0

DSRA

Target level keuro 0 0 0 0 0

DSRA starting period keuro 0 0 0 0 0

Cash to DSRA keuro 0 0 0 0 0

Interest Income keuro 0 0 0 0 0

Cash to release keuro (0) (0) (0) (0) (0)

DSRA ending period keuro 0 0 0 0 0


56/68

CASH FLOW STATEMENT

Year

Progr.

Total Reveunes keuro

Total Opex keuro

EBITDA keuro

Total Tax paid keuro

OPERATING CASH FLOW (Gross) keuro

Total Capex keuro

Net Variation in WC keuro

DSRA Constitution keuro

OPERATING CASH FLOW (Net) keuro

EQUITY and GRANT

Equity keuro

Pro-quota

Public Grants keuro

Quota SAL

TOTAL EQUITY and GRANT

FINANCIAL CASH FLOW (gross)

Interest and Financial Costs

Senior Facility Interest and Financial fee keuro

VAT Facility Interest and Financial fee keuro

Oneri finanziari linee per firma keuro

Total Interest and Financial Costs keuro

SENIOR FACILITY

Drawdown keuro

Repayment keuro

Cash Flow available for DSRA keuro

DSRA

Target level keuro

DSRA starting period keuro

Cash to DSRA keuro

Interest Income keuro

Cash to release keuro

DSRA ending period keuro



2027 2028 2029 2030 2031 20

22 23 24 25 26

137,307 140,006 142,759 145,567 148,430 151,34

(59,533) (60,723) (61,938) (63,177) (64,440) (65,72

77,774 79,283 80,822 82,390 83,990 85,62

(21,612) (22,295) (22,847) (23,343) (23,917) (24,33

56,162 56,988 57,975 59,047 60,073 61,28

0 (2,434) 0 (4,954) 0 (2,76

(28) 17 (74) (29) (30) 1

0 0 0 0 0

56,134 54,571 57,901 54,065 60,043 58,53

0 0 0 0 0

0% 0% 0% 0% 0% 0

0 0 0 0 0

0 0 0 0 0

56,134 54,571 57,901 54,065 60,043 58,53

(0) (0) (0) (0) (0) (

0 0 0 0 0

0 0 0 0 0

(0) (0) (0) (0) (0) (

0 0 0 0 0

0 0 0 0 0

56,134 54,571 57,901 54,065 60,043 58,53

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

(0) (0) (0) (0) (0) (

0 0 0 0 0


57/68

Guarantees

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-Jan-11 1-Jan

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-Dec

2006 2007 2008 2009 2010 2011 2

Public Grant keuro 43,259 135,920 228,593 85,699 83,437 39,497

1st Section 39,807 132,016 163,316 2,930 0 0

2nd Section 3,452 3,905 65,277 82,769 83,437 39,497

Public Grant accrued keuro 43,259 179,179 407,772 493,471 576,908 616,405 616,4

VAT Reimbursement/(Cost) keuro 0 0 11,405 35,833 60,265 18,395 17,6

VAT Reibursement/(Cost) accrued keuro 0 0 11,405 47,238 107,504 125,899 143,5

Public Grant Guarantee FacilityStaritng Period keuro 0 43,259 179,179 407,772 155,404 238,840

Accrual keuro 43,259 135,920 228,593 85,699 83,437 39,497

FALSE Release keuro 0 0 0 (338,068) 0 0

Ending Period keuro 43,259 179,179 407,772 155,404 238,840 278,338

Average outstanding keuro 21,630 111,219 293,476 281,588 197,122 258,589

Margin keuro (324) (4,402) (4,224) (2,957) (3,879)

Commitment fee keuro (1,931) (1,483) (571) (631) (1,053) 0

Up front fee keuro 0 0 0 0 0 0

Interest and Financial Costs keuro (2,255) (1,483) (4,974) (4,855) (4,010) (3,879)

VAT Guarantee FacilityStaritng Period keuro 0 0 0 11,405 47,238 107,504 114,4

Accrual keuro 0 0 11,405 35,833 60,265 18,395 17,6

Release keuro 0 0 0 0 0 (11,405) (35,8

Ending Period keuro 0 0 11,405 47,238 107,504 114,494 96,2

Average outstanding keuro 0 0 5,702 29,321 77,371 110,999 105,3

Margin 0 0 (46) (235) (619) (888) (8

Up front fee 0 0 (1,145) 0 0 0

Interest and Financial Costs keuro 0 0 (1,191) (235) (619) (888) (8

Guarantee Interest and Financial Costs keuro (2,255) (1,483) (6,164) (5,089) (4,629) (4,767) (8

