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Capex

Capex costs are characterized through Due Dates (Cashflow statement) and the allocation of Depreciations (Profit & Loss statement).

The Residual Capex is a special, separate described Capex entity. The Residual Capex is the difference between Asset Purchase Price and the sum of all Capex costs not "included in the Asses Purchase Price". This entity is comparable to the project rights, hidden reserves or goodwill.

Important Note

When Capex costs are not completely known, for example with an all-inclusive price without transparency over the acquisition value, the Depreciation allocation has still to be undertaken!

Input FieldDescriptionUnitPresetting

Name

Capex entity name

Residual Capex

Residual Capex

Special Capex entity which is included in the Asset Purchase Price by default. Calculation of the difference between Asset Purchase Price and the sum of all Capex entities which are included in the Asset Purchase Price (Included in Asset Purchase Price = yes). This entity is comparable to the project rights, hidden reserves or goodwill.

Important Note

When Capex costs are not completely known, for example with an all-inclusive price without transparency over the acquisition value, the Depreciation allocation has still to be undertaken! 

Free text"Capex" + Index

Category

Capex cost categorySelectionNot allocated

Driver

The following drivers are available:


 Driver details

Drivers

All available drivers in green[::]match. The column "Applicability" shows all section in which the different drivers are available.

Driver TypeDescriptionApplicability

Fix per Production Unit

Fix value input in Currency per Production Unit. The value is multiplied with the number of added Production Units.

For example: "EUR 20'000 per Production Unit and year" x 2 added Production Units" makes 40'000 EUR/a.

Template, Sales, Opex, Capex, Transaction Expenditures, Floor, Cap

Fix per Project

Fix value input in Currency per Project. The value is adopted without adjustments.

For example: "40'000 EUR/a per Project".

When for Start and End of the Date Choice Box "Production Unit Start" or "Production Unit End" is choosen in combination with this driver, the value is assigned to the Production Units pro rata.

Template, Sales, Opex, Capex, Transaction Expenditures

Production

The value input is in Currency  per hour according to the Unit and is multiplied with the Production per added Production Unit.

For example: "80 Eur/MWh with 1 added Production Unit with a production of 1'000 MWh/a" makes 80'000 EUR/a.

Template, Sales, Opex, Capex, Floor, Cap

 

Power

The value input is in Currency per Unit per per year and is multiplied with the Power per added Production Unit.

For example: "10'000 EUR/MW/a with 1 added Production Unit with an installed Power of 2 MW" makes 20'000 EUR/a.

Template, Sales, Opex, Reserves, Capex, Transaction Expenditures, Floor, Cap

Material

The value input is in Currency per Unit per year and is multiplied with the amount of material per year.

Sales, Opex

Sales

The value input is in percent and is multiplied with the Sales per added Production Unit.

Opex

Single per Production Unit

The value input is in Currency as single amount per added Production Units. 

Note: You should define as End the value Start + 1 month to receive a "real" single amount. Otherwise the single amount is divided through the months between start and end.

Sales, Opex

Single per Project

The value input is in Currency as single amount per Project. 

Note: You should define as End the value Start + 1 month to receive a "real" single amount. Otherwise the single amount is divided through the months between start and end.

Sales, Opex

Template

Adoption of a Template according to the selection. The calculation occurs according to the driver input from the selected Template.

Sales, Opex

Fix 

Fix value input in Currency. The value is adopted without adjustments.

Debt, Reserves, Shareholder Loans

Asset Purchase Price

The value refers to the percentage of the Asset Purchase Price.

Debt, Shareholder Loans

Capex

The value refers to the percentage of the sum of all Capexes, regardless if they are "Included in the Asset Purchase Price" or not.

Debt, Shareholder Loans

Next Debt Service

The Debt Service demand is orientated as percentage of the sum of the Debt Service from all Debt Tranches according to the Look Ahead Period. Thus the Reserve account demand is variable.

Reserves
EquityThe value refers to the percentage of Equity.Shareholder Loans

SelectionFix per Project

Value

Input of a value proper to the selected driver.

Value in combination with Driver0

Due Date

The Due Date of Capex cost entities is set with a Date Choice Box. For example: "Due Date at Production Unit Start", this means Production Unit Start + 0 months.

With "+" additional Due Date can be added. The value is spread over the different Due Dates with the associated fields to the right. For Example: "80% at the last commissioning date and 20% 6 months after Transaction", this means Last Production Unit Start + 0 months with 80% and Transaction + 6 months with 20%.

With Due Dates before the Transaction Date (TRX) and with an allocation of a Depreciation, the book value is calculated automatically per Transaction Date as corrected Value at Transaction.

The entered month corresponds to the last day of this month. For example: A Due Date 01 /2015 means that the Capex occurs per 01.31.2015 and the corresponding Depreciation is effective from 02.01.2015 (in case Start Depreciation = Due Date). 

Date Choice Box in combination with percent of valueFirst Production Unit Start + 0 months, 100%

Depreciation

Selection of the Depreciation which has to be allocated. Is no Depreciation allocated, no effect is shown in the Profit & Loss statement and the entity is shown as constant book value in the Balance Sheet without exit-assumption at project end.

Depreciation's have to be added on Capex obligatory.

Depreciation allocationno allocation

Included in Asset Purchase Price

If the Capex entity is included in the Asset Purchase Price (= "yes") the value is considered for the calculation of the Residual Capex.

Yes/NoYes

Financing Mode

The Financing Mode allows to finance cost components with current cashflows (internal) or with external resources like Equity or Debt (external).

Internal

Financing with current cashflows. When they aren't suffices, a liquidity cap arises.

External

Financing with external capital demand (Equity or Debt).

SelectionExternal

Exit

If the Capex entity is liquidated before the expected useful life (Exit = "yes") with a residual value, an Exit Date and an Exit Value has to be defined.

Yes/NoNo

Exit Date (Exit = Yes)

Date of the Capex entity Exit defined though a Date Choice Box. For example: "from Transaction + 120 months", this means Transaction + 120 months.

Date Choice BoxTransaction + 0 months

Exit Value (Exit = Yes)

The Exit Value is a calculated size. Book value of the Capex entity at the Exit Date. For example: "EUR 200'000"

Currency0

Calculation

Depreciation's affect the Capex calculations.