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Reserves

In connection with Debt tranches Banks generally demand Reserve accounts. These are current blocked accounts (Balance Sheet) in the form of Debt Service Reserve Account (DSRA), Decommissioning Reserves or Restoration Reserves. The reserve accounts binds the required Cashflow (Cashflow statement) and unlocks it later (End).

Input FieldDescriptionUnitPresetting

Name

Reserve account nameFree text"Account" + Index

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

Look Ahead Period (Driver = Next Debt Service)

The Look Ahead Period contains all periods (in months since necessity) for the Next Debt Service calculation (Debt Tranches), if the driver is Debt Service orientated. For Example: "50% of next year Debt Service", which means Driver = "Debt Service", Value = "50%", Look Ahead Period = "12 months"; similar: Value = "100%", Look Ahead Period = "6 months" if the bank defines "Debt Service of the upcoming 6 months"

Month0

Value

Input of a value proper to the selected driver.

Value in combination with driver0

Start

Start date of the Reserve account necessity defined through a Date Choice Box. For example: "first time at transaction", that is Transaction + 0 months.

Date Choice BoxTransaction + 0 Months

End

End date of the Reserve account necessity defined through a Date Choice Box. For example: "Necessity till Project End", that is Project End + 0 months.

Date Choice Box Project End + 0 Months

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).

SelectionInternal

Interest

Annualized interest rate (nominal) which is executed on closing balance of the previous period (this means after change of the previous period respective before change of the actual period). The interest charge is defined by the Method of Payment allocation (Interest).

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).

Percent nominal per year 

Method of Payment (Interest)

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