Capitalised (2,255) (1,483) (6,164) 0 0 0

To P&L 0 0 0 (5,089) (4,629) (4,767) (8


58/68

Guarantees

Public Grant keuro

1st Section

2nd Section

Public Grant accrued keuro

VAT Reimbursement/(Cost) keuro

VAT Reibursement/(Cost) accrued keuro

Public Grant Guarantee FacilityStaritng Period keuro

Accrual keuro

Release keuro

Ending Period keuro

Average outstanding keuro

Margin keuro

Commitment fee keuro

Up front fee keuro

Interest and Financial Costs keuro

VAT Guarantee FacilityStaritng Period keuro

Accrual keuro

Release keuro

Ending Period keuro

Average outstanding keuro

Margin

Up front fee

Interest and Financial Costs keuro

Guarantee Interest and Financial Costs keuro

Capitalised

To P&L


31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31

2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

616,405 616,405 616,405 616,405 616,405 616,405 616,405

0 0 0 0 0 0 0

148,269 148,269 148,269 148,269 148,269 148,269 148,269

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

(0) (0) (0) (0) (0) (0) (0)

0 0 0 0 0 0 0

0 0 0 0 0 0 0

(0) (0) (0) (0) (0) (0) (0)

(0) (0) (0) (0) (0) (0) (0)

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0

0 0 0 0 0 0 0


59/68

SENIOR FACILITY SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec

Year 2006 2007 2008 2009 2

Progr. 1 2 3 4

SURPLUS/(DEFICIT) TO FINANCE keuro (35,032) (89,562) (156,197) (30,705) (37,4


Initial Outstanding keuro 0 35,032 124,594 280,791 311,4

Senior Facility Drawdown keuro 35,032 89,562 156,197 30,705 37,410% 25% 43% 8%

Senior Facility Repayment keuro 0 0 0 0

Final Outstanding keuro 35,032 124,594 280,791 311,495 348,9

Financial Fees keuro 3,617

Interests keuro 2,772 6,023 12,334 16,693 18,4


60/68

SENIOR FACILITY SHEET

Year

Progr.

SURPLUS/(DEFICIT) TO FINANCE keuro

Amount keuro

Initial Outstanding keuro

Senior Facility Drawdown keuro

Senior Facility Repayment keuro

Final Outstanding keuro

Financial Fees keuro

Interests keuro



2026 2027 2028 2029 2030 203

21 22 23 24 25 2

50,518 56,134 54,571 57,901 54,065 60,04

33,114 0 0 0 0

0 0 0 0 0

(33,114) 0 0 0 0

0 0 0 0 0

911 0 0 0 0


61/68

EQUITY SHEET


Ending 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

Installments Drawdown keuro 133,382

1st Section keuro 72,376 240,028 296,938 5,327 - -

% keuro 14% 12% 13% 10% 0% 0%

Equity injection keuro 9,824 29,864 37,488 543 - -

2nd Section keuro 6,277 7,099 118,686 150,490 151,703 71,813

% keuro 14% 12% 13% 10% 11% 10%

Equity injection keuro 852 883 14,984 15,331 16,489 7,125

TOTAL EQUITY INJECTION keuro 10,676 30,748 52,471 15,873 16,489 7,125

8.0% 23.1% 39.3% 11.9% 12.4% 5.3%


Ending 31-Dec-06 31-Dec-08 31-Dec-09 31-Dec-10 31-Dec-11 31-

Year 2006 2007 2008 2009 2010 2011

Progr. 1 2 3 4 5 6

EARNING keuro 0 0 0 8,048 6,949 12,967 1

Initial Legal Reserve keuro 0 0 0 0 402 750

Legal Reserve Accrual keuro 0 0 0 402 347 648

Final Legal Reserve keuro 0 0 0 402 750 1,398

EARNING keuro 0 0 0 7,645 6,602 12,319 1

Earning to distribute keuro 0 0 0 7,645 6,602 12,319 1

Cash available for dividend keuro 0 0 0 0 0 0 2

Dividend Reserve

Starting Period keuro 0 0 0 0 7,645 14,247 2

Contribution keuro 0 0 0 7,645 6,602 12,319 1

Release keuro 0 0 0 0 0 0 2

Ending Period keuro 0 0 0 7,645 14,247 26,566 2

Dividend keuro 0 0 0 0 0 0 2

Free Cash Flow keuro 0 0 0 0 0 0


62/68

EQUITY SHEET

Starting

Ending

Year

Progr.

Installments Drawdown keuro

1st Section keuro

% keuro

Equity injection keuro

2nd Section keuro

% keuro

Equity injection keuro

TOTAL EQUITY INJECTION keuro

Starting

Ending

Year

Progr.

