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Debt

The Debt section covers all parameters which are connected to the debt financing through banks. Typically project financing instruments for renewable energies (for now without company current accounts) are considered.

Input FieldDescriptionUnitPresetting

Name

Debt tranche nameFree text"Debt" + Index

Loan Type

The following loan types are supported:

Term Loan

A Term Loan is issued completely at the beginning and reimbursed completely at the end of the Loan Period. Interest payments becoming due during the Loan Period.

Construction Loan

A Construction Loan is issued piece by piece at different Issuing Dates and reimbursed completely at the end of the Loan Period. Interest payments becoming due during the Loan Period pending on the Construction Loan interest rate.

SelectionTerm Loan

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

Value

Input of a value proper to the selected driver.

Value in combination with driver0

Issuing Date

The Debt tranche Issuing Date is set with a Date Choice Box. For example: "Issuing at Transaction", this means Transaction + 0 months.

When the Issuing is before the Transaction Date (TRX), the book value is calculated automatically per Transaction Date as corrected Value per Transaction.

The entered month corresponds to the last day of this month. For example: A Due Date 01 /2015 means that the Issuing occurs per 01.31.2015 and the corresponding interest and reimbursements are calculated effective from 02.01.2015.

Date Choice BoxTransaction

Consolidation Date

(Loan Type = Construction Loan)

The Construction Loan is issued on different Issuing Dates. On the basis of different Issuing segments these dates can be determined.

Add

With this button a new tranche can be added to the Construction Loan.

Remove

With this button an existing tranche can be removed from the Construction Loan.

Tranche Size

From the second segment on the Construction Loan tranches can be set here in percent of the whole Construction Loan. The first tranche is calculated automatically.

Selection 

Interest Construction

(Loan Type = Construction Loan)

Annualized interest rate (nominal) which is executed on the Construction Loan of the previous period (this means after redemption of the previous period respective before redemption of the actual period). The interest charge is defined by the Method of Payment allocation (Interest) for the fixed Interest Period since Issuing Date. For periods afterwards the Longterm Interest Rate is used.

 

Percent nominal per year0%

Loan Period

The Loan Period in years. With the end of the loan the loan amount has to be reimbursed.

Years0

Redemption Mode

The following Redemption Modes are available:

Linear

Linear Redemption, this means the Issuing Value is divided by the redemption periods less redemption free periods and the resulting redemption value is constantly considered in the Cashflow Statement.

Annuity

Annuity, this means the sum of interest and redemption value are considered as a constant debt service in the Cashflow Statement.

BulletBullet Redemption, this means the whole loan is reimbursed at the end of the loan period.
SelectionLinear

Interest for Annuity Calculation (Redemption Mode = Annuity)

Interest input in % or bps for the Annuity Redemption calculation. This interest rate is only used for the calculation of the redemption amounts and not for the actual interest payments.

 

%0

Redemption Free Period

Redemption Free months/years since Issuing Date.

Months/Years since Issuing Date0 months

Redemption Frequency

Frequency of the Redemptions since Issuing Date. For example: "quarterly", this means every 3 months. Compare the same logic in Payment Frequency at Methods of Payment.

Monthsmonthly

Interest

Annualized interest rate (nominal) in % or bps which is executed on the Debt value of the previous period (this means after redemption of the previous period respective before redemption of the actual period). The interest charge is defined by the Method of Payment allocation (Interest) for the fixed Interest Period since Issuing Date. For periods afterwards the Longterm Interest Rate is used.

The Interest is composed by the Base Rate and the Margin:

Base RateDefined Interest Base Rate.
MarginAdditional Margin on the Base Rate in % or in basis points (bps).
%0%

Interest Period Fixed

Valid Period of the interest rate. For periods afterwards the Longterm Interest Rate is used.

Loan Period

The fixed Interest Period is valid for the whole Loan Period. Thus the longterm Interest Rate does not apply.

Custom

The fixed Interest Period is temporary. A time period in years has to be defined for the interest. After this time period, the longterm Interest Rate applies.

Fixed Interest Period = 0

A fixed interest period of Debt Tranches or Shareholder Loans of 0 years and a longterm interest rate of 0% can lead to an unintended errors! The interest according to the Debt Tranche or Shareholder Loan is in this case 0% despite a different interest input of for example 4% because in this case, the longterm interest rate of 0% is adopted after the fixed interest period of 0 years.

Years since Issuing Date  0

Capexes (Driver = Capex)

Selection of the Capex costs which are considered for the Debt value.

All

All existing Capex entities are considered.

Some

With "Some" individual Capex entities can be selected, which are considered for the Debt calculation.

  

Method of Payment (Interest)

Selection of the Method of Payment which is used for Interest payments:

Matched to Redemption

The interest payments matches with the Redemption payments. With Redemption payments every quarter for example, the interest payments will also occur every quarter at the same date.

Assign Method of Payment

The interest payments occur according to the Method of Payment:

Allocation of a Method of payment. For example: "first time at Transaction, every 3 month with a Target of 2 months". When no Method of Payment is used, the Profit & Loss statement is consistent with the Cashflow statement. Affected net current assets have a value of 0 in the Balancesheet.

Method of Payment allocationNone

Calculation

Debt affects the Debt calculation.