EARNING keuro

Initial Legal Reserve keuro

Legal Reserve Accrual keuro

Final Legal Reserve keuro

EARNING keuro

Earning to distribute keuro

Cash available for dividend keuro

Dividend Reserve

Starting Period keuro

Contribution keuro

Release keuro

Ending Period keuro

Dividend keuro

Free Cash Flow keuro



2025 2026 2027 2028 2029 2030 2031

20 21 22 23 24 25 26

- - - - - - -

0% 0% 0% 0% 0% 0% 0%

- - - - - - -

- - - - - - -

0% 0% 0% 0% 0% 0% 0%

- - - - - - -

- - - - - - -

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%



2025 2026 2027 2028 2029 2030 2031

20 21 22 23 24 25 26

33,407 35,558 36,784 37,741 38,581 39,576 40,258

16,604 18,275 20,053 21,892 23,779 25,708 26,676

1,670 1,778 1,839 1,887 1,929 968 (0)

18,275 20,053 21,892 23,779 25,708 26,676 26,676

31,736 33,780 34,945 35,854 36,652 38,607 40,258

31,736 33,780 34,945 35,854 36,652 38,607 40,258

20,051 34,586 56,134 54,571 57,901 54,065 60,043

77,573 89,258 88,452 67,263 48,546 27,297 11,839

31,736 33,780 34,945 35,854 36,652 38,607 40,258

20,051 34,586 56,134 54,571 57,901 54,065 52,097

89,258 88,452 67,263 48,546 27,297 11,839 0

20,051 34,586 56,134 54,571 57,901 54,065 52,097

0 0 0 0 0 0 7,946


63/68

BALANCE SHEET

1-Jan-06 1-Jan-07 1-Jan-08 1-Jan-09 1-Jan-10 1-

31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10 31-

Year 2006 2007 2008 2009 2010

Progr. 1 2 3 4 5

ASSETS

Capex keuro 88,967 345,197 782,458 938,646 1,090,700 1,16

Depreciation Fund keuro 0 0 0 (19,208) (38,417) (7

Capex (net value) keuro 88,967 345,197 782,458 919,438 1,052,284 1,08

Working Capital keuro 0 0 0 (381) (295)

VAT Receivables keuro 11,405 47,238 96,099 78,661 35,997 2

DSRA keuro 0 0 0 0 0 1

Cash Flow keuro 0 0 0 0 0

TOTAL ASSETS keuro 100,372 392,435 878,557 997,717 1,087,985 1,13

LIABILITIES

FACILITIES

Senior Facility keuro 35,032 124,594 280,791 311,495 348,980 36

VAT Facility keuro 11,405 47,238 96,099 78,661 35,997 2

FACILITIES keuro 46,437 171,832 376,890 390,156 384,977 38

Tax Fund keuro 0 0 0 6,838 5,976 1

NET CAPITAL

Equity keuro 10,676 41,424 93,895 109,768 126,257 13

LEGAL RESERVE keuro 0 0 0 402 750

Earnings 0 (0) (0) 7,645 14,247 2

GRANT keuro 43,259 179,179 407,772 482,907 555,779 57

TOTAL LIABILITIES keuro 100,372 392,435 878,557 997,717 1,087,985 1,13


64/68

BALANCE SHEET

Year

Progr.

ASSETS

Capex keuro

Depreciation Fund keuro

Capex (net value) keuro

Working Capital keuro

VAT Receivables keuro

DSRA keuro

Cash Flow keuro

TOTAL ASSETS keuro

LIABILITIES

FACILITIESSenior Facility keuro

VAT Facility keuro

FACILITIES keuro

Tax Fund keuro

NET CAPITAL

Equity keuro

LEGAL RESERVE keuro

Earnings

GRANT keuro

TOTAL LIABILITIES keuro



2025 2026 2027 2028 2029 2030

20 21 22 23 24 25

1,178,418 1,182,781 1,182,781 1,185,215 1,185,215 1,190,169

(605,029) (643,255) (681,793) (720,330) (759,071) (797,811)

573,389 539,527 500,989 464,885 426,145 392,358

1,740 1,768 1,795 1,779 1,852 1,882

0 0 0 0 0 0

17,012 0 0 0 0 0

0 0 0 0 0 0

592,142 541,294 502,784 466,664.2 427,997 394,240

33,114 0 0 0 0 0

0 0 0 0 0 0

33,114 0 0 0 0 0

20,475 21,612 22,295 22,847 23,343 23,917

133,382 133,382 133,382 133,382 133,382 133,382

18,275 20,053 21,892 23,779 25,708 26,676

89,258 88,452 67,263 48,546 27,297 11,839

297,638 277,796 257,953 238,110 218,268 198,425

592,142 541,294 502,784 466,664 427,997 394,240


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IRR SHEET

Starting 1-Jan-06 1-Jan-07 1-Jan-08 Ending 31-Dec-06 31-Dec-07 31-Dec-08

Year 2006 2007 2008

Progr. 1 2 3

Unlevered IRR

Total Capex keuro (78,653) (247,127) (415,624) (

Total Reveunes keuro 0 0 0

Total Opex keuro 0 0 0

Total Tax paid keuro 0 0 (0)

Net Variation in WC keuro 0 0 0

Public Grants keuro 43,259 135,920 228,593

VAT CAPEX keuro (11,405) (35,833) (60,265)VAT Reimbursement/(Cost) keuro 0 0 11,405

Project Cash Flow keuro (46,799) (147,041) (235,891)

Concession Maturity 30 29 28

Final Maturiry 31-Dec-40 31-Dec-39 31-Dec-38 3

Unlevered IRR 9.54% 9.63% 9.54%

Starting 1-Jan-06 1-Jan-07 1-Jan-08

Ending 31-Dec-06 31-Dec-07 31-Dec-08

Year 2006 2007 2008Progr. 1 2 3

EQUITY IRR

Equity 133,382 keuro 10,676 30,748 52,471

Cash to equity 1,147,546 keuro 0 0 0

Cash flow to Equity 1,014,164 (10,676) (30,748) (52,471)

GROSS IRR 12.63%

Equity 10,676 30,748 52,471Dividend 969,258 0 0 0

Free Cash Flow Durata gestione Scadenza 178,288 0 0 0

Interest Income 7,393 0 0 0

Cash at the End of Concession

30 31-Dec-40 0 0 0

29 31-Dec-39 0 0 0

28 31-Dec-38 0 0 0

27 31-Dec-37 0 0 0

26 31-Dec-36 0 0 0

25 31-Dec-35 0 0 0

24 31-Dec-34 0 0 0

23 31-Dec-33 0 0 0

22 31-Dec-32 0 0 0

21 31-Dec-31 0 0 0

20 31-Dec-30 0 0 0

Flag 1,154,939 0 0 0



66/68

Dividend

Durata concessione Scadenza

30 31-Dec-40 0 0 0

29 31-Dec-39 0 0 0

28 31-Dec-38 0 0 0

27 31-Dec-37 0 0 0

26 31-Dec-36 0 0 0

25 31-Dec-35 0 0 0

24 31-Dec-34 0 0 0

23 31-Dec-33 0 0 0

22 31-Dec-32 0 0 0

21 31-Dec-31 0 0 0

20 31-Dec-30 0 0 0

Cash flow to Equity Concession Period Maturity Shareholder IRR

1 30 31-Dec-40 12.47% (10,676) (30,748) (52,471) (15,8

0 29 31-Dec-39 12.40% (10,676) (30,748) (52,471) (15,8

0 28 31-Dec-38 12.31% (10,676) (30,748) (52,471) (15,8

0 27 31-Dec-37 12.21% (10,676) (30,748) (52,471) (15,8

0 26 31-Dec-36 12.09% (10,676) (30,748) (52,471) (15,8

0 25 31-Dec-35 11.94% (10,676) (30,748) (52,471) (15,8

0 24 31-Dec-34 11.76% (10,676) (30,748) (52,471) (15,8

0 23 31-Dec-33 11.56% (10,676) (30,748) (52,471) (15,8

0 22 31-Dec-32 11.30% (10,676) (30,748) (52,471) (15,8

0 21 31-Dec-31 10.98% (10,676) (30,748) (52,471) (15,8

0 20 31-Dec-30 10.58% (10,676) (30,748) (52,471) (15,8



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1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

14 15 16 17 18 19 20 21 22 23 24 25

0 (1,888) 0 (3,843) 0 (2,144) 0 (4,363) 0 (2,434) 0 (4,954)

117,507 119,816 122,171 124,572 127,020 129,517 132,063 134,659 137,307 140,006 142,759 145,567

(50,811) (51,827) (52,863) (53,921) (54,999) (56,099) (57,221) (58,365) (59,533) (60,723) (61,938) (63,177)

(13,786) (14,651) (15,555) (16,466) (17,432) (18,370) (19,415) (20,475) (21,612) (22,295) (22,847) (23,343)

(25) 14 (64) (26) (26) 15 (69) (27) (28) 17 (74) (29)

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

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

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

52,886 51,464 53,689 50,316 54,563 52,919 55,359 51,428 56,134 54,571 57,901 54,065

1-Jan-19 1-Jan-20 1-Jan-21 1-Jan-22 1-Jan-23 1-Jan-24 1-Jan-25 1-Jan-26 1-Jan-27 1-Jan-28 1-Jan-29 1-Jan-30

31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

14 15 16 17 18 19 20 21 22 23 24 25

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

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065

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

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065

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

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

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

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

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

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

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

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

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

0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

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

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

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



68/68

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,09

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 52,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065 60,0

18,029 16,593 19,158 15,815 19,841 17,565 20,051 34,586 56,134 54,571 57,901 54,065

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Copy of Italy Water System